UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03459
Penn Series Funds, Inc.
(Exact name of registrant as specified in charter)
600 Dresher Road
Horsham, PA 19044
(Address of principal executive offices) (Zip code)
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, 2013
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
Item 1. Reports to Shareholders
Dear Investor:
Thank you for your continued affiliation with The Penn Mutual Life Insurance Company. The confidence and trust you place in us reaffirms our commitment to helping policyholders take advantage of all life’s possibilities. We also take pride in being a financially strong mutual insurance company that delivers on our promises, and I’m very pleased to bring you the following capital markets summary. Please remember that regardless of what the markets may bring, short-term performance changes should not distract you from your long-term financial plan, and it’s a good idea to meet with your investment professional regularly to make sure that your asset allocation remains on target.
Stocks moved higher in the first half of 2013 despite the uncertainty surrounding higher taxes, fiscal reductions known as the “sequester” and continued sluggish economic growth. Volatility returned in the second quarter and remained elevated as evidenced by the late-May through June sell-off. In addition, first-quarter U.S. economic growth was revised downward from earlier estimates, which also offered resistance to advancing share prices late in the second quarter. Once again, the aggressively easy monetary policy of the Federal Reserve proved to be a powerful tailwind for equities during the period. From a sector perspective, defensive sectors such as Utilities and Consumer Staples experienced relatively weaker returns during the second quarter in comparison to the Financial and Consumer Discretionary sectors, which both rose due to consumer optimism. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned a strong 13.97 percent during the six month period ending June 30.
On a relative basis, small capitalization stocks provided slightly higher returns than did mid and large capitalization stocks during the six month period. Small capitalization stocks, as measured by the Russell 2000 Index, returned 15.86 percent, while mid capitalization stocks, as measured by the Russell Midcap Index returned 15.45 percent and large capitalization stocks, as measured by the Russell 1000 Index, returned 13.91 percent during the six-month period. From a style perspective, value stocks outperformed growth stocks in the mid and large market capitalizations, while the opposite was true in the smaller capitalization ranges.
International markets, both developed and emerging, ended the six month period significantly behind U.S. equities. Developed international stocks, as measured by the MSCI EAFE Index, returned a modest 4.47 percent while emerging market stocks, as measured by the MSCI Emerging Markets Index, suffered a loss of 9.40 percent. Emerging markets steep losses can be attributable to concerns about slowing growth, rising interest rates, political unrest, and currency weakness. For instance, most Latin American markets posted double-digit losses in the second quarter, as weaker commodity prices arising from China’s slowdown and Europe’s recession dampened the outlook for the region’s resource-dependent markets. Political turmoil in Brazil, Turkey and more recently Egypt have all taken a toll and weighted down the returns of emerging markets.
Investment-grade fixed-income securities, coming under significant pressure during May and June, underperformed high yield bonds during the first six months of the year. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned -2.44 percent for the six month period. The Credit Suisse High Yield Bond Index, which began the year with a solid advance, also came under pressure during the last two months of the six-month period and has returned 1.52 percent so far in 2013. Much of the pressure stemmed from the uncertainty surrounding the U.S. monetary stimulus policy that took center stage late in the second quarter following the Federal Open Market Committee (FOMC) meeting. While the Fed’s monetary stance currently remains unchanged, Chairman Ben Bernanke noted that the committee would look to begin pulling back on the bond-buying program later this year and into 2014 if the economy continues to evolve in line with the Fed’s projections. The Fed’s more optimistic outlook for the U.S. economy has caused investors to sell Treasury bonds in anticipation of higher interest rates once the economy improves and the Fed begins to taper its purchases of bonds. Most surprising to investors was the speed and severity of the move in Treasury markets, where yields on the 10-year note went from 1.6% in the beginning of May to more than 2.5% at the end of June. That translated into unexpected losses across the fixed income spectrum.
Once again, we thank you for the privilege of serving your financial needs and encourage you to work closely with your financial professional to continue to explore your options throughout all life’s stages.
Sincerely,
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 six-month period ending June 30, 2013. The Fund’s benchmark, the Barclays U.S. Government/Credit 1-3 year Bond Index, returned 0.07% during the same period.
Uncertainty surrounding the U.S. monetary stimulus policy took center stage late in the second quarter following the Federal Open Market Committee (FOMC) meeting. While the Fed’s monetary stance currently remains unchanged, Chairman Ben Bernanke noted that the committee would look to begin pulling back on the bond-buying program later this year and into 2014 if the economy continues to evolve in line with the Fed’s projections. As a result, markets reacted unfavorably with the Barclays Aggregate Bond Index dropping 1.8% for the week. As a reminder, the Fed has been carrying out its existing policy of purchasing $45 billion in Treasury bonds and $40 billion in mortgage-backed securities each month as part of its quantitative easing (QE). The Fed maybe is questioning the effectiveness of its purchase program. The Fed’s more optimistic outlook for the U.S. economy has caused investors to sell Treasury bonds in anticipation of higher interest rates once the economy improves and the Fed begins to taper its purchases of bonds. Most surprising to investors was the speed and severity of the move in Treasury markets, where yields on the 10-year note went from 1.6% in the beginning of May to more than 2.5% at the end of June. That translated into unexpected losses across the fixed income spectrum, including corporate bonds, mortgage-backed securities, municipal bonds, and emerging market debt. Nonetheless, the Fed’s “exit” plan will likely dominate market sentiment in the weeks and months ahead as the beginning of the end of the Fed’s QE program plays out.
In the second quarter of 2013, the broad fixed-income market as measured by the Barclays Capital U.S. Aggregate Index generated an overall return of –2.32%. This was the worst quarterly return since the second quarter of 2004, and just the third loss of more than 2% in the past 20 years. Major fixed income spread sectors performance was negative with investment grade corporate bonds (–3.31%), mortgage-backed securities (–1.96%), asset-backed securities (–0.80%), and commercial mortgage-backed securities (–1.44%). Asset-backed securities, the best performing sector during the quarter, benefited from lower duration, higher quality, and perceived relative safe-haven. With most low-risk assets continuing to offer
negligible current income, investors continue to seek higher-risk, higher-yielding issues. While high yield bonds dipped, returning –1.44% during the second quarter, they maintained their lead as the top performing fixed-income sector for the year (+1.42%).
As anticipated, the Fund’s more conservative, lower credit risk approach, that has historically met total return performance goals without exposing the investor to undue default risk, was a headwind during the first quarter of the year against peers assuming greater risk. However, with volatility increasing late in the second quarter, the Fund’s conservative posture proved to be beneficial as it ranked near the top decile against peers during the second quarter. In this current deleveraging economic environment, 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. 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. During the second quarter, we sought to add exposure to the short end of the yield curve by purchasing a higher yielding asset-backed security backed by personal loans as well as an agency multi-family secured mortgage bond. For now the Limited Bond Fund remains high quality and defensively positioned with duration approximately even with the index.
Independence Capital Management, Inc.
Investment Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
U.S. Treasury Obligations | | | 52.5 | % |
Corporate bonds | | | 23.0 | % |
Agency Obligations | | | 11.0 | % |
Asset backed | | | 6.8 | % |
Commercial Mortgage Backed | | | 3.7 | % |
Residential Mortgage Backed | | | 2.4 | % |
Municipal Notes | | | 0.6 | % |
| | | | |
| | | 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 –3.04% for the six-month period ending June 30, 2013. The Fund’s index, the Barclays Capital U.S. Aggregate Bond Index, returned –2.44% over the same period.
Uncertainty surrounding the U.S. monetary stimulus policy took center stage late in the second quarter following the Federal Open Market Committee (FOMC) meeting. While the Fed’s monetary stance currently remains unchanged, Chairman Ben Bernanke noted that the committee would look to begin pulling back on the bond-buying program later this year and into 2014 if the economy continues to evolve in line with the Fed’s projections. As a result, markets reacted unfavorably with the Barclays Aggregate Bond Index dropping 1.8% for the week. As a reminder, the Fed has been carrying out its existing policy of purchasing $45 billion in Treasury bonds and $40 billion in mortgage-backed securities each month as part of its quantitative easing (QE). The Fed maybe is questioning the effectiveness of its purchase program. The Fed’s more optimistic outlook for the U.S. economy has caused investors to sell Treasury bonds in anticipation of higher interest rates once the economy improves and the Fed begins to taper its purchases of bonds. Most surprising to investors was the speed and severity of the move in Treasury markets, where yields on the 10-year note went from 1.6% in the beginning of May to more than 2.5% at the end of June. That translated into unexpected losses across the fixed income spectrum, including corporate bonds, mortgage-backed securities, municipal bonds, and emerging market debt. Nonetheless, the Fed’s “exit” plan will likely dominate market sentiment in the weeks and months ahead as the beginning of the end of the Fed’s QE program plays out.
In the second quarter of 2013, the broad fixed-income market as measured by the Barclays Capital U.S. Aggregate Index generated an overall return of –2.32%. This was the worst quarterly return since the second quarter of 2004, and just the third loss of more than 2% in the past 20 years. Major fixed income spread sectors performance was negative with investment grade corporate bonds (–3.31%), mortgage-backed securities (–1.96%), asset-backed securities (–0.80%), and commercial mortgage-backed securities (–1.44%). Asset-backed securities, the best performing sector during the quarter, benefited from lower duration, higher quality, and perceived relative safe-haven. With most low-risk assets continuing to offer negligible current income, investors continue to seek
higher-risk, higher-yielding issues. While high yield bonds dipped, returning –1.44% during the second quarter, they maintained their lead as the top performing fixed-income sector for the year (+1.42%).
As anticipated, the Fund’s more conservative, lower credit risk approach, that has historically met total return performance goals without exposing the investor to undue default risk, was a headwind during the first quarter of the year against peers assuming greater risk. In this current deleveraging economic environment, 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. 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. During the quarter, agency mortgages underperformed Treasuries and as a result, we scaled back some of the Fund’s underweight positioning in this sector to take advantage of the mortgage widening. We also added exposure to corporate bonds for most of April and May in higher quality exposure names such as Walmart and Northrop Grumman, a leading global security company. When the volatility increased in June following the FOMC meeting, we took this opportunity to increase the size of the Fund’s corporate bond allocation, including emerging market names. As we witnessed outflows in emerging market bond funds, we took advantage of this opportunity to buy high quality, large cap entities that operate as multinationals. During the quarter, we also purchased high quality credit assets in sectors such as Healthcare, Energy and Telecommunications. For now the Quality Bond Fund remains high quality and positioned with duration approximately even with the index.
Independence Capital Management, Inc.
Investment Adviser
3
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
U.S. Treasury Obligations | | | 44.0 | % |
Residential Mortgage Backed | | | 24.6 | % |
Corporate Bonds | | | 23.5 | % |
Asset Backed Securities | | | 3.3 | % |
Municipal Bonds | | | 1.6 | % |
Agency Obligations | | | 1.5 | % |
Commercial Mortgage Backed | | | 1.0 | % |
Municipal Notes | | | 0.5 | % |
| | | | |
| | | 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
High Yield Bond Fund
The Penn Series High Yield Bond Fund returned 1.70% in the first half of 2013 while its benchmark, the Credit Suisse High Yield Bond Index, returned 1.52%.
Credit selection in aerospace and financials contributed to results, and a small but necessary reserves allocation detracted.
The high yield market began the second quarter on a high note, carrying over the positive momentum from the first three months. Investor sentiment shifted in the latter part of the six-month period. The change in sentiment was partly driven by misinterpretation of Federal Reserve (Fed) Chairman Ben Bernanke’s comments in May, which caused market participants to quickly adjust expectations regarding future Fed asset purchases. U.S. Treasury yields soared — pressuring the entire fixed income market — as the Fed more clearly defined the framework for normalizing monetary policy.
In May, the market was saturated with new deals that mostly favored bond issuers — including historically low coupons — and likely contributed to the pullback. Heavy supply may have drained portfolio managers’ cash positions, leading to selling pressure as high yield funds experienced redemptions. Industry outflows were modest in May but hit an all-time high in June.
Gains in the special situations portion of the Fund were substantial enough leading into the third week of May to counteract the impact of the sell-off later in the period. For example, we purchased AMR Corp. (American Airlines) stock over the first quarter. The stock subsequently traded up following the announcement that American Airlines would merge with U.S. Airways. We also took profits within our modest equity allocation at market highs in many cases.
Our allocation to bank debt provided ballast to the Fund. Investor demand for floating rate instruments — such as bank loans — was strong, seemingly in response to increased interest rate volatility. Similarly, relative returns were helped by our targeted underweight to higher-quality bonds, which are more susceptible to interest rate risk.
On a positive note, the sell-off in the secondary market provided us with opportunities to invest in fundamentally sound names at a discount or to purchase recently issued bonds that were difficult to source due to overwhelming demand. Our recent credit meeting discussions centered on secondary market opportunities, with a focus on
higher-quality securities that have experienced outsized underperformance. We also initiated positions in select emerging markets companies — such as Marfrig and Israel Electric — that became oversold as many investors focused on risk reduction.
With below investment-grade yields and credit spreads moving higher, we believe the market will eventually stabilize as value-conscious investors reallocate and buy on weakness. High yield issuers appear fundamentally sound, and we expect defaults to remain low over the next two years.
We expect the U.S. economy to continue its modest growth, creating a favorable operating environment for high yield companies. We also think uncertainty around the timing of the Fed’s tapering of asset purchases could cause additional volatility in the Treasury market.
We continue to broaden our scope outside of traditional U.S. high yield bonds by leveraging insights from the firm’s global research platform as we evaluate high yield bonds in emerging markets and Europe.
Independence Capital Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Bonds | | | | |
BBB/BB Rated & Above | | | 2.9 | % |
BB Rated | | | 22.0 | % |
BB/B Rated | | | 10.9 | % |
B Rated | | | 36.9 | % |
B/CCC Rated | | | 8.1 | % |
CCC and Below | | | 15.9 | % |
Not rated | | | 1.2 | % |
Equity securities | | | 2.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
5
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Flexibly Managed Fund
The Penn Series Flexibly Managed Fund returned 10.13% for the six-month period ending June 30, 2013, compared to its benchmarks the S&P 500 Index’s return of 13.82% and the Merrill Lynch Corporate/Government Index’s return of –2.85%.
Stocks were the strongest-performing asset class in the Fund, outperforming the S&P 500 Index. Our bond holdings also posted a positive return and outpaced. On an absolute basis, the financials and consumer discretionary sectors were sizable contributors to performance. No sectors detracted on an absolute basis.
The U.S. equity market continued its recent strength in the first half of the year, despite a June sell-off due to hints by the Federal Reserve that the tapering of its asset purchase program could begin later this year and even end by next year, barring continued economic improvement. Investors also reacted to further evidence of the ongoing recovery in the housing and labor markets, as well as supportive corporate earnings growth and diminished concerns about U.S. fiscal policy. The U.S. equity market continued to appear attractive relative to other asset classes, although that attractiveness diminished somewhat over the past few months due to the sell-off in fixed income assets and the continued strength in the equity market.
Our equity weight was flat quarter-over-quarter. We continued to focus the Fund on high-quality names with defensive characteristics, such as names with low earnings volatility. Over the past three months, we found opportunities in the consumer staples, health care, and industrials and business services sectors. Our fixed income weight increased as we added to our holdings in high-quality corporate issues with low duration. The Fund’s cash position fell during the quarter and is significantly down year-over-year.
The financials sector was a leading contributor to performance, driven by capital market companies. Rising interest rates and two consecutive strong quarterly results boosted global trust and custody bank State Street. Online broker TD Ameritrade also benefited from rising interest rates as well as increased investor trading activity in May and June, spurred on by increased equity and fixed income volatility.
On an absolute basis, no sectors detracted from performance. However, both Apple and Nestlé were notable detractors on the security level.
Looking across the asset class spectrum, we continue to believe the equity market looks attractive relative to other asset classes. We are finding opportunities in select consumer staples, health care, and industrials and business services names. Within the fixed income space, we continue to look to lower the duration of the Fund in light of rising interest rates. While the overall fixed income market still appears somewhat overvalued, negative investor flows in the asset class have created opportunities at the margins. As always, we remain focused on achieving our investment objective by finding the best risk-adjusted opportunities across the various asset classes.
Independence Capital Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Corporate bonds | | | 17.8 | % |
Financials | | | 13.0 | % |
Technology | | | 11.5 | % |
Consumer Discretionary | | | 11.0 | % |
Industrials | | | 10.1 | % |
Health Care | | | 9.8 | % |
Consumer Staples | | | 8.2 | % |
Loan Agreements | | | 7.5 | % |
Agency Obligations | | | 4.1 | % |
Energy | | | 3.2 | % |
Utilities | | | 2.6 | % |
Preferred Stocks | | | 0.8 | % |
Asset Backed Securities | | | 0.5 | % |
Commercial Mortgage Backed | | | 0.5 | % |
Options | | | –0.6 | % |
| | | | |
| | | 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. |
6
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Balanced Fund
The Penn Series Balanced Fund returned 6.67% for the six-month period ending June 30, 2013, compared to its benchmarks, the S&P 500 Index’s return of 13.82% and the Barclays Capital U.S. Aggregate Bond Index’s return of –2.44% for the same time period.
The Balanced Fund is comprised of a target allocation of 60% to an equity fund and 40% to a fixed income fund. The equity allocation of the Fund is comprised of the Penn Series Index 500 Fund which seeks a total return that corresponds to that of the S&P 500 Index. The fixed income allocation of the Fund consists of an allocation to the Penn Series Quality Bond Fund.
At the broad asset class level, the Balanced Fund’s equity allocation performed in line with its broad equity benchmark the S&P 500 Index for the one-year period. The Fund’s fixed income allocation slightly underperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Weighing on the fixed income allocation of the Fund was the more conservative composition of the underlying individual fixed income fund versus the broad market Index.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/13
| | | | |
Index 500 | | | 60.0 | % |
Intermediate Bonds | | | 40.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
7
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Growth Stock Fund
The Penn Series Large Growth Stock Fund returned 11.02% for the six-month period ending June 30, 2013, compared to the 11.80% return for its benchmark, the Russell 1000 Growth Index.
Stock selection was the main reason for relative underperformance. The telecommunication services and health care sectors were the largest relative detractors. Energy, industrials and business services, and consumer discretionary were the leading outperformers.
U.S. equities soared in the first half of 2013, lifting several major indexes to multiyear or all-time highs by the end of May. The rally was supported by an improving economic and employment outlook despite federal tax increases and automatic spending cuts that went into effect during the first quarter. Investor sentiment was also lifted by good corporate earnings reports and accommodative monetary policies from major central banks. However, late in the period, stocks retreated from their best levels and long-term rates rose sharply, as the Federal Reserve signaled that it would begin tapering its asset purchases in the second half. Small-cap stocks outperformed large-caps. As measured by Russell indexes, value stocks outperformed growth among mid- and large-caps, while the opposite was true for small-caps.
Telecommunication services was the leading detractor on stock selection. A rise in the 10-year Treasuries rate negatively impacted tower companies, including Crown Castle International. Tower companies typically have longer-term contracts and cannot adjust quickly to a change in interest rates.
Health care underperformed due to stock selection and detrimental underweighting of the top-performing sector in the benchmark. In February, the U.S. Food and Drug Administration rejected an application from Novo Nordisk to sell its long-lasting insulin, Tresiba, saying the agency needed more information on the cardiovascular effects. Edwards Lifesciences, which designs and manufactures products to treat late-stage cardiovascular disease, reported earnings that missed expectations for the third consecutive quarter. The company attributed the setback to a lack of reimbursement for certain cardiovascular treatment procedures.
Energy was the leading outperformer due to stock selection. Early in the year, oil and gas producer EQT reported that production had grown 30% in 2012 and increased its estimated recovery rates for 2013. The
company benefited from higher gas and oil prices. Share prices of Range Resources rose with increased production and higher natural gas prices, combined with an improvement in company cost controls.
Industrials and business services outperformed on stock selection. Rail transport company Kansas City Southern Industries has benefitted from an increase in crude oil shipments to the Gulf of Mexico, as well as increased demand for intermodal transportation.
The U.S. economy continues to expand at a stronger pace than most of the developed world, while emerging markets are grappling with lower growth and renewed political turbulence in some countries. We believe the United States is transitioning from a stimulus-driven to a market-driven economic environment as the Fed begins to ratchet down its asset purchase program and eventually starts to raise interest rates. This change in dynamic should prove healthy over the long run, but we don’t expect the second half of the year to be as robust as the first half.
Independence Capital Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Consumer Discretionary | | | 27.2 | % |
Technology | | | 24.4 | % |
Industrials | | | 11.9 | % |
Health Care | | | 11.5 | % |
Consumer Staples | | | 7.1 | % |
Financials | | | 5.9 | % |
Energy | | | 5.0 | % |
Materials & Processing | | | 3.8 | % |
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. |
8
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Growth Fund
The Penn Series Large Cap Growth Fund returned 5.33% for the six-month period ending June 30, 2013, compared to the 11.80% return for its benchmark, the Russell 1000 Growth Index.
Investors have been moving back into stocks as their confidence in the current bull market increases, however they’ve especially rewarded slow-growth stocks. Investors generally avoided stocks with high valuations, preferring the relative safety of lower-priced, lower-growth stocks. Given this unfavorable environment, the Fund trailed the Index. Underperformance versus the benchmark was rooted in relative weakness in the technology and consumer-discretionary sectors. On the other hand, the health care and financial-services sectors added the most value versus the benchmark on a relative basis for the period.
In the technology sector, our holdings in Apple and Juniper Networks were among the largest detractors to performance. Apple is a core holding for the Fund, which we have owned for a number of years. We believe the recent decline has been driven by increased competition from Samsung in the smartphone market, a maturing high-end smartphone market, and concerns of margin erosion from offering lower priced products.
Underperformance in the consumer-discretionary sector was due largely to the poor results posted by both Facebook and lululemon athletica. Shares in Facebook, a social-networking service and website continued to underperform. Investors were alarmed by Mark Zuckerberg’s announcement of 2013 being an investment year, which could depress profit margins in the short term. Lululemon athletica, a long-term holding, designs and sells athletic apparel. Shares took hit on a March announcement that revealed design flaws in the company’s popular yoga wear.
On the positive side of things, in the health care sector outperformance versus the benchmark was largely due to the strong results provided by Biogen Idec and GNC Holdings.
Excess return in the financial-services sector was largely driven by the strong results in shares of CBRE Group, a global provider of commercial real-estate services to the office, retail, industrial, and multi-family industries.
The commentary provided above was from the former sub-adviser of the Fund, Turner Investments who was the manager of the Fund until May 1, 2013.
Contributing to performance during May and June was stock selection in the financial services sector and an overweight position and stock selection in industrial goods and services. Also contributing to performance during this period was an underweight position in Apple and avoiding Philip Morris International.
Detracting from performance during the last two months of the second quarter was stock selection in retailing and special products and services sectors as well as positions in Franklin Resources, Autodesk, Pernod Ricard and not owning Microsoft and Boeing.
The Fund aims to be a broadly diversified collection of large cap, high-quality companies with durable franchises, sustainable earnings and/or free cash flow growth, strong balance sheets, and strong management teams that is constructed based on a disciplined bottom-up stock selection process. We employ a long-term time horizon in seeking high quality, durable franchises that we believe will be able to generate above average growth sustainably for several years into the future. We look for near-term opportunities to acquire these companies at inexpensive valuations relative to the broad market.
Our conservative, valuation-focused growth approach led us to maintain an overweight in the consumer staples sector, as we have long favored stocks in this sector given the visibility and reliability of earnings growth. Within staples, we were overweight consumer products with a focus on companies with strong brands and diverse geographical footprints that we feel could enable them to grow at above-average rates, as well as strong balance sheets, good cash flow generation and reasonable valuations.
The commentary provided above was from the current sub-adviser of the Fund, MFS Investments who became the manager of the Fund on May 1, 2013.
Independence Capital Management, Inc.
Investment Adviser
MFS Investments
Investment Sub-Adviser
9
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 27.1 | % |
Consumer Discretionary | | | 14.7 | % |
Healthcare | | | 14.9 | % |
Industrials | | | 17.6 | % |
Consumer Staples | | | 15.6 | % |
Energy | | | 4.2 | % |
Financials | | | 3.5 | % |
Materials & Processing | | | 2.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
10
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Growth Fund
The Penn Series Large Core Growth Fund returned 10.94% for the six-month period ending June 30, 2013, compared to the 11.80% return for its benchmark, the Russell 1000 Growth Index.
For most of 2013, there have been both negative and positive macro events impacting the industrial sector. For example, improvements in housing and manufacturing have been offset by weak demand in Europe and sequestration worries. In this type of environment, the ability to select stocks with the strongest secular growth opportunities can add meaningful contribution to the Fund. While railroads have historically not been front of mind when discussing secular growth opportunities, select railroads definitely fit that description in our opinion. Kansas City Southern gained over 27% during the period as the company continues to benefit from increased North American manufacturing activity, specifically via its rail lines in and out of Mexico. Union Pacific Corp. added over 23% as it has seen ancillary benefits of the real estate recovery though increased shipments of building supplies.
Despite a small overall weight in the Fund, the financial sector was an area of healthy stock selection during the period. IntercontinentalExchange continued to validate our thesis around increasingly diversified revenue streams and cost synergies resulting from the acquisition of NYSE Euronext. Additionally, Affiliated Managers Group was a contributor to the Fund. As a leading asset manager with a collection of boutique offerings, AMG is benefitting from strong underlying product performance and inflows into asset classes en vogue with global investors.
The main detractors for the Fund were from stock specific issues in the health care sector as security selection has been a frustrating proposition thus far in 2013. We have been caught in the middle of two trading patterns in the sector: 1) investor hype around biopharmaceutical companies with binary pipeline outcomes and 2) investors, in the midst of shifting assets out of fixed income, attracted to the dividend yields offered in the sector as a “bond proxy”. While the former group, biotechnology companies, offer strong potential earnings growth and exciting products, we have been careful to allocate to stocks whose upside depend solely on clinical test results and the timing of possible FDA approvals. The latter trade, high dividend payers, lacks relevance as most of the companies don’t have the earnings growth we require for our investment process.
Positioning in the consumer staples sector also negatively impacted performance. As we have stated previously, identifying candidates that meet our investment criteria in the sector is continually challenging given the general lack of true growth companies and the rich valuation levels. Therefore, we remain meaningfully underweight; a decision that hurt performance given the strong relative returns of the sector. Furthermore, weakness in one of the few staples names we own did not help matters. Whole Foods Markets declined over 2.6% as the company reported weaker than expected same store sales and provided conservative guidance on future sales and margin levels.
While rate sensitive and yield oriented strategies were called into question late in the quarter with talk of Quantitative Easing “tapering”, we have taken a different route. Our path is not predicated on accommodative monetary policy or high dividend “bond proxies”, but rather on the type of strong secular growth that will allow for a more complete and sustainable economic recovery. As performance in the quarter reflected, there are few better places to find this type of growth and innovation than among domestically oriented companies. To that point, we remain bullish on the U.S. economy and in particular, on the U.S. consumer who is benefiting from a robust housing recovery, a strengthening U.S. dollar and improving employment data. This powerful combination bodes well for consumer confidence and domestic consumption.
Independence Capital Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
11
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Consumer Discretionary | | | 29.4 | % |
Technology | | | 28.4 | % |
Industrials | | | 13.6 | % |
Healthcare | | | 11.1 | % |
Financials | | | 5.5 | % |
Consumer Staples | | | 5.2 | % |
Materials | | | 4.0 | % |
Energy | | | 1.4 | % |
Telecommunications | | | 1.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
12
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Value Fund
The Penn Series Large Cap Value Fund returned 13.98% for the six-month period ending June 30, 2013, compared to the 15.90% return for its benchmark, the Russell 1000 Value Index.
During the first quarter, among the top contributors to Fund performance were Walgreen, Honeywell International, and Verizon Communications. Shares of Walgreen, an operator of drug stores, performed particularly well in March after announcing a long-term deal with AmerisourceBergen, the third largest drug distributor in the United States. Honeywell is a diversified technology and manufacturing company that released positive 2012 results during the quarter. Verizon Communications’ stock benefited from increases in revenue and customer growth.
The most significant detractors from performance in the first quarter was Apple. Having realized strong investment returns earlier in 2012, Apple gave back some of its relative outperformance during the period as investors sought to lock in gains. Production Also detracting from performance was Celanese, which manufactures chemical products, traded lower after it announced it expected challenging economic conditions to persist in 2013.
During the month of April, the top contributors were managed health care company Humana, Citigroup, American International Group, Verizon Communications and The Walt Disney Co.
The most significant detractors from Fund performance included Industrials stocks General Electric, Honeywell International, Quanta Services and Navistar International. Outside of Industrials, MGM Resorts International detracted from performance.
The commentary provided above was from the former sub-adviser of the Fund, OppenheimerFunds who was the manager of the Fund until May 1, 2013.
Strong stock selection in the financials, industrials and materials sectors, combined with an overweight in the consumer discretionary space were the main contributors to outperformance. The strong performance of the financial services sector has been the real story in the overall markets as well as within the strategy over the past few months. Within the Fund, this sector was the largest outperformer on an absolute basis due to strong individual performance from Metlife, JP Morgan Chase and Wells Fargo, as many positive data points have boosted financial
stocks across the board. Within the industrials and materials sectors, Northrop Grumman and DuPont were strong contributors. Northrop, an Aerospace and Defense electronics company, reported strong earnings based on better operational performance. DuPont, a global chemical and life sciences company, reported better than first quarter consensus on higher revenues from both their Agricultural and Pigments businesses.
Detractors from overall performance included a technology holding, Motorola Solutions, as well as two names in the energy space, Hess Corp and Consol Energy. Lower enterprise volume production drove down shares of Motorola Solutions, a telecommunications equipment provider, however the long term story is still intact. In May, Hess’ five month proxy battle with Elliott Management came to a quiet resolution just ahead of the shareholder vote.
During the quarter, we made a few changes to the positioning of the Fund. In April, we took advantage of the recent pullback to add to a few names (i.e. Family Dollar, Sealed Air, Apple, Phillip Morris and EOG Resources) on weakness. We exited completely out of EBAY, as the stock has done more than we envisioned. We have also sold AT&T and started a new position in Verizon. AT&T had hit our base case target and we believe that Verizon is in a better fundamental situation. We also added Illinois Tool Workers as the new CEO is shifting ITW’s focus to divesting low-return businesses, dramatically consolidating the remaining portfolio, and managing certain aspects of that consolidated enterprise more tightly.
The commentary provided above was from the current sub-adviser of the Fund, Loomis, Sayles & Co,.who became the manager of the Fund on May 1, 2013.
Independence Capital Management, Inc.
Investment Adviser
Loomis, Sayles & Co.
Investment Sub-Adviser
13
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 25.3 | % |
Healthcare | | | 13.8 | % |
Consumer Discretionary | | | 13.0 | % |
Energy | | | 12.3 | % |
Industrials | | | 9.9 | % |
Technology | | | 8.8 | % |
Consumer Staples | | | 6.7 | % |
Utilities | | | 4.2 | % |
Materials | | | 3.5 | % |
Telecommunications | | | 2.5 | % |
| | | | |
| | | 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. |
14
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Value Fund
The Penn Series Large Core Value Fund returned 13.77% for the six-month period ending June 30, 2013, compared to the 15.90% return for its benchmark, the Russell 1000 Value Index.
The U.S. equity market posted robust gains during the first six months of 2013, with several major stock indexes setting or nearing record highs during the period. During the first quarter 2013, positive economic trends overcame headwinds ranging from recent tax hikes to renewed turmoil in Europe. In the U.S., encouraging news on the jobs front and surprisingly strong U.S. retail sales helped ease concerns that consumers might spend less amid higher taxes and still high energy prices. In the housing market, rising demand and more limited supply lifted home values, helping to boost consumer confidence and spending.
Equity market strength continued for much of the second quarter, before markets experienced increased volatility toward the end of the period as investors sold stocks after the Federal Reserve (the Fed) announced that a key component of its economic stimulus effort might be scaled back in the coming months. Also weighing on stocks were rising interest rates and an unsettled outlook for China’s massive economy. Equities bounced back near quarter end, recovering some of the ground they had lost. Despite the late period volatility, major U.S. stock indexes finished the period with strong gains.
The Fund’s underperformance versus the Index was primarily due to unfavorable stock selection results. Sector allocation overall had a modest positive impact on the Fund’s relative performance. Smaller-cap stocks generally outperformed the largest-cap stocks and lower quality stocks generally outpaced higher quality stocks during the period, creating a headwind to the Fund’s relative performance.
Nine of the ten Index sectors posted gains for the period, while all 10 of the sectors for the Fund were positive. Information technology and health care delivered the strongest performance results, while materials was the lone sector that generated a negative return over the period.
Unfavorable stock selection in the information technology sector was the main detractor from the Fund’s performance versus the Index during the period. Exposure to Apple, Oracle, and IBM weighed on relative performance results.
In telecommunication services, an overweight position in National Grid detracted. Other notable individual detractors over the period included the Fund’s holdings in Caterpillar, EMC, and Capital One Financial.
An underweight exposure to materials, coupled with avoiding some of the biggest laggards in the sector, aided relative performance. Industrials positions Boeing and Union Pacific contributed to results. Elsewhere, the Fund also benefited from overweight positions in Gilead Sciences, Microsoft, and Regions Financial.
The stock market’s recovery in the final days of the second quarter likely reflected diminished concerns about the prospect of scaled back government economic stimulus. A key test of market resilience may come later in 2013 if the Fed begins to put its plan into action. Equity investors will also be paying close attention to trends in interest rates, both short- and long-term. At the same time that it announced the possibility of reduced bond buying, the central bank reaffirmed its commitment to another key stimulus component: keeping short-term interest rates near zero until the unemployment rate falls significantly. Any sign of a change in this policy going forward could spark volatility in equity markets. Globally, a resolution of China’s credit crisis and stabilization of the country’s economic growth might be welcomed by investors.
Independence Capital Management, Inc.
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
15
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 30.2 | % |
Energy | | | 15.8 | % |
Healthcare | | | 13.7 | % |
Industrials | | | 11.1 | % |
Technology | | | 8.6 | % |
Consumer Discretionary | | | 6.5 | % |
Utilities | | | 5.1 | % |
Consumer Staples | | | 3.9 | % |
Telecommunications | | | 2.7 | % |
Materials | | | 2.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
16
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Index 500 Fund
The Penn Series Index 500 Fund returned 13.55% for the six-month period ending June 30, 2013, compared to the 13.82% return for its benchmark, the S&P 500 Index.
After lagging the vast majority of global stock markets amid the fiscal worries that preoccupied the final quarter of 2012, U.S. equity averages recovered strongly during the opening months of 2013. All ten sectors in the S&P 500 Index posted solid gains during the first quarter of 2013. Topping the charts was the health care sector, which added 6.4% for March and 15.8% for the first quarter. Shares in several biotechnology firms enjoyed gains more than twice that large. The utilities sector was also a big winner, adding 5.4% in March and 13.0% for the quarter. Ample dividend yields continued to attract money to the group, which paid little heed to jumpy bond yields as it bounced back from a choppy 2012.
Indeed, the weakest U.S. sectors in the first quarter were information technology and materials, each of which returned less than half as much as the S&P 500 Index during the period. Continued declines in device maker Apple weighed on the technology sector, but several networking names also lost value in the first quarter. Meanwhile, poor performance among metals names was a major drag on the materials sector. The weakest S&P 500 Index groups in March alone were the energy and industrials sectors, with respective monthly returns of 1.9% and 2.2%.
The adjustments to monetary policy rhetoric during the second quarter caused considerable volatility across the major sectors in the S&P 500 Index, and even though all ten sectors still show ample gains since the start of 2013, the leadership seems to be narrowing. Amid the broader fray, the industrial sector has served as a compelling fulcrum, returning within 10 basis points of the S&P for June, for the second quarter, and also for the full first half. The balanced results of the industrials seem to reflect quite appropriately the tension between building economic recovery and the policy pullback that better growth may foster. For dividend-oriented groups, like telecommunication services and utilities, the consequences of potentially tapered accommodation have been less ambiguous. After faring quite well in the first quarter, the utilities lost 2.7% during the second, even after a mild rebound in June. Telecommunications services also bounced in the latest month, recovering to post a 1.0% return for the second quarter, but now both
telecommunications and utilities lie well behind the S&P 500 on a year-to-date basis. The energy and materials sectors have been underperformers throughout 2013, suffering from sluggish global growth indicators and attendant declines in commodity prices. For June alone, the materials were the worst sector performer, losing 4.3%, but information technology was not far behind with a 3.6% decline.
On the sunnier side, health care and consumer discretionary stocks have been the most consistent S&P performers thus far in 2013. Led by big gains in several biotechnology names, the health care group tacked on 3.8% in the latest three months and its 20.3% advance in the first half was tops among all ten S&P sectors. Consumer discretionary did even better in the second quarter, climbing 6.8%, but its 19.8% year-to-date result leaves it just a touch behind healthcare for the full first half. Spearheading the discretionary advance thus far in 2013 have been a number of media and leisure-related names. The financials are not far behind, with a 19.5% gain since the start of the year. Despite a 1.7% loss in June when rising bond yields reawakened concerns about the health of European banks whose shareholders may have to bear greater burdens in future restructurings, the financial sector was the top quarterly performer in the S&P, posting a 7.3% three-month return.
Independence Capital Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
17
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 17.8 | % |
Financials | | | 16.7 | % |
Healthcare | | | 12.7 | % |
Consumer Discretionary | | | 12.2 | % |
Energy | | | 10.5 | % |
Consumer Staples | | | 10.5 | % |
Industrials | | | 10.2 | % |
Materials & Processing | | | 3.3 | % |
Utilities | | | 3.3 | % |
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. |
18
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund returned 12.58% for the six-month period ending June 30, 2013, compared to the 14.70% return for its benchmark, the Russell Midcap Growth Index.
During the first half of 2013 investors have been moving back into stocks as their confidence in the current bull market increases; however, they’ve especially rewarded slow-growth stocks. Investors generally avoided stocks with high valuations, preferring the relative safety of lower-priced, lower-growth stocks. We prefer stocks that display the highest rate of earnings growth. Given this unfavorable environment, the Fund trailed its Index. Underperformance versus the benchmark was rooted in relative weakness in the consumer staples and producer durables sectors. On the other hand, the financial-services and consumer discretionary sectors added the most value versus the benchmark on a relative basis for the year-to-date period.
The consumer staples sector was the largest detractor to performance as specialty and retail food companies underperformed. Top detractors for the past six months were positions in Whole Foods, Beam Inc. and Hain Celestial Group as a result we sold out of Whole Foods and Hain Celestial Group and continue to own Beam Inc. Within the producer durables sector, our positions in Joy Global, Toll Brothers and Ultratech Inc. were among the largest detractors from relative results. We sold out of Joy Global and continue to hold Toll Brothers and Ultratech.
On the positive side, the Fund’s holdings in the financial sector outperformed those in the benchmark as overweight positions in IntercontinentalExchange, Brown & Brown and Affiliated Managers provided solid outperformance on an absolute and relative basis, as a result we continue to own all three companies. Along with financials, the consumer discretionary sector contributed to overall performance due to overweight positions in LinkedIn, HomeAway and Delta Air Lines. As a result we continue to hold all three positions as well.
Short-term volatility could continue as the Federal Reserve moves closer to the end of quantitative easing. But a portentous fact seems to be getting drowned out amongst the wailing and gnashing of teeth surrounding the end of quantitative easing — without significant economic progress, there’d be no reason to consider removing the Fed’s support system. Instead of worrying about the short-term, we think investors will soon see the bigger picture
and the improving conditions for economic growth. For example, the U.S. Congressional Budget Office expects the economy to grow 3.4% next year and 3.6% between 2015 and 2018. And as the Fed slowly winds down its bond-buying program, we believe it should encourage investors to focus on stocks with higher earnings prospects and those that reinvest more in their own businesses in order to maximize returns over time.
We continue to believe that stocks have more upward potential behind them. In the near term, we expect to see an increase in volatility as investors digest the implications of scaled back fiscal-stimulus policies. And, even if the Fed does begin phasing out the current $85-billion a month bond-purchasing program, we expect interest rates to remain low until unemployment reaches their 6.5% target. So as the caution and concern surrounding the loss of that quantitative crutch dissolves, we think investors may return their focus to the bright spots in the macroeconomic landscape that helped boost stock returns so far in 2013. These include the U.S. housing market, an improving jobs market, and the overall slow yet steady growth of the U.S. economy.
Independence Capital Management, Inc.
Investment Adviser
Turner Investments
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Consumer Discretionary | | | 29.7 | % |
Technology | | | 14.6 | % |
Healthcare | | | 14.0 | % |
Financials | | | 14.0 | % |
Industrials | | | 9.3 | % |
Materials & Processing | | | 6.6 | % |
Energy | | | 5.7 | % |
Consumer Staples | | | 4.5 | % |
Utilities | | | 1.6 | % |
| | | | |
| | | 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. |
19
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Value Fund
The Penn Series Mid Cap Value Fund returned 17.66% for the six-month period ending June 30, 2013, compared to the 16.10% return for its benchmark, the Russell Micap Value Index.
During the period, the Fund benefitted from several of our contrarian positions that underperformed in 2012, including three retail positions (Best Buy, Safeway and Staples). Our underweight in the financial services sector (especially REIT’s), together with strong stock picking (State Street, Fidelity National) also contributed to performance during the period. Merger and acquisition activity and corporate restructurings helped as well. Virgin Media agreed to be acquired by Liberty Global at a substantial premium, CenterPoint Energy announced the formation of an MLP, BMC Software agreed to be acquired by a private investor group led by two private equity firms, NV Energy agreed to be acquired by MidAmerican Energy Holdings, a subsidiary of Berkshire Hathaway, and Devon Energy announced plans to form a publicly traded midstream MLP, which we believe can create value when it trades in the public markets. Lastly, Safeway, our largest position, entered into a definitive agreement to sell its Canadian operations to Sobeys for C$5.8 billion.
Our overweight and stock selection in technology and producer durables detracted from performance. In technology, Verifone and Nuance both missed earnings estimates and we used the weakness in Nuance, a franchise company in voice recognition technology, to increase our position size. Activist investor, Carl Icahn, also announced that he has accumulated around 15% of the shares. Brinks’ (Producer Durables) shares also declined as earnings came in below expectations.
Volatility returned to the markets, especially toward the end of the period. Substantial price changes resulted in increased portfolio activity both on the buy and sell side in order to improve the Fund’s discount to our estimate of intrinsic value. We eliminated seven positions; ADT, Virgin Media, Humana, Sempra and Hospira, which achieved our price objectives, while Navistar and Constellation Brands were eliminated due to changes in the investment thesis. On the buy side, we initiated eight new positions; AES, Devon Energy, Ashland, Agrium, Checkpoint Systems, ADT, and Edison International.
Given the economic backdrop of slow growth and rising interest rates, we believe that future market gains will be dependent on earnings growth and that the meaningful
market multiple expansions prevalent through most of 2013 is over. We continue to position the Fund in cash generating, franchise companies selling at material discounts to our estimates of intrinsic value where management is returning cash to shareholders. We believe that these underappreciated franchises could become attractive takeover candidates given that the sluggish economic environment has hampered corporations’ ability to meaningfully grow their revenue base. Being flush with cash and with financing costs still attractive, these corporations may use acquisitions as an avenue to grow.
It appears that we are entering a new phase in the current economic recovery characterized, at some point, by less simulative monetary policy. As such, market interest rates will most likely trade towards a new, higher range. With higher interest rates, it is unlikely, in our opinion, to expect further multiple expansions, so increases in stock prices should be dependent on growth in earnings and cash flow. We continue to believe that our cash generating franchises represent excellent value and, given value creating catalysts, have the potential to achieve good returns moving forward.
Independence Capital Management, Inc.
Investment Adviser
Neuberger Berman Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Industrials | | | 19.8 | % |
Technology | | | 19.4 | % |
Financials | | | 15.3 | % |
Consumer Discretionary | | | 13.0 | % |
Utilities | | | 9.2 | % |
Health Care | | | 8.5 | % |
Consumer Staples | | | 6.7 | % |
Energy | | | 5.0 | % |
Materials | | | 3.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
20
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Core Value Fund
The Penn Series Mid Core Value Fund returned 14.41% for the six-month period ending June 30, 2013, compared to the 16.10% return for its benchmark, the Russell Midcap Value Index.
Stock selection within the information technology and consumer staples sectors detracted from relative performance during the first quarter. Within information technology, shares of Broadcom Corporation, a global semiconductor company, fell in January following management’s announcement of disappointing guidance for the first quarter of 2013. Within consumer staples, shares of Bunge, a global agribusiness and food company, underperformed after the company reported fourth quarter results below consensus expectations.
Contributing to the Fund’s relative performance in the first quarter was strong stock selection within the materials and consumer discretionary sectors. Within materials, shares of Axiall, a global manufacturer of chemicals and building products, rose following the merger transaction and on the anticipation of a continued recovery in the U.S. housing market. Within consumer staples, shares of Tupperware Brands, a direct seller of products of multiple brands through an independent sales force worldwide, rose as strong organic sales growth resulted in better than expected fourth quarter results.
In April, defensive sectors of the market outperformed cyclical sectors due to global macroeconomic concerns. The Fund’s overweight in the materials and industrials sectors coupled with underweight allocations in the telecommunication services and utilities sectors detracted from relative performance. Stock selection within the financials sector also hurt the Fund’s relative performance. Shares of Raymond James Financial, a diversified financial services holding company engaged in investment and financial planning, investment banking, and asset management, fell after the company reported disappointing fiscal second quarter 2013 results that were below consensus expectations.
Contributing to relative performance in April was positive stock selection within the health care sector. Within health care, shares of Actavis, a generic and specialty pharmaceutical company, rose following the announcement of several positive generic opportunities in April.
The commentary provided above was from the former sub-adviser of the Fund, Lord, Abbett & Co. who was the manager of the Fund until May 1, 2013.
In the energy sector, the weakest sector in the benchmark, the Fund benefited from an underweight position. Security selection also enhanced results. The Fund had limited exposure to refining stocks, which underperformed as the spread (difference in price) between Brent crude and West Texas Intermediate crude collapsed.
Security selection and an underweight in financials contributed positively to relative performance. The Fund benefited from its underweight in real estate investment trusts (REITs). For some time, the team has believed that many REITs are overvalued. REITs, which have benefited from low interest rates, underperformed as rates began to rise.
The Fund’s stance in the health care sector boosted results. The Fund was overweight health care equipment companies, largely because the team expects utilization rates to increase as the U.S. economy improves and the Affordable Care Act is fully implemented. Many of these names performed well on improved earnings and utilization rates.
In materials, security selection in metals and mining hampered results. Though the team favors low-cost producers, even these names retreated as the global economy slowed and metals and commodities prices declined. A top detractor was gold miner Newmont Mining. The sharp drop in gold prices is likely to negatively impact Newmont Mining’s profitability and free cash flow.
The industrials sector was the source of a key detractor. ADT, the provider of home security systems, reported a drop in its core earnings, though second-quarter profits edged up and revenues increased slightly.
As of June 30, 2013, the team saw attractive opportunities in health care and industrials, reflected by overweight positions in these sectors relative to the benchmark. Fundamental analysis and valuation work have led to smaller relative weightings in financials, information technology, consumer discretionary, and materials stocks.
The commentary provided above was from the current sub-adviser of the Fund, American Century Investment Management who became the manager of the Fund on May 1, 2013.
Independence Capital Management, Inc.
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
21
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 24.5 | % |
Industrials | | | 16.1 | % |
Health Care | | | 13.6 | % |
Utilities | | | 10.9 | % |
Energy | | | 8.3 | % |
Technology | | | 6.8 | % |
Consumer Discretionary | | | 6.6 | % |
Consumer Staples | | | 4.7 | % |
Materials & Processing | | | 3.2 | % |
Miscellaneous | | | 3.0 | % |
Telecommunications | | | 2.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
22
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund returned 18.04% for the six-month period ending June 30, 2013, compared to the 15.82% return for its benchmark, the Russell 2500 Growth Index.
In the technology sector, shares of ExactTarget, a company with a leading cloud marketing platform, soared over 68% after it was announced that the company had entered a definitive agreement to be acquired by salesforce.com. As is typical of our process, we sold the position when the price reached levels very near our valuation target and the offer price. Another stellar performer was Angie’s List which increased over 121% after the company reported better than expected sales and earnings. Strong subscriber growth drove these results and is expected to continue as penetration in many existing markets remains very low. Increased membership levels are also a key to driving service provider growth. IT service provider Vantiv also contributed to strong performance. Vantiv, the largest single platform electronic payment processor, was formerly a part of Fifth Third Bancorp. The company is well positioned to grow as the usage of electronic payments accelerates and as they expand their service territory beyond the footprint of Fifth Third’s franchise. Since going public a year ago, Vantiv has expanded to the West Coast and has increased its market share with small and mid-sized merchants.
For most of 2013, there have been both negative and positive macro events impacting the industrial sector. For example, improvements in housing and manufacturing have been offset by weak demand in Europe and sequestration worries. Chart Industries posted a return in excess of 41% during the period. Chart is a manufacturer of highly engineered equipment used throughout the liquid gas supply chain for purification, liquefaction, distribution, and other energy-related applications. The industrialization of the emerging markets is causing increased global energy demand, with natural gas gaining share from other types of hydrocarbons. The safe and inexpensive transport of natural gas requires liquefaction infrastructure where Chart has the leading market share. Another strong performer for the period was Hertz Global Holdings. As rental car volumes in the U.S. continued to be strong, the recent acquisition of Dollar Thrifty Automotive has presented opportunities to increase pricing in the airport rental market and improve margins.
The main detractors for the portfolio were from stock specific issues in the health care sector as security selection has been a frustrating proposition thus far in 2013. In the most recent period, Auxillium Pharmaceuticals posted a weak quarter driven by enhanced competition for one of its therapies, while a weaker than expected market for testosterone replacement therapies, impacted sales of its other major drug, Testim.
During the quarter, we increased our allocation to various consumer related themes by initiating positions in select retailers, business services, and media holdings. Media in particular is an area we feel is poised for strong growth. New distribution platforms, reasonable content costs, industry consolidation and geographic expansion have, in our opinion, created a multitude of growth opportunities that are not fully reflected in current valuation levels.
We remain confident in our current positioning as it appears a number of market factors are changing in our favor. General investor demand for U.S. equities is on the rise as funds flow out of bonds and into stocks. While the initial demand appeared skewed towards passive strategies and bond proxies, it is our belief that the benefits of active equity management will become too powerful to ignore. Correlations have declined and as monetary stimulus is gradually removed, increasing attention will be paid to company specific fundamentals.
Independence Capital Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
23
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Industrials | | | 27.8 | % |
Technology | | | 23.1 | % |
Consumer Discretionary | | | 17.8 | % |
Healthcare | | | 14.2 | % |
Financials | | | 5.5 | % |
Consumer Staples | | | 4.4 | % |
Energy | | | 2.9 | % |
Materials | | | 2.8 | % |
Telecommunications | | | 1.5 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
24
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Value Fund
The Penn Series SMID Cap Value Fund returned 17.30% for the six-month period ending June 30, 2013, compared to the 15.10% return for its benchmark, the Russell 2500 Value Index.
During the first six months of 2013, the Fund rose in absolute terms and outperformed its benchmark. Strong stock selection was a key driver of the gains and was spread broadly across sectors.
Financials were a key contributor in the period, helped by the Fund’s regional bank holdings, which should benefit from higher interest rates, and our underweight in Real Estate Investment Trusts (REITs). The Fund also benefitted from merger and acquisition activity as financial buyers and strategic investors began to focus on the strong cash returns generated by a number of our holdings.
Technology stocks were standouts in the period as improving industry conditions helped holdings such as Micron and SunEdison. Other top individual contributors were: Thor Industries, Popular and Unum Group.
The Fund was negatively affected by stock selection in the industrial resources and capital equipment sectors. Underperformance generally came from holdings with greater global economic exposure as well as from those vulnerable to higher interest rates. Construction equipment supplier Terex experienced a stock price decline over concerns about weakness in Europe and emerging markets. Cliffs Natural Resources, a producer of iron ore, declined due to falling commodity prices and the announcement of a new capital spending plan that required a dividend cut and equity issuance. We have exited our position in Cliffs. Other detractors were AU Optronics, Royal Caribbean and ANN.
Our proprietary research has uncovered holdings where company level catalysts are driving improvements. The quality of these companies is evident in stronger balance sheets and robust cash flows. We have also added an array of undervalued companies that are industry leaders though relatively unknown in the marketplace. With these additions, we believe the Fund has an attractive mix of compelling valuation and strong quality.
Independence Capital Management, Inc.
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 25.8 | % |
Consumer Discretionary | | | 19.1 | % |
Technology | | | 18.9 | % |
Industrials | | | 10.9 | % |
Energy | | | 7.6 | % |
Materials | | | 7.4 | % |
Utilities | | | 5.0 | % |
Healthcare | | | 4.3 | % |
Consumer Staples | | | 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. |
25
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Growth Fund
The Penn Series Small Cap Growth Fund returned 8.91% for the six-month period ending June 30, 2013, compared to the 17.44% return for its benchmark, the Russell 2000 Growth Index.
Stock selection in the health care, materials and information technology sectors were the primary detractors from relative performance during the first quarter. The Fund benefited from stock selection in the energy and financials sectors.
Goodrich Petroleum posted strong performance during the quarter. It advanced on news of its favorable Tuscaloosa Marine Shale well results, which reignited interest in the company. WisdomTree Investments performed well as its net asset flows accelerated.
Software company BroadSoft underperformed as it delivered disappointing first quarter earnings estimates that raised questions about the sustainability of its historic growth rates. Oil and gas company Quicksilver Resources underperformed during the first quarter as the market was disappointed that the company did not monetize certain assets and partnerships that could have provided liquidity to exploit higher-margin emerging oil projects that the company has targeted.
Shares of Polypore International underperformed during the quarter following a tepid near-term outlook for the company’s lithium-ion business. Walter Energy, provider of low cost metallurgical coal lagged during the quarter. Despite the underlying strength in metallurgical coal pricing, sentiment on the name deteriorated towards the end of the quarter.
The commentary provided above was from the former sub-adviser of the Fund, Allianz Global Investors who was the manager of the Fund until May 1, 2013.
Our stock selection in the health care sector detracted from relative performance during the May and June. Two of our top detractors were Ironwood Pharmaceutical and athenahealth. Ironwood’s main product, Linzess, treats pain and symptoms of chronic constipation and we believe it could be a multibillion dollar drug over time. However, the drug is targeted toward the primary care physician market. To reach this broad, fragmented market, the company has had to increase spending to increase awareness of the product. The increased spending raised concerns the company would have to raise more capital,
and this negatively impacted the stock during the period. We still like the long-term potential of the drug, however.
While athenahealth fell during the period we continue to like the long-term outlook for the company. Athenahealth provides cloud-based business services for physician practices. We think its products have the potential to remove significant inefficiency from the health care system. Additionally, we believe the company’s best-in-class ability to exchange information and help physicians navigate complex changes to the regulatory landscape will add meaningfully to its sales.
Two consumer discretionary companies were among our top contributors to performance during the two-month period. Our top contributor was Carter Holdings. The company has a dominant market share in baby clothing, and is a trusted brand for new parents. We believe there is great growth potential as Carter further monetizes its brand by opening its own stores. We also think there is more stability to Carter’s business than most clothing companies because there is less fashion risk in infant clothing. Wolverine Worldwide was also a top contributor. We like the company for its ability to acquire and improve the management of brands, and then increase the sales of those brands through Wolverine’s strong global distribution network. The stock’s performance has been driven in recent months by the company’s acquisition of several new brands including Sperry. Sperry went through a period of disinvestment, and after the acquisition, Wolverine is reviving the brand and opening proprietary Sperry stores.
The commentary provided above was from the current sub-adviser of the Fund, Janus Capital who became the manager of the Fund on May 1, 2013.
Independence Capital Management, Inc.
Investment Adviser
Janus Capital
Investment Sub-Adviser
26
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 32.1 | % |
Industrials | | | 23.0 | % |
Consumer Discretionary | | | 18.3 | % |
Healthcare | | | 11.4 | % |
Financials | | | 7.7 | % |
Energy | | | 6.6 | % |
Consumer Staples | | | 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. |
27
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Value Fund
The Penn Series Small Cap Value Fund returned 15.88% for the six-month period ending June 30, 2013, compared to the 14.39% return for its benchmark, the Russell 2000 Value Index.
During the first quarter of 2013, our investments in the information technology sector contributed to returns and, specifically, Monotype Imaging Holdings was a top performer. Shares of Monotype Imaging, a provider of text imaging solutions worldwide, were boosted during the quarter as the company announced stronger-than-expected fourth quarter 2012 earnings, driven by accretion from the recent acquisition of Bitstream’s font business. Within the materials sector, PolyOne was a top overall contributor to performance. Strong year-over-year revenue growth driven by contribution from acquired company ColorMatrix, a leader in liquid colorants, fueled a beat of consensus estimates for fourth quarter 2012, driving its shares higher.
On the negative side, our investments in the consumer discretionary sector detracted from relative returns during the first quarter, and specifically, Chico’s, was a large detractor. Its shares sold off along with the broader sector, driven by investor concerns surrounding the payroll tax cuts and further by seasonally weak spring sales. Within the financials sector as well as at the portfolio level, Texas Capital Bancshares was a top detracting stock. After a strong run, the stock sold off in late January 2013 as investors became concerned about the sustainability of growth in its mortgage warehouse lending business. Later in the quarter, the company indicated that the Office of the Comptroller of the Currency was reconsidering the capital treatment of its mortgage warehouse business. We continue to like Texas Capital’s evolving market share position in the faster-growing Texas economy.
During the second quarter of 2013, MarketAxess Holdings, one of the leading providers of electronic trading for the corporate bond market, was a top contributor to returns. During the quarter, investors reacted positively as the company gained market share and new business, as many large cap brokers reduced their fixed income inventory due to regulatory reasons. Within the energy sector, Lufkin Industries was a top contributor to returns. Shares of this global supplier of artificial lift technology to the oil and gas industry spiked after General Electric Co. announced it would acquire the company for $3.3 billion.
For the second quarter, Newport was a top detractor from returns. Shares of Newport, a supplier of advanced technology products used in a variety of industries, underperformed following the company’s first quarter earnings that showed lower than expected sales in its life sciences and defense segments. Within the consumer discretionary sector, Meritage Homes, a designer and builder of single-family homes, was a top detractor from returns during the second quarter. Shares of Meritage Homes fell following the Federal Reserve Board’s announcement of the potential “tapering” which drove interest rates higher and hurt housing related stocks.
As we enter the third quarter, we continue to be positive on the U.S. equity market. Despite a strong first half of 2013, we believe the case for investing in U.S. equities remains compelling. Signs of improving U.S. economic growth remain intact, supported by a continued recovery in the housing market and consumer confidence. However, some headwinds remain given market concerns about the Fed tapering asset purchases and rising rates, fiscal policy’s drag on growth and global weakness. We believe it is important to recognize that rising rates and advancing equity markets are not mutually exclusive. Equities have the potential to continue to rise in an increasing rate environment, driven by improving U.S. economic growth and given the absolute level of rates remains low by historical standards.
Independence Capital Management, Inc.
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
28
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 37.5 | % |
Industrials | | | 14.0 | % |
Technology | | | 11.2 | % |
Consumer Discretionary | | | 10.6 | % |
Energy | | | 6.8 | % |
Materials | | | 6.4 | % |
Utilities | | | 6.0 | % |
Healthcare | | | 4.2 | % |
Consumer Staples | | | 2.7 | % |
Telecommunications | | | 0.6 | % |
| | | | |
| | | 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. |
29
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Index Fund
The Penn Series Small Cap Index Fund returned 15.63% for the six-month period ending June 30, 2013, compared to the 15.86% return for its benchmark, the Russell 2000 Index.
U.S. equity returns were as broad as they were strong in the first quarter, with more than 85% of the names in the S&P 500 generating positive returns. Fully one third of the S&P membership enjoyed three-month gains of at least 15%. Similar prosperity extended across lower capitalization tiers. The S&P Midcap 400 IndexTM climbed 4.8% in March and 13.5% for the full first quarter, lifting medium-capitalization issues well into record territory. Smaller stocks were on a similar wavelength, as the Russell 2000® Index ramped 5.1% in March and 13.2% for the quarter as a whole. One mild cautionary note: while the Russell 2000 did trade in record territory during March and closed close to those all-time highs, its actual peak during the first quarter occurred on March 15, just prior to the announcement of plans to tax depositors in Cyprus.
Although value-oriented portfolios continued to outpace growth-focused holdings during the first quarter, the outperformance was far from dramatic. Healthy returns for financials certainly helped the value cause, while consumer names provided plenty of lift on the growth side. But continued declines in the shares of heavily weighted Apple limited upside in growth portfolios and tipped the scales in favor of value for large-cap indexes. But without the large influence of Apple, roles were reversed in the small cap arena. Strong returns for health care issues boosted the Russell 2000® Growth Index to a 5.1% March gain and a 13.2% advance for the first quarter as a whole. The Russell 2000® Value Index could not quite keep up, adding 4.2% for March and finishing the first quarter with an 11.6% return.
Although the second quarter of 2013 confronted investors with numerous new sources of volatility, most notably a less straightforward monetary mantra that seemed unexpectedly hawkish relative to limited inflation and restrained global growth, the U.S. equity markets demonstrated an impressive resilience throughout the period.
Away from the largest equity issuers, share performance turned choppier in April when modest doubts arose as to the resilience of U.S. economic prospects. But second-tier stocks sought to rebuild their relative performance during May and June, and smaller names even managed to recoup in full the relative ground that they had lost earlier in the
second quarter. The Russell 2000® Index only lost 0.5% in June, leaving it with a solid 3.1% return over the latest three months. Bolstered by strong appreciation across consumer-related issues, its year-to-date return of 15.86% represents its best first-half result since 2003.
Growth-oriented styles have found outperformance difficult in 2013, as financial stocks have traded higher in anticipation of more normal interest rates and technology investors have been served well by a value bias. Smaller financial names have underperformed their larger peers, and a value advantage for technology was not evident in second-tier stocks. While the 0.6% June decline in the Russell 2000 Growth Index was slightly greater than the 0.4% loss for the Russell 2000 Value Index, the former still achieved a 3.7% return for the second quarter as a whole, while the latter only added 2.5%. Thus far in 2013, Russell 2000 Growth has climbed 17.4%, while Russell 2000 Value is 300 basis points behind with a 14.4% year-to-date return.
Independence Capital Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 23.1 | % |
Technology | | | 17.4 | % |
Consumer Discretionary | | | 14.4 | % |
Industrials | | | 14.3 | % |
Healthcare | | | 12.2 | % |
Energy | | | 5.6 | % |
Materials | | | 5.0 | % |
Consumer Staples | | | 3.9 | % |
Utilities | | | 3.3 | % |
Telecommunications | | | 0.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
30
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Developed International Index Fund
The Penn Series Developed International Index Fund returned 3.15% for the six-month period ending June 30, 2013, compared to the 4.47% return for its benchmark, the MSCI EAFE Index.
Equity markets outside the U.S. zoomed out of the gate in early 2013, benefiting on the one hand from relief that fiscal constraints in the U.S. would not overwhelm consumer demand, and on the other from mounting confidence that the European Central Bank had more than enough ammunition to keep regional financial conditions stable. Only at the end of January, after the euro had enjoyed six solid months of steady appreciation, did investors begin to question whether the buoyant currency might act as an unwelcome headwind to already muted economic activity. The MSCI EAFE® Index of developed market equities overcame the European dislocations associated with bank closures in Cyprus to achieve a 0.8% return during March on an unhedged basis, and for the first quarter as a whole, EAFE notched a solid 5.1% advance.
Prominent among the winners was MSCI Japan, which jumped 4.9% in March and finished the first quarter with an 11.6% gain on an unhedged basis. The monthly figure was tops among all EAFE constituents, and the quarterly result was all the more remarkable given a roughly 9% decline in the Japanese yen, but the promise of aggressive action to reverse deflation unleashed a powerful and consistent rally in equities.
Also demonstrating March resilience were MSCI Belgium, which added 2.4% for the month, and MSCI Switzerland, which gained 1.6%. Shares of brewer Anheuser-Busch InBev continued to flatter Belgian averages, while stock in Swiss food and drug makers benefited similarly from the appeal of recession-resistant growth.
While weak banking shares in Europe made the financial sector one of only three in EAFE to lose ground during March, the energy and materials sectors were the more conspicuous decliners for both March and the first quarter as a whole. Concern about Asian demand growth and ample inventories of raw materials kept resource-related names on the defensive through the winter, even though they participated nicely during the initial equity rally in January.
The clear sector winners for the first quarter were health care and consumer staples, which investors viewed as twin havens from uncertain prospects for corporate profitability
and economic growth. Steady demand for food, household products, and pharmaceuticals carried considerable appeal in a world where abnormally low interest rates and uncertain economic prospects obscured the outlook for more cyclical businesses.
The unrelenting combination of currency struggles and a foggy growth outlook ultimately took a grim toll on equity investments outside the U.S. during the second quarter. Only in Japan, where upcoming elections in July may provide fresh impetus to the economic initiatives of Prime Minister Shinzo Abe, did investors manage to find modest shelter from the international storms that squalled through equity markets towards the end of the first half. The only market that joined MSCI Japan in achievement of a positive June return in local currency terms was the often defensive MSCI Malaysia.
Stress in the European financial sector has contributed a key difference between EAFE and U.S. performance in the current year. In spite of solid gains for Japanese banking shares, EAFE financials slipped 4.5% during June and 1.2% for the second quarter, the latter result representing a substantial shortfall relative to their counterparts in the U.S., where policy prospects and less encumbered balance sheets seem to be boosting sentiment towards banks. The more conspicuous EAFE laggards in 2013 have been the energy and materials sectors, which have suffered amid prospects for moderation in Chinese expansion. Amid slumping copper and gold prices, metals names have stayed under heavy pressure.
Independence Capital Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
31
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Japan | | | 22.4 | % |
United Kingdom | | | 19.1 | % |
Switzerland | | | 9.8 | % |
France | | | 9.0 | % |
Germany | | | 8.6 | % |
Australia | | | 7.9 | % |
Netherlands | | | 4.8 | % |
Sweden | | | 3.2 | % |
Hong Kong | | | 2.9 | % |
Spain | | | 2.9 | % |
Italy | | | 1.8 | % |
Singapore | | | 1.6 | % |
Denmark | | | 1.1 | % |
Belgium | | | 1.1 | % |
Finland | | | 0.8 | % |
Norway | | | 0.7 | % |
Ireland | | | 0.6 | % |
Israel | | | 0.5 | % |
Luxembourg | | | 0.3 | % |
Austria | | | 0.3 | % |
Portugal | | | 0.2 | % |
Bermuda | | | 0.1 | % |
China | | | 0.1 | % |
Guernsey | | | 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. |
32
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
International Equity Fund
The Penn Series International Equity Fund returned –0.33% for the six-month period ending June 30, 2013, compared to the 4.47% return for its benchmark, the MSCI EAFE Index.
The first half of 2013 has seen turbulence in the markets. We think this turbulence has been driven by changes in outlook for the world’s largest economies, and where they stand in the economic cycle. This fluctuating outlook combined with the specter of higher developed market interest rates has led to volatility across the fixed income and equity markets, as well as sharp falls in a number of emerging market currencies
Despite market turbulence, we do not believe there have been any significant changes that would negatively affect the quality growth companies we hold at the operating level. In the near term, valuations of companies with substantial exposure to weakening emerging market currencies should see income translation diluting reported earnings that will likely result in lower share prices. However, when the opportunities are viewed in a five-to-ten-year context, the near term sell-off has produced a number of investment opportunities, in our view. As the markets sell off, we sense more high quality investment opportunities are being created rather than destroyed.
We think the powerful long term secular drivers from growing consumption from the emerging markets will continue to support a number of growth opportunities across the globe, in particular within consumer staples and retail banking.
The Energy sector was a leading contributor to relative performance. Our energy holdings, as well as our underweight to the sector, contributed to performance during the first six months of the year. The Fund’s underweight exposure to utilities helped performance during the period, as the sector underperformed the benchmark as a whole.
The highly cyclical materials sector detracted from performance for the period. While the Fund’s underweight was positive, it was not enough to offset the negative impact from our selection of stocks within the space.
The Fund’s selection of financials names, as well as its underweight to the sector, hurt performance during the six-month period.
Valeant Pharmaceuticals, Core Laboratories, Persimmon, Domino’s Pizza Group and Rolls Royce Holdings helped performance during the period on an absolute basis. And on a relative basis, Core Laboratories, Valeant Pharmaceuticals, Persimmon, BHP Billiton and Domino’s Pizza Group contributed to performance during the period.
During the period, Newcrest Mining, Fresnillo, Goldcorp, Standard Chartered and HDFC Bank detracted from absolute performance during the period, while on a relative basis, Newcrest Mining, Fresnillo, Goldcorp, HDFC Bank and Standard Chartered hurt performance during the period.
Independence Capital Management, Inc.
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
United Kingdom | | | 23.9 | % |
Switzerland | | | 16.5 | % |
India | | | 12.7 | % |
France | | | 8.9 | % |
Netherlands | | | 8.2 | % |
Canada | | | 6.0 | % |
United States | | | 5.3 | % |
Hong Kong | | | 3.4 | % |
Denmark | | | 3.1 | % |
Ireland | | | 3.0 | % |
Australia | | | 2.6 | % |
Germany | | | 2.4 | % |
Japan | | | 1.3 | % |
Mexico | | | 1.0 | % |
Belgium | | | 1.0 | % |
Italy | | | 0.7 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
33
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund returned –6.07% for the six-month period ending June 30, 2013, compared to its benchmarks the MSCI Emerging Markets Index’s return of –9.40%.
During the period in review, emerging market (EM) equities continued to face challenges as the largest economies are slowing and investors are adjusting their expectations to a leadership churn. Downward earnings revisions for many EM companies — particularly in the energy and materials sectors — have also contributed to negative investor sentiment, as have signals from the Federal Reserve that quantitative easing may be tapered in the future. With overall EM growth likely to moderate to 4.5%, we have positioned the Fund with overweight allocations to countries with higher-than-average projected growth as well as positive catalysts supporting equity returns. Such catalysts include constructive political regimes supporting reform agendas, manageable debt levels and the capacity for healthy future credit expansion coming from a low base, competitive currencies, and resilient domestic demand.
For the reporting period, emerging markets heavily underperformed both the developed markets and the frontier markets (as measured by the MSCI Emerging Markets Index, MSCI World Index and MSCI Frontier Markets Index, respectively), which have outperformed, showing their diversifying nature. In emerging Asia, the Philippines and Indonesia were the best-performing markets, demonstrating the leadership churn in emerging markets, whereby the mid-tier markets are leading performance while the largest economies are slowing down, creating pressure on the Index overall. China and Korea were the largest underperforming Asian markets. In emerging Europe, Middle East and Africa (EMEA), which declined during the period, Hungary was the outlier with positive performance. The Czech Republic, Egypt and South Africa were the biggest laggards within EMEA. In Latin America, Mexico performed relatively better than its neighbors. Peru continued to be the worst-performing market both in the region and in all of the emerging markets. Colombia and Brazil, where growth recovery has been disappointing, also underperformed the Latin America region.
Both the Fund’s country allocation and stock selection processes equally contributed to the preservation of capital during the period.
Within country allocation, the Fund’s Brazil underweight along with the Philippines overweight were the top contributors. Other top contributors were stock selection in China, Brazil, South Africa and India. Within Brazil, top contributors were an underweight (now zero weight) to a mining company and a long-held overweight to a food company. The portfolio’s overweight to Thailand along with stock selection in Korea also contributed. Slightly detracting from returns was the underweight to Taiwan and stock selection in Indonesia, which was partially offset by an overweight allocation to the country.
From a sector perspective, our stock selection of companies within financials, materials, industrials and consumer discretionary contributed most positively to absolute returns. Also contributing was the portfolio’s underweight allocation to companies in the materials sector as well as an overweight to and stock selection in the consumer staples and health care sectors. There were no meaningful sector-level detractors.
We remain overweight the Philippines, Indonesia, Thailand, Poland and India in the portfolio. The portfolio is weighted just slightly below the benchmark weight in South Korea, which continues to be the largest absolute weight in the portfolio. An important consideration affecting our country weights is the rate of credit expansion over the past three years. We generally favor countries where credit expansion has not kept pace with gross domestic product (GDP) growth, and conversely, have concerns (and stay underweight) countries where credit growth has exceeded GDP growth by 5% a year for three years.
Independence Capital Management, Inc.
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
34
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
South Korea | | | 13.1 | % |
India | | | 9.1 | % |
China | | | 7.9 | % |
Brazil | | | 7.3 | % |
Thailand | | | 7.2 | % |
Taiwan | | | 7.1 | % |
Mexico | | | 5.7 | % |
Indonesia | | | 5.2 | % |
Phillippines | | | 5.0 | % |
Malaysia | | | 3.5 | % |
Turkey | | | 3.3 | % |
Hong Kong | | | 3.2 | % |
Russia | | | 2.8 | % |
Poland | | | 2.8 | % |
South Africa | | | 2.6 | % |
United States | | | 2.0 | % |
Chile | | | 1.8 | % |
Switzerland | | | 1.6 | % |
United Kingdom | | | 1.5 | % |
Portugal | | | 1.2 | % |
Peru | | | 1.1 | % |
Hungary | | | 0.8 | % |
Japan | | | 0.8 | % |
Panama | | | 0.7 | % |
Netherlands | | | 0.7 | % |
Columbia | | | 0.6 | % |
Autria | | | 0.6 | % |
Cyprus | | | 0.4 | % |
Spain | | | 0.3 | % |
Qatar | | | 0.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
35
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Real Estate Securities Fund
The Penn Series Real Estate Securities Fund returned 6.11% for the six-month period ending June 30, 2013, compared to the 6.49% return for its benchmark, the FTSE NAREIT Equity REIT Index.
U.S. real estate securities had solid gains in the first half of 2013, helped by improving demand and very little new supply in most property sectors. However, late in the period REITs declined sharply along with other income-oriented assets, as Treasury yields rose in response to news that the Federal Reserve might taper its bond purchasing program relatively soon. Despite the rise in yields, REITs maintained generally strong balance sheets, with low-rate debt typically structured at fixed, multi-year terms.
Commercial real estate benefited broadly from signs of a housing-led economic recovery. Property sectors with short lease terms and cyclically sensitive businesses generally fared well in this environment, including hotels and self storage. The residential market also provided a boost to shopping center and industrial REITs given their ties to local economic growth and housing-related businesses. By contrast, the apartment sector was hindered by concerns that rising home purchases, along with accelerating multifamily supply, would have a negative impact on cash flow growth.
Health care REITs continued to actively acquire properties, although the premium valuations placed on these properties limited their potential earnings benefit. Markets priced in a particularly favorable outlook for senior living centers, which historically have a strong correlation to housing and employment.
The office sector saw some aggressive bidding on New York properties. An investor took a 40% stake in the GM building, making it the most valuable office building in the U.S., with an estimated worth of $3.4 billion. Late in the quarter, an unidentified bidder offered to buy the Empire State Building for $2.1 billion, the second takeover proposal reported before a planned initial public offering that would include the building. These deals reflected a broader trend of rising real estate investment demand from sources eager for yield and inflation protection.
The Fund had a positive total return in the period, although it modestly underperformed its benchmark. Relative returns were hindered by stock selection in the regional mall, office and diversified sectors. Within the diversified sector, our position in Digital Realty Trust detracted, as it
struggled amid concerns regarding high capital expenditures and the lease-negotiating power of its large tenants. Our underweights in health care REITs and the free-standing retail sector also hampered relative performance.
Favorable stock selection in the apartment sector aided performance. In the hotel sector, returns were helped by our overweight in Strategic Hotels & Resorts, which rallied on speculation that the company might be acquired. Our overweight in shopping center owners was also beneficial.
We expect the Federal Reserve to moderate quantitative easing once stronger and more sustained economic growth is observed, which we expect in late 2013. In this scenario, we believe Treasury yields are likely to be higher in 2014, although we would emphasize that the path to higher interest rates runs through an improving economy. In our view, better growth could have a greater impact on investor sentiment than a move away from historically low rates.
Our focus is on REITs that we believe have the potential to outperform in an environment of greater economic growth. From a sector standpoint, we like the shopping center, industrial, self-storage and hotel sectors. We have sold some suburban office owners, as, in our view, the group’s valuation advantage has narrowed relative to central business district office companies. We believe that West Coast offices still offer strong fundamentals, although we are monitoring these companies for signs of slowing growth in rents and absorption.
Independence Capital Management, Inc.
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
36
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/13
| | | | |
| | | Percent of
Total Investments1 | |
Regional Malls | | | 17.1 | % |
Apartments | | | 14.7 | % |
Healthcare | | | 11.6 | % |
Diversified | | | 10.4 | % |
Office Property | | | 9.6 | % |
Strip Centers | | | 9.6 | % |
Storage & Warehousing | | | 7.0 | % |
Hotels and Resorts | | | 6.4 | % |
Industrial | | | 5.7 | % |
Building & Real Estate | | | 4.6 | % |
Manufactured Homes | | | 1.8 | % |
Lodging | | | 1.5 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
37
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund returned 8.13% for the six-month period ending June 30, 2013, compared to its benchmarks, the Russell 3000 Index’s return of 14.06% and the Barclays Capital U.S. Aggregate Bond Index’s return of –2.44% for the same time period.
The Aggressive Allocation Fund is comprised of a target allocation of 95% equity funds and 5% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term bond funds.
At the broad asset class level, the Aggressive Allocation Fund’s equity allocation outperformed its broad equity benchmark, the Russell 3000 Index for the one-year period. Weighing on the Fund’s performance versus its benchmark was the Fund’s underlying fund allocation within the non-U.S. equities as non-U.S. equities significantly underperformed domestic equities.
The Fund’s fixed income allocation performed in line with the Barclays Capital U.S. Aggregate Bond Index for the one-year time period.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/13
| | | | |
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 | % |
| | | | |
38
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned 6.92% for the six-month period ending June 30, 2013, compared to its benchmarks, the Russell 3000 Index’s return of 14.06% and the Barclays Capital U.S. Aggregate Bond Index’s return of –2.44% for the same time period.
The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderately Aggressive Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the six-month period. Weighing on the Fund’s performance versus its benchmark was the Fund’s underlying fund allocation within the non-U.S. equities as non-U.S. equities significantly underperformed domestic equities.
The Fund’s fixed income allocation slightly outperformed the Barclays Capital U.S. Aggregate Bond Index for the six-month time period. Contributing to the fixed income allocation’s performance was its underlying exposure to high yield fixed income.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/13
| | | | |
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 | % |
| | | | |
39
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderate Allocation Fund
The Penn Series Moderate Allocation Fund returned 4.92% for the six-month period ending June 30, 2013, compared to its benchmarks, the Russell 3000 Index’s return of 14.06% and the Barclays Capital U.S. Aggregate Bond Index’s return of –2.44% for the same time period.
The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderate Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the six-month period. Weighing on the Fund’s performance versus its benchmark was the Fund’s underlying fund allocation within the non-U.S. equities as non-U.S. equities significantly underperformed domestic equities.
At the broad asset class level, the Conservative Allocation Fund’s fixed income allocation slightly outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Aiding the Fund’s fixed income allocation performance was its cash, short-term bond and high yield bond allocations of the underlying individual fixed income funds versus the broad market Index.
The Fund’s fixed income allocation slightly outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Aiding the Fund’s fixed income allocation performance was its cash, short-term bond and high yield bond allocations of the underlying individual fixed income funds versus the broad market Index.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/13
| | | | |
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 | % |
| | | | |
40
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned 3.20% for the six-month period ending June 30, 2013, compared to its benchmarks, the Russell 3000 Index’s return of 14.06% and the Barclays Capital U.S. Aggregate Bond Index’s return of –2.44% for the same time period.
The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds and 60% fixed income funds. The equity allocation of the Fund is consists of domestic equity funds comprised of large capitalization and mid capitalization funds as well as developed international equity funds and the fixed income portion is mostly allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderately Conservative Allocation Fund’s fixed income allocation slightly outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Aiding the Fund’s fixed income allocation performance was its cash, short-term bond and high yield bond allocations of the underlying individual fixed income funds versus the broad market Index.
The Fund’s equity allocation performed in line with its broad equity benchmark, the Russell 3000 Index. The Fund’s underlying fund allocations within the large cap value space aided in its equity performance. Detracting from the Fund’s equity performance was the allocation to non-U.S. equity as this asset class underperformed U.S. equities.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/13
| | | | |
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 | % |
| | | | |
41
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Conservative Allocation Fund
The Penn Series Conservative Allocation Fund returned 1.02% for the six-month period ending June 30, 2013, compared to its benchmarks, the Russell 3000 Index’s return of 14.06% and the Barclays Capital U.S. Aggregate Bond Index’s return of –2.44% for the same time period.
The Conservative Allocation Fund is comprised of a target allocation of 80% fixed income funds and a target allocation of 20% in domestic and international equity funds. The fixed income funds predominately consist of short-term and intermediate-term bonds and the equity fund allocations consist of mostly large capitalization funds with a small exposure to developed international equity funds.
At the broad asset class level, the Conservative Allocation Fund’s fixed income allocation slightly outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Aiding the Fund’s fixed income allocation performance was its cash, short-term bond and high yield bond allocations of the underlying individual fixed income funds versus the broad market Index.
The Fund’s equity allocation performed in line with its broad equity benchmark, the Russell 3000 Index. The Fund’s underlying fund allocations within the large cap value space aided in its equity performance. Detracting from the Fund’s equity performance was the allocation to non-U.S. equity as this asset class underperformed U.S. equities.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/13
| | | | |
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 | % |
| | | | |
42
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, 2013 and held through June 30, 2013. 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, 2013 to June 30, 2013
Expense Table
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2013 | | | Ending
Value
June 30,
2013 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period* | |
| Money Market Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,000.10 | | | | 0.19% | | | | $0.94 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.84 | | | | 0.19% | | | | $0.95 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $996.50 | | | | 0.57% | | | | $2.82 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.93 | | | | 0.57% | | | | $2.86 | |
43
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2013 | | | Ending
Value
June 30,
2013 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period* | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $969.60 | | | | 0.56% | | | | $2.73 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.98 | | | | 0.56% | | | | $2.81 | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,017.00 | | | | 0.81% | | | | $4.05 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.73 | | | | 0.81% | | | | $4.07 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,101.00 | | | | 0.83% | | | | $4.32 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.63 | | | | 0.83% | | | | $4.17 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,066.70 | | | | 0.20% | | | | $1.02 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.79 | | | | 0.20% | | | | $1.00 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,110.30 | | | | 0.90% | | | | $4.71 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.28 | | | | 0.90% | | | | $4.52 | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,053.30 | | | | 0.90% | | | | $4.58 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.28 | | | | 0.90% | | | | $4.52 | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,109.40 | | | | 0.88% | | | | $4.60 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.38 | | | | 0.88% | | | | $4.42 | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,139.90 | | | | 0.87% | | | | $4.62 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.43 | | | | 0.87% | | | | $4.37 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,137.70 | | | | 0.87% | | | | $4.61 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.43 | | | | 0.87% | | | | $4.37 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,135.50 | | | | 0.33% | | | | $1.75 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.14 | | | | 0.33% | | | | $1.66 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,125.80 | | | | 1.00% | | | | $5.27 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.77 | | | | 1.00% | | | | $5.02 | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,176.60 | | | | 0.82% | | | | $4.43 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.68 | | | | 0.82% | | | | $4.12 | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,144.10 | | | | 1.07% | | | | $5.69 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.42 | | | | 1.07% | | | | $5.37 | |
| SMID Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,180.40 | | | | 1.05% | | | | $5.68 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.52 | | | | 1.05% | | | | $5.27 | |
44
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2013 | | | Ending
Value
June 30,
2013 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period* | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,173.00 | | | | 1.14% | | | | $6.14 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.07 | | | | 1.14% | | | | $5.72 | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,089.10 | | | | 1.09% | | | | $5.65 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.32 | | | | 1.09% | | | | $5.47 | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,158.80 | | | | 1.14% | | | | $6.10 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.07 | | | | 1.14% | | | | $5.72 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,156.30 | | | | 0.55% | | | | $2.94 | |
| Hypothetical | | | $1,000.00 | | | | $1,022.03 | | | | 0.55% | | | | $2.76 | |
Developed International
Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,031.50 | | | | 0.59% | | | | $2.97 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.83 | | | | 0.59% | | | | $2.96 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $996.70 | | | | 1.17% | | | | $5.79 | |
| Hypothetical | | | $1,000.00 | | | | $1,018.92 | | | | 1.17% | | | | $5.87 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $939.30 | | | | 1.68% | | | | $8.08 | |
| Hypothetical | | | $1,000.00 | | | | $1,016.36 | | | | 1.68% | | | | $8.43 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,061.20 | | | | 0.99% | | | | $5.06 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.82 | | | | 0.99% | | | | $4.97 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,081.30 | | | | 0.33% | | | | $1.70 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.14 | | | | 0.33% | | | | $1.66 | |
Moderately Aggressive
Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,069.20 | | | | 0.31% | | | | $1.59 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.24 | | | | 0.31% | | | | $1.56 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,049.20 | | | | 0.31% | | | | $1.58 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.24 | | | | 0.31% | | | | $1.56 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,032.00 | | | | 0.32% | | | | $1.61 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.19 | | | | 0.32% | | | | $1.61 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,010.20 | | | | 0.33% | | | | $1.64 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.14 | | | | 0.33% | | | | $1.66 | |
45
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CERTIFICATES OF DEPOSIT — 1.5% | | | | | | | | |
| Banks — 1.5% | | | | | | | | |
JP Morgan Chase
0.200%, 07/29/13
(Cost $2,000,075) | | $ | 2,000 | | | $ | 2,000,075 | |
| | | | | | | | |
| COMMERCIAL PAPER — 54.8% | | | | | | | | |
| Beverages — 2.6% | | | | | | | | |
Brown Forman Corp. | | | | | | | | |
0.170%, 07/09/13 | | | 500 | | | | 499,981 | |
0.150%, 07/11/13 | | | 350 | | | | 349,985 | |
0.170%, 07/18/13 | | | 2,000 | | | | 1,999,840 | |
0.200%, 07/26/13 | | | 600 | | | | 599,917 | |
| | | | | | | | |
| | | | | | | 3,449,723 | |
| | | | | | | | |
| Chemicals — 3.4% | | | | | | | | |
Syngenta AG | | | | | | | | |
0.180%, 07/16/13 | | | 4,000 | | | | 3,999,720 | |
0.150%, 08/05/13 | | | 500 | | | | 499,927 | |
| | | | | | | | |
| | | | | | | 4,499,647 | |
| | | | | | | | |
| Computers — 0.4% | | | | | | | | |
Hewlett-Packard Co.
0.300%, 07/01/13 | | | 530 | | | | 530,000 | |
| | | | | | | | |
| Diversified Financial Services — 13.2% | |
ABB Treasury
0.140%, 08/02/13 | | | 6,400 | | | | 6,399,228 | |
AGL Capital
0.280%, 07/08/13 | | | 640 | | | | 639,970 | |
BP Capital Markets | | | | | | | | |
0.230%, 08/06/13 | | | 1,500 | | | | 1,499,665 | |
0.350%, 08/06/13 | | | 1,700 | | | | 1,699,422 | |
Reckitt & Benckiser Treasury Services PLC | | | | | | | | |
0.500%, 07/02/13 | | | 2,000 | | | | 1,999,971 | |
0.400%, 01/06/14 | | | 1,300 | | | | 1,297,284 | |
Toyota Motor Credit
0.240%, 08/14/13 | | | 2,000 | | | | 1,999,427 | |
WGL Holdings, Inc.
0.180%, 07/15/13 | | | 2,000 | | | | 1,999,870 | |
| | | | | | | | |
| | | | | | | 17,534,837 | |
| | | | | | | | |
| Electric — 18.0% | | | | | | | | |
GDF Suez S.A. | | | | | | | | |
0.200%, 07/15/13 | | | 2,050 | | | | 2,049,852 | |
0.190%, 07/22/13 | | | 2,650 | | | | 2,649,720 | |
IDACORP, Inc.
0.280%, 07/11/13 | | | 500 | | | | 499,965 | |
NSTAR Electrical Co.
0.100%, 07/01/13 | | | 5,900 | | | | 5,900,000 | |
Oglethorpe Power Corp. | | | | | | | | |
0.170%, 07/08/13 | | | 900 | | | | 899,970 | |
0.180%, 07/08/13 | | | 550 | | | | 549,984 | |
0.200%, 08/20/13 | | | 4,950 | | | | 4,948,652 | |
Southern Co. | | | | | | | | |
0.150%, 07/10/13 | | | 500 | | | | 499,983 | |
0.200%, 07/10/13 | | | 1,400 | | | | 1,399,938 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Electric — (continued) | | | | | | | | |
0.180%, 07/15/13 | | $ | 4,000 | | | $ | 3,999,740 | |
0.200%, 07/15/13 | | | 500 | | | | 499,964 | |
| | | | | | | | |
| | | | | | | 23,897,768 | |
| | | | | | | | |
| Food — 4.5% | | | | | | | | |
Wisconsin EL
0.120%, 07/01/13 | | | 6,000 | | | | 6,000,000 | |
| | | | | | | | |
| Gas — 2.0% | | | | | | | | |
Air Liquide USA LLC
0.150%, 07/26/13 | | | 2,200 | | | | 2,199,780 | |
Spectra Energy Corp.
0.320%, 07/11/13 | | | 410 | | | | 409,967 | |
| | | | | | | | |
| | | | | | | 2,609,747 | |
| | | | | | | | |
| Healthcare Services — 1.7% | | | | | | | | |
United Healthcare Corp. | | | | | | | | |
0.220%, 07/01/13 | | | 1,200 | | | | 1,200,000 | |
0.240%, 07/01/13 | | | 1,000 | | | | 1,000,000 | |
| | | | | | | | |
| | | | | | | 2,200,000 | |
| | | | | | | | |
| Oil & Gas — 8.5% | | | | | | | | |
Baker Hughes, Inc.
0.160%, 08/29/13 | | | 6,000 | | | | 5,998,454 | |
Conocophillips
0.140%, 09/05/13 | | | 4,000 | | | | 3,998,989 | |
Enbridge Energy Co., Inc.
0.300%, 07/11/13 | | | 640 | | | | 639,952 | |
Kinder Morgan Energy Partners LP
0.280%, 07/12/13 | | | 640 | | | | 639,950 | |
| | | | | | | | |
| | | | | | | 11,277,345 | |
| | | | | | | | |
| Retail — 0.5% | | | | | | | | |
Kroger Co.
0.300%, 07/08/13 | | | 600 | | | | 599,970 | |
| | | | | | | | |
TOTAL COMMERCIAL PAPER (Cost $72,599,037) | | | | 72,599,037 | |
| | | | | | | | |
| CORPORATE BONDS — 3.4% | | | | | | | | |
| Aerospace & Defense — 0.5% | | | | | | | | |
United Technologies Corp.
0.545%, 12/02/13• | | | 660 | | | | 660,876 | |
| | | | | | | | |
| Beverages — 0.3% | | | | | | | | |
Pepsico, Inc.
0.875%, 10/25/13 | | | 400 | | | | 400,721 | |
| | | | | | | | |
| Diversified Financial Services — 1.1% | | | | | | | | |
Caterpillar Financial Services Corp
1.550%, 12/20/13 | | | 1,387 | | | | 1,395,365 | |
| | | | | | | | |
| Electric — 1.5% | | | | | | | | |
ITCTransmission
4.450%, 07/15/13 @ | | | 2,000 | | | | 2,002,850 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $4,459,812) | | | | 4,459,812 | |
| | | | | | | | |
46
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| MUNICIPAL NOTES — 38.7% | | | | | | | | |
California Housing Finance Agency
0.060%, 08/01/36• | | $ | 1,900 | | | $ | 1,900,000 | |
City of Minneapolis
0.060%, 12/01/27• | | | 2,290 | | | | 2,290,000 | |
Colorado Housing & Finance Authority | | | | | | | | |
0.070%, 10/01/30• | | | 2,800 | | | | 2,800,000 | |
0.080%, 04/01/43• | | | 1,145 | | | | 1,145,000 | |
Idaho Housing & Finance Association | | | | | | | | |
0.070%, 01/01/38• | | | 3,900 | | | | 3,900,000 | |
0.080%, 01/01/40• | | | 4,020 | | | | 4,020,000 | |
Iowa Finance Authority | | | | | | | | |
0.070%, 07/01/34• | | | 1,320 | | | | 1,320,000 | |
0.070%, 01/01/39• | | | 1,100 | | | | 1,100,000 | |
Kansas State Department of Transportation
0.060%, 09/01/22• | | | 3,100 | | | | 3,100,000 | |
Michigan State Housing Development Authority
0.170%, 06/01/39• | | | 4,700 | | | | 4,700,000 | |
Minnesota Housing Finance Agency
0.070%, 07/01/36• | | | 4,000 | | | | 4,000,000 | |
Pennsylvania Turnpike Commission
0.160%, 07/15/41• | | | 5,000 | | | | 5,000,000 | |
South Dakota Housing Development Authority
0.070%, 05/01/39• | | | 5,000 | | | | 5,000,000 | |
State of Texas
0.080%, 12/01/29• | | | 4,000 | | | | 4,000,000 | |
Triborough Bridge & Tunnel Authority
0.350%, 01/01/19• | | | 2,900 | | | | 2,900,000 | |
Wisconsin Housing & Economic Development Authority
0.070%, 09/01/22• | | | 4,000 | | | | 4,000,000 | |
| | | | | | | | |
TOTAL MUNICIPAL NOTES (Cost $51,175,000) | | | | | | | 51,175,000 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 1.6% | | | | | |
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 | | | 2,155,629 | | | | 2,155,629 | |
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 $2,155,635) | | | | 2,155,635 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $132,389,559) | | | $ | 132,389,559 | |
| | | | | | | | |
| † | 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. |
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | | | | | | | | | |
Maturity
Schedule | | Market
Value | | | % of
Portfolio | | | (Cumulative) | |
1 — 7 days | | $ | 69,960,606 | | | | 52.8% | | | | 52.8% | |
8 — 14 days | | | 7,629,615 | | | | 5.8% | | | | 58.6% | |
15 — 30 days | | | 22,001,253 | | | | 16.6% | | | | 75.2% | |
31 — 60 days | | | 19,046,396 | | | | 14.4% | | | | 89.6% | |
61 — 90 days | | | 9,997,443 | | | | 7.6% | | | | 97.2% | |
91 — 120 days | | | 400,721 | | | | 0.3% | | | | 97.5% | |
121 — 150 days | | | — | | | | 0.0% | | | | 97.5% | |
over 150 days | | | 3,353,525 | | | | 2.5% | | | | 100% | |
| | | | | |
| | | |
| | $ | 132,389,559 | | | | 100.0% | | | | | |
| | | | | | | | | | | | |
Average Weighted Maturity — 23 days
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
CERTIFICATES OF DEPOSIT | | $ | 2,000,075 | | | $ | — | | | $ | 2,000,075 | | | $ | — | |
CORPORATE BONDS | | | 4,459,812 | | | | — | | | | 4,459,812 | | | | — | |
MUNICIPAL NOTES | | | 51,175,000 | | | | — | | | | 51,175,000 | | | | — | |
COMMERCIAL PAPER | | | 72,599,037 | | | | — | | | | 72,599,037 | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,155,635 | | | | 2,155,635 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 132,389,559 | | | $ | 2,155,635 | | | $ | 130,233,924 | | | $ | — | |
| |
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.
47
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATIONS — 10.6% | | | | | | | | |
| Federal Home Loan Mortgage Corporation — 1.0% | | | | | |
1.375%, 02/25/14 | | $ | 2,000 | | | $ | 2,015,132 | |
| | | | | | | | |
| Federal National Mortgage Association — 9.6% | | | | | |
0.500%, 08/09/13 | | | 2,000 | | | | 2,000,760 | |
1.000%, 09/23/13 | | | 2,000 | | | | 2,003,824 | |
0.750%, 12/18/13 | | | 7,000 | | | | 7,020,545 | |
1.625%, 10/26/15 | | | 7,000 | | | | 7,173,537 | |
| | | | | | | | |
| | | | | | | 18,198,666 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS (Cost $20,186,446) | | | | | | | 20,213,798 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 6.6% | | | | | | | | |
Cabela’s Master Credit Card Trust
0.723%, 02/18/20 144A @,• | | | 3,000 | | | | 2,998,416 | |
Chase Issuance Trust 07-B1, B1
0.443%, 04/15/19• | | | 2,398 | | | | 2,343,728 | |
Conseco Financial Corp.
7.650%, 04/15/19 | | | 33 | | | | 34,149 | |
Equity One Mortgage Pass-Through Trust 2004-1
4.145%, 04/25/34• | | | 13 | | | | 12,768 | |
Ford Credit Floorplan Master Owner Trust A
1.140%, 06/15/17 | | | 1,000 | | | | 1,000,729 | |
GE Capital Credit Card Master Note Trust | | | | | | | | |
1.043%, 09/15/16• | | | 1,400 | | | | 1,400,622 | |
0.950%, 06/15/18 | | | 2,000 | | | | 2,005,624 | |
Hyundai Auto Lease Securitization Trust 2012-A
0.920%, 08/17/15 144A @ | | | 1,500 | | | | 1,502,756 | |
Popular ABS Mortgage Pass-Through
Trust 2004-4
4.628%, 09/25/34• | | | 12 | | | | 12,588 | |
SACO I, Inc.
1.093%, 06/25/35 144A @,• | | | 378 | | | | 319,619 | |
Springleaf Funding Trust 2013-A~
2.580%, 09/15/21 144A @ | | | 1,000 | | | | 996,641 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES (Cost $12,676,379) | | | | 12,627,640 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 3.6% | |
Bear Stearns Commercial Mortgage Securities 2006-PWR11
5.563%, 03/11/39• | | | 265 | | | | 266,927 | |
EMAC Owner Trust 2000-1
8.210%, 01/15/27 144A @,• | | | 382 | | | | 278,320 | |
FDIC Commercial Mortgage Trust 2012-C1 A~
0.841%, 05/25/35 144A @,• | | | 4,342 | | | | 4,342,270 | |
FHLMC Multifamily Structured Pass Through K501-A1
1.337%, 06/25/16 | | | 1,870 | | | | 1,881,658 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $6,882,100) | | | | 6,769,175 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 22.3% | | | | | | | | |
| Auto Manufacturers — 0.5% | | | | | | | | |
Daimler Finance North America LLC
1.250%, 01/11/16 144A @ | | $ | 1,000 | | | $ | 993,483 | |
| | | | | | | | |
| Banks — 3.2% | | | | | | | | |
Bank of Montreal
2.850%, 06/09/15 144A @ | | | 1,000 | | | | 1,041,300 | |
Bank of Nova Scotia
1.050%, 03/20/15 144A @ | | | 1,000 | | | | 1,007,400 | |
Commonwealth Bank of Australia
3.492%, 08/13/14 144A @ | | | 1,000 | | | | 1,034,109 | |
The Toronto-Dominion Bank
1.625%, 09/14/16 144A @ | | | 2,000 | | | | 2,031,400 | |
Westpac Banking Corp.
3.585%, 08/14/14 144A @ | | | 1,000 | | | | 1,034,880 | |
| | | | | | | | |
| | | | | | | 6,149,089 | |
| | | | | | | | |
| Beverages — 1.2% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc.
0.800%, 07/15/15 | | | 1,000 | | | | 999,755 | |
SABMiller Holdings Inc.
1.850%, 01/15/15 144A @ | | | 1,000 | | | | 1,014,554 | |
The Coca-Cola Co.
1.800%, 09/01/16 | | | 240 | | | | 244,871 | |
| | | | | | | | |
| | | | | | | 2,259,180 | |
| | | | | | | | |
| Biotechnology — 0.5% | | | | | | | | |
Celgene Corp.
2.450%, 10/15/15 | | | 1,000 | | | | 1,029,843 | |
| | | | | | | | |
| Diversified Financial Services — 3.8% | | | | | | | | |
Caisse Centrale Desjardins du Quebec
2.550%, 03/24/16 144A @ | | | 3,000 | | | | 3,123,600 | |
General Electric Capital Corp. | | | | | | | | |
1.000%, 12/11/15 | | | 1,000 | | | | 998,506 | |
2.300%, 04/27/17 | | | 1,000 | | | | 1,013,810 | |
Toyota Motor Credit Corp.
1.000%, 02/17/15 | | | 1,000 | | | | 1,006,574 | |
USAA Capital Corp.
2.250%, 12/13/16 144A @ | | | 1,000 | | | | 1,030,385 | |
| | | | | | | | |
| | | | | | | 7,172,875 | |
| | | | | | | | |
| Energy-Alternate Sources — 1.6% | | | | | | | | |
Appalachian Power Co.
0.649%, 08/16/13• | | | 1,000 | | | | 1,000,329 | |
BG Energy Capital PLC
2.500%, 12/09/15 144A @ | | | 1,000 | | | | 1,032,983 | |
BP Capital Markets PLC
1.700%, 12/05/14 | | | 1,000 | | | | 1,013,524 | |
| | | | | | | | |
| | | | | | | 3,046,836 | |
| | | | | | | | |
| Food — 1.0% | | | | | | | | |
ConAgra Foods, Inc.
1.300%, 01/25/16 | | | 1,000 | | | | 1,001,649 | |
Unilever Capital Corp.
0.450%, 07/30/15 | | | 1,000 | | | | 993,585 | |
| | | | | | | | |
| | | | | | | 1,995,234 | |
| | | | | | | | |
48
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Gas — 0.6% | | | | | | | | |
Florida Gas Transmission Co., LLC
4.000%, 07/15/15 144A @ | | $ | 1,000 | | | $ | 1,054,373 | |
| | | | | | | | |
| Healthcare Products — 1.1% | | | | | | | | |
Baxter International Inc.
0.950%, 06/01/16 | | | 1,000 | | | | 995,306 | |
Zimmer Holdings, Inc.
1.400%, 11/30/14 | | | 1,000 | | | | 1,006,669 | |
| | | | | | | | |
| | | | | | | 2,001,975 | |
| | | | | | | | |
| Insurance — 1.1% | | | | | | | | |
Metropolitan Life Global Funding I
2.000%, 01/09/15 144A @ | | | 1,000 | | | | 1,015,588 | |
Principal Life Global Funding II
1.000%, 12/11/15 144A @ | | | 1,000 | | | | 1,000,187 | |
| | | | | | | | |
| | | | | | | 2,015,775 | |
| | | | | | | | |
| Internet — 0.5% | | | | | | | | |
Google, Inc.
2.125%, 05/19/16 | | | 1,000 | | | | 1,033,438 | |
| | | | | | | | |
| Media — 0.5% | | | | | | | | |
NBCUniversal Media LLC
3.650%, 04/30/15 | | | 1,000 | | | | 1,050,737 | |
| | | | | | | | |
| Mining — 1.1% | | | | | | | | |
BHP Billiton Finance USA Ltd.
1.125%, 11/21/14 | | | 1,000 | | | | 1,007,052 | |
Rio Tinto Finance USA PLC
0.823%, 06/19/15• | | | 1,000 | | | | 999,991 | |
| | | | | | | | |
| | | | | | | 2,007,043 | |
| | | | | | | | |
| Pharmaceuticals — 3.4% | | | | | | | | |
AbbVie, Inc.
1.200%, 11/06/15 144A @ | | | 2,000 | | | | 2,002,198 | |
Express Scripts Holding Co.
3.125%, 05/15/16 | | | 1,000 | | | | 1,039,856 | |
Mckesson Corp.
0.950%, 12/04/15 | | | 500 | | | | 498,663 | |
Merck & Co., Inc.
0.700%, 05/18/16 | | | 1,000 | | | | 993,086 | |
Takeda Pharmaceutical Co. Ltd.
1.031%, 03/17/15 144A @ | | | 2,000 | | | | 2,010,788 | |
| | | | | | | | |
| | | | | | | 6,544,591 | |
| | | | | | | | |
| Pipelines — 0.5% | | | | | | | | |
TransCanada PipeLines Ltd.
0.750%, 01/15/16 | | | 1,000 | | | | 988,698 | |
| | | | | | | | |
| Telecommunications — 1.1% | | | | | | | | |
America Movil S.A.B. de C.V.
2.375%, 09/08/16 | | | 1,000 | | | | 1,013,209 | |
British Telecommunications PLC
1.625%, 06/28/16 | | | 1,000 | | | | 1,004,386 | |
| | | | | | | | |
| | | | | | | 2,017,595 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Trucking and Leasing — 0.6% | | | | | | | | |
TTX Co.
5.400%, 02/15/16 144A @ | | $ | 1,000 | | | $ | 1,081,062 | |
| | | | | | | | |
TOTAL CORPORATE BONDS (Cost $42,153,804) | | | | 42,441,827 | |
| | | | | | | | |
| COMMERCIAL PAPER — 1.1% | | | | | | | | |
| Diversified Financial Services — 1.1% | | | | | | | | |
ENI Finance USA
0.610%, 10/31/13 | | | 1,000 | | | | 997,551 | |
Ford Motor Credit
0.700%, 08/07/13 | | | 1,000 | | | | 998,986 | |
| | | | | | | | |
TOTAL COMMERCIAL PAPER (Cost $1,997,141) | | | | 1,996,537 | |
| | | | | | | | |
| MUNICIPAL NOTE — 0.6% | | | | | | | | |
| Regional — 0.6% | | | | | | | | |
Province of British Columbia
2.850%, 06/15/15
(Cost $999,788) | | | 1,000 | | | | 1,045,300 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 2.3% | |
| Collateralized Mortgage Obligations — 1.6% | |
Fannie Mae REMICS•
0.593%, 11/25/39 | | | 3,004 | | | | 3,011,561 | |
| | | | | | | | |
| Fannie Mae Pool — 0.7% | | | | | | | | |
4.000%, 06/01/20 | | | 348 | | | | 367,257 | |
2.996%, 12/01/33• | | | 586 | | | | 625,586 | |
2.522%, 04/01/34• | | | 187 | | | | 198,504 | |
2.815%, 07/01/36• | | | 195 | | | | 206,896 | |
| | | | | | | | |
| | | | | | | 1,398,243 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $4,342,219) | | | | 4,409,804 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 50.8% | | | | | |
U.S. Treasury Note | | | | | | | | |
0.500%, 10/15/13 | | | 2,250 | | | | 2,252,549 | |
4.250%, 11/15/13 | | | 3,100 | | | | 3,147,591 | |
0.250%, 11/30/13 | | | 5,000 | | | | 5,002,930 | |
0.125%, 12/31/13 | | | 5,000 | | | | 5,000,000 | |
1.750%, 01/31/14 | | | 2,000 | | | | 2,018,906 | |
1.750%, 03/31/14 | | | 5,000 | | | | 5,059,180 | |
1.875%, 04/30/14 | | | 5,650 | | | | 5,729,451 | |
2.375%, 09/30/14 | | | 3,000 | | | | 3,080,391 | |
4.250%, 11/15/14 | | | 12,100 | | | | 12,765,500 | |
2.250%, 01/31/15 | | | 730 | | | | 752,727 | |
4.000%, 02/15/15 | | | 7,850 | | | | 8,320,388 | |
0.375%, 04/15/15 | | | 870 | | | | 870,781 | |
0.250%, 12/15/15 | | | 5,000 | | | | 4,969,920 | |
2.000%, 04/30/16 | | | 19,000 | | | | 19,730,322 | |
United States Treasury Note Bond
0.500%, 06/15/16 | | | 18,000 | | | | 17,924,058 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $95,912,768) | | | | 96,624,694 | |
| | | | | | | | |
49
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.1% | | | | | | | | |
BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares | | | 4,018,997 | | | $ | 4,018,997 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 218 | | | | 218 | |
Federated Prime Obligations Fund - Class I | | | 407 | | | | 407 | |
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 | | | 77 | | | | 77 | |
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | | | 5 | | | | 5 | |
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,020,921) | | | | | | | 4,020,921 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $189,171,566) | | | | | | $ | 190,149,696 | |
| | | | | | | | |
| † | 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, 2013 is $5,338,911. |
LLC — Limited Liability Company.
PLC — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 90 | % |
Canada | | | 5 | |
United Kingdom | | | 2 | |
Australia | | | 1 | |
Japan | | | 1 | |
Mexico | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AGENCY OBLIGATIONS | | $ | 20,213,798 | | | $ | — | | | $ | 20,213,798 | | | $ | — | |
ASSET BACKED SECURITIES | | | 12,627,640 | | | | — | | | | 12,627,640 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 6,769,175 | | | | — | | | | 6,769,175 | | | | — | |
CORPORATE BONDS | | | 42,441,827 | | | | — | | | | 42,441,827 | | | | — | |
COMMERICAL PAPER | | | 1,996,537 | | | | — | | | | 1,996,537 | | | | | |
MUNICIPAL NOTE | | | 1,045,300 | | | | — | | | | 1,045,300 | | | | | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 4,409,804 | | | | — | | | | 4,409,804 | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 96,624,694 | | | | — | | | | 96,624,694 | | | | — | |
SHORT-TERM INVESTMENTS | | | 4,020,921 | | | | 4,020,921 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 190,149,696 | | | $ | 4,020,921 | | | $ | 186,128,775 | | | $ | — | |
| |
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.
50
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATION — 1.3% | | | | | | | | |
| Federal National Mortgage Association — 1.3% | |
Federal National Mortgage Association
5.000%, 04/15/15
(Cost $6,847,615) | | $ | 6,750 | | | $ | 7,303,723 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 2.9% | | | | | |
Conseco Financial Corp.
7.240%, 11/15/28• | | | 473 | | | | 240,082 | |
GE Capital Credit Card Master Note Trust | | | | | | | | |
1.043%, 09/15/16• | | | 4,000 | | | | 4,001,776 | |
0.950%, 06/15/18 | | | 5,000 | | | | 5,014,060 | |
Hyundai Auto Lease Securitization Trust 2012-A
0.920%, 08/17/15 144A @ | | | 4,000 | | | | 4,007,348 | |
SACO I, Inc.
1.093%, 06/25/35 144A @,• | | | 1,135 | | | | 958,857 | |
Springleaf Funding Trust 2013-A~
2.580%, 09/15/21 144A @ | | | 2,000 | | | | 1,993,281 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $16,549,891) | | | | | | | 16,215,404 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 0.9% | |
Bear Stearns Commercial Mortgage Securities
4.830%, 08/15/38 | | | 39 | | | | 39,152 | |
CFCRE Commercial Mortgage Trust 144A
4.961%, 04/15/44 144A @,• | | | 1,000 | | | | 1,094,446 | |
Citigroup Deutsche Bank Commercial Mortgage Trust
5.322%, 12/11/49 | | | 1,500 | | | | 1,651,254 | |
EMAC Owner Trust 2000-1
8.210%, 01/15/27 144A @,• | | | 765 | | | | 556,641 | |
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420%, 01/15/49 | | | 1,500 | | | | 1,660,761 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $4,775,290) | | | | 5,002,254 | |
| | | | | | | | |
| CORPORATE BONDS — 20.7% | | | | | | | | |
| Aerospace & Defense — 0.7% | | | | | | | | |
Lockheed Martin Corp.
3.350%, 09/15/21 | | | 1,000 | | | | 995,123 | |
Northrop Grumman Corp.
3.250%, 08/01/23 | | | 1,000 | | | | 946,309 | |
United Technologies Corp.
4.500%, 06/01/42 | | | 2,000 | | | | 1,972,206 | |
| | | | | | | | |
| | | | | | | 3,913,638 | |
| | | | | | | | |
| Agriculture — 0.4% | | | | | | | | |
Altria Group, Inc.
4.750%, 05/05/21 | | | 1,000 | | | | 1,070,960 | |
Cargill, Inc.
6.125%, 09/15/36 144A @ | | | 1,000 | | | | 1,150,795 | |
| | | | | | | | |
| | | | | | | 2,221,755 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Banks — 1.1% | | | | | | | | |
Bank of America Corp.
5.650%, 05/01/18 | | $ | 1,000 | | | $ | 1,110,982 | |
Bank of Montreal
2.850%, 06/09/15 144A @ | | | 1,000 | | | | 1,041,300 | |
JPMorgan Chase & Co.
6.000%, 01/15/18 | | | 1,700 | | | | 1,939,975 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
5.250%, 07/27/21 | | | 1,000 | | | | 1,069,899 | |
5.750%, 01/24/22 | | | 1,000 | | | | 1,103,013 | |
| | | | | | | | |
| | | | | | | 6,265,169 | |
| | | | | | | | |
| Beverages — 0.7% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc.
7.750%, 01/15/19 | | | 1,000 | | | | 1,264,833 | |
Fomento Economico Mexicano SAB de CV
4.375%, 05/10/43 | | | 1,000 | | | | 870,511 | |
Pepsico, Inc.
4.000%, 03/05/42 | | | 1,000 | | | | 902,410 | |
The Coca-Cola Co.
3.300%, 09/01/21 | | | 1,000 | | | | 1,022,405 | |
| | | | | | | | |
| | | | | | | 4,060,159 | |
| | | | | | | | |
| Biotechnology — 0.8% | | | | | | | | |
Amgen, Inc.
4.950%, 10/01/41 | | | 1,000 | | | | 969,306 | |
Biogen Idec, Inc.
6.875%, 03/01/18 | | | 1,000 | | | | 1,189,250 | |
Genentech, Inc.
5.250%, 07/15/35 | | | 1,000 | | | | 1,098,647 | |
Gilead Sciences, Inc.
4.400%, 12/01/21 | | | 1,000 | | | | 1,073,835 | |
| | | | | | | | |
| | | | | | | 4,331,038 | |
| | | | | | | | |
| Chemicals — 0.3% | | | | | | | | |
EI du Pont de Nemours & Co.
4.150%, 02/15/43 | | | 1,000 | | | | 960,874 | |
Praxair, Inc.
3.000%, 09/01/21 | | | 1,000 | | | | 985,834 | |
| | | | | | | | |
| | | | | | | 1,946,708 | |
| | | | | | | | |
| Commercial Services — 0.8% | | | | | | | | |
Safina Ltd.
2.000%, 12/30/23 | | | 4,708 | | | | 4,633,205 | |
| | | | | | | | |
| Computers — 0.4% | | | | | | | | |
Hewlett-Packard Co.
2.600%, 09/15/17 | | | 1,000 | | | | 998,689 | |
International Business Machines Corp.
6.500%, 01/15/28 | | | 1,000 | | | | 1,258,514 | |
| | | | | | | | |
| | | | | | | 2,257,203 | |
| | | | | | | | |
| Diversified Financial Services — 2.2% | | | | | |
American Honda Finance Corp. 144A
3.800%, 09/20/21 144A @ | | | 1,000 | | | | 1,046,077 | |
Caisse Centrale Desjardins du Quebec
2.550%, 03/24/16 144A @ | | | 2,000 | | | | 2,082,400 | |
Carobao Leasing LLC
1.829%, 09/07/24 | | | 4,687 | | | | 4,555,683 | |
51
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | |
| Diversified Financial Services — (continued) | |
General Electric Capital Corp. | | | | | | | | |
6.150%, 08/07/37 | | $ | 1,000 | | | $ | 1,131,534 | |
5.875%, 01/14/38 | | | 1,000 | | | | 1,100,755 | |
Northern Trust Corp.
3.375%, 08/23/21 | | | 500 | | | | 506,993 | |
Toyota Motor Credit Corp.
3.400%, 09/15/21 | | | 1,000 | | | | 990,903 | |
USAA Capital Corp.
2.250%, 12/13/16 144A @ | | | 1,000 | | | | 1,030,385 | |
| | | | | | | | |
| | | | | | | 12,444,730 | |
| | | | | | | | |
| Electric — 1.2% | | | | | | | | |
Commonwealth Edison Co.
6.150%, 09/15/17 | | | 500 | | | | 582,896 | |
DTE Electric Co.
4.000%, 04/01/43 | | | 1,000 | | | | 920,397 | |
Duke Energy Carolinas LLC
4.250%, 12/15/41 | | | 1,000 | | | | 931,692 | |
Duke Energy Progress, Inc.
2.800%, 05/15/22 | | | 1,000 | | | | 959,707 | |
Enel Finance International SA
6.250%, 09/15/17 144A @ | | | 1,000 | | | | 1,097,080 | |
Georgia Power Co.
4.300%, 03/15/42 | | | 1,000 | | | | 917,078 | |
PacifiCorp
6.250%, 10/15/37 | | | 1,000 | | | | 1,216,837 | |
| | | | | | | | |
| | | | | | | 6,625,687 | |
| | | | | | | | |
| Electronics — 0.2% | | | | | | | | |
Thermo Fisher Scientific, Inc.
3.600%, 08/15/21 | | | 1,000 | | | | 980,753 | |
| | | | | | | | |
| Engineering & Construction — 0.2% | | | | | | | | |
ABB Finance USA, Inc.
4.375%, 05/08/42 | | | 1,000 | | | | 961,575 | |
| | | | | | | | |
| Food — 1.1% | | | | | | | | |
ConAgra Foods, Inc.
1.900%, 01/25/18 | | | 1,000 | | | | 983,081 | |
Grupo Bimbo SAB de CV
4.500%, 01/25/22 144A @ | | | 1,000 | | | | 1,000,098 | |
Hillshire Brands Co.
2.750%, 09/15/15 | | | 1,000 | | | | 1,027,551 | |
Kraft Foods Group, Inc.
5.000%, 06/04/42 | | | 1,000 | | | | 1,012,692 | |
Mondelez Internatonal, Inc.
6.750%, 02/19/14 | | | 500 | | | | 517,771 | |
Unilever Capital Corp.
0.850%, 08/02/17 | | | 2,000 | | | | 1,938,446 | |
| | | | | | | | |
| | | | | | | 6,479,639 | |
| | | | | | | | |
| Gas — 0.5% | | | | | | | | |
Boston Gas Co.
4.487%, 02/15/42 144A @ | | | 1,000 | | | | 960,995 | |
Pacific Gas & Electric Co.
3.250%, 09/15/21 | | | 1,000 | | | | 1,000,095 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Gas — (continued) | | | | | | | | |
SEMCO Energy, Inc.
5.150%, 04/21/20 144A @ | | $ | 1,000 | | | $ | 1,066,086 | |
| | | | | | | | |
| | | | | | | 3,027,176 | |
| | | | | | | | |
| Healthcare Products — 1.6% | | | | | | | | |
Baxter International, Inc.
3.200%, 06/15/23 | | | 1,000 | | | | 980,878 | |
Becton Dickinson and Co.
3.125%, 11/08/21 | | | 1,000 | | | | 985,267 | |
CareFusion Corp.
3.300%, 03/01/23 144A @ | | | 1,103 | | | | 1,047,705 | |
Covidien International Finance SA | | | | | | | | |
6.000%, 10/15/17 | | | 1,000 | | | | 1,158,805 | |
3.200%, 06/15/22 | | | 1,000 | | | | 986,321 | |
Medtronic, Inc.
4.000%, 04/01/43 | | | 1,000 | | | | 903,669 | |
St Jude Medical, Inc.
4.750%, 04/15/43 | | | 1,000 | | | | 926,845 | |
Stryker Corp.
2.000%, 09/30/16 | | | 1,000 | | | | 1,026,503 | |
Zimmer Holdings, Inc.
4.625%, 11/30/19 | | | 1,000 | | | | 1,092,692 | |
| | | | | | | | |
| | | | | | | 9,108,685 | |
| | | | | | | | |
| Healthcare Services — 0.4% | | | | | | | | |
Cigna Corp.
4.375%, 12/15/20 | | | 1,000 | | | | 1,063,797 | |
UnitedHealth Group, Inc.
4.625%, 11/15/41 | | | 1,000 | | | | 959,958 | |
| | | | | | | | |
| | | | | | | 2,023,755 | |
| | | | | | | | |
| Insurance — 0.5% | | | | | | | | |
American International Group, Inc.
4.875%, 06/01/22 | | | 1,000 | | | | 1,065,924 | |
Berkshire Hathaway, Inc.
4.500%, 02/11/43 | | | 1,000 | | | | 950,222 | |
The Travelers Cos., Inc.
5.350%, 11/01/40 | | | 1,000 | | | | 1,093,331 | |
| | | | | | | | |
| | | | | | | 3,109,477 | |
| | | | | | | | |
| Media — 0.4% | | | | | | | | |
Comcast Cable Holdings LLC
9.875%, 06/15/22 | | | 1,000 | | | | 1,347,552 | |
The Walt Disney Co.
3.700%, 12/01/42 | | | 1,000 | | | | 879,554 | |
| | | | | | | | |
| | | | | | | 2,227,106 | |
| | | | | | | | |
| Mining — 0.2% | | | | | | | | |
Corp Nacional del Cobre de Chile
3.000%, 07/17/22 144A @ | | | 1,000 | | | | 904,998 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.4% | | | | | | | | |
Illinois Tool Works, Inc.
4.875%, 09/15/41 | | | 1,000 | | | | 1,044,838 | |
52
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Miscellaneous Manufacturing — (continued) | |
Siemens Financieringsmaatschappij NV
6.125%, 08/17/26 144A @ | | $ | 1,000 | | | $ | 1,187,260 | |
| | | | | | | | |
| | | | | | | 2,232,098 | |
| | | | | | | | |
| Oil & Gas — 2.4% | |
Apache Corp.
3.250%, 04/15/22 | | | 1,000 | | | | 985,054 | |
BG Energy Capital PLC
4.000%, 10/15/21 144A @ | | | 1,000 | | | | 1,039,422 | |
BP Capital Markets PLC
4.500%, 10/01/20 | | | 1,000 | | | | 1,084,888 | |
Chevron Corp.
3.191%, 06/24/23 | | | 1,000 | | | | 995,151 | |
Devon Energy Corp.
4.750%, 05/15/42 | | | 1,000 | | | | 933,484 | |
Occidental Petroleum Corp.
3.125%, 02/15/22 | | | 1,000 | | | | 968,791 | |
Pemex Project Funding Master Trust
6.625%, 06/15/35 | | | 1,000 | | | | 1,050,000 | |
Petrobras International Finance Co. - Pifco
6.750%, 01/27/41 | | | 1,000 | | | | 999,061 | |
Petroleos Mexicanos | | | | | | | | |
1.950%, 12/20/22 W.I. | | | 1,890 | | | | 1,874,440 | |
2.000%, 12/20/22 | | | 2,868 | | | | 2,851,107 | |
Statoil, ASA
3.150%, 01/23/22 | | | 1,000 | | | | 989,016 | |
| | | | | | | | |
| | | | | | | 13,770,414 | |
| | | | | | | | |
| Oil & Gas Services — 0.5% | |
Halliburton Co.
4.500%, 11/15/41 | | | 1,000 | | | | 987,783 | |
National Oilwell Varco, Inc.
3.950%, 12/01/42 | | | 1,000 | | | | 897,679 | |
Schlumberger Oilfield PLC
4.200%, 01/15/21 144A @ | | | 1,000 | | | | 1,067,965 | |
| | | | | | | | |
| | | | | | | 2,953,427 | |
| | | | | | | | |
| Pharmaceuticals — 1.7% | |
AbbVie, Inc.
1.200%, 11/06/15 144A @ | | | 1,000 | | | | 1,001,099 | |
Express Scripts Holding Co.
3.900%, 02/15/22 | | | 1,000 | | | | 1,012,528 | |
GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34 | | | 1,000 | | | | 1,093,468 | |
Merck Sharp & Dohme Corp.
6.400%, 03/01/28 | | | 1,000 | | | | 1,237,925 | |
Novartis Capital Corp.
2.900%, 04/24/15 | | | 1,000 | | | | 1,042,368 | |
Sanofi
4.000%, 03/29/21 | | | 1,000 | | | | 1,066,558 | |
Takeda Pharmaceutical Co., Ltd.
1.625%, 03/17/17 144A @ | | | 2,000 | | | | 1,990,862 | |
Teva Pharmaceutical Finance Co. BV
3.650%, 11/10/21 | | | 1,000 | | | | 1,000,092 | |
| | | | | | | | |
| | | | | | | 9,444,900 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Pipelines — 0.4% | |
DCP Midstream LLC
6.750%, 09/15/37 144A @ | | $ | 1,000 | | | $ | 1,083,273 | |
Sunoco Logistics Partners Operations LP
4.950%, 01/15/43 | | | 1,000 | | | | 895,116 | |
| | | | | | | | |
| | | | | | | 1,978,389 | |
| | | | | | | | |
| Retail — 0.5% | |
CVS Caremark Corp.
5.750%, 05/15/41 | | | 1,000 | | | | 1,127,227 | |
Wal-Mart Stores, Inc. | | | | | | | | |
3.250%, 10/25/20 | | | 1,000 | | | | 1,033,675 | |
4.000%, 04/11/43 | | | 1,000 | | | | 911,185 | |
| | | | | | | | |
| | | | | | | 3,072,087 | |
| | | | | | | | |
| Semiconductors — 0.2% | |
Intel Corp.
4.000%, 12/15/32 | | | 1,000 | | | | 928,629 | |
| | | | | | | | |
| Telecommunications — 0.7% | |
America Movil SAB de CV
3.125%, 07/16/22 | | | 1,000 | | | | 921,395 | |
AT&T, Inc.
3.875%, 08/15/21 | | | 1,000 | | | | 1,031,392 | |
British Telecommunications PLC
1.625%, 06/28/16 | | | 1,000 | | | | 1,004,386 | |
Verizon Communications, Inc.
4.600%, 04/01/21 | | | 1,000 | | | | 1,084,016 | |
| | | | | | | | |
| | | | | | | 4,041,189 | |
| | | | | | | | |
| Trucking and Leasing — 0.2% | |
TTX Co.
5.400%, 02/15/16 144A @ | | | 1,000 | | | | 1,081,062 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $114,151,463) | | | | | | | 117,024,651 | |
| | | | | | | | |
| MUNICIPAL NOTE — 0.4% | | | | | | | | |
Province of British Columbia
2.850%, 06/15/15
(Cost $1,999,576) | | | 2,000 | | | | 2,090,600 | |
| | | | | | | | |
| MUNICIPAL BONDS — 1.4% | | | | | | | | |
City of New York
6.271%, 12/01/37 | | | 1,750 | | | | 2,059,452 | |
Corpus Christi Independent School District
6.124%, 08/15/32 | | | 1,000 | | | | 1,188,650 | |
Metropolitan Water District of Southern California
6.947%, 07/01/40 | | | 1,000 | | | | 1,170,610 | |
Orange County Sanitation District
6.400%, 02/01/44 | | | 1,000 | | | | 1,239,340 | |
San Francisco City & County Public Utilities Commission
6.950%, 11/01/50 | | | 2,000 | | | | 2,561,120 | |
| | | | | | | | |
Total MUNICIPAL BONDS
(Cost $6,752,193) | | | | | | | 8,219,172 | |
| | | | | | | | |
53
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 21.6% | |
| Collateralized Mortgage Obligations — 1.2% | |
Fannie Mae REMICS
0.593%, 11/25/39• | | $ | 3,004 | | | $ | 3,011,560 | |
Freddie Mac REMICs
0.533%, 05/15/37• | | | 3,856 | | | | 3,875,710 | |
| | | | | | | | |
| | | | | | | 6,887,270 | |
| | | | | | | | |
| Fannie Mae Pool — 13.1% | |
5.000%, 07/01/23 | | | 1,135 | | | | 1,211,420 | |
2.522%, 04/01/34• | | | 560 | | | | 595,512 | |
2.815%, 07/01/36• | | | 649 | | | | 689,654 | |
2.431%, 08/01/36• | | | 627 | | | | 667,260 | |
2.960%, 05/01/37• | | | 510 | | | | 538,975 | |
4.000%, 08/01/39 | | | 4,472 | | | | 4,657,836 | |
4.000%, 11/01/40 | | | 4,100 | | | | 4,273,364 | |
3.500%, 12/01/40 | | | 8,408 | | | | 8,546,895 | |
3.500%, 01/01/41 | | | 7,143 | | | | 7,260,708 | |
3.500%, 03/01/41 | | | 1,858 | | | | 1,888,754 | |
2.500%, 02/01/43 | | | 10,916 | | | | 10,159,470 | |
2.500%, 05/01/43 | | | 12,977 | | | | 12,077,196 | |
3.000%, 06/01/43~ | | | 22,000 | | | | 21,470,625 | |
| | | | | | | | |
| | | | | | | 74,037,669 | |
| | | | | | | | |
| Freddie Mac Gold Pool — 2.7% | |
3.000%, 01/01/26 | | | 5,500 | | | | 5,657,013 | |
3.500%, 12/01/40 | | | 5,154 | | | | 5,227,287 | |
3.500%, 01/01/41 | | | 3,440 | | | | 3,489,165 | |
3.500%, 02/01/41 | | | 1,026 | | | | 1,040,753 | |
| | | | | | | | |
| | | | | | | 15,414,218 | |
| | | | | | | | |
| Ginnie Mae Pool — 4.6% | |
6.000%, 10/15/38 | | | 878 | | | | 973,887 | |
6.000%, 10/15/38 | | | 747 | | | | 828,668 | |
4.000%, 04/15/39 | | | 5,535 | | | | 5,820,486 | |
4.000%, 06/15/39 | | | 4,160 | | | | 4,373,674 | |
4.500%, 02/15/40 | | | 6,242 | | | | 6,640,674 | |
3.500%, 10/20/41 | | | 7,373 | | | | 7,579,740 | |
9.000%, 10/15/30 | | | 8 | | | | 8,072 | |
| | | | | | | | |
| | | | | | | 26,225,201 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $119,493,279) | | | | 122,564,358 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 38.7% | |
U.S. Treasury Bond | | | | | | | | |
6.250%, 08/15/23 | | | 1,350 | | | | 1,811,531 | |
5.500%, 08/15/28 | | | 2,800 | | | | 3,643,500 | |
3.500%, 02/15/39 | | | 3,320 | | | | 3,373,950 | |
4.375%, 05/15/40 | | | 100 | | | | 117,281 | |
3.125%, 11/15/41 | | | 9,000 | | | | 8,437,500 | |
2.750%, 11/15/42 | | | 450 | | | | 387,985 | |
U.S. Treasury Note | | | | | | | | |
0.250%, 11/30/13 | | | 5,000 | | | | 5,002,930 | |
1.750%, 01/31/14 | | | 6,000 | | | | 6,056,718 | |
1.875%, 02/28/14 | | | 7,000 | | | | 7,080,115 | |
4.250%, 11/15/14 | | | 5,000 | | | | 5,275,000 | |
4.000%, 02/15/15 | | | 10,900 | | | | 11,553,150 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
U.S. Treasury Note — (continued) | | | | | | | | |
2.125%, 12/31/15 | | $ | 11,100 | | | $ | 11,544,866 | |
2.625%, 02/29/16 | | | 5,000 | | | | 5,273,830 | |
1.500%, 07/31/16 | | | 3,050 | | | | 3,122,675 | |
0.875%, 12/31/16 | | | 3,750 | | | | 3,747,656 | |
0.625%, 08/31/17 | | | 12,000 | | | | 11,753,436 | |
0.625%, 11/30/17 | | | 52,000 | | | | 50,695,944 | |
0.750%, 03/31/18 | | | 13,000 | | | | 12,653,667 | |
2.375%, 06/30/18 | | | 4,300 | | | | 4,506,938 | |
2.750%, 02/15/19 | | | 9,800 | | | | 10,430,875 | |
3.125%, 05/15/19 | | | 6,550 | | | | 7,108,283 | |
3.375%, 11/15/19 | | | 475 | | | | 522,648 | |
1.000%, 11/30/19 | | | 11,100 | | | | 10,575,347 | |
2.000%, 11/15/21 | | | 2,200 | | | | 2,162,015 | |
2.000%, 02/15/22 | | | 4,400 | | | | 4,303,407 | |
1.625%, 08/15/22 | | | 6,000 | | | | 5,629,218 | |
1.625%, 11/15/22 | | | 18,000 | | | | 16,803,288 | |
U.S. Treasury Strip Principal
0.000%, 11/15/24+ | | | 7,800 | | | | 5,652,075 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $217,592,093) | | | | 219,225,828 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 12.1% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 55,502,631 | | | | 55,502,631 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 447 | | | | 447 | |
Federated Prime Obligations Fund - Class I | | | 312 | | | | 312 | |
Fidelity Institutional Prime Money Market Portfolio | | | 714 | | | | 714 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 271 | | | | 271 | |
Wells Fargo Advantage Government Money Market Fund - Institutional Class | | | 13,145,615 | | | | 13,145,615 | |
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 $68,649,992) | | | | 68,649,992 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $556,811,392) | | | $ | 566,295,982 | |
| | | | | | | | |
| † | 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. |
54
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Quality Bond Fund
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $23,463,906. |
| + | 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.
LP — Limited Partnership.
PLC — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S. TREASURY OBLIGATIONS | | $ | 219,225,828 | | | $ | — | | | $ | 219,225,828 | | | $ | — | |
AGENCY OBLIGATION | | | 7,303,723 | | | | — | | | | 7,303,723 | | | | — | |
ASSET BACKED SECURITIES | | | 16,215,404 | | | | — | | | | 16,215,404 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 5,002,254 | | | | — | | | | 5,002,254 | | | | — | |
CORPORATE BONDS | | | 117,024,651 | | | | — | | | | 117,024,651 | | | | — | |
MUNICIPAL NOTE | | | 2,090,600 | | | | — | | | | 2,090,600 | | | | — | |
MUNICIPAL BONDS | | | 8,219,172 | | | | — | | | | 8,219,172 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 122,564,358 | | | | — | | | | 122,564,358 | | | | — | |
SHORT-TERM INVESTMENTS | | | 68,649,992 | | | | 68,649,992 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 566,295,982 | | | $ | 68,649,992 | | | $ | 497,645,990 | | | $ | — | |
| |
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, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 1.4% | | | | | | | | |
| Airlines — 0.2% | | | | | | | | |
AMR Corp.* | | | 21,500 | | | $ | 86,645 | |
Delta Air Lines, Inc.* | | | 11,200 | | | | 209,552 | |
| | | | | | | | |
| | | | | | | 296,197 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.2% | | | | | | | | |
TRW Automotive Holdings Corp.* | | | 5,125 | | | | 340,505 | |
| | | | | | | | |
| Entertainment — 0.0% | | | | | | | | |
New Cotai Participation Class B144A @^~ | | | 1 | | | | 24,225 | |
| | | | | | | | |
| Media — 0.2% | | | | | | | | |
Liberty Global PLC, Class A* | | | 4,100 | | | | 303,728 | |
| | | | | | | | |
| Oil & Gas — 0.3% | | | | | | | | |
PBF Energy, Inc. | | | 5,500 | | | | 142,450 | |
Range Resources Corp. | | | 2,300 | | | | 177,836 | |
WPX Energy, Inc.* | | | 9,300 | | | | 176,142 | |
| | | | | | | | |
| | | | | | | 496,428 | |
| | | | | | | | |
| Packaging and Containers — 0.1% | | | | | | | | |
Smurfit Kappa Group PLC* | | | 11,850 | | | | 193,731 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
Realogy Holdings Corp.* | | | 5,000 | | | | 240,200 | |
| | | | | | | | |
| Retail — 0.1% | | | | | | | | |
Rite Aid Corp.* | | | 83,900 | | | | 239,954 | |
| | | | | | | | |
| Telecommunications — 0.2% | | | | | | | | |
Crown Castle International Corp.* | | | 1,750 | | | | 126,683 | |
NII Holdings, Inc.* | | | 32,000 | | | | 213,440 | |
| | | | | | | | |
| | | | | | | 340,123 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,936,273) | | | | | | | 2,475,091 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.5% | | | | | | | | |
| Auto Manufacturers — 0.2% | | | | | | | | |
General Motors Co. CONV. | | | 8,300 | | | | 399,728 | |
| | | | | | | | |
| Banks — 0.2% | | | | | | | | |
Ally Financial, Inc.144A @ | | | 500 | | | | 475,234 | |
| | | | | | | | |
| Media — 0.1% | | | | | | | | |
Spanish Broadcasting System, Inc.^ | | | 182 | | | | 132,860 | |
| | | | | | | | |
| Packaging and Containers — 0.0% | | | | | | | | |
Smurfit-Stone Container Corp. (Escrow) CONV.*^~ | | | 725 | | | | 0 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $891,763) | | | | | | | 1,007,822 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 0.3% | | | | | | | | |
| Diversified — 0.1% | | | | | | | | |
American Tower Corp. | | $ | 1,375 | | | | 100,609 | |
| | | | | | | | |
| Healthcare — 0.2% | | | | | | | | |
Omega Healthcare Investors, Inc. | | | 350,000 | | | | 361,375 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $444,399) | | | | 461,984 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 92.5% | | | | | | | | |
| Advertising — 0.9% | | | | | | | | |
Griffey Intermediate, Inc.
7.000%, 10/15/20 144A @ | | $ | 475 | | | $ | 458,375 | |
inVentiv Health, Inc. | | | | | | | | |
10.750%, 08/15/18144A @ | | | 200 | | | | 166,000 | |
11.000%, 08/15/18 144A @ | | | 225 | | | | 186,750 | |
Lamar Media Corp.
5.000%, 05/01/23 | | | 275 | | | | 264,000 | |
MDC Partners, Inc.
6.750%, 04/01/20 144A @ | | | 425 | | | | 423,937 | |
The Interpublic Group of Cos., Inc.
10.000%, 07/15/17 | | | 125 | | | | 131,588 | |
| | | | | | | | |
| | | | | | | 1,630,650 | |
| | | | | | | | |
| Aerospace & Defense — 0.9% | | | | | | | | |
Ducommun, Inc.
9.750%, 07/15/18 | | | 300 | | | | 327,750 | |
Kratos Defense & Security Solutions, Inc.
10.000%, 06/01/17 | | | 350 | | | | 374,500 | |
Meccanica Holdings USA, Inc.
6.250%, 07/15/19 144A @ | | | 350 | | | | 359,296 | |
Silver II Borrower
7.750%, 12/15/20 144A @ | | | 225 | | | | 226,125 | |
TransDigm, Inc.
7.750%, 12/15/18 | | | 275 | | | | 289,438 | |
| | | | | | | | |
| | | | | | | 1,577,109 | |
| | | | | | | | |
| Airlines — 0.9% | | | | | | | | |
American Airlines 2013-1 Class A Pass Through Trust
4.000%, 07/15/25 144A @ | | | 70 | | | | 66,150 | |
American Airlines 2013-1
Class B Pass Through Trust
5.625%, 01/15/21 144A @ | | | 75 | | | | 77,625 | |
American Airlines 2013-1 Class C Pass Through Trust
6.125%, 07/15/18 144A @^ | | | 200 | | | | 193,000 | |
Continental Airlines 2009-2 Class A Pass Through Trust
7.250%, 11/10/19 | | | 43 | | | | 49,804 | |
Continental Airlines 2009-2 Class B Pass Through Trust
9.250%, 05/10/17^ | | | 33 | | | | 37,231 | |
Continental Airlines 2012-3 Class C Pass Thru Certificates
6.125%, 04/29/18 | | | 325 | | | | 328,250 | |
United Continental Holdings, Inc.
6.375%, 06/01/18 | | | 300 | | | | 294,750 | |
US Airways 2012-2
Class A Pass Through Trust
4.625%, 06/03/25 | | | 75 | | | | 73,875 | |
US Airways 2012-2 Class B Pass Through Trust
6.750%, 06/03/21 | | | 35 | | | | 36,400 | |
US Airways Group, Inc.
6.125%, 06/01/18 | | | 575 | | | | 543,375 | |
| | | | | | | | |
| | | | | | | 1,700,460 | |
| | | | | | | | |
56
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Apparel — 0.3% | | | | | | | | |
Hanesbrands, Inc.
6.375%, 12/15/20 | | $ | 250 | | | $ | 266,563 | |
Levi Strauss & Co.
6.875%, 05/01/22 | | | 200 | | | | 217,000 | |
Wolverine World Wide, Inc.
6.125%, 10/15/20 144A @ | | | 100 | | | | 103,250 | |
| | | | | | | | |
| | | | | | | 586,813 | |
| | | | | | | | |
| Auto Manufacturers — 1.3% | | | | | | | | |
Chrysler Group LLC | | | | | | | | |
8.000%, 06/15/19 | | | 400 | | | | 436,500 | |
8.250%, 06/15/21 | | | 925 | | | | 1,020,969 | |
Fiat Industrial Finance Europe S.A.
6.250%, 03/09/18 | | | 275 | | | | 388,907 | |
Jaguar Land Rover Automotive PLC
5.625%, 02/01/23 144A @ | | | 450 | | | | 436,500 | |
Navistar International Corp.
8.250%, 11/01/21 | | | 175 | | | | 171,938 | |
| | | | | | | | |
| | | | | | | 2,454,814 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.5% | | | | | | | | |
Affinia Group, Inc.
7.750%, 05/01/21 144A @ | | | 75 | | | | 75,562 | |
Allison Transmission, Inc.
7.125%, 05/15/19 144A @ | | | 350 | | | | 370,125 | |
American Axle & Manufacturing, Inc. | | | | | | | | |
6.250%, 03/15/21 | | | 200 | | | | 203,250 | |
6.625%, 10/15/22 | | | 175 | | | | 177,625 | |
Delphi Corp. | | | | | | | | |
5.875%, 05/15/19 | | | 75 | | | | 79,687 | |
6.125%, 05/15/21 | | | 100 | | | | 109,000 | |
5.000%, 02/15/23 | | | 200 | | | | 205,500 | |
Gestamp Funding Luxembourg SA
5.625%, 05/31/20 144A @ | | | 300 | | | | 285,000 | |
Pittsburgh Glass Works LLC
8.500%, 04/15/16 144A @ | | | 100 | | | | 99,000 | |
Schaeffler Finance BV
4.750%, 05/15/21 144A @ | | | 400 | | | | 380,000 | |
The Goodyear Tire & Rubber Co. | | | | | | | | |
8.250%, 08/15/20 | | | 250 | | | | 273,750 | |
8.750%, 08/15/20 | | | 100 | | | | 116,500 | |
6.500%, 03/01/21 | | | 300 | | | | 305,250 | |
TRW Automotive, Inc.
4.500%, 03/01/21 144A @ | | | 75 | | | | 74,813 | |
| | | | | | | | |
| | | | | | | 2,755,062 | |
| | | | | | | | |
| Banks — 2.1% | | | | | | | | |
Ally Financial, Inc. | | | | | | | | |
7.500%, 09/15/20 | | | 325 | | | | 374,562 | |
8.000%, 11/01/31 | | | 300 | | | | 360,750 | |
CIT Group, Inc. | | | | | | | | |
4.250%, 08/15/17 | | | 350 | | | | 351,750 | |
6.625%, 04/01/18 144A @ | | | 500 | | | | 540,000 | |
5.375%, 05/15/20 | | | 300 | | | | 307,125 | |
5.000%, 08/15/22 | | | 350 | | | | 347,375 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Provident Funding Associates LP | | | | | | | | |
10.125%, 02/15/19 144A @ | | $ | 100 | | | $ | 110,500 | |
6.750%, 06/15/21 144A @ | | | 300 | | | | 299,250 | |
Synovus Financial Corp. | | | | | | | | |
5.125%, 06/15/17 | | | 600 | | | | 589,500 | |
7.875%, 02/15/19 | | | 300 | | | | 332,250 | |
UniCredit SPA
6.375%, 05/02/23 | | | 200 | | | | 195,500 | |
| | | | | | | | |
| | | | | | | 3,808,562 | |
| | | | | | | | |
| Beverages — 0.4% | | | | | | | | |
Constellation Brands, Inc. | | | | | | | | |
6.000%, 05/01/22 | | | 300 | | | | 321,750 | |
4.250%, 05/01/23 | | | 375 | | | | 353,906 | |
| | | | | | | | |
| | | | | | | 675,656 | |
| | | | | | | | |
| Building Materials — 3.4% | | | | | | | | |
Ainsworth Lumber Co. Ltd.
7.500%, 12/15/17 144A @ | | | 100 | | | | 106,000 | |
Associated Materials LLC | | | | | | | | |
9.125%, 11/01/17 | | | 175 | | | | 183,750 | |
9.125%, 11/01/17 | | | 500 | | | | 525,000 | |
Builders Firstsource, Inc.
7.625%, 06/01/21 144A @ | | | 250 | | | | 241,875 | |
Building Materials Corp. of America
6.750%, 05/01/21 144A @ | | | 250 | | | | 265,625 | |
Cemex Finance LLC
9.375%, 10/12/22 144A @ | | | 625 | | | | 681,250 | |
Cemex S.A.B. de CV | | | | | | | | |
9.000%, 01/11/18 144A @ | | | 425 | | | | 446,250 | |
5.875%, 03/25/19 144A @ | | | 750 | | | | 727,500 | |
Interline Brands, Inc.
10.000%, 11/15/18 | | | 125 | | | | 134,375 | |
Masco Corp. | | | | | | | | |
6.125%, 10/03/16 | | | 150 | | | | 162,000 | |
5.850%, 03/15/17 | | | 200 | | | | 211,000 | |
Nortek, Inc. | | | | | | | | |
10.000%, 12/01/18 | | | 300 | | | | 325,500 | |
8.500%, 04/15/21 | | | 350 | | | | 374,500 | |
Reliance Intermediate Holdings LP
9.500%, 12/15/19 144A @ | | | 225 | | | | 243,000 | |
Summit Materials LLC
10.500%, 01/31/20 144A @ | | | 250 | | | | 267,500 | |
Texas Industries, Inc.
9.250%, 08/15/20 | | | 200 | | | | 215,500 | |
USG Corp. | | | | | | | | |
9.750%, 01/15/18 | | | 450 | | | | 510,750 | |
8.375%, 10/15/18 144A @ | | | 50 | | | | 54,125 | |
Vulcan Materials Co.
7.500%, 06/15/21 | | | 300 | | | | 336,000 | |
Wienerberger AG
6.500%, 12/29/49• | | | 200 | | | | 235,868 | |
| | | | | | | | |
| | | | | | | 6,247,368 | |
| | | | | | | | |
57
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Chemicals — 3.0% | | | | | | | | |
Ashland, Inc. | | | | | | | | |
3.875%, 04/15/18 144A @ | | $ | 125 | | | $ | 123,750 | |
4.750%, 08/15/22 144A @ | | | 225 | | | | 222,750 | |
Celanese U.S. Holdings LLC
4.625%, 11/15/22 | | | 450 | | | | 441,562 | |
Ciech Group Financing AB
9.500%, 11/30/19 144A @ | | | 250 | | | | 346,562 | |
Eagle Spinco, Inc.
4.625%, 02/15/21 144A @ | | | 325 | | | | 312,000 | |
Hexion US Finance Corp. | | | | | | | | |
8.875%, 02/01/18 | | | 200 | | | | 204,000 | |
8.875%, 02/01/18 144A @ | | | 250 | | | | 255,000 | |
6.625%, 04/15/20 144A @ | | | 275 | | | | 274,313 | |
9.000%, 11/15/20 | | | 100 | | | | 95,500 | |
Huntsman International LLC | | | | | | | | |
8.625%, 03/15/20 | | | 75 | | | | 81,563 | |
4.875%, 11/15/20 | | | 125 | | | | 123,438 | |
Ineos Finance PLC
8.375%, 02/15/19 144A @ | | | 375 | | | | 409,687 | |
Ineos Group Holdings SA
6.125%, 08/15/18 144A @ | | | 200 | | | | 191,000 | |
Magnetation LLC
11.000%, 05/15/18 144A @ | | | 250 | | | | 245,000 | |
Momentive Performance Materials, Inc. | | | | | | | | |
8.875%, 10/15/20 | | | 125 | | | | 130,625 | |
9.000%, 01/15/21 | | | 250 | | | | 214,375 | |
Petrologistics LP
6.250%, 04/01/20 144A @ | | | 175 | | | | 171,500 | |
PolyOne Corp. | | | | | | | | |
7.375%, 09/15/20 | | | 150 | | | | 162,000 | |
5.250%, 03/15/23 144A @ | | | 250 | | | | 246,250 | |
PQ Corp.
8.750%, 05/01/18 144A @ | | | 475 | | | | 486,875 | |
Rockwood Specialties Group, Inc.
4.625%, 10/15/20 | | | 300 | | | | 301,500 | |
Tronox Finance LLC
6.375%, 08/15/20 144A @ | | | 275 | | | | 259,188 | |
US Coatings Acquisition, Inc. | | | | | | | | |
5.750%, 02/01/21 144A @ | | | 100 | | | | 130,164 | |
7.375%, 05/01/21 144A @ | | | 150 | | | | 153,000 | |
| | | | | | | | |
| | | | | | | 5,581,602 | |
| | | | | | | | |
| Coal — 1.3% | | | | | | | | |
CONSOL Energy, Inc.
8.000%, 04/01/17 | | | 375 | | | | 394,687 | |
Foresight Energy LLC
9.625%, 08/15/17 144A @ | | | 550 | | | | 577,500 | |
Peabody Energy Corp. | | | | | | | | |
7.375%, 11/01/16 | | | 300 | | | | 333,000 | |
6.000%, 11/15/18 | | | 75 | | | | 75,188 | |
Penn Virginia Resource Partners LP | | | | | | | | |
8.250%, 04/15/18 | | | 150 | | | | 156,375 | |
8.375%, 06/01/20 | | | 375 | | | | 395,625 | |
6.500%, 05/15/21 144A @ | | | 500 | | | | 481,250 | |
| | | | | | | | |
| | | | | | | 2,413,625 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Commercial Services — 3.5% | | | | | | | | |
Alliance Data Systems Corp. | | | | | | | | |
5.250%, 12/01/17 144A @ | | $ | 275 | | | $ | 283,250 | |
6.375%, 04/01/20 144A @ | | | 275 | | | | 283,250 | |
Ashtead Capital, Inc.
6.500%, 07/15/22 144A @ | | | 125 | | | | 130,312 | |
Ceridian Corp.
8.875%, 07/15/19 144A @ | | | 125 | | | | 138,906 | |
CoreLogic, Inc.
7.250%, 06/01/21 | | | 350 | | | | 372,750 | |
DP World Ltd.
6.850%, 07/02/37 144A @ | | | 210 | | | | 216,825 | |
Elior Finance & Co, SCA
6.500%, 05/01/20 144A @ | | | 100 | | | | 132,117 | |
Europcar Groupe S.A.
11.500%, 05/15/17 144A @ | | | 500 | | | | 722,412 | |
FTI Consulting, Inc. | | | | | | | | |
6.750%, 10/01/20 | | | 75 | | | | 78,938 | |
6.000%, 11/15/22 144A @ | | | 200 | | | | 202,500 | |
Global A&T Electronics Ltd.
10.000%, 02/01/19 144A @ | | | 300 | | | | 304,500 | |
H&E Equipment Services, Inc.
7.000%, 09/01/22 | | | 150 | | | | 156,375 | |
HDTFS, Inc.
6.250%, 10/15/22 | | | 350 | | | | 365,312 | |
Igloo Holdings Corp. PIK
8.250%, 12/15/17 144A @ | | | 175 | | | | 178,500 | |
Iron Mountain, Inc.
5.750%, 08/15/24 | | | 175 | | | | 164,062 | |
Jaguar Holding Co. I PIK
9.375%, 10/15/17 144A @ | | | 100 | | | | 104,500 | |
Jaguar Holding Co. II
9.500%, 12/01/19 144A @ | | | 350 | | | | 386,750 | |
Laureate Education, Inc.
9.250%, 09/01/19 144A @ | | | 500 | | | | 535,000 | |
Nord Anglia Education UK Holdings PLC
10.250%, 04/01/17 144A @ | | | 425 | | | | 454,750 | |
Safway Group Holding LLC
7.000%, 05/15/18 144A @ | | | 125 | | | | 122,500 | |
ServiceMaster Co.
8.000%, 02/15/20 | | | 125 | | | | 124,688 | |
TransUnion Holding Co., Inc. PIK
8.125%, 06/15/18 144A @ | | | 150 | | | | 158,812 | |
United Rentals North America, Inc. | | | | | | | | |
5.750%, 07/15/18 | | | 150 | | | | 157,500 | |
6.125%, 06/15/23 | | | 175 | | | | 174,125 | |
Verisure Holding AB
8.750%, 09/01/18 144A @ | | | 300 | | | | 419,780 | |
| | | | | | | | |
| | | | | | | 6,368,414 | |
| | | | | | | | |
| Computers — 0.7% | | | | | | | | |
iGate Corp.
9.000%, 05/01/16 | | | 750 | | | | 780,000 | |
NCR Corp
5.000%, 07/15/22 | | | 225 | | | | 217,125 | |
NCR Corp.
4.625%, 02/15/21 | | | 125 | | | | 119,375 | |
58
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Computers — (continued) | | | | | | | | |
SunGard Data Systems, Inc.
6.625%, 11/01/19 144A @ | | $ | 250 | | | $ | 251,250 | |
| | | | | | | | |
| | | | | | | 1,367,750 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.1% | | | | | | | | |
Avon Products, Inc. | | | | | | | | |
4.600%, 03/15/20 | | | 90 | | | | 90,995 | |
5.000%, 03/15/23 | | | 110 | | | | 109,339 | |
| | | | | | | | |
| | | | | | | 200,334 | |
| | | | | | | | |
| Distribution & Wholesale — 0.8% | | | | | | | | |
American Builders & Contractors Supply Co Inc.
5.625%, 04/15/21 144A @ | | | 150 | | | | 147,375 | |
HD Supply, Inc. | | | | | | | | |
7.500%, 07/15/20 144A @ | | | 500 | | | | 506,250 | |
11.500%, 07/15/20 | | | 125 | | | | 145,000 | |
10.500%, 01/15/21 | | | 525 | | | | 543,375 | |
LKQ Corp. 4.750%,
05/15/23 144A @ | | | 125 | | | | 119,375 | |
| | | | | | | | |
| | | | | | | 1,461,375 | |
| | | | | | | | |
| Diversified Financial Services — 4.0% | | | | | | | | |
AerCap Aviation Solutions BV
6.375%, 05/30/17 | | | 225 | | | | 236,250 | |
Air Lease Corp. | | | | | | | | |
4.500%, 01/15/16 | | | 250 | | | | 251,250 | |
6.125%, 04/01/17 | | | 375 | | | | 388,125 | |
Aircastle Ltd. | | | | | | | | |
6.750%, 04/15/17 | | | 425 | | | | 446,250 | |
6.250%, 12/01/19 | | | 350 | | | | 363,562 | |
7.625%, 04/15/20 | | | 25 | | | | 27,500 | |
Cantor Commercial Real Estate Co. LP
7.750%, 02/15/18 144A @ | | | 275 | | | | 276,375 | |
E*TRADE Financial Corp. | | | | | | | | |
6.750%, 06/01/16 | | | 450 | | | | 462,375 | |
6.375%, 11/15/19 | | | 350 | | | | 355,250 | |
Ford Motor Credit Co. LLC
5.000%, 05/15/18 | | | 375 | | | | 399,909 | |
General Motors Financial Co., Inc. | | | | | | | | |
4.750%, 08/15/17 144A @ | | | 375 | | | | 384,375 | |
3.250%, 05/15/18 144A @ | | | 250 | | | | 243,125 | |
6.750%, 06/01/18 | | | 150 | | | | 163,125 | |
4.250%, 05/15/23 144A @ | | | 250 | | | | 232,813 | |
Globe Luxembourg SCA
9.625%, 05/01/18 144A @ | | | 200 | | | | 195,120 | |
International Lease Finance Corp.
5.750%, 05/15/16 | | | 175 | | | | 179,836 | |
Jefferies LoanCore LLC
6.875%, 06/01/20 144A @ | | | 400 | | | | 388,000 | |
Ladder Capital Finance Holdings LLLP
7.375%, 10/01/17 144A @ | | | 200 | | | | 204,000 | |
Nationstar Mortgage LLC | | | | | | | | |
6.500%, 07/01/21 | | | 150 | | | | 144,000 | |
6.500%, 06/01/22 | | | 300 | | | | 292,500 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | |
Neuberger Berman Group LLC | | | | | | | | |
5.625%, 03/15/20 144A @ | | $ | 225 | | | $ | 232,875 | |
5.875%, 03/15/22 144A @ | | | 200 | | | | 204,000 | |
Numericable Finance & Co. SCA
12.375%, 02/15/19 144A @ | | | 425 | | | | 644,476 | |
Patriot Merger Corp.
9.000%, 07/15/21 144A @ | | | 275 | | | | 268,812 | |
Springleaf Finance Corp.
6.900%, 12/15/17 | | | 275 | | | | 269,844 | |
| | | | | | | | |
| | | | | | | 7,253,747 | |
| | | | | | | | |
| Electric — 2.1% | | | | | | | | |
Calpine Corp. | | | | | | | | |
7.875%, 07/31/20 144A @ | | | 241 | | | | 261,485 | |
7.500%, 02/15/21 144A @ | | | 266 | | | | 283,955 | |
CMS Energy Corp.
5.050%, 03/15/22 | | | 130 | | | | 140,452 | |
DPL, Inc. | | | | | | | | |
6.500%, 10/15/16 | | | 300 | | | | 313,500 | �� |
7.250%, 10/15/21 | | | 225 | | | | 232,875 | |
GenOn Energy, Inc. | | | | | | | | |
7.875%, 06/15/17 | | | 550 | | | | 584,375 | |
9.500%, 10/15/18 | | | 850 | | | | 943,500 | |
Infinis PLC
7.000%, 02/15/19 144A @ | | | 300 | | | | 455,147 | |
Israel Electric Corp Ltd
5.625%, 06/21/18 144A @ | | | 375 | | | | 380,329 | |
NRG Energy, Inc.
6.625%, 03/15/23 144A @ | | | 275 | | | | 275,000 | |
| | | | | | | | |
| | | | | | | 3,870,618 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.2% | |
Coleman Cable, Inc.
9.000%, 02/15/18 | | | 200 | | | | 212,000 | |
General Cable Corp.
5.750%, 10/01/22 144A @ | | | 150 | | | | 148,500 | |
| | | | | | | | |
| | | | | | | 360,500 | |
| | | | | | | | |
| Electronics — 0.4% | | | | | | | | |
AES Corp.
4.875%, 05/15/23 | | | 225 | | | | 209,813 | |
Rexel S.A. | | | | | | | | |
5.125%, 06/15/20 144A @ | | | 100 | | | | 129,839 | |
5.250%, 06/15/20 144A @ | | | 225 | | | | 224,437 | |
Techem GmbH
6.125%, 10/01/19 144A @ | | | 100 | | | | 136,347 | |
Trionista Holdco GmbH
5.000%, 04/30/20 144A @ | | | 100 | | | | 128,863 | |
| | | | | | | | |
| | | | | | | 829,299 | |
| | | | | | | | |
| Engineering & Construction — 0.5% | | | | | | | | |
Aguila 3 S.A. | | | | | | | | |
7.875%, 01/31/18 144A @ | | | 325 | | | | 334,750 | |
7.875%, 01/31/18 144A @ | | | 300 | | | | 325,075 | |
Dycom Investments, Inc.
7.125%, 01/15/21 | | | 275 | | | | 291,500 | |
| | | | | | | | |
| | | | | | | 951,325 | |
| | | | | | | | |
59
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Entertainment — 2.3% | | | | | | | | |
Cedar Fair LP | | | | | | | | |
9.125%, 08/01/18 | | $ | 300 | | | $ | 327,000 | |
5.250%, 03/15/21 144A @ | | | 275 | | | | 264,000 | |
Cinemark USA, Inc. | | | | | | | | |
5.125%, 12/15/22 144A @ | | | 150 | | | | 144,750 | |
4.875%, 06/01/23 144A @ | | | 200 | | | | 192,000 | |
Graton Economic Development Authority
9.625%, 09/01/19 144A @ | | | 400 | | | | 438,000 | |
Great Canadian Gaming Corp.
6.625%, 07/25/22 144A @ | | | 150 | | | | 147,261 | |
MU Finance PLC
8.375%, 02/01/17 144A @ | | | 223 | | | | 237,074 | |
National CineMedia LLC
6.000%, 04/15/22 | | | 175 | | | | 179,594 | |
New Cotai LLC
10.625%, 05/01/19 144A @ | | | 250 | | | | 245,000 | |
Palace Entertainment Holdings LLC
8.875%, 04/15/17 144A @ | | | 275 | | | | 283,250 | |
Seminole Indian Tribe of Florida
7.750%, 10/01/17 144A @ | | | 350 | | | | 371,875 | |
Seneca Gaming Corp.
8.250%, 12/01/18 144A @ | | | 450 | | | | 479,250 | |
Six Flags Entertainment Corp.
5.250%, 01/15/21 144A @ | | | 350 | | | | 337,750 | |
Travelport LLC PIK
13.875%, 03/01/16 144A @ | | | 225 | | | | 230,062 | |
WMG Acquisition Corp. | | | | | | | | |
11.500%, 10/01/18 | | | 150 | | | | 171,750 | |
6.000%, 01/15/21 144A @ | | | 138 | | | | 140,415 | |
| | | | | | | | |
| | | | | | | 4,189,031 | |
| | | | | | | | |
| Environmental Control — 0.5% | | | | | | | | |
Clean Harbors, Inc. | | | | | | | | |
5.250%, 08/01/20 | | | 125 | | | | 126,875 | |
5.125%, 06/01/21 | | | 175 | | | | 176,313 | |
Tervita Corp. | | | | | | | | |
8.000%, 11/15/18 144A @ | | | 250 | | | | 251,250 | |
9.750%, 11/01/19 144A @ | | | 300 | | | | 279,000 | |
| | | | | | | | |
| | | | | | | 833,438 | |
| | | | | | | | |
| Food — 2.7% | | | | | | | | |
ARAMARK Corp.
5.750%, 03/15/20 144A @ | | | 200 | | | | 204,500 | |
Barry Callebaut Services NV
5.500%, 06/15/23 144A @ | | | 475 | | | | 478,106 | |
Bumble Bee Acquisition Corp.
9.000%, 12/15/17 144A @ | | | 165 | | | | 175,313 | |
Del Monte Corp.
7.625%, 02/15/19 | | | 825 | | | | 847,687 | |
ESAL GmbH
6.250%, 02/05/23 144A @ | | | 405 | | | | 369,765 | |
Hawk Acquisition Sub, Inc.
4.250%, 10/15/20 144A @ | | | 475 | | | | 454,219 | |
Land O’ Lakes Capital Trust I
7.450%, 03/15/28 144A @ | | | 275 | | | | 269,500 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Food — (continued) | | | | | | | | |
Marfrig Overseas Ltd
9.625%, 11/16/16 144A @ | | $ | 55 | | | $ | 53,900 | |
Michael Foods Holding, Inc. PIK
8.500%, 07/15/18 144A @ | | | 200 | | | | 206,000 | |
Minerva Luxembourg S.A.
12.250%, 02/10/22 144A @ | | | 200 | | | | 239,000 | |
Post Holdings, Inc.
7.375%, 02/15/22 | | | 100 | | | | 107,000 | |
R&R Ice Cream PLC | | | | | | | | |
8.375%, 11/15/17 144A @ | | | 200 | | | | 273,683 | |
9.250%, 05/10/18 144A @ | | | 250 | | | | 316,462 | |
US Foods, Inc.
8.500%, 06/30/19 | | | 850 | | | | 888,250 | |
| | | | | | | | |
| | | | | | | 4,883,385 | |
| | | | | | | | |
| Forest Products & Paper — 1.3% | | | | | | | | |
Boise Paper Holdings LLC | | | | | | | | |
9.000%, 11/01/17 | | | 100 | | | | 105,500 | |
8.000%, 04/01/20 | | | 125 | | | | 133,125 | |
Cascades, Inc.
7.875%, 01/15/20 | | | 500 | | | | 522,500 | |
Clearwater Paper Corp. | | | | | | | | |
7.125%, 11/01/18 | | | 100 | | | | 107,000 | |
4.500%, 02/01/23 144A @ | | | 450 | | | | 427,500 | |
Mercer International, Inc.
9.500%, 12/01/17 | | | 325 | | | | 347,750 | |
Sappi Papier Holding GmbH | | | | | | | | |
7.750%, 07/15/17 144A @ | | | 200 | | | | 211,000 | |
8.375%, 06/15/19 144A @ | | | 200 | | | | 211,000 | |
6.625%, 04/15/21 144A @ | | | 400 | | | | 388,000 | |
| | | | | | | | |
| | | | | | | 2,453,375 | |
| | | | | | | | |
| Gas — 0.2% | | | | | | | | |
Sabine Pass LNG LP
6.500%, 11/01/20 144A @ | | | 375 | | | | 378,750 | |
| | | | | | | | |
| Hand & Machine Tools — 0.3% | | | | | | | | |
BC Mountain LLC
7.000%, 02/01/21 144A @ | | | 175 | | | | 178,500 | |
Milacron LLC
7.750%, 02/15/21 144A @ | | | 325 | | | | 324,188 | |
| | | | | | | | |
| | | | | | | 502,688 | |
| | | | | | | | |
| Healthcare Products — 0.9% | | | | | | | | |
Biomet Inc
6.500%, 08/01/20 | | | 550 | | | | 566,844 | |
Hologic, Inc.
6.250%, 08/01/20 | | | 175 | | | | 181,453 | |
Kinetic Concepts, Inc. | | | | | | | | |
10.500%, 11/01/18 | | | 325 | | | | 349,375 | |
12.500%, 11/01/19 | | | 150 | | | | 154,500 | |
Universal Hospital Services, Inc.
7.625%, 08/15/20 | | | 325 | | | | 339,625 | |
| | | | | | | | |
| | | | | | | 1,591,797 | |
| | | | | | | | |
60
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Healthcare Services — 3.5% | | | | | | | | |
Aviv Healthcare Properties LP
7.750%, 02/15/19 | | $ | 100 | | | $ | 106,750 | |
Capella Healthcare, Inc.
9.250%, 07/01/17 | | | 350 | | | | 371,000 | |
Centene Corp.
5.750%, 06/01/17 | | | 225 | | | | 235,688 | |
Community Health Systems, Inc. | | | | | | | | |
5.125%, 08/15/18 | | | 300 | | | | 304,500 | |
8.000%, 11/15/19 | | | 225 | | | | 239,344 | |
7.125%, 07/15/20 | | | 325 | | | | 334,750 | |
DaVita HealthCare Partners, Inc.
6.375%, 11/01/18 | | | 200 | | | | 208,750 | |
Fresenius Medical Care U.S. Finance II, Inc. | | | | | | | | |
5.625%, 07/31/19 144A @ | | | 150 | | | | 156,000 | |
5.875%, 01/31/22 144A @ | | | 200 | | | | 210,500 | |
HCA Holdings, Inc.
6.250%, 02/15/21 | | | 275 | | | | 280,500 | |
HCA, Inc.
7.500%, 02/15/22 | | | 1,150 | | | | 1,273,625 | |
Health Management Associates, Inc.
7.375%, 01/15/20 | | | 50 | | | | 54,813 | |
IASIS Healthcare LLC
8.375%, 05/15/19 | | | 375 | | | | 378,516 | |
Kindred Healthcare, Inc.
8.250%, 06/01/19 | | | 250 | | | | 256,250 | |
LifePoint Hospitals, Inc.
6.625%, 10/01/20 | | | 100 | | | | 106,250 | |
Medi-Partenaires SAS
7.000%, 05/15/20 144A @ | | | 300 | | | | 373,245 | |
Multiplan, Inc.
9.875%, 09/01/18 144A @ | | | 325 | | | | 353,437 | |
Priory Group No. 3 PLC
7.000%, 02/15/18 144A @ | | | 100 | | | | 153,617 | |
Select Medical Corp.
6.375%, 06/01/21 144A @ | | | 350 | | | | 332,500 | |
Tenet Healthcare Corp.
4.500%, 04/01/21 144A @ | | | 275 | | | | 256,437 | |
Universal Health Services, Inc.
7.000%, 10/01/18 | | | 75 | | | | 79,031 | |
Vanguard Health Holding Co.
II LLC
7.750%, 02/01/19 | | | 200 | | | | 212,000 | |
Voyage Care Bondco PLC
6.500%, 08/01/18 144A @ | | | 100 | | | | 152,856 | |
| | | | | | | | |
| | | | 6,430,359 | |
| | | | | | | | |
| Holding Companies — 0.4% | | | | | | | | |
Harbinger Group, Inc.
7.875%, 07/15/19 144A @ | | | 300 | | | | 306,750 | |
KM Germany Holdings GmbH
8.750%, 12/15/20 144A @ | | | 250 | | | | 333,871 | |
WaveDivision Escrow LLC
8.125%, 09/01/20 144A @ | | | 75 | | | | 77,625 | |
| | | | | | | | |
| | | | 718,246 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Home Builders — 0.8% | | | | | | | | |
Ashton Woods USA LLC
6.875%, 02/15/21 144A @ | | $ | 225 | | | $ | 227,250 | |
Beazer Homes USA, Inc.
7.250%, 02/01/23 144A @ | | | 100 | | | | 101,000 | |
Meritage Homes Corp.
7.000%, 04/01/22 | | | 100 | | | | 110,000 | |
Shea Homes LP
8.625%, 05/15/19 | | | 425 | | | | 453,687 | |
Standard Pacific Corp.
10.750%, 09/15/16 | | | 175 | | | | 207,813 | |
William Lyon Homes, Inc.
8.500%, 11/15/20 144A @ | | | 275 | | | | 299,062 | |
| | | | | | | | |
| | | | | | | 1,398,812 | |
| | | | | | | | |
| Home Furnishings — 0.1% | | | | | | | | |
Tempur-Pedic International, Inc.
6.875%, 12/15/20 144A @ | | | 175 | | | | 184,625 | |
| | | | | | | | |
| Household Products & Wares — 1.2% | | | | | | | | |
ACCO Brands Corp.
6.750%, 04/30/20 | | | 200 | | | | 201,250 | |
Central Garden & Pet Co.
8.250%, 03/01/18 | | | 150 | | | | 151,875 | |
Reynolds Group Issuer, Inc. | | | | | | | | |
9.000%, 04/15/19 | | | 950 | | | | 980,875 | |
9.875%, 08/15/19 | | | 225 | | | | 240,750 | |
5.750%, 10/15/20 | | | 100 | | | | 100,750 | |
Spectrum Brands Escrow Corp. | | | | | | | | |
6.375%, 11/15/20 144A @ | | | 100 | | | | 104,750 | |
6.625%, 11/15/22 144A @ | | | 100 | | | | 104,750 | |
The Scotts Miracle-Gro Co.
7.250%, 01/15/18 | | | 100 | | | | 105,000 | |
The Sun Products Corp.
7.750%, 03/15/21 144A @ | | | 225 | | | | 223,312 | |
| | | | | | | | |
| | | | | | | 2,213,312 | |
| | | | | | | | |
| Housewares — 0.5% | | | | | | | | |
Bormioli Rocco Holdings S.A.
10.000%, 08/01/18 144A @ | | | 475 | | | | 627,554 | |
RSI Home Products, Inc.
6.875%, 03/01/18 144A@ | | | 200 | | | | 204,500 | |
| | | | | | | | |
| | | | | | | 832,054 | |
| | | | | | | | |
| Insurance — 0.7% | | | | | | | | |
A-S Co-Issuer Subsidiary, Inc.
7.875%, 12/15/20 144A @ | | | 150 | | | | 150,750 | |
CNO Financial Group, Inc.
6.375%, 10/01/20 144A @ | | | 250 | | | | 265,625 | |
Hub International Ltd.
8.125%, 10/15/18 144A @ | | | 250 | | | | 260,000 | |
Onex USI Aquisition Corp.
7.750%, 01/15/21 144A @ | | | 225 | | | | 221,625 | |
Towergate Finance PLC | | | | | | | | |
8.500%, 02/15/18 144A @ | | | 125 | | | | 195,459 | |
10.500%, 02/15/19 144A @ | | | 125 | | | | 193,922 | |
| | | | | | | | |
| | | | | | | 1,287,381 | |
| | | | | | | | |
61
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Internet — 0.7% | | | | | | | | |
Cerved Technologies SpA
6.375%, 01/15/20 144A @ | | $ | 100 | | | $ | 127,561 | |
Equinix, Inc. | | | | | | | | |
7.000%, 07/15/21 | | | 300 | | | | 325,500 | |
5.375%, 04/01/23 | | | 325 | | | | 318,500 | |
Netflix, Inc.
5.375%, 02/01/21 144A @ | | | 475 | | | | 472,625 | |
| | | | | | | | |
| | | | | | | 1,244,186 | |
| | | | | | | | |
| Iron & Steel — 1.9% | | | | | | | | |
AK Steel Corp.
7.625%, 05/15/20 | | | 200 | | | | 170,000 | |
ArcelorMittal | | | | | | | | |
6.125%, 06/01/18 | | | 500 | | | | 515,000 | |
10.350%, 06/01/19 | | | 275 | | | | 325,187 | |
5.750%, 08/05/20 | | | 150 | | | | 148,500 | |
6.000%, 03/01/21 | | | 275 | | | | 273,625 | |
6.750%, 02/25/22 | | | 150 | | | | 153,750 | |
Bluescope Steel Ltd
7.125%, 05/01/18 144A @ | | | 175 | | | | 177,625 | |
Essar Steel Algoma, Inc.
9.875%, 06/15/15 144A @ | | | 175 | | | | 134,750 | |
Ryerson, Inc. | | | | | | | | |
9.000%, 10/15/17 144A @ | | | 425 | | | | 431,375 | |
11.250%, 10/15/18 144A @ | | | 650 | | | | 654,875 | |
Steel Dynamics, Inc.
6.125%, 08/15/19 144A @ | | | 150 | | | | 158,625 | |
United States Steel Corp.
6.875%, 04/01/21 | | | 275 | | | | 266,750 | |
| | | | | | | | |
| | | | | | | 3,410,062 | |
| | | | | | | | |
| Leisure Time — 0.5% | | | | | | | | |
Cirsa Funding Luxembourg S.A.
8.750%, 05/15/18 144A @ | | | 200 | | | | 261,891 | |
Easton-Bell Sports, Inc.
9.750%, 12/01/16 | | | 50 | | | | 53,563 | |
NCL Corp. Ltd.
5.000%, 02/15/18 144A @ | | | 125 | | | | 122,500 | |
Royal Caribbean Cruises Ltd.
5.250%, 11/15/22 | | | 325 | | | | 318,500 | |
Travelport LLC
11.875%, 09/01/16 | | | 150 | | | | 139,500 | |
| | | | | | | | |
| | | | | | | 895,954 | |
| | | | | | | | |
| Lodging — 1.5% | | | | | | | | |
Boyd Acquisition Sub LLC
8.375%, 02/15/18 144A @ | | | 200 | | | | 208,000 | |
Choice Hotels International, Inc.
5.750%, 07/01/22 | | | 150 | | | | 159,000 | |
CityCenter Holdings LLC
10.750%, 01/15/17 | | | 200 | | | | 216,000 | |
Downstream Development Authority
10.500%, 07/01/19 144A @ | | | 150 | | | | 159,000 | |
MGM Resorts International | | | | | | | | |
6.750%, 10/01/20 | | | 425 | | | | 439,875 | |
6.625%, 12/15/21 | | | 925 | | | | 953,906 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Lodging — (continued) | | | | | | | | |
Seminole Hard Rock Entertainment, Inc.
5.875%, 05/15/21 144A @ | | $ | 150 | | | $ | 145,500 | |
Station Casinos LLC
7.500%, 03/01/21 144A @ | | | 375 | | | | 378,750 | |
| | | | | | | | |
| | | | | | | 2,660,031 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.4% | | | | | |
Terex Corp. | | | | | | | | |
6.500%, 04/01/20 | | | 125 | | | | 127,500 | |
6.000%, 05/15/21 | | | 525 | | | | 523,688 | |
| | | | | | | | |
| | | | | | | 651,188 | |
| | | | | | | | |
| Machinery — Diversified — 0.7% | | | | | | | | |
Case New Holland, Inc.
7.875%, 12/01/17 | | | 250 | | | | 283,125 | |
Columbus McKinnon Corp.
7.875%, 02/01/19 | | | 275 | | | | 291,500 | |
Frigoglass Finance BV
8.250%, 05/15/18 144A @ | | | 200 | | | | 268,138 | |
Loxam SAS
7.375%, 01/24/20 144A @ | | | 100 | | | | 128,863 | |
The Manitowoc Co., Inc. | | | | | | | | |
8.500%, 11/01/20 | | | 125 | | | | 136,250 | |
5.875%, 10/15/22 | | | 225 | | | | 226,125 | |
| | | | | | | | |
| | | | | | | 1,334,001 | |
| | | | | | | | |
| Media — 8.2% | | | | | | | | |
AMC Networks, Inc.
4.750%, 12/15/22 | | | 475 | | | | 458,375 | |
Arqiva Broadcast Finance PLC
9.500%, 03/31/20 144A @ | | | 275 | | | | 430,812 | |
Cablevision Systems Corp.
8.625%, 09/15/17 | | | 125 | | | | 141,875 | |
CCO Holdings LLC | | | | | | | | |
6.625%, 01/31/22 | | | 250 | | | | 260,625 | |
5.250%, 09/30/22 | | | 400 | | | | 380,000 | |
5.125%, 02/15/23 | | | 1,525 | | | | 1,429,687 | |
Central European Media Enterprises Ltd.
11.625%, 09/15/16 144A @ | | | 450 | | | | 625,277 | |
Cequel Communications Holdings I LLC | | | | | | | | |
6.375%, 09/15/20 144A @ | | | 375 | | | | 381,562 | |
5.125%, 12/15/21 144A @ | | | 650 | | | | 611,000 | |
Clear Channel Communications, Inc.
9.000%, 12/15/19 144A @ | | | 575 | | | | 557,750 | |
Clear Channel Worldwide Holdings, Inc. | | | | | | | | |
7.625%, 03/15/20 | | | 75 | | | | 77,250 | |
7.625%, 03/15/20 | | | 350 | | | | 362,250 | |
Cogeco Cable, Inc.
4.875%, 05/01/20 144A @ | | | 150 | | | | 145,875 | |
CSC Holdings LLC
6.750%, 11/15/21 | | | 150 | | | | 161,625 | |
Dex Media, Inc.
7.000%, 01/29/17 | | | 75 | | | | 49,500 | |
DISH DBS Corp. | | | | | | | | |
4.250%, 04/01/18 144A @ | | | 350 | | | | 343,000 | |
5.125%, 05/01/20 144A @ | | | 375 | | | | 367,500 | |
62
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Media — (continued) | | | | | | | | |
5.875%, 07/15/22 | | $ | 200 | | | $ | 203,000 | |
5.000%, 03/15/23 | | | 350 | | | | 336,875 | |
ION Media Networks, Inc.
11.000%, 07/31/13¤ | | | 1 | | | | 0 | |
LIN Television Corp.
8.375%, 04/15/18 | | | 275 | | | | 292,531 | |
McGraw-Hill Global Education Holdings LLC
9.750%, 04/01/21 144A @ | | | 275 | | | | 281,188 | |
Mediacom Broadband LLC
6.375%, 04/01/23 | | | 250 | | | | 248,750 | |
MPL 2 Acquisition Canco, Inc.
9.875%, 08/15/18 144A @ | | | 200 | | | | 198,500 | |
Nara Cable Funding Ltd. | | | | | | | | |
8.875%, 12/01/18 144A @ | | | 200 | | | | 208,000 | |
8.875%, 12/01/18 144A @ | | | 200 | | | | 205,000 | |
Nexstar Broadcasting, Inc.
8.875%, 04/15/17 | | | 125 | | | | 133,750 | |
Polish Television Holding BV STEP
11.250%, 05/15/17 144A @ | | | 275 | | | | 370,480 | |
Sinclair Television Group, Inc.
6.125%, 10/01/22 | | | 300 | | | | 300,000 | |
Sirius XM Radio, Inc. | | | | | | | | |
4.250%, 05/15/20 144A @ | | | 50 | | | | 47,000 | |
4.625%, 05/15/23 144A @ | | | 250 | | | | 231,250 | |
Starz LLC / Starz Finance Corp.
5.000%, 09/15/19 | | | 250 | | | | 248,125 | |
Truven Health Analytics, Inc.
10.625%, 06/01/20 144A @ | | | 125 | | | | 137,500 | |
TVN Finance Corp. II AB
10.750%, 11/15/17 144A @ | | | 50 | | | | 69,312 | |
Unitymedia Hessen GmbH & Co. KG
7.500%, 03/15/19 144A @ | | | 125 | | | | 172,752 | |
Unitymedia KabelBW GmbH
9.500%, 03/15/21 144A@ | | | 450 | | | | 650,171 | |
Univision Communications, Inc. | | | | | | | | |
6.875%, 05/15/19 144A @ | | | 175 | | | | 183,750 | |
7.875%, 11/01/20 144A @ | | | 950 | | | | 1,028,375 | |
8.500%, 05/15/21 144A @ | | | 850 | | | | 903,125 | |
6.750%, 09/15/22 144A @ | | | 325 | | | | 341,250 | |
5.125%, 05/15/23 144A @ | | | 550 | | | | 519,750 | |
Videotron Ltd.
6.875%, 07/15/21 144A @ | | | 325 | | | | 332,973 | |
WideOpenWest Finance LLC | | | | | | | | |
10.250%, 07/15/19 | | | 400 | | | | 425,000 | |
13.375%, 10/15/19 | | | 125 | | | | 138,125 | |
| | | | | | | | |
| | | | | | | 14,990,495 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.3% | | | | | | | | |
JMC Steel Group, Inc.
8.250%, 03/15/18 144A @ | | | 300 | | | | 293,250 | |
Severstal Columbus LLC
10.250%, 02/15/18 | | | 275 | | | | 284,969 | |
| | | | | | | | |
| | | | | | | 578,219 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Mining — 0.8% | | | | | | | | |
Aleris International, Inc.
7.875%, 11/01/20 | | $ | 225 | | | $ | 230,625 | |
ALROSA Finance SA
7.750%, 11/03/20 144A @ | | | 225 | | | | 240,750 | |
Eldorado Gold Corp.
6.125%, 12/15/20 144A @ | | | 600 | | | | 579,000 | |
FMG Resources August 2006 Pty Ltd.
7.000%, 11/01/15 144A @ | | | 150 | | | | 151,500 | |
Novelis, Inc.
8.750%, 12/15/20 | | | 175 | | | | 187,688 | |
| | | | | | | | |
| | | | | | | 1,389,563 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.3% | | | | | | | | |
Amsted Industries, Inc.
8.125%, 03/15/18 144A @ | | | 225 | | | | 237,375 | |
Trinseo Materials Operating SCA
8.750%, 02/01/19 144A @ | | | 275 | | | | 262,625 | |
| | | | | | | | |
| | | | | | | 500,000 | |
| | | | | | | | |
| Office & Business Equipment — 0.9% | | | | | | | | |
CDW LLC | | | | | | | | |
12.535%, 10/12/17 | | | 765 | | | | 807,075 | |
8.000%, 12/15/18 | | | 25 | | | | 27,187 | |
8.500%, 04/01/19 | | | 750 | | | | 806,250 | |
| | | | | | | | |
| | | | | | | 1,640,512 | |
| | | | | | | | |
| Oil & Gas — 7.3% | | | | | | | | |
Antero Resources Finance Corp. | | | | | | | | |
7.250%, 08/01/19 | | | 625 | | | | 651,562 | |
6.000%, 12/01/20 | | | 675 | | | | 664,875 | |
Approach Resources, Inc.
7.000%, 06/15/21 | | | 225 | | | | 226,688 | |
Athlon Holdings LP
7.375%, 04/15/21 144A @ | | | 675 | | | | 666,562 | |
Atwood Oceanics, Inc.
6.500%, 02/01/20 | | | 150 | | | | 155,625 | |
Bill Barrett Corp. | | | | | | | | |
7.625%, 10/01/19 | | | 650 | | | | 672,750 | |
7.000%, 10/15/22 | | | 500 | | | | 500,000 | |
Chesapeake Energy Corp. | | | | | | | | |
3.250%, 03/15/16 | | | 150 | | | | 149,250 | |
5.375%, 06/15/21 | | | 175 | | | | 174,125 | |
5.750%, 03/15/23 | | | 500 | | | | 506,250 | |
Concho Resources, Inc. | | | | | | | | |
7.000%, 01/15/21 | | | 150 | | | | 161,250 | |
5.500%, 04/01/23 | | | 700 | | | | 689,500 | |
Continental Resources, Inc. | | | | | | | | |
5.000%, 09/15/22 | | | 250 | | | | 254,375 | |
4.500%, 04/15/23 144A @ | | | 575 | | | | 559,187 | |
Laredo Petroleum, Inc.
7.375%, 05/01/22 | | | 300 | | | | 315,000 | |
Newfield Exploration Co.
5.750%, 01/30/22 | | | 325 | | | | 321,750 | |
OGX Austria GmbH
8.500%, 06/01/18 144A @ | | | 800 | | | | 252,000 | |
Pacific Rubiales Energy Corp.
5.125%, 03/28/23 144A @ | | | 120 | | | | 113,400 | |
63
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
PBF Holding Co Llc
8.250%, 02/15/20 | | $ | 200 | | | $ | 209,500 | |
PDC Energy, Inc.
7.750%, 10/15/22 144A @ | | | 725 | | | | 748,562 | |
Penn Virginia Corp.
8.500%, 05/01/20 144A @ | | | 450 | | | | 436,500 | |
Precision Drilling Corp. | | | | | | | | |
6.625%, 11/15/20 | | | 275 | | | | 279,125 | |
6.500%, 12/15/21 | | | 75 | | | | 75,938 | |
QEP Resources, Inc.
5.250%, 05/01/23 | | | 875 | | | | 853,125 | |
Range Resources Corp. | | | | | | | | |
5.000%, 08/15/22 | | | 100 | | | | 97,750 | |
5.000%, 03/15/23 | | | 275 | | | | 268,813 | |
Rosetta Resources Inc
5.625%, 05/01/21 | | | 350 | | | | 341,687 | |
Samson Investment Co.
10.000%, 02/15/20 144A @ | | | 250 | | | | 263,438 | |
SandRidge Energy, Inc. | | | | | | | | |
7.500%, 03/15/21 | | | 150 | | | | 143,250 | |
7.500%, 02/15/23 | | | 175 | | | | 166,250 | |
Seven Generations Energy Ltd
8.250%, 05/15/20 144A @ | | | 200 | | | | 199,000 | |
SM Energy Co. | | | | | | | | |
6.625%, 02/15/19 | | | 250 | | | | 261,875 | |
6.500%, 11/15/21 | | | 150 | | | | 157,500 | |
6.500%, 01/01/23 | | | 225 | | | | 236,250 | |
5.000%, 01/15/24 144A @ | | | 350 | | | | 334,250 | |
Swift Energy Co. | | | | | | | | |
8.875%, 01/15/20 | | | 225 | | | | 233,156 | |
7.875%, 03/01/22 | | | 675 | | | | 671,625 | |
Western Refining, Inc.
6.250%, 04/01/21 144A @ | | | 275 | | | | 268,813 | |
WPX Energy, Inc.
6.000%, 01/15/22 | | | 125 | | | | 126,250 | |
| | | | | | | | |
| | | | | | | 13,406,806 | |
| | | | | | | | |
| Oil & Gas Services — 0.7% | | | | | | | | |
Exterran Partners LP
6.000%, 04/01/21 144A @ | | | 275 | | | | 270,875 | |
Hercules Offshore, Inc.
8.750%, 07/15/21 144A @ | | | 225 | | | | 225,000 | |
Petroleum Geo-Services ASA
7.375%, 12/15/18 144A @ | | | 500 | | | | 543,750 | |
SESI LLC
7.125%, 12/15/21 | | | 300 | | | | 324,000 | |
| | | | | | | | |
| | | | | | | 1,363,625 | |
| | | | | | | | |
| Packaging and Containers — 1.9% | | | | | | | | |
AEP Industries, Inc.
8.250%, 04/15/19 | | | 150 | | | | 161,438 | |
ARD Finance S.A.
11.125%, 06/01/18 144A @ | | | 223 | | | | 236,240 | |
Ardagh Packaging Finance PLC | | | | | | | | |
9.250%, 10/15/20 144A @ | | | 450 | | | | 613,562 | |
7.000%, 11/15/20 144A @ | | | 250 | | | | 240,937 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Packaging and Containers — (continued) | |
Ball Corp.
7.375%, 09/01/19 | | $ | 100 | | | $ | 108,000 | |
BWAY Holding Co.
10.000%, 06/15/18 | | | 150 | | | | 164,250 | |
Consolidated Container Co. LLC
10.125%, 07/15/20 144A @ | | | 200 | | | | 210,000 | |
Crown Americas LLC
4.500%, 01/15/23 144A @ | | | 450 | | | | 424,125 | |
Exopack Holding Corp.
10.000%, 06/01/18 | | | 200 | | | | 202,500 | |
Graphic Packaging International, Inc. | | | | | | | | |
7.875%, 10/01/18 | | | 200 | | | | 216,000 | |
4.750%, 04/15/21 | | | 175 | | | | 169,312 | |
Rexam PLC
6.750%, 06/29/67• | | | 350 | | | | 466,964 | |
Rock Tenn Co. | | | | | | | | |
4.450%, 03/01/19 | | | 60 | | | | 63,526 | |
4.900%, 03/01/22 | | | 40 | | | | 41,227 | |
Tekni-Plex, Inc.
9.750%, 06/01/19 144A @ | | | 166 | | | | 176,375 | |
| | | | | | | | |
| | | | | | | 3,494,456 | |
| | | | | | | | |
| Pharmaceuticals — 1.0% | | | | | | | | |
Capsugel Finance Co. SCA
9.875%, 08/01/19 144A @ | | | 200 | | | | 287,923 | |
Sky Growth Acquisition Corp.
7.375%, 10/15/20 144A @ | | | 100 | | | | 102,500 | |
Valent Pharmaceuticals International
6.375%, 10/15/20 144A @ | | | 1,025 | | | | 1,013,469 | |
Valent Pharmaceuticals International Escrow Corp.
6.750%, 08/15/18 144A @ | | | 450 | | | | 461,250 | |
| | | | | | | | |
| | | | | | | 1,865,142 | |
| | | | | | | | |
| Pipelines — 1.8% | | | | | | | | |
Access Midstream Partners LP
4.875%, 05/15/23 | | | 550 | | | | 510,125 | |
Crosstex Energy LP | | | | | | | | |
8.875%, 02/15/18 | | | 125 | | | | 132,500 | |
7.125%, 06/01/22 | | | 75 | | | | 75,750 | |
El Paso Corp. | | | | | | | | |
8.250%, 02/15/16 | | | 100 | | | | 110,993 | |
6.500%, 09/15/20 | | | 25 | | | | 26,653 | |
7.800%, 08/01/31 | | | 100 | | | | 105,618 | |
7.750%, 01/15/32 | | | 325 | | | | 345,290 | |
Inergy Midstream LP
6.000%, 12/15/20 144A @ | | | 100 | | | | 96,500 | |
Kinder Morgan Finance Co. LLC
6.000%, 01/15/18 144A @ | | | 150 | | | | 157,485 | |
Markwest Energy Partners LP
4.500%, 07/15/23 | | | 675 | | | | 617,625 | |
Regency Energy Partners LP | | | | | | | | |
5.500%, 04/15/23 | | | 175 | | | | 172,375 | |
4.500%, 11/01/23 144A @ | | | 350 | | | | 316,750 | |
Rockies Express Pipeline LLC | | | | | | | | |
6.850%, 07/15/18 144A @ | | | 25 | | | | 23,750 | |
6.000%, 01/15/19 144A @ | | | 350 | | | | 313,250 | |
64
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Pipelines — (continued) | | | | | | | | |
Sabine Pass Liquefaction LLC
5.625%, 04/15/23 144A @ | | $ | 150 | | | $ | 141,750 | |
Targa Resources Partners LP
6.375%, 08/01/22 | | | 152 | | | | 159,220 | |
| | | | | | | | |
| | | | | | | 3,305,634 | |
| | | | | | | | |
| Real Estate — 0.9% | | | | | | | | |
CBRE Services, Inc.
5.000%, 03/15/23 | | | 625 | | | | 592,187 | |
iStar Financial, Inc.
7.125%, 02/15/18 | | | 125 | | | | 129,688 | |
MPT Operating Partnership LP | | | | | | | | |
6.875%, 05/01/21 | | | 225 | | | | 238,500 | |
6.375%, 02/15/22 | | | 125 | | | | 131,250 | |
Realogy Group LLC | | | | | | | | |
3.375%, 05/01/16 144A @ | | | 300 | | | | 293,250 | |
9.000%, 01/15/20 144A @ | | | 100 | | | | 111,500 | |
Reckson Operating Partnership LP
6.000%, 03/31/16 | | | 75 | | | | 81,724 | |
| | | | | | | | |
| | | | | | | 1,578,099 | |
| | | | | | | | |
| Retail — 5.0% | | | | | | | | |
99 Cents Only Stores
11.000%, 12/15/19 | | | 225 | | | | 254,250 | |
AmeriGas Finance LLC
7.000%, 05/20/22 | | | 225 | | | | 230,063 | |
CDR DB Sub, Inc.
7.750%, 10/15/20 144A @ | | | 275 | | | | 275,688 | |
CKE Restaurants, Inc.
11.375%, 07/15/18 | | | 29 | | | | 29,979 | |
Claire’s Stores, Inc. | | | | | | | | |
9.000%, 03/15/19 144A @ | | | 500 | | | | 550,000 | |
6.125%, 03/15/20 144A @ | | | 150 | | | | 147,375 | |
7.750%, 06/01/20 144A @ | | | 150 | | | | 145,125 | |
Coinstar, Inc.
6.000%, 03/15/19 144A @ | | | 325 | | | | 324,594 | |
CST Brands, Inc
5.000%, 05/01/23 144A @ | | | 150 | | | | 146,250 | |
Ferrellgas LP
6.500%, 05/01/21 | | | 550 | | | | 551,375 | |
Fiesta Restaurant Group, Inc.
8.875%, 08/15/16 | | | 200 | | | | 213,000 | |
JC Penney Corp., Inc. | | | | | | | | |
7.650%, 08/15/16 | | | 200 | | | | 195,000 | |
7.950%, 04/01/17 | | | 400 | | | | 385,000 | |
Jo-Ann Stores Holdings, Inc. PIK
9.750%, 10/15/19 144A @ | | | 325 | | | | 333,938 | |
Jo-Ann Stores, Inc.
8.125%, 03/15/19 144A @ | | | 300 | | | | 306,000 | |
New Academy Finance Co. LLC PIK
8.000%, 06/15/18 144A @ | | | 400 | | | | 410,000 | |
New Look Bondco I PLC.
8.375%, 05/14/18 144A @ | | | 200 | | | | 194,000 | |
Party City Holdings, Inc.
8.875%, 08/01/20 144A @ | | | 350 | | | | 375,375 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | | | | | | | | |
Penske Automotive Group, Inc.
5.750%, 10/01/22 | | $ | 200 | | | $ | 204,000 | |
PVH Corp.
4.500%, 12/15/22 | | | 250 | | | | 240,000 | |
RadioShack Corp. | | | | | | | | |
2.500%, 08/01/13 144A @ | | | 175 | | | | 172,156 | |
6.750%, 05/15/19 | | | 25 | | | | 18,000 | |
Rite Aid Corp. | | | | | | | | |
9.250%, 03/15/20 | | | 675 | | | | 745,031 | |
6.750%, 06/15/21 144A @ | | | 475 | | | | 466,687 | |
7.700%, 02/15/27 | | | 350 | | | | 350,000 | |
Sonic Automotive, Inc. | | | | | | | | |
7.000%, 07/15/22 | | | 150 | | | | 163,500 | |
5.000%, 05/15/23 144A @ | | | 175 | | | | 169,750 | |
Suburban Propane Partners LP | | | | | | | | |
7.375%, 03/15/20 | | | 50 | | | | 52,000 | |
7.375%, 08/01/21 | | | 100 | | | | 104,000 | |
The Gymboree Corp.
9.125%, 12/01/18 | | | 400 | | | | 376,000 | |
The Pantry, Inc.
8.375%, 08/01/20 | | | 175 | | | | 187,906 | |
Wok Acquisition Corp.
10.250%, 06/30/20 144A @ | | | 800 | | | | 880,000 | |
| | | | | | | | |
| | | | | | | 9,196,042 | |
| | | | | | | | |
| Semiconductors — 1.0% | | | | | | | | |
MEMC Electronic Materials, Inc.
7.750%, 04/01/19 | | | 1,125 | | | | 1,065,937 | |
NXP BV | | | | | | | | |
5.750%, 02/15/21 144A @ | | | 200 | | | | 202,500 | |
5.750%, 03/15/23 144A @ | | | 250 | | | | 251,875 | |
Sensata Technologies BV
4.875%, 10/15/23 144A @ | | | 375 | | | | 360,938 | |
| | | | | | | | |
| | | | | | | 1,881,250 | |
| | | | | | | | |
| Software — 1.8% | | | | | | | | |
Eagle Midco, Inc.
9.000%, 06/15/18 144A @ | | | 425 | | | | 414,375 | |
Epicor Software Corp.
8.625%, 05/01/19 | | | 225 | | | | 230,625 | |
First Data Corp. | | | | | | | | |
7.375%, 06/15/19 144A @ | | | 50 | | | | 51,375 | |
6.750%, 11/01/20 144A @ | | | 500 | | | | 508,750 | |
12.625%, 01/15/21 | | | 975 | | | | 1,031,062 | |
Infor U.S., Inc. | | | | | | | | |
11.500%, 07/15/18 | | | 100 | | | | 113,250 | |
9.375%, 04/01/19 | | | 300 | | | | 325,125 | |
Interxion Holding NV
6.000%, 07/15/20 144A @ | | | 100 | | | | 128,863 | |
MedAssets, Inc.
8.000%, 11/15/18 | | | 325 | | | | 344,500 | |
Nuance Communications, Inc.
5.375%, 08/15/20 144A @ | | | 225 | | | | 219,938 | |
| | | | | | | | |
| | | | | | | 3,367,863 | |
| | | | | | | | |
65
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Storage & Warehousing — 0.2% | | | | | | | | |
Algeco Scotsman Global Finance PLC
8.500%, 10/15/18 144A @ | | $ | 425 | | | $ | 422,875 | |
| | | | | | | | |
| Telecommunications — 10.4% | | | | | | | | |
Altice Financing S.A.
7.875%, 12/15/19 144A @ | | | 200 | | | | 209,000 | |
Altice Finco S.A. | | | | | | | | |
9.875%, 12/15/20 144A @ | | | 400 | | | | 428,000 | |
9.000%, 06/15/23 144A @ | | | 175 | | | | 225,510 | |
CenturyLink, Inc.
5.625%, 04/01/20 | | | 725 | | | | 732,250 | |
Clearwire Communications LLC
12.000%, 12/01/17 144A @ | | | 225 | | | | 260,437 | |
CommScope, Inc.
8.250%, 01/15/19 144A @ | | | 550 | | | | 587,125 | |
Cricket Communications, Inc.
7.750%, 10/15/20 | | | 400 | | | | 384,000 | |
Crown Castle International Corp.
5.250%, 01/15/23 | | | 500 | | | | 480,000 | |
Digicel Group Ltd. | | | | | | | | |
10.500%, 04/15/18 144A @ | | | 200 | | | | 212,000 | |
8.250%, 09/30/20 144A @ | | | 400 | | | | 414,000 | |
Digicel Ltd.
6.000%, 04/15/21 144A @ | | | 200 | | | | 189,000 | |
Earthlink, Inc. | | | | | | | | |
8.875%, 05/15/19 | | | 150 | | | | 145,875 | |
7.375%, 06/01/20 144A @ | | | 100 | | | | 96,000 | |
Eileme 1 AB PIK
14.250%, 08/15/20 144A @ | | | 229 | | | | 252,278 | |
Eircom Finance Ltd.
9.250%, 05/15/20 144A @ | | | 125 | | | | 150,502 | |
GNET Escrow Corp.
12.125%, 07/01/18 144A @ | | | 100 | | | | 105,000 | |
Goodman Networks, Inc.
13.125%, 07/01/18 144A @ | | | 225 | | | | 238,500 | |
GTP Acquisition Partners I LLC
7.628%, 06/15/16 144A @ | | | 250 | | | | 262,167 | |
Hughes Satellite Systems Corp. | | | | | | | | |
6.500%, 06/15/19 | | | 350 | | | | 371,000 | |
7.625%, 06/15/21 | | | 325 | | | | 345,312 | |
Intelsat Jackson Holdings SA
5.500%, 08/01/23 144A @ | | | 450 | | | | 423,000 | |
Intelsat Luxembourg S.A. | | | | | | | | |
6.750%, 06/01/18 144A @ | | | 225 | | | | 226,688 | |
7.750%, 06/01/21 144A @ | | | 550 | | | | 555,500 | |
8.125%, 06/01/23 144A @ | | | 275 | | | | 283,937 | |
Level 3 Communications, Inc. | | | | | | | | |
11.875%, 02/01/19 | | | 225 | | | | 254,812 | |
8.875%, 06/01/19 | | | 100 | | | | 104,000 | |
Level 3 Financing, Inc. | | | | | | | | |
7.000%, 06/01/20 | | | 125 | | | | 124,688 | |
8.625%, 07/15/20 | | | 250 | | | | 266,250 | |
Matterhorn Financing & CY SCA PIK
9.000%, 04/15/19 144A @ | | | 350 | | | | 441,908 | |
Matterhorn Midco & CY SCA
7.750%, 02/15/20 144A @ | | | 325 | | | | 414,573 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
MetroPCS Wireless, Inc.
6.250%, 04/01/21 144A @ | | $ | 450 | | | $ | 457,875 | |
Millicom International Cellular SA
4.750%, 05/22/20 144A @ | | | 200 | | | | 190,052 | |
Mobile Challenger Intermediate Group SA PIK
8.750%, 03/15/19 144A @ | | | 150 | | | | 154,042 | |
NII Capital Corp. | | | | | | | | |
10.000%, 08/15/16 | | | 275 | | | | 266,750 | |
8.875%, 12/15/19 | | | 125 | | | | 105,625 | |
7.625%, 04/01/21 | | | 325 | | | | 252,688 | |
NII International Telecom SCA
7.875%, 08/15/19 144A @ | | | 300 | | | | 284,250 | |
PAETEC Holding Corp.
9.875%, 12/01/18 | | | 150 | | | | 165,750 | |
Sable International Finance Ltd. | | | | | | | | |
7.750%, 02/15/17 144A @ | | | 150 | | | | 158,250 | |
8.750%, 02/01/20 144A @ | | | 200 | | | | 220,000 | |
SBA Telecommunications, Inc.
8.250%, 08/15/19 | | | 70 | | | | 75,775 | |
Softbank Corp.
4.500%, 04/15/20 144A @ | | | 550 | | | | 530,062 | |
Sprint Capital Corp. | | | | | | | | |
6.875%, 11/15/28 | | | 675 | | | | 648,000 | |
8.750%, 03/15/32 | | | 300 | | | | 330,000 | |
Sprint Nextel Corp. | | | | | | | | |
9.000%, 11/15/18 144A @ | | | 1,025 | | | | 1,199,250 | |
11.500%, 11/15/21 | | | 200 | | | | 266,000 | |
6.000%, 11/15/22 | | | 400 | | | | 392,000 | |
Syniverse Holdings, Inc.
9.125%, 01/15/19 | | | 300 | | | | 320,250 | |
tw Telecom Holdings, Inc.
5.375%, 10/01/22 | | | 150 | | | | 148,875 | |
UPC Holding BV | | | | | | | | |
8.375%, 08/15/20 144A @ | | | 125 | | | | 173,200 | |
6.750%, 03/15/23 144A @ | | | 375 | | | | 385,144 | |
6.750%, 03/15/23 144A @ | | | 200 | | | | 252,579 | |
UPCB Finance V Ltd.
7.250%, 11/15/21 144A @ | | | 150 | | | | 158,625 | |
UPCB Finance VI Ltd.
6.875%, 01/15/22 144A @ | | | 225 | | | | 232,875 | |
VimpelCom Holdings BV | | | | | | | | |
5.200%, 02/13/19 144A @ | | | 200 | | | | 195,000 | |
7.504%, 03/01/22 144A @ | | | 450 | | | | 465,750 | |
West Corp. | | | | | | | | |
8.625%, 10/01/18 | | | 475 | | | | 507,656 | |
7.875%, 01/15/19 | | | 175 | | | | 182,000 | |
Wind Acquisition Finance S.A. | | | | | | | | |
11.750%, 07/15/17 144A @ | | | 775 | | | | 806,000 | |
6.500%, 04/30/20 144A @ | | | 275 | | | | 272,937 | |
Windstream Corp.
8.125%, 08/01/13 | | | 25 | | | | 25,063 | |
| | | | | | | | |
| | | | | | | 19,005,635 | |
| | | | | | | | |
66
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Textiles — 0.1% | | | | | | | | |
Siwf Merger Sub, Inc.
6.250%, 06/01/21 144A @ | | $ | 150 | | | $ | 147,000 | |
| | | | | | | | |
| Transportation — 0.4% | | | | | | | | |
Florida East Coast Holdings Corp. PIK
11.250%, 08/01/17 | | | 135 | | | | 141,939 | |
Florida East Coast Railway Corp.
8.125%, 02/01/17 | | | 325 | | | | 343,687 | |
gategroup Finance (Luxembourg) S.A.
6.750%, 03/01/19 144A @ | | | 100 | | | | 128,863 | |
Kansas City Southern de Mexico S.A. de CV
6.125%, 06/15/21 | | | 23 | | | | 25,764 | |
Watco Cos. LLC
6.375%, 04/01/23 144A @ | | | 175 | | | | 174,125 | |
| | | | | | | | |
| | | | | | | 814,378 | |
| | | | | | | | |
| Trucking and Leasing — 0.1% | | | | | | | | |
Maxim Crane Works LP
12.250%, 04/15/15 144A @ | | | 125 | | | | 131,250 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $167,658,531) | | | | 169,266,602 | |
| | | | | | | | |
| LOAN AGREEMENTS — 4.1%‡ | | | | | | | | |
| Airlines — 0.1% | | | | | | | | |
American Airlines
0.000%, 06/17/14 | | | 250 | | | | 250,391 | |
| | | | | | | | |
| Auto Manufacturers — 0.1% | | | | | | | | |
Navistar, Inc.
5.750%, 08/17/17 | | | 125 | | | | 125,000 | |
| | | | | | | | |
| Chemicals — 0.5% | | | | | | | | |
Ineos US Finance LLC
4.000%, 05/04/18• | | | 491 | | | | 480,826 | |
Macdermid, Inc.
0.000%, 12/06/20 | | | 125 | | | | 126,094 | |
Univar, Inc.
0.000%, 06/30/17 | | | 300 | | | | 293,458 | |
| | | | | | | | |
| | | | | | | 900,378 | |
| | | | | | | | |
| Diversified Financial Services — 0.2% | | | | | | | | |
Nuveen Investments, Inc.
6.500%, 02/28/19 | | | 425 | | | | 420,926 | |
| | | | | | | | |
| Entertainment — 0.2% | | | | | | | | |
Peninsula Gaming LLC
4.250%, 11/20/17 | | | 398 | | | | 397,105 | |
| | | | | | | | |
| Hotels & Resorts — 0.1% | | | | | | | | |
Four Seasons Holdings, INC
0.000%, 06/24/20 | | | 100 | | | | 100,625 | |
| | | | | | | | |
| Insurance — 0.2% | | | | | | | | |
Asurion LLC
4.500%, 05/24/19 | | | 373 | | | | 369,301 | |
| | | | | | | | |
| Media — 0.7% | | | | | | | | |
Clear Channel Communications, Inc. | | | | | | | | |
3.844%, 01/29/16• | | | 82 | | | | 75,036 | |
6.944%, 01/30/19 | | | 243 | | | | 221,677 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Media — (continued) | | | | | | | | |
McGraw-Hill Global Education Holdings LLC
9.000%, 03/22/19 | | $ | 200 | | | $ | 196,682 | |
SuperMedia, Inc.
0.000%, 12/31/15 | | | 475 | | | | 375,549 | |
Twcc Holindgs Corp.
0.000%, 12/04/20 | | | 325 | | | | 328,250 | |
| | | | | | | | |
| | | | | | | 1,197,194 | |
| | | | | | | | |
| Oil & Gas — 0.3% | | | | | | | | |
BBTS Borrower LP
7.750%, 06/21/19 | | | 299 | | | | 298,128 | |
Chesapeake Energy Corp.
0.000%, 12/02/17 | | | 225 | | | | 228,234 | |
| | | | | | | | |
| | | | | | | 526,362 | |
| | | | | | | | |
| Oil & Gas Services — 0.4% | | | | | | | | |
Equipower Resources
6.000%, 12/21/19 | | | 700 | | | | 693,875 | |
| | | | | | | | |
| Retail — 0.7% | | | | | | | | |
JC Penney Corp.
6.000%, 05/21/18 | | | 600 | | | | 600,426 | |
PF Chang’s China, Inc. Bistro
5.250%, 06/22/19 | | | 496 | | | | 502,453 | |
The Gymboree Corp.
5.000%, 02/23/18 | | | 200 | | | | 192,208 | |
| | | | | | | | |
| | | | | | | 1,295,087 | |
| | | | | | | | |
| Software — 0.1% | | | | | | | | |
RP Crown Parent LLC
6.750%, 12/14/20 | | | 272 | | | | 273,045 | |
| | | | | | | | |
| Telecommunications — 0.5% | | | | | | | | |
Alcatel-Lucent
7.250%, 01/30/19• | | | 199 | | | | 200,576 | |
Cricket Communications, Inc.
4.750%, 03/01/20 | | | 275 | | | | 272,335 | |
Syniverse Holdings, Inc.
5.000%, 04/23/19• | | | 495 | | | | 492,837 | |
| | | | | | | | |
| | | | | | | 965,748 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS‡
(Cost $7,520,390) | | | | | | | 7,515,037 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| PURCHASE OPTIONS — 0.1% | | | | | | | | |
| Call Option — 0.1% | | | | | | | | |
US Air LLC, 01/17/15, $15.00
(Cost $182,554) | | | 0 | | | | 176,625 | |
| | | | | | | | |
67
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 1.1% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 74,704 | | | $ | 74,704 | |
T. Rowe Price Reserve Investment Fund | | | 2,010,201 | | | | 2,010,201 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,084,905) | | | | 2,084,905 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $180,718,815) | | | $ | 182,988,066 | |
| | | | | | | | |
| ‡ | 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, 2013. 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, 2013 is $387,316. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $24,225. |
| CONV | — Convertible Security. |
| LLC | — Limited Liability Company. |
| PIK | — Payment in Kind Security. |
| PLC | — Public Limited Company. |
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 79% | |
Luxembourg | | | 6 | |
United Kingdom | | | 3 | |
Canada | | | 2 | |
Netherlands | | | 2 | |
Bermuda | | | 1 | |
Ireland | | | 1 | |
Other | | | 6 | |
| |
Total | | | 100% | |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 2,475,091 | | | $ | 2,450,866 | | | $ | — | | | $ | 24,225 | |
REAL ESTATE INVESTMENT TRUSTS | | | 461,984 | | | | 100,609 | | | | 361,375 | | | | — | |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Auto Manufacturers | | | 399,728 | | | | 399,728 | | | | — | | | | — | |
Banks | | | 475,234 | | | | — | | | | 475,234 | | | | — | |
Media | | | 132,860 | | | | — | | | | 132,860 | | | | — | |
Packaging and Containers | | | — | | | | — | | | | — | | | | — | |
CORPORATE BONDS | | | 169,266,602 | | | | — | | | | 169,266,602 | | | | — | |
LOAN AGREEMENTS | | | 7,515,037 | | | | — | | | | 7,515,037 | | | | — | |
PURCHASED OPTIONS | | | 176,625 | | | | 176,625 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,084,905 | | | | 2,084,905 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 182,988,066 | | | $ | 5,212,733 | | | $ | 177,751,108 | | | $ | 24,225 | |
| |
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 12/31/2012 | | $ | — | |
Purchases | | | 30,875 | |
Change in Appreciation/(Depreciation) | | | (6,650 | ) |
| | | | |
Balance as of 6/30/2013 | | $ | 24,225 | |
| | | | |
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 significant 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, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATIONS — 3.7% | | | | | | | | |
| Federal Home Loan Mortgage Corporation — 1.3% | |
0.593%, 05/15/39• | | $ | 6,408 | | | $ | 6,442,528 | |
0.693%, 06/15/42• | | | 2,244 | | | | 2,266,008 | |
0.693%, 06/15/42• | | | 3,417 | | | | 3,443,985 | |
0.573%, 07/15/42• | | | 3,528 | | | | 3,548,392 | |
0.693%, 07/15/42• | | | 1,865 | | | | 1,883,042 | |
0.693%, 07/15/42• | | | 2,739 | | | | 2,784,748 | |
0.693%, 07/15/42• | | | 1,853 | | | | 1,871,748 | |
0.643%, 08/15/42• | | | 1,481 | | | | 1,488,883 | |
0.643%, 08/15/42• | | | 5,713 | | | | 5,759,475 | |
0.693%, 08/15/42• | | | 1,149 | | | | 1,160,218 | |
| | | | | | | | |
| | | | | | | 30,649,027 | |
| | | | | | | | |
| Federal National Mortgage Association — 2.4% | |
0.593%, 04/25/39• | | | 2,852 | | | | 2,868,282 | |
0.593%, 08/25/39• | | | 5,541 | | | | 5,568,593 | |
0.743%, 03/25/42• | | | 1,805 | | | | 1,817,587 | |
0.593%, 07/25/42• | | | 2,605 | | | | 2,618,266 | |
0.643%, 07/25/42• | | | 2,455 | | | | 2,474,642 | |
0.643%, 08/25/42• | | | 2,851 | | | | 2,887,795 | |
0.693%, 08/25/42• | | | 2,591 | | | | 2,635,250 | |
0.573%, 09/25/42• | | | 1,474 | | | | 1,482,607 | |
0.593%, 09/25/42• | | | 3,016 | | | | 3,033,428 | |
0.643%, 09/25/42• | | | 5,498 | | | | 5,542,287 | |
0.643%, 09/25/42• | | | 3,187 | | | | 3,212,535 | |
0.643%, 09/25/42• | | | 900 | | | | 907,789 | |
0.643%, 09/25/42• | | | 5,018 | | | | 5,078,666 | |
0.593%, 10/25/42• | | | 5,701 | | | | 5,736,676 | |
0.593%, 10/25/42• | | | 7,869 | | | | 7,914,171 | |
0.593%, 10/25/42• | | | 4,436 | | | | 4,462,522 | |
| | | | | | | | |
| | | | | | | 58,241,096 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS (Cost $88,407,380) | | | | | | | 88,890,123 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 0.5% | | | | | |
Ally Master Owner Trust
0.893%, 06/15/17• | | | 8,755 | | | | 8,775,758 | |
Ford Credit Auto Owner Trust 2012
0.580%, 12/15/16 | | | 2,195 | | | | 2,194,682 | |
Honda Auto Receivables Owner Trust
0.560%, 05/15/16 | | | 2,135 | | | | 2,131,603 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES (Cost $13,084,903) | | | | 13,102,043 | |
| | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5% | |
Government National Mortgage Association | | | | | | | | |
0.593%, 07/16/41• | | | 2,510 | | | | 2,522,415 | |
0.542%, 02/20/42• | | | 2,171 | | | | 2,178,690 | |
0.593%, 03/16/42• | | | 2,218 | | | | 2,234,154 | |
0.593%, 04/16/42• | | | 4,102 | | | | 4,132,168 | |
| | | | | | | | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,021,776) | | | | 11,067,427 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 60.8% | | | | | | | | |
| Advertising — 1.1% | |
Omnicom Group, Inc. | | | 412,500 | | | $ | 25,933,875 | |
| | | | | | | | |
| Aerospace & Defense — 3.8% | |
The Boeing Co. | | | 93,100 | | | | 9,537,164 | |
United Technologies Corp. | | | 881,900 | | | | 81,963,786 | |
| | | | | | | | |
| | | | | | | 91,500,950 | |
| | | | | | | | |
| Agriculture — 1.4% | |
Philip Morris International, Inc. | | | 373,300 | | | | 32,335,246 | |
| | | | | | | | |
| Auto Manufacturers — 0.3% | |
General Motors Co.* | | | 240,800 | | | | 8,021,048 | |
| | | | | | | | |
| Auto Parts & Equipment — 3.2% | |
Delphi Automotive PLC | | | 551,300 | | | | 27,945,397 | |
Johnson Controls, Inc. | | | 367,600 | | | | 13,156,404 | |
TRW Automotive Holdings Corp.* | | | 543,900 | | | | 36,136,716 | |
| | | | | | | | |
| | | | | | | 77,238,517 | |
| | | | | | | | |
| Banks — 4.5% | |
JPMorgan Chase & Co. | | | 262,300 | | | | 13,846,817 | |
State Street Corp. | | | 726,400 | | | | 47,368,544 | |
U.S. Bancorp | | | 1,284,000 | | | | 46,416,600 | |
| | | | | | | | |
| | | | | | | 107,631,961 | |
| | | | | | | | |
| Beverages — 1.2% | |
PepsiCo, Inc. | | | 343,900 | | | | 28,127,581 | |
| | | | | | | | |
| Commercial Services — 0.2% | |
McGraw Hill Financial, Inc. | | | 14,000 | | | | 744,660 | |
Tyco International Ltd. | | | 106,900 | | | | 3,522,355 | |
| | | | | | | | |
| | | | | | | 4,267,015 | |
| | | | | | | | |
| Computers — 1.6% | |
Accenture PLC, Class A | | | 85,300 | | | | 6,138,188 | |
Cognizant Technology Solutions Corp., Class A* | | | 169,200 | | | | 10,593,612 | |
International Business Machines Corp. | | | 110,600 | | | | 21,136,766 | |
| | | | | | | | |
| | | | | | | 37,868,566 | |
| | | | | | | | |
| Cosmetics & Personal Care — 1.6% | |
Avon Products, Inc. | | | 219,800 | | | | 4,622,394 | |
The Procter & Gamble Co. | | | 430,882 | | | | 33,173,605 | |
| | | | | | | | |
| | | | | | | 37,795,999 | |
| | | | | | | | |
| Diversified Financial Services — 4.1% | |
Invesco Ltd. | | | 1,676,608 | | | | 53,316,134 | |
TD Ameritrade Holding Corp. | | | 1,804,400 | | | | 43,828,876 | |
| | | | | | | | |
| | | | | | | 97,145,010 | |
| | | | | | | | |
| Electric — 2.3% | | | | | | | | |
NRG Energy, Inc. | | | 241,400 | | | | 6,445,380 | |
PG&E Corp. | | | 709,100 | | | | 32,427,143 | |
Xcel Energy, Inc. | | | 542,400 | | | | 15,371,616 | |
| | | | | | | | |
| | | | | | | 54,244,139 | |
| | | | | | | | |
| Electronics — 4.7% | | | | | | | | |
TE Connectivity Ltd. | | | 859,125 | | | | 39,124,552 | |
69
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | |
| Electronics — (continued) | | | | | | | | |
Thermo Fisher Scientific, Inc. | | | 875,500 | | | $ | 74,093,565 | |
| | | | | | | | |
| | | | | | | 113,218,117 | |
| | | | | | | | |
| Food — 3.2% | | | | | | | | |
General Mills, Inc. | | | 466,528 | | | | 22,640,604 | |
Kellogg Co. | | | 387,000 | | | | 24,857,010 | |
Nestle S.A. | | | 434,314 | | | | 28,499,859 | |
| | | | | | | | |
| | | | | | | 75,997,473 | |
| | | | | | | | |
| Healthcare Products — 1.0% | | | | | | | | |
DENTSPLY International, Inc. | | | 342,200 | | | | 14,016,512 | |
Henry Schein, Inc.* | | | 107,278 | | | | 10,271,869 | |
| | | | | | | | |
| | | | | | | 24,288,381 | |
| | | | | | | | |
| Healthcare Services — 1.5% | | | | | | | | |
UnitedHealth Group, Inc. | | | 555,400 | | | | 36,367,592 | |
| | | | | | | | |
| Insurance — 2.5% | | | | | | | | |
Marsh & McLennan Cos., Inc. | | | 1,190,900 | | | | 47,540,728 | |
XL Group PLC | | | 436,800 | | | | 13,243,776 | |
| | | | | | | | |
| | | | | | | 60,784,504 | |
| | | | | | | | |
| Internet — 1.6% | | | | | | | | |
Google, Inc., Class A* | | | 43,600 | | | | 38,384,132 | |
| | | | | | | | |
| Media — 0.7% | | | | | | | | |
The Walt Disney Co. | | | 256,700 | | | | 16,210,605 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 4.5% | | | | | |
Actuant Corp., Class A | | | 322,578 | | | | 10,635,397 | |
Danaher Corp. | | | 1,536,978 | | | | 97,290,707 | |
| | | | | | | | |
| | | | | | | 107,926,104 | |
| | | | | | | | |
| Oil & Gas — 2.3% | | | | | | | | |
Anadarko Petroleum Corp. | | | 93,700 | | | | 8,051,641 | |
Apache Corp. | | | 202,700 | | | | 16,992,341 | |
Chevron Corp. | | | 50,700 | | | | 5,999,838 | |
Exxon Mobil Corp. | | | 166,100 | | | | 15,007,135 | |
Pioneer Natural Resources Co. | | | 12,200 | | | | 1,765,950 | |
Range Resources Corp. | | | 87,500 | | | | 6,765,500 | |
| | | | | | | | |
| | | | | | | 54,582,405 | |
| | | | | | | | |
| Pharmaceuticals — 3.1% | | | | | | | | |
McKesson Corp. | | | 89,100 | | | | 10,201,950 | |
Pfizer, Inc. | | | 1,985,543 | | | | 55,615,051 | |
Zoetis, Inc. | | | 226,287 | | | | 6,990,001 | |
| | | | | | | | |
| | | | | | | 72,807,002 | |
| | | | | | | | |
| Pipelines — 0.6% | | | | | | | | |
The Williams Cos., Inc. | | | 439,870 | | | | 14,282,579 | |
| | | | | | | | |
| Retail — 4.5% | | | | | | | | |
AutoZone, Inc.* | | | 82,900 | | | | 35,123,901 | |
Dollar General Corp.* | | | 372,300 | | | | 18,775,089 | |
Dollar Tree, Inc.* | | | 129,700 | | | | 6,593,948 | |
Kohl’s Corp. | | | 33,700 | | | | 1,702,187 | |
L Brands, Inc. | | | 343,800 | | | | 16,932,150 | |
Lowe’s Cos., Inc. | | | 684,100 | | | | 27,979,690 | |
| | | | | | | | |
| | | | | | | 107,106,965 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Semiconductors — 2.3% | | | | | | | | |
NXP Semiconductors N.V.* | | | 356,200 | | | $ | 11,035,076 | |
Texas Instruments, Inc. | | | 1,268,700 | | | | 44,239,569 | |
| | | | | | | | |
| | | | | | | 55,274,645 | |
| | | | | | | | |
| Software — 3.0% | | | | | | | | |
Fiserv, Inc.* | | | 632,700 | | | | 55,304,307 | |
Oracle Corp. | | | 567,000 | | | | 17,418,240 | |
| | | | | | | | |
| | | | | | | 72,722,547 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $1,082,307,764) | | | | 1,452,062,958 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.7% | | | | | | | | |
| Banks — 0.1% | | | | | | | | |
U.S. Bancorp | | | 90,000 | | | | 2,466,900 | |
U.S. Bancorp Series F | | | 71,000 | | | | 1,995,100 | |
| | | | | | | | |
| | | | | | | 4,462,000 | |
| | | | | | | | |
| Diversified Financial Services — 0.4% | | | | | |
AMG Capital Trust I CONV | | | 151,250 | | | | 9,254,610 | |
| | | | | | | | |
| Electric — 0.1% | | | | | | | | |
SCE Trust I | | | 70,000 | | | | 1,652,000 | |
| | | | | | | | |
| Food — 0.1% | | | | | | | | |
Heinz Finance Co. (H.J.) CONV 144A @,^ | | | 17 | | | | 1,721,782 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS (Cost $14,550,267) | | | | | | | 17,090,392 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 16.0% | | | | | | | | |
| Advertising — 0.2% | | | | | | | | |
Lamar Media Corp.
9.750%, 04/01/14 | | $ | 4,230 | | | | 4,441,500 | |
| | | | | | | | |
| Aerospace & Defense — 0.2% | | | | | | | | |
United Technologies Corp.
0.775%, 06/01/15• | | | 4,725 | | | | 4,753,440 | |
| | | | | | | | |
| Agriculture — 0.0% | | | | | | | | |
Reynolds American, Inc.
1.050%, 10/30/15 | | | 300 | | | | 299,916 | |
| | | | | | | | |
| Airlines — 1.0% | | | | | | | | |
American Airlines Pass Through Trust 2009-1A
10.375%, 07/02/19 | | | 360 | | | | 381,245 | |
Continental Airlines 2009-1 Class A Pass Through Trust
9.000%, 07/08/16 | | | 830 | | | | 952,568 | |
Continental Airlines 2009-2 Class A Pass Through Trust
7.250%, 11/10/19 | | | 698 | | | | 816,793 | |
Continental Airlines 2012-1 Class A Pass Through Trust
4.150%, 04/11/24 | | | 2,210 | | | | 2,165,800 | |
70
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | |
| Airlines — (continued) | | | | | | | | |
Continental Airlines 2012-1 Class B Pass Through Trust
6.250%, 04/11/20 | | $ | 465 | | | $ | 477,787 | |
Continental Airlines, Inc.
6.750%, 09/15/15 144A @ | | | 890 | | | | 914,475 | |
Delta Air Lines 2011-1, Pass Through Trust
5.300%, 04/15/19 | | | 575 | | | | 617,788 | |
Delta Air Lines, Inc.
7.750%, 12/17/19 | | | 636 | | | | 738,953 | |
Hawaiian Airlines 2013-1 Class A Pass Through Certificates
3.900%, 01/15/26 | | | 1,815 | | | | 1,715,175 | |
United Airlines, Inc.
4.500%, 01/15/15 | | | 6,074 | | | | 10,618,111 | |
US Airways 2010-1 Class A, Pass Through Trust
6.250%, 04/22/23 | | | 2,151 | | | | 2,274,770 | |
US Airways 2010-1 Class B, Pass Through Trust^
8.500%, 04/22/17 | | | 285 | | | | 300,186 | |
US Airways 2012-2 Class A Pass Through Trust
4.625%, 06/03/25 | | | 295 | | | | 290,575 | |
US Airways 2012-2 Class B Pass Through Trust
6.750%, 06/03/21 | | | 545 | | | | 566,800 | |
US Airways 2013-1 Class A Pass Through Trust
5.375%, 11/15/21 | | | 5 | | | | 4,912 | |
3.950%, 11/15/25 | | | 5 | | | | 4,813 | |
| | | | | | | | |
| | | | | | | 22,840,751 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.4% | | | | | | | | |
Delphi Corp. | | | | | | | | |
5.875%, 05/15/19 | | | 5,500 | | | | 5,843,750 | |
6.125%, 05/15/21 | | | 1,325 | | | | 1,444,250 | |
Schaeffler Finance BV | | | | | | | | |
7.750%, 02/15/17 144A @ | | | 1,250 | | | | 1,381,250 | |
8.500%, 02/15/19 144A @ | | | 1,425 | | | | 1,588,875 | |
| | | | | | | | |
| | | | | | | 10,258,125 | |
| | | | | | | | |
| Banks — 0.3% | | | | | | | | |
CIT Group, Inc.
5.250%, 04/01/14 144A @,^ | | | 475 | | | | 482,125 | |
KFW
0.500%, 04/19/16 | | | 6,658 | | | | 6,605,848 | |
Regions Bank
7.500%, 05/15/18 | | | 90 | | | | 104,977 | |
Synovus Financial Corp.
5.125%, 06/15/17 | | | 105 | | | | 103,162 | |
| | | | | | | | |
| | | | | | | 7,296,112 | |
| | | | | | | | |
| Beverages — 0.8% | | | | | | | | |
Anheuser-Busch InBev Finance, Inc.
0.800%, 01/15/16 | | | 5,500 | | | | 5,469,227 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Beverages — (continued) | | | | | |
Diageo Capital PLC
0.625%, 04/29/16 | | $ | 2,150 | | | $ | 2,129,734 | |
Heineken NV
0.800%, 10/01/15 144A @,^ | | | 1,515 | | | | 1,507,213 | |
PepsiCo, Inc. | | | | | | | | |
0.483%, 02/26/16• | | | 4,440 | | | | 4,446,993 | |
0.700%, 02/26/16 | | | 2,100 | | | | 2,083,889 | |
The Coca-Cola Co.
0.253%, 03/05/15• | | | 3,000 | | | | 3,000,030 | |
| | | | | | | | |
| | | | | | | 18,637,086 | |
| | | | | | | | |
| Computers — 0.7% | | | | | | | | |
Apple, Inc. | | | | | | | | |
0.323%, 05/03/16• | | | 7,920 | | | | 7,913,276 | |
0.523%, 05/03/18• | | | 3,150 | | | | 3,136,499 | |
International Business Machines Corp.
0.450%, 05/06/16 | | | 5,900 | | | | 5,816,775 | |
| | | | | | | | |
| | | | | | | 16,866,550 | |
| | | | | | | | |
| Diversified Financial Services — 3.9% | | | | | |
American Honda Finance Corp. | | | | | | | | |
0.353%, 08/02/13 144A @,•,^ | | | 1,935 | | | | 1,935,306 | |
0.405%, 04/08/14 144A @,•,^ | | | 900 | | | | 900,735 | |
0.375%, 11/13/14 144A @,^ | | | 1,350 | | | | 1,349,444 | |
1.000%, 08/11/15 144A @,^ | | | 2,585 | | | | 2,589,183 | |
0.648%, 05/26/16 144A @,^ | | | 4,775 | | | | 4,767,441 | |
Caterpillar Financial Services Corp. | | | | | | | | |
0.700%, 11/06/15 | | | 1,585 | | | | 1,581,616 | |
0.513%, 02/26/16• | | | 1,590 | | | | 1,588,785 | |
1.250%, 11/06/17 | | | 2,345 | | | | 2,285,331 | |
CNH Capital LLC | | | | | | | | |
6.250%, 11/01/16 | | | 700 | | | | 745,500 | |
3.625%, 04/15/18 144A @ | | | 1,100 | | | | 1,047,750 | |
E*TRADE Financial Corp. | | | | | | | | |
6.750%, 06/01/16 | | | 550 | | | | 565,125 | |
6.000%, 11/15/17 | | | 575 | | | | 580,750 | |
6.375%, 11/15/19 | | | 2,350 | | | | 2,385,250 | |
Ford Motor Credit Co. LLC | | | | | | | | |
7.000%, 10/01/13 | | | 2,000 | | | | 2,029,426 | |
8.000%, 06/01/14 | | | 2,100 | | | | 2,221,036 | |
3.875%, 01/15/15 | | | 4,530 | | | | 4,669,270 | |
2.750%, 05/15/15 | | | 2,300 | | | | 2,332,177 | |
2.500%, 01/15/16 | | | 2,190 | | | | 2,209,099 | |
1.525%, 05/09/16• | | | 3,755 | | | | 3,781,251 | |
4.250%, 02/03/17 | | | 1,340 | | | | 1,400,067 | |
6.625%, 08/15/17 | | | 1,675 | | | | 1,895,753 | |
5.000%, 05/15/18 | | | 1,800 | | | | 1,919,563 | |
International Lease Finance Corp. | | | | | | | | |
6.500%, 09/01/14 144A @ | | | 8,130 | | | | 8,455,200 | |
2.224%, 06/15/16• | | | 2,905 | | | | 2,883,213 | |
Janus Capital Group, Inc. STEP
6.700%, 06/15/17 | | | 1,850 | | | | 2,065,669 | |
John Deere Capital Corp. | | | | | | | | |
0.380%, 10/08/14• | | | 3,845 | | | | 3,847,972 | |
0.404%, 01/12/15• | | | 4,475 | | | | 4,473,009 | |
0.700%, 09/04/15 | | | 1,800 | | | | 1,796,823 | |
0.750%, 01/22/16 | | | 1,845 | | | | 1,834,127 | |
71
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | |
| Diversified Financial Services — (continued) | |
Legg Mason, Inc.
5.500%, 05/21/19 | | $ | 4,160 | | | $ | 4,286,743 | |
PACCAR Financial Corp. | | | | | | | | |
0.404%, 05/05/15• | | | 1,085 | | | | 1,084,403 | |
0.545%, 02/08/16• | | | 480 | | | | 481,867 | |
0.750%, 05/16/16 | | | 900 | | | | 886,995 | |
Toyota Motor Credit Corp. | | | | | | | | |
0.353%, 08/22/14• | | | 2,100 | | | | 2,101,237 | |
0.446%, 01/23/15• | | | 2,305 | | | | 2,305,747 | |
0.424%, 03/10/15• | | | 2,250 | | | | 2,248,137 | |
0.564%, 05/17/16• | | | 5,300 | | | | 5,290,926 | |
0.800%, 05/17/16 | | | 3,425 | | | | 3,407,163 | |
| | | | | | | | |
| | | | | | | 92,229,089 | |
| | | | | | | | |
| Electric — 0.4% | | | | | | | | |
Calpine Corp.
7.500%, 02/15/21 144A @ | | | 1,145 | | | | 1,222,287 | |
CMS Energy Corp. | | | | | | | | |
6.550%, 07/17/17 | | | 895 | | | | 1,036,677 | |
8.750%, 06/15/19 | | | 415 | | | | 535,422 | |
Duke Energy Florida, Inc.
0.650%, 11/15/15 | | | 1,695 | | | | 1,685,406 | |
NSTAR Electric Co.
0.514%, 05/17/16• | | | 1,950 | | | | 1,948,879 | |
Otter Tail Corp.
9.000%, 12/15/16^ | | | 890 | | | | 1,032,400 | |
Xcel Energy, Inc.
0.750%, 05/09/16 | | | 2,160 | | | | 2,127,203 | |
| | | | | | | | |
| | | | | | | 9,588,274 | |
| | | | | | | | |
| Food — 0.3% | | | | | | | | |
Campbell Soup Co.
0.574%, 08/01/14• | | | 2,630 | | | | 2,630,923 | |
General Mills, Inc. | | | | | | | | |
0.576%, 01/29/16• | | | 1,975 | | | | 1,972,522 | |
0.875%, 01/29/16 | | | 820 | | | | 815,243 | |
Kellogg Co.
0.505%, 02/13/15• | | | 2,080 | | | | 2,080,705 | |
| | | | | | | | |
| | | | | | | 7,499,393 | |
| | | | | | | | |
| Healthcare Products — 0.2% | | | | | | | | |
Baxter International, Inc. | | | | | | | | |
0.445%, 12/11/14• | | | 2,715 | | | | 2,714,202 | |
0.950%, 06/01/16 | | | 1,660 | | | | 1,652,208 | |
| | | | | | | | |
| | | | | | | 4,366,410 | |
| | | | | | | | |
| Healthcare Services — 0.1% | | | | | | | | |
Fresenius Medical Care U.S. Finance II, Inc. | | | | | | | | |
5.625%, 07/31/19 144A @ | | | 750 | | | | 780,000 | |
5.875%, 01/31/22 144A @ | | | 425 | | | | 447,313 | |
| | | | | | | | |
| | | | | | | 1,227,313 | |
| | | | | | | | |
| Household Products & Wares — 0.0% | | | | | |
Kimberly-Clark Corp.
0.394%, 05/15/16• | | | 1,110 | | | | 1,110,942 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Internet — 0.3% | | | | | | | | |
Amazon.Com, Inc.
0.650%, 11/27/15 | | $ | 7,505 | | | $ | 7,481,457 | |
| | | | | | | | |
| Machinery — Diversified — 0.0% | | | | | | | | |
Xylem, Inc.
4.875%, 10/01/21 | | | 145 | | | | 153,950 | |
| | | | | | | | |
| Media — 0.5% | | | | | | | | |
CCO Holdings LLC
7.250%, 10/30/17 | | | 850 | | | | 902,063 | |
NBCuniversal Enterprise, Inc. | | | | | | | | |
0.817%, 04/15/16 144A @,•,^ | | | 2,655 | | | | 2,662,877 | |
0.965%, 04/15/18 144A @,•,^ | | | 1,140 | | | | 1,149,923 | |
The Walt Disney Co. | | | | | | | | |
0.265%, 02/11/15• | | | 4,135 | | | | 4,131,766 | |
0.450%, 12/01/15 | | | 1,475 | | | | 1,468,230 | |
Unitymedia Hessen GmbH & Co. KG | | | | | | | | |
8.125%, 12/01/17 144A @,^ | | | 664 | | | | 907,671 | |
7.500%, 03/15/19 144A @,^ | | | 575 | | | | 605,188 | |
7.500%, 03/15/19 144A @ | | | 860 | | | | 1,188,536 | |
| | | | | | | | |
| | | | | | | 13,016,254 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.1% | | | | | | | | |
Precision Castparts Corp.
0.700%, 12/20/15 | | | 1,775 | | | | 1,764,556 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.0% | | | | | |
Amsted Industries, Inc.
8.125%, 03/15/18 144A @ | | | 625 | | | | 659,375 | |
| | | | | | | | |
| Oil & Gas — 1.9% | | | | | | | | |
Concho Resources, Inc. | | | | | | | | |
5.500%, 10/01/22 | | | 2,175 | | | | 2,153,250 | |
5.500%, 04/01/23 | | | 4,300 | | | | 4,235,500 | |
EQT Corp. | | | | | | | | |
6.500%, 04/01/18 | | | 1,620 | | | | 1,837,265 | |
8.125%, 06/01/19 | | | 1,754 | | | | 2,138,394 | |
4.875%, 11/15/21 | | | 8,005 | | | | 8,235,448 | |
Laredo Petroleum, Inc. | | | | | | | | |
9.500%, 02/15/19 | | | 850 | | | | 935,000 | |
7.375%, 05/01/22 | | | 500 | | | | 525,000 | |
Marathon Oil Corp.
0.900%, 11/01/15 | | | 395 | | | | 392,808 | |
QEP Resources, Inc.
6.800%, 03/01/20 | | | 265 | | | | 292,825 | |
Range Resources Corp. | | | | | | | | |
8.000%, 05/15/19 | | | 2,250 | | | | 2,396,250 | |
5.750%, 06/01/21 | | | 1,250 | | | | 1,287,500 | |
5.000%, 08/15/22 | | | 5,775 | | | | 5,645,062 | |
5.000%, 03/15/23 | | | 2,600 | | | | 2,541,500 | |
Shell International Finance BV
0.625%, 12/04/15 | | | 3,100 | | | | 3,096,497 | |
SM Energy Co.
6.500%, 01/01/23 | | | 1,200 | | | | 1,260,000 | |
Statoil ASA
0.565%, 05/15/18• | | | 1,745 | | | | 1,745,850 | |
72
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
Total Capital Canada Ltd.
0.657%, 01/15/16• | | $ | 3,550 | | | $ | 3,569,703 | |
Total Capital International SA
0.750%, 01/25/16 | | | 2,775 | | | | 2,753,019 | |
| | | | | | | | |
| | | | | | | 45,040,871 | |
| | | | | | | | |
| Packaging and Containers — 0.2% | | | | | | | | |
Ball Corp.
7.375%, 09/01/19 | | | 1,250 | | | | 1,350,000 | |
Rexam PLC
6.750%, 06/29/67• | | | 1,700 | | | | 2,268,112 | |
| | | | | | | | |
| | | | | | | 3,618,112 | |
| | | | | | | | |
| Pharmaceuticals — 1.3% | | | | | | | | |
Merck & Co., Inc. | | | | | | | | |
0.464%, 05/18/16• | | | 5,315 | | | | 5,314,277 | |
0.700%, 05/18/16 | | | 6,900 | | | | 6,852,294 | |
Pfizer, Inc. | | | | | | | | |
0.900%, 01/15/17 | | | 6,825 | | | | 6,749,038 | |
0.575%, 06/15/18• | | | 9,700 | | | | 9,728,528 | |
Takeda Pharmaceutical Co. Ltd.
1.031%, 03/17/15 144A @,^ | | | 1,820 | | | | 1,829,817 | |
Zoetis, Inc. | | | | | | | | |
1.150%, 02/01/16 144A @,^ | | | 795 | | | | 792,299 | |
1.875%, 02/01/18 144A @,^ | | | 525 | | | | 513,949 | |
| | | | | | | | |
| | | | | | | 31,780,202 | |
| | | | | | | | |
| Pipelines — 0.3% | | | | | | | | |
Markwest Energy Partners LP
4.500%, 07/15/23 | | | 3,350 | | | | 3,065,250 | |
ONEOK Partners LP
2.000%, 10/01/17 | | | 830 | | | | 816,248 | |
TransCanada PipeLines Ltd.
0.750%, 01/15/16 | | | 3,050 | | | | 3,015,529 | |
| | | | | | | | |
| | | | | | | 6,897,027 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
Host Hotels & Resorts LP | | | | | | | | |
6.750%, 06/01/16 | | | 105 | | | | 106,554 | |
5.875%, 06/15/19 | | | 1,800 | | | | 1,935,176 | |
| | | | | | | | |
| | | | | | | 2,041,730 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.0% | | | | | |
American Tower Corp.
4.625%, 04/01/15 | | | 200 | | | | 211,351 | |
| | | | | | | | |
| Retail — 0.8% | | | | | | | | |
Costco Wholesale Corp.
0.650%, 12/07/15 | | | 2,605 | | | | 2,599,858 | |
Dollar General Corp. | | | | | | | | |
4.125%, 07/15/17 | | | 805 | | | | 849,099 | |
1.875%, 04/15/18 | | | 2,390 | | | | 2,305,937 | |
Rite Aid Corp.
8.000%, 08/15/20 | | | 3,700 | | | | 4,097,750 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp.
7.500%, 10/01/18 | | | 75 | | | | 78,750 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | | | | | | | | |
The Home Depot, Inc.
5.400%, 03/01/16 | | $ | 1,000 | | | $ | 1,114,286 | |
Wal-Mart Stores, Inc.
0.600%, 04/11/16 | | | 4,340 | | | | 4,311,004 | |
Walgreen Co. | | | | | | | | |
0.772%, 03/13/14• | | | 1,840 | | | | 1,841,724 | |
1.000%, 03/13/15 | | | 1,840 | | | | 1,845,800 | |
| | | | | | | | |
| | | | | | | 19,044,208 | |
| | | | | | | | |
| Semiconductors — 0.1% | | | | | | | | |
NXP BV | | | | | | | | |
5.750%, 02/15/21 144A @ | | | 1,275 | | | | 1,290,937 | |
5.750%, 03/15/23 144A @ | | | 1,200 | | | | 1,209,000 | |
| | | | | | | | |
| | | | | | | 2,499,937 | |
| | | | | | | | |
| Software — 0.1% | | | | | | | | |
Autodesk, Inc.
1.950%, 12/15/17 | | | 1,760 | | | | 1,717,091 | |
| | | | | | | | |
| Telecommunications — 1.8% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
0.800%, 12/01/15 | | | 4,435 | | | | 4,414,741 | |
0.660%, 02/12/16• | | | 5,400 | | | | 5,370,214 | |
0.900%, 02/12/16 | | | 2,200 | | | | 2,183,416 | |
British Telecommunications PLC | | | | | | | | |
1.397%, 12/20/13• | | | 1,630 | | | | 1,638,078 | |
2.000%, 06/22/15 | | | 1,110 | | | | 1,131,764 | |
Cricket Communications, Inc.
7.750%, 10/15/20 | | | 1,470 | | | | 1,411,200 | |
Crown Castle International Corp.
7.125%, 11/01/19 | | | 2,840 | | | | 3,031,700 | |
Matterhorn Mobile S.A. | | | | | | | | |
5.395%, 05/15/19 144A @,•,^ | | | 375 | | | | 398,205 | |
6.750%, 05/15/19 144A @ | | | 930 | | | | 1,004,288 | |
SBA Telecommunications, Inc.
8.250%, 08/15/19 | | | 133 | | | | 143,973 | |
Sprint Capital Corp.
6.900%, 05/01/19 | | | 300 | | | | 312,000 | |
Sprint Nextel Corp. | | | | | | | | |
9.000%, 11/15/18 144A @ | | | 6,790 | | | | 7,944,300 | |
11.500%, 11/15/21 | | | 450 | | | | 598,500 | |
UPCB Finance III Ltd.
6.625%, 07/01/20 144A @ | | | 1,790 | | | | 1,852,650 | |
UPCB Finance V Ltd.
7.250%, 11/15/21 144A @ | | | 3,980 | | | | 4,208,850 | |
UPCB Finance VI Ltd.
6.875%, 01/15/22 144A @ | | | 3,700 | | | | 3,829,500 | |
Verizon Communications, Inc.
0.474%, 03/06/15 144A @,•,^ | | | 4,450 | | | | 4,442,635 | |
| | | | | | | | |
| | | | | | | 43,916,014 | |
| | | | | | | | |
TOTAL CORPORATE BONDS (Cost $374,864,997) | | | | | | | 381,257,036 | |
| | | | | | | | |
| LOAN AGREEMENTS — 6.8%‡ | | | | | | | | |
| Banks — 0.9% | | | | | | | | |
Intelsat S.A.
4.250%, 04/02/18 | | | 21,890 | | | | 21,890,000 | |
| | | | | | | | |
73
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| LOAN AGREEMENTS — (continued) | | | | | |
| Energy-Alternate Sources — 0.1% | | | | | | | | |
Terra-Gen Finance Co., LLC
6.500%, 06/22/17•,^ | | $ | 1,176 | | | $ | 1,174,329 | |
| | | | | | | | |
| Entertainment — 0.2% | | | | | | | | |
Kasima LLC
3.250%, 05/17/21 | | | 775 | | | | 771,125 | |
Peninsula Gaming LLC
4.250%, 11/20/17• | | | 3,781 | | | | 3,772,493 | |
| | | | | | | | |
| | | | | | | 4,543,618 | |
| | | | | | | | |
| Food — 1.9% | | | | | | | | |
H.J. Heinz Co.
3.500%, 06/05/20 | | | 43,125 | | | | 43,075,837 | |
Pinnacle Foods Finance LLC
3.250%, 04/29/20 | | | 1,995 | | | | 1,980,038 | |
| | | | | | | | |
| | | | | | | 45,055,875 | |
| | | | | | | | |
| Healthcare Services — 0.1% | | | | | | | | |
DaVita, Inc.
4.000%, 11/01/19• | | | 1,318 | | | | 1,317,900 | |
HCA, Inc.
3.034%, 03/31/17 | | | 1,150 | | | | 1,143,537 | |
| | | | | | | | |
| | | | | | | 2,461,437 | |
| | | | | | | | |
| Media — 0.2% | | | | | | | | |
CCO Holdings LLC
2.694%, 09/06/14• | | | 500 | | | | 499,250 | |
Cequel Communications LLC
3.500%, 02/14/19 | | | 1,396 | | | | 1,383,589 | |
Charter Communications Operating LLC | | | | | | | | |
0.000%, 03/08/20 | | | 2,125 | | | | 2,096,780 | |
3.000%, 12/31/20 | | | 1,483 | | | | 1,468,466 | |
| | | | | | | | |
| | | | | | | 5,448,085 | |
| | | | | | | | |
| Retail — 2.3% | | | | | | | | |
Dunkin’ Brands, Inc.
3.753%, 02/14/20• | | | 49,990 | | | | 49,802,801 | |
Wendy’s International, Inc.
3.250%, 05/15/19 | | | 5,600 | | | | 5,575,024 | |
| | | | | | | | |
| | | | | | | 55,377,825 | |
| | | | | | | | |
| Telecommunications — 1.1% | | | | | | | | |
Crown Castle Operating Co.
3.250%, 01/31/19 | | | 7,791 | | | | 7,732,188 | |
SBA Senior Finance II, LLC.
3.750%, 06/30/18• | | | 343 | | | | 343,619 | |
Telesat Canada, Inc. | | | | | | | | |
0.000%, 03/28/17• | | | 804 | | | | 761,009 | |
3.500%, 03/28/19• | | | 5,515 | | | | 5,510,871 | |
4.430%, 03/28/19^ | | | 3,750 | | | | 3,556,741 | |
UPC Financing Partnership
3.250%, 06/30/21 | | | 8,775 | | | | 8,722,877 | |
| | | | | | | | |
| | | | | | | 26,627,305 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS (Cost $163,280,980) | | | | 162,578,474 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 11.0% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 1,486,580 | | | $ | 1,486,580 | |
T. Rowe Price Reserve Investment Fund | | | 260,309,187 | | | | 260,309,187 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $261,795,767) | | | | 261,795,767 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.5%
(Cost $2,009,319,733) | | | $ | 2,387,844,220 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS | | | | | | | | |
| Call Options | | | | | | | | |
Accent $80.00, 01/18/14 | | | (297 | ) | | | (53,460 | ) |
Accent $82.5, 01/18/14 | | | (426 | ) | | | (53,250 | ) |
Accent $85.00, 01/18/14 | | | (130 | ) | | | (11,700 | ) |
Apache, $90.00, 01/18/14 | | | (257 | ) | | | (102,800 | ) |
Chevron, $125, 01/18/14 | | | (169 | ) | | | (55,770 | ) |
Chevron, $130, 01/18/14 | | | (169 | ) | | | (32,279 | ) |
Chevron, $135, 01/18/14 | | | (169 | ) | | | (18,083 | ) |
Disney $70.00, 01/18/14 | | | (716 | ) | | | (138,904 | ) |
Disney, $55.00, 01/18/14 | | | (596 | ) | | | (643,680 | ) |
Disney, $57.50, 01/18/14 | | | (596 | ) | | | (521,500 | ) |
Exxon $92.5, 01/18/14 | | | (831 | ) | | | (241,821 | ) |
Exxon $95.00, 01/18/14 | | | (830 | ) | | | (169,320 | ) |
GM $27.00, 01/18/14 | | | (1,559 | ) | | | (1,114,685 | ) |
GM $30.00, 01/18/14 | | | (779 | ) | | | (389,500 | ) |
Google, $850.00, 01/18/14 | | | (60 | ) | | | (477,000 | ) |
IBM, $200.00, 01/18/14 | | | (131 | ) | | | (93,010 | ) |
IBM, $210.00, 01/18/14 | | | (131 | ) | | | (53,055 | ) |
IBM, $230.00, 01/18/14 | | | (844 | ) | | | (84,400 | ) |
JPM $45.00, 01/18/14 | | | (952 | ) | | | (828,240 | ) |
JPM, $55.00, 01/18/14 | | | (1,671 | ) | | | (391,014 | ) |
KSS, $47.00, 01/18/14 | | | (192 | ) | | | (107,520 | ) |
KSS, $50.00, 01/18/14 | | | (144 | ) | | | (58,176 | ) |
Lowes $42.00, 10/19/13 | | | (573 | ) | | | (93,972 | ) |
Lowes $45.00, 01/18/14 | | | (1,145 | ) | | | (148,850 | ) |
Lowes, $46.00, 01/18 /4 | | | (286 | ) | | | (31,746 | ) |
NRG Energy, $25.00, 01/18/14 | | | (482 | ) | | | (154,240 | ) |
NRG, $27.00, 01/18/14 | | | (482 | ) | | | (108,450 | ) |
Oracle $32.00, 01/1814 | | | (2,125 | ) | | | (318,750 | ) |
Oracle $33.00, 01/18/14 | | | (2,482 | ) | | | (280,466 | ) |
Oracle $35.00, 01/18/14 | | | (1,063 | ) | | | (65,906 | ) |
PepsiCo, Inc, $75.00, 01/18/14 | | | (1,019 | ) | | | (810,105 | ) |
PepsiCo, Inc, $77.50, 01/18/14 | | | (870 | ) | | | (530,700 | ) |
Pfizer, $27.00, 01/18/14 | | | (2,751 | ) | | | (563,955 | ) |
Philip Morris $105, 01/18/14 | | | (241 | ) | | | (9,399 | ) |
Philip Morris Callopt1, $97.5, 01/18/14 | | | (472 | ) | | | (51,448 | ) |
Philip Morris, $ 100.00, 01/18/14 | | | (713 | ) | | | (54,901 | ) |
Philip Morris, $95.00, 01/18/14 | | | (232 | ) | | | (35,728 | ) |
Philip Morris, $97.50, 01/18/14 | | | (232 | ) | | | (25,288 | ) |
Procter and Gamble Co., $75.00, 01/18/14 | | | (1,230 | ) | | | (639,600 | ) |
UnitedHealth Group, Inc. $65.00, 01/18/14 | | | (423 | ) | | | (215,730 | ) |
UnitedHealth Group, Inc. $65.00, 09/21/13 | | | (462 | ) | | | (147,840 | ) |
74
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS — (continued) | | | | | | | | |
| Call Options — (continued) | | | | | | | | |
USB $35.00, 06/22/13 | | | (2,211 | ) | | $ | (552,750 | ) |
USB, $37.00, 01/18/14 | | | (3,914 | ) | | | (559,702 | ) |
Williams $35.00, 01/18/14 | | | (288 | ) | | | (46,080 | ) |
Williams $40.00, 01/18/14 | | | (751 | ) | | | (39,803 | ) |
Williams $40.00, 08/07/13 | | | (751 | ) | | | (6,008 | ) |
Williams, $40.00, 01/18/14 | | | (890 | ) | | | (47,170 | ) |
Williams, $40.00, 08/17/13 | | | (600 | ) | | | (4,800 | ) |
Zoetis, $35.00, 10/19/13 | | | (343 | ) | | | (19,208 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Premiums $(6,845,906)) | | | | | | | (11,201,762 | ) |
| | | | | | | | |
| † | 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, 2013 is $34,619,449. |
| ‡ | 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, 2013. 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.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 92 | % |
Switzerland | | | 3 | |
United Kingdom | | | 2 | |
Bermuda | | | 1 | |
Netherlands | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 1,452,062,958 | | | $ | 1,423,563,099 | | | $ | 28,499,859 | | | $ | — | |
PREFERRED STOCKS | | | 17,090,392 | | | | 17,090,392 | | | | — | | | | — | |
AGENCY OBLIGATIONS | | | 88,890,123 | | | | — | | | | 88,890,123 | | | | — | |
ASSET BACKED SECURITIES | | | 13,102,043 | | | | — | | | | 13,102,043 | | | | — | |
COLLATERALIZED MORTGAGE OBLIGATIONS | | | 11,067,427 | | | | — | | | | 11,067,427 | | | | — | |
CORPORATE BONDS | | | 381,257,036 | | | | — | | | | 381,257,036 | | | | — | |
LOAN AGREEMENTS | | | 162,578,474 | | | | — | | | | 162,578,474 | | | | — | |
SHORT-TERM INVESTMENTS | | | 261,795,767 | | | | 261,795,767 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 2,387,844,220 | | | $ | 1,702,449,258 | | | $ | 685,394,962 | | | $ | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
WRITTEN OPTIONS | | $ | (11,201,762 | ) | | $ | (5,035,445 | ) | | $ | (6,166,317 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (11,201,762 | ) | | $ | (5,035,445 | ) | | $ | (6,166,317 | ) | | $ | — | |
| |
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.
75
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Balanced Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 59.8% | | | | | |
Penn Series Index 500 Fund*
(Cost $27,356,551) | | | 3,723,409 | | | $ | 45,239,423 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 39.9% | | | | | |
Penn Series Quality Bond Fund*
(Cost $26,312,583) | | | 2,367,317 | | | | 30,159,615 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio -Institutional Shares
(Cost $241,334) | | | 241,334 | | | | 241,334 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $53,910,468) | | | | | | $ | 75,640,372 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 45,239,423 | | | $ | 45,239,423 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 30,159,615 | | | | 30,159,615 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 241,334 | | | | 241,334 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 75,640,372 | | | $ | 75,640,372 | | | $ | — | | | $ | — | |
| |
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.
76
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 96.9% | | | | | | | | |
| Aerospace & Defense — 0.8% | | | | | | | | |
The Boeing Co. | | | 16,700 | | | $ | 1,710,748 | |
| | | | | | | | |
| Airlines — 0.8% | | | | | | | | |
Delta Air Lines, Inc.* | | | 33,400 | | | | 624,914 | |
United Continental Holdings, Inc.* | | | 34,500 | | | | 1,079,505 | |
| | | | | | | | |
| | | | | | | 1,704,419 | |
| | | | | | | | |
| Apparel — 1.7% | | | | | | | | |
NIKE, Inc., Class B | | | 20,500 | | | | 1,305,440 | |
Prada S.p.A. | | | 95,800 | | | | 863,902 | |
Ralph Lauren Corp. | | | 4,000 | | | | 694,960 | |
Under Armour, Inc., Class A* | | | 17,400 | | | | 1,038,954 | |
| | | | | | | | |
| | | | | | | 3,903,256 | |
| | | | | | | | |
| Auto Manufacturers — 0.8% | | | | | | | | |
Tesla Motors, Inc.* | | | 17,500 | | | | 1,880,025 | |
| | | | | | | | |
| Banks — 0.4% | | | | | | | | |
JPMorgan Chase & Co. | | | 17,200 | | | | 907,988 | |
| | | | | | | | |
| Beverages — 2.9% | | | | | | | | |
Anheuser-Busch InBev N.V. | | | 9,531 | | | | 858,102 | |
Green Mountain Coffee Roasters, Inc.* | | | 19,900 | | | | 1,493,694 | |
Monster Beverage Corp.* | | | 13,700 | | | | 832,549 | |
PepsiCo, Inc. | | | 17,500 | | | | 1,431,325 | |
Pernod-Ricard S.A. | | | 6,704 | | | | 744,099 | |
The Coca-Cola Co. | | | 30,500 | | | | 1,223,355 | |
| | | | | | | | |
| | | | | | | 6,583,124 | |
| | | | | | | | |
| Biotechnology — 6.3% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 13,700 | | | | 1,263,688 | |
Biogen Idec, Inc.* | | | 17,900 | | | | 3,852,080 | |
Celgene Corp.* | | | 16,300 | | | | 1,905,633 | |
Gilead Sciences, Inc.* | | | 101,500 | | | | 5,197,815 | |
Regeneron Pharmaceuticals, Inc.* | | | 4,800 | | | | 1,079,424 | |
Vertex Pharmaceuticals, Inc.* | | | 10,300 | | | | 822,661 | |
| | | | | | | | |
| | | | | | | 14,121,301 | |
| | | | | | | | |
| Building Materials — 0.3% | | | | | | | | |
Martin Marietta Materials, Inc. | | | 6,300 | | | | 620,046 | |
| | | | | | | | |
| Chemicals — 3.5% | | | | | | | | |
Ecolab, Inc. | | | 26,500 | | | | 2,257,535 | |
FMC Corp. | | | 13,600 | | | | 830,416 | |
Praxair, Inc. | | | 20,400 | | | | 2,349,264 | |
The Sherwin-Williams Co. | | | 13,700 | | | | 2,419,420 | |
| | | | | | | | |
| | | | | | | 7,856,635 | |
| | | | | | | | |
| Commercial Services — 2.9% | | | | | | | | |
Alliance Data Systems Corp.* | | | 4,500 | | | | 814,635 | |
Mastercard, Inc., Class A | | | 10,000 | | | | 5,745,000 | |
| | | | | | | | |
| | | | | | | 6,559,635 | |
| | | | | | | | |
| Computers — 2.5% | | | | | | | | |
Accenture PLC, Class A | | | 25,700 | | | | 1,849,372 | |
Apple, Inc. | | | 5,600 | | | | 2,218,048 | |
Cognizant Technology Solutions Corp., Class A* | | | 23,400 | | | | 1,465,074 | |
| | | | | | | | |
| | | | | | | 5,532,494 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Cosmetics & Personal Care — 1.0% | | | | | | | | |
Colgate-Palmolive Co. | | | 17,600 | | | $ | 1,008,304 | |
The Procter & Gamble Co. | | | 16,800 | | | | 1,293,432 | |
| | | | | | | | |
| | | | | | | 2,301,736 | |
| | | | | | | | |
| Distribution & Wholesale — 1.5% | | | | | | | | |
Fastenal Co. | | | 57,600 | | | | 2,640,960 | |
W.W. Grainger, Inc. | | | 2,600 | | | | 655,668 | |
| | | | | | | | |
| | | | | | | 3,296,628 | |
| | | | | | | | |
| Diversified Financial Services — 6.3% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 3,600 | | | | 590,184 | |
American Express Co. | | | 36,500 | | | | 2,728,740 | |
Franklin Resources, Inc. | | | 8,800 | | | | 1,196,976 | |
IntercontinentalExchange, Inc.* | | | 4,500 | | | | 799,920 | |
Invesco Ltd. | | | 59,200 | | | | 1,882,560 | |
TD Ameritrade Holding Corp. | | | 25,300 | | | | 614,537 | |
Visa, Inc., Class A | | | 34,100 | | | | 6,231,775 | |
| | | | | | | | |
| | | | | | | 14,044,692 | |
| | | | | | | | |
| Food — 1.4% | | | | | | | | |
Nestle S.A. | | | 14,110 | | | | 925,904 | |
Whole Foods Market, Inc. | | | 41,300 | | | | 2,126,124 | |
| | | | | | | | |
| | | | | | | 3,052,028 | |
| | | | | | | | |
| Healthcare Products — 1.1% | | | | | | | | |
Edwards Lifesciences Corp.* | | | 9,800 | | | | 658,560 | |
IDEXX Laboratories Inc.* | | | 12,500 | | | | 1,122,250 | |
Stryker Corp. | | | 10,900 | | | | 705,012 | |
| | | | | | | | |
| | | | | | | 2,485,822 | |
| | | | | | | | |
| Healthcare Services — 0.5% | | | | | | | | |
HCA Holdings, Inc.* | | | 4,500 | | | | 162,270 | |
UnitedHealth Group, Inc. | | | 14,300 | | | | 936,364 | |
| | | | | | | | |
| | | | | | | 1,098,634 | |
| | | | | | | | |
| Home Builders — 0.9% | | | | | | | | |
D.R. Horton, Inc. | | | 46,900 | | | | 998,032 | |
Lennar Corp., Class A | | | 27,700 | | | | 998,308 | |
| | | | | | | | |
| | | | | | | 1,996,340 | |
| | | | | | | | |
| Internet — 18.8% | | | | | | | | |
Amazon.com, Inc.* | | | 36,100 | | | | 10,024,609 | |
Baidu, Inc. ADR* | | | 12,300 | | | | 1,162,719 | |
Ctrip.com International Ltd. ADR* | | | 17,900 | | | | 584,077 | |
eBay, Inc.* | | | 98,400 | | | | 5,089,248 | |
Google, Inc., Class A* | | | 14,900 | | | | 13,117,513 | |
LinkedIn Corp., Class A* | | | 12,500 | | | | 2,228,750 | |
Netflix, Inc.* | | | 9,700 | | | | 2,047,573 | |
priceline.com, Inc.* | | | 7,000 | | | | 5,789,910 | |
Tencent Holdings Ltd. | | | 15,600 | | | | 609,137 | |
TripAdvisor, Inc.* | | | 20,800 | | | | 1,266,096 | |
Twitter, Inc.*^~ | | | 7,697 | | | | 139,931 | |
| | | | | | | | |
| | | | | | | 42,059,563 | |
| | | | | | | | |
| Leisure Time — 0.8% | | | | | | | | |
Carnival PLC | | | 31,905 | | | | 1,109,019 | |
Harley-Davidson, Inc. | | | 13,300 | | | | 729,106 | |
| | | | | | | | |
| | | | | | | 1,838,125 | |
| | | | | | | | |
77
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Lodging — 2.4% | | | | | | | | |
Las Vegas Sands Corp. | | | 42,600 | | | $ | 2,254,818 | |
Marriott International, Inc., Class A | | | 21,397 | | | | 863,797 | |
MGM Resorts International* | | | 56,300 | | | | 832,114 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 24,000 | | | | 1,516,560 | |
| | | | | | | | |
| | | | | | | 5,467,289 | |
| | | | | | | | |
| Machinery — Diversified — 1.1% | | | | | | | | |
Roper Industries, Inc. | | | 19,300 | | | | 2,397,446 | |
| | | | | | | | |
| Media — 2.0% | | | | | | | | |
Charter Communications, Inc., Class A* | | | 5,900 | | | | 730,715 | |
Discovery Communications, Inc., Class C* | | | 15,100 | | | | 1,051,866 | |
News Corp.* | | | 40,500 | | | | 1,174,095 | |
The Walt Disney Co. | | | 22,500 | | | | 1,420,875 | |
| | | | | | | | |
| | | | | | | 4,377,551 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 2.2% | | | | | | | | |
Precision Castparts Corp. | | | 21,700 | | | | 4,904,417 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.2% | | | | | | | | |
Danaher Corp. | | | 79,400 | | | | 5,026,020 | |
| | | | | | | | |
| Oil & Gas — 3.7% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 17,300 | | | | 1,228,646 | |
Concho Resources, Inc.* | | | 10,000 | | | | 837,200 | |
EOG Resources, Inc. | | | 7,900 | | | | 1,040,272 | |
EQT Corp. | | | 13,100 | | | | 1,039,747 | |
Phillips 66 | | | 10,900 | | | | 642,119 | |
Pioneer Natural Resources Co. | | | 10,400 | | | | 1,505,400 | |
Range Resources Corp. | | | 25,700 | | | | 1,987,124 | |
| | | | | | | | |
| | | | | | | 8,280,508 | |
| | | | | | | | |
| Oil & Gas Services — 1.2% | | | | | | | | |
FMC Technologies, Inc.* | | | 26,900 | | | | 1,497,792 | |
Schlumberger Ltd. | | | 18,300 | | | | 1,311,378 | |
| | | | | | | | |
| | | | | | | 2,809,170 | |
| | | | | | | | |
| Pharmaceuticals — 3.5% | | | | | | | | |
Allergan, Inc. | | | 5,600 | | | | 471,744 | |
Catamaran Corp.* | | | 8,802 | | | | 428,834 | |
McKesson Corp. | | | 24,400 | | | | 2,793,800 | |
Novo Nordisk A/S, B Shares | | | 7,234 | | | | 1,124,615 | |
Onyx Pharmaceuticals, Inc.* | | | 6,200 | | | | 538,284 | |
Pharmacyclics, Inc.* | | | 7,400 | | | | 588,078 | |
Valeant Pharmaceuticals International, Inc.* | | | 21,100 | | | | 1,816,288 | |
| | | | | | | | |
| | | | | | | 7,761,643 | |
| | | | | | | | |
| Retail — 11.2% | | | | | | | | |
AutoZone, Inc.* | | | 4,800 | | | | 2,033,712 | |
CarMax, Inc.* | | | 33,800 | | | | 1,560,208 | |
Chipotle Mexican Grill, Inc.* | | | 5,900 | | | | 2,149,665 | |
Costco Wholesale Corp. | | | 15,300 | | | | 1,691,721 | |
CVS Caremark Corp. | | | 39,800 | | | | 2,275,764 | |
Dollar Tree, Inc.* | | | 12,200 | | | | 620,248 | |
Lowe’s Cos., Inc. | | | 30,900 | | | | 1,263,810 | |
Lululemon Athletica, Inc.* | | | 27,600 | | | | 1,808,352 | |
Panera Bread Co., Class A* | | | 4,400 | | | | 818,136 | |
Ross Stores, Inc. | | | 16,900 | | | | 1,095,289 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | | | | | | | | |
Starbucks Corp. | | | 57,100 | | | $ | 3,739,479 | |
The Home Depot, Inc. | | | 58,100 | | | | 4,501,007 | |
Tractor Supply Co. | | | 12,800 | | | | 1,505,408 | |
| | | | | | | | |
| | | | | | | 25,062,799 | |
| | | | | | | | |
| Semiconductors — 1.6% | | | | | | | | |
Broadcom Corp., Class A | | | 20,800 | | | | 702,208 | |
QUALCOMM, Inc. | | | 48,500 | | | | 2,962,380 | |
| | | | | | | | |
| | | | | | | 3,664,588 | |
| | | | | | | | |
| Software — 3.7% | | | | | | | | |
Akamai Technologies, Inc.* | | | 22,200 | | | | 944,610 | |
Autodesk, Inc.* | | | 14,400 | | | | 488,736 | |
Fiserv, Inc.* | | | 10,300 | | | | 900,323 | |
NetSuite, Inc.* | | | 7,500 | | | | 688,050 | |
Red Hat, Inc.* | | | 33,200 | | | | 1,587,624 | |
Salesforce.com, Inc.* | | | 57,900 | | | | 2,210,622 | |
ServiceNow, Inc.* | | | 18,400 | | | | 743,176 | |
Workday, Inc., Class A* | | | 10,300 | | | | 660,127 | |
| | | | | | | | |
| | | | | | | 8,223,268 | |
| | | | | | | | |
| Telecommunications — 3.6% | | | | | | | | |
Crown Castle International Corp.* | | | 84,500 | | | | 6,116,955 | |
Juniper Networks, Inc.* | | | 56,800 | | | | 1,096,808 | |
SBA Communications Corp., Class A* | | | 12,400 | | | | 919,088 | |
| | | | | | | | |
| | | | | | | 8,132,851 | |
| | | | | | | | |
| Transportation — 3.3% | | | | | | | | |
J.B. Hunt Transport Services, Inc. | | | 13,500 | | | | 975,240 | |
Kansas City Southern | | | 24,200 | | | | 2,564,232 | |
Union Pacific Corp. | | | 13,900 | | | | 2,144,492 | |
United Parcel Service, Inc., Class B | | | 18,600 | | | | 1,608,528 | |
| | | | | | | | |
| | | | | | | 7,292,492 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $156,807,708) | | | | | | | 216,953,281 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.2% | | | | | | | | |
| Internet — 0.2% | | | | | | | | |
Livingsocial, Series F CONV*^~ | | | 15,066 | | | | 16,874 | |
Twitter, Inc. Series A CONV*^~ | | | 20 | | | | 364 | |
Twitter, Inc. Series B CONV*^~ | | | 312 | | | | 5,672 | |
Twitter, Inc. Series B CONV*^~ | | | 5,772 | | | | 104,935 | |
Twitter, Inc. Series C CONV*^~ | | | 80 | | | | 1,454 | |
Twitter, Inc. Series C CONV*^~ | | | 1,566 | | | | 28,470 | |
Twitter, Inc. Series D CONV*^~ | | | 2,954 | | | | 53,704 | |
Twitter, Inc. Series F CONV*^~ | | | 1,040 | | | | 18,907 | |
Twitter, Inc. Series G-2 CONV*^~ | | | 12,129 | | | | 220,505 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $499,276) | | | | | | | 450,885 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.0% | | | | | |
| Diversified — 2.0% | | | | | | | | |
American Tower Corp.
(Cost $2,509,649) | | | 61,200 | | | | 4,478,004 | |
| | | | | | | | |
78
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.9% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 1,967,647 | | | $ | 1,967,647 | |
T. Rowe Price Reserve Investment Fund | | | 1,008 | | | | 1,008 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,968,655) | | | | | | | 1,968,655 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $161,785,288) | | | | | | $ | 223,850,825 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ^ | Illiquid security. The total market value of illiquid securities at June 30, 2013 is $590,816. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $590,816. |
ADR — American Depository Receipt.
CONV — Convertible Security.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 94 | % |
Canada | | | 1 | |
China | | | 1 | |
Denmark | | | 1 | |
France | | | 1 | |
Ireland | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,710,748 | | | $ | 1,710,748 | | | $ | — | | | $ | — | |
Airlines | | | 1,704,419 | | | | 1,704,419 | | | | — | | | | — | |
Apparel | | | 3,903,256 | | | | 3,039,354 | | | | 863,902 | | | | — | |
Auto Manufacturers | | | 1,880,025 | | | | 1,880,025 | | | | — | | | | — | |
Banks | | | 907,988 | | | | 907,988 | | | | — | | | | — | |
Beverages | | | 6,583,124 | | | | 4,980,923 | | | | 1,602,201 | | | | — | |
Biotechnology | | | 14,121,301 | | | | 14,121,301 | | | | — | | | | — | |
Building Materials | | | 620,046 | | | | 620,046 | | | | — | | | | — | |
Chemicals | | | 7,856,635 | | | | 7,856,635 | | | | — | | | | — | |
Commercial Services | | | 6,559,635 | | | | 6,559,635 | | | | — | | | | — | |
Computers | | | 5,532,494 | | | | 5,532,494 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 2,301,736 | | | | 2,301,736 | | | | — | | | | — | |
Distribution & Wholesale | | | 3,296,628 | | | | 3,296,628 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable
Input | |
COMMON STOCKS — (continued) | | | | | |
Diversified Financial Services | | $ | 14,044,692 | | | $ | 14,044,692 | | | $ | — | | | $ | — | |
Food | | | 3,052,028 | | | | 2,126,124 | | | | 925,904 | | | | — | |
Healthcare Products | | | 2,485,822 | | | | 2,485,822 | | | | — | | | | — | |
Healthcare Services | | | 1,098,634 | | | | 1,098,634 | | | | — | | | | — | |
Home Builders | | | 1,996,340 | | | | 1,996,340 | | | | — | | | | — | |
Internet | | | 42,059,563 | | | | 41,310,495 | | | | 609,137 | | | | 139,931 | |
Leisure Time | | | 1,838,125 | | | | 729,106 | | | | 1,109,019 | | | | — | |
Lodging | | | 5,467,289 | | | | 5,467,289 | | | | — | | | | — | |
Machinery — Diversified | | | 2,397,446 | | | | 2,397,446 | | | | — | | | | — | |
Media | | | 4,377,551 | | | | 4,377,551 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 4,904,417 | | | | 4,904,417 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 5,026,020 | | | | 5,026,020 | | | | — | | | | — | |
Oil & Gas | | | 8,280,508 | | | | 8,280,508 | | | | — | | | | — | |
Oil & Gas Services | | | 2,809,170 | | | | 2,809,170 | | | | — | | | | — | |
Pharmaceuticals | | | 7,761,643 | | | | 6,637,028 | | | | 1,124,615 | | | | — | |
Retail | | | 25,062,799 | | | | 25,062,799 | | | | — | | | | — | |
Semiconductors | | | 3,664,588 | | | | 3,664,588 | | | | — | | | | — | |
Software | | | 8,223,268 | | | | 8,223,268 | | | | — | | | | — | |
Telecommunications | | | 8,132,851 | | | | 8,132,851 | | | | — | | | | — | |
Transportation | | | 7,292,492 | | | | 7,292,492 | | | | — | | | | — | |
PREFERRED STOCKS | | | 450,885 | | | | — | | | | — | | | | 450,885 | |
REAL ESTATE INVESTMENT TRUSTS | | | 4,478,004 | | | | 4,478,004 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,968,655 | | | | 1,968,655 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 223,850,825 | | | $ | 217,025,231 | | | $ | 6,234,778 | | | $ | 590,816 | |
| |
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 12/31/2012 | | $ | 429,019 | |
Change in Appreciation/(Depreciation) | | | 161,797 | |
| | | | |
Balance as of 6/30/2013 | | $ | 590,816 | |
| | | | |
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.
79
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 100.0% | | | | | | | | |
| Advertising — 0.5% | | | | | | | | |
Omnicom Group, Inc. | | | 2,320 | | | $ | 145,858 | |
| | | | | | | | |
| Aerospace & Defense — 3.8% | | | | | | | | |
United Technologies Corp. | | | 11,590 | | | | 1,077,175 | |
| | | | | | | | |
| Apparel — 3.2% | | | | | | | | |
LVMH Moet Hennessy Louis Vuitton S.A. | | | 3,263 | | | | 529,760 | |
NIKE, Inc., Class B | | | 6,020 | | | | 383,353 | |
| | | | | | | | |
| | | | | | | 913,113 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.1% | | | | | | | | |
Johnson Controls, Inc. | | | 8,450 | | | | 302,426 | |
| | | | | | | | |
| Beverages — 2.7% | | | | | | | | |
PepsiCo, Inc. | | | 5,130 | | | | 419,583 | |
Pernod-Ricard S.A. | | | 3,074 | | | | 341,193 | |
| | | | | | | | |
| | | | | | | 760,776 | |
| | | | | | | | |
| Chemicals — 2.0% | | | | | | | | |
Monsanto Co. | | | 1,712 | | | | 169,145 | |
Praxair, Inc. | | | 3,586 | | | | 412,964 | |
| | | | | | | | |
| | | | | | | 582,109 | |
| | | | | | | | |
| Commercial Services — 2.0% | | | | | | | | |
Mastercard, Inc., Class A | | | 693 | | | | 398,129 | |
Verisk Analytics, Inc., Class A* | | | 3,040 | | | | 181,488 | |
| | | | | | | | |
| | | | | | | 579,617 | |
| | | | | | | | |
| Computers — 8.7% | | | | | | | | |
Accenture PLC, Class A | | | 11,550 | | | | 831,139 | |
Apple, Inc. | | | 884 | | | | 350,135 | |
Cognizant Technology Solutions Corp., Class A* | | | 2,560 | | | | 160,281 | |
EMC Corp. | | | 32,210 | | | | 760,800 | |
International Business Machines Corp. | | | 2,079 | | | | 397,318 | |
| | | | | | | | |
| | | | | | | 2,499,673 | |
| | | | | | | | |
| Cosmetics & Personal Care — 6.4% | | | | | | | | |
Colgate-Palmolive Co. | | | 15,939 | | | | 913,146 | |
The Procter & Gamble Co. | | | 12,090 | | | | 930,809 | |
| | | | | | | | |
| | | | | | | 1,843,955 | |
| | | | | | | | |
| Distribution & Wholesale — 2.0% | | | | | | | | |
W.W. Grainger, Inc. | | | 2,267 | | | | 571,692 | |
| | | | | | | | |
| Diversified Financial Services — 6.3% | | | | | | | | |
CME Group, Inc. | | | 2,320 | | | | 176,274 | |
Franklin Resources, Inc. | | | 3,522 | | | | 479,062 | |
The Charles Schwab Corp. | | | 8,740 | | | | 185,550 | |
Visa, Inc., Class A | | | 5,276 | | | | 964,189 | |
| | | | | | | | |
| | | | | | | 1,805,075 | |
| | | | | | | | |
| Electronics — 8.7% | | | | | | | | |
Amphenol Corp., Class A | | | 2,780 | | | | 216,673 | |
Mettler-Toledo International, Inc.* | | | 1,983 | | | | 398,980 | |
Sensata Technologies Holding N.V.* | | | 17,780 | | | | 620,522 | |
Thermo Fisher Scientific, Inc. | | | 10,200 | | | | 863,226 | |
Waters Corp.* | | | 3,890 | | | | 389,194 | |
| | | | | | | | |
| | | | | | | 2,488,595 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Food — 2.4% | | | | | | | | |
Danone S.A. | | | 9,236 | | | $ | 695,175 | |
| | | | | | | | |
| Healthcare Products — 3.8% | | | | | | | | |
Becton Dickinson & Co. | | | 1,580 | | | | 156,151 | |
DENTSPLY International, Inc. | | | 14,780 | | | | 605,389 | |
Patterson Cos., Inc. | | | 3,830 | | | | 144,008 | |
St. Jude Medical, Inc. | | | 4,060 | | | | 185,258 | |
| | | | | | | | |
| | | | | | | 1,090,806 | |
| | | | | | | | |
| Household Products & Wares — 0.7% | | | | | | | | |
Church & Dwight Co., Inc. | | | 3,190 | | | | 196,855 | |
| | | | | | | | |
| Internet — 5.2% | | | | | | | | |
eBay, Inc.* | | | 4,790 | | | | 247,739 | |
Google, Inc., Class A* | | | 1,425 | | | | 1,254,527 | |
| | | | | | | | |
| | | | | | | 1,502,266 | |
| | | | | | | | |
| Media — 5.7% | | | | | | | | |
Discovery Communications, Inc., Class A* | | | 3,440 | | | | 265,602 | |
The Walt Disney Co. | | | 9,910 | | | | 625,816 | |
Time Warner, Inc. | | | 8,100 | | | | 468,342 | |
Viacom, Inc., Class B | | | 3,810 | | | | 259,271 | |
| | | | | | | | |
| | | | | | | 1,619,031 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 1.8% | | | | | | | | |
Precision Castparts Corp. | | | 2,331 | | | | 526,829 | |
| | | | | | | | |
| Mining — 0.4% | | | | | | | | |
Rio Tinto PLC | | | 2,860 | | | | 116,314 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.8% | | | | | | | | |
Danaher Corp. | | | 16,980 | | | | 1,074,834 | |
| | | | | | | | |
| Oil & Gas — 1.1% | | | | | | | | |
Occidental Petroleum Corp. | | | 3,630 | | | | 323,905 | |
| | | | | | | | |
| Oil & Gas Services — 3.1% | | | | | | | | |
National Oilwell Varco, Inc. | | | 2,530 | | | | 174,317 | |
Schlumberger Ltd. | | | 10,060 | | | | 720,900 | |
| | | | | | | | |
| | | | | | | 895,217 | |
| | | | | | | | |
| Pharmaceuticals — 6.4% | | | | | | | | |
Allergan, Inc. | | | 2,089 | | | | 175,977 | |
Express Scripts Holding Co.* | | | 11,410 | | | | 703,883 | |
Johnson & Johnson | | | 7,290 | | | | 625,919 | |
Mead Johnson Nutrition Co. | | | 4,070 | | | | 322,466 | |
Zoetis, Inc. | | | 540 | | | | 16,681 | |
| | | | | | | | |
| | | | | | | 1,844,926 | |
| | | | | | | | |
| Retail — 6.7% | | | | | | | | |
CVS Caremark Corp. | | | 11,770 | | | | 673,009 | |
Inditex S.A. | | | 2,068 | | | | 255,077 | |
Kohl’s Corp. | | | 3,250 | | | | 164,157 | |
McDonald’s Corp. | | | 6,030 | | | | 596,970 | |
Target Corp. | | | 3,160 | | | | 217,598 | |
| | | | | | | | |
| | | | | | | 1,906,811 | |
| | | | | | | | |
80
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — 3.6% | | | | | | | | |
Microchip Technology, Inc. | | | 18,660 | | | $ | 695,085 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 18,890 | | | | 346,065 | |
| | | | | | | | |
| | | | | | | 1,041,150 | |
| | | | | | | | |
| Software — 4.5% | | | | | | | | |
Autodesk, Inc.* | | | 10,770 | | | | 365,534 | |
MSCI, Inc., Class A* | | | 5,120 | | | | 170,342 | |
Oracle Corp. | | | 24,760 | | | | 760,627 | |
| | | | | | | | |
| | | | | | | 1,296,503 | |
| | | | | | | | |
| Transportation — 3.4% | | | | | | | | |
Expeditors International of Washington, Inc. | | | 14,830 | | | | 563,688 | |
Kuehne + Nagel International AG | | | 3,620 | | | | 397,169 | |
| | | | | | | | |
| | | | | | | 960,857 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $28,039,825) | | | | | | | 28,661,543 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $28,039,825) | | | | | | $ | 28,661,543 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 83 | % |
France | | | 8 | |
Ireland | | | 3 | |
Netherlands | | | 2 | |
Spain | | | 1 | |
Switzerland | | | 1 | |
Taiwan | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total Market Value at
06/30/2013 | | | Level 1
Quoted Price | | | Level 2
Significant Observable Input | | | Level 3
Significant Unobservable Input | |
COMMON STOCKS | | $ | 28,661,542 | | | $ | 26,326,854 | | | $ | 2,334,688 | | | $ | — | |
| |
TOTAL INVESTMENTS | | $ | 28,661,542 | | | $ | 26,326,854 | | | $ | 2,334,688 | | | $ | — | |
| |
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, 2013 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 98.8% | | | | | | | | |
| Apparel — 2.2% | |
Michael Kors Holdings Ltd.* | | | 15,160 | | | $ | 940,223 | |
Ralph Lauren Corp. | | | 8,330 | | | | 1,447,254 | |
| | | | | | | | |
| | | | | | | 2,387,477 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.2% | | | | | | | | |
Delphi Automotive PLC | | | 25,840 | | | | 1,309,830 | |
| | | | | | | | |
| Beverages — 3.6% | | | | | | | | |
Constellation Brands, Inc., Class A* | | | 45,590 | | | | 2,376,151 | |
Green Mountain Coffee Roasters, Inc.* | | | 19,130 | | | | 1,435,898 | |
| | | | | | | | |
| | | | | | | 3,812,049 | |
| | | | | | | | |
| Biotechnology — 5.4% | | | | | | | | |
Amgen, Inc. | | | 21,233 | | | | 2,094,848 | |
Biogen Idec, Inc.* | | | 5,360 | | | | 1,153,472 | |
Gilead Sciences, Inc.* | | | 49,160 | | | | 2,517,483 | |
| | | | | | | | |
| | | | | | | 5,765,803 | |
| | | | | | | | |
| Building Materials — 1.0% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 26,210 | | | | 1,015,375 | |
| | | | | | | | |
| Chemicals — 4.0% | | | | | | | | |
Monsanto Co. | | | 15,060 | | | | 1,487,928 | |
The Sherwin-Williams Co. | | | 9,290 | | | | 1,640,614 | |
W.R. Grace & Co.* | | | 13,558 | | | | 1,139,414 | |
| | | | | | | | |
| | | | | | | 4,267,956 | |
| | | | | | | | |
| Commercial Services — 6.4% | | | | | | | | |
Alliance Data Systems Corp.* | | | 11,700 | | | | 2,118,051 | |
Hertz Global Holdings, Inc.* | | | 63,970 | | | | 1,586,456 | |
Mastercard, Inc., Class A | | | 3,960 | | | | 2,275,020 | |
United Rentals, Inc.* | | | 18,270 | | | | 911,856 | |
| | | | | | | | |
| | | | | | | 6,891,383 | |
| | | | | | | | |
| Computers — 6.1% | | | | | | | | |
Accenture PLC, Class A | | | 36,244 | | | | 2,608,118 | |
Apple, Inc. | | | 9,965 | | | | 3,946,937 | |
| | | | | | | | |
| | | | | | | 6,555,055 | |
| | | | | | | | |
| Distribution & Wholesale — 2.3% | | | | | | | | |
LKQ Corp.* | | | 32,817 | | | | 845,038 | |
W.W. Grainger, Inc. | | | 6,522 | | | | 1,644,718 | |
| | | | | | | | |
| | | | | | | 2,489,756 | |
| | | | | | | | |
| Diversified Financial Services — 6.8% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 8,577 | | | | 1,406,113 | |
Ameriprise Financial, Inc. | | | 10,990 | | | | 888,871 | |
IntercontinentalExchange, Inc.* | | | 10,790 | | | | 1,918,031 | |
Visa, Inc., Class A | | | 16,570 | | | | 3,028,168 | |
| | | | | | | | |
| | | | | | | 7,241,183 | |
| | | | | | | | |
| Diversified Operations — 1.8% | | | | | | | | |
Eaton Corp. PLC | | | 29,220 | | | | 1,922,968 | |
| | | | | | | | |
| Healthcare Services — 0.5% | | | | | | | | |
HCA Holdings, Inc.* | | | 15,299 | | | | 551,682 | |
| | | | | | | | |
| Internet — 14.5% | | | | | | | | |
Amazon.com, Inc.* | | | 12,044 | | | | 3,344,498 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Internet — (continued) | | | | | | | | |
eBay, Inc.* | | | 44,340 | | | $ | 2,293,265 | |
Facebook, Inc., Class A* | | | 43,640 | | | | 1,084,890 | |
Google, Inc., Class A* | | | 5,420 | | | | 4,771,606 | |
LinkedIn Corp., Class A* | | | 9,080 | | | | 1,618,964 | |
MercadoLibre, Inc. | | | 2,410 | | | | 259,702 | |
priceline.com, Inc.* | | | 2,510 | | | | 2,076,096 | |
| | | | | | | | |
| | | | | | | 15,449,021 | |
| | | | | | | | |
| Lodging — 1.1% | | | | | | | | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 18,680 | | | | 1,180,389 | |
| | | | | | | | |
| Machinery — Diversified — 0.6% | | | | | | | | |
Cummins, Inc. | | | 6,285 | | | | 681,671 | |
| | | | | | | | |
| Media — 8.2% | | | | | | | | |
CBS Corp., Class B | | | 33,035 | | | | 1,614,420 | |
Discovery Communications, Inc., Class A* | | | 22,840 | | | | 1,763,476 | |
Liberty Global PLC, Class A* | | | 8,197 | | | | 607,234 | |
Liberty Global PLC, Series C* | | | 20,666 | | | | 1,403,015 | |
Sirius XM Radio, Inc. | | | 456,790 | | | | 1,530,247 | |
Viacom, Inc., Class B | | | 26,910 | | | | 1,831,225 | |
| | | | | | | | |
| | | | | | | 8,749,617 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 2.1% | | | | | | | | |
Precision Castparts Corp. | | | 9,859 | | | | 2,228,233 | |
| | | | | | | | |
| Oil & Gas — 1.4% | | | | | | | | |
Pioneer Natural Resources Co. | | | 10,190 | | | | 1,475,003 | |
| | | | | | | | |
| Pharmaceuticals — 5.1% | | | | | | | | |
Allergan, Inc. | | | 9,160 | | | | 771,639 | |
Cardinal Health, Inc. | | | 31,930 | | | | 1,507,096 | |
Novartis AG ADR | | | 20,990 | | | | 1,484,203 | |
Sanofi | | | 32,620 | | | | 1,680,256 | |
| | | | | | | | |
| | | | | | | 5,443,194 | |
| | | | | | | | |
| Real Estate — 1.5% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 66,940 | | | | 1,563,718 | |
| | | | | | | | |
| Retail — 12.1% | | | | | | | | |
Best Buy Co., Inc. | | | 47,600 | | | | 1,300,908 | |
CVS Caremark Corp. | | | 29,420 | | | | 1,682,236 | |
Dollar General Corp.* | | | 28,648 | | | | 1,444,719 | |
PVH Corp. | | | 12,950 | | | | 1,619,397 | |
Starbucks Corp. | | | 31,930 | | | | 2,091,096 | |
The Home Depot, Inc. | | | 42,180 | | | | 3,267,684 | |
TJX Cos., Inc. | | | 29,470 | | | | 1,475,268 | |
| | | | | | | | |
| | | | | | | 12,881,308 | |
| | | | | | | | |
| Semiconductors — 1.5% | | | | | | | | |
ARM Holdings PLC ADR | | | 23,300 | | | | 842,994 | |
ASML Holding NV | | | 9,640 | | | | 762,524 | |
| | | | | | | | |
| | | | | | | 1,605,518 | |
| | | | | | | | |
| Software — 4.1% | | | | | | | | |
Microsoft Corp. | | | 62,970 | | | | 2,174,354 | |
Salesforce.com, Inc.* | | | 38,920 | | | | 1,485,965 | |
ServiceNow, Inc.* | | | 18,740 | | | | 756,909 | |
| | | | | | | | |
| | | | | | | 4,417,228 | |
| | | | | | | | |
82
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | |
| Telecommunications — 1.3% | | | | | | | | |
Crown Castle International Corp.* | | | 19,830 | | | $ | 1,435,494 | |
| | | | | | | | |
| Transportation — 4.0% | | | | | | | | |
Kansas City Southern | | | 15,860 | | | | 1,680,525 | |
Union Pacific Corp. | | | 17,078 | | | | 2,634,794 | |
| | | | | | | | |
| | | | | | | 4,315,319 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $80,423,136) | | | | 105,636,230 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.2% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,289,836) | | | 1,289,836 | | | | 1,289,836 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $81,712,972) | | | $ | 106,926,066 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 89 | % |
Ireland | | | 4 | |
France | | | 2 | |
United Kingdom | | | 2 | |
Hong Kong | | | 1 | |
Netherlands | | | 1 | |
Switzerland | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 105,636,230 | | | $ | 105,636,230 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,289,836 | | | | 1,289,836 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 106,926,066 | | | $ | 106,926,066 | | | $ | — | | | $ | — | |
| |
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, 2013 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 97.2% | | | | | | | | |
| Advertising — 1.1% | |
Omnicom Group, Inc. | | | 33,406 | | | $ | 2,100,235 | |
| | | | | | | | |
| Aerospace & Defense — 1.5% | | | | | | | | |
Northrop Grumman Corp. | | | 34,127 | | | | 2,825,716 | |
| | | | | | | | |
| Agriculture — 1.4% | | | | | | | | |
Philip Morris International, Inc. | | | 29,468 | | | | 2,552,518 | |
| | | | | | | | |
| Auto Manufacturers — 1.3% | | | | | | | | |
General Motors Co.* | | | 70,901 | | | | 2,361,712 | |
| | | | | | | | |
| Banks — 13.9% | | | | | | | | |
Bank of America Corp. | | | 204,146 | | | | 2,625,317 | |
Citigroup, Inc. | | | 63,385 | | | | 3,040,578 | |
Fifth Third Bancorp | | | 115,092 | | | | 2,077,411 | |
JPMorgan Chase & Co. | | | 97,028 | | | | 5,122,108 | |
State Street Corp. | | | 54,291 | | | | 3,540,316 | |
The PNC Financial Services Group, Inc. | | | 40,128 | | | | 2,926,134 | |
U.S. Bancorp | | | 49,832 | | | | 1,801,427 | |
Wells Fargo & Co. | | | 106,415 | | | | 4,391,747 | |
| | | | | | | | |
| | | | | | | 25,525,038 | |
| | | | | | | | |
| Beverages — 2.6% | | | | | | | | |
Coca-Cola Enterprises, Inc. | | | 54,464 | | | | 1,914,954 | |
PepsiCo, Inc. | | | 35,361 | | | | 2,892,176 | |
| | | | | | | | |
| | | | | | | 4,807,130 | |
| | | | | | | | |
| Building Materials — 1.0% | | | | | | | | |
Vulcan Materials Co. | | | 36,405 | | | | 1,762,366 | |
| | | | | | | | |
| Chemicals — 1.3% | | | | | | | | |
E.I. du Pont de Nemours & Co. | | | 45,795 | | | | 2,404,238 | |
| | | | | | | | |
| Coal — 0.6% | | | | | | | | |
CONSOL Energy, Inc. | | | 42,584 | | | | 1,154,026 | |
| | | | | | | | |
| Computers — 0.9% | | | | | | | | |
Apple, Inc. | | | 4,344 | | | | 1,720,572 | |
| | | | | | | | |
| Cosmetics & Personal Care — 1.3% | | | | | | | | |
The Procter & Gamble Co. | | | 30,572 | | | | 2,353,738 | |
| | | | | | | | |
| Diversified Financial Services — 4.0% | | | | | | | | |
Ameriprise Financial, Inc. | | | 39,118 | | | | 3,163,864 | |
Discover Financial Services | | | 54,698 | | | | 2,605,813 | |
Legg Mason, Inc. | | | 53,137 | | | | 1,647,778 | |
| | | | | | | | |
| | | | | | | 7,417,455 | |
| | | | | | | | |
| Diversified Operations — 1.4% | | | | | | | | |
Eaton Corp. PLC | | | 37,745 | | | | 2,483,998 | |
| | | | | | | | |
| Electric — 4.1% | | | | | | | | |
Calpine Corp.* | | | 78,344 | | | | 1,663,243 | |
FirstEnergy Corp. | | | 53,358 | | | | 1,992,388 | |
NextEra Energy, Inc. | | | 27,448 | | | | 2,236,463 | |
NRG Energy, Inc. | | | 58,672 | | | | 1,566,542 | |
| | | | | | | | |
| | | | | | | 7,458,636 | |
| | | | | | | | |
| Electronics — 1.3% | | | | | | | | |
Honeywell International, Inc. | | | 29,965 | | | | 2,377,423 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — 2.6% | | | | | | | | |
Baxter International, Inc. | | | 34,641 | | | $ | 2,399,582 | |
Covidien PLC | | | 38,916 | | | | 2,445,482 | |
| | | | | | | | |
| | | | | | | 4,845,064 | |
| | | | | | | | |
| Healthcare Services — 2.5% | | | | | | | | |
HCA Holdings, Inc.* | | | 40,855 | | | | 1,473,231 | |
UnitedHealth Group, Inc. | | | 47,720 | | | | 3,124,706 | |
| | | | | | | | |
| | | | | | | 4,597,937 | |
| | | | | | | | |
| Insurance — 5.7% | | | | | | | | |
American International Group, Inc.* | | | 50,679 | | | | 2,265,351 | |
MetLife, Inc. | | | 70,125 | | | | 3,208,920 | |
The Travelers Cos., Inc. | | | 27,299 | | | | 2,181,736 | |
Unum Group | | | 95,253 | | | | 2,797,581 | |
| | | | | | | | |
| | | | | | | 10,453,588 | |
| | | | | | | | |
| Internet — 3.1% | | | | | | | | |
AOL, Inc.* | | | 45,895 | | | | 1,674,250 | |
Google, Inc., Class A* | | | 1,803 | | | | 1,587,307 | |
Liberty Interactive Corp., Class A* | | | 108,781 | | | | 2,503,051 | |
| | | | | | | | |
| | | | | | | 5,764,608 | |
| | | | | | | | |
| Media — 4.7% | | | | | | | | |
CBS Corp., Class B | | | 37,278 | | | | 1,821,776 | |
Comcast Corp., Class A | | | 63,152 | | | | 2,644,806 | |
DIRECTV* | | | 30,315 | | | | 1,868,010 | |
Viacom, Inc., Class B | | | 33,341 | | | | 2,268,855 | |
| | | | | | | | |
| | | | | | | 8,603,447 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 4.2% | | | | | | | | |
Dover Corp. | | | 28,420 | | | | 2,207,097 | |
General Electric Co. | | | 135,060 | | | | 3,132,042 | |
Illinois Tool Works, Inc. | | | 34,582 | | | | 2,392,037 | |
| | | | | | | | |
| | | | | | | 7,731,176 | |
| | | | | | | | |
| Oil & Gas — 9.3% | | | | | | | | |
Chevron Corp. | | | 44,261 | | | | 5,237,847 | |
EOG Resources, Inc. | | | 21,514 | | | | 2,832,963 | |
Exxon Mobil Corp. | | | 39,354 | | | | 3,555,634 | |
Hess Corp. | | | 39,282 | | | | 2,611,860 | |
Noble Energy, Inc. | | | 46,347 | | | | 2,782,674 | |
| | | | | | | | |
| | | | | | | 17,020,978 | |
| | | | | | | | |
| Oil & Gas Services — 2.2% | | | | | | | | |
Schlumberger Ltd. | | | 33,565 | | | | 2,405,268 | |
Transocean Ltd. | | | 35,321 | | | | 1,693,642 | |
| | | | | | | | |
| | | | | | | 4,098,910 | |
| | | | | | | | |
| Packaging and Containers — 1.3% | | | | | | | | |
Sealed Air Corp. | | | 97,552 | | | | 2,336,370 | |
| | | | | | | | |
| Pharmaceuticals — 8.5% | | | | | | | | |
Bristol-Myers Squibb Co. | | | 47,933 | | | | 2,142,126 | |
Forest Laboratories, Inc.* | | | 56,171 | | | | 2,303,011 | |
Merck & Co., Inc. | | | 88,106 | | | | 4,092,523 | |
Pfizer, Inc. | | | 148,197 | | | | 4,150,998 | |
Sanofi-ADR | | | 55,745 | | | | 2,871,425 | |
| | | | | | | | |
| | | | | | | 15,560,083 | |
| | | | | | | | |
84
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | |
| Retail — 5.6% | | | | | | | | |
CVS Caremark Corp. | | | 42,347 | | | $ | 2,421,401 | |
Family Dollar Stores, Inc. | | | 41,340 | | | | 2,575,895 | |
Lowe’s Cos., Inc. | | | 70,524 | | | | 2,884,432 | |
Target Corp. | | | 36,122 | | | | 2,487,361 | |
| | | | | | | | |
| | | | | | | 10,369,089 | |
| | | | | | | | |
| Semiconductors — 1.4% | | | | | | | | |
Texas Instruments, Inc. | | | 71,850 | | | | 2,505,410 | |
| | | | | | | | |
| Software — 1.9% | | | | | | | | |
Microsoft Corp. | | | 54,992 | | | | 1,898,874 | |
Oracle Corp. | | | 54,140 | | | | 1,663,181 | |
| | | | | | | | |
| | | | | | | 3,562,055 | |
| | | | | | | | |
| Telecommunications — 5.1% | | | | | | | | |
Cisco Systems, Inc. | | | 93,023 | | | | 2,261,389 | |
Motorola Solutions, Inc. | | | 44,734 | | | | 2,582,494 | |
Verizon Communications, Inc. | | | 46,578 | | | | 2,344,737 | |
Vodafone Group PLC- ADR | | | 78,980 | | | | 2,269,885 | |
| | | | | | | | |
| | | | | | | 9,458,505 | |
| | | | | | | | |
| Transportation — 1.4% | | | | | | | | |
Norfolk Southern Corp. | | | 35,536 | | | | 2,581,690 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $172,789,501) | | | | 178,793,711 | |
| | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 1.3% | | | | | | | | |
| Real Estate Investment Trusts — 1.3% | | | | | | | | |
Weyerhaeuser Co.
(Cost $2,547,323) | | | 84,565 | | | | 2,409,257 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,817,771) | | | 2,817,771 | | | | 2,817,771 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $178,154,595) | | | $ | 184,020,739 | |
| | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 92 | % |
France | | | 3 | |
Ireland | | | 3 | |
Switzerland | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 178,793,711 | | | $ | 178,793,711 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 2409,257 | | | | 2,409,257 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,817,771 | | | | 2,817,771 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 184,020,739 | | | | 184,020,739 | | | $ | — | | | $ | — | |
| |
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, 2013 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 95.2% | | | | | | | | |
| Aerospace & Defense — 2.5% | | | | | | | | |
The Boeing Co. | | | 22,766 | | | $ | 2,332,149 | |
United Technologies Corp. | | | 24,431 | | | | 2,270,617 | |
| | | | | | | | |
| | | | | | | 4,602,766 | |
| | | | | | | | |
| Apparel — 1.0% | | | | | | | | |
Coach, Inc. | | | 32,008 | | | | 1,827,337 | |
| | | | | | | | |
| Banks — 17.6% | | | | | | | | |
Citigroup, Inc. | | | 107,842 | | | | 5,173,181 | |
JPMorgan Chase & Co. | | | 102,537 | | | | 5,412,928 | |
KeyCorp | | | 125,745 | | | | 1,388,225 | |
Morgan Stanley | | | 142,369 | | | | 3,478,075 | |
Regions Financial Corp. | | | 279,543 | | | | 2,664,045 | |
SunTrust Banks, Inc. | | | 59,529 | | | | 1,879,330 | |
The Goldman Sachs Group, Inc. | | | 12,235 | | | | 1,850,544 | |
The PNC Financial Services Group, Inc. | | | 59,842 | | | | 4,363,679 | |
Wells Fargo & Co. | | | 132,391 | | | | 5,463,776 | |
| | | | | | | | |
| | | | | | | 31,673,783 | |
| | | | | | | | |
| Biotechnology — 1.4% | | | | | | | | |
Gilead Sciences, Inc.* | | | 50,607 | | | | 2,591,584 | |
| | | | | | | | |
| Chemicals — 2.4% | | | | | | | | |
E.I. du Pont de Nemours & Co. | | | 25,601 | | | | 1,344,052 | |
LyondellBasell Industries N.V., Class A | | | 43,972 | | | | 2,913,585 | |
| | | | | | | | |
| | | | | | | 4,257,637 | |
| | | | | | | | |
| Computers — 2.8% | | | | | | | | |
EMC Corp. | | | 111,807 | | | | 2,640,881 | |
International Business Machines Corp. | | | 12,878 | | | | 2,461,115 | |
| | | | | | | | |
| | | | | | | 5,101,996 | |
| | | | | | | | |
| Diversified Financial Services — 3.9% | |
American Express Co. | | | 35,511 | | | | 2,654,802 | |
Discover Financial Services | | | 54,333 | | | | 2,588,424 | |
Invesco Ltd. | | | 56,648 | | | | 1,801,407 | |
| | | | | | | | |
| | | | | | | 7,044,633 | |
| | | | | | | | |
| Diversified Operations — 0.7% | | | | | | | | |
Eaton Corp. PLC | | | 17,922 | | | | 1,179,447 | |
| | | | | | | | |
| Electric — 3.1% | | | | | | | | |
American Electric Power Co., Inc. | | | 50,550 | | | | 2,263,629 | |
NextEra Energy, Inc. | | | 40,266 | | | | 3,280,874 | |
| | | | | | | | |
| | | | | | | 5,544,503 | |
| | | | | | | | |
| Electronics — 2.1% | | | | | | | | |
Honeywell International, Inc. | | | 24,080 | | | | 1,910,507 | |
Thermo Fisher Scientific, Inc. | | | 23,089 | | | | 1,954,022 | |
| | | | | | | | |
| | | | | | | 3,864,529 | |
| | | | | | | | |
| Food — 2.1% | | | | | | | | |
Kraft Foods Group, Inc. | | | 19,187 | | | | 1,071,978 | |
Mondelez International, Inc., Class A | | | 41,544 | | | | 1,185,250 | |
Nestle SA ADR | | | 24,318 | | | | 1,599,638 | |
| | | | | | | | |
| | | | | | | 3,856,866 | |
| | | | | | | | |
| Gas — 1.9% | | | | | | | | |
Sempra Energy | | | 41,509 | | | | 3,393,776 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — 1.9% | | | | | | | | |
Covidien PLC | | | 23,165 | | | $ | 1,455,689 | |
Stryker Corp. | | | 29,317 | | | | 1,896,223 | |
| | | | | | | | |
| | | | | | | 3,351,912 | |
| | | | | | | | |
| Insurance — 5.3% | | | | | | | | |
ACE Ltd. | | | 23,206 | | | | 2,076,473 | |
Aflac, Inc. | | | 42,129 | | | | 2,448,537 | |
MetLife, Inc. | | | 35,831 | | | | 1,639,627 | |
The Travelers Cos., Inc. | | | 32,090 | | | | 2,564,633 | |
XL Group PLC | | | 30,470 | | | | 923,850 | |
| | | | | | | | |
| | | | | | | 9,653,120 | |
| | | | | | | | |
| Internet — 0.9% | | | | | | | | |
Google, Inc., Class A* | | | 1,776 | | | | 1,563,537 | |
| | | | | | | | |
| Machinery — Construction & Mining — 1.5% | | | | | |
Caterpillar, Inc. | | | 32,812 | | | | 2,706,662 | |
| | | | | | | | |
| Machinery — Diversified — 0.7% | | | | | | | | |
Deere & Co. | | | 14,657 | | | | 1,190,881 | |
| | | | | | | | |
| Media — 3.0% | | | | | | | | |
Comcast Corp., Class A | | | 53,426 | | | | 2,237,481 | |
The Walt Disney Co. | | | 50,075 | | | | 3,162,236 | |
| | | | | | | | |
| | | | | | | 5,399,717 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.4% | |
General Electric Co. | | | 185,392 | | | | 4,299,240 | |
| | | | | | | | |
| Oil & Gas — 13.6% | | | | | | | | |
Anadarko Petroleum Corp. | | | 24,162 | | | | 2,076,241 | |
Chevron Corp. | | | 44,757 | | | | 5,296,543 | |
ConocoPhillips | | | 54,952 | | | | 3,324,596 | |
EOG Resources, Inc. | | | 21,371 | | | | 2,814,133 | |
Marathon Oil Corp. | | | 90,846 | | | | 3,141,455 | |
Occidental Petroleum Corp. | | | 53,114 | | | | 4,739,362 | |
Phillips 66 | | | 53,734 | | | | 3,165,470 | |
| | | | | | | | |
| | | | | | | 24,557,800 | |
| | | | | | | | |
| Oil & Gas Services — 1.9% | | | | | | | | |
National Oilwell Varco, Inc. | | | 25,320 | | | | 1,744,548 | |
Schlumberger Ltd. | | | 23,074 | | | | 1,653,483 | |
| | | | | | | | |
| | | | | | | 3,398,031 | |
| | | | | | | | |
| Pharmaceuticals — 9.0% | | | | | | | | |
AmerisourceBergen Corp. | | | 23,192 | | | | 1,294,810 | |
Merck & Co., Inc. | | | 88,524 | | | | 4,111,940 | |
Pfizer, Inc. | | | 161,531 | | | | 4,524,483 | |
Roche Holding Ltd. AG ADR | | | 47,909 | | | | 2,963,890 | |
Sanofi | | | 46,069 | | | | 2,373,014 | |
Shire PLC ADR | | | 10,623 | | | | 1,010,354 | |
| | | | | | | | |
| | | | | | | 16,278,491 | |
| | | | | | | | |
| Retail — 4.0% | | | | | | | | |
CVS Caremark Corp. | | | 54,515 | | | | 3,117,168 | |
Dollar General Corp.* | | | 18,097 | | | | 912,632 | |
Lowe’s Cos., Inc. | | | 23,485 | | | | 960,536 | |
Macy’s, Inc. | | | 48,364 | | | | 2,321,472 | |
| | | | | | | | |
| | | | | | | 7,311,808 | |
| | | | | | | | |
86
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — 1.0% | | | | | | | | |
Intel Corp. | | | 73,630 | | | $ | 1,783,319 | |
| | | | | | | | |
| Software — 2.8% | | | | | | | | |
Microsoft Corp. | | | 96,470 | | | | 3,331,109 | |
Oracle Corp. | | | 53,997 | | | | 1,658,788 | |
| | | | | | | | |
| | | | | | | 4,989,897 | |
| | | | | | | | |
| Telecommunications — 3.6% | | | | | | | | |
AT&T, Inc. | | | 66,430 | | | | 2,351,622 | |
Cisco Systems, Inc. | | | 74,585 | | | | 1,813,161 | |
Verizon Communications, Inc. | | | 46,534 | | | | 2,342,522 | |
| | | | | | | | |
| | | | | | | 6,507,305 | |
| | | | | | | | |
| Transportation — 2.1% | | | | | | | | |
Union Pacific Corp. | | | 24,415 | | | | 3,766,746 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $129,713,752) | | | | | | | 171,697,323 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.8% | | | | | |
| Apartments — 1.1% | | | | | | | | |
AvalonBay Communities, Inc. | | | 14,922 | | | | 2,013,127 | |
| | | | | | | | |
| Office Property — 0.8% | | | | | | | | |
Boston Properties, Inc. | | | 14,218 | | | | 1,499,572 | |
| | | | | | | | |
| Storage & Warehousing — 0.9% | | | | | | | | |
Public Storage | | | 10,447 | | | | 1,601,839 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,358,194) | | | | 5,114,538 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.0% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,576,718) | | | 3,576,718 | | | | 3,576,718 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $136,648,664) | | | | | | $ | 180,388,579 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 90 | % |
Switzerland | | | 4 | |
France | | | 2 | |
Bermuda | | | 1 | |
Ireland | | | 1 | |
Netherlands | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 171,697,323 | | | $ | 171,697,323 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 5,114,538 | | | | 5,114,538 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 3,576,718 | | | | 3,576,718 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 180,388,579 | | | $ | 180,388,579 | | | $ | — | | | $ | — | |
| |
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.
87
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 95.8% | | | | | | | | |
| Advertising — 0.2% | | | | | | | | |
Omnicom Group, Inc. | | | 6,467 | | | $ | 406,580 | |
The Interpublic Group of Cos., Inc. | | | 10,134 | | | | 147,450 | |
| | | | | | | | |
| | | | | | | 554,030 | |
| | | | | | | | |
| Aerospace & Defense — 1.8% | | | | | | | | |
General Dynamics Corp. | | | 8,197 | | | | 642,071 | |
L-3 Communications Holdings, Inc. | | | 2,300 | | | | 197,202 | |
Lockheed Martin Corp. | | | 6,437 | | | | 698,157 | |
Northrop Grumman Corp. | | | 5,692 | | | | 471,298 | |
Raytheon Co. | | | 7,776 | | | | 514,149 | |
Rockwell Collins, Inc. | | | 3,245 | | | | 205,765 | |
The Boeing Co. | | | 16,621 | | | | 1,702,655 | |
United Technologies Corp. | | | 20,742 | | | | 1,927,762 | |
| | | | | | | | |
| | | | | | | 6,359,059 | |
| | | | | | | | |
| Agriculture — 1.8% | | | | | | | | |
Altria Group, Inc. | | | 48,778 | | | | 1,706,742 | |
Archer-Daniels-Midland Co. | | | 15,999 | | | | 542,526 | |
Lorillard, Inc. | | | 9,009 | | | | 393,513 | |
Philip Morris International, Inc. | | | 39,788 | | | | 3,446,437 | |
Reynolds American, Inc. | | | 7,602 | | | | 367,709 | |
| | | | | | | | |
| | | | | | | 6,456,927 | |
| | | | | | | | |
| Airlines — 0.1% | | | | | | | | |
Southwest Airlines Co. | | | 17,817 | | | | 229,661 | |
| | | | | | | | |
| Apparel — 0.6% | | | | | | | | |
Coach, Inc. | | | 6,977 | | | | 398,317 | |
NIKE, Inc., Class B | | | 17,546 | | | | 1,117,329 | |
Ralph Lauren Corp. | | | 1,428 | | | | 248,101 | |
VF Corp. | | | 2,108 | | | | 406,970 | |
| | | | | | | | |
| | | | | | | 2,170,717 | |
| | | | | | | | |
| Auto Manufacturers — 0.7% | | | | | | | | |
Ford Motor Co. | | | 95,367 | | | | 1,475,328 | |
General Motors Co.* | | | 18,800 | | | | 626,228 | |
PACCAR, Inc. | | | 8,844 | | | | 474,569 | |
| | | | | | | | |
| | | | | | | 2,576,125 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.4% | | | | | | | | |
BorgWarner, Inc.* | | | 3,000 | | | | 258,450 | |
Delphi Automotive PLC | | | 7,000 | | | | 354,830 | |
Johnson Controls, Inc. | | | 17,011 | | | | 608,823 | |
The Goodyear Tire & Rubber Co.* | | | 5,606 | | | | 85,716 | |
| | | | | | | | |
| | | | | | | 1,307,819 | |
| | | | | | | | |
| Banks — 7.6% | | | | | | | | |
Bank of America Corp. | | | 262,235 | | | | 3,372,342 | |
BB&T Corp. | | | 17,099 | | | | 579,314 | |
Capital One Financial Corp. | | | 14,141 | | | | 888,196 | |
Citigroup, Inc. | | | 73,981 | | | | 3,548,869 | |
Comerica, Inc. | | | 4,344 | | | | 173,022 | |
Fifth Third Bancorp | | | 20,946 | | | | 378,075 | |
Huntington Bancshares, Inc. | | | 19,965 | | | | 157,324 | |
JPMorgan Chase & Co. | | | 91,964 | | | | 4,854,780 | |
KeyCorp | | | 21,599 | | | | 238,453 | |
M&T Bank Corp. | | | 3,108 | | | | 347,319 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Morgan Stanley | | | 33,363 | | | $ | 815,058 | |
Northern Trust Corp. | | | 5,247 | | | | 303,801 | |
Regions Financial Corp. | | | 35,594 | | | | 339,211 | |
State Street Corp. | | | 11,347 | | | | 739,938 | |
SunTrust Banks, Inc. | | | 13,588 | | | | 428,973 | |
The Bank of New York Mellon Corp. | | | 28,080 | | | | 787,644 | |
The Goldman Sachs Group, Inc. | | | 10,443 | | | | 1,579,504 | |
The PNC Financial Services Group, Inc. | | | 13,083 | | | | 954,012 | |
U.S. Bancorp | | | 45,456 | | | | 1,643,234 | |
Wells Fargo & Co. | | | 119,837 | | | | 4,945,673 | |
Zions Bancorporation | | | 4,804 | | | | 138,740 | |
| | | | | | | | |
| | | | | | | 27,213,482 | |
| | | | | | | | |
| Beverages — 2.3% | | | | | | | | |
Beam, Inc. | | | 3,807 | | | | 240,260 | |
Brown-Forman Corp., Class B | | | 3,793 | | | | 256,217 | |
Coca-Cola Enterprises, Inc. | | | 6,628 | | | | 233,040 | |
Constellation Brands, Inc., Class A* | | | 3,723 | | | | 194,043 | |
Dr. Pepper Snapple Group, Inc. | | | 5,000 | | | | 229,650 | |
Molson Coors Brewing Co., Class B | | | 3,938 | | | | 188,473 | |
Monster Beverage Corp.* | | | 3,500 | | | | 212,695 | |
PepsiCo, Inc. | | | 37,561 | | | | 3,072,114 | |
The Coca-Cola Co. | | | 93,170 | | | | 3,737,049 | |
| | | | | | | | |
| | | | | | | 8,363,541 | |
| | | | | | | | |
| Biotechnology — 2.1% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 4,700 | | | | 433,528 | |
Amgen, Inc. | | | 18,445 | | | | 1,819,784 | |
Biogen Idec, Inc.* | | | 5,833 | | | | 1,255,262 | |
Celgene Corp. | | | 10,128 | | | | 1,184,064 | |
Gilead Sciences, Inc.* | | | 36,998 | | | | 1,894,667 | |
Life Technologies Corp.* | | | 4,359 | | | | 322,610 | |
Regeneron Pharmaceuticals, Inc.* | | | 1,900 | | | | 427,272 | |
| | | | | | | | |
| | | | | | | 7,337,187 | |
| | | | | | | | |
| Building Materials — 0.1% | | | | | | | | |
Masco Corp. | | | 9,077 | | | | 176,911 | |
Vulcan Materials Co. | | | 3,041 | | | | 147,215 | |
| | | | | | | | |
| | | | | | | 324,126 | |
| | | | | | | | |
| Chemicals — 2.4% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 5,021 | | | | 459,773 | |
Airgas, Inc. | | | 1,600 | | | | 152,736 | |
CF Industries Holdings, Inc. | | | 1,500 | | | | 257,250 | |
E.I. du Pont de Nemours & Co. | | | 22,323 | | | | 1,171,957 | |
Eastman Chemical Co. | | | 3,682 | | | | 257,777 | |
Ecolab, Inc. | | | 6,433 | | | | 548,027 | |
FMC Corp. | | | 3,500 | | | | 213,710 | |
International Flavors & Fragrances, Inc. | | | 1,875 | | | | 140,925 | |
LyondellBasell Industries N.V., Class A | | | 9,400 | | | | 622,844 | |
Monsanto Co. | | | 12,937 | | | | 1,278,176 | |
PPG Industries, Inc. | | | 3,410 | | | | 499,258 | |
Praxair, Inc. | | | 7,326 | | | | 843,662 | |
Sigma-Aldrich Corp. | | | 3,022 | | | | 242,848 | |
The Dow Chemical Co. | | | 29,904 | | | | 962,012 | |
The Mosaic Co. | | | 6,800 | | | | 365,908 | |
88
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Chemicals — (continued) | | | | | | | | |
The Sherwin-Williams Co. | | | 2,134 | | | $ | 376,864 | |
| | | | | | | | |
| | | | | | | 8,393,727 | |
| | | | | | | | |
| Coal — 0.1% | | | | | | | | |
CONSOL Energy, Inc. | | | 5,776 | | | | 156,529 | |
Peabody Energy Corp. | | | 6,212 | | | | 90,944 | |
| | | | | | | | |
| | | | | | | 247,473 | |
| | | | | | | | |
| Commercial Services — 1.4% | | | | | | | | |
Automatic Data Processing, Inc. | | | 12,043 | | | | 829,281 | |
Equifax, Inc. | | | 3,034 | | | | 178,794 | |
H&R Block, Inc. | | | 6,666 | | | | 184,981 | |
Iron Mountain, Inc. | | | 4,381 | | | | 116,578 | |
Mastercard, Inc., Class A | | | 2,500 | | | | 1,436,250 | |
McGraw Hill Financial, Inc. | | | 6,886 | | | | 366,266 | |
Moody’s Corp. | | | 4,873 | | | | 296,912 | |
Paychex, Inc. | | | 7,775 | | | | 283,943 | |
Quanta Services, Inc.* | | | 4,900 | | | | 129,654 | |
Robert Half International, Inc. | | | 3,207 | | | | 106,569 | |
SAIC, Inc. | | | 7,500 | | | | 104,475 | |
The ADT Corp.* | | | 5,150 | | | | 205,227 | |
The Western Union Co. | | | 13,778 | | | | 235,742 | |
Total System Services, Inc. | | | 3,477 | | | | 85,117 | |
Tyco International Ltd. | | | 11,500 | | | | 378,925 | |
| | | | | | | | |
| | | | | | | 4,938,714 | |
| | | | | | | | |
| Computers — 5.6% | | | | | | | | |
Accenture PLC, Class A | | | 15,800 | | | | 1,136,968 | |
Apple, Inc. | | | 22,826 | | | | 9,040,922 | |
Cognizant Technology Solutions Corp., Class A* | | | 7,252 | | | | 454,048 | |
Computer Sciences Corp. | | | 3,757 | | | | 164,444 | |
Dell, Inc. | | | 36,442 | | | | 486,501 | |
EMC Corp. | | | 51,848 | | | | 1,224,650 | |
Hewlett-Packard Co. | | | 47,583 | | | | 1,180,058 | |
International Business Machines Corp. | | | 25,358 | | | | 4,846,167 | |
NetApp, Inc. | | | 9,021 | | | | 340,813 | |
SanDisk Corp.* | | | 6,097 | | | | 372,527 | |
Seagate Technology PLC | | | 7,600 | | | | 340,708 | |
Teradata Corp. | | | 4,216 | | | | 211,770 | |
Western Digital Corp. | | | 5,200 | | | | 322,868 | |
| | | | | | | | |
| | | | | | | 20,122,444 | |
| | | | | | | | |
| Cosmetics & Personal Care — 2.0% | | | | | |
Avon Products, Inc. | | | 10,950 | | | | 230,279 | |
Colgate-Palmolive Co. | | | 21,470 | | | | 1,230,016 | |
The Estee Lauder Cos., Inc., Class A | | | 5,874 | | | | 386,333 | |
The Procter & Gamble Co. | | | 66,694 | | | | 5,134,771 | |
| | | | | | | | |
| | | | | | | 6,981,399 | |
| | | | | | | | |
| Distribution & Wholesale — 0.3% | | | | | | | | |
Fastenal Co. | | | 6,700 | | | | 307,195 | |
Fossil Group, Inc.* | | | 1,200 | | | | 123,972 | |
Genuine Parts Co. | | | 3,805 | | | | 297,056 | |
W.W. Grainger, Inc. | | | 1,472 | | | | 371,209 | |
| | | | | | | | |
| | | | | | | 1,099,432 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — 2.6% | | | | | |
American Express Co. | | | 23,480 | | | $ | 1,755,365 | |
Ameriprise Financial, Inc. | | | 5,046 | | | | 408,120 | |
BlackRock, Inc. | | | 3,099 | | | | 795,978 | |
CME Group, Inc. | | | 7,560 | | | | 574,409 | |
Discover Financial Services | | | 11,978 | | | | 570,632 | |
E*Trade Financial Corp.* | | | 7,681 | | | | 97,241 | |
Franklin Resources, Inc. | | | 3,452 | | | | 469,541 | |
IntercontinentalExchange, Inc.* | | | 1,780 | | | | 316,413 | |
Invesco Ltd. | | | 11,067 | | | | 351,931 | |
Legg Mason, Inc. | | | 2,861 | | | | 88,720 | |
NYSE Euronext | | | 5,785 | | | | 239,499 | |
SLM Corp. | | | 11,534 | | | | 263,667 | |
T. Rowe Price Group, Inc. | | | 6,281 | | | | 459,455 | |
The Charles Schwab Corp. | | | 27,069 | | | | 574,675 | |
The NASDAQ OMX Group, Inc. | | | 3,100 | | | | 101,649 | |
Visa, Inc., Class A | | | 12,364 | | | | 2,259,521 | |
| | | | | | | | |
| | | | | | | 9,326,816 | |
| | | | | | | | |
| Diversified Operations — 0.3% | | | | | | | | |
Eaton Corp. PLC | | | 11,406 | | | | 750,629 | |
Leucadia National Corp. | | | 6,960 | | | | 182,491 | |
Pentair, Inc. | | | 4,919 | | | | 283,777 | |
| | | | | | | | |
| | | | | | | 1,216,897 | |
| | | | | | | | |
| Electric — 2.9% | | | | | | | | |
AES Corp. | | | 14,444 | | | | 173,184 | |
Ameren Corp. | | | 6,198 | | | | 213,459 | |
American Electric Power Co., Inc. | | | 11,757 | | | | 526,479 | |
CMS Energy Corp. | | | 6,707 | | | | 182,229 | |
Consolidated Edison, Inc. | | | 7,234 | | | | 421,815 | |
Dominion Resources, Inc. | | | 14,009 | | | | 795,991 | |
DTE Energy Co. | | | 4,092 | | | | 274,205 | |
Duke Energy Corp. | | | 17,059 | | | | 1,151,483 | |
Edison International | | | 8,174 | | | | 393,660 | |
Entergy Corp. | | | 4,447 | | | | 309,867 | |
Exelon Corp. | | | 21,210 | | | | 654,965 | |
FirstEnergy Corp. | | | 9,956 | | | | 371,757 | |
Integrys Energy Group, Inc. | | | 1,995 | | | | 116,767 | |
NextEra Energy, Inc. | | | 10,485 | | | | 854,318 | |
Northeast Utilities | | | 7,517 | | | | 315,864 | |
NRG Energy, Inc. | | | 7,800 | | | | 208,260 | |
Pepco Holdings, Inc. | | | 5,540 | | | | 111,686 | |
PG&E Corp. | | | 11,050 | | | | 505,317 | |
Pinnacle West Capital Corp. | | | 2,569 | | | | 142,502 | |
PPL Corp. | | | 14,598 | | | | 441,736 | |
Public Service Enterprise Group, Inc. | | | 12,349 | | | | 403,318 | |
SCANA Corp. | | | 3,400 | | | | 166,940 | |
TECO Energy, Inc. | | | 4,523 | | | | 77,750 | |
The Southern Co. | | | 21,511 | | | | 949,280 | |
Wisconsin Energy Corp. | | | 5,800 | | | | 237,742 | |
Xcel Energy, Inc. | | | 12,530 | | | | 355,100 | |
| | | | | | | | |
| | | | | | | 10,355,674 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | | | | | |
Emerson Electric Co. | | | 17,376 | | | | 947,687 | |
Molex, Inc. | | | 3,623 | | | | 106,299 | |
| | | | | | | | |
| | | | | | | 1,053,986 | |
| | | | | | | | |
89
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Electronics — 1.1% | | | | | | | | |
Agilent Technologies, Inc. | | | 8,345 | | | $ | 356,832 | |
Amphenol Corp., Class A | | | 4,000 | | | | 311,760 | |
FLIR Systems, Inc. | | | 3,600 | | | | 97,092 | |
Garmin Ltd. | | | 2,600 | | | | 94,016 | |
Honeywell International, Inc. | | | 19,308 | | | | 1,531,897 | |
Jabil Circuit, Inc. | | | 4,292 | | | | 87,471 | |
PerkinElmer, Inc. | | | 3,016 | | | | 98,020 | |
TE Connectivity Ltd. | | | 10,000 | | | | 455,400 | |
Thermo Fisher Scientific, Inc. | | | 8,682 | | | | 734,758 | |
Waters Corp.* | | | 2,158 | | | | 215,908 | |
| | | | | | | | |
| | | | | | | 3,983,154 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | | | | | |
Fluor Corp. | | | 4,170 | | | | 247,323 | |
Jacobs Engineering Group, Inc.* | | | 2,983 | | | | 164,453 | |
| | | | | | | | |
| | | | | | | 411,776 | |
| | | | | | | | |
| Entertainment — 0.0% | | | | | | | | |
International Game Technology | | | 6,657 | | | | 111,239 | |
| | | | | | | | |
| Environmental Control — 0.2% | | | | | | | | |
Republic Services, Inc. | | | 7,014 | | | | 238,055 | |
Stericycle, Inc.* | | | 2,000 | | | | 220,860 | |
Waste Management, Inc. | | | 10,500 | | | | 423,465 | |
| | | | | | | | |
| | | | | | | 882,380 | |
| | | | | | | | |
| Food — 1.8% | | | | | | | | |
Campbell Soup Co. | | | 4,516 | | | | 202,272 | |
ConAgra Foods, Inc. | | | 10,602 | | | | 370,328 | |
General Mills, Inc. | | | 15,710 | | | | 762,406 | |
Hormel Foods Corp. | | | 3,500 | | | | 135,030 | |
Kellogg Co. | | | 6,366 | | | | 408,888 | |
Kraft Foods Group, Inc. | | | 14,354 | | | | 801,958 | |
McCormick & Co., Inc. | | | 3,208 | | | | 225,715 | |
Mondelez International, Inc., Class A | | | 43,763 | | | | 1,248,559 | |
Safeway, Inc. | | | 6,170 | | | | 145,982 | |
Sysco Corp. | | | 14,252 | | | | 486,848 | |
The Hershey Co. | | | 3,787 | | | | 338,104 | |
The J.M. Smucker Co. | | | 2,534 | | | | 261,382 | |
The Kroger Co. | | | 13,045 | | | | 450,574 | |
Tyson Foods, Inc., Class A | | | 6,649 | | | | 170,746 | |
Whole Foods Market, Inc. | | | 8,286 | | | | 426,563 | |
| | | | | | | | |
| | | | | | | 6,435,355 | |
| | | | | | | | |
| Forest Products & Paper — 0.2% | | | | | | | | |
International Paper Co. | | | 10,967 | | | | 485,948 | |
MeadWestvaco Corp. | | | 3,999 | | | | 136,406 | |
| | | | | | | | |
| | | | | | | 622,354 | |
| | | | | | | | |
| Gas — 0.3% | | | | | | | | |
AGL Resources, Inc. | | | 2,600 | | | | 111,436 | |
CenterPoint Energy, Inc. | | | 10,322 | | | | 242,464 | |
NiSource, Inc. | | | 7,865 | | | | 225,254 | |
Sempra Energy | | | 5,398 | | | | 441,340 | |
| | | | | | | | |
| | | | | | | 1,020,494 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-On, Inc. | | | 1,328 | | | $ | 118,697 | |
Stanley Black & Decker, Inc. | | | 3,940 | | | | 304,562 | |
| | | | | | | | |
| | | | | | | 423,259 | |
| | | | | | | | |
| Healthcare Products — 1.8% | | | | | | | | |
Baxter International, Inc. | | | 13,275 | | | | 919,559 | |
Becton Dickinson & Co. | | | 4,675 | | | | 462,030 | |
Boston Scientific Corp.* | | | 31,948 | | | | 296,158 | |
C.R. Bard, Inc. | | | 1,942 | | | | 211,057 | |
CareFusion Corp.* | | | 5,241 | | | | 193,131 | |
Covidien PLC | | | 11,700 | | | | 735,228 | |
DENTSPLY International, Inc. | | | 3,200 | | | | 131,072 | |
Edwards Lifesciences Corp.* | | | 2,900 | | | | 194,880 | |
Hospira, Inc.* | | | 3,912 | | | | 149,869 | |
Intuitive Surgical, Inc. | | | 1,007 | | | | 510,126 | |
Medtronic, Inc. | | | 24,473 | | | | 1,259,625 | |
Patterson Cos., Inc. | | | 1,974 | | | | 74,222 | |
St. Jude Medical, Inc. | | | 6,730 | | | | 307,090 | |
Stryker Corp. | | | 6,981 | | | | 451,531 | |
Varian Medical Systems, Inc.* | | | 2,657 | | | | 179,215 | |
Zimmer Holdings, Inc. | | | 4,029 | | | | 301,933 | |
| | | | | | | | |
| | | | | | | 6,376,726 | |
| | | | | | | | |
| Healthcare Services — 1.3% | | | | | | | | |
Aetna, Inc. | | | 9,293 | | | | 590,477 | |
Cigna Corp. | | | 6,894 | | | | 499,746 | |
DaVita HealthCare Partners, Inc.* | | | 2,149 | | | | 259,599 | |
Humana, Inc. | | | 4,010 | | | | 338,364 | |
Laboratory Corp. of America Holdings* | | | 2,177 | | | | 217,918 | |
Quest Diagnostics, Inc. | | | 3,987 | | | | 241,732 | |
Tenet Healthcare Corp.* | | | 2,343 | | | | 108,012 | |
UnitedHealth Group, Inc. | | | 24,741 | | | | 1,620,041 | |
WellPoint, Inc. | | | 7,195 | | | | 588,839 | |
| | | | | | | | |
| | | | | | | 4,464,728 | |
| | | | | | | | |
| Home Builders — 0.1% | | | | | | | | |
D.R. Horton, Inc. | | | 6,376 | | | | 135,681 | |
Lennar Corp., Class A | | | 4,036 | | | | 145,458 | |
PulteGroup, Inc.* | | | 8,034 | | | | 152,405 | |
| | | | | | | | |
| | | | | | | 433,544 | |
| | | | | | | | |
| Home Furnishings — 0.1% | | | | | | | | |
Harman International Industries, Inc. | | | 1,438 | | | | 77,939 | |
Whirlpool Corp. | | | 1,969 | | | | 225,175 | |
| | | | | | | | |
| | | | | | | 303,114 | |
| | | | | | | | |
| Household Products & Wares — 0.4% | | | | | |
Avery Dennison Corp. | | | 2,183 | | | | 93,345 | |
Kimberly-Clark Corp. | | | 9,487 | | | | 921,567 | |
The Clorox Co. | | | 3,297 | | | | 274,113 | |
| | | | | | | | |
| | | | | | | 1,289,025 | |
| | | | | | | | |
| Housewares — 0.1% | | | | | | | | |
Newell Rubbermaid, Inc. | | | 7,317 | | | | 192,071 | |
| | | | | | | | |
90
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Insurance — 4.3% | | | | | | | | |
ACE Ltd. | | | 8,400 | | | $ | 751,632 | |
Aflac, Inc. | | | 11,600 | | | | 674,192 | |
American International Group, Inc.* | | | 36,285 | | | | 1,621,940 | |
AON PLC | | | 7,744 | | | | 498,326 | |
Assurant, Inc. | | | 2,073 | | | | 105,536 | |
Berkshire Hathaway, Inc., Class B* | | | 44,350 | | | | 4,963,652 | |
Cincinnati Financial Corp. | | | 3,692 | | | | 169,463 | |
Genworth Financial, Inc., Class A* | | | 11,369 | | | | 129,720 | |
Hartford Financial Services Group, Inc. | | | 11,357 | | | | 351,158 | |
Lincoln National Corp. | | | 6,573 | | | | 239,717 | |
Loews Corp. | | | 7,625 | | | | 338,550 | |
Marsh & McLennan Cos., Inc. | | | 13,609 | | | | 543,271 | |
MetLife, Inc. | | | 26,585 | | | | 1,216,530 | |
Principal Financial Group, Inc. | | | 7,065 | | | | 264,584 | |
Prudential Financial, Inc. | | | 11,230 | | | | 820,127 | |
The Allstate Corp. | | | 11,276 | | | | 542,601 | |
The Chubb Corp. | | | 6,451 | | | | 546,077 | |
The Progressive Corp. | | | 13,856 | | | | 352,220 | |
The Travelers Cos., Inc. | | | 9,131 | | | | 729,750 | |
Torchmark Corp. | | | 2,235 | | | | 145,588 | |
Unum Group | | | 6,676 | | | | 196,074 | |
XL Group PLC | | | 7,449 | | | | 225,854 | |
| | | | | | | | |
| | | | | | | 15,426,562 | |
| | | | | | | | |
| Internet — 3.5% | | | | | | | | |
Amazon.com, Inc.* | | | 8,875 | | | | 2,464,498 | |
eBay, Inc.* | | | 28,628 | | | | 1,480,640 | |
Expedia, Inc. | | | 2,094 | | | | 125,954 | |
F5 Networks, Inc.* | | | 1,800 | | | | 123,840 | |
Google, Inc., Class A* | | | 6,560 | | | | 5,775,227 | |
Netflix, Inc.* | | | 1,400 | | | | 295,526 | |
priceline.com, Inc.* | | | 1,252 | | | | 1,035,567 | |
Symantec Corp. | | | 17,538 | | | | 394,079 | |
TripAdvisor, Inc.* | | | 2,894 | | | | 176,158 | |
VeriSign, Inc.* | | | 3,609 | | | | 161,178 | |
Yahoo!, Inc.* | | | 23,417 | | | | 588,001 | |
| | | | | | | | |
| | | | | | | 12,620,668 | |
| | | | | | | | |
| Iron & Steel — 0.1% | | | | | | | | |
Allegheny Technologies, Inc. | | | 2,278 | | | | 59,934 | |
Cliffs Natural Resources, Inc. | | | 3,100 | | | | 50,375 | |
Nucor Corp. | | | 7,735 | | | | 335,080 | |
United States Steel Corp. | | | 3,203 | | | | 56,149 | |
| | | | | | | | |
| | | | | | | 501,538 | |
| | | | | | | | |
| Leisure Time — 0.2% | | | | | | | | |
Carnival Corp. | | | 11,045 | | | | 378,733 | |
Harley-Davidson, Inc. | | | 5,628 | | | | 308,527 | |
| | | | | | | | |
| | | | | | | 687,260 | |
| | | | | | | | |
| Lodging — 0.3% | | | | | | | | |
Marriott International, Inc., Class A | | | 6,185 | | | | 249,688 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 4,752 | | | | 300,279 | |
Wyndham Worldwide Corp. | | | 3,160 | | | | 180,847 | |
Wynn Resorts Ltd. | | | 2,000 | | | | 256,000 | |
| | | | | | | | |
| | | | | | | 986,814 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Machinery — Construction & Mining — 0.4% | | | | | |
Caterpillar, Inc. | | | 15,928 | | | $ | 1,313,901 | |
Joy Global, Inc. | | | 2,700 | | | | 131,031 | |
| | | | | | | | |
| | | | | | | 1,444,932 | |
| | | | | | | | |
| Machinery — Diversified — 0.6% | | | | | | | | |
Cummins, Inc. | | | 4,374 | | | | 474,404 | |
Deere & Co. | | | 9,532 | | | | 774,475 | |
Flowserve Corp. | | | 3,300 | | | | 178,233 | |
Rockwell Automation, Inc. | | | 3,471 | | | | 288,579 | |
Roper Industries, Inc. | | | 2,400 | | | | 298,128 | |
Xylem, Inc. | | | 4,854 | | | | 130,767 | |
| | | | | | | | |
| | | | | | | 2,144,586 | |
| | | | | | | | |
| Media — 3.4% | | | | | | | | |
Cablevision Systems Corp., Class A | | | 5,000 | | | | 84,100 | |
CBS Corp., Class B | | | 14,225 | | | | 695,176 | |
Comcast Corp., Class A | | | 64,034 | | | | 2,681,744 | |
DIRECTV* | | | 13,519 | | | | 833,041 | |
Discovery Communications, Inc., Class A* | | | 6,100 | | | | 470,981 | |
Gannett Co., Inc. | | | 5,374 | | | | 131,448 | |
News Corp., Class A | | | 48,860 | | | | 1,592,836 | |
Scripps Networks Interactive, Inc., Class A | | | 2,056 | | | | 137,259 | |
The Walt Disney Co. | | | 43,776 | | | | 2,764,454 | |
The Washington Post Co., Class B | | | 63 | | | | 30,477 | |
Time Warner Cable, Inc. | | | 6,996 | | | | 786,910 | |
Time Warner, Inc. | | | 22,604 | | | | 1,306,963 | |
Viacom, Inc., Class B | | | 10,781 | | | | 733,647 | |
| | | | | | | | |
| | | | | | | 12,249,036 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.2% | | | | | | | | |
Precision Castparts Corp. | | | 3,625 | | | | 819,286 | |
| | | | | | | | |
| Mining — 0.4% | | | | | | | | |
Alcoa, Inc. | | | 25,948 | | | | 202,913 | |
Freeport-McMoRan Copper & Gold, Inc. | | | 25,896 | | | | 714,989 | |
Newmont Mining Corp. | | | 12,383 | | | | 370,871 | |
| | | | | | | | |
| | | | | | | 1,288,773 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.0% | | | | | |
3M Co. | | | 15,380 | | | | 1,681,803 | |
Danaher Corp. | | | 14,068 | | | | 890,505 | |
Dover Corp. | | | 4,105 | | | | 318,794 | |
General Electric Co. | | | 251,725 | | | | 5,837,503 | |
Illinois Tool Works, Inc. | | | 10,319 | | | | 713,765 | |
Ingersoll-Rand PLC | | | 6,800 | | | | 377,536 | |
Leggett & Platt, Inc. | | | 3,354 | | | | 104,276 | |
Pall Corp. | | | 2,645 | | | | 175,707 | |
Parker Hannifin Corp. | | | 3,781 | | | | 360,707 | |
Textron, Inc. | | | 6,876 | | | | 179,120 | |
| | | | | | | | |
| | | | | | | 10,639,716 | |
| | | | | | | | |
| Office & Business Equipment — 0.1% | | | | | |
Pitney Bowes, Inc. | | | 4,261 | | | | 62,551 | |
Xerox Corp. | | | 31,055 | | | | 281,669 | |
| | | | | | | | |
| | | | | | | 344,220 | |
| | | | | | | | |
91
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Oil & Gas — 8.3% | | | | | | | | |
Anadarko Petroleum Corp. | | | 12,359 | | | $ | 1,062,009 | |
Apache Corp. | | | 9,723 | | | | 815,079 | |
Cabot Oil & Gas Corp. | | | 5,044 | | | | 358,225 | |
Chesapeake Energy Corp. | | | 12,410 | | | | 252,916 | |
Chevron Corp. | | | 47,170 | | | | 5,582,098 | |
ConocoPhillips | | | 29,680 | | | | 1,795,640 | |
Denbury Resources, Inc.* | | | 8,500 | | | | 147,220 | |
Devon Energy Corp. | | | 9,229 | | | | 478,801 | |
Diamond Offshore Drilling, Inc. | | | 1,600 | | | | 110,064 | |
Ensco PLC ADR,Class A | | | 5,800 | | | | 337,096 | |
EOG Resources, Inc. | | | 6,758 | | | | 889,893 | |
EQT Corp. | | | 3,600 | | | | 285,732 | |
Exxon Mobil Corp. | | | 108,265 | | | | 9,781,743 | |
Helmerich & Payne, Inc. | | | 2,400 | | | | 149,880 | |
Hess Corp. | | | 7,397 | | | | 491,827 | |
Marathon Oil Corp. | | | 17,051 | | | | 589,624 | |
Marathon Petroleum Corp. | | | 8,025 | | | | 570,256 | |
Murphy Oil Corp. | | | 4,317 | | | | 262,862 | |
Newfield Exploration Co.* | | | 2,900 | | | | 69,281 | |
Noble Corp. | | | 6,400 | | | | 240,512 | |
Noble Energy, Inc. | | | 8,938 | | | | 536,638 | |
Occidental Petroleum Corp. | | | 19,558 | | | | 1,745,160 | |
Phillips 66 | | | 15,240 | | | | 897,788 | |
Pioneer Natural Resources Co. | | | 3,400 | | | | 492,150 | |
QEP Resources, Inc. | | | 4,590 | | | | 127,510 | |
Range Resources Corp. | | | 3,923 | | | | 303,326 | |
Southwestern Energy Co.* | | | 8,490 | | | | 310,140 | |
Tesoro Corp. | | | 3,494 | | | | 182,806 | |
Valero Energy Corp. | | | 13,540 | | | | 470,786 | |
WPX Energy, Inc.* | | | 4,344 | | | | 82,275 | |
| | | | | | | | |
| | | | | | | 29,419,337 | |
| | | | | | | | |
| Oil & Gas Services — 1.5% | | | | | | | | |
Baker Hughes, Inc. | | | 10,628 | | | | 490,270 | |
Cameron International Corp.* | | | 5,939 | | | | 363,229 | |
FMC Technologies, Inc.* | | | 5,700 | | | | 317,376 | |
Halliburton Co. | | | 22,969 | | | | 958,267 | |
Nabors Industries Ltd. | | | 7,608 | | | | 116,478 | |
National Oilwell Varco, Inc. | | | 10,423 | | | | 718,145 | |
Rowan Cos., Inc., Class A* | | | 3,203 | | | | 109,126 | |
Schlumberger Ltd. | | | 32,259 | | | | 2,311,680 | |
| | | | | | | | |
| | | | | | | 5,384,571 | |
| | | | | | | | |
| Packaging and Containers — 0.1% | | | | | | | | |
Ball Corp. | | | 3,726 | | | | 154,778 | |
Bemis Co., Inc. | | | 2,549 | | | | 99,768 | |
Owens-Illinois, Inc.* | | | 4,000 | | | | 111,160 | |
Sealed Air Corp. | | | 5,033 | | | | 120,540 | |
| | | | | | | | |
| | | | | | | 486,246 | |
| | | | | | | | |
| Pharmaceuticals — 7.0% | | | | | | | | |
Abbott Laboratories | | | 37,796 | | | | 1,318,325 | |
AbbVie, Inc. | | | 38,396 | | | | 1,587,291 | |
Actavis, Inc.* | | | 3,243 | | | | 409,331 | |
Allergan, Inc. | | | 7,116 | | | | 599,452 | |
AmerisourceBergen Corp. | | | 5,500 | | | | 307,065 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
Bristol-Myers Squibb Co. | | | 39,897 | | | $ | 1,782,997 | |
Cardinal Health, Inc. | | | 8,182 | | | | 386,190 | |
Eli Lilly & Co. | | | 24,454 | | | | 1,201,180 | |
Express Scripts Holding Co.* | | | 19,764 | | | | 1,219,241 | |
Forest Laboratories, Inc.* | | | 6,062 | | | | 248,542 | |
Johnson & Johnson | | | 68,341 | | | | 5,867,758 | |
McKesson Corp. | | | 5,625 | | | | 644,063 | |
Mead Johnson Nutrition Co. | | | 5,068 | | | | 401,538 | |
Merck & Co., Inc. | | | 73,454 | | | | 3,411,938 | |
Mylan, Inc.* | | | 9,756 | | | | 302,729 | |
Perrigo Co. | | | 2,100 | | | | 254,100 | |
Pfizer, Inc. | | | 162,405 | | | | 4,548,970 | |
Zoetis, Inc. | | | 10,407 | | | | 321,485 | |
| | | | | | | | |
| | | | | | | 24,812,195 | |
| | | | | | | | |
| Pipelines — 0.5% | | | | | | | | |
Kinder Morgan, Inc. | | | 15,636 | | | | 596,513 | |
ONEOK, Inc. | | | 4,800 | | | | 198,288 | |
Spectra Energy Corp. | | | 16,384 | | | | 564,593 | |
The Williams Cos., Inc. | | | 16,434 | | | | 533,612 | |
| | | | | | | | |
| | | | | | | 1,893,006 | |
| | | | | | | | |
| Real Estate — 0.0% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 7,201 | | | | 168,215 | |
| | | | | | | | |
| Retail — 6.4% | | | | | | | | |
Abercrombie & Fitch Co., Class A | | | 1,900 | | | | 85,975 | |
AutoNation, Inc.* | | | 1,219 | | | | 52,892 | |
AutoZone, Inc.* | | | 841 | | | | 356,323 | |
Bed Bath & Beyond, Inc.* | | | 5,366 | | | | 380,449 | |
Best Buy Co., Inc. | | | 6,468 | | | | 176,770 | |
CarMax, Inc.* | | | 5,800 | | | | 267,728 | |
Chipotle Mexican Grill, Inc.* | | | 700 | | | | 255,045 | |
Costco Wholesale Corp. | | | 10,677 | | | | 1,180,556 | |
CVS Caremark Corp. | | | 29,767 | | | | 1,702,077 | |
Darden Restaurants, Inc. | | | 2,940 | | | | 148,411 | |
Dollar General Corp.* | | | 7,400 | | | | 373,182 | |
Dollar Tree, Inc.* | | | 5,400 | | | | 274,536 | |
Family Dollar Stores, Inc. | | | 2,233 | | | | 139,138 | |
GameStop Corp., Class A | | | 3,164 | | | | 132,983 | |
J.C. Penney Co., Inc.* | | | 3,144 | | | | 53,700 | |
Kohl’s Corp. | | | 5,001 | | | | 252,600 | |
L Brands, Inc. | | | 6,060 | | | | 298,455 | |
Lowe’s Cos., Inc. | | | 25,940 | | | | 1,060,946 | |
Macy’s, Inc. | | | 9,227 | | | | 442,896 | |
McDonald’s Corp. | | | 24,378 | | | | 2,413,422 | |
Nordstrom, Inc. | | | 3,737 | | | | 223,996 | |
O’Reilly Automotive, Inc.* | | | 2,700 | | | | 304,074 | |
PetSmart, Inc. | | | 2,600 | | | | 174,174 | |
PVH Corp. | | | 1,900 | | | | 237,595 | |
Ross Stores, Inc. | | | 5,600 | | | | 362,936 | |
Staples, Inc. | | | 17,037 | | | | 270,207 | |
Starbucks Corp. | | | 18,144 | | | | 1,188,251 | |
Target Corp. | | | 15,532 | | | | 1,069,534 | |
The Gap, Inc. | | | 6,882 | | | | 287,186 | |
The Home Depot, Inc. | | | 35,504 | | | | 2,750,495 | |
92
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Retail — (continued) | | | | | | | | |
Tiffany & Co. | | | 2,764 | | | $ | 201,330 | |
TJX Cos., Inc. | | | 17,418 | | | | 871,945 | |
Urban Outfitters, Inc.* | | | 2,500 | | | | 100,550 | |
Wal-Mart Stores, Inc. | | | 39,847 | | | | 2,968,203 | |
Walgreen Co. | | | 20,879 | | | | 922,852 | |
Yum! Brands, Inc. | | | 10,969 | | | | 760,590 | |
| | | | | | | | |
| | | | | | | 22,742,002 | |
| | | | | | | | |
| Savings & Loans — 0.1% | | | | | | | | |
Hudson City Bancorp, Inc. | | | 11,257 | | | | 103,114 | |
People’s United Financial, Inc. | | | 7,700 | | | | 114,730 | |
| | | | | | | | |
| | | | | | | 217,844 | |
| | | | | | | | |
| Semiconductors — 2.8% | | | | | | | | |
Advanced Micro Devices, Inc. | | | 13,368 | | | | 54,541 | |
Altera Corp. | | | 8,065 | | | | 266,064 | |
Analog Devices, Inc. | | | 7,676 | | | | 345,881 | |
Applied Materials, Inc. | | | 29,321 | | | | 437,176 | |
Broadcom Corp., Class A | | | 12,808 | | | | 432,398 | |
First Solar, Inc.* | | | 1,800 | | | | 80,514 | |
Intel Corp. | | | 120,875 | | | | 2,927,593 | |
KLA-Tencor Corp. | | | 4,127 | | | | 229,998 | |
Lam Research Corp.* | | | 3,859 | | | | 171,108 | |
Linear Technology Corp. | | | 5,541 | | | | 204,130 | |
LSI Corp. | | | 12,772 | | | | 91,192 | |
Microchip Technology, Inc. | | | 5,018 | | | | 186,921 | |
Micron Technology, Inc.* | | | 24,586 | | | | 352,317 | |
NVIDIA Corp. | | | 13,554 | | | | 190,163 | |
QUALCOMM, Inc. | | | 41,999 | | | | 2,565,299 | |
Teradyne, Inc.* | | | 4,957 | | | | 87,094 | |
Texas Instruments, Inc. | | | 26,793 | | | | 934,272 | |
Xilinx, Inc. | | | 6,364 | | | | 252,078 | |
| | | | | | | | |
| | | | | | | 9,808,739 | |
| | | | | | | | |
| Software — 3.7% | | | | | | | | |
Adobe Systems, Inc.* | | | 12,305 | | | | 560,616 | |
Akamai Technologies, Inc.* | | | 4,591 | | | | 195,347 | |
Autodesk, Inc.* | | | 5,681 | | | | 192,813 | |
BMC Software, Inc.* | | | 3,037 | | | | 137,090 | |
CA, Inc. | | | 8,439 | | | | 241,609 | |
Cerner Corp.* | | | 3,500 | | | | 336,315 | |
Citrix Systems, Inc.* | | | 4,691 | | | | 283,008 | |
Electronic Arts, Inc.* | | | 7,730 | | | | 177,558 | |
Fidelity National Information Services, Inc. | | | 7,059 | | | | 302,407 | |
Fiserv, Inc.* | | | 3,207 | | | | 280,324 | |
Intuit, Inc. | | | 6,792 | | | | 414,516 | |
Microsoft Corp. | | | 183,015 | | | | 6,319,508 | |
Oracle Corp. | | | 89,317 | | | | 2,743,818 | |
Red Hat, Inc.* | | | 4,600 | | | | 219,972 | |
Salesforce.com, Inc.* | | | 13,200 | | | | 503,976 | |
The Dun & Bradstreet Corp. | | | 1,100 | | | | 107,195 | |
| | | | | | | | |
| | | | | | | 13,016,072 | |
| | | | | | | | |
| Telecommunications — 4.0% | | | | | | | | |
AT&T, Inc. | | | 130,943 | | | | 4,635,382 | |
CenturyLink, Inc. | | | 14,626 | | | | 517,029 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | |
Cisco Systems, Inc. | | | 129,980 | | | $ | 3,159,814 | |
Corning, Inc. | | | 35,615 | | | | 506,801 | |
Crown Castle International Corp.* | �� | | 7,100 | | | | 513,969 | |
Frontier Communications Corp. | | | 21,472 | | | | 86,962 | |
Harris Corp. | | | 2,600 | | | | 128,050 | |
JDS Uniphase Corp.* | | | 6,196 | | | | 89,098 | |
Juniper Networks, Inc.* | | | 12,071 | | | | 233,091 | |
Motorola Solutions, Inc. | | | 6,746 | | | | 389,447 | |
Sprint Nextel Corp.* | | | 74,983 | | | | 526,381 | |
Verizon Communications, Inc. | | | 69,576 | | | | 3,502,456 | |
Windstream Corp. | | | 13,351 | | | | 102,936 | |
| | | | | | | | |
| | | | | | | 14,391,416 | |
| | | | | | | | |
| Textiles — 0.0% | | | | | | | | |
Cintas Corp. | | | 2,455 | | | | 111,801 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.1% | | | | | | | | |
Hasbro, Inc. | | | 2,612 | | | | 117,096 | |
Mattel, Inc. | | | 8,281 | | | | 375,212 | |
| | | | | | | | |
| | | | | | | 492,308 | |
| | | | | | | | |
| Transportation — 1.6% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 3,739 | | | | 210,543 | |
CSX Corp. | | | 24,966 | | | | 578,962 | |
Expeditors International of Washington, Inc. | | | 4,973 | | | | 189,024 | |
FedEx Corp. | | | 7,166 | | | | 706,424 | |
Kansas City Southern | | | 2,700 | | | | 286,092 | |
Norfolk Southern Corp. | | | 7,852 | | | | 570,448 | |
Ryder System, Inc. | | | 1,125 | | | | 68,389 | |
Union Pacific Corp. | | | 11,310 | | | | 1,744,907 | |
United Parcel Service, Inc., Class B | | | 17,274 | | | | 1,493,855 | |
| | | | | | | | |
| | | | | | | 5,848,644 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $250,675,419) | | | | 341,524,242 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.1% | | | | | |
| Apartments — 0.3% | | | | | | | | |
Apartment Investment & Management Co., Class A | | | 3,662 | | | | 110,006 | |
AvalonBay Communities, Inc. | | | 2,892 | | | | 390,160 | |
Equity Residential | | | 7,892 | | | | 458,210 | |
| | | | | | | | |
| | | | | | | 958,376 | |
| | | | | | | | |
| Diversified — 0.5% | | | | | | | | |
American Tower Corp. | | | 9,859 | | | | 721,383 | |
Plum Creek Timber Co., Inc. | | | 3,847 | | | | 179,539 | |
Vornado Realty Trust | | | 4,087 | | | | 338,608 | |
Weyerhaeuser Co. | | | 13,608 | | | | 387,692 | |
| | | | | | | | |
| | | | | | | 1,627,222 | |
| | | | | | | | |
| Healthcare — 0.4% | | | | | | | | |
HCP, Inc. | | | 11,440 | | | | 519,834 | |
Health Care REIT, Inc. | | | 7,100 | | | | 475,913 | |
Ventas, Inc. | | | 7,253 | | | | 503,793 | |
| | | | | | | | |
| | | | | | | 1,499,540 | |
| | | | | | | | |
93
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Hotels & Resorts — 0.1% | | | | | | | | |
Host Hotels & Resorts, Inc. | | | 18,876 | | | $ | 318,438 | |
| | | | | | | | |
| Industrial — 0.1% | | | | | | | | |
ProLogis, Inc. | | | 12,499 | | | | 471,462 | |
| | | | | | | | |
| Office Property — 0.1% | | | | | | | | |
Boston Properties, Inc. | | | 3,742 | | | | 394,669 | |
| | | | | | | | |
| Regional Malls — 0.4% | | | | | | | | |
Simon Property Group, Inc. | | | 7,528 | | | | 1,188,822 | |
The Macerich Co. | | | 3,400 | | | | 207,298 | |
| | | | | | | | |
| | | | | | | 1,396,120 | |
| | | | | | | | |
| Storage & Warehousing — 0.1% | | | | | | | | |
Public Storage | | | 3,516 | | | | 539,108 | |
| | | | | | | | |
| Strip Centers — 0.1% | | | | | | | | |
Kimco Realty Corp. | | | 9,564 | | | | 204,957 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,701,680) | | | | 7,409,892 | |
| | | | | | | | |
| | |
| | | Par (000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1% | | | | | | | | |
U S Treasury Bill
0.050%, 07/05/13+
(Cost $434,998) | | | 435 | | | | 434,998 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.0% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $7,208,229) | | | 7,208,229 | | | | 7,208,229 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $264,020,326) | | | | | | $ | 356,577,361 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| + | Collateral pledged for derivatives. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
TOTAL COMMON STOCKS | | $ | 341,524,242 | | | $ | 341,524,242 | | | $ | — | | | $ | — | |
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 7,409,892 | | | | 7,409,892 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 434,998 | | | | — | | | | 434,998 | | | | — | |
SHORT-TERM INVESTMENTS | | | 7,208,229 | | | | 7,208,229 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 356,577,361 | | | $ | 356,142,363 | | | $ | 434,998 | | | $ | — | |
| |
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.
94
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 100.0% | | | | | | | | |
| Airlines — 1.5% | | | | | | | | |
Delta Air Lines, Inc.* | | | 82,880 | | | $ | 1,550,685 | |
| | | | | | | | |
| Apparel — 5.6% | | | | | | | | |
Michael Kors Holdings Ltd.* | | | 36,470 | | | | 2,261,869 | |
Ralph Lauren Corp. | | | 10,240 | | | | 1,779,098 | |
VF Corp. | | | 9,230 | | | | 1,781,944 | |
| | | | | | | | |
| | | | | | | 5,822,911 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.1% | | | | | | | | |
BorgWarner, Inc.* | | | 25,500 | | | | 2,196,825 | |
| | | | | | | | |
| Banks — 1.1% | | | | | | | | |
Signature Bank* | | | 13,360 | | | | 1,109,147 | |
| | | | | | | | |
| Beverages — 1.6% | | | | | | | | |
Beam, Inc. | | | 25,740 | | | | 1,624,451 | |
| | | | | | | | |
| Biotechnology — 3.5% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 9,170 | | | | 845,841 | |
Cubist Pharmaceuticals, Inc.* | | | 15,480 | | | | 747,684 | |
NPS Pharmaceuticals, Inc.* | | | 44,700 | | | | 674,970 | |
Regeneron Pharmaceuticals, Inc.* | | | 5,830 | | | | 1,311,050 | |
| | | | | | | | |
| | | | | | | 3,579,545 | |
| | | | | | | | |
| Chemicals — 4.7% | | | | | | | | |
Eastman Chemical Co. | | | 26,960 | | | | 1,887,470 | |
International Flavors & Fragrances, Inc. | | | 15,400 | | | | 1,157,464 | |
Methanex Corp. | | | 12,270 | | | | 525,033 | |
PPG Industries, Inc. | | | 8,520 | | | | 1,247,413 | |
| | | | | | | | |
| | | | | | | 4,817,380 | |
| | | | | | | | |
| Commercial Services — 5.0% | | | | | | | | |
Alliance Data Systems Corp.* | | | 9,560 | | | | 1,730,647 | |
Cardtronics, Inc.* | | | 54,910 | | | | 1,515,516 | |
Equifax, Inc. | | | 10,580 | | | | 623,479 | |
Robert Half International, Inc. | | | 39,060 | | | | 1,297,964 | |
| | | | | | | | |
| | | | | | | 5,167,606 | |
| | | | | | | | |
| Distribution & Wholesale — 1.9% | | | | | | | | |
Fossil Group, Inc.* | | | 12,080 | | | | 1,247,985 | |
WESCO International, Inc.* | | | 10,460 | | | | 710,861 | |
| | | | | | | | |
| | | | | | | 1,958,846 | |
| | | | | | | | |
| Diversified Financial Services — 5.6% | | | | | |
Affiliated Managers Group, Inc.* | | | 11,250 | | | | 1,844,325 | |
IntercontinentalExchange, Inc.* | | | 13,870 | | | | 2,465,531 | |
Raymond James Financial, Inc. | | | 34,110 | | | | 1,466,048 | |
| | | | | | | | |
| | | | | | | 5,775,904 | |
| | | | | | | | |
| Electronics — 0.5% | | | | | | | | |
Trimble Navigation Ltd.* | | | 20,960 | | | | 545,170 | |
| | | | | | | | |
| Engineering & Construction — 2.2% | | | | | | | | |
KBR, Inc. | | | 25,170 | | | | 818,025 | |
MasTec, Inc.* | | | 44,360 | | | | 1,459,444 | |
| | | | | | | | |
| | | | | | | 2,277,469 | |
| | | | | | | | |
| Food — 1.8% | | | | | | | | |
The Kroger Co. | | | 54,550 | | | | 1,884,157 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — 1.1% | | | | | | | | |
The Cooper Cos., Inc. | | | 9,200 | | | $ | 1,095,260 | |
| | | | | | | | |
| Healthcare Services — 3.0% | | | | | | | | |
Covance, Inc.* | | | 12,570 | | | | 957,080 | |
DaVita HealthCare Partners, Inc.* | | | 11,160 | | | | 1,348,128 | |
HCA Holdings, Inc.* | | | 23,670 | | | | 853,540 | |
| | | | | | | | |
| | | | | | | 3,158,748 | |
| | | | | | | | |
| Home Builders — 1.7% | | | | | | | | |
Toll Brothers, Inc.* | | | 54,120 | | | | 1,765,936 | |
| | | | | | | | |
| Insurance — 2.5% | | | | | | | | |
Brown & Brown, Inc. | | | 40,620 | | | | 1,309,589 | |
Markel Corp.* | | | 2,340 | | | | 1,233,063 | |
| | | | | | | | |
| | | | | | | 2,542,652 | |
| | | | | | | | |
| Internet — 5.6% | | | | | | | | |
HomeAway, Inc.* | | | 61,570 | | | | 1,991,174 | |
LinkedIn Corp., Class A* | | | 11,000 | | | | 1,961,300 | |
Shutterfly, Inc.* | | | 9,030 | | | | 503,784 | |
Splunk, Inc.* | | | 15,010 | | | | 695,863 | |
TripAdvisor, Inc.* | | | 10,810 | | | | 658,005 | |
| | | | | | | | |
| | | | | | | 5,810,126 | |
| | | | | | | | |
| Leisure Time — 2.8% | | | | | | | | |
Harley-Davidson, Inc. | | | 24,660 | | | | 1,351,861 | |
Polaris Industries, Inc. | | | 15,960 | | | | 1,516,200 | |
| | | | | | | | |
| | | | | | | 2,868,061 | |
| | | | | | | | |
| Lodging — 3.4% | | | | | | | | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 21,190 | | | | 1,338,996 | |
Wynn Resorts Ltd. | | | 16,770 | | | | 2,146,560 | |
| | | | | | | | |
| | | | | | | 3,485,556 | |
| | | | | | | | |
| Machinery — Diversified — 1.5% | | | | | | | | |
Roper Industries, Inc. | | | 12,140 | | | | 1,508,031 | |
| | | | | | | | |
| Media — 1.6% | | | | | | | | |
Liberty Global PLC, Class A* | | | 22,920 | | | | 1,697,914 | |
| | | | | | | | |
| Oil & Gas — 4.8% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 26,000 | | | | 1,846,520 | |
Cobalt International Energy, Inc.* | | | 36,190 | | | | 961,568 | |
Concho Resources, Inc.* | | | 16,310 | | | | 1,365,473 | |
Rosetta Resources, Inc.* | | | 19,500 | | | | 829,140 | |
| | | | | | | | |
| | | | | | | 5,002,701 | |
| | | | | | | | |
| Oil & Gas Services — 0.9% | | | | | | | | |
FMC Technologies, Inc.* | | | 16,120 | | | | 897,562 | |
| | | | | | | | |
| Packaging and Containers — 0.9% | | | | | | | | |
Crown Holdings, Inc.* | | | 21,990 | | | | 904,449 | |
| | | | | | | | |
| Pharmaceuticals — 5.4% | | | | | | | | |
Actavis, Inc.* | | | 11,690 | | | | 1,475,512 | |
BioMarin Pharmaceutical, Inc.* | | | 16,680 | | | | 930,577 | |
Catamaran Corp.* | | | 35,670 | | | | 1,737,842 | |
Onyx Pharmaceuticals, Inc.* | | | 16,890 | | | | 1,466,390 | |
| | | | | | | | |
| | | | | | | 5,610,321 | |
| | | | | | | | |
95
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Real Estate — 1.1% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 51,160 | | | $ | 1,195,098 | |
| | | | | | | | |
| Retail — 6.2% | | | | | | | | |
Dunkin’ Brands Group, Inc. | | | 41,520 | | | | 1,777,886 | |
Fifth & Pacific Cos., Inc.* | | | 53,810 | | | | 1,202,115 | |
Tractor Supply Co. | | | 17,220 | | | | 2,025,244 | |
Urban Outfitters, Inc.* | | | 34,680 | | | | 1,394,830 | |
| | | | | | | | |
| | | | | | | 6,400,075 | |
| | | | | | | | |
| Semiconductors — 9.0% | | | | | | | | |
Avago Technologies Ltd. | | | 38,350 | | | | 1,433,523 | |
Cavium, Inc.* | | | 58,640 | | | | 2,074,097 | |
KLA-Tencor Corp. | | | 18,730 | | | | 1,043,823 | |
Maxim Integrated Products, Inc. | | | 32,450 | | | | 901,461 | |
NXP Semiconductors N.V.* | | | 74,980 | | | | 2,322,880 | |
Ultratech, Inc.* | | | 41,890 | | | | 1,538,201 | |
| | | | | | | | |
| | | | | | | 9,313,985 | |
| | | | | | | | |
| Software — 5.1% | | | | | | | | |
Cerner Corp.* | | | 10,850 | | | | 1,042,577 | |
Citrix Systems, Inc.* | | | 25,680 | | | | 1,549,274 | |
ServiceNow, Inc.* | | | 41,280 | | | | 1,667,299 | |
Workday, Inc., Class A* | | | 15,990 | | | | 1,024,799 | |
| | | | | | | | |
| | | | | | | 5,283,949 | |
| | | | | | | | |
| Telecommunications — 5.0% | | | | | | | | |
Ciena Corp.* | | | 91,210 | | | | 1,771,298 | |
JDS Uniphase Corp.* | | | 55,510 | | | | 798,234 | |
Palo Alto Networks, Inc.* | | | 20,870 | | | | 879,879 | |
SBA Communications Corp., Class A* | | | 23,520 | | | | 1,743,302 | |
| | | | | | | | |
| | | | | | | 5,192,713 | |
| | | | | | | | |
| Transportation — 1.3% | | | | | | | | |
Genesee & Wyoming, Inc., Class A* | | | 16,520 | | | | 1,401,557 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $87,845,567) | | | | 103,444,790 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $87,845,567) | | | $ | 103,444,790 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 103,444,790 | | | $ | 103,444,790 | | | $ | — | | | $ | — | |
| |
TOTAL INVESTMENTS | | $ | 103,444,790 | | | $ | 103,444,790 | | | $ | — | | | $ | — | |
| |
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.
96
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 87.9% | | | | | | | | |
| Aerospace & Defense — 5.7% | | | | | | | | |
General Dynamics Corp. | | | 41,550 | | | $ | 3,254,612 | |
Rockwell Collins, Inc. | | | 47,700 | | | | 3,024,657 | |
Spirit Aerosystems Holdings, Inc., Class A* | | | 99,600 | | | | 2,139,408 | |
| | | | | | | | |
| | | | | | | 8,418,677 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.2% | | | | | | | | |
Lear Corp. | | | 28,500 | | | | 1,723,110 | |
| | | | | | | | |
| Banks — 6.6% | | | | | | | | |
BB&T Corp. | | | 49,000 | | | | 1,660,120 | |
Comerica, Inc. | | | 49,500 | | | | 1,971,585 | |
Huntington Bancshares, Inc. | | | 317,200 | | | | 2,499,536 | |
State Street Corp. | | | 55,800 | | | | 3,638,718 | |
| | | | | | | | |
| | | | | | | 9,769,959 | |
| | | | | | | | |
| Chemicals — 2.9% | | | | | | | | |
Agrium, Inc. | | | 23,500 | | | | 2,043,560 | |
Ashland, Inc. | | | 25,800 | | | | 2,154,300 | |
| | | | | | | | |
| | | | | | | 4,197,860 | |
| | | | | | | | |
| Commercial Services — 5.8% | | | | | | | | |
The ADT Corp.* | | | 36,300 | | | | 1,446,555 | |
The Brink’s Co. | | | 83,600 | | | | 2,132,636 | |
The Western Union Co. | | | 187,000 | | | | 3,199,570 | |
Tyco International Ltd. | | | 54,700 | | | | 1,802,365 | |
| | | | | | | | |
| | | | | | | 8,581,126 | |
| | | | | | | | |
| Electric — 6.4% | | | | | | | | |
AES Corp. | | | 210,300 | | | | 2,521,497 | |
Edison International | | | 31,400 | | | | 1,512,224 | |
NV Energy, Inc. | | | 126,300 | | | | 2,962,998 | |
Pinnacle West Capital Corp. | | | 43,100 | | | | 2,390,757 | |
| | | | | | | | |
| | | | | | | 9,387,476 | |
| | | | | | | | |
| Electronics — 3.3% | | | | | | | | |
Dolby Laboratories, Inc., Class A* | | | 74,800 | | | | 2,502,060 | |
Flextronics International Ltd.* | | | 300,000 | | | | 2,322,000 | |
| | | | | | | | |
| | | | | | | 4,824,060 | |
| | | | | | | | |
| Engineering & Construction — 2.0% | | | | | | | | |
KBR, Inc. | | | 88,800 | | | | 2,886,000 | |
| | | | | | | | |
| Environmental Control — 3.0% | | | | | | | | |
Covanta Holding Corp. | | | 129,400 | | | | 2,590,588 | |
Republic Services, Inc. | | | 53,500 | | | | 1,815,790 | |
| | | | | | | | |
| | | | | | | 4,406,378 | |
| | | | | | | | |
| Food — 3.9% | | | | | | | | |
Safeway, Inc. | | | 240,600 | | | | 5,692,596 | |
| | | | | | | | |
| Gas — 2.1% | | | | | | | | |
CenterPoint Energy, Inc. | | | 130,400 | | | | 3,063,096 | |
| | | | | | | | |
| Healthcare Products — 4.1% | | | | | | | | |
Covidien PLC | | | 46,000 | | | | 2,890,640 | |
Zimmer Holdings, Inc. | | | 41,600 | | | | 3,117,504 | |
| | | | | | | | |
| | | | | | | 6,008,144 | |
| | | | | | | | |
| Household Products & Wares — 1.9% | | | | | | | | |
Avery Dennison Corp. | | | 64,900 | | | | 2,775,124 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Internet — 1.8% | | | | | | | | |
Symantec Corp. | | | 118,000 | | | $ | 2,651,460 | |
| | | | | | | | |
| Lodging — 1.0% | | | | | | | | |
Wyndham Worldwide Corp. | | | 25,600 | | | | 1,465,088 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.0% | | | | | | | | |
ITT Corp. | | | 100,400 | | | | 2,952,764 | |
| | | | | | | | |
| Oil & Gas — 2.6% | | | | | | | | |
Devon Energy Corp. | | | 49,900 | | | | 2,588,812 | |
Southwestern Energy Co.* | | | 34,200 | | | | 1,249,326 | |
| | | | | | | | |
| | | | | | | 3,838,138 | |
| | | | | | | | |
| Oil & Gas Services — 1.5% | | | | | | | | |
Cameron International Corp.* | | | 36,100 | | | | 2,207,876 | |
| | | | | | | | |
| Pharmaceuticals — 3.6% | | | | | | | | |
Cardinal Health, Inc. | | | 59,700 | | | | 2,817,840 | |
Omnicare, Inc. | | | 53,200 | | | | 2,538,172 | |
| | | | | | | | |
| | | | | | | 5,356,012 | |
| | | | | | | | |
| Pipelines — 0.5% | | | | | | | | |
Energy Transfer Partners, LP | | | 13,775 | | | | 696,189 | |
| | | | | | | | |
| Retail — 12.0% | | | | | | | | |
Best Buy Co., Inc. | | | 212,100 | | | | 5,796,692 | |
CVS Caremark Corp. | | | 58,200 | | | | 3,327,876 | |
Express, Inc.* | | | 105,100 | | | | 2,203,947 | |
Kohl’s Corp. | | | 60,900 | | | | 3,076,059 | |
Staples, Inc. | | | 208,500 | | | | 3,306,810 | |
| | | | | | | | |
| | | | | | | 17,711,384 | |
| | | | | | | | |
| Savings & Loans — 3.3% | | | | | | | | |
BankUnited, Inc. | | | 81,400 | | | | 2,117,214 | |
People’s United Financial, Inc. | | | 181,800 | | | | 2,708,820 | |
| | | | | | | | |
| | | | | | | 4,826,034 | |
| | | | | | | | |
| Software — 8.8% | | | | | | | | |
Allscripts Healthcare Solutions, Inc.* | | | 6,900 | | | | 89,286 | |
BMC Software, Inc.* | | | 63,200 | | | | 2,852,848 | |
Check Point Software Technologies Ltd.* | | | 46,200 | | | | 2,295,216 | |
Fidelity National Information Services, Inc. | | | 68,300 | | | | 2,925,972 | |
Nuance Communications, Inc.* | | | 164,788 | | | | 3,028,803 | |
VeriFone Systems, Inc.* | | | 103,600 | | | | 1,741,516 | |
| | | | | | | | |
| | | | | | | 12,933,641 | |
| | | | | | | | |
| Telecommunications — 1.9% | | | | | | | | |
Amdocs Ltd. | | | 74,600 | | | | 2,766,914 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $105,948,134) | | | | | | | 129,139,106 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 4.1% | |
| Building & Real Estate — 2.1% | | | | | | | | |
Starwood Property Trust, Inc. | | | 123,100 | | | | 3,046,725 | |
| | | | | | | | |
| Diversified — 2.0% | | | | | | | | |
Corrections Corporation of America | | | 89,417 | | | | 3,028,554 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,525,680) | | | | 6,075,279 | |
| | | | | | | | |
97
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 8.0% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $11,690,027) | | | 11,690,027 | | | $ | 11,690,027 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $123,163,841) | | | | | | $ | 146,904,412 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 92 | % |
Ireland | | | 2 | |
Israel | | | 2 | |
Singapore | | | 2 | |
Bermuda | | | 1 | |
Canada | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 129,139,107 | | | $ | 129,139,107 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 6,075,279 | | | | 6,075,279 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 11,690,027 | | | | 11,690,027 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 146,904,413 | | | $ | 146,904,413 | | | $ | — | | | $ | — | |
| |
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.
98
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 91.1% | | | | | | | | |
| Aerospace & Defense — 3.2% | | | | | | | | |
General Dynamics Corp. | | | 11,120 | | | $ | 871,030 | |
Northrop Grumman Corp. | | | 8,040 | | | | 665,712 | |
Raytheon Co. | | | 8,550 | | | | 565,326 | |
| | | | | | | | |
| | | | | | | 2,102,068 | |
| | | | | | | | |
| Airlines — 0.6% | |
Southwest Airlines Co. | | | 31,820 | | | | 410,160 | |
| | | | | | | | |
| Apparel — 0.3% | |
Coach, Inc. | | | 2,870 | | | | 163,848 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.5% | |
Autoliv, Inc. | | | 4,030 | | | | 311,882 | |
| | | | | | | | |
| Banks — 8.7% | |
Comerica, Inc. | | | 10,770 | | | | 428,969 | |
Commerce Bancshares, Inc. | | | 17,810 | | | | 775,803 | |
Cullen/Frost Bankers, Inc. | | | 6,580 | | | | 439,347 | |
KeyCorp | | | 24,500 | | | | 270,480 | |
Northern Trust Corp. | | | 31,020 | | | | 1,796,058 | �� |
State Street Corp. | | | 3,860 | | | | 251,711 | |
SunTrust Banks, Inc. | | | 12,150 | | | | 383,575 | |
The PNC Financial Services Group, Inc. | | | 10,840 | | | | 790,453 | |
Westamerica Bancorporation | | | 10,920 | | | | 498,935 | |
| | | | | | | | |
| | | | | | | 5,635,331 | |
| | | | | | | | |
| Beverages — 0.9% | |
Dr. Pepper Snapple Group, Inc. | | | 12,970 | | | | 595,712 | |
| | | | | | | | |
| Coal — 0.2% | |
Peabody Energy Corp. | | | 7,050 | | | | 103,212 | |
| | | | | | | | |
| Commercial Services — 3.0% | |
The ADT Corp.* | | | 28,180 | | | | 1,122,973 | |
Tyco International Ltd. | | | 25,110 | | | | 827,374 | |
| | | | | | | | |
| | | | | | | 1,950,347 | |
| | | | | | | | |
| Computers — 1.0% | |
SanDisk Corp.* | | | 3,740 | | | | 228,514 | |
Western Digital Corp. | | | 6,290 | | | | 390,546 | |
| | | | | | | | |
| | | | | | | 619,060 | |
| | | | | | | | |
| Diversified Financial Services — 1.4% | |
Franklin Resources, Inc. | | | 2,900 | | | | 394,458 | |
The Charles Schwab Corp. | | | 25,350 | | | | 538,180 | |
| | | | | | | | |
| | | | | | | 932,638 | |
| | | | | | | | |
| Electric — 8.7% | |
Consolidated Edison, Inc. | | | 11,170 | | | | 651,323 | |
Great Plains Energy, Inc. | | | 44,400 | | | | 1,000,776 | |
IDACORP, Inc. | | | 5,690 | | | | 271,754 | |
Northeast Utilities | | | 6,690 | | | | 281,114 | |
NV Energy, Inc. | | | 9,720 | | | | 228,031 | |
PG&E Corp. | | | 17,270 | | | | 789,757 | |
Portland General Electric Co. | | | 16,580 | | | | 507,182 | |
The Empire District Electric Co. | | | 20,755 | | | | 463,044 | |
Westar Energy, Inc. | | | 25,230 | | | | 806,351 | |
Xcel Energy, Inc. | | | 23,180 | | | | 656,921 | |
| | | | | | | | |
| | | | | | | 5,656,253 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electrical Components & Equipment — 0.5% | |
Molex Inc | | | 13,182 | | | $ | 327,705 | |
| | | | | | | | |
| Electronics — 4.1% | |
Agilent Technologies, Inc. | | | 18,901 | | | | 808,207 | |
Brady Corp., Class A | | | 7,860 | | | | 241,538 | |
Koninklijke Philips Electronics N.V. | | | 30,834 | | | | 840,564 | |
TE Connectivity Ltd. | | | 10,850 | | | | 494,109 | |
Woodward, Inc. | | | 6,408 | | | | 256,320 | |
| | | | | | | | |
| | | | | | | 2,640,738 | |
| | | | | | | | |
| Engineering & Construction — 0.7% | |
ABB Ltd. ADR* | | | 19,620 | | | | 424,969 | |
| | | | | | | | |
| Entertainment — 1.0% | |
International Game Technology | | | 30,160 | | | | 503,974 | |
International Speedway Corp. | | | 3,930 | | | | 123,677 | |
| | | | | | | | |
| | | | | | | 627,651 | |
| | | | | | | | |
| Environmental Control — 3.8% | |
Republic Services, Inc. | | | 63,779 | | | | 2,164,659 | |
Waste Management, Inc. | | | 8,150 | | | | 328,690 | |
| | | | | | | | |
| | | | | | | 2,493,349 | |
| | | | | | | | |
| Food — 3.8% | |
ConAgra Foods, Inc. | | | 4,630 | | | | 161,726 | |
General Mills, Inc. | | | 6,710 | | | | 325,636 | |
Kellogg Co. | | | 6,240 | | | | 400,795 | |
Kraft Foods Group, Inc. | | | 2,400 | | | | 134,088 | |
Mondelez International, Inc., Class A | | | 15,420 | | | | 439,933 | |
Sysco Corp. | | | 29,170 | | | | 996,447 | |
| | | | | | | | |
| | | | | | | 2,458,625 | |
| | | | | | | | |
| Gas — 2.0% | |
AGL Resources, Inc. | | | 18,170 | | | | 778,766 | |
The Laclede Group, Inc. | | | 11,500 | | | | 525,090 | |
| | | | | | | | |
| | | | | | | 1,303,856 | |
| | | | | | | | |
| Hand & Machine Tools — 0.4% | |
Regal-Beloit Corp. | | | 4,450 | | | | 288,538 | |
| | | | | | | | |
| Healthcare Products — 8.7% | |
Becton Dickinson & Co. | | | 4,910 | | | | 485,255 | |
Boston Scientific Corp.* | | | 40,000 | | | | 370,800 | |
CareFusion Corp.* | | | 24,760 | | | | 912,406 | |
Hospira, Inc.* | | | 17,050 | | | | 653,186 | |
Medtronic, Inc. | | | 12,520 | | | | 644,404 | |
Patterson Cos., Inc. | | | 12,770 | | | | 480,152 | |
STERIS Corp. | | | 8,990 | | | | 385,491 | |
Stryker Corp. | | | 13,010 | | | | 841,487 | |
Varian Medical Systems, Inc.* | | | 2,830 | | | | 190,884 | |
Zimmer Holdings, Inc. | | | 9,250 | | | | 693,195 | |
| | | | | | | | |
| | | | | | | 5,657,260 | |
| | | | | | | | |
| Healthcare Services — 3.3% | |
Cigna Corp. | | | 3,970 | | | | 287,785 | |
Humana, Inc. | | | 6,470 | | | | 545,939 | |
LifePoint Hospitals, Inc.* | | | 15,610 | | | | 762,392 | |
Quest Diagnostics, Inc. | | | 9,170 | | | | 555,977 | |
| | | | | | | | |
| | | | | | | 2,152,093 | |
| | | | | | | | |
99
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Insurance — 7.2% | | | | | | | | |
ACE Ltd. | | | 5,500 | | | $ | 492,140 | |
AON PLC | | | 5,060 | | | | 325,611 | |
HCC Insurance Holdings, Inc. | | | 12,770 | | | | 550,515 | |
Marsh & McLennan Cos., Inc. | | | 14,300 | | | | 570,856 | |
Reinsurance Group of America, Inc. | | | 9,520 | | | | 657,927 | |
Symetra Financial Corp. | | | 23,860 | | | | 381,521 | |
The Allstate Corp. | | | 5,940 | | | | 285,833 | |
The Chubb Corp. | | | 7,720 | | | | 653,498 | |
The Travelers Cos., Inc. | | | 4,450 | | | | 355,644 | |
Unum Group | | | 13,000 | | | | 381,810 | |
| | | | | | | | |
| | | | | | | 4,655,355 | |
| | | | | | | | |
| Iron & Steel — 0.8% | |
Nucor Corp. | | | 11,190 | | | | 484,751 | |
| | | | | | | | |
| Leisure Time — 0.8% | | | | | | | | |
Carnival Corp. | | | 15,970 | | | | 547,611 | |
| | | | | | | | |
| Machinery — Diversified — 0.5% | |
Rockwell Automation, Inc. | | | 4,160 | | | | 345,862 | |
| | | | | | | | |
| Media — 0.6% | |
Time Warner Cable, Inc. | | | 3,320 | | | | 373,434 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.6% | |
Kaydon Corp. | | | 14,650 | | | | 403,608 | |
| | | | | | | | |
| Mining — 1.1% | |
Newmont Mining Corp. | | | 23,650 | | | | 708,318 | |
| | | | | | | | |
| Oil & Gas — 7.1% | |
Apache Corp. | | | 8,980 | | | | 752,794 | |
Devon Energy Corp. | | | 11,950 | | | | 619,966 | |
Helmerich & Payne, Inc. | | | 6,981 | | | | 435,964 | |
Imperial Oil Ltd | | | 42,070 | | | | 1,606,076 | |
Murphy Oil Corp. | | | 9,060 | | | | 551,663 | |
Southwestern Energy Co.* | | | 18,000 | | | | 657,540 | |
| | | | | | | | |
| | | | | | | 4,624,003 | |
| | | | | | | | |
| Packaging and Containers — 1.3% | |
Bemis Co., Inc. | | | 11,340 | | | | 443,848 | |
Sonoco Products Co. | | | 11,660 | | | | 403,086 | |
| | | | | | | | |
| | | | | | | 846,934 | |
| | | | | | | | |
| Pharmaceuticals — 0.2% | |
Mallinckrodt PLC* | | | 2,170 | | | | 98,583 | |
| | | | | | | | |
| Pipelines — 0.9% | | | | | | | | |
Spectra Energy Partners LP | | | 1,640 | | | | 75,440 | |
Williams Partners LP | | | 10,240 | | | | 528,384 | |
| | | | | | | | |
| | | | | | | 603,824 | |
| | | | | | | | |
| Retail — 3.2% | |
Bed Bath & Beyond, Inc.* | | | 2,150 | | | | 152,435 | |
CEC Entertainment, Inc. | | | 10,000 | | | | 410,400 | |
Lowe’s Cos., Inc. | | | 24,440 | | | | 999,596 | |
Target Corp. | | | 7,050 | | | | 485,463 | |
| | | | | | | | |
| | | | | | | 2,047,894 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Savings & Loans — 1.9% | |
Capitol Federal Financial Inc | | | 33,500 | | | $ | 406,690 | |
People’s United Financial, Inc. | | | 55,700 | | | | 829,930 | |
| | | | | | | | |
| | | | | | | 1,236,620 | |
| | | | | | | | |
| Semiconductors — 4.4% | |
Analog Devices, Inc. | | | 4,680 | �� | | | 210,881 | |
Applied Materials, Inc. | | | 54,360 | | | | 810,508 | |
Avago Technologies Ltd. | | | 8,790 | | | | 328,570 | |
KLA-Tencor Corp. | | | 5,660 | | | | 315,432 | |
Maxim Integrated Products, Inc. | | | 6,640 | | | | 184,459 | |
Microchip Technology, Inc. | | | 8,900 | | | | 331,525 | |
Teradyne, Inc.* | | | 39,050 | | | | 686,108 | |
| | | | | | | | |
| | | | | | | 2,867,483 | |
| | | | | | | | |
| Telecommunications — 2.4% | |
CenturyLink, Inc. | | | 17,840 | | | | 630,644 | |
Harris Corp. | | | 1,580 | | | | 77,815 | |
Rogers Communications Inc | | | 8,830 | | | | 345,912 | |
tw telecom, inc.* | | | 17,460 | | | | 491,325 | |
| | | | | | | | |
| | | | | | | 1,545,696 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.3% | |
Hasbro, Inc. | | | 3,610 | | | | 161,836 | |
| | | | | | | | |
| Transportation — 1.0% | |
Heartland Express, Inc. | | | 44,690 | | | | 619,850 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $56,938,435) | | | | 59,026,957 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 5.0% | |
| Building & Real Estate — 1.0% | | | | | | | | |
Annaly Capital Management, Inc. | | | 51,510 | | | | 647,481 | |
| | | | | | | | |
| Diversified — 2.0% | | | | | | | | |
American Tower Corp. | | | 8,850 | | | | 647,554 | |
Corrections Corporation of America | | | 19,200 | | | | 650,304 | |
| | | | | | | | |
| | | | | | | 1,297,858 | |
| | | | | | | | |
| Office Property — 1.5% | | | | | | | | |
Boston Properties, Inc. | | | 1,530 | | | | 161,369 | |
Piedmont Office Realty Trust, Inc., Class A | | | 45,330 | | | | 810,501 | |
| | | | | | | | |
| | | | | | | 971,870 | |
| | | | | | | | |
| Strip Centers — 0.5% | | | | | | | | |
Federal Realty Investment Trust | | | 3,130 | | | | 324,518 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,550,441) | | | | 3,241,727 | |
| | | | | | | | |
| EXCHANGE TRADED FUNDS — 3.0% | | | | | | | | |
Ishares Russell Midcap Value Index Fund
(Cost $1,928,247) | | | 33,500 | | | | 1,940,320 | |
| | | | | | | | |
100
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.9% | | | | | | | | |
BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares
(Cost $606,094) | | | 606,094 | | | $ | 606,094 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $63,023,217) | | | | | | $ | 64,815,098 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 91 | % |
Canada | | | 3 | |
Switzerland | | | 2 | |
Bermuda | | | 1 | |
Netherlands | | | 1 | |
Sweden | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 59,026,957 | | | $ | 58,186,393 | | | $ | 840,564 | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 3,241,727 | | | | 3,241,727 | | | | — | | | | — | |
EXCHANGE TRADED FUNDS | | | 1,940,320 | | | | 1,940,320 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 606,094 | | | | 606,094 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 64,815,098 | | | $ | 63,974,534 | | | $ | 840,564 | | | $ | — | |
| |
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.
101
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 97.2% | | | | | | | | |
| Aerospace & Defense — 2.8% | |
TransDigm Group, Inc.* | | | 5,150 | | | $ | 807,365 | |
Triumph Group, Inc. | | | 7,510 | | | | 594,417 | |
| | | | | | | | |
| | | | | | | 1,401,782 | |
| | | | | | | | |
| Airlines — 2.8% | | | | | | | | |
Allegiant Travel Co.* | | | 5,382 | | | | 570,438 | |
Copa Holdings S.A., Class A | | | 6,460 | | | | 847,035 | |
| | | | | | | | |
| | | | | | | 1,417,473 | |
| | | | | | | | |
| Apparel — 1.4% | | | | | | | | |
Under Armour, Inc., Class A* | | | 12,040 | | | | 718,908 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.8% | | | | | | | | |
BorgWarner, Inc.* | | | 4,640 | | | | 399,736 | |
| | | | | | | | |
| Banks — 1.2% | | | | | | | | |
Texas Capital Bancshares, Inc.* | | | 13,320 | | | | 590,875 | |
| | | | | | | | |
| Beverages — 2.6% | | | | | | | | |
Constellation Brands, Inc., Class A* | | | 17,310 | | | | 902,197 | |
Green Mountain Coffee Roasters, Inc.* | | | 5,320 | | | | 399,319 | |
| | | | | | | | |
| | | | | | | 1,301,516 | |
| | | | | | | | |
| Biotechnology — 1.8% | | | | | | | | |
Alnylam Pharmaceuticals, Inc.* | | | 9,710 | | | | 301,107 | |
Cubist Pharmaceuticals, Inc.* | | | 12,347 | | | | 596,360 | |
| | | | | | | | |
| | | | | | | 897,467 | |
| | | | | | | | |
| Building Materials — 3.3% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 19,730 | | | | 764,340 | |
Headwaters, Inc.* | | | 49,197 | | | | 434,902 | |
Owens Corning* | | | 11,590 | | | | 452,937 | |
| | | | | | | | |
| | | | | | | 1,652,179 | |
| | | | | | | | |
| Chemicals — 1.8% | | | | | | | | |
Airgas, Inc. | | | 4,886 | | | | 466,417 | |
WR Grace & Co.* | | | 5,422 | | | | 455,665 | |
| | | | | | | | |
| | | | | | | 922,082 | |
| | | | | | | | |
| Commercial Services — 14.7% | | | | | | | | |
Alliance Data Systems Corp.* | | | 4,720 | | | | 854,462 | |
CoStar Group, Inc.* | | | 5,420 | | | | 699,559 | |
Hertz Global Holdings, Inc.* | | | 33,830 | | | | 838,984 | |
Quanta Services, Inc.* | | | 23,130 | | | | 612,020 | |
Team Health Holdings, Inc.* | | | 17,360 | | | | 712,975 | |
The Advisory Board Co.* | | | 13,100 | | | | 715,915 | |
Towers Watson & Co., Class A | | | 6,350 | | | | 520,319 | |
United Rentals, Inc.* | | | 10,570 | | | | 527,549 | |
Vantiv, Inc.* | | | 42,007 | | | | 1,159,393 | |
Verisk Analytics, Inc., Class A* | | | 12,520 | | | | 747,444 | |
| | | | | | | | |
| | | | | | | 7,388,620 | |
| | | | | | | | |
| Computers — 0.9% | | | | | | | | |
Stratasys Ltd.* | | | 5,679 | | | | 475,559 | |
| | | | | | | | |
| Distribution & Wholesale — 0.8% | |
LKQ Corp.* | | | 14,776 | | | | 380,482 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — 2.8% | |
Affiliated Managers Group, Inc.* | | | 4,060 | | | $ | 665,596 | |
IntercontinentalExchange, Inc.* | | | 4,160 | | | | 739,482 | |
| | | | | | | | |
| | | | | | | 1,405,078 | |
| | | | | | | | |
| Electronics — 1.3% | | | | | | | | |
FEI Co. | | | 8,630 | | | | 629,904 | |
| | | | | | | | |
| Environmental Control — 1.2% | | | | | | | | |
Clean Harbors, Inc.* | | | 12,179 | | | | 615,405 | |
| | | | | | | | |
| Food — 1.7% | | | | | | | | |
Annie’s, Inc.* | | | 14,186 | | | | 606,310 | |
Boulder Brands, Inc.* | | | 20,780 | | | | 250,399 | |
| | | | | | | | |
| | | | | | | 856,709 | |
| | | | | | | | |
| Healthcare Products — 5.0% | | | | | | | | |
Bruker Corp.* | | | 32,510 | | | | 525,037 | |
Cepheid, Inc.* | | | 17,818 | | | | 613,296 | |
HeartWare International, Inc.* | | | 2,640 | | | | 251,090 | |
Sirona Dental Systems, Inc.* | | | 6,350 | | | | 418,338 | |
Thoratec Corp.* | | | 6,378 | | | | 199,695 | |
Wright Medical Group, Inc.* | | | 18,757 | | | | 491,621 | |
| | | | | | | | |
| | | | | | | 2,499,077 | |
| | | | | | | | |
| Internet — 6.1% | | | | | | | | |
Angie’s List, Inc.* | | | 16,140 | | | | 428,517 | |
BroadSoft, Inc.* | | | 15,046 | | | | 415,270 | |
Expedia, Inc. | | | 8,790 | | | | 528,718 | |
MercadoLibre, Inc. | | | 4,520 | | | | 487,075 | |
Netflix, Inc.* | | | 1,950 | | | | 411,626 | |
Splunk, Inc.* | | | 11,038 | | | | 511,722 | |
Zillow, Inc. Class A* | | | 5,300 | | | | 298,390 | |
| | | | | | | | |
| | | | | | | 3,081,318 | |
| | | | | | | | |
| Machinery — Diversified — 5.5% | |
Chart Industries, Inc.* | | | 6,400 | | | | 602,176 | |
Graco, Inc. | | | 11,970 | | | | 756,624 | |
Nordson Corp. | | | 9,080 | | | | 629,335 | |
Wabtec Corp. | | | 15,000 | | | | 801,450 | |
| | | | | | | | |
| | | | | | | 2,789,585 | |
| | | | | | | | |
| Media — 1.7% | | | | | | | | |
AMC Networks, Inc. Class A* | | | 12,940 | | | | 846,405 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.9% | |
Colfax Corp.* | | | 10,096 | | | | 526,103 | |
Movado Group, Inc. | | | 11,050 | | | | 373,821 | |
Proto Labs, Inc.* | | | 1,228 | | | | 79,783 | |
| | | | | | | | |
| | | | | | | 979,707 | |
| | | | | | | | |
| Oil & Gas — 2.8% | | | | | | | | |
Gulfport Energy Corp.* | | | 12,380 | | | | 582,727 | |
Oasis Petroleum, Inc.* | | | 9,080 | | | | 352,940 | |
PDC Energy, Inc.* | | | 8,980 | | | | 462,290 | |
| | | | | | | | |
| | | | | | | 1,397,957 | |
| | | | | | | | |
| Oil & Gas Services — 0.5% | | | | | | | | |
Mrc Global Inc* | | | 8,840 | | | | 244,161 | |
| | | | | | | | |
102
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — 5.2% | | | | | | | | |
Achillion Pharmaceuticals, Inc.* | | | 25,350 | | | $ | 207,363 | |
Alkermes PLC* | | | 8,970 | | | | 257,260 | |
BioMarin Pharmaceutical, Inc.* | | | 8,461 | | | | 472,039 | |
Isis Pharmaceuticals, Inc.* | | | 9,475 | | | | 254,593 | |
Onyx Pharmaceuticals, Inc.* | | | 7,890 | | | | 685,010 | |
Orexigen Therapeutics, Inc.* | | | 4,068 | | | | 23,798 | |
Santarus, Inc.* | | | 18,680 | | | | 393,214 | |
Synageva BioPharma Corp.* | | | 2,290 | | | | 96,180 | |
Theravance, Inc.* | | | 5,680 | | | | 218,850 | |
| | | | | | | | |
| | | | | | | 2,608,307 | |
| | | | | | | | |
| Real Estate — 1.4% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 29,920 | | | | 698,931 | |
| | | | | | | | |
| Retail — 9.1% | | | | | | | | |
Chico’s FAS, Inc. | | | 30,530 | | | | 520,842 | |
DSW, Inc., Class A | | | 8,928 | | | | 655,940 | |
GNC Holdings, Inc., Class A | | | 14,954 | | | | 661,116 | |
Lumber Liquidators Holdings, Inc.* | | | 6,160 | | | | 479,679 | |
Panera Bread Co., Class A* | | | 3,825 | | | | 711,221 | |
PVH Corp. | | | 5,630 | | | | 704,032 | |
Restoration Hardware Holdings, Inc.* | | | 6,141 | | | | 460,575 | |
The Finish Line, Inc., Class A | | | 17,143 | | | | 374,746 | |
| | | | | | | | |
| | | | | | | 4,568,151 | |
| | | | | | | | |
| Semiconductors — 0.9% | | | | | | | | |
Cavium, Inc.* | | | 12,360 | | | | 437,173 | |
| | | | | | | | |
| Software — 8.3% | | | | | | | | |
ACI Worldwide, Inc.* | | | 13,720 | | | | 637,706 | |
Aspen Technology, Inc.* | | | 23,820 | | | | 685,778 | |
athenahealth, Inc.* | | | 2,400 | | | | 203,328 | |
CommVault Systems, Inc.* | | | 11,950 | | | | 906,885 | |
Cornerstone OnDemand, Inc.* | | | 11,950 | | | | 517,316 | |
Guidewire Software, Inc.* | | | 15,620 | | | | 656,821 | |
ServiceNow, Inc.* | | | 14,255 | | | | 575,759 | |
| | | | | | | | |
| | | | | | | 4,183,593 | |
| | | | | | | | |
| Telecommunications — 4.4% | | | | | | | | |
DigitalGlobe, Inc.* | | | 18,736 | | | | 581,003 | |
Gogo Inc* | | | 14,408 | | | | 201,280 | |
IPG Photonics Corp.* | | | 11,670 | | | | 708,719 | |
SBA Communications Corp., Class A* | | | 9,946 | | | | 737,198 | |
| | | | | | | | |
| | | | | | | 2,228,200 | |
| | | | | | | | |
| Toys, Games & Hobbies — 1.0% | | | | | | | | |
LeapFrog Enterprises, Inc.* | | | 50,500 | | | | 496,920 | |
| | | | | | | | |
| Transportation — 1.5% | | | | | | | | |
Kansas City Southern | | | 7,150 | | | | 757,614 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $39,266,518) | | | | | | | 48,870,874 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.8% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,392,060) | | | 1,392,060 | | | $ | 1,392,060 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $40,658,578) | | | | | | $ | 50,262,934 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | $ | 48,870,874 | | | $ | 48,870,874 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,392,060 | | | | 1,392,060 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 50,262,934 | | | $ | 50,262,934 | | | $ | — | | | $ | — | |
| |
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.
103
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 92.1% | | | | | | | | |
| Apparel — 1.3% | | | | | | | | |
The Jones Group, Inc. | | | 48,580 | | | $ | 667,975 | |
| | | | | | | | |
| Auto Parts & Equipment — 4.6% | | | | | | | | |
Dana Holding Corp. | | | 25,300 | | | | 487,278 | |
Lear Corp. | | | 10,920 | | | | 660,223 | |
Tenneco, Inc.* | | | 10,970 | | | | 496,722 | |
TRW Automotive Holdings Corp.* | | | 11,920 | | | | 791,965 | |
| | | | | | | | |
| | | | | | | 2,436,188 | |
| | | | | | | | |
| Banks — 8.6% | | | | | | | | |
Associated Banc-Corp. | | | 25,380 | | | | 394,659 | |
CapitalSource, Inc. | | | 51,500 | | | | 483,070 | |
Comerica, Inc. | | | 17,695 | | | | 704,792 | |
Huntington Bancshares, Inc. | | | 95,790 | | | | 754,825 | |
Popular, Inc. | | | 24,819 | | | | 752,760 | |
Susquehanna Bancshares, Inc. | | | 29,270 | | | | 376,120 | |
Webster Financial Corp. | | | 11,590 | | | | 297,631 | |
Zions Bancorporation | | | 27,490 | | | | 793,911 | |
| | | | | | | | |
| | | | | | | 4,557,768 | |
| | | | | | | | |
| Chemicals — 3.2% | | | | | | | | |
Axiall Corp. | | | 11,880 | | | | 505,850 | |
Chemtura Corp.* | | | 29,120 | | | | 591,136 | |
Huntsman Corp. | | | 37,340 | | | | 618,351 | |
| | | | | | | | |
| | | | | | | 1,715,337 | |
| | | | | | | | |
| Commercial Services — 0.9% | | | | | | | | |
Convergys Corp. | | | 27,280 | | | | 475,490 | |
| | | | | | | | |
| Computers — 0.9% | | | | | | | | |
Insight Enterprises, Inc.* | | | 26,790 | | | | 475,255 | |
| | | | | | | | |
| Distribution & Wholesale — 1.5% | | | | | | | | |
Arrow Electronics, Inc.* | | | 20,260 | | | | 807,361 | |
| | | | | | | | |
| Diversified Financial Services — 2.1% | |
Aircastle Ltd. | | | 32,880 | | | | 525,751 | |
E*Trade Financial Corp.* | | | 46,180 | | | | 584,639 | |
| | | | | | | | |
| | | | | | | 1,110,390 | |
| | | | | | | | |
| Electric — 2.5% | | | | | | | | |
NV Energy, Inc. | | | 31,960 | | | | 749,782 | |
PNM Resources, Inc. | | | 26,670 | | | | 591,807 | |
| | | | | | | | |
| | | | | | | 1,341,589 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.8% | |
EnerSys,Inc. | | | 6,800 | | | | 333,472 | |
General Cable Corp. | | | 19,390 | | | | 596,242 | |
| | | | | | | | |
| | | | | | | 929,714 | |
| | | | | | | | |
| Electronics — 5.5% | | | | | | | | |
AU Optronics Corp.-ADR* | | | 82,960 | | | | 287,042 | |
Avnet, Inc.* | | | 20,800 | | | | 698,880 | |
Flextronics International Ltd.* | | | 44,690 | | | | 345,901 | |
Jabil Circuit, Inc. | | | 28,620 | | | | 583,275 | |
TTM Technologies, Inc.* | | | 42,390 | | | | 356,076 | |
Vishay Intertechnology, Inc.* | | | 48,420 | | | | 672,554 | |
| | | | | | | | |
| | | | | | | 2,943,728 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Engineering & Construction — 1.8% | |
Granite Construction, Inc. | | | 19,560 | | | $ | 582,105 | |
Tutor Perini Corp.* | | | 20,420 | | | | 369,398 | |
| | | | | | | | |
| | | | | | | 951,503 | |
| | | | | | | | |
| Entertainment — 1.4% | | | | | | | | |
Regal Entertainment Group, Class A | | | 40,550 | | | | 725,845 | |
| | | | | | | | |
| Food — 0.9% | | | | | | | | |
Dole Food Co., Inc.* | | | 38,750 | | | | 494,063 | |
| | | | | | | | |
| Gas — 2.4% | | | | | | | | |
Atmos Energy Corp. | | | 14,505 | | | | 595,575 | |
UGI Corp. | | | 16,890 | | | | 660,568 | |
| | | | | | | | |
| | | | | | | 1,256,143 | |
| | | | | | | | |
| Healthcare Services — 4.2% | | | | | | | | |
Health Net, Inc.* | | | 24,110 | | | | 767,180 | |
LifePoint Hospitals, Inc.* | | | 14,750 | | | | 720,390 | |
Universal Health Services, Inc., Class B | | | 11,130 | | | | 745,265 | |
| | | | | | | | |
| | | | | | | 2,232,835 | |
| | | | | | | | |
| Home Builders — 4.6% | | | | | | | | |
Meritage Homes Corp.* | | | 14,170 | | | | 614,411 | |
NVR, Inc.* | | | 480 | | | | 442,560 | |
PulteGroup, Inc.* | | | 35,160 | | | | 666,985 | |
Thor Industries, Inc. | | | 14,100 | | | | 693,438 | |
| | | | | | | | |
| | | | | | | 2,417,394 | |
| | | | | | | | |
| Household Products & Wares — 1.1% | |
Avery Dennison Corp. | | | 13,890 | | | | 593,936 | |
| | | | | | | | |
| Housewares — 0.6% | | | | | | | | |
Newell Rubbermaid, Inc. | | | 11,690 | | | | 306,863 | |
| | | | | | | | |
| Insurance — 8.4% | | | | | | | | |
Aspen Insurance Holdings Ltd. | | | 19,360 | | | | 718,062 | |
Fidelity National Financial, Inc., Class A | | | 28,350 | | | | 675,014 | |
Genworth Financial, Inc., Class A* | | | 55,170 | | | | 629,490 | |
Reinsurance Group of America, Inc. | | | 7,905 | | | | 546,315 | |
Torchmark Corp. | | | 9,980 | | | | 650,097 | |
Unum Group | | | 20,305 | | | | 596,358 | |
Validus Holdings Ltd. | | | 18,270 | | | | 659,912 | |
| | | | | | | | |
| | | | | | | 4,475,248 | |
| | | | | | | | |
| Iron & Steel — 3.3% | | | | | | | | |
Commercial Metals Co. | | | 40,550 | | | | 598,923 | |
Reliance Steel & Aluminum Co. | | | 8,260 | | | | 541,526 | |
Steel Dynamics, Inc. | | | 39,830 | | | | 593,865 | |
| | | | | | | | |
| | | | | | | 1,734,314 | |
| | | | | | | | |
| Leisure Time — 1.0% | | | | | | | | |
Royal Caribbean Cruises Ltd. | | | 16,100 | | | | 536,774 | |
| | | | | | | | |
| Lodging — 1.2% | | | | | | | | |
MGM Resorts International* | | | 42,000 | | | | 620,760 | |
| | | | | | | | |
| Machinery — Construction & Mining — 1.1% | |
Terex Corp.* | | | 22,920 | | | | 602,796 | |
| | | | | | | | |
| Media — 0.7% | | | | | | | | |
Gannett Co., Inc. | | | 14,560 | | | | 356,138 | |
| | | | | | | | |
104
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Metal Fabricate/Hardware — 1.4% | |
Timken Co. | | | 12,990 | | | $ | 731,077 | |
| | | | | | | | |
| Office Furnishings — 1.1% | | | | | | | | |
Steelcase, Inc., Class A | | | 40,340 | | | | 588,157 | |
| | | | | | | | |
| Oil & Gas — 4.7% | | | | | | | | |
Bill Barrett Corp.* | | | 22,930 | | | | 463,645 | |
Cimarex Energy Co. | | | 9,870 | | | | 641,451 | |
Helmerich & Payne, Inc. | | | 9,070 | | | | 566,421 | |
Stone Energy Corp.* | | | 13,510 | | | | 297,625 | |
Western Refining, Inc. | | | 18,040 | | | | 506,383 | |
| | | | | | | | |
| | | | | | | 2,475,525 | |
| | | | | | | | |
| Oil & Gas Services — 1.2% | | | | | | | | |
Helix Energy Solutions Group, Inc.* | | | 28,250 | | | | 650,880 | |
| | | | | | | | |
| Packaging and Containers — 0.7% | |
Graphic Packaging Holding Co.* | | | 50,970 | | | | 394,508 | |
| | | | | | | | |
| Retail — 3.5% | | | | | | | | |
Abercrombie & Fitch Co., Class A | | | 3,000 | | | | 135,750 | |
GameStop Corp., Class A | | | 8,630 | | | | 362,719 | |
Office Depot, Inc.* | | | 131,300 | | | | 508,131 | |
The Men’s Wearhouse, Inc. | | | 22,200 | | | | 840,270 | |
| | | | | | | | |
| | | | | | | 1,846,870 | |
| | | | | | | | |
| Savings & Loans — 1.3% | | | | | | | | |
First Niagara Financial Group, Inc. | | | 69,460 | | | | 699,462 | |
| | | | | | | | |
| Semiconductors — 5.4% | | | | | | | | |
Amkor Technology, Inc.* | | | 40,100 | | | | 168,821 | |
Entegris, Inc.* | | | 59,360 | | | | 557,390 | |
Lam Research Corp.* | | | 14,380 | | | | 637,609 | |
Micron Technology, Inc.* | | | 34,400 | | | | 492,952 | |
MKS Instruments, Inc. | | | 13,710 | | | | 363,863 | |
SunEdison, Inc.* | | | 78,520 | | | | 641,509 | |
| | | | | | | | |
| | | | | | | 2,862,144 | |
| | | | | | | | |
| Software — 1.3% | | | | | | | | |
Electronic Arts, Inc.* | | | 29,370 | | | | 674,629 | |
| | | | | | | | |
| Telecommunications — 3.0% | | | | | | | | |
Amdocs Ltd. | | | 19,285 | | | | 715,281 | |
Anixter International, Inc.* | | | 6,610 | | | | 501,104 | |
Harris Corp. | | | 7,560 | | | | 372,330 | |
| | | | | | | | |
| | | | | | | 1,588,715 | |
| | | | | | | | |
| Transportation — 2.9% | | | | | | | | |
Bristow Group, Inc. | | | 7,445 | | | | 486,307 | |
Con-way, Inc. | | | 18,180 | | | | 708,293 | |
Teekay Corp. | | | 7,890 | | | | 320,571 | |
| | | | | | | | |
| | | | | | | 1,515,171 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $38,450,701) | | | | | | | 48,792,545 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 5.8% | | | | | |
| Apartments — 1.2% | | | | | | | | |
Camden Property Trust | | | 4,690 | | | $ | 324,267 | |
Mid-America Apartment Communities, Inc. | | | 4,400 | | | | 298,188 | |
| | | | | | | | |
| | | | | | | 622,455 | |
| | | | | | | | |
| Diversified — 0.7% | | | | | | | | |
Plum Creek Timber Co., Inc. | | | 8,110 | | | | 378,494 | |
| | | | | | | | |
| Healthcare — 1.8% | | | | | | | | |
LTC Properties, Inc. | | | 12,810 | | | | 500,231 | |
Medical Properties Trust, Inc. | | | 33,020 | | | | 472,846 | |
| | | | | | | | |
| | | | | | | 973,077 | |
| | | | | | | | |
| Hotels & Resorts — 1.3% | | | | | | | | |
RLJ Lodging Trust | | | 32,070 | | | | 721,254 | |
| | | | | | | | |
| Office Property — 0.8% | | | | | | | | |
BioMed Realty Trust, Inc. | | | 20,080 | | | | 406,218 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,832,353) | | | | 3,101,498 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.1% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,107,998) | | | 1,107,998 | | | | 1,107,998 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $42,391,052) | | | | | | $ | 53,002,041 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 94 | % |
Bermuda | | | 2 | |
Canada | | | 1 | |
Puerto Rico | | | 1 | |
Singapore | | | 1 | |
Taiwan | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
105
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
SMID Cap Value Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | $ | 48,792,545 | | | $ | 48,792,545 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 3,101,498 | | | | 3,101,498 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,107,998 | | | | 1,107,998 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 53,002,041 | | | $ | 53,002,041 | | | $ | — | | | $ | — | |
| |
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.
106
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 98.1% | | | | | | | | |
| Aerospace & Defense — 2.3% | | | | | | | | |
Heico Corp., Class A | | | 31,580 | | | $ | 1,165,618 | |
TransDigm Group, Inc.* | | | 3,585 | | | | 562,020 | |
| | | | | | | | |
| | | | | | | 1,727,638 | |
| | | | | | | | |
| Apparel — 9.4% | | | | | | | | |
Carter’s, Inc. | | | 38,230 | | | | 2,831,696 | |
Deckers Outdoor Corp.* | | | 6,185 | | | | 312,404 | |
Gildan Activewear, Inc. | | | 9,810 | | | | 397,403 | |
Quiksilver, Inc.* | | | 144,895 | | | | 933,124 | |
Wolverine World Wide, Inc. | | | 47,955 | | | | 2,618,823 | |
| | | | | | | | |
| | | | | | | 7,093,450 | |
| | | | | | | | |
| Banks — 1.8% | | | | | | | | |
SVB Financial Group* | | | 16,435 | | | | 1,369,364 | |
| | | | | | | | |
| Biotechnology — 1.3% | | | | | | | | |
Ariad Pharmaceuticals, Inc.* | | | 22,240 | | | | 388,977 | |
Incyte Corp. Ltd.* | | | 17,470 | | | | 384,340 | |
Seattle Genetics, Inc.* | | | 6,610 | | | | 207,951 | |
| | | | | | | | |
| | | | | | | 981,268 | |
| | | | | | | | |
| Commercial Services — 8.2% | | | | | | | | |
CoStar Group, Inc.* | | | 4,925 | | | | 635,670 | |
Euronet Worldwide, Inc.* | | | 54,855 | | | | 1,747,680 | |
Gartner, Inc.* | | | 7,360 | | | | 419,594 | |
Monro Muffler Brake, Inc. | | | 32,930 | | | | 1,582,286 | |
Ritchie Bros. Auctioneers, Inc. | | | 33,910 | | | | 651,750 | |
Standard Parking Corp.* | | | 11,165 | | | | 239,601 | |
VistaPrint N.V.* | | | 17,925 | | | | 884,957 | |
| | | | | | | | |
| | | | | | | 6,161,538 | |
| | | | | | | | |
| Computers — 5.9% | | | | | | | | |
Cadence Design Systems, Inc.* | | | 97,580 | | | | 1,412,958 | |
Jack Henry & Associates, Inc. | | | 35,525 | | | | 1,674,293 | |
RealD, Inc.* | | | 45,495 | | | | 632,381 | |
Stratasys Ltd.* | | | 9,085 | | | | 760,778 | |
| | | | | | | | |
| | | | | | | 4,480,410 | |
| | | | | | | | |
| Distribution & Wholesale — 2.0% | | | | | | | | |
WESCO International, Inc.* | | | 22,240 | | | | 1,511,430 | |
| | | | | | | | |
| Diversified Financial Services — 3.9% | |
Artisan Partners Asset Management, Inc.* | | | 1,035 | | | | 51,657 | |
Eaton Vance Corp. | | | 9,895 | | | | 371,953 | |
Financial Engines, Inc. | | | 12,640 | | | | 576,257 | |
LPL Financial Holdings, Inc. | | | 25,509 | | | | 963,220 | |
MarketAxess Holdings, Inc. | | | 20,300 | | | | 949,025 | |
| | | | | | | | |
| | | | | | | 2,912,112 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.4% | |
GrafTech International Ltd.* | | | 144,435 | | | | 1,051,487 | |
| | | | | | | | |
| Electronics — 2.5% | | | | | | | | |
Measurement Specialties, Inc.* | | | 14,115 | | | | 656,771 | |
Sensata Technologies Holding N.V.* | | | 23,600 | | | | 823,640 | |
Trimble Navigation Ltd.* | | | 16,965 | | | | 441,260 | |
| | | | | | | | |
| | | | | | | 1,921,671 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Entertainment — 1.4% | | | | | | | | |
National CineMedia, Inc. | | | 60,520 | | | $ | 1,022,183 | |
| | | | | | | | |
| Environmental Control — 2.0% | | | | | | | | |
Clean Harbors, Inc.* | | | 29,205 | | | | 1,475,729 | |
| | | | | | | | |
| Hand & Machine Tools — 2.7% | | | | | | | | |
Kennametal, Inc. | | | 51,620 | | | | 2,004,405 | |
| | | | | | | | |
| Healthcare Products — 6.3% | | | | | | | | |
Endologix, Inc.* | | | 71,620 | | | | 951,114 | |
IDEXX Laboratories Inc.* | | | 3,560 | | | | 319,617 | |
Masimo Corp.* | | | 49,770 | | | | 1,055,124 | |
Quidel Corp.* | | | 26,515 | | | | 676,928 | |
Techne Corp. | | | 14,240 | | | | 983,414 | |
Varian Medical Systems, Inc.* | | | 6,005 | | | | 405,037 | |
Volcano Corp.* | | | 20,710 | | | | 375,472 | |
| | | | | | | | |
| | | | | | | 4,766,706 | |
| | | | | | | | |
| Home Furnishings — 0.5% | | | | | | | | |
DTS, Inc.* | | | 18,910 | | | | 389,168 | |
| | | | | | | | |
| Leisure Time — 0.7% | | | | | | | | |
Polaris Industries, Inc. | | | 5,925 | | | | 562,875 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.4% | |
Joy Global, Inc. | | | 6,710 | | | | 325,636 | |
| | | | | | | | |
| Machinery — Diversified — 2.5% | | | | | | | | |
Nordson Corp. | | | 5,570 | | | | 386,057 | |
Tennant Co. | | | 18,175 | | | | 877,307 | |
Wabtec Corp./DE | | | 11,360 | | | | 606,965 | |
| | | | | | | | |
| | | | | | | 1,870,329 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.7% | |
Polypore International, Inc.* | | | 56,635 | | | | 2,282,390 | |
Sodastream International Ltd.* | | | 6,540 | | | | 475,131 | |
| | | | | | | | |
| | | | | | | 2,757,521 | |
| | | | | | | | |
| Oil & Gas — 1.4% | | | | | | | | |
Ultra Petroleum Corp.* | | | 52,440 | | | | 1,039,361 | |
| | | | | | | | |
| Oil & Gas Services — 4.1% | | | | | | | | |
Core Laboratories N.V. | | | 2,885 | | | | 437,539 | |
Dresser-Rand Group, Inc.* | | | 16,285 | | | | 976,774 | |
Dril-Quip, Inc.* | | | 12,850 | | | | 1,160,227 | |
Targa Resources Corp. | | | 8,355 | | | | 537,477 | |
| | | | | | | | |
| | | | | | | 3,112,017 | |
| | | | | | | | |
| Pharmaceuticals — 2.3% | | | | | | | | |
Alkermes PLC* | | | 8,175 | | | | 234,459 | |
BioMarin Pharmaceutical, Inc.* | | | 4,485 | | | | 250,218 | |
Endo Pharmaceuticals Holdings, Inc.* | | | 2,010 | | | | 73,948 | |
Ironwood Pharmaceuticals, Inc.* | | | 31,860 | | | | 317,007 | |
Medivation, Inc.* | | | 7,340 | | | | 361,128 | |
Pharmacyclics, Inc.* | | | 2,470 | | | | 196,291 | |
Synageva BioPharma Corp.* | | | 7,485 | | | | 314,370 | |
| | | | | | | | |
| | | | | | | 1,747,421 | |
| | | | | | | | |
| Real Estate — 0.5% | | | | | | | | |
Jones Lang LaSalle, Inc. | | | 3,910 | | | | 356,357 | |
| | | | | | | | |
107
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Retail — 5.5% | | | | | | | | |
Biglari Holdings, Inc.* | | | 199 | | | $ | 81,670 | |
Casey’s General Stores, Inc. | | | 10,560 | | | | 635,289 | |
Dunkin’ Brands Group, Inc. | | | 4,985 | | | | 213,458 | |
Hibbett Sports, Inc.* | | | 30,620 | | | | 1,699,410 | |
Sally Beauty Holdings, Inc.* | | | 14,460 | | | | 449,706 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | | | 3,355 | | | | 336,037 | |
World Fuel Services Corp. | | | 19,255 | | | | 769,815 | |
| | | | | | | | |
| | | | | | | 4,185,385 | |
| | | | | | | | |
| Semiconductors — 3.2% | | | | | | | | |
Atmel Corp.* | | | 197,575 | | | | 1,452,176 | |
ON Semiconductor Corp.* | | | 122,095 | | | | 986,528 | |
| | | | | | | | |
| | | | | | | 2,438,704 | |
| | | | | | | | |
| Software — 18.2% | | | | | | | | |
athenahealth, Inc.* | | | 11,175 | | | | 946,746 | |
Blackbaud, Inc. | | | 69,970 | | | | 2,278,923 | |
Broadridge Financial Solutions, Inc. | | | 79,785 | | | | 2,120,685 | |
Guidewire Software, Inc.* | | | 11,780 | | | | 495,349 | |
Informatica Corp.* | | | 50,530 | | | | 1,767,539 | |
MSCI, Inc.* | | | 30,865 | | | | 1,026,879 | |
RealPage, Inc.* | | | 70,565 | | | | 1,294,162 | |
Solera Holdings, Inc. | | | 27,015 | | | | 1,503,385 | |
SS&C Technologies Holdings, Inc.* | | | 70,610 | | | | 2,323,069 | |
| | | | | | | | |
| | | | | | | 13,756,737 | |
| | | | | | | | |
| Transportation — 4.0% | | | | | | | | |
Expeditors International of Washington, Inc. | | | 11,415 | | | | 433,884 | |
Landstar System, Inc. | | | 26,870 | | | | 1,383,805 | |
Old Dominion Freight Line, Inc.* | | | 20,505 | | | | 853,418 | |
Saia, Inc.* | | | 12,480 | | | | 374,026 | |
| | | | | | | | |
| | | | | | | 3,045,133 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $71,671,040) | | | | | | | 74,066,035 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.9% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,398,884) | | | 1,398,884 | | | | 1,398,884 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $73,069,924) | | | | | | $ | 75,464,919 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2013†† | | | |
United States | | | 95 | % |
Netherlands | | | 3 | |
Canada | | | 1 | |
Israel | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2013 |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total Market Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant Observable Input | | | Level 3
Significant Unobservable Input | |
COMMON STOCKS | | $ | 74,066,035 | | | $ | 74,066,035 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,398,884 | | | | 1,398,884 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 75,464,919 | | | $ | 75,464,919 | | | $ | — | | | $ | — | |
| |
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.
108
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 84.7% | | | | | | | | |
| Aerospace & Defense — 2.6% | | | | | | | | |
Cubic Corp. | | | 19,702 | | | $ | 947,666 | |
Kaman Corp. | | | 36,850 | | | | 1,273,536 | |
Moog, Inc., Class A* | | | 28,359 | | | | 1,461,339 | |
Teledyne Technologies, Inc.* | | | 13,809 | | | | 1,068,126 | |
Triumph Group, Inc. | | | 7,689 | | | | 608,585 | |
| | | | | | | | |
| | | | | | | 5,359,252 | |
| | | | | | | | |
| Apparel — 1.5% | | | | | | | | |
Carter’s, Inc. | | | 11,773 | | | | 872,026 | |
Hanesbrands Inc. | | | 20,472 | | | | 1,052,670 | |
Steven Madden Ltd.* | | | 25,323 | | | | 1,225,127 | |
| | | | | | | | |
| | | | | | | 3,149,823 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.2% | | | | | | | | |
American Axle & Manufacturing Holdings, Inc.* | | | 77,584 | | | | 1,445,390 | |
Tenneco, Inc.* | | | 22,991 | | | | 1,041,032 | |
| | | | | | | | |
| | | | | | | 2,486,422 | |
| | | | | | | | |
| Banks — 13.2% | | | | | | | | |
BancorpSouth, Inc. | | | 52,793 | | | | 934,436 | |
Bank of the Ozarks, Inc. | | | 39,347 | | | | 1,704,906 | |
Banner Corp. | | | 20,175 | | | | 681,713 | |
Boston Private Financial Holdings, Inc. | | | 69,116 | | | | 735,394 | |
Bridge Capital Holdings* | | | 13,631 | | | | 216,188 | |
CoBiz Financial, Inc. | | | 35,903 | | | | 297,995 | |
Community Bank System, Inc. | | | 29,685 | | | | 915,782 | |
First Financial Bankshares, Inc. | | | 19,935 | | | | 1,109,582 | |
First Midwest Bancorp, Inc. | | | 47,952 | | | | 657,901 | |
Glacier Bancorp, Inc. | | | 47,126 | | | | 1,045,726 | |
Hancock Holding Co. | | | 8,934 | | | | 268,645 | |
Heritage Financial Corp. | | | 15,920 | | | | 233,228 | |
Home BancShares, Inc. | | | 37,192 | | | | 965,876 | |
Independent Bank Corp. | | | 19,118 | | | | 659,571 | |
Independent Bank Group, Inc.* | | | 8,218 | | | | 249,827 | |
Lakeland Financial Corp. | | | 12,402 | | | | 344,156 | |
MB Financial, Inc. | | | 44,323 | | | | 1,187,856 | |
Pinnacle Financial Partners, Inc.* | | | 31,861 | | | | 819,146 | |
PrivateBancorp, Inc. | | | 62,455 | | | | 1,324,671 | |
Prosperity Bancshares, Inc. | | | 35,697 | | | | 1,848,748 | |
Sandy Spring Bancorp, Inc. | | | 16,409 | | | | 354,763 | |
SCBT Financial Corp. | | | 16,711 | | | | 842,067 | |
Sierra Bancorp | | | 7,523 | | | | 111,340 | |
Signature Bank* | | | 26,254 | | | | 2,179,607 | |
Southcoast Financial Corp.* | | | 14,112 | | | | 74,088 | |
Sterling Financial Corp. | | | 38,689 | | | | 920,024 | |
Summit State Bank | | | 8,016 | | | | 74,389 | |
Texas Capital Bancshares, Inc.* | | | 41,487 | | | | 1,840,363 | |
The First of Long Island Corp. | | | 8,267 | | | | 274,382 | |
Trico Bancshares | | | 16,575 | | | | 353,545 | |
UMB Financial Corp. | | | 31,384 | | | | 1,747,147 | |
ViewPoint Financial Group, Inc. | | | 42,923 | | | | 893,228 | |
Webster Financial Corp. | | | 47,895 | | | | 1,229,944 | |
| | | | | | | | |
| | | | | | | 27,096,234 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Biotechnology — 1.3% | | | | | | | | |
Acorda Therapeutics, Inc.* | | | 17,775 | | | $ | 586,397 | |
Exact Sciences Corp.* | | | 54,801 | | | | 762,282 | |
Myriad Genetics, Inc.* | | | 46,136 | | | | 1,239,674 | |
| | | | | | | | |
| | | | | | | 2,588,353 | |
| | | | | | | | |
| Building Materials — 0.5% | | | | | | | | |
Comfort Systems USA, Inc. | | | 73,611 | | | | 1,098,276 | |
| | | | | | | | |
| Chemicals — 3.3% | | | | | | | | |
H.B. Fuller Co. | | | 31,130 | | | | 1,177,025 | |
Methanex Corp. | | | 39,080 | | | | 1,672,233 | |
PolyOne Corp. | | | 77,780 | | | | 1,927,388 | |
Quaker Chemical Corp. | | | 7,797 | | | | 483,492 | |
W.R. Grace & Co.* | | | 10,742 | | | | 902,758 | |
Westlake Chemical Corp. | | | 6,228 | | | | 600,442 | |
| | | | | | | | |
| | | | | | | 6,763,338 | |
| | | | | | | | |
| Commercial Services — 1.6% | | | | | | | | |
Aaron’s Inc.* | | | 36,744 | | | | 1,029,199 | |
Convergys Corp. | | | 62,465 | | | | 1,088,765 | |
Monro Muffler Brake, Inc. | | | 11,231 | | | | 539,650 | |
TrueBlue, Inc.* | | | 29,928 | | | | 629,984 | |
| | | | | | | | |
| | | | | | | 3,287,598 | |
| | | | | | | | |
| Computers — 1.4% | | | | | | | | |
Electronics for Imaging, Inc.* | | | 40,508 | | | | 1,145,972 | |
Mentor Graphics Corp. | | | 49,878 | | | | 975,115 | |
NetScout Systems, Inc.* | | | 26,792 | | | | 625,325 | |
| | | | | | | | |
| | | | | | | 2,746,412 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.3% | |
Elizabeth Arden, Inc.* | | | 14,973 | | | | 674,833 | |
| | | | | | | | |
| Distribution & Wholesale — 0.3% | |
Watsco, Inc. | | | 6,023 | | | | 505,691 | |
| | | | | | | | |
| Diversified Financial Services — 2.8% | |
Cohen & Steers, Inc. | | | 7,352 | | | | 249,821 | |
E*Trade Financial Corp.* | | | 73,228 | | | | 927,067 | |
Manning & Napier, Inc. | | | 10,901 | | | | 193,602 | |
MarketAxess Holdings, Inc. | | | 18,775 | | | | 877,731 | |
Ocwen Financial Corp.* | | | 23,803 | | | | 981,160 | |
Piper Jaffray Cos.* | | | 5,477 | | | | 173,128 | |
Stifel Financial Corp.* | | | 40,227 | | | | 1,434,897 | |
Walter Investment Management Corp.* | | | 21,799 | | | | 737,024 | |
WisdomTree Investments, Inc.* | | | 17,283 | | | | 199,964 | |
| | | | | | | | |
| | | | | | | 5,774,394 | |
| | | | | | | | |
| Electric — 4.4% | | | | | | | | |
ALLETE, Inc. | | | 15,649 | | | | 780,103 | |
Black Hills Corp. | | | 8,951 | | | | 436,361 | |
Cleco Corp. | | | 43,995 | | | | 2,042,688 | |
El Paso Electric Co. | | | 64,408 | | | | 2,274,247 | |
IDACORP, Inc. | | | 41,030 | | | | 1,959,593 | |
NorthWestern Corp. | | | 12,996 | | | | 518,540 | |
UNS Energy Corp. | | | 22,195 | | | | 992,782 | |
| | | | | | | | |
| | | | | | | 9,004,314 | |
| | | | | | | | |
109
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Electrical Components & Equipment — 1.7% | |
Acuity Brands, Inc. | | | 8,506 | | | $ | 642,373 | |
Advanced Energy Industries, Inc.* | | | 37,676 | | | | 655,939 | |
Belden, Inc. | | | 23,762 | | | | 1,186,437 | |
Littelfuse, Inc. | | | 8,863 | | | | 661,268 | |
Powell Industries, Inc.* | | | 6,144 | | | | 317,338 | |
| | | | | | | | |
| | | | | | | 3,463,355 | |
| | | | | | | | |
| Electronics — 1.7% | | | | | | | | |
Coherent, Inc.* | | | 11,825 | | | | 651,203 | |
Newport Corp.* | | | 71,022 | | | | 989,336 | |
PerkinElmer, Inc. | | | 54,162 | | | | 1,760,265 | |
| | | | | | | | |
| | | | | | | 3,400,804 | |
| | | | | | | | |
| Engineering & Construction — 0.4% | |
Michael Baker Corp. | | | 8,460 | | | | 229,351 | |
MYR Group, Inc.* | | | 29,380 | | | | 571,441 | |
| | | | | | | | |
| | | | | | | 800,792 | |
| | | | | | | | |
| Entertainment — 1.1% | | | | | | | | |
Marriott Vacations Worldwide Corp.* | | | 25,029 | | | | 1,082,254 | |
Six Flags Entertainment Corp. | | | 14,546 | | | | 511,437 | |
Vail Resorts, Inc. | | | 11,886 | | | | 731,227 | |
| | | | | | | | |
| | | | | | | 2,324,918 | |
| | | | | | | | |
| Environmental Control — 0.3% | |
Waste Connections, Inc. | | | 16,781 | | | | 690,370 | |
| | | | | | | | |
| Food — 0.6% | | | | | | | | |
The Hain Celestial Group, Inc.* | | | 18,159 | | | | 1,179,790 | |
| | | | | | | | |
| Forest Products & Paper — 0.7% | |
KapStone Paper and Packaging Corp.* | | | 35,645 | | | | 1,432,216 | |
| | | | | | | | |
| Gas — 1.4% | | | | | | | | |
Southwest Gas Corp. | | | 62,173 | | | | 2,909,075 | |
| | | | | | | | |
| Hand & Machine Tools — 0.3% | | | | | | | | |
Regal-Beloit Corp. | | | 10,578 | | | | 685,878 | |
| | | | | | | | |
| Healthcare Products — 0.2% | | | | | | | | |
Teleflex, Inc. | | | 5,483 | | | | 424,878 | |
| | | | | | | | |
| Healthcare Services — 0.9% | | | | | | | | |
HealthSouth Corp.* | | | 35,767 | | | | 1,030,090 | |
ICON PLC* | | | 23,971 | | | | 849,292 | |
| | | | | | | | |
| | | | | | | 1,879,382 | |
| | | | | | | | |
| Holding Companies — 0.2% | | | | | | | | |
Primoris Services Corp. | | | 19,277 | | | | 380,142 | |
| | | | | | | | |
| Home Builders — 1.5% | | | | | | | | |
Meritage Homes Corp.* | | | 27,423 | | | | 1,189,061 | |
Standard Pacific Corp.* | | | 105,638 | | | | 879,965 | |
William Lyon Homes* | | | 36,456 | | | | 919,056 | |
| | | | | | | | |
| | | | | | | 2,988,082 | |
| | | | | | | | |
| Home Furnishings — 0.2% | | | | | | | | |
Harman International Industries, Inc. | | | 8,962 | | | | 485,740 | |
| | | | | | | | |
| Household Products & Wares — 1.2% | |
Prestige Brands Holdings, Inc.* | | | 31,080 | | | | 905,671 | |
Spectrum Brands Holdings, Inc. | | | 27,092 | | | | 1,540,722 | |
| | | | | | | | |
| | | | | | | 2,446,393 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Insurance — 4.6% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 146,071 | | | $ | 2,293,315 | |
Aspen Insurance Holdings Ltd. | | | 27,999 | | | | 1,038,483 | |
Enstar Group Ltd.* | | | 5,349 | | | | 711,310 | |
Maiden Holdings Ltd. | | | 63,813 | | | | 715,982 | |
Markel Corp.* | | | 1,070 | | | | 563,836 | |
Meadowbrook Insurance Group, Inc. | | | 123,254 | | | | 989,730 | |
ProAssurance Corp. | | | 32,240 | | | | 1,681,638 | |
Radian Group, Inc. | | | 85,779 | | | | 996,752 | |
RLI Corp. | | | 5,741 | | | | 438,670 | |
| | | | | | | | |
| | | | | | | 9,429,716 | |
| | | | | | | | |
| Investment Companies — 1.0% | |
Golub Capital BDC, Inc. | | | 19,376 | | | | 339,080 | |
New Mountain Finance Corp. | | | 24,913 | | | | 352,768 | |
PennantPark Investment Corp. | | | 37,013 | | | | 408,994 | |
Solar Capital Ltd. | | | 17,153 | | | | 396,063 | |
Solar Senior Capital Ltd. | | | 11,291 | | | | 207,867 | |
THL Credit, Inc. | | | 20,183 | | | | 306,580 | |
| | | | | | | | |
| | | | | | | 2,011,352 | |
| | | | | | | | |
| Iron & Steel — 0.6% | | | | | | | | |
Carpenter Technology Corp. | | | 13,737 | | | | 619,126 | |
Commercial Metals Co. | | | 43,544 | | | | 643,145 | |
| | | | | | | | |
| | | | | | | 1,262,271 | |
| | | | | | | | |
| Leisure Time — 1.0% | | | | | | | | |
Arctic Cat, Inc. | | | 15,817 | | | | 711,449 | |
Brunswick Corp. | | | 15,318 | | | | 489,410 | |
Polaris Industries, Inc. | | | 7,795 | | | | 740,525 | |
| | | | | | | | |
| | | | | | | 1,941,384 | |
| | | | | | | | |
| Machinery — Diversified — 2.0% | |
Altra Holdings, Inc. | | | 20,859 | | | | 571,120 | |
Applied Industrial Technologies, Inc. | | | 28,722 | | | | 1,388,134 | |
Edwards Group Ltd. ADR* | | | 79,504 | | | | 675,784 | |
Graco, Inc. | | | 14,503 | | | | 916,735 | |
Twin Disc, Inc. | | | 19,126 | | | | 453,286 | |
| | | | | | | | |
| | | | | | | 4,005,059 | |
| | | | | | | | |
| Media — 0.4% | | | | | | | | |
Sinclair Broadcast Group, Inc., Class A | | | 28,596 | | | | 840,150 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.9% | |
CIRCOR International, Inc. | | | 16,048 | | | | 816,201 | |
Olympic Steel, Inc. | | | 12,124 | | | | 297,038 | |
RBC Bearings, Inc.* | | | 15,188 | | | | 789,017 | |
| | | | | | | | |
| | | | | | | 1,902,256 | |
| | | | | | | | |
| Mining — 0.9% | | | | | | | | |
Kaiser Aluminum Corp. | | | 28,169 | | | | 1,744,788 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.0% | |
A.O. Smith Corp. | | | 16,668 | | | | 604,715 | |
Actuant Corp., Class A | | | 34,135 | | | | 1,125,431 | |
Barnes Group, Inc. | | | 34,335 | | | | 1,029,707 | |
Carlisle Cos., Inc. | | | 28,017 | | | | 1,745,739 | |
Crane Co. | | | 12,199 | | | | 730,964 | |
110
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Miscellaneous Manufacturing — (continued) | |
Koppers Holdings, Inc. | | | 7,893 | | | $ | 301,355 | |
Movado Group, Inc. | | | 8,672 | | | | 293,374 | |
Raven Industries, Inc. | | | 7,540 | | | | 226,049 | |
| | | | | | | | |
| | | | | | | 6,057,334 | |
| | | | | | | | |
| Oil & Gas — 3.3% | | | | | | | | |
Approach Resources, Inc.* | | | 69,644 | | | | 1,711,153 | |
Diamondback Energy, Inc.* | | | 24,095 | | | | 802,845 | |
Laredo Petroleum Holdings, Inc.* | | | 89,265 | | | | 1,835,288 | |
Rex Energy Corp.* | | | 130,932 | | | | 2,301,785 | |
| | | | | | | | |
| | | | | | | 6,651,071 | |
| | | | | | | | |
| Oil & Gas Services — 3.2% | | | | | | | | |
Dril-Quip, Inc.* | | | 20,889 | | | | 1,886,068 | |
Forum Energy Technologies, Inc.* | | | 55,228 | | | | 1,680,588 | |
Newpark Resources, Inc.* | | | 137,191 | | | | 1,507,729 | |
TETRA Technologies, Inc.* | | | 75,892 | | | | 778,652 | |
Thermon Group Holdings, Inc.* | | | 33,908 | | | | 691,723 | |
| | | | | | | | |
| | | | | | | 6,544,760 | |
| | | | | | | | |
| Packaging and Containers — 0.5% | | | | | | | | |
Graphic Packaging Holding Co.* | | | 142,165 | | | | 1,100,357 | |
| | | | | | | | |
| Pharmaceuticals — 0.3% | | | | | | | | |
Infinity Pharmaceuticals, Inc.* | | | 37,239 | | | | 605,134 | |
| | | | | | | | |
| Retail — 3.3% | | | | | | | | |
Asbury Automotive Group, Inc.* | | | 19,664 | | | | 788,526 | |
Cabela’s, Inc.* | | | 10,513 | | | | 680,822 | |
Chico’s FAS, Inc. | | | 22,141 | | | | 377,726 | |
First Cash Financial Services, Inc.* | | | 10,475 | | | | 515,475 | |
Francesca’s Holdings Corp.* | | | 13,168 | | | | 365,939 | |
GNC Holdings, Inc., Class A | | | 20,002 | | | | 884,288 | |
OfficeMax, Inc. | | | 88,337 | | | | 903,688 | |
Shoe Carnival, Inc. | | | 28,710 | | | | 689,327 | |
Susser Holdings Corp.* | | | 24,297 | | | | 1,163,340 | |
Vitamin Shoppe, Inc.* | | | 10,137 | | | | 454,543 | |
| | | | | | | | |
| | | | | | | 6,823,674 | |
| | | | | | | | |
| Savings & Loans — 1.8% | | | | | | | | |
Brookline Bancorp, Inc. | | | 41,849 | | | | 363,249 | |
Dime Community Bancshares, Inc. | | | 24,931 | | | | 381,943 | |
Flushing Financial Corp. | | | 35,284 | | | | 580,422 | |
Home Loan Servicing Solutions Ltd. | | | 36,239 | | | | 868,649 | |
Oritani Financial Corp. | | | 31,649 | | | | 496,256 | |
Provident Financial Services, Inc. | | | 43,798 | | | | 691,133 | |
WSFS Financial Corp. | | | 6,429 | | | | 336,815 | |
| | | | | | | | |
| | | | | | | 3,718,467 | |
| | | | | | | | |
| Semiconductors — 3.4% | | | | | | | | |
Cabot Microelectronics Corp.* | | | 32,464 | | | | 1,071,637 | |
Fairchild Semiconductor International, Inc.* | | | 95,158 | | | | 1,313,180 | |
Intersil Corp., Class A | | | 124,058 | | | | 970,134 | |
Micrel, Inc. | | | 41,699 | | | | 411,986 | |
MKS Instruments, Inc. | | | 41,648 | | | | 1,105,338 | |
Semtech Corp.* | | | 45,815 | | | | 1,604,899 | |
Silicon Laboratories, Inc.* | | | 13,655 | | | | 565,454 | |
| | | | | | | | |
| | | | | | | 7,042,628 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Software — 3.6% | | | | | | | | |
Allscripts Healthcare Solutions, Inc.* | | | 96,229 | | | $ | 1,245,203 | |
Digi International, Inc.* | | | 33,588 | | | | 314,720 | |
Monotype Imaging Holdings, Inc. | | | 30,001 | | | | 762,325 | |
Progress Software Corp.* | | | 8,860 | | | | 203,869 | |
PTC, Inc.* | | | 65,096 | | | | 1,596,805 | |
SS&C Technologies Holdings, Inc.* | | | 44,196 | | | | 1,454,048 | |
SYNNEX Corp.* | | | 21,402 | | | | 904,877 | |
Verint Systems, Inc.* | | | 27,150 | | | | 963,010 | |
| | | | | | | | |
| | | | | | | 7,444,857 | |
| | | | | | | | |
| Telecommunications — 2.3% | | | | | | | | |
ADTRAN, Inc. | | | 32,264 | | | | 794,017 | |
Anixter International, Inc.* | | | 19,552 | | | | 1,482,237 | |
Plantronics, Inc. | | | 2,229 | | | | 97,898 | |
Premiere Global Services, Inc.* | | | 90,390 | | | | 1,091,007 | |
West Corp. | | | 55,866 | | | | 1,236,873 | |
| | | | | | | | |
| | | | | | | 4,702,032 | |
| | | | | | | | |
| Textiles — 0.6% | | | | | | | | |
G&K Services, Inc., Class A | | | 26,142 | | | | 1,244,359 | |
| | | | | | | | |
| Transportation — 1.2% | | | | | | | | |
Celadon Group, Inc. | | | 18,986 | | | | 346,495 | |
Forward Air Corp. | | | 28,880 | | | | 1,105,526 | |
Gulfmark Offshore, Inc., Class A | | | 23,853 | | | | 1,075,532 | |
| | | | | | | | |
| | | | | | | 2,527,553 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $136,448,325) | | | | | | | 173,625,957 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 12.9% | | | | | |
| Apartments — 0.9% | | | | | | | | |
American Campus Communities, Inc. | | | 18,069 | | | | 734,686 | |
Mid-America Apartment Communities, Inc. | | | 17,137 | | | | 1,161,374 | |
| | | | | | | | |
| | | | | | | 1,896,060 | |
| | | | | | | | |
| Building & Real Estate — 4.1% | |
Apollo Commercial Real Estate Finance, Inc. | | | 80,321 | | | | 1,275,497 | |
Blackstone Mortgage Trust, Inc., Class A | | | 59,352 | | | | 1,465,994 | |
CYS Investments, Inc. | | | 125,700 | | | | 1,157,697 | |
Kennedy-Wilson Holdings, Inc. | | | 62,144 | | | | 1,034,076 | |
MFA Financial, Inc. | | | 180,862 | | | | 1,528,284 | |
National Retail Properties, Inc. | | | 28,769 | | | | 989,654 | |
Two Harbors Investment Corp. | | | 97,750 | | | | 1,001,938 | |
| | | | | | | | |
| | | | | | | 8,453,140 | |
| | | | | | | | |
| Diversified — 2.8% | | | | | | | | |
Coresite Realty Corp. | | | 25,966 | | | | 825,978 | |
DuPont Fabros Technology, Inc. | | | 63,970 | | | | 1,544,876 | |
EPR Properties | | | 33,296 | | | | 1,673,790 | |
PS Business Parks, Inc. | | | 22,934 | | | | 1,655,147 | |
| | | | | | | | |
| | | | | | | 5,699,791 | |
| | | | | | | | |
| Healthcare — 0.9% | | | | | | | | |
Healthcare Trust of America, Inc.* | | | 47,293 | | | | 531,100 | |
LTC Properties, Inc. | | | 31,859 | | | | 1,244,094 | |
| | | | | | | | |
| | | | | | | 1,775,194 | |
| | | | | | | | |
111
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Hotels & Resorts — 1.6% | | | | | | | | |
LaSalle Hotel Properties | | | 48,539 | | | $ | 1,198,913 | |
Pebblebrook Hotel Trust | | | 40,037 | | | | 1,034,957 | |
Strategic Hotels & Resorts, Inc. | | | 113,540 | | | | 1,005,964 | |
| | | | | | | | |
| | | | | | | 3,239,834 | |
| | | | | | | | |
| Office Property — 1.0% | | | | | | | | |
Highwoods Properties, Inc. | | | 25,590 | | | | 911,260 | |
Hudson Pacific Properties, Inc. | | | 56,988 | | | | 1,212,705 | |
| | | | | | | | |
| | | | | | | 2,123,965 | |
| | | | | | | | |
| Regional Malls — 0.5% | | | | | | | | |
CBL & Associates Properties, Inc. | | | 45,721 | | | | 979,344 | |
| | | | | | | | |
| Storage & Warehousing — 0.7% | |
CubeSmart | | | 88,790 | | | | 1,418,864 | |
| | | | | | | | |
| Strip Centers — 0.4% | | | | | | | | |
Acadia Realty Trust | | | 37,829 | | | | 933,998 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $22,439,121) | | | | 26,520,190 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
Magnum Hunter Resources Corp.
(Cost $0) | | | 6,348 | | | | 889 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.4% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $4,964,739) | | | 4,964,739 | | | | 4,964,739 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $163,852,185) | | | | | | $ | 205,111,775 | |
| | | | | | | | |
| † | 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 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | $ | 173,625,957 | | | $ | 173,625,957 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 26,520,190 | | | | 26,520,190 | | | | — | | | | — | |
WARRANTS | | | 889 | | | | — | | | | 889 | | | | — | |
SHORT-TERM INVESTMENTS | | | 4,964,739 | | | | 4,964,739 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 205,111,775 | | | $ | 205,110,886 | | | $ | 889 | | | $ | — | |
| |
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 significant 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.
112
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 89.9% | | | | | | | | |
| Advertising — 0.1% | |
Harte-Hanks, Inc. | | | 1,678 | | | $ | 14,431 | |
Marchex, Inc., Class B | | | 745 | | | | 4,485 | |
MDC Partners, Inc. | | | 1,200 | | | | 21,648 | |
Millennial Media, Inc.* | | | 1,400 | | | | 12,194 | |
Valuevision Media, Inc.* | | | 1,700 | | | | 8,687 | |
| | | | | | | | |
| | | | | | | 61,445 | |
| | | | | | | | |
| Aerospace & Defense — 1.3% | |
AAR Corp. | | | 1,569 | | | | 34,487 | |
AeroVironment, Inc.* | | | 718 | | | | 14,489 | |
Astronics Corp.* | | | 531 | | | | 21,702 | |
Cubic Corp. | | | 669 | | | | 32,179 | |
Curtiss-Wright Corp. | | | 1,726 | | | | 63,966 | |
Ducommun, Inc.* | | | 400 | | | | 8,504 | |
Esterline Technologies Corp.* | | | 1,140 | | | | 82,411 | |
GenCorp, Inc.* | | | 2,440 | | | | 39,674 | |
HEICO Corp. | | | 2,012 | | | | 101,344 | |
Kaman Corp. | | | 1,048 | | | | 36,219 | |
Kratos Defense & Security Solutions, Inc.* | | | 922 | | | | 5,975 | |
LMI Aerospace, Inc.* | | | 153 | | | | 2,867 | |
M/A-COM Technology Solutions Holdings, Inc.* | | | 500 | | | | 7,300 | |
Moog, Inc., Class A* | | | 1,691 | | | | 87,137 | |
National Presto Industries, Inc. | | | 146 | | | | 10,516 | |
Orbital Sciences Corp.* | | | 2,196 | | | | 38,145 | |
Teledyne Technologies, Inc.* | | | 1,404 | | | | 108,599 | |
| | | | | | | | |
| | | | | | | 695,514 | |
| | | | | | | | |
| Agriculture — 0.3% | |
Alico, Inc. | | | 51 | | | | 2,046 | |
Alliance One International, Inc.* | | | 2,256 | | | | 8,573 | |
Griffin Land & Nurseries, Inc. | | | 40 | | | | 1,141 | |
Limoneira Co. | | | 600 | | | | 12,438 | |
Tejon Ranch Co.* | | | 388 | | | | 11,054 | |
The Andersons, Inc. | | | 755 | | | | 40,158 | |
Universal Corp. | | | 855 | | | | 49,462 | |
Vector Group Ltd. | | | 2,038 | | | | 33,056 | |
| | | | | | | | |
| | | | | | | 157,928 | |
| | | | | | | | |
| Airlines — 0.6% | |
Allegiant Travel Co.* | | | 501 | | | | 53,101 | |
Hawaiian Holdings, Inc.* | | | 1,326 | | | | 8,102 | |
JetBlue Airways Corp.* | | | 8,128 | | | | 51,206 | |
Republic Airways Holdings, Inc.* | | | 1,901 | | | | 21,538 | |
SkyWest, Inc. | | | 1,881 | | | | 25,469 | |
Spirit Airlines, Inc.* | | | 2,300 | | | | 73,071 | |
US Airways Group, Inc.* | | | 6,218 | | | | 102,100 | |
| | | | | | | | |
| | | | | | | 334,587 | |
| | | | | | | | |
| Apparel — 1.1% | |
Columbia Sportswear Co. | | | 511 | | | | 32,014 | |
Crocs, Inc.* | | | 3,200 | | | | 52,800 | |
G-III Apparel Group Ltd.* | | | 704 | | | | 33,877 | |
Iconix Brand Group, Inc.* | | | 2,142 | | | | 62,996 | |
Maidenform Brands, Inc.* | | | 738 | | | | 12,790 | |
Oxford Industries, Inc. | | | 508 | | | | 31,699 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Apparel — (continued) | |
Perry Ellis International, Inc.* | | | 414 | | | $ | 8,408 | |
Quiksilver, Inc.* | | | 4,460 | | | | 28,722 | |
RG Barry Corp. | | | 200 | | | | 3,248 | |
Skechers U.S.A., Inc., Class A* | | | 1,616 | | | | 38,800 | |
Steven Madden Ltd.* | | | 1,433 | | | | 69,329 | |
The Jones Group, Inc. | | | 3,165 | | | | 43,519 | |
True Religion Apparel, Inc. | | | 1,026 | | | | 32,483 | |
Unifi, Inc.* | | | 360 | | | | 7,441 | |
Weyco Group, Inc. | | | 100 | | | | 2,520 | |
Wolverine World Wide, Inc. | | | 1,891 | | | | 103,268 | |
| | | | | | | | |
| | | | | | | 563,914 | |
| | | | | | | | |
| Auto Manufacturers — 0.0% | |
Wabash National Corp.* | | | 2,200 | | | | 22,396 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.1% | |
Accuride Corp.* | | | 1,000 | | | | 5,060 | |
American Axle & Manufacturing Holdings, Inc.* | | | 2,416 | | | | 45,010 | |
Commercial Vehicle Group, Inc.* | | | 600 | | | | 4,476 | |
Cooper Tire & Rubber Co. | | | 2,249 | | | | 74,599 | |
Dana Holding Corp. | | | 5,396 | | | | 103,927 | |
Dorman Products, Inc.* | | | 892 | | | | 40,702 | |
Douglas Dynamics, Inc. | | | 500 | | | | 6,490 | |
Federal-Mogul Corp.* | | | 1,516 | | | | 15,479 | |
Fuel Systems Solutions, Inc.* | | | 634 | | | | 11,342 | |
Gentherm, Inc.* | | | 1,168 | | | | 21,690 | |
Meritor, Inc.* | | | 3,645 | | | | 25,697 | |
Miller Industries, Inc. | | | 443 | | | | 6,813 | |
Modine Manufacturing Co.* | | | 2,077 | | | | 22,598 | |
Remy International Inc | | | 600 | | | | 11,142 | |
Spartan Motors, Inc. | | | 917 | | | | 5,612 | |
Standard Motor Products, Inc. | | | 700 | | | | 24,038 | |
Superior Industries International, Inc. | | | 1,119 | | | | 19,258 | |
Tenneco, Inc.* | | | 2,300 | | | | 104,144 | |
Titan International, Inc. | | | 1,913 | | | | 32,272 | |
Tower International, Inc.* | | | 200 | | | | 3,958 | |
| | | | | | | | |
| | | | | | | 584,307 | |
| | | | | | | | |
| Banks — 6.7% | |
1st Source Corp. | | | 626 | | | | 14,874 | |
1st United Bancorp, Inc. | | | 400 | | | | 2,688 | |
American National Bankshares, Inc. | | | 400 | | | | 9,296 | |
Ameris Bancorp* | | | 947 | | | | 15,957 | |
Ames National Corp. | | | 199 | | | | 4,529 | |
Arrow Financial Corp. | | | 357 | | | | 8,836 | |
Bancfirst Corp. | | | 160 | | | | 7,448 | |
Banco Latinoamericano de Exportaciones S.A., Class E | | | 1,110 | | | | 24,853 | |
Bancorp, Inc.* | | | 1,412 | | | | 21,166 | |
BancorpSouth, Inc. | | | 3,449 | | | | 61,047 | |
Bank of Kentucky Financial Corp. | | | 200 | | | | 5,688 | |
Bank of Marin Bancorp | | | 90 | | | | 3,600 | |
Bank of the Ozarks, Inc. | | | 1,076 | | | | 46,623 | |
Banner Corp. | | | 800 | | | | 27,032 | |
Bar Harbor Bankshares | | | 200 | | | | 7,310 | |
113
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Banks — (continued) | |
BBCN Bancorp, Inc. | | | 3,185 | | | $ | 45,291 | |
BNC Bancorp | | | 800 | | | | 9,136 | |
Boston Private Financial Holdings, Inc. | | | 2,858 | | | | 30,409 | |
Bridge Bancorp, Inc. | | | 307 | | | | 6,908 | |
Bridge Capital Holdings* | | | 300 | | | | 4,758 | |
Bryn Mawr Bank Corp. | | | 532 | | | | 12,731 | |
C&F Financial Corp | | | 100 | | | | 5,573 | |
Camden National Corp. | | | 326 | | | | 11,563 | |
Capital Bank Financial Corp., Class A* | | | 1,000 | | | | 18,990 | |
Capital City Bank Group, Inc.* | | | 269 | | | | 3,102 | |
Cardinal Financial Corp. | | | 918 | | | | 13,440 | |
Cass Information Systems, Inc. | | | 454 | | | | 20,929 | |
Cathay General Bancorp | | | 3,050 | | | | 62,067 | |
Center Bancorp, Inc. | | | 400 | | | | 5,076 | |
Centerstate Banks of Florida, Inc. | | | 1,432 | | | | 12,430 | |
Central Pacific Financial Corp.* | | | 800 | | | | 14,400 | |
Century Bancorp, Inc., Class A | | | 69 | | | | 2,415 | |
Chemical Financial Corp. | | | 1,066 | | | | 27,705 | |
Citizens & Northern Corp. | | | 356 | | | | 6,878 | |
City Holding Co. | | | 648 | | | | 25,240 | |
CNB Financial Corp. | | | 474 | | | | 8,030 | |
CoBiz Financial, Inc. | | | 1,700 | | | | 14,110 | |
Columbia Banking System, Inc. | | | 1,914 | | | | 45,572 | |
Community Bank System, Inc. | | | 1,511 | | | | 46,614 | |
Community Trust Bancorp, Inc. | | | 621 | | | | 22,120 | |
CU Bancorp* | | | 400 | | | | 6,320 | |
Customers Bancorp Inc* | | | 800 | | | | 13,000 | |
CVB Financial Corp. | | | 3,592 | | | | 42,242 | |
Eagle Bancorp, Inc.* | | | 973 | | | | 21,776 | |
Enterprise Bancorp, Inc. | | | 300 | | | | 5,547 | |
Enterprise Financial Services Corp. | | | 382 | | | | 6,097 | |
F.N.B. Corp. | | | 5,308 | | | | 64,121 | |
Farmers Capital Bank Corp.* | | | 300 | | | | 6,507 | |
Financial Institutions, Inc. | | | 340 | | | | 6,259 | |
First Bancorp | | | 824 | | | | 11,618 | |
First Bancorp Puerto Rico* | | | 3,100 | | | | 21,948 | |
First Bancorp, Inc. | | | 234 | | | | 4,090 | |
First Busey Corp. | | | 1,802 | | | | 8,109 | |
First Commonwealth Financial Corp. | | | 4,021 | | | | 29,635 | |
First Community Bancshares, Inc. | | | 626 | | | | 9,816 | |
First Connecticut Bancorp, Inc. | | | 659 | | | | 9,173 | |
First Financial Bancorp | | | 2,205 | | | | 32,855 | |
First Financial Bankshares, Inc. | | | 1,126 | | | | 62,673 | |
First Financial Corp. | | | 280 | | | | 8,677 | |
First Interstate Bancsystem, Inc. | | | 600 | | | | 12,438 | |
First Merchants Corp. | | | 1,238 | | | | 21,232 | |
First Midwest Bancorp, Inc. | | | 2,814 | | | | 38,608 | |
FirstMerit Corp. | | | 6,294 | | | | 126,069 | |
Franklin Financial Corp.* | | | 400 | | | | 7,204 | |
German American Bancorp, Inc. | | | 292 | | | | 6,576 | |
Glacier Bancorp, Inc. | | | 2,721 | | | | 60,379 | |
Great Southern Bancorp, Inc. | | | 471 | | | | 12,698 | |
Guaranty Bancorp | | | 900 | | | | 10,215 | |
Hancock Holding Co. | | | 2,972 | | | | 89,368 | |
Hanmi Financial Corp* | | | 1,213 | | | | 21,434 | |
Heartland Financial USA, Inc. | | | 717 | | | | 19,710 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | |
Heritage Commerce Corp.* | | | 600 | | | $ | 4,200 | |
Heritage Financial Corp. | | | 508 | | | | 7,442 | |
Home BancShares, Inc. | | | 1,764 | | | | 45,811 | |
Horizon Bancorp | | | 400 | | | | 8,164 | |
Hudson Valley Holding Corp. | | | 462 | | | | 7,845 | |
Iberiabank Corp. | | | 1,046 | | | | 56,076 | |
Independent Bank Corp. | | | 771 | | | | 26,600 | |
International Bancshares Corp. | | | 1,925 | | | | 43,466 | |
Lakeland Bancorp, Inc. | | | 1,059 | | | | 11,045 | |
Lakeland Financial Corp. | | | 494 | | | | 13,709 | |
MainSource Financial Group, Inc. | | | 521 | | | | 6,997 | |
MB Financial, Inc. | | | 2,049 | | | | 54,913 | |
Mercantile Bank Corp. | | | 500 | | | | 8,985 | |
Merchants Bancshares, Inc. | | | 86 | | | | 2,543 | |
Metro Bancorp, Inc.* | | | 563 | | | | 11,277 | |
Metrocorp Bancshares, Inc. | | | 900 | | | | 8,784 | |
MidSouth Bancorp, Inc. | | | 186 | | | | 2,889 | |
MidWestOne Financial Group, Inc. | | | 400 | | | | 9,624 | |
National Bankshares, Inc. | | | 119 | | | | 4,228 | |
National Penn Bancshares, Inc. | | | 4,487 | | | | 45,588 | |
NBT Bancorp, Inc. | | | 1,469 | | | | 31,099 | |
Newbridge Bancorp* | | | 1,100 | | | | 6,589 | |
Northrim BanCorp, Inc. | | | 400 | | | | 9,676 | |
OFG Bancorp | | | 1,810 | | | | 32,779 | |
Old National Bancorp | | | 3,786 | | | | 52,360 | |
OmniAmerican Bancorp, Inc.* | | | 291 | | | | 6,411 | |
Pacific Continental Corp. | | | 262 | | | | 3,092 | |
PacWest Bancorp | | | 1,408 | | | | 43,155 | |
Park National Corp. | | | 424 | | | | 29,167 | |
Park Sterling Corp.* | | | 1,600 | | | | 9,456 | |
Peapack-Gladstone Financial Corp. | | | 500 | | | | 8,750 | |
Penns Woods Bancorp, Inc. | | | 68 | | | | 2,846 | |
Peoples Bancorp, Inc. | | | 272 | | | | 5,734 | |
Pinnacle Financial Partners, Inc.* | | | 1,463 | | | | 37,614 | |
Preferred Bank Los Angeles CA* | | | 700 | | | | 11,536 | |
PrivateBancorp, Inc. | | | 2,598 | | | | 55,104 | |
Prosperity Bancshares, Inc. | | | 2,226 | | | | 115,285 | |
Renasant Corp. | | | 1,037 | | | | 25,241 | |
Republic Bancorp, Inc., Class A | | | 387 | | | | 8,483 | |
S&T Bancorp, Inc. | | | 1,259 | | | | 24,676 | |
S.Y. Bancorp, Inc. | | | 445 | | | | 10,916 | |
Sandy Spring Bancorp, Inc. | | | 785 | | | | 16,972 | |
SCBT Financial Corp. | | | 596 | | | | 30,032 | |
Seacoast Banking Corp. of Florida* | | | 2,200 | | | | 4,840 | |
Sierra Bancorp | | | 212 | | | | 3,138 | |
Simmons First National Corp., Class A | | | 800 | | | | 20,872 | |
Southside Bancshares, Inc. | | | 693 | | | | 16,549 | |
Southwest Bancorp, Inc.* | | | 436 | | | | 5,755 | |
State Bank Financial Corp. | | | 1,500 | | | | 22,545 | |
StellarOne Corp. | | | 616 | | | | 12,104 | |
Sterling Bancorp | | | 1,486 | | | | 17,267 | |
Sterling Financial Corp. | | | 1,200 | | | | 28,536 | |
Suffolk Bancorp* | | | 443 | | | | 7,239 | |
Sun Bancorp, Inc.* | | | 1,100 | | | | 3,729 | |
Susquehanna Bancshares, Inc. | | | 6,833 | | | | 87,804 | |
Taylor Capital Group, Inc.* | | | 833 | | | | 14,069 | |
114
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Banks — (continued) | |
Texas Capital Bancshares, Inc.* | | | 1,573 | | | $ | 69,778 | |
The First of Long Island Corp. | | | 195 | | | | 6,472 | |
Tompkins Financial Corp. | | | 558 | | | | 25,216 | |
TowneBank | | | 972 | | | | 14,308 | |
Trico Bancshares | | | 604 | | | | 12,883 | |
TrustCo Bank Corp. | | | 3,252 | | | | 17,691 | |
Trustmark Corp. | | | 2,430 | | | | 59,729 | |
UMB Financial Corp. | | | 1,281 | | | | 71,313 | |
Umpqua Holdings Corp. | | | 3,962 | | | | 59,470 | |
Union First Market Bankshares Corp. | | | 742 | | | | 15,278 | |
United Bankshares, Inc. | | | 1,894 | | | | 50,096 | |
United Community Banks, Inc.* | | | 1,878 | | | | 23,325 | |
Univest Corp. of Pennsylvania | | | 600 | | | | 11,442 | |
ViewPoint Financial Group, Inc. | | | 1,366 | | | | 28,426 | |
Virginia Commerce Bancorp* | | | 1,100 | | | | 15,356 | |
Walker & Dunlap* | | | 400 | | | | 7,000 | |
Washington Banking Co. | | | 475 | | | | 6,745 | |
Washington Trust Bancorp, Inc. | | | 670 | | | | 19,108 | |
Webster Financial Corp. | | | 3,328 | | | | 85,463 | |
WesBanco, Inc. | | | 1,115 | | | | 29,469 | |
West Bancorporation, Inc. | | | 268 | | | | 3,149 | |
Westamerica Bancorporation | | | 973 | | | | 44,456 | |
Western Alliance Bancorp* | | | 2,775 | | | | 43,928 | |
Wilshire Bancorp, Inc. | | | 1,576 | | | | 10,433 | |
Wintrust Financial Corp. | | | 1,342 | | | | 51,372 | |
Yadkin Valley Financial Corp* | | | 600 | | | | 8,424 | |
| | | | | | | | |
| | | | | | | 3,524,764 | |
| | | | | | | | |
| Beverages — 0.1% | |
Coca-Cola Bottling Co. Consolidated | | | 174 | | | | 10,640 | |
Farmers Brothers Co.* | | | 204 | | | | 2,868 | |
National Beverage Corp.* | | | 242 | | | | 4,228 | |
The Boston Beer Co., Inc., Class A* | | | 310 | | | | 52,898 | |
| | | | | | | | |
| | | | | | | 70,634 | |
| | | | | | | | |
| Biotechnology — 2.0% | |
Acorda Therapeutics, Inc.* | | | 1,531 | | | | 50,508 | |
Alnylam Pharmaceuticals, Inc.* | | | 2,139 | | | | 66,330 | |
AMAG Pharmaceuticals, Inc.* | | | 856 | | | | 19,046 | |
Arena Pharmaceuticals, Inc.* | | | 8,506 | | | | 65,496 | |
Arqule, Inc.* | | | 1,796 | | | | 4,167 | |
Astex Pharmaceuticals, Inc.* | | | 3,951 | | | | 16,239 | |
Biotime, Inc.* | | | 400 | | | | 1,584 | |
Cambrex Corp.* | | | 1,167 | | | | 16,303 | |
Cell Therapeutics Inc* | | | 5,000 | | | | 5,250 | |
Celldex Therapeutics, Inc.* | | | 2,744 | | | | 42,834 | |
Coronado Biosciences, Inc.* | | | 800 | | | | 6,880 | |
Curis, Inc.* | | | 2,973 | | | | 9,484 | |
Cytokinetics Inc* | | | 1,000 | | | | 11,570 | |
Dendreon Corp.* | | | 4,900 | | | | 20,188 | |
Dynavax Technologies Corp.* | | | 7,500 | | | | 8,250 | |
Emergent BioSolutions, Inc.* | | | 758 | | | | 10,930 | |
Enzon Pharmaceuticals, Inc.* | | | 905 | | | | 1,810 | |
Epizyme Inc* | | | 300 | | | | 8,439 | |
Exact Sciences Corp.* | | | 2,400 | | | | 33,384 | |
Exelixis, Inc.* | | | 6,969 | | | | 31,639 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Biotechnology — (continued) | |
Galena Biopharma, Inc.* | | | 3,600 | | | $ | 7,992 | |
Geron Corp.* | | | 2,750 | | | | 4,125 | |
GTx, Inc.* | | | 1,000 | | | | 6,600 | |
Halozyme Therapeutics, Inc.* | | | 3,589 | | | | 28,497 | |
Harvard Bioscience, Inc.* | | | 700 | | | | 3,311 | |
ImmunoGen, Inc.* | | | 3,263 | | | | 54,133 | |
Immunomedics, Inc.* | | | 2,936 | | | | 15,972 | |
Insmed, Inc.* | | | 1,100 | | | | 13,156 | |
Intercept Pharmaceuticals, Inc.* | | | 200 | | | | 8,968 | |
InterMune, Inc.* | | | 3,143 | | | | 30,236 | |
KYTHERA Biopharmaceuticals, Inc.* | | | 200 | | | | 5,410 | |
Lexicon Pharmaceuticals, Inc.* | | | 8,826 | | | | 19,152 | |
Ligand Pharmaceuticals, Inc.* | | | 644 | | | | 24,099 | |
Merrimack Pharmaceuticals Inc* | | | 3,500 | | | | 23,590 | |
Momenta Pharmaceuticals, Inc.* | | | 1,882 | | | | 28,343 | |
Nanosphere, Inc.* | | | 1,800 | | | | 5,526 | |
NeoGenomics Inc* | | | 1,200 | | | | 4,776 | |
Newlink Genetics Corp.* | | | 600 | | | | 11,832 | |
Novavax, Inc.* | | | 4,729 | | | | 9,694 | |
NPS Pharmaceuticals, Inc.* | | | 3,557 | | | | 53,711 | |
Omeros Corp.* | | | 1,000 | | | | 5,040 | |
OncoGenex Pharmaceutical, Inc.* | | | 300 | | | | 2,940 | |
Pacific Biosciences of California, Inc.* | | | 800 | | | | 2,016 | |
PDL BioPharma, Inc. | | | 5,117 | | | | 39,503 | |
Peregrine Pharmaceuticals, Inc.* | | | 5,800 | | | | 7,482 | |
Prothena Corp. PLC* | | | 500 | | | | 6,455 | |
Puma Biotechnology Inc* | | | 800 | | | | 35,496 | |
Repligen Corp.* | | | 1,300 | | | | 10,712 | |
RTI Biologics, Inc.* | | | 2,035 | | | | 7,652 | |
Sangamo Biosciences, Inc.* | | | 2,103 | | | | 16,424 | |
Sequenom, Inc.* | | | 5,097 | | | | 21,458 | |
Stemline Therapeutics Inc* | | | 400 | | | | 9,536 | |
Sunesis Pharmaceuticals, Inc.* | | | 1,400 | | | | 7,294 | |
The Medicines Co.* | | | 2,092 | | | | 64,350 | |
Trius Therapeutics, Inc.* | | | 1,200 | | | | 9,744 | |
Verastem Inc* | | | 600 | | | | 8,328 | |
Vical, Inc.* | | | 2,121 | | | | 6,639 | |
XOMA Corp.* | | | 3,600 | | | | 13,068 | |
ZIOPHARM Oncology, Inc.* | | | 1,500 | | | | 3,150 | |
| | | | | | | | |
| | | | | | | 1,066,741 | |
| | | | | | | | |
| Building & Real Estate — 0.0% | |
AV Homes, Inc.* | | | 195 | | | | 3,457 | |
| | | | | | | | |
| Building Materials — 1.1% | |
AAON, Inc. | | | 838 | | | | 27,721 | |
Apogee Enterprises, Inc. | | | 1,043 | | | | 25,032 | |
Boise Cascade Co.* | | | 500 | | | | 12,705 | |
Builders FirstSource, Inc.* | | | 1,273 | | | | 7,612 | |
Comfort Systems USA, Inc. | | | 1,227 | | | | 18,307 | |
Drew Industries, Inc.* | | | 791 | | | | 31,102 | |
Gibraltar Industries, Inc.* | | | 1,101 | | | | 16,031 | |
Headwaters, Inc.* | | | 2,880 | | | | 25,459 | |
Louisiana-Pacific Corp.* | | | 5,194 | | | | 76,819 | |
LSI Industries, Inc. | | | 314 | | | | 2,540 | |
NCI Building Systems, Inc.* | | | 764 | | | | 11,682 | |
115
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Building Materials — (continued) | |
Nortek, Inc.* | | | 300 | | | $ | 19,329 | |
Patrick Industries, Inc.* | | | 300 | | | | 6,237 | |
PGT, Inc.* | | | 1,700 | | | | 14,739 | |
Ply Gem Holdings Inc* | | | 600 | | | | 12,036 | |
Quanex Building Products Corp. | | | 1,225 | | | | 20,629 | |
Simpson Manufacturing Co., Inc. | | | 1,485 | | | | 43,689 | |
Texas Industries, Inc.* | | | 833 | | | | 54,262 | |
Trex Co., Inc.* | | | 631 | | | | 29,966 | |
Universal Forest Products, Inc. | | | 783 | | | | 31,257 | |
US Concrete Inc* | | | 600 | | | | 9,852 | |
USG Corp.* | | | 3,000 | | | | 69,150 | |
| | | | | | | | |
| | | | | | | 566,156 | |
| | | | | | | | |
| Chemicals — 2.0% | |
A. Schulman, Inc. | | | 1,188 | | | | 31,862 | |
Aceto Corp. | | | 1,042 | | | | 14,515 | |
American Pacific Corp.* | | | 300 | | | | 8,505 | |
American Vanguard Corp. | | | 1,078 | | | | 25,258 | |
Axiall Corp. | | | 2,600 | | | | 110,708 | |
Balchem Corp. | | | 1,105 | | | | 49,449 | |
Chemtura Corp.* | | | 3,644 | | | | 73,973 | |
Ferro Corp.* | | | 2,638 | | | | 18,334 | |
H.B. Fuller Co. | | | 1,780 | | | | 67,302 | |
Hawkins, Inc. | | | 249 | | | | 9,808 | |
Innophos Holdings, Inc. | | | 796 | | | | 37,547 | |
Innospec, Inc. | | | 900 | | | | 36,162 | |
Intrepid Potash, Inc.* | | | 2,100 | | | | 40,005 | |
KMG Chemicals, Inc. | | | 200 | | | | 4,220 | |
Kraton Performance Polymers, Inc.* | | | 1,041 | | | | 22,069 | |
Landec Corp.* | | | 1,218 | | | | 16,090 | |
Minerals Technologies, Inc. | | | 1,328 | | | | 54,899 | |
Olin Corp. | | | 2,992 | | | | 71,569 | |
OM Group, Inc.* | | | 1,254 | | | | 38,774 | |
OMNOVA Solutions, Inc.* | | | 1,168 | | | | 9,356 | |
PolyOne Corp. | | | 3,755 | | | | 93,049 | |
Quaker Chemical Corp. | | | 511 | | | | 31,687 | |
Rentech, Inc.* | | | 7,187 | | | | 15,093 | |
Sensient Technologies Corp. | | | 1,774 | | | | 71,794 | |
Stepan Co. | | | 708 | | | | 39,372 | |
Taminco Corp* | | | 600 | | | | 12,234 | |
Zep, Inc. | | | 592 | | | | 9,371 | |
Zoltek Cos., Inc.* | | | 1,395 | | | | 18,009 | |
| | | | | | | | |
| | | | | | | 1,031,014 | |
| | | | | | | | |
| Coal — 0.3% | |
Alpha Natural Resources, Inc.* | | | 8,300 | | | | 43,492 | |
Arch Coal, Inc. | | | 7,900 | | | | 29,862 | |
Cloud Peak Energy, Inc.* | | | 2,200 | | | | 36,256 | |
SunCoke Energy, Inc.* | | | 2,441 | | | | 34,223 | |
Walter Energy, Inc. | | | 2,400 | | | | 24,960 | |
Westmoreland Coal Co.* | | | 300 | | | | 3,369 | |
| | | | | | | | |
| | | | | | | 172,162 | |
| | | | | | | | |
| Commercial Services — 6.1% | |
ABM Industries, Inc. | | | 2,139 | | | | 52,427 | |
Acacia Research Corp. | | | 1,880 | | | | 42,018 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Commercial Services — (continued) | |
Accretive Health, Inc.* | | | 2,012 | | | $ | 21,750 | |
Albany Molecular Research, Inc.* | | | 900 | | | | 10,683 | |
American Public Education, Inc.* | | | 755 | | | | 28,056 | |
AMN Healthcare Services, Inc.* | | | 1,909 | | | | 27,337 | |
Arbitron, Inc. | | | 1,071 | | | | 49,748 | |
ARC Document Solutions, Inc.* | | | 736 | | | | 2,944 | |
Ascent Capital Group Inc., Class A* | | | 531 | | | | 41,455 | |
AVEO Pharmaceuticals, Inc.* | | | 1,400 | | | | 3,500 | |
Barrett Business Services, Inc. | | | 342 | | | | 17,856 | |
Bridgepoint Education, Inc.* | | | 533 | | | | 6,492 | |
Bright Horizons Family Solutions Inc* | | | 400 | | | | 13,884 | |
Capella Education Co.* | | | 407 | | | | 16,951 | |
Cardtronics, Inc.* | | | 1,763 | | | | 48,659 | |
Career Education Corp.* | | | 2,300 | | | | 6,670 | |
Carriage Services, Inc. | | | 600 | | | | 10,170 | |
CBIZ, Inc.* | | | 1,340 | | | | 8,991 | |
CDI Corp. | | | 241 | | | | 3,413 | |
Cenveo, Inc.* | | | 1,299 | | | | 2,767 | |
Chemed Corp. | | | 729 | | | | 52,801 | |
Consolidated Graphics, Inc.* | | | 242 | | | | 11,376 | |
Convergys Corp. | | | 3,883 | | | | 67,681 | |
Corinthian Colleges, Inc.* | | | 1,570 | | | | 3,517 | |
Corvel Corp.* | | | 362 | | | | 10,596 | |
CoStar Group, Inc.* | | | 1,062 | | | | 137,072 | |
CRA International, Inc.* | | | 274 | | | | 5,061 | |
Cross Country Healthcare, Inc.* | | | 584 | | | | 3,013 | |
Deluxe Corp. | | | 1,907 | | | | 66,077 | |
Education Management Corp.* | | | 1,500 | | | | 8,430 | |
Electro Rent Corp. | | | 715 | | | | 12,005 | |
Ennis, Inc. | | | 858 | | | | 14,835 | |
Euronet Worldwide, Inc.* | | | 1,855 | | | | 59,100 | |
EVERTEC, Inc.* | | | 1,100 | | | | 24,167 | |
Examworks Group, Inc.* | | | 1,200 | | | | 25,476 | |
ExlService Holdings, Inc.* | | | 1,200 | | | | 35,472 | |
Forrester Research, Inc. | | | 575 | | | | 21,097 | |
Franklin Covey Co.* | | | 241 | | | | 3,244 | |
FTI Consulting, Inc.* | | | 1,556 | | | | 51,177 | |
Global Cash Access Holdings, Inc.* | | | 2,396 | | | | 14,999 | |
Grand Canyon Education, Inc.* | | | 1,756 | | | | 56,596 | |
Great Lakes Dredge & Dock Corp. | | | 2,751 | | | | 21,513 | |
Green Dot Corp.* | | | 900 | | | | 17,955 | |
H&E Equipment Services, Inc.* | | | 959 | | | | 20,206 | |
Healthcare Services Group | | | 2,480 | | | | 60,810 | |
Heartland Payment Systems, Inc. | | | 1,469 | | | | 54,720 | |
Heidrick & Struggles International, Inc. | | | 669 | | | | 11,186 | |
Hillenbrand, Inc. | | | 2,174 | | | | 51,545 | |
HMS Holdings Corp.* | | | 3,115 | | | | 72,579 | |
Huron Consulting Group, Inc.* | | | 928 | | | | 42,911 | |
ICF International, Inc.* | | | 748 | | | | 23,569 | |
Insperity, Inc. | | | 924 | | | | 27,997 | |
Intersections, Inc. | | | 300 | | | | 2,631 | |
ITT Educational Services, Inc.* | | | 900 | | | | 21,960 | |
K12, Inc.* | | | 1,152 | | | | 30,263 | |
Kelly Services, Inc., Class A | | | 1,014 | | | | 17,715 | |
Kforce, Inc.* | | | 1,086 | | | | 15,856 | |
Korn/Ferry International* | | | 1,790 | | | | 33,545 | |
116
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Commercial Services — (continued) | |
Landauer, Inc. | | | 280 | | | $ | 13,527 | |
LifeLock, Inc.* | | | 2,300 | | | | 26,933 | |
Lincoln Educational Services Corp. | | | 565 | | | | 2,978 | |
Live Nation Entertainment, Inc.* | | | 4,971 | | | | 77,050 | |
Mac-Gray Corp. | | | 199 | | | | 2,826 | |
MAXIMUS, Inc. | | | 1,244 | | | | 92,653 | |
McGrath Rentcorp | | | 953 | | | | 32,554 | |
Medifast, Inc.* | | | 631 | | | | 16,255 | |
MoneyGram International Inc* | | | 878 | | | | 19,887 | |
Monro Muffler Brake, Inc. | | | 1,237 | | | | 59,438 | |
Monster Worldwide, Inc.* | | | 3,900 | | | | 19,149 | |
Multi-Color Corp. | | | 367 | | | | 11,135 | |
National Research Corp* | | | 87 | | | | 1,566 | |
Navigant Consulting, Inc.* | | | 1,984 | | | | 23,808 | |
Odyssey Marine Exploration, Inc.* | | | 1,800 | | | | 5,328 | |
On Assignment, Inc.* | | | 1,752 | | | | 46,813 | |
PAREXEL International Corp.* | | | 2,099 | | | | 96,428 | |
Pendrell Corp.* | | | 5,800 | | | | 15,196 | |
Performant Financial Corp* | | | 900 | | | | 10,431 | |
PHH Corp.* | | | 2,289 | | | | 46,650 | |
PRGX Global* | | | 600 | | | | 3,294 | |
Quad /Graphics, Inc. | | | 1,000 | | | | 24,100 | |
Rent-A-Center, Inc. | | | 2,253 | | | | 84,600 | |
Resources Connection, Inc. | | | 1,822 | | | | 21,135 | |
RPX Corp.* | | | 900 | | | | 15,120 | |
ServiceSource International, Inc.* | | | 2,400 | | | | 22,368 | |
Sotheby’s | | | 2,441 | | | | 92,538 | |
Standard Parking Corp.* | | | 393 | | | | 8,434 | |
Stewart Enterprises, Inc., Class A | | | 2,708 | | | | 35,448 | |
Strayer Education, Inc. | | | 400 | | | | 19,532 | |
Swisher Hygiene, Inc.* | | | 2,100 | | | | 1,806 | |
Team Health Holdings, Inc.* | | | 2,572 | | | | 105,632 | |
Team, Inc.* | | | 792 | | | | 29,977 | |
TeleTech Holdings, Inc.* | | | 707 | | | | 16,565 | |
The Advisory Board Co.* | | | 1,350 | | | | 73,777 | |
The Brink’s Co. | | | 1,610 | | | | 41,071 | |
The Corporate Executive Board Co. | | | 1,269 | | | | 80,226 | |
The Hackett Group, Inc. | | | 516 | | | | 2,678 | |
The Providence Service Corp.* | | | 400 | | | | 11,636 | |
TMS International Corp. | | | 300 | | | | 4,449 | |
TrueBlue, Inc.* | | | 1,576 | | | | 33,175 | |
Universal Technical Institute, Inc. | | | 525 | | | | 5,423 | |
Valassis Communications, Inc. | | | 1,366 | | | | 33,590 | |
Viad Corp. | | | 771 | | | | 18,905 | |
VistaPrint NV* | | | 1,200 | | | | 59,244 | |
WEX, Inc.* | | | 1,457 | | | | 111,752 | |
Xoom Corp* | | | 300 | | | | 6,876 | |
| | | | | | | | |
| | | | | | | 3,210,480 | |
| | | | | | | | |
| Computers — 1.7% | |
Acorn Energy, Inc. | | | 1,000 | | | | 8,440 | |
Agilysys, Inc.* | | | 376 | | | | 4,245 | |
CACI International, Inc., Class A* | | | 850 | | | | 53,967 | |
Carbonite Inc* | | | 800 | | | | 9,912 | |
CIBER, Inc.* | | | 3,557 | | | | 11,880 | |
Computer Task Group, Inc. | | | 579 | | | | 13,300 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Computers — (continued) | |
Cray, Inc.* | | | 1,299 | | | $ | 25,512 | |
Datalink Corp.* | | | 900 | | | | 9,576 | |
Digimarc Corp. | | | 100 | | | | 2,077 | |
Electronics for Imaging, Inc.* | | | 1,724 | | | | 48,772 | |
Fusion-io, Inc.* | | | 2,900 | | | | 41,296 | |
iGate Corp.* | | | 1,157 | | | | 18,998 | |
Imation Corp.* | | | 584 | | | | 2,470 | |
Immersion Corp.* | | | 842 | | | | 11,157 | |
Insight Enterprises, Inc.* | | | 1,843 | | | | 32,695 | |
j2 Global, Inc. | | | 1,674 | | | | 71,162 | |
LivePerson, Inc.* | | | 1,925 | | | | 17,238 | |
Manhattan Associates, Inc.* | | | 717 | | | | 55,324 | |
Maxwell Technologies, Inc.* | | | 666 | | | | 4,762 | |
Mentor Graphics Corp. | | | 3,576 | | | | 69,911 | |
Mercury Computer Systems, Inc.* | | | 736 | | | | 6,786 | |
Mitek Systems, Inc.* | | | 1,000 | | | | 5,780 | |
MTS Systems Corp. | | | 560 | | | | 31,696 | |
NetScout Systems, Inc.* | | | 1,265 | | | | 29,525 | |
Quantum Corp.* | | | 8,761 | | | | 12,003 | |
RadiSys Corp.* | | | 540 | | | | 2,597 | |
RealD, Inc.* | | | 1,608 | | | | 22,351 | |
Silicon Graphics International Corp.* | | | 1,366 | | | | 18,277 | |
Silver Spring Networks Inc* | | | 200 | | | | 4,988 | |
Spansion, Inc., Class A* | | | 2,100 | | | | 26,292 | |
STEC, Inc.* | | | 899 | | | | 6,041 | |
Super Micro Computer, Inc.* | | | 871 | | | | 9,267 | |
Sykes Enterprises, Inc.* | | | 1,736 | | | | 27,359 | |
Synaptics, Inc.* | | | 1,316 | | | | 50,745 | |
Syntel, Inc. | | | 580 | | | | 36,465 | |
The KEYW Holding Corp.* | | | 1,300 | | | | 17,225 | |
Uni-Pixel Inc* | | | 400 | | | | 5,864 | |
Unisys Corp.* | | | 1,824 | | | | 40,256 | |
Virtusa Corp.* | | | 889 | | | | 19,700 | |
Vocera Communications, Inc.* | | | 800 | | | | 11,760 | |
| | | | | | | | |
| | | | | | | 897,671 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.1% | |
Elizabeth Arden, Inc.* | | | 1,014 | | | | 45,701 | |
Inter Parfums, Inc. | | | 624 | | | | 17,797 | |
Revlon, Inc., Class A* | | | 270 | | | | 5,956 | |
| | | | | | | | |
| | | | | | | 69,454 | |
| | | | | | | | |
| Distribution & Wholesale — 0.9% | |
Beacon Roofing Supply, Inc.* | | | 1,681 | | | | 63,676 | |
Core-Mark Holding Co., Inc. | | | 441 | | | | 28,004 | |
Houston Wire & Cable Co. | | | 369 | | | | 5,107 | |
MWI Veterinary Supply, Inc.* | | | 426 | | | | 52,500 | |
Owens & Minor, Inc. | | | 2,276 | | | | 76,997 | |
Pool Corp. | | | 1,776 | | | | 93,080 | |
Rentrak Corp.* | | | 165 | | | | 3,312 | |
ScanSource, Inc.* | | | 981 | | | | 31,392 | |
Titan Machinery, Inc.* | | | 523 | | | | 10,267 | |
United Stationers, Inc. | | | 1,519 | | | | 50,962 | |
Watsco, Inc. | | | 938 | | | | 78,754 | |
| | | | | | | | |
| | | | | | | 494,051 | |
| | | | | | | | |
117
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Diversified Financial Services — 2.4% | |
Aircastle Ltd. | | | 2,576 | | | $ | 41,190 | |
Altisource Residential Corp.* | | | 1,000 | | | | 16,690 | |
BGC Partners, Inc., Class A | | | 4,907 | | | | 28,902 | |
Blackhawk Network Holdings* | | | 500 | | | | 11,600 | |
Calamos Asset Management, Inc., Class A | | | 469 | | | | 4,924 | |
Cohen & Steers, Inc. | | | 817 | | | | 27,762 | |
Cowen Group, Inc., Class A* | | | 2,090 | | | | 6,061 | |
Credit Acceptance Corp.* | | | 224 | | | | 23,531 | |
DFC Global Corp.* | | | 1,780 | | | | 24,582 | |
Diamond Hill Investment Group, Inc.* | | | 50 | | | | 4,252 | |
Doral Financial Corp.* | | | 3,277 | | | | 2,720 | |
Ellie Mae, Inc.* | | | 800 | | | | 18,464 | |
Encore Capital Group, Inc.* | | | 797 | | | | 26,389 | |
Evercore Partners, Inc., Class A | | | 1,222 | | | | 48,000 | |
FBR & Co.* | | | 277 | | | | 6,997 | |
Federal Agricultural Mortgage Corp., Class C | | | 300 | | | | 8,664 | |
Financial Engines, Inc. | | | 1,800 | | | | 82,062 | |
FXCM, Inc. | | | 1,400 | | | | 22,974 | |
GAMCO Investors, Inc., Class A | | | 162 | | | | 8,976 | |
GFI Group, Inc. | | | 1,724 | | | | 6,741 | |
Greenhill & Co., Inc. | | | 1,100 | | | | 50,314 | |
GSV Capital Corp.* | | | 1,000 | | | | 7,860 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc.* | | | 600 | | | | 7,128 | |
Higher One Holdings, Inc.* | | | 1,500 | | | | 17,460 | |
Home Loan Servicing Solutions Ltd. | | | 2,200 | | | | 52,734 | |
INTL FCstone, Inc.* | | | 293 | | | | 5,113 | |
Investment Technology Group, Inc.* | | | 1,500 | | | | 20,970 | |
Janus Capital Group, Inc. | | | 5,600 | | | | 47,656 | |
JMP Group, Inc. | | | 263 | | | | 1,746 | |
Knight Capital Group, Inc., Class A* | | | 7,025 | | | | 25,220 | |
Ladenburg Thalmann Financial Services, Inc.* | | | 1,800 | | | | 2,970 | |
Manning & Napier, Inc. | | | 300 | | | | 5,328 | |
MarketAxess Holdings, Inc. | | | 1,399 | | | | 65,403 | |
Marlin Business Services Corp. | | | 200 | | | | 4,556 | |
National Financial Partners Corp.* | | | 1,515 | | | | 38,345 | |
Nelnet, Inc., Class A | | | 799 | | | | 28,836 | |
Netspend Holdings, Inc.* | | | 1,300 | | | | 20,761 | |
NewStar Financial, Inc.* | | | 1,300 | | | | 17,316 | |
Nicholas Financial, Inc. | | | 300 | | | | 4,536 | |
Oppenheimer Holdings, Inc., Class A | | | 238 | | | | 4,532 | |
PennyMac Financial Service* | | | 500 | | | | 10,635 | |
Piper Jaffray Cos.* | | | 687 | | | | 21,716 | |
Portfolio Recovery Associates, Inc.* | | | 616 | | | | 94,636 | |
Pzena Investment Management, Inc., Class A | | | 130 | | | | 848 | |
Regional Management Corp* | | | 200 | | | | 5,000 | |
Stifel Financial Corp.* | | | 2,206 | | | | 78,688 | |
SWS Group, Inc.* | | | 768 | | | | 4,186 | |
Teton Advisors, Inc., Class B~ | | | 2 | | | | 40 | |
The First Marblehead Corp.* | | | 714 | | | | 843 | |
Virtus Investment Partners, Inc.* | | | 172 | | | | 30,318 | |
Wageworks, Inc.* | | | 1,000 | | | | 34,450 | |
Walter Investment Management Corp.* | | | 1,353 | | | | 45,745 | |
Westwood Holdings Group, Inc. | | | 311 | | | | 13,348 | |
WisdomTree Investments, Inc.* | | | 3,800 | | | | 43,966 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | |
World Acceptance Corp.* | | | 362 | | | $ | 31,472 | |
| | | | | | | | |
| | | | | | | 1,266,156 | |
| | | | | | | | |
| Electric — 2.0% | |
ALLETE, Inc. | | | 1,451 | | | | 72,332 | |
Ameresco, Inc., Class A* | | | 300 | | | | 2,703 | |
Atlantic Power Corp.* | | | 4,127 | | | | 16,260 | |
Avista Corp. | | | 2,139 | | | | 57,796 | |
Black Hills Corp. | | | 1,648 | | | | 80,340 | |
Cleco Corp. | | | 2,271 | | | | 105,443 | |
Dynegy Inc* | | | 3,700 | | | | 83,435 | |
El Paso Electric Co. | | | 1,477 | | | | 52,153 | |
EnerNOC, Inc.* | | | 700 | | | | 9,282 | |
Genie Energy Ltd. | | | 300 | | | | 2,745 | |
IDACORP, Inc. | | | 1,901 | | | | 90,792 | |
MGE Energy, Inc. | | | 828 | | | | 45,341 | |
NorthWestern Corp. | | | 1,280 | | | | 51,072 | |
Ormat Technologies, Inc. | | | 700 | | | | 16,464 | |
Otter Tail Corp. | | | 1,292 | | | | 36,693 | |
Pike Electric Corp.* | | | 1,058 | | | | 13,013 | |
PNM Resources, Inc. | | | 2,910 | | | | 64,573 | |
Portland General Electric Co. | | | 2,756 | | | | 84,306 | |
The Empire District Electric Co. | | | 1,719 | | | | 38,351 | |
UIL Holdings Corp. | | | 1,791 | | | | 68,506 | |
Unitil Corp. | | | 363 | | | | 10,483 | |
UNS Energy Corp. | | | 1,427 | | | | 63,830 | |
| | | | | | | | |
| | | | | | | 1,065,913 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.4% | |
Acuity Brands, Inc. | | | 1,632 | | | | 123,249 | |
Advanced Energy Industries, Inc.* | | | 1,393 | | | | 24,252 | |
American Superconductor Corp.* | | | 1,090 | | | | 2,878 | |
Belden, Inc. | | | 1,655 | | | | 82,634 | |
Capstone Turbine Corp.* | | | 9,700 | | | | 11,349 | |
Coleman Cable, Inc. | | | 300 | | | | 5,418 | |
Encore Wire Corp. | | | 771 | | | | 26,291 | |
EnerSys,Inc. | | | 1,723 | | | | 84,496 | |
Generac Holdings, Inc.* | | | 1,949 | | | | 72,132 | |
General Cable Corp. | | | 1,900 | | | | 58,425 | |
GrafTech International Ltd.* | | | 4,400 | | | | 32,032 | |
Graham Corp. | | | 266 | | | | 7,988 | |
Insteel Industries, Inc. | | | 691 | | | | 12,106 | |
Littelfuse, Inc. | | | 778 | | | | 58,047 | |
Powell Industries, Inc.* | | | 429 | | | | 22,158 | |
Power-One, Inc.* | | | 2,924 | | | | 18,480 | |
PowerSecure International, Inc.* | | | 800 | | | | 12,024 | |
Sunpower Corp.* | | | 1,600 | | | | 33,120 | |
Universal Display Corp.* | | | 1,549 | | | | 43,542 | |
Vicor Corp.* | | | 422 | | | | 2,891 | |
| | | | | | | | |
| | | | | | | 733,512 | |
| | | | | | | | |
| Electronics — 2.0% | |
American Science & Engineering, Inc. | | | 278 | | | | 15,568 | |
Analogic Corp. | | | 507 | | | | 36,925 | |
Badger Meter, Inc. | | | 459 | | | | 20,448 | |
Bel Fuse, Inc., Class B | | | 269 | | | | 3,618 | |
118
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Electronics — (continued) | |
Benchmark Electronics, Inc.* | | | 2,077 | | | $ | 41,748 | |
Brady Corp., Class A | | | 1,857 | | | | 57,066 | |
Checkpoint Systems, Inc.* | | | 1,545 | | | | 21,923 | |
Coherent, Inc.* | | | 873 | | | | 48,076 | |
CTS Corp. | | | 1,263 | | | | 17,227 | |
Daktronics, Inc. | | | 1,209 | | | | 12,404 | |
Electro Scientific Industries, Inc. | | | 693 | | | | 7,457 | |
FARO Technologies, Inc.* | | | 620 | | | | 20,968 | |
FEI Co. | | | 1,446 | | | | 105,543 | |
Fluidigm Corp.* | | | 900 | | | | 15,714 | |
II-VI, Inc.* | | | 2,056 | | | | 33,431 | |
InvenSense, Inc.* | | | 2,200 | | | | 33,836 | |
Itron, Inc.* | | | 1,500 | | | | 63,645 | |
Kemet Corp.* | | | 1,100 | | | | 4,521 | |
Measurement Specialties, Inc.* | | | 670 | | | | 31,175 | |
Mesa Laboratories, Inc. | | | 100 | | | | 5,413 | |
Methode Electronics, Inc. | | | 1,460 | | | | 24,835 | |
Multi-Fineline Electronix, Inc.* | | | 152 | | | | 2,251 | |
Newport Corp.* | | | 1,463 | | | | 20,380 | |
NVE Corp.* | | | 109 | | | | 5,103 | |
OSI Systems, Inc.* | | | 757 | | | | 48,766 | |
Park Electrochemical Corp. | | | 633 | | | | 15,198 | |
Plexus Corp.* | | | 1,203 | | | | 35,958 | |
Rofin-Sinar Technologies, Inc.* | | | 1,186 | | | | 29,579 | |
Rogers Corp.* | | | 660 | | | | 31,231 | |
Sanmina Corp.* | | | 3,326 | | | | 47,728 | |
Sparton Corp.* | | | 400 | | | | 6,896 | |
Stoneridge, Inc.* | | | 673 | | | | 7,834 | |
Taser International, Inc.* | | | 1,711 | | | | 14,578 | |
TTM Technologies, Inc.* | | | 2,359 | | | | 19,816 | |
Viasystems Group, Inc.* | | | 100 | | | | 1,153 | |
Vishay Precision Group, Inc.* | | | 300 | | | | 4,542 | |
Watts Water Technologies, Inc., Class A | | | 1,117 | | | | 50,645 | |
Woodward, Inc. | | | 2,623 | | | | 104,920 | |
Zagg, Inc.* | | | 500 | | | | 2,675 | |
Zygo Corp.* | | | 382 | | | | 6,039 | |
| | | | | | | | |
| | | | | | | 1,076,833 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.2% | |
Amyris, Inc.* | | | 400 | | | | 1,156 | |
Clean Energy Fuels Corp.* | | | 2,200 | | | | 29,040 | |
FuelCell Energy, Inc.* | | | 2,681 | | | | 3,405 | |
FutureFuel Corp. | | | 500 | | | | 7,085 | |
Green Plains Renewable Energy, Inc.* | | | 1,267 | | | | 16,876 | |
KiOR, Inc — Class A* | | | 1,880 | | | | 10,735 | |
Renewable Energy Group Inc* | | | 900 | | | | 12,807 | |
Rex American Resources Corp.* | | | 192 | | | | 5,524 | |
Solazyme, Inc.* | | | 1,800 | | | | 21,096 | |
| | | | | | | | |
| | | | | | | 107,724 | |
| | | | | | | | |
| Engineering & Construction — 0.8% | |
Argan, Inc.* | | | 536 | | | | 8,362 | |
Dycom Industries, Inc.* | | | 1,153 | | | | 26,680 | |
EMCOR Group, Inc. | | | 2,463 | | | | 100,121 | |
Engility Holdings Inc* | | | 700 | | | | 19,894 | |
Exponent, Inc. | | | 520 | | | | 30,737 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Engineering & Construction — (continued) | |
Granite Construction, Inc. | | | 1,444 | | | $ | 42,974 | |
Layne Christensen Co.* | | | 926 | | | | 18,066 | |
MasTec, Inc.* | | | 2,264 | | | | 74,486 | |
Michael Baker Corp. | | | 191 | | | | 5,178 | |
Mistras Group, Inc.* | | | 800 | | | | 14,064 | |
MYR Group, Inc.* | | | 583 | | | | 11,339 | |
Orion Marine Group, Inc.* | | | 1,137 | | | | 13,746 | |
Sterling Construction Co., Inc.* | | | 353 | | | | 3,198 | |
Tutor Perini Corp.* | | | 1,397 | | | | 25,272 | |
VSE Corp. | | | 104 | | | | 4,271 | |
| | | | | | | | |
| �� | | | | | | 398,388 | |
| | | | | | | | |
| Entertainment — 0.7% | |
Carmike Cinemas, Inc.* | | | 800 | | | | 15,488 | |
Churchill Downs, Inc. | | | 520 | | | | 41,002 | |
International Speedway Corp. | | | 1,100 | | | | 34,617 | |
Isle of Capri Casinos, Inc.* | | | 241 | | | | 1,808 | |
Marriott Vacations Worldwide Corp.* | | | 1,100 | | | | 47,564 | |
Multimedia Games, Inc.* | | | 1,070 | | | | 27,895 | |
National CineMedia, Inc. | | | 1,974 | | | | 33,341 | |
Pinnacle Entertainment, Inc.* | | | 2,182 | | | | 42,920 | |
Scientific Games Corp., Class A* | | | 1,900 | | | | 21,375 | |
SHFL Entertainment, Inc.* | | | 2,085 | | | | 36,925 | |
Speedway Motorsports, Inc. | | | 316 | | | | 5,498 | |
Vail Resorts, Inc. | | | 1,346 | | | | 82,806 | |
| | | | | | | | |
| | | | | | | 391,239 | |
| | | | | | | | |
| Environmental Control — 0.6% | |
ADA-ES, Inc.* | | | 400 | | | | 16,848 | |
Calgon Carbon Corp.* | | | 2,162 | | | | 36,062 | |
Casella Waste Systems, Inc., Class A* | | | 600 | | | | 2,586 | |
Darling International, Inc.* | | | 4,467 | | | | 83,354 | |
Energy Recovery, Inc.* | | | 1,918 | | | | 7,921 | |
Heritage-Crystal Clean, Inc.* | | | 200 | | | | 2,922 | |
Met-Pro Corp. | | | 452 | | | | 6,075 | |
Mine Safety Appliances Co. | | | 1,021 | | | | 47,528 | |
Nuverra Environmental Solutions Inc* | | | 4,413 | | | | 12,798 | |
Tetra Tech, Inc.* | | | 2,264 | | | | 53,227 | |
TRC Cos., Inc.* | | | 500 | | | | 3,500 | |
U.S. Ecology, Inc. | | | 742 | | | | 20,360 | |
| | | | | | | | |
| | | | | | | 293,181 | |
| | | | | | | | |
| Food — 2.1% | |
Annie’s, Inc.* | | | 500 | | | | 21,370 | |
Arden Group, Inc., Class A | | | 11 | | | | 1,214 | |
B&G Foods, Inc., Class A | | | 1,972 | | | | 67,147 | |
Boulder Brands, Inc.* | | | 1,879 | | | | 22,642 | |
Cal-Maine Foods, Inc. | | | 623 | | | | 28,976 | |
Calavo Growers, Inc. | | | 451 | | | | 12,263 | |
Chefs Warehouse Holdings, Inc.* | | | 450 | | | | 7,740 | |
Chiquita Brands International, Inc.* | | | 1,824 | | | | 19,918 | |
Diamond Foods, Inc.* | | | 776 | | | | 16,102 | |
Dole Food Co., Inc.* | | | 1,660 | | | | 21,165 | |
Fairway Group Holdings Corp.* | | | 600 | | | | 14,502 | |
Fresh Del Monte Produce, Inc. | | | 1,516 | | | | 42,266 | |
Harris Teeter Supermarkets, Inc. | | | 1,837 | | | | 86,082 | |
119
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Food — (continued) | |
Ingles Markets, Inc., Class A | | | 304 | | | $ | 7,676 | |
J&J Snack Foods Corp. | | | 532 | | | | 41,390 | |
John B. Sanfilippo & Son, Inc. | | | 400 | | | | 8,064 | |
Lancaster Colony Corp. | | | 672 | | | | 52,409 | |
Lifeway Foods, Inc. | | | 87 | | | | 1,510 | |
Nash Finch Co. | | | 440 | | | | 9,684 | |
Pilgrim’s Pride Corp.* | | | 2,287 | | | | 34,168 | |
Post Holdings, Inc.* | | | 1,200 | | | | 52,392 | |
Sanderson Farms, Inc. | | | 834 | | | | 55,394 | |
Seaboard Corp. | | | 11 | | | | 29,788 | |
Seneca Foods Corp., Class A* | | | 211 | | | | 6,473 | |
Snyders-Lance, Inc. | | | 1,679 | | | | 47,700 | |
Spartan Stores, Inc. | | | 602 | | | | 11,101 | |
SUPERVALU, Inc. | | | 7,400 | | | | 46,028 | |
The Hain Celestial Group, Inc.* | | | 1,462 | | | | 94,986 | |
Tootsie Roll Industries, Inc. | | | 788 | | | | 25,043 | |
TreeHouse Foods, Inc.* | | | 1,314 | | | | 86,120 | |
United Natural Foods, Inc.* | | | 1,800 | | | | 97,182 | |
Village Super Market, Inc., Class A | | | 268 | | | | 8,868 | |
Weis Markets, Inc. | | | 466 | | | | 21,003 | |
| | | | | | | | |
| | | | | | | 1,098,366 | |
| | | | | | | | |
| Forest Products & Paper — 0.7% | |
Boise, Inc.* | | | 3,725 | | | | 31,812 | |
Buckeye Technologies, Inc. | | | 1,380 | | | | 51,115 | |
Clearwater Paper Corp.* | | | 878 | | | | 41,319 | |
Deltic Timber Corp. | | | 392 | | | | 22,665 | |
KapStone Paper and Packaging Corp.* | | | 1,620 | | | | 65,092 | |
Neenah Paper, Inc. | | | 574 | | | | 18,236 | |
Orchids Paper Products Co. | | | 400 | | | | 10,500 | |
P.H. Glatfelter Co. | | | 1,659 | | | | 41,641 | |
Resolute Forest Products* | | | 2,700 | | | | 35,559 | |
Schweitzer-Mauduit International, Inc. | | | 1,176 | | | | 58,659 | |
Wausau Paper Corp. | | | 1,581 | | | | 18,023 | |
| | | | | | | | |
| | | | | | | 394,621 | |
| | | | | | | | |
| Gas — 1.0% | |
Chesapeake Utilities Corp. | | | 357 | | | | 18,382 | |
Delta Natural Gas Co., Inc. | | | 400 | | | | 8,500 | |
New Jersey Resources Corp. | | | 1,632 | | | | 67,777 | |
Northwest Natural Gas Co. | | | 1,050 | | | | 44,604 | |
Piedmont Natural Gas Co., Inc. | | | 2,851 | | | | 96,193 | |
South Jersey Industries, Inc. | | | 1,140 | | | | 65,447 | |
Southwest Gas Corp. | | | 1,794 | | | | 83,941 | |
The Laclede Group, Inc. | | | 1,156 | | | | 52,783 | |
WGL Holdings, Inc. | | | 1,994 | | | | 86,181 | |
| | | | | | | | |
| | | | | | | 523,808 | |
| | | | | | | | |
| Hand & Machine Tools — 0.1% | |
Franklin Electric Co., Inc. | | | 1,770 | | | | 59,560 | |
Hardinge, Inc. | | | 500 | | | | 7,390 | |
| | | | | | | | |
| | | | | | | 66,950 | |
| | | | | | | | |
| Healthcare Products — 3.5% | |
Abaxis, Inc.* | | | 829 | | | | 39,386 | |
ABIOMED, Inc.* | | | 1,489 | | | | 32,103 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — (continued) | |
Accuray, Inc.* | | | 2,738 | | | $ | 15,716 | |
Affymetrix, Inc.* | | | 2,371 | | | | 10,527 | |
Align Technology, Inc.* | | | 2,765 | | | | 102,416 | |
Alphatec Holdings, Inc.* | | | 816 | | | | 1,673 | |
AngioDynamics, Inc.* | | | 558 | | | | 6,294 | |
ArthroCare Corp.* | | | 1,155 | | | | 39,882 | |
AtriCure, Inc.* | | | 400 | | | | 3,800 | |
Atrion Corp. | | | 37 | | | | 8,092 | |
Biolase, Inc.* | | | 4 | | | | 14 | |
Cantel Medical Corp. | | | 850 | | | | 28,790 | |
Cardiovascular Systems, Inc.* | | | 900 | | | | 19,080 | |
Cepheid, Inc.* | | | 2,380 | | | | 81,920 | |
Cerus Corp.* | | | 3,600 | | | | 15,912 | |
CONMED Corp. | | | 1,003 | | | | 31,334 | |
CryoLife, Inc. | | | 599 | | | | 3,750 | |
Cutera, Inc.* | | | 500 | | | | 4,400 | |
Cyberonics, Inc.* | | | 1,032 | | | | 53,623 | |
Cynosure, Inc., Class A* | | | 694 | | | | 18,033 | |
DexCom, Inc.* | | | 2,542 | | | | 57,068 | |
Endologix, Inc.* | | | 2,298 | | | | 30,517 | |
Exactech, Inc.* | | | 209 | | | | 4,128 | |
GenMark Diagnostics, Inc.* | | | 1,200 | | | | 12,418 | |
Genomic Health, Inc.* | | | 509 | | | | 16,140 | |
Globus Medical, Inc.* | | | 2,100 | | | | 35,406 | |
Greatbatch, Inc.* | | | 993 | | | | 32,560 | |
Haemonetics Corp.* | | | 1,946 | | | | 80,467 | |
Hanger, Inc.* | | | 1,408 | | | | 44,535 | |
HeartWare International, Inc.* | | | 589 | | | | 56,020 | |
ICU Medical, Inc.* | | | 479 | | | | 34,517 | |
Insulet Corp.* | | | 1,846 | | | | 57,983 | |
Integra LifeSciences Holdings Corp.* | | | 826 | | | | 30,256 | |
Invacare Corp. | | | 1,190 | | | | 17,088 | |
Luminex Corp.* | | | 1,353 | | | | 27,885 | |
MAKO Surgical Corp.* | | | 1,705 | | | | 20,545 | |
Masimo Corp.* | | | 1,904 | | | | 40,365 | |
Merge Healthcare, Inc.* | | | 1,657 | | | | 5,965 | |
Meridian Bioscience, Inc. | | | 1,360 | | | | 29,240 | |
Merit Medical Systems, Inc.* | | | 1,375 | | | | 15,331 | |
MiMedx Group, Inc.* | | | 3,200 | | | | 22,592 | |
Natus Medical, Inc.* | | | 1,475 | | | | 20,134 | |
NuVasive, Inc.* | | | 1,706 | | | | 42,292 | |
NxStage Medical, Inc.* | | | 2,284 | | | | 32,616 | |
OraSure Technologies, Inc.* | | | 2,201 | | | | 8,540 | |
Orthofix International N.V.* | | | 671 | | | | 18,050 | |
Photomedex, Inc.* | | | 700 | | | | 11,158 | |
Quidel Corp.* | | | 1,051 | | | | 26,832 | |
Rochester Medical Corp.* | | | 400 | | | | 5,892 | |
Rockwell Medical Technologies, Inc.* | | | 400 | | | | 1,444 | |
Solta Medical, Inc.* | | | 1,200 | | | | 2,736 | |
Spectranetics Corp.* | | | 1,265 | | | | 23,630 | |
Staar Surgical Co.* | | | 1,400 | | | | 14,210 | |
STERIS Corp. | | | 2,232 | | | | 95,708 | |
SurModics, Inc.* | | | 773 | | | | 15,468 | |
Symmetry Medical, Inc.* | | | 1,744 | | | | 14,684 | |
TearLab Corp.* | | | 1,000 | | | | 10,620 | |
The Female Health Co. | | | 904 | | | | 8,913 | |
120
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Healthcare Products — (continued) | |
Thoratec Corp.* | | | 2,100 | | | $ | 65,751 | |
Tornier NV* | | | 800 | | | | 14,000 | |
Unilife Corp.* | | | 3,410 | | | | 10,810 | |
Utah Medical Products, Inc. | | | 200 | | | | 10,860 | |
Vascular Solutions, Inc.* | | | 883 | | | | 12,989 | |
Volcano Corp.* | | | 1,964 | | | | 35,607 | |
West Pharmaceutical Services, Inc. | | | 1,289 | | | | 90,565 | |
Wright Medical Group, Inc.* | | | 1,661 | | | | 43,535 | |
| | | | | | | | |
| | | | | | | 1,824,815 | |
| | | | | | | | |
| Healthcare Services — 1.6% | |
Acadia Healthcare Co., Inc.* | | | 1,300 | | | | 42,991 | |
Air Methods Corp.* | | | 1,387 | | | | 46,992 | |
Almost Family, Inc.* | | | 177 | | | | 3,363 | |
Amedisys, Inc.* | | | 806 | | | | 9,366 | |
Amsurg Corp.* | | | 1,223 | | | | 42,927 | |
Assisted Living Concepts, Inc., Class A | | | 404 | | | | 4,832 | |
Bio-Reference Labs, Inc.* | | | 1,007 | | | | 28,951 | |
Capital Senior Living Corp.* | | | 1,036 | | | | 24,760 | |
Centene Corp.* | | | 1,968 | | | | 103,241 | |
Chindex International, Inc.* | | | 314 | | | | 5,093 | |
Emeritus Corp.* | | | 1,483 | | | | 34,376 | |
Five Star Quality Care, Inc.* | | | 800 | | | | 4,488 | |
Gentiva Health Services, Inc.* | | | 1,623 | | | | 16,165 | |
HealthSouth Corp.* | | | 3,236 | | | | 93,197 | |
Healthways, Inc.* | | | 1,558 | | | | 27,078 | |
IPC The Hospitalist Co., Inc.* | | | 647 | | | | 33,230 | |
Kindred Healthcare, Inc.* | | | 1,986 | | | | 26,076 | |
LHC Group, Inc.* | | | 382 | | | | 7,480 | |
Magellan Health Services, Inc.* | | | 1,041 | | | | 58,379 | |
Molina Healthcare, Inc.* | | | 1,168 | | | | 43,426 | |
National Healthcare Corp. | | | 406 | | | | 19,407 | |
Select Medical Holdings Corp. | | | 1,300 | | | | 10,660 | |
Skilled Healthcare Group, Inc., Class A* | | | 561 | | | | 3,748 | |
The Ensign Group, Inc. | | | 740 | | | | 26,063 | |
Triple-S Management Corp., Class B* | | | 691 | | | | 14,836 | |
U.S. Physical Therapy, Inc. | | | 591 | | | | 16,335 | |
Vanguard Health Systems, Inc.* | | | 987 | | | | 20,470 | |
WellCare Health Plans, Inc.* | | | 1,626 | | | | 90,324 | |
| | | | | | | | |
| | | | | | | 858,254 | |
| | | | | | | | |
| Holding Companies — 0.2% | |
Harbinger Group, Inc.* | | | 1,775 | | | | 13,383 | |
Horizon Pharma, Inc.* | | | 1,000 | | | | 2,460 | |
National Bank Holdings Corp. | | | 2,000 | | | | 39,400 | |
Primoris Services Corp. | | | 1,290 | | | | 25,439 | |
| | | | | | | | |
| | | | | | | 80,682 | |
| | | | | | | | |
| Home Builders — 0.8% | |
Beazer Homes USA, Inc.* | | | 924 | | | | 16,188 | |
Cavco Industries, Inc.* | | | 169 | | | | 8,526 | |
Hovnanian Enterprises, Inc., Class A* | | | 4,810 | | | | 26,984 | |
KB Home | | | 2,900 | | | | 56,927 | |
M.D.C. Holdings, Inc. | | | 1,400 | | | | 45,514 | |
M/I Homes, Inc.* | | | 836 | | | | 19,195 | |
Meritage Homes Corp.* | | | 1,390 | | | | 60,270 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Home Builders — (continued) | |
Standard Pacific Corp.* | | | 5,590 | | | $ | 46,565 | |
The Ryland Group, Inc. | | | 1,746 | | | | 70,015 | |
TRI Pointe Homes, Inc.* | | | 600 | | | | 9,948 | |
William Lyon Homes* | | | 600 | | | | 15,126 | |
Winnebago Industries, Inc.* | | | 1,122 | | | | 23,551 | |
| | | | | | | | |
| | | | | | | 398,809 | |
| | | | | | | | |
| Home Furnishings — 0.5% | |
American Woodmark Corp.* | | | 369 | | | | 12,804 | |
Bassett Furniture Industries, Inc. | | | 600 | | | | 9,318 | |
DTS, Inc.* | | | 703 | | | | 14,468 | |
Ethan Allen Interiors, Inc. | | | 1,028 | | | | 29,606 | |
Hooker Furniture Corp. | | | 600 | | | | 9,756 | |
Kimball International, Inc., Class B | | | 1,244 | | | | 12,079 | |
La-Z-Boy, Inc. | | | 1,962 | | | | 39,770 | |
Select Comfort Corp.* | | | 1,972 | | | | 49,418 | |
Skullcandy, Inc.* | | | 407 | | | | 2,222 | |
TiVo, Inc.* | | | 4,855 | | | | 53,648 | |
Universal Electronics, Inc.* | | | 700 | | | | 19,691 | |
VOXX International Corp* | | | 825 | | | | 10,123 | |
| | | | | | | | |
| | | | | | | 262,903 | |
| | | | | | | | |
| Household Products & Wares — 0.6% | |
ACCO Brands Corp.* | | | 4,393 | | | | 27,940 | |
American Greetings Corp., Class A | | | 1,043 | | | | 19,003 | |
AT Cross Co. Class A* | | | 300 | | | | 5,085 | |
Blyth, Inc. | | | 282 | | | | 3,937 | |
Central Garden & Pet Co., Class A* | | | 1,202 | | | | 8,294 | |
CSS Industries, Inc. | | | 212 | | | | 5,285 | |
Helen of Troy Ltd.* | | | 1,195 | | | | 45,852 | |
Oil-Dri Corp. of America | | | 97 | | | | 2,665 | |
Prestige Brands Holdings, Inc.* | | | 1,972 | | | | 57,464 | |
Spectrum Brands Holdings, Inc. | | | 800 | | | | 45,496 | |
Tumi Holdings, Inc.* | | | 1,800 | | | | 43,200 | |
WD-40 Co. | | | 646 | | | | 35,194 | |
| | | | | | | | |
| | | | | | | 299,415 | |
| | | | | | | | |
| Housewares — 0.0% | |
Libbey, Inc.* | | | 800 | | | | 19,176 | |
Lifetime Brands, Inc. | | | 200 | | | | 2,716 | |
| | | | | | | | |
| | | | | | | 21,892 | |
| | | | | | | | |
| Industrial — 0.1% | |
Aegion Corp* | | | 1,555 | | | | 35,003 | |
Rexnord Corp.* | | | 1,000 | | | | 16,850 | |
| | | | | | | | |
| | | | | | | 51,853 | |
| | | | | | | | |
| Insurance — 2.6% | |
AMBAC Financial Group, Inc.* | | | 1,700 | | | | 40,511 | |
American Equity Investment Life Holding Co. | | | 2,576 | | | | 40,443 | |
American Safety Insurance Holdings Ltd.* | | | 395 | | | | 11,435 | |
AMERISAFE, Inc. | | | 708 | | | | 22,932 | |
AmTrust Financial Services, Inc. | | | 1,152 | | | | 41,126 | |
Argo Group International Holdings Ltd. | | | 1,041 | | | | 44,128 | |
Baldwin & Lyons, Inc., Class B | | | 325 | | | | 7,891 | |
Citizens, Inc.* | | | 1,466 | | | | 8,767 | |
121
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Insurance — (continued) | |
CNO Financial Group, Inc. | | | 8,293 | | | $ | 107,477 | |
Crawford & Co., Class B | | | 338 | | | | 1,900 | |
Donegal Group, Inc., Class A | | | 283 | | | | 3,953 | |
eHealth, Inc.* | | | 720 | | | | 16,358 | |
EMC Insurance Group, Inc. | | | 100 | | | | 2,626 | |
Employers Holdings, Inc. | | | 1,282 | | | | 31,345 | |
Enstar Group Ltd.* | | | 374 | | | | 49,735 | |
FBL Financial Group, Inc., Class A | | | 327 | | | | 14,228 | |
First American Financial Corp. | | | 4,073 | | | | 89,769 | |
Global Indemnity PLC* | | | 383 | | | | 9,020 | |
Greenlight Capital Re Ltd., Class A* | | | 928 | | | | 22,764 | |
Hallmark Financial Services, Inc.* | | | 255 | | | | 2,331 | |
HCI Group, Inc. | | | 500 | | | | 15,360 | |
Hilltop Holdings, Inc.* | | | 2,392 | | | | 39,229 | |
Horace Mann Educators Corp. | | | 1,509 | | | | 36,789 | |
Infinity Property & Casualty Corp. | | | 420 | | | | 25,099 | |
Kansas City Life Insurance Co. | | | 73 | | | | 2,794 | |
Maiden Holdings Ltd. | | | 2,268 | | | | 25,447 | |
Meadowbrook Insurance Group, Inc. | | | 1,518 | | | | 12,190 | |
MGIC Investment Corp.* | | | 11,427 | | | | 69,362 | |
Montpelier Re Holdings Ltd. | | | 1,707 | | | | 42,692 | |
National Interstate Corp. | | | 102 | | | | 2,983 | |
National Western Life Insurance Co., Class A | | | 52 | | | | 9,872 | |
Onebeacon Insurance Group Ltd., Class A | | | 600 | | | | 8,688 | |
Platinum Underwriters Holdings Ltd. | | | 1,156 | | | | 66,146 | |
Primerica, Inc. | | | 2,100 | | | | 78,624 | |
Radian Group, Inc. | | | 6,303 | | | | 73,241 | |
RLI Corp. | | | 761 | | | | 58,148 | |
Safety Insurance Group, Inc. | | | 382 | | | | 18,531 | |
Selective Insurance Group | | | 2,175 | | | | 50,068 | |
State Auto Financial Corp. | | | 376 | | | | 6,832 | |
Stewart Information Services Corp. | | | 808 | | | | 21,162 | |
Symetra Financial Corp. | | | 3,200 | | | | 51,168 | |
The Navigators Group, Inc.* | | | 395 | | | | 22,531 | |
The Phoenix Cos., Inc.* | | | 146 | | | | 6,278 | |
Tower Group International Ltd. | | | 2,147 | | | | 44,035 | |
United Fire Group, Inc. | | | 680 | | | | 16,884 | |
Universal American Corp.* | | | 1,780 | | | | 15,824 | |
Universal Insurance Holdings, Inc. | | | 1,251 | | | | 8,857 | |
| | | | | | | | |
| | | | | | | 1,397,573 | |
| | | | | | | | |
| Internet — 2.7% | |
1-800-Flowers.com, Inc., Class A* | | | 737 | | | | 4,562 | |
Angie’s List, Inc.* | | | 1,600 | | | | 42,480 | |
Bankrate, Inc.* | | | 1,523 | | | | 21,870 | |
Bazaarvoice, Inc.* | | | 1,900 | | | | 17,898 | |
Blucora, Inc.* | | | 1,496 | | | | 27,736 | |
Blue Nile, Inc.* | | | 439 | | | | 16,586 | |
Boingo Wireless, Inc.* | | | 900 | | | | 5,589 | |
Brightcove, Inc.* | | | 1,200 | | | | 10,512 | |
BroadSoft, Inc.* | | | 961 | | | | 26,524 | |
Cogent Communications Group, Inc. | | | 1,719 | | | | 48,390 | |
comScore, Inc.* | | | 1,359 | | | | 33,146 | |
Constant Contact, Inc.* | | | 865 | | | | 13,901 | |
CyrusOne, Inc. | | | 700 | | | | 14,518 | |
DealerTrack Holdings, Inc.* | | | 1,696 | | | | 60,089 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Internet — (continued) | |
Dice Holdings, Inc.* | | | 1,163 | | | $ | 10,711 | |
ePlus, Inc.* | | | 74 | | | | 4,432 | |
ExactTarget, Inc.* | | | 1,600 | | | | 53,952 | |
Global Eagle Entertainment, Inc.* | | | 900 | | | | 9,054 | |
Global Sources Ltd.* | | | 372 | | | | 2,496 | |
HealthStream, Inc.* | | | 600 | | | | 15,192 | |
ICG Group, Inc.* | | | 1,228 | | | | 13,999 | |
Internap Network Services Corp.* | | | 1,921 | | | | 15,887 | |
IntraLinks Holdings, Inc.* | | | 800 | | | | 5,808 | |
Keynote Systems, Inc. | | | 428 | | | | 8,457 | |
Limelight Networks, Inc.* | | | 1,172 | | | | 2,637 | |
Lionbridge Technologies, Inc.* | | | 1,243 | | | | 3,605 | |
Liquidity Services, Inc.* | | | 1,035 | | | | 35,884 | |
Marketo, Inc.* | | | 300 | | | | 7,461 | |
ModusLink Global Solutions, Inc.* | | | 945 | | | | 3,005 | |
Move, Inc* | | | 1,879 | | | | 24,089 | |
NIC, Inc.* | | | 2,629 | | | | 43,457 | |
NutriSystem, Inc. | | | 1,037 | | | | 12,216 | |
OpenTable, Inc.* | | | 856 | | | | 54,741 | |
Orbitz Worldwide, Inc.* | | | 476 | | | | 3,822 | |
Overstock.com, Inc.* | | | 271 | | | | 7,642 | |
PC-Tel, Inc. | | | 1,200 | | | | 10,176 | |
Perficient, Inc.* | | | 1,245 | | | | 16,608 | |
QuinStreet, Inc.* | | | 715 | | | | 6,171 | |
ReachLocal, Inc.* | | | 200 | | | | 2,452 | |
RealNetworks, Inc.* | | | 515 | | | | 3,893 | |
Reis, Inc.* | | | 400 | | | | 7,396 | |
Responsys, Inc.* | | | 1,400 | | | | 20,034 | |
Safeguard Scientifics, Inc.* | | | 1,050 | | | | 16,853 | |
Sapient Corp.* | | | 4,152 | | | | 54,225 | |
Shutterfly, Inc.* | | | 1,390 | | | | 77,548 | |
Shutterstock, Inc.* | | | 300 | | | | 16,734 | |
Sourcefire, Inc.* | | | 1,170 | | | | 64,994 | |
Spark Networks, Inc.* | | | 800 | | | | 6,760 | |
SPS Commerce, Inc.* | | | 500 | | | | 27,500 | |
Stamps.com, Inc.* | | | 462 | | | | 18,198 | |
support.com, Inc.* | | | 1,139 | | | | 5,205 | |
TechTarget, Inc.* | | | 500 | | | | 2,235 | |
The Active Network, Inc.* | | | 1,400 | | | | 10,598 | |
Towerstream Corp.* | | | 900 | | | | 2,295 | |
Travelzoo, Inc.* | | | 311 | | | | 8,478 | |
Trulia, Inc.* | | | 900 | | | | 27,981 | |
United Online, Inc. | | | 2,790 | | | | 21,148 | |
Unwired Planet, Inc.* | | | 1,814 | | | | 3,537 | |
ValueClick, Inc.* | | | 2,790 | | | | 68,857 | |
VASCO Data Security International, Inc.* | | | 728 | | | | 6,050 | |
VirnetX Holding Corp.* | | | 1,583 | | | | 31,644 | |
Vitacost.com, Inc.* | | | 1,300 | | | | 10,985 | |
Vocus, Inc.* | | | 881 | | | | 9,268 | |
Web.com Group, Inc.* | | | 1,600 | | | | 40,960 | |
WebMD Health Corp.* | | | 1,300 | | | | 38,181 | |
XO Group, Inc.* | | | 659 | | | | 7,381 | |
Yelp, Inc.* | | | 1,100 | | | | 38,247 | |
Zillow, Inc. Class A* | | | 788 | | | | 44,364 | |
Zix Corp.* | | | 1,148 | | | | 4,856 | |
| | | | | | | | |
| | | | | | | 1,414,160 | |
| | | | | | | | |
122
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Investment Companies — 1.1% | |
Apollo Investment Corp. | | | 8,379 | | | $ | 64,853 | |
Arlington Asset Investment Corp., Class A | | | 500 | | | | 13,370 | |
BlackRock Kelso Capital Corp. | | | 2,684 | | | | 25,122 | |
Capital Southwest Corp. | | | 159 | | | | 21,915 | |
Fifth Street Finance Corp. | | | 4,330 | | | | 45,249 | |
Firsthand Technology Value Fund, Inc.* | | | 500 | | | | 9,930 | |
Gladstone Capital Corp. | | | 412 | | | | 3,366 | |
Golub Capital BDC, Inc. | | | 1,368 | | | | 23,940 | |
KCAP Financial, Inc. | | | 614 | | | | 6,914 | |
Main Street Capital Corp. | | | 1,349 | | | | 37,354 | |
MCG Capital Corp. | | | 1,854 | | | | 9,659 | |
Medallion Financial Corp. | | | 748 | | | | 10,405 | |
Medley Capital Group | | | 1,242 | | | | 16,866 | |
MVC Capital, Inc. | | | 1,281 | | | | 16,128 | |
New Mountain Finance Corp. | | | 979 | | | | 13,863 | |
NGP Capital Resources Co. | | | 338 | | | | 2,072 | |
PennantPark Floating Rate Capital Ltd. | | | 500 | | | | 7,070 | |
PennantPark Investment Corp. | | | 2,463 | | | | 27,216 | |
Prospect Capital Corp. | | | 9,178 | | | | 99,122 | |
Solar Capital Ltd. | | | 1,511 | | | | 34,889 | |
Solar Senior Capital Ltd. | | | 513 | | | | 9,444 | |
Stellus Capital Investment Corp. | | | 600 | | | | 9,030 | |
TCP Capital Corp. | | | 1,000 | | | | 16,770 | |
THL Credit, Inc. | | | 1,000 | | | | 15,190 | |
TICC Capital Corp. | | | 1,705 | | | | 16,402 | |
Triangle Capital Corp. | | | 1,000 | | | | 27,510 | |
| | | | | | | | |
| | | | | | | 583,649 | |
| | | | | | | | |
| Iron & Steel — 0.2% | |
AK Steel Holding Corp. | | | 3,900 | | | | 11,856 | |
Commercial Metals Co. | | | 4,400 | | | | 64,988 | |
Schnitzer Steel Industries, Inc., Class A | | | 900 | | | | 21,042 | |
Universal Stainless & Alloy Products, Inc.* | | | 133 | | | | 3,921 | |
| | | | | | | | |
| | | | | | | 101,807 | |
| | | | | | | | |
| Leisure Time — 0.6% | |
Arctic Cat, Inc. | | | 444 | | | | 19,971 | |
Black Diamond, Inc.* | | | 400 | | | | 3,760 | |
Brunswick Corp. | | | 3,468 | | | | 110,803 | |
Callaway Golf Co. | | | 2,146 | | | | 14,121 | |
Interval Leisure Group, Inc. | | | 1,416 | | | | 28,207 | |
Johnson Outdoors, Inc.* | | | 200 | | | | 4,980 | |
Life Time Fitness, Inc.* | | | 1,659 | | | | 83,132 | |
Marine Products Corp. | | | 160 | | | | 1,283 | |
Nautilus, Inc.* | | | 1,300 | | | | 11,297 | |
Town Sports International Holdings, Inc.* | | | 600 | | | | 6,462 | |
WMS Industries, Inc.* | | | 2,100 | | | | 53,571 | |
| | | | | | | | |
| | | | | | | 337,587 | |
| | | | | | | | |
| Lodging — 0.2% | |
Ameristar Casinos, Inc. | | | 1,205 | | | | 31,679 | |
Boyd Gaming Corp.* | | | 2,300 | | | | 25,990 | |
Marcus Corp. | | | 433 | | | | 5,508 | |
Monarch Casino & Resort, Inc.* | | | 185 | | | | 3,119 | |
Morgans Hotel Group Co.* | | | 394 | | | | 3,176 | |
Orient-Express Hotels Ltd., Class A* | | | 3,345 | | | | 40,675 | |
| | | | | | | | |
| | | | | | | 110,147 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Machinery — Construction & Mining — 0.1% | |
Astec Industries, Inc. | | | 698 | | | $ | 23,934 | |
Hyster-Yale Materials Handling, Inc. | | | 344 | | | | 21,600 | |
| | | | | | | | |
| | | | | | | 45,534 | |
| | | | | | | | |
| Machinery — Diversified — 1.4% | |
Alamo Group, Inc. | | | 317 | | | | 12,940 | |
Albany International Corp., Class A | | | 1,132 | | | | 37,333 | |
Altra Holdings, Inc. | | | 1,003 | | | | 27,462 | |
Applied Industrial Technologies, Inc. | | | 1,582 | | | | 76,458 | |
Briggs & Stratton Corp. | | | 1,936 | | | | 38,333 | |
Chart Industries, Inc.* | | | 1,077 | | | | 101,335 | |
Cognex Corp. | | | 1,557 | | | | 70,408 | |
Columbus McKinnon Corp.* | | | 685 | | | | 14,604 | |
DXP Enterprises, Inc.* | | | 322 | | | | 21,445 | |
ExOne Co. The* | | | 200 | | | | 12,344 | |
Flow International Corp.* | | | 1,208 | | | | 4,457 | |
Global Power Equipment Group, Inc. | | | 400 | | | | 6,448 | |
Hurco Cos., Inc. | | | 200 | | | | 5,754 | |
Intermec, Inc.* | | | 2,235 | | | | 21,970 | |
iRobot Corp.* | | | 1,082 | | | | 43,031 | |
Kadant, Inc. | | | 299 | | | | 9,021 | |
Lindsay Corp. | | | 453 | | | | 33,966 | |
Manitex International, Inc.* | | | 500 | | | | 5,475 | |
Middleby Corp.* | | | 695 | | | | 118,213 | |
NACCO Industries, Inc., Class A | | | 222 | | | | 12,716 | |
Tecumseh Products Co., Class A* | | | 800 | | | | 8,744 | |
Tennant Co. | | | 736 | | | | 35,527 | |
The Gorman-Rupp Co. | | | 401 | | | | 12,768 | |
Twin Disc, Inc. | | | 235 | | | | 5,569 | |
| | | | | | | | |
| | | | | | | 736,321 | |
| | | | | | | | |
| Media — 0.9% | |
Belo Corp., Class A | | | 3,560 | | | | 49,662 | |
Central European Media Enterprises Ltd., Class A* | | | 3,100 | | | | 10,261 | |
Courier Corp. | | | 247 | | | | 3,527 | |
Crown Media Holdings, Inc., Class A* | | | 217 | | | | 536 | |
Cumulus Media, Inc., Class A* | | | 2,800 | | | | 9,492 | |
Demand Media, Inc.* | | | 1,300 | | | | 7,800 | |
Dex Media, Inc.* | | | 700 | | | | 12,299 | |
Digital Generation, Inc.* | | | 657 | | | | 4,842 | |
E.W. Scripps Co., Class A* | | | 1,206 | | | | 18,790 | |
Entercom Communications Corp., Class A* | | | 1,400 | | | | 13,216 | |
Entravision Communications Corp., Class A* | | | 2,800 | | | | 17,220 | |
Fisher Communications, Inc. | | | 400 | | | | 16,432 | |
Gray Television, Inc.* | | | 2,000 | | | | 14,400 | |
Journal Communications, Inc., Class A* | | | 1,784 | | | | 13,362 | |
LIN TV Corp., Class A* | | | 1,072 | | | | 16,402 | |
Martha Stewart Living Omnimedia, Inc., Class A* | | | 562 | | | | 1,354 | |
Media General, Inc., Class A* | | | 800 | | | | 8,824 | |
Meredith Corp. | | | 1,300 | | | | 62,010 | |
Nexstar Broadcasting Group | | | 1,100 | | | | 39,006 | |
Saga Communications, Inc.* | | | 133 | | | | 6,106 | |
Scholastic Corp. | | | 956 | | | | 28,001 | |
Sinclair Broadcast Group, Inc., Class A | | | 2,517 | | | | 73,950 | |
123
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Media — (continued) | |
The McClatchy Co., Class A* | | | 1,100 | | | $ | 2,508 | |
The New York Times Co., Class A* | | | 4,821 | | | | 53,320 | |
World Wrestling Entertainment, Inc.,Class A | | | 914 | | | | 9,423 | |
| | | | | | | | |
| | | | | | | 492,743 | |
| | | | | | | | |
| Medical Instruments — 0.0% | |
Navidea Biopharmaceuticals, Inc.* | | | 6,000 | | | | 16,020 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.8% | |
A.M. Castle & Co.* | | | 435 | | | | 6,856 | |
Ampco-Pittsburgh Corp. | | | 214 | | | | 4,017 | |
CIRCOR International, Inc. | | | 735 | | | | 37,382 | |
Dynamic Materials Corp. | | | 290 | | | | 4,788 | |
Furmanite Corp.* | | | 954 | | | | 6,382 | |
Haynes International, Inc. | | | 364 | | | | 17,425 | |
Kaydon Corp. | | | 1,178 | | | | 32,454 | |
L.B. Foster Co., Class A | | | 366 | | | | 15,800 | |
Mueller Industries, Inc. | | | 1,094 | | | | 55,170 | |
Mueller Water Products, Inc., Class A | | | 6,192 | | | | 42,787 | |
NN, Inc. | | | 400 | | | | 4,564 | |
Northwest Pipe Co.* | | | 183 | | | | 5,106 | |
Olympic Steel, Inc. | | | 231 | | | | 5,659 | |
Omega Flex, Inc.* | | | 59 | | | | 877 | |
RBC Bearings, Inc.* | | | 837 | | | | 43,482 | |
RTI International Metals, Inc.* | | | 1,113 | | | | 30,841 | |
Sun Hydraulics Corp. | | | 859 | | | | 26,870 | |
Worthington Industries, Inc. | | | 1,984 | | | | 62,913 | |
| | | | | | | | |
| | | | | | | 403,373 | |
| | | | | | | | |
| Mining — 0.8% | |
Allied Nevada Gold Corp.* | | | 4,000 | | | | 25,920 | |
AMCOL International Corp. | | | 1,098 | | | | 34,796 | |
Century Aluminum Co.* | | | 2,254 | | | | 20,917 | |
Coeur d’Alene Mines Corp.* | | | 3,828 | | | | 50,912 | |
General Moly, Inc.* | | | 1,499 | | | | 2,803 | |
Globe Specialty Metals, Inc. | | | 2,414 | | | | 26,240 | |
Gold Resource Corp. | | | 1,300 | | | | 11,323 | |
Hecla Mining Co. | | | 12,817 | | | | 38,195 | |
Horsehead Holding Corp.* | | | 1,583 | | | | 20,278 | |
Kaiser Aluminum Corp. | | | 716 | | | | 44,349 | |
Materion Corp. | | | 857 | | | | 23,216 | |
Midway Gold Corp.* | | | 2,200 | | | | 2,075 | |
Molycorp, Inc.* | | | 4,800 | | | | 29,760 | |
Noranda Aluminium Holding Corp. | | | 600 | | | | 1,938 | |
Paramount Gold and Silver Corp.* | | | 2,900 | | | | 3,451 | |
Stillwater Mining Co.* | | | 4,524 | | | | 48,588 | |
United States Lime & Minerals, Inc.* | | | 29 | | | | 1,515 | |
Ur-Energy, Inc.* | | | 5,400 | | | | 7,236 | |
Uranium Energy Corp.* | | | 2,400 | | | | 4,296 | |
US Silica Holdings, Inc. | | | 600 | | | | 12,468 | |
| | | | | | | | |
| | | | | | | 410,276 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.8% | |
Actuant Corp., Class A | | | 2,806 | | | | 92,514 | |
American Railcar Industries, Inc. | | | 300 | | | | 10,053 | |
AZZ, Inc. | | | 976 | | | | 37,635 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Miscellaneous Manufacturing — (continued) | |
Barnes Group, Inc. | | | 1,965 | | | $ | 58,930 | |
Blount International, Inc.* | | | 1,995 | | | | 23,581 | |
Chase Corp. | | | 200 | | | | 4,472 | |
CLARCOR, Inc. | | | 1,898 | | | | 99,095 | |
EnPro Industries, Inc.* | | | 717 | | | | 36,395 | |
ESCO Technologies, Inc. | | | 1,034 | | | | 33,481 | |
Fabrinet* | | | 1,100 | | | | 15,400 | |
Federal Signal Corp.* | | | 2,343 | | | | 20,501 | |
FreightCar America, Inc. | | | 270 | | | | 4,587 | |
GP Strategies Corp.* | | | 696 | | | | 16,579 | |
Griffon Corp. | | | 1,956 | | | | 22,005 | |
Handy & Harman Ltd.* | | | 200 | | | | 3,576 | |
John Bean Technologies Corp. | | | 1,229 | | | | 25,821 | |
Koppers Holdings, Inc. | | | 820 | | | | 31,308 | |
LSB Industries, Inc.* | | | 749 | | | | 22,777 | |
Lydall, Inc.* | | | 600 | | | | 8,760 | |
Matthews International Corp., Class A | | | 1,105 | | | | 41,658 | |
Movado Group, Inc. | | | 760 | | | | 25,711 | |
Myers Industries, Inc. | | | 1,125 | | | | 16,886 | |
NL Industries, Inc. | | | 90 | | | | 1,017 | |
Park-Ohio Holdings Corp.* | | | 200 | | | | 6,596 | |
PMFG, Inc.* | | | 486 | | | | 3,363 | |
Polypore International, Inc.* | | | 1,700 | | | | 68,510 | |
Proto Labs, Inc.* | | | 600 | | | | 38,982 | |
Raven Industries, Inc. | | | 1,346 | | | | 40,353 | |
Smith & Wesson Holding Corp.* | | | 1,979 | | | | 19,750 | |
Standex International Corp. | | | 500 | | | | 26,375 | |
Sturm Ruger & Co., Inc. | | | 619 | | | | 29,737 | |
Tredegar Corp. | | | 761 | | | | 19,558 | |
Trimas Corp.* | | | 1,495 | | | | 55,734 | |
| | | | | | | | |
| | | | | | | 961,700 | |
| | | | | | | | |
| Office Furnishings — 0.4% | |
Herman Miller, Inc. | | | 2,232 | | | | 60,420 | |
HNI Corp. | | | 1,643 | | | | 59,263 | |
Interface, Inc. | | | 2,195 | | | | 37,249 | |
Knoll, Inc. | | | 1,953 | | | | 27,752 | |
Steelcase, Inc., Class A | | | 3,131 | | | | 45,650 | |
| | | | | | | | |
| | | | | | | 230,334 | |
| | | | | | | | |
| Oil & Gas — 2.5% | |
Abraxas Petroleum Corp.* | | | 2,000 | | | | 4,200 | |
Adams Resources & Energy, Inc. | | | 100 | | | | 6,889 | |
Alon USA Energy, Inc. | | | 952 | | | | 13,766 | |
Apco Oil and Gas International, Inc.* | | | 258 | | | | 2,975 | |
Approach Resources, Inc.* | | | 1,341 | | | | 32,948 | |
Arabian American Development Co.* | | | 1,000 | | | | 8,700 | |
Berry Petroleum Co., Class A | | | 2,034 | | | | 86,079 | |
Bill Barrett Corp.* | | | 1,725 | | | | 34,879 | |
Bonanza Creek Energy, Inc.* | | | 1,100 | | | | 39,006 | |
BPZ Resources, Inc.* | | | 2,283 | | | | 4,087 | |
Callon Petroleum Co.* | | | 1,000 | | | | 3,370 | |
Carrizo Oil & Gas, Inc.* | | | 1,465 | | | | 41,503 | |
Clayton Williams Energy, Inc.* | | | 217 | | | | 9,439 | |
Comstock Resources, Inc. | | | 1,987 | | | | 31,256 | |
Contango Oil & Gas Co.* | | | 503 | | | | 16,976 | |
124
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Oil & Gas — (continued) | |
Delek US Holdings, Inc. | | | 1,398 | | | $ | 40,234 | |
Diamondback Energy, Inc.* | | | 700 | | | | 23,324 | |
Emerald Oil, Inc.* | | | 1,500 | | | | 10,290 | |
Endeavour International Corp.* | | | 1,352 | | | | 5,192 | |
Energy XXI Bermuda Ltd. | | | 3,062 | | | | 67,915 | |
EPL Oil & Gas, Inc.* | | | 1,200 | | | | 35,232 | |
Equal Energy Ltd | | | 1,600 | | | | 6,464 | |
Evolution Petroleum Corp.* | | | 500 | | | | 5,455 | |
EXCO Resources, Inc. | | | 5,100 | | | | 38,964 | |
Forest Oil Corp.* | | | 3,900 | | | | 15,951 | |
FX Energy, Inc.* | | | 1,389 | | | | 4,459 | |
Gastar Exploration Ltd.* | | | 1,500 | | | | 4,005 | |
Goodrich Petroleum Corp.* | | | 1,281 | | | | 16,397 | |
Halcon Resources Corp.* | | | 7,776 | | | | 44,090 | |
Hercules Offshore, Inc.* | | | 6,105 | | | | 42,979 | |
Isramco, Inc.* | | | 21 | | | | 1,957 | |
Kodiak Oil & Gas Corp.* | | | 9,900 | | | | 88,011 | |
Magnum Hunter Resources Corp.* | | | 5,200 | | | | 18,980 | |
Matador Resources Co.* | | | 1,900 | | | | 22,762 | |
Midstates Petroleum Co., Inc.* | | | 1,100 | | | | 5,951 | |
Miller Energy Resources, Inc.* | | | 400 | | | | 1,600 | |
Northern Oil & Gas, Inc.* | | | 2,253 | | | | 30,055 | |
Panhandle Oil and Gas, Inc., Class A | | | 117 | | | | 3,335 | |
Parker Drilling Co.* | | | 5,217 | | | | 25,981 | |
PDC Energy, Inc.* | | | 1,112 | | | | 57,246 | |
Penn Virginia Corp. | | | 2,012 | | | | 9,456 | |
PetroQuest Energy, Inc.* | | | 1,539 | | | | 6,094 | |
Quicksilver Resources, Inc.* | | | 4,600 | | | | 7,728 | |
Resolute Energy Corp.* | | | 2,200 | | | | 17,556 | |
Rex Energy Corp.* | | | 1,800 | | | | 31,644 | |
Rosetta Resources, Inc.* | | | 2,237 | | | | 95,117 | |
Sanchez Energy Corp.* | | | 1,100 | | | | 25,256 | |
Stone Energy Corp.* | | | 1,879 | | | | 41,394 | |
Swift Energy Co.* | | | 1,889 | | | | 22,649 | |
Synergy Resources Corp.* | | | 2,000 | | | | 14,640 | |
Triangle Petroleum Corp.* | | | 1,100 | | | | 7,711 | |
Vaalco Energy, Inc.* | | | 2,430 | | | | 13,900 | |
W&T Offshore, Inc. | | | 1,043 | | | | 14,904 | |
Warren Resources, Inc.* | | | 1,705 | | | | 4,348 | |
Western Refining, Inc. | | | 2,037 | | | | 57,179 | |
| | | | | | | | |
| | | | | | | 1,322,478 | |
| | | | | | | | |
| Oil & Gas Services — 1.8% | |
Basic Energy Services, Inc.* | | | 1,488 | | | | 17,990 | |
Bolt Technology Corp. | | | 400 | | | | 6,832 | |
C J Energy Services, Inc.* | | | 1,430 | | | | 27,699 | |
Cal Dive International, Inc.* | | | 2,189 | | | | 4,115 | |
CARBO Ceramics, Inc. | | | 700 | | | | 47,201 | |
Dawson Geophysical Co.* | | | 215 | | | | 7,925 | |
Exterran Holdings, Inc.* | | | 2,100 | | | | 59,052 | |
Flotek Industries, Inc.* | | | 1,800 | | | | 32,292 | |
Forum Energy Technologies, Inc.* | | | 1,500 | | | | 45,645 | |
Geospace Technologies Corp.* | | | 476 | | | | 32,882 | |
Global Geophysical Services, Inc.* | | | 500 | | | | 2,360 | |
Gulf Island Fabrication, Inc. | | | 318 | | | | 6,090 | |
Helix Energy Solutions Group, Inc.* | | | 4,001 | | | | 92,183 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Oil & Gas Services — (continued) | |
Hornbeck Offshore Services, Inc.* | | | 1,378 | | | $ | 73,723 | |
ION Geophysical Corp.* | | | 5,465 | | | | 32,899 | |
Key Energy Services, Inc.* | | | 6,024 | | | | 35,843 | |
Lufkin Industries, Inc. | | | 1,272 | | | | 112,534 | |
Matrix Service Co.* | | | 687 | | | | 10,703 | |
Mitcham Industries, Inc.* | | | 300 | | | | 5,034 | |
Natural Gas Services Group, Inc.* | | | 294 | | | | 6,906 | |
Newpark Resources, Inc.* | | | 3,512 | | | | 38,597 | |
Pioneer Energy Services Corp.* | | | 2,650 | | | | 17,543 | |
SEACOR Holdings, Inc.* | | | 800 | | | | 66,440 | |
Targa Resources Corp. | | | 1,200 | | | | 77,196 | |
Tesco Corp.* | | | 1,400 | | | | 18,550 | |
TETRA Technologies, Inc.* | | | 2,979 | | | | 30,565 | |
TGC Industries, Inc. | | | 945 | | | | 7,768 | |
Thermon Group Holdings, Inc.* | | | 1,100 | | | | 22,440 | |
Vantage Drilling Co.* | | | 9,090 | | | | 18,544 | |
Willbros Group, Inc.* | | | 1,017 | | | | 6,244 | |
| | | | | | | | |
| | | | | | | 963,795 | |
| | | | | | | | |
| Packaging and Containers — 0.2% | |
AEP Industries, Inc.* | | | 138 | | | | 10,266 | |
Berry Plastics Group, Inc.* | | | 2,100 | | | | 46,347 | |
Graphic Packaging Holding Co.* | | | 7,887 | | | | 61,045 | |
| | | | | | | | |
| | | | | | | 117,658 | |
| | | | | | | | |
| Pharmaceuticals — 3.1% | |
ACADIA Pharmaceuticals, Inc.* | | | 2,600 | | | | 47,190 | |
AcelRx Pharmaceuticals, Inc.* | | | 900 | | | | 8,343 | |
Achillion Pharmaceuticals, Inc.* | | | 3,300 | | | | 26,994 | |
Aegerion Pharmaceuticals, Inc.* | | | 1,100 | | | | 69,674 | |
Akorn, Inc.* | | | 2,413 | | | | 32,624 | |
Amicus Therapeutics, Inc.* | | | 500 | | | | 1,165 | |
Ampio Pharmaceuticals, Inc.* | | | 600 | | | | 3,462 | |
Anacor Pharmaceuticals, Inc.* | | | 500 | | | | 2,795 | |
Anika Therapeutics, Inc.* | | | 700 | | | | 11,900 | |
Antares Pharma, Inc.* | | | 5,200 | | | | 21,632 | |
Array BioPharma, Inc.* | | | 3,948 | | | | 17,924 | |
Auxilium Pharmaceuticals, Inc.* | | | 1,565 | | | | 26,026 | |
AVANIR Pharmaceuticals, Inc., Class A* | | | 5,777 | | | | 26,574 | |
BioDelivery Sciences International, Inc.* | | | 1,200 | | | | 4,872 | |
BioScrip, Inc.* | | | 2,011 | | | | 33,181 | |
Cadence Pharmaceuticals, Inc.* | | | 2,414 | | | | 16,463 | |
Chelsea Therapeutics International, Inc.* | | | 2,900 | | | | 6,670 | |
ChemoCentryx, Inc.* | | | 1,000 | | | | 14,140 | |
Chimerix, Inc.* | | | 400 | | | | 9,696 | |
Clovis Oncology, Inc.* | | | 500 | | | | 33,490 | |
Corcept Therapeutics, Inc.* | | | 700 | | | | 1,211 | |
Cornerstone Therapeutics, Inc.* | | | 127 | | | | 1,016 | |
Cytori Therapeutics, Inc.* | | | 810 | | | | 1,863 | |
Depomed, Inc.* | | | 2,583 | | | | 14,491 | |
Derma Sciences, Inc.* | | | 700 | | | | 9,345 | |
Dyax Corp.* | | | 5,020 | | | | 17,369 | |
Endocyte, Inc.* | | | 1,500 | | | | 19,695 | |
Furiex Pharmaceuticals, Inc.* | | | 200 | | | | 6,814 | |
Hi-Tech Pharmacal Co, Inc.* | | | 455 | | | | 15,106 | |
Hyperion Therapeutics, Inc.* | | | 400 | | | | 8,800 | |
125
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | |
Idenix Pharmaceuticals, Inc.* | | | 2,593 | | | $ | 9,361 | |
Impax Laboratories, Inc.* | | | 2,437 | | | | 48,618 | |
Infinity Pharmaceuticals, Inc.* | | | 1,828 | | | | 29,705 | |
Ironwood Pharmaceuticals, Inc.* | | | 3,561 | | | | 35,432 | |
Isis Pharmaceuticals, Inc.* | | | 4,210 | | | | 113,123 | |
Keryx Biopharmaceuticals, Inc.* | | | 3,500 | | | | 26,145 | |
Lannett Co, Inc.* | | | 197 | | | | 2,346 | |
Lifevantage Corp.* | | | 4,600 | | | | 10,672 | |
MannKind Corp.* | | | 5,504 | | | | 35,776 | |
Natural Grocers By Vitamin Cottage, Inc.* | | | 400 | | | | 12,400 | |
Nature’s Sunshine Products, Inc. | | | 200 | | | | 3,270 | |
Nektar Therapeutics* | | | 4,333 | | | | 50,046 | |
Neogen Corp.* | | | 868 | | | | 48,226 | |
Neurocrine Biosciences, Inc.* | | | 2,777 | | | | 37,156 | |
Nutraceutical International Corp.* | | | 196 | | | | 4,006 | |
Omega Protein Corp.* | | | 500 | | | | 4,490 | |
Opko Health, Inc.* | | | 4,776 | | | | 33,910 | |
Optimer Pharmaceuticals, Inc.* | | | 1,995 | | | | 28,868 | |
Orexigen Therapeutics, Inc.* | | | 2,888 | | | | 16,895 | |
Osiris Therapeutics, Inc.* | | | 373 | | | | 3,756 | |
Pacira Pharmaceuticals, Inc.* | | | 1,100 | | | | 31,900 | |
PharMerica Corp.* | | | 820 | | | | 11,365 | |
Portola Pharmaceuticals, Inc.* | | | 400 | | | | 9,828 | |
Pozen, Inc.* | | | 302 | | | | 1,513 | |
Progenics Pharmaceuticals, Inc.* | | | 2,601 | | | | 11,600 | |
Questcor Pharmaceuticals, Inc. | | | 1,936 | | | | 88,011 | |
Raptor Pharmaceutical Corp.* | | | 2,000 | | | | 18,700 | |
Repros Therapeutics, Inc.* | | | 900 | | | | 16,605 | |
Rigel Pharmaceuticals, Inc.* | | | 2,690 | | | | 8,985 | |
Sagent Pharmaceuticals, Inc.* | | | 700 | | | | 14,686 | |
Santarus, Inc.* | | | 2,097 | | | | 44,142 | |
Sarepta Therapeutics, Inc.* | | | 1,200 | | | | 45,647 | |
Sciclone Pharmaceuticals, Inc.* | | | 2,277 | | | | 11,294 | |
SIGA Technologies, Inc.* | | | 685 | | | | 1,945 | |
Spectrum Pharmaceuticals, Inc.* | | | 2,414 | | | | 18,008 | |
Star Scientific, Inc.* | | | 4,044 | | | | 5,621 | |
Sucampo Pharmaceuticals, Inc., Class A* | | | 171 | | | | 1,125 | |
Synageva BioPharma Corp.* | | | 700 | | | | 29,400 | |
Synergy Pharmaceuticals, Inc.* | | | 2,100 | | | | 9,072 | |
Synta Pharmaceuticals Corp.* | | | 1,921 | | | | 9,586 | |
Synutra International, Inc.* | | | 311 | | | | 1,583 | |
Targacept, Inc.* | | | 703 | | | | 3,002 | |
TESARO, Inc.* | | | 400 | | | | 13,096 | |
TherapeuticsMD, Inc.* | | | 3,200 | | | | 9,696 | |
Threshold Pharmaceuticals, Inc.* | | | 2,000 | | | | 10,520 | |
USANA Health Sciences, Inc.* | | | 224 | | | | 16,213 | |
Vanda Pharmaceuticals, Inc.* | | | 741 | | | | 5,987 | |
ViroPharma, Inc.* | | | 2,378 | | | | 68,130 | |
Vivus, Inc.* | | | 3,770 | | | | 47,427 | |
XenoPort, Inc.* | | | 1,927 | | | | 9,539 | |
Zogenix, Inc.* | | | 2,800 | | | | 4,788 | |
| | | | | | | | |
| | | | | | | 1,643,740 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pipelines — 0.2% | |
Crosstex Energy, Inc. | | | 1,564 | | | $ | 30,905 | |
SemGroup Corp. | | | 1,600 | | | | 86,176 | |
| | | | | | | | |
| | | | | | | 117,081 | |
| | | | | | | | |
| Private Equity — 0.1% | |
Fidus Investment Corp. | | | 639 | | | | 11,956 | |
Gladstone Investment Corp. | | | 879 | | | | 6,460 | |
Hercules Technology Growth Capital, Inc. | | | 2,433 | | | | 33,916 | |
| | | | | | | | |
| | | | | | | 52,332 | |
| | | | | | | | |
| Real Estate — 0.3% | |
Alexander & Baldwin, Inc.* | | | 1,600 | | | | 63,600 | |
Consolidated-Tomoka Land Co. | | | 124 | | | | 4,732 | |
Forestar Group, Inc.* | | | 1,163 | | | | 23,329 | |
HFF, Inc., Class A* | | | 1,400 | | | | 24,878 | |
Kennedy-Wilson Holdings, Inc. | | | 1,781 | | | | 29,636 | |
Thomas Properties Group, Inc. | | | 1,800 | | | | 9,540 | |
| | | | | | | | |
| | | | | | | 155,715 | |
| | | | | | | | |
| Retail — 6.5% | |
Aeropostale, Inc.* | | | 3,184 | | | | 43,939 | |
AFC Enterprises* | | | 959 | | | | 34,466 | |
America’s Car-Mart, Inc.* | | | 227 | | | | 9,815 | |
ANN, Inc.* | | | 1,785 | | | | 59,262 | |
Asbury Automotive Group, Inc.* | | | 1,049 | | | | 42,065 | |
Barnes & Noble, Inc.* | | | 1,400 | | | | 22,344 | |
bebe Stores, Inc. | | | 1,517 | | | | 8,510 | |
Big 5 Sporting Goods Corp. | | | 581 | | | | 12,753 | |
Biglari Holdings, Inc.* | | | 49 | | | | 20,110 | |
BJ’s Restaurants, Inc.* | | | 820 | | | | 30,422 | |
Bloomin’ Brands, Inc.* | | | 2,100 | | | | 52,248 | |
Bob Evans Farms, Inc. | | | 1,042 | | | | 48,953 | |
Body Central Corp.* | | | 500 | | | | 6,660 | |
Bravo Brio Restaurant Group, Inc.* | | | 500 | | | | 8,910 | |
Brown Shoe Co., Inc. | | | 1,654 | | | | 35,611 | |
Buffalo Wild Wings, Inc.* | | | 647 | | | | 63,510 | |
Carrols Restaurant Group, Inc.* | | | 213 | | | | 1,376 | |
Casey’s General Stores, Inc. | | | 1,440 | | | | 86,630 | |
Cash America International, Inc. | | | 1,125 | | | | 51,142 | |
CEC Entertainment, Inc. | | | 572 | | | | 23,475 | |
Christopher & Banks Corp.* | | | 1,500 | | | | 10,110 | |
Chuy’s Holdings, Inc.* | | | 600 | | | | 23,004 | |
Citi Trends, Inc.* | | | 303 | | | | 4,403 | |
Coinstar, Inc.* | | | 1,050 | | | | 61,603 | |
Conn’s, Inc.* | | | 804 | | | | 41,615 | |
Cracker Barrel Old Country Store, Inc. | | | 724 | | | | 68,534 | |
Del Frisco’s Restaurant Group, Inc.* | | | 400 | | | | 8,564 | |
Denny’s Corp.* | | | 3,552 | | | | 19,962 | |
Destination Maternity Corp. | | | 578 | | | | 14,219 | |
Destination XL Group, Inc.* | | | 1,500 | | | | 9,510 | |
DineEquity, Inc. | | | 571 | | | | 39,325 | |
Einstein Noah Restaurant Group, Inc. | | | 84 | | | | 1,193 | |
Express, Inc.* | | | 3,154 | | | | 66,139 | |
Ezcorp, Inc., Class A* | | | 1,766 | | | | 29,810 | |
Fiesta Restaurant Group, Inc.* | | | 813 | | | | 27,959 | |
Fifth & Pacific Cos., Inc.* | | | 4,571 | | | | 102,116 | |
First Cash Financial Services, Inc.* | | | 1,062 | | | | 52,261 | |
126
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Retail — (continued) | |
Five Below, Inc.* | | | 1,200 | | | $ | 44,112 | |
Francesca’s Holdings Corp.* | | | 1,658 | | | | 46,076 | |
Fred’s, Inc., Class A | | | 1,431 | | | | 22,166 | |
Genesco, Inc.* | | | 895 | | | | 59,956 | |
Gordmans Stores, Inc.* | | | 200 | | | | 2,722 | |
Group 1 Automotive, Inc. | | | 807 | | | | 51,914 | |
Haverty Furniture Cos., Inc. | | | 550 | | | | 12,656 | |
hhgregg, Inc.* | | | 662 | | | | 10,572 | |
Hibbett Sports, Inc.* | | | 955 | | | | 53,002 | |
HSN, Inc. | | | 1,279 | | | | 68,708 | |
Ignite Restaurant Group, Inc.* | | | 300 | | | | 5,661 | |
Jack in the Box, Inc.* | | | 1,614 | | | | 63,414 | |
Jamba, Inc.* | | | 940 | | | | 14,034 | |
Jos. A. Bank Clothiers, Inc.* | | | 1,099 | | | | 45,411 | |
Kirkland’s, Inc.* | | | 427 | | | | 7,366 | |
Krispy Kreme Doughnuts, Inc.* | | | 2,622 | | | | 45,754 | |
Lithia Motors, Inc., Class A | | | 794 | | | | 42,328 | |
Luby’s, Inc.* | | | 600 | | | | 5,070 | |
Lumber Liquidators Holdings, Inc.* | | | 1,033 | | | | 80,440 | |
MarineMax, Inc.* | | | 1,000 | | | | 11,330 | |
Mattress Firm Holding Corp.* | | | 500 | | | | 20,150 | |
Nathan’s Famous, Inc.* | | | 100 | | | | 5,225 | |
New York & Co., Inc.* | | | 583 | | | | 3,702 | |
Office Depot, Inc.* | | | 9,300 | | | | 35,991 | |
OfficeMax, Inc. | | | 3,461 | | | | 35,406 | |
Pacific Sunwear of California, Inc.* | | | 2,100 | | | | 7,602 | |
Papa John’s International, Inc.* | | | 655 | | | | 42,817 | |
PC Connection, Inc.* | | | 165 | | | | 2,549 | |
Penske Automotive Group, Inc. | | | 1,676 | | | | 51,185 | |
PetMed Express, Inc. | | | 413 | | | | 5,204 | |
Pier 1 Imports, Inc. | | | 3,644 | | | | 85,598 | |
Pricesmart, Inc. | | | 731 | | | | 64,058 | |
RadioShack Corp. | | | 3,900 | | | | 12,324 | |
Red Robin Gourmet Burgers, Inc.* | | | 520 | | | | 28,694 | |
Regis Corp. | | | 1,832 | | | | 30,081 | |
Restoration Hardware Holdings, Inc.* | | | 700 | | | | 52,500 | |
Rite Aid Corp.* | | | 27,172 | | | | 77,712 | |
Roundy’s, Inc. | | | 900 | | | | 7,497 | |
Ruby Tuesday, Inc.* | | | 2,213 | | | | 20,426 | |
rue21, Inc.* | | | 579 | | | | 24,092 | |
Rush Enterprises, Inc., Class A* | | | 1,235 | | | | 30,566 | |
Ruth’s Hospitality Group, Inc. | | | 1,695 | | | | 20,459 | |
Saks, Inc.* | | | 3,841 | | | | 52,391 | |
Sears Hometown and Outlet Stores, Inc.* | | | 300 | | | | 13,116 | |
Shoe Carnival, Inc. | | | 358 | | | | 8,596 | |
Sonic Automotive, Inc., Class A | | | 1,534 | | | | 32,429 | |
Sonic Corp.* | | | 2,132 | | | | 31,042 | |
Stage Stores, Inc. | | | 1,381 | | | | 32,453 | |
Stein Mart, Inc. | | | 761 | | | | 10,388 | |
Steiner Leisure Ltd.* | | | 543 | | | | 28,703 | |
Steinway Musical Instruments, Inc.* | | | 125 | | | | 3,804 | |
Susser Holdings Corp.* | | | 702 | | | | 33,612 | |
Systemax, Inc.* | | | 262 | | | | 2,465 | |
Texas Roadhouse, Inc. | | | 2,470 | | | | 61,799 | |
The Bon-Ton Stores, Inc. | | | 500 | | | | 9,025 | |
The Buckle, Inc. | | | 1,049 | | | | 54,569 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | |
The Cato Corp., Class A | | | 1,104 | | | $ | 27,556 | |
The Cheesecake Factory, Inc. | | | 2,016 | | | | 84,450 | |
The Children’s Place Retail Stores, Inc.* | | | 894 | | | | 48,991 | |
The Finish Line, Inc., Class A | | | 1,793 | | | | 39,195 | |
The Men’s Wearhouse, Inc. | | | 1,956 | | | | 74,035 | |
The Pantry, Inc.* | | | 1,254 | | | | 15,274 | |
The Pep Boys — Manny, Moe, & Jack* | | | 1,705 | | | | 19,744 | |
The Wet Seal, Inc., Class A* | | | 2,604 | | | | 12,265 | |
Tile Shop Holdings, Inc.* | | | 700 | | | | 20,272 | |
Tilly’s, Inc.* | | | 400 | | | | 6,400 | |
Tuesday Morning Corp.* | | | 1,129 | | | | 11,708 | |
Vera Bradley, Inc.* | | | 800 | | | | 17,328 | |
Vitamin Shoppe, Inc.* | | | 1,200 | | | | 53,808 | |
West Marine, Inc.* | | | 264 | | | | 2,904 | |
Winmark Corp. | | | 100 | | | | 6,487 | |
Zale Corp.* | | | 1,300 | | | | 11,830 | |
Zumiez, Inc.* | | | 703 | | | | 20,211 | |
| | | | | | | | |
| | | | | | | 3,445,908 | |
| | | | | | | | |
| Savings & Loans — 1.3% | |
Astoria Financial Corp. | | | 3,201 | | | | 34,507 | |
Bank Mutual Corp. | | | 2,432 | | | | 13,717 | |
BankFinancial Corp. | | | 609 | | | | 5,177 | |
Beneficial Mutual Bancorp, Inc.* | | | 1,749 | | | | 14,692 | |
Berkshire Hills Bancorp, Inc. | | | 1,102 | | | | 30,592 | |
BofI Holding, Inc.* | | | 500 | | | | 22,910 | |
Brookline Bancorp, Inc. | | | 2,222 | | | | 19,287 | |
Capitol Federal Financial Inc | | | 5,600 | | | | 67,984 | |
Charter Financial Corp. | | | 900 | | | | 9,072 | |
Clifton Savings Bancorp, Inc. | | | 150 | | | | 1,778 | |
Dime Community Bancshares, Inc. | | | 1,030 | | | | 15,780 | |
ESB Financial Corp. | | | 232 | | | | 2,814 | |
ESSA Bancorp, Inc. | | | 319 | | | | 3,496 | |
EverBank Financial Corp. | | | 3,000 | | | | 49,680 | |
First Defiance Financial Corp. | | | 300 | | | | 6,765 | |
First Financial Holdings, Inc. | | | 619 | | | | 13,129 | |
First Financial Northwest, Inc. | | | 600 | | | | 6,186 | |
First Pactrust Bancorp, Inc. | | | 200 | | | | 2,716 | |
Flagstar Bancorp, Inc.* | | | 800 | | | | 11,168 | |
Flushing Financial Corp. | | | 1,338 | | | | 22,010 | |
Fox Chase Bancorp, Inc. | | | 420 | | | | 7,140 | |
Home Bancorp, Inc.* | | | 200 | | | | 3,700 | |
Home Federal Bancorp, Inc. | | | 253 | | | | 3,223 | |
Homestreet, Inc. | | | 600 | | | | 12,870 | |
Hometrust Bancshares, Inc.* | | | 900 | | | | 15,264 | |
Investors Bancorp, Inc. | | | 1,756 | | | | 37,017 | |
Kearny Financial Corp.* | | | 152 | | | | 1,594 | |
Meridian Interstate Bancorp, Inc.* | | | 139 | | | | 2,617 | |
Meta Financial Group, Inc. | | | 200 | | | | 5,256 | |
Northfield Bancorp, Inc. | | | 2,193 | | | | 25,702 | |
Northwest Bancshares, Inc. | | | 3,775 | | | | 51,000 | |
OceanFirst Financial Corp. | | | 327 | | | | 5,085 | |
Oritani Financial Corp. | | | 1,718 | | | | 26,938 | |
Pacific Premier Bancorp, Inc.* | | | 700 | | | | 8,554 | |
Provident Financial Holdings, Inc. | | | 400 | | | | 6,352 | |
Provident Financial Services, Inc. | | | 2,403 | | | | 37,919 | |
127
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Savings & Loans — (continued) | |
Provident New York Bancorp | | | 1,751 | | | $ | 16,354 | |
Rockville Financial, Inc. | | | 730 | | | | 9,548 | |
Roma Financial Corp. | | | 126 | | | | 2,288 | |
Territorial Bancorp, Inc. | | | 243 | | | | 5,494 | |
United Community Financial Corp.* | | | 1,700 | | | | 7,905 | |
United Financial Bancorp, Inc. | | | 440 | | | | 6,666 | |
Westfield Financial, Inc. | | | 784 | | | | 5,488 | |
WSFS Financial Corp. | | | 357 | | | | 18,703 | |
| | | | | | | | |
| | | | | | | 676,137 | |
| | | | | | | | |
| Semiconductors — 3.0% | |
Aeroflex Holding Corp.* | | | 500 | | | | 3,945 | |
Alpha & Omega Semiconductor Ltd.* | | | 400 | | | | 3,056 | |
Ambarella, Inc. | | | 700 | | | | 11,781 | |
Amkor Technology, Inc.* | | | 2,511 | | | | 10,571 | |
ANADIGICS, Inc.* | | | 1,379 | | | | 3,034 | |
Applied Micro Circuits Corp.* | | | 2,958 | | | | 26,030 | |
ATMI, Inc.* | | | 1,228 | | | | 29,042 | |
Axcelis Technologies, Inc.* | | | 2,000 | | | | 3,640 | |
Brooks Automation, Inc. | | | 2,477 | | | | 24,101 | |
Cabot Microelectronics Corp.* | | | 961 | | | | 31,723 | |
Cavium, Inc.* | | | 1,779 | | | | 62,923 | |
CEVA, Inc.* | | | 671 | | | | 12,991 | |
Cirrus Logic, Inc.* | | | 2,481 | | | | 43,070 | |
Cohu, Inc. | | | 904 | | | | 11,300 | |
Cypress Semiconductor Corp.* | | | 5,500 | | | | 59,015 | |
Diodes, Inc.* | | | 1,399 | | | | 36,332 | |
DSP Group, Inc.* | | | 557 | | | | 4,629 | |
Emulex Corp.* | | | 2,606 | | | | 16,991 | |
Entegris, Inc.* | | | 5,270 | | | | 49,485 | |
Entropic Communications, Inc.* | | | 3,832 | | | | 16,363 | |
Exar Corp.* | | | 1,532 | | | | 16,500 | |
FormFactor, Inc.* | | | 2,172 | | | | 14,661 | |
Gerber Scientific, Inc.~ | | | 500 | | | | 0 | |
GSI Technology, Inc.* | | | 359 | | | | 2,269 | |
GSl Group, Inc.* | | | 700 | | | | 5,628 | |
Gt Advanced Technologies, Inc* | | | 3,599 | | | | 14,936 | |
Hittite Microwave Corp.* | | | 1,166 | | | | 67,628 | |
Inphi Corp.* | | | 1,100 | | | | 12,100 | |
Integrated Device Technology, Inc.* | | | 4,793 | | | | 38,056 | |
Integrated Silicon Solution, Inc.* | | | 1,000 | | | | 10,960 | |
Intermolecular, Inc.* | | | 900 | | | | 6,543 | |
International Rectifier Corp.* | | | 2,500 | | | | 52,350 | |
Intersil Corp., Class A | | | 5,100 | | | | 39,882 | |
IXYS Corp. | | | 566 | | | | 6,260 | |
Kopin Corp.* | | | 1,507 | | | | 5,591 | |
Lattice Semiconductor Corp.* | | | 3,824 | | | | 19,388 | |
LTX-Credence Corp.* | | | 1,166 | | | | 6,984 | |
MaxLinear, Inc., Class A* | | | 500 | | | | 3,500 | |
Micrel, Inc. | | | 1,845 | | | | 18,229 | |
Microsemi Corp.* | | | 3,293 | | | | 74,916 | |
Mindspeed Technologies, Inc.* | | | 600 | | | | 1,944 | |
MKS Instruments, Inc. | | | 1,996 | | | | 52,974 | |
Monolithic Power Systems, Inc.* | | | 1,267 | | | | 30,547 | |
MoSys, Inc.* | | | 2,000 | | | | 8,040 | |
Nanometrics, Inc.* | | | 900 | | | | 13,203 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Semiconductors — (continued) | |
Omnivision Technologies, Inc.* | | | 1,919 | | | $ | 35,789 | |
Peregrine Semiconductor Corp.* | | | 1,100 | | | | 12,001 | |
Pericom Semiconductor Corp.* | | | 646 | | | | 4,600 | |
Photronics, Inc.* | | | 2,192 | | | | 17,667 | |
PLX Technology, Inc.* | | | 1,260 | | | | 5,998 | |
PMC-Sierra, Inc.* | | | 7,700 | | | | 48,933 | |
Power Integrations, Inc. | | | 1,095 | | | | 44,413 | |
QLogic Corp.* | | | 3,200 | | | | 30,592 | |
Rambus, Inc.* | | | 4,623 | | | | 39,712 | |
Richardson Electronics Ltd. | | | 300 | | | | 3,522 | |
Rubicon Technology, Inc.* | | | 323 | | | | 2,587 | |
Rudolph Technologies, Inc.* | | | 854 | | | | 9,565 | |
Semtech Corp.* | | | 2,409 | | | | 84,387 | |
Sigma Designs, Inc.* | | | 777 | | | | 3,924 | |
Silicon Image, Inc.* | | | 2,739 | | | | 16,023 | |
SunEdison, Inc.* | | | 8,700 | | | | 71,079 | |
Supertex, Inc.* | | | 389 | | | | 9,301 | |
Tessera Technologies, Inc. | | | 2,123 | | | | 44,158 | |
TriQuint Semiconductor, Inc.* | | | 6,177 | | | | 42,807 | |
Ultra Clean Holdings* | | | 400 | | | | 2,420 | |
Ultratech, Inc.* | | | 978 | | | | 35,912 | |
Veeco Instruments, Inc.* | | | 1,393 | | | | 49,340 | |
Volterra Semiconductor Corp.* | | | 691 | | | | 9,757 | |
| | | | | | | | |
| | | | | | | 1,607,598 | |
| | | | | | | | |
| Software — 4.7% | |
Accelrys, Inc.* | | | 2,566 | | | | 21,554 | |
ACI Worldwide, Inc.* | | | 1,509 | | | | 70,138 | |
Actuate Corp.* | | | 1,940 | | | | 12,882 | |
Acxiom Corp.* | | | 2,767 | | | | 62,756 | |
Advent Software, Inc.* | | | 1,335 | | | | 46,805 | |
American Software, Inc., Class A | | | 593 | | | | 5,153 | |
Aspen Technology, Inc.* | | | 3,553 | | | | 102,291 | |
athenahealth, Inc.* | | | 1,356 | | | | 114,880 | |
Audience, Inc.* | | | 400 | | | | 5,284 | |
AVG Technologies NV* | | | 900 | | | | 17,505 | |
Avid Technology, Inc.* | | | 749 | | | | 4,404 | |
Blackbaud, Inc. | | | 1,750 | | | | 56,997 | |
Bottomline Technologies, Inc.* | | | 1,345 | | | | 34,015 | |
Callidus Software, Inc.* | | | 800 | | | | 5,272 | |
CommVault Systems, Inc.* | | | 1,748 | | | | 132,656 | |
Computer Programs & Systems, Inc. | | | 347 | | | | 17,052 | |
Cornerstone OnDemand, Inc.* | | | 1,500 | | | | 64,935 | |
CSG Systems International, Inc. | | | 1,281 | | | | 27,798 | |
Demandware, Inc.* | | | 600 | | | | 25,446 | |
Digi International, Inc.* | | | 657 | | | | 6,156 | |
Digital River, Inc.* | | | 1,388 | | | | 26,053 | |
E2open, Inc.* | | | 600 | | | | 10,500 | |
Ebix, Inc. | | | 1,336 | | | | 12,371 | |
Envestnet, Inc.* | | | 900 | | | | 22,140 | |
EPAM Systems, Inc.* | | | 800 | | | | 21,744 | |
EPIQ Systems, Inc. | | | 1,168 | | | | 15,733 | |
Fair Isaac Corp. | | | 1,388 | | | | 63,612 | |
Fleetmatics Group PLC* | | | 600 | | | | 19,938 | |
Glu Mobile, Inc.* | | | 1,100 | | | | 2,420 | |
Greenway Medical Technologies* | | | 400 | | | | 4,936 | |
128
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — (continued) | |
Guidance Software, Inc.* | | | 400 | | | $ | 3,496 | |
Guidewire Software, Inc.* | | | 1,600 | | | | 67,280 | |
Imperva Inc* | | | 800 | | | | 36,032 | |
inContact, Inc.* | | | 2,100 | | | | 17,262 | |
Infoblox, Inc.* | | | 1,900 | | | | 55,594 | |
InnerWorkings, Inc.* | | | 1,724 | | | | 18,705 | |
Interactive Intelligence Group, Inc.* | | | 597 | | | | 30,805 | |
Jive Software, Inc.* | | | 1,500 | | | | 27,255 | |
ManTech International Corp., Class A | | | 739 | | | | 19,303 | |
Market Leader, Inc.* | | | 1,200 | | | | 12,840 | |
MedAssets, Inc.* | | | 2,048 | | | | 36,331 | |
Medidata Solutions, Inc.* | | | 1,044 | | | | 80,858 | |
MicroStrategy, Inc., Class A* | | | 318 | | | | 27,653 | |
Model N Inc.* | | | 300 | | | | 7,008 | |
Monotype Imaging Holdings, Inc. | | | 1,599 | | | | 40,631 | |
Omnicell, Inc.* | | | 1,435 | | | | 29,489 | |
PDF Solutions, Inc.* | | | 1,200 | | | | 22,116 | |
Pegasystems, Inc. | | | 630 | | | | 20,866 | |
Progress Software Corp.* | | | 1,986 | | | | 45,698 | |
Proofpoint, Inc.* | | | 800 | | | | 19,384 | |
PROS Holdings, Inc.* | | | 917 | | | | 27,464 | |
PTC, Inc.* | | | 4,525 | | | | 110,998 | |
QAD, Inc. | | | 92 | | | | 1,056 | |
QLIK Technologies, Inc.* | | | 3,141 | | | | 88,796 | |
Quality Systems, Inc. | | | 1,304 | | | | 24,398 | |
Qualys, Inc.* | | | 600 | | | | 9,672 | |
Rally Software Development Corp.* | | | 300 | | | | 7,446 | |
RealPage, Inc.* | | | 1,500 | | | | 27,510 | |
Rosetta Stone, Inc.* | | | 202 | | | | 2,977 | |
Schawk, Inc. | | | 187 | | | | 2,455 | |
SciQuest, Inc.* | | | 700 | | | | 17,535 | |
Seachange International, Inc.* | | | 1,273 | | | | 14,907 | |
SS&C Technologies Holdings, Inc.* | | | 2,200 | | | | 72,380 | |
Synchronoss Technologies, Inc.* | | | 1,146 | | | | 35,377 | |
SYNNEX Corp.* | | | 994 | | | | 42,026 | |
Take-Two Interactive Software, Inc.* | | | 2,944 | | | | 44,072 | |
Tangoe, Inc.* | | | 1,069 | | | | 16,495 | |
The Ultimate Software Group, Inc.* | | | 1,016 | | | | 119,167 | |
Tyler Technologies, Inc.* | | | 1,152 | | | | 78,970 | |
Verint Systems, Inc.* | | | 1,995 | | | | 70,763 | |
| | | | | | | | |
| | | | | | | 2,466,496 | |
| | | | | | | | |
| Storage & Warehousing — 0.2% | |
Mobile Mini, Inc.* | | | 1,477 | | | | 48,962 | |
Wesco Aircraft Holdings, Inc.* | | | 1,540 | | | | 28,598 | |
| | | | | | | | |
| | | | | | | 77,560 | |
| | | | | | | | |
| Telecommunications — 3.1% | |
8X8, Inc.* | | | 2,800 | | | | 23,072 | |
ADTRAN, Inc. | | | 2,205 | | | | 54,265 | |
Anaren, Inc.* | | | 312 | | | | 7,157 | |
Anixter International, Inc.* | | | 1,034 | | | | 78,388 | |
ARRIS Group, Inc.* | | | 4,081 | | | | 58,562 | |
Aruba Networks, Inc.* | | | 4,213 | | | | 64,712 | |
Atlantic Tele-Network, Inc. | | | 249 | | | | 12,365 | |
Aviat Networks, Inc.* | | | 1,462 | | | | 3,830 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | |
Black Box Corp. | | | 562 | | | $ | 14,230 | |
CalAmp Corp.* | | | 1,400 | | | | 20,440 | |
Calix, Inc.* | | | 1,487 | | | | 15,019 | |
Cbeyond, Inc.* | | | 568 | | | | 4,453 | |
Ciena Corp.* | | | 3,900 | | | | 75,738 | |
Cincinnati Bell, Inc.* | | | 7,785 | | | | 23,822 | |
Comtech Telecommunications Corp. | | | 552 | | | | 14,843 | |
Comverse, Inc.* | | | 690 | | | | 20,534 | |
Consolidated Communications Holdings, Inc. | | | 1,745 | | | | 30,380 | |
DigitalGlobe, Inc.* | | | 2,769 | | | | 85,867 | |
EarthLink, Inc. | | | 4,016 | | | | 24,939 | |
Extreme Networks, Inc.* | | | 3,147 | | | | 10,857 | |
Fairpoint Communications, Inc.* | | | 600 | | | | 5,010 | |
Finisar Corp.* | | | 3,221 | | | | 54,596 | |
General Communication, Inc., Class A* | | | 986 | | | | 7,720 | |
Globecomm Systems, Inc.* | | | 900 | | | | 11,376 | |
Harmonic, Inc.* | | | 4,270 | | | | 27,115 | |
Hawaiian Telcom Holdco, Inc.* | | | 500 | | | | 12,580 | |
HickoryTech Corp. | | | 400 | | | | 4,252 | |
IDT Corp., Class B* | | | 800 | | | | 14,952 | |
Infinera Corp.* | | | 4,694 | | | | 50,085 | |
InterDigital, Inc. | | | 1,494 | | | | 66,707 | |
Iridium Communications, Inc.* | | | 2,500 | | | | 19,400 | |
Ixia* | | | 2,113 | | | | 38,879 | |
KVH Industries, Inc.* | | | 354 | | | | 4,712 | |
Leap Wireless International, Inc.* | | | 1,400 | | | | 9,422 | |
LogMeIn, Inc.* | | | 1,081 | | | | 26,441 | |
Loral Space & Communications, Inc.* | | | 546 | | | | 32,749 | |
Lumos Networks Corp | | | 382 | | | | 6,532 | |
MagicJack VocalTec Ltd.* | | | 700 | | | | 9,933 | |
Neonode, Inc.* | | | 1,600 | | | | 9,520 | |
NeoPhotonics Corp.* | | | 300 | | | | 2,607 | |
NETGEAR, Inc.* | | | 1,329 | | | | 40,588 | |
Neutral Tandem, Inc. | | | 926 | | | | 5,325 | |
NII Holdings, Inc.* | | | 6,500 | | | | 43,355 | |
NTELOS Holdings Corp | | | 382 | | | | 6,288 | |
Numerex Corp.* | | | 800 | | | | 8,928 | |
Oplink Communications, Inc.* | | | 635 | | | | 11,030 | |
ORBCOMM, Inc.* | | | 1,000 | | | | 4,490 | |
Parkervision, Inc.* | | | 4,100 | | | | 18,655 | |
Plantronics, Inc. | | | 1,567 | | | | 68,823 | |
Preformed Line Products Co. | | | 45 | | | | 2,984 | |
Premiere Global Services, Inc.* | | | 1,656 | | | | 19,988 | |
Primus Telecommunications Group, Inc.* | | | 600 | | | | 7,164 | |
Procera Networks, Inc.* | | | 700 | | | | 9,611 | |
RF Micro Devices, Inc.* | | | 10,551 | | | | 56,448 | |
RigNet, Inc.* | | | 500 | | | | 12,740 | |
Ruckus Wireless, Inc.* | | | 1,700 | | | | 21,777 | |
Shenandoah Telecommunications Co. | | | 1,159 | | | | 19,332 | |
ShoreTel, Inc.* | | | 981 | | | | 3,953 | |
Sonus Networks, Inc.* | | | 9,215 | | | | 27,737 | |
Symmetricom, Inc.* | | | 959 | | | | 4,306 | |
Telenav, Inc.* | | | 300 | | | | 1,569 | |
Tellabs, Inc. | | | 11,600 | | | | 22,968 | |
Tessco Technologies, Inc. | | | 400 | | | | 10,560 | |
Ubiquiti Networks, Inc.* | | | 200 | | | | 3,508 | |
129
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Telecommunications — (continued) | |
USA Mobility, Inc. | | | 512 | | | $ | 6,948 | |
ViaSat, Inc.* | | | 1,462 | | | | 104,475 | |
Vonage Holdings Corp.* | | | 6,100 | | | | 17,263 | |
Vringo, Inc.* | | | 2,800 | | | | 8,876 | |
West Corp. | | | 800 | | | | 17,712 | |
Westell Technologies, Inc.* | | | 1,400 | | | | 3,346 | |
| | | | | | | | |
| | | | | | | 1,648,808 | |
| | | | | | | | |
| Textiles — 0.2% | |
Culp, Inc. | | | 300 | | | | 5,217 | |
G&K Services, Inc., Class A | | | 776 | | | | 36,938 | |
UniFirst Corp. | | | 577 | | | | 52,651 | |
| | | | | | | | |
| | | | | | | 94,806 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.1% | |
JAKKS Pacific, Inc. | | | 584 | | | | 6,570 | |
LeapFrog Enterprises, Inc.* | | | 1,876 | | | | 18,460 | |
| | | | | | | | |
| | | | | | | 25,030 | |
| | | | | | | | |
| Transportation — 1.7% | |
Air Transport Services Group, Inc.* | | | 2,085 | | | | 13,782 | |
Arkansas Best Corp. | | | 795 | | | | 18,245 | |
Atlas Air Worldwide Holdings, Inc.* | | | 1,048 | | | | 45,860 | |
Bristow Group, Inc. | | | 1,350 | | | | 88,182 | |
CAI International, Inc.* | | | 460 | | | | 10,842 | |
Celadon Group, Inc. | | | 935 | | | | 17,064 | |
Echo Global Logistics, Inc.* | | | 500 | | | | 9,745 | |
Era Group, Inc.* | | | 800 | | | | 20,920 | |
Forward Air Corp. | | | 1,196 | | | | 45,783 | |
Frontline Ltd.* | | | 1,200 | | | | 2,124 | |
Gaslog Ltd. | | | 1,100 | | | | 14,080 | |
Gulfmark Offshore, Inc., Class A | | | 979 | | | | 44,143 | |
Heartland Express, Inc. | | | 1,967 | | | | 27,282 | |
Hub Group, Inc., Class A* | | | 1,343 | | | | 48,912 | |
International Shipholding Corp. | | | 141 | | | | 3,290 | |
Knight Transportation, Inc. | | | 2,264 | | | | 38,080 | |
Knightsbridge Tankers Ltd. | | | 574 | | | | 4,225 | |
Marten Transport Ltd. | | | 651 | | | | 10,201 | |
Matson, Inc. | | | 1,600 | | | | 40,000 | |
Nordic American Tankers Ltd. | | | 2,667 | | | | 20,189 | |
Pacer International, Inc.* | | | 687 | | | | 4,335 | |
Patriot Transportation Holding, Inc.* | | | 369 | | | | 11,085 | |
PHI, Inc.* | | | 593 | | | | 20,340 | |
Quality Distribution, Inc.* | | | 400 | | | | 3,536 | |
Roadrunner Transportation Systems, Inc.* | | | 500 | | | | 13,920 | |
Saia, Inc.* | | | 961 | | | | 28,801 | |
Scorpio Tankers, Inc. | | | 6,100 | | | | 54,778 | |
Ship Finance International Ltd. | | | 1,684 | | | | 24,991 | |
Swift Transportation Co.* | | | 3,300 | | | | 54,582 | |
Teekay Tankers Ltd., Class A | | | 3,193 | | | | 8,398 | |
Universal Truckload Services, Inc.* | | | 100 | | | | 2,411 | |
UTi Worldwide, Inc. | | | 3,400 | | | | 55,998 | |
Werner Enterprises, Inc. | | | 1,752 | | | | 42,346 | |
XPO Logistics, Inc.* | | | 700 | | | | 12,663 | |
YRC Worldwide, Inc.* | | | 400 | | | | 11,500 | |
| | | | | | | | |
| | | | | | | 872,633 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Trucking and Leasing — 0.2% | |
Greenbrier Cos., Inc.* | | | 1,047 | | | $ | 25,516 | |
TAL International Group, Inc.* | | | 1,293 | | | | 56,336 | |
Textainer Group Holdings Ltd. | | | 812 | | | | 31,213 | |
| | | | | | | | |
| | | | | | | 113,065 | |
| | | | | | | | |
| Water — 0.3% | |
American States Water Co. | | | 762 | | | | 40,897 | |
Artesian Resources Corp., Class A | | | 113 | | | | 2,518 | |
California Water Service Group | | | 1,766 | | | | 34,455 | |
Connecticut Water Service, Inc. | | | 319 | | | | 9,155 | |
Consolidated Water Co., Inc. | | | 312 | | | | 3,566 | |
Middlesex Water Co. | | | 531 | | | | 10,577 | |
PICO Holdings, Inc.* | | | 792 | | | | 16,600 | |
SJW Corp. | | | 488 | | | | 12,786 | |
York Water Co. | | | 297 | | | | 5,652 | |
| | | | | | | | |
| | | | | | | 136,206 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $36,935,424) | | | | | | | 47,520,259 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 8.0% | | | | | |
| Apartments — 0.4% | |
American Residential Properties, Inc.* | | | 600 | | | | 10,320 | |
Associated Estates Realty Corp. | | | 2,156 | | | | 34,668 | |
Campus Crest Communities, Inc. | | | 2,300 | | | | 26,542 | |
Colonial Properties Trust | | | 3,116 | | | | 75,158 | |
Education Realty Trust, Inc. | | | 4,005 | | | | 40,971 | |
Select Income REIT | | | 500 | | | | 14,020 | |
Silver Bay Realty Trust Corp. | | | 637 | | | | 10,549 | |
| | | | | | | | |
| | | | | | | 212,228 | |
| | | | | | | | |
| Building & Real Estate — 1.5% | |
Agree Realty Corp. | | | 596 | | | | 17,594 | |
Alexander’s, Inc. | | | 57 | | | | 16,741 | |
Anworth Mortgage Asset Corp. | | | 5,431 | | | | 30,414 | |
Apollo Commercial Real Estate Finance, Inc. | | | 1,100 | | | | 17,468 | |
Capstead Mortgage Corp. | | | 3,475 | | | | 42,048 | |
Colony Financial, Inc. | | | 2,616 | | | | 52,032 | |
CYS Investments, Inc. | | | 6,756 | | | | 62,223 | |
Dynex Capital, Inc. | | | 2,307 | | | | 23,508 | |
Getty Realty Corp. | | | 1,163 | | | | 24,016 | |
Government Properties Income Trust | | | 1,844 | | | | 46,506 | |
Gramercy Property Trust, Inc.* | | | 1,500 | | | | 6,750 | |
Invesco Mortgage Capital, Inc. | | | 5,007 | | | | 82,916 | |
iStar Financial, Inc.* | | | 3,318 | | | | 37,460 | |
New York Mortgage Trust, Inc. | | | 2,400 | | | | 16,248 | |
NorthStar Realty Finance Corp. | | | 6,821 | | | | 62,071 | |
PennyMac Mortgage Investment Trust | | | 2,192 | | | | 46,142 | |
Redwood Trust, Inc. | | | 2,977 | | | | 50,609 | |
Resource Capital Corp. | | | 4,700 | | | | 28,905 | |
Spirit Realty Capital, Inc. | | | 2,200 | | | | 38,984 | |
Sun Communities, Inc. | | | 1,390 | | | | 69,166 | |
| | | | | | | | |
| | | | | | | 771,801 | |
| | | | | | | | |
130
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Diversified — 0.8% | |
AG Mortgage Investment Trust, Inc | | | 1,188 | | | $ | 22,346 | |
Armada Hoffler Properties, Inc. | | | 800 | | | | 9,424 | |
Coresite Realty Corp. | | | 700 | | | | 22,267 | |
DuPont Fabros Technology, Inc. | | | 2,450 | | | | 59,168 | |
EPR Properties | | | 1,810 | | | | 90,989 | |
New Residential Investment Corp. | | | 9,500 | | | | 64,030 | |
PS Business Parks, Inc. | | | 665 | | | | 47,993 | |
The GEO Group, Inc. | | | 2,768 | | | | 93,974 | |
UMH Properties, Inc. | | | 168 | | | | 1,725 | |
Whitestone REIT | | | 800 | | | | 12,608 | |
| | | | | | | | |
| | | | | | | 424,524 | |
| | | | | | | | |
| Diversified Financial Services — 0.3% | |
American Capital Mortgage. Inc. | | | 2,043 | | | | 36,713 | |
Apollo Residential Mortgage, Inc. | | | 1,332 | | | | 21,951 | |
ARMOUR Residential REIT, Inc. | | | 13,200 | | | | 62,172 | |
JAVELIN Mortgage Investment Corp. | | | 200 | | | | 2,818 | |
RAIT Financial Trust,Inc. | | | 2,706 | | | | 20,349 | |
Western Asset Mortgage Capital Corp. | | | 1,000 | | | | 17,460 | |
| | | | | | | | |
| | | | | | | 161,463 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
Potlatch Corp. | | | 1,578 | | | | 63,814 | |
| | | | | | | | |
| Healthcare — 0.7% | |
Aviv REIT, Inc. | | | 500 | | | | 12,645 | |
Healthcare Realty Trust, Inc. | | | 3,272 | | | | 83,436 | |
LTC Properties, Inc. | | | 1,317 | | | | 51,429 | |
Medical Properties Trust, Inc. | | | 5,707 | | | | 81,724 | |
National Health Investors, Inc. | | | 857 | | | | 51,300 | |
Sabra Healthcare Reit, Inc. | | | 1,488 | | | | 38,852 | |
Universal Health Realty Income Trust | | | 520 | | | | 22,427 | |
| | | | | | | | |
| | | | | | | 341,813 | |
| | | | | | | | |
| Hotels & Resorts — 1.3% | |
Ashford Hospitality Trust, Inc. | | | 2,320 | | | | 26,564 | |
Caesars Entertainment Corp.* | | | 1,300 | | | | 17,810 | |
Chatham Lodging Trust | | | 700 | | | | 12,026 | |
Chesapeake Lodging Trust | | | 1,689 | | | | 35,114 | |
DiamondRock Hospitality Co. | | | 7,523 | | | | 70,114 | |
FelCor Lodging Trust, Inc.* | | | 5,018 | | | | 29,657 | |
Hersha Hospitality Trust | | | 7,669 | | | | 43,253 | |
LaSalle Hotel Properties | | | 3,617 | | | | 89,340 | |
Pebblebrook Hotel Trust | | | 2,209 | | | | 57,103 | |
RLJ Lodging Trust | | | 4,600 | | | | 103,454 | |
Ryman Hospitality Properties | | | 1,612 | | | | 62,884 | |
Strategic Hotels & Resorts, Inc.* | | | 6,812 | | | | 60,354 | |
Summitt Hotel Properties | | | 2,700 | | | | 25,515 | |
Sunstone Hotel Investors, Inc.* | | | 5,732 | | | | 69,243 | |
| | | | | | | | |
| | | | | | | 702,431 | |
| | | | | | | | |
| Industrial — 0.7% | | | | | | | | |
Chambers Street Properties* | | | 9,300 | | | | 93,000 | |
DCT Industrial Trust, Inc. | | | 10,382 | | | | 74,231 | |
EastGroup Properties, Inc. | | | 1,075 | | | | 60,490 | |
First Industrial Realty Trust, Inc. | | | 4,029 | | | | 61,120 | |
First Potomac Realty Trust | | | 2,392 | | | | 31,239 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Industrial — (continued) | | | | | | | | |
Monmouth Real Estate Investment Corp., Class A | | | 1,149 | | | $ | 11,341 | |
STAG lndustrial, Inc. | | | 1,600 | | | | 31,920 | |
Terreno Realty Corp. | | | 675 | | | | 12,508 | |
| | | | | | | | |
| | | | | | | 375,849 | |
| | | | | | | | |
| Mixed Industrial/Office — 0.5% | | | | | | | | |
CapLease, Inc. | | | 3,335 | | | | 28,148 | |
Cousins Properties, Inc. | | | 3,861 | | | | 38,996 | |
Gladstone Commercial Corp. | | | 652 | | | | 12,153 | |
Investors Real Estate Trust | | | 3,618 | | | | 31,115 | |
Lexington Realty Trust | | | 6,015 | | | | 70,255 | |
One Liberty Properties, Inc. | | | 503 | | | | 11,046 | |
Washington Real Estate Investment Trust | | | 2,406 | | | | 64,746 | |
Winthrop Realty Trust | | | 777 | | | | 9,347 | |
| | | | | | | | |
| | | | | | | 265,806 | |
| | | | | | | | |
| Office Property — 0.6% | | | | | | | | |
American Assets Trust, Inc. | | | 1,100 | | | | 33,946 | |
American Realty Capital Properties, Inc. | | | 5,800 | | | | 88,508 | |
Franklin Street Properties Corp. | | | 3,245 | | | | 42,834 | |
Highwoods Properties, Inc. | | | 2,960 | | | | 105,405 | |
Hudson Pacific Properties, Inc. | | | 1,400 | | | | 29,792 | |
MPG Office Trust, Inc.* | | | 2,400 | | | | 7,536 | |
Parkway Properties, Inc. | | | 1,693 | | | | 28,375 | |
| | | | | | | | |
| | | | | | | 336,396 | |
| | | | | | | | |
| Regional Malls — 0.2% | | | | | | | | |
Glimcher Realty Trust | | | 4,916 | | | | 53,683 | |
Pennsylvania Real Estate Investment Trust | | | 2,315 | | | | 43,707 | |
Rouse Properties, Inc. | | | 1,000 | | | | 19,620 | |
| | | | | | | | |
| | | | | | | 117,010 | |
| | | | | | | | |
| Storage & Warehousing — 0.3% | | | | | | | | |
CubeSmart | | | 4,925 | | | | 78,701 | |
Sovran Self Storage, Inc. | | | 1,082 | | | | 70,103 | |
| | | | | | | | |
| | | | | | | 148,804 | |
| | | | | | | | |
| Strip Centers — 0.6% | | | | | | | | |
Acadia Realty Trust | | | 2,120 | | | | 52,343 | |
AmREIT, Inc. | | | 700 | | | | 13,538 | |
Cedar Realty Trust, Inc. | | | 2,826 | | | | 14,639 | |
Equity One, Inc. | | | 2,054 | | | | 46,483 | |
Excel Trust, Inc. | | | 1,500 | | | | 19,215 | |
Inland Real Estate Corp. | | | 2,988 | | | | 30,537 | |
Kite Realty Group Trust | | | 2,907 | | | | 17,529 | |
Ramco-Gershenson Properties Trust | | | 2,141 | | | | 33,250 | |
Retail Opportunity Investments Corp. | | | 2,500 | | | | 34,750 | |
Saul Centers, Inc. | | | 251 | | | | 11,159 | |
Urstadt Biddle Properties, Inc., Class A | | | 816 | | | | 16,459 | |
| | | | | | | | |
| | | | | | | 289,902 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,590,122) | | | | 4,211,841 | |
| | | | | | | | |
131
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| RIGHTS — 0.0% | | | | | | | | |
CVR Energy, Inc.~
(Cost $0) | | | 2,274 | | | $ | 0 | |
| | | | | | | | |
| | |
| | | Par (000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1% | | | | | | | | |
U.S. Treasury Bill | | | | | | | | |
0.035%, 08/08/13+ | | $ | 30 | | | | 29,999 | |
0.040%, 09/12/13+ | | | 45 | | | | 44,998 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $74,996) | | | | 74,997 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| WARRANTS — 0.0% | | | | | | | | |
Clinical Data, Inc.~ | | | 354 | | | | 0 | |
Magnum Hunter Resources Corp.* | | | 260 | | | | 36 | |
| | | | | | | | |
TOTAL WARRANTS (Cost $0) | | | | | | | 36 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.0% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,070,988) | | | 1,070,988 | | | | 1,070,988 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $41,671,530) | | | $ | 52,878,121 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $40. |
| + | Collateral pledged for derivatives. |
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Advertising | | $ | 61,445 | | | $ | 61,445 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 695,514 | | | | 695,514 | | | | — | | | | — | |
Agriculture | | | 157,928 | | | | 157,928 | | | | — | | | | — | |
Airlines | | | 334,587 | | | | 334,587 | | | | — | | | | — | |
Apparel | | | 563,914 | | | | 563,914 | | | | — | | | | — | |
Auto Manufacturers | | | 22,396 | | | | 22,396 | | | | — | | | | — | |
Auto Parts & Equipment | | | 584,307 | | | | 584,307 | | | | — | | | | — | |
Banks | | | 3,524,764 | | | | 3,524,764 | | | | — | | | | — | |
Beverages | | | 70,634 | | | | 70,634 | | | | — | | | | — | |
Biotechnology | | | 1,066,741 | | | | 1,066,741 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS (continued) | | | | | |
Building & Real Estate | | $ | 3,457 | | | $ | 3,457 | | | $ | — | | | $ | — | |
Building Materials | | | 566,156 | | | | 566,156 | | | | — | | | | — | |
Chemicals | | | 1,031,014 | | | | 1,031,014 | | | | — | | | | — | |
Coal | | | 172,162 | | | | 172,162 | | | | — | | | | — | |
Commercial Services | | | 3,210,480 | | | | 3,210,480 | | | | — | | | | — | |
Computers | | | 897,671 | | | | 897,671 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 69,454 | | | | 69,454 | | | | — | | | | — | |
Distribution & Wholesale | | | 494,051 | | | | 494,051 | | | | — | | | | — | |
Diversified Financial Services | | | 1,266,156 | | | | 1,266,116 | | | | 40 | | | | — | |
Electric | | | 1,065,913 | | | | 1,065,913 | | | | — | | | | — | |
Electrical Components & Equipment | | | 733,512 | | | | 733,512 | | | | — | | | | — | |
Electronics | | | 1,076,833 | | | | 1,076,833 | | | | — | | | | — | |
Energy-Alternate Sources | | | 107,724 | | | | 107,724 | | | | — | | | | — | |
Engineering & Construction | | | 398,388 | | | | 398,388 | | | | — | | | | — | |
Entertainment | | | 391,239 | | | | 391,239 | | | | — | | | | — | |
Environmental Control | | | 293,181 | | | | 293,181 | | | | — | | | | — | |
Food | | | 1,098,366 | | | | 1,098,366 | | | | — | | | | — | |
Forest Products & Paper | | | 394,621 | | | | 394,621 | | | | — | | | | — | |
Gas | | | 523,808 | | | | 523,808 | | | | — | | | | — | |
Hand & Machine Tools | | | 66,950 | | | | 66,950 | | | | — | | | | — | |
Healthcare Products | | | 1,824,815 | | | | 1,824,815 | | | | — | | | | — | |
Healthcare Services | | | 858,254 | | | | 858,254 | | | | — | | | | — | |
Holding Companies | | | 80,682 | | | | 80,682 | | | | — | | | | — | |
Home Builders | | | 398,809 | | | | 398,809 | | | | — | | | | — | |
Home Furnishings | | | 262,903 | | | | 262,903 | | | | — | | | | — | |
Household Products & Wares | | | 299,415 | | | | 299,415 | | | | — | | | | — | |
Housewares | | | 21,892 | | | | 21,892 | | | | — | | | | — | |
Industrial | | | 51,853 | | | | 51,853 | | | | — | | | | — | |
Insurance | | | 1,397,573 | | | | 1,397,573 | | | | — | | | | — | |
Internet | | | 1,414,160 | | | | 1,414,160 | | | | — | | | | — | |
Investment Companies | | | 583,649 | | | | 583,649 | | | | — | | | | — | |
Iron & Steel | | | 101,807 | | | | 101,807 | | | | — | | | | — | |
Leisure Time | | | 337,587 | | | | 337,587 | | | | — | | | | — | |
Lodging | | | 110,147 | | | | 110,147 | | | | — | | | | — | |
Machinery — Construction & Mining | | | 45,534 | | | | 45,534 | | | | — | | | | — | |
Machinery — Diversified | | | 736,321 | | | | 736,321 | | | | — | | | | — | |
Media | | | 492,743 | | | | 492,743 | | | | — | | | | — | |
Medical Instruments | | | 16,020 | | | | 16,020 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 403,373 | | | | 403,373 | | | | — | | | | — | |
Mining | | | 410,276 | | | | 410,276 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 961,700 | | | | 961,700 | | | | — | | | | — | |
Office Furnishings | | | 230,334 | | | | 230,334 | | | | — | | | | — | |
Oil & Gas | | | 1,322,478 | | | | 1,322,478 | | | | — | | | | — | |
Oil & Gas Services | | | 963,795 | | | | 963,795 | | | | — | | | | — | |
Packaging and Containers | | | 117,658 | | | | 117,658 | | | | — | | | | — | |
Pharmaceuticals | | | 1,643,740 | | | | 1,643,740 | | | | — | | | | — | |
Pipelines | | | 117,081 | | | | 117,081 | | | | — | | | | — | |
Private Equity | | | 52,332 | | | | 52,332 | | | | — | | | | — | |
Real Estate | | | 155,715 | | | | 155,715 | | | | — | | | | — | |
Retail | | | 3,445,908 | | | | 3,445,908 | | | | — | | | | — | |
Savings & Loans | | | 676,137 | | | | 676,137 | | | | — | | | | — | |
132
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Small Cap Index Fund
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS (continued) | | | | | |
Semiconductors | | $ | 1,607,598 | | | $ | 1,607,598 | | | $ | — | | | $ | — | |
Software | | | 2,466,496 | | | | 2,466,496 | | | | — | | | | — | |
Storage & Warehousing | | | 77,560 | | | | 77,560 | | | | — | | | | — | |
Telecommunications | | | 1,648,808 | | | | 1,648,808 | | | | — | | | | — | |
Textiles | | | 94,806 | | | | 94,806 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 25,030 | | | | 25,030 | | | | — | | | | — | |
Transportation | | | 872,633 | | | | 872,633 | | | | — | | | | — | |
Trucking and Leasing | | | 113,065 | | | | 113,065 | | | | — | | | | — | |
Water | | | 136,206 | | | | 136,206 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 4,211,841 | | | | 4,211,841 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 74,997 | | | | — | | | | 74,997 | | | | — | |
RIGHTS | | | — | | | | — | | | | — | | | | — | |
WARRANTS | | | 36 | | | | — | | | | 36 | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,070,988 | | | | 1,070,988 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 52,878,121 | | | $ | 52,803,048 | | | $ | 75,073 | | | $ | — | |
| |
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 significant 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, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 97.7% | | | | | | | | |
| Australia — 7.8% | | | | | | | | |
AGL Energy Ltd. | | | 4,960 | | | $ | 65,631 | |
ALS Ltd. | | | 2,210 | | | | 19,239 | |
Alumina Ltd.* | | | 25,078 | | | | 22,319 | |
Amcor Ltd. | | | 9,532 | | | | 88,094 | |
AMP Ltd. | | | 25,193 | | | | 97,432 | |
APA Group | | | 8,266 | | | | 45,297 | |
Asciano Ltd. | | | 8,927 | | | | 40,830 | |
ASX Ltd. | | | 1,709 | | | | 51,536 | |
Aurizon Holdings Ltd. | | | 15,495 | | | | 58,858 | |
Australia & New Zealand Banking Group Ltd. | | | 23,289 | | | | 604,570 | |
Bendigo & Adelaide Bank Ltd. | | | 3,188 | | | | 29,233 | |
BHP Billiton Ltd. | | | 26,956 | | | | 775,873 | |
Boral Ltd. | | | 7,130 | | | | 27,282 | |
Brambles Ltd. | | | 13,675 | | | | 116,486 | |
Caltex Australia Ltd. | | | 1,064 | | | | 17,501 | |
CFS Retail Property Trust | | | 18,683 | | | | 34,062 | |
Coca-Cola Amatil Ltd. | | | 4,528 | | | | 52,462 | |
Cochlear Ltd. | | | 507 | | | | 28,455 | |
Commonwealth Bank of Australia | | | 13,539 | | | | 852,230 | |
Computershare Ltd. | | | 4,425 | | | | 41,489 | |
Crown Ltd. | | | 3,677 | | | | 40,535 | |
CSL Ltd. | | | 4,194 | | | | 235,605 | |
Dexus Property Group | | | 41,009 | | | | 39,992 | |
Echo Entertainment Group Ltd. | | | 6,026 | | | | 16,891 | |
Federation Centres Ltd. | | | 13,277 | | | | 28,776 | |
Flight Centre Ltd. | | | 439 | | | | 15,720 | |
Fortescue Metals Group Ltd. | | | 10,696 | | | | 29,445 | |
Goodman Group | | | 13,631 | | | | 60,603 | |
GPT Group | | | 14,881 | | | | 52,252 | |
GPT Group, In Specie*~ | | | 16,419 | | | | 0 | |
Harvey Norman Holdings Ltd. | | | 3,095 | | | | 7,183 | |
Iluka Resources Ltd. | | | 4,046 | | | | 36,463 | |
Incitec Pivot Ltd. | | | 12,659 | | | | 32,960 | |
Insurance Australia Group Ltd. | | | 17,661 | | | | 87,664 | |
Leighton Holdings Ltd. | | | 960 | | | | 13,453 | |
Lend Lease Group | | | 3,966 | | | | 30,238 | |
Macquarie Group Ltd. | | | 2,652 | | | | 101,150 | |
Metcash Ltd. | | | 9,070 | | | | 29,097 | |
Mirvac Group | | | 31,429 | | | | 46,012 | |
National Australia Bank Ltd. | | | 20,325 | | | | 549,793 | |
Newcrest Mining Ltd. | | | 6,279 | | | | 57,963 | |
Orica Ltd. | | | 3,366 | | | | 63,451 | |
Origin Energy Ltd. | | | 9,524 | | | | 109,140 | |
Qantas Airways Ltd.* | | | 6,627 | | | | 8,140 | |
QBE Insurance Group Ltd. | | | 9,779 | | | | 135,396 | |
Ramsay Health Care Ltd. | | | 980 | | | | 32,032 | |
Rio Tinto Ltd. | | | 3,797 | | | | 181,973 | |
Santos Ltd. | | | 8,221 | | | | 93,622 | |
Seek Ltd. | | | 2,700 | | | | 22,350 | |
Sonic Healthcare Ltd. | | | 3,466 | | | | 47,087 | |
SP AusNet | | | 15,433 | | | | 16,558 | |
Stockland | | | 19,881 | | | | 63,259 | |
Suncorp Group Ltd. | | | 10,950 | | | | 118,929 | |
Sydney Airport | | | 3,363 | | | | 10,377 | |
Tabcorp Holdings Ltd. | | | 6,064 | | | | 16,888 | |
Tatts Group Ltd. | | | 11,982 | | | | 34,612 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Australia — (continued) | | | | | | | | |
Telstra Corp. Ltd. | | | 35,607 | | | $ | 154,801 | |
Toll Holdings Ltd. | | | 7,078 | | | | 34,257 | |
Transurban Group | | | 10,736 | | | | 66,301 | |
Treasury Wine Estates Ltd. | | | 5,165 | | | | 27,445 | |
Wesfarmers Ltd. | | | 1,001 | | | | 36,908 | |
Wesfarmers Ltd. PPS | | | 6,631 | | | | 239,951 | |
Westfield Group | | | 17,462 | | | | 182,891 | |
Westfield Retail Trust | | | 25,556 | | | | 72,275 | |
Westpac Banking Corp. | | | 26,029 | | | | 683,391 | |
Whitehaven Coal Ltd. | | | 2,966 | | | | 6,240 | |
Woodside Petroleum Ltd. | | | 5,335 | | | | 169,909 | |
Woolworths Ltd. | | | 10,607 | | | | 317,751 | |
WorleyParsons Ltd. | | | 1,882 | | | | 33,340 | |
| | | | | | | | |
| | | | | | | 7,559,948 | |
| | | | | | | | |
| Austria — 0.3% | | | | | | | | |
Andritz AG | | | 668 | | | | 34,273 | |
Erste Group Bank AG | | | 1,805 | | | | 48,110 | |
Immoeast AG~ | | | 2,678 | | | | 0 | |
IMMOFINANZ AG* | | | 6,387 | | | | 23,833 | |
OMV AG | | | 1,135 | | | | 51,201 | |
Raiffeisen Bank International AG | | | 500 | | | | 14,557 | |
Telekom Austria AG | | | 2,544 | | | | 16,099 | |
Verbund AG | | | 303 | | | | 5,747 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | | 300 | | | | 13,916 | |
Voestalpine AG | | | 1,009 | | | | 35,681 | |
| | | | | | | | |
| | | | | | | 243,417 | |
| | | | | | | | |
| Belgium — 1.1% | | | | | | | | |
Ageas | | | 2,135 | | | | 74,913 | |
Anheuser-Busch InBev N.V. | | | 6,795 | | | | 611,772 | |
Belgacom S.A. | | | 1,133 | | | | 25,368 | |
Colruyt S.A. | | | 647 | | | | 34,044 | |
Delhaize Group S.A. | | | 994 | | | | 61,451 | |
Groupe Bruxelles Lambert S.A. | | | 667 | | | | 50,237 | |
KBC Groep N.V. | | | 2,035 | | | | 75,863 | |
Solvay S.A. | | | 480 | | | | 62,851 | |
Telenet Group Holding N.V. | | | 377 | | | | 17,303 | |
UCB S.A. | | | 997 | | | | 53,520 | |
Umicore S.A. | | | 1,061 | | | | 44,058 | |
| | | | | | | | |
| | | | | | | 1,111,380 | |
| | | | | | | | |
| Bermuda — 0.1% | | | | | | | | |
Seadrill Ltd. | | | 3,158 | | | | 127,193 | |
| | | | | | | | |
| China — 0.1% | | | | | | | | |
AAC Technologies Holdings, Inc. | | | 6,199 | | | | 34,779 | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 19,000 | | | | 12,401 | |
| | | | | | | | |
| | | | | | | 47,180 | |
| | | | | | | | |
| Denmark — 1.1% | | | | | | | | |
A.P. Moller — Maersk A/S, B Shares | | | 11 | | | | 78,690 | |
A.P. Moller — Maersk A/S, A Shares | | | 5 | | | | 33,665 | |
Carlsberg A/S, B Shares | | | 940 | | | | 84,051 | |
Coloplast A/S, B Shares | | | 1,009 | | | | 56,498 | |
Danske Bank A/S* | | | 5,451 | | | | 92,988 | |
134
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Denmark — (continued) | | | | | | | | |
DSV A/S | | | 1,802 | | | $ | 43,897 | |
Novo Nordisk A/S, B Shares | | | 3,479 | | | | 540,854 | |
Novozymes A/S, B Shares | | | 2,117 | | | | 67,808 | |
TDC A/S | | | 6,200 | | | | 50,248 | |
Tryg A/S | | | 303 | | | | 24,963 | |
William Demant Holding A/S* | | | 138 | | | | 11,402 | |
| | | | | | | | |
| | | | | | | 1,085,064 | |
| | | | | | | | |
| Finland — 0.8% | | | | | | | | |
Elisa OYJ | | | 1,000 | | | | 19,526 | |
Fortum OYJ | | | 3,817 | | | | 71,505 | |
Kesko OYJ, B Shares | | | 513 | | | | 14,251 | |
Kone OYJ, B Shares | | | 1,368 | | | | 108,508 | |
Metso OYJ | | | 1,133 | | | | 38,378 | |
Neste Oil OYJ | | | 812 | | | | 11,849 | |
Nokia OYJ* | | | 32,880 | | | | 122,574 | |
Nokian Renkaat OYJ | | | 1,035 | | | | 42,115 | |
Orion OYJ, B Shares | | | 750 | | | | 17,574 | |
Pohjola Bank PLC, A Shares | | | 1,500 | | | | 22,041 | |
Sampo OYJ, A Shares | | | 3,553 | | | | 138,352 | |
Stora Enso OYJ, R Shares | | | 5,326 | | | | 35,664 | |
UPM-Kymmene OYJ | | | 4,612 | | | | 45,202 | |
Wartsila OYJ Abp | | | 1,483 | | | | 64,429 | |
| | | | | | | | |
| | | | | | | 751,968 | |
| | | | | | | | |
| France — 8.9% | | | | | | | | |
Accor S.A. | | | 1,400 | | | | 49,211 | |
Aeroports de Paris | | | 215 | | | | 20,900 | |
Air Liquide S.A. | | | 2,594 | | | | 320,357 | |
Alstom S.A. | | | 1,930 | | | | 63,311 | |
Arkema S.A. | | | 505 | | | | 46,291 | |
AtoS Origin S.A. | | | 511 | | | | 37,976 | |
AXA S.A. | | | 14,942 | | | | 294,546 | |
BNP Paribas S.A. | | | 8,361 | | | | 457,721 | |
Bouygues S.A. | | | 1,778 | | | | 45,307 | |
Bureau Veritas S.A. | | | 1,772 | | | | 45,886 | |
Cap Gemini S.A. | | | 1,311 | | | | 63,664 | |
Carrefour S.A. | | | 5,443 | | | | 149,500 | |
Casino Guichard Perrachon S.A. | | | 516 | | | | 48,352 | |
Christian Dior S.A. | | | 493 | | | | 79,645 | |
Cie Generale de Geophysique - Veritas* | | | 1,240 | | | | 27,475 | |
CNP Assurances | | | 1,881 | | | | 27,007 | |
Compagnie de Saint-Gobain | | | 3,400 | | | | 137,769 | |
Compagnie Generale des Establissements Michelin, B Shares | | | 1,552 | | | | 138,773 | |
Credit Agricole S.A.* | | | 8,542 | | | | 73,519 | |
Danone S.A. | | | 4,804 | | | | 361,587 | |
Dassault Systemes S.A. | | | 484 | | | | 59,158 | |
Edenred | | | 1,643 | | | | 50,308 | |
Electricite de France S.A. | | | 2,177 | | | | 50,521 | |
Essilor International S.A. | | | 1,761 | | | | 187,612 | |
Eurazeo | | | 352 | | | | 18,875 | |
Eutelsat Communications S.A. | | | 1,230 | | | | 34,896 | |
Fonciere Des Regions | | | 262 | | | | 19,637 | |
France Telecom S.A. | | | 16,204 | | | | 153,441 | |
GDF Suez | | | 11,378 | | | | 223,176 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| France — (continued) | | | | | | | | |
Gecina S.A. | | | 190 | | | $ | 21,000 | |
Groupe Eurotunnel S.A. | | | 5,556 | | | | 42,247 | |
Groupe Fnac* | | | 79 | | | | 1,676 | |
ICADE | | | 156 | | | | 12,868 | |
Iliad S.A. | | | 177 | | | | 38,240 | |
Imerys S.A. | | | 213 | | | | 13,078 | |
JCDecaux S.A. | | | 400 | | | | 10,888 | |
Kering | | | 633 | | | | 128,807 | |
Klepierre | | | 874 | | | | 34,444 | |
L’Oreal S.A. | | | 2,021 | | | | 332,219 | |
Lafarge S.A. | | | 1,644 | | | | 100,946 | |
Lagardere S.C.A. | | | 1,203 | | | | 33,566 | |
Legrand S.A. | | | 2,075 | | | | 96,207 | |
LVMH Moet Hennessy Louis Vuitton S.A. | | | 2,181 | | | | 354,093 | |
Natixis | | | 9,049 | | | | 37,994 | |
Pernod-Ricard S.A. | | | 1,810 | | | | 200,898 | |
Publicis Groupe S.A. | | | 1,556 | | | | 110,816 | |
Remy Cointreau S.A. | | | 152 | | | | 16,129 | |
Renault S.A. | | | 1,688 | | | | 113,699 | |
Rexel S.A. | | | 1,144 | | | | 25,775 | |
Safran S.A. | | | 2,007 | | | | 104,778 | |
Sanofi S.A. | | | 10,051 | | | | 1,039,073 | |
Schneider Electric S.A. | | | 4,371 | | | | 317,450 | |
SCOR SE | | | 1,528 | | | | 46,898 | |
Societe BIC S.A. | | | 246 | | | | 24,678 | |
Societe Generale S.A. | | | 6,204 | | | | 213,513 | |
Sodexo | | | 822 | | | | 68,477 | |
Suez Environment Co. | | | 2,747 | | | | 35,503 | |
Technip S.A. | | | 838 | | | | 85,167 | |
Thales S.A. | | | 773 | | | | 36,071 | |
Total S.A. | | | 17,915 | | | | 875,021 | |
Unibail-Rodamco SE | | | 817 | | | | 190,283 | |
Vallourec S.A. | | | 777 | | | | 39,430 | |
Veolia Environment S.A. | | | 3,205 | | | | 36,592 | |
Vinci S.A. | | | 3,951 | | | | 198,183 | |
Vivendi S.A. | | | 10,022 | | | | 189,932 | |
Wendel S.A. | | | 326 | | | | 33,620 | |
Zodiac Aerospace | | | 329 | | | | 43,563 | |
| | | | | | | | |
| | | | | | | 8,590,243 | |
| | | | | | | | |
| Germany — 7.9% | | | | | | | | |
Adidas AG | | | 1,711 | | | | 184,956 | |
Allianz SE | | | 3,789 | | | | 553,045 | |
Axel Springer AG | | | 327 | | | | 13,915 | |
BASF SE | | | 7,728 | | | | 689,284 | |
Bayer AG | | | 6,958 | | | | 740,819 | |
Bayerische Motoren Werke AG | | | 2,820 | | | | 246,118 | |
Beiersdorf AG | | | 876 | | | | 76,307 | |
Brenntag AG | | | 479 | | | | 72,804 | |
Celesio AG | | | 516 | | | | 11,201 | |
Commerzbank AG* | | | 6,232 | | | | 54,139 | |
Continental AG | | | 878 | | | | 117,045 | |
Daimler AG | | | 8,084 | | | | 488,020 | |
Deutsche Bank AG | | | 8,578 | | | | 359,698 | |
Deutsche Boerse AG | | | 1,623 | | | | 106,725 | |
Deutsche Lufthansa AG* | | | 2,080 | | | | 42,135 | |
135
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Germany — (continued) | | | | | | | | |
Deutsche Post AG | | | 7,622 | | | $ | 189,162 | |
Deutsche Telekom AG | | | 23,749 | | | | 276,688 | |
E.ON SE | | | 15,115 | | | | 247,713 | |
Fraport AG Frankfurt Airport Services Worldwide | | | 272 | | | | 16,436 | |
Fresenius Medical Care AG & Co. KGaA | | | 1,765 | | | | 125,105 | |
Fresenius SE & Co. KGaA | | | 1,042 | | | | 128,249 | |
Fuchs Petrolub AG (Preference) | | | 299 | | | | 23,705 | |
GEA Group AG | | | 1,598 | | | | 56,581 | |
Hannover Ruckversicherung SE | | | 585 | | | | 42,066 | |
HeidelbergCement AG | | | 1,250 | | | | 83,751 | |
Henkel AG & Co. KGaA | | | 1,114 | | | | 87,248 | |
Hochtief AG | | | 206 | | | | 13,419 | |
Hugo Boss AG* | | | 248 | | | | 27,270 | |
Infineon Technologies AG | | | 9,503 | | | | 79,548 | |
K+S AG | | | 1,330 | | | | 49,153 | |
Kabel Deutschland Holding AG | | | 813 | | | | 89,268 | |
Lanxess AG | | | 727 | | | | 43,781 | |
Linde AG | | | 1,550 | | | | 288,837 | |
MAN SE | | | 297 | | | | 32,379 | |
Merck KGaA | | | 557 | | | | 84,708 | |
Metro AG | | | 1,156 | | | | 36,527 | |
Muenchener Ruckversicherungs AG | | | 1,509 | | | | 277,221 | |
RWE AG | | | 4,273 | | | | 136,214 | |
SAP AG | | | 7,868 | | | | 574,542 | |
Siemens AG | | | 6,671 | | | | 675,525 | |
Suedzucker AG | | | 700 | | | | 21,671 | |
Telefonica Deutschland Holding AG | | | 2,349 | | | | 16,995 | |
ThyssenKrupp AG* | | | 3,081 | | | | 60,394 | |
United Internet AG | | | 908 | | | | 25,596 | |
Volkswagen AG | | | 258 | | | | 50,161 | |
| | | | | | | | |
| | | | | | | 7,616,124 | |
| | | | | | | | |
| Greece — 0.0% | | | | | | | | |
Hellenic Telecommunications Organization S.A.* | | | 2,062 | | | | 16,127 | |
OPAP S.A. | | | 2,453 | | | | 20,528 | |
| | | | | | | | |
| | | | | | | 36,655 | |
| | | | | | | | |
| Guernsey — 0.1% | | | | | | | | |
Resolution Ltd. | | | 13,216 | | | | 57,248 | |
| | | | | | | | |
| Hong Kong — 2.9% | | | | | | | | |
AIA Group Ltd. | | | 101,000 | | | | 425,513 | |
ASM Pacific Technology Ltd. | | | 1,700 | | | | 18,662 | |
Bank of East Asia Ltd. | | | 10,490 | | | | 37,547 | |
BOC Hong Kong Holdings Ltd. | | | 31,000 | | | | 94,832 | |
Cathay Pacific Airways Ltd. | | | 10,000 | | | | 17,401 | |
Cheung Kong Holdings Ltd. | | | 12,000 | | | | 161,813 | |
Cheung Kong Infrastructure Holdings Ltd. | | | 4,000 | | | | 26,653 | |
CLP Holdings Ltd. | | | 15,000 | | | | 121,257 | |
First Pacific Co., Ltd. | | | 15,750 | | | | 16,837 | |
Galaxy Entertainment Group Ltd.* | | | 16,000 | | | | 77,719 | |
Hang Lung Properties Ltd. | | | 19,000 | | | | 65,813 | |
Hang Seng Bank Ltd. | | | 6,400 | | | | 94,250 | |
Henderson Land Development Co., Ltd. | | | 8,078 | | | | 47,977 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hong Kong — (continued) | | | | | | | | |
HKT Trust & HKT Ltd. | | | 18,000 | | | $ | 17,208 | |
Hong Kong & China Gas Co., Ltd. | | | 48,678 | �� | | | 118,778 | |
Hong Kong Exchanges & Clearing Ltd. | | | 9,402 | | | | 141,212 | |
Hopewell Holdings Ltd. | | | 3,500 | | | | 11,616 | |
Hutchison Whampoa Ltd. | | | 18,000 | | | | 188,321 | |
Hysan Development Co., Ltd. | | | 7,140 | | | | 30,824 | |
Kerry Properties Ltd. | | | 7,009 | | | | 27,324 | |
Li & Fung Ltd. | | | 50,000 | | | | 68,150 | |
MGM China Holdings Ltd.* | | | 10,400 | | | | 27,598 | |
MTR Corp., Ltd. | | | 13,764 | | | | 50,580 | |
New World Development Co., Ltd. | | | 34,232 | | | | 47,020 | |
Noble Group Ltd. | | | 37,484 | | | | 28,508 | |
NWS Holdings Ltd. | | | 11,677 | | | | 17,902 | |
Orient Overseas International Ltd. | | | 2,000 | | | | 12,811 | |
PCCW Ltd. | | | 32,000 | | | | 14,935 | |
Power Assets Holdings Ltd. | | | 11,500 | | | | 98,992 | |
Sands China Ltd. | | | 21,200 | | | | 99,069 | |
Shangri-La Asia Ltd. | | | 16,666 | | | | 28,650 | |
Sino Land Co., Ltd. | | | 27,246 | | | | 38,095 | |
SJM Holdings Ltd. | | | 17,000 | | | | 41,256 | |
Sun Hung Kai Properties Ltd. | | | 13,721 | | | | 176,206 | |
Swire Pacific Ltd., A Shares | | | 6,000 | | | | 72,290 | |
Swire Properties Ltd. | | | 9,336 | | | | 27,486 | |
The Link REIT | | | 19,289 | | | | 94,664 | |
Wharf Holdings Ltd. | | | 13,000 | | | | 108,503 | |
Wheelock & Co., Ltd. | | | 7,000 | | | | 34,926 | |
Wing Hang Bank Ltd. | | | 46 | | | | 411 | |
Yue Yuen Industrial Holdings Ltd. | | | 7,000 | | | | 18,090 | |
| | | | | | | | |
| | | | | | | 2,847,699 | |
| | | | | | | | |
| Ireland — 0.6% | | | | | | | | |
Anglo Irish Bank Corp. PLC*~ | | | 3,146 | | | | 0 | |
Bank of Ireland* | | | 177,465 | | | | 36,188 | |
CRH PLC* | | | 6,328 | | | | 128,032 | |
Elan Corp. PLC* | | | 4,549 | | | | 63,836 | |
Experian PLC | | | 8,268 | | | | 143,697 | |
James Hardie Industries PLC | | | 3,154 | | | | 27,083 | |
Kerry Group PLC, A Shares | | | 1,174 | | | | 64,793 | |
Ryanair Holdings PLC ADR* | | | 59 | | | | 3,040 | |
Shire PLC | | | 4,615 | | | | 146,251 | |
| | | | | | | | |
| | | | | | | 612,920 | |
| | | | | | | | |
| Israel — 0.5% | | | | | | | | |
The Israel Corp., Ltd.* | | | 16 | | | | 9,539 | |
Bank Hapoalim BM* | | | 8,292 | | | | 37,422 | |
Bank Leumi Le-Israel BM* | | | 12,033 | | | | 39,750 | |
Bezeq The Israeli Telecommunication Corp., Ltd. | | | 21,340 | | | | 28,372 | |
Delek Group Ltd. | | | 36 | | | | 9,294 | |
Israel Chemicals Ltd. | | | 3,410 | | | | 33,488 | |
Mellanox Technologies Ltd.* | | | 251 | | | | 12,479 | |
Mizrahi Tefahot Bank Ltd.* | | | 783 | | | | 7,839 | |
NICE Systems Ltd. | | | 400 | | | | 14,707 | |
Teva Pharmaceutical Industries Ltd. | | | 7,146 | | | | 279,679 | |
| | | | | | | | |
| | | | | | | 472,569 | |
| | | | | | | | |
136
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Italy — 1.8% | | | | | | | | |
Assicurazioni Generali SpA | | | 9,560 | | | $ | 167,105 | |
Atlantia SpA | | | 3,065 | | | | 49,991 | |
Banca Monte dei Paschi di Siena SpA* | | | 33,709 | | | | 8,539 | |
Enel Green Power SpA | | | 17,403 | | | | 36,117 | |
Enel SpA | | | 57,195 | | | | 179,475 | |
ENI SpA | | | 21,315 | | | | 437,466 | |
Exor SpA | | | 457 | | | | 13,534 | |
Fiat Industrial SpA | | | 7,320 | | | | 81,485 | |
Fiat SpA* | | | 7,996 | | | | 55,764 | |
Finmeccanica SpA* | | | 2,436 | | | | 12,187 | |
Intesa Sanpaolo SpA | | | 93,573 | | | | 149,767 | |
Intesa Sanpaolo SpA, RSP | | | 5,114 | | | | 6,847 | |
Luxottica Group SpA | | | 1,314 | | | | 66,482 | |
Mediobanca SpA | | | 5,402 | | | | 28,094 | |
Pirelli & C SpA | | | 1,674 | | | | 19,352 | |
Prysmian SpA | | | 1,977 | | | | 36,880 | |
Saipem SpA | | | 2,015 | | | | 32,705 | |
Snam Rete Gas SpA | | | 17,071 | | | | 77,730 | |
Telecom Italia SpA | | | 73,498 | | | | 51,228 | |
Telecom Italia SpA, RSP | | | 55,911 | | | | 31,171 | |
Terna Rete Elettrica Nasionale SpA | | | 11,628 | | | | 48,318 | |
Unicredit SpA | | | 36,518 | | | | 170,717 | |
Unione di Banche Italiane ScpA | | | 6,094 | | | | 22,038 | |
| | | | | | | | |
| | | | | | | 1,782,992 | |
| | | | | | | | |
| Japan — 22.1% | | | | | | | | |
ABC-Mart, Inc. | | | 200 | | | | 7,795 | |
Acom Co., Ltd.* | | | 320 | | | | 10,180 | |
Advantest Corp. | | | 1,200 | | | | 19,772 | |
Aeon Co., Ltd. | | | 5,500 | | | | 72,277 | |
AEON Financial Service Co., Ltd. | | | 700 | | | | 19,829 | |
Aeon Mall Co., Ltd. | | | 500 | | | | 12,404 | |
Air Water, Inc. | | | 1,000 | | | | 14,058 | |
Aisin Seiki Co., Ltd. | | | 1,700 | | | | 64,910 | |
Ajinomoto Co., Inc. | | | 5,000 | | | | 73,346 | |
Alfresa Holdings Corp. | | | 400 | | | | 21,418 | |
Amada Co., Ltd. | | | 3,000 | | | | 19,751 | |
ANA Holdings, Ltd. | | | 11,000 | | | | 22,873 | |
Aozora Bank Ltd. | | | 10,000 | | | | 31,231 | |
Asahi Glass Co., Ltd. | | | 9,000 | | | | 58,336 | |
Asahi Group Holdings Ltd. | | | 3,400 | | | | 84,224 | |
Asahi Kasei Corp. | | | 11,000 | | | | 72,579 | |
Asics Corp. | | | 1,000 | | | | 15,760 | |
Astellas Pharma, Inc. | | | 3,800 | | | | 206,432 | |
Benesse Holdings, Inc. | | | 400 | | | | 14,431 | |
Bridgestone Corp. | | | 5,500 | | | | 187,551 | |
Brother Industries Ltd. | | | 1,500 | | | | 16,832 | |
Calbee, Inc. | | | 100 | | | | 9,491 | |
Canon, Inc. | | | 9,400 | | | | 308,069 | |
Casio Computer Co., Ltd. | | | 1,500 | | | | 13,212 | |
Central Japan Railway Co. | | | 1,200 | | | | 146,256 | |
Chiyoda Corp. | | | 1,000 | | | | 11,794 | |
Chubu Electric Power Co., Inc. | | | 5,700 | | | | 80,741 | |
Chugai Pharmaceutical Co., Ltd. | | | 1,800 | | | | 37,259 | |
Citizen Holdings Co., Ltd. | | | 3,100 | | | | 17,291 | |
Coca-Cola West Co., Ltd. | | | 700 | | | | 12,413 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Cosmo Oil Co., Ltd.* | | | 6,000 | | | $ | 11,035 | |
Credit Saison Co., Ltd. | | | 1,500 | | | | 37,691 | |
Dai Nippon Printing Co., Ltd. | | | 5,000 | | | | 45,624 | |
Daicel Corp. | | | 2,000 | | | | 17,480 | |
Daido Steel Co., Ltd. | | | 2,000 | | | | 10,096 | |
Daihatsu Motor Co., Ltd. | | | 2,000 | | | | 37,881 | |
Daiichi Sankyo Co., Ltd. | | | 5,900 | | | | 98,322 | |
Daikin Industries Ltd. | | | 2,100 | | | | 84,882 | |
Dainippon Sumitomo Pharma Co., Ltd. | | | 1,400 | | | | 18,516 | |
Daito Trust Construction Co., Ltd. | | | 700 | | | | 65,954 | |
Daiwa House Industry Co., Ltd. | | | 4,000 | | | | 74,508 | |
Daiwa Securities Group, Inc. | | | 15,000 | | | | 125,624 | |
Dena Co., Ltd. | | | 700 | | | | 13,705 | |
Denso Corp. | | | 4,000 | | | | 188,053 | |
Dentsu, Inc. | | | 1,300 | | | | 44,973 | |
Don Quijote Co., Ltd. | | | 400 | | | | 19,418 | |
East Japan Railway Co. | | | 2,800 | | | | 217,931 | |
Eisai Co., Ltd. | | | 2,200 | | | | 89,659 | |
Electric Power Development Co., Ltd. | | | 1,000 | | | | 31,265 | |
FamilyMart Co., Ltd. | | | 500 | | | | 21,334 | |
FANUC Corp., Ltd. | | | 1,600 | | | | 231,563 | |
Fast Retailing Co., Ltd. | | | 400 | | | | 135,002 | |
Fuji Electric Holdings Co., Ltd. | | | 4,000 | | | | 14,064 | |
Fuji Heavy Industries Ltd. | | | 5,000 | | | | 123,471 | |
FUJIFILM Holdings Corp. | | | 4,100 | | | | 90,174 | |
Fujitsu Ltd. | | | 16,000 | | | | 66,192 | |
Fukuoka Financial Group, Inc. | | | 6,000 | | | | 25,519 | |
Furukawa Electric Co., Ltd. | | | 4,000 | | | | 9,254 | |
Gree, Inc. | | | 800 | | | | 7,098 | |
GungHo Online Entertainment, Inc.* | | | 30 | | | | 32,776 | |
Hakuhodo DY Holdings, Inc. | | | 250 | | | | 17,510 | |
Hamamatsu Photonics K.K. | | | 500 | | | | 18,057 | |
Hankyu Hanshin Holdings, Inc. | | | 10,000 | | | | 56,916 | |
Hino Motors Ltd. | | | 2,000 | | | | 29,348 | |
Hirose Electric Co., Ltd. | | | 200 | | | | 26,342 | |
Hitachi Chemical Co., Ltd. | | | 1,000 | | | | 15,655 | |
Hitachi Construction Machinery Co., Ltd. | | | 1,000 | | | | 20,170 | |
Hitachi High-Technologies Corp. | | | 500 | | | | 12,058 | |
Hitachi Ltd. | | | 41,000 | | | | 262,707 | |
Hitachi Metals Ltd. | | | 1,000 | | | | 11,201 | |
Hitamitsu Pharmaceutical Co., Ltd. | | | 400 | | | | 20,298 | |
Hokkaido Electric Power Co., Inc.* | | | 900 | | | | 12,282 | |
Hokuhoku Financial Group, Inc. | | | 10,000 | | | | 20,420 | |
Hokuriku Electric Power Co. | | | 1,200 | | | | 18,830 | |
Honda Motor Co., Ltd. | | | 13,700 | | | | 508,947 | |
Hoya Corp. | | | 3,700 | | | | 76,102 | |
Hulic Co., Ltd. | | | 2,800 | | | | 30,039 | |
Ibiden Co., Ltd. | | | 1,300 | | | | 20,234 | |
Idemitsu Kosan Co., Ltd. | | | 100 | | | | 7,666 | |
IHI Corp. | | | 9,000 | | | | 34,052 | |
Inpex Corp. | | | 18 | | | | 74,812 | |
Isetan Mitsukoshi Holdings Ltd. | | | 2,500 | | | | 33,197 | |
Isuzu Motors Ltd. | | | 11,000 | | | | 75,195 | |
ITOCHU Corp. | | | 12,400 | | | | 143,392 | |
Itochu Technology Solutions Corp. | | | 300 | | | | 12,419 | |
137
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
J. Front Retailing Co., Ltd. | | | 4,000 | | | $ | 31,899 | |
Japan Airlines Co., Ltd. | | | 1,000 | | | | 51,481 | |
Japan Exchange Group, Inc. | | | 400 | | | | 40,403 | |
Japan Petroleum Exploration Co. | | | 300 | | | | 12,147 | |
Japan Prime Realty Investment Corp. | | | 5 | | | | 15,300 | |
Japan Real Estate Investment Corp. | | | 5 | | | | 55,854 | |
Japan Retail Fund Investment Corp. | | | 20 | | | | 41,783 | |
Japan Tobacco, Inc. | | | 9,200 | | | | 324,737 | |
JFE Holdings, Inc. | | | 4,300 | | | | 94,204 | |
JGC Corp. | | | 2,000 | | | | 72,025 | |
JSR Corp. | | | 1,900 | | | | 38,444 | |
JTEKT Corp. | | | 1,500 | | | | 16,813 | |
JX Holdings, Inc. | | | 18,990 | | | | 91,691 | |
Kajima Corp. | | | 7,000 | | | | 23,207 | |
Kamigumi Co., Ltd. | | | 2,000 | | | | 16,096 | |
Kaneka Corp. | | | 2,000 | | | | 13,187 | |
Kansai Paint Co., Ltd. | | | 2,000 | | | | 25,530 | |
Kao Corp. | | | 4,300 | | | | 146,379 | |
Kawasaki Heavy Industries Ltd. | | | 13,000 | | | | 39,897 | |
KDDI Corp. | | | 4,400 | | | | 229,123 | |
Keikyu Corp. | | | 4,000 | | | | 34,340 | |
Keio Corp. | | | 5,000 | | | | 34,352 | |
Keisei Electric Railway Co., Ltd. | | | 2,000 | | | | 18,737 | |
Keyence Corp. | | | 341 | | | | 108,646 | |
Kikkoman Corp. | | | 1,000 | | | | 16,635 | |
Kinden Corp. | | | 1,000 | | | | 8,605 | |
Kintetsu Corp. | | | 13,000 | | | | 57,070 | |
Kirin Holdings Co., Ltd. | | | 7,000 | | | | 109,650 | |
Kobe Steel Ltd.* | | | 18,000 | | | | 22,260 | |
Koito Manufacturing Co., Ltd. | | | 1,000 | | | | 19,063 | |
Komatsu Ltd. | | | 7,600 | | | | 175,043 | |
Konami Corp. | | | 600 | | | | 12,738 | |
Konica Minolta, Inc. | | | 3,000 | | | | 22,580 | |
Kubota Corp. | | | 9,000 | | | | 130,980 | |
Kuraray Co., Ltd. | | | 2,400 | | | | 33,636 | |
Kurita Water Industries Ltd. | | | 800 | | | | 16,933 | |
Kyocera Corp. | | | 1,300 | | | | 132,270 | |
Kyowa Hakko Kirin Co., Ltd. | | | 2,000 | | | | 22,607 | |
Kyushu Electric Power Co., Inc.* | | | 4,000 | | | | 60,285 | |
Lawson, Inc. | | | 600 | | | | 45,786 | |
LIXIL Group Corp. | | | 2,300 | | | | 56,007 | |
M3, Inc. | | | 5 | | | | 11,215 | |
Mabuchi Motor Co., Ltd. | | | 200 | | | | 10,669 | |
Makita Corp. | | | 1,100 | | | | 59,138 | |
Marubeni Corp. | | | 14,000 | | | | 93,567 | |
Marui Group Co., Ltd. | | | 1,500 | | | | 14,942 | |
Maruichi Steel Tube Ltd. | | | 300 | | | | 7,666 | |
Mazda Motor Corp.* | | | 24,000 | | | | 94,882 | |
McDonald’s Holdings Co. (Japan), Ltd. | | | 700 | | | | 19,425 | |
Medipal Holdings Corp. | | | 1,500 | | | | 20,337 | |
MEIJI Holdings Co., Ltd. | | | 500 | | | | 24,011 | |
Miraca Holdings, Inc. | | | 400 | | | | 18,381 | |
Mitsubishi Chemical Holdings Corp. | | | 12,000 | | | | 56,240 | |
Mitsubishi Corp. | | | 12,000 | | | | 205,004 | |
Mitsubishi Electric Corp. | | | 16,000 | | | | 149,506 | |
Mitsubishi Estate Co., Ltd. | | | 11,000 | | | | 292,863 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Mitsubishi Gas Chemical Co., Inc. | | | 3,000 | | | $ | 21,995 | |
Mitsubishi Heavy Industries Ltd. | | | 25,000 | | | | 138,989 | |
Mitsubishi Logistics Corp. | | | 1,000 | | | | 13,954 | |
Mitsubishi Materials Corp. | | | 7,000 | | | | 24,644 | |
Mitsubishi Motors Corp.* | | | 37,000 | | | | 50,645 | |
Mitsubishi Tanabe Pharma Corp. | | | 1,900 | | | | 24,583 | |
Mitsubishi UFJ Financial Group, Inc. | | | 107,800 | | | | 665,759 | |
Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 4,600 | | | | 21,825 | |
Mitsui & Co., Ltd. | | | 15,000 | | | | 188,103 | |
Mitsui Chemicals, Inc. | | | 5,000 | | | | 11,255 | |
Mitsui Fudosan Co., Ltd. | | | 7,000 | | | | 205,800 | |
Mitsui OSK Lines Ltd.* | | | 10,000 | | | | 38,861 | |
Mizuho Financial Group, Inc. | | | 189,280 | | | | 393,076 | |
MS&AD Insurance Group Holdings, Inc. | | | 4,390 | | | | 111,200 | |
Murata Manufacturing Co., Ltd. | | | 1,700 | | | | 129,310 | |
Nabtesco Corp. | | | 700 | | | | 14,534 | |
Namco Bandai Holdings, Inc. | | | 1,700 | | | | 27,553 | |
NEC Corp. | | | 23,000 | | | | 50,367 | |
Nexon Co., Ltd. | | | 1,100 | | | | 12,150 | |
NGK Insulators Ltd. | | | 2,000 | | | | 24,715 | |
NGK Spark Plug Co., Ltd. | | | 2,000 | | | | 40,030 | |
NHK Spring Co., Ltd. | | | 1,200 | | | | 13,855 | |
Nidec Corp. | | | 900 | | | | 62,966 | |
Nikon Corp. | | | 2,900 | | | | 67,756 | |
Nintendo Co., Ltd. | | | 900 | | | | 105,965 | |
Nippon Building Fund, Inc. | | | 6 | | | | 69,489 | |
Nippon Electric Glass Co., Ltd. | | | 2,000 | | | | 9,736 | |
Nippon Express Co., Ltd. | | | 8,000 | | | | 37,989 | |
Nippon Meat Packers, Inc. | | | 1,000 | | | | 15,296 | |
Nippon Steel & Sumitomo Metal Corp. | | | 64,170 | | | | 172,890 | |
Nippon Telegraph & Telephone Corp. | | | 3,500 | | | | 182,423 | |
Nippon Yusen K.K. | | | 13,000 | | | | 34,396 | |
Nissan Motor Co., Ltd. | | | 20,200 | | | | 202,457 | |
Nisshin Seifun Group, Inc. | | | 1,500 | | | | 17,974 | |
Nissin Foods Holdings Co., Ltd. | | | 500 | | | | 20,220 | |
Nitori Holdings Co., Ltd. | | | 300 | | | | 24,153 | |
Nitto Denko Corp. | | | 1,500 | | | | 96,203 | |
NKSJ Holdings, Inc. | | | 2,825 | | | | 67,135 | |
NOK Corp. | | | 1,000 | | | | 15,855 | |
Nomura Holdings, Inc. | | | 30,100 | | | | 221,559 | |
Nomura Real Estate Holdings, Inc. | | | 1,000 | | | | 22,090 | |
Nomura Real Estate Office Fund, Inc. | | | 2 | | | | 8,771 | |
Nomura Research Institute Ltd. | | | 1,000 | | | | 32,477 | |
NSK Ltd. | | | 3,000 | | | | 28,620 | |
NTT Data Corp. | | | 10 | | | | 35,620 | |
NTT DOCOMO, Inc. | | | 132 | | | | 205,353 | |
NTT Urban Development Corp. | | | 10 | | | | 12,274 | |
Obayashi Corp. | | | 6,000 | | | | 31,111 | |
Odakyu Electric Railway Co., Ltd. | | | 5,000 | | | | 48,828 | |
Oji Holdings Corp. | | | 6,000 | | | | 24,185 | |
Olympus Corp.* | | | 1,500 | | | | 45,581 | |
Omron Corp. | | | 1,600 | | | | 47,701 | |
Ono Pharmaceutical Co., Ltd. | | | 600 | | | | 40,842 | |
Oracle Corp. Japan | | | 200 | | | | 8,284 | |
Oriental Land Co., Ltd. | | | 400 | | | | 61,902 | |
ORIX Corp. | | | 8,800 | | | | 120,091 | |
138
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Osaka Gas Co., Ltd. | | | 16,000 | | | $ | 67,558 | |
Otsuka Corp. | | | 100 | | | | 11,153 | |
Otsuka Holdings Co., Ltd. | | | 3,000 | | | | 99,057 | |
Panasonic Corp. | | | 18,200 | | | | 146,547 | |
Park24 Co., Ltd. | | | 800 | | | | 14,514 | |
Rakuten, Inc. | | | 6,300 | | | | 74,497 | |
Resona Holdings, Inc. | | | 16,200 | | | | 78,897 | |
Ricoh Co., Ltd. | | | 5,000 | | | | 59,252 | |
Rinnai Corp. | | | 300 | | | | 21,332 | |
Rohm Co., Ltd. | | | 900 | | | | 36,550 | |
Sankyo Co., Ltd. | | | 400 | | | | 18,901 | |
Sanrio Co., Ltd. | | | 300 | | | | 13,916 | |
Santen Pharmaceutical Co., Ltd. | | | 600 | | | | 25,965 | |
SBI Holdings, Inc. | | | 1,710 | | | | 18,800 | |
Secom Co., Ltd. | | | 1,800 | | | | 97,867 | |
Sega Sammy Holdings, Inc. | | | 1,900 | | | | 47,610 | |
Sekisui Chemical Co., Ltd. | | | 3,000 | | | | 31,856 | |
Sekisui House Ltd. | | | 5,000 | | | | 72,242 | |
Seven & I Holdings Co., Ltd. | | | 6,500 | | | | 238,052 | |
Seven Bank Ltd. | | | 5,300 | | | | 19,213 | |
Sharp Corp.* | | | 7,000 | | | | 28,185 | |
Shikoku Electric Power Co., Inc.* | | | 1,300 | | | | 23,476 | |
Shimadzu Corp. | | | 1,000 | | | | 8,050 | |
Shimamura Co., Ltd. | | | 200 | | | | 24,278 | |
Shimano, Inc. | | | 700 | | | | 59,629 | |
Shimizu Corp. | | | 5,000 | | | | 20,100 | |
Shin-Etsu Chemical Co., Ltd. | | | 3,500 | | | | 231,648 | |
Shinsei Bank Ltd. | | | 14,000 | | | | 31,792 | |
Shionogi & Co., Ltd. | | | 2,800 | | | | 58,390 | |
Shiseido Co., Ltd. | | | 3,300 | | | | 49,100 | |
Showa Denko K.K. | | | 9,000 | | | | 11,869 | |
Showa Shell Sekiyu K.K. | | | 2,200 | | | | 18,050 | |
SMC Corp. | | | 500 | | | | 100,238 | |
Softbank Corp. | | | 8,100 | | | | 471,501 | |
Sojitz Corp. | | | 9,400 | | | | 15,596 | |
Sony Corp. | | | 8,400 | | | | 177,460 | |
Sony Financial Holdings, Inc. | | | 1,200 | | | | 18,893 | |
Stanley Electric Co., Ltd. | | | 1,300 | | | | 25,256 | |
Sumco Corp. | | | 1,000 | | | | 10,954 | |
Sumitomo Chemical Co., Ltd. | | | 15,000 | | | | 47,047 | |
Sumitomo Corp. | | | 9,900 | | | | 123,390 | |
Sumitomo Electric Industries Ltd. | | | 5,900 | | | | 70,234 | |
Sumitomo Heavy Industries Ltd. | | | 3,000 | | | | 12,597 | |
Sumitomo Metal Mining Co., Ltd. | | | 4,000 | | | | 44,555 | |
Sumitomo Mitsui Financial Group, Inc. | | | 10,700 | | | | 489,772 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 26,430 | | | | 123,319 | |
Sumitomo Realty & Development Co., Ltd. | | | 3,000 | | | | 119,562 | |
Sumitomo Rubber Industries Ltd. | | | 1,200 | | | | 19,589 | |
Suruga Bank Ltd. | | | 2,000 | | | | 36,269 | |
Suzuken Co., Ltd. | | | 400 | | | | 13,462 | |
Suzuki Motor Corp. | | | 2,800 | | | | 64,541 | |
Sysmex Corp. | | | 700 | | | | 45,847 | |
T&D Holdings, Inc. | | | 5,400 | | | | 72,233 | |
Taiheiyo Cement Corp. | | | 7,000 | | | | 22,338 | |
Taisei Corp. | | | 8,000 | | | | 28,880 | |
Taisho Pharmaceutical Holdings Co., Ltd. | | | 300 | | | | 21,293 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Taiyo Nippon Sanso Corp. | | | 1,000 | | | $ | 6,896 | |
Takashimaya Co., Ltd. | | | 3,000 | | | | 30,406 | |
Takeda Pharmaceutical Co., Ltd. | | | 6,600 | | | | 297,620 | |
TDK Corp. | | | 900 | | | | 31,014 | |
Teijin Ltd. | | | 6,000 | | | | 13,143 | |
Terumo Corp. | | | 1,100 | | | | 54,678 | |
The Bank of Kyoto Ltd. | | | 3,000 | | | | 24,984 | |
The Bank of Yokohama Ltd. | | | 10,000 | | | | 51,586 | |
The Chiba Bank Ltd. | | | 7,000 | | | | 47,760 | |
The Chugoku Bank Ltd. | | | 2,000 | | | | 28,025 | |
The Chugoku Electric Power Co., Inc. | | | 2,100 | | | | 32,928 | |
The Dai-ichi Life Insurance Co., Ltd. | | | 74 | | | | 106,230 | |
The Gunma Bank Ltd. | | | 3,000 | | | | 16,587 | |
The Hachijuni Bank Ltd. | | | 4,000 | | | | 23,338 | |
The Hiroshima Bank Ltd. | | | 4,000 | | | | 17,025 | |
The Iyo Bank Ltd. | | | 3,000 | | | | 28,673 | |
The Japan Steel Works Ltd. | | | 2,000 | | | | 10,975 | |
The Joyo Bank Ltd. | | | 6,000 | | | | 32,769 | |
The Kansai Electric Power Co., Inc.* | | | 5,900 | | | | 80,761 | |
The Nishi-Nippon City Bank Ltd. | | | 7,000 | | | | 18,253 | |
The Shizuoka Bank Ltd. | | | 4,000 | | | | 43,143 | |
The Yokohama Rubber Co., Ltd. | | | 2,000 | | | | 20,082 | |
THK Co., Ltd. | | | 1,000 | | | | 20,983 | |
Tobu Railway Co., Ltd. | | | 9,000 | | | | 46,383 | |
Toho Co., Ltd. | | | 900 | | | | 18,511 | |
Toho Gas Co., Ltd. | | | 3,000 | | | | 15,514 | |
Tohoku Electric Power Co., Inc.* | | | 4,400 | | | | 54,938 | |
Tokio Marine Holdings, Inc. | | | 5,900 | | | | 186,174 | |
Tokyo Electric Power Co., Inc.* | | | 12,200 | | | | 62,981 | |
Tokyo Electron Ltd. | | | 1,500 | | | | 75,839 | |
Tokyo Gas Co., Ltd. | | | 21,000 | | | | 115,858 | |
Tokyo Tatemono Co., Ltd. | | | 3,000 | | | | 24,963 | |
Tokyu Corp. | | | 10,000 | | | | 65,478 | |
Tokyu Land Corp. | | | 3,000 | | | | 27,462 | |
TonenGeneral Sekiyu K.K. | | | 2,000 | | | | 19,353 | |
Toppan Printing Co., Ltd. | | | 4,000 | | | | 27,748 | |
Toray Industries, Inc. | | | 13,000 | | | | 84,001 | |
Toshiba Corp. | | | 33,000 | | | | 158,188 | |
TOTO Ltd. | | | 2,000 | | | | 20,336 | |
Toyo Seikan Kaisha Group Holdings Ltd. | | | 1,000 | | | | 15,393 | |
Toyo Suisan Kaisha Ltd. | | | 1,000 | | | | 33,273 | |
Toyoda Gosei Co., Ltd. | | | 400 | | | | 9,780 | |
Toyota Boshoku Corp | | | 900 | | | | 12,941 | |
Toyota Industries Corp. | | | 1,200 | | | | 49,006 | |
Toyota Motor Corp. | | | 23,300 | | | | 1,405,406 | |
Toyota Tsusho Corp. | | | 1,800 | | | | 46,283 | |
Trend Micro, Inc. | | | 1,100 | | | | 34,972 | |
Tsumura & Co. | | | 600 | | | | 17,682 | |
Ube Industries Ltd. | | | 7,000 | | | | 12,950 | |
Unicharm Corp. | | | 1,000 | | | | 56,558 | |
United Urban Investment Corp | | | 19 | | | | 25,650 | |
USS Co., Ltd. | | | 220 | | | | 27,890 | |
West Japan Railway Co. | | | 1,300 | | | | 55,133 | |
Yahoo! Japan Corp. | | | 106 | | | | 52,196 | |
Yakult Honsha Co., Ltd. | | | 900 | | | | 37,320 | |
Yamada Denki Co., Ltd. | | | 830 | | | | 33,606 | |
139
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Yamaguchi Financial Group, Inc. | | | 2,000 | | | $ | 19,678 | |
Yamaha Corp. | | | 1,600 | | | | 18,332 | |
Yamaha Motor Co., Ltd. | | | 2,400 | | | | 31,085 | |
Yamato Holdings Co., Ltd. | | | 2,800 | | | | 58,969 | |
Yamato Kogyo Co., Ltd. | | | 300 | | | | 9,163 | |
Yamazaki Baking Co., Ltd. | | | 1,000 | | | | 11,736 | |
Yaskawa Electric Corp. | | | 2,000 | | | | 24,273 | |
Yokogawa Electric Corp. | | | 2,000 | | | | 23,910 | |
| | | | | | | | |
| | | | | | | 21,345,035 | |
| | | | | | | | |
| Jersey — 0.0% | | | | | | | | |
Randgold Resources Ltd. | | | 735 | | | | 46,575 | |
| | | | | | | | |
| Luxembourg — 0.3% | | | | | | | | |
ArcelorMittal | | | 8,713 | | | | 97,518 | |
Millicom International Cellular S.A. | | | 489 | | | | 35,219 | |
SES S.A. | | | 2,610 | | | | 74,780 | |
Tenaris S.A. | | | 4,127 | | | | 82,657 | |
| | | | | | | | |
| | | | | | | 290,174 | |
| | | | | | | | |
| Macau — 0.0% | | | | | | | | |
Wynn Macau Ltd. | | | 12,400 | | | | 33,353 | |
| | | | | | | | |
| Netherlands — 4.7% | | | | | | | | |
Aegon N.V. | | | 14,942 | | | | 100,246 | |
Akzo Nobel N.V. | | | 2,031 | | | | 114,601 | |
ASML Holding N.V. | | | 2,619 | | | | 206,745 | |
Corio N.V. | | | 732 | | | | 29,132 | |
DE Master Blenders 1753 N.V.* | | | 4,627 | | | | 74,079 | |
Delta Lloyd N.V. | | | 1,495 | | | | 29,960 | |
European Aeronautic Defence & Sapce Co. N.V. | | | 4,895 | | | | 261,885 | |
Fugro N.V. | | | 528 | | | | 28,689 | |
Gemalto N.V. | | | 710 | | | | 64,285 | |
Heineken Holdings N.V. | | | 933 | | | | 52,291 | |
Heineken N.V. | | | 1,938 | | | | 123,356 | |
ING Groep N.V.* | | | 32,429 | | | | 296,370 | |
Koninklijke Ahold N.V. | | | 8,855 | | | | 131,699 | |
Koninklijke Boskalis Westminster N.V. | | | 785 | | | | 28,596 | |
Koninklijke DSM N.V. | | | 1,342 | | | | 87,489 | |
Koninklijke KPN N.V.* | | | 27,099 | | | | 56,225 | |
Koninklijke Philips N.V. | | | 8,673 | | | | 236,434 | |
Koninklijke Vopak N.V. | | | 584 | | | | 34,470 | |
QIAGEN N.V.* | | | 1,994 | | | | 39,017 | |
Randstad Holding N.V. | | | 903 | | | | 37,121 | |
Reed Elsevier N.V. | | | 5,974 | | | | 99,493 | |
Royal Dutch Shell PLC, A Shares | | | 32,462 | | | | 1,036,973 | |
Royal Dutch Shell PLC, B Shares | | | 21,881 | | | | 724,680 | |
TNT Express N.V. | | | 3,428 | | | | 25,684 | |
Unilever N.V. | | | 14,022 | | | | 551,963 | |
Wolters Kluwer N.V. | | | 2,773 | | | | 58,736 | |
Ziggo N.V. | | | 1,430 | | | | 57,439 | |
| | | | | | | | |
| | | | | | | 4,587,658 | |
| | | | | | | | |
| New Zealand — 0.1% | | | | | | | | |
Auckland International Airport Ltd. | | | 6,300 | | | | 14,490 | |
Contact Energy Ltd. | | | 2,990 | | | | 11,833 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| New Zealand — (continued) | | | | | | | | |
Fletcher Building Ltd. | | | 6,425 | | | $ | 41,843 | |
SKYCITY Entertainment Group Ltd. | | | 4,623 | | | | 15,596 | |
Telecom Corp. of New Zealand Ltd. | | | 14,881 | | | | 25,913 | |
| | | | | | | | |
| | | | | | | 109,675 | |
| | | | | | | | |
| Norway — 0.7% | | | | | | | | |
Aker Solutions ASA | | | 1,631 | | | | 22,266 | |
DNB ASA | | | 8,532 | | | | 123,771 | |
Gjensidige Forsikring ASA | | | 1,418 | | | | 20,890 | |
Norsk Hydro ASA | | | 6,555 | | | | 26,285 | |
Orkla ASA | | | 6,430 | | | | 52,646 | |
Statoil ASA | | | 9,516 | | | | 196,582 | |
Telenor ASA | | | 6,166 | | | | 122,475 | |
Yara International ASA | | | 1,592 | | | | 63,488 | |
| | | | | | | | |
| | | | | | | 628,403 | |
| | | | | | | | |
| Portugal — 0.2% | | | | | | | | |
Banco Espirito Santo S.A.* | | | 19,299 | | | | 15,472 | |
EDP — Energias de Portugal S.A. | | | 16,826 | | | | 54,277 | |
Galp Energia SGPS, S.A., B Shares | | | 2,276 | | | | 33,739 | |
Jeronimo Martins SGPS, S.A. | | | 2,107 | | | | 44,408 | |
Portugal Telecom SGPS, S.A. | | | 4,543 | | | | 17,674 | |
| | | | | | | | |
| | | | | | | 165,570 | |
| | | | | | | | |
| Singapore — 1.6% | | | | | | | | |
Ascendas Real Estate Investment Trust | | | 15,000 | | | | 26,287 | |
CapitaCommercial Trust | | | 16,000 | | | | 18,458 | |
CapitaLand Ltd. | | | 23,000 | | | | 55,568 | |
CapitaMall Trust | | | 21,700 | | | | 34,052 | |
CapitaMalls Asia Ltd. | | | 7,000 | | | | 10,040 | |
City Developments Ltd. | | | 3,000 | | | | 25,238 | |
ComfortDelGro Corp. Ltd. | | | 14,000 | | | | 20,120 | |
DBS Group Holdings Ltd. | | | 14,827 | | | | 180,413 | |
Genting Singapore PLC | | | 55,000 | | | | 57,032 | |
Global Logistic Properties Ltd. | | | 26,000 | | | | 56,240 | |
Golden Agri-Resources Ltd. | | | 65,000 | | | | 28,615 | |
Hutchison Port Holdings Trust | | | 35,100 | | | | 25,799 | |
Jardine Cycle & Carriage Ltd. | | | 1,000 | | | | 33,434 | |
Keppel Corp. Ltd. | | | 11,600 | | | | 94,880 | |
Keppel Land Ltd. | | | 5,431 | | | | 14,282 | |
Olam International Ltd. | | | 10,179 | | | | 13,102 | |
Oversea-Chinese Banking Corp. Ltd. | | | 21,133 | | | | 166,129 | |
SembCorp Industries Ltd. | | | 9,000 | | | | 35,014 | |
SembCorp Marine Ltd. | | | 7,000 | | | | 23,721 | |
Singapore Airlines Ltd. | | | 4,000 | | | | 31,928 | |
Singapore Exchange Ltd. | | | 8,000 | | | | 44,219 | |
Singapore Press Holdings Ltd. | | | 15,000 | | | | 49,301 | |
Singapore Technologies Engineering Ltd. | | | 12,000 | | | | 39,530 | |
Singapore Telecommunications Ltd. | | | 65,000 | | | | 192,518 | |
StarHub, Ltd. | | | 5,000 | | | | 16,440 | |
United Overseas Bank Ltd. | | | 10,345 | | | | 161,549 | |
UOL Group Ltd. | | | 4,000 | | | | 21,146 | |
Wilmar International Ltd. | | | 18,000 | | | | 44,518 | |
| | | | | | | | |
| | | | | | | 1,519,573 | |
| | | | | | | | |
140
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Spain — 2.8% | | | | | | | | |
Abertis Infraestructuras S.A. | | | 3,395 | | | $ | 59,153 | |
Acciona S.A. | | | 126 | | | | 6,643 | |
ACS Actividades de Construccion y Servicios S.A. | | | 1,331 | | | | 35,210 | |
Amadeus IT Holding S.A. | | | 3,201 | | | | 102,448 | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 46,022 | | | | 386,760 | |
Banco de Sabadell S.A. | | | 24,455 | | | | 40,570 | |
Banco Popular Espanol S.A.* | | | 9,749 | | | | 29,844 | |
Banco Santander S.A. | | | 91,835 | | | | 587,672 | |
Bankia S.A.* | | | 33,916 | | | | 26,274 | |
CaixaBank | | | 10,934 | | | | 33,584 | |
Distribuidora Internacional de Alimentacion S.A. | | | 5,983 | | | | 45,197 | |
Enagas S.A. | | | 1,741 | | | | 43,030 | |
Ferrovial S.A. | | | 3,335 | | | | 53,243 | |
Gas Natural SDG S.A. | | | 2,920 | | | | 58,831 | |
Grifols S.A. | | | 1,270 | | | | 46,659 | |
Iberdrola S.A. | | | 40,906 | | | | 216,171 | |
Inditex S.A. | | | 1,858 | | | | 229,174 | |
Mapfre S.A. | | | 5,533 | | | | 18,002 | |
Red Electrica de Espana S.A. | | | 1,008 | | | | 55,427 | |
Repsol S.A. | | | 7,114 | | | | 150,140 | |
Telefonica S.A.* | | | 35,056 | | | | 451,007 | |
Zardoya Otis S.A. | | | 1,428 | | | | 20,222 | |
| | | | | | | | |
| | | | | | | 2,695,261 | |
| | | | | | | | |
| Sweden — 3.1% | | | | | | | | |
Alfa Laval AB | | | 2,688 | | | | 54,903 | |
Assa Abloy AB, B Shares | | | 2,855 | | | | 111,578 | |
Atlas Copco AB, A Shares | | | 5,624 | | | | 135,549 | |
Atlas Copco AB, B Shares | | | 3,512 | | | | 75,159 | |
Boliden AB | | | 1,883 | | | | 23,340 | |
Electrolux AB, B Shares | | | 2,141 | | | | 54,028 | |
Elekta AB, B Shares | | | 3,250 | | | | 49,395 | |
Getinge AB, B Shares | | | 1,862 | | | | 56,532 | |
Hennes & Mauritz AB, B Shares | | | 7,954 | | | | 261,698 | |
Hexagon AB, B Shares | | | 2,213 | | | | 59,157 | |
Husqvarna AB, B Shares | | | 2,834 | | | | 14,967 | |
Industrivarden AB, C Shares | | | 1,227 | | | | 20,489 | |
Investment AB Kinnevik, B Shares | | | 1,915 | | | | 49,095 | |
Investor AB, B Shares | | | 3,851 | | | | 103,364 | |
Lundin Petroleum AB* | | | 2,072 | | | | 40,981 | |
Nordea Bank AB | | | 22,401 | | | | 250,158 | |
Ratos AB, B Shares | | | 1,400 | | | | 10,857 | |
Sandvik AB | | | 8,368 | | | | 99,942 | |
Scania AB, B Shares | | | 2,955 | | | | 59,120 | |
Securitas AB, B Shares | | | 1,984 | | | | 17,345 | |
Skandinaviska Enskilda Banken AB, A Shares | | | 12,780 | | | | 122,011 | |
Skanska AB, B Shares | | | 3,416 | | | | 56,611 | |
SKF AB, B Shares | | | 3,364 | | | | 78,809 | |
Svenska Cellulosa AB, B Shares | | | 4,990 | | | | 125,143 | |
Svenska Handelsbanken AB, A Shares | | | 4,170 | | | | 167,069 | |
Swedbank AB, A Shares | | | 7,619 | | | | 174,510 | |
Swedish Match AB | | | 1,891 | | | | 67,120 | |
Tele2 AB, B Shares* | | | 2,927 | | | | 34,362 | |
Telefonaktiebolaget LM Ericsson, B Shares | | | 25,280 | | | | 286,671 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Sweden — (continued) | | | | | | | | |
TeliaSonera AB | | | 20,037 | | | $ | 130,575 | |
Volvo AB, B Shares | | | 13,105 | | | | 174,879 | |
| | | | | | | | |
| | | | | | | 2,965,417 | |
| | | | | | | | |
| Switzerland — 9.6% | | | | | | | | |
ABB Ltd.* | | | 18,855 | | | | 408,436 | |
Actelion Ltd.* | | | 893 | | | | 53,792 | |
Adecco S.A.* | | | 1,194 | | | | 68,001 | |
Aryzta AG* | | | 816 | | | | 45,805 | |
Baloise Holding AG | | | 439 | | | | 42,638 | |
Banque Cantonale Vaudoise | | | 32 | | | | 15,862 | |
Barry Callebaut AG* | | | 11 | | | | 10,068 | |
Coca-Cola HBC AG* | | | 1,858 | | | | 43,491 | |
Coca-Cola HBC AG* | | | 1,187 | | | | 27,177 | |
Compagnie Financiere Richemont S.A. | | | 4,358 | | | | 384,325 | |
Credit Suisse Group AG* | | | 12,606 | | | | 333,732 | |
EMS-Chemie Holding AG | | | 65 | | | | 19,252 | |
Geberit AG* | | | 325 | | | | 80,510 | |
Givaudan S.A.* | | | 72 | | | | 92,777 | |
Glencore Xstrata PLC* | | | 84,088 | | | | 348,083 | |
Holcim Ltd.* | | | 1,887 | | | | 131,347 | |
Julius Baer Group Ltd.* | | | 1,980 | | | | 77,276 | |
Kuehne + Nagel International AG | | | 442 | | | | 48,494 | |
Lindt & Spruengli AG | | | 1 | | | | 43,511 | |
Lindt & Spruengli AG, Participation Certificates | | | 7 | | | | 26,276 | |
Lonza Group AG* | | | 511 | | | | 38,395 | |
Nestle S.A. | | | 27,132 | | | | 1,780,413 | |
Novartis AG | | | 19,353 | | | | 1,370,784 | |
Pargesa Holding S.A. | | | 223 | | | | 14,859 | |
Partners Group Holding AG | | | 138 | | | | 37,354 | |
Roche Holding AG | | | 5,911 | | | | 1,467,094 | |
Schindler Holding AG | | | 145 | | | | 19,638 | |
Schindler Holding AG, Participation Certificates | | | 453 | | | | 63,030 | |
SGS S.A. | | | 47 | | | | 100,905 | |
Sika AG | | | 20 | | | | 51,715 | |
Sonova Holding AG* | | | 465 | | | | 49,195 | |
STMicroelectronics N.V. | | | 4,919 | | | | 44,206 | |
Sulzer AG | | | 224 | | | | 35,769 | |
Swiss Life Holding AG* | | | 300 | | | | 48,697 | |
Swiss Prime Site AG* | | | 430 | | | | 31,611 | |
Swiss Re AG* | | | 3,014 | | | | 224,244 | |
Swisscom AG | | | 198 | | | | 86,679 | |
Syngenta AG | | | 789 | | | | 307,678 | |
The Swatch Group AG | | | 257 | | | | 140,383 | |
The Swatch Group AG, Registered Shares | | | 408 | | | | 38,366 | |
Transocean Ltd. | | | 2,097 | | | | 100,551 | |
Transocean Ltd. | | | 928 | | | | 44,560 | |
UBS AG* | | | 30,519 | | | | 518,025 | |
Wolseley PLC | | | 2,276 | | | | 105,014 | |
Zurich Insurance Group AG* | | | 1,224 | | | | 317,272 | |
| | | | | | | | |
| | | | | | | 9,337,290 | |
| | | | | | | | |
| United Kingdom — 18.5% | | | | | | | | |
3i Group PLC | | | 8,442 | | | | 43,347 | |
Aberdeen Asset Management PLC | | | 7,687 | | | | 44,736 | |
Admiral Group PLC | | | 1,957 | | | | 39,422 | |
141
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| United Kingdom — (continued) | |
Aggreko PLC | | | 2,267 | | | $ | 56,663 | |
AMEC PLC | | | 2,494 | | | | 38,144 | |
Anglo American PLC | | | 11,557 | | | | 222,712 | |
Antofagasta PLC | | | 3,403 | | | | 41,235 | |
ARM Holdings PLC | | | 11,679 | | | | 141,283 | |
Associated British Foods PLC | | | 3,044 | | | | 80,301 | |
AstraZeneca PLC | | | 10,552 | | | | 498,889 | |
Aviva PLC | | | 24,226 | | | | 124,865 | |
Babcock International Group PLC | | | 3,027 | | | | 50,826 | |
BAE Systems PLC | | | 27,534 | | | | 160,345 | |
Barclays PLC | | | 102,794 | | | | 437,776 | |
BG Group PLC | | | 28,500 | | | | 484,333 | |
BHP Billiton PLC | | | 17,687 | | | | 450,983 | |
BP PLC | | | 160,799 | | | | 1,115,943 | |
British American Tobacco PLC | | | 16,237 | | | | 832,794 | |
British Land Co. PLC | | | 8,292 | | | | 71,433 | |
British Sky Broadcasting Group PLC | | | 9,078 | | | | 109,363 | |
BT Group PLC | | | 66,035 | | | | 310,020 | |
Bunzl PLC | | | 2,940 | | | | 57,342 | |
Burberry Group PLC | | | 3,783 | | | | 77,826 | |
Carnival PLC | | | 1,577 | | | | 54,817 | |
Centrica PLC | | | 43,989 | | | | 240,609 | |
Cobham PLC | | | 8,466 | | | | 33,755 | |
Compass Group PLC | | | 15,226 | | | | 194,553 | |
Croda International PLC | | | 1,228 | | | | 46,308 | |
Diageo PLC | | | 21,198 | | | | 607,884 | |
Direct Line Insurance Group PLC | | | 6,941 | | | | 24,664 | |
easyjet PLC | | | 1,334 | | | | 26,294 | |
Fresnillo PLC | | | 1,200 | | | | 16,201 | |
G4S PLC | | | 12,521 | | | | 44,149 | |
GKN PLC | | | 14,782 | | | | 67,663 | |
GlaxoSmithKline PLC | | | 41,280 | | | | 1,031,851 | |
Hammerson PLC | | | 5,215 | | | | 38,668 | |
Hargreaves Lansdown PLC | | | 1,892 | | | | 25,556 | |
HSBC Holdings PLC | | | 156,409 | | | | 1,619,179 | |
ICAP PLC | | | 3,290 | | | | 18,165 | |
IMI PLC | | | 2,841 | | | | 53,549 | |
Imperial Tobacco Group PLC | | | 8,326 | | | | 288,703 | |
Inmarsat PLC | | | 3,494 | | | | 35,782 | |
Intercontinental Hotels Group PLC | | | 2,355 | | | | 64,721 | |
International Consolidated Airlines Group S.A. (London Main Market Exchange)* | | | 2,764 | | | | 11,085 | |
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)* | | | 3,469 | | | | 13,927 | |
Intertek Group PLC | | | 1,257 | | | | 55,876 | |
Intu Properties PLC | | | 6,425 | | | | 30,542 | |
Invensys PLC | | | 5,914 | | | | 37,031 | |
Investec PLC | | | 3,627 | | | | 22,825 | |
ITV PLC | | | 33,457 | | | | 71,333 | |
J. Sainsbury PLC | | | 9,762 | | | | 52,762 | |
Johnson Matthey PLC | | | 1,762 | | | | 70,401 | |
Kingfisher PLC | | | 19,993 | | | | 104,240 | |
Land Securities Group PLC | | | 6,977 | | | | 93,707 | |
Legal & General Group PLC | | | 50,239 | | | | 130,941 | |
Lloyds Banking Group PLC* | | | 384,695 | | | | 369,429 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| United Kingdom — (continued) | |
London Stock Exchange Group PLC | | | 1,386 | | | $ | 28,172 | |
Marks & Spencer Group PLC | | | 13,650 | | | | 89,316 | |
Meggitt PLC | | | 7,306 | | | | 57,562 | |
National Grid PLC | | | 30,788 | | | | 349,003 | |
New Melrose PLC* | | | 9,971 | | | | 37,793 | |
Next PLC | | | 1,440 | | | | 99,750 | |
Old Mutual PLC | | | 40,891 | | | | 112,251 | |
Pearson PLC | | | 6,846 | | | | 121,752 | |
Persimmon PLC* | | | 2,549 | | | | 45,757 | |
Petrofac Ltd. | | | 1,906 | | | | 34,696 | |
Prudential PLC | | | 21,974 | | | | 358,679 | |
Reckitt Benckiser Group PLC | | | 5,396 | | | | 381,696 | |
Reed Elsevier PLC | | | 10,172 | | | | 115,678 | |
Rexam PLC | | | 7,158 | | | | 51,948 | |
Rio Tinto PLC | | | 10,484 | | | | 426,376 | |
Rolls-Royce Holdings PLC*~ | | | 1,893,409 | | | | 2,880 | |
Royal Bank of Scotland Group PLC* | | | 18,564 | | | | 77,037 | |
RSA Insurance Group PLC | | | 27,278 | | | | 49,488 | |
SABMiller PLC | | | 8,207 | | | | 393,474 | |
Schroders PLC | | | 1,114 | | | | 36,982 | |
Segro PLC | | | 7,540 | | | | 31,987 | |
Serco Group PLC | | | 4,866 | | | | 45,760 | |
Severn Trent PLC | | | 2,174 | | | | 55,050 | |
Smith & Nephew PLC | | | 7,583 | | | | 84,929 | |
Smiths Group PLC | | | 3,398 | | | | 67,603 | |
SSE PLC | | | 8,214 | | | | 190,217 | |
Standard Chartered PLC | | | 20,624 | | | | 447,758 | |
Standard Life PLC | | | 20,288 | | | | 106,770 | |
Subsea 7 S.A. | | | 2,461 | | | | 43,297 | |
Tate & Lyle PLC | | | 4,356 | | | | 54,654 | |
Tesco PLC | | | 68,988 | | | | 347,413 | |
The Capita PLC | | | 5,623 | | | | 82,653 | |
The Sage Group PLC | | | 8,870 | | | | 45,842 | |
The Weir Group PLC | | | 1,862 | | | | 60,886 | |
Travis Perkins PLC | | | 2,061 | | | | 45,635 | |
TUI Travel PLC | | | 5,421 | | | | 29,392 | |
Tullow Oil PLC | | | 7,372 | | | | 112,223 | |
Unilever PLC | | | 10,989 | | | | 444,861 | |
United Utilities Group PLC | | | 5,902 | | | | 61,406 | |
Vedanta Resources PLC | | | 511 | | | | 7,942 | |
Vodafone Group PLC | | | 414,750 | | | | 1,188,547 | |
W.M. Morrison Supermarkets PLC | | | 17,966 | | | | 71,513 | |
Whitbread PLC | | | 1,592 | | | | 74,060 | |
William Hill PLC | | | 7,259 | | | | 48,678 | |
WPP PLC | | | 10,309 | | | | 176,211 | |
| | | | | | | | |
| | | | | | | 17,883,328 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $85,589,197) | | | | 94,549,912 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.9% | | | | | | | | |
| Germany — 0.6% | | | | | | | | |
Bayerische Motoren Werke AG | | | 500 | | | | 34,148 | |
Henkel AG & Co. KGaA | | | 1,550 | | | | 145,559 | |
Porsche Automobil Holding SE | | | 1,303 | | | | 100,621 | |
142
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| PREFERRED STOCKS — (continued) | | | | | | | | |
| Germany — (continued) | | | | | | | | |
ProSiebenSat.1 Media AG* | | | 983 | | | $ | 42,161 | |
RWE AG | | | 206 | | | | 6,358 | |
Volkswagen AG | | | 1,232 | | | | 248,843 | |
| | | | | | | | |
| | | | | | | 577,690 | |
| | | | | | | | |
| United Kingdom — 0.3% | | | | | | | | |
Rolls-Royce Holdings PLC, Series C* | | | 15,911 | | | | 273,963 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $547,721) | | | | 851,653 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
| Spain — 0.0% | | | | | | | | |
Repsol S.A.*
(Cost $4,248) | | | 7,106 | | | | 3,959 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Belgium — 0.0% | | | | | | | | |
Anheuser-Busch InBev N.V.*
02/27/13
(Cost $0) | | | 256 | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.4% | | | | | | | | |
BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares
(Cost $1,403,051) | | | 1,403,051 | | | | 1,403,051 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $87,544,217) | | | $ | 96,808,575 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $55,132. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
PPS — Partially Protected Shares.
REIT — Real Estate Investment Trust.
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.4% | | | $ | 360,398 | |
Aerospace & Defense | | | 0.8% | | | | 710,146 | |
Agriculture | | | 1.7% | | | | 1,586,487 | |
Airlines | | | 0.2% | | | | 228,304 | |
Apparel | | | 0.8% | | | | 757,640 | |
Auto Manufacturers | | | 4.1% | | | | 3,862,019 | |
Auto Parts & Equipment | | | 1.2% | | | | 1,137,966 | |
Banks | | | 14.4% | | | | 13,617,894 | |
Beverages | | | 2.7% | | | | 2,520,796 | |
Biotechnology | | | 0.3% | | | | 303,413 | |
Building & Real Estate | | | 0.1% | | | | 45,757 | |
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Building Materials | | | 1.2% | | | $ | 1,086,587 | |
Chemicals | | | 4.1% | | | | 3,914,050 | |
Coal | | | —% | | | | 6,240 | |
Commercial Services | | | 1.5% | | | | 1,433,220 | |
Computers | | | 0.4% | | | | 363,812 | |
Cosmetics & Personal Care | | | 0.7% | | | | 660,563 | |
Distribution & Wholesale | | | 1.1% | | | | 1,021,933 | |
Diversified | | | —% | | | | 26,287 | |
Diversified Financial Services | | | 1.5% | | | | 1,401,669 | |
Diversified Operations | | | 0.2% | | | | 157,798 | |
Electric | | | 2.7% | | | | 2,594,775 | |
Electrical Components & Equipment | | | 1.0% | | | | 975,683 | |
Electronics | | | 1.2% | | | | 1,166,611 | |
Energy-Alternate Sources | | | —% | | | | 41,864 | |
Engineering & Construction | | | 1.3% | | | | 1,236,799 | |
Entertainment | | | 0.2% | | | | 178,440 | |
Environmental Control | | | —% | | | | 16,933 | |
Food | | | 5.5% | | | | 5,149,721 | |
Food Service | | | 0.2% | | | | 194,553 | |
Forest Products & Paper | | | 0.2% | | | | 230,194 | |
Gas | | | 0.8% | | | | 737,908 | |
Hand & Machine Tools | | | 0.4% | | | | 377,033 | |
Healthcare Products | | | 0.9% | | | | 866,341 | |
Healthcare Services | | | 0.2% | | | | 204,224 | |
Holding Companies | | | 0.6% | | | | 555,962 | |
Home Builders | | | 0.2% | | | | 178,606 | |
Home Furnishings | | | 0.4% | | | | 406,220 | |
Hotels & Resorts | | | 0.3% | | | | 264,861 | |
Household Products & Wares | | | 0.5% | | | | 508,589 | |
Industrial | | | —% | | | | 2,880 | |
Insurance | | | 5.2% | | | | 4,901,050 | |
Internet | | | 0.3% | | | | 291,571 | |
Investment Companies | | | 0.3% | | | | 325,583 | |
Iron & Steel | | | 0.6% | | | | 542,852 | |
Leisure Time | | | 0.3% | | | | 256,585 | |
Lodging | | | 0.4% | | | | 360,686 | |
Machinery — Construction & Mining | | | 0.4% | | | | 405,921 | |
Machinery — Diversified | | | 1.1% | | | | 1,050,452 | |
Media | | | 1.0% | | | | 952,337 | |
Metal Fabricate/Hardware | | | 0.4% | | | | 348,760 | |
Mining | | | 3.0% | | | | 2,861,031 | |
Miscellaneous Manufacturing | | | 1.3% | | | | 1,271,932 | |
Mixed Industrial/Office | | | 0.5% | | | | 436,182 | |
Office & Business Equipment | | | 0.4% | | | | 367,321 | |
Oil & Gas | | | 6.5% | | | | 6,134,812 | |
Oil & Gas Services | | | 0.4% | | | | 347,427 | |
Packaging and Containers | | | 0.2% | | | | 155,435 | |
Pharmaceuticals | | | 8.3% | | | | 7,857,888 | |
Pipelines | | | 0.1% | | | | 45,297 | |
Real Estate | | | 1.8% | | | | 1,734,240 | |
Real Estate Investment Trusts | | | 0.8% | | | | 783,663 | |
Retail | | | 2.9% | | | | 2,723,420 | |
Semiconductors | | | 0.7% | | | | 626,266 | |
Shipbuilding | | | —% | | | | 36,122 | |
Software | | | 0.9% | | | | 880,415 | |
Storage & Warehousing | | | —% | | | | 13,954 | |
Strip Centers | | | 0.3% | | | | 289,228 | |
Telecommunications | | | 5.6% | | | | 5,272,413 | |
143
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Developed International Index Fund
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Textiles | | | 0.1% | | | $ | 130,780 | |
Toys, Games & Hobbies | | | 0.2% | | | | 147,434 | |
Transportation | | | 1.8% | | | | 1,675,781 | |
Venture Capital | | | —% | | | | 43,347 | |
Water | | | 0.2% | | | | 188,551 | |
| |
| | |
| | | 100.0% | | | $ | 94,549,912 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 7,559,948 | | | $ | — | | | $ | 7,559,948 | | | $ | — | |
Austria | | | 243,417 | | | | — | | | | 243,417 | | | | — | |
Belgium | | | 1,111,380 | | | | 17,303 | | | | 1,094,077 | | | | — | |
Bermuda | | | 127,193 | | | | — | | | | 127,193 | | | | — | |
China | | | 47,180 | | | | — | | | | 47,180 | | | | — | |
Denmark | | | 1,085,064 | | | | 50,248 | | | | 1,034,816 | | | | — | |
Finland | | | 751,968 | | | | — | | | | 751,968 | | | | — | |
France | | | 8,590,243 | | | | 70,153 | | | | 8,520,090 | | | | — | |
Germany | | | 7,616,124 | | | | — | | | | 7,616,124 | | | | — | |
Greece | | | 36,655 | | | | — | | | | 36,655 | | | | — | |
Guernsey | | | 57,248 | | | | — | | | | 57,248 | | | | — | |
Hong Kong | | | 2,847,699 | | | | — | | | | 2,847,699 | | | | — | |
Ireland | | | 612,920 | | | | 67,833 | | | | 545,087 | | | | — | |
Israel | | | 472,569 | | | | — | | | | 472,569 | | | | — | |
Italy | | | 1,782,992 | | | | — | | | | 1,782,992 | | | | — | |
Japan | | | 21,345,035 | | | | 7,098 | | | | 21,337,937 | | | | — | |
Jersey | | | 46,575 | | | | — | | | | 46,575 | | | | — | |
Luxembourg | | | 290,174 | | | | — | | | | 290,174 | | | | — | |
Macau | | | 33,353 | | | | — | | | | 33,353 | | | | — | |
Netherlands | | | 4,587,658 | | | | 138,364 | | | | 4,449,294 | | | | — | |
New Zealand | | | 109,675 | | | | — | | | | 109,675 | | | | — | |
Norway | | | 628,403 | | | | — | | | | 628,403 | | | | — | |
Portugal | | | 165,570 | | | | — | | | | 165,570 | | | | — | |
Singapore | | | 1,519,573 | | | | 25,799 | | | | 1,493,774 | | | | — | |
Spain | | | 2,695,261 | | | | — | | | | 2,695,261 | | | | — | |
Sweden | | | 2,965,417 | | | | — | | | | 2,965,417 | | | | — | |
Switzerland | | | 9,337,290 | | | | 171,219 | | | | 9,166,071 | | | | — | |
United Kingdom | | | 17,883,328 | | | | — | | | | 17,883,328 | | | | — | |
PREFERRED STOCKS | | | 851,653 | | | | — | | | | 851,653 | | | | — | |
RIGHTS | | | 3,959 | | | | 3,959 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,403,051 | | | | 1,403,051 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 96,808,575 | | | $ | 1,955,027 | | | $ | 94,853,548 | | | $ | — | |
| |
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 significant 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.
Schedule of Investments — June 30, 2013 (Unaudited)
International Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 95.2% | | | | | | | | |
| Australia — 2.5% | |
Newcrest Mining Ltd. | | | 456,562 | | | $ | 4,214,627 | |
Ramsay Health Care Ltd. | | | 138,821 | | | | 4,537,465 | |
| | | | | | | | |
| | | | | | | 8,752,092 | |
| | | | | | | | |
| Belgium — 1.0% | | | | | | | | |
Anheuser-Busch InBev N.V. | | | 39,445 | | | | 3,551,340 | |
| | | | | | | | |
| Canada — 5.8% | | | | | | | | |
Bank of Nova Scotia | | | 104,487 | | | | 5,585,489 | |
Enbridge, Inc. | | | 157,673 | | | | 6,628,053 | |
Goldcorp, Inc. | | | 314,537 | | | | 7,811,835 | |
| | | | | | | | |
| | | | | | | 20,025,377 | |
| | | | | | | | |
| Denmark — 3.0% | | | | | | | | |
Novo Nordisk A/S, B Shares | | | 66,447 | | | | 10,330,013 | |
| | | | | | | | |
| France — 8.6% | | | | | | | | |
Bureau Veritas S.A. | | | 379,916 | | | | 9,838,010 | |
Essilor International S.A. | | | 54,009 | | | | 5,753,974 | |
Hermes International | | | 8,771 | | | | 2,830,986 | |
L’Oreal S.A. | | | 35,372 | | | | 5,814,576 | |
Pernod-Ricard S.A. | | | 49,945 | | | | 5,543,564 | |
| | | | | | | | |
| | | | | | | 29,781,110 | |
| | | | | | | | |
| Germany — 2.3% | | | | | | | | |
SAP AG | | | 112,184 | | | | 8,191,973 | |
| | | | | | | | |
| Hong Kong — 3.3% | | | | | | | | |
Cheung Kong Infrastructure Holdings Ltd. | | | 201,321 | | | | 1,341,475 | |
L’Occitane International SA | | | 1,027,495 | | | | 2,760,180 | |
Sands China Ltd. | | | 831,930 | | | | 3,887,666 | |
The Link REIT | | | 724,163 | | | | 3,553,959 | |
| | | | | | | | |
| | | | | | | 11,543,280 | |
| | | | | | | | |
| India — 12.3% | | | | | | | | |
HDFC Bank Ltd. | | | 998,059 | | | | 11,181,626 | |
HDFC Bank Ltd. ADR | | | 696 | | | | 25,223 | |
Hindustan Unilever Ltd. | | | 439,058 | | | | 4,323,345 | |
Housing Development Finance Corp. | | | 1,113,486 | | | | 16,392,518 | |
ITC Ltd. | | | 1,968,479 | | | | 10,713,003 | |
| | | | | | | | |
| | | | | | | 42,635,715 | |
| | | | | | | | |
| Ireland — 2.9% | | | | | | | | |
Accenture PLC, Class A | | | 67,859 | | | | 4,883,133 | |
Paddy Power PLC | | | 59,325 | | | | 5,119,683 | |
| | | | | | | | |
| | | | | | | 10,002,816 | |
| | | | | | | | |
| Italy — 0.7% | | | | | | | | |
Luxottica Group SpA | | | 47,444 | | | | 2,400,435 | |
| | | | | | | | |
| Japan — 1.3% | | | | | | | | |
Daito Trust Construction Co., Ltd. | | | 47,700 | | | | 4,494,282 | |
| | | | | | | | |
| Mexico — 1.0% | | | | | | | | |
Wal-Mart de Mexico S.A.B de C.V., Series V | | | 1,263,611 | | | | 3,541,928 | |
| | | | | | | | |
| Netherlands — 8.0% | | | | | | | | |
Core Laboratories N.V. | | | 76,762 | | | | 11,641,725 | |
Unilever N.V. | | | 409,528 | | | | 16,120,701 | |
| | | | | | | | |
| | | | | | | 27,762,426 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Switzerland — 16.0% | | | | | | | | |
DKSH Holding AG* | | | 80,483 | | | $ | 6,605,717 | |
Lindt & Spruengli AG, Participation Certificates | | | 1,672 | | | | 6,276,294 | |
Nestle S.A. | | | 229,232 | | | | 15,042,296 | |
Novartis AG | | | 12,022 | | | | 851,525 | |
Roche Holding AG | | | 3,224 | | | | 800,188 | |
SGS S.A. | | | 4,688 | | | | 10,064,770 | |
UBS AG* | | | 950,809 | | | | 16,138,879 | |
| | | | | | | | |
| | | | | | | 55,779,669 | |
| | | | | | | | |
| United Kingdom — 21.4% | | | | | | | | |
Barratt Developments PLC* | | | 731,607 | | | | 3,441,787 | |
British American Tobacco PLC | | | 393,630 | | | | 20,189,236 | |
Diageo PLC | | | 339,097 | | | | 9,724,109 | |
Domino’s Pizza UK & IRL PLC | | | 462,324 | | | | 4,713,112 | |
Fresnillo PLC | | | 389,078 | | | | 5,252,910 | |
HSBC Holdings PLC | | | 838,937 | | | | 8,684,852 | |
Persimmon PLC* | | | 243,862 | | | | 4,377,567 | |
Rolls-Royce Holdings PLC*~ | | | 43,562,330 | | | | 66,256 | |
SABMiller PLC | | | 232,935 | | | | 11,167,756 | |
Standard Chartered PLC | | | 321,051 | | | | 6,970,182 | |
| | | | | | | | |
| | | | | | | 74,587,767 | |
| | | | | | | | |
| United States — 5.1% | | | | | | | | |
Philip Morris International, Inc. | | | 204,177 | | | | 17,685,812 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $267,940,790) | | | | | | | 331,066,035 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.8% | | | | | | | | |
| United Kingdom — 1.8% | | | | | | | | |
Rolls-Royce Holdings PLC, Series C*
(Cost $4,334,430) | | | 366,070 | | | | 6,303,173 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.0% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $10,448,322) | | | 10,448,322 | | | | 10,448,322 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $282,723,542) | | | | | | $ | 347,817,530 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $66,256. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
145
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
International Equity Fund
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Agriculture | | | 14.7% | | | $ | 48,588,051 | |
Apparel | | | 0.8% | | | | 2,830,986 | |
Banks | | | 13.0% | | | | 43,000,762 | |
Beverages | | | 9.0% | | | | 29,986,769 | |
Building & Real Estate | | | 2.4% | | | | 7,819,354 | |
Commercial Services | | | 6.0% | | | | 19,902,780 | |
Computers | | | 1.5% | | | | 4,883,133 | |
Cosmetics & Personal Care | | | 2.6% | | | | 8,574,756 | |
Diversified Financial Services | | | 4.9% | | | | 16,392,518 | |
Entertainment | | | 1.5% | | | | 5,119,683 | |
Food | | | 11.3% | | | | 37,439,291 | |
Healthcare Products | | | 2.5% | | | | 8,154,409 | |
Healthcare Services | | | 1.4% | | | | 4,537,465 | |
Household Products & Wares | | | 1.3% | | | | 4,323,345 | |
Industrial | | | 2.4% | | | | 7,878,091 | |
Internet | | | 2.0% | | | | 6,605,717 | |
Investment Companies | | | 0.4% | | | | 1,341,475 | |
Lodging | | | 1.2% | | | | 3,887,666 | |
Mining | | | 2.9% | | | | 9,467,537 | |
Oil & Gas Services | | | 5.5% | | | | 18,269,778 | |
Pharmaceuticals | | | 3.6% | | | | 11,981,726 | |
Real Estate | | | 1.3% | | | | 4,494,282 | |
Real Estate Investment Trusts | | | 1.1% | | | | 3,553,959 | |
Retail | | | 2.5% | | | | 8,255,040 | |
Software | | | 2.5% | | | | 8,191,973 | |
Miscellaneous | | | 1.7% | | | | 5,585,489 | |
| |
| | |
| | | 100.0% | | | $ | 331,066,035 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 8,752,092 | | | $ | — | | | $ | 8,752,092 | | | $ | — | |
Belgium | | | 3,551,340 | | | | — | | | | 3,551,340 | | | | — | |
Canada | | | 20,025,377 | | | | 20,025,377 | | | | — | | | | — | |
Denmark | | | 10,330,013 | | | | — | | | | 10,330,013 | | | | — | |
France | | | 29,781,110 | | | | — | | | | 29,781,110 | | | | — | |
Germany | | | 8,191,973 | | | | — | | | | 8,191,973 | | | | — | |
Hong Kong | | | 11,543,280 | | | | — | | | | 11,543,280 | | | | — | |
India | | | 42,635,715 | | | | 4,348,568 | | | | 38,287,147 | | | | — | |
Ireland | | | 10,002,816 | | | | 10,002,816 | | | | — | | | | — | |
Italy | | | 2,400,435 | | | | — | | | | 2,400,435 | | | | — | |
Japan | | | 4,494,282 | | | | — | | | | 4,494,282 | | | | — | |
Mexico | | | 3,541,928 | | | | 3,541,928 | | | | — | | | | — | |
Netherlands | | | 27,762,426 | | | | 11,641,725 | | | | 16,120,701 | | | | — | |
Switzerland | | | 55,779,669 | | | | — | | | | 55,779,669 | | | | — | |
United Kingdom | | | 74,587,767 | | | | — | | | | 74,587,767 | | | | — | |
United States | | | 17,685,812 | | | | 17,685,812 | | | | — | | | | — | |
PREFERRED STOCKS | | | 6,303,173 | | | | — | | | | 6,303,173 | | | | — | |
SHORT-TERM INVESTMENTS | | | 10,448,322 | | | | 10,448,322 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 347,817,530 | | | $ | 77,694,548 | | | $ | 270,122,982 | | | $ | — | |
| |
Fair Value of Level 2 investments at 12/31/12 was $282,816,186 which was a result of valuing investments using third-party vendor modeling tools. An amount of $8,633,714 was transferred from Level 2 into Level 1 at 06/30/2013 as a result of using quoted prices in active market for such foreign securities.
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 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
146
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 93.4% | | | | | | | | |
| Austria — 0.6% | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | | 18,910 | | | $ | 877,219 | |
| | | | | | | | |
| Brazil — 4.6% | |
BRF — S.A. | | | 125,200 | | | | 2,705,041 | |
BRF — S.A. ADR | | | 2,600 | | | | 56,446 | |
CCR S.A. | | | 129,300 | | | | 1,029,138 | |
PDG Realty S.A. Empreendimentos e Participacoes* | | | 277,600 | | | | 258,771 | |
Petroleo Brasileiro S.A. | | | 43,349 | | | | 288,689 | |
Petroleo Brasileiro S.A. ADR | | | 28,100 | | | | 411,946 | |
Petroleo Brasileiro S.A. ADR | | | 39,800 | | | | 534,116 | |
Raia Drogasil S.A. | | | 58,500 | | | | 566,818 | |
Ultrapar Participacoes S.A. | | | 37,700 | | | | 900,029 | |
| | | | | | | | |
| | | | | | | 6,750,994 | |
| | | | | | | | |
| Chile — 1.2% | |
Empresa Nacional de Electricidad S.A. | | | 328,957 | | | | 483,675 | |
Empresa Nacional de Electricidad S.A. ADR | | | 1,500 | | | | 66,255 | |
S.A.C.I. Falabella | | | 115,985 | | | | 1,255,619 | |
| | | | | | | | |
| | | | | | | 1,805,549 | |
| | | | | | | | |
| China — 7.8% | |
Bank of China Ltd., Class H | | | 5,920,000 | | | | 2,425,217 | |
Baoxin Auto Group Ltd. | | | 210,500 | | | | 133,933 | |
China Construction Bank Corp., Class H | | | 2,067,930 | | | | 1,453,173 | |
China Oilfield Services Ltd., Class H | | | 390,000 | | | | 758,506 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 456,400 | | | | 1,446,916 | |
China Petroleum & Chemical Corp.,Class H | | | 806,000 | | | | 564,010 | |
China Shenhua Energy Co. Ltd., Class H | | | 23,500 | | | | 59,739 | |
Qihoo 360 Technology Co. Ltd. ADR* | | | 16,541 | | | | 763,698 | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | | | 177,000 | | | | 330,881 | |
Sihuan Pharmaceutical Holdings Group Ltd | | | 340,000 | | | | 222,590 | |
Tencent Holdings Ltd. | | | 51,800 | | | | 2,022,647 | |
Tsingtao Brewery Co. Ltd., Class H | | | 104,000 | | | | 741,085 | |
Uni-President China Holdings Ltd. | | | 562,500 | | | | 569,159 | |
| | | | | | | | |
| | | | | | | 11,491,554 | |
| | | | | | | | |
| Colombia — 0.3% | |
Grupo de Inversiones Suramericana S.A. | | | 20,600 | | | | 400,919 | |
| | | | | | | | |
| Cyprus — 0.4% | |
Eurasia Drilling Co. Ltd. GDR | | | 17,910 | | | | 668,580 | |
| | | | | | | | |
| Hong Kong — 3.2% | |
Beijing Enterprises Holdings Ltd. | | | 73,000 | | | | 525,810 | |
Belle International Holdings Ltd. | | | 193,000 | | | | 263,846 | |
China Mengniu Dairy Co. Ltd. | | | 254,000 | | | | 906,673 | |
China Mobile Ltd. | | | 160,000 | | | | 1,657,097 | |
China Overseas Grand Oceans Group Ltd. | | | 196,000 | | | | 248,285 | |
China Overseas Land & Investment Ltd. | | | 248,000 | | | | 645,656 | |
Sino Biopharmaceutical | | | 860,000 | | | | 555,561 | |
| | | | | | | | |
| | | | | | | 4,802,928 | |
| | | | | | | | |
| Hungary — 0.8% | |
Richter Gedeon Nyrt | | | 7,988 | | | | 1,194,056 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| India — 9.0% | | | | | | | | |
ACC Ltd. | | | 40,019 | | | $ | 820,763 | |
Asian Paints Ltd. | | | 10,751 | | | | 836,592 | |
Glenmark Pharmaceuticals Ltd. | | | 105,850 | | | | 973,176 | |
HCL Technologies Ltd. | | | 53,218 | | | | 692,727 | |
HDFC Bank Ltd. | | | 139,356 | | | | 1,561,257 | |
HDFC Bank Ltd. ADR | | | 3,730 | | | | 135,175 | |
Idea Cellular Ltd.* | | | 319,400 | | | | 760,108 | |
IndusInd Bank Ltd. | | | 134,946 | | | | 1,057,499 | |
ING Vysya Bank Ltd.~ | | | 51,568 | | | | 535,943 | |
ITC Ltd. | | | 213,799 | | | | 1,163,553 | |
ITC Ltd. GDR | | | 47,905 | | | | 261,034 | |
Larsen & Toubro Ltd. | | | 26,007 | | | | 613,782 | |
Reliance Industries Ltd. | | | 37,817 | | | | 546,510 | |
Sun Pharmaceutical Industries Ltd. | | | 56,696 | | | | 963,609 | |
Tata Consultancy Services Ltd. | | | 47,190 | | | | 1,203,549 | |
Tata Steel Ltd. | | | 65,906 | | | | 302,761 | |
Zee Entertainment Enterprises Ltd. | | | 212,179 | | | | 842,003 | |
| | | | | | | | |
| | | | | | | 13,270,041 | |
| | | | | | | | |
| Indonesia — 5.1% | | | | | | | | |
Adaro Energy Tbk PT | | | 3,909,000 | | | | 336,076 | |
Bank Rakyat Indonesia Tbk PT | | | 850,000 | | | | 659,940 | |
Bank Tabungan Negara Persero Tbk PT | | | 4,956,198 | | | | 572,111 | |
Gudang Garam Tbk PT | | | 184,000 | | | | 935,485 | |
Harum Energy Tbk PT | | | 1,067,000 | | | | 323,402 | |
Indosat Tbk PT | | | 2,100,500 | | | | 1,108,352 | |
Kalbe Farma Tbk PT | | | 6,325,500 | | | | 913,130 | |
Lippo Karawaci Tbk PT | | | 7,458,000 | | | | 1,139,449 | |
Matahari Department Store Tbk PT* | | | 706,000 | | | | 825,519 | |
Semen Indonesia Persero Tbk PT | | | 409,000 | | | | 702,456 | |
| | | | | | | | |
| | | | | | | 7,515,920 | |
| | | | | | | | |
| Japan — 0.8% | | | | | | | | |
Nexon Co., Ltd. | | | 104,600 | | | | 1,155,313 | |
| | | | | | | | |
| Malaysia — 3.4% | | | | | | | | |
Astro Malaysia Holdings Bhd | | | 858,500 | | | | 821,145 | |
CIMB Group Holdings Bhd | | | 524,300 | | | | 1,366,763 | |
Gamuda Bhd | | | 672,700 | | | | 1,007,856 | |
IHH Healthcare Bhd* | | | 576,000 | | | | 720,053 | |
IJM Corp. Bhd | | | 585,200 | | | | 1,045,164 | |
| | | | | | | | |
| | | | | | | 4,960,981 | |
| | | | | | | | |
| Mexico — 4.6% | | | | | | | | |
Alfa S.A.B. de C.V. | | | 500,500 | | | | 1,203,599 | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | 14,800 | | | | 1,527,212 | |
Grupo Financiero Banorte S.A.B. de C.V., Series O | | | 88,900 | | | | 531,035 | |
Grupo Financiero Santander Mexico S.A.B. de C.V. ADR* | | | 96,400 | | | | 1,369,844 | |
Mexichem S.A.B. de C.V. | | | 188,326 | | | | 780,922 | |
Wal-Mart de Mexico S.A.B de C.V., Series V | | | 496,500 | | | | 1,391,700 | |
| | | | | | | | |
| | | | | | | 6,804,312 | |
| | | | | | | | |
| Netherlands — 0.7% | | | | | | | | |
Yandex N.V.* | | | 37,300 | | | | 1,030,599 | |
| | | | | | | | |
147
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Panama — 0.7% | | | | | | | | |
Copa Holdings S.A., Class A | | | 7,500 | | | $ | 983,400 | |
| | | | | | | | |
| Peru — 1.1% | | | | | | | | |
Credicorp Ltd. | | | 13,010 | | | | 1,664,760 | |
| | | | | | | | |
| Philippines — 4.9% | | | | | | | | |
BDO Unibank, Inc. | | | 708,800 | | | | 1,389,297 | |
Bloomberry Resorts Corp.* | | | 2,069,300 | | | | 429,965 | |
DMCI Holdings, Inc. | | | 800,020 | | | | 952,046 | |
International Container Terminal Services, Inc. | | | 436,570 | | | | 875,075 | |
LT Group Inc. | | | 1,065,100 | | | | 556,267 | |
Metro Pacific Investments Corp. | | | 10,182,900 | | | | 1,239,686 | |
Philippine Long Distance Telephone Co. | | | 12,405 | | | | 842,479 | |
SM Investments Corp. | | | 37,440 | | | | 922,274 | |
| | | | | | | | |
| | | | | | | 7,207,089 | |
| | | | | | | | |
| Poland — 2.7% | | | | | | | | |
Bank Pekao S.A. | | | 17,834 | | | | 804,933 | |
Bank Zachodni WBK S.A. | | | 18,241 | | | | 1,535,772 | |
Polskie Gomictwo Naftowe i Gazownictwo S.A.* | | | 584,840 | | | | 1,021,724 | |
Telekomunikacja Polska S.A. | | | 266,700 | | | | 611,902 | |
| | | | | | | | |
| | | | | | | 3,974,331 | |
| | | | | | | | |
| Portugal — 1.2% | | | | | | | | |
Jeronimo Martins SGPS, S.A. | | | 86,969 | | | | 1,832,996 | |
| | | | | | | | |
| Qatar — 0.1% | | | | | | | | |
Industries Qatar QSC | | | 5,351 | | | | 232,552 | |
| | | | | | | | |
| Russia — 2.7% | | | | | | | | |
Gazprom OAO ADR | | | 61,086 | | | | 401,335 | |
Lukoil OAO ADR | | | 30,965 | | | | 1,785,132 | |
Mail.Ru Group Ltd. GDR | | | 20,277 | | | | 581,139 | |
MegaFon OAO GDR* | | | 28,117 | | | | 868,228 | |
MMC Norilsk Nickel OJSC ADR | | | 25,766 | | | | 370,257 | |
| | | | | | | | |
| | | | | | | 4,006,091 | |
| | | | | | | | |
| South Africa — 2.6% | | | | | | | | |
AngloGold Ashanti Ltd. | | | 16,502 | | | | 235,902 | |
AngloGold Ashanti Ltd. ADR | | | 3,840 | | | | 54,912 | |
Life Healthcare Group Holdings Ltd. | | | 156,300 | | | | 592,822 | |
Naspers Ltd., N Shares | | | 18,925 | | | | 1,396,886 | |
Pick n Pay Stores Ltd. | | | 133,836 | | | | 536,132 | |
Sasol Ltd. | | | 23,000 | | | | 1,001,369 | |
| | | | | | | | |
| | | | | | | 3,818,023 | |
| | | | | | | | |
| South Korea — 12.1% | | | | | | | | |
Cheil Industries, Inc. | | | 6,557 | | | | 512,078 | |
Cheil Worldwide, Inc.* | | | 14,200 | | | | 304,827 | |
Cosmax, Inc. | | | 5,778 | | | | 230,054 | |
Coway Co. Ltd. | | | 16,106 | | | | 782,659 | |
GSretail Co. Ltd. | | | 14,390 | | | | 367,473 | |
Hotel Shilla Co. Ltd. | | | 9,909 | | | | 527,524 | |
Hyundai Engineering & Construction Co. Ltd. | | | 21,563 | | | | 1,048,582 | |
Hyundai Glovis Co. Ltd. | | | 4,278 | | | | 723,353 | |
Hyundai Motor Co. | | | 11,655 | | | | 2,285,902 | |
KT Corp. | | | 6,510 | | | | 203,540 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| South Korea — (continued) | | | | | | | | |
LG Display Co. Ltd.* | | | 11,700 | | | $ | 279,160 | |
LG Household & Health Care Ltd. | | | 1,281 | | | | 623,970 | |
LG Uplus Corp.* | | | 56,550 | | | | 591,265 | |
NCSoft Corp. | | | 4,554 | | | | 641,862 | |
Orion Corp. | | | 476 | | | | 396,615 | |
Paradise Co. Ltd. | | | 12,566 | | | | 253,640 | |
Samsung Electronics Co. Ltd. | | | 5,515 | | | | 6,446,066 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 1,273 | | | | 259,246 | |
Shinhan Financial Group Co. Ltd. | | | 18,018 | | | | 590,774 | |
SK C&C Co. Ltd. | | | 3,630 | | | | 315,940 | |
SK Telecom Co. Ltd. | | | 2,428 | | | | 446,522 | |
| | | | | | | | |
| | | | | | | 17,831,052 | |
| | | | | | | | |
| Spain — 0.3% | | | | | | | | |
Cemex Latam Holdings S.A.* | | | 77,101 | | | | 513,556 | |
| | | | | | | | |
| Switzerland — 1.6% | | | | | | | | |
Coca-Cola HBC AG* | | | 47,791 | | | | 1,118,670 | |
The Swatch Group AG | | | 2,259 | | | | 1,233,954 | |
| | | | | | | | |
| | | | | | | 2,352,624 | |
| | | | | | | | |
| Taiwan — 7.0% | | | | | | | | |
Asustek Computer, Inc. | | | 38,088 | | | | 325,835 | |
Chailease Holding Co. Ltd. | | | 397,000 | | | | 929,191 | |
CHC Healthcare Group | | | 35,000 | | | | 92,645 | |
China Life Insurance Co. Ltd.* | | | 592,007 | | | | 582,031 | |
Cleanaway Co. Ltd.* | | | 58,000 | | | | 440,911 | |
Eclat Textile Co. Ltd. | | | 37,000 | | | | 271,577 | |
Gourmet Master Co. Ltd. | | | 27,000 | | | | 155,012 | |
Hon Hai Precision Industry Co. Ltd. | | | 110,859 | | | | 270,943 | |
Lung Yen Life Service Corp. | | | 80,000 | | | | 259,849 | |
MediaTek, Inc. | | | 53,000 | | | | 611,015 | |
MStar Semiconductor, Inc. | | | 15,000 | | | | 107,535 | |
Siliconware Precision Industries Co. | | | 423,000 | | | | 532,546 | |
Synnex Technology International Corp. | | | 172,000 | | | | 223,447 | |
Taiwan Cement Corp. | | | 448,000 | | | | 548,900 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 988,769 | | | | 3,579,439 | |
TPK Holding Co. Ltd. | | | 9,000 | | | | 143,170 | |
Uni-President Enterprises Corp. | | | 641,954 | | | | 1,247,874 | |
| | | | | | | | |
| | | | | | | 10,321,920 | |
| | | | | | | | |
| Thailand — 7.1% | | | | | | | | |
Advanced Info Service PCL NVDR | | | 149,300 | | | | 1,349,737 | |
Bangkok Bank PCL NVDR | | | 247,100 | | | | 1,612,991 | |
Bank of Ayudhya PCL NVDR | | | 1,589,900 | | | | 1,808,170 | |
Banpu PCL | | | 6,800 | | | | 52,839 | |
Banpu PCL NVDR | | | 93,500 | | | | 724,147 | |
BTS Rail Mass Transit Growth Infrastructure Fund* | | | 2,381,800 | | | | 913,862 | |
Land and Houses PCL NVDR | | | 3,112,700 | | | | 1,131,558 | |
Minor International PCL | | | 623,300 | | | | 494,998 | |
Robinson Department Store PCL | | | 78,900 | | | | 154,197 | |
Robinson Department Store PCL NVDR | | | 318,500 | | | | 626,423 | |
Supalai PCL | | | 33,900 | | | | 19,346 | |
Supalai PCL NVDR | | | 1,242,100 | | | | 705,046 | |
Total Access Communication PCL NVDR | | | 236,400 | | | | 871,247 | |
| | | | | | | | |
| | | | | | | 10,464,561 | |
| | | | | | | | |
148
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Turkey — 3.3% | | | | | | | | |
Anadolu Efes Biracilik Ve Malt Sanayii A.S. | | | 108,829 | | | $ | 1,578,720 | |
Haci Omer Sabanci Holding A.S. | | | 175,444 | | | | 922,385 | |
Tupras Turkiye Petrol Rafinerilieri A.S. | | | 27,228 | | | | 664,856 | |
Turkiye Garanti Bankasi A.S. | | | 378,505 | | | | 1,649,898 | |
| | | | | | | | |
| | | | | | | 4,815,859 | |
| | | | | | | | |
| United Kingdom — 1.5% | | | | | | | | |
Mondi PLC | | | 79,257 | | | | 992,450 | |
SABMiller PLC | | | 25,581 | | | | 1,239,338 | |
| | | | | | | | |
| | | | | | | 2,231,788 | |
| | | | | | | | |
| United States — 2.0% | | | | | | | | |
Samsonite International S.A. | | | 579,600 | | | | 1,395,933 | |
Yum! Brands, Inc. | | | 22,440 | | | | 1,555,990 | |
| | | | | | | | |
| | | | | | | 2,951,923 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $124,568,485) | | | | | | | 137,931,490 | |
| | | | | | | | |
| PREFERRED STOCKS — 3.7% | | | | | | | | |
| Brazil — 2.6% | | | | | | | | |
Banco Bradesco S.A. | | | 122,030 | | | | 1,575,039 | |
Cia de Bebidas das Americas ADR | | | 44,100 | | | | 1,647,135 | |
Petroleo Brasileiro S.A. | | | 80,800 | | | | 587,709 | |
| | | | | | | | |
| | | | | | | 3,809,883 | |
| | | | | | | | |
| Colombia — 0.3% | | | | | | | | |
Grupo de Inversiones Suramericana S.A. | | | 25,300 | | | | 499,500 | |
| | | | | | | | |
| South Korea — 0.8% | | | | | | | | |
Samsung Electronics Co. Ltd. | | | 1,551 | | | | 1,196,097 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $4,541,437) | | | | | | | 5,505,480 | |
| | | | | | | | |
| EXCHANGE TRADED FUNDS — 1.6% | | | | | | | | |
| Chile — 0.6% | | | | | | | | |
Sociedad Quimica y Minera de Chile S.A. ADR | | | 19,900 | | | | 803,960 | |
| | | | | | | | |
| Mexico — 1.0% | | | | | | | | |
Cemex S.A.B. de C.V. ADR* | | | 142,896 | | | | 1,511,840 | |
| | | | | | | | |
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,343,981) | | | | | | | 2,315,800 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,895,475) | | | 1,895,475 | | | | 1,895,475 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $133,349,378) | | | | | | $ | 147,648,245 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2013 is $535,943. |
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% | | | $ | 304,827 | |
Agriculture | | | 1.7% | | | | 2,360,072 | |
Airlines | | | 0.7% | | | | 983,400 | |
Apparel | | | 0.2% | | | | 271,577 | |
Auto Manufacturers | | | 1.7% | | | | 2,285,902 | |
Banks | | | 16.0% | | | | 22,133,778 | |
Beverages | | | 4.9% | | | | 6,761,292 | |
Building Materials | | | 1.9% | | | | 2,585,675 | |
Chemicals | | �� | 2.0% | | | | 2,750,095 | |
Coal | | | 1.0% | | | | 1,436,464 | |
Commercial Services | | | 1.6% | | | | 2,164,062 | |
Computers | | | 1.3% | | | | 1,845,324 | |
Cosmetics & Personal Care | | | 0.6% | | | | 854,024 | |
Distribution & Wholesale | | | 0.3% | | | | 367,473 | |
Diversified Financial Services | | | 0.4% | | | | 590,774 | |
Electric | | | 0.4% | | | | 549,930 | |
Electrical Components & Equipment | | | 0.3% | | | | 429,965 | |
Electronics | | | 0.7% | | | | 916,720 | |
Engineering & Construction | | | 2.6% | | | | 3,622,266 | |
Entertainment | | | 0.2% | | | | 253,640 | |
Environmental Control | | | 0.9% | | | | 1,223,570 | |
Food | | | 5.6% | | | | 7,714,804 | |
Forest Products & Paper | | | 0.7% | | | | 992,450 | |
Gas | | | 0.4% | | | | 525,810 | |
Healthcare Products | | | 0.1% | | | | 92,645 | |
Healthcare Services | | | 1.0% | | | | 1,312,875 | |
Holding Companies | | | 2.3% | | | | 3,171,148 | |
Home Builders | | | 0.8% | | | | 1,131,558 | |
Hotels & Resorts | | | 0.4% | | | | 527,524 | |
Household Products & Wares | | | 1.0% | | | | 1,395,933 | |
Industrial | | | —% | | | | 59,739 | |
Insurance | | | 2.3% | | | | 3,165,412 | |
Internet | | | 3.7% | | | | 5,039,945 | |
Investment Companies | | | 0.3% | | | | 400,919 | |
Iron & Steel | | | 0.2% | | | | 302,761 | |
Media | | | 2.2% | | | | 3,060,034 | |
Mining | | | 0.5% | | | | 661,071 | |
Miscellaneous Manufacturing | | | 0.4% | | | | 512,078 | |
Oil & Gas | | | 5.2% | | | | 7,219,687 | |
Oil & Gas Services | | | 1.0% | | | | 1,427,086 | |
Pharmaceuticals | | | 3.5% | | | | 4,822,122 | |
Real Estate | | | 2.9% | | | | 3,945,744 | |
Retail | | | 7.6% | | | | 10,447,296 | |
Semiconductors | | | 8.2% | | | | 11,276,601 | |
Software | | | 1.3% | | | | 1,848,040 | |
Telecommunications | | | 6.7% | | | | 9,310,477 | |
Transportation | | | 1.2% | | | | 1,637,215 | |
Water | | | 0.9% | | | | 1,239,686 | |
| |
| | |
| | | 100.0% | | | $ | 137,931,490 | |
| | | | | | | | |
149
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Emerging Markets Equity Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2013 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Austria | | $ | 877,219 | | | $ | — | | | $ | 877,219 | | | $ | — | |
Brazil | | | 6,750,994 | | | | 6,750,994 | | | | — | | | | — | |
Chile | | | 1,805,549 | | | | 1,805,549 | | | | — | | | | — | |
China | | | 11,491,554 | | | | 763,698 | | | | 10,727,856 | | | | — | |
Colombia | | | 400,919 | | | | 400,919 | | | | — | | | | — | |
Cyprus | | | 668,580 | | | | 668,580 | | | | — | | | | — | |
Hong Kong | | | 4,802,928 | | | | — | | | | 4,802,928 | | | | — | |
Hungary | | | 1,194,056 | | | | — | | | | 1,194,056 | | | | — | |
India | | | 13,270,041 | | | | 396,209 | | | | 12,873,832 | | | | — | |
Indonesia | | | 7,515,920 | | | | — | | | | 7,515,920 | | | | — | |
Japan | | | 1,155,313 | | | | — | | | | 1,155,313 | | | | — | |
Malaysia | | | 4,960,981 | | | | — | | | | 4,960,981 | | | | — | |
Mexico | | | 6,804,312 | | | | 6,804,312 | | | | — | | | | — | |
Netherlands | | | 1,030,599 | | | | 1,030,599 | | | | — | | | | — | |
Panama | | | 983,400 | | | | 983,400 | | | | — | | | | — | |
Peru | | | 1,664,760 | | | | 1,664,760 | | | | — | | | | — | |
Philippines | | | 7,207,089 | | | | — | | | | 7,207,089 | | | | — | |
Poland | | | 3,974,331 | | | | — | | | | 3,974,331 | | | | — | |
Portugal | | | 1,832,996 | | | | — | | | | 1,832,996 | | | | — | |
Qatar | | | 232,552 | | | | — | | | | 232,552 | | | | — | |
Russia | | | 4,006,091 | | | | 4,006,091 | | | | — | | | | — | |
South Africa | | | 3,818,023 | | | | 54,912 | | | | 3,763,111 | | | | — | |
South Korea | | | 17,831,052 | | | | — | | | | 17,831,052 | | | | — | |
Spain | | | 513,556 | | | | 513,556 | | | | — | | | | — | |
Switzerland | | | 2,352,624 | | | | 1,118,670 | | | | 1,233,954 | | | | — | |
Taiwan | | | 10,321,920 | | | | — | | | | 10,321,920 | | | | — | |
Thailand | | | 10,464,561 | | | | 1,612,470 | | | | 8,852,091 | | | | — | |
Turkey | | | 4,815,859 | | | | — | | | | 4,815,859 | | | | — | |
United Kingdom | | | 2,231,788 | | | | — | | | | 2,231,788 | | | | — | |
United States | | | 2,951,923 | | | | 2,951,923 | | | | — | | | | — | |
PREFERRED STOCKS | | | 5,505,480 | | | | 4,309,383 | | | | 1,196,097 | | | | — | |
EXCHANGE TRADED FUNDS | | | 2,315,800 | | | | 2,315,800 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,895,475 | | | | 1,895,475 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 147,648,245 | | | $ | 40,047,300 | | | $ | 107,600,945 | | | $ | — | |
| |
Fair Value of Level 2 investments at 12/31/12 was $109,968,879 which was a result of valuing investments using third-party vendor modeling tools. An amount of $2,460,451 was transferred from Level 1 into Level 2 at 06/30/13 as a result of fair valuing such foreign securities using third-party vendor modeling tools. Such fair values are used to reflect the impact of significant market movements between the time at which the Fund values its securities and the earlier closing of foreign markets.
An amount of $103,863 was transferred from Level 2 into Level 1 at 06/30/2013 as a result of using quoted prices in active market for such foreign securities.
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 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
150
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Real Estate Securities Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 2.4% | | | | | | | | |
| Lodging — 1.5% | | | | | | | | |
Hyatt Hotels Corp., Class A* | | | 21,751 | | | $ | 877,870 | |
Orient-Express Hotels Ltd., Class A* | | | 61,692 | | | | 750,175 | |
| | | | | | | | |
| | | | | | | 1,628,045 | |
| | | | | | | | |
| Real Estate — 0.9% | | | | | | | | |
Forest City Enterprises, Inc., Class A* | | | 56,381 | | | | 1,009,784 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $2,363,230) | | | | | | | 2,637,829 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 95.8% | | | | | |
| Apartments — 14.4% | | | | | | | | |
Apartment Investment & Management Co., Class A | | | 68,643 | | | | 2,062,036 | |
BRE Properties, Inc. | | | 34,007 | | | | 1,701,030 | |
Equity Residential | | | 82,552 | | | | 4,792,969 | |
Essex Property Trust, Inc. | | | 10,849 | | | | 1,724,123 | |
Home Properties, Inc. | | | 31,714 | | | | 2,073,144 | |
UDR, Inc. | | | 137,971 | | | | 3,516,881 | |
| | | | | | | | |
| | | | | | | 15,870,183 | |
| | | | | | | | |
| Building & Real Estate — 3.6% | | | | | | | | |
Colony Financial, Inc. | | | 14,394 | | | | 286,297 | |
National Retail Properties, Inc. | | | 39,769 | | | | 1,368,054 | |
Realty Income Corp. | | | 36,148 | | | | 1,515,324 | |
WP Carey, Inc. | | | 13,050 | | | | 863,518 | |
| | | | | | | | |
| | | | | | | 4,033,193 | |
| | | | | | | | |
| Diversified — 10.2% | | | | | | | | |
American Assets Trust, Inc. | | | 25,340 | | | | 781,992 | |
Cousins Properties, Inc. | | | 57,298 | | | | 578,710 | |
Digital Realty Trust, Inc. | | | 24,861 | | | | 1,516,521 | |
Duke Realty Corp | | | 126,808 | | | | 1,976,937 | |
PS Business Parks, Inc. | | | 7,063 | | | | 509,737 | |
Retail Properties of America, Inc. Class A | | | 70,025 | | | | 999,957 | |
Vornado Realty Trust | | | 59,683 | | | | 4,944,736 | |
| | | | | | | | |
| | | | | | | 11,308,590 | |
| | | | | | | | |
| Healthcare — 11.4% | | | | | | | | |
HCP, Inc. | | | 37,197 | | | | 1,690,232 | |
Health Care REIT, Inc. | | | 70,524 | | | | 4,727,224 | |
Healthcare Trust of America, Inc.* | | | 71,047 | | | | 797,858 | |
Ventas, Inc. | | | 77,505 | | | | 5,383,497 | |
| | | | | | | | |
| | | | | | | 12,598,811 | |
| | | | | | | | |
| Hotels & Resorts — 6.3% | | | | | | | | |
Hersha Hospitality Trust | | | 132,956 | | | | 749,872 | |
Host Hotels & Resorts, Inc. | | | 191,279 | | | | 3,226,877 | |
RLJ Lodging Trust | | | 49,100 | | | | 1,104,259 | |
Strategic Hotels & Resorts, Inc.* | | | 126,198 | | | | 1,118,114 | |
Sunstone Hotel Investors, Inc.* | | | 66,963 | | | | 808,913 | |
| | | | | | | | |
| | | | | | | 7,008,035 | |
| | | | | | | | |
| Industrial — 5.6% | | | | | | | | |
First Industrial Realty Trust, Inc. | | | 45,285 | | | | 686,974 | |
ProLogis, Inc. | | | 146,074 | | | | 5,509,911 | |
| | | | | | | | |
| | | | | | | 6,196,885 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Manufactured Homes — 1.8% | | | | | | | | |
Equity Lifestyle Properties, Inc. | | | 18,032 | | | $ | 1,417,135 | |
Sun Communities, Inc. | | | 10,790 | | | | 536,910 | |
| | | | | | | | |
| | | | | | | 1,954,045 | |
| | | | | | | | |
| Office Property — 9.4% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 24,000 | | | | 1,577,280 | |
Boston Properties, Inc. | | | 10,689 | | | | 1,127,369 | |
Corporate Office Properties Trust | | | 40,896 | | | | 1,042,848 | |
Douglas Emmett, Inc. | | | 72,095 | | | | 1,798,770 | |
Hudson Pacific Properties, Inc. | | | 49,728 | | | | 1,058,212 | |
Mack-Cali Realty Corp. | | | 38,187 | | | | 935,200 | |
SL Green Realty Corp. | | | 31,918 | | | | 2,814,848 | |
| | | | | | | | |
| | | | | | | 10,354,527 | |
| | | | | | | | |
| Regional Malls — 16.8% | | | | | | | | |
CBL & Associates Properties, Inc. | | | 59,500 | | | | 1,274,490 | |
General Growth Properties, Inc. | | | 176,765 | | | | 3,512,321 | |
Glimcher Realty Trust | | | 117,609 | | | | 1,284,290 | |
Simon Property Group, Inc. | | | 79,345 | | | | 12,530,162 | |
| | | | | | | | |
| | | | | | | 18,601,263 | |
| | | | | | | | |
| Storage & Warehousing — 6.9% | | | | | | | | |
CubeSmart | | | 81,314 | | | | 1,299,398 | |
Extra Space Storage, Inc. | | | 27,957 | | | | 1,172,237 | |
Public Storage | | | 25,453 | | | | 3,902,708 | |
Sovran Self Storage, Inc. | | | 18,883 | | | | 1,223,430 | |
| | | | | | | | |
| | | | | | | 7,597,773 | |
| | | | | | | | |
| Strip Centers — 9.4% | | | | | | | | |
Alexander’s, Inc. | | | 473 | | | | 138,925 | |
Cedar Realty Trust, Inc. | | | 38,422 | | | | 199,026 | |
DDR Corp. | | | 99,610 | | | | 1,658,506 | |
Kimco Realty Corp. | | | 142,197 | | | | 3,047,282 | |
Ramco-Gershenson Properties Trust | | | 52,931 | | | | 822,018 | |
Regency Centers Corp. | | | 54,838 | | | | 2,786,319 | |
Weingarten Realty Investors | | | 58,043 | | | | 1,785,983 | |
| | | | | | | | |
| | | | | | | 10,438,059 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $98,606,263) | | | | 105,961,364 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.8% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,950,660) | | | 1,950,660 | | | | 1,950,660 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $102,920,153) | | | $ | 110,549,853 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
REIT — Real Estate Investment Trust.
151
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 2,637,829 | | | $ | 2,637,829 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 105,961,364 | | | | 105,961,364 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,950,660 | | | | 1,950,660 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 110,549,853 | | | $ | 110,549,853 | | | $ | — | | | $ | — | |
| |
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.
152
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 65.7% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 59,745 | | | $ | 1,921,985 | |
Penn Series Index 500 Fund* | | | 276,829 | | | | 3,363,475 | |
Penn Series Large Cap Growth Fund* | | | 190,673 | | | | 1,921,986 | |
Penn Series Large Cap Value Fund* | | | 269,186 | | | | 4,804,964 | |
Penn Series Large Core Growth Fund* | | | 40,142 | | | | 480,496 | |
Penn Series Large Core Value Fund* | | | 204,815 | | | | 2,402,482 | |
Penn Series Large Growth Stock Fund* | | | 71,931 | | | | 1,441,489 | |
Penn Series Mid Cap Growth Fund* | | | 128,819 | | | | 1,441,489 | |
Penn Series Mid Cap Value Fund* | | | 120,199 | | | | 1,921,985 | |
Penn Series Mid Core Value Fund* | | | 106,148 | | | | 1,441,489 | |
Penn Series Real Estate Securities Fund* | | | 135,066 | | | | 1,921,986 | |
Penn Series Small Cap Growth Fund* | | | 22,979 | | | | 480,496 | |
Penn Series Small Cap Index Fund* | | | 102,016 | | | | 1,441,489 | |
Penn Series Small Cap Value Fund* | | | 88,084 | | | | 1,921,986 | |
Penn Series SMID Cap Growth Fund* | | | 148,027 | | | | 2,402,482 | |
Penn Series SMID Cap Value Fund* | | | 147,663 | | | | 2,402,482 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $21,983,323) | | | | 31,712,761 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 4.0% | |
Penn Series Quality Bond Fund*
(Cost $1,779,914) | | | 150,862 | | | | 1,921,985 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 29.8% | |
Penn Series Developed International Index Fund* | | | 413,034 | | | | 4,324,468 | |
Penn Series Emerging Markets Equity Fund* | | | 310,570 | | | | 3,363,475 | |
Penn Series International Equity Fund* | | | 314,785 | | | | 6,726,949 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $11,760,506) | | | | 14,414,892 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $236,308) | | | 236,308 | | | | 236,308 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $35,760,051) | | | | | | $ | 48,285,946 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 31,712,761 | | | $ | 31,712,761 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 1,921,985 | | | | 1,921,985 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 14,414,892 | | | | 14,414,892 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 236,308 | | | | 236,308 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 48,285,946 | | | $ | 48,285,946 | | | $ | — | | | $ | — | |
| |
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.
153
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Moderately Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 56.0% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 244,432 | | | $ | 7,863,366 | |
Penn Series Index 500 Fund* | | | 970,786 | | | | 11,795,049 | |
Penn Series Large Cap Growth Fund* | | | 585,072 | | | | 5,897,524 | |
Penn Series Large Cap Value Fund* | | | 991,181 | | | | 17,692,573 | |
Penn Series Large Core Growth Fund* | | | 164,231 | | | | 1,965,841 | |
Penn Series Large Core Value Fund* | | | 670,364 | | | | 7,863,365 | |
Penn Series Large Growth Stock Fund* | | | 294,288 | | | | 5,897,524 | |
Penn Series Mid Cap Growth Fund* | | | 351,357 | | | | 3,931,683 | |
Penn Series Mid Cap Value Fund* | | | 491,768 | | | | 7,863,366 | |
Penn Series Mid Core Value Fund* | | | 434,280 | | | | 5,897,524 | |
Penn Series Real Estate Securities Fund* | | | 414,443 | | | | 5,897,524 | |
Penn Series Small Cap Growth Fund* | | | 94,014 | | | | 1,965,842 | |
Penn Series Small Cap Index Fund* | | | 417,376 | | | | 5,897,524 | |
Penn Series Small Cap Value Fund* | | | 270,281 | | | | 5,897,524 | |
Penn Series SMID Cap Growth Fund* | | | 484,496 | | | | 7,863,366 | |
Penn Series SMID Cap Value Fund* | | | 362,478 | | | | 5,897,524 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $72,110,624) | | | | 110,087,119 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 19.0% | |
Penn Series High Yield Bond Fund* | | | 386,977 | | | | 3,931,683 | |
Penn Series Limited Maturity Bond Fund* | | | 858,446 | | | | 9,829,207 | |
Penn Series Quality Bond Fund* | | | 1,851,656 | | | | 23,590,097 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $34,055,016) | | | | 37,350,987 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 25.0% | |
Penn Series Developed International Index Fund* | | | 1,502,076 | | | | 15,726,731 | |
Penn Series Emerging Markets Equity Fund* | | | 907,591 | | | | 9,829,207 | |
Penn Series International Equity Fund* | | | 1,103,888 | | | | 23,590,097 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $39,366,563) | | | | 49,146,035 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $145,532,203) | | | $ | 196,584,141 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 110,087,119 | | | $ | 110,087,119 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 37,350,987 | | | | 37,350,987 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 49,146,035 | | | | 49,146,035 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 196,584,141 | | | $ | 196,584,141 | | | $ | — | | | $ | — | |
| |
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.
154
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Moderate Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 44.0% | |
Penn Series Flexibly Managed Fund* | | | 592,451 | | | $ | 19,059,154 | |
Penn Series Index 500 Fund* | | | 1,307,212 | | | | 15,882,628 | |
Penn Series Large Cap Growth Fund* | | | 945,395 | | | | 9,529,577 | |
Penn Series Large Cap Value Fund* | | | 1,067,740 | | | | 19,059,154 | |
Penn Series Large Core Value Fund* | | | 812,411 | | | | 9,529,577 | |
Penn Series Large Growth Stock Fund* | | | 317,019 | | | | 6,353,051 | |
Penn Series Mid Cap Growth Fund* | | | 283,872 | | | | 3,176,526 | |
Penn Series Mid Cap Value Fund* | | | 595,971 | | | | 9,529,577 | |
Penn Series Mid Core Value Fund* | | | 467,824 | | | | 6,353,051 | |
Penn Series Real Estate Securities Fund* | | | 446,455 | | | | 6,353,051 | |
Penn Series Small Cap Growth Fund* | | | 151,914 | | | | 3,176,526 | |
Penn Series Small Cap Index Fund* | | | 449,614 | | | | 6,353,051 | |
Penn Series Small Cap Value Fund* | | | 291,157 | | | | 6,353,051 | |
Penn Series SMID Cap Growth Fund* | | | 587,158 | | | | 9,529,577 | |
Penn Series SMID Cap Value Fund* | | | 585,715 | | | | 9,529,577 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $95,824,769) | | | | 139,767,128 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 36.0% | |
Penn Series High Yield Bond Fund* | | | 1,250,601 | | | | 12,706,102 | |
Penn Series Limited Maturity Bond Fund* | | | 3,329,110 | | | | 38,118,308 | |
Penn Series Quality Bond Fund* | | | 4,986,696 | | | | 63,530,515 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $104,561,610) | | | | 114,354,925 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 18.0% | |
Penn Series Developed International Index Fund* | | | 1,820,359 | | | | 19,059,154 | |
Penn Series Emerging Markets Equity Fund* | | | 879,924 | | | | 9,529,577 | |
Penn Series International Equity Fund* | | | 1,337,797 | | | | 28,588,730 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $44,887,986) | | | | 57,177,461 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 2.0% | |
Penn Series Money Market Fund
(Cost $6,353,104) | | | 6,353,104 | | | | 6,353,104 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.0% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $144,996) | | | 144,996 | | | | 144,996 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $251,772,465) | | | $ | 317,797,614 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 139,767,130 | | | $ | 139,767,130 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 114,354,923 | | | | 114,354,923 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 57,177,461 | | | | 57,177,461 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 6,353,104 | | | | 6,353,104 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 144,996 | | | | 144,996 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 317,797,614 | | | $ | 317,797,614 | | | $ | — | | | $ | — | |
| |
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.
155
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Moderately Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 32.8% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 230,849 | | | $ | 7,426,404 | |
Penn Series Index 500 Fund* | | | 349,272 | | | | 4,243,659 | |
Penn Series Large Cap Growth Fund* | | | 210,499 | | | | 2,121,830 | |
Penn Series Large Cap Value Fund* | | | 237,740 | | | | 4,243,659 | |
Penn Series Large Core Value Fund* | | | 271,334 | | | | 3,182,744 | |
Penn Series Large Growth Stock Fund* | | | 52,940 | | | | 1,060,915 | |
Penn Series Mid Cap Value Fund* | | | 132,697 | | | | 2,121,829 | |
Penn Series Mid Core Value Fund* | | | 156,247 | | | | 2,121,830 | |
Penn Series Real Estate Securities Fund* | | | 149,110 | | | | 2,121,830 | |
Penn Series Small Cap Index Fund* | | | 150,165 | | | | 2,121,830 | |
Penn Series SMID Cap Growth Fund* | | | 130,735 | | | | 2,121,830 | |
Penn Series SMID Cap Value Fund* | | | 130,414 | | | | 2,121,830 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $23,710,684) | | | | 35,010,190 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 52.7% | |
Penn Series High Yield Bond Fund* | | | 626,525 | | | | 6,365,489 | |
Penn Series Limited Maturity Bond Fund* | | | 1,853,126 | | | | 21,218,297 | |
Penn Series Quality Bond Fund* | | | 2,248,407 | | | | 28,644,701 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $50,584,664) | | | | 56,228,487 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9% | |
Penn Series Developed International Index Fund* | | | 405,316 | | | | 4,243,660 | |
Penn Series Emerging Markets Equity Fund* | | | 97,961 | | | | 1,060,915 | |
Penn Series International Equity Fund* | | | 248,225 | | | | 5,304,574 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $8,007,322) | | | | 10,609,149 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 4.0% | |
Penn Series Money Market Fund
(Cost $4,243,695) | | | 4,243,695 | | | | 4,243,695 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.6% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $660,264) | | | 660,264 | | | | 660,264 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $87,206,629) | | | $ | 106,751,785 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2013 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 35,010,190 | | | $ | 35,010,190 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 56,228,487 | | | | 56,228,487 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 10,609,149 | | | | 10,609,149 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 4,243,695 | | | | 4,243,695 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 660,264 | | | | 660,264 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 106,751,785 | | | $ | 106,751,785 | | | $ | — | | | $ | — | |
| |
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.
156
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2013 (Unaudited)
Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 17.8% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 177,326 | | | $ | 5,704,565 | |
Penn Series Index 500 Fund* | | | 117,378 | | | | 1,426,141 | |
Penn Series Large Cap Growth Fund* | | | 141,482 | | | | 1,426,141 | |
Penn Series Large Cap Value Fund* | | | 79,896 | | | | 1,426,142 | |
Penn Series Large Core Value Fund* | | | 60,790 | | | | 713,071 | |
Penn Series Mid Cap Value Fund* | | | 89,190 | | | | 1,426,141 | |
Penn Series Mid Core Value Fund* | | | 52,509 | | | | 713,071 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $9,753,443) | | | | 12,835,272 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 67.4% | |
Penn Series High Yield Bond Fund* | | | 491,289 | | | | 4,991,494 | |
Penn Series Limited Maturity Bond Fund* | | | 1,556,923 | | | | 17,826,766 | |
Penn Series Quality Bond Fund* | | | 2,014,956 | | | | 25,670,543 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $43,512,702) | | | | 48,488,803 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 5.0% | |
Penn Series Developed International Index Fund* | | | 204,318 | | | | 2,139,212 | |
Penn Series International Equity Fund* | | | 66,736 | | | | 1,426,141 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,586,760) | | | | 3,565,353 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 8.9% | |
Penn Series Money Market Fund
(Cost $6,417,688) | | | 6,417,688 | | | | 6,417,688 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.9% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $676,214) | | | 676,214 | | | | 676,214 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $62,946,807) | | | $ | 71,983,330 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2013 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2013 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 12,835,272 | | | $ | 12,835,272 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 48,488,803 | | | | 48,488,803 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 3,565,353 | | | | 3,565,353 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 6,417,688 | | | | 6,417,688 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 676,214 | | | | 676,214 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 71,983,330 | | | $ | 71,983,330 | | | $ | — | | | $ | — | |
| |
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.
157
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 132,389,559 | | | $ | 190,149,696 | | | $ | 566,295,982 | | | $ | 182,988,066 | |
Foreign currency, at value | | | — | | | | — | | | | — | | | | 10,895 | |
Cash | | | — | | | | — | | | | — | | | | 331,317 | |
Interest, dividends and reclaims receivable | | | 61,630 | | | | 613,968 | | | | 2,659,341 | | | | 3,154,414 | |
Receivable for investment securities sold | | | — | | | | — | | | | — | | | | 1,325,600 | |
Receivable from investment adviser | | | 15,762 | | | | — | | | | — | | | | — | |
Receivable for capital stock sold | | | 2,011 | | | | 192,747 | | | | 4,947,606 | | | | 330,441 | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 227,535 | |
Other assets | | | 2,707 | | | | 4,065 | | | | 11,348 | | | | 3,640 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 132,471,669 | | | | 190,960,476 | | | | 573,914,277 | | | | 188,371,908 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | — | | | | — | | | | 44,506,209 | | | | 5,934,016 | |
Payable for capital stock redeemed | | | 2,224,094 | | | | 312,572 | | | | 734,184 | | | | 215,479 | |
Payable to investment adviser | | | — | | | | 47,233 | | | | 135,450 | | | | 76,910 | |
Payable to The Penn Mutual Life Insurance Co. | | | 27,246 | | | | 72,249 | | | | 204,112 | | | | 71,607 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 29,792 | |
Other liabilities | | | 31,106 | | | | 19,240 | | | | 35,445 | | | | 25,184 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 2,282,446 | | | | 451,294 | | | | 45,615,400 | | | | 6,352,988 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 130,189,223 | | | $ | 190,509,182 | | | $ | 528,298,877 | | | $ | 182,018,920 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 132,389,559 | | | $ | 189,171,566 | | | $ | 556,811,392 | | | $ | 180,718,815 | |
Foreign currency at cost | | | — | | | | — | | | | — | | | | 11,246 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 130,189,223 | | | $ | 188,788,969 | | | $ | 513,408,688 | | | $ | 176,869,554 | |
Undistributed net investment income (loss) | | | — | | | | 582,756 | | | | 4,693,219 | | | | 5,339,388 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | — | | | | 159,327 | | | | 712,380 | | | | (2,659,254 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | — | | | | 978,130 | | | | 9,484,590 | | | | 2,469,232 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 130,189,223 | | | $ | 190,509,182 | | | $ | 528,298,877 | | | $ | 182,018,920 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 130,173,297 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | | | | | 41,463,183 | | | | 17,906,767 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 16,634,604 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 1.00 | | | $ | 11.45 | | | $ | 12.74 | | | $ | 10.16 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
158
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | — | | | $ | 75,399,038 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at value | | | 2,387,844,220 | | | | 241,334 | | | | 223,850,825 | | | | 28,661,543 | |
Foreign currency, at value | | | 18,327 | | | | — | | | | — | | | | — | |
Cash | | | 132,054 | | | | — | | | | — | | | | — | |
Interest, dividends and reclaims receivable | | | 5,054,459 | | | | 21 | | | | 89,236 | | | | 23,441 | |
Receivable for investment securities sold | | | 23,188,016 | | | | 1,148,384 | | | | 13,994,549 | | | | 316,114 | |
Receivable for capital stock sold | | | 311,621 | | | | — | | | | 1,892 | | | | 20,950,069 | |
Other assets | | | 42,148 | | | | 1,516 | | | | 4,406 | | | | 647 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 2,416,590,845 | | | | 76,790,293 | | | | 237,940,908 | | | | 49,951,814 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | — | | | | 98,535 | |
Call options written, at value | | | 11,201,762 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 48,696,724 | | | | 1,109,723 | | | | 183,110 | | | | — | |
Payable for capital stock redeemed | | | 1,346,720 | | | | 44,253 | | | | 14,469,330 | | | | 62,839 | |
Payable to investment adviser | | | 1,157,243 | | | | — | | | | 121,556 | | | | 13,432 | |
Payable to The Penn Mutual Life Insurance Co. | | | 866,206 | | | | 24,362 | | | | 88,647 | | | | 11,220 | |
Other liabilities | | | 78,715 | | | | 4,121 | | | | 23,468 | | | | 11,206 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 63,347,370 | | | | 1,182,459 | | | | 14,886,111 | | | | 197,232 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 2,353,243,475 | | | $ | 75,607,834 | | | $ | 223,054,797 | | | $ | 49,754,582 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | $ | — | | | $ | 53,669,134 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at cost | | | 2,009,319,733 | | | | 241,334 | | | | 161,785,288 | | | | 28,039,825 | |
Foreign currency at cost | | | 18,974 | | | | — | | | | — | | | | — | |
Call options written, premiums received | | | 6,845,909 | | | | — | | | | — | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 1,902,360,309 | | | $ | 57,149,258 | | | $ | 153,073,904 | | | $ | 45,212,239 | |
Undistributed net investment income (loss) | | | 11,139,982 | | | | (75,477 | ) | | | (159,269 | ) | | | 32,091 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 65,453,641 | | | | (3,195,850 | ) | | | 8,074,723 | | | | 3,888,434 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 374,289,543 | | | | 21,729,903 | | | | 62,065,439 | | | | 621,818 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 2,353,243,475 | | | $ | 75,607,834 | | | $ | 223,054,797 | | | $ | 49,754,582 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | 73,153,370 | | | | | | | | 11,130,954 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 5,627,465 | | | | | | | | 4,936,830 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 32.17 | | | $ | 13.44 | | | $ | 20.04 | | | $ | 10.08 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
159
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 106,926,066 | | | $ | 184,020,739 | | | $ | 180,388,579 | | | $ | 356,577,361 | |
Cash | | | — | | | | — | | | | — | | | | 190,851 | |
Interest, dividends and reclaims receivable | | | 42,620 | | | | 308,568 | | | | 300,056 | | | | 434,364 | |
Receivable for investment securities sold | | | 8,924,466 | | | | — | | | | 2,375,327 | | | | 4,724,590 | |
Receivable for capital stock sold | | | 463 | | | | 6,741,569 | | | | 313,146 | | | | 315,667 | |
Other assets | | | 2,234 | | | | 3,497 | | | | 3,364 | | | | 14,886 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 115,895,849 | | | | 191,074,373 | | | | 183,380,472 | | | | 362,257,719 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 1,828,019 | | | | 388,736 | | | | 1,692,851 | | | | 219,767 | |
Payable for capital stock redeemed | | | 5,886,480 | | | | 187,595 | | | | 1,725,087 | | | | 10,126,781 | |
Future variation margin payable | | | — | | | | — | | | | — | | | | 13,505 | |
Payable to investment adviser | | | 56,613 | | | | 91,387 | | | | 90,144 | | | | 20,904 | |
Payable to The Penn Mutual Life Insurance Co. | | | 43,105 | | | | 68,863 | | | | 67,542 | | | | 134,640 | |
Other liabilities | | | 16,343 | | | | 12,000 | | | | 17,544 | | | | 26,805 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 7,830,560 | | | | 748,581 | | | | 3,593,168 | | | | 10,542,402 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 108,065,289 | | | $ | 190,325,792 | | | $ | 179,787,304 | | | $ | 351,715,317 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 81,712,972 | | | $ | 178,154,595 | | | $ | 136,648,664 | | | $ | 264,020,326 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 95,577,878 | | | $ | 177,452,993 | | | $ | 156,433,918 | | | $ | 276,589,803 | |
Undistributed net investment income (loss) | | | 69,215 | | | | 1,148,521 | | | | 1,202,914 | | | | 3,004,170 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | (12,794,898 | ) | | | 5,858,134 | | | | (21,589,443 | ) | | | (20,371,830 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 25,213,094 | | | | 5,866,144 | | | | 43,739,915 | | | | 92,493,174 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 108,065,289 | | | $ | 190,325,792 | | | $ | 179,787,304 | | | $ | 351,715,317 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 10,664,995 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 9,024,879 | | | | | | | | 15,325,186 | | | | 28,936,897 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 11.97 | | | $ | 17.85 | | | $ | 11.73 | | | $ | 12.15 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
160
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 103,444,790 | | | $ | 146,904,412 | | | $ | 64,815,098 | | | $ | 50,262,934 | |
Interest, dividends and reclaims receivable | | | 22,890 | | | | 311,923 | | | | 132,003 | | | | 4,023 | |
Receivable for investment securities sold | | | 7,689,145 | | | | — | | | | 2,238,540 | | | | 945,337 | |
Receivable for capital stock sold | | | 244,448 | | | | 37,412 | | | | 230,951 | | | | 2,873,700 | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 4,858 | | | | — | |
Other assets | | | 2,120 | | | | 2,521 | | | | 1,269 | | | | 837 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 111,403,393 | | | | 147,256,268 | | | | 67,422,719 | | | | 54,086,831 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | 14,832 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 1,793,125 | | | | 238,003 | | | | 2,273,269 | | | | 1,249,846 | |
Payable for capital stock redeemed | | | 5,420,728 | | | | 907,173 | | | | 483,080 | | | | 686,505 | |
Payable to investment adviser | | | 63,079 | | | | 66,074 | | | | 38,365 | | | | 29,568 | |
Payable to The Penn Mutual Life Insurance Co. | | | 51,802 | | | | 54,084 | | | | 24,015 | | | | 17,998 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | 457 | | | | — | |
Other liabilities | | | 16,845 | | | | 13,594 | | | | 20,316 | | | | 9,677 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 7,360,411 | | | | 1,278,928 | | | | 2,839,502 | | | | 1,993,594 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 104,042,982 | | | $ | 145,977,340 | | | $ | 64,583,217 | | | $ | 52,093,237 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 87,845,567 | | | $ | 123,163,841 | | | $ | 63,023,217 | | | $ | 40,658,578 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 82,084,546 | | | $ | 116,291,068 | | | $ | 49,435,907 | | | $ | 40,323,279 | |
Undistributed net investment income (loss) | | | (382,430 | ) | | | 1,073,769 | | | | 256,948 | | | | (201,881 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 6,741,643 | | | | 4,871,932 | | | | 13,094,176 | | | | 2,367,483 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 15,599,223 | | | | 23,740,571 | | | | 1,796,186 | | | | 9,604,356 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 104,042,982 | | | $ | 145,977,340 | | | $ | 64,583,217 | | | $ | 52,093,237 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 9,299,439 | | | | 9,127,273 | | | | 4,756,136 | | | | 3,210,214 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 11.19 | | | $ | 15.99 | | | $ | 13.58 | | | $ | 16.23 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
161
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 53,002,041 | | | $ | 75,464,919 | | | $ | 205,111,775 | | | $ | 52,878,121 | |
Interest, dividends and reclaims receivable | | | 51,201 | | | | 49,608 | | | | 454,639 | | | | 68,352 | |
Receivable for investment securities sold | | | 113,270 | | | | 1,015,112 | | | | 1,242,840 | | | | 4,944,853 | |
Receivable for capital stock sold | | | 54,890 | | | | 264,755 | | | | 448,390 | | | | 335,684 | |
Other assets | | | 906 | | | | 1,577 | | | | 3,681 | | | | 865 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 53,222,308 | | | | 76,795,971 | | | | 207,261,325 | | | | 58,227,875 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 291,495 | | | | 521,451 | | | | 2,639,277 | | | | 4,574,029 | |
Payable for capital stock redeemed | | | 639,515 | | | | 18,003 | | | | 455,900 | | | | 520,556 | |
Future variation margin payable | | | — | | | | — | | | | — | | | | 1,980 | |
Payable to investment adviser | | | 37,389 | | | | 47,657 | | | | 142,549 | | | | 6,379 | |
Payable to The Penn Mutual Life Insurance Co. | | | 19,845 | | | | 29,227 | | | | 75,075 | | | | 19,295 | |
Other liabilities | | | 6,420 | | | | 17,772 | | | | 19,951 | | | | 18,866 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 994,664 | | | | 634,110 | | | | 3,332,752 | | | | 5,141,105 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 52,227,644 | | | $ | 76,161,861 | | | $ | 203,928,573 | | | $ | 53,086,770 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 42,391,052 | | | $ | 73,069,924 | | | $ | 163,852,185 | | | $ | 41,671,530 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 39,134,801 | | | $ | 68,744,075 | | | $ | 149,161,732 | | | $ | 40,113,252 | |
Undistributed net investment income (loss) | | | 106,770 | | | | (282,461 | ) | | | 484,272 | | | | 179,959 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 2,375,084 | | | | 5,305,252 | | | | 13,022,979 | | | | 1,591,822 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 10,610,989 | | | | 2,394,995 | | | | 41,259,590 | | | | 11,201,737 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 52,227,644 | | | $ | 76,161,861 | | | $ | 203,928,573 | | | $ | 53,086,770 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 3,641,832 | | | | 9,347,290 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,210,159 | | | | | | | | | | | | 3,755,955 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 16.27 | | | $ | 20.91 | | | $ | 21.82 | | | $ | 14.13 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
162
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index
Fund | | | International
Equity
Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 96,808,575 | | | $ | 347,817,530 | | | $ | 147,648,245 | | | $ | 110,549,853 | |
Foreign currency, at value | | | 1,213,752 | | | | 347,318 | | | | 342,474 | | | | — | |
Interest, dividends and reclaims receivable | | | 322,209 | | | | 1,463,897 | | | | 607,683 | | | | 269,664 | |
Receivable for investment securities sold | | | — | | | | 284,527 | | | | 1,201,565 | | | | 1,316,488 | |
Receivable from investment adviser | | | 697 | | | | — | | | | — | | | | — | |
Receivable for capital stock sold | | | 321,236 | | | | 3,281,843 | | | | 1,591,308 | | | | 473,162 | |
Futures receivable | | | 200,467 | | | | — | | | | — | | | | — | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 10,542 | | | | — | |
Other assets | | | 102,662 | | | | 7,234 | | | | 3,012 | | | | 2,077 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 98,969,598 | | | | 353,202,349 | | | | 151,404,829 | | | | 112,611,244 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 6,279 | | | | 361,135 | | | | 1,389,749 | | | | 603,272 | |
Payable for capital stock redeemed | | | 130,160 | | | | 387,437 | | | | 139,115 | | | | 49,241 | |
Payable to investment adviser | | | — | | | | 251,130 | | | | 129,580 | | | | 64,049 | |
Payable to The Penn Mutual Life Insurance Co. | | | 37,933 | | | | 138,489 | | | | 58,898 | | | | 43,306 | |
Deferred Indian capital gains tax | | | — | | | | — | | | | 197,481 | | | | — | |
Other liabilities | | | 57,454 | | | | 55,755 | | | | 15,575 | | | | 12,668 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 231,826 | | | | 1,193,946 | | | | 1,930,398 | | | | 772,536 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 98,737,772 | | | $ | 352,008,403 | | | $ | 149,474,431 | | | $ | 111,838,708 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 87,544,217 | | | $ | 282,723,542 | | | $ | 133,349,378 | | | $ | 102,920,153 | |
Foreign currency at cost | | | 1,215,546 | | | | 344,344 | | | | 349,189 | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 89,032,090 | | | $ | 315,301,495 | | | $ | 140,214,069 | | | $ | 99,479,896 | |
Undistributed net investment income (loss) | | | 1,581,152 | | | | (2,885,535 | ) | | | 230,842 | | | | 1,189,395 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | (1,061,854 | ) | | | (25,476,857 | ) | | | (5,068,113 | ) | | | 3,539,717 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 9,186,384 | | | | 65,069,300 | | | | 14,097,633 | | | | 7,629,700 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 98,737,772 | | | $ | 352,008,403 | | | $ | 149,474,431 | | | $ | 111,838,708 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 16,473,995 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 9,428,049 | | | | | | | | 13,799,673 | | | | 7,862,119 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 10.47 | | | $ | 21.37 | | | $ | 10.83 | | | $ | 14.23 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
163
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | 48,049,638 | | | $ | 196,584,141 | | | $ | 317,652,618 | | | $ | 106,091,521 | |
Investments of unaffiliated issuers at value | | | 236,308 | | | | — | | | | 144,996 | | | | 660,264 | |
Interest, dividends and reclaims receivable | | | 15 | | | | 64 | | | | 65 | | | | 42 | |
Receivable for investment securities sold | | | 3,096,464 | | | | 11,461,988 | | | | 20,166,459 | | | | 4,269,943 | |
Receivable for capital stock sold | | | — | | | | — | | | | — | | | | 52,328 | |
Other assets | | | 837 | | | | 3,648 | | | | 6,000 | | | | 2,102 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 51,383,262 | | | | 208,049,841 | | | | 337,970,138 | | | | 111,076,200 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | 133,868 | | | | — | | | | — | |
Payable for investment securities purchased | | | 3,142,783 | | | | 10,509,131 | | | | 19,381,470 | | | | 4,320,209 | |
Payable for capital stock redeemed | | | 12,744 | | | | 99,314 | | | | 124,239 | | | | 67 | |
Payable to investment adviser | | | 3,742 | | | | 16,374 | | | | 26,417 | | | | 8,878 | |
Payable to The Penn Mutual Life Insurance Co. | | | 17,933 | | | | 75,114 | | | | 121,124 | | | | 40,585 | |
Other liabilities | | | 2,747 | | | | 3,889 | | | | 5,877 | | | | 3,908 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 3,179,949 | | | | 10,837,690 | | | | 19,659,127 | | | | 4,373,647 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 48,203,313 | | | $ | 197,212,151 | | | $ | 318,311,011 | | | $ | 106,702,553 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | $ | 35,523,743 | | | $ | 145,532,203 | | | $ | 251,627,469 | | | $ | 86,546,365 | |
Investments of unaffiliated issuers at cost | | | 236,308 | | | | — | | | | 144,996 | | | | 660,264 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 35,651,452 | | | $ | 146,165,424 | | | $ | 249,879,054 | | | $ | 86,991,435 | |
Undistributed net investment income (loss) | | | (75,756 | ) | | | (301,899 | ) | | | (483,366 | ) | | | (164,857 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 101,722 | | | | 296,688 | | | | 2,890,173 | | | | 330,821 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 12,525,895 | | | | 51,051,938 | | | | 66,025,150 | | | | 19,545,154 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 48,203,313 | | | $ | 197,212,151 | | | $ | 318,311,011 | | | $ | 106,702,553 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,855,194 | | | | 14,850,711 | | | | 25,318,969 | | | | 8,710,227 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 12.50 | | | $ | 13.28 | | | $ | 12.57 | | | $ | 12.25 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
164
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2013
| | | | |
| | | Conservative
Allocation
Fund | |
| |
ASSETS | | | | |
Investments of affiliated issuers at value | | $ | 71,307,116 | |
Investments of unaffiliated issuers at value | | | 676,214 | |
Interest, dividends and reclaims receivable | | | 52 | |
Receivable for investment securities sold | | | 3,525,063 | |
Other assets | | | 1,468 | |
| | | | |
Total Assets | | | 75,509,913 | |
| | | | |
| |
LIABILITIES | | | | |
Payable for investment securities purchased | | | 3,481,279 | |
Payable for capital stock redeemed | | | 16,738 | |
Payable to investment adviser | | | 6,098 | |
Payable to The Penn Mutual Life Insurance Co. | | | 26,960 | |
Other liabilities | | | 3,781 | |
| | | | |
Total Liabilities | | | 3,534,856 | |
| | | | |
NET ASSETS | | $ | 71,975,057 | |
| | | | |
Investments of affiliated issuers at cost | | $ | 62,270,593 | |
Investments of unaffiliated issuers at cost | | | 676,214 | |
| |
COMPONENTS OF NET ASSETS: | | | | |
Paid-in Capital | | $ | 62,310,894 | |
Undistributed net investment income (loss) | | | (116,167 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 743,807 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 9,036,523 | |
| | | | |
NET ASSETS | | $ | 71,975,057 | |
| | | | |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 6,069,251 | |
| | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 11.86 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
165
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For the Six Months Ended June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 997 | | | $ | 680 | | | $ | 3,644 | | | $ | 53,295 | |
Interest | | | 127,788 | | | | 1,129,323 | | | | 6,220,475 | | | | 6,221,011 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 128,785 | | | | 1,130,003 | | | | 6,224,119 | | | | 6,274,306 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 122,456 | | | �� | 287,988 | | | | 845,543 | | | | 465,640 | |
Administration fees | | | 97,662 | | | | 143,994 | | | | 410,375 | | | | 139,692 | |
Accounting fees | | | 42,472 | | | | 57,916 | | | | 121,746 | | | | 56,482 | |
Director fees and expenses | | | 2,707 | | | | 3,902 | | | | 11,120 | | | | 3,646 | |
Custodian fees and expenses | | | 16,604 | | | | 10,235 | | | | 28,902 | | | | 23,296 | |
Pricing fees | | | 6,979 | | | | 6,889 | | | | 11,520 | | | | 34,154 | |
Professional fees | | | 9,355 | | | | 14,048 | | | | 39,948 | | | | 13,452 | |
Printing fees | | | 6,129 | | | | 9,015 | | | | 25,599 | | | | 8,434 | |
Other expenses | | | 12,510 | | | | 13,260 | | | | 36,147 | | | | 11,508 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 316,874 | | | | 547,247 | | | | 1,530,900 | | | | 756,304 | |
Less: Waivers and reimbursement from advisor | | | 122,456 | | | | — | | | | — | | | | — | |
Less: Waivers and reimbursement from administrator | | | 72,139 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 122,279 | | | | 547,247 | | | | 1,530,900 | | | | 756,304 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 6,506 | | | | 582,756 | | | | 4,693,219 | | | | 5,518,002 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | — | | | | 159,327 | | | | 1,003,631 | | | | 4,037,342 | |
Net realized foreign currency exchange gain (loss) | | | — | | | | — | | | | — | | | | (101,861 | ) |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | — | | | | (1,381,028 | ) | | | (22,274,365 | ) | | | (6,374,871 | ) |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | — | | | | (1,221,701 | ) | | | (21,270,734 | ) | | | (2,439,390 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 6,506 | | | $ | (638,945 | ) | | $ | (16,577,515 | ) | | $ | 3,078,612 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 12,992,777 | | | $ | 32 | | | $ | 882,403 | | | $ | 170,628 | |
Interest | | | 7,308,737 | | | | — | | | | — | | | | 53 | |
Foreign tax withheld | | | (31,426 | ) | | | — | | | | (14,417 | ) | | | (3,200 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 20,270,088 | | | | 32 | | | | 867,986 | | | | 167,481 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 6,628,781 | | | | — | | | | 708,498 | | | | 82,393 | |
Administration fees | | | 1,657,195 | | | | 56,670 | | | | 170,926 | | | | 22,471 | |
Accounting fees | | | 290,384 | | | | 5,951 | | | | 66,893 | | | | 13,637 | |
Director fees and expenses | | | 41,917 | | | | 1,473 | | | | 4,361 | | | | 600 | |
Custodian fees and expenses | | | 132,306 | | | | 3,820 | | | | 24,474 | | | | 6,793 | |
Pricing fees | | | 22,595 | | | | 1,859 | | | | 12,070 | | | | 3,513 | |
Professional fees | | | 152,363 | | | | 5,159 | | | | 15,607 | | | | 1,892 | |
Printing fees | | | 96,017 | | | | 3,339 | | | | 9,900 | | | | 1,276 | |
Other expenses | | | 124,155 | | | | 5,093 | | | | 13,604 | | | | 2,815 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 9,145,713 | | | | 83,364 | | | | 1,026,333 | | | | 135,390 | |
Less: Waivers and reimbursement from administrator | | | — | | | | 7,855 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 9,145,713 | | | | 75,509 | | | | 1,026,333 | | | | 135,390 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 11,124,375 | | | | (75,477 | ) | | | (158,347 | ) | | | 32,091 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 71,028,480 | | | | 866,097 | | | | 21,412,640 | | | | 4,363,147 | |
Net realized gain (loss) on options | | | (134,436 | ) | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | 8,868 | | | | — | | | | (5,990 | ) | | | 927 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 125,435,887 | | | | 4,011,357 | | | | 2,181,046 | | | | (2,837,647 | ) |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 196,338,799 | | | | 4,877,454 | | | | 23,587,696 | | | | 1,526,427 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 207,463,174 | | | $ | 4,801,977 | | | $ | 23,429,349 | | | $ | 1,558,518 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
166
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For the Six Months Ended June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 582,976 | | | $ | 1,954,457 | | | $ | 1,992,549 | | | $ | 3,581,190 | |
Interest | | | — | | | | 23 | | | | — | | | | 192 | |
Foreign tax withheld | | | (18,118 | ) | | | (26,369 | ) | | | (40,595 | ) | | | (1,090 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 564,858 | | | | 1,928,111 | | | | 1,951,954 | | | | 3,580,292 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 337,095 | | | | 536,375 | | | | 518,459 | | | | 120,780 | |
Administration fees | | | 84,274 | | | | 134,094 | | | | 129,615 | | | | 258,814 | |
Accounting fees | | | 38,009 | | | | 54,616 | | | | 53,123 | | | | 91,434 | |
Director fees and expenses | | | 2,189 | | | | 3,464 | | | | 3,296 | | | | 6,559 | |
Custodian fees and expenses | | | 11,451 | | | | 15,630 | | | | 11,940 | | | | 22,554 | |
Pricing fees | | | 2,994 | | | | 4,446 | | | | 3,133 | | | | 6,797 | |
Professional fees | | | 7,646 | | | | 11,935 | | | | 11,780 | | | | 23,221 | |
Printing fees | | | 4,905 | | | | 7,784 | | | | 7,479 | | | | 14,937 | |
Other expenses | | | 7,080 | | | | 11,246 | | | | 10,215 | | | | 31,026 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 495,643 | | | | 779,590 | | | | 749,040 | | | | 576,122 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 495,643 | | | | 779,590 | | | | 749,040 | | | | 576,122 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 69,215 | | | | 1,148,521 | | | | 1,202,914 | | | | 3,004,170 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 9,733,318 | | | | 29,490,204 | | | | 10,654,466 | | | | 788,322 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 1,178,036 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 1,731,818 | | | | (7,583,536 | ) | | | 9,941,001 | | | | 38,097,247 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | (56,907 | ) |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 11,465,136 | | | | 21,906,668 | | | | 20,595,467 | | | | 40,006,698 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 11,534,351 | | | $ | 23,055,189 | | | $ | 21,798,381 | | | $ | 43,010,868 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value Fund | | | Mid Core
Value Fund | | | SMID Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 153,464 | | | $ | 1,633,223 | | | $ | 573,917 | | | $ | 39,100 | |
Interest | | | — | | | | — | | | | 9 | | | | — | |
Foreign tax withheld | | | — | | | | (2,565 | ) | | | (1,270 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 153,464 | | | | 1,630,658 | | | | 572,656 | | | | 39,100 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 375,923 | | | | 382,039 | | | | 224,907 | | | | 172,055 | |
Administration fees | | | 80,555 | | | | 104,192 | | | | 46,856 | | | | 34,411 | |
Accounting fees | | | 36,769 | | | | 44,649 | | | | 21,866 | | | | 16,059 | |
Director fees and expenses | | | 2,098 | | | | 2,644 | | | | 1,206 | | | | 859 | |
Custodian fees and expenses | | | 11,057 | | | | 8,617 | | | | 24,857 | | | | 11,165 | |
Pricing fees | | | 3,886 | | | | 3,524 | | | | 3,857 | | | | 3,246 | |
Professional fees | | | 7,141 | | | | 9,827 | | | | 4,095 | | | | 3,167 | |
Printing fees | | | 4,671 | | | | 6,123 | | | | 2,664 | | | | 1,975 | |
Other expenses | | | 7,044 | | | | 7,585 | | | | 4,550 | | | | 3,001 | |
Recaptured administration fees | | | 6,750 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 535,894 | | | | 569,200 | | | | 334,858 | | | | 245,938 | |
Less: Waivers and reimbursement from advisor | | | — | | | | — | | | | — | | | | 4,957 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 535,894 | | | | 569,200 | | | | 334,858 | | | | 240,981 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (382,430 | ) | | | 1,061,458 | | | | 237,798 | | | | (201,881 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 6,875,768 | | | | 4,871,932 | | | | 13,247,764 | | | | 2,443,672 | |
Net realized foreign currency exchange gain (loss) | | | — | | | | — | | | | 69,712 | | | | — | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 6,063,222 | | | | 16,191,192 | | | | (5,342,084 | ) | | | 5,191,445 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 12,938,990 | | | | 21,063,124 | | | | 7,975,392 | | | | 7,635,117 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 12,556,560 | | | $ | 22,124,582 | | | $ | 8,213,190 | | | $ | 7,433,236 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
167
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For the Six Months Ended June 30, 2013
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 396,147 | | | $ | 148,543 | | | $ | 1,589,374 | | | $ | 312,552 | |
Interest | | | — | | | | 1 | | | | — | | | | 69 | |
Foreign tax withheld | | | — | | | | (1,338 | ) | | | (1,692 | ) | | | (360 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 396,147 | | | | 147,206 | | | | 1,587,682 | | | | 312,261 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 241,105 | | | | 295,334 | | | | 823,127 | | | | 73,355 | |
Administration fees | | | 38,069 | | | | 59,301 | | | | 145,258 | | | | 36,677 | |
Accounting fees | | | 17,766 | | | | 27,674 | | | | 58,337 | | | | 17,116 | |
Director fees and expenses | | | 951 | | | | 1,590 | | | | 3,695 | | | | 907 | |
Custodian fees and expenses | | | 5,909 | | | | 27,483 | | | | 26,217 | | | | 14,555 | |
Pricing fees | | | 3,359 | | | | 3,853 | | | | 5,023 | | | | 16,726 | |
Professional fees | | | 3,491 | | | | 5,458 | | | | 13,151 | | | | 3,323 | |
Printing fees | | | 2,187 | | | | 3,524 | | | | 8,357 | | | | 2,097 | |
Other expenses | | | 3,304 | | | | 5,450 | | | | 11,415 | | | | 6,580 | |
Recaptured advisory fees | | | — | | | | — | | | | 8,830 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 316,141 | | | | 429,667 | | | | 1,003,410 | | | | 171,336 | |
Less: Waivers and reimbursement from advisor | | | 26,764 | | | | — | | | | — | | | | 36,792 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 289,377 | | | | 429,667 | | | | 1,103,410 | | | | 134,544 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 106,770 | | | | (282,461 | ) | | | 484,272 | | | | 177,717 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 2,586,774 | | | | 9,829,894 | | | | 13,777,925 | | | | 1,610,128 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 282,151 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 5,039,234 | | | | (2,738,052 | ) | | | 13,687,597 | | | | 4,854,538 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | (46,101 | ) |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 7,626,008 | | | | 7,091,842 | | | | 27,465,522 | | | | 6,700,716 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,732,778 | | | $ | 6,809,381 | | | $ | 27,949,794 | | | $ | 6,878,433 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Developed
International
Index
Fund | | | International
Equity
Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 2,237,135 | | | $ | 5,844,211 | | | $ | 2,120,098 | | | $ | 1,731,923 | |
Interest | | | 3,365 | | | | 88 | | | | — | �� | | | — | |
Foreign tax withheld | | | (189,086 | ) | | | (320,188 | ) | | | (236,080 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 2,051,414 | | | | 5,524,111 | | | | 1,884,018 | | | | 1,731,923 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 145,593 | | | | 1,545,206 | | | | 915,464 | | | | 383,418 | |
Administration fees | | | 72,797 | | | | 272,683 | | | | 116,373 | | | | 82,161 | |
Accounting fees | | | 38,725 | | | | 118,991 | | | | 56,467 | | | | 37,302 | |
Director fees and expenses | | | 1,860 | | | | 7,173 | | | | 3,081 | | | | 2,053 | |
Custodian fees and expenses | | | 37,804 | | | | 96,518 | | | | 179,323 | | | | 15,441 | |
Pricing fees | | | 98,092 | | | | 16,531 | | | | 25,243 | | | | 3,358 | |
Professional fees | | | 6,969 | | | | 28,427 | | | | 19,101 | | | | 7,500 | |
Printing fees | | | 4,377 | | | | 16,393 | | | | 7,104 | | | | 4,712 | |
Other expenses | | | 28,104 | | | | 22,474 | | | | 9,623 | | | | 6,583 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 434,321 | | | | 2,124,396 | | | | 1,331,779 | | | | 542,528 | |
Less: Waivers and reimbursement from advisor | | | 147,976 | | | | — | | | | 28,791 | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 286,345 | | | | 2,124,396 | | | | 1,302,988 | | | | 542,528 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 1,765,069 | | | | 3,399,715 | | | | 581,030 | | | | 1,189,395 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | (292,486 | ) | | | 16,534,318 | | | | 3,922,378 | | | | 4,266,652 | |
Net realized gain (loss) on futures contracts | | | 99,976 | | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | (27,230 | ) | | | (316,605 | ) | | | (2,739 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 1,331,664 | | | | (20,873,872 | ) | | | (14,158,711 | ) | | | 424,001 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | (114,454 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 997,470 | | | | (4,656,159 | ) | | | (10,239,072 | ) | | | 4,690,653 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,762,539 | | | $ | (1,256,444 | ) | | $ | (9,658,042 | ) | | $ | 5,880,048 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
168
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For the Six Months Ended June 30, 2013
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 25 | | | $ | 32 | | | $ | 409 | | | $ | 265 | |
Interest | | | 1 | | | | 69 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 26 | | | | 101 | | | | 409 | | | | 265 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 22,959 | | | | 97,227 | | | | 156,256 | | | | 51,924 | |
Administration fees | | | 34,439 | | | | 145,841 | | | | 234,384 | | | | 77,886 | |
Accounting fees | | | 5,951 | | | | 9,723 | | | | 15,626 | | | | 5,951 | |
Director fees and expenses | | | 872 | | | | 3,746 | | | | 6,010 | | | | 1,983 | |
Custodian fees and expenses | | | 2,342 | | | | 9,767 | | | | 15,672 | | | | 5,235 | |
Pricing fees | | | 1,979 | | | | 2,008 | | | | 2,011 | | | | 1,980 | |
Professional fees | | | 3,207 | | | | 13,652 | | | | 21,713 | | | | 6,922 | |
Printing fees | | | 2,029 | | | | 8,671 | | | | 13,850 | | | | 4,487 | |
Other expenses | | | 3,033 | | | | 11,365 | | | | 18,253 | | | | 6,936 | |
Recaptured advisory fees | | | — | | | | — | | | | — | | | | 1,818 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 76,811 | | | | 302,000 | | | | 483,775 | | | | 165,122 | |
Less: Waivers and reimbursement from advisor | | | 1,029 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 75,782 | | | | 302,000 | | | | 483,775 | | | | 165,122 | |
| | | | | | | | | | | | | | | | |
Net Investment Loss | | | (75,756 | ) | | | (301,899 | ) | | | (483,366 | ) | | | (164,857 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 457,940 | | | | 2,456,247 | | | | 4,579,759 | | | | 1,077,271 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 3,035,122 | | | | 10,545,967 | | | | 10,596,715 | | | | 2,188,684 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 3,493,062 | | | | 13,002,214 | | | | 15,176,474 | | | | 3,265,955 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,417,306 | | | $ | 12,700,315 | | | $ | 14,693,108 | | | $ | 3,101,098 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Conservative
Allocation
Fund | | | | | | | | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 392 | | | | | | | | | | | | | |
Interest | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 392 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 35,319 | | | | | | | | | | | | | |
Administration fees | | | 52,978 | | | | | | | | | | | | | |
Accounting fees | | | 5,951 | | | | | | | | | | | | | |
Director fees and expenses | | | 1,393 | | | | | | | | | | | | | |
Custodian fees and expenses | | | 3,575 | | | | | | | | | | | | | |
Pricing fees | | | 1,946 | | | | | | | | | | | | | |
Professional fees | | | 4,918 | | | | | | | | | | | | | |
Printing fees | | | 3,179 | | | | | | | | | | | | | |
Other expenses | | | 5,193 | | | | | | | | | | | | | |
Recaptured advisory fees | | | 2,107 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 116,559 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 116,559 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Investment Loss | | | (116,167 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 1,189,819 | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | (379,984 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 809,835 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 693,668 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
169
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | Limited Maturity Bond Fund | |
| | | Six Months
Ended
6/30/13 | | | Year
Ended
12/31/12 | | | Six Months
Ended
6/30/13 | | | Year
Ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 6,506 | | | $ | 14,219 | | | $ | 582,756 | | | $ | 1,514,652 | |
Net realized gains (loss) from investment transactions | | | — | | | | — | | | | 159,327 | | | | 448,630 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | — | | | | — | | | | (1,381,028 | ) | | | (793,227 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 6,506 | | | | 14,219 | | | | (638,945 | ) | | | 1,170,055 | |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | (6,506 | ) | | | (14,219 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Distributions | | | (6,506 | ) | | | (14,219 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 35,138,957 | | | | 67,395,153 | | | | 22,544,524 | | | | 59,463,883 | |
Shares issued in lieu of cash distributions | | | 6,506 | | | | 14,221 | | | | — | | | | — | |
Shares redeemed | | | (46,681,104 | ) | | | (79,897,815 | ) | | | (33,781,853 | ) | | | (32,538,080 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (11,535,641 | ) | | | (12,488,441 | ) | | | (11,237,329 | ) | | | 26,925,803 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (11,535,641 | ) | | | (12,488,441 | ) | | | (11,876,274 | ) | | | 28,095,858 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 141,724,864 | | | | 154,213,305 | | | | 202,385,456 | | | | 174,289,598 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 130,189,223 | | | $ | 141,724,864 | | | $ | 190,509,182 | | | $ | 202,385,456 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | — | | | $ | — | | | $ | 582,756 | | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 35,138,956 | | | | 67,395,153 | | | | 1,962,672 | | | | 5,185,945 | |
Shares issued in lieu of cash distributions | | | 6,507 | | | | 14,220 | | | | — | | | | — | |
Shares redeemed | | | (46,681,104 | ) | | | (79,897,815 | ) | | | (2,940,968 | ) | | | (2,837,332 | ) |
| | | | | | | | | | | | | | | | |
| | | (11,535,641 | ) | | | (12,488,442 | ) | | | (978,296 | ) | | | 2,348,613 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Quality Bond Fund | | | High Yield Bond Fund | |
| | | Six Months
Ended
6/30/13 | | | Year
Ended
12/31/12 | | | Six Months
Ended
6/30/13 | | | Year
Ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 4,693,219 | | | $ | 10,780,160 | | | $ | 5,518,002 | | | $ | 10,524,826 | |
Net realized gains (loss) from investment transactions | | | 1,003,631 | | | | 7,891,403 | | | | 4,037,342 | | | | 1,979,645 | |
Net realized foreign exchange gain (loss) | | | — | | | | — | | | | (101,861 | ) | | | (59,891 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (22,274,365 | ) | | | (2,249,948 | ) | | | (6,374,871 | ) | | | 9,169,277 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (16,577,515 | ) | | | 16,421,615 | | | | 3,078,612 | | | | 21,613,857 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 52,205,023 | | | | 127,855,036 | | | | 16,280,065 | | | | 38,921,761 | |
Shares issued in lieu of cash distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | (75,728,158 | ) | | | (53,483,062 | ) | | | (17,059,983 | ) | | | (22,105,695 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (23,523,135 | ) | | | 74,371,974 | | | | (779,918 | ) | | | 16,816,066 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (40,100,650 | ) | | | 90,793,589 | | | | 2,298,694 | | | | 38,429,923 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 568,399,527 | | | | 477,605,938 | | | | 179,720,226 | | | | 141,290,303 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 528,298,877 | | | $ | 568,399,527 | | | $ | 182,018,920 | | | $ | 179,720,226 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 4,693,219 | | | $ | — | | | $ | 5,339,388 | | | $ | (407,403 | ) |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,001,455 | | | | 9,864,734 | | | | 1,583,773 | | | | 4,130,067 | |
Shares redeemed | | | (5,799,869 | ) | | | (4,120,860 | ) | | | (1,659,796 | ) | | | (2,341,547 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,798,414 | ) | | | 5,743,874 | | | | (76,023 | ) | | | 1,788,520 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
170
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Flexibly Managed Fund | | | Balanced Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the
year ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 11,124,375 | | | $ | 29,514,838 | | | $ | (75,477 | ) | | $ | (136,275 | ) |
Net realized gains (loss) from investment transactions | | | 71,028,480 | | | | 119,656,433 | | | | 866,097 | | | | 489,045 | |
Net realized gains (loss) on written options | | | (134,436 | ) | | | 3,124,180 | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | 8,868 | | | | 176,998 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 125,427,150 | | | | 99,438,455 | | | | 4,011,357 | | | | 6,556,094 | |
Net change in unrealized appreciation (depreciation) of written options | | | 8,737 | | | | (2,635,101 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 207,463,174 | | | | 249,275,803 | | | | 4,801,977 | | | | 6,908,864 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 170,535,308 | | | | 186,656,248 | | | | 4,651,421 | | | | 7,830,866 | |
Shares redeemed | | | (35,166,844 | ) | | | (80,774,683 | ) | | | (5,446,563 | ) | | | (8,480,465 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 135,368,464 | | | | 105,881,565 | | | | (795,142 | ) | | | (649,599 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 342,831,638 | | | | 355,157,368 | | | | 4,006,835 | | | | 6,259,265 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 2,010,411,837 | | | | 1,655,254,469 | | | | 71,600,999 | | | | 65,341,734 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 2,353,243,475 | | | $ | 2,010,411,837 | | | $ | 75,607,834 | | | $ | 71,600,999 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 11,139,982 | | | $ | 15,607 | | | $ | (75,477 | ) | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 5,456,947 | | | | 6,711,343 | | | | 352,433 | | | | 640,305 | |
Shares redeemed | | | (1,117,556 | ) | | | (2,900,659 | ) | | | (408,053 | ) | | | (689,427 | ) |
| | | | | | | | | | | | | | | | |
| | | 4,339,391 | | | | 3,810,684 | | | | (55,620 | ) | | | (49,122 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Growth Stock Fund | | | Large Cap Growth Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (158,347 | ) | | $ | 59,893 | | | $ | 32,091 | | | $ | 20,386 | |
Net realized gains (loss) from investment transactions | | | 21,412,640 | | | | 9,896,129 | | | | 4,363,147 | | | | 2,817,106 | |
Net realized foreign exchange gain (loss) | | | (5,990 | ) | | | 224 | | | | 927 | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 2,181,046 | | | | 23,402,286 | | | | (2,837,647 | ) | | | 1,054,632 | |
Net change in unrealized appreciation (depreciation) of written options | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 23,429,349 | | | | 33,358,532 | | | | 1,558,518 | | | | 3,892,124 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 13,120,300 | | | | 27,175,685 | | | | 22,494,371 | | | | 5,177,817 | |
Shares redeemed | | | (24,493,517 | ) | | | (26,227,584 | ) | | | (4,049,087 | ) | | | (16,784,503 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (11,373,217 | ) | | | 948,101 | | | | 18,445,284 | | | | (11,606,686 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 12,056,132 | | | | 34,306,633 | | | | 20,003,802 | | | | (7,714,562 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 210,998,665 | | | | 176,692,032 | | | | 29,750,780 | | | | 37,465,342 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 223,054,797 | | | $ | 210,998,665 | | | $ | 49,754,582 | | | $ | 29,750,780 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (159,269 | ) | | $ | (922 | ) | | $ | 32,091 | | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 677,428 | | | | 1,555,229 | | | | 2,231,977 | | | | 543,518 | |
Shares redeemed | | | (1,236,508 | ) | | | (1,487,354 | ) | | | (403,185 | ) | | | (1,751,342 | ) |
| | | | | | | | | | | | | | | | |
| | | (559,080 | ) | | | 67,875 | | | | 1,828,792 | | | | (1,207,824 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
171
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Large Core Growth Fund | | | Large Cap Value Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 69,215 | | | $ | 181,137 | | | $ | 1,148,521 | | | $ | 2,226,798 | |
Net realized gains (loss) from investment transactions | | | 9,733,318 | | | | 10,011,947 | | | | 29,490,204 | | | | 4,136,843 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 1,731,818 | | | | 5,944,921 | | | | (7,583,536 | ) | | | 14,216,737 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 11,534,351 | | | | 16,138,005 | | | | 23,055,189 | | | | 20,580,378 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 2,903,976 | | | | 5,520,091 | | | | 13,711,435 | | | | 14,197,878 | |
Shares redeemed | | | (12,425,608 | ) | | | (16,002,619 | ) | | | (13,396,041 | ) | | | (33,879,116 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,521,632 | ) | | | (10,482,528 | ) | | | 315,394 | | | | (19,681,238 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 2,012,719 | | | | 5,655,477 | | | | 23,370,583 | | | | 899,140 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 106,052,570 | | | | 100,397,093 | | | | 166,955,209 | | | | 166,056,069 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 108,065,289 | | | $ | 106,052,570 | | | $ | 190,325,792 | | | $ | 166,955,209 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 69,215 | | | $ | — | | | $ | 1,148,521 | | | $ | (37,914 | ) |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 248,867 | | | | 521,680 | | | | 780,614 | | | | 951,186 | |
Shares redeemed | | | (1,049,337 | ) | | | (1,506,615 | ) | | | (777,086 | ) | | | (2,294,165 | ) |
| | | | | | | | | | | | | | | | |
| | | (800,470 | ) | | | (984,935 | ) | | | 3,528 | | | | (1,342,979 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Core Value Fund | | | Index 500 Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,202,914 | | | $ | 2,524,594 | | | $ | 3,004,170 | | | $ | 5,654,080 | |
Net realized gains (loss) from investment transactions | | | 10,654,466 | | | | 6,610,428 | | | | 788,322 | | | | 1,507,044 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 1,178,036 | | | | 803,450 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 9,941,001 | | | | 12,915,375 | | | | 38,040,340 | | | | 33,752,398 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 21,798,381 | | | | 22,050,397 | | | | 43,010,868 | | | | 41,716,972 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 10,500,536 | | | | 11,302,178 | | | | 25,058,049 | | | | 45,964,219 | |
Shares redeemed | | | (11,100,938 | ) | | | (17,909,949 | ) | | | (28,500,025 | ) | | | (42,543,806 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (600,402 | ) | | | (6,607,771 | ) | | | (3,441,976 | ) | | | 3,420,413 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 21,197,979 | | | | 15,442,626 | | | | 39,568,892 | | | | 45,137,385 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 158,589,325 | | | | 143,146,699 | | | | 312,146,425 | | | | 267,009,040 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 179,787,304 | | | $ | 158,589,325 | | | $ | 351,715,317 | | | $ | 312,146,425 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,202,914 | | | $ | — | | | $ | 3,004,170 | | | $ | 3,225 | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 919,779 | | | | 1,147,547 | | | | 2,134,706 | | | | 4,463,705 | |
Shares redeemed | | | (975,280 | ) | | | (1,821,615 | ) | | | (2,382,927 | ) | | | (4,137,233 | ) |
| | | | | | | | | | | | | | | | |
| | | (55,501 | ) | | | (674,068 | ) | | | (248,221 | ) | | | 326,472 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
172
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | | | Mid Cap Value Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (382,430 | ) | | $ | (129,521 | ) | | $ | 1,061,458 | | | $ | 1,599,526 | |
Net realized gains (loss) from investment transactions | | | 6,875,768 | | | | 5,565,293 | | | | 4,871,932 | | | | 6,991,823 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 6,063,222 | | | | 704,370 | | | | 16,191,192 | | | | 6,227,947 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 12,556,560 | | | | 6,140,142 | | | | 22,124,582 | | | | 14,819,296 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 4,261,938 | | | | 13,356,693 | | | | 8,064,765 | | | | 24,175,248 | |
Shares redeemed | | | (14,068,045 | ) | | | (17,287,396 | ) | | | (8,862,798 | ) | | | (11,391,712 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,806,107 | ) | | | (3,930,703 | ) | | | (798,033 | ) | | | 12,783,536 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 2,750,453 | | | | 2,209,439 | | | | 21,326,549 | | | | 27,602,832 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 101,292,529 | | | | 99,083,090 | | | | 124,650,791 | | | | 97,047,959 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 104,042,982 | | | $ | 101,292,529 | | | $ | 145,977,340 | | | $ | 124,650,791 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (382,430 | ) | | $ | — | | | $ | 1,073,769 | | | $ | 10,976 | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 391,696 | | | | 1,328,357 | | | | 526,827 | | | | 1,835,763 | |
Shares redeemed | | | (1,279,936 | ) | | | (1,709,936 | ) | | | (574,321 | ) | | | (885,614 | ) |
| | | | | | | | | | | | | | | | |
| | | (888,240 | ) | | | (381,579 | ) | | | (47,494 | ) | | | 950,149 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Mid Core Value Fund | | | SMID Cap Growth Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 237,798 | | | $ | 422,678 | | | $ | (201,881 | ) | | $ | (157,280 | ) |
Net realized gains (loss) from investment transactions | | | 13,247,764 | | | | 6,803,793 | | | | 2,443,672 | | | | 145,328 | |
Net realized foreign exchange gain (loss) | | | 69,712 | | | | — | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (5,342,084 | ) | | | 1,133,647 | | | | 5,191,445 | | | | 4,412,550 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 8,213,190 | | | | 8,360,118 | | | | 7,433,236 | | | | 4,400,598 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 4,655,810 | | | | 10,151,047 | | | | 8,927,817 | | | | 14,560,438 | |
Shares redeemed | | | (5,453,488 | ) | | | (21,522,865 | ) | | | (4,845,434 | ) | | | (5,379,677 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (797,678 | ) | | | (11,371,818 | ) | | | 4,082,383 | | | | 9,180,761 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 7,415,512 | | | | (3,011,700 | ) | | | 11,515,619 | | | | 13,581,359 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 57,167,705 | | | | 60,179,405 | | | | 40,577,618 | | | | 26,996,259 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 64,583,217 | | | $ | 57,167,705 | | | $ | 52,093,237 | | | $ | 40,577,618 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 256,948 | | | $ | 19,150 | | | $ | (201,881 | ) | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 353,285 | | | | 918,859 | | | | 569,399 | | | | 1,085,665 | |
Shares redeemed | | | (412,739 | ) | | | (1,908,604 | ) | | | (310,520 | ) | | | (399,868 | ) |
| | | | | | | | | | | | | | | | |
| | | (59,454 | ) | | | (989,745 | ) | | | 258,879 | | | | 685,797 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
173
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | SMID Cap Value Fund | | | Small Cap Growth Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 106,770 | | | $ | 194,601 | | | $ | (282,461 | ) | | $ | (745,209 | ) |
Net realized gains (loss) from investment transactions | | | 2,586,774 | | | | 2,545,081 | | | | 9,829,894 | | | | (1,390,305 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 5,039,234 | | | | 3,830,008 | | | | (2,738,052 | ) | | | 6,708,897 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 7,732,778 | | | | 6,569,690 | | | | 6,809,381 | | | | 4,573,383 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 7,690,201 | | | | 11,793,130 | | | | 2,617,290 | | | | 8,278,394 | |
Shares redeemed | | | (6,770,595 | ) | | | (7,736,293 | ) | | | (10,984,499 | ) | | | (13,578,802 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 919,606 | | | | 4,056,837 | | | | (8,367,209 | ) | | | (5,300,408 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 8,652,384 | | | | 10,626,527 | | | | (1,557,828 | ) | | | (727,025 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 43,575,260 | | | | 32,948,733 | | | | 77,719,689 | | | | 78,446,714 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 52,227,644 | | | $ | 43,575,260 | | | $ | 76,161,861 | | | $ | 77,719,689 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 106,770 | | | $ | — | | | $ | (282,461 | ) | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 494,766 | | | | 913,084 | | | | 126,138 | | | | 426,080 | |
Shares redeemed | | | (425,942 | ) | | | (598,636 | ) | | | (531,487 | ) | | | (697,871 | ) |
| | | | | | | | | | | | | | | | |
| | | 68,824 | | | | 314,448 | | | | (405,349 | ) | | | (271,791 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Small Cap Value Fund | | | Small Cap Index Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 484,272 | | | $ | 2,296,543 | | | $ | 177,717 | | | $ | 497,350 | |
Net realized gains (loss) from investment transactions | | | 13,777,925 | | | | 14,150,682 | | | | 1,610,128 | | | | 1,353,181 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 282,151 | | | | 133,346 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 13,687,597 | | | | 8,592,880 | | | | 4,808,437 | | | | 2,946,293 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 27,949,794 | | | | 25,040,105 | | | | 6,878,433 | | | | 4,930,170 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 11,286,289 | | | | 11,629,172 | | | | 7,522,921 | | | | 12,599,427 | |
Shares redeemed | | | (11,148,099 | ) | | | (20,193,553 | ) | | | (3,758,071 | ) | | | (4,287,926 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 138,190 | | | | (8,564,381 | ) | | | 3,764,850 | | | | 8,311,501 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 28,087,984 | | | | 16,475,724 | | | | 10,643,283 | | | | 13,241,671 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 175,840,589 | | | | 159,364,865 | | | | 42,443,487 | | | | 29,201,816 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 203,928,573 | | | $ | 175,840,589 | | | $ | 53,086,770 | | | $ | 42,443,487 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 484,272 | | | $ | — | | | $ | 179,959 | | | $ | 2,242 | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 536,674 | | | | 655,178 | | | | 556,719 | | | | 1,085,853 | |
Shares redeemed | | | (529,871 | ) | | | (1,145,507 | ) | | | (273,161 | ) | | | (372,713 | ) |
| | | | | | | | | | | | | | | | |
| | | 6,803 | | | | (490,329 | ) | | | 283,558 | | | | 713,140 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
174
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Developed International Index Fund | | | International Equity Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,765,069 | | | $ | 2,009,071 | | | $ | 3,399,715 | | | $ | 4,371,238 | |
Net realized gains (loss) from investment transactions | | | (292,486 | ) | | | (638,972 | ) | | | 16,534,318 | | | | 34,808,106 | |
Net realized gains (loss) on futures contracts | | | 99,976 | | | | 513,145 | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | (27,230 | ) | | | 946 | | | | (316,605 | ) | | | (575,643 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 1,217,210 | | | | 11,055,255 | | | | (20,873,872 | ) | | | 25,410,066 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,762,539 | | | | 12,939,445 | | | | (1,256,444 | ) | | | 64,013,767 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 11,036,277 | | | | 24,926,970 | | | | 20,977,944 | | | | 25,174,799 | |
Shares redeemed | | | (4,847,290 | ) | | | (9,937,853 | ) | | | (16,311,976 | ) | | | (50,510,062 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 6,188,987 | | | | 14,989,117 | | | | 4,665,968 | | | | (25,335,263 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 8,951,526 | | | | 27,928,562 | | | | 3,409,524 | | | | 38,678,504 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 89,786,246 | | | | 61,857,684 | | | | 348,598,879 | | | | 309,920,375 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 98,737,772 | | | $ | 89,786,246 | | | $ | 352,008,403 | | | $ | 348,598,879 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,581,152 | | | $ | (183,917 | ) | | $ | (2,885,535 | ) | | $ | (6,285,250 | ) |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,035,329 | | | | 2,681,964 | | | | 939,838 | | | | 1,285,142 | |
Shares redeemed | | | (451,849 | ) | | | (1,041,566 | ) | | | (725,889 | ) | | | (2,525,017 | ) |
| | | | | | | | | | | | | | | | |
| | | 583,480 | | | | 1,640,398 | | | | 213,949 | | | | (1,239,875 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Emerging Markets Equity Fund | | | Real Estate Securities Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 581,030 | | | $ | 428,550 | | | $ | 1,189,395 | | | $ | 1,123,977 | |
Net realized gains (loss) from investment transactions | | | 3,922,378 | | | | 1,700,979 | | | | 4,266,652 | | | | 8,371,943 | |
Net realized foreign exchange gain (loss) | | | (2,739 | ) | | | (159,316 | ) | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (14,158,711 | ) | | | 22,522,186 | | | | 424,001 | | | | 3,041,493 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (9,658,042 | ) | | | 24,492,399 | | | | 5,880,048 | | | | 12,537,413 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 13,781,032 | | | | 23,131,801 | | | | 13,026,391 | | | | 18,676,255 | |
Shares redeemed | | | (7,506,930 | ) | | | (15,831,334 | ) | | | (5,214,203 | ) | | | (9,413,269 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 6,274,102 | | | | 7,300,467 | | | | 7,812,188 | | | | 9,262,986 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (3,383,940 | ) | | | 31,792,866 | | | | 13,692,236 | | | | 21,800,399 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 152,858,371 | | | | 121,065,505 | | | | 98,146,472 | | | | 76,346,073 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 149,474,431 | | | $ | 152,858,371 | | | $ | 111,838,708 | | | $ | 98,146,472 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 230,841 | | | $ | (350,189 | ) | | $ | 1,189,395 | | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,196,588 | | | | 2,180,214 | | | | 905,582 | | | | 1,446,966 | |
Shares redeemed | | | (650,410 | ) | | | (1,484,006 | ) | | | (361,073 | ) | | | (735,480 | ) |
| | | | | | | | | | | | | | | | |
| | | 546,178 | | | | 696,208 | | | | 544,509 | | | | 711,486 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
175
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | Moderately Aggressive
Allocation Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (75,756 | ) | | $ | (114,722 | ) | | $ | (301,899 | ) | | $ | (493,987 | ) |
Net realized gains (loss) from investment transactions | | | 457,940 | | | | 322,644 | | | | 2,456,247 | | | | 1,335,273 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 3,035,122 | | | | 4,678,194 | | | | 10,545,967 | | | | 18,283,036 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 3,417,306 | | | | 4,886,116 | | | | 12,700,315 | | | | 19,124,322 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 8,185,124 | | | | 11,208,887 | | | | 21,685,835 | | | | 41,901,069 | |
Shares redeemed | | | (4,633,029 | ) | | | (3,043,549 | ) | | | (16,403,058 | ) | | | (16,764,032 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 3,552,095 | | | | 8,165,338 | | | | 5,282,777 | | | | 25,137,037 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 6,969,401 | | | | 13,051,454 | | | | 17,983,092 | | | | 44,261,359 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 41,233,912 | | | | 28,182,458 | | | | 179,229,059 | | | | 134,967,700 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 48,203,313 | | | $ | 41,233,912 | | | $ | 197,212,151 | | | $ | 179,229,059 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (75,756 | ) | | $ | — | | | $ | (301,899 | ) | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 658,382 | | | | 1,024,830 | | | | 1,636,961 | | | | 3,509,638 | |
Shares redeemed | | | (371,203 | ) | | | (272,698 | ) | | | (1,218,006 | ) | | | (1,431,661 | ) |
| | | | | | | | | | | | | | | | |
| | | 287,179 | | | | 752,132 | | | | 418,955 | | | | 2,077,977 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Moderate Allocation Fund | | | Moderately Conservative
Allocation Fund | |
| | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | | | For the Six
Months Ended
6/30/13 | | | For the year
ended
12/31/12 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (483,366 | ) | | $ | (812,609 | ) | | $ | (164,857 | ) | | $ | (313,208 | ) |
Net realized gains (loss) from investment transactions | | | 4,579,759 | | | | 3,023,537 | | | | 1,077,271 | | | | 1,729,941 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 10,596,715 | | | | 23,843,407 | | | | 2,188,684 | | | | 5,978,406 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 14,693,108 | | | | 26,054,335 | | | | 3,101,098 | | | | 7,395,139 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 26,372,760 | | | | 51,969,701 | | | | 16,999,712 | | | | 20,379,256 | |
Shares redeemed | | | (13,705,546 | ) | | | (11,328,986 | ) | | | (9,426,171 | ) | | | (21,423,672 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 12,667,214 | | | | 40,640,715 | | | | 7,573,541 | | | | (1,044,416 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 27,360,322 | | | | 66,695,050 | | | | 10,674,639 | | | | 6,350,723 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 290,950,689 | | | | 224,255,639 | | | | 96,027,914 | | | | 89,677,191 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 318,311,011 | | | $ | 290,950,689 | | | $ | 106,702,553 | | | $ | 96,027,914 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (483,366 | ) | | $ | — | | | $ | (164,857 | ) | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 2,108,393 | | | | 4,517,924 | | | | 1,388,391 | | | | 1,771,883 | |
Shares redeemed | | | (1,084,059 | ) | | | (985,360 | ) | | | (768,908 | ) | | | (1,864,666 | ) |
| | | | | | | | | | | | | | | | |
| | | 1,024,334 | | | | 3,532,564 | | | | 619,483 | | | | (92,783 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
176
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | |
| | | Conservative
Allocation Fund | |
| | | Six Months
Ended
6/30/13 | | | Year
Ended
12/31/12 | |
| | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations: | | | | | | | | |
Net investment loss | | $ | (116,167 | ) | | $ | (222,597 | ) |
Net realized gains (loss) from investment transactions | | | 1,189,819 | | | | 1,072,025 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (379,984 | ) | | | 2,850,210 | |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 693,668 | | | | 3,699,638 | |
| | | | | | | | |
| | |
Capital Share Transactions (1): | | | | | | | | |
Shares issued | | | 11,395,764 | | | | 24,661,261 | |
Shares redeemed | | | (10,718,562 | ) | | | (20,852,243 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 677,202 | | | | 3,809,018 | |
| | | | | | | | |
Total Increase (Decrease) | | | 1,370,870 | | | | 7,508,656 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 70,604,187 | | | | 63,095,531 | |
| | | | | | | | |
End of Period | | $ | 71,975,057 | | | $ | 70,604,187 | |
| | | | | | | | |
Undistributed net investment income (loss) | | $ | (116,167 | ) | | $ | — | |
| | |
(1) Shares Issued and Redeemed: | | | | | | | | |
Shares issued | | | 953,136 | | | | 2,146,560 | |
Shares redeemed | | | (897,106 | ) | | | (1,801,609 | ) |
| | | | | | | | |
| | | 56,030 | | | | 344,951 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
177
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1, 2 | | | 0.01% | # | | | 0.01% | | | | 0.01% | | | | 0.01% | | | | 0.44% | | | | 2.68% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 130,189 | | | $ | 141,725 | | | $ | 154,213 | | | $ | 139,988 | | | $ | 168,500 | | | $ | 213,973 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.19% | * | | | 0.22% | | | | 0.22% | | | | 0.33% | | | | 0.43% | | | | 0.46% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.49% | * | | | 0.49% | | | | 0.49% | | | | 0.47% | | | | 0.48% | | | | 0.46% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.01% | * | | | 0.01% | | | | 0.01% | | | | 0.01% | | | | 0.47% | | | | 2.57% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 2 The Fund’s total return calculation includes a 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, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 11.49 | | | $ | 11.42 | | | $ | 11.17 | | | $ | 10.76 | | | $ | 10.57 | | | $ | 10.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.03 | | | | 0.09 | | | | 0.13 | | | | 0.17 | | | | 0.23 | | | | 0.34 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.07 | ) | | | (0.02 | ) | | | 0.12 | | | | 0.24 | | | | (0.04 | ) | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.04 | ) | | | 0.07 | | | | 0.25 | | | | 0.41 | | | | 0.19 | | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.45 | | | $ | 11.49 | | | $ | 11.42 | | | $ | 11.17 | | | $ | 10.76 | | | $ | 10.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (0.35% | )# | | | 0.61% | | | | 2.24% | | | | 3.71% | | | | 1.89% | | | | 5.03% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 190,509 | | | $ | 202,385 | | | $ | 174,290 | | | $ | 152,447 | | | $ | 111,501 | | | $ | 75,660 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.57% | * | | | 0.57% | | | | 0.58% | | | | 0.58% | | | | 0.60% | | | | 0.60% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.61% | * | | | 0.81% | | | | 1.14% | | | | 1.56% | | | | 2.20% | | | | 3.24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 31% | # | | | 31% | | | | 50% | | | | 38% | | | | 64% | | | | 106% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
178
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 13.14 | | | $ | 12.73 | | | $ | 11.56 | | | $ | 10.90 | | | $ | 10.36 | | | $ | 10.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.11 | | | | 0.27 | | | | 0.32 | | | | 0.28 | | | | 0.36 | | | | 0.47 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.51 | ) | | | 0.14 | | | | 0.85 | | | | 0.38 | | | | 0.26 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.40 | ) | | | 0.41 | | | | 1.17 | | | | 0.66 | | | | 0.62 | | | | 0.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | (a) | | | (0.50 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.08 | ) | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.08 | ) | | | (0.68 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.74 | | | $ | 13.14 | | | $ | 12.73 | | | $ | 11.56 | | | $ | 10.90 | | | $ | 10.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (3.04% | )# | | | 3.22% | | | | 10.12% | | | | 6.06% | | | | 6.02% | | | | 5.10% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 528,299 | | | $ | 568,400 | | | $ | 477,606 | | | $ | 418,957 | | | $ | 327,724 | | | $ | 221,730 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.56% | * | | | 0.56% | | | | 0.57% | | | | 0.58% | | | | 0.61% | | | | 0.60% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.72% | * | | | 2.06% | | | | 2.62% | | | | 2.48% | | | | 3.38% | | | | 4.44% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10% | # | | | 32% | | | | 44% | | | | 69% | | | | 87% | | | | 273% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. (a) Distributions were less than one penny per share. | |
| | | | | | | |
HIGH YIELD BOND FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 9.99 | | | $ | 8.72 | | | $ | 8.46 | | | $ | 7.41 | | | $ | 5.05 | | | $ | 7.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.30 | | | | 0.61 | | | | 0.62 | | | | 0.61 | | | | 0.56 | | | | 0.58 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.13 | ) | | | 0.66 | | | | (0.36 | ) | | | 0.44 | | | | 1.80 | | | | (2.40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.17 | | | | 1.27 | | | | 0.26 | | | | 1.05 | | | | 2.36 | | | | (1.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.16 | | | $ | 9.99 | | | $ | 8.72 | | | $ | 8.46 | | | $ | 7.41 | | | $ | 5.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.70% | # | | | 14.56% | | | | 3.07% | | | | 14.17% | | | | 46.44% | | | | (23.98% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 182,019 | | | $ | 179,720 | | | $ | 141,290 | | | $ | 131,682 | | | $ | 103,574 | | | $ | 57,995 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.81% | * | | | 0.82% | | | | 0.83% | | | | 0.85% | | | | 0.87% | | | | 0.86% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 5.93% | * | | | 6.52% | | | | 7.16% | | | | 7.73% | | | | 8.97% | | | | 8.29% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 38% | # | | | 69% | | | | 58% | | | | 61% | | | | 59% | | | | 53% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
179
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 29.22 | | | $ | 25.46 | | | $ | 24.71 | | | $ | 21.69 | | | $ | 16.33 | | | $ | 23.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.16 | | | | 0.44 | | | | 0.40 | | | | 0.35 | | | | 0.41 | | | | 0.46 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.79 | | | | 3.32 | | | | 0.35 | | | | 2.67 | | | | 4.95 | | | | (6.99 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.95 | | | | 3.76 | | | | 0.75 | | | | 3.02 | | | | 5.36 | | | | (6.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | (a) | | | (0.59 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.86 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 32.17 | | | $ | 29.22 | | | $ | 25.46 | | | $ | 24.71 | | | $ | 21.69 | | | $ | 16.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 10.13% | # | | | 14.77% | | | | 3.04% | | | | 13.92% | | | | 32.92% | | | | (27.83% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 2,353,243 | | | $ | 2,010,412 | | | $ | 1,655,254 | | | $ | 1,583,104 | | | $ | 1,286,902 | | | $ | 948,507 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.83% | * | | | 0.84% | | | | 0.84% | | | | 0.85% | | | | 0.85% | | | | 0.85% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.01% | * | | | 1.59% | | | | 1.60% | | | | 1.55% | | | | 2.22% | | | | 2.15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 31% | # | | | 65% | | | | 83% | | | | 67% | | | | 89% | | | | 103% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| (a) | Distributions were less than one penny per share. |
BALANCED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 12.60 | | | $ | 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 | ) | | | (0.02 | ) | | | (0.01 | ) | | | 0.28 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | — | | | | 0.03 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.85 | | | | 1.22 | | | | 0.62 | | | | 1.15 | | | | 1.46 | | | | (1.81 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.84 | | | | 1.20 | | | | 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 | | $ | 13.44 | | | $ | 12.60 | | | $ | 11.40 | | | $ | 10.80 | | | $ | 9.67 | | | $ | 8.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 6.67% | # | | | 10.53% | | | | 5.56% | | | | 11.69% | | | | 18.07% | | | | (14.74% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 75,608 | | | $ | 71,601 | | | $ | 65,342 | | | $ | 64,311 | | | $ | 60,114 | | | $ | 56,422 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.20% | * | | | 0.19% | | | | 0.18% | | | | 0.18% | | | | 0.17% | | | | 0.22% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.22% | * | | | 0.23% | | | | 0.24% | | | | 0.24% | | | | 0.24% | | | | 0.26% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.20% | )* | | | (0.19% | ) | | | (0.18% | ) | | | (0.18% | ) | | | (0.17% | ) | | | 9.09% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10% | # | | | 15% | | | | 17% | | | | 18% | | | | 19% | | | | 23% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
180
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 18.05 | | | $ | 15.20 | | | $ | 15.44 | | | $ | 13.22 | | | $ | 9.25 | | | $ | 15.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01 | ) | | | 0.01 | | | | (0.03 | ) | | | (0.02 | ) | | | — | (a) | | | 0.03 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.00 | | | | 2.84 | | | | (0.21 | ) | | | 2.24 | | | | 3.97 | | | | (6.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.99 | | | | 2.85 | | | | (0.24 | ) | | | 2.22 | | | | 3.97 | | | | (6.68 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | (a) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.04 | | | $ | 18.05 | | | $ | 15.20 | | | $ | 15.44 | | | $ | 13.22 | | | $ | 9.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 11.02% | # | | | 18.75% | | | | (1.55% | ) | | | 16.79% | | | | 42.93% | | | | (41.87% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 223,055 | | | $ | 210,999 | | | $ | 176,692 | | | $ | 174,372 | | | $ | 143,167 | | | $ | 89,852 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.90% | * | | | 0.91% | | | | 0.93% | | | | 0.94% | | | | 0.97% | | | | 0.98% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.14% | )* | | | 0.03% | | | | (0.19% | ) | | | (0.18% | ) | | | 0.02% | | | | 0.24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25% | # | | | 35% | | | | 33% | | | | 43% | | | | 58% | | | | 54% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. (a) Distributions 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, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 9.57 | | | $ | 8.68 | | | $ | 9.31 | | | $ | 8.28 | | | $ | 6.02 | | | $ | 10.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.01 | | | | 0.01 | | | | (0.02 | ) | | | (0.01 | ) | | | 0.02 | | | | 0.02 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.50 | | | | 0.88 | | | | (0.61 | ) | | | 1.04 | | | | 2.24 | | | | (4.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.51 | | | | 0.89 | | | | (0.63 | ) | | | 1.03 | | | | 2.26 | | | | (4.77 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.08 | | | $ | 9.57 | | | $ | 8.68 | | | $ | 9.31 | | | $ | 8.28 | | | $ | 6.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.33% | # | | | 10.25% | | | | (6.77% | ) | | | 12.44% | | | | 37.54% | | | | (43.82% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 49,755 | | | $ | 29,751 | | | $ | 37,465 | | | $ | 33,542 | | | $ | 27,870 | | | $ | 17,537 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.90% | * | | | 0.90% | | | | 0.96% | | | | 1.00% | | | | 1.00% | | | | 0.96% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.90% | * | | | 0.90% | | | | 0.96% | | | | 1.00% | | | | 1.12% | | | | 0.96% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.21% | * | | | 0.06% | | | | (0.25% | ) | | | (0.10% | ) | | | 0.22% | | | | 0.19% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 109% | # | | | 97% | | | | 153% | | | | 176% | | | | 121% | | | | 287% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
181
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 10.79 | | | $ | 9.29 | | | $ | 9.78 | | | $ | 8.34 | | | $ | 6.14 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.01 | | | | 0.02 | | | | (0.01 | ) | | | — | | | | 0.03 | | | | 0.02 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.17 | | | | 1.48 | | | | (0.48 | ) | | | 1.44 | | | | 2.17 | | | | (3.87 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.18 | | | | 1.50 | | | | (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 | | $ | 11.97 | | | $ | 10.79 | | | $ | 9.29 | | | $ | 9.78 | | | $ | 8.34 | | | $ | 6.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 10.94% | # | | | 16.15% | | | | (5.01% | ) | | | 17.27% | | | | 35.89% | | | | (38.45% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 108,065 | | | $ | 106,053 | | | $ | 100,397 | | | $ | 123,153 | | | $ | 126,510 | | | $ | 100,096 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.88% | * | | | 0.89% | | | | 0.90% | | | | 0.71% | | | | 0.64% | | | | 0.64% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.88% | * | | | 0.89% | | | | 0.90% | | | | 0.85% | | | | 0.86% | | | | 0.90% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.12% | * | | | 0.17% | | | | (0.11% | ) | | | (0.01% | ) | | | 0.50% | | | | 0.69% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 59% | # | | | 105% | | | | 115% | | | | 115% | | | | 155% | | | | 55% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
LARGE CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 15.66 | | | $ | 13.83 | | | $ | 14.47 | | | $ | 12.60 | | | $ | 9.43 | | | $ | 17.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.11 | | | | 0.20 | | | | 0.18 | | | | 0.11 | | | | 0.16 | | | | 0.20 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.08 | | | | 1.63 | | | | (0.82 | ) | | | 1.76 | | | | 3.01 | | | | (8.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.19 | | | | 1.83 | | | | (0.64 | ) | | | 1.87 | | | | 3.17 | | | | (7.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.25 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.85 | | | $ | 15.66 | | | $ | 13.83 | | | $ | 14.47 | | | $ | 12.60 | | | $ | 9.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 13.98% | # | | | 13.23% | | | | (4.42% | ) | | | 14.84% | | | | 33.62% | | | | (44.62% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 190,326 | | | $ | 166,955 | | | $ | 166,056 | | | $ | 167,918 | | | $ | 143,038 | | | $ | 106,616 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.87% | * | | | 0.88% | | | | 0.89% | | | | 0.89% | | | | 0.90% | | | | 0.90% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.28% | * | | | 1.32% | | | | 1.24% | | | | 0.86% | | | | 1.53% | | | | 1.42% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 181% | # | | | 90% | | | | 87% | | | | 112% | | | | 120% | | | | 228% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
182
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 10.31 | | | $ | 8.92 | | | $ | 9.31 | | | $ | 8.43 | | | $ | 7.22 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.08 | | | | 0.16 | | | | 0.14 | | | | 0.12 | | | | 0.14 | | | | 0.07 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.34 | | | | 1.23 | | | | (0.53 | ) | | | 0.76 | | | | 1.07 | | | | (2.78 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.42 | | | | 1.39 | | | | (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 | | | 11.73 | | | $ | 10.31 | | | $ | 8.92 | | | $ | 9.31 | | | $ | 8.43 | | | $ | 7.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 13.77% | # | | | 15.58% | | | | (4.19% | ) | | | 10.44% | | | | 16.76% | | | | (27.05% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 179.787 | | | $ | 158,589 | | | $ | 143,147 | | | $ | 158.985 | | | $ | 149,973 | | | $ | 114,167 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.87% | * | | | 0.88% | | | | 0.89% | | | | 0.61% | | | | 0.54% | | | | 0.54% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.87% | * | | | 0.88% | | | | 0.89% | | | | 0.75% | | | | 0.75% | | | | 0.79% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.39% | * | | | 1.64% | | | | 1.52% | | | | 1.46% | | | | 1.94% | | | | 2.40% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 33% | # | | | 38% | | | | 51% | | | | 35% | | | | 62% | | | | 31% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
INDEX 500 FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 10.70 | | | $ | 9.25 | | | $ | 9.09 | | | $ | 7.92 | | | $ | 6.28 | | | $ | 10.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.10 | | | | 0.20 | | | | 0.16 | | | | 0.14 | | | | 0.13 | | | | 0.17 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.35 | | | | 1.25 | | | | — | | | | 1.03 | | | | 1.51 | | | | (3.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.45 | | | | 1.45 | | | | 0.16 | | | | 1.17 | | | | 1.64 | | | | (3.65 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.15 | | | $ | 10.70 | | | $ | 9.25 | | | $ | 9.09 | | | $ | 7.92 | | | $ | 6.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 13.55% | # | | | 15.68% | | | | 1.76% | | | | 14.77% | | | | 26.11% | | | | (36.08% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 351,715 | | | $ | 312,146 | | | $ | 267,009 | | | $ | 263,724 | | | $ | 249,284 | | | $ | 195,078 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.33% | * | | | 0.34% | | | | 0.35% | | | | 0.35% | | | | 0.35% | | | | 0.35% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.33% | * | | | 0.34% | | | | 0.36% | | | | 0.36% | | | | 0.37% | | | | 0.37% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.74% | * | | | 1.93% | | | | 1.71% | | | | 1.68% | | | | 1.97% | | | | 2.02% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 3% | # | | | 4% | | | | 4% | | | | 5% | | | | 6% | | | | 6% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
183
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 9.94 | | | $ | 9.37 | | | $ | 10.16 | | | $ | 8.01 | | | $ | 5.42 | | | $ | 10.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.04 | ) | | | (0.01 | ) | | | (0.04 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.02 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.29 | | | | 0.58 | | | | (0.75 | ) | | | 2.16 | | | | 2.60 | | | | (5.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.25 | | | | 0.57 | | | | (0.79 | ) | | | 2.15 | | | | 2.59 | | | | (5.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.19 | | | $ | 9.94 | | | $ | 9.37 | | | $ | 10.16 | | | $ | 8.01 | | | $ | 5.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 12.58% | # | | | 6.08% | | | | (7.78% | ) | | | 26.84% | | | | 47.79% | | | | (48.87% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 104,043 | | | $ | 101,293 | | | $ | 99,083 | | | $ | 107,064 | | | $ | 82,895 | | | $ | 57,747 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.00% | * | | | 1.00% | | | | 1.00% | | | | 1.00% | | | | 1.00% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.99% | * | | | 1.00% | | | | 1.00% | | | | 1.00% | | | | 1.01% | | | | 1.02% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.71% | )* | | | (0.12% | ) | | | (0.42% | ) | | | (0.14% | ) | | | (0.22% | ) | | | (0.20% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 50% | # | | | 129% | | | | 110% | | | | 106% | | | | 102% | | | | 162% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. | |
| | | | | | | |
MID CAP VALUE FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 13.59 | | | $ | 11.80 | | | $ | 12.59 | | | $ | 10.01 | | | $ | 6.81 | | | $ | 13.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.12 | | | | 0.19 | | | | 0.09 | | | | 0.08 | | | | 0.05 | | | | 0.10 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.28 | | | | 1.60 | | | | (0.88 | ) | | | 2.50 | | | | 3.15 | | | | (6.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.40 | | | | 1.79 | | | | (0.79 | ) | | | 2.58 | | | | 3.20 | | | | (6.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.99 | | | $ | 13.59 | | | $ | 11.80 | | | $ | 12.59 | | | $ | 10.01 | | | $ | 6.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 17.66% | # | | | 15.17% | | | | (6.27% | ) | | | 25.77% | | | | 46.99% | | | | (47.26% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 145,977 | | | $ | 124,651 | | | $ | 97,048 | | | $ | 119,231 | | | $ | 92,662 | | | $ | 60,507 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.82% | * | | | 0.84% | | | | 0.84% | | | | 0.84% | | | | 0.85% | | | | 0.86% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.53% | * | | | 1.49% | | | | 0.70% | | | | 0.71% | | | | 0.69% | | | | 0.89% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 21% | # | | | 43% | | | | 106% | | | | 37% | | | | 43% | | | | 58% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
184
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 11.87 | | | $ | 10.37 | | | $ | 10.75 | | | $ | 8.57 | | | $ | 6.80 | | | $ | 11.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.05 | | | | 0.08 | | | | 0.03 | | | | 0.05 | | | | 0.03 | | | | 0.14 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.66 | | | | 1.42 | | | | (0.41 | ) | | | 2.13 | | | | 1.74 | | | | (4.66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.71 | | | | 1.50 | | | | (0.38 | ) | | | 2.18 | | | | 1.77 | | | | (4.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.58 | | | $ | 11.87 | | | $ | 10.37 | | | $ | 10.75 | | | $ | 8.57 | | | $ | 6.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 14.41% | # | | | 14.46% | | | | (3.53% | ) | | | 25.44% | | | | 26.03% | | | | (38.89% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 64,583 | | | $ | 57,168 | | | $ | 60,179 | | | $ | 52,723 | | | $ | 40,508 | | | $ | 29,895 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.07% | * | | | 1.08% | | | | 1.08% | | | | 1.11% | | | | 1.20% | | | | 1.08% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.76% | * | | | 0.68% | | | | 0.29% | | | | 0.49% | | | | 0.43% | | | | 1.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 133% | * | | | 75% | | | | 51% | | | | 75% | | | | 116% | | | | 39% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
SMID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 13.75 | | | $ | 11.92 | | | $ | 12.51 | | | $ | 10.01 | | | $ | 6.51 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.07 | ) | | | (0.06 | ) | | | (0.09 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.01 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 2.55 | | | | 1.89 | | | | (0.50 | ) | | | 2.54 | | | | 3.54 | | | | (3.48 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.48 | | | | 1.83 | | | | (0.59 | ) | | | 2.50 | | | | 3.50 | | | | (3.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.23 | | | $ | 13.75 | | | $ | 11.92 | | | $ | 12.51 | | | $ | 10.01 | | | $ | 6.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 18.04% | # | | | 15.35% | | | | (4.72% | ) | | | 24.85% | | | | 54.15% | | | | (35.00% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 52,093 | | | $ | 40,578 | | | $ | 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% | | | | 1.05% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.07% | * | | | 1.12% | | | | 1.13% | | | | 1.23% | | | | 1.41% | | | | 1.69% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.88% | )* | | | (0.46% | ) | | | (0.77% | ) | | | (0.36% | ) | | | (0.43% | ) | | | (0.36% | )* |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 46% | # | | | 95% | | | | 160% | | | | 95% | | | | 65% | | | | 21% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
185
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 13.87 | | | $ | 11.66 | | | $ | 12.56 | | | $ | 9.90 | | | $ | 6.80 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.03 | | | | 0.07 | | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | 0.04 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.37 | | | | 2.14 | | | | (0.93 | ) | | | 2.64 | | | | 3.08 | | | | (3.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.40 | | | | 2.21 | | | | (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 | | $ | 16.27 | | | $ | 13.87 | | | $ | 11.66 | | | $ | 12.56 | | | $ | 9.90 | | | $ | 6.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 17.30% | # | | | 18.95% | | | | (7.17% | ) | | | 26.87% | | | | 45.59% | | | | (31.64% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 52,228 | | | $ | 43,575 | | | $ | 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% | | | | 1.14% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.25% | * | | | 1.27% | | | | 1.31% | | | | 1.36% | | | | 1.52% | | | | 1.83% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.42% | * | | | 0.51% | | | | 0.27% | | | | 0.22% | | | | 0.30% | | | | 1.37% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 32% | # | | | 52% | | | | 69% | | | | 81% | | | | 49% | | | | 14% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 19.20 | | | $ | 18.16 | | | $ | 20.43 | | | $ | 17.15 | | | $ | 10.81 | | | $ | 21.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.07 | ) | | | (0.18 | ) | | | (0.15 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.09 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.78 | | | | 1.22 | | | | (2.12 | ) | | | 3.36 | | | | 6.43 | | | | (10.74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.71 | | | | 1.04 | | | | (2.27 | ) | | | 3.28 | | | | 6.34 | | | | (10.83 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.91 | | | $ | 19.20 | | | $ | 18.16 | | | $ | 20.43 | | | $ | 17.15 | | | $ | 10.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 8.91% | # | | | 5.73% | | | | (11.11% | ) | | | 19.13% | | | | 58.65% | | | | (50.05% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 76,162 | | | $ | 77,720 | | | $ | 78,447 | | | $ | 88,184 | | | $ | 76,180 | | | $ | 48,008 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.09% | * | | | 1.10% | | | | 1.08% | | | | 1.08% | | | | 1.11% | | | | 1.07% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.71% | )* | | | (0.92% | ) | | | (0.71% | ) | | | (0.45% | ) | | | (0.67% | ) | | | (0.59% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 125% | # | | | 103% | | | | 125% | | | | 125% | | | | 163% | | | | 190% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
186
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 18.83 | | | $ | 16.21 | | | $ | 16.07 | | | $ | 12.68 | | | $ | 9.99 | | | $ | 14.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.05 | | | | 0.24 | | | | 0.08 | | | | 0.11 | | | | 0.09 | | | | 0.09 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.94 | | | | 2.38 | | | | 0.06 | | | | 3.28 | | | | 2.60 | | | | (3.88 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.99 | | | | 2.62 | | | | 0.14 | | | | 3.39 | | | | 2.69 | | | | (3.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.11 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.29 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 21.82 | | | $ | 18.83 | | | $ | 16.21 | | | $ | 16.07 | | | $ | 12.68 | | | $ | 9.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 15.88% | # | | | 16.16% | | | | 0.87% | | | | 26.74% | | | | 26.93% | | | | (27.15% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 203,929 | | | $ | 175,841 | | | $ | 159,365 | | | $ | 163,354 | | | $ | 132,952 | | | $ | 109,336 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.14% | * | | | 1.15% | | | | 1.15% | | | | 1.15% | | | | 1.15% | | | | 1.15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.13% | * | | | 1.15% | | | | 1.15% | | | | 1.15% | | | | 1.17% | | | | 1.15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.50% | * | | | 1.36% | | | | 0.51% | | | | 0.80% | | | | 0.86% | | | | 0.66% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 31% | # | | | 50% | | | | 47% | | | | 49% | | | | 60% | | | | 66% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
SMALL CAP INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 12.22 | | | $ | 10.58 | | | $ | 11.08 | | | $ | 8.78 | | | $ | 6.96 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.05 | | | | 0.16 | | | | 0.08 | | | | 0.08 | | | | 0.07 | | | | 0.04 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.86 | | | | 1.48 | | | | (0.58 | ) | | | 2.22 | | | | 1.75 | | | | (3.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.91 | | | | 1.64 | | | | (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 | | $ | 14.13 | | | $ | 12.22 | | | $ | 10.58 | | | $ | 11.08 | | | $ | 8.78 | | | $ | 6.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 15.63% | # | | | 15.50% | | | | (4.51% | ) | | | 26.20% | | | | 26.15% | | | | (29.96% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 53,087 | | | $ | 42,443 | | | $ | 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% | | | | 0.55% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.70% | * | | | 0.70% | | | | 0.91% | | | | 1.30% | | | | 2.01% | | | | 2.09% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.73% | * | | | 1.42% | | | | 0.70% | | | | 0.89% | | | | 0.94% | | | | 1.59% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14% | # | | | 18% | | | | 18% | | | | 56% | | | | 22% | | | | 3% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
187
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 10.15 | | | $ | 8.59 | | | $ | 9.83 | | | $ | 9.15 | | | $ | 7.12 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.19 | | | | 0.25 | | | | 0.27 | | | | 0.20 | | | | 0.18 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.13 | | | | 1.31 | | | | (1.51 | ) | | | 0.48 | | | | 1.85 | | | | (2.90 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.32 | | | | 1.56 | | | | (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 | | $ | 10.47 | | | $ | 10.15 | | | $ | 8.59 | | | $ | 9.83 | | | $ | 9.15 | | | $ | 7.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.15% | # | | | 18.16% | | | | (12.61% | ) | | | 7.43% | | | | 28.52% | | | | (28.50% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 98,738 | | | $ | 89,786 | | | $ | 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% | | | | 0.59% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.89% | * | | | 1.00% | | | | 1.01% | | | | 1.21% | | | | 2.15% | | | | 4.65% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 3.64% | * | | | 2.73% | | | | 2.80% | | | | 2.27% | | | | 2.27% | | | | 2.06% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 1% | # | | | 2% | | | | 1% | | | | 6% | | | | 1% | | | | — | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 21.44 | | | $ | 17.71 | | | $ | 17.55 | | | $ | 15.80 | | | $ | 13.12 | | | $ | 24.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.21 | | | | 0.25 | | | | 0.35 | | | | 0.29 | | | | 0.26 | | | | 0.25 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.28 | ) | | | 3.48 | | | | (0.19 | ) | | | 1.46 | | | | 2.58 | | | | (10.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.07 | ) | | | 3.73 | | | | 0.16 | | | | 1.75 | | | | 2.84 | | | | (9.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.43 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.78 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (1.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 21.37 | | | $ | 21.44 | | | $ | 17.71 | | | $ | 17.55 | | | $ | 15.80 | | | $ | 13.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (0.33% | )# | | | 21.06% | | | | 0.91% | | | | 11.08% | | | | 21.74% | | | | (41.28% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 352,008 | | | $ | 348,599 | | | $ | 309,920 | | | $ | 320,108 | | | $ | 270,907 | | | $ | 213,117 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.17% | * | | | 1.17% | | | | 1.20% | | | | 1.24% | | | | 1.27% | | | | 1.27% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.87% | * | | | 1.30% | | | | 1.95% | | | | 1.77% | | | | 1.89% | | | | 1.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 22% | # | | | 43% | | | | 30% | | | | 34% | | | | 48% | | | | 108% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
188
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 11.53 | | | $ | 9.64 | | | $ | 11.82 | | | $ | 9.92 | | | $ | 5.99 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.04 | | | | 0.03 | | | | 0.07 | | | | 0.02 | | | | 0.03 | | | | — | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.74 | ) | | | 1.86 | | | | (2.25 | ) | | | 1.88 | | | | 3.90 | | | | (3.99 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.70 | ) | | | 1.89 | | | | (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 | | $ | 10.83 | | | $ | 11.53 | | | $ | 9.64 | | | $ | 11.82 | | | $ | 9.92 | | | $ | 5.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (6.07% | )# | | | 19.61% | | | | (18.44% | ) | | | 19.15% | | | | 65.64% | | | | (39.86% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 149,474 | | | $ | 152,858 | | | $ | 121,066 | | | $ | 141,853 | | | $ | 102,834 | | | $ | 52,204 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.68% | * | | | 1.68% | | | | 1.68% | | | | 1.62% | | | | 1.58% | | | | 1.58% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.72% | * | | | 1.72% | | | | 1.91% | | | | 2.07% | | | | 2.20% | | | | 1.83% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.75% | * | | | 0.31% | | | | 0.63% | | | | 0.21% | | | | 0.37% | | | | 0.04% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25% | # | | | 47% | | | | 60% | | | | 62% | | | | 70% | | | | 37% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | |
| | | | 2012 | | | 2011 2 | | | 2010 | | | 2009 | | | 2008 | |
Net asset value, beginning of period | | $ | 13.41 | | | $ | 11.56 | | | $ | 10.80 | | | $ | 8.63 | | | $ | 6.82 | | | $ | 12.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.16 | | | | 0.16 | | | | 0.12 | | | | 0.12 | | | | 0.19 | | | | 0.25 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.66 | | | | 1.69 | | | | 0.64 | | | | 2.05 | | | | 1.62 | | | | (5.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.82 | | | | 1.85 | | | | 0.76 | | | | 2.17 | | | | 1.81 | | | | (4.77 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.25 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.23 | | | $ | 13.41 | | | $ | 11.56 | | | $ | 10.80 | | | $ | 8.63 | | | $ | 6.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 6.11% | # | | | 16.00% | | | | 7.04% | | | | 25.14% | | | | 26.54% | | | | (39.38% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 111,839 | | | $ | 98,146 | | | $ | 76,346 | | | $ | 68,420 | | | $ | 50,107 | | | $ | 33,240 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.99% | * | | | 1.01% | | | | 1.00% | | | | 1.01% | | | | 1.03% | | | | 1.02% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.17% | * | | | 1.27% | | | | 1.09% | | | | 1.26% | | | | 2.93% | | | | 2.30% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 44% | # | | | 85% | | | | 144% | | | | 180% | | | | 163% | | | | 86% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| 2 | Prior to May 1, 2011, the Real Estate Securities Fund was named the REIT Fund. |
The accompanying notes are an integral part of these financial statements.
189
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 11.56 | | | $ | 10.01 | | | $ | 10.39 | | | $ | 8.96 | | | $ | 6.95 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (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 | | | 0.96 | | | | 1.59 | | | | (0.35 | ) | | | 1.46 | | | | 2.02 | | | | (3.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.94 | | | | 1.55 | | | | (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 | | $ | 12.50 | | | $ | 11.56 | | | $ | 10.01 | | | $ | 10.39 | | | $ | 8.96 | | | $ | 6.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 8.13% | # | | | 15.48% | | | | (3.66% | ) | | | 15.96% | | | | 28.94% | | | | (29.39% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 48,203 | | | $ | 41,234 | | | $ | 28,182 | | | $ | 24,256 | | | $ | 13,875 | | | $ | 1,509 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.33% | * | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.33% | * | | | 0.35% | | | | 0.38% | | | | 0.40% | | | | 0.48% | | | | 2.97% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.33% | )* | | | (0.33% | ) | | | (0.33% | ) | | | (0.33% | ) | | | (0.16% | ) | | | 9.66% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 18% | # | | | 24% | | | | 29% | | | | 28% | | | | 39% | | | | 21% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 2 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. (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, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 12.42 | | | $ | 10.93 | | | $ | 11.13 | | | $ | 9.72 | | | $ | 7.64 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (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 | | | 0.88 | | | | 1.53 | | | | (0.16 | ) | | | 1.44 | | | | 2.09 | | | | (2.65 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.86 | | | | 1.49 | | | | (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 | | $ | 13.28 | | | $ | 12.42 | | | $ | 10.93 | | | $ | 11.13 | | | $ | 9.72 | | | $ | 7.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 6.92% | # | | | 13.63% | | | | (1.80% | ) | | | 14.51% | | | | 27.25% | | | | (22.06% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 197,212 | | | $ | 179,229 | | | $ | 134,968 | | | $ | 119,284 | | | $ | 61,800 | | | $ | 11,656 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.31% | * | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.31% | * | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.34% | | | | 0.70% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.31% | )* | | | (0.32% | ) | | | (0.32% | ) | | | (0.33% | ) | | | (0.18% | ) | | | 14.72% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 16% | # | | | 25% | | | | 30% | | | | 26% | | | | 49% | | | | 21% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| (a) | Distributions were less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
190
Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 11.98 | | | $ | 10.80 | | | $ | 10.73 | | | $ | 9.56 | | | $ | 7.93 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (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 | | | 0.61 | | | | 1.22 | | | | 0.10 | | | | 1.20 | | | | 1.64 | | | | (2.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.59 | | | | 1.18 | | | | 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 | | $ | 12.57 | | | $ | 11.98 | | | $ | 10.80 | | | $ | 10.73 | | | $ | 9.56 | | | $ | 7.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 4.92% | # | | | 10.93% | | | | 0.65% | | | | 12.24% | | | | 20.58% | | | | (18.77% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 318,311 | | | $ | 290,951 | | | $ | 224,256 | | | $ | 199,732 | | | $ | 100,677 | | | $ | 13,244 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.31% | * | | | 0.31% | | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.31% | * | | | 0.31% | | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.59% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.31% | )* | | | (0.31% | ) | | | (0.32% | ) | | | (0.32% | ) | | | (0.20% | ) | | | 14.00% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 13% | # | | | 20% | | | | 26% | | | | 22% | | | | 30% | | | | 23% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 2 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. (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, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 11.87 | | | $ | 10.96 | | | $ | 10.67 | | | $ | 9.75 | | | $ | 8.40 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (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 | | | 0.40 | | | | 0.95 | | | | 0.33 | | | | 0.95 | | | | 1.35 | | | | (1.74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.38 | | | | 0.91 | | | | 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 | | $ | 12.25 | | | $ | 11.87 | | | $ | 10.96 | | | $ | 10.67 | | | $ | 9.75 | | | $ | 8.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.20% | # | | | 8.30% | | | | 2.72% | | | | 9.32% | | | | 16.19% | | | | (13.48% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 106,703 | | | $ | 96,028 | | | $ | 89,677 | | | $ | 72,839 | | | $ | 45,014 | | | $ | 8,313 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.32% | * | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.31% | * | | | 0.33% | | | | 0.33% | | | | 0.34% | | | | 0.36% | | | | 0.61% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.32% | )* | | | (0.33% | ) | | | (0.33% | ) | | | (0.33% | ) | | | (0.22% | ) | | | 11.40% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 37% | | | | 30% | | | | 35% | | | | 46% | | | | 38% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| (a) | Distributions were less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
191
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2013
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 | |
| | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | |
Net asset value, beginning of period | | $ | 11.74 | | | $ | 11.13 | | | $ | 10.71 | | | $ | 10.01 | | | $ | 9.05 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (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 | | | 0.14 | | | | 0.65 | | | | 0.46 | | | | 0.73 | | | | 0.97 | | | | (1.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.12 | | | | 0.61 | | | | 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 | | $ | 11.86 | | | $ | 11.74 | | | $ | 11.13 | | | $ | 10.71 | | | $ | 10.01 | | | $ | 9.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.02% | # | | | 5.48% | | | | 3.92% | | | | 6.89% | | | | 10.80% | | | | (6.64% | )# |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 71,975 | | | $ | 70,604 | | | $ | 63,096 | | | $ | 45,528 | | | $ | 31,405 | | | $ | 8,139 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.33% | * | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.32% | * | | | 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% | ) | | | (0.33% | ) | | | (0.21% | ) | | | 13.26% | * |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 22% | # | | | 44% | | | | 39% | | | | 46% | | | | 73% | | | | 27% | # |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| (a) | Distributions were less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
192
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
1 — ORGANIZATION
Penn Series Funds, Inc. (“Penn Series”) was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company (“Penn Mutual”) and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual’s employee benefit plans.
Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a “Fund” and collectively, the “Funds”). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.
Fund of Funds (“FOFs”) — Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The Penn Series FOFs 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 (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material.
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 are valued by recognized independent third-party valuation services, employing evaluation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these evaluation methods are generally categorized as level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.
Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are carried at their gross amounts.
193
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub-adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of market by the Adviser or sub-adviser, as applicable.
Securities for which market quotations are not readily available are valued at fair value prices determined using methods approved by the Board of Directors. The Penn Series Valuation Committee (the “Valuation Committee”), established by and subject to oversight by the Board of Directors, monitors pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from Independence Capital Management, Inc. (“ICMI” or the “Adviser”), the investment adviser to each of the Funds, and Penn Mutual, the administrator to the Funds (the “Administrator”). The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub-adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, discount rates, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub-adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has been halted, suspended or has not begun, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when, under normal conditions, it would be open, or valuation by a third party pricing service is currently not available or is no longer available.
Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third-party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval,” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service. One June 30, 2013 and December 31, 2012, the Large Growth Stock, Large Cap Growth, Mid Core Value, Developed International Index, International Equity and Emerging Markets Equity Funds utilized fair value pricing for their foreign common stocks.
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 |
194
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
| | • | | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | • | | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Transfers between levels 1 and 2 during the six months ended June 30, 2013, if any, are shown as notes on the Schedule of Investments of the individual fund.
Level 3 items at June 30, 2013 consist of $590,816 of equities in the Large Growth Stock Fund which were not publically trading. The unobservable inputs used in valuing these securities include financial results of the company, the price/sales multiple of publically traded securities determined to be comparable, projections and discount amounts. The valuation technique employed consists of a sub-adviser valuation model which estimates an enterprise value based upon financial results, projections and price/sales multiples of comparable publically traded securities, as applicable and then applying a rate of discount. Significant increases (decreases) in financial results, projections and the price/sales multiple would result in directionally similar changes to the fair value. Also, changes to the rate of discount would cause directionally opposite 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. The expanded disclosures required by this guidance are discussed further in Note 7. Adoption of this guidance did not have a material effect on the Funds’ financial position or results of operations.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the fund is subject to nonperformance by the counterparty.
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
195
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
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.
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, 2012 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, 2012, 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
ICMI, a wholly owned subsidiary of Penn Mutual Life, 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 | | Massachusetts Financial Services Company |
| Large Core Growth Fund | | Wells Capital Management, Inc. |
| Large Cap Value Fund | | Loomis, Sayles & Company, LP |
| 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 | | American Century Investment Management, Inc. |
| SMID Cap Growth Fund | | Wells Capital Management, Inc. |
| SMID Cap Value Fund | | Alliance Bernstein, LP |
| Small Cap Growth Fund | | Janus Capital Management LLC |
| 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. |
196
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
Each of the Funds pay ICMI, on a monthly basis, an advisory fee based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements: 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 each sub-adviser, 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 the Fund’s average daily net assets.
Accounting Services
Under an accounting services agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FoFs shall be an asset based fee of 0.01% of FOF’s average assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. 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.
197
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by ICMI and its sub-adviser under its respective investment advisory agreement 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 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%. Penn Mutual may change or eliminate all or part of this voluntary waiver at any time.
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 preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by ICMI and Penn Mutual and, if recaptured, would become payable by the Funds to ICMI and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or ICMI’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or ICMI to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.
198
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
As of June 30, 2013, the following Funds had waived and/or reimbursed administrative and corporate services fees that are subject to potential recapture by Penn Mutual through the periods stated below. If not recaptured, the waiver and/or reimbursed administrative and corporate services fees will expire according to the table below:
| | | | | | | | | | | | | | | | |
| | | December 31,
2013 | | | December 31,
2014 | | | December 31,
2015 | | | December 31,
2016 | |
| Money Market Fund | | $ | 721 | | | $ | 128,050 | | | $ | 122,590 | | | $ | 72,139 | |
| Balanced Fund | | | 36,499 | | | | 33,707 | | | | 22,964 | | | | 7,855 | |
As of June 30, 2013, the following Funds had waived and/or reimbursed advisory fees that are subject to potential recapture by ICMI through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:
| | | | | | | | | | | | | | | | |
| | | December 31,
2013 | | | December 31,
2014 | | | December 31,
2015 | | | December 31,
2016 | |
| Money Market Fund | | $ | 234,908 | | | $ | 272,008 | | | $ | 262,764 | | | $ | 122,456 | |
| Large Core Growth Fund | | | 173,522 | | | | — | | | | — | | | | — | |
| Large Core Value Fund | | | 206,004 | | | | — | | | | — | | | | — | |
| SMID Cap Growth Fund | | | 36,023 | | | | 20,314 | | | | 23,866 | | | | 4,957 | |
| SMID Cap Value Fund | | | 47,247 | | | | 48,883 | | | | 49,667 | | | | 26,764 | |
| Small Cap Index Fund | | | 157,501 | | | | 97,702 | | | | 54,153 | | | | 36,792 | |
| Developed International Index Fund | | | 282,565 | | | | 257,004 | | | | 302,369 | | | | 147,976 | |
| Emerging Markets Equity Fund | | | 448,789 | | | | 115,934 | | | | 33,809 | | | | — | |
| Aggressive Allocation Fund | | | 13,439 | | | | 12,299 | | | | 6,353 | | | | 1,029 | |
| Conservative Allocation Fund | | | 5,973 | | | | 4,176 | | | | 2,344 | | | | — | |
Total fees of $149,250 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2013. 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 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, 2013 are as follows:
| | | | |
| Money Market Fund | | $ | 4,247,201 | |
| Quality Bond Fund | | | 7,498,055 | |
| High Yield Bond Fund | | | 5,442,569 | |
| Flexibly Managed Fund | | | 47,192,331 | |
| Large Growth Stock Fund | | | 39,875,864 | |
| Index 500 Fund | | | 23,613,260 | |
| Mid Cap Growth Fund | | | 4,089,374 | |
| Mid Core Value Fund | | | 3,413,618 | |
| SMID Cap Growth Fund | | | 5,585,692 | |
| SMID Cap Value Fund | | | 5,592,128 | |
| Small Cap Growth Fund | | | 3,113,039 | |
| Small Cap Value Fund | | | 7,962,254 | |
| International Equity Fund | | | 21,332,149 | |
| Large Core Value | | | 35,945,860 | |
| Emerging Markets Equity | | | 3,517,690 | |
| Small Cap Index Fund | | | 3,845,281 | |
| Developed International Index | | | 3,529,406 | |
199
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
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, 2013 were as follows:
| | | | |
| Large Growth Stock Fund | | $ | 161 | |
| Mid Core Value Fund | | | 94 | |
| Small Cap Value Fund | | | 4,201 | |
| Emerging Markets Equity Fund | | | 3,941 | |
5 — PURCHASESAND SALESOF SECURITIES
During the six months ended June 30, 2013, 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 | | $ | 49,150,387 | | | $ | 49,319,691 | | | $ | 17,407,590 | | | $ | 7,272,175 | |
| Quality Bond Fund | | | 122,492,361 | | | | 40,387,037 | | | | 24,990,556 | | | | 7,440,386 | |
| High Yield Bond Fund | | | — | | | | — | | | | 80,584,283 | | | | 68,881,432 | |
| Flexibly Managed Fund | | | — | | | | 3,868,167 | | | | 781,492,202 | | | | 592,269,488 | |
| Balanced Fund | | | — | | | | — | | | | 7,238,781 | | | | 7,928,966 | |
| Large Growth Stock Fund | | | — | | | | — | | | | 55,188,657 | | | | 63,512,681 | |
| Large Cap Growth Fund | | | — | | | | — | | | | 32,258,103 | | | | 34,362,825 | |
| Large Core Growth Fund | | | — | | | | — | | | | 64,726,766 | | | | 75,337,403 | |
| Large Cap Value Fund | | | — | | | | — | | | | 317,268,945 | | | | 323,906,291 | |
| Large Core Value Fund | | | — | | | | — | | | | 58,267,705 | | | | 55,039,125 | |
| Index 500 Fund | | | — | | | | — | | | | 16,044,730 | | | | 8,702,532 | |
| Mid Cap Growth Fund | | | — | | | | — | | | | 52,921,076 | | | | 62,475,938 | |
| Mid Cap Value Fund | | | — | | | | — | | | | 27,439,451 | | | | 26,134,554 | |
| Mid Core Value Fund | | | — | | | | — | | | | 81,559,585 | | | | 81,244,718 | |
| SMID Cap Growth Fund | | | — | | | | — | | | | 22,177,060 | | | | 20,507,402 | |
| SMID Cap Value Fund | | | — | | | | — | | | | 17,016,413 | | | | 15,872,716 | |
| Small Cap Growth Fund | | | — | | | | — | | | | 95,680,884 | | | | 105,783,814 | |
| Small Cap Value Fund | | | — | | | | — | | | | 60,331,032 | | | | 60,114,068 | |
| Small Cap Index Fund | | | — | | | | — | | | | 10,520,085 | | | | 6,533,125 | |
| Developed International Index Fund | | | — | | | | — | | | | 6,232,737 | | | | 778,075 | |
| International Equity Fund | | | — | | | | — | | | | 79,466,503 | | | | 86,625,799 | |
| Emerging Markets Equity Fund | | | — | | | | — | | | | 43,017,429 | | | | 38,509,667 | |
| Real Estate Securities Fund | | | — | | | | — | | | | 54,157,406 | | | | 46,782,034 | |
| Aggressive Allocation Fund | | | — | | | | — | | | | 11,925,316 | | | | 8,296,635 | |
| Moderately Aggressive Allocation Fund | | | — | | | | — | | | | 35,230,600 | | | | 30,721,480 | |
| Moderate Allocation Fund | | | — | | | | — | | | | 51,291,185 | | | | 39,052,514 | |
| Moderately Conservative Allocation Fund | | | — | | | | — | | | | 22,942,886 | | | | 15,738,407 | |
| Conservative Allocation Fund | | | — | | | | — | | | | 15,665,757 | | | | 15,518,590 | |
6 — FEDERAL INCOME TAXES
Each Fund has qualified and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2012, 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.
200
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
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 RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.
The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.
Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2012, primarily attributable to consent dividends, reclass of capital gains tax income recognized from pass-through entities, the disallowance of net operating losses, the tax treatment of Passive Foreign Investment Companies, the redesignation of dividend distributions, the reclassification of net foreign currency exchange gains or losses and the reclassification of paydown losses were reclassed between the following accounts:
| | | | | | | | | | | | |
| | | Increase
(Decrease)
Undistributed
Net Investment
Income | | | Increase
(Decrease)
Accumulated Net
Realized Gains | | | Increase
(Decrease)
Paid-in Capital | |
| Limited Maturity Bond Fund | | $ | (1,514,652 | ) | | $ | (199,100 | ) | | $ | 1,713,752 | |
| Quality Bond Fund | | | (10,780,160 | ) | | | (7,450,924 | ) | | | 18,231,084 | |
| High Yield Bond Fund | | | (10,296,037 | ) | | | (102,419 | ) | | | 10,398,456 | |
| Flexibly Managed Fund | | | (29,690,432 | ) | | | (117,067,291 | ) | | | 146,757,723 | |
| Balanced Fund | | | 136,275 | | | | 322,291 | | | | (458,566 | ) |
| Large Growth Stock Fund | | | (60,815 | ) | | | (225 | ) | | | 61,040 | |
| Large Cap Growth Fund | | | (20,386 | ) | | | — | | | | 20,386 | |
| Large Core Growth | | | (181,137 | ) | | | — | | | | 181,137 | |
| Large Cap Value Fund | | | (2,188,884 | ) | | | (37,914 | ) | | | 2,226,798 | |
| Large Core Value Fund | | | (2,524,594 | ) | | | — | | | | 2,524,594 | |
| Index 500 Fund | | | (5,657,305 | ) | | | — | | | | 5,657,305 | |
| Mid Cap Growth Fund | | | 129,521 | | | | (4,072,542 | ) | | | 3,943,021 | |
| Mid Cap Value Fund | | | (1,598,191 | ) | | | (6,101,908 | ) | | | 7,700,099 | |
| Mid Core Value Fund | | | (426,502 | ) | | | (1,629 | ) | | | 428,131 | |
| SMID Cap Growth Fund | | | 157,280 | | | | (187,389 | ) | | | 30,109 | |
| SMID Cap Value Fund | | | (194,601 | ) | | | (2,381,640 | ) | | | 2,576,241 | |
| Small Cap Growth Fund | | | 745,209 | | | | — | | | | (745,209 | ) |
| Small Cap Value Fund | | | (2,296,543 | ) | | | (6,811,820 | ) | | | 9,108,363 | |
| Small Cap Index Fund | | | (495,107 | ) | | | (1,498,031 | ) | | | 1,993,138 | |
201
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
| | | | | | | | | | | | |
| | | Increase
(Decrease)
Undistributed
Net Investment
Income | | | Increase
(Decrease)
Accumulated Net
Realized Gains | | | Increase
(Decrease)
Paid-in Capital | |
| Developed International Index Fund | | $ | (2,126,964 | ) | | $ | (4,389 | ) | | $ | 2,131,353 | |
| International Equity Fund | | | (6,214,771 | ) | | | 29,940 | | | | 6,184,831 | |
| Emerging Markets Equity Fund | | | (756,603 | ) | | | 293,594 | | | | 463,009 | |
| Real Estate Securities Fund | | | (1,123,977 | ) | | | (7,456,733 | ) | | | 8,580,710 | |
| Aggressive Allocation Fund | | | 114,722 | | | | (313,407 | ) | | | 198,685 | |
| Moderately Aggressive Allocation Fund | | | 493,987 | | | | (1,342,405 | ) | | | 848,418 | |
| Moderate Allocation Fund | | | 812,609 | | | | (2,983,366 | ) | | | 2,170,757 | |
| Moderately Conservative Allocation Fund | | | 313,208 | | | | (1,554,464 | ) | | | 1,241,256 | |
| Conservative Allocation Fund | | | 222,597 | | | | (987,001 | ) | | | 764,404 | |
These reclassifications had no effect on net assets or net asset value per share.
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2012 and 2011 were as follows:
| | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term
Capital Gains | | | Return of
Capital | | | Total | |
| Money Market Fund | | | | | | | | | | | | | | | | |
2012 | | $ | 14,219 | | | | — | | | | — | | | $ | 14,219 | |
2011 | | | 14,798 | | | | — | | | | — | | | | 14,798 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
2012 | | | 1,713,752 | | | | — | | | | — | | | | 1,713,752 | |
2011 | | | 2,024,945 | | | $ | 134,159 | | | | — | | | | 2,159,104 | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
2012 | | | 11,799,258 | | | | 6,431,826 | | | | — | | | | 18,231,084 | |
2011 | | | 13,101,804 | | | | 3,192,066 | | | | — | | | | 16,293,870 | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
2012 | | | 10,398,456 | | | | — | | | | — | | | | 10,398,456 | |
2011 | | | 10,521,444 | | | | — | | | | — | | | | 10,521,444 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
2012 | | | 75,169,181 | | | | 71,588,542 | | | | — | | | | 146,757,723 | |
2011 | | | 26,051,118 | | | | 22,857,755 | | | | — | | | | 48,908,873 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
2012 | | | 1,229,018 | | | | — | | | | — | | | | 1,229,018 | |
2011 | | | 1,260,675 | | | | — | | | | — | | | | 1,260,675 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
2012 | | | 61,040 | | | | — | | | | — | | | | 61,040 | |
2011 | | | — | | | | — | | | | — | | | | — | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
2012 | | | 20,386 | | | | — | | | | — | | | | 20,386 | |
2011 | | | — | | | | — | | | | — | | | | — | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
2012 | | | 181,137 | | | | — | | | | — | | | | 181,137 | |
2011 | | | — | | | | — | | | | — | | | | — | |
202
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term
Capital Gains | | | Return of
Capital | | | Total | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
2012 | | $ | 2,226,798 | | | | — | | | | — | | | $ | 2,226,798 | |
2011 | | | 2,098,299 | | | | — | | | | — | | | | 2,098,299 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
2012 | | | 2,524,594 | | | | — | | | | — | | | | 2,524,594 | |
2011 | | | 2,256,740 | | | | — | | | | — | | | | 2,256,740 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
2012 | | | 5,657,305 | | | | — | | | | — | | | | 5,657,305 | |
2011 | | | 4,531,215 | | | | — | | | | — | | | | 4,531,215 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
2012 | | | — | | | $ | 4,072,542 | | | | — | | | | 4,072,542 | |
2011 | | | — | | | | 2,928,178 | | | | — | | | | 2,928,178 | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
2012 | | | 6,866,376 | | | | 833,723 | | | | — | | | | 7,700,099 | |
2011 | | | 772,569 | | | | 2,729,015 | | | | — | | | | 3,501,584 | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
2012 | | | 426,502 | | | | 1,629 | | | | — | | | | 428,131 | |
2011 | | | 152,960 | | | | — | | | | — | | | | 152,960 | |
| SMID Cap Growth Fund | | | | | | | | | | | | | | | | |
2012 | | | — | | | | 187,389 | | | | — | | | | 187,389 | |
2011 | | | 397,132 | | | | 4,106,598 | | | | — | | | | 4,503,730 | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
2012 | | | 1,335,452 | | | | 1,240,789 | | | | — | | | | 2,576,241 | |
2011 | | | 500,512 | | | | 2,620,671 | | | | — | | | | 3,121,183 | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
2012 | | | — | | | | — | | | | — | | | | — | |
2011 | | | — | | | | 2,064,310 | | | | — | | | | 2,064,310 | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
2012 | | | 2,296,543 | | | | 6,811,820 | | | | — | | | | 9,108,363 | |
2011 | | | 815,724 | | | | — | | | | — | | | | 815,724 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
2012 | | | 743,524 | | | | 1,249,614 | | | | — | | | | 1,993,138 | |
2011 | | | 482,738 | | | | 1,240,706 | | | | — | | | | 1,723,444 | |
| Developed International Index Fund | | | | | | | | | | | | | | | | |
2012 | | | 2,131,353 | | | | — | | | | — | | | | 2,131,353 | |
2011 | | | 1,660,677 | | | | — | | | | — | | | | 1,660,677 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
2012 | | | 6,184,831 | | | | — | | | | — | | | | 6,184,831 | |
2011 | | | 1,245,118 | | | | — | | | | — | | | | 1,245,118 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
2012 | | | 463,009 | | | | — | | | | — | | | | 463,009 | |
2011 | | | 186,842 | | | | — | | | | — | | | | 186,842 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
2012 | | | 4,388,925 | | | | 4,191,785 | | | | — | | | | 8,580,710 | |
2011 | | | 801,373 | | | | — | | | | — | | | | 801,373 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
2012 | | | 753,119 | | | | 520,308 | | | | — | | | | 1,273,427 | |
2011 | | | 198,066 | | | | 476,564 | | | | — | | | | 674,630 | |
203
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term
Capital Gains | | | Return of
Capital | | | Total | |
| Moderately Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
2012 | | $ | 3,387,195 | | | $ | 2,294,973 | | | | — | | | $ | 5,682,168 | |
2011 | | | 1,471,131 | | | | 1,651,478 | | | | — | | | | 3,122,609 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
2012 | | | 6,792,268 | | | | 3,475,273 | | | | — | | | | 10,267,541 | |
2011 | | | 3,373,611 | | | | 3,649,676 | | | | — | | | | 7,023,287 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
2012 | | | 2,705,745 | | | | 1,222,922 | | | | — | | | | 3,928,667 | |
2011 | | | 1,697,592 | | | | 1,157,199 | | | | — | | | | 2,854,791 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
2012 | | | 1,785,772 | | | | 864,602 | | | | — | | | | 2,650,374 | |
2011 | | | 1,245,830 | | | | 438,176 | | | | — | | | | 1,684,006 | |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
Capital loss carryforwards:
At December 31, 2012, 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 | | | — | | | | — | | | | — | | | $ | 1,410,298 | | | $ | 5,091,128 | | | | — | | | $ | 6,501,426 | |
| Balanced Fund | | | — | | | | — | | | | — | | | | — | | | | 225,811 | | | $ | 2,219 | | | | 228,030 | |
| Large Growth Stock Fund | | | — | | | | — | | | | — | | | | — | | | | 12,851,437 | | | | — | | | | 12,851,437 | |
| Large Cap Growth Fund | | | — | | | | — | | | | — | | | | — | | | | 125,931 | | | | — | | | | 125,931 | |
| Large Core Growth Fund | | | — | | | | — | | | | — | | | | — | | | | 21,974,043 | | | | — | | | | 21,974,043 | |
| Large Cap Value Fund | | | — | | | | — | | | | — | | | | — | | | | 21,369,689 | | | | — | | | | 21,369,689 | |
| Large Core Value Fund | | | — | | | | — | | | | — | | | | 2,509,138 | | | | 28,563,737 | | | | — | | | | 31,072,875 | |
| Index 500 Fund | | $ | 3,721,649 | | | $ | 1,916,180 | | | $ | 187,860 | | | | 4,110,871 | | | | 2,801,580 | | | | 2,767,741 | | | | 15,505,881 | |
| International Equity Fund | | | — | | | | — | | | | — | | | | — | | | | 34,153,862 | | | | 6,672,017 | | | | 40,825,879 | |
| Emerging Markets Equity Fund | | | — | | | | — | | | | — | | | | — | | | | 7,807,157 | | | | — | | | | 7,807,157 | |
At December 31, 2012, 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 | |
| Small Cap Growth Fund | | | — | | | $ | 557,059 | |
| Developed International Index Fund | | | — | | | | 477,762 | |
During the year ended December 31, 2012, 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 | | $ | 1,391,950 | |
| Balanced Fund | | | 804,665 | |
| Large Growth Stock Fund | | | 8,575,362 | |
| Large Cap Growth Fund | | | 3,030,298 | |
| Large Core Growth Fund | | | 9,171,270 | |
| Large Cap Value Fund | | | 4,100,150 | |
| Large Core Value Fund | | | 5,625,687 | |
| Index 500 Fund | | | 1,308,154 | |
204
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
| | | | |
| Mid Core Value Fund | | $ | 6,542,618 | |
| Small Cap Value Fund | | | 6,892,903 | |
| Developed International Index Fund | | | 23,414 | |
| International Equity Fund | | | 32,859,631 | |
| Emerging Markets Equity Fund | | | 651,300 | |
| Real Estate Securities Fund | | | 372,165 | |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2013:
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Late-Year
Capital Losses | |
| Quality Bond Fund | | | — | | | $ | 54,103 | |
| High Yield Bond Fund | | $ | 176,805 | | | | — | |
| Large Growth Stock Fund | | | 922 | | | | 47,258 | |
| Large Cap Growth Fund | | | — | | | | 176,097 | |
| Large Core Growth Fund | | | — | | | | 385,682 | |
| Large Cap Value Fund | | | — | | | | 200,444 | |
| Mid Core Value Fund | | | — | | | | 45,770 | |
| SMID Cap Growth Fund | | | — | | | | 16,574 | |
| SMID Cap Value Fund | | | — | | | | 125,972 | |
| Small Cap Growth Fund | | | — | | | | 1,312,448 | |
| Small Cap Value Fund | | | — | | | | 68,554 | |
| Developed International Index Fund | | | — | | | | 79,447 | |
| International Equity Fund | | | — | | | | 143,058 | |
| Emerging Markets Equity Fund | | | 72,753 | | | | 190,139 | |
Tax cost of securities:
At June 30, 2013, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2013 were as follows:
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| Money Market Fund | | $ | 132,389,559 | | | | — | | | | — | | | | — | |
| Limited Maturity Bond Fund | | | 189,171,566 | | | $ | 1,512,814 | | | $ | (534,684 | ) | | $ | 978,130 | |
| Quality Bond Fund | | | 557,048,540 | | | | 16,541,582 | | | | (7,294,140 | ) | | | 9,247,442 | |
| High Yield Bond Fund | | | 180,812,925 | | | | 5,069,486 | | | | (2,894,345 | ) | | | 2,175,141 | |
| Flexibly Managed Fund | | | 2,014,512,066 | | | | 382,959,422 | | | | (9,627,268 | ) | | | 373,332,154 | |
| Balanced Fund | | | 57,757,050 | | | | 21,729,904 | | | | (3,846,582 | ) | | | 17,883,322 | |
| Large Growth Stock Fund | | | 162,153,844 | | | | 63,254,152 | | | | (1,557,171 | ) | | | 61,696,981 | |
| Large Cap Growth Fund | | | 28,102,265 | | | | 1,347,259 | | | | (787,982 | ) | | | 559,277 | |
| Large Core Growth Fund | | | 81,920,153 | | | | 26,465,775 | | | | (1,459,862 | ) | | | 25,005,913 | |
| Large Cap Value Fund | | | 178,661,583 | | | | 9,600,521 | | | | (4,241,365 | ) | | | 5,359,156 | |
| Large Core Value Fund | | | 137,844,045 | | | | 44,311,645 | | | | (1,767,111 | ) | | | 42,544,534 | |
| Index 500 Fund | | | 272,027,299 | | | | 115,264,165 | | | | (30,714,103 | ) | | | 84,550,062 | |
| Mid Cap Growth Fund | | | 87,941,871 | | | | 16,502,455 | | | | (999,536 | ) | | | 15,502,919 | |
| Mid Cap Value Fund | | | 123,163,841 | | | | 24,750,397 | | | | (1,009,825 | ) | | | 23,740,572 | |
| Mid Core Value Fund | | | 63,060,741 | | | | 3,053,310 | | | | (1,298,953 | ) | | | 1,754,357 | |
| SMID Cap Growth Fund | | | 40,709,488 | | | | 10,186,222 | | | | (632,776 | ) | | | 9,553,446 | |
205
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| SMID Cap Value Fund | | $ | 42,531,765 | | | $ | 11,295,136 | | | $ | (824,860 | ) | | $ | 10,470,276 | |
| Small Cap Growth Fund | | | 73,400,086 | | | | 3,635,593 | | | | (1,570,760 | ) | | | 2,064,833 | |
| Small Cap Value Fund | | | 164,456,559 | | | | 44,877,550 | | | | (4,222,334 | ) | | | 40,655,216 | |
| Small Cap Index Fund | | | 41,948,706 | | | | 13,228,551 | | | | (2,299,136 | ) | | | 10,929,415 | |
| Developed International Index Fund | | | 87,784,028 | | | | 16,531,206 | | | | (7,506,659 | ) | | | 9,024,547 | |
| International Equity Fund | | | 283,841,544 | | | | 79,432,486 | | | | (15,456,500 | ) | | | 63,975,986 | |
| Emerging Markets Equity Fund | | | 134,032,822 | | | | 26,978,595 | | | | (13,363,172 | ) | | | 13,615,423 | |
| Real Estate Securities Fund | | | 103,286,995 | | | | 8,811,807 | | | | (1,548,949 | ) | | | 7,262,858 | |
| Aggressive Allocation Fund | | | 36,144,400 | | | | 12,525,895 | | | | (384,349 | ) | | | 12,141,546 | |
| Moderately Aggressive Allocation Fund | | | 147,645,764 | | | | 51,051,938 | | | | (2,113,561 | ) | | | 48,938,377 | |
| Moderate Allocation Fund | | | 253,405,833 | | | | 66,025,149 | | | | (1,633,368 | ) | | | 64,391,781 | |
| Moderately Conservative Allocation Fund | | | 87,956,883 | | | | 19,560,436 | | | | (765,534 | ) | | | 18,794,902 | |
| Conservative Allocation Fund | | | 63,396,028 | | | | 9,036,523 | | | | (449,221 | ) | | | 8,587,302 | |
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 June 30, 2013, 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.
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 Funds’ investment objectives.
Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund’s share price and expose the Fund to significant additional costs.
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Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
The Index 500, Developed International Index and Small Cap Index Funds have entered into futures contracts during the six months ended June 30, 2013. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at June 30, 2013 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Type | | | | Expiration
Date | | | Number
Of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Unrealized
Appreciation
(Depreciation) | |
| Index 500 | | Buy/Long | | E-Mini S&P 500 Index | | | 9/15/2013 | | | | 37 | | | | 50 | | | $ | 1,599 | | | $ | (63,861 | ) |
| Small Cap Index | | Buy/Long | | Russell 2000 Mini Index | | | 9/15/2013 | | | | 11 | | | | 100 | | | $ | 974 | | | | (4,854 | ) |
| Developed International Index | | Buy/Long | | E-Mini MSCI Eafe Index | | | 9/15/2013 | | | | 36 | | | | 50 | | | $ | 1,640 | | | | (69,133 | ) |
The total market value of futures contracts held in the Index 500, Developed International Index and Small Cap Index Funds as of June 30, 2013 are classified as Level 1.
Options — An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.
Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operation.
The Flexibly Managed and High Yield Bond 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, 2013 for the Flexibly Managed Fund were as follows:
| | | | | | | | |
Flexibly Managed Fund | | Number of
Contracts/
Notional Amount | | | Premium
Received | |
| Options outstanding at December 31, 2012 | | | 43,402 | | | $ | 7,123,163 | |
| Options written | | | 42,258 | | | | 6,769,590 | |
| Options repurchased | | | (20,705 | ) | | | (3,042,291 | ) |
| Options expired | | | (10,246 | ) | | | (1,393,707 | ) |
| Options exercised | | | (16,029 | ) | | | (2,610,847 | ) |
| | | | | | | | |
| Options outstanding at June 30, 2013 | | | 38,680 | | | $ | 6,845,909 | |
| | | | | | | | |
The total market value of written options held in the Flexibly Managed Fund as of June 30, 2013 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
207
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
The High Yield Bond, Mid Core Value and Emerging Market Equity Funds entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Funds hedge currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.
Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund’s portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund’s share price and expose the Fund to significant additional costs.
Open forward foreign currency contracts held by the High Yield Bond Fund at June 30, 2013 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 | | | 09/12/2013 | | | $ | 105,000 | | | | 0.76799 | | | $ | 140,768 | | | $ | 136,720 | | | $ | (4,048 | ) |
| Sell | | Euro | | Goldman Sachs | | | 09/12/2013 | | | | (195,711 | ) | | | 0.76799 | | | | (262,199 | ) | | | (254,835 | ) | | | 7,364 | |
| Sell | | Euro | | Barclays Capital | | | 09/12/2013 | | | | (61,705 | ) | | | 0.76799 | | | | (80,968 | ) | | | (80,345 | ) | | | 623 | |
| Sell | | Euro | | State Street | | | 09/12/2013 | | | | (165,333 | ) | | | 0.76799 | | | | (215,599 | ) | | | (215,279 | ) | | | 320 | |
| Sell | | Euro | | State Street | | | 09/12/2013 | | | | (8,679,424 | ) | | | 0.76799 | | | | (11,504,186 | ) | | | (11,301,448 | ) | | | 202,738 | |
| Buy | | Pounds Sterling | | Barclays Capital | | | 07/10/2013 | | | | 310,108 | | | | 0.65754 | | | | 481,817 | | | | 471,622 | | | | (10,195 | ) |
| Sell | | Pounds Sterling | | Pershing | | | 07/10/2013 | | | | (132,290 | ) | | | 0.65754 | | | | (202,763 | ) | | | (201,190 | ) | | | 1,573 | |
| Sell | | Pounds Sterling | | Royal Bank of Scotland | | | 07/10/2013 | | | | (670,000 | ) | | | 0.65754 | | | | (1,021,281 | ) | | | (1,018,956 | ) | | | 2,325 | |
| Sell | | Pounds Sterling | | Royal Bank | | | 07/10/2013 | | | | (210,178 | ) | | | 0.65754 | | | | (322,315 | ) | | | (319,645 | ) | | | 2,670 | |
| Sell | | Pounds Sterling | | Pershing | | | 07/10/2013 | | | | (273,271 | ) | | | 0.65754 | | | | (425,521 | ) | | | (415,598 | ) | | | 9,923 | |
| Sell | | Pounds Sterling | | Pershing | | | 07/10/2013 | | | | (103,789 | ) | | | 0.65754 | | | | (157,728 | ) | | | (157,845 | ) | | | (117 | ) |
| Buy | | Swiss Francs | | Pershing | | | 08/12/2013 | | | | 41,000 | | | | 0.94418 | | | | 44,565 | | | | 43,424 | | | | (1,141 | ) |
| Sell | | Swiss Francs | | Morgan Stanley | | | 08/12/2013 | | | | (700,000 | ) | | | 0.94418 | | | | (732,000 | ) | | | (741,380 | ) | | | (9,380 | ) |
| Sell | | Swiss Francs | | Morgan Stanley | | | 08/12/2013 | | | | (186,659 | ) | | | 0.94418 | | | | (192,784 | ) | | | (197,694 | ) | | | (4,910 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 197,743 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Open forward foreign currency contracts held by the Mid Core Value Fund at June 30, 2013 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | Settlement
Date | | | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain/(Loss) | |
| Sell | | Canadian Dollar | | JPMorgan | | | 07/31/2013 | | | $ | (50,449 | ) | | | 1.05255 | | | $ | (48,092 | ) | | $ | (47,930 | ) | | $ | 162 | |
| Sell | | Canadian Dollar | | JPMorgan | | | 07/31/2013 | | | | (1,683,659 | ) | | | 1.05255 | | | | (1,599,152 | ) | | | (1,599,593 | ) | | | (441 | ) |
| Sell | | Euro | | UBS Securities | | | 07/31/2013 | | | | (23,024 | ) | | | 0.76815 | | | | (30,035 | ) | | | (29,973 | ) | | | 62 | |
| Sell | | Euro | | UBS Securities | | | 07/31/2013 | | | | (514,923 | ) | | | 0.76815 | | | | (674,415 | ) | | | (670,339 | ) | | | 4,076 | |
| Sell | | Swiss Francs | | CSFB | | | 07/31/2013 | | | | (10,525 | ) | | | 0.94429 | | | | (11,130 | ) | | | (11,146 | ) | | | (16 | ) |
| Sell | | Swiss Francs | | CSFB | | | 07/31/2013 | | | | (325,041 | ) | | | 0.94429 | | | | (344,776 | ) | | | (344,218 | ) | | | 558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,401 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
208
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
Open forward foreign currency contracts held by the Emerging Markets Equity Fund at June 30, 2013 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | Settlement
Date | | | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain/(Loss) | |
| Sell | | Japanese Yen | | State Street | | | 07/11/2013 | | | $ | (22,817,450 | ) | | | 99.17506 | | | $ | (233,333 | ) | | $ | (230,072 | ) | | $ | 3,261 | |
| Sell | | Japanese Yen | | State Street | | | 07/11/2013 | | | | (67,086,250 | ) | | | 99.17506 | | | | (683,724 | ) | | | (676,443 | ) | | | 7,281 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 10,542 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The total market value of forward foreign currency contracts held in the High Yield Bond, Mid Core Value and Emerging Markets Equity Funds as of June 30, 2013 are classified as Level 2.
The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2013:
| | | | |
| | | 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 |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2013:
| | | | | | | | |
Portfolio | | Asset Derivative Value | | Liability Derivative Value |
| | | Equity contracts | | Foreign currency
contracts | | Equity contracts | | Foreign exchange
contracts |
| High Yield Bond Fund | | $176,625 | | $227,535 | | — | | $29,792 |
| Flexibly Managed Fund | | — | | — | | $11,201,762 | | — |
| Index 500 Fund | | — | | — | | 63,861 | | — |
| Small Cap Index Fund | | — | | — | | 4,854 | | — |
Developed International Index Fund | | — | | — | | 69,133 | | — |
| Mid Core Value Fund | | — | | 4,858 | | — | | 457 |
Emerging Markets Equity Fund | | — | | 10,542 | | — | | — |
In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs Over The Counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
209
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements (“MNA”).
Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of June 30, 2013:
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts Presented
on Statements of Assets
and Liabilities | | | | | | | | | | |
Fund and Counterparty | | Form of
Master
Netting
Agreement | | Value of
Asset | | | Value of
Liability | | | Net Amount
Due (to)/from
Counterparty | | | Collateral
Pledged
(Received)
by Fund | | | Loss Exposure,
After Collateral
(not less than $0) | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | | | | | | | |
Pershing | | Fx Letter | | $ | 11,496 | | | $ | (6,168 | ) | | $ | 5,328 | | | | — | | | $ | 5,328 | |
Goldman Sachs | | Fx Letter | | | 7,364 | | | | — | | | | 7,364 | | | | — | | | | 7,364 | |
State Street | | Fx Letter | | | 203,058 | | | | — | | | | 203,058 | | | | — | | | | 203,058 | |
Royal Bank of Scotland | | Fx Letter | | | 4,995 | | | | — | | | | 4,995 | | | | — | | | | 4,995 | |
Barclays Capital | | Fx Letter | | | 623 | | | | (10,195 | ) | | | (9,573 | ) | | | — | | | | — | |
Morgan Stanley & Co. | | Fx Letter | | | — | | | | (13,429 | ) | | | (13,429 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | 227,535 | | | | (29,792 | ) | | | 197,743 | | | | — | | | | 220,744 | |
Exchange Traded | | | | | 176,625 | | | | — | | | | 176,625 | | | | — | | | | 176,625 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | 176,625 | | | | — | | | | 176,625 | | | | — | | | | 176,625 | |
| | | | | | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | | | | | | | |
Bank of America Merrill Lynch | | ISDA | | | — | | | | (3,235,363 | ) | | | (3,235,363 | ) | | | — | | | | — | |
Citigroup Global Markets | | ISDA | | | — | | | | (2,268,617 | ) | | | (2,268,617 | ) | | | — | | | | — | |
JPMorgan Chase | | ISDA | | | — | | | | (516,272 | ) | | | (516,272 | ) | | | — | | | | — | |
Morgan Stanley & Co. | | ISDA | | | — | | | | (146,065 | ) | | | (146,065 | ) | | | — | | | | — | |
Exchange Traded | | | | | — | | | | (5,035,445 | ) | | | (5,035,445 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | — | | | | (11,201,762 | ) | | | (11,201,762 | ) | | | — | | | | — | |
| | | | | | |
| Index 500 Fund | | | | | | | | | | | | | | | | | | | | | | |
Exchange Traded | | | | | — | | | | (13,505 | ) | | | (13,505 | ) | | $ | 434,998 | | | | — | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | | | | | | | |
UBS Securities | | ISDA | | | 4,138 | | | | — | | | | 4,138 | | | | — | | | | 4,138 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | | | | | | | |
Exchange Traded | | | | | — | | | | (1,980 | ) | | | (1,980 | ) | | | 74,997 | | | | — | |
| Developed International Index Fund | | | | | | | | | | | | | | | | | | | | | | |
Exchange Traded | | | | | — | | | | (5,400 | ) | | | (5,400 | ) | | | 276,173 | | | | — | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | |
State Street | | Fx Letter | | | 10,542 | | | | — | | | | 10,542 | | | | — | | | | 10,542 | |
210
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2013:
| | |
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 |
| | | | |
Portfolio | | Realized Gain (Loss) on Derivatives Recognized in Income |
| | | Equity contracts | | Foreign currency contracts |
| High Yield Bond Fund | | — | | $(203,966) |
| Flexibly Managed Fund | | $(157,021) | | — |
| Index 500 Fund | | 1,178,036 | | — |
| Small Cap Index Fund | | 282,151 | | — |
| Developed International Index Fund | | 99,976 | | — |
| Mid Core Value | | — | | 69,076 |
| Emerging Markets Equity Fund | | — | | 85,736 |
| | | | |
Portfolio | | Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income |
| | | Equity contracts | | Foreign currency contracts |
| High Yield Bond Fund | | $ (5,929) | | $373,484 |
| Flexibly Managed Fund | | (4,347,119) | | — |
| Index 500 Fund | | (56,907) | | — |
| Small Cap Index Fund | | (46,101) | | — |
| Developed International Index Fund | | (114,454) | | — |
| Mid Core Value | | — | | 4,401 |
| Emerging Markets Equity Fund | | — | | (1,046) |
* 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.
The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2013. 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 | | $ | (9,518,835 | ) | | | — | | | $ | 62,138 | | | | — | |
| Flexibly Managed Fund | | | — | | | | — | | | | 2,271 | | | $ | (5,051,794 | ) |
| Index 500 Fund | | | — | | | $ | 6,716,371 | | | | — | | | | — | |
| Small Cap Index Fund | | | — | | | | 1,086,441 | | | | — | | | | — | |
| Developed International Index Fund | | | — | | | | 1,765,278 | | | | — | | | | — | |
| Mid Core Value Fund | | | (843,989 | ) | | | — | | | | — | | | | — | |
| Emerging Markets Equity Fund | | | (547,183 | ) | | | — | | | | — | | | | — | |
211
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2013 (Unaudited)
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 Large Growth Stock, Large Cap Growth, Mid Core Value, 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 — PENDING LEGAL MATTERS
Penn Series has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), No. 12-cv-02652 (WHP) (S.D.N.Y.), as a result of the Penn Series Index 500 Fund’s ownership of shares in the Tribune Company (“Tribune”) in 2007. The plaintiff in this action is seeking recoveries on behalf of certain Tribune creditors based on its assertions that the leveraged buy-out rendered Tribune insolvent, that there was no consideration for the redemptions, and therefore the redemptions are voidable as an intentional fraudulent transfer. The lawsuit does not allege any wrongdoing on the part of Penn Series or the Index 500 Fund. The value of the proceeds received by the Index 500 Fund was just in excess of $50,000. At this stage in the proceedings, Penn Series is not able to assess with any reasonable certainty the probable outcomes of the pending lawsuit or the effect, if any, on the Index 500 Fund’s net asset value.
11 — SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
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Penn Series Funds, Inc.
June 30, 2013 (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, 2013. 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, 2013 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
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Penn Series Funds, Inc.
June 30, 2013
Board Approval of New Investment 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 certain portfolios of the Company and (ii) is responsible for selection and oversight of various investment sub-advisers who perform day-to-day investment management services for certain portfolios of the Company, including the Large Cap Growth Fund, the Large Cap Value Fund, the Mid Core Value Fund and the Small Cap Growth Fund (the “Funds”). At a meeting of the Company’s Board of Directors held on February 20, 2013, ICMI recommended, and the Board of Directors, including all of the Directors who are not “interested persons,” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of the Company (collectively, the “Independent Directors”), approved, the following sub-adviser changes:
| | | | |
Fund | | Replaced Sub-Adviser | | New Sub-Adviser |
Large Cap Growth Fund | | Turner Investments, LP | | Massachusetts Financial Services Company |
Large Cap Value Fund | | OppenheimerFunds, Inc. | | Loomis, Sayles & Co., L.P. |
Mid Core Value Fund | | Lord, Abbett & Co. LLC | | American Century Investment Management, Inc. |
Small Cap Growth Fund | | Allianz Global Investors Capital LLC | | Janus Capital Management LLC |
Each of Massachusetts Financial Services Company, Loomis, Sayles & Co., L.P., American Century Investment Management, Inc., and Janus Capital Management LLC (the “New Sub-Advisers”) began providing day-to-day investment management services to their respective Funds on May 1, 2013. Each New Sub-Adviser serves under an investment sub-advisory agreement with ICMI (the “Investment Sub-Advisory Agreements”). Under the Investment Sub-Advisory Agreements, the New Sub-Advisers make investment decisions for the assets of their respective Funds, and continuously review, supervise and administer each Fund’s investment program. Each New Sub-Adviser is independent of ICMI and discharges its responsibilities subject to the supervision of ICMI and the Directors of the Company, and in a manner consistent with its respective Fund’s investment objectives, policies and limitations.
Directors’ Considerations of the Investment Sub-Advisory Agreements. In evaluating the New Sub-Advisers, the Directors received written and oral information from ICMI and the New Sub-Advisers. ICMI recommended the selection of the New Sub-Advisers and reviewed with the Directors the considerations and the search process that led to their recommendation. The Directors also met with representatives of ICMI and the New Sub-Advisers and considered information about portfolio managers, investment philosophies, strategies and processes, brokerage practices and compliance processes, as well as other factors. As further outlined below, in approving each New Sub-Adviser as sub-adviser to its respective Fund, the Directors carefully evaluated: (1) the nature, extent and quality of the services expected to be rendered to the Fund; (2) the performance record of the New Sub-Adviser; and (3) the costs of the services expected to be rendered to the Fund. The Directors discussed the written materials that the Board received before the meeting and the New Sub-Advisers’ oral presentations and any other information that the Board received at the meeting, and deliberated on approving the Investment Sub-Advisory Agreements in light of this information. The Directors used the foregoing information, as well as such other information as the Directors considered to be relevant in the exercise of their reasonable judgment, in their decision to approve each New Sub-Adviser as sub-adviser to its respective Fund.
Nature, Extent and Quality of Sub-Advisory Services. In considering the nature, extent and quality of the services to be provided by each of the New Sub-Advisers, the Board evaluated, among other things, its business, personnel, experience, investment decision process, track record, brokerage practices, including soft dollar practices, any conflicts of interest, compliance program and the resources to be dedicated to the Fund, and, based on such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services to be provided to the Fund and the resources to be dedicated to the Fund supported approval of each Investment Sub-Advisory Agreement.
Performance Record. In considering the past performance record of each New Sub-Adviser, the Board evaluated the recent and long-term performance of the similar accounts managed by the New Sub-Adviser relative to their respective peer group and appropriate indices/benchmarks, in light of total return, yield and economic and market trends and both market risk and
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June 30, 2013
shareholder risk expectations, and, based on such evaluation, the Board concluded, within the context of its full deliberations, that the New Sub-Advisers’ performance (both actual performance and comparable performance) supported approval of the Investment Sub-Advisory Agreements.
Costs of Sub-Advisory Services. In considering the costs of the sub-advisory services to be provided by the New Sub-Advisers, the Board evaluated (a) the services to be provided; (b) the sub-advisory fees to be charged to each Fund; (c) the sub-advisory fees to be charged to each Fund in comparison to sub-advisory fees charged to other comparable mutual funds, including, in particular, mutual funds acting as underlying investments for insurance products, and other types of comparable accounts; and (d) the fact that the New Sub-Advisers will be compensated by ICMI and not by the Fund directly and that such compensation reflects an arms-length negotiation between each New Sub-Adviser and ICMI, and, based on such evaluation, the Board concluded, within the context of its full deliberations, that the sub-advisory fees charged under the Investment Sub-Advisory Agreements are reasonable and supported approval of the Investment Sub-Advisory Agreements.
Profitability. Because it was not possible to determine the profitability that the New Sub-Advisers might achieve with respect to the services they will provide to the Fund, the Board did not make any conclusions regarding their profitability, but did take into account the fact that each New Sub-Adviser will be compensated by ICMI and not by the Funds directly and that such compensation reflects an arms-length negotiation between each New Sub-Adviser and ICMI.
Economies of Scale. The Directors considered the existence of any economies of scale and whether those would be passed along to the Funds’ shareholders. The Directors took note of ICMI and its affiliates’ commitment to continuing the expense limitation arrangements in place for the Funds as well as the negotiated sub-advisory fee rates for each Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, the Funds and their shareholders should obtain a reasonable benefit from economies of scale, if any, that may be realized by ICMI and the New Sub-Advisers.
Based on the Directors’ deliberations and their evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the Investment Sub-Advisory Agreements and concluded that the compensation under the Investment Sub-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.
Board Approval of the Continuance 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.
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June 30, 2013
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 16, 2013 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 16, 2013 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 16, 2013 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 |
| Cohen & Steers Capital Management, Inc. | | Real Estate Securities Fund |
| Eaton Vance Management | | Large Core Value Fund |
| Goldman Sachs Asset Management, L.P. | | Small Cap Value Fund |
| Morgan Stanley Investment Management, Inc. | | Emerging Markets Equity Fund |
| Morgan Stanley Investment Management Company | | |
| Morgan Stanley Investment Management Limited | | |
| Neuberger Berman Management LLC | | Mid Cap Value Fund |
| SSgA Funds Management, Inc. | | Index 500 Fund |
| SSgA Funds Management, Inc. | | Small Cap Index Fund |
| SSgA Funds Management, Inc. | | Developed International Index Fund |
| T. Rowe Price Associates, Inc. | | Flexibly Managed Fund |
| T. Rowe Price Associates, Inc. | | Large Growth Stock Fund |
| T. Rowe Price Associates, Inc. | | High Yield Bond Fund |
| Turner Investments, L.P. | | Mid 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 16, 2013 meeting, extensive written materials for consideration by the Board and the Independent Directors. In addition, Cohen & Steers Capital Management Inc. (“Cohen”) provided information to ICMI in advance of the Board’s February 20, 2013 meeting sufficient to enable the Board to extend at that meeting Cohen’s Sub-Advisory Agreement through May 31, 2013 so that the Board could more fully consider Cohen’s services at the May 16, 2013 meeting, at which meeting the Company’s other Sub-Advisers would be considered. The information provided by ICMI and the Sub-Advisers in connection with the May 16, 2013 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
216
Penn Series Funds, Inc.
June 30, 2013
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 16, 2013 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; |
| | • | | 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
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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 and its affiliates’ agreement to waive management and other fees to prevent total fund expenses from exceeding a specified cap and that ICMI, 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 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.
218
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 Mr. Bay, Mr. MacKinlay, Ms. Matthias and Ms. Mack. The principal responsibility of the Nominating Committee is to consider the qualifications of and to nominate qualified individuals to stand for election to the Board. The Nominating Committee has adopted a charter governing its operations. The Nominating Committee would consider nominees recommended by shareholders, if such nominations were submitted in writing and addressed to the Nominating Committee at the Company’s office in conjunction with a shareholder meeting to consider the election of Directors.
The Nominating Committee may adopt from time to time specific, minimum qualifications that the Nominating Committee believes a director candidate must meet before being considered as a candidate. Currently, there are no minimum qualifications set forth by the Nominating Committee other than with respect to an independent director candidate’s independence from the investment advisers and other principal service providers for the Company.
In identifying potential nominees to the Board, the Nominating Committee considers candidates recommended by any of the following sources: (i) the current Directors; (ii) the Company’s officers; (iii) investment advisers to the Funds; (iv) shareholders; and (v) any other source the Nominating Committee deems appropriate. The Nominating Committee will take into account a wide variety of criteria in considering candidates including the following criteria: (i) knowledge in matters relating to the investment company industry; (ii) any experience as a director or senior officer of public companies; (iii) educational background; (iv) reputation for high ethical standards and personal and professional integrity; (v) any specific financial, technical or other expertise and the extent to which such expertise would complement the Board’s existing mix of skills and qualifications; (vi) the perceived ability to contribute to the ongoing functions of the Board; (vii) the ability to qualify as an independent director; and (viii) such other criteria as the Nominating Committee determines to be relevant. The Nominating Committee will consider and evaluate candidates nominated by shareholders on the basis of the same criteria used to consider and evaluate candidates recommended by other sources.
Item 11. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
| | | | |
| (a) | | (1) | | Code of ethics – not applicable to this semi-annual report. |
| | |
| | (2) | | Separate certification of Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
| | |
| (b) | | | | Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, are attached. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and are not filed as part of the Form N-CSR with the commission. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| Penn Series Funds, Inc. |
|
| /s/ Peter M. Sherman |
| |
| By: | | Peter M. Sherman |
| | President |
| Date: | | September 5, 2013 |
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 5, 2013 |
|
| /s/ Robert J. DellaCroce |
| |
| By: | | Robert J. DellaCroce |
| | Treasurer |
| Date: | | September 5, 2013 |
