UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03459
Penn Series Funds, Inc.
(Exact name of registrant as specified in charter)
600 Dresher Road
Horsham, PA 19044
(Address of principal executive offices) (Zip code)
Steven Viola
Penn Series Funds, Inc.
600 Dresher Road
Horsham, PA 19044
(Name and address of agent for service)
Registrant’s telephone number, including area code: (215) 956-8129
Date of fiscal year end: December 31
Date of reporting period: June 30, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
PennMutual®
Annual Reports
December 31, 2015
Penn Mutual Variable Products
Dear Investor:
Thank you for your continued affiliation with The Penn Mutual Life Insurance Company. The confidence and trust you place in us reaffirms our commitment to helping policyholders take advantage of all life’s possibilities. We also take pride in being a financially strong mutual insurance company that delivers on our promises, and I’m very pleased to bring you the following capital markets summary. Please remember that regardless of what the markets may bring, short-term performance changes should not distract you from your long-term financial plan, and it’s a good idea to meet with your investment professional regularly to make sure that your asset allocation remains on target.
Stocks moved higher in the first half of 2016 despite experiencing one of the worst-ever starts to a new year during the first quarter. A rebound in oil prices, easy global monetary policy and better-than-expected U.S. economic data offset the sharp losses witnessed earlier in the year. Equity market volatility spiked amid the turmoil surrounding Britain’s vote to exit the European Union (“Brexit”) in late June. The results of the British populist-driven referendum caught many investors by surprise and lead to a steep sell-off in risky assets. However, many of the major indexes recovered most of their losses over the last three trading days of the quarter. Gross Domestic Product (GDP) growth gradually slowed throughout 2015 and it appears this trend will continue through 2016 resulting in another underwhelming gain of approximately 2.0 - 2.5% this year. Despite the slowdown in U.S. companies hiring in May, the unemployment rate fell to nearly a nine-year low of 4.7%. This unemployment rate remains in line with the Fed’s estimate of the equilibrium long-run employment rate. From a sector perspective, Telecommunications, Utilities, and Energy had the strongest returns and sectors such as Technology, Consumer Discretionary, and Industrials experienced relatively weaker returns during the first half of the year. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned a solid 3.98 percent during the six-month period ending June 30.
On a relative basis, mid capitalization stocks provided higher returns than did large and small capitalization stocks during the six-month period. Mid capitalization stocks, as measured by the Russell Midcap Index returned 5.50 percent, while large capitalization stocks, as measured by the Russell 1000 Index, returned 3.74 percent and small capitalization stocks, as measured by the Russell 2000 Index, returned 2.22 percent. From a style perspective, value stocks outperformed growth stocks in the all market capitalizations, with the widest disparity being in the small capitalization space. For instance, small cap value stocks, as measured by the Russell 2000 Value Index returned 6.08 percent while small cap growth stocks, as measured by the Russell 2000 Growth Index returned -1.59 percent. Much of the outperformance within value stocks can be attributed to investors rewarding companies with reasonable valuations and attractive dividend yields. Lastly, U.S. equity Real Estate Investment Trusts (REITs) continued their strong performance and significantly outperformed the broader equity market during the first six months of the year and the 1-year period, returning 13.38 percent and 24.04 percent as measured by the FTSE NAREIT Equity REIT Index, respectively.
International markets, were mixed during first six months of the year with emerging market stocks posting a solid 6.60 percent return, as measured by the MSCI Emerging Markets Index, and developed international stocks returning a disappointing -4.04 percent, as measured by the MSCI EAFE Index. The recovery in commodity prices (most importantly oil) since the lows set in February has alleviated fears of widespread defaults among sovereign credits with liabilities denominated in U.S. dollars and commodity-based revenues. Oil finished the second quarter at $48.33 a barrel.
Investment-grade fixed-income securities underperformed high yield bonds during the six-month period as noninvestment-grade bonds benefited from the rebound in oil prices and strength in energy-sector issuers, which make up a large percentage of U.S. high yield indexes. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned 5.31 percent and the Credit Suisse High Yield Bond Index, returned a strong 9.21 percent. The Federal Reserve met several times during the first half of the year and each time left rates unchanged. The much weaker than expected U.S. May payrolls report contributed to the June decision and shifted investor expectations that the Federal Reserve would now likely hold off on interest rate hikes for the remainder of the year.
Once again, we thank you for the privilege of serving your financial needs and encourage you to work closely with your financial professional to continue to explore your options throughout all life’s stages.
Sincerely,
David M. O’Malley
President and Chief Operating Officer
The Penn Mutual Life Insurance Company
President
Penn Series Funds, Inc.
Source: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change as subsequent conditions vary. All economic and performance information is historical and not indicative of future results.
Table of Contents
Penn Series Funds, Inc. Semi-Annual Report
1
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Limited Maturity Bond Fund
The Penn Series Limited Maturity Bond Fund returned 1.81% for the six-month period ending June 30, 2016. The Fund’s benchmark, the Barclays U.S. Government/Credit 1-3 year Bond Index, returned 1.65% during the same period.
Despite consensus forecasts for additional tightening of monetary policy by the Federal Reserve to start the year, short-term interest rates fell sharply during the period. The 2-year Treasury note finished June at 0.58%, down from 1.05% at the beginning of 2016. The Domestic economy in the U.S. continues to be one of the few bright spots across the globe but negative rates in Japan and Europe kept demand strong for U.S. fixed income assets.
Our overweight exposure to structured bond securities and short-duration high yield debt contributed to the strong performance relative to benchmark year-to-date. We continue to look for attractive total return investment opportunities in these sectors with a bias to move up in credit quality.
We also shortened duration or interest rate risk in the Fund during the second quarter and expect short-term rates to move modestly higher for the remainder of 2016. Active management of both interest rate and credit risk will again be necessary to source value-added performance in the continued low interest rate environment. During the period we utilized derivatives to manage portfolio duration and yield curve positioning. Long positioning in Treasury 2-year note futures brought Fund duration in line with its benchmark and was a positive contributor to performance during the first six months of 2016.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Corporate bonds | | | 36.9 | % |
Asset backed | | | 33.2 | % |
Commercial Mortgage Backed | | | 15.0 | % |
U.S. Treasury Obligations | | | 9.9 | % |
Residential Mortgage Backed | | | 2.4 | % |
Collateralized Mortgage Obligations | | | 2.2 | % |
Agency Obligations | | | 0.2 | % |
Municipal Notes | | | 0.2 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
2
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Quality Bond Fund
The Quality Bond Fund returned 5.35% for the six-month period ending June 30, 2016. The Fund’s index, the Barclays Capital U.S. Aggregate Bond Index, returned 5.31% over the same period.
Interest rates in the United States and across the globe have fallen dramatically since the beginning of the year as central banks in Europe and Japan expand negative interest rate policies. More than $11 trillion of global sovereign debt now trades with negative yields. The 10-year U.S. Treasury note finished June with a yield of 1.47%, down 80 basis points since the beginning of the year and the lowest level since July of 2012.
Corporate and structured bond spreads reached their widest levels in mid-February but valuations have improved steadily since then. Outperformance for these spread sectors contributed to Fund value-added performance relative to its benchmark. We remain overweight these sectors but have been reducing credit risk and buying more U.S. Government securities, especially during the second quarter.
We have also been gradually reducing duration, or interest rate risk, in the Fund and will look for more attractive entry points during the second half of the year. Treasury Inflation Protected securities (TIPs) represent one area of new purchase activity within the Fund due to increasing cyclical inflation pressures in the United States. We will remain opportunistic during this period of heightened volatility and look for compelling total return investment opportunities. During the period we utilized derivatives to manage portfolio duration and yield curve positioning. Short positioning in Treasury Notes and Bond Futures brought the Fund duration in line with its benchmark and was a negative contributor to performance during the first six months of 2016.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Corporate Bonds | | | 33.8 | % |
U.S. Treasury Obligations | | | 19.2 | % |
Commercial Mortgage Backed | | | 19.0 | % |
Asset Backed Securities | | | 16.6 | % |
Residential Mortgage Backed | | | 11.0 | % |
Agency Obligations | | | 0.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
3
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
High Yield Bond Fund
The Penn Series High Yield Bond Fund returned 7.73% in the first half of 2016 while its benchmark, the CSFB High Yield Bond Index, returned 9.21%.
Positioning in the energy sector was the biggest drag on relative performance. Conversely, security selection in information technology was beneficial.
High yield bonds posted positive results during the first six months of the calendar year. Volatility driven by weakness in the energy sector and lower qualities dominated the market early in the year before a dramatic rally ensued in mid-February. The turnaround was supported by a dovish global central bank policy narrative, the rally in oil prices, and waning concern about a U.S. recession. Additionally, fallen angels — investment-grade issuers downgraded to high yield status — meaningfully added to the opportunity set. Recent market disruptions, most notably the June 23 UK referendum on European Union membership, have largely been short-lived.
After a prolonged period of considerable declines, both the energy and metals and minerals industries generated impressive gains in the first half of the year as bonds in the two segments rallied from distressed levels. Alongside this dramatic performance improvement, the composition of these commodity-related sectors has been transformed as defaults have cleansed more speculative credits from the market. At mid-year, the vast majority of the 37 companies that have defaulted have been from commodity-related sectors. After increasing to a two-year high at the onset of the year, default activity in the last three months was less than half of the first quarter’s total volume. However, this year’s total has already surpassed all of 2015.
Credit selection and our underweight in energy detracted as the sector, particularly the lower-quality segments, posted solid gains alongside the strong rally in commodity prices this year. Similarly, our underweight to the metals and minerals industry detracted from performance. This sector has rallied year-to-date following declines of -18% for 2015. However, our positioning reflects a multi-year relative weight and despite strong performance thus far in 2016, these companies face a number of fundamental headwinds.
Credit selection in information technology was beneficial partly due to our position in Blue Coat Holdings, a leading manufacturer of on-premises security systems. The company has adapted to the growing use of cloud storage, and we anticipate continued expansion of its business. In
terms of rating, our underweight to higher-quality bonds — those rated BB or higher — has been supportive as these issues have lagged lower-quality credits year-to-date.
Eight years after the global financial crisis, weakening corporate profitability, creeping leverage, and increased idiosyncratic risks are indicative of an aging high yield credit cycle. Ongoing macro factors, geopolitical developments, and negative headlines will continue to cause volatility in risk assets, including high yield bonds. Our estimates for commodity-related fallen angels have been met and absorbed into the market, but energy and metals issuers are expected to keep the market default rate elevated for the remainder of this year into 2017. Nevertheless, the technicals of income demand are considerable. Government bond yields in many developed countries are negative, and U.S. Treasuries renewed low levels late in the period.
As always, we aim to deliver high current income while seeking to contain volatility inherent in this market. Our team maintains a commitment to credit research and risk-conscious investing that has led to favorable returns for our high yield clients over various market cycles.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Bonds | | | | |
BBB/BB Rated & Above | | | 15.0 | % |
BB Rated | | | 10.1 | % |
BB/B Rated | | | 23.8 | % |
B Rated | | | 12.5 | % |
B/CCC Rated | | | 24.0 | % |
CCC and Below | | | 1.8 | % |
Not rated | | | 1.9 | % |
Loan Agreements | | | 9.2 | % |
Equity securities | | | 1.7 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
4
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Flexibly Managed Fund
The Penn Series Flexibly Managed Fund returned 5.14% for the six-month period ending June 30, 2016, compared to its benchmarks the S&P 500 Index’s return of 3.84%.
Stocks rose over the six-month period ended June 30, 2016, a period of significant market volatility. Markets started the year with deep losses as oil prices collapsed amid concerns about weakening Chinese and global economic growth. However, equities rallied through late June, helped by reduced expectations for Federal Reserve interest rate increases in 2016 and rebounding commodity prices. As the period ended, stocks fluctuated wildly in response to a June 23 referendum in the UK, in which UK citizens voted in favor of leaving the European Union — the so-called “Brexit.” U.S. bond returns were mostly positive as the 10-year U.S. Treasury yield declined.
Overall, our equity weight marginally declined as we sold select equities on strength; however, we added to select holdings as equity market volatility rose in the latter part of the period. We added to equity holdings in the financials and consumer sectors, while we trimmed names in the utilities sector on strength. We continued to maintain exposure to covered calls, which give us the benefits of owning a stock while providing downside protection.
Our overall fixed income weight increased during the period. Our largest fixed income asset class remains high yield, where we tend to invest in high-quality, short-duration bonds. Although high yield spreads compressed recently, they remained in line with their long-term averages. Within investment-grade corporates, our weight also increased, and we continue to like the asset class as spreads remain above normalized levels.
The financials sector boosted relative performance during the period, due to stock selection. Global insurance brokerage firm Marsh & McLennan reported solid results, driven by revenue growth and capital deployment. Stock selection in the consumer discretionary sector also aided relative results. The telecommunication services sector detracted on a relative basis, due to an underweight position and security selection. Stock selection in the information technology sector also hindered relative performance.
We expect current concerns regarding global economic and political uncertainty to persist. The potential for headwinds such as slowing economic growth, fallout from the U.S. presidential election, and Chinese currency movements leads us to invest in solid companies that can
provide value in a range of economic scenarios. Although we are identifying some opportunities to buy shares of high-quality companies during periods of market volatility, overall equity valuations remain elevated. Considering the prospect for uncertainty to continue weighing on global markets, we have maintained the portfolio’s conservative positioning.
As always, we remain committed to finding the best risk-adjusted opportunities across the asset class spectrum to balance our objectives of preserving invested capital and generating equity-like returns over the long term with less risk than the broader equity market.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 30.4 | % |
Financial | | | 20.5 | % |
Communications | | | 11.7 | % |
Consumer, Cyclical | | | 10.8 | % |
Industrial | | | 9.0 | % |
Technology | | | 8.2 | % |
Energy | | | 5.1 | % |
Utilities | | | 3.1 | % |
Basic Materials | | | 0.9 | % |
Asset Backed Securities | | | 0.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
5
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Balanced Fund
The Penn Series Balanced Fund returned 4.19% for the six-month period ending June 30, 2016, compared to its benchmarks, the S&P 500 Index’s return of 3.84% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% for the same time period.
The Balanced Fund is comprised of a target allocation of 60% to an equity fund and 40% to a fixed income fund. The equity allocation of the Fund is comprised of the Penn Series Index 500 Fund which seeks a total return that corresponds to that of the S&P 500 Index. The fixed income allocation of the Fund consists of an allocation to the Penn Series Quality Bond Fund.
At the broad asset class level, the Balanced Fund’s equity allocation performed in line with its broad equity benchmark the S&P 500 Index for the year-to-date period. The Fund’s fixed income allocation outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Contributing to performance of the fixed income allocation of the Fund was the more conservative duration, or interest rate exposure, and sector allocation of the underlying individual fixed income fund versus the broad market Index.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/16
| | | | |
Index 500 | | | 60 | % |
Intermediate Bonds | | | 40 | % |
| | | | |
| | | 100.0 | % |
| | | | |
6
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Growth Stock Fund
The Penn Series Large Growth Stock Fund returned -6.22% for the six-month period ending June 30, 2016, compared to the 1.36% return for its benchmark, the Russell 1000 Growth Index.
Stock selection was the main reason for relative underperformance, but group weighting was also negative. Health care, industrials and business services, and consumer discretionary were the largest relative detractors. Materials relatively outperformed.
Most major U.S. stock indexes rose in the first half of 2016, a period of significant global market volatility. World markets started the year with deep losses as oil prices collapsed to 13-year lows amid concerns about weakening Chinese and global economic growth. Equities rallied through late June, as the Bank of Japan and the European Central Bank unveiled new stimulus efforts. The U.S. dollar also weakened. Mid-cap shares decisively outperformed large- and small-caps. As measured by Russell indexes, value stocks strongly outperformed growth stocks across all market capitalizations.
Health care was the largest relative detractor, primarily due to stock selection, but overweighting the worst performer in the benchmark for the period also hurt results. Shares of global specialty pharmaceutical company Allergan came under pressure after the U.S. Treasury Department announced new regulations that would deter U.S. companies from participating in a process commonly known as an “inversion,” in which a U.S.-based company moves to a foreign address through merger with a non-U.S. firm. The new rules led global pharmaceutical company Pfizer to abandon its plans to merge with Allergan. Valeant Pharmaceuticals continued to be battered by controversies, which included accounting restatements, investigations by the U.S. Securities and Exchange Commission, and the return and subsequent ouster of the company’s CEO following an extended medical leave. In the resulting turmoil, we eliminated our position in this stock.
Industrials and business services detracted due to stock selection. Airline stocks came under pressure over the period on investor concerns over revenue growth potential in the industry, the strength of the U.S. dollar, and a rebound in fuel prices. Shares of American Airlines declined after issuing disappointing guidance for passenger revenue per available seat mile, a key performance metric in the airline industry. The stock rebounded slightly toward the
end of the quarter after reporting that passenger traffic rose in May, but it came under severe stress following the Brexit vote late in the quarter on concerns that global travel would be impacted.
The materials sector was the only relative outperformer, driven by stock selection. Shares of Martin Marietta Materials increased after the construction materials company reported quarterly earnings that significantly exceeded expectations. Despite a disappointing macroeconomic backdrop, sales of aggregates increased due to volume growth and price improvement. Martin Marietta Materials has the potential to continue to experience modest growth from increases in state-financed infrastructure projects and nonresidential construction in the United States.
Despite the volatility in the first half of 2016, caused by commodity price swings and exogenous events, we are optimistic about the longer-term prospects for large-cap growth stocks. The high-quality stocks in our investment universe appear fairly priced based on traditional valuation metrics versus long-term history. We intend to invest in established growth themes and are confident in the long-term growth potential of the fund’s holdings in the information technology, health care, and consumer discretionary sectors.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Communications | | | 28.0 | % |
Consumer, Non-Cyclical | | | 24.3 | % |
Consumer, Cyclical | | | 17.2 | % |
Technology | | | 13.1 | % |
Financial | | | 12.6 | % |
Industrial | | | 4.1 | % |
Basic Materials | | | 0.7 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
7
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Growth Fund
The Penn Series Large Cap Growth Fund returned 3.97% for the six-month period ending June 30, 2016, compared to the 1.36% return for its benchmark, the Russell 1000 Growth Index.
Sluggish global growth weighed on both developed and emerging market (“EM”) economies during the reporting period as EM economies proved to be particularly lackluster. Globally, central bank policy remained highly accommodative, which forced many government, and even some corporate, bond yields into negative territory. The U.S. Federal Reserve indicated that its monetary policy tightening cycle would be more gradual than earlier anticipated. At the very end of the period, the United Kingdom voted to leave the European Union, beginning a multi-year process of negotiation in order to achieve “Brexit”.
U.S. earnings headwinds expanded beyond the energy, materials and industrial sectors, to include most sectors of the market. The sharp rise in the U.S. dollar also weighed on earnings early in the period, though dollar strength ebbed somewhat late in the period. U.S. consumer spending held up well during the period amid a modest increase in real wages and falling gasoline prices. Global trade was dampened particularly by falling demand in emerging markets. Weaker Chinese growth, which contributed to the decline in commodity prices, weighed on EM economies and asset prices. China responded with a variety of monetary and fiscal measures to stimulate its economy, which showed signs of stabilization at the end of the period, though concerns over high debt levels persist. Structural factors such as floating exchange rates and fiscal buffers partially offset the cyclical headwinds to emerging markets.
Stock selection in both the health care and special products & services sectors detracted from performance relative to the Index. Within the health care sector, the Fund’s overweight position in medical device company Cooper Companies and avoidance of biotech firm Gilead Sciences boosted relative returns. In the special products & services sector, overweighting global provider of banking and payment technologies Fidelity National Information Services and management consulting firm Accenture aided relative returns.
Underweighting and security selection in the technology sector was another factor for strong relative performance. Within this sector, underweighting computer and personal
electronics maker Apple lifted relative performance. Additionally, an overweight position in semiconductor company Texas Instruments and the Fund’s out-of-benchmark investment in semiconductor manufacturer Taiwan Semiconductor aided relative returns as both companies outperformed the benchmark during the reporting period.
In other sectors, the Fund’s overweight positions in infant and children’s pediatric nutrition producer Mead Johnson Nutrition, global consumer products company Colgate-Palmolive and repair and operating products company W.W. Grainger added value to relative performance.
Not investing in the strong-performing utilities and communications sectors detracted from relative performance. Not holding telecommunications company Verizon Communications hurt the Fund’s relative performance over the reporting period.
Weak stock selection in financial services sector also dampened relative performance. There were no stocks within this sector that were among the Fund’s top relative detractors for the period.
Elsewhere, the Fund’s out-of-benchmark holdings of pharmaceutical and medical products maker Abbott Laboratories hurt relative performance. Additionally, not owning strong-performing health insurance and Medicare/Medicaid provider UnitedHealth Group, tobacco company Altria Group, cable services provider Comcast, social networking service provider Facebook and diversified technology company 3M hurt relative performance. Overweight positions in internet search giant Alphabet, healthcare services company Express Scripts and custom information technology consulting and technology services provider Cognizant Technology further weakened relative returns.
Penn Mutual Asset Management, LLC
Investment Adviser
MFS Investments
Investment Sub-Adviser
8
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 32.8 | % |
Technology | | | 18.0 | % |
Consumer, Cyclical | | | 14.3 | % |
Basic Materials | | | 9.4 | % |
Industrial | | | 8.9 | % |
Communications | | | 8.7 | % |
Financial | | | 7.4 | % |
Energy | | | 0.5 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
9
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Growth Fund
The Penn Series Large Core Growth Fund returned –1.23% for the six-month period ending June 30, 2016, compared to the 1.36% return for its benchmark, the Russell 1000 Growth Index.
Over the last six months, security selection in the health care as well as select consumer staples positions contributed to returns. Selection in industrials and information technology detracted from performance.
Within health care, political and pricing pressures caused severe weakness in the biotechnology sector while new innovation drove strong returns within the medical equipment industry. Edwards Life Sciences is focused on technologies that treat heart disease and is a leader in the market for transcatheter heart valves (THV). Recently, Edwards has reported strong results driven by a significant increase in its THV sales. Management increased its 2016 revenue projection. UnitedHealth Group showed razor focus in an otherwise blurry sector. After weighing on returns for much of 2015, positioning in the health care sector contributed to quarterly returns. UnitedHealth, the largest managed care company, reported large increases in revenue and earnings that beat expectations. Much of United’s revenue growth is driven by its Optum division, which handles pharmacy benefits and health services, and which posted a robust 70% revenue gain. The managed care industry is in flux as several of United’s competitors are in the process of merging. With United able to stay focused on its core business and avoid merger distractions, they have been able to take market industry share. Lastly within healthcare, Boston Scientific saw its fastest growth in 10 years. The manufacturer of medical devices saw specific strength in its cardiovascular division where organic growth was up 14%.
Within consumer staples, Constellation Brands had a strong run of outperformance. Constellation, a producer and distributor of branded beer, wine and spirits, posted another strong quarter with sales and earnings above street expectations. These results not only reflect the strength of the U.S. consumer, but also the continuing revenue and cost synergies from the company’s acquisition of Grupo Modelo’s U.S. beer business.
Within industrials, Delta Air Lines detracted on weaker passenger unit revenue. The airline reported better-than-expected earnings during the quarter, but the stock declined on concerns over decreasing passenger unit revenue. The company’s revenues were also adversely
impacted by foreign currency exchange and the attack on the Brussels airport. While the company is benefitting from lower fuel prices, several low cost carriers have been aggressive in lowering prices amidst low oil prices, a strategy that as impacted Delta’s pricing power.
Within the technology sector, specific weakness was visible in the software industry as a combination of company specific issues and concerns over enterprise spending pressured portfolio holdings. Tableau Software, a data visualization software company, reported disappointing quarterly results driven by an unexpected decline in licensing revenue. As a result, shares of Tableau declined sharply. Alphabet had results that fell short of analyst expectations. Ubiquitously known as Google, the leading digital-ad platform is benefiting as more advertisers shift online, particularly to smartphones, where internet users spend a growing share of their time. We continue to favor the longer-term prospects for the company, including their opportunity to monetize display advertising on the YouTube platform, which is still early in its growth phase. Palo Alto Networks mixed results and lofty expectations weighed on the stock. While network security remains a priority for corporations, the industry has fallen victim to very difficult earnings comparisons. While the company reported better-than-expected revenue and earnings that were in line with expectations, Palo Alto stated that growth will likely decelerate in the near term as macroeconomic headwinds have become more pronounced.
Penn Mutual Asset Management, LLC
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
10
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 30.9 | % |
Consumer, Cyclical | | | 23.0 | % |
Communications | | | 17.8 | % |
Technology | | | 14.9 | % |
Financial | | | 5.7 | % |
Industrial | | | 5.5 | % |
Basic Materials | | | 2.2 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
11
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Value Fund
The Penn Series Large Cap Value Fund returned 1.53% for the six-month period ending June 30, 2016, compared to the 6.30% return for its benchmark, the Russell 1000 Value Index.
Equity market performance year-to-date was positive, but disguised yet another period of extreme volatility. Investors remain on high alert regarding interest rates, the price of oil, and U.S. and global politics. Investors are also closely watching the fallout from Brexit. With an interest rate hike being pushed out, a steepening yield curve increasingly being pushed to the right and continued volatility in equity markets, higher-yielding and more defensive sectors (utilities, telecommunications and consumer staples) maintained market leadership, regardless of valuation.
In this environment, the Fund underperformed its benchmark due to stock selection within the financials and health care sectors, and underweights to the energy and utilities sectors. Despite solid stock selection, an overweight to the consumer discretionary sector also weighed on relative return. On an absolute basis, the Fund performed well with most sectors, except financials and health care, providing positive returns. Stock selection within the industrials sector continued to be a bright spot due to solid performance from Northrop Grumman, Pentair Plc, Eaton and Honeywell International.
The top individual performers were Hess Corporation, Halliburton and Vulcan Materials. Hess, a global exploration and production (E&P) company, benefited from the broad rally in oil prices. The combination of quality resource assets, a strong balance sheet and a reasonable valuation also proved attractive to investors. Halliburton, like Hess, rallied as oil prices rebounded from February lows and drove some early signs of increased drilling and completion activity by North American E&P companies. In addition, the company terminated its merger with smaller rival Baker Hughes, which was facing dual headwinds of regulatory scrutiny and an industry downturn. The termination eliminated a major overhang and provided some relief to investors. Vulcan Materials, a construction aggregate company, outperformed due to continued strong volume and pricing trends in its core aggregates business. The recent passing of a highway bill and solid demand for public and private non-residential construction has supported demand in Vulcan’s core markets.
The largest individual detractors were Bank of America, Teva Pharmaceuticals and Marathon Oil. Despite a relative underweight in financials, the sector detracted the most from performance. Bank of America, along with its peers, struggled over concerns regarding a weaker global economy and continued low interest rates. After a strong finish to 2015, shares of Teva Pharmaceuticals, a generic and specialty drug company, weakened. The weakness was largely due to systemic concerns about the specialty pharmaceuticals industry and mounting political pressures. The delay of Teva’s planned acquisition of Allergan’s generics business also weighed on the stock. Marathon Oil, an independent E&P company, was particularly weak in January as oil prices continued to fall and investors became increasingly concerned about balance sheet strength. By mid-February, Marathon had become a fairly small position for the fund, and we exited the holding. We re-allocated the proceeds into Hess.
We continue to expect new highs in the S&P 500 Index later this year. Earnings per share estimates have been marked down to levels that appear achievable. We believe the bull market is intact, though the advanced age of the rally and sluggish global growth will likely confine returns to the single digits. Still, single-digit returns would be an excellent outcome in this low inflation and low interest rate environment. We continue to take a security-specific approach and, as always, view opportunities as defined by our reward to risk profiles, regardless of the direction of the markets.
Penn Mutual Asset Management, LLC
Investment Adviser
Loomis, Sayles & Co.
Investment Sub-Adviser
12
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 26.1 | % |
Consumer, Non-Cyclical | | | 21.1 | % |
Industrial | | | 15.0 | % |
Energy | | | 9.3 | % |
Communications | | | 8.7 | % |
Consumer, Cyclical | | | 8.5 | % |
Technology | | | 5.8 | % |
Utilities | | | 4.1 | % |
Basic Materials | | | 1.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
13
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Value Fund
The Penn Series Large Core Value Fund returned 1.69% for the six-month period ending June 30, 2016, compared to the 6.30% return for its benchmark, the Russell 1000 Value Index.
U.S. stocks opened the period under the backdrop of worries concerning falling oil prices, declining interest rates, and weakening global growth, raising fears of a possible recession. Investor concern focused particularly on China’s slowing economy and its potential impact on economies worldwide. The adoption of negative interest rates in Japan added to the specter of an impending global recession.
In mid-February, however, U.S. stocks began a strong rebound that overcame the earlier setbacks. Coinciding with the move was a turnaround in crude oil prices. The equity market rally got a further boost in March from the U.S. Federal Reserve (Fed), when it held interest rates steady and pared back plans for future rate hikes.
From there, stocks continued their advance into the second quarter on positive economic news, including strong retail sales, job market gains and higher energy prices. The continued slow-but-steady economic growth led to expectations that the U.S. Federal Reserve (Fed) would likely raise interest rates at its June meeting. But, after a disappointing May jobs report, the Fed left rates unchanged amid new doubts about the health of the economy. U.S. stocks mounted a brief recovery in the days following the Fed announcement, only to fall sharply in the wake of the Brexit vote. The outcome of the June 23 “Brexit” vote sent stocks into a two-day tailspin. However, the market’s subsequent rebound regained much of the lost ground before closing out the quarter.
The Fund’s underperformance versus the Index was driven primarily by unfavorable stock selection. Unfavorable stock selection in the financials sector represented the largest drag on relative performance during the period. Within Financials, overweight positions in Credit Suisse, Invesco, XL Group, and Goldman Sachs were among the largest individual detractors during the period.
Stock selection within information technology and health care also detracted. In health care, positions in Teva Pharmaceutical Industries and Allergen hurt results, while in information technology, the Fund’s exposure to NXP Semiconductors detracted from relative performance. Elsewhere, a position in consumer staples company Kroger
and an underexposure to strong-performing ExxonMobil weighed on relative performance.
The Fund’s underweight exposure to the consumer discretionary sector, and favorable stock selection results within the sector contributed to relative performance. Among the largest contributors to performance at the individual stock level were overweight positions in utilities firms NextEra Energy and Sempra Energy, an overweight position in Verizon, and not owning underperforming Bank of America.
Notable portfolio activity included adding to select existing positions in health care, including Allergan and Eli Lilly within the pharmaceutical space. Allergan maintains strong franchises in ophthalmology and aesthetics, while Eli Lilly has the most comprehensive diabetes portfolio in the industry. Elsewhere, financials exposure was reduced modestly through actions such as the elimination of XL Group from the Fund due to fundamental concerns over merger integration taking place.
In terms of sector weightings, the Fund’s largest overweights were in health care and industrials, while its underweights were in information technology, telecommunication services, and consumer discretionary.
Penn Mutual Asset Management, LLC
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 30.2 | % |
Consumer, Non-Cyclical | | | 25.1 | % |
Energy | | | 13.0 | % |
Industrial | | | 11.2 | % |
Utilities | | | 6.7 | % |
Communications | | | 5.6 | % |
Consumer, Cyclical | | | 3.1 | % |
Technology | | | 3.0 | % |
Basic Materials | | | 2.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
14
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Index 500 Fund
The Penn Series Index 500 Fund returned 3.59% for the six-month period ending June 30, 2016, compared to the 3.84% return for its benchmark, the S&P 500 Index.
The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the market more than the last. Further unnerving markets was a continued rapid selloff in oil prices that has been a prevailing market theme since the middle of 2014.
The relief rally in growth assets that began in the middle part of February continued for the better part of March. Providing foundation for the sharp improvement in sentiment during the second half of the quarter were sharp gains beginning in February in the beaten down energy sector, a better tone to global manufacturing data in March and continued active and verbal support from central banks.
Earnings forecasts for S&P 500 Index for the first quarter of 2016 point to a fourth consecutive quarter of negative year-over-year earnings growth, a very rare event outside an economic recession. There are now, however, good reasons to believe this could be the last negative quarter of earnings, barring the economy actually does succumb to a recession. Two primary contributors to the negative earnings growth, falling energy prices and a stronger U.S. dollar both seem to have run their course for now. Just as government bonds outperformed equities in the first quarter, the best performing sectors in the S&P 500 Index to start the year were those most resembling bonds, with the high yielding telecommunications and utilities sectors returning 16.6% and 15.6% respectively. At the other end of the spectrum of sector outcomes, financials returned a negative 5.1% return on the quarter on reduced expectations for the path of future Fed rate hikes and health care names gave up 5.5% for the quarter.
One of the notable developments driving markets in May was the re-emergence of expectations the Federal Reserve (Fed) would contemplate raising rates during the middle of 2016, something that had been given scant probability at the beginning of the month. Following a string of better-than-expected economic reports, notably retail sales, and the release of more hawkish than expected
minutes from the April Federal Open Market Committee (FOMC) meeting, the probability of a hike by July increased to a better than even 55% on May 24. While a better economic data flow increased the odds of near term Fed tightening, other releases suggested possibly limited upside for the economy.
Market watchers anticipating the Fed would be following through with a near term rate increase based on the strength of U.S. economic data were required to significantly adjust expectations on June 3 with the release of the May U.S. non-farm payrolls report. The preliminary release showed a paltry increase of just 38,000 jobs against expectations for 160,000 and was the lowest initial reading since August of 2011. As the month continued, the prospect of a possible ‘leave’ vote in the British referendum to remain in the European Union further decreased the possibility the Fed would be raising rates. Once the unexpected ‘leave’ vote result was confirmed on the morning of June 24, the resulting uncertainty took the likelihood of any Fed tightening for the rest of 2016 down close to zero and even an increase in through the end of 2017 was priced at less than one third.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 24.6 | % |
Financials | | | 16.8 | % |
Communications | | | 12.9 | % |
Technology | | | 12.5 | % |
Consumer, Cyclical | | | 10.0 | % |
Industrial | | | 9.6 | % |
Energy | | | 7.4 | % |
Utilities | | | 3.6 | % |
Basic Materials | | | 2.5 | % |
U.S. Treasury Obligations | |
| 0.1
| %
|
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
15
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund returned 2.21% for the six-month period ending June 30, 2016, compared to the 2.15% return for its benchmark, the Russell Midcap Growth Index.
From a sector standpoint, our energy overweight was the primary reason for this result. Outside of energy, our sector selection largely hindered performance, with overweights in the underperforming sectors of health care and information technology, and underweights in the outperforming sectors of industrials, consumer staples and financials. Fortunately our stock selection was strong in the first half of 2016, and this enabled us to overcome our lackluster sector positioning. In fact, our stocks outperformed their benchmark peers in all but two sectors during the period. Our two underperforming sectors were financials, where real estate investment trusts (REITS) largely drove the Index performance, and consumer discretionary, where our luxury brands and retail names struggled.
Our outlook for the stock market remains cautiously constructive, as it has been for much of the year. The U.S. economy is in a growth mode, albeit slow growth. Economies elsewhere in the world remain challenged, which restricts the ultimate strength of U.S. companies and the economy. Europe has shown signs of recovery, while China has become a bigger drag on world economic progress, and Latin America remains broadly weak. There have been more stresses on the earnings outlook for U.S. companies than we have seen in a considerable period of time. While much of this stress emanated from the energy sector last year, the negative feedback loop associated with energy-related employment and spending has had a broader impact on economic growth and corporate health across many sectors.
Our cautiously constructive outlook is based on our confidence that the positives we see in the economy–greater employment, an improving housing market, low energy prices, more accommodative lending, supportive demographic trends–will be enough to offset the negatives to earnings, allowing earnings and stock prices to move higher. We think these positives will outweigh the negatives as we progress through the remainder of the year. We think that the ongoing positive but slow rate of growth in the economy will drive greater demand from investors for the stocks of clearly
differentiated growth companies who can deliver superior earnings performance independent of any sluggishness in the overall economy. We think the markets will trend more defensively, as well, in terms of both earnings stability and creditworthiness. This will be a response to any increases in interest rates that might come as a result of firmer economic growth, and also because of concerns about simmering debt issues around the world. Valuation will be a concern if earnings growth is less certain and debt issues weigh, but could move upward if underlying economic trends in the U.S. continue to improve through better employment growth, a stronger housing market, and any long hoped-for improvement in capital spending.
Our preference for high-quality growth companies with stable and sustainable earnings profiles and strong balance sheets should serve our investors well if the economy struggles to regain a faster growth rate in the latter half of 2016. We are overweight the health care sector, an area where we find many vibrant growth stock opportunities. We are happy with our energy overweight, as we think oil prices are likely to trend higher based on downtrends in production and supply and growing demand. We are most likely to add to our weightings in the information technology and consumer discretionary sectors, and possibly industrials, over the next three to six months.
Penn Mutual Asset Management, LLC
Investment Adviser
Ivy Investment Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 30.0 | % |
Consumer, Cyclical | | | 24.4 | % |
Technology | | | 12.9 | % |
Industrial | | | 11.7 | % |
Financial | | | 11.6 | % |
Energy | | | 5.4 | % |
Communications | | | 4.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
16
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Value Fund
The Penn Series Mid Cap Value Fund returned 5.73% for the six-month period ending June 30, 2016, compared to the 8.87% return for its benchmark, the Russell Micap Value Index.
The market was extremely volatile during the first half of 2016. For much of the first quarter, investors vacillated as to whether or not economic conditions in the emerging markets and the commodity sectors would push the slowly growing U.S. economy into a recession which led to price volatility as the markets appreciated or declined by more than 1% during roughly half of the trading days. As the first quarter came to an end, fears of a global recession appeared to subside and equity markets rallied. During the second quarter, in a surprising and historic move, Britain voted to exit the European Union. The markets reacted with increased volatility and the Russell Mid Cap Value Index declined significantly. The Index recovered toward the end of June, however the Fund, which is positioned in much cheaper, cyclically-oriented stocks as opposed to the more richly-priced stocks that do well in a “risk-off” or low interest rate environment, underperformed the Index.
Significant market volatility creates buying opportunities for long-term value investors, as stock declines can widen the intrinsic value gap. During the first half of the year, a portion of our underperformance can be attributed to our overweight positions in the more cyclical areas of the economy such as the consumer discretionary and technology sectors and our underweight to the benchmark in the utilities sector. Our contrarian investment style has shifted us away from the defensive sectors of the market (utilities, consumer staples) as we believe these areas have become highly valued as investors seek out higher yielding stocks.
The Fund benefited from the rebound in the energy sector (ONEOK, Devon Energy), strong results and outlook from Colony Starwood Homes, and a rebound in Tyco’s stock as investors began to appreciate the benefits from the merger agreement with Johnson Controls. On the negative side, Skyworks Solutions has come under pressure due to increased concern about the next iPhone launch (Apple is their biggest customer), while Nuance declined as technology shares were hit hard at the end of the period. Finally, Office Depot shares came under substantial pressure when the merger with Staples was blocked by the FTC.
Despite recent turmoil in the market, valuation levels continue to be above historical averages. This can be justified by extremely low interest rates and the likelihood that they will stay low for the foreseeable future. However, the market has many headwinds it has to overcome to appreciate from here, including the fallout from Brexit, sluggish global growth, the Presidential election, and a general decline in global business confidence. We have not been dealing with a normal post-recession expansion, rather one that has been driven by extremely accommodative monetary policy decisions. It is still unlikely that without this stimulus the world economies can be self-sustaining and accordingly, we anticipate easy monetary policy to continue.
We own stocks that, in general, sell at cheaper multiples to the market, that are trading at substantial discounts to our estimate of intrinsic value, and generate strong free cash flow. We remain confident in the Fund’s ability to perform in what could be a difficult investment backdrop.
Penn Mutual Asset Management, LLC
Investment Adviser
Neuberger Berman Investment Advisers
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 19.7 | % |
Industrial | | | 19.1 | % |
Technology | | | 17.0 | % |
Consumer, Cyclical | | | 12.9 | % |
Consumer, Non-Cyclical | | | 11.6 | % |
Energy | | | 7.7 | % |
Utilities | | | 7.4 | % |
Basic Materials | | | 2.5 | % |
Communications | | | 2.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
17
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Core Value Fund
The Penn Series Mid Core Value Fund returned 10.53% for the six-month period ending June 30, 2016, compared to the 8.87% return for its benchmark, the Russell Midcap Value Index.
The Fund received positive results in absolute terms in all 10 sectors in which it was invested. Relative to the benchmark, positions in the industrials, health care, consumer staples, financials, and consumer discretionary sectors added to returns. The materials and utilities sectors detracted from relative performance.
Security selection in industrials boosted relative returns, fueled in particular by an overweight and stock selection in commercial services and supplies. Tyco International, a portfolio overweight, was leading contributor. Tyco is in the process of merging with Johnson Controls, and the companies have outlined over $1 billion in merger synergies. Also, both companies have announced ongoing productivity initiatives.
Security selection in health care also enhanced performance. A lack of exposure to the pharmaceuticals industry was especially beneficial as a number of benchmark pharmaceutical stocks, such as Perrigo, sold off sharply during the period. Perrigo, which the portfolio does not own, suffered a sizable stock correction after it issued weak guidance and its CEO resigned.
The Fund’s overweight in the consumer staples sector added to returns, especially in the food and staples retailing and food products industries. Sysco, a large distributor of food and related products, was one of the strongest performing investments, aided by improving trends in the restaurant business.
Utilities was one of the strongest-performing sectors of the benchmark during the period, as investors sought stability during bouts of market volatility. As a result, the Fund’s underweight in utilities hurt performance relative to the Index. Nonetheless, the utilities sector yielded one of the top-contributing individual investments, an overweight in Westar Energy. Shares of Westar Energy surged higher on news the utility would be acquired by Great Plains Energy.
An underweight in the overall financials sector assisted relative returns. Positioning within financial services also supported returns, due primarily to security selection in banks and insurance and a lack of exposure to the challenged consumer finance industry.
While the Fund’s underweight in financials assisted relative performance, a number of individual investments were detractors. These included Northern Trust, LPL Financial Holdings, and portfolio-only investments in PNC Financial Services and State Street. Declining interest rates and expectations that interest rates could remain low over the near-term combined with capital market volatility to pressure returns for many banks and capital markets companies.
An underweight in materials detracted from performance, as many of the benchmark’s materials stocks rose along with commodities prices. Stock selection was also detrimental, as the portfolio had no exposure to some metals and mining stocks, including Newmont Mining, that delivered strong share price performance for the benchmark.
The team continues to build the portfolio using a bottom-up, stock-specific process. Through its fundamental research, the portfolio managers seek higher-quality, mid-sized companies temporarily selling at a discount. At the end of the quarter, the Fund’s largest overweight position was in consumer staples. The Fund has smaller relative overweights in the health care and energy sectors.
The Fund’s largest sector underweight remains in financials due to a continued underweight in real estate investment trusts (REITs). The team continues to find REIT valuations generally unattractive. In addition, the Fund has smaller relative underweights in materials, utilities, information technology, consumer discretionary, and telecommunication services.
Penn Mutual Asset Management, LLC
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
18
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 28.1 | % |
Industrials | | | 17.5 | % |
Consumer, Non-Cyclical | | | 15.7 | % |
Energy | | | 12.9 | % |
Utilities | | | 10.2 | % |
Consumer, Cyclical | | | 7.2 | % |
Technology | | | 4.6 | % |
Index Fund | | | 2.2 | % |
Communications | | | 1.3 | % |
Basic Materials | | | 0.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
19
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund returned 0.67% for the six-month period ending June 30, 2016, compared to the –0.03% return for its benchmark, the Russell 2500 Growth Index.
Over the last six months, security selection in the health care, industrial, and consumer sectors contributed to returns. Positioning in the information technology and financial sectors was the primary source of underperformance.
Within health care, our conviction in Alere was rewarded. Despite no material change to company fundamentals, our position in Alere had detracted from returns in 2015. With our thesis still intact, we maintained our position and were rewarded as shares soared 27% after the company agreed to be acquired by Abbott Laboratories Inc. Also within the sector, Align Technology has shown considerable strength over the past 12 months. The manufacturer of the Invisalign orthodontic treatment posted a near flawless quarter as shipments were up 26% after growing above expectations the previous two quarters. Strong growth has been visible in both domestic and international markets and we believe the company is still early in penetrating a large total available market. Shares of VCA outperformed as our thesis on VCA, a leader in the animal health field, continues to be validated. The company has made a number of strategic acquisitions that contribute to its attractive level of operating leverage. The company reported better-than-expected quarterly results, driven by improving gross margins and strong sales growth in both their veterinary hospitals and lab businesses.
Within industrials, Carlisle Companies continues to enjoy strong end markets. For the last several quarters we have allocated capital to opportunities created by a strong non-residential construction market. Carlisle is a commercial roofing supplier that continues to reap the benefits of strong construction activity. Carlisle is in the position of experiencing strong organic growth and expanding margins, both enviable characteristics in the current industrial environment
Within consumer discretionary, Michaels Companies’ strong quarter garnered investor attention. The arts and craft retailer reported strong results driven by better-than-expected same store sales growth. Given its product mix and dominant market share in a fragmented industry, Michael’s faces lower competition and e-commerce risk than many “brick and mortar” retailers.
Additionally, the company’s ability to pay down debt should prove additive to financial results going forward.
Within consumer staples, Constellation Brands had a strong run of outperformance. Constellation, a producer and distributor of branded beer, wine and spirits, posted another strong quarter with sales and earnings above street expectations. Constellation has expanded the beer business to include Corona Extra cans and Corona Light Draft, and volumes grew over 10%. In addition to continued growth in volumes, we anticipate margin expansion as the state of the art brewery acquired in the deal fully comes on line in 2015, and as the company pays down debt.
Within the technology sector, specific weakness was visible in the software industry as a combination of company specific issues and concerns over enterprise spending pressured portfolio holdings. Tableau Software a data visualization software company, reported disappointing quarterly results driven by an unexpected decline in licensing revenue. As a result, shares of Tableau declined sharply.
Within financials, Raymond James Financial has fundamental drivers of future growth, but was impacted by capital market volatility in the short term. In particular, Raymond James pressured by moderating interest rates and a flattening yield curve during the quarter, highly unusual events during times of Fed tightening. On the bright side, Raymond James continues to be successful in recruiting new financial advisors, a key element of our investment thesis.
Penn Mutual Asset Management, LLC
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
20
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 35.9 | % |
Consumer, Cyclical | | | 20.0 | % |
Industrial | | | 19.7 | % |
Technology | | | 15.7 | % |
Financials | | | 4.7 | % |
Communications | | | 3.1 | % |
Energy | | | 0.9 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
21
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Value Fund
The Penn Series SMID Cap Value Fund returned 5.58% for the six-month period ending June 30, 2016, compared to the 7.84% return for its benchmark, the Russell 2500 Value Index.
Volatility marked the first half of 2016 as investor anxiety centered on a number of macro issues that raised concerns about global economic growth. Early in the year, market sentiment shifted dramatically as the market fell over concerns about plummeting oil prices and Chinese economic growth. The markets then recovered as better U.S. economic data, stabilizing oil prices and expectations that monetary policy would remain accommodative, eased concerns.
Late in the second quarter, the United Kingdom’s June vote to leave the European Union reignited these fears. Immediately following the result, volatility spiked as markets grappled with uncertainty over the vote’s impact on global economic growth. However, equities recovered some post-vote losses as investors pinned their hopes on even more accommodative monetary policies from central banks.
For the first half of 2016, the Fund rose in absolute terms but underperformed its benchmark, the Russell 2500 Value Index. Sector allocation detracted from returns while security selection contributed. Sector allocation underperformance was predominantly driven by overweights to the consumer discretionary and technology sectors and an underweight to utilities. Positive security selection was broadly spread across sectors but was strongest in the portfolio’s consumer discretionary and technology holdings. Performance detractors included Office Depot, an office supply store catering to consumers and businesses. The company’s stock fell sharply after a court ruled in favor of the Federal Trade Commission’s decision to block its proposed merger with rival Staples. Molina Healthcare, a provider of Medicaid services to low-income families and individuals, also underperformed. The company reported weaker-than-expected earnings because of elevated medical loss ratios in some of its key markets, including Ohio and Texas.
Leading outperformers included energy companies such as QEP Resources, a natural gas and oil exploration and production company. QEP’s stock rallied as oil prices recovered and the company’s new oil wells reported better-than-expected productivity. Shares of Ingredion, a company that refines corn into starch and sweeteners saw
benefits from higher utilization rates of its North American supply chain. The company also showed continued progress in its efforts to shift towards higher margin products.
The recent Brexit vote added to investor anxiety over the growth prospects for the global economy. Central banks have pursued increasingly accommodative monetary policies and have driven interest rates to historical lows. Investors have gravitated to industries such as utilities and REITs, whose earnings stability and high yields are viewed to offer shelter in an uncertain world and income in a low-interest-rate environment.
While we share the market’s concerns, we believe investors have ignored long-term fundamentals pursing this safety and yield. Our research suggests that they have dramatically undervalued an increasing number of high-quality companies with strong free cash flow and compelling company-level catalysts. We have been selective in adding these opportunities as we expect to see continued market volatility. We continue to focus on stocks with strong fundamentals, including solid free cash flow and strong long-term profitability outlook.
Penn Mutual Asset Management, LLC
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 22.84 | % |
Consumer, Cyclical | | | 18.37 | % |
Industrial | | | 15.08 | % |
Consumer, Non-Cyclical | | | 11.94 | % |
Energy | | | 9.76 | % |
Technology | | | 8.66 | % |
Communications | | | 6.94 | % |
Utilities | | | 5.02 | % |
Basic Materials | | | 1.39 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
22
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Growth Fund
The Penn Series Small Cap Growth Fund returned 1.75% for the six-month period ending June 30, 2016, compared to the –1.59% return for its benchmark, the Russell 2000 Growth Index.
The Fund outperformed its primary benchmark, during the period. We expect the bulk of our relative outperformance to come in weak or uncertain market environments, when the stability of the businesses we invest in is more appreciated, or in environments in which stock selection is the primary driver of returns. This was the case during the first half of the year as outperformance was largely driven by stock selection.
Leading outperformance on a sector basis was our selection of health care and technology stocks. The strong relative performance in health care was largely due to acquisition activity as some of the Fund’s holdings were bought during the period. Medical device maker LDR, for example, was acquired by Zimmer Biomet. LDR was an attractive target due to its Mobi-C product, a two-level cervical disk replacement. We have always favored this company, but recognized that the stock was held back, to a degree, by the reticence of insurers to fully cover Mobi-C. That headwind will likely be removed now that it is a component in Zimmer’s arsenal.
Also benefiting from an acquisition was FEI, which was purchased by Thermo Fisher. FEI is a leading manufacturer of electron microscopes, whose products have several industrial applications, including semiconductors. As chips become smaller, the demand for such high-powered microscopes to conduct quality control, we believe, will grow. Thermo was also likely attracted to FEI for its pristine balance sheet.
Financial software and services company, MarketAxess was a strong gainer. The market is beginning to recognize the tremendous opportunity presented by MarketAxess as it attempts to modernize bond trading. Unlike equities platforms, which have evolved over the past two decades, bond trading, to a degree, remains mired in the last century. MarketAxess operates an electronic trading platform that helps improve both liquidity and trading costs for market participants. The company’s technology is reaching a tipping point in adoption by major players, which, in our view, provides a competitive advantage as its platform stands to benefit from a network effect.
The Fund’s holdings in financials and consumer staples detracted from relative performance. SS&C Technologies was a large absolute detractor. SS&C was impacted by concerns about its client base of active managers, including hedge funds. Actively managed funds in general have come under pressure from passively managed competitors, and many hedge funds have closed shop. While we are aware of the headwinds facing SS&C’s client base, we still favor the company as we see ample opportunity for it to grow revenue through cross-selling among its existing client base.
Eagle Pharmaceuticals was another detractor. The stock was down after the FDA rejected its blood clot preventing drug Kangio. The specialty pharmaceutical company focuses on improving formulations of existing hospital administered drugs. These improved formulations make the intake of the drug easier or faster for the patient.
OSI Systems also weighed on performance. The company makes security systems, health care monitoring systems and optoelectronic devices. The stock was down in large part because construction at a number of European airports delayed implementation of some of OSI’s baggage screening systems in those airports. International markets for some of their medical devices were also soft during the quarter. None of this changes our longer-term view of the company. We expect OSI’s baggage screening systems to be in high demand as Europe implements new security rules in baggage screening, and we also like the outlook for many of the company’s medical devices.
Penn Mutual Asset Management, LLC
Investment Adviser
Janus Capital
Investment Sub-Adviser
23
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-Cyclical | | | 35.0 | % |
Technology | | | 20.2 | % |
Industrial | | | 17.2 | % |
Consumer, Cyclical | | | 12.2 | % |
Financial | | | 6.7 | % |
Communications | | | 4.7 | % |
Basic Materials | | | 2.5 | % |
Energy | | | 1.1 | % |
Diversified | | | 0.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
24
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Value Fund
The Penn Series Small Cap Value Fund returned 5.09% for the six-month period ending June 30, 2016, compared to the 6.08% return for its benchmark, the Russell 2000 Value Index.
In the Fund for the six-month period, our investments in the financials and materials sectors detracted from performance, whereas the energy and health care sectors contributed to results.
Memorial Resource Development Corp., an oil and natural gas exploration and production company operating in Northern Louisiana, was a top detractor from returns during the first quarter of 2016. Its shares came under pressure after the company appointed a new Chief Executive Officer and lowered production guidance. Despite short-term headwinds, we continue to be constructive on Memorial Development Corp. We believe the company is one of the most capital efficient operators in the industry with high-quality assets and the ability to significantly increase production over the long term. Nexstar Broadcasting Group, a television broadcasting company, was also a top detractor from performance during the first quarter. In our view, its shares underperformed due to a perceived increase in execution risk regarding the company’s acquisition of Media General and the resulting financial leverage.
Burlington Stores, Inc., a discount retailer focused on coats, was a top contributor to performance during the first quarter. After unusually warm winter weather, investor expectations for coat sales significantly declined which pressured the stock price. The stock subsequently rebounded after management released fourth quarter guidance that was better than investors expected. We continue to be constructive on Burlington Stores given the company’s potential for profitable share gains and margin expansion. Rice Energy, Inc., an exploration and production company based in Pennsylvania, was also a top contributor to results over the first quarter. The stock outperformed on the back of a rally in natural gas prices in March. We continue to be positive on Rice Energy’s prominent acreage in the Marcellus and Utica Shales, which has the potential to drive continued strong results for the company.
During the second quarter, Rice Energy remained a top contributor to performance. Its shares were supported by rising natural gas prices and the announcement that Rice Energy would acquire select acreage in the Marcellus and
Utica Shales which the company would fund with an equity offering. While the transaction ultimately did not go through, investors were positive on the stronger balance sheet as a result of the offering. During the second quarter, shares of Memorial Resource Development rebounded and it was a top contributor to results during the quarter. We originally initiated a position in Memorial Development due to the company’s high-quality assets, capital efficient operations and potential to significantly increase production over the long term. Its shares subsequently spiked in May when it was announced that the company had agreed to merge with Range Resources, an oil and natural gas exploration and production company operating primarily in the Marcellus Shale.
Chesapeake Lodging Trust, an owner of upscale hotels in key gateway markets in the U.S., was a top detractor from performance during the second quarter. While the company’s operating results have exceeded expectations in a challenging environment for hotels, Chesapeake Lodging has long been speculated as a potential acquisition candidate. Given that a transaction has yet to materialize, investors have become increasingly cautious on the company. Despite these concerns, we continue to have high conviction in Chesapeake Lodging’s strategy and high quality assets over the remainder of this hotel cycle, regardless of whether the company is acquired. PBF Energy, Inc., an oil refiner with operations across the U.S., was also a top detractor from returns during the second quarter. Its shares fell after PBF Energy reported disappointing earnings, driven by lower-than-expected margins. Despite short-term headwinds, we continue to be positive on the company.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
25
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 39.5 | % |
Industrials | | | 12.9 | % |
Consumer, Non-Cyclical | | | 10.8 | % |
Consumer, Cyclical | | | 9.0 | % |
Technology | | | 8.5 | % |
Utilities | | | 7.8 | % |
Energy | | | 5.6 | % |
Basic Materials | | | 4.0 | % |
Communications | | | 1.9 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
26
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Index Fund
The Penn Series Small Cap Index Fund returned 1.92% for the six-month period ending June 30, 2016, compared to the 2.22% return for its benchmark, the Russell 2000 Index.
The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the market more than the last. Further unnerving markets was a continued rapid selloff in oil prices that has been a prevailing market theme since the middle of 2014.
The relief rally in growth assets that began in the middle part of February continued for the better part of March. Providing foundation for the sharp improvement in sentiment during the second half of the quarter were sharp gains beginning in February in the beaten down energy sector, a better tone to global manufacturing data in March and continued active and verbal support from central banks.
Earnings forecasts for S&P 500 Index for the first quarter of 2016 point to a fourth consecutive quarter of negative year-over-year earnings growth, a very rare event outside an economic recession. There are now, however, good reasons to believe this could be the last negative quarter of earnings, barring the economy actually does succumb to a recession. Two primary contributors to the negative earnings growth, falling energy prices and a stronger U.S. dollar both seem to have run their course for now. Just as government bonds outperformed equities in the first quarter, the best performing sectors in the S&P 500 Index to start the year were those most resembling bonds, with the high yielding telecommunications and utilities sectors returning 16.6% and 15.6% respectively. At the other end of the spectrum of sector outcomes, financials returned a negative 5.1% return on the quarter on reduced expectations for the path of future Fed rate hikes and health care names gave up 5.5% for the quarter.
One of the notable developments driving markets in May was the re-emergence of expectations the Federal Reserve (Fed) would contemplate raising rates during the middle of 2016, something that had been given scant probability at the beginning of the month. Following a string of better-than-expected economic reports, notably retail sales, and the release of more hawkish than expected
minutes from the April Federal Open Market Committee (FOMC) meeting, the probability of a hike by July increased to a better than even 55% on May 24. While a better economic data flow increased the odds of near term Fed tightening, other releases suggested possibly limited upside for the economy.
Market watchers anticipating the Fed would be following through with a near term rate increase based on the strength of U.S. economic data were required to significantly adjust expectations on June 3 with the release of the May U.S. non-farm payrolls report. The preliminary release showed a paltry increase of just 38,000 jobs against expectations for 160,000 and was the lowest initial reading since August of 2011. As the month continued, the prospect of a possible ‘leave’ vote in the British referendum to remain in the European Union further decreased the possibility the Fed would be raising rates. Once the unexpected ‘leave’ vote result was confirmed on the morning of June 24, the resulting uncertainty took the likelihood of any Fed tightening for the rest of 2016 down close to zero and even an increase in through the end of 2017 was priced at less than one third.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 26.2 | % |
Consumer, Non-Cyclical | | | 19.8 | % |
Industrials | | | 13.2 | % |
Consumer, Cyclical | | | 12.3 | % |
Technology | | | 10.8 | % |
Communications | | | 6.5 | % |
Utilities | | | 4.2 | % |
Basic Materials | | | 3.9 | % |
Energy | | | 2.9 | % |
Diversified | | | 0.1 | % |
U.S. Treasury Obligations | | | 0.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
27
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Developed International Index Fund
The Penn Series Developed International Index Fund returned –3.60% for the six-month period ending June 30, 2016, compared to the –4.04% return for its benchmark, the MSCI EAFE Index.
The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open the New Year was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the market more than the last. Further unnerving markets was a continued rapid selloff in oil prices that has been a prevailing market theme since the middle of 2014.
After the tumultuous opening act of 2016, investor nerves were soothed to some degree as February closed, provided one measures comfort by an intra-month recovery in the price levels of developed equity markets. The roller coaster month opened with the MSCI World Index capping off a miserable January with a sharp selloff that took the index down 11.5% year-to-date (YTD) on February 11 before recovering to finish the month down 6.6% on the year. February was also witness to a sharp selloff in the British pound to seven year lows after the announcement of the long anticipated ‘Brexit’ referendum.
With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 have so far navigated a storm of additional uncertainties including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes and now a vote by Britain on June 23 to exit its 43-year membership in the European Union. Remarkably, against this challenging backdrop, global equities ended the first half of the year basically where the year started. After selling off aggressively to kick off the year through the second week of February, global equities clawed back into positive territory for the year through June 23, only to see those gains extinguished when the surprise outcome of the ‘Brexit’ vote was learned on June 24, leaving the MSCI World Index down 1.7% before rebounding smartly to put the Index back in positive territory on a YTD. Holding ground through mid-year has been commodity prices. Proving that there is still an abundance of caution in the
market in 2016, assets that may be considered defensive in many circumstances have been among the best absolute performers.
Global developed equities continued to make modest gains in April and May before pausing somewhat in June ahead of the British referendum and subsequently falling sharply once a British exit vote was confirmed. The oscillations left the MSCI World Index up 1.2% for the quarter. U.S. investors fared best in developed equities by investing at home with the S&P 500 Index posting second quarter gains of 2.5% against negative returns in the MSCI Europe Index of 2.3% and a barely positive 0.9% for the MSCI Pacific Index. Returns on Pacific equities would have been a 4% net drag on performance for U.S. investors were it not for a 9% decline in the U.S. dollar against the Japanese Yen.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
28
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Japan | | | 23.2 | % |
United Kingdom | | | 16.5 | % |
Switzerland | | | 9.6 | % |
France | | | 9.1 | % |
Germany | | | 8.7 | % |
Australia | | | 7.3 | % |
Netherlands | | | 5.4 | % |
Hong Kong | | | 3.1 | % |
Spain | | | 2.9 | % |
Sweden | | | 2.8 | % |
Denmark | | | 2.0 | % |
Italy | | | 1.8 | % |
Belgium | | | 1.5 | % |
Singapore | | | 1.5 | % |
Ireland | | | 1.2 | % |
Finland | | | 1.0 | % |
Israel | | | 0.8 | % |
Norway | | | 0.6 | % |
Austria | | | 0.2 | % |
Luxembourg | | | 0.2 | % |
New Zealand | | | 0.2 | % |
China | | | 0.1 | % |
Portugal | | | 0.1 | % |
South Africa | | | 0.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
29
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
International Equity Fund
The Penn Series International Equity Fund returned 0.91% for the six-month period ending June 30, 2016, compared to the –0.67% return for its benchmark, the MSCI ACWI ex U.S. Index.
British American Tobacco was a top contributor during the first six months of the year. Its stability and consistency of earnings became well sought after post the Brexit vote. While based in the UK, its earnings come from outside of it. Currency, after years of being a headwind, is turning into a tailwind due to favorable currency translation as British American Tobacco reports its earnings in British pounds. British American Tobacco is one of the world’s largest tobacco companies with market leadership in more than 50 of the 180 markets in which it operates. Nearly 60% of the company’s revenue and over 70% of volumes are generated from emerging markets.
Investors were drawn to Philip Morris International’s relative safety after the uncertainty resulting from the Brexit vote, as the company continues to perform well. Philip Morris International produces and sells cigarettes under brands such as Marlboro and L&M. In our opinion, the company has strong pricing power, leading brands, consistent constant currency earnings growth, opportunities for cost savings, and a large dividend. The company is also investing behind next generation products such as its heat-not-burn device, iQos.
Persimmon is a leading house builder in the UK by volume with a nationwide footprint. The company has a significant land bank and manages the lowest average unit price land cost as a proportion of average sales price of the eight major builders. Persimmon’s stock price came under pressure on the back of the Brexit vote. We continue to like Persimmon and we think it’s a strong business in a fundamentally strong industry in the UK, due to various structural reasons, including limited land, restrictive planning and a consolidated builder industry.
UBS is facing earnings headwinds due to a slowdown in Asia revenues and weaker markets. Its stock price came under pressure as a result of Brexit. We believe UBS is one of the better capitalized banks in the world. With its growth shifting to the less-capital intensive wealth management and asset management businesses, UBS should generate income, while still achieving healthy earnings growth. We expect the pace of capital returns to accelerate over the coming years. UBS is the largest global wealth manager, with two thirds of its earnings expected
to come from its asset-gathering businesses, after the company made a strategic decision to shrink its investment bank.
Our relative outperformance is consistent with our high-quality style of investing. Because the companies we own in the International Equity strategy tend to have more stable earnings and are less sensitive to economic fluctuations that may result from political turbulence, the portfolio is generally less affected by events such as Brexit. Many of the European holdings in our International Equity strategy are multinationals with a proportion of earnings generated outside of Europe.
We aim to make our International strategy well diversified by end-exposure of demand. Generally, due to our broad global earnings exposure, even if there is a slowdown for companies we hold in one part of the world, demand is growing somewhere else. Also, a core part of our investment selection is to focus on holding high-quality companies that are less sensitive to the economic cycle. Such companies tend to produce strong earnings in both good times and bad. Their share prices, therefore, are not as volatile as the overall market and will usually decline less in down markets.
Penn Mutual Asset Management, LLC
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
30
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
United Kingdom | | | 22.2 | % |
United States | | | 16.7 | % |
Switzerland | | | 11.3 | % |
India | | | 10.5 | % |
France | | | 5.5 | % |
Japan | | | 5.2 | % |
Netherlands | | | 4.0 | % |
Ireland | | | 4.0 | % |
Australia | | | 3.3 | % |
Canada | | | 3.2 | % |
Spain | | | 3.2 | % |
Denmark | | | 3.0 | % |
Germany | | | 2.7 | % |
South Africa | | | 2.3 | % |
China | | | 1.7 | % |
Hong Kong | | | 1.2 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
31
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund returned 6.31% for the six-month period ending June 30, 2016, compared to its benchmarks the MSCI Emerging Markets Index’s return of 6.60%.
Country allocation contributed to the Fund’s relative performance, while stock selection detracted overall. On an individual country basis, the aggregate effect of our underweight allocation and stock selection in China contributed the most, followed by stock selection in India. Our stock selection and overweight allocation in Peru also added value, as did our stock selection in Pakistan. Detracting from relative returns were our stock selection in Eastern Europe, Taiwan and Korea, and the combined effect of our underweight and stock selection in South Africa.
From a sector perspective, our stock selection in financials, consumer staples and information technology companies contributed the most to returns. Detracting from relative performance was our underweight to energy companies, along with our stock selection in and overweight allocation to industrials.
Our concern about China has long been reflected in our underweight position. In our view, China will continue to slow economically as a result of its massive credit expansion, which began as an attempt to stimulate growth following the global financial crisis and had another boost in the first several months of 2016. While the recent easing of regulations regarding both the stock market and the property market contributed to a rally earlier in the year, the market cooled in May as investors more closely analyzed the viability of those moves.
As investors further digest these factors and as Chinese growth stabilizes at lower levels, we think emerging market (EM) equities will head toward an eventual important turning point even if precise timing is difficult to determine. What we think will prove a critical catalyst driving EM equities more consistently is when the market focuses on economic growth inflections in select EM countries shifting upward relative to the weaker prospects for many of the developed countries.
On our recent trip to Mexico, we observed that while growth dynamics appeared less positive than previously, they still look better than for much of the region. Fiscal tightening and lower oil production are having a dampening effect on growth, and the expected pickup in
investment, particularly in the oil sector, is taking longer to flow through. We remain overweight the country.
Brazil has enjoyed a strong rally over optimism related to the prospect of political change. Local business and consumer confidence is low, which bodes poorly for any recovery in investment or consumption in the near term. The one bright spot is that the difficult environment is providing opportunity for well-managed companies to gain market share and boost competiveness. Our stock selection in Brazil has been a source of positive returns for many years.
We remain overweight Central and Eastern Europe; the Philippines for its well-rounded growth, strong business outsourcing and strong consumption; and India as earnings and economic growth turns around, consumption picks up and credit penetration levels show signs of life from a low base. We have high conviction in maintaining zero allocation to Malaysia on corporate governance issues.
The South African economy continues to have structural problems requiring fiscal reforms to correct but in the shorter-term stagflation appears to be easing and the twin current account and fiscal deficits in the country should start to improve. We are just slightly underweight the country as we find compelling stock selection opportunities in the country.
From a thematic perspective, we continue to own and seek companies benefiting from the growth of the aging population, where demand is high for health care, consumer experiences and services, including travel and leisure activities, in contrast to the demand for consumer staples.
Penn Mutual Asset Management, LLC
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
32
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
China | | | 12.0 | % |
South Korea | | | 11.4 | % |
India | | | 10.9 | % |
Taiwan | | | 10.0 | % |
Brazil | | | 5.9 | % |
Hong Kong | | | 5.8 | % |
South Africa | | | 4.3 | % |
Philippines | | | 4.3 | % |
Indonesia | | | 4.0 | % |
United States | | | 2.8 | % |
Poland | | | 2.6 | % |
Peru | | | 2.3 | % |
Thailand | | | 2.2 | % |
Russia | | | 2.0 | % |
Argentina | | | 1.7 | % |
Mexico | | | 1.3 | % |
Austria | | | 1.3 | % |
Pakistan | | | 1.3 | % |
Turkey | | | 1.2 | % |
Netherlands | | | 1.2 | % |
Czech Republic | | | 1.0 | % |
Portugal | | | 0.9 | % |
United Kingdom | | | 0.8 | % |
Switzerland | | | 0.7 | % |
Japan | | | 0.6 | % |
Chile | | | 0.6 | % |
Columbia | | | 0.5 | % |
Egypt | | | 0.4 | % |
Panama | | | 0.4 | % |
Spain | | | 0.3 | % |
Malaysia | | | 0.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
33
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Real Estate Securities Fund
The Penn Series Real Estate Securities Fund returned 9.39% for the six-month period ending June 30, 2016, compared to the 13.38% return for its benchmark, the FTSE NAREIT Equity REIT Index.
The Fund had a positive total return in the period but underperformed its benchmark. This was partially because we did not own certain companies with relatively stable cash flows and above-average yields that outperformed, such as triple-net-lease and health care real estate securities trusts (REITs), with investors paying a premium for those characteristics, seemingly with little regard for valuations or longer-term growth prospects.
Examples include our underweight in Ventas in the health care sector and non-investment in Realty Income Corp. in the triple-net group. Both stocks rose more than 30% in the period. Also in the health care sector, we were overweight Omega Healthcare Investors, which despite generally favorable quarterly results, underperformed amid concerns that regulatory issues could threaten the profit margins of its skilled nursing care tenants.
Our underweight allocation and stock selection in industrial property owners also detracted. The sector benefited from the continuing development of e-commerce and third-party logistics services, but we are concerned that growth is decelerating, which could result in sharp declines in richly valued share prices. Our underweight in specialty REITs further detracted, as did our overweight in the apartment sector. Despite generally healthy demand for apartments, investors were concerned that the sector’s cash-flow growth will slow amid ample supply. We believe, however, that the sector’s expansion will continue at a healthy pace and that supply will actually peak in 2016.
The largest contributor to the Fund’s relative performance was stock selection in regional mall owners, where we focused on companies with high-quality assets that have shown the ability to successfully redevelop properties. We also largely avoided the underperforming Class B mall owners, which are more vulnerable to store closings as it is generally more difficult for them to redevelop properties or replace tenants.
Further contributing to relative performance was our overweight in data centers. However, the relative benefit was largely offset by our stock selection in the sector. Our
overweight in self storage REITs also modestly contributed, as demand has continued to outstrip limited new supply, driving strong same-store sales growth for these companies.
Despite increased concerns about the global economy and possible fallout from Brexit, the U.S. economy continues to improve. We expect it will expand at a modest pace and we favor companies that we believe should benefit from that growth.
Year-to-date, investors have been willing to pay relatively high premiums for REITs with the most stable cash flows and high dividend yields. By contrast, we remain focused on stocks that we believe trade at attractive levels relative to the value of their property holdings and expected cash-flow growth. If these companies demonstrate they can deliver on expectations, we believe earnings multiples may expand.
We remain overweight apartments as we believe concerns of excess supply are likely overstated and supply should actually peak this year. Data centers should continue to display solid growth prospects even under soft economic conditions, in our view. Additionally, we view high-quality regional mall owners as being in a position to increase tenants’ rents, even as second- and third-tier malls struggle, as prime properties are limited and increasingly prized by retailers.
We consider the industrial sector’s valuations to be relatively and rental growth likely to decelerate in the coming year. We remain underweight offices, especially suburban property owners, due to high valuations, ample supply and flat or decelerating revenue trends in many markets.
Penn Mutual Asset Management, LLC
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
34
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/16
| | | | |
| | | Percent of
Total Investments1 | |
Apartments | | | 18.5 | % |
Regional Malls | | | 16.6 | % |
Diversified | | | 14.9 | % |
Healthcare | | | 11.4 | % |
Office Property | | | 9.9 | % |
Storage & Warehousing | | | 5.9 | % |
Industrial | | | 5.8 | % |
Building & Real Estate | | | 5.2 | % |
Strip Centers | | | 4.7 | % |
Hotels & Resorts | | | 3.0 | % |
Lodging | | | 2.5 | % |
Manufactured Homes | | | 1.6 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
35
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund returned 2.82% for the six-month period ending June 30, 2016, compared to its benchmarks, the Russell 3000 Index’s return of 3.62% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% for the same time period.
The Aggressive Allocation Fund is comprised of a target allocation of 95% equity funds, both active and passive, and 5% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term bond funds.
At the broad asset class level, the Aggressive Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. Detracting from the Fund’s performance versus its equity benchmark at the asset class level was the Fund’s allocation to developed international equity asset class as developed international stocks, as represented by the MSCI EAFE Index, underperformed domestic equity indices by more than 7.8% during the period. Contributing to performance at the asset class level was exposure to real estate, mid cap value and large cap value.
While, from an asset class perspective, the Fund’s allocation to developed international equity detracted from equity returns, at the underlying fund level, the strongest year-to-date contribution within equity came from its allocation to the International Equity Fund. The International Equity Fund outperformed its respective benchmark by approximately 1.58% during the period which aided year-to-date performance of the Aggressive Allocation Fund. Also contributing to performance at the underlying fund level was the Mid Core Value Fund.
For the six month time period, at the asset class level, exposure to large cap value helped performance during the period, at the underlying fund level, allocations to the Large Cap Value and Large Core Value funds detracted from performance as both funds notably underperformed their benchmarks during the period.
The Fund’s fixed income allocation performed in-line with the Barclays Capital U.S. Aggregate Bond Index for the first six months of the year.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/16
| | | | |
International Stocks | | | 23.0 | % |
Large Cap Value Stocks | | | 18.0 | % |
Mid Cap Value Stocks | | | 17.0 | % |
Large Cap Growth Stocks | | | 11.0 | % |
Emerging Market Stocks | | | 9.0 | % |
Intermediate Bonds | | | 6.0 | % |
Mid Cap Growth Stocks | | | 4.0 | % |
Small Cap Value Stocks | | | 4.0 | % |
Small Cap Growth Stocks | | | 4.0 | % |
REITs | | | 4.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
36
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned 3.09% for the six-month period ending June 30, 2016, compared to its benchmarks, the Russell 3000 Index’s return of 3.62% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% for the same time period.
The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds, both active and passive, and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds. The fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderately Aggressive Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. Detracting from the Fund’s performance versus its equity benchmark at the asset class level was the Fund’s allocation to developed international equity asset class as developed international stocks, as represented by the MSCI EAFE Index, underperformed domestic equity indices by more than 7.8% during the period. Contributing to performance at the asset class level was exposure to real estate, mid cap value and large cap value.
While, from an asset class perspective, the Fund’s allocation to developed international equity detracted from equity returns, at the underlying fund level, the strongest year-to-date contribution within equity came from its allocation to the International Equity Fund. The International Equity Fund outperformed its respective benchmark by approximately 1.58% during the period which aided year-to-date performance of the Moderately Aggressive Allocation Fund. Also contributing to performance at the underlying fund level was the Mid Core Value Fund.
For the six month time period, at the asset class level, exposure to large cap value helped performance during the period, at the underlying fund level, allocations to the Large Cap Value and Large Core Value funds detracted from performance as both funds notably underperformed their benchmarks during the period.
The Fund’s fixed income allocation performed in-line with the Barclays Capital U.S. Aggregate Bond Index for the first six months of the year.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/16
| | | | |
International Stocks | | | 20.0 | % |
Large Cap Value Stocks | | | 16.0 | % |
Intermediate Bonds | | | 16.0 | % |
Mid Cap Value Stocks | | | 14.0 | % |
Large Cap Growth Stocks | | | 9.0 | % |
Emerging Market Stocks | | | 6.0 | % |
Small Cap Growth Stocks | | | 4.0 | % |
Mid Cap Growth Stocks | | | 3.0 | % |
Small Cap Value Stocks | | | 3.0 | % |
REITs | | | 3.0 | % |
Short Term Bonds | | | 3.0 | % |
High Yield Bonds | | | 3.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
37
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderate Allocation Fund
The Penn Series Moderate Allocation Fund returned 3.55% for the six-month period ending June 30, 2016, compared to its benchmarks, the Russell 3000 Index’s return of 3.62% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% for the same time period.
The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds, both active and passive, and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderate Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. The Fund’s fixed income allocation also slightly underperformed its broad fixed income benchmark, the Barclays U.S. Aggregate Bond Index during the period.
Detracting from the Fund’s performance versus its equity benchmark at the asset class level was the Fund’s allocation to developed international equity asset class. Developed international stocks, as represented by the MSCI EAFE Index, underperformed domestic equity indices by more than 7.8% during the first six months of the year and therefore had a negative impact to the Fund’s performance. Contributing to performance at the asset class level was exposure to real estate, mid cap value and large cap value.
While, from an asset class perspective, the Fund’s allocation to developed international equity detracted from equity returns, at the underlying fund level, the strongest year-to-date contribution within equity came from its allocation to the International Equity Fund. The International Equity Fund outperformed its respective benchmark by approximately 1.58% during the period which aided year-to-date performance of the Moderate Allocation Fund. Also contributing to performance at the underlying fund level was the Mid Core Value Fund.
On the fixed income side, the Fund’s asset class allocation to short-term bonds negatively impacted fixed income performance as this asset class did not perform as strongly as intermediate-term bonds during the period.
At the underlying fund level, the Fund’s allocation to intermediate-term bonds contributed the most to relative performance while its allocation to short-term bonds detracted from performance.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/16
| | | | |
Intermediate Bonds | | | 33.0 | % |
International Stocks | | | 14.0 | % |
Large Cap Value Stocks | | | 12.0 | % |
Mid Cap Value Stocks | | | 10.0 | % |
Large Cap Growth Stocks | | | 6.0 | % |
Short Term Bonds | | | 5.0 | % |
High Yield Bonds | | | 4.0 | % |
Emerging Market Stocks | | | 4.0 | % |
Mid Cap Growth Stocks | | | 3.0 | % |
Small Cap Value Stocks | | | 3.0 | % |
Small Cap Growth Stocks | | | 3.0 | % |
REITs | | | 2.0 | % |
Cash Equivalents | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
38
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned 3.82% for the six-month period ending June 30, 2016, compared to its benchmarks, the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% and the Russell 3000 Index’s return of 3.62% for the same time period.
The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds, both active and passive, and 60% fixed income funds. The equity allocation of the Fund consists of domestic equity funds comprised of large capitalization and mid capitalization funds as well as developed international equity funds and the fixed income portion is mostly allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Fund’s fixed income allocation underperformed the Barclays Capital U.S. Aggregate Bond Index for the period mainly due to its asset class allocation to short-term fixed income and cash equivalents. At the underlying fund level, the Fund’s allocation to intermediate-term bonds contributed the most to relative fixed income performance during the period.
The Fund performed in-line with its broad equity benchmark, the Russell 3000 Index for the six-month period at the asset class level. Contributing to the Fund’s equity performance versus its benchmark was the Fund’s asset class allocation to large cap value, mid cap value and real estate.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/16
| | | | |
Intermediate Bonds | | | 43.0 | % |
Short Term Bonds | | | 14.0 | % |
Large Cap Value Stocks | | | 10.0 | % |
International Stocks | | | 9.0 | % |
High Yield Bonds | | | 6.0 | % |
Mid Cap Value Stocks | | | 6.0 | % |
Large Cap Growth Stocks | | | 4.0 | % |
Small Cap Value Stocks | | | 2.0 | % |
Emerging Market Stocks | | | 2.0 | % |
REITs | | | 2.0 | % |
Cash Equivalents | | | 1.0 | % |
Small Cap Growth Stocks | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
39
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Conservative Allocation Fund
The Penn Series Conservative Allocation Fund returned 3.77% for the six-month period ending June 30, 2016, compared to its benchmarks, the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% and the Russell 3000 Index’s return of 3.62% for the same time period.
The Conservative Allocation Fund is comprised of a target allocation of 80% fixed income funds and a target allocation of 20% in domestic and international equity funds, both passive and active. The fixed income funds predominately consist of short-term and intermediate-term bonds and the equity fund allocations consist of mostly large capitalization funds with a small exposure to developed international equity funds.
At the broad asset class level, the Conservative Allocation Fund’s fixed income allocation had a negative impact to performance as its asset allocation to short-term bonds and cash equivalents underperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. At the underlying fund level, the Fund’s allocation within intermediate-term bonds aided its performance.
The Fund’s equity allocation performed in-line with its broad equity benchmark, the Russell 3000 Index.
The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/16
| | | | |
Intermediate Bonds | | | 53.6 | % |
Short Term Bonds | | | 19.8 | % |
High Yield Bonds | | | 6.9 | % |
Large Cap Value Stocks | | | 6.9 | % |
International Stocks | | | 5.0 | % |
Cash Equivalents | | | 4.8 | % |
Mid Cap Value Stocks | | | 2.0 | % |
Large Cap Growth Stocks | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
40
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
We believe that it is important for you to understand the effect of fees on your investment. All mutual funds have operating expenses. As a participant in any of the Penn Series Funds, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio.
The Penn Series Funds are the underlying investment vehicles for the variable life and variable annuity contracts issued by The Penn Mutual Life Insurance Company and its subsidiary, The Penn Insurance and Annuity Company. These contracts have transaction costs, additional administrative expense fees and mortality and expense risk charges. Because of these additional expenses, the costs to investors will be higher than the figures shown in the following expense examples. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with the ongoing costs of investing in other funds.
These examples are based on an investment of $1,000 invested for six months beginning January 1, 2016 and held through June 30, 2016. The examples illustrate your fund’s costs in two ways:
| | • | | Actual Fund Performance in the table below provides information about actual account values and actual expenses. The “Ending Value” shown is derived from the fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.” |
| | • | | Hypothetical 5% Annual Return is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case — because the return used is not the fund’s actual return — the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s cost by comparing this hypothetical example with the hypothetical examples that appear in shareholders reports of other funds. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period. |
Please note that the expenses shown in the table are only meant to highlight and help you compare your ongoing costs of investing in the funds and do not reflect any fees and charges deducted under your insurance contract. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated.
Disclosure of Fund Expenses
For the Period January 1, 2016 to June 30, 2016
Expense Table
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2016 | | | Ending
Value
June 30,
2016 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Money Market Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,000.06 | | | | 0.42% | | | | $2.09 | |
| Hypothetical | | | $1,000.00 | | | | $1,022.75 | | | | 0.42% | | | | $2.11 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,018.12 | | | | 0.71% | | | | $3.56 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.29 | | | | 0.71% | | | | $3.57 | |
41
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2016 | | | Ending
Value
June 30,
2016 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,053.53 | | | | 0.65% | | | | $3.32 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.59 | | | | 0.65% | | | | $3.27 | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,077.29 | | | | 0.86% | | | | $4.44 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.53 | | | | 0.86% | | | | $4.33 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,051.36 | | | | 0.89% | | | | $4.54 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.38 | | | | 0.89% | | | | $4.48 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,041.87 | | | | 0.19% | | | | $0.96 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.90 | | | | 0.19% | | | | $0.96 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $937.82 | | | | 0.97% | | | | $4.67 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.98 | | | | 0.97% | | | | $4.88 | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,039.72 | | | | 0.89% | | | | $4.51 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.38 | | | | 0.89% | | | | $4.48 | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $987.74 | | | | 0.86% | | | | $4.25 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.53 | | | | 0.86% | | | | $4.33 | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,015.31 | | | | 0.90% | | | | $4.51 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.33 | | | | 0.90% | | | | $4.53 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,016.93 | | | | 0.91% | | | | $4.56 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.28 | | | | 0.91% | | | | $4.58 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,035.94 | | | | 0.36% | | | | $1.82 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.05 | | | | 0.36% | | | | $1.81 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,022.12 | | | | 0.99% | | | | $4.98 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.88 | | | | 0.99% | | | | $4.98 | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,057.34 | | | | 0.79% | | | | $4.04 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.88 | | | | 0.79% | | | | $3.98 | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,105.29 | | | | 1.05% | | | | $5.50 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.57 | | | | 1.05% | | | | $5.29 | |
| SMID Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,006.67 | | | | 1.06% | | | | $5.29 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.52 | | | | 1.06% | | | | $5.34 | |
42
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2016 | | | Ending
Value
June 30,
2016 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,055.78 | | | | 1.22% | | | | $6.24 | |
| Hypothetical | | | $1,000.00 | | | | $1,018.72 | | | | 1.22% | | | | $6.14 | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,017.48 | | | | 1.03% | | | | $5.17 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.67 | | | | 1.03% | | | | $5.19 | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,050.95 | | | | 0.97% | | | | $4.95 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.98 | | | | 0.97% | | | | $4.88 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,019.17 | | | | 0.68% | | | | $3.41 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.44 | | | | 0.68% | | | | $3.42 | |
| Developed International Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $963.97 | | | | 0.81% | | | | $3.96 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.78 | | | | 0.81% | | | | $4.08 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,009.08 | | | | 1.13% | | | | $5.64 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.17 | | | | 1.13% | | | | $5.69 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,063.15 | | | | 1.66% | | | | $8.52 | |
| Hypothetical | | | $1,000.00 | | | | $1,016.50 | | | | 1.66% | | | | $8.36 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,093.92 | | | | 0.95% | | | | $4.95 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.08 | | | | 0.95% | | | | $4.78 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,028.22 | | | | 0.33% | | | | $1.66 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.20 | | | | 0.33% | | | | $1.66 | |
| Moderately Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,030.87 | | | | 0.30% | | | | $1.51 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.35 | | | | 0.30% | | | | $1.51 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,035.52 | | | | 0.30% | | | | $1.52 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.35 | | | | 0.30% | | | | $1.51 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,038.23 | | | | 0.31% | | | | $1.57 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.30 | | | | 0.31% | | | | $1.56 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,037.71 | | | | 0.32% | | | | $1.62 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.25 | | | | 0.32% | | | | $1.61 | |
| * | Expenses are equal to the fund’s annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (182), then divided by 366. |
43
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATIONS — 37.5% | |
Federal Farm Credit Banks | |
5.125%, 08/25/16 | | $ | 707 | | | $ | 712,019 | |
0.450%, 09/16/16 | | | 1,000 | | | | 1,000,064 | |
0.570%, 10/03/16 | | | 800 | | | | 800,244 | |
0.565%, 12/06/16• | | | 250 | | | | 250,097 | |
0.470%, 01/30/17• | | | 4,000 | | | | 4,000,846 | |
0.456%, 02/23/17• | | | 1,000 | | | | 1,000,095 | |
0.504%, 03/29/17• | | | 1,000 | | | | 1,000,342 | |
Federal Home Loan Banks | |
0.375%, 07/22/16 | | | 1,500 | | | | 1,500,010 | |
0.510%, 09/09/16 | | | 100 | | | | 100,017 | |
2.000%, 09/09/16 | | | 3,000 | | | | 3,009,041 | |
0.500%, 09/28/16 | | | 1,180 | | | | 1,180,432 | |
5.125%, 10/19/16 | | | 3,865 | | | | 3,918,766 | |
0.625%, 11/23/16 | | | 1,785 | | | | 1,786,030 | |
1.300%, 11/30/16 | | | 790 | | | | 792,737 | |
0.513%, 12/01/16• | | | 2,000 | | | | 2,000,000 | |
4.750%, 12/16/16 | | | 500 | | | | 509,734 | |
Federal Home Loan Mortgage Corp. | |
2.000%, 08/25/16 | | | 2,320 | | | | 2,325,208 | |
0.875%, 10/14/16 | | | 425 | | | | 425,506 | |
5.125%, 10/18/16 | | | 2,588 | | | | 2,623,312 | |
0.625%, 11/01/16 | | | 500 | | | | 500,321 | |
Federal National Mortgage Association | |
5.375%, 07/15/16 | | | 1,014 | | | | 1,015,950 | |
0.625%, 08/26/16 | | | 2,715 | | | | 2,716,153 | |
1.250%, 09/28/16 | | | 8,209 | | | | 8,225,184 | |
1.375%, 11/15/16 | | | 460 | | | | 461,550 | |
1.125%, 04/27/17 | | | 800 | | | | 803,189 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS
(Cost $42,656,847) | | | | | | | 42,656,847 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 47.6% | |
U.S. Treasury Note | | | | | | | | |
0.340%, 07/31/16• | | | 12,500 | | | | 12,500,234 | |
0.625%, 08/15/16 | | | 1,500 | | | | 1,500,133 | |
1.000%, 08/31/16 | | | 6,000 | | | | 6,004,790 | |
3.000%, 08/31/16 | | | 3,000 | | | | 3,011,335 | |
0.500%, 09/30/16 | | | 2,000 | | | | 2,000,357 | |
0.323%, 10/31/16• | | | 13,000 | | | | 13,000,220 | |
4.625%, 11/15/16 | | | 3,000 | | | | 3,044,677 | |
7.500%, 11/15/16 | | | 2,000 | | | | 2,051,121 | |
0.875%, 12/31/16 | | | 1,000 | | | | 1,000,613 | |
3.250%, 12/31/16 | | | 1,000 | | | | 1,012,301 | |
0.354%, 01/31/17• | | | 4,000 | | | | 4,000,699 | |
4.625%, 02/15/17 | | | 2,000 | | | | 2,051,143 | |
3.000%, 02/28/17 | | | 1,000 | | | | 1,016,284 | |
0.750%, 03/15/17 | | | 1,000 | | | | 1,001,313 | |
3.250%, 03/31/17 | | | 1,000 | | | | 1,019,834 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $54,215,054) | | | | 54,215,054 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 16.9% | |
BlackRock Liquidity Funds MuniFund Portfolio - Institutional Shares | | | 1 | | | $ | 1 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 1 | | | | 1 | |
Federated Prime Obligations Fund - Class I | | | 1 | | | | 1 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 1 | | | | 1 | |
Fidelity Institutional Prime Money Market Portfolio - Institutional Class | | | 650 | | | | 650 | |
Goldman Sachs Financial Square Funds - Government Fund | | | 19,259,705 | | | | 19,259,705 | |
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,260,361) | | | | 19,260,361 | |
| | | | | | | | |
TOTAL INVESTMENTS — 102.0%
(Cost $116,132,262) | | | | 116,132,262 | |
| | | | | | | | |
| Other Assets & Liabilities — (2.0)% | | | | | | | (2,283,628 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 113,848,634 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| | | | | | | | | | | | |
Maturity
Schedule (days) | | Market
Value | | | Percentage of
Portfolio | | | Cumulative | |
1 to 7 | | $ | 36,511,377 | | | | 31.4% | | | | 31.4% | |
8 to 14 | | | — | | | | 0.0% | | | | 31.4% | |
15 to 30 | | | 8,517,244 | | | | 7.3% | | | | 38.8% | |
31 to 60 | | | 19,753,747 | | | | 17.0% | | | | 55.8% | |
61 to 90 | | | 25,532,176 | | | | 22.0% | | | | 77. 8% | |
91 to 120 | | | 9,768,185 | | | | 8.4% | | | | 86.2% | |
121 to 150 | | | 7,843,699 | | | | 6.8% | | | | 92.9% | |
150+ | | | 8,205,835 | | | | 7.1% | | | | 100.00% | |
| | | | | |
Total Per Trial Balance | | $ | 116,132,262 | | | | 100.00% | | | | | |
| | | | | | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S. TREASURY OBLIGATIONS | | $ | 54,215,054 | | | $ | — | | | $ | 54,215,054 | | | $ | — | |
AGENCY OBLIGATION | | | 42,656,847 | | | | — | | | | 42,656,847 | | | | — | |
SHORT-TERM INVESTMENTS | | | 19,260,361 | | | | 19,260,361 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | | 116,132,262 | | | | 19,260,361 | | | | 96,871,901 | | | | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
44
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATION — 0.2% | |
| Federal National Mortgage Association — 0.2% | |
Federal National Mortgage Association
1.233%, 09/25/22
(Cost $311,426) | | $ | 314 | | | $ | 314,776 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 32.4% | |
Ally Master Owner Trust
1.540%, 09/15/19 | | | 1,000 | | | | 1,003,141 | |
Americredit Automobile Receivables Trust 2013-5
2.290%, 11/08/19 | | | 1,000 | | | | 1,010,816 | |
Avenue CLO VI Ltd. 2007-6A
2.783%, 07/17/19 144A @,• | | | 2,500 | | | | 2,498,895 | |
Black Diamond CLO 2006-1A, Luxembourg SA, Class D
1.328%, 04/29/19 144A @,• | | | 2,000 | | | | 1,926,930 | |
BMW Vehicle Lease Trust 2015-1 2015
1.240%, 12/20/17 | | | 1,515 | | | | 1,515,723 | |
Brentwood CLO Corp. 2006-1A
1.457%, 02/01/22 144A @,• | | | 2,000 | | | | 1,856,990 | |
Chesapeake Funding LLC
1.265%, 03/07/26 144A @,• | | | 1,080 | | | | 1,071,889 | |
Chrysler Capital Auto Receivables Trust Series 2013-BA, Class C
2.240%, 09/16/19 144A @ | | | 1,705 | | | | 1,717,163 | |
Conseco Financial Corp.
7.650%, 04/15/19 | | | 2 | | | | 2,033 | |
Consumers Securitization Funding LLC 2014-A
1.334%, 11/01/20 | | | 1,743 | | | | 1,742,373 | |
CPS Auto Receivables Trust 2014-A
1.210%, 08/15/18 144A @ | | | 156 | | | | 155,625 | |
Cratos CLO Ltd. 2007-1A D
3.025%, 05/19/21 144A @,• | | | 2,000 | | | | 1,990,098 | |
Entergy Arkansas Restoration Funding LLC
2.300%, 08/01/21 | | | 1,279 | | | | 1,296,603 | |
Equity One Mortgage Pass-Through Trust 2004-1
4.145%, 04/25/34• | | | 8 | | | | 7,743 | |
Ford Credit Auto Owner Trust 2012-C
1.270%, 12/15/17 | | | 2,000 | | | | 2,000,146 | |
Ford Credit Auto Owner Trust 2012-D
1.970%, 05/15/19 | | | 1,800 | | | | 1,802,463 | |
Ford Credit Auto Owner Trust 2013-D 2013
1.540%, 03/15/19 | | | 2,780 | | | | 2,786,915 | |
Ford Credit Auto Owner Trust 2014-A, Class B
1.710%, 05/15/19 | | | 1,450 | | | | 1,455,296 | |
Gleneagles CLO Ltd. 2005-1A C
1.537%, 11/01/17 144A @,• | | | 1,694 | | | | 1,685,014 | |
Golden Credit Card Trust
1.390%, 07/15/19 144A @ | | | 2,000 | | | | 2,004,413 | |
Honda Auto Receivables 2014-2 Owner Trust 2014
0.770%, 03/19/18 | | | 1,175 | | | | 1,174,262 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | |
Hyundai Auto Lease Securitization Trust 2014-B
1.540%, 12/17/18 144A @ | | $ | 1,100 | | | $ | 1,100,138 | |
Jasper CLO Ltd. 2005-1A
1.537%, 08/01/17 144A @,• | | | 2,375 | | | | 2,367,352 | |
MSIM Peconic Bay Ltd. 2007-1A
3.884%, 07/20/19 144A @,• | | | 1,500 | | | | 1,499,997 | |
Popular ABS Mortgage Pass-Through Trust 2004-4
4.628%, 09/25/34 • | | | 3 | | | | 3,473 | |
Red River CLO Ltd. 1A C
1.357%, 07/27/18 144A @,• | | | 2,000 | | | | 1,961,220 | |
Rockwall CDO II Ltd. 2007-1A
1.337%, 08/01/24 144A @,• | | | 2,065 | | | | 1,900,364 | |
Rockwall CDO Ltd. 2006-1A
1.137%, 08/01/21 144A @,• | | | 1,471 | | | | 1,462,192 | |
SACO I, Inc. 2005-4
1.353%, 06/25/35 144A @,• | | | 62 | | | | 61,486 | |
Santander Drive Auto Receivables Trust 2013-2 2013
1.950%, 03/15/19 | | | 2,536 | | | | 2,543,573 | |
SLM Private Education Loan Trust 2012-A 2012
1.842%, 08/15/25 144A @,• | | | 1,102 | | | | 1,105,315 | |
SLM Student Loan Trust 2004-4
1.018%, 01/27/25 • | | | 2,200 | | | | 2,148,669 | |
SLM Student Loan Trust 2005-10
0.908%, 10/26/26 • | | | 2,438 | | | | 2,340,913 | |
St James River CLO Ltd.
2.956%, 06/11/21 144A @,• | | | 1,000 | | | | 963,327 | |
Stone Tower CLO VII Ltd. 2007-7A
2.753%, 08/30/21 144A @,• | | | 2,000 | | | | 1,981,346 | |
Volvo Financial Equipment LLC Series 2013-1
1.620%, 08/17/20 144A @ | | | 1,000 | | | | 1,001,183 | |
Westchester CLO Ltd. 2007-1A B
1.077%, 08/01/22 144A @,• | | | 2,500 | | | | 2,330,700 | |
World Financial Network Credit Card Master Trust 2012-B
1.760%, 05/17/21 | | | 2,032 | | | | 2,044,914 | |
World Omni Automobile Lease Securitization Trust 2014-A
0.710%, 03/15/17 | | | 838 | | | | 837,632 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $58,391,798) | | | | 58,358,325 | |
| | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 2.1% | |
SLM Student Loan Trust 2004-7•
0.808%, 01/27/20 | | | 306 | | | | 304,153 | |
0.998%, 04/25/25 | | | 3,612 | | | | 3,542,764 | |
| | | | | | | | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,825,953) | | | | 3,846,917 | |
| | | | | | | | |
45
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 14.6% | |
BAMLL Commercial Mortgage Securities Trust 2013-DSNY
1.942%, 09/15/26 144A @,• | | $ | 1,000 | | | $ | 994,987 | |
Fannie Mae - Aces Series 2014-M2 Class ASV1
1.916%, 06/25/21 | | | 4,108 | | | | 4,163,532 | |
FREMF 2011-K701 Mortgage Trust 2011
4.436%, 07/25/48 144A @,• | | | 2,000 | | | | 2,048,421 | |
FREMF Mortgage Trust Series 2010-K6 Class B
5.533%, 12/25/46 144A @,• | | | 3,000 | | | | 3,265,583 | |
FREMF Mortgage Trust Series 2012-K708 Class C
3.883%, 02/25/45 144A @,• | | | 2,000 | | | | 1,998,576 | |
FREMF Mortgage Trust Series 2012-K710 Class C
3.952%, 06/25/47 144A @,• | | | 2,110 | | | | 2,131,962 | |
FREMF Mortgage Trust Series 2013-KF02 Class C
4.446%, 12/25/45 144A @,• | | | 457 | | | | 455,087 | |
FREMF Mortgage Trust, Series 2013-K713 Class C
3.274%, 04/25/46 144A @,• | | | 2,400 | | | | 2,386,621 | |
Government National Mortgage Association 2011
3.200%, 11/16/44 | | | 2,903 | | | | 2,948,476 | |
GSCCRE Commercial Mortgage Trust 2015-HULA 2015
2.742%, 08/15/32 144A @,• | | | 2,000 | | | | 1,973,711 | |
HILT 2014-ORL Mortgage Trust
1.642%, 07/15/29 144A @,• | | | 2,500 | | | | 2,417,584 | |
Morgan Stanley Capital I Trust 2006-IQ12
5.332%, 12/15/43 | | | 1,592 | | | | 1,596,248 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $26,721,213) | | | | 26,380,788 | |
| | | | | | | | |
| CORPORATE BONDS — 35.9% | |
| Aerospace & Defense — 0.5% | |
BAE Systems PLC
3.500%, 10/11/16 144A @ | | | 1,000 | | | | 1,006,224 | |
| | | | | | | | |
| Airlines — 4.5% | |
American Airlines 2013-2 Class C Pass Through Trust
6.000%, 01/15/17 144A @ | | | 1,974 | | | | 1,998,479 | |
Continental Airlines 2009-1 Pass Through Trust
9.000%, 07/08/16 | | | 2,148 | | | | 2,148,107 | |
Delta Air Lines 2010-1 Class A Pass Through Trust
6.200%, 07/02/18 | | | 1,318 | | | | 1,408,302 | |
Northwest Airlines 2007-1 Class B Pass-Through Trust
8.028%, 11/01/17 | | | 1,943 | | | | 2,080,656 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Airlines — (continued) | |
UAL 2009-2A Pass-Through Trust
9.750%, 01/15/17 | | $ | 485 | | | $ | 499,033 | |
| | | | | | | | |
| | | | | | | 8,134,577 | |
| | | | | | | | |
| Banks — 4.2% | |
JPMorgan Chase & Co.
1.146%, 02/15/17 • | | | 1,385 | | | | 1,386,511 | |
2.000%, 08/15/17 | | | 2,000 | | | | 2,018,634 | |
State Street Corp.
4.956%, 03/15/18 | | | 3,000 | | | | 3,144,174 | |
Wells Fargo Bank NA
6.000%, 11/15/17 | | | 1,000 | | | | 1,064,027 | |
| | | | | | | | |
| | | | | | | 7,613,346 | |
| | | | | | | | |
| Beverages — 1.5% | |
Constellation Brands, Inc.
7.250%, 05/15/17 | | | 1,750 | | | | 1,824,375 | |
SABMiller Holdings, Inc.
1.327%, 08/01/18 144A @,• | | | 900 | | | | 899,428 | |
| | | | | | | | |
| | | | | | | 2,723,803 | |
| | | | | | | | |
| Diversified Financial Services — 5.3% | |
AerCap Aviation Solutions BV
6.375%, 05/30/17 | | | 1,000 | | | | 1,032,500 | |
Air Lease Corp.
2.625%, 09/04/18 | | | 2,000 | | | | 1,999,578 | |
Ally Financial, Inc.
3.600%, 05/21/18 | | | 1,000 | | | | 1,002,500 | |
3.250%, 11/05/18 | | | 1,000 | | | | 998,750 | |
Ford Motor Credit Co. LLC
1.724%, 12/06/17 | | | 2,000 | | | | 2,004,254 | |
Icahn Enterprises LP
3.500%, 03/15/17 | | | 1,000 | | | | 1,004,300 | |
International Lease Finance Corp.
6.750%, 09/01/16 144A @ | | | 1,463 | | | | 1,470,315 | |
| | | | | | | | |
| | | | | | | 9,512,197 | |
| | | | | | | | |
| Electric — 2.2% | | | | | | | | |
Dominion Resources Inc.
2.962%, 07/01/19 | | | 1,500 | | | | 1,527,051 | |
Israel Electric Corp. Ltd.
6.700%, 02/10/17 144A @ | | | 1,000 | | | | 1,027,000 | |
San Diego Gas & Electric Co.
1.914%, 02/01/22 | | | 1,376 | | | | 1,376,870 | |
| | | | | | | | |
| | | | | | | 3,930,921 | |
| | | | | | | | |
| Electronics — 1.4% | | | | | | | | |
Fortive Corp.
1.800%, 06/15/19 144A @ | | | 1,500 | | | | 1,509,623 | |
Thermo Fisher Scientific, Inc.
1.300%, 02/01/17 | | | 1,000 | | | | 1,000,744 | |
| | | | | | | | |
| | | | | | | 2,510,367 | |
| | | | | | | | |
| Food — 0.3% | |
WM Wrigley Jr. Co.
1.400%, 10/21/16 144A @ | | | 500 | | | | 500,760 | |
| | | | | | | | |
46
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Gas — 1.7% | |
Sabine Pass LNG LP
7.500%, 11/30/16 | | $ | 3,000 | | | $ | 3,057,000 | |
| | | | | | | | |
| Healthcare Products — 0.5% | |
Stryker Corp.
2.000%, 03/08/19 | | | 1,000 | | | | 1,016,547 | |
| | | | | | | | |
| Healthcare Services — 1.4% | |
Aetna Inc.
1.700%, 06/07/18 | | | 1,500 | | | | 1,512,037 | |
Fresenius Medical Care US Finance, Inc.
6.875%, 07/15/17 | | | 1,000 | | | | 1,042,500 | |
| | | | | | | | |
| | | | 2,554,537 | |
| | | | | | | | |
| Housewares — 0.6% | |
Diamond 1 Finance Corp / Diamond 2 Finance Corp.
3.480%, 06/01/19 144A @ | | | 1,000 | | | | 1,024,410 | |
| | | | | | | | |
| Internet — 0.6% | |
eBay Inc.
2.500%, 03/09/18 | | | 1,000 | | | | 1,018,250 | |
| | | | | | | | |
| Machinery — Diversified — 0.6% | |
Stanley Black & Decker, Inc.
2.451%, 11/17/18 | | | 1,000 | | | | 1,021,742 | |
| | | | | | | | |
| Media — 0.5% | |
Thomson Reuters Corp.
1.300%, 02/23/17 | | | 1,000 | | | | 1,000,171 | |
| | | | | | | | |
| Oil & Gas — 0.6% | |
Statoil ASA
3.125%, 08/17/17 | | | 1,000 | | | | 1,024,085 | |
| | | | | | | | |
| Oil & Gas Services — 1.7% | |
Cameron International Corp.
1.150%, 12/15/16 | | | 1,000 | | | | 1,001,743 | |
Schlumberger Holdings Corp.
2.350%, 12/21/18 144A @ | | | 2,000 | | | | 2,039,020 | |
| | | | | | | | |
| | | | 3,040,763 | |
| | | | | | | | |
| Pharmaceuticals — 1.7% | |
Mylan NV
2.500%, 06/07/19 144A @ | | | 2,000 | | | | 2,026,556 | |
Perrigo Co., PLC
1.300%, 11/08/16 144A @ | | | 1,000 | | | | 998,947 | |
| | | | | | | | |
| | | | 3,025,503 | |
| | | | | | | | |
| Pipelines — 0.5% | |
Williams Partners LP/ACMP Finance Corp.
4.875%, 05/15/23 | | | 1,000 | | | | 966,555 | |
| | | | | | | | |
| Semiconductors — 0.8% | |
NXP BV/NXP Funding LLC
3.750%, 06/01/18 144A @ | | | 1,000 | | | | 1,020,000 | |
Samsung Electronics America, Inc.
1.750%, 04/10/17 144A @ | | | 495 | | | | 496,313 | |
| | | | | | | | |
| | | | 1,516,313 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Telecommunications — 3.4% | |
America Movil S.A.B. de C.V.
2.375%, 09/08/16 | | $ | 1,000 | | | $ | 1,002,934 | |
Crown Castle Towers LLC
6.113%, 01/15/20 144A @ | | | 1,867 | | | | 2,076,776 | |
Sprint Nextel Corp.
6.000%, 12/01/16 | | | 2,000 | | | | 2,012,500 | |
Verizon Communications, Inc.
1.350%, 06/09/17 | | | 1,000 | | | | 1,002,676 | |
| | | | | | | | |
| | | | | | | 6,094,886 | |
| | | | | | | | |
| Trucking and Leasing — 1.4% | |
Aviation Capital Group Corp.
2.875%, 09/17/18 144A @ | | | 1,500 | | | | 1,485,000 | |
GATX Corp.
1.250%, 03/04/17 | | | 1,000 | | | | 998,640 | |
| | | | | | | | |
| | | | | | | 2,483,640 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $64,502,733) | | | | 64,776,597 | |
| | | | | | | | |
| MUNICIPAL NOTE — 0.2% | |
| Regional — 0.2% | |
La Paz County Industrial Development Authority
6.250%, 12/01/19
(Cost $388,360) | | | 375 | | | | 393,180 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 2.3% | |
| Collateralized Mortgage Obligations — 2.2% | |
Fannie Mae REMICS
0.653%, 10/27/37 • | | | 4,079 | | | | 4,068,897 | |
| | | | | | | | |
| Fannie Mae Pool — 0.1% | | | | | | | | |
4.000%, 06/01/20 | | | 112 | | | | 115,792 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $4,161,660) | | | | 4,184,689 | |
| | | | | | | | |
| U.S TREASURY OBLIGATION — 9.7% | |
U.S. Treasury Bond
0.750%, 12/31/17 | | | 9,500 | | | | 9,524,861 | |
U.S. Treasury Note
0.500%, 01/31/17 | | | 1,000 | | | | 1,000,332 | |
0.875%, 02/28/17 | | | 1,250 | | | | 1,253,224 | |
0.875%, 05/15/17 | | | 1,800 | | | | 1,805,625 | |
1.000%, 03/15/18 | | | 1,250 | | | | 1,258,594 | |
1.250%, 12/15/18 | | | 1,000 | | | | 1,014,453 | |
1.125%, 04/30/20 | | | 1,500 | | | | 1,514,707 | |
| | | | | | | | |
TOTAL U.S TREASURY OBLIGATION
(Cost $17,296,266) | | | | 17,371,796 | |
| | | | | | | | |
47
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 1.9% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 3,381,496 | | | $ | 3,381,496 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 218 | | | | 218 | |
Federated Prime Obligations Fund - Class I | | | 408 | | | | 408 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 198 | | | | 198 | |
Fidelity Institutional Prime Money Market Portfolio - Institutional Class | | | 1,024 | | | | 1,024 | |
Wells Fargo Advantage Government Money Market Fund - Institutional Class | | | 77 | | | | 77 | |
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | | | 5 | | | | 5 | |
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,383,427) | | | | 3,383,427 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.3%
(Cost $178,982,836) | | | | 179,010,495 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.7% | | | | 1,304,998 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 180,315,493 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS | | | | | | | | |
| Call Options | | | | | | | | |
U.S.Treasury 10 yr Notes,
$132.00, 07/22/16 | | | (15 | ) | | | (24,609 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Premiums $(9,844) | | | | (24,609 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| 144A @ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
| | | | |
| Country Weightings as of 06/30/2016 †† | | | |
United States | | | 81 | % |
Cayman Islands | | | 13 | |
Canada | | | 2 | |
Ireland | | | 1 | |
Israel | | | 1 | |
Luxembourg | | | 1 | |
Mexico | | | 1 | |
Netherlands | | | 1 | |
Norway | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| | | | |
| ††% | of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S TREASURY OBLIGATION | | $ | 17,371,796 | | | $ | — | | | $ | 17,371,796 | | | $ | — | |
AGENCY OBLIGATIONS | | | 314,776 | | | | — | | | | 314,776 | | | | — | |
COLLATERALIZED MORTGAGE OBLIGATIONS | | | 3,846,917 | | | | — | | | | 3,846,917 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 26,380,788 | | | | — | | | | 26,380,788 | | | | — | |
CORPORATE BONDS | | | 64,776,597 | | | | — | | | | 64,776,597 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 4,184,689 | | | | — | | | | 4,184,689 | | | | — | |
SHORT-TERM INVESTMENTS | | | 3,383,427 | | | | 3,383,427 | | | | — | | | | — | |
MUNICIPAL NOTES | | | 393,180 | | | | — | | | | 393,180 | | | | — | |
ASSET BACKED SECURITIES | | | 58,358,325 | | | | — | | | | 58,358,325 | | | | — | |
| |
TOTAL INVESTMENTS | | | 179,010,495 | | | | 3,383,427 | | | | 175,627,068 | | | | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
WRITTEN OPTIONS | | $ | (24,609 | ) | | $ | — | | | $ | (24,609 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (24,609 | ) | | $ | — | | | $ | (24,609 | ) | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
48
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATIONS — 0.5% | | | | | | | | |
| Federal National Mortgage Association — 0.1% | |
1.233%, 09/01/22 | | $ | 410 | | | $ | 411,176 | |
| | | | | | | | |
| Government National Mortgage Association — 0.4% | |
4.314%, 10/01/45 2011• | | | 2,000 | | | | 2,270,437 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS
(Cost $2,530,032) | | | | | | | 2,681,613 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 16.8% | | | | | | | | |
Avenue CLO VI Ltd. 2007-6A
2.783%, 07/17/19 144A @,• | | | 2,500 | | | | 2,498,895 | |
Babson CLO, Inc. 2007-IA
1.883%, 01/18/21 144A @,• | | | 2,500 | | | | 2,452,278 | |
Brentwood CLO Corp. 2006-1A
1.457%, 02/01/22 144A @,• | | | 4,000 | | | | 3,713,980 | |
Chase Issuance Trust 07-B1
0.692%, 04/15/19• | | | 2,000 | | | | 1,994,782 | |
Chrysler Capital Auto Receivables Trust 2014-BA
2.700%, 05/15/20 144A @ | | | 3,000 | | | | 3,009,933 | |
Conseco Financial Corp. 1996-10
7.240%, 11/15/28• | | | 413 | | | | 258,852 | |
Cratos CLO Ltd. 2007-1A D
3.025%, 05/19/21 144A @,• | | | 3,000 | | | | 2,985,147 | |
Cratos CLO Ltd. 2007-1A E
5.625%, 05/19/21 144A @,• | | | 3,000 | | | | 2,981,547 | |
Emerson Place CLO Ltd. 2006-1A C
1.398%, 01/15/19 144A @,• | | | 3,200 | | | | 2,972,646 | |
Ford Credit Auto Owner Trust 2012-D
1.010%, 05/15/18 | | | 2,385 | | | | 2,380,144 | |
Ford Credit Auto Owner Trust 2013-D 2013
1.540%, 03/15/19 | | | 6,800 | | | | 6,816,914 | |
Gleneagles CLO Ltd. 2005-1A C
1.537%, 11/01/17 144A @,• | | | 2,117 | | | | 2,106,267 | |
Honda Auto Receivables 2014-1 Owner Trust 2014
1.040%, 02/21/20 | | | 3,750 | | | | 3,756,327 | |
Jasper CLO Ltd. 2005-1A
1.537%, 08/01/17 144A @,• | | | 4,375 | | | | 4,360,913 | |
Keycorp Student Loan Trust 2006-A
0.950%, 09/27/35• | | | 4,113 | | | | 4,046,200 | |
MSIM Peconic Bay Ltd. 2007-1A
3.884%, 07/20/19 144A @,• | | | 1,667 | | | | 1,666,997 | |
Red River CLO Ltd. 1A C
1.357%, 07/27/18 144A @,• | | | 3,500 | | | | 3,432,135 | |
Rockwall CDO II Ltd. 2007-1A | | | | | | | | |
0.887%, 08/01/24 144A @,• | | | 5,213 | | | | 5,119,004 | |
1.337%, 08/01/24 144A @,• | | | 4,000 | | | | 3,681,092 | |
Rockwall CDO Ltd. 2006-1A
1.137%, 08/01/21 144A @,• | | | 2,206 | | | | 2,193,287 | |
SACO I, Inc. 2005-4
1.353%, 06/25/35 144A @,• | | | 186 | | | | 184,458 | |
SLC Student Loan Trust 2005-1
0.826%, 02/15/45• | | | 6,042 | | | | 5,058,248 | |
SLM Student Loan Trust 2004-4
1.018%, 01/27/25• | | | 5,800 | | | | 5,664,672 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
SLM Student Loan Trust 2005-10
0.908%, 10/26/26• | | $ | 5,000 | | | $ | 4,800,888 | |
SLM Student Loan Trust 2012-6
1.453%, 04/27/43• | | | 7,205 | | | | 6,188,997 | |
Stone Tower CLO VII Ltd. 2007-7A
2.753%, 08/30/21 144A @,• | | | 3,000 | | | | 2,972,019 | |
Westchester CLO Ltd. 2007-1A B
1.077%, 08/01/22 144A @,• | | | 4,500 | | | | 4,195,260 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $92,904,182) | | | | | | | 91,491,882 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 19.1% | |
CFCRE Commercial Mortgage Trust 2011-C1
4.961%, 04/01/44 144A @,• | | | 1,000 | | | | 1,112,966 | |
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4
5.322%, 12/01/49 | | | 1,143 | | | | 1,155,111 | |
FREMF Mortgage Trust Series 2010-K6 Class B
5.533%, 12/01/46 144A @,• | | | 7,795 | | | | 8,485,074 | |
FREMF Mortgage Trust Series 2012-K18 Class B
4.400%, 01/01/45 144A @,• | | | 6,000 | | | | 6,501,072 | |
FREMF Mortgage Trust Series 2012-K19 Class C
4.173%, 05/01/45 144A @,• | | | 4,500 | | | | 4,604,207 | |
FREMF Mortgage Trust Series 2012-K20 Class C
4.005%, 05/01/45 144A @,• | | | 6,000 | | | | 5,917,904 | |
FREMF Mortgage Trust Series 2012-K21 Class C
4.071%, 07/01/45 144A @,• | | | 4,720 | | | | 4,766,109 | |
FREMF Mortgage Trust Series 2012-K23 Class C
3.782%, 10/01/45 144A @,• | | | 5,000 | | | | 4,949,418 | |
FREMF Mortgage Trust Series 2012-K707 Class B
4.019%, 01/01/47 144A @,• | | | 8,272 | | | | 8,537,523 | |
FREMF Mortgage Trust Series 2012-K710 Class C
3.952%, 06/01/47 144A @,• | | | 5,175 | | | | 5,228,863 | |
FREMF Mortgage Trust Series 2012-K711 Class C
3.684%, 08/01/45 144A @,• | | | 6,000 | | | | 6,042,211 | |
FREMF Mortgage Trust Series 2013-K27 Class C
3.616%, 01/01/46 144A @,• | | | 5,000 | | | | 4,550,577 | |
FREMF Mortgage Trust Series 2013-K28 Class C
3.614%, 06/01/46 144A @,• | | | 4,751 | | | | 4,375,900 | |
FREMF Mortgage Trust Series 2013-KF02 Class C
4.446%, 12/25/45 144A @,• | | | 457 | | | | 455,087 | |
FREMF Mortgage Trust Series 2014-K37 Class B
4.713%, 01/01/47 144A @,• | | | 5,825 | | | | 6,310,417 | |
49
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | |
FREMF Mortgage Trust Series 2014-K40 Class B
4.208%, 11/01/47 144A @,• | | $ | 4,500 | | | $ | 4,615,847 | |
FREMF Mortgage Trust Series 2014-K41 Class B
3.961%, 11/01/47 144A @,• | | | 5,000 | | | | 4,900,915 | |
FREMF Mortgage Trust Series 2014-K503 Class B
3.080%, 10/01/47 144A @,• | | | 5,000 | | | | 5,063,849 | |
FREMF Mortgage Trust Series 2015-K44 Class B
3.811%, 01/01/48 144A @,• | | | 5,000 | | | | 4,819,710 | |
FREMF Mortgage Trust Series 2015-K45 Class B
3.714%, 04/01/48 144A @,• | | | 5,000 | | | | 4,767,581 | |
FREMF Mortgage Trust Series 2015-K718 Class B
3.669%, 02/01/22 144A @,• | | | 4,500 | | | | 4,409,093 | |
HILT 2014-ORL Mortgage Trust
1.642%, 07/15/29 144A @,• | | | 1,500 | | | | 1,450,551 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10
5.420%, 01/01/49 | | | 1,347 | | | | 1,366,909 | |
Morgan Stanley Capital I Trust 2005-IQ10
6.292%, 09/01/42• | | | 8 | | | | 8,256 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $104,914,518) | | | | 104,395,150 | |
| | | | | | | | |
| CORPORATE BONDS — 34.1% | | | | | | | | |
| Aerospace & Defense — 0.6% | | | | | | | | |
Lockheed Martin Corp.
3.100%, 01/15/23 | | | 3,000 | | | | 3,161,955 | |
| | | | | | | | |
| Airlines — 3.3% | | | | | | | | |
American Airlines 2013-2 Class C Pass Through Trust
6.000%, 01/15/17 144A @ | | | 4,175 | | | | 4,226,783 | |
Delta Air Lines 2007-1 Class A Pass Through Trust
6.821%, 02/10/24 | | | 2,218 | | | | 2,577,045 | |
Delta Air Lines 2015-1 Class B Pass Through Trust
4.250%, 01/30/25 | | | 2,925 | | | | 2,983,523 | |
UAL 2009-1 Pass Through Trust
10.400%, 05/01/18 | | | 2,105 | | | | 2,162,446 | |
United Airlines 2016-1 Class AA Pass Through Trust
3.100%, 01/07/30 | | | 3,000 | | | | 3,052,500 | |
US Airways 2010-1 Class B, Pass Through Trust
8.500%, 10/22/18 | | | 3,113 | | | | 3,229,849 | |
| | | | | | | | |
| | | | | | | 18,232,146 | |
| | | | | | | | |
| Apparel — 0.5% | | | | | | | | |
Under Armour, Inc.
3.250%, 06/15/26 | | | 3,000 | | | | 3,029,055 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Banks — 4.5% | | | | | | | | |
Bank of America Corp.
5.650%, 05/01/18 | | $ | 1,000 | | | $ | 1,071,648 | |
JPMorgan Chase & Co.
3.875%, 09/10/24 | | | 3,600 | | | | 3,727,213 | |
Morgan Stanley
5.950%, 12/28/17 | | | 2,050 | | | | 2,180,052 | |
State Street Corp.
4.956%, 03/15/18 | | | 7,915 | | | | 8,295,379 | |
Wachovia Corp.
0.923%, 06/15/17• | | | 5,350 | | | | 5,342,296 | |
Wells Fargo & Co.
3.000%, 02/19/25 | | | 4,000 | | | | 4,096,904 | |
| | | | | | | | |
| | | | | | | 24,713,492 | |
| | | | | | | | |
| Beverages — 0.6% | | | | | | | | |
Anheuser-Busch InBev Finance, Inc.
3.650%, 02/01/26 | | | 3,000 | | | | 3,213,738 | |
| | | | | | | | |
| Biotechnology — 0.8% | | | | | | | | |
Amgen, Inc.
2.700%, 05/01/22 | | | 3,000 | | | | 3,087,399 | |
Biogen Idec, Inc.
6.875%, 03/01/18 | | | 1,000 | | | | 1,088,404 | |
| | | | | | | | |
| | | | | | | 4,175,803 | |
| | | | | | | | |
| Commercial Services — 0.5% | | | | | | | | |
Drawbridge Special Opportunities Fund LP
5.000%, 08/01/21 144A @ | | | 2,000 | | | | 1,840,000 | |
ERAC USA Finance LLC
2.350%, 10/15/19 144A @ | | | 1,000 | | | | 1,018,879 | |
| | | | | | | | |
| | | | | | | 2,858,879 | |
| | | | | | | | |
| Computers — 0.6% | | | | | | | | |
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
5.450%, 06/15/23 144A @ | | | 3,000 | | | | 3,112,719 | |
| | | | | | | | |
| Diversified Financial Services — 1.4% | | | | | | | | |
Air Lease Corp.
3.750%, 02/01/22 | | | 2,000 | | | | 2,048,688 | |
American Express Co.
6.150%, 08/28/17 | | | 2,000 | | | | 2,110,612 | |
General Electric Capital Corp.
7.500%, 08/21/35 | | | 2,263 | | | | 3,394,984 | |
| | | | | | | | |
| | | | | | | 7,554,284 | |
| | | | | | | | |
| Electric — 0.2% | | | | | | | | |
Enel Finance International NV
6.250%, 09/15/17 144A @ | | | 1,000 | | | | 1,056,393 | |
| | | | | | | | |
| Engineering & Construction — 0.6% | | | | | | | | |
SBA Tower Trust
3.156%, 10/15/45 144A @ | | | 3,000 | | | | 3,041,250 | |
| | | | | | | | |
| Food — 1.1% | | | | | | | | |
Kellogg Co.
4.500%, 04/01/46 | | | 3,000 | | | | 3,212,781 | |
Kraft Heinz Foods Co.
3.000%, 06/01/26 144A @ | | | 2,000 | | | | 2,016,356 | |
50
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Food — (continued) | | | | | | | | |
WM Wrigley Jr. Co.
2.400%, 10/21/18 144A @ | | $ | 1,000 | | | $ | 1,019,847 | |
| | | | | | | | |
| | | | | | | 6,248,984 | |
| | | | | | | | |
| Forest Products & Paper — 0.5% | | | | | | | | |
Georgia-Pacific LLC
3.163%, 11/15/21 144A @ | | | 2,500 | | | | 2,630,618 | |
| | | | | | | | |
| Gas — 0.8% | | | | | | | | |
Sabine Pass LNG LP
7.500%, 11/30/16 | | | 4,380 | | | | 4,463,220 | |
| | | | | | | | |
| Healthcare Products — 1.2% | | | | | | | | |
Becton Dickinson and Co.
3.300%, 03/01/23 | | | 1,103 | | | | 1,159,198 | |
Covidien International Finance SA
6.000%, 10/15/17 | | | 1,000 | | | | 1,063,139 | |
Edwards Lifesciences Corp.
2.875%, 10/15/18 | | | 1,000 | | | | 1,024,328 | |
Stryker Corp.
3.375%, 11/01/25 | | | 2,000 | | | | 2,098,822 | |
Zimmer Biomet Holdings, Inc.
4.625%, 11/30/19 | | | 1,000 | | | | 1,087,230 | |
| | | | | | | | |
| | | | | | | 6,432,717 | |
| | | | | | | | |
| Housewares — 0.4% | | | | | | | | |
Newell Rubbermaid, Inc.
4.200%, 04/01/26 | | | 2,000 | | | | 2,168,102 | |
| | | | | | | | |
| Insurance — 1.1% | | | | | | | | |
New York Life Insurance Co.
5.875%, 05/15/33 144A @ | | | 4,925 | | | | 6,050,953 | |
| | | | | | | | |
| Investment Companies — 0.2% | | | | | | | | |
Ares Capital Corp.
4.875%, 11/30/18 | | | 1,000 | | | | 1,046,297 | |
| | | | | | | | |
| Lodging — 0.6% | | | | | | | | |
Starwood Hotels & Resorts Worldwide, Inc.
4.500%, 10/01/34 | | | 3,500 | | | | 3,570,613 | |
| | | | | | | | |
| Media — 1.6% | | | | | | | | |
Belo Corp.
7.750%, 06/01/27 | | | 2,000 | | | | 2,105,000 | |
Charter Communications Operating LLC/Charter Communications Operating Capital
4.464%, 07/23/22 144A @ | | | 3,000 | | | | 3,224,208 | |
Comcast Cable Communications LLC
8.875%, 05/01/17 | | | 1,905 | | | | 2,028,958 | |
Comcast Cable Holdings LLC
9.875%, 06/15/22 | | | 1,000 | | | | 1,344,883 | |
| | | | | | | | |
| | | | | | | 8,703,049 | |
| | | | | | | | |
| Mining — 0.2% | | | | | | | | |
Goldcorp, Inc.
3.625%, 06/09/21 | | | 1,000 | | | | 1,030,089 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Oil & Gas — 1.2% | | | | | | | | |
Anadarko Petroleum Corp.
0.000%, 10/10/36 ¤ | | $ | 7,500 | | | $ | 2,833,425 | |
BG Energy Capital PLC
4.000%, 10/15/21 144A @ | | | 1,000 | | | | 1,090,731 | |
BP Capital Markets PLC
2.500%, 11/06/22 | | | 2,500 | | | | 2,521,400 | |
| | | | | | | | |
| | | | | | | 6,445,556 | |
| | | | | | | | |
| Pharmaceuticals — 4.2% | | | | | | | | |
Abbvie, Inc.
2.300%, 05/14/21 | | | 3,000 | | | | 3,036,462 | |
GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34 | | | 1,000 | | | | 1,268,300 | |
Johnson & Johnson
4.375%, 12/05/33 | | | 4,000 | | | | 4,818,820 | |
Mead Johnson Nutrition Co.
4.125%, 11/15/25 | | | 2,000 | | | | 2,181,508 | |
Mylan NV | | | | | | | | |
3.000%, 12/15/18 144A @ | | | 2,000 | | | | 2,047,606 | |
3.150%, 06/15/21 144A @ | | | 3,000 | | | | 3,043,044 | |
Perrigo Co. PLC
4.000%, 11/15/23 | | | 3,134 | | | | 3,228,973 | |
Zoetis, Inc.
4.500%, 11/13/25 | | | 3,000 | | | | 3,308,529 | |
| | | | | | | | |
| | | | | | | 22,933,242 | |
| | | | | | | | |
| Pipelines — 0.7% | | | | | | | | |
Regency Energy Partners LP/Regency Energy Finance Corp.
5.875%, 03/01/22 | | | 2,000 | | | | 2,139,286 | |
Williams Partners LP/ACMP Finance Corp.
4.875%, 05/15/23 | | | 1,500 | | | | 1,449,833 | |
| | | | | | | | |
| | | | | | | 3,589,119 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.5% | | | | | | | | |
American Tower Corp.
4.700%, 03/15/22 | | | 2,500 | | | | 2,758,815 | |
| | | | | | | | |
| Retail — 1.8% | | | | | | | | |
McDonald’s Corp.
5.700%, 02/01/39 | | | 2,110 | | | | 2,621,795 | |
Rite Aid Corp.
6.125%, 04/01/23 144A @ | | | 4,000 | | | | 4,270,000 | |
Walgreens Boots Alliance, Inc.
1.750%, 05/30/18 | | | 3,000 | | | | 3,023,436 | |
| | | | | | | | |
| | | | | | | 9,915,231 | |
| | | | | | | | |
| Software — 0.4% | | | | | | | | |
Activision Blizzard, Inc.
6.125%, 09/15/23 144A @ | | | 2,000 | | | | 2,175,000 | |
| | | | | | | | |
| Telecommunications — 2.8% | | | | | | | | |
Alcatel-Lucent USA, Inc.
6.500%, 01/15/28 | | | 3,000 | | | | 3,082,500 | |
Crown Castle Towers LLC
3.663%, 05/15/45 144A @ | | | 4,000 | | | | 4,136,280 | |
Sprint Nextel Corp.
6.000%, 12/01/16 | | | 3,000 | | | | 3,018,750 | |
51
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
Verizon Communications, Inc. | | | | | | | | |
2.183%, 09/15/16 • | | $ | 5,000 | | | $ | 5,012,835 | |
| | | | | | | | |
| | | | | | | 15,250,365 | |
| | | | | | | | |
| Transportation — 0.8% | | | | | | | | |
BNSF Railway Co. 2015-1 Pass Through Trust
3.442%, 06/16/28 144A @ | | | 2,887 | | | | 2,990,580 | |
Federal Express Corp 1999 Pass Through Trust
7.650%, 07/15/24 | | | 1,028 | | | | 1,204,622 | |
| | | | | | | | |
| | | | | | | 4,195,202 | |
| | | | | | | | |
| Trucking and Leasing — 0.4% | | | | | | | | |
Aviation Capital Group Corp.
2.875%, 09/17/18 144A @ | | | 2,500 | | | | 2,475,000 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $181,315,152) | | | | 186,231,886 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 11.1% | | | | | |
| Fannie Mae Pool — 10.4% | | | | | | | | |
4.000%, 08/01/41 | | | 6,207 | | | | 6,674,625 | |
2.500%, 01/01/43 | | | 3,024 | | | | 3,061,923 | |
2.500%, 02/01/43 | | | 8,791 | | | | 8,900,212 | |
3.000%, 03/01/43 | | | 8,597 | | | | 8,940,544 | |
2.500%, 05/01/43 | | | 11,542 | | | | 11,685,351 | |
3.500%, 09/01/43 | | | 1,672 | | | | 1,767,550 | |
3.000%, 07/01/46 | | | 15,000 | | | | 15,566,598 | |
| | | | | | | | |
| | | | | | | 56,596,803 | |
| | | | | | | | |
| Freddie Mac Gold Pool — 0.6% | | | | | | | | |
3.500%, 01/01/41 | | | 2,244 | | | | 2,369,170 | |
3.500%, 02/01/41 | | | 684 | | | | 722,642 | |
| | | | | | | | |
| | | | | | | 3,091,812 | |
| | | | | | | | |
| Ginnie Mae Pool — 0.1% | | | | | | | | |
6.000%, 10/01/38 | | | 345 | | | | 394,120 | |
6.000%, 10/01/38 | | | 211 | | | | 241,453 | |
| | | | | | | | |
| | | | | | | 635,573 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $57,756,104) | | | | 60,324,188 | |
| | | | | | | | |
| U.S TREASURY OBLIGATION — 19.4% | | | | | | | | |
| U.S. Treasury Bond | | | | | | | | |
0.750%, 12/31/17 | | | 4,500 | | | | 4,511,777 | |
1.375%, 01/31/20 | | | 5,000 | | | | 5,095,310 | |
2.125%, 01/31/21 | | | 2,600 | | | | 2,733,858 | |
2.250%, 11/15/24 | | | 3,000 | | | | 3,200,157 | |
2.125%, 05/15/25 | | | 3,000 | | | | 3,168,867 | |
1.625%, 05/15/26 | | | 2,700 | | | | 2,733,013 | |
4.375%, 02/15/38 | | | 7,000 | | | | 9,978,829 | |
3.000%, 05/15/42 | | | 3,000 | | | | 3,465,234 | |
3.125%, 02/15/43 | | | 4,000 | | | | 4,715,156 | |
3.625%, 08/15/43 | | | 4,200 | | | | 5,418,819 | |
3.750%, 11/15/43 | | | 3,500 | | | | 4,617,813 | |
2.500%, 05/15/46 | | | 3,000 | | | | 3,126,210 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| U.S. Treasury Inflation Indexed Bonds | | | | | | | | |
0.625%, 01/15/24 | | $ | 4,614 | | | $ | 4,830,869 | |
0.250%, 01/15/25 | | | 15,152 | | | | 15,383,232 | |
0.375%, 07/15/25 | | | 3,027 | | | | 3,116,649 | |
1.000%, 02/15/46 | | | 3,029 | | | | 3,270,424 | |
| U.S. Treasury Note | | | | | | | | |
0.625%, 05/31/17 | | | 750 | | | | 750,674 | |
0.625%, 08/31/17 | | | 3,000 | | | | 3,002,694 | |
2.000%, 07/31/22 | | | 5,000 | | | | 5,235,155 | |
1.500%, 02/28/23 | | | 6,500 | | | | 6,594,451 | |
1.750%, 05/15/23 | | | 6,250 | | | | 6,447,512 | |
2.500%, 08/15/23 | | | 4,000 | | | | 4,333,280 | |
| | | | | | | | |
Total U.S TREASURY OBLIGATION
(Cost $99,625,412) | | | | 105,729,983 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 1,610,798 | | | | 1,610,798 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 448 | | | | 448 | |
Federated Prime Obligations Fund - Class I | | | 313 | | | | 313 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 272 | | | | 272 | |
Fidelity Institutional Prime Money Market Portfolio - Institutional Class | | | 717 | | | | 717 | |
Wells Fargo Advantage Government Money Market Fund - Institutional Class | | | 52 | | | | 52 | |
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,612,602) | | | | 1,612,602 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.3%
(Cost $540,658,002) | | | | 552,467,304 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.3)% | | | | (7,093,225 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 545,374,079 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| 144A @ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
| ¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
52
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Number of Contracts | | | Value† | |
| WRITTEN OPTIONS — (0.1)% | | | | | | | | |
| Call Options — (0.1)% | | | | | | | | |
US 5YR Futures Option, $121.00, Sep16 | | | (150 | ) | | $ | (205,078 | ) |
US Bond Futures Option, $168.00, Aug16 | | | (75 | ) | | | (356,250 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Premiums $(216,797)) | | | | (561,328 | ) |
| | | | | | | | |
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016 †† | | | |
United States | | | 90% | |
Cayman Islands | | | 8 | |
Ireland | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100% | |
| | | | |
| ††% | of total investments as of June 30, 2016 |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S TREASURY OBLIGATION | | $ | 105,729,983 | | | $ | — | | | $ | 105,729,983 | | | $ | — | |
AGENCY OBLIGATIONS | | | 2,681,613 | | | | — | | | | 2,681,613 | | | | — | |
ASSET BACKED SECURITIES | | | 91,491,882 | | | | — | | | | 91,491,882 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 104,395,150 | | | | — | | | | 104,395,150 | | | | — | |
CORPORATE BONDS | | | 186,231,886 | | | | — | | | | 186,231,886 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 60,324,188 | | | | — | | | | 60,324,188 | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,612,602 | | | | 1,612,602 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 552,467,304 | | | $ | 1,612,602 | | | $ | 550,854,702 | | | | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
WRITTEN OPTIONS | | $ | (561,328 | ) | | $ | — | | | $ | (561,328 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (561,328 | ) | | $ | — | | | $ | (561,328 | ) | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
53
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| ASSET BACKED SECURITIES — 0.2% | | | | | | | | |
Continental Airlines 2012-3 Class C Pass Thru Certificates
6.125%, 04/29/18 | | $ | 325 | | | $ | 342,063 | |
VB-S1 Issuer LLC 2016
6.901%, 06/15/46 144A @ | | | 95 | | | | 94,252 | |
TOTAL ASSET BACKED SECURITIES
(Cost $420,000) | | | | | | | 436,315 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 1.1% | | | | | | | | |
| Diversified Financial Services — 0.0% | | | | | | | | |
Sentry Holdings A Shares*,^,~ | | | 294 | | | | 0 | |
| | | | | | | | |
| Electric — 0.2% | | | | | | | | |
NRG Energy, Inc. | | | 16,643 | | | | 249,479 | |
| | | | | | | | |
| Entertainment — 0.0% | | | | | | | | |
New Cotai Participation Class B*144A @,^,~ | | | 1 | | | | 36,928 | |
| | | | | | | | |
| Media — 0.2% | | | | | | | | |
Altice N.V. Class A* | | | 4,116 | | | | 61,573 | |
Altice N.V. Class B* | | | 1,372 | | | | 20,593 | |
Liberty Broadband Corp.* | | | 3,500 | | | | 210,000 | |
Liberty Global PLC* | | | 2,300 | | | | 65,895 | |
Liberty Global PLC LiLAC* | | | 287 | | | | 9,324 | |
| | | | | | | | |
| | | | | | | 367,385 | |
| | | | | | | | |
| Oil & Gas — 0.3% | | | | | | | | |
Rowan Cos PLC* | | | 14,775 | | | | 260,926 | |
YPF S.A. ADR* | | | 12,250 | | | | 235,200 | |
| | | | | | | | |
| | | | | | | 496,126 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
The Howard Hughes Corp.* | | | 1,675 | | | | 191,486 | |
| | | | | | | | |
| Telecommunications — 0.3% | | | | | | | | |
First Data Corp.* | | | 10,500 | | | | 116,235 | |
T-Mobile US, Inc.* | | | 9,400 | | | | 406,738 | |
| | | | | | | | |
| | | | | | | 522,973 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,765,610) | | | | | | | 1,864,377 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.4% | | | | | | | | |
| Diversified Financial Services — 0.0% | | | | | | | | |
Sentry Holdings B Pref Shrs*^,~ | | | 65,529 | | | | 43,618 | |
| | | | | | | | |
| Packaging and Containers — 0.0% | | | | | | | | |
Smurfit-Stone Container Corp. (Escrow) CONV.*^,~ | | | 725 | | | | 0 | |
| | | | | | | | |
| Pharmaceuticals — 0.2% | | | | | | | | |
Allergan PLC | | | 337 | | | | 280,930 | |
| | | | | | | | |
| Telecommunications — 0.2% | | | | | | | | |
Crown Castle International Corp. CONV. | | | 1,550 | | | | 187,333 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
T-Mobile US, Inc. | | | 1,463 | | | $ | 107,662 | |
| | | | | | | | |
| | | | | | | 294,995 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $674,249) | | | | | | | 619,543 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 0.2% | | | | | | | | |
| Diversified — 0.2% | | | | | | | | |
American Tower Corp. A Shares | | $ | 1,207 | | | | 135,787 | |
American Tower Corp. | | | 1,325 | | | | 148,824 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $253,200) | | | | | | | 284,611 | |
| | | | | | | | |
| CORPORATE BONDS — 85.6% | | | | | | | | |
| Advertising — 1.0% | | | | | | | | |
Acosta, Inc.
7.750%, 10/01/22 144A @ | | | 300 | | | | 263,250 | |
Lamar Media Corp.
5.875%, 02/01/22 | | | 125 | | | | 130,000 | |
MDC Partners, Inc.
6.500%, 05/01/24 144A @ | | | 966 | | | | 958,755 | |
Outfront Media Capital LLC
5.625%, 02/15/24 | | | 400 | | | | 412,000 | |
| | | | | | | | |
| | | | | | | 1,764,005 | |
| | | | | | | | |
| Aerospace & Defense — 0.7% | | | | | | | | |
Accudyne Industries LLC
7.750%, 12/15/20 144A @ | | | 350 | | | | 308,875 | |
StandardAero Aviation Holdings, Inc.
10.000%, 07/15/23 144A @ | | | 500 | | | | 498,750 | |
TransDigm, Inc. | | | | | | | | |
6.500%, 07/15/24 | | | 200 | | | | 202,876 | |
6.500%, 05/15/25 | | | 175 | | | | 175,438 | |
6.375%, 06/15/26 144A @ | | | 50 | | | | 49,872 | |
| | | | | | | | |
| | | | | | | 1,235,811 | |
| | | | | | | | |
| Airlines — 1.3% | | | | | | | | |
Air Canada1
6.750%, 10/01/19 144A @ | | | 50 | | | | 51,760 | |
7.750%, 04/15/21 144A @ | | | 350 | | | | 363,125 | |
American Airlines 2013-1 Class B Pass Through Trust
5.625%, 01/15/21 144A @ | | | 64 | | | | 66,133 | |
American Airlines 2013-1 Class C Pass Through Trust
6.125%, 07/15/18 144A @,^ | | | 200 | | | | 206,500 | |
American Airlines Group, Inc.
5.500%, 10/01/19 144A @ | | | 650 | | | | 643,500 | |
United Airlines 2014-2 Class B Pass Through Trust
4.625%, 03/03/24 | | | 67 | | | | 66,566 | |
United Continental Holdings, Inc.
6.375%, 06/01/18 | | | 325 | | | | 338,812 | |
6.000%, 12/01/20 | | | 500 | | | | 522,500 | |
| | | | | | | | |
| | | | | | | 2,258,896 | |
| | | | | | | | |
54
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Auto Manufacturers — 0.3% | | | | | | | | |
Jaguar Land Rover Automotive PLC
5.625%, 02/01/23 144A @ | | $ | 425 | | | $ | 441,469 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.7% | | | | | | | | |
MPG Holdco I , Inc.
7.375%, 10/15/22 | | | 475 | | | | 466,688 | |
Nexteer Automotive Group Ltd.
5.875%, 11/15/21 144A @ | | | 200 | | | | 202,000 | |
TI Group Automotive Systems LLC
8.750%, 07/15/23 144A @ | | | 550 | | | | 539,000 | |
| | | | | | | | |
| | | | | | | 1,207,688 | |
| | | | | | | | |
| Banks — 3.7% | | | | | | | | |
Ally Financial, Inc.
5.125%, 09/30/24 | | | 75 | | | | 76,406 | |
5.750%, 11/20/25 | | | 350 | | | | 350,875 | |
8.000%, 11/01/31 | | | 425 | | | | 491,937 | |
Banco Bilbao Vizcaya Argentaria SA
7.000%, 12/29/49 • | | | 600 | | | | 572,165 | |
Banco Santander SA
6.375%, 05/29/49 • | | | 600 | | | | 523,852 | |
Citigroup, Inc.
5.950%, 12/29/49 • | | | 810 | | | | 789,163 | |
6.250%, 12/29/49 • | | | 175 | | | | 179,813 | |
Credit Agricole SA
6.625%, 09/29/49 144A @,• | | | 400 | | | | 363,000 | |
Halyk Savings Bank of Kazakhstan JSC
7.250%, 01/28/21 144A @ | | | 400 | | | | 421,200 | |
HSBC Holdings PLC
6.875%, 12/29/49 • | | | 220 | | | | 218,900 | |
Intesa Sanpaolo SpA
7.700%, 12/29/49 144A @,• | | | 925 | | | | 797,812 | |
JPMorgan Chase & Co.
5.300%, 12/29/49 • | | | 710 | | | | 707,337 | |
Provident Funding Associates LP
6.750%, 06/15/21 144A @ | | | 250 | | | | 236,875 | |
Royal Bank of Scotland Group PLC
6.125%, 12/15/22 | | | 115 | | | | 120,602 | |
The Goldman Sachs Group, Inc.
5.375%, 12/29/49 • | | | 475 | | | | 469,737 | |
| | | | | | | | |
| | | | | | | 6,319,674 | |
| | | | | | | | |
| Biotechnology — 0.2% | | | | | | | | |
AMAG Pharmaceuticals, Inc.
7.875%, 09/01/23 144A @ | | | 275 | | | | 246,125 | |
Concordia Healthcare Corp.
9.500%, 10/21/22 144A @ | | | 75 | | | | 69,938 | |
| | | | | | | | |
| | | | | | | 316,063 | |
| | | | | | | | |
| Building Materials — 1.6% | | | | | | | | |
Builders FirstSource, Inc.
7.625%, 06/01/21 144A @ | | | 311 | | | | 324,995 | |
Cemex Finance LLC
9.375%, 10/12/22 144A @ | | | 450 | | | | 495,000 | |
LSF9 Balta Issuer S.A.
7.750%, 09/15/22 | | | 325 | | | | 379,858 | |
Masonite International Corp.
5.625%, 03/15/23 144A @ | | | 175 | | | | 181,562 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Building Materials — (continued) | | | | | | | | |
NCI Building Systems, Inc.
8.250%, 01/15/23 144A @ | | $ | 225 | | | $ | 241,828 | |
Norbord, Inc.
6.250%, 04/15/23 144A @ | | | 225 | | | | 230,625 | |
Pfleiderer GmbH
7.875%, 08/01/19 | | | 400 | | | | 457,761 | |
Reliance Intermediate Holdings LP
6.500%, 04/01/23 144A @ | | | 450 | | | | 468,000 | |
| | | | | | | | |
| | | | | | | 2,779,629 | |
| | | | | | | | |
| Chemicals — 1.5% | | | | | | | | |
CVR Partners LP
9.250%, 06/15/23 144A @ | | | 250 | | | | 254,375 | |
Hexion, Inc.
6.625%, 04/15/20 | | | 825 | | | | 689,947 | |
10.000%, 04/15/20 | | | 150 | | | | 140,250 | |
Huntsman International LLC
4.875%, 11/15/20 | | | 50 | | | | 50,250 | |
INEOS Group Holdings S.A.
6.125%, 08/15/18 144A @ | | | 200 | | | | 201,875 | |
Platform Specialty Products Corp. | | | | | | | | |
10.375%, 05/01/21 144A @ | | | 300 | | | | 302,250 | |
6.500%, 02/01/22 144A @ | | | 225 | | | | 196,875 | |
PQ Corp.
6.750%, 11/15/22 144A @ | | | 175 | | | | 182,438 | |
Univar USA, Inc.
6.750%, 07/15/23 144A @ | | | 575 | | | | 567,812 | |
WR Grace & Co.
5.125%, 10/01/21 144A @ | | | 75 | | | | 77,063 | |
| | | | | | | | |
| | | | | | | 2,663,135 | |
| | | | | | | | |
| Coal — 0.1% | | | | | | | | |
Murray Energy Corp.
11.250%, 04/15/21 144A @ | | | 600 | | | | 168,000 | |
| | | | | | | | |
| Commercial Services — 2.0% | | | | | | | | |
Alliance Data Systems Corp.
5.375%, 08/01/22 144A @ | | | 300 | | | | 287,250 | |
Ashtead Capital, Inc.
6.500%, 07/15/22 144A @ | | | 125 | | | | 130,078 | |
Avis Budget Car Rental LLC
5.250%, 03/15/25 144A @ | | | 475 | | | | 429,875 | |
CEB, Inc.
5.625%, 06/15/23 144A @ | | | 475 | | | | 462,531 | |
H&E Equipment Services, Inc.
7.000%, 09/01/22 | | | 250 | | | | 258,750 | |
Harland Clarke Holdings Corp.
9.750%, 08/01/18 144A @ | | | 175 | | | | 177,625 | |
6.875%, 03/01/20 144A @ | | | 125 | | | | 115,000 | |
Iron Mountain Europe PLC
6.125%, 09/15/22 144A @ | | | 225 | | | | 302,079 | |
Lender Processing Services, Inc.
5.750%, 04/15/23 | | | 128 | | | | 134,080 | |
Loxam SAS
7.000%, 07/23/22 144A @ | | | 225 | | | | 265,925 | |
Prime Security One MS, Inc.
4.875%, 07/15/32 144A @ | | | 250 | | | | 190,937 | |
55
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Commercial Services — (continued) | | | | | | | | |
Prime Security Services Borrower LLC
9.250%, 05/15/23 144A @ | | $ | 175 | | | $ | 185,500 | |
Safway Group Holding LLC
7.000%, 05/15/18 144A @ | | | 250 | | | | 249,375 | |
The ADT Corp.
6.250%, 10/15/21 | | | 175 | | | | 185,937 | |
4.125%, 06/15/23 | | | 100 | | | | 93,625 | |
| | | | | | | | |
| | | | | | | 3,468,567 | |
| | | | | | | | |
| Computers — 1.4% | | | | | | | | |
Diamond 1 Finance Corp.
5.875%, 06/15/21 144A @ | | | 175 | | | | 178,460 | |
7.125%, 06/15/24 144A @ | | | 300 | | | | 313,326 | |
Western Digital Corp.
7.375%, 04/01/23 144A @ | | | 800 | | | | 852,000 | |
10.500%, 04/01/24 144A @ | | | 975 | | | | 1,043,250 | |
| | | | | | | | |
| | | | | | | 2,387,036 | |
| | | | | | | | |
| Distribution & Wholesale — 0.2% | | | | | | | | |
American Builders & Contractors Supply Co., Inc.
5.750%, 12/15/23 144A @ | | | 150 | | | | 155,250 | |
Entertainment One Ltd.
6.875%, 12/15/22 144A @ | | | 100 | | | | 133,711 | |
| | | | | | | | |
| | | | | | | 288,961 | |
| | | | | | | | |
| Diversified Financial Services — 3.8% | | | | | | | | |
Cantor Commercial Real Estate Co. LP
7.750%, 02/15/18 144A @ | | | 150 | | | | 144,000 | |
Consolidated Energy Finance S.A.
6.750%, 10/15/19 144A @ | | | 750 | | | | 705,000 | |
Garfunkelux Holdco 3 S.A.
8.500%, 11/01/22 144A @ | | | 175 | | | | 220,366 | |
Icahn Enterprises LP
4.875%, 03/15/19 | | | 350 | | | | 342,125 | |
Ladder Capital Finance Holdings LLLP.
5.875%, 08/01/21 144A @ | | | 175 | | | | 156,625 | |
Lincoln Finance Ltd.
6.875%, 04/15/21 144A @ | | | 1,150 | | | | 1,365,553 | |
National Financial Partners Corp.
9.000%, 07/15/21 144A @ | | | 75 | | | | 72,281 | |
Nationstar Mortgage LLC
7.875%, 10/01/20 | | | 150 | | | | 140,625 | |
6.500%, 07/01/21 | | | 475 | | | | 406,125 | |
Navient Corp.
5.000%, 10/26/20 | | | 375 | | | | 351,563 | |
Nord Anglia Education Finance LLC
5.750%, 07/15/22 144A @ | | | 175 | | | | 181,452 | |
Ocwen Financial Corp.
6.625%, 05/15/19 | | | 491 | | | | 333,880 | |
OneMain Financial Holdings, Inc.
7.250%, 12/15/21 144A @ | | | 515 | | | | 493,112 | |
Outerwall, Inc.
6.000%, 03/15/19 | | | 450 | | | | 414,000 | |
Quicken Loans, Inc.
5.750%, 05/01/25 144A @ | | | 650 | | | | 627,250 | |
Springleaf Finance Corp.
8.250%, 12/15/20 | | | 375 | | | | 375,938 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | | | | | | | | |
Transworld Systems, Inc.
9.500%, 08/15/21 144A @ | | $ | 375 | | | $ | 183,750 | |
Walter Investment Management Corp.
7.875%, 12/15/21 | | | 175 | | | | 85,969 | |
| | | | | | | | |
| | | | | | | 6,599,614 | |
| | | | | | | | |
| Electric — 2.6% | | | | | | | | |
AES Corp.
5.500%, 03/15/24 | | | 500 | | | | 511,875 | |
6.000%, 05/15/26 | | | 225 | | | | 229,781 | |
Calpine Corp. | | | | | | | | |
5.375%, 01/15/23 | | | 300 | | | | 292,500 | |
5.500%, 02/01/24 | | | 50 | | | | 48,250 | |
ContourGlobal Power Holdings S.A.
5.125%, 06/15/21 144A @ | | | 500 | | | | 545,611 | |
Dynegy, Inc.
6.750%, 11/01/19 | | | 400 | | | | 400,500 | |
Energy Future Intermediate Holding Co. LLC
11.750%, 03/01/22 144A @,¤ | | | 952 | | | | 1,116,351 | |
Infinis PLC
7.000%, 02/15/19 144A @ | | | 300 | | | | 401,374 | |
NRG Energy, Inc.
6.625%, 03/15/23 | | | 375 | | | | 369,375 | |
7.250%, 05/15/26 144A @ | | | 650 | | | | 646,750 | |
| | | | | | | | |
| | | | | | | 4,562,367 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.2% | | | | | | | | |
Energizer Holdings, Inc.
5.500%, 06/15/25 144A @ | | | 375 | | | | 373,125 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.2% | | | | | | | | |
Terraform Power Operating LLC
5.875%, 02/01/23 144A @ | | | 75 | | | | 71,385 | |
6.125%, 06/15/25 144A @ | | | 225 | | | | 212,625 | |
| | | | | | | | |
| | | | | | | 284,010 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | | | | | | | | |
Swissport Investments S.A.
6.750%, 12/15/21 144A @ | | | 100 | | | | 113,750 | |
| | | | | | | | |
| Entertainment — 2.5% | | | | | | | | |
Eldorado Resorts, Inc.
7.000%, 08/01/23 | | | 525 | | | | 544,687 | |
EMI Music Publishing Group North America Holdings, Inc.
7.625%, 06/15/24 144A @ | | | 125 | | | | 128,438 | |
GLP Capital LP
4.375%, 04/15/21 | | | 75 | | | | 77,250 | |
5.375%, 04/15/26 | | | 150 | | | | 154,500 | |
Great Canadian Gaming Corp.
6.625%, 07/25/22 144A @ | | | 450 | | | | 355,277 | |
International Game Technology PLC
6.250%, 02/15/22 144A @ | | | 600 | | | | 609,750 | |
6.500%, 02/15/25 144A @ | | | 350 | | | | 352,625 | |
Intralot Finance Luxembourg S.A.
9.750%, 08/15/18 144A @ | | | 225 | | | | 260,317 | |
Peninsula Gaming LLC
8.375%, 02/15/18 144A @ | | | 200 | | | | 201,000 | |
56
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Entertainment — (continued) | |
Regal Entertainment Group
5.750%, 03/15/22 | | $ | 575 | | | $ | 587,937 | |
Scientific Games International, Inc.
7.000%, 01/01/22 144A @ | | | 300 | | | | 301,500 | |
Shingle Springs Tribal Gaming Authority
9.750%, 09/01/21 144A @ | | | 440 | | | | 479,600 | |
WMG Acquisition Corp.
6.000%, 01/15/21 144A @ | | | 188 | | | | 193,640 | |
| | | | | | | | |
| | | | 4,246,521 | |
| | | | | | | | |
| Food — 1.4% | |
Albertsons Cos. LLC
6.625%, 06/15/24 144A @ | | | 400 | | | | 413,000 | |
Dean Foods Co.
6.500%, 03/15/23 144A @ | | | 450 | | | | 464,625 | |
Minerva Luxembourg S.A.
12.250%, 02/10/22 144A @ | | | 200 | | | | 216,000 | |
7.750%, 01/31/23 144A @ | | | 475 | | | | 487,825 | |
Post Holdings, Inc.
6.750%, 12/01/21 144A @ | | | 225 | | | | 237,937 | |
7.375%, 02/15/22 | | | 500 | | | | 525,625 | |
Safeway, Inc.
7.250%, 02/01/31 | | | 100 | | | | 96,400 | |
| | | | | | | | |
| | | | 2,441,412 | |
| | | | | | | | |
| Forest Products & Paper — 0.4% | |
Cascades, Inc.
5.500%, 07/15/22 144A @ | | | 150 | | | | 145,688 | |
| | | | | | | | |
Mercer International, Inc.
7.000%, 12/01/19 | | | 375 | | | | 378,750 | |
7.750%, 12/01/22 | | | 200 | | | | 200,000 | |
| | | | | | | | |
| | | | 724,438 | |
| | | | | | | | |
| Gas — 0.0% | |
NGL Energy Partner LP
5.125%, 07/15/19 | | | 75 | | | | 68,250 | |
| | | | | | | | |
| Hand & Machine Tools — 0.6% | |
Apex Tool Group LLC
7.000%, 02/01/21 144A @ | | | 800 | | | | 690,000 | |
Milacron LLC
7.750%, 02/15/21 144A @ | | | 325 | | | | 334,750 | |
| | | | | | | | |
| | | | 1,024,750 | |
| | | | | | | | |
| Healthcare Products — 0.2% | |
Crimson Merger Sub, Inc.
6.625%, 05/15/22 144A @ | | | 250 | | | | 206,250 | |
Hill-Rom Holdings, Inc.
5.750%, 09/01/23 144A @ | | | 150 | | | | 153,375 | |
| | | | | | | | |
| | | | 359,625 | |
| | | | | | | | |
| Healthcare Services — 2.4% | |
Centene Corp.
5.625%, 02/15/21 144A @ | | | 175 | | | | 182,438 | |
6.125%, 02/15/24 144A @ | | | 100 | | | | 106,313 | |
HCA, Inc.
5.000%, 03/15/24 | | | 220 | | | | 227,700 | |
5.250%, 06/15/26 | | | 875 | | | | 908,359 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Healthcare Services — (continued) | |
IASIS Healthcare LLC
8.375%, 05/15/19 | | $ | 450 | | | $ | 432,281 | |
Molina Healthcare, Inc.
5.375%, 11/15/22 144A @ | | | 275 | | | | 274,312 | |
MPH Acquisition Holdings LLC
7.125%, 06/01/24 144A @ | | | 125 | | | | 131,250 | |
Surgery Center Holdings, Inc.
8.875%, 04/15/21 144A @ | | | 250 | | | | 256,875 | |
Synlab Bondco PLC
6.250%, 07/01/22 144A @ | | | 375 | | | | 439,047 | |
Synlab Unsecured Bondco PLC
8.250%, 07/01/23 144A @ | | | 150 | | | | 168,960 | |
Tenet Healthcare Corp.
4.153%, 06/15/20 • | | | 175 | | | | 172,813 | |
8.125%, 04/01/22 | | | 350 | | | | 358,680 | |
6.750%, 06/15/23 | | | 475 | | | | 454,812 | |
| | | | | | | | |
| | | | 4,113,840 | |
| | | | | | | | |
| Holding Companies — 0.5% | |
Argos Merger Sub, Inc.
7.125%, 03/15/23 144A @ | | | 600 | | | | 618,000 | |
James Hardie International Finance Ltd.
5.875%, 02/15/23 144A @ | | | 275 | | | | 281,188 | |
| | | | | | | | |
| | | | 899,188 | |
| | | | | | | | |
| Home Builders — 0.7% | |
Shea Homes LP
5.875%, 04/01/23 144A @ | | | 200 | | | | 198,000 | |
Taylor Morrison Communities, Inc.
5.875%, 04/15/23 144A @ | | | 250 | | | | 251,250 | |
William Lyon Homes, Inc.
8.500%, 11/15/20 | | | 400 | | | | 411,000 | |
7.000%, 08/15/22 | | | 375 | | | | 371,250 | |
| | | | | | | | |
| | | | 1,231,500 | |
| | | | | | | | |
| Home Furnishings — 0.3% | |
Tempur Sealy International, Inc.
5.625%, 10/15/23 | | | 250 | | | | 257,500 | |
5.500%, 06/15/26 144A @ | | | 200 | | | | 196,500 | |
| | | | | | | | |
| | | | 454,000 | |
| | | | | | | | |
| Household Products & Wares — 0.8% | |
Central Garden & Pet Co.
6.125%, 11/15/23 | | | 175 | | | | 182,000 | |
Reynolds Group Issuer, Inc.
5.750%, 10/15/20 | | | 225 | | | | 232,313 | |
8.250%, 02/15/21 | | | 650 | | | | 679,978 | |
7.000%, 07/15/24 144A @ | | | 275 | | | | 283,112 | |
| | | | | | | | |
| | | | 1,377,403 | |
| | | | | | | | |
| Housewares — 0.5% | |
Bormioli Rocco Holdings S.A.
10.000%, 08/01/18 144A @ | | | 300 | | | | 338,087 | |
RSI Home Products, Inc.
6.500%, 03/15/23 144A @ | | | 450 | | | | 462,375 | |
| | | | | | | | |
| | | | 800,462 | |
| | | | | | | | |
57
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Insurance — 1.4% | |
CNO Financial Group, Inc.
5.250%, 05/30/25 | | $ | 125 | | | $ | 128,750 | |
Hub Holdings LLC PIK (Cash coupon
8.125%, PIK 8.875%)
8.125%, 07/15/19 144A @ | | | 425 | | | | 408,000 | |
HUB International Ltd.
9.250%, 02/15/21 144A @ | | | 125 | | | | 130,625 | |
7.875%, 10/01/21 144A @ | | | 525 | | | | 504,000 | |
USI, Inc.
7.750%, 01/15/21 144A @ | | | 650 | | | | 643,500 | |
Wayne Merger Sub LLC
8.250%, 08/01/23 144A @ | | | 675 | | | | 666,562 | |
| | | | | | | | |
| | | | | | | 2,481,437 | |
| | | | | | | | |
| Internet — 1.8% | | | | | | | | |
Ancestry.Com Holdings LLC PIK (Cash coupon 9.625%, PIK 10.375%)
9.625%, 10/15/18 144A @ | | | 475 | | | | 480,937 | |
Ancestry.Com, Inc.
11.000%, 12/15/20 | | | 125 | | | | 133,750 | |
Blue Coat Holdings, Inc.
8.375%, 06/01/23 144A @ | | | 425 | | | | 480,250 | |
Equinix, Inc.
5.375%, 01/01/22 | | | 275 | | | | 283,938 | |
5.750%, 01/01/25 | | | 150 | | | | 155,250 | |
Match Group, Inc.
6.750%, 12/15/22 144A @ | | | 350 | | | | 364,000 | |
6.375%, 06/01/24 144A @ | | | 175 | | | | 182,000 | |
United Group BV 7.
875%, 11/15/20 144A @ | | | 375 | | | | 436,966 | |
7.875%, 11/15/20 | | | 400 | | | | 466,097 | |
Zayo Group LLC
6.375%, 05/15/25 | | | 175 | | | | 178,500 | |
| | | | | | | | |
| | | | | | | 3,161,688 | |
| | | | | | | | |
| Iron & Steel — 1.0% | |
ArcelorMittal
10.850%, 06/01/19 | | | 200 | | | | 235,500 | |
Bluescope Steel Finance Ltd.
7.125%, 05/01/18 144A @ | | | 110 | | | | 113,300 | |
6.500%, 05/15/21 144A @ | | | 475 | | | | 491,815 | |
Vale Overseas Ltd.
5.875%, 06/10/21 | | | 341 | | | | 341,426 | |
4.375%, 01/11/22 | | | 85 | | | | 79,662 | |
6.875%, 11/21/36 | | | 550 | | | | 500,500 | |
| | | | | | | | |
| | | | | | | 1,762,203 | |
| | | | | | | | |
| Leisure Time — 0.8% | | | | | | | | |
24 Hour Holdings IIII LLC
8.000%, 06/01/22 144A @ | | | 325 | | | | 246,187 | |
Cirsa Funding Luxembourg S.A.
5.875%, 05/15/23 144A @ | | | 300 | | | | 334,758 | |
ClubCorp Club Operations, Inc.
8.250%, 12/15/23 144A @ | | | 250 | | | | 248,750 | |
LTF Merger Sub, Inc.
8.500%, 06/15/23 144A @ | | | 400 | | | | 378,000 | |
Sabre GLBL, Inc.
5.375%, 04/15/23 144A @ | | | 125 | | | | 127,813 | |
| | | | | | | | |
| | | | | | | 1,335,508 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Lodging — 0.9% | | | | | | | | |
Boyd Gaming Corp.
6.375%, 04/01/26 144A @ | | $ | 325 | | | $ | 339,625 | |
MGM Growth Properties Operating Partnership LP
5.625%, 05/01/24 144A @ | | | 175 | | | | 185,062 | |
MGM Resorts International
6.000%, 03/15/23 | | | 325 | | | | 342,875 | |
Playa Resorts Holding BV
8.000%, 08/15/20 144A @ | | | 450 | | | | 452,250 | |
Seminole Hard Rock Entertainment, Inc.
5.875%, 05/15/21 144A @ | | | 300 | | | | 300,750 | |
| | | | | | | | |
| | | | | | | 1,620,562 | |
| | | | | | | | |
| Machinery - Construction & Mining — 0.3% | | | | | | | | |
BlueLine Rental Finance Corp.
7.000%, 02/01/19 144A @ | | | 225 | | | | 193,500 | |
Terex Corp.
6.000%, 05/15/21 | | | 375 | | | | 375,469 | |
| | | | | | | | |
| | | | | | | 568,969 | |
| | | | | | | | |
| Machinery - Diversified — 0.5% | | | | | | | | |
Gardner Denver, Inc.
6.875%, 08/15/21 144A @ | | | 300 | | | | 272,250 | |
Manitowoc Foodservice, Inc.
9.500%, 02/15/24 144A @ | | | 100 | | | | 111,750 | |
Zebra Technologies Corp.
7.250%, 10/15/22 | | | 382 | | | | 404,920 | |
| | | | | | | | |
| | | | | | | 788,920 | |
| | | | | | | | |
| Media — 8.5% | | | | | | | | |
AMC Networks, Inc.
4.750%, 12/15/22 | | | 175 | | | | 173,688 | |
Cable One, Inc.
5.750%, 06/15/22 144A @ | | | 175 | | | | 179,375 | |
CCO Holdings LLC
5.750%, 09/01/23 | | | 275 | | | | 284,625 | |
5.750%, 01/15/24 | | | 600 | | | | 631,440 | |
5.500%, 05/01/26 144A @ | | | 325 | | | | 329,875 | |
Cequel Communications Holdings I LLC
6.375%, 09/15/20 144A @ | | | 785 | | | | 798,188 | |
5.125%, 12/15/21 144A @ | | | 325 | | | | 309,563 | |
7.750%, 07/15/25 144A @ | | | 600 | | | | 625,500 | |
Charter Communications Operating LLC
6.384%, 10/23/35 144A @ | | | 350 | | | | 414,465 | |
6.484%, 10/23/45 144A @ | | | 350 | | | | 417,907 | |
Clear Channel Worldwide Holdings, Inc.
6.500%, 11/15/22 | | | 350 | | | | 350,000 | |
DISH DBS Corp.
6.750%, 06/01/21 | | | 500 | | | | 518,125 | |
5.875%, 07/15/22 | | | 250 | | | | 243,125 | |
7.750%, 07/01/26 144A @ | | | 200 | | | | 206,000 | |
LGE HoldCo VI BV
7.125%, 05/15/24 144A @ | | | 325 | | | | 397,639 | |
Mcgraw-hill Global Education Holdings LLC
7.875%, 05/15/24 144A @ | | | 325 | | | | 336,375 | |
MHGE Parent LLC
8.500%, 08/01/19 144A @ | | | 325 | | | | 328,250 | |
58
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Media — (continued) | |
Neptune Finco Corp.
10.125%, 01/15/23 144A @ | | $ | 1,175 | | | $ | 1,316,000 | |
10.875%, 10/15/25 144A @ | | | 325 | | | | 371,514 | |
SFR S.A.
7.375%, 05/01/26 144A @ | | | 500 | | | | 494,375 | |
Sinclair Television Group, Inc.
5.875%, 03/15/26 144A @ | | | 150 | | | | 153,000 | |
Sirius XM Radio, Inc.
6.000%, 07/15/24 144A @ | | | 427 | | | | 441,411 | |
Time Warner Cable, Inc.
6.550%, 05/01/37 | | | 60 | | | | 69,913 | |
7.300%, 07/01/38 | | | 55 | | | | 68,873 | |
6.750%, 06/15/39 | | | 35 | | | | 41,121 | |
Townsquare Media, Inc.
6.500%, 04/01/23 144A @ | | | 411 | | | | 406,376 | |
Trader Corp
9.875%, 08/15/18 144A @ | | | 200 | | | | 206,500 | |
Tribune Media Co.
5.875%, 07/15/22 | | | 450 | | | | 447,750 | |
Unitymedia GmbH
6.125%, 01/15/25 144A @ | | | 800 | | | | 819,920 | |
Unitymedia Hessen GmbH & Co. KG
5.000%, 01/15/25 144A @ | | | 400 | | | | 392,000 | |
Univision Communications, Inc.
6.750%, 09/15/22 144A @ | | | 492 | | | | 519,060 | |
5.125%, 02/15/25 144A @ | | | 275 | | | | 271,906 | |
VTR Finance BV
6.875%, 01/15/24 144A @ | | | 750 | | | | 747,735 | |
WideOpenWest Finance LLC
10.250%, 07/15/19 | | | 425 | | | | 439,875 | |
13.375%, 10/15/19 | | | 600 | | | | 637,500 | |
Ziggo Bond Finance BV
5.875%, 01/15/25 144A @ | | | 225 | | | | 217,125 | |
| | | | | | | | |
| | | | | | | 14,606,094 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.3% | |
Zekelman Industries, Inc.
0.000%, 05/25/21 | | | 150 | | | | 149,750 | |
6.000%, 06/14/21 | | | 25 | | | | 24,958 | |
9.875%, 06/15/23 144A @ | | | 300 | | | | 303,000 | |
| | | | | | | | |
| | | | | | | 477,708 | |
| | | | | | | | |
| Mining — 3.5% | |
Aleris International, Inc.
7.875%, 11/01/20 | | | 200 | | | | 177,000 | |
Constellium NV
7.875%, 04/01/21 144A @ | | | 500 | | | | 515,625 | |
Eldorado Gold Corp.
6.125%, 12/15/20 144A @ | | | 400 | | | | 400,000 | |
FMG Resources August 2006 Pty Ltd.
9.750%, 03/01/22 144A @ | | | 675 | | | | 745,031 | |
Freeport-McMoRan, Inc.
2.375%, 03/15/18 | | | 300 | | | | 294,000 | |
3.100%, 03/15/20 | | | 125 | | | | 118,125 | |
4.000%, 11/14/21 | | | 175 | | | | 158,101 | |
5.400%, 11/14/34 | | | 250 | | | | 198,750 | |
HudBay Minerals, Inc.
9.500%, 10/01/20 | | | 962 | | | | 812,890 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Mining — (continued) | |
Joseph T Ryerson & Son, Inc.
11.000%, 05/15/22 144A @ | | $ | 600 | | | $ | 621,000 | |
Lundin Mining Corp.
7.500%, 11/01/20 144A @ | | | 500 | | | | 510,000 | |
7.875%, 11/01/22 144A @ | | | 150 | | | | 153,375 | |
Novelis, Inc.
8.750%, 12/15/20 | | | 175 | | | | 182,438 | |
Nyrstar Netherlands Holdings BV
8.500%, 09/15/19 144A @ | | | 500 | | | | 558,484 | |
Teck Resources Ltd.
8.000%, 06/01/21 144A @ | | | 175 | | | | 180,250 | |
6.000%, 08/15/40 | | | 225 | | | | 157,500 | |
6.250%, 07/15/41 | | | 275 | | | | 195,250 | |
| | | | | | | | |
| | | | | | | 5,977,819 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.2% | |
Bombardier, Inc.
7.500%, 03/15/18 144A @ | | | 400 | | | | 411,000 | |
| | | | | | | | |
| Oil & Gas — 10.2% | |
Alberta Energy Co., Ltd 8.
125%, 09/15/30 | | | 65 | | | | 72,240 | |
7.375%, 11/01/31 | | | 180 | | | | 190,237 | |
Anadarko Petroleum Corp.
8.700%, 03/15/19 | | | 115 | | | | 131,149 | |
Cenovus Energy, Inc.
6.750%, 11/15/39 | | | 395 | | | | 414,805 | |
Cheniere Corpus Christi Holdings LLC
7.000%, 06/30/24 144A @ | | | 500 | | | | 513,440 | |
Chesapeake Energy Corp.
8.000%, 12/15/22 144A @ | | | 581 | | | | 492,397 | |
Concho Resources, Inc.
7.000%, 01/15/21 | | | 400 | | | | 411,000 | |
6.500%, 01/15/22 | | | 75 | | | | 76,781 | |
5.500%, 10/01/22 | | | 75 | | | | 75,375 | |
5.500%, 04/01/23 | | | 875 | | | | 877,187 | |
Continental Resources, Inc.
4.900%, 06/01/44 | | | 360 | | | | 297,000 | |
CrownRock LP
7.125%, 04/15/21 144A @ | | | 450 | | | | 461,250 | |
7.750%, 02/15/23 144A @ | | | 675 | | | | 705,375 | |
Devon Energy Corp.
7.950%, 04/15/32 | | | 145 | | | | 166,143 | |
Devon Financing Co. LLC
7.875%, 09/30/31 | | | 40 | | | | 46,547 | |
Encana Corp.
6.500%, 05/15/19 | | | 490 | | | | 519,400 | |
7.200%, 11/01/31 | | | 280 | | | | 286,852 | |
EQT Corp.
8.125%, 06/01/19 | | | 80 | | | | 88,135 | |
Gulfport Energy Corp.
7.750%, 11/01/20 | | | 375 | | | | 385,312 | |
6.625%, 05/01/23 | | | 385 | | | | 379,225 | |
Hess Corp.
8.125%, 02/15/19 | | | 50 | | | | 55,720 | |
7.875%, 10/01/29 | | | 740 | | | | 881,349 | |
7.300%, 08/15/31 | | | 100 | | | | 114,835 | |
7.125%, 03/15/33 | | | 40 | | | | 44,726 | |
6.000%, 01/15/40 | | | 100 | | | | 103,413 | |
59
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Oil & Gas — (continued) | |
Kosmos Energy Ltd.
7.875%, 08/01/21 144A @ | | $ | 400 | | | $ | 386,000 | |
Matador Resources Co.
6.875%, 04/15/23 | | | 641 | | | | 653,820 | |
Newfield Exploration Co.
5.750%, 01/30/22 | | | 150 | | | | 151,875 | |
5.625%, 07/01/24 | | | 200 | | | | 200,000 | |
5.375%, 01/01/26 | | | 200 | | | | 194,500 | |
Noble Energy, Inc.
8.250%, 03/01/19 | | | 35 | | | | 40,086 | |
Pacific Exploration and Production Corp.
12.000%, 12/22/16 ^,~ | | | 172 | | | | 151,360 | |
5.375%, 01/26/19 144A @ | | | 1,125 | | | | 208,125 | |
5.625%, 01/19/25 144A @ | | | 500 | | | | 92,500 | |
Parsley Energy LLC
7.500%, 02/15/22 144A @ | | | 600 | | | | 625,500 | |
6.250%, 06/01/24 144A @ | | | 50 | | | | 50,625 | |
Petrobras Global Finance BV
8.375%, 05/23/21 | | | 875 | | | | 903,000 | |
Pride International, Inc.
8.500%, 06/15/19 | | | 295 | | | | 300,163 | |
6.875%, 08/15/20 | | | 10 | | | | 9,544 | |
QEP Resources, Inc.
6.875%, 03/01/21 | | | 200 | | | | 202,000 | |
5.250%, 05/01/23 | | | 100 | | | | 92,000 | |
Range Resources Corp.
4.875%, 05/15/25 | | | 475 | | | | 452,437 | |
Rowan Cos, Inc.
7.875%, 08/01/19 | | | 410 | | | | 422,300 | |
Seven Generations Energy Ltd.
8.250%, 05/15/20 144A @ | | | 1,150 | | | | 1,191,687 | |
6.750%, 05/01/23 144A @ | | | 350 | | | | 352,625 | |
SM Energy Co.
6.500%, 01/01/23 | | | 300 | | | | 279,000 | |
Southwestern Energy Co.
7.500%, 02/01/18 | | | 475 | | | | 504,687 | |
4.050%, 01/23/20 | | | 325 | | | | 319,313 | |
4.950%, 01/23/25 | | | 75 | | | | 71,813 | |
Sunoco LP
6.250%, 04/15/21 144A @ | | | 350 | | | | 349,125 | |
6.375%, 04/01/23 144A @ | | | 75 | | | | 74,438 | |
Transocean, Inc.
6.000%, 03/15/18 | | | 200 | | | | 203,000 | |
8.125%, 12/15/21 | | | 175 | | | | 147,875 | |
WPX Energy, Inc.
5.250%, 01/15/17 | | | 275 | | | | 275,688 | |
7.500%, 08/01/20 | | | 500 | | | | 499,060 | |
YPF S.A.
8.500%, 03/23/21 144A @ | | | 400 | | | | 427,000 | |
| | | | | | | | |
| | | | 17,621,039 | |
| | | | | | | | |
| Oil & Gas Services — 1.0% | |
Archrock Partners LP
6.000%, 04/01/21 | | | 250 | | | | 223,750 | |
6.000%, 10/01/22 | | | 225 | | | | 199,125 | |
CGG S.A.^,
6.500%, 06/01/21 | | | 250 | | | | 110,000 | |
6.875%, 01/15/22 | | | 300 | | | | 130,500 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Oil & Gas Services — (continued) | |
SESI LLC
7.125%, 12/15/21 | | $ | 1,025 | | | $ | 986,562 | |
| | | | | | | | |
| | | | 1,649,937 | |
| | | | | | | | |
| Packaging and Containers — 2.3% | |
AEP Industries, Inc.
8.250%, 04/15/19 | | | 200 | | | | 204,000 | |
Ardagh Finance Holdings S.A.
PIK 8.375%, 06/15/19 144A @ | | | 299 | | | | 336,741 | |
PIK 8.625%, 06/15/19 144A @ | | | 691 | | | | 697,126 | |
Ardagh Packaging Finance PLC
6.750%, 01/31/21 144A @ | | | 200 | | | | 201,250 | |
6.000%, 06/30/21 144A @ | | | 200 | | | | 198,500 | |
7.250%, 05/15/24 144A @ | | | 325 | | | | 331,703 | |
Ball Corp.
4.000%, 11/15/23 | | | 75 | | | | 73,875 | |
Beverage Packaging Holdings Luxembourg II SA
5.625%, 12/15/16 144A @ | | | 225 | | | | 225,562 | |
Consolidated Container Co. LLC
10.125%, 07/15/20 144A @ | | | 375 | | | | 340,312 | |
Crown Cork & Seal Co., Inc.
7.375%, 12/15/26 | | | 100 | | | | 110,000 | |
Graphic Packaging International, Inc.
4.750%, 04/15/21 | | | 175 | | | | 182,984 | |
Pactiv LLC
7.950%, 12/15/25 | | | 175 | | | | 181,563 | |
SIG Combibloc Holdings S.C.A.
7.750%, 02/15/23 144A @ | | | 700 | | | | 817,923 | |
| | | | | | | | |
| | | | 3,901,539 | |
| | | | | | | | |
| Pharmaceuticals — 2.9% | |
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%)
7.000%, 05/15/19 144A @ | | | 310 | | | | 310,775 | |
DPx Holdings BV
7.500%, 02/01/22 144A @ | | | 325 | | | | 333,937 | |
Endo Finance LLC
6.000%, 07/15/23 144A @ | | | 475 | | | | 415,625 | |
6.000%, 02/01/25 144A @ | | | 325 | | | | 281,938 | |
JLL/Delta Dutch Pledgeco BV PIK (Cash coupon
8.750%, PIK 9.500%)
8.750%, 05/01/20 144A @ | | | 575 | | | | 575,000 | |
Valeant Pharmaceuticals International, Inc.
5.375%, 03/15/20 144A @ | | | 875 | | | | 747,578 | |
7.000%, 10/01/20 144A @ | | | 100 | | | | 88,250 | |
6.375%, 10/15/20 144A @ | | | 1,000 | | | | 860,000 | |
6.750%, 08/15/21 144A @ | | | 250 | | | | 213,125 | |
5.875%, 05/15/23 144A @ | | | 1,350 | | | | 1,090,125 | |
| | | | | | | | |
| | | | 4,916,353 | |
| | | | | | | | |
| Pipelines — 2.7% | |
Boardwalk Pipelines LP
4.950%, 12/15/24 | | | 175 | | | | 172,126 | |
5.950%, 06/01/26 | | | 130 | | | | 136,554 | |
DCP Midstream LLC
9.750%, 03/15/19 144A @ | | | 75 | | | | 82,125 | |
8.125%, 08/16/30 | | | 75 | | | | 73,500 | |
6.450%, 11/03/36 144A @ | | | 150 | | | | 131,250 | |
60
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Pipelines — (continued) | |
DCP Midstream Operating LP
5.600%, 04/01/44 | | $ | 50 | | | $ | 42,750 | |
Energy Transfer Partners LP
9.700%, 03/15/19 | | | 110 | | | | 124,541 | |
9.000%, 04/15/19 | | | 300 | | | | 335,357 | |
Gibson Energy, Inc.
6.750%, 07/15/21 144A @ | | | 325 | | | | 323,375 | |
MPLX LP
4.500%, 07/15/23 144A @ | | | 500 | | | | 484,615 | |
NuStar Logistics LP
4.800%, 09/01/20 | | | 50 | | | | 48,500 | |
Rockies Express Pipeline LLC
6.000%, 01/15/19 144A @ | | | 100 | | | | 101,750 | |
Sabine Pass Liquefaction LLC
6.250%, 03/15/22 | | | 875 | | | | 899,062 | |
5.750%, 05/15/24 | | | 200 | | | | 198,500 | |
Targa Resources Partners LP
5.250%, 05/01/23 | | | 50 | | | | 47,250 | |
4.250%, 11/15/23 | | | 1,050 | | | | 942,375 | |
6.750%, 03/15/24 144A @ | | | 375 | | | | 384,375 | |
Tesoro Logistics LP
6.125%, 10/15/21 | | | 100 | | | | 103,500 | |
| | | | | | | | |
| | | | | | | 4,631,505 | |
| | | | | | | | |
| Real Estate — 0.7% | |
Greystar Real Estate Partners LLC
8.250%, 12/01/22 144A @ | | | 300 | | | | 309,000 | |
MPT Operating Partnership LP
6.875%, 05/01/21 | | | 225 | | | | 232,313 | |
6.375%, 03/01/24 | | | 250 | | | | 266,250 | |
The Howard Hughes Corp.
6.875%, 10/01/21 144A @ | | | 425 | | | | 428,187 | |
| | | | | | | | |
| | | | 1,235,750 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.1% | |
VEREIT Operating Partnership LP
4.125%, 06/01/21 | | | 150 | | | | 156,468 | |
| | | | | | | | |
| Retail — 3.3% | |
Group 1 Automotive, Inc.
5.000%, 06/01/22 | | | 175 | | | | 172,375 | |
5.250%, 12/15/23 144A @ | | | 175 | | | | 171,938 | |
JC Penney Corp., Inc.
8.125%, 10/01/19 | | | 425 | | | | 439,743 | |
5.875%, 07/01/23 144A @ | | | 200 | | | | 201,250 | |
Jo-Ann Stores Holdings, Inc. PIK (Cash coupon 9.750%, PIK 10.500%)
9.750%, 10/15/19 144A @ | | | 200 | | | | 175,000 | |
Jo-Ann Stores LLC
8.125%, 03/15/19 144A @ | | | 300 | | | | 287,250 | |
KFC Holding Co.
5.000%, 06/01/24 144A @ | | | 125 | | | | 127,188 | |
5.250%, 06/01/26 144A @ | | | 250 | | | | 256,250 | |
Kirk Beauty One GmbH
8.750%, 07/15/23 144A @ | | | 225 | | | $ | 264,677 | |
New Albertsons, Inc.
7.450%, 08/01/29 | | | 175 | | | | 169,750 | |
8.000%, 05/01/31 | | | 125 | �� | | | 123,750 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | |
New Look Secured Issuer PLC
6.500%, 07/01/22 144A @ | | $ | 250 | | | $ | 305,756 | |
Penske Automotive Group, Inc.
5.750%, 10/01/22 | | | 200 | | | | 200,000 | |
5.500%, 05/15/26 | | | 350 | | | | 332,500 | |
PF Chang’s China Bistro, Inc.
10.250%, 06/30/20 144A @ | | | 175 | | | | 160,563 | |
Rite Aid Corp.
6.750%, 06/15/21 | | | 725 | | | | 763,062 | |
6.125%, 04/01/23 144A @ | | | 475 | | | | 507,062 | |
Sonic Automotive, Inc.
7.000%, 07/15/22 | | | 175 | | | | 184,625 | |
5.000%, 05/15/23 | | | 200 | | | | 196,000 | |
The Men’s Wearhouse, Inc.
7.000%, 07/01/22 | | | 400 | | | | 336,000 | |
Vista Outdoor, Inc.
5.875%, 10/01/23 144A @ | | | 225 | | | | 234,000 | |
| | | | | | | | |
| | | | 5,608,739 | |
| | | | | | | | |
| Semiconductors — 0.9% | |
Micron Technology, Inc.
5.250%, 08/01/23 144A @ | | | 250 | | | | 213,125 | |
Microsemi Corp.
9.125%, 04/15/23 144A @ | | | 375 | | | | 412,500 | |
NXP BV
5.750%, 02/15/21 144A @ | | | 200 | | | | 207,500 | |
5.750%, 03/15/23 144A @ | | | 250 | | | | 261,250 | |
Sensata Technologies UK Financing Co. PLC
6.250%, 02/15/26 144A @ | | | 425 | | | | 439,875 | |
| | | | | | | | |
| | | | 1,534,250 | |
| | | | | | | | |
| Software — 1.7% | |
Cengage Learning, Inc.
9.500%, 06/15/24 144A @ | | | 350 | | | | 356,125 | |
First Data Corp.
5.375%, 08/15/23 144A @ | | | 425 | | | | 431,592 | |
7.000%, 12/01/23 144A @ | | | 1,050 | | | | 1,063,125 | |
MSCI, Inc.
5.250%, 11/15/24 144A @ | | | 250 | | | | 255,625 | |
Rackspace Hosting, Inc.
6.500%, 01/15/24 144A @ | | | 375 | | | | 370,312 | |
SS&C Technologies Holdings, Inc.
5.875%, 07/15/23 | | | 200 | | | | 204,500 | |
Veritas US, Inc.
10.500%, 02/01/24 144A @ | | | 200 | | | | 169,500 | |
| | | | | | | | |
| | | | | | | 2,850,779 | |
| | | | | | | | |
| Telecommunications — 8.2% | |
Altice Financing S.A.
6.625%, 02/15/23 144A @ | | | 350 | | | | 343,654 | |
7.500%, 05/15/26 144A @ | | | 525 | | | | 514,500 | |
Altice Finco S.A.
8.125%, 01/15/24 144A @ | | | 600 | | | | 580,500 | |
Altice Luxembourg S.A.
7.750%, 05/15/22 144A @ | | | 1,250 | | | | 1,262,500 | |
7.625%, 02/15/25 144A @ | | | 700 | | | | 683,375 | |
CenturyLink, Inc.
7.500%, 04/01/24 | | | 350 | | | | 353,062 | |
61
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Telecommunications — (continued) | |
CommScope Holding Co., Inc.
PIK (Cash coupon 6.625%, PIK 7.375%)
6.625%, 06/01/20 144A @ | | $ | 5 | | | $ | 5,163 | |
CommScope Technologies Finance LLC
6.000%, 06/15/25 144A @ | | | 525 | | | | 538,125 | |
Digicel Group Ltd.
8.250%, 09/30/20 144A @ | | | 750 | | | | 626,250 | |
EarthLink Holdings Corp.
7.375%, 06/01/20 | | | 25 | | | | 26,000 | |
Frontier Communications Corp.
8.875%, 09/15/20 | | | 475 | | | | 507,062 | |
Hughes Satellite Systems Corp.
7.625%, 06/15/21 | | | 325 | | | | 349,741 | |
Intelsat Jackson Holdings S.A.
7.250%, 10/15/20 | | | 200 | | | | 142,500 | |
7.500%, 04/01/21 | | | 500 | | | | 345,000 | |
8.000%, 02/15/24 144A @ | | | 300 | | | | 295,500 | |
Level 3 Communications, Inc.
5.750%, 12/01/22 | | | 350 | | | | 354,375 | |
Level 3 Financing, Inc.
5.625%, 02/01/23 | | | 150 | | | | 151,407 | |
5.250%, 03/15/26 144A @ | | | 125 | | | | 122,500 | |
OTE PLC
7.875%, 02/07/18 | | | 400 | | | | 474,309 | |
Sable International Finance Ltd.
6.875%, 08/01/22 144A @ | | | 450 | | | | 451,944 | |
Sprint Capital Corp.
8.750%, 03/15/32 | | | 1,200 | | | | 1,026,000 | |
T-Mobile USA, Inc.
6.500%, 01/15/24 | | | 100 | | | | 105,250 | |
6.000%, 04/15/24 | | | 225 | | | | 232,875 | |
6.375%, 03/01/25 | | | 175 | | | | 182,875 | |
6.500%, 01/15/26 | | | 1,250 | | | | 1,318,750 | |
TBG Global Pte Ltd.
5.250%, 02/10/22 | | | 200 | | | | 203,137 | |
UPC Holding BV
6.750%, 03/15/23 144A @ | | | 200 | | | | 237,461 | |
VimpelCom Holdings BV
5.200%, 02/13/19 144A @ | | | 200 | | | | 206,048 | |
Virgin Media Finance
6.375%, 04/15/23 144A @ | | | 225 | | | | 225,000 | |
7.000%, 04/15/23 144A @ | | | 275 | | | | 373,417 | |
6.000%, 10/15/24 144A @ | | | 200 | | | | 196,250 | |
Virgin Media Secured Finance PLC
5.250%, 01/15/26 144A @ | | | 200 | | | | 193,500 | |
5.500%, 08/15/26 144A @ | | | 400 | | | | 389,000 | |
6.250%, 03/28/29 | | | 175 | | | | 228,311 | |
Wind Acquisition Finance S.A.
7.375%, 04/23/21 144A @ | | | 950 | | | | 904,875 | |
| | | | | | | | |
| | | | 14,150,216 | |
| | | | | | | | |
| Textiles — 0.3% | |
Springs Industries, Inc.
6.250%, 06/01/21 | | | 450 | | | | 454,500 | |
| | | | | | | | |
| Transportation — 0.2% | |
OPE KAG Finance Sub, Inc.
7.875%, 07/31/23 144A @ | | | 175 | | | | 172,375 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Transportation — (continued) | |
Watco Cos. LLC
6.375%, 04/01/23 144A @ | | $ | 250 | | | $ | 247,500 | |
| | | | | | | | |
| | | | 419,875 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $149,373,682) | | | | 147,296,047 | |
| | | | | | | | |
| LOAN AGREEMENTS — 8.8%‡ | |
| Chemicals — 0.6% | |
MacDermid, Inc.
5.500%, 06/07/20 | | | 372 | | | | 366,791 | |
Solenis International LP
7.750%, 07/31/22 • | | | 675 | | | | 621,560 | |
| | | | | | | | |
| | | | 988,351 | |
| | | | | | | | |
| Commercial Services — 0.7% | |
Kronos, Inc.
4.500%, 10/30/19 • | | | 541 | | | | 538,788 | |
9.750%, 04/30/20 | | | 375 | | | | 376,564 | |
Nord Anglia Education Finance LLC
5.000%, 03/31/21 | | | 348 | | | | 346,266 | |
| | | | | | | | |
| | | | 1,261,618 | |
| | | | | | | | |
| Computers — 0.3% | |
Western Digital Corp.
6.250%, 04/29/23 | | | 450 | | | | 451,409 | |
| | | | | | | | |
| Diversified Financial Services — 0.5% | |
National Financial Partners Corp.
4.500%, 07/01/20 | | | 275 | | | | 271,713 | |
Onex Wizard Acquisition
4.250%, 03/11/22 | | | 343 | | | | 340,024 | |
Terra-Gen Finance Co., LLC
5.250%, 12/09/21 | | | 284 | | | | 240,259 | |
| | | | | | | | |
| | | | 851,996 | |
| | | | | | | | |
| Electric — 0.5% | |
Energy Future Intermediate Holding Co. LLC
4.250%, 12/19/16 • | | | 875 | | | | 872,813 | |
| | | | | | | | |
| Electronics — 0.2% | |
Linxens France S.A.
5.000%, 10/14/22 | | | 348 | | | | 345,638 | |
| | | | | | | | |
| Entertainment — 0.9% | |
Delta 2 (Lux) S.a.r.l.
4.750%, 07/30/21 | | | 525 | | | | 504,163 | |
7.750%, 07/29/22 | | | 175 | | | | 165,594 | |
Lions Gate Entertainment Co.
5.000%, 03/17/22 | | | 375 | | | | 378,750 | |
Peninsula Gaming LLC
4.250%, 11/20/17 • | | | 0 | | | | 0 | |
Scientific Games International, Inc .
6.000%, 10/18/20 | | | 175 | | | | 172,667 | |
William Morris Endeavor Entertainment LLC
8.250%, 05/06/22 • | | | 300 | | | | 291,000 | |
| | | | | | | | |
| | | | | | | 1,512,174 | |
| | | | | | | | |
62
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| LOAN AGREEMENTS — (continued) | | | | | | | | |
| Food — 0.2% | | | | | | | | |
Hostess Brands LLC | | | | | | | | |
4.500%, 08/03/22 • | | $ | 248 | | | $ | 247,629 | |
8.500%, 08/03/23 | | | 162 | | | | 160,552 | |
| | | | | | | | |
| | | | | | | 408,181 | |
| | | | | | | | |
| Healthcare Services — 0.1% | | | | | | | | |
US Renal Care, Inc.
5.250%, 12/30/22 | | | 274 | | | | 273,113 | |
| | | | | | | | |
| Insurance — 1.6% | | | | | | | | |
Alliant Holdings I LLC
4.500%, 08/12/22 • | | | 273 | | | | 268,565 | |
Asurion LLC | | | | | | | | |
5.000%, 05/24/19 • | | | 272 | | | | 270,117 | |
8.500%, 03/03/21 | | | 1,125 | | | | 1,080,000 | |
5.000%, 08/04/22 | | | 636 | | | | 626,486 | |
Sedgwick Claims Management Services, Inc.
6.750%, 02/28/22 | | | 375 | | | | 359,063 | |
USI, Inc.
4.250%, 12/27/19 • | | | 173 | | | | 170,672 | |
| | | | | | | | |
| | | | | | | 2,774,903 | |
| | | | | | | | |
| Internet — 0.1% | | | | | | | | |
Match Group, Inc.
5.500%, 11/16/22 | | | 183 | | | | 183,575 | |
| | | | | | | | |
| Machinery - Diversified — 0.2% | | | | | | | | |
Filtration Group, Inc.
4.250%, 11/23/20 • | | | 348 | | | | 344,584 | |
Manitowoc Foodservice, Inc.
5.750%, 03/03/23 | | | 97 | | | | 97,985 | |
| | | | | | | | |
| | | | | | | 442,569 | |
| | | | | | | | |
| Media — 0.7% | | | | | | | | |
Cumulus Media Holdings Inc
4.250%, 12/23/20 • | | | 200 | | | | 139,750 | |
IHeartCommunications, Inc.
7.210%, 01/30/19 • | | | 900 | | | | 655,002 | |
Neptune Finco Corp.
5.000%, 10/09/22 • | | | 350 | | | | 350,087 | |
| | | | | | | | |
| | | | | | | 1,144,839 | |
| | | | | | | | |
| Oil & Gas — 0.2% | | | | | | | | |
Hercules Offshore, Inc.
10.500%, 05/06/20 ^ | | | 333 | | | | 316,859 | |
| | | | | | | | |
| Oil & Gas Services — 0.3% | | | | | | | | |
CGG Holding (U.S.), Inc.
6.500%, 05/15/19 • | | | 299 | | | | 237,555 | |
Expro Finservices S.a.r.l.
5.750%, 09/02/21 | | | 309 | | | | 230,148 | |
| | | | | | | | |
| | | | | | | 467,703 | |
| | | | | | | | |
| Retail — 1.0% | | | | | | | | |
Academy Ltd
5.000%, 07/01/22 • | | | 792 | | | | 740,952 | |
JC Penney Corp.
5.250%, 06/23/23 • | | | 657 | | | | 652,517 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | |
Neiman Marcus Group, Inc.
4.250%, 10/25/20 | | $ | 298 | | | $ | 267,539 | |
| | | | | | | | |
| | | | | | | 1,661,008 | |
| | | | | | | | |
| Software — 0.7% | | | | | | | | |
Cengage Learning, Inc.
5.250%, 06/07/23 | | | 250 | | | | 246,875 | |
SolarWinds, Inc.
6.500%, 02/03/23 | | | 375 | | | | 372,187 | |
Veritas US, Inc. | | | | | | | | |
6.625%, 01/27/23 | | | 499 | | | | 438,900 | |
8.625%, 01/27/23 ^ | | | 275 | | | | 234,094 | |
| | | | | | | | |
| | | | | | | 1,292,056 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS‡
(Cost $15,477,288) | | | | | | | 15,248,805 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| WARRANTS — 0.0% | |
Pacific Exploration and Production Corp.*^,~
(Cost $13,760) | | | 4,300 | | | | 13,760 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.8% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 2,504,040 | | | | 2,504,040 | |
T. Rowe Price Reserve Investment Fund | | | 4,101,393 | | | | 4,101,393 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,605,433) | | | | 6,605,433 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $174,583,222) | | | | 172,368,891 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | | | | (247,824 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 172,121,067 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2016. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
63
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
High Yield Bond Fund
| * | Non-income producing security. |
| 144A @ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
| ^ | Illiquid security. The total market value of illiquid securities at June 30, 2016 is $1,243,619. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $245,666. |
ADR — American Depository Receipt.
CONV — Convertible Security.
LLC — Limited Liability Company.
LP — Limited Partnership.
PIK — Payment in Kind Security.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016†† | |
United States | | | 72 | % |
Canada | | | 7 | |
Luxembourg | | | 6 | |
Netherlands | | | 4 | |
United Kingdom | | | 3 | |
France | | | 1 | |
Germany | | | 1 | |
Other | | | 6 | |
| |
Total | | | 100% | |
| | | | |
| ††% | of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 1,864,377 | | | $ | 1,827,449 | | | $ | — | | | $ | 36,928 | |
REAL ESTATE INVESTMENT TRUSTS | | | 284,611 | | | | 284,611 | | | | — | | | | — | |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Diversified Financial Services | | | 43,618 | | | | — | | | | 43,618 | | | | — | |
Pharmaceuticals | | | 280,930 | | | | 280,930 | | | | — | | | | — | |
Telecommunications | | | 294,995 | | | | 294,995 | | | | — | | | | — | |
CORPORATE BONDS | | | 147,296,047 | | | | — | | | | 147,144,687 | | | | 151,360 | |
LOAN AGREEMENTS | | | 15,248,805 | | | | — | | | | 15,248,805 | | | | — | |
WARRANTS | | | 13,760 | | | | — | | | | — | | | | 13,760 | |
SHORT-TERM INVESTMENTS | | | 6,605,433 | | | | 6,605,433 | | | | — | | | | — | |
ASSET BACKED SECURITIES | | | 436,315 | | | | — | | | | 436,315 | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 172,368,891 | | | $ | 9,293,418 | | | $ | 162,873,425 | | | $ | 202,048 | |
| |
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
| | | | |
| | | Investments in Securities
(Market Value) | |
Balance as of 12/31/2015 | | $ | 30,920 | |
Purchases | | | 165,120 | |
Change in Appreciation/(Depreciation) | | | 6,008 | |
| | | | |
Balance as of 6/30/2016 | | $ | 202,048 | |
| | | | |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
64
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| ASSET BACKED SECURITIES — 0.3% | | | | | | | | |
Continental Airlines 2009-2 Class A, Pass Through Trust
7.250%, 05/10/21 | | $ | 568 | | | $ | 648,653 | |
Continental Airlines 2012-1 Class A, Pass Through Trust
4.150%, 10/11/25 | | | 1,884 | | | | 1,987,282 | |
Continental Airlines 2012-1 Class B, Pass Through Trust
6.250%, 10/11/21 | | | 324 | | | | 344,324 | |
DB Master Finance LLC 2015-1A A21
3.262%, 02/20/45 144A @ | | | 1,447 | | | | 1,460,142 | |
Taco Bell Funding LLC 2016-1A A21
3.832%, 05/25/46 144A @ | | | 3,605 | | | | 3,648,981 | |
Wendys Funding LLC 2015-1A A21
3.371%, 06/15/45 144A @ | | | 2,303 | | | | 2,315,264 | |
TOTAL ASSET BACKED SECURITIES
(Cost $10,139,877) | | | | | | | 10,404,646 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 58.9% | | | | | | | | |
| Aerospace & Defense — 0.4% | | | | | | | | |
The Boeing Co. | | | 109,100 | | | | 14,168,817 | |
| | | | | | | | |
| Agriculture — 2.1% | | | | | | | | |
Altria Group, Inc. | | | 291,300 | | | | 20,088,048 | |
Philip Morris International, Inc. | | | 527,900 | | | | 53,697,988 | |
| | | | | | | | |
| | | | | | | 73,786,036 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.9% | | | | | | | | |
Johnson Controls, Inc. | | | 694,400 | | | | 30,734,144 | |
| | | | | | | | |
| Banks — 2.5% | | | | | | | | |
State Street Corp. | | | 231,200 | | | | 12,466,304 | |
The Bank of New York Mellon Corp. | | | 1,911,100 | | | | 74,246,235 | |
| | | | | | | | |
| | | | | | | 86,712,539 | |
| | | | | | | | |
| Beverages — 1.0% | | | | | | | | |
PepsiCo, Inc. | | | 280,517 | | | | 29,717,971 | |
SABMiller PLC | | | 92,008 | | | | 5,365,853 | |
| | | | | | | | |
| | | | | | | 35,083,824 | |
| | | | | | | | |
| Biotechnology — 0.3% | | | | | | | | |
Biogen, Inc.* | | | 42,815 | | | | 10,353,523 | |
| | | | | | | | |
| Chemicals — 0.6% | | | | | | | | |
LyondellBasell Industries NV, Class A | | | 283,173 | | | | 21,073,735 | |
| | | | | | | | |
| Commercial Services — 1.0% | | | | | | | | |
Capita PLC | | | 1,133,748 | | | | 14,609,001 | |
Fleetcor Technologies, Inc.* | | | 134,987 | | | | 19,320,689 | |
| | | | | | | | |
| | | | | | | 33,929,690 | |
| | | | | | | | |
| Computers — 1.5% | | | | | | | | |
Apple, Inc. | | | 363,200 | | | | 34,721,920 | |
IHS, Inc., Class A* | | | 149,936 | | | | 17,334,101 | |
| | | | | | | | |
| | | | | | | 52,056,021 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — 2.6% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 137,628 | | | $ | 19,373,894 | |
BlackRock, Inc. | | | 68,700 | | | | 23,531,811 | |
Julius Baer Group Ltd. | | | 257,879 | | | | 10,379,196 | |
Visa, Inc., Class A | | | 502,400 | | | | 37,263,008 | |
| | | | | | | | |
| | | | | | | 90,547,909 | |
| | | | | | | | |
| Electric — 1.6% | | | | | | | | |
PG&E Corp. | | | 847,900 | | | | 54,197,768 | |
Xcel Energy, Inc. | | | 42,100 | | | | 1,885,238 | |
| | | | | | | | |
| | | | | | | 56,083,006 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | | | | | |
AMETEK, Inc. | | | 186,300 | | | | 8,612,649 | |
| | | | | | | | |
| Electronics — 6.2% | | | | | | | | |
PerkinElmer, Inc. | | | 700,400 | | | | 36,714,968 | |
Sensata Technologies Holding NV* | | | 403,850 | | | | 14,090,327 | |
Thermo Fisher Scientific, Inc. | | | 699,700 | | | | 103,387,672 | |
Tyco International PLC | | | 1,382,500 | | | | 58,894,500 | |
| | | | | | | | |
| | | | | | | 213,087,467 | |
| | | | | | | | |
| Food — 1.4% | | | | | | | | |
Compass Group PLC | | | 231,572 | | | | 4,405,770 | |
Mondelez International, Inc., Class A | | | 959,074 | | | | 43,647,458 | |
| | | | | | | | |
| | | | | | | 48,053,228 | |
| | | | | | | | |
| Healthcare Products — 5.6% | | | | | | | | |
Becton Dickinson & Co. | | | 383,934 | | | | 65,111,367 | |
Danaher Corp. | | | 1,252,270 | | | | 126,479,270 | |
| | | | | | | | |
| | | | | | | 191,590,637 | |
| | | | | | | | |
| Healthcare Services — 3.4% | | | | | | | | |
Aetna, Inc. | | | 433,700 | | | | 52,967,781 | |
Humana, Inc. | | | 90,123 | | | | 16,211,325 | |
UnitedHealth Group, Inc. | | | 334,800 | | | | 47,273,760 | |
| | | | | | | | |
| | | | | | | 116,452,866 | |
| | | | | | | | |
| Insurance — 6.8% | | | | | | | | |
Marsh & McLennan Cos., Inc. | | | 2,509,000 | | | | 171,766,140 | |
Willis Towers Watson PLC | | | 512,279 | | | | 63,681,402 | |
| | | | | | | | |
| | | | | | | 235,447,542 | |
| | | | | | | | |
| Internet — 2.7% | | | | | | | | |
Alphabet, Inc., Class A* | | | 11,800 | | | | 8,301,654 | |
Alphabet, Inc., Class C* | | | 57,516 | | | | 39,806,824 | |
Amazon.com, Inc.* | | | 64,100 | | | | 45,871,242 | |
| | | | | | | | |
| | | | | | | 93,979,720 | |
| | | | | | | | |
| Lodging — 0.3% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 379,733 | | | | 8,555,384 | |
| | | | | | | | |
| Machinery — Diversified — 0.9% | | | | | | | | |
IDEX Corp. | | | 106,500 | | | | 8,743,650 | |
Roper Technologies, Inc. | | | 134,800 | | | | 22,991,488 | |
| | | | | | | | |
| | | | | | | 31,735,138 | |
| | | | | | | | |
| Media — 2.2% | | | | | | | | |
Comcast Corp., Class A | | | 652,700 | | | | 42,549,513 | |
65
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Media — (continued) | | | | | | | | |
Liberty Global PLC* | | | 1,065,632 | | | $ | 30,530,357 | |
Liberty Global PLC LiLAC* | | | 67,217 | | | | 2,183,895 | |
| | | | | | | | |
| | | | | | | 75,263,765 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.0% | | | | | | | | |
Pentair PLC | | | 593,864 | | | | 34,616,333 | |
| | | | | | | | |
| Oil & Gas — 0.6% | | | | | | | | |
Canadian Natural Resources Ltd. | | | 667,900 | | | | 20,591,357 | |
| | | | | | | | |
| Pharmaceuticals — 4.9% | | | | | | | | |
Abbott Laboratories | | | 1,666,600 | | | | 65,514,046 | |
Allergan PLC* | | | 30,200 | | | | 6,978,918 | |
Pfizer, Inc. | | | 1,239,831 | | | | 43,654,449 | |
Zoetis, Inc. | | | 1,071,386 | | | | 50,847,980 | |
| | | | | | | | |
| | | | | | | 166,995,393 | |
| | | | | | | | |
| Retail — 3.2% | | | | | | | | |
AutoZone, Inc.* | | | 72,699 | | | | 57,711,374 | |
CVS Health Corp. | | | 237,900 | | | | 22,776,546 | |
Lowe’s Cos., Inc. | | | 329,400 | | | | 26,078,598 | |
O’Reilly Automotive, Inc.* | | | 12,600 | | | | 3,415,860 | |
| | | | | | | | |
| | | | | | | 109,982,378 | |
| | | | | | | | |
| Semiconductors — 0.3% | | | | | | | | |
Texas Instruments, Inc. | | | 138,200 | | | | 8,658,230 | |
| | | | | | | | |
| Software — 3.9% | | | | | | | | |
Fiserv, Inc.* | | | 481,200 | | | | 52,320,876 | |
Microsoft Corp. | | | 1,628,400 | | | | 83,325,228 | |
| | | | | | | | |
| | | | | | | 135,646,104 | |
| | | | | | | | |
| Telecommunications — 0.7% | | | | | | | | |
SBA Communications Corp., Class A* | | | 212,898 | | | | 22,980,210 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,667,057,042) | | | | | | | 2,026,777,645 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 1.8% | | | | | |
| Commercial Services — 0.2% | | | | | | | | |
Iron Mountain, Inc.144A @ | | $ | 5,925,000 | | | | 6,199,031 | |
| | | | | | | | |
| Diversified — 1.6% | | | | | | | | |
American Tower Corp. | | | 283,397 | | | | 32,196,733 | |
American Tower Corp. | | | 180,218 | | | | 20,242,086 | |
American Tower Corp. | | | 3,575,000 | | | | 3,729,447 | |
| | | | | | | | |
| | | | | | | 56,168,266 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $53,665,280) | | | | | | | 62,367,297 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| PREFERRED STOCKS — 1.2% | | | | | | | | |
| Banks — 0.5% | | | | | | | | |
State Street Corp. | | | 86,000 | | | $ | 2,399,400 | |
State Street Corp.• | | | 50,000 | | | | 1,342,000 | |
U.S. Bancorp, Series F• | | | 71,000 | | | | 2,186,800 | |
U.S. Bancorp, Series G• | | | 90,000 | | | | 2,349,900 | |
Wells Fargo & Co. | | | 7,000 | | | | 9,094,400 | |
| | | | | | | | |
| | | | | | | 17,372,500 | |
| | | | | | | | |
| Diversified Financial Services — 0.1% | | | | | | | | |
The Charles Schwab Corp. | | | 12,000 | | | | 322,080 | |
The Charles Schwab Corp. | | | 150,000 | | | | 4,092,000 | |
| | | | | | | | |
| | | | | | | 4,414,080 | |
| | | | | | | | |
| Electric — 0.6% | | | | | | | | |
SCE Trust I | | | 83,775 | | | | 2,222,551 | |
SCE Trust II | | | 14,730 | | | | 385,189 | |
SCE Trust III• | | | 161,355 | | | | 4,679,295 | |
SCE Trust IV• | | | 340,000 | | | | 9,475,800 | |
SCE Trust V• | | | 100,000 | | | | 2,855,000 | |
| | | | | | | | |
| | | | | | | 19,617,835 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $37,339,414) | | | | | | | 41,404,415 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 20.4% | | | | | | | | |
| Advertising — 0.0% | | | | | | | | |
Lamar Media Corp.
5.875%, 02/01/22 | | $ | 1,450 | | | | 1,508,000 | |
| | | | | | | | |
| Aerospace & Defense — 0.1% | | | | | | | | |
Harris Corp.
1.999%, 04/27/18 | | | 1,080 | | | | 1,085,498 | |
Moog, Inc.
5.250%, 12/01/22 144A @ | | | 650 | | | | 658,125 | |
| | | | | | | | |
| | | | | | | 1,743,623 | |
| | | | | | | | |
| Airlines — 0.1% | | | | | | | | |
Continental Airlines 2009-1 Pass Through Trust
9.000%, 07/08/16 | | | 651 | | | | 650,941 | |
Delta Air Lines 2009-1, Class A Pass Through Trust
7.750%, 06/17/21 | | | 380 | | | | 428,179 | |
Delta Air Lines 2011-1, Class A Pass Through Trust
5.300%, 10/15/20 | | | 399 | | | | 426,755 | |
US Airways 2010-1 Class A, Pass Through Trust
6.250%, 10/22/24 | | | 1,673 | | | | 1,877,602 | |
US Airways 2010-1 Class B, Pass Through Trust
8.500%, 10/22/18 ^ | | | 149 | | | | 154,430 | |
US Airways 2012-2 Class A, Pass Through Trust
4.625%, 12/03/26 | | | 235 | | | | 254,864 | |
66
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Airlines — (continued) | | | | | | | | |
US Airways 2012-2 Class B Pass Through Trust
6.750%, 12/03/22 ^ | | $ | 462 | | | $ | 494,298 | |
US Airways 2013-1 Class A, Pass Through Trust
3.950%, 05/15/27 | | | 4 | | | | 4,597 | |
US Airways 2013-1 Class B, Pass Through Trust
5.375%, 05/15/23 | | | 5 | | | | 4,647 | |
| | | | | | | | |
| | | | | | | 4,296,313 | |
| | | | | | | | |
| Apparel — 0.1% | | | | | | | | |
Levi Strauss & Co.
6.875%, 05/01/22 | | | 3,900 | | | | 4,138,875 | |
| | | | | | | | |
| Auto Manufacturers — 0.1% | | | | | | | | |
Tesla Motors Inc.
1.250%, 03/01/21 | | | 2,393 | | | | 1,966,747 | |
| | | | | | | | |
| Banks — 0.6% | | | | | | | | |
JPMorgan Chase & Co.
5.300%, 12/29/49• | | | 10,255 | | | | 10,216,544 | |
Regions Bank
7.500%, 05/15/18 | | | 75 | | | | 82,252 | |
State Street Corp.
5.250%, 12/29/49• | | | 4,360 | | | | 4,479,900 | |
Synovus Financial Corp.
5.125%, 06/15/17 | | | 32 | | | | 32,550 | |
The Bank of New York Mellon Corp.
4.950%, 12/29/49• | | | 5,800 | | | | 5,821,750 | |
| | | | | | | | |
| | | | | | | 20,632,996 | |
| | | | | | | | |
| Beverages — 0.3% | | | | | | | | |
Anheuser-Busch InBev Finance Inc.
1.900%, 02/01/19 | | | 2,995 | | | | 3,045,855 | |
1.897%, 02/01/21• | | | 3,820 | | | | 3,935,838 | |
2.650%, 02/01/21 | | | 1,690 | | | | 1,752,555 | |
PepsiCo, Inc.
1.250%, 04/30/18 | | | 1,635 | | | | 1,643,741 | |
| | | | | | | | |
| | | | | | | 10,377,989 | |
| | | | | | | | |
| Chemicals — 0.2% | | | | | | | | |
Cytec Industries, Inc.
3.950%, 05/01/25 | | | 3,680 | | | | 3,667,444 | |
Ecolab Inc.
2.000%, 01/14/19 | | | 2,330 | | | | 2,360,397 | |
| | | | | | | | |
| | | | | | | 6,027,841 | |
| | | | | | | | |
| Computers — 0.1% | | | | | | | | |
IHS Inc.
5.000%, 11/01/22 | | | 3,925 | | | | 4,052,562 | |
| | | | | | | | |
| Diversified Financial Services — 1.9% | | | | | | | | |
American Honda Finance Corp.
0.950%, 05/05/17 | | | 2,200 | | | | 2,199,399 | |
Caterpillar Financial Services Corp.
1.250%, 11/06/17 | | | 1,645 | | | | 1,651,169 | |
2.250%, 12/01/19 | | | 1,155 | | | | 1,189,150 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| Diversified Financial Services — (continued) | | | | | |
Ford Motor Credit Co. LLC
4.250%, 02/03/17 | | $ | 1,340 | | | $ | 1,361,413 | |
1.270%, 03/27/17• | | | 7,660 | | | | 7,662,873 | |
1.461%, 03/27/17 | | | 10,560 | | | | 10,578,712 | |
6.625%, 08/15/17 | | | 1,675 | | | | 1,768,015 | |
1.181%, 09/08/17• | | | 4,325 | | | | 4,311,670 | |
1.250%, 12/06/17• | | | 6,325 | | | | 6,292,262 | |
1.724%, 12/06/17 | | | 2,150 | | | | 2,154,573 | |
2.145%, 01/09/18 | | | 3,360 | | | | 3,389,424 | |
5.000%, 05/15/18 | | | 1,800 | | | | 1,907,161 | |
2.375%, 03/12/19 | | | 4,275 | | | | 4,334,961 | |
2.597%, 11/04/19 | | | 5,350 | | | | 5,473,478 | |
National Rural Utilities Cooperative Finance Corp.
0.950%, 04/24/17 | | | 1,050 | | | | 1,050,113 | |
Visa, Inc.
1.200%, 12/14/17 | | | 11,030 | | | | 11,098,496 | |
| | | | | | | | |
| | | | | | | 66,422,869 | |
| | | | | | | | |
| Electric — 0.4% | | | | | | | | |
Berkshire Hathaway Energy Co.
2.400%, 02/01/20 | | | 2,550 | | | | 2,619,271 | |
CMS Energy Corp.
6.550%, 07/17/17 | | | 895 | | | | 942,294 | |
8.750%, 06/15/19 | | | 415 | | | | 499,410 | |
Dominion Resources Inc., STEP
2.962%, 07/01/19 | | | 350 | | | | 356,312 | |
Otter Tail Corp.
9.000%, 12/15/16 ^ | | | 890 | | | | 915,588 | |
The Southern Co.
1.550%, 07/01/18 | | | 3,795 | | | | 3,819,823 | |
1.850%, 07/01/19 | | | 1,770 | | | | 1,792,392 | |
Virginia Electric & Power Co.
3.150%, 01/15/26 | | | 1,525 | | | | 1,610,051 | |
| | | | | | | | |
| | | | | | | 12,555,141 | |
| | | | | | | | |
| Electronics — 0.0% | | | | | | | | |
Amphenol Corp.
1.550%, 09/15/17 | | | 920 | | | | 920,286 | |
Fortive Corp.
1.800%, 06/15/19 144A @ | | | 345 | | | | 347,213 | |
| | | | | | | | |
| | | | | | | 1,267,499 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | | | | | | | | |
SBA Communications Corp.
4.875%, 07/15/22 | | | 2,575 | | | | 2,568,563 | |
| | | | | | | | |
| Entertainment — 0.5% | | | | | | | | |
Cedar Fair LP
5.250%, 03/15/21 | | | 5,800 | | | | 5,942,419 | |
Six Flags Entertainment Corp.
5.250%, 01/15/21 144A @ | | | 9,395 | | | | 9,688,594 | |
| | | | | | | | |
| | | | | | | 15,631,013 | |
| | | | | | | | |
| Food — 0.1% | | | | | | | | |
B&G Foods, Inc.
4.625%, 06/01/21 | | | 1,525 | | | | 1,525,000 | |
67
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Food — (continued) | | | | | | | | |
The Kroger Co.
2.000%, 01/15/19 | | $ | 1,330 | | | $ | 1,351,646 | |
TreeHouse Foods, Inc.
6.000%, 02/15/24 144A @ | | | 600 | | | | 636,000 | |
| | | | | | | | |
| | | | | | | 3,512,646 | |
| | | | | | | | |
| Gas — 0.1% | | | | | | | | |
Southern California Gas Co.
3.200%, 06/15/25 | | | 3,625 | | | | 3,889,378 | |
| | | | | | | | |
| Healthcare Products — 0.4% | | | | | | | | |
Becton Dickinson and Co.
1.800%, 12/15/17 | | | 3,590 | | | | 3,619,348 | |
2.675%, 12/15/19 | | | 2,175 | | | | 2,237,057 | |
Medtronic, Inc. | | | | | | | | |
1.500%, 03/15/18 | | | 4,025 | | | | 4,059,933 | |
2.500%, 03/15/20 | | | 2,845 | | | | 2,950,587 | |
Teleflex, Inc.
4.875%, 06/01/26 | | | 900 | | | | 909,000 | |
| | | | | | | | |
| | | | | | | 13,775,925 | |
| | | | | | | | |
| Healthcare Services — 1.5% | | | | | | | | |
Centene Corp.
5.750%, 06/01/17 | | | 2,100 | | | | 2,142,000 | |
DaVita HealthCare Partners, Inc.
5.750%, 08/15/22 | | | 16,265 | | | | 17,017,256 | |
Fresenius Medical Care U.S. Finance II, Inc.
5.625%, 07/31/19 144A @ | | | 6,300 | | | | 6,831,531 | |
5.875%, 01/31/22 144A @ | | | 3,450 | | | | 3,782,063 | |
Fresenius Medical Care U.S. Finance, Inc.
5.750%, 02/15/21 144A @ | | | 725 | | | | 804,750 | |
HCA, Inc.
8.000%, 10/01/18 | | | 7,544 | | | | 8,411,560 | |
3.750%, 03/15/19 | | | 1,725 | | | | 1,785,375 | |
4.250%, 10/15/19 | | | 850 | | | | 886,125 | |
6.500%, 02/15/20 | | | 7,425 | | | | 8,213,906 | |
UnitedHealth Group, Inc.
1.400%, 12/15/17 | | | 1,545 | | | | 1,553,307 | |
Wellcare Health Plans, Inc.
5.750%, 11/15/20 | | | 1,800 | | | | 1,860,750 | |
| | | | | | | | |
| | | | | | | 53,288,623 | |
| | | | | | | | |
| Household Products & Wares — 0.1% | | | | | | | | |
Reynolds Group Issuer, Inc.
5.750%, 10/15/20 | | | 3,300 | | | | 3,407,250 | |
| | | | | | | | |
| Insurance — 0.5% | | | | | | | | |
HUB International Ltd.
9.250%, 02/15/21 144A @ | | | 2,200 | | | | 2,299,000 | |
7.875%, 10/01/21 144A @ | | | 11,201 | | | | 10,752,960 | |
Marsh & McLennan Cos., Inc.
2.350%, 03/06/20 | | | 1,205 | | | | 1,229,443 | |
3.300%, 03/14/23 | | | 525 | | | | 548,071 | |
Trinity Acquisition PLC
4.400%, 03/15/26 | | | 2,400 | | | | 2,505,898 | |
| | | | | | | | |
| | | | | | | 17,335,372 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Internet — 0.1% | | | | | | | | |
Amazon.com, Inc.
2.600%, 12/05/19 | | $ | 4,155 | | | $ | 4,333,918 | |
| | | | | | | | |
| Lodging — 0.2% | | | | | | | | |
Hilton Worldwide Finance LLC/Hilton
Worldwide Finance Corp.
5.625%, 10/15/21 | | | 5,749 | | | | 5,950,215 | |
| | | | | | | | |
| Machinery — Diversified — 0.6% | | | | | | | | |
Case New Holland Industrial, Inc.
7.875%, 12/01/17 | | | 341 | | | | 366,575 | |
CNH Industrial Capital LLC
6.250%, 11/01/16 | | | 7,400 | | | | 7,492,500 | |
3.250%, 02/01/17 | | | 4,775 | | | | 4,803,650 | |
3.625%, 04/15/18 | | | 5,700 | | | | 5,700,000 | |
3.875%, 07/16/18 | | | 425 | | | | 427,125 | |
Manitowoc Foodservice, Inc.
9.500%, 02/15/24 144A @ | | | 425 | | | | 474,937 | |
Xylem, Inc.
4.875%, 10/01/21 | | | 415 | | | | 452,482 | |
| | | | | | | | |
| | | | | | | 19,717,269 | |
| | | | | | | | |
| Media — 1.0% | | | | | | | | |
CCO Holdings LLC
6.625%, 01/31/22 | | | 8,200 | | | | 8,651,000 | |
Cequel Communications Holdings I LLC
6.375%, 09/15/20 144A @ | | | 3,550 | | | | 3,609,640 | |
Charter Communications Operating
LLC/Charter Communications Operating Capital
3.579%, 07/23/20 144A @ | | | 2,225 | | | | 2,326,113 | |
DISH DBS Corp.
4.625%, 07/15/17 | | | 4,850 | | | | 4,934,875 | |
Sirius XM Radio, Inc.
5.875%, 10/01/20 144A @ | | | 425 | | | | 438,281 | |
5.750%, 08/01/21 144A @ | | | 2,800 | | | | 2,908,500 | |
Time Warner Cable Inc.
5.850%, 05/01/17 | | | 1,760 | | | | 1,821,908 | |
Unitymedia GmbH
6.125%, 01/15/25 144A @ | | | 6,225 | | | | 6,380,003 | |
Unitymedia Hessen GmbH & Co. KG
5.500%, 01/15/23 144A @ | | | 4,925 | | | | 4,949,625 | |
| | | | | | | | |
| | | | | | | 36,019,945 | |
| | | | | | | | |
| Oil & Gas — 2.6% | | | | | | | | |
Canadian Natural Resources Ltd.
1.750%, 01/15/18 | | | 1,000 | | | | 991,247 | |
Chevron Corp.
1.365%, 03/02/18 | | | 4,400 | | | | 4,424,165 | |
Concho Resources, Inc.
7.000%, 01/15/21 | | | 14,490 | | | | 14,888,475 | |
6.500%, 01/15/22 | | | 6,975 | | | | 7,140,656 | |
5.500%, 10/01/22 | | | 4,150 | | | | 4,170,750 | |
5.500%, 04/01/23 | | | 13,400 | | | | 13,433,500 | |
Diamondback Energy, Inc.
7.625%, 10/01/21 | | | 4,500 | | | | 4,753,125 | |
68
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
EQT Corp.
6.500%, 04/01/18 | | $ | 1,620 | | | $ | 1,687,910 | |
8.125%, 06/01/19 | | | 1,754 | | | | 1,932,370 | |
4.875%, 11/15/21 | | | 8,005 | | | | 8,511,893 | |
Matador Resources Co.
6.875%, 04/15/23 | | | 3,300 | | | | 3,366,000 | |
Range Resources Corp.
5.750%, 06/01/21 | | | 5,712 | | | | 5,583,480 | |
5.000%, 08/15/22 | | | 4,200 | | | | 3,958,500 | |
5.000%, 03/15/23 | | | 6,175 | | | | 5,789,062 | |
4.875%, 05/15/25 | | | 4,100 | | | | 3,905,250 | |
Shell International Finance BV
1.080%, 05/11/20• | | | 6,720 | | | | 6,631,807 | |
| | | | | | | | |
| | | | | | | 91,168,190 | |
| | | | | | | | |
| Packaging and Containers — 0.1% | | | | | | | | |
Beverage Packaging Holdings Luxembourg II SA
5.625%, 12/15/16 144A @ | | | 2,275 | | | | 2,280,688 | |
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
6.875%, 02/15/21 | | | 1,050 | | | | 1,081,500 | |
| | | | | | | | |
| | | | | | | 3,362,188 | |
| | | | | | | | |
| Pharmaceuticals — 0.4% | | | | | | | | |
Eli Lilly & Co.
1.250%, 03/01/18 | | | 2,200 | | | | 2,216,524 | |
Johnson & Johnson
1.125%, 11/21/17 | | | 1,360 | | | | 1,367,339 | |
Pfizer, Inc.
1.200%, 06/01/18 | | | 8,525 | | | | 8,564,496 | |
| | | | | | | | |
| | | | | | | 12,148,359 | |
| | | | | | | | |
| Pipelines — 1.2% | | | | | | | | |
MPLX LP | | | | | | | | |
5.500%, 02/15/23 144A @ | | | 10,260 | | | | 10,424,129 | |
4.500%, 07/15/23 144A @ | | | 15,500 | | | | 15,023,080 | |
4.875%, 12/01/24 144A @ | | | 1,600 | | | | 1,558,658 | |
ONEOK Partners LP
2.000%, 10/01/17 | | | 830 | | | | 828,854 | |
Targa Resources Partners LP | | | | | | | | |
4.125%, 11/15/19 | | | 1,325 | | | | 1,311,750 | |
6.875%, 02/01/21 | | | 5,100 | | | | 5,189,250 | |
5.250%, 05/01/23 | | | 2,775 | | | | 2,622,375 | |
4.250%, 11/15/23 | | | 3,325 | | | | 2,984,188 | |
| | | | | | | | |
| | | | | | | 39,942,284 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
CBRE Services, Inc.
5.000%, 03/15/23 | | | 900 | | | | 931,749 | |
Iron Mountain, Inc.
4.375%, 06/01/21 144A @ | | | 1,300 | | | | 1,309,750 | |
| | | | | | | | |
| | | | | | | 2,241,499 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Retail — 1.8% | | | | | | | | |
AmeriGas Finance LLC
7.000%, 05/20/22 | | $ | 6,030 | | | $ | 6,365,389 | |
Autozone, Inc.
1.625%, 04/21/19 | | | 365 | | | | 366,897 | |
AutoZone, Inc.
2.500%, 04/15/21 | | | 1,915 | | | | 1,950,157 | |
L Brands, Inc. | | | | | | | | |
6.900%, 07/15/17 | | | 5,200 | | | | 5,514,600 | |
8.500%, 06/15/19 | | | 4,454 | | | | 5,166,640 | |
7.000%, 05/01/20 | | | 1,726 | | | | 1,950,380 | |
6.625%, 04/01/21 | | | 8,221 | | | | 9,248,625 | |
McDonald’s Corp.
2.100%, 12/07/18 | | | 505 | | | | 516,803 | |
Rite Aid Corp. | | | | | | | | |
9.250%, 03/15/20 | | | 11,490 | | | | 12,124,018 | |
6.750%, 06/15/21 | | | 7,950 | | | | 8,367,375 | |
Suburban Propane Partners LP
7.375%, 08/01/21 | | | 1,890 | | | | 1,966,791 | |
Walgreens Boots Alliance, Inc.
1.750%, 05/30/18 | | | 2,545 | | | | 2,564,882 | |
Yum! Brans, Inc. | | | | | | | | |
3.875%, 11/01/20 | | | 2,625 | | | | 2,667,656 | |
3.750%, 11/01/21 | | | 5,050 | | | | 4,949,000 | |
| | | | | | | | |
| | | | | | | 63,719,213 | |
| | | | | | | | |
| Semiconductors — 0.8% | | | | | | | | |
NXP BV
5.750%, 02/15/21 144A @ | | | 5,075 | | | | 5,265,313 | |
NXP BV/NXP Funding LLC | | | | | | | | |
3.500%, 09/15/16 144A @ | | | 60 | | | | 60,062 | |
3.750%, 06/01/18 144A @ | | | 20,760 | | | | 21,175,200 | |
| | | | | | | | |
| | | | | | | 26,500,575 | |
| | | | | | | | |
| Software — 0.3% | | | | | | | | |
Fiserv, Inc.
2.700%, 06/01/20 | | | 5,175 | | | | 5,357,579 | |
IMS Health, Inc.
6.000%, 11/01/20 144A @ | | | 875 | | | | 890,313 | |
SS&C Technologies Holdings, Inc.
5.875%, 07/15/23 | | | 3,600 | | | | 3,681,000 | |
| | | | | | | | |
| | | | | | | 9,928,892 | |
| | | | | | | | |
| Telecommunications — 4.0% | | | | | | | | |
Crown Castle International Corp. | | | | | | | | |
4.875%, 04/15/22 | | | 7,850 | | | | 8,620,870 | |
5.250%, 01/15/23 | | | 13,865 | | | | 15,557,362 | |
SBA Communications Corp.
5.625%, 10/01/19 | | | 5,800 | | | | 5,988,500 | |
SBA Telecommunications, Inc.
5.750%, 07/15/20 | | | 12,800 | | | | 13,184,000 | |
T-Mobile USA Inc.
5.250%, 09/01/18 | | | 825 | | | | 841,500 | |
T-Mobile USA, Inc. | | | | | | | | |
6.542%, 04/28/20 | | | 13,000 | | | | 13,406,250 | |
6.625%, 11/15/20 | | | 5,475 | | | | 5,646,094 | |
69
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
Telesat Canada 6.000%,
05/15/17 144A @ | | $ | 7,870 | | | $ | 7,855,244 | |
UPC Holding BV
6.375%, 09/15/22 144A @ | | | 4,975 | | | | 5,837,109 | |
UPCB Finance V Ltd.
7.250%, 11/15/21 144A @ | | | 17,285 | | | | 18,019,091 | |
UPCB Finance VI Ltd.
6.875%, 01/15/22 144A @ | | | 25,923 | | | | 26,959,608 | |
Virgin Media Finance PLC
6.000%, 10/15/24 144A @ | | | 325 | | | | 318,906 | |
Virgin Media Secured Finance PLC | | | | | | | | |
5.375%, 04/15/21 144A @ | | | 11,093 | | | | 11,286,619 | |
6.000%, 04/15/21 144A @ | | | 1,215 | | | | 1,661,957 | |
5.250%, 01/15/26 144A @ | | | 3,450 | | | | 3,337,875 | |
| | | | | | | | |
| | | | | | | 138,520,985 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $695,177,431) | | | | | | | 701,952,757 | |
| | | | | | | | |
| LOAN AGREEMENTS — 3.7%‡ | | | | | | | | |
| Beverages — 0.3% | | | | | | | | |
De Master Blenders
4.250%, 07/02/22 | | | 1,011 | | | | 1,122,648 | |
4.250%, 07/02/22 | | | 7,549 | | | | 7,563,298 | |
| | | | | | | | |
| | | | | | | 8,685,946 | |
| | | | | | | | |
| Commercial Services — 0.3% | | | | | | | | |
Kronos, Inc.
4.500%, 10/30/19• | | | 5,359 | | | | 5,340,601 | |
9.750%, 04/30/20 | | | 6,122 | | | | 6,147,571 | |
| | | | | | | | |
| | | | | | | 11,488,172 | |
| | | | | | | | |
| Diversified Financial Services — 0.2% | | | | | | | | |
Hilton Worldwide Finance LLC
3.500%, 10/25/20• | | | 4,841 | | | | 4,841,447 | |
| | | | | | | | |
| Electric — 0.0% | | | | | | | | |
Texas Competitive Electric Holdings Co. LLC 3.750%, 11/07/16• | | | 1,016 | | | | 1,012,032 | |
| | | | | | | | |
| Entertainment — 0.0% | | | | | | | | |
Kasima LLC
3.250%, 05/17/21• | | | 450 | | | | 448,919 | |
| | | | | | | | |
| Food — 0.2% | | | | | | | | |
Pinnacle Foods Finance LLC•
3.250%, 04/29/20 | | | 3,744 | | | | 3,735,289 | |
3.250%, 04/29/20 | | | 4,246 | | | | 4,243,026 | |
| | | | | | | | |
| | | | | | | 7,978,315 | |
| | | | | | | | |
| Healthcare Services — 0.3% | | | | | | | | |
Davita Healthcare Partners, Inc.
3.500%, 06/24/21• | | | 9,387 | | | | 9,399,129 | |
| | | | | | | | |
| Holding Companies — 0.5% | | | | | | | | |
Intelsat Jackson Holdings
3.750%, 06/30/19 | | | 20,221 | | | | 18,386,258 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Insurance — 0.5% | | | | | | | | |
HUB International Ltd.
4.000%, 10/02/20• | | $ | 17,761 | | | $ | 17,420,577 | |
| | | | | | | | |
| Machinery - Diversified — 0.2% | | | | | | | | |
Manitowoc Foodservice, Inc.
5.750%, 03/03/23 | | | 5,773 | | | | 5,805,579 | |
| | | | | | | | |
| Media — 0.1% | | | | | | | | |
Charter Communications Operating LLC•
3.000%, 07/01/20 | | | 3,061 | | | | 3,036,393 | |
3.000%, 01/03/21 | | | 1,439 | | | | 1,429,246 | |
| | | | | | | | |
| | | | | | | 4,465,639 | |
| | | | | | | | |
| Retail — 0.3% | | | | | | | | |
Yum! Brands, Inc.
3.192%, 06/16/23 | | | 10,975 | | | | 10,975,000 | |
| | | | | | | | |
| Semiconductors — 0.1% | | | | | | | | |
NXP BV
3.750%, 12/07/20 | | | 1,853 | | | | 1,855,189 | |
| | | | | | | | |
| Telecommunications — 0.7% | | | | | | | | |
Telesat Canada•
3.000%, 03/28/17 ^ | | | 557 | | | | 428,341 | |
3.500%, 03/28/19 | | | 5,350 | | | | 5,314,478 | |
4.250%, 03/28/19 ^ | | | 3,628 | | | | 2,784,553 | |
UPC Financing Partnership
3.250%, 06/30/21• | | | 16,075 | | | | 15,666,373 | |
| | | | | | | | |
| | | | | | | 24,193,745 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS
(Cost $129,876,995) | | | | 126,955,947 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 12.3% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 21,972,509 | | | | 21,972,509 | |
T. Rowe Price Reserve Investment Fund | | | 399,016,499 | | | | 399,016,499 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $420,989,008) | | | | 420,989,008 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.6%
(Cost $3,014,245,047) | | | | 3,390,851,715 | |
| | | | | | | | |
| Other Assets & Liabilities — 1.4% | | | | 48,737,091 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 3,439,588,806 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS | | | | | | | | |
| Call Options | | | | | | | | |
Allergan PLC, $270.00, 01/20/2017 | | | (302 | ) | | | (217,440 | ) |
Alphabet, Inc., $795.00, 01/20/2017 | | | (117 | ) | | | (139,230 | ) |
Alphabet, Inc., $800.00, 01/20/2017 | | | (47 | ) | | | (55,225 | ) |
Alphabet, Inc., $800.00, 01/20/2017 | | | (31 | ) | | | (48,980 | ) |
70
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS — (continued) | | | | | | | | |
| Call Options — (continued) | | | | | | | | |
Alphabet, Inc., $820.00, 01/20/2017 | | | (47 | ) | | $ | (33,840 | ) |
Alphabet, Inc., $840.00, 01/20/2017 | | | (47 | ) | | | (23,030 | ) |
Alphabet, Inc., $900.00, 01/20/2017 | | | (87 | ) | | | (27,840 | ) |
Altria Group, Inc., $65.00, 01/20/2017 | | | (1,456 | ) | | | (792,064 | ) |
Altria Group, Inc., $67.50, 01/20/2017 | | | (1,457 | ) | | | (575,515 | ) |
American Tower Corp., $105.00, 01/20/2017 | | | (170 | ) | | | (187,000 | ) |
American Tower Corp., $110.00, 01/20/2017 | | | (331 | ) | | | (264,800 | ) |
American Tower Corp., $115.00, 01/20/2017 | | | (484 | ) | | | (242,000 | ) |
Apple, Inc., $105.00, 01/20/2017 | | | (704 | ) | | | (198,528 | ) |
Apple, Inc., $110.00, 01/20/2017 | | | (704 | ) | | | (124,608 | ) |
Apple, Inc., $115.00, 01/20/2017 | | | (2,070 | ) | | | (221,490 | ) |
AutoZone, Inc., $840.00, 01/20/2017 | | | (45 | ) | | | (107,550 | ) |
Comcast Corp., $62.50, 01/20/2017 | | | (2,713 | ) | | | (1,410,760 | ) |
Comcast Corp., $65.00, 01/20/2017 | | | (3,814 | ) | | | (1,395,924 | ) |
CVS Health Corp., $100.00, 01/20/17 | | | (386 | ) | | | (110,396 | ) |
CVS Health Corp., $105.00, 01/20/17 | | | (564 | ) | | | (73,320 | ) |
CVS Health Corp., $110.00, 01/20/17 | | | (967 | ) | | | (45,449 | ) |
CVS Health Corp., $115.00, 01/20/2017 | | | (436 | ) | | | (7,412 | ) |
Danaher Corp., $100.00, 01/20/2017 | | | (405 | ) | | | (234,900 | ) |
Danaher Corp., $105.00, 01/20/2017 | | | (1,119 | ) | | | (352,485 | ) |
Danaher Corp., $110.00, 01/20/2017 | | | (713 | ) | | | (106,950 | ) |
Danaher Corp., $115.00, 01/20/2017 | | | (289 | ) | | | (15,895 | ) |
Danaher Corp., $92.00, 01/20/2017 | | | (895 | ) | | | (796,550 | ) |
Danaher Corp., $92.50, 01/20/2017 | | | (895 | ) | | | (975,550 | ) |
Duke Energy Corp., $70.00 01/20/2017 | | | 192 | | | | 297,600 | |
Duke Energy Corp., $70.00, 01/20/2017 | | | (192 | ) | | | (297,600 | ) |
Lowe’s Cos, Inc., $87.50, 01/20/2017 | | | (426 | ) | | | (62,622 | ) |
Lowe’s Cos, Inc., $90.00, 01/20/2017 | | | (863 | ) | | | (80,259 | ) |
Lowe’s Cos., Inc., $80.00, 01/20/2017 | | | (234 | ) | | | (101,790 | ) |
Lowe’s Cos., Inc., $82.00, 01/20/2017 | | | (1,117 | ) | | | (258,027 | ) |
Lowe’s Cos., Inc., $82.50, 01/20/2017 | | | (234 | ) | | | (80,730 | ) |
LyondellBasell Industries NV, $87.50, 01/20/2017 | | | (981 | ) | | | (137,340 | ) |
LyondellBasell Industries NV, $90.00, 01/20/2017 | | | (622 | ) | | | (68,420 | ) |
LyondellBasell Industries NV, $92.50, 01/20/2017 | | | (623 | ) | | | (46,725 | ) |
Microsoft Corp., $57.50, 01/20/2017 | | | (2,891 | ) | | | (291,991 | ) |
Microsoft Corp., $62.50, 01/20/2017 | | | (3,068 | ) | | | (95,108 | ) |
Microsoft Corp., $65.00, 01/20/2017 | | | (4,567 | ) | | | (73,072 | ) |
PepsiCo, Inc., $100.00, 01/20/2017 | | | (388 | ) | | | (291,000 | ) |
PepsiCo, Inc., $105.00, 01/20/2017 | | | (842 | ) | | | (391,530 | ) |
PepsiCo, Inc., $110.00, 01/20/2017 | | | (1,348 | ) | | | (296,560 | ) |
Pfizer, Inc., $35.00, 01/20/2017 | | | (4,211 | ) | | | (728,503 | ) |
Pfizer, Inc., $36.00, 01/20/2017 | | | (2,124 | ) | | | (261,252 | ) |
Pfizer, Inc., $37.00, 01/20/2017 | | | (639 | ) | | | (54,315 | ) |
Philip Morris International, Inc., $92.50, 01/20/2017 | | | (701 | ) | | | (655,435 | ) |
Philip Morris International, Inc., $95.00, 01/20/2017 | | | (1,300 | ) | | | (1,098,500 | ) |
Philip Morris International, Inc., $97.50, 01/20/2017 | | | (1,300 | ) | | | (884,000 | ) |
Texas Instruments, Inc., $55.00, 01/20/2017 | | | (598 | ) | | | (529,230 | ) |
Texas Instruments, Inc., $60.00, 01/20/2017 | | | (598 | ) | | | (322,920 | ) |
| | | | | | | | |
| | | Number of
Contracts | | | Value† | |
| | | | | | | | | |
| Call Options — (continued) | | | | | | | | |
The Bank of New York Mellon Corp., $45.00, 01/20/2017 | | | (2,763 | ) | | $ | (174,069 | ) |
The Bank of New York Mellon Corp., $47.00, 01/20/2017 | | | (1,901 | ) | | | (58,931 | ) |
The Boeing Co., $160.00, 01/20/2017 | | | (270 | ) | | | (14,850 | ) |
The Boeing Co., $165.00, 01/20/2017 | | | (269 | ) | | | (7,801 | ) |
The Boeing Co., $170.00, 01/20/2017 | | | (269 | ) | | | (4,573 | ) |
Thermo Fisher Scientific, Inc., $155.00, 01/20/2017 | | | (118 | ) | | | (66,080 | ) |
Thermo Fisher Scientific, Inc., $160.00, 01/20/2017 | | | (202 | ) | | | (76,760 | ) |
Thermo Fisher Scientific, Inc., $165.00, 01/20/2017 | | | (548 | ) | | | (134,260 | ) |
Thermo Fisher Scientific, Inc., $170.00, 01/20/2017 | | | (881 | ) | | | (132,150 | ) |
UnitedHealth Group, Inc., $140.00, 01/20/2017 | | | (891 | ) | | | (819,720 | ) |
UnitedHealth Group, Inc., $145.00, 01/20/2017 | | | (745 | ) | | | (510,325 | ) |
Visa, Inc., $85.00, 01/20/2017 | | | (576 | ) | | | (77,760 | ) |
Visa, Inc., $87.50, 01/20/2017 | | | (1,651 | ) | | | (156,845 | ) |
Visa, Inc., $90.00, 01/20/2017 | | | (576 | ) | | | (35,712 | ) |
Zoetis, Inc., $55.00, 01/20/2017 | | | (693 | ) | | | (58,905 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Premiums $(14,646,929)) | | | | (17,922,801 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| 144A @ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
| ^ | Illiquid security. The total market value of illiquid securities at June 30, 2016 is $4,777,210. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2016. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
71
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Flexibly Managed Fund
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
STEP — Step Coupon Bond.
| | | | |
| Country Weightings as of 06/30/2016†† | | | |
United States | | | 91 | % |
United Kingdom | | | 5 | |
Netherlands | | | 2 | |
Canada | | | 1 | |
Cayman Islands | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| ††% | of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 14,168,817 | | | $ | 14,168,817 | | | $ | — | | | $ | — | |
Agriculture | | | 73,786,036 | | | | 73,786,036 | | | | — | | | | — | |
Auto Parts & Equipment | | | 30,734,144 | | | | 30,734,144 | | | | — | | | | — | |
Banks | | | 86,712,539 | | | | 86,712,539 | | | | — | | | | — | |
Beverages | | | 35,083,824 | | | | 29,717,971 | | | | 5,365,853 | | | | — | |
Biotechnology | | | 10,353,523 | | | | 10,353,523 | | | | — | | | | — | |
Chemicals | | | 21,073,735 | | | | 21,073,735 | | | | — | | | | — | |
Commercial Services | | | 33,929,690 | | | | 19,320,689 | | | | 14,609,001 | | | | — | |
Computers | | | 52,056,021 | | | | 52,056,021 | | | | — | | | | — | |
Diversified Financial Services | | | 90,547,909 | | | | 90,547,909 | | | | — | | | | — | |
Electric | | | 56,083,006 | | | | 56,083,006 | | | | — | | | | — | |
Electrical Components & Equipment | | | 8,612,649 | | | | 8,612,649 | | | | — | | | | — | |
Electronics | | | 213,087,467 | | | | 213,087,467 | | | | — | | | | — | |
Food | | | 48,053,228 | | | | 43,647,458 | | | | 4,405,770 | | | | — | |
Healthcare Products | | | 191,590,637 | | | | 191,590,637 | | | | — | | | | — | |
Healthcare Services | | | 116,452,866 | | | | 116,452,866 | | | | — | | | | — | |
Insurance | | | 235,447,542 | | | | 235,447,542 | | | | — | | | | — | |
Internet | | | 93,979,720 | | | | 93,979,720 | | | | — | | | | — | |
Lodging | | | 8,555,384 | | | | 8,555,384 | | | | — | | | | — | |
Machinery — Diversified | | | 31,735,138 | | | | 31,735,138 | | | | — | | | | — | |
Media | | | 75,263,765 | | | | 75,263,765 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 34,616,333 | | | | 34,616,333 | | | | — | | | | — | |
Oil & Gas | | | 20,591,357 | | | | 20,591,357 | | | | — | | | | — | |
Pharmaceuticals | | | 166,995,393 | | | | 166,995,393 | | | | — | | | | — | |
Retail | | | 109,982,378 | | | | 109,982,378 | | | | — | | | | — | |
Semiconductors | | | 8,658,230 | | | | 8,658,230 | | | | — | | | | — | |
Software | | | 135,646,104 | | | | 135,646,104 | | | | — | | | | — | |
Telecommunications | | | 22,980,210 | | | | 22,980,210 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 62,367,297 | | | | 52,438,819 | | | | 9,928,478 | | | | — | |
TOTAL PREFERRED STOCKS | | | 41,404,415 | | | | 41,404,415 | | | | — | | | | — | |
ASSET BACKED SECURITIES | | | 10,404,646 | | | | — | | | | 10,404,646 | | | | — | |
CORPORATE BONDS | | | 701,952,757 | | | | — | | | | 701,952,757 | | | | — | |
LOAN AGREEMENTS | | | 126,955,947 | | | | — | | | | 126,955,947 | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
SHORT-TERM INVESTMENTS | | | 420,989,008 | | | | 420,989,008 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 3,390,851,715 | | | $ | 2,517,229,263 | | | $ | 873,622,452 | | | $ | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
WRITTEN OPTIONS | | $ | (17,922,801 | ) | | $ | — | | | $ | (17,922,801 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (17,922,801 | ) | | $ | — | | | $ | (17,922,801 | ) | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any significant transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
72
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Balanced Fund
| | | | | | | | |
| | | Number
of Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 59.8% | | | | | | | | |
Penn Series Index 500 Fund*
(Cost $20,550,405) | | | 2,729,267 | | | $ | 45,633,342 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 39.8% | | | | | | | | |
Penn Series Quality Bond Fund*
(Cost $24,260,089) | | | 2,146,946 | | | | 30,422,228 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.6% | | | | | | | | |
BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares
(Cost $444,724) | | | 444,724 | | | | 444,724 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2%
(Cost $45,255,218) | | | | 76,500,294 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.2)% | | | | (170,982 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 76,329,312 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 45,633,342 | | | $ | 45,633,342 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 30,422,228 | | | | 30,422,228 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 444,724 | | | | 444,724 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | | 76,500,294 | | | | 76,500,294 | | | | — | | | | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
73
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 92.9% | | | | | | | | |
| Aerospace & Defense — 1.2% | | | | | | | | |
The Boeing Co. | | | 24,000 | | | $ | 3,116,880 | |
| | | | | | | | |
| Agriculture — 1.4% | | | | | | | | |
Philip Morris International, Inc. | | | 34,700 | | | | 3,529,684 | |
| | | | | | | | |
| Airlines — 1.8% | | | | | | | | |
American Airlines Group, Inc. | | | 121,600 | | | | 3,442,496 | |
Delta Air Lines, Inc. | | | 11,914 | | | | 434,027 | |
United Continental Holdings, Inc.* | | | 15,598 | | | | 640,142 | |
| | | | | | | | |
| | | | | | | 4,516,665 | |
| | | | | | | | |
| Apparel — 0.8% | | | | | | | | |
Hanesbrands, Inc. | | | 85,000 | | | | 2,136,050 | |
| | | | | | | | |
| Auto Manufacturers — 1.8% | | | | | | | | |
Ferrari NV | | | 28,960 | | | | 1,185,333 | |
Tesla Motors, Inc.* | | | 16,052 | | | | 3,407,518 | |
| | | | | | | | |
| | | | | | | 4,592,851 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.1% | | | | | | | | |
BorgWarner, Inc. | | | 34,700 | | | | 1,024,344 | |
Delphi Automotive PLC | | | 20,400 | | | | 1,277,040 | |
Mobileye NV* | | | 64,100 | | | | 2,957,574 | |
| | | | | | | | |
| | | | | | | 5,258,958 | |
| | | | | | | | |
| Banks — 1.8% | | | | | | | | |
Morgan Stanley | | | 128,600 | | | | 3,341,028 | |
State Street Corp. | | | 25,300 | | | | 1,364,176 | |
| | | | | | | | |
| | | | | | | 4,705,204 | |
| | | | | | | | |
| Biotechnology — 4.2% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 21,172 | | | | 2,472,043 | |
Biogen, Inc.* | | | 7,900 | | | | 1,910,378 | |
BioMarin Pharmaceutical, Inc.* | | | 5,500 | | | | 427,900 | |
Celgene Corp.* | | | 18,200 | | | | 1,795,066 | |
Gilead Sciences, Inc. | | | 6,300 | | | | 525,546 | |
Illumina, Inc.* | | | 6,900 | | | | 968,622 | |
Incyte Corp.* | | | 6,700 | | | | 535,866 | |
Vertex Pharmaceuticals, Inc.* | | | 24,400 | | | | 2,098,888 | |
| | | | | | | | |
| | | | | | | 10,734,309 | |
| | | | | | | | |
| Building Materials — 0.4% | | | | | | | | |
Martin Marietta Materials, Inc. | | | 5,100 | | | | 979,200 | |
| | | | | | | | |
| Chemicals — 0.7% | | | | | | | | |
Ashland, Inc. | | | 16,300 | | | | 1,870,751 | |
| | | | | | | | |
| Commercial Services — 0.7% | | | | | | | | |
PayPal Holdings, Inc.* | | | 52,300 | | | | 1,909,473 | |
| | | | | | | | |
| Computers — 3.1% | | | | | | | | |
Apple, Inc. | | | 76,000 | | | | 7,265,600 | |
IHS, Inc., Class A* | | | 6,900 | | | | 797,709 | |
| | | | | | | | |
| | | | | | | 8,063,309 | |
| | | | | | | | |
| Diversified Financial Services — 7.1% | | | | | | | | |
BlackRock, Inc. | | | 1,900 | | | | 650,807 | |
Intercontinental Exchange, Inc. | | | 11,200 | | | | 2,866,752 | |
MasterCard, Inc., Class A | | | 68,800 | | | | 6,058,528 | |
TD Ameritrade Holding Corp. | | | 60,280 | | | | 1,716,473 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | | | | | |
Visa, Inc., Class A | | | 91,900 | | | $ | 6,816,223 | |
| | | | | | | | |
| | | | | | | 18,108,783 | |
| | | | | | | | |
| Food — 0.7% | | | | | | | | |
Mondelez International, Inc., Class A | | | 39,500 | | | | 1,797,645 | |
| | | | | | | | |
| Healthcare Products — 5.3% | | | | | | | | |
Danaher Corp. | | | 68,700 | | | | 6,938,700 | |
Intuitive Surgical, Inc.* | | | 6,450 | | | | 4,266,095 | |
Stryker Corp. | | | 20,100 | | | | 2,408,583 | |
| | | | | | | | |
| | | | | | | 13,613,378 | |
| | | | | | | | |
| Healthcare Services — 5.6% | | | | | | | | |
Aetna, Inc. | | | 23,823 | | | | 2,909,503 | |
Anthem, Inc. | | | 21,700 | | | | 2,850,078 | |
Cigna Corp. | | | 14,900 | | | | 1,907,051 | |
Humana, Inc. | | | 16,740 | | | | 3,011,191 | |
UnitedHealth Group, Inc. | | | 26,000 | | | | 3,671,200 | |
| | | | | | | | |
| | | | | | | 14,349,023 | |
| | | | | | | | |
| Internet — 26.5% | | | | | | | | |
Alphabet, Inc., Class A* | | | 12,200 | | | | 8,583,066 | |
Alphabet, Inc., Class C* | | | 10,740 | | | | 7,433,154 | |
Amazon.com, Inc.* | | | 29,800 | | | | 21,325,476 | |
Ctrip.com International Ltd. ADR* | | | 9,600 | | | | 395,520 | |
Facebook, Inc., Class A* | | | 96,200 | | | | 10,993,736 | |
Netflix, Inc.* | | | 32,800 | | | | 3,000,544 | |
Tencent Holdings Ltd. | | | 159,900 | | | | 3,668,054 | |
The Priceline Group, Inc.* | | | 8,250 | | | | 10,299,382 | |
VeriSign, Inc.* | | | 25,800 | | | | 2,230,668 | |
| | | | | | | | |
| | | | | | | 67,929,600 | |
| | | | | | | | |
| Leisure Time — 0.4% | | | | | | | | |
Royal Caribbean Cruises Ltd. | | | 15,900 | | | | 1,067,685 | |
| | | | | | | | |
| Lodging — 2.9% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 65,200 | | | | 1,468,956 | |
Las Vegas Sands Corp. | | | 25,500 | | | | 1,108,995 | |
Marriott International, Inc., Class A | | | 28,800 | | | | 1,914,048 | |
MGM Resorts International* | | | 132,390 | | | | 2,995,986 | |
| | | | | | | | |
| | | | | | | 7,487,985 | |
| | | | | | | | |
| Machinery — Diversified — 1.5% | | | | | | | | |
Flowserve Corp. | | | 10,975 | | | | 495,741 | |
Roper Technologies, Inc. | | | 11,700 | | | | 1,995,552 | |
Wabtec Corp. | | | 17,922 | | | | 1,258,662 | |
| | | | | | | | |
| | | | | | | 3,749,955 | |
| | | | | | | | |
| Media — 0.2% | | | | | | | | |
The Walt Disney Co. | | | 4,700 | | | | 459,754 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.2% | | | | | | | | |
Illinois Tool Works, Inc. | | | 3,700 | | | | 385,392 | |
| | | | | | | | |
| Pharmaceuticals — 5.8% | | | | | | | | |
Allergan PLC* | | | 20,113 | | | | 4,647,913 | |
Bristol-Myers Squibb Co. | | | 89,300 | | | | 6,568,015 | |
McKesson Corp. | | | 13,100 | | | | 2,445,115 | |
74
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
Zoetis, Inc. | | | 27,000 | | | $ | 1,281,420 | |
| | | | | | | | |
| | | | | | | 14,942,463 | |
| | | | | | | | |
| Retail — 6.5% | | | | | | | | |
AutoZone, Inc.* | | | 3,522 | | | | 2,795,904 | |
Costco Wholesale Corp. | | | 6,600 | | | | 1,036,464 | |
Lowe’s Cos., Inc. | | | 43,700 | | | | 3,459,729 | |
Ross Stores, Inc. | | | 33,800 | | | | 1,916,122 | |
Starbucks Corp. | | | 35,800 | | | | 2,044,896 | |
Tractor Supply Co. | | | 28,300 | | | | 2,580,394 | |
Walgreens Boots Alliance, Inc. | | | 35,400 | | | | 2,947,758 | |
| | | | | | | | |
| | | | | | | 16,781,267 | |
| | | | | | | | |
| Semiconductors — 2.0% | | | | | | | | |
ASML Holding N.V. | | | 21,800 | | | | 2,162,778 | |
NXP Semiconductors N.V.* | | | 39,500 | | | | 3,094,430 | |
| | | | | | | | |
| | | | | | | 5,257,208 | |
| | | | | | | | |
| Software — 6.6% | | | | | | | | |
Fiserv, Inc.* | | | 16,800 | | | | 1,826,664 | |
Microsoft Corp. | | | 154,200 | | | | 7,890,414 | |
NetSuite, Inc.* | | | 17,400 | | | | 1,266,720 | |
Salesforce.com, Inc.* | | | 50,400 | | | | 4,002,264 | |
ServiceNow, Inc.* | | | 29,300 | | | | 1,945,520 | |
| | | | | | | | |
| | | | | | | 16,931,582 | |
| | | | | | | | |
| Telecommunications — 0.8% | | | | | | | | |
Palo Alto Networks, Inc.* | | | 4,900 | | | | 600,936 | |
T-Mobile US, Inc.* | | | 31,300 | | | | 1,354,351 | |
| | | | | | | | |
| | | | | | | 1,955,287 | |
| | | | | | | | |
| Transportation — 0.8% | | | | | | | | |
FedEx Corp. | | | 10,500 | | | | 1,593,690 | |
Kansas City Southern | | | 4,100 | | | | 369,369 | |
| | | | | | | | |
| | | | | | | 1,963,059 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $189,806,837) | | | | | | | 238,193,400 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.7% | | | | | | | | |
| Internet — 0.9% | | | | | | | | |
Dropbox. Inc., Class A*^,~ | | | 24,940 | | | | 197,275 | |
Flipkart Ltd., Ordinary Shares*^,~ | | | 566 | | | | 54,500 | |
Flipkart Ltd., Series A^,~ | | | 196 | | | | 18,873 | |
Flipkart Ltd., Series C*^,~ | | | 341 | | | | 32,835 | |
Flipkart Ltd., Series E*^,~ | | | 636 | | | | 61,240 | |
Flipkart Ltd., Series G*^,~ | | | 2,888 | | | | 278,086 | |
Flipkart Ltd., Series H*^,~ | | | 2,579 | | | | 248,332 | |
Livingsocial, Inc., Series F, CONV*^,~ | | | 15,066 | | | | 0 | |
Snapchat Inc. Series F CONV*^,~ | | | 12,884 | | | | 395,797 | |
Uber Technologies, Inc., Series G, CONV*^,~ | | | 12,545 | | | | 611,847 | |
Xiaoju Kuaizhi, Inc (didi), CONV*^,~ | | | 11,920 | | | | 455,667 | |
| | | | | | | | |
| | | | | | | 2,354,452 | |
| | | | | | | | |
| Lodging — 0.5% | | | | | | | | |
Airbnb, Inc., Series D*^,~ | | | 9,999 | | | | 875,000 | |
Airbnb, Inc., Series E, CONV*^,~ | | | 3,694 | | | | 323,257 | |
| | | | | | | | |
| | | | | | | 1,198,257 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
WeWork Companies, Inc., Class A*^,~ | | | 923 | | | $ | 34,746 | |
WeWork Companies, Inc., Series E*^,~ | | | 8,297 | | | | 312,334 | |
| | | | | | | | |
| | | | | | | 347,080 | |
| | | | | | | | |
| Software — 0.2% | | | | | | | | |
Magic Leap Inc., Series C, CONV*^,~ | | | 15,808 | | | | 364,106 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $4,256,083) | | | | | | | 4,263,895 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 3.3% | | | | | | | | |
| Diversified — 3.3% | | | | | | | | |
American Tower Corp. | | | 43,800 | | | | 4,976,118 | |
Crown Castle International Corp. | | | 26,100 | | | | 2,647,323 | |
Equinix, Inc. | | | 2,200 | | | | 853,006 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,437,129) | | | | | | | 8,476,447 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 1,017,203 | | | | 1,017,203 | |
T. Rowe Price Reserve Investment Fund | | | 2,393,762 | | | | 2,393,762 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,410,965) | | | | | | | 3,410,965 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.2%
(Cost $202,911,014) | | | | | | $ | 254,344,707 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.8% | | | | | | | 2,127,954 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 256,472,661 | |
| | | | | | | | |
| ^ | Illiquid security. The total market value of illiquid securities at June 30, 2016 is $4,263,895. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $4,263,895. |
ADR — American Depository Receipt.
CONV — Convertible Security.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016 †† | | | |
United States | | | 94 | % |
China | | | 2 | |
Netherlands | | | 2 | |
Israel | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| | | | |
††% of total investments as of June 30, 2016
75
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 3,116,880 | | | $ | 3,116,880 | | | $ | — | | | $ | — | |
Agriculture | | | 3,529,684 | | | | 3,529,684 | | | | — | | | | — | |
Airlines | | | 4,516,665 | | | | 4,516,665 | | | | — | | | | — | |
Apparel | | | 2,136,050 | | | | 2,136,050 | | | | — | | | | — | |
Auto Manufacturers | | | 4,592,851 | | | | 4,592,851 | | | | — | | | | — | |
Auto Parts & Equipment | | | 5,258,958 | | | | 5,258,958 | | | | — | | | | — | |
Banks | | | 4,705,204 | | | | 4,705,204 | | | | — | | | | — | |
Biotechnology | | | 10,734,309 | | | | 10,734,309 | | | | — | | | | — | |
Building Materials | | | 979,200 | | | | 979,200 | | | | — | | | | — | |
Chemicals | | | 1,870,751 | | | | 1,870,751 | | | | — | | | | — | |
Commercial Services | | | 1,909,473 | | | | 1,909,473 | | | | — | | | | — | |
Computers | | | 8,063,309 | | | | 8,063,309 | | | | — | | | | — | |
Diversified Financial Services | | | 18,108,783 | | | | 18,108,783 | | | | — | | | | — | |
Food | | | 1,797,645 | | | | 1,797,645 | | | | — | | | | — | |
Healthcare Products | | | 13,613,378 | | | | 13,613,378 | | | | — | | | | — | |
Healthcare Services | | | 14,349,023 | | | | 14,349,023 | | | | — | | | | — | |
Internet | | | 67,929,600 | | | | 64,261,546 | | | | 3,668,054 | | | | — | |
Leisure Time | | | 1,067,685 | | | | 1,067,685 | | | | — | | | | — | |
Lodging | | | 7,487,985 | | | | 7,487,985 | | | | — | | | | — | |
Machinery — Diversified | | | 3,749,955 | | | | 3,749,955 | | | | — | | | | — | |
Media | | | 459,754 | | | | 459,754 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 385,392 | | | | 385,392 | | | | — | | | | — | |
Pharmaceuticals | | | 14,942,463 | | | | 14,942,463 | | | | — | | | | — | |
Retail | | | 16,781,267 | | | | 16,781,267 | | | | — | | | | — | |
Semiconductors | | | 5,257,208 | | | | 5,257,208 | | | | — | | | | — | |
Software | | | 16,931,582 | | | | 16,931,582 | | | | — | | | | — | |
Telecommunications | | | 1,955,287 | | | | 1,955,287 | | | | — | | | | — | |
Transportation | | | 1,963,059 | | | | 1,963,059 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | | | | | | | | | | | | | | |
Diversified | | | 8,476,447 | | | | 8,476,447 | | | | — | | | | — | |
PREFERRED STOCKS | | | 4,263,895 | | | | — | | | | — | | | | 4,263,895 | |
SHORT-TERM INVESTMENTS | | | 3,410,965 | | | | 3,410,965 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 254,344,707 | | | $ | 246,412,758 | | | $ | 3,668,054 | | | $ | 4,263,895 | |
| |
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
| | | | |
| | | Investments in Securities
(Market Value) | |
Balance as of 12/31/2015 | | $ | 3,814,644 | |
Purchases | | | 759,903 | |
Change in Appreciation/(Depreciation) | | | (310,652 | ) |
| | | | |
Balance as of 6/30/2016 | | $ | 4,263,895 | |
| | | | |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
76
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 98.2% | | | | | | | | |
| Advertising — 0.4% | | | | | | | | |
Omnicom Group, Inc. | | | 2,076 | | | $ | 169,173 | |
| | | | | | | | |
| Aerospace & Defense — 2.1% | | | | | | | | |
United Technologies Corp. | | | 8,749 | | | | 897,210 | |
| | | | | | | | |
| Apparel — 6.0% | |
Burberry Group PLC | | | 19,518 | | | | 303,612 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 4,280 | | | | 645,148 | |
NIKE, Inc., Class B | | | 21,046 | | | | 1,161,739 | |
VF Corp. | | | 7,632 | | | | 469,292 | |
| | | | | | | | |
| | | | 2,579,791 | |
| | | | | | | | |
| Beverages — 2.2% | |
AMBEV S.A. ADR | | | 46,117 | | | | 272,551 | |
PepsiCo, Inc. | | | 2,264 | | | | 239,848 | |
Pernod Ricard S.A. | | | 3,741 | | | | 414,192 | |
| | | | | | | | |
| | | | 926,591 | |
| | | | | | | | |
| Chemicals — 9.2% | |
Ecolab, Inc. | | | 8,045 | | | | 954,137 | |
LyondellBasell Industries NV, Class A | | | 1,911 | | | | 142,217 | |
Monsanto Co. | | | 10,047 | | | | 1,038,960 | |
PPG Industries, Inc. | | | 6,149 | | | | 640,419 | |
Praxair, Inc. | | | 3,175 | | | | 356,838 | |
The Sherwin-Williams Co. | | | 2,848 | | | | 836,372 | |
| | | | | | | | |
| | | | | | | 3,968,943 | |
| | | | | | | | |
| Commercial Services — 2.9% | |
Equifax, Inc. | | | 5,027 | | | | 645,467 | |
Moody’s Corp. | | | 6,527 | | | | 611,645 | |
| | | | | | | | |
| | | | | | | 1,257,112 | |
| | | | | | | | |
| Computers — 9.8% | |
Accenture PLC, Class A | | | 19,363 | | | | 2,193,634 | |
Apple, Inc. | | | 8,486 | | | | 811,262 | |
Cognizant Technology Solutions Corp.,
Class A* | | | 17,320 | | | | 991,397 | |
EMC Corp. | | | 7,430 | | | | 201,873 | |
| | | | | | | | |
| | | | | | | 4,198,166 | |
| | | | | | | | |
| Cosmetics & Personal Care — 3.9% | |
Colgate-Palmolive Co. | | | 17,565 | | | | 1,285,758 | |
L’Oreal S.A. | | | 1,983 | | | | 379,654 | |
| | | | | | | | |
| | | | | | | 1,665,412 | |
| | | | | | | | |
| Distribution & Wholesale — 2.1% | |
Fastenal Co. | | | 7,501 | | | | 332,969 | |
W.W. Grainger, Inc. | | | 2,456 | | | | 558,126 | |
| | | | | | | | |
| | | | | | | 891,095 | |
| | | | | | | | |
| Diversified Financial Services — 6.7% | |
CME Group, Inc. | | | 2,233 | | | | 217,494 | |
MasterCard, Inc., Class A | | | 6,269 | | | | 552,048 | |
The Blackstone Group LP | | | 10,987 | | | | 269,621 | |
The Charles Schwab Corp. | | | 16,142 | | | | 408,554 | |
Visa, Inc., Class A | | | 19,604 | | | | 1,454,029 | |
| | | | | | | | |
| | | | | | | 2,901,746 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Electronics — 7.6% | |
Amphenol Corp., Class A | | | 9,923 | | | $ | 568,885 | |
Mettler-Toledo International, Inc.* | | | 2,013 | | | | 734,584 | |
Thermo Fisher Scientific, Inc. | | | 9,622 | | | | 1,421,747 | |
Waters Corp.* | | | 3,749 | | | | 527,297 | |
| | | | | | | | |
| | | | | | | 3,252,513 | |
| | | | | | | | |
| Food — 1.4% | |
Danone S.A. | | | 8,760 | | | | 613,051 | |
| | | | | | | | |
| Healthcare Products — 6.4% | |
Danaher Corp. | | | 10,722 | | | | 1,082,922 | |
DENTSPLY SIRONA, Inc. | | | 6,986 | | | | 433,411 | |
St. Jude Medical, Inc. | | | 1,716 | | | | 133,848 | |
The Cooper Cos., Inc. | | | 3,619 | | | | 620,912 | |
Zimmer Biomet Holdings, Inc. | | | 4,161 | | | | 500,901 | |
| | | | | | | | |
| | | | | | | 2,771,994 | |
| | | | | | | | |
| Household Products & Wares — 0.8% | |
Church & Dwight Co., Inc. | | | 3,512 | | | | 361,350 | |
| | | | | | | | |
| Insurance — 0.5% | |
Aon PLC | | | 2,092 | | | | 228,509 | |
| | | | | | | | |
| Internet — 5.4% | |
Alphabet, Inc., Class A | | | 3,321 | | | | 2,336,423 | |
| | | | | | | | |
| Media — 2.7% | |
The Walt Disney Co. | | | 2,029 | | | | 198,477 | |
Time Warner, Inc. | | | 2,815 | | | | 207,015 | |
Twenty-First Century Fox, Inc., Class A | | | 28,392 | | | | 768,004 | |
| | | | | | | | |
| | | | | | | 1,173,496 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.8% | |
Colfax Corp.* | | | 12,681 | | | | 335,539 | |
| | | | | | | | |
| Oil & Gas Services — 0.6% | |
Schlumberger Ltd. | | | 3,024 | | | | 239,138 | |
| | | | | | | | |
| Pharmaceuticals — 11.2% | |
Abbott Laboratories | | | 27,174 | | | | 1,068,210 | |
Eli Lilly & Co. | | | 8,487 | | | | 668,351 | |
Express Scripts Holding Co.* | | | 7,454 | | | | 565,013 | |
Mead Johnson Nutrition Co. | | | 10,519 | | | | 954,599 | |
Roche Holding AG | | | 2,593 | | | | 684,241 | |
Zoetis, Inc. | | | 18,844 | | | | 894,336 | |
| | | | | | | | |
| | | | | | | 4,834,750 | |
| | | | | | | | |
| Retail — 6.0% | |
AutoZone, Inc.* | | | 1,250 | | | | 992,300 | |
CVS Health Corp. | | | 8,118 | | | | 777,217 | |
The TJX Cos., Inc. | | | 10,722 | | | | 828,060 | |
| | | | | | | | |
| | | | | | | 2,597,577 | |
| | | | | | | | |
| Semiconductors — 3.8% | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 21,822 | | | | 572,391 | |
Texas Instruments, Inc. | | | 16,773 | | | | 1,050,829 | |
| | | | | | | | |
| | | | | | | 1,623,220 | |
| | | | | | | | |
77
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — 4.1% | |
Fidelity National Information Services, Inc. | | | 11,345 | | | $ | 835,900 | |
Fiserv, Inc.* | | | 5,144 | | | | 559,307 | |
Oracle Corp. | | | 9,185 | | | | 375,942 | |
| | | | | | | | |
| | | | | | | 1,771,149 | |
| | | | | | | | |
| Transportation — 1.6% | | | | | | | | |
Union Pacific Corp. | | | 8,008 | | | | 698,698 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $36,686,603) | | | | | | | 42,292,646 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
| Money Market — 0.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $132,387) | | | 132,387 | | | | 132,387 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.5%
(Cost $36,818,990) | | | | | | | 42,425,033 | |
| | | | | | | | |
| Other Assets & Liabilities — 1.5% | | | | | | | 653,527 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 43,078,560 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016 †† | |
United States | | | 85% | |
France | | | 5 | |
Ireland | | | 5 | |
Switzerland | | | 2 | |
Brazil | | | 1 | |
Taiwan | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100% | |
| | | | |
| ††% | of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Advertising | | $ | 169,173 | | | $ | 169,173 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 897,210 | | | | 897,210 | | | | — | | | | — | |
Apparel | | | 2,579,791 | | | | 1,631,031 | | | | 948,760 | | | | — | |
Beverages | | | 926,591 | | | | 512,399 | | | | 414,192 | | | | — | |
Chemicals | | | 3,968,943 | | | | 3,968,943 | | | | — | | | | — | |
Commercial Services | | | 1,257,112 | | | | 1,257,112 | | | | — | | | | — | |
Computers | | | 4,198,166 | | | | 4,198,166 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 1,665,412 | | | | 1,285,758 | | | | 379,654 | | | | — | |
Distribution & Wholesale | | | 891,095 | | | | 891,095 | | | | — | | | | — | |
Diversified Financial Services | | | 2,901,746 | | | | 2,901,746 | | | | — | | | | — | |
Electronics | | | 3,252,513 | | | | 3,252,513 | | | | — | | | | — | |
Food | | | 613,051 | | | | — | | | | 613,051 | | | | — | |
Healthcare Products | | | 2,771,994 | | | | 2,771,994 | | | | — | | | | — | |
Household Products & Wares | | | 361,350 | | | | 361,350 | | | | — | | | | — | |
Insurance | | | 228,509 | | | | 228,509 | | | | — | | | | — | |
Internet | | | 2,336,423 | | | | 2,336,423 | | | | — | | | | — | |
Media | | | 1,173,496 | | | | 1,173,496 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 335,539 | | | | 335,539 | | | | — | | | | — | |
Oil & Gas Services | | | 239,138 | | | | 239,138 | | | | — | | | | — | |
Pharmaceuticals | | | 4,834,750 | | | | 4,150,509 | | | | 684,241 | | | | — | |
Retail | | | 2,597,577 | | | | 2,597,577 | | | | — | | | | — | |
Semiconductors | | | 1,623,220 | | | | 1,623,220 | | | | — | | | | — | |
Software | | | 1,771,149 | | | | 1,771,149 | | | | — | | | | — | |
Transportation | | | 698,698 | | | | 698,698 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 132,387 | | | | 132,387 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 42,425,033 | | | $ | 39,385,135 | | | $ | 3,039,898 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
78
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 98.2% | | | | | | | | |
| Aerospace & Defense — 1.9% | |
Harris Corp. | | | 23,480 | | | $ | 1,959,171 | |
| | | | | | | | |
| Agriculture — 2.7% | | | | | | | | |
Reynolds American, Inc. | | | 52,520 | | | | 2,832,404 | |
| | | | | | | | |
| Airlines — 1.0% | | | | | | | | |
Delta Air Lines, Inc. | | | 29,320 | | | | 1,068,128 | |
| | | | | | | | |
| Apparel — 1.3% | | | | | | | | |
Coach, Inc. | | | 33,140 | | | | 1,350,124 | |
| | | | | | | | |
| Beverages — 7.2% | | | | | | | | |
Constellation Brands, Inc., Class A | | | 17,470 | | | | 2,889,538 | |
Dr. Pepper Snapple Group, Inc. | | | 22,800 | | | | 2,203,164 | |
Monster Beverage Corp.* | | | 15,840 | | | | 2,545,646 | |
| | | | | | | | |
| | | | | | | 7,638,348 | |
| | | | | | | | |
| Biotechnology — 2.3% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 5,470 | | | | 638,677 | |
Biogen, Inc.* | | | 4,230 | | | | 1,022,899 | |
Celgene Corp.* | | | 7,780 | | | | 767,341 | |
| | | | | | | | |
| | | | | | | 2,428,917 | |
| | | | | | | | |
| Chemicals — 2.2% | | | | | | | | |
The Sherwin-Williams Co. | | | 7,980 | | | | 2,343,487 | |
| | | | | | | | |
| Commercial Services — 4.9% | | | | | | | | |
Aramark | | | 31,860 | | | | 1,064,761 | |
PayPal Holdings, Inc.* | | | 54,710 | | | | 1,997,462 | |
S&P Global Inc. | | | 8,170 | | | | 876,314 | |
Verisk Analytics, Inc., Class A* | | | 14,950 | | | | 1,212,146 | |
| | | | | | | | |
| | | | | | | 5,150,683 | |
| | | | | | | | |
| Computers — 3.9% | | | | | | | | |
Apple, Inc. | | | 43,105 | | | | 4,120,838 | |
| | | | | | | | |
| Cosmetics & Personal Care — 1.0% | | | | | | | | |
The Procter & Gamble Co. | | | 12,160 | | | | 1,029,587 | |
| | | | | | | | |
| Diversified Financial Services — 5.6% | | | | | | | | |
Intercontinental Exchange, Inc. | | | 7,710 | | | | 1,973,452 | |
Visa, Inc., Class A | | | 52,430 | | | | 3,888,733 | |
| | | | | | | | |
| | | | | | | 5,862,185 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.3% | | | | | |
Acuity Brands, Inc. | | | 5,520 | | | | 1,368,739 | |
| | | | | | | | |
| Healthcare Products — 4.4% | | | | | | | | |
Baxter International, Inc. | | | 33,920 | | | | 1,533,862 | |
Boston Scientific Corp.* | | | 56,880 | | | | 1,329,286 | |
Intuitive Surgical, Inc.* | | | 2,750 | | | | 1,818,877 | |
| | | | | | | | |
| | | | | | | 4,682,025 | |
| | | | | | | | |
| Healthcare Services — 4.8% | | | | | | | | |
Novo Nordisk A/S Class B, ADR | | | 30,480 | | | | 1,639,214 | |
UnitedHealth Group, Inc. | | | 24,340 | | | | 3,436,808 | |
| | | | | | | | |
| | | | | | | 5,076,022 | |
| | | | | | | | |
| Internet — 16.3% | | | | | | | | |
Alphabet, Inc., Class A* | | | 8,810 | | | | 6,198,099 | |
Amazon.com, Inc.* | | | 6,395 | | | | 4,576,390 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Internet — (continued) | | | | | | | | |
Facebook, Inc., Class A* | | | 40,270 | | | $ | 4,602,056 | |
Tencent Holdings Ltd. ADR | | | 78,690 | | | | 1,807,509 | |
| | | | | | | | |
| | | | | | | 17,184,054 | |
| | | | | | | | |
| Lodging — 1.0% | | | | | | | | |
Wynn Resorts Ltd. | | | 12,070 | | | | 1,094,025 | |
| | | | | | | | |
| Pharmaceuticals — 3.0% | | | | | | | | |
Bristol-Myers Squibb Co. | | | 42,850 | | | | 3,151,618 | |
| | | | | | | | |
| Retail — 19.2% | | | | | | | | |
Dollar General Corp. | | | 20,940 | | | | 1,968,360 | |
McDonald’s Corp. | | | 19,380 | | | | 2,332,189 | |
O’Reilly Automotive, Inc. | | | 6,960 | | | | 1,886,856 | |
Starbucks Corp. | | | 47,900 | | | | 2,736,048 | |
The Home Depot, Inc. | | | 29,070 | | | | 3,711,948 | |
The TJX Cos., Inc. | | | 30,080 | | | | 2,323,078 | |
Tractor Supply Co. | | | 14,720 | | | | 1,342,170 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | | | 6,990 | | | | 1,703,044 | |
Yum! Brands, Inc. | | | 27,270 | | | | 2,261,228 | |
| | | | | | | | |
| | | | | | | 20,264,921 | |
| | | | | | | | |
| Semiconductors — 1.6% | | | | | | | | |
Broadcom Ltd. | | | 11,100 | | | | 1,724,940 | |
| Software — 9.1% | | | | | | | | |
Adobe Systems, Inc.* | | | 21,710 | | | | 2,079,601 | |
Electronic Arts, Inc.* | | | 25,000 | | | | 1,894,000 | |
Fidelity National Information Services, Inc. | | | 29,990 | | | | 2,209,663 | |
Salesforce.com, Inc.* | | | 22,745 | | | | 1,806,181 | |
ServiceNow, Inc.* | | | 24,400 | | | | 1,620,160 | |
| | | | | | | | |
| | | | | | | 9,609,605 | |
| | | | | | | | |
| Telecommunications — 1.2% | | | | | | | | |
Zayo Group Holdings, Inc.* | | | 43,870 | | | | 1,225,289 | |
| | | | | | | | |
| Transportation — 2.3% | | | | | | | | |
J.B. Hunt Transport Services, Inc. | | | 13,180 | | | | 1,066,657 | |
Kansas City Southern | | | 14,520 | | | | 1,308,107 | |
| | | | | | | | |
| | | | | | | 2,374,764 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $85,724,459) | | | | 103,539,874 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,354,235) | | | 1,354,235 | | | | 1,354,235 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.5%
(Cost $87,078,694) | | | | 104,894,109 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.5% | | | | 569,355 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% $ | | | $ | 105,463,464 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
79
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Core Growth Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 103,539,874 | | | $ | 103,539,874 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,354,235 | | | | 1,354,235 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 104,894,109 | | | $ | 104,894,109 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements
80
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 97.6% | | | | | | | | |
| Aerospace & Defense — 4.7% | | | | | | | | |
Harris Corp. | | | 18,407 | | | $ | 1,535,880 | |
Northrop Grumman Corp. | | | 16,601 | | | | 3,690,070 | |
United Technologies Corp. | | | 40,970 | | | | 4,201,474 | |
| | | | | | | | |
| | | | | | | 9,427,424 | |
| | | | | | | | |
| Agriculture — 1.7% | | | | | | | | |
Philip Morris International, Inc. | | | 33,750 | | | | 3,433,050 | |
| | | | | | | | |
| Apparel — 1.0% | | | | | | | | |
Ralph Lauren Corp. | | | 22,519 | | | | 2,018,153 | |
| | | | | | | | |
| Banks — 12.5% | | | | | | | | |
Bank of America Corp. | | | 280,274 | | | | 3,719,236 | |
Citigroup, Inc. | | | 83,293 | | | | 3,530,790 | |
Fifth Third Bancorp | | | 191,292 | | | | 3,364,826 | |
JPMorgan Chase & Co. | | | 99,022 | | | | 6,153,227 | |
State Street Corp. | | | 29,128 | | | | 1,570,582 | |
The PNC Financial Services Group, Inc. | | | 33,633 | | | | 2,737,390 | |
Wells Fargo & Co. | | | 84,510 | | | | 3,999,859 | |
| | | | | | | | |
| | | | | | | 25,075,910 | |
| | | | | | | | |
| Beverages — 1.5% | | | | | | | | |
PepsiCo, Inc. | | | 28,943 | | | | 3,066,221 | |
| | | | | | | | |
| Building Materials — 1.9% | | | | | | | | |
Vulcan Materials Co. | | | 31,881 | | | | 3,837,197 | |
| | | | | | | | |
| Chemicals — 1.4% | | | | | | | | |
E.I. du Pont de Nemours & Co. | | | 43,947 | | | | 2,847,766 | |
| | | | | | | | |
| Computers — 1.7% | | | | | | | | |
Apple, Inc. | | | 29,713 | | | | 2,840,563 | |
EMC Corp. | | | 21,115 | | | | 573,694 | |
| | | | | | | | |
| | | | | | | 3,414,257 | |
| | | | | | | | |
| Diversified Financial Services — 5.4% | | | | | | | | |
American Express Co. | | | 30,239 | | | | 1,837,322 | |
Ameriprise Financial, Inc. | | | 26,683 | | | | 2,397,468 | |
Discover Financial Services | | | 63,890 | | | | 3,423,865 | |
FNF Group | | | 86,609 | | | | 3,247,837 | |
| | | | | | | | |
| | | | | | | 10,906,492 | |
| | | | | | | | |
| Electric — 4.1% | | | | | | | | |
Calpine Corp.* | | | 119,273 | | | | 1,759,277 | |
NextEra Energy, Inc. | | | 26,947 | | | | 3,513,889 | |
PG&E Corp. | | | 45,187 | | | | 2,888,353 | |
| | | | | | | | |
| | | | | | | 8,161,519 | |
| | | | | | | | |
| Electronics — 1.5% | | | | | | | | |
Honeywell International, Inc. | | | 24,985 | | | | 2,906,255 | |
| | | | | | | | |
| Food — 1.6% | | | | | | | | |
Mondelez International, Inc., Class A | | | 72,137 | | | | 3,282,955 | |
| | | | | | | | |
| Healthcare Products — 2.1% | | | | | | | | |
Medtronic PLC | | | 47,957 | | | | 4,161,229 | |
| | | | | | | | |
| | | | | | | | |
| |
| Number of
Shares |
| | | Value† | |
| | | | | | | | | |
| Healthcare Services — 3.3% | | | | | | | | |
Humana, Inc. | | | 13,175 | | | $ | 2,369,919 | |
UnitedHealth Group, Inc. | | | 30,092 | | | | 4,248,990 | |
| | | | | | | | |
| | | | | | | 6,618,909 | |
| | | | | | | | |
| Housewares — 1.2% | | | | | | | | |
Newell Brands, Inc. | | | 50,172 | | | | 2,436,854 | |
| | | | | | | | |
| Insurance — 5.6% | | | | | | | | |
American International Group, Inc. | | | 61,241 | | | | 3,239,036 | |
MetLife, Inc. | | | 64,824 | | | | 2,581,940 | |
The Travelers Cos., Inc. | | | 26,715 | | | | 3,180,154 | |
Unum Group | | | 70,888 | | | | 2,253,529 | |
| | | | | | | | |
| | | | | | | 11,254,659 | |
| | | | | | | | |
| Internet — 2.3% | | | | | | | | |
Liberty Interactive Corp. QVC Group, Class A* | | | 84,115 | | | | 2,133,998 | |
Symantec Corp. | | | 118,115 | | | | 2,426,082 | |
| | | | | | | | |
| | | | | | | 4,560,080 | |
| | | | | | | | |
| Leisure Time — 1.0% | | | | | | | | |
Harley-Davidson, Inc. | | | 44,904 | | | | 2,034,151 | |
| | | | | | | | |
| Media — 2.9% | | | | | | | | |
Comcast Corp., Class A | | | 59,763 | | | | 3,895,950 | |
Liberty Global PLC, Class A* | | | 66,857 | | | | 1,942,865 | |
Liberty Global PLC, LiLAC, Class A* | | | 1 | | | | 28 | |
| | | | | | | | |
| | | | | | | 5,838,843 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.9% | | | | | | | | |
Eaton Corp. PLC | | | 43,643 | | | | 2,606,796 | |
Ingersoll-Rand PLC | | | 36,442 | | | | 2,320,627 | |
Pentair PLC | | | 51,457 | | | | 2,999,428 | |
| | | | | | | | |
| | | | | | | 7,926,851 | |
| | | | | | | | |
| Oil & Gas — 6.3% | | | | | | | | |
Chevron Corp. | | | 34,560 | | | | 3,622,925 | |
Hess Corp. | | | 70,022 | | | | 4,208,322 | |
Royal Dutch Shell PLC ADR, Class A | | | 53,035 | | | | 2,928,593 | |
Valero Energy Corp. | | | 35,189 | | | | 1,794,639 | |
| | | | | | | | |
| | | | | | | 12,554,479 | |
| | | | | | | | |
| Oil & Gas Services — 3.0% | | | | | | | | |
Halliburton Co. | | | 86,823 | | | | 3,932,214 | |
National Oilwell Varco, Inc. | | | 61,687 | | | | 2,075,767 | |
| | | | | | | | |
| | | | | | | 6,007,981 | |
| | | | | | | | |
| Packaging and Containers — 1.5% | | | | | | | | |
Sealed Air Corp. | | | 65,260 | | | | 3,000,002 | |
| | | | | | | | |
| Pharmaceuticals — 10.8% | | | | | | | | |
AbbVie, Inc. | | | 45,038 | | | | 2,788,303 | |
Allergan PLC* | | | 13,409 | | | | 3,098,686 | |
Eli Lilly & Co. | | | 46,728 | | | | 3,679,830 | |
Merck & Co., Inc. | | | 71,961 | | | | 4,145,673 | |
Pfizer, Inc. | | | 137,334 | | | | 4,835,530 | |
Teva Pharmaceutical Industries Ltd. ADR | | | 61,583 | | | | 3,093,314 | |
| | | | | | | | |
| | | | | | | 21,641,336 | |
| | | | | | | | |
81
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Real Estate — 0.5% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 38,481 | | | $ | 1,018,977 | |
| | | | | | | | |
| Retail — 4.1% | | | | | | | | |
Advance Auto Parts, Inc. | | | 11,873 | | | | 1,919,033 | |
CVS Health Corp. | | | 32,858 | | | | 3,145,825 | |
Dollar General Corp. | | | 17,774 | | | | 1,670,756 | |
Lowe’s Cos., Inc. | | | 19,388 | | | | 1,534,948 | |
| | | | | | | | |
| | | | | | | 8,270,562 | |
| | | | | | | | |
| Semiconductors — 1.3% | | | | | | | | |
QUALCOMM, Inc. | | | 48,657 | | | | 2,606,555 | |
| | | | | | | | |
| Software — 2.8% | | | | | | | | |
Microsoft Corp. | | | 109,971 | | | | 5,627,216 | |
| | | | | | | | |
| Telecommunications — 4.6% | | | | | | | | |
Cisco Systems, Inc. | | | 120,563 | | | | 3,458,952 | |
Verizon Communications, Inc. | | | 61,940 | | | | 3,458,730 | |
Vodafone Group PLC-ADR | | | 73,837 | | | | 2,280,825 | |
| | | | | | | | |
| | | | | | | 9,198,507 | |
| | | | | | | | |
| Transportation — 1.4% | | | | | | | | |
Norfolk Southern Corp. | | | 33,408 | | | | 2,844,023 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $170,164,392) | | | | | | | 195,978,413 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 1.9% | | | | | | | | |
| Advertising — 0.5% | | | | | | | | |
Outfront Media, Inc. | | | 44,517 | | | | 1,075,976 | |
| | | | | | | | |
| Diversified — 1.4% | | | | | | | | |
Weyerhaeuser Co. | | | 90,811 | | | | 2,703,443 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,661,373) | | | | | | | 3,779,419 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.2% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $421,746) | | | 421,746 | | | | 421,746 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.7%
(Cost $174,247,511) | | | | | | | 200,179,578 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.3% | | | | | | | 689,195 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 200,868,773 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016†† | |
United States | | | 93 | % |
United Kingdom | | | 4 | |
Israel | | | 2 | |
Netherlands | | | 1 | |
| |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at 06/30/2016 | | | Level 1 Quoted
Price | | | Level 2 Significant
Observable
Input | | | Level 3 Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 195,978,413 | | | $ | 195,978,413 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 3,779,419 | | | | 3,779,419 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 421,746 | | | | 421,746 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 200,179,578 | | | $ | 200,179,578 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
82
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 93.6% | | | | | | | | |
| Aerospace & Defense — 2.6% | | | | | | | | |
United Technologies Corp. | | | 48,682 | | | $ | 4,992,339 | |
| | | | | | | | |
| Agriculture — 3.8% | | | | | | | | |
Altria Group, Inc. | | | 29,348 | | | | 2,023,838 | |
Reynolds American, Inc. | | | 99,785 | | | | 5,381,405 | |
| | | | | | | | |
| | | | | | | 7,405,243 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.9% | | | | | | | | |
The Goodyear Tire & Rubber Co. | | | 69,154 | | | | 1,774,492 | |
| | | | | | | | |
| Banks — 13.8% | | | | | | | | |
Credit Suisse Group AG ADR | | | 169,931 | | | | 1,818,262 | |
JPMorgan Chase & Co. | | | 100,758 | | | | 6,261,102 | |
The Goldman Sachs Group, Inc. | | | 29,542 | | | | 4,389,350 | |
The PNC Financial Services Group, Inc. | | | 40,366 | | | | 3,285,389 | |
U.S. Bancorp | | | 73,432 | | | | 2,961,513 | |
Wells Fargo & Co. | | | 167,200 | | | | 7,913,576 | |
| | | | | | | | |
| | | | | | | 26,629,192 | |
| | | | | | | | |
| Building Materials — 0.8% | | | | | | | | |
Masco Corp. | | | 52,684 | | | | 1,630,043 | |
| | | | | | | | |
| Chemicals — 1.6% | | | | | | | | |
PPG Industries, Inc. | | | 29,211 | | | | 3,042,326 | |
| | | | | | | | |
| Diversified Financial Services — 5.7% | | | | | | | | |
Invesco Ltd. | | | 43,956 | | | | 1,122,636 | |
iShares Russell 1000 Value ETF | | | 40,784 | | | | 4,211,356 | |
The Charles Schwab Corp. | | | 114,999 | | | | 2,910,625 | |
Visa, Inc., Class A | | | 36,825 | | | | 2,731,310 | |
| | | | | | | | |
| | | | | | | 10,975,927 | |
| | | | | | | | |
| Electric — 4.4% | | | | | | | | |
NextEra Energy, Inc. | | | 39,788 | | | | 5,188,355 | |
PG&E Corp. | | | 51,736 | | | | 3,306,965 | |
| | | | | | | | |
| | | | | | | 8,495,320 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.6% | |
Hubbell, Inc. | | | 29,184 | | | | 3,078,037 | |
| | | | | | | | |
| Electronics — 0.9% | | | | | | | | |
Thermo Fisher Scientific, Inc. | | | 11,596 | | | | 1,713,425 | |
| | | | | | | | |
| Food — 5.5% | | | | | | | | |
General Mills, Inc. | | | 37,363 | | | | 2,664,729 | |
Kellogg Co. | | | 37,849 | | | | 3,090,371 | |
The Kroger Co. | | | 133,271 | | | | 4,903,040 | |
| | | | | | | | |
| | | | | | | 10,658,140 | |
| | | | | | | | |
| Forest Products & Paper — 0.5% | | | | | | | | |
International Paper Co. | | | 23,658 | | | | 1,002,626 | |
| | | | | | | | |
| Gas — 2.3% | | | | | | | | |
Sempra Energy | | | 38,663 | | | | 4,408,355 | |
| | | | | | | | |
| Healthcare Products — 1.2% | | | | | | | | |
Zimmer Biomet Holdings, Inc. | | | 19,485 | | | | 2,345,604 | |
| | | | | | | | |
| Home Furnishings — 0.8% | | | | | | | | |
Whirlpool Corp. | | | 8,882 | | | | 1,480,097 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Insurance — 5.0% | | | | | | | | |
Aflac, Inc. | | | 30,249 | | | $ | 2,182,768 | |
Alleghany Corp* | | | 2,021 | | | | 1,110,701 | |
American Financial Group, Inc. | | | 21,290 | | | | 1,573,970 | |
Chubb, Ltd | | | 31,502 | | | | 4,117,626 | |
W. R. Berkley Corp. | | | 12,196 | | | | 730,784 | |
| | | | | | | | |
| | | | | | | 9,715,849 | |
| | | | | | | | |
| Internet — 3.2% | | | | | | | | |
Alphabet, Inc., Class C* | | | 4,828 | | | | 3,341,459 | |
eBay, Inc.* | | | 119,789 | | | | 2,804,260 | |
| | | | | | | | |
| | | | | | | 6,145,719 | |
| | | | | | | | |
| Machinery — Diversified — 0.9% | | | | | | | | |
Rockwell Automation, Inc. | | | 14,478 | | | | 1,662,364 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 4.2% | | | | | | | | |
General Electric Co. | | | 261,413 | | | | 8,229,281 | |
| | | | | | | | |
| Oil & Gas — 10.1% | | | | | | | | |
Chevron Corp. | | | 69,739 | | | | 7,310,739 | |
EOG Resources, Inc. | | | 45,753 | | | | 3,816,715 | |
Exxon Mobil Corp. | | | 16,788 | | | | 1,573,707 | |
Occidental Petroleum Corp. | | | 58,949 | | | | 4,454,187 | |
Pioneer Natural Resources Co. | | | 9,310 | | | | 1,407,765 | |
Royal Dutch Shell PLC ADR, Class A | | | 18,923 | | | | 1,059,688 | |
| | | | | | | | |
| | | | | | | 19,622,801 | |
| | | | | | | | |
| Oil & Gas Services — 2.7% | | | | | | | | |
Halliburton Co. | | | 39,086 | | | | 1,770,205 | |
Schlumberger Ltd. | | | 43,126 | | | | 3,410,404 | |
| | | | | | | | |
| | | | | | | 5,180,609 | |
| | | | | | | | |
| Pharmaceuticals — 13.4% | | | | | | | | |
Allergan PLC* | | | 13,356 | | | | 3,086,438 | |
Eli Lilly & Co. | | | 38,733 | | | | 3,050,224 | |
Johnson & Johnson | | | 72,111 | | | | 8,747,064 | |
McKesson Corp. | | | 13,764 | | | | 2,569,051 | |
Pfizer, Inc. | | | 162,185 | | | | 5,710,534 | |
Teva Pharmaceutical Industries Ltd. ADR | | | 56,567 | | | | 2,841,360 | |
| | | | | | | | |
| | | | | | | 26,004,671 | |
| | | | | | | | |
| Retail — 1.4% | | | | | | | | |
Sally Beauty Holdings, Inc.* | | | 34,067 | | | | 1,001,911 | |
The Home Depot, Inc. | | | 12,899 | | | | 1,647,073 | |
| | | | | | | | |
| | | | | | | 2,648,984 | |
| | | | | | | | |
| Semiconductors — 2.9% | | | | | | | | |
Intel Corp. | | | 114,171 | | | | 3,744,809 | |
NXP Semiconductors N.V.* | | | 23,781 | | | | 1,863,003 | |
| | | | | | | | |
| | | | | | | 5,607,812 | |
| | | | | | | | |
| Telecommunications — 2.4% | | | | | | | | |
Verizon Communications, Inc. | | | 83,537 | | | | 4,664,706 | |
| | | | | | | | |
| Transportation — 1.0% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 26,371 | | | | 1,958,047 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $166,662,963) | | | | | | | 181,072,009 | |
| | | | | | | | |
83
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 5.5% | | | | | | | | |
| Apartments — 2.7% | | | | | | | | |
Equity Residential | | | 76,761 | | | $ | 5,287,298 | |
| | | | | | | | |
| Regional Malls — 1.3% | | | | | | | | |
Simon Property Group, Inc. | | | 11,479 | | | | 2,489,795 | |
| | | | | | | | |
| Strip Centers — 1.5% | | | | | | | | |
Federal Realty Investment Trust | | | 17,447 | | | | 2,888,350 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $10,131,614) | | | | | | | 10,665,443 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.2% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $4,280,401) | | | 4,280,401 | | | | 4,280,401 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.3%
(Cost $181,074,978) | | | | | | | 196,017,853 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.3)% | | | | | | | (2,562,274 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 193,455,579 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016†† | |
United States | | | 92 | % |
Other | | | 3 | |
France | | | 2 | |
Israel | | | 1 | |
Netherlands | | | 1 | |
Switzerland | | | 1 | |
| |
Total | | | 100 | % |
| | | | |
| ††% | of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at 06/30/2016 | | | Level 1 Quoted
Price | | | Level 2 Significant
Observable
Input | | | Level 3 Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 181,072,009 | | | $ | 181,072,009 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 10,665,443 | | | | 10,665,443 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 4,280,401 | | | | 4,280,401 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 196,017,853 | | | $ | 196,017,853 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
84
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.3% | |
| Advertising — 0.2% | |
Omnicom Group, Inc. | | | 5,467 | | | $ | 445,506 | |
The Interpublic Group of Cos., Inc. | | | 9,034 | | | | 208,685 | |
| | | | | | | | |
| | | | 654,191 | |
| | | | | | | | |
| Aerospace & Defense — 2.1% | |
General Dynamics Corp. | | | 6,597 | | | | 918,566 | |
Harris Corp. | | | 2,600 | | | | 216,944 | |
L-3 Communications Holdings, Inc. | | | 1,800 | | | | 264,042 | |
Lockheed Martin Corp. | | | 6,037 | | | | 1,498,202 | |
Northrop Grumman Corp. | | | 4,192 | | | | 931,798 | |
Raytheon Co. | | | 6,876 | | | | 934,792 | |
Rockwell Collins, Inc. | | | 2,945 | | | | 250,738 | |
The Boeing Co. | | | 13,721 | | | | 1,781,946 | |
TransDigm Group, Inc.* | | | 1,200 | | | | 316,428 | |
United Technologies Corp. | | | 17,842 | | | | 1,829,697 | |
| | | | | | | | |
| | | | 8,943,153 | |
| | | | | | | | |
| Agriculture — 2.0% | |
Altria Group, Inc. | | | 44,778 | | | | 3,087,891 | |
Archer-Daniels-Midland Co. | | | 13,499 | | | | 578,972 | |
Philip Morris International, Inc. | | | 35,453 | | | | 3,606,279 | |
Reynolds American, Inc. | | | 18,854 | | | | 1,016,796 | |
| | | | | | | | |
| | | | 8,289,938 | |
| | | | | | | | |
| Airlines — 0.5% | |
Alaska Air Group, Inc. | | | 2,800 | | | | 163,212 | |
American Airlines Group, Inc. | | | 13,600 | | | | 385,016 | |
Delta Air Lines, Inc. | | | 17,900 | | | | 652,097 | |
Southwest Airlines Co. | | | 14,717 | | | | 577,054 | |
United Continental Holdings, Inc.* | | | 7,600 | | | | 311,904 | |
| | | | | | | | |
| | | | 2,089,283 | |
| | | | | | | | |
| Apparel — 0.7% | |
Hanesbrands, Inc. | | | 8,700 | | | | 218,631 | |
Michael Kors Holdings Ltd. | | | 4,000 | | | | 197,920 | |
NIKE, Inc., Class B | | | 30,992 | | | | 1,710,758 | |
Ralph Lauren Corp. | | | 1,428 | | | | 127,977 | |
Under Armour, Inc., Class A* | | | 3,900 | | | | 156,507 | |
Under Armour, Inc., Class C* | | | 3,928 | | | | 142,967 | |
VF Corp. | | | 7,732 | | | | 475,441 | |
| | | | | | | | |
| | | | 3,030,201 | |
| | | | | | | | |
| Auto Manufacturers — 0.6% | |
Ford Motor Co. | | | 88,867 | | | | 1,117,058 | |
General Motors Co. | | | 32,400 | | | | 916,920 | |
PACCAR, Inc. | | | 7,944 | | | | 412,056 | |
| | | | | | | | |
| | | | 2,446,034 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.3% | |
BorgWarner, Inc. | | | 5,400 | | | | 159,408 | |
Delphi Automotive PLC | | | 6,400 | | | | 400,640 | |
Johnson Controls, Inc. | | | 15,111 | | | | 668,813 | |
The Goodyear Tire & Rubber Co. | | | 6,106 | | | | 156,680 | |
| | | | | | | | |
| | | | 1,385,541 | |
| | | | | | | | |
| Banks — 6.3% | |
Bank of America Corp. | | | 235,811 | | | | 3,129,212 | |
BB&T Corp. | | | 17,799 | | | | 633,822 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Banks — (continued) | |
Capital One Financial Corp. | | | 12,141 | | | $ | 771,075 | |
Citigroup, Inc. | | | 67,369 | | | | 2,855,772 | |
Citizens Financial Group, Inc. | | | 12,100 | | | | 241,758 | |
Comerica, Inc. | | | 3,844 | | | | 158,104 | |
Fifth Third Bancorp | | | 17,946 | | | | 315,670 | |
Huntington Bancshares, Inc. | | | 17,665 | | | | 157,925 | |
JPMorgan Chase & Co. | | | 83,664 | | | | 5,198,881 | |
KeyCorp. | | | 18,599 | | | | 205,519 | |
M&T Bank Corp. | | | 3,652 | | | | 431,776 | |
Morgan Stanley | | | 34,563 | | | | 897,947 | |
Northern Trust Corp. | | | 4,947 | | | | 327,788 | |
Regions Financial Corp. | | | 30,194 | | | | 256,951 | |
State Street Corp. | | | 9,047 | | | | 487,814 | |
SunTrust Banks, Inc. | | | 11,588 | | | | 476,035 | |
The Bank of New York Mellon Corp. | | | 24,480 | | | | 951,048 | |
The Goldman Sachs Group, Inc. | | | 8,943 | | | | 1,328,751 | |
The PNC Financial Services Group, Inc. | | | 11,583 | | | | 942,740 | |
U.S. Bancorp | | | 37,156 | | | | 1,498,502 | |
Wells Fargo & Co. | | | 105,437 | | | | 4,990,333 | |
Zions Bancorporation | | | 4,804 | | | | 120,725 | |
| | | | | | | | |
| | | | 26,378,148 | |
| | | | | | | | |
| Beverages — 2.3% | |
Brown-Forman Corp., Class B | | | 2,293 | | | | 228,750 | |
Constellation Brands, Inc., Class A | | | 3,923 | | | | 648,864 | |
Dr. Pepper Snapple Group, Inc. | | | 4,300 | | | | 415,509 | |
Molson Coors Brewing Co., Class B | | | 4,138 | | | | 418,476 | |
Monster Beverage Corp.* | | | 3,268 | | | | 525,200 | |
PepsiCo, Inc. | | | 33,039 | | | | 3,500,152 | |
The Coca-Cola Co. | | | 88,886 | | | | 4,029,202 | |
| | | | | | | | |
| | | | 9,766,153 | |
| | | | | | | | |
| Biotechnology — 2.5% | |
Alexion Pharmaceuticals, Inc.* | | | 5,200 | | | | 607,152 | |
Amgen, Inc. | | | 17,145 | | | | 2,608,612 | |
Biogen, Inc.* | | | 4,933 | | | | 1,192,898 | |
Celgene Corp.* | | | 17,756 | | | | 1,751,274 | |
Gilead Sciences, Inc. | | | 30,478 | | | | 2,542,475 | |
Illumina, Inc.* | | | 3,400 | | | | 477,292 | |
Regeneron Pharmaceuticals, Inc.* | | | 1,800 | | | | 628,614 | |
Vertex Pharmaceuticals, Inc.* | | | 5,700 | | | | 490,314 | |
| | | | | | | | |
| | | | 10,298,631 | |
| | | | | | | | |
| Building Materials — 0.3% | |
Fortune Brands Home & Security, Inc. | | | 3,500 | | | | 202,895 | |
Martin Marietta Materials, Inc. | | | 1,500 | | | | 288,000 | |
Masco Corp. | | | 7,377 | | | | 228,244 | |
Vulcan Materials Co. | | | 3,041 | | | | 366,015 | |
| | | | | | | | |
| | | | 1,085,154 | |
| | | | | | | | |
| Chemicals — 2.0% | |
Air Products & Chemicals, Inc. | | | 4,521 | | | | 642,163 | |
Albemarle Corp. | | | 2,600 | | | | 206,206 | |
CF Industries Holdings, Inc. | | | 5,300 | | | | 127,730 | |
E.I. du Pont de Nemours & Co. | | | 19,823 | | | | 1,284,530 | |
Eastman Chemical Co. | | | 3,282 | | | | 222,848 | |
Ecolab, Inc. | | | 6,033 | | | | 715,514 | |
85
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Chemicals — (continued) | |
FMC Corp. | | | 3,100 | | | $ | 143,561 | |
International Flavors & Fragrances, Inc. | | | 1,875 | | | | 236,381 | |
LyondellBasell Industries NV, Class A | | | 7,800 | | | | 580,476 | |
Monsanto Co. | | | 10,036 | | | | 1,037,823 | |
PPG Industries, Inc. | | | 6,128 | | | | 638,231 | |
Praxair, Inc. | | | 6,426 | | | | 722,218 | |
The Dow Chemical Co. | | | 25,379 | | | | 1,261,590 | |
The Mosaic Co. | | | 7,600 | | | | 198,968 | |
The Sherwin-Williams Co. | | | 1,834 | | | | 538,591 | |
| | | | | | | | |
| | | | 8,556,830 | |
| | | | | | | | |
| Commercial Services — 1.4% | |
Allegion PLC | | | 2,266 | | | | 157,328 | |
Alliance Data Systems Corp.* | | | 1,400 | | | | 274,288 | |
Automatic Data Processing, Inc. | | | 10,543 | | | | 968,585 | |
Cintas Corp. | | | 1,955 | | | | 191,844 | |
Equifax, Inc. | | | 2,677 | | | | 343,727 | |
Global Payments, Inc. | | | 3,481 | | | | 248,474 | |
H&R Block, Inc. | | | 5,266 | | | | 121,118 | |
Moody’s Corp. | | | 3,873 | | | | 362,939 | |
Paychex, Inc. | | | 7,275 | | | | 432,863 | |
PayPal Holdings, Inc.* | | | 25,328 | | | | 924,725 | |
Quanta Services, Inc.* | | | 3,400 | | | | 78,608 | |
Robert Half International, Inc. | | | 3,207 | | | | 122,379 | |
S&p Global Inc | | | 5,986 | | | | 642,058 | |
The Western Union Co. | | | 11,178 | | | | 214,394 | |
Total System Services, Inc. | | | 3,977 | | | | 211,219 | |
United Rentals, Inc.* | | | 2,300 | | | | 154,330 | |
Verisk Analytics, Inc., Class A* | | | 3,600 | | | | 291,888 | |
| | | | | | | | |
| | | | 5,740,767 | |
| | | | | | | | |
| Computers — 4.9% | |
Accenture PLC, Class A | | | 14,300 | | | | 1,620,047 | |
Apple, Inc. | | | 125,502 | | | | 11,997,991 | |
Cognizant Technology Solutions Corp., Class A* | | | 13,904 | | | | 795,865 | |
CSRA Inc. | | | 3,357 | | | | 78,655 | |
EMC Corp. | | | 44,048 | | | | 1,196,784 | |
Hewlett Packard Enterprise Co. | | | 38,783 | | | | 708,565 | |
HP, Inc. | | | 38,983 | | | | 489,237 | |
International Business Machines Corp. | | | 20,220 | | | | 3,068,992 | |
NetApp, Inc. | | | 6,421 | | | | 157,892 | |
Seagate Technology PLC | | | 6,900 | | | | 168,084 | |
Teradata Corp.* | | | 3,516 | | | | 88,146 | |
Western Digital Corp. | | | 6,197 | | | | 292,870 | |
| | | | | | | | |
| | | | 20,663,128 | |
| | | | | | | | |
| Cosmetics & Personal Care — 1.7% | |
Colgate-Palmolive Co. | | | 20,270 | | | | 1,483,764 | |
The Estee Lauder Cos., Inc., Class A | | | 5,074 | | | | 461,835 | |
The Procter & Gamble Co. | | | 60,494 | | | | 5,122,027 | |
| | | | | | | | |
| | | | 7,067,626 | |
| | | | | | | | |
| Distribution & Wholesale — 0.3% | |
Fastenal Co. | | | 6,700 | | | | 297,413 | |
Genuine Parts Co. | | | 3,405 | | | | 344,756 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Distribution & Wholesale — (continued) | |
LKQ Corp.* | | | 7,000 | | | $ | 221,900 | |
W.W. Grainger, Inc. | | | 1,272 | | | | 289,062 | |
| | | | | | | | |
| | | | 1,153,131 | |
| | | | | | | | |
| Diversified Financial Services — 3.0% | |
Affiliated Managers Group, Inc.* | | | 1,300 | | | | 183,001 | |
American Express Co. | | | 18,680 | | | | 1,134,997 | |
Ameriprise Financial, Inc. | | | 3,946 | | | | 354,548 | |
BlackRock, Inc. | | | 2,899 | | | | 992,994 | |
CME Group, Inc. | | | 7,760 | | | | 755,824 | |
Discover Financial Services | | | 9,678 | | | | 518,644 | |
E*TRADE Financial Corp.* | | | 6,481 | | | | 152,239 | |
Franklin Resources, Inc. | | | 8,456 | | | | 282,177 | |
Intercontinental Exchange, Inc. | | | 2,670 | | | | 683,413 | |
Invesco Ltd. | | | 9,567 | | | | 244,341 | |
Legg Mason, Inc. | | | 2,261 | | | | 66,677 | |
MasterCard, Inc., Class A | | | 22,500 | | | | 1,981,350 | |
Nasdaq, Inc. | | | 2,800 | | | | 181,076 | |
Navient Corp. | | | 7,534 | | | | 90,031 | |
Synchrony Financial* | | | 18,912 | | | | 478,095 | |
T. Rowe Price Group, Inc. | | | 5,581 | | | | 407,246 | |
The Charles Schwab Corp. | | | 27,769 | | | | 702,833 | |
Visa, Inc., Class A | | | 43,856 | | | | 3,252,800 | |
| | | | | | | | |
| | | | 12,462,286 | |
| | | | | | | | |
| Diversified Operations — 0.0% | |
Leucadia National Corp. | | | 7,260 | | | | 125,816 | |
| | | | | | | | |
| Electric — 3.3% | |
AES Corp. | | | 14,644 | | | | 182,757 | |
Alliant Energy Corp. | | | 5,200 | | | | 206,440 | |
Ameren Corp. | | | 5,798 | | | | 310,657 | |
American Electric Power Co., Inc. | | | 11,157 | | | | 781,994 | |
CMS Energy Corp. | | | 6,243 | | | | 286,304 | |
Consolidated Edison, Inc. | | | 6,834 | | | | 549,727 | |
Dominion Resources, Inc. | | | 14,109 | | | | 1,099,514 | |
DTE Energy Co. | | | 4,092 | | | | 405,599 | |
Duke Energy Corp. | | | 15,718 | | | | 1,348,447 | |
Edison International | | | 7,400 | | | | 574,758 | |
Entergy Corp. | | | 4,147 | | | | 337,358 | |
Eversource Energy | | | 7,193 | | | | 430,861 | |
Exelon Corp. | | | 20,310 | | | | 738,472 | |
FirstEnergy Corp. | | | 9,956 | | | | 347,564 | |
NextEra Energy, Inc. | | | 10,515 | | | | 1,371,156 | |
NRG Energy, Inc. | | | 7,800 | | | | 116,922 | |
PG&E Corp. | | | 11,350 | | | | 725,492 | |
Pinnacle West Capital Corp. | | | 2,569 | | | | 208,243 | |
PPL Corp. | | | 15,298 | | | | 577,500 | |
Public Service Enterprise Group, Inc. | | | 11,749 | | | | 547,621 | |
SCANA Corp. | | | 3,400 | | | | 257,244 | |
TECO Energy, Inc. | | | 5,123 | | | | 141,600 | |
The Southern Co. | | | 20,743 | | | | 1,112,447 | |
WEC Energy Group, Inc. | | | 7,050 | | | | 460,365 | |
Xcel Energy, Inc. | | | 11,630 | | | | 520,791 | |
| | | | | | | | |
| | | | 13,639,833 | |
| | | | | | | | |
86
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Electrical Components & Equipment — 0.3% | |
Acuity Brands, Inc. | | | 1,000 | | | $ | 247,960 | |
AMETEK, Inc. | | | 5,300 | | | | 245,019 | |
Emerson Electric Co. | | | 14,576 | | | | 760,284 | |
| | | | | | | | |
| | | | 1,253,263 | |
| | | | | | | | |
| Electronics — 1.3% | |
Agilent Technologies, Inc. | | | 7,345 | | | | 325,824 | |
Amphenol Corp., Class A | | | 6,900 | | | | 395,577 | |
FLIR Systems, Inc. | | | 3,043 | | | | 94,181 | |
Garmin Ltd. | | | 2,800 | | | | 118,776 | |
Honeywell International, Inc. | | | 17,508 | | | | 2,036,530 | |
PerkinElmer, Inc. | | | 2,516 | | | | 131,889 | |
TE Connectivity Ltd. | | | 8,300 | | | | 474,013 | |
Thermo Fisher Scientific, Inc. | | | 9,082 | | | | 1,341,956 | |
Tyco International PLC | | | 10,000 | | | | 426,000 | |
Waters Corp.* | | | 1,858 | | | | 261,328 | |
| | | | | | | | |
| | | | 5,606,074 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | |
Fluor Corp. | | | 3,170 | | | | 156,218 | |
Jacobs Engineering Group, Inc.* | | | 2,983 | | | | 148,583 | |
| | | | | | | | |
| | | | 304,801 | |
| | | | | | | | |
| Environmental Control — 0.3% | |
Republic Services, Inc. | | | 5,314 | | | | 272,661 | |
Stericycle, Inc.* | | | 2,000 | | | | 208,240 | |
Waste Management, Inc. | | | 9,400 | | | | 622,938 | |
| | | | | | | | |
| | | | 1,103,839 | |
| | | | | | | | |
| Food — 2.0% | |
Campbell Soup Co. | | | 4,016 | | | | 267,184 | |
ConAgra Foods, Inc. | | | 9,902 | | | | 473,415 | |
General Mills, Inc. | | | 13,510 | | | | 963,533 | |
Hormel Foods Corp. | | | 6,200 | | | | 226,920 | |
Kellogg Co. | | | 5,766 | | | | 470,794 | |
McCormick & Co., Inc. | | | 2,619 | | | | 279,369 | |
Mondelez International, Inc. | | | 35,763 | | | | 1,627,574 | |
Sysco Corp. | | | 12,152 | | | | 616,592 | |
The Hershey Co. | | | 3,187 | | | | 361,693 | |
The J.M. Smucker Co. | | | 2,634 | | | | 401,448 | |
The Kraft Heinz Co. | | | 13,654 | | | | 1,208,106 | |
The Kroger Co. | | | 22,290 | | | | 820,049 | |
Tyson Foods, Inc., Class A | | | 6,649 | | | | 444,087 | |
Whole Foods Market, Inc. | | | 7,586 | | | | 242,904 | |
| | | | | | | | |
| | | | 8,403,668 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
International Paper Co. | | | 9,267 | | | | 392,735 | |
| | | | | | | | |
| Gas — 0.3% | |
AGL Resources, Inc. | | | 2,600 | | | | 171,522 | |
CenterPoint Energy, Inc. | | | 10,322 | | | | 247,728 | |
NiSource, Inc. | | | 7,365 | | | | 195,320 | |
Sempra Energy | | | 5,398 | | | | 615,480 | |
| | | | | | | | |
| | | | 1,230,050 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Hand & Machine Tools — 0.1% | |
Snap-On, Inc. | | | 1,328 | | | $ | 209,585 | |
Stanley Black & Decker, Inc. | | | 3,340 | | | | 371,475 | |
| | | | | | | | |
| | | | 581,060 | |
| | | | | | | | |
| Healthcare Products — 2.6% | |
Baxter International, Inc. | | | 12,142 | | | | 549,052 | |
Becton Dickinson & Co. | | | 4,835 | | | | 819,967 | |
Boston Scientific Corp.* | | | 30,548 | | | | 713,907 | |
C.R. Bard, Inc. | | | 1,742 | | | | 409,649 | |
Danaher Corp. | | | 13,568 | | | | 1,370,368 | |
DENTSPLY SIRONA, Inc. | | | 5,500 | | | | 341,220 | |
Edwards Lifesciences Corp.* | | | 5,000 | | | | 498,650 | |
Henry Schein, Inc.* | | | 1,900 | | | | 335,920 | |
Hologic, Inc.* | | | 5,700 | | | | 197,220 | |
Intuitive Surgical, Inc.* | | | 907 | | | | 599,899 | |
Medtronic PLC | | | 31,997 | | | | 2,776,380 | |
Patterson Cos., Inc. | | | 1,974 | | | | 94,535 | |
St. Jude Medical, Inc. | | | 6,430 | | | | 501,540 | |
Stryker Corp. | | | 7,081 | | | | 848,516 | |
Varian Medical Systems, Inc.* | | | 2,157 | | | | 177,370 | |
Zimmer Biomet Holdings, Inc. | | | 4,029 | | | | 485,011 | |
| | | | | | | | |
| | | | 10,719,204 | |
| | | | | | | | |
| Healthcare Services — 1.9% | |
Aetna, Inc. | | | 7,893 | | | | 963,972 | |
Anthem, Inc. | | | 5,995 | | | | 787,383 | |
Centene Corp.* | | | 3,900 | | | | 278,343 | |
Cigna Corp. | | | 5,894 | | | | 754,373 | |
DaVita HealthCare Partners, Inc.* | | | 3,698 | | | | 285,929 | |
HCA Holdings, Inc.* | | | 6,900 | | | | 531,369 | |
Humana, Inc. | | | 3,410 | | | | 613,391 | |
Laboratory Corp. of America Holdings* | | | 2,377 | | | | 309,652 | |
Quest Diagnostics, Inc. | | | 3,387 | | | | 275,736 | |
UnitedHealth Group, Inc. | | | 21,741 | | | | 3,069,829 | |
Universal Health Services, Inc., Class B | | | 2,055 | | | | 275,576 | |
| | | | | | | | |
| | | | 8,145,553 | |
| | | | | | | | |
| Home Builders — 0.1% | |
D.R. Horton, Inc. | | | 7,376 | | | | 232,196 | |
Lennar Corp., Class A | | | 4,036 | | | | 186,060 | |
PulteGroup, Inc. | | | 6,834 | | | | 133,195 | |
| | | | | | | | |
| | | | 551,451 | |
| | | | | | | | |
| Home Furnishings — 0.1% | |
Harman International Industries, Inc. | | | 1,738 | | | | 124,823 | |
Whirlpool Corp. | | | 1,769 | | | | 294,786 | |
| | | | | | | | |
| | | | 419,609 | |
| | | | | | | | |
| Household Products & Wares — 0.5% | |
Avery Dennison Corp. | | | 2,183 | | | | 163,179 | |
Church & Dwight Co., Inc. | | | 3,100 | | | | 318,959 | |
Kimberly-Clark Corp. | | | 8,287 | | | | 1,139,297 | |
The Clorox Co. | | | 2,997 | | | | 414,755 | |
| | | | | | | | |
| | | | 2,036,190 | |
| | | | | | | | |
| Housewares — 0.1% | |
Newell Brands, Inc. | | | 10,416 | | | | 505,905 | |
| | | | | | | | |
87
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Insurance — 4.1% | |
Aflac, Inc. | | | 9,710 | | | $ | 700,674 | |
American International Group, Inc. | | | 26,285 | | | | 1,390,214 | |
Aon PLC | | | 6,244 | | | | 682,032 | |
Arthur J Gallagher & Co. | | | 4,000 | | | | 190,400 | |
Assurant, Inc. | | | 1,460 | | | | 126,013 | |
Berkshire Hathaway, Inc., Class B* | | | 42,750 | | | | 6,189,772 | |
Chubb, Ltd | | | 10,460 | | | | 1,367,227 | |
Cincinnati Financial Corp. | | | 3,292 | | | | 246,538 | |
Lincoln National Corp. | | | 5,573 | | | | 216,065 | |
Loews Corp. | | | 6,225 | | | | 255,785 | |
Marsh & McLennan Cos., Inc. | | | 11,809 | | | | 808,444 | |
MetLife, Inc. | | | 24,885 | | | | 991,169 | |
Principal Financial Group, Inc. | | | 6,465 | | | | 265,776 | |
Prudential Financial, Inc. | | | 10,230 | | | | 729,808 | |
The Allstate Corp. | | | 8,776 | | | | 613,881 | |
The Hartford Financial Services Group, Inc. | | | 9,257 | | | | 410,826 | |
The Progressive Corp. | | | 12,956 | | | | 434,026 | |
The Travelers Cos., Inc. | | | 6,631 | | | | 789,354 | |
Torchmark Corp. | | | 2,552 | | | | 157,765 | |
Unum Group | | | 5,376 | | | | 170,903 | |
Willis Towers Watson PLC | | | 3,245 | | | | 403,386 | |
XL Group PLC | | | 6,849 | | | | 228,140 | |
| | | | | | | | |
| | | | 17,368,198 | |
| | | | | | | | |
| Internet — 6.3% | |
Alphabet, Inc., Class A* | | | 6,670 | | | | 4,692,545 | |
Alphabet, Inc., Class C* | | | 6,802 | | | | 4,707,664 | |
Amazon.com, Inc.* | | | 8,875 | | | | 6,351,128 | |
eBay, Inc.* | | | 25,028 | | | | 585,905 | |
Expedia, Inc. | | | 2,794 | | | | 297,002 | |
F5 Networks, Inc.* | | | 1,500 | | | | 170,760 | |
Facebook, Inc., Class A* | | | 53,000 | | | | 6,056,840 | |
Netflix, Inc.* | | | 9,800 | | | | 896,504 | |
Symantec Corp. | | | 13,538 | | | | 278,071 | |
The Priceline Group, Inc.* | | | 1,137 | | | | 1,419,442 | |
TripAdvisor, Inc.* | | | 2,594 | | | | 166,794 | |
VeriSign, Inc.* | | | 2,209 | | | | 190,990 | |
Yahoo!, Inc.* | | | 20,017 | | | | 751,839 | |
| | | | | | | | |
| | | | 26,565,484 | |
| | | | | | | | |
| Iron & Steel — 0.1% | |
Nucor Corp. | | | 7,135 | | | | 352,540 | |
| | | | | | | | |
| Leisure Time — 0.2% | |
Carnival Corp. | | | 10,445 | | | | 461,669 | |
Harley-Davidson, Inc. | | | 4,228 | | | | 191,528 | |
Royal Caribbean Cruises Ltd. | | | 4,000 | | | | 268,600 | |
| | | | | | | | |
| | | | 921,797 | |
| | | | | �� | | | |
| Lodging — 0.2% | |
Marriott International, Inc., Class A | | | 4,285 | | | | 284,781 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 3,852 | | | | 284,856 | |
Wyndham Worldwide Corp. | | | 2,560 | | | | 182,349 | |
Wynn Resorts Ltd. | | | 1,930 | | | | 174,935 | |
| | | | | | | | |
| | | | 926,921 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Machinery — Construction & Mining — 0.2% | |
Caterpillar, Inc. | | | 13,328 | | | $ | 1,010,396 | |
| | | | | | | | |
| Machinery — Diversified — 0.5% | |
Cummins, Inc. | | | 3,674 | | | | 413,105 | |
Deere & Co. | | | 6,732 | | | | 545,561 | |
Flowserve Corp. | | | 2,800 | | | | 126,476 | |
Rockwell Automation, Inc. | | | 2,971 | | | | 341,130 | |
Roper Technologies, Inc. | | | 2,300 | | | | 392,288 | |
Xylem, Inc. | | | 4,154 | | | | 185,476 | |
| | | | | | | | |
| | | | 2,004,036 | |
| | | | | | | | |
| Media — 2.7% | |
CBS Corp., Class B | | | 9,754 | | | | 531,008 | |
Comcast Corp., Class A | | | 55,477 | | | | 3,616,546 | |
Discovery Communications, Inc., Class A* | | | 3,500 | | | | 88,305 | |
Discovery Communications, Inc., Class C* | | | 5,600 | | | | 133,560 | |
News Corp., Class A | | | 9,115 | | | | 103,455 | |
News Corp., Class B | | | 2,500 | | | | 29,175 | |
Nielsen Holdings PLC | | | 8,400 | | | | 436,548 | |
Scripps Networks Interactive, Inc., Class A | | | 2,056 | | | | 128,027 | |
TEGNA, Inc. | | | 5,374 | | | | 124,516 | |
The Walt Disney Co. | | | 34,308 | | | | 3,356,008 | |
Time Warner, Inc. | | | 17,904 | | | | 1,316,660 | |
Twenty-First Century Fox, Inc., Class A | | | 25,360 | | | | 685,988 | |
Twenty-First Century Fox, Inc., Class B | | | 10,100 | | | | 275,225 | |
Viacom, Inc., Class B | | | 7,981 | | | | 330,972 | |
| | | | | | | | |
| | | | 11,155,993 | |
| | | | | | | | |
| Mining — 0.3% | |
Alcoa, Inc. | | | 28,348 | | | | 262,786 | |
Freeport-McMoRan, Inc. | | | 28,696 | | | | 319,673 | |
Newmont Mining Corp. | | | 12,383 | | | | 484,423 | |
| | | | | | | | |
| | | | 1,066,882 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.9% | |
3M Co. | | | 13,780 | | | | 2,413,154 | |
Dover Corp. | | | 3,405 | | | | 236,035 | |
Eaton Corp. PLC | | | 10,406 | | | | 621,550 | |
General Electric Co. | | | 210,574 | | | | 6,628,869 | |
Illinois Tool Works, Inc. | | | 7,419 | | | | 772,763 | |
Ingersoll-Rand PLC | | | 5,800 | | | | 369,344 | |
Leggett & Platt, Inc. | | | 3,354 | | | | 171,423 | |
Parker-Hannifin Corp. | | | 3,181 | | | | 343,707 | |
Pentair PLC | | | 4,019 | | | | 234,267 | |
Textron, Inc. | | | 6,076 | | | | 222,139 | |
| | | | | | | | |
| | | | 12,013,251 | |
| | | | | | | | |
| Office & Business Equipment — 0.1% | |
Pitney Bowes, Inc. | | | 4,161 | | | | 74,066 | |
Xerox Corp. | | | 22,855 | | | | 216,894 | |
| | | | | | | | |
| | | | 290,960 | |
| | | | | | | | |
| Oil & Gas — 5.8% | |
Anadarko Petroleum Corp. | | | 11,459 | | | | 610,192 | |
Apache Corp. | | | 8,557 | | | | 476,368 | |
Cabot Oil & Gas Corp. | | | 9,088 | | | | 233,925 | |
Chesapeake Energy Corp.* | | | 12,410 | | | | 53,115 | |
Chevron Corp. | | | 43,070 | | | | 4,515,028 | |
88
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Oil & Gas — (continued) | |
Cimarex Energy Co. | | | 2,100 | | | $ | 250,572 | |
Concho Resources, Inc.* | | | 3,000 | | | | 357,810 | |
ConocoPhillips | | | 28,180 | | | | 1,228,648 | |
Devon Energy Corp. | | | 11,729 | | | | 425,176 | |
Diamond Offshore Drilling, Inc. | | | 1,600 | | | | 38,928 | |
EOG Resources, Inc. | | | 12,616 | | | | 1,052,427 | |
EQT Corp. | | | 3,600 | | | | 278,748 | |
Exxon Mobil Corp. | | | 94,865 | | | | 8,892,645 | |
Helmerich & Payne, Inc. | | | 2,300 | | | | 154,399 | |
Hess Corp. | | | 5,497 | | | | 330,370 | |
Marathon Oil Corp. | | | 19,451 | | | | 291,960 | |
Marathon Petroleum Corp. | | | 12,150 | | | | 461,214 | |
Murphy Oil Corp. | | | 3,917 | | | | 124,365 | |
Newfield Exploration Co.* | | | 4,100 | | | | 181,138 | |
Noble Energy, Inc. | | | 10,138 | | | | 363,650 | |
Occidental Petroleum Corp. | | | 17,458 | | | | 1,319,126 | |
Phillips 66 | | | 10,840 | | | | 860,046 | |
Pioneer Natural Resources Co. | | | 3,700 | | | | 559,477 | |
Range Resources Corp. | | | 3,923 | | | | 169,238 | |
Southwestern Energy Co.* | | | 8,490 | | | | 106,804 | |
Tesoro Corp. | | | 2,794 | | | | 209,326 | |
Valero Energy Corp. | | | 10,640 | | | | 542,640 | |
| | | | | | | | |
| | | | 24,087,335 | |
| | | | | | | | |
| Oil & Gas Services — 1.0% | |
Baker Hughes, Inc. | | | 10,228 | | | | 461,590 | |
FMC Technologies, Inc.* | | | 5,072 | | | | 135,270 | |
Halliburton Co. | | | 19,469 | | | | 881,751 | |
National Oilwell Varco, Inc. | | | 8,483 | | | | 285,453 | |
Schlumberger Ltd. | | | 31,687 | | | | 2,505,808 | |
Transocean Ltd. | | | 8,300 | | | | 98,687 | |
| | | | | | | | |
| | | | 4,368,559 | |
| | | | | | | | |
| Packaging and Containers — 0.2% | |
Ball Corp. | | | 3,226 | | | | 233,208 | |
Owens-Illinois, Inc.* | | | 4,000 | | | | 72,040 | |
Sealed Air Corp. | | | 4,333 | | | | 199,188 | |
WestRock Co. | | | 5,746 | | | | 223,347 | |
| | | | | | | | |
| | | | 727,783 | |
| | | | | | | | |
| Pharmaceuticals — 7.4% | |
Abbott Laboratories | | | 33,496 | | | | 1,316,728 | |
AbbVie, Inc. | | | 36,696 | | | | 2,271,850 | |
Allergan PLC* | | | 9,013 | | | | 2,082,814 | |
AmerisourceBergen Corp. | | | 4,400 | | | | 349,008 | |
Bristol-Myers Squibb Co. | | | 37,997 | | | | 2,794,679 | |
Cardinal Health, Inc. | | | 7,582 | | | | 591,472 | |
Eli Lilly & Co. | | | 22,154 | | | | 1,744,628 | |
Endo International PLC | | | 4,698 | | | | 73,242 | |
Express Scripts Holding Co.* | | | 14,364 | | | | 1,088,791 | |
Johnson & Johnson | | | 63,041 | | | | 7,646,873 | |
Mallinckrodt PLC | | | 2,700 | | | | 164,106 | |
McKesson Corp. | | | 5,225 | | | | 975,246 | |
Mead Johnson Nutrition Co. | | | 4,168 | | | | 378,246 | |
Merck & Co., Inc. | | | 63,430 | | | | 3,654,202 | |
Mylan NV | | | 9,356 | | | | 404,554 | |
Perrigo Co. PLC | | | 3,400 | | | | 308,278 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | |
Pfizer, Inc. | | | 138,005 | | | $ | 4,859,156 | |
Zoetis, Inc. | | | 10,407 | | | | 493,916 | |
| | | | | | | | |
| | | | 31,197,789 | |
| | | | | | | | |
| Pipelines — 0.5% | |
Columbia Pipeline Group, Inc. | | | 8,965 | | | | 228,518 | |
Kinder Morgan, Inc. | | | 41,736 | | | | 781,298 | |
ONEOK, Inc. | | | 4,800 | | | | 227,760 | |
Spectra Energy Corp. | | | 15,084 | | | | 552,527 | |
The Williams Cos., Inc. | | | 16,034 | | | | 346,815 | |
| | | | | | | | |
| | | | 2,136,918 | |
| | | | | | | | |
| Real Estate — 0.0% | |
CBRE Group, Inc., Class A* | | | 6,401 | | | | 169,499 | |
| | | | | | | | |
| Retail — 6.6% | |
Advance Auto Parts, Inc. | | | 1,700 | | | | 274,771 | |
AutoNation, Inc.* | | | 1,719 | | | | 80,759 | |
AutoZone, Inc.* | | | 641 | | | | 508,851 | |
Bed Bath & Beyond, Inc. | | | 3,866 | | | | 167,088 | |
Best Buy Co., Inc. | | | 6,168 | | | | 188,741 | |
CarMax, Inc.* | | | 4,300 | | | | 210,829 | |
Chipotle Mexican Grill, Inc.* | | | 700 | | | | 281,932 | |
Coach, Inc. | | | 6,277 | | | | 255,725 | |
Costco Wholesale Corp. | | | 9,977 | | | | 1,566,788 | |
CVS Health Corp. | | | 24,567 | | | | 2,352,045 | |
Darden Restaurants, Inc. | | | 2,540 | | | | 160,884 | |
Dollar General Corp. | | | 6,600 | | | | 620,400 | |
Dollar Tree, Inc.* | | | 5,454 | | | | 513,985 | |
Foot Locker, Inc. | | | 3,100 | | | | 170,066 | |
Kohl’s Corp. | | | 4,501 | | | | 170,678 | |
L Brands, Inc. | | | 5,760 | | | | 386,669 | |
Lowe’s Cos., Inc. | | | 20,340 | | | | 1,610,318 | |
Macy’s, Inc. | | | 7,027 | | | | 236,177 | |
McDonald’s Corp. | | | 20,078 | | | | 2,416,186 | |
Nordstrom, Inc. | | | 2,737 | | | | 104,143 | |
O’Reilly Automotive, Inc.* | | | 2,200 | | | | 596,420 | |
PVH Corp. | | | 1,900 | | | | 179,037 | |
Ross Stores, Inc. | | | 9,200 | | | | 521,548 | |
Signet Jewelers Ltd. | | | 1,900 | | | | 156,579 | |
Staples, Inc. | | | 15,637 | | | | 134,791 | |
Starbucks Corp. | | | 33,688 | | | | 1,924,259 | |
Target Corp. | | | 13,732 | | | | 958,768 | |
The Gap, Inc. | | | 5,282 | | | | 112,084 | |
The Home Depot, Inc. | | | 28,517 | | | | 3,641,336 | |
The TJX Cos., Inc. | | | 15,318 | | | | 1,183,009 | |
Tiffany & Co. | | | 2,464 | | | | 149,417 | |
Tractor Supply Co. | | | 3,000 | | | | 273,540 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | | | 1,500 | | | | 365,460 | |
Urban Outfitters, Inc.* | | | 1,700 | | | | 46,750 | |
Wal-Mart Stores, Inc. | | | 34,947 | | | | 2,551,830 | |
Walgreens Boots Alliance, Inc. | | | 19,579 | | | | 1,630,343 | |
Yum! Brands, Inc. | | | 9,225 | | | | 764,937 | |
| | | | | | | | |
| | | | 27,467,143 | |
| | | | | | | | |
| Savings & Loans — 0.0% | |
People’s United Financial, Inc. | | | 7,700 | | | | 112,882 | |
| | | | | | | | |
89
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Semiconductors — 2.8% | |
Analog Devices, Inc. | | | 6,976 | | | $ | 395,121 | |
Applied Materials, Inc. | | | 26,121 | | | | 626,120 | |
Broadcom Ltd. | | | 8,551 | | | | 1,328,825 | |
First Solar, Inc.* | | | 1,800 | | | | 87,264 | |
Intel Corp. | | | 108,003 | | | | 3,542,498 | |
KLA-Tencor Corp. | | | 3,427 | | | | 251,028 | |
Lam Research Corp. | | | 3,559 | | | | 299,170 | |
Linear Technology Corp. | | | 5,541 | | | | 257,823 | |
Microchip Technology, Inc. | | | 4,518 | | | | 229,334 | |
Micron Technology, Inc.* | | | 22,886 | | | | 314,911 | |
NVIDIA Corp. | | | 11,754 | | | | 552,556 | |
Qorvo, Inc.* | | | 2,800 | | | | 154,728 | |
QUALCOMM, Inc. | | | 33,999 | | | | 1,821,326 | |
Skyworks Solutions, Inc. | | | 4,500 | | | | 284,760 | |
Texas Instruments, Inc. | | | 22,793 | | | | 1,427,982 | |
Xilinx, Inc. | | | 5,764 | | | | 265,893 | |
| | | | | | | | |
| | | | 11,839,339 | |
| | | | | | | | |
| Software — 4.5% | |
Activision Blizzard, Inc. | | | 11,900 | | | | 471,597 | |
Adobe Systems, Inc.* | | | 11,405 | | | | 1,092,485 | |
Akamai Technologies, Inc.* | | | 4,160 | | | | 232,669 | |
Autodesk, Inc.* | | | 5,281 | | | | 285,913 | |
CA, Inc. | | | 6,995 | | | | 229,646 | |
Cerner Corp.* | | | 7,000 | | | | 410,200 | |
Citrix Systems, Inc.* | | | 3,391 | | | | 271,585 | |
Electronic Arts, Inc.* | | | 7,030 | | | | 532,593 | |
Fidelity National Information Services, Inc. | | | 6,259 | | | | 461,163 | |
Fiserv, Inc.* | | | 5,114 | | | | 556,045 | |
Intuit, Inc. | | | 5,992 | | | | 668,767 | |
Microsoft Corp. | | | 180,315 | | | | 9,226,719 | |
Oracle Corp. | | | 71,917 | | | | 2,943,563 | |
Red Hat, Inc.* | | | 4,200 | | | | 304,920 | |
salesforce.com, Inc.* | | | 14,300 | | | | 1,135,563 | |
The Dun & Bradstreet Corp. | | | 900 | | | | 109,656 | |
| | | | | | | | |
| | | | 18,933,084 | |
| | | | | | | | |
| Telecommunications — 3.9% | |
AT&T, Inc. | | | 140,293 | | | | 6,062,061 | |
CenturyLink, Inc. | | | 12,326 | | | | 357,577 | |
Cisco Systems, Inc. | | | 114,680 | | | | 3,290,169 | |
Corning, Inc. | | | 25,015 | | | | 512,307 | |
Frontier Communications Corp. | | | 25,072 | | | | 123,856 | |
Juniper Networks, Inc. | | | 7,971 | | | | 179,268 | |
Level 3 Communications, Inc.* | | | 6,600 | | | | 339,834 | |
Motorola Solutions, Inc. | | | 3,488 | | | | 230,103 | |
Verizon Communications, Inc. | | | 93,139 | | | | 5,200,882 | |
| | | | | | | | |
| | | | 16,296,057 | |
| | | | | | | | |
| Textiles — 0.1% | |
Mohawk Industries, Inc.* | | | 1,500 | | | | 284,640 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.1% | |
Hasbro, Inc. | | | 2,612 | | | | 219,382 | |
Mattel, Inc. | | | 7,481 | | | | 234,080 | |
| | | | | | | | |
| | | | 453,462 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | |
| Transportation — 1.5% | |
C.H. Robinson Worldwide, Inc. | | | 3,439 | | | $ | 255,346 | |
CSX Corp. | | | 22,166 | | | | 578,089 | |
Expeditors International of Washington, Inc. | | | 4,182 | | | | 205,085 | |
FedEx Corp. | | | 5,866 | | | | 890,341 | |
J.B. Hunt Transport Services, Inc. | | | 2,000 | | | | 161,860 | |
Kansas City Southern | | | 2,400 | | | | 216,216 | |
Norfolk Southern Corp. | | | 6,952 | | | | 591,824 | |
Ryder System, Inc. | | | 1,125 | | | | 68,783 | |
Union Pacific Corp. | | | 19,220 | | | | 1,676,945 | |
United Parcel Service, Inc., Class B | | | 15,674 | | | | 1,688,403 | |
| | | | | | | | |
| | | | 6,332,892 | |
| | | | | | | | |
| Water — 0.1% | |
American Water Works Co., Inc. | | | 4,100 | | | | 346,491 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $236,783,982) | | | | 403,459,577 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 3.1% | |
| Apartments — 0.6% | |
Apartment Investment & Management Co., Class A | | | 3,662 | | | | 161,714 | |
AvalonBay Communities, Inc. | | | 3,192 | | | | 575,805 | |
Equity Residential | | | 8,292 | | | | 571,153 | |
Essex Property Trust, Inc. | | | 1,500 | | | | 342,135 | |
UDR, Inc. | | | 6,000 | | | | 221,520 | |
Weyerhaeuser Co. | | | 18,201 | | | | 541,844 | |
| | | | | | | | |
| | | | 2,414,171 | |
| | | | | | | | |
| Building & Real Estate — 0.1% | |
Realty Income Corp. | | | 5,400 | | | | 374,544 | |
| | | | | | | | |
| Commercial Services — 0.0% | |
Iron Mountain, Inc. | | | 4,697 | | | | 187,081 | |
| | | | | | | | |
| Diversified — 0.8% | |
American Tower Corp. | | | 9,659 | | | | 1,097,359 | |
Crown Castle International Corp. | | | 7,600 | | | | 770,868 | |
Digital Realty Trust, Inc. | | | 3,300 | | | | 359,667 | |
Equinix, Inc. | | | 1,535 | | | | 595,166 | |
Vornado Realty Trust | | | 4,087 | | | | 409,190 | |
| | | | | | | | |
| | | | 3,232,250 | |
| | | | | | | | |
| Healthcare — 0.4% | |
HCP, Inc. | | | 10,840 | | | | 383,519 | |
Ventas, Inc. | | | 7,653 | | | | 557,292 | |
Welltower, Inc. | | | 8,100 | | | | 616,977 | |
| | | | | | | | |
| | | | 1,557,788 | |
| | | | | | | | |
| Hotels & Resorts — 0.1% | |
Host Hotels & Resorts, Inc. | | | 17,676 | | | | 286,528 | |
| | | | | | | | |
| Industrial — 0.1% | |
Prologis, Inc. | | | 11,899 | | | | 583,527 | |
| | | | | | | | |
| Office Property — 0.2% | |
Boston Properties, Inc. | | | 3,442 | | | | 454,000 | |
SL Green Realty Corp. | | | 2,300 | | | | 244,881 | |
| | | | | | | | |
| | | | 698,881 | |
| | | | | | | | |
90
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Regional Malls — 0.5% | |
General Growth Properties, Inc. | | | 13,400 | | | $ | 399,588 | |
Simon Property Group, Inc. | | | 7,028 | | | | 1,524,373 | |
The Macerich Co. | | | 2,800 | | | | 239,092 | |
| | | | | | | | |
| | | | 2,163,053 | |
| | | | | | | | |
| Storage & Warehousing — 0.2% | |
Extra Space Storage, Inc. | | | 2,800 | | | | 259,112 | |
Public Storage | | | 3,316 | | | | 847,536 | |
| | | | | | | | |
| | | | 1,106,648 | |
| | | | | | | | |
| Strip Centers — 0.1% | |
Federal Realty Investment Trust | | | 1,600 | | | | 264,880 | |
Kimco Realty Corp. | | | 9,564 | | | | 300,118 | |
| | | | | | | | |
| | | | 564,998 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $8,682,835) | | | | 13,169,469 | |
| | | | | | | | |
| | |
| | | Par (000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1% | |
U.S. Treasury Bill¤
0.450%, 09/08/16
(Cost $374,676) | | $ | 375 | | | | 374,854 | |
| | | | | | | | |
| | |
| | | Number of Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.5% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,214,634) | | | 2,214,634 | | | | 2,214,634 | |
TOTAL INVESTMENTS — 100.0%
(Cost $248,056,127) | | | | 419,218,534 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.0% | | | | (135,447 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 419,083,087 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at 06/30/2016 | | | Level 1 Quoted
Price | | | Level 2 Significant
Observable
Input | | | Level 3 Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 403,459,577 | | | $ | 403,459,577 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 13,169,469 | | | | 13,169,469 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 374,854 | | | | — | | | | 374,854 | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,214,634 | | | | 2,214,634 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 419,218,534 | | | $ | 418,843,680 | | | $ | 374,854 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
91
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 98.6% | | | | | | | | |
| Aerospace & Defense — 1.6% | | | | | | | | |
Harris Corp. | | | 20,030 | | | $ | 1,671,303 | |
| | | | | | | | |
| Apparel — 1.4% | | | | | | | | |
Burberry Group PLC | | | 63,064 | | | | 980,992 | |
Under Armour, Inc., Class A* | | | 11,608 | | | | 465,829 | |
| | | | | | | | |
| | | | | | | 1,446,821 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.3% | | | | | | | | |
BorgWarner, Inc. | | | 45,628 | | | | 1,346,939 | |
| | | | | | | | |
| Banks — 5.8% | | | | | | | | |
First Republic Bank | | | 26,027 | | | | 1,821,630 | |
Northern Trust Corp. | | | 38,369 | | | | 2,542,330 | |
Signature Bank* | | | 13,304 | | | | 1,661,935 | |
| | | | | | | | |
| | | | | | | 6,025,895 | |
| | | | | | | | |
| Biotechnology — 1.2% | | | | | | | | |
BioMarin Pharmaceutical, Inc.* | | | 16,299 | | | | 1,268,062 | |
| | | | | | | | |
| Building Materials — 2.2% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 39,939 | | | | 2,315,264 | |
| | | | | | | | |
| Commercial Services — 4.2% | | | | | | | | |
CoStar Group, Inc.* | | | 12,937 | | | | 2,828,804 | |
Verisk Analytics, Inc.* | | | 19,911 | | | | 1,614,384 | |
| | | | | | | | |
| | | | | | | 4,443,188 | |
| | | | | | | | |
| Distribution & Wholesale — 3.3% | | | | | | | | |
Fastenal Co. | | | 76,996 | | | | 3,417,853 | |
| | | | | | | | |
| Diversified Financial Services — 4.1% | | | | | | | | |
CME Group, Inc. | | | 26,651 | | | | 2,595,807 | |
Ellie Mae, Inc.* | | | 8,910 | | | | 816,602 | |
Oaktree Capital Group LLC | | | 19,591 | | | | 876,893 | |
| | | | | | | | |
| | | | | | | 4,289,302 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.8% | | | | | | | | |
Generac Holdings, Inc.* | | | 24,302 | | | | 849,598 | |
| | | | | | | | |
| Electronics — 2.6% | | | | | | | | |
Trimble Navigation Ltd.* | | | 76,135 | | | | 1,854,649 | |
Woodward, Inc. | | | 14,497 | | | | 835,607 | |
| | | | | | | | |
| | | | | | | 2,690,256 | |
| | | | | | | | |
| Food — 4.8% | | | | | | | | |
Blue Buffalo Pet Products, Inc.* | | | 45,241 | | | | 1,055,925 | |
The Hain Celestial Group, Inc.* | | | 40,999 | | | | 2,039,700 | |
Whole Foods Market, Inc. | | | 59,358 | | | | 1,900,643 | |
| | | | | | | | |
| | | | | | | 4,996,268 | |
| | | | | | | | |
| Healthcare Products — 7.5% | | | | | | | | |
Align Technology, Inc.* | | | 21,408 | | | | 1,724,414 | |
Edwards Lifesciences Corp.* | | | 18,868 | | | | 1,881,706 | |
Henry Schein, Inc.* | | | 5,999 | | | | 1,060,623 | |
Intuitive Surgical, Inc.* | | | 4,773 | | | | 3,156,910 | |
| | | | | | | | |
| | | | | | | 7,823,653 | |
| | | | | | | | |
| Healthcare Services — 2.3% | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 15,980 | | | | 885,292 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Services — (continued) | | | | | | | | |
Laboratory Corp. of America Holdings* | | | 12,053 | | | $ | 1,570,144 | |
| | | | | | | | |
| | | | | | | 2,455,436 | |
| | | | | | | | |
| Home Builders — 1.7% | | | | | | | | |
D.R. Horton, Inc. | | | 56,312 | | | | 1,772,702 | |
| | | | | | | | |
| Household Products & Wares — 1.2% | | | | | | | | |
The Scotts Miracle-Gro Co., Class A | | | 17,351 | | | | 1,213,008 | |
| | | | | | | | |
| Insurance — 1.5% | | | | | | | | |
Willis Towers Watson PLC | | | 12,902 | | | | 1,603,848 | |
| | | | | | | | |
| Internet — 4.0% | | | | | | | | |
GrubHub, Inc.* | | | 45,227 | | | | 1,405,203 | |
Pandora Media, Inc.* | | | 137,112 | | | | 1,707,044 | |
TripAdvisor, Inc.* | | | 17,009 | | | | 1,093,679 | |
| | | | | | | | |
| | | | | | | 4,205,926 | |
| | | | | | | | |
| Leisure Time — 1.7% | | | | | | | | |
Polaris Industries, Inc. | | | 22,239 | | | | 1,818,261 | |
| | | | | | | | |
| Machinery - Diversified — 1.5% | | | | | | | | |
IDEX Corp. | | | 18,951 | | | | 1,555,877 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.9% | | | | | | | | |
A.O. Smith Corp. | | | 10,739 | | | | 946,213 | |
| | | | | | | | |
| Oil & Gas — 5.3% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 49,978 | | | | 1,286,434 | |
Cimarex Energy Co. | | | 10,927 | | | | 1,303,809 | |
Continental Resources, Inc.* | | | 38,612 | | | | 1,747,965 | |
Noble Energy, Inc. | | | 32,918 | | | | 1,180,769 | |
| | | | | | | | |
| | | | | | | 5,518,977 | |
| | | | | | | | |
| Pharmaceuticals — 9.5% | | | | | | | | |
ACADIA Pharmaceuticals, Inc.* | | | 24,165 | | | | 784,396 | |
Alkermes PLC* | | | 33,371 | | | | 1,442,294 | |
Diplomat Pharmacy, Inc.* | | | 22,805 | | | | 798,175 | |
Mead Johnson Nutrition Co. | | | 30,840 | | | | 2,798,730 | |
Medivation, Inc.* | | | 17,427 | | | | 1,050,848 | |
Pacira Pharmaceuticals, Inc.* | | | 100 | | | | 3,373 | |
Zoetis, Inc. | | | 63,584 | | | | 3,017,697 | |
| | | | | | | | |
| | | | | | | 9,895,513 | |
| | | | | | | | |
| Retail — 11.4% | | | | | | | | |
Bed Bath & Beyond, Inc. | | | 31,881 | | | | 1,377,897 | |
DSW, Inc., Class A | | | 51,363 | | | | 1,087,868 | |
Dunkin’ Brands Group, Inc. | | | 44,699 | | | | 1,949,770 | |
Kate Spade & Co.* | | | 54,815 | | | | 1,129,737 | |
lululemon athletica, Inc.* | | | 17,915 | | | | 1,323,202 | |
Tiffany & Co. | | | 23,743 | | | | 1,439,776 | |
Tractor Supply Co. | | | 23,639 | | | | 2,155,404 | |
Williams-Sonoma, Inc. | | | 28,000 | | | | 1,459,640 | |
| | | | | | | | |
| | | | | | | 11,923,294 | |
| | | | | | | | |
| Semiconductors — 3.9% | | | | | | | | |
Maxim Integrated Products, Inc. | | | 29,722 | | | | 1,060,778 | |
Microchip Technology, Inc. | | | 56,777 | | | | 2,882,001 | |
92
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — (continued) | | | | | | | | |
Monolithic Power Systems, Inc. | | | 1,240 | | | $ | 84,717 | |
| | | | | | | | |
| | | | | | | 4,027,496 | |
| | | | | | | | |
| Software — 8.8% | | | | | | | | |
Akamai Technologies, Inc.* | | | 9,661 | | | | 540,340 | |
ANSYS, Inc.* | | | 16,300 | | | | 1,479,225 | |
Electronic Arts, Inc.* | | | 34,705 | | | | 2,629,251 | |
Guidewire Software, Inc.* | | | 18,667 | | | | 1,152,874 | |
Red Hat, Inc.* | | | 21,318 | | | | 1,547,687 | |
ServiceNow, Inc.* | | | 28,554 | | | | 1,895,985 | |
| | | | | | | | |
| | | | | | | 9,245,362 | |
| | | | | | | | |
| Toys, Games & Hobbies — 2.1% | | | | | | | | |
Mattel, Inc. | | | 68,545 | | | | 2,144,773 | |
| | | | | | | | |
| Transportation — 2.0% | | | | | | | | |
Expeditors International of Washington, Inc. | | | 42,116 | | | | 2,065,369 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $102,160,974) | | | | | | | 102,976,457 | |
| | | | | | | | |
| PURCHASED OPTIONS — 0.0% | | | | | | | | |
| Put Options — 0.0% | | | | | | | | |
Alkermes PLC, $38.00, 08/19/16
(Cost $30,150) | | | 115 | | | | 10,925 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.9% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,996,806) | | | 1,996,806 | | | | 1,996,806 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.5%
(Cost $104,187,930) | | | | | | | 104,984,188 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.5)% | | | | | | | (482,017 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 104,502,171 | |
| | | | | | | | |
| WRITTEN OPTIONS — (0.4)% | | | | | | | | |
| Call Options — 0.0% | | | | | | | | |
Alkermes PLC, $52.00, 08/19/16 | | | (115 | ) | | | (8,624 | ) |
Signature Bank, $145.00, 09/16/16 | | | (69 | ) | | | (1,035 | ) |
| | | | | | | | |
| | | | | | | (9,659 | ) |
| | | | | | | | |
| Put Options — (0.3)% | | | | | | | | |
Alkermes PLC, $30.00, 08/19/16 | | | (115 | ) | | | (575 | ) |
Pacira Pharmaceuticals, Inc., $85.00, 08/19/16 | | | (73 | ) | | | (360,620 | ) |
| | | | | | | | |
| | | | | | | (361,195 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Cost $(254,558)) | | | | | | | (370,854 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
LLC — Limited Liability Company.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2016 | | | Level 1 Quoted
Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,671,303 | | | $ | 1,671,303 | | | $ | — | | | $ | — | |
Apparel | | | 1,446,821 | | | | 465,829 | | | | 980,992 | | | | — | |
Auto Parts & Equipment | | | 1,346,939 | | | | 1,346,939 | | | | — | | | | — | |
Banks | | | 6,025,895 | | | | 6,025,895 | | | | — | | | | — | |
Biotechnology | | | 1,268,062 | | | | 1,268,062 | | | | — | | | | — | |
Building Materials | | | 2,315,264 | | | | 2,315,264 | | | | — | | | | — | |
Commercial Services | | | 4,443,188 | | | | 4,443,188 | | | | — | | | | — | |
Distribution & Wholesale | | | 3,417,853 | | | | 3,417,853 | | | | — | | | | — | |
Diversified Financial Services | | | 4,289,302 | | | | 4,289,302 | | | | — | | | | — | |
Electrical Components & Equipment | | | 849,598 | | | | 849,598 | | | | — | | | | — | |
Electronics | | | 2,690,256 | | | | 2,690,256 | | | | — | | | | — | |
Food | | | 4,996,268 | | | | 4,996,268 | | | | — | | | | — | |
Healthcare Products | | | 7,823,653 | | | | 7,823,653 | | | | — | | | | — | |
Healthcare Services | | | 2,455,436 | | | | 2,455,436 | | | | — | | | | — | |
Home Builders | | | 1,772,702 | | | | 1,772,702 | | | | — | | | | — | |
Household Products & Wares | | | 1,213,008 | | | | 1,213,008 | | | | — | | | | — | |
Insurance | | | 1,603,848 | | | | 1,603,848 | | | | — | | | | — | |
Internet | | | 4,205,926 | | | | 4,205,926 | | | | — | | | | — | |
Leisure Time | | | 1,818,261 | | | | 1,818,261 | | | | — | | | | — | |
Machinery - Diversified | | | 1,555,877 | | | | 1,555,877 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 946,213 | | | | 946,213 | | | | — | | | | — | |
Oil & Gas | | | 5,518,977 | | | | 5,518,977 | | | | — | | | | — | |
Pharmaceuticals | | | 9,895,513 | | | | 9,895,513 | | | | — | | | | — | |
Retail | | | 11,923,294 | | | | 11,923,294 | | | | — | | | | — | |
Semiconductors | | | 4,027,496 | | | | 4,027,496 | | | | — | | | | — | |
Software | | | 9,245,362 | | | | 9,245,362 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 2,144,773 | | | | 2,144,773 | | | | — | | | | — | |
Transportation | | | 2,065,369 | | | | 2,065,369 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | $ | 102,976,457 | | | $ | 101,995,465 | | | $ | 980,992 | | | $ | — | |
| |
PURCHASED OPTIONS | | | 10,925 | | | | 10,925 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,996,806 | | | | 1,996,806 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 104,984,188 | | | $ | 104,003,196 | | | $ | 980,992 | | | $ | — | |
| |
|
| LIABILITIES TABLE | |
| Description | | Total Market Value at 06/30/2016 | | | Level 1 Quoted
Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
WRITTEN OPTIONS | | $ | (370,854 | ) | | $ | — | | | $ | (370,854 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (370,854 | ) | | $ | — | | | $ | (370,854 | ) | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
93
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 84.9% | | | | | | | | |
| Aerospace & Defense — 8.7% | | | | | | | | |
AerCap Holdings N.V.* | | | 124,100 | | | $ | 4,168,519 | |
B/E Aerospace, Inc. | | | 71,900 | | | | 3,319,983 | |
General Dynamics Corp. | | | 29,350 | | | | 4,086,694 | |
Spirit AerosyStems Holdings, Inc., Class A* | | | 70,300 | | | | 3,022,900 | |
| | | | | | | | |
| | | | | | | 14,598,096 | |
| | | | | | | | |
| Airlines — 1.4% | | | | | | | | |
American Airlines Group, Inc. | | | 84,700 | | | | 2,397,857 | |
| | | | | | | | |
| Apparel — 2.2% | | | | | | | | |
Deckers Outdoor Corp.* | | | 62,900 | | | | 3,618,008 | |
| | | | | | | | |
| Banks — 6.2% | | | | | | | | |
BB&T Corp. | | | 52,200 | | | | 1,858,842 | |
Comerica, Inc. | | | 79,600 | | | | 3,273,948 | |
Huntington Bancshares, Inc. | | | 143,600 | | | | 1,283,784 | |
M&T Bank Corp. | | | 23,100 | | | | 2,731,113 | |
State Street Corp. | | | 23,600 | | | | 1,272,512 | |
| | | | | | | | |
| | | | | | | 10,420,199 | |
| | | | | | | | |
| Chemicals — 2.3% | | | | | | | | |
Ashland, Inc. | | | 33,900 | | | | 3,890,703 | |
| | | | | | | | |
| Commercial Services — 2.9% | | | | | | | | |
Avis Budget Group, Inc.* | | | 60,000 | | | | 1,933,800 | |
Hertz Global Holdings, Inc. | | | 255,800 | | | | 2,831,706 | |
| | | | | | | | |
| | | | | | | 4,765,506 | |
| | | | | | | | |
| Computers — 5.0% | | | | | | | | |
Cadence Design Systems, Inc.* | | | 125,700 | | | | 3,054,510 | |
Teradata Corp.* | | | 136,200 | | | | 3,414,534 | |
Western Digital Corp. | | | 41,323 | | | | 1,952,925 | |
| | | | | | | | |
| | | | | | | 8,421,969 | |
| | | | | | | | |
| Electric — 5.7% | | | | | | | | |
AES Corp. | | | 321,600 | | | | 4,013,568 | |
Edison International | | | 46,100 | | | | 3,580,587 | |
Flextronics International Ltd.* | | | 161,300 | | | | 1,903,340 | |
| | | | | | | | |
| | | | | | | 9,497,495 | |
| | | | | | | | |
| Electronics — 5.6% | | | | | | | | |
Itron, Inc.* | | | 114,400 | | | | 4,930,640 | |
Tyco International PLC | | | 103,800 | | | | 4,421,880 | |
| | | | | | | | |
| | | | | | | 9,352,520 | |
| | | | | | | | |
| Entertainment — 1.0% | | | | | | | | |
Lions Gate Entertainment Corp. | | | 78,200 | | | | 1,581,986 | |
| | | | | | | | |
| Environmental Control — 2.4% | | | | | | | | |
Covanta Holding Corp. | | | 245,100 | | | | 4,031,895 | |
| | | | | | | | |
| Food — 2.7% | | | | | | | | |
Whole Foods Market, Inc. | | | 138,300 | | | | 4,428,366 | |
| | | | | | | | |
| Gas — 2.3% | | | | | | | | |
CenterPoint Energy, Inc. | | | 160,000 | | | | 3,840,000 | |
| | | | | | | | |
| Healthcare Products — 3.5% | | | | | | | | |
Zimmer Biomet Holdings, Inc. | | | 48,300 | | | | 5,814,354 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Household Products & Wares — 1.7% | | | | | | | | |
Avery Dennison Corp. | | | 38,500 | | | $ | 2,877,875 | |
| | | | | | | | |
| Lodging — 1.1% | | | | | | | | |
Wyndham Worldwide Corp. | | | 24,900 | | | | 1,773,627 | |
| | | | | | | | |
| Media — 2.0% | | | | | | | | |
CBS Corp., Class B | | | 60,100 | | | | 3,271,844 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.2% | | | | | | | | |
Valmont Industries, Inc. | | | 26,900 | | | | 3,638,763 | |
| | | | | | | | |
| Oil & Gas — 4.9% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 137,500 | | | | 3,539,250 | |
Devon Energy Corp. | | | 127,900 | | | | 4,636,375 | |
| | | | | | | | |
| | | | | | | 8,175,625 | |
| | | | | | | | |
| Pipelines — 2.2% | | | | | | | | |
ONEOK, Inc. | | | 78,300 | | | | 3,715,335 | |
| | | | | | | | |
| Retail — 6.2% | | | | | | | | |
Best Buy Co., Inc. | | | 117,100 | | | | 3,583,260 | |
GNC Holdings, Inc., Class A | | | 95,400 | | | | 2,317,266 | |
Kohl’s Corp. | | | 36,800 | | | | 1,395,456 | |
Macy’s, Inc. | | | 57,800 | | | | 1,942,658 | |
Office Depot, Inc.* | | | 356,100 | | | | 1,178,691 | |
| | | | | | | | |
| | | | | | | 10,417,331 | |
| | | | | | | | |
| Savings & Loans — 2.1% | | | | | | | | |
BankUnited, Inc. | | | 115,200 | | | | 3,538,944 | |
| | | | | | | | |
| Semiconductors — 3.6% | | | | | | | | |
ON Semiconductor Corp.* | | | 314,200 | | | | 2,771,244 | |
Skyworks Solutions, Inc. | | | 50,300 | | | | 3,182,984 | |
| | | | | | | | |
| | | | | | | 5,954,228 | |
| | | | | | | | |
| Software — 4.3% | | | | | | | | |
Check Point Software Technologies Ltd.* | | | 49,200 | | | | 3,920,256 | |
Nuance Communications, Inc.* | | | 213,788 | | | | 3,341,506 | |
| | | | | | | | |
| | | | | | | 7,261,762 | |
| | | | | | | | |
| Telecommunications — 2.7% | | | | | | | | |
Amdocs Ltd. | | | 79,500 | | | | 4,588,740 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $129,798,449) | | | | | | | 141,873,028 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 7.3% | | | | | | | | |
| Building & Real Estate — 4.8% | | | | | | | | |
Colony Starwood Homes | | | 150,220 | | | | 4,569,693 | |
Starwood Property Trust, Inc. | | | 165,900 | | | | 3,437,448 | |
| | | | | | | | |
| | | | | | | 8,007,141 | |
| | | | | | | | |
| Diversified — 2.5% | | | | | | | | |
Corrections Corporation of America | | | 118,217 | | | | 4,139,959 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $10,816,799) | | | | | | | 12,147,100 | |
| | | | | | | �� | |
94
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| RIGHTS — 0.0% | | | | | | | | |
| Food — 0.0% | | | | | | | | |
Safeway Casa Ley CVR, 01/30/19*~ | | | 47,300 | | | $ | 0 | |
Safeway PDC CVR, 01/30/17*~ | | | 47,300 | | | | 0 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $50,313) | | | | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 7.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $12,206,608) | | | 12,206,608 | | | | 12,206,608 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.5%
(Cost $152,872,169) | | | | | | | 166,226,736 | |
| | | | | | | | |
| Other Assets & Liabilities �� 0.5% | | | | | | | 884,785 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 167,111,521 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $0. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2016 | | | Level 1 Quoted
Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | $ | 141,873,028 | | | $ | 141,873,028 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 12,147,100 | | | | 12,147,100 | | | | — | | | | — | |
RIGHTS | | | — | | | | — | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 12,206,608 | | | | 12,206,608 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 166,226,736 | | | $ | 166,226,736 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
95
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 90.6% | | | | | | | | |
| Apparel — 0.5% | | | | | | | | |
Ralph Lauren Corp. | | | 5,462 | | | $ | 489,504 | |
| | | | | | | | |
| Auto Manufacturers — 1.3% | | | | | | | | |
Honda Motor Co. Ltd. ADR | | | 26,570 | | | | 673,018 | |
Oshkosh Corp. | | | 11,464 | | | | 546,948 | |
| | | | | | | | |
| | | | | | | 1,219,966 | |
| | | | | | | | |
| Banks — 11.6% | | | | | | | | |
Bank of Hawaii Corp. | | | 9,632 | | | | 662,682 | |
BB&T Corp. | | | 26,348 | | | | 938,252 | |
Comerica, Inc. | | | 12,015 | | | | 494,177 | |
Commerce Bancshares, Inc. | | | 19,887 | | | | 952,587 | |
M&T Bank Corp. | | | 7,455 | | | | 881,405 | |
Northern Trust Corp. | | | 41,056 | | | | 2,720,370 | |
State Street Corp. | | | 16,208 | | | | 873,935 | |
SunTrust Banks, Inc. | | | 14,795 | | | | 607,779 | |
The PNC Financial Services Group, Inc. | | | 11,548 | | | | 939,892 | |
UMB Financial Corp. | | | 11,092 | | | | 590,205 | |
Westamerica Bancorporation | | | 17,864 | | | | 879,981 | |
| | | | | | | | |
| | | | | | | 10,541,265 | |
| | | | | | | | |
| Diversified Financial Services — 2.2% | | | | | | | | |
Ameriprise Financial, Inc. | | | 4,114 | | | | 369,643 | |
Franklin Resources, Inc. | | | 8,443 | | | | 281,743 | |
Invesco Ltd. | | | 17,806 | | | | 454,765 | |
Markit Ltd.* | | | 9,371 | | | | 305,495 | |
T. Rowe Price Group, Inc. | | | 8,061 | | | | 588,211 | |
| | | | | | | | |
| | | | | | | 1,999,857 | |
| | | | | | | | |
| Electric — 8.3% | | | | | | | | |
Ameren Corp. | | | 15,169 | | | | 812,755 | |
Consolidated Edison, Inc. | | | 8,850 | | | | 711,894 | |
Edison International | | | 22,047 | | | | 1,712,391 | |
Eversource Energy | | | 8,357 | | | | 500,584 | |
NorthWestern Corp. | | | 10,730 | | | | 676,741 | |
PG&E Corp. | | | 24,520 | | | | 1,567,318 | |
Xcel Energy, Inc. | | | 35,732 | | | | 1,600,079 | |
| | | | | | | | |
| | | | | | | 7,581,762 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.6% | | | | | | | | |
Emerson Electric Co. | | | 11,231 | | | | 585,809 | |
Hubbell, Inc. | | | 7,790 | | | | 821,611 | |
| | | | | | | | |
| | | | | | | 1,407,420 | |
| | | | | | | | |
| Electronics — 5.6% | | | | | | | | |
Keysight Technologies, Inc.* | | | 28,382 | | | | 825,632 | |
Koninklijke Philips N.V. | | | 47,685 | | | | 1,184,323 | |
TE Connectivity Ltd. | | | 16,243 | | | | 927,638 | |
Tyco International PLC | | | 49,691 | | | | 2,116,837 | |
| | | | | | | | |
| | | | | | | 5,054,430 | |
| | | | | | | | |
| Environmental Control — 2.5% | | | | | | | | |
Clean Harbors, Inc.* | | | 11,426 | | | | 595,409 | |
Republic Services, Inc. | | | 33,330 | | | | 1,710,162 | |
| | | | | | | | |
| | | | | | | 2,305,571 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Food — 7.3% | | | | | | | | |
ConAgra Foods, Inc. | | | 26,282 | | | $ | 1,256,542 | |
Flowers Foods, Inc. | | | 31,863 | | | | 597,431 | |
General Mills, Inc. | | | 12,351 | | | | 880,873 | |
Kellogg Co. | | | 8,073 | | | | 659,161 | |
Mondelez International, Inc. | | | 24,763 | | | | 1,126,964 | |
Sysco Corp. | | | 27,324 | | | | 1,386,420 | |
The J.M. Smucker Co. | | | 5,024 | | | | 765,708 | |
| | | | | | | | |
| | | | | | | 6,673,099 | |
| | | | | | | | |
| Gas — 1.8% | | | | | | | | |
Atmos Energy Corp. | | | 9,015 | | | | 733,100 | |
Spire, Inc. | | | 12,950 | | | | 917,378 | |
| | | | | | | | |
| | | | | | | 1,650,478 | |
| | | | | | | | |
| Healthcare Products — 4.2% | | | | | | | | |
Baxter International, Inc. | | | 20,466 | | | | 925,473 | |
Becton Dickinson & Co. | | | 1,931 | | | | 327,478 | |
Boston Scientific Corp.* | | | 9,955 | | | | 232,648 | |
STERIS PLC | | | 7,105 | | | | 488,469 | |
Zimmer Biomet Holdings, Inc. | | | 15,354 | | | | 1,848,314 | |
| | | | | | | | |
| | | | | | | 3,822,382 | |
| | | | | | | | |
| Healthcare Services — 2.9% | | | | | | | | |
LifePoint Health, Inc.* | | | 21,726 | | | | 1,420,229 | |
Quest Diagnostics, Inc. | | | 14,798 | | | | 1,204,705 | |
| | | | | | | | |
| | | | | | | 2,624,934 | |
| | | | | | | | |
| Home Builders — 1.3% | | | | | | | | |
PulteGroup, Inc. | | | 37,297 | | | | 726,918 | |
Thor Industries, Inc. | | | 6,705 | | | | 434,082 | |
| | | | | | | | |
| | | | | | | 1,161,000 | |
| | | | | | | | |
| Insurance — 7.1% | | | | | | | | |
Aflac, Inc. | | | 6,960 | | | | 502,234 | |
Brown & Brown, Inc. | | | 20,593 | | | | 771,620 | |
Chubb, Ltd | | | 10,387 | | | | 1,357,685 | |
MetLife, Inc. | | | 15,308 | | | | 609,718 | |
ProAssurance Corp. | | | 9,864 | | | | 528,217 | |
Reinsurance Group of America, Inc. | | | 11,389 | | | | 1,104,619 | |
The Allstate Corp. | | | 6,710 | | | | 469,364 | |
Torchmark Corp. | | | 5,758 | | | | 355,959 | |
Unum Group | | | 24,728 | | | | 786,103 | |
| | | | | | | | |
| | | | | | | 6,485,519 | |
| | | | | | | | |
| Iron & Steel — 0.2% | | | | | | | | |
Nucor Corp. | | | 4,319 | | | | 213,402 | |
| | | | | | | | |
| Leisure Time — 1.0% | | | | | | | | |
Carnival Corp. | | | 11,343 | | | | 501,361 | |
Polaris Industries, Inc. | | | 5,121 | | | | 418,693 | |
| | | | | | | | |
| | | | | | | 920,054 | |
| | | | | | | | |
| Machinery — Diversified — 0.5% | | | | | | | | |
Rockwell Automation, Inc. | | | 4,084 | | | | 468,925 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.0% | | | | | | | | |
Ingersoll-Rand PLC | | | 4,935 | | | | 314,261 | |
Parker-Hannifin Corp. | | | 6,857 | | | | 740,899 | |
96
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Miscellaneous Manufacturing — (continued) | | | | | | | | |
Textron, Inc. | | | 21,435 | | | $ | 783,663 | |
| | | | | | | | |
| | | | | | | 1,838,823 | |
| | | | | | | | |
| Oil & Gas — 10.5% | | | | | | | | |
Anadarko Petroleum Corp. | | | 17,868 | | | | 951,471 | |
Cimarex Energy Co. | | | 4,481 | | | | 534,673 | |
Devon Energy Corp. | | | 32,282 | | | | 1,170,222 | |
EQT Corp. | | | 21,658 | | | | 1,676,979 | |
Helmerich & Payne, Inc. | | | 3,336 | | | | 223,946 | |
Imperial Oil Ltd. | | | 67,944 | | | | 2,149,890 | |
Noble Energy, Inc. | | | 37,249 | | | | 1,336,122 | |
Occidental Petroleum Corp. | | | 17,017 | | | | 1,285,805 | |
Pioneer Natural Resources Co. | | | 1,430 | | | | 216,230 | |
| | | | | | | | |
| | | | | | | 9,545,338 | |
| | | | | | | | |
| Oil & Gas Services — 2.0% | | | | | | | | |
FMC Technologies, Inc.* | | | 17,072 | | | | 455,310 | |
Frank’s International NV | | | 36,501 | | | | 533,280 | |
Halliburton Co. | | | 19,018 | | | | 861,325 | |
| | | | | | | | |
| | | | | | | 1,849,915 | |
| | | | | | | | |
| Packaging and Containers — 2.3% | | | | | | | | |
Bemis Co., Inc. | | | 3,700 | | | | 190,513 | |
Sonoco Products Co. | | | 13,102 | | | | 650,645 | |
WestRock Co. | | | 32,162 | | | | 1,250,137 | |
| | | | | | | | |
| | | | | | | 2,091,295 | |
| | | | | | | | |
| Pharmaceuticals — 1.1% | | | | | | | | |
Abbott Laboratories | | | 17,970 | | | | 706,401 | |
Mead Johnson Nutrition Co. | | | 3,557 | | | | 322,798 | |
| | | | | | | | |
| | | | | | | 1,029,199 | |
| | | | | | | | |
| Pipelines — 0.3% | | | | | | | | |
Spectra Energy Partners LP | | | 4,653 | | | | 219,529 | |
| | | | | | | | |
| Retail — 3.4% | | | | | | | | |
Advance Auto Parts, Inc. | | | 7,231 | | | | 1,168,746 | |
CST Brands, Inc. | | | 27,659 | | | | 1,191,550 | |
Target Corp. | | | 9,961 | | | | 695,477 | |
| | | | | | | | |
| | | | | | | 3,055,773 | |
| | | | | | | | |
| Savings & Loans — 1.0% | | | | | | | | |
Capitol Federal Financial, Inc. | | | 66,037 | | | | 921,216 | |
| | | | | | | | |
| Semiconductors — 4.6% | | | | | | | | |
Applied Materials, Inc. | | | 52,579 | | | | 1,260,318 | |
Lam Research Corp. | | | 8,978 | | | | 754,691 | |
Maxim Integrated Products, Inc. | | | 31,680 | | | | 1,130,659 | |
Teradyne, Inc. | | | 51,678 | | | | 1,017,540 | |
| | | | | | | | |
| | | | | | | 4,163,208 | |
| | | | | | | | |
| Telecommunications — 0.9% | | | | | | | | |
CenturyLink, Inc. | | | 28,874 | | | | 837,635 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.3% | | | | | | | | |
Mattel, Inc. | | | 7,348 | | | | 229,919 | |
| | | | | | | | |
| Transportation — 2.3% | | | | | | | | |
CSX Corp. | | | 42,979 | | | | 1,120,892 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Transportation — (continued) | | | | | | | | |
Heartland Express, Inc. | | | 55,759 | | | $ | 969,649 | |
| | | | | | | | |
| | | | | | | 2,090,541 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $76,238,359) | | | | | | | 82,491,959 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 6.3% | | | | | | | | |
| Apartments — 1.8% | | | | | | | | |
Weyerhaeuser Co. | | | 53,288 | | | | 1,586,384 | |
| | | | | | | | |
| Diversified — 0.9% | | | | | | | | |
Corrections Corporation of America | | | 23,973 | | | | 839,534 | |
| | | | | | | | |
| Healthcare — 0.2% | | | | | | | | |
Welltower, Inc. | | | 2,051 | | | | 156,225 | |
| | | | | | | | |
| Hotels & Resorts — 1.3% | | | | | | | | |
Host Hotels & Resorts, Inc. | | | 41,733 | | | | 676,492 | |
MGM Growth Properties LLC | | | 19,084 | | | | 509,161 | |
| | | | | | | | |
| | | | | | | 1,185,653 | |
| | | | | | | | |
| Office Property — 2.1% | | | | | | | | |
Boston Properties, Inc. | | | 3,914 | | | | 516,257 | |
Empire State Realty Trust, Inc., Class A | | | 24,000 | | | | 455,760 | |
Piedmont Office Realty Trust, Inc., Class A | | | 43,678 | | | | 940,824 | |
| | | | | | | | |
| | | | | | | 1,912,841 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,317,084) | | | | | | | 5,680,637 | |
| | | | | | | | |
| EXCHANGE TRADED FUNDS — 2.2% | | | | | | | | |
| Investment Companies — 2.2% | | | | | | | | |
iShares Russell MidCap Value Index Fund
(Cost $1,811,564) | | | 26,662 | | | | 1,980,720 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.4% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,219,622) | | | 2,219,622 | | | | 2,219,622 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.5%
(Cost $85,586,629) | | | | | | | 92,372,938 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.5)% | | | | | | | (1,357,375 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 91,015,563 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
97
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Mid Core Value Fund
| | | | |
| Country Weightings as of 06/30/2016†† | | | |
United States | | | 92% | |
Other | | | 2 | |
Canada | | | 2 | |
Netherlands | | | 2 | |
Japan | | | 1 | |
United Kingdom | | | 1 | |
| |
| |
Total | | | 100% | |
| | | | |
| ††% | of total investments as of June 30, 2016 |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2016 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Apparel | | $ | 489,504 | | | $ | 489,504 | | | $ | — | | | $ | — | |
Auto Manufacturers | | | 1,219,966 | | | | 1,219,966 | | | | — | | | | — | |
Banks | | | 10,541,265 | | | | 10,541,265 | | | | — | | | | — | |
Diversified Financial Services | | | 1,999,857 | | | | 1,999,857 | | | | — | | | | — | |
Electric | | | 7,581,762 | | | | 7,581,762 | | | | — | | | | — | |
Electrical Components & Equipment | | | 1,407,420 | | | | 1,407,420 | | | | — | | | | — | |
Electronics | | | 5,054,430 | | | | 3,870,107 | | | | 1,184,323 | | | | — | |
Environmental Control | | | 2,305,571 | | | | 2,305,571 | | | | — | | | | — | |
Food | | | 6,673,099 | | | | 6,673,099 | | | | — | | | | — | |
Gas | | | 1,650,478 | | | | 1,650,478 | | | | — | | | | — | |
Healthcare Products | | | 3,822,382 | | | | 3,822,382 | | | | — | | | | — | |
Healthcare Services | | | 2,624,934 | | | | 2,624,934 | | | | — | | | | — | |
Home Builders | | | 1,161,000 | | | | 1,161,000 | | | | — | | | | — | |
Insurance | | | 6,485,519 | | | | 6,485,519 | | | | — | | | | — | |
Iron & Steel | | | 213,402 | | | | 213,402 | | | | — | | | | — | |
Leisure Time | | | 920,054 | | | | 920,054 | | | | — | | | | — | |
Machinery — Diversified | | | 468,925 | | | | 468,925 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 1,838,823 | | | | 1,838,823 | | | | — | | | | — | |
Oil & Gas | | | 9,545,338 | | | | 9,545,338 | | | | — | | | | — | |
Oil & Gas Services | | | 1,849,915 | | | | 1,849,915 | | | | — | | | | — | |
Packaging and Containers | | | 2,091,295 | | | | 2,091,295 | | | | — | | | | — | |
Pharmaceuticals | | | 1,029,199 | | | | 1,029,199 | | | | — | | | | — | |
Pipelines | | | 219,529 | | | | 219,529 | | | | — | | | | — | |
Retail | | | 3,055,773 | | | | 3,055,773 | | | | — | | | | — | |
Savings & Loans | | | 921,216 | | | | 921,216 | | | | — | | | | — | |
Semiconductors | | | 4,163,208 | | | | 4,163,208 | | | | — | | | | — | |
Telecommunications | | | 837,635 | | | | 837,635 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 229,919 | | | | 229,919 | | | | — | | | | — | |
Transportation | | | 2,090,541 | | | | 2,090,541 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | $ | 82,491,959 | | | $ | 81,307,636 | | | $ | 1,184,323 | | | $ | — | |
| |
REAL ESTATE INVESTMENT TRUSTS | | | 5,680,637 | | | | 5,680,637 | | | | — | | | | — | |
| |
EXCHANGE TRADED FUNDS | | | 1,980,720 | | | | 1,980,720 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,219,622 | | | | 2,219,622 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 92,372,938 | | | $ | 91,188,615 | | | $ | 1,184,323 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
98
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 98.5% | |
| Aerospace & Defense — 2.4% | |
Harris Corp. | | | 7,150 | | | $ | 596,596 | |
Orbital ATK Inc. | | | 7,150 | | | | 608,751 | |
| | | | | | | | |
| | | | 1,205,347 | |
| | | | | | | | |
| Airlines — 1.5% | |
Spirit Airlines, Inc.* | | | 16,920 | | | | 759,200 | |
| | | | | | | | |
| Apparel — 0.8% | |
Columbia Sportswear Co. | | | 6,643 | | | | 382,238 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.6% | |
Gentherm, Inc.* | | | 11,962 | | | | 409,698 | |
WABCO Holdings, Inc.* | | | 4,480 | | | | 410,234 | |
| | | | | | | | |
| | | | 819,932 | |
| | | | | | | | |
| Beverages — 1.5% | |
Constellation Brands, Inc., Class A | | | 4,530 | | | | 749,262 | |
| | | | | | | | |
| Biotechnology — 3.9% | |
Alnylam Pharmaceuticals, Inc.* | | | 4,214 | | | | 233,835 | |
Bluebird Bio, Inc.* | | | 4,060 | | | | 175,757 | |
Cambrex Corp.* | | | 14,254 | | | | 737,360 | |
Ligand Pharmaceuticals, Inc.* | | | 4,714 | | | | 562,239 | |
Prothena Corp. PLC* | | | 3,695 | | | | 129,177 | |
Ultragenyx Pharmaceutical, Inc.* | | | 2,640 | | | | 129,122 | |
| | | | | | | | |
| | | | 1,967,490 | |
| | | | | | | | |
| Building Materials — 2.8% | |
Masonite International Corp.* | | | 9,560 | | | | 632,299 | |
Vulcan Materials Co. | | | 6,450 | | | | 776,322 | |
| | | | | | | | |
| | | | 1,408,621 | |
| | | | | | | | |
| Commercial Services — 22.8% | |
Allegion PLC | | | 16,010 | | | | 1,111,574 | |
Aramark | | | 28,590 | | | | 955,478 | |
Bright Horizons Family Solutions, Inc.* | | | 13,990 | | | | 927,677 | |
CoStar Group, Inc.* | | | 5,894 | | | | 1,288,782 | |
Euronet Worldwide, Inc.* | | | 9,541 | | | | 660,142 | |
HealthEquity, Inc.* | | | 20,363 | | | | 618,730 | |
KAR Auction Services Inc. | | | 28,914 | | | | 1,206,870 | |
LendingTree, Inc.* | | | 4,603 | | | | 406,583 | |
SEI Investments Co. | | | 17,930 | | | | 862,612 | |
ServiceMaster Global Holdings, Inc.* | | | 28,862 | | | | 1,148,708 | |
TransUnion* | | | 23,414 | | | | 782,964 | |
Vantiv, Inc., Class A* | | | 10,487 | | | | 593,564 | |
WEX, Inc.* | | | 9,870 | | | | 875,173 | |
| | | | | | | | |
| | | | 11,438,857 | |
| | | | | | | | |
| Computers — 1.9% | |
EPAM Systems, Inc.* | | | 11,597 | | | | 745,803 | |
Secureworks Corp., Class A* | | | 15,937 | | | | 224,712 | |
| | | | | | | | |
| | | | 970,515 | |
| | | | | | | | |
| Distribution & Wholesale — 2.8% | |
HD Supply Holdings, Inc.* | | | 24,180 | | | | 841,948 | |
Pool Corp. | | | 5,830 | | | | 548,195 | |
| | | | | | | | |
| | | | 1,390,143 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — 1.8% | |
Evercore Partners, Inc., Class A, Class A | | | 12,000 | | | $ | 530,280 | |
Raymond James Financial, Inc. | | | 7,540 | | | | 371,722 | |
| | | | | | | | |
| | | | 902,002 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.8% | |
Acuity Brands, Inc. | | | 2,191 | | | | 543,280 | |
Universal Display Corp.* | | | 5,150 | | | | 349,170 | |
| | | | | | | | |
| | | | 892,450 | |
| | | | | | | | |
| Electronics — 1.1% | |
FLIR Systems, Inc. | | | 18,430 | | | | 570,409 | |
| | | | | | | | |
| Entertainment — 4.5% | |
Cinemark Holdings, Inc. | | | 21,950 | | | | 800,297 | |
Six Flags Entertainment Corp. | | | 11,450 | | | | 663,528 | |
Vail Resorts, Inc. | | | 5,750 | | | | 794,822 | |
| | | | | | | | |
| | | | 2,258,647 | |
| | | | | | | | |
| Environmental Control — 1.4% | |
Waste Connections, Inc. | | | 10,080 | | | | 726,264 | |
| | | | | | | | |
| Healthcare Products — 6.9% | |
Align Technology, Inc.* | | | 9,740 | | | | 784,557 | |
DexCom, Inc.* | | | 11,839 | | | | 939,188 | |
Integra LifeSciences Holdings Corp.* | | | 9,660 | | | | 770,675 | |
Nevro Corp.* | | | 8,096 | | | | 597,161 | |
Teleflex, Inc. | | | 2,073 | | | | 367,563 | |
| | | | | | | | |
| | | | 3,459,144 | |
| | | | | | | | |
| Healthcare Services — 2.0% | |
Amedisys, Inc.* | | | 12,200 | | | | 615,856 | |
Surgical Care Affiliates, Inc.* | | | 7,954 | | | | 379,167 | |
| | | | | | | | |
| | | | 995,023 | |
| | | | | | | | |
| Internet — 0.7% | |
Yandex NV, Class A* | | | 16,353 | | | | 357,313 | |
| | | | | | | | |
| Machinery — Diversified — 0.9% | |
Cognex Corp. | | | 10,672 | | | | 459,963 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 4.8% | |
A.O. Smith Corp. | | | 10,620 | | | | 935,728 | |
Carlisle Cos., Inc. | | | 6,450 | | | | 681,636 | |
John Bean Technologies Corp. | | | 8,380 | | | | 513,024 | |
Proto Labs, Inc.* | | | 4,683 | | | | 269,553 | |
| | | | | | | | |
| | | | 2,399,941 | |
| | | | | | | | |
| Oil & Gas — 0.9% | |
Diamondback Energy, Inc.* | | | 5,080 | | | | 463,347 | |
| | | | | | | | |
| Pharmaceuticals — 2.2% | |
Ophthotech Corp.* | | | 2,790 | | | | 142,374 | |
VCA, Inc.* | | | 14,100 | | | | 953,301 | |
| | | | | | | | |
| | | | 1,095,675 | |
| | | | | | | | |
| Real Estate — 1.1% | |
CBRE Group, Inc., Class A* | | | 21,980 | | | | 582,030 | |
| | | | | | | | |
| Retail — 8.4% | |
Burlington Stores, Inc.* | | | 13,220 | | | | 881,906 | |
99
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Retail — (continued) | |
Coach, Inc. | | | 14,670 | | | $ | 597,656 | |
Dave & Buster’s Entertainment, Inc.* | | | 11,615 | | | | 543,466 | |
Lithia Motors, Inc., Class A | | | 4,945 | | | | 351,441 | |
Sally Beauty Holdings, Inc.* | | | 21,120 | | | | 621,139 | |
The Michaels Cos, Inc.* | | | 25,407 | | | | 722,575 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | | | 2,120 | | | | 516,517 | |
| | | | | | | | |
| | | | 4,234,700 | |
| | | | | | | | |
| Software — 13.6% | |
Broadridge Financial Solutions, Inc. | | | 13,680 | | | | 891,936 | |
Guidewire Software, Inc.* | | | 12,951 | | | | 799,854 | |
HubSpot, Inc.* | | | 12,150 | | | | 527,553 | |
Paycom Software, Inc.* | | | 20,872 | | | | 901,879 | |
ServiceNow, Inc.* | | | 12,330 | | | | 818,712 | |
Tableau Software, Inc., Class A* | | | 7,962 | | | | 389,501 | |
Take-Two Interactive Software, Inc.* | | | 20,030 | | | | 759,538 | |
Tyler Technologies, Inc.* | | | 6,341 | | | | 1,057,108 | |
Veeva Systems, Inc., Class A* | | | 19,811 | | | | 675,951 | |
| | | | | | | | |
| | | | 6,822,032 | |
| | | | | | | | |
| Telecommunications — 2.4% | |
Zayo Group Holdings, Inc.* | | | 42,856 | | | | 1,196,968 | |
| | | | | | | | |
| Transportation — 2.0% | |
J.B. Hunt Transport Services, Inc. | | | 6,160 | | | | 498,529 | |
Kansas City Southern | | | 5,570 | | | | 501,801 | |
| | | | | | | | |
| | | | 1,000,330 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $43,440,420) | | | | 49,507,843 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.8% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,385,624) | | | 1,385,624 | | | | 1,385,624 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.3% (Cost $44,826,044) | | | | 50,893,467 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.3)% | | | | (638,333 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 50,255,134 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2016 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | $ | 49,507,843 | | | $ | 49,507,843 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,385,624 | | | | 1,385,624 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 50,893,467 | | | $ | 50,893,467 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
100
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 93.1% | |
| Aerospace & Defense — 2.0% | |
B/E Aerospace, Inc. | | | 18,180 | | | $ | 839,462 | |
Esterline Technologies Corp.* | | | 9,480 | | | | 588,139 | |
| | | | | | | | |
| | | | 1,427,601 | |
| | | | | | | | |
| Airlines — 0.7% | |
SkyWest, Inc. | | | 20,260 | | | | 536,080 | |
| | | | | | | | |
| Apparel — 1.2% | |
Crocs, Inc.* | | | 74,720 | | | | 842,842 | |
| | | | | | | | |
| Auto Manufacturers — 1.5% | |
Oshkosh Corp. | | | 22,640 | | | | 1,080,154 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.6% | |
Dana Holding Corp. | | | 48,940 | | | | 516,806 | |
Lear Corp. | | | 6,840 | | | | 696,039 | |
Tenneco, Inc.* | | | 14,090 | | | | 656,735 | |
| | | | | | | | |
| | | | 1,869,580 | |
| | | | | | | | |
| Banks — 8.4% | |
Associated Banc-Corp. | | | 39,650 | | | | 679,997 | |
Comerica, Inc. | | | 22,955 | | | | 944,139 | |
Fulton Financial Corp. | | | 51,200 | | | | 691,200 | |
Huntington Bancshares, Inc. | | | 105,930 | | | | 947,014 | |
Synovus Financial Corp. | | | 20,940 | | | | 607,051 | |
Texas Capital Bancshares, Inc.* | | | 11,370 | | | | 531,661 | |
Webster Financial Corp. | | | 22,628 | | | | 768,221 | |
Zions Bancorporation | | | 35,420 | | | | 890,105 | |
| | | | | | | | |
| | | | 6,059,388 | |
| | | | | | | | |
| Chemicals — 1.4% | |
Huntsman Corp. | | | 48,780 | | | | 656,091 | |
Ingevity Corp. | | | 9,279 | | | | 315,857 | |
| | | | | | | | |
| | | | 971,948 | |
| | | | | | | | |
| Commercial Services — 4.7% | |
ABM Industries, Inc. | | | 24,510 | | | | 894,125 | |
Booz Allen Hamilton Holding Corp. | | | 36,220 | | | | 1,073,561 | |
Quanta Services, Inc.* | | | 39,460 | | | | 912,315 | |
Sotheby’s* | | | 17,970 | | | | 492,378 | |
| | | | | | | | |
| | | | 3,372,379 | |
| | | | | | | | |
| Computers — 2.1% | |
Genpact Ltd.* | | | 16,380 | | | | 439,639 | |
NCR Corp.* | | | 39,630 | | | | 1,100,525 | |
| | | | | | | | |
| | | | 1,540,164 | |
| | | | | | | | |
| Distribution & Wholesale — 0.7% | |
WESCO International, Inc.* | | | 10,240 | | | | 527,258 | |
| | | | | | | | |
| Diversified Financial Services — 0.6% | |
Onemain Holdings Inc* | | | 18,340 | | | | 418,519 | |
| | | | | | | | |
| Electric — 3.1% | |
PNM Resources, Inc. | | | 30,060 | | | | 1,065,326 | |
Westar Energy, Inc. | | | 20,660 | | | | 1,158,820 | |
| | | | | | | | |
| | | | 2,224,146 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Electronics — 2.8% | |
Keysight Technologies, Inc.* | | | 26,200 | | | $ | 762,158 | |
TTM Technologies, Inc.* | | | 65,770 | | | | 495,248 | |
Vishay Intertechnology, Inc. | | | 63,160 | | | | 782,552 | |
| | | | | | | | |
| | | | 2,039,958 | |
| | | | | | | | |
| Engineering & Construction — 3.8% | |
AECOM* | | | 30,854 | | | | 980,232 | |
EMCOR Group, Inc. | | | 15,840 | | | | 780,278 | |
Granite Construction, Inc. | | | 9,630 | | | | 438,647 | |
Tutor Perini Corp.* | | | 21,950 | | | | 516,922 | |
| | | | | | | | |
| | | | 2,716,079 | |
| | | | | | | | |
| Entertainment — 1.2% | |
Regal Entertainment Group, Class A | | | 40,360 | | | | 889,534 | |
| | | | | | | | |
| Food — 1.6% | |
Ingredion, Inc. | | | 8,590 | | | | 1,111,632 | |
| | | | | | | | |
| Gas — 1.8% | |
Southwest Gas Corp. | | | 16,230 | | | | 1,277,463 | |
| | | | | | | | |
| Hand & Machine Tools — 0.7% | |
Regal-Beloit Corp. | | | 9,740 | | | | 536,187 | |
| | | | | | | | |
| Healthcare Services — 4.5% | |
ICON PLC* | | | 12,350 | | | | 864,623 | |
LifePoint Health, Inc.* | | | 12,070 | | | | 789,016 | |
Molina Healthcare, Inc.* | | | 17,540 | | | | 875,246 | |
WellCare Health Plans, Inc.* | | | 6,570 | | | | 704,830 | |
| | | | | | | | |
| | | | 3,233,715 | |
| | | | | | | | |
| Home Builders — 2.3% | |
Meritage Homes Corp.* | | | 19,870 | | | | 745,920 | |
PulteGroup, Inc. | | | 46,410 | | | | 904,531 | |
| | | | | | | | |
| | | | 1,650,451 | |
| | | | | | | | |
| Household Products & Wares — 0.9% | |
Helen of Troy Ltd.* | | | 5,970 | | | | 613,955 | |
| | | | | | | | |
| Insurance — 8.6% | |
American Financial Group, Inc. | | | 12,310 | | | | 910,078 | |
CNO Financial Group, Inc. | | | 28,870 | | | | 504,070 | |
Essent Group Ltd.* | | | 41,354 | | | | 901,931 | |
First American Financial Corp. | | | 25,930 | | | | 1,042,905 | |
Reinsurance Group of America, Inc. | | | 9,160 | | | | 888,429 | |
The Hanover Insurance Group, Inc. | | | 9,660 | | | | 817,429 | |
Validus Holdings Ltd. | | | 22,380 | | | | 1,087,444 | |
| | | | | | | | |
| | | | 6,152,286 | |
| | | | | | | | |
| Internet — 2.1% | |
CDW Corp. | | | 21,730 | | | | 870,939 | |
Shutterfly, Inc.* | | | 14,030 | | | | 653,938 | |
| | | | | | | | |
| | | | 1,524,877 | |
| | | | | | | | |
| Media — 1.7% | |
Cable One, Inc | | | 990 | | | | 506,296 | |
Scholastic Corp. | | | 17,810 | | | | 705,454 | |
| | | | | | | | |
| | | | 1,211,750 | |
| | | | | | | | |
101
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Miscellaneous Manufacturing — 1.0% | |
ITT Inc | | | 22,040 | | | $ | 704,839 | |
| | | | | | | | |
| Oil & Gas — 5.7% | |
Gulfport Energy Corp.* | | | 35,910 | | | | 1,122,546 | |
Helmerich & Payne, Inc. | | | 16,090 | | | | 1,080,122 | |
QEP Resources, Inc.* | | | 63,620 | | | | 1,121,621 | |
Synergy Resources Corp.* | | | 117,440 | | | | 782,150 | |
| | | | | | | | |
| | | | 4,106,439 | |
| | | | | | | | |
| Oil & Gas Services — 3.8% | |
MRC Global Inc* | | | 75,190 | | | | 1,068,450 | |
Oil States International, Inc.* | | | 23,870 | | | | 784,846 | |
RPC, Inc.* | | | 54,770 | | | | 850,578 | |
| | | | | | | | |
| | | | 2,703,874 | |
| | | | | | | | |
| Packaging and Containers — 1.3% | |
Graphic Packaging Holding Co. | | | 76,810 | | | | 963,197 | |
| | | | | | | | |
| Retail — 7.8% | |
Big Lots, Inc. | | | 17,530 | | | | 878,428 | |
Bloomin’ Brands, Inc. | | | 54,460 | | | | 973,200 | |
Brinker International, Inc. | | | 13,751 | | | | 626,083 | |
Caleres, Inc. | | | 26,720 | | | | 646,891 | |
Office Depot, Inc.* | | | 174,590 | | | | 577,893 | |
The Children’s Place, Inc. | | | 13,020 | | | | 1,043,944 | |
The Michaels Cos, Inc.* | | | 30,820 | | | | 876,521 | |
| | | | | | | | |
| | | | 5,622,960 | |
| | | | | | | | |
| Savings & Loans — 0.6% | |
First Niagara Financial Group, Inc. | | | 43,660 | | | | 425,248 | |
| | | | | | | | |
| Semiconductors — 3.7% | |
Advanced Micro Devices, Inc.* | | | 67,290 | | | | 345,871 | |
Cypress Semiconductor Corp. | | | 94,140 | | | | 993,177 | |
Lam Research Corp. | | | 5,360 | | | | 450,561 | |
Qorvo, Inc.* | | | 15,750 | | | | 870,345 | |
| | | | | | | | |
| | | | 2,659,954 | |
| | | | | | | | |
| Software — 1.2% | |
Verint Systems, Inc.* | | | 26,910 | | | | 891,528 | |
| | | | | | | | |
| Telecommunications — 5.5% | |
Amdocs Ltd. | | | 16,485 | | | | 951,514 | |
Anixter International, Inc.* | | | 16,540 | | | | 881,251 | |
Finisar Corp.* | | | 54,080 | | | | 946,941 | |
Infinera Corp.* | | | 43,190 | | | | 487,183 | |
Polycom, Inc.* | | | 59,700 | | | | 671,625 | |
| | | | | | | | |
| | | | 3,938,514 | |
| | | | | | | | |
| Transportation — 1.5% | |
Ryder System, Inc. | | | 8,890 | | | | 543,535 | |
Werner Enterprises, Inc. | | | 22,230 | | | | 510,623 | |
| | | | | | | | |
| | | | 1,054,158 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $60,096,509) | | | | 66,898,657 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 4.0% | |
| Apartments — 1.4% | |
Mid-America Apartment Communities, Inc. | | | 9,830 | | | $ | 1,045,912 | |
| | | | | | | | |
| Office Property — 1.6% | |
Gramercy Property Trust | | | 124,808 | | | | 1,150,730 | |
| | | | | | | | |
| Strip Centers — 1.0% | |
DDR Corp. | | | 37,940 | | | | 688,232 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,241,057) | | | | 2,884,874 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.3% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $923,501) | | | 923,501 | | | | 923,501 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.4%
(Cost $63,261,067) | | | | 70,707,032 | |
| | | | | | | | |
| Other Assets & Liabilities — 1.6% | | | | 1,146,174 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 71,853,206 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2016 | | | Level 1
Quoted Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Unobservable Input | |
COMMON STOCKS | | $ | 66,898,657 | | | $ | 66,898,657 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 2,884,874 | | | | 2,884,874 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 923,501 | | | | 923,501 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 70,707,032 | | | $ | 70,707,032 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
102
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 99.7% | | | | | | | | |
| Aerospace & Defense — 2.3% | | | | | | | | |
HEICO Corp., Class A | | | 35,796 | | | $ | 1,920,455 | |
| | | | | | | | |
| Apparel — 3.7% | | | | | | | | |
Carter’s, Inc. | | | 14,104 | | | | 1,501,653 | |
Gildan Activewear, Inc. | | | 19,475 | | | | 571,202 | |
Wolverine World Wide, Inc. | | | 52,214 | | | | 1,060,988 | |
| | | | | | | | |
| | | | | | | 3,133,843 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.5% | | | | | | | | |
Gentherm, Inc. | | | 11,220 | | | | 384,285 | |
| | | | | | | | |
| Banks — 2.1% | | | | | | | | |
Bank of the Ozarks, Inc. | | | 23,820 | | | | 893,726 | |
Kearny Financial Corp. | | | 39,534 | | | | 497,338 | |
SVB Financial Group* | | | 3,741 | | | | 355,994 | |
| | | | | | | | |
| | | | | | | 1,747,058 | |
| | | | | | | | |
| Beverages — 0.3% | | | | | | | | |
Britvic PLC | | | 33,152 | | | | 259,424 | |
| | | | | | | | |
| Biotechnology — 1.1% | | | | | | | | |
Ligand Pharmaceuticals, Inc.* | | | 5,491 | | | | 654,912 | |
Puma Biotechnology, Inc.* | | | 9,576 | | | | 285,269 | |
| | | | | | | | |
| | | | | | | 940,181 | |
| | | | | | | | |
| Building Materials — 0.8% | | | | | | | | |
Trex Co., Inc.* | | | 15,294 | | | | 687,006 | |
| | | | | | | | |
| Chemicals — 2.5% | | | | | | | | |
Sensient Technologies Corp. | | | 30,291 | | | | 2,151,873 | |
| | | | | | | | |
| Commercial Services — 12.9% | | | | | | | | |
Alarm.com Holdings, Inc.* | | | 16,528 | | | | 423,613 | |
CEB, Inc. | | | 14,637 | | | | 902,810 | |
CoStar Group, Inc.* | | | 4,423 | | | | 967,133 | |
Euronet Worldwide, Inc.* | | | 23,198 | | | | 1,605,069 | |
ExamWorks Group, Inc.* | | | 10,680 | | | | 372,198 | |
Gartner, Inc.* | | | 7,273 | | | | 708,463 | |
Healthcare Services Group, Inc. | | | 27,592 | | | | 1,141,757 | |
HealthEquity, Inc.* | | | 21,922 | | | | 666,100 | |
MAXIMUS, Inc. | | | 15,126 | | | | 837,527 | |
Nord Anglia Education Inc.* | | | 44,405 | | | | 938,722 | |
Rollins, Inc. | | | 16,855 | | | | 493,346 | |
ServiceMaster Global Holdings, Inc.* | | | 37,747 | | | | 1,502,330 | |
SP Plus Corp.* | | | 15,965 | | | | 360,490 | |
| | | | | | | | |
| | | | | | | 10,919,558 | |
| | | | | | | | |
| Computers — 4.8% | | | | | | | | |
Cadence Design Systems, Inc.* | | | 72,233 | | | | 1,755,262 | |
Fleetmatics Group PLC* | | | 16,660 | | | | 721,878 | |
Jack Henry & Associates, Inc. | | | 18,277 | | | | 1,595,033 | |
| | | | | | | | |
| | | | | | | 4,072,173 | |
| | | | | | | | |
| Diversified Financial Services — 4.8% | | | | | | | | |
Artisan Partners Asset Management, Inc., Class A | | | 12,865 | | | | 356,103 | |
Financial Engines, Inc. | | | 19,698 | | | | 509,587 | |
LPL Financial Holdings, Inc. | | | 21,220 | | | | 478,087 | |
MarketAxess Holdings, Inc. | | | 10,666 | | | | 1,550,836 | |
Markit Ltd.* | | | 28,656 | | | | 934,186 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | |
WisdomTree Investments, Inc. | | | 26,075 | | | $ | 255,274 | |
| | | | | | | | |
| | | | | | | 4,084,073 | |
| | | | | | | | |
| Electrical Components & Equipment — 2.8% | |
Belden, Inc. | | | 20,405 | | | | 1,231,850 | |
EnerSys | | | 19,104 | | | | 1,136,115 | |
| | | | | | | | |
| | | | | | | 2,367,965 | |
| | | | | | | | |
| Electronics — 4.3% | |
CTS Corp. | | | 33,276 | | | | 596,306 | |
FEI Co. | | | 14,256 | | | | 1,523,681 | |
National Instruments Corp. | | | 13,149 | | | | 360,283 | |
OSI Systems, Inc.* | | | 12,873 | | | | 748,308 | |
Sensata Technologies Holding NV* | | | 11,632 | | | | 405,840 | |
| | | | | | | | |
| | | | | | | 3,634,418 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.4% | |
SolarEdge Technologies Inc.* | | | 17,873 | | | | 350,311 | |
| | | | | | | | |
| Entertainment — 2.5% | |
AMC Entertainment Holdings, Inc., Class A | | | 26,499 | | | | 731,637 | |
Manchester United PLC | | | 32,130 | | | | 511,831 | |
National CineMedia, Inc. | | | 58,233 | | | | 901,447 | |
| | | | | | | | |
| | | | 2,144,915 | |
| | | | | | | | |
| Environmental Control — 0.9% | |
Clean Harbors, Inc.* | | | 14,447 | | | | 752,833 | |
| | | | | | | | |
| Food — 0.8% | |
Amplify Snack Brands Inc.* | | | 48,388 | | | | 713,723 | |
| | | | | | | | |
| Hand & Machine Tools — 0.7% | |
Kennametal, Inc. | | | 27,241 | | | | 602,298 | |
| | | | | | | | |
| Healthcare Products — 8.0% | |
Bio-Techne Corp. | | | 11,138 | | | | 1,256,032 | |
Endologix, Inc.* | | | 69,807 | | | | 869,795 | |
Globus Medical, Inc., Class A* | | | 30,574 | | | | 728,578 | |
LDR Holding Corp.* | | | 29,266 | | | | 1,081,379 | |
Masimo Corp.* | | | 14,295 | | | | 750,702 | |
Merit Medical Systems, Inc.* | | | 32,426 | | | | 643,008 | |
Quidel Corp.* | | | 22,969 | | | | 410,226 | |
STERIS PLC | | | 14,522 | | | | 998,388 | |
| | | | | | | | |
| | | | 6,738,108 | |
| | | | | | | | |
| Healthcare Services — 1.2% | |
Catalent, Inc.* | | | 42,836 | | | | 984,800 | |
| | | | | | | | |
| Household Products & Wares — 1.1% | |
Ontex Group NV | | | 30,563 | | | | 963,622 | |
| | | | | | | | |
| Insurance — 1.0% | |
RLI Corp. | | | 12,011 | | | | 826,117 | |
| | | | | | | | |
| Internet — 1.5% | |
ChannelAdvisor Corp.* | | | 27,144 | | | | 393,317 | |
Wayfair, Inc., Class A* | | | 8,164 | | | | 318,396 | |
Zillow Group, Inc.* | | | 16,070 | | | | 588,965 | |
| | | | | | | | |
| | | | 1,300,678 | |
| | | | | | | | |
103
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Investment Companies — 0.4% | |
Pace Holdings Corp.* | | | 33,082 | | | $ | 330,820 | |
| | | | | | | | |
| Machinery — Diversified — 1.6% | |
Nordson Corp. | | | 11,062 | | | | 924,894 | |
Wabtec Corp. | | | 6,093 | | | | 427,911 | |
| | | | | | | | |
| | | | 1,352,805 | |
| | | | | | | | |
| Medical Instruments — 0.5% | |
Novadaq Technologies, Inc.* | | | 40,411 | | | | 397,644 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 1.1% | |
Rexnord Corp.* | | | 47,012 | | | | 922,846 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.2% | |
Proto Labs, Inc.* | | | 9,243 | | | | 532,027 | |
Raven Industries, Inc. | | | 26,450 | | | | 500,963 | |
| | | | | | | | |
| | | | 1,032,990 | |
| | | | | | | | |
| Oil & Gas Services — 0.7% | |
Dril-Quip, Inc.* | | | 9,605 | | | | 561,220 | |
| | | | | | | | |
| Pharmaceuticals — 7.3% | |
ACADIA Pharmaceuticals, Inc.* | | | 18,083 | | | | 586,974 | |
Akorn, Inc.* | | | 15,950 | | | | 454,336 | |
Aralez Pharmaceuticals Inc.* | | | 43,020 | | | | 141,966 | |
DBV Technologies SA* | | | 13,870 | | | | 452,439 | |
Diplomat Pharmacy, Inc.* | | | 19,795 | | | | 692,825 | |
Dyax Corp Escrow*~ | | | 36,639 | | | | 40,669 | |
Eagle Pharmaceuticals, Inc.* | | | 10,976 | | | | 425,759 | |
Heron Therapeutics, Inc.* | | | 18,033 | | | | 325,496 | |
Ironwood Pharmaceuticals, Inc.* | | | 41,173 | | | | 538,337 | |
Phibro Animal Health Corp., Class A | | | 32,971 | | | | 615,239 | |
Prestige Brands Holdings, Inc.* | | | 20,780 | | | | 1,151,212 | |
Relypsa, Inc.* | | | 20,205 | | | | 373,793 | |
Teligent Inc.* | | | 53,279 | | | | 380,412 | |
| | | | | | | | |
| | | | 6,179,457 | |
| | | | | | | | |
| Publishing / Newspapers — 0.9% | |
Cimpress NV* | | | 7,916 | | | | 732,072 | |
| | | | | | | | |
| Real Estate — 0.8% | |
Jones Lang LaSalle, Inc. | | | 3,866 | | | | 376,742 | |
The St. Joe Co.* | | | 19,337 | | | | 342,651 | |
| | | | | | | | |
| | | | 719,393 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.9% | |
Lamar Advertising Co. | | | 11,525 | | | | 764,107 | |
| | | | | | | | |
| Retail — 5.4% | |
Biglari Holdings, Inc.* | | | 2,905 | | | | 1,171,703 | |
Casey’s General Stores, Inc. | | | 10,857 | | | | 1,427,804 | |
Dunkin’ Brands Group, Inc. | | | 11,852 | | | | 516,984 | |
Five Below, Inc.* | | | 18,864 | | | | 875,478 | |
Sally Beauty Holdings, Inc.* | | | 21,154 | | | | 622,139 | |
| | | | | | | | |
| | | | 4,614,108 | |
| | | | | | | | |
| Semiconductors — 1.0% | |
ON Semiconductor Corp.* | | | 91,512 | | | | 807,136 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Software — 13.4% | |
ACI Worldwide, Inc.* | | | 31,596 | | | $ | 616,438 | |
Athenahealth, Inc.* | | | 5,378 | | | | 742,218 | |
Blackbaud, Inc. | | | 37,564 | | | | 2,550,595 | |
Broadridge Financial Solutions, Inc. | | | 34,619 | | | | 2,257,159 | |
Descartes Systems Group Inc.* | | | 28,945 | | | | 553,606 | |
Envestnet, Inc.* | | | 24,811 | | | | 826,454 | |
Guidewire Software, Inc.* | | | 13,484 | | | | 832,772 | |
RealPage, Inc.* | | | 33,084 | | | | 738,766 | |
SPS Commerce, Inc.* | | | 7,713 | | | | 467,408 | |
SS&C Technologies Holdings, Inc. | | | 64,016 | | | | 1,797,569 | |
| | | | | | | | |
| | | | 11,382,985 | |
| | | | | | | | |
| Telecommunications — 2.0% | |
NICE Systems, Ltd. ADR | | | 26,828 | | | | 1,712,968 | |
| | | | | | | | |
| Transportation — 1.5% | |
Landstar System, Inc. | | | 9,031 | | | | 620,069 | |
Old Dominion Freight Line, Inc.* | | | 10,169 | | | | 613,292 | |
| | | | | | | | |
| | | | 1,233,361 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $69,542,911) | | | | 84,423,629 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.8% | |
BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares
(Cost $677,606) | | | 677,606 | | | | 677,606 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.5%
(Cost $70,220,517) | | | | 85,101,235 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.5)% | | | | (458,274 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 84,642,961 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $40,669. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2016†† | |
United States | | | 88 | % |
Israel | | | 3 | |
United Kingdom | | | 3 | |
Canada | | | 2 | |
Belgium | | | 1 | |
Hong Kong | | | 1 | |
Netherlands | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100 | % |
| | | | |
| ††% | of total investments as of June 30, 2016 |
104
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,920,455 | | | $ | 1,920,455 | | | $ | — | | | $ | — | |
Apparel | | | 3,133,843 | | | | 3,133,843 | | | | — | | | | — | |
Auto Parts & Equipment | | | 384,285 | | | | 384,285 | | | | — | | | | — | |
Banks | | | 1,747,058 | | | | 1,747,058 | | | | — | | | | — | |
Beverages | | | 259,424 | | | | — | | | | 259,424 | | | | — | |
Biotechnology | | | 940,181 | | | | 940,181 | | | | — | | | | — | |
Building Materials | | | 687,006 | | | | 687,006 | | | | — | | | | — | |
Chemicals | | | 2,151,873 | | | | 2,151,873 | | | | — | | | | — | |
Commercial Services | | | 10,919,558 | | | | 10,919,558 | | | | — | | | | — | |
Computers | | | 4,072,173 | | | | 4,072,173 | | | | — | | | | — | |
Diversified Financial Services | | | 4,084,073 | | | | 4,084,073 | | | | — | | | | — | |
Electrical Components & Equipment | | | 2,367,965 | | | | 2,367,965 | | | | — | | | | — | |
Electronics | | | 3,634,418 | | | | 3,634,418 | | | | — | | | | — | |
Energy-Alternate Sources | | | 350,311 | | | | 350,311 | | | | — | | | | — | |
Entertainment | | | 2,144,915 | | | | 2,144,915 | | | | — | | | | — | |
Environmental Control | | | 752,833 | | | | 752,833 | | | | — | | | | — | |
Food | | | 713,723 | | | | 713,723 | | | | — | | | | — | |
Hand & Machine Tools | | | 602,298 | | | | 602,298 | | | | — | | | | — | |
Healthcare Products | | | 6,738,108 | | | | 6,738,108 | | | | — | | | | — | |
Healthcare Services | | | 984,800 | | | | 984,800 | | | | — | | | | — | |
Household Products & Wares | | | 963,622 | | | | — | | | | 963,622 | | | | — | |
Insurance | | | 826,117 | | | | 826,117 | | | | — | | | | — | |
Internet | | | 1,300,678 | | | | 1,300,678 | | | | — | | | | — | |
Investment Companies | | | 330,820 | | | | 330,820 | | | | — | | | | — | |
Machinery — Diversified | | | 1,352,805 | | | | 1,352,805 | | | | — | | | | — | |
Medical Instruments | | | 397,644 | | | | 397,644 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 922,846 | | | | 922,846 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 1,032,990 | | | | 1,032,990 | | | | — | | | | — | |
Oil & Gas Services | | | 561,220 | | | | 561,220 | | | | — | | | | — | |
Pharmaceuticals | | | 6,179,457 | | | | 6,138,788 | | | | 40,669 | | | | — | |
Publishing / Newspapers | | | 732,072 | | | | 732,072 | | | | — | | | | — | |
Real Estate | | | 719,393 | | | | 719,393 | | | | — | | | | — | |
Real Estate Investment Trusts | | | 764,107 | | | | 764,107 | | | | — | | | | — | |
Retail | | | 4,614,108 | | | | 4,614,108 | | | | — | | | | — | |
Semiconductors | | | 807,136 | | | | 807,136 | | | | — | | | | — | |
Software | | | 11,382,985 | | | | 11,382,985 | | | | — | | | | — | |
Telecommunications | | | 1,712,968 | | | | 1,712,968 | | | | — | | | | — | |
Transportation | | | 1,233,361 | | | | 1,233,361 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | $ | 84,423,629 | | | $ | 83,159,914 | | | $ | 1,263,715 | | | $ | — | |
| |
SHORT-TERM INVESTMENTS | | | 677,606 | | | | 677,606 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 85,101,235 | | | $ | 83,837,520 | | | $ | 1,263,715 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
105
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 84.9% | |
| Aerospace & Defense — 2.3% | |
Curtiss-Wright Corp. | | | 16,139 | | | $ | 1,359,711 | |
Esterline Technologies Corp.* | | | 15,832 | | | | 982,217 | |
Kaman Corp. | | | 24,123 | | | | 1,025,710 | |
KLX, Inc.* | | | 15,391 | | | | 477,121 | |
Moog, Inc., Class A* | | | 21,278 | | | | 1,147,310 | |
| | | | | | | | |
| | | | 4,992,069 | |
| | | | | | | | |
| Apparel — 0.7% | |
Columbia Sportswear Co. | | | 11,839 | | | | 681,216 | |
G-III Apparel Group Ltd.* | | | 10,824 | | | | 494,873 | |
Steven Madden Ltd.* | | | 11,800 | | | | 403,324 | |
| | | | | | | | |
| | | | 1,579,413 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.2% | |
Tower International, Inc. | | | 26,377 | | | | 542,839 | |
| | | | | | | | |
| Banks — 16.9% | |
Ameris Bancorp | | | 21,220 | | | | 630,234 | |
BancorpSouth, Inc. | | | 38,876 | | | | 882,096 | |
Bank of the Ozarks, Inc. | | | 29,067 | | | | 1,090,594 | |
Banner Corp. | | | 26,761 | | | | 1,138,413 | |
BNC Bancorp | | | 27,116 | | | | 615,804 | |
Boston Private Financial Holdings, Inc. | | | 64,455 | | | | 759,280 | |
CenterState Banks, Inc. | | | 13,841 | | | | 217,996 | |
CoBiz Financial, Inc. | | | 34,838 | | | | 407,605 | |
Columbia Banking System, Inc. | | | 41,626 | | | | 1,168,026 | |
Community Bank System, Inc. | | | 27,269 | | | | 1,120,483 | |
ConnectOne Bancorp, Inc. | | | 22,608 | | | | 354,720 | |
CU Bancorp* | | | 11,075 | | | | 251,735 | |
CVB Financial Corp. | | | 78,460 | | | | 1,285,959 | |
First Financial Bankshares, Inc. | | | 36,348 | | | | 1,191,851 | |
First Merchants Corp. | | | 38,530 | | | | 960,553 | |
First Midwest Bancorp, Inc. | | | 45,786 | | | | 804,002 | |
Glacier Bancorp, Inc. | | | 47,569 | | | | 1,264,384 | |
Great Western Bancorp, Inc. | | | 46,249 | | | | 1,458,693 | |
Heritage Financial Corp. | | | 25,020 | | | | 439,852 | |
Home BancShares, Inc. | | | 56,465 | | | | 1,117,442 | |
Independent Bank Corp. | | | 22,232 | | | | 1,016,002 | |
Independent Bank Group, Inc. | | | 8,822 | | | | 378,552 | |
Lakeland Financial Corp. | | | 11,502 | | | | 540,709 | |
LegacyTexas Financial Group, Inc. | | | 54,414 | | | | 1,464,281 | |
MB Financial, Inc. | | | 49,506 | | | | 1,796,078 | |
PacWest Bancorp | | | 32,441 | | | | 1,290,503 | |
Pinnacle Financial Partners, Inc. | | | 29,673 | | | | 1,449,526 | |
PrivateBancorp, Inc. | | | 64,248 | | | | 2,828,839 | |
Prosperity Bancshares, Inc. | | | 31,701 | | | | 1,616,434 | |
Renasant Corp. | | | 34,923 | | | | 1,129,061 | |
Sandy Spring Bancorp, Inc. | | | 14,604 | | | | 424,392 | |
South State Corp. | | | 19,431 | | | | 1,322,280 | |
Southwest Bancorp, Inc. | | | 12,610 | | | | 213,487 | |
State Bank Financial Corp. | | | 32,708 | | | | 665,608 | |
Texas Capital Bancshares, Inc.* | | | 10,628 | | | | 496,965 | |
The First of Long Island Corp. | | | 11,277 | | | | 323,312 | |
TriCo Bancshares | | | 16,064 | | | | 443,366 | |
UMB Financial Corp. | | | 3,893 | | | | 207,147 | |
Webster Financial Corp. | | | 68,560 | | | | 2,327,612 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | |
Yadkin Financial Corp. | | | 4,205 | | | $ | 105,503 | |
| | | | | | | | |
| | | | 37,199,379 | |
| | | | | | | | |
| Building Materials — 2.5% | |
Armstrong World Industries, Inc.* | | | 14,197 | | | | 555,812 | |
Continental Building Products, Inc.* | | | 31,651 | | | | 703,602 | |
Eagle Materials, Inc. | | | 16,064 | | | | 1,239,338 | |
Gibraltar Industries, Inc.* | | | 24,091 | | | | 760,553 | |
Masonite International Corp.* | | | 20,250 | | | | 1,339,335 | |
Summit Materials, Inc., Class A* | | | 47,137 | | | | 964,423 | |
| | | | | | | | |
| | | | 5,563,063 | |
| | | | | | | | |
| Chemicals — 2.1% | |
Methanex Corp. | | | 1,538 | | | | 44,756 | |
Minerals Technologies, Inc. | | | 15,767 | | | | 895,565 | |
Olin Corp. | | | 9,165 | | | | 227,659 | |
PolyOne Corp. | | | 23,120 | | | | 814,749 | |
Quaker Chemical Corp. | | | 6,522 | | | | 581,762 | |
Univar Inc.* | | | 35,903 | | | | 678,926 | |
WR Grace & Co. | | | 17,779 | | | | 1,301,600 | |
| | | | | | | | |
| | | | 4,545,017 | |
| | | | | | | | |
| Commercial Services — 3.1% | |
ABM Industries, Inc. | | | 46,660 | | | | 1,702,157 | |
HMS Holdings Corp.* | | | 24,780 | | | | 436,376 | |
Live Nation Entertainment, Inc.* | | | 75,689 | | | | 1,778,692 | |
MAXIMUS, Inc. | | | 15,118 | | | | 837,084 | |
Monro Muffler Brake, Inc. | | | 10,724 | | | | 681,617 | |
On Assignment, Inc.* | | | 21,532 | | | | 795,607 | |
Team Health Holdings, Inc.* | | | 14,015 | | | | 569,990 | |
| | | | | | | | |
| | | | 6,801,523 | |
| | | | | | | | |
| Computers — 1.7% | |
Convergys Corp. | | | 43,722 | | | | 1,093,050 | |
DST Systems Inc. | | | 6,634 | | | | 772,397 | |
Electronics For Imaging, Inc.* | | | 25,354 | | | | 1,091,236 | |
NetScout Systems, Inc.* | | | 38,228 | | | | 850,573 | |
| | | | | | | | |
| | | | 3,807,256 | |
| | | | | | | | |
| Distribution & Wholesale — 1.5% | |
Beacon Roofing Supply, Inc.* | | | 32,222 | | | | 1,465,134 | |
Core-Mark Holding Co., Inc. | | | 25,816 | | | | 1,209,738 | |
WESCO International, Inc.* | | | 11,548 | | | | 594,607 | |
| | | | | | | | |
| | | | 3,269,479 | |
| | | | | | | | |
| Diversified Financial Services — 1.4% | |
MarketAxess Holdings, Inc. | | | 7,338 | | | | 1,066,945 | |
OM Asset Management PLC | | | 55,275 | | | | 737,921 | |
Stifel Financial Corp.* | | | 30,544 | | | | 960,609 | |
Virtu Financial, Inc., Class A | | | 21,719 | | | | 390,942 | |
| | | | | | | | |
| | | | 3,156,417 | |
| | | | | | | | |
| Electric — 4.3% | |
Black Hills Corp. | | | 23,582 | | | | 1,486,609 | |
Dynegy, Inc.* | | | 34,710 | | | | 598,400 | |
IDACORP, Inc. | | | 25,693 | | | | 2,090,126 | |
NorthWestern Corp. | | | 24,758 | | | | 1,561,487 | |
PNM Resources, Inc. | | | 53,528 | | | | 1,897,032 | |
Portland General Electric Co. | | | 43,287 | | | | 1,909,823 | |
| | | | | | | | |
| | | | 9,543,477 | |
| | | | | | | | |
106
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Electrical Components & Equipment — 0.5% | |
EnerSys | | | 9,465 | | | $ | 562,884 | |
Littelfuse, Inc. | | | 4,628 | | | | 546,983 | |
| | | | | | | | |
| | | | 1,109,867 | |
| | | | | | | | |
| Electronics — 1.8% | |
CTS Corp. | | | 40,353 | | | | 723,126 | |
Plexus Corp.* | | | 21,666 | | | | 935,971 | |
Watts Water Technologies, Inc., Class A | | | 23,918 | | | | 1,393,463 | |
Woodward, Inc. | | | 15,485 | | | | 892,555 | |
| | | | | | | | |
| | | | 3,945,115 | |
| | | | | | | | |
| Engineering & Construction — 0.8% | |
EMCOR Group, Inc. | | | 34,044 | | | | 1,677,007 | |
| | | | | | | | |
| Entertainment — 1.3% | |
Marriott Vacations Worldwide Corp. | | | 15,356 | | | | 1,051,732 | |
Vail Resorts, Inc. | | | 12,424 | | | | 1,717,370 | |
| | | | | | | | |
| | | | 2,769,102 | |
| | | | | | | | |
| Environmental Control — 0.3% | |
MSA Safety, Inc. | | | 12,091 | | | | 635,140 | |
Waste Connections Inc. | | | 1 | | | | 49 | |
| | | | | | | | |
| | | | 635,189 | |
| | | | | | | | |
| Food — 2.0% | |
Pinnacle Foods, Inc. | | | 26,712 | | | | 1,236,499 | |
Post Holdings, Inc.* | | | 6,315 | | | | 522,187 | |
SUPERVALU, Inc.* | | | 24,399 | | | | 115,163 | |
TreeHouse Foods, Inc.* | | | 24,875 | | | | 2,553,419 | |
| | | | | | | | |
| | | | 4,427,268 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
Mercer International, Inc. | | | 15,795 | | | | 126,044 | |
| | | | | | | | |
| Gas — 2.8% | |
New Jersey Resources Corp. | | | 45,394 | | | | 1,749,939 | |
South Jersey Industries, Inc. | | | 26,499 | | | | 837,899 | |
Southwest Gas Corp. | | | 23,016 | | | | 1,811,589 | |
WGL Holdings, Inc. | | | 25,675 | | | | 1,817,533 | |
| | | | | | | | |
| | | | 6,216,960 | |
| | | | | | | | |
| Healthcare Products — 1.8% | |
CONMED Corp. | | | 24,376 | | | | 1,163,467 | |
Endologix, Inc.* | | | 67,261 | | | | 838,072 | |
Integra LifeSciences Holdings Corp.* | | | 15,088 | | | | 1,203,721 | |
VWR Corp* | | | 22,366 | | | | 646,377 | |
Wright Medical Group NV* | | | 11,252 | | | | 195,447 | |
| | | | | | | | |
| | | | 4,047,084 | |
| | | | | | | | |
| Healthcare Services — 1.4% | |
Air Methods Corp.* | | | 20,240 | | | | 725,199 | |
American Renal Associates Holdings Inc* | | | 13,023 | | | | 377,276 | |
Amsurg Corp.* | | | 12,141 | | | | 941,413 | |
Catalent, Inc.* | | | 21,665 | | | | 498,079 | |
HealthSouth Corp. | | | 14,085 | | | | 546,780 | |
| | | | | | | | |
| | | | 3,088,747 | |
| | | | | | | | |
| Home Builders — 0.8% | |
CalAtlantic Group, Inc. | | | 22,666 | | | | 832,069 | |
Meritage Homes Corp.* | | | 15,011 | | | | 563,513 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Home Builders — (continued) | |
William Lyon Homes, Class A* | | | 17,909 | | | $ | 288,693 | |
| | | | | | | | |
| | | | 1,684,275 | |
| | | | | | | | |
| Household Products & Wares — 1.2% | |
Spectrum Brands Holdings, Inc. | | | 21,400 | | | | 2,553,234 | |
| | | | | | | | |
| Insurance — 4.7% | |
American Equity Investment Life Holding Co. | | | 10,333 | | | | 147,245 | |
AMERISAFE, Inc. | | | 10,078 | | | | 616,975 | |
AmTrust Financial Services, Inc. | | | 29,735 | | | | 728,507 | |
CNO Financial Group, Inc. | | | 109,504 | | | | 1,911,940 | |
Endurance Specialty Holdings Ltd. | | | 17,872 | | | | 1,200,284 | |
Enstar Group Ltd.* | | | 5,349 | | | | 866,485 | |
Maiden Holdings Ltd. | | | 91,230 | | | | 1,116,655 | |
National General Holdings Corp. | | | 52,446 | | | | 1,123,393 | |
ProAssurance Corp. | | | 14,776 | | | | 791,255 | |
Radian Group, Inc. | | | 84,482 | | | | 880,302 | |
RLI Corp. | | | 15,259 | | | | 1,049,514 | |
| | | | | | | | |
| | | | 10,432,555 | |
| | | | | | | | |
| Internet — 0.2% | |
Marketo, Inc.* | | | 12,532 | | | | 436,364 | |
| | | | | | | | |
| Investment Companies — 0.3% | |
Golub Capital BDC, Inc. | | | 16,816 | | | | 303,865 | |
New Mountain Finance Corp. | | | 21,024 | | | | 271,210 | |
| | | | | | | | |
| | | | 575,075 | |
| | | | | | | | |
| Iron & Steel — 0.6% | |
Commercial Metals Co. | | | 53,170 | | | | 898,573 | |
United States Steel Corp. | | | 30,946 | | | | 521,749 | |
| | | | | | | | |
| | | | 1,420,322 | |
| | | | | | | | |
| Lodging — 0.2% | |
Extended Stay America, Inc. | | | 26,257 | | | | 392,542 | |
| | | | | | | | |
| Media — 0.4% | |
Media General, Inc.* | | | 4,668 | | | | 80,243 | |
Nexstar Broadcasting Group, Inc., Class A | | | 17,160 | | | | 816,473 | |
Townsquare Media, Inc., Class A* | | | 11,278 | | | | 88,983 | |
| | | | | | | | |
| | | | 985,699 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.8% | |
RBC Bearings, Inc.* | | | 11,766 | | | | 853,035 | |
Rexnord Corp.* | | | 31,306 | | | | 614,537 | |
TriMas Corp.* | | | 15,397 | | | | 277,146 | |
| | | | | | | | |
| | | | 1,744,718 | |
| | | | | | | | |
| Mining — 1.2% | |
Hecla Mining Co. | | | 82,179 | | | | 419,113 | |
Kaiser Aluminum Corp. | | | 15,796 | | | | 1,428,116 | |
Royal Gold, Inc. | | | 10,936 | | | | 787,611 | |
| | | | | | | | |
| | | | 2,634,840 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.5% | |
Barnes Group, Inc. | | | 27,466 | | | | 909,674 | |
CLARCOR, Inc. | | | 14,854 | | | | 903,569 | |
ITT Inc | | | 18,934 | | | | 605,509 | |
Standex International Corp. | | | 5,377 | | | | 444,301 | |
107
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Miscellaneous Manufacturing — (continued) | |
Trinseo SA | | | 11,547 | | | $ | 495,713 | |
| | | | | | | | |
| | | | 3,358,766 | |
| | | | | | | | |
| Oil & Gas — 5.2% | |
Carrizo Oil & Gas, Inc.* | | | 26,255 | | | | 941,242 | |
Memorial Resource Development Corp.* | | | 84,465 | | | | 1,341,304 | |
Murphy USA Inc* | | | 12,882 | | | | 955,329 | |
Parsley Energy, Inc., Class A* | | | 49,063 | | | | 1,327,645 | |
PBF Energy, Inc. Class A | | | 29,368 | | | | 698,371 | |
PDC Energy, Inc.* | | | 17,975 | | | | 1,035,540 | |
Rice Energy, Inc.* | | | 102,681 | | | | 2,263,089 | |
RSP Permian, Inc.* | | | 49,956 | | | | 1,742,965 | |
Synergy Resources Corp.* | | | 37,766 | | | | 251,521 | |
Whiting Petroleum Corp.* | | | 37,246 | | | | 344,898 | |
WPX Energy, Inc.* | | | 60,367 | | | | 562,017 | |
| | | | | | | | |
| | | | 11,463,921 | |
| | | | | | | | |
| Oil & Gas Services — 0.3% | |
Thermon Group Holdings, Inc.* | | | 33,303 | | | | 639,751 | |
| | | | | | | | |
| Packaging and Containers — 1.2% | |
Berry Plastics Group, Inc.* | | | 44,238 | | | | 1,718,646 | |
Graphic Packaging Holding Co. | | | 72,573 | | | | 910,066 | |
| | | | | | | | |
| | | | 2,628,712 | |
| | | | | | | | |
| Pharmaceuticals — 1.0% | |
PRA Health Sciences, Inc.* | | | 12,333 | | | | 515,026 | |
Prestige Brands Holdings, Inc.* | | | 12,909 | | | | 715,159 | |
VCA, Inc.* | | | 14,991 | | | | 1,013,541 | |
| | | | | | | | |
| | | | 2,243,726 | |
| | | | | | | | |
| Real Estate — 0.7% | |
Kennedy-Wilson Holdings, Inc. | | | 79,866 | | | | 1,514,259 | |
| | | | | | | | |
| Retail — 3.1% | |
American Eagle Outfitters, Inc. | | | 57,884 | | | | 922,092 | |
Ascena Retail Group, Inc.* | | | 7,789 | | | | 54,445 | |
Boot Barn Holdings, Inc.* | | | 36,651 | | | | 315,932 | |
Burlington Stores, Inc.* | | | 32,024 | | | | 2,136,321 | |
CST Brands, Inc. | | | 13,362 | | | | 575,635 | |
GMS Inc* | | | 13,611 | | | | 302,845 | |
Jack in the Box, Inc. | | | 15,851 | | | | 1,361,918 | |
Lithia Motors, Inc., Class A | | | 14,666 | | | | 1,042,312 | |
Office Depot, Inc.* | | | 11,611 | | | | 38,432 | |
| | | | | | | | |
| | | | 6,749,932 | |
| | | | | | | | |
| Savings & Loans — 2.0% | |
Brookline Bancorp, Inc. | | | 49,003 | | | | 540,503 | |
Dime Community Bancshares, Inc. | | | 18,726 | | | | 318,529 | |
EverBank Financial Corp. | | | 61,243 | | | | 910,071 | |
Flushing Financial Corp. | | | 30,214 | | | | 600,654 | |
OceanFirst Financial Corp. | | | 7,676 | | | | 139,473 | |
Oritani Financial Corp. | | | 23,759 | | | | 379,906 | |
Provident Financial Services, Inc. | | | 43,592 | | | | 856,147 | |
WSFS Financial Corp. | | | 18,130 | | | | 583,605 | |
| | | | | | | | |
| | | | 4,328,888 | |
| | | | | | | | |
| Semiconductors — 3.9% | |
Cabot Microelectronics Corp. | | | 14,953 | | | | 633,110 | |
Cypress Semiconductor Corp. | | | 72,531 | | | | 765,202 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Semiconductors — (continued) | |
Entegris, Inc.* | | | 111,861 | | | $ | 1,618,629 | |
Fairchild Semiconductor International, Inc.* | | | 51,392 | | | | 1,020,131 | |
Intersil Corp., Class A | | | 130,830 | | | | 1,771,438 | |
MKS Instruments, Inc. | | | 30,154 | | | | 1,298,431 | |
Semtech Corp.* | | | 42,298 | | | | 1,009,230 | |
Silicon Laboratories, Inc.* | | | 11,901 | | | | 580,055 | |
| | | | | | | | |
| | | | 8,696,226 | |
| | | | | | | | |
| Software — 2.3% | |
Bottomline Technologies, Inc.* | | | 27,444 | | | | 590,869 | |
CommVault Systems, Inc.* | | | 21,532 | | | | 929,967 | |
Cornerstone OnDemand, Inc.* | | | 7,125 | | | | 271,178 | |
Monotype Imaging Holdings, Inc. | | | 12,708 | | | | 312,998 | |
Press Ganey Holdings, Inc.* | | | 13,085 | | | | 514,895 | |
Radware Ltd.* | | | 41,631 | | | | 468,765 | |
Verint Systems, Inc.* | | | 56,784 | | | | 1,881,254 | |
| | | | | | | | |
| | | | 4,969,926 | |
| | | | | | | | |
| Storage & Warehousing — 0.4% | |
Mobile Mini, Inc. | | | 25,906 | | | | 897,384 | |
| | | | | | | | |
| Telecommunications — 1.6% | |
Anixter International, Inc.* | | | 15,917 | | | | 848,058 | |
Ixia* | | | 62,551 | | | | 614,251 | |
Polycom, Inc.* | | | 107,251 | | | | 1,206,573 | |
Viavi Solutions, Inc.* | | | 134,433 | | | | 891,291 | |
| | | | | | | | |
| | | | 3,560,173 | |
| | | | | | | | |
| Textiles — 0.3% | |
G&K Services, Inc., Class A | | | 9,556 | | | | 731,703 | |
| | | | | | | | |
| Transportation — 1.0% | |
Forward Air Corp. | | | 27,532 | | | | 1,226,000 | |
Golar LNG Ltd. | | | 57,364 | | | | 889,142 | |
| | | | | | | | |
| | | | 2,115,142 | |
| | | | | | | | |
| Water — 0.5% | |
California Water Service Group | | | 33,059 | | | | 1,154,751 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $160,172,277) | | | | 186,955,199 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 13.2% | |
| Apartments — 0.7% | |
Post Properties, Inc. | | | 25,979 | | | | 1,586,018 | |
| | | | | | | | |
| Building & Real Estate — 2.3% | |
Apollo Commercial Real Estate Finance, Inc. | | | 33,522 | | | | 538,699 | |
Blackstone Mortgage Trust, Inc., Class A | | | 58,671 | | | | 1,623,427 | |
MFA Financial, Inc. | | | 170,020 | | | | 1,236,045 | |
PennyMac Mortgage Investment Trust | | | 18,249 | | | | 296,181 | |
Two Harbors Investment Corp. | | | 171,166 | | | | 1,465,181 | |
| | | | | | | | |
| | | | 5,159,533 | |
| | | | | | | | |
| Diversified — 0.7% | |
PS Business Parks, Inc. | | | 15,157 | | | | 1,607,854 | |
| | | | | | | | |
| Hotels & Resorts — 2.6% | |
Chesapeake Lodging Trust | | | 96,094 | | | | 2,234,185 | |
Pebblebrook Hotel Trust | | | 98,903 | | | | 2,596,204 | |
108
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Hotels & Resorts — (continued) | |
RLJ Lodging Trust | | | 37,245 | | | $ | 798,905 | |
| | | | | | | | |
| | | | 5,629,294 | |
| | | | | | | | |
| Industrial — 0.9% | |
Terreno Realty Corp. | | | 73,869 | | | | 1,910,991 | |
| | | | | | | | |
| Internet — 1.2% | |
CyrusOne, Inc. | | | 46,915 | | | | 2,611,289 | |
| | | | | | | | |
| Office Property — 1.0% | |
Highwoods Properties, Inc. | | | 22,029 | | | | 1,163,131 | |
Hudson Pacific Properties, Inc. | | | 35,120 | | | | 1,024,802 | |
| | | | | | | | |
| | | | 2,187,933 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.7% | |
Care Capital Properties Inc. | | | 57,780 | | | | 1,514,414 | |
| | | | | | | | |
| Regional Malls — 0.2% | |
CBL & Associates Properties, Inc. | | | 51,373 | | | | 478,283 | |
| | | | | | | | |
| Storage & Warehousing — 1.9% | |
CubeSmart | | | 70,736 | | | | 2,184,328 | |
Sovran Self Storage, Inc. | | | 18,580 | | | | 1,949,413 | |
| | | | | | | | |
| | | | 4,133,741 | |
| | | | | | | | |
| Strip Centers — 1.0% | |
Acadia Realty Trust | | | 61,859 | | | | 2,197,232 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $25,553,149) | | | | 29,016,582 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.1% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $4,695,746) | | | 4,695,746 | | | | 4,695,746 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2%
(Cost $190,421,172) | | | | 220,667,527 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.2)% | | | | (486,013 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 220,181,514 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 186,955,199 | | | $ | 186,955,199 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 29,016,582 | | | | 29,016,582 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 4,695,746 | | | | 4,695,746 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 220,667,527 | | | $ | 220,667,527 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
109
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — 89.5% | |
| Advertising — 0.1% | |
Marchex, Inc., Class B* | | | 1,545 | | | $ | 4,913 | |
MDC Partners, Inc., Class A | | | 1,800 | | | | 32,922 | |
| | | | | | | | |
| | | | 37,835 | |
| | | | | | | | |
| Aerospace & Defense — 1.2% | |
AAR Corp. | | | 1,269 | | | | 29,619 | |
Aerojet Rocketdyne Holdings, Inc.* | | | 2,440 | | | | 44,603 | |
AeroVironment, Inc.* | | | 718 | | | | 19,960 | |
Astronics Corp.* | | | 878 | | | | 29,202 | |
Cubic Corp. | | | 1,069 | | | | 42,931 | |
Curtiss-Wright Corp. | | | 1,826 | | | | 153,841 | |
Ducommun, Inc.* | | | 400 | | | | 7,912 | |
Esterline Technologies Corp.* | | | 1,140 | | | | 70,726 | |
Kaman Corp. | | | 1,048 | | | | 44,561 | |
KLX, Inc.* | | | 2,100 | | | | 65,100 | |
Kratos Defense & Security Solutions, Inc.* | | | 2,422 | | | | 9,930 | |
Moog, Inc., Class A* | | | 1,291 | | | | 69,611 | |
National Presto Industries, Inc. | | | 146 | | | | 13,775 | |
Teledyne Technologies, Inc.* | | | 1,404 | | | | 139,066 | |
Triumph Group, Inc. | | | 2,000 | | | | 71,000 | |
| | | | | | | | |
| | | | 811,837 | |
| | | | | | | | |
| Agriculture — 0.3% | |
Alico, Inc. | | | 151 | | | | 4,568 | |
Limoneira Co. | | | 600 | | | | 10,572 | |
MGP Ingredients, Inc. | | | 400 | | | | 15,292 | |
Tejon Ranch Co.* | | | 688 | | | | 16,264 | |
The Andersons, Inc. | | | 1,132 | | | | 40,231 | |
Universal Corp. | | | 855 | | | | 49,368 | |
Vector Group Ltd. | | | 3,352 | | | | 75,152 | |
| | | | | | | | |
| | | | 211,447 | |
| | | | | | | | |
| Airlines — 0.4% | |
Allegiant Travel Co. | | | 501 | | | | 75,902 | |
Hawaiian Holdings, Inc.* | | | 2,126 | | | | 80,703 | |
SkyWest, Inc. | | | 1,881 | | | | 49,771 | |
Virgin America, Inc.* | | | 800 | | | | 44,968 | |
| | | | | | | | |
| | | | 251,344 | |
| | | | | | | | |
| Apparel — 0.8% | |
Columbia Sportswear Co. | | | 1,122 | | | | 64,560 | |
Crocs, Inc.* | | | 2,900 | | | | 32,712 | |
Deckers Outdoor Corp.* | | | 1,300 | | | | 74,776 | |
Delta Apparel, Inc.* | | | 300 | | | | 6,765 | |
G-III Apparel Group Ltd.* | | | 1,708 | | | | 78,090 | |
Iconix Brand Group, Inc.* | | | 1,842 | | | | 12,452 | |
Oxford Industries, Inc. | | | 608 | | | | 34,425 | |
Perry Ellis International, Inc.* | | | 414 | | | | 8,329 | |
Sequential Brands Group Inc.* | | | 1,740 | | | | 13,885 | |
Steven Madden Ltd.* | | | 2,549 | | | | 87,125 | |
Superior Uniform Group Inc. | | | 500 | | | | 9,545 | |
Unifi, Inc.* | | | 460 | | | | 12,526 | |
Vince Holding Corp.* | | | 527 | | | | 2,888 | |
Weyco Group, Inc. | | | 400 | | | | 11,112 | |
Wolverine World Wide, Inc. | | | 4,182 | | | | 84,978 | |
| | | | | | | | |
| | | | 534,168 | |
| | | | | | | | |
| Auto Manufacturers — 0.1% | |
Navistar International Corp.* | | | 1,800 | | | | 21,042 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Auto Manufacturers — (continued) | |
Wabash National Corp.* | | | 2,600 | | | $ | 33,020 | |
| | | | | | | | |
| | | | 54,062 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.0% | |
American Axle & Manufacturing Holdings, Inc.* | | | 3,016 | | | | 43,672 | |
Cooper Tire & Rubber Co. | | | 2,249 | | | | 67,065 | |
Cooper-Standard Holding, Inc.* | | | 600 | | | | 47,394 | |
Dana Holding Corp. | | | 5,796 | | | | 61,206 | |
Dorman Products, Inc.* | | | 992 | | | | 56,742 | |
Douglas Dynamics, Inc. | | | 900 | | | | 23,157 | |
Federal-Mogul Holdings Corp.* | | | 916 | | | | 7,612 | |
Gentherm, Inc.* | | | 1,468 | | | | 50,279 | |
Horizon Global Corp.* | | | 718 | | | | 8,149 | |
Meritor, Inc.* | | | 3,645 | | | | 26,244 | |
Metaldyne Performance Group, Inc. | | | 400 | | | | 5,500 | |
Miller Industries, Inc. | | | 443 | | | | 9,121 | |
Modine Manufacturing Co.* | | | 2,077 | | | | 18,278 | |
Motorcar Parts of America, Inc.* | | | 700 | | | | 19,026 | |
Spartan Motors, Inc. | | | 1,500 | | | | 9,390 | |
Standard Motor Products, Inc. | | | 900 | | | | 35,802 | |
Strattec Security Corp. | | | 100 | | | | 4,077 | |
Superior Industries International, Inc. | | | 1,119 | | | | 29,967 | |
Supreme Industries Inc. | | | 600 | | | | 8,220 | |
Tenneco, Inc.* | | | 2,200 | | | | 102,542 | |
Titan International, Inc. | | | 1,913 | | | | 11,861 | |
Tower International, Inc. | | | 800 | | | | 16,464 | |
| | | | | | | | |
| | | | 661,768 | |
| | | | | | | | |
| Banks — 9.1% | |
1st Source Corp. | | | 688 | | | | 22,284 | |
Access National Corp. | | | 400 | | | | 7,804 | |
ACNB Corp. | | | 300 | | | | 7,533 | |
Allegiance Bancshares Inc.* | | | 500 | | | | 12,440 | |
American National Bankshares, Inc. | | | 400 | | | | 10,072 | |
Ameris Bancorp | | | 1,247 | | | | 37,036 | |
Ames National Corp. | | | 499 | | | | 13,383 | |
Arrow Financial Corp. | | | 378 | | | | 11,450 | |
Atlantic Capital Bancshares Inc.* | | | 800 | | | | 11,568 | |
Avenue Financial Holdings Inc | | | 400 | | | | 7,860 | |
BancFirst Corp. | | | 260 | | | | 15,683 | |
Banco Latinoamericano de Comercio Exterior SA | | | 1,110 | | | | 29,415 | |
BancorpSouth, Inc. | | | 3,649 | | | | 82,796 | |
Bank of Marin Bancorp | | | 290 | | | | 14,027 | |
Bank of the Ozarks, Inc. | | | 3,352 | | | | 125,767 | |
Banner Corp. | | | 1,200 | | | | 51,048 | |
Bar Harbor Bankshares | | | 200 | | | | 7,020 | |
BB&T Corp. | | | 0 | | | | 0 | |
BBCN Bancorp, Inc. | | | 3,185 | | | | 47,520 | |
Blue Hills Bancorp, Inc. | | | 1,300 | | | | 19,188 | |
BNC Bancorp | | | 1,600 | | | | 36,336 | |
Boston Private Financial Holdings, Inc. | | | 3,558 | | | | 41,913 | |
Bridge Bancorp, Inc. | | | 707 | | | | 20,079 | |
Bryn Mawr Bank Corp. | | | 732 | | | | 21,374 | |
C&F Financial Corp. | | | 200 | | | | 8,952 | |
C1 Financial Inc.* | | | 400 | | | | 9,332 | |
Camden National Corp. | | | 326 | | | | 13,692 | |
110
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Banks — (continued) | |
Capital Bank Financial Corp., Class A | | | 800 | | | $ | 23,040 | |
Capital City Bank Group, Inc. | | | 269 | | | | 3,744 | |
Cardinal Financial Corp. | | | 1,218 | | | | 26,723 | |
Carolina Financial Corp. | | | 500 | | | | 9,340 | |
Cascade Bancorp* | | | 1,262 | | | | 6,992 | |
Cass Information Systems, Inc. | | | 454 | | | | 23,472 | |
Cathay General Bancorp | | | 3,050 | | | | 86,010 | |
CenterState Banks, Inc. | | | 1,932 | | | | 30,429 | |
Central Pacific Financial Corp. | | | 1,300 | | | | 30,680 | |
Century Bancorp, Inc., Class A | | | 69 | | | | 2,921 | |
Chemical Financial Corp. | | | 1,566 | | | | 58,396 | |
Citizens & Northern Corp. | | | 356 | | | | 7,198 | |
City Holding Co. | | | 648 | | | | 29,465 | |
CNB Financial Corp. | | | 474 | | | | 8,437 | |
CoBiz Financial, Inc. | | | 1,700 | | | | 19,890 | |
Codorus Valley Bancorp Inc. | | | 400 | | | | 8,148 | |
Columbia Banking System, Inc. | | | 2,214 | | | | 62,125 | |
Community Bank System, Inc. | | | 1,711 | | | | 70,305 | |
Community Trust Bancorp, Inc. | | | 683 | | | | 23,673 | |
CommunityOne Bancorp* | | | 700 | | | | 8,848 | |
ConnectOne Bancorp, Inc. | | | 1,060 | | | | 16,631 | |
CU Bancorp* | | | 800 | | | | 18,184 | |
Customers Bancorp, Inc.* | | | 1,180 | | | | 29,653 | |
CVB Financial Corp. | | | 3,992 | | | | 65,429 | |
Eagle Bancorp, Inc.* | | | 1,173 | | | | 56,433 | |
Enterprise Bancorp, Inc. | | | 313 | | | | 7,509 | |
Enterprise Financial Services Corp. | | | 782 | | | | 21,810 | |
F.N.B. Corp. | | | 8,543 | | | | 107,129 | |
Farmers Capital Bank Corp. | | | 300 | | | | 8,205 | |
Farmers National Banc Corp. | | | 1,100 | | | | 9,680 | |
Fidelity Southern Corp. | | | 607 | | | | 9,512 | |
Financial Institutions, Inc. | | | 440 | | | | 11,471 | |
First Bancorp | | | 824 | | | | 14,486 | |
First Bancorp Puerto Rico* | | | 4,700 | | | | 18,659 | |
First Bancorp, Inc. | | | 234 | | | | 5,040 | |
First Busey Corp. | | | 1,334 | | | | 28,534 | |
First Business Financial Services, Inc. | | | 400 | | | | 9,388 | |
First Citizens BancShares, Inc., Class A | | | 304 | | | | 78,709 | |
First Commonwealth Financial Corp. | | | 3,121 | | | | 28,713 | |
First Community Bancshares, Inc. | | | 626 | | | | 14,047 | |
First Connecticut Bancorp, Inc. | | | 659 | | | | 10,913 | |
First Financial Bancorp | | | 2,605 | | | | 50,667 | |
First Financial Bankshares, Inc. | | | 2,452 | | | | 80,401 | |
First Financial Corp. | | | 480 | | | | 17,578 | |
First Foundation Inc.* | | | 600 | | | | 12,900 | |
First Interstate BancSystem, Inc., Class A | | | 800 | | | | 22,480 | |
First Merchants Corp. | | | 1,538 | | | | 38,342 | |
First Mid-Illinois Bancshares Inc. | | | 300 | | | | 7,500 | |
First Midwest Bancorp, Inc. | | | 3,214 | | | | 56,438 | |
First NBC Bank Holding Co.* | | | 600 | | | | 10,074 | |
First Northwest Bancorp* | | | 500 | | | | 6,370 | |
FirstMerit Corp. | | | 6,394 | | | | 129,606 | |
Franklin Financial Network Inc.* | | | 300 | | | | 9,408 | |
Fulton Financial Corp. | | | 6,900 | | | | 93,150 | |
German American Bancorp, Inc. | | | 692 | | | | 22,123 | |
Glacier Bancorp, Inc. | | | 2,921 | | | | 77,640 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | |
Great Southern Bancorp, Inc. | | | 471 | | | $ | 17,413 | |
Great Western Bancorp, Inc. | | | 2,400 | | | | 75,696 | |
Green Bancorp Inc.* | | | 700 | | | | 6,104 | |
Guaranty Bancorp | | | 500 | | | | 8,350 | |
Hancock Holding Co. | | | 3,072 | | | | 80,210 | |
Hanmi Financial Corp. | | | 1,213 | | | | 28,493 | |
Heartland Financial USA, Inc. | | | 917 | | | | 32,361 | |
Heritage Commerce Corp. | | | 600 | | | | 6,318 | |
Heritage Financial Corp. | | | 1,130 | | | | 19,865 | |
Heritage Oaks Bancorp | | | 1,300 | | | | 10,322 | |
Home BancShares, Inc. | | | 4,928 | | | | 97,525 | |
Horizon Bancorp | | | 400 | | | | 10,056 | |
IBERIABANK Corp. | | | 1,646 | | | | 98,316 | |
Independent Bank Corp. | | | 971 | | | | 44,375 | |
Independent Bank Corp. | | | 1,000 | | | | 14,510 | |
Independent Bank Group, Inc. | | | 400 | | | | 17,164 | |
International Bancshares Corp. | | | 2,225 | | | | 58,050 | |
Kearny Financial Corp. | | | 3,876 | | | | 48,760 | |
Lakeland Bancorp, Inc. | | | 1,711 | | | | 19,471 | |
Lakeland Financial Corp. | | | 594 | | | | 27,924 | |
LCNB Corp. | | | 400 | | | | 6,320 | |
LegacyTexas Financial Group, Inc. | | | 1,866 | | | | 50,214 | |
Live Oak Bancshares Inc. | | | 900 | | | | 12,699 | |
Macatawa Bank Corp. | | | 1,300 | | | | 9,646 | |
MainSource Financial Group, Inc. | | | 921 | | | | 20,308 | |
MB Financial, Inc. | | | 2,884 | | | | 104,632 | |
MBT Financial Corp. | | | 900 | | | | 7,200 | |
Mercantile Bank Corp. | | | 800 | | | | 19,088 | |
Merchants Bancshares, Inc. | | | 86 | | | | 2,621 | |
MidWestOne Financial Group, Inc. | | | 400 | | | | 11,424 | |
National Bankshares, Inc. | | | 319 | | | | 11,140 | |
National Commerce Corp.* | | | 400 | | | | 9,328 | |
NBT Bancorp, Inc. | | | 1,769 | | | | 50,646 | |
Nicolet Bankshares Inc.* | | | 300 | | | | 11,424 | |
Northrim BanCorp, Inc. | | | 300 | | | | 7,887 | |
OFG Bancorp | | | 1,810 | | | | 15,023 | |
Old Line Bancshares, Inc. | | | 400 | | | | 7,200 | |
Old National Bancorp | | | 5,361 | | | | 67,173 | |
Old Second Bancorp, Inc. | | | 1,600 | | | | 10,928 | |
Opus Bank | | | 700 | | | | 23,660 | |
Orrstown Financial Services, Inc. | | | 400 | | | | 7,220 | |
Pacific Continental Corp. | | | 862 | | | | 13,542 | |
Park National Corp. | | | 524 | | | | 48,093 | |
Park Sterling Corp. | | | 1,600 | | | | 11,344 | |
Peapack Gladstone Financial Corp. | | | 636 | | | | 11,772 | |
Penns Woods Bancorp, Inc. | | | 268 | | | | 11,253 | |
People’s Utah Bancorp | | | 600 | | | | 9,960 | |
Peoples Bancorp, Inc. | | | 572 | | | | 12,464 | |
Peoples Financial Services Corp. | | | 300 | | | | 11,742 | |
Pinnacle Financial Partners, Inc. | | | 1,663 | | | | 81,238 | |
Preferred Bank | | | 500 | | | | 14,438 | |
Premier Financial Bancorp Inc. | | | 400 | | | | 6,740 | |
PrivateBancorp, Inc. | | | 3,098 | | | | 136,405 | |
Prosperity Bancshares, Inc. | | | 2,726 | | | | 138,999 | |
QCR Holdings, Inc. | | | 400 | | | | 10,876 | |
Renasant Corp. | | | 1,635 | | | | 52,860 | |
111
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Republic Bancorp, Inc., Class A | | | 387 | | | $ | 10,693 | |
Republic First Bancorp, Inc.* | | | 1,700 | | | | 7,327 | |
S&T Bancorp, Inc. | | | 1,259 | | | | 30,783 | |
Sandy Spring Bancorp, Inc. | | | 1,085 | | | | 31,530 | |
Seacoast Banking Corp of Florida* | | | 1,040 | | | | 16,890 | |
ServisFirst Bancshares, Inc. | | | 900 | | | | 44,451 | |
Shore Bancshares, Inc. | | | 600 | | | | 7,050 | |
Sierra Bancorp | | | 712 | | | | 11,883 | |
Simmons First National Corp., Class A | | | 1,100 | | | | 50,804 | |
South State Corp. | | | 958 | | | | 65,192 | |
Southern First Bancshares Inc.* | | | 300 | | | | 7,230 | |
Southern National Bancorp of Virginia Inc. | | | 600 | | | | 7,290 | |
Southside Bancshares, Inc. | | | 946 | | | | 29,252 | |
Southwest Bancorp, Inc. | | | 636 | | | | 10,768 | |
State Bank Financial Corp. | | | 1,600 | | | | 32,560 | |
Stock Yards Bancorp, Inc. | | | 967 | | | | 27,298 | |
Stonegate Bank | | | 500 | | | | 16,135 | |
Suffolk Bancorp | | | 443 | | | | 13,870 | |
Summit Financial Group Inc. | | | 400 | | | | 7,000 | |
Sun Bancorp, Inc.* | | | 220 | | | | 4,545 | |
Talmer Bancorp, Inc., Class A | | | 2,400 | | | | 46,008 | |
Texas Capital Bancshares, Inc.* | | | 1,873 | | | | 87,582 | |
The Bancorp, Inc.* | | | 1,412 | | | | 8,500 | |
The First of Long Island Corp. | | | 593 | | | | 17,001 | |
Tompkins Financial Corp. | | | 558 | | | | 36,270 | |
Towne Bank | | | 1,832 | | | | 39,663 | |
TriCo Bancshares | | | 904 | | | | 24,950 | |
TriState Capital Holdings, Inc.* | | | 1,000 | | | | 13,730 | |
Triumph BanCorp., Inc.* | | | 500 | | | | 8,000 | |
TrustCo Bank Corp. | | | 3,252 | | | | 20,845 | |
Trustmark Corp. | | | 2,630 | | | | 65,356 | |
UMB Financial Corp. | | | 1,781 | | | | 94,767 | |
Umpqua Holdings Corp. | | | 8,501 | | | | 131,510 | |
Union Bankshares Corp. | | | 1,828 | | | | 45,170 | |
United Bankshares, Inc. | | | 2,692 | | | | 100,977 | |
United Community Banks, Inc. | | | 2,878 | | | | 52,639 | |
Univest Corp. of Pennsylvania | | | 600 | | | | 12,612 | |
Valley National Bancorp | | | 9,435 | | | | 86,047 | |
Walker & Dunlop, Inc.* | | | 900 | | | | 20,502 | |
Washington Trust Bancorp, Inc. | | | 670 | | | | 25,406 | |
WashingtonFirst Bankshares Inc. | | | 400 | | | | 8,644 | |
Webster Financial Corp. | | | 3,528 | | | | 119,776 | |
WesBanco, Inc. | | | 1,531 | | | | 47,538 | |
West Bancorporation, Inc. | | | 778 | | | | 14,463 | |
Westamerica Bancorporation | | | 1,073 | | | | 52,856 | |
Wilshire Bancorp, Inc. | | | 2,676 | | | | 27,884 | |
Wintrust Financial Corp. | | | 1,942 | | | | 99,042 | |
Yadkin Financial Corp. | | | 2,050 | | | | 51,435 | |
Your Community Bankshares Inc. | | | 200 | | | | 7,432 | |
| | | | | | | | |
| | | | 5,988,166 | |
| | | | | | | | |
| Beverages — 0.2% | |
Coca-Cola Bottling Co. Consolidated | | | 174 | | | | 25,660 | |
Craft Brew Alliance, Inc.* | | | 700 | | | | 8,064 | |
Farmer Bros Co.* | | | 204 | | | | 6,540 | |
National Beverage Corp.* | | | 442 | | | | 27,762 | |
Primo Water Corp.* | | | 1,000 | | | | 11,810 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Beverages — (continued) | |
The Boston Beer Co., Inc., Class A* | | | 359 | | | $ | 61,400 | |
| | | | | | | | |
| | | | 141,236 | |
| | | | | | | | |
| Biotechnology — 3.4% | |
Acceleron Pharma, Inc.* | | | 1,100 | | | | 37,378 | |
Achillion Pharmaceuticals, Inc.* | | | 4,300 | | | | 33,540 | |
Acorda Therapeutics, Inc.* | | | 1,731 | | | | 44,149 | |
Aduro Biotech, Inc.* | | | 1,500 | | | | 16,965 | |
Advaxis, Inc.* | | | 1,000 | | | | 8,090 | |
Adverum Biotechnologies Inc* | | | 700 | | | | 2,212 | |
Agenus, Inc.* | | | 3,200 | | | | 12,960 | |
Alder Biopharmaceuticals, Inc.* | | | 1,900 | | | | 47,443 | |
AMAG Pharmaceuticals, Inc.* | | | 1,256 | | | | 30,043 | |
Anavex Life Sciences Corp.* | | | 300 | | | | 1,833 | |
ANI Pharmaceuticals, Inc.* | | | 300 | | | | 16,746 | |
Applied Genetic Technologies Corp.* | | | 600 | | | | 8,478 | |
Ardelyx, Inc.* | | | 800 | | | | 6,984 | |
Arena Pharmaceuticals, Inc.* | | | 8,506 | | | | 14,545 | |
ARIAD Pharmaceuticals, Inc.* | | | 6,600 | | | | 48,774 | |
Arrowhead Pharmaceuticals Inc* | | | 2,100 | | | | 11,172 | |
Atara Biotherapeutics, Inc.* | | | 700 | | | | 15,757 | |
Athersys Inc.* | | | 3,600 | | | | 7,812 | |
Bellicum Pharmaceuticals, Inc.* | | | 900 | | | | 11,664 | |
BioCryst Pharmaceuticals, Inc.* | | | 2,900 | | | | 8,236 | |
BioTime, Inc.* | | | 1,100 | | | | 2,871 | |
Bluebird Bio, Inc.* | | | 1,500 | | | | 64,935 | |
Blueprint Medicines Corp.* | | | 900 | | | | 18,225 | |
Cambrex Corp.* | | | 1,167 | | | | 60,369 | |
Celator Pharmaceuticals Inc.* | | | 1,300 | | | | 39,234 | |
Celldex Therapeutics, Inc.* | | | 3,644 | | | | 15,997 | |
Cellular Biomedicine Group, Inc.* | | | 300 | | | | 3,597 | |
ChromaDex Corp.* | | | 1,400 | | | | 5,796 | |
Coherus Biosciences, Inc.* | | | 1,300 | | | | 21,957 | |
Curis, Inc.* | | | 3,600 | | | | 5,616 | |
Cytokinetics, Inc.* | | | 1,000 | | | | 9,490 | |
CytomX Therapeutics Inc.* | | | 400 | | | | 4,086 | |
CytRx Corp.* | | | 2,600 | | | | 5,798 | |
Dermira, Inc.* | | | 900 | | | | 26,325 | |
Dynavax Technologies Corp.* | | | 1,320 | | | | 19,246 | |
Edge Therapeutics Inc.* | | | 800 | | | | 8,088 | |
Editas Medicine Inc* | | | 400 | | | | 9,760 | |
Emergent BioSolutions, Inc.* | | | 1,258 | | | | 35,375 | |
Enzo Biochem, Inc.* | | | 1,800 | | | | 10,746 | |
Epizyme, Inc.* | | | 1,900 | | | | 19,456 | |
Exact Sciences Corp.* | | | 3,600 | | | | 44,100 | |
Exelixis, Inc.* | | | 9,269 | | | | 72,391 | |
Five Prime Therapeutics, Inc.* | | | 1,000 | | | | 41,350 | |
Foundation Medicine, Inc.* | | | 518 | | | | 9,666 | |
Galena Biopharma, Inc.* | | | 8,000 | | | | 3,729 | |
Geron Corp.* | | | 6,550 | | | | 17,554 | |
Halozyme Therapeutics, Inc.* | | | 3,989 | | | | 34,425 | |
Idera Pharmaceuticals, Inc.* | | | 2,300 | | | | 3,519 | |
ImmunoGen, Inc.* | | | 3,263 | | | | 10,050 | |
Immunomedics, Inc.* | | | 2,936 | | | | 6,811 | |
Innoviva Inc.* | | | 3,600 | | | | 37,908 | |
Inovio Pharmaceuticals, Inc.* | | | 2,500 | | | | 23,100 | |
Insmed, Inc.* | | | 2,300 | | | | 22,678 | |
112
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Biotechnology — (continued) | |
Intellia Therapeutics Inc.* | | | 300 | | | $ | 6,405 | |
Karyopharm Therapeutics, Inc.* | | | 800 | | | | 5,368 | |
Kite Pharma, Inc.* | | | 1,600 | | | | 80,000 | |
Lexicon Pharmaceuticals, Inc.* | | | 1,760 | | | | 25,256 | |
Ligand Pharmaceuticals, Inc.* | | | 744 | | | | 88,737 | |
Lion Biotechnologies, Inc.* | | | 1,500 | | | | 12,150 | |
Loxo Oncology, Inc.* | | | 600 | | | | 13,908 | |
MacroGenics, Inc.* | | | 1,300 | | | | 35,087 | |
Merrimack Pharmaceuticals, Inc.* | | | 4,500 | | | | 24,255 | |
Momenta Pharmaceuticals, Inc.* | | | 2,182 | | | | 23,566 | |
Myriad Genetics, Inc.* | | | 2,700 | | | | 82,620 | |
NeoGenomics, Inc.* | | | 1,700 | | | | 13,668 | |
NewLink Genetics Corp.* | | | 700 | | | | 7,882 | |
Novavax, Inc.* | | | 10,129 | | | | 73,638 | |
Omeros Corp.* | | | 1,400 | | | | 14,728 | |
OncoMed Pharmaceuticals, Inc.* | | | 600 | | | | 7,386 | |
Organovo Holdings, Inc.* | | | 2,700 | | | | 10,044 | |
Pacific Biosciences of California, Inc.* | | | 3,200 | | | | 22,512 | |
Paratek Pharmaceuticals, Inc.* | | | 400 | | | | 5,564 | |
PDL BioPharma, Inc. | | | 6,217 | | | | 19,521 | |
Pfenex, Inc.* | | | 500 | | | | 4,185 | |
PharmAthene, Inc.* | | | 3,100 | | | | 7,564 | |
Prothena Corp. PLC* | | | 1,400 | | | | 48,944 | |
PTC Therapeutics, Inc.* | | | 1,200 | | | | 8,424 | |
Puma Biotechnology, Inc.* | | | 1,000 | | | | 29,790 | |
REGENXBIO Inc.* | | | 300 | | | | 2,400 | |
Repligen Corp.* | | | 1,300 | | | | 35,568 | |
Retrophin, Inc.* | | | 1,200 | | | | 21,372 | |
Rigel Pharmaceuticals, Inc.* | | | 2,690 | | | | 5,999 | |
RTI Surgical, Inc.* | | | 2,035 | | | | 7,306 | |
Sage Therapeutics, Inc.* | | | 1,100 | | | | 33,143 | |
Sangamo BioSciences, Inc.* | | | 2,403 | | | | 13,913 | |
Spark Therapeutics, Inc.* | | | 700 | | | | 35,791 | |
Spectrum Pharmaceuticals, Inc.* | | | 2,414 | | | | 15,860 | |
Stemline Therapeutics, Inc.* | | | 400 | | | | 2,708 | |
Synthetic Biologics Inc.* | | | 3,800 | | | | 6,840 | |
The Medicines Co.* | | | 2,592 | | | | 87,169 | |
Theravance Biopharma Inc.* | | | 1,500 | | | | 34,035 | |
Tokai Pharmaceuticals Inc.* | | | 600 | | | | 3,306 | |
Trovagene, Inc.* | | | 800 | | | | 3,624 | |
Ultragenyx Pharmaceutical, Inc.* | | | 1,500 | | | | 73,365 | |
Versartis, Inc.* | | | 700 | | | | 7,742 | |
WaVe Life Sciences Ltd.* | | | 400 | | | | 8,276 | |
XBiotech Inc.* | | | 800 | | | | 16,736 | |
ZIOPHARM Oncology, Inc.* | | | 4,627 | | | | 25,402 | |
| | | | | | | | |
| | | | 2,210,786 | |
| | | | | | | | |
| Building Materials — 1.7% | |
AAON, Inc. | | | 1,585 | | | | 43,603 | |
Apogee Enterprises, Inc. | | | 1,243 | | | | 57,613 | |
Armstrong Flooring Inc.* | | | 1,000 | | | | 16,950 | |
Boise Cascade Co.* | | | 1,400 | | | | 32,130 | |
Builders FirstSource, Inc.* | | | 3,473 | | | | 39,071 | |
Caesarstone Ltd.* | | | 1,000 | | | | 34,760 | |
Comfort Systems USA, Inc. | | | 1,527 | | | | 49,734 | |
Continental Building Products, Inc.* | | | 1,500 | | | | 33,345 | |
Drew Industries, Inc. | | | 891 | | | | 75,593 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Building Materials — (continued) | | | | | | | | |
Gibraltar Industries, Inc.* | | | 1,101 | | | $ | 34,759 | |
Griffon Corp. | | | 1,256 | | | | 21,176 | |
Headwaters, Inc.* | | | 2,880 | | | | 51,667 | |
Louisiana-Pacific Corp.* | | | 5,794 | | | | 100,526 | |
LSI Industries, Inc. | | | 1,314 | | | | 14,546 | |
Masonite International Corp.* | | | 1,200 | | | | 79,368 | |
NCI Building Systems, Inc.* | | | 1,264 | | | | 20,211 | |
Nortek, Inc.* | | | 400 | | | | 23,724 | |
Patrick Industries, Inc.* | | | 650 | | | | 39,189 | |
PGT, Inc.* | | | 1,700 | | | | 17,510 | |
Ply Gem Holdings, Inc.* | | | 600 | | | | 8,742 | |
Quanex Building Products Corp. | | | 1,425 | | | | 26,491 | |
Simpson Manufacturing Co., Inc. | | | 1,685 | | | | 67,350 | |
Summit Materials, Inc., Class A* | | | 2,613 | | | | 53,462 | |
Trex Co., Inc.* | | | 1,262 | | | | 56,689 | |
Universal Forest Products, Inc. | | | 783 | | | | 72,576 | |
US Concrete, Inc.* | | | 600 | | | | 36,546 | |
| | | | | | | | |
| | | | 1,107,331 | |
| | | | | | | | |
| Chemicals — 2.2% | |
A. Schulman, Inc. | | | 1,188 | | | | 29,011 | |
Aceto Corp. | | | 1,042 | | | | 22,809 | |
American Vanguard Corp. | | | 1,078 | | | | 16,289 | |
Axiall Corp. | | | 2,900 | | | | 94,569 | |
Balchem Corp. | | | 1,205 | | | | 71,878 | |
Chemtura Corp.* | | | 2,514 | | | | 66,319 | |
Codexis, Inc.* | | | 1,600 | | | | 6,448 | |
CSW Industrials Inc.* | | | 600 | | | | 19,566 | |
Ferro Corp.* | | | 3,438 | | | | 46,001 | |
GCP Applied Technologies Inc.* | | | 2,900 | | | | 75,516 | |
H.B. Fuller Co. | | | 1,980 | | | | 87,100 | |
Hawkins, Inc. | | | 449 | | | | 19,491 | |
Ingevity Corp.* | | | 1,700 | | | | 57,868 | |
Innophos Holdings, Inc. | | | 796 | | | | 33,599 | |
Innospec, Inc. | | | 900 | | | | 41,391 | |
KMG Chemicals, Inc. | | | 500 | | | | 12,995 | |
Kraton Performance Polymers, Inc.* | | | 1,241 | | | | 34,661 | |
Kronos Worldwide, Inc. | | | 900 | | | | 4,725 | |
Landec Corp.* | | | 1,218 | | | | 13,106 | |
Minerals Technologies, Inc. | | | 1,328 | | | | 75,431 | |
Oil-Dri Corp. of America | | | 97 | | | | 3,350 | |
Olin Corp. | | | 6,592 | | | | 163,745 | |
OMNOVA Solutions, Inc.* | | | 2,368 | | | | 17,168 | |
PolyOne Corp. | | | 3,355 | | | | 118,230 | |
Quaker Chemical Corp. | | | 511 | | | | 45,581 | |
Rayonier Advanced Materials, Inc. | | | 1,400 | | | | 19,026 | |
Sensient Technologies Corp. | | | 1,774 | | | | 126,025 | |
Stepan Co. | | | 708 | | | | 42,147 | |
The Chemours Co. | | | 7,500 | | | | 61,800 | |
Tronox Ltd., Class A | | | 2,400 | | | | 10,584 | |
Univar Inc.* | | | 1,700 | | | | 32,147 | |
| | | | | | | | |
| | | | 1,468,576 | |
| | | | | | | | |
| Coal — 0.0% | |
SunCoke Energy, Inc.* | | | 2,341 | | | | 13,625 | |
Westmoreland Coal Co.* | | | 600 | | | | 5,712 | |
| | | | | | | | |
| | | | 19,337 | |
| | | | | | | | |
113
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Commercial Services — 5.1% | |
Aaron’s Inc. | | | 2,700 | | | $ | 59,103 | |
ABM Industries, Inc. | | | 2,139 | | | | 78,031 | |
Acacia Research Corp.* | | | 1,880 | | | | 8,272 | |
Alarm.com Holdings, Inc.* | | | 400 | | | | 10,252 | |
Albany Molecular Research, Inc.* | | | 900 | | | | 12,096 | |
American Public Education, Inc.* | | | 755 | | | | 21,216 | |
AMN Healthcare Services, Inc.* | | | 1,909 | | | | 76,303 | |
Apollo Education Group, Inc., Class A* | | | 3,300 | | | | 30,096 | |
ARC Document Solutions, Inc.* | | | 1,436 | | | | 5,586 | |
Ascent Capital Group Inc., Class A* | | | 531 | | | | 8,172 | |
Barrett Business Services, Inc. | | | 342 | | | | 14,131 | |
Bridgepoint Education, Inc.* | | | 480 | | | | 3,475 | |
Bright Horizons Family Solutions, Inc.* | | | 1,800 | | | | 119,358 | |
Capella Education Co. | | | 407 | | | | 21,424 | |
Cardtronics, Inc.* | | | 1,763 | | | | 70,185 | |
Care.com Inc* | | | 1,100 | | | | 12,848 | |
Career Education Corp.* | | | 2,300 | | | | 13,685 | |
Carriage Services, Inc. | | | 600 | | | | 14,208 | |
CBIZ, Inc.* | | | 2,140 | | | | 22,277 | |
CEB, Inc. | | | 1,269 | | | | 78,272 | |
Collectors Universe, Inc. | | | 400 | | | | 7,900 | |
CorVel Corp.* | | | 362 | | | | 15,631 | |
Cotiviti Holdings Inc.* | | | 600 | | | | 12,678 | |
CPI Card Group Inc. | | | 800 | | | | 4,008 | |
CRA International, Inc.* | | | 274 | | | | 6,910 | |
Cross Country Healthcare, Inc.* | | | 1,084 | | | | 15,089 | |
Deluxe Corp. | | | 1,907 | | | | 126,568 | |
DeVry Education Group, Inc. | | | 2,300 | | | | 41,032 | |
Electro Rent Corp.* | | | 715 | | | | 11,018 | |
Ennis, Inc. | | | 858 | | | | 16,456 | |
EVERTEC, Inc. | | | 2,600 | | | | 40,404 | |
ExamWorks Group, Inc.* | | | 1,500 | | | | 52,275 | |
ExlService Holdings, Inc.* | | | 1,400 | | | | 73,374 | |
Forrester Research, Inc. | | | 375 | | | | 13,823 | |
Franklin Covey Co.* | | | 597 | | | | 9,152 | |
FTI Consulting, Inc.* | | | 1,556 | | | | 63,298 | |
Grand Canyon Education, Inc.* | | | 1,756 | | | | 70,100 | |
Great Lakes Dredge & Dock Corp.* | | | 2,751 | | | | 11,994 | |
Green Dot Corp., Class A* | | | 1,900 | | | | 43,681 | |
Healthcare Services Group, Inc. | | | 2,880 | | | | 119,174 | |
HealthEquity, Inc.* | | | 1,800 | | | | 54,693 | |
Heidrick & Struggles International, Inc. | | | 669 | | | | 11,293 | |
HMS Holdings Corp.* | | | 3,415 | | | | 60,138 | |
Huron Consulting Group, Inc.* | | | 828 | | | | 50,028 | |
ICF International, Inc.* | | | 748 | | | | 30,593 | |
INC Research Holdings, Inc., Class A* | | | 1,700 | | | | 64,821 | |
Insperity, Inc. | | | 624 | | | | 48,192 | |
James River Group Holdings Ltd. | | | 600 | | | | 20,376 | |
K12, Inc.* | | | 1,152 | | | | 14,388 | |
Kelly Services, Inc., Class A | | | 1,014 | | | | 19,236 | |
Kforce, Inc. | | | 1,086 | | | | 18,343 | |
Korn/Ferry International | | | 2,390 | | | | 49,473 | |
Landauer, Inc. | | | 480 | | | | 19,757 | |
LendingTree, Inc.* | | | 300 | | | | 26,499 | |
Liberty Tax, Inc. | | | 200 | | | | 2,664 | |
LifeLock, Inc.* | | | 3,700 | | | | 58,497 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Commercial Services — (continued) | |
Matthews International Corp., Class A | | | 1,305 | | | $ | 72,610 | |
MAXIMUS, Inc. | | | 2,588 | | | | 143,298 | |
McGrath RentCorp | | | 953 | | | | 29,152 | |
Medifast, Inc. | | | 331 | | | | 11,012 | |
MoneyGram International, Inc.* | | | 878 | | | | 6,014 | |
Monro Muffler Brake, Inc. | | | 1,237 | | | | 78,624 | |
Monster Worldwide, Inc.* | | | 3,900 | | | | 9,321 | |
Multi-Color Corp. | | | 467 | | | | 29,608 | |
National Research Corp., Class A | | | 687 | | | | 9,412 | |
Navigant Consulting, Inc.* | | | 1,984 | | | | 32,042 | |
On Assignment, Inc.* | | | 1,952 | | | | 72,126 | |
PAREXEL International Corp.* | | | 2,099 | | | | 131,985 | |
Patriot National Inc.* | | | 500 | | | | 4,090 | |
Paylocity Holding Corp.* | | | 900 | | | | 38,880 | |
PFSWeb, Inc.* | | | 400 | | | | 3,800 | |
Quad/Graphics, Inc. | | | 1,000 | | | | 23,290 | |
Rent-A-Center, Inc. | | | 1,953 | | | | 23,983 | |
Resources Connection, Inc. | | | 1,322 | | | | 19,539 | |
RPX Corp.* | | | 2,100 | | | | 19,257 | |
ServiceSource International, Inc.* | | | 2,400 | | | | 9,672 | |
Sotheby’s* | | | 2,041 | | | | 55,923 | |
SP Plus Corp.* | | | 793 | | | | 17,906 | |
Strayer Education, Inc.* | | | 400 | | | | 19,652 | |
Team Health Holdings, Inc.* | | | 2,772 | | | | 112,737 | |
Team, Inc.* | | | 1,383 | | | | 34,340 | |
TeleTech Holdings, Inc. | | | 707 | | | | 19,181 | |
The Advisory Board Co.* | | | 1,550 | | | | 54,855 | |
The Brink’s Co. | | | 1,910 | | | | 54,416 | |
The Hackett Group, Inc. | | | 1,116 | | | | 15,479 | |
The Providence Service Corp.* | | | 600 | | | | 26,928 | |
Travelport Worldwide Ltd. | | | 4,700 | | | | 60,583 | |
TriNet Group, Inc.* | | | 1,700 | | | | 35,343 | |
TrueBlue, Inc.* | | | 1,576 | | | | 29,818 | |
Vectrus, Inc.* | | | 300 | | | | 8,547 | |
Viad Corp. | | | 771 | | | | 23,901 | |
Weight Watchers International, Inc.* | | | 1,200 | | | | 13,956 | |
| | | | | | | | |
| | | | 3,333,826 | |
| | | | | | | | |
| Computers — 2.5% | |
3D Systems Corp.* | | | 4,400 | | | | 60,236 | |
A10 Networks, Inc.* | | | 2,000 | | | | 12,940 | |
Agilysys, Inc.* | | | 376 | | | | 3,937 | |
Barracuda Networks, Inc.* | | | 1,000 | | | | 15,140 | |
CACI International, Inc., Class A* | | | 950 | | | | 85,889 | |
Carbonite, Inc.* | | | 800 | | | | 7,784 | |
Convergys Corp. | | | 3,583 | | | | 89,575 | |
Cray, Inc.* | | | 1,599 | | | | 47,842 | |
Datalink Corp.* | | | 900 | | | | 6,750 | |
Diebold, Inc. | | | 2,500 | | | | 62,075 | |
Digimarc Corp. | | | 300 | | | | 9,588 | |
Electronics For Imaging, Inc.* | | | 1,824 | | | | 78,505 | |
Engility Holdings, Inc.* | | | 700 | | | | 14,784 | |
EPAM Systems, Inc.* | | | 1,900 | | | | 122,189 | |
Fleetmatics Group PLC* | | | 1,500 | | | | 64,995 | |
Globant SA* | | | 1,100 | | | | 43,285 | |
Immersion Corp.* | | | 842 | | | | 6,180 | |
Insight Enterprises, Inc.* | | | 1,543 | | | | 40,118 | |
114
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Computers — (continued) | |
LivePerson, Inc.* | | | 1,925 | | | $ | 12,205 | |
Lumentum Holdings, Inc.* | | | 2,100 | | | | 50,820 | |
Maxwell Technologies, Inc.* | | | 1,500 | | | | 7,920 | |
Mentor Graphics Corp. | | | 4,376 | | | | 93,034 | |
Mercury Systems, Inc.* | | | 1,436 | | | | 35,699 | |
Mitek Systems, Inc.* | | | 1,400 | | | | 9,954 | |
MTS Systems Corp. | | | 560 | | | | 24,550 | |
NetScout Systems, Inc.* | | | 3,865 | | | | 85,996 | |
Nimble Storage, Inc.* | | | 2,700 | | | | 21,492 | |
Pure Storage Inc., Class A* | | | 2,600 | | | | 28,340 | |
Qualys, Inc.* | | | 1,100 | | | | 32,791 | |
RadiSys Corp.* | | | 1,700 | | | | 7,616 | |
Science Applications International Corp. | | | 1,800 | | | | 105,030 | |
Silicon Graphics International Corp.* | | | 1,366 | | | | 6,871 | |
Silver Spring Networks, Inc.* | | | 1,500 | | | | 18,225 | |
Stratasys Ltd.* | | | 2,100 | | | | 48,069 | |
Super Micro Computer, Inc.* | | | 1,471 | | | | 36,554 | |
Sykes Enterprises, Inc.* | | | 1,536 | | | | 44,483 | |
Synaptics, Inc.* | | | 1,416 | | | | 76,110 | |
Syntel, Inc.* | | | 1,360 | | | | 61,554 | |
The KEYW Holding Corp.* | | | 1,300 | | | | 12,922 | |
Unisys Corp.* | | | 1,724 | | | | 12,551 | |
USA Technologies Inc.* | | | 1,800 | | | | 7,686 | |
Varonis Systems, Inc.* | | | 300 | | | | 7,206 | |
Virtusa Corp.* | | | 1,089 | | | | 31,450 | |
Vocera Communications, Inc.* | | | 800 | | | | 10,280 | |
| | | | | | | | |
| | | | 1,661,220 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.2% | |
Avon Products, Inc.* | | | 17,900 | | | | 67,662 | |
Elizabeth Arden, Inc.* | | | 760 | | | | 10,458 | |
Inter Parfums, Inc. | | | 624 | | | | 17,828 | |
Revlon, Inc., Class A* | | | 570 | | | | 18,342 | |
| | | | | | | | |
| | | | 114,290 | |
| | | | | | | | |
| Distribution & Wholesale — 0.7% | |
Beacon Roofing Supply, Inc.* | | | 2,381 | | | | 108,264 | |
Core-Mark Holding Co., Inc. | | | 1,764 | | | | 82,661 | |
Essendant, Inc. | | | 1,519 | | | | 46,421 | |
Fossil Group, Inc.* | | | 1,700 | | | | 48,501 | |
H&E Equipment Services, Inc. | | | 1,159 | | | | 22,056 | |
Owens & Minor, Inc. | | | 2,476 | | | | 92,553 | |
ScanSource, Inc.* | | | 981 | | | | 36,405 | |
Siteone Landscape Supply Inc* | | | 500 | | | | 16,995 | |
Titan Machinery, Inc.* | | | 523 | | | | 5,831 | |
Veritiv Corp.* | | | 300 | | | | 11,274 | |
| | | | | | | | |
| | | | 470,961 | |
| | | | | | | | |
| Diversified Financial Services — 2.3% | |
Aircastle Ltd. | | | 1,976 | | | | 38,651 | |
Altisource Portfolio Solutions SA* | | | 500 | | | | 13,920 | |
Associated Capital Group Inc., Class A* | | | 262 | | | | 7,514 | |
BGC Partners, Inc., Class A | | | 8,807 | | | | 76,709 | |
Blackhawk Network Holdings, Inc.* | | | 2,200 | | | | 73,678 | |
Calamos Asset Management, Inc., Class A | | | 469 | | | | 3,428 | |
Cohen & Steers, Inc. | | | 817 | | | | 33,040 | |
Cowen Group, Inc., Class A* | | | 3,790 | | | | 11,218 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | |
Diamond Hill Investment Group, Inc.* | | | 107 | | | $ | 20,161 | |
Ellie Mae, Inc.* | | | 1,200 | | | | 109,980 | |
Encore Capital Group, Inc.* | | | 997 | | | | 23,459 | |
Enova International, Inc.* | | | 1,029 | | | | 7,573 | |
Evercore Partners, Inc., Class A, Class A | | | 1,622 | | | | 71,676 | |
Federal Agricultural Mortgage Corp., Class C | | | 300 | | | | 10,446 | |
Financial Engines, Inc. | | | 2,100 | | | | 54,327 | |
FNFV Group* | | | 2,800 | | | | 32,116 | |
GAIN Capital Holdings, Inc. | | | 800 | | | | 5,056 | |
GAMCO Investors, Inc., Class A | | | 262 | | | | 8,586 | |
Greenhill & Co., Inc. | | | 1,100 | | | | 17,710 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 1,400 | | | | 30,240 | |
Houlihan Lokey Inc. | | | 600 | | | | 13,422 | |
Impac Mortgage Holdings, Inc.* | | | 500 | | | | 7,840 | |
INTL. FCstone, Inc.* | | | 593 | | | | 16,183 | |
Investment Technology Group, Inc. | | | 1,300 | | | | 21,736 | |
Janus Capital Group, Inc. | | | 5,600 | | | | 77,952 | |
KCG Holdings, Inc., Class A* | | | 2,181 | | | | 29,007 | |
Ladder Capital Corp.Class A | | | 1,536 | | | | 18,739 | |
Ladenburg Thalmann Financial Services, Inc.* | | | 4,000 | | | | 9,440 | |
LendingClub Corp.* | | | 13,400 | | | | 57,620 | |
Manning & Napier, Inc. | | | 700 | | | | 6,650 | |
Marlin Business Services Corp. | | | 200 | | | | 3,260 | |
Moelis & Co., Class A | | | 600 | | | | 13,500 | |
Nationstar Mortgage Holdings, Inc.* | | | 1,300 | | | | 14,638 | |
Nelnet, Inc., Class A | | | 799 | | | | 27,765 | |
NewStar Financial, Inc.* | | | 1,300 | | | | 10,946 | |
Ocwen Financial Corp.* | | | 3,800 | | | | 6,498 | |
OM Asset Management PLC | | | 1,700 | | | | 22,695 | |
On Deck Capital, Inc.* | | | 2,200 | | | | 11,330 | |
Oppenheimer Holdings, Inc., Class A | | | 238 | | | | 3,680 | |
PennyMac Financial Service, Class A, Class A* | | | 500 | | | | 6,245 | |
PHH Corp.* | | | 1,989 | | | | 26,494 | |
Piper Jaffray Cos.* | | | 487 | | | | 18,360 | |
PJT Partners Inc. | | | 800 | | | | 18,400 | |
PRA Group, Inc.* | | | 1,848 | | | | 44,611 | |
Pzena Investment Management, Inc., Class A | | | 130 | | | | 989 | |
Regional Management Corp.* | | | 600 | | | | 8,796 | |
Stifel Financial Corp.* | | | 2,706 | | | | 85,104 | |
Teton Advisors, Inc., Class B~ | | | 2 | | | | 0 | |
Virtu Financial, Inc., Class A | | | 1,100 | | | | 19,800 | |
Virtus Investment Partners, Inc. | | | 240 | | | | 17,083 | |
Waddell & Reed Financial, Inc., Class A | | | 3,200 | | | | 55,104 | |
Wageworks, Inc.* | | | 1,500 | | | | 89,715 | |
Walter Investment Management Corp.* | | | 1,353 | | | | 3,734 | |
Westwood Holdings Group, Inc. | | | 311 | | | | 16,110 | |
WisdomTree Investments, Inc. | | | 4,400 | | | | 43,076 | |
World Acceptance Corp.* | | | 262 | | | | 11,947 | |
| | | | | | | | |
| | | | 1,487,957 | |
| | | | | | | | |
| Electric — 2.4% | |
Abengoa Yield PLC | | | 2,100 | | | | 39,018 | |
ALLETE, Inc. | | | 2,051 | | | | 132,556 | |
Ameresco, Inc., Class A* | | | 1,100 | | | | 4,807 | |
115
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Electric — (continued) | |
Atlantic Power Corp.* | | | 4,127 | | | $ | 10,235 | |
Avista Corp. | | | 2,439 | | | | 109,267 | |
Black Hills Corp. | | | 2,048 | | | | 129,106 | |
Dynegy, Inc.* | | | 5,000 | | | | 86,200 | |
El Paso Electric Co. | | | 1,577 | | | | 74,545 | |
EnerNOC, Inc.* | | | 1,300 | | | | 8,216 | |
Genie Energy Ltd., Class B* | | | 800 | | | | 5,416 | |
IDACORP, Inc. | | | 2,001 | | | | 162,781 | |
MGE Energy, Inc. | | | 1,342 | | | | 75,843 | |
NorthWestern Corp. | | | 1,980 | | | | 124,879 | |
NRG Yield, Inc., Class A | | | 1,500 | | | | 22,830 | |
NRG Yield, Inc., Class C | | | 2,500 | | | | 38,975 | |
Ormat Technologies, Inc. | | | 1,500 | | | | 65,640 | |
Otter Tail Corp. | | | 1,592 | | | | 53,316 | |
PNM Resources, Inc. | | | 3,110 | | | | 110,218 | |
Portland General Electric Co. | | | 3,656 | | | | 161,303 | |
Spark Energy Inc. | | | 200 | | | | 6,610 | |
Talen Energy Corp.* | | | 3,500 | | | | 47,425 | |
The Empire District Electric Co. | | | 1,719 | | | | 58,395 | |
Unitil Corp. | | | 663 | | | | 28,290 | |
| | | | | | | | |
| | | | 1,555,871 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.1% | |
Advanced Energy Industries, Inc.* | | | 1,693 | | | | 64,266 | |
Belden, Inc. | | | 1,655 | | | | 99,912 | |
Encore Wire Corp. | | | 771 | | | | 28,743 | |
Energous Corp.* | | | 700 | | | | 9,065 | |
EnerSys | | | 1,723 | | | | 102,467 | |
Generac Holdings, Inc.* | | | 2,649 | | | | 92,609 | |
General Cable Corp. | | | 1,900 | | | | 24,149 | |
Graham Corp. | | | 466 | | | | 8,584 | |
Insteel Industries, Inc. | | | 691 | | | | 19,756 | |
Littelfuse, Inc. | | | 878 | | | | 103,771 | |
Novanta Inc* | | | 1,500 | | | | 22,725 | |
Powell Industries, Inc. | | | 429 | | | | 16,877 | |
Universal Display Corp.* | | | 1,649 | | | | 111,802 | |
Vicor Corp.* | | | 422 | | | | 4,249 | |
| | | | | | | | |
| | | | 708,975 | |
| | | | | | | | |
| Electronics — 2.2% | |
Allied Motion Technologies Inc. | | | 400 | | | | 9,304 | |
American Science & Engineering, Inc. | | | 278 | | | | 10,400 | |
Applied Optoelectronics, Inc.* | | | 700 | | | | 7,805 | |
AVX Corp. | | | 1,600 | | | | 21,728 | |
Badger Meter, Inc. | | | 559 | | | | 40,824 | |
Bel Fuse, Inc., Class B | | | 269 | | | | 4,783 | |
Benchmark Electronics, Inc.* | | | 2,077 | | | | 43,928 | |
Brady Corp., Class A | | | 1,857 | | | | 56,750 | |
Coherent, Inc.* | | | 973 | | | | 89,302 | |
Control4 Corp.* | | | 400 | | | | 3,264 | |
CTS Corp. | | | 1,263 | | | | 22,633 | |
Electro Scientific Industries, Inc. | | | 1,300 | | | | 7,592 | |
ESCO Technologies, Inc. | | | 1,034 | | | | 41,298 | |
FARO Technologies, Inc.* | | | 620 | | | | 20,975 | |
Fluidigm Corp.* | | | 1,100 | | | | 9,933 | |
GoPro Inc.* | | | 4,200 | | | | 45,402 | |
II-VI, Inc.* | | | 2,456 | | | | 46,074 | |
IMAX Corp.* | | | 2,500 | | | | 73,700 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electronics — (continued) | |
Imprivata, Inc.* | | | 300 | | | $ | 4,200 | |
Itron, Inc.* | | | 1,300 | | | | 56,030 | |
Kimball Electronics, Inc.* | | | 933 | | | | 11,616 | |
Mesa Laboratories, Inc. | | | 100 | | | | 12,300 | |
Methode Electronics, Inc. | | | 1,460 | | | | 49,976 | |
Multi-Fineline Electronix, Inc.* | | | 452 | | | | 10,486 | |
NVE Corp. | | | 209 | | | | 12,258 | |
OSI Systems, Inc.* | | | 757 | | | | 44,004 | |
Park Electrochemical Corp. | | | 833 | | | | 12,103 | |
Plexus Corp.* | | | 1,303 | | | | 56,290 | |
Rofin-Sinar Technologies, Inc.* | | | 1,186 | | | | 37,881 | |
Rogers Corp.* | | | 760 | | | | 46,436 | |
Sanmina Corp.* | | | 3,126 | | | | 83,808 | |
Sparton Corp.* | | | 400 | | | | 8,708 | |
Stoneridge, Inc.* | | | 1,273 | | | | 19,019 | |
TASER International, Inc.* | | | 2,011 | | | | 50,034 | |
Tech Data Corp.* | | | 1,400 | | | | 100,590 | |
TTM Technologies, Inc.* | | | 2,429 | | | | 18,290 | |
Vishay Intertechnology, Inc. | | | 5,400 | | | | 66,906 | |
Vishay Precision Group, Inc.* | | | 300 | | | | 4,026 | |
Watts Water Technologies, Inc., Class A | | | 1,117 | | | | 65,076 | |
Woodward, Inc. | | | 2,123 | | | | 122,370 | |
ZAGG, Inc.* | | | 900 | | | | 4,725 | |
| | | | | | | | |
| | | | 1,452,827 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.3% | |
Clean Energy Fuels Corp.* | | | 2,900 | | | | 10,063 | |
FuelCell Energy Inc.* | | | 581 | | | | 3,614 | |
FutureFuel Corp. | | | 1,100 | | | | 11,968 | |
Green Plains, Inc. | | | 1,467 | | | | 28,929 | |
Pacific Ethanol, Inc.* | | | 900 | | | | 4,905 | |
Pattern Energy Group, Inc. | | | 2,300 | | | | 52,831 | |
Plug Power, Inc.* | | | 6,800 | | | | 12,648 | |
Renewable Energy Group, Inc.* | | | 1,600 | | | | 14,128 | |
REX American Resources Corp.* | | | 192 | | | | 11,487 | |
Sunrun Inc.* | | | 2,700 | | | | 16,011 | |
TerraForm Global Inc., Class A* | | | 2,100 | | | | 6,846 | |
Terraform Power, Inc., Class A* | | | 3,700 | | | | 40,330 | |
Vivint Solar, Inc.* | | | 800 | | | | 2,456 | |
| | | | | | | | |
| | | | 216,216 | |
| | | | | | | | |
| Engineering & Construction — 1.0% | |
Aegion Corp.* | | | 1,555 | | | | 30,338 | |
Argan, Inc. | | | 536 | | | | 22,362 | |
Dycom Industries, Inc.* | | | 1,253 | | | | 112,469 | |
EMCOR Group, Inc. | | | 2,463 | | | | 121,327 | |
Exponent, Inc. | | | 1,040 | | | | 60,746 | |
Granite Construction, Inc. | | | 1,644 | | | | 74,884 | |
Hill International, Inc.* | | | 1,500 | | | | 6,105 | |
MasTec, Inc.* | | | 2,464 | | | | 54,997 | |
McDermott International, Inc.* | | | 9,300 | | | | 45,942 | |
Mistras Group, Inc.* | | | 800 | | | | 19,096 | |
MYR Group, Inc.* | | | 683 | | | | 16,447 | |
NV5 Holdings Inc* | | | 300 | | | | 8,532 | |
Orion Marine Group, Inc.* | | | 1,137 | | | | 6,038 | |
Topbuild Corp.* | | | 1,600 | | | | 57,920 | |
Tutor Perini Corp.* | | | 1,397 | | | | 32,899 | |
116
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Engineering & Construction — (continued) | |
VSE Corp. | | | 204 | | | $ | 13,627 | |
| | | | | | | | |
| | | | 683,729 | |
| | | | | | | | |
| Entertainment — 0.9% | |
AMC Entertainment Holdings, Inc., Class A | | | 800 | | | | 22,088 | |
Carmike Cinemas, Inc.* | | | 1,100 | | | | 33,132 | |
Churchill Downs, Inc. | | | 520 | | | | 65,707 | |
DreamWorks Animation SKG, Inc., Class A* | | | 3,000 | | | | 122,610 | |
Eldorado Resorts, Inc.* | | | 1,000 | | | | 15,195 | |
Eros International PLC* | | | 1,200 | | | | 19,524 | |
International Speedway Corp., Class A | | | 1,100 | | | | 36,795 | |
Isle of Capri Casinos, Inc.* | | | 841 | | | | 15,407 | |
Marriott Vacations Worldwide Corp. | | | 1,000 | | | | 68,490 | |
National CineMedia, Inc. | | | 2,374 | | | | 36,749 | |
Penn National Gaming, Inc.* | | | 3,200 | | | | 44,640 | |
Pinnacle Entertainment Inc* | | | 2,382 | | | | 26,393 | |
Reading International, Inc., Class A* | | | 700 | | | | 8,743 | |
Scientific Games Corp., Class A* | | | 1,900 | | | | 17,461 | |
SeaWorld Entertainment, Inc. | | | 2,700 | | | | 38,691 | |
Speedway Motorsports, Inc. | | | 316 | | | | 5,609 | |
| | | | | | | | |
| | | | 577,234 | |
| | | | | | | | |
| Environmental Control — 0.5% | |
Calgon Carbon Corp. | | | 2,162 | | | | 28,430 | |
Casella Waste Systems, Inc., Class A* | | | 2,300 | | | | 18,055 | |
CECO Environmental Corp. | | | 709 | | | | 6,197 | |
Darling Ingredients, Inc.* | | | 6,267 | | | | 93,378 | |
Energy Recovery, Inc.* | | | 1,500 | | | | 13,335 | |
Heritage-Crystal Clean, Inc.* | | | 200 | | | | 2,442 | |
MSA Safety, Inc. | | | 1,221 | | | | 64,139 | |
Tetra Tech, Inc. | | | 2,364 | | | | 72,681 | |
TRC Cos., Inc.* | | | 900 | | | | 5,688 | |
U.S. Ecology, Inc. | | | 942 | | | | 43,285 | |
| | | | | | | | |
| | | | 347,630 | |
| | | | | | | | |
| Food — 1.7% | |
Amplify Snack Brands Inc.* | | | 900 | | | | 13,275 | |
B&G Foods, Inc. | | | 2,572 | | | | 123,971 | |
Cal-Maine Foods, Inc. | | | 1,246 | | | | 55,223 | |
Calavo Growers, Inc. | | | 651 | | | | 43,617 | |
Dean Foods Co. | | | 3,700 | | | | 66,933 | |
Fresh Del Monte Produce Inc. | | | 1,216 | | | | 66,187 | |
Ingles Markets, Inc., Class A | | | 604 | | | | 22,529 | |
Inventure Foods, Inc.* | | | 500 | | | | 3,905 | |
J&J Snack Foods Corp. | | | 596 | | | | 71,085 | |
John B. Sanfilippo & Son, Inc.* | | | 400 | | | | 17,052 | |
Lancaster Colony Corp. | | | 733 | | | | 93,538 | |
Lifeway Foods, Inc. | | | 87 | | | | 841 | |
NutriSystem, Inc. | | | 1,037 | | | | 26,298 | |
Performance Food Group Co.* | | | 1,500 | | | | 40,365 | |
Sanderson Farms, Inc. | | | 834 | | | | 72,258 | |
Seaboard Corp. | | | 11 | | | | 31,577 | |
Seneca Foods Corp., Class A* | | | 211 | | | | 7,640 | |
Smart & Final Stores, Inc.* | | | 1,100 | | | | 16,379 | |
Snyder’s-Lance, Inc. | | | 3,212 | | | | 108,855 | |
SpartanNash Co. | | | 1,530 | | | | 46,787 | |
SUPERVALU, Inc.* | | | 10,300 | | | | 48,616 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Food — (continued) | | | | | | | | |
Terravia Holdings Inc* | | | 3,100 | | | $ | 8,122 | |
The Chefs’ Warehouse Holdings, Inc.* | | | 750 | | | | 12,000 | |
Tootsie Roll Industries, Inc. | | | 860 | | | | 33,136 | |
United Natural Foods, Inc.* | | | 1,900 | | | | 88,920 | |
Village Super Market, Inc., Class A | | | 268 | | | | 7,743 | |
Weis Markets, Inc. | | | 466 | | | | 23,556 | |
| | | | | | | | |
| | | | 1,150,408 | |
| | | | | | | | |
| Forest Products & Paper — 0.4% | |
Clearwater Paper Corp.* | | | 778 | | | | 50,858 | |
Deltic Timber Corp. | | | 392 | | | | 26,315 | |
KapStone Paper and Packaging Corp. | | | 3,240 | | | | 42,153 | |
Neenah Paper, Inc. | | | 674 | | | | 48,777 | |
Orchids Paper Products Co. | | | 400 | | | | 14,228 | |
P.H. Glatfelter Co. | | | 1,659 | | | | 32,450 | |
Schweitzer-Mauduit International, Inc. | | | 1,176 | | | | 41,489 | |
| | | | | | | | |
| | | | 256,270 | |
| | | | | | | | |
| Gas — 1.4% | |
Chesapeake Utilities Corp. | | | 535 | | | | 35,406 | |
Delta Natural Gas Co., Inc. | | | 300 | | | | 8,082 | |
New Jersey Resources Corp. | | | 3,464 | | | | 133,537 | |
Northwest Natural Gas Co. | | | 1,050 | | | | 68,061 | |
ONE Gas, Inc. | | | 2,100 | | | | 139,839 | |
South Jersey Industries, Inc. | | | 3,280 | | | | 103,714 | |
Southwest Gas Corp. | | | 1,894 | | | | 149,077 | |
Spire, Inc. | | | 1,856 | | | | 131,479 | |
WGL Holdings, Inc. | | | 1,994 | | | | 141,155 | |
| | | | | | | | |
| | | | 910,350 | |
| | | | | | | | |
| Hand & Machine Tools — 0.2% | |
Franklin Electric Co., Inc. | | | 1,870 | | | | 61,804 | |
Kennametal, Inc. | | | 3,200 | | | | 70,752 | |
Milacron Holdings Corp.* | | | 700 | | | | 10,157 | |
| | | | | | | | |
| | | | 142,713 | |
| | | | | | | | |
| Healthcare Products — 3.3% | |
Abaxis, Inc. | | | 829 | | | | 39,154 | |
Accelerate Diagnostics, Inc.* | | | 951 | | | | 13,685 | |
Accuray, Inc.* | | | 2,738 | | | | 14,210 | |
Analogic Corp. | | | 507 | | | | 40,276 | |
AngioDynamics, Inc.* | | | 958 | | | | 13,766 | |
AtriCure, Inc.* | | | 1,200 | | | | 16,956 | |
Atrion Corp. | | | 61 | | | | 26,099 | |
AxoGen Inc.* | | | 1,200 | | | | 8,256 | |
BioTelemetry, Inc.* | | | 800 | | | | 13,040 | |
Cantel Medical Corp. | | | 1,375 | | | | 94,504 | |
Cardiovascular Systems, Inc.* | | | 1,000 | | | | 18,375 | |
Cepheid, Inc.* | | | 2,880 | | | | 88,560 | |
Cerus Corp.* | | | 3,600 | | | | 22,464 | |
ConforMIS Inc.* | | | 1,600 | | | | 11,232 | |
CONMED Corp. | | | 1,003 | | | | 47,873 | |
CryoLife, Inc. | | | 1,399 | | | | 16,522 | |
Cutera, Inc.* | | | 500 | | | | 5,605 | |
Cynosure, Inc., Class A* | | | 894 | | | | 43,489 | |
Endologix, Inc.* | | | 3,198 | | | | 39,847 | |
Entellus Medical Inc.* | | | 400 | | | | 7,308 | |
Exactech, Inc.* | | | 509 | | | | 13,611 | |
GenMark Diagnostics, Inc.* | | | 1,200 | | | | 10,440 | |
117
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Healthcare Products — (continued) | |
Genomic Health, Inc.* | | | 709 | | | $ | 18,360 | |
Glaukos Corp.* | | | 700 | | | | 20,412 | |
Globus Medical, Inc., Class A* | | | 2,600 | | | | 61,958 | |
Greatbatch, Inc. | | | 1,293 | | | | 39,992 | |
Haemonetics Corp.* | | | 1,946 | | | | 56,415 | |
Halyard Health, Inc.* | | | 1,900 | | | | 61,788 | |
HeartWare International, Inc.* | | | 689 | | | | 39,790 | |
ICU Medical, Inc.* | | | 579 | | | | 65,282 | |
Inogen, Inc.* | | | 700 | | | | 35,077 | |
Insulet Corp.* | | | 2,146 | | | | 64,895 | |
Integra LifeSciences Holdings Corp.* | | | 1,226 | | | | 97,810 | |
Intersect ENT, Inc.* | | | 1,100 | | | | 14,223 | |
Invacare Corp. | | | 1,190 | | | | 14,435 | |
InVivo Therapeutics Holdings Corp.* | | | 900 | | | | 5,202 | |
K2M Group Holdings, Inc.* | | | 1,100 | | | | 17,072 | |
LDR Holding Corp.* | | | 1,100 | | | | 40,645 | |
LeMaitre Vascular, Inc. | | | 400 | | | | 5,708 | |
Luminex Corp.* | | | 1,753 | | | | 35,463 | |
Masimo Corp.* | | | 1,704 | | | | 89,486 | |
Medgenics Inc.* | | | 1,000 | | | | 5,550 | |
Meridian Bioscience, Inc. | | | 1,760 | | | | 34,320 | |
Merit Medical Systems, Inc.* | | | 1,575 | | | | 31,232 | |
MiMedx Group, Inc.* | | | 3,800 | | | | 30,324 | |
Nanostring Technologies, Inc.* | | | 600 | | | | 7,560 | |
Natus Medical, Inc.* | | | 1,375 | | | | 51,975 | |
Nevro Corp.* | | | 1,000 | | | | 73,760 | |
Novocure Ltd.* | | | 2,100 | | | | 24,507 | |
NuVasive, Inc.* | | | 1,906 | | | | 113,826 | |
NxStage Medical, Inc.* | | | 2,284 | | | | 49,517 | |
Ocular Therapeutix, Inc.* | | | 700 | | | | 3,465 | |
OraSure Technologies, Inc.* | | | 2,201 | | | | 13,008 | |
Orthofix International NV* | | | 671 | | | | 28,450 | |
Oxford Immunotec Global PLC* | | | 600 | | | | 5,400 | |
Penumbra Inc.* | | | 1,000 | | | | 59,500 | |
Quidel Corp.* | | | 1,051 | | | | 18,771 | |
Rockwell Medical, Inc.* | | | 1,800 | | | | 13,626 | |
STAAR Surgical Co.* | | | 1,400 | | | | 7,714 | |
SurModics, Inc.* | | | 373 | | | | 8,758 | |
T2 Biosystems Inc.* | | | 600 | | | | 4,734 | |
Tandem Diabetes Care, Inc.* | | | 400 | | | | 3,016 | |
The Spectranetics Corp.* | | | 1,465 | | | | 27,410 | |
TransEnterix Inc* | | | 2,500 | | | | 3,050 | |
Utah Medical Products, Inc. | | | 200 | | | | 12,600 | |
Vascular Solutions, Inc.* | | | 783 | | | | 32,620 | |
Wright Medical Group NV* | | | 4,218 | | | | 73,267 | |
Zeltiq Aesthetics, Inc.* | | | 1,300 | | | | 35,529 | |
| | | | | | | | |
| | | | 2,162,774 | |
| | | | | | | | |
| Healthcare Services — 1.7% | |
AAC Holdings, Inc.* | | | 200 | | | | 4,564 | |
Addus Homecare Corp.* | | | 400 | | | | 6,972 | |
Adeptus Health, Inc., Class A* | | | 500 | | | | 25,830 | |
Air Methods Corp.* | | | 1,487 | | | | 53,279 | |
Almost Family, Inc.* | | | 277 | | | | 11,803 | |
Amedisys, Inc.* | | | 1,206 | | | | 60,879 | |
American Renal Associates Holdings Inc* | | | 400 | | | | 11,588 | |
Capital Senior Living Corp.* | | | 1,036 | | | | 18,306 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Services — (continued) | |
Catalent, Inc.* | | | 4,000 | | | $ | 91,960 | |
Chemed Corp. | | | 629 | | | | 85,739 | |
Civitas Solutions, Inc.* | | | 400 | | | | 8,332 | |
Community Health Systems, Inc.* | | | 4,500 | | | | 54,225 | |
Genesis Healthcare, Inc.* | | | 1,861 | | | | 3,294 | |
HealthSouth Corp. | | | 3,536 | | | | 137,268 | |
Healthways, Inc.* | | | 1,258 | | | | 14,530 | |
Invitae Corp.* | | | 1,100 | | | | 8,129 | |
Kindred Healthcare, Inc. | | | 3,374 | | | | 38,092 | |
LHC Group, Inc.* | | | 582 | | | | 25,189 | |
Magellan Health Services, Inc.* | | | 1,041 | | | | 68,467 | |
Molina Healthcare, Inc.* | | | 1,768 | | | | 88,223 | |
Natera, Inc.* | | | 700 | | | | 8,446 | |
National Healthcare Corp. | | | 406 | | | | 26,284 | |
Nobilis Health Corp.* | | | 1,200 | | | | 2,676 | |
OvaScience, Inc.* | | | 800 | | | | 4,168 | |
Quorum Health Corp.* | | | 1,300 | | | | 13,923 | |
RadNet, Inc.* | | | 1,500 | | | | 8,010 | |
Select Medical Holdings Corp.* | | | 4,400 | | | | 47,828 | |
Surgery Partners Inc.* | | | 700 | | | | 12,530 | |
Surgical Care Affiliates, Inc.* | | | 1,100 | | | | 52,437 | |
Teladoc, Inc.* | | | 500 | | | | 8,010 | |
The Ensign Group, Inc. | | | 1,880 | | | | 39,499 | |
Triple-S Management Corp., Class B* | | | 1,091 | | | | 26,653 | |
U.S. Physical Therapy, Inc. | | | 491 | | | | 29,563 | |
Universal American Corp.* | | | 1,780 | | | | 13,492 | |
| | | | | | | | |
| | | | 1,110,188 | |
| | | | | | | | |
| Holding Companies — 0.2% | |
FCB Financial Holdings Inc, Class A* | | | 1,200 | | | | 40,800 | |
HRG Group, Inc.* | | | 4,875 | | | | 66,934 | |
National Bank Holdings Corp., Class A, Class A | | | 1,000 | | | | 20,360 | |
Resource America, Inc., Class A | | | 1,000 | | | | 9,720 | |
Tiptree Financial, Inc., Class A | | | 1,100 | | | | 6,028 | |
| | | | | | | | |
| | | | 143,842 | |
| | | | | | | | |
| Home Builders — 0.7% | |
Beazer Homes USA, Inc.* | | | 1,424 | | | | 11,036 | |
Cavco Industries, Inc.* | | | 369 | | | | 34,575 | |
Century Communities, Inc.* | | | 500 | | | | 8,670 | |
Green Brick Partners, Inc.* | | | 1,100 | | | | 7,997 | |
Hovnanian Enterprises, Inc., Class A* | | | 4,810 | | | | 8,081 | |
Installed Building Products, Inc.* | | | 700 | | | | 25,403 | |
KB Home | | | 3,400 | | | | 51,714 | |
LGI Homes, Inc.* | | | 600 | | | | 19,164 | |
M/I Homes, Inc.* | | | 836 | | | | 15,742 | |
MDC Holdings, Inc. | | | 1,500 | | | | 36,510 | |
Meritage Homes Corp.* | | | 1,490 | | | | 55,935 | |
Tailored Brands Inc. | | | 1,756 | | | | 22,231 | |
Taylor Morrison Home Corp., Class A* | | | 1,100 | | | | 16,324 | |
The New Home Co., Inc.* | | | 600 | | | | 5,724 | |
TRI Pointe Homes, Inc.* | | | 6,300 | | | | 74,466 | |
WCI Communities, Inc.* | | | 700 | | | | 11,830 | |
William Lyon Homes, Class A* | | | 1,000 | | | | 16,120 | |
Winnebago Industries, Inc. | | | 1,122 | | | | 25,716 | |
| | | | | | | | |
| | | | 447,238 | |
| | | | | | | | |
118
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Home Furnishings — 0.5% | |
American Woodmark Corp.* | | | 569 | | | $ | 37,770 | |
Bassett Furniture Industries, Inc. | | | 300 | | | | 7,182 | |
Daktronics, Inc. | | | 1,209 | | | | 7,556 | |
DTS, Inc.* | | | 703 | | | | 18,594 | |
Ethan Allen Interiors, Inc. | | | 1,028 | | | | 33,965 | |
Flexsteel Industries, Inc. | | | 200 | | | | 7,924 | |
Hooker Furniture Corp. | | | 500 | | | | 10,745 | |
iRobot Corp.* | | | 1,082 | | | | 37,957 | |
Kimball International, Inc., Class B | | | 1,244 | | | | 14,157 | |
La-Z-Boy, Inc. | | | 1,962 | | | | 54,583 | |
Select Comfort Corp.* | | | 2,072 | | | | 44,299 | |
TiVo, Inc.* | | | 3,955 | | | | 39,155 | |
Universal Electronics, Inc.* | | | 600 | | | | 43,368 | |
| | | | | | | | |
| | | | 357,255 | |
| | | | | | | | |
| Hotels & Resorts — 0.1% | |
Caesars Entertainment Corp.* | | | 2,000 | | | | 15,380 | |
La Quinta Holdings Inc* | | | 3,900 | | | | 44,460 | |
| | | | | | | | |
| | | | 59,840 | |
| | | | | | | | |
| Household Products & Wares — 0.5% | |
ACCO Brands Corp.* | | | 4,393 | | | | 45,379 | |
Central Garden & Pet Co.* | | | 500 | | | | 11,415 | |
Central Garden & Pet Co., Class A* | | | 1,402 | | | | 30,437 | |
CSS Industries, Inc. | | | 412 | | | | 11,046 | |
Helen of Troy Ltd.* | | | 1,095 | | | | 112,610 | |
Tumi Holdings, Inc.* | | | 2,300 | | | | 61,502 | |
WD-40 Co. | | | 546 | | | | 64,128 | |
| | | | | | | | |
| | | | 336,517 | |
| | | | | | | | |
| Housewares — 0.0% | |
Libbey, Inc. | | | 800 | | | | 12,712 | |
Lifetime Brands, Inc. | | | 200 | | | | 2,918 | |
| | | | | | | | |
| | | | 15,630 | |
| | | | | | | | |
| Insurance — 2.7% | |
Ambac Financial Group, Inc.* | | | 1,700 | | | | 27,982 | |
American Equity Investment Life Holding Co. | | | 3,176 | | | | 45,258 | |
AMERISAFE, Inc. | | | 708 | | | | 43,344 | |
Argo Group International Holdings Ltd. | | | 1,260 | | | | 65,368 | |
Atlas Financial Holdings Inc.* | | | 400 | | | | 6,888 | |
Baldwin & Lyons, Inc., Class B | | | 325 | | | | 8,015 | |
Citizens, Inc.* | | | 1,466 | | | | 11,142 | |
CNO Financial Group, Inc. | | | 7,393 | | | | 129,082 | |
Crawford & Co., Class B | | | 638 | | | | 5,417 | |
Donegal Group, Inc., Class A | | | 283 | | | | 4,667 | |
eHealth, Inc.* | | | 720 | | | | 10,094 | |
EMC Insurance Group, Inc. | | | 450 | | | | 12,474 | |
Employers Holdings, Inc. | | | 1,282 | | | | 37,204 | |
Enstar Group Ltd.* | | | 474 | | | | 76,783 | |
Essent Group Ltd.* | | | 3,000 | | | | 65,430 | |
FBL Financial Group, Inc., Class A | | | 327 | | | | 19,839 | |
Federated National Holding Co. | | | 500 | | | | 9,520 | |
Fidelity & Guaranty Life | | | 500 | | | | 11,590 | |
Genworth Financial, Inc., Class A* | | | 20,500 | | | | 52,890 | |
Global Indemnity PLC* | | | 383 | | | | 10,544 | |
Greenlight Capital Re Ltd., Class A* | | | 1,128 | | | | 22,740 | |
Hallmark Financial Services, Inc.* | | | 255 | | | | 2,955 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Insurance — (continued) | |
HCI Group, Inc. | | | 300 | | | $ | 8,184 | |
Heritage Insurance Holdings, Inc. | | | 800 | | | | 9,576 | |
Hilltop Holdings, Inc.* | | | 2,983 | | | | 62,613 | |
Horace Mann Educators Corp. | | | 1,509 | | | | 50,989 | |
Independence Holding Co. | | | 500 | | | | 8,985 | |
Infinity Property & Casualty Corp. | | | 420 | | | | 33,877 | |
Kemper Corp. | | | 1,700 | | | | 52,666 | |
Maiden Holdings Ltd. | | | 2,468 | | | | 30,208 | |
MBIA, Inc.* | | | 5,500 | | | | 37,565 | |
MGIC Investment Corp.* | | | 12,827 | | | | 76,321 | |
National General Holdings Corp. | | | 2,000 | | | | 42,840 | |
National Interstate Corp. | | | 402 | | | | 12,160 | |
National Western Life Group Inc., Class A | | | 95 | | | | 18,551 | |
NMI Holdings, Inc., Class A* | | | 2,100 | | | | 11,508 | |
OneBeacon Insurance Group Ltd., Class A | | | 1,100 | | | | 15,180 | |
Primerica, Inc. | | | 1,900 | | | | 108,756 | |
Radian Group, Inc. | | | 8,703 | | | | 90,685 | |
RLI Corp. | | | 1,522 | | | | 104,683 | |
Safety Insurance Group, Inc. | | | 582 | | | | 35,840 | |
Selective Insurance Group, Inc. | | | 2,175 | | | | 83,107 | |
State Auto Financial Corp. | | | 776 | | | | 17,002 | |
State National Cos., Inc. | | | 1,000 | | | | 10,530 | |
Stewart Information Services Corp. | | | 808 | | | | 33,459 | |
The Navigators Group, Inc. | | | 395 | | | | 36,328 | |
Third Point Reinsurance Ltd.* | | | 3,000 | | | | 35,160 | |
Trupanion Inc.* | | | 1,000 | | | | 13,250 | |
United Fire Group, Inc. | | | 880 | | | | 37,338 | |
United Insurance Holdings Corp. | | | 800 | | | | 13,104 | |
Universal Insurance Holdings, Inc. | | | 1,251 | | | | 23,244 | |
WMIH Corp.* | | | 8,700 | | | | 19,314 | |
| | | | | | | | |
| | | | 1,812,249 | |
| | | | | | | | |
| Internet — 2.1% | |
1-800-Flowers.com, Inc., Class A* | | | 737 | | | | 6,648 | |
Angie’s List, Inc.* | | | 1,600 | | | | 10,416 | |
Bankrate, Inc.* | | | 1,923 | | | | 14,384 | |
Bazaarvoice, Inc.* | | | 1,900 | | | | 7,619 | |
Blucora, Inc.* | | | 1,496 | | | | 15,499 | |
Blue Nile, Inc.* | | | 439 | | | | 12,020 | |
Boingo Wireless, Inc.* | | | 1,700 | | | | 15,164 | |
Box, Inc., Class A* | | | 2,100 | | | | 21,714 | |
Brightcove, Inc.* | | | 1,200 | | | | 10,560 | |
ChannelAdvisor Corp.* | | | 900 | | | | 13,041 | |
Chegg, Inc.* | | | 3,100 | | | | 15,500 | |
Cogent Communications Holdings, Inc. | | | 1,619 | | | | 64,857 | |
comScore, Inc.* | | | 1,793 | | | | 42,817 | |
DHI Group, Inc.* | | | 1,863 | | | | 11,606 | |
Endurance International Group Holdings, Inc.* | | | 2,100 | | | | 18,879 | |
ePlus, Inc.* | | | 245 | | | | 20,039 | |
Etsy, Inc.* | | | 4,300 | | | | 41,237 | |
FTD Cos, Inc.* | | | 818 | | | | 20,417 | |
Global Eagle Entertainment, Inc.* | | | 1,500 | | | | 9,960 | |
GrubHub, Inc.* | | | 3,100 | | | | 96,317 | |
HealthStream, Inc.* | | | 900 | | | | 23,868 | |
IntraLinks Holdings, Inc.* | | | 1,700 | | | | 11,050 | |
Limelight Networks, Inc.* | | | 1,172 | | | | 1,746 | |
119
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Internet — (continued) | |
Lionbridge Technologies, Inc.* | | | 2,243 | | | $ | 8,860 | |
Liquidity Services, Inc.* | | | 1,035 | | | | 8,114 | |
Marketo, Inc.* | | | 1,700 | | | | 59,194 | |
MeetMe Inc.* | | | 1,900 | | | | 10,127 | |
New Media Investment Group, Inc. | | | 1,700 | | | | 30,719 | |
NIC, Inc.* | | | 2,629 | | | | 57,680 | |
Overstock.com, Inc.* | | | 571 | | | | 9,199 | |
Perficient, Inc.* | | | 1,245 | | | | 25,286 | |
Q2 Holdings, Inc.* | | | 900 | | | | 25,218 | |
QuinStreet, Inc.* | | | 1,815 | | | | 6,443 | |
Quotient Technology Inc.* | | | 2,700 | | | | 36,207 | |
Rapid7 Inc.* | | | 400 | | | | 5,032 | |
RealNetworks, Inc.* | | | 515 | | | | 2,220 | |
Reis, Inc. | | | 400 | | | | 9,960 | |
RetailMeNot, Inc.* | | | 1,300 | | | | 10,023 | |
RingCentral, Inc., Class A* | | | 2,400 | | | | 47,328 | |
Safeguard Scientifics, Inc.* | | | 850 | | | | 10,617 | |
Shutterfly, Inc.* | | | 1,390 | | | | 64,788 | |
Shutterstock, Inc.* | | | 800 | | | | 36,640 | |
Stamps.com, Inc.* | | | 662 | | | | 57,872 | |
TechTarget, Inc.* | | | 500 | | | | 4,050 | |
The Rubicon Project, Inc.* | | | 1,200 | | | | 16,380 | |
TrueCar, Inc.* | | | 1,700 | | | | 13,345 | |
United Online, Inc. | | | 500 | | | | 5,500 | |
VASCO Data Security International, Inc.* | | | 1,028 | | | | 16,849 | |
VirnetX Holding Corp.* | | | 1,583 | | | | 6,332 | |
Wayfair, Inc., Class A* | | | 1,300 | | | | 50,700 | |
Web.com Group, Inc.* | | | 1,900 | | | | 34,542 | |
WebMD Health Corp.* | | | 1,486 | | | | 86,351 | |
XO Group, Inc.* | | | 859 | | | | 14,972 | |
Zendesk, Inc.* | | | 3,300 | | | | 87,054 | |
Zix Corp.* | | | 1,848 | | | | 6,930 | |
| | | | | | | | |
| | | | 1,369,890 | |
| | | | | | | | |
| Investment Companies — 0.1% | |
Arlington Asset Investment Corp., Class A | | | 900 | | | | 11,709 | |
Caesars Acquisition Co., Class A* | | | 1,900 | | | | 21,318 | |
Real Industry, Inc.* | | | 800 | | | | 6,216 | |
| | | | | | | | |
| | | | 39,243 | |
| | | | | | | | |
| Iron & Steel — 0.5% | |
AK Steel Holding Corp.* | | | 9,800 | | | | 45,668 | |
Allegheny Technologies, Inc. | | | 4,400 | | | | 56,100 | |
Carpenter Technology Corp. | | | 1,800 | | | | 59,274 | |
Cliffs Natural Resources, Inc.* | | | 8,100 | | | | 45,927 | |
Commercial Metals Co. | | | 4,500 | | | | 76,050 | |
Ryerson Holding Corp.* | | | 800 | | | | 14,000 | |
Schnitzer Steel Industries, Inc., Class A | | | 900 | | | | 15,840 | |
TimkenSteel Corp.* | | | 1,400 | | | | 13,468 | |
| | | | | | | | |
| | | | 326,327 | |
| | | | | | | | |
| Leisure Time — 0.5% | |
Arctic Cat, Inc.* | | | 444 | | | | 7,548 | |
Callaway Golf Co. | | | 3,946 | | | | 40,289 | |
ClubCorp Holdings, Inc. | | | 2,700 | | | | 35,100 | |
Diamond Resorts International, Inc.* | | | 1,700 | | | | 50,932 | |
Escalade, Inc. | | | 600 | | | | 6,144 | |
Fox Factory Holding Corp.* | | | 1,000 | | | | 17,370 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Leisure Time — (continued) | |
Interval Leisure Group, Inc. | | | 4,416 | | | $ | 70,214 | |
Johnson Outdoors, Inc., Class A | | | 200 | | | | 5,140 | |
Liberty TripAdvisor Holdings, Inc., Class A* | | | 2,900 | | | | 63,452 | |
Lindblad Expeditions Holdings Inc.* | | | 700 | | | | 6,741 | |
Malibu Boats, Inc., Class A* | | | 500 | | | | 6,040 | |
Marine Products Corp. | | | 160 | | | | 1,354 | |
Nautilus, Inc.* | | | 1,300 | | | | 23,192 | |
Performance Sports Group Ltd.* | | | 1,600 | | | | 4,800 | |
Planet Fitness Inc., Class A* | | | 800 | | | | 15,104 | |
| | | | | | | | |
| | | | 353,420 | |
| | | | | | | | |
| Lodging — 0.3% | |
Belmond Ltd., Class A* | | | 3,745 | | | | 37,076 | |
Boyd Gaming Corp.* | | | 3,400 | | | | 62,560 | |
Intrawest Resorts Holdings, Inc.* | | | 1,000 | | | | 12,980 | |
Monarch Casino & Resort, Inc.* | | | 485 | | | | 10,655 | |
Red Rock Resorts Inc.* | | | 1,300 | | | | 28,574 | |
The Marcus Corp. | | | 933 | | | | 19,686 | |
| | | | | | | | |
| | | | 171,531 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.3% | |
Astec Industries, Inc. | | | 698 | | | | 39,193 | |
Babcock & Wilcox Enterprises Inc.* | | | 1,900 | | | | 27,911 | |
Hyster-Yale Materials Handling, Inc. | | | 344 | | | | 20,464 | |
Joy Global, Inc. | | | 4,000 | | | | 84,560 | |
| | | | | | | | |
| | | | 172,128 | |
| | | | | | | | |
| Machinery — Diversified — 0.7% | |
Alamo Group, Inc. | | | 317 | | | | 20,913 | |
Albany International Corp., Class A | | | 1,132 | | | | 45,201 | |
Altra Industrial Motion Corp. | | | 1,003 | | | | 27,061 | |
Applied Industrial Technologies, Inc. | | | 1,582 | | | | 71,411 | |
Briggs & Stratton Corp. | | | 1,836 | | | | 38,886 | |
Chart Industries, Inc.* | | | 1,177 | | | | 28,401 | |
Columbus McKinnon Corp. | | | 685 | | | | 9,693 | |
DXP Enterprises, Inc.* | | | 522 | | | | 7,793 | |
Hurco Cos., Inc. | | | 200 | | | | 5,566 | |
Kadant, Inc. | | | 499 | | | | 25,704 | |
Lindsay Corp. | | | 453 | | | | 30,741 | |
NACCO Industries, Inc., Class A | | | 222 | | | | 12,432 | |
Power Solutions International, Inc.* | | | 100 | | | | 1,785 | |
SPX FLOW Inc.* | | | 1,500 | | | | 39,105 | |
Tennant Co. | | | 736 | | | | 39,648 | |
The ExOne Co.* | | | 500 | | | | 5,285 | |
The Gorman-Rupp Co. | | | 751 | | | | 20,585 | |
The Manitowoc Co., Inc. | | | 5,300 | | | | 28,885 | |
| | | | | | | | |
| | | | 459,095 | |
| | | | | | | | |
| Media — 1.4% | |
Central European Media Enterprises Ltd., Class A* | | | 3,100 | | | | 6,541 | |
Daily Journal Corp.* | | | 41 | | | | 9,716 | |
Entercom Communications Corp., Class A | | | 700 | | | | 9,499 | |
Entravision Communications Corp., Class A | | | 2,800 | | | | 18,816 | |
Gannett, Inc. | | | 4,800 | | | | 66,288 | |
Gray Television, Inc.* | | | 2,600 | | | | 28,210 | |
Hemisphere Media Group, Inc.* | | | 600 | | | | 7,080 | |
Houghton Mifflin Harcourt Co.* | | | 5,300 | | | | 82,839 | |
Liberty Braves Group* | | | 1,300 | | | | 19,058 | |
120
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Media — (continued) | |
Liberty Braves Group* | | | 500 | | | $ | 7,520 | |
Liberty Media Group* | | | 1,000 | | | | 19,140 | |
Liberty Media Group* | | | 1,900 | | | | 36,043 | |
Media General, Inc.* | | | 4,400 | | | | 75,636 | |
Meredith Corp. | | | 1,400 | | | | 72,674 | |
MSG Networks Inc.* | | | 2,500 | | | | 38,350 | |
Nexstar Broadcasting Group, Inc., Class A | | | 1,200 | | | | 57,096 | |
Saga Communications, Inc., Class A | | | 133 | | | | 5,259 | |
Scholastic Corp. | | | 956 | | | | 37,867 | |
Sinclair Broadcast Group, Inc., Class A | | | 2,617 | | | | 78,144 | |
The E.W. Scripps Co., Class A* | | | 2,329 | | | | 36,891 | |
The New York Times Co., Class A | | | 5,321 | | | | 64,384 | |
Time, Inc. | | | 4,300 | | | | 70,778 | |
tronc Inc.* | | | 2,100 | | | | 28,980 | |
World Wrestling Entertainment, Inc., Class A | | | 1,314 | | | | 24,191 | |
| | | | | | | | |
| | | | 901,000 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.9% | |
Advanced Drainage Systems, Inc. | | | 1,200 | | | | 32,844 | |
CIRCOR International, Inc. | | | 735 | | | | 41,888 | |
Dynamic Materials Corp. | | | 700 | | | | 7,525 | |
Global Brass & Copper Holdings, Inc. | | | 1,000 | | | | 27,290 | |
Haynes International, Inc. | | | 564 | | | | 18,093 | |
Lawson Products, Inc.* | | | 400 | | | | 7,944 | |
Mueller Industries, Inc. | | | 2,188 | | | | 69,753 | |
Mueller Water Products, Inc., Class A | | | 6,192 | | | | 70,713 | |
NN, Inc. | | | 1,000 | | | | 13,990 | |
Olympic Steel, Inc. | | | 231 | | | | 6,309 | |
Omega Flex, Inc.* | | | 59 | | | | 2,244 | |
RBC Bearings, Inc.* | | | 937 | | | | 67,932 | |
Rexnord Corp.* | | | 3,400 | | | | 66,742 | |
Sun Hydraulics Corp. | | | 859 | | | | 25,504 | |
TriMas Corp.* | | | 1,795 | | | | 32,310 | |
Worthington Industries, Inc. | | | 1,884 | | | | 79,693 | |
| | | | | | | | |
| | | | 570,774 | |
| | | | | | | | |
| Mining — 0.7% | |
Century Aluminum Co.* | | | 1,754 | | | | 11,103 | |
Coeur Mining, Inc.* | | | 6,128 | | | | 65,324 | |
Ferroglobe PLC | | | 2,414 | | | | 20,784 | |
Gold Resource Corp. | | | 2,400 | | | | 8,616 | |
Hecla Mining Co. | | | 15,517 | | | | 79,137 | |
Kaiser Aluminum Corp. | | | 716 | | | | 64,734 | |
Materion Corp. | | | 857 | | | | 21,219 | |
Ring Energy, Inc.* | | | 1,600 | | | | 14,112 | |
Stillwater Mining Co.* | | | 4,524 | | | | 53,655 | |
United States Lime & Minerals, Inc. | | | 29 | | | | 1,711 | |
US Silica Holdings, Inc. | | | 2,600 | | | | 89,622 | |
| | | | | | | | |
| | | | 430,017 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.6% | |
Actuant Corp., Class A | | | 2,406 | | | | 54,400 | |
American Railcar Industries, Inc. | | | 400 | | | | 15,788 | |
AZZ, Inc. | | | 976 | | | | 58,540 | |
Barnes Group, Inc. | | | 2,065 | | | | 68,393 | |
Chase Corp. | | | 300 | | | | 17,721 | |
CLARCOR, Inc. | | | 1,898 | | | | 115,455 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Miscellaneous Manufacturing — (continued) | |
EnPro Industries, Inc. | | | 917 | | | $ | 40,706 | |
Fabrinet* | | | 1,500 | | | | 55,680 | |
Federal Signal Corp. | | | 2,343 | | | | 30,178 | |
FreightCar America, Inc. | | | 570 | | | | 8,009 | |
GP Strategies Corp.* | | | 400 | | | | 8,676 | |
Handy & Harman Ltd.* | | | 200 | | | | 5,238 | |
Harsco Corp.* | | | 3,200 | | | | 21,248 | |
Hillenbrand, Inc. | | | 2,374 | | | | 71,315 | |
John Bean Technologies Corp. | | | 1,129 | | | | 69,117 | |
Koppers Holdings, Inc.* | | | 820 | | | | 25,199 | |
LSB Industries, Inc.* | | | 749 | | | | 9,048 | |
Lydall, Inc.* | | | 600 | | | | 23,136 | |
Movado Group, Inc. | | | 760 | | | | 16,477 | |
Myers Industries, Inc. | | | 1,125 | | | | 16,200 | |
NL Industries, Inc.* | | | 90 | | | | 231 | |
Park-Ohio Holdings Corp. | | | 400 | | | | 11,312 | |
Proto Labs, Inc.* | | | 1,000 | | | | 57,560 | |
Raven Industries, Inc. | | | 1,346 | | | | 25,493 | |
Smith & Wesson Holding Corp.* | | | 2,179 | | | | 59,225 | |
SPX Corp.* | | | 1,700 | | | | 25,245 | |
Standex International Corp. | | | 500 | | | | 41,315 | |
Sturm Ruger & Co., Inc. | | | 719 | | | | 46,023 | |
Tredegar Corp. | | | 1,061 | | | | 17,103 | |
Trinseo SA | | | 1,200 | | | | 51,516 | |
| | | | | | | | |
| | | | 1,065,547 | |
| | | | | | | | |
| Office & Business Equipment — 0.0% | |
Eastman Kodak Co.* | | | 800 | | | | 12,864 | |
| | | | | | | | |
| Office Furnishings — 0.4% | |
Herman Miller, Inc. | | | 2,232 | | | | 66,714 | |
HNI Corp. | | | 1,843 | | | | 85,681 | |
Interface, Inc. | | | 2,595 | | | | 39,574 | |
Knoll, Inc. | | | 1,953 | | | | 47,419 | |
Steelcase, Inc., Class A | | | 3,131 | | | | 42,488 | |
| | | | | | | | |
| | | | 281,876 | |
| | | | | | | | |
| Oil & Gas — 1.5% | |
Abraxas Petroleum Corp.* | | | 4,100 | | | | 4,633 | |
Adams Resources & Energy, Inc. | | | 100 | | | | 3,850 | |
Alon USA Energy, Inc. | | | 1,352 | | | | 8,761 | |
Atwood Oceanics, Inc.* | | | 2,300 | | | | 28,796 | |
Bill Barrett Corp.* | | | 2,025 | | | | 12,940 | |
California Resources Corp.* | | | 1,400 | | | | 17,080 | |
Callon Petroleum Co.* | | | 5,000 | | | | 56,150 | |
Carrizo Oil & Gas, Inc.* | | | 2,265 | | | | 81,200 | |
Clayton Williams Energy, Inc.* | | | 217 | | | | 5,959 | |
Cobalt International Energy, Inc.* | | | 17,000 | | | | 22,780 | |
Contango Oil & Gas Co.* | | | 703 | | | | 8,605 | |
CVR Energy, Inc. | | | 700 | | | | 10,850 | |
Delek US Holdings, Inc. | | | 2,298 | | | | 30,357 | |
Denbury Resources, Inc.* | | | 14,400 | | | | 51,696 | |
Eclipse Resources Corp.* | | | 1,400 | | | | 4,676 | |
EP Energy Corp.* | | | 1,800 | | | | 9,324 | |
Evolution Petroleum Corp. | | | 500 | | | | 2,735 | |
EXCO Resources, Inc.* | | | 6,375 | | | | 8,287 | |
Fairmount Santrol Holdings, Inc.* | | | 2,200 | | | | 16,962 | |
Isramco, Inc.* | | | 21 | | | | 1,727 | |
121
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Oil & Gas — (continued) | |
Jones Energy, Inc. 48019R108, Class A* | | | 600 | | | $ | 2,472 | |
Matador Resources Co.* | | | 3,300 | | | | 65,340 | |
Northern Oil & Gas, Inc.* | | | 2,253 | | | | 10,409 | |
Oasis Petroleum, Inc.* | | | 6,900 | | | | 64,446 | |
Panhandle Oil and Gas, Inc., Class A | | | 634 | | | | 10,569 | |
Par Petroleum Corp.* | | | 1,200 | | | | 18,408 | |
Parker Drilling Co.* | | | 5,217 | | | | 11,947 | |
PDC Energy, Inc.* | | | 1,812 | | | | 104,389 | |
RSP Permian, Inc.* | | | 3,200 | | | | 111,648 | |
Sanchez Energy Corp.* | | | 1,900 | | | | 13,414 | |
Seadrill Ltd. | | | 15,500 | | | | 50,220 | |
Synergy Resources Corp.* | | | 7,600 | | | | 50,616 | |
Trecora Resources* | | | 1,000 | | | | 10,430 | |
Unit Corp.* | | | 1,800 | | | | 28,008 | |
W&T Offshore, Inc.* | | | 1,643 | | | | 3,812 | |
Western Refining, Inc. | | | 2,737 | | | | 56,464 | |
| | | | | | | | |
| | | | 999,960 | |
| | | | | | | | |
| Oil & Gas Services — 0.8% | |
Archrock Inc. | | | 2,600 | | | | 24,492 | |
CARBO Ceramics, Inc.* | | | 800 | | | | 10,480 | |
Dawson Geophysical Co.* | | | 1,000 | | | | 8,150 | |
Exterran Corp.* | | | 1,300 | | | | 16,705 | |
Flotek Industries, Inc.* | | | 2,000 | | | | 26,400 | |
Forum Energy Technologies, Inc.* | | | 2,300 | | | | 39,813 | |
Geospace Technologies Corp.* | | | 476 | | | | 7,792 | |
Helix Energy Solutions Group, Inc.* | | | 4,101 | | | | 27,723 | |
Hornbeck Offshore Services, Inc.* | | | 1,378 | | | | 11,492 | |
Independence Contract Drilling Inc.* | | | 1,100 | | | | 5,973 | |
Matrix Service Co.* | | | 987 | | | | 16,276 | |
MRC Global Inc* | | | 3,700 | | | | 52,577 | |
Natural Gas Services Group, Inc.* | | | 594 | | | | 13,603 | |
Newpark Resources, Inc.* | | | 3,512 | | | | 20,334 | |
NOW Inc.* | | | 4,300 | | | | 78,002 | |
Oil States International, Inc.* | | | 2,100 | | | | 69,048 | |
Pioneer Energy Services Corp.* | | | 2,650 | | | | 12,190 | |
SEACOR Holdings, Inc.* | | | 700 | | | | 40,565 | |
Tesco Corp.* | | | 1,400 | | | | 9,366 | |
TETRA Technologies, Inc.* | | | 2,979 | | | | 18,976 | |
Thermon Group Holdings, Inc.* | | | 1,100 | | | | 21,131 | |
| | | | | | | | |
| | | | 531,088 | |
| | | | | | | | |
| Packaging and Containers — 0.1% | |
AEP Industries, Inc. | | | 138 | | | | 11,103 | |
Greif Inc. | | | 300 | | | | 16,425 | |
Greif, Inc., Class A | | | 1,100 | | | | 40,997 | |
Multi Packaging Solutions International Ltd.* | | | 800 | | | | 10,680 | |
UFP Technologies, Inc.* | | | 300 | | | | 6,762 | |
| | | | | | | | |
| | | | 85,967 | |
| | | | | | | | |
| Pharmaceuticals — 3.1% | |
Aclaris Therapeutics Inc., Class A* | | | 300 | | | | 5,541 | |
Adamas Pharmaceuticals, Inc.* | | | 700 | | | | 10,598 | |
Aerie Pharmaceuticals, Inc.* | | | 700 | | | | 12,320 | |
Aimmune Therapeutics Inc.* | | | 1,100 | | | | 11,902 | |
Akebia Therapeutics, Inc.* | | | 1,200 | | | | 8,976 | |
Amicus Therapeutics, Inc.* | | | 4,400 | | | | 24,024 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | |
Amphastar Pharmaceuticals, Inc.* | | | 1,100 | | | $ | 17,732 | |
Ampio Pharmaceuticals, Inc.* | | | 2,200 | | | | 2,838 | |
Anika Therapeutics, Inc.* | | | 500 | | | | 26,825 | |
Anthera Pharmaceuticals, Inc.* | | | 1,100 | | | | 3,399 | |
Aratana Therapeutics, Inc.* | | | 900 | | | | 5,688 | |
Array BioPharma, Inc.* | | | 4,748 | | | | 16,903 | |
Avexis Inc* | | | 300 | | | | 11,406 | |
Axovant Sciences Ltd.* | | | 800 | | | | 10,272 | |
Bio-Path Holdings, Inc.* | | | 4,000 | | | | 7,960 | |
BioScrip, Inc.* | | | 2,011 | | | | 5,128 | |
Biospecifics Technologies Corp.* | | | 300 | | | | 11,982 | |
Cara Therapeutics, Inc.* | | | 800 | | | | 3,848 | |
Cempra, Inc.* | | | 1,500 | | | | 24,735 | |
ChemoCentryx, Inc.* | | | 1,000 | | | | 4,490 | |
Chimerix, Inc.* | | | 1,700 | | | | 6,681 | |
Clovis Oncology, Inc.* | | | 1,100 | | | | 15,092 | |
Collegium Pharmaceutical Inc.* | | | 400 | | | | 4,740 | |
Concert Pharmaceuticals, Inc.* | | | 500 | | | | 5,615 | |
Corcept Therapeutics, Inc.* | | | 2,900 | | | | 15,834 | |
DepoMed, Inc.* | | | 2,283 | | | | 44,792 | |
Diplomat Pharmacy, Inc.* | | | 1,900 | | | | 66,500 | |
Durect Corp.* | | | 3,500 | | | | 4,270 | |
Dyax Corp Escrow*~ | | | 5,620 | | | | 6,238 | |
Eagle Pharmaceuticals, Inc.* | | | 300 | | | | 11,637 | |
Enanta Pharmaceuticals, Inc.* | | | 600 | | | | 13,230 | |
Endocyte, Inc.* | | | 1,500 | | | | 4,815 | |
Esperion Therapeutics, Inc.* | | | 500 | | | | 4,940 | |
Fibrogen, Inc.* | | | 2,200 | | | | 36,102 | |
Flexion Therapeutics, Inc.* | | | 400 | | | | 5,986 | |
Global Blood Therapeutics Inc.* | | | 300 | | | | 4,977 | |
Heron Therapeutics, Inc.* | | | 1,200 | | | | 21,660 | |
Heska Corp.* | | | 300 | | | | 11,151 | |
Horizon Pharma PLC* | | | 6,500 | | | | 107,055 | |
Ignyta, Inc.* | | | 600 | | | | 3,252 | |
Immune Design Corp.* | | | 400 | | | | 3,264 | |
Impax Laboratories, Inc.* | | | 2,837 | | | | 81,762 | |
Infinity Pharmaceuticals, Inc.* | | | 1,828 | | | | 2,431 | |
Insys Therapeutics, Inc.* | | | 800 | | | | 10,352 | |
Intra-Cellular Therapies, Inc.* | | | 1,400 | | | | 54,348 | |
Ironwood Pharmaceuticals, Inc.* | | | 5,161 | | | | 67,480 | |
Keryx Biopharmaceuticals, Inc.* | | | 3,500 | | | | 23,170 | |
La Jolla Pharmaceutical CO* | | | 400 | | | | 6,400 | |
Lannett Co., Inc.* | | | 997 | | | | 23,719 | |
Lifevantage Corp.* | | | 700 | | | | 9,520 | |
MannKind Corp.* | | | 8,904 | | | | 10,329 | |
MediciNova Inc.* | | | 1,400 | | | | 10,570 | |
Minerva Neurosciences Inc.* | | | 800 | | | | 8,168 | |
Mirati Therapeutics, Inc.* | | | 500 | | | | 2,730 | |
MyoKardia Inc.* | | | 500 | | | | 6,200 | |
Natural Grocers By Vitamin Cottage, Inc.* | | | 400 | | | | 5,220 | |
Natural Health Trends Corp. | | | 300 | | | | 8,457 | |
Nature’s Sunshine Products, Inc. | | | 200 | | | | 1,906 | |
Nektar Therapeutics* | | | 5,333 | | | | 75,889 | |
Neogen Corp.* | | | 1,502 | | | | 84,487 | |
Neos Therapeutics Inc.* | | | 400 | | | | 3,712 | |
Nutraceutical International Corp.* | | | 196 | | | | 4,537 | |
122
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Pharmaceuticals — (continued) | |
Omega Protein Corp.* | | | 1,000 | | | $ | 19,990 | |
Ophthotech Corp.* | | | 1,200 | | | | 61,236 | |
Osiris Therapeutics, Inc.* | | | 773 | | | | 3,935 | |
Otonomy, Inc.* | | | 700 | | | | 11,116 | |
Pacira Pharmaceuticals, Inc.* | | | 1,400 | | | | 47,222 | |
PharMerica Corp.* | | | 1,220 | | | | 30,085 | |
Phibro Animal Health Corp., Class A | | | 700 | | | | 13,062 | |
Portola Pharmaceuticals, Inc.* | | | 1,900 | | | | 44,840 | |
PRA Health Sciences, Inc.* | | | 1,000 | | | | 41,760 | |
Prestige Brands Holdings, Inc.* | | | 2,072 | | | | 114,789 | |
Progenics Pharmaceuticals, Inc.* | | | 2,601 | | | | 10,976 | |
Radius Health, Inc.* | | | 1,200 | | | | 44,100 | |
Raptor Pharmaceutical Corp.* | | | 2,600 | | | | 13,962 | |
Regulus Therapeutics, Inc.* | | | 1,200 | | | | 3,468 | |
Relypsa, Inc.* | | | 1,600 | | | | 29,600 | |
Revance Therapeutics, Inc.* | | | 700 | | | | 9,520 | |
Sagent Pharmaceuticals, Inc.* | | | 1,000 | | | | 14,980 | |
Sarepta Therapeutics, Inc.* | | | 1,600 | | | | 30,512 | |
SciClone Pharmaceuticals, Inc.* | | | 2,277 | | | | 29,738 | |
Seres Therapeutics, Inc.* | | | 800 | | | | 23,240 | |
Sorrento Therapeutics, Inc.* | | | 900 | | | | 5,040 | |
Sucampo Pharmaceuticals, Inc., Class A* | | | 871 | | | | 9,555 | |
Supernus Pharmaceuticals, Inc.* | | | 1,900 | | | | 38,703 | |
Synergy Pharmaceuticals, Inc.* | | | 7,600 | | | | 28,880 | |
Synutra International, Inc.* | | | 311 | | | | 1,185 | |
Teligent Inc.* | | | 1,800 | | | | 12,852 | |
TESARO, Inc.* | | | 900 | | | | 75,645 | |
Tetraphase Pharmaceuticals, Inc.* | | | 1,200 | | | | 5,160 | |
TG Therapeutics, Inc.* | | | 1,200 | | | | 7,272 | |
TherapeuticsMD, Inc.* | | | 5,900 | | | | 50,150 | |
Trevena, Inc.* | | | 1,000 | | | | 6,300 | |
USANA Health Sciences, Inc.* | | | 224 | | | | 24,960 | |
Vanda Pharmaceuticals, Inc.* | | | 1,841 | | | | 20,601 | |
Vitae Pharmaceuticals, Inc.* | | | 1,200 | | | | 12,948 | |
Vital Therapies, Inc.* | | | 800 | | | | 4,960 | |
Voyager Therapeutics Inc.* | | | 300 | | | | 3,297 | |
Xencor, Inc.* | | | 1,000 | | | | 18,990 | |
XenoPort, Inc. | | | 1,927 | | | | 13,566 | |
Zafgen, Inc.* | | | 600 | | | | 3,594 | |
Zogenix, Inc.* | | | 1,175 | | | | 9,459 | |
| | | | | | | | |
| | | | 2,077,033 | |
| | | | | | | | |
| Pipelines — 0.1% | |
Primoris Services Corp. | | | 1,490 | | | | 28,206 | |
SemGroup Corp., Class A | | | 1,600 | | | | 52,096 | |
| | | | | | | | |
| | | | 80,302 | |
| | | | | | | | |
| Publishing / Newspapers — 0.1% | |
Cimpress NV* | | | 1,000 | | | | 92,480 | |
| | | | | | | | |
| Real Estate — 0.6% | |
Alexander & Baldwin, Inc. | | | 2,000 | | | | 72,280 | |
AV Homes, Inc.* | | | 195 | | | | 2,383 | |
Community Healthcare Trust Inc. | | | 600 | | | | 12,684 | |
Consolidated-Tomoka Land Co. | | | 124 | | | | 5,886 | |
Farmland Partners Inc. | | | 600 | | | | 6,792 | |
Forestar Group, Inc.* | | | 1,163 | | | | 13,828 | |
Four Corners Property Trust Inc. | | | 2,500 | | | | 51,475 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Real Estate — (continued) | |
FRP Holdings, Inc.* | | | 369 | | | $ | 12,731 | |
HFF, Inc., Class A* | | | 1,500 | | | | 43,320 | |
Kennedy-Wilson Holdings, Inc. | | | 3,581 | | | | 67,896 | |
Marcus & Millichap, Inc.* | | | 500 | | | | 12,705 | |
RE/MAX Holdings, Inc., Class A | | | 700 | | | | 28,182 | |
RMR Group Inc., Class A | | | 367 | | | | 11,366 | |
The St. Joe Co.* | | | 2,100 | | | | 37,212 | |
| | | | | | | | |
| | | | 378,740 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.2% | |
City Office REIT Inc. | | | 900 | | | | 11,682 | |
Global Net Lease Inc. | | | 7,000 | | | | 55,650 | |
Great Ajax Corp. | | | 600 | | | | 8,322 | |
NorthStar Realty Europe Corp. | | | 2,500 | | | | 23,125 | |
Seritage Growth Properties | | | 1,000 | | | | 49,840 | |
| | | | | | | | |
| | | | 148,619 | |
| | | | | | | | |
| Retail — 5.3% | |
Abercrombie & Fitch Co., Class A | | | 2,800 | | | | 49,868 | |
America’s Car-Mart, Inc.* | | | 227 | | | | 6,410 | |
American Eagle Outfitters, Inc. | | | 6,700 | | | | 106,731 | |
Asbury Automotive Group, Inc.* | | | 849 | | | | 44,776 | |
Ascena Retail Group, Inc.* | | | 6,713 | | | | 46,924 | |
Barnes & Noble Education, Inc.* | | | 1,137 | | | | 11,541 | |
Barnes & Noble, Inc. | | | 2,600 | | | | 29,510 | |
Big 5 Sporting Goods Corp. | | | 581 | | | | 5,386 | |
Big Lots, Inc. | | | 1,900 | | | | 95,209 | |
Biglari Holdings, Inc.* | | | 40 | | | | 16,134 | |
BJ’s Restaurants, Inc.* | | | 920 | | | | 40,324 | |
Bloomin’ Brands, Inc. | | | 4,800 | | | | 85,776 | |
BMC Stock Holdings Inc.* | | | 2,300 | | | | 40,986 | |
Bob Evans Farms, Inc. | | | 842 | | | | 31,954 | |
Bojangles’, Inc.* | | | 500 | | | | 8,475 | |
Boot Barn Holdings, Inc.* | | | 400 | | | | 3,448 | |
Buffalo Wild Wings, Inc.* | | | 747 | | | | 103,796 | |
Build-A-Bear Workshop, Inc.* | | | 700 | | | | 9,394 | |
Caleres, Inc. | | | 1,654 | | | | 40,043 | |
Carrols Restaurant Group, Inc.* | | | 1,713 | | | | 20,385 | |
Cash America International, Inc. | | | 925 | | | | 39,423 | |
Chico’s FAS, Inc. | | | 5,600 | | | | 59,976 | |
Chuy’s Holdings, Inc.* | | | 600 | | | | 20,766 | |
Citi Trends, Inc. | | | 503 | | | | 7,812 | |
Conn’s, Inc.* | | | 1,104 | | | | 8,302 | |
Cracker Barrel Old Country Store, Inc. | | | 724 | | | | 124,144 | |
Dave & Buster’s Entertainment, Inc.* | | | 1,500 | | | | 70,185 | |
Del Frisco’s Restaurant Group, Inc.* | | | 1,000 | | | | 14,320 | |
Del Taco Restaurants Inc.* | | | 1,100 | | | | 10,010 | |
Denny’s Corp.* | | | 3,552 | | | | 38,113 | |
Destination XL Group, Inc.* | | | 1,500 | | | | 6,855 | |
DineEquity, Inc. | | | 671 | | | | 56,887 | |
DSW, Inc., Class A | | | 2,800 | | | | 59,304 | |
Duluth Holdings Inc., Class B* | | | 500 | | | | 12,230 | |
El Pollo Loco Holdings Inc* | | | 400 | | | | 5,200 | |
Express, Inc.* | | | 3,154 | | | | 45,765 | |
Ezcorp, Inc., Class A* | | | 1,766 | | | | 13,351 | |
Fiesta Restaurant Group, Inc.* | | | 1,013 | | | | 22,094 | |
First Cash Financial Services, Inc. | | | 1,162 | | | | 59,645 | |
Five Below, Inc.* | | | 2,100 | | | | 97,461 | |
123
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Retail — (continued) | |
Francesca’s Holdings Corp.* | | | 1,658 | | | $ | 18,321 | |
Fred’s, Inc., Class A | | | 1,431 | | | | 23,053 | |
Freshpet, Inc.* | | | 700 | | | | 6,531 | |
Genesco, Inc.* | | | 895 | | | | 57,557 | |
GMS Inc* | | | 300 | | | | 6,675 | |
GNC Holdings, Inc., Class A | | | 2,800 | | | | 68,012 | |
Group 1 Automotive, Inc. | | | 907 | | | | 44,770 | |
Guess?, Inc. | | | 2,400 | | | | 36,120 | |
Haverty Furniture Cos., Inc. | | | 950 | | | | 17,128 | |
Hibbett Sports, Inc.* | | | 955 | | | | 33,224 | |
HSN, Inc. | | | 1,279 | | | | 62,581 | |
J. Alexanders Holdings, Inc.* | | | 483 | | | | 4,796 | |
Jack in the Box, Inc. | | | 1,314 | | | | 112,899 | |
Jamba, Inc.* | | | 440 | | | | 4,528 | |
Kirkland’s, Inc.* | | | 827 | | | | 12,140 | |
Kona Grill, Inc.* | | | 500 | | | | 5,360 | |
Krispy Kreme Doughnuts, Inc.* | | | 2,622 | | | | 54,957 | |
Lands’ End, Inc.* | | | 700 | | | | 11,494 | |
Lithia Motors, Inc., Class A | | | 894 | | | | 63,537 | |
Lumber Liquidators Holdings, Inc.* | | | 1,033 | | | | 15,929 | |
MarineMax, Inc.* | | | 1,000 | | | | 16,970 | |
Mattress Firm Holding Corp.* | | | 700 | | | | 23,485 | |
Noodles & Co.* | | | 300 | | | | 2,934 | |
Office Depot, Inc.* | | | 22,500 | | | | 74,475 | |
Ollie’s Bargain Outlet Holdings Inc.* | | | 600 | | | | 14,934 | |
Outerwall, Inc. | | | 650 | | | | 27,300 | |
Papa John’s International, Inc. | | | 1,110 | | | | 75,480 | |
Party City Holdco, Inc.* | | | 800 | | | | 11,128 | |
PC Connection, Inc.* | | | 565 | | | | 13,447 | |
PetMed Express, Inc. | | | 613 | | | | 11,500 | |
Pier 1 Imports, Inc. | | | 3,644 | | | | 18,730 | |
Popeyes Louisiana Kitchen, Inc.* | | | 859 | | | | 46,936 | |
Potbelly Corp.* | | | 1,000 | | | | 12,540 | |
PriceSmart, Inc. | | | 831 | | | | 77,757 | |
Red Robin Gourmet Burgers, Inc.* | | | 520 | | | | 24,664 | |
Regis Corp.* | | | 1,332 | | | | 16,583 | |
Restoration Hardware Holdings, Inc.* | | | 1,600 | | | | 45,888 | |
Ruby Tuesday, Inc.* | | | 2,213 | | | | 7,989 | |
Rush Enterprises Inc.* | | | 300 | | | | 6,237 | |
Rush Enterprises, Inc., Class A* | | | 1,435 | | | | 30,924 | |
Ruth’s Hospitality Group, Inc. | | | 1,195 | | | | 19,060 | |
Sears Holding Corp.* | | | 500 | | | | 6,805 | |
Shake Shack, Inc., Class A* | | | 700 | | | | 25,501 | |
Shoe Carnival, Inc. | | | 458 | | | | 11,477 | |
Sonic Automotive, Inc., Class A | | | 1,134 | | | | 19,403 | |
Sonic Corp. | | | 2,032 | | | | 54,966 | |
Sportsman’s Warehouse Holdings, Inc.* | | | 600 | | | | 4,836 | |
Stage Stores, Inc. | | | 1,381 | | | | 6,739 | |
Stein Mart, Inc. | | | 1,261 | | | | 9,735 | |
Systemax, Inc.* | | | 262 | | | | 2,235 | |
Texas Roadhouse, Inc. | | | 2,770 | | | | 126,312 | |
The Buckle, Inc. | | | 1,049 | | | | 27,263 | |
The Cato Corp., Class A | | | 1,104 | | | | 41,643 | |
The Cheesecake Factory, Inc. | | | 1,916 | | | | 92,236 | |
The Children’s Place, Inc. | | | 794 | | | | 63,663 | |
The Container Store Group, Inc.* | | | 600 | | | | 3,210 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | |
The Finish Line, Inc., Class A | | | 1,793 | | | $ | 36,201 | |
The Habit Restaurants, Inc., Class A* | | | 400 | | | | 6,552 | |
Tile Shop Holdings, Inc.* | | | 1,300 | | | | 25,844 | |
Tilly’s, Inc., Class A* | | | 400 | | | | 2,316 | |
Tuesday Morning Corp.* | | | 1,629 | | | | 11,436 | |
Vera Bradley, Inc.* | | | 800 | | | | 11,336 | |
Vitamin Shoppe, Inc.* | | | 1,000 | | | | 30,570 | |
West Marine, Inc.* | | | 664 | | | | 5,571 | |
Wingstop Inc.* | | | 700 | | | | 19,075 | |
Winmark Corp. | | | 100 | | | | 9,967 | |
Zoe’s Kitchen, Inc.* | | | 700 | | | | 25,389 | |
Zumiez, Inc.* | | | 703 | | | | 10,060 | |
| | | | | | | | |
| | | | 3,497,827 | |
| | | | | | | | |
| Savings & Loans — 1.9% | |
Astoria Financial Corp. | | | 3,701 | | | | 56,736 | |
Banc of California, Inc. | | | 1,900 | | | | 34,390 | |
Bank Mutual Corp. | | | 2,432 | | | | 18,678 | |
BankFinancial Corp. | | | 609 | | | | 7,302 | |
BBX Capital Corp., Class A* | | | 110 | | | | 1,691 | |
Bear State Financial Inc.* | | | 800 | | | | 7,544 | |
Beneficial Bancorp, Inc.* | | | 2,773 | | | | 35,273 | |
Berkshire Hills Bancorp, Inc. | | | 1,102 | | | | 29,666 | |
BofI Holding, Inc.* | | | 2,400 | | | | 42,504 | |
Brookline Bancorp, Inc. | | | 2,922 | | | | 32,230 | |
BSB Bancorp* | | | 500 | | | | 11,325 | |
Capitol Federal Financial, Inc. | | | 5,500 | | | | 76,725 | |
Charter Financial Corp. | | | 900 | | | | 11,952 | |
Clifton Bancorp, Inc. | | | 1,146 | | | | 17,270 | |
Dime Community Bancshares, Inc. | | | 1,030 | | | | 17,520 | |
EverBank Financial Corp. | | | 4,200 | | | | 62,412 | |
First Defiance Financial Corp. | | | 300 | | | | 11,655 | |
Flagstar Bancorp, Inc.* | | | 800 | | | | 19,528 | |
Flushing Financial Corp. | | | 1,338 | | | | 26,599 | |
Fox Chase Bancorp, Inc. | | | 420 | | | | 8,543 | |
Hingham Institution for Savings | | | 100 | | | | 12,292 | |
Home Bancorp, Inc. | | | 300 | | | | 8,241 | |
Homestreet, Inc.* | | | 1,000 | | | | 19,920 | |
HomeTrust Bancshares, Inc.* | | | 900 | | | | 16,650 | |
Investors Bancorp, Inc. | | | 12,055 | | | | 133,569 | |
Lake Sunapee Bank Group | | | 400 | | | | 6,844 | |
Meridian Bancorp, Inc. | | | 1,874 | | | | 27,698 | |
Meta Financial Group, Inc. | | | 400 | | | | 20,384 | |
MutualFirst Financial Inc. | | | 300 | | | | 8,205 | |
Northfield Bancorp, Inc. | | | 1,993 | | | | 29,556 | |
Northwest Bancshares, Inc. | | | 3,775 | | | | 55,983 | |
OceanFirst Financial Corp. | | | 927 | | | | 16,844 | |
Oritani Financial Corp. | | | 1,718 | | | | 27,471 | |
Pacific Premier Bancorp, Inc.* | | | 1,000 | | | | 24,000 | |
Provident Financial Services, Inc. | | | 2,403 | | | | 47,195 | |
SI Financial Group Inc. | | | 500 | | | | 6,620 | |
Southern Missouri Bancorp Inc. | | | 300 | | | | 7,059 | |
Sterling Bancorp, Inc. | | | 5,114 | | | | 80,290 | |
Territorial Bancorp, Inc. | | | 243 | | | | 6,432 | |
United Community Financial Corp. | | | 1,700 | | | | 10,336 | |
United Financial Bancorp, Inc. | | | 2,131 | | | | 27,660 | |
Washington Federal, Inc. | | | 3,700 | | | | 89,762 | |
124
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Savings & Loans — (continued) | |
Waterstone Financial, Inc. | | | 1,000 | | | $ | 15,330 | |
WSFS Financial Corp. | | | 1,271 | | | | 40,913 | |
| | | | | | | | |
| | | | 1,268,797 | |
| | | | | | | | |
| Semiconductors — 3.1% | |
Advanced Micro Devices, Inc.* | | | 25,300 | | | | 130,042 | |
Alpha & Omega Semiconductor Ltd.* | | | 1,000 | | | | 13,930 | |
Ambarella Inc.* | | | 1,200 | | | | 60,972 | |
Amkor Technology, Inc.* | | | 3,211 | | | | 18,463 | |
Applied Micro Circuits Corp.* | | | 2,958 | | | | 18,990 | |
Axcelis Technologies, Inc. | | | 4,100 | | | | 11,029 | |
Brooks Automation, Inc. | | | 2,477 | | | | 27,792 | |
Cabot Microelectronics Corp. | | | 961 | | | | 40,689 | |
Cavium, Inc.* | | | 2,179 | | | | 84,109 | |
CEVA, Inc.* | | | 671 | | | | 18,231 | |
Cirrus Logic, Inc.* | | | 2,481 | | | | 96,238 | |
Cohu, Inc. | | | 904 | | | | 9,808 | |
Diodes, Inc.* | | | 1,399 | | | | 26,287 | |
DSP Group, Inc.* | | | 557 | | | | 5,910 | |
EMCOR Group, Inc.* | | | 1,200 | | | | 7,128 | |
Entegris, Inc.* | | | 5,770 | | | | 83,492 | |
Exar Corp.* | | | 1,532 | | | | 12,333 | |
Fairchild Semiconductor International, Inc.* | | | 4,400 | | | | 87,340 | |
FormFactor, Inc.* | | | 2,629 | | | | 23,638 | |
Gerber Scientific, Inc.~ | | | 500 | | | | 0 | |
Inphi Corp.* | | | 1,600 | | | | 51,248 | |
Integrated Device Technology, Inc.* | | | 5,193 | | | | 104,535 | |
Intersil Corp., Class A | | | 5,100 | | | | 69,054 | |
InvenSense, Inc.* | | | 2,800 | | | | 17,164 | |
IXYS Corp. | | | 1,266 | | | | 12,977 | |
Kopin Corp.* | | | 1,507 | | | | 3,346 | |
Lattice Semiconductor Corp.* | | | 4,924 | | | | 26,343 | |
M/A-COM Technology Solutions Holdings, Inc.* | | | 1,000 | | | | 32,980 | |
MaxLinear, Inc., Class A* | | | 2,243 | | | | 40,329 | |
Microsemi Corp.* | | | 4,624 | | | | 151,112 | |
MKS Instruments, Inc. | | | 2,196 | | | | 94,560 | |
Monolithic Power Systems, Inc. | | | 1,567 | | | | 107,057 | |
Nanometrics, Inc.* | | | 900 | | | | 18,711 | |
Photronics, Inc.* | | | 2,692 | | | | 23,986 | |
Power Integrations, Inc. | | | 1,095 | | | | 54,827 | |
QLogic Corp.* | | | 3,200 | | | | 47,168 | |
Rambus, Inc.* | | | 4,723 | | | | 57,054 | |
Rovi Corp.* | | | 3,100 | | | | 48,484 | |
Rudolph Technologies, Inc.* | | | 1,054 | | | | 16,369 | |
Semtech Corp.* | | | 2,609 | | | | 62,251 | |
Sigma Designs, Inc.* | | | 1,200 | | | | 7,716 | |
Silicon Laboratories, Inc.* | | | 1,700 | | | | 82,858 | |
Tessera Technologies, Inc. | | | 2,023 | | | | 61,985 | |
Ultra Clean Holdings, Inc.* | | | 900 | | | | 5,121 | |
Ultratech, Inc.* | | | 978 | | | | 22,465 | |
Veeco Instruments, Inc.* | | | 1,393 | | | | 23,068 | |
Xcerra Corp.* | | | 2,466 | | | | 14,179 | |
| | | | | | | | |
| | | | 2,033,368 | |
| | | | | | | | |
| Software — 4.6% | |
2U, Inc.* | | | 1,500 | | | | 44,115 | |
ACI Worldwide, Inc.* | | | 4,527 | | | | 88,322 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Software — (continued) | |
Actua Corp.* | | | 1,428 | | | $ | 12,895 | |
Acxiom Corp.* | | | 2,967 | | | | 65,244 | |
Amber Road, Inc.* | | | 600 | | | | 4,626 | |
American Software, Inc., Class A | | | 593 | | | | 6,215 | |
Apigee Corp.* | | | 700 | | | | 8,554 | |
Aspen Technology, Inc.* | | | 3,253 | | | | 130,901 | |
AVG Technologies NV* | | | 1,700 | | | | 32,283 | |
Avid Technology, Inc.* | | | 1,100 | | | | 6,391 | |
Benefitfocus, Inc.* | | | 400 | | | | 15,248 | |
Blackbaud, Inc. | | | 1,850 | | | | 125,615 | |
Bottomline Technologies, Inc.* | | | 1,545 | | | | 33,264 | |
BroadSoft, Inc.* | | | 1,061 | | | | 43,533 | |
Callidus Software, Inc.* | | | 2,000 | | | | 39,960 | |
Castlight Health, Inc., Class B* | | | 1,200 | | | | 4,752 | |
CommVault Systems, Inc.* | | | 1,548 | | | | 66,858 | |
Computer Programs & Systems, Inc. | | | 447 | | | | 17,844 | |
Cornerstone OnDemand, Inc.* | | | 2,100 | | | | 79,926 | |
CSG Systems International, Inc. | | | 1,281 | | | | 51,637 | |
Cvent, Inc.* | | | 1,200 | | | | 42,864 | |
Demandware, Inc.* | | | 1,500 | | | | 112,350 | |
Digi International, Inc.* | | | 657 | | | | 7,050 | |
Ebix, Inc. | | | 1,036 | | | | 49,624 | |
Envestnet, Inc.* | | | 1,713 | | | | 57,060 | |
Epiq Systems, Inc. | | | 1,168 | | | | 17,053 | |
Everyday Health, Inc.* | | | 700 | | | | 5,516 | |
Evolent Health, Inc., Class A* | | | 700 | | | | 13,440 | |
Exa Corp.* | | | 700 | | | | 10,115 | |
Fair Isaac Corp. | | | 1,288 | | | | 145,557 | |
Five9 Inc.* | | | 1,100 | | | | 13,090 | |
Glu Mobile, Inc.* | | | 4,000 | | | | 8,800 | |
Guidance Software, Inc.* | | | 400 | | | | 2,476 | |
Hortonworks, Inc.* | | | 1,700 | | | | 18,173 | |
HubSpot, Inc.* | | | 1,200 | | | | 52,104 | |
Imperva, Inc.* | | | 1,200 | | | | 51,612 | |
inContact, Inc.* | | | 2,100 | | | | 29,085 | |
Infoblox, Inc.* | | | 2,100 | | | | 39,396 | |
InnerWorkings, Inc.* | | | 1,724 | | | | 14,257 | |
Instructure Inc.* | | | 300 | | | | 5,700 | |
Interactive Intelligence Group, Inc.* | | | 597 | | | | 24,471 | |
Jive Software, Inc.* | | | 1,500 | | | | 5,640 | |
ManTech International Corp., Class A | | | 1,039 | | | | 39,295 | |
Medidata Solutions, Inc.* | | | 2,088 | | | | 97,864 | |
MicroStrategy, Inc., Class A* | | | 375 | | | | 65,632 | |
MINDBODY Inc., Class A* | | | 500 | | | | 8,070 | |
Mobileiron, Inc.* | | | 1,200 | | | | 3,660 | |
Model N, Inc.* | | | 1,100 | | | | 14,685 | |
Monotype Imaging Holdings, Inc. | | | 1,599 | | | | 39,383 | |
New Relic, Inc.* | | | 900 | | | | 26,442 | |
Omnicell, Inc.* | | | 1,435 | | | | 49,120 | |
Park City Group Inc.* | | | 700 | | | | 6,279 | |
Paycom Software, Inc.* | | | 1,800 | | | | 77,778 | |
PDF Solutions, Inc.* | | | 1,200 | | | | 16,788 | |
pdvWireless Inc.* | | | 600 | | | | 12,834 | |
Pegasystems, Inc. | | | 1,260 | | | | 33,957 | |
Planet Payment Inc.* | | | 2,000 | | | | 8,980 | |
Press Ganey Holdings, Inc.* | | | 900 | | | | 35,415 | |
125
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Software — (continued) | |
Progress Software Corp.* | | | 1,986 | | | $ | 54,536 | |
Proofpoint, Inc.* | | | 1,700 | | | | 107,253 | |
PROS Holdings, Inc.* | | | 917 | | | | 15,983 | |
QAD, Inc., Class A | | | 392 | | | | 7,554 | |
Qlik Technologies, Inc.* | | | 3,841 | | | | 113,617 | |
Quality Systems, Inc.* | | | 1,704 | | | | 20,295 | |
RealPage, Inc.* | | | 2,000 | | | | 44,660 | |
Rosetta Stone, Inc.* | | | 1,000 | | | | 7,750 | |
Sapiens International Corp. NV* | | | 800 | | | | 9,368 | |
SciQuest, Inc.* | | | 900 | | | | 15,894 | |
SPS Commerce, Inc.* | | | 600 | | | | 36,360 | |
Synchronoss Technologies, Inc.* | | | 1,546 | | | | 49,256 | |
SYNNEX Corp. | | | 1,194 | | | | 113,215 | |
Take-Two Interactive Software, Inc.* | | | 3,344 | | | | 126,804 | |
Tangoe, Inc.* | | | 1,769 | | | | 13,657 | |
TubeMogul, Inc.* | | | 500 | | | | 5,950 | |
Verint Systems, Inc.* | | | 2,395 | | | | 79,346 | |
Workiva Inc.* | | | 500 | | | | 6,830 | |
Xactly Corp.* | | | 1,000 | | | | 12,810 | |
Xura, Inc.* | | | 990 | | | | 24,186 | |
| | | | | | | | |
| | | | 3,005,122 | |
| | | | | | | | |
| Storage & Warehousing — 0.1% | |
Mobile Mini, Inc. | | | 1,777 | | | | 61,555 | |
Wesco Aircraft Holdings, Inc.* | | | 2,640 | | | | 35,429 | |
| | | | | | | | |
| | | | 96,984 | |
| | | | | | | | |
| Telecommunications — 3.1% | |
8X8, Inc.* | | | 3,400 | | | | 49,674 | |
Acacia Communications Inc.* | | | 200 | | | | 7,988 | |
ADTRAN, Inc. | | | 1,905 | | | | 35,528 | |
Aerohive Networks, Inc.* | | | 1,300 | | | | 8,606 | |
Anixter International, Inc.* | | | 1,134 | | | | 60,420 | |
ATN International Inc. | | | 349 | | | | 27,156 | |
Black Box Corp. | | | 562 | | | | 7,351 | |
CalAmp Corp.* | | | 1,400 | | | | 20,734 | |
Calix, Inc.* | | | 1,487 | | | | 10,275 | |
Ciena Corp.* | | | 5,600 | | | | 105,000 | |
Cincinnati Bell, Inc.* | | | 7,785 | | | | 35,577 | |
Clearfield, Inc.* | | | 400 | | | | 7,156 | |
Comtech Telecommunications Corp. | | | 552 | | | | 7,088 | |
Consolidated Communications Holdings, Inc. | | | 1,841 | | | | 50,149 | |
DigitalGlobe, Inc.* | | | 2,569 | | | | 54,951 | |
EarthLink Holdings Corp. | | | 4,016 | | | | 25,702 | |
Extreme Networks, Inc.* | | | 3,147 | | | | 10,668 | |
FairPoint Communications, Inc.* | | | 600 | | | | 8,808 | |
Finisar Corp.* | | | 4,221 | | | | 73,910 | |
General Communication, Inc., Class A* | | | 1,486 | | | | 23,479 | |
Gigamon, Inc.* | | | 1,300 | | | | 48,607 | |
Globalstar, Inc.* | | | 14,900 | | | | 18,029 | |
Gogo Inc* | | | 2,200 | | | | 18,458 | |
GTT Communications, Inc.* | | | 800 | | | | 14,784 | |
Harmonic, Inc.* | | | 2,870 | | | | 8,179 | |
Hawaiian Telcom Holdco, Inc.* | | | 500 | | | | 10,595 | |
HC2 Holdings, Inc.* | | | 700 | | | | 3,010 | |
IDT Corp., Class B | | | 800 | | | | 11,352 | |
Infinera Corp.* | | | 5,194 | | | | 58,588 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | |
Inteliquent, Inc. | | | 1,226 | | | $ | 24,385 | |
Intelsat SA* | | | 1,200 | | | | 3,096 | |
InterDigital, Inc. | | | 1,394 | | | | 77,618 | |
Iridium Communications, Inc.* | | | 3,500 | | | | 31,080 | |
Ixia* | | | 2,113 | | | | 20,750 | |
j2 Global, Inc. | | | 1,874 | | | | 118,381 | |
Knowles Corp.* | | | 3,452 | | | | 47,223 | |
KVH Industries, Inc.* | | | 354 | | | | 2,726 | |
LogMeIn, Inc.* | | | 981 | | | | 62,225 | |
Loral Space & Communications, Inc.* | | | 546 | | | | 19,257 | |
Lumos Networks Corp.* | | | 782 | | | | 9,462 | |
NeoPhotonics Corp.* | | | 900 | | | | 8,577 | |
NETGEAR, Inc.* | | | 1,329 | | | | 63,181 | |
NeuStar, Inc., Class A* | | | 2,300 | | | | 54,073 | |
NII Holdings, Inc.* | | | 2,500 | | | | 7,950 | |
Oclaro, Inc.* | | | 4,400 | | | | 21,472 | |
ORBCOMM, Inc.* | | | 2,700 | | | | 26,865 | |
Plantronics, Inc. | | | 1,367 | | | | 60,148 | |
Polycom, Inc.* | | | 5,300 | | | | 59,625 | |
Preformed Line Products Co. | | | 45 | | | | 1,818 | |
RigNet, Inc.* | | | 500 | | | | 6,695 | |
Shenandoah Telecommunications Co. | | | 2,018 | | | | 78,823 | |
ShoreTel, Inc.* | | | 2,281 | | | | 15,260 | |
Silicom Ltd. | | | 300 | | | | 8,970 | |
Sonus Networks, Inc.* | | | 1,843 | | | | 16,016 | |
Spok Holdings, Inc. | | | 1,112 | | | | 21,311 | |
Straight Path Communications, Inc., Class B* | | | 300 | | | | 8,301 | |
Telenav, Inc.* | | | 1,000 | | | | 5,100 | |
Ubiquiti Networks, Inc.* | | | 1,000 | | | | 38,660 | |
ViaSat, Inc.* | | | 1,762 | | | | 125,807 | |
Viavi Solutions, Inc.* | | | 9,600 | | | | 63,648 | |
Vonage Holdings Corp.* | | | 7,500 | | | | 45,750 | |
West Corp. | | | 1,700 | | | | 33,422 | |
Windstream Holdings, Inc. | | | 3,500 | | | | 32,445 | |
| | | | | | | | |
| | | | 2,041,942 | |
| | | | | | | | |
| Textiles — 0.2% | |
Culp, Inc. | | | 300 | | | | 8,289 | |
G&K Services, Inc., Class A | | | 776 | | | | 59,418 | |
UniFirst Corp. | | | 577 | | | | 66,771 | |
| | | | | | | | |
| | | | 134,478 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.0% | |
JAKKS Pacific, Inc.* | | | 584 | | | | 4,619 | |
| | | | | | | | |
| Transportation — 1.5% | |
Air Transport Services Group, Inc.* | | | 2,085 | | | | 27,022 | |
ArcBest Corp. | | | 995 | | | | 16,169 | |
Ardmore Shipping Corp. | | | 800 | | | | 5,416 | |
Atlas Air Worldwide Holdings, Inc.* | | | 1,048 | | | | 43,408 | |
Bristow Group, Inc. | | | 1,350 | | | | 15,403 | |
CAI International, Inc.* | | | 660 | | | | 4,950 | |
Celadon Group, Inc. | | | 935 | | | | 7,639 | |
Costamare Inc. | | | 1,200 | | | | 9,204 | |
Covenant Transportation Group, Inc., Class A* | | | 400 | | | | 7,228 | |
DHT Holdings Inc. | | | 3,900 | | | | 19,617 | |
126
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Transportation — (continued) | |
Dorian LPG Ltd.* | | | 900 | | | $ | 6,345 | |
Echo Global Logistics, Inc.* | | | 1,300 | | | | 29,146 | |
Era Group, Inc.* | | | 800 | | | | 7,520 | |
Forward Air Corp. | | | 1,196 | | | | 53,258 | |
Frontline Ltd. | | | 2,800 | | | | 22,036 | |
GasLog Ltd. | | | 1,700 | | | | 22,066 | |
Gener8 Maritime Inc.* | | | 900 | | | | 5,760 | |
Golar LNG Ltd. | | | 3,600 | | | | 55,800 | |
Heartland Express, Inc. | | | 1,967 | | | | 34,206 | |
Hub Group, Inc., Class A* | | | 1,443 | | | | 55,368 | |
Knight Transportation, Inc. | | | 2,564 | | | | 68,151 | |
Marten Transport Ltd. | | | 1,051 | | | | 20,810 | |
Matson, Inc. | | | 1,600 | | | | 51,664 | |
Navios Maritime Acquisition Corp. | | | 3,700 | | | | 5,809 | |
Nordic American Tankers Ltd. | | | 3,567 | | | | 49,546 | |
Overseas Shipholding Group Inc.* | | | 1,600 | | | | 17,584 | |
P.A.M. Transportation Services, Inc.* | | | 200 | | | | 3,178 | |
PHI, Inc.* | | | 593 | | | | 10,603 | |
Radiant Logistics, Inc.* | | | 1,000 | | | | 3,000 | |
Roadrunner Transportation Systems, Inc.* | | | 1,000 | | | | 7,460 | |
Saia, Inc.* | | | 961 | | | | 24,159 | |
Scorpio Bulkers Inc.* | | | 1,100 | | | | 3,069 | |
Scorpio Tankers Inc. | | | 7,100 | | | | 29,820 | |
Ship Finance International Ltd. | | | 2,284 | | | | 33,666 | |
Swift Transportation Co.* | | | 3,300 | | | | 50,853 | |
Teekay Corp. | | | 1,900 | | | | 13,547 | |
Teekay Tankers Ltd., Class A | | | 3,193 | | | | 9,515 | |
Tidewater, Inc.* | | | 1,600 | | | | 7,056 | |
Universal Truckload Services, Inc. | | | 100 | | | | 1,290 | |
USA Truck, Inc.* | | | 200 | | | | 3,502 | |
Werner Enterprises, Inc. | | | 1,752 | | | | 40,243 | |
XPO Logistics, Inc.* | | | 3,941 | | | | 103,491 | |
YRC Worldwide, Inc.* | | | 1,300 | | | | 11,440 | |
| | | | | | | | |
| | | | 1,017,017 | |
| | | | | | | | |
| Trucking and Leasing — 0.2% | |
GATX Corp. | | | 1,700 | | | | 74,749 | |
TAL International Group, Inc. | | | 1,293 | | | | 17,339 | |
Textainer Group Holdings Ltd. | | | 812 | | | | 9,046 | |
The Greenbrier Cos., Inc. | | | 1,047 | | | | 30,499 | |
| | | | | | | | |
| | | | 131,633 | |
| | | | | | | | |
| Water — 0.4% | |
American States Water Co. | | | 1,524 | | | | 66,782 | |
Artesian Resources Corp., Class A | | | 413 | | | | 14,009 | |
California Water Service Group | | | 1,766 | | | | 61,686 | |
Connecticut Water Service, Inc. | | | 519 | | | | 29,168 | |
Consolidated Water Co. Ltd. | | | 800 | | | | 10,448 | |
Middlesex Water Co. | | | 531 | | | | 23,035 | |
PICO Holdings, Inc.* | | | 792 | | | | 7,492 | |
SJW Corp. | | | 688 | | | | 27,093 | |
The York Water Co. | | | 697 | | | | 22,332 | |
| | | | | | | | |
| | | | 262,045 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $49,055,819) | | | | 59,055,636 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 8.9% | |
| Apartments — 0.4% | |
Bluerock Residential Growth Reit, Inc. | | | 600 | | | $ | 7,800 | |
Education Realty Trust, Inc. | | | 2,701 | | | | 124,624 | |
Independence Realty Trust, Inc. | | | 1,792 | | | | 14,659 | |
Monogram Residential Trust, Inc. | | | 6,500 | | | | 66,365 | |
Preferred Apartment Communities, Inc., Class A | | | 800 | | | | 11,776 | |
Silver Bay Realty Trust Corp. | | | 1,637 | | | | 27,878 | |
| | | | | | | | |
| | | | 253,102 | |
| | | | | | | | |
| Building & Real Estate — 1.2% | |
Agree Realty Corp. | | | 796 | | | | 38,399 | |
Altisource Residential Corp. | | | 2,200 | | | | 20,218 | |
Anworth Mortgage Asset Corp. | | | 3,731 | | | | 17,536 | |
Apollo Commercial Real Estate Finance, Inc. | | | 2,200 | | | | 35,354 | |
Ares Commercial Real Estate Corp. | | | 1,000 | | | | 12,290 | |
Capstead Mortgage Corp. | | | 3,475 | | | | 33,707 | |
Colony Financial, Inc. Class A | | | 4,416 | | | | 67,786 | |
Colony Starwood Homes | | | 2,600 | | | | 79,092 | |
CYS Investments, Inc. | | | 5,856 | | | | 49,015 | |
Dynex Capital, Inc. | | | 2,307 | | | | 16,011 | |
Getty Realty Corp. | | | 1,169 | | | | 25,075 | |
Hatteras Financial Corp.* | | | 3,800 | | | | 62,320 | |
Invesco Mortgage Capital, Inc. | | | 4,407 | | | | 60,332 | |
iStar Financial, Inc.* | | | 3,318 | | | | 31,820 | |
New York Mortgage Trust, Inc. | | | 4,700 | | | | 28,670 | |
PennyMac Mortgage Investment Trust | | | 2,692 | | | | 43,691 | |
Redwood Trust, Inc. | | | 3,377 | | | | 46,636 | |
Resource Capital Corp. | | | 1,175 | | | | 15,110 | |
Select Income REIT | | | 2,600 | | | | 67,574 | |
| | | | | | | | |
| | | | 750,636 | |
| | | | | | | | |
| Diversified — 1.0% | |
AG Mortgage Investment Trust, Inc. | | | 1,188 | | | | 17,155 | |
Armada Hoffler Properties, Inc. | | | 1,400 | | | | 19,236 | |
CatchMark Timber Trust, Inc., Class A | | | 1,300 | | | | 15,886 | |
CorEnergy Infrastructure Trust Inc. | | | 300 | | | | 8,655 | |
CoreSite Realty Corp. | | | 1,400 | | | | 124,166 | |
DuPont Fabros Technology, Inc. | | | 3,050 | | | | 144,997 | |
New York REIT, Inc. | | | 6,200 | | | | 57,350 | |
NexPoint Residential Trust, Inc. | | | 600 | | | | 10,920 | |
PS Business Parks, Inc. | | | 765 | | | | 81,151 | |
STAG lndustrial, Inc. | | | 2,600 | | | | 61,906 | |
The GEO Group, Inc. | | | 2,968 | | | | 101,446 | |
UMH Properties, Inc. | | | 968 | | | | 10,890 | |
Whitestone REIT | | | 800 | | | | 12,064 | |
| | | | | | | | |
| | | | 665,822 | |
| | | | | | | | |
| Diversified Financial Services — 0.5% | |
American Capital Mortgage Investment Corp. | | | 2,043 | | | | 32,259 | |
Apollo Residential Mortgage, Inc. | | | 1,332 | | | | 17,849 | |
ARMOUR Residential REIT, Inc. | | | 1,375 | | | | 27,500 | |
New Residential Investment Corp. | | | 9,200 | | | | 127,328 | |
Orchid Island Capital, Inc. | | | 600 | | | | 6,174 | |
Owens Realty Mortgage, Inc. | | | 500 | | | | 8,320 | |
RAIT Financial Trust | | | 3,606 | | | | 11,286 | |
United Development Funding IV~ | | | 1,000 | | | | 3,200 | |
Western Asset Mortgage Capital Corp. | | | 1,597 | | | | 14,996 | |
127
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Diversified Financial Services — (continued) | |
WP Glimcher, Inc. | | | 7,600 | | | $ | 85,044 | |
| | | | | | | | |
| | | | 333,956 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
Potlatch Corp. | | | 1,578 | | | | 53,810 | |
| | | | | | | | |
| Healthcare — 1.1% | |
CareTrust REIT, Inc. | | | 2,395 | | | | 33,003 | |
Healthcare Realty Trust, Inc. | | | 4,172 | | | | 145,978 | |
LTC Properties, Inc. | | | 1,517 | | | | 78,474 | |
Medical Properties Trust, Inc. | | | 9,607 | | | | 146,123 | |
National Health Investors, Inc. | | | 1,457 | | | | 109,406 | |
New Senior Investment Group, Inc. | | | 3,400 | | | | 36,312 | |
Physicians Realty Trust | | | 5,300 | | | | 111,353 | |
Sabra Health Care REIT, Inc. | | | 2,588 | | | | 53,403 | |
Universal Health Realty Income Trust | | | 520 | | | | 29,734 | |
| | | | | | | | |
| | | | 743,786 | |
| | | | | | | | |
| Hotels & Resorts — 1.2% | |
Ashford Hospitality Prime, Inc. | | | 987 | | | | 13,956 | |
Ashford Hospitality Trust, Inc. | | | 3,020 | | | | 16,217 | |
Chatham Lodging Trust | | | 1,400 | | | | 30,772 | |
Chesapeake Lodging Trust | | | 2,389 | | | | 55,544 | |
DiamondRock Hospitality Co. | | | 7,523 | | | | 67,933 | |
FelCor Lodging Trust, Inc. | | | 5,918 | | | | 36,869 | |
Hersha Hospitality Trust | | | 1,917 | | | | 32,877 | |
LaSalle Hotel Properties | | �� | 4,517 | | | | 106,511 | |
Pebblebrook Hotel Trust | | | 2,709 | | | | 71,111 | |
RLJ Lodging Trust | | | 5,100 | | | | 109,395 | |
Ryman Hospitality Properties, Inc. | | | 1,712 | | | | 86,713 | |
Summitt Hotel Properties, Inc. | | | 3,500 | | | | 46,340 | |
Sunstone Hotel Investors, Inc. | | | 8,847 | | | | 106,783 | |
| | | | | | | | |
| | | | 781,021 | |
| | | | | | | | |
| Industrial — 0.8% | |
EastGroup Properties, Inc. | | | 1,275 | | | | 87,873 | |
First Industrial Realty Trust, Inc. | | | 4,729 | | | | 131,561 | |
First Potomac Realty Trust | | | 2,392 | | | | 22,006 | |
InfraREIT, Inc. | | | 1,700 | | | | 29,818 | |
Monmouth Real Estate Investment Corp., Class A | | | 2,649 | | | | 35,126 | |
QTS Realty Trust, Inc., Class A | | | 1,900 | | | | 106,362 | |
Rexford Industrial Realty, Inc. | | | 2,600 | | | | 54,834 | |
Terreno Realty Corp. | | | 1,675 | | | | 43,332 | |
| | | | | | | | |
| | | | 510,912 | |
| | | | | | | | |
| Mixed Industrial/Office — 0.5% | |
Cousins Properties, Inc. | | | 8,461 | | | | 87,994 | |
Gladstone Commercial Corp. | | | 652 | | | | 11,012 | |
Investors Real Estate Trust | | | 4,618 | | | | 29,878 | |
Lexington Realty Trust | | | 9,315 | | | | 94,175 | |
One Liberty Properties, Inc. | | | 503 | | | | 11,997 | |
Washington Real Estate Investment Trust | | | 3,006 | | | | 94,569 | |
| | | | | | | | |
| | | | 329,625 | |
| | | | | | | | |
| Office Property — 0.9% | |
American Assets Trust, Inc. | | | 1,600 | | | | 67,904 | |
Easterly Government Proper, Inc. | | | 1,000 | | | | 19,730 | |
Franklin Street Properties Corp. | | | 4,045 | | | | 49,632 | |
Government Properties Income Trust | | | 2,744 | | | | 63,277 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Office Property — (continued) | |
Gramercy Property Trust | | | 17,017 | | | $ | 156,897 | |
Hudson Pacific Properties, Inc. | | | 3,000 | | | | 87,540 | |
Mack-Cali Realty Corp. | | | 3,500 | | | | 94,500 | |
Parkway Properties, Inc. | | | 3,380 | | | | 56,547 | |
| | | | | | | | |
| | | | 596,027 | |
| | | | | | | | |
| Real Estate — 0.1% | |
Xenia Hotels & Resorts, Inc. | | | 4,400 | | | | 73,832 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.1% | |
Tier REIT Inc. | | | 2,000 | | | | 30,660 | |
| | | | | | | | |
| Regional Malls — 0.2% | |
CBL & Associates Properties, Inc. | | | 6,900 | | | | 64,239 | |
Pennsylvania Real Estate Investment Trust | | | 2,715 | | | | 58,237 | |
Rouse Properties, Inc. | | | 1,400 | | | | 25,550 | |
| | | | | | | | |
| | | | 148,026 | |
| | | | | | | | |
| Storage & Warehousing — 0.0% | |
National Storage Affiliates Trust | | | 1,000 | | | | 20,820 | |
| | | | | | | | |
| Strip Centers — 0.8% | |
Acadia Realty Trust | | | 2,720 | | | | 96,614 | |
Alexander’s, Inc. | | | 86 | | | | 35,194 | |
Cedar Realty Trust, Inc. | | | 2,826 | | | | 20,997 | |
Kite Realty Group Trust | | | 3,251 | | | | 91,126 | |
Ramco-Gershenson Properties Trust | | | 3,141 | | | | 61,595 | |
Retail Opportunity Investments Corp. | | | 3,900 | | | | 84,513 | |
Saul Centers, Inc. | | | 451 | | | | 27,831 | |
Urban Edge Properties | | | 3,500 | | | | 104,510 | |
Urstadt Biddle Properties, Inc., Class A | | | 1,216 | | | | 30,133 | |
| | | | | | | | |
| | | | 552,513 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,027,181) | | | | 5,844,548 | |
| | | | | | | | |
| RIGHTS — 0.0% | |
Chelsea Therapeutics Intl Ltd. CVR~ | | | 1,600 | | | | 0 | |
Clinical Data, Inc.~ | | | 354 | | | | 0 | |
Cubist Pharmaceuticals, Inc.~ | | | 1,200 | | | | 0 | |
Durata Therapeutics CVR Shares~ | | | 500 | | | | 0 | |
Furiex Pharmaceuticals Rights~ | | | 300 | | | | 0 | |
Leap Wireless CVR~ | | | 2,300 | | | | 5,796 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $5,740) | | | | 5,796 | |
| | | | | | | | |
| | |
| | | Par (000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1% | |
U.S. Treasury Bill 0.000%, 09/08/16 (Cost $64,944) | | $ | 65 | | | | 64,975 | |
| | | | | | | | |
128
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.1% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,401,926) | | | 1,401,926 | | | $ | 1,401,926 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.6%
(Cost $55,555,610) | | | | 66,372,881 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.6)% | | | | (363,933 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 66,008,948 | |
| | | | | | | | |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $15,234. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.1% | | | $ | 37,835 | |
Aerospace & Defense | | | 1.4% | | | | 811,837 | |
Agriculture | | | 0.4% | | | | 211,447 | |
Airlines | | | 0.4% | | | | 251,344 | |
Apparel | | | 0.9% | | | | 534,168 | |
Auto Manufacturers | | | 0.1% | | | | 54,062 | |
Auto Parts & Equipment | | | 1.1% | | | | 661,768 | |
Banks | | | 10.1% | | | | 5,988,166 | |
Beverages | | | 0.2% | | | | 141,236 | |
Biotechnology | | | 3.7% | | | | 2,210,786 | |
Building Materials | | | 1.9% | | | | 1,107,331 | |
Chemicals | | | 2.5% | | | | 1,468,576 | |
Coal | | | —% | + | | | 19,337 | |
Commercial Services | | | 5.6% | | | | 3,333,826 | |
Computers | | | 2.8% | | | | 1,661,220 | |
Cosmetics & Personal Care | | | 0.2% | | | | 114,290 | |
Distribution & Wholesale | | | 0.8% | | | | 470,961 | |
Diversified Financial Services | | | 2.5% | | | | 1,487,957 | |
Electric | | | 2.6% | | | | 1,555,871 | |
Electrical Components & Equipment | | | 1.2% | | | | 708,975 | |
Electronics | | | 2.5% | | | | 1,452,827 | |
Energy-Alternate Sources | | | 0.4% | | | | 216,216 | |
Engineering & Construction | | | 1.2% | | | | 683,729 | |
Entertainment | | | 1.0% | | | | 577,234 | |
Environmental Control | | | 0.6% | | | | 347,630 | |
Food | | | 2.0% | | | | 1,150,408 | |
Forest Products & Paper | | | 0.4% | | | | 256,270 | |
Gas | | | 1.5% | | | | 910,350 | |
Hand & Machine Tools | | | 0.2% | | | | 142,713 | |
Healthcare Products | | | 3.7% | | | | 2,162,774 | |
Healthcare Services | | | 1.9% | | | | 1,110,188 | |
Holding Companies | | | 0.2% | | | | 143,842 | |
Home Builders | | | 0.8% | | | | 447,238 | |
Home Furnishings | | | 0.6% | | | | 357,255 | |
Hotels & Resorts | | | 0.1% | | | | 59,840 | |
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Household Products & Wares | | | 0.6% | | | $ | 336,517 | |
Housewares | | | —% | + | | | 15,630 | |
Insurance | | | 3.1% | | | | 1,812,249 | |
Internet | | | 2.3% | | | | 1,369,890 | |
Investment Companies | | | 0.1% | | | | 39,243 | |
Iron & Steel | | | 0.6% | | | | 326,327 | |
Leisure Time | | | 0.6% | | | | 353,420 | |
Lodging | | | 0.3% | | | | 171,531 | |
Machinery — Construction & Mining | | | 0.3% | | | | 172,128 | |
Machinery — Diversified | | | 0.8% | | | | 459,095 | |
Media | | | 1.5% | | | | 901,000 | |
Metal Fabricate/Hardware | | | 1.0% | | | | 570,774 | |
Mining | | | 0.7% | | | | 430,017 | |
Miscellaneous Manufacturing | | | 1.8% | | | | 1,065,547 | |
Office & Business Equipment | | | —% | + | | | 12,864 | |
Office Furnishings | | | 0.5% | | | | 281,876 | |
Oil & Gas | | | 1.7% | | | | 999,960 | |
Oil & Gas Services | | | 0.9% | | | | 531,088 | |
Packaging and Containers | | | 0.1% | | | | 85,967 | |
Pharmaceuticals | | | 3.5% | | | | 2,077,033 | |
Pipelines | | | 0.1% | | | | 80,302 | |
Publishing / Newspapers | | | 0.2% | | | | 92,480 | |
Real Estate | | | 0.6% | | | | 378,740 | |
Real Estate Investment Trusts | | | 0.3% | | | | 148,619 | |
Retail | | | 5.9% | | | | 3,497,827 | |
Savings & Loans | | | 2.2% | | | | 1,268,797 | |
Semiconductors | | | 3.4% | | | | 2,033,368 | |
Software | | | 5.1% | | | | 3,005,122 | |
Storage & Warehousing | | | 0.2% | | | | 96,984 | |
Telecommunications | | | 3.5% | | | | 2,041,942 | |
Textiles | | | 0.2% | | | | 134,478 | |
Toys, Games & Hobbies | | | —% | + | | | 4,619 | |
Transportation | | | 1.7% | | | | 1,017,017 | |
Trucking and Leasing | | | 0.2% | | | | 131,633 | |
Water | | | 0.4% | | | | 262,045 | |
| |
| | |
| | | 100.0% | | | $ | 59,055,636 | |
| | | | | | | | |
129
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Small Cap Index Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Advertising | | $ | 37,835 | | | $ | 37,835 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 811,837 | | | | 811,837 | | | | — | | | | — | |
Agriculture | | | 211,447 | | | | 211,447 | | | | — | | | | — | |
Airlines | | | 251,344 | | | | 251,344 | | | | — | | | | — | |
Apparel | | | 534,168 | | | | 534,168 | | | | — | | | | — | |
Auto Manufacturers | | | 54,062 | | | | 54,062 | | | | — | | | | — | |
Auto Parts & Equipment | | | 661,768 | | | | 661,768 | | | | — | | | | — | |
Banks | | | 5,988,166 | | | | 5,988,166 | | | | — | | | | — | |
Beverages | | | 141,236 | | | | 141,236 | | | | — | | | | — | |
Biotechnology | | | 2,210,786 | | | | 2,210,786 | | | | — | | | | — | |
Building Materials | | | 1,107,331 | | | | 1,107,331 | | | | — | | | | — | |
Chemicals | | | 1,468,576 | | | | 1,468,576 | | | | — | | | | — | |
Coal | | | 19,337 | | | | 19,337 | | | | — | | | | — | |
Commercial Services | | | 3,333,826 | | | | 3,333,826 | | | | — | | | | — | |
Computers | | | 1,661,220 | | | | 1,661,220 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 114,290 | | | | 114,290 | | | | — | | | | — | |
Distribution & Wholesale | | | 470,961 | | | | 470,961 | | | | — | | | | — | |
Diversified Financial Services | | | 1,487,957 | | | | 1,487,957 | | | | — | | | | — | |
Electric | | | 1,555,871 | | | | 1,555,871 | | | | — | | | | — | |
Electrical Components & Equipment | | | 708,975 | | | | 708,975 | | | | — | | | | — | |
Electronics | | | 1,452,827 | | | | 1,452,827 | | | | — | | | | — | |
Energy-Alternate Sources | | | 216,216 | | | | 216,216 | | | | — | | | | — | |
Engineering & Construction | | | 683,729 | | | | 683,729 | | | | — | | | | — | |
Entertainment | | | 577,234 | | | | 577,234 | | | | — | | | | — | |
Environmental Control | | | 347,630 | | | | 347,630 | | | | — | | | | — | |
Food | | | 1,150,408 | | | | 1,150,408 | | | | — | | | | — | |
Forest Products & Paper | | | 256,270 | | | | 256,270 | | | | — | | | | — | |
Gas | | | 910,350 | | | | 910,350 | | | | — | | | | — | |
Hand & Machine Tools | | | 142,713 | | | | 142,713 | | | | — | | | | — | |
Healthcare Products | | | 2,162,774 | | | | 2,162,774 | | | | — | | | | — | |
Healthcare Services | | | 1,110,188 | | | | 1,110,188 | | | | — | | | | — | |
Holding Companies | | | 143,842 | | | | 143,842 | | | | — | | | | — | |
Home Builders | | | 447,238 | | | | 447,238 | | | | — | | | | — | |
Home Furnishings | | | 357,255 | | | | 357,255 | | | | — | | | | — | |
Hotels & Resorts | | | 59,840 | | | | 59,840 | | | | — | | | | — | |
Household Products & Wares | | | 336,517 | | | | 336,517 | | | | — | | | | — | |
Housewares | | | 15,630 | | | | 15,630 | | | | — | | | | — | |
Insurance | | | 1,812,249 | | | | 1,812,249 | | | | — | | | | — | |
Internet | | | 1,369,890 | | | | 1,369,890 | | | | — | | | | — | |
Investment Companies | | | 39,243 | | | | 39,243 | | | | — | | | | — | |
Iron & Steel | | | 326,327 | | | | 326,327 | | | | — | | | | — | |
Leisure Time | | | 353,420 | | | | 353,420 | | | | — | | | | — | |
Lodging | | | 171,531 | | | | 171,531 | | | | — | | | | — | |
Machinery — Construction & Mining | | | 172,128 | | | | 172,128 | | | | — | | | | — | |
Machinery — Diversified | | | 459,095 | | | | 459,095 | | | | — | | | | — | |
Media | | | 901,000 | | | | 901,000 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 570,774 | | | | 570,774 | | | | — | | | | — | |
Mining | | | 430,017 | | | | 430,017 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 1,065,547 | | | | 1,065,547 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Office & Business Equipment | | $ | 12,864 | | | $ | 12,864 | | | $ | — | | | $ | — | |
Office Furnishings | | | 281,876 | | | | 281,876 | | | | — | | | | — | |
Oil & Gas | | | 999,960 | | | | 999,960 | | | | — | | | | — | |
Oil & Gas Services | | | 531,088 | | | | 531,088 | | | | — | | | | — | |
Packaging and Containers | | | 85,967 | | | | 85,967 | | | | — | | | | — | |
Pharmaceuticals | | | 2,077,033 | | | | 2,070,795 | | | | 6,238 | | | | — | |
Pipelines | | | 80,302 | | | | 80,302 | | | | — | | | | — | |
Publishing / Newspapers | | | 92,480 | | | | 92,480 | | | | — | | | | — | |
Real Estate | | | 378,740 | | | | 378,740 | | | | — | | | | — | |
Real Estate Investment Trusts | | | 148,619 | | | | 148,619 | | | | — | | | | — | |
Retail | | | 3,497,827 | | | | 3,497,827 | | | | — | | | | — | |
Savings & Loans | | | 1,268,797 | | | | 1,268,797 | | | | — | | | | — | |
Semiconductors | | | 2,033,368 | | | | 2,033,368 | | | | — | | | | — | |
Software | | | 3,005,122 | | | | 3,005,122 | | | | — | | | | — | |
Storage & Warehousing | | | 96,984 | | | | 96,984 | | | | — | | | | — | |
Telecommunications | | | 2,041,942 | | | | 2,041,942 | | | | — | | | | — | |
Textiles | | | 134,478 | | | | 134,478 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 4,619 | | | | 4,619 | | | | — | | | | — | |
Transportation | | | 1,017,017 | | | | 1,017,017 | | | | — | | | | — | |
Trucking and Leasing | | | 131,633 | | | | 131,633 | | | | — | | | | — | |
Water | | | 262,045 | | | | 262,045 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | | | | | | | | | | | | | | |
Apartments | | | 253,102 | | | | 253,102 | | | | — | | | | — | |
Building & Real Estate | | | 750,636 | | | | 750,636 | | | | — | | | | — | |
Diversified | | | 665,822 | | | | 665,822 | | | | — | | | | — | |
Diversified Financial Services | | | 333,956 | | | | 330,756 | | | | 3,200 | | | | — | |
Forest Products & Paper | | | 53,810 | | | | 53,810 | | | | — | | | | — | |
Healthcare | | | 743,786 | | | | 743,786 | | | | — | | | | — | |
Hotels & Resorts | | | 781,021 | | | | 781,021 | | | | — | | | | — | |
Industrial | | | 510,912 | | | | 510,912 | | | | — | | | | — | |
Mixed Industrial/Office | | | 329,625 | | | | 329,625 | | | | — | | | | — | |
Office Property | | | 596,027 | | | | 596,027 | | | | — | | | | — | |
Real Estate | | | 73,832 | | | | 73,832 | | | | — | | | | — | |
Real Estate Investment Trusts | | | 30,660 | | | | 30,660 | | | | — | | | | — | |
Regional Malls | | | 148,026 | | | | 148,026 | | | | — | | | | — | |
Storage & Warehousing | | | 20,820 | | | | 20,820 | | | | — | | | | — | |
Strip Centers | | | 552,513 | | | | 552,513 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 64,975 | | | | — | | | | 64,975 | | | | — | |
RIGHTS | | | 5,796 | | | | — | | | | 5,796 | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,401,926 | | | | 1,401,926 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 66,372,881 | | | $ | 66,292,672 | | | $ | 80,209 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any significant transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
130
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 92.0% | | | | | | | | |
| Australia — 6.8% | | | | | | | | |
AGL Energy Ltd. | | | 5,276 | | | $ | 76,624 | |
Alumina Ltd. | | | 25,717 | | | | 25,279 | |
Amcor Ltd. | | | 9,071 | | | | 101,991 | |
AMP Ltd. | | | 24,438 | | | | 95,240 | |
APA Group | | | 8,753 | | | | 60,880 | |
Aristocrat Leisure Ltd. | | | 4,196 | | | | 43,651 | |
Asciano Ltd. | | | 4,969 | | | | 32,968 | |
ASX Ltd. | | | 1,401 | | | | 48,237 | |
Aurizon Holdings Ltd. | | | 15,495 | | | | 56,220 | |
Ausnet Services | | | 18,561 | | | | 22,860 | |
Australia & New Zealand Banking Group Ltd. | | | 22,660 | | | | 412,867 | |
Bank of Queensland Ltd. | | | 3,114 | | | | 24,844 | |
Bendigo & Adelaide Bank Ltd. | | | 3,686 | | | | 26,689 | |
BHP Billiton Ltd. | | | 24,967 | | | | 347,947 | |
Boral Ltd. | | | 4,756 | | | | 22,329 | |
Brambles Ltd. | | | 12,159 | | | | 113,521 | |
Caltex Australia Ltd. | | | 2,100 | | | | 50,631 | |
Challenger Ltd/Australia | | | 4,465 | | | | 29,171 | |
CIMIC Group Ltd. | | | 829 | | | | 22,381 | |
Coca-Cola Amatil Ltd. | | | 4,963 | | | | 30,637 | |
Cochlear Ltd. | | | 371 | | | | 33,850 | |
Commonwealth Bank of Australia | | | 13,264 | | | | 744,512 | |
Computershare Ltd. | | | 3,381 | | | | 23,379 | |
Crown Resorts Ltd. | | | 2,801 | | | | 26,642 | |
CSL Ltd. | | | 3,643 | | | | 307,224 | |
Dexus Property Group | | | 6,834 | | | | 46,373 | |
Domino’s Pizza Enterprises Ltd | | | 473 | | | | 24,339 | |
DUET Group | | | 18,193 | | | | 34,123 | |
Flight Centre Travel Group Ltd. | | | 439 | | | | 10,444 | |
Fortescue Metals Group Ltd. | | | 13,816 | | | | 36,972 | |
Goodman Group | | | 12,872 | | | | 69,039 | |
Harvey Norman Holdings Ltd. | | | 3,235 | | | | 11,257 | |
Healthscope Ltd. | | | 13,599 | | | | 29,264 | |
Incitec Pivot Ltd. | | | 13,612 | | | | 30,577 | |
Insurance Australia Group Ltd. | | | 19,230 | | | | 79,214 | |
Lend Lease Group | | | 4,333 | | | | 41,160 | |
Macquarie Group Ltd. | | | 2,346 | | | | 122,120 | |
Medibank Pvt. Ltd. | | | 21,209 | | | | 47,032 | |
Mirvac Group | | | 26,971 | | | | 41,019 | |
National Australia Bank Ltd. | | | 20,366 | | | | 391,016 | |
Newcrest Mining Ltd.* | | | 6,279 | | | | 108,827 | |
Oil Search Ltd. | | | 10,741 | | | | 54,238 | |
Orica Ltd. | | | 2,861 | | | | 26,615 | |
Origin Energy Ltd. | | | 14,077 | | | | 61,504 | |
Platinum Asset Management Ltd. | | | 1,805 | | | | 7,839 | |
Qantas Airways Ltd. | | | 2,415 | | | | 5,116 | |
QBE Insurance Group Ltd. | | | 10,872 | | | | 85,885 | |
Ramsay Health Care Ltd. | | | 980 | | | | 52,965 | |
REA Group Ltd. | | | 400 | | | | 17,951 | |
Rio Tinto Ltd. | | | 3,224 | | | | 111,520 | |
Santos Ltd. | | | 12,884 | | | | 45,607 | |
Scentre Group | | | 41,494 | | | | 153,692 | |
Seek Ltd. | | | 2,700 | | | | 30,995 | |
Sonic Healthcare Ltd. | | | 3,512 | | | | 56,955 | |
South32 Ltd.* | | | 16,770 | | | | 20,039 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Australia — (continued) | | | | | | | | |
South32 Ltd.* | | | 24,967 | | | $ | 29,281 | |
Stockland | | | 18,825 | | | | 66,744 | |
Suncorp Group Ltd. | | | 9,636 | | | | 88,362 | |
Sydney Airport | | | 9,491 | | | | 49,559 | |
Tabcorp Holdings Ltd. | | | 7,043 | | | | 24,262 | |
Tatts Group Ltd. | | | 13,129 | | | | 37,782 | |
Telstra Corp. Ltd. | | | 33,844 | | | | 141,459 | |
The GPT Group | | | 15,260 | | | | 62,057 | |
The GPT Group, In Specie~ | | | 16,419 | | | | 0 | |
TPG Telecom Ltd. | | | 2,224 | | | | 19,942 | |
Transurban Group | | | 15,315 | | | | 137,939 | |
Treasury Wine Estates Ltd. | | | 5,948 | | | | 41,332 | |
Vicinity Centres | | | 24,226 | | | | 60,440 | |
Vocus Communications Ltd. | | | 3,554 | | | | 23,113 | |
Wesfarmers Ltd. | | | 8,949 | | | | 269,874 | |
Westfield Corp. | | | 15,906 | | | | 127,768 | |
Westpac Banking Corp. | | | 26,039 | | | | 577,430 | |
Woodside Petroleum Ltd. | | | 6,074 | | | | 123,164 | |
Woolworths Ltd. | | | 10,150 | | | | 159,645 | |
| | | | | | | | |
| | | | | | | 6,674,424 | |
| | | | | �� | | | |
| Austria — 0.1% | | | | | | | | |
Andritz AG | | | 668 | | | | 31,675 | |
Erste Group Bank AG | | | 1,965 | | | | 44,739 | |
Immoeast AG~ | | | 2,678 | | | | 0 | |
OMV AG | | | 1,135 | | | | 31,906 | |
Raiffeisen Bank International AG* | | | 750 | | | | 9,474 | |
Voestalpine AG | | | 1,009 | | | | 33,958 | |
| | | | | | | | |
| | | | | | | 151,752 | |
| | | | | | | | |
| Belgium — 1.4% | | | | | | | | |
Ageas | | | 1,453 | | | | 50,505 | |
Anheuser-Busch InBev N.V. | | | 6,202 | | | | 820,134 | |
Belgacom S.A. | | | 1,133 | | | | 36,005 | |
Colruyt S.A. | | | 647 | | | | 35,804 | |
Delhaize Group S.A. | | | 768 | | | | 81,128 | |
Groupe Bruxelles Lambert S.A. | | | 667 | | | | 54,698 | |
KBC Groep N.V.* | | | 2,043 | | | | 100,477 | |
Solvay S.A. | | | 600 | | | | 56,045 | |
Telenet Group Holding N.V. | | | 377 | | | | 17,239 | |
UCB S.A. | | | 1,013 | | | | 76,064 | |
Umicore S.A. | | | 738 | | | | 38,121 | |
| | | | | | | | |
| | | | | | | 1,366,220 | |
| | | | | | | | |
| Bermuda — 0.0% | | | | | | | | |
Noble Group Ltd.*~ | | | 38,270 | | | | 5,682 | |
| | | | | | | | |
| China — 0.1% | | | | | | | | |
Sands China Ltd. | | | 19,200 | | | | 64,971 | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 19,000 | | | | 12,744 | |
| | | | | | | | |
| | | | | | | 77,715 | |
| | | | | | | | |
| Denmark — 1.8% | | | | | | | | |
A.P. Moller - Maersk A/S, B Shares | | | 55 | | | | 71,839 | |
A.P. Moller - Maersk A/S, A Shares | | | 31 | | | | 39,071 | |
Carlsberg A/S, B Shares | | | 840 | | | | 80,143 | |
Chr Hansen Holding AS | | | 775 | | | | 50,898 | |
131
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Denmark — (continued) | | | | | | | | |
Coloplast A/S, B Shares | | | 905 | | | $ | 67,743 | |
Danske Bank A/S | | | 5,515 | | | | 145,157 | |
DSV A/S | | | 1,517 | | | | 63,787 | |
Genmab AS* | | | 417 | | | | 76,039 | |
ISS A/S | | | 1,307 | | | | 49,157 | |
Novo Nordisk A/S, B Shares | | | 14,316 | | | | 770,958 | |
Novozymes A/S, B Shares | | | 1,916 | | | | 92,008 | |
Pandora A/S | | | 896 | | | | 122,035 | |
TDC A/S | | | 6,200 | | | | 30,383 | |
Tryg A/S | | | 965 | | | | 17,278 | |
Vestas Wind Systems A/S | | | 1,794 | | | | 121,937 | |
William Demant Holding A/s | | | 690 | | | | 13,431 | |
| | | | | | | | |
| | | | | | | 1,811,864 | |
| | | | | | | | |
| Finland — 0.9% | | | | | | | | |
Elisa OYJ | | | 1,000 | | | | 38,423 | |
Fortum OYJ | | | 3,489 | | | | 56,056 | |
Kone OYJ, B Shares | | | 2,641 | | | | 121,884 | |
Metso OYJ | | | 661 | | | | 15,540 | |
Neste OYJ | | | 812 | | | | 29,118 | |
Nokia OYJ | | | 44,858 | | | | 255,487 | |
Nokian Renkaat OYJ | | | 765 | | | | 27,419 | |
Orion OYJ, B Shares | | | 750 | | | | 29,123 | |
Sampo OYJ, A Shares | | | 3,551 | | | | 145,223 | |
Stora Enso OYJ, R Shares | | | 4,323 | | | | 34,766 | |
UPM-Kymmene OYJ | | | 4,158 | | | | 76,386 | |
Wartsila OYJ Abp | | | 1,184 | | | | 48,309 | |
| | | | | | | | |
| | | | | | | 877,734 | |
| | | | | | | | |
| France — 8.4% | | | | | | | | |
Accor S.A. | | | 1,361 | | | | 52,149 | |
Aeroports de Paris | | | 215 | | | | 23,558 | |
Air Liquide S.A. | | | 2,701 | | | | 281,396 | |
Alstom S.E. | | | 1,018 | | | | 23,504 | |
Arkema S.A. | | | 594 | | | | 45,413 | |
AtoS S.A. | | | 702 | | | | 57,879 | |
AXA S.A. | | | 15,218 | | | | 300,901 | |
BNP Paribas S.A. | | | 8,262 | | | | 362,336 | |
Bollore S.A. | | | 6,919 | | | | 23,293 | |
Bouygues S.A. | | | 1,571 | | | | 45,007 | |
Bureau Veritas S.A. | | | 1,772 | | | | 37,203 | |
Cap Gemini S.A. | | | 1,210 | | | | 104,415 | |
Carrefour S.A. | | | 4,457 | | | | 109,623 | |
Casino Guichard Perrachon S.A. | | | 468 | | | | 25,978 | |
Christian Dior S.E. | | | 408 | | | | 65,359 | |
CNP Assurances | | | 1,617 | | | | 23,857 | |
Compagnie de Saint-Gobain | | | 3,782 | | | | 143,360 | |
Compagnie Generale des Establissements Michelin, B Shares | | | 1,486 | | | | 140,042 | |
Credit Agricole S.A. | | | 8,537 | | | | 71,770 | |
Danone S.A. | | | 4,621 | | | | 323,391 | |
Dassault Systemes S.A. | | | 988 | | | | 74,492 | |
Edenred | | | 1,755 | | | | 35,936 | |
Eiffage S.A. | | | 442 | | | | 31,422 | |
Electricite de France S.A. | | | 2,020 | | | | 24,493 | |
Essilor International S.A. | | | 1,632 | | | | 214,493 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| France — (continued) | | | | | | | | |
Eurazeo S.A. | | | 360 | | | $ | 21,357 | |
Eutelsat Communications S.A. | | | 1,342 | | | | 25,330 | |
Fonciere Des Regions | | | 278 | | | | 24,571 | |
GDF Suez | | | 11,414 | | | | 183,272 | |
Gecina S.A. | | | 313 | | | | 42,395 | |
Groupe Eurotunnel S.E. | | | 3,742 | | | | 39,526 | |
Hermes International | | | 218 | | | | 81,266 | |
ICADE | | | 313 | | | | 21,995 | |
Iliad S.A. | | | 205 | | | | 41,382 | |
Imerys S.A. | | | 213 | | | | 13,591 | |
Ingenico Group S.A. | | | 436 | | | | 50,535 | |
JCDecaux S.A. | | | 510 | | | | 17,196 | |
Kering | | | 565 | | | | 90,955 | |
Klepierre | | | 1,527 | | | | 67,380 | |
L’Oreal S.A. | | | 1,971 | | | | 377,356 | |
Lagardere S.C.A. | | | 948 | | | | 20,621 | |
Legrand S.A. | | | 2,075 | | | | 106,223 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 2,159 | | | | 325,438 | |
Natixis | | | 7,282 | | | | 27,401 | |
Numericable-SFR | | | 671 | | | | 16,768 | |
Orange S.A. | | | 15,576 | | | | 253,275 | |
Pernod Ricard S.A. | | | 1,689 | | | | 187,001 | |
Peugeot S.A.* | | | 3,574 | | | | 42,839 | |
Publicis Groupe S.A. | | | 1,489 | | | | 99,631 | |
Remy Cointreau S.A. | | | 152 | | | | 13,084 | |
Renault S.A. | | | 1,493 | | | | 112,718 | |
Rexel S.A. | | | 1,960 | | | | 24,642 | |
Safran S.A. | | | 2,358 | | | | 158,793 | |
Sanofi S.A. | | | 9,135 | | | | 758,964 | |
Schneider Electric S.E. | | | 4,325 | | | | 252,325 | |
SCOR S.E. | | | 1,118 | | | | 33,054 | |
Societe BIC S.A. | | | 246 | | | | 34,660 | |
Societe Generale S.A. | | | 5,784 | | | | 180,959 | |
Sodexo | | | 765 | | | | 81,954 | |
Suez Environment Co. | | | 2,507 | | | | 39,103 | |
Technip S.A. | | | 909 | | | | 49,200 | |
Thales S.A. | | | 773 | | | | 64,194 | |
TOTAL S.A. | | | 17,446 | | | | 836,644 | |
Unibail-Rodamco S.E. | | | 776 | | | | 200,747 | |
Valeo SA | | | 1,761 | | | | 78,178 | |
Veolia Environment S.A. | | | 3,504 | | | | 75,668 | |
Vinci S.A. | | | 3,863 | | | | 272,601 | |
Vivendi S.A. | | | 8,958 | | | | 167,593 | |
Wendel S.A. | | | 253 | | | | 26,156 | |
Zodiac Aerospace | | | 1,724 | | | | 40,218 | |
| | | | | | | | |
| | | | | | | 8,320,029 | |
| | | | | | | | |
| Germany — 7.5% | | | | | | | | |
Adidas AG | | | 1,452 | | | | 208,434 | |
Allianz S.E. | | | 3,570 | | | | 509,289 | |
Axel Springer S.E. | | | 327 | | | | 17,169 | |
BASF S.E. | | | 7,181 | | | | 550,632 | |
Bayer AG | | | 6,425 | | | | 645,297 | |
Bayerische Motoren Werke AG | | | 2,574 | | | | 187,324 | |
Beiersdorf AG | | | 792 | | | | 74,983 | |
Brenntag AG | | | 1,140 | | | | 55,224 | |
132
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Germany — (continued) | | | | | | | | |
Commerzbank AG | | | 8,718 | | | $ | 56,775 | |
Continental AG | | | 878 | | | | 166,142 | |
Covestro Ag144A @ | | | 547 | | | | 24,364 | |
Daimler AG | | | 7,547 | | | | 451,602 | |
Deutsche Annington Immobilien S.E. | | | 3,477 | | | | 126,960 | |
Deutsche Bank AG* | | | 10,968 | | | | 151,613 | |
Deutsche Boerse AG | | | 1,516 | | | | 124,547 | |
Deutsche Lufthansa AG | | | 1,991 | | | | 23,409 | |
Deutsche Post AG | | | 7,523 | | | | 211,943 | |
Deutsche Telekom AG | | | 25,250 | | | | 430,572 | |
Deutsche Wohnen AG | | | 2,580 | | | | 87,844 | |
E.ON S.E. | | | 16,007 | | | | 161,588 | |
Evonik Industries AG | | | 1,096 | | | | 32,670 | |
Fraport AG Frankfurt Airport Services Worldwide | | | 272 | | | | 14,563 | |
Fresenius Medical Care AG & Co. KGaA | | | 1,651 | | | | 143,813 | |
Fresenius S.E. & Co. KGaA | | | 3,157 | | | | 231,969 | |
GEA Group AG | | | 1,522 | | | | 71,841 | |
Hannover Rueck S.E. | | | 474 | | | | 49,665 | |
HeidelbergCement AG | | | 1,060 | | | | 79,852 | |
Henkel AG & Co. KGaA | | | 823 | | | | 89,023 | |
Hochtief AG | | | 160 | | | | 20,658 | |
Hugo Boss AG | | | 567 | | | | 32,235 | |
Infineon Technologies AG | | | 8,492 | | | | 122,934 | |
K+S AG | | | 1,330 | | | | 27,228 | |
LANXESS AG | | | 691 | | | | 30,316 | |
Linde AG | | | 1,444 | | | | 201,203 | |
MAN S.E. | | | 297 | | | | 30,312 | |
Merck KGaA | | | 1,016 | | | | 103,270 | |
Metro AG | | | 1,566 | | | | 48,164 | |
Muenchener Ruckversicherungs AG | | | 1,290 | | | | 216,327 | |
OSRAM Licht AG | | | 667 | | | | 34,655 | |
ProSiebenSat.1 Media AG | | | 1,773 | | | | 77,555 | |
RWE AG* | | | 3,801 | | | | 60,532 | |
SAP S.E. | | | 7,580 | | | | 569,300 | |
Siemens AG | | | 5,900 | | | | 605,468 | |
Symrise AG | | | 897 | | | | 61,186 | |
Telefonica Deutschland Holding AG | | | 4,698 | | | | 19,352 | |
ThyssenKrupp AG | | | 2,865 | | | | 57,588 | |
TUI AG | | | 3,650 | | | | 41,544 | |
United Internet AG | | | 908 | | | | 37,745 | |
Volkswagen AG | | | 247 | | | | 32,743 | |
Zalando SE*144A @ | | | 677 | | | | 17,918 | |
| | | | | | | | |
| | | | | | | 7,427,340 | |
| | | | | | | | |
| Hong Kong — 2.9% | | | | | | | | |
AIA Group Ltd. | | | 94,200 | | | | 566,493 | |
ASM Pacific Technology Ltd. | | | 1,700 | | | | 12,224 | |
Bank of East Asia Ltd. | | | 8,017 | | | | 31,003 | |
BOC Hong Kong Holdings Ltd. | | | 27,500 | | | | 82,867 | |
Cathay Pacific Airways Ltd. | | | 10,000 | | | | 14,671 | |
Cheung Kong Infrastructure Holdings Ltd. | | | 5,000 | | | | 43,110 | |
Cheung Kong Property Holdings Ltd. | | | 21,170 | | | | 133,385 | |
CK Hutchison Holdings Ltd. | | | 21,128 | | | | 232,418 | |
CLP Holdings Ltd. | | | 12,500 | | | | 127,690 | |
First Pacific Co., Ltd. | | | 15,750 | | | | 11,434 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hong Kong — (continued) | | | | | | | | |
Galaxy Entertainment Group Ltd. | | | 18,000 | | | $ | 53,856 | |
Hang Lung Properties Ltd. | | | 19,000 | | | | 38,386 | |
Hang Seng Bank Ltd. | | | 5,700 | | | | 97,771 | |
Henderson Land Development Co., Ltd. | | | 8,935 | | | | 50,472 | |
HK Electric Investments & HK Electric Investments Ltd.144A @ | | | 20,777 | | | | 19,387 | |
HKT Trust & HKT Ltd. | | | 21,240 | | | | 30,608 | |
Hong Kong & China Gas Co., Ltd. | | | 59,464 | | | | 108,654 | |
Hong Kong Exchanges & Clearing Ltd. | | | 9,038 | | | | 220,216 | |
Hysan Development Co., Ltd. | | | 6,140 | | | | 27,381 | |
Kerry Properties Ltd. | | | 3,509 | | | | 8,688 | |
Li & Fung Ltd. | | | 50,000 | | | | 24,245 | |
Link REIT | | | 18,176 | | | | 124,291 | |
Melco Crown Entertainment Ltd. ADR | | | 1,467 | | | | 18,455 | |
MGM China Holdings Ltd. | | | 8,400 | | | | 10,968 | |
MTR Corp., Ltd. | | | 11,600 | | | | 58,848 | |
New World Development Co., Ltd. | | | 49,698 | | | | 50,611 | |
Noble Group Ltd.* | | | 38,270 | | | | 5,795 | |
NWS Holdings Ltd. | | | 13,307 | | | | 21,063 | |
PCCW Ltd. | | | 33,068 | | | | 22,220 | |
Power Assets Holdings Ltd. | | | 10,500 | | | | 96,543 | |
Shangri-La Asia Ltd. | | | 6,666 | | | | 6,693 | |
Sino Land Co., Ltd. | | | 21,298 | | | | 35,067 | |
SJM Holdings Ltd. | | | 17,000 | | | | 10,409 | |
Sun Hung Kai Properties Ltd. | | | 11,161 | | | | 134,701 | |
Swire Pacific Ltd., A Shares | | | 5,000 | | | | 56,506 | |
Swire Properties Ltd. | | | 9,336 | | | | 24,875 | |
Techtronic Industries Co. | | | 11,000 | | | | 45,936 | |
The Wharf Holdings Ltd. | | | 11,000 | | | | 67,128 | |
WH Group Ltd.144A @ | | | 45,343 | | | | 35,911 | |
Wheelock & Co., Ltd. | | | 7,000 | | | | 32,884 | |
Yue Yuen Industrial Holdings Ltd. | | | 7,000 | | | | 27,743 | |
| | | | | | | | |
| | | | | | | 2,821,606 | |
| | | | | | | | |
| Ireland — 1.1% | | | | | | | | |
Anglo Irish Bank Corp. PLC~ | | | 3,146 | | | | 0 | |
Bank of Ireland* | | | 220,348 | | | | 45,425 | |
CRH PLC | | | 6,548 | | | | 190,812 | |
DCC Plc | | | 683 | | | | 60,104 | |
Experian PLC | | | 7,434 | | | | 141,039 | |
James Hardie Industries PLC | | | 3,154 | | | | 48,847 | |
Kerry Group PLC, A Shares | | | 1,174 | | | | 104,121 | |
Paddy Power Betfair PLC | | | 632 | | | | 66,421 | |
Ryanair Holdings PLC ADR | | | 257 | | | | 17,872 | |
Shire PLC | | | 6,944 | | | | 429,159 | |
| | | | | | | | |
| | | | | | | 1,103,800 | |
| | | | | | | | |
| Israel — 0.7% | | | | | | | | |
Azrieli Group | | | 283 | | | | 12,034 | |
Bank Hapoalim BM | | | 8,292 | | | | 41,774 | |
Bank Leumi Le-Israel BM* | | | 11,337 | | | | 39,806 | |
Bezeq The Israeli Telecommunication Corp., Ltd. | | | 15,011 | | | | 29,736 | |
Check Point Software Technologies Ltd.* | | | 1,012 | | | | 80,636 | |
Israel Chemicals Ltd. | | | 3,410 | | | | 13,286 | |
Mizrahi Tefahot Bank Ltd. | | | 783 | | | | 9,029 | |
133
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Israel — (continued) | | | | | | | | |
Mobileye NV* | | | 1,353 | | | $ | 62,427 | |
NICE Systems Ltd. | | | 400 | | | | 25,453 | |
Taro Pharmaceutical Industries Ltd* | | | 116 | | | | 16,890 | |
Teva Pharmaceutical Industries Ltd. | | | 7,175 | | | | 363,128 | |
| | | | | | | | |
| | | | | | | 694,199 | |
| | | | | | | | |
| Italy — 1.7% | | | | | | | | |
Assicurazioni Generali SpA | | | 9,446 | | | | 111,391 | |
Atlantia SpA | | | 3,091 | | | | 77,229 | |
Enel SpA | | | 58,806 | | | | 261,067 | |
Eni SpA | | | 20,206 | | | | 325,463 | |
Exor SpA | | | 848 | | | | 31,304 | |
Ferrari NV | | | 737 | | | | 30,256 | |
Finmeccanica SpA* | | | 3,179 | | | | 32,148 | |
Intesa Sanpaolo SpA | | | 98,312 | | | | 187,257 | |
Intesa Sanpaolo SpA, RSP | | | 8,795 | | | | 15,745 | |
Luxottica Group SpA | | | 1,314 | | | | 64,042 | |
Mediobanca SpA | | | 4,539 | | | | 26,153 | |
Poste Italiane Spa144A @ | | | 4,029 | | | | 26,752 | |
Prysmian SpA | | | 1,389 | | | | 30,488 | |
Saipem SpA* | | | 46,345 | | | | 18,530 | |
Snam SpA | | | 18,898 | | | | 112,981 | |
Telecom Italia SpA | | | 78,086 | | | | 64,133 | |
Telecom Italia SpA, RSP | | | 52,300 | | | | 33,649 | |
Terna Rete Elettrica Nasionale SpA | | | 11,628 | | | | 64,711 | |
UniCredit SpA | | | 39,577 | | | | 87,040 | |
Unione di Banche Italiane SCpA | | | 7,359 | | | | 20,322 | |
Unipolsai SPA | | | 8,602 | | | | 12,982 | |
| | | | | | | | |
| | | | | | | 1,633,643 | |
| | | | | | | | |
| Japan — 21.5% | | | | | | | | |
ABC-Mart, Inc. | | | 200 | | | | 13,422 | |
Acom Co., Ltd.* | | | 3,200 | | | | 15,503 | |
Aeon Co., Ltd. | | | 4,900 | | | | 76,080 | |
AEON Financial Service Co., Ltd. | | | 700 | | | | 15,157 | |
Aeon Mall Co., Ltd. | | | 710 | | | | 9,290 | |
Air Water, Inc. | | | 1,000 | | | | 14,714 | |
Aisin Seiki Co., Ltd. | | | 1,400 | | | | 57,027 | |
Ajinomoto Co., Inc. | | | 4,000 | | | | 94,244 | |
Alfresa Holdings Corp. | | | 1,600 | | | | 33,427 | |
Alps Electric Co., Ltd. | | | 1,400 | | | | 26,598 | |
Amada Holdings Co., Ltd. | | | 3,000 | | | | 30,456 | |
ANA Holdings, Ltd. | | | 11,000 | | | | 31,346 | |
Aozora Bank Ltd. | | | 10,000 | | | | 34,690 | |
Asahi Glass Co., Ltd. | | | 7,000 | | | | 37,988 | |
Asahi Group Holdings Ltd. | | | 3,200 | | | | 103,471 | |
Asahi Kasei Corp. | | | 9,000 | | | | 62,631 | |
Asics Corp. | | | 1,000 | | | | 16,895 | |
Astellas Pharma, Inc. | | | 16,200 | | | | 254,054 | |
Bandai Namco Holdings, Inc. | | | 1,500 | | | | 38,710 | �� |
Benesse Holdings, Inc. | | | 700 | | | | 16,433 | |
Bridgestone Corp. | | | 5,200 | | | | 167,112 | |
Brother Industries Ltd. | | | 1,500 | | | | 16,089 | |
Calbee, Inc. | | | 400 | | | | 16,734 | |
Canon, Inc. | | | 8,300 | | | | 236,967 | |
Casio Computer Co., Ltd. | | | 1,500 | | | | 21,600 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Central Japan Railway Co. | | | 1,100 | | | $ | 195,650 | |
Chubu Electric Power Co., Inc. | | | 5,100 | | | | 72,578 | |
Chugai Pharmaceutical Co., Ltd. | | | 1,800 | | | | 64,149 | |
Concordia Financial Group Ltd* | | | 8,000 | | | | 30,895 | |
Credit Saison Co., Ltd. | | | 1,000 | | | | 16,798 | |
Cyberdyne Inc* | | | 1,000 | | | | 22,540 | |
Dai Nippon Printing Co., Ltd. | | | 4,000 | | | | 44,580 | |
Daicel Corp. | | | 2,000 | | | | 20,724 | |
Daihatsu Motor Co., Ltd. | | | 1,800 | | | | 23,447 | |
Daiichi Sankyo Co., Ltd. | | | 4,800 | | | | 116,617 | |
Daikin Industries Ltd. | | | 1,800 | | | | 151,281 | |
Daito Trust Construction Co., Ltd. | | | 500 | | | | 81,181 | |
Daiwa House Industry Co., Ltd. | | | 4,500 | | | | 132,152 | |
Daiwa Securities Group, Inc. | | | 13,000 | | | | 68,489 | |
Denso Corp. | | | 3,900 | | | | 137,223 | |
Dentsu, Inc. | | | 1,800 | | | | 84,377 | |
Don Quijote Holdings Co., Ltd. | | | 800 | | | | 29,730 | |
East Japan Railway Co. | | | 2,600 | | | | 240,951 | |
Eisai Co., Ltd. | | | 2,000 | | | | 111,672 | |
Electric Power Development Co., Ltd. | | | 1,000 | | | | 23,298 | |
FamilyMart Co., Ltd. | | | 500 | | | | 30,471 | |
FANUC Corp. | | | 1,500 | | | | 244,010 | |
Fast Retailing Co., Ltd. | | | 400 | | | | 107,392 | |
Fuji Electric Co., Ltd. | | | 4,000 | | | | 16,654 | |
Fuji Heavy Industries Ltd. | | | 4,500 | | | | 154,680 | |
FUJIFILM Holdings Corp. | | | 3,400 | | | | 131,921 | |
Fujitsu Ltd. | | | 15,000 | | | | 55,160 | |
Fukuoka Financial Group, Inc. | | | 6,000 | | | | 19,783 | |
GungHo Online Entertainment, Inc. | | | 3,000 | | | | 8,129 | |
Hakuhodo DY Holdings, Inc. | | | 1,500 | | | | 17,979 | |
Hamamatsu Photonics K.K. | | | 1,000 | | | | 28,059 | |
Hankyu Hanshin Holdings, Inc. | | | 8,000 | | | | 59,652 | |
Hikari Tsushin, Inc. | | | 200 | | | | 16,755 | |
Hino Motors Ltd. | | | 2,000 | | | | 19,920 | |
Hirose Electric Co., Ltd. | | | 210 | | | | 25,823 | |
Hisamitsu Pharmaceutical Co., Inc. | | | 400 | | | | 23,065 | |
Hitachi Chemical Co., Ltd. | | | 1,000 | | | | 18,676 | |
Hitachi Construction Machinery Co., Ltd. | | | 1,000 | | | | 14,596 | |
Hitachi High-Technologies Corp. | | | 500 | | | | 13,684 | |
Hitachi Ltd. | | | 38,000 | | | | 159,215 | |
Hitachi Metals Ltd. | | | 2,000 | | | | 20,318 | |
Hokuriku Electric Power Co. | | | 1,200 | | | | 14,869 | |
Honda Motor Co., Ltd. | | | 12,800 | | | | 321,091 | |
Hongkong Land Holdings Ltd. | | | 9,000 | | | | 55,082 | |
Hoshizaki Electric Co. Ltd. | | | 300 | | | | 29,368 | |
Hoya Corp. | | | 3,300 | | | | 117,863 | |
Hulic Co., Ltd. | | | 2,500 | | | | 26,344 | |
Idemitsu Kosan Co., Ltd. | | | 400 | | | | 8,684 | |
IHI Corp. | | | 12,000 | | | | 32,346 | |
Iida Group Holdings Co., Ltd. | | | 1,000 | | | | 20,479 | |
Inpex Corp. | | | 7,200 | | | | 56,308 | |
Isetan Mitsukoshi Holdings Ltd. | | | 2,500 | | | | 22,252 | |
Isuzu Motors Ltd. | | | 4,500 | | | | 55,426 | |
ITOCHU Corp. | | | 12,000 | | | | 146,799 | |
J. Front Retailing Co., Ltd. | | | 2,000 | | | | 20,737 | |
134
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Japan Airlines Co., Ltd. | | | 1,000 | | | $ | 32,173 | |
Japan Airport Terminal Co., Ltd. | | | 300 | | | | 10,884 | |
Japan Exchange Group, Inc. | | | 4,000 | | | | 46,054 | |
Japan Post Bank Co. Ltd. | | | 3,000 | | | | 35,276 | |
Japan Post Holdings Co. Ltd. | | | 3,000 | | | | 36,496 | |
Japan Prime Realty Investment Corp. | | | 5 | | | | 21,456 | |
Japan Real Estate Investment Corp. | | | 10 | | | | 61,766 | |
Japan Retail Fund Investment Corp. | | | 20 | | | | 51,069 | |
Japan Tobacco, Inc. | | | 8,700 | | | | 350,629 | |
JFE Holdings, Inc. | | | 3,700 | | | | 48,267 | |
JGC Corp. | | | 1,000 | | | | 14,316 | |
JSR Corp. | | | 1,100 | | | | 14,567 | |
JTEKT Corp. | | | 1,500 | | | | 17,002 | |
JX Holdings, Inc. | | | 17,690 | | | | 69,050 | |
Kajima Corp. | | | 7,000 | | | | 48,627 | |
Kakaku.Com, Inc. | | | 1,100 | | | | 21,857 | |
Kamigumi Co., Ltd. | | | 2,000 | | | | 18,486 | |
Kaneka Corp. | | | 2,000 | | | | 13,345 | |
Kansai Paint Co., Ltd. | | | 2,000 | | | | 40,379 | |
Kao Corp. | | | 3,900 | | | | 227,144 | |
Kawasaki Heavy Industries Ltd. | | | 10,000 | | | | 28,196 | |
KDDI Corp. | | | 14,500 | | | | 440,941 | |
Keihan Electric Railway Co., Ltd. | | | 3,000 | | | | 20,788 | |
Keikyu Corp. | | | 4,000 | | | | 40,252 | |
Keio Corp. | | | 5,000 | | | | 47,164 | |
Keisei Electric Railway Co., Ltd. | | | 2,000 | | | | 25,780 | |
Keyence Corp. | | | 341 | | | | 232,674 | |
Kikkoman Corp. | | | 1,000 | | | | 36,900 | |
Kintetsu Group Holdings Co., Ltd. | | | 13,000 | | | | 55,633 | |
Kirin Holdings Co., Ltd. | | | 6,800 | | | | 114,690 | |
Kobe Steel Ltd. | | | 26,000 | | | | 21,369 | |
Koito Manufacturing Co., Ltd. | | | 700 | | | | 32,231 | |
Komatsu Ltd. | | | 7,300 | | | | 126,813 | |
Konami Corp. | | | 600 | | | | 22,890 | |
Konica Minolta, Inc. | | | 4,000 | | | | 29,138 | |
Kose Corp. | | | 200 | | | | 16,948 | |
Kubota Corp. | | | 8,200 | | | | 110,908 | |
Kuraray Co., Ltd. | | | 2,400 | | | | 28,636 | |
Kurita Water Industries Ltd. | | | 800 | | | | 17,833 | |
Kyocera Corp. | | | 2,600 | | | | 123,715 | |
Kyowa Hakko Kirin Co., Ltd. | | | 2,000 | | | | 34,112 | |
Kyushu Electric Power Co., Inc. | | | 2,900 | | | | 29,085 | |
Kyushu Financial Group Inc. | | | 3,000 | | | | 14,870 | |
Lawson, Inc. | | | 500 | | | | 39,917 | |
LIXIL Group Corp. | | | 2,300 | | | | 37,770 | |
M3, Inc. | | | 1,300 | | | | 45,370 | |
Mabuchi Motor Co., Ltd. | | | 400 | | | | 16,942 | |
Makita Corp. | | | 1,000 | | | | 66,397 | |
Marubeni Corp. | | | 13,000 | | | | 58,731 | |
Marui Group Co., Ltd. | | | 1,500 | | | | 20,193 | |
Maruichi Steel Tube Ltd. | | | 300 | | | | 10,485 | |
Mazda Motor Corp. | | | 3,900 | | | | 51,610 | |
McDonald’s Holdings Co., Japan Ltd. | | | 700 | | | | 19,014 | |
Medipal Holdings Corp. | | | 800 | | | | 13,153 | |
MEIJI Holdings Co., Ltd. | | | 900 | | | | 92,480 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Minebea Co., Ltd. | | | 3,000 | | | $ | 20,382 | |
Miraca Holdings, Inc. | | | 400 | | | | 17,347 | |
Mitsubishi Chemical Holdings Corp. | | | 9,500 | | | | 43,548 | |
Mitsubishi Corp. | | | 11,600 | | | | 204,245 | |
Mitsubishi Electric Corp. | | | 15,000 | | | | 179,075 | |
Mitsubishi Estate Co., Ltd. | | | 10,000 | | | | 183,428 | |
Mitsubishi Gas Chemical Co., Inc. | | | 3,000 | | | | 15,651 | |
Mitsubishi Heavy Industries Ltd. | | | 24,000 | | | | 96,509 | |
Mitsubishi Logistics Corp. | | | 1,000 | | | | 13,990 | |
Mitsubishi Materials Corp. | | | 7,000 | | | | 16,761 | |
Mitsubishi Motors Corp. | | | 5,200 | | | | 24,005 | |
Mitsubishi Tanabe Pharma Corp. | | | 1,900 | | | | 34,330 | |
Mitsubishi UFJ Financial Group, Inc. | | | 99,900 | | | | 447,837 | |
Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 4,600 | | | | 17,676 | |
Mitsui & Co., Ltd. | | | 12,900 | | | | 153,990 | |
Mitsui Chemicals, Inc. | | | 5,000 | | | | 18,374 | |
Mitsui Fudosan Co., Ltd. | | | 7,000 | | | | 160,655 | |
Mitsui OSK Lines Ltd. | | | 10,000 | | | | 21,265 | |
Mixi, Inc. | | | 200 | | | | 8,269 | |
Mizuho Financial Group, Inc. | | | 186,580 | | | | 268,500 | |
MS&AD Insurance Group Holdings, Inc. | | | 4,090 | | | | 105,972 | |
Murata Manufacturing Co., Ltd. | | | 1,500 | | | | 168,172 | |
Nabtesco Corp. | | | 700 | | | | 16,702 | |
Nagoya Railroad Co., Ltd. | | | 7,000 | | | | 39,441 | |
NEC Corp. | | | 21,000 | | | | 48,927 | |
Nexon Co. Ltd. | | | 1,100 | | | | 16,280 | |
NGK Insulators Ltd. | | | 2,000 | | | | 40,435 | |
NGK Spark Plug Co., Ltd. | | | 1,400 | | | | 21,133 | |
NH Foods Ltd. | | | 1,000 | | | | 24,494 | |
NHK Spring Co., Ltd. | | | 1,200 | | | | 9,739 | |
Nidec Corp. | | | 1,800 | | | | 137,021 | |
Nikon Corp. | | | 2,900 | | | | 39,265 | |
Nintendo Co., Ltd. | | | 900 | | | | 129,329 | |
Nippon Building Fund, Inc. | | | 10 | | | | 61,600 | |
Nippon Electric Glass Co., Ltd. | | | 2,000 | | | | 8,349 | |
Nippon Express Co., Ltd. | | | 6,000 | | | | 27,418 | |
Nippon Paint Holdings Co., Ltd. | | | 1,000 | | | | 24,722 | |
Nippon Prologis REIT, Inc. | | | 10 | | | | 24,430 | |
Nippon Steel & Sumitomo Metal Corp. | | | 5,917 | | | | 114,551 | |
Nippon Telegraph & Telephone Corp. | | | 5,300 | | | | 248,543 | |
Nippon Yusen K.K. | | | 13,000 | | | | 22,870 | |
Nissan Motor Co., Ltd. | | | 19,400 | | | | 173,132 | |
Nisshin Seifun Group, Inc. | | | 1,815 | | | | 29,176 | |
Nissin Foods Holdings Co., Ltd. | | | 500 | | | | 27,305 | |
Nitori Holdings Co., Ltd. | | | 600 | | | | 72,770 | |
Nitto Denko Corp. | | | 1,200 | | | | 76,121 | |
NOK Corp. | | | 1,000 | | | | 17,006 | |
Nomura Holdings, Inc. | | | 28,500 | | | | 101,362 | |
Nomura Real Estate Holdings, Inc. | | | 1,000 | | | | 17,474 | |
Nomura Real Estate Master Fund Inc. | | | 28 | | | | 44,263 | |
Nomura Research Institute Ltd. | | | 1,100 | | | | 40,343 | |
NSK Ltd. | | | 4,000 | | | | 29,280 | |
NTT Data Corp. | | | 1,000 | | | | 47,228 | |
NTT DOCOMO, Inc. | | | 11,200 | | | | 302,048 | |
NTT Urban Development Corp. | | | 1,000 | | | | 10,751 | |
135
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Obayashi Corp. | | | 5,000 | | | $ | 53,235 | |
Obic Co. Ltd. | | | 500 | | | | 27,523 | |
Odakyu Electric Railway Co., Ltd. | | | 5,000 | | | | 58,630 | |
Oji Holdings Corp. | | | 6,000 | | | | 23,034 | |
Olympus Corp. | | | 2,200 | | | | 82,151 | |
Omron Corp. | | | 1,600 | | | | 52,225 | |
Ono Pharmaceutical Co., Ltd. | | | 3,000 | | | | 130,683 | |
Oracle Corp. Japan | | | 200 | | | | 10,665 | |
Oriental Land Co., Ltd. | | | 1,600 | | | | 103,599 | |
ORIX Corp. | | | 10,600 | | | | 137,169 | |
Osaka Gas Co., Ltd. | | | 16,000 | | | | 61,512 | |
Otsuka Corp. | | | 300 | | | | 14,028 | |
Otsuka Holdings Co., Ltd. | | | 3,000 | | | | 138,249 | |
Panasonic Corp. | | | 17,500 | | | | 150,562 | |
Park24 Co., Ltd. | | | 800 | | | | 27,492 | |
Pola Orbis Holdings Inc | | | 200 | | | | 18,822 | |
Rakuten, Inc. | | | 7,300 | | | | 79,229 | |
Recruit Holdings Co., Ltd. | | | 2,000 | | | | 73,068 | |
Resona Holdings, Inc. | | | 17,800 | | | | 65,057 | |
Ricoh Co., Ltd. | | | 5,000 | | | | 43,342 | |
Rinnai Corp. | | | 300 | | | | 26,509 | |
Rohm Co., Ltd. | | | 800 | | | | 31,576 | |
Ryohin Keikaku Co. Ltd. | | | 200 | | | | 48,740 | |
Sankyo Co., Ltd. | | | 400 | | | | 14,997 | |
Santen Pharmaceutical Co., Ltd. | | | 3,000 | | | | 47,152 | |
SBI Holdings, Inc. | | | 1,710 | | | | 17,028 | |
Secom Co., Ltd. | | | 1,700 | | | | 125,686 | |
Sega Sammy Holdings, Inc. | | | 1,200 | | | | 12,924 | |
Seibu Holdings, Inc. | | | 1,000 | | | | 16,937 | |
Seiko Epson Corp. | | | 2,200 | | | | 35,270 | |
Sekisui Chemical Co., Ltd. | | | 3,000 | | | | 36,962 | |
Sekisui House Ltd. | | | 4,600 | | | | 80,556 | |
Seven & I Holdings Co., Ltd. | | | 6,000 | | | | 251,569 | |
Seven Bank Ltd. | | | 5,300 | | | | 16,451 | |
Shikoku Electric Power Co., Inc. | | | 1,300 | | | | 15,399 | |
Shimadzu Corp. | | | 2,000 | | | | 30,067 | |
Shimamura Co., Ltd. | | | 200 | | | | 29,757 | |
Shimano, Inc. | | | 600 | | | | 91,739 | |
Shimizu Corp. | | | 5,000 | | | | 46,845 | |
Shin-Etsu Chemical Co., Ltd. | | | 3,000 | | | | 175,765 | |
Shinsei Bank Ltd. | | | 14,000 | | | | 20,398 | |
Shionogi & Co., Ltd. | | | 2,300 | | | | 125,732 | |
Shiseido Co., Ltd. | | | 2,600 | | | | 67,750 | |
Showa Shell Sekiyu K.K. | | | 1,000 | | | | 9,334 | |
SMC Corp. | | | 400 | | | | 98,410 | |
SoftBank Corp. | | | 7,500 | | | | 424,141 | |
Sohgo Security Services Co. Ltd. | | | 500 | | | | 24,718 | |
Sompo Japan Nipponkoa Holdings, Inc. | | | 2,525 | | | | 67,196 | |
Sony Corp. | | | 9,900 | | | | 291,674 | |
Sony Financial Holdings, Inc. | | | 1,200 | | | | 13,568 | |
Stanley Electric Co., Ltd. | | | 1,300 | | | | 27,763 | |
Start Today Co Ltd | | | 500 | | | | 26,429 | |
Sumitomo Chemical Co., Ltd. | | | 12,000 | | | | 49,513 | |
Sumitomo Corp. | | | 8,500 | | | | 85,679 | |
Sumitomo Dainippon Pharma Co., Ltd. | | | 1,400 | | | | 24,266 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Sumitomo Electric Industries Ltd. | | | 5,900 | | | $ | 78,089 | |
Sumitomo Heavy Industries Ltd. | | | 5,000 | | | | 21,964 | |
Sumitomo Metal Mining Co., Ltd. | | | 4,000 | | | | 40,690 | |
Sumitomo Mitsui Financial Group, Inc. | | | 10,400 | | | | 300,301 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 25,430 | | | | 82,744 | |
Sumitomo Realty & Development Co., Ltd. | | | 3,000 | | | | 81,352 | |
Sumitomo Rubber Industries Ltd. | | | 1,200 | | | | 16,065 | |
Sundrug Co Ltd | | | 300 | | | | 28,168 | |
Suntory Beverage & Food Ltd. | | | 1,000 | | | | 45,251 | |
Suruga Bank Ltd. | | | 1,600 | | | | 36,159 | |
Suzuken Co., Ltd. | | | 440 | | | | 13,850 | |
Suzuki Motor Corp. | | | 2,800 | | | | 75,818 | |
Sysmex Corp. | | | 1,200 | | | | 82,630 | |
T&D Holdings, Inc. | | | 4,300 | | | | 36,516 | |
Taiheiyo Cement Corp. | | | 8,000 | | | | 18,949 | |
Taisei Corp. | | | 8,000 | | | | 65,734 | |
Taisho Pharmaceutical Holdings Co., Ltd. | | | 300 | | | | 31,569 | |
Taiyo Nippon Sanso Corp. | | | 1,000 | | | | 9,191 | |
Takashimaya Co., Ltd. | | | 2,000 | | | | 14,325 | |
Takeda Pharmaceutical Co., Ltd. | | | 5,500 | | | | 237,205 | |
TDK Corp. | | | 900 | | | | 50,379 | |
Teijin Ltd. | | | 6,000 | | | | 19,881 | |
Terumo Corp. | | | 2,600 | | | | 110,956 | |
The Bank of Kyoto Ltd. | | | 3,000 | | | | 18,401 | |
The Chiba Bank Ltd. | | | 5,000 | | | | 23,629 | |
The Chugoku Bank Ltd. | | | 1,000 | | | | 10,203 | |
The Chugoku Electric Power Co., Inc. | | | 2,100 | | | | 26,698 | |
The Dai-ichi Life Insurance Co., Ltd. | | | 8,500 | | | | 95,152 | |
The Hachijuni Bank Ltd. | | | 4,000 | | | | 17,421 | |
The Hiroshima Bank Ltd. | | | 4,000 | | | | 13,365 | |
The Iyo Bank Ltd. | | | 2,000 | | | | 12,249 | |
The Joyo Bank Ltd. | | | 6,000 | | | | 22,431 | |
The Kansai Electric Power Co., Inc.* | | | 5,900 | | | | 57,462 | |
The Shizuoka Bank Ltd. | | | 4,000 | | | | 28,170 | |
The Yokohama Rubber Co., Ltd. | | | 1,000 | | | | 12,542 | |
THK Co., Ltd. | | | 1,000 | | | | 17,044 | |
Tobu Railway Co., Ltd. | | | 9,000 | | | | 49,397 | |
Toho Co., Ltd. | | | 900 | | | | 24,922 | |
Toho Gas Co., Ltd. | | | 3,000 | | | | 24,548 | |
Tohoku Electric Power Co., Inc. | | | 3,100 | | | | 39,124 | |
Tokio Marine Holdings, Inc. | | | 5,400 | | | | 179,772 | |
Tokyo Electric Power Co., Inc.* | | | 12,200 | | | | 51,667 | |
Tokyo Electron Ltd. | | | 1,200 | | | | 101,410 | |
Tokyo Gas Co., Ltd. | | | 17,000 | | | | 70,189 | |
Tokyo Tatemono Co., Ltd. | | | 1,500 | | | | 17,988 | |
Tokyu Corp. | | | 8,000 | | | | 70,238 | |
Tokyu Fudosan Holdings Corp. | | | 4,000 | | | | 24,954 | |
TonenGeneral Sekiyu K.K. | | | 2,000 | | | | 18,219 | |
Toppan Printing Co., Ltd. | | | 4,000 | | | | 34,395 | |
Toray Industries, Inc. | | | 11,000 | | | | 93,862 | |
Toshiba Corp.* | | | 32,000 | | | | 87,168 | |
TOTO Ltd. | | | 1,000 | | | | 39,959 | |
Toyo Seikan Group Holdings Ltd. | | | 1,000 | | | | 19,108 | |
Toyo Suisan Kaisha Ltd. | | | 600 | | | | 24,338 | |
Toyoda Gosei Co., Ltd. | | | 400 | | | | 7,124 | |
136
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Toyota Industries Corp. | | | 1,200 | | | $ | 47,712 | |
Toyota Motor Corp. | | | 20,600 | | | | 1,015,550 | |
Toyota Tsusho Corp. | | | 1,800 | | | | 38,753 | |
Trend Micro, Inc. | | | 800 | | | | 28,611 | |
Tsuruha Holdings Inc | | | 300 | | | | 36,327 | |
Unicharm Corp. | | | 3,000 | | | | 67,403 | |
United Urban Investment Corp. | | | 19 | | | | 34,226 | |
USS Co., Ltd. | | | 1,500 | | | | 24,790 | |
West Japan Railway Co. | | | 1,300 | | | | 82,385 | |
Yahoo Japan Corp. | | | 10,400 | | | | 46,117 | |
Yakult Honsha Co., Ltd. | | | 700 | | | | 36,381 | |
Yamada Denki Co., Ltd. | | | 5,300 | | | | 27,978 | |
Yamaguchi Financial Group, Inc. | | | 2,000 | | | | 18,913 | |
Yamaha Corp. | | | 1,200 | | | | 32,344 | |
Yamaha Motor Co., Ltd. | | | 1,900 | | | | 28,984 | |
Yamato Holdings Co., Ltd. | | | 2,800 | | | | 64,291 | |
Yamazaki Baking Co., Ltd. | | | 1,000 | | | | 27,918 | |
Yaskawa Electric Corp. | | | 2,000 | | | | 26,113 | |
Yokogawa Electric Corp. | | | 2,000 | | | | 22,554 | |
| | | | | | | | |
| | | | | | | 21,185,580 | |
| | | | | | | | |
| Jersey — 0.1% | | | | | | | | |
Randgold Resources Ltd. | | | 746 | | | | 83,715 | |
| | | | | | | | |
| Luxembourg — 0.2% | | | | | | | | |
ArcelorMittal* | | | 14,042 | | | | 64,020 | |
Millicom International Cellular S.A. | | | 489 | | | | 29,995 | |
RTL Group S.A. | | | 294 | | | | 24,011 | |
SES S.A. | | | 2,387 | | | | 51,100 | |
Tenaris S.A. | | | 3,987 | | | | 57,625 | |
| | | | | | | | |
| | | | | | | 226,751 | |
| | | | | | | | |
| Macau — 0.0% | | | | | | | | |
Wynn Macau Ltd. | | | 12,400 | | | | 17,969 | |
| | | | | | | | |
| Netherlands — 5.0% | | | | | | | | |
ABN AMRO Group N.V.144A @ | | | 1,812 | | | | 29,791 | |
Aegon N.V. | | | 14,082 | | | | 55,798 | |
AerCap Holdings N.V.* | | | 1,313 | | | | 44,104 | |
Airbus Group N.V. | | | 4,687 | | | | 268,660 | |
Akzo Nobel N.V. | | | 2,024 | | | | 125,733 | |
Altice N.V. Class A* | | | 2,890 | | | | 43,152 | |
Altice N.V. Class B* | | | 694 | | | | 10,456 | |
ASML Holding N.V. | | | 2,841 | | | | 279,664 | |
CNH Industrial N.V. | | | 7,320 | | | | 53,097 | |
Gemalto N.V. | | | 668 | | | | 40,470 | |
Heineken Holdings N.V. | | | 733 | | | | 59,389 | |
Heineken N.V. | | | 1,750 | | | | 160,514 | |
ING Groep N.V. | | | 30,081 | | | | 311,217 | |
Koninklijke Ahold N.V. | | | 6,540 | | | | 144,421 | |
Koninklijke Boskalis Westminster N.V. | | | 686 | | | | 23,408 | |
Koninklijke DSM N.V. | | | 1,494 | | | | 86,190 | |
Koninklijke KPN N.V. | | | 25,159 | | | | 89,678 | |
Koninklijke Philips N.V. | | | 7,511 | | | | 186,546 | |
Koninklijke Vopak N.V. | | | 584 | | | | 29,071 | |
NN Group N.V. | | | 2,543 | | | | 70,002 | |
NXP Semiconductors N.V.* | | | 2,268 | | | | 177,675 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Netherlands — (continued) | | | | | | | | |
OCI N.V.* | | | 783 | | | $ | 10,607 | |
QIAGEN N.V.* | | | 1,520 | | | | 33,124 | |
Randstad Holding N.V. | | | 923 | | | | 36,912 | |
Reed Elsevier N.V. | | | 7,963 | | | | 137,766 | |
Royal Dutch Shell PLC, A Shares | | | 33,670 | | | | 924,757 | |
Royal Dutch Shell PLC, B Shares | | | 28,886 | | | | 798,083 | |
Unilever N.V. | | | 12,634 | | | | 587,605 | |
Wolters Kluwer N.V. | | | 2,160 | | | | 87,461 | |
| | | | | | | | |
| | | | | | | 4,905,351 | |
| | | | | | | | |
| New Zealand — 0.2% | | | | | | | | |
Auckland International Airport Ltd. | | | 7,482 | | | | 34,805 | |
Contact Energy Ltd. | | | 7,262 | | | | 26,960 | |
Fletcher Building Ltd. | | | 4,795 | | | | 29,494 | |
Meridian Energy Ltd. | | | 7,526 | | | | 14,204 | |
Mighty River Power Ltd. | | | 4,163 | | | | 8,985 | |
Ryman Healthcare Ltd. | | | 2,831 | | | | 18,896 | |
Spark New Zealand Ltd. | | | 16,634 | | | | 42,278 | |
| | | | | | | | |
| | | | | | | 175,622 | |
| | | | | | | | |
| Norway — 0.6% | | | | | | | | |
DNB ASA | | | 7,620 | | | | 91,210 | |
Gjensidige Forsikring ASA | | | 1,418 | | | | 23,625 | |
Marine Harvest Asa | | | 2,950 | | | | 49,758 | |
Norsk Hydro ASA | | | 10,203 | | | | 37,351 | |
Orkla ASA | | | 6,430 | | | | 57,186 | |
Schibsted ASA | | | 593 | | | | 17,776 | |
Schibsted ASA | | | 698 | | | | 19,970 | |
Statoil ASA | | | 9,002 | | | | 155,541 | |
Telenor ASA | | | 6,070 | | | | 100,477 | |
Yara International ASA | | | 1,246 | | | | 39,581 | |
| | | | | | | | |
| | | | | | | 592,475 | |
| | | | | | | | |
| Portugal — 0.1% | | | | | | | | |
Banco Espirito Santo S.A.~ | | | 27,017 | | | | 0 | |
EDP - Energias de Portugal S.A. | | | 16,826 | | | | 51,514 | |
Galp Energia SGPS, S.A. | | | 3,568 | | | | 49,625 | |
Jeronimo Martins SGPS, S.A. | | | 2,107 | | | | 33,231 | |
| | | | | | | | |
| | | | | | | 134,370 | |
| | | | | | | | |
| Singapore — 1.4% | | | | | | | | |
Ascendas Real Estate Investment Trust | | | 15,562 | | | | 28,801 | |
CapitaLand Commercial Trust Ltd. | | | 16,000 | | | | 17,598 | |
CapitaLand Ltd. | | | 18,000 | | | | 41,328 | |
CapitaLand Mall Trust | | | 21,700 | | | | 34,503 | |
City Developments Ltd. | | | 3,000 | | | | 18,231 | |
ComfortDelGro Corp. Ltd. | | | 14,000 | | | | 28,751 | |
DBS Group Holdings Ltd. | | | 13,707 | | | | 161,618 | |
Genting Singapore PLC | | | 54,000 | | | | 29,293 | |
Global Logistic Properties Ltd. | | | 26,000 | | | | 35,101 | |
Golden Agri-Resources Ltd. | | | 65,000 | | | | 17,007 | |
Hutchison Port Holdings Trust | | | 35,100 | | | | 16,061 | |
Jardine Cycle & Carriage Ltd. | | | 1,111 | | | | 30,392 | |
Jardine Matheson Holdings Ltd. | | | 2,000 | | | | 116,927 | |
Keppel Corp. Ltd. | | | 11,600 | | | | 47,854 | |
Oversea-Chinese Banking Corp. Ltd. | | | 24,550 | | | | 159,625 | |
137
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Singapore — (continued) | | | | | | | | |
Sembcorp Industries Ltd. | | | 9,000 | | | $ | 19,059 | |
SembCorp Marine Ltd. | | | 7,000 | | | | 8,146 | |
Singapore Airlines Ltd. | | | 4,000 | | | | 31,764 | |
Singapore Exchange Ltd. | | | 6,000 | | | | 34,178 | |
Singapore Press Holdings Ltd. | | | 10,000 | | | | 29,468 | |
Singapore Technologies Engineering Ltd. | | | 12,000 | | | | 28,247 | |
Singapore Telecommunications Ltd. | | | 63,000 | | | | 194,583 | |
StarHub Ltd. | | | 5,000 | | | | 14,108 | |
Suntec Real Estate Investment Trust | | | 16,000 | | | | 21,142 | |
United Overseas Bank Ltd. | | | 9,609 | | | | 132,392 | |
UOL Group Ltd. | | | 4,210 | | | | 17,161 | |
Wilmar International Ltd. | | | 17,000 | | | | 41,383 | |
| | | | | | | | |
| | | | | | | 1,354,721 | |
| | | | | | | | |
| South Africa — 0.1% | | | | | | | | |
Mediclinic International PLC | | | 2,866 | | | | 41,958 | |
Mondi PLC | | | 2,860 | | | | 53,546 | |
| | | | | | | | |
| | | | | | | 95,504 | |
| | | | | | | | |
| Spain — 2.7% | | | | | | | | |
Abertis Infraestructuras S.A. | | | 3,759 | | | | 55,549 | |
ACS Actividades de Construccion y Servicios S.A. | | | 1,447 | | | | 39,690 | |
ACS Actividades de Construccion y Servicios SA | | | 1,447 | | | | 1,016 | |
Aena S.A.144A @ | | | 488 | | | | 64,685 | |
Amadeus IT Holding S.A. | | | 3,406 | | | | 150,065 | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 51,042 | | | | 292,444 | |
Banco de Sabadell S.A. | | | 40,310 | | | | 53,381 | |
Banco Popular Espanol S.A. | | | 26,681 | | | | 34,674 | |
Banco Santander S.A. | | | 111,322 | | | | 432,007 | |
Bankia S.A. | | | 36,141 | | | | 26,310 | |
Bankinter S.A. | | | 4,820 | | | | 31,114 | |
CaixaBank | | | 20,891 | | | | 46,043 | |
Distribuidora Internacional de Alimentacion S.A. | | | 4,084 | | | | 23,838 | |
Enagas S.A. | | �� | 1,740 | | | | 53,158 | |
Endesa S.A. | | | 2,463 | | | | 49,421 | |
Ferrovial S.A. | | | 3,615 | | | | 70,775 | |
Gas Natural SDG S.A. | | | 2,914 | | | | 57,924 | |
Grifols SA | | | 2,504 | | | | 56,882 | |
Iberdrola S.A. | | | 42,328 | | | | 288,745 | |
Inditex S.A. | | | 8,480 | | | | 284,878 | |
Mapfre S.A. | | | 8,177 | | | | 17,958 | |
Red Electrica Corp. S.A. | | | 908 | | | | 81,133 | |
Repsol S.A. | | | 8,340 | | | | 106,910 | |
Repsol Sa | | | 8,307 | | | | 2,701 | |
Telefonica S.A. | | | 34,805 | | | | 330,434 | |
Zardoya Otis S.A. | | | 1,605 | | | | 15,156 | |
| | | | | | | | |
| | | | | | | 2,666,891 | |
| | | | | | | | |
| Sweden — 2.5% | | | | | | | | |
Alfa Laval AB | | | 2,088 | | | | 32,909 | |
Assa Abloy AB | | | 7,585 | | | | 156,045 | |
Atlas Copco AB, A Shares | | | 3,255 | | | | 77,151 | |
Atlas Copco AB, B Shares | | | 5,275 | | | | 137,003 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Sweden — (continued) | | | | | | | | |
Boliden AB | | | 1,883 | | | $ | 36,801 | |
Electrolux AB, B Shares | | | 1,720 | | | | 46,896 | |
Getinge AB, B Shares | | | 1,448 | | | | 29,895 | |
Hennes & Mauritz AB, B Shares | | | 7,381 | | | | 217,155 | |
Hexagon AB, B Shares | | | 2,081 | | | | 76,156 | |
Husqvarna AB, B Shares | | | 2,834 | | | | 21,103 | |
ICA Gruppen AB | | | 521 | | | | 17,461 | |
Industrivarden AB, C Shares | | | 1,227 | | | | 19,963 | |
Investor AB, B Shares | | | 3,414 | | | | 114,696 | |
Kinnevik Ab | | | 1,832 | | | | 43,793 | |
Lundin Petroleum AB* | | | 1,488 | | | | 27,116 | |
Nordea Bank AB | | | 24,214 | | | | 205,423 | |
Sandvik AB | | | 8,213 | | | | 82,228 | |
Securitas AB, B Shares | | | 1,984 | | | | 30,629 | |
Skandinaviska Enskilda Banken AB, A Shares | | | 12,133 | | | | 105,990 | |
Skanska AB, B Shares | | | 2,985 | | | | 62,503 | |
SKF AB, B Shares | | | 3,338 | | | | 53,485 | |
Svenska Cellulosa AB SCA, B Shares | | | 4,703 | | | | 151,110 | |
Svenska Handelsbanken AB | | | 11,485 | | | | 139,434 | |
Swedbank AB, A Shares | | | 7,333 | | | | 154,016 | |
Swedish Match AB | | | 1,496 | | | | 52,208 | |
Tele2 AB, B Shares | | | 2,927 | | | | 25,697 | |
Telefonaktiebolaget LM Ericsson, B Shares | | | 23,658 | | | | 181,754 | |
TeliaSonera AB | | | 21,208 | | | | 100,430 | |
Volvo AB, B Shares | | | 11,928 | | | | 118,496 | |
| | | | | | | | |
| | | | | | | 2,517,546 | |
| | | | | | | | |
| Switzerland — 8.9% | | | | | | | | |
ABB Ltd. | | | 15,174 | | | | 300,325 | |
Actelion Ltd. | | | 835 | | | | 140,612 | |
Adecco S.A. | | | 1,364 | | | | 68,798 | |
Aryzta AG | | | 739 | | | | 27,310 | |
Baloise Holding AG | | | 408 | | | | 45,443 | |
Barry Callebaut AG | | | 17 | | | | 20,931 | |
Chocoladefabriken Lindt & Spruengli AG | | | 1 | | | | 71,463 | |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | | | 7 | | | | 41,749 | |
Cie Financiere Richemont S.A. | | | 4,087 | | | | 239,231 | |
Coca-Cola HBC AG* | | | 1,371 | | | | 27,742 | |
Credit Suisse Group AG | | | 13,912 | | | | 148,197 | |
Dufry AG* | | | 317 | | | | 37,914 | |
EMS-Chemie Holding AG | | | 65 | | | | 33,560 | |
Galenica AG | | | 31 | | | | 41,791 | |
Geberit AG | | | 283 | | | | 107,190 | |
Givaudan S.A. | | | 74 | | | | 149,001 | |
Glencore PLC | | | 91,641 | | | | 188,884 | |
Holcim Ltd. | | | 3,404 | | | | 142,415 | |
Julius Baer Group Ltd. | | | 1,649 | | | | 66,369 | |
Kuehne + Nagel International AG | | | 444 | | | | 62,209 | |
Lonza Group AG | | | 392 | | | | 65,116 | |
Nestle S.A. | | | 24,590 | | | | 1,905,192 | |
Novartis AG | | | 17,549 | | | | 1,448,469 | |
Pargesa Holding S.A. | | | 272 | | | | 17,984 | |
Partners Group Holding AG | | | 113 | | | | 48,428 | |
Roche Holding AG | | | 5,418 | | | | 1,429,701 | |
Schindler Holding AG | | | 145 | | | | 26,388 | |
138
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Switzerland — (continued) | | | | | | | | |
Schindler Holding AG, Participation Certificates | | | 349 | | | $ | 63,186 | |
SGS S.A. | | | 43 | | | | 98,502 | |
Sika AG | | | 18 | | | | 75,475 | |
Sonova Holding AG | | | 427 | | | | 56,674 | |
STMicroelectronics N.V. | | | 4,919 | | | | 28,719 | |
Swiss Life Holding AG | | | 234 | | | | 54,077 | |
Swiss Prime Site AG | | | 430 | | | | 38,927 | |
Swiss Re AG | | | 2,573 | | | | 224,727 | |
Swisscom AG | | | 202 | | | | 100,355 | |
Syngenta AG | | | 723 | | | | 277,523 | |
The Swatch Group AG | | | 253 | | | | 73,623 | |
The Swatch Group AG, Registered Shares | | | 366 | | | | 20,960 | |
UBS Group AG | | | 28,612 | | | | 371,258 | |
Wolseley PLC | | | 2,086 | | | | 108,021 | |
Zurich Insurance Group AG | | | 1,170 | | | | 289,438 | |
| | | | | | | | |
| | | | | | | 8,783,877 | |
| | | | | | | | |
| United Kingdom — 15.3% | | | | | | | | |
3i Group PLC | | | 6,896 | | | | 50,597 | |
Aberdeen Asset Management PLC | | | 7,687 | | | | 28,841 | |
Admiral Group PLC | | | 1,518 | | | | 41,275 | |
Aggreko PLC | | | 2,157 | | | | 36,891 | |
Anglo American PLC | | | 10,459 | | | | 102,522 | |
Antofagasta PLC | | | 3,403 | | | | 21,279 | |
ARM Holdings PLC | | | 11,309 | | | | 171,781 | |
Ashtead Group PLC | | | 3,679 | | | | 52,551 | |
Associated British Foods PLC | | | 2,872 | | | | 104,651 | |
AstraZeneca PLC | | | 9,905 | | | | 592,159 | |
Auto Trader Group PLC144A @ | | | 7,720 | | | | 36,495 | |
Aviva PLC | | | 32,002 | | | | 168,693 | |
Babcock International Group PLC | | | 1,759 | | | | 21,267 | |
BAE Systems PLC | | | 25,041 | | | | 175,302 | |
Barclays PLC | | | 131,262 | | | | 244,134 | |
Barratt Developments PLC | | | 7,726 | | | | 41,983 | |
Berkeley Group Holdings Plc | | | 1,009 | | | | 34,072 | |
BHP Billiton PLC | | | 16,770 | | | | 212,258 | |
BP PLC | | | 142,567 | | | | 834,523 | |
British American Tobacco PLC | | | 14,523 | | | | 941,517 | |
BT Group PLC | | | 64,921 | | | | 356,846 | |
Bunzl PLC | | | 2,435 | | | | 74,922 | |
Burberry Group PLC | | | 3,582 | | | | 55,720 | |
Capita PLC | | | 4,936 | | | | 63,603 | |
Carnival PLC | | | 1,381 | | | | 61,261 | |
Centrica PLC | | | 40,740 | | | | 123,198 | |
Cobham PLC | | | 12,699 | | | | 26,755 | |
Coca-Cola European Partners PLC | | | 1,676 | | | | 60,058 | |
Compass Group PLC | | | 12,645 | | | | 240,577 | |
Croda International Plc | | | 923 | | | | 38,746 | |
Diageo PLC | | | 19,654 | | | | 549,050 | |
Direct Line Insurance Group PLC | | | 9,937 | | | | 45,941 | |
Dixons Carphone PLC | | | 7,844 | | | | 33,667 | |
easyJet PLC | | | 1,334 | | | | 19,385 | |
Fiat Chrysler Automobiles N.V. | | | 7,378 | | | | 45,415 | |
Fresnillo PLC | | | 1,200 | | | | 26,426 | |
G4S PLC | | | 12,521 | | | | 30,681 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| United Kingdom — (continued) | | | | | | | | |
GKN PLC | | | 13,828 | | | $ | 49,995 | |
GlaxoSmithKline PLC | | | 37,559 | | | | 806,584 | |
Hammerson PLC | | | 6,716 | | | | 48,373 | |
Hargreaves Lansdown PLC | | | 1,892 | | | | 31,561 | |
Hikma Pharmaceuticals Plc | | | 1,108 | | | | 36,488 | |
HSBC Holdings PLC | | | 151,793 | | | | 940,446 | |
ICAP PLC | | | 4,325 | | | | 24,336 | |
IMI PLC | | | 1,958 | | | | 25,374 | |
Imperial Brands PLC | | | 7,532 | | | | 408,483 | |
Inmarsat PLC | | | 3,494 | | | | 37,655 | |
Intercontinental Hotels Group Plc | | | 1,619 | | | | 59,709 | |
International Consolidated Airlines Group S.A. (London Main Market Exchange) | | | 2,764 | | | | 13,709 | |
International Consolidated Airlines Group S.A. (Spanish Stock Exchange) | | | 3,606 | | | | 17,854 | |
Intertek Group PLC | | | 1,257 | | | | 58,568 | |
Intu Properties PLC | | | 8,310 | | | | 32,308 | |
Investec PLC | | | 4,543 | | | | 28,238 | |
ITV PLC | | | 30,751 | | | | 73,731 | |
J. Sainsbury PLC | | | 9,762 | | | | 30,411 | |
Johnson Matthey PLC | | | 1,520 | | | | 57,011 | |
Kingfisher PLC | | | 18,641 | | | | 80,065 | |
Land Securities Group PLC | | | 6,374 | | | | 88,698 | |
Legal & General Group PLC | | | 47,123 | | | | 120,640 | |
Lloyds Banking Group PLC | | | 495,405 | | | | 358,819 | |
London Stock Exchange Group PLC | | | 2,429 | | | | 82,534 | |
Marks & Spencer Group PLC | | | 12,979 | | | | 55,583 | |
Meggitt PLC | | | 5,739 | | | | 31,194 | |
Merlin Entertainments PLC144A @ | | | 5,527 | | | | 32,549 | |
National Grid PLC | | | 29,117 | | | | 428,177 | |
Next PLC | | | 1,131 | | | | 74,732 | |
Old Mutual PLC | | | 38,468 | | | | 103,921 | |
Pearson PLC | | | 6,696 | | | | 87,103 | |
Persimmon PLC | | | 2,549 | | | | 49,430 | |
Petrofac Ltd. | | | 1,906 | | | | 19,812 | |
Provident Financial PLC | | | 1,152 | | | | 35,521 | |
Prudential PLC | | | 20,038 | | | | 340,025 | |
Reckitt Benckiser Group PLC | | | 4,949 | | | | 496,247 | |
Reed Elsevier PLC | | | 8,553 | | | | 157,499 | |
Rio Tinto PLC | | | 9,512 | | | | 295,506 | |
Rolls Royce Pfd C Entitlement*~ | | | 982,640 | | | | 1,308 | |
Rolls-Royce Holdings PLC | | | 13,840 | | | | 132,103 | |
Royal Bank of Scotland Group PLC* | | | 25,364 | | | | 57,479 | |
Royal Mail PLC | | | 7,054 | | | | 47,393 | |
RSA Insurance Group PLC | | | 7,501 | | | | 50,275 | |
SABMiller PLC | | | 7,565 | | | | 441,186 | |
Schroders PLC | | | 1,078 | | | | 34,066 | |
Segro PLC | | | 6,572 | | | | 36,428 | |
Severn Trent PLC | | | 1,743 | | | | 56,873 | |
Sky PLC | | | 7,899 | | | | 89,760 | |
Smith & Nephew PLC | | | 7,021 | | | | 119,225 | |
Smiths Group PLC | | | 3,378 | | | | 52,201 | |
SSE PLC | | | 7,972 | | | | 165,923 | |
St James’s Place PLC | | | 4,100 | | | | 43,238 | |
Standard Chartered PLC | | | 24,957 | | | | 189,349 | |
139
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| United Kingdom — (continued) | | | | | | | | |
Standard Life PLC | | | 16,040 | | | $ | 63,284 | |
Tate & Lyle PLC | | | 3,269 | | | | 29,228 | |
Taylor Wimpey PLC | | | 25,341 | | | | 44,957 | |
Tesco PLC* | | | 64,072 | | | | 150,480 | |
The British Land Co. PLC | | | 7,994 | | | | 64,906 | |
The Sage Group PLC | | | 8,870 | | | | 76,669 | |
The Weir Group PLC | | | 1,715 | | | | 33,123 | |
Travis Perkins PLC | | | 2,061 | | | | 40,664 | |
Unilever PLC | | | 10,072 | | | | 482,604 | |
United Utilities Group PLC | | | 5,606 | | | | 77,701 | |
Vodafone Group PLC | | | 206,585 | | | | 629,852 | |
W.M. Morrison Supermarkets PLC | | | 17,966 | | | | 45,102 | |
Whitbread PLC | | | 1,474 | | | | 68,968 | |
William Hill PLC | | | 7,259 | | | | 25,004 | |
Worldpay Group PLC*144A @ | | | 8,553 | | | | 31,131 | |
WPP PLC | | | 10,017 | | | | 208,769 | |
| | | | | | | | |
| | | | | | | 15,073,180 | |
| | | | | | | | |
| United States — 0.0% | | | | | | | | |
Ball Corp. | | | 64 | | | | 4,613 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $81,433,977) | | | | | | | 90,784,173 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.5% | | | | | | | | |
| Germany — 0.5% | | | | | | | | |
Bayerische Motoren Werke AG | | | 477 | | | | 30,407 | |
Fuchs Petrolub S.E. | | | 598 | | | | 23,526 | |
Henkel AG & Co. KGaA | | | 1,395 | | | | 170,485 | |
Porsche Automobil Holding S.E. | | | 1,203 | | | | 55,605 | |
Schaeffler Ag | | | 1,280 | | | | 16,907 | |
Volkswagen AG | | | 1,455 | | | | 176,231 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $416,389) | | | | | | | 473,161 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Belgium — 0.0% | | | | | | | | |
Anheuser-Busch InBev N.V. 02/27/13
0.000%, 12/31/49
(Cost $0) | | | 0 | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.1% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $151,380) | | | 151,380 | | | | 151,380 | |
| | | | | | | | |
TOTAL INVESTMENTS — 92.6%
(Cost $82,001,746) | | | | | | | 91,408,714 | |
| | | | | | | | |
| Other Assets & Liabilities — 7.4% | | | | | | | 7,263,230 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 98,671,944 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $6,990. |
| 144A @ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.5% | | | $ | 427,952 | |
Aerospace & Defense | | | 0.9% | | | | 841,368 | |
Agriculture | | | 2.0% | | | | 1,811,227 | |
Airlines | | | 0.2% | | | | 189,427 | |
Apparel | | | 0.9% | | | | 813,090 | |
Auto Manufacturers | | | 3.2% | | | | 2,905,816 | |
Auto Parts & Equipment | | | 1.2% | | | | 1,093,793 | |
Banks | | | 11.0% | | | | 9,982,795 | |
Beverages | | | 2.9% | | | | 2,673,624 | |
Biotechnology | | | 0.4% | | | | 399,232 | |
Building & Real Estate | | | 0.2% | | | | 136,370 | |
Building Materials | | | 1.3% | | | | 1,165,821 | |
Building-Maintenance Service | | | 0.1% | | | | 49,157 | |
Chemicals | | | 3.5% | | | | 3,134,309 | |
Commercial Services | | | 1.8% | | | | 1,593,834 | |
Computers | | | 0.4% | | | | 392,938 | |
Cosmetics & Personal Care | | | 0.9% | | | | 814,636 | |
Distribution & Wholesale | | | 0.9% | | | | 850,855 | |
Diversified | | | —% | + | | | 28,801 | |
Diversified Financial Services | | | 1.8% | | | | 1,635,731 | |
Diversified Operations | | | 0.3% | | | | 241,166 | |
Electric | | | 2.8% | | | | 2,504,054 | |
Electrical Components & Equipment | | | 1.1% | | | | 953,633 | |
Electronics | | | 1.4% | | | | 1,230,402 | |
Energy-Alternate Sources | | | 0.2% | | | | 198,561 | |
Engineering & Construction | | | 1.4% | | | | 1,248,643 | |
Entertainment | | | 0.3% | | | | 315,634 | |
Environmental Control | | | —% | + | | | 17,833 | |
Food | | | 5.9% | | | | 5,323,337 | |
Forest Products & Paper | | | 0.4% | | | | 338,842 | |
Gas | | | 1.0% | | | | 893,560 | |
Hand & Machine Tools | | | 0.5% | | | | 416,243 | |
Healthcare Products | | | 1.2% | | | | 1,074,668 | |
Healthcare Services | | | 0.3% | | | | 301,893 | |
Holding Companies | | | 0.4% | | | | 326,480 | |
Home Builders | | | 0.3% | | | | 304,221 | |
Home Furnishings | | | 0.5% | | | | 489,132 | |
Hotels & Resorts | | | 0.1% | | | | 121,818 | |
Household Products & Wares | | | 0.7% | | | | 641,033 | |
Industrial | | | 0.1% | | | | 132,103 | |
Insurance | | | 5.2% | | | | 4,764,930 | |
Internet | | | 0.4% | | | | 356,603 | |
Investment Companies | | | 0.2% | | | | 213,208 | |
Iron & Steel | | | 0.4% | | | | 397,043 | |
Leisure Time | | | 0.3% | | | | 279,240 | |
Lodging | | | 0.2% | | | | 226,916 | |
Machinery — Construction & Mining | | | 0.4% | | | | 355,563 | |
140
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Developed International Index Fund
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Machinery — Diversified | | | 1.1% | | | $ | 981,538 | |
Media | | | 1.1% | | | | 1,040,113 | |
Metal Fabricate/Hardware | | | 0.3% | | | | 306,920 | |
Mining | | | 1.9% | | | | 1,769,822 | |
Miscellaneous Manufacturing | | | 1.2% | | | | 1,046,736 | |
Mixed Industrial/Office | | | 0.5% | | | | 451,114 | |
Office & Business Equipment | | | 0.3% | | | | 315,579 | |
Oil & Gas | | | 5.0% | | | | 4,562,187 | |
Oil & Gas Services | | | 0.1% | | | | 87,542 | |
Packaging and Containers | | | 0.1% | | | | 125,712 | |
Pharmaceuticals | | | 9.3% | | | | 8,398,823 | |
Pipelines | | | 0.1% | | | | 60,880 | |
Real Estate | | | 1.8% | | | | 1,612,002 | |
Real Estate Investment Trusts | | | 1.1% | | | | 1,041,768 | |
Real Estate Management Services | | | 0.1% | | | | 126,960 | |
Retail | | | 2.8% | | | | 2,507,882 | |
Semiconductors | | | 1.0% | | | | 925,983 | |
Shipbuilding | | | —% | + | | | 20,890 | |
Software | | | 1.2% | | | | 1,049,469 | |
Storage & Warehousing | | | —% | + | | | 13,990 | |
Telecommunications | | | 5.7% | | | | 5,174,181 | |
Textiles | | | 0.2% | | | | 142,379 | |
Toys, Games & Hobbies | | | 0.2% | | | | 168,039 | |
Transportation | | | 2.2% | | | | 1,977,675 | |
Unknown | | | 2.2% | | | | 1,968,512 | |
Venture Capital | | | 0.1% | | | | 50,597 | |
Water | | | 0.3% | | | | 249,345 | |
| |
| | |
| | | 100.0% | | | $ | 90,784,173 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 6,674,424 | | | $ | 24,339 | | | $ | 6,650,085 | | | $ | — | |
Austria | | | 151,752 | | | | — | | | | 151,752 | | | | — | |
Belgium | | | 1,366,220 | | | | — | | | | 1,366,220 | | | | — | |
Bermuda | | | 5,682 | | | | — | | | | 5,682 | | | | — | |
China | | | 77,715 | | | | — | | | | 77,715 | | | | — | |
Denmark | | | 1,811,864 | | | | 13,431 | | | | 1,798,433 | | | | — | |
Finland | | | 877,734 | | | | — | | | | 877,734 | | | | — | |
France | | | 8,320,029 | | | | 109,600 | | | | 8,210,429 | | | | — | |
Germany | | | 7,427,340 | | | | 45,022 | | | | 7,382,318 | | | | — | |
Hong Kong | | | 2,821,606 | | | | 49,063 | | | | 2,772,543 | | | | — | |
Ireland | | | 1,103,800 | | | | 77,976 | | | | 1,025,824 | | | | — | |
Israel | | | 694,199 | | | | 159,953 | | | | 534,246 | | | | — | |
Italy | | | 1,633,643 | | | | 26,752 | | | | 1,606,891 | | | | — | |
Japan | | | 21,185,580 | | | | 163,181 | | | | 21,022,399 | | | | — | |
Jersey | | | 83,715 | | | | — | | | | 83,715 | | | | — | |
Luxembourg | | | 226,751 | | | | — | | | | 226,751 | | | | — | |
Macau | | | 17,969 | | | | — | | | | 17,969 | | | | — | |
Netherlands | | | 4,905,351 | | | | 251,570 | | | | 4,653,781 | | | | — | |
New Zealand | | | 175,622 | | | | — | | | | 175,622 | | | | — | |
Norway | | | 592,475 | | | | 49,758 | | | | 542,717 | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Portugal | | $ | 134,370 | | | $ | — | | | $ | 134,370 | | | $ | — | |
Singapore | | | 1,354,721 | | | | 16,061 | | | | 1,338,660 | | | | — | |
South Africa | | | 95,504 | | | | — | | | | 95,504 | | | | — | |
Spain | | | 2,666,891 | | | | 3,717 | | | | 2,663,174 | | | | — | |
Sweden | | | 2,517,546 | | | | 43,793 | | | | 2,473,753 | | | | — | |
Switzerland | | | 8,783,877 | | | | 66,369 | | | | 8,717,508 | | | | — | |
United Kingdom | | | 15,073,180 | | | | 195,001 | | | | 14,878,179 | | | | — | |
United States | | | 4,613 | | | | 4,613 | | | | — | | | | — | |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Germany | | | 473,161 | | | | 16,907 | | | | 456,254 | | | | — | |
SHORT-TERM INVESTMENTS | | | 151,380 | | | | 151,380 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 91,408,714 | | | $ | 1,468,486 | | | $ | 89,940,228 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$1,223,993 was transferred from Level 1 into Level 2 at 6/30/16 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
141
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
International Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 95.5% | | | | | | | | |
| Australia — 3.3% | | | | | | | | |
CSL Ltd. | | | 72,594 | | | $ | 6,122,048 | |
Ramsay Health Care Ltd. | | | 99,324 | | | | 5,368,025 | |
| | | | | | | | |
| | | | | | | 11,490,073 | |
| | | | | | | | |
| Canada — 3.1% | | | | | | | | |
Alimentation Couche Tard, Inc., Class B | | | 161,038 | | | | 6,915,429 | |
Canadian National Railway Co. | | | 70,043 | | | | 4,136,058 | |
| | | | | | | | |
| | | | | | | 11,051,487 | |
| | | | | | | | |
| China — 1.7% | | | | | | | | |
Tencent Holdings Ltd. | | | 262,993 | | | | 6,032,973 | |
| | | | | | | | |
| Denmark — 2.9% | | | | | | | | |
Coloplast A/S, B Shares | | | 47,357 | | | | 3,544,890 | |
Novo Nordisk A/S, B Shares | | | 126,672 | | | | 6,821,654 | |
| | | | | | | | |
| | | | | | | 10,366,544 | |
| | | | | | | | |
| France — 5.5% | | | | | | | | |
Bureau Veritas S.A. | | | 203,413 | | | | 4,270,682 | |
Essilor International S.A. | | | 39,547 | | | | 5,197,649 | |
Hermes International | | | 11,953 | | | | 4,455,838 | |
L’Oreal S.A. | | | 27,848 | | | | 5,331,617 | |
| | | | | | | | |
| | | | | | | 19,255,786 | |
| | | | | | | | |
| Germany — 2.6% | | | | | | | | |
SAP S.E. | | | 123,444 | | | | 9,271,322 | |
| | | | | | | | |
| Hong Kong — 1.2% | | | | | | | | |
Link REIT | | | 631,432 | | | | 4,317,863 | |
| | | | | | | | |
| India — 10.3% | | | | | | | | |
HDFC Bank Ltd.~ | | | 913,560 | | | | 18,460,152 | |
Housing Development Finance Corp., Ltd. | | | 755,034 | | | | 14,066,695 | |
ITC Ltd. | | | 728,854 | | | | 3,990,395 | |
| | | | | | | | |
| | | | | | | 36,517,242 | |
| | | | | | | | |
| Ireland — 4.0% | | | | | | | | |
Accenture PLC, Class A | | | 58,917 | | | | 6,674,707 | |
DCC PLC | | | 41,194 | | | | 3,625,075 | |
Paddy Power Betfair PLC | | | 36,384 | | | | 3,823,843 | |
| | | | | | | | |
| | | | | | | 14,123,625 | |
| | | | | | | | |
| Japan — 5.1% | | | | | | | | |
Daito Trust Construction Co., Ltd. | | | 37,761 | | | | 6,130,966 | |
Japan Tobacco, Inc. | | | 169,800 | | | | 6,843,314 | |
Unicharm Corp. | | | 224,200 | | | | 5,037,231 | |
| | | | | | | | |
| | | | | | | 18,011,511 | |
| | | | | | | | |
| Netherlands — 4.0% | | | | | | | | |
Unilever N.V. | | | 300,350 | | | | 13,969,225 | |
| | | | | | | | |
| South Africa — 2.3% | | | | | | | | |
Naspers Ltd., N Shares | | | 52,018 | | | | 7,942,892 | |
| | | | | | | | |
| Spain — 3.2% | | | | | | | | |
Aena S.A. 144A @ | | | 38,142 | | | | 5,055,765 | |
Grifols SA | | | 269,666 | | | | 6,125,861 | |
| | | | | | | | |
| | | | | | | 11,181,626 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Switzerland — 11.2% | | | | | | | | |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | | | 1,075 | | | $ | 6,411,431 | |
Nestle S.A. | | | 177,865 | | | | 13,780,684 | |
Roche Holding AG | | | 59,986 | | | | 15,829,095 | |
UBS Group AG* | | | 269,794 | | | | 3,500,737 | |
| | | | | | | | |
| | | | | | | 39,521,947 | |
| | | | | | | | |
| United Kingdom — 21.9% | | | | | | | | |
British American Tobacco PLC | | | 318,775 | | | | 20,665,982 | |
Diageo PLC | | | 201,582 | | | | 5,631,355 | |
Domino’s Pizza Group PLC | | | 1,066,077 | | | | 4,736,493 | |
Imperial Brands PLC | | | 162,539 | | | | 8,814,985 | |
Lloyds Banking Group PLC | | | 6,338,172 | | | | 4,590,701 | |
Persimmon PLC | | | 200,723 | | | | 3,892,378 | |
Reckitt Benckiser Group PLC | | | 173,691 | | | | 17,416,372 | |
SABMiller PLC | | | 198,473 | | | | 11,574,829 | |
| | | | | | | | |
| | | | | | | 77,323,095 | |
| | | | | | | | |
| United States — 13.2% | | | | | | | | |
Alphabet, Inc., Class C* | | | 14,333 | | | | 9,919,869 | |
MasterCard, Inc., Class A | | | 58,506 | | | | 5,152,039 | |
PayPal Holdings, Inc.* | | | 153,961 | | | | 5,621,116 | |
Philip Morris International, Inc. | | | 192,528 | | | | 19,583,948 | |
The Priceline Group, Inc.* | | | 5,048 | | | | 6,301,974 | |
| | | | | | | | |
| | | | | | | 46,578,946 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $265,824,275) | | | | | | | 336,956,157 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $11,614,625) | | | 11,614,625 | | | | 11,614,625 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.8%
(Cost $277,438,900) | | | | | | | 348,570,782 | |
| | | | | | | | |
| Other Assets & Liabilities — 1.2% | | | | | | | 4,406,545 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 352,977,327 | |
| | | | | | | | |
| 144A @ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. | |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $18,460,152. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
142
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
International Equity Fund
| | | | |
| Country Weightings as of 06/30/2016†† | |
United Kingdom | | | 22 | % |
United States | | | 17 | |
Switzerland | | | 11 | |
India | | | 10 | |
France | | | 6 | |
Japan | | | 5 | |
Ireland | | | 4 | |
Other | | | 25 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2016 |
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Agriculture | | | 17.8% | | | $ | 59,898,624 | |
Apparel | | | 1.3% | | | | 4,455,838 | |
Banks | | | 7.9% | | | | 26,551,590 | |
Beverages | | | 5.1% | | | | 17,206,184 | |
Biotechnology | | | 1.8% | | | | 6,122,048 | |
Building & Real Estate | | | 1.2% | | | | 3,892,378 | |
Commercial Services | | | 2.9% | | | | 9,891,798 | |
Computers | | | 2.0% | | | | 6,674,707 | |
Cosmetics & Personal Care | | | 3.1% | | | | 10,368,848 | |
Diversified Financial Services | | | 5.7% | | | | 19,218,734 | |
Entertainment | | | 1.1% | | | | 3,823,843 | |
Food | | | 10.1% | | | | 34,161,340 | |
Healthcare Products | | | 2.6% | | | | 8,742,539 | |
Healthcare Services | | | 1.6% | | | | 5,368,025 | |
Household Products & Wares | | | 5.2% | | | | 17,416,372 | |
Internet | | | 6.6% | | | | 22,254,816 | |
Media | | | 2.4% | | | | 7,942,892 | |
Pharmaceuticals | | | 6.7% | | | | 22,650,749 | |
Real Estate | | | 1.8% | | | | 6,130,966 | |
Real Estate Investment Trusts | | | 1.3% | | | | 4,317,863 | |
Retail | | | 2.1% | | | | 6,915,429 | |
Software | | | 2.7% | | | | 9,271,322 | |
Transportation | | | 2.7% | | | | 9,191,823 | |
Unknown | | | 4.3% | | | | 14,487,429 | |
| |
| | | 100.0% | | | $ | 336,956,157 | |
| |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 11,490,073 | | | $ | — | | | $ | 11,490,073 | | | $ | — | |
Canada | | | 11,051,487 | | | | 11,051,487 | | | | — | | | | — | |
China | | | 6,032,973 | | | | — | | | | 6,032,973 | | | | — | |
Denmark | | | 10,366,544 | | | | — | | | | 10,366,544 | | | | — | |
France | | | 19,255,786 | | | | — | | | | 19,255,786 | | | | — | |
Germany | | | 9,271,322 | | | | — | | | | 9,271,322 | | | | — | |
Hong Kong | | | 4,317,863 | | | | — | | | | 4,317,863 | | | | — | |
India | | | 36,517,242 | | | | — | | | | 36,517,242 | | | | — | |
Ireland | | | 14,123,625 | | | | 10,299,782 | | | | 3,823,843 | | | | — | |
Japan | | | 18,011,511 | | | | — | | | | 18,011,511 | | | | — | |
Netherlands | | | 13,969,225 | | | | — | | | | 13,969,225 | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
South Africa | | $ | 7,942,892 | | | $ | — | | | $ | 7,942,892 | | | $ | — | |
Spain | | | 11,181,626 | | | | — | | | | 11,181,626 | | | | — | |
Switzerland | | | 39,521,947 | | | | — | | | | 39,521,947 | | | | — | |
United Kingdom | | | 77,323,095 | | | | 4,736,493 | | | | 72,586,602 | | | | — | |
United States | | | 46,578,946 | | | | 46,578,946 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 336,956,157 | | | | 72,666,708 | | | | 264,289,449 | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 11,614,625 | | | | 11,614,625 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 348,570,782 | | | $ | 84,281,333 | | | $ | 264,289,449 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$13,697,686 was transferred from Level 1 into Level 2 at 6/30/16 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
143
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 95.0% | | | | | | | | |
| Argentina — 1.7% | | | | | | | | |
Banco Macro S.A. ADR | | | 7,570 | | | $ | 561,845 | |
Grupo Financiero Galicia S.A. ADR | | | 16,586 | | | | 506,536 | |
MercadoLibre, Inc. | | | 10,374 | | | | 1,459,311 | |
| | | | | | | | |
| | | | | | | 2,527,692 | |
| | | | | | | | |
| Austria — 1.2% | | | | | | | | |
Erste Group Bank AG | | | 57,387 | | | | 1,306,592 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | | 26,749 | | | | 508,015 | |
| | | | | | | | |
| | | | | | | 1,814,607 | |
| | | | | | | | |
| Brazil — 3.3% | | | | | | | | |
BRF S.A. | | | 125,563 | | | | 1,753,106 | |
Lojas Renner S.A. | | | 86,922 | | | | 643,195 | |
Raia Drogasil S.A. | | | 79,205 | | | | 1,565,213 | |
Ultrapar Participacoes S.A. | | | 41,362 | | | | 914,205 | |
| | | | | | | | |
| | | | | | | 4,875,719 | |
| | | | | | | | |
| Chile — 0.6% | | | | | | | | |
S.A.C.I. Falabella | | | 119,419 | | | | 908,983 | |
| | | | | | | | |
| China — 12.1% | | | | | | | | |
Alibaba Group Holding Ltd. ADR* | | | 20,882 | | | | 1,660,745 | |
Bank of China Ltd., Class H | | | 4,667,000 | | | | 1,875,704 | |
China Construction Bank Corp., Class H | | | 3,976,930 | | | | 2,651,173 | |
China Machinery Engineering Corp. | | | 406,000 | | | | 265,480 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 356,800 | | | | 1,209,249 | |
Chongqing Changan Automobile Co. Ltd., Class B | | | 139,000 | | | | 194,709 | |
CRCC High-Tech Equipment Corp. Ltd. | | | 649,000 | | | | 284,380 | |
Huadian Power International Corp. Ltd., Class H | | | 602,000 | | | | 288,532 | |
JD.Com, Inc. ADR* | | | 32,922 | | | | 698,934 | |
NetEase, Inc. ADR | | | 2,403 | | | | 464,308 | |
New Oriental Education & Technology Group, Inc ADR | | | 8,261 | | | | 345,971 | |
Shanghai Jin Jiang International Hotels Group Co. Ltd., Class H | | | 578,000 | | | | 190,112 | |
Shenzhou International Group Holdings Ltd. | | | 138,000 | | | | 667,322 | |
TAL Education Group ADR* | | | 8,567 | | | | 531,668 | |
Tencent Holdings Ltd. | | | 273,800 | | | | 6,280,883 | |
| | | | | | | | |
| | | | | | | 17,609,170 | |
| | | | | | | | |
| Colombia — 0.3% | | | | | | | | |
Grupo de Inversiones Suramericana S.A. | | | 31,670 | | | | 416,141 | |
| | | | | | | | |
| Czech Republic — 1.0% | | | | | | | | |
Komercni Banka, A.S. | | | 39,008 | | | | 1,462,569 | |
| | | | | | | | |
| Egypt — 0.4% | | | | | | | | |
Commercial International Bank Egypt SAE | | | 138,346 | | | | 622,822 | |
| | | | | | | | |
| Hong Kong — 5.8% | | | | | | | | |
AIA Group Ltd. | | | 297,600 | | | | 1,789,685 | |
China Mengniu Dairy Co. Ltd. | | | 285,000 | | | | 498,583 | |
China Mobile Ltd. | | | 293,500 | | | | 3,391,162 | |
China Overseas Land & Investment Ltd. | | | 266,000 | | | | 847,969 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Hong Kong — (continued) | | | | | | | | |
China Taiping Insurance Holdings Co. Ltd.* | | | 197,000 | | | $ | 370,727 | |
China Unicom Hong Kong Ltd. | | | 572,000 | | | | 596,448 | |
CSPC Pharmaceutical Group Ltd. | | | 562,000 | | | | 502,126 | |
Shenzhen International Holdings Ltd. | | | 269,000 | | | | 391,160 | |
| | | | | | | | |
| | | | | | | 8,387,860 | |
| | | | | | | | |
| India — 10.8% | | | | | | | | |
Ashok Leyland Ltd. | | | 1,291,998 | | | | 1,889,298 | |
Bharat Financial Inclusion L* | | | 42,829 | | | | 471,718 | |
Bharat Petroleum Corp. Ltd. | | | 82,770 | | | | 1,317,020 | |
Glenmark Pharmaceuticals Ltd. | | | 53,731 | | | | 638,368 | |
HDFC Bank Ltd.~ | | | 78,532 | | | | 1,586,883 | |
IndusInd Bank Ltd. | | | 103,182 | | | | 1,705,116 | |
Larsen & Toubro Ltd. | | | 68,570 | | | | 1,527,166 | |
Marico Ltd. | | | 277,135 | | | | 1,084,243 | |
Maruti Suzuki India Ltd. | | | 20,493 | | | | 1,273,972 | |
Shree Cement Ltd. | | | 7,940 | | | | 1,715,309 | |
Shriram Transport Finance Co. Ltd. | | | 99,527 | | | | 1,779,767 | |
Zee Entertainment Enterprises Ltd. | | | 109,257 | | | | 741,614 | |
| | | | | | | | |
| | | | | | | 15,730,474 | |
| | | | | | | | |
| Indonesia — 4.0% | | | | | | | | |
Bank Mandiri Persero Tbk PT | | | 58,700 | | | | 42,479 | |
Bank Negara Indonesia Persero Tbk PT | | | 1,715,600 | | | | 679,873 | |
Bumi Serpong Damai Tbk PT | | | 3,798,600 | | | | 611,263 | |
Jasa Marga Persero Tbk PT | | | 1,173,500 | | | | 470,786 | |
Link Net Tbk PT | | | 1,741,700 | | | | 536,759 | |
Matahari Department Store Tbk PT | | | 1,018,000 | | | | 1,551,543 | |
Semen Indonesia Persero Tbk PT | | | 88,900 | | | | 63,322 | |
Surya Citra Media Tbk PT | | | 1,932,700 | | | | 485,659 | |
United Tractors Tbk PT | | | 493,600 | | | | 556,913 | |
Xl Axiata Tbk PT* | | | 3,125,075 | | | | 868,776 | |
| | | | | | | | |
| | | | | | | 5,867,373 | |
| | | | | | | | |
| Japan — 0.6% | | | | | | | | |
Nexon Co. Ltd. | | | 54,600 | | | | 808,082 | |
| | | | | | | | |
| Mexico — 6.3% | | | | | | | | |
Alfa S.A.B. de C.V. | | | 444,070 | | | | 763,412 | |
Alsea S.A.B.de C.V. | | | 191,273 | | | | 728,159 | |
Cemex S.A.B. de C.V. ADR* | | | 235,522 | | | | 1,453,171 | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | 28,266 | | | | 2,614,322 | |
Grupo Financiero Banorte S.A.B. de C.V., Series O | | | 388,572 | | | | 2,171,704 | |
Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR | | | 80,751 | | | | 734,026 | |
Mexichem S.A.B. de C.V. | | | 334,598 | | | | 705,340 | |
| | | | | | | | |
| | | | | | | 9,170,134 | |
| | | | | | | | |
| Netherlands — 1.2% | | | | | | | | |
Steinhoff International Holdings NV | | | 298,346 | | | | 1,711,514 | |
| | | | | | | | |
| Pakistan — 1.3% | | | | | | | | |
Lucky Cement Ltd. | | | 143,000 | | | | 886,853 | |
United Bank Ltd. | | | 560,000 | | | | 947,051 | |
| | | | | | | | |
| | | | | | | 1,833,904 | |
| | | | | | | | |
144
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Panama — 0.4% | | | | | | | | |
Copa Holdings S.A., Class A | | | 10,091 | | | $ | 527,356 | |
| | | | | | | | |
| Peru — 2.3% | | | | | | | | |
Cia de Minas Buenaventura S.A. ADR* | | | 70,906 | | | | 847,327 | |
Credicorp Ltd. | | | 15,782 | | | | 2,435,636 | |
| | | | | | | | |
| | | | | | | 3,282,963 | |
| | | | | | | | |
| Philippines — 4.3% | | | | | | | | |
Ayala Corp. | | | 30,420 | | | | 550,451 | |
BDO Unibank, Inc. | | | 261,620 | | | | 625,030 | |
DMCI Holdings, Inc. | | | 2,448,150 | | | | 658,736 | |
International Container Terminal Services, Inc. | | | 355,120 | | | | 465,747 | |
LT Group, Inc. | | | 1,738,150 | | | | 588,339 | |
Metro Pacific Investments Corp. | | | 5,729,100 | | | | 853,162 | |
Metropolitan Bank & Trust Co. | | | 703,563 | | | | 1,355,070 | |
SM Investments Corp. | | | 58,000 | | | | 1,199,066 | |
| | | | | | | | |
| | | | | | | 6,295,601 | |
| | | | | | | | |
| Poland — 2.5% | | | | | | | | |
Bank Pekao S.A. | | | 21,923 | | | | 765,426 | |
CCC S.A. | | | 22,277 | | | | 905,333 | |
Eurocash S.A. | | | 52,532 | | | | 615,549 | |
LPP S.A. | | | 388 | | | | 497,797 | |
PKP Cargo S.A.* | | | 20,412 | | | | 171,407 | |
Polski Koncern Naftowy Orlen S.A. | | | 42,508 | | | | 746,674 | |
| | | | | | | | |
| | | | | | | 3,702,186 | |
| | | | | | | | |
| Portugal — 0.9% | | | | | | | | |
Jeronimo Martins SGPS, S.A. | | | 79,728 | | | | 1,257,456 | |
| | | | | | | | |
| Russia — 2.0% | | | | | | | | |
Mail.Ru Group Ltd. GDR* | | | 46,942 | | | | 854,345 | |
MMC Norilsk Nickel PJSC. ADR | | | 51,182 | | | | 685,498 | |
X5 Retail Group N.V. GDR* | | | 23,581 | | | | 472,821 | |
Yandex NV, Class A* | | | 44,546 | | | | 973,330 | |
| | | | | | | | |
| | | | | | | 2,985,994 | |
| | | | | | | | |
| Slovakia — 0.3% | | | | | | | | |
Innocean Worldwide Inc. | | | 6,860 | | | | 485,806 | |
| | | | | | | | |
| South Africa — 4.3% | | | | | | | | |
Clicks Group Ltd. | | | 37,497 | | | | 312,390 | |
Life Healthcare Group Holdings Ltd. | | | 293,935 | | | | 723,177 | |
Naspers Ltd., N Shares | | | 18,641 | | | | 2,846,389 | |
Sasol Ltd. | | | 41,913 | | | | 1,133,904 | |
Vodacom Group Ltd. | | | 111,996 | | | | 1,276,158 | |
| | | | | | | | |
| | | | | | | 6,292,018 | |
| | | | | | | | |
| South Korea — 10.3% | | | | | | | | |
Amorepacific Corp. | | | 3,640 | | | | 1,372,242 | |
CJ Cheiljedang Corp. | | | 696 | | | | 235,724 | |
CJ Corp. | | | 2,430 | | | | 429,028 | |
Cosmax, Inc. | | | 2,740 | | | | 410,727 | |
Coway Co. Ltd. | | | 11,619 | | | | 1,057,940 | |
Hotel Shilla Co. Ltd. | | | 4,825 | | | | 286,273 | |
Hugel, Inc* | | | 1,572 | | | | 436,059 | |
Hyundai Development Co. | | | 23,790 | | | | 825,338 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| South Korea — (continued) | | | | | | | | |
Hyundai WIA Corp. | | | 4,615 | | | $ | 359,780 | |
Kia Motors Corp. | | | 12,721 | | | | 479,320 | |
Korea Aerospace Industries Ltd. | | | 14,571 | | | | 934,183 | |
Korea Electric Power Corp. | | | 18,405 | | | | 966,115 | |
LG Chem Ltd. | | | 2,680 | | | | 612,028 | |
Mando Corp. | | | 1,483 | | | | 281,622 | |
NAVER Corp. | | | 2,045 | | | | 1,266,910 | |
Samsung Electronics Co. Ltd. | | | 2,762 | | | | 3,439,660 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 2,788 | | | | 640,348 | |
SK Holdings Co. Ltd. | | | 5,567 | | | | 983,961 | |
| | | | | | | | |
| | | | | | | 15,017,258 | |
| | | | | | | | |
| Spain — 0.3% | | | | | | | | |
Cemex Latam Holdings S.A.* | | | 100,545 | | | | 433,729 | |
| | | | | | | | |
| Switzerland — 0.7% | | | | | | | | |
DKSH Holding AG | | | 14,717 | | | | 964,078 | |
| | | | | | | | |
| Taiwan — 9.9% | | | | | | | | |
Advanced Semiconductor Engineering, Inc. | | | 935,000 | | | | 1,063,746 | |
Catcher Technology Co. Ltd. | | | 121,000 | | | | 902,198 | |
Chailease Holding Co. Ltd. | | | 91,540 | | | | 149,245 | |
Delta Electronics, Inc. | | | 176,242 | | | | 859,942 | |
E.sun Financial Holding Co. Ltd | | | 627,000 | | | | 371,439 | |
Eclat Textile Co. Ltd. | | | 55,314 | | | | 536,426 | |
Formosa Plastics Corp. | | | 163,000 | | | | 395,293 | |
Fubon Financial Holding Co. Ltd. | | | 418,310 | | | | 493,200 | |
Hon Hai Precision Industry Co. Ltd. | | | 582,400 | | | | 1,500,428 | |
Nien Made Enterprise Co. Ltd* | | | 44,000 | | | | 401,425 | |
PChome Online, Inc. | | | 45,000 | | | | 498,812 | |
Pegatron Corp. | | | 370,000 | | | | 785,854 | |
President Chain Store Corp | | | 30,000 | | | | 234,401 | |
Taiwan Mobile Co. Ltd. | | | 169,000 | | | | 590,696 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 782,769 | | | | 3,944,919 | |
Uni-President Enterprises Corp. | | | 671,962 | | | | 1,327,153 | |
Yeong Guan Energy Technology Group Co. Ltd | | | 64,000 | | | | 407,964 | |
| | | | | | | | |
| | | | | | | 14,463,141 | |
| | | | | | | | |
| Thailand — 2.2% | | | | | | | | |
BTS Rail Mass Transit Growth Infrastructure Fund | | | 1,692,633 | | | | 606,920 | |
Central Pattana PCL | | | 273,500 | | | | 466,029 | |
Kasikornbank PCL NVDR | | | 152,700 | | | | 741,496 | |
Land and Houses PCL NVDR | | | 1,942,900 | | | | 501,257 | |
Minor International PCL NVDR | | | 700,670 | | | | 805,359 | |
Sino-Thai Engineering & Construction PCL | | | 26,400 | | | | 17,940 | |
| | | | | | | | |
| | | | | | | 3,139,001 | |
| | | | | | | | |
| Turkey — 1.2% | | | | | | | | |
Arcelik A.S. | | | 143,282 | | | | 943,421 | |
Ulker Biskuvi Sanayi A.S. | | | 107,828 | | | | 787,961 | |
| | | | | | | | |
| | | | | | | 1,731,382 | |
| | | | | | | | |
| United Kingdom — 0.8% | | | | | | | | |
Mondi PLC | | | 63,417 | | | | 1,159,647 | |
| | | | | | | | |
145
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| United States — 2.0% | | | | | | | | |
Samsonite International S.A. | | | 726,000 | | | $ | 2,010,194 | |
Yum! Brands, Inc. | | | 10,460 | | | | 867,343 | |
| | | | | | | | |
| | | | | | | 2,877,537 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $123,431,839) | | | | | | | 138,362,197 | |
| | | | | | | | |
| PREFERRED STOCKS — 3.8% | | | | | | | | |
| Brazil — 2.6% | | | | | | | | |
Banco Bradesco S.A. | | | 239,497 | | | | 1,876,581 | |
Itau Unibanco Holding S.A. | | | 193,946 | | | | 1,826,979 | |
| | | | | | | | |
| | | | 3,703,560 | |
| | | | | | | | |
| Colombia — 0.2% | | | | | | | | |
Grupo de Inversiones Suramericana S.A. | | | 26,055 | | | | 337,900 | |
| | | | | | | | |
| South Korea — 1.0% | | | | | | | | |
Samsung Electronics Co. Ltd. | | | 1,414 | | | | 1,458,664 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $6,423,983) | | | | | | | 5,500,124 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.8% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,158,641) | | | 1,158,641 | | | | 1,158,641 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.6%
(Cost $131,014,463) | | | | | | | 145,020,962 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.4% | | | | | | | 563,669 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 145,584,631 | |
| | | | | | | | |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2016 is $1,586,883. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
GDR — Global Depository Receipt.
NVDR — Non Voting Depository Receipt.
PCL — Public Company Limited.
PLC — Public Limited Company.
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | |
Value† | |
Advertising | | | 1.0% | | | $ | 1,449,884 | |
Aerospace & Defense | | | 0.7% | | | | 934,183 | |
Airlines | | | 0.4% | | | | 527,356 | |
Apparel | | | 1.2% | | | | 1,701,545 | |
Auto Manufacturers | | | 2.8% | | | | 3,837,299 | |
Auto Parts & Equipment | | | 0.5% | | | | 641,402 | |
Banks | | | 16.5% | | | | 22,777,031 | |
Beverages | | | 2.3% | | | | 3,202,661 | |
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | |
Value† | |
Biotechnology | | | 0.3% | | | $ | 436,059 | |
Building Materials | | | 3.6% | | | | 4,953,809 | |
Chemicals | | | 1.9% | | | | 2,626,866 | |
Commercial Services | | | 1.6% | | | | 2,205,332 | |
Computers | | | 0.7% | | | | 983,961 | |
Cosmetics & Personal Care | | | 1.3% | | | | 1,782,969 | |
Diversified Financial Services | | | 2.4% | | | | 3,265,369 | |
Electric | | | 0.9% | | | | 1,254,647 | |
Electrical Components & Equipment | | | 1.2% | | | | 1,645,796 | |
Electronics | | | 1.1% | | | | 1,500,428 | |
Engineering & Construction | | | 2.6% | | | | 3,579,040 | |
Food | | | 5.0% | | | | 6,948,353 | |
Forest Products & Paper | | | 0.8% | | | | 1,159,647 | |
Healthcare Services | | | 0.5% | | | | 723,177 | |
Holding Companies | | | 0.9% | | | | 1,192,440 | |
Home Builders | | | 0.4% | | | | 501,257 | |
Home Furnishings | | | 2.7% | | | | 3,712,875 | |
Hotels & Resorts | | | 0.2% | | | | 286,273 | |
Household Products & Wares | | | 2.2% | | | | 3,094,437 | |
Insurance | | | 3.3% | | | | 4,518,024 | |
Internet | | | 10.3% | | | | 14,230,029 | |
Investment Companies | | | 0.3% | | | | 416,141 | |
Iron & Steel | | | 0.3% | | | | 407,964 | |
Lodging | | | 0.1% | | | | 190,112 | |
Machinery — Construction & Mining | | | 0.4% | | | | 556,913 | |
Media | | | 2.9% | | | | 4,073,662 | |
Metal Fabricate/Hardware | | | 0.6% | | | | 902,198 | |
Mining | | | 1.1% | | | | 1,532,825 | |
Oil & Gas | | | 2.3% | | | | 3,197,598 | |
Pharmaceuticals | | | 0.8% | | | | 1,140,494 | |
Real Estate | | | 1.8% | | | | 2,475,712 | |
Retail | | | 7.0% | | | | 9,720,985 | |
Semiconductors | | | 6.1% | | | | 8,448,325 | |
Software | | | 0.9% | | | | 1,272,390 | |
Telecommunications | | | 4.9% | | | | 6,723,240 | |
Transportation | | | 0.6% | | | | 778,327 | |
Water | | | 0.6% | | | | 853,162 | |
| |
| | |
| | | 100.0% | | | $ | 138,362,197 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Argentina | | $ | 2,527,692 | | | $ | 2,527,692 | | | $ | — | | | $ | — | |
Austria | | | 1,814,607 | | | | — | | | | 1,814,607 | | | | — | |
Brazil | | | 4,875,719 | | | | 4,875,719 | | | | — | | | | — | |
Chile | | | 908,983 | | | | 908,983 | | | | — | | | | — | |
China | | | 17,609,170 | | | | 3,701,626 | | | | 13,907,544 | | | | — | |
Colombia | | | 416,141 | | | | 416,141 | | | | — | | | | — | |
Czech Republic | | | 1,462,569 | | | | — | | | | 1,462,569 | | | | — | |
Egypt | | | 622,822 | | | | 622,822 | | | | — | | | | — | |
Hong Kong | | | 8,387,860 | | | | — | | | | 8,387,860 | | | | — | |
India | | | 15,730,474 | | | | 471,718 | | | | 15,258,756 | | | | — | |
146
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Indonesia | | $ | 5,867,373 | | | $ | 105,801 | | | $ | 5,761,572 | | | $ | — | |
Japan | | | 808,082 | | | | — | | | | 808,082 | | | | — | |
Mexico | | | 9,170,134 | | | | 9,170,134 | | | | — | | | | — | |
Netherlands | | | 1,711,514 | | | | — | | | | 1,711,514 | | | | — | |
Pakistan | | | 1,833,904 | | | | — | | | | 1,833,904 | | | | — | |
Panama | | | 527,356 | | | | 527,356 | | | | — | | | | — | |
Peru | | | 3,282,963 | | | | 3,282,963 | | | | — | | | | — | |
Philippines | | | 6,295,601 | | | | — | | | | 6,295,601 | | | | — | |
Poland | | | 3,702,186 | | | | — | | | | 3,702,186 | | | | — | |
Portugal | | | 1,257,456 | | | | — | | | | 1,257,456 | | | | — | |
Russia | | | 2,985,994 | | | | 1,658,828 | | | | 1,327,166 | | | | — | |
Slovakia | | | 485,806 | | | | — | | | | 485,806 | | | | — | |
South Africa | | | 6,292,018 | | | | 312,390 | | | | 5,979,628 | | | | — | |
South Korea | | | 15,017,258 | | | | 1,742,213 | | | | 13,275,045 | | | | — | |
Spain | | | 433,729 | | | | 433,729 | | | | — | | | | — | |
Switzerland | | | 964,078 | | | | — | | | | 964,078 | | | | — | |
Taiwan | | | 14,463,141 | | | | 1,415,229 | | | | 13,047,912 | | | | — | |
Thailand | | | 3,139,001 | | | | 17,940 | | | | 3,121,061 | | | | — | |
Turkey | | | 1,731,382 | | | | — | | | | 1,731,382 | | | | — | |
United Kingdom | | | 1,159,647 | | | | — | | | | 1,159,647 | | | | — | |
United States | | | 2,877,537 | | | | 867,343 | | | | 2,010,194 | | | | — | |
| |
TOTAL COMMON STOCKS | | | 138,362,197 | | | | 33,058,627 | | | | 105,303,570 | | | | — | |
| |
PREFERRED STOCKS | | | 5,500,124 | | | | 4,041,459 | | | | 1,458,665 | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,158,641 | | | | 1,158,641 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 145,020,962 | | | $ | 38,258,727 | | | $ | 106,762,235 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of the period.
$3,206,889 was transferred from Level 1 into Level 2 at 6/30/16 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
147
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Real Estate Securities Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 5.0% | | | | | | | | |
| Entertainment — 1.5% | | | | | | | | |
Gaming and Leisure Properties, Inc. | | | 61,395 | | | $ | 2,116,899 | |
| | | | | | | | |
| Healthcare Services — 0.6% | | | | | | | | |
Brookdale Senior Living, Inc.* | | | 57,768 | | | | 891,938 | |
| | | | | | | | |
| Hotels & Resorts — 0.5% | | | | | | | | |
La Quinta Holdings Inc.* | | | 59,159 | | | | 674,413 | |
| | | | | | | | |
| Lodging — 2.4% | | | | | | | | |
Extended Stay America, Inc. | | | 43,073 | | | | 643,941 | |
Hilton Worldwide Holdings, Inc. | | | 126,573 | | | | 2,851,690 | |
| | | | | | | | |
| | | | | | | 3,495,631 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $7,657,354) | | | | | | | 7,178,881 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 94.1% | | | | | |
| Apartments — 18.4% | | | | | | | | |
American Campus Communities, Inc. | | | 35,495 | | | | 1,876,621 | |
American Homes 4 Rent, Class A | | | 25,584 | | | | 523,960 | |
Apartment Investment & Management Co., Class A | | | 128,875 | | | | 5,691,120 | |
Camden Property Trust | | | 21,639 | | | | 1,913,320 | |
Education Realty Trust, Inc. | | | 35,370 | | | | 1,631,972 | |
Essex Property Trust, Inc. | | | 25,723 | | | | 5,867,159 | |
Mid-America Apartment Communities, Inc. | | | 10,199 | | | | 1,085,174 | |
UDR, Inc. | | | 215,445 | | | | 7,954,229 | |
| | | | | | | | |
| | | | | | | 26,543,555 | |
| | | | | | | | |
| Building & Real Estate — 5.1% | | | | | | | | |
National Retail Properties, Inc. | | | 43,331 | | | | 2,241,079 | |
Spirit Realty Capital, Inc. | | | 281,182 | | | | 3,590,694 | |
STORE Capital Corp. | | | 53,809 | | | | 1,584,675 | |
| | | | | | | | |
| | | | | | | 7,416,448 | |
| | | | | | | | |
| Diversified — 14.8% | | | | | | | | |
American Tower Corp. | | | 9,852 | | | | 1,119,286 | |
Digital Realty Trust, Inc. | | | 45,904 | | | | 5,003,077 | |
DuPont Fabros Technology, Inc. | | | 40,804 | | | | 1,939,822 | |
Equinix, Inc. | | | 16,916 | | | | 6,558,841 | |
Retail Properties of America, Inc., Class A | | | 133,147 | | | | 2,250,184 | |
Vornado Realty Trust | | | 44,652 | | | | 4,470,558 | |
| | | | | | | | |
| | | | | | | 21,341,768 | |
| | | | | | | | |
| Healthcare — 10.6% | | | | | | | | |
HCP, Inc. | | | 159,136 | | | | 5,630,232 | |
Healthcare Trust of America, Inc., Class A | | | 88,360 | | | | 2,857,562 | |
Omega Healthcare Investors, Inc. | | | 88,973 | | | | 3,020,633 | |
Physicians Realty Trust | | | 73,500 | | | | 1,544,235 | |
Ventas, Inc. | | | 31,229 | | | | 2,274,096 | |
| | | | | | | | |
| | | | | | | 15,326,758 | |
| | | | | | | | |
| Hotels & Resorts — 1.1% | | | | | | | | |
DiamondRock Hospitality Co. | | | 92,956 | | | | 839,393 | |
Host Hotels & Resorts, Inc. | | | 43,138 | | | | 699,267 | |
| | | | | | | | |
| | | | | | | 1,538,660 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Industrial — 5.7% | | | | | | | | |
Prologis, Inc. | | | 128,383 | | | $ | 6,295,902 | |
QTS Realty Trust, Inc., Class A | | | 34,459 | | | | 1,929,015 | |
| | | | | | | | |
| | | | | | | 8,224,917 | |
| | | | | | | | |
| Manufactured Homes — 1.6% | | | | | | | | |
Sun Communities, Inc. | | | 29,615 | | | | 2,269,694 | |
| | | | | | | | |
| Office Property — 9.8% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 28,541 | | | | 2,954,564 | |
Douglas Emmett, Inc. | | | 93,784 | | | | 3,331,208 | |
Empire State Realty Trust, Inc., Class A | | | 70,186 | | | | 1,332,832 | |
Gramercy Property Trust | | | 6,910 | | | | 63,710 | |
Kilroy Realty Corp. | | | 63,961 | | | | 4,239,975 | |
SL Green Realty Corp. | | | 20,389 | | | | 2,170,817 | |
| | | | | | | | |
| | | | | | | 14,093,106 | |
| | | | | | | | |
| Regional Malls — 16.5% | | | | | | | | |
General Growth Properties, Inc. | | | 94,818 | | | | 2,827,473 | |
Pennsylvania Real Estate Investment Trust | | | 53,673 | | | | 1,151,286 | |
Simon Property Group, Inc. | | | 81,444 | | | | 17,665,203 | |
Tanger Factory Outlet Centers, Inc. | | | 45,195 | | | | 1,815,935 | |
WP Glimcher, Inc. | | | 22,119 | | | | 247,512 | |
| | | | | | | | |
| | | | | | | 23,707,409 | |
| | | | | | | | |
| Storage & Warehousing — 5.9% | | | | | | | | |
CubeSmart | | | 158,206 | | | | 4,885,401 | |
Extra Space Storage, Inc. | | | 22,730 | | | | 2,103,434 | |
Public Storage | | | 5,874 | | | | 1,501,336 | |
| | | | | | | | |
| | | | | | | 8,490,171 | |
| | | | | | | | |
| Strip Centers — 4.6% | | | | | | | | |
Brixmor Property Group, Inc. | | | 146,234 | | | | 3,869,352 | |
DDR Corp. | | | 155,442 | | | | 2,819,717 | |
| | | | | | | | |
| | | | | | | 6,689,069 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $114,322,244) | | | | 135,641,555 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.2% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,813,634) | | | 1,813,634 | | | | 1,813,634 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.3%
(Cost $123,793,231) | | | | | | | 144,634,070 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.3)% | | | | | | | (482,639 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 144,151,431 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
148
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 7,178,881 | | | $ | 7,178,881 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 135,641,555 | | | | 135,641,555 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,813,634 | | | | 1,813,634 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 144,634,070 | | | $ | 144,634,070 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
149
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 65.6% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 54,995 | | | $ | 2,431,344 | |
Penn Series Index 500 Fund* | | | 181,769 | | | | 3,039,180 | |
Penn Series Large Cap Growth Fund* | | | 89,322 | | | | 1,215,672 | |
Penn Series Large Cap Value Fund* | | | 269,550 | | | | 6,078,359 | |
Penn Series Large Core Value Fund* | | | 323,748 | | | | 4,862,688 | |
Penn Series Large Growth Stock Fund* | | | 86,218 | | | | 2,431,344 | |
Penn Series Mid Cap Growth Fund* | | | 84,834 | | | | 1,215,672 | |
Penn Series Mid Cap Value Fund* | | | 178,164 | | | | 3,647,016 | |
Penn Series Mid Core Value Fund* | | | 187,797 | | | | 3,647,016 | |
Penn Series Real Estate Securities Fund* | | | 117,286 | | | | 2,431,344 | |
Penn Series Small Cap Growth Fund* | | | 62,685 | | | | 1,823,508 | |
Penn Series Small Cap Index Fund* | | | 35,734 | | | | 607,836 | |
Penn Series Small Cap Value Fund* | | | 87,301 | | | | 2,431,344 | |
Penn Series SMID Cap Growth Fund* | | | 61,992 | | | | 1,215,672 | |
Penn Series SMID Cap Value Fund* | | | 145,904 | | | | 3,039,180 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $27,230,371) | | | | | | | 40,117,175 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 2.0% | | | | | | | | |
Penn Series Quality Bond Fund*
(Cost $1,082,268) | | | 85,792 | | | | 1,215,672 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 31.8% | | | | | |
Penn Series Developed International Index Fund* | | | 498,680 | | | | 5,470,524 | |
Penn Series Emerging Markets Equity Fund* | | | 532,670 | | | | 5,470,524 | |
Penn Series International Equity Fund* | | | 348,045 | | | | 8,509,704 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $16,635,662) | | | | 19,450,752 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.6% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $401,104) | | | 401,104 | | | | 401,104 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $45,349,405) | | | | 61,184,703 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.0% | | | | (18,400 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 61,166,303 | |
| | | | | | | | |
| * | Non-income producing security. |
| † | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 40,117,175 | | | $ | 40,117,175 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 1,215,672 | | | | 1,215,672 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 19,450,752 | | | | 19,450,752 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 401,104 | | | | 401,104 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 61,184,703 | | | $ | 61,184,703 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
150
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Moderately Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 57.8% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 317,747 | | | $ | 14,047,593 | |
Penn Series Index 500 Fund* | | | 560,111 | | | | 9,365,062 | |
Penn Series Large Cap Growth Fund* | | | 344,051 | | | | 4,682,531 | |
Penn Series Large Cap Value Fund* | | | 830,604 | | | | 18,730,124 | |
Penn Series Large Core Value Fund* | | | 1,247,012 | | | | 18,730,124 | |
Penn Series Large Growth Stock Fund* | | | 249,071 | | | | 7,023,796 | |
Penn Series Mid Cap Growth Fund* | | | 326,764 | | | | 4,682,531 | |
Penn Series Mid Cap Value Fund* | | | 571,877 | | | | 11,706,327 | |
Penn Series Mid Core Value Fund* | | | 602,797 | | | | 11,706,327 | |
Penn Series Real Estate Securities Fund* | | | 338,823 | | | | 7,023,796 | |
Penn Series Small Cap Growth Fund* | | | 160,967 | | | | 4,682,531 | |
Penn Series Small Cap Index Fund* | | | 275,281 | | | | 4,682,531 | |
Penn Series Small Cap Value Fund* | | | 252,201 | | | | 7,023,796 | |
Penn Series SMID Cap Growth Fund* | | | 119,391 | | | | 2,341,265 | |
Penn Series SMID Cap Value Fund* | | | 449,595 | | | | 9,365,062 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $87,373,521) | | | | 135,793,396 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 15.9% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 614,505 | | | | 7,023,796 | |
Penn Series Limited Maturity Bond Fund* | | | 595,237 | | | | 7,023,796 | |
Penn Series Quality Bond Fund* | | | 1,652,269 | | | | 23,412,655 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $33,154,517) | | | | 37,460,247 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 25.9% | | | | | |
Penn Series Developed International Index Fund* | | | 1,707,395 | | | | 18,730,123 | |
Penn Series Emerging Markets Equity Fund* | | | 1,367,828 | | | | 14,047,593 | |
Penn Series International Equity Fund* | | | 1,149,087 | | | | 28,095,185 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $50,058,618) | | | | 60,872,901 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,159,282) | | | 1,159,282 | | | | 1,159,282 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $171,745,938) | | | | 235,285,826 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | (191,011 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 235,094,815 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 135,793,396 | | | $ | 135,793,396 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 37,460,247 | | | | 37,460,247 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 60,872,901 | | | | 60,872,901 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,159,282 | | | | 1,159,282 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 235,285,826 | | | $ | 235,285,826 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
151
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Moderate Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 45.9% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 531,590 | | | $ | 23,501,611 | |
Penn Series Index 500 Fund* | | | 602,399 | | | | 10,072,119 | |
Penn Series Large Cap Growth Fund* | | | 246,684 | | | | 3,357,373 | |
Penn Series Large Cap Value Fund* | | | 893,314 | | | | 20,144,238 | |
Penn Series Large Core Value Fund* | | | 1,341,161 | | | | 20,144,237 | |
Penn Series Large Growth Stock Fund* | | | 238,112 | | | | 6,714,746 | |
Penn Series Mid Cap Growth Fund* | | | 468,580 | | | | 6,714,746 | |
Penn Series Mid Cap Value Fund* | | | 492,043 | | | | 10,072,119 | |
Penn Series Mid Core Value Fund* | | | 864,411 | | | | 16,786,865 | |
Penn Series Real Estate Securities Fund* | | | 323,914 | | | | 6,714,746 | |
Penn Series Small Cap Growth Fund* | | | 115,413 | | | | 3,357,373 | |
Penn Series Small Cap Index Fund* | | | 394,753 | | | | 6,714,746 | |
Penn Series Small Cap Value Fund* | | | 361,656 | | | | 10,072,119 | |
Penn Series SMID Cap Growth Fund* | | | 171,207 | | | | 3,357,373 | |
Penn Series SMID Cap Value Fund* | | | 322,359 | | | | 6,714,746 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $98,040,390) | | | | 154,439,157 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 34.9% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 1,174,934 | | | | 13,429,492 | |
Penn Series Limited Maturity Bond Fund* | | | 1,422,616 | | | | 16,786,865 | |
Penn Series Quality Bond Fund* | | | 6,160,317 | | | | 87,291,698 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $101,633,056) | | | | 117,508,055 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.9% | | | | | |
Penn Series Developed International Index Fund* | | | 1,530,252 | | | | 16,786,865 | |
Penn Series Emerging Markets Equity Fund* | | | 1,307,643 | | | | 13,429,492 | |
Penn Series International Equity Fund* | | | 1,235,843 | | | | 30,216,356 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $46,884,362) | | | | 60,432,713 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 1.0% | | | | | | | | |
Penn Series Money Market Fund
(Cost $3,281,623) | | | 3,281,623 | | | | 3,281,623 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $893,578) | | | 893,578 | | | | 893,578 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $250,733,009) | | | | 336,555,126 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.0% | | | | (103,356 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 336,451,770 | |
| | | | | | | | |
| * | Non-income producing security. |
| † | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 154,439,157 | | | $ | 154,439,157 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 117,508,055 | | | | 117,508,055 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 60,432,714 | | | | 60,432,714 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 3,281,623 | | | | 3,281,623 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 893,578 | | | | 893,578 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 336,555,127 | | | $ | 336,555,127 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
152
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Moderately Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 32.7% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 181,029 | | | $ | 8,003,293 | |
Penn Series Index 500 Fund* | | | 119,666 | | | | 2,000,823 | |
Penn Series Large Cap Growth Fund* | | | 73,506 | | | | 1,000,412 | |
Penn Series Large Cap Value Fund* | | | 221,821 | | | | 5,002,058 | |
Penn Series Large Core Value Fund* | | | 333,027 | | | | 5,002,058 | |
Penn Series Large Growth Stock Fund* | | | 35,476 | | | | 1,000,412 | |
Penn Series Mid Cap Value Fund* | | | 97,744 | | | | 2,000,823 | |
Penn Series Mid Core Value Fund* | | | 154,544 | | | | 3,001,235 | |
Penn Series Real Estate Securities Fund* | | | 96,518 | | | | 2,000,823 | |
Penn Series Small Cap Index Fund* | | | 58,813 | | | | 1,000,411 | |
Penn Series Small Cap Value Fund* | | | 71,843 | | | | 2,000,823 | |
Penn Series SMID Cap Value Fund* | | | 48,027 | | | | 1,000,412 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $21,416,341) | | | | | | | 33,013,583 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 54.6% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 525,150 | | | | 6,002,470 | |
Penn Series Limited Maturity Bond Fund* | | | 1,186,929 | | | | 14,005,762 | |
Penn Series Quality Bond Fund* | | | 2,471,024 | | | | 35,014,406 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $46,975,179) | | | | | | | 55,022,638 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.9% | | | | | |
Penn Series Developed International Index Fund* | | | 273,586 | | | | 3,001,235 | |
Penn Series Emerging Markets Equity Fund* | | | 194,822 | | | | 2,000,823 | |
Penn Series International Equity Fund* | | | 245,500 | | | | 6,002,470 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $8,504,308) | | | | | | | 11,004,528 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 1.0% | | | | | | | | |
Penn Series Money Market Fund
(Cost $977,938) | | | 977,938 | | | | 977,938 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.7% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $736,241) | | | 736,241 | | | | 736,241 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9%
(Cost $78,610,007) | | | | | | | 100,754,928 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.1% | | | | | | | 56,618 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 100,811,546 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 33,013,583 | | | $ | 33,013,583 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 55,022,638 | | | | 55,022,638 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 11,004,528 | | | | 11,004,528 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 977,938 | | | | 977,938 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 736,241 | | | | 736,241 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 100,754,928 | | | $ | 100,754,928 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
153
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2016 (Unaudited)
Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 18.7% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 121,859 | | | $ | 5,387,384 | |
Penn Series Index 500 Fund* | | | 35,801 | | | | 598,598 | |
Penn Series Large Cap Value Fund* | | | 79,636 | | | | 1,795,794 | |
Penn Series Large Core Value Fund* | | | 159,414 | | | | 2,394,393 | |
Penn Series Mid Core Value Fund* | | | 61,648 | | | | 1,197,196 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $8,352,281) | | | | | | | 11,373,365 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 71.0% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 366,596 | | | | 4,190,187 | |
Penn Series Limited Maturity Bond Fund* | | | 1,014,573 | | | | 11,971,964 | |
Penn Series Quality Bond Fund* | | | 1,900,982 | | | | 26,936,918 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $36,475,914) | | | | | | | 43,099,069 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9% | | | | | |
Penn Series Developed International Index Fund* | | | 109,134 | | | | 1,197,196 | |
Penn Series International Equity Fund* | | | 73,448 | | | | 1,795,795 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $2,488,315) | | | | 2,992,991 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 4.8% | | | | | | | | |
Penn Series Money Market Fund
(Cost $2,922,615) | | | 2,922,615 | | | | 2,922,615 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.7% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,020,929) | | | 1,020,929 | | | | 1,020,929 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.1%
(Cost $51,260,054) | | | | | | | 61,408,969 | |
| Other Assets & Liabilities — (1.1)% | | | | | | | (672,756 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 60,736,213 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2016 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 11,373,365 | | | $ | 11,373,365 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 43,099,069 | | | | 43,099,069 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 2,992,991 | | | | 2,992,991 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 2,922,615 | | | | 2,922,615 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,020,929 | | | | 1,020,929 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 61,408,969 | | | $ | 61,408,969 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
154
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 116,132,262 | | | $ | 179,010,495 | | | $ | 552,467,304 | | | $ | 172,368,891 | |
Cash | | | 663 | | | | — | | | | 55 | | | | 20,575 | |
Initial Margin Held by Broker for Open Futures | | | — | | | | 204,325 | | | | 921,507 | | | | — | |
Interest, dividends and reclaims receivable | | | 358,007 | | | | 796,333 | | | | 2,975,721 | | | | 2,903,565 | |
Receivable for investment securities sold | | | — | | | | 7,120,917 | | | | 4,574,533 | | | | 13,992,348 | |
Receivable for capital stock sold | | | 204,999 | | | | 674,733 | | | | 4,878,285 | | | | 8,437 | |
Future variation margin receivable | | | — | | | | 28,125 | | | | 111,484 | | | | — | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 326,586 | |
Other assets | | | 20,853 | | | | 1,649 | | | | 3,959 | | | | 1,168 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 116,716,784 | | | | 187,836,577 | | | | 565,932,848 | | | | 189,621,570 | |
| | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Call options written, at value | | | — | | | | 24,609 | | | | 561,328 | | | | — | |
Payable for investment securities purchased | | | 1,001,308 | | | | 2,995,350 | | | | 19,334,872 | | | | 16,231,421 | |
Payable for capital stock redeemed | | | 1,778,367 | | | | 4,336,567 | | | | 182,170 | | | | 1,077,506 | |
Future variation margin payable | | | — | | | | 1,172 | | | | 70,313 | | | | — | |
Payable to investment adviser (See Note 3) | | | 30,848 | | | | 69,547 | | | | 193,843 | | | | 79,595 | |
Payable to the administrator (See Note 3) | | | 8,721 | | | | 13,862 | | | | 40,087 | | | | 12,868 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 23,627 | |
Other liabilities | | | 48,906 | | | | 79,977 | | | | 176,156 | | | | 75,486 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 2,868,150 | | | | 7,521,084 | | | | 20,558,769 | | | | 17,500,503 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 113,848,634 | | | $ | 180,315,493 | | | $ | 545,374,079 | | | $ | 172,121,067 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 116,132,262 | | | | 178,982,836 | | | | 540,658,002 | | | | 174,583,222 | |
Call options written, premiums received | | | — | | | | (9,844 | ) | | | (216,797 | ) | | | — | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 113,838,390 | | | $ | 179,074,398 | | | $ | 527,147,529 | | | $ | 181,196,407 | |
Undistributed net investment income (loss) | | | 10,244 | | | | 1,375,047 | | | | 6,772,664 | | | | 4,947,321 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | — | | | | (504,190 | ) | | | 796,303 | | | | (12,105,938 | ) |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | — | | | | 370,238 | | | | 10,657,583 | | | | (1,916,723 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 113,848,634 | | | $ | 180,315,493 | | | $ | 545,374,079 | | | $ | 172,121,067 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 113,822,464 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | | | | | 38,494,731 | | | | 15,064,062 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 15,277,975 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 1.00 | | | $ | 11.80 | | | $ | 14.17 | | | $ | 11.43 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
155
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | — | | | $ | 76,055,570 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at value | | | 3,390,851,715 | | | | 444,724 | | | | 254,344,707 | | | | 42,425,033 | |
Cash | | | 506,259 | | | | — | | | | — | | | | 500 | |
Interest, dividends and reclaims receivable | | | 13,294,374 | | | | — | | | | 155,825 | | | | 45,342 | |
Receivable for investment securities sold | | | 78,854,786 | | | | 34,046 | | | | 1,555,369 | | | | 675,180 | |
Receivable for capital stock sold | | | 563,337 | | | | — | | | | 1,641,980 | | | | 311,748 | |
Other assets | | | 26,502 | | | | 511 | | | | 2,248 | | | | 252 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 3,484,096,973 | | | | 76,534,851 | | | | 257,700,129 | | | | 43,458,055 | |
| | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Call options written, at value | | | 17,922,801 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 22,066,997 | | | | 117,164 | | | | 948,092 | | | | 329,913 | |
Payable for capital stock redeemed | | | 1,299,407 | | | | 55,974 | | | | 4,622 | | | | 2,731 | |
Payable to investment adviser (See Note 3) | | | 1,957,176 | | | | — | | | | 152,015 | | | | 19,399 | |
Payable to the administrator (See Note 3) | | | 252,813 | | | | 5,676 | | | | 19,422 | | | | 4,283 | |
Net unrealized depreciation of forward foreign currency contracts | | | 9,205 | | | | — | | | | — | | | | — | |
Other liabilities | | | 999,768 | | | | 26,725 | | | | 103,317 | | | | 23,169 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 44,508,167 | | | | 205,539 | | | | 1,227,468 | | | | 379,495 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 3,439,588,806 | | | $ | 76,329,312 | | | $ | 256,472,661 | | | $ | 43,078,560 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | | — | | | | 44,810,495 | | | | — | | | | — | |
Investments of unaffiliated issuers at cost | | | 3,014,245,047 | | | | 444,723 | | | | 202,911,014 | | | | 36,818,990 | |
Call options written, premiums received | | | (14,646,929 | ) | | | — | | | | — | | | | — | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 2,987,185,208 | | | $ | 46,736,303 | | | $ | 189,741,283 | | | $ | 36,869,522 | |
Undistributed net investment income (loss) | | | 19,366,581 | | | | (71,996 | ) | | | (235,502 | ) | | | 68,222 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 59,724,005 | | | | (1,580,071 | ) | | | 15,533,729 | | | | 535,054 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 373,313,012 | | | | 31,245,076 | | | | 51,433,151 | | | | 5,605,762 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 3,439,588,806 | | | $ | 76,329,312 | | | $ | 256,472,661 | | | $ | 43,078,560 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | 77,809,125 | | | | | | | | 9,094,190 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 4,512,316 | | | | | | | | 3,165,600 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 44.21 | | | $ | 16.92 | | | $ | 28.20 | | | $ | 13.61 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
156
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 104,894,109 | | | $ | 200,179,578 | | | $ | 196,017,853 | | | $ | 419,218,534 | |
Interest, dividends and reclaims receivable | | | 71,429 | | | | 274,111 | | | | 344,381 | | | | 472,223 | |
Receivable for investment securities sold | | | 667,330 | | | | 4,575,873 | | | | 1,435,239 | | | | — | |
Receivable for capital stock sold | | | — | | | | 3,616 | | | | 230,016 | | | | 85,684 | |
Future variation margin receivable | | | — | | | | — | | | | — | | | | 37,440 | |
Other assets | | | 647 | | | | 1,289 | | | | 1,407 | | | | 2,752 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 105,633,515 | | | | 205,034,467 | | | | 198,028,896 | | | | 419,816,633 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | — | | | | 2,984,420 | | | | 4,368,906 | | | | 412,666 | |
Payable for capital stock redeemed | | | 71,394 | | | | 979,886 | | | | 12,520 | | | | 100,796 | |
Payable to investment adviser (See Note 3) | | | 51,996 | | | | 110,227 | | | | 104,660 | | | | 44,745 | |
Payable to the administrator (See Note 3) | | | 7,905 | | | | 15,070 | | | | 14,381 | | | | 31,179 | |
Other liabilities | | | 38,756 | | | | 76,091 | | | | 72,850 | | | | 144,160 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 170,051 | | | | 4,165,694 | | | | 4,573,317 | | | | 733,546 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 105,463,464 | | | $ | 200,868,773 | | | $ | 193,455,579 | | | $ | 419,083,087 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 87,078,694 | | | | 174,247,511 | | | | 181,074,978 | | | | 248,056,127 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 84,852,234 | | | $ | 179,041,457 | | | $ | 179,439,532 | | | $ | 243,774,018 | |
Undistributed net investment income (loss) | | | 61,912 | | | | 498,049 | | | | 1,745,893 | | | | 3,697,932 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 2,733,903 | | | | (4,602,800 | ) | | | (2,672,721 | ) | | | 410,090 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 17,815,415 | | | | 25,932,067 | | | | 14,942,875 | | | | 171,201,047 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS | | $ | 105,463,464 | | | $ | 200,868,773 | | | $ | 193,455,579 | | | $ | 419,083,087 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 8,906,264 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 6,549,745 | | | | | | | | 12,882,195 | | | | 25,060,100 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 16.10 | | | $ | 22.55 | | | $ | 15.02 | | | $ | 16.72 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
157
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 104,984,188 | | | $ | 166,226,736 | | | $ | 92,372,938 | | | $ | 50,893,467 | |
Cash | | | — | | | | — | | | | 500 | | | | — | |
Interest, dividends and reclaims receivable | | | 61,923 | | | | 463,933 | | | | 172,286 | | | | 25,360 | |
Receivable for investment securities sold | | | 223,356 | | | | — | | | | 3,893,104 | | | | 3,311,686 | |
Receivable for capital stock sold | | | — | | | | 581,279 | | | | 2,411 | | | | — | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 4,061 | | | | — | |
Other assets | | | 661 | | | | 1,115 | | | | 649 | | | | 448 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 105,270,128 | | | | 167,273,063 | | | | 96,445,949 | | | | 54,230,961 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Call options written, at value | | | 370,854 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 1,950 | | | | — | | | | 3,910,434 | | | | 490,495 | |
Payable for capital stock redeemed | | | 287,254 | | | | 6,562 | | | | 1,385,941 | | | | 3,418,694 | |
Payable to investment adviser (See Note 3) | | | 60,343 | | | | 75,657 | | | | 54,164 | | | | 32,841 | |
Payable to the administrator (See Note 3) | | | 7,791 | | | | 12,446 | | | | 6,699 | | | | 3,943 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | 28,808 | | | | — | |
Other liabilities | | | 39,765 | | | | 66,877 | | | | 44,340 | | | | 29,854 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 767,957 | | | | 161,542 | | | | 5,430,386 | | | | 3,975,827 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 104,502,171 | | | $ | 167,111,521 | | | $ | 91,015,563 | | | $ | 50,255,134 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 104,187,930 | | | | 152,872,169 | | | | 85,586,629 | | | | 44,826,044 | |
Call options written, premiums received | | | (254,558 | ) | | | — | | | | — | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 104,752,444 | | | $ | 160,608,376 | | | $ | 83,039,468 | | | $ | 45,486,725 | |
Undistributed net investment income (loss) | | | (59,107 | ) | | | 230,572 | | | | 492,048 | | | | (124,352 | ) |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | (871,128 | ) | | | (7,081,994 | ) | | | 722,377 | | | | (1,174,662 | ) |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 679,962 | | | | 13,354,567 | | | | 6,761,670 | | | | 6,067,423 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 104,502,171 | | | $ | 167,111,521 | | | $ | 91,015,563 | | | $ | 50,255,134 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 7,291,883 | | | | 8,162,487 | | | | 4,686,760 | | | | 2,564,707 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 14.33 | | | $ | 20.47 | | | $ | 19.42 | | | $ | 19.59 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
158
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of unaffiliated issuers at value | | $ | 70,707,032 | | | $ | 85,101,235 | | | $ | 220,667,527 | | | $ | 66,372,881 | |
Interest, dividends and reclaims receivable | | | 87,479 | | | | 26,038 | | | | 472,072 | | | | 82,853 | |
Receivable for investment securities sold | | | 1,372,629 | | | | — | | | | 2,436,135 | | | | — | |
Receivable for capital stock sold | | | 420,883 | | | | — | | | | — | | | | — | |
Future variation margin receivable | | | — | | | | — | | | | — | | | | 20,130 | |
Other assets | | | 503 | | | | 620 | | | | 1,488 | | | | 387 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 72,588,526 | | | | 85,127,893 | | | | 223,577,222 | | | | 66,476,251 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 638,981 | | | | 320 | | | | 1,678,614 | | | | 3,698 | |
Payable for capital stock redeemed | | | 4,557 | | | | 388,122 | | | | 1,480,633 | | | | 398,827 | |
Payable to investment adviser (See Note 3) | | | 56,336 | | | | 52,100 | | | | 130,282 | | | | 16,392 | |
Payable to the administrator (See Note 3) | | | 5,275 | | | | 6,305 | | | | 16,318 | | | | 4,895 | |
Other liabilities | | | 30,171 | | | | 38,085 | | | | 89,861 | | | | 43,491 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 735,320 | | | | 484,932 | | | | 3,395,708 | | | | 467,303 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 71,853,206 | | | $ | 84,642,961 | | | $ | 220,181,514 | | | $ | 66,008,948 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 63,261,067 | | | | 70,220,517 | | | | 190,421,172 | | | | 55,555,610 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 63,340,842 | | | $ | 70,487,699 | | | $ | 187,712,720 | | | $ | 53,160,517 | |
Undistributed net investment income (loss) | | | 90,778 | | | | (193,534 | ) | | | 861,326 | | | | 226,592 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 975,621 | | | | (531,602 | ) | | | 1,361,113 | | | | 1,801,072 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 7,445,965 | | | | 14,880,398 | | | | 30,246,355 | | | | 10,820,767 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS | | $ | 71,853,206 | | | $ | 84,642,961 | | | $ | 220,181,514 | | | $ | 66,008,948 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 2,909,795 | | | | 7,905,046 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,450,416 | | | | | | | | | | | | 3,881,592 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 20.82 | | | $ | 29.09 | | | $ | 27.85 | | | $ | 17.01 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
159
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 91,408,714 | | | $ | 348,570,782 | | | $ | 145,020,962 | | | $ | 144,634,070 | |
Cash | | | 1,809,998 | | | | 139,131 | | | | 159,979 | | | | — | |
Initial Margin Held by Broker for Open Futures | | | 242,679 | | | | — | | | | — | | | | — | |
Interest, dividends and reclaims receivable | | | 509,963 | | | | 1,768,202 | | | | 767,718 | | | | 406,961 | |
Receivable for investment securities sold | | | 25,323 | | | | 1,744,884 | | | | 3,566,768 | | | | 1,697,500 | |
Receivable for capital stock sold | | | 4,780,473 | | | | 2,640,295 | | | | 133,280 | | | | — | |
Future variation margin receivable | | | 38,940 | | | | — | | | | — | | | | — | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 51,243 | | | | — | |
Other assets | | | 683 | | | | 2,557 | | | | 791 | | | | 992 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 98,816,773 | | | | 354,865,851 | | | | 149,700,741 | | | | 146,739,523 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 1,183 | | | | 1,432,562 | | | | 3,646,535 | | | | 884,669 | |
Payable for capital stock redeemed | | | 10,705 | | | | 19,827 | | | | 8,682 | | | | 1,561,648 | |
Payable to investment adviser (See Note 3) | | | 23,298 | | | | 246,560 | | | | 138,341 | | | | 80,149 | |
Payable to the administrator (See Note 3) | | | 7,162 | | | | 26,572 | | | | 10,630 | | | | 10,358 | |
Deferred Indian capital gains tax | | | — | | | | — | | | | 188,250 | | | | — | |
Other liabilities | | | 102,481 | | | | 163,003 | | | | 123,672 | | | | 51,268 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 144,829 | | | | 1,888,524 | | | | 4,116,110 | | | | 2,588,092 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 98,671,944 | | | $ | 352,977,327 | | | $ | 145,584,631 | | | $ | 144,151,431 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 82,001,746 | | | | 277,438,900 | | | | 131,014,463 | | | | 123,793,231 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 92,293,524 | | | $ | 282,794,463 | | | $ | 145,794,887 | | | $ | 116,295,067 | |
Undistributed net investment income (loss) | | | 611,210 | | | | (4,567,471 | ) | | | 12,925 | | | | 1,289,767 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | (3,607,504 | ) | | | 3,654,248 | | | | (14,083,405 | ) | | | 5,725,758 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 9,374,714 | | | | 71,096,087 | | | | 13,860,224 | | | | 20,840,839 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 98,671,944 | | | $ | 352,977,327 | | | $ | 145,584,631 | | | $ | 144,151,431 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 14,437,401 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 8,992,967 | | | | | | | | 14,178,933 | | | | 6,954,738 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 10.97 | | | $ | 24.45 | | | $ | 10.27 | | | $ | 20.73 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
160
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | 60,783,599 | | | $ | 234,126,544 | | | $ | 335,661,548 | | | $ | 100,018,687 | |
Investments of unaffiliated issuers at value | | | 401,104 | | | | 1,159,282 | | | | 893,578 | | | | 736,241 | |
Receivable for investment securities sold | | | 1,057,354 | | | | 3,934,205 | | | | 5,033,027 | | | | 1,246,346 | |
Receivable for capital stock sold | | | 4,086 | | | | 1,191 | | | | — | | | | 76,671 | |
Other assets | | | 451 | | | | 1,662 | | | | 2,368 | | | | 711 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 62,246,594 | | | | 239,222,884 | | | | 341,590,521 | | | | 102,078,656 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 1,047,592 | | | | 3,919,209 | | | | 4,789,921 | | | | 1,215,241 | |
Payable for capital stock redeemed | | | — | | | | 92,958 | | | | 185,726 | | | | 11 | |
Payable to investment adviser (See Note 3) | | | 7,081 | | | | 22,890 | | | | 31,959 | | | | 9,869 | |
Payable to the administrator (See Note 3) | | | 4,554 | | | | 17,655 | | | | 25,160 | | | | 7,489 | |
Other liabilities | | | 21,064 | | | | 75,357 | | | | 105,985 | | | | 34,500 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 1,080,291 | | | | 4,128,069 | | | | 5,138,751 | | | | 1,267,110 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 61,166,303 | | | $ | 235,094,815 | | | $ | 336,451,770 | | | $ | 100,811,546 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | | 44,948,301 | | | | 170,586,656 | | | | 249,839,431 | | | | 77,873,766 | |
Investments of unaffiliated issuers at cost | | | 401,104 | | | | 1,159,282 | | | | 893,578 | | | | 736,241 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 43,466,505 | | | $ | 163,213,242 | | | $ | 241,243,329 | | | $ | 75,672,872 | |
Undistributed net investment income (loss) | | | (97,116 | ) | | | (345,436 | ) | | | (489,335 | ) | | | (151,730 | ) |
Accumulated net realized gain (loss) on investment transactions | | | 1,961,616 | | | | 8,687,122 | | | | 9,875,659 | | | | 3,145,483 | |
Net unrealized appreciation (depreciation) in value of investments | | | 15,835,298 | | | | 63,539,887 | | | | 85,822,117 | | | | 22,144,921 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 61,166,303 | | | $ | 235,094,815 | | | $ | 336,451,770 | | | $ | 100,811,546 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,998,895 | | | | 14,668,010 | | | | 22,624,188 | | | | 7,137,273 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 15.30 | | | $ | 16.03 | | | $ | 14.87 | | | $ | 14.12 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
161
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2016
| | | | |
| | | Conservative
Allocation
Fund | |
| |
ASSETS | | | | |
Investments of affiliated issuers at value | | $ | 60,388,040 | |
Investments of unaffiliated issuers at value | | | 1,020,929 | |
Receivable for investment securities sold | | | 590,297 | |
Receivable for capital stock sold | | | 8,516 | |
Other assets | | | 392 | |
| | | | |
Total Assets | | | 62,008,174 | |
| | | | |
| |
LIABILITIES | | | | |
Payable for investment securities purchased | | | 1,239,045 | |
Payable to investment adviser (See Note 3) | | | 6,025 | |
Payable to the administrator (See Note 3) | | | 4,548 | |
Other liabilities | | | 22,343 | |
| | | | |
Total Liabilities | | | 1,271,961 | |
| | | | |
NET ASSETS | | $ | 60,736,213 | |
| | | | |
Investments of affiliated issuers at cost | | | 50,239,125 | |
Investments of unaffiliated issuers at cost | | | 1,020,929 | |
| |
COMPONENTS OF NET ASSETS: | | | | |
Paid-in Capital | | $ | 48,744,388 | |
Undistributed net investment income (loss) | | | (95,862 | ) |
Accumulated net realized gain (loss) on investment transactions | | | 1,938,772 | |
Net unrealized appreciation (depreciation) in value of investments | | | 10,148,915 | |
| | | | |
NET ASSETS | | $ | 60,736,213 | |
| | | | |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 4,597,942 | |
| | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 13.21 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
162
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 6,312 | | | $ | 1,211 | | | $ | 6,240 | | | $ | 37,635 | |
Interest | | | 261,519 | | | | 2,034,067 | | | | 8,514,012 | | | | 5,907,857 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 267,831 | | | | 2,035,278 | | | | 8,520,252 | | | | 5,945,492 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 197,096 | | | | 428,124 | | | | 1,172,687 | | | | 473,377 | |
Shareholder servicing fees (See Note 3) | | | 53,753 | | | | 83,764 | | | | 240,359 | | | | 76,078 | |
Administration fees (See Note 3) | | | 17,836 | | | | 27,921 | | | | 80,120 | | | | 25,359 | |
Accounting fees (See Note 3) | | | 39,826 | | | | 56,481 | | | | 119,901 | | | | 52,211 | |
Director fees and expenses | | | 2,709 | | | | 4,868 | | | | 12,775 | | | | 4,310 | |
Custodian fees and expenses | | | 4,183 | | | | 6,515 | | | | 18,694 | | | | 8,965 | |
Pricing fees | | | 5,472 | | | | 11,244 | | | | 17,713 | | | | 30,105 | |
Professional fees | | | 5,309 | | | | 9,389 | | | | 24,166 | | | | 8,219 | |
Printing fees | | | 4,539 | | | | 8,258 | | | | 21,485 | | | | 7,299 | |
Other expenses | | | 25,305 | | | | 23,667 | | | | 39,688 | | | | 39,498 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 356,028 | | | | 660,231 | | | | 1,747,588 | | | | 725,421 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | 104,166 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 251,862 | | | | 660,231 | | | | 1,747,588 | | | | 725,421 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 15,969 | | | | 1,375,047 | | | | 6,772,664 | | | | 5,220,071 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT | | | | | | | | | | | | | | | | |
SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | — | | | | (161,410 | ) | | | 2,258,613 | | | | (4,197,574 | ) |
Net realized gain (loss) on futures contracts | | | — | | | | 72,727 | | | | (1,455,849 | ) | | | — | |
Net realized foreign currency exchange gain (loss) | | | — | | | | — | | | | — | | | | 84,239 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | — | | | | 1,631,338 | | | | 21,075,191 | | | | 11,470,362 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | 432,046 | | | | (757,969 | ) | | | (5,287 | ) |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | — | | | | 1,974,701 | | | | 21,119,986 | | | | 7,351,740 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 15,969 | | | $ | 3,349,748 | | | $ | 27,892,650 | | | $ | 12,571,811 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 18,068,324 | | | $ | 305 | | | $ | 1,016,678 | | | $ | 341,300 | |
Interest | | | 15,945,261 | | | | — | | | | — | | | | 313 | |
Foreign tax withheld | | | (45,144 | ) | | | — | | | | (5,595 | ) | | | (12,019 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 33,968,441 | | | | 305 | | | | 1,011,083 | | | | 329,594 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 11,443,117 | | | | — | | | | 924,261 | | | | 115,623 | |
Shareholder servicing fees (See Note 3) | | | 1,475,041 | | | | 33,672 | | | | 115,786 | | | | 18,920 | |
Administration fees (See Note 3) | | | 491,680 | | | | 11,224 | | | | 38,595 | | | | 6,307 | |
Accounting fees (See Note 3) | | | 397,404 | | | | 5,967 | | | | 74,271 | | | | 14,716 | |
Director fees and expenses | | | 74,066 | | | | 1,825 | | | | 6,766 | | | | 1,244 | |
Custodian fees and expenses | | | 110,014 | | | | 2,619 | | | | 10,965 | | | | 2,382 | |
Pricing fees | | | 42,367 | | | | 1,182 | | | | 5,626 | | | | 2,462 | |
Professional fees | | | 145,757 | | | | 3,466 | | | | 12,937 | | | | 2,356 | |
Printing fees | | | 124,617 | | | | 3,088 | | | | 11,480 | | | | 2,143 | |
Recaptured administration fee (See Note 3) | | | — | | | | — | | | | — | | | | 1,072 | |
Other expenses | | | 268,074 | | | | 9,258 | | | | 45,898 | | | | 22,227 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 14,572,137 | | | | 72,301 | | | | 1,246,585 | | | | 189,452 | |
Less: Waivers and reimbursement from administrator (See Note 3) | | | — | | | | — | | | | — | | | | 2,353 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 14,572,137 | | | | 72,301 | | | | 1,246,585 | | | | 187,099 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 19,396,304 | | | | (71,996 | ) | | | (235,502 | ) | | | 142,495 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT | | | | | | | | | | | | | | | | |
SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 66,269,672 | | | | 2,138,232 | | | | 15,710,607 | | | | 655,576 | |
Net realized gains (loss) on written options | | | 3,679,747 | | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | (176,156 | ) | | | — | | | | (341 | ) | | | (506 | ) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 76,624,459 | | | | 1,022,012 | | | | (34,808,290 | ) | | | 785,494 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | (24,127 | ) | | | — | | | | (542 | ) | | | (225 | ) |
Change in net unrealized appreciation (depreciation) of written options | | | (1,484,402 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 144,889,193 | | | | 3,160,244 | | | | (19,098,566 | ) | | | 1,440,339 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 164,285,497 | | | $ | 3,088,248 | | | $ | (19,334,068 | ) | | $ | 1,582,834 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
163
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 505,698 | | | $ | 2,746,049 | | | $ | 2,635,435 | | | $ | 4,433,388 | |
Interest | | | — | | | | — | | | | — | | | | 552 | |
Foreign tax withheld | | | 196 | | | | (21,047 | ) | | | (26,599 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 505,894 | | | | 2,725,002 | | | | 2,608,836 | | | | 4,433,940 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 310,277 | | | | 651,262 | | | | 629,638 | | | | 265,756 | |
Shareholder servicing fees (See Note 3) | | | 46,542 | | | | 88,109 | | | | 85,115 | | | | 182,534 | |
Administration fees (See Note 3) | | | 15,514 | | | | 29,370 | | | | 28,372 | | | | 60,845 | |
Accounting fees (See Note 3) | | | 35,770 | | | | 58,895 | | | | 57,231 | | | | 100,626 | |
Director fees and expenses | | | 2,770 | | | | 5,033 | | | | 4,441 | | | | 9,957 | |
Custodian fees and expenses | | | 3,620 | | | | 6,853 | | | | 6,620 | | | | 14,197 | |
Pricing fees | | | 2,070 | | | | 4,555 | | | | 2,681 | | | | 8,640 | |
Professional fees | | | 5,288 | | | | 9,562 | | | | 8,714 | | | | 19,001 | |
Printing fees | | | 4,723 | | | | 8,570 | | | | 7,486 | | | | 16,912 | |
Other expenses | | | 17,408 | | | | 21,553 | | | | 32,645 | | | | 57,540 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 443,982 | | | | 883,762 | | | | 862,943 | | | | 736,008 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 61,912 | | | | 1,841,240 | | | | 1,745,893 | | | | 3,697,932 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 3,008,204 | | | | (4,248,381 | ) | | | (1,377,573 | ) | | | 8,709,529 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 210,610 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | (4,620,707 | ) | | | 5,071,926 | | | | 2,182,930 | | | | 1,789,454 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | 43,005 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | (1,612,503 | ) | | | 823,545 | | | | 805,357 | | | | 10,752,598 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,550,591 | ) | | $ | 2,664,785 | | | $ | 2,551,250 | | | $ | 14,450,530 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 397,844 | | | $ | 1,545,710 | | | $ | 915,990 | | | $ | 144,752 | |
Foreign tax withheld | | | — | | | | (1,099 | ) | | | (3,005 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 397,844 | | | | 1,544,611 | | | | 912,985 | | | | 144,752 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 354,341 | | | | 443,681 | | | | 312,494 | | | | 190,984 | |
Shareholder servicing fees (See Note 3) | | | 45,558 | | | | 72,602 | | | | 39,062 | | | | 22,918 | |
Administration fees (See Note 3) | | | 15,186 | | | | 24,201 | | | | 13,021 | | | | 7,639 | |
Accounting fees (See Note 3) | | | 35,137 | | | | 50,280 | | | | 30,381 | | | | 17,825 | |
Director fees and expenses | | | 2,806 | | | | 4,148 | | | | 2,028 | | | | 1,369 | |
Custodian fees and expenses | | | 3,543 | | | | 5,647 | | | | 3,514 | | | | 1,782 | |
Pricing fees | | | 3,250 | | | | 3,169 | | | | 2,844 | | | | 1,613 | |
Professional fees | | | 11,738 | | | | 7,933 | | | | 3,940 | | | | 2,692 | |
Printing fees | | | 4,801 | | | | 7,081 | | | | 3,425 | | | | 2,340 | |
Recaptured advisory fees (See Note 3) | | | 1,656 | | | | — | | | | — | | | | 1,081 | |
Other expenses | | | 22,884 | | | | 18,401 | | | | 43,933 | | | | 19,942 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 500,900 | | | | 637,143 | | | | 454,642 | | | | 270,185 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | — | | | | — | | | | — | | | | 1,081 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 500,900 | | | | 637,143 | | | | 454,642 | | | | 269,104 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (103,056 | ) | | | 907,468 | | | | 458,343 | | | | (124,352 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | (694,318 | ) | | | (4,425,175 | ) | | | 1,733,468 | | | | (402,079 | ) |
Net realized foreign currency exchange gain (loss) | | | (959 | ) | | | — | | | | (115,689 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 2,675,283 | | | | 12,638,408 | | | | 6,467,156 | | | | 675,367 | |
Change in net unrealized appreciation (depreciation) of written options | | | (367,002 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 1,613,004 | | | | 8,213,233 | | | | 8,084,935 | | | | 273,288 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,509,948 | | | $ | 9,120,701 | | | $ | 8,543,278 | | | $ | 148,936 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
164
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2016
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 501,450 | | | $ | 235,484 | | | $ | 1,890,999 | | | $ | 464,750 | |
Interest | | | — | | | | — | | | | — | | | | 104 | |
Foreign tax withheld | | | — | | | | (4,090 | ) | | | (1,447 | ) | | | (126 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 501,450 | | | | 231,394 | | | | 1,889,552 | | | | 464,728 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 319,569 | | | | 306,840 | | | | 757,255 | | | | 93,653 | |
Shareholder servicing fees (See Note 3) | | | 30,275 | | | | 37,053 | | | | 94,964 | | | | 28,096 | |
Administration fees (See Note 3) | | | 10,092 | | | | 12,351 | | | | 31,655 | | | | 9,365 | |
Accounting fees (See Note 3) | | | 23,547 | | | | 28,819 | | | | 62,703 | | | | 21,852 | |
Director fees and expenses | | | 1,687 | | | | 2,275 | | | | 5,440 | | | | 1,533 | |
Custodian fees and expenses | | | 2,355 | | | | 2,882 | | | | 7,386 | | | | 2,185 | |
Pricing fees | | | 1,835 | | | | 3,161 | | | | 5,078 | | | | 14,405 | |
Professional fees | | | 3,250 | | | | 4,325 | | | | 10,514 | | | | 2,964 | |
Printing fees | | | 2,879 | | | | 3,883 | | | | 9,263 | | | | 2,606 | |
Other expenses | | | 15,183 | | | | 23,339 | | | | 43,968 | | | | 34,280 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 410,672 | | | | 424,928 | | | | 1,028,226 | | | | 210,939 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 90,778 | | | | (193,534 | ) | | | 861,326 | | | | 253,789 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 1,196,990 | | | | (446,428 | ) | | | 2,216,126 | | | | 2,091,961 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 44,998 | |
Net realized foreign currency exchange gain (loss) | | | — | | | | 396 | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 2,467,748 | | | | 1,519,688 | | | | 6,809,727 | | | | (1,185,580 | ) |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | (320 | ) | | | — | | | | (22,746 | ) |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 3,664,738 | | | | 1,073,336 | | | | 9,025,853 | | | | 928,633 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,755,516 | | | $ | 879,802 | | | $ | 9,887,179 | | | $ | 1,182,422 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 2,264,201 | | | $ | 5,448,655 | | | $ | 1,915,153 | | | $ | 1,925,828 | |
Foreign tax withheld | | | (194,042 | ) | | | (353,092 | ) | | | (215,990 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 2,070,159 | | | | 5,095,563 | | | | 1,699,163 | | | | 1,925,828 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 139,531 | | | | 1,494,543 | | | | 818,683 | | | | 470,428 | |
Shareholder servicing fees (See Note 3) | | | 41,859 | | | | 157,711 | | | | 62,442 | | | | 60,484 | |
Administration fees (See Note 3) | | | 13,953 | | | | 52,570 | | | | 20,814 | | | | 20,161 | |
Accounting fees (See Note 3) | | | 37,208 | | | | 115,086 | | | | 51,573 | | | | 43,547 | |
Director fees and expenses | | | 2,359 | | | | 8,805 | | | | 3,402 | | | | 3,176 | |
Custodian fees and expenses | | | 12,593 | | | | 58,871 | | | | 43,248 | | | | 4,704 | |
Pricing fees | | | 42,397 | | | | 9,300 | | | | 10,867 | | | | 2,496 | |
Professional fees | | | 4,482 | | | | 19,440 | | | | 13,060 | | | | 6,105 | |
Printing fees | | | 4,009 | | | | 14,915 | | | | 5,955 | | | | 5,356 | |
Other expenses | | | 76,374 | | | | 46,871 | | | | 123,943 | | | | 19,604 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 374,765 | | | | 1,978,112 | | | | 1,153,987 | | | | 636,061 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 1,695,394 | | | | 3,117,451 | | | | 545,176 | | | | 1,289,767 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | (260,736 | ) | | | 11,504,535 | | | | (265,019 | ) | | | 5,817,043 | |
Net realized gain (loss) on futures contracts | | | (15,275 | ) | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | 14,297 | | | | (302,062 | ) | | | (121,696 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | (4,988,568 | ) | | | (12,046,260 | ) | | | 8,152,404 | | | | 5,425,037 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | (27,866 | ) | | | (33,856 | ) | | | (95 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | (5,278,148 | ) | | | (877,643 | ) | | | 7,765,594 | | | | 11,242,080 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (3,582,754 | ) | | $ | 2,239,808 | | | $ | 8,310,770 | | | $ | 12,531,847 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
165
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2016
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 370 | | | $ | 973 | | | $ | 1,022 | | | $ | 664 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 370 | | | | 973 | | | | 1,022 | | | | 664 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 35,450 | | | | 136,998 | | | | 191,898 | | | | 59,362 | |
Shareholder servicing fees (See Note 3) | | | 26,587 | | | | 103,952 | | | | 148,870 | | | | 44,522 | |
Administration fees (See Note 3) | | | 8,862 | | | | 34,651 | | | | 49,623 | | | | 14,841 | |
Accounting fees (See Note 3) | | | 5,967 | | | | 11,550 | | | | 16,541 | | | | 5,967 | |
Director fees and expenses | | | 1,464 | | | | 5,714 | | | | 8,212 | | | | 2,464 | |
Custodian fees and expenses | | | 2,068 | | | | 8,085 | | | | 11,579 | | | | 3,463 | |
Pricing fees | | | 1,151 | | | | 2,907 | | | | 3,926 | | | | 1,564 | |
Professional fees | | | 2,796 | | | | 10,864 | | | | 15,610 | | | | 4,670 | |
Printing fees | | | 2,489 | | | | 9,692 | | | | 13,910 | | | | 4,170 | |
Recaptured advisory fee (See Note 3) | | | 1,730 | | | | — | | | | — | | | | — | |
Other expenses | | | 8,922 | | | | 21,996 | | | | 30,188 | | | | 11,371 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 97,486 | | | | 346,409 | | | | 490,357 | | | | 152,394 | |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (97,116 | ) | | | (345,436 | ) | | | (489,335 | ) | | | (151,730 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 2,411,405 | | | | 10,429,984 | | | | 11,325,763 | | | | 3,604,204 | |
Change in net unrealized appreciation (depreciation) of affiliated investments | | | (688,463 | ) | | | (3,026,666 | ) | | | 673,968 | | | | 232,204 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities | | | 1,722,942 | | | | 7,403,318 | | | | 11,999,731 | | | | 3,836,408 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,625,826 | | | $ | 7,057,882 | | | $ | 11,510,396 | | | $ | 3,684,678 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Conservative
Allocation
Fund | | | | | | | | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 959 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 959 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 36,365 | | | | | | | | | | | | | |
Shareholder servicing fees (See Note 3) | | | 27,274 | | | | | | | | | | | | | |
Administration fees (See Note 3) | | | 9,091 | | | | | | | | | | | | | |
Accounting fees (See Note 3) | | | 5,967 | | | | | | | | | | | | | |
Director fees and expenses | | | 1,450 | | | | | | | | | | | | | |
Custodian fees and expenses | | | 2,121 | | | | | | | | | | | | | |
Pricing fees | | | 1,094 | | | | | | | | | | | | | |
Professional fees | | | 2,760 | | | | | | | | | | | | | |
Printing fees | | | 2,442 | | | | | | | | | | | | | |
Recaptured advisory fees (See Note 3) | | | 119 | | | | | | | | | | | | | |
Other expenses | | | 8,137 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 96,820 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (95,861 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 2,217,383 | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) of affiliated investments | | | 139,693 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities | | | 2,357,076 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,261,215 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
166
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | Limited Maturity Bond Fund | |
| | | Six Months
Ended
6/30/16 | | | Year
Ended
12/31/15 | | | Six Months
Ended
6/30/16 | | | Year
Ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 15,969 | | | $ | 11,992 | | | $ | 1,375,047 | | | $ | 2,655,082 | |
Net realized gains (loss) from investment transactions | | | — | | | | — | | | | (161,410 | ) | | | 268,084 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 72,727 | | | | (324,813 | ) |
Net change in unrealized appreciation (depreciation) of investments | | | — | | | | — | | | | 2,063,384 | | | | (650,690 | ) |
Net change in unrealized appreciation (depreciation) of future contracts | | | — | | | | — | | | | — | | | | (51,250 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 15,969 | | | | 11,992 | | | | 3,349,748 | | | | 1,896,413 | |
| | | | | | | | | | | | | | | | |
Distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | (5,989 | ) | | | (11,728 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Distributions | | | (5,989 | ) | | | (11,728 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 34,980,895 | | | | 88,029,875 | | | | 7,245,241 | | | | 36,008,080 | |
Shares issued in lieu of cash distributions | | | 5,989 | | | | 11,728 | | | | — | | | | — | |
Shares redeemed | | | (54,793,587 | ) | | | (87,127,948 | ) | | | (20,125,867 | ) | | | (70,119,812 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (19,806,703 | ) | | | 913,655 | | | | (12,880,626 | ) | | | (34,111,732 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (19,796,723 | ) | | | 913,919 | | | | (9,530,878 | ) | | | (32,215,319 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 133,645,357 | | | | 132,731,438 | | | | 189,846,371 | | | | 222,061,690 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 113,848,634 | | | $ | 133,645,357 | | | $ | 180,315,493 | | | $ | 189,846,371 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 10,244 | | | $ | 264 | | | $ | 1,375,047 | | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 34,980,895 | | | | 88,029,875 | | | | 620,915 | | | | 3,108,690 | |
Shares issued in lieu of cash distributions | | | 5,989 | | | | 11,728 | | | | — | | | | — | |
Shares redeemed | | | (54,793,587 | ) | | | (87,127,948 | ) | | | (1,720,179 | ) | | | (6,045,850 | ) |
| | | | | | | | | | | | | | | | |
| | | (19,806,703 | ) | | | 913,655 | | | | (1,099,264 | ) | | | (2,937,160 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Quality Bond Fund | | | High Yield Bond Fund | |
| | | Six Months
Ended
6/30/16 | | | Year
Ended
12/31/15 | | | Six Months
Ended
6/30/16 | | | Year
Ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 6,772,664 | | | $ | 13,607,991 | | | $ | 5,220,071 | | | $ | 11,061,361 | |
Net realized gains (loss) from investment transactions | | | 2,258,613 | | | | 10,225,061 | | | | (3,808,013 | ) | | | (6,266,501 | ) |
Net realized gains (loss) on futures contracts | | | (1,455,849 | ) | | | 453,523 | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | — | | | | (265 | ) | | | (305,322 | ) | | | 585,927 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 20,317,222 | | | | (22,025,118 | ) | | | 11,465,075 | | | | (11,129,127 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 27,892,650 | | | | 2,261,192 | | | | 12,571,811 | | | | (5,748,340 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 20,069,448 | | | | 51,580,293 | | | | 3,296,345 | | | | 15,583,960 | |
Shares redeemed | | | (37,263,140 | ) | | | (78,782,330 | ) | | | (16,779,899 | ) | | | (31,306,417 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (17,193,692 | ) | | | (27,202,037 | ) | | | (13,483,554 | ) | | | (15,722,457 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 10,698,958 | | | | (24,940,845 | ) | | | (911,743 | ) | | | (21,470,797 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 534,675,121 | | | | 559,615,966 | | | | 173,032,810 | | | | 194,503,607 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 545,374,079 | | | $ | 534,675,121 | | | $ | 172,121,067 | | | $ | 173,032,810 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 6,772,664 | | | $ | — | | | $ | 4,947,321 | | | $ | (272,749 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,450,176 | | | | 3,814,695 | | | | 304,704 | | | | 1,408,093 | |
Shares issued in lieu of cash distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | (2,705,928 | ) | | | (5,820,984 | ) | | | (1,553,119 | ) | | | (2,810,375 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,255,752 | ) | | | (2,006,289 | ) | | | (1,248,415 | ) | | | (1,402,282 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
167
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Flexibly Managed Fund | | | Balanced Fund | |
| | | For the six
months ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 19,396,304 | | | $ | 35,653,712 | | | $ | (71,996 | ) | | $ | (170,857 | ) |
Net realized gains (loss) from investment transactions | | | 69,949,419 | | | | 291,569,245 | | | | 2,138,232 | | | | 3,338,369 | |
Net realized gains (loss) on written options | | | — | | | | (17,244 | ) | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | (176,156 | ) | | | (610,362 | ) | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 73,631,528 | | | | (180,003,900 | ) | | | 1,022,012 | | | | (2,623,599 | ) |
Net change in unrealized appreciation (depreciation) of written options | | | 1,484,402 | | | | 8,462,912 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 164,285,497 | | | | 155,054,363 | | | | 3,088,248 | | | | 543,913 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 84,022,472 | | | | 216,314,515 | | | | 1,369,867 | | | | 3,697,483 | |
Shares redeemed | | | (130,915,554 | ) | | | (123,360,667 | ) | | | (4,715,423 | ) | | | (9,448,421 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (46,893,082 | ) | | | 92,953,848 | | | | (3,345,556 | ) | | | (5,750,938 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 117,392,415 | | | | 248,008,211 | | | | (257,308 | ) | | | (5,207,025 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 3,322,196,391 | | | | 3,074,188,180 | | | | 76,586,620 | | | | 81,793,645 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 3,439,588,806 | | | $ | 3,322,196,391 | | | $ | 76,329,312 | | | $ | 76,586,620 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 19,366,581 | | | | (29,723 | ) | | $ | (71,996 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,994,927 | | | | 5,210,741 | | | | 84,180 | | | | 227,681 | |
Shares redeemed | | | (3,184,374 | ) | | | (2,982,711 | ) | | | (288,893 | ) | | | (581,655 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,189,447 | ) | | | 2,228,030 | | | | (204,713 | ) | | | (353,974 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Growth Stock Fund | | | Large Cap Growth Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (235,502 | ) | | $ | (903,524 | ) | | $ | 142,495 | | | $ | 214,386 | |
Net realized gains (loss) from investment transactions | | | 15,710,607 | | | | 32,485,479 | | | | 655,576 | | | | 4,946,662 | |
Net realized foreign exchange gain (loss) | | | (341 | ) | | | (4,022 | ) | | | (506 | ) | | | 1,211 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (34,808,832 | ) | | | (2,752,058 | ) | | | 785,269 | | | | (5,748,356 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (19,334,068 | ) | | | 28,825,875 | | | | 1,582,834 | | | | (586,097 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 9,846,472 | | | | 21,826,727 | | | | 1,442,095 | | | | 5,105,548 | |
Shares redeemed | | | (30,742,876 | ) | | | (34,631,243 | ) | | | (3,648,210 | ) | | | (18,480,718 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (20,896,404 | ) | | | (12,804,516 | ) | | | (2,206,115 | ) | | | (13,375,170 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (40,230,472 | ) | | | 16,021,359 | | | | (623,281 | ) | | | (13,961,267 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 296,703,133 | | | | 280,681,774 | | | | 43,701,841 | | | | 57,663,108 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 256,472,661 | | | $ | 296,703,133 | | | $ | 43,078,560 | | | $ | 43,701,841 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (235,502 | ) | | $ | — | | | $ | 68,590 | | | $ | (74,273 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 352,674 | | | | 744,580 | | | | 108,715 | | | | 385,521 | |
Shares redeemed | | | (1,126,052 | ) | | | (1,191,486 | ) | | | (281,514 | ) | | | (1,445,763 | ) |
| | | | | | | | | | | | | | | | |
| | | (773,378 | ) | | | (446,906 | ) | | | (172,799 | ) | | | (1,060,242 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
168
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Large Core Growth Fund | | | Large Cap Value Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 61,912 | | | $ | (243,051 | ) | | $ | 1,841,240 | | | $ | 2,607,629 | |
Net realized gains (loss) from investment transactions | | | 3,008,204 | | | | 10,304,491 | | | | (4,248,381 | ) | | | 10,201,080 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (4,620,707 | ) | | | (8,242,993 | ) | | | 5,071,926 | | | | (22,143,663 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (1,550,591 | ) | | | 1,818,447 | | | | 2,664,785 | | | | (9,334,954 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,724,588 | | | | 3,033,469 | | | | 4,819,029 | | | | 15,700,343 | |
Shares redeemed | | | (6,390,205 | ) | | | (19,152,485 | ) | | | (14,307,052 | ) | | | (27,753,537 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (4,665,617 | ) | | | (16,119,016 | ) | | | (9,488,023 | ) | | | (12,053,194 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (6,216,208 | ) | | | (14,300,569 | ) | | | (6,823,238 | ) | | | (21,388,148 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 111,679,672 | | | | 125,980,241 | | | | 207,692,011 | | | | 229,080,159 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 105,463,464 | | | $ | 111,679,672 | | | $ | 200,868,773 | | | $ | 207,692,011 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 61,912 | | | $ | — | | | $ | 498,049 | | | $ | (1,343,191 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 112,799 | | | | 186,621 | | | | 222,792 | | | | 696,968 | |
Shares redeemed | | | (412,998 | ) | | | (1,193,376 | ) | | | (666,786 | ) | | | (1,210,583 | ) |
| | | | | | | | | | | | | | | | |
| | | (300,199 | ) | | | (1,006,755 | ) | | | (443,994 | ) | | | (513,615 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Core Value Fund | | | Index 500 Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,745,893 | | | $ | 2,865,780 | | | $ | 3,697,932 | | | $ | 7,365,475 | |
Net realized gains (loss) from investment transactions | | | (1,377,573 | ) | | | 17,515,483 | | | | 8,709,529 | | | | 10,334,116 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 210,610 | | | | 336,718 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 2,182,930 | | | | (20,328,266 | ) | | | 1,832,459 | | | | (13,632,674 | ) |
Net change in unrealized appreciation (depreciation) of written options | | | — | | | | — | | | | — | | | | (351,802 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,551,250 | | | | 52,997 | | | | 14,450,530 | | | | 4,051,833 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,446,094 | | | | 36,293,794 | | | | 8,505,134 | | | | 27,836,558 | |
Shares redeemed | | | (16,553,868 | ) | | | (26,030,180 | ) | | | (21,837,508 | ) | | | (56,758,285 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (12,107,774 | ) | | | 10,263,614 | | | | (13,332,374 | ) | | | (28,921,727 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (9,556,524 | ) | | | 10,316,611 | | | | 1,118,156 | | | | (24,869,894 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 203,012,103 | | | | 192,695,492 | | | | 417,964,931 | | | | 442,834,825 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 193,455,579 | | | $ | 203,012,103 | | | $ | 419,083,087 | | | $ | 417,964,931 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,745,893 | | | $ | — | | | $ | 3,697,932 | | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 305,187 | | | | 2,557,882 | | | | 539,307 | | | | 1,732,802 | |
Shares redeemed | | | (1,168,452 | ) | | | (1,753,261 | ) | | | (1,368,977 | ) | | | (3,553,537 | ) |
| | | | | | | | | | | | | | | | |
| | | (863,265 | ) | | | 804,621 | | | | (829,670 | ) | | | (1,820,735 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
169
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | | | Mid Cap Value Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (103,056 | ) | | $ | (28,391 | ) | | $ | 907,468 | | | $ | 1,701,454 | |
Net realized gains (loss) from investment transactions | | | (694,318 | ) | | | 5,797,189 | | | | (4,425,175 | ) | | | 26,296,013 | |
Net realized gains (loss) on written options | | | — | | | | 118,982 | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | (959 | ) | | | (658 | ) | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 2,308,281 | | | | (12,976,960 | ) | | | 12,638,408 | | | | (42,348,949 | ) |
Net change in unrealized appreciation (depreciation) of written options | | | — | | | | 233,582 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,509,948 | | | | (6,856,256 | ) | | | 9,120,701 | | | | (14,351,482 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,963,857 | | | | 8,045,737 | | | | 3,572,593 | | | | 16,099,583 | |
Shares redeemed | | | (10,714,048 | ) | | | (17,933,265 | ) | | | (11,431,032 | ) | | | (21,191,909 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (8,750,191 | ) | | | (9,887,528 | ) | | | (7,858,439 | ) | | | (5,092,326 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (7,240,243 | ) | | | (16,743,784 | ) | | | 1,262,262 | | | | (19,443,808 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 111,742,414 | | | | 128,486,198 | | | | 165,849,259 | | | | 185,293,067 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 104,502,171 | | | $ | 111,742,414 | | | $ | 167,111,521 | | | $ | 165,849,259 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (59,107 | ) | | $ | 43,949 | | | $ | 230,572 | | | $ | (676,896 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 141,942 | | | | 554,269 | | | | 182,903 | | | | 778,338 | |
Shares redeemed | | | (822,524 | ) | | | (1,219,379 | ) | | | (584,945 | ) | | | (1,021,668 | ) |
| | | | | | | | | | | | | | | | |
| | | (680,582 | ) | | | (665,110 | ) | | | (402,042 | ) | | | (243,330 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Mid Core Value Fund | | | SMID Cap Growth Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 458,343 | | | $ | 942,980 | | | $ | (124,352 | ) | | $ | (427,475 | ) |
Net realized gains (loss) from investment transactions | | | 1,733,468 | | | | 7,036,472 | | | | (402,079 | ) | | | 4,385,704 | |
Net realized foreign exchange gain (loss) | | | (115,689 | ) | | | 436,520 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 6,467,156 | | | | (9,226,776 | ) | | | 675,367 | | | | (5,703,654 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 8,543,278 | | | | (810,804 | ) | | | 148,936 | | | | (1,745,425 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,561,314 | | | | 18,173,946 | | | | 1,818,474 | | | | 18,476,093 | |
Shares redeemed | | | (12,638,963 | ) | | | (17,042,212 | ) | | | (7,713,885 | ) | | | (16,331,135 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (8,077,649 | ) | | | 1,131,734 | | | | (5,895,411 | ) | | | 2,144,958 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 465,629 | | | | 320,930 | | | | (5,746,475 | ) | | | 399,533 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 90,549,934 | | | | 90,229,004 | | | | 56,001,609 | | | | 55,602,076 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 91,015,563 | | | $ | 90,549,934 | | | $ | 50,255,134 | | | $ | 56,001,609 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 492,048 | | | $ | 33,704 | | | $ | (124,352 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 249,754 | | | | 1,057,402 | | | | 98,705 | | | | 880,485 | |
Shares redeemed | | | (717,943 | ) | | | (959,286 | ) | | | (411,732 | ) | | | (816,373 | ) |
| | | | | | | | | | | | | | | | |
| | | (468,189 | ) | | | 98,116 | | | | (313,027 | ) | | | 64,112 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
170
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | SMID Cap Value Fund | | | Small Cap Growth Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 90,778 | | | $ | (16,641 | ) | | $ | (193,534 | ) | | $ | (481,029 | ) |
Net realized gains (loss) from investment transactions | | | 1,196,990 | | | | 5,289,080 | | | | (446,428 | ) | | | 8,505,456 | |
Net realized foreign exchange gain (loss) | | | — | | | | — | | | | 396 | | | | (674 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 2,467,748 | | | | (9,717,509 | ) | | | 1,519,368 | | | | (7,010,917 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 3,755,516 | | | | (4,445,070 | ) | | | 879,802 | | | | 1,012,836 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,506,293 | | | | 10,634,347 | | | | 1,845,635 | | | | 10,002,130 | |
Shares redeemed | | | (4,367,791 | ) | | | (12,136,270 | ) | | | (9,748,082 | ) | | | (22,027,172 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 138,502 | | | | (1,501,923 | ) | | | (7,902,447 | ) | | | (12,025,042 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 3,894,018 | | | | (5,946,993 | ) | | | (7,022,645 | ) | | | (11,012,206 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 67,959,188 | | | | 73,906,181 | | | | 91,665,606 | | | | 102,677,812 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 71,853,206 | | | $ | 67,959,188 | | | $ | 84,642,961 | | | $ | 91,665,606 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 90,778 | | | $ | — | | | $ | (193,534 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 225,615 | | | | 509,005 | | | | 66,378 | | | | 339,948 | |
Shares redeemed | | | (220,848 | ) | | | (597,177 | ) | | | (363,290 | ) | | | (740,200 | ) |
| | | | | | | | | | | | | | | | |
| | | 4,767 | | | | (88,172 | ) | | | (296,912 | ) | | | (400,252 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Small Cap Value Fund | | | Small Cap Index Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 861,326 | | | $ | 1,478,773 | | | $ | 253,789 | | | $ | 443,550 | |
Net realized gains (loss) from investment transactions | | | 2,216,126 | | | | 13,550,651 | | | | 2,091,961 | | | | 3,739,682 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 44,998 | | | | (130,343 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 6,809,727 | | | | (27,740,785 | ) | | | (1,208,326 | ) | | | (7,476,015 | ) |
Net change in unrealized appreciation (depreciation) of future contracts | | | — | | | | — | | | | — | | | | 31,132 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 9,887,179 | | | | (12,711,361 | ) | | | 1,182,422 | | | | (3,391,994 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 2,698,512 | | | | 17,861,045 | | | | 2,658,709 | | | | 7,946,828 | |
Shares redeemed | | | (19,542,743 | ) | | | (24,138,080 | ) | | | (3,312,305 | ) | | | (5,732,698 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (16,844,231 | ) | | | (6,277,035 | ) | | | (653,596 | ) | | | 2,214,130 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (6,957,052 | ) | | | (18,988,396 | ) | | | 528,826 | | | | (1,177,864 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 227,138,566 | | | | 246,126,962 | | | | 65,480,122 | | | | 66,657,986 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 220,181,514 | | | $ | 227,138,566 | | | $ | 66,008,948 | | | $ | 65,480,122 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 861,326 | | | $ | — | | | $ | 226,592 | | | $ | (27,197 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 105,699 | | | | 661,526 | | | | 166,001 | | | | 458,812 | |
Shares redeemed | | | (771,214 | ) | | | (872,806 | ) | | | (206,959 | ) | | | (326,348 | ) |
| | | | | | | | | | | | | | | | |
| | | (665,515 | ) | | | (211,280 | ) | | | (40,958 | ) | | | 132,464 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
171
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Developed International
Index Fund | | | International Equity Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,695,394 | | | $ | 2,094,447 | | | $ | 3,117,451 | | | $ | 4,507,715 | |
Net realized gains (loss) from investment transactions | | | (260,736 | ) | | | (274,176 | ) | | | 11,504,535 | | | | (668,375 | ) |
Net realized gains (loss) on futures contracts | | | (15,275 | ) | | | (29,042 | ) | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | 14,297 | | | | (48,768 | ) | | | (302,062 | ) | | | (461,980 | ) |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | | | (5,016,434 | ) | | | (3,211,981 | ) | | | (12,080,116 | ) | | | 10,112,442 | |
Net change in unrealized appreciation (depreciation) of futures contracts | | | — | | | | 52,511 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (3,582,754 | ) | | | (1,417,009 | ) | | | 2,239,808 | | | | 13,489,802 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 9,577,872 | | | | 12,943,251 | | | | 7,779,884 | | | | 19,618,564 | |
Shares redeemed | | | (5,432,377 | ) | | | (14,927,281 | ) | | | (32,217,581 | ) | | | (38,831,644 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 4,145,495 | | | | (1,984,030 | ) | | | (24,437,697 | ) | | | (19,213,080 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 562,741 | | | | (3,401,039 | ) | | | (22,197,889 | ) | | | (5,723,278 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 98,109,203 | | | | 101,510,242 | | | | 375,175,216 | | | | 380,898,494 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 98,671,944 | | | $ | 98,109,203 | | | $ | 352,977,327 | | | $ | 375,175,216 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 611,210 | | | $ | (1,084,184 | ) | | $ | (4,567,471 | ) | | $ | (7,684,922 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 873,313 | | | | 1,090,834 | | | | 323,435 | | | | 818,745 | |
Shares redeemed | | | (499,353 | ) | | | (1,265,039 | ) | | | (1,368,232 | ) | | | (1,618,252 | ) |
| | | | | | | | | | | | | | | | |
| | | 373,960 | | | | (174,205 | ) | | | (1,044,797 | ) | | | (799,507 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Emerging Markets
Equity Fund | | | Real Estate Securities Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 545,176 | | | $ | 366,468 | | | $ | 1,289,767 | | | $ | 1,962,589 | |
Net realized gains (loss) from investment transactions | | | (265,019 | ) | | | (7,002,030 | ) | | | 5,817,043 | | | | 13,470,692 | |
Net realized foreign exchange gain (loss) | | | (121,696 | ) | | | 85,163 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 8,152,309 | | | | (9,977,031 | ) | | | 5,425,037 | | | | (8,417,398 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 8,310,770 | | | | (16,527,430 | ) | | | 12,531,847 | | | | 7,015,883 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 2,747,207 | | | | 23,548,567 | | | | 2,825,661 | | | | 15,495,865 | |
Shares redeemed | | | (13,292,585 | ) | | | (16,229,303 | ) | | | (8,850,031 | ) | | | (21,728,647 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (10,545,378 | ) | | | 7,319,264 | | | | (6,024,370 | ) | | | (6,232,782 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (2,234,608 | ) | | | (9,208,166 | ) | | | 6,507,477 | | | | 783,101 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 147,819,239 | | | | 157,027,405 | | | | 137,643,954 | | | | 136,860,853 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 145,584,631 | | | $ | 147,819,239 | | | $ | 144,151,431 | | | $ | 137,643,954 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 12,925 | | | $ | (532,251 | ) | | $ | 1,289,767 | | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 281,562 | | | | 2,346,437 | | | | 152,138 | | | | 859,332 | |
Shares redeemed | | | (1,405,241 | ) | | | (1,527,572 | ) | | | (461,387 | ) | | | (1,194,354 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,123,679 | ) | | | 818,865 | | | | (309,249 | ) | | | (335,022 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
172
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | Moderately Aggressive
Allocation Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (97,116 | ) | | $ | (219,440 | ) | | $ | (345,436 | ) | | $ | (803,621 | ) |
Net realized gains (loss) from investment transactions | | | 2,411,405 | | | | 4,822,664 | | | | 10,429,984 | | | | 17,402,186 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (688,463 | ) | | | (5,588,441 | ) | | | (3,026,666 | ) | | | (19,421,099 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,625,826 | | | | (985,217 | ) | | | 7,057,882 | | | | (2,822,534 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,243,797 | | | | 6,891,553 | | | | 4,076,240 | | | | 13,775,523 | |
Shares redeemed | | | (2,822,393 | ) | | | (9,291,819 | ) | | | (14,947,142 | ) | | | (22,446,770 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,578,596 | ) | | | (2,400,266 | ) | | | (10,870,902 | ) | | | (8,671,247 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 47,230 | | | | (3,385,483 | ) | | | (3,813,020 | ) | | | (11,493,781 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 61,119,073 | | | | 64,504,556 | | | | 238,907,835 | | | | 250,401,616 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 61,166,303 | | | $ | 61,119,073 | | | $ | 235,094,815 | | | $ | 238,907,835 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (96,076 | ) | | $ | — | | | $ | (345,436 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 86,103 | | | | 448,753 | | | | 263,458 | | | | 864,219 | |
Shares redeemed | | | (194,197 | ) | | | (607,727 | ) | | | (960,288 | ) | | | (1,413,845 | ) |
| | | | | | | | | | | | | | | | |
| | | (108,094 | ) | | | (158,974 | ) | | | (696,830 | ) | | | (549,626 | ) |
| | | | | | | | | | | | | | | | |
| | | Moderate Allocation Fund | | | Moderately Conservative
Allocation Fund | |
| | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | | | For the
six months
ended
6/30/16 | | | For the
year
ended
12/31/15 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (489,335 | ) | | $ | (1,138,721 | ) | | $ | (151,730 | ) | | $ | (352,294 | ) |
Net realized gains (loss) from investment transactions | | | 11,325,763 | | | | 20,563,227 | | | | 3,604,204 | | | | 5,545,786 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 673,968 | | | | (21,152,431 | ) | | | 232,204 | | | | (5,307,141 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 11,510,396 | | | | (1,727,925 | ) | | | 3,684,678 | | | | (113,649 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 3,129,341 | | | | 12,043,800 | | | | 4,025,611 | | | | 12,026,453 | |
Shares redeemed | | | (20,339,671 | ) | | | (32,208,260 | ) | | | (8,999,280 | ) | | | (17,481,509 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (17,210,330 | ) | | | (20,164,460 | ) | | | (4,973,669 | ) | | | (5,455,056 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (5,699,934 | ) | | | (21,892,385 | ) | | | (1,288,991 | ) | | | (5,568,705 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 342,151,704 | | | | 364,044,089 | | | | 102,100,537 | | | | 107,669,242 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 336,451,770 | | | $ | 342,151,704 | | | $ | 100,811,546 | | | $ | 102,100,537 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (489,335 | ) | | $ | — | | | $ | (151,730 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 218,096 | | | | 820,440 | | | | 295,690 | | | | 871,423 | |
Shares redeemed | | | (1,423,490 | ) | | | (2,205,630 | ) | | | (664,670 | ) | | | (1,266,079 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,205,394 | ) | | | (1,385,190 | ) | | | (368,980 | ) | | | (394,656 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
173
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | |
| | | Conservative Allocation
Fund | |
| | | Six Months
Ended
6/30/16 | | | Year
Ended
12/31/15 | |
| | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations: | | | | | | | | |
Net investment loss | | $ | (95,861 | ) | | $ | (214,380 | ) |
Net realized gains (loss) from investment transactions | | | 2,217,383 | | | | 3,028,683 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 139,693 | | | | (2,719,124 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,261,215 | | | | 95,179 | |
| | | | | | | | |
Capital Share Transactions: | | | | | | | | |
Shares issued | | | 4,217,966 | | | | 8,503,642 | |
Shares redeemed | | | (6,959,536 | ) | | | (12,565,119 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (2,741,570 | ) | | | (4,061,477 | ) |
| | | | | | | | |
Total Increase (Decrease) | | | (480,355 | ) | | | (3,966,298 | ) |
Net Assets: | | | | | | | | |
Beginning of period | | | 61,216,568 | | | | 65,182,866 | |
| | | | | | | | |
End of Period | | $ | 60,736,213 | | | $ | 61,216,568 | |
| | | | | | | | |
Undistributed net investment income (loss) | | $ | (95,862 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | |
Shares issued | | | 328,736 | | | | 663,655 | |
Shares redeemed | | | (540,013 | ) | | | (978,878 | ) |
| | | | | | | | |
| | | (211,277 | ) | | | (315,223 | ) |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
174
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) |
| | | | �� | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 0.01% | # | | | 0.01% | | | | 0.01% | | | | 0.01% | | | | 0.01% | | | | 0.01% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 113,849 | | | $ | 133,645 | | | $ | 132,731 | | | $ | 124,881 | | | $ | 141,725 | | | $ | 154,213 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.42% | * | | | 0.23% | | | | 0.12% | | | | 0.16% | | | | 0.22% | | | | 0.22% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.60% | * | | | 0.61% | | | | 0.57% | | | | 0.48% | | | | 0.49% | | | | 0.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.03% | * | | | 0.01% | | | | 0.01% | | | | 0.01% | | | | 0.01% | | | | 0.01% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2 The net investment income (loss) per share was calculated using the average shares outstanding method. 3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. (a) Distributions were less than one penny per share. | |
| |
LIMITED MATURITY BOND FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 11.59 | | | $ | 11.50 | | | $ | 11.48 | | | $ | 11.49 | | | $ | 11.42 | | | $ | 11.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.09 | | | | 0.13 | | | | 0.08 | | | | 0.05 | | | | 0.09 | | | | 0.13 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.12 | | | | (0.04 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.02 | ) | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.21 | | | | 0.09 | | | | 0.02 | | | | (0.01 | ) | | | 0.07 | | | | 0.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.80 | | | $ | 11.59 | | | $ | 11.50 | | | $ | 11.48 | | | $ | 11.49 | | | $ | 11.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.81% | # | | | 0.78% | | | | 0.17% | | | | (0.09% | ) | | | 0.61% | | | | 2.24% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 180,315 | | | $ | 189,846 | | | $ | 222,062 | | | $ | 243,667 | | | $ | 202,385 | | | $ | 174,290 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.71% | * | | | 0.73% | | | | 0.67% | | | | 0.57% | | | | 0.57% | | | | 0.58% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.48% | * | | | 1.10% | | | | 0.67% | | | | 0.60% | | | | 0.81% | | | | 1.14% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 45% | # | | | 127% | | | | 82% | | | | 50% | | | | 31% | | | | 50% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
175
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 13.45 | | | $ | 13.40 | | | $ | 12.75 | | | $ | 13.14 | | | $ | 12.73 | | | $ | 11.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.17 | | | | 0.33 | | | | 0.26 | | | | 0.25 | | | | 0.27 | | | | 0.32 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.55 | | | | (0.28 | ) | | | 0.39 | | | | (0.64 | ) | | | 0.14 | | | | 0.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.72 | | | | 0.05 | | | | 0.65 | | | | (0.39 | ) | | | 0.41 | | | | 1.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.17 | | | $ | 13.45 | | | $ | 13.40 | | | $ | 12.75 | | | $ | 13.14 | | | $ | 12.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.35% | # | | | 0.37% | | | | 5.10% | | | | (2.97% | ) | | | 3.22% | | | | 10.12% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 545,374 | | | $ | 534,675 | | | $ | 559,616 | | | $ | 546,759 | | | $ | 568,400 | | | $ | 477,606 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.65% | * | | | 0.68% | | | | 0.64% | | | | 0.56% | | | | 0.56% | | | | 0.57% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.54% | * | | | 2.46% | | | | 1.95% | | | | 1.91% | | | | 2.06% | | | | 2.62% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 43% | # | | | 131% | | | | 135% | | | | 47% | | | | 32% | | | | 44% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2 The net investment income (loss) per share was calculated using the average shares outstanding method. | |
| | | | | | | |
HIGH YIELD BOND FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 10.61 | | | $ | 10.98 | | | $ | 10.78 | | | $ | 9.99 | | | $ | 8.72 | | | $ | 8.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.33 | | | | 0.66 | | | | 0.62 | | | | 0.62 | | | | 0.61 | | | | 0.62 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.49 | | | | (1.03 | ) | | | (0.42 | ) | | | 0.17 | | | | 0.66 | | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.82 | | | | (0.37 | ) | | | 0.20 | | | | 0.79 | | | | 1.27 | | | | 0.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.43 | | | $ | 10.61 | | | $ | 10.98 | | | $ | 10.78 | | | $ | 9.99 | | | $ | 8.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 7.73% | # | | | (3.37% | ) | | | 1.86% | | | | 7.91% | | | | 14.56% | | | | 3.07% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 172,121 | | | $ | 173,033 | | | $ | 194,504 | | | $ | 188,788 | | | $ | 179,720 | | | $ | 141,290 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.86% | * | | | 0.87% | | | | 0.85% | | | | 0.82% | | | | 0.82% | | | | 0.83% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 6.18% | * | | | 5.88% | | | | 5.58% | | | | 5.96% | | | | 6.52% | | | | 7.16% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 44% | # | | | 72% | | | | 56% | | | | 68% | | | | 69% | | | | 58% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
176
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 42.05 | | | $ | 40.04 | | | $ | 35.72 | | | $ | 29.22 | | | $ | 25.46 | | | $ | 24.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.25 | | | | 0.46 | | | | 0.45 | | | | 0.34 | | | | 0.44 | | | | 0.40 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.91 | | | | 1.55 | | | | 3.87 | | | | 6.16 | | | | 3.32 | | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.16 | | | | 2.01 | | | | 4.32 | | | | 6.50 | | | | 3.76 | | | | 0.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 44.21 | | | $ | 42.05 | | | $ | 40.04 | | | $ | 35.72 | | | $ | 29.22 | | | $ | 25.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.14% | # | | | 5.02% | | | | 12.09% | | | | 22.25% | | | | 14.77% | | | | 3.04% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 3,439,589 | | | $ | 3,322,196 | | | $ | 3,074,188 | | | $ | 2,685,504 | | | $ | 2,010,412 | | | $ | 1,655,254 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.89% | * | | | 0.92% | | | | 0.89% | | | | 0.83% | | | | 0.84% | | | | 0.84% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.18% | * | | | 1.10% | | | | 1.18% | | | | 1.04% | | | | 1.59% | | | | 1.60% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 30% | # | | | 69% | | | | 74% | | | | 63% | | | | 65% | | | | 83% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
BALANCED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 16.24 | | | $ | 16.13 | | | $ | 14.71 | | | $ | 12.60 | | | $ | 11.40 | | | $ | 10.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.70 | | | | 0.14 | | | | 1.45 | | | | 2.14 | | | | 1.22 | | | | 0.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.68 | | | | 0.11 | | | | 1.42 | | | | 2.11 | | | | 1.20 | | | | 0.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.92 | | | $ | 16.24 | | | $ | 16.13 | | | $ | 14.71 | | | $ | 12.60 | | | $ | 11.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 4.19% | # | | | 0.68% | | | | 9.65% | | | | 16.75% | | | | 10.53% | | | | 5.56% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 76,329 | | | $ | 76,587 | | | $ | 81,794 | | | $ | 78,642 | | | $ | 71,601 | | | $ | 65,342 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2, 4 | | | 0.19% | * | | | 0.21% | | | | 0.20% | | | | 0.20% | | | | 0.19% | | | | 0.18% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2, 5 | | | 0.19% | * | | | 0.21% | | | | 0.21% | | | | 0.22% | | | | 0.23% | | | | 0.24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 4 | | | (0.19% | )* | | | (0.21% | ) | | | (0.20% | ) | | | (0.20% | ) | | | (0.19% | ) | | | (0.18% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 2% | # | | | 8% | | | | 8% | | | | 16% | | | | 15% | | | | 17% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| 3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 4 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 5 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
177
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 30.07 | | | $ | 27.21 | | | $ | 25.11 | | | $ | 18.05 | | | $ | 15.20 | | | $ | 15.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.03 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.04 | ) | | | 0.01 | | | | (0.03 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (1.84 | ) | | | 2.95 | | | | 2.17 | | | | 7.10 | | | | 2.84 | | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (1.87 | ) | | | 2.86 | | | | 2.10 | | | | 7.06 | | | | 2.85 | | | | (0.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 28.20 | | | $ | 30.07 | | | $ | 27.21 | | | $ | 25.11 | | | $ | 18.05 | | | $ | 15.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (6.22% | )# | | | 10.51% | | | | 8.36% | | | | 39.11% | | | | 18.75% | | | | (1.55% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 256,473 | | | $ | 296,703 | | | $ | 280,682 | | | $ | 262,358 | | | $ | 210,999 | | | $ | 176,692 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.97% | * | | | 0.98% | | | | 0.96% | | | | 0.90% | | | | 0.91% | | | | 0.93% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.18% | )* | | | (0.30% | ) | | | (0.26% | ) | | | (0.21% | ) | | | 0.03% | | | | (0.19% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 21% | # | | | 37% | | | | 38% | | | | 36% | | | | 35% | | | | 33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2 The net investment income (loss) per share was calculated using the average shares outstanding method. | |
| | | | | | | |
LARGE CAP GROWTH FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 13.09 | | | $ | 13.11 | | | $ | 11.78 | | | $ | 9.57 | | | $ | 8.68 | | | $ | 9.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.04 | | | | 0.05 | | | | 0.06 | | | | 0.04 | | | | 0.01 | | | | (0.02 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.48 | | | | (0.07 | ) | | | 1.27 | | | | 2.17 | | | | 0.88 | | | | (0.61 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.52 | | | | (0.02 | ) | | | 1.33 | | | | 2.21 | | | | 0.89 | | | | (0.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.61 | | | $ | 13.09 | | | $ | 13.11 | | | $ | 11.78 | | | $ | 9.57 | | | $ | 8.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.97% | # | | | (0.15% | ) | | | 11.29% | | | | 23.09% | | | | 10.25% | | | | (6.77% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 43,079 | | | $ | 43,702 | | | $ | 57,663 | | | $ | 54,762 | | | $ | 29,751 | | | $ | 37,465 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.89% | * | | | 0.89% | | | | 0.89% | | | | 0.90% | | | | 0.90% | | | | 0.96% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.90% | * | | | 0.89% | | | | 0.90% | | | | 0.90% | | | | 0.90% | | | | 0.96% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.68% | * | | | 0.39% | | | | 0.47% | | | | 0.40% | | | | 0.06% | | | | (0.25% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12% | # | | | 29% | | | | 25% | | | | 107% | | | | 97% | | | | 153% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
178
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 16.30 | | | $ | 16.03 | | | $ | 14.88 | | | $ | 10.79 | | | $ | 9.29 | | | $ | 9.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.01 | | | | (0.03 | ) | | | (0.03 | ) | | | (0.01 | ) | | | 0.02 | | | | (0.01 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (0.21 | ) | | | 0.30 | | | | 1.18 | | | | 4.10 | | | | 1.48 | | | | (0.48 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.20 | ) | | | 0.27 | | | | 1.15 | | | | 4.09 | | | | 1.50 | | | | (0.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.10 | | | $ | 16.30 | | | $ | 16.03 | | | $ | 14.88 | | | $ | 10.79 | | | $ | 9.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (1.23% | )# | | | 1.68% | | | | 7.73% | | | | 37.91% | | | | 16.15% | | | | (5.01% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 105,463 | | | $ | 111,680 | | | $ | 125,980 | | | $ | 127,757 | | | $ | 106,053 | | | $ | 100,397 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.86% | * | | | 0.87% | | | | 0.87% | | | | 0.88% | | | | 0.89% | | | | 0.90% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.12% | * | | | (0.20% | ) | | | (0.19% | ) | | | (0.08% | ) | | | 0.17% | | | | (0.11% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 37% | # | | | 124% | | | | 83% | | | | 109% | | | | 105% | | | | 115% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
LARGE CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 22.21 | | | $ | 23.22 | | | $ | 20.86 | | | $ | 15.66 | | | $ | 13.83 | | | $ | 14.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.20 | | | | 0.27 | | | | 0.30 | | | | 0.21 | | | | 0.20 | | | | 0.18 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.14 | | | | (1.28 | ) | | | 2.06 | | | | 4.99 | | | | 1.63 | | | | (0.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.34 | | | | (1.01 | ) | | | 2.36 | | | | 5.20 | | | | 1.83 | | | | (0.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 22.55 | | | $ | 22.21 | | | $ | 23.22 | | | $ | 20.86 | | | $ | 15.66 | | | $ | 13.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.53% | # | | | (4.35% | ) | | | 11.31% | | | | 33.21% | | | | 13.23% | | | | (4.42% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 200,869 | | | $ | 207,692 | | | $ | 229,080 | | | $ | 217,351 | | | $ | 166,955 | | | $ | 166,056 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.90% | * | | | 0.92% | | | | 0.90% | | | | 0.87% | | | | 0.88% | | | | 0.89% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.88% | * | | | 1.17% | | | | 1.38% | | | | 1.16% | | | | 1.32% | | | | 1.24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 7% | # | | | 19% | | | | 22% | | | | 186% | | | | 90% | | | | 87% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
179
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 14.77 | | | $ | 14.89 | | | $ | 13.38 | | | $ | 10.31 | | | $ | 8.92 | | | $ | 9.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | 0.13 | | | | 0.22 | | | | 0.19 | | | | 0.15 | | | | 0.16 | | | | 0.14 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.12 | | | | (0.34 | ) | | | 1.32 | | | | 2.92 | | | | 1.23 | | | | (0.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.25 | | | | (0.12 | ) | | | 1.51 | | | | 3.07 | | | | 1.39 | | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.02 | | | $ | 14.77 | | | $ | 14.89 | | | $ | 13.38 | | | $ | 10.31 | | | $ | 8.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1,2 | | | 1.69% | # | | | (0.81% | ) | | | 11.29% | | | | 29.78% | | | | 15.58% | | | | (4.19% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 193,456 | | | $ | 203,012 | | | $ | 192,695 | | | $ | 185,630 | | | $ | 158,589 | | | $ | 143,147 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.91% | * | | | 0.92% | | | | 0.91% | | | | 0.87% | | | | 0.88% | | | | 0.89% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.85% | * | | | 1.47% | | | | 1.33% | | | | 1.25% | | | | 1.64% | | | | 1.52% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 42% | # | | | 98% | | | | 80% | | | | 59% | | | | 38% | | | | 51% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The Fund’s total return calculation includes a reimbursement by the sub-adviser. Excluding the effect of this reimbursement from the Fund’s ending net asset value per share, total return for the year ended December 31, 2013 would have been 29.58%. |
| 3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
INDEX 500 FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 16.14 | | | $ | 15.98 | | | $ | 14.11 | | | $ | 10.70 | | | $ | 9.25 | | | $ | 9.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.14 | | | | 0.27 | | | | 0.24 | | | | 0.21 | | | | 0.20 | | | | 0.16 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.44 | | | | (0.11 | ) | | | 1.63 | | | | 3.20 | | | | 1.25 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.58 | | | | 0.16 | | | | 1.87 | | | | 3.41 | | | | 1.45 | | | | 0.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.72 | | | $ | 16.14 | | | $ | 15.98 | | | $ | 14.11 | | | $ | 10.70 | | | $ | 9.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.59% | # | | | 1.00% | | | | 13.25% | | | | 31.87% | | | | 15.68% | | | | 1.76% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 419,083 | | | $ | 417,965 | | | $ | 442,835 | | | $ | 398,537 | | | $ | 312,146 | | | $ | 267,009 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.36% | * | | | 0.38% | | | | 0.38% | | | | 0.34% | | | | 0.34% | | | | 0.35% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.36% | * | | | 0.38% | | | | 0.38% | | | | 0.34% | | | | 0.34% | | | | 0.36% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 1.82% | * | | | 1.68% | | | | 1.63% | | | | 1.72% | | | | 1.93% | | | | 1.71% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 2% | # | | | 3% | | | | 3% | | | | 8% | | | | 4% | | | | 4% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
180
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 14.02 | | | $ | 14.88 | | | $ | 13.59 | | | $ | 9.94 | | | $ | 9.37 | | | $ | 10.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.01 | ) | | | — | | | | (0.02 | ) | | | (0.06 | ) | | | (0.01 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.32 | | | | (0.86 | ) | | | 1.31 | | | | 3.71 | | | | 0.58 | | | | (0.75 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.31 | | | | (0.86 | ) | | | 1.29 | | | | 3.65 | | | | 0.57 | | | | (0.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.33 | | | $ | 14.02 | | | $ | 14.88 | | | $ | 13.59 | | | $ | 9.94 | | | $ | 9.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 2.21% | # | | | (5.78% | ) | | | 9.49% | | | | 36.72% | | | | 6.08% | | | | (7.78% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 104,502 | | | $ | 111,742 | | | $ | 128,486 | | | $ | 120,563 | | | $ | 101,293 | | | $ | 99,083 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.99% | * | | | 1.00% | | | | 0.97% | | | | 0.99% | | | | 1.00% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.20% | )* | | | (0.02% | ) | | | (0.14% | ) | | | (0.49% | ) | | | (0.12% | ) | | | (0.42% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 43% | | | | 140% | | | | 80% | | | | 129% | | | | 110% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2 The net investment income (loss) per share was calculated using the average shares outstanding method. | |
| | | | | | | |
MID CAP VALUE FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 19.36 | | | $ | 21.04 | | | $ | 18.51 | | | $ | 13.59 | | | $ | 11.80 | | | $ | 12.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.11 | | | | 0.20 | | | | 0.17 | | | | 0.19 | | | | 0.19 | | | | 0.09 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.00 | | | | (1.88 | ) | | | 2.36 | | | | 4.73 | | | | 1.60 | | | | (0.88 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.11 | | | | (1.68 | ) | | | 2.53 | | | | 4.92 | | | | 1.79 | | | | (0.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.47 | | | $ | 19.36 | | | $ | 21.04 | | | $ | 18.51 | | | $ | 13.59 | | | $ | 11.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.73% | # | | | (7.98% | ) | | | 13.67% | | | | 36.20% | | | | 15.17% | | | | (6.27% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 167,112 | | | $ | 165,849 | | | $ | 185,293 | | | $ | 172,994 | | | $ | 124,651 | | | $ | 97,048 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.79% | * | | | 0.81% | | | | 0.81% | | | | 0.82% | | | | 0.84% | | | | 0.84% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.12% | * | | | 0.93% | | | | 0.86% | | | | 1.21% | | | | 1.49% | | | | 0.70% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 42% | | | | 32% | | | | 43% | | | | 43% | | | | 106% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
181
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 17.57 | | | $ | 17.84 | | | $ | 15.33 | | | $ | 11.87 | | | $ | 10.37 | | | $ | 10.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.09 | | | | 0.19 | | | | 0.21 | | | | 0.14 | | | | 0.08 | | | | 0.03 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.76 | | | | (0.46 | ) | | | 2.30 | | | | 3.32 | | | | 1.42 | | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.85 | | | | (0.27 | ) | | | 2.51 | | | | 3.46 | | | | 1.50 | | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.42 | | | $ | 17.57 | | | $ | 17.84 | | | $ | 15.33 | | | $ | 11.87 | | | $ | 10.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 10.53% | # | | | (1.51% | ) | | | 16.37% | | | | 29.15% | | | | 14.46% | | | | (3.53% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 91,016 | | | $ | 90,550 | | | $ | 90,229 | | | $ | 71,874 | | | $ | 57,168 | | | $ | 60,179 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.05% | * | | | 1.07% | | | | 1.05% | | | | 1.08% | | | | 1.08% | | | | 1.08% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.06% | * | | | 1.06% | | | | 1.27% | | | | 0.97% | | | | 0.68% | | | | 0.29% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 37% | # | | | 77% | | | | 69% | | | | 166% | | | | 75% | | | | 51% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
SMID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 19.46 | | | $ | 19.76 | | | $ | 19.64 | | | $ | 13.75 | | | $ | 11.92 | | | $ | 12.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.04 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.10 | ) | | | (0.06 | ) | | | (0.09 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.17 | | | | (0.15 | ) | | | 0.27 | | | | 5.99 | | | | 1.89 | | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.13 | | | | (0.30 | ) | | | 0.12 | | | | 5.89 | | | | 1.83 | | | | (0.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.59 | | | $ | 19.46 | | | $ | 19.76 | | | $ | 19.64 | | | $ | 13.75 | | | $ | 11.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 0.67% | | | | (1.52% | ) | | | 0.61% | | | | 42.84% | | | | 15.35% | | | | (4.72% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 50,255 | | | $ | 56,002 | | | $ | 55,602 | | | $ | 63,627 | | | $ | 40,578 | | | $ | 26,996 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 1.06% | * | | | 1.07% | | | | 1.06% | | | | 1.05% | | | | 1.05% | | | | 1.05% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 1.06% | * | | | 1.07% | | | | 1.06% | | | | 1.07% | | | | 1.12% | | | | 1.13% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | (0.49% | )* | | | (0.71% | ) | | | (0.81% | ) | | | (0.61% | ) | | | (0.46% | ) | | | (0.77% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 36% | # | | | 103% | | | | 89% | | | | 90% | | | | 95% | | | | 160% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
182
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 19.72 | | | $ | 20.91 | | | $ | 19.14 | | | $ | 13.87 | | | $ | 11.66 | | | $ | 12.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.03 | | | | — | | | | 0.05 | | | | 0.07 | | | | 0.07 | | | | 0.03 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.07 | | | | (1.19 | ) | | | 1.72 | | | | 5.20 | | | | 2.14 | | | | (0.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.10 | | | | (1.19 | ) | | | 1.77 | | | | 5.27 | | | | 2.21 | | | | (0.90 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.82 | | | $ | 19.72 | | | $ | 20.91 | | | $ | 19.14 | | | $ | 13.87 | | | $ | 11.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.58% | # | | | (5.69% | ) | | | 9.25% | | | | 38.00% | | | | 18.95% | | | | (7.17% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 71,853 | | | $ | 67,959 | | | $ | 73,906 | | | $ | 63,544 | | | $ | 43,575 | | | $ | 32,949 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 1.22% | * | | | 1.23% | | | | 1.20% | | | | 1.14% | | | | 1.14% | | | | 1.14% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 1.22% | *�� | | | 1.23% | | | | 1.24% | | | | 1.25% | | | | 1.27% | | | | 1.31% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.27% | * | | | (0.02% | ) | | | 0.24% | | | | 0.41% | | | | 0.51% | | | | 0.27% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 33% | # | | | 48% | | | | 51% | | | | 58% | | | | 52% | | | | 69% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 28.59 | | | $ | 28.47 | | | $ | 26.42 | | | $ | 19.20 | | | $ | 18.16 | | | $ | 20.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.06 | ) | | | (0.14 | ) | | | (0.11 | ) | | | (0.11 | ) | | | (0.18 | ) | | | (0.15 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.56 | | | | 0.26 | | | | 2.16 | | | | 7.33 | | | | 1.22 | | | | (2.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.50 | | | | 0.12 | | | | 2.05 | | | | 7.22 | | | | 1.04 | | | | (2.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.09 | | | $ | 28.59 | | | $ | 28.47 | | | $ | 26.42 | | | $ | 19.20 | | | $ | 18.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.75% | # | | | 0.42% | | | | 7.76% | | | | 37.60% | | | | 5.73% | | | | (11.11% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 84,643 | | | $ | 91,666 | | | $ | 102,678 | | | $ | 89,539 | | | $ | 77,720 | | | $ | 78,447 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.03% | * | | | 1.03% | | | | 1.02% | | | | 1.07% | | | | 1.10% | | | | 1.08% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.47% | )* | | | (0.48% | ) | | | (0.42% | ) | | | (0.50% | ) | | | (0.92% | ) | | | (0.71% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 6% | # | | | 26% | | | | 33% | | | | 143% | | | | 103% | | | | 125% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
183
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 26.50 | | | $ | 28.03 | | | $ | 26.16 | | | $ | 18.83 | | | $ | 16.21 | | | $ | 16.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.11 | | | | 0.17 | | | | 0.19 | | | | 0.10 | | | | 0.24 | | | | 0.08 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.24 | | | | (1.70 | ) | | | 1.68 | | | | 7.23 | | | | 2.38 | | | | 0.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.35 | | | | (1.53 | ) | | | 1.87 | | | | 7.33 | | | | 2.62 | | | | 0.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 27.85 | | | $ | 26.50 | | | $ | 28.03 | | | $ | 26.16 | | | $ | 18.83 | | | $ | 16.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.09% | # | | | (5.46% | ) | | | 7.15% | | | | 38.93% | | | | 16.16% | | | | 0.87% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 220,182 | | | $ | 227,139 | | | $ | 246,127 | | | $ | 238,772 | | | $ | 175,841 | | | $ | 159,365 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.97% | * | | | 0.99% | | | | 1.03% | | | | 1.14% | | | | 1.15% | | | | 1.15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.82% | * | | | 0.62% | | | | 0.70% | | | | 0.46% | | | | 1.36% | | | | 0.51% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 27% | # | | | 47% | | | | 45% | | | | 59% | | | | 50% | | | | 47% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
SMALL CAP INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 16.69 | | | $ | 17.59 | | | $ | 16.88 | | | $ | 12.22 | | | $ | 10.58 | | | $ | 11.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.06 | | | | 0.12 | | | | 0.12 | | | | 0.10 | | | | 0.16 | | | | 0.08 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.26 | | | | (1.02 | ) | | | 0.59 | | | | 4.56 | | | | 1.48 | | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.32 | | | | (0.90 | ) | | | 0.71 | | | | 4.66 | | | | 1.64 | | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.01 | | | $ | 16.69 | | | $ | 17.59 | | | $ | 16.88 | | | $ | 12.22 | | | $ | 10.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.92% | # | | | (5.12% | ) | | | 4.21% | | | | 38.13% | | | | 15.50% | | | | (4.51% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 66,009 | | | $ | 65,480 | | | $ | 66,658 | | | $ | 64,860 | | | $ | 42,443 | | | $ | 29,202 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.68% | * | | | 0.69% | | | | 0.64% | | | | 0.55% | | | | 0.55% | | | | 0.55% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.68% | * | | | 0.69% | | | | 0.69% | | | | 0.71% | | | | 0.70% | | | | 0.91% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.81% | * | | | 0.66% | | | | 0.72% | | | | 0.71% | | | | 1.42% | | | | 0.70% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 13% | # | | | 18% | | | | 20% | | | | 17% | | | | 18% | | | | 18% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
184
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 11.38 | | | $ | 11.54 | | | $ | 12.29 | | | $ | 10.15 | | | $ | 8.59 | | | $ | 9.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.20 | | | | 0.24 | | | | 0.30 | | | | 0.28 | | | | 0.25 | | | | 0.27 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.61 | ) | | | (0.40 | ) | | | (1.05 | ) | | | 1.86 | | | | 1.31 | | | | (1.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.41 | ) | | | (0.16 | ) | | | (0.75 | ) | | | 2.14 | | | | 1.56 | | | | (1.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.97 | | | $ | 11.38 | | | $ | 11.54 | | | $ | 12.29 | | | $ | 10.15 | | | $ | 8.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | (3.60% | )# | | | (1.39% | ) | | | (6.10% | ) | | | 21.08% | | | | 18.16% | | | | (12.61% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 98,672 | | | $ | 98,109 | | | $ | 101,510 | | | $ | 103,233 | | | $ | 89,786 | | | $ | 61,858 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.81% | * | | | 0.83% | | | | 0.75% | | | | 0.59% | | | | 0.59% | | | | 0.59% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.81% | * | | | 0.83% | | | | 0.82% | | | | 0.92% | | | | 1.00% | | | | 1.01% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 3.65% | * | | | 2.02% | | | | 2.47% | | | | 2.50% | | | | 2.73% | | | | 2.80% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 2% | # | | | 2% | | | | 7% | | | | 9% | | | | 2% | | | | 1% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 24.23 | | | $ | 23.39 | | | $ | 22.72 | | | $ | 21.44 | | | $ | 17.71 | | | $ | 17.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.21 | | | | 0.28 | | | | 0.27 | | | | 0.24 | | | | 0.25 | | | | 0.35 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.01 | | | | 0.56 | | | | 0.40 | | | | 1.04 | | | | 3.48 | | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.22 | | | | 0.84 | | | | 0.67 | | | | 1.28 | | | | 3.73 | | | | 0.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.45 | | | $ | 24.23 | | | $ | 23.39 | | | $ | 22.72 | | | $ | 21.44 | | | $ | 17.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 0.91% | # | | | 3.59% | | | | 2.95% | | | | 5.97% | | | | 21.06% | | | | 0.91% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 352,977 | | | $ | 375,175 | | | $ | 380,898 | | | $ | 378,189 | | | $ | 348,599 | | | $ | 309,920 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.13% | * | | | 1.15% | | | | 1.15% | | | | 1.17% | | | | 1.17% | | | | 1.20% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.78% | * | | | 1.17% | | | | 1.14% | | | | 1.09% | | | | 1.30% | | | | 1.95% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14% | # | | | 27% | | | | 31% | | | | 34% | | | | 43% | | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
185
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 9.66 | | | $ | 10.84 | | | $ | 11.40 | | | $ | 11.53 | | | $ | 9.64 | | | $ | 11.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.04 | | | | 0.03 | | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.07 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.57 | | | | (1.21 | ) | | | (0.58 | ) | | | (0.16 | ) | | | 1.86 | | | | (2.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.61 | | | | (1.18 | ) | | | (0.56 | ) | | | (0.13 | ) | | | 1.89 | | | | (2.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.27 | | | $ | 9.66 | | | $ | 10.84 | | | $ | 11.40 | | | $ | 11.53 | | | $ | 9.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 6.31% | # | | | (10.89% | ) | | | (4.91% | ) | | | (1.13% | ) | | | 19.61% | | | | (18.44% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 145,585 | | | $ | 147,819 | | | $ | 157,027 | | | $ | 163,179 | | | $ | 152,858 | | | $ | 121,066 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 1.66% | * | | | 1.74% | | | | 1.75% | | | | 1.68% | | | | 1.68% | | | | 1.68% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 1.66% | * | | | 1.68% | | | | 1.69% | | | | 1.82% | | | | 1.72% | | | | 1.91% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.79% | * | | | 0.24% | | | | 0.19% | | | | 0.25% | | | | 0.31% | | | | 0.63% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23% | # | | | 41% | | | | 42% | | | | 48% | | | | 47% | | | | 60% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 2 | |
Net asset value, beginning of period | | $ | 18.95 | | | $ | 18.01 | | | $ | 13.83 | | | $ | 13.41 | | | $ | 11.56 | | | $ | 10.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | 0.18 | | | | 0.26 | | | | 0.23 | | | | 0.18 | | | | 0.16 | | | | 0.12 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.60 | | | | 0.68 | | | | 3.95 | | | | 0.24 | | | | 1.69 | | | | 0.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.78 | | | | 0.94 | | | | 4.18 | | | | 0.42 | | | | 1.85 | | | | 0.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.73 | | | $ | 18.95 | | | $ | 18.01 | | | $ | 13.83 | | | $ | 13.41 | | | $ | 11.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 9.39% | # | | | 5.22% | | | | 30.22% | | | | 3.13% | | | | 16.00% | | | | 7.04% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 144,151 | | | $ | 137,644 | | | $ | 136,861 | | | $ | 114,290 | | | $ | 98,146 | | | $ | 76,346 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.95% | * | | | 0.97% | | | | 0.97% | | | | 0.99% | | | | 1.01% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.92% | * | | | 1.42% | | | | 1.43% | | | | 1.35% | | | | 1.27% | | | | 1.09% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 39% | # | | | 61% | | | | 54% | | | | 69% | | | | 85% | | | | 144% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | Prior to May 1, 2011, the Real Estate Securities Fund was named the REIT Fund. |
| 3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
186
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 14.88 | | | $ | 15.12 | | | $ | 14.16 | | | $ | 11.56 | | | $ | 10.01 | | | $ | 10.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.44 | | | | (0.19 | ) | | | 1.01 | | | | 2.64 | | | | 1.59 | | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.42 | | | | (0.24 | ) | | | 0.96 | | | | 2.60 | | | | 1.55 | | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.30 | | | $ | 14.88 | | | $ | 15.12 | | | $ | 14.16 | | | $ | 11.56 | | | $ | 10.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 2.82% | # | | | (1.59% | ) | | | 6.78% | | | | 22.49% | | | | 15.48% | | | | (3.66% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 61,167 | | | $ | 61,119 | | | $ | 64,505 | | | $ | 56,879 | | | $ | 41,234 | | | $ | 28,182 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2, 4 | | | 0.33% | * | | | 0.34% | | | | 0.34% | | | | 0.33% | | | | 0.33% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2, 5 | | | 0.32% | * | | | 0.34% | | | | 0.34% | | | | 0.33% | | | | 0.35% | | | | 0.38% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 4 | | | (0.33% | )* | | | (0.34% | ) | | | (0.34% | ) | | | (0.33% | ) | | | (0.33% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 5% | # | | | 24% | | | | 20% | | | | 30% | | | | 24% | | | | 29% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. 3 The net investment income (loss) per share was calculated using the average shares outstanding method. 4 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 5 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. | |
| | | | | | | |
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 15.55 | | | $ | 15.73 | | | $ | 14.80 | | | $ | 12.42 | | | $ | 10.93 | | | $ | 11.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.50 | | | | (0.13 | ) | | | 0.98 | | | | 2.42 | | | | 1.53 | | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.48 | | | | (0.18 | ) | | | 0.93 | | | | 2.38 | | | | 1.49 | | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.03 | | | $ | 15.55 | | | $ | 15.73 | | | $ | 14.80 | | | $ | 12.42 | | | $ | 10.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.09% | # | | | (1.14% | ) | | | 6.28% | | | | 19.16% | | | | 13.63% | | | | (1.80% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 235,095 | | | $ | 238,908 | | | $ | 250,402 | | | $ | 231,185 | | | $ | 179,229 | | | $ | 134,968 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.30% | * | | | 0.32% | | | | 0.32% | | | | 0.31% | | | | 0.32% | | | | 0.32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.30% | )* | | | (0.32% | ) | | | (0.32% | ) | | | (0.31% | ) | | | (0.32% | ) | | | (0.32% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 4% | # | | | 20% | | | | 17% | | | | 23% | | | | 25% | | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| 3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
187
Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 14.36 | | | $ | 14.44 | | | $ | 13.67 | | | $ | 11.98 | | | $ | 10.80 | | | $ | 10.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.53 | | | | (0.03 | ) | | | 0.81 | | | | 1.73 | | | | 1.22 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.51 | | | | (0.08 | ) | | | 0.77 | | | | 1.69 | | | | 1.18 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.87 | | | $ | 14.36 | | | $ | 14.44 | | | $ | 13.67 | | | $ | 11.98 | | | $ | 10.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.55% | # | | | (0.55% | ) | | | 5.63% | | | | 14.11% | | | | 10.93% | | | | 0.65% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 336,452 | | | $ | 342,152 | | | $ | 364,044 | | | $ | 350,164 | | | $ | 290,951 | | | $ | 224,256 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.30% | * | | | 0.32% | | | | 0.31% | | | | 0.31% | | | | 0.31% | | | | 0.32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.30% | )* | | | (0.32% | ) | | | (0.31% | ) | | | (0.31% | ) | | | (0.31% | ) | | | (0.32% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 3% | # | | | 17% | | | | 17% | | | | 20% | | | | 20% | | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. 3 The net investment income (loss) per share was calculated using the average shares outstanding method. | |
| | | | | | | |
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 13.60 | | | $ | 13.63 | | | $ | 12.98 | | | $ | 11.87 | | | $ | 10.96 | | | $ | 10.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.54 | | | | 0.02 | | | | 0.69 | | | | 1.15 | | | | 0.95 | | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.52 | | | | (0.03 | ) | | | 0.65 | | | | 1.11 | | | | 0.91 | | | | 0.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.12 | | | $ | 13.60 | | | $ | 13.63 | | | $ | 12.98 | | | $ | 11.87 | | | $ | 10.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.82% | # | | | (0.22% | ) | | | 5.01% | | | | 9.35% | | | | 8.30% | | | | 2.72% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 100,812 | | | $ | 102,101 | | | $ | 107,669 | | | $ | 111,452 | | | $ | 96,028 | | | $ | 89,677 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.31% | * | | | 0.33% | | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.31% | )* | | | (0.33% | ) | | | (0.32% | ) | | | (0.32% | ) | | | (0.33% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 6% | # | | | 23% | | | | 20% | | | | 28% | | | | 37% | | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| 3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
188
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2016
(Unaudited) | | | Year Ended December 31, | |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
Net asset value, beginning of period | | $ | 12.73 | | | $ | 12.72 | | | $ | 12.26 | | | $ | 11.74 | | | $ | 11.13 | | | $ | 10.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.50 | | | | 0.05 | | | | 0.50 | | | | 0.56 | | | | 0.65 | | | | 0.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.48 | | | | 0.01 | | | | 0.46 | | | | 0.52 | | | | 0.61 | | | | 0.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.21 | | | $ | 12.73 | | | $ | 12.72 | | | $ | 12.26 | | | $ | 11.74 | | | $ | 11.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.77% | # | | | 0.08% | | | | 3.75% | | | | 4.43% | | | | 5.48% | | | | 3.92% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 60,736 | | | $ | 61,217 | | | $ | 65,183 | | | $ | 68,185 | | | $ | 70,604 | | | $ | 63,096 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2, 4 | | | 0.32% | * | | | 0.34% | | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2, 5 | | | 0.32% | * | | | 0.34% | | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.34% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 4 | | | (0.32% | )* | | | (0.34% | ) | | | (0.33% | ) | | | (0.33% | ) | | | (0.33% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 9% | # | | | 24% | | | | 26% | | | | 38% | | | | 44% | | | | 39% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 2 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| 3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 4 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 5 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
189
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (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. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.
2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 946.
SECURITY VALUATION:
Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.
Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these evaluation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.
190
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.
To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub-adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of the market by the Adviser or sub-adviser, as applicable.
Securities for which market quotations are not readily available are valued at fair value prices determined using methods approved by the Penn Series Board of Directors (the “Board of Directors”). The Penn Series Valuation Committee (the “Valuation Committee”), established by and subject to oversight by the Board of Directors, monitors pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from Penn Mutual Asset Management, LLC. (“PMAM” or the “Adviser”), the investment adviser to each of the Funds, and Penn Mutual, the administrator to the Funds (the “Administrator”). The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub-adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, discount rates, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub-adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has been halted, suspended or has not begun, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when, under normal conditions, it would be open, or valuation by a third party pricing service is currently not available or is no longer available.
Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval”, which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.
The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.
Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Funds’ investments. Inputs refer broadly to the assumptions that
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market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:
| | • | | Level 1 — quoted prices in active markets for identical securities |
| | • | | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | • | | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Transfers between levels 1 and 2 during the year ended June 30, 2016, if any, are shown as notes on the Schedule of Investments of the individual Fund.
Significant Level 3 items at June 30, 2016 consist of $4,263,895 of equities in the Large Growth Stock Fund which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the fund is subject to nonperformance by the counterparty.
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SECURITY TRANSACTIONS, INVESTMENT INCOMEAND EXPENSES — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums are accreted and amortized using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Common expenses of the Funds are allocated using methods approved by the Board of Directors, generally based on average net assets. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs.
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, 2015 were deemed distributed as consent dividends to each respective Fund’s shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2015, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.
Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.
The character of distributions received from Real Estate Investment Trusts (“REITs”) held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs. As of year-end, differences between the estimated and actual amounts are reflected in a Fund’s records.
3 — INVESTMENT ADVISORYAND OTHER CORPORATE SERVICES
Investment Advisory Services
Effective July 1, 2016, Penn Mutual Asset Management, LLC., the investment adviser to each series of Penn Series, converted its form of business organization from a Pennsylvania corporation to a Pennsylvania limited liability company and changed its name to Penn Mutual Asset Management, LLC. With the exception of the Money Market, Limited Maturity, Quality Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds, PMAM has entered into sub-advisory agreements to provide investment management services to each of the Funds.
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Each of the Funds pay PMAM, on a monthly basis, an advisory fee based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements:
| | | | |
Fund | | Sub-Adviser | | Investment Advisory Fees (As a Percentage of the
Average Daily
Net Assets of the Fund) |
| Money Market Fund | | None | | 0.33% of the first $200,000,000;
0.31% of the next $150,000,000; 0.29% of the next $150,000,000; 0.27% over $500,000,000. |
| Limited Maturity Bond Fund | | None | | 0.46% of the first $200,000,000;
0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. |
| Quality Bond Fund | | None | | 0.46% of the first $200,000,000;
0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. |
| High Yield Bond Fund | | T. Rowe Price Associates, Inc | | 0.56% of the first $250,000,000;
0.53% over $250,000,000. |
| Flexibly Managed Fund | | T. Rowe Price Associates, Inc | | 0.72% of the first $500,000,000;
0.70% of the next $2,000,000,000; 0.68% of the next $1,500,000,000; 0.65% of the next $1,000,000,000; 0.62% over $5,000,000,000. |
| Balanced Fund | | None | | None
|
| Large Growth Stock Fund | | T. Rowe Price Associates, Inc | | 0.72% of the first $250,000,000;
0.68% of the next $250,000,000; 0.65% over $500,000,000. |
| Large Cap Growth Fund | | Massachusetts Financial Services Company | | 0.55% |
| Large Core Growth Fund | | Wells Capital Management, Inc. | | 0.60% |
| Large Cap Value Fund | | Loomis, Sayles & Company, LP | | 0.67% of the first $150,000,000;
0.65% over $150,000,000. |
| Large Core Value Fund | | Eaton Vance Management | | 0.67% of the first $150,000,000;
0.65% of the next $250,000,000; 0.60% over $400,000,000. |
| Index 500 Fund | | SSgA Fund Management, Inc. | | 0.14% of the first $150,000,000;
0.13% of the next $150,000,000; 0.12% over $300,000,000. |
| Mid Cap Growth Fund | | Ivy Investment Management Company | | 0.70% |
| Mid Cap Value Fund | | Neuberger Berman Management, Inc. | | 0.55% of the first $250,000,000;
0.525% of the next $250,000,000; 0.50% of the next $250,000,000; 0.475% of the next $250,000,000; 0.45% of the next $500,000,000; 0.425% over $1,500,000,000. |
| Mid Core Value Fund | | American Century Investment Management, Inc. | | 0.72% |
| SMID Cap Growth Fund | | Wells Capital Management, Inc. | | 0.75% |
| SMID Cap Value Fund | | Alliance Bernstein, LP | | 0.95% |
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| | | | |
Fund | | Sub-Adviser | | Investment Advisory Fees (As a Percentage of the
Average Daily
Net Assets of the Fund) |
| Small Cap Growth Fund | | Janus Capital Management LLC | | 0.80% of the first $25,000,000;
0.75% of the next $25,000,000; 0.70% over $50,000,000. |
| Small Cap Value Fund | | Goldman Sachs Asset Management, LP | | 0.75% of the first $50,000,000;
0.725% of the next $50,000,000; 0.70% over $100,000,000. |
| Small Cap Index Fund | | SSgA Fund Management, Inc. | | 0.30% |
| Developed International Index Fund | | SSgA Fund Management, Inc. | | 0.30% |
| International Equity Fund | | Vontobel Asset Management, Inc. | | 0.86% of the first $227,000,000;
0.84% of the next $227,000,000; 0.82% over $454,000,000. |
| Emerging Markets Equity Fund | | Morgan Stanley Investment Management, Inc. | | 1.18% of the first $2,500,000,000;
1.00% over $2,500,000,000. |
| Real Estate Securities Fund | | Cohen & Steers Capital Management, Inc. | | 0.70% |
| Aggressive Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
| Moderately Aggressive Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
| Moderate Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
| Moderately Conservative Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
| Conservative Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a sub-advisory fee.
Administrative and Corporate, Co-Administrative and Shareholder Services
Effective January 1, 2016, Penn Series entered into new and revised service provider arrangements with PMAM and Penn Mutual. Each of the Funds pays Penn Mutual, on a quarterly basis, 0.01% of the Fund’s average daily net assets under a revised administrative and corporate services agreement and 0.09% under a new shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund’s average daily assets under a new co-administrative agreement.
Accounting Services
Under an accounting services agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity
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Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FoFs shall be an asset based fee of 0.01% of FOF’s average assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pay BNY Mellon 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter. Effective January 1, 2016, each of the Funds pays BNY Mellon approximately 0.01% of the Fund’s average daily net assets for additional services under a new fund administration and accounting agreement.
Transfer Agent Services
Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.
Custodial Services
The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.
Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by PMAM and its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund’s total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, Acquired Fund Fees and Expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund’s business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:
| | | | | | | | | | |
Fund | | Expense Limitation | | | Fund | | Expense Limitation | |
| Money Market | | | 0.64% | | | SMID Cap Growth | | | 1.07% | |
| Limited Maturity Bond | | | 0.74% | | | SMID Cap Value | | | 1.26% | |
| Quality Bond | | | 0.73% | | | Small Cap Growth | | | 1.13% | |
| High Yield Bond | | | 0.92% | | | Small Cap Value | | | 1.02% | |
| Flexibly Managed | | | 0.94% | | | Small Cap Index | | | 0.74% | |
| Balanced | | | 0.79% | | | Developed International Index | | | 0.94% | |
| Large Growth Stock | | | 1.02% | | | International Equity | | | 1.20% | |
| Large Cap Growth | | | 0.89% | | | Emerging Markets Equity | | | 1.78% | |
| Large Core Growth | | | 0.90% | | | Real Estate Securities | | | 1.02% | |
| Large Cap Value | | | 0.96% | | | Aggressive Allocation* | | | 0.40% | |
| Large Core Value | | | 0.96% | | | Moderately Aggressive Allocation* | | | 0.34% | |
| Index 500 | | | 0.42% | | | Moderate Allocation* | | | 0.34% | |
| Mid Cap Growth | | | 1.00% | | | Moderately Conservative Allocation* | | | 0.35% | |
| Mid Cap Value | | | 0.83% | | | Conservative Allocation* | | | 0.38% | |
| Mid Core Value | | | 1.11% | | | | | | | |
* For FoFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.
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Notes to Financial Statements — June 30, 2016 (Unaudited)
Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered “extraordinary expenses” and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.
If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.
As of June 30, 2016, the following Funds had waived and/or reimbursed administrative and corporate services fees that are subject to potential recapture by Penn Mutual through the periods stated below. If not recaptured, the waiver and/or reimbursed administrative and corporate services fees will expire according to the table below:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | December 31,
2016 | | | December 31,
2017 | | | December 31,
2018 | | | December 31,
2019 | |
| Money Market Fund | | | | | | $ | 176,621 | | | $ | 220,934 | | | $ | 75,300 | | | | — | |
| Balanced Fund | | | | | | | 20,510 | | | | 7,278 | | | | — | | | | — | |
| Large Cap Growth Fund | | | | | | | — | | | | — | | | | 531 | | | $ | 2,353 | |
During the six months ended June 30, 2016, previously waived administrative fees were recaptured by Penn Mutual. The recaptured fees are shown as Recaptured administrative fees on the statement of operations and are as follows:
| | | | |
| Large Cap Growth Fund | | $ | 1,072 | |
As of June 30, 2016, the following Funds had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | December 31,
2016 | | | December 31,
2017 | | | December 31,
2018 | | | December 31,
2019 | |
| Money Market Fund | | | | | | $ | 247,479 | | | $ | 388,671 | | | $ | 372,994 | | | $ | 104,166 | |
| SMID Cap Growth Fund | | | | | | | 10,433 | | | | 3,212 | | | | — | | | | — | |
| SMID Cap Value Fund | | | | | | | 61,894 | | | | 22,348 | | | | — | | | | — | |
| Small Cap Index Fund | | | | | | | 85,442 | | | | 31,741 | | | | — | | | | — | |
| Developed International Index Fund | | | | | | | 329,477 | | | | 72,559 | | | | — | | | | — | |
| Aggressive Allocation Fund | | | | | | | 631 | | | | 179 | | | | — | | | | — | |
During the six months ended June 30, 2016, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as Recaptured advisory fees on the statement of operations and are as follows:
| | | | |
| Mid Cap Growth Fund | | $ | 1,656 | |
| SMID Cap Growth | | | 1,081 | |
| Aggressive Allocation Fund | | | 1,730 | |
| Conservative Allocation Fund | | | 119 | |
Total fees of $190,500 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2016. Director’s who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.
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4 — RELATED PARTY TRANSACTIONS
Certain benefit plans of Penn Mutual own annuity contracts that are invested in the Penn Series Funds. The benefit plan assets that are invested in the Penn Series Funds at June 30, 2016 are as follows:
| | | | |
| Money Market Fund | | $ | 5,781,444 | |
| Limited Maturity Bond Fund | | | 32,492,285 | |
| Quality Bond Fund | | | 36,136,741 | |
| Large Growth Stock Fund | | | 19,266,806 | |
| Large Core Value Fund | | | 24,468,981 | |
| Index 500 Fund | | | 20,010,139 | |
| SMID Cap Growth Fund | | | 3,819,172 | |
| SMID Cap Value Fund | | | 4,094,583 | |
| Small Cap Index Fund | | | 3,293,049 | |
| Developed International Index Fund | | | 2,630,694 | |
| International Equity Fund | | | 6,955,631 | |
Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the six months ended June 30, 2016 were as follows:
| | | | |
| Large Growth Stock Fund | | $ | 16 | |
| Large Core Growth Fund | | | 55 | |
| Small Cap Value Fund | | | 12,196 | |
| Emerging Markets Equity Fund | | | 767 | |
The Funds may purchase securities from or sell to other funds that have a common adviser. These interfund transactions are primarily used for transactional cost purposes and are made pursuant to Rule 17a-7 of the Investment Company Act of 1940.
A summary of the FoF’s total long-term and short-term purchases and sales of the shares of the underlying Funds during the period ended June 30, 2016 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Balanced Fund | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Quality Bond Fund | | $ | 30,492,870 | | | $ | 30,422,228 | | | $ | 450,731 | | | $ | 2,109,771 | | | $ | — | | | $ | 469,570 | |
| Penn Series Index 500 Fund | | | 45,739,306 | | | | 45,633,342 | | | | 1,000,396 | | | | 2,678,206 | | | | — | | | | 1,668,661 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 76,232,176 | | | $ | 76,055,570 | | | $ | 1,451,127 | | | $ | 4,787,977 | | | $ | — | | | $ | 2,138,232 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Aggressive Allocation Fund | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Quality Bond Fund | | $ | 1,216,144 | | | $ | 1,215,672 | | | $ | 1,128,336 | | | $ | 69,615 | | | $ | — | | | $ | 18,062 | |
| Penn Series Flexibly Managed Fund | | | 2,432,289 | | | | 2,431,344 | | | | 1,852,773 | | | | 103,719 | | | | — | | | | 65,283 | |
| Penn Series Large Growth Stock Fund | | | 2,432,289 | | | | 2,431,344 | | | | 1,374,540 | | | | 44,658 | | | | — | | | | 72,298 | |
| Penn Series Large Cap Growth Fund | | | 1,216,144 | | | | 1,215,672 | | | | 1,066,179 | | | | 67,532 | | | | — | | | | 20,892 | |
| Penn Series Large Cap Value Fund | | | 6,080,722 | | | | 6,078,360 | | | | 3,809,586 | | | | 148,066 | | | | — | | | | 207,346 | |
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| | | | | | | | | | | | | | | | | | | | | | | | |
Aggressive Allocation Fund
(continued) | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Large Core Value Fund | | $ | 4,864,577 | | | $ | 4,862,688 | | | $ | 3,514,567 | | | $ | 100,663 | | | $ | — | | | $ | 133,248 | |
| Penn Series Index 500 Fund | | | 3,040,361 | | | | 3,039,180 | | | | 1,298,771 | | | | 65,109 | | | | — | | | | 99,600 | |
| Penn Series Mid Cap Growth Fund | | | 1,216,144 | | | | 1,215,672 | | | | 1,049,729 | | | | 39,345 | | | | — | | | | 26,901 | |
| Penn Series Mid Cap Value Fund | | | 3,648,433 | | | | 3,647,016 | | | | 2,829,334 | | | | 106,497 | | | | — | | | | 192,637 | |
| Penn Series Mid Core Value Fund | | | 3,648,433 | | | | 3,647,016 | | | | 2,778,146 | | | | 174,553 | | | | — | | | | 264,538 | |
| Penn Series SMID Cap Growth Fund | | | 1,824,217 | | | | 1,215,672 | | | | 1,230,922 | | | | 322,037 | | | | — | | | | 424,421 | |
| Penn Series SMID Cap Value Fund | | | 3,040,361 | | | | 3,039,180 | | | | 1,770,613 | | | | 82,374 | | | | — | | | | 167,631 | |
| Penn Series Small Cap Growth Fund | | | 1,824,217 | | | | 1,823,508 | | | | 1,489,637 | | | | 43,658 | | | | — | | | | 67,272 | |
| Penn Series Small Cap Value Fund | | | 2,432,289 | | | | 2,431,344 | | | | 1,450,521 | | | | 61,290 | | | | — | | | | 114,721 | |
| Penn Series Small Cap Index Fund | | | 608,072 | | | | 607,836 | | | | 296,387 | | | | 15,047 | | | | — | | | | 22,810 | |
| Penn Series Developed International Index Fund | | | 4,864,577 | | | | 5,470,524 | | | | 3,837,491 | | | | 140,419 | | | | — | | | | 93,590 | |
| Penn Series International Equity Fund | | | 8,513,011 | | | | 8,509,704 | | | | 6,358,068 | | | | 208,929 | | | | — | | | | 200,415 | |
| Penn Series Emerging Markets Equity Fund | | | 5,472,650 | | | | 5,470,524 | | | | 5,737,017 | | | | 420,159 | | | | — | | | | 28,612 | |
| Penn Series Real Estate Securities Fund | | | 2,432,289 | | | | 2,431,344 | | | | 1,410,841 | | | | 76,683 | | | | — | | | | 191,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 60,807,219 | | | $ | 60,783,600 | | | $ | 44,283,458 | | | $ | 2,290,353 | | | $ | — | | | $ | 2,411,404 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Moderately Aggressive
Allocation Fund | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Limited Maturity Bond Fund | | $ | 7,135,107 | | | $ | 7,023,796 | | | $ | 6,773,491 | | | $ | 397,794 | | | $ | — | | | $ | 44,909 | |
| Penn Series Quality Bond Fund | | | 23,783,691 | | | | 23,412,654 | | | | 21,838,436 | | | | 1,561,408 | | | | — | | | | 412,592 | |
| Penn Series High Yield Fund | | | 7,135,107 | | | | 7,023,796 | | | | 6,194,410 | | | | 371,108 | | | | — | | | | 383,099 | |
| Penn Series Flexibly Managed Fund | | | 14,270,215 | | | | 14,047,593 | | | | 10,579,929 | | | | 699,264 | | | | — | | | | 450,791 | |
| Penn Series Large Growth Stock Fund | | | 7,135,107 | | | | 7,023,796 | | | | 4,236,704 | | | | 197,394 | | | | — | | | | 245,310 | |
| Penn Series Large Cap Growth Fund | | | 4,756,738 | | | | 4,682,531 | | | | 3,690,315 | | | | 303,318 | | | | — | | | | 98,614 | |
| Penn Series Large Cap Value Fund | | | 19,026,953 | | | | 18,730,124 | | | | 10,685,226 | | | | 538,495 | | | | — | | | | 832,355 | |
| Penn Series Large Core Value Fund | | | 19,026,953 | | | | 18,730,124 | | | | 13,529,009 | | | | 541,092 | | | | — | | | | 639,451 | |
| Penn Series Index 500 Fund | | | 9,513,476 | | | | 9,365,062 | | | | 3,945,498 | | | | 202,617 | | | | — | | | | 417,946 | |
| Penn Series Mid Cap Growth Fund | | | 4,756,738 | | | | 4,682,531 | | | | 3,851,324 | | | | 170,488 | | | | — | | | | 152,867 | |
199
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Aggressive
Allocation Fund (continued) | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Mid Cap Value Fund | | $ | 11,891,846 | | | $ | 11,706,327 | | | $ | 7,734,516 | | | $ | 341,963 | | | $ | — | | | $ | 772,294 | |
| Penn Series Mid Core Value Fund | | | 11,891,845 | | | | 11,706,327 | | | | 7,948,042 | | | | 547,019 | | | | — | | | | 1,015,974 | |
| Penn Series SMID Cap Growth Fund | | | 4,756,738 | | | | 2,341,265 | | | | 3,807,337 | | | | 1,603,303 | | | | — | | | | 1,162,792 | |
| Penn Series SMID Cap Value Fund | | | 9,513,476 | | | | 9,365,062 | | | | 6,024,719 | | | | 272,755 | | | | — | | | | 620,594 | |
| Penn Series Small Cap Growth Fund | | | 4,756,738 | | | | 4,682,531 | | | | 3,480,506 | | | | 127,888 | | | | — | | | | 225,004 | |
| Penn Series Small Cap Value Fund | | | 7,135,107 | | | | 7,023,796 | | | | 3,497,579 | | | | 202,062 | | | | — | | | | 409,481 | |
| Penn Series Small Cap Index Fund | | | 4,756,738 | | | | 4,682,531 | | | | 2,368,589 | | | | 139,133 | | | | — | | | | 220,782 | |
| Penn Series Developed International Index Fund | | | 16,648,584 | | | | 18,730,124 | | | | 12,617,528 | | | | 560,482 | | | | — | | | | 472,642 | |
| Penn Series International Equity Fund | | | 28,540,429 | | | | 28,095,185 | | | | 19,917,587 | | | | 828,480 | | | | — | | | | 942,333 | |
| Penn Series Emerging Markets Equity Fund | | | 14,270,214 | | | | 14,047,593 | | | | 14,932,329 | | | | 1,074,786 | | | | — | | | | 262,469 | |
| Penn Series Real Estate Securities Fund | | | 7,135,107 | | | | 7,023,796 | | | | 3,617,280 | | | | 206,290 | | | | — | | | | 647,688 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 237,836,907 | | | $ | 234,126,544 | | | $ | 171,270,354 | | | $ | 10,887,139 | | | $ | — | | | $ | 10,429,987 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Moderate Allocation Fund | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Money Market Fund | | $ | 3,407,652 | | | $ | 3,281,623 | | | $ | 3,407,652 | | | $ | 199,422 | | | $ | — | | | $ | — | |
| Penn Series Limited Maturity Bond Fund | | | 20,445,739 | | | | 16,786,865 | | | | 19,413,093 | | | | 3,891,506 | | | | — | | | | 394,442 | |
| Penn Series Quality Bond Fund | | | 85,190,580 | | | | 87,291,698 | | | | 77,010,348 | | | | 4,890,910 | | | | — | | | | 1,392,525 | |
| Penn Series High Yield Fund | | | 13,630,493 | | | | 13,429,492 | | | | 10,270,678 | | | | 637,301 | | | | — | | | | 694,458 | |
| Penn Series Flexibly Managed Fund | | | 23,853,363 | | | | 23,501,611 | | | | 15,101,619 | | | | 728,403 | | | | — | | | | 1,006,317 | |
| Penn Series Large Growth Stock Fund | | | 6,815,247 | | | | 6,714,746 | | | | 2,707,747 | | | | 153,840 | | | | — | | | | 248,353 | |
| Penn Series Large Cap Growth Fund | | | 3,407,623 | | | | 3,357,373 | | | | 2,626,420 | | | | 201,769 | | | | — | | | | 62,441 | |
| Penn Series Large Cap Value Fund | | | 20,445,739 | | | | 20,144,238 | | | | 11,570,257 | | | | 594,352 | | | | — | | | | 791,685 | |
| Penn Series Large Core Value Fund | | | 20,445,739 | | | | 20,144,237 | | | | 14,775,473 | | | | 518,912 | | | | — | | | | 687,663 | |
| Penn Series Index 500 Fund | | | 10,222,870 | | | | 10,072,119 | | | | 4,664,947 | | | | 242,177 | | | | — | | | | 361,110 | |
| Penn Series Mid Cap Growth Fund | | | 6,815,246 | | | | 6,714,746 | | | | 5,061,361 | | | | 166,443 | | | | — | | | | 268,019 | |
| Penn Series Mid Cap Value Fund | | | 10,222,870 | | | | 10,072,119 | | | | 7,322,933 | | | | 598,288 | | | | — | | | | 283,651 | |
200
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
Moderate Allocation Fund
(continued) | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Mid Core Value Fund | | $ | 17,038,116 | | | $ | 16,786,865 | | | $ | 12,912,450 | | | $ | 739,297 | | | $ | — | | | $ | 1,356,883 | |
| Penn Series SMID Cap Growth Fund | | | 3,407,623 | | | | 3,357,373 | | | | 3,604,100 | | | | 153,089 | | | | — | | | | 136,509 | |
| Penn Series SMID Cap Value Fund | | | 6,815,246 | | | | 6,714,746 | | | | 3,705,299 | | | | 279,827 | | | | — | | | | 308,611 | |
| Penn Series Small Cap Growth Fund | | | 3,407,623 | | | | 3,357,373 | | | | 1,899,215 | | | | 88,760 | | | | — | | | | 149,611 | |
| Penn Series Small Cap Value Fund | | | 10,222,870 | | | | 10,072,119 | | | | 6,526,590 | | | | 284,248 | | | | — | | | | 549,043 | |
| Penn Series Small Cap Index Fund | | | 6,815,246 | | | | 6,714,746 | | | | 3,513,531 | | | | 197,414 | | | | — | | | | 289,354 | |
| Penn Series Developed International Index Fund | | | 17,038,116 | | | | 16,786,865 | | | | 12,903,165 | | | | 565,033 | | | | — | | | | 440,446 | |
| Penn Series International Equity Fund | | | 30,668,609 | | | | 30,216,356 | | | | 20,055,805 | | | | 861,989 | | | | — | | | | 947,874 | |
| Penn Series Emerging Markets Equity Fund | | | 13,630,493 | | | | 13,429,492 | | | | 13,468,547 | | | | 787,814 | | | | — | | | | 388,762 | |
| Penn Series Real Estate Securities Fund | | | 6,815,247 | | | | 6,714,746 | | | | 3,092,974 | | | | 192,725 | | | | — | | | | 568,008 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 340,762,350 | | | $ | 335,661,548 | | | $ | 255,614,204 | | | $ | 16,973,519 | | | $ | — | | | $ | 11,325,765 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Moderately Conservative
Allocation Fund | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Money Market Fund | | $ | 1,013,492 | | | $ | 977,939 | | | $ | 1,013,492 | | | $ | 88,851 | | | $ | — | | | $ | — | |
| Penn Series Limited Maturity Bond Fund | | | 15,202,256 | | | | 14,005,762 | | | | 14,376,184 | | | | 1,922,783 | | | | — | | | | 211,926 | |
| Penn Series Quality Bond Fund | | | 34,458,447 | | | | 35,014,406 | | | | 30,196,539 | | | | 2,595,659 | | | | — | | | | 824,772 | |
| Penn Series High Yield Fund | | | 6,080,903 | | | | 6,002,470 | | | | 4,198,029 | | | | 367,568 | | | | — | | | | 380,672 | |
| Penn Series Flexibly Managed Fund | | | 8,107,870 | | | | 8,003,293 | | | | 4,883,507 | | | | 297,165 | | | | — | | | | 496,878 | |
| Penn Series Large Growth Stock Fund | | | 1,013,484 | | | | 1,000,412 | | | | 379,806 | | | | 34,491 | | | | — | | | | 54,447 | |
| Penn Series Large Cap Growth Fund | | | 1,013,484 | | | | 1,000,412 | | | | 784,000 | | | | 80,498 | | | | — | | | | 23,037 | |
| Penn Series Large Cap Value Fund | | | 5,067,419 | | | | 5,002,058 | | | | 3,054,844 | | | | 200,607 | | | | — | | | | 289,118 | |
| Penn Series Large Core Value Fund | | | 5,067,419 | | | | 5,002,058 | | | | 3,923,639 | | | | 184,426 | | | | — | | | | 260,263 | |
| Penn Series Index 500 Fund | | | 2,026,967 | | | | 2,000,823 | | | | 768,360 | | | | 63,279 | | | | — | | | | 115,070 | |
| Penn Series Mid Cap Value Fund | | | 2,026,967 | | | | 2,000,823 | | | | 1,457,499 | | | | 155,493 | | | | — | | | | 68,240 | |
| Penn Series Mid Core Value Fund | | | 3,040,451 | | | | 3,001,235 | | | | 1,951,174 | | | | 155,745 | | | | — | | | | 292,996 | |
| Penn Series SMID Cap Value Fund | | | 1,013,481 | | | | 1,000,412 | | | | 450,140 | | | �� | 40,688 | | | | — | | | | 71,383 | |
201
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Conservative
Allocation Fund (continued) | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Small Cap Value Fund | | $ | 2,026,967 | | | $ | 2,000,823 | | | $ | 2,044,973 | | | $ | 242,701 | | | $ | — | | | $ | (18,946 | ) |
| Penn Series Small Cap Index Fund | | | 1,013,484 | | | | 1,000,412 | | | | 444,558 | | | | 40,860 | | | | — | | | | 60,834 | |
| Penn Series Developed International Index Fund | | | 3,040,451 | | | | 3,001,235 | | | | 2,235,107 | | | | 159,256 | | | | — | | | | 107,559 | |
| Penn Series International Equity Fund | | | 6,080,902 | | | | 6,002,470 | | | | 3,972,239 | | | | 264,143 | | | | — | | | | 269,484 | |
| Penn Series Emerging Markets Equity Fund | | | 2,026,968 | | | | 2,000,823 | | | | 2,138,232 | | | | 258,236 | | | | — | | | | (34,102 | ) |
| Penn Series Real Estate Securities Fund | | | 2,026,967 | | | | 2,000,823 | | | | 1,163,346 | | | | 146,233 | | | | — | | | | 130,569 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 101,348,379 | | | $ | 100,018,689 | | | $ | 79,435,668 | | | $ | 7,298,682 | | | $ | — | | | $ | 3,604,200 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Conservative Allocation Fund | | Total Value at
12/31/15 | | | Total Value at
06/30/16 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Net Realized
Gain/(Loss) | |
| Penn Series Money Market Fund | | $ | 3,014,197 | | | $ | 2,922,615 | | | $ | 3,014,197 | | | $ | 348,569 | | | $ | — | | | $ | — | |
| Penn Series Limited Maturity Bond Fund | | | 12,659,521 | | | | 11,971,963 | | | | 11,952,294 | | | | 1,718,949 | | | | — | | | | 189,004 | |
| Penn Series Quality Bond Fund | | | 26,524,710 | | | | 26,936,918 | | | | 22,711,261 | | | | 2,500,281 | | | | — | | | | 821,342 | |
| Penn Series High Yield Fund | | | 4,219,840 | | | | 4,190,187 | | | | 2,700,670 | | | | 308,066 | | | | — | | | | 333,115 | |
| Penn Series Flexibly Managed Fund | | | 4,822,674 | | | | 5,387,384 | | | | 2,689,664 | | | | 203,327 | | | | — | | | | 363,312 | |
| Penn Series Large Cap Value Fund | | | 1,808,503 | | | | 1,795,795 | | | | 1,581,282 | | | | 188,745 | | | | — | | | | 40,059 | |
| Penn Series Large Core Value Fund | | | 2,411,337 | | | | 2,394,393 | | | | 2,108,725 | | | | 108,906 | | | | — | | | | 169,951 | |
| Penn Series Index 500 Fund | | | 602,834 | | | | 598,598 | | | | 235,315 | | | | 24,658 | | | | — | | | | 46,258 | |
| Penn Series Mid Core Value Fund | | | 1,205,669 | | | | 1,197,196 | | | | 941,473 | | | | 106,033 | | | | — | | | | 109,502 | |
| Penn Series Developed International Index Fund | | | 1,205,669 | | | | 1,197,196 | | | | 1,050,191 | | | | 105,377 | | | | — | | | | 34,051 | |
| Penn Series International Equity Fund | | | 1,808,503 | | | | 1,795,795 | | | | 1,289,163 | | | | 98,353 | | | | — | | | | 110,788 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 60,283,457 | | | $ | 60,388,040 | | | $ | 50,274,235 | | | $ | 5,711,264 | | | $ | — | | | $ | 2,217,382 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
202
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
5 — PURCHASESAND SALESOF SECURITIES
During the six months ended June 30, 2016, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:
| | | | | | | | | | | | | | | | |
| | | U.S. Government Securities | | | Other Investment Securities | |
| | | Purchases | | | Sales | | | Purchases | | | Sales | |
| Limited Maturity Bond Fund | | $ | 13,959,351 | | | $ | 15,864,743 | | | $ | 66,286,178 | | | $ | 79,384,732 | |
| Quality Bond Fund | | | 96,464,747 | | | | 101,813,803 | | | | 135,283,500 | | | | 154,279,147 | |
| High Yield Bond Fund | | | 5,268,969 | | | | 5,290,247 | | | | 67,804,853 | | | | 74,859,984 | |
| Flexibly Managed Fund | | | — | | | | — | | | | 855,509,422 | | | | 841,581,580 | |
| Balanced Fund | | | — | | | | — | | | | 1,451,127 | | | | 4,787,977 | |
| Large Growth Stock Fund | | | — | | | | — | | | | 53,167,209 | | | | 76,061,057 | |
| Large Cap Growth Fund | | | — | | | | — | | | | 5,189,295 | | | | 7,860,740 | |
| Large Core Growth Fund | | | — | | | | — | | | | 38,610,731 | | | | 45,572,842 | |
| Large Cap Value Fund | | | — | | | | — | | | | 14,377,918 | | | | 19,651,240 | |
| Large Core Value Fund | | | — | | | | — | | | | 80,270,026 | | | | 91,589,204 | |
| Index 500 Fund | | | — | | | | — | | | | 7,578,027 | | | | 22,859,239 | |
| Mid Cap Growth Fund | | | — | | | | — | | | | 15,094,932 | | | | 23,918,697 | |
| Mid Cap Value Fund | | | — | | | | — | | | | 22,459,267 | | | | 36,195,763 | |
| Mid Core Value Fund | | | — | | | | — | | | | 31,805,856 | | | | 38,466,358 | |
| SMID Cap Growth Fund | | | — | | | | — | | | | 18,236,295 | | | | 23,637,404 | |
| SMID Cap Value Fund | | | — | | | | — | | | | 22,484,951 | | | | 22,265,597 | |
| Small Cap Growth Fund | | | — | | | | — | | | | 4,874,235 | | | | 11,294,376 | |
| Small Cap Value Fund | | | — | | | | — | | | | 55,935,086 | | | | 70,515,158 | |
| Small Cap Index Fund | | | — | | | | — | | | | 8,014,345 | | | | 8,257,698 | |
| Developed International Index Fund | | | — | | | | — | | | | 2,297,149 | | | | 2,253,694 | |
| International Equity Fund | | | — | | | | — | | | | 49,059,900 | | | | 80,758,560 | |
| Emerging Markets Equity Fund | | | — | | | | — | | | | 31,617,574 | | | | 31,266,705 | |
| Real Estate Securities Fund | | | — | | | | — | | | | 53,228,785 | | | | 56,838,175 | |
| Aggressive Allocation Fund | | | — | | | | — | | | | 2,955,193 | | | | 4,701,756 | |
| Moderately Aggressive Allocation Fund | | | — | | | | — | | | | 10,203,444 | | | | 21,317,125 | |
| Moderate Allocation Fund | | | — | | | | — | | | | 11,125,356 | | | | 28,099,860 | |
| Moderately Conservative Allocation Fund | | | — | | | | — | | | | 5,683,482 | | | | 10,814,028 | |
| Conservative Allocation Fund | | | — | | | | — | | | | 5,419,166 | | | | 7,580,077 | |
6 — FEDERAL INCOME TAXES
Each Fund has qualified and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2015, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.
On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:
The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.
203
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.
The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.
Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2015, primarily attributable to consent dividends, reclass of capital gains tax income recognized from pass-through entities, the disallowance of net operating losses, the tax treatment of Passive Foreign Investment Companies, the redesignation of dividend distributions, the reclassification of net foreign currency exchange gains or losses and the reclassification of paydown losses were reclassed between the following accounts:
| | | | | | | | | | | | |
| | | Increase
(Decrease)
Undistributed
Net Investment
Income | | | Increase
(Decrease)
Accumulated Net
Realized Gains | | | Increase
(Decrease)
Paid-in Capital | |
| Limited Maturity Bond | | $ | (2,343,752 | ) | | $ | (569,803 | ) | | $ | 2,913,555 | |
| Quality Bond Fund | | | (13,607,990 | ) | | | (10,955,844 | ) | | | 24,563,834 | |
| High Yield Bond Fund | | | (10,964,355 | ) | | | (878,211 | ) | | | 11,842,566 | |
| Flexibly Managed Fund | | | (35,213,788 | ) | | | (298,595,307 | ) | | | 333,809,095 | |
| Balanced Fund | | | 170,857 | | | | (3,201,498 | ) | | | 3,030,641 | |
| Large Growth Stock Fund | | | 903,525 | | | | (32,479,610 | ) | | | 31,576,085 | |
| Large Cap Growth Fund | | | (201,719 | ) | | | (5,035,581 | ) | | | 5,237,300 | |
| Large Core Growth Fund | | | 243,051 | | | | (10,422,157 | ) | | | 10,179,106 | |
| Large Cap Value Fund | | | (2,607,630 | ) | | | (10,201,067 | ) | | | 12,808,697 | |
| Large Core Value Fund | | | (2,942,370 | ) | | | (18,600,355 | ) | | | 21,542,725 | |
| Index 500 Fund | | | (7,345,117 | ) | | | (7,396,578 | ) | | | 14,741,695 | |
| Mid Cap Growth Fund | | | 36,713 | | | | (6,035,586 | ) | | | 5,998,873 | |
| Mid Cap Value Fund | | | (1,537,384 | ) | | | (28,952,832 | ) | | | 30,490,216 | |
| Mid Core Value Fund | | | (933,784 | ) | | | (7,930,300 | ) | | | 8,864,084 | |
| SMID Cap Growth Fund | | | 427,475 | | | | (4,832,551 | ) | | | 4,405,076 | |
| SMID Cap Value Fund | | | 16,640 | | | | (5,307,397 | ) | | | 5,290,757 | |
| Small Cap Growth Fund | | | 471,098 | | | | (8,576,331 | ) | | | 8,105,233 | |
| Small Cap Value Fund | | | (1,478,773 | ) | | | (13,868,118 | ) | | | 15,346,891 | |
| Small Cap Index Fund | | | (462,337 | ) | | | (3,589,917 | ) | | | 4,052,254 | |
| Developed International Index Fund | | | (2,163,776 | ) | | | 41,291 | | | | 2,122,485 | |
| International Equity Fund | | | (4,625,165 | ) | | | (517,478 | ) | | | 5,142,643 | |
| Emerging Markets Equity Fund | | | (347,030 | ) | | | (80,801 | ) | | | 427,831 | |
| Real Estate Securities Fund | | | (1,962,589 | ) | | | (13,407,348 | ) | | | 15,369,937 | |
| Aggressive Allocation Fund | | | 219,440 | | | | (4,836,094 | ) | | | 4,616,654 | |
| Moderately Aggressive Allocation Fund | | | 803,621 | | | | (16,990,837 | ) | | | 16,187,216 | |
| Moderate Allocation Fund | | | 1,138,722 | | | | (20,357,981 | ) | | | 19,219,259 | |
| Moderalely Conservative Allocation Fund | | | 352,296 | | | | (5,316,442 | ) | | | 4,964,146 | |
| Conservative Allocation Fund | | | 214,379 | | | | (2,896,979 | ) | | | 2,682,600 | |
These reclassifications had no effect on net assets or net asset value per share.
204
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2015 and 2014 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term Capital Gains | | | Total | |
| | | 2015 | | | 2014 | | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| Money Market Fund | | $ | 11,728 | | | $ | 13,590 | | | $ | — | | | $ | — | | | $ | 11,728 | | | $ | 13,590 | |
| Limited Maturity Bond Fund | | | 2,913,555 | | | | 1,732,444 | | | | — | | | | 519,805 | | | | 2,913,555 | | | | 2,252,249 | |
| Quality Bond Fund | | | 18,851,832 | | | | 13,678,658 | | | | 5,712,002 | | | | 6,445,953 | | | | 24,563,834 | | | | 20,124,611 | |
| High Yield Bond Fund | | | 11,842,565 | | | | 12,356,614 | | | | — | | | | 598,520 | | | | 11,842,565 | | | | 12,955,134 | |
| Flexibly Managed Fund | | | 83,145,583 | | | | 117,363,812 | | | | 250,663,512 | | | | 253,958,645 | | | | 333,809,095 | | | | 371,322,457 | |
| Balanced Fund | | | 1,736,535 | | | | 1,447,124 | | | | 4,308,714 | | | | 2,025,883 | | | | 6,045,249 | | | | 3,473,007 | |
| Large Growth Stock Fund | | | — | | | | 1,456,751 | | | | 32,483,632 | | | | 35,677,081 | | | | 32,483,632 | | | | 37,133,832 | |
| Large Cap Growth Fund | | | 215,596 | | | | 1,359,763 | | | | 5,021,704 | | | | 1,871,834 | | | | 5,237,300 | | | | 3,231,597 | |
| Large Core Growth Fund | | | — | | | | 446,222 | | | | 10,422,157 | | | | 16,678,687 | | | | 10,422,157 | | | | 17,124,909 | |
| Large Cap Value Fund | | | 2,607,630 | | | | 7,987,988 | | | | 10,201,067 | | | | 8,122,500 | | | | 12,808,697 | | | | 16,110,488 | |
| Large Core Value Fund | | | 5,810,205 | | | | 2,444,387 | | | | 15,732,524 | | | | 30,222,954 | | | | 21,542,729 | | | | 32,667,341 | |
| Index 500 Fund | | | 7,365,475 | | | | 6,829,576 | | | | 7,376,220 | | | | — | | | | 14,741,695 | | | | 6,829,576 | |
| Mid Cap Growth Fund | | | 3,579,096 | | | | 7,378,374 | | | | 2,419,772 | | | | 21,812,142 | | | | 5,998,868 | | | | 29,190,516 | |
| Mid Cap Value Fund | | | 3,582,629 | | | | 3,225,211 | | | | 26,907,782 | | | | 14,313,536 | | | | 30,490,411 | | | | 17,538,747 | |
| Mid Core Value Fund | | | 3,527,900 | | | | 5,488,235 | | | | 5,336,338 | | | | 3,579,477 | | | | 8,864,238 | | | | 9,067,712 | |
| SMID Cap Growth Fund | | | — | | | | — | | | | 4,762,153 | | | | 7,095,131 | | | | 4,762,153 | | | | 7,095,131 | |
| SMID Cap Value Fund | | | 110,136 | | | | 1,251,210 | | | | 5,180,621 | | | | 6,958,220 | | | | 5,290,757 | | | | 8,209,430 | |
| Small Cap Growth Fund | | | 213,113 | | | | 2,658,817 | | | | 7,892,122 | | | | 2,483,401 | | | | 8,105,235 | | | | 5,142,218 | |
| Small Cap Value Fund | | | 1,957,827 | | | | 6,601,797 | | | | 13,389,064 | | | | 20,979,162 | | | | 15,346,891 | | | | 27,580,959 | |
| Small Cap Index Fund | | | 733,578 | | | | 872,014 | | | | 3,318,676 | | | | 3,192,013 | | | | 4,052,254 | | | | 4,064,027 | |
| Developed International Index Fund | | | 2,122,485 | | | | 3,193,128 | | | | — | | | | — | | | | 2,122,485 | | | | 3,193,128 | |
| International Equity Fund | | | 5,142,643 | | | | 9,095,358 | | | | — | | | | — | | | | 5,142,643 | | | | 9,095,358 | |
| Emerging Markets Equity Fund | | | 427,831 | | | | 473,407 | | | | — | | | | — | | | | 427,831 | | | | 473,407 | |
| Real Estate Securities Fund | | | 4,122,694 | | | | 3,376,987 | | | | 11,247,243 | | | | 8,332,542 | | | | 15,369,937 | | | | 11,709,529 | |
| Aggressive Allocation Fund | | | 886,647 | | | | 1,468,137 | | | | 7,798,589 | | | | 4,096,219 | | | | 8,685,236 | | | | 5,564,356 | |
| Moderately Aggressive Allocation Fund | | | 4,394,203 | | | | 6,147,670 | | | | 27,334,592 | | | | 13,387,233 | | | | 31,728,795 | | | | 19,534,903 | |
| Moderate Allocation Fund | | | 7,572,549 | | | | 8,627,023 | | | | 31,886,947 | | | | 18,454,127 | | | | 39,459,496 | | | | 27,081,150 | |
| Moderately Conservative Allocation Fund | | | 2,399,500 | | | | 2,549,865 | | | | 8,096,434 | | | | 5,487,908 | | | | 10,495,934 | | | | 8,037,773 | |
| Conservative Allocation Fund | | | 1,542,898 | | | | 1,419,532 | | | | 3,883,603 | | | | 1,835,238 | | | | 5,426,501 | | | | 3,254,770 | |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
205
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
Capital loss carryforwards:
At December 31, 2015, the following Funds had capital loss carryforwards (pre-enactment losses) available to offset future realized capital gains through the indicated expiration dates:
| | | | | | | | | | | | |
| | | Expires on December 31, | |
| | | 2017 | | | 2018 | | | Total | |
| International Equity Fund | | | — | | | $ | 5,284,998 | | | $ | 5,284,998 | |
| Emerging Markets Equity Fund | | $ | 4,867,907 | | | | — | | | | 4,867,907 | |
At December 31, 2015, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:
| | | | | | | | |
| | | Short-Term
Capital Loss | | | Long-Term
Capital Loss | |
| High Yield Bond Fund | | $ | 4,636,015 | | | $ | 1,271,754 | |
| Developed International Index Fund | | | 172,355 | | | | 2,631,345 | |
| International Equity Fund | | | 1,942,102 | | | | — | |
| Emerging Markets Equity Fund | | | 4,872,058 | | | | 2,999,643 | |
During the year ended December 31, 2015, the following Fund utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
| | | | |
| Index 500 Fund | | $ | 2,434,673 | |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2016:
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Late-Year
Capital Losses | |
| Limited Maturity Bond Fund | | | — | | | $ | 467,149 | |
| High Yield Bond Fund | | | — | | | | 2,008,812 | |
| Mid Cap Growth Fund | | $ | 312 | | | | — | |
| Mid Cap Value Fund | | | — | | | | 2,641,763 | |
| SMID Cap Growth Fund | | | — | | | | 583,236 | |
| SMID Cap Value Fund | | | — | | | | 74,488 | |
| Developed International Index Fund | | | 25,856 | | | | 66,729 | |
| International Equity Fund | | | 168,175 | | | | — | |
| Emerging Markets Equity Fund | | | — | | | | 118,627 | |
Tax cost of securities:
At June 30, 2016, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2016 were as follows:
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| Money Market Fund | | $ | 116,132,262 | | | | — | | | | — | | | | — | |
| Limited Maturity Bond Fund | | | 179,005,535 | | | $ | 700,652 | | | $ | (695,692 | ) | | $ | 4,960 | |
| Quality Bond Fund | | | 540,715,792 | | | | 15,566,826 | | | | (3,815,314 | ) | | | 11,751,512 | |
| High Yield Bond Fund | | | 174,604,755 | | | | 4,286,831 | | | | (6,522,695 | ) | | | (2,235,864 | ) |
| Flexibly Managed Fund | | | 3,024,278,717 | | | | 415,674,294 | | | | (49,101,296 | ) | | | 366,572,998 | |
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Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| Balanced Fund | | $ | 48,659,689 | | | $ | 31,245,076 | | | $ | (3,404,471 | ) | | $ | 27,480,605 | |
| Large Growth Stock Fund | | | 203,468,437 | | | | 60,839,478 | | | | (9,963,208 | ) | | | 50,876,270 | |
| Large Cap Growth Fund | | | 36,949,572 | | | | 7,065,164 | | | | (1,589,703 | ) | | | 5,475,461 | |
| Large Core Growth Fund | | | 87,221,918 | | | | 18,848,774 | | | | (1,176,583 | ) | | | 17,672,191 | |
| Large Cap Value Fund | | | 174,601,929 | | | | 34,302,901 | | | | (8,725,252 | ) | | | 25,577,649 | |
| Large Core Value Fund | | | 181,698,564 | | | | 20,595,305 | | | | (6,276,016 | ) | | | 14,319,289 | |
| Index 500 Fund | | | 256,660,474 | | | | 181,413,977 | | | | (18,855,917 | ) | | | 162,558,060 | |
| Mid Cap Growth Fund | | | 104,469,581 | | | | 11,547,571 | | | | (11,032,964 | ) | | | 514,607 | |
| Mid Cap Value Fund | | | 152,872,169 | | | | 25,231,045 | | | | (11,876,478 | ) | | | 13,354,567 | |
| Mid Core Value Fund | | | 86,659,033 | | | | 9,136,729 | | | | (3,422,824 | ) | | | 5,713,905 | |
| SMID Cap Growth Fund | | | 44,995,639 | | | | 7,596,066 | | | | (1,698,238 | ) | | | 5,897,828 | |
| SMID Cap Value Fund | | | 63,400,275 | | | | 9,933,014 | | | | (2,626,257 | ) | | | 7,306,757 | |
| Small Cap Growth Fund | | | 70,336,681 | | | | 20,659,301 | | | | (5,894,747 | ) | | | 14,764,554 | |
| Small Cap Value Fund | | | 191,138,388 | | | | 39,300,538 | | | | (9,771,399 | ) | | | 29,529,139 | |
| Small Cap Index Fund | | | 55,818,606 | | | | 17,467,310 | | | | (6,913,035 | ) | | | 10,554,275 | |
| Developed International Index Fund | | | 82,465,183 | | | | 26,999,737 | | | | (18,056,206 | ) | | | 8,943,531 | |
| International Equity Fund | | | 277,777,039 | | | | 101,365,913 | | | | (30,572,170 | ) | | | 70,793,743 | |
| Emerging Markets Equity Fund | | | 132,443,502 | | | | 29,077,201 | | | | (16,499,741 | ) | | | 12,577,460 | |
| Real Estate Securities Fund | | | 123,945,008 | | | | 22,437,961 | | | | (1,748,899 | ) | | | 20,689,062 | |
| Aggressive Allocation Fund | | | 45,781,847 | | | | 15,835,298 | | | | (432,442 | ) | | | 15,402,856 | |
| Moderately Aggressive Allocation Fund | | | 173,115,965 | | | | 63,782,620 | | | | (1,612,759 | ) | | | 62,169,861 | |
| Moderate Allocation Fund | | | 252,094,821 | | | | 86,132,106 | | | | (1,671,801 | ) | | | 84,460,305 | |
| Moderately Conservative Allocation Fund | | | 79,016,579 | | | | 22,144,921 | | | | (406,572 | ) | | | 21,738,349 | |
| Conservative Allocation Fund | | | 51,441,141 | | | | 10,148,915 | | | | (181,087 | ) | | | 9,967,828 | |
The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.
It is the Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.
Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
7 — DERIVATIVE FINANCIAL INSTRUMENTS
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include written options, forward foreign currency exchange contracts and futures contracts.
The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
Futures Contracts — A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future
207
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.
To the extent permitted by the investment objective, restrictions and policies set forth in the Funds’ Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn “market-like” returns with the Funds’ excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds’ investment objectives.
Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund’s share price and expose the Fund to significant additional costs.
The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the six months ended June 30, 2016. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds at June 30, 2016 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Type | | Futures Contract | | Expiration
Date | | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Unrealized
Appreciation
(Depreciation) | |
Limited Maturity Bond | | Buy/Long | | US Treasury Note | | | 9/30/2016 | | | | 15 | | | | 1,000 | | | | 133 | | | | 54,141 | |
Limited Maturity Bond | | Buy/Long | | US Treasury Note | | | 10/5/2016 | | | | 5 | | | | 2,000 | | | | 110 | | | | 7,657 | |
Limited Maturity Bond | | Buy/Long | | US Treasury Note | | | 10/5/2016 | | | | 195 | | | | 2,000 | | | | 110 | | | | 295,562 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 357,359 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Quality Bond | | Sell/Short | | US Treasury Note | | | 9/30/2016 | | | | (175 | ) | | | 1,000 | | | | 133 | | | | (583,789 | ) |
Quality Bond | | Buy/Long | | US Treasury Note | | | 9/30/2016 | | | | 75 | | | | 1,000 | | | | 172 | | | | 759,375 | |
Quality Bond | | Buy/Long | | US Treasury Note | | | 10/5/2016 | | | | 150 | | | | 1,000 | | | | 122 | | | | 336,328 | |
Quality Bond | | Sell/Short | | US Treasury Note | | | 10/5/2016 | | | | (150 | ) | | | 2,000 | | | | 110 | | | | (225,000 | ) |
Quality Bond | | Sell/Short | | US Treasury Ultra Bond | | | 9/30/2016 | | | | (95 | ) | | | 1,000 | | | | 186 | | | | (1,096,211 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (809,297 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Index 500 | | Buy/Long | | E-Mini S&P 500 Index | | | 9/16/2016 | | | | 32 | | | | 50 | | | | 2,090 | | | | 38,712 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 38,712 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Small Cap Index | | Buy/Long | | Russell 2000 Mini Index | | | 9/16/2016 | | | | 11 | | | | 100 | | | | 1,147 | | | | 3,520 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 3,520 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Developed International Index | | Buy/Long | | E-Mini MSCI EAFE Index | | | 9/16/2016 | | | | 33 | | | | 50 | | | | 1,615 | | | | (5,775 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (5,775 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds as of June 30, 2016 are classified as Level 1.
Options — An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.
208
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operation.
The Quality Bond, Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.
Transactions in options written during the six months ended June 30, 2016 for the Quality Bond, Flexibly Managed and Mid Cap Growth Funds were as follows:
| | | | | | | | |
Quality Bond Fund | | Number of
contracts/
Notional Amount | | | Premium
Received | |
| Options outstanding at December 31, 2015 | | | — | | | $ | — | |
| Options written | | | 225 | | | | 216,797 | |
| | | | | | | | |
| Options outstanding at June 30, 2016 | | | 225 | | | $ | 216,797 | |
| | | | | | | | |
| | | | | | | | |
Flexibly Managed Fund | | Number of
contracts/
Notional Amount | | | Premium
Received | |
| Options outstanding at December 31, 2015 | | | 31,436 | | | $ | 8,944,776 | |
| Options written | | | 54,011 | | | | 10,270,702 | |
| Options repurchased | | | (6,242 | ) | | | (1,741,990 | ) |
| Options expired | | | (12,496 | ) | | | (2,004,209 | ) |
| Options exercised | | | (3,386 | ) | | | (822,350 | ) |
| | | | | | | | |
| Options outstanding at June 30, 2016 | | | 63,323 | | | $ | 14,646,929 | |
| | | | | | | | |
| | | | | | | | |
Mid Cap Growth Fund | | Number of
contracts/
Notional Amount | | | Premium
Received | |
| Options outstanding at December 31, 2015 | | | 74 | | | $ | 309,166 | |
| Options written | | | 1,376 | | | | 885,757 | |
| Options repurchased | | | (942 | ) | | | (891,396 | ) |
| Options expired | | | (135 | ) | | | (46,172 | ) |
| Options exercised | | | (1 | ) | | | (2,797 | ) |
| | | | | | | | |
| Options outstanding at June 30, 2016 | | | 372 | | | $ | 254,558 | |
| | | | | | | | |
The total market value of written options held in the Quality Bond, Flexibly Managed and Mid Cap Growth Funds as of June 30, 2016 can be found on the Schedule of Investments.
209
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
Forward Foreign Currency Contracts — A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
The High Yield Bond, Mid Core Value and Emerging Markets Equity Funds entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Funds hedge currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.
Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund’s portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund’s share price and expose the Fund to significant additional costs.
Open forward foreign currency contracts held by Emerging Markets Fund at June 30, 2016 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | Settlement
Date | | | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain/(Loss) | |
Sell | | Euro | | UBS Securities | | | 07/21/2016 | | | | (2,619,732 | ) | | | 0.90041 | | | $ | (2,958,988 | ) | | $ | (2,909,491 | ) | | $ | 49,497 | |
Buy | | South African Rand | | Goldman Sachs | | | 07/01/2017 | | | | 434,924 | | | | 14.73099 | | | | 28,196 | | | | 29,524 | | | | 1,328 | |
Buy | | South African Rand | | Goldman Sachs | | | 07/05/2018 | | | | 194,628 | | | | 14.74293 | | | | 12,824 | | | | 13,202 | | | | 378 | |
Buy | | South African Rand | | UBS Securities | | | 07/06/2019 | | | | 63,589 | | | | 14.74591 | | | | 4,272 | | | | 4,312 | | | | 40 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 51,243 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Open forward foreign currency contracts held by High Yield Bond Fund at June 30, 2016 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | Settlement
Date | | | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain/(Loss) | |
Sell | | Canadian Dollar | | BAML | | | 09/15/2016 | | | | (473,000 | ) | | | 1.29175 | | | $ | (361,414 | ) | | $ | (366,170 | ) | | $ | (4,756 | ) |
Buy | | Euro | | JP Morgan Chase | | | 06/15/2016 | | | | 207,633 | | | | 0.89858 | | | | 235,275 | | | | 231,069 | | | | (4,206 | ) |
Buy | | Euro | | Deutsche Bank | | | 06/15/2016 | | | | 133,000 | | | | 0.89858 | | | | 147,991 | | | | 148,012 | | | | 21 | |
| Sell | | Euro | | Citibank | | | 06/15/2016 | | | | (400,000 | ) | | | 0.89858 | | | | (450,170 | ) | | | (445,149 | ) | | | 5,021 | |
| Sell | | Euro | | Standard Chartered Bank | | | 06/15/2016 | | | | (8,382,000 | ) | | | 0.89858 | | | | (9,478,625 | ) | | | (9,328,103 | ) | | | 150,523 | |
| Buy | | Pounds Sterling | | BAML | | | 06/15/2016 | | | | 7,873 | | | | 0.75107 | | | | 11,402 | | | | 10,482 | | | | (920 | ) |
| Buy | | Pounds Sterling | | Morgan Stanley | | | 04/15/2016 | | | | 107,114 | | | | 0.75107 | | | | 155,429 | | | | 142,614 | | | | (12,815 | ) |
| Buy | | Pounds Sterling | | BNYMellon | | | 04/15/2016 | | | | 9,625 | | | | 0.75107 | | | | 13,745 | | | | 12,815 | | | | (930 | ) |
| Sell | | Pounds Sterling | | Barclays Capital | | | 04/15/2016 | | | | (182,984 | ) | | | 0.75107 | | | | (270,913 | ) | | | (243,631 | ) | | | 27,282 | |
| Sell | | Pounds Sterling | | Westpac Banking Corp. | | | 04/15/2016 | | | | (1,517,177 | ) | | | 0.75107 | | | | (2,162,857 | ) | | | (2,020,012 | ) | | | 142,845 | |
Sell | | Swiss Francs | | Standard Chartered Bank | | | 04/15/2016 | | | | (184,000 | ) | | | 0.97364 | | | | (189,875 | ) | | | (188,981 | ) | | | 894 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 302,959 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
210
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
Open forward foreign currency contracts held by Mid Core Value Fund at June 30, 2016 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | | Settlement
Date | | | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain/(Loss) | |
Sell | | Canadian Dollar | | | Morgan Stanley | | | | 09/30/2016 | | | | (2,220,926 | ) | | | 1.29175 | | | $ | (1,698,111 | ) | | $ | (1,719,315 | ) | | $ | (21,204 | ) |
| Buy | | Euro | | | UBS | | | | 09/30/2016 | | | | 44,180 | | | | 0.89804 | | | | 48,921 | | | | 49,196 | | | | 275 | |
| Sell | | Euro | | | UBS | | | | 09/30/2016 | | | | (934,876 | ) | | | 0.89804 | | | | (1,033,415 | ) | | | (1,041,019 | ) | | | (7,604 | ) |
| Sell | | Japanese Yen | | | Credit Suisse | | | | 09/30/2016 | | | | (40,606,213 | ) | | | 102.92835 | | | | (398,295 | ) | | | (394,509 | ) | | | 3,786 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (24,747 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The total market value of forward foreign currency contracts held in the High Yield Bond, Mid Core Value and Emerging Markets Equity Funds as of June 30, 2016 are classified as Level 2.
The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2016:
| | | | |
| | | Location on the Statements of Assets and Liabilities |
Derivative Type | | Asset Derivatives | | Liability Derivatives |
| Equity contracts | | Investments at value
Net unrealized appreciation in value of investments, futures contracts and foreign currency related items* | | Call options written, at value Net unrealized appreciation in value of investments, futures contracts and foreign currency related items* |
| Interest rate contracts | | Net unrealized appreciation in value of investments, futures contracts and foreign currency related items* | | Net unrealized appreciation in value of investments, futures contracts and foreign currency contracts* |
| Foreign currency contracts | | Net unrealized appreciation of forward foreign currency contracts | | Net unrealized depreciation of forward foreign currency contracts |
* Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported with the Statements of Assets and Liabilities.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2016:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | ASSET DERIVATIVE VALUE | | | LIABILITY DERIVATIVE VALUE | |
| | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | |
| Limited Maturity Bond Fund | | $ | — | | | $ | — | | | $ | 357,359 | | | $ | — | | | $ | — | | | $ | — | |
| Quality Bond Fund | | | — | | | | — | | | | 1,095,703 | | | | (561,328 | ) | | | — | | | | (1,905,000 | ) |
| High Yield Fund | | | — | | | | 326,586 | | | | — | | | | — | | | | (23,627 | ) | | | — | |
| Flexibly Managed Fund | | | — | | | | — | | | | — | | | | (17,922,801 | ) | | | — | | | | — | |
| Index 500 Fund | | | 38,712 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Mid Cap Growth Fund | | | — | | | | — | | | | — | | | | (370,854 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | 4,061 | | | | — | | | | — | | | | (28,808 | ) | | | — | |
| Small Cap Index Fund | | | 3,520 | | | | — | | | | — | | | | — | | | | — | | | | — | |
211
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | ASSET DERIVATIVE VALUE | | | LIABILITY DERIVATIVE VALUE | |
| | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | |
| Developed International Index Fund | | $ | — | | | $ | — | | | $ | — | | | $ | (5,775 | ) | | $ | — | | | $ | — | |
| Emerging Market Equity Fund | | | — | | | | 51,243 | | | | — | | | | — | | | | — | | | | — | |
In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements (“MNA”).
Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of June 30, 2016:
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts Presented
on Statements of Assets
and Liabilities | | | | | | | | | | |
Fund and Counterparty | | Form of
Master
Netting
Agreement | | Value of
Assets | | | Value of
Liabilities | | | Net Amount
Due (to)/from
Counterparty | | | Collateral
Pledged
(Received by
fund | | | Loss Exposure,
After Collateral
(note less than $0) | |
| Quality Bond Fund | | | | | | | | | | | | | | | | | | | | | | |
Well Fargo | | ISDA | | $ | — | | | $ | (561,328 | ) | | $ | (561,328 | ) | | $ | — | | | $ | (561,328 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | — | | | | (561,328 | ) | | | (561,328 | ) | | | — | | | | (561,328 | ) |
212
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts Presented
on Statements of Assets
and Liabilities | | | | | | | | | | |
Fund and Counterparty | | Form of
Master
Netting
Agreement | | Value of
Assets | | | Value of
Liabilities | | | Net Amount
Due (to)/from
Counterparty | | | Collateral
Pledged
(Received by
fund | | | Loss Exposure,
After Collateral
(note less than $0) | |
| High Yield Fund | | | | | | | | | | | | | | | | | | | | | | |
Bank of New York Mellon | | Fx Letter | | $ | — | | | $ | (930 | ) | | $ | (930 | ) | | $ | — | | | $ | (930 | ) |
Bank of America Merrill Lynch | | Fx Letter | | | — | | | | (5,676 | ) | | | (5,676 | ) | | | — | | | | (5,676 | ) |
Barclays Capital | | Fx Letter | | | 27,282 | | | | — | | | | 27,282 | | | | — | | | | 27,282 | |
Citigroup | | Fx Letter | | | 5,021 | | | | — | | | | 5,021 | | | | — | | | | 5,021 | |
Deutsche Bank | | Fx Letter | | | 21 | | | | — | | | | 21 | | | | — | | | | 21 | |
JPMorgan Chase | | Fx Letter | | | — | | | | (4,206 | ) | | | (4,206 | ) | | | — | | | | (4,206 | ) |
Morgan Stanley & Co | | Fx Letter | | | — | | | | (12,815 | ) | | | (12,815 | ) | | | — | | | | (12,815 | ) |
Standard Chartered Bank | | Fx Letter | | | 151,417 | | | | — | | | | 151,417 | | | | — | | | | 151,417 | |
Westpac Banking Corp. | | Fx Letter | | | 142,845 | | | | — | | | | 142,845 | | | | — | | | | 142,845 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | 326,587 | | | | (23,627 | ) | | | 302,959 | | | | — | | | | 302,959 | |
Flexibly Managed Fund | | | | | | | | | | | | | | | | | | | | | | |
Citigroup Global Markets | | ISDA | | | — | | | | (11,431,597 | ) | | | (11,431,597 | ) | | | | | | | (11,431,597 | ) |
Deutsche Bank | | ISDA | | | — | | | | (4,894,921 | ) | | | (4,894,921 | ) | | | — | | | | (4,894,921 | ) |
JPMorgan Chase | | ISDA | | | — | | | | (621,252 | ) | | | (621,252 | ) | | | — | | | | (621,252 | ) |
Morgan Stanley & Co | | ISDA | | | — | | | | (373,495 | ) | | | (373,495 | ) | | | — | | | | (373,495 | ) |
RBC Securities | | ISDA | | | — | | | | (601,536 | ) | | | (601,536 | ) | | | — | | | | (601,536 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | — | | | | (17,922,801 | ) | | | (17,922,801 | ) | | | — | | | | (17,922,801 | ) |
Mid Cap Growth | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley & Co | | ISDA | | | — | | | | (1,035 | ) | | | (1,035 | ) | | | — | | | | (1,035 | ) |
Goldman Sachs | | ISDA | | | — | | | | (369,819 | ) | | | (369,819 | ) | | | — | | | | (369,819 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | — | | | | (370,854 | ) | | | (370,854 | ) | | | — | | | | (370,854 | ) |
Mid Core Value Fund | | | | | | | | | | | | | | | | | | | | | | |
Credit Suisse | | Fx Letter | | | 3,786 | | | | — | | | | 3,786 | | | | — | | | | 3,786 | |
Morgan Stanley & Co | | Fx Letter | | | — | | | | (21,204 | ) | | | (21,204 | ) | | | — | | | | (21,204 | ) |
UBS | | Fx Letter | | | 275 | | | | (7,604 | ) | | | (7,329 | ) | | | — | | | | (7,329 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | 4,061 | | | | (28,808 | ) | | | (24,747 | ) | | | — | | | | (24,747 | ) |
Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | Fx Letter | | | 1,706 | | | | — | | | | 1,706 | | | | — | | | | 1,706 | |
UBS | | Fx Letter | | | 49,537 | | | | — | | | | 49,537 | | | | — | | | | 49,537 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | $ | 59,365 | | | | — | | | $ | 51,243 | | | | — | | | $ | 51,243 | |
| | | | | | | | | | | | | | | | | | | | | | |
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2016:
| | |
Derivative Type | | Location of Gain (Loss) on Derivatives Recognized in Income |
| Equity contracts | | Net realized gain (loss) on futures contracts |
| | Net realized gain (loss) on options |
| | Change in net unrealized appreciation (depreciation) of futures contracts |
| | Change in net unrealized appreciation (depreciation) of written options |
| Interest rate contracts | | Net realized gain (loss) on futures contracts |
| | Change in net unrealized appreciation (depreciation) of futures contracts |
| |
| Foreign currency contracts | | Net realized foreign currency exchange gain (loss) |
| | Change in net unrealized appreciation (depreciation) of investments and foreign currency related items |
213
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
| | | | | | | | | | | | |
Portfolio | | Realized Gain (Loss) on Derivatives Recognized in Income | |
| | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | |
| Limited Maturity Bond Fund | | | — | | | | — | | | $ | 72,727 | |
| Quality Bond Fund | | | — | | | | — | | | | (1,455,849 | ) |
| High Yield Fund | | | — | | | $ | 84,239 | | | | — | |
| Flexibly Managed Fund | | $ | 3,679,747 | | | | — | | | | — | |
| Index 500 Fund | | | 210,610 | | | | — | | | | — | |
| Mid Cap Growth Fund | | | (959 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | (115,689 | ) | | | — | |
| Small Cap Index Fund | | | 44,998 | | | | — | | | | — | |
| Developed International Index Fund | | | (15,275 | ) | | | 14,297 | | | | — | |
| Emerging Market Fund | | | — | | | | (121,696 | ) | | | — | |
| | | | | | | | | | | | |
Portfolio | | Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income | |
| | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | |
| Limited Maturity Bond Fund | | | — | | | | — | | | $ | 432,046 | |
| Quality Bond Fund | | $ | (344,531 | ) | | | — | | | | (757,969 | ) |
| High Yield Fund | | | — | | | $ | 31,649 | | | | — | |
| Flexibly Managed Fund | | | (1,484,402 | ) | | | — | | | | — | |
| Index 500 Fund | | | 43,005 | | | | — | | | | — | |
| Mid Cap Growth Fund | | | (367,002 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | (18,603 | ) | | | — | |
| Small Cap Index Fund | | | (22,746 | ) | | | — | | | | — | |
| Developed International Index Fund | | | (27,866 | ) | | | — | | | | — | |
| Emerging Market Fund | | | — | | | | 31,331 | | | | — | |
The table below summarizes the average balance of derivative holdings by Fund during the year ended June 30, 2016. The average balance of derivatives held is indicative of the trading volume of each Fund.
| | | | | | | | | | | | | | | | | | | | |
| | | Average Derivative Volume | |
Portfolio | | Forward Foreign
currency
contracts
(Average Cost) | | | Future
contracts
(Average
Notional
Value)
Long | | | Future
contracts
(Average
Notional
Value)
Short | | | Purchased
Options
(Average
Notional
Cost) | | | Written
Options
(Premiums
Received) | |
| Limited Maturity Bond Fund | | | — | | | $ | 38,536,193 | | | $ | 2,995,473 | | | | — | | | | — | |
| Quality Bond Fund | | | — | | | | 28,637,555 | | | | (14,857,162 | ) | | | — | | | $ | (72,266 | ) |
| High Yield Fund | | $ | (13,767,206 | ) | | | — | | | | — | | | | — | | | | — | |
| Flexibly Managed Fund | | | — | | | | — | | | | — | | | | — | | | | (10,943,661 | ) |
| Index 500 Fund | | | — | | | | 5,865,539 | | | | — | | | | — | | | | — | |
| Mid Cap Growth Fund | | | — | | | | — | | | | — | | | $ | 89,414 | | | | (210,611 | ) |
| Mid Core Value Fund | | | (2,867,038 | ) | | | — | | | | — | | | | — | | | | — | |
| Small Cap Index Fund | | | — | | | | 1,179,582 | | | | — | | | | — | | | | — | |
| Developed International Index Fund | | | — | | | | 2,199,487 | | | | — | | | | — | | | | — | |
| Emerging Market Fund | | | (4,022,049 | ) | | | — | | | | — | | | | — | | | | — | |
214
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2016 (Unaudited)
8 — 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 High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Mid Cap Growth, Mid Core Value, Small Cap Growth, Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
Each Fund may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of each Fund’s investments.
9 — CONTRACTUAL OBLIGATIONS
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.
10 — NEW REGULATORY MATTERS
On July 23, 2014, the Securities and Exchange Commission voted to amend the rules under the Investment Company Act of 1940, as amended, which currently govern the operations of the Money Market Fund (the “MMF”). The most significant change resulting from these amendments is a requirement that institutional, non-government (prime and municipal) money market funds transact fund shares based on a “floating” market-based NAV. Retail money market funds (funds designed to ensure all beneficial owners are natural persons) and government money market funds (funds that invest at least 99.5% of their assets in cash, government securities and/or repurchase agreements collateralized by government securities) may continue to transact shares at an a stable $1.00 NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments will also permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to ten business days in any 90-day period. The amendments have staggered compliance dates. The majority of these amendments will impact the MMF beginning on October 14, 2016. On September 9, 2015, the Board approved changes to the MMF’s investment objective and principal investment strategies to enable the MMF to operate as a government money market fund. As a government money market fund, MMF is permitted to continue to transact at a constant net asset value. To qualify as a government money market fund, MMF must invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are “collateralized fully” (i.e., backed by cash or U.S. government securities). Accordingly, MMF’s revised investment objective and principal investment strategies require that MMF invest 99.5% or more of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities. MMF’s conversion to a government money market fund was successfully completed on May 1, 2016.
11 — SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.
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Disclosure of Portfolio Holdings
The SEC has adopted a requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q. For the Penn Series Funds, Inc., this would be for the fiscal quarters ending March 31 and September 30. The Form N-Q filing is made within 60 days after the end of the quarter. Penn Series Funds, Inc. filed its most recent Form N-Q with the SEC on May 24, 2016. It is available on the SEC’s website at http://www.sec.gov. or it may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-202-551-8090 for information on the operation of the Public Reference Room).
Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, on the Fund’s website at http://www.pennmutual.com or on the SEC’s website at http://www.sec.gov. Information regarding how the Fund voted proxies for the most recent twelve-month period ended June 30, 2016 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
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Board Approval of Investment Advisory and Sub-Advisory Agreements
The Penn Series Funds, Inc. (the “Company”) and Penn Mutual Asset Management, LLC (“PMAM”), formerly Penn Mutual Asset Management, Inc., have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, PMAM (i) provides day-to-day investment management services to the Money Market, Limited Maturity Bond, Quality Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds (collectively, the “Directly Managed Funds”) and (ii) is responsible for the selection and oversight of various investment sub-advisers who perform day-to-day investment management services for the High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Value, Small Cap Growth, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity and Real Estate Securities Funds (collectively, the “Sub-Advised Funds” and, together with the Directly Managed Funds, the “Penn Series Funds”).
PMAM acts as a “manager of managers” for the Sub-Advised Funds. In this capacity, PMAM has entered into and the Company’s Board of Directors (the “Board”) has approved separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with each of the sub-advisers identified below (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”). The Sub-Advisers provide their services to the Sub-Advised Funds under the supervision of PMAM and the Board. Each Sub-Adviser is selected based primarily upon the research and recommendations of PMAM, which evaluates quantitatively and qualitatively each Sub-Adviser’s investment expertise and investment results in managing assets for specific asset classes, investment styles and strategies, as well as the Sub-Adviser’s regulatory compliance infrastructure and culture. PMAM oversees each Sub-Adviser to ensure compliance with the Sub-Advised Fund’s investment policies and guidelines, and monitors each Sub-Adviser’s adherence to its investment style and investment performance.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, each Penn Series Fund’s Investment Advisory Agreement(s) be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Penn Series Fund; and (ii) the vote of a majority of the Company’s Directors who are not “interested persons,” as defined in the 1940 Act (collectively, the “Independent Directors”), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and PMAM and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
The Board called and held meetings on May 10, 2016 and May 19, 2016 (collectively, the “Meeting”) to consider whether to renew the Advisory Agreement between the Company and PMAM with respect to each Penn Series Fund. In preparation for the Meeting, the Board provided PMAM with a written request for information and received and reviewed, in advance of the Meeting, extensive written materials in response to that request, including information as to the performance of each Penn Series Fund versus its benchmark and peer universe, the level of the investment advisory fees charged to the Penn Series Fund, comparisons of such fees with the investment advisory fees incurred by comparable funds, including, in particular, funds acting as underlying investments for insurance products, the costs to PMAM of providing such services, including a profitability analysis, PMAM’s compliance program, and various other matters. In addition, at the Meeting, the Board considered whether to renew each Sub-Advisory Agreement between PMAM and each Sub-Adviser listed in the table below on behalf of its respective Sub-Advised Fund(s).
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| | |
Sub-Adviser | | Fund |
AllianceBernstein L.P. | | SMID Cap Value Fund |
American Century Investment Management, Inc. | | Mid Core Value Fund |
Cohen & Steers Capital Management, Inc. | | Real Estate Securities Fund |
Eaton Vance Management | | Large Core Value Fund |
Goldman Sachs Asset Management, L.P. | | Small Cap Value Fund |
Ivy Investment Management Company | | Mid Cap Growth Fund |
Janus Capital Management LLC | | Small Cap Growth Fund |
Loomis, Sayles & Company, L.P. | | Large Cap Value Fund |
Massachusetts Financial Services Company | | Large Cap Growth Fund |
Morgan Stanley Investment Management, Inc. Morgan Stanley Investment Management Company Morgan Stanley Investment Management Limited | | Emerging Markets Equity Fund |
Neuberger Berman Investment Advisers LLC | | Mid Cap Value Fund |
SSGA Funds Management, Inc. | | Index 500 Fund |
SSGA Funds Management, Inc. | | Small Cap Index Fund |
SSGA Funds Management, Inc. | | Developed International Index Fund |
T. Rowe Price Associates, Inc. | | Flexibly Managed Fund |
T. Rowe Price Associates, Inc. | | Large Growth Stock Fund |
T. Rowe Price Associates, Inc. | | High Yield Bond Fund |
Vontobel Asset Management, Inc. | | International Equity Fund |
Wells Capital Management Incorporated | | Large Core Growth Fund |
Wells Capital Management Incorporated | | SMID Cap Growth Fund |
In response to the Board’s written request for information, each of the Sub-Advisers submitted, in advance of the Meeting, extensive written materials for consideration by the Board and the Independent Directors. The information provided by PMAM and the Sub-Advisers in connection with the Meeting was in addition to the detailed information about the Penn Series Funds that the Board reviews during the course of each year, including information that relates to the Penn Series Funds’ operations and the Penn Series Funds’ performance and the services of PMAM and the Sub-Advisers. In connection with the Meeting, the Board also received a memorandum from legal counsel regarding the responsibilities of the Board in connection with its consideration of whether to approve the Investment Advisory Agreements. In addition, the Independent Directors met in executive session outside the presence of Company management to discuss the information submitted to the Board in connection with the renewal of the Investment Advisory Agreements. The Independent Directors also met in executive session with senior representatives of PMAM to discuss the written materials provided by PMAM.
The written materials provided by PMAM and the Sub-Advisers addressed, among other matters, the following: (a) the nature, extent and quality of PMAM’s and the Sub-Advisers’ investment management and other services and, with respect to PMAM, its services as a “manager of managers” of the Sub-Advised Funds; (b) PMAM’s and the Sub-Advisers’ investment management personnel; (c) PMAM’s and the Sub-Advisers’ operations and financial condition; (d) PMAM’s and the Sub-Advisers’ brokerage practices (including best execution policies, evaluating execution quality, average commission rates on fund trades, soft dollar arrangements and affiliated and directed brokerage arrangements) and investment strategies; (e) a comparison of the Penn Series Funds’ advisory and sub-advisory fees to the fees charged to comparable funds or accounts, including breakpoints; (f) the level of PMAM’s and each Sub-Adviser’s cost of services provided and estimated profitability from its fund-related operations; (g) PMAM’s and the Sub-Advisers’ risk management, compliance programs and, if applicable, a description of the material changes made to, and material compliance violations of, the compliance program; (h) PMAM’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (i) each Penn Series Fund’s performance compared with similar mutual funds, other types of accounts and benchmark indices. In evaluating the advisory fees charged by PMAM, the Board reviewed both a report from Broadridge, which provided unbiased and non-consultative fee, expense and investment performance information based on asset size comparability, and PMAM’s internal analysis regarding PMAM’s total fund expense ratios and advisory fees compared to those of PMAM’s direct competitors.
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At the Meeting, representatives from PMAM commented on the information delivered to the Board and answered questions from Board members to help the Board evaluate PMAM’s and the Sub-Advisers’ fees and other aspects of the Investment Advisory Agreements. The Directors discussed the written materials that the Board received before the Meeting, and deliberated on the renewal of the Investment Advisory Agreements in light of this information.
At the Meeting, the Directors, including the Independent Directors, unanimously approved the Investment Advisory Agreements and approved the selection of PMAM and the Sub-Advisers to act in their respective capacities for the Penn Series Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the Meeting and at prior meetings during the year, including:
| | • | | the nature, extent and quality of the services provided to the Penn Series Funds under the Investment Advisory Agreements, including the resources of PMAM and the Sub-Advisers dedicated to the Penn Series Funds; |
| | • | | each Penn Series Fund’s investment performance and how it compared to that of other comparable mutual funds and appropriate benchmarks/indices; |
| | • | | the fees charged to each Penn Series Fund under each Investment Advisory Agreement and how those fees compared to those of other comparable mutual funds and other types of accounts; |
| | • | | the cost of services provided by and the profitability of PMAM and the Sub-Advisers with respect to each Penn Series Fund, including both direct and indirect benefits accruing to PMAM and the Sub-Advisers and their affiliates, if any; and |
| | • | | the extent to which economies of scale would be realized as the Penn Series Funds grow and whether fee levels in the Investment Advisory Agreements reflect those economies of scale for the benefit of fund investors. |
Nature, Extent and Quality of Services. The Directors considered the nature, extent and quality of the services provided by PMAM and the Sub-Advisers to the Penn Series Funds and the resources of PMAM and the Sub-Advisers dedicated to the Penn Series Funds. In this regard, the Directors evaluated, among other things, PMAM’s and the Sub-Advisers’ business, personnel, experience, investment decision process, past performance, brokerage practices, including soft dollar practices, any conflicts of interest, compliance program and resources to be dedicated to each Penn Series Fund. The Directors reviewed the scope of services to be provided by PMAM and the Sub-Advisers under the Investment Advisory Agreements and noted that there would be no significant differences between the scope of services required to be provided by PMAM and the Sub-Advisers for the past year and the scope of services required to be provided during the upcoming year. The Board also considered PMAM’s and the Sub-Advisers’ representations to the Board that PMAM and the Sub-Advisers, respectively, would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Penn Series Funds in the past, and that these services are appropriate in scope and extent in light of the Penn Series Funds’ operations, the competitive landscape of the investment company business and investor needs. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by PMAM and the Sub-Advisers to the Penn Series Funds and the resources of PMAM and the Sub-Advisers dedicated to the Penn Series Funds supported renewal of the Investment Advisory Agreements.
Fund Performance. The Directors considered fund performance in determining whether to renew the Investment Advisory Agreements. PMAM engaged Broadridge, an independent, third party research provider, to prepare advisory contract renewal reports to help the Board compare the Penn Series Funds’ performance with the performance of a peer group of comparable funds selected by Broadridge. Specifically, the Directors considered each Penn Series Fund’s recent and long-term performance relative to its peer group and appropriate indices/benchmarks, in light of total return, yield and economic and market trends. In evaluating performance, the Directors considered both market risk and shareholder risk expectations for a given Penn Series Fund. The Board also considered its discussions with PMAM concerning potential changes to the advisory arrangements for the SMID Cap Growth Fund and Large Core Growth Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Penn Series Funds (both actual performance and comparable performance) supported renewal of the Investment Advisory Agreements.
Costs of Advisory and Sub-Advisory Services. The Directors considered the costs of the advisory and sub-advisory services provided to the Penn Series Funds by PMAM and the Sub-Advisers, respectively. PMAM engaged Broadridge to prepare
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advisory contract renewal reports to help the Board compare the Penn Series Funds’ fees and expenses with those of a peer group of comparable funds selected by Broadridge. The Board evaluated (a) the advisory and sub-advisory services provided; (b) the advisory and sub-advisory fees paid, including breakpoint schedules; (c) the advisory and sub-advisory fees paid in comparison to the advisory and sub-advisory fees charged to other comparable mutual funds, including, in particular, mutual funds acting as underlying investments for insurance products, and other types of comparable accounts; and (d) the fact that the Sub-Advisers are compensated by PMAM and not by the Penn Series Fund directly and that such compensation reflects an arms-length negotiation between each Sub-Adviser and PMAM. The Directors also considered PMAM and its affiliates’ agreement to waive management and other fees to prevent total fund expenses from exceeding a specified cap and that PMAM, through waivers, is committed to maintaining the Penn Series Funds’ net operating expenses at competitive levels for their distribution channel. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees charged to the Penn Series Funds are reasonable and supported renewal of the Investment Advisory Agreements.
Profitability. With regard to profitability, the Directors considered all compensation flowing, directly or indirectly, to PMAM and the Sub-Advisers and their affiliates, if any, from their relationship with the Penn Series Funds, including any benefits derived or to be derived by PMAM and the Sub-Advisers, such as soft dollar arrangements, as well as the cost of services provided to the Penn Series Funds. In its consideration of the profitability of PMAM and its affiliates, the Directors were provided with information about, and considered the profitability of, the various administrative and servicing arrangements between the Penn Series Funds and PMAM and its affiliates. The Directors also considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements were reasonable and justified in light of the quality of all services rendered to the Penn Series Funds by PMAM and the Sub-Advisers and their affiliates, if any. The Directors also considered the methodology used to determine profitability. When considering the profitability of the Sub-Advisers with respect to the sub-advisory services they provide to the Penn Series Funds, the Board took into account the fact that the Sub-Advisers are compensated by PMAM, and not by the Penn Series Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and PMAM. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of PMAM and the Sub-Advisers is reasonable in relation to the quality of their respective services and supported renewal of the Investment Advisory Agreements.
Economies of Scale. The Directors considered the existence of any economies of scale and whether such economies of scale are shared with a Penn Series Fund’s shareholders through breakpoints or other means, including any fee waivers by PMAM and its affiliates or the Sub-Advisers. The Directors, in particular, considered PMAM’s approach to the implementation of new breakpoints and the review of existing breakpoints. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Penn Series Funds and their shareholders obtain a reasonable benefit from the realization of any economies of scale by PMAM and the Sub-Advisers.
Based on the Directors’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the continuation of the Investment Advisory Agreements and concluded that the terms of and compensation under the Investment Advisory Agreements are fair and reasonable in light of such services and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Directors did not identify any particular information that was all-important or controlling.
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PennMutual® The Penn Mutual Life Insurance Company The Penn Insurance and Annuity Company Our Noble Purpose Since 1847, Penn Mutual has been driven by our noble purpose — to create a world of possibilities, one individual, one family and one small business at a time. As an original pioneer of mutual life insurance in America, we believe that purchasing life insurance is the most protective, responsible and rewarding action a person can take to build a solid foundation today and create a brighter future for generations to come. © 2016 The Penn Mutual Life Insurance Company and The Penn Insurance & Annuity Company, Philadelphia, PA 19172 www.pennmutual.com PM8081 02/16
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form. |
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
| | (a) | Based on his evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) as of a date within 90 days of the filing date of this report, the Registrant’s principal executive officer and principal financial officer has concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to him by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis. |
| | (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
| | (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| | (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| (Registrant) Penn Series Funds, Inc. | | |
| |
| By (Signature and Title)* /s/ David M. O’Malley | | |
| | David M. O’Malley, President | | |
| | (principal executive officer) | | |
| |
Date 9-6-2016 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By (Signature and Title)* /s/ David M. O’Malley | | |
| | David M. O’Malley, President | | |
| | (principal executive officer) | | |
| |
Date 9-6-2016 | | |
| | | | |
| By (Signature and Title)* /s/ Steven Viola | | |
| | Steven Viola, Treasurer | | |
| | (principal financial officer) | | |
| |
Date 9-6-2016 | | |
* Print the name and title of each signing officer under his or her signature.
