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, 2017
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®
Semi-Annual Reports
June 30, 2017
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 of 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 2017 with strong earnings being one of the major driving factors. Stocks recorded the majority of their second quarter gains in late April and May, as first-quarter earnings reports managed to outpace even elevated expectations. This marked the second straight quarter of earnings increases, following five quarters of declines that began in the middle of 2015. Equity market volatility remained relatively low during the first half of the year, despite the occasional spikes following political uncertainty, global conflicts, and surprising economic data. However, many of the major indexes seemed to shrug off these issues and any declines proved short-lived. First quarter Gross Domestic Product (GDP) growth slowed to a 1.4 percent annualized rate, restrained by a mild winter, lower business inventory investment and a decrease in government spending. Final second quarter GDP growth is expected to produce a much better reading in the 2.0 to 3.0 percent range. Tightening labor market conditions have yet to produce significant upward pressure on wages, but inflation risks will persist with the unemployment rate at 15 year lows. From a sector perspective, Technology, Health Care, and Consumer Discretionary had the strongest returns and sectors such as Energy and Telecommunications 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 8.73 percent during the six-month period ending June 30.
On a relative basis, large capitalization stocks provided higher returns than mid and small capitalization stocks during the six-month period. Large capitalization stocks, as measured by the Russell 1000 Index, returned 9.27 percent, while mid capitalization stocks, as measured by the Russell Midcap Index, returned 7.99 percent and small capitalization stocks, as measured by the Russell 2000 Index, returned 4.99 percent. From a style perspective, growth stocks outperformed value stocks in all market capitalizations, with the widest disparity being in the small capitalization space. For instance, small cap growth stocks, as measured by the Russell 2000 Growth Index returned 9.97 percent while small cap value stocks, as measured by the Russell 2000 Value Index, returned 0.54 percent. Much of the outperformance within growth stocks can be attributed to investors rewarding companies displaying strong growth and improving earnings estimates over stocks displaying low volatility and value characteristics.
International markets solidly outperformed domestic equity markets during first six months of the year with emerging market stocks posting a strong 18.6 percent return, as measured by the MSCI Emerging Markets Index, and developed international stocks returning a solid 14.23 percent, as measured by the MSCI EAFE Index. This strong international performance is a testament to an improving global growth outlook and investors’ search for yield amid low interest rates in most developed markets. Stronger prospects for earnings growth among both developed and emerging market equities also buoyed valuations.
Investment-grade fixed-income securities underperformed high yield bonds during the six-month period even as noninvestment-grade bonds experienced a drag from lower oil prices, which make up a large percentage of U.S. high yield indexes. Crude oil entered a bear market – a decline of over 20 percent from recent highs – in June. Supply side factors have become a major determinant of oil prices, which are expected to remain in the $40 to $60 per barrel range. Investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Index, returned 2.27 percent and the Credit Suisse High Yield Bond Index returned a solid 4.37 percent. The Federal Open Market Committee (FOMC) met several times during the first half of the year and by their June meeting had tightened monetary policy for the second time this year. The Federal Reserve signaled further rate hikes in coming quarters and publicly discussed plans to gradually shrink their $4.5 trillion balance sheet.
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 of 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 1.18% during the first six months of 2017, compared to 0.72% for its benchmark, the Bloomberg Barclays Capital U.S. 1-3 Year Index for the same time period.
The Fund finished in the top half among actively managed short duration fixed income funds as measured by Morningstar.
The Federal Reserve picked up its pace of tightening monetary policy with two interest rate hikes during the first half of 2017. The 2-year Treasury note finished the second quarter at 1.38%, 19 basis points higher than the beginning of the year. The Federal Reserve is likely to begin unwinding its $4.5 trillion balance sheet during the latter half of 2017.
We continue to maintain a conservative duration (interest rate risk) position in the Limited Maturity Bond Fund in light of expected additional monetary policy tightening in the United States. The European Central Bank (ECB) and Bank of Japan (BOJ) also are moving closer to the end of negative interest rate policies, putting more upward pressure on short-term yields in the U.S. and abroad.
Portfolio performance during the first half of the year benefitted from credit spread tightening across both corporate and structured holdings. Despite an extended period of credit spread tightening since oil prices bottomed in early 2016, we continue to identify attractive short duration total return opportunities in the Limited Maturity Fund.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Corporate Bonds | | | 55.9 | % |
Asset Backed | | | 22.7 | % |
Commercial Mortgage Backed | | | 13.2 | % |
U.S Treasury Obligations | | | 7.1 | % |
Municipal Bonds | | | 1.1 | % |
| | | | |
| | | 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 Penn Series Quality Bond Fund returned 2.99% during the first six months of 2017, compared to 2.27% for its benchmark, the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the same time period.
The Fund finished in the top quartile among actively managed intermediate duration fixed income funds as measured by Morningstar.
Steady economic growth, stable inflation and improving corporate earnings helped sustain upward momentum across the U.S. financial markets since the start of this year. International equity markets also rallied as the global economy finally appears ready for lift off after years of disappointing growth. The 10-year Treasury note finished June at 2.31%, 13 basis points lower than where the year started.
The Federal Reserve quickened the pace to normalize short-term interest rate policy with two additional rate hikes during the first half of 2017. Gradual unwinding of the Federal Reserve’s $4 1/2 trillion balance sheet will likely begin during the latter half of this year. The European Central Bank (ECB) and Bank of Japan (BOJ) also are moving closer to ending negative interest rate policies in response to better economic performance.
Fund performance during the first six months of 2017 benefitted from credit spread tightening among both corporate and structured bond holdings. As credits spreads tighten, we are gradually shifting out of fully valued spread product and moving up in credit quality. Treasury Inflation Protected securities (TIPs) underperformed during the period as inflation expectations declined. However, we believe TIPs offer attractive relative value and will cushion portfolio performance should interest rates move higher.
We expect financial market volatility to pick up from near record low levels experienced during the first half of the year. Our balanced active management approach focused on both bottoms-up and top-down investment opportunities should benefit from the expected pick-up in interest rate and credit spread volatility.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Corporate Bonds | | | 45.7 | % |
Commercial Mortgage Backed | | | 18.0 | % |
U.S. Treasury Obligation | | | 12.8 | % |
Asset Backed | | | 10.2 | % |
Residential Mortgage Backed | | | 8.5 | % |
Agency Obligations | | | 2.9 | % |
Municipal Bonds | | | 1.9 | % |
| | | | |
| | | 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 4.31% for the six-month period ending June 30, 2017, compared to the 4.37% return for its benchmark, the CSFB High Yield Bond Index for the same time period.
The portfolio outperformed the CSFB High Yield Index during the six-month period on a net-of-fees basis. Positioning in the media and telecommunications sector was beneficial. Conversely, credit selection in the food segment was a drag on relative performance.
High yield bonds posted positive results in the first six months of the calendar year despite political tensions and oil price volatility that at times weighed on the market. The continuation of the Trump-enthusiasm trade was evident as the year began. However, the collapse of the Republican-led effort to repeal and replace the Affordable Care Act led to doubts that the Trump administration will be able to implement fiscal stimulus as quickly as some had hoped. Additionally, the administration continued to face opposition to policy changes from both sides of the aisle, while headlines about the Trump campaign’s possible ties to Russia were a distraction. Trading in bonds of energy and commodity-related industries was volatile throughout the period as the market absorbed sometimes-conflicting reports about levels of oil inventories. Disappointment that OPEC did not deepen its production cuts as part of the agreement to curtail output for an additional nine months also contributed to energy sector weakness.
The Federal Reserve announced two 25-basis-point increases in the federal funds target rate range during the first half of the year, with the first in March and the second in June. Fed officials maintained their outlook for one more rate hike in 2017 and also outlined their plans to begin unwinding the central bank’s $4.5 trillion balance sheet, a legacy of its massive purchases of Treasury bonds and mortgage-backed securities in the aftermath of the 2008 financial crisis. Despite the moves by the central bank, longer-term Treasury interest rates declined over the last six months — thus flattening the yield curve — as inflation remained low, economic growth was lackluster, and new fiscal stimulus measures failed to materialize.
Year-to-date issuance has increased compared with the first six months of 2016. However, the majority of new issuance volume has been used to refinance existing debt, potentially lowering companies’ cost of capital and
extending maturities. In terms of quality, the bulk of year-to-date issuance has been rated BB or higher.
Credit selection drove outperformance, particularly in the media/telecommunications, financials, and information technology sectors. Our positioning within the larger media and telecommunications sector provided the greatest relative contribution by industry. Credits within these segments have represented top positions by issuers for several years and continue to generate steady gains. In the wireless space, our investment in T-Mobile was a leading contributor during the period. The company followed up strong fourth-quarter 2016 results with solid first-quarter performance. Management raised fiscal year 2017 guidance and expressed confidence in the company’s position under both standalone and various industry consolidation scenarios.
Credit selection in the food segment was a drag on relative performance due to our investment in Agrokor, a Croatian retailer that produces, distributes, and sells food products internationally. Moody’s Investors Services and S&P downgraded the operating company debt rating largely due to liquidity concerns. In April, Croatian authorities passed a law to address systematically important companies like this retailer that are on the verge of collapse, thus initiating the restructuring process. Bondholders are in discussions to determine the best course of action going forward. Although we continue to see value in Agrokor’s businesses due to its scale throughout the Balkans and its importance to local economies, we reduced exposure to the name.
High yield bonds appear well positioned from a yield and duration perspective relative to many alternative fixed income sectors. The relatively low duration profile and higher income of the asset class are attractive in this environment. Enthusiasm tied to the new administration has been clearly priced in, but campaign platform policies are proving difficult to implement. Beyond the U.S., global elections throughout this year alongside central bank policy changes also bring a considerable level of uncertainty. Steady economic growth and favorable U.S. employment trends are supportive to high yield issuers, as they are typically more sensitive to macroeconomic factors. Solid corporate fundamentals based on strong earnings and ready access to capital mean that the default rate will likely remain low. While our credit analysts struggle to find value across the market, idiosyncratic opportunities do exist particularly related to M&A developments or amid pockets of market volatility. As always, we aim to deliver high current income while
4
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
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 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
BBB/BB Rated & Above | | | 10.5 | % |
BB Rated | | | 7.3 | % |
BB/B Rated | | | 30.2 | % |
B Rated | | | 16.2 | % |
B/CCC Rated | | | 16.9 | % |
CCC and Below | | | 1.4 | % |
Not Rated | | | 2.1 | % |
Loan Agreements | | | 13.2 | % |
Equity Securities | | | 2.2 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
5
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Flexibly Managed Fund
The Penn Series Flexibly Managed Fund returned 9.07% for the six-month period ending June 30, 2017, compared to the 9.34% return of its benchmark, the S&P 500 Index for the same time period.
Stocks rose over the six-month period ended June 30, 2017. While volatility was relatively low, the market continued the rally sparked by the November 2016 presidential election of Donald Trump amid hopes for tax cuts and increased infrastructure spending — although neither had yet to come to fruition by period-end. The market was largely unfazed by lackluster first-quarter economic growth, two interest rate increases from the Federal Reserve, Trump’s domestic political controversies, Republicans’ failed attempts to repeal the Affordable Care Act, and increased geopolitical tensions. U.S. bond market returns were generally positive as the 10-year U.S. Treasury yield declined.
Our equity weight marginally declined as we sold select equities on strength. During the period, we added to equity holdings in the consumer discretionary and real estate sectors, while we trimmed names in the consumer staples sector. We continued to maintain exposure to covered calls, which give us the benefits of owning a stock while providing downside protection.
Our fixed income weight decreased during the period. While high yield remains our largest fixed income asset class, where we tend to invest in the highest-quality high yield bonds, we view the sector as less compelling due to tightening spreads. Within investment-grade corporate securities, our weight increased as we added to high-quality names that offer idiosyncratic investment opportunities with relatively attractive yields and limited credit risk. Although our duration remains relatively low, it increased as our allocation to lower- duration high yield bonds declined while our allocation to relatively higher-duration investment-grade securities increased.
Within equities, the health care sector contributed to relative performance, due to stock selection and an overweight position. Scientific instruments maker PerkinElmer performed well amid improved performance from its core life science research tools and services business unit, as well as from announcing it will buy German diagnostics company Euroimmun Medical Laboratory Diagnostics. An underweight position and stock selection in the energy sector also boosted relative performance. Conversely, stock selection in the consumer
discretionary sector hindered relative results. Specialty retailers O’Reilly Automotive and AutoZone traded lower as weaker-than-expected sales, driven in part by delayed tax refunds and unfavorable weather, raised investor concern regarding the threat of e-commerce to the automotive retail industry. An underweight position in the information technology sector also detracted.
We continue to favor stocks with more defensive characteristics that we believe will be solid performers in multiple economic scenarios, including a downturn. As always, we remain committed to finding the best risk-adjusted opportunities across the asset class spectrum to help balance our goals 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 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 31.7 | % |
Financials | | | 20.5 | % |
Consumer, Cyclical | | | 11.9 | % |
Technology | | | 9.6 | % |
Communications | | | 9.4 | % |
Industrials | | | 8.0 | % |
Utilities | | | 5.0 | % |
Energy | | | 3.6 | % |
Asset Backed | | | 0.2 | % |
Basic Materials | | | 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. |
6
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Balanced Fund
The Penn Series Balanced Fund returned 6.59% for the six-month period ending June 30, 2017, compared to its benchmarks, the S&P 500 Index’s return of 9.34% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 2.27% 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 six-month period. The Fund’s fixed income allocation outperformed the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the same period.
The Fund’s overweight in CMBS (commercial mortgage-backed securities) and CLO (collateralized loan obligations) have contributed positively to the performance. Municipal bonds and corporates performed well also.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/17
| | | | |
Index 500 | | | 60.0 | % |
Intermediate Bonds | | | 40.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
7
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Growth Stock Fund
The Penn Series Large Growth Stock Fund returned 19.28% for the six-month period ending June 30, 2017, compared to the 13.99% return for its benchmark, the Russell 1000 Growth Index for the same time period.
The portfolio delivered positive double-digit returns for the six months ended June 30, 2017, outpacing the benchmark Russell 1000 Growth Index. Stock selection was the main reason for relative outperformance, but group weighting was also positive. Information technology, consumer discretionary, consumer staples, and industrials and business services were the leading relative outperformers. Financials was the only significant detractor.
U.S. stocks rose in the first half of 2017, led by large-caps and growth stocks, amid continued hopes for tax cuts and increased infrastructure spending — although neither has yet to come to fruition. In the large-cap universe, information technology and health care stocks did very well, while energy and telecommunication services shares declined.
Information technology was the leading relative outperformer, primarily driven by stock selection, but outweighting the strongest sector in the benchmark also helped. Alibaba Group Holding, China’s largest e-commerce player, provided revenue guidance for the current fiscal year that was significantly higher than expected, driven by the strength in its core Chinese e-commerce business. The company, which is rapidly transforming into a global leader in data, is also experiencing strong growth in its AliCloud and Alipay businesses. Shares of PayPal Holdings traded higher following its latest quarterly report with total payment volume and active accounts coming in higher than expected. Higher-than-expected revenue growth in its gaming and cloud-computing businesses helped Tencent Holdings post another strong quarter. The company, which operates the dominant social media platform in China, is the best-positioned mobile Internet player in the region.
Consumer discretionary outperformed on stock selection. Shares of Amazon.com rose following its latest quarterly report, with topline and bottom-line results coming in ahead of consensus expectations. Expansion of its fulfillment and logistics networks has helped drive accelerated growth and allowed it to meet the needs of its increasing global footprint. Amazon Web Services, the company’s highly profitable cloud-computing business, also continues to grow at a rapid clip. The overwhelming demand for Model 3, Tesla’s first mass-market car,
confirms broad appeal of all-electric vehicles and helps support the company’s mission to accelerate the world’s transition to sustainable energy and transport. We believe the company is also poised to be a dominant player in the shift to autonomous vehicles.
Consumer staples was an outperformer on significant underweighting against the benchmark, but stock selection also contributed. Shares of Philip Morris International outperformed based upon the rapid growth of its IQOS heat-not-burn smokeless cigarette. This reduced-risk smoking product is generating very strong sales in several markets, including Japan and Italy.
Industrials and business services outperformed on stock selection. We focus on high-quality companies that can benefit from long-term secular, rather than cyclical, growth trends in this sector. The financials sector relatively detracted largely on stock selection.
We believe that global equity markets can generate modest gains in the second half of the year. We are cautious, however, that a fresh catalyst for economic growth would be needed before more substantial gains for cyclically sensitive stocks — a revival of the reflation trade — could be expected. Given the controversies surrounding President Trump, it is not clear whether his administration has the political capital to achieve the sweeping reforms necessary to spur economic growth and accelerate the recovery in corporate earnings. For this reason, we continue to focus attention on sectors with specific growth drivers.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
8
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Communications | | | 26.3 | % |
Consumer, Non-cyclical | | | 23.1 | % |
Technology | | | 16.5 | % |
Financials | | | 13.5 | % |
Consumer, Cyclical | | | 12.6 | % |
Industrials | | | 7.1 | % |
Utilities | | | 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. |
9
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Growth Fund
The Penn Series Large Cap Growth Fund returned 15.14% for the six-month period ending June 30, 2017, compared to the 13.99% return for its benchmark, the Russell 1000 Growth Index for the same time period.
For the first time in many years, markets are experiencing synchronized global economic growth. The rebound in emerging markets (“EM”) economies has been more pronounced (despite the deceleration in Chinese growth at the end of the period), helped by some larger economies (i.e., Brazil and Russia) emerging from recessions. At the same time, developed market (“DM”) economies continued to grow at or above potential. Market confidence increased in the US after the presidential elections in November in anticipation of lower taxes, a lighter regulatory burden and increased infrastructure spending, boosting US equities and corporate bond performance. While global inflation faded during the period as commodity prices, particularly oil, leveled off or declined, global growth remained relatively resilient. As a result, there have been more tightening signals and actions by DM central banks. The US Federal Reserve increased interest rates by 25 basis points at the end of the period, bringing the total number of quarter-percent hikes in the federal funds rate to four since December 2015. The ECB appears set on announcing QE tapering in the fall of 2017. The Bank of England may also begin reducing monetary accommodation. Markets have been comforted (along with central banks) by the decline in fears of a populist wave in Europe after establishment candidates won the Dutch and French elections. European growth has reflected the more constructive political economic backdrop.
The headwind of a stronger US dollar faded during the period while US consumer spending held up well amid a modest increase in real wages and relatively low gasoline prices. Demand for autos tapered off from near-record territory at the end of the period, while the housing market continued its recovery amid relatively low mortgage rates and tight inventories. Global trade, which was sluggish early in the period, showed signs of improvement, a positive indicator of global economic activity and prospects. Receding fears that President Trump would follow through on various campaign threats and promises that were judged to be detrimental to EM, helped EM markets resume their upward trajectory, powered by strong inflows throughout the first half of 2017.
Security selection in the consumer staples, financial services and health care sectors contributed to performance relative to the Russell 1000® Growth Index. Within the consumer staples sector, the fund’s overweight positions in infant and children’s pediatric nutrition producer Mead Johnson Nutrition and beauty products maker Estee Lauder benefited relative returns as both stocks outpaced the benchmark during the reporting period. Within the financial services sector, holding shares on global asset manager Blackstone Group lifted relative results. Within the strong-performing health care sector, overweight positions in pharmaceutical and medical products maker Abbott Laboratories, life sciences supply company Thermo Fisher Scientific and analytical instrument manufacturer Waters Corp. aided relative performance.
Stocks in other sectors that further supported relative returns included overweight positions in precision instruments manufacturer Mettler-Toledo International and paint and coating manufacturer Sherwin-Williams, not holding shares of poor-performing telecommunications company Verizon Communications and holding shares of luxury goods company LVMH.
During the reporting period, the fund’s relative currency exposure, resulting primarily from differences between the fund’s and the benchmark’s exposure to holdings of securities denominated in foreign currencies, contributed to relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.
An underweight position and stock selection in the technology sector were the largest detractors to relative performance during the reporting period. Within this sector, not holding shares of strong-performing social media company Facebook and an underweight position in computer and personal electronics maker Apple hurt relative returns as the stocks of both companies outperformed the benchmark.
Weak security selection in the special products & services sector also weighed on relative results. Within this sector, an overweight position in management consulting firm Accenture dampened relative performance as shares lagged the benchmark over the reporting period.
Elsewhere, the fund’s overweight positions in automotive replacement parts distributor AutoZone, retail chain operator TJX Companies, beauty products manufacturer
10
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Coty and global media company 21st Century Fox hurt relative returns. Additionally, not holding internet retailer Amazon.com and holding shares of oil field services company Schlumberger further hindered relative performance.
Penn Mutual Asset Management, LLC
Investment Adviser
MFS Investments
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 34.2 | % |
Technology | | | 17.0 | % |
Consumer, Cyclical | | | 13.6 | % |
Financials | | | 10.4 | % |
Communications | | | 9.6 | % |
Industrials | | | 8.7 | % |
Basic Materials | | | 6.1 | % |
Energy | | | 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. |
11
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Growth Fund
The Penn Series Large Core Growth Fund returned 16.61% for the six-month period ending June 30, 2017, compared to the 13.99% return for its benchmark, the Russell 1000 Growth Index for the same time period.
In the six-month reporting period, U.S. stocks rallied strongly on expectations for stimulative and business-friendly fiscal policy from the new presidential administration. With the Republicans controlling both Congress and the White House, President Trump’s promises to cut taxes, increase infrastructure spending and relax regulations were initially anticipated to be enacted wholesale, which sent stocks soaring in the month following the election. However, early policy stumbles and emerging political scandals cast doubt about the ability to pass these reforms.
Although some of the post-election optimism dimmed and economic data were mixed, stock prices continued to rise and volatility remained relatively low over this reporting period. U.S. companies reported increasing profits, and the economy continued its restrained pace of growth. The Federal Reserve’s (Fed) recent interest rate hikes were also perceived as a vote of confidence on the health of the economy.
Within the Russell 1000 Growth Index (the “Index”), the information technology (IT), health care and financials sectors led performance for the period. Energy, telecommunications services and utilities were the Index’s weakest-performing sectors.
The long-term investment horizon and conviction-weighted investment approach embraced by the team since 1998 can result in periods of performance deviation from the benchmark and peers. The Fund outperformed the Index this reporting period primarily due to favorable stock selection, with a modest contribution from sector allocations.
Stock selection in IT contributed the most to relative outperformance. Holdings in Facebook and Alphabet were first and fourth largest contributors to relative returns, respectively. The Fund also benefited from strong stock selection in financials, where S&P Global and MSCI were the third and sixth biggest contributors to relative performance, respectively. Additionally, the Fund had no exposure to the consumer staples sector, which was advantageous in this period.
The only material detractor from performance at the sector level was the health care sector. Both stock selection and an overall underweight allocation were unfavorable as the health care sector rallied over the period. While all of the Fund’s health care holdings delivered positive absolute performance in this period, the Fund held less exposure than the benchmark to strong-performing health care stocks.
Penn Mutual Asset Management, LLC
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Communications | | | 32.6 | % |
Consumer, Cyclical | | | 16.0 | % |
Consumer, Non-cyclical | | | 15.1 | % |
Financials | | | 12.9 | % |
Technology | | | 12.7 | % |
Industrials | | | 9.1 | % |
Basic Materials | | | 1.6 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
12
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Value Fund
The Penn Series Large Cap Value Fund returned 6.53% for the six-month period ending June 30, 2017, compared to the 4.66% return for its benchmark, the Russell 1000 Value Index for the same time period.
Investor sentiment in the second quarter remained positive as US equity markets maintained upward movement and corporate earnings accelerated. The Federal Reserve announced its plan for the gradual reduction of their balance sheet and also raised short term rates for a fourth time in 18 months. Thematically, growth and international equities continued to outperform their value and domestic brethren, a trend that began during the first-quarter. Double digit returns from the technology and healthcare sectors helped propel growth indexes while value was weighed down by losses in energy and telecommunications.
Outperformance was broad-based, led by strong stock selection in the industrials, financials, real estate, information technology, telecommunications and utilities sectors. Our continued underweight to energy plus an overweight to healthcare also contributed. Detracting most from performance were a few names in consumer discretionary.
For the six months ending June 30, 2017, top contributors included Oracle Corporation, Phillip Morris and Medtronic PLC. Software company Oracle posted an excellent quarter, showing continued progress in its transition from licensed software to Software as a Subscription (SaaS). New license sales fell less than expected, SaaS sales continued to grow quickly, the database business grew 8%, and margins improved, driving the stock up 10%. Shares of Phillip Morris also moved higher as investors continue to gain confidence in the company’s reduced risk product, iQOS. Medtronic’s stock has been strong likely due to improving growth and margin trends.
Detracting from performance were Anadarko Petroleum (APC), Advance Auto Parts (AAP) and Hess Corporation. AAP suffered as auto part retailers all posted disappointing quarterly results which instilled consternation that the industry growth rate is slowing and/or competition from e-commerce companies is intensifying. For AAP specifically, investors are also questioning how the company’s turnaround will unfold given encouraging trends for same store sales growth, but deteriorating margins which has pressured EPS. Energy was dragged down by continued weakness in oil prices, and was the worst performing
sector for the year. Anadarko and Hess underperformed as they possess amongst the most leverage to the commodity price within our holdings. In addition to the broader investor malaise toward energy, APC also had the misfortune of an explosion in Colorado, leading to loss of life and the curtailment of production. As oil languishes in the low to mid 40’s, Hess’s production in the Bakken becomes less economically attractive. While the results of the Liza well tests have been positive, production is still years out and investors are focused on the effect current oil prices are having on production.
Looking forward, the continued profits recovery is an important supporting factor for current equity market valuations, which in our view are not inexpensive nor overly stretched either. We believe oil prices are near their range bound bottom, and will be a continued source of angst among investors. While outlook for growth and inflation seem bumpy, we expect a slow bias upwards and for interest rates to follow. If the participation rate in employment doesn’t start to improve, we’d expect wage inflation to increase and hence the prospects of the lower end consumer to improve. Major central banks have indicated monetary policy decisions will continue to be data-dependent, allowing policy to ebb and flow with economic activity. This degree of caution on the policy front paired with improving corporate fundamentals may have led to a favorable environment for risk assets, which we believe can continue. Regardless of the direction of the markets, we continue to take a long term, security-specific approach and, as always, view opportunities as defined by our reward to risk profiles.
Penn Mutual Asset Management, LLC
Investment Adviser
Loomis, Sayles & Co.
Investment Sub-Adviser
13
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 30.8 | % |
Consumer, Non-cyclical | | | 19.8 | % |
Industrials | | | 15.3 | % |
Energy | | | 8.6 | % |
Technology | | | 7.5 | % |
Communications | | | 7.0 | % |
Consumer, Cyclical | | | 6.3 | % |
Utilities | | | 3.1 | % |
Basic Materials | | | 1.6 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
14
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Value Fund
The Penn Series Large Core Value Fund returned 4.26% for the six-month period ending June 30, 2017, compared to the 4.66% return for its benchmark, the Russell 1000 Value Index for the same time period.
Global stock markets delivered solid results for the six-month period ended June 30, 2017, as broad economic expansion continued to offset political uncertainties in some regions.
In the U.S., despite ongoing concerns for much of the period about the prospects for President Trump’s economic policies, positive economic data including manufacturing gains, a further decline in the jobless rate, and rising consumer spending, among other factors, provided encouragement to investors. Amid the encouraging economic data, the U.S. Federal Reserve (Fed) raised interest rates twice during the period, once in March and then again in June. The Fed also said it would start gradually selling off the securities it bought during and after the financial crisis to boost the economy.
On a global basis, the election of a new government in France helped to ease political uncertainties, although an election setback for British Prime Minister Theresa May added to confusion about Britain’s plans to exit the European Union. In China, the success of the government’s stimulus policies led it to raise interest rates to avoid economic overheating.
Looking across equity markets, the S&P 500 Index rose 9.34%, while the MSCI EAFE Index gained 13.81% during the period. Large-cap stocks generally outperformed their small-cap counterparts during the period. In
The Fund’s underperformance versus the Index was largely driven by unfavorable security selection results, while positive sector allocation results contributed to relative performance. Nine of the 11 economic sectors within the Index appreciated during the quarter. The best-performing Index sectors were health care and information technology. The two sectors with negative performance were the telecommunication services and energy groups.
The largest detractors during the quarter by sector were real estate, industrials, and consumer staples. Underperformance was driven primarily by unfavorable stock selection results in those sectors. In real estate, the Fund’s overweight position in mall operator Simon Property Group was among the largest detractors during the period. Within industrials, exposure to non-benchmark
holding C.H. Robinson and not owning Philip Morris represented a drag on relative performance. Elsewhere, overweight positions in Verizon Communications and General Electric hurt relative performance along with not owning strong-performing Oracle.
The Fund’s overweight to the strong-performing Health Care industry was a meaningful contributor to relative performance during the period, while solid security selection results within the utilities, information technology, and consumer discretionary sectors boosted relative performance. In utilities, the Fund’s overweight to NextEra Energy aided performance. Within information technology, overweight positions in tech giants Apple and Alphabet contributed to relative performance. Elsewhere, underweights to Exxon Mobil and AT&T as well as owning payments technology company Visa, helped Fund performance.
Penn Mutual Asset Management, LLC
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 31.0 | % |
Consumer, Non-cyclical | | | 26.4 | % |
Energy | | | 11.2 | % |
Industrials | | | 8.8 | % |
Communications | | | 6.3 | % |
Utilities | | | 5.9 | % |
Consumer, Cyclical | | | 5.2 | % |
Technology | | | 4.2 | % |
Basic Materials | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
15
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Index 500 Fund
The Penn Series Index 500 Fund returned 9.22% for the six-month period ending June 30, 2017, compared to the 9.34% return for its benchmark, the S&P 500 Index for the same time period.
In U.S. equities, the S&P 500 total return index finished the first half of 2017 up 9.3%, reaching new all-time highs and witnessing better than two decade lows in both realized and implied volatility during that period. Performance of 3% for the second quarter was half of that in the first quarter, consistent with a more tentative, but still positive, U.S. growth and inflation outlook as the year progressed. A lack of progress on growth-friendly legislation from the Republican-controlled government has also contributed to the cautious tone in markets. Looking beyond the strong start to the broad index, however, both sectors and styles saw a reversal in some of the major themes that characterized 2016. Among sectors, the strongest sector of 2016 with a 27.4% gain, energy, has started 2017 with a 12.6% selloff as oil prices entered a new bear market. Small capitalization shares have also seen a turn in fortunes in 2017, with the small capitalization Russell 2000 index underperforming the large cap Russell 1000 index by 4% thus far in 2017 after outperforming by better than 9% in 2016. Strong outperformance by Value over Growth in 2016 has also been mostly reversed with the Russell 1000 Value index underperforming its growth counterpart by 9.3% in 2017 after outperforming by 10% in 2016 as the aforementioned energy sector has underperformed more growth oriented sectors such as technology. As the first half came to a close there were signs of hesitation in some of the strong trends that marked the first half. Technology shares, still best among sectors in 2017 with a 17% gain year to date, gave back 2.7% in June as investors pared back exposure to some of the high-flying technology shares amidst a cyclical rotation into value-oriented shares such as financials. To that end, value shares also outperformed growth in June as did small capitalization stocks over large caps.
On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com, Microsoft Corporation, and Alphabet Inc Class A. The top negative contributors to the Fund’s performance were General Ele4ctric Company, AT&T, and IBM Corporation.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 23.2 | % |
Financials | | | 18.6 | % |
Technology | | | 14.1 | % |
Communications | | | 13.5 | % |
Industrials | | | 10.1 | % |
Consumer, Cyclical | | | 8.9 | % |
Energy | | | 6.0 | % |
Utilities | | | 3.2 | % |
Basic Materials | | | 2.3 | % |
Government | | | 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. |
16
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund returned 12.87% for the six-month period ending June 30, 2017, compared to the 11.40% return for its benchmark, the Russell Midcap Growth Index for the same time period.
The Russell Mid-cap Growth Index gained a little over 11% for the first half of 2017. Health care was the biggest driver of index performance. Other areas of outperformance included information technology and financials. Energy was the worst performing sector. After delivering strong returns across 2016, the energy sector weakened on early year decline in the price of oil, concerns about the oil production supply response related to a rebound in the rig count, and uncertainty about OPEC’s perspective regarding production restraint. Telecommunications, utilities, consumer staples, consumer discretionary, industrials, materials and real estate all underperformed.
The Mid Cap Growth Fund materially outperformed the Russell Mid-cap Growth Index in the first half of the year. From a sector standpoint, the Fund’s information technology exposure made the strongest positive contribution to performance, significantly outperforming this strong group within the index. The Fund was also overweight the outperforming group, and almost all of the Fund’s names turned in strong performances. Consumer staples contributed positively to relative performance. The Fund was underweight this group, which was slightly beneficial to performance, but the significant outperformance came for the ownership of a natural and organic supermarket, which received a buyout offer that powered a material gain for the stock. The industrials exposure also made a slight positive contribution to relative performance, primarily due to strong stock selection. Energy was the largest detractor. The Fund was overweight this underperforming sector, and the Fund’s oil exploration and production names all underperformed. The Fund’s consumer discretionary names detracted slightly from returns, primarily related to adverse stock selection, as being underweight this underperforming group was somewhat helpful to returns. Stock selection within financials, materials and health care were slightly weaker than the benchmark and made a small negative contribution to performance.
We have expected the market to deliver positive returns in 2017, and thus far, have not been disappointed. We think the markets can move higher from here based on accelerating economic growth around the globe, vastly improved corporate profits in the U.S. as compared to the
last two years, and the potential, albeit waning, benefits of pro-growth, pro-cyclical policies from a Trump administration that can enhance an already positive environment. Economic activity in the U.S. continues at a low but stable, if not accelerating pace, as housing demand continues to improve, and consumption in general remains firm tied to ongoing strength in jobs and wage gains. Global industrial production is stronger than in recent years as evidenced by the Purchasing Managers Index in many countries. Interest rates, while increasing, still seem supportive of investment and growth, as does the credit environment. The valuation on the market has expanded with last year’s gains, but levels are reasonable to support further market appreciation as we discount additional increases in corporate profits. The factor that should provide underlying support for a corporate profit and stock market outlook that was encouraging even pre-election is the pro-growth stance of the Trump administration, should it get organized enough to effect change. A more supportive regulatory and taxation environment and a drive to invest in the U.S. could lift an already improving economic and profit picture to a higher level. The response from credit markets will be important to monitor, as higher interest rates could have a dampening impact on a stronger growth scenario. The Fund continues to express a more economically constructive and optimistic view, with a more assertive pro-growth, less defensive stance.
Penn Mutual Asset Management, LLC
Investment Adviser
Ivy Investment Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 30.2 | % |
Consumer, Cyclical | | | 22.9 | % |
Industrials | | | 13.4 | % |
Technology | | | 12.9 | % |
Financials | | | 10.1 | % |
Communications | | | 6.6 | % |
Energy | | | 2.9 | % |
Basic Materials | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
17
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Value Fund
The Penn Series Mid Cap Value Fund returned 10.05% for the six-month period ending June 30, 2017, compared to the 5.18% return for its benchmark, the Russell Micap Value Index for the same time period.
Stocks continued to rally and many indexes reached several new highs. Surprisingly, bond yields decreased during the 2nd quarter; the 10-year bond yield ended near the year’s earlier lows. Investors became increasingly concerned with President Trump’s ability to move his agenda through Congress. With the Fed continuing to tighten monetary policy and sluggish first quarter GDP growth, the “Trump trade” gave way to a “risk off” trade, which favored the defensive sectors of the market. Bond and stock markets are sending contradictory messages; the bond market is signaling a slow growth economy with little concern for a pick-up in inflation, while the stock market, with the S&P 500 selling close to 18x year-end 2017 earnings estimates, is anticipating acceleration in growth.
The portfolio benefited from its overweight in Technology. We believe our Tech holdings have strong growth prospects while selling at value multiples. Two strong Tech performers were Western Digital and Check Point. Over the last year we have increased our exposure to the Health Care sector as many stocks in this area came under pressure due to the new administration’s concerns about pharmaceutical pricing and the potential disruption if Obama Care is repealed. Performance was helped by Quintiles and Zimmer Biomet which both rebounded from overly depressed levels. In Consumer Staples, Whole Foods Market, our largest holding, agreed to be purchased by Amazon for $42 per share in cash, a substantial premium to our cost.
Detracting from performance was our underweight in the Utilities sector, which did well as interest rates declined. Also, we have very little REIT exposure and this area of the financial sector did well as it is particularly sensitive to interest rates. On an individual stock basis, Devon Energy came under pressure as oil prices collapsed. Given our negative outlook for oil prices we eliminated this position. Bank United declined as its loan growth came in below very aggressive targets however, we still believe it is a very valuable franchise. Avis Budget underperformed as used car prices dropped more than expected and investors questioned the business model. With the stock selling at an estimated 20% free cash flow yield, we believe the company remains an attractive investment.
We were somewhat active in the portfolio, adding to eight positions where prices became more attractive and initiating six new ideas. We eliminated four positions — two of which achieved their intrinsic value targets and two where our investment thesis for the companies changed. Lastly, we trimmed eight positions mostly after significant market appreciation.
Since the presidential election, the Russell Mid Cap Value index is up over 13%, with the portfolio strongly outperforming (+17%) during this period. The post-election rally was based on a pro-growth platform of less regulation, infrastructure spending, and tax reform. While regulatory changes are being implemented by the Administration, it remains cloudy as to whether the main agenda will be realized. Without fiscal stimulus and with the Fed tightening, economic growth could slow further and with valuation levels significantly above historical averages investors should be cautious moving forward. With that said, our portfolio of high quality, cash generating franchises continues to sell at an attractive discount to intrinsic value and we believe that it is positioned to generate solid returns over time.
Penn Mutual Asset Management, LLC
Investment Adviser
Neuberger Berman Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 22.7 | % |
Industrials | | | 17.6 | % |
Technology | | | 17.6 | % |
Financials | | | 12.4 | % |
Consumer, Cyclical | | | 10.6 | % |
Utilities | | | 6.3 | % |
Energy | | | 5.7 | % |
Basic Materials | | | 4.3 | % |
Communications | | | 2.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
18
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Core Value Fund
The Penn Series Mid Core Value Fund returned 4.03% for the six-month period ending June 30, 2017, compared to the 5.18% return for its benchmark, the Russell Midcap Value Index for the same time period.
Amazon’s announcement that it would purchase Whole Foods created negative sentiment that pressured several of the portfolio’s consumer stocks. More specifically, Advance Auto Parts fell due in part to worries that Amazon could take market share away. The stock was also negatively affected by first-quarter earnings and sales that missed estimates and by weak earnings results from a competitor. Despite these headwinds, we believe margin improvements will lead to stronger results later in the year. Packaged foods company Conagra Brands declined due to overall weak industry trends and due to the competitive implications of Amazon’s plan to acquire Whole Foods. Additionally, multiline retailer Target was a top detractor. Its stock price fell considerably after it announced disappointing fourth-quarter results and a notable decrease in year-over-year earnings per share. Also, investors have lost confidence in the company’s turnaround plan.
Overweight positions in the energy sector also weighed on returns, and exploration and production companies Anadarko Petroleum and Noble Energy were key individual detractors. Anadarko Petroleum declined on weaker oil prices. Additionally, the company is facing rising service costs as drilling activity has increased. This led to concerns about lower margins/returns on capital. Furthermore, an explosion in one of the company’s wells in Colorado led to concerns about regulatory costs and asset values of the company’s Colorado operations. Noble Energy also declined on weaker oil prices in a rising service cost environment, causing concerns over margins. Additionally, the stock was negatively affected by concerns about the potential for future efficiency gains in its Southern Delaware Basin position. Imperial Oil was also pressured by weakening oil and gas prices. Furthermore, the company missed production numbers due to unexpected downtime at one of its operations. We believe this is a one-time event.
Reduced concerns about drug pricing reform and generally strong earnings results helped propel health care stocks. Following a decline in its stock price in the fourth quarter of 2016, medical device manufacturer Zimmer Biomet Holdings performed particularly well after it announced fourth-quarter and 2016 fiscal year revenues that exceeded expectations. The company has made significant progress
in fixing the supply chain issues that impacted it in 2016. LifePoint Health, a hospital company with facilities in rural and nonurban communities, was another strong performer. The stock benefited from solid earnings and from expectations that a repeal/reform of the Affordable Care Act will take longer to achieve and will have minimal impact on its business.
The portfolio’s real estate holdings turned in strong results relative to the benchmark. American Tower, a REIT that owns and operates wireless communications towers, performed particularly well. The stock benefited from positive revisions to earnings guidance and from expectations for more traffic to the company’s towers given the increase in unlimited data plans offered by wireless telecommunication services companies. Additionally, timber REIT Weyerhaeuser benefited from rising lumber prices driven by improving residential housing activity and lower Canadian imports. Weyerhaeuser also benefited from internal operating improvements and merger synergies following its acquisition of Plum Creek in 2016 and from the divestiture of noncore businesses.
Penn Mutual Asset Management, LLC
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 30.1 | % |
Industrials | | | 18.3 | % |
Consumer, Non-cyclical | | | 16.5 | % |
Energy | | | 13.3 | % |
Utilities | | | 9.0 | % |
Consumer, Cyclical | | | 6.8 | % |
Technology | | | 4.8 | % |
Communications | | | 1.2 | % |
| | | | |
| | | 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. |
19
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund returned 15.04% for the six-month period ending June 30, 207, compared to the 10.63% return for its benchmark, the Russell 2500 Growth Index for the same time period.
During the first half of 2017, the GSAM U.S. SMID Cap Growth outperformed the Russell 2500 Growth Index (gross). In the portfolio for the six-month period, stock selection in the Industrials and Information Technology sectors contributed to performance, and there were no detracting sectors.
In the first quarter, VCA, Inc. was a top contributor to performance. During this time, the company announced that it had accepted a buyout offer from Mars, Inc. We had initiated a position in 2016 as we believed that there was positive momentum in the U.S. veterinary market and the company’s same store revenue growth remained strong. We were encouraged by this acquisition news and exited our position accordingly. During the first quarter Eagle Bancorp, Inc. was a top detractor from returns. Early in the quarter, Eagle Bancorp reported strong fourth quarter earnings driven by record net income, double-digit loan growth and strong fee income. However, later in the period the company disclosed in its 10-K material weakness in the company’s internal controls relating to income tax accounting. Notably, the weakness in controls was determined to not be material to the financial statements and no adjustments were made as a result. While disappointing, we believe the missteps were relatively minor and are encouraged by the company’s efforts to remediate going forward. We are positive on Eagle Bancorp’s high-quality fundamentals, including balance sheet growth, durable earnings, reserve levels and strong loan and credit book.
Panera Bread Co. was a top contributor to returns in the second quarter. Gains were driven by JAB Holdings’ purchase of the fast casual restaurant chain. The premium paid for Panera Bread was a positive recognition of the company’s previous investments to improve efficiencies and grow margins. Following strong year-to-date performance and a potential shift in leadership, we decided to exit the position. Middleby Corp. was a top detractor from returns for the second quarter. Middleby delivered impressive margin expansion but failed to grow revenues at the pace that investors had expected. The weakness was explained to be caused by delayed capital expenditure spending by domestic restaurants. We view this as a short-term challenge and believe the company’s
best in class product line positions it well going forward. We believe the recent decline has presented a strong risk/reward opportunity at attractive valuations. We continue to believe that Middleby’s market share gains, partnerships with strong franchises and innovative products position it as an industry leader.
We continue to believe that equities are more attractive than other asset classes in a potentially improving growth environment. Despite the cooling of the post-election market rally, we continue to anticipate potential pro-business fiscal policy leading to stronger U.S. and global growth. CEO confidence remains high and could reignite a willingness to invest in growth. Corporate earnings have been constrained by weak revenue growth over the last several years, but stronger and broader economic growth could boost revenues and extend the profit cycle. We see attractive opportunities in specific sectors such as Financials, which can reap significant benefits from more effective implementation of existing regulatory legislation. Valuations are elevated, but many potential tailwinds can provide upside for return. We are also encouraged by the improved environment for traditional active managers as stock correlations have declined. Importantly, major growth indices have fallen back to the middle of their respective peer groups. With U.S. markets touching on multi-year highs, we are strong believers that a selective approach will be well-rewarded again.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
20
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 27.3 | % |
Industrial | | | 25.3 | % |
Technology | | | 17.1 | % |
Consumer, Cyclical | | | 11.3 | % |
Financial | | | 10.8 | % |
Basic Materials | | | 4.4 | % |
Energy | | | 2.2 | % |
Communications | | | 1.6 | % |
| | | | |
| | | 100 | % |
| | | | |
| 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 1.30% for the six-month period ending June 30, 2017, compared to the 1.95% return for its benchmark, the Russell 2500 Value Index for the same time period.
US equities advanced considerably during the six-month period ended June 30, 2017 (in US dollar terms). During the period, investors focused on moderate, but steady global economic expansion and generally subdued inflation. Investors also welcomed robust corporate earnings, and a US economy that appeared to be doing well without additional fiscal stimulus — which helped offset concerns that political turmoil would stall US President Donald Trump’s pro-growth agenda. Central bank posturing also reflected an improving economic landscape that could lead to a withdrawal of relaxed monetary policies. Despite the European central banks’ easing bias and an easily digested second rate hike from the US Federal Reserve, rates climbed towards the end of the period as a number of central bankers began to communicate that monetary-policy normalization was on the horizon.
For the period January 1 — June 30, 2017, the portfolio rose in absolute terms but underperformed its benchmark, the Russell 2500 Value Index. Security selection detracted from returns while sector allocation contributed. Stock selection detracted in the energy, technology and consumer discretionary sectors. Overweights in the technology and consumer-discretionary sectors drove outperformance in sector selection.
Overall, performance laggards included several energy names whose share prices were pressured by falling oil prices, including SM Energy and Oasis Petroleum. SM Energy’s shares fell despite better-than-expected initial drilling results from its recently acquired Permian Basin acreage. In addition to pressure on SM Energy from lower oil prices, investors remain skeptical about the company’s ability to show the value it believes exists in the acreage. Fellow exploration and production company Oasis Petroleum’s shares also fell, despite showing promising results from its Bakken acreage.
Contributors for the period included a number of healthcare holdings. Molina Healthcare’s shares rose sharply in the period as the company surprisingly ousted current management. Investors believe that the change will allow the company to be more adept at growing profits in a challenging healthcare landscape. Icon, a contract clinical research company, outperformed as it
reported a strong first-quarter result and new business awards, which lessened investor anxiety over the impact of a
While equity markets have broadly advanced this year, investor enthusiasm for the perceived beneficiaries of lower taxes and a smaller regulatory burden has waned. Additionally, concerns related to the US economy’s continued expansion have increased. As a result, investors have gravitated again towards companies with perceived strong growth outlooks or those with high-dividend yields. Smaller-cap stocks have also fallen out of favor as the market seeks companies that can benefit from broader global economic growth trends. We share investor concerns about the broader backdrop for corporate profits. Challenges to economic growth remain on the horizon, including the impact of Brexit and the effect of the US Federal Reserve deleveraging its balance sheet. While it seems likely that the administration will make some progress on its policy initiatives, the benefits remain uncertain. In this environment, we remain focused on our deeper-value-with-a-catalyst approach. We continue to believe that companies that combine attractive valuations and compelling company-level or niche industry improvement catalysts can drive returns for investors. At the same time, we remain vigilant on risks and opportunities emanating from the shifting policy environment. Many of our holdings are well positioned to benefit from lower taxes, higher infrastructure spending and less regulation should these come to pass.
Penn Mutual Asset Management, LLC
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
22
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Financial | | | 24.0 | % |
Industrial | | | 18.2 | % |
Consumer, Cyclical | | | 17.4 | % |
Technology | | | 11.8 | % |
Consumer, Non-cyclical | | | 11.7 | % |
Energy | | | 7.7 | % |
Utilities | | | 4.0 | % |
Communications | | | 3.7 | % |
Basic Materials | | | 1.5 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
23
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Growth Fund
The Penn Series Small Cap Growth Fund returned 13.42% for the six-month period ending June 30, 2017, compared to the 9.97% return for its benchmark, the Russell 2000 Growth Index for the same time period.
U.S. small-cap stocks gained ground, but a stylistic change in market tone favored a new set of market leaders. Companies with more established earnings profiles generally outperformed the smaller companies and more cyclical stocks. The health care and technology sectors were among the top performing sectors within the Russell 2000 Growth Index, while the energy and consumer staples sectors lagged.
We have taken a high-quality approach to investing in small caps, focusing on companies we believe have more predictable, growing revenue streams. These companies are often defined by sustainable competitive advantages, helping the company grow in a variety of market and economic environments. The current market environment favored our investment style, as higher quality stocks returned to favor.
At the sector level, our stock selection in the technology and industrial sectors were large contributors to our relative outperformance. Stock selection in the health care and consumer discretionary sectors detracted from relative results.
On an absolute basis, Blackbaud was our largest contributor. The company provides technology solutions designed to improve fundraising efforts for nonprofit companies. Blackbaud is moving from packaged solutions to a subscription-based, Software-as-a-Service model that should create a more recurring revenue stream. Fundraising is the lifeblood of the nonprofit industry, but many nonprofits have been slow to integrate technology into their fundraising process, creating a potentially large addressable market for Blackbaud.
Puma Biotechnology was another large contributor. The stock appreciated after its breast cancer treatment, Neratinib, received FDA panel approval for a subset of patients. The panel approval makes it highly likely the drug will gain eventual approval. We had maintained a high degree of conviction in the company, even after a clinical setback at the end of 2016, and we added to the position. We were pleased to see that conviction rewarded this period, and continue to like Neratinib’s potential to treat a subset of women with breast cancer.
National CineMedia was our largest detractor. The company sells pre-feature advertising in movie theaters. A sluggish advertising spending environment has negatively affected the stock, as has the perception that box office sales would be weak.
AMC Entertainment Holdings was another detractor. The stock traded down because it owns a significant stake in National CineMedia which it will be forced to divest due to a Department of Justice ruling. The fact the company will be a forced seller at a time when National CineMedia’s stock is falling hasn’t helped AMC. We believe the new CEO is introducing some exciting innovations to improve monetization of the movie theater experience.
We categorize the market environment since the November presidential election as one long on hope and short on pragmatism. Small cap stock valuations are well above their long-term averages. The stock price for many small-cap companies already reflects a rosy scenario of tax cuts and regulatory rollbacks from the Trump administration. These benefits seem to us to be far from certain. A prolonged battle to reform the health insurance market — a core tenet of the President and the controlling party in the House and Senate — shows that drastic reform is hard to come by, if it comes at all.
Our outlook for stocks and the broader business environment is a little more grounded. We think the economy will remain healthy, but aren’t betting on tax reform or a major infrastructure spending initiative in 2017. If that proves correct, stocks will likely have to adjust.
We think our investment style is well-suited to navigate a change in the market’s tenor. A reversal in market leaders from the cyclical and economically dependent stocks that thrived just after the election to companies with steadier, more established earnings profiles is already underway. The reversal could be a sign that market expectations are already shifting.
Penn Mutual Asset Management, LLC
Investment Adviser
Janus Capital Management
Investment Sub-Adviser
24
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Consumer, Non-cyclical | | | 33.4 | % |
Technology | | | 21.1 | % |
Industrials | | | 18.7 | % |
Consumer, Cyclical | | | 9.6 | % |
Financials | | | 7.8 | % |
Communications | | | 5.2 | % |
Basic Materials | | | 3.5 | % |
Energy | | | 0.7 | % |
| | | | |
| Total | | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
25
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Value Fund
The Penn Series Small Cap Value Fund returned 1.88% for the six-month period ending June 30, 2017, compared to the 0.54% return for its benchmark, the Russell 2000 Value Index for the same time period.
Entegris, Inc. was a top contributor to performance during the first quarter. The stock rose after the company reported fourth quarter earnings and issued first quarter guidance that exceeded consensus expectations. The company continued to see strong growth from its segments exposed to semiconductor unit demand, an area Entegris has been strategically investing in, including its 2014 acquisition of ATMI, Inc. SM Energy Co. was a top detractor from performance during the first quarter. Energy producers lagged the broader market as a result of investor concerns over record high oil inventory levels in the U.S. Shares of SM Energy underperformed its peer group as a result of its 2017 guidance which implied weaker-than-expected production growth. Despite the short-term weakness, we continue to have conviction in the company and we added to our position during the quarter as a result.
During the second quarter, XPO Logistics, Inc., a global transportation company, was a top contributor to performance. The company continued to differentiate itself from its peers by delivering strong organic growth and margin improvement during the first quarter. We believe XPO Logistics has further cost reduction opportunities to undertake that could lead to further margin expansion to best-in-class levels. Additionally, we view the company as well-positioned to demonstrate consistent organic growth as a result of its exposure to secular growth in e-commerce and outsourced logistics. WPX Energy, Inc., an oil and natural gas exploration and production company, was a top detractor from performance during the second quarter. Energy producers continued to trade with heightened volatility as a result of investor concerns around high oil inventories in the U.S. We believe WPX Energy underperformed its peer group as a result of what we view as misconceptions around the health of its balance sheet. Although WPX Energy currently has relatively elevated debt levels, we believe the company can use its strong cash flow generation to significantly de-lever its balance sheet, even if oil prices do not recover. In our view, the company is in the process of successfully executing a transformation from being a high-cost natural gas production company to an oil-focused production company with a compelling portfolio of low-cost acreage in the core of the Permian Basin.
We continue to be cautiously optimistic with respect to pro-growth policy actions and their ability to spur a more accommodative operating environment. In our view, most companies will benefit from aggressive fiscal policy, including lower taxes and increased spending, and a less restrictive regulatory environment. We are also encouraged by a strong first quarter reporting season as sales, margins and earnings all exceeded consensus expectations. Aggregate S&P 500 earnings growth of 13.5% on a year-over-year basis represented the strongest rate of growth since 2011. Earnings in most markets across the world surpassed estimates as well. All else being equal, broadening global growth is supportive of a continuation in earnings growth and equity market appreciation. While our return expectations continue to be relatively muted given full valuations, we believe U.S. equities are more attractive than most other asset classes and can continue to be driven by earnings growth in the absence of multiple expansion. Additionally, after several years of thematic-driven markets, we are excited about lower correlations at the stock level. We believe an active approach is poised to continue to benefit in this type of environment.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 39.8 | % |
Industrials | | | 17.2 | % |
Consumer, Cyclical | | | 9.6 | % |
Consumer, Non-cyclical | | | 8.8 | % |
Technology | | | 6.7 | % |
Utilities | | | 5.6 | % |
Energy | | | 5.3 | % |
Basic Materials | | | 4.2 | % |
Communications | | | 2.2 | % |
Diversified | | | 0.6 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
26
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Index Fund
The Penn Series Small Cap Index Fund returned 4.68% for the six-month period ending June 30, 2017, compared to the 4.99% return for its benchmark, the Russell 2000 Index for the same time period.
In U.S. equities, the S&P 500 total return index finished the first half of 2017 up 9.3%, reaching new all-time highs and witnessing better than two decade lows in both realized and implied volatility during that period. Performance of 3% for the second quarter was half of that in the first quarter, consistent with a more tentative, but still positive, U.S. growth and inflation outlook as the year progressed. A lack of progress on growth-friendly legislation from the Republican-controlled government has also contributed to the cautious tone in markets. Looking beyond the strong start to the broad index, however, both sectors and styles saw a reversal in some of the major themes that characterized 2016. Among sectors, the strongest sector of 2016 with a 27.4% gain, energy, has started 2017 with a 12.6% selloff as oil prices entered a new bear market. Small capitalization shares have also seen a turn in fortunes in 2017, with the small capitalization Russell 2000 index underperforming the large cap Russell 1000 index by 4% thus far in 2017 after outperforming by better than 9% in 2016. Strong outperformance by Value over Growth in 2016 has also been mostly reversed with the Russell 1000 Value index underperforming its growth counterpart by 9.3% in 2017 after outperforming by 10% in 2016 as the aforementioned energy sector has underperformed more growth oriented sectors such as technology. As the first half came to a close there were signs of hesitation in some of the strong trends that marked the first half. Technology shares, still best among sectors in 2017 with a 17% gain year to date, gave back 2.7% in June as investors pared back exposure to some of the high-flying technology shares amidst a cyclical rotation into value-oriented shares such as financials. To that end, value shares also outperformed growth in June as did small capitalization stocks over large caps.
On an individual security level, the top positive contributors to the Fund’s performance were Puma Biotechnology, Take-Two Interactive Software, and XPO Logistics. The top negative contributors to the Fund’s performance were Oasis Petroleum, PDC Energy, and RSP Permian.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 25.8 | % |
Consumer, Non-cyclical | | | 20.8 | % |
Industrials | | | 14.0 | % |
Consumer, Cyclical | | | 12.0 | % |
Technology | | | 10.2 | % |
Communications | | | 6.5 | % |
Utilities | | | 3.5 | % |
Energy | | | 3.5 | % |
Basic Materials | | | 3.5 | % |
Government | | | 0.1 | % |
Diversified | | | 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 14.27% for the six-month period ending June 30, 2017, compared to the 14.23% return for its benchmark, the MSCI EAFE Index for the same time period.
Beyond a pause in some capital markets and a somewhat murkier outlook for near term U.S. fiscal policy initiatives, measures of realized global real activity and inflation were decidedly in line with the global reflation theme in the early months of 2017. After decelerating sharply from 2014 through the middle of 2016, global industrial production growth is estimated by J.P. Morgan to have surged to an annual rate of 4.5% in the first quarter, the highest level in more than five years. Evidence of global inflation finally converging toward or even exceeding central bank target levels continued to build in 2017 Q1 after years of lying below target and prompting considerable monetary stimulus that still continues apace for many economies. In the U.S., the Consumer Price Index report for February showed an annual rise in prices of 2.7%, the highest level since March of 2012 and represents a notable acceleration after registering as low as zero in September 2015. Inflation also gained ground in the Eurozone where the flash headline February annual rate of consumer price inflation reached the European Central Bank (ECB) target of 2.0%, even as core inflation remains at a more subdued 0.9%. The remission of the deflationary drags of 2014 to 2016 are also strongly positive for global corporate earnings which are expected to post a near 14% gain in 2017 after falling sharply the prior two years.
The six quarter year over year (YoY) global earnings recession that finally gave way to growth in the second half of 2016 gained momentum in the first quarter of 2017. Earnings advanced 23% (YoY) for the MSCI World Index of developed market companies reported in the early weeks of the second quarter. The improving earnings trend provided fuel for double digit gains across the major regional market indices in the first half of the year, led by a 16% gain in the MSCI Europe Index. In addition to an improving economic backdrop, European shares benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in France in presidential polls that spanned April and May. U.S. Investors in European equities further benefitted from a better than 8% gain of the Euro against the U.S. dollar the first half of the year.
On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA,
HSBC Holdings plc, and Novartis AG. The top negative contributors to the Fund’s performance were Westpac Banking Corporation, National Australia Bank Limited, and Australia and New Zealand Banking Group Limited.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Japan | | | 23.5 | % |
United Kingdom | | | 15.0 | % |
France | | | 9.8 | % |
Germany | | | 9.5 | % |
Switzerland | | | 9.0 | % |
Australia | | | 7.0 | % |
Netherlands | | | 5.6 | % |
Spain | | | 3.4 | % |
Hong Kong | | | 3.2 | % |
Sweden | | | 2.9 | % |
Italy | | | 2.0 | % |
Denmark | | | 1.8 | % |
Singapore | | | 1.4 | % |
Belgium | | | 1.2 | % |
Ireland | | | 1.1 | % |
Finland | | | 1.0 | % |
Israel | | | 0.7 | % |
Norway | | | 0.6 | % |
Luxembourg | | | 0.3 | % |
Austria | | | 0.2 | % |
New Zealand | | | 0.2 | % |
Portugal | | | 0.2 | % |
China | | | 0.1 | % |
South Africa | | | 0.1 | % |
Jersey | | | 0.1 | % |
Bermuda | | | 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. |
28
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
International Equity Fund
The Penn Series International Equity Fund returned 21.41% for the six-month period ending June 30, 2017, compared to the 14.45% return for its benchmark, the MSCI ACWI ex U.S. Index for the same time period.
HDFC Bank continued to perform well through the demonetization initiative and the central bank’s efforts to push Indian banks to recognize default risk from the largest potential corporate defaulters. The company delivered strong results for the fiscal year ended in March. In our view, HDFC Bank is a high-quality Indian private sector bank which has been a cornerstone investment in the portfolio for many years.
After Unilever rejected the bid from Kraft Heinz in the first quarter of this year, the company promised to conduct a comprehensive review of its business. The results of the review were well received by the market as Unilever was able to show how it would balance long term investment and near term earnings. The bid from Kraft and subsequent comprehensive business review has led to an acceleration of changes that Unilever was already on the path to implementing. We believe Unilever has an unparalleled emerging markets footprint, as well as a streamlined and powerful brand portfolio.
In a strongly positive market, Domino’s Pizza Group was marginally down, leading to it being a bottom contributor to performance. Several sell-side analysts continued to write about increased competition and forecast lower like-for-like sales during the quarter. We remain comfortable on the long term growth prospects for the company and believe the market has overreacted. Domino’s Pizza Group holds the master franchise for the United Kingdom, the Republic of Ireland, Switzerland Liechtenstein and Luxembourg for the Domino’s Brand. The company is very shareholder friendly and returns cash to shareholders.
Novo Nordisk was a bottom contributor. We exited our position in Novo Nordisk as the insulin market in the US was becoming more competitive. Novo had been a long-term investment for us and the company created a lot of value over the long haul. But over the past year, the competitive pressures have risen significantly and in our opinion, the company no longer offers the predictable earnings growth profile it once had.
Developed and emerging equity markets registered positive returns for the first half of 2017. European equities, as measured by the MSCI Europe Index, advanced 6.68% in euros but 15.36% in USD terms over the period as
the U.S. dollar continued to weaken. In Europe, positive economic data, improving corporate earnings and reduced political risks contributed to optimistic sentiment as investors took notice of the region’s recovery. However, at the end of June, markets responded negatively to remarks by European Central Bank (ECB) President Mario Draghi, who suggested that the ECB could begin tapering its quantitative easing. Emerging markets performed well with returns aided by a weakening U.S. dollar and solid growth, and Asian equities continued their bull run.
Although our high quality approach has led to good absolute and relative performance in 2017, we are wary of lingering risks, such as expectations for less accommodative global monetary policy, that have the potential to affect the market’s optimistic sentiment. We seek to invest in well run, predictable businesses with consistent earnings growth. If the markets do not sustain their current performance, our portfolios may be impacted over the short term. However, we expect that the strong underlying fundamentals of our holdings will drive their share prices over the long term.
Penn Mutual Asset Management, LLC
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
29
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
United Kingdom | | | 12.9 | % |
United States | | | 12.3 | % |
India | | | 8.7 | % |
Switzerland | | | 7.5 | % |
France | | | 7.2 | % |
Ireland | | | 7.0 | % |
Netherlands | | | 6.8 | % |
Canada | | | 6.0 | % |
Japan | | | 5.3 | % |
China | | | 5.3 | % |
Spain | | | 4.8 | % |
Germany | | | 3.5 | % |
Belgium | | | 2.8 | % |
Australia | | | 2.5 | % |
South Africa | | | 2.2 | % |
Taiwan | | | 1.9 | % |
Brazil | | | 1.1 | % |
Mexico | | | 1.0 | % |
Hong Kong | | | 1.0 | % |
Denmark | | | 0.2 | % |
| | | | |
| | | 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. |
30
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund returned 19.77% for the six-month period ending June 30, 2017, compared to the 18.60% return for its benchmark, the MSCI Emerging Markets Index for the same time period.
Emerging markets (EM) equities outperformed developed market equities in the period, with the MSCI Emerging Markets Index returning +18.43% versus the MSCI World Index’s return of +10.66%. The strong outperformance of EM equities relative to those of developed markets so far in 2017 is in large part owing to investors responding to the improving EM economic growth differentials relative to developed for the next couple years. For EM countries in aggregate today, the EM current account is in surplus and capital account is no longer negative, placing the asset class in better shape to sustain the gradually rising U.S. interest rate environment. This is a well-signaled U.S. rate hike cycle, and the moves have been only gradual (25 basis points at a time) — in sharp contrast to the abrupt and larger rate hikes that occurred in the 1990s and early 2000s.
Positive contributors to the Fund’s performance during the period included our stock selection in and underweight allocations to Russia and South Africa. Stock selection in India also contributed, as did the Fund’s stock selection in and overweight allocation to Mexico. Stock selection in Argentina added value, as did our underweight allocation to Qatar. The Fund’s overweight allocation to Central Eastern Europe contributed, though it was partially offset by unfavorable stock selection. Stock selection in and underweight allocation to Malaysia also contributed.
Key detractors from performance included the Fund’s stock selection in and underweight allocation to Korea, as well as stock selection in and overweight allocation to Pakistan. The Fund’s underweight allocation to Turkey, and stock selection in and overweight allocation to Peru also hampered returns.
From a sector perspective, stock selection in financials contributed the most to returns. Stock selection in and an overweight allocation to consumer discretionary also added to results. The Fund’s stock selection in information technology contributed to returns, but gains were offset by the negative impact of an underweight to the sector. Stock selection in industrials detracted from results, as did stock selection in consumer staples.
In emerging markets, this year has seen an
outperformance of growth-style investing as investors
come to realize economic growth will not be broad-based but more limited to specific countries and select companies. This is a constructive investing environment for our approach of rigorous country allocation and scrutiny of companies’ earnings growth prospects.
From a thematic perspective, we continue to own and seek companies we believe may be benefiting from healthy domestic demand. We also see demand for financial services in countries with low credit penetration. We are seeking to minimize our exposure to countries highly dependent on trade as protectionism is increasingly part of the platform on new populist leaders.
We still consider Central and Eastern Europe an attractive investment opportunity. We see the region as offering attractive investment opportunities through a combination of this solid economic growth, emerging reflationary trends, attractive currencies, and overlooked equity markets. In Indonesia, we remain overweight and are encouraged to see signs of growth picking up following the government and central bank’s focus last year on stabilizing the economy in response to an overheating period from 2011 to 2015.
As we have for many years, we remain underweight China and countries with decelerating growth or heavy dependence on exports such as Russia, Taiwan and Korea in the portfolio. In Russia, the economy continues its slow cyclical recovery under tight monetary and fiscal conditions. More broadly, political stagnation and demographic decline continue to weigh on an economy in need of structural reform and private investment to raise its growth rate.
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.
Penn Mutual Asset Management, LLC
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
31
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
China | | | 16.2 | % |
South Korea | | | 10.8 | % |
India | | | 9.0 | % |
Taiwan | | | 8.3 | % |
Brazil | | | 7.0 | % |
Mexico | | | 6.2 | % |
Indonesia | | | 5.4 | % |
Hong Kong | | | 4.1 | % |
Poland | | | 3.9 | % |
Malaysia | | | 3.8 | % |
Philippines | | | 2.9 | % |
Russia | | | 2.9 | % |
Argentina | | | 2.7 | % |
South Africa | | | 2.3 | % |
Thailand | | | 2.1 | % |
United States | | | 1.5 | % |
Hungary | | | 1.2 | % |
Peru | | | 1.1 | % |
Pakistan | | | 1.1 | % |
Czech Republic | | | 1.1 | % |
Austria | | | 1.0 | % |
Netherlands | | | 0.9 | % |
Portugal | | | 0.8 | % |
Germany | | | 0.8 | % |
Panama | | | 0.7 | % |
Egypt | | | 0.6 | % |
Chile | | | 0.6 | % |
Switzerland | | | 0.5 | % |
United Kingdom | | | 0.5 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
32
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Real Estate Securities Fund
The Penn Series Real Estate Securities Fund returned 4.20% for the six-month period ending June 30, 2017, compared to the 2.70% return for its benchmark, the FTSE NAREIT Equity REIT Index for the same time period.
U.S. real estate stocks had a positive overall return in the first half of 2017, although returns varied widely by property type. Data center companies were a positive standout. Strong performers included DuPont Fabros Technology, which rallied after Digital Realty announced that it would acquire the company at a premium to DuPont’s stock price at the time of the news. The merged entity is poised to have strong tenant negotiation power in key markets. Industrial REITs also performed well. As part of the logistics supply chain, they have increasingly benefited from the rise of e-commerce, particularly those companies that own warehouses close to well-populated areas.
Regional mall and shopping center REITs were among the poorest performing sectors with significant declines. Retail landlords in general struggled amid ongoing news of store closings and concerns regarding the expansion of e-commerce, trends that could weigh on a number of these companies’ operating fundamentals for an extended period.
The portfolio had a positive total return in the period and outperformed its benchmark. Relative performance benefited from our significant underweight in retail REITs, a stance we maintained based on our view of weakening consumer trends and generally unattractive valuations. Stock selection in the hotel sector also helped performance, as we had an out-of-index allocation to Hilton, which outperformed. The company reported solid first-quarter earnings, aided by improvements in management and franchise fees. Our overweight and stock selection among data center REITs was additionally beneficial, with a significant contribution from our overweight in Fabros DuPont Technology.
Our underweight in industrial REITs detracted from relative performance. While we have found opportunities to make select investments in the sector, the group’s valuations generally remained less attractive to us. Our underweight in health care property landlords also hindered performance. That notwithstanding, we believe these companies are likely to remain challenged, with only modest growth prospects over the next year. Within free-standing retail, negative stock selection more than countered the benefit of our underweight in the sector.
First-quarter GDP growth was revised upward to 1.4% (annualized) from an initial estimate of 0.7%, with better exports and consumer spending data. While this is still a soft number, we believe the U.S. economy is poised for acceleration this year, aided in part by improvements in employment. We believe growth has the potential to improve further if Congress is successful in passing regulatory reforms and infrastructure spending. We look for interest rates to rise moderately this year in response to faster growth and an uptick in inflation.
In general, we anticipate that the demand for commercial real estate will outstrip new supply across most sectors, driving rents and REIT cash flows in the coming months, although supply is accelerating in some areas. We see the potential for positive earnings surprises as the year unfolds, given the generally conservative guidance companies have recently provided. In light of current valuations and expected growth rates, the portfolio is positioned in favor of sectors that we believe stand to benefit most from faster growth, such as offices located in central business districts in certain markets. We also favor residential rental sectors, including apartments, single family homes, manufactured homes and student housing. Data centers’ growth prospects remain solid, in our view, with secular demand from cloud computing and the growth of e-commerce as significant tailwinds.
We remain underweight retail sectors, including shopping centers and regional malls. Our approach to retail is focused on companies with high-quality properties in desirable locations that should continue to attract tenants. We believe the health care sector is likely to remain challenged, with only modest growth prospects for the coming year.
Penn Mutual Asset Management, LLC
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
33
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/17
| | | | |
| | | Percent of
Total Investments1 | |
Apartments | | | 21.5 | % |
Office Property | | | 17.9 | % |
Diversified | | | 14.3 | % |
Healthcare | | | 6.9 | % |
Industrial | | | 6.8 | % |
Regional Malls | | | 5.9 | % |
Strip Centers | | | 5.9 | % |
Telecommunications | | | 5.7 | % |
Hotels & Resorts | | | 3.9 | % |
Storage & Warehousing | | | 3.9 | % |
Manufactured Homes | | | 3.5 | % |
Building & Real Estate | | | 1.5 | % |
Lodging | | | 1.2 | % |
Entertainment | | | 1.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
34
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund returned 10.69% for the six-month period ending June 30, 2017, compared to its benchmarks, the Russell 3000 Index’s return of 8.93% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 2.27% for the same time period.
The Aggressive Allocation Fund is comprised of a target allocation of 90% equity funds and 10% 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.
During the first half of 2017, Aggressive Allocation Fund outperformed its 90% stock/10% bond performance benchmark by 77bps.
The asset allocation of Aggressive Allocation Fund contributed negatively to its performance. During the period, the fund’s allocation to large cap value and small cap value funds underperformed the Russell 3000 Index; the allocation in emerging market and international equity market generated positive asset allocation performance.
Fund selection of Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for Penn Series International Equity Fund, Penn Series Large Growth Stock Fund and Penn Series Mid Cap Value Fund outperformed their respective benchmark by 6.96%, 5.28% and 4.87%. Penn Series Mid Core Value Fund underperformed its benchmark by 1.14%.
During the first half of 2017, Mega-Cap technology stocks have performed very well. Considering their valuation and crowded positioning, we decided to reduce the fund’s exposure to these mega-cap technology stocks at the end of the second quarter. We maintain our allocation to emerging market and international equity because of their more attractive valuation. Going forward, we will continually review the fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/17
| | | | |
International Stocks | | | 24.0 | % |
Large Cap Value Stocks | | | 19.0 | % |
Mid Cap Value Stocks | | | 13.0 | % |
Emerging Markets | | | 11.0 | % |
Large Cap Growth Stocks | | | 7.0 | % |
Small Cap Value Stocks | | | 6.0 | % |
Intermediate Bonds | | | 5.0 | % |
Small Cap Growth Stocks | | | 4.0 | % |
Mid Cap Growth Stocks | | | 3.0 | % |
Short Term Bonds | | | 3.0 | % |
Domestic REITs | | | 3.0 | % |
High Yield Bonds | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
35
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned 9.27% for the six-month period ending June 30, 2017, compared to its benchmarks, the Russell 3000 Index’s return of 8.93% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 2.27% for the same time period.
The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
During the first half of 2017, Moderately Aggressive Allocation Fund outperformed its 80% stock/20% bond benchmark by 30bps.
The asset allocation of Moderately Aggressive Allocation Fund contributed negatively to its performance. During the period, the fund’s allocation to large cap value and small cap value funds underperformed the Russell 3000 Index; the allocation in emerging market and international equity market generated positive asset allocation performance.
Fund selection of Moderately Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for Penn Series International Equity Fund, Penn Series Large Growth Stock Fund and Penn Series Mid Cap Value Fund outperformed their respective benchmark by 6.96%, 5.28% and 4.87%. Penn Series Mid Core Value Fund underperformed its benchmark by 1.14%. On Fixed income side, Quality Bond Fund outperformed its benchmark by 0.72%, Limited Maturity Bond Fund outperformed its benchmark by 0.46%.
During the first half of 2017, Mega-Cap technology stocks have performed very well. Considering their valuation and crowded positioning, we decided to reduce the fund’s exposure to these mega-cap technology stocks at the end of second quarter. We maintain our allocation to emerging market and international equity because of their more attractive valuation. Going forward, we will continually review the fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/17
| | | | |
Large Cap Value Stocks | | | 20.0 | % |
International Stocks | | | 19.0 | % |
Intermediate Bonds | | | 11.0 | % |
Mid Cap Value Stocks | | | 10.0 | % |
Large Cap Growth Stocks | | | 8.0 | % |
Emerging Markets | | | 8.0 | % |
Short Term Bonds | | | 7.0 | % |
Small Cap Value Stocks | | | 6.0 | % |
Mid Cap Growth Stocks | | | 3.0 | % |
Small Cap Growth Stocks | | | 3.0 | % |
Domestic REITs | | | 3.0 | % |
High Yield Bonds | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
36
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderate Allocation Fund
The Penn Series Moderate Allocation Fund returned 7.55% for the six-month period ending June 30, 2017, compared to its benchmarks, the Russell 3000 Index’s return of 8.93% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 2.27% for the same time period.
The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
During the first half of 2017, the Moderate Allocation Fund outperformed its 60% stock/40% bond performance benchmark by 29bps.
The asset allocation of Moderate Allocation Fund contributed negatively to its performance. During the period, the fund’s allocation to large cap value and small cap value funds underperformed the Russell 3000 Index; the allocation in emerging market and international equity market generated positive asset allocation performance.
Fund selection of Moderate Allocation Fund contributed positively to its performance. During the period, our managers for Penn Series International Equity Fund, Penn Series Large Growth Stock Fund and Penn Series Mid Cap Value Fund outperformed their respective benchmark by 6.96%, 5.28% and 4.87%. Penn Series Mid Core Value Fund underperformed its benchmark by 1.14%. On Fixed income side, Quality Bond Fund outperformed its benchmark by 0.72%; Limited Maturity Bond Fund outperformed its benchmark by 0.46%.
During the first half of 2017, Mega-Cap technology stocks have performed very well. Considering their valuation and crowded positioning, we decided to reduce the fund’s exposure to these mega-cap technology stocks at the end of second quarter. We maintain our allocation to emerging market and international equity because of their more attractive valuation. Going forward, we will continually review the fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/17
| | | | |
Intermediate Bonds | | | 27.0 | % |
International Stocks | | | 14.0 | % |
Large Cap Value Stocks | | | 13.0 | % |
Large Cap Growth Stocks | | | 10.0 | % |
Short Term Bonds | | | 9.0 | % |
Mid Cap Value Stocks | | | 7.0 | % |
Emerging Markets | | | 5.0 | % |
High Yield Bonds | | | 5.0 | % |
Small Cap Value Stocks | | | 3.0 | % |
Mid Cap Growth Stocks | | | 3.0 | % |
Small Cap Growth Stocks | | | 2.0 | % |
Domestic REITs | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
37
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned 5.55% for the six-month period ending June 30, 2017, compared to its benchmarks, the Russell 3000 Index’s return of 8.93% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 2.27% for the same time period.
The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds and 60% fixed income funds. The equity allocation of the Fund is 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.
During the first half of 2017, the Moderately Conservative Allocation Fund underperformed its 40% stock/60% bond performance benchmark by 3bps.
The asset allocation of Moderately Conservative Allocation Fund contributed negatively to its performance. During the period, the fund’s allocation to large cap value and small cap value funds underperformed the Russell 3000 Index; the allocation in emerging market and international equity market generated positive asset allocation performance. On fixed income side, allocation to short-term bond fund contributed negatively to the performance.
Fund selection of Moderately Conservative Allocation Fund contributed positively to its performance. During the period, our managers for Penn Series International Equity Fund, Penn Series Large Growth Stock Fund and Penn Series Mid Cap Value Fund outperformed their respective benchmark by 6.96%, 5.28% and 4.87%. Penn Series Mid Core Value Fund underperformed its benchmark by 1.14%. On Fixed income side, Quality Bond Fund outperformed its benchmark by 0.72%; Limited Maturity Bond Fund outperformed its benchmark by 0.46%.
During the first half of 2017, Mega-Cap technology stocks have performed very well. Considering their valuation and crowded positioning, we decided to reduce the fund’s exposure to these mega-cap technology stocks at the end of second quarter. We maintain our allocation to emerging market and international equity because of their more attractive valuation. Going forward, we will continually
review the fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/17
| | | | |
Intermediate Bonds | | | 36.0 | % |
Short Term Bonds | | | 20.0 | % |
Large Cap Value Stocks | | | 13.0 | % |
International Stocks | | | 9.0 | % |
Large Cap Growth Stocks | | | 5.0 | % |
High Yield Bonds | | | 4.0 | % |
Mid Cap Value Stocks | | | 4.0 | % |
Emerging Markets | | | 3.0 | % |
Small Cap Value Stocks | | | 3.0 | % |
Domestic REITs | | | 2.0 | % |
Small Cap Growth Stocks | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
38
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Conservative Allocation Fund
The Penn Series Conservative Allocation Fund returned 3.75% for the six-month period ending June 30, 2017, compared to its benchmarks, the Russell 3000 Index’s return of 8.93% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 2.27% for the same time period.
The Conservative Allocation Fund is comprised of a target allocation of 20% equity funds and 80% 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.
During the first half of 2017, the Conservative Allocation Fund underperformed its 20% stock/80% bond performance benchmark by 17bps.
The asset allocation of Conservative Allocation Fund contributed negatively to its performance. During the period, the fund’s allocation to large cap value and small cap value funds underperformed the Russell 3000 Index; the allocation in emerging market and international equity market generated positive asset allocation performance. On fixed income side, allocation to short-term bond fund contributed negatively to the performance.
Fund selection of Conservative Allocation Fund contributed positively to its performance. During the period, our managers for Penn Series International Equity Fund outperformed their respective benchmark by 6.96%. On Fixed income side, Quality Bond Fund outperformed its benchmark by 0.72%; Limited Maturity Bond Fund outperformed its benchmark by 0.46%.
During the first half of 2017, Mega-Cap technology stocks have performed very well. Considering their valuation and crowded positioning, we decided to reduce the fund’s exposure to these mega-cap technology stocks at the end of second quarter. We maintain our allocation to emerging market and international equity because of their more attractive valuation. Going forward, we will continually review the fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/17
| | | | |
Intermediate Bonds | | | 46.0 | % |
Short Term Bonds | | | 30.0 | % |
Large Cap Value Stocks | | | 9.0 | % |
High Yield Bonds | | | 4.0 | % |
International Stocks | | | 4.0 | % |
Large Cap Growth Stocks | | | 3.0 | % |
Mid Cap Value Stocks | | | 2.0 | % |
Domestic REITs | | | 1.0 | % |
Emerging Markets | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
39
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, 2017 and held through June 30, 2017. 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 and will be different from the expense ratio in the Financial Highlights which is for the six month period ended June 30, 2017.
Disclosure of Fund Expenses
For the Period January 1, 2017 to June 30, 2017
Expense Table
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2017 | | | Ending
Value
June 30,
2017 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Money Market Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,000.06 | | | | 0.67% | | | | $3.34 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.40 | | | | 0.67% | | | | $3.39 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,011.77 | | | | 0.70% | | | | $3.47 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.29 | | | | 0.70% | | | | $3.50 | |
40
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2017 | | | Ending
Value
June 30,
2017 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,029.94 | | | | 0.66% | | | | $3.31 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.49 | | | | 0.66% | | | | $3.30 | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,044.83 | | | | 0.86% | | | | $4.35 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.48 | | | | 0.86% | | | | $4.31 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,089.48 | | | | 0.89% | | | | $4.59 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.34 | | | | 0.89% | | | | $4.45 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,065.91 | | | | 0.19% | | | | $0.95 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.86 | | | | 0.19% | | | | $0.93 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,192.77 | | | | 0.95% | | | | $5.19 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.00 | | | | 0.95% | | | | $4.79 | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,151.41 | | | | 0.88% | | | | $4.71 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.35 | | | | 0.88% | | | | $4.44 | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,166.06 | | | | 0.85% | | | | $4.56 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.52 | | | | 0.85% | | | | $4.27 | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,065.35 | | | | 0.89% | | | | $4.58 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.30 | | | | 0.89% | | | | $4.49 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,042.65 | | | | 0.90% | | | | $4.55 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.28 | | | | 0.90% | | | | $4.51 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,092.23 | | | | 0.35% | | | | $1.84 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.01 | | | | 0.35% | | | | $1.78 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,128.68 | | | | 0.95% | | | | $5.02 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.01 | | | | 0.95% | | | | $4.78 | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,100.48 | | | | 0.78% | | | | $4.06 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.87 | | | | 0.78% | | | | $3.92 | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,040.34 | | | | 1.02% | | | | $5.16 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.67 | | | | 1.02% | | | | $5.12 | |
| SMID Cap Growth Fund | | | | �� | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,150.39 | | | | 1.05% | | | | $5.58 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.54 | | | | 1.05% | | | | $5.25 | |
41
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2017 | | | Ending
Value
June 30,
2017 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,012.96 | | | | 1.20% | | | | $6.01 | |
| Hypothetical | | | $1,000.00 | | | | $1,018.74 | | | | 1.20% | | | | $6.05 | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,134.17 | | | | 1.01% | | | | $5.33 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.73 | | | | 1.01% | | | | $5.06 | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,018.75 | | | | 0.96% | | | | $4.81 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.97 | | | | 0.96% | | | | $4.82 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,046.79 | | | | 0.64% | | | | $3.27 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.56 | | | | 0.64% | | | | $3.23 | |
| Developed International Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $2,285.48 | | | | 0.78% | | | | $6.36 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.87 | | | | 0.78% | | | | $3.92 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,214.10 | | | | 1.12% | | | | $6.15 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.17 | | | | 1.12% | | | | $5.62 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,197.65 | | | | 1.60% | | | | $8.74 | |
| Hypothetical | | | $1,000.00 | | | | $1,016.73 | | | | 1.60% | | | | $8.06 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,042.02 | | | | 0.95% | | | | $4.80 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.03 | | | | 0.95% | | | | $4.76 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,106.94 | | | | 0.31% | | | | $1.62 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.24 | | | | 0.31% | | | | $1.55 | |
| Moderately Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,092.71 | | | | 0.29% | | | | $1.52 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.32 | | | | 0.29% | | | | $1.47 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,075.52 | | | | 0.29% | | | | $1.50 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.33 | | | | 0.29% | | | | $1.46 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,055.48 | | | | 0.30% | | | | $1.54 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.28 | | | | 0.30% | | | | $1.51 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,037.51 | | | | 0.32% | | | | $1.60 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.20 | | | | 0.32% | | | | $1.59 | |
| * | 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 (181), then divided by 365. |
42
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATION — 60.1% | | | | | | | | |
Federal Farm Credit Banks | |
0.850%, 07/28/17 | | $ | 3,175 | | | $ | 3,174,923 | |
0.830%, 09/21/17 | | | 1,000 | | | | 1,000,234 | |
1.000%, 09/25/17 | | | 1,454 | | | | 1,454,340 | |
5.050%, 11/06/17 | | | 1,000 | | | | 1,014,067 | |
1.125%, 12/18/17 | | | 2,000 | | | | 2,002,645 | |
Federal Home Loan Banks | |
0.700%, 07/27/17 | | | 1,085 | | | | 1,084,866 | |
0.750%, 08/28/17 | | | 1,000 | | | | 999,583 | |
1.116%, 09/05/17• | | | 1,885 | | | | 1,885,343 | |
1.200%, 09/07/17• | | | 2,000 | | | | 2,000,846 | |
0.840%, 09/08/17 | | | 2,000 | | | | 1,999,138 | |
1.063%, 10/16/17 | | | 6,000 | | | | 5,981,097 | |
Federal Home Loan Mortgage Corp. | |
1.000%, 07/28/17 | | | 2,000 | | | | 2,000,177 | |
5.500%, 08/23/17 | | | 3,000 | | | | 3,019,196 | |
1.000%, 09/29/17 | | | 8,000 | | | | 7,998,497 | |
1.167%, 11/13/17• | | | 4,725 | | | | 4,727,725 | |
Federal National Mortgage Association | |
1.232%, 07/20/17• | | | 1,500 | | | | 1,500,139 | |
0.875%, 08/28/17 | | | 3,447 | | | | 3,446,848 | |
1.050%, 09/05/17 | | | 1,000 | | | | 1,000,039 | |
0.950%, 09/19/17 | | | 1,500 | | | | 1,500,834 | |
1.000%, 09/27/17 | | | 2,329 | | | | 2,329,181 | |
2.500%, 09/29/17 | | | 1,160 | | | | 1,164,772 | |
Tennessee Valley Authority
5.500%, 07/18/17 | | | 8,000 | | | | 8,017,987 | |
| | | | | | | | |
Total AGENCY OBLIGATION
(Cost $59,302,477) | | | | | | | 59,302,477 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 33.9% | |
U.S. Treasury Note | | | | | | | | |
0.875%, 07/15/17 | | | 2,000 | | | | 2,000,055 | |
0.500%, 07/31/17 | | | 8,000 | | | | 7,997,876 | |
0.625%, 07/31/17 | | | 2,000 | | | | 1,999,492 | |
1.080%, 07/31/17• | | | 9,000 | | | | 9,000,412 | |
0.875%, 08/15/17 | | | 3,500 | | | | 3,499,860 | |
0.625%, 08/31/17 | | | 1,000 | | | | 999,411 | |
1.875%, 08/31/17 | | | 2,000 | | | | 2,003,133 | |
0.875%, 10/15/17 | | | 3,000 | | | | 2,998,375 | |
1.171%, 10/31/17• | | | 3,000 | | | | 3,001,691 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $33,500,305) | | | | 33,500,305 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 5.2% | |
Goldman Sachs Financial Square Funds - Government Fund
(Cost $5,171,133) | | | 5,171,133 | | | $ | 5,171,133 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.2%
(Cost $97,973,915) | | | $ | 97,973,915 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.8% | | | | | | | 755,629 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 98,729,544 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| | | | | | | | | | | | |
Maturity
Schedule (days) | | Market
Value | | | Percentage of
Portfolio | | | Cumulative | |
1 to 7 | | $ | 19,058,579 | | | | 19.5 | % | | | 19.5 | % |
8 to 14 | | | 4,727,725 | | | | 4.8 | % | | | 24.3 | % |
15 to 30 | | | 17,778,148 | | | | 18.1 | % | | | 42.4 | % |
31 to 60 | | | 20,962,855 | | | | 21.4 | % | | | 63.8 | % |
61 to 90 | | | 14,287,156 | | | | 14.6 | % | | | 78.4 | % |
91 to 120 | | | 18,142,740 | | | | 18.5 | % | | | 96.9 | % |
121 to 150 | | | 1,014,067 | | | | 1.1 | % | | | 98.0 | % |
150+ | | | 2,002,645 | | | | 2.0 | % | | | 100.00 | % |
| | | | | |
| | | |
Total Per Trial Balance | | $ | 97,973,915 | | | | 100.00 | % | | | | |
| | | | | | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S. TREASURY OBLIGATIONS | | $ | 33,500,305 | | | $ | — | | | $ | 33,500,305 | | | $ | — | |
AGENCY OBLIGATION | | | 59,302,477 | | | | — | | | | 59,302,477 | | | | — | |
SHORT-TERM INVESTMENTS | | | 5,171,133 | | | | 5,171,133 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 97,973,915 | | | $ | 5,171,133 | | | $ | 92,802,782 | | | $ | — | |
| |
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.
43
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| ASSET BACKED SECURITIES — 22.2% | |
Ally Auto Receivables Trust 2014-2
2.100%, 03/16/20 | | $ | 1,000 | | | $ | 1,004,599 | |
Ally Master Owner Trust 2012-5
1.540%, 09/15/19 | | | 1,000 | | | | 1,000,196 | |
AmeriCredit Automobile Receivables Trust 2013-5
2.290%, 11/08/19 | | | 907 | | | | 909,054 | |
Black Diamond CLO Luxembourg S.A. 2006-1A Class D
2.520%, 04/29/19 144A @,• | | | 2,271 | | | | 2,271,252 | |
BlueMountain CLO 2012-1 Ltd. 1A
2.476%, 07/20/23 144A @,• | | | 929 | | | | 929,240 | |
Brentwood CLO Corp. 2006-1A
1.990%, 02/01/22 144A @,• | | | 2,000 | | | | 1,989,840 | |
Chrysler Capital Auto Receivables Trust 2013-BA
2.240%, 09/16/19 144A @ | | | 1,705 | | | | 1,710,444 | |
Chrysler Capital Auto Receivables Trust 2014-B BA
1.760%, 12/16/19 144A @ | | | 2,500 | | | | 2,500,487 | |
Consumers Securitization Funding LLC 2014-A
1.334%, 11/01/20 | | | 1,241 | | | | 1,231,394 | |
Entergy Arkansas Restoration Funding LLC
2.300%, 08/01/21 | | | 970 | | | | 974,424 | |
Equity One Mortgage Pass-Through Trust 2004-1
4.145%, 04/25/34• | | | 2 | | | | 2,423 | |
Ford Credit Auto Owner Trust 2013-D
1.540%, 03/15/19 | | | 2,780 | | | | 2,780,216 | |
Ford Credit Auto Owner Trust 2014-A
1.710%, 05/15/19 | | | 1,450 | | | | 1,451,402 | |
Golden Credit Card Trust 2012-4A
1.390%, 07/15/19 144A @ | | | 2,000 | | | | 2,000,003 | |
Grayson CLO Ltd. 1A
1.870%, 11/01/21 144A @,• | | | 2,000 | | | | 1,981,792 | |
Greenbriar CLO Ltd. 1A
2.920%, 11/01/21 144A @,• | | | 3,367 | | | | 3,367,846 | |
Honda Auto Receivables Owner Trust
0.770%, 03/19/18 2014-2 | | | 30 | | | | 30,373 | |
1.460%, 10/15/20 2014-4 | | | 2,500 | | | | 2,499,638 | |
Limerock CLO III LLC 2014-3A
2.356%, 10/20/26 144A @,• | | | 1,695 | | | | 1,695,988 | |
Rockwall CDO II Ltd. 2007-1A
1.870%, 08/01/24 144A @,• | | | 2,065 | | | | 2,051,425 | |
Santander Drive Auto Receivables Trust 2013-2
1.950%, 03/15/19 | | | 177 | | | | 177,320 | |
SLM Student Loan Trust 2005-10
1.426%, 10/26/26• | | | 2,438 | | | | 2,384,703 | |
SMB Private Education Loan Trust 2015-C
3.109%, 08/16/32 144A @,• | | | 2,405 | | | | 2,522,817 | |
Sound Point CLO VI Ltd. 2014-2A
2.296%, 10/20/26 144A @,• | | | 2,500 | | | | 2,499,987 | |
Susquehanna Auto Receivables Trust 2014-1 1A
1.430%, 08/15/19 144A @ | | | 1,015 | | | | 1,014,444 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
Toyota Auto Receivables 2016-C
1.000%, 01/15/19 | | $ | 1,438 | | | $ | 1,436,738 | |
Westchester CLO Ltd. 2007-1A B
1.610%, 08/01/22 144A @,• | | | 2,500 | | | | 2,483,112 | |
World Financial Network Credit Card Master Trust 2012-B
1.760%, 05/17/21 | | | 2,032 | | | | 2,032,165 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $46,549,010) | | | | 46,933,322 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 12.9% | |
BAMLL Commercial Mortgage Securities Trust 2013-DSNY, Class B
2.490%, 09/15/26 144A @,• | | | 1,000 | | | | 1,001,408 | |
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17
1.679%, 06/11/50 144A @,• | | | 2,000 | | | | 2,000,136 | |
Chicago Skyscraper Trust 2017 SKY SKY
2.259%, 02/15/30 144A @,• | | | 1,000 | | | | 1,001,872 | |
Freddie Mac Multifamily Structured Pass Through Certificates K019 Class X1
1.824%, 03/25/22• | | | 28,853 | | | | 1,883,609 | |
FREMF Mortgage Trust Series 2010-K6 Class B
5.542%, 12/25/46 144A @,• | | | 3,000 | | | | 3,212,707 | |
FREMF Mortgage Trust Series 2011-K7 2010
5.685%, 04/25/20 144A @,• | | | 1,200 | | | | 1,295,544 | |
FREMF Mortgage Trust Series 2011-K702 Class B
4.931%, 04/25/44 144A @,• | | | 2,275 | | | | 2,311,520 | |
FREMF Mortgage Trust Series 2012144A @,•
3.883%, 02/25/45 K708 Class C | | | 2,000 | | | | 2,030,330 | |
3.944%, 06/25/47 K710 Class C | | | 2,110 | | | | 2,134,955 | |
FREMF Mortgage Trust Series 2013-KF02 Class C
4.995%, 12/25/45 144A @,• | | | 399 | | | | 405,785 | |
Government National Mortgage Association 2011
3.200%, 11/16/44 | | | 1,008 | | | | 1,012,851 | |
GS Mortgage Securities Trust 2010-C1 C1
5.148%, 08/10/43 144A @ | | | 2,000 | | | | 2,125,568 | |
GS Mortgage Securities Trust 2013-NYC5 Class G
3.771%, 01/10/30 144A @,• | | | 2,000 | | | | 2,009,593 | |
GSCCRE Commercial Mortgage Trust 2015-HULA Class B
3.427%, 08/15/32 144A @,• | | | 2,000 | | | | 2,006,227 | |
WFRBS Commercial Mortgage Trust 2012-C7 Class XA
1.614%, 06/15/45 144A @,• | | | 51,966 | | | | 2,857,523 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $27,842,241) | | | | 27,289,628 | |
| | | | | | | | |
44
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 54.6% | |
| Airlines — 10.2% | |
American Airlines 2013-1 Class C Pass Through Trust
6.125%, 07/15/18 144A @ | | $ | 2,004 | | | $ | 2,069,130 | |
Continental Airlines 1999-1 Class A, Pass Through Trust
6.545%, 08/02/20 | | | 510 | | | | 531,200 | |
Continental Airlines 1999-2 Pass Through Trust
7.256%, 09/15/21 | | | 1,631 | | | | 1,737,542 | |
Continental Airlines 2000-2 Pass Through Trust
7.707%, 10/02/22 | | | 376 | | | | 405,762 | |
Continental Airlines 2012-1 Class B Pass Through Trust
6.250%, 04/11/21 | | | 1,516 | | | | 1,603,384 | |
Continental Airlines 2012-3 Class C Pass Through Trust
6.125%, 04/29/18 | | | 1,500 | | | | 1,537,500 | |
Delta Air Lines 2007-1 Class B Pass Through Trust
8.021%, 02/10/24 | | | 1,165 | | | | 1,322,265 | |
Delta Air Lines 2010-1 Class A Pass Through Trust
6.200%, 01/02/20 | | | 1,090 | | | | 1,131,865 | |
Delta Air Lines 2012-1 Class B Pass Through Trust
6.875%, 05/07/19 144A @ | | | 2,086 | | | | 2,216,261 | |
Delta Air Lines, Inc.
2.875%, 03/13/20 | | | 2,000 | | | | 2,026,151 | |
Northwest Airlines 2007-1 Class A Pass Through Trust
7.027%, 05/01/21 | | | 2,485 | | | | 2,752,638 | |
Northwest Airlines 2007-1 Class B Pass-Through Trust
8.028%, 05/01/19 | | | 1,824 | | | | 1,856,136 | |
US Airways 2012-1 Class B Pass Through Trust
8.000%, 04/01/21 | | | 2,151 | | | | 2,320,071 | |
| | | | | | | | |
| | | | | | | 21,509,905 | |
| | | | | | | | |
| Auto Manufacturers — 1.0% | |
American Honda Finance Corp.
1.550%, 12/11/17 | | | 2,000 | | | | 2,001,038 | |
| | | | | | | | |
| Banks — 3.8% | |
Bank of America Corp.
2.006%, 09/15/26• | | | 1,040 | | | | 965,977 | |
JPMorgan Chase & Co.
2.000%, 08/15/17 | | | 2,000 | | | | 2,001,428 | |
JPMorgan Chase Bank NA
1.450%, 09/21/18 | | | 1,000 | | | | 997,633 | |
State Street Corp.
4.956%, 03/15/18 | | | 3,000 | | | | 3,066,279 | |
Wells Fargo Bank NA
6.000%, 11/15/17 | | | 1,000 | | | | 1,015,822 | |
| | | | | | | | |
| | | | | | | 8,047,139 | |
| | | | | | | | |
| Beverages — 1.4% | |
Anheuser-Busch InBev Worldwide, Inc.
1.860%, 08/01/18• | | | 900 | | | | 907,147 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Beverages — (continued) | |
Molson Coors Brewing Co.
2.250%, 03/15/20 144A @ | | $ | 2,000 | | | $ | 2,000,030 | |
| | | | | | | | |
| | | | | | | 2,907,177 | |
| | | | | | | | |
| Building Materials — 1.0% | |
Martin Marietta Materials, Inc.
1.822%, 05/22/20• | | | 2,000 | | | | 2,005,574 | |
| | | | | | | | |
| Chemicals — 2.2% | |
CF Industries, Inc.
6.875%, 05/01/18 | | | 2,000 | | | | 2,077,500 | |
Methanex Corp.
3.250%, 12/15/19 | | | 453 | | | | 455,377 | |
Sherwin-Williams Co.
2.250%, 05/15/20 | | | 2,000 | | | | 2,004,474 | |
| | | | | | | | |
| | | | | | | 4,537,351 | |
| | | | | | | | |
| Computers — 0.9% | |
EMC Corp.
1.875%, 06/01/18 | | | 2,000 | | | | 1,988,780 | |
| | | | | | | | |
| Diversified Financial Services — 3.3% | |
Air Lease Corp.
2.625%, 09/04/18 | | | 2,000 | | | | 2,014,856 | |
Ally Financial, Inc.
3.600%, 05/21/18 | | | 1,000 | | | | 1,011,250 | |
3.250%, 11/05/18 | | | 1,000 | | | | 1,012,200 | |
Ford Motor Credit Co. LLC
1.724%, 12/06/17 | | | 2,000 | | | | 2,000,140 | |
Visa, Inc.
1.200%, 12/14/17 | | | 1,000 | | | | 999,497 | |
| | | | | | | | |
| | | | | | | 7,037,943 | |
| | | | | | | | |
| Electric — 2.2% | |
Fortive Corp.
1.800%, 06/15/19 | | | 1,500 | | | | 1,489,248 | |
Great Plains Energy, Inc.
2.500%, 03/09/20 | | | 2,000 | | | | 2,018,664 | |
San Diego Gas & Electric Co.
1.914%, 02/01/22 | | | 1,146 | | | | 1,133,913 | |
| | | | | | | | |
| | | | | | | 4,641,825 | |
| | | | | | | | |
| Food — 2.4% | |
McDonald’s Corp.
5.800%, 10/15/17 | | | 1,500 | | | | 1,516,834 | |
Mondelez International Holdings Netherlands BV
1.625%, 10/28/19 144A @ | | | 1,500 | | | | 1,485,908 | |
Smithfield Foods, Inc.
2.700%, 01/31/20 144A @ | | | 2,000 | | | | 2,010,545 | |
| | | | | | | | |
| | | | | | | 5,013,287 | |
| | | | | | | | |
| Healthcare Products — 0.5% | |
Stryker Corp.
2.000%, 03/08/19 | | | 1,000 | | | | 1,002,760 | |
| | | | | | | | |
45
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Healthcare Services — 5.5% | |
Abbott Laboratories
2.350%, 11/22/19 | | $ | 2,000 | | | $ | 2,015,036 | |
Aetna Inc.
1.700%, 06/07/18 | | | 1,500 | | | | 1,500,580 | |
Becton Dickinson and Co.
2.404%, 06/05/20 | | | 2,000 | | | | 2,003,230 | |
Fresenius Medical Care US Finance, Inc.
6.875%, 07/15/17 | | | 1,000 | | | | 1,001,600 | |
HCA, Inc.
3.750%, 03/15/19 | | | 3,000 | | | | 3,060,000 | |
Zimmer Biomet Holdings, Inc.
2.000%, 04/01/18 | | | 2,000 | | | | 2,003,622 | |
| | | | | | | | |
| | | | | | | 11,584,068 | |
| | | | | | | | |
| Housewares — 1.1% | |
Newell Brands, Inc.
5.000%, 11/15/23 | | | 2,250 | | | | 2,407,671 | |
| | | | | | | | |
| Internet — 0.5% | |
eBay Inc.
2.500%, 03/09/18 | | | 1,000 | | | | 1,005,776 | |
| | | | | | | | |
| Iron & Steel — 0.5% | |
Vale Overseas Ltd.
5.625%, 09/15/19 | | | 1,000 | | | | 1,055,000 | |
| | | | | | | | |
| Machinery — Diversified — 1.4% | |
Stanley Black & Decker, Inc.
1.622%, 11/17/18 | | | 2,000 | | | | 1,995,102 | |
2.451%, 11/17/18 | | | 1,000 | | | | 1,009,738 | |
| | | | | | | | |
| | | | | | | 3,004,840 | |
| | | | | | | | |
| Media — 1.5% | |
Historic TW, Inc.
6.875%, 06/15/18 | | | 2,000 | | | | 2,094,236 | |
Time Warner Cos, Inc.
7.250%, 10/15/17 | | | 1,117 | | | | 1,134,297 | |
| | | | | | | | |
| | | | | | | 3,228,533 | |
| | | | | | | | |
| Oil & Gas — 1.9% | |
Chevron Corp.
1.345%, 11/15/17 | | | 2,000 | | | | 2,000,216 | |
Murphy Oil Corp.
3.500%, 12/01/17 | | | 1,000 | | | | 1,001,140 | |
Statoil ASA
3.125%, 08/17/17 | | | 1,000 | | | | 1,001,813 | |
| | | | | | | | |
| | | | | | | 4,003,169 | |
| | | | | | | | |
| Oil & Gas Services — 1.0% | |
Schlumberger Holdings Corp.
2.350%, 12/21/18 144A @ | | | 2,000 | | | | 2,011,868 | |
| | | | | | | | |
| Pharmaceuticals — 0.9% | |
Shire Acquisitions Investments Ireland DAC
1.900%, 09/23/19 | | | 2,000 | | | | 1,990,714 | |
| | | | | | | | |
| Pipelines — 3.9% | |
Midcontinent Express Pipeline LLC
6.700%, 09/15/19 144A @ | | | 1,500 | | | | 1,605,000 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Pipelines — (continued) | |
NuStar Logistics LP
8.150%, 04/15/18 | | $ | 1,500 | | | $ | 1,567,500 | |
Rockies Express Pipeline LLC144A @
6.850%, 07/15/18 | | | 950 | | | | 989,187 | |
6.000%, 01/15/19 | | | 2,000 | | | | 2,085,000 | |
Targa Resources Partners LP
5.000%, 01/15/18 | | | 1,000 | | | | 1,006,250 | |
Williams Partners LP/ACMP Finance Corp.
4.875%, 05/15/23 | | | 1,000 | | | | 1,037,620 | |
| | | | | | | | |
| | | | | | | 8,290,557 | |
| | | | | | | | |
| Retail — 0.7% | |
QVC, Inc.
3.125%, 04/01/19 | | | 1,500 | | | | 1,516,622 | |
| | | | | | | | |
| Semiconductors — 1.9% | |
NXP BV/NXP Funding LLC144A @
3.750%, 06/01/18 | | | 1,000 | | | | 1,015,000 | |
5.750%, 03/15/23 | | | 1,000 | | | | 1,052,500 | |
QUALCOMM, Inc.
1.648%, 05/20/20• | | | 2,000 | | | | 2,009,024 | |
| | | | | | | | |
| | | | | | | 4,076,524 | |
| | | | | | | | |
| Software — 1.2% | |
Activision Blizzard, Inc.
2.300%, 09/15/21 | | | 1,000 | | | | 993,484 | |
CDK Global, Inc.
3.800%, 10/15/19 | | | 1,500 | | | | 1,545,000 | |
| | | | | | | | |
| | | | | | | 2,538,484 | |
| | | | | | | | |
| Telecommunications — 2.2% | |
Crown Castle Towers LLC
6.113%, 01/15/40 144A @ | | | 1,867 | | | | 2,007,197 | |
Sprint Communications, Inc.
9.000%, 11/15/18 144A @ | | | 556 | | | | 603,432 | |
Sprint Spectrum Co. LLC
3.360%, 03/20/23 144A @ | | | 2,000 | | | | 2,017,500 | |
| | | | | | | | |
| | | | | | | 4,628,129 | |
| | | | | | | | |
| Transportation — 0.8% | |
Canadian National Railway Co.
5.850%, 11/15/17 | | | 1,700 | | | | 1,726,343 | |
| | | | | | | | |
| Trucking and Leasing — 0.7% | |
Aviation Capital Group Corp.
2.875%, 09/17/18 144A @ | | | 1,500 | | | | 1,514,439 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $114,898,584) | | | | | | | 115,275,516 | |
| | | | | | | | |
| MUNICIPAL BOND — 1.1% | |
State of California, Los Angeles Department of Water & Power Power System Revenue
6.166%, 07/01/40
(Cost $2,221,840) | | | 2,000 | | | | 2,217,680 | |
| | | | | | | | |
46
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 0.0% | |
| Fannie Mae Pool — 0.0% | |
Fannie Mae Pool
4.000%, 06/01/20
(Cost $67,179) | | $ | 67 | | | $ | 69,082 | |
| | | | | | | | |
| U.S TREASURY OBLIGATION — 7.0% | |
U.S. Treasury Note
1.000%, 02/15/18 | | | 1,750 | | | | 1,747,543 | |
1.000%, 03/15/18 | | | 1,250 | | | | 1,247,900 | |
1.250%, 12/15/18 | | | 3,000 | | | | 2,995,548 | |
0.875%, 04/15/19 | | | 1,500 | | | | 1,486,875 | |
1.625%, 12/31/19 | | | 2,000 | | | | 2,007,500 | |
0.125%, 04/15/21 | | | 2,579 | | | | 2,575,372 | |
United States Treasury Inflation Indexed Bond.
0.125%, 04/15/20 | | | 2,610 | | | | 2,614,442 | |
| | | | | | | | |
Total U.S TREASURY OBLIGATION
(Cost $14,793,972) | | | | 14,675,180 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.2% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $308,743) | | | 308,743 | | | | 308,743 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.0%
(Cost $206,681,569) | | | | | | | 206,769,151 | |
| | | | | | | | |
| Other Assets & Liabilities — 2.0% | | | | | | | 4,305,391 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 211,074,542 | |
| | | | | | | | |
| † | 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. |
CDO — Collateralized Debt Obligation.
CLO — Collateralized Loan Obligation.
LLC — Limited Liability Company.
LP — Limited Partnership.
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 89 | % |
Cayman Islands | | | 5 | |
Canada | | | 2 | |
Ireland | | | 1 | |
Luxembourg | | | 1 | |
Netherlands | | | 1 | |
Norway | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S TREASURY OBLIGATION | | $ | 14,675,180 | | | $ | — | | | $ | 14,675,180 | | | $ | — | |
ASSET BACKED SECURITIES | | | 46,933,322 | | | | — | | | | 46,933,322 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 27,289,628 | | | | — | | | | 27,289,628 | | | | — | |
CORPORATE BONDS | | | 115,275,516 | | | | — | | | | 115,275,516 | | | | — | |
MUNICIPAL BONDS | | | 2,217,680 | | | | — | | | | 2,217,680 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 69,082 | | | | — | | | | 69,082 | | | | — | |
SHORT-TERM INVESTMENTS | | | 308,743 | | | | 308,743 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 206,769,151 | | | $ | 308,743 | | | $ | 206,460,408 | | | $ | — | |
| |
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.
47
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATIONS — 2.9% | | | | | | | | |
| Federal Home Loan Bank Bonds — 1.5% | |
Federal Home Loan Banks
2.750%, 07/11/31 | | $ | 8,000 | | | $ | 7,663,816 | |
| | | | | | | | |
| Government National Mortgage Association — 1.4% | |
Government National Mortgage Association
3.443%, 12/16/52• | | | 5,000 | | | | 5,063,498 | |
Government National Mortgage Association
4.650%, 10/16/45• | | | 2,000 | | | | 2,114,358 | |
| | | | | | | | |
| | | | | | | 7,177,856 | |
| | | | | | | | |
Total AGENCY OBLIGATIONS
(Cost $14,774,169) | | | | | | | 14,841,672 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 10.4% | |
Brentwood CLO Corp. 2006-1A
1.990%, 02/01/22 144A @,• | | | 4,000 | | | | 3,979,680 | |
Chrysler Capital Auto Receivables Trust 2014-BA
2.700%, 05/15/20 144A @ | | | 3,000 | | | | 3,025,127 | |
Cole Park CLO Ltd. 2015-1A
3.130%, 10/20/28 144A @ | | | 2,993 | | | | 2,989,169 | |
Ford Credit Auto Owner Trust 2013-D
1.540%, 03/15/19 | | | 6,800 | | | | 6,800,528 | |
KeyCorp Student Loan Trust 2006-A
1.603%, 09/27/35• | | | 2,477 | | | | 2,463,614 | |
Rockwall CDO II Ltd. 2007-1A
1.870%, 08/01/24 144A @,• | | | 4,000 | | | | 3,973,704 | |
SLM Student Loan Trust•
1.426%, 10/26/26 2005-10 | | | 5,000 | | | | 4,890,694 | |
2.216%, 04/27/43 2012-6 | | | 7,205 | | | | 6,579,716 | |
SMB Private Education Loan Trust 2015-C
3.109%, 08/16/32 144A @,• | | | 5,000 | | | | 5,244,941 | |
Sound Point CLO VI Ltd. 2014-2A
2.296%, 10/20/26 144A @,• | | | 5,000 | | | | 4,999,975 | |
Stratford CLO Ltd. 2007
3.170%, 11/01/21 144A @,• | | | 3,500 | | | | 3,497,505 | |
Westchester CLO Ltd. 2007-1A B
1.610%, 08/01/22 144A @,• | | | 4,500 | | | | 4,469,603 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $52,438,311) | | | | | | | 52,914,256 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 18.3% | |
CFCRE Commercial Mortgage Trust 2011-C1
4.961%, 04/01/44 144A @,• | | | 1,000 | | | | 1,068,241 | |
FHLMC Multifamily Structured Pass-Through Certificates
3.062%, 12/01/24 Series K058 Class A2 | | | 5,636 | | | | 5,807,172 | |
3.010%, 07/25/25 Series K049 Class A2 | | | 5,405 | | | | 5,531,723 | |
2.653%, 08/25/26 Series K058 Class A2 | | | 5,000 | | | | 4,929,607 | |
Freddie Mac Multifamily Structured Pass Through Certificates
1.824%, 03/01/22 K019 Class X1• | | | 52,053 | | | | 3,398,186 | |
2.811%, 01/01/25 K044 Class A2 | | | 5,000 | | | | 5,063,692 | |
FREMF Mortgage Trust Series 2010-K6 Class B
5.542%, 12/25/46 144A @,• | | | 7,795 | | | | 8,347,685 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | |
FREMF Mortgage Trust Series 2012 K710 Class C
3.944%, 06/01/47 144A @,• | | $ | 5,175 | | | $ | 5,236,206 | |
FREMF Mortgage Trust Series 2012-K19 Class C
4.172%, 05/25/45 144A @,• | | | 4,500 | | | | 4,635,051 | |
FREMF Mortgage Trust Series 2012-K20 Class C
4.005%, 05/01/45 144A @,• | | | 6,000 | | | | 6,080,006 | |
FREMF Mortgage Trust Series 2012-K23 Class C
3.782%, 10/01/45 144A @,• | | | 5,000 | | | | 5,027,361 | |
FREMF Mortgage Trust Series 2012-K707 Class B
4.019%, 01/01/47 144A @,• | | | 8,272 | | | | 8,454,632 | |
FREMF Mortgage Trust Series 2012-K711 Class C
3.684%, 08/01/45 144A @,• | | | 6,000 | | | | 6,069,005 | |
FREMF Mortgage Trust Series 2013-K27 Class C
3.617%, 01/01/46 144A @,• | | | 5,000 | | | | 4,956,436 | |
FREMF Mortgage Trust Series 2013-K28 Class C
3.610%, 06/01/46 144A @,• | | | 4,751 | | | | 4,704,930 | |
FREMF Mortgage Trust Series 2013-KF02 Class C
4.995%, 12/25/45 144A @,• | | | 399 | | | | 405,785 | |
FREMF Mortgage Trust Series 2014-K41 Class B
3.962%, 11/01/47 144A @,• | | | 5,000 | | | | 5,096,198 | |
FREMF Mortgage Trust Series 2014-K503 Class B
3.072%, 10/01/47 144A @,• | | | 5,000 | | | | 5,062,207 | |
GS Mortgage Securities Trust 2013-NYC5 Class G
3.771%, 01/01/30 144A @,• | | | 2,000 | | | | 2,009,593 | |
Hilton USA Trust 2014-ORL Class B
2.359%, 07/15/29 144A @,• | | | 1,500 | | | | 1,485,066 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $93,253,178) | | | | 93,368,782 | |
| | | | | | | | |
| CORPORATE BONDS — 46.4% | |
| Aerospace & Defense — 0.6% | | | | | | | | |
Lockheed Martin Corp.
3.100%, 01/15/23 | | | 3,000 | | | | 3,069,279 | |
| | | | | | | | |
| Airlines — 3.7% | |
Continental Airlines 2012-1 Class B Pass Through Trust
6.250%, 10/11/21 | | | 775 | | | | 819,926 | |
Continental Airlines 2012-3 Class C Pass Through Trust
6.125%, 04/29/18 | | | 3,500 | | | | 3,587,500 | |
Delta Air Lines 2007-1 Class A Pass Through Trust
6.821%, 02/10/24 | | | 2,011 | | | | 2,307,903 | |
48
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Airlines — (continued) | |
Delta Air Lines 2015-1 Class B Pass Through Trust
4.250%, 01/30/25 | | $ | 2,722 | | | $ | 2,796,940 | |
Northwest Airlines 2007-1 Class A Pass Through Trust
7.027%, 05/01/21 | | | 3,668 | | | | 4,061,901 | |
United Airlines 2014-1 Class B Pass Through Trust
4.750%, 10/11/23 | | | 2,373 | | | | 2,458,799 | |
United Airlines 2016-1 Class AA Pass Through Trust
3.100%, 01/07/30 | | | 3,000 | | | | 2,985,000 | |
| | | | | | | | |
| | | | | | | 19,017,969 | |
| | | | | | | | |
| Banks — 6.4% | | | | | | | | |
Bank of America Corp.
5.650%, 05/01/18 | | | 1,000 | | | | 1,031,403 | |
4.450%, 03/03/26 | | | 4,000 | | | | 4,162,976 | |
JPMorgan Chase & Co.
3.875%, 09/10/24 | | | 3,600 | | | | 3,714,275 | |
Morgan Stanley
5.950%, 12/28/17 | | | 2,050 | | | | 2,091,830 | |
NTC Capital I
1.678%, 01/15/27• | | | 5,595 | | | | 5,245,313 | |
PNC Capital Trust C
1.772%, 06/01/28• | | | 2,000 | | | | 1,875,000 | |
State Street Corp.
4.956%, 03/15/18 | | | 7,915 | | | | 8,089,866 | |
USB Capital IX
3.500%, 10/29/49• | | | 3,000 | | | | 2,663,700 | |
Wells Fargo & Co.
3.000%, 02/19/25 | | | 4,000 | | | | 3,937,916 | |
| | | | | | | | |
| | | | | | | 32,812,279 | |
| | | | | | | | |
| Beverages — 0.6% | | | | | | | | |
Anheuser-Busch InBev Finance, Inc.
3.650%, 02/01/26 | | | 3,000 | | | | 3,090,810 | |
| | | | | | | | |
| Biotechnology — 1.6% | | | | | | | | |
Amgen, Inc.
2.700%, 05/01/22 | | | 3,000 | | | | 3,017,220 | |
2.650%, 05/11/22 | | | 4,000 | | | | 4,013,352 | |
Biogen, Inc.
6.875%, 03/01/18 | | | 1,000 | | | | 1,033,803 | |
| | | | | | | | |
| | | | 8,064,375 | |
| | | | | | | | |
| Building Materials — 1.4% | | | | | | | | |
Martin Marietta Materials, Inc.
4.250%, 07/02/24 | | | 3,000 | | | | 3,148,320 | |
Vulcan Materials Co.
4.500%, 04/01/25 | | | 3,565 | | | | 3,807,039 | |
| | | | | | | | |
| | | | 6,955,359 | |
| | | | | | | | |
| Chemicals — 2.0% | | | | | | | | |
CF Industries, Inc.
6.875%, 05/01/18 | | | 3,000 | | | | 3,116,250 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Chemicals — (continued) | | | | | | | | |
Mosaic Co.
5.625%, 11/15/43 | | $ | 3,000 | | | $ | 3,062,862 | |
Sherwin-Williams Co.
4.500%, 06/01/47 | | | 4,000 | | | | 4,191,312 | |
| | | | | | | | |
| | | | | | | 10,370,424 | |
| | | | | | | | |
| Commercial Services — 0.6% | | | | | | | | |
Drawbridge Special Opportunities Fund LP
5.000%, 08/01/21 144A @ | | | 2,000 | | | | 2,016,850 | |
ERAC USA Finance LLC
2.350%, 10/15/19 144A @ | | | 1,000 | | | | 1,001,554 | |
| | | | | | | | |
| | | | | | | 3,018,404 | |
| | | | | | | | |
| Computers — 0.6% | | | | | | | | |
Diamond 1 Finance Corp.
5.450%, 06/15/23 144A @ | | | 3,000 | | | | 3,255,510 | |
| | | | | | | | |
| Diversified Financial Services — 1.9% | | | | | | | | |
Air Lease Corp.
3.750%, 02/01/22 | | | 2,000 | | | | 2,087,068 | |
GE Capital International Funding Co. Unlimited Co.
4.418%, 11/15/35 | | | 4,000 | | | | 4,353,552 | |
General Electric Capital Corp.
7.500%, 08/21/35 | | | 2,263 | | | | 3,224,110 | |
| | | | | | | | |
| | | | | | | 9,664,730 | |
| | | | | | | | |
| Electric — 1.0% | | | | | | | | |
Enel Finance International NV
6.250%, 09/15/17 144A @ | | | 1,000 | | | | 1,008,810 | |
FirstEnergy Corp.
3.900%, 07/15/27 | | | 4,000 | | | | 4,012,792 | |
| | | | | | | | |
| | | | | | | 5,021,602 | |
| | | | | | | | |
| Engineering & Construction — 0.6% | | | | | | | | |
SBA Tower Trust
3.156%, 10/10/45 144A @ | | | 3,000 | | | | 3,058,620 | |
| | | | | | | | |
| Food — 2.7% | | | | | | | | |
Kellogg Co.
2.650%, 12/01/23 | | | 3,000 | | | | 2,949,618 | |
4.500%, 04/01/46 | | | 3,000 | | | | 3,084,984 | |
Land O’ Lakes, Inc.
6.000%, 11/15/22 144A @ | | | 3,500 | | | | 3,885,000 | |
Smithfield Foods, Inc.
3.350%, 02/01/22 144A @ | | | 3,000 | | | | 3,015,601 | |
WM Wrigley Jr. Co.
2.400%, 10/21/18 144A @ | | | 1,000 | | | | 1,006,750 | |
| | | | | | | | |
| | | | | | | 13,941,953 | |
| | | | | | | | |
| Forest Products & Paper — 0.5% | | | | | | | | |
Georgia-Pacific LLC
3.163%, 11/15/21 144A @ | | | 2,500 | | | | 2,553,023 | |
| | | | | | | | |
| Healthcare Products — 2.2% | |
Abbott Laboratories
3.750%, 11/30/26 | | | 3,000 | | | | 3,062,433 | |
Becton Dickinson and Co.
3.700%, 06/06/27 | | | 3,000 | | | | 3,009,483 | |
49
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Healthcare Products — (continued) | |
Covidien International Finance SA
6.000%, 10/15/17 | | $ | 1,000 | | | $ | 1,012,425 | |
Edwards Lifesciences Corp.
2.875%, 10/15/18 | | | 1,000 | | | | 1,009,343 | |
Stryker Corp.
3.375%, 11/01/25 | | | 2,000 | | | | 2,035,374 | |
Zimmer Biomet Holdings, Inc.
4.625%, 11/30/19 | | | 1,000 | | | | 1,052,675 | |
| | | | | | | | |
| | | | | | | 11,181,733 | |
| | | | | | | | |
| Healthcare Services — 0.6% | |
HCA, Inc.
3.750%, 03/15/19 | | | 3,000 | | | | 3,060,000 | |
| | | | | | | | |
| Housewares — 1.5% | |
Newell Brands, Inc.
5.000%, 11/15/23 | | | 3,517 | | | | 3,763,457 | |
Newell Rubbermaid, Inc.
4.200%, 04/01/26 | | | 2,000 | | | | 2,123,574 | |
Toll Brothers Finance Corp.
4.875%, 03/15/27 | | | 2,000 | | | | 2,060,000 | |
| | | | | | | | |
| | | | | | | 7,947,031 | |
| | | | | | | | |
| Insurance — 1.2% | |
New York Life Insurance Co.
5.875%, 05/15/33 144A @ | | | 4,925 | | | | 6,214,020 | |
| | | | | | | | |
| Investment Companies — 0.2% | |
Ares Capital Corp.
4.875%, 11/30/18 | | | 1,000 | | | | 1,034,975 | |
| | | | | | | | |
| Lodging — 1.3% | |
Hilton Worldwide Finance LLC
4.875%, 04/01/27 144A @ | | | 3,000 | | | | 3,138,750 | |
Marriott International, Inc.
4.500%, 10/01/34 | | | 3,500 | | | | 3,656,975 | |
| | | | | | | | |
| | | | | | | 6,795,725 | |
| | | | | | | | |
| Media — 1.5% | |
Charter Communications Operating LLC
4.464%, 07/23/22 | | | 3,000 | | | | 3,196,398 | |
Comcast Cable Holdings LLC
9.875%, 06/15/22 | | | 1,000 | | | | 1,263,625 | |
Historic TW, Inc.
6.875%, 06/15/18 | | | 3,000 | | | | 3,141,354 | |
| | | | | | | | |
| | | | | | | 7,601,377 | |
| | | | | | | | |
| Mining — 0.2% | |
Goldcorp, Inc.
3.625%, 06/09/21 | | | 1,000 | | | | 1,036,599 | |
| | | | | | | | |
| Oil & Gas — 1.3% | |
BG Energy Capital PLC
4.000%, 10/15/21 144A @ | | | 1,000 | | | | 1,060,613 | |
BP Capital Markets PLC
2.500%, 11/06/22 | | | 2,500 | | | | 2,476,263 | |
Murphy Oil Corp.
3.500%, 12/01/17 | | | 3,000 | | | | 3,003,420 | |
| | | | | | | | |
| | | | | | | 6,540,296 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — 2.3% | | | | | | | | |
AbbVie, Inc.
2.300%, 05/14/21 | | $ | 3,000 | | | $ | 2,992,557 | |
GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34 | | | 1,000 | | | | 1,202,577 | |
Mead Johnson Nutrition Co.
4.125%, 11/15/25 | | | 2,000 | | | | 2,156,476 | |
Mylan NV
3.000%, 12/15/18 | | | 2,000 | | | | 2,026,996 | |
Zoetis, Inc.
4.500%, 11/13/25 | | | 3,000 | | | | 3,275,262 | |
| | | | | | | | |
| | | | | | | 11,653,868 | |
| | | | | | | | |
| Pipelines — 3.0% | |
Enbridge Energy Partners LP
7.375%, 10/15/45 | | | 1,700 | | | | 2,164,996 | |
Midcontinent Express Pipeline LLC
6.700%, 09/15/19 144A @ | | | 3,500 | | | | 3,745,000 | |
NuStar Logistics LP
8.150%, 04/15/18 | | | 3,000 | | | | 3,135,000 | |
Regency Energy Partners LP
5.875%, 03/01/22 | | | 2,000 | | | | 2,203,166 | |
Tallgrass Energy Partners LP
5.500%, 09/15/24 144A @ | | | 2,500 | | | | 2,531,250 | |
Williams Partners LP/ACMP Finance Corp.
4.875%, 05/15/23 | | | 1,500 | | | | 1,556,430 | |
| | | | | | | | |
| | | | | | | 15,335,842 | |
| | | | | | | | |
| Real Estate Investment Trusts — 1.1% | |
American Tower Corp.
4.700%, 03/15/22 | | | 2,500 | | | | 2,706,855 | |
Kimco Realty Corp.
2.800%, 10/01/26 | | | 3,000 | | | | 2,767,902 | |
| | | | | | | | |
| | | | | | | 5,474,757 | |
| | | | | | | | |
| Retail — 0.5% | |
McDonald’s Corp.
5.700%, 02/01/39 | | | 2,110 | | | | 2,543,417 | |
| | | | | | | | |
| Semiconductors — 0.6% | |
NXP BV/NXP Funding LLC
5.750%, 03/15/23 144A @ | | | 2,824 | | | | 2,972,260 | |
| | | | | | | | |
| Software — 1.1% | |
Activision Blizzard, Inc.
6.125%, 09/15/23 144A @ | | | 2,000 | | | | 2,158,200 | |
CDK Global, Inc.
3.800%, 10/15/19 | | | 3,500 | | | | 3,605,000 | |
| | | | | | | | |
| | | | | | | 5,763,200 | |
| | | | | | | | |
| Telecommunications — 2.3% | |
Crown Castle Towers LLC
3.663%, 05/15/45 144A @ | | | 4,000 | | | | 4,140,000 | |
Nokia OYJ
4.375%, 06/12/27 | | | 3,000 | | | | 3,054,390 | |
Sprint Communications, Inc.
9.000%, 11/15/18 144A @ | | | 1,298 | | | | 1,408,732 | |
50
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Telecommunications — (continued) | |
Sprint Spectrum Co. LLC
3.360%, 03/20/23 144A @ | | $ | 3,000 | | | $ | 3,026,250 | |
| | | | | | | | |
| | | | | | | 11,629,372 | |
| | | | | | | | |
| Transportation — 0.8% | |
BNSF Railway Co. 2015-1 Pass Through Trust
3.442%, 06/16/28 144A @ | | | 2,774 | | | | 2,802,459 | |
Federal Express Corp 1999 Pass Through Trust
7.650%, 07/15/24 | | | 969 | | | | 1,112,307 | |
| | | | | | | | |
| | | | | | | 3,914,766 | |
| | | | | | | | |
| Trucking and Leasing — 0.5% | |
Aviation Capital Group Corp.
2.875%, 09/17/18 144A @ | | | 2,500 | | | | 2,524,065 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $232,920,957) | | | | | | | 237,117,640 | |
| | | | | | | | |
| MUNICIPAL BONDS — 1.9% | |
Northeast Ohio Regional Sewer District
6.038%, 11/15/40 | | | 3,755 | | | | 4,185,698 | |
State of California, Los Angeles Department of Water & Power Power System Revenue
6.166%, 07/01/40 | | | 5,000 | | | | 5,544,200 | |
| | | | | | | | |
Total MUNICIPAL BONDS
(Cost $9,743,504) | | | | | | | 9,729,898 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 8.7% | |
| Fannie Mae Pool — 8.3% | |
4.000%, 08/01/41 | | | 4,885 | | | | 5,156,050 | |
2.500%, 01/01/43 | | | 2,725 | | | | 2,640,355 | |
2.500%, 02/01/43 | | | 7,902 | | | | 7,656,722 | |
2.500%, 05/01/43 | | | 10,735 | | | | 10,386,885 | |
3.500%, 09/01/43 | | | 1,371 | | | | 1,410,672 | |
3.000%, 07/01/47 | | | 15,000 | | | | 14,979,777 | |
| | | | | | | | |
| | | | | | | 42,230,461 | |
| | | | | | | | |
| Freddie Mac Gold Pool — 0.3% | |
3.500%, 01/01/41 | | | 1,823 | | | | 1,881,767 | |
| | | | | | | | |
| Ginnie Mae Pool — 0.1% | |
6.000%, 10/15/38 | | | 249 | | | | 280,267 | |
6.000%, 10/15/38 | | | 153 | | | | 172,893 | |
| | | | | | | | |
| | | | | | | 453,160 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $44,104,903) | | | | 44,565,388 | |
| | | | | | | | |
| U.S TREASURY OBLIGATION — 13.0% | |
U.S. Treasury Bond
2.250%, 11/15/24 | | | 3,000 | | | | 3,016,524 | |
2.125%, 05/15/25 | | | 2,500 | | | | 2,484,278 | |
1.625%, 05/15/26 | | | 1,500 | | | | 1,422,071 | |
4.375%, 02/15/38 | | | 4,350 | | | | 5,542,344 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | |
3.000%, 05/15/42 | | $ | 1,000 | | | $ | 1,035,586 | |
2.875%, 05/15/43 | | | 2,400 | | | | 2,423,251 | |
3.625%, 08/15/43 | | | 2,000 | | | | 2,300,782 | |
3.750%, 11/15/43 | | | 2,050 | | | | 2,409,791 | |
U.S. Treasury Inflation Indexed Bonds
0.625%, 01/15/24 | | | 4,716 | | | | 4,783,042 | |
0.250%, 01/15/25 | | | 9,808 | | | | 9,633,427 | |
0.375%, 07/15/25 | | | 7,218 | | | | 7,163,612 | |
1.000%, 02/15/46 | | | 4,128 | | | | 4,124,257 | |
U.S. Treasury Note
2.000%, 07/31/22 | | | 1,000 | | | | 1,004,648 | |
1.625%, 08/15/22 | | | 5,000 | | | | 4,932,615 | |
1.500%, 02/28/23 | | | 2,500 | | | | 2,433,790 | |
1.750%, 05/15/23 | | | 2,900 | | | | 2,856,952 | |
2.500%, 08/15/23 | | | 2,000 | | | | 2,052,578 | |
2.000%, 02/15/25 | | | 3,500 | | | | 3,452,012 | |
2.375%, 05/15/27 | | | 3,100 | | | | 3,119,617 | |
| | | | | | | | |
Total U.S TREASURY OBLIGATION
(Cost $66,707,663) | | | | | | | 66,191,177 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.4% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,268,979) | | | 2,268,979 | | | | 2,268,979 | |
| | | | | | | | |
TOTAL INVESTMENTS — 102.0%
(Cost $516,211,664) | | | | | | $ | 520,997,792 | |
| | | | | | | | |
| Other Assets & Liabilities — (2.0)% | | | | | | | (10,311,752 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 510,686,040 | |
| | | | | | | | |
| † | 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. |
CDO — Collateralized Debt Obligation.
CLO — Collateralized Loan Obligation.
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
51
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Quality Bond Fund
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 92 | % |
Cayman Islands | | | 4 | |
Finland | | | 1 | |
Ireland | | | 1 | |
Netherlands | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable Input | |
U.S TREASURY OBLIGATION | | $ | 66,191,177 | | | $ | — | | | $ | 66,191,177 | | | $ | — | |
AGENCY OBLIGATIONS | | | 14,841,672 | | | | — | | | | 14,841,672 | | | | — | |
ASSET BACKED SECURITIES | | | 52,914,256 | | | | — | | | | 52,914,256 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 93,368,782 | | | | — | | | | 93,368,782 | | | | — | |
CORPORATE BONDS | | | 237,117,640 | | | | — | | | | 237,117,640 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 44,565,388 | | | | — | | | | 44,565,388 | | | | — | |
MUNICIPAL BONDS | | | 9,729,898 | | | | — | | | | 9,729,898 | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,268,979 | | | | 2,268,979 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 520,997,792 | | | $ | 2,268,979 | | | $ | 518,728,813 | | | $ | — | |
| |
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.
52
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| ASSET BACKED SECURITIES — 0.1% | |
VB-S1 Issuer LLC, 2016-IA F 144A @
6.901%, 06/15/46
(Cost $95,000) | | $ | 95 | | | $ | 98,242 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 1.2% | |
| Electric — 0.2% | |
NRG Energy, Inc. | | | 18,174 | | | | 312,956 | |
| | | | | | | | |
| Entertainment — 0.0% | |
New Cotai Participation Class B*144A @,^,~ | | | 1 | | | | 4,965 | |
| | | | | | | | |
| Media — 0.3% | |
Liberty Broadband Corp., Class A* | | | 2,225 | | | | 190,883 | |
Liberty Broadband Corp., Class C* | | | 3,500 | | | | 303,625 | |
Liberty Global PLC LiLAC, Class C* | | | 286 | | | | 6,123 | |
| | | | | | | | |
| | | | | | | 500,631 | |
| | | | | | | | |
| Oil & Gas — 0.3% | |
Frontera Energy Corp.* | | | 4,300 | | | | 113,568 | |
Frontera Energy Corp.*~ | | | 9,079 | | | | 239,787 | |
Rowan Cos PLC, Class A* | | | 14,775 | | | | 151,296 | |
| | | | | | | | |
| | | | | | | 504,651 | |
| | | | | | | | |
| Real Estate — 0.1% | |
The Howard Hughes Corp.* | | | 1,675 | | | | 205,757 | |
| | | | | | | | |
| Telecommunications — 0.3% | |
T-Mobile US, Inc.* | | | 9,400 | | | | 569,828 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,787,434) | | | | 2,098,788 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| PREFERRED STOCKS — 0.8% | |
| Diversified — 0.1% | |
American Tower Corp. | | $ | 1,325 | | | | 160,630 | |
| | | | | | | | |
| Electric — 0.2% | |
NextEra Energy, Inc. | | | 7,200 | | | | 388,872 | |
| | | | | | | | |
| Healthcare Products — 0.2% | |
Becton Dickinson and Co.CONV* | | | 6,850 | | | | 375,243 | |
| | | | | | | | |
| Oil & Gas — 0.2% | |
Hess Corp.* | | | 6,025 | | | | 335,111 | |
| | | | | | | | |
| Packaging and Containers — 0.0% | |
Smurfit-Stone Container Corp. (Escrow) CONV.*^,~ | | | 725 | | | | 0 | |
| | | | | | | | |
| Telecommunications — 0.1% | |
T-Mobile US, Inc.* | | | 1,463 | | | | 144,310 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $1,260,101) | | | | 1,404,166 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 0.0% | |
| Diversified — 0.0% | | | | | | | | |
American Tower Corp.
(Cost $105) | | $ | 1 | | | $ | 129 | |
| | | | | | | | |
| CORPORATE BONDS — 79.8% | |
| Advertising — 0.5% | | | | | | | | |
MDC Partners, Inc.
6.500%, 05/01/24 144A @ | | | 491 | | | | 489,773 | |
Outfront Media Capital LLC
5.625%, 02/15/24 | | | 400 | | | | 417,500 | |
| | | | | | | | |
| | | | | | | 907,273 | |
| | | | | | | | |
| Aerospace & Defense — 0.5% | |
StandardAero Aviation Holdings, Inc.
10.000%, 07/15/23 144A @ | | | 825 | | | | 913,687 | |
| | | | | | | | |
| Airlines — 1.0% | |
Air Canada
7.750%, 04/15/21 144A @ | | | 350 | | | | 400,750 | |
American Airlines 2013-1 Class B Pass Through Trust
5.625%, 01/15/21 144A @ | | | 61 | | | | 63,367 | |
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 | | | | 684,515 | |
United Airlines 2014-2 Class B Pass Through Trust
4.625%, 03/03/24 | | | 60 | | | | 61,835 | |
United Continental Holdings, Inc.
6.375%, 06/01/18 | | | 240 | | | | 248,700 | |
| | | | | | | | |
| | | | | | | 1,665,667 | |
| | | | | | | | |
| Auto Manufacturers — 0.1% | |
Aston Martin Capital Holdings Ltd.
6.500%, 04/15/22 144A @ | | | 200 | | | | 209,000 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.0% | | | | | | | | |
Allison Transmission, Inc.
5.000%, 10/01/24 144A @ | | | 175 | | | | 179,375 | |
American Axle & Manufacturing, Inc.
6.250%, 04/01/25 144A @ | | | 865 | | | | 843,375 | |
Nexteer Automotive Group Ltd.
5.875%, 11/15/21 144A @ | | | 200 | | | | 207,500 | |
TI Group Automotive Systems LLC
8.750%, 07/15/23 144A @ | | | 375 | | | | 396,562 | |
| | | | | | | | |
| | | | | | | 1,626,812 | |
| | | | | | | | |
| Banks — 3.4% | |
Ally Financial, Inc. | |
5.125%, 09/30/24 | | | 75 | | | | 79,119 | |
5.750%, 11/20/25 | | | 665 | | | | 699,912 | |
Banco Bilbao Vizcaya Argentaria S.A.
7.000%, 12/29/49• | | | 400 | | | | 467,765 | |
Credit Agricole SA
7.875%, 12/29/49 144A @,• | | | 400 | | | | 439,880 | |
53
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Banks — (continued) | |
Credit Suisse Group AG
7.500%, 12/29/49 144A @,• | | $ | 385 | | | $ | 431,697 | |
Halyk Savings Bank of Kazakhstan JSC
7.250%, 01/28/21 144A @ | | | 400 | | | | 439,112 | |
Icahn Enterprises LP/Icahn Enterprises Financial Corp.
6.250%, 02/01/22 | | | 475 | | | | 495,188 | |
Intesa Sanpaolo SpA
7.700%, 12/29/49 144A @,• | | | 800 | | | | 831,000 | |
Societe Generale SA
7.375%, 12/29/49 144A @,• | | | 425 | | | | 456,875 | |
Standard Chartered PLC
7.500%, 12/29/49 144A @,• | | | 675 | | | | 722,250 | |
UniCredit SpA
8.000%, 04/03/49• | | | 780 | | | | 800,475 | |
| | | | | | | | |
| | | | | | | 5,863,273 | |
| | | | | | | | |
| Building Materials — 1.1% | |
LSF9 Balta Issuer S.A.
7.750%, 09/15/22 | | | 325 | | | | 404,088 | |
Masonite International Corp.
5.625%, 03/15/23 144A @ | | | 175 | | | | 182,875 | |
NCI Building Systems, Inc.
8.250%, 01/15/23 144A @ | | | 225 | | | | 243,281 | |
Norbord, Inc.
6.250%, 04/15/23 144A @ | | | 225 | | | | 240,187 | |
PCF GmbH
7.875%, 08/01/19 | | | 400 | | | | 466,903 | |
Reliance Intermediate Holdings LP
6.500%, 04/01/23 144A @ | | | 250 | | | | 267,500 | |
Summit Materials LLC/Summit Materials Finance Corp.
5.125%, 06/01/25 144A @ | | | 150 | | | | 153,750 | |
| | | | | | | | |
| | | | | | | 1,958,584 | |
| | | | | | | | |
| Chemicals — 2.1% | | | | | | | | |
CF Industries, Inc. | |
7.125%, 05/01/20 | | | 150 | | | | 165,750 | |
5.375%, 03/15/44 | | | 385 | | | | 343,612 | |
CVR Partners LP
9.250%, 06/15/23 144A @ | | | 725 | | | | 758,531 | |
INEOS Group Holdings S.A.
5.625%, 08/01/24 144A @ | | | 375 | | | | 386,719 | |
Kissner Holdings LP
8.375%, 12/01/22 144A @ | | | 490 | | | | 508,375 | |
Platform Specialty Products Corp. | | | | | | | | |
10.375%, 05/01/21 144A @ | | | 300 | | | | 331,875 | |
6.500%, 02/01/22 144A @ | | | 225 | | | | 232,313 | |
PQ Corp.
6.750%, 11/15/22 144A @ | | | 175 | | | | 188,125 | |
Rayonier AM Products, Inc.
5.500%, 06/01/24 144A @ | | | 20 | | | | 19,463 | |
Tronox Finance LLC
6.375%, 08/15/20 | | | 350 | | | | 350,875 | |
Univar USA, Inc.
6.750%, 07/15/23 144A @ | | | 355 | | | | 370,087 | |
| | | | | | | | |
| | | | | | | 3,655,725 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Coal — 0.1% | | | | | | | | |
Alliance Resource Operating Partners LP
7.500%, 05/01/25 144A @ | | $ | 225 | | | $ | 236,531 | |
| | | | | | | | |
| Commercial Services — 2.6% | |
Alliance Data Systems Corp.
5.875%, 11/01/21 144A @ | | | 315 | | | | 326,025 | |
Booz Allen Hamilton, Inc.
5.125%, 05/01/25 144A @ | | | 230 | | | | 225,975 | |
Brand Energy & Infrastructure Services, Inc.
8.500%, 07/15/25 144A @ | | | 285 | | | | 294,975 | |
CDK Global, Inc.
4.875%, 06/01/27 144A @ | | | 320 | | | | 328,800 | |
Gartner, Inc.
5.125%, 04/01/25 144A @ | | | 110 | | | | 115,545 | |
H&E Equipment Services, Inc.
7.000%, 09/01/22 | | | 250 | | | | 260,000 | |
Harland Clarke Holdings Corp. | | | | | | | | |
6.875%, 03/01/20 144A @ | | | 125 | | | | 129,063 | |
8.375%, 08/15/22 144A @ | | | 230 | | | | 244,950 | |
Hertz Corp.
7.625%, 06/01/22 144A @ | | | 430 | | | | 428,968 | |
Iron Mountain Europe PLC
6.125%, 09/15/22 144A @ | | | 225 | | | | 309,537 | |
Laureate Education, Inc.
8.250%, 05/01/25 144A @ | | | 495 | | | | 530,887 | |
Live Nation Entertainment, Inc.
4.875%, 11/01/24 144A @ | | | 10 | | | | 10,150 | |
Prime Security Services Borrower LLC
9.250%, 05/15/23 144A @ | | | 538 | | | | 584,623 | |
Team Health Holdings, Inc.
6.375%, 02/01/25 144A @ | | | 295 | | | | 286,150 | |
The ADT Corp.
6.250%, 10/15/21 | | | 175 | | | | 190,531 | |
United Rentals North America, Inc.
5.500%, 05/15/27 | | | 225 | | | | 231,750 | |
| | | | | | | | |
| | | | | | | 4,497,929 | |
| | | | | | | | |
| Computers — 1.3% | |
Dell International LLC | | | | | | | | |
5.875%, 06/15/21 144A @ | | | 175 | | | | 183,312 | |
7.125%, 06/15/24 144A @ | | | 300 | | | | 329,777 | |
Riverbed Technology, Inc.
8.875%, 03/01/23 144A @ | | | 255 | | | | 259,144 | |
Western Digital Corp. | | | | | | | | |
7.375%, 04/01/23 144A @ | | | 265 | | | | 291,169 | |
10.500%, 04/01/24 | | | 1,025 | | | | 1,209,172 | |
| | | | | | | | |
| | | | | | | 2,272,574 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.2% | |
Avon International Operations, Inc.
7.875%, 08/15/22 144A @ | | | 275 | | | | 285,313 | |
| | | | | | | | |
| Distribution & Wholesale — 0.2% | |
American Builders & Contractors Supply Co., Inc.
5.750%, 12/15/23 144A @ | | | 150 | | | | 158,625 | |
54
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Distribution & Wholesale — (continued) | |
Entertainment One Ltd.
6.875%, 12/15/22 144A @ | | $ | 100 | | | $ | 142,619 | |
| | | | | | | | |
| | | | | | | 301,244 | |
| | | | | | | | |
| Diversified Financial Services — 2.4% | |
Barclays PLC
7.875%, 12/29/49• | | | 360 | | | | 505,223 | |
BNP Paribas SA
7.375%, 02/19/66• | | | 415 | | | | 461,687 | |
Consolidated Energy Finance S.A.
6.750%, 10/15/19 144A @ | | | 296 | | | | 301,920 | |
Consolidated Energy Finance SA
6.875%, 06/15/25 144A @ | | | 225 | | | | 231,750 | |
Ladder Capital Finance Holdings LLLP.
5.875%, 08/01/21 144A @ | | | 175 | | | | 178,938 | |
LPL Holdings, Inc.
5.750%, 09/15/25 144A @ | | | 425 | | | | 442,000 | |
Navient Corp.
8.000%, 03/25/20 | | | 250 | | | | 279,375 | |
NFP Corp.
6.875%, 07/15/25 144A @ | | | 360 | | | | 363,600 | |
Nord Anglia Education Finance LLC
5.750%, 07/15/22 144A @ | | | 175 | | | | 196,663 | |
Orchestra Borrower LLC/Orchestra Co-Issuer, Inc.
6.750%, 06/15/22 144A @ | | | 330 | | | | 340,032 | |
Quicken Loans, Inc.
5.750%, 05/01/25 144A @ | | | 375 | | | | 387,188 | |
Springleaf Finance Corp.
8.250%, 12/15/20 | | | 375 | | | | 420,937 | |
| | | | | | | | |
| | | | | | | 4,109,313 | |
| | | | | | | | |
| Electric — 2.6% | |
AES Corp. | | | | | | | | |
5.500%, 03/15/24 | | | 500 | | | | 520,625 | |
6.000%, 05/15/26 | | | 225 | | | | 240,750 | |
Calpine Corp. | | | | | | | | |
5.375%, 01/15/23 | | | 300 | | | | 292,500 | |
5.500%, 02/01/24 | | | 260 | | | | 246,350 | |
DPL, Inc.
7.250%, 10/15/21 | | | 450 | | | | 481,500 | |
Dynegy, Inc. | | | | | | | | |
7.375%, 11/01/22 | | | 495 | | | | 488,812 | |
5.875%, 06/01/23 | | | 130 | | | | 121,550 | |
NRG Energy, Inc. | | | | | | | | |
6.625%, 03/15/23 | | | 375 | | | | 385,313 | |
7.250%, 05/15/26 | | | 955 | | | | 988,425 | |
6.625%, 01/15/27 | | | 690 | | | | 690,862 | |
| | | | | | | | |
| | | | | | | 4,456,687 | |
| | | | | | | | |
| Entertainment — 3.5% | |
AMC Entertainment Holdings, Inc. | | | | | | | | |
6.375%, 11/15/24 144A @ | | | 100 | | | | 139,623 | |
5.875%, 11/15/26 144A @ | | | 175 | | | | 182,656 | |
Codere Finance 2 Luxembourg S.A.
7.625%, 11/01/21 144A @ | | | 430 | | | | 427,205 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Entertainment — (continued) | |
Eldorado Resorts, Inc. | | | | | | | | |
7.000%, 08/01/23 | | $ | 525 | | | $ | 567,656 | |
6.000%, 04/01/25 144A @ | | | 135 | | | | 143,100 | |
EMI Music Publishing Group North America Holdings, Inc.
7.625%, 06/15/24 144A @ | | | 125 | | | | 139,063 | |
International Game Technology PLC | | | | | | | | |
6.250%, 02/15/22 144A @ | | | 600 | | | | 655,500 | |
6.500%, 02/15/25 144A @ | | | 975 | | | | 1,070,063 | |
Scientific Games International, Inc. | | | | | | | | |
7.000%, 01/01/22 144A @ | | | 450 | | | | 479,250 | |
10.000%, 12/01/22 | | | 1,570 | | | | 1,721,112 | |
Shingle Springs Tribal Gaming Authority
9.750%, 09/01/21 144A @ | | | 440 | | | | 465,300 | |
| | | | | | | | |
| | | | | | | 5,990,528 | |
| | | | | | | | |
| Environmental Control — 0.1% | |
Advanced Disposal Services, Inc.
5.625%, 11/15/24 144A @ | | | 175 | | | | 180,250 | |
| | | | | | | | |
| Food — 2.1% | |
Albertsons Cos. LLC | | | | | | | | |
6.625%, 06/15/24 144A @ | | | 400 | | | | 397,000 | |
5.750%, 03/15/25 144A @ | | | 275 | | | | 255,750 | |
Chobani LLC
7.500%, 04/15/25 144A @ | | | 490 | | | | 517,562 | |
Dean Foods Co.
6.500%, 03/15/23 144A @ | | | 450 | | | | 474,750 | |
FAGE International SA/FAGE USA Dairy Industry, Inc.
5.625%, 08/15/26 144A @ | | | 425 | | | | 437,665 | |
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 144A @ | | | 225 | | | | 231,750 | |
Minerva Luxembourg S.A. | | | | | | | | |
7.750%, 01/31/23 144A @^ | | | 475 | | | | 496,969 | |
6.500%, 09/20/26 144A @ | | | 200 | | | | 194,750 | |
Post Holdings, Inc. | | | | | | | | |
5.500%, 03/01/25 144A @ | | | 170 | | | | 175,313 | |
8.000%, 07/15/25 144A @^ | | | 175 | | | | 198,625 | |
5.750%, 03/01/27 144A @ | | | 170 | | | | 174,675 | |
| | | | | | | | |
| | | | | | | 3,554,809 | |
| | | | | | | | |
| Forest Products & Paper — 0.2% | |
Cascades, Inc.
5.500%, 07/15/22 144A @ | | | 150 | | | | 153,000 | |
Mercer International, Inc.
7.750%, 12/01/22 | | | 200 | | | | 214,250 | |
| | | | | | | | |
| | | | | | | 367,250 | |
| | | | | | | | |
| Gas — 0.5% | |
AmeriGas Partners LP
5.500%, 05/20/25 | | | 310 | | | | 316,200 | |
NGL Energy Partners LP | | | | | | | | |
7.500%, 11/01/23 144A @ | | | 400 | | | | 394,500 | |
6.125%, 03/01/25 144A @ | | | 125 | | | | 114,375 | |
| | | | | | | | |
| | | | | | | 825,075 | |
| | | | | | | | |
55
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Healthcare Products — 0.5% | | | | | | | | |
Hill-Rom Holdings, Inc.
5.750%, 09/01/23 144A @ | | $ | 150 | | | $ | 157,875 | |
Kinetic Concepts, Inc.
12.500%, 11/01/21 144A @ | | | 260 | | | | 292,500 | |
Ortho-Clinical Diagnostics, Inc.
6.625%, 05/15/22 144A @ | | | 250 | | | | 238,750 | |
Synlab Unsecured Bondco PLC
8.250%, 07/01/23 144A @ | | | 150 | | | | 190,679 | |
| | | | | | | | |
| | | | | | | 879,804 | |
| | | | | | | | |
| Healthcare Services — 3.7% | |
Centene Corp.
6.125%, 02/15/24 | | | 100 | | | | 108,118 | |
Community Health Systems, Inc. | |
6.875%, 02/01/22 | | | 480 | | | | 419,400 | |
6.250%, 03/31/23 | | | 330 | | | | 340,676 | |
DaVita, Inc. | | | | | | | | |
5.125%, 07/15/24 | | | 450 | | | | 456,750 | |
5.000%, 05/01/25 | | | 450 | | | | 451,125 | |
Eagle Holding Co. II LLC
7.625%, 05/15/22 144A @ | | | 120 | | | | 123,450 | |
HCA, Inc. | | | | | | | | |
5.000%, 03/15/24 | | | 220 | | | | 232,925 | |
5.500%, 06/15/47 | | | 1,195 | | | | 1,236,825 | |
IASIS Healthcare LLC
8.375%, 05/15/19 | | | 700 | | | | 703,500 | |
Mednax, Inc.
5.250%, 12/01/23 144A @ | | | 10 | | | | 10,300 | |
Molina Healthcare, Inc.
5.375%, 11/15/22 | | | 275 | | | | 291,156 | |
MPH Acquisition Holdings LLC
7.125%, 06/01/24 144A @ | | | 125 | | | | 133,281 | |
Surgery Center Holdings, Inc. | | | | | | | | |
8.875%, 04/15/21 144A @ | | | 250 | | | | 270,938 | |
6.750%, 07/01/25 144A @ | | | 90 | | | | 91,125 | |
Tenet Healthcare Corp. | | | | | | | | |
7.500%, 01/01/22 144A @ | | | 125 | | | | 135,600 | |
8.125%, 04/01/22 | | | 525 | | | | 557,156 | |
6.750%, 06/15/23 | | | 475 | | | | 475,000 | |
THC Escrow Corp. III
5.125%, 05/01/25 144A @ | | | 340 | | | | 341,275 | |
| | | | | | | | |
| | | | | | | 6,378,600 | |
| | | | | | | | |
| Holding Companies — 0.2% | |
James Hardie International Finance
5.875%, 02/15/23 144A @ | | | 275 | | | | 288,063 | |
| | | | | | | | |
| Home Builders — 0.7% | |
AV Homes, Inc.
6.625%, 05/15/22 144A @ | | | 160 | | | | 165,000 | |
Shea Homes LP
5.875%, 04/01/23 144A @ | | | 200 | | | | 205,900 | |
Taylor Morrison Communities, Inc.
5.875%, 04/15/23 144A @ | | | 250 | | | | 266,875 | |
William Lyon Homes, Inc. | | | | | | | | |
7.000%, 08/15/22 | | | 375 | | | | 388,125 | |
5.875%, 01/31/25 | | | 160 | | | | 164,800 | |
| | | | | | | | |
| | | | | | | 1,190,700 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Home Furnishings — 0.2% | | | | | | | | |
Tempur Sealy International, Inc.
5.625%, 10/15/23 | | $ | 250 | | | $ | 259,375 | |
| | | | | | | | |
| Household Products & Wares — 0.2% | |
American Greetings Corp.
7.875%, 02/15/25 144A @ | | | 120 | | | | 129,750 | |
Central Garden & Pet Co.
6.125%, 11/15/23 | | | 175 | | | | 186,375 | |
| | | | | | | | |
| | | | | | | 316,125 | |
| | | | | | | | |
| Housewares — 0.5% | |
Bormioli Rocco Holdings S.A.
10.000%, 08/01/18 144A @ | | | 300 | | | | 347,326 | |
RSI Home Products, Inc.
6.500%, 03/15/23 144A @ | | | 450 | | | | 473,625 | |
| | | | | | | | |
| | | | | | | 820,951 | |
| | | | | | | | |
| Insurance — 0.9% | |
Alliant Holdings Intermediate LLC
8.250%, 08/01/23 144A @ | | | 675 | | | | 717,187 | |
CNO Financial Group, Inc. | | | | | | | | |
4.500%, 05/30/20 | | | 25 | | | | 25,938 | |
5.250%, 05/30/25 | | | 350 | | | | 370,650 | |
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%)
8.125%, 07/15/19 144A @ | | | 425 | | | | 426,062 | |
| | | | | | | | |
| | | | | | | 1,539,837 | |
| | | | | | | | |
| Internet — 0.9% | |
Match Group, Inc. | | | | | | | | |
6.750%, 12/15/22 | | | 350 | | | | 364,000 | |
6.375%, 06/01/24 | | | 200 | | | | 217,500 | |
VeriSign, Inc. | | | | | | | | |
5.250%, 04/01/25 | | | 30 | | | | 32,025 | |
4.750%, 07/15/27 144A @ | | | 260 | | | | 262,925 | |
Zayo Group LLC | | | | | | | | |
6.375%, 05/15/25 | | | 525 | | | | 566,669 | |
5.750%, 01/15/27 144A @ | | | 130 | | | | 136,013 | |
| | | | | | | | |
| | | | | | | 1,579,132 | |
| | | | | | | | |
| Iron & Steel — 0.9% | |
Joseph T Ryerson & Son, Inc.
11.000%, 05/15/22 144A @ | | | 680 | | | | 769,250 | |
Vale Overseas Ltd. | | | | | | | | |
5.875%, 06/10/21 | | | 341 | | | | 366,064 | |
6.250%, 08/10/26 | | | 350 | | | | 377,562 | |
| | | | | | | | |
| | | | | | | 1,512,876 | |
| | | | | | | | |
| Leisure Time — 0.9% | |
24 Hour Fitness Worldwide, Inc.
8.000%, 06/01/22 144A @ | | | 300 | | | | 278,250 | |
Carlson Travel, Inc.
6.750%, 12/15/23 144A @ | | | 200 | | | | 203,500 | |
ClubCorp Club Operations, Inc.
8.250%, 12/15/23 144A @ | | | 115 | | | | 125,350 | |
LTF Merger Sub, Inc.
8.500%, 06/15/23 144A @ | | | 400 | | | | 430,000 | |
56
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Leisure Time — (continued) | |
Sabre GLBL, Inc.
5.375%, 04/15/23 144A @ | | $ | 125 | | | $ | 130,312 | |
Silversea Cruise Finance Ltd.
7.250%, 02/01/25 144A @ | | | 90 | | | | 95,963 | |
Vista Outdoor, Inc.
5.875%, 10/01/23 | | | 225 | | | | 231,187 | |
| | | | | | | | |
| | | | | | | 1,494,562 | |
| | | | | | | | |
| Lodging — 0.4% | |
Boyd Gaming Corp.
6.375%, 04/01/26 | | | 325 | | | | 351,406 | |
Seminole Hard Rock Entertainment, Inc.
5.875%, 05/15/21 144A @ | | | 300 | | | | 301,500 | |
| | | | | | | | |
| | | | | | | 652,906 | |
| | | | | | | | |
| Machinery — Diversified — 0.1% | |
Welbilt, Inc.
9.500%, 02/15/24 | | | 100 | | | | 116,000 | |
| | | | | | | | |
| Media — 7.7% | |
AMC Networks, Inc.
4.750%, 12/15/22 | | | 175 | | | | 180,565 | |
Block Communications, Inc.
6.875%, 02/15/25 144A @ | | | 125 | | | | 134,063 | |
Cable One, Inc.
5.750%, 06/15/22 144A @ | | | 175 | | | | 183,969 | |
CCO Holdings LLC
5.500%, 05/01/26 144A @ | | | 1,010 | | | | 1,071,862 | |
CCO Holdings LLC/CCO Holdings Capital Corp.
5.750%, 01/15/24 | | | 270 | | | | 284,512 | |
Cequel Communications Holdings I LLC
7.750%, 07/15/25 144A @ | | | 800 | | | | 884,000 | |
Clear Channel Worldwide Holdings, Inc.
6.500%, 11/15/22 | | | 350 | | | | 359,695 | |
CSC Holdings LLC | | | | | | | | |
6.625%, 10/15/25 144A @ | | | 600 | | | | 660,060 | |
10.875%, 10/15/25 144A @ | | | 1,925 | | | | 2,317,219 | |
DISH DBS Corp. | | | | | | | | |
5.875%, 07/15/22 | | | 160 | | | | 172,000 | |
7.750%, 07/01/26 | | | 675 | | | | 799,875 | |
iHeartCommunications, Inc.
9.000%, 12/15/19 | | | 225 | | | | 176,625 | |
Nexstar Broadcasting, Inc.
5.625%, 08/01/24 144A @ | | | 375 | | | | 379,687 | |
Sinclair Television Group, Inc.
5.875%, 03/15/26 144A @ | | | 150 | | | | 153,375 | |
Sirius XM Radio, Inc. | | | | | | | | |
6.000%, 07/15/24 144A @ | | | 427 | | | | 453,687 | |
5.000%, 08/01/27 144A @ | | | 155 | | | | 156,163 | |
Townsquare Media, Inc.
6.500%, 04/01/23 144A @ | | | 386 | | | | 387,930 | |
Tribune Media Co.
5.875%, 07/15/22 | | | 200 | | | | 209,500 | |
Unitymedia GmbH
6.125%, 01/15/25 144A @ | | | 800 | | | | 858,000 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Media — (continued) | |
Unitymedia Hessen GmbH & Co. KG
5.000%, 01/15/25 144A @ | | $ | 400 | | | $ | 419,000 | |
Univision Communications, Inc. | | | | | | | | |
6.750%, 09/15/22 144A @ | | | 167 | | | | 173,680 | |
5.125%, 02/15/25 144A @ | | | 300 | | | | 297,375 | |
UPCB Finance IV Ltd.
5.375%, 01/15/25 144A @ | | | 600 | | | | 627,750 | |
Videotron Ltd.
5.125%, 04/15/27 144A @ | | | 235 | | | | 241,463 | |
VTR Finance BV
6.875%, 01/15/24 144A @ | | | 950 | | | | 1,007,000 | |
Ziggo Bond Finance BV
6.000%, 01/15/27 144A @ | | | 675 | | | | 682,594 | |
| | | | | | | | |
| | | | | | | 13,271,649 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.3% | |
Zekelman Industries, Inc.
9.875%, 06/15/23 144A @ | | | 525 | | | | 589,969 | |
| | | | | | | | |
| Mining — 4.2% | |
Aleris International, Inc.
9.500%, 04/01/21 144A @ | | | 420 | | | | 431,882 | |
Constellium NV | | | | | | | | |
8.000%, 01/15/23 144A @ | | | 500 | | | | 515,000 | |
6.625%, 03/01/25 144A @ | | | 500 | | | | 478,750 | |
FMG Resources August 2006 Pty Ltd. | | | | | | | | |
9.750%, 03/01/22 144A @ | | | 675 | | | | 768,656 | |
4.750%, 05/15/22 144A @ | | | 220 | | | | 220,825 | |
5.125%, 05/15/24 144A @ | | | 315 | | | | 315,000 | |
Freeport-McMoRan, Inc. | | | | | | | | |
4.000%, 11/14/21 | | | 175 | | | | 171,062 | |
5.400%, 11/14/34 | | | 650 | | | | 583,375 | |
5.450%, 03/15/43 | | | 635 | | | | 547,560 | |
Hudbay Minerals, Inc. | | | | | | | | |
7.250%, 01/15/23 144A @ | | | 150 | | | | 154,688 | |
7.625%, 01/15/25 144A @ | | | 630 | | | | 659,925 | |
New Gold, Inc. | | | | | | | | |
6.250%, 11/15/22 144A @ | | | 385 | | | | 395,587 | |
6.375%, 05/15/25 144A @ | | | 205 | | | | 211,150 | |
Novelis Corp. | | | | | | | | |
6.250%, 08/15/24 144A @ | | | 350 | | | | 367,500 | |
5.875%, 09/30/26 144A @ | | | 200 | | | | 206,000 | |
Nyrstar Netherlands Holdings BV | | | | | | | | |
8.500%, 09/15/19 144A @ | | | 500 | | | | 625,203 | |
8.500%, 09/15/19 | | | 100 | | | | 125,041 | |
6.875%, 03/15/24 | | | 100 | | | | 115,602 | |
Park-Ohio Industries, Inc.
6.625%, 04/15/27 144A @ | | | 90 | | | | 94,500 | |
Petra Diamonds US Treasury PLC
7.250%, 05/01/22 144A @ | | | 200 | | | | 204,690 | |
| | | | | | | | |
| | | | | | | 7,191,996 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.5% | |
Bombardier, Inc.
8.750%, 12/01/21 144A @ | | | 765 | | | | 849,150 | |
Koppers, Inc.
6.000%, 02/15/25 144A @ | | | 85 | | | | 90,312 | |
| | | | | | | | |
| | | | | | | 939,462 | |
| | | | | | | | |
57
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Office & Business Equipment — 0.1% | | | | | | | | |
CDW LLC
5.000%, 09/01/25 | | $ | 125 | | | $ | 129,688 | |
| | | | | | | | |
| Oil & Gas — 7.8% | | | | | | | | |
AmeriGas Partners LP
5.625%, 05/20/24 | | | 25 | | | | 25,750 | |
Calumet Specialty Products Partners LP
11.500%, 01/15/21 144A @ | | | 155 | | | | 179,025 | |
Carrizo Oil & Gas, Inc. | | | | | | | | |
6.250%, 04/15/23 | | | 115 | | | | 110,688 | |
8.250%, 07/15/25 | | | 75 | | | | 76,688 | |
Chesapeake Energy Corp. | | | | | | | | |
6.125%, 02/15/21 | | | 175 | | | | 171,500 | |
8.000%, 12/15/22 144A @ | | | 247 | | | | 261,202 | |
Continental Resources, Inc.
5.000%, 09/15/22 | | | 175 | | | | 171,719 | |
Covey Park Energy LLC/Covey Park Finance Corp.
7.500%, 05/15/25 144A @ | | | 395 | | | | 395,000 | |
CrownRock LP | | | | | | | | |
7.125%, 04/15/21 144A @ | | | 250 | | | | 256,875 | |
7.750%, 02/15/23 144A @ | | | 760 | | | | 801,800 | |
Encana Corp. | | | | | | | | |
8.125%, 09/15/30 | | | 80 | | | | 101,577 | |
7.200%, 11/01/31 | | | 60 | | | | 71,432 | |
7.375%, 11/01/31 | | | 70 | | | | 85,041 | |
Ensco PLC | | | | | | | | |
8.000%, 01/31/24 | | | 494 | | | | 464,360 | |
5.750%, 10/01/44 | | | 50 | | | | 32,750 | |
EP Energy LLC
8.000%, 02/15/25 144A @ | | | 45 | | | | 33,525 | |
Frontera Energy Corp. | | | | | | | | |
10.000%, 11/02/21^ | | | 475 | | | | 534,969 | |
10.000%, 11/02/21 144A @ | | | 172 | | | | 193,715 | |
Gulfport Energy Corp.
6.625%, 05/01/23 | | | 385 | | | | 385,962 | |
Hess Corp.
7.875%, 10/01/29 | | | 210 | | | | 253,909 | |
Kosmos Energy Ltd. | | | | | | | | |
7.875%, 08/01/21 144A @ | | | 600 | | | | 612,000 | |
7.875%, 08/01/21 144A @ | | | 800 | | | | 816,000 | |
Laredo Petroleum, Inc.
6.250%, 03/15/23 | | | 100 | | | | 99,250 | |
Matador Resources Co.
6.875%, 04/15/23 | | | 766 | | | | 794,725 | |
MEG Energy Corp. | | | | | | | | |
7.000%, 03/31/24 144A @ | | | 635 | | | | 493,712 | |
6.500%, 01/15/25 144A @ | | | 110 | | | | 100,100 | |
Murphy Oil Corp.
6.875%, 08/15/24 | | | 150 | | | | 156,750 | |
Noble Holding International Ltd.
7.750%, 01/15/24 | | | 320 | | | | 253,200 | |
PDC Energy, Inc.
6.125%, 09/15/24 144A @ | | | 95 | | | | 96,425 | |
Permian Resources LLC/AEPB Finance Corp.
7.125%, 11/01/20 144A @ | | | 295 | | | | 243,375 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
Petrobras Global Finance BV | | | | | | | | |
6.125%, 01/17/22 | | $ | 230 | | | $ | 237,245 | |
8.750%, 05/23/26 | | | 485 | | | | 557,750 | |
6.875%, 01/20/40 | | | 200 | | | | 189,500 | |
6.750%, 01/27/41 | | | 300 | | | | 281,340 | |
QEP Resources, Inc. | | | | | | | | |
6.875%, 03/01/21 | | | 425 | | | | 440,937 | |
5.375%, 10/01/22 | | | 180 | | | | 173,250 | |
Range Resources Corp.
4.875%, 05/15/25 | | | 200 | | | | 190,000 | |
Rowan Cos, Inc.
7.375%, 06/15/25 | | | 340 | | | | 317,050 | |
Seven Generations Energy Ltd. | | | | | | | | |
6.750%, 05/01/23 144A @ | | | 500 | | | | 520,000 | |
6.875%, 06/30/23 144A @ | | | 150 | | | | 156,375 | |
SM Energy Co.
6.500%, 01/01/23 | | | 450 | | | | 428,625 | |
Tapstone Energy LLC/Tapstone Energy Finance Corp.
9.750%, 06/01/22 144A @ | | | 255 | | | | 218,025 | |
Transocean, Inc. | | | | | | | | |
9.000%, 07/15/23 144A @ | | | 270 | | | | 280,125 | |
6.800%, 03/15/38 | | | 630 | | | | 459,900 | |
Whiting Petroleum Corp.
6.250%, 04/01/23 | | | 100 | | | | 91,750 | |
WPX Energy, Inc.
8.250%, 08/01/23 | | | 225 | | | | 244,125 | |
YPF S.A.
8.750%, 04/04/24 144A @ | | | 310 | | | | 353,369 | |
| | | | | | | | |
| | | | | | | 13,412,390 | |
| | | | | | | | |
| Oil & Gas Services — 0.6% | |
Archrock Partners LP | | | | | | | | |
6.000%, 04/01/21 | | | 160 | | | | 156,000 | |
6.000%, 10/01/22 | | | 300 | | | | 291,000 | |
Exterran Energy Solutions LP
8.125%, 05/01/25 144A @ | | | 230 | | | | 234,600 | |
KCA Deutag UK Finance PLC
9.875%, 04/01/22 144A @ | | | 215 | | | | 208,550 | |
SESI LLC
7.125%, 12/15/21 | | | 175 | | | | 166,687 | |
| | | | | | | | |
| | | | | | | 1,056,837 | |
| | | | | | | | |
| Packaging and Containers — 2.2% | |
ARD Finance SA
7.125%, 09/15/23 | | | 825 | | | | 880,605 | |
Ardagh Packaging Finance PLC
7.250%, 05/15/24 144A @ | | | 725 | | | | 792,969 | |
BWAY Holding Co. | | | | | | | | |
5.500%, 04/15/24 144A @ | | | 315 | | | | 321,694 | |
7.250%, 04/15/25 144A @ | | | 330 | | | | 334,950 | |
Crown Cork & Seal Co., Inc.
7.375%, 12/15/26 | | | 100 | | | | 115,750 | |
Horizon Parent Holdings SARL
8.250%, 02/15/22 144A @ | | | 295 | | | | 352,097 | |
58
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Packaging and Containers — (continued) | |
Pactiv LLC
7.950%, 12/15/25 | | $ | 175 | | | $ | 196,000 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | | | | | | | | |
5.750%, 10/15/20 | | | 225 | | | | 230,251 | |
7.000%, 07/15/24 144A @ | | | 275 | | | | 294,997 | |
SIG Combibloc Holdings S.C.A.
7.750%, 02/15/23 144A @ | | | 225 | | | | 273,421 | |
| | | | | | | | |
| | | | | | | 3,792,734 | |
| | | | | | | | |
| Pharmaceuticals — 0.8% | |
Capsugel S.A. PIK (Cash coupon
7.000%, PIK 7.75%)
7.000%, 05/15/19 144A @ | | | 310 | | | | 310,000 | |
Endo Finance LLC
6.000%, 02/01/25 144A @ | | | 325 | | | | 264,875 | |
Texas Competitive Electric Holdings
11.500%, 06/23/18 | | | 65 | | | | 64,391 | |
Valeant Pharmaceuticals International, Inc. | | | | | | | | |
6.375%, 10/15/20 144A @ | | | 370 | | | | 358,438 | |
6.500%, 03/15/22 144A @ | | | 410 | | | | 429,987 | |
| | | | | | | | |
| | | | | | | 1,427,691 | |
| | | | | | | | |
| Pipelines — 3.7% | |
Antero Midstream Partners LP
5.375%, 09/15/24 144A @ | | | 235 | | | | 240,287 | |
Boardwalk Pipelines LP
5.950%, 06/01/26 | | | 130 | | | | 144,757 | |
Cheniere Corpus Christi Holdings LLC | | | | | | | | |
7.000%, 06/30/24 | | | 500 | | | | 556,250 | |
5.875%, 03/31/25 | | | 225 | | | | 239,906 | |
5.125%, 06/30/27 144A @ | | | 285 | | | | 292,125 | |
Crestwood Midstream Partners LP
6.250%, 04/01/23 | | | 500 | | | | 507,500 | |
DCP Midstream Operating, LP | | | | | | | | |
9.750%, 03/15/19 144A @ | | | 125 | | | | 139,688 | |
8.125%, 08/16/30 | | | 75 | | | | 88,313 | |
6.450%, 11/03/36 144A @ | | | 150 | | | | 158,250 | |
5.850%, 05/21/43 144A @,• | | | 550 | | | | 508,750 | |
Energy Transfer Equity LP | | | | | | | | |
5.875%, 01/15/24 | | | 202 | | | | 214,120 | |
5.500%, 06/01/27 | | | 280 | | | | 289,800 | |
NuStar Logistics LP | | | | | | | | |
4.800%, 09/01/20 | | | 50 | | | | 52,000 | |
5.625%, 04/28/27 | | | 305 | | | | 320,250 | |
Rockies Express Pipeline LLC
6.000%, 01/15/19 144A @ | | | 100 | | | | 104,250 | |
SemGroup Corp.
6.375%, 03/15/25 144A @ | | | 335 | | | | 324,112 | |
Tallgrass Energy Partners LP
5.500%, 09/15/24 144A @ | | | 595 | | | | 602,437 | |
Targa Resources Partners LP | | | | | | | | |
6.750%, 03/15/24 | | | 400 | | | | 430,000 | |
5.125%, 02/01/25 144A @ | | | 625 | | | | 643,750 | |
Targa Resources Partners LP/Tagra Resources Partners Finance Corp. | | | | | | | | |
5.250%, 05/01/23 | | | 50 | | | | 51,250 | |
4.250%, 11/15/23 | | | 50 | | | | 48,813 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Pipelines — (continued) | |
Tesoro Logistics LP | | | | | | | | |
6.125%, 10/15/21 | | $ | 100 | | | $ | 104,000 | |
5.250%, 01/15/25 | | | 225 | | | | 236,250 | |
| | | | | | | | |
| | | | | | | 6,296,858 | |
| | | | | | | | |
| Real Estate — 1.4% | |
Greystar Real Estate Partners LLC
8.250%, 12/01/22 144A @ | | | 300 | | | | 323,250 | |
Iron Mountain Canada Operations
5.375%, 09/15/23 144A @ | | | 275 | | | | 220,543 | |
MGM Growth Properties Operating Partnership LP
5.625%, 05/01/24 | | | 175 | | | | 190,750 | |
MPT Operating Partnership LP
6.375%, 03/01/24 | | | 250 | | | | 271,907 | |
New Look Secured Issuer PLC
6.500%, 07/01/22 | | | 100 | | | | 95,757 | |
The Howard Hughes Corp.
5.375%, 03/15/25 144A @ | | | 710 | | | | 725,975 | |
VEREIT Operating Partnership LP | | | | | | | | |
4.125%, 06/01/21 | | | 150 | | | | 156,459 | |
4.875%, 06/01/26 | | | 330 | | | | 348,866 | |
| | | | | | | | |
| | | | | | | 2,333,507 | |
| | | | | | | | |
| Retail — 2.2% | |
Cumberland Farms, Inc.
6.750%, 05/01/25 144A @ | | | 155 | | | | 163,138 | |
Ferrellgas Partners LP | | | | | | | | |
8.625%, 06/15/20 144A @^ | | | 155 | | | | 146,475 | |
6.500%, 05/01/21 | | | 310 | | | | 292,950 | |
6.750%, 01/15/22 | | | 65 | | | | 61,100 | |
6.750%, 06/15/23 | | | 100 | | | | 93,250 | |
Group 1 Automotive, Inc. | | | | | | | | |
5.000%, 06/01/22 | | | 175 | | | | 177,625 | |
5.250%, 12/15/23 144A @ | | | 175 | | | | 176,750 | |
Jo-Ann Stores Holdings, Inc. PIK (Cash coupon
9.750%, PIK 10.500%)
9.750%, 10/15/19 144A @ | | | 425 | | | | 418,625 | |
Jo-Ann Stores LLC
8.125%, 03/15/19 144A @,^ | | | 48 | | | | 48,000 | |
KFC Holding Co./Pizza Hut Holdings/Taco Bell of America LLC | | | | | | | | |
5.000%, 06/01/24 144A @ | | | 125 | | | | 130,313 | |
5.250%, 06/01/26 144A @ | | | 250 | | | | 263,125 | |
Kirk Beauty One GmbH
8.750%, 07/15/23 144A @ | | | 225 | | | | 280,205 | |
New Albertson’s, Inc. | | | | | | | | |
7.450%, 08/01/29 | | | 175 | | | | 169,750 | |
8.000%, 05/01/31 | | | 125 | | | | 123,750 | |
New Look Secured Issuer PLC
6.500%, 07/01/22 144A @ | | | 375 | | | | 359,087 | |
PF Chang’s China Bistro, Inc.
10.250%, 06/30/20 144A @ | | | 175 | | | | 178,500 | |
Sonic Automotive, Inc.
5.000%, 05/15/23 | | | 200 | | | | 190,250 | |
59
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Retail — (continued) | |
Suburban Propane Partners LP
5.500%, 06/01/24 | | $ | 105 | | | $ | 104,475 | |
Yum! Brands, Inc. | | | | | | | | |
6.875%, 11/15/37 | | | 115 | | | | 124,200 | |
5.350%, 11/01/43 | | | 240 | | | | 216,600 | |
| | | | | | | | |
| | | | | | | 3,718,168 | |
| | | | | | | | |
| Semiconductors — 1.0% | |
Advanced Micro Devices, Inc.
7.000%, 07/01/24 | | | 610 | | | | 645,837 | |
Micron Technology, Inc.
5.250%, 08/01/23 144A @ | | | 250 | | | | 259,625 | |
Microsemi Corp.
9.125%, 04/15/23 144A @ | | | 375 | | | | 429,375 | |
Sensata Technologies UK Financing Co. PLC
6.250%, 02/15/26 144A @ | | | 425 | | | | 463,250 | |
| | | | | | | | |
| | | | | | | 1,798,087 | |
| | | | | | | | |
| Software — 1.6% | |
Change Healthcare Holdings LLC
5.750%, 03/01/25 144A @ | | | 200 | | | | 204,000 | |
MSCI, Inc. | | | | | | | | |
5.250%, 11/15/24 144A @ | | | 250 | | | | 265,000 | |
4.750%, 08/01/26 144A @ | | | 150 | | | | 154,170 | |
Rackspace Hosting, Inc.
8.625%, 11/15/24 144A @ | | | 150 | | | | 159,750 | |
RP Crown Parent LLC
7.375%, 10/15/24 144A @ | | | 150 | | | | 156,000 | |
SS&C Technologies Holdings, Inc.
5.875%, 07/15/23 | | | 200 | | | | 213,042 | |
Veritas US, Inc. | | | | | | | | |
7.500%, 02/01/23 144A @ | | | 600 | | | | 645,000 | |
10.500%, 02/01/24 144A @ | | | 800 | | | | 874,000 | |
| | | | | | | | |
| | | | | | | 2,670,962 | |
| | | | | | | | |
| Telecommunications — 9.6% | |
Altice Financing S.A. | | | | | | | | |
6.625%, 02/15/23 144A @ | | | 350 | | | | 371,329 | |
7.500%, 05/15/26 144A @ | | | 925 | | | | 1,026,750 | |
Altice Finco S.A.
8.125%, 01/15/24 144A @ | | | 600 | | | | 652,500 | |
Altice Luxembourg S.A.
7.625%, 02/15/25 144A @ | | | 2,050 | | | | 2,247,312 | |
CenturyLink, Inc.
7.500%, 04/01/24 | | | 650 | | | | 711,750 | |
Digicel Group Ltd.
8.250%, 09/30/20 144A @ | | | 725 | | | | 677,802 | |
Equinix, Inc. | | | | | | | | |
5.375%, 01/01/22 | | | 275 | | | | 290,125 | |
5.750%, 01/01/25 | | | 150 | | | | 161,438 | |
5.375%, 05/15/27 | | | 250 | | | | 266,563 | |
First Data Corp. | | | | | | | | |
5.375%, 08/15/23 144A @ | | | 425 | | | | 444,125 | |
7.000%, 12/01/23 144A @ | | | 640 | | | | 683,200 | |
Hughes Satellite Systems Corp. | | | | | | | | |
7.625%, 06/15/21 | | | 325 | | | | 369,281 | |
6.625%, 08/01/26 | | | 420 | | | | 451,500 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | |
Intelsat Jackson Holdings S.A. | | | | | | | | |
7.250%, 10/15/20 | | $ | 640 | | | $ | 604,800 | |
9.500%, 09/30/22 144A @ | | | 250 | | | | 298,750 | |
8.000%, 02/15/24 144A @ | | | 625 | | | | 673,437 | |
9.750%, 07/15/25 144A @ | | | 220 | | | | 219,725 | |
Level 3 Communications, Inc.
5.750%, 12/01/22 | | | 175 | | | | 181,563 | |
Level 3 Financing, Inc. | | | | | | | | |
5.625%, 02/01/23 | | | 150 | | | | 156,000 | |
5.375%, 05/01/25 | | | 175 | | | | 184,188 | |
5.250%, 03/15/26 | | | 125 | | | | 129,701 | |
Sable International Finance Ltd.
6.875%, 08/01/22 144A @ | | | 450 | | | | 486,000 | |
Sprint Capital Corp.
8.750%, 03/15/32 | | | 430 | | | | 541,800 | |
Sprint Communications, Inc. | | | | | | | | |
7.000%, 08/15/20 | | | 525 | | | | 577,500 | |
11.500%, 11/15/21 | | | 425 | | | | 544,000 | |
Sprint Corp.
7.250%, 09/15/21 | | | 525 | | | | 583,406 | |
T-Mobile US, Inc. | | | | | | | | |
4.000%, 04/15/22 | | | 455 | | | | 473,519 | |
6.500%, 01/15/24 | | | 100 | | | | 107,500 | |
6.375%, 03/01/25 | | | 175 | | | | 189,219 | |
TBG Global Pte Ltd.
5.250%, 02/10/22 | | | 200 | | | | 207,309 | |
Telesat Canada/Telesat LLC
8.875%, 11/15/24 144A @ | | | 90 | | | | 101,025 | |
Virgin Media Secured Finance PLC | | | | | | | | |
5.250%, 01/15/26 144A @ | | | 200 | | | | 208,162 | |
5.500%, 08/15/26 144A @ | | | 600 | | | | 628,500 | |
6.250%, 03/28/29 | | | 175 | | | | 246,647 | |
Wind Acquisition Finance S.A.
7.375%, 04/23/21 144A @ | | | 750 | | | | 780,000 | |
| | | | | | | | |
| | | | | | | 16,476,426 | |
| | | | | | | | |
| Transportation — 0.5% | |
Park Aerospace Holdings Ltd. | | | | | | | | |
5.250%, 08/15/22 144A @ | | | 280 | | | | 292,690 | |
5.500%, 02/15/24 144A @ | | | 145 | | | | 151,452 | |
The Kenan Advantage Group, Inc.
7.875%, 07/31/23 144A @ | | | 175 | | | | 183,750 | |
Watco Cos. LLC
6.375%, 04/01/23 144A @ | | | 250 | | | | 260,625 | |
| | | | | | | | |
| | | | | | | 888,517 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $132,210,123) | | | | 136,901,396 | |
| | | | | | | | |
| LOAN AGREEMENTS — 12.4%‡ | |
| Banks — 0.2% | |
Hoya Midco LLC
5.290%, 06/27/24 | | | 260 | | | | 260,325 | |
| | | | | | | | |
| Chemicals — 0.4% | |
Solenis International LP
7.952%, 07/31/22• | | | 675 | | | | 674,663 | |
| | | | | | | | |
60
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| LOAN AGREEMENTS — (continued) | | | | | | | | |
| Commercial Services — 0.4% | | | | | | | | |
Hercules Bankruptcy Claim
10.500%, 05/06/20^,~ | | $ | 224 | | | $ | 167,698 | |
Laureate Education, Inc.
5.726%, 04/26/24 | | | 259 | | | | 260,403 | |
Nord Anglia Education Finance LLC
4.702%, 03/31/21• | | | 345 | | | | 346,180 | |
| | | | | | | | |
| | | | | | | 774,281 | |
| | | | | | | | |
| Diversified Financial Services — 0.5% | |
Fortress Investment Group
3.990%, 06/12/22 | | | 210 | | | | 211,138 | |
NFP Corp. | | | | | | | | |
4.796%, 01/08/24• | | | 274 | | | | 274,052 | |
4.796%, 01/08/24 | | | 55 | | | | 55,086 | |
Terra-Gen Finance Co., LLC
5.480%, 12/09/21• | | | 276 | | | | 253,614 | |
| | | | | | | | |
| | | | | | | 793,890 | |
| | | | | | | | |
| Electric — 0.8% | |
Energy Future Intermediate Holdings Co. LLC
4.290%, 06/28/18 | | | 1,025 | | | | 1,027,563 | |
Vistra Operations Co. LLC
4.460%, 12/14/23• | | | 100 | | | | 99,425 | |
Vistra Operations Co. LLC, Class B
3.976%, 08/04/23• | | | 223 | | | | 220,721 | |
Vistra Operations Co. LLC, Class C
3.795%, 08/04/23• | | | 51 | | | | 50,593 | |
| | | | | | | | |
| | | | | | | 1,398,302 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.3% | |
Alliant Holdings I LLC
4.417%, 08/12/22 | | | 270 | | | | 269,637 | |
Fieldwood Energy LLC
8.421%, 09/30/20 | | | 90 | | | | 70,875 | |
Foresight Energy LLC
6.795%, 03/28/22 | | | 195 | | | | 185,373 | |
| | | | | | | | |
| | | | | | | 525,885 | |
| | | | | | | | |
| Entertainment — 0.5% | |
Delta 2 (Lux) S.a.r.l.• | | | | | | | | |
4.504%, 07/30/21 | | | 650 | | | | 650,137 | |
8.004%, 07/29/22 | | | 83 | | | | 82,942 | |
William Morris Endeavor Entertainment LLC
8.476%, 05/06/22 | | | 200 | | | | 202,250 | |
| | | | | | | | |
| | | | | | | 935,329 | |
| | | | | | | | |
| Healthcare — 0.1% | |
Macdermid, Inc.
4.726%, 06/07/20 | | | 217 | | | | 217,801 | |
| | | | | | | | |
| Healthcare Services — 0.5% | |
Envision Healthcare Corp.
4.300%, 12/01/23• | | | 473 | | | | 474,578 | |
Inventiv Health, Inc.
4.952%, 11/09/23• | | | 323 | | | | 323,779 | |
| | | | | | | | |
| | | | | | | 798,357 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Insurance — 1.9% | | | | | | | | |
Acrisure LLC
6.296%, 11/22/23 | | $ | 160 | | | $ | 160,930 | |
Asurion LLC | | | | | | | | |
8.726%, 03/03/21• | | | 1,350 | | | | 1,355,063 | |
4.476%, 08/04/22• | | | 620 | | | | 622,797 | |
4.045%, 11/03/23 | | | 250 | | | | 251,554 | |
Lonestar Intermediate Super PIK
10.226%, 08/31/21• | | | 425 | | | | 436,955 | |
Sedgwick Claims Management Services, Inc.
6.976%, 02/28/22• | | | 375 | | | | 376,875 | |
| | | | | | | | |
| | | | | | | 3,204,174 | |
| | | | | | | | |
| Internet — 1.3% | |
Ancestry.com Operations, Inc.
4.340%, 10/19/23 | | | 446 | | | | 446,984 | |
Match Group, Inc.
4.367%, 11/16/22• | | | 69 | | | | 69,235 | |
Rackspace Hosting, Inc.
4.172%, 11/03/23• | | | 349 | | | | 348,797 | |
Tierpoint, LLC
4.976%, 05/06/24 | | | 145 | | | | 144,939 | |
Uber Technologies, Inc.
5.216%, 07/13/23• | | | 1,241 | | | | 1,240,240 | |
| | | | | | | | |
| | | | | | | 2,250,195 | |
| | | | | | | | |
| Machinery — Diversified — 0.4% | |
Filtration Group, Inc.
4.476%, 11/23/20• | | | 493 | | | | 493,507 | |
Gardner Denver, Inc. Corp.
4.546%, 07/30/20• | | | 211 | | | | 211,373 | |
| | | | | | | | |
| | | | | | | 704,880 | |
| | | | | | | | |
| Media — 0.5% | |
EIG Investors Corp.
5.242%, 02/09/23 | | | 366 | | | | 366,980 | |
iHeartCommunications, Inc.
7.976%, 01/30/19• | | | 525 | | | | 427,439 | |
| | | | | | | | |
| | | | | | | 794,419 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.2% | |
Zekelman Industries, Inc.
4.789%, 06/14/21• | | | 322 | | | | 323,411 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.1% | | | | | | | | |
Bway Corp.
4.326%, 04/03/24 | | | 170 | | | | 169,908 | |
| | | | | | | | |
| Oil & Gas — 0.4% | |
Eagleclaw Midstream Ventures LLC*
5.250%, 06/24/24 | | | 430 | | | | 424,625 | |
Fairmount Santrol, Inc.
4.500%, 09/05/19• | | | 357 | | | | 336,393 | |
| | | | | | | | |
| | | | | | | 761,018 | |
| | | | | | | | |
| Oil & Gas Services — 0.0% | |
CGG Holding (U.S.), Inc.
6.796%, 05/15/19• | | | 0 | | | | 0 | |
| | | | | | | | |
61
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| LOAN AGREEMENTS — (continued) | | | | | | | | |
| Packaging and Containers — 0.1% | | | | | | | | |
Flex Acquisition Co., Inc.
4.398%, 12/29/23• | | $ | 100 | | | $ | 100,229 | |
Tricorbraun, Inc.
5.046%, 11/30/23• | | | 113 | | | | 113,916 | |
| | | | | | | | |
| | | | | | | 214,145 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.2% | |
Brickman Group Ltd.
4.217%, 12/18/20• | | | 317 | | | | 316,941 | |
| | | | | | | | |
| Retail — 1.1% | |
Academy Ltd.
5.197%, 07/01/22 | | | 809 | | | | 625,142 | |
Jo-Ann Stores, Inc. | | | | | | | | |
6.391%, 10/20/23• | | | 507 | | | | 504,476 | |
9.179%, 10/20/23 | | | 95 | | | | 94,485 | |
Serta Simmons• | | | | | | | | |
4.586%, 11/08/23 | | | 253 | | | | 252,592 | |
9.179%, 11/08/24 | | | 350 | | | | 348,397 | |
| | | | | | | | |
| | | | | | | 1,825,092 | |
| | | | | | | | |
| Software — 1.9% | |
Change Healthcare Holdings
3.976%, 03/01/24 | | | 234 | | | | 234,314 | |
Kraind Corp.
4.897%, 11/30/23 | | | 11 | | | | 11,449 | |
Kronos, Inc. | | | | | | | | |
4.680%, 11/01/23• | | | 423 | | | | 425,415 | |
9.420%, 11/01/24 | | | 130 | | | | 134,820 | |
Micro Focus
3.910%, 04/18/24 | | | 515 | | | | 515,644 | |
Msyln Corp.
8.450%, 06/13/25 | | | 345 | | | | 350,913 | |
SolarWinds Holdings, Inc.
4.726%, 02/03/23• | | | 371 | | | | 371,816 | |
Veritas US, Inc. | | | | | | | | |
5.770%, 01/27/23 | | | 250 | | | | 250,260 | |
6.772%, 01/27/23• | | | 966 | | | | 966,899 | |
| | | | | | | | |
| | | | | | | 3,261,530 | |
| | | | | | | | |
| Telecommunications — 0.2% | |
Cyxtera Technologies, Inc.
4.170%, 05/01/24 | | | 110 | | | | 110,137 | |
Digicel International Finance
4.940%, 05/27/24 | | | 270 | | | | 271,604 | |
| | | | | | | | |
| | | | | | | 381,741 | |
| | | | | | | | |
| Transportation — 0.4% | |
Navistar, Inc.
5.090%, 08/07/20 | | | 288 | | | | 291,375 | |
Truck Hero, Inc. | | | | | | | | |
5.180%, 04/22/24 | | | 345 | | | | 342,199 | |
9.430%, 05/10/25 | | | 90 | | | | 89,662 | |
| | | | | | | | |
| | | | | | | 723,236 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS‡
(Cost $21,181,075) | | | | | | | 21,309,523 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 5.0% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 2,138,039 | | | $ | 2,138,039 | |
T. Rowe Price Investment, Ltd. | | | 6,371,818 | | | | 6,371,818 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,509,857) | | | | | | | 8,509,857 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.3%
(Cost $165,043,695) | | | $ | 170,322,101 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.7% | | | | 1,185,006 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 171,507,107 | |
| | | | | | | | |
| † | 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, 2017. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
| * | Non-income producing security. |
| 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, 2017 is $1,804,201. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2017 is $412,450. |
CONV — Convertible Security.
CVR — Contingent Valued Rights.
LLC — Limited Liability Company.
LP — Limited Partnership.
PIK — Payment in Kind Security.
PLC — Public Limited Company.
STEP — Step Coupon Bond.
62
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
High Yield Bond Fund
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 75 | % |
Luxembourg | | | 7 | |
Canada | | | 4 | |
United Kingdom | | | 3 | |
Cote D’Ivoire (Ivory Coast) | | | 2 | |
Netherlands | | | 2 | |
Germany | | | 1 | |
Other | | | 6 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
ASSET BACKED SECURITIES | | $ | 98,242 | | | $ | — | | | $ | 98,242 | | | $ | — | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Electric | | | 312,956 | | | | 312,956 | | | | — | | | | — | |
Entertainment | | | 4,965 | | | | — | | | | — | | | | 4,965 | |
Media | | | 500,631 | | | | 500,631 | | | | — | | | | — | |
Oil & Gas | | | 504,651 | | | | 264,864 | | | | 239,787 | | | | — | |
Real Estate | | | 205,757 | | | | 205,757 | | | | — | | | | — | |
Telecommunications | | | 569,828 | | | | 569,828 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 129 | | | | 129 | | | | — | | | | — | |
PREFERRED STOCKS | | | 1,404,166 | | | | 1,404,166 | | | | — | | | | — | |
CORPORATE BONDS | | | 136,901,396 | | | | — | | | | 136,901,396 | | | | — | |
LOAN AGREEMENTS | | | 21,309,523 | | | | — | | | | 21,309,523 | | | | — | |
SHORT-TERM INVESTMENTS | | | 8,509,857 | | | | 8,509,857 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 170,322,101 | | | $ | 11,768,188 | | | $ | 158,548,948 | | | $ | 4,965 | |
| |
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 12/31/2016 | | $ | 26,352 | |
Change in Appreciation/(Depreciation) | | | (21,387 | ) |
| | | | |
Balance as of 6/30/2017 | | $ | 4,965 | |
| | | | |
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 hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
63
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (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 | | $ | 534 | | | $ | 591,080 | |
Continental Airlines 2012-1 Class A, Pass Through Trust
4.150%, 10/11/25 | | | 1,775 | | | | 1,874,745 | |
DB Master Finance LLC 2015-1A A21
3.262%, 02/20/45 144A @ | | | 1,432 | | | | 1,440,615 | |
Taco Bell Funding LLC 2016-1A A21
3.832%, 05/25/46 144A @ | | | 3,578 | | | | 3,657,787 | |
Wendys Funding LLC 2015-1A A21
3.371%, 06/15/45 144A @ | | | 2,279 | | | | 2,298,957 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $9,605,219) | | | | | | | 9,863,184 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 60.9% | | | | | |
| Aerospace & Defense — 0.4% | |
The Boeing Co. | | | 80,800 | | | | 15,978,200 | |
| | | | | | | | |
| Agriculture — 3.7% | |
Altria Group, Inc. | | | 361,637 | | | | 26,931,107 | |
British American Tobacco PLC | | | 430,563 | | | | 29,351,725 | |
Philip Morris International, Inc. | | | 709,200 | | | | 83,295,540 | |
| | | | | | | | |
| | | | | | | 139,578,372 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.1% | |
Adient PLC | | | 321,037 | | | | 20,989,399 | |
Magna International, Inc., Class A* | | | 418,344 | | | | 19,381,878 | |
| | | | | | | | |
| | | | | | | 40,371,277 | |
| | | | | | | | |
| Banks — 4.4% | |
State Street Corp. | | | 313,866 | | | | 28,163,196 | |
The Bank of New York Mellon Corp. | | | 1,587,191 | | | | 80,978,485 | |
The PNC Financial Services Group, Inc. | | | 197,811 | | | | 24,700,660 | |
Wells Fargo & Co. | | | 559,100 | | | | 30,979,731 | |
| | | | | | | | |
| | | | | | | 164,822,072 | |
| | | | | | | | |
| Beverages — 2.0% | |
Dr. Pepper Snapple Group, Inc. | | | 547,023 | | | | 49,839,266 | |
PepsiCo, Inc. | | | 208,329 | | | | 24,059,916 | |
| | | | | | | | |
| | | | | | | 73,899,182 | |
| | | | | | | | |
| Biotechnology — 0.4% | |
Biogen, Inc.* | | | 58,444 | | | | 15,859,364 | |
Bioverativ, Inc.* | | | 6,455 | | | | 388,397 | |
| | | | | | | | |
| | | | | | | 16,247,761 | |
| | | | | | | | |
| Building Materials — 1.2% | |
Johnson Controls International PLC | | | 1,049,976 | | | | 45,526,959 | |
| | | | | | | | |
| Commercial Services — 2.9% | |
Aramark | | | 1,071,840 | | | | 43,924,003 | |
Equifax, Inc. | | | 89,472 | | | | 12,295,242 | |
Mastercard, Inc., Class A | | | 272,871 | | | | 33,140,183 | |
RELX PLC | | | 873,142 | | | | 18,878,009 | |
| | | | | | | | |
| | | | | | | 108,237,437 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Computers — 0.6% | |
Apple, Inc. | | | 145,800 | | | $ | 20,998,116 | |
| | | | | | | | |
| Diversified Financial Services — 2.3% | |
Visa, Inc., Class A | | | 938,900 | | | | 88,050,042 | |
| | | | | | | | |
| Electric — 1.9% | |
DTE Energy Co. | | | 87,900 | | | | 9,298,941 | |
PG&E Corp. | | | 950,984 | | | | 63,116,808 | |
| | | | | | | | |
| | | | | | | 72,415,749 | |
| | | | | | | | |
| Electronics — 3.4% | |
Fortive Corp.* | | | 283,035 | | | | 17,930,267 | |
PerkinElmer, Inc. | | | 1,047,554 | | | | 71,380,330 | |
Thermo Fisher Scientific, Inc. | | | 215,730 | | | | 37,638,413 | |
| | | | | | | | |
| | | | | | | 126,949,010 | |
| | | | | | | | |
| Food — 1.2% | |
Mondelez International, Inc., Class A | | | 654,339 | | | | 28,260,901 | |
The Kraft Heinz Co. | | | 102,919 | | | | 8,813,983 | |
Tyson Foods, Inc., Class A | | | 123,760 | | | | 7,751,089 | |
| | | | | | | | |
| | | | | | | 44,825,973 | |
| | | | | | | | |
| Healthcare Products — 2.0% | |
Becton Dickinson & Co. | | | 379,414 | | | | 74,027,466 | |
| | | | | | | | |
| Healthcare Services — 4.7% | |
Aetna, Inc. | | | 222,453 | | | | 33,775,039 | |
Anthem, Inc. | | | 137,900 | | | | 25,943,127 | |
Cigna Corp. | | | 182,160 | | | | 30,491,763 | |
Humana, Inc. | | | 172,750 | | | | 41,567,105 | |
UnitedHealth Group, Inc. | | | 249,900 | | | | 46,336,458 | |
| | | | | | | | |
| | | | | | | 178,113,492 | |
| | | | | | | | |
| Insurance — 3.1% | |
Marsh & McLennan Cos., Inc. | | | 1,275,300 | | | | 99,422,388 | |
Willis Towers Watson PLC | | | 112,879 | | | | 16,419,379 | |
| | | | | | | | |
| | | | | | | 115,841,767 | |
| | | | | | | | |
| Internet — 4.2% | |
Alphabet, Inc., Class A* | | | 8,700 | | | | 8,088,216 | |
Alphabet, Inc., Class C* | | | 83,659 | | | | 76,023,443 | |
Amazon.com, Inc.* | | | 74,239 | | | | 71,863,352 | |
| | | | | | | | |
| | | | | | | 155,975,011 | |
| | | | | | | | |
| Machinery — Diversified — 0.7% | |
Roper Technologies, Inc. | | | 120,374 | | | | 27,870,192 | |
| | | | | | | | |
| Media — 0.5% | |
Liberty Global PLC, Class C* | | | 559,232 | | | | 17,436,854 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.9% | |
Danaher Corp. | | | 658,527 | | | | 55,573,093 | |
Pentair PLC | | | 258,964 | | | | 17,231,465 | |
| | | | | | | | |
| | | | | | | 72,804,558 | |
| | | | | | | | |
| Oil & Gas — 1.5% | |
Canadian Natural Resources Ltd. | | | 1,087,700 | | | | 31,369,268 | |
TOTAL S.A. | | | 476,326 | | | | 23,548,633 | |
| | | | | | | | |
| | | | | | | 54,917,901 | |
| | | | | | | | |
64
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Packaging and Containers — 0.5% | | | | | | | | |
Ball Corp. | | | 476,009 | | | $ | 20,092,340 | |
| | | | | | | | |
| Pharmaceuticals — 4.3% | | | | | | | | |
Abbott Laboratories | | | 1,559,791 | | | | 75,821,441 | |
GlaxoSmithKline PLC | | | 613,469 | | | | 13,067,917 | |
Perrigo Co. PLC | | | 275,600 | | | | 20,813,312 | |
Zoetis, Inc. | | | 848,567 | | | | 52,933,609 | |
| | | | | | | | |
| | | | | | | 162,636,279 | |
| | | | | | | | |
| Retail — 5.3% | | | | | | | | |
AutoZone, Inc.* | | | 42,669 | | | | 24,340,958 | |
CVS Health Corp. | | | 168,700 | | | | 13,573,602 | |
Lowe’s Cos., Inc. | | | 390,898 | | | | 30,306,322 | |
O’Reilly Automotive, Inc.* | | | 240,530 | | | | 52,613,532 | |
The Home Depot, Inc. | | | 124,821 | | | | 19,147,541 | |
Walgreens Boots Alliance, Inc. | | | 215,113 | | | | 16,845,499 | |
Yum! Brands, Inc. | | | 568,093 | | | | 41,902,540 | |
| | | | | | | | |
| | | | | | | 198,729,994 | |
| | | | | | | | |
| Software — 5.7% | | | | | | | | |
Fidelity National Information Services, Inc. | | | 389,726 | | | | 33,282,600 | |
Fiserv, Inc.* | | | 707,091 | | | | 86,505,513 | |
Intuit, Inc. | | | 119,096 | | | | 15,817,140 | |
Microsoft Corp. | | | 1,164,800 | | | | 80,289,664 | |
| | | | | | | | |
| | | | | | | 215,894,917 | |
| | | | | | | | |
| Telecommunications — 1.0% | | | | | | | | |
SBA Communications Corp.* | | | 284,467 | | | | 38,374,598 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,861,805,974) | | | | | | | 2,290,615,519 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 0.7% | | | | | |
| Diversified — 0.7% | | | | | | | | |
American Tower Corp.
(Cost $25,222,784) | | | 215,500 | | | | 28,514,960 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| PREFERRED STOCKS — 3.1% | | | | | |
| Banks — 0.4% | | | | | | | | |
State Street Corp. | | | 83,012 | | | | 2,222,231 | |
State Street Corp.• | | | 48,062 | | | | 1,318,341 | |
U.S. Bancorp, Series F• | | | 71,000 | | | | 2,107,990 | |
Wells Fargo & Co. | | | 6,301 | | | | 8,261,304 | |
| | | | | | | | |
| | | | | | | 13,909,866 | |
| | | | | | | | |
| Diversified — 0.5% | | | | | | | | |
American Tower Corp. | | | 172,318 | | | | 20,890,111 | |
| | | | | | | | |
| Diversified Financial Services — 0.1% | |
The Charles Schwab Corp. | | | 12,000 | | | | 327,240 | |
The Charles Schwab Corp. | | | 150,000 | | | | 4,074,000 | |
| | | | | | | | |
| | | | | | | 4,401,240 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electric — 1.2% | | | | | | | | |
DTE Energy Co. | | | 267,708 | | | $ | 14,683,784 | |
NextEra Energy, Inc. | | | 140,686 | | | | 7,598,451 | |
SCE Trust I | | | 83,775 | | | | 2,104,428 | |
SCE Trust II | | | 14,730 | | | | 373,406 | |
SCE Trust III• | | | 161,355 | | | | 4,530,848 | |
SCE Trust IV• | | | 340,000 | | | | 9,605,000 | |
SCE Trust V• | | | 100,000 | | | | 2,890,000 | |
SCE Trust VI | | | 75,000 | | | | 1,864,500 | |
| | | | | | | | |
| | | | | | | 43,650,417 | |
| | | | | | | | |
| Healthcare Products — 0.9% | | | | | | | | |
Becton Dickinson and Co.* | | | 658,993 | | | | 36,099,636 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $106,929,775) | | | | 118,951,270 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 20.2% | | | | | | | | |
| Advertising — 0.0% | | | | | | | | |
Lamar Media Corp.
5.875%, 02/01/22 | | $ | 1,450 | | | | 1,497,125 | |
| | | | | | | | |
| Aerospace & Defense — 0.1% | | | | | | | | |
Harris Corp.
1.999%, 04/27/18 | | | 1,080 | | | | 1,081,475 | |
Moog, Inc.
5.250%, 12/01/22 144A @ | | | 650 | | | | 676,000 | |
| | | | | | | | |
| | | | | | | 1,757,475 | |
| | | | | | | | |
| Agriculture — 0.3% | | | | | | | | |
Philip Morris International, Inc.
1.592%, 02/21/20• | | | 2,285 | | | | 2,295,774 | |
2.000%, 02/21/20 | | | 3,420 | | | | 3,427,298 | |
2.625%, 02/18/22 | | | 4,270 | | | | 4,299,045 | |
| | | | | | | | |
| | | | | | | 10,022,117 | |
| | | | | | | | |
| Airlines — 0.1% | | | | | | | | |
Continental Airlines 2012-1 Class B Pass Through Trust
6.250%, 10/11/21 | | | 276 | | | | 292,382 | |
Delta Air Lines 2009-1, Class A, Pass Through Trust
7.750%, 06/17/21 | | | 304 | | | | 334,481 | |
Delta Air Lines 2011-1, Class A , Pass Through Trust
5.300%, 10/15/20 | | | 345 | | | | 362,792 | |
U.S. Airways 2010-1 Class A, Pass Through Trust
6.250%, 10/22/24 | | | 1,513 | | | | 1,683,474 | |
U.S. Airways 2012-2 Class A, Pass Through Trust
4.625%, 12/03/26 | | | 218 | | | | 233,305 | |
U.S. Airways 2012-2 Class B, Pass Through Trust
6.750%, 12/03/22 144A @,^ | | | 435 | | | | 476,632 | |
65
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Airlines — (continued) | | | | | | | | |
U.S. Airways 2013-1 Class A, Pass Through Trust
3.950%, 05/15/27 | | $ | 4 | | | $ | 4,189 | |
U.S. Airways 2013-1 Class B, Pass Through Trust
5.375%, 05/15/23 | | | 4 | | | | 4,434 | |
| | | | | | | | |
| | | | | | | 3,391,689 | |
| | | | | | | | |
| Banks — 0.9% | | | | | | | | |
The PNC Financial Services Group, Inc.
5.000%, 12/29/49• | | | 7,085 | | | | 7,297,550 | |
JPMorgan Chase & Co.
5.300%, 12/29/49• | | | 10,255 | | | | 10,678,019 | |
Regions Bank
7.500%, 05/15/18 | | | 75 | | | | 78,515 | |
State Street Corp.
5.250%, 12/29/49• | | | 4,360 | | | | 4,599,800 | |
The Bank of New York Mellon Corp.•
4.625%, 12/29/49 | | | 3,175 | | | | 3,202,305 | |
4.950%, 12/29/49 | | | 5,800 | | | | 6,049,400 | |
U.S. Bancorp
5.300%, 04/15/49• | | | 3,010 | | | | 3,205,650 | |
| | | | | | | | |
| | | | | | | 35,111,239 | |
| | | | | | | | |
| Beverages — 0.3% | | | | | | | | |
Anheuser-Busch InBev Finance, Inc.
1.900%, 02/01/19 | | | 2,995 | | | | 3,001,700 | |
2.430%, 02/01/21• | | | 3,820 | | | | 3,956,248 | |
2.650%, 02/01/21 | | | 1,690 | | | | 1,712,659 | |
3.300%, 02/01/23 | | | 2,175 | | | | 2,239,665 | |
PepsiCo, Inc.
1.250%, 04/30/18 | | | 1,635 | | | | 1,632,332 | |
| | | | | | | | |
| | | | | | | 12,542,604 | |
| | | | | | | | |
| Building Materials — 0.0% | | | | | | | | |
Lennox International, Inc.
3.000%, 11/15/23 | | | 760 | | | | 758,858 | |
| | | | | | | | |
| Chemicals — 0.2% | | | | | | | | |
Cytec Industries, Inc.
3.950%, 05/01/25 | | | 3,680 | | | | 3,703,265 | |
Ecolab, Inc.
2.000%, 01/14/19 | | | 2,330 | | | | 2,340,149 | |
| | | | | | | | |
| | | | | | | 6,043,414 | |
| | | | | | | | |
| Commercial Services — 0.7% | | | | | | | | |
Aramark Services, Inc.
5.000%, 04/01/25 144A @ | | | 10,960 | | | | 11,576,500 | |
IHS Markit Ltd.
5.000%, 11/01/22 144A @ | | | 4,300 | | | | 4,641,291 | |
Iron Mountain, Inc.
6.000%, 08/15/23 | | | 1,100 | | | | 1,168,750 | |
5.750%, 08/15/24 | | | 6,335 | | | | 6,461,700 | |
Service Corp. International
5.375%, 05/15/24 | | | 3,600 | | | | 3,802,140 | |
| | | | | | | | |
| | | | | | | 27,650,381 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — 1.2% | |
Caterpillar Financial Services Corp. | | | | | | | | |
1.250%, 11/06/17 | | $ | 1,645 | | | $ | 1,643,847 | |
2.250%, 12/01/19 | | | 1,155 | | | | 1,166,921 | |
Ford Motor Credit Co. LLC
6.625%, 08/15/17 | | | 1,675 | | | | 1,684,177 | |
1.739%, 09/08/17• | | | 4,325 | | | | 4,326,293 | |
1.724%, 12/06/17 | | | 2,150 | | | | 2,150,151 | |
1.793%, 12/06/17• | | | 6,325 | | | | 6,330,186 | |
2.145%, 01/09/18 | | | 3,360 | | | | 3,371,411 | |
5.000%, 05/15/18 | | | 1,800 | | | | 1,846,042 | |
2.375%, 03/12/19 | | | 4,275 | | | | 4,294,366 | |
2.597%, 11/04/19 | | | 5,350 | | | | 5,385,561 | |
Visa, Inc.
1.200%, 12/14/17 | | | 11,030 | | | | 11,024,452 | |
| | | | | | | | |
| | | | | | | 43,223,407 | |
| | | | | | | | |
| Electric — 0.9% | | | | | | | | |
Berkshire Hathaway Energy Co.
2.400%, 02/01/20 | | | 2,550 | | | | 2,572,182 | |
CMS Energy Corp.
8.750%, 06/15/19 | | | 415 | | | | 466,156 | |
Dominion Energy, Inc. , STEP
2.962%, 07/01/19 | | | 350 | | | | 355,234 | |
DTE Energy Co.
3.800%, 03/15/27 | | | 8,575 | | | | 8,765,871 | |
Edison International
2.125%, 04/15/20 | | | 4,300 | | | | 4,304,747 | |
Fortive Corp.
1.800%, 06/15/19 | | | 345 | | | | 342,527 | |
NSTAR Electric Co.*
3.200%, 05/15/27 | | | 1,715 | | | | 1,726,182 | |
Pacific Gas & Electric Co.
3.300%, 03/15/27 | | | 4,300 | | | | 4,395,920 | |
The Southern Co.
1.550%, 07/01/18 | | | 3,795 | | | | 3,785,012 | |
1.850%, 07/01/19 | | | 1,770 | | | | 1,763,139 | |
Virginia Electric & Power Co.
3.150%, 01/15/26 | | | 1,525 | | | | 1,533,513 | |
3.500%, 03/15/27 | | | 3,010 | | | | 3,095,020 | |
| | | | | | | | |
| | | | | | | 33,105,503 | |
| | | | | | | | |
| Electronics — 0.1% | | | | | | | | |
Amphenol Corp.
1.550%, 09/15/17 | | | 920 | | | | 919,786 | |
2.200%, 04/01/20 | | | 2,585 | | | | 2,591,806 | |
3.200%, 04/01/24 | | | 1,290 | | | | 1,303,144 | |
| | | | | | | | |
| | | | | | | 4,814,736 | |
| | | | | | | | |
| Engineering & Construction — 0.7% | | | | | | | | |
SBA Communications Corp.
4.875%, 07/15/22 | | | 10,540 | | | | 10,856,200 | |
4.875%, 09/01/24 144A @ | | | 14,325 | | | | 14,575,687 | |
| | | | | | | | |
| | | | | | | 25,431,887 | |
| | | | | | | | |
66
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Entertainment — 0.1% | | | | | | | | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.*
5.375%, 06/01/24 | | $ | 3,080 | | | $ | 3,218,600 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.375%, 04/15/27 144A @ | | | 1,335 | | | | 1,408,425 | |
| | | | | | | | |
| | | | | | | 4,627,025 | |
| | | | | | | | |
| Food — 0.1% | | | | | | | | |
B&G Foods, Inc.
4.625%, 06/01/21 | | | 2,525 | | | | 2,578,656 | |
The Kroger Co.
2.000%, 01/15/19 | | | 1,330 | | | | 1,328,781 | |
TreeHouse Foods, Inc.
6.000%, 02/15/24 144A @ | | | 600 | | | | 639,000 | |
| | | | | | | | |
| | | | | | | 4,546,437 | |
| | | | | | | | |
| Gas — 0.4% | | | | | | | | |
NiSource Finance Corp.
3.490%, 05/15/27 | | | 6,525 | | | | 6,569,898 | |
4.375%, 05/15/47 | | | 4,495 | | | | 4,634,736 | |
Southern California Gas Co.
3.200%, 06/15/25 | | | 3,625 | | | | 3,703,224 | |
| | | | | | | | |
| | | | | | | 14,907,858 | |
| | | | | | | | |
| Healthcare Products — 0.9% | | | | | | | | |
Becton Dickinson and Co.
2.675%, 12/15/19 | | | 1,895 | | | | 1,918,203 | |
2.253%, 06/06/22• | | | 3,685 | | | | 3,693,398 | |
3.363%, 06/06/24 | | | 3,805 | | | | 3,813,698 | |
Hologic, Inc.
5.250%, 07/15/22 144A @ | | | 10,776 | | | | 11,314,800 | |
Medtronic Global Holdings SCA
1.700%, 03/28/19 | | | 4,300 | | | | 4,302,726 | |
3.350%, 04/01/27 | | | 2,465 | | | | 2,512,989 | |
Medtronic, Inc.
1.500%, 03/15/18 | | | 4,025 | | | | 4,025,861 | |
2.500%, 03/15/20 | | | 2,845 | | | | 2,886,227 | |
Teleflex, Inc.
4.875%, 06/01/26 | | | 900 | | | | 920,250 | |
| | | | | | | | |
| | | | | | | 35,388,152 | |
| | | | | | | | |
| Healthcare Services — 2.2% | | | | | | | | |
Centene Corp.
5.625%, 02/15/21 | | | 11,610 | | | | 12,103,425 | |
4.750%, 05/15/22 | | | 4,565 | | | | 4,764,719 | |
6.125%, 02/15/24 | | | 7,515 | | | | 8,125,068 | |
4.750%, 01/15/25 | | | 4,275 | | | | 4,392,562 | |
Fresenius Medical Care U.S. Finance II, Inc.144A @
5.625%, 07/31/19 | | | 8,075 | | | | 8,539,312 | |
5.875%, 01/31/22 | | | 5,400 | | | | 5,980,500 | |
Fresenius Medical Care U.S. Finance, Inc.
5.750%, 02/15/21 144A @ | | | 1,125 | | | | 1,230,469 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Healthcare Services — (continued) | | | | | |
HCA, Inc.
8.000%, 10/01/18 | | $ | 8,669 | | | $ | 9,319,175 | |
3.750%, 03/15/19 | | | 1,725 | | | | 1,759,500 | |
4.250%, 10/15/19 | | | 3,781 | | | | 3,922,787 | |
6.500%, 02/15/20 | | | 18,920 | | | | 20,646,450 | |
UnitedHealth Group, Inc.
1.400%, 12/15/17 | | | 1,545 | | | | 1,544,546 | |
Universal Health Services, Inc.
3.750%, 08/01/19 144A @ | | | 520 | | | | 530,400 | |
| | | | | | | | |
| | | | | | | 82,858,913 | |
| | | | | | | | |
| Household Products & Wares — 0.2% | | | | | | | | |
Reckitt Benckiser Treasury Services PLC*
1.856%, 06/24/22 144A @,• | | | 4,140 | | | | 4,144,053 | |
Spectrum Brands, Inc.
6.625%, 11/15/22 | | | 2,711 | | | | 2,839,773 | |
6.125%, 12/15/24 | | | 1,500 | | | | 1,606,875 | |
| | | | | | | | |
| | | | | | | 8,590,701 | |
| | | | | | | | |
| Insurance — 0.5% | | | | | | | | |
HUB International Ltd.
7.875%, 10/01/21 144A @ | | | 11,201 | | | | 11,677,043 | |
Marsh & McLennan Cos., Inc.
2.350%, 03/06/20 | | | 1,205 | | | | 1,211,174 | |
2.750%, 01/30/22 | | | 1,705 | | | | 1,721,656 | |
3.300%, 03/14/23 | | | 525 | | | | 539,552 | |
Trinity Acquisition PLC
4.400%, 03/15/26 | | | 2,400 | | | | 2,506,121 | |
| | | | | | | | |
| | | | | | | 17,655,546 | |
| | | | | | | | |
| Internet — 0.4% | | | | | | | | |
Amazon.com, Inc.
2.600%, 12/05/19 | | | 4,155 | | | | 4,233,247 | |
Netflix, Inc.
5.875%, 02/15/25 | | | 870 | | | | 963,525 | |
4.375%, 11/15/26 144A @ | | | 9,320 | | | | 9,296,700 | |
| | | | | | | | |
| | | | | | | 14,493,472 | |
| | | | | | | | |
| Lodging — 0.0% | | | | | | | | |
Hilton Domestic Operating Co., Inc.
4.250%, 09/01/24 144A @ | | | 1,350 | | | | 1,368,563 | |
| | | | | | | | |
| Machinery — Diversified — 0.3% | | | | | | | | |
CNH Industrial Capital LLC
3.625%, 04/15/18 | | | 5,700 | | | | 5,750,160 | |
3.875%, 07/16/18 | | | 1,725 | | | | 1,753,462 | |
Welbilt, Inc.
9.500%, 02/15/24 | | | 425 | | | | 493,000 | |
Xylem, Inc.
4.875%, 10/01/21 | | | 415 | | | | 448,934 | |
3.250%, 11/01/26 | | | 640 | | | | 637,307 | |
| | | | | | | | |
| | | | | | | 9,082,863 | |
| | | | | | | | |
| Media — 2.2% | | | | | | | | |
Altice US Finance I Corp.
5.375%, 07/15/23 144A @ | | | 1,169 | | | | 1,216,491 | |
67
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Media — (continued) | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp.
5.250%, 03/15/21 | | $ | 1,900 | | | $ | 1,952,250 | |
5.250%, 09/30/22 | | | 7,165 | | | | 7,375,651 | |
5.125%, 02/15/23 | | | 5,100 | | | | 5,262,562 | |
5.125%, 05/01/23 144A @ | | | 1,200 | | | | 1,260,000 | |
5.750%, 09/01/23 | | | 3,600 | | | | 3,753,000 | |
5.750%, 01/15/24 | | | 4,225 | | | | 4,452,094 | |
5.875%, 04/01/24 144A @ | | | 2,575 | | | | 2,748,813 | |
Cequel Communications Holdings I LLC/Cequel Capital Corp.
6.375%, 09/15/20 144A @ | | | 5,162 | | | | 5,265,240 | |
Charter Communications Operating LLC/Charter Communications Operating Capital
3.579%, 07/23/20 | | | 2,225 | | | | 2,299,259 | |
Cox Communications, Inc.
6.250%, 06/01/18 144A @ | | | 90 | | | | 93,318 | |
DISH DBS Corp.
4.625%, 07/15/17 | | | 5,200 | | | | 5,193,500 | |
4.250%, 04/01/18 | | | 850 | | | | 860,897 | |
Sirius XM Radio, Inc.144A @
4.250%, 05/15/20 | | | 300 | | | | 303,443 | |
5.750%, 08/01/21 | | | 2,800 | | | | 2,891,000 | |
6.000%, 07/15/24 | | | 6,280 | | | | 6,672,500 | |
Time Warner Cable LLC
6.750%, 07/01/18 | | | 3,975 | | | | 4,158,677 | |
Unitymedia GmbH
6.125%, 01/15/25 144A @ | | | 6,225 | | | | 6,676,312 | |
Unitymedia Hessen GmbH & Co. KG
5.500%, 01/15/23 144A @ | | | 12,663 | | | | 13,137,862 | |
Ziggo Secured Finance BV
5.500%, 01/15/27 144A @ | | | 7,925 | | | | 8,093,406 | |
| | | | | | | | |
| | | | | | | 83,666,275 | |
| | | | | | | | |
| Oil & Gas — 1.3% | | | | | | | | |
Canadian Natural Resources Ltd.
1.750%, 01/15/18 | | | 1,000 | | | | 999,918 | |
Chevron Corp.
1.365%, 03/02/18 | | | 4,400 | | | | 4,398,874 | |
Concho Resources, Inc.
5.500%, 10/01/22 | | | 4,150 | | | | 4,258,937 | |
5.500%, 04/01/23 | | | 11,900 | | | | 12,227,250 | |
Diamondback Energy, Inc.
4.750%, 11/01/24 144A @ | | | 1,200 | | | | 1,194,000 | |
EQT Corp.
6.500%, 04/01/18 | | | 1,620 | | | | 1,672,916 | |
8.125%, 06/01/19 | | | 1,754 | | | | 1,935,507 | |
Matador Resources Co.
6.875%, 04/15/23 | | | 3,300 | | | | 3,423,750 | |
Range Resources Corp.
5.000%, 08/15/22 144A @ | | | 2,475 | | | | 2,431,688 | |
5.000%, 03/15/23 144A @ | | | 6,175 | | | | 6,036,062 | |
4.875%, 05/15/25 | | | 4,100 | | | | 3,895,000 | |
Shell International Finance BV
1.632%, 05/11/20• | | | 6,720 | | | | 6,780,897 | |
| | | | | | | | |
| | | | | | | 49,254,799 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | |
| Packaging and Containers — 0.5% | | | | | | | | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.750%, 10/15/20 | | $ | 10,400 | | | $ | 10,642,736 | |
6.875%, 02/15/21 | | | 681 | | | | 699,257 | |
4.658%, 07/15/21 144A @,• | | | 4,875 | | | | 4,954,219 | |
5.125%, 07/15/23 144A @ | | | 370 | | | | 384,337 | |
| | | | | | | | |
| | | | | | | 16,680,549 | |
| | | | | | | | |
| Pharmaceuticals — 0.3% | | | | | | | | |
Eli Lilly & Co.
1.250%, 03/01/18 | | | 2,200 | | | | 2,197,747 | |
Johnson & Johnson
1.125%, 11/21/17 | | | 1,360 | | | | 1,359,056 | |
Pfizer, Inc.
1.200%, 06/01/18 | | | 8,525 | | | | 8,509,059 | |
| | | | | | | | |
| | | | | | | 12,065,862 | |
| | | | | | | | |
| Pipelines — 0.2% | | | | | | | | |
Enbridge Energy Partners LP
6.500%, 04/15/18 | | | 120 | | | | 124,257 | |
ONEOK Partners LP
2.000%, 10/01/17 | | | 830 | | | | 830,328 | |
Targa Resources Partners LP/Tagra Resources Partners Finance Corp.
4.125%, 11/15/19 | | | 1,760 | | | | 1,779,800 | |
5.250%, 05/01/23 | | | 2,775 | | | | 2,844,375 | |
4.250%, 11/15/23 | | | 3,325 | | | | 3,246,031 | |
| | | | | | | | |
| | | | | | | 8,824,791 | |
| | | | | | | | |
| Real Estate — 0.5% | | | | | | | | |
American Tower Corp.
3.300%, 02/15/21 | | | 3,575 | | | | 3,668,393 | |
CBRE Services, Inc.
5.000%, 03/15/23 | | | 2,100 | | | | 2,187,910 | |
Iron Mountain, Inc.144A @
6.000%, 10/01/20 | | | 8,750 | | | | 9,056,250 | |
4.375%, 06/01/21 | | | 2,940 | | | | 3,050,250 | |
| | | | | | | | |
| | | | | | | 17,962,803 | |
| | | | | | | | |
| Retail — 1.3% | | | | | | | | |
AutoZone, Inc.
1.625%, 04/21/19 | | | 365 | | | | 362,749 | |
2.500%, 04/15/21 | | | 1,915 | | | | 1,910,000 | |
Dollar Tree, Inc.
5.750%, 03/01/23 | | | 6,550 | | | | 6,912,215 | |
KFC Holding Co./Pizza Hut Holdings/Taco Bell of America LLC 144A @
5.000%, 06/01/24 | | | 1,300 | | | | 1,355,250 | |
5.250%, 06/01/26 | | | 1,275 | | | | 1,341,938 | |
4.750%, 06/01/27 | | | 8,840 | | | | 9,027,850 | |
L Brands, Inc.
8.500%, 06/15/19 | | | 6,784 | | | | 7,538,720 | |
McDonald’s Corp.
2.100%, 12/07/18 | | | 505 | | | | 507,841 | |
68
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Retail — (continued) | | | | | | | | |
Yum! Brands, Inc.
6.250%, 03/15/18 | | $ | 2,045 | | | $ | 2,106,350 | |
5.300%, 09/15/19 | | | 1,805 | | | | 1,904,275 | |
3.875%, 11/01/20 | | | 2,775 | | | | 2,861,719 | |
3.750%, 11/01/21 | | | 8,965 | | | | 9,189,125 | |
3.875%, 11/01/23 | | | 3,645 | | | | 3,599,437 | |
6.875%, 11/15/37 | | | 340 | | | | 367,200 | |
5.350%, 11/01/43 | | | 560 | | | | 505,400 | |
| | | | | | | | |
| | | | | | | 49,490,069 | |
| | | | | | | | |
| Semiconductors — 0.6% | | | | | | | | |
NXP BV/NXP Funding LLC144A @
3.750%, 06/01/18 | | | 22,510 | | | | 22,847,650 | |
4.125%, 06/15/20 | | | 450 | | | | 472,644 | |
| | | | | | | | |
| | | | | | | 23,320,294 | |
| | | | | | | | |
| Software — 1.2% | | | | | | | | |
Fiserv, Inc.
2.700%, 06/01/20 | | | 5,175 | | | | 5,235,972 | |
Microsoft Corp.
3.300%, 02/06/27 | | | 31,805 | | | | 32,761,408 | |
MSCI, Inc.144A @
5.250%, 11/15/24 | | | 2,944 | | | | 3,120,640 | |
5.750%, 08/15/25 | | | 2,814 | | | | 3,047,900 | |
| | | | | | | | |
| | | | | | | 44,165,920 | |
| | | | | | | | |
| Telecommunications — 1.4% | | | | | | | | |
Crown Castle International Corp.
4.875%, 04/15/22 | | | 7,850 | | | | 8,575,544 | |
5.250%, 01/15/23 | | | 13,865 | | | | 15,401,783 | |
Level 3 Financing, Inc.
5.375%, 08/15/22 | | | 3,500 | | | | 3,605,000 | |
5.625%, 02/01/23 | | | 2,975 | | | | 3,094,000 | |
UPC Holding BV
6.375%, 09/15/22 144A @ | | | 4,975 | | | | 5,935,861 | |
Verizon Communications, Inc.
2.250%, 03/16/22• | | | 4,300 | | | | 4,350,486 | |
3.125%, 03/16/22 | | | 4,300 | | | | 4,363,464 | |
Virgin Media Finance PLC
6.000%, 10/15/24 144A @ | | | 3,125 | | | | 3,312,500 | |
Virgin Media Secured Finance PLC
5.250%, 01/15/26 144A @ | | | 3,450 | | | | 3,590,795 | |
| | | | | | | | |
| | | | | | | 52,229,433 | |
| | | | | | | | |
| Transportation — 0.1% | | | | | | | | |
Burlington Northern Santa Fe LLC
3.250%, 06/15/27 | | | 2,995 | | | | 3,059,632 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $745,292,468) | | | | | | | 759,590,392 | |
| | | | | | | | |
| LOAN AGREEMENTS — 1.4%‡ | | | | | | | | |
| Entertainment — 0.0% | | | | | | | | |
Kasima LLC
3.792%, 05/17/21 | | | 296 | | | | 297,064 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | |
| Food — 0.1% | | | | | | | | |
Chobani LLC
5.476%, 10/09/23 | | $ | 5,307 | | | $ | 5,337,052 | |
| | | | | | | | |
| Healthcare Services — 0.1% | | | | | | | | |
DaVita, Inc.
3.976%, 06/24/21 | | | 2,441 | | | | 2,443,756 | |
| | | | | | | | |
| Insurance — 0.6% | | | | | | | | |
Hub International Ltd.
4.287%, 10/02/20 | | | 20,976 | | | | 21,017,471 | |
| | | | | | | | |
| Machinery — Diversified — 0.1% | |
Welbilt, Inc.
4.226%, 03/03/23 | | | 4,953 | | | | 4,996,028 | |
| | | | | | | | |
| Media — 0.1% | | | | | | | | |
Charter Communications Operating 3.230%, 07/01/20 | | | 3,027 | | | | 3,035,108 | |
3.230%, 01/03/21 | | | 1,424 | | | | 1,427,325 | |
| | | | | | | | |
| | | | | | | 4,462,433 | |
| | | | | | | | |
| Oil & Gas — 0.1% | | | | | | | | |
Eagleclaw Midstream Ventures LLC*
5.250%, 06/24/24 | | | 4,275 | | | | 4,221,563 | |
| | | | | | | | |
| Pharmaceuticals — 0.0% | | | | | | | | |
Prestige Brands Holdings, Inc.
3.976%, 01/26/24 | | | 415 | | | | 416,874 | |
| | | | | | | | |
| Retail — 0.0% | | | | | | | | |
Dollar Tree, Inc.
4.250%, 07/06/22 | | | 250 | | | | 252,970 | |
| | | | | | | | |
| Software — 0.3% | | | | | | | | |
Change Healthcare Holdings
3.976%, 03/01/24 | | | 9,077 | | | | 9,073,438 | |
Fiserv, Inc.
2.243%, 10/25/18 144A @,^ | | | 690 | | | | 686,550 | |
| | | | | | | | |
| | | | | | | 9,759,988 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS
(Cost $52,560,955) | | | | | | | 53,205,199 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 13.7% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 13,218,465 | | | | 13,218,465 | |
T. Rowe Price Investment, Ltd. | | | 501,538,611 | | | | 501,538,611 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $514,757,076) | | | | | | | 514,757,076 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.3%
(Cost $3,316,174,251) | | | $ | 3,775,497,600 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.3)% | | | | (13,104,045 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 3,762,393,555 | |
| | | | | | | | |
69
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS | | | | | | | | |
| Call Options | | | | | | | | |
Alphabet Inc., $840.00 01/19/2018 | | | (40 | ) | | $ | (448,000 | ) |
Alphabet Inc., $860.00 01/19/2018 | | | (40 | ) | | | (384,000 | ) |
Alphabet Inc., $880.00, 01/19/2018 | | | (116 | ) | | | (939,600 | ) |
Alphabet Inc., $900.00, 01/19/2018 | | | (192 | ) | | | (1,347,840 | ) |
Alphabet Inc., $920.00, 01/19/2018 | | | (186 | ) | | | (1,097,400 | ) |
Alphabet Inc., $940.00, 01/19/2018 | | | (168 | ) | | | (840,000 | ) |
Amazon.com, $1000.00 01/19/2018 | | | (105 | ) | | | (661,500 | ) |
Amazon.com, $1080.00 01/19/2018* | | | (76 | ) | | | (274,740 | ) |
Amazon.com, $1100.00 01/19/2018* | | | (76 | ) | | | (221,540 | ) |
Amazon.com, $950.00 01/19/2018 | | | (174 | ) | | | (1,626,900 | ) |
American Tower Corp., $115.00, 01/19/2018 | | | (337 | ) | | | (647,040 | ) |
American Tower Corp., $120.00, 01/19/2018 | | | (337 | ) | | | (508,870 | ) |
Apple, Inc., $175.00, 01/19/2018* | | | (547 | ) | | | (82,050 | ) |
Apple, Inc., $180.00, 01/19/2018* | | | (548 | ) | | | (59,184 | ) |
Biogen, Inc., $350.00 01/19/2018 | | | (129 | ) | | | (77,400 | ) |
Danaher Corp., $90.00 01/19/2018 | | | (2,225 | ) | | | (364,900 | ) |
Mastercard, Inc,. $120.00 01/19/2018 | | | (55 | ) | | | (42,350 | ) |
Mastercard, Inc,. $125.00 01/19/2018 | | | (26 | ) | | | (14,170 | ) |
Mastercard, Inc,. $130.00 01/19/2018 | | | (1 | ) | | | (350 | ) |
The Boeing Co., $175.00 01/19/2018 | | | (808 | ) | | | (2,177,560 | ) |
The PNC Financial Services., $135.00 01/19/2018 | | | (1,030 | ) | | | (328,570 | ) |
UnitedHealth Group, Inc., $180.00 01/19/2018 | | | (892 | ) | | | (1,228,284 | ) |
Visa, Inc., $105.00 01/18/2018* | | | (938 | ) | | | (125,692 | ) |
Visa, Inc., $105.00 01/18/2019* | | | (197 | ) | | | (110,320 | ) |
Visa, Inc., $110.00 01/18/2019* | | | (197 | ) | | | (73,875 | ) |
Visa, Inc., $115.00 01/18/2019* | | | (197 | ) | | | (54,372 | ) |
Visa, Inc., $90.00 01/19/2018 | | | (1,611 | ) | | | (1,261,413 | ) |
Visa, Inc., $95.00, 01/19/2018 | | | (3,101 | ) | | | (1,457,470 | ) |
Wells Fargo & Co., $65.00 01/19/2018 | | | (1,605 | ) | | | (72,225 | ) |
Zoetis, Inc., $60.00 01/19/2018 | | | (2,429 | ) | | | (1,209,642 | ) |
Zoetis, Inc., $62.50 01/19/2018 | | | (1,567 | ) | | | (548,450 | ) |
Zoetis, Inc., $65.00 01/19/2018* | | | (778 | ) | | | (171,160 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Premiums $(10,022,532)) | | | | | | $ | (18,456,867 | ) |
| | | | | | | | |
| † | 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, 2017 is $1,163,182. |
| ‡ | 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, 2017. 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. |
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
STEP — Step Coupon Bond.
| | | | |
| Country Weightings as of 06/30/2017†† | | | |
United States | | | 91 | % |
United Kingdom | | | 3 | |
Ireland | | | 2 | |
Canada | | | 1 | |
France | | | 1 | |
Germany | | | 1 | |
Netherlands | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
ASSET BACKED SECURITIES | | $ | 9,863,184 | | | $ | — | | | $ | 9,863,184 | | | $ | — | |
COMMON STOCKS | | | 2,290,615,519 | | | | 2,290,615,519 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 28,514,960 | | | | 28,514,960 | | | | — | | | | — | |
PREFERRED STOCKS | | | 118,951,270 | | | | 118,951,270 | | | | — | | | | — | |
CORPORATE BONDS | | | 759,590,392 | | | | — | | | | 759,590,392 | | | | — | |
LOAN AGREEMENTS | | | 53,205,199 | | | | — | | | | 53,205,199 | | | | — | |
SHORT-TERM INVESTMENTS | | | 514,757,075 | | | | 514,757,075 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 3,775,497,600 | | | $ | 2,952,838,825 | | | $ | 822,658,775 | | | $ | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
WRITTEN OPTIONS | | $ | (18,456,867 | ) | | $ | (56,870 | ) | | $ | (18,399,997 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (18,456,867 | ) | | $ | (56,870 | ) | | $ | (18,399,997 | ) | | $ | — | |
| |
70
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Flexibly Managed Fund
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $28,648,314 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
71
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Balanced Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 59.7% | | | | | | | | |
Penn Series Index 500 Fund*
(Cost $20,540,718) | | | 2,468,246 | | | $ | 48,525,721 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 39.8% | | | | | | | | |
Penn Series Quality Bond Fund*
(Cost $26,289,711) | | | 2,238,788 | | | | 32,350,481 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $256,176) | | | 256,176 | | | | 256,176 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.8%
(Cost $47,086,605) | | | $ | 81,132,378 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.2% | | | | 140,247 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 81,272,625 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 48,525,721 | | | $ | 48,525,721 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 32,350,481 | | | | 32,350,481 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 256,176 | | | | 256,176 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 81,132,378 | | | $ | 81,132,378 | | | $ | — | | | $ | — | |
| |
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.
72
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 94.3% | |
| Aerospace & Defense — 1.6% | |
The Boeing Co. | | | 23,500 | | | $ | 4,647,125 | |
| | | | | | | | |
| Agriculture — 1.9% | |
Philip Morris International, Inc. | | | 47,000 | | | | 5,520,150 | |
| | | | | | | | |
| Airlines — 1.2% | |
American Airlines Group, Inc. | | | 70,900 | | | | 3,567,688 | |
| | | | | | | | |
| Auto Manufacturers — 1.9% | |
Ferrari N.V. | | | 26,583 | | | | 2,286,670 | |
Tesla Motors, Inc.* | | | 8,373 | | | | 3,027,760 | |
| | | | | | | | |
| | | | | | | 5,314,430 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.5% | |
Delphi Automotive PLC | | | 16,000 | | | | 1,402,400 | |
| | | | | | | | |
| Banks — 3.5% | |
First Republic Bank | | | 19,377 | | | | 1,939,638 | |
JPMorgan Chase & Co. | | | 30,300 | | | | 2,769,420 | |
Morgan Stanley | | | 83,700 | | | | 3,729,672 | |
State Street Corp. | | | 18,900 | | | | 1,695,897 | |
| | | | | | | | |
| | | | | | | 10,134,627 | |
| | | | | | | | |
| Biotechnology — 4.4% | |
Alexion Pharmaceuticals, Inc.* | | | 32,659 | | | | 3,973,621 | |
Biogen, Inc.* | | | 12,432 | | | | 3,373,547 | |
Celgene Corp.* | | | 12,000 | | | | 1,558,440 | |
Vertex Pharmaceuticals, Inc.* | | | 28,167 | | | | 3,629,881 | |
| | | | | | | | |
| | | | | | | 12,535,489 | |
| | | | | | | | |
| Building Materials — 0.5% | |
Fortune Brands Home & Security, Inc. | | | 21,014 | | | | 1,370,954 | |
| | | | | | | | |
| Commercial Services — 5.2% | |
Equifax, Inc. | | | 15,024 | | | | 2,064,598 | |
Mastercard, Inc., Class A | | | 39,700 | | | | 4,821,565 | |
PayPal Holdings, Inc.* | | | 150,655 | | | | 8,085,654 | |
| | | | | | | | |
| | | | | | | 14,971,817 | |
| | | | | | | | |
| Computers — 5.3% | |
Apple, Inc. | | | 105,758 | | | | 15,231,267 | |
| | | | | | | | |
| Diversified Financial Services — 5.1% | |
Intercontinental Exchange, Inc. | | | 48,700 | | | | 3,210,304 | |
TD Ameritrade Holding Corp. | | | 46,783 | | | | 2,011,201 | |
The Charles Schwab Corp. | | | 43,000 | | | | 1,847,280 | |
Visa, Inc., Class A | | | 81,800 | | | | 7,671,204 | |
| | | | | | | | |
| | | | | | | 14,739,989 | |
| | | | | | | | |
| Electric — 0.9% | |
NextEra Energy, Inc. | | | 18,800 | | | | 2,634,444 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.2% | |
Acuity Brands, Inc. | | | 16,547 | | | | 3,363,674 | |
| | | | | | | | |
| Electronics — 1.4% | |
Fortive Corp. | | | 16,200 | | | | 1,026,270 | |
Honeywell International, Inc. | | | 22,900 | | | | 3,052,341 | |
| | | | | | | | |
| | | | | | | 4,078,611 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Food — 0.4% | |
Mondelez International, Inc., Class A | | | 26,643 | | | $ | 1,150,711 | |
| | | | | | | | |
| Healthcare Products — 4.2% | |
Becton Dickinson & Co. | | | 17,701 | | | | 3,453,642 | |
Intuitive Surgical, Inc.* | | | 4,792 | | | | 4,482,293 | |
Stryker Corp. | | | 28,600 | | | | 3,969,108 | |
| | | | | | | | |
| | | | | | | 11,905,043 | |
| | | | | | | | |
| Healthcare Services — 6.3% | |
Aetna, Inc. | | | 14,323 | | | | 2,174,661 | |
Anthem, Inc. | | | 7,400 | | | | 1,392,162 | |
Centene Corp.* | | | 13,493 | | | | 1,077,821 | |
Cigna Corp. | | | 15,633 | | | | 2,616,808 | |
HCA Holdings, Inc.* | | | 32,700 | | | | 2,851,440 | |
Humana, Inc. | | | 11,511 | | | | 2,769,777 | |
UnitedHealth Group, Inc. | | | 27,700 | | | | 5,136,134 | |
| | | | | | | | |
| | | | | | | 18,018,803 | |
| | | | | | | | |
| Internet — 24.2% | |
Alibaba Group Holding Ltd. ADR* | | | 51,568 | | | | 7,265,931 | |
Alphabet, Inc., Class A* | | | 9,860 | | | | 9,166,645 | |
Alphabet, Inc., Class C* | | | 8,420 | | | | 7,651,507 | |
Amazon.com, Inc.* | | | 18,112 | | | | 17,532,416 | |
Ctrip.com International Ltd. ADR* | | | 19,600 | | | | 1,055,656 | |
Facebook, Inc., Class A* | | | 70,927 | | | | 10,708,558 | |
MercadoLibre, Inc. | | | 3,700 | | | | 928,256 | |
Snap, Inc., Class A* | | | 70,658 | | | | 1,255,593 | |
Tencent Holdings Ltd. | | | 89,200 | | | | 3,189,856 | |
The Priceline Group, Inc.* | | | 5,433 | | | | 10,162,535 | |
VeriSign, Inc.* | | | 5,036 | | | | 468,146 | |
| | | | | | | | |
| | | | | | | 69,385,099 | |
| | | | | | | | |
| Lodging — 0.7% | |
Marriott International, Inc., Class A | | | 15,339 | | | | 1,538,655 | |
MGM Resorts International | | | 17,390 | | | | 544,133 | |
| | | | | | | | |
| | | | | | | 2,082,788 | |
| | | | | | | | |
| Machinery — Diversified — 1.5% | |
Roper Technologies, Inc. | | | 13,642 | | | | 3,158,532 | |
Wabtec Corp. | | | 12,428 | | | | 1,137,162 | |
| | | | | | | | |
| | | | | | | 4,295,694 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.6% | |
Danaher Corp. | | | 26,800 | | | | 2,261,652 | |
Illinois Tool Works, Inc. | | | 15,700 | | | | 2,249,025 | |
| | | | | | | | |
| | | | | | | 4,510,677 | |
| | | | | | | | |
| Pharmaceuticals — 1.4% | |
Merck & Co., Inc. | | | 36,600 | | | | 2,345,694 | |
Zoetis, Inc. | | | 27,700 | | | | 1,727,926 | |
| | | | | | | | |
| | | | | | | 4,073,620 | |
| | | | | | | | |
| Retail — 7.6% | |
AutoZone, Inc.* | | | 4,912 | | | | 2,802,100 | |
Dollar General Corp. | | | 22,800 | | | | 1,643,652 | |
L Brands, Inc. | | | 31,500 | | | | 1,697,535 | |
Lowe’s Cos., Inc. | | | 16,200 | | | | 1,255,986 | |
73
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Retail — (continued) | |
O’Reilly Automotive, Inc.* | | | 11,900 | | | $ | 2,603,006 | |
Restaurant Brands International, Inc. | | | 5,524 | | | | 345,471 | |
Ross Stores, Inc. | | | 8,400 | | | | 484,932 | |
Starbucks Corp. | | | 61,400 | | | | 3,580,234 | |
The Home Depot, Inc. | | | 15,400 | | | | 2,362,360 | |
Tractor Supply Co. | | | 14,811 | | | | 802,904 | |
Walgreens Boots Alliance, Inc. | | | 25,999 | | | | 2,035,982 | |
Yum! Brands, Inc. | | | 31,300 | | | | 2,308,688 | |
| | | | | | | | |
| | | | | | | 21,922,850 | |
| | | | | | | | |
| Semiconductors — 1.6% | |
ASML Holding N.V. | | | 4,800 | | | | 625,488 | |
NVIDIA Corp. | | | 7,500 | | | | 1,084,200 | |
Xilinx, Inc. | | | 42,600 | | | | 2,740,032 | |
| | | | | | | | |
| | | | | | | 4,449,720 | |
| | | | | | | | |
| Software — 9.3% | |
Electronic Arts, Inc.* | | | 24,200 | | | | 2,558,424 | |
Fidelity National Information Services, Inc. | | | 24,657 | | | | 2,105,708 | |
Fiserv, Inc.* | | | 18,603 | | | | 2,275,891 | |
Intuit, Inc. | | | 22,500 | | | | 2,988,225 | |
Microsoft Corp. | | | 132,700 | | | | 9,147,011 | |
salesforce.com, Inc.* | | | 46,700 | | | | 4,044,220 | |
ServiceNow, Inc.* | | | 21,722 | | | | 2,302,532 | |
Workday, Inc., Class A* | | | 13,800 | | | | 1,338,600 | |
| | | | | | | | |
| | | | | | | 26,760,611 | |
| | | | | | | | |
| Telecommunications — 0.9% | |
Altice USA, Inc., Class A* | | | 10,161 | | | | 328,200 | |
T-Mobile US, Inc.* | | | 36,300 | | | | 2,200,506 | |
| | | | | | | | |
| | | | | | | 2,528,706 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $198,405,955) | | | | | | | 270,596,987 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.7% | |
| Internet — 0.9% | |
Dropbox Inc., Class A^,~ | | | 24,940 | | | | 203,261 | |
Flipkart Ltd., Ordinary Shares^,~ | | | 566 | | | | 49,872 | |
Flipkart Ltd., Series A^,~ | | | 196 | | | | 17,270 | |
Flipkart Ltd., Series C^,~ | | | 341 | | | | 30,047 | |
Flipkart Ltd., Series E^,~ | | | 636 | | | | 56,040 | |
Flipkart Ltd., Series G^,~ | | | 2,888 | | | | 345,867 | |
Flipkart Ltd., Series H^,~ | | | 2,579 | | | | 366,837 | |
Snapchat, Inc., Class B^,~ | | | 12,884 | | | | 217,501 | |
Snapchat, Inc., Series F CONV^,~ | | | 12,884 | | | | 217,501 | |
Uber Technologies, Inc., Series G, CONV^,~ | | | 12,545 | | | | 536,048 | |
Xiaoju Kuaizhi, Inc (didi), CONV^,~ | | | 11,920 | | | | 607,111 | |
| | | | | | | | |
| | | | | | | 2,647,355 | |
| | | | | | | | |
| Lodging — 0.5% | |
Airbnb, Inc., Series D, CONV^,~ | | | 9,999 | | | | 1,049,895 | |
Airbnb, Inc., Series E, CONV^,~ | | | 3,694 | | | | 387,870 | |
| | | | | | | | |
| | | | | | | 1,437,765 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Real Estate — 0.2% | |
WeWork Companies, Inc., Class A^,~ | | | 923 | | | $ | 47,821 | |
WeWork Companies, Inc., Series E, CONV^,~ | | | 8,297 | | | | 429,867 | |
| | | | | | | | |
| | | | | | | 477,688 | |
| | | | | | | | |
| Software — 0.1% | |
Magic Leap Inc., Series C, CONV^,~ | | | 15,808 | | | $ | 364,106 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS (Cost $4,140,225) | | | | | | | 4,926,914 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.8% | |
| Diversified — 1.5% | |
American Tower Corp. | | | 32,800 | | | | 4,340,096 | |
| | | | | | | | |
| Telecommunications — 1.3% | |
Crown Castle International Corp. | | | 23,100 | | | | 2,314,158 | |
Equinix, Inc. | | | 3,389 | | | | 1,454,423 | |
| | | | | | | | |
| | | | | | | 3,768,581 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,589,150) | | | | 8,108,677 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 4.6% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 1,000,664 | | | | 1,000,664 | |
T. Rowe Price Investment, Ltd. | | | 12,233,723 | | | | 12,233,723 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,234,387) | | | | | | | 13,234,387 | |
| | | | | | | | |
TOTAL INVESTMENTS — 103.4%
(Cost $221,369,717) | | | | | | $ | 296,866,965 | |
| | | | | | | | |
| Other Assets & Liabilities — (3.4)% | | | | | | | (9,824,103 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 287,042,862 | |
| | | | | | | | |
| ^ | Illiquid security. The total market value of illiquid securities at June 30, 2017 is $4,926,914. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2017 is $4,926,914. |
ADR — American Depository Receipt.
CONV — Convertible Security.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 94 | % |
China | | | 4 | |
Italy | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
74
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 270,596,987 | | | $ | 270,596,987 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 8,108,677 | | | | 8,108,677 | | | | — | | | | — | |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Internet | | | 2,647,355 | | | | — | | | | 435,002 | | | | 2,212,353 | |
Lodging | | | 1,437,765 | | | | — | | | | — | | | | 1,437,765 | |
Real Estate | | | 477,688 | | | | — | | | | — | | | | 477,688 | |
Software | | | 364,106 | | | | — | | | | — | | | | 364,106 | |
SHORT-TERM INVESTMENTS | | | 13,234,387 | | | | 13,234,387 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 296,866,965 | | | $ | 291,940,051 | | | $ | 435,002 | | | $ | 4,491,912 | |
| |
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 12/31/2016 | | $ | 4,474,572 | |
Change in Appreciation/(Depreciation) | | | 413,136 | |
Transfers Out of Level 3 | | | (395,796 | ) |
| | | | |
Balance as of 6/30/2017 | | $ | 4,491,912 | |
| | | | |
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 had transfers of $395,796 from Level 3 to Level 2 fair value hierarchy during the reporting period. On March 1, 2017, Snap, Inc. began publicly trading, therefore obtaining a Significant Observable Input for the valuation of Snap, Inc. Class A and Class B shares.
An amount of $3,173,947 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities.
The accompanying notes are an integral part of these financial statements.
75
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 85.8% | |
| Aerospace & Defense — 1.2% | |
United Technologies Corp. | | | 5,275 | | | $ | 644,130 | |
| | | | | | | | |
| Apparel — 5.0% | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 2,970 | | | | 740,516 | |
NIKE, Inc., Class B | | | 23,451 | | | | 1,383,609 | |
VF Corp. | | | 10,715 | | | | 617,184 | |
| | | | | | | | |
| | | | | | | 2,741,309 | |
| | | | | | | | |
| Beverages — 2.8% | |
Ambev S.A. ADR | | | 61,872 | | | | 339,677 | |
PepsiCo, Inc. | | | 5,930 | | | | 684,856 | |
Pernod Ricard S.A. | | | 3,679 | | | | 492,682 | |
| | | | | | | | |
| | | | | | | 1,517,215 | |
| | | | | | | | |
| Chemicals — 7.4% | |
Ecolab, Inc. | | | 9,016 | | | | 1,196,874 | |
LyondellBasell Industries NV, Class A | | | 1,833 | | | | 154,687 | |
Monsanto Co. | | | 8,626 | | | | 1,020,973 | |
PPG Industries, Inc. | | | 6,894 | | | | 758,064 | |
The Sherwin-Williams Co. | | | 2,675 | | | | 938,818 | |
| | | | | | | | |
| | | | | | | 4,069,416 | |
| | | | | | | | |
| Commercial Services — 6.1% | |
Equifax, Inc. | | | 5,653 | | | | 776,836 | |
Mastercard, Inc., Class A | | | 6,165 | | | | 748,739 | |
Moody’s Corp. | | | 6,416 | | | | 780,699 | |
Verisk Analytics, Inc.* | | | 12,860 | | | | 1,084,998 | |
| | | | | | | | |
| | | | | | | 3,391,272 | |
| | | | | | | | |
| Computers — 7.7% | |
Accenture PLC, Class A | | | 16,291 | | | | 2,014,871 | |
Apple, Inc. | | | 8,345 | | | | 1,201,847 | |
Cognizant Technology Solutions Corp., Class A | | | 15,587 | | | | 1,034,977 | |
| | | | | | | | |
| | | | | | | 4,251,695 | |
| | | | | | | | |
| Cosmetics & Personal Care — 6.5% | |
Colgate-Palmolive Co. | | | 17,272 | | | | 1,280,374 | |
Coty, Inc., Class A | | | 34,761 | | | | 652,116 | |
L’Oreal S.A. | | | 1,948 | | | | 405,824 | |
The Estee Lauder Cos., Inc., Class A | | | 12,949 | | | | 1,242,845 | |
| | | | | | | | |
| | | | | | | 3,581,159 | |
| | | | | | | | |
| Distribution & Wholesale — 0.3% | |
Fastenal Co. | | | 3,632 | | | | 158,101 | |
| | | | | | | | |
| Diversified Financial Services — 5.8% | |
CME Group, Inc. | | | 2,154 | | | | 269,767 | |
The Blackstone Group LP | | | 27,810 | | | | 927,464 | |
The Charles Schwab Corp. | | | 9,697 | | | | 416,583 | |
Visa, Inc., Class A | | | 16,690 | | | | 1,565,188 | |
| | | | | | | | |
| | | | | | | 3,179,002 | |
| | | | | | | | |
| Electronics — 7.0% | |
Amphenol Corp., Class A | | | 9,758 | | | | 720,336 | |
Fortive Corp. | | | 5,171 | | | | 327,583 | |
Mettler-Toledo International, Inc.* | | | 1,388 | | | | 816,893 | |
Thermo Fisher Scientific, Inc. | | | 7,809 | | | | 1,362,436 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electronics — (continued) | |
Waters Corp.* | | | 3,519 | | | $ | 646,933 | |
| | | | | | | | |
| | | | | | | 3,874,181 | |
| | | | | | | | |
| Entertainment — 0.8% | |
Paddy Power Betfair PLC | | | 4,127 | | | | 439,694 | |
| | | | | | | | |
| Food — 0.8% | |
Compass Group PLC | | | 21,559 | | | | 454,883 | |
| | | | | | | | |
| Healthcare Products — 2.2% | |
DENTSPLY SIRONA, Inc. | | | 2,519 | | | | 163,332 | |
The Cooper Cos., Inc. | | | 2,241 | | | | 536,540 | |
Zimmer Biomet Holdings, Inc. | | | 3,880 | | | | 498,192 | |
| | | | | | | | |
| | | | | | | 1,198,064 | |
| | | | | | | | |
| Household Products & Wares — 0.6% | |
Church & Dwight Co., Inc. | | | 6,905 | | | | 358,231 | |
| | | | | | | | |
| Insurance — 1.8% | |
Aon PLC | | | 7,519 | | | | 999,651 | |
| | | | | | | | |
| Internet — 5.5% | |
Alphabet, Inc., Class A* | | | 3,266 | | | | 3,036,335 | |
| | | | | | | | |
| Media — 2.7% | |
Comcast Corp., Class A | | | 8,272 | | | | 321,946 | |
The Walt Disney Co. | | | 1,943 | | | | 206,444 | |
Time Warner, Inc. | | | 2,714 | | | | 272,513 | |
Twenty-First Century Fox, Inc., Class A | | | 24,941 | | | | 706,828 | |
| | | | | | | | |
| | | | | | | 1,507,731 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.9% | |
Colfax Corp.* | | | 8,884 | | | | 349,763 | |
Danaher Corp. | | | 8,312 | | | | 701,450 | |
| | | | | | | | |
| | | | | | | 1,051,213 | |
| | | | | | | | |
| Oil & Gas Services — 0.4% | |
Schlumberger Ltd. | | | 2,973 | | | | 195,742 | |
| | | | | | | | |
| Pharmaceuticals — 6.6% | |
Abbott Laboratories | | | 25,750 | | | | 1,251,707 | |
Eli Lilly & Co. | | | 6,040 | | | | 497,092 | |
Express Scripts Holding Co.* | | | 4,793 | | | | 305,985 | |
Roche Holding AG | | | 2,549 | | | | 649,146 | |
Zoetis, Inc. | | | 14,584 | | | | 909,750 | |
| | | | | | | | |
| | | | | | | 3,613,680 | |
| | | | | | | | |
| Retail — 4.8% | |
AutoZone, Inc.* | | | 667 | | | | 380,497 | |
CVS Health Corp. | | | 7,179 | | | | 577,622 | |
Starbucks Corp. | | | 16,106 | | | | 939,141 | |
The TJX Cos., Inc. | | | 10,541 | | | | 760,744 | |
| | | | | | | | |
| | | | | | | 2,658,004 | |
| | | | | | | | |
| Semiconductors — 2.6% | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 15,994 | | | | 559,150 | |
Texas Instruments, Inc. | | | 11,514 | | | | 885,772 | |
| | | | | | | | |
| | | | | | | 1,444,922 | |
| | | | | | | | |
76
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Software — 4.2% | |
Electronic Arts, Inc.* | | | 7,249 | | | $ | 766,364 | |
Fidelity National Information Services, Inc. | | | 11,154 | | | | 952,552 | |
Fiserv, Inc.* | | | 5,059 | | | | 618,918 | |
| | | | | | | | |
| | | | | | | 2,337,834 | |
| | | | | | | | |
| Transportation — 1.1% | |
Union Pacific Corp. | | | 5,703 | | | | 621,114 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $37,129,641) | | | | | | | 47,324,578 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.9% | |
| Money Market — 0.9% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $519,307) | | | 519,307 | | | | 519,307 | |
| | | | | | | | |
TOTAL INVESTMENTS — 86.7%
(Cost $37,648,948) | | | | | | $ | 47,843,885 | |
| | | | | | | | |
| Other Assets & Liabilities — 13.3% | | | | | | | 7,332,234 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 55,176,119 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
LP — Limited Partnership.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 47,324,578 | | | $ | 47,324,578 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 519,307 | | | | 519,307 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 47,843,885 | | | $ | 47,843,885 | | | $ | — | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $2,439,229 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
77
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 97.1% | |
| Aerospace & Defense — 7.7% | |
TransDigm Group, Inc. | | | 11,179 | | | $ | 3,005,698 | |
United Technologies Corp. | | | 46,996 | | | | 5,738,681 | |
| | | | | | | | |
| | | | | | | 8,744,379 | |
| | | | | | | | |
| Apparel — 4.7% | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 16,109 | | | | 4,016,487 | |
NIKE, Inc., Class B | | | 22,318 | | | | 1,316,762 | |
| | | | | | | | |
| | | | | | | 5,333,249 | |
| | | | | | | | |
| Chemicals — 1.6% | |
The Sherwin-Williams Co. | | | 5,134 | | | | 1,801,829 | |
| | | | | | | | |
| Commercial Services — 15.1% | |
IHS Markit Ltd.* | | | 69,863 | | | | 3,076,767 | |
Mastercard, Inc., Class A | | | 44,613 | | | | 5,418,249 | |
S&P Global Inc. | | | 37,950 | | | | 5,540,320 | |
Verisk Analytics, Inc.* | | | 37,254 | | | | 3,143,120 | |
| | | | | | | | |
| | | | | | | 17,178,456 | |
| | | | | | | | |
| Diversified Financial Services — 2.9% | |
Visa, Inc., Class A | | | 35,499 | | | | 3,329,096 | |
| | | | | | | | |
| Electronics — 1.1% | |
Fortive Corp. | | | 20,535 | | | | 1,300,892 | |
| | | | | | | | |
| Insurance — 4.9% | |
Berkshire Hathaway, Inc., Class B* | | | 33,050 | | | | 5,597,678 | |
| | | | | | | | |
| Internet — 30.6% | |
Alphabet, Inc., Class C* | | | 7,937 | | | | 7,212,590 | |
Amazon.com, Inc.* | | | 10,072 | | | | 9,749,696 | |
Facebook, Inc., Class A* | | | 65,404 | | | | 9,874,696 | |
The Priceline Group, Inc.* | | | 3,023 | | | | 5,654,582 | |
Twitter, Inc.* | | | 137,576 | | | | 2,458,483 | |
| | | | | | | | |
| | | | | | | 34,950,047 | |
| | | | | | | | |
| Media — 1.0% | |
The Walt Disney Co. | | | 10,727 | | | | 1,139,744 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.5% | |
Danaher Corp. | | | 20,717 | | | | 1,748,308 | |
| | | | | | | | |
| Pharmaceuticals — 2.8% | |
Zoetis, Inc. | | | 51,884 | | | | 3,236,524 | |
| | | | | | | | |
| Retail — 10.8% | |
Dollar Tree, Inc.* | | | 22,069 | | | | 1,543,064 | |
Dunkin’ Brands Group, Inc. | | | 28,679 | | | | 1,580,787 | |
Starbucks Corp. | | | 94,836 | | | | 5,529,887 | |
The Home Depot, Inc. | | | 12,070 | | | | 1,851,538 | |
Tiffany & Co. | | | 19,922 | | | | 1,870,078 | |
| | | | | | | | |
| | | | | | | 12,375,354 | |
| | | | | | | | |
| Software — 12.4% | |
Activision Blizzard Inc | | | 49,775 | | | | 2,865,547 | |
MSCI, Inc. | | | 32,126 | | | | 3,308,657 | |
salesforce.com, Inc.* | | | 47,031 | | | | 4,072,884 | |
Workday, Inc., Class A* | | | 39,924 | | | | 3,872,628 | |
| | | | | | | | |
| | | | | | | 14,119,716 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $93,441,853) | | | | 110,855,272 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.6% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,005,014) | | | 3,005,014 | | | $ | 3,005,014 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.7%
(Cost $96,446,867) | | | $ | 113,860,286 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.3% | | | | | | | 356,796 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 114,217,082 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 94% | |
France | | | 3 | |
United Kingdom | | | 3 | |
| |
Total | | | 100% | |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 110,855,272 | | | $ | 110,855,272 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 3,005,014 | | | | 3,005,014 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 113,860,286 | | | $ | 113,860,286 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 99.2% | |
| Aerospace & Defense — 5.4% | |
Harris Corp. | | | 30,722 | | | $ | 3,351,156 | |
Northrop Grumman Corp. | | | 12,772 | | | | 3,278,700 | |
United Technologies Corp. | | | 36,459 | | | | 4,452,008 | |
| | | | | | | | |
| | | | | | | 11,081,864 | |
| | | | | | | | |
| Agriculture — 1.7% | |
Philip Morris International, Inc. | | | 29,433 | | | | 3,456,906 | |
| | | | | | | | |
| Banks — 16.1% | |
Bank of America Corp | | | 240,079 | | | | 5,824,317 | |
Citigroup, Inc. | | | 71,841 | | | | 4,804,726 | |
Fifth Third Bancorp | | | 90,471 | | | | 2,348,627 | |
JPMorgan Chase & Co. | | | 72,641 | | | | 6,639,387 | |
State Street Corp. | | | 30,475 | | | | 2,734,522 | |
The PNC Financial Services Group, Inc. | | | 36,693 | | | | 4,581,855 | |
Wells Fargo & Co. | | | 105,240 | | | | 5,831,348 | |
| | | | | | | | |
| | | | | | | 32,764,782 | |
| | | | | | | | |
| Beverages — 1.5% | |
PepsiCo, Inc. | | | 26,948 | | | | 3,112,225 | |
| | | | | | | | |
| Building Materials — 2.8% | |
Johnson Controls International PLC | | | 81,066 | | | | 3,515,022 | |
Vulcan Materials Co. | | | 17,167 | | | | 2,174,715 | |
| | | | | | | | |
| | | | | | | 5,689,737 | |
| | | | | | | | |
| Chemicals — 1.6% | |
E.I. du Pont de Nemours & Co. | | | 40,546 | | | | 3,272,468 | |
| | | | | | | | |
| Commercial Services — 1.6% | |
Alliance Data Systems Corp. | | | 12,410 | | | | 3,185,523 | |
| | | | | | | | |
| Computers — 2.2% | |
Apple, Inc. | | | 19,026 | | | | 2,740,125 | |
Diebold Nixdorf, Inc. | | | 58,912 | | | | 1,649,536 | |
| | | | | | | | |
| | | | | | | 4,389,661 | |
| | | | | | | | |
| Diversified Financial Services — 5.3% | |
American Express Co. | | | 27,922 | | | | 2,352,149 | |
Ameriprise Financial, Inc. | | | 22,318 | | | | 2,840,858 | |
Discover Financial Services | | | 39,028 | | | | 2,427,151 | |
FNF Group | | | 68,874 | | | | 3,087,622 | |
| | | | | | | | |
| | | | | | | 10,707,780 | |
| | | | | | | | |
| Electric — 3.2% | |
NextEra Energy, Inc. | | | 23,866 | | | | 3,344,343 | |
PG&E Corp. | | | 46,695 | | | | 3,099,147 | |
| | | | | | | | |
| | | | | | | 6,443,490 | |
| | | | | | | | |
| Electronics — 1.6% | |
Honeywell International, Inc. | | | 24,649 | | | | 3,285,465 | |
| | | | | | | | |
| Food — 1.4% | |
Mondelez International, Inc., Class A | | | 67,122 | | | | 2,898,999 | |
| | | | | | | | |
| Healthcare Products — 2.1% | |
Medtronic PLC | | | 49,056 | | | | 4,353,720 | |
| | | | | | | | |
| Healthcare Services — 5.6% | |
Aetna, Inc. | | | 15,130 | | | | 2,297,188 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Services — (continued) | |
Humana, Inc. | | | 9,600 | | | $ | 2,309,952 | |
Laboratory Corp. of America Holdings* | | | 17,969 | | | | 2,769,742 | |
UnitedHealth Group, Inc. | | | 21,522 | | | | 3,990,609 | |
| | | | | | | | |
| | | | | | | 11,367,491 | |
| | | | | | | | |
| Housewares — 1.4% | |
Newell Brands, Inc. | | | 52,883 | | | | 2,835,587 | |
| | | | | | | | |
| Insurance — 5.2% | |
Travelers Cos Inc /The | | | 24,297 | | | | 3,074,299 | |
American International Group, Inc. | | | 57,849 | | | | 3,616,720 | |
MetLife, Inc. | | | 69,635 | | | | 3,825,747 | |
| | | | | | | | |
| | | | | | | 10,516,766 | |
| | | | | | | | |
| Internet — 2.1% | |
Liberty Interactive Corp. QVC Group, Class A* | | | 101,163 | | | | 2,482,540 | |
Symantec Corp. | | | 62,898 | | | | 1,776,869 | |
| | | | | | | | |
| | | | | | | 4,259,409 | |
| | | | | | | | |
| Leisure Time — 0.9% | |
Harley-Davidson, Inc. | | | 35,429 | | | | 1,913,875 | |
| | | | | | | | |
| Media — 2.2% | |
Comcast Corp | | | 115,196 | | | | 4,483,428 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.5% | |
Eaton Corp. PLC | | | 29,903 | | | | 2,327,350 | |
Pentair PLC | | | 42,431 | | | | 2,823,359 | |
| | | | | | | | |
| | | | | | | 5,150,709 | |
| | | | | | | | |
| Oil & Gas — 6.3% | |
Anadarko Petroleum Corp. | | | 54,950 | | | | 2,491,433 | |
Chevron Corp. | | | 37,098 | | | | 3,870,434 | |
Hess Corp. | | | 34,023 | | | | 1,492,589 | |
Marathon Petroleum Corp. | | | 54,770 | | | | 2,866,114 | |
Royal Dutch Shell PLC ADR, Class A | | | 37,915 | | | | 2,016,699 | |
| | | | | | | | |
| | | | | | | 12,737,269 | |
| | | | | | | | |
| Oil & Gas Services — 2.5% | |
Baker Hughes, Inc. | | | 47,787 | | | | 2,604,869 | |
Halliburton Co. | | | 57,181 | | | | 2,442,201 | |
| | | | | | | | |
| | | | | | | 5,047,070 | |
| | | | | | | | |
| Packaging and Containers — 1.6% | |
Sealed Air Corp. | | | 72,936 | | | | 3,264,615 | |
| | | | | | | | |
| Pharmaceuticals — 7.6% | |
Abbott Laboratories | | | 73,091 | | | | 3,552,954 | |
Allergan PLC | | | 12,552 | | | | 3,051,266 | |
Eli Lilly & Co. | | | 23,880 | | | | 1,965,324 | |
Merck & Co., Inc. | | | 40,883 | | | | 2,620,191 | |
Pfizer, Inc. | | | 127,668 | | | | 4,288,368 | |
| | | | | | | | |
| | | | | | | 15,478,103 | |
| | | | | | | | |
| Real Estate — 1.1% | |
CBRE Group, Inc., Class A* | | | 59,826 | | | | 2,177,666 | |
| | | | | | | | |
79
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Retail — 2.8% | |
Advance Auto Parts, Inc. | | | 19,574 | | | $ | 2,282,133 | |
CVS Health Corp. | | | 25,274 | | | | 2,033,546 | |
Dollar General Corp. | | | 19,484 | | | | 1,404,601 | |
| | | | | | | | |
| | | | | | | 5,720,280 | |
| | | | | | | | |
| Semiconductors — 1.3% | |
QUALCOMM, Inc. | | | 49,478 | | | | 2,732,175 | |
| | | | | | | | |
| Software — 4.1% | |
Microsoft Corp. | | | 55,062 | | | | 3,795,424 | |
Oracle Corp. | | | 89,960 | | | | 4,510,594 | |
| | | | | | | | |
| | | | | | | 8,306,018 | |
| | | | | | | | |
| Telecommunications — 4.0% | |
Cisco Systems, Inc. | | | 110,494 | | | | 3,458,462 | |
Verizon Communications, Inc. | | | 61,943 | | | | 2,766,375 | |
Vodafone Group PLC-ADR | | | 66,707 | | | | 1,916,492 | |
| | | | | | | | |
| | | | | | | 8,141,329 | |
| | | | | | | | |
| Transportation — 1.5% | |
Norfolk Southern Corp. | | | 25,063 | | | | 3,050,167 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $155,065,836) | | | | 201,824,577 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 1.9% | |
| Advertising — 0.5% | |
Outfront Media, Inc. | | | 49,810 | | | | 1,151,607 | |
| | | | | | | | |
| Diversified — 1.4% | |
Weyerhaeuser Co. | | | 84,400 | | | | 2,827,400 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,590,197) | | | | 3,979,007 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.2% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $4,416,295) | | | 4,416,295 | | | | 4,416,295 | |
| | | | | | | | |
TOTAL INVESTMENTS — 103.3%
(Cost $163,072,328) | | | $ | 210,219,879 | |
| | | | | | | | |
| Other Assets & Liabilities — (3.3)% | | | | (6,740,476 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 203,479,403 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 201,824,577 | | | $ | 201,824,577 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 3,979,007 | | | | 3,979,007 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 4,416,295 | | | | 4,416,295 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 210,219,879 | | | $ | 210,219,879 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 88.6% | |
| Aerospace & Defense — 2.1% | |
United Technologies Corp. | | | 33,482 | | | $ | 4,088,487 | |
| | | | | | | | |
| Agriculture — 3.4% | |
Altria Group, Inc. | | | 25,346 | | | | 1,887,517 | |
Philip Morris International, Inc. | | | 40,689 | | | | 4,778,923 | |
| | | | | | | | |
| | | | | | | 6,666,440 | |
| | | | | | | | |
| Apparel — 0.8% | |
VF Corp. | | | 25,959 | | | | 1,495,238 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.3% | |
The Goodyear Tire & Rubber Co. | | | 74,608 | | | | 2,608,296 | |
| | | | | | | | |
| Banks — 16.0% | |
Bank of America Corp. | | | 80,014 | | | | 1,941,139 | |
Credit Suisse Group AG ADR | | | 202,358 | | | | 2,954,427 | |
Great Western Bancorp, Inc. | | | 33,322 | | | | 1,359,871 | |
JPMorgan Chase & Co. | | | 100,567 | | | | 9,191,824 | |
KeyCorp. | | | 105,682 | | | | 1,980,480 | |
The Goldman Sachs Group, Inc. | | | 10,059 | | | | 2,232,092 | |
U.S. Bancorp | | | 75,640 | | | | 3,927,229 | |
Wells Fargo & Co. | | | 143,802 | | | | 7,968,069 | |
| | | | | | | | |
| | | | | | | 31,555,131 | |
| | | | | | | | |
| Computers — 1.6% | |
Apple, Inc. | | | 8,969 | | | | 1,291,715 | |
Leidos Holdings, Inc. | | | 34,869 | | | | 1,802,379 | |
| | | | | | | | |
| | | | | | | 3,094,094 | |
| | | | | | | | |
| Cosmetics & Personal Care — 2.6% | |
Colgate-Palmolive Co. | | | 31,792 | | | | 2,356,741 | |
The Estee Lauder Cos., Inc., Class A | | | 29,080 | | | | 2,791,098 | |
| | | | | | | | |
| | | | | | | 5,147,839 | |
| | | | | | | | |
| Diversified Financial Services — 2.1% | |
E*TRADE Financial Corp.* | | | 57,540 | | | | 2,188,246 | |
The Charles Schwab Corp. | | | 47,619 | | | | 2,045,712 | |
| | | | | | | | |
| | | | | | | 4,233,958 | |
| | | | | | | | |
| Electric — 4.2% | |
CMS Energy Corp. | | | 67,921 | | | | 3,141,346 | |
NextEra Energy, Inc. | | | 36,983 | | | | 5,182,428 | |
| | | | | | | | |
| | | | | | | 8,323,774 | |
| | | | | | | | |
| Electronics — 1.0% | |
Thermo Fisher Scientific, Inc. | | | 10,833 | | | | 1,890,034 | |
| | | | | | | | |
| Food — 3.4% | |
McCormick & Co., Inc. | | | 18,939 | | | | 1,846,742 | |
Mondelez International, Inc., Class A | | | 87,246 | | | | 3,768,155 | |
TreeHouse Foods, Inc.* | | | 12,787 | | | | 1,044,570 | |
| | | | | | | | |
| | | | | | | 6,659,467 | |
| | | | | | | | |
| Forest Products & Paper — 1.0% | |
International Paper Co. | | | 33,561 | | | | 1,899,888 | |
| | | | | | | | |
| Gas — 1.3% | |
Sempra Energy | | | 23,010 | | | | 2,594,377 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — 2.5% | |
Boston Scientific Corp.* | | | 71,307 | | | $ | 1,976,630 | |
Zimmer Biomet Holdings, Inc. | | | 23,443 | | | | 3,010,081 | |
| | | | | | | | |
| | | | | | | 4,986,711 | |
| | | | | | | | |
| Healthcare Services — 1.5% | |
Aetna, Inc. | | | 18,953 | | | | 2,877,634 | |
| | | | | | | | |
| Insurance — 5.3% | |
Alleghany Corp.* | | | 4,149 | | | | 2,467,825 | |
American Financial Group, Inc. | | | 10,967 | | | | 1,089,791 | |
Chubb Ltd. | | | 33,647 | | | | 4,891,601 | |
W. R. Berkley Corp. | | | 30,587 | | | | 2,115,703 | |
| | | | | | | | |
| | | | | | | 10,564,920 | |
| | | | | | | | |
| Internet — 2.9% | |
Alphabet, Inc., Class C* | | | 3,378 | | | | 3,069,690 | |
eBay, Inc.* | | | 73,773 | | | | 2,576,153 | |
| | | | | | | | |
| | | | | | | 5,645,843 | |
| | | | | | | | |
| Machinery — Construction & Mining — 1.5% | |
Caterpillar, Inc. | | | 27,572 | | | | 2,962,887 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.7% | |
General Electric Co. | | | 50,525 | | | | 1,364,680 | |
| | | | | | | | |
| Oil & Gas — 8.7% | |
Chevron Corp. | | | 52,015 | | | | 5,426,725 | |
ConocoPhillips | | | 94,574 | | | | 4,157,473 | |
EOG Resources, Inc. | | | 32,064 | | | | 2,902,433 | |
Exxon Mobil Corp. | | | 13,350 | | | | 1,077,746 | |
Phillips 66 | | | 19,629 | | | | 1,623,122 | |
Pioneer Natural Resources Co. | | | 13,040 | | | | 2,080,923 | |
| | | | | | | | |
| | | | | | | 17,268,422 | |
| | | | | | | | |
| Oil & Gas Services — 1.8% | |
Halliburton Co. | | | 61,917 | | | | 2,644,475 | |
Oceaneering International, Inc. | | | 44,315 | | | | 1,012,155 | |
| | | | | | | | |
| | | | | | | 3,656,630 | |
| | | | | | | | |
| Pharmaceuticals — 10.7% | |
Allergan PLC | | | 18,180 | | | | 4,419,376 | |
Eli Lilly & Co. | | | 32,818 | | | | 2,700,921 | |
Johnson & Johnson | | | 59,206 | | | | 7,832,362 | |
Pfizer, Inc. | | | 138,279 | | | | 4,644,792 | |
Zoetis, Inc. | | | 23,313 | | | | 1,454,265 | |
| | | | | | | | |
| | | | | | | 21,051,716 | |
| | | | | | | | |
| Retail — 2.2% | |
Lululemon Athletica, Inc.* | | | 35,371 | | | | 2,110,588 | |
The Home Depot, Inc. | | | 15,238 | | | | 2,337,509 | |
| | | | | | | | |
| | | | | | | 4,448,097 | |
| | | | | | | | |
| Semiconductors — 2.4% | |
Intel Corp. | | | 112,278 | | | | 3,788,260 | |
NXP Semiconductors N.V.* | | | 9,342 | | | | 1,022,482 | |
| | | | | | | | |
| | | | | | | 4,810,742 | |
| | | | | | | | |
| Telecommunications — 3.1% | |
Verizon Communications, Inc. | | | 134,989 | | | | 6,028,609 | |
| | | | | | | | |
81
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Toys, Games & Hobbies — 0.5% | |
Mattel, Inc. | | | 49,816 | | | $ | 1,072,538 | |
| | | | | | | | |
| Transportation — 4.0% | |
C.H. Robinson Worldwide, Inc. | | | 60,713 | | | | 4,169,769 | |
CSX Corp. | | | 68,068 | | | | 3,713,790 | |
| | | | | | | | |
| | | | | | | 7,883,559 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $155,082,736) | | | | 174,880,011 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 5.8% | | | | | |
| Apartments — 1.3% | |
Equity Residential | | | 37,859 | | | | 2,492,258 | |
| | | | | | | | |
| Regional Malls — 2.2% | |
Simon Property Group, Inc. | | | 27,229 | | | | 4,404,563 | |
| | | | | | | | |
| Storage & Warehousing — 1.6% | |
Public Storage | | | 15,106 | | | | 3,150,054 | |
| | | | | | | | |
| Strip Centers — 0.7% | |
DDR Corp. | | | 149,255 | | | | 1,353,743 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $12,224,831) | | | | 11,400,618 | |
| | | | | | | | |
TOTAL INVESTMENTS — 94.4%
(Cost $167,307,567) | | | | | | $ | 186,280,629 | |
| | | | | | | | |
| Other Assets & Liabilities — 5.6% | | | | | | | 11,037,758 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 197,318,387 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2017†† | | | |
United States | | | 94 | % |
Switzerland | | | 4 | |
Canada | | | 1 | |
Netherlands | | | 1 | |
| |
Total | | | 100 | % |
| |
††% of total investments as of June 30, 2017
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 174,880,011 | | | $ | 174,880,011 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 11,400,618 | | | | 11,400,618 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 186,280,629 | | | $ | 186,280,629 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.4% | |
| Advertising — 0.1% | |
Omnicom Group, Inc. | | | 5,167 | | | $ | 428,344 | |
The Interpublic Group of Cos., Inc. | | | 9,034 | | | | 222,237 | |
| | | | | | | | |
| | | | | | | 650,581 | |
| | | | | | | | |
| Aerospace & Defense — 2.3% | |
Arconic, Inc. | | | 9,449 | | | | 214,020 | |
General Dynamics Corp. | | | 6,197 | | | | 1,227,626 | |
Harris Corp. | | | 2,600 | | | | 283,608 | |
L3 Technologies, Inc. | | | 1,600 | | | | 267,328 | |
Lockheed Martin Corp. | | | 5,413 | | | | 1,502,703 | |
Northrop Grumman Corp. | | | 3,792 | | | | 973,444 | |
Raytheon Co. | | | 6,276 | | | | 1,013,448 | |
Rockwell Collins, Inc. | | | 3,545 | | | | 372,508 | |
The Boeing Co. | | | 12,221 | | | | 2,416,703 | |
TransDigm Group, Inc. | | | 1,100 | | | | 295,757 | |
United Technologies Corp. | | | 16,215 | | | | 1,980,014 | |
| | | | | | | | |
| | | | | | | 10,547,159 | |
| | | | | | | | |
| Agriculture — 1.9% | |
Altria Group, Inc. | | | 42,070 | | | | 3,132,953 | |
Archer-Daniels-Midland Co. | | | 12,499 | | | | 517,208 | |
Philip Morris International, Inc. | | | 33,837 | | | | 3,974,156 | |
Reynolds American, Inc. | | | 18,054 | | | | 1,174,232 | |
| | | | | | | | |
| | | | | | | 8,798,549 | |
| | | | | | | | |
| Airlines — 0.6% | |
Alaska Air Group, Inc. | | | 2,800 | | | | 251,328 | |
American Airlines Group, Inc. | | | 10,900 | | | | 548,488 | |
Delta Air Lines, Inc. | | | 16,100 | | | | 865,214 | |
Southwest Airlines Co. | | | 13,115 | | | | 814,966 | |
United Continental Holdings, Inc.* | | | 6,200 | | | | 466,550 | |
| | | | | | | | |
| | | | | | | 2,946,546 | |
| | | | | | | | |
| Apparel — 0.6% | |
Coach, Inc. | | | 6,277 | | | | 297,153 | |
Hanesbrands, Inc. | | | 7,600 | | | | 176,016 | |
Michael Kors Holdings Ltd.* | | | 3,400 | | | | 123,250 | |
NIKE, Inc., Class B | | | 28,892 | | | | 1,704,628 | |
Ralph Lauren Corp. | | | 1,228 | | | | 90,627 | |
Under Armour, Inc., Class A* | | | 3,900 | | | | 84,864 | |
Under Armour, Inc., Class C* | | | 3,927 | | | | 79,168 | |
VF Corp. | | | 6,908 | | | | 397,901 | |
| | | | | | | | |
| | | | | | | 2,953,607 | |
| | | | | | | | |
| Auto Manufacturers — 0.6% | |
Ford Motor Co. | | | 85,167 | | | | 953,019 | |
General Motors Co. | | | 29,800 | | | | 1,040,914 | |
PACCAR, Inc. | | | 7,644 | | | | 504,810 | |
| | | | | | | | |
| | | | | | | 2,498,743 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.2% | |
BorgWarner, Inc. | | | 4,300 | | | | 182,148 | |
Delphi Automotive PLC | | | 5,900 | | | | 517,135 | |
The Goodyear Tire & Rubber Co. | | | 5,606 | | | | 195,986 | |
| | | | | | | | |
| | | | | | | 895,269 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — 7.8% | |
Bank of America Corp. | | | 217,511 | | | $ | 5,276,817 | |
BB&T Corp. | | | 17,799 | | | | 808,253 | |
Capital One Financial Corp. | | | 10,641 | | | | 879,159 | |
Citigroup, Inc. | | | 60,169 | | | | 4,024,103 | |
Citizens Financial Group, Inc. | | | 11,300 | | | | 403,184 | |
Comerica, Inc. | | | 3,844 | | | | 281,534 | |
Fifth Third Bancorp | | | 16,746 | | | | 434,726 | |
Huntington Bancshares, Inc. | | | 24,565 | | | | 332,119 | |
JPMorgan Chase & Co. | | | 77,440 | | | | 7,078,016 | |
KeyCorp. | | | 23,399 | | | | 438,497 | |
M&T Bank Corp. | | | 3,328 | | | | 538,970 | |
Morgan Stanley | | | 30,965 | | | | 1,379,800 | |
Northern Trust Corp. | | | 4,647 | | | | 451,735 | |
Regions Financial Corp. | | | 26,494 | | | | 387,872 | |
State Street Corp. | | | 7,847 | | | | 704,111 | |
SunTrust Banks, Inc. | | | 10,688 | | | | 606,223 | |
The Bank of New York Mellon Corp. | | | 22,580 | | | | 1,152,032 | |
The Goldman Sachs Group, Inc. | | | 7,943 | | | | 1,762,552 | |
The PNC Financial Services Group, Inc. | | | 10,518 | | | | 1,313,383 | |
U.S. Bancorp | | | 34,556 | | | | 1,794,147 | |
Wells Fargo & Co. | | | 98,015 | | | | 5,431,011 | |
Zions Bancorporation | | | 4,304 | | | | 188,989 | |
| | | | | | | | |
| | | | | | | 35,667,233 | |
| | | | | | | | |
| Beverages — 2.1% | |
Brown-Forman Corp., Class B | | | 3,886 | | | | 188,859 | |
Constellation Brands, Inc., Class A | | | 3,723 | | | | 721,257 | |
Dr. Pepper Snapple Group, Inc. | | | 4,000 | | | | 364,440 | |
Molson Coors Brewing Co., Class B | | | 4,138 | | | | 357,275 | |
Monster Beverage Corp.* | | | 8,904 | | | | 442,351 | |
PepsiCo, Inc. | | | 31,239 | | | | 3,607,792 | |
The Coca-Cola Co. | | | 83,769 | | | | 3,757,040 | |
| | | | | | | | |
| | | | | | | 9,439,014 | |
| | | | | | | | |
| Biotechnology — 2.5% | |
Alexion Pharmaceuticals, Inc.* | | | 5,000 | | | | 608,350 | |
Amgen, Inc. | | | 16,024 | | | | 2,759,814 | |
Biogen, Inc.* | | | 4,643 | | | | 1,259,924 | |
Celgene Corp.* | | | 17,056 | | | | 2,215,063 | |
Gilead Sciences, Inc. | | | 28,478 | | | | 2,015,673 | |
Illumina, Inc.* | | | 3,200 | | | | 555,264 | |
Incyte Corp.* | | | 3,800 | | | | 478,458 | |
Regeneron Pharmaceuticals, Inc.* | | | 1,600 | | | | 785,824 | |
Vertex Pharmaceuticals, Inc.* | | | 5,400 | | | | 695,898 | |
| | | | | | | | |
| | | | | | | 11,374,268 | |
| | | | | | | | |
| Building Materials — 0.5% | |
Fortune Brands Home & Security, Inc. | | | 3,500 | | | | 228,340 | |
Johnson Controls International PLC | | | 20,398 | | | | 884,457 | |
Martin Marietta Materials, Inc. | | | 1,400 | | | | 311,612 | |
Masco Corp. | | | 6,777 | | | | 258,949 | |
Vulcan Materials Co. | | | 2,841 | | | | 359,898 | |
| | | | | | | | |
| | | | | | | 2,043,256 | |
| | | | | | | | |
| Chemicals — 2.1% | |
Air Products & Chemicals, Inc. | | | 4,721 | | | | 675,386 | |
Albemarle Corp. | | | 2,400 | | | | 253,296 | |
83
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Chemicals — (continued) | |
CF Industries Holdings, Inc. | | | 5,300 | | | $ | 148,188 | |
E.I. du Pont de Nemours & Co. | | | 19,023 | | | | 1,535,346 | |
Eastman Chemical Co. | | | 3,282 | | | | 275,655 | |
Ecolab, Inc. | | | 5,659 | | | | 751,232 | |
FMC Corp. | | | 2,800 | | | | 204,540 | |
International Flavors & Fragrances, Inc. | | | 1,675 | | | | 226,125 | |
LyondellBasell Industries NV, Class A | | | 7,200 | | | | 607,608 | |
Monsanto Co. | | | 9,536 | | | | 1,128,681 | |
PPG Industries, Inc. | | | 5,628 | | | | 618,855 | |
Praxair, Inc. | | | 6,226 | | | | 825,256 | |
The Dow Chemical Co. | | | 24,579 | | | | 1,550,198 | |
The Mosaic Co. | | | 7,600 | | | | 173,508 | |
The Sherwin-Williams Co. | | | 1,734 | | | | 608,565 | |
| | | | | | | | |
| | | | | | | 9,582,439 | |
| | | | | | | | |
| Commercial Services — 2.1% | |
Allegion PLC | | | 1,966 | | | | 159,482 | |
Alliance Data Systems Corp. | | | 1,200 | | | | 308,028 | |
Automatic Data Processing, Inc. | | | 9,714 | | | | 995,296 | |
Cintas Corp. | | | 1,955 | | | | 246,408 | |
Equifax, Inc. | | | 2,677 | | | | 367,873 | |
Gartner, Inc.* | | | 2,000 | | | | 247,020 | |
Global Payments, Inc. | | | 3,281 | | | | 296,340 | |
H&R Block, Inc. | | | 4,166 | | | | 128,771 | |
IHS Markit Ltd.* | | | 7,000 | | | | 308,280 | |
Mastercard, Inc., Class A | | | 20,421 | | | | 2,480,130 | |
Moody’s Corp. | | | 3,673 | | | | 446,931 | |
Paychex, Inc. | | | 6,975 | | | | 397,157 | |
PayPal Holdings, Inc.* | | | 24,282 | | | | 1,303,215 | |
Quanta Services, Inc.* | | | 3,400 | | | | 111,928 | |
Robert Half International, Inc. | | | 2,707 | | | | 129,747 | |
S&P Global Inc. | | | 5,686 | | | | 830,099 | |
The Western Union Co. | | | 9,878 | | | | 188,176 | |
Total System Services, Inc. | | | 3,477 | | | | 202,535 | |
United Rentals, Inc.* | | | 1,900 | | | | 214,149 | |
Verisk Analytics, Inc.* | | | 3,300 | | | | 278,421 | |
| | | | | | | | |
| | | | | | | 9,639,986 | |
| | | | | | | | |
| Computers — 5.4% | |
Accenture PLC, Class A | | | 13,600 | | | | 1,682,048 | |
Apple, Inc. | | | 113,687 | | | | 16,373,202 | |
Cognizant Technology Solutions Corp., Class A | | | 12,804 | | | | 850,185 | |
CSRA, Inc. | | | 3,357 | | | | 106,585 | |
DXC Technology Co. | | | 6,225 | | | | 477,616 | |
Hewlett Packard Enterprise Co. | | | 36,383 | | | | 603,594 | |
HP, Inc. | | | 36,458 | | | | 637,286 | |
International Business Machines Corp. | | | 18,618 | | | | 2,864,007 | |
NetApp, Inc. | | | 5,821 | | | | 233,131 | |
Seagate Technology PLC | | | 6,300 | | | | 244,125 | |
Western Digital Corp. | | | 6,197 | | | | 549,054 | |
| | | | | | | | |
| | | | | | | 24,620,833 | |
| | | | | | | | |
| Cosmetics & Personal Care — 1.5% | |
Colgate-Palmolive Co. | | | 19,204 | | | | 1,423,592 | |
Coty, Inc., Class A | | | 10,656 | | | | 199,907 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Cosmetics & Personal Care — (continued) | |
The Estee Lauder Cos., Inc., Class A | | | 4,774 | | | $ | 458,209 | |
The Procter & Gamble Co. | | | 55,732 | | | | 4,857,044 | |
| | | | | | | | |
| | | | | | | 6,938,752 | |
| | | | | | | | |
| Distribution & Wholesale — 0.2% | |
Fastenal Co. | | | 6,200 | | | | 269,886 | |
Genuine Parts Co. | | | 3,205 | | | | 297,296 | |
LKQ Corp.* | | | 7,000 | | | | 230,650 | |
W.W. Grainger, Inc. | | | 1,172 | | | | 211,581 | |
| | | | | | | | |
| | | | | | | 1,009,413 | |
| | | | | | | | |
| Diversified Financial Services — 2.8% | |
Affiliated Managers Group, Inc. | | | 1,300 | | | | 215,618 | |
American Express Co. | | | 16,321 | | | | 1,374,881 | |
Ameriprise Financial, Inc. | | | 3,290 | | | | 418,784 | |
BlackRock, Inc. | | | 2,599 | | | | 1,097,844 | |
CBOE Holdings, Inc. | | | 2,000 | | | | 182,800 | |
CME Group, Inc. | | | 7,460 | | | | 934,290 | |
Discover Financial Services | | | 8,219 | | | | 511,140 | |
E*TRADE Financial Corp.* | | | 5,881 | | | | 223,654 | |
Franklin Resources, Inc. | | | 7,656 | | | | 342,912 | |
Intercontinental Exchange, Inc. | | | 12,950 | | | | 853,664 | |
Invesco Ltd. | | | 8,867 | | | | 312,030 | |
Nasdaq, Inc. | | | 2,500 | | | | 178,725 | |
Navient Corp. | | | 6,134 | | | | 102,131 | |
Raymond James Financial, Inc. | | | 2,800 | | | | 224,616 | |
Synchrony Financial | | | 17,012 | | | | 507,298 | |
T. Rowe Price Group, Inc. | | | 5,281 | | | | 391,903 | |
The Charles Schwab Corp. | | | 26,369 | | | | 1,132,812 | |
Visa, Inc., Class A | | | 40,356 | | | | 3,784,586 | |
| | | | | | | | |
| | | | | | | 12,789,688 | |
| | | | | | | | |
| Diversified Operations — 0.0% | |
Leucadia National Corp. | | | 7,260 | | | | 189,922 | |
| | | | | | | | |
| Electric — 2.8% | |
AES Corp. | | | 14,644 | | | | 162,695 | |
Alliant Energy Corp. | | | 5,200 | | | | 208,884 | |
Ameren Corp. | | | 5,398 | | | | 295,109 | |
American Electric Power Co., Inc. | | | 10,657 | | | | 740,342 | |
CMS Energy Corp. | | | 6,243 | | | | 288,739 | |
Consolidated Edison, Inc. | | | 6,605 | | | | 533,816 | |
Dominion Resources, Inc. | | | 13,809 | | | | 1,058,184 | |
DTE Energy Co. | | | 3,892 | | | | 411,735 | |
Duke Energy Corp. | | | 15,218 | | | | 1,272,072 | |
Edison International | | | 7,100 | | | | 555,149 | |
Entergy Corp. | | | 3,847 | | | | 295,334 | |
Eversource Energy | | | 6,793 | | | | 412,403 | |
Exelon Corp. | | | 20,310 | | | | 732,582 | |
FirstEnergy Corp. | | | 9,256 | | | | 269,905 | |
NextEra Energy, Inc. | | | 10,179 | | | | 1,426,383 | |
NRG Energy, Inc. | | | 6,300 | | | | 108,486 | |
PG&E Corp. | | | 10,950 | | | | 726,751 | |
Pinnacle West Capital Corp. | | | 2,569 | | | | 218,776 | |
PPL Corp. | | | 14,698 | | | | 568,225 | |
Public Service Enterprise Group, Inc. | | | 11,249 | | | | 483,819 | |
SCANA Corp. | | | 3,100 | | | | 207,731 | |
84
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Electric — (continued) | |
The Southern Co. | | | 21,643 | | | $ | 1,036,267 | |
WEC Energy Group, Inc. | | | 7,050 | | | | 432,729 | |
Xcel Energy, Inc. | | | 11,030 | | | | 506,056 | |
| | | | | | | | |
| | | | | | | 12,952,172 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | |
Acuity Brands, Inc. | | | 1,000 | | | | 203,280 | |
AMETEK, Inc. | | | 5,000 | | | | 302,850 | |
Emerson Electric Co. | | | 14,176 | | | | 845,173 | |
| | | | | | | | |
| | | | | | | 1,351,303 | |
| | | | | | | | |
| Electronics — 1.5% | |
Agilent Technologies, Inc. | | | 7,045 | | | | 417,839 | |
Amphenol Corp., Class A | | | 6,604 | | | | 487,507 | |
FLIR Systems, Inc. | | | 3,043 | | | | 105,470 | |
Fortive Corp. | | | 6,505 | | | | 412,092 | |
Garmin Ltd. | | | 2,400 | | | | 122,472 | |
Honeywell International, Inc. | | | 16,708 | | | | 2,227,009 | |
Mettler-Toledo International, Inc.* | | | 555 | | | | 326,640 | |
PerkinElmer, Inc. | | | 2,516 | | | | 171,440 | |
TE Connectivity Ltd. | | | 7,900 | | | | 621,572 | |
Thermo Fisher Scientific, Inc. | | | 8,582 | | | | 1,497,302 | |
Waters Corp.* | | | 1,758 | | | | 323,191 | |
| | | | | | | | |
| | | | | | | 6,712,534 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | |
Fluor Corp. | | | 3,170 | | | | 145,123 | |
Jacobs Engineering Group, Inc. | | | 2,583 | | | | 140,489 | |
| | | | | | | | |
| | | | | | | 285,612 | |
| | | | | | | | |
| Environmental Control — 0.2% | |
Republic Services, Inc. | | | 4,914 | | | | 313,169 | |
Stericycle, Inc.* | | | 2,000 | | | | 152,640 | |
Waste Management, Inc. | | | 9,000 | | | | 660,150 | |
| | | | | | | | |
| | | | | | | 1,125,959 | |
| | | | | | | | |
| Food — 1.5% | |
Campbell Soup Co. | | | 4,016 | | | | 209,434 | |
Conagra Brands, Inc. | | | 8,691 | | | | 310,790 | |
General Mills, Inc. | | | 12,610 | | | | 698,594 | |
Hormel Foods Corp. | | | 6,200 | | | | 211,482 | |
Kellogg Co. | | | 5,466 | | | | 379,668 | |
Lamb Weston Holdings, Inc. | | | 0 | | | | 0 | |
McCormick & Co., Inc. | | | 2,419 | | | | 235,877 | |
Mondelez International, Inc., Class A | | | 33,363 | | | | 1,440,948 | |
Sysco Corp. | | | 10,852 | | | | 546,181 | |
The Hershey Co. | | | 2,987 | | | | 320,714 | |
The J.M. Smucker Co. | | | 2,634 | | | | 311,681 | |
The Kraft Heinz Co. | | | 13,054 | | | | 1,117,945 | |
The Kroger Co. | | | 19,710 | | | | 459,637 | |
Tyson Foods, Inc., Class A | | | 6,249 | | | | 391,375 | |
Whole Foods Market, Inc. | | | 6,786 | | | | 285,759 | |
| | | | | | | | |
| | | | | | | 6,920,085 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
International Paper Co. | | | 8,867 | | | | 501,961 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Gas — 0.2% | |
CenterPoint Energy, Inc. | | | 9,322 | | | $ | 255,236 | |
NiSource, Inc. | | | 7,365 | | | | 186,776 | |
Sempra Energy | | | 5,398 | | | | 608,625 | |
| | | | | | | | |
| | | | | | | 1,050,637 | |
| | | | | | | | |
| Hand & Machine Tools — 0.2% | |
Snap-on, Inc. | | | 1,328 | | | | 209,824 | |
Stanley Black & Decker, Inc. | | | 3,340 | | | | 470,038 | |
| | | | | | | | |
| | | | | | | 679,862 | |
| | | | | | | | |
| Healthcare Products — 2.3% | |
Align Technology, Inc.* | | | 1,600 | | | | 240,192 | |
Baxter International, Inc. | | | 10,542 | | | | 638,213 | |
Becton Dickinson & Co. | | | 4,935 | | | | 962,868 | |
Boston Scientific Corp.* | | | 29,548 | | | | 819,070 | |
C.R. Bard, Inc. | | | 1,542 | | | | 487,442 | |
DENTSPLY SIRONA, Inc. | | | 5,100 | | | | 330,684 | |
Edwards Lifesciences Corp.* | | | 4,537 | | | | 536,455 | |
Henry Schein, Inc.* | | | 1,700 | | | | 311,134 | |
Hologic, Inc.* | | | 5,900 | | | | 267,742 | |
IDEXX Laboratories, Inc.* | | | 2,000 | | | | 322,840 | |
Intuitive Surgical, Inc.* | | | 807 | | | | 754,843 | |
Medtronic PLC | | | 29,806 | | | | 2,645,282 | |
Patterson Cos., Inc. | | | 1,974 | | | | 92,679 | |
Stryker Corp. | | | 6,681 | | | | 927,189 | |
The Cooper Cos., Inc. | | | 1,100 | | | | 263,362 | |
Varian Medical Systems, Inc.* | | | 1,961 | | | | 202,356 | |
Zimmer Biomet Holdings, Inc. | | | 4,329 | | | | 555,844 | |
| | | | | | | | |
| | | | | | | 10,358,195 | |
| | | | | | | | |
| Healthcare Services — 2.2% | |
Aetna, Inc. | | | 7,193 | | | | 1,092,113 | |
Anthem, Inc. | | | 5,795 | | | | 1,090,213 | |
Centene Corp.* | | | 3,900 | | | | 311,532 | |
Cigna Corp. | | | 5,557 | | | | 930,186 | |
DaVita, Inc.* | | | 3,398 | | | | 220,055 | |
Envision Healthcare Corp.* | | | 2,623 | | | | 164,384 | |
HCA Healthcare, Inc.* | | | 6,200 | | | | 540,640 | |
Humana, Inc. | | | 3,110 | | | | 748,328 | |
Laboratory Corp. of America Holdings* | | | 2,177 | | | | 335,563 | |
Quest Diagnostics, Inc. | | | 2,987 | | | | 332,035 | |
UnitedHealth Group, Inc. | | | 21,041 | | | | 3,901,422 | |
Universal Health Services, Inc., Class B | | | 2,055 | | | | 250,874 | |
| | | | | | | | |
| | | | | | | 9,917,345 | |
| | | | | | | | |
| Home Builders — 0.1% | |
D.R. Horton, Inc. | | | 7,376 | | | | 254,988 | |
Lennar Corp., Class A | | | 4,636 | | | | 247,192 | |
PulteGroup, Inc. | | | 5,834 | | | | 143,108 | |
| | | | | | | | |
| | | | | | | 645,288 | |
| | | | | | | | |
| Home Furnishings — 0.1% | |
Whirlpool Corp. | | | 1,669 | | | | 319,814 | |
| | | | | | | | |
| Household Products & Wares — 0.4% | |
Avery Dennison Corp. | | | 1,883 | | | | 166,401 | |
Church & Dwight Co., Inc. | | | 5,600 | | | | 290,528 | |
85
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Household Products & Wares — (continued) | |
Kimberly-Clark Corp. | | | 7,787 | | | $ | 1,005,380 | |
The Clorox Co. | | | 2,797 | | | | 372,672 | |
| | | | | | | | |
| | | | | | | 1,834,981 | |
| | | | | | | | |
| Housewares — 0.1% | |
Newell Brands, Inc. | | | 10,416 | | | | 558,506 | |
| | | | | | | | |
| Insurance — 4.3% | |
Aflac, Inc. | | | 8,610 | | | | 668,825 | |
American International Group, Inc. | | | 19,085 | | | | 1,193,194 | |
Aon PLC | | | 5,744 | | | | 763,665 | |
Arthur J Gallagher & Co. | | | 4,000 | | | | 229,000 | |
Assurant, Inc. | | | 1,160 | | | | 120,280 | |
Berkshire Hathaway, Inc., Class B* | | | 41,403 | | | | 7,012,426 | |
Chubb Ltd. | | | 10,160 | | | | 1,477,061 | |
Cincinnati Financial Corp. | | | 3,292 | | | | 238,505 | |
Everest Re Group Ltd. | | | 900 | | | | 229,131 | |
Lincoln National Corp. | | | 5,073 | | | | 342,833 | |
Loews Corp. | | | 6,225 | | | | 291,392 | |
Marsh & McLennan Cos., Inc. | | | 11,182 | | | | 871,749 | |
MetLife, Inc. | | | 23,485 | | | | 1,290,266 | |
Principal Financial Group, Inc. | | | 5,765 | | | | 369,364 | |
Prudential Financial, Inc. | | | 9,430 | | | | 1,019,760 | |
The Allstate Corp. | | | 7,976 | | | | 705,398 | |
The Hartford Financial Services Group, Inc. | | | 7,927 | | | | 416,722 | |
The Progressive Corp. | | | 12,956 | | | | 571,230 | |
The Travelers Cos, Inc. | | | 6,031 | | | | 763,103 | |
Torchmark Corp. | | | 2,314 | | | | 177,021 | |
Unum Group | | | 4,976 | | | | 232,031 | |
Willis Towers Watson PLC | | | 2,845 | | | | 413,834 | |
XL Group Ltd. | | | 5,549 | | | | 243,046 | |
| | | | | | | | |
| | | | | | | 19,639,836 | |
| | | | | | | | |
| Internet — 7.3% | |
Alphabet, Inc., Class A* | | | 6,487 | | | | 6,030,834 | |
Alphabet, Inc., Class C* | | | 6,502 | | | | 5,908,562 | |
Amazon.com, Inc.* | | | 8,648 | | | | 8,371,264 | |
eBay, Inc.* | | | 22,028 | | | | 769,218 | |
Expedia, Inc. | | | 2,594 | | | | 386,376 | |
F5 Networks, Inc.* | | | 1,500 | | | | 190,590 | |
Facebook, Inc., Class A* | | | 51,600 | | | | 7,790,568 | |
Netflix, Inc.* | | | 9,400 | | | | 1,404,454 | |
Symantec Corp. | | | 13,538 | | | | 382,449 | |
The Priceline Group, Inc.* | | | 1,070 | | | | 2,001,456 | |
TripAdvisor, Inc.* | | | 2,594 | | | | 99,091 | |
VeriSign, Inc.* | | | 1,909 | | | | 177,461 | |
| | | | | | | | |
| | | | | | | 33,512,323 | |
| | | | | | | | |
| Iron & Steel — 0.1% | |
Nucor Corp. | | | 7,135 | | | | 412,903 | |
| | | | | | | | |
| Leisure Time — 0.3% | |
Carnival Corp. | | | 9,145 | | | | 599,638 | |
Harley-Davidson, Inc. | | | 3,828 | | | | 206,788 | |
Royal Caribbean Cruises Ltd. | | | 3,700 | | | | 404,151 | |
| | | | | | | | |
| | | | | | | 1,210,577 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Lodging — 0.3% | |
Hilton Worldwide Holdings, Inc. | | | 4,400 | | | $ | 272,140 | |
Marriott International, Inc., Class A | | | 6,866 | | | | 688,728 | |
Wyndham Worldwide Corp. | | | 2,260 | | | | 226,927 | |
Wynn Resorts Ltd. | | | 1,730 | | | | 232,028 | |
| | | | | | | | |
| | | | | | | 1,419,823 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.3% | |
Caterpillar, Inc. | | | 12,728 | | | | 1,367,751 | |
| | | | | | | | |
| Machinery — Diversified — 0.6% | |
Cummins, Inc. | | | 3,374 | | | | 547,331 | |
Deere & Co. | | | 6,432 | | | | 794,931 | |
Flowserve Corp. | | | 2,800 | | | | 130,004 | |
Rockwell Automation, Inc. | | | 2,771 | | | | 448,791 | |
Roper Technologies, Inc. | | | 2,200 | | | | 509,366 | |
Xylem, Inc. | | | 4,154 | | | | 230,256 | |
| | | | | | | | |
| | | | | | | 2,660,679 | |
| | | | | | | | |
| Media — 3.0% | |
CBS Corp., Class B | | | 8,054 | | | | 513,684 | |
Charter Communications, Inc., Class A* | | | 4,700 | | | | 1,583,195 | |
Comcast Corp., Class A | | | 103,108 | | | | 4,012,963 | |
Discovery Communications, Inc., Class A* | | | 3,500 | | | | 90,405 | |
Discovery Communications, Inc., Class C* | | | 4,700 | | | | 118,487 | |
DISH Network Corp., Class A* | | | 5,000 | | | | 313,800 | |
News Corp., Class A | | | 9,115 | | | | 124,876 | |
News Corp., Class B | | | 2,500 | | | | 35,375 | |
Nielsen Holdings PLC | | | 7,400 | | | | 286,084 | |
Scripps Networks Interactive, Inc., Class A | | | 2,056 | | | | 140,445 | |
The Walt Disney Co. | | | 31,687 | | | | 3,366,744 | |
Time Warner, Inc. | | | 16,904 | | | | 1,697,331 | |
Twenty-First Century Fox, Inc., Class A | | | 22,792 | | | | 645,925 | |
Twenty-First Century Fox, Inc., Class B | | | 10,400 | | | | 289,848 | |
Viacom, Inc., Class B | | | 7,381 | | | | 247,780 | |
| | | | | | | | |
| | | | | | | 13,466,942 | |
| | | | | | | | |
| Mining — 0.2% | |
Freeport-McMoRan, Inc.* | | | 29,996 | | | | 360,252 | |
Newmont Mining Corp. | | | 11,883 | | | | 384,890 | |
| | | | | | | | |
| | | | | | | 745,142 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.8% | |
3M Co. | | | 13,080 | | | | 2,723,125 | |
Danaher Corp. | | | 13,268 | | | | 1,119,686 | |
Dover Corp. | | | 3,405 | | | | 273,149 | |
Eaton Corp. PLC | | | 9,706 | | | | 755,418 | |
General Electric Co. | | | 190,374 | | | | 5,142,002 | |
Illinois Tool Works, Inc. | | | 6,719 | | | | 962,497 | |
Ingersoll-Rand PLC | | | 5,500 | | | | 502,645 | |
Leggett & Platt, Inc. | | | 2,854 | | | | 149,921 | |
Parker-Hannifin Corp. | | | 2,981 | | | | 476,423 | |
Pentair PLC | | | 3,619 | | | | 240,808 | |
Textron, Inc. | | | 6,076 | | | | 286,180 | |
| | | | | | | | |
| | | | | | | 12,631,854 | |
| | | | | | | | |
| Office & Business Equipment — 0.0% | |
Xerox Corp. | | | 4,539 | | | | 130,398 | |
| | | | | | | | |
86
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Oil & Gas — 4.7% | |
Anadarko Petroleum Corp. | | | 12,059 | | | $ | 546,755 | |
Apache Corp. | | | 8,157 | | | | 390,965 | |
Cabot Oil & Gas Corp. | | | 9,788 | | | | 245,483 | |
Chesapeake Energy Corp.* | | | 18,110 | | | | 90,007 | |
Chevron Corp. | | | 41,279 | | | | 4,306,638 | |
Cimarex Energy Co. | | | 2,100 | | | | 197,421 | |
Concho Resources, Inc.* | | | 3,200 | | | | 388,896 | |
ConocoPhillips | | | 27,180 | | | | 1,194,833 | |
Devon Energy Corp. | | | 11,729 | | | | 374,976 | |
EOG Resources, Inc. | | | 12,616 | | | | 1,142,000 | |
EQT Corp. | | | 3,600 | | | | 210,924 | |
Exxon Mobil Corp. | | | 92,363 | | | | 7,456,465 | |
Helmerich & Payne, Inc. | | | 2,300 | | | | 124,982 | |
Hess Corp. | | | 5,697 | | | | 249,927 | |
Marathon Oil Corp. | | | 18,151 | | | | 215,089 | |
Marathon Petroleum Corp. | | | 11,227 | | | | 587,509 | |
Murphy Oil Corp. | | | 3,917 | | | | 100,393 | |
Newfield Exploration Co.* | | | 4,100 | | | | 116,686 | |
Noble Energy, Inc. | | | 9,538 | | | | 269,925 | |
Occidental Petroleum Corp. | | | 16,758 | | | | 1,003,302 | |
Phillips 66 | | | 9,640 | | | | 797,132 | |
Pioneer Natural Resources Co. | | | 3,700 | | | | 590,446 | |
Range Resources Corp. | | | 3,923 | | | | 90,896 | |
Tesoro Corp. | | | 3,194 | | | | 298,958 | |
Valero Energy Corp. | | | 9,840 | | | | 663,807 | |
| | | | | | | | |
| | | | | | | 21,654,415 | |
| | | | | | | | |
| Oil & Gas Services — 0.9% | |
Baker Hughes, Inc. | | | 9,428 | | | | 513,920 | |
Halliburton Co. | | | 19,069 | | | | 814,437 | |
National Oilwell Varco, Inc. | | | 8,483 | | | | 279,430 | |
Schlumberger Ltd. | | | 30,237 | | | | 1,990,804 | |
TechnipFMC PLC* | | | 10,372 | | | | 282,119 | |
Transocean Ltd.* | | | 8,300 | | | | 68,309 | |
| | | | | | | | |
| | | | | | | 3,949,019 | |
| | | | | | | | |
| Packaging and Containers — 0.2% | |
Ball Corp. | | | 7,852 | | | | 331,433 | |
Sealed Air Corp. | | | 4,333 | | | | 193,945 | |
WestRock Co. | | | 5,446 | | | | 308,570 | |
| | | | | | | | |
| | | | | | | 833,948 | |
| | | | | | | | |
| Pharmaceuticals — 6.5% | |
Abbott Laboratories | | | 37,895 | | | | 1,842,088 | |
AbbVie, Inc. | | | 34,651 | | | | 2,512,544 | |
Allergan PLC | | | 7,313 | | | | 1,777,717 | |
AmerisourceBergen Corp. | | | 3,600 | | | | 340,308 | |
Bristol-Myers Squibb Co. | | | 35,897 | | | | 2,000,181 | |
Cardinal Health, Inc. | | | 6,782 | | | | 528,453 | |
Eli Lilly & Co. | | | 21,254 | | | | 1,749,204 | |
Express Scripts Holding Co.* | | | 12,864 | | | | 821,238 | |
Johnson & Johnson | | | 58,721 | | | | 7,768,201 | |
Mallinckrodt PLC* | | | 2,400 | | | | 107,544 | |
McKesson Corp. | | | 4,625 | | | | 760,997 | |
Merck & Co., Inc. | | | 59,730 | | | | 3,828,096 | |
Mylan NV* | | | 10,356 | | | | 402,020 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | |
Perrigo Co. PLC | | | 3,200 | | | $ | 241,664 | |
Pfizer, Inc. | | | 130,105 | | | | 4,370,227 | |
Zoetis, Inc. | | | 10,707 | | | | 667,903 | |
| | | | | | | | |
| | | | | | | 29,718,385 | |
| | | | | | | | |
| Pipelines — 0.4% | |
Kinder Morgan, Inc. | | | 41,936 | | | | 803,494 | |
ONEOK, Inc. | | | 8,300 | | | | 432,928 | |
The Williams Cos., Inc. | | | 17,934 | | | | 543,041 | |
| | | | | | | | |
| | | | | | | 1,779,463 | |
| | | | | | | | |
| Real Estate — 0.1% | |
Boston Properties, Inc. | | | 3,442 | | | | 423,435 | |
CBRE Group, Inc., Class A* | | | 6,401 | | | | 232,996 | |
| | | | | | | | |
| | | | | | | 656,431 | |
| | | | | | | | |
| Retail — 5.5% | |
Advance Auto Parts, Inc. | | | 1,600 | | | | 186,544 | |
AutoNation, Inc.* | | | 1,319 | | | | 55,609 | |
AutoZone, Inc.* | | | 606 | | | | 345,699 | |
Bed Bath & Beyond, Inc. | | | 3,366 | | | | 102,326 | |
Best Buy Co., Inc. | | | 5,768 | | | | 330,679 | |
CarMax, Inc.* | | | 3,967 | | | | 250,159 | |
Chipotle Mexican Grill, Inc.* | | | 600 | | | | 249,660 | |
Costco Wholesale Corp. | | | 9,577 | | | | 1,531,650 | |
CVS Health Corp. | | | 22,167 | | | | 1,783,557 | |
Darden Restaurants, Inc. | | | 2,640 | | | | 238,762 | |
Dollar General Corp. | | | 5,600 | | | | 403,704 | |
Dollar Tree, Inc.* | | | 5,154 | | | | 360,368 | |
Foot Locker, Inc. | | | 3,100 | | | | 152,768 | |
Kohl’s Corp. | | | 4,001 | | | | 154,719 | |
L Brands, Inc. | | | 5,260 | | | | 283,461 | |
Lowe’s Cos., Inc. | | | 18,640 | | | | 1,445,159 | |
Macy’s, Inc. | | | 7,027 | | | | 163,307 | |
McDonald’s Corp. | | | 17,778 | | | | 2,722,878 | |
Nordstrom, Inc. | | | 2,331 | | | | 111,492 | |
O’Reilly Automotive, Inc.* | | | 2,000 | | | | 437,480 | |
PVH Corp. | | | 1,700 | | | | 194,650 | |
Ross Stores, Inc. | | | 8,471 | | | | 489,031 | |
Signet Jewelers Ltd. | | | 1,600 | | | | 101,184 | |
Staples, Inc. | | | 13,737 | | | | 138,332 | |
Starbucks Corp. | | | 31,507 | | | | 1,837,173 | |
Target Corp. | | | 12,032 | | | | 629,153 | |
The Gap, Inc. | | | 5,282 | | | | 116,151 | |
The Home Depot, Inc. | | | 26,046 | | | | 3,995,456 | |
The TJX Cos., Inc. | | | 13,967 | | | | 1,007,998 | |
Tiffany & Co. | | | 2,464 | | | | 231,296 | |
Tractor Supply Co. | | | 3,000 | | | | 162,630 | |
Ulta Beauty, Inc.* | | | 1,300 | | | | 373,542 | |
Wal-Mart Stores, Inc. | | | 32,347 | | | | 2,448,021 | |
Walgreens Boots Alliance, Inc. | | | 18,779 | | | | 1,470,584 | |
Yum! Brands, Inc. | | | 7,325 | | | | 540,292 | |
| | | | | | | | |
| | | | | | | 25,045,474 | |
| | | | | | | | |
| Savings & Loans — 0.0% | |
People’s United Financial, Inc. | | | 6,500 | | | | 114,790 | |
| | | | | | | | |
87
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — 3.4% | |
Advanced Micro Devices, Inc.* | | | 17,000 | | | $ | 212,160 | |
Analog Devices, Inc. | | | 7,869 | | | | 612,226 | |
Applied Materials, Inc. | | | 23,330 | | | | 963,762 | |
Broadcom Ltd. | | | 8,751 | | | | 2,039,421 | |
Intel Corp. | | | 102,803 | | | | 3,468,573 | |
KLA-Tencor Corp. | | | 3,427 | | | | 313,605 | |
Lam Research Corp. | | | 3,559 | | | | 503,349 | |
Microchip Technology, Inc. | | | 4,518 | | | | 348,699 | |
Micron Technology, Inc.* | | | 22,886 | | | | 683,376 | |
NVIDIA Corp. | | | 12,954 | | | | 1,872,630 | |
Qorvo, Inc.* | | | 2,800 | | | | 177,296 | |
QUALCOMM, Inc. | | | 32,399 | | | | 1,789,073 | |
Skyworks Solutions, Inc. | | | 4,000 | | | | 383,800 | |
Texas Instruments, Inc. | | | 21,893 | | | | 1,684,229 | |
Xilinx, Inc. | | | 5,364 | | | | 345,012 | |
| | | | | | | | |
| | | | | | | 15,397,211 | |
| | | | | | | | |
| Software — 5.1% | |
Activision Blizzard, Inc. | | | 15,000 | | | | 863,550 | |
Adobe Systems, Inc.* | | | 10,758 | | | | 1,521,611 | |
Akamai Technologies, Inc.* | | | 3,760 | | | | 187,286 | |
ANSYS, Inc.* | | | 1,800 | | | | 219,024 | |
Autodesk, Inc.* | | | 4,186 | | | | 422,032 | |
CA, Inc. | | | 6,995 | | | | 241,118 | |
Cerner Corp.* | | | 6,600 | | | | 438,702 | |
Citrix Systems, Inc.* | | | 3,391 | | | | 269,856 | |
Electronic Arts, Inc.* | | | 6,630 | | | | 700,924 | |
Fidelity National Information Services, Inc. | | | 7,159 | | | | 611,379 | |
Fiserv, Inc.* | | | 4,614 | | | | 564,477 | |
Intuit, Inc. | | | 5,292 | | | | 702,830 | |
Microsoft Corp. | | | 168,325 | | | | 11,602,642 | |
Oracle Corp. | | | 65,424 | | | | 3,280,359 | |
Red Hat, Inc.* | | | 3,900 | | | | 373,425 | |
salesforce.com, Inc.* | | | 14,200 | | | | 1,229,720 | |
Synopsys, Inc.* | | | 3,300 | | | | 240,669 | |
| | | | | | | | |
| | | | | | | 23,469,604 | |
| | | | | | | | |
| Telecommunications — 3.1% | |
AT&T, Inc. | | | 133,973 | | | | 5,054,801 | |
CenturyLink, Inc. | | | 12,326 | | | | 294,345 | |
Cisco Systems, Inc. | | | 108,912 | | | | 3,408,946 | |
Corning, Inc. | | | 20,015 | | | | 601,451 | |
Juniper Networks, Inc. | | | 7,971 | | | | 222,231 | |
Level 3 Communications, Inc.* | | | 6,600 | | | | 391,380 | |
Motorola Solutions, Inc. | | | 3,488 | | | | 302,549 | |
Verizon Communications, Inc. | | | 88,873 | | | | 3,969,068 | |
| | | | | | | | |
| | | | | | | 14,244,771 | |
| | | | | | | | |
| Textiles — 0.1% | |
Mohawk Industries, Inc.* | | | 1,400 | | | | 338,366 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.1% | |
Hasbro, Inc. | | | 2,412 | | | | 268,962 | |
Mattel, Inc. | | | 7,481 | | | | 161,066 | |
| | | | | | | | |
| | | | | | | 430,028 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Transportation — 1.6% | |
C.H. Robinson Worldwide, Inc. | | | 3,139 | | | $ | 215,587 | |
CSX Corp. | | | 20,041 | | | | 1,093,437 | |
Expeditors International of Washington, Inc. | | | 3,882 | | | | 219,255 | |
FedEx Corp. | | | 5,366 | | | | 1,166,193 | |
J.B. Hunt Transport Services, Inc. | | | 2,000 | | | | 182,760 | |
Kansas City Southern | | | 2,400 | | | | 251,160 | |
Norfolk Southern Corp. | | | 6,352 | | | | 773,038 | |
Union Pacific Corp. | | | 17,569 | | | | 1,913,440 | |
United Parcel Service, Inc., Class B | | | 15,074 | | | | 1,667,034 | |
| | | | | | | | |
| | | | | | | 7,481,904 | |
| | | | | | | | |
| Water — 0.1% | |
American Water Works Co., Inc. | | | 3,800 | | | | 296,210 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $226,566,546) | | | | | | | 440,407,759 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.8% | |
| Apartments — 0.5% | |
Apartment Investment & Management Co., Class A | | | 3,662 | | | | 157,356 | |
AvalonBay Communities, Inc. | | | 2,992 | | | | 574,973 | |
Equity Residential | | | 7,892 | | | | 519,530 | |
Essex Property Trust, Inc. | | | 1,400 | | | | 360,178 | |
Mid-America Apartment Communities, Inc. | | | 2,500 | | | | 263,450 | |
UDR, Inc. | | | 6,000 | | | | 233,820 | |
| | | | | | | | |
| | | | | | | 2,109,307 | |
| | | | | | | | |
| Building & Real Estate — 0.1% | |
Realty Income Corp. | | | 6,100 | | | | 336,598 | |
| | | | | | | | |
| Commercial Services — 0.0% | |
Iron Mountain, Inc. | | | 5,697 | | | | 195,749 | |
| | | | | | | | |
| Diversified — 0.6% | |
American Tower Corp. | | | 9,259 | | | | 1,225,151 | |
Digital Realty Trust, Inc. | | | 3,500 | | | | 395,325 | |
Vornado Realty Trust | | | 3,787 | | | | 355,599 | |
Weyerhaeuser Co. | | | 16,301 | | | | 546,084 | |
| | | | | | | | |
| | | | | | | 2,522,159 | |
| | | | | | | | |
| Healthcare — 0.3% | |
HCP, Inc. | | | 10,040 | | | | 320,878 | |
Ventas, Inc. | | | 7,653 | | | | 531,731 | |
Welltower, Inc. | | | 8,100 | | | | 606,285 | |
| | | | | | | | |
| | | | | | | 1,458,894 | |
| | | | | | | | |
| Hotels & Resorts — 0.1% | |
Host Hotels & Resorts, Inc. | | | 16,376 | | | | 299,190 | |
| | | | | | | | |
| Industrial — 0.2% | |
Prologis, Inc. | | | 11,499 | | | | 674,301 | |
| | | | | | | | |
| Office Property — 0.1% | |
Alexandria Real Estate Equities, Inc. | | | 2,000 | | | | 240,940 | |
SL Green Realty Corp. | | | 2,300 | | | | 243,340 | |
| | | | | | | | |
| | | | | | | 484,280 | |
| | | | | | | | |
88
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Regional Malls — 0.3% | |
GGP, Inc. | | | 12,500 | | | $ | 294,500 | |
Simon Property Group, Inc. | | | 6,828 | | | | 1,104,497 | |
The Macerich Co. | | | 2,800 | | | | 162,568 | |
| | | | | | | | |
| | | | | | | 1,561,565 | |
| | | | | | | | |
| Storage & Warehousing — 0.2% | |
Extra Space Storage, Inc. | | | 2,800 | | | | 218,400 | |
Public Storage | | | 3,316 | | | | 691,485 | |
| | | | | | | | |
| | | | | | | 909,885 | |
| | | | | | | | |
| Strip Centers — 0.1% | |
Federal Realty Investment Trust | | | 1,600 | | | | 202,224 | |
Kimco Realty Corp. | | | 9,564 | | | | 175,499 | |
Regency Centers Corp. | | | 3,200 | | | | 200,436 | |
| | | | | | | | |
| | | | | | | 578,159 | |
| | | | | | | | |
| Telecommunications — 0.3% | |
Crown Castle International Corp. | | | 7,900 | | | | 791,422 | |
Equinix, Inc. | | | 1,635 | | | | 701,677 | |
| | | | | | | | |
| | | | | | | 1,493,099 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $8,968,948) | | | | 12,623,186 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1% | |
U.S. Treasury Bill¤
0.685%, 08/03/17
(Cost $374,765) | | $ | 375 | | | | 374,725 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.1% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $721,802) | | | 721,802 | | | | 721,802 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.4%
(Cost $236,632,061) | | | $ | 454,127,472 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.6% | | | | | | | 2,530,301 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 456,657,773 | |
| | | | | | | | |
| † | 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 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 440,407,759 | | | $ | 440,407,759 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 12,623,186 | | | | 12,623,186 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 374,725 | | | | — | | | | 374,725 | | | | — | |
SHORT-TERM INVESTMENTS | | | 721,802 | | | | 721,802 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 454,127,472 | | | $ | 453,752,747 | | | $ | 374,725 | | | $ | — | |
| |
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.
89
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 99.4% | | | | | | | | |
| Aerospace & Defense — 1.5% | | | | | | | | |
Harris Corp. | | | 15,484 | | | $ | 1,688,995 | |
| | | | | | | | |
| Apparel — 1.5% | | | | | | | | |
Burberry Group PLC | | | 66,008 | | | | 1,428,004 | |
Under Armour, Inc., Class C* | | | 15,275 | | | | 307,944 | |
| | | | | | | | |
| | | | 1,735,948 | |
| | | | | | | | |
| Auto Parts & Equipment — 3.2% | | | | | | | | |
BorgWarner, Inc. | | | 55,841 | | | | 2,365,425 | |
WABCO Holdings, Inc.* | | | 9,610 | | | | 1,225,371 | |
| | | | | | | | |
| | | | 3,590,796 | |
| | | | | | | | |
| Banks — 5.4% | | | | | | | | |
First Republic Bank | | | 23,016 | | | | 2,303,901 | |
Northern Trust Corp. | | | 21,518 | | | | 2,091,765 | |
Signature Bank* | | | 12,307 | | | | 1,766,424 | |
| | | | | | | | |
| | | | 6,162,090 | |
| | | | | | | | |
| Building Materials — 1.6% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 27,548 | | | | 1,797,231 | |
| | | | | | | | |
| Chemicals — 1.0% | | | | | | | | |
Axalta Coating Systems Ltd.* | | | 35,827 | | | | 1,147,897 | |
| | | | | | | | |
| Commercial Services — 6.8% | | | | | | | | |
Allegion PLC | | | 16,478 | | | | 1,336,695 | |
CoStar Group, Inc.* | | | 12,916 | | | | 3,404,658 | |
MarketAxess Holdings, Inc. | | | 4,833 | | | | 971,916 | |
Square, Inc.* | | | 46,862 | | | | 1,099,383 | |
TransUnion* | | | 19,608 | | | | 849,222 | |
| | | | | | | | |
| | | | 7,661,874 | |
| | | | | | | | |
| Distribution & Wholesale — 3.3% | | | | | | | | |
Fastenal Co. | | | 84,865 | | | | 3,694,173 | |
| | | | | | | | |
| Diversified Financial Services — 4.6% | | | | | | | | |
CME Group, Inc. | | | 24,602 | | | | 3,081,154 | |
Ellie Mae, Inc.* | | | 10,942 | | | | 1,202,635 | |
Oaktree Capital Group LLC | | | 20,566 | | | | 958,376 | |
| | | | | | | | |
| | | | 5,242,165 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | | | | | |
Generac Holdings, Inc.* | | | 8,480 | | | | 306,382 | |
| | | | | | | | |
| Electronics — 2.2% | | | | | | | | |
Trimble, Inc.* | | | 71,625 | | | | 2,554,864 | |
| | | | | | | | |
| Food — 5.5% | | | | | | | | |
Blue Buffalo Pet Products, Inc.* | | | 56,985 | | | | 1,299,828 | |
Snyder’s-Lance, Inc. | | | 34,542 | | | | 1,195,844 | |
The Hain Celestial Group, Inc.* | | | 38,924 | | | | 1,511,030 | |
Whole Foods Market, Inc. | | | 53,955 | | | | 2,272,045 | |
| | | | | | | | |
| | | | 6,278,747 | |
| | | | | | | | |
| Healthcare Products — 7.7% | | | | | | | | |
Align Technology, Inc.* | | | 13,116 | | | | 1,968,974 | |
Edwards Lifesciences Corp.* | | | 22,476 | | | | 2,657,562 | |
Intuitive Surgical, Inc.* | | | 4,401 | | | | 4,116,564 | |
| | | | | | | | |
| | | | 8,743,100 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Services — 1.7% | | | | | | | | |
Laboratory Corp. of America Holdings* | | | 12,503 | | | $ | 1,927,212 | |
| | | | | | | | |
| Household Products & Wares — 1.0% | | | | | | | | |
The Scotts Miracle-Gro Co. | | | 12,219 | | | | 1,093,112 | |
| | | | | | | | |
| Internet — 5.7% | | | | | | | | |
GrubHub, Inc.* | | | 54,623 | | | | 2,381,563 | |
MercadoLibre, Inc. | | | 10,211 | | | | 2,561,736 | |
Pandora Media, Inc.* | | | 165,922 | | | | 1,480,024 | |
| | | | | | | | |
| | | | 6,423,323 | |
| | | | | | | | |
| Leisure Time — 2.9% | | | | | | | | |
Norwegian Cruise Line Holdings Ltd.* | | | 14,682 | | | | 797,086 | |
Polaris Industries, Inc. | | | 26,912 | | | | 2,482,094 | |
| | | | | | | | |
| | | | 3,279,180 | |
| | | | | | | | |
| Machinery — Diversified — 3.2% | | | | | | | | |
IDEX Corp. | | | 17,668 | | | | 1,996,661 | |
Wabtec Corp. | | | 17,517 | | | | 1,602,805 | |
| | | | | | | | |
| | | | 3,599,466 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.3% | | | | | | | | |
A.O. Smith Corp. | | | 26,042 | | | | 1,466,946 | |
| | | | | | | | |
| Oil & Gas — 2.8% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 48,369 | | | | 1,213,094 | |
Cimarex Energy Co. | | | 9,253 | | | | 869,875 | |
Noble Energy, Inc. | | | 39,907 | | | | 1,129,368 | |
| | | | | | | | |
| | | | 3,212,337 | |
| | | | | | | | |
| Pharmaceuticals — 9.6% | | | | | | | | |
ACADIA Pharmaceuticals, Inc.* | | | 50,336 | | | | 1,403,871 | |
Alkermes PLC* | | | 31,921 | | | | 1,850,460 | |
BioMarin Pharmaceutical, Inc.* | | | 18,523 | | | | 1,682,259 | |
Jazz Pharmaceuticals PLC* | | | 7,683 | | | | 1,194,706 | |
Pacira Pharmaceuticals, Inc.* | | | 16,891 | | | | 805,701 | |
Zoetis, Inc. | | | 62,770 | | | | 3,915,593 | |
| | | | | | | | |
| | | | 10,852,590 | |
| | | | | | | | |
| Retail — 10.9% | | | | | | | | |
Chipotle Mexican Grill, Inc.* | | | 2,873 | | | | 1,195,455 | |
Duluth Holdings, Inc., Class B* | | | 21,785 | | | | 396,705 | |
Dunkin’ Brands Group, Inc. | | | 40,226 | | | | 2,217,257 | |
Lululemon Athletica, Inc.* | | | 32,657 | | | | 1,948,643 | |
Tiffany & Co. | | | 29,249 | | | | 2,745,604 | |
Tractor Supply Co. | | | 42,884 | | | | 2,324,742 | |
Williams-Sonoma, Inc. | | | 31,878 | | | | 1,546,083 | |
| | | | | | | | |
| | | | 12,374,489 | |
| | | | | | | | |
| Semiconductors — 3.7% | | | | | | | | |
Maxim Integrated Products, Inc. | | | 34,774 | | | | 1,561,352 | |
Microchip Technology, Inc. | | | 33,665 | | | | 2,598,265 | |
| | | | | | | | |
| | | | 4,159,617 | |
| | | | | | | | |
| Software — 9.1% | | | | | | | | |
Electronic Arts, Inc.* | | | 30,181 | | | | 3,190,735 | |
Guidewire Software, Inc.* | | | 19,652 | | | | 1,350,289 | |
Red Hat, Inc.* | | | 23,667 | | | | 2,266,115 | |
90
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — (continued) | | | | | | | | |
ServiceNow, Inc.* | | | 25,294 | | | $ | 2,681,164 | |
Tyler Technologies, Inc.* | | | 4,886 | | | | 858,324 | |
| | | | | | | | |
| | | | 10,346,627 | |
| | | | | | | | |
| Telecommunications — 0.9% | | | | | | | | |
Arista Networks, Inc.* | | | 6,720 | | | | 1,006,589 | |
| | | | | | | | |
| Transportation — 2.0% | | | | | | | | |
Expeditors International of Washington, Inc. | | | 41,095 | | | | 2,321,046 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $94,778,556) | | | | 112,666,796 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,427,240) | | | 1,427,240 | | | | 1,427,240 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.7%
(Cost $96,205,796) | | | $ | 114,094,036 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.7)% | | | | (769,299 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 113,324,737 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| LLC | — Limited Liability Company. |
| PLC | — Public Limited Company. |
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 90 | % |
Ireland | | | 4 | |
Argentina | | | 2 | |
Canada | | | 2 | |
Bermuda | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 112,666,796 | | | $ | 112,666,796 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,427,240 | | | | 1,427,240 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 114,094,036 | | | $ | 114,094,036 | | | $ | — | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $1,216,464 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
91
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 94.1% | |
| Aerospace & Defense — 11.6% | |
AerCap Holdings N.V.* | | | 119,000 | | | $ | 5,525,170 | |
General Dynamics Corp. | | | 29,350 | | | | 5,814,235 | |
Orbital ATK, Inc. | | | 43,200 | | | | 4,249,152 | |
Rockwell Collins, Inc. | | | 22,296 | | | | 2,342,884 | |
Spirit AeroSystems Holdings, Inc., Class A | | | 43,100 | | | | 2,497,214 | |
| | | | | | | | |
| | | | | | | 20,428,655 | |
| | | | | | | | |
| Airlines — 2.4% | |
American Airlines Group, Inc. | | | 84,700 | | | | 4,262,104 | |
| | | | | | | | |
| Banks — 5.8% | |
BB&T Corp. | | | 52,200 | | | | 2,370,402 | |
Comerica, Inc. | | | 52,600 | | | | 3,852,424 | |
State Street Corp. | | | 44,800 | | | | 4,019,904 | |
| | | | | | | | |
| | | | | | | 10,242,730 | |
| | | | | | | | |
| Building Materials — 2.4% | |
Johnson Controls International PLC | | | 99,129 | | | | 4,298,233 | |
| | | | | | | | |
| Chemicals — 4.3% | |
Ashland Global Holdings, Inc. | | | 33,900 | | | | 2,234,349 | |
Valvoline, Inc. | | | 222,567 | | | | 5,279,288 | |
| | | | | | | | |
| | | | | | | 7,513,637 | |
| | | | | | | | |
| Commercial Services — 2.3% | |
Avis Budget Group, Inc.* | | | 150,000 | | | | 4,090,500 | |
| | | | | | | | |
| Computers — 6.3% | |
Conduent, Inc.* | | | 168,600 | | | | 2,687,484 | |
Teradata Corp.* | | | 110,200 | | | | 3,249,798 | |
Western Digital Corp. | | | 58,223 | | | | 5,158,558 | |
| | | | | | | | |
| | | | | | | 11,095,840 | |
| | | | | | | | |
| Electric — 5.2% | |
AES Corp. | | | 270,700 | | | | 3,007,477 | |
Edison International | | | 46,100 | | | | 3,604,559 | |
Flex Ltd.* | | | 161,300 | | | | 2,630,803 | |
| | | | | | | | |
| | | | | | | 9,242,839 | |
| | | | | | | | |
| Electronics — 1.1% | |
Itron, Inc.* | | | 29,100 | | | | 1,971,525 | |
| | | | | | | | |
| Entertainment — 1.2% | |
Lions Gate Entertainment Corp., Class A* | | | 39,100 | | | | 1,103,402 | |
Lions Gate Entertainment Corp., Class B* | | | 39,100 | | | | 1,027,548 | |
| | | | | | | | |
| | | | | | | 2,130,950 | |
| | | | | | | | |
| Environmental Control — 1.9% | |
Covanta Holding Corp. | | | 254,500 | | | | 3,359,400 | |
| | | | | | | | |
| Food — 3.2% | |
TreeHouse Foods, Inc.* | | | 26,400 | | | | 2,156,616 | |
Whole Foods Market, Inc. | | | 83,500 | | | | 3,516,185 | |
| | | | | | | | |
| | | | | | | 5,672,801 | |
| | | | | | | | |
| Gas — 2.5% | |
CenterPoint Energy, Inc. | | | 160,000 | | | | 4,380,800 | |
| | | | | | | | |
| Healthcare Products — 3.6% | |
Zimmer Biomet Holdings, Inc. | | | 49,900 | | | | 6,407,160 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Services — 4.2% | |
Envision Healthcare Corp.* | | | 56,200 | | | $ | 3,522,054 | |
Quintiles IMS Holdings Inc.* | | | 43,600 | | | | 3,902,200 | |
| | | | | | | | |
| | | | | | | 7,424,254 | |
| | | | | | | | |
| Home Furnishings — 2.2% | |
Whirlpool Corp. | | | 20,300 | | | | 3,889,886 | |
| | | | | | | | |
| Household Products & Wares — 1.9% | |
Avery Dennison Corp. | | | 38,500 | | | | 3,402,245 | |
| | | | | | | | |
| Lodging — 0.8% | |
Wyndham Worldwide Corp. | | | 13,200 | | | | 1,325,412 | |
| | | | | | | | |
| Media — 2.7% | |
CBS Corp., Class B | | | 30,900 | | | | 1,970,802 | |
MSG Networks, Inc., Class A* | | | 124,800 | | | | 2,801,760 | |
| | | | | | | | |
| | | | | | | 4,772,562 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.9% | |
Valmont Industries, Inc. | | | 22,600 | | | | 3,380,960 | |
| | | | | | | | |
| Oil & Gas — 2.1% | |
Cabot Oil & Gas Corp. | | | 148,400 | | | | 3,721,872 | |
| | | | | | | | |
| Pharmaceuticals — 4.0% | |
Perrigo Co. PLC | | | 50,000 | | | | 3,776,000 | |
Teva Pharmaceutical Industries Ltd. ADR | | | 96,300 | | | | 3,199,086 | |
| | | | | | | | |
| | | | | | | 6,975,086 | |
| | | | | | | | |
| Pipelines — 3.5% | |
ONEOK, Inc. | | | 67,000 | | | | 3,494,720 | |
The Williams Cos., Inc. | | | 89,700 | | | | 2,716,116 | |
| | | | | | | | |
| | | | | | | 6,210,836 | |
| | | | | | | | |
| Retail — 3.8% | |
Best Buy Co., Inc. | | | 36,900 | | | | 2,115,477 | |
Macy’s, Inc. | | | 111,900 | | | | 2,600,556 | |
Office Depot, Inc. | | | 356,100 | | | | 2,008,404 | |
| | | | | | | | |
| | | | | | | 6,724,437 | |
| | | | | | | | |
| Savings & Loans — 2.2% | |
BankUnited, Inc. | | | 115,200 | | | | 3,883,392 | |
| | | | | | | | |
| Semiconductors — 4.9% | |
ON Semiconductor Corp.* | | | 314,200 | | | | 4,411,368 | |
Skyworks Solutions, Inc. | | | 43,400 | | | | 4,164,230 | |
| | | | | | | | |
| | | | | | | 8,575,598 | |
| | | | | | | | |
| Software — 5.1% | |
Check Point Software Technologies Ltd.* | | | 49,200 | | | | 5,366,736 | |
Nuance Communications, Inc.* | | | 213,788 | | | | 3,722,049 | |
| | | | | | | | |
| | | | | | | 9,088,785 | |
| | | | | | | | |
| Telecommunications — 1.0% | |
Amdocs Ltd. | | | 27,200 | | | | 1,753,312 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $129,739,901) | | | | | | | 166,225,811 | |
| | | | | | | | |
92
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 4.2% | |
| Building & Real Estate — 4.2% | |
Colony Starwood Homes | | | 108,020 | | | $ | 3,706,166 | |
Starwood Property Trust, Inc. | | | 165,900 | | | | 3,714,501 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,737,831) | | | | 7,420,667 | |
| | | | | | | | |
| 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 $49,509) | | | | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.4% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $6,045,943) | | | 6,045,943 | | | | 6,045,943 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.7%
(Cost $141,573,184) | | | | | | $ | 179,692,421 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.7)% | | | | | | | (3,047,977 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 176,644,444 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2017 is $0. |
ADR — American Depository Receipt.
CVR — Contingent Valued Rights.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 86 | % |
Ireland | | | 5 | |
Israel | | | 5 | |
Netherlands | | | 3 | |
Singapore | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 166,225,811 | | | $ | 166,225,811 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 7,420,667 | | | | 7,420,667 | | | | — | | | | — | |
RIGHTS | | | — | | | | — | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 6,045,943 | | | | 6,045,943 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 179,692,421 | | | $ | 179,692,421 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 89.3% | |
| Apparel — 0.4% | |
Ralph Lauren Corp. | | | 5,281 | | | $ | 389,738 | |
| | | | | | | | |
| Auto Manufacturers — 1.3% | |
Honda Motor Co. Ltd. ADR | | | 34,154 | | | | 935,478 | |
PACCAR, Inc. | | | 4,997 | | | | 330,002 | |
| | | | | | | | |
| | | | | | | 1,265,480 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.8% | |
Delphi Automotive PLC | | | 8,239 | | | | 722,148 | |
| | | | | | | | |
| Banks — 10.7% | |
Bank of Hawaii Corp. | | | 5,529 | | | | 458,741 | |
BB&T Corp. | | | 28,370 | | | | 1,288,282 | |
Comerica, Inc. | | | 4,505 | | | | 329,946 | |
Commerce Bancshares, Inc. | | | 16,911 | | | | 961,052 | |
M&T Bank Corp. | | | 6,650 | | | | 1,076,967 | |
Northern Trust Corp. | | | 30,741 | | | | 2,988,333 | |
State Street Corp. | | | 7,528 | | | | 675,487 | |
SunTrust Banks, Inc. | | | 8,241 | | | | 467,430 | |
The PNC Financial Services Group, Inc. | | | 6,761 | | | | 844,246 | |
UMB Financial Corp. | | | 4,707 | | | | 352,366 | |
Westamerica Bancorporation | | | 13,969 | | | | 782,823 | |
| | | | | | | | |
| | | | | | | 10,225,673 | |
| | | | | | | | |
| Building Materials — 2.9% | |
Johnson Controls International PLC | | | 64,455 | | | | 2,794,769 | |
| | | | | | | | |
| Diversified Financial Services — 3.9% | |
Ameriprise Financial, Inc. | | | 10,239 | | | | 1,303,322 | |
Invesco Ltd. | | | 44,659 | | | | 1,571,550 | |
T. Rowe Price Group, Inc. | | | 11,579 | | | | 859,278 | |
| | | | | | | | |
| | | | | | | 3,734,150 | |
| | | | | | | | |
| Electric — 7.3% | |
Ameren Corp. | | | 12,396 | | | | 677,689 | |
Edison International | | | 17,232 | | | | 1,347,370 | |
Eversource Energy | | | 6,939 | | | | 421,267 | |
NorthWestern Corp. | | | 9,828 | | | | 599,704 | |
PG&E Corp. | | | 21,196 | | | | 1,406,778 | |
Pinnacle West Capital Corp. | | | 8,149 | | | | 693,969 | |
Westar Energy, Inc. | | | 7,736 | | | | 410,163 | |
Xcel Energy, Inc. | | | 29,620 | | | | 1,358,966 | |
| | | | | | | | |
| | | | | | | 6,915,906 | |
| | | | | | | | |
| Electrical Components & Equipment — 2.1% | |
Emerson Electric Co. | | | 14,220 | | | | 847,796 | |
Hubbell, Inc. | | | 10,441 | | | | 1,181,608 | |
| | | | | | | | |
| | | | | | | 2,029,404 | |
| | | | | | | | |
| Electronics — 3.2% | |
Keysight Technologies, Inc.* | | | 30,898 | | | | 1,202,859 | |
Koninklijke Philips N.V. | | | 25,868 | | | | 918,708 | |
TE Connectivity Ltd. | | | 11,798 | | | | 928,267 | |
| | | | | | | | |
| | | | | | | 3,049,834 | |
| | | | | | | | |
| Environmental Control — 0.8% | |
Republic Services, Inc. | | | 12,113 | | | | 771,961 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Food — 6.4% | |
Conagra Brands, Inc. | | | 42,108 | | | $ | 1,505,782 | |
General Mills, Inc. | | | 15,346 | | | | 850,168 | |
Kellogg Co. | | | 12,106 | | | | 840,883 | |
Lamb Weston Holdings, Inc. | | | 6,570 | | | | 289,343 | |
Mondelez International, Inc., Class A | | | 29,347 | | | | 1,267,497 | |
Sysco Corp. | | | 17,312 | | | | 871,313 | |
The J.M. Smucker Co. | | | 4,215 | | | | 498,761 | |
| | | | | | | | |
| | | | | | | 6,123,747 | |
| | | | | | | | |
| Gas — 1.4% | |
Atmos Energy Corp. | | | 7,178 | | | | 595,415 | |
Spire, Inc. | | | 10,691 | | | | 745,697 | |
| | | | | | | | |
| | | | | | | 1,341,112 | |
| | | | | | | | |
| Healthcare Products — 3.5% | |
Baxter International, Inc. | | | 8,761 | | | | 530,391 | |
STERIS PLC | | | 8,529 | | | | 695,113 | |
Zimmer Biomet Holdings, Inc. | | | 16,334 | | | | 2,097,286 | |
| | | | | | | | |
| | | | | | | 3,322,790 | |
| | | | | | | | |
| Healthcare Services — 3.0% | |
HCA Healthcare, Inc.* | | | 7,772 | | | | 677,719 | |
LifePoint Health, Inc.* | | | 18,653 | | | | 1,252,549 | |
Quest Diagnostics, Inc. | | | 8,227 | | | | 914,513 | |
| | | | | | | | |
| | | | | | | 2,844,781 | |
| | | | | | | | |
| Home Builders — 0.8% | |
PulteGroup, Inc. | | | 31,036 | | | | 761,313 | |
| | | | | | | | |
| Insurance — 6.1% | |
Aflac, Inc. | | | 6,564 | | | | 509,891 | |
Arthur J Gallagher & Co. | | | 10,611 | | | | 607,480 | |
Brown & Brown, Inc. | | | 12,399 | | | | 534,025 | |
Chubb Ltd. | | | 8,255 | | | | 1,200,112 | |
ProAssurance Corp. | | | 7,372 | | | | 448,218 | |
Reinsurance Group of America, Inc. | | | 6,813 | | | | 874,721 | |
The Travelers Cos, Inc. | | | 3,036 | | | | 384,145 | |
Torchmark Corp. | | | 4,085 | | | | 312,502 | |
Unum Group | | | 20,638 | | | | 962,350 | |
| | | | | | | | |
| | | | | | | 5,833,444 | |
| | | | | | | | |
| Leisure Time — 0.8% | |
Carnival Corp. | | | 11,625 | | | | 762,251 | |
| | | | | | | | |
| Machinery — Diversified — 1.3% | |
Cummins, Inc. | | | 5,118 | | | | 830,242 | |
Rockwell Automation, Inc. | | | 2,696 | | | | 436,644 | |
| | | | | | | | |
| | | | | | | 1,266,886 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.2% | |
Ingersoll-Rand PLC | | | 13,785 | | | | 1,259,811 | |
ITT, Inc. | | | 2,739 | | | | 110,053 | |
Parker-Hannifin Corp. | | | 3,444 | | | | 550,420 | |
Textron, Inc. | | | 24,963 | | | | 1,175,758 | |
| | | | | | | | |
| | | | | | | 3,096,042 | |
| | | | | | | | |
94
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Oil & Gas — 9.6% | |
Anadarko Petroleum Corp. | | | 20,796 | | | $ | 942,891 | |
Cimarex Energy Co. | | | 2,653 | | | | 249,409 | |
Devon Energy Corp. | | | 22,283 | | | | 712,387 | |
EQT Corp. | | | 29,085 | | | | 1,704,090 | |
Helmerich & Payne, Inc. | | | 10,948 | | | | 594,914 | |
Imperial Oil Ltd. | | | 54,665 | | | | 1,593,412 | |
Marathon Petroleum Corp. | | | 18,170 | | | | 950,836 | |
Noble Energy, Inc. | | | 42,204 | | | | 1,194,373 | |
Occidental Petroleum Corp. | | | 19,602 | | | | 1,173,572 | |
| | | | | | | | |
| | | | | | | 9,115,884 | |
| | | | | | | | |
| Oil & Gas Services — 2.9% | |
Baker Hughes, Inc. | | | 25,415 | | | | 1,385,372 | |
Halliburton Co. | | | 7,788 | | | | 332,625 | |
National Oilwell Varco, Inc. | | | 32,039 | | | | 1,055,365 | |
| | | | | | | | |
| | | | | | | 2,773,362 | |
| | | | | | | | |
| Packaging and Containers — 2.9% | |
Bemis Co., Inc. | | | 18,151 | | | | 839,484 | |
Graphic Packaging Holding Co. | | | 3,417 | | | | 47,086 | |
Sonoco Products Co. | | | 15,621 | | | | 803,232 | |
WestRock Co. | | | 19,400 | | | | 1,099,204 | |
| | | | | | | | |
| | | | | | | 2,789,006 | |
| | | | | | | | |
| Pharmaceuticals — 3.1% | |
Abbott Laboratories | | | 11,065 | | | | 537,870 | |
Cardinal Health, Inc. | | | 11,548 | | | | 899,820 | |
Express Scripts Holding Co.* | | | 12,741 | | | | 813,385 | |
McKesson Corp. | | | 4,299 | | | | 707,358 | |
| | | | | | | | |
| | | | | | | 2,958,433 | |
| | | | | | | | |
| Pipelines — 0.4% | |
Spectra Energy Partners LP | | | 9,097 | | | | 390,261 | |
| | | | | | | | |
| Real Estate — 0.2% | |
Boston Properties, Inc. | | | 1,633 | | | | 200,892 | |
| | | | | | | | |
| Retail — 1.8% | |
Advance Auto Parts, Inc. | | | 8,746 | | | | 1,019,696 | |
Target Corp. | | | 14,020 | | | | 733,106 | |
| | | | | | | | |
| | | | | | | 1,752,802 | |
| | | | | | | | |
| Savings & Loans — 0.9% | |
Capitol Federal Financial, Inc. | | | 58,118 | | | | 825,857 | |
| | | | | | | | |
| Semiconductors — 4.6% | |
Applied Materials, Inc. | | | 27,179 | | | | 1,122,764 | |
Lam Research Corp. | | | 7,274 | | | | 1,028,762 | |
Maxim Integrated Products, Inc. | | | 27,942 | | | | 1,254,596 | |
Teradyne, Inc. | | | 33,292 | | | | 999,759 | |
| | | | | | | | |
| | | | | | | 4,405,881 | |
| | | | | | | | |
| Telecommunications — 1.2% | |
Level 3 Communications, Inc.* | | | 19,032 | | | | 1,128,598 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.7% | |
Mattel, Inc. | | | 28,660 | | | | 617,050 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Transportation — 1.1% | |
Heartland Express, Inc. | | | 50,692 | | | $ | 1,055,407 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $74,171,231) | | | $ | 85,264,862 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 4.8% | |
| Diversified — 3.0% | |
American Tower Corp. | | | 6,531 | | | | 864,182 | |
Weyerhaeuser Co. | | | 58,179 | | | | 1,948,996 | |
| | | | | | | | |
| | | | | | | 2,813,178 | |
| | | | | | | | |
| Hotels & Resorts — 0.6% | |
MGM Growth Properties LLC, Class A | | | 19,284 | | | | 562,900 | |
| | | | | | | | |
| Office Property — 1.2% | |
Empire State Realty Trust, Inc., Class A | | | 17,880 | | | | 371,368 | |
Piedmont Office Realty Trust, Inc., Class A | | | 37,217 | | | | 784,534 | |
| | | | | | | | |
| | | | | | | 1,155,902 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,920,131) | | | | 4,531,980 | |
| | | | | | | | |
| EXCHANGE TRADED FUNDS — 2.5% | |
| Investment Companies — 2.5% | |
iShares Russell Mid-Cap Value Index Fund (Cost $2,244,720) | | | 28,536 | | | | 2,399,592 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.9% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,768,834) | | | 2,768,834 | | | | 2,768,834 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.5%
(Cost $83,104,916) | | | $ | 94,965,268 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.5% | | | | 514,022 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 95,479,290 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2017†† | | | |
United States | | | 90 | % |
Ireland | | | 3 | |
Canada | | | 2 | |
Switzerland | | | 2 | |
Japan | | | 1 | |
Netherlands | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
95
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Mid Core Value Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 85,264,862 | | | $ | 85,264,862 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 4,531,980 | | | | 4,531,980 | | | | — | | | | — | |
EXCHANGE TRADED FUNDS | | | 2,399,592 | | | | 2,399,592 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,768,834 | | | | 2,768,834 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 94,965,268 | | | $ | 94,965,268 | | | $ | — | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $1,109,306 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
96
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.2% | |
| Aerospace & Defense — 2.4% | |
Aerovironment, Inc.* | | | 19,280 | | | $ | 736,496 | |
L3 Technologies, Inc. | | | 4,298 | | | | 718,110 | |
| | | | | | | | |
| | | | | | | 1,454,606 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.1% | |
WABCO Holdings, Inc.* | | | 5,279 | | | | 673,125 | |
| | | | | | | | |
| Banks — 3.6% | |
Eagle Bancorp, Inc.* | | | 18,384 | | | | 1,163,707 | |
First Republic Bank | | | 10,626 | | | | 1,063,663 | |
| | | | | | | | |
| | | | | | | 2,227,370 | |
| | | | | | | | |
| Beverages — 1.3% | |
MGP Ingredients, Inc. | | | 16,072 | | | | 822,404 | |
| | | | | | | | |
| Biotechnology — 2.5% | |
Acceleron Pharma, Inc.* | | | 11,237 | | | | 341,492 | |
Alder Biopharmaceuticals, Inc.* | | | 7,950 | | | | 91,028 | |
Exelixis, Inc.* | | | 25,040 | | | | 616,735 | |
Ultragenyx Pharmaceutical, Inc.* | | | 8,112 | | | | 503,836 | |
| | | | | | | | |
| | | | | | | 1,553,091 | |
| | | | | | | | |
| Building Materials — 2.3% | |
Fortune Brands Home & Security, Inc. | | | 12,055 | | | | 786,468 | |
Summit Materials, Inc., Class A* | | | 21,427 | | | | 618,596 | |
| | | | | | | | |
| | | | | | | 1,405,064 | |
| | | | | | | | |
| Chemicals — 4.2% | |
Ashland Global Holdings, Inc. | | | 6,764 | | | | 445,815 | |
RPM International, Inc. | | | 25,659 | | | | 1,399,699 | |
Valvoline, Inc. | | | 31,125 | | | | 738,282 | |
| | | | | | | | |
| | | | | | | 2,583,796 | |
| | | | | | | | |
| Commercial Services — 5.5% | |
Gartner, Inc.* | | | 2,835 | | | | 350,151 | |
Global Payments, Inc. | | | 11,806 | | | | 1,066,318 | |
Healthcare Services Group, Inc. | | | 24,587 | | | | 1,151,409 | |
Total System Services, Inc. | | | 14,036 | | | | 817,597 | |
| | | | | | | | |
| | | | | | | 3,385,475 | |
| | | | | | | | |
| Computers — 2.5% | |
Electronics For Imaging, Inc.* | | | 26,184 | | | | 1,240,598 | |
Kornit Digital Ltd.* | | | 13,678 | | | | 264,669 | |
| | | | | | | | |
| | | | | | | 1,505,267 | |
| | | | | | | | |
| Diversified Financial Services — 5.1% | |
Affiliated Managers Group, Inc. | | | 5,724 | | | | 949,383 | |
Evercore Partners, Inc., Class A | | | 5,207 | | | | 367,093 | |
Lazard Ltd., Class A | | | 24,803 | | | | 1,149,123 | |
SLM Corp.* | | | 56,480 | | | | 649,520 | |
| | | | | | | | |
| | | | | | | 3,115,119 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.0% | |
Hubbell, Inc. | | | 5,640 | | | | 638,279 | |
| | | | | | | | |
| Electronics — 8.2% | |
Agilent Technologies, Inc. | | | 11,999 | | | | 711,661 | |
Amphenol Corp., Class A | | | 8,428 | | | | 622,155 | |
Badger Meter, Inc. | | | 15,284 | | | | 609,067 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electronics — (continued) | |
Mettler-Toledo International, Inc.* | | | 1,919 | | | $ | 1,129,408 | |
PerkinElmer, Inc. | | | 14,447 | | | | 984,419 | |
Sensata Technologies Holding NV* | | | 22,158 | | | | 946,590 | |
| | | | | | | | |
| | | | | | | 5,003,300 | |
| | | | | | | | |
| Food — 1.6% | |
Blue Buffalo Pet Products, Inc.* | | | 25,098 | | | | 572,486 | |
Snyder’s-Lance, Inc. | | | 11,757 | | | | 407,027 | |
| | | | | | | | |
| | | | | | | 979,513 | |
| | | | | | | | |
| Healthcare Products — 5.6% | |
ABIOMED, Inc.* | | | 6,687 | | | | 958,247 | |
C.R. Bard, Inc. | | | 985 | | | | 311,368 | |
ICU Medical, Inc.* | | | 3,898 | | | | 672,405 | |
IDEXX Laboratories, Inc.* | | | 1,101 | | | | 177,724 | |
Nevro Corp.* | | | 11,830 | | | | 880,507 | |
West Pharmaceutical Services, Inc. | | | 4,791 | | | | 452,845 | |
| | | | | | | | |
| | | | | | | 3,453,096 | |
| | | | | | | | |
| Healthcare Services — 2.2% | |
Acadia Healthcare Co., Inc.* | | | 14,936 | | | | 737,540 | |
WellCare Health Plans, Inc.* | | | 3,402 | | | | 610,863 | |
| | | | | | | | |
| | | | | | | 1,348,403 | |
| | | | | | | | |
| Home Builders — 1.0% | |
M/I Homes, Inc.* | | | 21,071 | | | | 601,577 | |
| | | | | | | | |
| Household Products & Wares — 1.4% | |
Avery Dennison Corp. | | | 9,862 | | | | 871,505 | |
| | | | | | | | |
| Internet — 1.6% | |
GoDaddy, Inc., Class A* | | | 22,640 | | | | 960,389 | |
| | | | | | | | |
| Machinery — Diversified — 8.9% | |
Cognex Corp. | | | 4,073 | | | | 345,798 | |
Graco, Inc. | | | 2,809 | | | | 306,968 | |
IDEX Corp. | | | 5,790 | | | | 654,328 | |
Tennant Co. | | | 7,510 | | | | 554,238 | |
The Gorman-Rupp Co. | | | 11,011 | | | | 280,450 | |
The Middleby Corp.* | | | 12,846 | | | | 1,560,917 | |
Xylem, Inc. | | | 31,681 | | | | 1,756,078 | |
| | | | | | | | |
| | | | | | | 5,458,777 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.6% | |
John Bean Technologies Corp. | | | 9,816 | | | | 961,968 | |
| | | | | | | | |
| Oil & Gas — 1.7% | |
Concho Resources, Inc.* | | | 3,401 | | | | 413,323 | |
Diamondback Energy, Inc.* | | | 7,291 | | | | 647,514 | |
| | | | | | | | |
| | | | | | | 1,060,837 | |
| | | | | | | | |
| Oil & Gas Services — 0.3% | |
Dril-Quip, Inc.* | | | 4,044 | | | | 197,347 | |
| | | | | | | | |
| Pharmaceuticals — 6.0% | |
ACADIA Pharmaceuticals, Inc.* | | | 21,087 | | | | 588,116 | |
Agios Pharmaceuticals, Inc.* | | | 8,637 | | | | 444,374 | |
Alkermes PLC* | | | 15,502 | | | | 898,651 | |
Galapagos NV ADR* | | | 3,663 | | | | 280,293 | |
97
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | |
Neogen Corp.* | | | 3,430 | | | $ | 237,047 | |
Neurocrine Biosciences, Inc.* | | | 12,870 | | | | 592,020 | |
Sarepta Therapeutics, Inc.* | | | 3,210 | | | | 108,209 | |
TESARO, Inc.* | | | 3,816 | | | | 533,706 | |
| | | | | | | | |
| | | | | | | 3,682,416 | |
| | | | | | | | |
| Real Estate — 1.1% | |
HFF, Inc., Class A | | | 18,457 | | | | 641,750 | |
| | | | | | | | |
| Retail — 8.8% | |
Advance Auto Parts, Inc. | | | 3,742 | | | | 436,280 | |
Burlington Stores, Inc.* | | | 7,315 | | | | 672,907 | |
Dunkin’ Brands Group, Inc. | | | 10,614 | | | | 585,044 | |
Five Below, Inc.* | | | 14,436 | | | | 712,705 | |
Jack in the Box, Inc. | | | 4,687 | | | | 461,670 | |
PVH Corp. | | | 6,001 | | | | 687,114 | |
Shake Shack, Inc., Class A* | | | 9,723 | | | | 339,138 | |
Tractor Supply Co. | | | 4,608 | | | | 249,800 | |
Ulta Beauty, Inc.* | | | 1,942 | | | | 558,014 | |
Wingstop, Inc. | | | 21,438 | | | | 662,434 | |
| | | | | | | | |
| | | | | | | 5,365,106 | |
| | | | | | | | |
| Semiconductors — 3.2% | |
Advanced Micro Devices, Inc.* | | | 22,360 | | | | 279,053 | |
Cavium, Inc.* | | | 5,629 | | | | 349,730 | |
Monolithic Power Systems, Inc. | | | 4,310 | | | | 415,484 | |
Qorvo, Inc.* | | | 4,300 | | | | 272,276 | |
Xilinx, Inc. | | | 9,547 | | | | 614,063 | |
| | | | | | | | |
| | | | | | | 1,930,606 | |
| | | | | | | | |
| Software — 10.8% | |
athenahealth, Inc.* | | | 3,380 | | | | 475,059 | |
Black Knight Financial Services, Inc., Class A* | | | 31,088 | | | | 1,273,053 | |
Evolent Health, Inc., Class A* | | | 12,844 | | | | 325,595 | |
InterXion Holding NV* | | | 17,518 | | | | 801,974 | |
Red Hat, Inc.* | | | 5,873 | | | | 562,340 | |
ServiceNow, Inc.* | | | 5,694 | | | | 603,564 | |
Splunk, Inc.* | | | 10,966 | | | | 623,856 | |
Tableau Software, Inc., Class A* | | | 2,361 | | | | 144,658 | |
The Ultimate Software Group, Inc.* | | | 3,613 | | | | 758,947 | |
Tyler Technologies, Inc.* | | | 6,113 | | | | 1,073,871 | |
| | | | | | | | |
| | | | | | | 6,642,917 | |
| | | | | | | | |
| Telecommunications — 0.7% | |
SBA Communications Corp.* | | | 2,929 | | | | 395,122 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $53,105,920) | | | | | | | 58,918,225 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 5.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,383,054) | | | 3,383,054 | | | $ | 3,383,054 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.7%
(Cost $56,488,974) | | | | | | $ | 62,301,279 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.7)% | | | | (1,023,789 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 61,277,490 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2017†† | |
United States | | | 95 | % |
Bermuda | | | 2 | |
Belgium | | | 1 | |
Ireland | | | 1 | |
Netherlands | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 58,918,225 | | | $ | 58,918,225 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 3,383,054 | | | | 3,383,054 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 62,301,279 | | | $ | 62,301,279 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 93.1% | |
| Aerospace & Defense — 1.0% | |
Esterline Technologies Corp.* | | | 8,770 | | | $ | 831,396 | |
| | | | | | | | |
| Airlines — 1.1% | |
SkyWest, Inc. | | | 26,350 | | | | 924,885 | |
| | | | | | | | |
| Apparel — 0.7% | |
Crocs, Inc.* | | | 68,670 | | | | 529,446 | |
| | | | | | | | |
| Auto Manufacturers — 1.4% | |
Oshkosh Corp. | | | 16,300 | | | | 1,122,744 | |
| | | | | | | | |
| Auto Parts & Equipment — 3.6% | |
Cooper-Standard Holding, Inc.* | | | 4,823 | | | | 486,496 | |
Dana, Inc. | | | 45,450 | | | | 1,014,898 | |
Lear Corp. | | | 4,923 | | | | 699,460 | |
Tenneco, Inc. | | | 12,230 | | | | 707,261 | |
| | | | | | | | |
| | | | | | | 2,908,115 | |
| | | | | | | | |
| Banks — 10.7% | |
Associated Banc-Corp. | | | 36,210 | | | | 912,492 | |
Comerica, Inc. | | | 17,205 | | | | 1,260,094 | |
Fulton Financial Corp. | | | 46,910 | | | | 891,290 | |
Huntington Bancshares, Inc. | | | 97,200 | | | | 1,314,144 | |
Synovus Financial Corp. | | | 23,040 | | | | 1,019,290 | |
Texas Capital Bancshares, Inc.* | | | 10,650 | | | | 824,310 | |
Webster Financial Corp. | | | 20,888 | | | | 1,090,771 | |
Zions Bancorporation | | | 29,260 | | | | 1,284,807 | |
| | | | | | | | |
| | | | | | | 8,597,198 | |
| | | | | | | | |
| Beverages — 0.6% | |
Cott Corp. | | | 33,151 | | | | 478,700 | |
| | | | | | | | |
| Chemicals — 1.5% | |
Huntsman Corp. | | | 26,590 | | | | 687,085 | |
Ingevity Corp.* | | | 8,349 | | | | 479,233 | |
| | | | | | | | |
| | | | | | | 1,166,318 | |
| | | | | | | | |
| Commercial Services — 4.5% | |
ABM Industries, Inc. | | | 13,420 | | | | 557,198 | |
Booz Allen Hamilton Holding Corp. | | | 31,455 | | | | 1,023,546 | |
Quanta Services, Inc.* | | | 26,041 | | | | 857,270 | |
Sotheby’s* | | | 21,405 | | | | 1,148,806 | |
| | | | | | | | |
| | | | | | | 3,586,820 | |
| | | | | | | | |
| Computers — 4.7% | |
Convergys Corp. | | | 26,493 | | | | 630,003 | |
Genpact Ltd. | | | 40,520 | | | | 1,127,672 | |
NCR Corp.* | | | 28,476 | | | | 1,162,960 | |
VeriFone Systems, Inc.* | | | 48,940 | | | | 885,814 | |
| | | | | | | | |
| | | | | | | 3,806,449 | |
| | | | | | | | |
| Diversified Financial Services — 0.6% | |
OneMain Holdings, Inc.* | | | 19,580 | | | | 481,472 | |
| | | | | | | | |
| Electric — 3.3% | |
NorthWestern Corp. | | | 11,940 | | | | 728,579 | |
PNM Resources, Inc. | | | 27,730 | | | | 1,060,673 | |
Portland General Electric Co. | | | 19,270 | | | | 880,446 | |
| | | | | | | | |
| | | | | | | 2,669,698 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electrical Components & Equipment — 1.1% | |
EnerSys | | | 12,380 | | | $ | 896,931 | |
| | | | | | | | |
| Electronics — 2.1% | |
Avnet, Inc. | | | 24,680 | | | | 959,558 | |
Vishay Intertechnology, Inc. | | | 42,410 | | | | 704,006 | |
| | | | | | | | |
| | | | | | | 1,663,564 | |
| | | | | | | | |
| Engineering & Construction — 2.3% | |
AECOM* | | | 29,444 | | | | 951,924 | |
Tutor Perini Corp.* | | | 30,540 | | | | 878,025 | |
| | | | | | | | |
| | | | | | | 1,829,949 | |
| | | | | | | | |
| Entertainment — 1.4% | |
Regal Entertainment Group, Class A | | | 56,130 | | | | 1,148,420 | |
| | | | | | | | |
| Food — 0.7% | |
Ingredion, Inc. | | | 4,700 | | | | 560,287 | |
| | | | | | | | |
| Gas — 0.5% | |
Southwest Gas Holdings, Inc. | | | 5,950 | | | | 434,707 | |
| | | | | | | | |
| Hand & Machine Tools — 1.3% | |
Regal Beloit Corp. | | | 13,200 | | | | 1,076,460 | |
| | | | | | | | |
| Healthcare Services — 5.6% | |
ICON PLC* | | | 12,460 | | | | 1,218,463 | |
LifePoint Health, Inc.* | | | 17,550 | | | | 1,178,483 | |
Molina Healthcare, Inc.* | | | 14,620 | | | | 1,011,412 | |
WellCare Health Plans, Inc.* | | | 6,040 | | | | 1,084,542 | |
| | | | | | | | |
| | | | | | | 4,492,900 | |
| | | | | | | | |
| Home Builders — 2.1% | |
CalAtlantic Group, Inc. | | | 29,620 | | | | 1,047,067 | |
PulteGroup, Inc. | | | 27,530 | | | | 675,311 | |
| | | | | | | | |
| | | | | | | 1,722,378 | |
| | | | | | | | |
| Insurance — 8.1% | |
American Financial Group, Inc. | | | 11,654 | | | | 1,158,058 | |
Essent Group Ltd.* | | | 32,604 | | | | 1,210,912 | |
First American Financial Corp. | | | 21,440 | | | | 958,154 | |
Reinsurance Group of America, Inc. | | | 9,300 | | | | 1,194,027 | |
Selective Insurance Group, Inc. | | | 13,960 | | | | 698,698 | |
The Hanover Insurance Group, Inc. | | | 5,290 | | | | 468,853 | |
Validus Holdings Ltd. | | | 15,830 | | | | 822,685 | |
| | | | | | | | |
| | | | | | | 6,511,387 | |
| | | | | | | | |
| Internet — 1.2% | |
CDW Corp. | | | 15,770 | | | | 986,098 | |
| | | | | | | | |
| Machinery — Construction & Mining — 1.5% | |
Terex Corp. | | | 32,880 | | | | 1,233,000 | |
| | | | | | | | |
| Machinery — Diversified — 1.3% | |
SPX FLOW, Inc.* | | | 27,330 | | | | 1,007,930 | |
| | | | | | | | |
| Media — 0.8% | |
Scholastic Corp. | | | 14,840 | | | | 646,876 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.3% | |
Trinseo SA | | | 14,690 | | | | 1,009,203 | |
| | | | | | | | |
99
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Office Furnishings — 0.8% | |
Steelcase, Inc., Class A | | | 47,752 | | | $ | 668,528 | |
| | | | | | | | |
| Oil & Gas — 3.3% | |
Helmerich & Payne, Inc. | | | 11,750 | | | | 638,495 | |
Oasis Petroleum, Inc.* | | | 63,080 | | | | 507,794 | |
QEP Resources, Inc.* | | | 83,730 | | | | 845,673 | |
SM Energy Co. | | | 41,090 | | | | 679,218 | |
| | | | | | | | |
| | | | | | | 2,671,180 | |
| | | | | | | | |
| Oil & Gas Services — 4.2% | |
Helix Energy Solutions Group, Inc.* | | | 31,070 | | | | 175,235 | |
HollyFrontier Corp. | | | 26,710 | | | | 733,724 | |
Oil States International, Inc.* | | | 20,030 | | | | 543,815 | |
RPC, Inc. | | | 55,720 | | | | 1,126,101 | |
SRC Energy, Inc.* | | | 117,150 | | | | 788,419 | |
| | | | | | | | |
| | | | | | | 3,367,294 | |
| | | | | | | | |
| Packaging and Containers — 1.5% | |
Graphic Packaging Holding Co. | | | 86,240 | | | | 1,188,387 | |
| | | | | | | | |
| Retail — 5.7% | |
Bloomin’ Brands, Inc. | | | 45,990 | | | | 976,368 | |
Brinker International, Inc. | | | 22,845 | | | | 870,394 | |
Burlington Stores, Inc.* | | | 5,785 | | | | 532,162 | |
Caleres, Inc. | | | 28,920 | | | | 803,398 | |
The Children’s Place, Inc. | | | 5,337 | | | | 544,908 | |
The Michaels Cos, Inc.* | | | 47,950 | | | | 888,034 | |
| | | | | | | | |
| | | | | | | 4,615,264 | |
| | | | | | | | |
| Semiconductors — 3.9% | |
Cypress Semiconductor Corp. | | | 83,500 | | | | 1,139,775 | |
Integrated Device Technology, Inc.* | | | 31,170 | | | | 803,874 | |
Mellanox Technologies Ltd.* | | | 11,140 | | | | 482,362 | |
Qorvo, Inc.* | | | 11,524 | | | | 729,700 | |
| | | | | | | | |
| | | | | | | 3,155,711 | |
| | | | | | | | |
| Software — 1.3% | |
Verint Systems, Inc.* | | | 25,165 | | | | 1,024,215 | |
| | | | | | | | |
| Telecommunications — 4.4% | |
Amdocs Ltd. | | | 19,325 | | | | 1,245,689 | |
Anixter International, Inc.* | | | 13,630 | | | | 1,065,866 | |
Infinera Corp.* | | | 59,570 | | | | 635,612 | |
NETGEAR, Inc.* | | | 13,565 | | | | 584,652 | |
| | | | | | | | |
| | | | | | | 3,531,819 | |
| | | | | | | | |
| Transportation — 3.0% | |
Atlas Air Worldwide Holdings, Inc.* | | | 13,870 | | | | 723,321 | |
Ryder System, Inc. | | | 10,755 | | | | 774,145 | |
Werner Enterprises, Inc. | | | 29,970 | | | | 879,619 | |
| | | | | | | | |
| | | | | | | 2,377,085 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $61,328,161) | | | | 74,922,814 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 4.0% | |
| Apartments — 1.4% | |
Education Realty Trust, Inc. | | | 28,360 | | | | 1,098,950 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Office Property — 2.6% | |
Empire State Realty Trust, Inc., Class A | | | 37,183 | | | $ | 772,291 | |
Gramercy Property Trust | | | 44,163 | | | | 1,312,073 | |
| | | | | | | | |
| | | | | | | 2,084,364 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,091,355) | | | | 3,183,314 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.4% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,135,451) | | | 1,135,451 | | | | 1,135,451 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.5%
(Cost $65,554,967) | | | $ | 79,241,579 | |
| | | | | | | | |
| Other Assets & Liabilities — 1.5% | | | | 1,231,597 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 80,473,176 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 74,922,814 | | | $ | 74,922,814 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 3,183,314 | | | | 3,183,314 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,135,451 | | | | 1,135,451 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 79,241,579 | | | $ | 79,241,579 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 97.0% | |
| Advertising — 0.3% | |
Yext, Inc.* | | | 19,425 | | | $ | 258,935 | |
| | | | | | | | |
| Aerospace & Defense — 2.3% | |
HEICO Corp., Class A | | | 34,713 | | | | 2,153,957 | |
| | | | | | | | |
| Apparel — 0.7% | |
Carter’s, Inc. | | | 7,850 | | | | 698,258 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.2% | |
Gentherm, Inc.* | | | 13,670 | | | | 530,396 | |
Visteon Corp.* | | | 6,129 | | | | 625,526 | |
| | | | | | | | |
| | | | | | | 1,155,922 | |
| | | | | | | | |
| Banks — 1.9% | |
Bank of the Ozarks | | | 12,575 | | | | 589,390 | |
Kearny Financial Corp. | | | 39,534 | | | | 587,080 | |
SVB Financial Group* | | | 3,741 | | | | 657,631 | |
| | | | | | | | |
| | | | | | | 1,834,101 | |
| | | | | | | | |
| Beverages — 0.2% | |
Britvic PLC | | | 16,004 | | | | 144,244 | |
| | | | | | | | |
| Biotechnology — 2.3% | |
Ligand Pharmaceuticals, Inc.* | | | 6,736 | | | | 817,750 | |
NeoGenomics, Inc.* | | | 62,314 | | | | 558,334 | |
Puma Biotechnology, Inc.* | | | 9,278 | | | | 810,897 | |
| | | | | | | | |
| | | | | | | 2,186,981 | |
| | | | | | | | |
| Building Materials — 1.6% | |
Summit Materials, Inc., Class A* | | | 28,617 | | | | 826,182 | |
Trex Co., Inc.* | | | 9,734 | | | | 658,603 | |
| | | | | | | | |
| | | | | | | 1,484,785 | |
| | | | | | | | |
| Chemicals — 3.4% | |
CSW Industrials, Inc.* | | | 20,974 | | | | 810,645 | |
H.B. Fuller Co. | | | 10,630 | | | | 543,299 | |
Sensient Technologies Corp. | | | 23,163 | | | | 1,865,317 | |
| | | | | | | | |
| | | | | | | 3,219,261 | |
| | | | | | | | |
| Commercial Services — 13.9% | |
Alarm.com Holdings, Inc.* | | | 18,623 | | | | 700,784 | |
CoStar Group, Inc.* | | | 4,423 | | | | 1,165,903 | |
Euronet Worldwide, Inc.* | | | 23,198 | | | | 2,026,809 | |
Gartner, Inc.* | | | 10,488 | | | | 1,295,396 | |
Healthcare Services Group, Inc. | | | 14,031 | | | | 657,072 | |
HealthEquity, Inc.* | | | 13,882 | | | | 691,740 | |
MarketAxess Holdings, Inc. | | | 5,661 | | | | 1,138,427 | |
MAXIMUS, Inc. | | | 15,230 | | | | 953,855 | |
Nord Anglia Education Inc.* | | | 25,269 | | | | 823,011 | |
Rollins, Inc. | | | 12,096 | | | | 492,428 | |
ServiceMaster Global Holdings, Inc.* | | | 43,520 | | | | 1,705,549 | |
SP Plus Corp.* | | | 12,820 | | | | 391,651 | |
The Advisory Board Co.* | | | 12,280 | | | | 632,420 | |
WEX, Inc.* | | | 5,724 | | | | 596,841 | |
| | | | | | | | |
| | | | | | | 13,271,886 | |
| | | | | | | | |
| Computers — 3.8% | |
Cadence Design Systems, Inc.* | | | 61,730 | | | | 2,067,338 | |
Jack Henry & Associates, Inc. | | | 14,901 | | | | 1,547,767 | |
| | | | | | | | |
| | | | | | | 3,615,105 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — 3.0% | |
Financial Engines, Inc. | | | 22,698 | | | $ | 830,747 | |
LPL Financial Holdings, Inc. | | | 25,933 | | | | 1,101,115 | |
SLM Corp.* | | | 44,711 | | | | 514,177 | |
WisdomTree Investments, Inc. | | | 38,160 | | | | 388,087 | |
| | | | | | | | |
| | | | | | | 2,834,126 | |
| | | | | | | | |
| Electrical Components & Equipment — 2.6% | |
Belden, Inc. | | | 21,715 | | | | 1,637,962 | |
EnerSys | | | 11,813 | | | | 855,852 | |
| | | | | | | | |
| | | | | | | 2,493,814 | |
| | | | | | | | |
| Electronics — 3.0% | |
CTS Corp. | | | 33,276 | | | | 718,762 | |
National Instruments Corp. | | | 15,914 | | | | 640,061 | |
OSI Systems, Inc.* | | | 11,766 | | | | 884,215 | |
Sensata Technologies Holding NV* | | | 14,877 | | | | 635,545 | |
| | | | | | | | |
| | | | | | | 2,878,583 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.4% | |
SolarEdge Technologies, Inc.* | | | 17,873 | | | | 357,460 | |
| | | | | | | | |
| Entertainment — 2.4% | |
AMC Entertainment Holdings, Inc., Class A | | | 28,533 | | | | 649,126 | |
Cedar Fair LP | | | 13,805 | | | | 995,340 | |
Manchester United PLC, Class A | | | 32,130 | | | | 522,113 | |
National CineMedia, Inc. | | | 18,953 | | | | 140,631 | |
| | | | | | | | |
| | | | | | | 2,307,210 | |
| | | | | | | | |
| Environmental Control — 0.6% | |
Clean Harbors, Inc.* | | | 10,827 | | | | 604,471 | |
| | | | | | | | |
| Food — 0.4% | |
Amplify Snack Brands, Inc.* | | | 35,275 | | | | 340,051 | |
| | | | | | | | |
| Hand & Machine Tools — 0.6% | |
Kennametal, Inc. | | | 15,536 | | | | 581,357 | |
| | | | | | | | |
| Healthcare Products — 5.7% | |
Bio-Techne Corp. | | | 8,750 | | | | 1,028,125 | |
Glaukos Corp.* | | | 10,864 | | | | 450,530 | |
Globus Medical, Inc., Class A* | | | 14,754 | | | | 489,095 | |
ICU Medical, Inc.* | | | 5,450 | | | | 940,125 | |
Merit Medical Systems, Inc.* | | | 15,732 | | | | 600,176 | |
Nevro Corp.* | | | 4,663 | | | | 347,067 | |
STERIS PLC | | | 19,602 | | | | 1,597,563 | |
| | | | | | | | |
| | | | | | | 5,452,681 | |
| | | | | | | | |
| Healthcare Services — 1.9% | |
Catalent, Inc.* | | | 50,769 | | | | 1,781,992 | |
| | | | | | | | |
| Hotels & Resorts — 0.5% | |
Playa Hotels & Resorts NV* | | | 36,390 | | | | 434,863 | |
| | | | | | | | |
| Household Products & Wares — 1.1% | |
Ontex Group NV | | | 30,563 | | | | 1,085,975 | |
| | | | | | | | |
| Insurance — 0.6% | |
RLI Corp. | | | 11,306 | | | | 617,534 | |
| | | | | | | | |
101
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Internet — 2.6% | |
ChannelAdvisor Corp.* | | | 27,144 | | | $ | 313,513 | |
MakeMyTrip Ltd.* | | | 10,826 | | | | 363,212 | |
The Trade Desk Inc., Class A* | | | 11,050 | | | | 553,716 | |
Zendesk, Inc.* | | | 16,395 | | | | 455,453 | |
Zillow Group, Inc., Class A* | | | 16,070 | | | | 784,859 | |
| | | | | | | | |
| | | | | | | 2,470,753 | |
| | | | | | | | |
| Machinery — Diversified — 1.7% | |
Nordson Corp. | | | 8,579 | | | | 1,040,804 | |
Wabtec Corp. | | | 6,093 | | | | 557,510 | |
| | | | | | | | |
| | | | | | | 1,598,314 | |
| | | | | | | | |
| Medical Instruments — 0.1% | |
Novadaq Technologies, Inc.* | | | 7,674 | | | | 89,939 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 1.1% | |
Rexnord Corp.* | | | 47,012 | | | | 1,093,029 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.9% | |
Hillenbrand, Inc. | | | 23,983 | | | | 865,786 | |
ITT, Inc. | | | 18,637 | | | | 748,835 | |
Proto Labs, Inc.* | | | 7,891 | | | | 530,670 | |
Standex International Corp. | | | 6,675 | | | | 605,422 | |
| | | | | | | | |
| | | | | | | 2,750,713 | |
| | | | | | | | |
| Oil & Gas Services — 0.3% | |
Dril-Quip, Inc.* | | | 5,566 | | | | 271,621 | |
| | | | | | | | |
| Pharmaceuticals — 7.0% | |
ACADIA Pharmaceuticals, Inc.* | | | 19,663 | | | | 548,401 | |
Amicus Therapeutics, Inc.* | | | 27,750 | | | | 279,442 | |
Axovant Sciences Ltd.* | | | 8,115 | | | | 188,187 | |
DBV Technologies SA ADR* | | | 13,870 | | | | 495,298 | |
Diplomat Pharmacy, Inc.* | | | 19,795 | | | | 292,966 | |
Eagle Pharmaceuticals, Inc.* | | | 10,976 | | | | 865,897 | |
GW Pharmaceuticals PLC ADR* | | | 3,615 | | | | 362,404 | |
Heron Therapeutics, Inc.* | | | 26,886 | | | | 372,371 | |
Ironwood Pharmaceuticals, Inc.* | | | 41,173 | | | | 777,346 | |
Knight Therapeutics Inc.* | | | 66,568 | | | | 528,212 | |
Neurocrine Biosciences, Inc.* | | | 9,227 | | | | 424,442 | |
Prestige Brands Holdings, Inc.* | | | 19,245 | | | | 1,016,328 | |
Teligent, Inc.* | | | 53,370 | | | | 488,335 | |
| | | | | | | | |
| | | | | | | 6,639,629 | |
| | | | | | | | |
| Publishing / Newspapers — 0.8% | |
Cimpress NV* | | | 8,436 | | | | 797,455 | |
| | | | | | | | |
| Real Estate — 1.0% | |
Jones Lang LaSalle, Inc. | | | 4,721 | | | | 590,125 | |
The St. Joe Co.* | | | 19,337 | | | | 362,569 | |
| | | | | | | | |
| | | | | | | 952,694 | |
| | | | | | | | |
| Real Estate Investment Trusts — 1.0% | |
Lamar Advertising Co., Class A | | | 12,840 | | | | 944,639 | |
| | | | | | | | |
| Retail — 4.5% | |
Biglari Holdings, Inc.* | | | 2,905 | | | | 1,161,245 | |
Casey’s General Stores, Inc. | | | 4,588 | | | | 491,420 | |
Dunkin’ Brands Group, Inc. | | | 11,852 | | | | 653,282 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | |
Sally Beauty Holdings, Inc.* | | | 43,979 | | | $ | 890,575 | |
Texas Roadhouse, Inc. | | | 12,600 | | | | 641,970 | |
Williams-Sonoma, Inc. | | | 9,760 | | | | 473,360 | |
| | | | | | | | |
| | | | | | | 4,311,852 | |
| | | | | | | | |
| Semiconductors — 1.9% | |
ON Semiconductor Corp.* | | | 89,207 | | | | 1,252,466 | |
Xperi Corp. | | | 17,495 | | | | 521,351 | |
| | | | | | | | |
| | | | | | | 1,773,817 | |
| | | | | | | | |
| Software — 13.8% | |
ACI Worldwide, Inc.* | | | 20,126 | | | | 450,219 | |
athenahealth, Inc.* | | | 5,378 | | | | 755,878 | |
Blackbaud, Inc. | | | 25,517 | | | | 2,188,083 | |
Broadridge Financial Solutions, Inc. | | | 27,726 | | | | 2,094,976 | |
Callidus Software, Inc.* | | | 25,966 | | | | 628,377 | |
Cision Ltd.* | | | 52,562 | | | | 540,863 | |
Envestnet, Inc.* | | | 24,811 | | | | 982,516 | |
Guidewire Software, Inc.* | | | 11,394 | | | | 782,882 | |
Instructure, Inc.* | | | 19,385 | | | | 571,857 | |
RealPage, Inc.* | | | 20,827 | | | | 748,731 | |
SPS Commerce, Inc.* | | | 7,713 | | | | 491,781 | |
SS&C Technologies Holdings, Inc. | | | 55,381 | | | | 2,127,184 | |
The Descartes Systems Group, Inc.* | | | 33,005 | | | | 802,982 | |
| | | | | | | | |
| | | | | | | 13,166,329 | |
| | | | | | | | |
| Telecommunications — 2.2% | |
Nice Ltd. ADR | | | 26,828 | | | | 2,111,900 | |
| | | | | | | | |
| Transportation — 1.7% | |
Landstar System, Inc. | | | 8,016 | | | | 686,170 | |
Old Dominion Freight Line, Inc. | | | 10,169 | | | | 968,495 | |
| | | | | | | | |
| | | | | | | 1,654,665 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $67,272,097) | | | | 92,420,901 | |
| | | | | | | | |
| RIGHTS — 0.1% | |
| Pharmaceuticals — 0.1% | |
Dyax Corp. CVR*~
(Cost $0) | | | 36,639 | | | | 40,669 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.6% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,416,598) | | | 3,416,598 | | | | 3,416,598 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.7%
(Cost $70,688,695) | | | $ | 95,878,168 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.7)% | | | | (625,319 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 95,252,849 | |
| | | | | | | | |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2017 is $40,669. |
102
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Growth Fund
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
CVR — Contingent Valued Rights
LP — Limited Partnership.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2017†† | | | |
United States | | | 89 | % |
Israel | | | 3 | |
United Kingdom | | | 3 | |
Belgium | | | 1 | |
Canada | | | 1 | |
Hong Kong | | | 1 | |
Netherlands | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100 | % |
| |
| ††% | of total investments as of June 30, 2017 |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 92,420,901 | | | $ | 92,420,901 | | | $ | — | | | $ | — | |
RIGHTS | | | 40,669 | | | | — | | | | 40,669 | | | | — | |
SHORT-TERM INVESTMENTS | | | 3,416,598 | | | | 3,416,598 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 95,878,168 | | | $ | 95,837,499 | | | $ | 40,669 | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $1,138,838 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
103
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 87.1% | |
| Aerospace & Defense — 2.7% | |
Curtiss-Wright Corp. | | | 10,096 | | | $ | 926,611 | |
Esterline Technologies Corp.* | | | 15,576 | | | | 1,476,605 | |
Kaman Corp. | | | 23,295 | | | | 1,161,721 | |
KLX, Inc.* | | | 32,622 | | | | 1,631,100 | |
Moog, Inc., Class A* | | | 18,850 | | | | 1,351,922 | |
| | | | | | | | |
| | | | | | | 6,547,959 | |
| | | | | | | | |
| Airlines — 0.3% | |
Spirit Airlines, Inc.* | | | 12,133 | | | | 626,669 | |
| | | | | | | | |
| Apparel — 0.4% | |
Columbia Sportswear Co. | | | 6,503 | | | | 377,564 | |
Wolverine World Wide, Inc. | | | 23,672 | | | | 663,053 | |
| | | | | | | | |
| | | | | | | 1,040,617 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.7% | |
Cooper Tire & Rubber Co. | | | 3,285 | | | | 118,589 | |
Dana, Inc. | | | 58,913 | | | | 1,315,527 | |
Standard Motor Products, Inc. | | | 6,904 | | | | 360,527 | |
| | | | | | | | |
| | | | | | | 1,794,643 | |
| | | | | | | | |
| Banks — 18.8% | |
Ameris Bancorp | | | 22,655 | | | | 1,091,971 | |
BancorpSouth, Inc. | | | 34,609 | | | | 1,055,574 | |
Banner Corp. | | | 33,359 | | | | 1,885,117 | |
Boston Private Financial Holdings, Inc. | | | 57,379 | | | | 880,768 | |
Bryn Mawr Bank Corp. | | | 473 | | | | 20,103 | |
CenterState Banks, Inc. | | | 50,114 | | | | 1,245,834 | |
CoBiz Financial, Inc. | | | 43,429 | | | | 755,665 | |
Columbia Banking System, Inc. | | | 47,661 | | | | 1,899,291 | |
Community Bank System, Inc. | | | 24,275 | | | | 1,353,817 | |
ConnectOne Bancorp, Inc. | | | 32,512 | | | | 733,146 | |
CU Bancorp* | | | 13,619 | | | | 492,327 | |
CVB Financial Corp. | | | 83,408 | | | | 1,870,841 | |
First Financial Bankshares, Inc. | | | 33,553 | | | | 1,483,043 | |
First Merchants Corp. | | | 36,103 | | | | 1,449,174 | |
First Midwest Bancorp, Inc. | | | 48,818 | | | | 1,137,948 | |
Glacier Bancorp, Inc. | | | 44,016 | | | | 1,611,426 | |
Great Western Bancorp, Inc. | | | 45,812 | | | | 1,869,588 | |
Guaranty Bancorp | | | 18,968 | | | | 515,930 | |
Heritage Financial Corp. | | | 23,425 | | | | 620,762 | |
Home BancShares, Inc. | | | 42,427 | | | | 1,056,432 | |
Independent Bank Corp. | | | 20,609 | | | | 1,373,590 | |
Independent Bank Group, Inc. | | | 12,409 | | | | 738,335 | |
Lakeland Financial Corp. | | | 21,434 | | | | 983,392 | |
LegacyTexas Financial Group, Inc. | | | 48,441 | | | | 1,847,055 | |
MB Financial, Inc. | | | 44,071 | | | | 1,940,887 | |
National Commerce Corp.* | | | 5,590 | | | | 221,084 | |
PacWest Bancorp | | | 20,927 | | | | 977,291 | |
Pinnacle Financial Partners, Inc. | | | 47,081 | | | | 2,956,701 | |
Prosperity Bancshares, Inc. | | | 23,179 | | | | 1,489,019 | |
Renasant Corp. | | | 39,641 | | | | 1,733,897 | |
Sandy Spring Bancorp, Inc. | | | 15,509 | | | | 630,596 | |
South State Corp. | | | 21,289 | | | | 1,824,467 | |
State Bank Financial Corp. | | | 29,118 | | | | 789,680 | |
Texas Capital Bancshares, Inc.* | | | 22,848 | | | | 1,768,435 | |
The First of Long Island Corp. | | | 17,619 | | | | 503,889 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | |
TriCo Bancshares | | | 15,851 | | | $ | 557,163 | |
Webster Financial Corp. | | | 56,643 | | | | 2,957,897 | |
| | | | | | | | |
| | | | | | | 46,322,135 | |
| | | | | | | | |
| Building Materials — 1.9% | |
Eagle Materials, Inc. | | | 10,975 | | | | 1,014,310 | |
Gibraltar Industries, Inc.* | | | 30,199 | | | | 1,076,594 | |
Masonite International Corp.* | | | 5,272 | | | | 398,036 | |
Patrick Industries, Inc.* | | | 8,585 | | | | 625,417 | |
Summit Materials, Inc., Class A* | | | 51,178 | | | | 1,477,509 | |
| | | | | | | | |
| | | | | | | 4,591,866 | |
| | | | | | | | |
| Chemicals — 2.3% | |
GCP Applied Technologies, Inc.* | | | 5,331 | | | | 162,595 | |
Minerals Technologies, Inc. | | | 21,843 | | | | 1,598,908 | |
Olin Corp. | | | 17,014 | | | | 515,184 | |
Quaker Chemical Corp. | | | 5,399 | | | | 784,097 | |
Tronox Ltd. | | | 69,346 | | | | 1,048,511 | |
Univar, Inc.* | | | 49,759 | | | | 1,452,963 | |
| | | | | | | | |
| | | | | | | 5,562,258 | |
| | | | | | | | |
| Coal — 0.2% | |
CONSOL Energy, Inc.* | | | 38,260 | | | | 571,604 | |
| | | | | | | | |
| Commercial Services — 3.3% | |
ABM Industries, Inc. | | | 41,520 | | | | 1,723,910 | |
Adtalem Global Education, Inc. | | | 7,063 | | | | 268,041 | |
AMN Healthcare Services, Inc.* | | | 16,032 | | | | 626,050 | |
Herc Holdings, Inc.* | | | 27,161 | | | | 1,067,970 | |
HMS Holdings Corp.* | | | 32,612 | | | | 603,322 | |
James River Group Holdings Ltd. | | | 18,428 | | | | 732,144 | |
Live Nation Entertainment, Inc.* | | | 54,089 | | | | 1,885,002 | |
On Assignment, Inc.* | | | 23,658 | | | | 1,281,081 | |
| | | | | | | | |
| | | | | | | 8,187,520 | |
| | | | | | | | |
| Computers — 2.1% | |
Convergys Corp. | | | 31,787 | | | | 755,895 | |
DST Systems, Inc. | | | 15,166 | | | | 935,742 | |
Electronics For Imaging, Inc.* | | | 16,783 | | | | 795,178 | |
Mercury Systems, Inc.* | | | 25,529 | | | | 1,074,516 | |
NetScout Systems, Inc.* | | | 46,789 | | | | 1,609,542 | |
| | | | | | | | |
| | | | | | | 5,170,873 | |
| | | | | | | | |
| Distribution & Wholesale — 0.6% | |
Beacon Roofing Supply, Inc.* | | | 32,422 | | | | 1,588,678 | |
| | | | | | | | |
| Diversified Financial Services — 1.1% | |
OM Asset Management PLC | | | 56,901 | | | | 845,549 | |
Stifel Financial Corp.* | | | 32,226 | | | | 1,481,751 | |
Virtu Financial, Inc. | | | 21,981 | | | | 387,965 | |
| | | | | | | | |
| | | | | | | 2,715,265 | |
| | | | | | | | |
| Electric — 3.8% | |
Black Hills Corp. | | | 45,584 | | | | 3,075,552 | |
IDACORP, Inc. | | | 19,576 | | | | 1,670,812 | |
PNM Resources, Inc. | | | 55,523 | | | | 2,123,755 | |
Portland General Electric Co. | | | 55,242 | | | | 2,524,007 | |
| | | | | | | | |
| | | | | | | 9,394,126 | |
| | | | | | | | |
104
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Electronics — 1.8% | |
CTS Corp. | | | 34,839 | | | $ | 752,522 | |
II-VI, Inc.* | | | 12,343 | | | | 423,365 | |
OSI Systems, Inc.* | | | 10,805 | | | | 811,996 | |
Tech Data Corp.* | | | 15,872 | | | | 1,603,072 | |
Watts Water Technologies, Inc. | | | 14,989 | | | | 947,305 | |
| | | | | | | | |
| | | | | | | 4,538,260 | |
| | | | | | | | |
| Engineering & Construction — 1.5% | |
EMCOR Group, Inc. | | | 25,911 | | | | 1,694,061 | |
Granite Construction, Inc. | | | 15,227 | | | | 734,551 | |
TopBuild Corp.* | | | 23,478 | | | | 1,245,977 | |
| | | | | | | | |
| | | | | | | 3,674,589 | |
| | | | | | | | |
| Entertainment — 1.4% | |
Marriott Vacations Worldwide Corp. | | | 13,199 | | | | 1,554,182 | |
Red Rock Resorts, Inc. | | | 32,963 | | | | 776,279 | |
Vail Resorts, Inc. | | | 5,387 | | | | 1,092,645 | |
| | | | | | | | |
| | | | | | | 3,423,106 | |
| | | | | | | | |
| Environmental Control — 0.4% | |
Advanced Disposal Services, Inc.* | | | 36,501 | | | | 829,668 | |
U.S. Ecology, Inc. | | | 2,980 | | | | 150,490 | |
| | | | | | | | |
| | | | | | | 980,158 | |
| | | | | | | | |
| Food — 2.0% | |
Conyers Park Acquisition Corp.* | | | 112,591 | | | | 1,326,322 | |
Snyder’s-Lance, Inc. | | | 55,040 | | | | 1,905,485 | |
SpartanNash Co. | | | 15,131 | | | | 392,801 | |
SUPERVALU, Inc.* | | | 78,112 | | | | 256,988 | |
The Hain Celestial Group, Inc.* | | | 24,132 | | | | 936,804 | |
| | | | | | | | |
| | | | | | | 4,818,400 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
Mercer International, Inc. | | | 14,062 | | | | 161,713 | |
| | | | | | | | |
| Gas — 1.6% | |
Chesapeake Utilities Corp. | | | 2,214 | | | | 165,939 | |
New Jersey Resources Corp. | | | 51,511 | | | | 2,044,987 | |
South Jersey Industries, Inc. | | | 52,641 | | | | 1,798,743 | |
| | | | | | | | |
| | | | | | | 4,009,669 | |
| | | | | | | | |
| Healthcare Products — 2.4% | |
CONMED Corp. | | | 22,837 | | | | 1,163,317 | |
Halyard Health, Inc.* | | | 29,216 | | | | 1,147,604 | |
Hill-Rom Holdings, Inc. | | | 6,141 | | | | 488,885 | |
ICU Medical, Inc.* | | | 4,460 | | | | 769,350 | |
Integra LifeSciences Holdings Corp.* | | | 23,137 | | | | 1,261,198 | |
Wright Medical Group NV* | | | 34,831 | | | | 957,504 | |
| | | | | | | | |
| | | | | | | 5,787,858 | |
| | | | | | | | |
| Healthcare Services — 1.5% | |
Acadia Healthcare Co., Inc.* | | | 26,859 | | | | 1,326,297 | |
Almost Family, Inc.* | | | 13,311 | | | | 820,623 | |
American Renal Associates Holdings, Inc.* | | | 16,476 | | | | 305,630 | |
Catalent, Inc.* | | | 26,315 | | | | 923,657 | |
Kindred Healthcare, Inc. | | | 19,100 | | | | 222,515 | |
| | | | | | | | |
| | | | | | | 3,598,722 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Home Builders — 1.0% | |
Foundation Building Materials, Inc.* | | | 45,689 | | | $ | 587,561 | |
Meritage Homes Corp.* | | | 16,375 | | | | 691,025 | |
Taylor Morrison Home Corp., Class A* | | | 15,202 | | | | 365,000 | |
William Lyon Homes, Class A* | | | 15,943 | | | | 384,864 | |
Winnebago Industries, Inc. | | | 15,750 | | | | 551,250 | |
| | | | | | | | |
| | | | | | | 2,579,700 | |
| | | | | | | | |
| Household Products & Wares — 0.2% | |
Spectrum Brands Holdings, Inc. | | | 3,810 | | | | 476,402 | |
| | | | | | | | |
| Insurance — 4.9% | |
AMERISAFE, Inc. | | | 12,260 | | | | 698,207 | |
CNO Financial Group, Inc. | | | 95,597 | | | | 1,996,065 | |
Enstar Group Ltd.* | | | 5,349 | | | | 1,062,579 | |
Kinsale Capital Group, Inc. | | | 21,208 | | | | 791,270 | |
Maiden Holdings Ltd. | | | 50,217 | | | | 557,409 | |
MGIC Investment Corp.* | | | 84,430 | | | | 945,616 | |
National General Holdings Corp. | | | 36,717 | | | | 774,729 | |
Primerica, Inc. | | | 13,138 | | | | 995,204 | |
ProAssurance Corp. | | | 17,476 | | | | 1,062,541 | |
Radian Group, Inc. | | | 67,087 | | | | 1,096,872 | |
RLI Corp. | | | 18,853 | | | | 1,029,751 | |
Selective Insurance Group, Inc. | | | 21,997 | | | | 1,100,950 | |
| | | | | | | | |
| | | | | | | 12,111,193 | |
| | | | | | | | |
| Internet — 0.2% | |
Cars.com, Inc.* | | | 1 | | | | 18 | |
Imperva, Inc.* | | | 10,908 | | | | 521,948 | |
| | | | | | | | |
| | | | | | | 521,966 | |
| | | | | | | | |
| Investment Companies — 0.1% | |
Golub Capital BDC, Inc. | | | 14,970 | | | | 286,226 | |
| | | | | | | | |
| Iron & Steel — 1.1% | |
AK Steel Holding Corp.* | | | 93,073 | | | | 611,490 | |
Allegheny Technologies, Inc. | | | 7,562 | | | | 128,630 | |
Carpenter Technology Corp. | | | 1,521 | | | | 56,931 | |
Cliffs Natural Resources, Inc.* | | | 40,243 | | | | 278,481 | |
Commercial Metals Co. | | | 66,571 | | | | 1,293,474 | |
Ryerson Holding Corp.* | | | 29,804 | | | | 295,060 | |
| | | | | | | | |
| | | | | | | 2,664,066 | |
| | | | | | | | |
| Lodging — 1.5% | |
Boyd Gaming Corp. | | | 34,026 | | | | 844,185 | |
Extended Stay America, Inc. | | | 53,218 | | | | 1,030,300 | |
Hilton Grand Vacations, Inc.* | | | 51,146 | | | | 1,844,325 | |
| | | | | | | | |
| | | | | | | 3,718,810 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.6% | |
Terex Corp. | | | 37,408 | | | | 1,402,800 | |
| | | | | | | | |
| Media — 1.0% | |
MSG Networks, Inc., Class A* | | | 25,851 | | | | 580,355 | |
Nexstar Media Group, Inc. | | | 19,440 | | | | 1,162,512 | |
Wideopenwest, Inc.* | | | 43,490 | | | | 756,726 | |
| | | | | | | | |
| | | | | | | 2,499,593 | |
| | | | | | | | |
105
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Metal Fabricate/Hardware — 1.4% | |
CIRCOR International, Inc. | | | 14,555 | | | $ | 864,276 | |
RBC Bearings, Inc.* | | | 5,366 | | | | 546,044 | |
Rexnord Corp.* | | | 36,932 | | | | 858,669 | |
TriMas Corp.* | | | 52,220 | | | | 1,088,787 | |
| | | | | | | | |
| | | | | | | 3,357,776 | |
| | | | | | | | |
| Mining — 0.7% | |
Century Aluminum Co.* | | | 22,703 | | | | 353,713 | |
Hecla Mining Co. | | | 67,907 | | | | 346,325 | |
Kaiser Aluminum Corp. | | | 7,102 | | | | 628,669 | |
Royal Gold, Inc. | | | 5,476 | | | | 428,059 | |
| | | | | | | | |
| | | | | | | 1,756,766 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.8% | |
Barnes Group, Inc. | | | 14,528 | | | | 850,324 | |
Federal Signal Corp. | | | 58,889 | | | | 1,022,313 | |
ITT, Inc. | | | 30,631 | | | | 1,230,754 | |
Standex International Corp. | | | 6,815 | | | | 618,121 | |
Trinseo SA | | | 9,315 | | | | 639,940 | |
| | | | | | | | |
| | | | | | | 4,361,452 | |
| | | | | | | | |
| Oil & Gas — 3.4% | |
Callon Petroleum Co.* | | | 155,069 | | | | 1,645,282 | |
Oasis Petroleum, Inc.* | | | 71,969 | | | | 579,350 | |
PDC Energy, Inc.* | | | 25,514 | | | | 1,099,909 | |
Rice Energy, Inc.* | | | 59,812 | | | | 1,592,794 | |
RSP Permian, Inc.* | | | 63,000 | | | | 2,033,010 | |
WPX Energy, Inc.* | | | 135,571 | | | | 1,309,616 | |
| | | | | | | | |
| | | | | | | 8,259,961 | |
| | | | | | | | |
| Oil & Gas Services — 1.5% | |
Basic Energy Services, Inc.* | | | 16,818 | | | | 418,768 | |
C&J Energy Services, Inc.* | | | 28,468 | | | | 975,598 | |
Jagged Peak Energy, Inc.* | | | 46,656 | | | | 622,858 | |
Ncs Multistage Holdings, Inc.* | | | 20,188 | | | | 508,334 | |
SRC Energy, Inc.* | | | 95,821 | | | | 644,875 | |
Thermon Group Holdings, Inc.* | | | 32,112 | | | | 615,587 | |
| | | | | | | | |
| | | | | | | 3,786,020 | |
| | | | | | | | |
| Packaging and Containers — 0.8% | |
Berry Global Group, Inc.* | | | 25,659 | | | | 1,462,820 | |
KapStone Paper and Packaging Corp. | | | 29,178 | | | | 601,942 | |
| | | | | | | | |
| | | | | | | 2,064,762 | |
| | | | | | | | |
| Pharmaceuticals — 0.1% | |
Prestige Brands Holdings, Inc.* | | | 4,693 | | | | 247,837 | |
| | | | | | | | |
| Real Estate — 1.0% | |
Granite Point Mortgage Trust, Inc.* | | | 57,022 | | | | 1,078,856 | |
Kennedy-Wilson Holdings, Inc. | | | 70,464 | | | | 1,342,339 | |
| | | | | | | | |
| | | | | | | 2,421,195 | |
| | | | | | | | |
| Retail — 2.4% | |
Boot Barn Holdings, Inc.* | | | 21,742 | | | | 153,933 | |
Burlington Stores, Inc.* | | | 19,920 | | | | 1,832,441 | |
Jack in the Box, Inc. | | | 6,724 | | | | 662,314 | |
Lithia Motors, Inc. | | | 13,512 | | | | 1,273,236 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | |
Office Depot, Inc. | | | 100,179 | | | $ | 565,009 | |
Party City Holdco, Inc.* | | | 22,941 | | | | 359,027 | |
The Children’s Place, Inc. | | | 7,658 | | | | 781,882 | |
Wingstop, Inc. | | | 9,508 | | | | 293,797 | |
| | | | | | | | |
| | | | | | | 5,921,639 | |
| | | | | | | | |
| Savings & Loans — 2.3% | |
Brookline Bancorp, Inc. | | | 47,980 | | | | 700,508 | |
Flushing Financial Corp. | | | 26,897 | | | | 758,226 | |
OceanFirst Financial Corp. | | | 21,790 | | | | 590,945 | |
Oritani Financial Corp. | | | 21,151 | | | | 360,625 | |
Provident Financial Services, Inc. | | | 38,807 | | | | 984,922 | |
Washington Federal, Inc. | | | 42,470 | | | | 1,410,004 | |
WSFS Financial Corp. | | | 18,767 | | | | 851,083 | |
| | | | | | | | |
| | | | | | | 5,656,313 | |
| | | | | | | | |
| Semiconductors — 2.3% | |
Cree, Inc.* | | | 35,912 | | | | 885,231 | |
Cypress Semiconductor Corp. | | | 79,610 | | | | 1,086,677 | |
Entegris, Inc.* | | | 69,515 | | | | 1,525,854 | |
MKS Instruments, Inc. | | | 11,231 | | | | 755,846 | |
Semtech Corp.* | | | 35,090 | | | | 1,254,468 | |
Silicon Laboratories, Inc.* | | | 2,307 | | | | 157,683 | |
| | | | | | | | |
| | | | | | | 5,665,759 | |
| | | | | | | | |
| Software — 3.3% | |
Allscripts Healthcare Solutions, Inc.* | | | 77,829 | | | | 993,098 | |
Bottomline Technologies, Inc.* | | | 26,826 | | | | 689,160 | |
CommVault Systems, Inc.* | | | 26,813 | | | | 1,513,594 | |
Cornerstone OnDemand, Inc.* | | | 23,711 | | | | 847,668 | |
SYNNEX Corp. | | | 17,372 | | | | 2,083,945 | |
Verint Systems, Inc.* | | | 50,194 | | | | 2,042,896 | |
| | | | | | | | |
| | | | | | | 8,170,361 | |
| | | | | | | | |
| Storage & Warehousing — 0.4% | |
Mobile Mini, Inc. | | | 29,867 | | | | 891,530 | |
| | | | | | | | |
| Telecommunications — 1.4% | |
Anixter International, Inc.* | | | 17,370 | | | | 1,358,334 | |
Extreme Networks, Inc.* | | | 22,733 | | | | 209,599 | |
Finisar Corp.* | | | 21,491 | | | | 558,336 | |
Viavi Solutions, Inc.* | | | 136,504 | | | | 1,437,387 | |
| | | | | | | | |
| | | | | | | 3,563,656 | |
| | | | | | | | |
| Transportation — 2.8% | |
Forward Air Corp. | | | 12,465 | | | | 664,135 | |
Golar LNG Ltd. | | | 76,873 | | | | 1,710,424 | |
Knight Transportation, Inc. | | | 23,964 | | | | 887,866 | |
Marten Transport Ltd. | | | 22,409 | | | | 614,007 | |
Saia, Inc.* | | | 18,788 | | | | 963,825 | |
XPO Logistics, Inc.* | | | 31,516 | | | | 2,036,879 | |
| | | | | | | | |
| | | | | | | 6,877,136 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $172,697,310) | | | | 214,369,607 | |
| | | | | | | | |
106
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 9.0% | | | | | |
| Apartments — 0.0% | |
Mid-America Apartment Communities, Inc. | | | 0 | | | $ | 35 | |
| | | | | | | | |
| Building & Real Estate — 1.9% | |
Blackstone Mortgage Trust, Inc., Class A | | | 52,231 | | | | 1,650,500 | |
PennyMac Mortgage Investment Trust | | | 70,835 | | | | 1,295,572 | |
Two Harbors Investment Corp. | | | 178,511 | | | | 1,769,044 | |
| | | | | | | | |
| | | | | | | 4,715,116 | |
| | | | | | | | |
| Diversified — 0.4% | |
PS Business Parks, Inc. | | | 7,920 | | | | 1,048,529 | |
| | | | | | | | |
| Healthcare — 0.2% | |
National Health Investors, Inc. | | | 6,886 | | | | 545,371 | |
| | | | | | | | |
| Hotels & Resorts — 2.4% | |
Chesapeake Lodging Trust | | | 85,545 | | | | 2,093,286 | |
Pebblebrook Hotel Trust | | | 88,046 | | | | 2,838,603 | |
RLJ Lodging Trust | | | 44,426 | | | | 882,745 | |
| | | | | | | | |
| | | | | | | 5,814,634 | |
| | | | | | | | |
| Industrial — 1.2% | |
CyrusOne, Inc. | | | 35,617 | | | | 1,985,647 | |
Terreno Realty Corp. | | | 26,359 | | | | 887,244 | |
| | | | | | | | |
| | | | | | | 2,872,891 | |
| | | | | | | | |
| Office Property — 0.9% | |
Columbia Property Trust, Inc. | | | 49,330 | | | | 1,104,005 | |
Hudson Pacific Properties, Inc. | | | 31,266 | | | | 1,068,985 | |
| | | | | | | | |
| | | | | | | 2,172,990 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.3% | |
Care Capital Properties, Inc. | | | 25,552 | | | | 682,238 | |
| | | | | | | | |
| Storage & Warehousing — 0.8% | |
Life Storage Inc. | | | 26,985 | | | | 1,999,588 | |
| | | | | | | | |
| Strip Centers — 0.9% | |
Acadia Realty Trust | | | 80,126 | | | | 2,227,503 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $20,157,335) | | | | 22,078,895 | |
| | | | | | | | |
| EXCHANGE TRADED FUNDS — 1.2% | |
iShares Russell 2000 Value ETF
(Cost $3,116,356) | | | 25,678 | | | | 3,052,344 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.1% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $5,261,138) | | | 5,261,138 | | | | 5,261,138 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.4% (Cost $201,232,139) | | | $ | 244,761,984 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.6% | | | | | | | 1,469,804 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 246,231,788 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 214,369,607 | | | $ | 214,369,607 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 22,078,895 | | | | 22,078,895 | | | | — | | | | — | |
EXCHANGE TRADED FUNDS | | | 3,052,344 | | | | 3,052,344 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 5,261,138 | | | | 5,261,138 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 244,761,984 | | | $ | 244,761,984 | | | $ | — | | | $ | — | |
| |
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.
107
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 91.5% | |
| Advertising — 0.0% | |
MDC Partners, Inc., Class A | | | 1,800 | | | $ | 17,820 | |
Yext, Inc.* | | | 800 | | | | 10,664 | |
| | | | | | | | |
| | | | | | | 28,484 | |
| | | | | | | | |
| Aerospace & Defense — 1.1% | |
AAR Corp. | | | 1,269 | | | | 44,110 | |
Aerojet Rocketdyne Holdings, Inc.* | | | 2,440 | | | | 50,752 | |
Aerovironment, Inc.* | | | 718 | | | | 27,428 | |
Astronics Corp.* | | | 779 | | | | 23,736 | |
Cubic Corp. | | | 1,069 | | | | 49,495 | |
Curtiss-Wright Corp. | | | 1,726 | | | | 158,412 | |
Ducommun, Inc.* | | | 400 | | | | 12,632 | |
Esterline Technologies Corp.* | | | 1,040 | | | | 98,592 | |
Kaman Corp. | | | 1,048 | | | | 52,264 | |
KLX, Inc.* | | | 2,100 | | | | 105,000 | |
Kratos Defense & Security Solutions, Inc.* | | | 2,422 | | | | 28,749 | |
Moog, Inc., Class A* | | | 1,291 | | | | 92,591 | |
National Presto Industries, Inc. | | | 146 | | | | 16,133 | |
Triumph Group, Inc. | | | 2,000 | | | | 63,200 | |
| | | | | | | | |
| | | | | | | 823,094 | |
| | | | | | | | |
| Agriculture — 0.3% | |
Alico, Inc. | | | 151 | | | | 4,726 | |
Cadiz, Inc.* | | | 800 | | | | 10,800 | |
Limoneira Co. | | | 600 | | | | 14,178 | |
Tejon Ranch Co.* | | | 688 | | | | 14,200 | |
The Andersons, Inc. | | | 1,132 | | | | 38,658 | |
Universal Corp. | | | 955 | | | | 61,789 | |
Vector Group Ltd. | | | 3,620 | | | | 77,170 | |
| | | | | | | | |
| | | | | | | 221,521 | |
| | | | | | | | |
| Airlines — 0.3% | |
Allegiant Travel Co. | | | 501 | | | | 67,935 | |
Hawaiian Holdings, Inc.* | | | 2,126 | | | | 99,816 | |
SkyWest, Inc. | | | 2,081 | | | | 73,043 | |
| | | | | | | | |
| | | | | | | 240,794 | |
| | | | | | | | |
| Apparel — 0.7% | |
Columbia Sportswear Co. | | | 1,122 | | | | 65,143 | |
Crocs, Inc.* | | | 2,900 | | | | 22,359 | |
Deckers Outdoor Corp.* | | | 1,300 | | | | 88,738 | |
Delta Apparel, Inc.* | | | 300 | | | | 6,654 | |
G-III Apparel Group Ltd.* | | | 1,708 | | | | 42,615 | |
Iconix Brand Group, Inc.* | | | 1,842 | | | | 12,728 | |
Oxford Industries, Inc. | | | 608 | | | | 37,994 | |
Perry Ellis International, Inc.* | | | 414 | | | | 8,056 | |
Sequential Brands Group, Inc.* | | | 1,740 | | | | 6,943 | |
Steven Madden Ltd.* | | | 2,349 | | | | 93,842 | |
Superior Uniform Group, Inc. | | | 500 | | | | 11,175 | |
Unifi, Inc.* | | | 660 | | | | 20,328 | |
Weyco Group, Inc. | | | 400 | | | | 11,152 | |
Wolverine World Wide, Inc. | | | 3,882 | | | | 108,735 | |
| | | | | | | | |
| | | | | | | 536,462 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Auto Manufacturers — 0.2% | |
Navistar International Corp.* | | | 2,000 | | | $ | 52,460 | |
REV Group, Inc. | | | 600 | | | | 16,608 | |
Wabash National Corp. | | | 2,300 | | | | 50,554 | |
| | | | | | | | |
| | | | | | | 119,622 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.2% | |
American Axle & Manufacturing Holdings, Inc.* | | | 3,416 | | | | 53,290 | |
Commercial Vehicle Group, Inc.* | | | 1,000 | | | | 8,450 | |
Cooper Tire & Rubber Co. | | | 2,049 | | | | 73,969 | |
Cooper-Standard Holding, Inc.* | | | 700 | | | | 70,609 | |
Dana, Inc. | | | 5,796 | | | | 129,425 | |
Dorman Products, Inc.* | | | 1,092 | | | | 90,385 | |
Douglas Dynamics, Inc. | | | 900 | | | | 29,610 | |
Gentherm, Inc.* | | | 1,468 | | | | 56,958 | |
Horizon Global Corp.* | | | 718 | | | | 10,311 | |
Meritor, Inc.* | | | 3,045 | | | | 50,577 | |
Miller Industries, Inc. | | | 443 | | | | 11,009 | |
Modine Manufacturing Co.* | | | 2,077 | | | | 34,374 | |
Motorcar Parts of America, Inc.* | | | 700 | | | | 19,768 | |
Spartan Motors, Inc. | | | 1,500 | | | | 13,275 | |
Standard Motor Products, Inc. | | | 900 | | | | 46,998 | |
Superior Industries International, Inc. | | | 1,119 | | | | 22,995 | |
Supreme Industries, Inc., Class A | | | 600 | | | | 9,870 | |
Tenneco, Inc. | | | 2,100 | | | | 121,443 | |
Titan International, Inc. | | | 1,913 | | | | 22,975 | |
Tower International, Inc. | | | 800 | | | | 17,960 | |
| | | | | | | | |
| | | | | | | 894,251 | |
| | | | | | | | |
| Banks — 9.7% | |
1st Source Corp. | | | 688 | | | | 32,983 | |
Access National Corp. | | | 399 | | | | 10,593 | |
ACNB Corp. | | | 300 | | | | 9,150 | |
Allegiance Bancshares, Inc.* | | | 500 | | | | 19,150 | |
American National Bankshares, Inc. | | | 400 | | | | 14,780 | |
Ameris Bancorp | | | 1,447 | | | | 69,745 | |
Ames National Corp. | | | 299 | | | | 9,149 | |
Arrow Financial Corp. | | | 389 | | | | 12,312 | |
Atlantic Capital Bancshares, Inc.* | | | 800 | | | | 15,200 | |
BancFirst Corp. | | | 360 | | | | 34,776 | |
Banco Latinoamericano de Comercio Exterior S.A. | | | 1,110 | | | | 30,392 | |
BancorpSouth, Inc. | | | 3,449 | | | | 105,194 | |
Bank of Commerce Holdings | | | 900 | | | | 9,945 | |
Bank of Marin Bancorp | | | 290 | | | | 17,850 | |
Bank of NT Butterfield & Son Ltd. | | | 2,100 | | | | 71,610 | |
Bankwell Financial Group, Inc. | | | 300 | | | | 9,369 | |
Banner Corp. | | | 1,200 | | | | 67,812 | |
Bar Harbor Bankshares | | | 597 | | | | 18,400 | |
BB&T Corp. | | | 0 | | | | 0 | |
Blue Hills Bancorp, Inc. | | | 1,100 | | | | 19,690 | |
Boston Private Financial Holdings, Inc. | | | 3,358 | | | | 51,545 | |
Bridge Bancorp, Inc. | | | 707 | | | | 23,543 | |
Bryn Mawr Bank Corp. | | | 732 | | | | 31,110 | |
C&F Financial Corp. | | | 200 | | | | 9,380 | |
Cadence BanCorp* | | | 300 | | | | 6,564 | |
108
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Banks — (continued) | |
Camden National Corp. | | | 539 | | | $ | 23,128 | |
Canadian Imperial Bank of Commerce | | | 1 | | | | 59 | |
Capital Bank Financial Corp., Class A | | | 1,013 | | | | 38,578 | |
Capital City Bank Group, Inc. | | | 269 | | | | 5,493 | |
Capstar Financial Holdings, Inc.* | | | 500 | | | | 8,870 | |
Carolina Financial Corp. | | | 500 | | | | 16,160 | |
Cass Information Systems, Inc. | | | 454 | | | | 29,801 | |
Cathay General Bancorp | | | 2,950 | | | | 111,952 | |
CenterState Banks, Inc. | | | 1,932 | | | | 48,030 | |
Central Pacific Financial Corp. | | | 1,300 | | | | 40,911 | |
Central Valley Community Bancorp | | | 400 | | | | 8,864 | |
Century Bancorp, Inc., Class A | | | 69 | | | | 4,388 | |
Chemical Financial Corp. | | | 2,800 | | | | 135,548 | |
Chemung Financial Corp. | | | 200 | | | | 8,176 | |
Citizens & Northern Corp. | | | 356 | | | | 8,281 | |
City Holding Co. | | | 548 | | | | 36,097 | |
Civista Bancshares, Inc. | | | 400 | | | | 8,352 | |
CNB Financial Corp. | | | 474 | | | | 11,362 | |
CoBiz Financial, Inc. | | | 1,700 | | | | 29,580 | |
Codorus Valley Bancorp, Inc. | | | 420 | | | | 11,928 | |
Columbia Banking System, Inc. | | | 2,214 | | | | 88,228 | |
Commerce Union Bancshares, Inc. | | | 400 | | | | 9,548 | |
Community Bank System, Inc. | | | 1,838 | | | | 102,488 | |
Community Financial Corp. | | | 300 | | | | 11,550 | |
Community Trust Bancorp, Inc. | | | 683 | | | | 29,881 | |
ConnectOne Bancorp, Inc. | | | 1,060 | | | | 23,903 | |
County Bancorp, Inc. | | | 300 | | | | 7,200 | |
CU Bancorp* | | | 700 | | | | 25,305 | |
Customers Bancorp, Inc.* | | | 980 | | | | 27,714 | |
CVB Financial Corp. | | | 3,992 | | | | 89,541 | |
Eagle Bancorp, Inc.* | | | 1,173 | | | | 74,251 | |
Enterprise Bancorp, Inc. | | | 313 | | | | 11,124 | |
Enterprise Financial Services Corp. | | | 782 | | | | 31,906 | |
Equity Bancshares, Inc., Class A* | | | 300 | | | | 9,192 | |
Evans Bancorp, Inc. | | | 200 | | | | 7,990 | |
Farmers Capital Bank Corp. | | | 300 | | | | 11,565 | |
Farmers National Banc Corp. | | | 1,100 | | | | 15,950 | |
FB Financial Corp.* | | | 200 | | | | 7,238 | |
Fidelity Southern Corp. | | | 907 | | | | 20,734 | |
Financial Institutions, Inc. | | | 440 | | | | 13,112 | |
First Bancorp | | | 824 | | | | 25,758 | |
First BanCorp Puerto Rico* | | | 6,400 | | | | 37,056 | |
First Bancorp, Inc. | | | 434 | | | | 11,744 | |
First Bancshares, Inc. | | | 300 | | | | 8,280 | |
First Busey Corp. | | | 1,334 | | | | 39,113 | |
First Business Financial Services, Inc. | | | 400 | | | | 9,232 | |
First Citizens BancShares, Inc., Class A | | | 278 | | | | 103,611 | |
First Commonwealth Financial Corp. | | | 3,721 | | | | 47,182 | |
First Community Bancshares, Inc. | | | 626 | | | | 17,121 | |
First Community Financial Partners, Inc. | | | 200 | | | | 2,580 | |
First Connecticut Bancorp, Inc. | | | 659 | | | | 16,903 | |
First Financial Bancorp | | | 2,505 | | | | 69,388 | |
First Financial Bankshares, Inc. | | | 2,452 | | | | 108,378 | |
First Financial Corp. | | | 480 | | | | 22,704 | |
First Foundation, Inc.* | | | 1,200 | | | | 19,716 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | |
First Internet Bancorp | | | 300 | | | $ | 8,415 | |
First Interstate BancSystem, Inc., Class A | | | 988 | | | | 36,738 | |
First Merchants Corp. | | | 1,538 | | | | 61,735 | |
First Mid-Illinois Bancshares, Inc. | | | 300 | | | | 10,272 | |
First Midwest Bancorp, Inc. | | | 4,014 | | | | 93,566 | |
First Northwest Bancorp* | | | 500 | | | | 7,885 | |
Franklin Financial Network, Inc.* | | | 400 | | | | 16,500 | |
Fulton Financial Corp. | | | 6,900 | | | | 131,100 | |
German American Bancorp, Inc. | | | 738 | | | | 25,158 | |
Glacier Bancorp, Inc. | | | 3,121 | | | | 114,260 | |
Great Southern Bancorp, Inc. | | | 471 | | | | 25,199 | |
Great Western Bancorp, Inc. | | | 2,400 | | | | 97,944 | |
Green Bancorp, Inc.* | | | 700 | | | | 13,580 | |
Guaranty Bancorp | | | 700 | | | | 19,040 | |
Hancock Holding Co. | | | 3,372 | | | | 165,228 | |
Hanmi Financial Corp. | | | 1,213 | | | | 34,510 | |
HarborOne Bancorp, Inc.* | | | 600 | | | | 11,976 | |
Heartland Financial USA, Inc. | | | 917 | | | | 43,191 | |
Heritage Commerce Corp. | | | 1,200 | | | | 16,536 | |
Heritage Financial Corp. | | | 1,130 | | | | 29,945 | |
Home BancShares, Inc. | | | 4,828 | | | | 120,217 | |
Hope Bancorp, Inc. | | | 5,067 | | | | 94,500 | |
Horizon Bancorp | | | 900 | | | | 23,715 | |
Howard Bancorp, Inc.* | | | 500 | | | | 9,625 | |
IBERIABANK Corp. | | | 1,946 | | | | 158,599 | |
Independent Bank Corp. | | | 1,071 | | | | 71,382 | |
Independent Bank Corp. | | | 1,000 | | | | 21,750 | |
Independent Bank Group, Inc. | | | 700 | | | | 41,650 | |
International Bancshares Corp. | | | 2,225 | | | | 77,986 | |
Investar Holding Corp. | | | 300 | | | | 6,870 | |
Kearny Financial Corp. | | | 3,176 | | | | 47,164 | |
Lakeland Bancorp, Inc. | | | 1,711 | | | | 32,252 | |
Lakeland Financial Corp. | | | 891 | | | | 40,879 | |
LCNB Corp. | | | 400 | | | | 8,000 | |
LegacyTexas Financial Group, Inc. | | | 1,866 | | | | 71,151 | |
Live Oak Bancshares, Inc. | | | 900 | | | | 21,780 | |
Macatawa Bank Corp. | | | 1,300 | | | | 12,402 | |
MainSource Financial Group, Inc. | | | 921 | | | | 30,863 | |
MB Financial, Inc. | | | 3,084 | | | | 135,819 | |
MBT Financial Corp. | | | 900 | | | | 8,730 | |
Mercantile Bank Corp. | | | 700 | | | | 22,036 | |
Midland States Bancorp, Inc. | | | 600 | | | | 20,112 | |
MidWestOne Financial Group, Inc. | | | 400 | | | | 13,556 | |
National Bankshares, Inc. | | | 319 | | | | 13,015 | |
National Commerce Corp.* | | | 400 | | | | 15,820 | |
NBT Bancorp, Inc. | | | 1,769 | | | | 65,365 | |
Nicolet Bankshares, Inc.* | | | 300 | | | | 16,413 | |
Northeast Bancorp | | | 500 | | | | 10,175 | |
Northrim BanCorp, Inc. | | | 300 | | | | 9,120 | |
Norwood Financial Corp. | | | 200 | | | | 8,450 | |
OFG Bancorp | | | 1,810 | | | | 18,100 | |
Old Line Bancshares, Inc. | | | 400 | | | | 11,272 | |
Old National Bancorp | | | 5,361 | | | | 92,477 | |
Old Second Bancorp, Inc. | | | 800 | | | | 9,240 | |
Opus Bank | | | 700 | | | | 16,940 | |
109
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Banks — (continued) | |
Orrstown Financial Services, Inc. | | | 400 | | | $ | 9,140 | |
Pacific Continental Corp. | | | 862 | | | | 22,024 | |
Pacific Mercantile Bancorp* | | | 800 | | | | 7,040 | |
Paragon Commercial Corp.* | | | 200 | | | | 10,494 | |
Park National Corp. | | | 524 | | | | 54,349 | |
Park Sterling Corp. | | | 2,300 | | | | 27,324 | |
PCSB Financial Corp.* | | | 700 | | | | 11,942 | |
Peapack Gladstone Financial Corp. | | | 636 | | | | 19,900 | |
Penns Woods Bancorp, Inc. | | | 268 | | | | 11,036 | |
People’s Utah Bancorp | | | 600 | | | | 16,080 | |
Peoples Bancorp, Inc. | | | 572 | | | | 18,378 | |
Peoples Financial Services Corp. | | | 300 | | | | 13,119 | |
Pinnacle Financial Partners, Inc. | | | 1 | | | | 38 | |
Preferred Bank | | | 500 | | | | 26,735 | |
Premier Financial Bancorp, Inc. | | | 440 | | | | 9,068 | |
QCR Holdings, Inc. | | | 400 | | | | 18,960 | |
Renasant Corp. | | | 1,635 | | | | 71,515 | |
Republic Bancorp, Inc., Class A | | | 387 | | | | 13,816 | |
Republic First Bancorp, Inc.* | | | 1,700 | | | | 15,725 | |
S&T Bancorp, Inc. | | | 1,259 | | | | 45,148 | |
Sandy Spring Bancorp, Inc. | | | 985 | | | | 40,050 | |
Seacoast Banking Corp of Florida* | | | 1,540 | | | | 37,114 | |
ServisFirst Bancshares, Inc. | | | 1,800 | | | | 66,402 | |
Shore Bancshares, Inc. | | | 600 | | | | 9,870 | |
Sierra Bancorp | | | 312 | | | | 7,660 | |
Simmons First National Corp., Class A | | | 1,200 | | | | 63,480 | |
SmartFinancial, Inc.* | | | 400 | | | | 9,552 | |
South State Corp. | | | 1,158 | | | | 99,241 | |
Southern First Bancshares, Inc.* | | | 300 | | | | 11,115 | |
Southern National Bancorp of Virginia, Inc. | | | 600 | | | | 10,560 | |
Southside Bancshares, Inc. | | | 971 | | | | 33,927 | |
Southwest Bancorp, Inc. | | | 636 | | | | 16,250 | |
State Bank Financial Corp. | | | 1,500 | | | | 40,680 | |
Stock Yards Bancorp, Inc. | | | 767 | | | | 29,836 | |
Stonegate Bank | | | 500 | | | | 23,090 | |
Summit Financial Group, Inc. | | | 400 | | | | 8,800 | |
Sun Bancorp, Inc. | | | 520 | | | | 12,818 | |
Sunshine Bancorp, Inc.* | | | 500 | | | | 10,655 | |
Texas Capital Bancshares, Inc.* | | | 1,973 | | | | 152,710 | |
The Bancorp, Inc.* | | | 1,512 | | | | 11,461 | |
The First of Long Island Corp. | | | 890 | | | | 25,440 | |
Tompkins Financial Corp. | | | 558 | | | | 43,926 | |
Towne Bank | | | 2,232 | | | | 68,746 | |
TriCo Bancshares | | | 904 | | | | 31,776 | |
TriState Capital Holdings, Inc.* | | | 1,000 | | | | 25,200 | |
Triumph Bancorp., Inc.* | | | 500 | | | | 12,275 | |
TrustCo Bank Corp. | | | 3,252 | | | | 25,203 | |
Trustmark Corp. | | | 2,630 | | | | 84,581 | |
UMB Financial Corp. | | | 1,781 | | | | 133,326 | |
Umpqua Holdings Corp. | | | 8,901 | | | | 163,422 | |
Union Bankshares Corp. | | | 1,828 | | | | 61,969 | |
Union Bankshares Inc/Morrisville VT | | | 100 | | | | 4,750 | |
United Bankshares, Inc. | | | 3,957 | | | | 155,106 | |
United Community Banks, Inc. | | | 2,878 | | | | 80,008 | |
Univest Corp. of Pennsylvania | | | 1,087 | | | | 32,556 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | |
Valley National Bancorp | | | 10,035 | | | $ | 118,513 | |
Veritex Holdings, Inc.* | | | 600 | | | | 15,798 | |
Walker & Dunlop, Inc.* | | | 1,100 | | | | 53,713 | |
Washington Trust Bancorp, Inc. | | | 570 | | | | 29,383 | |
WashingtonFirst Bankshares Inc. | | | 420 | | | | 14,503 | |
WesBanco, Inc. | | | 1,624 | | | | 64,205 | |
West Bancorporation, Inc. | | | 778 | | | | 18,400 | |
Westamerica Bancorporation | | | 973 | | | | 54,527 | |
Western New England Bancorp, Inc. | | | 1,000 | | | | 10,150 | |
Wintrust Financial Corp. | | | 2,142 | | | | 163,734 | |
Xenith Bankshares, Inc.* | | | 300 | | | | 9,318 | |
| | | | | | | | |
| | | | | | | 7,400,819 | |
| | | | | | | | |
| Beverages — 0.2% | |
Coca-Cola Bottling Co. Consolidated | | | 174 | | | | 39,823 | |
Craft Brew Alliance, Inc.* | | | 700 | | | | 11,795 | |
Farmer Brothers Co.* | | | 204 | | | | 6,171 | |
MGP Ingredients, Inc. | | | 500 | | | | 25,585 | |
National Beverage Corp. | | | 442 | | | | 41,354 | |
Primo Water Corp.* | | | 1,000 | | | | 12,700 | |
The Boston Beer Co., Inc., Class A* | | | 359 | | | | 47,442 | |
| | | | | | | | |
| | | | | | | 184,870 | |
| | | | | | | | |
| Biotechnology — 3.9% | |
Acceleron Pharma, Inc.* | | | 1,100 | | | | 33,429 | |
Achillion Pharmaceuticals, Inc.* | | | 4,300 | | | | 19,737 | |
Acorda Therapeutics, Inc.* | | | 1,731 | | | | 34,101 | |
Aduro Biotech, Inc.* | | | 1,500 | | | | 17,100 | |
Advaxis, Inc.* | | | 1,000 | | | | 6,490 | |
Agenus, Inc.* | | | 3,200 | | | | 12,512 | |
Alder Biopharmaceuticals, Inc.* | | | 1,900 | | | | 21,755 | |
AMAG Pharmaceuticals, Inc.* | | | 1,456 | | | | 26,790 | |
AnaptysBio, Inc.* | | | 300 | | | | 7,179 | |
Anavex Life Sciences Corp.* | | | 2,000 | | | | 10,640 | |
ANI Pharmaceuticals, Inc.* | | | 300 | | | | 14,040 | |
Ardelyx, Inc.* | | | 1,400 | | | | 7,140 | |
Arena Pharmaceuticals, Inc.* | | | 1,451 | | | | 24,472 | |
Assembly Biosciences, Inc.* | | | 500 | | | | 10,325 | |
Asterias Biotherapeutics, Inc.* | | | 1,300 | | | | 4,615 | |
Atara Biotherapeutics, Inc.* | | | 1,000 | | | | 14,000 | |
Athersys, Inc.* | | | 3,600 | | | | 5,436 | |
Audentes Therapeutics, Inc.* | | | 600 | | | | 11,478 | |
Bellicum Pharmaceuticals, Inc.* | | | 900 | | | | 10,512 | |
BioCryst Pharmaceuticals, Inc.* | | | 2,900 | | | | 16,124 | |
Biohaven Pharmaceutical Holding Co. Ltd.* | | | 400 | | | | 10,000 | |
BioTime, Inc.* | | | 3,100 | | | | 9,765 | |
Bluebird Bio, Inc.* | | | 1,600 | | | | 168,080 | |
Blueprint Medicines Corp.* | | | 1,500 | | | | 76,005 | |
Cambrex Corp.* | | | 1,267 | | | | 75,703 | |
Celldex Therapeutics, Inc.* | | | 3,644 | | | | 9,001 | |
Clearside Biomedical, Inc.* | | | 500 | | | | 4,555 | |
Coherus Biosciences, Inc.* | | | 1,300 | | | | 18,655 | |
Curis, Inc.* | | | 3,600 | | | | 6,804 | |
Cytokinetics, Inc.* | | | 1,400 | | | | 16,940 | |
CytomX Therapeutics, Inc.* | | | 900 | | | | 13,950 | |
Dermira, Inc.* | | | 1,500 | | | | 43,710 | |
110
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Biotechnology — (continued) | |
Dynavax Technologies Corp.* | | | 1,320 | | | $ | 12,738 | |
Edge Therapeutics, Inc.* | | | 800 | | | | 8,208 | |
Editas Medicine, Inc.* | | | 1,300 | | | | 21,814 | |
Emergent BioSolutions, Inc.* | | | 1,258 | | | | 42,659 | |
Enzo Biochem, Inc.* | | | 1,800 | | | | 19,872 | |
Epizyme, Inc.* | | | 1,600 | | | | 24,160 | |
Exact Sciences Corp.* | | | 4,200 | | | | 148,554 | |
Five Prime Therapeutics, Inc.* | | | 1,100 | | | | 33,121 | |
Fortress Biotech, Inc.* | | | 500 | | | | 2,375 | |
Foundation Medicine, Inc.* | | | 518 | | | | 20,590 | |
Genocea Biosciences, Inc.* | | | 1,800 | | | | 9,396 | |
Geron Corp.* | | | 6,550 | | | | 18,143 | |
Halozyme Therapeutics, Inc.* | | | 4,489 | | | | 57,549 | |
Idera Pharmaceuticals, Inc.* | | | 5,700 | | | | 9,804 | |
ImmunoGen, Inc.* | | | 3,263 | | | | 23,200 | |
Immunomedics, Inc.* | | | 3,936 | | | | 34,755 | |
Innoviva, Inc.* | | | 3,400 | | | | 43,520 | |
Inovio Pharmaceuticals, Inc.* | | | 2,500 | | | | 19,600 | |
Insmed, Inc.* | | | 2,300 | | | | 39,468 | |
Intellia Therapeutics, Inc.* | | | 300 | | | | 4,800 | |
Iovance Biotherapeutics, Inc.* | | | 2,500 | | | | 18,375 | |
Karyopharm Therapeutics, Inc.* | | | 800 | | | | 7,240 | |
Kite Pharma, Inc.* | | | 1,900 | | | | 196,973 | |
Lexicon Pharmaceuticals, Inc.* | | | 1,760 | | | | 28,952 | |
Ligand Pharmaceuticals, Inc.* | | | 844 | | | | 102,462 | |
Loxo Oncology, Inc.* | | | 800 | | | | 64,152 | |
MacroGenics, Inc.* | | | 1,300 | | | | 22,763 | |
Merrimack Pharmaceuticals, Inc. | | | 4,500 | | | | 5,580 | |
Momenta Pharmaceuticals, Inc.* | | | 2,682 | | | | 45,326 | |
Myriad Genetics, Inc.* | | | 2,700 | | | | 69,768 | |
NeoGenomics, Inc.* | | | 1,700 | | | | 15,232 | |
NewLink Genetics Corp.* | | | 700 | | | | 5,145 | |
Novavax, Inc.* | | | 10,129 | | | | 11,648 | |
Novelion Therapeutics, Inc.* | | | 1,000 | | | | 9,230 | |
Novus Therapeutics, Inc.* | | | 1 | | | | 4 | |
Omeros Corp.* | | | 1,400 | | | | 27,867 | |
Organovo Holdings, Inc.* | | | 4,900 | | | | 12,887 | |
Otonomy, Inc.* | | | 1,100 | | | | 20,735 | |
Pacific Biosciences of California, Inc.* | | | 3,200 | | | | 11,392 | |
Paratek Pharmaceuticals, Inc.* | | | 900 | | | | 21,690 | |
PDL BioPharma, Inc. | | | 6,217 | | | | 15,356 | |
Pieris Pharmaceuticals, Inc.* | | | 2,200 | | | | 11,132 | |
Prothena Corp. PLC* | | | 1,400 | | | | 75,768 | |
PTC Therapeutics, Inc.* | | | 1,200 | | | | 21,996 | |
Puma Biotechnology, Inc.* | | | 1,100 | | | | 96,140 | |
REGENXBIO, Inc.* | | | 800 | | | | 15,800 | |
Repligen Corp.* | | | 1,300 | | | | 53,872 | |
Retrophin, Inc.* | | | 1,500 | | | | 29,085 | |
Rigel Pharmaceuticals, Inc.* | | | 6,090 | | | | 16,626 | |
RTI Surgical, Inc.* | | | 2,035 | | | | 11,905 | |
Sage Therapeutics, Inc.* | | | 1,400 | | | | 111,496 | |
Sangamo Therapeutics, Inc.* | | | 2,403 | | | | 21,146 | |
Selecta Biosciences, Inc.* | | | 300 | | | | 5,958 | |
Spark Therapeutics, Inc.* | | | 900 | | | | 53,766 | |
Spectrum Pharmaceuticals, Inc.* | | | 3,714 | | | | 27,669 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Biotechnology — (continued) | |
Stemline Therapeutics, Inc.* | | | 400 | | | $ | 3,680 | |
The Medicines Co.* | | | 2,592 | | | | 98,522 | |
Theravance Biopharma, Inc.* | | | 1,500 | | | | 59,760 | |
Ultragenyx Pharmaceutical, Inc.* | | | 1,500 | | | | 93,165 | |
Veracyte Inc.* | | | 800 | | | | 6,664 | |
Versartis, Inc.* | | | 1,200 | | | | 20,940 | |
WaVe Life Sciences Ltd.* | | | 400 | | | | 7,440 | |
XBiotech, Inc.* | | | 800 | | | | 3,760 | |
ZIOPHARM Oncology, Inc.* | | | 4,627 | | | | 28,780 | |
| | | | | | | | |
| | | | | | | 2,943,216 | |
| | | | | | | | |
| Building Materials — 1.6% | |
AAON, Inc. | | | 1,585 | | | | 58,407 | |
Apogee Enterprises, Inc. | | | 1,043 | | | | 59,284 | |
Armstrong Flooring, Inc.* | | | 1,000 | | | | 17,970 | |
Boise Cascade Co.* | | | 1,400 | | | | 42,560 | |
Builders FirstSource, Inc.* | | | 3,473 | | | | 53,206 | |
Caesarstone Ltd.* | | | 1,000 | | | | 35,050 | |
Comfort Systems USA, Inc. | | | 1,527 | | | | 56,652 | |
Continental Building Products, Inc.* | | | 1,500 | | | | 34,950 | |
Forterra, Inc.* | | | 900 | | | | 7,407 | |
Gibraltar Industries, Inc.* | | | 1,201 | | | | 42,816 | |
Griffon Corp. | | | 1,256 | | | | 27,569 | |
JELD-WEN Holding, Inc.* | | | 900 | | | | 29,214 | |
Louisiana-Pacific Corp.* | | | 5,794 | | | | 139,693 | |
LSI Industries, Inc. | | | 1,314 | | | | 11,892 | |
Masonite International Corp.* | | | 1,200 | | | | 90,600 | |
NCI Building Systems, Inc.* | | | 1,264 | | | | 21,109 | |
Patrick Industries, Inc.* | | | 650 | | | | 47,352 | |
PGT Innovations, Inc.* | | | 1,700 | | | | 21,760 | |
Ply Gem Holdings, Inc.* | | | 1,000 | | | | 17,950 | |
Quanex Building Products Corp. | | | 1,425 | | | | 30,139 | |
Simpson Manufacturing Co., Inc. | | | 1,685 | | | | 73,651 | |
Summit Materials, Inc., Class A* | | | 4,249 | | | | 122,673 | |
Trex Co., Inc.* | | | 1,162 | | | | 78,621 | |
Universal Forest Products, Inc. | | | 783 | | | | 68,364 | |
US Concrete, Inc.* | | | 600 | | | | 47,130 | |
| | | | | | | | |
| | | | | | | 1,236,019 | |
| | | | | | | | |
| Chemicals — 1.8% | |
A. Schulman, Inc. | | | 1,188 | | | | 38,016 | |
Aceto Corp. | | | 1,042 | | | | 16,099 | |
AdvanSix, Inc.* | | | 1,200 | | | | 37,488 | |
AgroFresh Solutions, Inc.* | | | 1,400 | | | | 10,052 | |
American Vanguard Corp. | | | 1,078 | | | | 18,595 | |
Balchem Corp. | | | 1,205 | | | | 93,641 | |
Codexis, Inc.* | | | 1,600 | | | | 8,720 | |
CSW Industrials, Inc.* | | | 600 | | | | 23,190 | |
Ferro Corp.* | | | 3,438 | | | | 62,881 | |
GCP Applied Technologies, Inc.* | | | 2,900 | | | | 88,450 | |
H.B. Fuller Co. | | | 1,980 | | | | 101,198 | |
Hawkins, Inc. | | | 449 | | | | 20,811 | |
Ingevity Corp.* | | | 1,700 | | | | 97,580 | |
Innophos Holdings, Inc. | | | 796 | | | | 34,897 | |
Innospec, Inc. | | | 900 | | | | 58,995 | |
Intrepid Potash, Inc.* | | | 3,700 | | | | 8,362 | |
111
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Chemicals — (continued) | |
KMG Chemicals, Inc. | | | 300 | | | $ | 14,601 | |
Kraton Corp.* | | | 1,241 | | | | 42,740 | |
Kronos Worldwide, Inc. | | | 900 | | | | 16,398 | |
Landec Corp.* | | | 1,218 | | | | 18,087 | |
Minerals Technologies, Inc. | | | 1,428 | | | | 104,530 | |
Oil-Dri Corp of America | | | 97 | | | | 4,075 | |
OMNOVA Solutions, Inc.* | | | 1,268 | | | | 12,363 | |
PolyOne Corp. | | | 3,155 | | | | 122,225 | |
Quaker Chemical Corp. | | | 511 | | | | 74,212 | |
Rayonier Advanced Materials, Inc. | | | 1,900 | | | | 29,868 | |
Sensient Technologies Corp. | | | 1,774 | | | | 142,860 | |
Stepan Co. | | | 808 | | | | 70,409 | |
Tronox Ltd., Class A | | | 2,400 | | | | 36,288 | |
| | | | | | | | |
| | | | | | | 1,407,631 | |
| | | | | | | | |
| Coal — 0.2% | |
Arch Coal, Inc. | | | 900 | | | | 61,470 | |
Cloud Peak Energy, Inc.* | | | 2,900 | | | | 10,237 | |
Peabody Energy Corp.* | | | 1,900 | | | | 46,455 | |
SunCoke Energy, Inc.* | | | 2,341 | | | | 25,517 | |
Warrior Met Coal, Inc. | | | 700 | | | | 11,991 | |
Westmoreland Coal Co.* | | | 600 | | | | 2,922 | |
| | | | | | | | |
| | | | | | | 158,592 | |
| | | | | | | | |
| Commercial Services — 5.2% | |
Aaron’s, Inc. | | | 2,500 | | | | 97,250 | |
ABM Industries, Inc. | | | 2,239 | | | | 92,963 | |
Acacia Research Corp.* | | | 1,880 | | | | 7,708 | |
Adtalem Global Education, Inc. | | | 2,500 | | | | 94,875 | |
Alarm.com Holdings, Inc.* | | | 800 | | | | 30,104 | |
Albany Molecular Research, Inc.* | | | 900 | | | | 19,530 | |
American Public Education, Inc.* | | | 755 | | | | 17,856 | |
AMN Healthcare Services, Inc.* | | | 1,909 | | | | 74,546 | |
ARC Document Solutions, Inc.* | | | 1,436 | | | | 5,974 | |
Ascent Capital Group, Inc., Class A* | | | 531 | | | | 8,156 | |
Avis Budget Group, Inc.* | | | 2,900 | | | | 79,083 | |
B. Riley Financial, Inc. | | | 500 | | | | 9,275 | |
Barrett Business Services, Inc. | | | 342 | | | | 19,593 | |
Bridgepoint Education, Inc.* | | | 480 | | | | 7,085 | |
Capella Education Co. | | | 407 | | | | 34,839 | |
CardConnect Corp.* | | | 600 | | | | 9,030 | |
Cardtronics PLC, Class A* | | | 1,763 | | | | 57,932 | |
Care.com, Inc.* | | | 400 | | | | 6,040 | |
Career Education Corp.* | | | 2,300 | | | | 22,080 | |
Carriage Services, Inc. | | | 600 | | | | 16,176 | |
CBIZ, Inc.* | | | 2,140 | | | | 32,100 | |
Collectors Universe, Inc. | | | 400 | | | | 9,940 | |
CorVel Corp.* | | | 362 | | | | 17,177 | |
Cotiviti Holdings, Inc.* | | | 1,000 | | | | 37,140 | |
CPI Card Group, Inc. | | | 800 | | | | 2,280 | |
CRA International, Inc. | | | 274 | | | | 9,952 | |
Cross Country Healthcare, Inc.* | | | 1,084 | | | | 13,994 | |
Deluxe Corp. | | | 1,907 | | | | 132,003 | |
Emerald Expositions Events, Inc. | | | 600 | | | | 13,140 | |
Ennis, Inc. | | | 858 | | | | 16,388 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Commercial Services — (continued) | |
Everi Holdings, Inc.* | | | 2,500 | | | $ | 18,200 | |
EVERTEC, Inc. | | | 2,600 | | | | 44,980 | |
ExlService Holdings, Inc.* | | | 1,300 | | | | 72,254 | |
Forrester Research, Inc. | | | 375 | | | | 14,681 | |
Franklin Covey Co.* | | | 597 | | | | 11,522 | |
FTI Consulting, Inc.* | | | 1,756 | | | | 61,390 | |
Grand Canyon Education, Inc.* | | | 1,856 | | | | 145,529 | |
Great Lakes Dredge & Dock Corp.* | | | 2,751 | | | | 11,829 | |
Green Dot Corp., Class A* | | | 1,800 | | | | 69,354 | |
Healthcare Services Group, Inc. | | | 2,680 | | | | 125,504 | |
HealthEquity, Inc.* | | | 1,900 | | | | 94,677 | |
Heidrick & Struggles International, Inc. | | | 669 | | | | 14,551 | |
Herc Holdings, Inc.* | | | 900 | | | | 35,388 | |
Hertz Global Holdings, Inc.* | | | 2,100 | | | | 24,150 | |
HMS Holdings Corp.* | | | 3,415 | | | | 63,178 | |
Huron Consulting Group, Inc.* | | | 828 | | | | 35,770 | |
ICF International, Inc.* | | | 748 | | | | 35,231 | |
INC Research Holdings, Inc., Class A* | | | 2,100 | | | | 122,850 | |
Information Services Group, Inc.* | | | 1,600 | | | | 6,576 | |
Insperity, Inc. | | | 724 | | | | 51,404 | |
James River Group Holdings Ltd. | | | 600 | | | | 23,838 | |
K12, Inc.* | | | 1,152 | | | | 20,644 | |
Kelly Services, Inc., Class A | | | 1,014 | | | | 22,764 | |
Kforce, Inc. | | | 1,086 | | | | 21,286 | |
Korn/Ferry International | | | 1,990 | | | | 68,715 | |
Landauer, Inc. | | | 380 | | | | 19,874 | |
Laureate Education, Inc.* | | | 1,300 | | | | 22,789 | |
LendingTree, Inc.* | | | 200 | | | | 34,440 | |
Liberty Tax, Inc. | | | 200 | | | | 2,590 | |
LSC Communications, Inc. | | | 1,300 | | | | 27,820 | |
Matthews International Corp., Class A | | | 1,305 | | | | 79,931 | |
MAXIMUS, Inc. | | | 2,588 | | | | 162,086 | |
McGrath RentCorp | | | 953 | | | | 33,002 | |
Medifast, Inc. | | | 331 | | | | 13,727 | |
MoneyGram International, Inc.* | | | 1,378 | | | | 23,771 | |
Monro Muffler Brake, Inc. | | | 1,237 | | | | 51,645 | |
Multi-Color Corp. | | | 567 | | | | 46,267 | |
National Research Corp., Class A | | | 187 | | | | 5,030 | |
Navigant Consulting, Inc.* | | | 1,984 | | | | 39,204 | |
Neff Corp., Class A* | | | 600 | | | | 11,400 | |
On Assignment, Inc.* | | | 1,952 | | | | 105,701 | |
PAREXEL International Corp.* | | | 1,999 | | | | 173,733 | |
Patriot National, Inc.* | | | 400 | | | | 848 | |
Paylocity Holding Corp.* | | | 900 | | | | 40,662 | |
Quad/Graphics, Inc. | | | 1,300 | | | | 29,796 | |
Rent-A-Center, Inc. | | | 1,953 | | | | 22,889 | |
Resources Connection, Inc. | | | 922 | | | | 12,631 | |
RPX Corp.* | | | 2,100 | | | | 29,295 | |
RR Donnelley & Sons Co. | | | 2,700 | | | | 33,858 | |
SEACOR Marine Holdings Inc.* | | | 603 | | | | 12,282 | |
ServiceSource International, Inc.* | | | 2,400 | | | | 9,312 | |
Sotheby’s* | | | 1,441 | | | | 77,338 | |
SP Plus Corp.* | | | 793 | | | | 24,226 | |
Strayer Education, Inc. | | | 400 | | | | 37,288 | |
Team, Inc.* | | | 1,183 | | | | 27,741 | |
112
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Commercial Services — (continued) | |
TeleTech Holdings, Inc. | | | 507 | | | $ | 20,686 | |
The Advisory Board Co.* | | | 1,550 | | | | 79,825 | |
The Brink’s Co. | | | 1,710 | | | | 114,570 | |
The Hackett Group, Inc. | | | 1,116 | | | | 17,298 | |
The Providence Service Corp.* | | | 400 | | | | 20,244 | |
Travelport Worldwide Ltd. | | | 4,700 | | | | 64,672 | |
TriNet Group, Inc.* | | | 1,700 | | | | 55,658 | |
TrueBlue, Inc.* | | | 1,576 | | | | 41,764 | |
Vectrus, Inc.* | | | 300 | | | | 9,696 | |
Viad Corp. | | | 771 | | | | 36,430 | |
Weight Watchers International, Inc.* | | | 1,200 | | | | 40,104 | |
Willdan Group, Inc.* | | | 300 | | | | 9,165 | |
| | | | | | | | |
| | | | | | | 3,931,762 | |
| | | | | | | | |
| Computers — 2.5% | |
3D Systems Corp.* | | | 4,400 | | | | 82,280 | |
A10 Networks, Inc.* | | | 2,000 | | | | 16,880 | |
Agilysys, Inc.* | | | 376 | | | | 3,805 | |
Barracuda Networks, Inc.* | | | 1,000 | | | | 23,060 | |
CACI International, Inc., Class A* | | | 950 | | | | 118,797 | |
Carbonite, Inc.* | | | 800 | | | | 17,440 | |
Convergys Corp. | | | 3,583 | | | | 85,204 | |
Cray, Inc.* | | | 1,599 | | | | 29,422 | |
Diebold Nixdorf, Inc. | | | 3,100 | | | | 86,800 | |
Digimarc Corp.* | | | 300 | | | | 12,045 | |
DMC Global, Inc. | | | 700 | | | | 9,170 | |
Electronics For Imaging, Inc.* | | | 1,824 | | | | 86,421 | |
Engility Holdings, Inc.* | | | 700 | | | | 19,880 | |
EPAM Systems, Inc.* | | | 1,900 | | | | 159,771 | |
Immersion Corp.* | | | 842 | | | | 7,645 | |
Insight Enterprises, Inc.* | | | 1,343 | | | | 53,707 | |
LivePerson, Inc.* | | | 1,925 | | | | 21,175 | |
Lumentum Holdings, Inc.* | | | 2,400 | | | | 136,920 | |
Maxwell Technologies, Inc.* | | | 1,500 | | | | 8,985 | |
Mercury Systems, Inc.* | | | 1,836 | | | | 77,277 | |
Mitek Systems, Inc.* | | | 1,400 | | | | 11,760 | |
MTS Systems Corp. | | | 660 | | | | 34,188 | |
NetScout Systems, Inc.* | | | 3,565 | | | | 122,636 | |
Nutanix, Inc.* | | | 1,400 | | | | 28,210 | |
Presidio, Inc.* | | | 700 | | | | 10,017 | |
Pure Storage, Inc., Class A* | | | 3,600 | | | | 46,116 | |
Qualys, Inc.* | | | 1,100 | | | | 44,880 | |
Quantum Corp.* | | | 1,100 | | | | 8,591 | |
Radisys Corp.* | | | 1,700 | | | | 6,392 | |
Science Applications International Corp. | | | 1,700 | | | | 118,014 | |
Silver Spring Networks, Inc.* | | | 1,500 | | | | 16,920 | |
Stratasys Ltd.* | | | 1,800 | | | | 41,958 | |
Super Micro Computer, Inc.* | | | 1,471 | | | | 36,260 | |
Sykes Enterprises, Inc.* | | | 1,536 | | | | 51,502 | |
Syntel, Inc. | | | 1,360 | | | | 23,066 | |
The Key W Holding Corp.* | | | 2,200 | | | | 20,570 | |
Unisys Corp.* | | | 2,224 | | | | 28,467 | |
USA Technologies, Inc.* | | | 1,800 | | | | 9,360 | |
Varonis Systems, Inc.* | | | 700 | | | | 26,040 | |
VeriFone Systems, Inc.* | | | 4,400 | | | | 79,640 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Computers — (continued) | |
Virtusa Corp.* | | | 1,089 | | | $ | 32,017 | |
Vocera Communications, Inc.* | | | 1,100 | | | | 29,062 | |
| | | | | | | | |
| | | | | | | 1,882,350 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.1% | |
elf Beauty, Inc.* | | | 800 | | | | 21,768 | |
Inter Parfums, Inc. | | | 624 | | | | 22,870 | |
Revlon, Inc., Class A* | | | 570 | | | | 13,509 | |
| | | | | | | | |
| | | | | | | 58,147 | |
| | | | | | | | |
| Distribution & Wholesale — 0.7% | |
Beacon Roofing Supply, Inc.* | | | 2,381 | | | | 116,669 | |
Castle Brands, Inc.* | | | 5,500 | | | | 9,460 | |
Core-Mark Holding Co., Inc. | | | 1,764 | | | | 58,318 | |
Essendant, Inc. | | | 1,519 | | | | 22,527 | |
Fossil Group, Inc.* | | | 1,700 | | | | 17,595 | |
H&E Equipment Services, Inc. | | | 1,159 | | | | 23,655 | |
Huttig Building Products Inc.* | | | 1,500 | | | | 10,515 | |
Nexeo Solutions, Inc.* | | | 1,000 | | | | 8,300 | |
Owens & Minor, Inc. | | | 2,476 | | | | 79,702 | |
ScanSource, Inc.* | | | 981 | | | | 39,534 | |
SiteOne Landscape Supply, Inc.* | | | 1,300 | | | | 67,678 | |
Titan Machinery, Inc.* | | | 523 | | | | 9,404 | |
Triton International Ltd. | | | 1,693 | | | | 56,614 | |
Veritiv Corp.* | | | 500 | | | | 22,500 | |
| | | | | | | | |
| | | | | | | 542,471 | |
| | | | | | | | |
| Diversified Financial Services — 2.4% | |
Aircastle Ltd. | | | 1,976 | | | | 42,978 | |
Altisource Portfolio Solutions SA* | | | 500 | | | | 10,910 | |
Artisan Partners Asset Management, Inc., Class A | | | 1,700 | | | | 52,190 | |
Associated Capital Group, Inc., Class A | | | 262 | | | | 8,908 | |
Blackhawk Network Holdings, Inc.* | | | 2,200 | | | | 95,920 | |
Cohen & Steers, Inc. | | | 817 | | | | 33,121 | |
Cowen Group Inc., Class A* | | | 948 | | | | 15,397 | |
Diamond Hill Investment Group, Inc. | | | 107 | | | | 21,336 | |
Ellie Mae, Inc.* | | | 1,300 | | | | 142,883 | |
Encore Capital Group, Inc.* | | | 997 | | | | 40,029 | |
Enova International, Inc.* | | | 1,029 | | | | 15,281 | |
Evercore Partners, Inc., Class A | | | 1,522 | | | | 107,301 | |
Federal Agricultural Mortgage Corp., Class C | | | 300 | | | | 19,410 | |
Financial Engines, Inc. | | | 2,300 | | | | 84,180 | |
FNFV Group* | | | 2,800 | | | | 44,240 | |
GAIN Capital Holdings, Inc. | | | 1,800 | | | | 11,214 | |
GAMCO Investors, Inc., Class A | | | 262 | | | | 7,755 | |
Greenhill & Co., Inc. | | | 1,100 | | | | 22,110 | |
Hamilton Lane, Inc., Class A | | | 500 | | | | 10,995 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 1,700 | | | | 38,879 | |
Houlihan Lokey, Inc. | | | 1,000 | | | | 34,900 | |
Impac Mortgage Holdings, Inc.* | | | 500 | | | | 7,565 | |
INTL. FCStone, Inc.* | | | 593 | | | | 22,392 | |
Investment Technology Group, Inc. | | | 1,300 | | | | 27,612 | |
KCG Holdings, Inc., Class A* | | | 1,581 | | | | 31,525 | |
Ladder Capital Corp. REIT | | | 2,748 | | | | 36,846 | |
113
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Diversified Financial Services — (continued) | |
Ladenburg Thalmann Financial Services, Inc.* | | | 4,000 | | | $ | 9,760 | |
LendingClub Corp.* | | | 13,400 | | | | 73,834 | |
Marlin Business Services Corp. | | | 200 | | | | 5,030 | |
Moelis & Co., Class A | | | 900 | | | | 34,965 | |
Nationstar Mortgage Holdings, Inc.* | | | 1,300 | | | | 23,257 | |
Nelnet, Inc., Class A | | | 799 | | | | 37,561 | |
NewStar Financial, Inc. | | | 1,300 | | | | 13,650 | |
Ocwen Financial Corp.* | | | 3,800 | | | | 10,222 | |
OM Asset Management PLC | | | 2,400 | | | | 35,664 | |
On Deck Capital, Inc.* | | | 2,200 | | | | 10,252 | |
Oppenheimer Holdings, Inc., Class A | | | 238 | | | | 3,903 | |
PennyMac Financial Service, Class A* | | | 500 | | | | 8,350 | |
PHH Corp.* | | | 1,989 | | | | 27,388 | |
Piper Jaffray Cos. | | | 587 | | | | 35,191 | |
PJT Partners, Inc., Class A | | | 800 | | | | 32,176 | |
PRA Group, Inc.* | | | 1,848 | | | | 70,039 | |
Pzena Investment Management, Inc., Class A | | | 830 | | | | 8,433 | |
R1 RCM, Inc.* | | | 3,900 | | | | 14,625 | |
Regional Management Corp.* | | | 300 | | | | 7,089 | |
Stifel Financial Corp.* | | | 2,506 | | | | 115,226 | |
Teton Advisors, Inc., Class B~ | | | 2 | | | | 0 | |
Virtu Financial, Inc., Class A | | | 1,100 | | | | 19,415 | |
Virtus Investment Partners, Inc. | | | 240 | | | | 26,628 | |
Waddell & Reed Financial, Inc., Class A | | | 3,200 | | | | 60,416 | |
WageWorks, Inc.* | | | 1,500 | | | | 100,800 | |
Westwood Holdings Group, Inc. | | | 311 | | | | 17,631 | |
WisdomTree Investments, Inc. | | | 4,400 | | | | 44,748 | |
World Acceptance Corp.* | | | 262 | | | | 19,626 | |
| | | | | | | | |
| | | | | | | 1,851,756 | |
| | | | | | | | |
| Electric — 1.9% | |
ALLETE, Inc. | | | 1,951 | | | | 139,848 | |
Ameresco, Inc., Class A* | | | 1,100 | | | | 8,470 | |
Atlantic Power Corp.* | | | 4,127 | | | | 9,905 | |
Avista Corp. | | | 2,439 | | | | 103,560 | |
Black Hills Corp. | | | 2,048 | | | | 138,178 | |
Dynegy, Inc.* | | | 4,300 | | | | 35,561 | |
El Paso Electric Co. | | | 1,577 | | | | 81,531 | |
EnerNOC, Inc.* | | | 1,300 | | | | 10,075 | |
Genie Energy Ltd., Class B | | | 800 | | | | 6,096 | |
IDACORP, Inc. | | | 2,001 | | | | 170,785 | |
MGE Energy, Inc. | | | 1,342 | | | | 86,358 | |
NorthWestern Corp. | | | 1,980 | | | | 120,820 | |
NRG Yield, Inc., Class A | | | 1,500 | | | | 25,590 | |
NRG Yield, Inc., Class C | | | 2,500 | | | | 44,000 | |
Ormat Technologies, Inc. | | | 1,500 | | | | 88,020 | |
Otter Tail Corp. | | | 1,592 | | | | 63,043 | |
PNM Resources, Inc. | | | 3,110 | | | | 118,957 | |
Portland General Electric Co. | | | 3,456 | | | | 157,905 | |
Spark Energy, Inc., Class A | | | 400 | | | | 7,520 | |
Unitil Corp. | | | 463 | | | | 22,367 | |
| | | | | | | | |
| | | | | | | 1,438,589 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.0% | |
Advanced Energy Industries, Inc.* | | | 1,593 | | | | 103,051 | |
Belden, Inc. | | | 1,655 | | | | 124,837 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electrical Components & Equipment — (continued) | |
Encore Wire Corp. | | | 771 | | | $ | 32,922 | |
Energous Corp.* | | | 700 | | | | 11,382 | |
EnerSys | | | 1,723 | | | | 124,831 | |
Generac Holdings, Inc.* | | | 2,349 | | | | 84,869 | |
General Cable Corp. | | | 1,900 | | | | 31,065 | |
Graham Corp. | | | 466 | | | | 9,162 | |
Insteel Industries, Inc. | | | 691 | | | | 22,782 | |
Littelfuse, Inc. | | | 878 | | | | 144,870 | |
Novanta, Inc.* | | | 1,300 | | | | 46,800 | |
Powell Industries, Inc. | | | 429 | | | | 13,724 | |
SunPower Corp.* | | | 2,300 | | | | 21,482 | |
Vicor Corp.* | | | 422 | | | | 7,554 | |
| | | | | | | | |
| | | | | | | 779,331 | |
| | | | | | | | |
| Electronics — 2.2% | |
Allied Motion Technologies, Inc. | | | 400 | | | | 10,888 | |
Applied Optoelectronics, Inc.* | | | 700 | | | | 43,253 | |
AVX Corp. | | | 1,600 | | | | 26,144 | |
Badger Meter, Inc. | | | 1,118 | | | | 44,552 | |
Bel Fuse, Inc., Class B | | | 269 | | | | 6,644 | |
Benchmark Electronics, Inc.* | | | 2,077 | | | | 67,087 | |
Brady Corp., Class A | | | 1,857 | | | | 62,952 | |
Control4 Corp.* | | | 1,000 | | | | 19,610 | |
CTS Corp. | | | 1,263 | | | | 27,281 | |
CyberOptics Corp.* | | | 400 | | | | 8,260 | |
Electro Scientific Industries, Inc.* | | | 1,300 | | | | 10,712 | |
ESCO Technologies, Inc. | | | 1,034 | | | | 61,678 | |
FARO Technologies, Inc.* | | | 620 | | | | 23,436 | |
Fitbit, Inc.* | | | 6,800 | | | | 36,108 | |
Fluidigm Corp.* | | | 1,100 | | | | 4,444 | |
GoPro, Inc., Class A* | | | 3,700 | | | | 30,081 | |
II-VI, Inc.* | | | 2,456 | | | | 84,241 | |
IMAX Corp.* | | | 2,400 | | | | 52,800 | |
Itron, Inc.* | | | 1,300 | | | | 88,075 | |
KEMET Corp.* | | | 1,800 | | | | 23,040 | |
Kimball Electronics, Inc.* | | | 933 | | | | 16,841 | |
Mesa Laboratories, Inc. | | | 100 | | | | 14,331 | |
Methode Electronics, Inc. | | | 1,460 | | | | 60,152 | |
NVE Corp. | | | 209 | | | | 16,093 | |
OSI Systems, Inc.* | | | 657 | | | | 49,374 | |
Park Electrochemical Corp. | | | 833 | | | | 15,344 | |
Plexus Corp.* | | | 1,303 | | | | 68,499 | |
Rogers Corp.* | | | 660 | | | | 71,689 | |
Sanmina Corp.* | | | 2,926 | | | | 111,481 | |
Sparton Corp.* | | | 400 | | | | 8,796 | |
Stoneridge, Inc.* | | | 1,273 | | | | 19,617 | |
Tech Data Corp.* | | | 1,400 | | | | 141,400 | |
TTM Technologies, Inc.* | | | 3,629 | | | | 62,999 | |
Vishay Intertechnology, Inc. | | | 5,400 | | | | 89,640 | |
Vishay Precision Group, Inc.* | | | 300 | | | | 5,190 | |
Watts Water Technologies, Inc. | | | 1,117 | | | | 70,594 | |
Woodward, Inc. | | | 2,123 | | | | 143,472 | |
ZAGG, Inc.* | | | 900 | | | | 7,785 | |
| | | | | | | | |
| | | | | | | 1,704,583 | |
| | | | | | | | |
114
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Energy-Alternate Sources — 0.4% | |
Clean Energy Fuels Corp.* | | | 6,800 | | | $ | 17,272 | |
FutureFuel Corp. | | | 1,100 | | | | 16,599 | |
Green Plains, Inc. | | | 1,467 | | | | 30,147 | |
Pacific Ethanol, Inc.* | | | 900 | | | | 5,625 | |
Pattern Energy Group, Inc. | | | 2,600 | | | | 61,984 | |
Plug Power, Inc.* | | | 6,800 | | | | 13,872 | |
Renewable Energy Group, Inc.* | | | 1,600 | | | | 20,720 | |
REX American Resources Corp.* | | | 192 | | | | 18,539 | |
Sunrun, Inc.* | | | 2,700 | | | | 19,224 | |
TerraForm Global, Inc., Class A* | | | 3,600 | | | | 18,180 | |
TerraForm Power, Inc., Class A* | | | 3,000 | | | | 36,000 | |
TPI Composites, Inc.* | | | 400 | | | | 7,392 | |
Vivint Solar, Inc.* | | | 800 | | | | 4,680 | |
| | | | | | | | |
| | | | | | | 270,234 | |
| | | | | | | | |
| |
| Engineering & Construction — 1.4% | |
Aegion Corp.* | | | 1,555 | | | | 34,023 | |
Argan, Inc. | | | 536 | | | | 32,160 | |
Chicago Bridge & Iron Co. NV | | | 3,900 | | | | 76,947 | |
Dycom Industries, Inc.* | | | 1,153 | | | | 103,216 | |
EMCOR Group, Inc. | | | 2,263 | | | | 147,955 | |
Exponent, Inc. | | | 1,040 | | | | 60,632 | |
Granite Construction, Inc. | | | 1,544 | | | | 74,483 | |
Hill International, Inc.* | | | 1,500 | | | | 7,800 | |
IES Holdings, Inc.* | | | 400 | | | | 7,260 | |
KBR, Inc. | | | 5,600 | | | | 85,232 | |
Layne Christensen Co.* | | | 700 | | | | 6,153 | |
MasTec, Inc.* | | | 2,664 | | | | 120,280 | |
McDermott International, Inc.* | | | 11,100 | | | | 79,587 | |
Mistras Group, Inc.* | | | 800 | | | | 17,576 | |
MYR Group, Inc.* | | | 683 | | | | 21,187 | |
NV5 Global, Inc.* | | | 300 | | | | 12,750 | |
Orion Group Holdings, Inc.* | | | 1,137 | | | | 8,493 | |
Sterling Construction Co., Inc.* | | | 1,000 | | | | 13,070 | |
TopBuild Corp.* | | | 1,400 | | | | 74,298 | |
Tutor Perini Corp.* | | | 1,397 | | | | 40,164 | |
VSE Corp. | | | 408 | | | | 18,352 | |
| | | | | | | | |
| | | | | | | 1,041,618 | |
| | | | | | | | |
| Entertainment — 0.9% | |
AMC Entertainment Holdings, Inc., Class A | | | 2,156 | | | | 49,049 | |
Churchill Downs, Inc. | | | 520 | | | | 95,316 | |
Eldorado Resorts, Inc.* | | | 1,800 | | | | 36,000 | |
Eros International PLC* | | | 1,200 | | | | 13,740 | |
Golden Entertainment, Inc.* | | | 500 | | | | 10,355 | |
International Speedway Corp., Class A | | | 1,100 | | | | 41,305 | |
Marriott Vacations Worldwide Corp. | | | 900 | | | | 105,975 | |
National CineMedia, Inc. | | | 2,374 | | | | 17,615 | |
Penn National Gaming, Inc.* | | | 3,200 | | | | 68,480 | |
Pinnacle Entertainment, Inc.* | | | 1,982 | | | | 39,164 | |
RCI Hospitality Holdings, Inc. | | | 400 | | | | 9,536 | |
Reading International, Inc., Class A* | | | 700 | | | | 11,291 | |
Red Rock Resorts, Inc., Class A | | | 2,700 | | | | 63,585 | |
Scientific Games Corp., Class A* | | | 1,900 | | | | 49,590 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Entertainment — (continued) | |
SeaWorld Entertainment, Inc. | | | 2,700 | | | $ | 43,929 | |
Speedway Motorsports, Inc. | | | 316 | | | | 5,773 | |
| | | | | | | | |
| | | | | | | 660,703 | |
| | | | | | | | |
| Environmental Control — 0.7% | |
Advanced Disposal Services, Inc.* | | | 900 | | | | 20,457 | |
Advanced Emissions Solutions, Inc. | | | 800 | | | | 7,328 | |
Aqua Metals, Inc.* | | | 600 | | | | 7,530 | |
AquaVenture Holdings Ltd.* | | | 400 | | | | 6,092 | |
Calgon Carbon Corp. | | | 2,162 | | | | 32,646 | |
Casella Waste Systems, Inc., Class A* | | | 1,500 | | | | 24,615 | |
CECO Environmental Corp. | | | 1,309 | | | | 12,017 | |
Covanta Holding Corp. | | | 4,600 | | | | 60,720 | |
Darling Ingredients, Inc.* | | | 6,567 | | | | 103,365 | |
Energy Recovery, Inc.* | | | 1,500 | | | | 12,435 | |
Heritage-Crystal Clean, Inc.* | | | 600 | | | | 9,540 | |
Hudson Technologies, Inc.* | | | 1,400 | | | | 11,830 | |
MSA Safety, Inc. | | | 1,321 | | | | 107,225 | |
Tetra Tech, Inc. | | | 2,164 | | | | 99,003 | |
U.S. Ecology, Inc. | | | 942 | | | | 47,571 | |
| | | | | | | | |
| | | | | | | 562,374 | |
| | | | | | | | |
| Food — 1.5% | |
Amplify Snack Brands, Inc.* | | | 900 | | | | 8,676 | |
B&G Foods, Inc. | | | 2,572 | | | | 91,563 | |
Cal-Maine Foods, Inc.* | | | 1,246 | | | | 49,342 | |
Calavo Growers, Inc. | | | 651 | | | | 44,951 | |
Dean Foods Co. | | | 3,700 | | | | 62,900 | |
Fresh Del Monte Produce, Inc. | | | 1,316 | | | | 66,998 | |
Hostess Brands, Inc.* | | | 3,100 | | | | 49,910 | |
Ingles Markets, Inc., Class A | | | 604 | | | | 20,113 | |
J&J Snack Foods Corp. | | | 596 | | | | 78,714 | |
John B Sanfilippo & Son, Inc. | | | 300 | | | | 18,933 | |
Lancaster Colony Corp. | | | 733 | | | | 89,880 | |
Lifeway Foods, Inc.* | | | 87 | | | | 813 | |
Nutrisystem, Inc. | | | 1,237 | | | | 64,386 | |
Performance Food Group Co.* | | | 2,800 | | | | 76,720 | |
Sanderson Farms, Inc. | | | 734 | | | | 84,887 | |
Seneca Foods Corp., Class A* | | | 211 | | | | 6,552 | |
Smart & Final Stores, Inc.* | | | 1,100 | | | | 10,010 | |
Snyder’s-Lance, Inc. | | | 3,212 | | | | 111,199 | |
SpartanNash Co. | | | 1,530 | | | | 39,719 | |
SUPERVALU, Inc.* | | | 10,300 | | | | 33,887 | |
The Chefs’ Warehouse, Inc.* | | | 750 | | | | 9,750 | |
Tootsie Roll Industries, Inc. | | | 679 | | | | 23,663 | |
United Natural Foods, Inc.* | | | 1,900 | | | | 69,730 | |
Village Super Market, Inc., Class A | | | 268 | | | | 6,947 | |
Weis Markets, Inc. | | | 366 | | | | 17,831 | |
| | | | | | | | |
| | | | | | | 1,138,074 | |
| | | | | | | | |
| Forest Products & Paper — 0.3% | |
Clearwater Paper Corp.* | | | 678 | | | | 31,697 | |
Deltic Timber Corp. | | | 392 | | | | 29,267 | |
Neenah Paper, Inc. | | | 674 | | | | 54,088 | |
Orchids Paper Products Co. | | | 400 | | | | 5,180 | |
115
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Forest Products & Paper — (continued) | |
P.H. Glatfelter Co. | | | 1,659 | | | $ | 32,417 | |
Schweitzer-Mauduit International, Inc. | | | 1,176 | | | | 43,782 | |
| | | | | | | | |
| | | | | | | 196,431 | |
| | | | | | | | |
| Gas — 1.3% | |
Chesapeake Utilities Corp. | | | 635 | | | | 47,593 | |
Delta Natural Gas Co., Inc. | | | 300 | | | | 9,141 | |
New Jersey Resources Corp. | | | 3,464 | | | | 137,521 | |
Northwest Natural Gas Co. | | | 1,050 | | | | 62,842 | |
ONE Gas, Inc. | | | 2,100 | | | | 146,601 | |
RGC Resources, Inc. | | | 400 | | | | 11,332 | |
South Jersey Industries, Inc. | | | 3,180 | | | | 108,661 | |
Southwest Gas Holdings, Inc. | | | 1,894 | | | | 138,376 | |
Spire, Inc. | | | 1,856 | | | | 129,456 | |
WGL Holdings, Inc. | | | 1,994 | | | | 166,359 | |
| | | | | | | | |
| | | | | | | 957,882 | |
| | | | | | | | |
| Hand & Machine Tools — 0.3% | |
Franklin Electric Co., Inc. | | | 1,870 | | | | 77,418 | |
Hardinge, Inc. | | | 700 | | | | 8,694 | |
Kennametal, Inc. | | | 3,200 | | | | 119,744 | |
Milacron Holdings Corp.* | | | 1,800 | | | | 31,662 | |
| | | | | | | | |
| | | | | | | 237,518 | |
| | | | | | | | |
| Healthcare Products — 3.9% | |
Abaxis, Inc. | | | 829 | | | | 43,954 | |
Accelerate Diagnostics, Inc.* | | | 951 | | | | 26,010 | |
Accuray, Inc.* | | | 2,738 | | | | 13,006 | |
Analogic Corp. | | | 507 | | | | 36,834 | |
AngioDynamics, Inc.* | | | 1,458 | | | | 23,634 | |
AtriCure, Inc.* | | | 1,200 | | | | 29,100 | |
Atrion Corp. | | | 61 | | | | 39,241 | |
AxoGen, Inc.* | | | 1,200 | | | | 20,100 | |
BioTelemetry, Inc.* | | | 1,200 | | | | 40,140 | |
Cantel Medical Corp. | | | 1,475 | | | | 114,917 | |
Cardiovascular Systems, Inc.* | | | 1,300 | | | | 41,899 | |
Cerus Corp.* | | | 3,600 | | | | 9,036 | |
ConforMIS, Inc.* | | | 1,600 | | | | 6,864 | |
CONMED Corp. | | | 1,103 | | | | 56,187 | |
CryoLife, Inc.* | | | 1,399 | | | | 27,910 | |
Cutera, Inc.* | | | 500 | | | | 12,950 | |
Endologix, Inc.* | | | 3,198 | | | | 15,542 | |
Entellus Medical, Inc.* | | | 400 | | | | 6,624 | |
Exactech, Inc.* | | | 509 | | | | 15,168 | |
FONAR Corp.* | | | 400 | | | | 11,100 | |
GenMark Diagnostics, Inc.* | | | 1,700 | | | | 20,111 | |
Genomic Health, Inc.* | | | 709 | | | | 23,078 | |
Glaukos Corp.* | | | 1,100 | | | | 45,617 | |
Globus Medical, Inc., Class A* | | | 2,900 | | | | 96,135 | |
Haemonetics Corp.* | | | 2,046 | | | | 80,797 | |
Halyard Health, Inc.* | | | 1,900 | | | | 74,632 | |
ICU Medical, Inc.* | | | 579 | | | | 99,877 | |
Inogen, Inc.* | | | 700 | | | | 66,794 | |
Insulet Corp.* | | | 2,246 | | | | 115,242 | |
Integer Holdings Corp.* | | | 1,293 | | | | 55,922 | |
Integra LifeSciences Holdings Corp.* | | | 2,452 | | | | 133,659 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — (continued) | |
Intersect ENT, Inc.* | | | 1,100 | | | $ | 30,745 | |
Invacare Corp. | | | 1,190 | | | | 15,708 | |
InVivo Therapeutics Holdings Corp.* | | | 800 | | | | 2,160 | |
iRhythm Technologies, Inc.* | | | 500 | | | | 21,245 | |
K2M Group Holdings, Inc.* | | | 1,600 | | | | 38,976 | |
Lantheus Holdings, Inc.* | | | 1,000 | | | | 17,650 | |
LeMaitre Vascular, Inc. | | | 400 | | | | 12,488 | |
LivaNova PLC* | | | 1,900 | | | | 116,299 | |
Luminex Corp. | | | 1,653 | | | | 34,911 | |
Masimo Corp.* | | | 1,704 | | | | 155,371 | |
Meridian Bioscience, Inc. | | | 1,760 | | | | 27,720 | |
Merit Medical Systems, Inc.* | | | 1,875 | | | | 71,531 | |
MiMedx Group, Inc.* | | | 3,800 | | | | 56,886 | |
NanoString Technologies, Inc.* | | | 600 | | | | 9,924 | |
Natus Medical, Inc.* | | | 1,375 | | | | 51,287 | |
Nevro Corp.* | | | 1,100 | | | | 81,873 | |
Novocure Ltd.* | | | 2,100 | | | | 36,330 | |
NuVasive, Inc.* | | | 2,006 | | | | 154,302 | |
NxStage Medical, Inc.* | | | 2,584 | | | | 64,781 | |
Ocular Therapeutix, Inc.* | | | 700 | | | | 6,489 | |
OraSure Technologies, Inc.* | | | 2,201 | | | | 37,989 | |
Orthofix International NV* | | | 671 | | | | 31,188 | |
Oxford Immunotec Global PLC* | | | 1,000 | | | | 16,820 | |
Penumbra, Inc.* | | | 1,100 | | | | 96,525 | |
Pulse Biosciences, Inc.* | | | 400 | | | | 13,812 | |
Quidel Corp.* | | | 1,051 | | | | 28,524 | |
Rockwell Medical, Inc.* | | | 1,800 | | | | 14,274 | |
STAAR Surgical Co.* | | | 1,400 | | | | 15,120 | |
Surmodics, Inc.* | | | 373 | | | | 10,500 | |
Tactile Systems Technology, Inc.* | | | 400 | | | | 11,432 | |
The Spectranetics Corp.* | | | 1,665 | | | | 63,936 | |
Utah Medical Products, Inc. | | | 100 | | | | 7,240 | |
Varex Imaging Corp.* | | | 1,500 | | | | 50,700 | |
ViewRay, Inc.* | | | 1,100 | | | | 7,117 | |
Wright Medical Group NV* | | | 4,218 | | | | 115,953 | |
| | | | | | | | |
| | | | | | | 2,929,886 | |
| | | | | | | | |
| Healthcare Services — 1.8% | |
AAC Holdings, Inc.* | | | 200 | | | | 1,386 | |
Addus HomeCare Corp.* | | | 400 | | | | 14,880 | |
Almost Family, Inc.* | | | 477 | | | | 29,407 | |
Amedisys, Inc.* | | | 1,106 | | | | 69,468 | |
American Renal Associates Holdings, Inc.* | | | 400 | | | | 7,420 | |
Capital Senior Living Corp.* | | | 1,036 | | | | 15,758 | |
Catalent, Inc.* | | | 4,900 | | | | 171,990 | |
Chemed Corp. | | | 629 | | | | 128,649 | |
Civitas Solutions, Inc.* | | | 400 | | | | 7,000 | |
Community Health Systems, Inc.* | | | 3,600 | | | | 35,856 | |
Genesis Healthcare, Inc.* | | | 1,861 | | | | 3,238 | |
HealthSouth Corp. | | | 3,536 | | | | 171,143 | |
Invitae Corp.* | | | 1,100 | | | | 10,516 | |
Kindred Healthcare, Inc. | | | 3,374 | | | | 39,307 | |
LHC Group, Inc.* | | | 582 | | | | 39,512 | |
Magellan Health, Inc.* | | | 941 | | | | 68,599 | |
Medpace Holdings, Inc.* | | | 300 | | | | 8,700 | |
Molina Healthcare, Inc.* | | | 1,668 | | | | 115,392 | |
116
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Healthcare Services — (continued) | |
Natera, Inc.* | | | 700 | | | $ | 7,602 | |
National HealthCare Corp. | | | 406 | | | | 28,477 | |
RadNet, Inc.* | | | 1,500 | | | | 11,625 | |
Select Medical Holdings Corp.* | | | 4,400 | | | | 67,540 | |
Surgery Partners, Inc.* | | | 700 | | | | 15,925 | |
Teladoc, Inc.* | | | 2,100 | | | | 72,870 | |
Tenet Healthcare Corp.* | | | 3,200 | | | | 61,888 | |
The Ensign Group, Inc. | | | 1,880 | | | | 40,928 | |
Tivity Health, Inc.* | | | 1,558 | | | | 62,086 | |
Triple-S Management Corp., Class B* | | | 1,091 | | | | 18,449 | |
U.S. Physical Therapy, Inc. | | | 491 | | | | 29,656 | |
| | | | | | | | |
| | | | | | | 1,355,267 | |
| | | | | | | | |
| Holding Companies — 0.3% | |
FCB Financial Holdings, Inc., Class A* | | | 1,400 | | | | 66,850 | |
HRG Group, Inc.* | | | 4,875 | | | | 86,336 | |
National Bank Holdings Corp., Class A | | | 1,000 | | | | 33,110 | |
Tiptree Financial, Inc., Class A | | | 1,100 | | | | 7,755 | |
| | | | | | | | |
| | | | | | | 194,051 | |
| | | | | | | | |
| Home Builders — 0.8% | |
Beazer Homes USA, Inc.* | | | 1,424 | | | | 19,537 | |
Cavco Industries, Inc.* | | | 369 | | | | 47,841 | |
Century Communities, Inc.* | | | 500 | | | | 12,400 | |
Foundation Building Materials, Inc.* | | | 500 | | | | 6,430 | |
Green Brick Partners, Inc.* | | | 1,100 | | | | 12,595 | |
Hovnanian Enterprises, Inc., Class A* | | | 4,810 | | | | 13,468 | |
Installed Building Products, Inc.* | | | 800 | | | | 42,360 | |
KB Home | | | 3,400 | | | | 81,498 | |
LGI Homes, Inc.* | | | 600 | | | | 24,108 | |
M/I Homes, Inc.* | | | 836 | | | | 23,868 | |
MDC Holdings, Inc. | | | 1,575 | | | | 55,645 | |
Meritage Homes Corp.* | | | 1,490 | | | | 62,878 | |
Tailored Brands, Inc. | | | 1,956 | | | | 21,829 | |
Taylor Morrison Home Corp., Class A* | | | 2,400 | | | | 57,624 | |
The New Home Co., Inc.* | | | 600 | | | | 6,882 | |
TRI Pointe Group, Inc.* | | | 6,100 | | | | 80,459 | |
William Lyon Homes, Class A* | | | 1,000 | | | | 24,140 | |
Winnebago Industries, Inc. | | | 1,122 | | | | 39,270 | |
| | | | | | | | |
| | | | | | | 632,832 | |
| | | | | | | | |
| Home Furnishings — 0.6% | |
American Woodmark Corp.* | | | 569 | | | | 54,368 | |
Bassett Furniture Industries, Inc. | | | 300 | | | | 11,385 | |
Daktronics, Inc. | | | 1,209 | | | | 11,643 | |
Ethan Allen Interiors, Inc. | | | 1,028 | | | | 33,204 | |
Flexsteel Industries, Inc. | | | 200 | | | | 10,822 | |
Hooker Furniture Corp. | | | 500 | | | | 20,575 | |
iRobot Corp.* | | | 1,082 | | | | 91,040 | |
Kimball International, Inc., Class B | | | 1,244 | | | | 20,762 | |
La-Z-Boy, Inc. | | | 1,962 | | | | 63,765 | |
Select Comfort Corp.* | | | 1,572 | | | | 55,790 | |
Universal Electronics, Inc.* | | | 600 | | | | 40,110 | |
VOXX International Corp.* | | | 1,300 | | | | 10,660 | |
| | | | | | | | |
| | | | | | | 424,124 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hotels & Resorts — 0.1% | |
Caesars Entertainment Corp.* | | | 2,000 | | | $ | 24,000 | |
La Quinta Holdings, Inc.* | | | 3,400 | | | | 50,218 | |
| | | | | | | | |
| | | | | | | 74,218 | |
| | | | | | | | |
| Household Products & Wares — 0.4% | |
ACCO Brands Corp.* | | | 4,393 | | | | 51,178 | |
Central Garden & Pet Co.* | | | 500 | | | | 15,895 | |
Central Garden & Pet Co., Class A* | | | 1,402 | | | | 42,088 | |
CSS Industries, Inc. | | | 412 | | | | 10,778 | |
Helen of Troy Ltd.* | | | 1,095 | | | | 103,040 | |
WD-40 Co. | | | 546 | | | | 60,251 | |
| | | | | | | | |
| | | | | | | 283,230 | |
| | | | | | | | |
| Housewares — 0.0% | |
Libbey, Inc. | | | 800 | | | | 6,448 | |
Lifetime Brands, Inc. | | | 400 | | | | 7,260 | |
| | | | | | | | |
| | | | | | | 13,708 | |
| | | | | | | | |
| Insurance — 3.1% | |
Ambac Financial Group, Inc.* | | | 1,700 | | | | 29,495 | |
American Equity Investment Life Holding Co. | | | 3,476 | | | | 91,349 | |
AMERISAFE, Inc. | | | 708 | | | | 40,321 | |
AmTrust Financial Services, Inc. | | | 3,300 | | | | 49,962 | |
Argo Group International Holdings Ltd. | | | 1,160 | | | | 70,266 | |
Atlas Financial Holdings, Inc.* | | | 400 | | | | 5,960 | |
Baldwin & Lyons, Inc., Class B | | | 325 | | | | 7,963 | |
Blue Capital Reinsurance Holdings Ltd. | | | 300 | | | | 5,490 | |
Citizens, Inc.* | | | 1,466 | | | | 10,819 | |
CNO Financial Group, Inc. | | | 6,693 | | | | 139,750 | |
Crawford & Co., Class B | | | 638 | | | | 5,933 | |
Donegal Group, Inc., Class A | | | 283 | | | | 4,500 | |
eHealth, Inc.* | | | 720 | | | | 13,536 | |
EMC Insurance Group, Inc. | | | 450 | | | | 12,501 | |
Employers Holdings, Inc. | | | 1,282 | | | | 54,229 | |
Enstar Group Ltd.* | | | 374 | | | | 74,295 | |
Essent Group Ltd.* | | | 3,000 | | | | 111,420 | |
FBL Financial Group, Inc., Class A | | | 427 | | | | 26,260 | |
Federated National Holding Co. | | | 500 | | | | 8,000 | |
Fidelity & Guaranty Life | | | 500 | | | | 15,525 | |
Genworth Financial, Inc., Class A* | | | 20,500 | | | | 77,285 | |
Global Indemnity Ltd.* | | | 383 | | | | 14,849 | |
Greenlight Capital Re Ltd., Class A* | | | 1,128 | | | | 23,575 | |
Hallmark Financial Services, Inc.* | | | 255 | | | | 2,874 | |
HCI Group, Inc. | | | 300 | | | | 14,094 | |
Health Insurance Innovations, Inc.* | | | 400 | | | | 9,400 | |
Heritage Insurance Holdings, Inc. | | | 800 | | | | 10,416 | |
Hilltop Holdings, Inc. | | | 2,983 | | | | 78,184 | |
Horace Mann Educators Corp. | | | 1,709 | | | | 64,600 | |
Independence Holding Co. | | | 100 | | | | 2,045 | |
Infinity Property & Casualty Corp. | | | 420 | | | | 39,480 | |
Kemper Corp. | | | 1,500 | | | | 57,900 | |
Kinsale Capital Group, Inc. | | | 600 | | | | 22,386 | |
Maiden Holdings Ltd. | | | 2,768 | | | | 30,725 | |
MBIA, Inc.* | | | 5,500 | | | | 51,865 | |
MGIC Investment Corp.* | | | 14,527 | | | | 162,702 | |
National General Holdings Corp. | | | 2,000 | | | | 42,200 | |
117
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Insurance — (continued) | |
National Western Life Group, Inc., Class A | | | 95 | | | $ | 30,364 | |
NI Holdings, Inc.* | | | 600 | | | | 10,728 | |
NMI Holdings, Inc., Class A* | | | 2,100 | | | | 24,045 | |
OneBeacon Insurance Group Ltd., Class A | | | 900 | | | | 16,407 | |
Primerica, Inc. | | | 1,800 | | | | 136,350 | |
Radian Group, Inc. | | | 8,703 | | | | 142,294 | |
RLI Corp. | | | 1,522 | | | | 83,132 | |
Safety Insurance Group, Inc. | | | 582 | | | | 39,751 | |
Selective Insurance Group, Inc. | | | 2,275 | | | | 113,864 | |
State Auto Financial Corp. | | | 476 | | | | 12,247 | |
State National Cos., Inc. | | | 1,000 | | | | 18,380 | |
Stewart Information Services Corp. | | | 908 | | | | 41,205 | |
The Navigators Group, Inc. | | | 790 | | | | 43,371 | |
Third Point Reinsurance Ltd.* | | | 3,000 | | | | 41,700 | |
Trupanion, Inc.* | | | 600 | | | | 13,428 | |
United Fire Group, Inc. | | | 880 | | | | 38,773 | |
United Insurance Holdings Corp. | | | 800 | | | | 12,584 | |
Universal Insurance Holdings, Inc. | | | 1,251 | | | | 31,525 | |
WMIH Corp.* | | | 8,700 | | | | 10,875 | |
| | | | | | | | |
| | | | | | | 2,343,177 | |
| | | | | | | | |
| Internet — 2.4% | |
1-800-Flowers.com, Inc., Class A* | | | 737 | | | | 7,186 | |
Angie’s List, Inc.* | | | 1,600 | | | | 20,464 | |
Bankrate, Inc.* | | | 1,923 | | | | 24,710 | |
Bazaarvoice, Inc.* | | | 3,500 | | | | 17,325 | |
Blucora, Inc.* | | | 1,496 | | | | 31,715 | |
Boingo Wireless, Inc.* | | | 1,300 | | | | 19,448 | |
Box, Inc., Class A* | | | 3,100 | | | | 56,544 | |
Brightcove, Inc.* | | | 1,200 | | | | 7,440 | |
Cars.com, Inc.* | | | 2,800 | | | | 74,564 | |
Carvana Co.* | | | 600 | | | | 12,282 | |
ChannelAdvisor Corp.* | | | 900 | | | | 10,395 | |
Chegg, Inc.* | | | 3,100 | | | | 38,099 | |
Cogent Communications Holdings, Inc. | | | 1,619 | | | | 64,922 | |
DHI Group, Inc.* | | | 1,863 | | | | 5,310 | |
Endurance International Group Holdings, Inc.* | | | 2,100 | | | | 17,535 | |
ePlus, Inc.* | | | 490 | | | | 36,309 | |
Etsy, Inc.* | | | 4,300 | | | | 64,500 | |
FTD Cos., Inc.* | | | 818 | | | | 16,360 | |
Global Eagle Entertainment, Inc.* | | | 1,500 | | | | 5,340 | |
Global Sources Ltd.* | | | 500 | | | | 10,000 | |
Groupon, Inc.* | | | 13,300 | | | | 51,072 | |
GrubHub, Inc.* | | | 3,400 | | | | 148,240 | |
HealthStream, Inc.* | | | 900 | | | | 23,688 | |
Imperva, Inc.* | | | 1,300 | | | | 62,205 | |
Internap Corp.* | | | 3,100 | | | | 11,377 | |
Limelight Networks, Inc.* | | | 1,172 | | | | 3,387 | |
Liquidity Services, Inc.* | | | 1,035 | | | | 6,572 | |
Meet Group, Inc.* | | | 1,900 | | | | 9,595 | |
New Media Investment Group, Inc. | | | 1,700 | | | | 22,916 | |
NIC, Inc. | | | 2,629 | | | | 49,819 | |
Okta, Inc.* | | | 400 | | | | 9,120 | |
Overstock.com, Inc.* | | | 571 | | | | 9,307 | |
Perficient, Inc.* | | | 1,245 | | | | 23,207 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Internet — (continued) | |
Q2 Holdings, Inc.* | | | 1,100 | | | $ | 40,645 | |
QuinStreet, Inc.* | | | 1,815 | | | | 7,568 | |
Quotient Technology, Inc.* | | | 2,700 | | | | 31,050 | |
Rapid7, Inc.* | | | 800 | | | | 13,464 | |
RealNetworks, Inc.* | | | 515 | | | | 2,230 | |
Reis, Inc. | | | 400 | | | | 8,500 | |
Rightside Group Ltd.* | | | 100 | | | | 1,062 | |
RingCentral, Inc., Class A* | | | 2,400 | | | | 87,720 | |
Safeguard Scientifics, Inc.* | | | 850 | | | | 10,115 | |
Shutterfly, Inc.* | | | 1,390 | | | | 66,025 | |
Shutterstock, Inc.* | | | 800 | | | | 35,264 | |
Stamps.com, Inc.* | | | 562 | | | | 87,040 | |
TechTarget, Inc.* | | | 500 | | | | 5,185 | |
The Rubicon Project, Inc.* | | | 1,200 | | | | 6,168 | |
The Trade Desk Inc., Class A* | | | 700 | | | | 35,077 | |
TrueCar, Inc.* | | | 2,300 | | | | 45,839 | |
Tucows, Inc.* | | | 400 | | | | 21,400 | |
VASCO Data Security International, Inc.* | | | 1,028 | | | | 14,752 | |
VirnetX Holding Corp.* | | | 1,583 | | | | 7,203 | |
Web.com Group, Inc.* | | | 1,500 | | | | 37,950 | |
WebMD Health Corp.* | | | 1,432 | | | | 83,987 | |
XO Group, Inc.* | | | 859 | | | | 15,136 | |
Yelp, Inc.* | | | 3,000 | | | | 90,060 | |
Zendesk, Inc.* | | | 3,800 | | | | 105,564 | |
Zix Corp.* | | | 1,848 | | | | 10,515 | |
| | | | | | | | |
| | | | | | | 1,840,472 | |
| | | | | | | | |
| Investment Companies — 0.1% | |
Arlington Asset Investment Corp., Class A | | | 900 | | | | 12,303 | |
Caesars Acquisition Co., Class A* | | | 1,900 | | | | 36,195 | |
| | | | | | | | |
| | | | | | | 48,498 | |
| | | | | | | | |
| Iron & Steel — 0.6% | |
AK Steel Holding Corp.* | | | 12,000 | | | | 78,840 | |
Allegheny Technologies, Inc. | | | 4,400 | | | | 74,844 | |
Carpenter Technology Corp. | | | 1,800 | | | | 67,374 | |
Cliffs Natural Resources, Inc.* | | | 11,200 | | | | 77,504 | |
Commercial Metals Co. | | | 4,500 | | | | 87,435 | |
Ryerson Holding Corp.* | | | 800 | | | | 7,920 | |
Schnitzer Steel Industries, Inc., Class A | | | 900 | | | | 22,680 | |
TimkenSteel Corp.* | | | 1,400 | | | | 21,518 | |
| | | | | | | | |
| | | | | | | 438,115 | |
| | | | | | | | |
| Leisure Time — 0.7% | |
Acushnet Holdings Corp. | | | 1,100 | | | | 21,824 | |
Callaway Golf Co. | | | 3,946 | | | | 50,430 | |
Camping World Holdings Inc., Class A | | | 600 | | | | 18,510 | |
ClubCorp Holdings, Inc. | | | 2,700 | | | | 35,370 | |
Drive Shack, Inc. | | | 2,400 | | | | 7,560 | |
Escalade, Inc. | | | 600 | | | | 7,860 | |
Fox Factory Holding Corp.* | | | 1,400 | | | | 49,840 | |
Johnson Outdoors, Inc., Class A | | | 200 | | | | 9,642 | |
LCI Industries | | | 891 | | | | 91,238 | |
Liberty TripAdvisor Holdings, Inc., Class A* | | | 2,900 | | | | 33,640 | |
Lindblad Expeditions Holdings Inc.* | | | 700 | | | | 7,350 | |
Malibu Boats, Inc., Class A* | | | 600 | | | | 15,522 | |
118
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Leisure Time — (continued) | |
Marine Products Corp. | | | 88 | | | $ | 1,374 | |
MCBC Holdings, Inc.* | | | 500 | | | | 9,775 | |
Nautilus, Inc.* | | | 1,300 | | | | 24,895 | |
Planet Fitness, Inc., Class A* | | | 3,300 | | | | 77,022 | |
Vista Outdoor, Inc.* | | | 2,200 | | | | 49,522 | |
| | | | | | | | |
| | | | | | | 511,374 | |
| | | | | | | | |
| Lodging — 0.4% | |
Belmond Ltd., Class A* | | | 3,445 | | | | 45,818 | |
Boyd Gaming Corp. | | | 3,400 | | | | 84,354 | |
Century Casinos, Inc.* | | | 1,100 | | | | 8,107 | |
ILG, Inc. | | | 4,116 | | | | 113,149 | |
Intrawest Resorts Holdings, Inc.* | | | 600 | | | | 14,244 | |
Monarch Casino & Resort, Inc.* | | | 485 | | | | 14,671 | |
Red Lion Hotels Corp.* | | | 800 | | | | 5,880 | |
The Marcus Corp. | | | 633 | | | | 19,117 | |
| | | | | | | | |
| | | | | | | 305,340 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.1% | |
Astec Industries, Inc. | | | 798 | | | | 44,297 | |
Babcock & Wilcox Enterprises, Inc.* | | | 1,900 | | | | 22,344 | |
Hyster-Yale Materials Handling, Inc. | | | 344 | | | | 24,166 | |
| | | | | | | | |
| | | | | | | 90,807 | |
| | | | | | | | |
| Machinery — Diversified — 0.8% | |
Alamo Group, Inc. | | | 417 | | | | 37,868 | |
Albany International Corp., Class A | | | 1,132 | | | | 60,449 | |
Altra Industrial Motion Corp. | | | 1,003 | | | | 39,919 | |
Applied Industrial Technologies, Inc. | | | 1,482 | | | | 87,512 | |
Briggs & Stratton Corp. | | | 1,836 | | | | 44,247 | |
Chart Industries, Inc.* | | | 1,177 | | | | 40,877 | |
Columbus McKinnon Corp. | | | 685 | | | | 17,413 | |
DXP Enterprises, Inc.* | | | 522 | | | | 18,009 | |
Gencor Industries, Inc.* | | | 500 | | | | 8,100 | |
Hurco Cos., Inc. | | | 200 | | | | 6,950 | |
Ichor Holdings Ltd.* | | | 600 | | | | 12,096 | |
Intevac, Inc.* | | | 800 | | | | 8,880 | |
Kadant, Inc. | | | 399 | | | | 30,005 | |
Lindsay Corp. | | | 453 | | | | 40,430 | |
NACCO Industries, Inc., Class A | | | 122 | | | | 8,644 | |
SPX FLOW, Inc.* | | | 1,500 | | | | 55,320 | |
Tennant Co. | | | 736 | | | | 54,317 | |
The ExOne Co.* | | | 500 | | | | 5,725 | |
The Gorman-Rupp Co. | | | 751 | | | | 19,128 | |
The Manitowoc Co., Inc.* | | | 5,300 | | | | 31,853 | |
| | | | | | | | |
| | | | | | | 627,742 | |
| | | | | | | | |
| Media — 1.2% | |
Central European Media Enterprises Ltd., Class A* | | | 3,100 | | | | 12,400 | |
Daily Journal Corp.* | | | 41 | | | | 8,457 | |
Entercom Communications Corp., Class A | | | 1,200 | | | | 12,420 | |
Entravision Communications Corp., Class A | | | 2,800 | | | | 18,480 | |
Gannett Co., Inc. | | | 4,800 | | | | 41,856 | |
Gray Television, Inc.* | | | 2,600 | | | | 35,620 | |
Hemisphere Media Group, Inc.* | | | 900 | | | | 10,665 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Media — (continued) | |
Houghton Mifflin Harcourt Co.* | | | 3,900 | | | $ | 47,970 | |
Liberty Media Corp. — Liberty Braves, Class C* | | | 1,300 | | | | 31,161 | |
Liberty Media Corp. — Liberty Braves, Class A* | | | 500 | | | | 11,945 | |
Meredith Corp. | | | 1,500 | | | | 89,175 | |
MSG Networks, Inc., Class A* | | | 2,500 | | | | 56,125 | |
Nexstar Media Group, Inc. | | | 1,750 | | | | 104,624 | |
Saga Communications, Inc., Class A | | | 133 | | | | 6,085 | |
Scholastic Corp. | | | 1,156 | | | | 50,390 | |
Sinclair Broadcast Group, Inc., Class A | | | 2,717 | | | | 89,389 | |
The E.W. Scripps Co., Class A* | | | 2,329 | | | | 41,480 | |
The New York Times Co., Class A | | | 5,121 | | | | 90,642 | |
Time, Inc. | | | 4,300 | | | | 61,705 | |
TiVo Corp. | | | 4,624 | | | | 86,235 | |
tronc, Inc.* | | | 1,100 | | | | 14,179 | |
World Wrestling Entertainment, Inc., Class A | | | 1,314 | | | | 26,766 | |
| | | | | | | | |
| | | | | | | 947,769 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.9% | |
Advanced Drainage Systems, Inc. | | | 1,200 | | | | 24,120 | |
Ampco-Pittsburgh Corp. | | | 500 | | | | 7,375 | |
Atkore International Group, Inc.* | | | 1,300 | | | | 29,315 | |
CIRCOR International, Inc. | | | 635 | | | | 37,706 | |
Global Brass & Copper Holdings, Inc. | | | 700 | | | | 21,385 | |
Haynes International, Inc. | | | 564 | | | | 20,479 | |
L.B. Foster Co., Class A | | | 500 | | | | 10,725 | |
Lawson Products, Inc.* | | | 400 | | | | 8,860 | |
Mueller Industries, Inc. | | | 2,188 | | | | 66,625 | |
Mueller Water Products, Inc., Class A | | | 6,192 | | | | 72,323 | |
NN, Inc. | | | 1,000 | | | | 27,450 | |
Northwest Pipe Co.* | | | 600 | | | | 9,756 | |
Olympic Steel, Inc. | | | 231 | | | | 4,500 | |
Omega Flex, Inc. | | | 59 | | | | 3,800 | |
RBC Bearings, Inc.* | | | 937 | | | | 95,349 | |
Rexnord Corp.* | | | 4,100 | | | | 95,325 | |
Sun Hydraulics Corp. | | | 859 | | | | 36,653 | |
The Eastern Co. | | | 300 | | | | 9,015 | |
TriMas Corp.* | | | 1,795 | | | | 37,426 | |
Worthington Industries, Inc. | | | 1,784 | | | | 89,592 | |
| | | | | | | | |
| | | | | | | 707,779 | |
| | | | | | | | |
| Mining — 0.7% | |
Century Aluminum Co.* | | | 1,754 | | | | 27,327 | |
Coeur Mining, Inc.* | | | 7,528 | | | | 64,590 | |
Compass Minerals International, Inc. | | | 1,300 | | | | 84,890 | |
Fairmount Santrol Holdings, Inc.* | | | 6,100 | | | | 23,790 | |
Ferroglobe Representation & Warranty Insurance Trust Units~ | | | 2,414 | | | | 0 | |
Gold Resource Corp. | | | 2,400 | | | | 9,792 | |
Hecla Mining Co. | | | 15,517 | | | | 79,137 | |
Kaiser Aluminum Corp. | | | 716 | | | | 63,380 | |
Klondex Mines Ltd.* | | | 6,900 | | | | 23,253 | |
Materion Corp. | | | 857 | | | | 32,052 | |
Ring Energy, Inc.* | | | 1,600 | | | | 20,800 | |
Smart Sand, Inc.* | | | 700 | | | | 6,237 | |
United States Lime & Minerals, Inc. | | | 29 | | | | 2,276 | |
119
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Mining — (continued) | |
Uranium Energy Corp.* | | | 5,300 | | | $ | 8,427 | |
US Silica Holdings, Inc. | | | 3,300 | | | | 117,117 | |
| | | | | | | | |
| | | | | | | 563,068 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.7% | |
Actuant Corp., Class A | | | 2,406 | | | | 59,188 | |
American Outdoor Brands Corp.* | | | 2,179 | | | | 48,287 | |
American Railcar Industries, Inc. | | | 400 | | | | 15,320 | |
AZZ, Inc. | | | 976 | | | | 54,461 | |
Barnes Group, Inc. | | | 1,965 | | | | 115,011 | |
Chase Corp. | | | 300 | | | | 32,010 | |
Core Molding Technologies, Inc.* | | | 500 | | | | 10,805 | |
EnPro Industries, Inc. | | | 817 | | | | 58,309 | |
Fabrinet* | | | 1,300 | | | | 55,458 | |
Federal Signal Corp. | | | 2,343 | | | | 40,674 | |
FreightCar America, Inc. | | | 570 | | | | 9,912 | |
GP Strategies Corp.* | | | 400 | | | | 10,560 | |
Handy & Harman Ltd.* | | | 200 | | | | 6,280 | |
Harsco Corp.* | | | 3,200 | | | | 51,520 | |
Hillenbrand, Inc. | | | 2,374 | | | | 85,701 | |
John Bean Technologies Corp. | | | 1,229 | | | | 120,442 | |
Koppers Holdings, Inc.* | | | 820 | | | | 29,643 | |
LSB Industries, Inc.* | | | 749 | | | | 7,737 | |
Lydall, Inc.* | | | 600 | | | | 31,020 | |
Movado Group, Inc. | | | 460 | | | | 11,615 | |
Myers Industries, Inc. | | | 625 | | | | 11,219 | |
NL Industries, Inc.* | | | 90 | | | | 635 | |
Park-Ohio Holdings Corp. | | | 400 | | | | 15,240 | |
Proto Labs, Inc.* | | | 1,000 | | | | 67,250 | |
Raven Industries, Inc. | | | 1,346 | | | | 44,822 | |
SPX Corp.* | | | 1,700 | | | | 42,772 | |
Standex International Corp. | | | 500 | | | | 45,350 | |
Sturm Ruger & Co., Inc. | | | 719 | | | | 44,686 | |
Tredegar Corp. | | | 1,061 | | | | 16,180 | |
Trinseo SA | | | 1,700 | | | | 116,790 | |
| | | | | | | | |
| | | | | | | 1,258,897 | |
| | | | | | | | |
| Office & Business Equipment — 0.0% | |
Eastman Kodak Co.* | | | 800 | | | | 7,280 | |
| | | | | | | | |
| Office Furnishings — 0.4% | |
Herman Miller, Inc. | | | 2,432 | | | | 73,933 | |
HNI Corp. | | | 1,843 | | | | 73,480 | |
Interface, Inc. | | | 2,595 | | | | 50,992 | |
Knoll, Inc. | | | 1,953 | | | | 39,158 | |
Steelcase, Inc., Class A | | | 3,531 | | | | 49,434 | |
| | | | | | | | |
| | | | | | | 286,997 | |
| | | | | | | | |
| Oil & Gas — 1.5% | |
Abraxas Petroleum Corp.* | | | 4,100 | | | | 6,642 | |
Adams Resources & Energy, Inc. | | | 100 | | | | 4,108 | |
Alon USA Energy, Inc. | | | 1,352 | | | | 18,009 | |
Atwood Oceanics, Inc.* | | | 3,000 | | | | 24,450 | |
Bill Barrett Corp.* | | | 2,025 | | | | 6,217 | |
Bonanza Creek Energy, Inc.* | | | 800 | | | | 25,368 | |
California Resources Corp.* | | | 1,400 | | | | 11,970 | |
Callon Petroleum Co.* | | | 7,400 | | | | 78,514 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Oil & Gas — (continued) | |
Carrizo Oil & Gas, Inc.* | | | 2,365 | | | $ | 41,198 | |
Cobalt International Energy, Inc.* | | | 0 | | | | 1 | |
Contango Oil & Gas Co.* | | | 703 | | | | 4,668 | |
CVR Energy, Inc. | | | 700 | | | | 15,232 | |
Delek US Holdings, Inc. | | | 2,498 | | | | 66,047 | |
Denbury Resources, Inc.* | | | 14,400 | | | | 22,032 | |
Diamond Offshore Drilling, Inc.* | | | 2,500 | | | | 27,075 | |
Eclipse Resources Corp.* | | | 1,400 | | | | 4,004 | |
Energy XXI Gulf Coast, Inc.* | | | 1,200 | | | | 22,284 | |
Ensco PLC, Class A | | | 11,900 | | | | 61,404 | |
EP Energy Corp., Class A* | | | 1,800 | | | | 6,588 | |
Evolution Petroleum Corp. | | | 1,200 | | | | 9,720 | |
Gastar Exploration, Inc.* | | | 10,700 | | | | 9,908 | |
Halcon Resources Corp.* | | | 2,400 | | | | 10,896 | |
Isramco, Inc.* | | | 21 | | | | 2,402 | |
Jagged Peak Energy, Inc.* | | | 1,000 | | | | 13,350 | |
Jones Energy, Inc., Class A* | | | 3,262 | | | | 5,220 | |
Lilis Energy, Inc.* | | | 1,700 | | | | 8,330 | |
Matador Resources Co.* | | | 3,700 | | | | 79,069 | |
Midstates Petroleum Co. Inc.* | | | 700 | | | | 8,869 | |
Noble Corp. PLC | | | 9,500 | | | | 34,390 | |
Oasis Petroleum, Inc.* | | | 9,600 | | | | 77,280 | |
Panhandle Oil and Gas, Inc., Class A | | | 634 | | | | 14,645 | |
Par Pacific Holdings, Inc.* | | | 1,318 | | | | 23,777 | |
Parker Drilling Co.* | | | 5,217 | | | | 7,043 | |
PDC Energy, Inc.* | | | 2,612 | | | | 112,603 | |
Penn Virginia Corp.* | | | 600 | | | | 22,050 | |
Resolute Energy Corp.* | | | 800 | | | | 23,816 | |
Rowan Cos PLC, Class A* | | | 4,600 | | | | 47,104 | |
Sanchez Energy Corp.* | | | 2,700 | | | | 19,386 | |
SandRidge Energy, Inc.* | | | 1,400 | | | | 24,094 | |
SilverBow Resources, Inc.* | | | 300 | | | | 7,848 | |
Stone Energy Corp.* | | | 800 | | | | 14,704 | |
Trecora Resources* | | | 1,000 | | | | 11,250 | |
Ultra Petroleum Corp.* | | | 7,600 | | | | 82,460 | |
Unit Corp.* | | | 2,100 | | | | 39,333 | |
W&T Offshore, Inc.* | | | 1,643 | | | | 3,220 | |
WildHorse Resource Development Corp.* | | | 1,100 | | | | 13,607 | |
| | | | | | | | |
| | | | | | | 1,172,185 | |
| | | | | | | | |
| Oil & Gas Services — 1.1% | |
Archrock, Inc. | | | 2,600 | | | | 29,640 | |
Basic Energy Services, Inc.* | | | 700 | | | | 17,430 | |
C&J Energy Services, Inc.* | | | 1,800 | | | | 61,686 | |
CARBO Ceramics, Inc.* | | | 800 | | | | 5,480 | |
Dril-Quip, Inc.* | | | 1,500 | | | | 73,200 | |
Exterran Corp.* | | | 1,300 | | | | 34,710 | |
Flotek Industries, Inc.* | | | 2,000 | | | | 17,880 | |
Forum Energy Technologies, Inc.* | | | 2,700 | | | | 42,120 | |
Frank’s International N.V. | | | 1,900 | | | | 15,751 | |
Geospace Technologies Corp.* | | | 476 | | | | 6,583 | |
Helix Energy Solutions Group, Inc.* | | | 6,001 | | | | 33,846 | |
Independence Contract Drilling, Inc.* | | | 1,100 | | | | 4,279 | |
Keane Group, Inc.* | | | 1,500 | | | | 24,000 | |
Key Energy Services, Inc.* | | | 400 | | | | 7,696 | |
Mammoth Energy Services, Inc.* | | | 500 | | | | 9,300 | |
120
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Oil & Gas Services — (continued) | |
Matrix Service Co.* | | | 987 | | | $ | 9,228 | |
MRC Global, Inc.* | | | 3,700 | | | | 61,124 | |
Natural Gas Services Group, Inc.* | | | 594 | | | | 14,761 | |
NCS Multistage Holdings, Inc.* | | | 400 | | | | 10,072 | |
Newpark Resources, Inc.* | | | 3,512 | | | | 25,813 | |
NOW, Inc.* | | | 4,300 | | | | 69,144 | |
Oil States International, Inc.* | | | 2,100 | | | | 57,015 | |
Pioneer Energy Services Corp.* | | | 2,650 | | | | 5,433 | |
ProPetro Holding Corp.* | | | 1,000 | | | | 13,960 | |
SEACOR Holdings, Inc.* | | | 600 | | | | 20,580 | |
SRC Energy, Inc.* | | | 7,600 | | | | 51,148 | |
Superior Energy Services, Inc.* | | | 6,000 | | | | 62,580 | |
Tesco Corp.* | | | 1,400 | | | | 6,230 | |
TETRA Technologies, Inc.* | | | 5,379 | | | | 15,007 | |
Thermon Group Holdings, Inc.* | | | 1,100 | | | | 21,087 | |
Willbros Group, Inc.* | | | 2,600 | | | | 6,422 | |
| | | | | | | | |
| | | | | | | 833,205 | |
| | | | | | | | |
| Packaging and Containers — 0.2% | |
Berry Global Group, Inc.* | | | 0 | | | | 0 | |
Greif, Inc., Class B | | | 200 | | | | 12,080 | |
Greif, Inc., Class A | | | 1,000 | | | | 55,780 | |
KapStone Paper and Packaging Corp. | | | 3,240 | | | | 66,841 | |
UFP Technologies, Inc.* | | | 300 | | | | 8,490 | |
| | | | | | | | |
| | | | | | | 143,191 | |
| | | | | | | | |
| Pharmaceuticals — 3.5% | |
AcelRx Pharmaceuticals, Inc.* | | | 1,000 | | | | 2,150 | |
Achaogen, Inc.* | | | 1,100 | | | | 23,903 | |
Aclaris Therapeutics, Inc.* | | | 800 | | | | 21,696 | |
Adamas Pharmaceuticals, Inc.* | | | 700 | | | | 12,243 | |
Aerie Pharmaceuticals, Inc.* | | | 1,200 | | | | 63,060 | |
Aimmune Therapeutics, Inc.* | | | 1,100 | | | | 22,616 | |
Akebia Therapeutics, Inc.* | | | 1,200 | | | | 17,244 | |
Amicus Therapeutics, Inc.* | | | 5,600 | | | | 56,392 | |
Amphastar Pharmaceuticals, Inc.* | | | 1,400 | | | | 25,004 | |
Anika Therapeutics, Inc.* | | | 500 | | | | 24,670 | |
Antares Pharma, Inc.* | | | 5,600 | | | | 18,032 | |
Anthera Pharmaceuticals Inc.* | | | 1 | | | | 1 | |
Aratana Therapeutics, Inc.* | | | 900 | | | | 6,507 | |
Array BioPharma, Inc.* | | | 6,948 | | | | 58,155 | |
Avexis, Inc.* | | | 800 | | | | 65,728 | |
Axovant Sciences Ltd.* | | | 1,200 | | | | 27,828 | |
BioScrip, Inc.* | | | 4,411 | | | | 11,976 | |
BioSpecifics Technologies Corp.* | | | 200 | | | | 9,902 | |
Calithera Biosciences, Inc.* | | | 1,200 | | | | 17,820 | |
Cara Therapeutics, Inc.* | | | 800 | | | | 12,312 | |
Catalyst Pharmaceuticals, Inc.* | | | 2,800 | | | | 7,728 | |
Cempra, Inc.* | | | 1,800 | | | | 8,280 | |
ChemoCentryx, Inc.* | | | 1,000 | | | | 9,360 | |
Chimerix, Inc.* | | | 1,700 | | | | 9,265 | |
Clovis Oncology, Inc.* | | | 1,500 | | | | 140,445 | |
Collegium Pharmaceutical, Inc.* | | | 400 | | | | 5,004 | |
Concert Pharmaceuticals, Inc.* | | | 500 | | | | 6,975 | |
Corbus Pharmaceuticals Holdings Inc.* | | | 1,700 | | | | 10,710 | |
Corcept Therapeutics, Inc.* | | | 3,600 | | | | 42,480 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Pharmaceuticals — (continued) | |
Depomed, Inc.* | | | 2,283 | | | $ | 24,519 | |
Diplomat Pharmacy, Inc.* | | | 1,900 | | | | 28,120 | |
Durect Corp.* | | | 3,500 | | | | 5,460 | |
Eagle Pharmaceuticals, Inc.* | | | 300 | | | | 23,667 | |
Enanta Pharmaceuticals, Inc.* | | | 600 | | | | 21,588 | |
Esperion Therapeutics, Inc.* | | | 500 | | | | 23,140 | |
FibroGen, Inc.* | | | 2,200 | | | | 71,060 | |
Flexion Therapeutics, Inc.* | | | 1,200 | | | | 24,264 | |
Global Blood Therapeutics, Inc.* | | | 1,400 | | | | 38,290 | |
Heron Therapeutics, Inc.* | | | 1,900 | | | | 26,315 | |
Heska Corp.* | | | 200 | | | | 20,414 | |
Horizon Pharma PLC* | | | 6,500 | | | | 77,155 | |
Ignyta, Inc.* | | | 1,600 | | | | 16,560 | |
Immune Design Corp.* | | | 400 | | | | 3,900 | |
Impax Laboratories, Inc.* | | | 2,837 | | | | 45,676 | |
Infinity Pharmaceuticals, Inc.* | | | 528 | | | | 829 | |
Insys Therapeutics, Inc.* | | | 800 | | | | 10,120 | |
Intra-Cellular Therapies, Inc.* | | | 1,400 | | | | 17,388 | |
Ironwood Pharmaceuticals, Inc.* | | | 5,161 | | | | 97,440 | |
Jounce Therapeutics, Inc.* | | | 400 | | | | 5,612 | |
Keryx Biopharmaceuticals, Inc.* | | | 3,500 | | | | 25,305 | |
Kindred Biosciences, Inc.* | | | 1,400 | | | | 12,040 | |
La Jolla Pharmaceutical Co.* | | | 700 | | | | 20,839 | |
Lannett Co., Inc.* | | | 997 | | | | 20,339 | |
MannKind Corp.* | | | 1 | | | | 1 | |
MediciNova, Inc.* | | | 1,400 | | | | 7,364 | |
Minerva Neurosciences, Inc.* | | | 800 | | | | 7,080 | |
MyoKardia, Inc.* | | | 500 | | | | 6,550 | |
NantKwest, Inc.* | | | 800 | | | | 6,072 | |
Natural Grocers by Vitamin Cottage, Inc.* | | | 400 | | | | 3,308 | |
Natural Health Trends Corp. | | | 300 | | | | 8,355 | |
Nature’s Sunshine Products, Inc. | | | 200 | | | | 2,650 | |
Nektar Therapeutics* | | | 5,533 | | | | 108,170 | |
Neogen Corp.* | | | 1,402 | | | | 96,892 | |
Neos Therapeutics, Inc.* | | | 400 | | | | 2,920 | |
Nutraceutical International Corp. | | | 396 | | | | 16,493 | |
Omega Protein Corp. | | | 1,000 | | | | 17,900 | |
Pacira Pharmaceuticals, Inc.* | | | 1,600 | | | | 76,320 | |
PharMerica Corp.* | | | 1,220 | | | | 32,025 | |
Phibro Animal Health Corp., Class A | | | 700 | | | | 25,935 | |
Portola Pharmaceuticals, Inc.* | | | 1,900 | | | | 106,723 | |
PRA Health Sciences, Inc.* | | | 1,500 | | | | 112,515 | |
Prestige Brands Holdings, Inc.* | | | 2,072 | | | | 109,422 | |
Progenics Pharmaceuticals, Inc.* | | | 2,601 | | | | 17,661 | |
Protagonist Therapeutics, Inc.* | | | 400 | | | | 4,524 | |
Ra Pharmaceuticals, Inc.* | | | 500 | | | | 9,370 | |
Radius Health, Inc.* | | | 1,500 | | | | 67,845 | |
Reata Pharmaceuticals, Inc., Class A* | | | 300 | | | | 9,492 | |
Revance Therapeutics, Inc.* | | | 700 | | | | 18,480 | |
Sarepta Therapeutics, Inc.* | | | 1,900 | | | | 64,049 | |
SciClone Pharmaceuticals, Inc.* | | | 2,277 | | | | 25,047 | |
Seres Therapeutics, Inc.* | | | 800 | | | | 9,040 | |
Sucampo Pharmaceuticals, Inc., Class A* | | | 871 | | | | 9,146 | |
Supernus Pharmaceuticals, Inc.* | | | 1,900 | | | | 81,890 | |
Synergy Pharmaceuticals, Inc.* | | | 7,600 | | | | 33,820 | |
121
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Pharmaceuticals — (continued) | |
Syros Pharmaceuticals, Inc.* | | | 500 | | | $ | 8,045 | |
Teligent, Inc.* | | | 1,800 | | | | 16,470 | |
Tetraphase Pharmaceuticals, Inc.* | | | 1,200 | | | | 8,556 | |
TG Therapeutics, Inc.* | | | 2,000 | | | | 20,100 | |
TherapeuticsMD, Inc.* | | | 5,900 | | | | 31,093 | |
Trevena, Inc.* | | | 2,000 | | | | 4,600 | |
USANA Health Sciences, Inc.* | | | 448 | | | | 28,717 | |
Vanda Pharmaceuticals, Inc.* | | | 1,441 | | | | 23,488 | |
Voyager Therapeutics, Inc.* | | | 300 | | | | 2,688 | |
Xencor, Inc.* | | | 1,300 | | | | 27,443 | |
Zogenix, Inc.* | | | 1,175 | | | | 17,037 | |
Zynerba Pharmaceuticals, Inc.* | | | 400 | | | | 6,788 | |
| | | | | | | | |
| | | | | | | 2,689,610 | |
| | | | | | | | |
| Pipelines — 0.2% | |
Primoris Services Corp. | | | 1,490 | | | | 37,161 | |
SemGroup Corp., Class A | | | 2,700 | | | | 72,900 | |
Tellurian, Inc.* | | | 2,200 | | | | 22,066 | |
| | | | | | | | |
| | | | | | | 132,127 | |
| | | | | | | | |
| Publishing / Newspapers — 0.1% | |
Cimpress NV* | | | 1,000 | | | | 94,530 | |
| | | | | | | | |
| Real Estate — 0.6% | |
Alexander & Baldwin, Inc. | | | 1,800 | | | | 74,484 | |
AV Homes, Inc.* | | | 595 | | | | 11,930 | |
Community Healthcare Trust, Inc. | | | 600 | | | | 15,354 | |
Consolidated-Tomoka Land Co. | | | 124 | | | | 7,062 | |
Farmland Partners, Inc. | | | 1,400 | | | | 12,516 | |
Forestar Group, Inc.* | | | 1,463 | | | | 25,090 | |
Four Corners Property Trust, Inc. | | | 2,500 | | | | 62,775 | |
FRP Holdings, Inc.* | | | 169 | | | | 7,799 | |
HFF, Inc., Class A* | | | 1,500 | | | | 52,155 | |
Kennedy-Wilson Holdings, Inc. | | | 3,281 | | | | 62,503 | |
KKR Real Estate Finance Trust Inc. | | | 400 | | | | 8,600 | |
Marcus & Millichap, Inc.* | | | 500 | | | | 13,180 | |
RE/MAX Holdings, Inc., Class A | | | 700 | | | | 39,235 | |
Stratus Properties, Inc. | | | 300 | | | | 8,820 | |
The RMR Group, Inc., Class A | | | 267 | | | | 12,990 | |
The St. Joe Co.* | | | 2,100 | | | | 39,375 | |
Trinity Place Holdings, Inc.* | | | 900 | | | | 6,399 | |
| | | | | | | | |
| | | | | | | 460,267 | |
| | | | | | | | |
| Retail — 4.6% | |
Abercrombie & Fitch Co., Class A | | | 2,800 | | | | 34,832 | |
America’s Car-Mart, Inc.* | | | 227 | | | | 8,830 | |
American Eagle Outfitters, Inc. | | | 6,700 | | | | 80,735 | |
Asbury Automotive Group, Inc.* | | | 649 | | | | 36,701 | |
Ascena Retail Group, Inc.* | | | 6,713 | | | | 14,433 | |
At Home Group, Inc.* | | | 100 | | | | 2,329 | |
Barnes & Noble Education, Inc.* | | | 1,737 | | | | 18,464 | |
Barnes & Noble, Inc. | | | 2,600 | | | | 19,760 | |
Big 5 Sporting Goods Corp. | | | 581 | | | | 7,582 | |
Big Lots, Inc. | | | 1,800 | | | | 86,940 | |
Biglari Holdings, Inc.* | | | 40 | | | | 15,990 | |
BJ’s Restaurants, Inc.* | | | 920 | | | | 34,270 | |
Bloomin’ Brands, Inc. | | | 4,100 | | | | 87,043 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Retail — (continued) | |
BMC Stock Holdings, Inc.* | | | 2,300 | | | $ | 50,255 | |
Bob Evans Farms, Inc. | | | 842 | | | | 60,481 | |
Bojangles’, Inc.* | | | 500 | | | | 8,125 | |
Boot Barn Holdings, Inc.* | | | 400 | | | | 2,832 | |
Brinker International, Inc. | | | 1,900 | | | | 72,390 | |
Buffalo Wild Wings, Inc.* | | | 647 | | | | 81,975 | |
Build-A-Bear Workshop, Inc.* | | | 700 | | | | 7,315 | |
Caleres, Inc. | | | 1,654 | | | | 45,948 | |
Carrols Restaurant Group, Inc.* | | | 1,113 | | | | 13,634 | |
Chico’s FAS, Inc. | | | 5,300 | | | | 49,926 | |
Chuy’s Holdings, Inc.* | | | 600 | | | | 14,040 | |
Citi Trends, Inc. | | | 503 | | | | 10,674 | |
Conn’s, Inc.* | | | 704 | | | | 13,446 | |
Cracker Barrel Old Country Store, Inc. | | | 724 | | | | 121,089 | |
Dave & Buster’s Entertainment, Inc.* | | | 1,600 | | | | 106,416 | |
Del Frisco’s Restaurant Group, Inc.* | | | 1,000 | | | | 16,100 | |
Del Taco Restaurants, Inc.* | | | 1,100 | | | | 15,125 | |
Denny’s Corp.* | | | 2,752 | | | | 32,391 | |
Dillard’s, Inc., Class A | | | 600 | | | | 34,614 | |
DineEquity, Inc. | | | 671 | | | | 29,558 | |
DSW, Inc. | | | 2,800 | | | | 49,560 | |
Duluth Holdings, Inc., Class B* | | | 500 | | | | 9,105 | |
El Pollo Loco Holdings, Inc.* | | | 900 | | | | 12,465 | |
Express, Inc.* | | | 3,154 | | | | 21,290 | |
EZCORP, Inc., Class A* | | | 1,766 | | | | 13,598 | |
Fiesta Restaurant Group, Inc.* | | | 1,013 | | | | 20,918 | |
FirstCash, Inc. | | | 1,939 | | | | 113,044 | |
Five Below, Inc.* | | | 2,100 | | | | 103,677 | |
Francesca’s Holdings Corp.* | | | 1,658 | | | | 18,139 | |
Fred’s, Inc., Class A | | | 1,431 | | | | 13,208 | |
Freshpet, Inc.* | | | 700 | | | | 11,620 | |
Genesco, Inc.* | | | 795 | | | | 26,950 | |
GMS, Inc.* | | | 900 | | | | 25,290 | |
GNC Holdings, Inc., Class A | | | 2,800 | | | | 23,604 | |
Group 1 Automotive, Inc. | | | 807 | | | | 51,099 | |
Guess?, Inc. | | | 2,400 | | | | 30,672 | |
Haverty Furniture Cos., Inc. | | | 750 | | | | 18,825 | |
Hibbett Sports, Inc.* | | | 955 | | | | 19,816 | |
HSN, Inc. | | | 1,279 | | | | 40,800 | |
J. Alexander’s Holding, Inc.* | | | 483 | | | | 5,917 | |
J. Jill, Inc.* | | | 800 | | | | 9,832 | |
J.C. Penney Co., Inc.* | | | 12,100 | | | | 56,265 | |
Jack in the Box, Inc. | | | 1,214 | | | | 119,579 | |
Kirkland’s, Inc.* | | | 827 | | | | 8,502 | |
Lands’ End, Inc.* | | | 700 | | | | 10,430 | |
Lithia Motors, Inc., Class A | | | 894 | | | | 84,242 | |
Lumber Liquidators Holdings, Inc.* | | | 1,033 | | | | 25,887 | |
MarineMax, Inc.* | | | 1,000 | | | | 19,550 | |
Nathan’s Famous, Inc.* | | | 100 | | | | 6,300 | |
Noodles & Co.* | | | 300 | | | | 1,170 | |
Office Depot, Inc. | | | 19,900 | | | | 112,236 | |
Ollie’s Bargain Outlet Holdings, Inc.* | | | 1,900 | | | | 80,940 | |
Papa John’s International, Inc. | | | 1,110 | | | | 79,654 | |
Party City Holdco, Inc.* | | | 1,200 | | | | 18,780 | |
PC Connection, Inc. | | | 565 | | | | 15,289 | |
122
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Retail — (continued) | |
PetMed Express, Inc. | | | 713 | | | $ | 28,948 | |
Pier 1 Imports, Inc. | | | 3,644 | | | | 18,912 | |
PMC, Inc.* | | | 400 | | | | 7,500 | |
Potbelly Corp.* | | | 1,000 | | | | 11,500 | |
PriceSmart, Inc. | | | 831 | | | | 72,796 | |
Red Robin Gourmet Burgers, Inc.* | | | 520 | | | | 33,930 | |
Regis Corp.* | | | 1,332 | | | | 13,680 | |
RH* | | | 1,300 | | | | 83,876 | |
Ruby Tuesday, Inc.* | | | 2,213 | | | | 4,448 | |
Rush Enterprises, Inc., Class A* | | | 1,135 | | | | 42,199 | |
Rush Enterprises, Inc., Class B* | | | 300 | | | | 10,923 | |
Ruth’s Hospitality Group, Inc. | | | 1,195 | | | | 25,991 | |
Sears Holding Corp.* | | | 500 | | | | 4,430 | |
Shake Shack, Inc., Class A* | | | 1,000 | | | | 34,880 | |
Shoe Carnival, Inc. | | | 458 | | | | 9,563 | |
Sonic Automotive, Inc., Class A | | | 1,134 | | | | 22,056 | |
Sonic Corp. | | | 1,732 | | | | 45,881 | |
Sportsman’s Warehouse Holdings, Inc.* | | | 600 | | | | 3,240 | |
Systemax, Inc. | | | 262 | | | | 4,926 | |
Texas Roadhouse, Inc. | | | 2,670 | | | | 136,036 | |
The Buckle, Inc. | | | 1,049 | | | | 18,672 | |
The Cato Corp., Class A | | | 1,104 | | | | 19,419 | |
The Cheesecake Factory, Inc. | | | 1,816 | | | | 91,345 | |
The Children’s Place, Inc. | | | 694 | | | | 70,857 | |
The Container Store Group, Inc.* | | | 600 | | | | 3,552 | |
The Finish Line, Inc., Class A | | | 1,793 | | | | 25,407 | |
The Habit Restaurants, Inc., Class A* | | | 1,000 | | | | 15,800 | |
Tile Shop Holdings, Inc. | | | 1,300 | | | | 26,845 | |
Tilly’s, Inc., Class A* | | | 400 | | | | 4,060 | |
Vera Bradley, Inc.* | | | 800 | | | | 7,824 | |
Vitamin Shoppe, Inc.* | | | 1,000 | | | | 11,650 | |
West Marine, Inc. | | | 664 | | | | 8,532 | |
Wingstop, Inc. | | | 1,100 | | | | 33,990 | |
Winmark Corp. | | | 100 | | | | 12,895 | |
Zoe’s Kitchen, Inc.* | | | 700 | | | | 8,337 | |
Zumiez, Inc.* | | | 703 | | | | 8,682 | |
| | | | | | | | |
| | | | | | | 3,496,078 | |
| | | | | | | | |
| Savings & Loans — 2.0% | |
Astoria Financial Corp. | | | 3,701 | | | | 74,575 | |
Banc of California, Inc. | | | 1,900 | | | | 40,850 | |
Bank Mutual Corp. | | | 1,632 | | | | 14,933 | |
BankFinancial Corp. | | | 609 | | | | 9,086 | |
Bear State Financial, Inc. | | | 800 | | | | 7,568 | |
Beneficial Bancorp, Inc. | | | 2,773 | | | | 41,595 | |
Berkshire Hills Bancorp, Inc. | | | 1,302 | | | | 45,765 | |
BofI Holding, Inc.* | | | 2,400 | | | | 56,928 | |
Brookline Bancorp, Inc. | | | 2,922 | | | | 42,661 | |
BSB Bancorp, Inc.* | | | 300 | | | | 8,775 | |
Capitol Federal Financial, Inc. | | | 5,100 | | | | 72,471 | |
Charter Financial Corp. | | | 700 | | | | 12,600 | |
Clifton Bancorp, Inc. | | | 646 | | | | 10,678 | |
Community Bankers Trust Corp.* | | | 1,300 | | | | 10,725 | |
Dime Community Bancshares, Inc. | | | 1,430 | | | | 28,028 | |
Entegra Financial Corp.* | | | 400 | | | | 9,100 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Savings & Loans — (continued) | |
ESSA Bancorp, Inc. | | | 500 | | | $ | 7,360 | |
First Defiance Financial Corp. | | | 300 | | | | 15,804 | |
First Financial Northwest, Inc. | | | 100 | | | | 1,613 | |
Flagstar Bancorp, Inc.* | | | 800 | | | | 24,656 | |
Flushing Financial Corp. | | | 1,138 | | | | 32,080 | |
Home Bancorp, Inc. | | | 300 | | | | 12,756 | |
HomeStreet, Inc.* | | | 1,000 | | | | 27,675 | |
HomeTrust Bancshares, Inc.* | | | 500 | | | | 12,200 | |
Investors Bancorp, Inc. | | | 10,155 | | | | 135,671 | |
Malvern Bancorp, Inc.* | | | 400 | | | | 9,580 | |
Meridian Bancorp, Inc. | | | 1,874 | | | | 31,671 | |
Meta Financial Group, Inc. | | | 300 | | | | 26,700 | |
MutualFirst Financial, Inc. | | | 300 | | | | 10,710 | |
Northfield Bancorp, Inc. | | | 1,793 | | | | 30,750 | |
Northwest Bancshares, Inc. | | | 3,775 | | | | 58,928 | |
OceanFirst Financial Corp. | | | 1,227 | | | | 33,276 | |
Oritani Financial Corp. | | | 1,718 | | | | 29,292 | |
Pacific Premier Bancorp, Inc.* | | | 1,517 | | | | 55,960 | |
Provident Financial Holdings, Inc. | | | 300 | | | | 5,775 | |
Provident Financial Services, Inc. | | | 2,403 | | | | 60,988 | |
SI Financial Group, Inc. | | | 500 | | | | 8,050 | |
Southern Missouri Bancorp, Inc. | | | 300 | | | | 9,678 | |
Sterling Bancorp, Inc. | | | 5,114 | | | | 118,901 | |
Territorial Bancorp, Inc. | | | 243 | | | | 7,579 | |
United Community Financial Corp. | | | 1,700 | | | | 14,127 | |
United Financial Bancorp, Inc. | | | 2,131 | | | | 35,566 | |
Washington Federal, Inc. | | | 3,400 | | | | 112,880 | |
Waterstone Financial, Inc. | | | 1,000 | | | | 18,850 | |
WSFS Financial Corp. | | | 1,071 | | | | 48,570 | |
| | | | | | | | |
| | | | | | | 1,483,984 | |
| | | | | | | | |
| Semiconductors — 2.8% | |
Alpha & Omega Semiconductor Ltd.* | | | 900 | | | | 15,003 | |
Ambarella, Inc.* | | | 1,300 | | | | 63,115 | |
Amkor Technology, Inc.* | | | 4,011 | | | | 39,187 | |
Axcelis Technologies, Inc.* | | | 1,025 | | | | 21,474 | |
AXT, Inc.* | | | 1,500 | | | | 9,525 | |
Brooks Automation, Inc. | | | 2,677 | | | | 58,064 | |
Cabot Microelectronics Corp. | | | 961 | | | | 70,951 | |
Cavium, Inc.* | | | 1 | | | | 37 | |
CEVA, Inc.* | | | 871 | | | | 39,587 | |
Cirrus Logic, Inc.* | | | 2,481 | | | | 155,608 | |
Cohu, Inc. | | | 904 | | | | 14,229 | |
Cree, Inc.* | | | 3,800 | | | | 93,670 | |
Diodes, Inc.* | | | 1,399 | | | | 33,618 | |
DSP Group, Inc.* | | | 557 | | | | 6,461 | |
EMCORE Corp. | | | 1,200 | | | | 12,780 | |
Entegris, Inc.* | | | 5,670 | | | | 124,456 | |
FormFactor, Inc.* | | | 2,629 | | | | 32,600 | |
Gerber Scientific, Inc. Escrow Shares~ | | | 500 | | | | 0 | |
Impinj, Inc.* | | | 700 | | | | 34,055 | |
Inphi Corp.* | | | 1,600 | | | | 54,880 | |
Integrated Device Technology, Inc.* | | | 5,093 | | | | 131,348 | |
IXYS Corp. | | | 766 | | | | 12,601 | |
Kopin Corp.* | | | 1,507 | | | | 5,591 | |
123
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Semiconductors — (continued) | |
Lattice Semiconductor Corp.* | | | 4,924 | | | $ | 32,794 | |
MACOM Technology Solutions Holdings, Inc.* | | | 1,622 | | | | 90,466 | |
MaxLinear, Inc., Class A* | | | 2,243 | | | | 62,557 | |
MKS Instruments, Inc. | | | 2,096 | | | | 141,061 | |
Monolithic Power Systems, Inc. | | | 1,567 | | | | 151,059 | |
Nanometrics, Inc.* | | | 900 | | | | 22,761 | |
Photronics, Inc.* | | | 2,692 | | | | 25,305 | |
Power Integrations, Inc. | | | 1,095 | | | | 79,826 | |
Rambus, Inc.* | | | 4,423 | | | | 50,555 | |
Rudolph Technologies, Inc.* | | | 1,054 | | | | 24,084 | |
Semtech Corp.* | | | 2,609 | | | | 93,272 | |
Sigma Designs, Inc.* | | | 1,200 | | | | 7,020 | |
Silicon Laboratories, Inc.* | | | 1,600 | | | | 109,360 | |
Synaptics, Inc.* | | | 1,416 | | | | 73,221 | |
Ultra Clean Holdings, Inc.* | | | 1,500 | | | | 28,125 | |
Veeco Instruments, Inc.* | | | 1,655 | | | | 46,081 | |
Xcerra Corp.* | | | 2,466 | | | | 24,093 | |
Xperi Corp. | | | 2,023 | | | | 60,285 | |
| | | | | | | | |
| | | | | | | 2,150,765 | |
| | | | | | | | |
| Software — 4.5% | |
2U, Inc.* | | | 1,700 | | | | 79,764 | |
ACI Worldwide, Inc.* | | | 4,527 | | | | 101,269 | |
Actua Corp.* | | | 1,028 | | | | 14,443 | |
Acxiom Corp.* | | | 2,967 | | | | 77,083 | |
Allscripts Healthcare Solutions, Inc.* | | | 7,100 | | | | 90,596 | |
Alteryx, Inc., Class A* | | | 500 | | | | 9,760 | |
Amber Road, Inc.* | | | 600 | | | | 5,142 | |
American Software, Inc., Class A | | | 1,193 | | | | 12,276 | |
Appfolio, Inc., Class A* | | | 300 | | | | 9,780 | |
Apptio, Inc., Class A* | | | 700 | | | | 12,145 | |
Aspen Technology, Inc.* | | | 2,953 | | | | 163,183 | |
Avid Technology, Inc.* | | | 1,100 | | | | 5,786 | |
Benefitfocus, Inc.* | | | 600 | | | | 21,810 | |
Blackbaud, Inc. | | | 1,850 | | | | 158,637 | |
Blackline, Inc.* | | | 300 | | | | 10,722 | |
Bottomline Technologies, Inc.* | | | 1,545 | | | | 39,691 | |
BroadSoft, Inc.* | | | 1,261 | | | | 54,286 | |
Callidus Software, Inc.* | | | 2,400 | | | | 58,080 | |
Castlight Health, Inc., Class B* | | | 1,200 | | | | 4,980 | |
Cloudera, Inc.* | | | 500 | | | | 8,010 | |
CommerceHub, Inc.* | | | 500 | | | | 8,710 | |
CommerceHub, Inc.* | | | 1,100 | | | | 19,184 | |
CommVault Systems, Inc.* | | | 1,548 | | | | 87,385 | |
Computer Programs & Systems, Inc. | | | 447 | | | | 14,662 | |
Cornerstone OnDemand, Inc.* | | | 2,100 | | | | 75,075 | |
Coupa Software, Inc.* | | | 1,200 | | | | 34,776 | |
CSG Systems International, Inc. | | | 1,281 | | | | 51,983 | |
Digi International, Inc.* | | | 1,157 | | | | 11,744 | |
Donnelley Financial Solutions, Inc.* | | | 1,000 | | | | 22,960 | |
Ebix, Inc. | | | 1,036 | | | | 55,840 | |
Envestnet, Inc.* | | | 1,713 | | | | 67,835 | |
Everbridge, Inc.* | | | 500 | | | | 12,180 | |
Evolent Health, Inc., Class A* | | | 1,500 | | | | 38,025 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Software — (continued) | |
Exa Corp.* | | | 700 | | | $ | 9,660 | |
Fair Isaac Corp. | | | 1,188 | | | | 165,619 | |
Five9, Inc.* | | | 2,000 | | | | 43,040 | |
Glu Mobile, Inc.* | | | 4,000 | | | | 10,000 | |
Guidance Software, Inc.* | | | 400 | | | | 2,644 | |
Hortonworks, Inc.* | | | 1,700 | | | | 21,896 | |
HubSpot, Inc.* | | | 1,300 | | | | 85,475 | |
InnerWorkings, Inc.* | | | 1,724 | | | | 19,998 | |
Inovalon Holdings, Inc.* | | | 2,500 | | | | 32,875 | |
Instructure, Inc.* | | | 800 | | | | 23,600 | |
ManTech International Corp., Class A | | | 1,039 | | | | 42,994 | |
Medidata Solutions, Inc.* | | | 2,188 | | | | 171,102 | |
MicroStrategy, Inc., Class A* | | | 375 | | | | 71,876 | |
MINDBODY, Inc., Class A* | | | 1,400 | | | | 38,080 | |
MobileIron, Inc.* | | | 2,700 | | | | 16,335 | |
Model N, Inc.* | | | 1,100 | | | | 14,630 | |
Monotype Imaging Holdings, Inc. | | | 1,599 | | | | 29,262 | |
MuleSoft, Inc.* | | | 600 | | | | 14,964 | |
New Relic, Inc.* | | | 1,100 | | | | 47,311 | |
Omnicell, Inc.* | | | 1,435 | | | | 61,848 | |
Park City Group, Inc.* | | | 700 | | | | 8,505 | |
Paycom Software, Inc.* | | | 1,900 | | | | 129,979 | |
PDF Solutions, Inc.* | | | 1,200 | | | | 19,740 | |
pdvWireless, Inc.* | | | 500 | | | | 11,650 | |
Pegasystems, Inc. | | | 1,460 | | | | 85,191 | |
Planet Payment, Inc.* | | | 2,000 | | | | 6,600 | |
Progress Software Corp. | | | 1,986 | | | | 61,347 | |
Proofpoint, Inc.* | | | 1,700 | | | | 147,611 | |
PROS Holdings, Inc.* | | | 917 | | | | 25,117 | |
QAD, Inc., Class A | | | 392 | | | | 12,564 | |
Quality Systems, Inc.* | | | 2,204 | | | | 37,931 | |
RealPage, Inc.* | | | 2,200 | | | | 79,090 | |
Rosetta Stone, Inc.* | | | 1,000 | | | | 10,780 | |
SPS Commerce, Inc.* | | | 700 | | | | 44,632 | |
Synchronoss Technologies, Inc.* | | | 1,646 | | | | 27,077 | |
SYNNEX Corp. | | | 1,094 | | | | 131,236 | |
Twilio, Inc.* | | | 2,400 | | | | 69,864 | |
Upland Software, Inc.* | | | 500 | | | | 10,995 | |
Verint Systems, Inc.* | | | 2,395 | | | | 97,476 | |
Workiva, Inc.* | | | 900 | | | | 17,145 | |
Xactly Corp.* | | | 1,000 | | | | 15,650 | |
| | | | | | | | |
| | | | | | | 3,411,191 | |
| | | | | | | | |
| Storage & Warehousing — 0.1% | |
Mobile Mini, Inc. | | | 1,777 | | | | 53,043 | |
Wesco Aircraft Holdings, Inc.* | | | 2,240 | | | | 24,304 | |
| | | | | | | | |
| | | | | | | 77,347 | |
| | | | | | | | |
| Telecommunications — 3.1% | |
8X8, Inc.* | | | 3,400 | | | | 49,470 | |
Acacia Communications, Inc.* | | | 700 | | | | 29,029 | |
ADTRAN, Inc. | | | 1,905 | | | | 39,338 | |
Aerohive Networks, Inc.* | | | 1,300 | | | | 6,500 | |
Anixter International, Inc.* | | | 1,134 | | | | 88,679 | |
ATN International, Inc. | | | 449 | | | | 30,730 | |
CalAmp Corp.* | | | 1,400 | | | | 28,462 | |
124
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Telecommunications — (continued) | |
Calix, Inc.* | | | 1,487 | | | $ | 10,186 | |
Ciena Corp.* | | | 5,500 | | | | 137,610 | |
Cincinnati Bell, Inc.* | | | 1,557 | | | | 30,439 | |
Clearfield, Inc.* | | | 400 | | | | 5,280 | |
Comtech Telecommunications Corp. | | | 652 | | | | 12,368 | |
Consolidated Communications Holdings, Inc. | | | 1,841 | | | | 39,526 | |
DigitalGlobe, Inc.* | | | 2,569 | | | | 85,548 | |
Extreme Networks, Inc.* | | | 4,147 | | | | 38,235 | |
FairPoint Communications, Inc. | | | 1,000 | | | | 15,650 | |
Finisar Corp.* | | | 4,221 | | | | 109,662 | |
Frontier Communications Corp. | | | 46,100 | | | | 53,476 | |
General Communication, Inc., Class A* | | | 886 | | | | 32,463 | |
Gigamon, Inc.* | | | 1,300 | | | | 51,155 | |
Globalstar, Inc.* | | | 14,900 | | | | 31,737 | |
Gogo, Inc.* | | | 2,200 | | | | 25,366 | |
GTT Communications, Inc.* | | | 1,100 | | | | 34,815 | |
Harmonic, Inc.* | | | 2,870 | | | | 15,068 | |
Hawaiian Telcom Holdco, Inc.* | | | 200 | | | | 4,998 | |
HC2 Holdings, Inc.* | | | 700 | | | | 4,116 | |
IDT Corp., Class B | | | 800 | | | | 11,496 | |
Infinera Corp.* | | | 5,194 | | | | 55,420 | |
Intelsat SA* | | | 1,200 | | | | 3,672 | |
InterDigital, Inc. | | | 1,394 | | | | 107,756 | |
Iridium Communications, Inc.* | | | 3,500 | | | | 38,675 | |
j2 Global, Inc. | | | 1,874 | | | | 159,459 | |
Knowles Corp.* | | | 3,452 | | | | 58,408 | |
KVH Industries, Inc.* | | | 354 | | | | 3,363 | |
Loral Space & Communications, Inc.* | | | 546 | | | | 22,686 | |
Lumos Networks Corp.* | | | 782 | | | | 13,974 | |
NeoPhotonics Corp.* | | | 1,300 | | | | 10,036 | |
NETGEAR, Inc.* | | | 1,329 | | | | 57,280 | |
NeuStar, Inc., Class A* | | | 2,200 | | | | 73,370 | |
Oclaro, Inc.* | | | 6,500 | | | | 60,710 | |
ORBCOMM, Inc.* | | | 2,700 | | | | 30,510 | |
Plantronics, Inc. | | | 1,367 | | | | 71,508 | |
Preformed Line Products Co. | | | 45 | | | | 2,089 | |
Quantenna Communications, Inc.* | | | 800 | | | | 15,200 | |
RigNet, Inc.* | | | 500 | | | | 8,025 | |
Shenandoah Telecommunications Co. | | | 1,718 | | | | 52,743 | |
ShoreTel, Inc.* | | | 2,281 | | | | 13,230 | |
Sonus Networks, Inc.* | | | 1,843 | | | | 13,712 | |
Spok Holdings, Inc. | | | 612 | | | | 10,832 | |
Straight Path Communications, Inc., Class B* | | | 300 | | | | 53,895 | |
Telenav, Inc.* | | | 1,000 | | | | 8,100 | |
Ubiquiti Networks, Inc.* | | | 1,000 | | | | 51,970 | |
ViaSat, Inc.* | | | 2,062 | | | | 136,504 | |
Viavi Solutions, Inc.* | | | 8,800 | | | | 92,664 | |
Vonage Holdings Corp.* | | | 7,500 | | | | 49,050 | |
West Corp. | | | 1,700 | | | | 39,644 | |
Windstream Holdings, Inc. | | | 6,785 | | | | 26,326 | |
| | | | | | | | |
| | | | | | | 2,362,213 | |
| | | | | | | | |
| Textiles — 0.1% | |
Culp, Inc. | | | 500 | | | | 16,250 | |
UniFirst Corp. | | | 577 | | | | 81,184 | |
| | | | | | | | |
| | | | | | | 97,434 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Transportation — 1.5% | |
Air Transport Services Group, Inc.* | | | 2,085 | | | $ | 45,411 | |
ArcBest Corp. | | | 995 | | | | 20,497 | |
Ardmore Shipping Corp. | | | 800 | | | | 6,520 | |
Atlas Air Worldwide Holdings, Inc.* | | | 848 | | | | 44,223 | |
Bristow Group, Inc. | | | 1,350 | | | | 10,328 | |
CAI International, Inc.* | | | 660 | | | | 15,576 | |
Costamare, Inc. | | | 1,200 | | | | 8,772 | |
Covenant Transportation Group, Inc., Class A* | | | 400 | | | | 7,012 | |
Daseke, Inc.* | | | 800 | | | | 8,904 | |
DHT Holdings, Inc. | | | 3,900 | | | | 16,185 | |
Dorian LPG Ltd.* | | | 900 | | | | 7,362 | |
Eagle Bulk Shipping, Inc.* | | | 2,400 | | | | 11,352 | |
Echo Global Logistics, Inc.* | | | 1,300 | | | | 25,870 | |
Era Group, Inc.* | | | 800 | | | | 7,568 | |
Forward Air Corp. | | | 1,196 | | | | 63,723 | |
Frontline Ltd. | | | 2,800 | | | | 16,044 | |
GasLog Ltd. | | | 1,700 | | | | 25,925 | |
Gener8 Maritime, Inc.* | | | 900 | | | | 5,121 | |
Golar LNG Ltd. | | | 3,800 | | | | 84,550 | |
Heartland Express, Inc. | | | 1,967 | | | | 40,953 | |
Hub Group, Inc., Class A* | | | 1,243 | | | | 47,669 | |
International Seaways, Inc.* | | | 1,133 | | | | 24,552 | |
Knight Transportation, Inc. | | | 2,864 | | | | 106,111 | |
Marten Transport Ltd. | | | 1,051 | | | | 28,797 | |
Matson, Inc. | | | 1,800 | | | | 54,072 | |
Navios Maritime Acquisition Corp. | | | 3,700 | | | | 5,439 | |
Nordic American Tankers Ltd. | | | 3,567 | | | | 22,615 | |
Overseas Shipholding Group, Inc., Class A* | | | 1,600 | | | | 4,256 | |
PHI, Inc.* | | | 593 | | | | 5,788 | |
Radiant Logistics, Inc.* | | | 1,000 | | | | 5,380 | |
Roadrunner Transportation Systems, Inc.* | | | 1,000 | | | | 7,270 | |
Saia, Inc.* | | | 961 | | | | 49,299 | |
Schneider National, Inc., Class B | | | 1,300 | | | | 29,081 | |
Scorpio Bulkers, Inc.* | | | 2,600 | | | | 18,460 | |
Scorpio Tankers, Inc. | | | 7,100 | | | | 28,187 | |
Ship Finance International Ltd. | | | 2,284 | | | | 31,063 | |
Swift Transportation Co.* | | | 3,000 | | | | 79,500 | |
Teekay Corp. | | | 1,900 | | | | 12,673 | |
Teekay Tankers Ltd., Class A | | | 3,193 | | | | 6,003 | |
Universal Logistics Holdings, Inc. | | | 100 | | | | 1,500 | |
Werner Enterprises, Inc. | | | 1,752 | | | | 51,421 | |
YRC Worldwide, Inc.* | | | 1,300 | | | | 14,456 | |
| | | | | | | | |
| | | | | | | 1,105,488 | |
| | | | | | | | |
| Trucking and Leasing — 0.2% | |
GATX Corp. | | | 1,600 | | | | 102,832 | |
Textainer Group Holdings Ltd. | | | 812 | | | | 11,774 | |
The Greenbrier Cos., Inc. | | | 1,047 | | | | 48,424 | |
| | | | | | | | |
| | | | | | | 163,030 | |
| | | | | | | | |
| Water — 0.4% | |
American States Water Co. | | | 1,524 | | | | 72,253 | |
Artesian Resources Corp., Class A | | | 413 | | | | 15,545 | |
California Water Service Group | | | 1,966 | | | | 72,349 | |
Connecticut Water Service, Inc. | | | 419 | | | | 23,259 | |
125
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Water — (continued) | |
Consolidated Water Co. Ltd. | | | 800 | | | $ | 9,920 | |
Middlesex Water Co. | | | 531 | | | | 21,027 | |
PICO Holdings, Inc.* | | | 792 | | | | 13,860 | |
SJW Group | | | 688 | | | | 33,836 | |
The York Water Co. | | | 597 | | | | 20,805 | |
| | | | | | | | |
| | | | | | | 282,854 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $50,644,416) | | | | 69,489,328 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 7.7% | |
| Apartments — 0.3% | |
Bluerock Residential Growth REIT, Inc. | | | 600 | | | | 7,734 | |
Education Realty Trust, Inc. | | | 2,901 | | | | 112,414 | |
Independence Realty Trust, Inc. | | | 2,692 | | | | 26,570 | |
Monogram Residential Trust, Inc. | | | 6,500 | | | | 63,115 | |
Preferred Apartment Communities, Inc., Class A | | | 1,400 | | | | 22,050 | |
| | | | | | | | |
| | | | | | | 231,883 | |
| | | | | | | | |
| Building & Real Estate — 1.0% | |
Agree Realty Corp. | | | 996 | | | | 45,686 | |
Altisource Residential Corp. | | | 2,200 | | | | 28,468 | |
Anworth Mortgage Asset Corp. | | | 3,731 | | | | 22,423 | |
Apollo Commercial Real Estate Finance, Inc. | | | 3,756 | | | | 69,677 | |
Ares Commercial Real Estate Corp. | | | 1,000 | | | | 13,090 | |
Capstead Mortgage Corp. | | | 3,475 | | | | 36,244 | |
Colony Starwood Homes | | | 4,000 | | | | 137,240 | |
CYS Investments, Inc. | | | 5,856 | | | | 49,249 | |
Dynex Capital, Inc. | | | 2,307 | | | | 16,380 | |
Getty Realty Corp. | | | 1,169 | | | | 29,342 | |
Invesco Mortgage Capital, Inc. | | | 4,407 | | | | 73,641 | |
iStar, Inc.* | | | 2,718 | | | | 32,725 | |
New York Mortgage Trust, Inc. | | | 4,700 | | | | 29,234 | |
PennyMac Mortgage Investment Trust | | | 2,692 | | | | 49,237 | |
Redwood Trust, Inc. | | | 2,777 | | | | 47,320 | |
Resource Capital Corp. | | | 1,175 | | | | 11,950 | |
Select Income REIT | | | 2,600 | | | | 62,478 | |
| | | | | | | | |
| | | | | | | 754,384 | |
| | | | | | | | |
| Diversified — 0.7% | |
AG Mortgage Investment Trust, Inc. | | | 1,188 | | | | 21,741 | |
Armada Hoffler Properties, Inc. | | | 1,400 | | | | 18,130 | |
CatchMark Timber Trust, Inc., Class A | | | 1,300 | | | | 14,781 | |
Clipper Realty, Inc. | | | 600 | | | | 7,404 | |
CorEnergy Infrastructure Trust, Inc. | | | 500 | | | | 16,795 | |
NexPoint Residential Trust, Inc. | | | 600 | | | | 14,934 | |
NorthStar Realty Europe Corp. | | | 2,500 | | | | 31,700 | |
PS Business Parks, Inc. | | | 765 | | | | 101,278 | |
STAG lndustrial, Inc. | | | 3,300 | | | | 91,080 | |
The GEO Group, Inc. | | | 4,752 | | | | 140,517 | |
Tier REIT, Inc. | | | 2,000 | | | | 36,960 | |
UMH Properties, Inc. | | | 968 | | | | 16,504 | |
Whitestone REIT | | | 1,400 | | | | 17,150 | |
| | | | | | | | |
| | | | | | | 528,974 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Diversified Financial Services — 0.1% | |
ARMOUR Residential REIT, Inc. | | | 1,375 | | | $ | 34,375 | |
Cherry Hill Mortgage Investment Corp. | | | 500 | | | | 9,235 | |
Great Ajax Corp. | | | 600 | | | | 8,388 | |
Orchid Island Capital, Inc. | | | 1,200 | | | | 11,832 | |
Owens Realty Mortgage, Inc. | | | 500 | | | | 8,480 | |
RAIT Financial Trust | | | 3,606 | | | | 7,897 | |
Sutherland Asset Management Corp. | | | 700 | | | | 10,395 | |
Western Asset Mortgage Capital Corp. | | | 1,597 | | | | 16,449 | |
| | | | | | | | |
| | | | | | | 107,051 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
Potlatch Corp. | | | 1,578 | | | | 72,115 | |
| | | | | | | | |
| Healthcare — 1.1% | |
Care Capital Properties, Inc. | | | 3,300 | | | | 88,110 | |
CareTrust REIT, Inc. | | | 2,795 | | | | 51,819 | |
Global Medical REIT, Inc. | | | 900 | | | | 8,046 | |
Healthcare Realty Trust, Inc. | | | 4,572 | | | | 156,134 | |
LTC Properties, Inc. | | | 1,517 | | | | 77,959 | |
MedEquities Realty Trust, Inc. | | | 1,100 | | | | 13,882 | |
National Health Investors, Inc. | | | 1,557 | | | | 123,314 | |
New Senior Investment Group, Inc. | | | 2,700 | | | | 27,135 | |
Physicians Realty Trust | | | 6,100 | | | | 122,854 | |
Quality Care Properties, Inc.* | | | 3,700 | | | | 67,747 | |
Sabra Health Care REIT, Inc. | | | 2,588 | | | | 62,371 | |
Universal Health Realty Income Trust | | | 520 | | | | 41,361 | |
| | | | | | | | |
| | | | | | | 840,732 | |
| | | | | | | | |
| Hotels & Resorts — 1.2% | |
Ashford Hospitality Prime, Inc. | | | 987 | | | | 10,156 | |
Ashford Hospitality Trust, Inc. | | | 3,020 | | | | 18,361 | |
Chatham Lodging Trust | | | 1,400 | | | | 28,126 | |
Chesapeake Lodging Trust | | | 2,389 | | | | 58,459 | |
DiamondRock Hospitality Co. | | | 8,223 | | | | 90,042 | |
FelCor Lodging Trust, Inc. | | | 4,918 | | | | 35,459 | |
Hersha Hospitality Trust | | | 1,717 | | | | 31,782 | |
LaSalle Hotel Properties | | | 4,417 | | | | 131,626 | |
Pebblebrook Hotel Trust | | | 2,609 | | | | 84,114 | |
RLJ Lodging Trust | | | 4,900 | | | | 97,363 | |
Ryman Hospitality Properties, Inc. | | | 1,712 | | | | 109,585 | |
Summit Hotel Properties, Inc. | | | 4,000 | | | | 74,600 | |
Sunstone Hotel Investors, Inc. | | | 8,747 | | | | 141,002 | |
| | | | | | | | |
| | | | | | | 910,675 | |
| | | | | | | | |
| Industrial — 0.8% | |
EastGroup Properties, Inc. | | | 1,275 | | | | 106,845 | |
First Industrial Realty Trust, Inc. | | | 4,729 | | | | 135,344 | |
First Potomac Realty Trust | | | 2,392 | | | | 26,575 | |
InfraREIT, Inc.* | | | 1,700 | | | | 32,555 | |
Monmouth Real Estate Investment Corp., Class A | | | 2,649 | | | | 39,867 | |
QTS Realty Trust, Inc., Class A | | | 1,900 | | | | 99,427 | |
Rexford Industrial Realty, Inc. | | | 2,600 | | | | 71,344 | |
Terreno Realty Corp. | | | 1,875 | | | | 63,113 | |
| | | | | | | | |
| | | | | | | 575,070 | |
| | | | | | | | |
126
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Mixed Industrial/Office — 0.6% | |
Axon Enterprise, Inc.* | | | 2,011 | | | $ | 50,557 | |
Cousins Properties, Inc. | | | 16,370 | | | | 143,896 | |
Gladstone Commercial Corp. | | | 1,052 | | | | 22,923 | |
Investors Real Estate Trust | | | 4,618 | | | | 28,678 | |
Lexington Realty Trust | | | 8,515 | | | | 84,384 | |
One Liberty Properties, Inc. | | | 503 | | | | 11,785 | |
Washington Real Estate Investment Trust | | | 3,006 | | | | 95,891 | |
| | | | | | | | |
| | | | | | | 438,114 | |
| | | | | | | | |
| Office Property — 0.7% | |
American Assets Trust, Inc. | | | 1,600 | | | | 63,024 | |
City Office REIT, Inc. | | | 900 | | | | 11,430 | |
Easterly Government Properties, Inc. | | | 1,300 | | | | 27,235 | |
Franklin Street Properties Corp. | | | 4,045 | | | | 44,818 | |
Government Properties Income Trust | | | 2,744 | | | | 50,243 | |
Gramercy Property Trust | | | 5,939 | | | | 176,448 | |
Mack-Cali Realty Corp. | | | 3,500 | | | | 94,990 | |
Parkway, Inc. | | | 1,746 | | | | 39,973 | |
| | | | | | | | |
| | | | | | | 508,161 | |
| | | | | | | | |
| Real Estate — 0.2% | |
Global Net Lease, Inc. | | | 2,833 | | | | 63,013 | |
Xenia Hotels & Resorts, Inc. | | | 4,200 | | | | 81,354 | |
| | | | | | | | |
| | | | | | | 144,367 | |
| | | | | | | | |
| Regional Malls — 0.2% | |
CBL & Associates Properties, Inc. | | | 6,900 | | | | 58,167 | |
MTGE Investment Corp. | | | 2,043 | | | | 38,408 | |
Pennsylvania Real Estate Investment Trust | | | 2,715 | | | | 30,734 | |
Washington Prime Group, Inc. | | | 7,000 | | | | 58,590 | |
| | | | | | | | |
| | | | | | | 185,899 | |
| | | | | | | | |
| Storage & Warehousing — 0.1% | |
Jernigan Capital, Inc. | | | 400 | | | | 8,800 | |
National Storage Affiliates Trust | | | 1,800 | | | | 41,598 | |
| | | | | | | | |
| | | | | | | 50,398 | |
| | | | | | | | |
| Strip Centers — 0.6% | |
Acadia Realty Trust | | | 3,120 | | | | 86,736 | |
Alexander’s, Inc. | | | 86 | | | | 36,246 | |
Cedar Realty Trust, Inc. | | | 2,826 | | | | 13,706 | |
Kite Realty Group Trust | | | 3,251 | | | | 61,541 | |
Ramco-Gershenson Properties Trust | | | 3,141 | | | | 40,519 | |
Retail Opportunity Investments Corp. | | | 4,300 | | | | 82,517 | |
Saul Centers, Inc. | | | 351 | | | | 20,351 | |
Seritage Growth Properties | | | 1,000 | | | | 41,950 | |
Urban Edge Properties | | | 3,800 | | | | 90,174 | |
Urstadt Biddle Properties, Inc., Class A | | | 1,216 | | | | 24,077 | |
| | | | | | | | |
| | | | | | | 497,817 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $4,927,084) | | | | 5,845,640 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| RIGHTS — 0.0% | |
Chelsea Therapeutics International Ltd. CVR~ | | | 1,600 | | | $ | 0 | |
Clinical Data, Inc.~ | | | 354 | | | | 0 | |
Cubist Pharmaceuticals, Inc.~ | | | 1,200 | | | | 0 | |
Durata Therapeutics CVR Shares~ | | | 500 | | | | 0 | |
Dyax Corp. CVR*~ | | | 5,620 | | | | 6,238 | |
Furiex Pharmaceuticals Rights~ | | | 300 | | | | 0 | |
Media General CVR~ | | | 4,400 | | | | 8,360 | |
Tobira Therapeutic, Inc. CVR~ | | | 400 | | | | 5,496 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $5,624) | | | | 20,094 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1%¤ | |
U.S. Treasury Bill
0.685%, 08/03/17 | | $ | 71 | | | | 70,948 | |
United States Treasury Bill
1.064%, 12/07/17 | | | 19 | | | | 18,414 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $89,364) | | | | 89,362 | |
| | | | | |
TOTAL INVESTMENTS — 99.3%
(Cost $55,666,488) | | | $ | 75,444,424 | |
| | | | | |
| Other Assets & Liabilities — 0.7% | | | | 544,701 | |
| | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 75,989,125 | |
| | | | | | | | |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2017 is $20,094. |
| † | 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. |
| CVR | — Contingent Valued Rights. |
| PLC | — Public Limited Company. |
| REIT | — Real Estate Investment Trust. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 69,489,328 | | | $ | 69,489,328 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 5,845,640 | | | | 5,845,640 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 89,362 | | | | — | | | | 89,362 | | | | — | |
RIGHTS | | | 20,094 | | | | — | | | | 20,094 | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 75,444,424 | | | $ | 75,334,968 | | | $ | 109,456 | | | $ | — | |
| |
127
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Small Cap Index Fund
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.
128
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 99.3% | | | | | | | | |
| Australia — 7.0% | | | | | | | | |
AGL Energy Ltd. | | | 5,276 | | | $ | 103,406 | |
Alumina Ltd. | | | 15,918 | | | | 23,490 | |
Amcor Ltd. | | | 9,071 | | | | 113,015 | |
AMP Ltd. | | | 24,438 | | | | 97,484 | |
APA Group | | | 8,753 | | | | 61,692 | |
Aristocrat Leisure Ltd. | | | 4,196 | | | | 72,757 | |
ASX Ltd. | | | 1,401 | | | | 57,728 | |
Aurizon Holdings Ltd. | | | 15,495 | | | | 63,835 | |
AusNet Services | | | 19,132 | | | | 25,513 | |
Australia & New Zealand Banking Group Ltd. | | | 22,734 | | | | 501,833 | |
Bank of Queensland Ltd. | | | 3,336 | | | | 29,358 | |
Bendigo & Adelaide Bank Ltd. | | | 3,923 | | | | 33,409 | |
BHP Billiton Ltd. | | | 25,265 | | | | 452,066 | |
BlueScope Steel Ltd. | | | 4,455 | | | | 45,232 | |
Boral Ltd. | | | 10,576 | | | | 56,494 | |
Brambles Ltd. | | | 12,161 | | | | 90,946 | |
Caltex Australia Ltd. | | | 2,100 | | | | 51,020 | |
Challenger Ltd/Australia | | | 4,465 | | | | 45,780 | |
CIMIC Group Ltd. | | | 829 | | | | 24,748 | |
Coca-Cola Amatil Ltd. | | | 4,963 | | | | 35,208 | |
Cochlear Ltd. | | | 418 | | | | 49,942 | |
Commonwealth Bank of Australia | | | 13,428 | | | | 854,660 | |
Computershare Ltd. | | | 3,381 | | | | 36,745 | |
Crown Resorts Ltd. | | | 2,801 | | | | 26,437 | |
CSL Ltd. | | | 3,584 | | | | 380,225 | |
Dexus | | | 8,629 | | | | 62,874 | |
Domino’s Pizza Enterprises Ltd. | | | 473 | | | | 18,933 | |
Flight Centre Travel Group Ltd. | | | 439 | | | | 12,923 | |
Fortescue Metals Group Ltd. | | | 13,816 | | | | 55,431 | |
Goodman Group | | | 13,411 | | | | 81,121 | |
Harvey Norman Holdings Ltd. | | | 3,235 | | | | 9,498 | |
Healthscope Ltd. | | | 13,599 | | | | 23,099 | |
Incitec Pivot Ltd. | | | 13,612 | | | | 35,676 | |
Insurance Australia Group Ltd. | | | 19,230 | | | | 100,209 | |
LendLease Group | | | 4,333 | | | | 55,450 | |
Macquarie Group Ltd. | | | 2,369 | | | | 161,142 | |
Medibank Pvt. Ltd. | | | 21,209 | | | | 45,643 | |
Mirvac Group | | | 26,971 | | | | 44,155 | |
National Australia Bank Ltd. | | | 20,625 | | | | 469,071 | |
Newcrest Mining Ltd. | | | 6,279 | | | | 97,293 | |
Oil Search Ltd. | | | 10,741 | | | | 56,303 | |
Orica Ltd. | | | 2,861 | | | | 45,474 | |
Origin Energy Ltd.* | | | 14,077 | | | | 74,222 | |
Qantas Airways Ltd. | | | 2,415 | | | | 10,617 | |
QBE Insurance Group Ltd. | | | 10,872 | | | | 98,687 | |
Ramsay Health Care Ltd. | | | 1,058 | | | | 59,850 | |
REA Group Ltd. | | | 400 | | | | 20,414 | |
Rio Tinto Ltd. | | | 3,268 | | | | 158,920 | |
Santos Ltd.* | | | 12,884 | | | | 30,005 | |
Scentre Group | | | 41,172 | | | | 128,161 | |
SEEK Ltd. | | | 2,700 | | | | 35,092 | |
Sonic Healthcare Ltd. | | | 3,563 | | | | 66,327 | |
South32 Ltd. | | | 16,770 | | | | 34,729 | |
South32 Ltd. | | | 24,967 | | | | 51,428 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Australia — (continued) | | | | | | | | |
Stockland | | | 19,857 | | | $ | 66,848 | |
Suncorp Group Ltd. | | | 9,789 | | | | 111,503 | |
Sydney Airport | | | 9,694 | | | | 52,826 | |
Tabcorp Holdings Ltd. | | | 7,043 | | | | 23,656 | |
Tatts Group Ltd. | | | 13,129 | | | | 42,180 | |
Telstra Corp. Ltd. | | | 33,844 | | | | 111,853 | |
The GPT Group | | | 15,260 | | | | 56,181 | |
The GPT Group, In Specie~ | | | 16,419 | | | | 0 | |
TPG Telecom Ltd. | | | 2,224 | | | | 9,743 | |
Transurban Group | | | 15,707 | | | | 143,058 | |
Treasury Wine Estates Ltd. | | | 5,948 | | | | 60,163 | |
Vicinity Centres | | | 25,092 | | | | 49,564 | |
Wesfarmers Ltd. | | | 8,823 | | | | 272,067 | |
Westfield Corp. | | | 15,906 | | | | 98,169 | |
Westpac Banking Corp. | | | 26,857 | | | | 629,783 | |
Woodside Petroleum Ltd. | | | 6,074 | | | | 139,447 | |
Woolworths Ltd. | | | 10,284 | | | | 201,875 | |
| | | | | | | | |
| | | | 7,544,686 | |
| | | | | | | | |
| Austria — 0.2% | | | | | | | | |
Andritz AG | | | 668 | | | | 40,239 | |
Erste Group Bank AG* | | | 2,497 | | | | 95,612 | |
IMMOFINANZ AG* | | | 235 | | | | 537 | |
OMV AG | | | 1,135 | | | | 58,899 | |
Raiffeisen Bank International AG* | | | 750 | | | | 18,931 | |
voestalpine AG | | | 1,009 | | | | 47,019 | |
| | | | | | | | |
| | | | 261,237 | |
| | | | | | | | |
| Belgium — 1.1% | | | | | | | | |
Ageas | | | 1,453 | | | | 58,516 | |
Anheuser-Busch InBev N.V. | | | 5,928 | | | | 654,792 | |
Colruyt S.A. | | | 647 | | | | 34,085 | |
Groupe Bruxelles Lambert S.A. | | | 667 | | | | 64,214 | |
KBC Groep N.V. | | | 2,043 | | | | 154,962 | |
Proximus SADP | | | 1,133 | | | | 39,637 | |
Solvay S.A. | | | 600 | | | | 80,522 | |
Telenet Group Holding N.V.* | | | 377 | | | | 23,747 | |
UCB S.A. | | | 1,013 | | | | 69,686 | |
Umicore S.A. | | | 738 | | | | 51,333 | |
| | | | | | | | |
| | | | 1,231,494 | |
| | | | | | | | |
| Bermuda — 0.1% | | | | | | | | |
Jardine Strategic Holdings Ltd. | | | 1,500 | | | | 62,535 | |
| | | | | | | | |
| China — 0.1% | | | | | | | | |
Sands China Ltd. | | | 19,200 | | | | 87,916 | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 19,000 | | | | 16,423 | |
| | | | | | | | |
| | | | 104,339 | |
| | | | | | | | |
| Denmark — 1.8% | | | | | | | | |
A.P. Moller - Maersk A/S, B Shares | | | 55 | | | | 110,586 | |
A.P. Moller - Maersk A/S, A Shares | | | 31 | | | | 59,187 | |
Carlsberg A/S, B Shares | | | 840 | | | | 89,737 | |
Chr Hansen Holding AS | | | 775 | | | | 56,366 | |
Coloplast A/S, Class B | | | 905 | | | | 75,621 | |
Danske Bank A/S | | | 5,740 | | | | 220,771 | |
DONG Energy AS144A @ | | | 1,171 | | | | 52,863 | |
129
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Denmark — (continued) | | | | | | | | |
DSV A/S | | | 1,517 | | | $ | 93,205 | |
Genmab AS* | | | 490 | | | | 104,543 | |
H Lundbeck A/S | | | 500 | | | | 28,063 | |
ISS A/S | | | 1,307 | | | | 51,334 | |
Novo Nordisk A/S, B Shares | | | 14,091 | | | | 603,435 | |
Novozymes A/S, B Shares | | | 1,916 | | | | 83,846 | |
Pandora A/S | | | 881 | | | | 82,209 | |
TDC A/S* | | | 6,200 | | | | 36,055 | |
Tryg A/S | | | 965 | | | | 21,107 | |
Vestas Wind Systems A/S | | | 1,794 | | | | 165,612 | |
William Demant Holding A/S* | | | 690 | | | | 17,859 | |
| | | | | | | | |
| | | | 1,952,399 | |
| | | | | | | | |
| Finland — 1.0% | | | | | | | | |
Elisa OYJ | | | 1,000 | | | | 38,753 | |
Fortum OYJ | | | 3,489 | | | | 54,714 | |
Kone OYJ, B Shares | | | 2,641 | | | | 134,351 | |
Metso OYJ | | | 1,066 | | | | 36,964 | |
Neste OYJ | | | 1,183 | | | | 46,602 | |
Nokia OYJ | | | 44,789 | | | | 273,940 | |
Nokian Renkaat OYJ | | | 765 | | | | 31,665 | |
Orion OYJ, B Shares | | | 750 | | | | 47,885 | |
Sampo OYJ, A Shares | | | 3,551 | | | | 181,983 | |
Stora Enso OYJ, R Shares | | | 4,323 | | | | 55,843 | |
UPM-Kymmene OYJ | | | 4,158 | | | | 118,537 | |
Wartsila OYJ Abp | | | 1,184 | | | | 69,982 | |
| | | | | | | | |
| | | | 1,091,219 | |
| | | | | | | | |
| France — 9.8% | | | | | | | | |
Accor S.A. | | | 1,399 | | | | 65,585 | |
Aeroports de Paris | | | 215 | | | | 34,698 | |
Air Liquide S.A. | | | 3,077 | | | | 380,258 | |
Alstom S.E.* | | | 1,018 | | | | 35,591 | |
Arkema S.A. | | | 503 | | | | 53,676 | |
AtoS S.A. | | | 702 | | | | 98,540 | |
AXA S.A. | | | 15,235 | | | | 416,746 | |
BNP Paribas S.A. | | | 8,731 | | | | 628,843 | |
Bollore S.A. | | | 7,036 | | | | 31,990 | |
Bouygues S.A. | | | 1,571 | | | | 66,246 | |
Bureau Veritas S.A. | | | 1,943 | | | | 42,997 | |
Capgemini S.E. | | | 1,222 | | | | 126,284 | |
Carrefour S.A. | | | 4,457 | | | | 112,756 | |
Casino Guichard Perrachon S.A. | | | 468 | | | | 27,721 | |
Christian Dior S.E. | | | 408 | | | | 116,663 | |
Cie de Saint-Gobain | | | 3,857 | | | | 206,079 | |
Cie Generale des Etablissements Michelin, B Shares | | | 1,411 | | | | 187,587 | |
CNP Assurances | | | 1,195 | | | | 26,827 | |
Credit Agricole S.A. | | | 8,537 | | | | 137,337 | |
Danone S.A. | | | 4,774 | | | | 358,838 | |
Dassault Aviation S.A. | | | 18 | | | | 25,376 | |
Dassault Systemes S.A. | | | 994 | | | | 89,142 | |
Edenred | | | 1,781 | | | | 46,440 | |
Eiffage S.A. | | | 572 | | | | 51,977 | |
Electricite de France S.A. | | | 4,266 | | | | 46,200 | |
Engie SA | | | 12,593 | | | | 190,073 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| France — (continued) | | | | | | | | |
Essilor International S.A. | | | 1,632 | | | $ | 207,649 | |
Eurazeo S.A. | | | 378 | | | | 28,361 | |
Eutelsat Communications S.A. | | | 1,342 | | | | 34,273 | |
Fonciere Des Regions | | | 278 | | | | 25,789 | |
Gecina S.A. | | | 313 | | | | 49,102 | |
Groupe Eurotunnel S.E. | | | 3,742 | | | | 39,910 | |
Hermes International | | | 164 | | | | 81,041 | |
ICADE | | | 313 | | | | 26,276 | |
Iliad S.A. | | | 205 | | | | 48,491 | |
Imerys S.A. | | | 213 | | | | 18,526 | |
Ingenico Group S.A. | | | 444 | | | | 40,311 | |
Ipsen S.A. | | | 293 | | | | 40,108 | |
JCDecaux S.A. | | | 510 | | | | 16,729 | |
Kering | | | 600 | | | | 204,354 | |
Klepierre | | | 1,645 | | | | 67,422 | |
L’Oreal S.A. | | | 1,990 | | | | 414,574 | |
Lagardere S.C.A. | | | 948 | | | | 29,938 | |
Legrand S.A. | | | 2,075 | | | | 145,160 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 2,191 | | | | 546,286 | |
Natixis | | | 7,282 | | | | 48,880 | |
Orange S.A. | | | 15,519 | | | | 246,201 | |
Pernod Ricard S.A. | | | 1,689 | | | | 226,186 | |
Peugeot S.A.* | | | 3,574 | | | | 71,293 | |
Publicis Groupe S.A. | | | 1,534 | | | | 114,431 | |
Remy Cointreau S.A. | | | 155 | | | | 18,102 | |
Renault S.A. | | | 1,380 | | | | 124,911 | |
Rexel S.A. | | | 2,198 | | | | 35,962 | |
Safran S.A. | | | 2,428 | | | | 222,517 | |
Sanofi S.A. | | | 9,039 | | | | 864,731 | |
Schneider Electric S.E.* | | | 4,336 | | | | 333,146 | |
SCOR S.E. | | | 1,200 | | | | 47,573 | |
SEB S.A. | | | 179 | | | | 32,149 | |
Societe BIC S.A. | | | 246 | | | | 29,193 | |
Societe Generale S.A. | | | 5,913 | | | | 318,160 | |
Sodexo S.A. | | | 698 | | | | 90,246 | |
Suez Environment Co. | | | 2,717 | | | | 50,319 | |
Thales S.A. | | | 777 | | | | 83,633 | |
TOTAL S.A. | | | 18,385 | | | | 908,900 | |
Unibail-Rodamco S.E. | | | 772 | | | | 194,556 | |
Valeo SA | | | 1,888 | | | | 127,205 | |
Veolia Environment S.A. | | | 3,504 | | | | 74,039 | |
Vinci S.A. | | | 3,958 | | | | 337,827 | |
Vivendi S.A. | | | 8,154 | | | | 181,512 | |
Wendel S.A. | | | 253 | | | | 37,450 | |
Zodiac Aerospace | | | 1,735 | | | | 47,064 | |
| | | | | | | | |
| | | | 10,534,956 | |
| | | | | | | | |
| Germany — 8.9% | | | | | | | | |
adidas AG | | | 1,472 | | | | 282,029 | |
Allianz S.E. | | | 3,601 | | | | 709,062 | |
Axel Springer S.E. | | | 327 | | | | 19,645 | |
BASF S.E. | | | 7,245 | | | | 671,011 | |
Bayer AG | | | 6,433 | | | | 831,733 | |
Bayerische Motoren Werke AG | | | 2,582 | | | | 239,698 | |
Beiersdorf AG | | | 792 | | | | 83,258 | |
Brenntag AG | | | 1,140 | | | | 65,988 | |
130
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Germany — (continued) | | | | | | | | |
Commerzbank AG* | | | 8,718 | | | $ | 103,855 | |
Continental AG | | | 878 | | | | 189,481 | |
Covestro AG144A @ | | | 709 | | | | 51,187 | |
Daimler AG | | | 7,587 | | | | 549,133 | |
Deutsche Annington Immobilien S.E. | | | 3,623 | | | | 143,859 | |
Deutsche Bank AG* | | | 16,452 | | | | 291,725 | |
Deutsche Boerse AG* | | | 1,516 | | | | 160,026 | |
Deutsche Lufthansa AG | | | 1,991 | | | | 45,310 | |
Deutsche Post AG | | | 7,576 | | | | 283,990 | |
Deutsche Telekom AG | | | 25,368 | | | | 455,473 | |
Deutsche Wohnen AG | | | 2,580 | | | | 98,687 | |
E.ON S.E. | | | 16,007 | | | | 150,794 | |
Evonik Industries AG | | | 1,096 | | | | 35,032 | |
Fraport AG Frankfurt Airport Services Worldwide | | | 272 | | | | 24,014 | |
Fresenius Medical Care AG & Co. KGaA | | | 1,701 | | | | 163,526 | |
Fresenius S.E. & Co. KGaA | | | 3,201 | | | | 274,422 | |
GEA Group AG | | | 1,522 | | | | 62,285 | |
Hannover Rueck S.E. | | | 474 | | | | 56,818 | |
HeidelbergCement AG | | | 1,217 | | | | 117,663 | |
Henkel AG & Co. KGaA | | | 823 | | | | 99,545 | |
Hochtief AG | | | 160 | | | | 29,312 | |
Hugo Boss AG | | | 567 | | | | 39,698 | |
Infineon Technologies AG | | | 8,762 | | | | 184,989 | |
Innogy SE144A @ | | | 1,102 | | | | 43,379 | |
K+S AG | | | 1,330 | | | | 34,057 | |
LANXESS AG | | | 691 | | | | 52,318 | |
Linde AG | | | 1,451 | | | | 274,774 | |
MAN S.E. | | | 297 | | | | 31,843 | |
Merck KGaA | | | 1,016 | | | | 122,715 | |
Metro AG | | | 1,566 | | | | 52,862 | |
Muenchener Ruckversicherungs AG | | | 1,236 | | | | 249,236 | |
OSRAM Licht AG | | | 667 | | | | 53,137 | |
ProSiebenSat.1 Media AG | | | 1,773 | | | | 74,197 | |
RWE AG* | | | 3,801 | | | | 75,734 | |
SAP S.E. | | | 7,646 | | | | 798,623 | |
Siemens AG | | | 5,959 | | | | 819,112 | |
Symrise AG | | | 1,079 | | | | 76,432 | |
Telefonica Deutschland Holding AG | | | 4,698 | | | | 23,465 | |
Thyssenkrupp AG | | | 2,865 | | | | 81,398 | |
TUI AG | | | 3,650 | | | | 53,197 | |
United Internet AG | | | 908 | | | | 49,930 | |
Volkswagen AG | | | 247 | | | | 38,297 | |
Zalando SE*144A @ | | | 677 | | | | 30,937 | |
| | | | | | | | |
| | | | 9,548,891 | |
| | | | | | | | |
| Hong Kong — 3.2% | | | | | | | | |
AIA Group Ltd. | | | 95,000 | | | | 694,177 | |
ASM Pacific Technology Ltd. | | | 1,700 | | | | 22,972 | |
Bank of East Asia Ltd. | | | 8,162 | | | | 35,074 | |
BOC Hong Kong Holdings Ltd. | | | 28,000 | | | | 133,949 | |
Cheung Kong Property Holdings Ltd. | | | 21,170 | | | | 165,809 | |
CK Hutchison Holdings Ltd. | | | 21,128 | | | | 265,201 | |
CK Infrastructure Holdings Ltd. | | | 5,000 | | | | 42,011 | |
CLP Holdings Ltd. | | | 12,500 | | | | 132,245 | |
First Pacific Co., Ltd. | | | 15,750 | | | | 11,620 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hong Kong — (continued) | | | | | | | | |
Galaxy Entertainment Group Ltd. | | | 18,000 | | | $ | 109,280 | |
Hang Lung Group Ltd. | | | 7,000 | | | | 28,960 | |
Hang Lung Properties Ltd. | | | 19,000 | | | | 47,455 | |
Hang Seng Bank Ltd. | | | 5,900 | | | | 123,404 | |
Henderson Land Development Co., Ltd. | | | 9,829 | | | | 54,823 | |
HK Electric Investments & HK Electric Investments Ltd.144A @ | | | 20,777 | | | | 19,107 | |
HKT Trust & HKT Ltd. | | | 30,240 | | | | 39,662 | |
Hong Kong & China Gas Co., Ltd. | | | 65,410 | | | | 122,988 | |
Hong Kong Exchanges & Clearing Ltd. | | | 9,153 | | | | 236,579 | |
Hongkong Land Holdings Ltd. | | | 9,000 | | | | 66,240 | |
Hysan Development Co., Ltd. | | | 6,140 | | | | 29,294 | |
Kerry Properties Ltd. | | | 3,509 | | | | 11,910 | |
Li & Fung Ltd. | | | 50,000 | | | | 18,188 | |
Link REIT | | | 18,176 | | | | 138,285 | |
Melco Resorts & Entertainment Ltd. ADR | | | 1,467 | | | | 32,934 | |
MGM China Holdings Ltd. | | | 8,400 | | | | 18,678 | |
MTR Corp., Ltd. | | | 11,599 | | | | 65,294 | |
New World Development Co., Ltd. | | | 43,878 | | | | 55,694 | |
NWS Holdings Ltd. | | | 14,013 | | | | 27,569 | |
PCCW Ltd. | | | 33,068 | | | | 18,805 | |
Power Assets Holdings Ltd. | | | 10,500 | | | | 92,729 | |
Shangri-La Asia Ltd. | | | 6,666 | | | | 11,304 | |
Sino Land Co., Ltd. | | | 21,506 | | | | 35,258 | |
SJM Holdings Ltd. | | | 17,000 | | | | 17,920 | |
Sun Hung Kai Properties Ltd. | | | 11,161 | | | | 163,967 | |
Swire Pacific Ltd., A Shares | | | 4,000 | | | | 39,065 | |
Swire Properties Ltd. | | | 9,336 | | | | 30,791 | |
Techtronic Industries Co. | | | 11,000 | | | | 50,580 | |
The Wharf Holdings Ltd. | | | 9,000 | | | | 74,583 | |
WH Group Ltd.144A @ | | | 63,823 | | | | 64,416 | |
Wheelock & Co., Ltd. | | | 7,000 | | | | 52,809 | |
Yue Yuen Industrial Holdings Ltd. | | | 7,000 | | | | 29,049 | |
| | | | | | | | |
| | | | 3,430,678 | |
| | | | | | | | |
| Ireland — 1.1% | | | | | | | | |
Anglo Irish Bank Corp. PLC~ | | | 3,146 | | | | 0 | |
Bank of Ireland* | | | 220,348 | | | | 57,884 | |
CRH PLC | | | 6,548 | | | | 231,656 | |
DCC PLC | | | 683 | | | | 62,182 | |
Experian PLC | | | 7,589 | | | | 155,678 | |
James Hardie Industries PLC | | | 3,958 | | | | 62,363 | |
Kerry Group PLC, A Shares | | | 1,177 | | | | 101,267 | |
Paddy Power Betfair PLC | | | 632 | | | | 67,471 | |
Ryanair Holdings PLC ADR* | | | 257 | | | | 27,656 | |
Shire PLC | | | 7,072 | | | | 390,361 | |
| | | | | | | | |
| | | | 1,156,518 | |
| | | | | | | | |
| Israel — 0.7% | | | | | | | | |
Azrieli Group | | | 283 | | | | 15,739 | |
Bank Hapoalim BM | | | 8,292 | | | | 55,956 | |
Bank Leumi Le-Israel BM | | | 11,337 | | | | 55,152 | |
Bezeq The Israeli Telecommunication Corp., Ltd. | | | 15,011 | | | | 24,937 | |
Check Point Software Technologies Ltd.* | | | 1,012 | | | | 110,389 | |
Elbit Systems Ltd. | | | 186 | | | | 22,944 | |
131
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Israel — (continued) | | | | | | | | |
Frutarom Industries Ltd. | | | 303 | | | $ | 21,202 | |
Israel Chemicals Ltd. | | | 3,410 | | | | 16,100 | |
Mizrahi Tefahot Bank Ltd. | | | 783 | | | | 14,253 | |
Mobileye NV* | | | 1,553 | | | | 97,528 | |
NICE Systems Ltd. | | | 400 | | | | 32,084 | |
Taro Pharmaceutical Industries Ltd.* | | | 116 | | | | 12,999 | |
Teva Pharmaceutical Industries Ltd. | | | 7,232 | | | | 239,246 | |
| | | | | | | | |
| | | | 718,529 | |
| | | | | | | | |
| Italy — 2.0% | | | | | | | | |
Assicurazioni Generali SpA | | | 9,446 | | | | 155,466 | |
Atlantia SpA | | | 3,533 | | | | 99,428 | |
Enel SpA | | | 63,275 | | | | 339,234 | |
Eni SpA | | | 20,152 | | | | 302,899 | |
Ferrari NV | | | 894 | | | | 76,734 | |
Intesa Sanpaolo SpA | | | 100,509 | | | | 318,675 | |
Intesa Sanpaolo SpA, RSP | | | 8,795 | �� | | | 26,077 | |
Leonardo SpA | | | 3,179 | | | | 52,830 | |
Luxottica Group SpA | | | 1,314 | | | | 76,015 | |
Mediobanca SpA | | | 4,539 | | | | 44,792 | |
Poste Italiane Spa144A @ | | | 4,029 | | | | 27,587 | |
Prysmian SpA | | | 1,389 | | | | 40,851 | |
Recordati SpA | | | 813 | | | | 32,983 | |
Saipem SpA* | | | 4,634 | | | | 17,117 | |
Snam SpA | | | 17,702 | | | | 77,153 | |
Telecom Italia SpA* | | | 90,713 | | | | 83,715 | |
Telecom Italia SpA, RSP | | | 52,300 | | | | 38,529 | |
Terna Rete Elettrica Nasionale SpA | | | 11,628 | | | | 62,766 | |
UniCredit SpA* | | | 15,572 | | | | 290,795 | |
UnipolSai Assicurazioni SpA | | | 8,602 | | | | 18,775 | |
| | | | | | | | |
| | | | 2,182,421 | |
| | | | | | | | |
| Japan — 23.5% | | | | | | | | |
ABC-Mart, Inc. | | | 200 | | | | 11,754 | |
Acom Co., Ltd.* | | | 3,200 | | | | 14,595 | |
Aeon Co., Ltd. | | | 4,700 | | | | 71,331 | |
AEON Financial Service Co., Ltd. | | | 700 | | | | 14,800 | |
Aeon Mall Co., Ltd. | | | 710 | | | | 13,963 | |
Air Water, Inc. | | | 1,000 | | | | 18,351 | |
Aisin Seiki Co., Ltd. | | | 1,400 | | | | 71,571 | |
Ajinomoto Co., Inc. | | | 4,000 | | | | 86,295 | |
Alfresa Holdings Corp. | | | 1,600 | | | | 30,826 | |
Alps Electric Co., Ltd. | | | 1,400 | | | | 40,329 | |
Amada Holdings Co., Ltd. | | | 3,000 | | | | 34,621 | |
ANA Holdings, Ltd. | | | 11,000 | | | | 38,181 | |
Aozora Bank Ltd. | | | 10,000 | | | | 38,053 | |
Asahi Glass Co., Ltd. | | | 1,400 | | | | 58,875 | |
Asahi Group Holdings Ltd. | | | 3,200 | | | | 120,290 | |
Asahi Kasei Corp. | | | 9,000 | | | | 96,621 | |
Asics Corp. | | | 1,000 | | | | 18,511 | |
Astellas Pharma, Inc. | | | 17,500 | | | | 213,859 | |
Bandai Namco Holdings, Inc. | | | 1,500 | | | | 51,078 | |
Benesse Holdings, Inc. | | | 700 | | | | 26,388 | |
Bridgestone Corp. | | | 5,200 | | | | 223,765 | |
Brother Industries Ltd. | | | 2,100 | | | | 48,413 | |
Calbee, Inc. | | | 800 | | | | 31,403 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Canon, Inc. | | | 8,300 | | | $ | 281,599 | |
Casio Computer Co., Ltd. | | | 1,500 | | | | 23,032 | |
Central Japan Railway Co. | | | 1,100 | | | | 179,071 | |
Chubu Electric Power Co., Inc. | | | 5,100 | | | | 67,675 | |
Chugai Pharmaceutical Co., Ltd. | | | 1,800 | | | | 67,295 | |
Coca-Cola Bottlers Japan, Inc. | | | 1,000 | | | | 28,895 | |
Concordia Financial Group Ltd. | | | 10,300 | | | | 51,887 | |
Credit Saison Co., Ltd. | | | 1,000 | | | | 19,507 | |
Cyberdyne, Inc.* | | | 1,000 | | | | 13,292 | |
Dai Nippon Printing Co., Ltd. | | | 4,000 | | | | 44,383 | |
Daicel Corp. | | | 2,000 | | | | 24,841 | |
Daiichi Sankyo Co., Ltd. | | | 4,800 | | | | 112,964 | |
Daikin Industries Ltd. | | | 1,900 | | | | 193,759 | |
Daito Trust Construction Co., Ltd. | | | 600 | | | | 93,327 | |
Daiwa House Industry Co., Ltd. | | | 4,500 | | | | 153,554 | |
Daiwa House REIT Investment Corp. | | | 11 | | | | 26,103 | |
Daiwa Securities Group, Inc. | | | 13,000 | | | | 76,954 | |
DeNA Co., Ltd. | | | 800 | | | | 17,896 | |
Denso Corp. | | | 3,900 | | | | 164,426 | |
Dentsu, Inc. | | | 1,800 | | | | 85,939 | |
Disco Corp. | | | 200 | | | | 31,865 | |
Don Quijote Holdings Co., Ltd. | | | 800 | | | | 30,300 | |
East Japan Railway Co. | | | 2,600 | | | | 248,384 | |
Eisai Co., Ltd. | | | 2,000 | | | | 110,336 | |
Electric Power Development Co., Ltd. | | | 1,000 | | | | 24,699 | |
FamilyMart Co., Ltd. | | | 700 | | | | 40,018 | |
FANUC Corp. | | | 1,500 | | | | 288,797 | |
Fast Retailing Co., Ltd. | | | 400 | | | | 133,078 | |
Fuji Electric Co., Ltd. | | | 4,000 | | | | 21,054 | |
FUJIFILM Holdings Corp. | | | 3,300 | | | | 118,533 | |
Fujitsu Ltd. | | | 15,000 | | | | 110,398 | |
Fukuoka Financial Group, Inc. | | | 6,000 | | | | 28,486 | |
Hakuhodo DY Holdings, Inc. | | | 1,500 | | | | 19,884 | |
Hamamatsu Photonics K.K. | | | 1,000 | | | | 30,673 | |
Hankyu Hanshin Holdings, Inc. | | | 1,800 | | | | 64,654 | |
Hikari Tsushin, Inc. | | | 200 | | | | 21,018 | |
Hino Motors Ltd. | | | 2,000 | | | | 22,174 | |
Hirose Electric Co., Ltd. | | | 210 | | | | 29,911 | |
Hisamitsu Pharmaceutical Co., Inc. | | | 400 | | | | 19,133 | |
Hitachi Chemical Co., Ltd. | | | 1,000 | | | | 29,784 | |
Hitachi Construction Machinery Co., Ltd. | | | 1,000 | | | | 24,957 | |
Hitachi High-Technologies Corp. | | | 500 | | | | 19,382 | |
Hitachi Ltd. | | | 38,000 | | | | 232,916 | |
Hitachi Metals Ltd. | | | 2,000 | | | | 27,775 | |
Honda Motor Co., Ltd. | | | 13,400 | | | | 365,038 | |
Hoshizaki Electric Co., Ltd. | | | 500 | | | | 45,166 | |
Hoya Corp. | | | 2,900 | | | | 150,395 | |
Hulic Co., Ltd. | | | 2,500 | | | | 25,495 | |
Idemitsu Kosan Co., Ltd. | | | 900 | | | | 25,526 | |
IHI Corp.* | | | 12,000 | | | | 40,756 | |
Iida Group Holdings Co., Ltd. | | | 1,000 | | | | 16,635 | |
Inpex Corp. | | | 7,200 | | | | 69,199 | |
Isetan Mitsukoshi Holdings Ltd. | | | 2,500 | | | | 25,028 | |
Isuzu Motors Ltd. | | | 4,500 | | | | 55,452 | |
ITOCHU Corp. | | | 12,000 | | | | 178,066 | |
132
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
J. Front Retailing Co., Ltd. | | | 2,000 | | | $ | 30,656 | |
Japan Airlines Co., Ltd. | | | 1,000 | | | | 30,887 | |
Japan Airport Terminal Co., Ltd. | | | 300 | | | | 11,456 | |
Japan Exchange Group, Inc. | | | 4,000 | | | | 72,372 | |
Japan Post Bank Co., Ltd. | | | 3,000 | | | | 38,355 | |
Japan Post Holdings Co., Ltd. | | | 4,000 | | | | 49,575 | |
Japan Prime Realty Investment Corp. | | | 8 | | | | 27,704 | |
Japan Real Estate Investment Corp. | | | 10 | | | | 49,700 | |
Japan Retail Fund Investment Corp. | | | 20 | | | | 36,897 | |
Japan Tobacco, Inc. | | | 8,600 | | | | 301,793 | |
JFE Holdings, Inc. | | | 3,800 | | | | 65,898 | |
JGC Corp. | | | 2,000 | | | | 32,398 | |
JSR Corp. | | | 1,800 | | | | 30,999 | |
JTEKT Corp. | | | 1,500 | | | | 21,898 | |
JXTG Holdings, Inc. | | | 22,790 | | | | 99,427 | |
Kajima Corp. | | | 7,000 | | | | 59,000 | |
Kakaku.com, Inc. | | | 1,100 | | | | 15,775 | |
Kamigumi Co., Ltd. | | | 2,000 | | | | 20,947 | |
Kaneka Corp. | | | 2,000 | | | | 15,221 | |
Kansai Paint Co., Ltd. | | | 2,000 | | | | 45,966 | |
Kao Corp. | | | 3,900 | | | | 231,347 | |
Kawasaki Heavy Industries Ltd. | | | 10,000 | | | | 29,518 | |
KDDI Corp. | | | 14,400 | | | | 380,885 | |
Keihan Holdings Co. Ltd. | | | 5,000 | | | | 31,740 | |
Keikyu Corp. | | | 4,000 | | | | 48,117 | |
Keio Corp. | | | 5,000 | | | | 41,787 | |
Keisei Electric Railway Co., Ltd. | | | 1,000 | | | | 26,673 | |
Keyence Corp. | | | 782 | | | | 343,044 | |
Kikkoman Corp. | | | 1,000 | | | | 31,918 | |
Kintetsu Group Holdings Co., Ltd. | | | 16,000 | | | | 61,596 | |
Kirin Holdings Co., Ltd. | | | 6,800 | | | | 138,388 | |
Kobe Steel Ltd.* | | | 2,600 | | | | 26,676 | |
Koito Manufacturing Co., Ltd. | | | 1,000 | | | | 51,389 | |
Komatsu Ltd. | | | 7,300 | | | | 185,266 | |
Konami Corp. | | | 600 | | | | 33,287 | |
Konica Minolta, Inc. | | | 4,000 | | | | 33,145 | |
Kose Corp. | | | 200 | | | | 21,818 | |
Kubota Corp. | | | 8,200 | | | | 137,608 | |
Kuraray Co., Ltd. | | | 3,100 | | | | 56,171 | |
Kurita Water Industries Ltd. | | | 800 | | | | 21,765 | |
Kyocera Corp. | | | 2,600 | | | | 150,394 | |
Kyowa Hakko Kirin Co., Ltd. | | | 2,000 | | | | 37,110 | |
Kyushu Electric Power Co., Inc. | | | 2,900 | | | | 35,169 | |
Kyushu Financial Group Inc. | | | 3,000 | | | | 18,911 | |
Kyushu Railway Co. | | | 1,000 | | | | 32,407 | |
Lawson, Inc. | | | 400 | | | | 27,953 | |
Lion Corp. | | | 2,000 | | | | 41,360 | |
LIXIL Group Corp. | | | 2,300 | | | | 57,441 | |
M3, Inc. | | | 1,700 | | | | 46,779 | |
Mabuchi Motor Co., Ltd. | | | 400 | | | | 19,880 | |
Makita Corp. | | | 1,600 | | | | 59,106 | |
Marubeni Corp. | | | 13,000 | | | | 83,889 | |
Marui Group Co., Ltd. | | | 1,500 | | | | 22,085 | |
Maruichi Steel Tube Ltd. | | | 300 | | | | 8,709 | |
Mazda Motor Corp. | | | 5,000 | | | | 69,704 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
McDonald’s Holdings Co., Japan Ltd. | | | 700 | | | $ | 26,824 | |
Mebuki Financial Group Inc. | | | 7,020 | | | | 26,089 | |
Medipal Holdings Corp. | | | 1,700 | | | | 31,408 | |
MEIJI Holdings Co., Ltd. | | | 900 | | | | 72,896 | |
MINEBEA MITSUMI, Inc. | | | 3,000 | | | | 48,144 | |
Miraca Holdings, Inc. | | | 400 | | | | 17,960 | |
MISUMI Group, Inc. | | | 2,200 | | | | 50,191 | |
Mitsubishi Chemical Holdings Corp. | | | 10,800 | | | | 89,309 | |
Mitsubishi Corp. | | | 11,800 | | | | 247,173 | |
Mitsubishi Electric Corp. | | | 15,300 | | | | 219,757 | |
Mitsubishi Estate Co., Ltd. | | | 10,000 | | | | 186,130 | |
Mitsubishi Gas Chemical Co., Inc. | | | 1,500 | | | | 31,674 | |
Mitsubishi Heavy Industries Ltd. | | | 27,000 | | | | 110,377 | |
Mitsubishi Materials Corp. | | | 700 | | | | 21,160 | |
Mitsubishi Motors Corp. | | | 5,200 | | | | 34,212 | |
Mitsubishi Tanabe Pharma Corp. | | | 1,900 | | | | 43,853 | |
Mitsubishi UFJ Financial Group, Inc. | | | 93,700 | | | | 628,804 | |
Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 4,600 | | | | 25,111 | |
Mitsui & Co., Ltd. | | | 13,300 | | | | 189,848 | |
Mitsui Chemicals, Inc. | | | 6,000 | | | | 31,740 | |
Mitsui Fudosan Co., Ltd. | | | 7,000 | | | | 166,824 | |
Mitsui OSK Lines Ltd. | | | 10,000 | | | | 29,340 | |
Mixi, Inc. | | | 500 | | | | 27,784 | |
Mizuho Financial Group, Inc. | | | 186,280 | | | | 340,181 | |
MS&AD Insurance Group Holdings, Inc. | | | 3,690 | | | | 123,815 | |
Murata Manufacturing Co., Ltd. | | | 1,500 | | | | 227,651 | |
Nabtesco Corp. | | | 700 | | | | 20,320 | |
Nagoya Railroad Co., Ltd. | | | 7,000 | | | | 32,612 | |
NEC Corp. | | | 21,000 | | | | 55,639 | |
Nexon Co., Ltd.* | | | 1,100 | | | | 21,711 | |
NGK Insulators Ltd. | | | 2,000 | | | | 39,813 | |
NGK Spark Plug Co., Ltd. | | | 1,400 | | | | 29,736 | |
NH Foods Ltd. | | | 1,000 | | | | 30,362 | |
Nidec Corp. | | | 1,900 | | | | 194,434 | |
Nikon Corp. | | | 2,900 | | | | 46,307 | |
Nintendo Co., Ltd. | | | 900 | | | | 301,507 | |
Nippon Building Fund, Inc. | | | 12 | | | | 61,240 | |
Nippon Electric Glass Co., Ltd. | | | 800 | | | | 29,055 | |
Nippon Express Co., Ltd. | | | 6,000 | | | | 37,502 | |
Nippon Paint Holdings Co., Ltd. | | | 1,500 | | | | 56,679 | |
Nippon Prologis REIT, Inc. | | | 15 | | | | 31,927 | |
Nippon Steel & Sumitomo Metal Corp. | | | 5,917 | | | | 133,517 | |
Nippon Telegraph & Telephone Corp. | | | 5,400 | | | | 254,937 | |
Nippon Yusen K.K.* | | | 13,000 | | | | 24,156 | |
Nissan Chemical Industries Ltd. | | | 1,000 | | | | 32,985 | |
Nissan Motor Co., Ltd. | | | 18,100 | | | | 179,914 | |
Nisshin Seifun Group, Inc. | | | 1,815 | | | | 29,773 | |
Nissin Foods Holdings Co., Ltd. | | | 500 | | | | 31,207 | |
Nitori Holdings Co., Ltd. | | | 600 | | | | 80,231 | |
Nitto Denko Corp. | | | 1,400 | | | | 115,012 | |
NOK Corp. | | | 1,000 | | | | 21,107 | |
Nomura Holdings, Inc. | | | 28,500 | | | | 170,633 | |
Nomura Real Estate Holdings, Inc. | | | 1,000 | | | | 19,595 | |
Nomura Real Estate Master Fund, Inc.* | | | 28 | | | | 38,263 | |
Nomura Research Institute Ltd. | | | 1,210 | | | | 47,604 | |
133
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
NSK Ltd. | | | 3,000 | | | $ | 37,422 | |
NTT Data Corp. | | | 5,000 | | | | 55,568 | |
NTT DOCOMO, Inc. | | | 10,600 | | | | 249,933 | |
Obayashi Corp. | | | 5,000 | | | | 58,724 | |
Obic Co. Ltd. | | | 500 | | | | 30,673 | |
Odakyu Electric Railway Co., Ltd. | | | 2,500 | | | | 50,367 | |
Oji Holdings Corp. | | | 6,000 | | | | 30,940 | |
Olympus Corp. | | | 2,200 | | | | 80,196 | |
Omron Corp. | | | 1,600 | | | | 69,349 | |
Ono Pharmaceutical Co., Ltd. | | | 3,500 | | | | 76,270 | |
Oracle Corp. Japan | | | 200 | | | | 12,963 | |
Oriental Land Co., Ltd. | | | 1,700 | | | | 114,991 | |
ORIX Corp. | | | 10,600 | | | | 163,983 | |
Osaka Gas Co., Ltd. | | | 16,000 | | | | 65,366 | |
Otsuka Corp. | | | 300 | | | | 18,591 | |
Otsuka Holdings Co., Ltd. | | | 2,900 | | | | 123,503 | |
Panasonic Corp. | | | 17,500 | | | | 237,119 | |
Park24 Co., Ltd. | | | 800 | | | | 20,314 | |
Pola Orbis Holdings, Inc. | | | 800 | | | | 21,068 | |
Rakuten, Inc. | | | 7,300 | | | | 85,802 | |
Recruit Holdings Co., Ltd. | | | 8,700 | | | | 149,364 | |
Resona Holdings, Inc. | | | 17,800 | | | | 97,882 | |
Ricoh Co., Ltd. | | | 5,000 | | | | 44,099 | |
Rinnai Corp. | | | 300 | | | | 27,926 | |
Rohm Co., Ltd. | | | 800 | | | | 61,383 | |
Ryohin Keikaku Co. Ltd. | | | 200 | | | | 49,913 | |
Sankyo Co., Ltd. | | | 400 | | | | 13,550 | |
Santen Pharmaceutical Co., Ltd. | | | 3,000 | | | | 40,649 | |
SBI Holdings, Inc. | | | 1,710 | | | | 23,140 | |
Secom Co., Ltd. | | | 1,700 | | | | 128,851 | |
Sega Sammy Holdings, Inc. | | | 1,200 | | | | 16,132 | |
Seibu Holdings, Inc. | | | 1,600 | | | | 29,546 | |
Seiko Epson Corp. | | | 2,200 | | | | 48,880 | |
Sekisui Chemical Co., Ltd. | | | 3,000 | | | | 53,639 | |
Sekisui House Ltd. | | | 4,600 | | | | 80,958 | |
Seven & I Holdings Co., Ltd. | | | 5,900 | | | | 242,767 | |
Seven Bank Ltd. | | | 5,300 | | | | 18,943 | |
Sharp Corp/Japan* | | | 12,000 | | | | 44,490 | |
Shimadzu Corp. | | | 2,000 | | | | 38,017 | |
Shimamura Co., Ltd. | | | 200 | | | | 24,468 | |
Shimano, Inc. | | | 600 | | | | 94,848 | |
Shimizu Corp. | | | 5,000 | | | | 52,945 | |
Shin-Etsu Chemical Co., Ltd. | | | 3,000 | | | | 271,660 | |
Shinsei Bank Ltd. | | | 14,000 | | | | 24,397 | |
Shionogi & Co., Ltd. | | | 2,500 | | | | 139,120 | |
Shiseido Co., Ltd. | | | 3,000 | | | | 106,530 | |
Showa Shell Sekiyu K.K. | | | 1,000 | | | | 9,264 | |
SMC Corp. | | | 400 | | | | 121,449 | |
SoftBank Corp. | | | 6,400 | | | | 517,633 | |
Sohgo Security Services Co., Ltd. | | | 500 | | | | 22,494 | |
Sompo Holdings, Inc. | | | 2,625 | | | | 101,266 | |
Sony Corp. | | | 9,900 | | | | 377,252 | |
Sony Financial Holdings, Inc. | | | 1,200 | | | | 20,421 | |
Stanley Electric Co., Ltd. | | | 1,300 | | | | 39,182 | |
Start Today Co., Ltd. | | | 1,500 | | | | 36,875 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Subaru Corp. | | | 4,900 | | | $ | 164,938 | |
Sumitomo Chemical Co., Ltd. | | | 12,000 | | | | 68,922 | |
Sumitomo Corp. | | | 9,400 | | | | 122,185 | |
Sumitomo Dainippon Pharma Co., Ltd. | | | 1,400 | | | | 19,082 | |
Sumitomo Electric Industries Ltd. | | | 5,900 | | | | 90,749 | |
Sumitomo Heavy Industries Ltd. | | | 5,000 | | | | 32,941 | |
Sumitomo Metal Mining Co., Ltd. | | | 4,000 | | | | 53,363 | |
Sumitomo Mitsui Financial Group, Inc. | | | 10,400 | | | | 404,904 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 2,543 | | | | 90,867 | |
Sumitomo Realty & Development Co., Ltd. | | | 3,000 | | | | 92,421 | |
Sumitomo Rubber Industries Ltd. | | | 1,200 | | | | 20,228 | |
Sundrug Co., Ltd. | | | 600 | | | | 22,352 | |
Suntory Beverage & Food Ltd. | | | 1,000 | | | | 46,410 | |
Suruga Bank Ltd. | | | 1,600 | | | | 38,721 | |
Suzuken Co., Ltd. | | | 440 | | | | 14,592 | |
Suzuki Motor Corp. | | | 2,800 | | | | 132,687 | |
Sysmex Corp. | | | 1,200 | | | | 71,589 | |
T&D Holdings, Inc. | | | 4,300 | | | | 65,355 | |
Taiheiyo Cement Corp. | | | 8,000 | | | | 29,091 | |
Taisei Corp. | | | 8,000 | | | | 72,976 | |
Taisho Pharmaceutical Holdings Co., Ltd. | | | 300 | | | | 22,805 | |
Taiyo Nippon Sanso Corp. | | | 1,000 | | | | 11,211 | |
Takashimaya Co., Ltd. | | | 2,000 | | | | 19,009 | |
Takeda Pharmaceutical Co., Ltd. | | | 5,600 | | | | 284,244 | |
TDK Corp. | | | 900 | | | | 59,133 | |
Teijin Ltd. | | | 1,200 | | | | 23,056 | |
Terumo Corp. | | | 2,500 | | | | 98,355 | |
The Bank of Kyoto Ltd. | | | 3,000 | | | | 28,273 | |
The Chiba Bank Ltd. | | | 5,000 | | | | 36,186 | |
The Chugoku Bank Ltd. | | | 1,000 | | | | 14,937 | |
The Chugoku Electric Power Co., Inc. | | | 2,100 | | | | 23,133 | |
The Dai-ichi Life Insurance Co., Ltd. | | | 8,500 | | | | 153,147 | |
The Hachijuni Bank Ltd. | | | 4,000 | | | | 25,357 | |
The Hiroshima Bank Ltd. | | | 4,000 | | | | 17,711 | |
The Kansai Electric Power Co., Inc. | | | 5,900 | | | | 81,150 | |
The Shizuoka Bank Ltd. | | | 4,000 | | | | 36,097 | |
The Yokohama Rubber Co., Ltd. | | | 1,000 | | | | 20,049 | |
THK Co., Ltd. | | | 1,000 | | | | 28,273 | |
Tobu Railway Co., Ltd. | | | 9,000 | | | | 49,051 | |
Toho Co., Ltd. | | | 900 | | | | 27,686 | |
Toho Gas Co., Ltd. | | | 3,000 | | | | 21,818 | |
Tohoku Electric Power Co., Inc. | | | 4,100 | | | | 56,684 | |
Tokio Marine Holdings, Inc. | | | 5,400 | | | | 223,298 | |
Tokyo Electric Power Co., Inc.* | | | 12,200 | | | | 50,221 | |
Tokyo Electron Ltd. | | | 1,200 | | | | 161,743 | |
Tokyo Gas Co., Ltd. | | | 17,000 | | | | 88,314 | |
Tokyo Tatemono Co., Ltd. | | | 1,500 | | | | 19,631 | |
Tokyu Corp. | | | 8,000 | | | | 60,956 | |
Tokyu Fudosan Holdings Corp. | | | 4,000 | | | | 23,614 | |
Toppan Printing Co., Ltd. | | | 4,000 | | | | 43,814 | |
Toray Industries, Inc. | | | 11,000 | | | | 91,961 | |
Toshiba Corp.* | | | 32,000 | | | | 77,329 | |
Tosoh Corp. | | | 5,000 | | | | 51,167 | |
TOTO Ltd. | | | 1,000 | | | | 38,142 | |
134
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Toyo Seikan Group Holdings Ltd. | | | 1,000 | | | $ | 16,857 | |
Toyo Suisan Kaisha Ltd. | | | 600 | | | | 22,965 | |
Toyoda Gosei Co., Ltd. | | | 400 | | | | 9,527 | |
Toyota Industries Corp. | | | 1,200 | | | | 63,054 | |
Toyota Motor Corp. | | | 20,368 | | | | 1,067,158 | |
Toyota Tsusho Corp. | | | 1,800 | | | | 53,852 | |
Trend Micro, Inc. | | | 800 | | | | 41,182 | |
Tsuruha Holdings, Inc. | | | 300 | | | | 31,820 | |
Unicharm Corp. | | | 3,000 | | | | 75,270 | |
United Urban Investment Corp. | | | 27 | | | | 38,529 | |
USS Co., Ltd. | | | 1,500 | | | | 29,780 | |
West Japan Railway Co. | | | 1,300 | | | | 91,725 | |
Yahoo Japan Corp. | | | 10,400 | | | | 45,215 | |
Yakult Honsha Co., Ltd. | | | 700 | | | | 47,611 | |
Yamada Denki Co., Ltd. | | | 5,300 | | | | 26,294 | |
Yamaguchi Financial Group, Inc. | | | 2,000 | | | | 24,130 | |
Yamaha Corp. | | | 1,200 | | | | 41,396 | |
Yamaha Motor Co., Ltd. | | | 2,400 | | | | 61,838 | |
Yamato Holdings Co., Ltd. | | | 2,800 | | | | 56,722 | |
Yamazaki Baking Co., Ltd. | | | 1,000 | | | | 19,907 | |
Yaskawa Electric Corp. | | | 2,000 | | | | 42,338 | |
Yokogawa Electric Corp. | | | 2,000 | | | | 32,025 | |
| | | | | | | | |
| | | | | | | 25,175,427 | |
| | | | | | | | |
| Jersey — 0.1% | |
Randgold Resources Ltd. | | | 746 | | | | 66,120 | |
| | | | | | | | |
| Luxembourg — 0.3% | |
ArcelorMittal* | | | 5,168 | | | | 117,226 | |
Eurofins Scientific SE | | | 87 | | | | 49,003 | |
Millicom International Cellular S.A. | | | 489 | | | | 28,883 | |
RTL Group S.A. | | | 294 | | | | 22,199 | |
SES S.A. | | | 2,712 | | | | 63,577 | |
Tenaris S.A. | | | 3,987 | | | | 62,159 | |
| | | | | | | | |
| | | | | | | 343,047 | |
| | | | | | | | |
| Macau — 0.0% | |
Wynn Macau Ltd. | | | 12,400 | | | | 28,969 | |
| | | | | | | | |
| Netherlands — 5.6% | |
ABN AMRO Group N.V.144A @ | | | 2,462 | | | | 65,266 | |
Aegon N.V. | | | 15,001 | | | | 76,602 | |
AerCap Holdings N.V.* | | | 1,313 | | | | 60,963 | |
Airbus S.E. | | | 4,576 | | | | 376,307 | |
Akzo Nobel N.V. | | | 1,950 | | | | 169,467 | |
Altice N.V. Class A* | | | 2,890 | | | | 66,677 | |
Altice N.V. Class B* | | | 694 | | | | 16,016 | |
ASML Holding N.V. | | | 2,888 | | | | 376,363 | |
Boskalis Westminster | | | 708 | | | | 22,994 | |
CNH Industrial N.V. | | | 7,476 | | | | 84,661 | |
EXOR N.V. | | | 848 | | | | 45,899 | |
Gemalto N.V. | | | 668 | | | | 40,093 | |
Heineken Holdings N.V. | | | 751 | | | | 68,835 | |
Heineken N.V. | | | 1,784 | | | | 173,461 | |
ING Groep N.V. | | | 30,459 | | | | 525,311 | |
Koninklijke Ahold Delhaize N.V. | | | 9,999 | | | | 191,177 | |
Koninklijke DSM N.V. | | | 1,405 | | | | 102,125 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Netherlands — (continued) | | | | | | | | |
Koninklijke KPN N.V. | | | 25,935 | | | $ | 82,970 | |
Koninklijke Philips N.V. | | | 7,457 | | | | 264,837 | |
Koninklijke Vopak N.V. | | | 584 | | | | 27,081 | |
NN Group N.V. | | | 2,677 | | | | 95,137 | |
NXP Semiconductors N.V.* | | | 2,296 | | | | 251,297 | |
QIAGEN N.V.* | | | 1,867 | | | | 62,106 | |
Randstad Holding N.V. | | | 923 | | | | 53,891 | |
RELX N.V. | | | 7,963 | | | | 163,709 | |
Royal Dutch Shell PLC, A Shares | | | 35,036 | | | | 928,641 | |
Royal Dutch Shell PLC, B Shares | | | 29,169 | | | | 783,572 | |
Unilever N.V. | | | 12,922 | | | | 713,150 | |
Wolters Kluwer N.V. | | | 2,305 | | | | 97,580 | |
| | | | | | | | |
| | | | | | | 5,986,188 | |
| | | | | | | | |
| New Zealand — 0.2% | |
Auckland International Airport Ltd. | | | 7,613 | | | | 39,777 | |
Contact Energy Ltd. | | | 7,262 | | | | 27,725 | |
Fletcher Building Ltd. | | | 4,795 | | | | 28,075 | |
Mercury NZ Ltd. | | | 4,163 | | | | 10,128 | |
Meridian Energy Ltd. | | | 7,526 | | | | 16,049 | |
Ryman Healthcare Ltd. | | | 2,831 | | | | 17,198 | |
Spark New Zealand Ltd. | | | 16,634 | | | | 46,076 | |
| | | | | | | | |
| | | | | | | 185,028 | |
| | | | | | | | |
| Norway — 0.6% | |
DNB ASA | | | 7,620 | | | | 129,605 | |
Gjensidige Forsikring ASA | | | 1,418 | | | | 24,203 | |
Marine Harvest ASA* | | | 2,950 | | | | 50,493 | |
Norsk Hydro ASA | | | 10,203 | | | | 56,559 | |
Orkla ASA | | | 6,430 | | | | 65,349 | |
Schibsted ASA | | | 593 | | | | 14,320 | |
Schibsted ASA | | | 698 | | | | 15,425 | |
Statoil ASA | | | 9,338 | | | | 154,799 | |
Telenor ASA | | | 6,070 | | | | 100,697 | |
Yara International ASA | | | 1,259 | | | | 47,291 | |
| | | | | | | | |
| | | | | | | 658,741 | |
| | | | | | | | |
| Portugal — 0.2% | | | | | | | | |
Banco Espirito Santo S.A.*~ | | | 27,017 | | | | 0 | |
EDP — Energias de Portugal S.A. | | | 16,826 | | | | 55,021 | |
Galp Energia SGPS, S.A. | | | 4,313 | | | | 65,296 | |
Jeronimo Martins SGPS, S.A. | | | 2,107 | | | | 41,127 | |
| | | | | | | | |
| | | | | | | 161,444 | |
| | | | | | | | |
| Singapore — 1.4% | |
Ascendas Real Estate Investment Trust | | | 15,562 | | | | 29,502 | |
CapitaLand Commercial Trust Ltd. | | | 16,000 | | | | 19,292 | |
CapitaLand Ltd. | | | 23,000 | | | | 58,471 | |
CapitaLand Mall Trust | | | 21,700 | | | | 31,129 | |
City Developments Ltd. | | | 3,000 | | | | 23,381 | |
ComfortDelGro Corp. Ltd. | | | 20,000 | | | | 33,412 | |
DBS Group Holdings Ltd. | | | 14,210 | | | | 214,067 | |
Genting Singapore PLC | | | 54,000 | | | | 42,557 | |
Global Logistic Properties Ltd. | | | 18,300 | | | | 38,016 | |
Golden Agri-Resources Ltd. | | | 65,000 | | | | 17,705 | |
Hutchison Port Holdings Trust | | | 35,100 | | | | 15,093 | |
135
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Singapore — (continued) | | | | | | | | |
Jardine Cycle & Carriage Ltd. | | | 611 | | | $ | 19,682 | |
Jardine Matheson Holdings Ltd. | | | 1,600 | | | | 102,720 | |
Keppel Corp. Ltd. | | | 11,600 | | | | 52,997 | |
Oversea-Chinese Banking Corp. Ltd. | | | 24,550 | | | | 192,406 | |
SATS Ltd. | | | 5,300 | | | | 19,672 | |
Sembcorp Industries Ltd. | | | 9,000 | | | | 20,134 | |
Singapore Airlines Ltd. | | | 4,000 | | | | 29,403 | |
Singapore Exchange Ltd. | | | 6,000 | | | | 31,988 | |
Singapore Press Holdings Ltd. | | | 15,000 | | | | 35,192 | |
Singapore Technologies Engineering Ltd. | | | 12,000 | | | | 32,076 | |
Singapore Telecommunications Ltd. | | | 63,200 | | | | 178,571 | |
StarHub Ltd. | | | 5,000 | | | | 9,878 | |
Suntec Real Estate Investment Trust | | | 16,000 | | | | 21,732 | |
United Overseas Bank Ltd. | | | 11,037 | | | | 185,346 | |
UOL Group Ltd. | | | 4,307 | | | | 23,903 | |
Wilmar International Ltd. | | | 12,500 | | | | 30,416 | |
| | | | | | | | |
| | | | | | | 1,508,741 | |
| | | | | | | | |
| South Africa — 0.1% | |
Mediclinic International PLC | | | 2,866 | | | | 27,679 | |
Mondi PLC | | | 2,860 | | | | 75,022 | |
| | | | | | | | |
| | | | | | | 102,701 | |
| | | | | | | | |
| Spain — 3.4% | |
Abertis Infraestructuras S.A. | | | 5,393 | | | | 99,909 | |
ACS Actividades de Construccion y Servicios S.A. | | | 1,836 | | | | 70,931 | |
Aena S.A.144A @ | | | 497 | | | | 96,983 | |
Amadeus IT Holding S.A. | | | 3,476 | | | | 207,836 | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 53,079 | | | | 440,436 | |
Banco de Sabadell S.A. | | | 40,310 | | | | 81,905 | |
Banco Santander S.A. | | | 113,446 | | | | 750,485 | |
Bankia S.A. | | | 9,035 | | | | 43,671 | |
Bankinter S.A. | | | 4,820 | | | | 44,399 | |
CaixaBank | | | 26,158 | | | | 124,883 | |
Distribuidora Internacional de Alimentacion S.A. | | | 4,084 | | | | 25,426 | |
Enagas S.A. | | | 1,740 | | | | 48,789 | |
Endesa S.A. | | | 2,463 | | | | 56,741 | |
Ferrovial S.A. | | | 3,755 | | | | 83,353 | |
Gamesa Corporacion Tecnologica S.A. | | | 1,855 | | | | 39,609 | |
Gas Natural SDG S.A. | | | 2,914 | | | | 68,196 | |
Grifols S.A. | | | 2,504 | | | | 69,740 | |
Iberdrola S.A. | | | 45,231 | | | | 358,164 | |
Industria de Diseno Textil S.A. | | | 8,641 | | | | 331,708 | |
Mapfre S.A. | | | 8,177 | | | | 28,560 | |
Red Electrica Corp. S.A. | | | 3,632 | | | | 75,893 | |
Repsol S.A. | | | 8,778 | | | | 134,346 | |
Telefonica S.A. | | | 35,081 | | | | 362,133 | |
| | | | | | | | |
| | | | | | | 3,644,096 | |
| | | | | | | | |
| Sweden — 2.9% | |
Alfa Laval AB | | | 2,088 | | | | 42,728 | |
Assa Abloy AB | | | 7,608 | | | | 167,156 | |
Atlas Copco AB, A Shares | | | 3,255 | | | | 112,470 | |
Atlas Copco AB, B Shares | | | 5,275 | | | | 202,242 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Sweden — (continued) | | | | | | | | |
Boliden AB | | | 1,973 | | | $ | 53,841 | |
Electrolux AB, B Shares | | | 1,720 | | | | 56,369 | |
Essity AB* | | | 4,611 | | | | 126,157 | |
Getinge AB, B Shares | | | 1,448 | | | | 28,342 | |
Hennes & Mauritz AB, B Shares | | | 7,521 | | | | 187,384 | |
Hexagon AB, B Shares | | | 2,081 | | | | 98,928 | |
Husqvarna AB, B Shares | | | 2,834 | | | | 28,156 | |
ICA Gruppen AB | | | 521 | | | | 19,394 | |
Industrivarden AB, C Shares | | | 1,227 | | | | 29,420 | |
Investor AB, B Shares | | | 3,449 | | | | 166,213 | |
Kinnevik AB | | | 1,832 | | | | 56,082 | |
L E Lundbergforetagen AB | | | 301 | | | | 23,759 | |
Lundin Petroleum AB* | | | 1,488 | | | | 28,631 | |
Nordea Bank AB | | | 24,214 | | | | 308,111 | |
Sandvik AB | | | 8,213 | | | | 129,170 | |
Securitas AB, B Shares | | | 2,875 | | | | 48,459 | |
Skandinaviska Enskilda Banken AB, A Shares | | | 12,133 | | | | 146,753 | |
Skanska AB, B Shares | | | 2,985 | | | | 70,828 | |
SKF AB, B Shares | | | 3,338 | | | | 67,634 | |
Svenska Handelsbanken AB | | | 11,598 | | | | 166,026 | |
Swedbank AB, A Shares | | | 7,333 | | | | 178,697 | |
Swedish Match AB | | | 1,496 | | | | 52,686 | |
Tele2 AB, B Shares | | | 3,292 | | | | 34,465 | |
Telefonaktiebolaget LM Ericsson, B Shares | | | 23,294 | | | | 166,589 | |
Telia Co AB | | | 21,208 | | | | 97,648 | |
Volvo AB, B Shares | | | 11,928 | | | | 203,314 | |
| | | | | | | | |
| | | | | | | 3,097,652 | |
| | | | | | | | |
| Switzerland — 9.0% | |
ABB Ltd. | | | 15,507 | | | | 382,945 | |
Adecco S.A.* | | | 1,232 | | | | 93,662 | |
Baloise Holding AG | | | 370 | | | | 57,184 | |
Barry Callebaut AG* | | | 17 | | | | 23,366 | |
Chocoladefabriken Lindt & Spruengli AG | | | 1 | | | | 69,715 | |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | | | 7 | | | | 40,588 | |
Cie Financiere Richemont S.A. | | | 4,079 | | | | 336,053 | |
Coca-Cola HBC AG* | | | 1,371 | | | | 40,320 | |
Credit Suisse Group AG* | | | 19,110 | | | | 276,217 | |
Dufry AG* | | | 255 | | | | 41,778 | |
EMS-Chemie Holding AG | | | 65 | | | | 47,925 | |
Geberit AG | | | 291 | | | | 135,713 | |
Givaudan S.A. | | | 71 | | | | 142,015 | |
Glencore PLC* | | | 95,699 | | | | 357,977 | |
Julius Baer Group Ltd.* | | | 1,680 | | | | 88,389 | |
Kuehne + Nagel International AG | | | 402 | | | | 67,077 | |
LafargeHolcim Ltd.* | | | 3,541 | | | | 202,733 | |
Lonza Group AG* | | | 591 | | | | 127,765 | |
Nestle S.A. | | | 24,325 | | | | 2,116,927 | |
Novartis AG | | | 17,433 | | | | 1,450,781 | |
Pargesa Holding S.A. | | | 272 | | | | 20,693 | �� |
Partners Group Holding AG | | | 130 | | | | 80,598 | |
Roche Holding AG | | | 5,486 | | | | 1,397,102 | |
Schindler Holding AG | | | 145 | | | | 30,062 | |
Schindler Holding AG, Participation Certificates | | | 304 | | | | 64,325 | |
136
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Switzerland — (continued) | | | | | | | | |
SGS S.A. | | | 43 | | | $ | 104,126 | |
Sika AG | | | 16 | | | | 102,784 | |
Sonova Holding AG | | | 389 | | | | 63,163 | |
STMicroelectronics N.V. | | | 4,919 | | | | 70,621 | |
Straumann Holding AG | | | 74 | | | | 42,097 | |
Swiss Life Holding AG* | | | 234 | | | | 78,968 | |
Swiss Prime Site AG* | | | 512 | | | | 46,507 | |
Swiss Re AG | | | 2,504 | | | | 228,883 | |
Swisscom AG | | | 202 | | | | 97,472 | |
The Swatch Group AG | | | 234 | | | | 86,411 | |
The Swatch Group AG, Registered Shares | | | 366 | | | | 26,737 | |
UBS Group AG* | | | 28,484 | | | | 482,407 | |
Vifor Pharma AG | | | 310 | | | | 34,171 | |
Wolseley PLC | | | 1,932 | | | | 118,595 | |
Zurich Insurance Group AG | | | 1,179 | | | | 343,163 | |
| | | | | | | | |
| | | | | | | 9,618,015 | |
| | | | | | | | |
| United Kingdom — 15.0% | |
3i Group PLC | | | 7,079 | | | | 83,211 | |
Aberdeen Asset Management PLC | | | 7,687 | | | | 30,236 | |
Admiral Group PLC | | | 1,518 | | | | 39,602 | |
Anglo American PLC* | | | 11,108 | | | | 148,149 | |
Antofagasta PLC | | | 3,403 | | | | 35,436 | |
Ashtead Group PLC | | | 3,679 | | | | 76,141 | |
Associated British Foods PLC | | | 2,872 | | | | 109,826 | |
AstraZeneca PLC | | | 9,862 | | | | 659,582 | |
Auto Trader Group PLC144A @ | | | 7,720 | | | | 38,209 | |
Aviva PLC | | | 32,002 | | | | 219,243 | |
Babcock International Group PLC | | | 1,759 | | | | 20,172 | |
BAE Systems PLC | | | 25,041 | | | | 206,615 | |
Barclays PLC | | | 133,569 | | | | 352,720 | |
Barratt Developments PLC | | | 7,726 | | | | 56,704 | |
Berkeley Group Holdings PLC | | | 1,009 | | | | 42,409 | |
BHP Billiton PLC | | | 16,770 | | | | 256,864 | |
BP PLC | | | 154,638 | | | | 891,839 | |
British American Tobacco PLC | | | 14,565 | | | | 992,904 | |
BT Group PLC | | | 66,205 | | | | 254,160 | |
Bunzl PLC | | | 2,529 | | | | 75,365 | |
Burberry Group PLC | | | 3,582 | | | | 77,492 | |
Capita PLC | | | 4,936 | | | | 44,456 | |
Carnival PLC | | | 1,402 | | | | 92,763 | |
Centrica PLC | | | 42,921 | | | | 111,917 | |
Cobham PLC* | | | 17,778 | | | | 30,009 | |
Coca-Cola European Partners PLC | | | 1,676 | | | | 68,052 | |
Compass Group PLC | | | 12,345 | | | | 260,481 | |
ConvaTec Group PLC*144A @ | | | 9,109 | | | | 37,870 | |
Croda International PLC | | | 923 | | | | 46,704 | |
Diageo PLC | | | 19,844 | | | | 586,315 | |
Direct Line Insurance Group PLC | | | 9,937 | | | | 45,998 | |
Dixons Carphone PLC | | | 7,844 | | | | 28,974 | |
easyJet PLC | | | 1,334 | | | | 23,612 | |
Fiat Chrysler Automobiles N.V.* | | | 7,378 | | | | 77,779 | |
Fresnillo PLC | | | 1,565 | | | | 30,290 | |
G4S PLC | | | 12,521 | | | | 53,229 | |
GKN PLC | | | 13,828 | | | | 58,714 | |
GlaxoSmithKline PLC | | | 38,059 | | | | 810,720 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| United Kingdom — (continued) | | | | | | | | |
Hammerson PLC | | | 6,716 | | | $ | 50,253 | |
Hargreaves Lansdown PLC | | | 1,892 | | | | 32,085 | |
Hikma Pharmaceuticals PLC | | | 1,108 | | | | 21,214 | |
HSBC Holdings PLC | | | 154,772 | | | | 1,434,672 | |
IMI PLC | | | 1,958 | | | | 30,475 | |
Imperial Brands PLC | | | 7,534 | | | | 338,391 | |
Inmarsat PLC | | | 3,494 | | | | 35,018 | |
InterContinental Hotels Group PLC | | | 1,350 | | | | 75,027 | |
International Consolidated Airlines Group S.A. (London Main Market Exchange) | | | 2,764 | | | | 21,960 | |
International Consolidated Airlines Group S.A. (Spanish Stock Exchange) | | | 3,606 | | | | 28,620 | |
Intertek Group PLC | | | 1,257 | | | | 69,040 | |
Intu Properties PLC | | | 8,417 | | | | 29,501 | |
Investec PLC | | | 4,543 | | | | 33,934 | |
ITV PLC | | | 27,237 | | | | 64,352 | |
J. Sainsbury PLC | | | 12,992 | | | | 42,591 | |
Johnson Matthey PLC | | | 1,520 | | | | 56,838 | |
Kingfisher PLC | | | 16,836 | | | | 65,938 | |
Land Securities Group PLC | | | 6,374 | | | | 84,098 | |
Legal & General Group PLC | | | 47,123 | | | | 158,533 | |
Lloyds Banking Group PLC | | | 555,934 | | | | 478,979 | |
London Stock Exchange Group PLC | | | 2,429 | | | | 115,347 | |
Marks & Spencer Group PLC | | | 12,979 | | | | 56,343 | |
Meggitt PLC | | | 5,739 | | | | 35,647 | |
Merlin Entertainments PLC144A @ | | | 5,527 | | | | 34,590 | |
National Grid PLC | | | 27,009 | | | | 334,825 | |
Next PLC | | | 1,131 | | | | 56,802 | |
Old Mutual PLC | | | 38,468 | | | | 96,899 | |
Pearson PLC | | | 6,696 | | | | 60,307 | |
Persimmon PLC | | | 2,313 | | | | 67,542 | |
Petrofac Ltd. | | | 1,906 | | | | 10,973 | |
Provident Financial PLC | | | 1,152 | | | | 36,505 | |
Prudential PLC | | | 19,972 | | | | 458,083 | |
Reckitt Benckiser Group PLC | | | 5,174 | | | | 524,557 | |
RELX PLC | | | 8,480 | | | | 183,344 | |
Rio Tinto PLC | | | 9,702 | | | | 409,673 | |
Rolls-Royce Holdings PLC~ | | | 984,770 | | | | 1,283 | |
Rolls-Royce Holdings PLC* | | | 12,875 | | | | 149,413 | |
Royal Bank of Scotland Group PLC* | | | 26,113 | | | | 84,075 | |
Royal Mail PLC | | | 7,054 | | | | 38,698 | |
RSA Insurance Group PLC | | | 7,501 | | | | 60,133 | |
Schroders PLC | | | 1,078 | | | | 43,582 | |
Segro PLC | | | 8,107 | | | | 51,655 | |
Severn Trent PLC | | | 1,743 | | | | 49,535 | |
Sky PLC* | | | 7,899 | | | | 102,264 | |
Smith & Nephew PLC | | | 7,021 | | | | 121,165 | |
Smiths Group PLC | | | 2,951 | | | | 61,381 | |
SSE PLC | | | 7,674 | | | | 145,228 | |
St James’s Place PLC | | | 4,100 | | | | 63,120 | |
Standard Chartered PLC* | | | 25,573 | | | | 258,868 | |
Standard Life PLC | | | 16,040 | | | | 83,378 | |
Tate & Lyle PLC | | | 3,269 | | | | 28,186 | |
Taylor Wimpey PLC | | | 25,341 | | | | 58,156 | |
Tesco PLC* | | | 64,072 | | | | 140,865 | |
137
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| United Kingdom — (continued) | | | | | | | | |
The British Land Co. PLC | | | 7,994 | | | $ | 63,044 | |
The Sage Group PLC | | | 8,870 | | | | 79,483 | |
The Weir Group PLC | | | 1,731 | | | | 39,026 | |
Travis Perkins PLC | | | 2,061 | | | | 39,057 | |
Unilever PLC | | | 10,105 | | | | 546,853 | |
United Utilities Group PLC | | | 5,606 | | | | 63,341 | |
Vodafone Group PLC | | | 209,469 | | | | 594,075 | |
W.M. Morrison Supermarkets PLC | | | 17,966 | | | | 56,441 | |
Whitbread PLC | | | 1,474 | | | | 76,159 | |
Worldpay Group PLC144A @ | | | 15,559 | | | | 63,794 | |
WPP PLC | | | 10,082 | | | | 211,940 | |
| | | | | | | | |
| | | | | | | 16,081,916 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $83,684,507) | | | | 106,477,987 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.5% | |
| Germany — 0.5% | |
Bayerische Motoren Werke AG | | | 477 | | | | 39,324 | |
Fuchs Petrolub S.E. | | | 598 | | | | 32,562 | |
Henkel AG & Co. KGaA | | | 1,385 | | | | 190,617 | |
Porsche Automobil Holding S.E. | | | 1,203 | | | | 67,587 | |
Schaeffler AG | | | 1,280 | | | | 18,333 | |
Volkswagen AG | | | 1,443 | | | | 219,778 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $422,268) | | | | 568,201 | |
| | | | | | | | |
| RIGHTS — 0.0% | |
| Spain — 0.0% | |
ACS Actividades de Construccion y Servicios S.A.* | | | 1,836 | | | | 1,468 | |
| | | | | | | | |
| Spain — 0.0% | | | | | | | | |
Repsol S.A.* | | | 8,778 | | | | 4,010 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $5,728) | | | | | | | 5,478 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $315,825) | | | 315,825 | | | | 315,825 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $84,428,328) | | | $ | 107,367,491 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | (160,698 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 107,206,793 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2017 is $1,283. |
| 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 | | | 0.4% | | | $ | 448,923 | |
Aerospace & Defense | | | 1.1% | | | | 1,163,905 | |
Agriculture | | | 1.6% | | | | 1,733,895 | |
Airlines | | | 0.2% | | | | 256,246 | |
Apparel | | | 1.1% | | | | 1,190,769 | |
Auto Manufacturers | | | 3.3% | | | | 3,472,436 | |
Auto Parts & Equipment | | | 1.3% | | | | 1,421,333 | |
Banks | | | 13.8% | | | | 14,648,208 | |
Beverages | | | 2.2% | | | | 2,355,154 | |
Biotechnology | | | 0.5% | | | | 568,614 | |
Building & Real Estate | | | 0.2% | | | | 182,402 | |
Building Materials | | | 1.5% | | | | 1,567,320 | |
Building-Maintenance Service | | | 0.1% | | | | 51,334 | |
Chemicals | | | 3.8% | | | | 4,040,778 | |
Commercial Services | | | 1.9% | | | | 2,054,424 | |
Computers | | | 0.6% | | | | 616,336 | |
Cosmetics & Personal Care | | | 1.7% | | | | 1,834,532 | |
Distribution & Wholesale | | | 1.0% | | | | 1,031,478 | |
Diversified | | | —% | + | | | 29,502 | |
Diversified Financial Services | | | 2.1% | | | | 2,242,960 | |
Diversified Operations | | | 0.2% | | | | 216,139 | |
Electric | | | 2.2% | | | | 2,325,652 | |
Electrical Components & Equipment | | | 1.3% | | | | 1,350,335 | |
Electronics | | | 1.6% | | | | 1,687,906 | |
Energy-Alternate Sources | | | 0.3% | | | | 312,397 | |
Engineering & Construction | | | 1.6% | | | | 1,738,025 | |
Entertainment | | | 0.3% | | | | 362,291 | |
Environmental Control | | | —% | + | | | 21,765 | |
Food | | | 4.9% | | | | 5,239,104 | |
Food Service | | | 0.1% | | | | 90,246 | |
Forest Products & Paper | | | 0.3% | | | | 280,342 | |
Gas | | | 1.2% | | | | 1,319,624 | |
Hand & Machine Tools | | | 0.5% | | | | 535,884 | |
Healthcare Products | | | 1.1% | | | | 1,215,398 | |
Healthcare Services | | | 0.4% | | | | 468,788 | |
Holding Companies | | | 0.4% | | | | 399,691 | |
Home Builders | | | 0.3% | | | | 347,195 | |
Home Furnishings | | | 0.7% | | | | 792,545 | |
Hotels & Resorts | | | 0.2% | | | | 161,790 | |
Household Products & Wares | | | 0.6% | | | | 681,451 | |
Industrial | | | 0.1% | | | | 150,696 | |
Insurance | | | 5.5% | | | | 5,849,343 | |
Internet | | | 0.5% | | | | 512,170 | |
Investment Companies | | | 0.3% | | | | 332,341 | |
Iron & Steel | | | 0.6% | | | | 600,172 | |
Leisure Time | | | 0.4% | | | | 373,097 | |
138
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Developed International Index Fund
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Lodging | | | 0.4% | | | $ | 412,788 | |
Machinery - Construction & Mining | | | 0.5% | | | | 524,935 | |
Machinery - Diversified | | | 1.1% | | | | 1,196,541 | |
Media | | | 0.9% | | | | 963,333 | |
Metal Fabricate/Hardware | | | 0.4% | | | | 393,271 | |
Mining | | | 2.3% | | | | 2,404,165 | |
Miscellaneous Manufacturing | | | 1.2% | | | | 1,301,859 | |
Mixed Industrial/Office | | | 0.4% | | | | 457,528 | |
Office & Business Equipment | | | 0.4% | | | | 374,578 | |
Oil & Gas | | | 4.6% | | | | 4,921,019 | |
Oil & Gas Services | | | —% | + | | | 28,090 | |
Packaging and Containers | | | 0.1% | | | | 129,872 | |
Pharmaceuticals | | | 7.8% | | | | 8,300,531 | |
Pipelines | | | 0.1% | | | | 61,692 | |
Real Estate | | | 1.8% | | | | 1,923,200 | |
Real Estate Investment Trusts | | | 1.1% | | | | 1,163,881 | |
Real Estate Management Services | | | 0.1% | | | | 143,859 | |
Retail | | | 2.8% | | | | 2,922,429 | |
Semiconductors | | | 1.1% | | | | 1,129,368 | |
Shipbuilding | | | —% | + | | | 16,423 | |
Software | | | 1.3% | | | | 1,401,038 | |
Telecommunications | | | 4.8% | | | | 5,086,472 | |
Textiles | | | 0.2% | | | | 171,188 | |
Toys, Games & Hobbies | | | 0.3% | | | | 352,585 | |
Transportation | | | 2.0% | | | | 2,101,961 | |
Venture Capital | | | 0.1% | | | | 83,211 | |
Water | | | 0.2% | | | | 237,234 | |
| |
| | |
| | | 100.0% | | | $ | 106,477,987 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 7,544,686 | | | $ | 7,544,686 | | | $ | — | | | $ | — | |
Austria | | | 261,237 | | | | 261,237 | | | | — | | | | — | |
Belgium | | | 1,231,494 | | | | 1,231,494 | | | | — | | | | — | |
Bermuda | | | 62,535 | | | | 62,535 | | | | — | | | | — | |
China | | | 104,339 | | | | 104,339 | | | | — | | | | — | |
Denmark | | | 1,952,399 | | | | 1,952,399 | | | | — | | | | — | |
Finland | | | 1,091,219 | | | | 1,091,219 | | | | — | | | | — | |
France | | | 10,534,956 | | | | 10,534,956 | | | | — | | | | — | |
Germany | | | 9,548,891 | | | | 9,548,891 | | | | — | | | | — | |
Hong Kong | | | 3,430,678 | | | | 3,430,678 | | | | — | | | | — | |
Ireland | | | 1,156,518 | | | | 1,156,518 | | | | — | | | | — | |
Israel | | | 718,529 | | | | 718,529 | | | | — | | | | — | |
Italy | | | 2,182,421 | | | | 2,182,421 | | | | — | | | | — | |
Japan | | | 25,175,427 | | | | 25,175,427 | | | | — | | | | — | |
Jersey | | | 66,120 | | | | 66,120 | | | | — | | | | — | |
Luxembourg | | | 343,047 | | | | 343,047 | | | | — | | | | — | |
Macau | | | 28,969 | | | | 28,969 | | | | — | | | | — | |
Netherlands | | | 5,986,188 | | | | 5,986,188 | | | | — | | | | — | |
New Zealand | | | 185,028 | | | | 185,028 | | | | — | | | | — | |
Norway | | | 658,741 | | | | 658,741 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Portugal | | $ | 161,444 | | | $ | 161,444 | | | $ | — | | | $ | — | |
Singapore | | | 1,508,741 | | | | 1,508,741 | | | | — | | | | — | |
South Africa | | | 102,701 | | | | 102,701 | | | | — | | | | — | |
Spain | | | 3,644,096 | | | | 3,644,096 | | | | — | | | | — | |
Sweden | | | 3,097,652 | | | | 3,097,652 | | | | — | | | | — | |
Switzerland | | | 9,618,015 | | | | 9,618,015 | | | | — | | | | — | |
United Kingdom | | | 16,081,916 | | | | 16,080,633 | | | | 1,283 | | | | — | |
| |
TOTAL COMMON STOCKS | | | 106,477,987 | | | | 106,476,704 | | | | 1,283 | | | | — | |
| |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Germany | | | 568,201 | | | | 568,201 | | | | — | | | | — | |
| |
RIGHTS | | | 5,478 | | | | — | | | | 5,478 | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 315,825 | | | | 315,825 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 107,367,491 | | | $ | 107,360,730 | | | $ | 6,761 | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $84,647,692 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
139
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
International Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 99.8% | |
| Australia — 2.5% | |
CSL Ltd. | | | 35,561 | | | $ | 3,772,652 | |
Ramsay Health Care Ltd. | | | 91,333 | | | | 5,166,601 | |
| | | | | | | | |
| | | | | | | 8,939,253 | |
| | | | | | | | |
| Belgium — 2.8% | |
Anheuser-Busch InBev N.V. | | | 92,196 | | | | 10,183,744 | |
| | | | | | | | |
| Brazil — 1.1% | |
Ambev S.A. ADR | | | 719,835 | | | | 3,951,894 | |
| | | | | | | | |
| Canada — 6.0% | |
Alimentation Couche-Tard, Inc., Class B | | | 243,702 | | | | 11,681,459 | |
Canadian National Railway Co. | | | 125,395 | | | | 10,174,323 | |
| | | | | | | | |
| | | | | | | 21,855,782 | |
| | | | | | | | |
| China — 5.3% | |
Alibaba Group Holding Ltd. ADR* | | | 69,611 | | | | 9,808,190 | |
Tencent Holdings Ltd. | | | 265,428 | | | | 9,491,895 | |
| | | | | | | | |
| | | | | | | 19,300,085 | |
| | | | | | | | |
| Denmark — 0.2% | |
Coloplast A/S, Class B | | | 8,985 | | | | 750,780 | |
| | | | | | | | |
| France — 7.2% | |
Bureau Veritas S.A. | | | 193,459 | | | | 4,281,093 | |
Essilor International S.A. | | | 36,118 | | | | 4,595,501 | |
Hermes International | | | 1,842 | | | | 910,228 | |
L’Oreal S.A. | | | 18,287 | | | | 3,809,705 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 18,057 | | | | 4,502,185 | |
Sodexo S.A. | | | 31,195 | | | | 4,033,253 | |
Teleperformance | | | 31,810 | | | | 4,074,618 | |
| | | | | | | | |
| | | | | | | 26,206,583 | |
| | | | | | | | |
| Germany — 3.5% | |
SAP S.E. | | | 120,765 | | | | 12,613,883 | |
| | | | | | | | |
| Hong Kong — 1.0% | |
Link REIT | | | 481,821 | | | | 3,665,751 | |
| | | | | | | | |
| India — 8.7% | |
HDFC Bank Ltd.~ | | | 726,497 | | | | 18,720,609 | |
Housing Development Finance Corp. Ltd. | | | 512,470 | | | | 12,803,921 | |
| | | | | | | | |
| | | | | | | 31,524,530 | |
| | | | | | | | |
| Ireland — 6.9% | |
Accenture PLC, Class A | | | 49,710 | | | | 6,148,133 | |
Allied Irish Banks PLC | | | 709,983 | | | | 4,013,998 | |
DCC PLC | | | 62,973 | | | | 5,733,169 | |
Paddy Power Betfair PLC | | | 87,281 | | | | 9,317,855 | |
| | | | | | | | |
| | | | | | | 25,213,155 | |
| | | | | | | | |
| Japan — 5.3% | |
Daito Trust Construction Co., Ltd. | | | 33,361 | | | | 5,189,159 | |
Keyence Corp. | | | 8,500 | | | | 3,728,740 | |
Shimano, Inc. | | | 42,900 | | | | 6,781,614 | |
Unicharm Corp. | | | 144,000 | | | | 3,612,963 | |
| | | | | | | | |
| | | | | | | 19,312,476 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Mexico — 1.0% | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | 38,175 | | | $ | 3,754,130 | |
| | | | | | | | |
| Netherlands — 6.8% | |
RELX N.V. | | | 368,349 | | | | 7,572,792 | |
Unilever N.V. | | | 307,552 | | | | 16,973,425 | |
| | | | | | | | |
| | | | | | | 24,546,217 | |
| | | | | | | | |
| South Africa — 2.1% | |
Naspers Ltd., N Shares | | | 39,998 | | | | 7,780,998 | |
| | | | | | | | |
| Spain — 4.8% | |
Aena S.A.144A @ | | | 61,035 | | | | 11,910,169 | |
Grifols S.A. | | | 199,406 | | | | 5,553,733 | |
| | | | | | | | |
| | | | | | | 17,463,902 | |
| | | | | | | | |
| Switzerland — 7.5% | |
Nestle S.A. | | | 133,930 | | | | 11,655,500 | |
Roche Holding AG | | | 44,303 | | | | 11,282,503 | |
UBS Group AG* | | | 243,572 | | | | 4,125,153 | |
| | | | | | | | |
| | | | | | | 27,063,156 | |
| | | | | | | | |
| Taiwan — 1.9% | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 194,660 | | | | 6,805,314 | |
| | | | | | | | |
| United Kingdom — 12.9% | |
British American Tobacco PLC | | | 262,800 | | | | 17,915,226 | |
Diageo PLC | | | 205,754 | | | | 6,079,254 | |
Domino’s Pizza Group PLC | | | 1,533,878 | | | | 5,871,561 | |
Lloyds Banking Group PLC | | | 2,431,924 | | | | 2,095,285 | |
Reckitt Benckiser Group PLC | | | 147,570 | | | | 14,961,120 | |
| | | | | | | | |
| | | | | | | 46,922,446 | |
| | | | | | | | |
| United States — 12.3% | |
Mastercard, Inc., Class A | | | 122,054 | | | | 14,823,458 | |
Philip Morris International, Inc. | | | 111,817 | | | | 13,132,907 | |
The Priceline Group, Inc.* | | | 5,000 | | | | 9,352,600 | |
Visa, Inc., Class A | | | 76,863 | | | | 7,208,212 | |
| | | | | | | | |
| | | | | | | 44,517,177 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $274,868,683) | | | | | | | 362,371,256 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.5% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $5,358,546) | | | 5,358,546 | | | | 5,358,546 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.3%
(Cost $280,227,229) | | | | | | $ | 367,729,802 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.3)% | | | | | | | (4,889,206 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 362,840,596 | |
| | | | | | | | |
140
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
International Equity Fund
| 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, 2017 is $18,720,609. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Agriculture | | | 8.6% | | | $ | 31,048,133 | |
Apparel | | | 1.5% | | | | 5,412,413 | |
Banks | | | 8.0% | | | | 28,955,045 | |
Beverages | | | 6.6% | | | | 23,969,022 | |
Biotechnology | | | 1.0% | | | | 3,772,652 | |
Commercial Services | | | 5.3% | | | | 19,104,551 | |
Computers | | | 2.8% | | | | 10,222,751 | |
Cosmetics & Personal Care | | | 6.7% | | | | 24,396,093 | |
Diversified Financial Services | | | 5.5% | | | | 20,012,133 | |
Electronics | | | 1.0% | | | | 3,728,740 | |
Engineering & Construction | | | 3.3% | | | | 11,910,169 | |
Entertainment | | | 2.6% | | | | 9,317,855 | |
Food | | | 3.2% | | | | 11,655,500 | |
Food Service | | | 1.1% | | | | 4,033,253 | |
Healthcare Products | | | 1.5% | | | | 5,346,281 | |
Healthcare Services | | | 1.4% | | | | 5,166,601 | |
Household Products & Wares | | | 4.1% | | | | 14,961,120 | |
Internet | | | 7.9% | | | | 28,652,685 | |
Leisure Time | | | 1.9% | | | | 6,781,614 | |
Media | | | 4.2% | | | | 15,353,790 | |
Oil & Gas | | | 1.6% | | | | 5,733,169 | |
Pharmaceuticals | | | 4.7% | | | | 16,836,236 | |
Real Estate | | | 1.4% | | | | 5,189,159 | |
Real Estate Investment Trusts | | | 1.0% | | | | 3,665,751 | |
Retail | | | 4.9% | | | | 17,553,020 | |
Semiconductors | | | 1.9% | | | | 6,805,314 | |
Software | | | 3.5% | | | | 12,613,883 | |
Transportation | | | 2.8% | | | | 10,174,323 | |
| |
| | |
| | | 100.0% | | | $ | 362,371,256 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 8,939,253 | | | $ | 8,939,253 | | | $ | — | | | $ | — | |
Belgium | | | 10,183,744 | | | | 10,183,744 | | | | — | | | | — | |
Brazil | | | 3,951,894 | | | | 3,951,894 | | | | — | | | | — | |
Canada | | | 21,855,782 | | | | 21,855,782 | | | | — | | | | — | |
China | | | 19,300,085 | | | | 19,300,085 | | | | — | | | | — | |
Denmark | | | 750,780 | | | | 750,780 | | | | — | | | | — | |
France | | | 26,206,583 | | | | 26,206,583 | | | | — | | | | — | |
Germany | | | 12,613,883 | | | | 12,613,883 | | | | — | | | | — | |
Hong Kong | | | 3,665,751 | | | | 3,665,751 | | | | — | | | | — | |
India | | | 31,524,530 | | | | 12,803,921 | | | | 18,720,609 | | | | — | |
Ireland | | | 25,213,155 | | | | 25,213,155 | | | | — | | | | — | |
Japan | | | 19,312,476 | | | | 19,312,476 | | | | — | | | | — | |
Mexico | | | 3,754,130 | | | | 3,754,130 | | | | — | | | | — | |
Netherlands | | | 24,546,217 | | | | 24,546,217 | | | | — | | | | — | |
South Africa | | | 7,780,998 | | | | 7,780,998 | | | | — | | | | — | |
Spain | | | 17,463,902 | | | | 17,463,902 | | | | — | | | | — | |
Switzerland | | | 27,063,156 | | | | 27,063,156 | | | | — | | | | — | |
Taiwan | | | 6,805,314 | | | | 6,805,314 | | | | — | | | | — | |
United Kingdom | | | 46,922,446 | | | | 46,922,446 | | | | — | | | | — | |
United States | | | 44,517,177 | | | | 44,517,177 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 5,358,546 | | | | 5,358,546 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 367,729,802 | | | $ | 349,009,193 | | | $ | 18,720,609 | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $159,726,509 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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, 2017 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 95.7% | |
| Argentina — 2.7% | |
Banco Macro S.A. ADR | | | 11,475 | | | $ | 1,057,880 | |
Grupo Financiero Galicia S.A. ADR | | | 23,352 | | | | 995,730 | |
MercadoLibre, Inc. | | | 10,374 | | | | 2,602,629 | |
| | | | | | | | |
| | | | | | | 4,656,239 | |
| | | | | | | | |
| Austria — 1.0% | |
Erste Group Bank AG* | | | 45,635 | | | | 1,747,394 | |
| | | | | | | | |
| Brazil — 3.4% | |
BRF S.A. | | | 125,207 | | | | 1,478,492 | |
Lojas Renner S.A. | | | 205,681 | | | | 1,707,337 | |
Petroleo Brasileiro S.A.* | | | 262,789 | | | | 1,052,615 | |
Raia Drogasil S.A. | | | 79,739 | | | | 1,696,882 | |
| | | | | | | | |
| | | | | | | 5,935,326 | |
| | | | | | | | |
| Chile — 0.6% | |
S.A.C.I. Falabella | | | 121,100 | | | | 991,786 | |
| | | | | | | | |
| China — 16.3% | |
Alibaba Group Holding Ltd. ADR* | | | 32,103 | | | | 4,523,313 | |
Bank of China Ltd., Class H | | | 7,427,000 | | | | 3,643,367 | |
China Construction Bank Corp., Class H | | | 3,166,930 | | | | 2,454,057 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 439,600 | | | | 1,796,136 | |
CRCC High-Tech Equipment Corp. Ltd. | | | 613,500 | | | | 259,310 | |
JD.com, Inc. ADR* | | | 36,189 | | | | 1,419,332 | |
NetEase, Inc. ADR | | | 2,215 | | | | 665,895 | |
New Oriental Education & Technology Group, Inc ADR* | | | 11,259 | | | | 793,647 | |
PetroChina Co. Ltd., Class H | | | 1,006,000 | | | | 615,909 | |
Shenzhou International Group Holdings Ltd. | | | 136,000 | | | | 893,608 | |
TAL Education Group ADR | | | 8,512 | | | | 1,041,103 | |
Tencent Holdings Ltd. | | | 274,700 | | | | 9,823,469 | |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H | | | 485,200 | | | | 236,154 | |
| | | | | | | | |
| | | | | | | 28,165,300 | |
| | | | | | | | |
| Czech Republic — 1.1% | |
Komercni Banka, A.S. | | | 48,408 | | | | 1,938,932 | |
| | | | | | | | |
| Egypt — 0.6% | |
Commercial International Bank Egypt SAE | | | 244,884 | | | | 1,080,625 | |
| | | | | | | | |
| Germany — 0.8% | |
adidas AG | | | 6,782 | | | | 1,299,404 | |
| | | | | | | | |
| Hong Kong — 4.2% | |
AIA Group Ltd. | | | 245,400 | | | | 1,793,168 | |
China Mengniu Dairy Co. Ltd.* | | | 299,000 | | | | 585,940 | |
China Mobile Ltd. | | | 192,500 | | | | 2,042,745 | |
China Overseas Land & Investment Ltd. | | | 120,000 | | | | 351,203 | |
China Unicom Hong Kong Ltd.* | | | 764,000 | | | | 1,135,121 | |
CSPC Pharmaceutical Group Ltd. | | | 542,000 | | | | 791,398 | |
Sino Biopharmaceutical Ltd. | | | 550,000 | | | | 486,074 | |
| | | | | | | | |
| | | | | | | 7,185,649 | |
| | | | | | | | |
| Hungary — 1.2% | |
OTP Bank PLC | | | 63,510 | | | | 2,125,525 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| India — 9.1% | |
Ashok Leyland Ltd. | | | 1,038,298 | | | $ | 1,507,550 | |
Bharat Petroleum Corp. Ltd. | | | 175,381 | | | | 1,734,885 | |
Housing Development Finance Corp. Ltd. | | | 85,990 | | | | 2,148,436 | |
ICICI Bank Ltd. | | | 96,779 | | | | 434,429 | |
ICICI Bank Ltd.ADR | | | 49,400 | | | | 443,118 | |
IndusInd Bank Ltd. | | | 94,346 | | | | 2,158,701 | |
Marico Ltd. | | | 440,984 | | | | 2,144,627 | |
Maruti Suzuki India Ltd. | | | 15,948 | | | | 1,780,797 | |
Shree Cement Ltd. | | | 6,522 | | | | 1,710,608 | |
Zee Entertainment Enterprises Ltd. | | | 213,656 | | | | 1,624,133 | |
| | | | | | | | |
| | | | | | | 15,687,284 | |
| | | | | | | | |
| Indonesia — 5.4% | |
Astra International Tbk PT | | | 2,564,900 | | | | 1,717,631 | |
Bank Mandiri Persero Tbk PT | | | 1,666,300 | | | | 1,594,097 | |
Bumi Serpong Damai Tbk PT | | | 5,564,500 | | | | 764,062 | |
Semen Indonesia Persero Tbk PT | | | 1,643,800 | | | | 1,233,390 | |
Telekomunikasi Indonesia Persero Tbk PT | | | 5,036,400 | | | | 1,708,087 | |
Unilever Indonesia Tbk PT | | | 381,800 | | | | 1,398,000 | |
XL Axiata Tbk PT* | | | 3,483,975 | | | | 891,416 | |
| | | | | | | | |
| | | | | | | 9,306,683 | |
| | | | | | | | |
| Malaysia — 3.8% | |
Genting Malaysia Bhd | | | 1,024,300 | | | | 1,312,394 | |
IHH Healthcare Bhd | | | 1,072,500 | | | | 1,436,613 | |
Malayan Banking Bhd | | | 648,901 | | | | 1,455,725 | |
Malaysia Airports Holdings Bhd | | | 450,900 | | | | 899,143 | |
Sime Darby Bhd | | | 628,900 | | | | 1,391,809 | |
| | | | | | | | |
| | | | | | | 6,495,684 | |
| | | | | | | | |
| Mexico — 6.2% | |
Alsea S.A.B.de C.V. | | | 237,237 | | | | 899,340 | |
Cemex S.A.B. de C.V. ADR* | | | 225,694 | | | | 2,126,035 | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | 22,283 | | | | 2,191,310 | |
Grupo Financiero Banorte S.A.B. de C.V., Series O | | | 538,467 | | | | 3,416,460 | |
Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR | | | 115,679 | | | | 1,115,146 | |
Mexichem S.A.B. de C.V. | | | 344,433 | | | | 922,537 | |
| | | | | | | | |
| | | | | | | 10,670,828 | |
| | | | | | | | |
| Netherlands — 0.9% | |
Steinhoff International Holdings NV | | | 297,636 | | | | 1,525,434 | |
| | | | | | | | |
| Pakistan — 1.1% | |
Lucky Cement Ltd. | | | 99,500 | | | | 793,590 | |
United Bank Ltd. | | | 509,900 | | | | 1,145,366 | |
| | | | | | | | |
| | | | | | | 1,938,956 | |
| | | | | | | | |
| Panama — 0.7% | |
Copa Holdings S.A., Class A | | | 10,064 | | | | 1,177,488 | |
| | | | | | | | |
| Peru — 1.1% | |
Credicorp Ltd. | | | 10,928 | | | | 1,960,374 | |
| | | | | | | | |
| Philippines — 2.9% | |
Ayala Land, Inc. | | | 1,927,700 | | | | 1,518,551 | |
142
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Philippines — (continued) | |
Metropolitan Bank & Trust Co. | | | 940,553 | | | $ | 1,630,963 | |
SM Investments Corp. | | | 114,350 | | | | 1,819,719 | |
| | | | | | | | |
| | | | | | | 4,969,233 | |
| | | | | | | | |
| Poland — 3.9% | |
Bank Zachodni WBK S.A. | | | 17,992 | | | | 1,661,965 | |
CCC S.A. | | | 23,683 | | | | 1,437,987 | |
LPP S.A. | | | 545 | | | | 1,051,570 | |
Powszechna Kasa Oszczednosci Bank Polski S.A.* | | | 226,607 | | | | 2,107,290 | |
Powszechny Zaklad Ubezpieczen SA | | | 38,189 | | | | 459,527 | |
| | | | | | | | |
| | | | | | | 6,718,339 | |
| | | | | | | | |
| Portugal — 0.8% | |
Jeronimo Martins SGPS, S.A. | | | 67,547 | | | | 1,318,476 | |
| | | | | | | | |
| Russia — 2.9% | |
Gazprom PJSC ADR | | | 324,488 | | | | 1,284,324 | |
Gazprom PJSC ADR | | | 27,132 | | | | 108,121 | |
Mail.Ru Group Ltd. GDR* | | | 25,313 | | | | 666,998 | |
MMC Norilsk Nickel PJSC. ADR | | | 41,644 | | | | 574,687 | |
MMC Norilsk Nickel PJSC. ADR | | | 2,447 | | | | 33,597 | |
X5 Retail Group N.V. GDR* | | | 37,083 | | | | 1,284,926 | |
Yandex NV, Class A* | | | 38,075 | | | | 999,088 | |
| | | | | | | | |
| | | | | | | 4,951,741 | |
| | | | | | | | |
| South Africa — 2.3% | |
AVI Ltd. | | | 150,790 | | | | 1,094,978 | |
Capitec Bank Holdings Ltd. | | | 16,724 | | | | 1,061,030 | |
Clicks Group Ltd. | | | 76,916 | | | | 823,103 | |
Naspers Ltd., N Shares | | | 5,466 | | | | 1,063,326 | |
| | | | | | | | |
| | | | | | | 4,042,437 | |
| | | | | | | | |
| South Korea — 9.7% | |
Amorepacific Corp. | | | 3,341 | | | | 887,702 | |
CJ Corp. | | | 7,354 | | | | 1,218,007 | |
Coway Co. Ltd. | | | 12,784 | | | | 1,162,029 | |
Hanwha Techwin Co. Ltd.* | | | 11,730 | | | | 456,221 | |
Hugel, Inc* | | | 2,321 | | | | 1,134,991 | |
Hyundai Development Co. | | | 27,077 | | | | 1,111,100 | |
Hyundai Motor Co. | | | 12,157 | | | | 1,694,744 | |
Innocean Worldwide, Inc. | | | 947 | | | | 52,806 | |
Korea Aerospace Industries Ltd. | | | 24,324 | | | | 1,211,789 | |
Mando Corp. | | | 4,203 | | | | 945,918 | |
NAVER Corp. | | | 2,747 | | | | 2,011,962 | |
Samsung Electronics Co. Ltd. | | | 2,383 | | | | 4,950,742 | |
| | | | | | | | |
| | | | | | | 16,838,011 | |
| | | | | | | | |
| Switzerland — 0.5% | |
DKSH Holding AG | | | 11,496 | | | | 933,323 | |
| | | | | | | | |
| Taiwan — 8.4% | |
Advanced Semiconductor Engineering, Inc. | | | 852,517 | | | | 1,094,371 | |
Advantech Co. Ltd. | | | 71,497 | | | | 506,499 | |
Delta Electronics, Inc. | | | 231,242 | | | | 1,265,674 | |
E.Sun Financial Holding Co. Ltd | | | 511,476 | | | | 314,418 | |
Hon Hai Precision Industry Co. Ltd. | | | 543,140 | | | | 2,089,000 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Taiwan — (continued) | |
Largan Precision Co. Ltd. | | | 9,000 | | | $ | 1,434,911 | |
Nien Made Enterprise Co. Ltd | | | 109,000 | | | | 1,209,319 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 766,769 | | | | 5,255,468 | |
Uni-President Enterprises Corp. | | | 630,962 | | | | 1,265,243 | |
| | | | | | | | |
| | | | | | | 14,434,903 | |
| | | | | | | | |
| Thailand — 2.1% | |
Bangkok Dusit Medical Services PCL | | | 1,314,400 | | | | 742,905 | |
Central Pattana PCL | | | 499,200 | | | | 1,017,651 | |
PTT PCL | | | 115,400 | | | | 1,256,933 | |
Sino-Thai Engineering & Construction PCL | | | 850,500 | | | | 694,771 | |
| | | | | | | | |
| | | | | | | 3,712,260 | |
| | | | | | | | |
| United Kingdom — 0.5% | |
Mondi PLC | | | 33,050 | | | | 860,576 | |
| | | | | | | | |
| United States — 1.5% | |
Samsonite International S.A. | | | 600,900 | | | | 2,509,057 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $130,580,592) | | | | | | | 165,177,267 | |
| | | | | | | | |
| PREFERRED STOCKS — 4.8% | |
| Brazil — 3.6% | |
Banco Bradesco S.A. | | | 282,542 | | | | 2,400,781 | |
Itau Unibanco Holding S.A. | | | 244,134 | | | | 2,708,178 | |
Petroleo Brasileiro S.A.* | | | 309,985 | | | | 1,163,064 | |
| | | | | | | | |
| | | | | | | 6,272,023 | |
| | | | | | | | |
| South Korea — 1.2% | |
Samsung Electronics Co. Ltd. | | | 1,205 | | | | 1,961,028 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $7,819,426) | | | | | | | 8,233,051 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.0% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,832,045) | | | 1,832,045 | | | | 1,832,045 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.5%
(Cost $140,232,063) | | | | | | $ | 175,242,363 | |
| | | | | | | | |
| Other Assets & Liabilities — (1.5)% | | | | | | | (2,586,459 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 172,655,904 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
GDR — Global Depository Receipt.
PCL — Public Company Limited.
PLC — Public Limited Company.
143
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.6% | | | $ | 986,129 | |
Aerospace & Defense | | | 1.0% | | | | 1,668,010 | |
Airlines | | | 0.7% | | | | 1,177,488 | |
Apparel | | | 2.0% | | | | 3,244,582 | |
Auto Manufacturers | | | 3.0% | | | | 4,983,091 | |
Auto Parts & Equipment | | | 0.6% | | | | 945,918 | |
Banks | | | 20.7% | | | | 34,167,144 | |
Beverages | | | 1.3% | | | | 2,191,310 | |
Biotechnology | | | 0.7% | | | | 1,134,991 | |
Building Materials | | | 4.3% | | | | 7,072,942 | |
Chemicals | | | 0.6% | | | | 922,537 | |
Commercial Services | | | 1.1% | | | | 1,834,750 | |
Computers | | | 0.3% | | | | 506,499 | |
Cosmetics & Personal Care | | | 0.5% | | | | 887,702 | |
Diversified Financial Services | | | 2.1% | | | | 3,523,884 | |
Electrical Components & Equipment | | | 0.8% | | | | 1,265,674 | |
Electronics | | | 1.3% | | | | 2,089,000 | |
Engineering & Construction | | | 1.8% | | | | 2,964,324 | |
Food | | | 3.6% | | | | 5,933,077 | |
Forest Products & Paper | | | 0.5% | | | | 860,576 | |
Healthcare Services | | | 1.3% | | | | 2,179,518 | |
Holding Companies | | | 2.2% | | | | 3,704,794 | |
Home Furnishings | | | 1.6% | | | | 2,687,463 | |
Household Products & Wares | | | 3.7% | | | | 6,051,684 | |
Insurance | | | 2.5% | | | | 4,048,831 | |
Internet | | | 13.3% | | | | 22,046,791 | |
Lodging | | | 0.8% | | | | 1,312,394 | |
Machinery — Construction & Mining | | | 0.1% | | | | 236,154 | |
Media | | | 1.6% | | | | 2,687,459 | |
Mining | | | 0.4% | | | | 608,284 | |
Miscellaneous Manufacturing | | | 0.9% | | | | 1,434,911 | |
Oil & Gas | | | 3.7% | | | | 6,052,787 | |
Pharmaceuticals | | | 0.8% | | | | 1,277,472 | |
Real Estate | | | 2.2% | | | | 3,651,467 | |
Retail | | | 6.7% | | | | 11,093,785 | |
Semiconductors | | | 6.8% | | | | 11,300,581 | |
Software | | | 0.4% | | | | 665,895 | |
Telecommunications | | | 3.5% | | | | 5,777,369 | |
| |
| | |
| | | 100.0% | | | $ | 165,177,267 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Argentina | | $ | 4,656,239 | | | $ | 4,656,239 | | | $ | — | | | $ | — | |
Austria | | | 1,747,394 | | | | 1,747,394 | | | | — | | | | — | |
Brazil | | | 5,935,326 | | | | 5,935,326 | | | | — | | | | — | |
Chile | | | 991,786 | | | | 991,786 | | | | — | | | | — | |
China | | | 28,165,300 | | | | 28,165,300 | | | | — | | | | — | |
Czech Republic | | | 1,938,932 | | | | 1,938,932 | | | | — | | | | — | |
Egypt | | | 1,080,625 | | | | 1,080,625 | | | | — | | | | — | |
Germany | | | 1,299,404 | | | | 1,299,404 | | | | — | | | | — | |
Hong Kong | | | 7,185,649 | | | | 7,185,649 | | | | — | | | | — | |
Hungary | | | 2,125,525 | | | | 2,125,525 | | | | — | | | | — | |
India | | | 15,687,284 | | | | 15,687,284 | | | | — | | | | — | |
Indonesia | | | 9,306,683 | | | | 9,306,683 | | | | — | | | | — | |
Malaysia | | | 6,495,684 | | | | 6,495,684 | | | | — | | | | — | |
Mexico | | | 10,670,828 | | | | 10,670,828 | | | | — | | | | — | |
Netherlands | | | 1,525,434 | | | | 1,525,434 | | | | — | | | | — | |
Pakistan | | | 1,938,956 | | | | 1,938,956 | | | | — | | | | — | |
Panama | | | 1,177,488 | | | | 1,177,488 | | | | — | | | | — | |
Peru | | | 1,960,374 | | | | 1,960,374 | | | | — | | | | — | |
Philippines | | | 4,969,233 | | | | 4,969,233 | | | | — | | | | — | |
Poland | | | 6,718,339 | | | | 6,718,339 | | | | — | | | | — | |
Portugal | | | 1,318,476 | | | | 1,318,476 | | | | — | | | | — | |
Russia | | | 4,951,741 | | | | 4,951,741 | | | | — | | | | — | |
South Africa | | | 4,042,437 | | | | 4,042,437 | | | | — | | | | — | |
South Korea | | | 16,838,011 | | | | 16,838,011 | | | | — | | | | — | |
Switzerland | | | 933,323 | | | | 933,323 | | | | — | | | | — | |
Taiwan | | | 14,434,903 | | | | 14,434,903 | | | | — | | | | — | |
Thailand | | | 3,712,260 | | | | 3,712,260 | | | | — | | | | — | |
United Kingdom | | | 860,576 | | | | 860,576 | | | | — | | | | — | |
United States | | | 2,509,057 | | | | 2,509,057 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 165,177,267 | | | | 165,177,267 | | | | — | | | | — | |
| |
PREFERRED STOCKS | | | 8,233,051 | | | | 8,233,051 | | | | — | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 1,832,045 | | | | 1,832,045 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 175,242,363 | | | $ | 175,242,363 | | | $ | — | | | $ | — | |
| |
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
An amount of $84,902,910 was transferred from Level 2 into Level 1 at 6/30/17 as a result of using quoted prices in active market for such foreign securities. 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.
144
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Real Estate Securities Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 2.2% | |
| Entertainment — 1.1% | |
Red Rock Resorts, Inc. | | | 62,527 | | | $ | 1,472,511 | |
| | | | | | | | |
| Lodging — 1.1% | |
Hilton Worldwide Holdings, Inc. | | | 25,744 | | | | 1,592,245 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $2,555,450) | | | | 3,064,756 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 95.5% | |
| Apartments — 21.0% | |
American Campus Communities, Inc. | | | 73,166 | | | | 3,460,752 | |
American Homes 4 Rent, Class A | | | 95,676 | | | | 2,159,407 | |
Apartment Investment & Management Co., Class A | | | 62,316 | | | | 2,677,718 | |
AvalonBay Communities, Inc. | | | 27,552 | | | | 5,294,668 | |
Education Realty Trust, Inc. | | | 49,716 | | | | 1,926,495 | |
Essex Property Trust, Inc. | | | 23,367 | | | | 6,011,628 | |
Invitation Homes, Inc. | | | 38,458 | | | | 831,847 | |
UDR, Inc. | | | 182,375 | | | | 7,107,154 | |
| | | | | | | | |
| | | | | | | 29,469,669 | |
| | | | | | | | |
| Building & Real Estate — 1.5% | |
Colony Starwood Homes | | | 28,952 | | | | 993,343 | |
STORE Capital Corp. | | | 49,561 | | | | 1,112,645 | |
| | | | | | | | |
| | | | | | | 2,105,988 | |
| | | | | | | | |
| Diversified — 14.0% | |
American Tower Corp. | | | 8,118 | | | | 1,074,174 | |
Cousins Properties, Inc. | | | 338,619 | | | | 2,976,461 | |
Crown Castle International Corp. | | | 21,616 | | | | 2,165,491 | |
Digital Realty Trust, Inc. | | | 14,623 | | | | 1,651,668 | |
DuPont Fabros Technology, Inc. | | | 64,047 | | | | 3,917,114 | |
Gaming and Leisure Properties, Inc. | | | 55,385 | | | | 2,086,353 | |
Gramercy Property Trust | | | 63,351 | | | | 1,882,158 | |
Lamar Advertising Co., Class A | | | 19,843 | | | | 1,459,849 | |
The GEO Group, Inc. | | | 80,843 | | | | 2,390,513 | |
| | | | | | | | |
| | | | | | | 19,603,781 | |
| | | | | | | | |
| Healthcare — 6.7% | |
HCP, Inc. | | | 121,011 | | | | 3,867,511 | |
Healthcare Trust of America, Inc., Class A | | | 134,779 | | | | 4,192,975 | |
Physicians Realty Trust | | | 68,701 | | | | 1,383,638 | |
| | | | | | | | |
| | | | | | | 9,444,124 | |
| | | | | | | | |
| Hotels & Resorts — 3.8% | |
Apple Hospitality REIT, Inc. | | | 85,376 | | | | 1,597,385 | |
Host Hotels & Resorts, Inc. | | | 129,530 | | | | 2,366,513 | |
Park Hotels & Resorts, Inc. | | | 53,707 | | | | 1,447,941 | |
| | | | | | | | |
| | | | | | | 5,411,839 | |
| | | | | | | | |
| Industrial — 6.7% | |
CyrusOne, Inc. | | | 53,232 | | | | 2,967,684 | |
Prologis, Inc. | | | 109,086 | | | | 6,396,803 | |
| | | | | | | | |
| | | | | | | 9,364,487 | |
| | | | | | | | |
| Manufactured Homes — 3.4% | |
Equity LifeStyle Properties, Inc. | | | 18,576 | | | | 1,603,852 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Manufactured Homes — (continued) | |
Sun Communities, Inc. | | | 36,395 | | | $ | 3,191,477 | |
| | | | | | | | |
| | | | | | | 4,795,329 | |
| | | | | | | | |
| Office Property — 17.5% | |
Alexandria Real Estate Equities, Inc. | | | 24,702 | | | | 2,975,850 | |
Boston Properties Inc. | | | 35,432 | | | | 4,358,845 | |
Corporate Office Properties Trust | | | 67,612 | | | | 2,368,448 | |
Douglas Emmett, Inc. | | | 82,061 | | | | 3,135,551 | |
Empire State Realty Trust, Inc., Class A | | | 100,585 | | | | 2,089,150 | |
Highwoods Properties, Inc. | | | 27,618 | | | | 1,400,509 | |
Hudson Pacific Properties, Inc. | | | 67,491 | | | | 2,307,517 | |
Kilroy Realty Corp. | | | 36,181 | | | | 2,719,002 | |
SL Green Realty Corp. | | | 30,056 | | | | 3,179,925 | |
| | | | | | | | |
| | | | | | | 24,534,797 | |
| | | | | | | | |
| Regional Malls — 5.7% | |
GGP, Inc. | | | 124,548 | | | | 2,934,351 | |
Simon Property Group, Inc. | | | 31,549 | | | | 5,103,366 | |
| | | | | | | | |
| | | | | | | 8,037,717 | |
| | | | | | | | |
| Storage & Warehousing — 3.8% | |
Extra Space Storage, Inc. | | | 32,122 | | | | 2,505,516 | |
Public Storage | | | 13,362 | | | | 2,786,378 | |
| | | | | | | | |
| | | | | | | 5,291,894 | |
| | | | | | | | |
| Strip Centers — 5.8% | |
Brixmor Property Group, Inc. | | | 112,584 | | | | 2,013,002 | |
Regency Centers Corp. | | | 58,320 | | | | 3,653,165 | |
Weingarten Realty Investors | | | 82,188 | | | | 2,473,859 | |
| | | | | | | | |
| | | | | | | 8,140,026 | |
| | | | | | | | |
| Telecommunications — 5.6% | |
Equinix, Inc. | | | 18,313 | | | | 7,859,207 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $123,630,584) | | | | 134,058,858 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.6% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,258,137) | | | 2,258,137 | | | | 2,258,137 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.3%
(Cost $128,444,170) | | | $ | 139,381,751 | |
| | | | | | | | |
| Other Assets & Liabilities — 0.7% | | | | 957,695 | |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 140,339,446 | |
| | | | | | | | |
| † | See Security Valuation Note. |
REIT — Real Estate Investment Trust.
145
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 3,064,756 | | | $ | 3,064,756 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 134,058,858 | | | | 134,058,858 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,258,137 | | | | 2,258,137 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 139,381,751 | | | $ | 139,381,751 | | | $ | — | | | $ | — | |
| |
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.
146
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 55.8% | |
Penn Series Flexibly Managed Fund* | | | 40,697 | | | $ | 2,016,929 | |
Penn Series Index 500 Fund* | | | 136,787 | | | | 2,689,238 | |
Penn Series Large Cap Growth Fund* | | | 126,295 | | | | 2,016,928 | |
Penn Series Large Cap Value Fund* | | | 178,196 | | | | 4,706,166 | |
Penn Series Large Core Value Fund* | | | 358,884 | | | | 6,054,374 | |
Penn Series Large Growth Stock Fund* | | | 18,541 | | | | 672,310 | |
Penn Series Mid Cap Growth Fund* | | | 79,799 | | | | 1,343,821 | |
Penn Series Mid Cap Value Fund* | | | 134,623 | | | | 3,361,547 | |
Penn Series Mid Core Value Fund* | | | 149,802 | | | | 3,361,547 | |
Penn Series Real Estate Securities Fund* | | | 96,828 | | | | 2,016,928 | |
Penn Series Small Cap Growth Fund* | | | 57,218 | | | | 2,016,928 | |
Penn Series Small Cap Index Fund* | | | 31,969 | | | | 672,310 | |
Penn Series Small Cap Value Fund* | | | 59,885 | | | | 2,016,928 | |
Penn Series SMID Cap Growth Fund* | | | 56,520 | | | | 1,344,619 | |
Penn Series SMID Cap Value Fund* | | | 134,408 | | | | 3,361,547 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $26,840,234) | | | | 37,652,120 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 9.0% | |
Penn Series High Yield Bond Fund* | | | 104,884 | | | | 1,344,619 | |
Penn Series Limited Maturity Bond Fund* | | | 167,658 | | | | 2,016,928 | |
Penn Series Quality Bond Fund* | | | 186,106 | | | | 2,689,238 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $5,835,043) | | | | 6,050,785 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 34.8% | |
Penn Series Developed International Index Fund* | | | 515,180 | | | | 6,723,094 | |
Penn Series Emerging Markets Equity Fund* | | | 604,200 | | | | 7,395,404 | |
Penn Series International Equity Fund* | | | 337,360 | | | | 9,412,332 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $18,587,948) | | | | 23,530,830 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.5% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $358,515) | | | 358,515 | | | | 358,515 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $51,621,740) | | | $ | 67,592,250 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | (69,707 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 67,522,543 | |
| | | | | | | | |
| * | Non-income producing security. |
| † | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 37,652,120 | | | $ | 37,652,120 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 6,050,785 | | | | 6,050,785 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 23,530,830 | | | | 23,530,830 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 358,515 | | | | 358,515 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 67,592,250 | | | $ | 67,592,250 | | | $ | — | | | $ | — | |
| |
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.
147
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Moderately Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 54.8% | |
Penn Series Flexibly Managed Fund* | | | 311,068 | | | $ | 15,416,511 | |
Penn Series Index 500 Fund* | | | 522,771 | | | | 10,277,674 | |
Penn Series Large Cap Growth Fund* | | | 482,671 | | | | 7,708,256 | |
Penn Series Large Cap Value Fund* | | | 681,027 | | | | 17,985,930 | |
Penn Series Large Core Value Fund* | | | 1,371,576 | | | | 23,138,483 | |
Penn Series Large Growth Stock Fund* | | | 70,861 | | | | 2,569,418 | |
Penn Series Mid Cap Growth Fund* | | | 304,976 | | | | 5,135,787 | |
Penn Series Mid Cap Value Fund* | | | 411,601 | | | | 10,277,674 | |
Penn Series Mid Core Value Fund* | | | 458,007 | | | | 10,277,674 | |
Penn Series Real Estate Securities Fund* | | | 370,055 | | | | 7,708,256 | |
Penn Series Small Cap Growth Fund* | | | 145,783 | | | | 5,138,837 | |
Penn Series Small Cap Index Fund* | | | 244,357 | | | | 5,138,837 | |
Penn Series Small Cap Value Fund* | | | 228,867 | | | | 7,708,256 | |
Penn Series SMID Cap Growth Fund* | | | 108,004 | | | | 2,569,419 | |
Penn Series SMID Cap Value Fund* | | | 410,943 | | | | 10,277,674 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $92,666,577) | | | | | | | 141,328,686 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 18.0% | |
Penn Series High Yield Bond Fund* | | | 400,845 | | | | 5,138,837 | |
Penn Series Limited Maturity Bond Fund* | | | 1,281,506 | | | | 15,416,511 | |
Penn Series Quality Bond Fund* | | | 1,778,144 | | | | 25,694,186 | |
| | | | | | | | |
| TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $42,424,945) | | | | | | | 46,249,534 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.9% | |
Penn Series Developed International Index Fund* | | | 1,378,232 | | | | 17,985,930 | |
Penn Series Emerging Markets Equity Fund* | | | 1,679,359 | | | | 20,555,348 | |
Penn Series International Equity Fund* | | | 1,105,126 | | | | 30,833,022 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $53,102,464) | | | | 69,374,300 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.4% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,091,950) | | | 1,091,950 | | | | 1,091,950 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $189,285,936) | | | $ | 258,044,470 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | | | | (231,892 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 257,812,578 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 141,328,686 | | | $ | 141,328,686 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 46,249,534 | | | | 46,249,534 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 69,374,300 | | | | 69,374,300 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,091,950 | | | | 1,091,950 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 258,044,470 | | | $ | 258,044,470 | | | $ | — | | | $ | — | |
| |
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.
148
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2017 (Unaudited)
Moderate Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 43.0% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 411,457 | | | $ | 20,391,833 | |
Penn Series Index 500 Fund* | | | 518,612 | | | | 10,195,916 | |
Penn Series Large Cap Growth Fund* | | | 425,628 | | | | 6,797,278 | |
Penn Series Large Cap Value Fund* | | | 514,750 | | | | 13,594,555 | |
Penn Series Large Core Value Fund* | | | 1,209,480 | | | | 20,403,928 | |
Penn Series Large Growth Stock Fund* | | | 93,730 | | | | 3,398,639 | |
Penn Series Mid Cap Growth Fund* | | | 403,399 | | | | 6,793,244 | |
Penn Series Mid Cap Value Fund* | | | 408,327 | | | | 10,195,916 | |
Penn Series Mid Core Value Fund* | | | 757,272 | | | | 16,993,194 | |
Penn Series Real Estate Securities Fund* | | | 326,322 | | | | 6,797,278 | |
Penn Series Small Cap Growth Fund* | | | 96,415 | | | | 3,398,639 | |
Penn Series Small Cap Index Fund* | | | 323,218 | | | | 6,797,278 | |
Penn Series Small Cap Value Fund* | | | 302,729 | | | | 10,195,916 | |
Penn Series SMID Cap Growth Fund* | | | 142,860 | | | | 3,398,639 | |
Penn Series SMID Cap Value Fund* | | | 271,782 | | | | 6,797,277 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $92,368,749) | | | | | | | 146,149,530 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 38.0% | | | | | |
Penn Series High Yield Bond Fund* | | | 795,313 | | | | 10,195,917 | |
Penn Series Limited Maturity Bond Fund* | | | 2,542,623 | | | | 30,587,749 | |
Penn Series Quality Bond Fund* | | | 6,115,198 | | | | 88,364,609 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $114,800,268) | | | | | | | 129,148,275 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 19.0% | | | | | |
Penn Series Developed International Index Fund* | | | 1,302,160 | | | | 16,993,194 | |
Penn Series Emerging Markets Equity Fund* | | | 1,388,333 | | | | 16,993,194 | |
Penn Series International Equity Fund* | | | 1,096,335 | | | | 30,587,750 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $46,050,727) | | | | 64,574,138 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.1% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $383,700) | | | 383,700 | | | | 383,700 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $253,603,444) | | | $ | 340,255,643 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | (322,195 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 339,933,448 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 146,149,530 | | | $ | 146,149,530 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 129,148,275 | | | | 129,148,275 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 64,574,138 | | | | 64,574,138 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 383,700 | | | | 383,700 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 340,255,643 | | | $ | 340,255,643 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Moderately Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 30.8% | |
Penn Series Flexibly Managed Fund* | | | 158,387 | | | $ | 7,849,670 | |
Penn Series Index 500 Fund* | | | 99,818 | | | | 1,962,417 | |
Penn Series Large Cap Growth Fund* | | | 122,881 | | | | 1,962,417 | |
Penn Series Large Cap Value Fund* | | | 148,612 | | | | 3,924,835 | |
Penn Series Large Core Value Fund* | | | 349,185 | | | | 5,890,744 | |
Penn Series Mid Cap Value Fund* | | | 39,296 | | | | 981,209 | |
Penn Series Mid Core Value Fund* | | | 87,452 | | | | 1,962,417 | |
Penn Series Real Estate Securities Fund* | | | 94,211 | | | | 1,962,417 | |
Penn Series Small Cap Index Fund* | | | 46,658 | | | | 981,209 | |
Penn Series Small Cap Value Fund* | | | 58,267 | | | | 1,962,417 | |
Penn Series SMID Cap Value Fund* | | | 39,233 | | | | 981,209 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $20,006,798) | | | | 30,420,961 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 56.5% | |
Penn Series High Yield Bond Fund* | | | 229,612 | | | | 2,943,626 | |
Penn Series Limited Maturity Bond Fund* | | | 1,549,706 | | | | 18,642,965 | |
Penn Series Quality Bond Fund* | | | 2,376,630 | | | | 34,342,305 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $49,404,273) | | | | 55,928,896 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 11.9% | |
Penn Series Developed International Index Fund* | | | 225,565 | | | | 2,943,626 | |
Penn Series Emerging Markets Equity Fund* | | | 240,492 | | | | 2,943,626 | |
Penn Series International Equity Fund* | | | 211,013 | | | | 5,887,252 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $8,576,843) | | | | 11,774,504 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.9% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $887,863) | | | 887,863 | | | | 887,863 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $78,875,777) | | | $ | 99,012,224 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | (104,664 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 98,907,560 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 30,420,961 | | | $ | 30,420,961 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 55,928,896 | | | | 55,928,896 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 11,774,504 | | | | 11,774,504 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 887,863 | | | | 887,863 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 99,012,224 | | | $ | 99,012,224 | | | $ | — | | | $ | — | |
| |
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, 2017 (Unaudited)
Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 17.8% | |
Penn Series Flexibly Managed Fund* | | | 90,733 | | | $ | 4,496,736 | |
Penn Series Index 500 Fund* | | | 28,591 | | | | 562,092 | |
Penn Series Large Cap Value Fund* | | | 42,567 | | | | 1,124,184 | |
Penn Series Large Core Value Fund* | | | 133,355 | | | | 2,249,701 | |
Penn Series Mid Core Value Fund* | | | 50,097 | | | | 1,124,184 | |
Penn Series Real Estate Securities Fund* | | | 26,985 | | | | 562,092 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $7,576,404) | | | | 10,118,989 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 76.0% | |
Penn Series High Yield Bond Fund* | | | 131,535 | | | | 1,686,276 | |
Penn Series Limited Maturity Bond Fund* | | | 1,355,001 | | | | 16,300,668 | |
Penn Series Quality Bond Fund* | | | 1,750,460 | | | | 25,294,140 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $38,757,263) | | | | 43,281,084 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9% | |
Penn Series Developed International Index Fund* | | | 86,144 | | | | 1,124,184 | |
Penn Series Emerging Markets Equity Fund* | | | 45,923 | | | | 562,092 | |
Penn Series International Equity Fund* | | | 40,293 | | | | 1,124,184 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $2,421,605) | | | | 2,810,460 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.4% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $766,573) | | | 766,573 | | | | 766,573 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $49,521,845) | | | $ | 56,977,106 | |
| | | | | | | | |
| Other Assets & Liabilities — (0.1)% | | | | (46,877 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 56,930,229 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2017 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2017 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 10,118,989 | | | $ | 10,118,989 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 43,281,084 | | | | 43,281,084 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 2,810,460 | | | | 2,810,460 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 766,573 | | | | 766,573 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 56,977,106 | | | $ | 56,977,106 | | | $ | — | | | $ | — | |
| |
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.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 97,973,915 | | | $ | 206,769,151 | | | $ | 520,997,792 | | | $ | 170,322,101 | |
Foreign currency, at value | | | — | | | | — | | | | — | | | | 228 | |
Cash | | | — | | | | — | | | | — | | | | 199,764 | |
Initial Margin Held by Broker for Open Futures | | | — | | | | 101,950 | | | | — | | | | — | |
Interest, dividends and reclaims receivable | | | 448,064 | | | | 1,383,823 | | | | 3,079,924 | | | | 2,407,399 | |
Receivable for investment securities sold | | | — | | | | 2,738,867 | | | | — | | | | 4,043,973 | |
Receivable for capital stock sold | | | 398,669 | | | | 2,530,785 | | | | 4,223,921 | | | | 1,003,097 | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 25,968 | |
Other assets | | | 1,700 | | | | 2,701 | | | | 6,965 | | | | 2,244 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 98,822,348 | | | | 213,527,277 | | | | 528,308,602 | | | | 178,004,774 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | 36,516 | | | | 66,558 | | | | — | |
Payable for investment securities purchased | | | — | | | | 2,223,210 | | | | 17,135,085 | | | | 6,209,552 | |
Payable for capital stock redeemed | | | — | | | | 7,691 | | | | 16,030 | | | | 5,439 | |
Future variation margin payable | | | — | | | | 20,781 | | | | 8,125 | | | | — | |
Payable to investment adviser (See Note 3) | | | 47,178 | | | | 79,045 | | | | 184,929 | | | | 78,836 | |
Payable to the administrator (See Note 3) | | | 7,559 | | | | 15,695 | | | | 38,095 | | | | 12,786 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 110,103 | |
Other liabilities | | | 38,067 | | | | 69,797 | | | | 173,740 | | | | 80,951 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 92,804 | | | | 2,452,735 | | | | 17,622,562 | | | | 6,497,667 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 98,729,544 | | | $ | 211,074,542 | | | $ | 510,686,040 | | | $ | 171,507,107 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 97,973,915 | | | | 206,681,569 | | | | 516,211,664 | | | | 165,043,695 | |
Foreign currency, at cost | | | — | | | | — | | | | — | | | | 223 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 98,728,965 | | | $ | 209,325,172 | | | $ | 499,488,513 | | | $ | 171,789,924 | |
Undistributed net investment income (loss) | | | 172 | | | | 2,050,228 | | | | 5,983,299 | | | | 4,402,818 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 407 | | | | (323,831 | ) | | | 319,036 | | | | (9,885,065 | ) |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | — | | | | 22,973 | | | | 4,895,192 | | | | 5,199,430 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 98,729,544 | | | $ | 211,074,542 | | | $ | 510,686,040 | | | $ | 171,507,107 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 98,713,040 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | | | | | 35,330,670 | | | | 13,381,262 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 17,542,778 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 1.00 | | | $ | 12.03 | | | $ | 14.45 | | | $ | 12.82 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
152
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | — | | | $ | 80,876,202 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at value | | | 3,775,497,600 | | | | 256,176 | | | | 296,866,965 | | | | 47,843,885 | |
Foreign currency, at value | | | 23 | | | | — | | | | — | | | | — | |
Cash | | | 218,498 | | | | — | | | | — | | | | 500 | |
Interest, dividends and reclaims receivable | | | 12,787,131 | | | | — | | | | 144,932 | | | | 63,142 | |
Receivable for investment securities sold | | | 24,920,607 | | | | 269,608 | | | | 104,709 | | | | — | |
Receivable for capital stock sold | | | 939,117 | | | | 174,666 | | | | — | | | | 7,414,472 | |
Other assets | | | 45,463 | | | | 1,022 | | | | 3,462 | | | | 572 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 3,814,408,439 | | | | 81,577,674 | | | | 297,120,068 | | | | 55,322,571 | |
| | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | 6,261 | | | | — | |
Call options written, at value | | | 18,456,867 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 29,711,514 | | | | 276,078 | | | | 163,901 | | | | — | |
Payable for capital stock redeemed | | | 239,406 | | | | 250 | | | | 9,606,165 | | | | 103,854 | |
Payable to investment adviser (See Note 3) | | | 2,158,000 | | | | — | | | | 176,854 | | | | 21,798 | |
Payable to the administrator (See Note 3) | | | 278,413 | | | | 6,029 | | | | 21,925 | | | | 3,528 | |
Other liabilities | | | 1,170,684 | | | | 22,692 | | | | 102,100 | | | | 17,272 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 52,014,884 | | | | 305,049 | | | | 10,077,206 | | | | 146,452 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 3,762,393,555 | | | $ | 81,272,625 | | | $ | 287,042,862 | | | $ | 55,176,119 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | | — | | | | 46,830,429 | | | | — | | | | — | |
Investments of unaffiliated issuers at cost | | | 3,316,174,251 | | | | 256,176 | | | | 221,369,717 | | | | 37,648,948 | |
Foreign currency, at cost | | | 23 | | | | — | | | | — | | | | — | |
Call options written, premiums received | | | (10,022,533 | ) | | | — | | | | — | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 3,167,457,191 | | | $ | 47,462,813 | | | $ | 181,951,308 | | | $ | 43,622,773 | |
Undistributed net investment income (loss) | | | 20,126,307 | | | | (72,606 | ) | | | (294,911 | ) | | | 64,613 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 123,928,044 | | | | (163,355 | ) | | | 29,889,682 | | | | 1,293,312 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 450,882,013 | | | | 34,045,773 | | | | 75,496,783 | | | | 10,195,421 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 3,762,393,555 | | | $ | 81,272,625 | | | $ | 287,042,862 | | | $ | 55,176,119 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | 75,922,296 | | | | | | | | 7,916,785 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 4,331,901 | | | | | | | | 3,455,867 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 49.56 | | | $ | 18.76 | | | $ | 36.26 | | | $ | 15.97 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
153
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 113,860,286 | | | $ | 210,219,879 | | | $ | 186,280,629 | | | $ | 454,127,472 | |
Foreign currency, at value | | | 733 | | | | — | | | | — | | | | — | |
Interest, dividends and reclaims receivable | | | 24,564 | | | | 229,934 | | | | 202,647 | | | | 454,811 | |
Receivable for investment securities sold | | | 769,173 | | | | 596,811 | | | | 6,341,901 | | | | 1,808,409 | |
Receivable for capital stock sold | | | — | | | | 466,500 | | | | 10,143,899 | | | | 963,914 | |
Futures receivable | | | — | | | | — | | | | — | | | | 1,170 | |
Other assets | | | 1,400 | | | | 2,651 | | | | 2,505 | | | | 5,585 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 114,656,156 | | | | 211,515,775 | | | | 202,971,581 | | | | 457,361,361 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | 293,380 | | | | — | |
Payable for investment securities purchased | | | — | | | | — | | | | 5,170,898 | | | | 182,515 | |
Payable for capital stock redeemed | | | 338,776 | | | | 7,835,644 | | | | 6,339 | | | | 289,871 | |
Payable to investment adviser (See Note 3) | | | 57,377 | | | | 114,360 | | | | 103,834 | | | | 49,185 | |
Payable to the administrator (See Note 3) | | | 8,513 | | | | 15,528 | | | | 14,196 | | | | 34,067 | |
Other liabilities | | | 34,408 | | | | 70,840 | | | | 64,547 | | | | 147,950 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 439,074 | | | | 8,036,372 | | | | 5,653,194 | | | | 703,588 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 114,217,082 | | | $ | 203,479,403 | | | $ | 197,318,387 | | | $ | 456,657,773 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 96,446,867 | | | | 163,072,328 | | | | 167,307,567 | | | | 236,632,061 | |
Foreign currency, at cost | |
| 718
|
| |
| —
|
| |
| —
|
| |
| —
|
|
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 91,759,997 | | | $ | 154,429,192 | | | $ | 169,388,214 | | | $ | 234,932,286 | |
Undistributed net investment income (loss) | | | (98,700 | ) | | | (126,638 | ) | | | 1,389,296 | | | | 3,856,981 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 5,142,351 | | | | 2,029,298 | | | | 7,567,815 | | | | 385,294 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 17,413,434 | | | | 47,147,551 | | | | 18,973,062 | | | | 217,483,212 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 114,217,082 | | | $ | 203,479,403 | | | $ | 197,318,387 | | | $ | 456,657,773 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 7,705,007 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 6,001,405 | | | | | | | | 11,699,712 | | | | 23,233,215 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 19.03 | | | $ | 26.41 | | | $ | 16.87 | | | $ | 19.66 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
154
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 114,094,036 | | | $ | 179,692,421 | | | $ | 94,965,268 | | | $ | 62,301,279 | |
Foreign currency, at value | | | — | | | | — | | | | 25,678 | | | | — | |
Cash | | | — | | | | — | | | | 500 | | | | — | |
Interest, dividends and reclaims receivable | | | 44,105 | | | | 382,750 | | | | 145,042 | | | | 5,248 | |
Receivable for investment securities sold | | | 1,040,714 | | | | — | | | | 3,506,867 | | | | 355,628 | |
Receivable for capital stock sold | | | — | | | | 28,387 | | | | 1,261,648 | | | | — | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 4,391 | | | | — | |
Other assets | | | 1,373 | | | | 2,217 | | | | 1,208 | | | | 687 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 115,180,228 | | | | 180,105,775 | | | | 99,910,602 | | | | 62,662,842 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 986,038 | | | | 3,225,425 | | | | 4,273,267 | | | | 1,153,337 | |
Payable for capital stock redeemed | | | 758,080 | | | | 84,847 | | | | 3,712 | | | | 167,919 | |
Payable to investment adviser (See Note 3) | | | 65,439 | | | | 79,698 | | | | 55,863 | | | | 37,683 | |
Payable to the administrator (See Note 3) | | | 8,347 | | | | 13,106 | | | | 7,020 | | | | 4,482 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | 45,389 | | | | — | |
Other liabilities | | | 37,587 | | | | 58,255 | | | | 46,061 | | | | 21,931 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 1,855,491 | | | | 3,461,331 | | | | 4,431,312 | | | | 1,385,352 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 113,324,737 | | | $ | 176,644,444 | | | $ | 95,479,290 | | | $ | 61,277,490 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 96,205,796 | | | | 141,573,184 | | | | 83,104,916 | | | | 56,488,974 | |
Foreign currency, at cost | | | — | | | | — | | | | 25,718 | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 97,203,987 | | | $ | 137,755,342 | | | $ | 79,172,257 | | | $ | 52,611,638 | |
Undistributed net investment income (loss) | | | (189,469 | ) | | | (6,075 | ) | | | 518,495 | | | | (123,911 | ) |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | (1,578,021 | ) | | | 775,940 | | | | 3,969,023 | | | | 2,977,458 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 17,888,240 | | | | 38,119,237 | | | | 11,819,515 | | | | 5,812,305 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 113,324,737 | | | $ | 176,644,444 | | | $ | 95,479,290 | | | $ | 61,277,490 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 6,727,584 | | | | 7,073,482 | | | | 4,254,341 | | | | 2,575,987 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 16.84 | | | $ | 24.97 | | | $ | 22.44 | | | $ | 23.79 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
155
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 79,241,579 | | | $ | 95,878,168 | | | $ | 244,761,984 | | | $ | 75,444,424 | |
Interest, dividends and reclaims receivable | | | 89,499 | | | | 26,897 | | | | 369,954 | | | | 83,385 | |
Receivable for investment securities sold | | | — | | | | 261,710 | | | | 3,446,625 | | | | 86,613 | |
Receivable for capital stock sold | | | 1,239,187 | | | | — | | | | 2,252,320 | | | | 515,877 | |
Other assets | | | 997 | | | | 1,127 | | | | 3,008 | | | | 917 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 80,571,262 | | | | 96,167,902 | | | | 250,833,891 | | | | 76,131,216 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | — | | | | 76,291 | |
Payable for investment securities purchased | | | — | | | | 5,139 | | | | 4,350,586 | | | | — | |
Payable for capital stock redeemed | | | 2,611 | | | | 813,996 | | | | 2,602 | | | | 1,409 | |
Future variation margin payable | | | — | | | | — | | | | — | | | | 555 | |
Payable to investment adviser (See Note 3) | | | 62,213 | | | | 57,924 | | | | 143,070 | | | | 18,771 | |
Payable to the administrator (See Note 3) | | | 6,009 | | | | 6,934 | | | | 18,065 | | | | 5,670 | |
Other liabilities | | | 27,253 | | | | 31,060 | | | | 87,780 | | | | 39,395 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 98,086 | | | | 915,053 | | | | 4,602,103 | | | | 142,091 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 80,473,176 | | | $ | 95,252,849 | | | $ | 246,231,788 | | | $ | 75,989,125 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 65,554,967 | | | | 70,688,695 | | | | 201,232,139 | | | | 55,666,488 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 62,264,513 | | | $ | 66,073,800 | | | $ | 187,330,339 | | | $ | 51,975,820 | |
Undistributed net investment income (loss) | | | 40,498 | | | | (313,917 | ) | | | 674,754 | | | | 248,688 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | 4,481,553 | | | | 4,303,333 | | | | 14,696,850 | | | | 3,988,356 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 13,686,612 | | | | 25,189,633 | | | | 43,529,845 | | | | 19,776,261 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 80,473,176 | | | $ | 95,252,849 | | | $ | 246,231,788 | | | $ | 75,989,125 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 2,702,437 | | | | 7,310,628 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,218,139 | | | | | | | | | | | | 3,614,199 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 25.01 | | | $ | 35.25 | | | $ | 33.68 | | | $ | 21.03 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
156
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 107,367,491 | | | $ | 367,729,802 | | | $ | 175,242,363 | | | $ | 139,381,751 | |
Foreign currency, at value | | | 830,959 | | | | 209,038 | | | | 238,466 | | | | — | |
Initial Margin Held by Broker for Open Futures | | | 89,740 | | | | — | | | | — | | | | — | |
Interest, dividends and reclaims receivable | | | 566,104 | | | | 1,791,294 | | | | 553,780 | | | | 475,651 | |
Receivable for investment securities sold | | | — | | | | 2,441,454 | | | | 104,305 | | | | 300,554 | |
Receivable for capital stock sold | | | — | | | | — | | | | — | | | | 556,024 | |
Future variation margin receivable | | | 1,275 | | | | — | | | | — | | | | — | |
Other assets | | | 1,275 | | | | 4,433 | | | | 1,983 | | | | 1,788 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 108,856,844 | | | | 372,176,021 | | | | 176,140,897 | | | | 140,715,768 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 22,819 | | | | 1,253,516 | | | | 300,442 | | | | 226,939 | |
Payable for capital stock redeemed | | | 1,553,921 | | | | 7,644,634 | | | | 2,885,244 | | | | 7,202 | |
Payable to investment adviser (See Note 3) | | | 26,969 | | | | 263,018 | | | | 132,699 | | | | 81,262 | |
Payable to the administrator (See Note 3) | | | 8,004 | | | | 27,279 | | | | 12,869 | | | | 10,485 | |
Deferred Indian capital gains tax | | | — | | | | — | | | | 40,793 | | | | — | |
Other liabilities | | | 38,338 | | | | 146,978 | | | | 112,946 | | | | 50,434 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 1,650,051 | | | | 9,335,425 | | | | 3,484,993 | | | | 376,322 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 107,206,793 | | | $ | 362,840,596 | | | $ | 172,655,904 | | | $ | 140,339,446 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 84,428,328 | | | | 280,227,229 | | | | 140,232,063 | | | | 128,444,170 | |
Foreign currency, at cost | |
| 822,121
|
| |
| 209,300
|
| |
| 237,762
|
| |
| —
|
|
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 85,244,261 | | | $ | 260,326,057 | | | $ | 144,841,144 | | | $ | 124,197,335 | |
Undistributed net investment income (loss) | | | 496,335 | | | | (2,289,106 | ) | | | 377,843 | | | | 2,211,727 | |
Accumulated net realized gain (loss) on investment transactions and foreign exchange | | | (1,473,933 | ) | | | 17,307,300 | | | | (7,392,429 | ) | | | 2,992,803 | |
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | | | 22,940,130 | | | | 87,496,345 | | | | 34,829,346 | | | | 10,937,581 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 107,206,793 | | | $ | 362,840,596 | | | $ | 172,655,904 | | | $ | 140,339,446 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 13,002,913 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 8,217,371 | | | | | | | | 14,104,913 | | | | 6,736,085 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 13.05 | | | $ | 27.90 | | | $ | 12.24 | | | $ | 20.83 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
157
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | 67,233,735 | | | $ | 256,952,520 | | | $ | 339,871,943 | | | $ | 98,124,361 | |
Investments of unaffiliated issuers at value | | | 358,515 | | | | 1,091,950 | | | | 383,700 | | | | 887,863 | |
Receivable for investment securities sold | | | 2,128,875 | | | | 7,999,605 | | | | 10,424,711 | | | | 2,756,534 | |
Receivable for capital stock sold | | | 1,243 | | | | — | | | | — | | | | 487 | |
Other assets | | | 807 | | | | 3,066 | | | | 4,412 | | | | 1,317 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 69,723,175 | | | | 266,047,141 | | | | 350,684,766 | | | | 101,770,562 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 2,112,717 | | | | 7,973,887 | | | | 10,390,680 | | | | 2,751,373 | |
Payable for capital stock redeemed | | | 58,369 | | | | 141,946 | | | | 201,509 | | | | 65,693 | |
Payable to investment adviser (See Note 3) | | | 6,592 | | | | 25,035 | | | | 32,503 | | | | 9,762 | |
Payable to the administrator (See Note 3) | | | 4,938 | | | | 19,109 | | | | 25,417 | | | | 7,378 | |
Other liabilities | | | 18,016 | | | | 74,586 | | | | 101,209 | | | | 28,796 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 2,200,632 | | | | 8,234,563 | | | | 10,751,318 | | | | 2,863,002 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 67,522,543 | | | $ | 257,812,578 | | | $ | 339,933,448 | | | $ | 98,907,560 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | | 51,263,225 | | | | 188,193,986 | | | | 253,219,744 | | | | 77,987,914 | |
Investments of unaffiliated issuers at cost | | | 358,515 | | | | 1,091,950 | | | | 383,700 | | | | 887,863 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 48,746,247 | | | $ | 181,180,363 | | | $ | 238,792,004 | | | $ | 75,216,239 | |
Undistributed net investment income (loss) | | | (98,566 | ) | | | (362,617 | ) | | | (486,158 | ) | | | (145,342 | ) |
Accumulated net realized gain (loss) on investment transactions | | | 2,904,352 | | | | 8,236,298 | | | | 14,975,403 | | | | 3,700,216 | |
Net unrealized appreciation (depreciation) in value of investments | | | 15,970,510 | | | | 68,758,534 | | | | 86,652,199 | | | | 20,136,447 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 67,522,543 | | | $ | 257,812,578 | | | $ | 339,933,448 | | | $ | 98,907,560 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,814,738 | | | | 14,107,540 | | | | 20,572,148 | | | | 6,498,401 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 17.70 | | | $ | 18.27 | | | $ | 16.52 | | | $ | 15.22 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
158
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2017
| | | | |
| | | Conservative
Allocation
Fund | |
| |
ASSETS | | | | |
Investments of affiliated issuers at value | | $ | 56,210,533 | |
Investments of unaffiliated issuers at value | | | 766,573 | |
Receivable for investment securities sold | | | 828,718 | |
Receivable for capital stock sold | | | 3,707 | |
Other assets | | | 794 | |
| | | | |
Total Assets | | | 57,810,325 | |
| | | | |
| |
LIABILITIES | | | | |
Payable for investment securities purchased | | | 825,178 | |
Payable for capital stock redeemed | | | 28,742 | |
Payable to investment adviser (See Note 3) | | | 5,640 | |
Payable to the administrator (See Note 3) | | | 4,220 | |
Other liabilities | | | 16,316 | |
| | | | |
Total Liabilities | | | 880,096 | |
| | | | |
NET ASSETS | | $ | 56,930,229 | |
| | | | |
Investments of affiliated issuers at cost | | | 48,755,272 | |
Investments of unaffiliated issuers at cost | | | 766,573 | |
| |
COMPONENTS OF NET ASSETS: | | | | |
Paid-in Capital | | $ | 48,147,450 | |
Undistributed net investment income (loss) | | | (86,616 | ) |
Accumulated net realized gain (loss) on investment transactions | | | 1,414,134 | |
Net unrealized appreciation (depreciation) in value of investments | | | 7,455,261 | |
| | | | |
NET ASSETS | | $ | 56,930,229 | |
| | | | |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 4,116,178 | |
| | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 13.83 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
159
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 15,403 | | | $ | 8,217 | | | $ | 16,864 | | | $ | 52,058 | |
Interest | | | 350,375 | | | | 2,765,683 | | | | 7,621,351 | | | | 5,090,750 | |
Foreign tax withheld | | | — | | | | — | | | | — | | | | (7,779 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 365,778 | | | | 2,773,900 | | | | 7,638,215 | | | | 5,135,029 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 176,381 | | | | 477,092 | | | | 1,109,815 | | | | 472,027 | |
Shareholder servicing fees (See Note 3) | | | 48,104 | | | | 93,530 | | | | 226,279 | | | | 75,861 | |
Administration fees (See Note 3) | | | 16,035 | | | | 31,176 | | | | 75,426 | | | | 25,287 | |
Accounting fees (See Note 3) | | | 36,629 | | | | 61,879 | | | | 115,097 | | | | 52,063 | |
Director fees and expenses | | | 2,973 | | | | 5,103 | | | | 12,879 | | | | 4,247 | |
Custodian fees and expenses | | | 3,748 | | | | 7,274 | | | | 17,599 | | | | 9,082 | |
Pricing fees | | | 3,995 | | | | 10,454 | | | | 13,326 | | | | 28,597 | |
Professional fees | | | 5,782 | | | | 10,241 | | | | 24,341 | | | | 14,680 | |
Printing fees | | | 4,349 | | | | 7,709 | | | | 18,760 | | | | 6,264 | |
Recaptured advisory fees (See Note 3) | | | 50,161 | | | | — | | | | — | | | | — | |
Other expenses | | | 17,205 | | | | 19,214 | | | | 41,394 | | | | 35,858 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 365,362 | | | | 723,672 | | | | 1,654,916 | | | | 723,966 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | 5,100 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 360,262 | | | | 723,672 | | | | 1,654,916 | | | | 723,966 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 5,516 | | | | 2,050,228 | | | | 5,983,299 | | | | 4,411,063 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT | | | | | | | | | | | | | | | | |
SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | (9 | ) | | | 138,299 | | | | 774,279 | | | | 2,230,884 | |
Net realized gain (loss) on futures contracts | | | — | | | | 28,578 | | | | (390,666 | ) | | | — | |
Net realized foreign currency exchange gain (loss) | | | — | | | | — | | | | — | | | | (731,604 | ) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | — | | | | 281,773 | | | | 8,659,603 | | | | 1,237,667 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | (48,984 | ) | | | 109,064 | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | (9 | ) | | | 399,666 | | | | 9,152,280 | | | | 2,736,947 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 5,507 | | | $ | 2,449,894 | | | $ | 15,135,579 | | | $ | 7,148,010 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 20,309,691 | | | $ | 724 | | | $ | 1,183,360 | | | $ | 347,766 | |
Interest | | | 16,071,062 | | | | — | | | | — | | | | 337 | |
Foreign tax withheld | | | (118,035 | ) | | | — | | | | (7,344 | ) | | | (12,829 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 36,262,718 | | | | 724 | | | | 1,176,016 | | | | 335,274 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 12,643,856 | | | | — | | | | 1,005,444 | | | | 126,270 | |
Shareholder servicing fees (See Note 3) | | | 1,634,072 | | | | 35,652 | | | | 126,510 | | | | 20,663 | |
Administration fees (See Note 3) | | | 544,691 | | | | 11,884 | | | | 42,170 | | | | 6,888 | |
Accounting fees (See Note 3) | | | 432,552 | | | | 5,951 | | | | 80,166 | | | | 16,071 | |
Director fees and expenses | | | 87,980 | | | | 1,950 | | | | 6,689 | | | | 1,105 | |
Custodian fees and expenses | | | 133,448 | | | | 2,773 | | | | 10,079 | | | | 1,817 | |
Pricing fees | | | 16,707 | | | | 963 | | | | 3,553 | | | | 2,577 | |
Professional fees | | | 183,989 | | | | 3,808 | | | | 13,383 | | | | 2,212 | |
Printing fees | | | 132,160 | | | | 2,915 | | | | 10,029 | | | | 1,676 | |
Recaptured administration fee (See Note 3) | | | — | | | | — | | | | — | | | | 760 | |
Other expenses | | | 280,928 | | | | 7,434 | | | | 44,133 | | | | 22,873 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 16,090,383 | | | | 73,330 | | | | 1,342,156 | | | | 202,912 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 20,172,335 | | | | (72,606 | ) | | | (166,140 | ) | | | 132,362 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT | | | | | | | | | | | | | | | | |
SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 130,620,177 | | | | 2,668,613 | | | | 30,608,090 | | | | 1,431,343 | |
Net realized foreign currency exchange gain (loss) | | | (421,154 | ) | | | — | | | | (87 | ) | | | (28 | ) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 156,633,913 | | | | 2,477,247 | | | | 18,603,240 | | | | 4,855,281 | |
Change in net unrealized appreciation (depreciation) of written options | | | 8,339,193 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 295,172,129 | | | | 5,145,860 | | | | 49,211,243 | | | | 6,286,596 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 315,344,464 | | | $ | 5,073,254 | | | $ | 49,045,103 | | | $ | 6,418,958 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
160
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2017
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 372,903 | | | $ | 2,144,556 | | | $ | 2,239,373 | | | $ | 4,645,167 | |
Interest | | | — | | | | — | | | | — | | | | 1,126 | |
Foreign tax withheld | | | (6,326 | ) | | | (10,692 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 366,577 | | | | 2,133,864 | | | | 2,239,373 | | | | 4,646,293 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 328,549 | | | | 681,345 | | | | 629,316 | | | | 289,889 | |
Shareholder servicing fees (See Note 3) | | | 49,283 | | | | 92,280 | | | | 85,076 | | | | 200,681 | |
Administration fees (See Note 3) | | | 16,427 | | | | 30,760 | | | | 28,359 | | | | 66,893 | |
Accounting fees (See Note 3) | | | 37,297 | | | | 61,185 | | | | 57,182 | | | | 106,565 | |
Director fees and expenses | | | 2,644 | | | | 5,069 | | | | 4,775 | | | | 10,815 | |
Custodian fees and expenses | | | 3,833 | | | | 7,177 | | | | 6,617 | | | | 15,609 | |
Pricing fees | | | 1,437 | | | | 3,107 | | | | 1,250 | | | | 5,587 | |
Professional fees | | | 5,265 | | | | 9,917 | | | | 9,565 | | | | 21,293 | |
Printing fees | | | 5,244 | | | | 7,599 | | | | 7,110 | | | | 16,294 | |
Other expenses | | | 15,298 | | | | 18,872 | | | | 20,827 | | | | 55,686 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 465,277 | | | | 917,311 | | | | 850,077 | | | | 789,312 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (98,700 | ) | | | 1,216,553 | | | | 1,389,296 | | | | 3,856,981 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 5,120,364 | | | | 2,413,386 | | | | 8,081,702 | | | | 8,320,713 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 371,438 | |
Net realized foreign currency exchange gain (loss) | | | 25,345 | | | | — | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 11,639,503 | | | | 9,434,957 | | | | (1,586,169 | ) | | | 26,542,506 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | 10,593 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 16,785,212 | | | | 11,848,343 | | | | 6,495,533 | | | | 35,245,250 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 16,686,512 | | | $ | 13,064,896 | | | $ | 7,884,829 | | | $ | 39,102,231 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 309,158 | | | $ | 1,385,517 | | | $ | 991,585 | | | $ | 176,768 | |
Foreign tax withheld | | | — | | | | (9,823 | ) | | | (7,922 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 309,158 | | | | 1,375,694 | | | | 983,663 | | | | 176,768 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 380,673 | | | | 476,808 | | | | 339,005 | | | | 215,498 | |
Shareholder servicing fees (See Note 3) | | | 48,944 | | | | 78,023 | | | | 42,376 | | | | 25,860 | |
Administration fees (See Note 3) | | | 16,315 | | | | 26,008 | | | | 14,125 | | | | 8,620 | |
Accounting fees (See Note 3) | | | 37,109 | | | | 53,264 | | | | 32,959 | | | | 20,113 | |
Director fees and expenses | | | 2,642 | | | | 4,269 | | | | 2,356 | | | | 1,336 | |
Custodian fees and expenses | | | 3,807 | | | | 6,068 | | | | 3,909 | | | | 2,011 | |
Pricing fees | | | 2,260 | | | | 2,053 | | | | 2,441 | | | | 1,613 | |
Professional fees | | | 5,260 | | | | 8,659 | | | | 4,828 | | | | 2,709 | |
Printing fees | | | 3,956 | | | | 6,426 | | | | 3,566 | | | | 2,734 | |
Recaptured advisory fees (See Note 3) | | | — | | | | — | | | | — | | | | 3,213 | |
Other expenses | | | 16,478 | | | | 15,044 | | | | 35,007 | | | | 16,972 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 517,444 | | | | 676,622 | | | | 480,572 | | | | 300,679 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (208,286 | ) | | | 699,072 | | | | 503,091 | | | | (123,911 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | (1,107,496 | ) | | | 9,913,706 | | | | 5,236,085 | | | | 3,021,928 | |
Net realized foreign currency exchange gain (loss) | | | 118 | | | | — | | | | (98,593 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 14,521,805 | | | | 6,053,430 | | | | (1,818,423 | ) | | | 4,991,317 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 13,414,427 | | | | 15,967,136 | | | | 3,319,069 | | | | 8,013,245 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 13,206,141 | | | $ | 16,666,208 | | | $ | 3,822,160 | | | $ | 7,889,334 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
161
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2017
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 527,953 | | | $ | 231,423 | | | $ | 1,831,433 | | | $ | 519,771 | |
Interest | | | — | | | | — | | | | — | | | | 346 | |
Foreign tax withheld | | | (54 | ) | | | (3,476 | ) | | | — | | | | (91 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 527,899 | | | | 227,947 | | | | 1,831,433 | | | | 520,026 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 384,379 | | | | 334,813 | | | | 861,067 | | | | 113,376 | |
Shareholder servicing fees (See Note 3) | | | 36,415 | | | | 40,656 | | | | 108,318 | | | | 34,013 | |
Administration fees (See Note 3) | | | 12,138 | | | | 13,552 | | | | 36,106 | | | | 11,338 | |
Accounting fees (See Note 3) | | | 28,323 | | | | 31,622 | | | | 70,094 | | | | 26,455 | |
Director fees and expenses | | | 1,985 | | | | 2,181 | | | | 5,903 | | | | 1,828 | |
Custodian fees and expenses | | | 2,832 | | | | 3,162 | | | | 8,425 | | | | 2,645 | |
Pricing fees | | | 1,716 | | | | 2,976 | | | | 3,592 | | | | 15,361 | |
Professional fees | | | 4,167 | | | | 4,399 | | | | 12,219 | | | | 3,819 | |
Printing fees | | | 3,057 | | | | 3,279 | | | | 9,010 | | | | 2,814 | |
Other expenses | | | 12,389 | | | | 18,256 | | | | 41,945 | | | | 31,860 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 487,401 | | | | 454,896 | | | | 1,156,679 | | | | 243,509 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 40,498 | | | | (226,949 | ) | | | 674,754 | | | | 276,517 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 4,622,449 | | | | 4,396,934 | | | | 15,481,132 | | | | 4,212,424 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 1,758 | |
Net realized foreign currency exchange gain (loss) | | | — | | | | (163 | ) | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | (3,616,075 | ) | | | 7,246,710 | | | | (11,654,350 | ) | | | (1,086,842 | ) |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | 16,630 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 1,006,374 | | | | 11,643,481 | | | | 3,826,782 | | | | 3,143,970 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,046,872 | | | $ | 11,416,532 | | | $ | 4,501,536 | | | $ | 3,420,487 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 2,247,666 | | | $ | 4,338,796 | | | $ | 1,957,912 | | | $ | 2,867,210 | |
Foreign tax withheld | | | (231,759 | ) | | | (445,817 | ) | | | (201,516 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 2,015,907 | | | | 3,892,979 | | | | 1,756,396 | | | | 2,867,210 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 155,877 | | | | 1,493,848 | | | | 943,084 | | | | 483,738 | |
Shareholder servicing fees (See Note 3) | | | 46,763 | | | | 157,643 | | | | 74,790 | | | | 62,195 | |
Administration fees (See Note 3) | | | 15,588 | | | | 52,548 | | | | 24,930 | | | | 20,732 | |
Accounting fees (See Note 3) | | | 41,088 | | | | 115,013 | | | | 59,778 | | | | 44,471 | |
Director fees and expenses | | | 2,502 | | | | 8,515 | | | | 3,922 | | | | 3,471 | |
Custodian fees and expenses | | | 12,068 | | | | 48,342 | | | | 42,636 | | | | 4,837 | |
Pricing fees | | | 44,273 | | | | 6,533 | | | | 11,202 | | | | 1,824 | |
Professional fees | | | 4,860 | | | | 21,977 | | | | 34,522 | | | | 6,866 | |
Printing fees | | | 3,745 | | | | 12,484 | | | | 5,941 | | | | 5,131 | |
Other expenses | | | 78,738 | | | | 39,121 | | | | 132,517 | | | | 22,218 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 405,502 | | | | 1,956,024 | | | | 1,333,322 | | | | 655,483 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 1,610,405 | | | | 1,936,955 | | | | 423,074 | | | | 2,211,727 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 853,198 | | | | 17,602,809 | | | | 5,443,160 | | | | 3,294,495 | |
Net realized gain (loss) on futures contracts | | | 212,165 | | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | 10,475 | | | | (129,596 | ) | | | (57,771 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 11,113,810 | | | | 48,525,456 | | | | 23,825,406 | | | | 284,739 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | (768 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 12,188,880 | | | | 65,998,669 | | | | 29,210,795 | | | | 3,579,234 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 13,799,285 | | | $ | 67,935,624 | | | $ | 29,633,869 | | | $ | 5,790,961 | |
| | | | | | | | | | | | | | | | |
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, 2017
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 954 | | | $ | 2,941 | | | $ | 1,233 | | | $ | 2,182 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 954 | | | | 2,941 | | | | 1,233 | | | | 2,182 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 38,576 | | | | 147,495 | | | | 194,325 | | | | 58,707 | |
Shareholder servicing fees (See Note 3) | | | 28,932 | | | | 112,563 | | | | 150,879 | | | | 44,030 | |
Administration fees (See Note 3) | | | 9,644 | | | | 37,521 | | | | 50,293 | | | | 14,677 | |
Accounting fees (See Note 3) | | | 5,951 | | | | 12,507 | | | | 16,764 | | | | 5,950 | |
Director fees and expenses | | | 1,562 | | | | 6,062 | | | | 8,384 | | | | 2,476 | |
Custodian fees and expenses | | | 2,250 | | | | 8,755 | | | | 11,735 | | | | 3,425 | |
Pricing fees | | | 931 | | | | 1,093 | | | | 1,165 | | | | 969 | |
Professional fees | | | 3,052 | | | | 11,688 | | | | 16,181 | | | | 4,760 | |
Printing fees | | | 2,340 | | | | 9,095 | | | | 12,427 | | | | 3,654 | |
Other expenses | | | 6,282 | | | | 18,779 | | | | 25,238 | | | | 8,876 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 99,520 | | | | 365,558 | | | | 487,391 | | | | 147,524 | |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (98,566 | ) | | | (362,617 | ) | | | (486,158 | ) | | | (145,342 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 3,286,954 | | | | 9,403,437 | | | | 16,176,354 | | | | 4,032,185 | |
Change in net unrealized appreciation (depreciation) of affiliated investments | | | 3,334,981 | | | | 13,229,549 | | | | 8,975,711 | | | | 1,461,365 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities | | | 6,621,935 | | | | 22,632,986 | | | | 25,152,065 | | | | 5,493,550 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 6,523,369 | | | $ | 22,270,369 | | | $ | 24,665,907 | | | $ | 5,348,208 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Conservative
Allocation
Fund | | | | | | | | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 1,988 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 1,988 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 33,566 | | | | | | | | | | | | | |
Shareholder servicing fees (See Note 3) | | | 25,174 | | | | | | | | | | | | | |
Administration fees (See Note 3) | | | 8,391 | | | | | | | | | | | | | |
Accounting fees (See Note 3) | | | 5,951 | | | | | | | | | | | | | |
Director fees and expenses | | | 1,443 | | | | | | | | | | | | | |
Custodian fees and expenses | | | 1,958 | | | | | | | | | | | | | |
Pricing fees | | | 937 | | | | | | | | | | | | | |
Professional fees | | | 2,728 | | | | | | | | | | | | | |
Printing fees | | | 2,098 | | | | | | | | | | | | | |
Other expenses | | | 6,358 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 88,604 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (86,616 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 1,515,121 | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) of affiliated investments | | | 640,904 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities | | | 2,156,025 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,069,409 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
163
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | Limited Maturity Bond Fund | |
| | | Six Months
Ended
6/30/17 | | | Year
Ended
12/31/16 | | | Six Months
Ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 5,516 | | | $ | 11,975 | | | $ | 2,050,228 | | | $ | 2,957,281 | |
Net realized gains (loss) from investment transactions | | | (9 | ) | | | 416 | | | | 138,299 | | | | 285,124 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 28,578 | | | | (21,829 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | — | | | | — | | | | 232,789 | | | | 1,483,330 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 5,507 | | | | 12,391 | | | | 2,449,894 | | | | 4,703,906 | |
| | | | | | | | | | | | | | | | |
Distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | (5,344 | ) | | | (12,239 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Distributions | | | (5,344 | ) | | | (12,239 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 27,046,376 | | | | 107,895,237 | | | | 14,093,587 | | | | 53,385,883 | |
Shares issued in lieu of cash distributions | | | 5,344 | | | | 12,237 | | | | — | | | | — | |
Shares redeemed | | | (52,186,948 | ) | | | (117,688,374 | ) | | | (15,944,755 | ) | | | (37,460,344 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (25,135,228 | ) | | | (9,780,900 | ) | | | (1,851,168 | ) | | | 15,925,539 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (25,135,065 | ) | | | (9,780,748 | ) | | | 598,726 | | | | 20,629,445 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 123,864,609 | | | | 133,645,357 | | | | 210,475,816 | | | | 189,846,371 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 98,729,544 | | | $ | 123,864,609 | | | $ | 211,074,542 | | | $ | 210,475,816 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 172 | | | $ | — | | | $ | 2,050,228 | | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 27,046,377 | | | | 107,895,237 | | | | 1,176,690 | | | | 4,503,468 | |
Shares issued in lieu of cash distributions | | | 5,344 | | | | 12,237 | | | | — | | | | — | |
Shares redeemed | | | (52,186,948 | ) | | | (117,688,374 | ) | | | (1,332,390 | ) | | | (3,182,229 | ) |
| | | | | | | | | | | | | | | | |
| | | (25,135,227 | ) | | | (9,780,900 | ) | | | (155,700 | ) | | | 1,321,239 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Quality Bond Fund | | | High Yield Bond Fund | |
| | | Six Months
Ended
6/30/17 | | | Year
Ended
12/31/16 | | | Six Months
Ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 5,983,299 | | | $ | 13,730,140 | | | $ | 4,411,063 | | | $ | 10,324,834 | |
Net realized gains (loss) from investment transactions | | | 774,279 | | | | 3,925,166 | | | | 2,230,884 | | | | (3,390,303 | ) |
Net realized gains (loss) on futures contracts | | | (390,666 | ) | | | (189,285 | ) | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | — | | | | — | | | | (731,604 | ) | | | 931,246 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 8,768,667 | | | | 5,786,164 | | | | 1,237,667 | | | | 17,343,562 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 15,135,579 | | | | 23,252,185 | | | | 7,148,010 | | | | 25,209,339 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 23,742,170 | | | | 43,315,908 | | | | 6,156,628 | | | | 8,988,215 | |
Shares issued in lieu of cash distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | (33,040,618 | ) | | | (96,394,305 | ) | | | (10,447,988 | ) | | | (38,579,907 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,298,448 | ) | | | (53,078,397 | ) | | | (4,291,360 | ) | | | (29,591,692 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 5,837,131 | | | | (29,826,212 | ) | | | 2,856,650 | | | | (4,382,353 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 504,848,909 | | | | 534,675,121 | | | | 168,650,457 | | | | 173,032,810 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 510,686,040 | | | $ | 504,848,909 | | | $ | 171,507,107 | | | $ | 168,650,457 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 5,983,299 | | | $ | — | | | $ | 4,402,818 | | | $ | (8,245 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,667,260 | | | | 3,083,399 | | | | 488,260 | | | | 781,640 | |
Shares redeemed | | | (2,320,470 | ) | | | (6,850,002 | ) | | | (830,946 | ) | | | (3,370,169 | ) |
| | | | | | | | | | | | | | | | |
| | | (653,210 | ) | | | (3,766,603 | ) | | | (342,686 | ) | | | (2,588,529 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
164
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Flexibly Managed Fund | | | Balanced Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 20,172,335 | | | $ | 42,096,120 | | | $ | (72,606 | ) | | $ | (142,679 | ) |
Net realized gains (loss) from investment transactions | | | 130,620,177 | | | | 224,060,385 | | | | 2,668,613 | | | | 4,960,573 | |
Net realized gains (loss) on written options | | | — | | | | 5,881,831 | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | (421,154 | ) | | | 28,276 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 156,633,913 | | | | (14,174,786 | ) | | | 2,477,247 | | | | 1,345,462 | |
Net change in unrealized appreciation (depreciation) of written options | | | 8,339,193 | | | | 1,886,611 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 315,344,464 | | | | 259,778,437 | | | | 5,073,254 | | | | 6,163,356 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 60,550,232 | | | | 156,263,300 | | | | 2,470,810 | | | | 3,704,727 | |
Shares redeemed | | | (108,096,645 | ) | | | (243,642,624 | ) | | | (4,072,680 | ) | | | (8,653,462 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (47,546,413 | ) | | | (87,379,324 | ) | | | (1,601,870 | ) | | | (4,948,735 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 267,798,051 | | | | 172,399,113 | | | | 3,471,384 | | | | 1,214,621 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 3,494,595,504 | | | | 3,322,196,391 | | | | 77,801,241 | | | | 76,586,620 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 3,762,393,555 | | | $ | 3,494,595,504 | | | $ | 81,272,625 | | | $ | 77,801,241 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 20,126,307 | | | $ | (46,028 | ) | | $ | (72,606 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,266,725 | | | | 3,597,345 | | | | 134,563 | | | | 219,299 | |
Shares redeemed | | | (2,254,566 | ) | | | (5,685,780 | ) | | | (222,952 | ) | | | (516,038 | ) |
| | | | | | | | | | | | | | | | |
| | | (987,841 | ) | | | (2,088,435 | ) | | | (88,389 | ) | | | (296,739 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Growth Stock Fund | | | Large Cap Growth Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (166,140 | ) | | $ | (389,416 | ) | | $ | 132,362 | | | $ | 235,847 | |
Net realized gains (loss) from investment transactions | | | 30,608,090 | | | | 30,233,786 | | | | 1,431,343 | | | | 1,669,588 | |
Net realized foreign exchange gain (loss) | | | (87 | ) | | | (338 | ) | | | (28 | ) | | | (350 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 18,603,240 | | | | (29,348,440 | ) | | | 4,855,281 | | | | 519,647 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 49,045,103 | | | | 495,592 | | | | 6,418,958 | | | | 2,424,732 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 7,215,471 | | | | 14,438,781 | | | | 9,057,264 | | | | 3,280,094 | |
Shares redeemed | | | (28,495,752 | ) | | | (52,359,466 | ) | | | (3,091,050 | ) | | | (6,615,720 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (21,280,281 | ) | | | (37,920,685 | ) | | | 5,966,214 | | | | (3,335,626 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 27,764,822 | | | | (37,425,093 | ) | | | 12,385,172 | | | | (910,894 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 259,278,040 | | | | 296,703,133 | | | | 42,790,947 | | | | 43,701,841 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 287,042,862 | | | $ | 259,278,040 | | | $ | 55,176,119 | | | $ | 42,790,947 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (294,911 | ) | | $ | (128,771 | ) | | $ | 64,613 | | | $ | (67,749 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 212,693 | | | | 504,953 | | | | 574,721 | | | | 240,003 | |
Shares redeemed | | | (825,044 | ) | | | (1,843,385 | ) | | | (204,038 | ) | | | (493,218 | ) |
| | | | | | | | | | | | | | | | |
| | | (612,351 | ) | | | (1,338,432 | ) | | | 370,683 | | | | (253,215 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
165
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Large Core Growth Fund | | | Large Cap Value Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (98,700 | ) | | $ | 59,625 | | | $ | 1,216,553 | | | $ | 3,190,027 | |
Net realized gains (loss) from investment transactions | | | 5,120,364 | | | | 16,581,664 | | | | 2,413,386 | | | | 1,629,923 | |
Net realized foreign exchange gain (loss) | | | 25,345 | | | | — | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 11,639,503 | | | | (16,662,191 | ) | | | 9,434,957 | | | | 16,852,453 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 16,686,512 | | | | (20,902 | ) | | | 13,064,896 | | | | 21,672,403 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,188,803 | | | | 2,540,754 | | | | 7,841,491 | | | | 7,658,440 | |
Shares redeemed | | | (7,678,672 | ) | | | (13,179,085 | ) | | | (19,979,603 | ) | | | (34,470,235 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,489,869 | ) | | | (10,638,331 | ) | | | (12,138,112 | ) | | | (26,811,795 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 13,196,643 | | | | (10,659,233 | ) | | | 926,784 | | | | (5,139,392 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 101,020,439 | | | | 111,679,672 | | | | 202,552,619 | | | | 207,692,011 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 114,217,082 | | | $ | 101,020,439 | | | $ | 203,479,403 | | | $ | 202,552,619 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (98,700 | ) | | $ | — | | | $ | (126,638 | ) | | $ | (1,343,191 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 236,444 | | | | 161,848 | | | | 305,264 | | | | 342,641 | |
Shares redeemed | | | (426,219 | ) | | | (820,612 | ) | | | (771,871 | ) | | | (1,521,285 | ) |
| | | | | | | | | | | | | | | | |
| | | (189,775 | ) | | | (658,764 | ) | | | (466,607 | ) | | | (1,178,644 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Core Value Fund | | | Index 500 Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,389,296 | | | $ | 2,800,969 | | | $ | 3,856,981 | | | $ | 7,320,829 | |
Net realized gains (loss) from investment transactions | | | 8,081,702 | | | | 6,256,195 | | | | 8,320,713 | | | | 16,502,967 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 371,438 | | | | 524,952 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (1,586,169 | ) | | | 7,799,286 | | | | 26,553,099 | | | | 21,561,525 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 7,884,829 | | | | 16,856,450 | | | | 39,102,231 | | | | 45,910,273 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 15,725,643 | | | | 7,280,222 | | | | 14,184,624 | | | | 16,643,357 | |
Shares redeemed | | | (17,678,343 | ) | | | (35,762,517 | ) | | | (29,501,823 | ) | | | (47,645,820 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,952,700 | ) | | | (28,482,295 | ) | | | (15,317,199 | ) | | | (31,002,463 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 5,932,129 | | | | (11,625,845 | ) | | | 23,785,032 | | | | 14,907,810 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 191,386,258 | | | | 203,012,103 | | | | 432,872,741 | | | | 417,964,931 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 197,318,387 | | | $ | 191,386,258 | | | $ | 456,657,773 | | | $ | 432,872,741 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,389,296 | | | $ | — | | | $ | 3,856,981 | | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 938,568 | | | | 489,651 | | | | 747,315 | | | | 1,006,147 | |
Shares redeemed | | | (1,065,885 | ) | | | (2,408,082 | ) | | | (1,555,916 | ) | | | (2,854,101 | ) |
| | | | | | | | | | | | | | | | |
| | | (127,317 | ) | | | (1,918,431 | ) | | | (808,601 | ) | | | (1,847,954 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
166
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | | | Mid Cap Value Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (208,286 | ) | | $ | 2,601 | | | $ | 699,072 | | | $ | 1,603,667 | |
Net realized gains (loss) from investment transactions | | | (1,107,496 | ) | | | 788,798 | | | | 9,913,706 | | | | (6,480,947 | ) |
Net realized foreign exchange gain (loss) | | | 118 | | | | (755 | ) | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 14,521,805 | | | | 5,245,460 | | | | 6,053,430 | | | | 31,349,648 | |
Net change in unrealized appreciation (depreciation) of written options | | | — | | | | (250,706 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 13,206,141 | | | | 5,785,398 | | | | 16,666,208 | | | | 26,472,368 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 3,647,253 | | | | 3,288,856 | | | | 2,786,918 | | | | 5,678,535 | |
Shares redeemed | | | (6,853,170 | ) | | | (17,492,155 | ) | | | (13,183,059 | ) | | | (27,625,785 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,205,917 | ) | | | (14,203,299 | ) | | | (10,396,141 | ) | | | (21,947,250 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 10,000,224 | | | | (8,417,901 | ) | | | 6,270,067 | | | | 4,525,118 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 103,324,513 | | | | 111,742,414 | | | | 170,374,377 | | | | 165,849,259 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 113,324,737 | | | $ | 103,324,513 | | | $ | 176,644,444 | | | $ | 170,374,377 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (189,469 | ) | | $ | 18,817 | | | $ | (6,075 | ) | | $ | (705,147 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 229,847 | | | | 230,931 | | | | 117,332 | | | | 279,141 | |
Shares redeemed | | | (426,135 | ) | | | (1,279,524 | ) | | | (551,972 | ) | | | (1,335,548 | ) |
| | | | | | | | | | | | | | | | |
| | | (196,288 | ) | | | (1,048,593 | ) | | | (434,640 | ) | | | (1,056,407 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Mid Core Value Fund | | | SMID Cap Growth Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 503,091 | | | $ | 911,748 | | | $ | (123,911 | ) | | $ | (268,415 | ) |
Net realized gains (loss) from investment transactions | | | 5,236,085 | | | | 3,948,831 | | | | 3,021,928 | | | | 7,751,884 | |
Net realized foreign exchange gain (loss) | | | (98,593 | ) | | | 51,556 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (1,818,423 | ) | | | 13,343,424 | | | | 4,991,317 | | | | (4,571,068 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 3,822,160 | | | | 18,255,559 | | | | 7,889,334 | | | | 2,912,401 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 7,617,676 | | | | 12,024,534 | | | | 6,145,725 | | | | 4,590,092 | |
Shares redeemed | | | (12,137,120 | ) | | | (24,653,453 | ) | | | (5,470,138 | ) | | | (10,791,533 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (4,519,444 | ) | | | (12,628,919 | ) | | | 675,587 | | | | (6,201,441 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (697,284 | ) | | | 5,626,640 | | | | 8,564,921 | | | | (3,289,040 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 96,176,574 | | | | 90,549,934 | | | | 52,712,569 | | | | 56,001,609 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 95,479,290 | | | $ | 96,176,574 | | | $ | 61,277,490 | | | $ | 52,712,569 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 518,495 | | | $ | 15,404 | | | $ | (123,911 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 342,706 | | | | 612,201 | | | | 273,892 | | | | 232,804 | |
Shares redeemed | | | (548,044 | ) | | | (1,307,471 | ) | | | (247,254 | ) | | | (561,189 | ) |
| | | | | | | | | | | | | | | | |
| | | (205,338 | ) | | | (695,270 | ) | | | 26,638 | | | | (328,385 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
167
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | SMID Cap Value Fund | | | Small Cap Growth Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 40,498 | | | $ | 70,637 | | | $ | (226,949 | ) | | $ | (300,673 | ) |
Net realized gains (loss) from investment transactions | | | 4,622,449 | | | | 4,409,010 | | | | 4,396,934 | | | | 2,291,831 | |
Net realized foreign exchange gain (loss) | | | — | | | | — | | | | (163 | ) | | | (76 | ) |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (3,616,075 | ) | | | 12,324,470 | | | | 7,246,710 | | | | 4,581,893 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,046,872 | | | | 16,804,117 | | | | 11,416,532 | | | | 6,572,975 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 7,875,915 | | | | 8,742,935 | | | | 4,441,542 | | | | 3,164,259 | |
Shares redeemed | | | (10,481,349 | ) | | | (11,474,502 | ) | | | (6,563,384 | ) | | | (15,444,681 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (2,605,434 | ) | | | (2,731,567 | ) | | | (2,121,842 | ) | | | (12,280,422 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (1,558,562 | ) | | | 14,072,550 | | | | 9,294,690 | | | | (5,707,447 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 82,031,738 | | | | 67,959,188 | | | | 85,958,159 | | | | 91,665,606 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 80,473,176 | | | $ | 82,031,738 | | | $ | 95,252,849 | | | $ | 85,958,159 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 40,498 | | | $ | — | | | $ | (313,917 | ) | | $ | (86,968 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 314,307 | | | | 406,535 | | | | 133,382 | | | | 109,196 | |
Shares redeemed | | | (418,409 | ) | | | (529,943 | ) | | | (196,999 | ) | | | (549,849 | ) |
| | | | | | | | | | | | | | | | |
| | | (104,102 | ) | | | (123,408 | ) | | | (63,617 | ) | | | (440,653 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Small Cap Value Fund | | | Small Cap Index Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 674,754 | | | $ | 1,831,886 | | | $ | 276,517 | | | $ | 466,362 | |
Net realized gains (loss) from investment transactions | | | 15,481,132 | | | | 15,986,695 | | | | 4,212,424 | | | | 3,380,532 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 1,758 | | | | 325,405 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (11,654,350 | ) | | | 31,747,567 | | | | (1,070,212 | ) | | | 8,817,380 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 4,501,536 | | | | 49,566,148 | | | | 3,420,487 | | | | 12,989,679 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 13,970,015 | | | | 5,054,810 | | | | 5,131,045 | | | | 6,822,476 | |
Shares redeemed | | | (17,207,562 | ) | | | (36,791,725 | ) | | | (8,917,138 | ) | | | (8,937,546 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,237,547 | ) | | | (31,736,915 | ) | | | (3,786,093 | ) | | | (2,115,070 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 1,263,989 | | | | 17,829,233 | | | | (365,606 | ) | | | 10,874,609 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 244,967,799 | | | | 227,138,566 | | | | 76,354,731 | | | | 65,480,122 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 246,231,788 | | | $ | 244,967,799 | | | $ | 75,989,125 | | | $ | 76,354,731 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 674,754 | | | $ | — | | | $ | 248,688 | | | $ | (27,829 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 416,266 | | | | 181,704 | | | | 250,005 | | | | 384,711 | |
Shares redeemed | | | (515,450 | ) | | | (1,342,453 | ) | | | (435,895 | ) | | | (507,172 | ) |
| | | | | | | | | | | | | | | | |
| | | (99,184 | ) | | | (1,160,749 | ) | | | (185,890 | ) | | | (122,461 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
168
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Developed International
Index Fund | | | International Equity Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,610,405 | | | $ | 2,262,158 | | | $ | 1,936,955 | | | $ | 3,805,848 | |
Net realized gains (loss) from investment transactions | | | 853,198 | | | | 779,667 | | | | 17,602,809 | | | | 23,051,022 | |
Net realized gains (loss) on futures contracts | | | 212,165 | | | | 80,416 | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | 10,475 | | | | (60,174 | ) | | | (129,596 | ) | | | (563,602 | ) |
Net change in unrealized appreciation (depreciation) of investments futures contracts and foreign currency | | | 11,113,042 | | | | (2,564,060 | ) | | | 48,525,456 | | | | (44,205,314 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 13,799,285 | | | | 498,007 | | | | 67,935,624 | | | | (17,912,046 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,807,169 | | | | 12,937,287 | | | | 13,021,364 | | | | 18,147,670 | |
Shares redeemed | | | (9,212,389 | ) | | | (13,731,769 | ) | | | (37,438,746 | ) | | | (56,088,486 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (4,405,220 | ) | | | (794,482 | ) | | | (24,417,382 | ) | | | (37,940,816 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 9,394,065 | | | | (296,475 | ) | | | 43,518,242 | | | | (55,852,862 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 97,812,728 | | | | 98,109,203 | | | | 319,322,354 | | | | 375,175,216 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 107,206,793 | | | $ | 97,812,728 | | | $ | 362,840,596 | | | $ | 319,322,354 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 496,335 | | | $ | (1,114,070 | ) | | $ | (2,289,106 | ) | | $ | (4,226,061 | ) |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 397,254 | | | | 1,168,332 | | | | 545,070 | | | | 765,365 | |
Shares redeemed | | | (742,491 | ) | | | (1,224,731 | ) | | | (1,440,773 | ) | | | (2,348,947 | ) |
| | | | | | | | | | | | | | | | |
| | | (345,237 | ) | | | (56,399 | ) | | | (895,703 | ) | | | (1,583,582 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Emerging Markets
Equity Fund | | | Real Estate Securities Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 423,074 | | | $ | 406,955 | | | $ | 2,211,727 | | | $ | 2,270,047 | |
Net realized gains (loss) from investment transactions | | | 5,443,160 | | | | 1,427,261 | | | | 3,294,495 | | | | 9,790,694 | |
Net realized foreign exchange gain (loss) | | | (57,771 | ) | | | 58,140 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 23,825,406 | | | | 5,296,025 | | | | 284,739 | | | | (4,762,960 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 29,633,869 | | | | 7,188,381 | | | | 5,790,961 | | | | 7,297,781 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 9,311,054 | | | | 18,649,725 | | | | 5,090,387 | | | | 10,037,020 | |
Shares redeemed | | | (16,558,842 | ) | | | (23,387,522 | ) | | | (7,798,458 | ) | | | (17,722,199 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (7,247,788 | ) | | | (4,737,797 | ) | | | (2,708,071 | ) | | | (7,685,179 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 22,386,081 | | | | 2,450,584 | | | | 3,082,890 | | | | (387,398 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 150,269,823 | | | | 147,819,239 | | | | 137,256,556 | | | | 137,643,954 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 172,655,904 | | | $ | 150,269,823 | | | $ | 140,339,446 | | | $ | 137,256,556 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 377,843 | | | $ | (45,231 | ) | | $ | 2,211,727 | | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 831,059 | | | | 1,751,213 | | | | 249,453 | | | | 503,750 | |
Shares redeemed | | | (1,435,489 | ) | | | (2,344,482 | ) | | | (381,087 | ) | | | (900,018 | ) |
| | | | | | | | | | | | | | | | |
| | | (604,430 | ) | | | (593,269 | ) | | | (131,634 | ) | | | (396,268 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
169
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | Moderately Aggressive
Allocation Fund | |
| | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | | | For the six
months ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (98,566 | ) | | $ | (194,525 | ) | | $ | (362,617 | ) | | $ | (688,836 | ) |
Net realized gains (loss) from investment transactions | | | 3,286,954 | | | | 8,487,137 | | | | 9,403,437 | | | | 28,718,465 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 3,334,981 | | | | (3,888,232 | ) | | | 13,229,549 | | | | (11,037,568 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 6,523,369 | | | | 4,404,380 | | | | 22,270,369 | | | | 16,992,061 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,370,993 | | | | 2,634,221 | | | | 16,319,033 | | | | 7,218,442 | |
Shares redeemed | | | (5,239,215 | ) | | | (6,290,278 | ) | | | (11,019,974 | ) | | | (32,875,188 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (868,222 | ) | | | (3,656,057 | ) | | | 5,299,059 | | | | (25,656,746 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 5,655,147 | | | | 748,323 | | | | 27,569,428 | | | | (8,664,685 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 61,867,396 | | | | 61,119,073 | | | | 230,243,150 | | | | 238,907,835 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 67,522,543 | | | $ | 61,867,396 | | | $ | 257,812,578 | | | $ | 230,243,150 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (98,566 | ) | | $ | — | | | $ | (362,617 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 254,470 | | | | 174,053 | | | | 961,923 | | | | 454,177 | |
Shares redeemed | | | (307,721 | ) | | | (413,053 | ) | | | (624,607 | ) | | | (2,048,793 | ) |
| | | | | | | | | | | | | | | | |
| | | (53,251 | ) | | | (239,000 | ) | | | 337,316 | | | | (1,594,616 | ) |
| | | | | | | | | | | | | | | | |
| | | Moderate Allocation Fund | | | Moderately Conservative
Allocation Fund | |
| | | For the
six months
ended 6/30/17 | | | Year
Ended
12/31/16 | | | For the
six months
ended 6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (486,158 | ) | | $ | (975,571 | ) | | $ | (145,342 | ) | | $ | (300,414 | ) |
Net realized gains (loss) from investment transactions | | | 16,176,354 | | | | 30,813,199 | | | | 4,032,185 | | | | 9,275,405 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 8,975,711 | | | | (7,471,661 | ) | | | 1,461,365 | | | | (3,237,635 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 24,665,907 | | | | 22,365,967 | | | | 5,348,208 | | | | 5,737,356 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Shares issued | | | 5,158,440 | | | | 6,834,694 | | | | 2,109,741 | | | | 5,242,315 | |
Shares redeemed | | | (22,237,670 | ) | | | (39,005,594 | ) | | | (6,291,746 | ) | | | (15,338,851 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (17,079,230 | ) | | | (32,170,900 | ) | | | (4,182,005 | ) | | | (10,096,536 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 7,586,677 | | | | (9,804,933 | ) | | | 1,166,203 | | | | (4,359,180 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 332,346,771 | | | | 342,151,704 | | | | 97,741,357 | | | | 102,100,537 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 339,933,448 | | | $ | 332,346,771 | | | $ | 98,907,560 | | | $ | 97,741,357 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (486,158 | ) | | $ | — | | | $ | (145,342 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 321,435 | | | | 461,785 | | | | 141,522 | | | | 380,306 | |
Shares redeemed | | | (1,388,717 | ) | | | (2,651,937 | ) | | | (423,081 | ) | | | (1,106,599 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,067,282 | ) | | | (2,190,152 | ) | | | (281,559 | ) | | | (726,293 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
170
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | |
| | | Conservative Allocation
Fund | |
| | | Six Months
Ended
6/30/17 | | | Year
Ended
12/31/16 | |
| | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations: | | | | | | | | |
Net investment income (loss) | | $ | (86,616 | ) | | $ | (187,429 | ) |
Net realized gains (loss) from investment transactions | | | 1,515,121 | | | | 6,183,431 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 640,904 | | | | (3,194,865 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,069,409 | | | | 2,801,137 | |
| | | | | | | | |
Capital Share Transactions: | | | | | | | | |
Shares issued | | | 4,088,372 | | | | 6,385,552 | |
Shares redeemed | | | (5,319,846 | ) | | | (14,310,963 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,231,474 | ) | | | (7,925,411 | ) |
| | | | | | | | |
Total Increase (Decrease) | | | 837,935 | | | | (5,124,274 | ) |
Net Assets: | | | | | | | | |
Beginning of period | | | 56,092,294 | | | | 61,216,568 | |
| | | | | | | | |
End of Period | | $ | 56,930,229 | | | $ | 56,092,294 | |
| | | | | | | | |
Undistributed net investment income (loss) | | $ | (86,616 | ) | | $ | — | |
Shares Issued and Redeemed: | | | | | | | | |
Shares issued | | | 301,278 | | | | 490,696 | |
Shares redeemed | | | (392,663 | ) | | | (1,092,352 | ) |
| | | | | | | | |
| | | (91,385 | ) | | | (601,656 | ) |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
171
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
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) |
Net realized and unrealized gain (loss) on investment transactions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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) | | $ | 98,730 | | | $ | 123,865 | | | $ | 133,645 | | | $ | 132,731 | | | $ | 124,881 | | | $ | 141,725 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.59% | * | | | 0.45% | | | | 0.23% | | | | 0.12% | | | | 0.16% | | | | 0.22% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.67% | * | | | 0.58% | | | | 0.61% | | | | 0.57% | | | | 0.48% | | | | 0.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.01% | * | | | 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) Less than one penny per share. | |
| |
LIMITED MATURITY BOND FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 11.89 | | | $ | 11.59 | | | $ | 11.50 | | | $ | 11.48 | | | $ | 11.49 | | | $ | 11.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.12 | | | | 0.18 | | | | 0.13 | | | | 0.08 | | | | 0.05 | | | | 0.09 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.02 | | | | 0.12 | | | | (0.04 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.14 | | | | 0.30 | | | | 0.09 | | | | 0.02 | | | | (0.01 | ) | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.03 | | | $ | 11.89 | | | $ | 11.59 | | | $ | 11.50 | | | $ | 11.48 | | | $ | 11.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.18% | # | | | 2.59% | | | | 0.78% | | | | 0.17% | | | | (0.09% | ) | | | 0.61% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 211,075 | | | $ | 210,476 | | | $ | 189,846 | | | $ | 222,062 | | | $ | 243,667 | | | $ | 202,385 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.70% | * | | | 0.70% | | | | 0.73% | | | | 0.67% | | | | 0.57% | | | | 0.57% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.97% | * | | | 1.55% | | | | 1.10% | | | | 0.67% | | | | 0.60% | | | | 0.81% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 50% | # | | | 105% | | | | 127% | | | | 82% | | | | 50% | | | | 31% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 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.
172
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 14.03 | | | $ | 13.45 | | | $ | 13.40 | | | $ | 12.75 | | | $ | 13.14 | | | $ | 12.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.17 | | | | 0.36 | | | | 0.33 | | | | 0.26 | | | | 0.25 | | | | 0.27 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.25 | | | | 0.22 | | | | (0.28 | ) | | | 0.39 | | | | (0.64 | ) | | | 0.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.42 | | | | 0.58 | | | | 0.05 | | | | 0.65 | | | | (0.39 | ) | | | 0.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.45 | | | $ | 14.03 | | | $ | 13.45 | | | $ | 13.40 | | | $ | 12.75 | | | $ | 13.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 2.99% | # | | | 4.31% | | | | 0.37% | | | | 5.10% | | | | (2.97% | ) | | | 3.22% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 510,686 | | | $ | 504,849 | | | $ | 534,675 | | | $ | 559,616 | | | $ | 546,759 | | | $ | 568,400 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.66% | * | | | 0.66% | | | | 0.68% | | | | 0.64% | | | | 0.56% | | | | 0.56% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.38% | * | | | 2.58% | | | | 2.46% | | | | 1.95% | | | | 1.91% | | | | 2.06% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 45% | # | | | 77% | | | | 131% | | | | 135% | | | | 47% | | | | 32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 12.29 | | | $ | 10.61 | | | $ | 10.98 | | | $ | 10.78 | | | $ | 9.99 | | | $ | 8.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.33 | | | | 0.69 | | | | 0.66 | | | | 0.62 | | | | 0.62 | | | | 0.61 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.20 | | | | 0.99 | | | | (1.03 | ) | | | (0.42 | ) | | | 0.17 | | | | 0.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.53 | | | | 1.68 | | | | (0.37 | ) | | | 0.20 | | | | 0.79 | | | | 1.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.82 | | | $ | 12.29 | | | $ | 10.61 | | | $ | 10.98 | | | $ | 10.78 | | | $ | 9.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 4.31% | # | | | 15.83% | | | | (3.37% | ) | | | 1.86% | | | | 7.91% | | | | 14.56% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 171,507 | | | $ | 168,650 | | | $ | 173,033 | | | $ | 194,504 | | | $ | 188,788 | | | $ | 179,720 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.86% | * | | | 0.86% | | | | 0.87% | | | | 0.85% | | | | 0.82% | | | | 0.82% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 5.23% | * | | | 6.03% | | | | 5.88% | | | | 5.58% | | | | 5.96% | | | | 6.52% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 37% | # | | | 81% | | | | 72% | | | | 56% | | | | 68% | | | | 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. |
The accompanying notes are an integral part of these financial statements.
173
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 45.44 | | | $ | 42.05 | | | $ | 40.04 | | | $ | 35.72 | | | $ | 29.22 | | | $ | 25.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.26 | | | | 0.54 | | | | 0.46 | | | | 0.45 | | | | 0.34 | | | | 0.44 | |
Net realized and unrealized gain (loss) on investment transactions | | | 3.86 | | | | 2.85 | | | | 1.55 | | | | 3.87 | | | | 6.16 | | | | 3.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.12 | | | | 3.39 | | | | 2.01 | | | | 4.32 | | | | 6.50 | | | | 3.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 49.56 | | | $ | 45.44 | | | $ | 42.05 | | | $ | 40.04 | | | $ | 35.72 | | | $ | 29.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 9.07% | # | | | 8.06% | | | | 5.02% | | | | 12.09% | | | | 22.25% | | | | 14.77% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 3,762,394 | | | $ | 3,494,596 | | | $ | 3,322,196 | | | $ | 3,074,188 | | | $ | 2,685,504 | | | $ | 2,010,412 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.89% | * | | | 0.89% | | | | 0.92% | | | | 0.89% | | | | 0.83% | | | | 0.84% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.11% | * | | | 1.24% | | | | 1.10% | | | | 1.18% | | | | 1.04% | | | | 1.59% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25% | # | | | 66% | | | | 69% | | | | 74% | | | | 63% | | | | 65% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. | |
| | | | | | | |
BALANCED FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 17.60 | | | $ | 16.24 | | | $ | 16.13 | | | $ | 14.71 | | | $ | 12.60 | | | $ | 11.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.02 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.18 | | | | 1.39 | | | | 0.14 | | | | 1.45 | | | | 2.14 | | | | 1.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.16 | | | | 1.36 | | | | 0.11 | | | | 1.42 | | | | 2.11 | | | | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.76 | | | $ | 17.60 | | | $ | 16.24 | | | $ | 16.13 | | | $ | 14.71 | | | $ | 12.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 6.59% | # | | | 8.37% | | | | 0.68% | | | | 9.65% | | | | 16.75% | | | | 10.53% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 81,273 | | | $ | 77,801 | | | $ | 76,587 | | | $ | 81,794 | | | $ | 78,642 | | | $ | 71,601 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2, 4 | | | 0.19% | * | | | 0.19% | | | | 0.21% | | | | 0.20% | | | | 0.20% | | | | 0.19% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2, 5 | | | 0.19% | * | | | 0.19% | | | | 0.21% | | | | 0.21% | | | | 0.22% | | | | 0.23% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 4 | | | (0.18% | )* | | | (0.19% | ) | | | (0.21% | ) | | | (0.20% | ) | | | (0.20% | ) | | | (0.19% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 4% | # | | | 7% | | | | 8% | | | | 8% | | | | 16% | | | | 15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
174
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 30.40 | | | $ | 30.07 | | | $ | 27.21 | | | $ | 25.11 | | | $ | 18.05 | | | $ | 15.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.02 | ) | | | (0.04 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.04 | ) | | | 0.01 | |
Net realized and unrealized gain (loss) on investment transactions | | | 5.88 | | | | 0.37 | | | | 2.95 | | | | 2.17 | | | | 7.10 | | | | 2.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 5.86 | | | | 0.33 | | | | 2.86 | | | | 2.10 | | | | 7.06 | | | | 2.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 36.26 | | | $ | 30.40 | | | $ | 30.07 | | | $ | 27.21 | | | $ | 25.11 | | | $ | 18.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 19.28% | # | | | 1.10% | | | | 10.51% | | | | 8.36% | | | | 39.11% | | | | 18.75% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 287,043 | | | $ | 259,278 | | | $ | 296,703 | | | $ | 280,682 | | | $ | 262,358 | | | $ | 210,999 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.95% | * | | | 0.96% | | | | 0.98% | | | | 0.96% | | | | 0.90% | | | | 0.91% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.12% | )* | | | (0.15% | ) | | | (0.30% | ) | | | (0.26% | ) | | | (0.21% | ) | | | 0.03% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25% | # | | | 42% | | | | 37% | | | | 38% | | | | 36% | | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 13.87 | | | $ | 13.09 | | | $ | 13.11 | | | $ | 11.78 | | | $ | 9.57 | | | $ | 8.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.04 | | | | 0.07 | | | | 0.05 | | | | 0.06 | | | | 0.04 | | | | 0.01 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.06 | | | | 0.71 | | | | (0.07 | ) | | | 1.27 | | | | 2.17 | | | | 0.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.10 | | | | 0.78 | | | | (0.02 | ) | | | 1.33 | | | | 2.21 | | | | 0.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.97 | | | $ | 13.87 | | | $ | 13.09 | | | $ | 13.11 | | | $ | 11.78 | | | $ | 9.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 15.14% | # | | | 5.96% | | | | (0.15% | ) | | | 11.29% | | | | 23.09% | | | | 10.25% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 55,176 | | | $ | 42,791 | | | $ | 43,702 | | | $ | 57,663 | | | $ | 54,762 | | | $ | 29,751 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.88% | * | | | 0.89% | | | | 0.89% | | | | 0.89% | | | | 0.90% | | | | 0.90% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.88% | * | | | 0.89% | | | | 0.89% | | | | 0.90% | | | | 0.90% | | | | 0.90% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.58% | * | | | 0.55% | | | | 0.39% | | | | 0.47% | | | | 0.40% | | | | 0.06% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12% | # | | | 25% | | | | 29% | | | | 25% | | | | 107% | | | | 97% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
175
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 16.32 | | | $ | 16.30 | | | $ | 16.03 | | | $ | 14.88 | | | $ | 10.79 | | | $ | 9.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.02 | ) | | | 0.01 | | | | (0.03 | ) | | | (0.03 | ) | | | (0.01 | ) | | | 0.02 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.73 | | | | 0.01 | | | | 0.30 | | | | 1.18 | | | | 4.10 | | | | 1.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.71 | | | | 0.02 | | | | 0.27 | | | | 1.15 | | | | 4.09 | | | | 1.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.03 | | | $ | 16.32 | | | $ | 16.30 | | | $ | 16.03 | | | $ | 14.88 | | | $ | 10.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 16.61% | # | | | 0.12% | | | | 1.68% | | | | 7.73% | | | | 37.91% | | | | 16.15% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 114,217 | | | $ | 101,020 | | | $ | 111,680 | | | $ | 125,980 | | | $ | 127,757 | | | $ | 106,053 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.85% | * | | | 0.85% | | | | 0.87% | | | | 0.87% | | | | 0.88% | | | | 0.89% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.18% | )* | | | 0.06% | | | | (0.20% | ) | | | (0.19% | ) | | | (0.08% | ) | | | 0.17% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25% | # | | | 141% | | | | 124% | | | | 83% | | | | 109% | | | | 105% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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 VALUE FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 24.79 | | | $
| 22.21
|
| | $ | 23.22 | | | $ | 20.86 | | | $ | 15.66 | | | $ | 13.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.15 | | | | 0.36 | | | | 0.27 | | | | 0.30 | | | | 0.21 | | | | 0.20 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.47 | | | | 2.22 | | | | (1.28 | ) | | | 2.06 | | | | 4.99 | | | | 1.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.62 | | | | 2.58 | | | | (1.01 | ) | | | 2.36 | | | | 5.20 | | | | 1.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 26.41 | | | $ | 24.79 | | | $ | 22.21 | | | $ | 23.22 | | | $ | 20.86 | | | $ | 15.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 6.53% | # | | | 11.62% | | | | (4.35% | ) | | | 11.31% | | | | 33.21% | | | | 13.23% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 203,479 | | | $ | 202,553 | | | $ | 207,692 | | | $ | 229,080 | | | $ | 217,351 | | | $ | 166,955 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.89% | * | | | 0.90% | | | | 0.92% | | | | 0.90% | | | | 0.87% | | | | 0.88% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.19% | * | | | 1.60% | | | | 1.17% | | | | 1.38% | | | | 1.16% | | | | 1.32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 8% | # | | | 22% | | | | 19% | | | | 22% | | | | 186% | | | | 90% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 16.18 | | | $ | 14.77 | | | $ | 14.89 | | | $ | 13.38 | | | $ | 10.31 | | | $ | 8.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | 0.12 | | | | 0.22 | | | | 0.22 | | | | 0.19 | | | | 0.15 | | | | 0.16 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.57 | | | | 1.19 | | | | (0.34 | ) | | | 1.32 | | | | 2.92 | | | | 1.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.69 | | | | 1.41 | | | | (0.12 | ) | | | 1.51 | | | | 3.07 | | | | 1.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.87 | | | $ | 16.18 | | | $ | 14.77 | | | $ | 14.89 | | | $ | 13.38 | | | $ | 10.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1,2 | | | 4.26% | # | | | 9.55% | | | | (0.81% | ) | | | 11.29% | | | | 29.78% | | | | 15.58% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 197,318 | | | $ | 191,386 | | | $ | 203,012 | | | $ | 192,695 | | | $ | 185,630 | | | $ | 158,589 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.90% | * | | | 0.90% | | | | 0.92% | | | | 0.91% | | | | 0.87% | | | | 0.88% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.47% | * | | | 1.47% | | | | 1.47% | | | | 1.33% | | | | 1.25% | | | | 1.64% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 46% | # | | | 87% | | | | 98% | | | | 80% | | | | 59% | | | | 38% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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’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, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 18.00 | | | $ | 16.14 | | | $ | 15.98 | | | $ | 14.11 | | | $ | 10.70 | | | $ | 9.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.16 | | | | 0.29 | | | | 0.27 | | | | 0.24 | | | | 0.21 | | | | 0.20 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.50 | | | | 1.57 | | | | (0.11 | ) | | | 1.63 | | | | 3.20 | | | | 1.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.66 | | | | 1.86 | | | | 0.16 | | | | 1.87 | | | | 3.41 | | | | 1.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.66 | | | $ | 18.00 | | | $ | 16.14 | | | $ | 15.98 | | | $ | 14.11 | | | $ | 10.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 9.22% | # | | | 11.52% | | | | 1.00% | | | | 13.25% | | | | 31.87% | | | | 15.68% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 456,658 | | | $ | 432,873 | | | $ | 417,965 | | | $ | 442,835 | | | $ | 398,537 | | | $ | 312,146 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.35% | * | | | 0.36% | | | | 0.38% | | | | 0.38% | | | | 0.34% | | | | 0.34% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.73% | * | | | 1.75% | | | | 1.68% | | | | 1.63% | | | | 1.72% | | | | 1.93% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 2% | # | | | 3% | | | | 3% | | | | 3% | | | | 8% | | | | 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. |
The accompanying notes are an integral part of these financial statements.
177
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 14.92 | | | $ | 14.02 | | | $ | 14.88 | | | $ | 13.59 | | | $ | 9.94 | | | $ | 9.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.03) | | | | — | (a) | | | — | (a) | | | (0.02 | ) | | | (0.06 | ) | | | (0.01 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.95 | | | | 0.90 | | | | (0.86 | ) | | | 1.31 | | | | 3.71 | | | | 0.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.92 | | | | 0.90 | | | | (0.86 | ) | | | 1.29 | | | | 3.65 | | | | 0.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.84 | | | $ | 14.92 | | | $ | 14.02 | | | $ | 14.88 | | | $ | 13.59 | | | $ | 9.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 12.87% | # | | | 6.42% | | | | (5.78% | ) | | | 9.49% | | | | 36.72% | | | | 6.08% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 113,325 | | | $ | 103,325 | | | $ | 111,742 | | | $ | 128,486 | | | $ | 120,563 | | | $ | 101,293 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.95% | * | | | 0.97% | | | | 1.00% | | | | 0.97% | | | | 0.99% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.38% | )* | | | 0.00% | | | | (0.02% | ) | | | (0.14% | ) | | | (0.49% | ) | | | (0.12% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 28% | | | | 43% | | | | 140% | | | | 80% | | | | 129% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. (a) Less than one penny per share. | |
| |
MID CAP VALUE FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 22.69 | | | $ | 19.36 | | | $ | 21.04 | | | $ | 18.51 | | | $ | 13.59 | | | $ | 11.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.10 | | | | 0.20 | | | | 0.20 | | | | 0.17 | | | | 0.19 | | | | 0.19 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.18 | | | | 3.13 | | | | (1.88 | ) | | | 2.36 | | | | 4.73 | | | | 1.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.28 | | | | 3.33 | | | | (1.68 | ) | | | 2.53 | | | | 4.92 | | | | 1.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.97 | | | $ | 22.69 | | | $ | 19.36 | | | $ | 21.04 | | | $ | 18.51 | | | $ | 13.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 10.05% | # | | | 17.20% | | | | (7.98% | ) | | | 13.67% | | | | 36.20% | | | | 15.17% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 176,644 | | | $ | 170,374 | | | $ | 165,849 | | | $ | 185,293 | | | $ | 172,994 | | | $ | 124,651 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.78% | * | | | 0.78% | | | | 0.81% | | | | 0.81% | | | | 0.82% | | | | 0.84% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.81% | * | | | 0.97% | | | | 0.93% | | | | 0.86% | | | | 1.21% | | | | 1.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14% | # | | | 33% | | | | 42% | | | | 32% | | | | 43% | | | | 43% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
178
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 21.57 | | | $ | 17.57 | | | $ | 17.84 | | | $ | 15.33 | | | $ | 11.87 | | | $ | 10.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.12 | | | | 0.19 | | | | 0.19 | | | | 0.21 | | | | 0.14 | | | | 0.08 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.75 | | | | 3.81 | | | | (0.46 | ) | | | 2.30 | | | | 3.32 | | | | 1.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.87 | | | | 4.00 | | | | (0.27 | ) | | | 2.51 | | | | 3.46 | | | | 1.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 22.44 | | | $ | 21.57 | | | $ | 17.57 | | | $ | 17.84 | | | $ | 15.33 | | | $ | 11.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 4.03% | # | | | 22.77% | | | | (1.51% | ) | | | 16.37% | | | | 29.15% | | | | 14.46% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 95,479 | | | $ | 96,177 | | | $ | 90,550 | | | $ | 90,229 | | | $ | 71,874 | | | $ | 57,168 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.02% | * | | | 1.04% | | | | 1.07% | | | | 1.05% | | | | 1.08% | | | | 1.08% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.07% | * | | | 1.01% | | | | 1.06% | | | | 1.27% | | | | 0.97% | | | | 0.68% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 19% | # | | | 64% | | | | 77% | | | | 69% | | | | 166% | | | | 75% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. | |
| | | | | | | |
SMID CAP GROWTH FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 20.68 | | | $ | 19.46 | | | $ | 19.76 | | | $ | 19.64 | | | $ | 13.75 | | | $ | 11.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.05 | ) | | | (0.10 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.10 | ) | | | (0.06 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 3.16 | | | | 1.32 | | | | (0.15 | ) | | | 0.27 | | | | 5.99 | | | | 1.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.11 | | | | 1.22 | | | | (0.30 | ) | | | 0.12 | | | | 5.89 | | | | 1.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 23.79 | | | $ | 20.68 | | | $ | 19.46 | | | $ | 19.76 | | | $ | 19.64 | | | $ | 13.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 15.04% | # | | | 6.27% | | | | (1.52% | ) | | | 0.61% | | | | 42.84% | | | | 15.35% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 61,277 | | | $ | 52,713 | | | $ | 56,002 | | | $ | 55,602 | | | $ | 63,627 | | | $ | 40,578 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 1.05% | * | | | 1.05% | | | | 1.07% | | | | 1.06% | | | | 1.05% | | | | 1.05% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 1.04% | * | | | 1.04% | | | | 1.07% | | | | 1.06% | | | | 1.07% | | | | 1.12% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | (0.43% | )* | | | (0.52% | ) | | | (0.71% | ) | | | (0.81% | ) | | | (0.61% | ) | | | (0.46% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 45% | # | | | 160% | | | | 103% | | | | 89% | | | | 90% | | | | 95% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
179
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 24.69 | | | $ | 19.72 | | | $ | 20.91 | | | $ | 19.14 | | | $ | 13.87 | | | $ | 11.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.01 | | | | 0.02 | | | | — | | | | 0.05 | | | | 0.07 | | | | 0.07 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.31 | | | | 4.95 | | | | (1.19 | ) | | | 1.72 | | | | 5.20 | | | | 2.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.32 | | | | 4.97 | | | | (1.19 | ) | | | 1.77 | | | | 5.27 | | | | 2.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 25.01 | | | $ | 24.69 | | | $ | 19.72 | | | $ | 20.91 | | | $ | 19.14 | | | $ | 13.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.30% | # | | | 25.20% | | | | (5.69% | ) | | | 9.25% | | | | 38.00% | | | | 18.95% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 80,473 | | | $ | 82,032 | | | $ | 67,959 | | | $ | 73,906 | | | $ | 63,544 | | | $ | 43,575 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 1.20% | * | | | 1.21% | | | | 1.23% | | | | 1.20% | | | | 1.14% | | | | 1.14% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 1.20% | * | | | 1.21% | | | | 1.23% | | | | 1.24% | | | | 1.25% | | | | 1.27% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.10% | * | | | 0.10% | | | | (0.02% | ) | | | 0.24% | | | | 0.41% | | | | 0.51% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 19% | # | | | 62% | | | | 48% | | | | 51% | | | | 58% | | | | 52% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. | |
| | | | | | | |
SMALL CAP GROWTH FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 31.08 | | | $ | 28.59 | | | $ | 28.47 | | | $ | 26.42 | | | $ | 19.20 | | | $ | 18.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | (0.08 | ) | | | (0.10 | ) | | | (0.14 | ) | | | (0.11 | ) | | | (0.11 | ) | | | (0.18 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 4.25 | | | | 2.59 | | | | 0.26 | | | | 2.16 | | | | 7.33 | | | | 1.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.17 | | | | 2.49 | | | | 0.12 | | | | 2.05 | | | | 7.22 | | | | 1.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 35.25 | | | $ | 31.08 | | | $ | 28.59 | | | $ | 28.47 | | | $ | 26.42 | | | $ | 19.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 13.42% | # | | | 8.71% | | | | 0.42% | | | | 7.76% | | | | 37.60% | | | | 5.73% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 95,253 | | | $ | 85,958 | | | $ | 91,666 | | | $ | 102,678 | | | $ | 89,539 | | | $ | 77,720 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.01% | * | | | 1.02% | | | | 1.03% | | | | 1.02% | | | | 1.07% | | | | 1.10% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.50% | )* | | | (0.35% | ) | | | (0.48% | ) | | | (0.42% | ) | | | (0.50% | ) | | | (0.92% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 13% | # | | | 17% | | | | 26% | | | | 33% | | | | 143% | | | | 103% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 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.
180
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 33.06 | | | $ | 26.50 | | | $ | 28.03 | | | $ | 26.16 | | | $ | 18.83 | | | $ | 16.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.09 | | | | 0.23 | | | | 0.17 | | | | 0.19 | | | | 0.10 | | | | 0.24 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.53 | | | | 6.33 | | | | (1.70 | ) | | | 1.68 | | | | 7.23 | | | | 2.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.62 | | | | 6.56 | | | | (1.53 | ) | | | 1.87 | | | | 7.33 | | | | 2.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 33.68 | | | $ | 33.06 | | | $ | 26.50 | | | $ | 28.03 | | | $ | 26.16 | | | $ | 18.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 1.88% | # | | | 24.75% | | | | (5.46% | ) | | | 7.15% | | | | 38.93% | | | | 16.16% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 246,232 | | | $ | 244,968 | | | $ | 227,139 | | | $ | 246,127 | | | $ | 238,772 | | | $ | 175,841 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.96% | * | | | 0.97% | | | | 0.99% | �� | | | 1.03% | | | | 1.14% | | | | 1.15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.56% | * | | | 0.83% | | | | 0.62% | | | | 0.70% | | | | 0.46% | | | | 1.36% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 32% | # | | | 57% | | | | 47% | | | | 45% | | | | 59% | | | | 50% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. | |
| | | | | | | |
SMALL CAP INDEX FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 20.09 | | | $ | 16.69 | | | $ | 17.59 | | | $ | 16.88 | | | $ | 12.22 | | | $ | 10.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.07 | | | | 0.12 | | | | 0.12 | | | | 0.12 | | | | 0.10 | | | | 0.16 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.87 | | | | 3.28 | | | | (1.02 | ) | | | 0.59 | | | | 4.56 | | | | 1.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.94 | | | | 3.40 | | | | (0.90 | ) | | | 0.71 | | | | 4.66 | | | | 1.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 21.03 | | | $ | 20.09 | | | $ | 16.69 | | | $ | 17.59 | | | $ | 16.88 | | | $ | 12.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 4.68% | # | | | 20.37% | | | | (5.12% | ) | | | 4.21% | | | | 38.13% | | | | 15.50% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 75,989 | | | $ | 76,355 | | | $ | 65,480 | | | $ | 66,658 | | | $ | 64,860 | | | $ | 42,443 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.64% | * | | | 0.66% | | | | 0.69% | | | | 0.64% | | | | 0.55% | | | | 0.55% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.64% | * | | | 0.66% | | | | 0.69% | | | | 0.69% | | | | 0.71% | | | | 0.70% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.73% | * | | | 0.70% | | | | 0.66% | | | | 0.72% | | | | 0.71% | | | | 1.42% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11% | # | | | 18% | | | | 18% | | | | 20% | | | | 17% | | | | 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.
181
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 11.42 | | | $ | 11.38 | | | $ | 11.54 | | | $ | 12.29 | | | $ | 10.15 | | | $ | 8.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.19 | | | | 0.26 | | | | 0.24 | | | | 0.30 | | | | 0.28 | | | | 0.25 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.44 | | | | (0.22 | ) | | | (0.40 | ) | | | (1.05 | ) | | | 1.86 | | | | 1.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.63 | | | | 0.04 | | | | (0.16 | ) | | | (0.75 | ) | | | 2.14 | | | | 1.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.05 | | | $ | 11.42 | | | $ | 11.38 | | | $ | 11.54 | | | $ | 12.29 | | | $ | 10.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 14.27% | # | | | 0.35% | | | | (1.39% | ) | | | (6.10% | ) | | | 21.08% | | | | 18.16% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 107,207 | | | $ | 97,813 | | | $ | 98,109 | | | $ | 101,510 | | | $ | 103,233 | | | $ | 89,786 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.78% | * | | | 0.81% | | | | 0.83% | | | | 0.75% | | | | 0.59% | | | | 0.59% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 0.78% | * | | | 0.81% | | | | 0.83% | | | | 0.82% | | | | 0.92% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 3.10% | * | | | 2.35% | | | | 2.02% | | | | 2.47% | | | | 2.50% | | | | 2.73% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 2% | # | | | 7% | | | | 2% | | | | 7% | | | | 9% | | | | 2% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. | |
| | | | | | | |
INTERNATIONAL EQUITY FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 22.98 | | | $ | 24.23 | | | $ | 23.39 | | | $ | 22.72 | | | $ | 21.44 | | | $ | 17.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.14 | | | | 0.26 | | | | 0.28 | | | | 0.27 | | | | 0.24 | | | | 0.25 | |
Net realized and unrealized gain (loss) on investment transactions | | | 4.78 | | | | (1.51 | ) | | | 0.56 | | | | 0.40 | | | | 1.04 | | | | 3.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.92 | | | | (1.25 | ) | | | 0.84 | | | | 0.67 | | | | 1.28 | | | | 3.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 27.90 | | | $ | 22.98 | | | $ | 24.23 | | | $ | 23.39 | | | $ | 22.72 | | | $ | 21.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 21.41% | # | | | (5.16% | ) | | | 3.59% | | | | 2.95% | | | | 5.97% | | | | 21.06% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 362,841 | | | $ | 319,322 | | | $ | 375,175 | | | $ | 380,898 | | | $ | 378,189 | | | $ | 348,599 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.12% | * | | | 1.12% | | | | 1.15% | | | | 1.15% | | | | 1.17% | | | | 1.17% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.11% | * | | | 1.10% | | | | 1.17% | | | | 1.14% | | | | 1.09% | | | | 1.30% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 19% | # | | | 34% | | | | 27% | | | | 31% | | | | 34% | | | | 43% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
182
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 10.22 | | | $ | 9.66 | | | $ | 10.84 | | | $ | 11.40 | | | $ | 11.53 | | | $ | 9.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.03 | | | | 0.03 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.99 | | | | 0.53 | | | | (1.21 | ) | | | (0.58 | ) | | | (0.16 | ) | | | 1.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.02 | | | | 0.56 | | | | (1.18 | ) | | | (0.56 | ) | | | (0.13 | ) | | | 1.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | | 12.24 | | | $ | 10.22 | | | $ | 9.66 | | | $ | 10.84 | | | $ | 11.40 | | | $ | 11.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 19.77% | # | | | 5.80% | | | | (10.89% | ) | | | (4.91% | ) | | | (1.13% | ) | | | 19.61% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 172,656 | | | $ | 150,270 | | | $ | 147,819 | | | $ | 157,027 | | | $ | 163,179 | | | $ | 152,858 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 1.60% | * | | | 1.65% | | | | 1.74% | | | | 1.75% | | | | 1.68% | | | | 1.68% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 4 | | | 1.60% | * | | | 1.65% | | | | 1.68% | | | | 1.69% | | | | 1.82% | | | | 1.72% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 3 | | | 0.51% | * | | | 0.28% | | | | 0.24% | | | | 0.19% | | | | 0.25% | | | | 0.31% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25% | # | | | 46% | | | | 41% | | | | 42% | | | | 48% | | | | 47% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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. | |
| | | | | | | |
REAL ESTATE SECURITIES FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 19.99 | | | $ | 18.95 | | | $ | 18.01 | | | $ | 13.83 | | | $ | 13.41 | | | $ | 11.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 2 | | | 0.32 | | | | 0.32 | | | | 0.26 | | | | 0.23 | | | | 0.18 | | | | 0.16 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.52 | | | | 0.72 | | | | 0.68 | | | | 3.95 | | | | 0.24 | | | | 1.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.84 | | | | 1.04 | | | | 0.94 | | | | 4.18 | | | | 0.42 | | | | 1.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.83 | | | $ | 19.99 | | | $ | 18.95 | | | $ | 18.01 | | | $ | 13.83 | | | $ | 13.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 4.20% | # | | | 5.49% | | | | 5.22% | | | | 30.22% | | | | 3.13% | | | | 16.00% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 140,339 | | | $ | 137,257 | | | $ | 137,644 | | | $ | 136,861 | | | $ | 114,290 | | | $ | 98,146 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.95% | * | | | 0.95% | | | | 0.97% | | | | 0.97% | | | | 0.99% | | | | 1.01% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 3.20% | * | | | 1.65% | | | | 1.42% | | | | 1.43% | | | | 1.35% | | | | 1.27% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 42% | # | | | 81% | | | | 61% | | | | 54% | | | | 69% | | | | 85% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 15.99 | | | $ | 14.88 | | | $ | 15.12 | | | $ | 14.16 | | | $ | 11.56 | | | $ | 10.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.03 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.74 | | | | 1.16 | | | | (0.19 | ) | | | 1.01 | | | | 2.64 | | | | 1.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.71 | | | | 1.11 | | | | (0.24 | ) | | | 0.96 | | | | 2.60 | | | | 1.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.70 | | | $ | 15.99 | | | $ | 14.88 | | | $ | 15.12 | | | $ | 14.16 | | | $ | 11.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 10.69% | # | | | 7.46% | | | | (1.59% | ) | | | 6.78% | | | | 22.49% | | | | 15.48% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 67,523 | | | $ | 61,867 | | | $ | 61,119 | | | $ | 64,505 | | | $ | 56,879 | | | $ | 41,234 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2, 4 | | | 0.31% | * | | | 0.32% | | | | 0.34% | | | | 0.34% | | | | 0.33% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2, 5 | | | 0.31% | * | | | 0.32% | | | | 0.34% | | | | 0.34% | | | | 0.33% | | | | 0.35% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets 4 | | | (0.31% | )* | | | (0.32% | ) | | | (0.34% | ) | | | (0.34% | ) | | | (0.33% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11% | # | | | 20% | | | | 24% | | | | 20% | | | | 30% | | | | 24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 16.72 | | | $ | 15.55 | | | $ | 15.73 | | | $ | 14.80 | | | $ | 12.42 | | | $ | 10.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.03 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.58 | | | | 1.22 | | | | (0.13 | ) | | | 0.98 | | | | 2.42 | | | | 1.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.55 | | | | 1.17 | | | | (0.18 | ) | | | 0.93 | | | | 2.38 | | | | 1.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.27 | | | $ | 16.72 | | | $ | 15.55 | | | $ | 15.73 | | | $ | 14.80 | | | $ | 12.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 9.27% | # | | | 7.52% | | | | (1.14% | ) | | | 6.28% | | | | 19.16% | | | | 13.63% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 257,813 | | | $ | 230,243 | | | $ | 238,908 | | | $ | 250,402 | | | $ | 231,185 | | | $ | 179,229 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.29% | * | | | 0.30% | | | | 0.32% | | | | 0.32% | | | | 0.31% | | | | 0.32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.29% | )* | | | (0.30% | ) | | | (0.32% | ) | | | (0.32% | ) | | | (0.31% | ) | | | (0.32% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 9% | # | | | 14% | | | | 20% | | | | 17% | | | | 23% | | | | 25% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
184
Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 15.36 | | | $ | 14.36 | | | $ | 14.44 | | | $ | 13.67 | | | $ | 11.98 | | | $ | 10.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.18 | | | | 1.04 | | | | (0.03 | ) | | | 0.81 | | | | 1.73 | | | | 1.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.16 | | | | 1.00 | | | | (0.08 | ) | | | 0.77 | | | | 1.69 | | | | 1.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.52 | | | $ | 15.36 | | | $ | 14.36 | | | $ | 14.44 | | | $ | 13.67 | | | $ | 11.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 7.55% | # | | | 6.96% | | | | (0.55% | ) | | | 5.63% | | | | 14.11% | | | | 10.93% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 339,933 | | | $ | 332,347 | | | $ | 342,152 | | | $ | 364,044 | | | $ | 350,164 | | | $ | 290,951 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.29% | * | | | 0.29% | | | | 0.32% | | | | 0.31% | | | | 0.31% | | | | 0.31% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.29% | )* | | | (0.29% | ) | | | (0.32% | ) | | | (0.31% | ) | | | (0.31% | ) | | | (0.31% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 6% | # | | | 12% | | | | 17% | | | | 17% | | | | 20% | | | | 20% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 14.42 | | | $ | 13.60 | | | $ | 13.63 | | | $ | 12.98 | | | $ | 11.87 | | | $ | 10.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) 3 | | | (0.02 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.82 | | | | 0.86 | | | | 0.02 | | | | 0.69 | | | | 1.15 | | | | 0.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.80 | | | | 0.82 | | | | (0.03 | ) | | | 0.65 | | | | 1.11 | | | | 0.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.22 | | | $ | 14.42 | | | $ | 13.60 | | | $ | 13.63 | | | $ | 12.98 | | | $ | 11.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 5.55% | # | | | 6.03% | | | | (0.22% | ) | | | 5.01% | | | | 9.35% | | | | 8.30% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 98,908 | | | $ | 97,741 | | | $ | 102,101 | | | $ | 107,669 | | | $ | 111,452 | | | $ | 96,028 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 2 | | | 0.30% | * | | | 0.30% | | | | 0.33% | | | | 0.32% | | | | 0.32% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.30% | )* | | | (0.30% | ) | | | (0.33% | ) | | | (0.32% | ) | | | (0.32% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 6% | # | | | 15% | | | | 23% | | | | 20% | | | | 28% | | | | 37% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 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.
185
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 2017
(Unaudited) | | | Year Ended December 31, | |
| | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
Net asset value, beginning of period | | $ | 13.33 | | | $ | 12.73 | | | $ | 12.72 | | | $ | 12.26 | | | $ | 11.74 | | | $ | 11.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | 0.52 | | | | 0.64 | | | | 0.05 | | | | 0.50 | | | | 0.56 | | | | 0.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.50 | | | | 0.60 | | | | 0.01 | | | | 0.46 | | | | 0.52 | | | | 0.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.83 | | | $ | 13.33 | | | $ | 12.73 | | | $ | 12.72 | | | $ | 12.26 | | | $ | 11.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 3.75% | # | | | 4.71% | | | | 0.08% | | | | 3.75% | | | | 4.43% | | | | 5.48% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 56,930 | | | $ | 56,092 | | | $ | 61,217 | | | $ | 65,183 | | | $ | 68,185 | | | $ | 70,604 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 2 | | | 0.32% | * | | | 0.31% | | | | 0.34% | | | | 0.33% | | | | 0.33% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.31% | )* | | | (0.31% | ) | | | (0.34% | ) | | | (0.33% | ) | | | (0.33% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 9% | # | | | 26% | | | | 24% | | | | 26% | | | | 38% | | | | 44% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
186
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (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.
187
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (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, Penn Mutual Asset Management, LLC (“PMAM” or the “Adviser”), the investment adviser to each of the Funds, or the Fund’s 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 PMAM 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 publicly traded security prices, discount rates, publicly 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
188
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:
| | • | | Level 1 — quoted prices in active markets for identical securities |
| | • | | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | • | | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Transfers between levels 1 and 2 during the six months ended June 30, 2017, if any, are shown as notes on the Schedule of Investments of the individual Fund.
Significant Level 3 items at June 30, 2017 consist of 4,926,914 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.
189
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
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, 2016 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, 2016, 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
PMAM serves as investment adviser to each series of Penn Series. 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.
190
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
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% |
191
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | |
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. | | 0.92% |
| 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. |
| * | Prior to June 1, 2017, the Emerging Markets Equity Fund paid PMAM, on a monthly basis, an advisory fee based on the average daily net assets of the Fund, at 1.18% for the first $2.5 billion and 1.00% thereafter. |
For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a sub-advisory fee.
192
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
Administrative and Corporate, Co-Administrative and Shareholder Services
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 shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund’s average daily assets under a co-administrative agreement.
Fund Administration and Accounting Services
Under a fund administration and accounting agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FoFs shall be an asset based fee of 0.010% of FOF’s average daily net 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 pays BNY Mellon, on a monthly basis, an annual 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. In addition, each of the Funds pays BNY Mellon approximately 0.010% of the Fund’s average daily net assets for tax and regulatory administration services.
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, it applicable 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:
193
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | |
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.
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, 2017, 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,
2017 | | | December 31,
2018 | |
| Money Market Fund | | | | | | $ | 220,934 | | | $ | 75,300 | |
| Balanced Fund | | | | | | | 7,278 | | | | — | |
During the six months ended June 30, 2017, 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 | | $ | 760 | |
194
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
As of June 30, 2017, 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,
2017 | | | December 31,
2018 | | | December 31,
2019 | | | December 31,
2020 | |
| Money Market Fund | | | | | | $ | 388,510 | | | $ | 372,994 | | | $ | 165,367 | | | $ | 5,100 | |
| SMID Cap Value Fund | | | | | | | 22,348 | | | | — | | | | — | | | | — | |
| Small Cap Index Fund | | | | | | | 31,741 | | | | — | | | | — | | | | — | |
| Developed International Index Fund | | | | | | | 72,559 | | | | — | | | | — | | | | — | |
During the six months ended June 30, 2017, 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:
| | | | |
| Money Market Fund | | $ | 50,161 | |
| SMID Cap Growth | | | 3,213 | |
Total fees of $209,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2017. Directors who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.
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, 2017 are as follows:
| | | | |
| Money Market Fund | | $ | 3,674,796 | |
| Limited Maturity Bond Fund | | | 33,125,606 | |
| Quality Bond Fund | | | 16,767,414 | |
| Large Growth Stock Fund | | | 20,940,809 | |
| Large Core Value Fund | | | 23,456,162 | |
| Index 500 Fund | | | 22,239,146 | |
| SMID Cap Growth Fund | | | 4,379,653 | |
| SMID Cap Value Fund | | | 4,649,090 | |
| Small Cap Index Fund | | | 3,850,179 | |
| Developed International Index Fund | | | 2,957,409 | |
| International Equity Fund | | | 7,497,955 | |
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, 2017 were as follows:
| | | | |
| Large Growth Stock Fund | | $ | 44 | |
| SMID Cap Growth Fund | | | 2,029 | |
| Small Cap Value Fund | | | 17,150 | |
| Emerging Markets Equity Fund | | | 5,937 | |
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.
195
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
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, 2017 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Balanced Fund | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Quality Bond Fund | | $ | 31,009,450 | | | $ | 32,350,481 | | | $ | 1,907,762 | | | $ | 1,495,079 | | | $ | — | | | $ | 366,489 | |
| Penn Series Index 500 Fund | | | 46,514,174 | | | | 48,525,721 | | | | 1,166,649 | | | | 3,372,615 | | | | — | | | | 2,302,126 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 77,523,624 | | | $ | 80,876,202 | | | $ | 3,074,411 | | | $ | 4,867,694 | | | $ | — | | | | 2,668,615 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Aggressive Allocation Fund | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Quality Bond Fund | | $ | 2,459,821 | | | $ | 2,689,238 | | | $ | 358,113 | | | $ | 202,771 | | | $ | — | | | $ | 26,075 | |
| Penn Series Flexibly Managed Fund | | | 1,844,866 | | | | 2,016,929 | | | | 160,348 | | | | 152,078 | | | | — | | | | 65,789 | |
| Penn Series Large Growth Stock Fund | | | 1,229,910 | | | | 672,310 | | | | 83,711 | | | | 871,274 | | | | — | | | | 298,733 | |
| Penn Series Large Cap Growth Fund | | | 1,229,910 | | | | 2,016,928 | | | | 740,801 | | | | 136,201 | | | | — | | | | 46,047 | |
| Penn Series Large Cap Value Fund | | | 4,919,641 | | | | 4,706,166 | | | | 460,180 | | | | 995,727 | | | | — | | | | 537,686 | |
| Penn Series Large Core Value Fund | | | 4,919,641 | | | | 6,054,374 | | | | 1,329,170 | | | | 405,704 | | | | — | | | | 241,771 | |
| Penn Series High Yield Bond Fund | | | 1,229,910 | | | | 1,344,619 | | | | 160,621 | | | | 101,386 | | | | — | | | | 4,802 | |
| Penn Series Index 500 Fund | | | 2,459,821 | | | | 2,689,238 | | | | 207,579 | | | | 202,772 | | | | — | | | | 139,735 | |
| Penn Series Limited Maturity Bond Fund | | | 1,844,865 | | | | 2,016,928 | | | | 302,150 | | | | 152,079 | | | | — | | | | 1,008 | |
| Penn Series Mid Cap Growth Fund | | | 1,229,910 | | | | 1,343,821 | | | | 83,711 | | | | 126,102 | | | | — | | | | 57,450 | |
| Penn Series Mid Cap Value Fund | | | 3,074,776 | | | | 3,361,547 | | | | 235,684 | | | | 253,464 | | | | — | | | | 120,222 | |
| Penn Series Mid Core Value Fund | | | 3,074,776 | | | | 3,361,547 | | | | 416,172 | | | | 253,464 | | | | — | | | | 150,422 | |
| Penn Series SMID Cap Growth Fund | | | 1,229,910 | | | | 1,344,619 | | | | 83,712 | | | | 150,042 | | | | — | | | | 85,221 | |
| Penn Series SMID Cap Value Fund | | | 3,074,776 | | | | 3,361,547 | | | | 499,624 | | | | 253,464 | | | | — | | | | 156,871 | |
| Penn Series Small Cap Growth Fund | | | 1,844,866 | | | | 2,016,928 | | | | 125,567 | | | | 197,206 | | | | — | | | | 102,431 | |
| Penn Series Small Cap Value Fund | | | 1,844,866 | | | | 2,016,928 | | | | 288,988 | | | | 152,078 | | | | — | | | | 94,581 | |
| Penn Series Small Cap Index Fund | | | 614,955 | �� | | | 672,310 | | | | 79,173 | | | | 50,693 | | | | — | | | | 35,890 | |
| Penn Series Developed International Index Fund | | | 6,149,551 | | | | 6,723,094 | | | | 418,557 | | | | 710,679 | | | | — | | | | 229,865 | |
| Penn Series International Equity Fund | | | 8,609,372 | | | | 9,412,332 | | | | 585,980 | | | | 1,564,432 | | | | — | | | | 641,841 | |
| Penn Series Emerging Markets Equity Fund | | | 6,764,507 | | | | 7,395,404 | | | | 460,413 | | | | 1,127,005 | | | | — | | | | 165,399 | |
| Penn Series Real Estate Securities Fund | | | 1,844,865 | | | | 2,016,928 | | | | 246,731 | | | | 152,079 | | | | — | | | | 85,115 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 61,495,515 | | | $ | 67,233,735 | | | $ | 7,326,985 | | | $ | 8,210,700 | | | $ | — | | | $ | 3,286,954 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
196
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Moderately Aggressive
Allocation Fund | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Limited Maturity Bond Fund | | $ | 13,751,797 | | | $ | 15,416,511 | | | $ | 2,140,990 | | | $ | 648,296 | | | $ | — | | | $ | 74,674 | |
| Penn Series Quality Bond Fund | | | 22,919,661 | | | | 25,694,186 | | | | 3,127,188 | | | | 1,080,494 | | | | — | | | | 242,673 | |
| Penn Series High Yield Fund | | | 4,583,932 | | | | 5,138,837 | | | | 555,201 | | | | 216,099 | | | | — | | | | 48,513 | |
| Penn Series Flexibly Managed Fund | | | 13,751,797 | | | | 15,416,511 | | | | 1,034,903 | | | | 648,296 | | | | — | | | | 294,705 | |
| Penn Series Large Growth Stock Fund | | | 4,583,932 | | | | 2,569,418 | | | | 318,557 | | | | 3,230,823 | | | | — | | | | 1,333,852 | |
| Penn Series Large Cap Growth Fund | | | 4,583,932 | | | | 7,708,256 | | | | 2,803,613 | | | | 390,009 | | | | — | | | | 131,066 | |
| Penn Series Large Cap Value Fund | | | 18,335,729 | | | | 17,985,930 | | | | 1,620,214 | | | | 3,213,591 | | | | — | | | | 1,763,129 | |
| Penn Series Large Core Value Fund | | | 18,335,729 | | | | 23,138,483 | | | | 4,852,723 | | | | 864,652 | | | | — | | | | 546,881 | |
| Penn Series Index 500 Fund | | | 9,167,865 | | | | 10,277,674 | | | | 718,679 | | | | 483,389 | | | | — | | | | 336,366 | |
| Penn Series Mid Cap Growth Fund | | | 4,583,932 | | | | 5,135,787 | | | | 318,557 | | | | 372,987 | | | | — | | | | 189,178 | |
| Penn Series Mid Cap Value Fund | | | 9,167,864 | | | | 10,277,674 | | | | 637,115 | | | | 478,148 | | | | — | | | | 214,832 | |
| Penn Series Mid Core Value Fund | | | 9,167,864 | | | | 10,277,674 | | | | 1,160,119 | | | | 432,198 | | | | — | | | | 256,776 | |
| Penn Series SMID Cap Growth Fund | | | 2,291,966 | | | | 2,569,419 | | | | 159,279 | | | | 233,749 | | | | — | | | | 11,713 | |
| Penn Series SMID Cap Value Fund | | | 9,167,864 | | | | 10,277,674 | | | | 1,427,977 | | | | 432,198 | | | | — | | | | 284,151 | |
| Penn Series Small Cap Growth Fund | | | 4,583,932 | | | | 5,138,837 | | | | 318,557 | | | | 394,494 | | | | — | | | | 199,582 | |
| Penn Series Small Cap Value Fund | | | 6,875,898 | | | | 7,708,256 | | | | 1,027,368 | | | | 324,148 | | | | — | | | | 208,215 | |
| Penn Series Small Cap Index Fund | | | 4,583,932 | | | | 5,138,837 | | | | 550,228 | | | | 216,099 | | | | — | | | | 156,558 | |
| Penn Series Developed International Index Fund | | | 16,043,762 | | | | 17,985,930 | | | | 1,114,951 | | | | 1,520,587 | | | | — | | | | 526,353 | |
| Penn Series International Equity Fund | | | 27,503,593 | | | | 30,833,022 | | | | 1,911,344 | | | | 4,560,241 | | | | — | | | | 2,046,270 | |
| Penn Series Emerging Markets Equity Fund | | | 18,335,729 | | | | 20,555,348 | | | | 1,274,229 | | | | 2,738,993 | | | | — | | | | 309,569 | |
| Penn Series Real Estate Securities Fund | | | 6,875,898 | | | | 7,708,256 | | | | 854,773 | | | | 324,148 | | | | — | | | | 228,380 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 229,196,608 | | | $ | 256,952,520 | | | $ | 27,926,565 | | | $ | 22,803,639 | | | $ | — | | | $ | 9,403,436 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Moderate Allocation Fund | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Money Market Fund | | $ | 27 | | | $ | — | | | $ | — | | | $ | 27 | | | $ | — | | | $ | — | |
| Penn Series Limited Maturity Bond Fund | | | 29,829,840 | | | | 30,587,749 | | | | 2,390,338 | | | | 1,982,379 | | | | — | | | | 186,262 | |
| Penn Series Quality Bond Fund | | | 86,175,095 | | | | 88,364,609 | | | | 5,356,699 | | | | 5,726,873 | | | | — | | | | 1,316,266 | |
197
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Moderate Allocation
Fund (continued) | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series High Yield Fund | | $ | 9,943,280 | | | $ | 10,195,917 | | | $ | 472,309 | | | $ | 660,793 | | | $ | — | | | $ | 268,431 | |
| Penn Series Flexibly Managed Fund | | | 19,886,560 | | | | 20,391,833 | | | | 318,219 | | | | 1,550,011 | | | | — | | | | 819,185 | |
| Penn Series Large Growth Stock Fund | | | 6,628,853 | | | | 3,398,639 | | | | 106,073 | | | | 4,558,625 | | | | — | | | | 3,053,427 | |
| Penn Series Large Cap Growth Fund | | | 3,314,427 | | | | 6,797,278 | | | | 3,373,629 | | | | 375,143 | | | | — | | | | 125,467 | |
| Penn Series Large Cap Value Fund | | | 16,572,134 | | | | 13,594,555 | | | | 381,181 | | | | 4,420,420 | | | | — | | | | 2,289,235 | |
| Penn Series Large Core Value Fund | | | 16,572,134 | | | | 20,403,928 | | | | 4,234,857 | | | | 1,101,662 | | | | — | | | | 645,320 | |
| Penn Series Index 500 Fund | | | 9,943,280 | | | | 10,195,916 | | | | 176,981 | | | | 819,947 | | | | — | | | | 520,175 | |
| Penn Series Mid Cap Growth Fund | | | 6,628,854 | | | | 6,793,244 | | | | 106,073 | | | | 768,183 | | | | — | | | | 506,032 | |
| Penn Series Mid Cap Value Fund | | | 9,943,280 | | | | 10,195,916 | | | | 159,109 | | | | 878,535 | | | | — | | | | 393,048 | |
| Penn Series Mid Core Value Fund | | | 16,572,134 | | | | 16,993,194 | | | | 862,257 | | | | 1,101,322 | | | | — | | | | 674,292 | |
| Penn Series SMID Cap Growth Fund | | | 3,314,427 | | | | 3,398,639 | | | | 53,036 | | | | 449,681 | | | | — | | | | 21,541 | |
| Penn Series SMID Cap Value Fund | | | 6,628,853 | | | | 6,797,277 | | | | 524,751 | | | | 440,529 | | | | — | | | | 259,154 | |
| Penn Series Small Cap Growth Fund | | | 3,314,427 | | | | 3,398,639 | | | | 53,036 | | | | 398,244 | | | | — | | | | 250,099 | |
| Penn Series Small Cap Value Fund | | | 9,943,280 | | | | 10,195,916 | | | | 730,863 | | | | 660,793 | | | | — | | | | 434,474 | |
| Penn Series Small Cap Index Fund | | | 6,628,853 | | | | 6,797,278 | | | | 305,386 | | | | 440,529 | | | | — | | | | 290,053 | |
| Penn Series Developed International Index Fund | | | 16,572,133 | | | | 16,993,194 | | | | 265,182 | | | | 2,128,746 | | | | — | | | | 657,345 | |
| Penn Series International Equity Fund | | | 29,829,840 | | | | 30,587,750 | | | | 477,328 | | | | 5,790,967 | | | | — | | | | 2,621,867 | |
| Penn Series Emerging Markets Equity Fund | | | 16,572,134 | | | | 16,993,194 | | | | 265,182 | | | | 2,973,593 | | | | — | | | | 534,409 | |
| Penn Series Real Estate Securities Fund | | | 6,628,853 | | | | 6,797,278 | | | | 332,222 | | | | 440,529 | | | | — | | | | 310,272 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 331,442,698 | | | $ | 339,871,943 | | | $ | 20,944,711 | | | $ | 37,667,531 | | | $ | — | | | $ | 16,176,354 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Moderately Conservative
Allocation Fund | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Money Market Fund | | $ | 8 | | | $ | — | | | $ | — | | | $ | 8 | | | $ | — | | | $ | — | |
| Penn Series Limited Maturity Bond Fund | | | 18,440,138 | | | | 18,642,965 | | | | 1,186,996 | | | | 1,199,087 | | | | — | | | | 131,245 | |
| Penn Series Quality Bond Fund | | | 33,968,676 | | | | 34,342,305 | | | | 1,582,703 | | | | 2,208,844 | | | | — | | | | 510,199 | |
| Penn Series High Yield Fund | | | 2,911,601 | | | | 2,943,626 | | | | 93,025 | | | | 189,329 | | | | — | | | | 69,678 | |
| Penn Series Flexibly Managed Fund | | | 7,764,269 | | | | 7,849,670 | | | | 151,075 | | | | 740,971 | | | | — | | | | 420,411 | |
198
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Moderately Conservative
Allocation Fund (continued) | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Large Growth Stock Fund | | $ | 970,533 | | | $ | — | | | $ | 18,884 | | | $ | 1,167,473 | | | $ | — | | | $ | 692,035 | |
| Penn Series Large Cap Growth Fund | | | 970,534 | | | | 1,962,417 | | | | 970,618 | | | | 119,908 | | | | — | | | | 40,026 | |
| Penn Series Large Cap Value Fund | | | 4,852,668 | | | | 3,924,835 | | | | 94,422 | | | | 1,332,340 | | | | — | | | | 734,013 | |
| Penn Series Large Core Value Fund | | | 4,852,668 | | | | 5,890,744 | | | | 1,149,384 | | | | 315,601 | | | | — | | | | 191,343 | |
| Penn Series Index 500 Fund | | | 1,941,067 | | | | 1,962,417 | | | | 37,769 | | | | 190,704 | | | | — | | | | 134,845 | |
| Penn Series Mid Cap Value Fund | | | 970,534 | | | | 981,209 | | | | 18,884 | | | | 102,676 | | | | — | | | | 46,113 | |
| Penn Series Mid Core Value Fund | | | 1,941,067 | | | | 1,962,417 | | | | 73,103 | | | | 128,952 | | | | — | | | | 80,470 | |
| Penn Series SMID Cap Value Fund | | | 970,534 | | | | 981,209 | | | | 61,347 | | | | 63,110 | | | | — | | | | 44,174 | |
| Penn Series Small Cap Value Fund | | | 1,941,067 | | | | 1,962,417 | | | | 111,857 | | | | 126,220 | | | | — | | | | 20,426 | |
| Penn Series Small Cap Index Fund | | | 970,533 | | | | 981,209 | | | | 29,508 | | | | 63,110 | | | | — | | | | 46,088 | |
| Penn Series Developed International Index Fund | | | 2,911,601 | | | | 2,943,626 | | | | 56,653 | | | | 423,198 | | | | — | | | | 148,100 | |
| Penn Series International Equity Fund | | | 5,823,201 | | | | 5,887,252 | | | | 113,306 | | | | 1,227,222 | | | | — | | | | 624,451 | |
| Penn Series Emerging Markets Equity Fund | | | 2,911,601 | | | | 2,943,626 | | | | 56,653 | | | | 571,475 | | | | — | | | | 34,596 | |
| Penn Series Real Estate Securities Fund | | | 1,941,067 | | | | 1,962,417 | | | | 68,652 | | | | 127,166 | | | | — | | | | 63,972 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 97,053,367 | | | $ | 98,124,361 | | | $ | 5,874,839 | | | $ | 10,297,394 | | | $ | — | | | $ | 4,032,185 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Conservative Allocation Fund | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Money Market Fund | | $ | 19 | | | $ | — | | | $ | — | | | $ | 19 | | | $ | — | | | $ | — | |
| Penn Series Limited Maturity Bond Fund | | | 16,047,879 | | | | 16,300,668 | | | | 1,572,604 | | | | 1,507,111 | | | | — | | | | 147,028 | |
| Penn Series Quality Bond Fund | | | 24,901,882 | | | | 25,294,140 | | | | 1,995,553 | | | | 2,338,620 | | | | — | | | | 532,532 | |
| Penn Series High Yield Fund | | | 1,660,126 | | | | 1,686,276 | | | | 117,418 | | | | 164,425 | | | | — | | | | 57,010 | |
| Penn Series Flexibly Managed Fund | | | 4,427,001 | | | | 4,496,736 | | | | 313,114 | | | | 629,305 | | | | — | | | | 303,883 | |
| Penn Series Large Cap Value Fund | | | 1,660,126 | | | | 1,124,184 | | | | 117,418 | | | | 760,094 | | | | — | | | | 206,670 | |
| Penn Series Large Core Value Fund | | | 1,660,126 | | | | 2,249,701 | | | | 685,478 | | | | 166,438 | | | | — | | | | 27,654 | |
| Penn Series Index 500 Fund | | | 553,375 | | | | 562,092 | | | | 39,139 | | | | 80,275 | | | | — | | | | 56,660 | |
| Penn Series Mid Core Value Fund | | | 1,106,750 | | | | 1,124,184 | | | | 90,818 | | | | 117,712 | | | | — | | | | 55,765 | |
| Penn Series Developed International Index Fund | | | 1,106,750 | | | | 1,124,184 | | | | 78,278 | | | | 212,604 | | | | — | | | | 68,573 | |
| Penn Series International Equity Fund | | | 1,106,751 | | | | 1,124,184 | | | | 78,279 | | | | 285,026 | | | | — | | | | 55,885 | |
199
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Conservative Allocation
Fund (continued) | | Total Value at
12/31/16 | | | Total Value at
06/30/17 | | | Purchases | | | Sales Proceeds | | | Dividend
Income | | | Realized
Gain Loss | |
| Penn Series Emerging Markets Equity Fund | | $ | 553,375 | | | $ | 562,092 | | | $ | 39,139 | | | $ | 134,369 | | | $ | — | | | $ | 4,345 | |
| Penn Series Real Estate Securities Fund | | | 553,375 | | | | 562,092 | | | | 41,844 | | | | 56,111 | | | | — | | | | (883 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 55,337,535 | | | $ | 56,210,533 | | | $ | 5,169,082 | | | $ | 6,452,109 | | | $ | — | | | $ | 1,515,122 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
5 — PURCHASESAND SALESOF SECURITIES
During the six months ended June 30, 2017, 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 | | $ | 7,559,950 | | | $ | 28,885,418 | | | $ | 94,053,235 | | | $ | 71,221,116 | |
| Quality Bond Fund | | | 80,513,343 | | | | 100,859,007 | | | | 148,134,564 | | | | 127,801,052 | |
| High Yield Bond Fund | | | — | | | | — | | | | 60,204,918 | | | | 67,632,844 | |
| Flexibly Managed Fund | | | — | | | | — | | | | 782,646,279 | | | | 984,670,735 | |
| Balanced Fund | | | — | | | | — | | | | 3,074,412 | | | | 4,867,694 | |
| Large Growth Stock Fund | | | — | | | | — | | | | 69,567,277 | | | | 92,217,199 | |
| Large Cap Growth Fund | | | — | | | | — | | | | 5,637,024 | | | | 6,516,444 | |
| Large Core Growth Fund | | | — | | | | — | | | | 26,950,045 | | | | 30,309,835 | |
| Large Cap Value Fund | | | — | | | | — | | | | 15,381,408 | | | | 18,929,756 | |
| Large Core Value Fund | | | — | | | | — | | | | 86,323,135 | | | | 99,228,685 | |
| Index 500 Fund | | | — | | | | — | | | | 6,769,671 | | | | 19,726,701 | |
| Mid Cap Growth Fund | | | — | | | | — | | | | 16,395,216 | | | | 18,015,324 | |
| Mid Cap Value Fund | | | — | | | | — | | | | 24,740,442 | | | | 30,045,479 | |
| Mid Core Value Fund | | | — | | | | — | | | | 17,726,525 | | | | 24,844,576 | |
| SMID Cap Growth Fund | | | — | | | | — | | | | 25,504,890 | | | | 26,241,828 | |
| SMID Cap Value Fund | | | — | | | | — | | | | 15,223,317 | | | | 19,500,566 | |
| Small Cap Growth Fund | | | — | | | | — | | | | 11,657,124 | | | | 15,108,057 | |
| Small Cap Value Fund | | | — | | | | — | | | | 77,709,537 | | | | 83,988,783 | |
| Small Cap Index Fund | | | — | | | | — | | | | 8,333,139 | | | | 11,653,929 | |
| Developed International Index Fund | | | — | | | | — | | | | 2,052,012 | | | | 3,081,992 | |
| International Equity Fund | | | — | | | | — | | | | 64,164,539 | | | | 75,325,946 | |
| Emerging Markets Equity Fund | | | — | | | | — | | | | 45,080,251 | | | | 41,002,531 | |
| Real Estate Securities Fund | | | — | | | | — | | | | 57,603,558 | | | | 58,865,010 | |
| Aggressive Allocation Fund | | | — | | | | — | | | | 7,326,985 | | | | 8,210,700 | |
| Moderately Aggressive Allocation Fund | | | — | | | | — | | | | 27,926,565 | | | | 22,803,639 | |
| Moderate Allocation Fund | | | — | | | | — | | | | 20,944,711 | | | | 37,667,504 | |
| Moderately Conservative Allocation Fund | | | — | | | | — | | | | 5,874,839 | | | | 10,297,386 | |
| Conservative Allocation Fund | | | — | | | | — | | | | 5,169,082 | | | | 6,452,090 | |
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, 2016, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.
200
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:
The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.
The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.
The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.
Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2016, 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 | | $ | (2,957,281 | ) | | $ | (338,496 | ) | | $ | 3,295,777 | |
| Quality Bond Fund | | | (13,730,140 | ) | | | (3,793,997 | ) | | | 17,524,137 | |
| High Yield Bond Fund | | | (10,060,330 | ) | | | (932,685 | ) | | | 10,993,015 | |
| Flexibly Managed Fund | | | (42,112,425 | ) | | | (226,192,213 | ) | | | 268,304,638 | |
| Balanced Fund | | | 142,679 | | | | (4,074,238 | ) | | | 3,931,559 | |
| Large Growth Stock Fund | | | 260,646 | | | | (30,775,233 | ) | | | 30,514,587 | |
| Large Cap Growth Fund | | | (229,323 | ) | | | (1,687,225 | ) | | | 1,916,548 | |
| Large Core Growth Fund | | | (59,625 | ) | | | (16,310,721 | ) | | | 16,370,346 | |
| Large Cap Value Fund | | | (3,190,028 | ) | | | (1,659,591 | ) | | | 4,849,619 | |
| Large Core Value Fund | | | (2,800,969 | ) | | | (5,474,933 | ) | | | 8,275,902 | |
| Index 500 Fund | | | (7,320,829 | ) | | | (16,824,727 | ) | | | 24,145,556 | |
| Mid Cap Growth Fund | | | (27,733 | ) | | | (1,082,835 | ) | | | 1,110,568 | |
| Mid Cap Value Fund | | | (1,631,918 | ) | | | — | | | | 1,631,918 | |
| Mid Core Value Fund | | | (930,048 | ) | | | (4,273,455 | ) | | | 5,203,503 | |
| SMID Cap Growth Fund | | | 268,415 | | | | (7,023,771 | ) | | | 6,755,356 | |
| SMID Cap Value Fund | | | (70,637 | ) | | | (4,328,537 | ) | | | 4,399,174 | |
| Small Cap Growth Fund | | | 213,705 | | | | (2,299,623 | ) | | | 2,085,918 | |
| Small Cap Value Fund | | | (1,831,885 | ) | | | (15,915,965 | ) | | | 17,747,850 | |
| Small Cap Index Fund | | | (466,996 | ) | | | (3,595,874 | ) | | | 4,062,870 | |
| Developed International Index Fund | | | (2,292,044 | ) | | | (3,890 | ) | | | 2,295,934 | |
201
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | |
| | | Increase
(Decrease)
Undistributed
Net Investment
Income | | | Increase
(Decrease)
Accumulated Net
Realized Gains | | | Increase
(Decrease)
Paid-in Capital | |
| International Equity Fund | | $ | (346,987 | ) | | $ | (15,105,108 | ) | | $ | 15,452,095 | |
| Emerging Markets Equity Fund | | | 80,065 | | | | (566,529 | ) | | | 486,464 | |
| Real Estate Securities Fund | | | (2,270,047 | ) | | | (10,001,101 | ) | | | 12,271,148 | |
| Aggressive Allocation Fund | | | 194,525 | | | | (8,419,950 | ) | | | 8,225,425 | |
| Moderately Aggressive Allocation Fund | | | 688,836 | | | | (28,142,741 | ) | | | 27,453,905 | |
| Moderate Allocation Fund | | | 975,571 | | | | (30,564,046 | ) | | | 29,588,475 | |
| Moderately Conservative Allocation Fund | | | 300,414 | | | | (9,148,653 | ) | | | 8,848,239 | |
| Conservative Allocation Fund | | | 187,429 | | | | (6,005,806 | ) | | | 5,818,377 | |
These reclassifications had no effect on net assets or net asset value per share.
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2016 and 2015 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term Capital Gains | | | Total | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Money Market Fund | | $ | 12,238 | | | $ | 11,728 | | | $ | — | | | $ | — | | | $ | 12,238 | | | $ | 11,728 | |
| Limited Maturity Bond Fund | | | 3,295,777 | | | | 2,913,555 | | | | — | | | | — | | | | 3,295,777 | | | | 2,913,555 | |
| Quality Bond Fund | | | 16,826,963 | | | | 18,851,832 | | | | 697,174 | | | | 5,712,002 | | | | 17,524,137 | | | | 24,563,834 | |
| High Yield Bond Fund | | | 10,993,015 | | | | 11,842,565 | | | | — | | | | — | | | | 10,993,015 | | | | 11,842,565 | |
| Flexibly Managed Fund | | | 51,078,542 | | | | 83,145,583 | | | | 217,226,096 | | | | 250,663,512 | | | | 268,304,638 | | | | 333,809,095 | |
| Balanced Fund | | | 1,701,449 | | | | 1,736,535 | | | | 5,901,760 | | | | 4,308,714 | | | | 7,603,209 | | | | 6,045,249 | |
| Large Growth Stock Fund | | | — | | | | — | | | | 30,775,570 | | | | 32,483,632 | | | | 30,775,570 | | | | 32,483,632 | |
| Large Cap Growth Fund | | | 327,867 | | | | 215,596 | | | | 1,588,681 | | | | 5,021,704 | | | | 1,916,548 | | | | 5,237,300 | |
| Large Core Growth Fund | | | 141,437 | | | | — | | | | 16,228,909 | | | | 10,422,157 | | | | 16,370,346 | | | | 10,422,157 | |
| Large Cap Value Fund | | | 3,190,028 | | | | 2,607,630 | | | | 1,659,591 | | | | 10,201,067 | | | | 4,849,619 | | | | 12,808,697 | |
| Large Core Value Fund | | | 2,800,969 | | | | 5,810,205 | | | | 5,474,933 | | | | 15,732,524 | | | | 8,275,902 | | | | 21,542,729 | |
| Index 500 Fund | | | 7,541,297 | | | | 7,365,475 | | | | 16,604,259 | | | | 7,376,220 | | | | 24,145,556 | | | | 14,741,695 | |
| Mid Cap Growth Fund | | | 26,915 | | | | 3,579,096 | | | | 1,083,590 | | | | 2,419,772 | | | | 1,110,505 | | | | 5,998,868 | |
| Mid Cap Value Fund | | | 1,632,432 | | | | 3,582,629 | | | | — | | | | 26,907,782 | | | | 1,632,432 | | | | 30,490,411 | |
| Mid Core Value Fund | | | 1,981,801 | | | | 3,527,900 | | | | 3,221,749 | | | | 5,336,338 | | | | 5,203,550 | | | | 8,864,238 | |
| SMID Cap Growth Fund | | | — | | | | — | | | | 7,023,771 | | | | 4,762,153 | | | | 7,023,771 | | | | 4,762,153 | |
| SMID Cap Value Fund | | | 70,637 | | | | 110,136 | | | | 4,328,537 | | | | 5,180,621 | | | | 4,399,174 | | | | 5,290,757 | |
| Small Cap Growth Fund | | | — | | | | 213,113 | | | | 2,299,699 | | | | 7,892,122 | | | | 2,299,699 | | | | 8,105,235 | |
| Small Cap Value Fund | | | 1,962,873 | | | | 1,957,827 | | | | 15,784,977 | | | | 13,389,064 | | | | 17,747,850 | | | | 15,346,891 | |
| Small Cap Index Fund | | | 474,084 | | | | 733,578 | | | | 3,588,786 | | | | 3,318,676 | | | | 4,062,870 | | | | 4,052,254 | |
| Developed International Index Fund | | | 2,295,934 | | | | 2,122,485 | | | | — | | | | — | | | | 2,295,934 | | | | 2,122,485 | |
| International Equity Fund | | | 3,074,419 | | | | 5,142,643 | | | | 12,377,676 | | | | — | | | | 15,452,095 | | | | 5,142,643 | |
| Emerging Markets Equity Fund | | | 486,464 | | | | 427,831 | | | | — | | | | — | | | | 486,464 | | | | 427,831 | |
| Real Estate Securities Fund | | | 3,061,289 | | | | 4,122,694 | | | | 9,209,859 | | | | 11,247,243 | | | | 12,271,148 | | | | 15,369,937 | |
202
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term Capital Gains | | | Total | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Aggressive Allocation Fund | | $ | 630,756 | | | $ | 886,647 | | | $ | 10,100,778 | | | $ | 7,798,589 | | | $ | 10,731,534 | | | $ | 8,685,236 | |
| Moderately Aggressive Allocation Fund | | | 2,765,962 | | | | 4,394,203 | | | | 34,221,645 | | | | 27,334,592 | | | | 36,987,607 | | | | 31,728,795 | |
| Moderate Allocation Fund | | | 5,448,175 | | | | 7,572,549 | | | | 37,876,701 | | | | 31,886,947 | | | | 43,324,876 | | | | 39,459,496 | |
| Moderately Conservative Allocation Fund | | | 1,861,547 | | | | 2,399,500 | | | | 10,724,743 | | | | 8,096,434 | | | | 12,586,290 | | | | 10,495,934 | |
| Conservative Allocation Fund | | | 1,200,562 | | | | 1,542,898 | | | | 6,514,472 | | | | 3,883,603 | | | | 7,715,034 | | | | 5,426,501 | |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
Capital loss carryforwards:
At December 31, 2016, 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 | |
| Emerging Markets Equity Fund | | $ | 4,867,907 | | | | — | | | $ | 4,867,907 | |
At December 31, 2016, 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 | |
| Limited Maturity Bond Fund | | | — | | | $ | 495,828 | |
| High Yield Bond Fund | | $ | 5,062,409 | | | | 6,303,462 | |
| Developed International Index Fund | | | 209,597 | | | | 1,769,167 | |
| Mid Cap Value Fund | | | 4,992,487 | | | | 4,130,223 | |
| Emerging Markets Equity Fund | | | 5,415,280 | | | | 694,181 | |
During the year ended December 31, 2016, the following Fund utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
| | | | |
| International Equity Fund | | $ | 7,227,098 | |
| Emerging Markets Equity Fund | | | 2,305,462 | |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2017:
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Late-Year
Capital Losses | |
| Large Growth Stock Fund | | $ | 24 | | | | — | |
| Small Cap Growth Fund | | | 79 | | | | — | |
| Developed International Index Fund | | | — | | | $ | 106,186 | |
203
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
Tax cost of securities:
At June 30, 2017, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at December 31, 2016 were as follows:
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| Money Market Fund | | $ | 97,973,915 | | | $ | — | | | $ | — | | | $ | — | |
| Limited Maturity Bond Fund | | | 206,688,344 | | | | 1,001,202 | | | | (920,395 | ) | | | 80,807 | |
| Quality Bond Fund | | | 516,243,698 | | | | 7,532,319 | | | | (2,778,225 | ) | | | 4,754,094 | |
| High Yield Bond Fund | | | 165,059,531 | | | | 7,051,456 | | | | (1,788,886 | ) | | | 5,262,570 | |
| Flexibly Managed Fund | | | 3,321,937,272 | | | | 474,001,974 | | | | (20,441,646 | ) | | | 453,560,328 | |
| Balanced Fund | | | 49,918,572 | | | | 34,045,773 | | | | (2,831,967 | ) | | | 31,213,806 | |
| Large Growth Stock Fund | | | 221,940,663 | | | | 77,472,647 | | | | (2,546,345 | ) | | | 74,926,302 | |
| Large Cap Growth Fund | | | 37,785,439 | | | | 10,756,891 | | | | (698,445 | ) | | | 10,058,446 | |
| Large Core Growth Fund | | | 96,452,672 | | | | 17,984,000 | | | | (576,386 | ) | | | 17,407,614 | |
| Large Cap Value Fund | | | 163,304,718 | | | | 51,429,533 | | | | (4,514,372 | ) | | | 46,915,161 | |
| Large Core Value Fund | | | 167,901,055 | | | | 21,543,533 | | | | (3,163,959 | ) | | | 18,379,574 | |
| Index 500 Fund | | | 244,839,227 | | | | 223,615,538 | | | | (14,327,293 | ) | | | 209,288,245 | |
| Mid Cap Growth Fund | | | 96,692,861 | | | | 24,553,332 | | | | (7,152,157 | ) | | | 17,401,175 | |
| Mid Cap Value Fund | | | 141,573,184 | | | | 43,386,590 | | | | (5,267,353 | ) | | | 38,119,237 | |
| Mid Core Value Fund | | | 84,193,767 | | | | 14,412,414 | | | | (3,640,913 | ) | | | 10,771,501 | |
| SMID Cap Growth Fund | | | 56,508,019 | | | | 6,685,934 | | | | (892,674 | ) | | | 5,793,260 | |
| SMID Cap Value Fund | | | 65,647,047 | | | | 16,295,791 | | | | (2,701,259 | ) | | | 13,594,532 | |
| Small Cap Growth Fund | | | 70,866,633 | | | | 27,369,045 | | | | (2,357,510 | ) | | | 25,011,535 | |
| Small Cap Value Fund | | | 201,967,937 | | | | 48,399,994 | | | | (5,605,947 | ) | | | 42,794,047 | |
| Small Cap Index Fund | | | 55,890,996 | | | | 24,980,947 | | | | (5,427,519 | ) | | | 19,553,428 | |
| Developed International Index Fund | | | 84,907,130 | | | | 29,339,857 | | | | (6,879,496 | ) | | | 22,460,361 | |
| International Equity Fund | | | 280,493,394 | | | | 90,897,695 | | | | (3,661,287 | ) | | | 87,236,408 | |
| Emerging Markets Equity Fund | | | 141,615,230 | | | | 39,087,026 | | | | (5,459,893 | ) | | | 33,627,133 | |
| Real Estate Securities Fund | | | 128,614,834 | | | | 14,469,535 | | | | (3,702,618 | ) | | | 10,766,917 | |
| Aggressive Allocation Fund | | | 51,966,844 | | | | 15,970,510 | | | | (345,104 | ) | | | 15,625,406 | |
| Moderately Aggressive Allocation Fund | | | 190,292,313 | | | | 68,758,534 | | | | (1,006,377 | ) | | | 67,752,157 | |
| Moderate Allocation Fund | | | 254,693,678 | | | | 86,652,199 | | | | (1,090,234 | ) | | | 85,561,965 | |
| Moderately Conservative Allocation Fund | | | 79,178,800 | | | | 20,136,447 | | | | (303,023 | ) | | | 19,833,424 | |
| Conservative Allocation Fund | | | 49,608,842 | | | | 7,455,261 | | | | (86,997 | ) | | | 7,368,264 | |
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 each 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 Funds 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.
204
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
7 — DERIVATIVE FINANCIAL INSTRUMENTS
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include written options, forward foreign currency exchange contracts and futures contracts.
The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
Futures Contracts — A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.
To the extent permitted by the investment objective, restrictions and policies set forth in the Funds’ Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn “market-like” returns with the Funds’ excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the 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, 2017. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds at June 30, 2017 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 | | | 9/30/2017 | | | | 130 | | | | 2,000 | | | $ | 108 | | | $ | (44,687 | ) |
| Limited Maturity Bond | | Buy/Long | | US Treasury Note | | | 9/30/2017 | | | | 50 | | | | 1,000 | | | | 118 | | | | (19,922 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (64,609 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Quality Bond | | Buy/Long | | US Treasury Note | | | 9/30/2017 | | | | 150 | | | | 2,000 | | | | 108 | | | | (51,563 | ) |
| Quality Bond | | Buy/Long | | US Treasury Note | | | 9/30/2017 | | | | 150 | | | | 1,000 | | | | 118 | | | | (39,844 | ) |
| Quality Bond | | Sell/Short | | US Treasury Note | | | 9/30/2017 | | | | (305 | ) | | | 1,000 | | | | 126 | | | | 90,548 | |
| Quality Bond | | Sell/Short | | US Treasury Note | | | 9/30/2017 | | | | (20 | ) | | | 1,000 | | | | 154 | | | | (23,125 | ) |
| Quality Bond | | Buy/Long | | US Treasury Ultra Bond | | | 9/30/2017 | | | | 95 | | | | 1,000 | | | | 166 | | | | 133,047 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 109,063 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Index 500 | | Buy/Long | | E-Mini S&P 500 Index | | | 9/17/2017 | | | | 26 | | | | 50 | | | | 2,421 | | | | (12,258 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (12,258 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Small Cap Index | | Buy/Long | | Russell 2000 Mini Index | | | 9/17/2017 | | | | 3 | | | | 50 | | | | 1,414 | | | | (1,180 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (1,180 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Developed International Index | | Buy/Long | | E-Mini MSCI EAFE Index | | | 9/17/2017 | | | | 17 | | | | 50 | | | | 1,890 | | | | (4,247 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (4,247 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
205
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds as of June 30, 2017 are classified as Level 1.
Options — An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.
Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operation.
The 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, 2017 for the Flexibly Managed Fund were as follows:
| | | | | | | | |
Flexibly Managed Fund | | Number of
contracts/
Notional Amount | | | Premium
Received | |
| Options outstanding at December 31, 2016 | | | 55,697 | | | $ | 16,242,366 | |
| Options written | | | 19,049 | | | | 6,999,330 | |
| Options repurchased | | | (5,582 | ) | | | (2,135,245 | ) |
| Options expired | | | (28,659 | ) | | | (6,654,941 | ) |
| Options exercised | | | (19,777 | ) | | | (4,428,977 | ) |
| | | | | | | | |
| Options outstanding at June 30, 2017 | | | 20,728 | | | $ | 10,022,533 | |
| | | | | | | | |
206
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
The total market value of written options held in the Flexibly Managed Fund as of June 30, 2017 can be found on the Schedule of Investments.
Forward Foreign Currency Contracts — A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
The High Yield Bond and Mid Core Value 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 High Yield Bond Fund at June 30, 2017 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 | | | CIBC World Markets | | | | 09/22/2017 | | | $ | (600,000 | ) | | | 1.29510 | | | $ | (452,525 | ) | | $ | (463,284 | ) | | $ | (10,760 | ) |
| Sell | | Euro | | | State Street Global | | | | 08/25/2017 | | | | (2,012,000 | ) | | | 0.87301 | | | | (2,271,464 | ) | | | (2,304,666 | ) | | | (33,202 | ) |
| Buy | | Euro | | | Merrill Lynch | | | | 08/25/2017 | | | | 270,061 | | | | 0.87301 | | | | 303,716 | | | | 309,345 | | | | 5,629 | |
| Buy | | Euro | | | HSBC Securities | | | | 08/25/2017 | | | | 142,173 | | | | 0.87301 | | | | 160,030 | | | | 162,854 | | | | 2,824 | |
| Sell | | Euro | | | Citibank | | | | 08/25/2017 | | | | (1,959,000 | ) | | | 0.87301 | | | | (2,214,101 | ) | | | (2,243,957 | ) | | | (29,856 | ) |
| Buy | | Euro | | | Citibank | | | | 08/25/2017 | | | | 301,422 | | | | 0.87301 | | | | 339,234 | | | | 345,267 | | | | 6,033 | |
| Buy | | Pound Sterling | | | Citibank | | | | 07/03/2017 | | | | 75,492 | | | | 0.76770 | | | | 98,154 | | | | 98,334 | | | | 180 | |
| Sell | | Pound Sterling | | | HSBC Securities | | | | 07/21/2017 | | | | (1,745,929 | ) | | | 0.76724 | | | | (2,241,729 | ) | | | (2,275,602 | ) | | | (33,873 | ) |
| Buy | | Pound Sterling | | | Merrill Lynch | | | | 07/21/2017 | | | | 388,657 | | | | 0.76724 | | | | 495,405 | | | | 506,566 | | | | 11,161 | |
| Sell | | Pound Sterling | | | Citibank | | | | 07/21/2017 | | | | (75,492 | ) | | | 0.76724 | | | | (98,210 | ) | | | (98,394 | ) | | | (184 | ) |
| Buy | | Pound Sterling | | | Citibank | | | | 07/21/2017 | | | | 14,875 | | | | 0.76724 | | | | 19,247 | | | | 19,388 | | | | 141 | |
| Sell | | Swiss Francs | | | HSBC Securities | | | | 08/25/2017 | | | | (191,000 | ) | | | 0.95553 | | | | (197,660 | ) | | | (199,888 | ) | | | (2,228 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (84,135 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Open forward foreign currency contracts held by Mid Core Value Fund at June 30, 2017 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 | | | 09/29/2017 | | | $ | (1,786,616 | ) | | | 1.29497 | | | $ | (1,351,826 | ) | | $ | (1,379,655 | ) | | $ | (27,829 | ) |
| Buy | | Canadian Dollar | | Morgan Stanley | | | 09/29/2017 | | | | 42,875 | | | | 1.29497 | | | | 33,051 | | | | 33,109 | | | | 58 | |
| Buy | | Euro | | UBS | | | 09/29/2017 | | | | 35,620 | | | | 0.87135 | | | | 40,891 | | | | 40,879 | | | | (12 | ) |
| Sell | | Euro | | UBS | | | 09/29/2017 | | | | (721,969 | ) | | | 0.87135 | | | | (811,017 | ) | | | (828,565 | ) | | | (17,548 | ) |
| Sell | | Japanese Yen | | Credit Suisse | | | 09/29/2017 | | | | (63,041,569 | ) | | | 112.02556 | | | | (567,076 | ) | | | (562,743 | ) | | | 4,333 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | (40,998 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
207
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
The total market value of forward foreign currency contracts held in the High Yield Bond and Mid Core Value Funds as of June 30, 2017 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, 2017:
| | | | |
| | | 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 within 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, 2017:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | — | | | | — | | | | — | | | | — | | | | — | | | $ | (64,609 | ) |
| Quality Bond Fund | | | — | | | | — | | | $ | 223,595 | | | | — | | | | — | | | | (114,532 | ) |
| High Yield Fund | | | — | | | $ | 25,968 | | | | — | | | | — | | | $ | (110,103 | ) | | | — | |
| Flexibly Managed Fund | | | — | | | | — | | | | — | | | $ | (18,456,867 | ) | | | — | | | | — | |
| Index 500 Fund | | | — | | | | — | | | | — | | | | (12,258 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | 4,391 | | | | — | | | | — | | | | (45,389 | ) | | | — | |
| Small Cap Index Fund | | | — | | | | — | | | | — | | | | (1,180 | ) | | | — | | | | — | |
| Developed International Index Fund | | | — | | | | — | | | | — | | | | (4,247 | ) | | | — | | | | — | |
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
208
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
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, 2017:
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | 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 America Merrill Lynch | | Fx Letter | | $ | 16,790 | | | | — | | | $ | 16,790 | | | | — | | | $ | 16,790 | |
CIBC World Markets | | Fx Letter | | | — | | | $ | (10,760 | ) | | | (10,760 | ) | | | — | | | | (10,760 | ) |
Citigroup | | Fx Letter | | | 6,354 | | | | (30,040 | ) | | | (23,686 | ) | | | — | | | | (23,686 | ) |
HSBC Securities | | Fx Letter | | | 2,824 | | | | (36,101 | ) | | | (33,277 | ) | | | — | | | | (33,277 | ) |
State Street Global | | Fx Letter | | | — | | | | (33,202 | ) | | | (33,202 | ) | | | — | | | | (33,202 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | 25,968 | | | | (110,103 | ) | | | (84,135 | ) | | | — | | | | (84,135 | ) |
Flexibly Managed Fund | | | | | | | | | | | | | | | | | | | | | | |
Bank of America Merrill Lynch | | ISDA | | | — | | | | (2,177,560 | ) | | | (2,177,560 | ) | | | — | | | | (2,177,560 | ) |
Citigroup Global Markets | | ISDA | | | — | | | | (8,286,060 | ) | | | (8,286,060 | ) | | | — | | | | (8,286,060 | ) |
Credit Suisse | | ISDA | | | — | | | | (239,956 | ) | | | (239,956 | ) | | | — | | | | (239,956 | ) |
Deutsche Bank | | ISDA | | | — | | | | (5,695,096 | ) | | | (5,695,096 | ) | | | — | | | | (5,695,096 | ) |
Goldman Sachs | | ISDA | | | — | | | | (696,872 | ) | | | (696,872 | ) | | | — | | | | (696,872 | ) |
JPMorgan | | ISDA | | | — | | | | (72,225 | ) | | | (72,225 | ) | | | — | | | | (72,225 | ) |
RBC Securities | | ISDA | | | — | | | | (1,325,898 | ) | | | (1,325,898 | ) | | | — | | | | (1,325,898 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | — | | | | (18,484,667 | ) | | | (18,484,667 | ) | | | — | | | | (18,484,667 | ) |
Mid Core Value Fund | | | | | | | | | | | | | | | | | | | | | | |
Credit Suisse | | Fx Letter | | | 4,333 | | | | — | | | | 4,333 | | | | — | | | | 4,333 | |
Morgan Stanley | | Fx Letter | | | 58 | | | | (27,829 | ) | | | (27,771 | ) | | | — | | | | (27,771 | ) |
UBS | | Fx Letter | | | — | | | | (17,560 | ) | | | (17,560 | ) | | | — | | | | (17,560 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | 4,391 | | | | (45,389 | ) | | | (40,998 | ) | | | — | | | | (40,998 | ) |
209
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2017:
| | |
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 |
| | | | | | | | | | | | |
Portfolio | | Realized Gain (Loss) on Derivatives Recognized in Income | |
| | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | |
Limited Maturity Bond Fund | | | — | | | | — | | | $ | 28,578 | |
Quality Bond Fund | | | — | | | | — | | | | (390,666 | ) |
High Yield Fund | | | — | | | $ | (731,604 | ) | | | — | |
Flexibly Managed Fund | | $ | 6,733,087 | | | | — | | | | — | |
Index 500 Fund | | | 371,438 | | | | — | | | | — | |
Mid Cap Growth Fund | | | 48,756 | | | | 118 | | | | — | |
Mid Core Value Fund | | | — | | | | (98,593 | ) | | | — | |
Small Cap Index Fund | | | 1,758 | | | | — | | | | — | |
Developed International Index Fund | | | 212,165 | | | | 10,475 | | | | — | |
Emerging Markets Equity Fund | | | — | | | | (57,771 | ) | | | — | |
| | | | | | | | | | | | |
Portfolio | | Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income | |
| | | Equity contracts | | | Foreign currency
contracts | | | Interest rate
contracts | |
Limited Maturity Bond Fund | | | — | | | | — | | | $ | (48,984 | ) |
Quality Bond Fund | | | — | | | | — | | | | 109,064 | |
High Yield Fund | | | — | | | $ | (290,185 | ) | | | — | |
Flexibly Managed Fund | | $ | 8,339,193 | | | | — | | | | — | |
Index 500 Fund | | | 10,593 | | | | — | | | | — | |
Mid Core Value Fund | | | — | | | | (20,543 | ) | | | — | |
Small Cap Index Fund | | | 16,630 | | | | — | | | | — | |
Developed International Index Fund | | | (768 | ) | | | — | | | | — | |
Emerging Markets Equity Fund | | | — | | | | (41,283 | ) | | | — | |
The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2017. 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 | | | — | | | $ | 32,053,103 | | | $ | 599,095 | | | | — | | | | — | |
Quality Bond Fund | | | — | | | | 35,330,358 | | | | (41,252,634 | ) | | | — | | | $ | (14,453 | ) |
210
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
High Yield Fund | | $ | (8,671,702 | ) | | | — | | | | — | | | | — | | | | — | |
Flexibly Managed Fund | | | — | | | | — | | | | — | | | | — | | | $ | (11,139,967 | ) |
Index 500 Fund | | | — | | | $ | 4,263,935 | | | | — | | | | — | | | | — | |
Mid Cap Growth Fund | | | — | | | | — | | | | — | | | $ | 28,564 | | | | (65,093 | ) |
Mid Core Value Fund | | | (2,812,517 | ) | | | — | | | | — | | | | — | | | | — | |
Small Cap Index Fund | | | — | | | | 1,017,295 | | | | — | | | | — | | | | — | |
Developed International Index Fund | | | — | | | | 1,672,055 | | | | — | | | | — | | | | — | |
Emerging Markets Equity Fund | | | (1,228,657 | ) | | | — | | | | — | | | | — | | | | — | |
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.
211
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2017 (Unaudited)
10 — NEW REGULATORY MATTERS
On October 13, 2016, the SEC adopted new rules and forms, and amended existing rules and forms, which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. Also under the new rules, the SEC will permit open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Although still evaluating the impact of the rules, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.
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.
212
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
Disclosure of Portfolio Holdings
The SEC has adopted a requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q. For the Penn Series Funds, Inc., this would be for the fiscal quarters ending March 31 and September 30. The Form N-Q filing is made within 60 days after the end of the quarter. Penn Series Funds, Inc. filed its most recent Form N-Q with the SEC on May 24, 2017. 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, 2017 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
Board Approval of Investment Advisory and Sub-Advisory Agreements
The Penn Series Funds, Inc. (the “Company”) and Penn Mutual Asset Management, LLC (“PMAM”) have entered into an investment advisory agreement (the “Advisory Agreement”) pursuant to which PMAM (i) provides day-to-day investment management services to certain of the Company’s 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 other of the Company’s Funds (collectively, the “Sub-Advised Funds” and, together with the Directly Managed Funds, the “Penn Series Funds”). The Directly Managed Funds are: the Money Market, Limited Maturity Bond, Quality Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds. The Sub-Advised Funds are: 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.
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.
213
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
Board Approval of New Janus Sub-Advisory Agreement
At a meeting of the Board held on February 22, 2017, PMAM recommended, and the Board, including a majority of the Independent Directors of the Company, approved a new Sub-Advisory Agreement between PMAM and Janus Capital Management, LLC (“Janus”), with respect to the Small Cap Growth Fund (the “Fund”) (the “Janus Sub-Advisory Agreement”). The parties entered into the Janus Sub-Advisory Agreement in anticipation of an all-stock merger of equals between Janus Capital Group Inc., the parent company of Janus (“JCG”), and Henderson Group plc. The merger constituted a change of control, as the ultimate parent company of Janus changed from JCG to the combined entity known as Janus Henderson Group plc (“JHG”), and that change of control caused an assignment of the sub-advisory agreement between PMAM and Janus, dated May 1, 2013, with respect to the Fund, as amended (the “Prior Janus Sub-Advisory Agreement”). Pursuant to Section 15 of the 1940 Act, the Prior Janus Sub-Advisory Agreement automatically terminated upon its assignment. With the exception of its term and effective date, the material terms of the Janus Sub-Advisory Agreement are identical to the material terms of the Prior Janus Sub-Advisory Agreement. PMAM recommended the approval of, and the Board and the Independent Directors approved, the new Janus Sub-Advisory Agreement effective for the period commencing on the date of the merger, May 30, 2017, through May 31, 2017.
Board Considerations. Prior to the approval of the Janus Sub-Advisory Agreement, the Board received written and oral information from PMAM and Janus. PMAM reviewed with the Board the bases for its recommendations, including its positive working relationship with Janus and Janus’s performance with respect to its management of the Fund to date. The Board also received information from the Fund’s Chief Compliance Officer concerning her due diligence findings relating to Janus’s compliance infrastructure and compliance program. The Board then considered information about the events and transactions that would lead to the “assignment” of the Prior Sub-Advisory Agreement as described in written materials provided to the Board by Janus. The Board also considered information presented to the Board during the May 10, 2016 and May 19, 2016 meetings during which it most recently considered and approved the continuance of the Prior Sub-Advisory Agreement. The Board further noted that it would have an opportunity to consider the approval of the continuance of the Sub-Advisory Agreement in connection with its annual consideration of the advisory agreement sub-advisory agreement continuances scheduled to be carried out on May 11, 2017 and May 18, 2017. The Board deliberated on the approval of the Janus Sub-Advisory Agreement in light of this information.
As further outlined below, in approving the Janus Sub-Advisory Agreement, the Board carefully evaluated: (1) the nature, extent and quality of the services expected to be rendered by Janus to the Fund; (2) the performance record of Janus; (3) the costs of the services provided by Janus and the profitability of Janus with respect to the Fund; and (4) the extent to which economies of scale would be realized as the Fund grows and whether the Fund’s sub-advisory fee levels reflect those economies of scale for the benefit of Fund investors. The Board evaluated the foregoing information, as well as such other information as the Directors considered to be relevant in the exercise of their reasonable judgment, in their decision to approve the Janus Sub-Advisory Agreement.
Nature, Extent and Quality of Sub-Advisory Services. In considering the nature, extent and quality of the services to be provided by Janus, the Board evaluated, among other things, Janus’s business, personnel, experience, investment decision process, past performance, brokerage practices, including soft dollar practices, conflicts of interest, compliance program, and the resources of Janus to be dedicated to the Fund. The Board considered that Janus expected that the nature and quality of the services it provides to the Fund would only improve with the ability to bring the combined resources of JHG to bear and would not be adversely affected. The Board also noted that Janus planned to retain the same investment processes, key portfolio management personnel and other support systems as are currently in place. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services and resources to be provided by Janus to the Fund supported the approval of the Janus Sub-Advisory Agreement.
Performance Record. In considering the past performance record of Janus, the Board evaluated the recent and long-term performance of the Fund relative to its peer group and appropriate indices/benchmarks, in light of total return, economic and market trends, and both market risk and shareholder risk expectations. Based on this evaluation, the Board concluded, within the context of its full deliberations, that Janus’s performance with respect to its management of the Fund supported the approval of the Janus Sub-Advisory Agreement.
214
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
Costs of Sub-Advisory Services. In considering the costs of the sub-advisory services to be provided by Janus, the Board evaluated (a) the services to be provided by Janus; (b) the sub-advisory fees to be paid to Janus; (c) the sub-advisory fees to be paid to Janus in comparison to sub-advisory fees charged to other comparable mutual funds and other types of comparable accounts; and (d) the fact that Janus will be compensated by PMAM and not by the Fund directly and that such compensation reflects arms-length negotiations between PMAM and Janus. The Board noted that the sub-advisory fee would remain the same under the Janus Sub-Advisory Agreement as it was under the Prior Janus Sub-Advisory Agreement, and that Fund shareholders would not experience an increase in fees or expenses with the approval of the Janus Sub-Advisory Agreement. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the sub-advisory fee charged under the Janus Sub-Advisory Agreement is reasonable and supported approval of the Janus Sub-Advisory Agreement.
Profitability and Other Benefits. Noting that Janus is compensated by PMAM at a rate negotiated at arm’s length, the Board determined the profits realized by Janus are not unreasonable. In evaluating the other or fall-out benefits that may accrue to Janus because of its relationship with the Fund, the Board noted that Janus may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Fund’s assets and may also develop additional investment advisory business with PMAM or the Company as a result of its relationship with the Fund.
Economies of Scale. The Board considered the existence of any economies of scale and whether any such economies of scale would be passed along to the Fund’s shareholders through a graduated investment advisory fee schedule (i.e., breakpoints) or other means, including any fee waivers by PMAM and its affiliates. The Board noted that while the sub-advisory fee schedule does not include breakpoints, the advisory fee schedule does and concluded that at least a portion of any realized economies of scale would be shared with the Fund’s shareholders.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the Janus Sub-Advisory Agreement and concluded that the compensation under the Janus Sub-Advisory Agreement is fair and reasonable in light of such services and such other matters as the Board considered to be relevant in the exercise of the Directors’ reasonable judgment. In the course of its deliberations, the Board did not identify any particular information or single factor that was all-important or controlling.
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements and Amendments to the Investment Advisory and MSIM Sub-Advisory Agreements
The Board called and held meetings on May 11, 2017 and May 18, 2017 (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 (i) 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), and (ii) approve amendments to the Advisory Agreement and the Sub-Advisory Agreement between PMAM and Morgan Stanley Investment Management Inc. (“MSIM”), with respect to the Emerging Markets Equity Fund (the “MSIM Sub-Advisory Agreement”), to reduce the investment advisory and sub-advisory fees, respectively, paid by the Emerging Markets Equity Fund (each, an “Amendment” and together, the “Amendments”). The Amendments, each dated May 18, 2017, became effective on June 1, 2017.
| | |
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 |
215
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
| | |
Sub-Adviser | | Fund |
Goldman Sachs Asset Management, L.P. | | SMID Cap Growth 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 | | Emerging Markets Equity Fund |
Morgan Stanley Investment Management Inc. | | Large Core Growth 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 |
Board Considerations. In response to the Board’s written request for information, PMAM and 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 and Amendments. 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 and approval of the Amendments. The Independent Directors also met in executive session with senior representatives of PMAM to discuss the written materials provided by PMAM.
The Board evaluated and discussed written materials provided by PMAM and the Sub-Advisers that 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) other benefits that may accrue to PMAM, the Sub-Advisers, and their affiliates as a result of their relationship with the Penn Series Funds; (h) the extent to which the Penn Series Funds’ advisory and sub-advisory fees reflect economies of scale for the benefit of fund investors; (i) 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; (j) PMAM’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (k) 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 objective 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. In addition, the Board discussed the proposed reductions to the advisory and sub-advisory fees of the Emerging Markets Equity Fund.
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
216
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
Advisory Agreements and Amendments. The Board discussed the written materials that the Board received before the Meeting and deliberated on the renewal of the Investment Advisory Agreements and approval of the Amendments in light of this information.
At the Meeting, the Board, including the Independent Directors, unanimously approved (i) the Investment Advisory Agreements and Amendments, (ii) the selection of PMAM and the Sub-Advisers to act in their respective capacities for the Penn Series Funds, and (iii) the reduced advisory fees. The Board’s approvals were 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 Amendment 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 and Amendments reflect those economies of scale for the benefit of fund investors. |
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by PMAM and the Sub-Advisers to the Penn Series Funds. In this regard, the Board 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 the resources of PMAM and the Sub-Advisers to be dedicated to each Penn Series Fund. The Board 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. With respect to the Amendments to reduce the compensation paid to PMAM and MSIM by the Emerging Markets Equity Fund specifically, the Board considered PMAM’s and MSIM’s representations to the Board that neither adviser would reduce the quality or quantity of the services it currently provides to the Emerging Markets Equity Fund and that their obligations with respect to the Emerging Markets Equity Fund would remain the same in all respects. 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 supported renewal of the Investment Advisory Agreements and approval of the Amendments.
Fund Performance. The Board 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 Board 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 Board considered both market risk and shareholder risk expectations for a given Penn Series 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.
217
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
Costs of Advisory and Sub-Advisory Services. The Board 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 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 Board also considered its discussions with PMAM at the May 11th meeting concerning the advisory and sub-advisory fees paid by the Emerging Markets Equity Fund, noting that PMAM had since been successful negotiating a reduced sub-advisory fee for the Emerging Markets Equity Fund and had agreed to also reduce the advisory fee it receives from the Fund as reflected by the proposed Amendments. The Board further noted that it and PMAM had agreed to continue to monitor the SMID Cap Value Fund’s fees and expenses. The Board 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 and approval of the Amendments.
Profitability and Other Benefits. With regard to profitability, the Board 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 Board was 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 Board also considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and Amendments 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 Board 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. In evaluating the other or fall-out benefits that may accrue to PMAM, the Sub-Advisers, and their affiliates because of their relationship with the Penn Series Funds, the Board noted that they may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Penn Series Funds’ assets. In addition, the Board considered that the Sub-Advisers may benefit from the development of additional investment advisory business with PMAM or the Company as a result of their relationships with the Penn Series Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of and any fall-out benefits realized by PMAM and the Sub-Advisers are reasonable in relation to the quality of their respective services and supported renewal of the Investment Advisory Agreements and approval of the Amendments.
Economies of Scale. The Board considered the existence of any economies of scale and whether such economies of scale are shared with a Penn Series Fund’s shareholders through a graduated investment advisory fee schedule (i.e., breakpoints) or other means, including any fee waivers by PMAM and its affiliates or the Sub-Advisers. The Board, in particular, considered PMAM’s approach to the implementation of new breakpoints and the review of existing breakpoints. With respect to the Amendments, the Board considered that the fee reduction for the Emerging Markets Equity Fund eliminated breakpoints from the advisory and sub-advisory fee schedules. The Board noted, however, that the reduced advisory and sub-advisory fees payable under the Amendments are lower than the advisory and sub-advisory fees associated with the lowest breakpoint payable under the existing Agreements. Accordingly, the Board determined that the benefit to Fund shareholders of the fee reduction outweighed any potential benefit from the existing breakpoints in the advisory and sub-advisory fee schedules. 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.
218
Penn Series Funds, Inc.
June 30, 2017 (Unaudited)
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the continuation of the Investment Advisory Agreements and the approval of the Amendments and concluded that the compensation under the Investment Advisory Agreements and the Amendments are fair and reasonable in light of such services and such other matters as the Board considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular information that was all-important or controlling.
219
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. © 2017 The Penn Mutual Life Insurance Company and The Penn Insurance & Annuity Company, Philadelphia, PA 19172 www.pennmutual.com PM8539 06/17
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)(1) | | Not applicable. |
| | (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. |
| | (a)(3) | | Not applicable. |
| | |
| | (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.
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| (Registrant) | | Penn Series Funds, Inc. |
| | |
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| By (Signature and Title)* | | /s/ David M. O’Malley |
| | David M. O’Malley, President (principal executive officer) |
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.
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| By (Signature and Title)* | | /s/ David M. O’Malley |
| | David M. O’Malley, President (principal executive officer) |
| | |
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| By (Signature and Title)* | | /s/ Steven Viola |
| | Steven Viola, Treasurer (principal financial officer) |
* Print the name and title of each signing officer under his or her signature.
