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, 2020
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 Penn Series Funds, Inc. Semi-Annual Report As of June 30, 2020 Available through Penn Mutual Variable Products
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the annual and semi-annual shareholder reports for the Funds available under your variable annuity or variable life insurance contract will no longer be sent by mail unless you specifically request paper copies of the reports from The Penn Mutual Life Insurance Company or The Penn Insurance and Annuity Company, as applicable, or your financial intermediary. Instead, the reports will be made available on our website at www.pennmutual.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper and free of charge. You can contact us at (800) 523-0650 or contact your financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds available under your insurance contract.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved
these securities or passed upon the adequacy of this Prospectus.
Any representation to the contrary is a criminal offence.
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 financial professional regularly to ensure that your asset allocation remains on target.
Stocks sold off sharply during the first quarter as the financial markets rapidly reassessed the economic and human impact from the coronavirus outbreak in the U.S. and abroad. After reaching record high levels in mid-February, the S&P 500 Index entered bear market territory with record speed and unprecedented levels of volatility. The hardest hit sectors/subsectors included energy, airlines and hospitality & leisure. The Federal Reserve (Fed) implemented two emergency rate cuts during March as the coronavirus brought economic activity to a standstill and harmed communities in the U.S. and across the globe. The Fed also reopened its quantitative easing (QE) program to keep the flow of credit open to households and businesses. Record-setting fiscal stimulus quickly followed monetary stimulus as Congress and the Trump administration agreed to the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. During the second quarter, equity markets in the U.S. achieved their strongest quarterly results in more than a decade with the rebound fueled by unprecedented measures of monetary and fiscal stimulus. From a sector perspective, technology and consumer discretionary had the strongest returns whereas energy, financials, industrials and utilities 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 -3.30 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 -2.81 percent; mid capitalization stocks, as measured by the Russell Midcap Index, returned -9.13 percent; and small capitalization stocks, as measured by the Russell 2000 Index, returned -12.98 percent. From a style perspective, growth stocks continued to outperform value stocks in all market capitalizations, with the widest disparity being in the large capitalization space. For instance, large capitalization growth stocks, as measured by the Russell 1000 Growth Index, returned 9.81 percent while large capitalization value stocks, as measured by the Russell 1000 Value Index, returned -16.26 percent. Much of the outperformance within growth stocks can be attributed to the strong performance of the technology and consumer discretionary sectors.
International markets, similar to domestic, fell sharply in the first quarter as investors reacted to the escalation of the coronavirus pandemic. This resulted in the worst quarter for many indices since the financial crisis. Fueled by extensive global fiscal and monetary stimulus measures, international equity markets rebounded strongly in the second quarter. As a result, during the first six months of the year, emerging market stocks posted a -9.78 percent return, as measured by the MSCI Emerging Markets Index, and developed international stocks returned -11.34 percent, as measured by the MSCI EAFE Index.
Investment-grade fixed income securities outperformed high-yield bonds during the six-month period. Treasury yields across the curve remained near record low levels through the second quarter with Fed bond purchase activity and economic uncertainty keeping a lid on rates. Investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Index, returned 6.14 percent and the Credit Suisse High Yield Bond Index returned -5.27 percent. Corporate bond issuance surged to record levels as investors took comfort in the Fed’s commitment to do “whatever it takes” to provide liquidity and maintain financial stability. The Fed issued forward guidance at the June Federal Open Market Committee meeting suggesting short-term rates are likely to remain at the zero lower bound through the end of 2022.
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 1.79% for the six-month period ending June 30, 2020, compared to 2.88% for its benchmark, the Bloomberg Barclays Capital U.S. Government/Credit 1-3 Year Index, for the same period.
Financial markets sold off sharply in early March when measures to contain the coronavirus outbreak brought economic activity to a near standstill. Labor market conditions in the U.S. quickly turned to the weakest levels since the Great Depression with numerous industries such as travel and hospitality bearing the brunt of the shutdown.
The rapid and extensive response of fiscal and monetary stimulus contributed to a quick rebound in financial market performance during the second quarter. Fixed income spread sector performance benefitted from the Federal Reserve’s (Fed’s) decision to include corporate bonds as part of its bond expanded purchase program, or quantitative easing.
Treasury yields settled into a relatively narrow range in the second quarter following the sharp decline in rates during February and March. Fed policymakers expect to keep short-term rates at the zero lower bound through the end of 2022 to help the U.S. economy fully recover from the coronavirus pandemic.
We are maintaining our overweight positioning in short duration spread sectors with an up-in-quality bias in light of continuing economic and political uncertainty in the U.S. and globally. Our focus on new purchase activity remains concentrated among fixed-income sectors and securities benefitting from the Fed’s recent expanded bond purchase program. Fund holdings remain diversified across corporate and structured securities with overweight positioning to highly rated collateralized loan obligations (CLOs) and floating-rate bank hybrid securities.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Corporate Bonds | | | 49.9 | % |
| |
Asset Backed Securities | | | 23.7 | % |
| |
Commercial Mortgage Backed Securities | | | 9.9 | % |
| |
Residential Mortgage Backed Securities | | | 8.0 | % |
| |
U.S. Treasury Obligation | | | 6.2 | % |
| |
Municipal Bonds | | | 1.4 | % |
| |
Commercial Paper | | | 0.9 | % |
| | | | |
| |
| | | 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 5.62% for the six-month period ending June 30, 2020, compared to 6.14% for its benchmark, the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the same time period.
Financial market performance rebounded strongly in the second quarter with record quantities of fiscal and monetary stimulus helping to fuel the rally. Credit markets benefitted from the expanded Federal Reserve (Fed) bond purchase program to include both investment-grade and high-yield corporate bonds. Corporate issuers took full advantage of the Fed support and issued debt at a record-setting pace with more than $1.4 trillion of new supply during the first half of 2020.
Treasury yields settled into a narrow range across the curve following the extreme interest rate volatility witnessed in February and March. 10-year Treasury yields ended the quarter at 0.66% almost exactly where they started and approximately half the record low level before the pandemic. The Fed expects to keep short-term interest rates at the zero lower bound through 2022 in order to ease economic damage created to contain the spread of the coronavirus. Restoring labor market conditions back to pre-pandemic levels is a primary focus for Fed policymakers.
Fund performance lagged its benchmark during the first six months of 2020 despite the rebound in spread sector performance during the second quarter. We continue to search for attractive entry points in the new issue corporate bond market as a source of excess return. We expect a continued recovery in valuations across our structured credit investments, albeit at a more moderate pace relative to the corporate bond market. Our opportunistic, value-based approach should benefit performance in a still uncertain economic and political environment.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Corporate Bonds | | | 46.6 | % |
| |
Commercial Mortgage Backed Securities | | | 16.9 | % |
| |
Residential Mortgage Backed Securities | | | 14.5 | % |
| |
Asset Backed Securities | | | 11.7 | % |
| |
Municipal Bonds | | | 5.4 | % |
| |
U.S. Treasury Obligation | | | 4.9 | % |
| | | | |
| |
| | | 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 –1.81% for the six-month period ending June 30, 2020, compared to the –5.27% return for its benchmark, the CSFB High Yield Bond Index for the same time period.
COVID-19 put an official end to one of the longest economic expansions in U.S. history, plunging the economy into a severe recession by the end of the first quarter. Just as rapid as the spread of the virus was the global response to it, with governments and central banks around the world injecting massive stimulus into the system. Among the myriad of government responses, the announcement by the Federal Reserve (Fed) of its primary and secondary credit market facilities seemed to be the key to restoring liquidity, access and confidence in the financial markets. The gradual reopening of the economy on a state-by-state basis that started in mid-May, as well as positive vaccine news, also contributed to the rally in equity markets and credit spreads. Fund flows into credit accelerated as the market gained confidence that the Fed backstop was firmly in place and enabled corporate issuers to access the market. High-yield issuance was tentative as the second quarter began but resulted in setting a quarterly record. Performance in May and June was led by lower quality (CCCs) and cyclical sectors (transportation, energy). Despite the rebound in equity and credit markets, default rates and downgrades into high yield were material, reflecting the stress in the real economy.
During the period, the Fund outperformed its benchmark largely due to its up-in-quality orientation, as well as an underweight position in some of the hardest hit sectors of energy and gaming, lodging and leisure. The Fund added risk tactically during the second quarter. Due to the explicit Fed support for investment-grade credit through its primary and secondary credit facilities, the Fund added low BBB credit in the second quarter, and maintained its roughly 60% weighting in the BB category and better credit quality. The Fund’s energy exposure was increased to a market weight position, while down-in-quality credit was added in healthcare, packaging and select auto and aviation bonds.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
BB/B Rated | | | 35.0 | % |
| |
BBB/BB Rated & Above | | | 26.2 | % |
| |
BB Rated | | | 19.4 | % |
| |
B Rated | | | 7.7 | % |
| |
B/CCC Rated | | | 5.4 | % |
| |
CCC and Below | | | 2.4 | % |
| |
Not Rated | | | 2.9 | % |
| |
Loan Agreements | | | 1.0 | % |
| |
Equity Securities | | | — | %2 |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
4
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Flexibly Managed Fund
The Penn Series Flexibly Managed Fund returned –0.18% for the six-month period ending June 30, 2020, compared to the 1.88% return of its benchmark, the S&P 500 Index for the same time period.
The portfolio posted a slightly negative return but outperformed its all-equity S&P 500 Index benchmark for the six-month period ending June 30, 2020. The portfolio’s equity holdings delivered a slightly negative return during the period but outperformed the S&P Index. The portfolio’s fixed income securities posted a positive return but underperformed the Bloomberg Barclays U.S. Aggregate Bond Index.
U.S. stocks suffered their worst declines since the financial crisis in late 2008 as the accelerating coronavirus pandemic led to the shutdown of significant portions of the global economy. News of the rapid spread of the coronavirus led to the closure of schools, restaurants, and other public facilities, which created extraordinary market volatility on several occasions during the period. The declines brought a decisive end to the record-long bull market that began in 2009. However, stocks rebounded beginning in April. Progress in the battle against the coronavirus boosted markets, with infection rates, hospitalizations, and deaths beginning to decline in early April in New York and other hard-hit areas. The turnaround encouraged the nation’s governors to begin the gradual reopening of businesses and public facilities, while major firms resumed manufacturing operations in late April. The overall tone of economic data also improved through the end of the period.
We have a balanced view of the current market and have leaned into risk in a measured way. Our overall equity weight increased. We bought shares in the utilities and materials sectors and sold shares in the health care sector.
Our overall fixed income weight was largely unchanged. We decreased our allocation to corporate bonds and high yield debt, while our position in bank loans increased.
Within equities, the financials sector drove relative outperformance driven by strong security selection coupled with a favorable underweight position. Global insurance broker Marsh & McLennan outperformed on strong earnings, driven by a rising property and casualty pricing environment, and from less exposure to lower interest rates than many sector peers. The health care sector also contributed due to stock selection and an
overweight position. Managed care provider Humana benefited from a better-than-expected medical loss ratio in its retail business and strong Medicare Advantage enrollment growth. A favorable underweight allocation in the energy sector further bolstered relative results.
Conversely, the information technology sector was the largest detractor from relative results driven by poor stock selection. Fiserv, along with other IT services industry peers, lagged other information technology industries, such as software and hardware, which investors believe will see less fallout from the pandemic-driven pullback in demand. An unexpected announcement that the company’s CEO will retire also raised some investor concern in early May. The industrials and business services sector also hampered relative results due to an overweight allocation coupled with security selection. Shares of industrial conglomerate GE underperformed as the global coronavirus pandemic weighed on the company’s underlying business units, including its aviation division.
The trajectory of the pandemic and its impact on economic activity remain uncertain over the near term, but we believe periods of volatility such as this highlight the value of our long-term orientation and emphasis on corporate fundamentals. While the market may appear expensive from a broad perspective, the recovery has been concentrated among traditional growth stocks, creating opportunities to identify secular winners at attractive valuations. We have a balanced view of the current market and have leaned into risk in a measured way. We remain focused on identifying high-quality businesses with strong fundamentals that we believe can deliver solid earnings and the potential for growth over the long term.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
5
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| Consumer, Non-cyclical | | | 24.6 | % |
| Technology | | | 15.8 | % |
| Industrial | | | 13.5 | % |
| Financial | | | 12.6 | % |
| Utilities | | | 12.6 | % |
| Communications | | | 10.5 | % |
| Consumer, Cyclical | | | 8.4 | % |
| Basic Materials | | | 1.5 | % |
| Asset Backed Securities | | | 0.4 | % |
| Energy | | | 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 0.72% for the six-month period ending June 30, 2020, compared to its benchmarks, the S&P 500 Index’s return of –3.08% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.14% 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 underperformed the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the same period with overweight positioning to credit spread sectors detracting from returns.
Penn Mutual Asset Management, LLC
Investment Adviser
Asset Allocation Target as of 6/30/20
| | | | |
| |
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 8.68% for the six-month period ending June 30, 2020, compared to the 9.81% return for its benchmark, the Russell 1000 Growth Index for the same time period.
The portfolio delivered positive returns for the six months ended June 30, 2020, but underperformed the benchmark Russell 1000 Growth Index. Relative underperformance was driven by weak security selection. The leading detractors were health care, consumer discretionary, and information technology, while communication services and consumer staples contributed.
U.S. stocks suffered their worst declines since the financial crisis in late 2008 as the accelerating coronavirus pandemic led to the shutdown of significant portions of the global economy. News of the rapid spread of the coronavirus led to the closure of schools, restaurants, and other public facilities, which created extraordinary market volatility on several occasions during the period. The declines brought a decisive end to the record-long bull market that began in 2009. However, stocks rebounded beginning in April. Progress in the battle against the coronavirus boosted markets, with infection rates, hospitalizations, and deaths beginning to decline in early April in New York and other hard-hit areas. The turnaround encouraged the nation’s governors to begin the gradual reopening of businesses and public facilities, while major firms resumed manufacturing operations in late April. The overall tone of economic data also improved through the end of the period.
The health care sector was the largest detractor from relative returns, driven by stock choices such as HCA Healthcare and Stryker. Over the past six months, shares of HCA Healthcare came under significant pressure as the U.S. Surgeon General urged the deferment of elective procedures in order to free up capacity for COVID-19 admissions. The steep decline in these high-margin elective procedures weighed on profitability.
Unfavorable stock selection in the consumer discretionary sector also hindered relative results, although a beneficial overweight allocation pared losses. Shares of Wynn Resorts traded lower after a sharp drop in travel demand for Macau and Las Vegas and expectations of a slower recovery in travel and gaming than initially anticipated.
The information technology sector further detracted from relative performance owing to an unfavorable underweight allocation coupled with adverse stock choices.
On the contrary, the communication services sector was the leading contributor to relative results, due to strong security selection such as Snap Inc. and Netflix. Shares of Snap Inc. traded higher due to increased user engagement in response to social distancing measures, relatively low exposure to advertising cuts from small and medium-sized businesses, and increased spending on direct response advertising from verticals that benefited from stay-at-home guidelines.
An underweight exposure to the consumer staples sector also bolstered relative returns.
As economies gradually — and sometimes haltingly — reopen, we believe a sustained recovery will largely depend on controlling the virus in the second half of 2020 and beyond. The key question for markets may now be how long it will take for companies to regain enough earnings power to justify current valuation levels while compensating investors for the risk that an economic recovery might not progress as rapidly or evenly as expected. We are also mindful that the rally in risk assets has been driven by massive doses of fiscal and monetary stimulus, which has set the stage for a tug of war between ample liquidity and the collapse in earnings. Amid uncertainty, asset returns are likely to remain uneven across countries, sectors, industries, and companies, creating the potential to add value with our strategic investing approach but requiring careful analysis to identify opportunities and manage risk.
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 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Technology | | | 31.2 | % |
| |
Communications | | | 31.1 | % |
| |
Consumer, Non-cyclical | | | 17.4 | % |
| |
Financial | | | 8.5 | % |
| |
Consumer, Cyclical | | | 6.6 | % |
| |
Industrial | | | 4.6 | % |
| |
Basic Materials | | | 0.5 | % |
| |
Utilities | | | 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. |
9
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Growth Fund
The Penn Series Large Cap Growth Fund returned –1.00% for the six-month period ending June 30, 2020, compared to the 9.81% return for its benchmark, the Russell 1000 Growth Index for the same time period.
Markets experienced an extraordinarily sharp selloff and, in many cases, an unusually rapid partial recovery in the period. Central banks and fiscal authorities undertook astonishing levels of stimulus to offset the economic effects of government-imposed social-distancing measures implemented to slow the spread of COVID-19. Despite policymakers’ best efforts, a global recession has undoubtedly begun.
Compounding market uncertainty earlier in the coronavirus pandemic was a crash in the price of crude oil due to a sharp drop in global demand and a disagreement between Saudi Arabia and Russia over production cuts, which resulted in a price war. The subsequent decline in prices undercut oil exporters, many of which are in emerging markets, as well as a large segment of the high-yield credit market. OPEC+ later agreed on output cuts, while shale oil producers in the U.S. also decreased production, which — along with the gradual reopening of some major economies and the resultant boost in demand — helped stabilize the price of crude oil.
Around the world, central banks responded quickly and massively to the crisis with programs to improve liquidity and support markets. They proved largely successful in helping to restore market function, ease volatility and stimulate a market rebound at the end of the period. Monetary easing measures were complemented by large fiscal stimulus plans in developed countries. Even emerging market countries were able to implement countercyclical policies — a departure from the usual market-dictated response to risk-off crises — due to relatively manageable external liabilities and balances of payments in many countries, along with persistently low inflation.
As is often the case in a crisis, market vulnerabilities were revealed. For example, companies that added significant leverage to their balance sheets in recent years by borrowing to fund dividend payments and stock buybacks may find it difficult to follow that path in the future, and investors may not reward them if they do. Recapitalizations by some of these highly-leveraged firms could dilute existing shareholders. Very long supply chains designed to squeeze out every bit of savings may be shifted closer to home markets if companies seek to put
resiliency before cost after a series of supply disruptions. The aftereffects of the pandemic could affect consumer, business and government behavior in ways difficult to forecast. Also, while markets have regained lost ground more swiftly than expected, any economic recovery is likely to be protracted.
Stock selection in both the consumer discretionary and the information technology sectors detracted from performance relative to the Russell 1000 Growth Index during the reporting period. Within the consumer discretionary sector, not owning internet retailer Amazon.com and electric vehicle manufacturer Tesla, and an overweight position in hotel operator Marriott International and lifestyle apparel manufacturer V.F. Corporation, held back relative performance. Within the information technology sector, underweight positions in computer and personal electronics maker Apple and software giant Microsoft, and not owning computer graphics processors maker NVIDIA, dampened relative results.
Stocks in other sectors that further weighed on relative performance included overweight positions in financial services provider Charles Schwab, chemical company PPG Industries and medical technology company Becton Dickinson.
Security selection in the industrials sector contributed to relative performance. Within this sector, not owning aerospace company Boeing and an overweight position in consumer credit reporting agency Equifax supported relative results.
Elsewhere, not owning pharmaceutical company Merck, beverage maker Coca-Cola, online travel company Booking, real estate investment trust Simon Property Group, health insurance and Medicare/Medicaid provider UnitedHealth Group and food products distributor Sysco aided relative returns. Additionally, an overweight position in video game maker Electronic Arts and holdings of internet based, multiple services company Tencent (China) further supported relative performance.
Penn Mutual Asset Management, LLC
Investment Adviser
MFS Investments
Investment Sub-Adviser
10
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Technology | | | 28.7 | % |
| |
Consumer, Non-cyclical | | | 25.4 | % |
| |
Communications | | | 11.8 | % |
| |
Industrial | | | 11.7 | % |
| |
Financial | | | 11.1 | % |
| |
Consumer, Cyclical | | | 9.5 | % |
| |
Basic Materials | | | 1.8 | % |
| | | | |
| | | 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. |
11
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Growth Fund
The Penn Series Large Core Growth Fund returned 31.87% for the six-month period ending June 30, 2020, compared to the 9.81% return for its benchmark, the Russell 1000 Growth Index for the same time period.
The first half of 2020 was a period of sharp reversals in the markets as investors grappled with the COVID-19 pandemic and its impacts. U.S. stocks fell precipitously in March 2020 as the virus spread worldwide and lockdowns to contain it shocked the economy. The federal government and Federal Reserve announced massive relief programs to support workers and businesses and to keep credit flowing smoothly. By May, flatter infection rates encouraged U.S. states to gradually reopen. Economic data for May and June, although still below pre-health crisis levels, rebounded by more than expected. This helped investors overlook a renewed acceleration in COVID-19 cases in the U.S. and flaring tensions between the U.S. and China, and stock prices moved sharply higher in the second quarter of 2020.
U.S. large-cap growth stocks performed well in the period. Within the Russell 1000 Growth Index, consumer discretionary, information technology and communication services were the top-performing sectors, while energy, industrials and consumer staples were the weakest performers.
Counterpoint Global seeks high quality companies, which we define primarily as those with sustainable competitive advantages. We manage concentrated portfolios that are highly differentiated from the benchmark, with securities weighted on our assessment of the quality of the company and our conviction. The value added or detracted in any period of time will result from stock selection, given our philosophy and process.
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 portfolio outperformed the Index in this period largely due to favorable stock selection. Sector allocation marginally detracted from relative performance.
Information technology drove the majority of the portfolio’s outperformance this period, primarily due to favorable stock selection; a sector overweight position slightly detracted. Shopify, which operates a cloud-based software and services platform that enables merchants to
build an e-commerce presence, was the top contributor in the sector and across the portfolio. Shopify shares advanced on solid fundamentals including accelerating revenue growth and higher profit margins. The company has seen strong demand for its services, as a growing number of merchants of all sizes seek to build or expand their e-commerce capabilities at a time when the global health pandemic has resulted in a sharp reduction in consumer traffic to physical stores. Strong stock selection in health care, industrials, materials, communication services, consumer discretionary and financials also contributed, as did an underweight in consumer staples, energy and health care, and a lack of exposure to real estate. Veeva Systems, which provides cloud-based software solutions to the life sciences industry, was the top contributor in across these areas and the second greatest across the portfolio. Fundamentals remain strong at Veeva, as the company reported revenue and profitability that beat consensus estimates, demonstrating the resilience of the company’s business model. To address evolving industry needs during the pandemic and continue fostering strong partnerships with its customers, Veeva also launched new relevant products that help support the shift to more digital workflows in areas like physician engagement and clinical trials. The strong performance of these and other holdings offset weakness from media and entertainment provider Walt Disney, which was the largest detractor in the whole portfolio. Its shares declined as the company closed its theme parks and halted content production in response to the COVID-19 pandemic.
Due to the portfolio’s strong performance over the period, no sectors detracted overall. Relative sector weights in information technology, industrials, communication services and materials detracted, but the outperformance of stock selection in these sectors more than compensated. The positive contribution of an underweight in consumer staples outweighed the relative weakness of stock selection there.
As a team, we believe having a market outlook can be an anchor. Our focus is on assessing company prospects over a five-year horizon, and owning a portfolio of unique companies whose market value we believe can increase significantly for underlying fundamental reasons.
Penn Mutual Asset Management, LLC
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
12
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Communications | | | 37.9 | % |
| |
Technology | | | 29.9 | % |
| |
Consumer, Non-cyclical | | | 18.2 | % |
| |
Industrial | | | 4.7 | % |
| |
Basic Materials | | | 4.5 | % |
| |
Consumer, Cyclical | | | 3.7 | % |
| |
Financial | | | 0.8 | % |
| |
Energy | | | 0.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
13
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Value Fund
The Penn Series Large Cap Value Fund returned –16.39% for the six-month period ending June 30, 2020, compared to the –16.26% return for its benchmark, the Russell 1000 Value Index for the same time period.
U.S. equities recorded negative returns for the six-month period ended June 30, 2020. Despite increased volatility, all markets rallied during the second quarter, rising off lows reached in March as the COVID-19 pandemic caused global equity markets to decline from all-time highs in mid-February. Continued support from central banks, early stage reopening of global economies and the prospect of a potential vaccine helped lift investor sentiment, despite a sharp contraction of economic growth, a resurgence of U.S.-China tensions and rising rates of COVID-19 cases in parts of the U.S. and large emerging markets. Growth stocks outperformed their value-style peers in all categories and time periods. Small-cap stocks continued to rally, outperforming large-caps briefly; year-to-date, although both categories have declined, large-cap has performed significantly better.
For the six-month period, the portfolio fell in absolute terms and underperformed its benchmark, the Russell 1000 Value Index. Stock selection within industrials and financials detracted, as did an underweight to consumer staples. Stock selection within consumer discretionary contributed, as did selection within, and an overweight to, the technology sector.
Wells Fargo detracted as the U.S. Federal Reserve (Fed) committed to keeping interest rates low through 2022, introducing further uncertainty for the bank’s already precarious growth prospects. Later in the period, Wells Fargo failed the Fed’s bank stress tests and, as a result, will have to cut its dividend. Raytheon Technologies underperformed on a relative basis driven by concerns about increased commercial aerospace exposure related to its merger with United Technologies and, to a lesser extent, concerns about the U.S. defense budget. Phillips 66 detracted given the sharp decline in oil as prices and demand fell and as weakness was further exacerbated by a Saudi-Russia oil price war.
During the early stages of the pandemic, the market rewarded large-cap pharmaceutical companies, such as top contributor Roche, as the coronavirus crisis persists. Roche has developed and produced a COVID-19 test kit for widespread use and is currently testing its arthritis treatment, Actemra, as a possible treatment for
COVID-19-related pneumonia. Consumer-staples company Walmart also contributed as consumers panic-purchased goods to prepare for a period of extended quarantine. Quest Diagnostics contributed as the company has continued to benefit from increased COVID-19 testing, and a resumption of routine testing, as lockdown restrictions are eased and demand for doctor visits recovers.
Given the rapidity of the recovery, its merit remains hotly debated: bulls argue the market is anticipating a V-shaped recovery as the economy reopens from the COVID-19-induced lockdown, while the bears complain that the recovery has dangerously decoupled from the economy’s realistic prospects and has overstated corporate health. The supply and demand shocks resulting from the initial lockdown have slowly abated, but the massive fiscal and monetary responses to cushion its economic blow are also complicating any accurate measurement of the economy’s trajectory. Given the bewildering state of current conditions, we sensibly focus on the long-term prospects of our companies while also remaining mindful of valuations as they recover.
We seek to own attractively valued companies that are good businesses exhibiting signs of improving success. Our portfolio’s holdings have attractive fundamentals that are consistent with our philosophy — high free-cash-flow yields, low earnings variability and low leverage. These well-managed companies deploy capital wisely, allowing them to grow dividends and enhance the long-term value of their shares.
Penn Mutual Asset Management, LLC
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
14
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Consumer, Non-cyclical | | | 23.7 | % |
| |
Financial | | | 23.0 | % |
| |
Industrial | | | 15.8 | % |
| |
Communications | | | 13.8 | % |
| |
Consumer, Cyclical | | | 10.9 | % |
| |
Technology | | | 7.6 | % |
| |
Energy | | | 4.5 | % |
| |
Basic Materials | | | 0.7 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
15
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Value Fund
The Penn Series Large Core Value Fund returned –15.99% for the six-month period ending June 30, 2020, compared to the –16.26% return for its benchmark, the Russell 1000 Value Index for the same time period.
The first six months of 2020 were marked by two distinct quarterly performance experiences.
During the first quarter, the global coronavirus pandemic spread across the globe and brought most of the world’s economies to their knees. As it became apparent that “social distancing” was one of the best ways to combat the virus, nations around the world ordered citizens to stay at home. Economic activity declined dramatically and weekly U.S. unemployment claims reached a record level of 6.6 million in the final full week of March.
Around the world, the U.S. Federal Reserve (the Fed) and other central banks rolled out stimulus programs to shore up their economies. In March, the Fed enacted two emergency cuts in its benchmark federal funds rate, ending the period at 0.00%-0.25%. To further support the global economy, the Fed also began allowing overseas central banks to use their U.S. Treasury holdings as collateral for short-term dollar borrowing.
During the second quarter, nations across the globe began to slowly reopen. Hoping the worst was behind them, investors responded as businesses began to reopen and employees began to return to work. For the three months ended June 30, nearly all major global stock indexes reported double-digit gains, and U.S. stocks reported their best quarterly returns since 1998.
Away from Wall Street, however, Main Street struggled with two conflicting goals: putting paychecks in employees’ pockets and protecting citizens from coronavirus infection. By the last two weeks of June, it was apparent in much of the U.S. that the struggle was not going well. Some of the earliest states to reopen their economies, including Florida, Texas and Arizona, reported increases in coronavirus infections. Even California, an early leader in virus mitigation, saw cases spike as businesses opened up.
For the full six-month period, the S&P 500 declined 3.08%, while experiencing significant volatility. Elsewhere, the MSCI EAFE Index and the MSCI EM indices declined 11.34% and 9.78%, respectively.
The Fund’s modest outperformance versus the Index was driven by favorable sector allocation results, while stock selection results were slightly negative. All 11 broad economic sectors posted negative returns during the period, with the worst performance coming from the energy, financials, and real estate sectors.
The Fund generated positive stock selection results in financials and consumer discretionary. An underweight exposure within financials also contributed. Within financials, the Fund’s position in Progressive and avoidance of challenged Wells Fargo contributed to relative performance. Within consumer discretionary, positions in Lowe’s and Tractor Supply helped as both stocks delivered double-digit gains during the period. Elsewhere the Fund’s positions in biopharmaceutical company Gilead Sciences and metals and mining firm Rio Tinto contributed to relative performance.
Unfavorable stock selection results within industrials, health care, and information technology detracted from relative performance. Within industrials, positions in Boeing and Hexcel hurt relative performance. In the information technology sector, an underexposure to strong-performing Intel detracted. Elsewhere, positions in Walmart, financials company American International Group, and oilfield services company Schlumberger weighed on relative results.
Penn Mutual Asset Management, LLC
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
16
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Financial | | | 25.9 | % |
| |
Consumer, Non-cyclical | | | 21.7 | % |
| |
Industrial | | | 11.6 | % |
| |
Communications | | | 11.2 | % |
| |
Consumer, Cyclical | | | 7.9 | % |
| |
Utilities | | | 7.2 | % |
| |
Technology | | | 6.0 | % |
| |
Energy | | | 5.8 | % |
| |
Basic Materials | | | 2.7 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
17
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Index 500 Fund
The Penn Series Index 500 Fund returned –3.08% for the six-month period ending June 30, 2020, compared to the –3.08% return for its benchmark, the S&P 500 Index for the same time period.
The investment objective of the Penn Series Index 500 Fund, is to seek a total return which correspond to that of the S&P 500 Index.
The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
Early in 2020, equity markets were able to build on their late-2019 momentum in the first half of January. Rising geopolitical conflict between the U.S. and Iran temporarily caused U.S. stocks to falter, but some relatively upbeat information on fourth quarter earnings alongside improved macro data helped lift U.S. large cap equities to new highs in the middle of the month. However, that optimism was derailed in the latter part of January amidst increased risk-aversion over concerns surrounding the spreading coronavirus. In the U.S., equity markets rebounded at the beginning of February following weak performance at the end of January. While continued positive economic news and earnings information continued into the month, ultimately COVID-19 concerns would go on to dictate the direction of the U.S. stock market.
At the beginning of March, the markets in the U.S. responded positively to supportive monetary policy in reaction to the economic concerns caused by the expanding virus. By the first weekend in March, news of a disagreement between OPEC and Russia on oil production broke, after which WTI dropped by close to 25% on Monday, March 9. This, combined with escalating concerns over the spread of the virus, the beginning of social distancing and worries over the economic fallout, sent markets careening. By March 11, the WHO declared the COVID-19 outbreak a global pandemic and the major U.S. large cap stock indexes had fallen drastically, technically entering a bear market.
The global economy suffered from an unprecedented shock in March and April driven by government-imposed lockdowns to contain the spread of the COVID-19 pandemic. Policy makers responded with massive, broad-
based fiscal and monetary stimulus to support affected workers and businesses in record time. Economic data in May indicated that the stimulus support and re-opening plans were working, and the economic recovery had begun.
Despite geopolitical concerns that still loomed, U.S. stock markets continued to rebound in May due to the hope that the virus was being contained and as some states began to reopen. There was also hopes and positivity due to increased confidence in treating the virus coupled with more work towards creating a vaccine.
The month of June saw a rally as the economy began to stabilize and the idea that there would be further government stimulus. However, U.S. markets pulled back a bit as COVID-19 cases began to spike again around the country, causing some states to pause on some of their reopening plans.
The Fund used futures in order to gain market exposure for the cash position during the reporting period. The Fund’s use of futures detracted 1 basis point from Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Apple Inc., Microsoft Corporation and Facebook, Inc. Class A. The top negative contributors to the Fund’s performance during the reporting period were Pfizer Inc., Occidental Petroleum Corporation and PG&E Corporation.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
18
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Technology | | | 22.9 | % |
| |
Consumer, Non-cyclical | | | 22.5 | % |
| |
Communications | | | 16.6 | % |
| |
Financial | | | 14.5 | % |
| |
Industrial | | | 7.8 | % |
| |
Consumer, Cyclical | | | 7.8 | % |
| |
Utilities | | | 3.0 | % |
| |
Energy | | | 2.8 | % |
| |
Basic Materials | | | 2.1 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
19
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund returned 12.09% for the six-month period ending June 30, 2020, compared to the 4.16% return for its benchmark, the Russell Midcap Growth Index for the same time period.
After having a drawdown of –35.8% from the high in February to the low in March, the Index had a recovery of 51.1% from the March low through the end of June. Within the Index, the health care, information technology and consumer staples sectors all performed well, primarily benefitting from stay-at-home orders related to the COVID-19 pandemic. The energy, materials, industrials, financials, communication services and consumer discretionary sectors were underperformers during the period.
Within the Fund, relative outperformance at the sector level came from information technology, industrials, consumer discretionary, health care, communication services and financials. Our lack of exposure to the real estate sector was additive to performance relative to the benchmark year to date. The Fund currently has no exposure to utilities. Relative underperformance came from the materials, consumer staples and energy sectors. Equity options and cash were slight detractors to Fund performance during the period.
During the period, the top five contributors to relative performance were DocuSign Inc., Dexcom Inc., Twilio Inc., MercadoLibre Inc. and Teledoc Health Inc. The top five detractors to relative performance were Nordstrom Inc., Noble Energy Inc., Middleby Corp., Axalta Coating Systems Ltd. and BorgWarner Inc.
We believe the U.S. economy is still on tenuous footing and the stock market is likely ahead of itself in assessing a return to economic growth and prospects for corporate profits. The week-over-week change in the CBOE VIX Index (a measurement of the market’s expectation of 30-day forward-looking volatility) maxed out at more than 120% at the end of first quarter, and while volatility has decreased consistently throughout second quarter, it is coming off the highest level we have seen in the past 20 years.
Individual companies appear uncertain as to how to guide for earnings and many have ceased guidance for the remainder of the year. Add to that the effects of reopening states’ economies and the resulting spikes in COVID-19 cases, we think this creates a mixture of tremendous uncertainty in the markets. What is certain is that recent
fiscal and monetary stimulus has been unprecedented, and it seems like that is all the market has needed to process at this point as it looks forward. We still think company and consumer behavior will return to normal over the long term, but the duration of the economic uncertainty and thus, earnings power of companies to meet growth expectations in the shorter term are still cause for caution, especially at the elevated valuations we are seeing in the market. We believe there is little doubt that businesses benefitting from shelter-in-place orders have weathered the volatility better than others. This includes technology companies assisting with working from home orders, and health care companies offering remote capabilities. We continue to see structural challenges for recreation and entertainment companies, restaurants and travel-related businesses where the uncertainty of recovery is most critical.
The Fund’s approach of seeking profitable companies with sound capital structures has served us well through the volatile first half of 2020. We will continue to manage the Fund with our eyes focused on the long term, while being mindfully aware of the short-term risks presented by the pandemic recovery.
Penn Mutual Asset Management, LLC
Investment Adviser
Ivy Investment Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Consumer, Non-cyclical | | | 29.8 | % |
| |
Technology | | | 26.7 | % |
| |
Consumer, Cyclical | | | 16.4 | % |
| |
Industrial | | | 15.4 | % |
| |
Communications | | | 6.3 | % |
| |
Financial | | | 3.1 | % |
| |
Basic Materials | | | 1.5 | % |
| |
Energy | | | 0.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
20
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Value Fund
The Penn Series Mid Cap Value Fund returned –27.56% for the six-month period ending June 30, 2020, compared to the –18.09% return for its benchmark, the Russell Midcap Value Index for the same time period.
Small and mid-cap stocks staged a big bounce off their bear market bottoms, but have significantly lagged larger capitalization and growth stocks. During April, the Fund outperformed the Russell Mid Cap Value Index, which was up 13% for the month. Despite outperforming in April, the Fund lagged the index for the first four months of 2020.
The shelter in place rules were successful, at least temporarily, in reducing the spread of COVID-19. However, economic activity was severely impacted, with GDP and employment falling at a record pace, quickly inducing a severe global recession. Stock prices reacted adversely to the downside. In unprecedented fashion, monetary authorities and governments around the world were quick to flood the markets with record amounts of liquidity. This policy response, coupled with extraordinary medical efforts leading to positive advances in treating COVID-19 and developing a vaccine against it, led investors to quickly bid up stocks ending the bear market.
The commentary provided above was from the former sub-adviser of the Fund, Neuberger Berman Investment Advisers LLC, who was the manager of the Fund until April 30, 2020.
The equity market experienced heightened volatility in the first half of 2020, as the COVID-19 coronavirus outbreak that began in China spread worldwide, disrupting travel and supply chains. This pandemic halted economic activity and triggered a first quarter equity sell-off of historic proportions. Stocks recovered ground in the second quarter, as declining COVID-19 infection rates led many states to reopen their economies in May and June. As a result, investors looked past weak economic data to focus on prospects for recovery later this year. The Federal Reserve provided support for the economy with near-zero interest rates and expanded asset buying. Despite the second quarter rebound, the market still had negative returns year-to-date.
The Fund underperformed its benchmark from May 1, 2020 (inception) through June 30, 2020. Stock selection in real estate, industrials, information technology and consumer discretionary detracted from relative returns, while our stock selection in financials and underweight allocations to health care, utilities and energy contributed.
The Fund’s stock selection in real estate was the greatest detractor from relative performance. While real estate investment trusts (REITs) recovered somewhat from the underperformance experienced during the first six weeks of the COVID-19 sell-off, the sector underperformed wider equities in the second quarter as the narrative that tenants are withholding rent payments continued to weigh on sentiment. Equity Commonwealth, a real estate investment trust specializing in commercial office properties and deriving the majority of its income in the form of rental revenue from tenants occupying its offices, was among the Fund’s biggest individual detractors on a relative basis.
In industrials, our more-defensively oriented holdings lagged the benchmark as housing-related and building materials stocks led performance. While we spent time researching holdings in this area, we were wary of rising underemployment and the potential long-term impact of the pandemic in an already-cyclical industry. BWX Technologies, a leading supplier of precision manufactured components and services for the commercial nuclear power industry, was the Fund’s top individual detractor from relative returns.
The Fund’s stock selection in financials, particularly in banks, was the most beneficial to relative performance. Citizens Financial Group, a provider of commercial and consumer banking services, was the top individual contributor. Discover Financial Services, a digital banking and payment services company and one of the largest card issuers in the U.S., also was among the biggest outperformers as investors became more confident that the credit-loss fears triggered by the lockdown likely were overblown.
Despite the recent price moves in many fundamentally challenged sectors and stocks giving the “all clear” signal, we remain cautious given the sizable competitive headwinds they face. In addition, in a post-pandemic economy, many of these companies will need to alter their business models. The Fund ended the period overweight banks given their attractive valuations and ample capital levels, but we understand the credit risk headwinds of varying degrees in the near term. Another overweight sector is technology, which possesses many quality attributes we favor — strong balance sheets, healthy free cash flows and earnings stability in a chaotic economic environment. We continue to focus on owning high-quality companies with durable competitive advantages and balance sheets to weather economic shocks, with strict attention to reward-to-risk in the individual stock price.
21
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Undoubtedly, there will be continued volatility ahead — in both directions — but we welcome those opportunities to find new names with attractive reward-to-risk profiles for inclusion in the Fund.
The commentary provided above is from the current sub-adviser of the Fund, Janus Capital Management, LLC, who assumed day-to-day management of the Fund on May 1, 2020.
Penn Mutual Asset Management, LLC
Investment Adviser
Janus Capital Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Financial | | | 35.7 | % |
| |
Industrial | | | 15.8 | % |
| |
Technology | | | 10.3 | % |
| |
Utilities | | | 9.9 | % |
| |
Consumer, Non-cyclical | | | 8.7 | % |
| |
Basic Materials | | | 7.4 | % |
| |
Consumer, Cyclical | | | 6.4 | % |
| |
Communications | | | 4.7 | % |
| |
Energy | | | 1.1 | % |
| | | | |
| | | 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. |
22
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Core Value Fund
The Penn Series Mid Core Value Fund returned –16.33% for the six-month period ending June 30, 2020, compared to the –18.09% return for its benchmark, the Russell Midcap Value Index for the same time period.
Broad U.S. equity markets rose to a record high in February, lifted by positive economic and earnings news. But in late February and March, stocks plunged dramatically on pandemic fears and heightened global economic uncertainty. Stocks rapidly entered bear market territory as coronavirus containment efforts disrupted economic activity and fueled massive unemployment. Stocks generally rebounded in the second quarter, after the Federal Reserve intervened with aggressive stimulus measures and Congress passed a $2 trillion economic relief package. Slowing COVID-19 infection rates also allowed most states to begin reopening their economies mid-quarter, raising hopes for a recovery. Nonetheless, the broader market ended the six-month period with negative returns. Several electrical equipment and air freight and logistics holdings lifted relative performance in the industrials sector, as stocks recovered ground in the second quarter. The portfolio continued its notable underweight to the real estate sector, which positively impacted performance. The portfolio’s lack of exposure to the cyclical metals and mining and chemicals industries detracted from returns.
Quest Diagnostics, a clinical laboratory company, benefited from the surge in COVID-19 testing. We think the revenue opportunity from testing provides a nice tailwind for 2020 and 2021. Additionally, reimbursement from Medicare, which also set the basis for commercial rates, was favorable. Hologic, a medical device company, outperformed due to significant sales for its new COVID-19 test. The economics of the test are extremely favorable as Hologic is able to capture three times the revenue of its core diagnostics tests with better gross margins. The recent increase in COVID-19 cases should elongate this revenue stream. We trimmed our position in the second quarter following the stock’s outperformance. Koninklijke Ahold Delhaize, a Netherlands-based supermarket conglomerate, outperformed as investors favored essential retail businesses that would be unaffected by, and perhaps even benefit from, the COVID-19 pandemic. Despite the stock’s outperformance, we believe its relative risk/reward profile remains attractive.
Lower interest rates and increased credit risk from worsening economic conditions drove regional bank Comerica’s stock to underperform. Also, an increase in Comerica’s technology investment led to 2020 expense guidance that was worse than expectations. Lack of exposure to gold producer Newmont weighed on relative performance. The stock rose strongly during the period along with gold prices. The cruise industry has been one of the hardest hit due to COVID-19. The illness was found on a number of cruise ships, and Carnival and other cruise lines canceled voyages and suspended cruise operations. We sold the position in the first quarter given the risks of an extended shutdown.
The portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged. Our portfolio finished the period with an overweight in health care. The health care providers and services industry and the health care equipment and supplies industry make up the vast majority of our health care weight.
We have been provided with a wider opportunity set within the industrials sector due to the recent market volatility. We are focused on higher-quality companies and remain cautious of companies with end markets that we think are unfavorable, such as energy and construction. In the second quarter, we added to our position in Republic Services, a recycling and waste disposal company, after it underperformed on a relative basis. The company has continued to perform well through the COVID-19 pandemic, demonstrated by better-than-expected earnings and revenues for its recent quarter. We believe the company should continue to benefit from its flexible cost structure and demand durability.
In the second quarter, we sold several regional bank holdings, including Comerica, First Hawaiian, Prosperity Bancshares and UMB Financial, due to the lower-for-longer interest rate environment and increased credit risk. These headwinds also led us to trim our position in Truist Financial. The higher-quality banks that remain in the portfolio offer compelling valuations and conservative balance sheets.
We hold a limited number of real estate stocks due to valuations that we believe are extended. Dividend cuts by REITs pose an additional risk.
23
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
We will continue to focus on earnings and quality. We believe the COVID-19 pandemic will continue to pressure earnings and dividends for many companies. The reacceleration in COVID-19 cases in the latter part of the second quarter could lead to a second wave of layoffs and put further pressure on the economy. Other headwinds include escalating trade tensions with China and social unrest in the U.S. As active managers, we will continue to conduct fundamental, bottom-up research in an effort to identify high-quality companies that we think can successfully navigate these transitory headwinds.
Penn Mutual Asset Management, LLC
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Consumer, Non-cyclical | | | 22.2 | % |
| |
Industrial | | | 21.9 | % |
| |
Financial | | | 20.6 | % |
| |
Consumer, Cyclical | | | 11.8 | % |
| |
Utilities | | | 10.1 | % |
| |
Technology | | | 6.3 | % |
| |
Communications | | | 3.4 | % |
| |
Energy | | | 2.5 | % |
| |
Basic Materials | | | 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. |
24
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund returned 11.54% for the six-month period ending June 30, 2020, compared to the 2.02% return for its benchmark, the Russell 2500 Growth Index for the same time period.
Stock selection in the information technology and health care sectors contributed to relative returns, while an overweight to materials detracted from performance. There were no other detracting sectors.
In the first quarter, online security and productivity services provider Cloudflare, Inc. was a top contributor to relative returns during the quarter. Cloudflare introduced a new work-from-home service in January, named Cloudflare for Teams, which proved to be well-timed as the coronavirus pandemic has intensified. Furthermore, Cloudflare’s online security services are in high demand given increased bandwidth usage around the world. In addition to these shorter term catalysts, we continue to like the company’s long-term business prospects. Biopharmaceutical company Amarin Corp. was a top detractor from relative returns during the quarter. Shares declined significantly after a district court judge invalidated the patents behind Amarin’s only drug, Vascepa. This was a surprising result that now allows generic drugs to enter in the U.S. The company still has a surplus of cash and could rebound if the patent is reacquired. Management continues to feel strongly about its ability to win the Vascepa patent litigation upon an appeal, and we will monitor developments closely.
Datadog, Inc., a monitoring service for cloud-scale applications, was a top contributor to relative returns during the second quarter. Shares rose as the company reported strong first quarter earnings, which beat on both top and bottom lines. Datadog benefitted from increased demand of cloud software and services due to the continued impact of coronavirus on the prevalence of remote work. While we still believe the company will continue to benefit from digital transformation initiatives that will accelerate across all sectors, its market capitalization grew too large for the investable universe of this strategy. Thus, we decided to exit the position and allocate capital to other attractive risk/reward opportunities. Aerojet Rocketdyne Holdings, Inc., an aerospace and defense company, was a top detractor from relative returns during the period. The stock underperformed following the first quarter earnings release in April that featured a moderate decline in earnings-per-share. Our thesis remains that Aerojet
Rocketdyne will benefit from an improvement in revenue as free cash flows and order backlog remain solid.
U.S. equities entered into a bull market in 2Q20, recovering many of the losses in 1Q20. Stocks increased as the market shrugged off increased coronavirus fears, while economic reopening plans pushed forward. There are still rising concerns as virus related infections and hospitalizations have recently surged in regional pockets of the country. This will continue to impact discretionary sectors that have already been unfairly punished by the economic shutdown in 1Q20. Although infections have increased, mortality rates have been subdued giving us conviction that additional lockdown measures will be short lived. Given the mix in sentiment, the Federal Reserve and federal government have not planned another stimulus package, which some fear could cause an inflationary economic environment. Although volatility levels have been on the decline, the unclear recovery timeline proves market-timing to be a futile exercise. We believe this market dynamic favors a rigorous, bottom-up, fundamental approach to security selection, which we think mirrors our investment style. We continue to emphasize businesses with healthy balance sheets, stable free cash flow generation, and differentiated business models aligned to secular advantages.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Consumer, Non-cyclical | | | 37.0 | % |
| |
Technology | | | 18.8 | % |
| |
Industrial | | | 18.5 | % |
| |
Consumer, Cyclical | | | 12.6 | % |
| |
Communications | | | 5.1 | % |
| |
Basic Materials | | | 3.1 | % |
| |
Financial | | | 4.9 | % |
| | | | |
| | | 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. |
25
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Value Fund
The Penn Series SMID Cap Value Fund returned –24.71% for the six-month period ending June 30, 2020, compared to the –21.18% return for its benchmark, the Russell 2500 Value Index for the same time period.
U.S. equities recorded negative returns for the six-month period ending June 30, 2020. Amid increased volatility, all markets rallied during the second quarter, rising off lows reached in March as the COVID-19 pandemic caused global equity markets to decline from all-time highs in mid-February. Continued support from central banks, early stage reopening of global economies and the prospect of a potential vaccine helped lift investor sentiment, despite a sharp contraction of economic growth, a resurgence of U.S.-China tensions and rising rates of COVID-19 cases in parts of the U.S. and large emerging markets. Growth stocks outperformed their value-style peers in all categories. Small-cap stocks continued to rally, outperforming large-caps at the end of the period; year to date, large-caps have performed significantly better.
For the six-month period ending June 30, 2020, the portfolio declined in absolute terms and underperformed its benchmark, the Russell 2500 Value Index. Stock selection in financials detracted, while selection in real estate contributed. An overweight to technology contributed, while an underweight to healthcare detracted.
US Foods detracted as it missed 1Q20 expectations driven by pressure from its key restaurant customers who remain closed or restricted under state and local mandates. Oil States International detracted on disappointing results driven by weakness in its completion services business. Reinsurance Group of America detracted after the life reinsurer raised equity capital that was dilutive to its book value. Management indicated that the capital would be an additional buffer against higher mortality claims and credit losses that could potentially come from the current volatile climate.
Papa John’s International contributed despite reporting weaker than expected 1Q20 earnings. Pizza has held up well as a category and Papa John’s traditionally heavy reliance on carry-out and delivery to drive sales allowed it to see dramatically better revenue than other restaurants. Also, increased sales allowed Papa John’s to show its improved delivery model to a greater number of customers, accelerating the company’s transformation. Nuance Communications contributed after the voice and
language software company reported fiscal 1Q20 earnings and revenues that were ahead of consensus. The beat was driven by strong results from its enterprise business. Molina Healthcare contributed after reporting solid 1Q20 earnings as investors anticipate it will benefit from lower medical expenses due to fewer discretionary medical procedures.
Uncertainty continues to be the dominant theme in U.S. markets. While powerful fiscal and monetary stimulus has offset some of the impacts of the pandemic, a resurgence in cases and a pause in state reopening efforts has raised new doubts among investors. The ongoing recession and upcoming U.S. elections seem likely to sustain this uncertainty. Value stocks have continued to see headwinds, extending their underperformance relative to growth. With valuation spreads at historic levels, investors are with a pressing question. Is there value in value stocks? We believe the answer is yes, but with a few caveats. Value stocks have proved to be cyclically vulnerable as investors fear negative earnings revisions as the crisis unfolds. We think the best approach is to focus on stocks that combine attractive valuations with exceptional business models, strong balance sheets and solid management teams. We believe these companies are well positioned to navigate the crisis and benefit when uncertainty begins to abate and investors recognize their attractive valuations.
Penn Mutual Asset Management, LLC
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
26
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Financial | | | 31.3 | % |
| |
Industrial | | | 19.1 | % |
| |
Consumer, Cyclical | | | 18.4 | % |
| |
Consumer, Non-cyclical | | | 11.9 | % |
| |
Technology | | | 8.7 | % |
| |
Utilities | | | 4.0 | % |
| |
Energy | | | 3.4 | % |
| |
Basic Materials | | | 2.4 | % |
| |
Communications | | | 0.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
27
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Growth Fund
The Penn Series Small Cap Growth Fund returned –4.68% for the six-month period ending June 30, 2020, compared to the –3.06% return for its benchmark, the Russell 2000 Growth Index for the same time period.
The equity market experienced heightened volatility in the first half of 2020, as the COVID-19 coronavirus outbreak that began in China spread worldwide, disrupting travel and supply chains. This pandemic halted economic activity and triggered a first-quarter equity sell-off of historic proportions. Stocks recovered ground in the second quarter, as declining COVID-19 infection rates led many states to reopen their economies in May and June. As a result, investors looked past weak economic data to focus on prospects for recovery later this year. The Federal Reserve provided support for the economy with near-zero interest rates and expanded asset buying. Despite the second quarter rebound, the market still had negative returns year-to-date.
Our Portfolio underperformed its benchmark for the six-month period. Stock selection in information technology was a significant detractor from relative performance. Stock selection and an underweight in the consumer discretionary sector contributed positively to relative performance.
The first half of 2020 saw outperformance by a narrow group of high-growth, high-valuation stocks that led the market in recent quarters, both in the first quarter bear market and the second quarter recovery. Many of these companies have been perceived beneficiaries of the COVID-19 crisis due to their virtual business models. Even so, this extended outperformance is unusual, and it has left many of these companies with lofty valuations that in our view are not justified by long-term earnings potential. We are not willing to pay any price for growth, even when we like underlying business models, and we see heightened risk attached to these soaring valuations. While our resulting underweight in this narrow group of stocks hurt our relative performance for the period, we remain committed to our disciplined approach designed to provide long-term risk-adjusted returns.
Among individual holdings, payments technology company Euronet Worldwide was a notable detractor. Euronet owns the largest ATM network in Europe, a business that typically provides consistent revenue streams. Pandemic-related stay-at-home guidelines kept Europeans inside, however, and ATM usage plummeted late in the first
quarter, while travel restrictions pressured the company’s cross-border financial remittance business. We held onto a reduced position in the stock despite near-term uncertainty, as we believe the company remains well positioned for an economic recovery once this health crisis is behind us. The pandemic also hurt near-term business prospects for Cedar Fair, another detractor. Cedar Fair owns amusement parks, and its near-term revenue outlook was clouded as the pandemic delayed summer park openings.
Several holdings were strong positive contributors, as their business models demonstrated resilience despite COVID-19 uncertainties. These included Catalent, which provides drug delivery technologies to a diverse range of biotechnology and pharmaceutical products. This stable business model provides recurring revenues, and the company’s acquisition of Paragon last year has given it a foothold in the growing gene therapy area. The Trade Desk, another contributor, has developed a cloud-based software platform that allows companies to rapidly adapt their ad buying to changing market conditions. For example, it allowed companies to shift messaging from billboards to streaming video platforms during the recent quarantine period. The stock rose strongly, supported by the company’s resilient business model.
Penn Mutual Asset Management, LLC
Investment Adviser
Janus Capital Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Consumer, Non-cyclical | | | 34.8 | % |
| |
Technology | | | 23.7 | % |
| |
Industrial | | | 18.4 | % |
| |
Communications | | | 7.8 | % |
| |
Consumer, Cyclical | | | 6.7 | % |
| |
Financial | | | 5.4 | % |
| |
Basic Materials | | | 2.6 | % |
| |
Utilities | | | 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. |
28
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Value Fund
The Penn Series Small Cap Value Fund returned –24.31% for the six-month period ending June 30, 2020, compared to the –23.50% return for its benchmark, the Russell 2000 Value Index for the same time period.
In the portfolio for the six-month period, stock selection in financials and information technology contributed to performance, whereas our investments in health care and utilities detracted from results.
Cyrus One, Inc., a U.S. data center real estate investment trust (REIT), was a top contributor to returns. Most of the stock’s outperformance was due to a positive market backdrop for data centers. In the short term, many companies increased their bandwidth and capacity for higher traffic volumes to enable workers to work remotely during the economic shutdown. In the longer-term, we believe that companies will continue to increase their investment in digital infrastructure, which should be, in our view, a tailwind to data centers relative to other real estate subsectors that are experiencing demand destruction. We continue to believe that CyrusOne has a lot of value in the platform, and the stock trades at a discount relative to peers. Kinsale Capital Group, Inc., a specialty insurance group focused on excess and surplus lines, was also a top contributor for the period. The company continued to execute well with top-line growth. In our view, the company has a low-cost, technology-enhanced underwriting model.
We sold out of our positions in Redwood Trust Inc. and MFA Financial Inc., both mortgage real estate investment trusts and the top two detractors during the six month period. Prior to the outbreak of the pandemic, we were overweight residential mortgage credit within the mortgage REIT universe given the health of the consumer and home prices. Over a few trading days in late March, investors fled to safety and sold out of companies holding non-government-backed securities. The significant drop in value of these securities, especially the speed of the dislocation, threatened mortgage REITs and their ability to meet margin calls. As a result, we sold out of these positions, due to a belief that the margin calls had created a situation where value was permanently impaired.
U.S. equities entered into a bull market in 2Q20, recovering many of the losses in 1Q20. Stocks increased as the market shrugged off increased coronavirus fears, while economic reopening plans pushed forward. There are still rising concerns as virus related infections and hospitalizations
have recently surged in regional pockets of the country. This will continue to impact discretionary sectors that have already been unfairly punished by the economic shutdown in 1Q20. Although infections have increased, mortality rates have been subdued giving us conviction that additional lockdown measures will be short lived. Given the mix in sentiment, the Federal Reserve and federal government have not planned another stimulus package, which some fear could cause an inflationary economic environment. Although volatility levels have been on the decline, the unclear recovery timeline proves market-timing to be a futile exercise.
Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own future, such as innovators with differentiated products, companies with low-cost structures, or ones that have been investing in their own businesses and are poised to gain market share. We maintain our discipline in identifying companies with strong or improving balance sheets, led by quality management teams, trading at discounted valuations, and remain focused on the long-term outperformance of the portfolio.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
29
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Financial | | | 38.5 | % |
| |
Industrial | | | 18.7 | % |
| |
Consumer, Cyclical | | | 12.5 | % |
| |
Consumer, Non-cyclical | | | 11.9 | % |
| |
Utilities | | | 5.2 | % |
| |
Technology | | | 4.5 | % |
| |
Basic Materials | | | 3.7 | % |
| |
Energy | | | 3.2 | % |
| |
Communications | | | 1.4 | % |
| |
Diversified | | | 0.4 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
30
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Index Fund
The Penn Series Small Cap Index Fund returned –13.16% for the six-month period ending June 30, 2020, compared to the –12.98% return for its benchmark, the Russell 2000 Index for the same time period.
The investment objective of the Penn Series Small Cap Index Fund is to seek to replicate the returns and characteristics of the Russell 2000 Index.
The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Small security misweights, cash drag, futures exposure, as-of cash flows, and compounding contributed to the difference between the Fund’s performance and that of the Index.
Fund performance for the reporting period was driven by reaction to the COVID-19 pandemic. The beginning of the year had positive performance as the U.S. and China signed phase one of their trade deal and earnings seasons kicked off. Performance turned negative in February despite better-than-expected macro data as concerns over the coronavirus increased and the ensuing impact on global growth as industries such as hotels, casinos, airlines and retailers were adversely affected by travel bans, quarantines and closures. Positive factors such as strong earnings, the end to the Presidential impeachment trial and accommodative signals from the Federal Reserve were offset by continued worries over coronavirus as new cases increased, economic forecasts were downgraded, companies lowered earnings expectations and city-wide and regional quarantines were put in place. The Fund’s performance in the second half of the reporting period was positive over optimism about the efforts to curtail the spread of the coronavirus. In particular, some states began reopening their economies and there was progress towards a potential vaccine and treatments. Positive performance was tempered later in the second half of the reporting period due to increasing tensions with China and increasing COVID-19 cases led some states to pause their reopening efforts.
The Fund used futures in order to gain market exposure for the cash position during the reporting period. The Fund’s use of future detracted 1 basis point from Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Quidel Corporation, Immunomedics, Inc. and Teladoc Health, Inc. The top negative contributors to the Fund’s performance during the reporting period were Invesco Mortgage Capital, Blackstone Mortgage Trust and Brink’s Company.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Consumer, Non-cyclical | | | 26.1 | % |
| |
Financial | | | 22.9 | % |
| |
Industrial | | | 14.0 | % |
| |
Consumer, Cyclical | | | 13.1 | % |
| |
Technology | | | 10.1 | % |
| |
Communications | | | 4.5 | % |
| |
Utilities | | | 3.4 | % |
| |
Basic Materials | | | 3.3 | % |
| |
Energy | | | 2.6 | % |
| |
Government | | | — | %2 |
| |
Diversified | | | — | %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. |
31
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Developed International Index Fund
The Penn Series Developed International Index Fund returned –10.82% for the six-month period ending June 30, 2020, compared to the –11.34% return for its benchmark, the MSCI EAFE Index for the same time period.
The investment objective of the Developed International Index Fund, is to seek to replicate the returns and characteristics of an international index composed of securities from developed countries. The Fund’s benchmark index is the MSCI EAFE Index.
The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
The Fund’s performance was driven primarily by uncertainty surrounding COVID-19, including government mandated lockdowns and unprecedented fiscal and monetary stimulus. The year started strong, with positive performance in January. However, news of the novel coronavirus stemming from China began weighing on global returns in February, as the virus began to spread throughout Europe. Uncertainty around the economic impact of the virus and each country’s prevention methods drove a risk-off sentiment that led to a decline in equity values through March. A breakdown in OPEC negotiations between Russia and Saudi Arabia in March also hurt global markets, as oil prices plummeted to their lowest levels since 1999. The second quarter saw the start of a rebound for both oil prices and global equities, with increased coordination among OPEC+ countries, support from global central banks, and fiscal stimulus measures to boost the economy. Weak economic indicators, such as job losses and declining retail sales, were reported April, followed by encouraging data in May, signaling lockdowns and stimulus packages were succeeding.
The Fund used futures in order to gain market exposure for the cash position during the reporting period. The Fund’s use of future contributed 3 basis points to Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Nestle S.A, Roche Holding AG and ASML Holding NV. The top negative contributors to the
Fund’s performance during the reporting period were Royal Dutch Shell, HSBC Holdings and Airbus.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Japan | | | 25.3 | % |
| |
United Kingdom | | | 12.3 | % |
| |
Switzerland | | | 10.6 | % |
| |
France | | | 10.2 | % |
| |
Germany | | | 9.0 | % |
| |
Australia | | | 6.9 | % |
| |
Netherlands | | | 5.8 | % |
| |
Hong Kong | | | 3.3 | % |
| |
Sweden | | | 3.0 | % |
| |
Spain | | | 2.5 | % |
| |
Denmark | | | 2.4 | % |
| |
Italy | | | 2.1 | % |
| |
Singapore | | | 1.2 | % |
| |
Finland | | | 1.2 | % |
| |
Ireland | | | 1.0 | % |
| |
Belgium | | | 1.0 | % |
| |
Israel | | | 0.6 | % |
| |
Norway | | | 0.5 | % |
| |
New Zealand | | | 0.3 | % |
| |
Luxembourg | | | 0.2 | % |
| |
Austria | | | 0.2 | % |
| |
Portugal | | | 0.2 | % |
| |
China | | | 0.2 | % |
| |
Isle of Man | | | — | %2 |
| |
Bermuda | | | — | %2 |
| |
Macau | | | — | %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. |
32
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
International Equity Fund
The Penn Series International Equity Fund returned –5.13% for the six-month period ending June 30, 2020, compared to the –11.00% return for its benchmark, the MSCI ACWI ex U.S. Index for the same time period.
Adyen N.V. was a beneficiary of accelerated e-commerce adoption post-COVID-19. Adyen is a differentiated payment acquirer that has leveraged its global, single-integrated platform to amass an attractive merchant portfolio that includes the world’s fastest growing tech companies. The company has multiple growth drivers from expanding wallet share of existing clients and taking share from legacy players, and should be well positioned to sustain its profitable growth, solid returns, and strong balance sheet.
Cellnex’s business was considered safe by the market during the sell-off due to exposure to telecom and business contracts. The stock price rose in 2Q20 on market expectations that the company will soon announce new acquisitions. Cellnex is the largest independent tower company in Europe. Historically, European telecommunications companies owned their own tower infrastructure, as a way to differentiate the quality of their network. The needs of the incumbent telecommunications companies have changed, however. Control of tower infrastructure is not only less relevant, but also capital inefficient. The telecommunications companies need to invest now in 5G technology, and many are considering selling their tower assets to finance these capex requirements. Leading the market by a wide margin, we believe Cellnex is in a prime position to lead the consolidation in the tower infrastructure space. Excluding M&A, we estimate the stock is potentially yielding a total return of 8%-13% depending on the terminal multiple assumption. We believe this is a predictable business with long-term contracts of 20 years, predictable growth in tower capacity, inflation linked price adjustment and moderate increase in tenants per tower. On top of that, there are opportunities for incremental revenues per tower from small cells, fiber capacity and equipment sharing. We estimate EPS compounding in the high teens (15%-18% per year).
Safran suffered as a result of the international travel bans being enforced globally, the concern around the health of the airline and travel industry more broadly, as well as the impact on a travel rebound from higher unemployment. While at this point visibility is low we think that ultimately travel bans will be lifted and the pent up demand for travel
will come back. We also think government support for airlines in the U.S. and flagship carriers globally should help keep the industry afloat during this difficult period. Aftermarket spend which Safran relies on will be deferred, however as flying hours resume it should recover and maintenance will have to be performed on engines that were idled. Hence we expect there will be some pent up aftermarket demand in 12-18 months and the longer term growth trajectory should resume. Safran itself has a strong balance sheet with access to liquidity which they have further strengthened so we think they will survive this lockdown period. Further, a deal with Boeing allows them to get cash flow for Leap engines completed and they also have a more resilient defense and helicopter segment. Safran is a French aerospace manufacturer with a focus on civil aviation. In particular, Safran is the leading player in engine manufacturing for narrow-body aircraft, which is the fastest growing segment in the civil-aviation space. We like Safran because it has a dominant position in narrow-body engines, with a market share of 100% of Boeing’s 737 fleet, over 50% of Airbus’s A320 fleet and more than 30,000 engines in operation. Further, we believe the company’s prospects are positive with a high degree of predictability, given that approximately two thirds of its profits come from the maintenance segment, its engines are in operation for 20-25 years, and it has achieved attractive pricing growth of 3-5% on spare parts.
HDFC Bank Ltd. came down in the broad market sell-off in India. In our view, the bank has solid fundamentals and should continue to gain market share as its competitors are weakened. HDFC Bank is one of the leading private sector bank in India and a core holding of ours. HDFC Bank is a high-quality Indian private sector bank which has been a cornerstone investment in the portfolio for many years. The bank has delivered solid growth while maintaining high credit and underwriting standards. HDFC Bank has a strong deposit franchise and powerful technology backbone that should allow it to grow at a slightly faster rate than the industry.
After a strong fourth quarter, international equities started 2020 with optimism as positive sentiment from the “phase one” trade deal between the U.S. and China continued to wash through markets and economic performance remained resilient. However, concerns grew as the scale of the coronavirus epidemic unfolded in Wuhan, China, and businesses and investors attempted to price the impact of supply chain disruptions on companies. Sentiment worsened in the final week of February as infections escalated in countries including South Korea, Iran, Italy,
33
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
and the U.S., and companies from technology to travel and consumer staples warned of disruption and lower sales. The share sell-off accelerated in March as the outbreak became a global pandemic. However, international equity markets rebounded strongly in the second quarter of 2020, fueled by extensive global fiscal and monetary stimulus measures. Investors watched for positive news on the COVID-19 pandemic and looked through deepening economic turmoil.
The current climate requires investors to be more discerning. Through our quality growth approach, we seek to identify businesses that should be resilient in downturns and prosper over the long term. By drilling down into company fundamentals, we look for the predictable long-term earnings power that can help reward investors. We avoid making decisions based on the shape of the recovery, or investing in businesses that are sensitive to economic conditions, such as banks and commodities. We believe, there are opportunities in areas of the market such as European online gambling companies, which are growing quickly in the recently opened U.S. market; convenience stores, which are ripe for consolidation and an improvement in the quality of service; and luxury goods due to the industry’s pricing power. We feel that emerging markets are a very important part of an international portfolio. They can have higher growth rates and many emerging markets businesses cannot be found in developed markets.
Penn Mutual Asset Management, LLC
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
United Kingdom | | | 13.3 | % |
| |
Canada | | | 11.4 | % |
| |
France | | | 10.7 | % |
| |
Netherlands | | | 9.3 | % |
| |
China | | | 7.6 | % |
| |
Japan | | | 7.6 | % |
| |
Switzerland | | | 7.3 | % |
| |
Germany | | | 6.3 | % |
| |
Ireland | | | 5.7 | % |
| |
United States | | | 5.7 | % |
| |
Spain | | | 5.1 | % |
| |
Hong Kong | | | 3.0 | % |
| |
India | | | 2.8 | % |
| |
Australia | | | 2.2 | % |
| |
Italy | | | 2.0 | % |
| �� | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
34
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund returned –13.39% for the six-month period ending June 30, 2020, compared to the –9.78% return for its benchmark, the MSCI Emerging Markets Index for the same time period.
In the extraordinary sell-off triggered by the COVID-19 crisis and oil price collapse, investors flooded back to those emerging markets countries, sectors and stocks that were already outperforming — and relatively expensive — before the pandemic broke out (North Asia, technology, semiconductors and mega-cap stocks). This resulted in extreme clustering at the country and industry level on relative performance and valuation metrics. The larger, more liquid countries with more mega-cap technology names — China, Korea and Taiwan — outperformed. In sharp contrast, the EM countries lacking as many large and liquid names, and where the pandemic had not yet spread as widely, underperformed.
Even before the volatility, the stocks in our portfolio were largely oriented toward resilient domestic demand in quality companies with low debt capable of delivering reasonable earnings. In the year-to-date period through April 30, 2020, our country allocation detracted from returns largely due to four country positions: our underweight to China and our overweights to Brazil, Indonesia and Russia.
From a stock perspective, the largest detractor was India, driven by financials, where the market appeared to price in a risk of financial contagion and investors turned very negative when the 21-day lockdown was announced. Our stock selection in and overweight allocations to Peru and South Africa also hampered performance. However, our thematic plays in Korea continued to contribute to returns.
The Fund sometimes uses derivative instruments to manage certain market or currency exposures. In this period, the use of currency forward contracts had a negative impact.
We believe the pandemic is rapidly accelerating a worldwide turn inward that has been underway since the Global Financial Crisis (GFC) of 2008. We had expected the world to deliver disappointing growth before the pandemic, and had focused the Fund on high quality companies in countries expected to be most resilient to what the Sub-Adviser has dubbed the four Ds: deglobalization, declining productivity, debt growth and depopulation.
The coronavirus hit at a time when the world was already turning inward, largely in reaction to the GFC, with deglobalization manifesting in a broad slowdown in cross-border flows of goods, money and people. Global trade as a percentage of gross domestic product is expected to fall from 60% in 2008 to 53% after this year as more countries institute greater protectionist measures.
The trend toward localization — companies looking to produce more locally, and consumers looking to buy from local brands — was already getting underway and is likely to pick up speed. The world has also suffered from declining labor productivity as most countries had already reaped the competitive gains to be made by entering global markets when the 2008 crisis hit. Since then, slowing cross-border flows of people, goods and capital have halted or reversed those gains.
The commentary provided above was from the former sub-adviser of the Fund, Morgan Stanley Investment Management Inc., who was the manager of the Fund until April 30, 2020.
Tencent Holdings rebounded post the COVID-19 lockdown, as video games continue to show strong growth in China. Tencent Holdings is a major Internet platform in China with a strong presence in online gaming, instant messaging, and is one of the country’s largest web portals. The company has been successful in providing popular services to attract new users and creating a network effect to maintain existing users. There is growing expectation that the company should be able to successfully monetize its OTT application, WeChat, through advertising revenue. Online gaming is the largest contributor to revenue, but Tencent also generates sales through fee-based social networks, advertising and e-commerce. The gaming revenues benefit from operating the dominant social networking platform by directing traffic to the gaming platform. This has translated into strong sales, as well as earnings growth. Another stock, Alibaba Group, gross merchandise volume (GMV) growth rebounded strongly in April to levels of 20% plus, near pre-COVID-19 levels. The company is benefitting longer term from increased e-commerce penetration, particularly in categories like grocery and electronics. Alibaba is the leading e-commerce platform operator in China with a dominant market share in terms of overall GMV. It is multiples larger in GMV than the second biggest player in China, JD.com. Alibaba’s key advantage versus competitors is that it has the largest number of vendors, which in turn attracts a massive pool of buyers. Other markets like Japan and the U.S. have shown that it is
35
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
difficult to displace a player who has a significant supplier/merchant advantage. This allows buyers to have access to the widest base of vendors and available inventory at the most competitive prices in almost any category. Further, by segmenting the market to lower-priced merchants (Taobao) and more established/ trustworthy merchants in Tmall, it can cater to a wider base of consumers. There is also the tailwind from e-commerce penetration in China still being in relatively early stages. Operating as a platform business, Alibaba has maintained a higher ROE than its global peers.
Autohome’s (ATHM) media services display segment has been negatively impacted due to the expected decline of auto sales in China (approximately 10-15% in 2020). Additionally, approximately 10% of dealers have gone out of business due to the impact of COVID-19 and weaker auto sales. However, we believe ATHM is increasing market share and has a strong lead in new car classifieds versus the number two player Bitauto Holdings. Furthermore, online advertising is taking share from offline. ATHM is also growing strongly in data products which can help offset a lot of the weakness. ATHM is China’s leading provider of online content for new and used automobile consumers. The company’s collection of content includes professionally-produced and user-generated content, an automotive library of vehicle model configurations, and automobile listings. Additionally, ATHM provides advertising services to the majority of the country’s automakers. Another stock, Power Grid, was a modest detractor to performance. The company is a state controlled main electricity transmission utility in India. While the fundamentals remain strong, we exited our position in favor of more attractive opportunities in the emerging markets.
The fight to contain COVID-19 and its impact on the global economy dominated market movements in the first quarter. Stock prices fell sharply as global lockdown measures combined with an emerging oil price war to undermine investor confidence. Emerging markets equities followed a similar path to developed markets, although countries showed a greater variation in policy response to the economic turmoil created by the pandemic. However, emerging market equities rebounded strongly in the second quarter, as investors watched for positive news on the COVID-19 pandemic and looked through deepening economic turmoil.
While the rise in equity markets was rather indiscriminate, we expect markets to become more differentiated going
forward. Countries and businesses with strong fundamentals should fare better than the weak ones. Many emerging economies are less volatile today than in the past. This is in part because many borrow in local currency and have been careful not to significantly enlarge government debt. They are steering away from currency crises and showing fiscal restraint. COVID-19 has highlighted the need for better health care in many emerging markets. Health care stocks have rallied, and some have gotten ahead of fundamentals. But we are finding opportunities, for example, in Notre Dame Intermedica, a private health insurance operator that runs a large set of private hospitals and clinics in Brazil. In contrast, competition in generic pharmaceuticals is high and it is difficult to sustain profitability. The current climate requires investors to be more discerning. A company with quality characteristics, such as low leverage, repeat demand and pricing power, can survive in the short run. But over the long run, sustainability is more important. Through our quality growth approach, we seek to reward investors by helping to identify businesses with predictable long-term earnings power.
The commentary provided above is from the current sub-adviser of the Fund, Vontobel Asset Management, Inc,. who assumed day-to-day management of the Fund on May 1, 2020.
Penn Mutual Asset Management, LLC
Investment Adviser
Vontobel Asset
Management Investment Sub-Adviser
36
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
China | | | 27.7 | % |
| |
India | | | 13.8 | % |
| |
Taiwan | | | 9.0 | % |
| |
South Korea | | | 8.2 | % |
| |
Netherlands | | | 8.0 | % |
| |
Hong Kong | | | 7.5 | % |
| |
Brazil | | | 4.8 | % |
| |
South Africa | | | 4.2 | % |
| |
Belgium | | | 2.7 | % |
| |
Mexico | | | 2.5 | % |
| |
Thailand | | | 2.5 | % |
| |
Singapore | | | 2.1 | % |
| |
Russia | | | 1.9 | % |
| |
Indonesia | | | 1.7 | % |
| |
Germany | | | 1.3 | % |
| |
Malaysia | | | 1.3 | % |
| |
Poland | | | 0.5 | % |
| |
Cayman Islands | | | 0.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
37
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Real Estate Securities Fund
The Penn Series Real Estate Securities Fund returned –13.07% for the six-month period ending June 30, 2020, compared to the –13.30% return for its benchmark, the FTSE NAREIT All Equity REIT Index for the same time period.
U.S. real estate securities declined in the first half of 2020 along with stocks broadly, falling sharply in the first quarter as the spread of COVID-19 led to widespread economic and social shutdowns. Real estate securities partly recovered in the second quarter, with markets responding positively to massive and unprecedented fiscal and monetary relief and stimulus policies and as economies began to slowly reopen. The listed real estate market was also supported by mostly intact earnings and dividends, and encouraging rent collection data outside of retail and hotel landlords and certain office companies.
Returns were broadly negative by property type, but with a few exceptions. Retail and hotel owners, which were especially hindered by virus concerns, had the largest declines. Single-family homes and self storage landlords outperformed with relatively modest declines as demand was fairly resilient. Data center, cell tower and industrial companies had gains, aided by a significant increase in demand for e-commerce–related services amid a surge in working and purchasing from home.
Factors that helped the portfolio’s relative performance in the period included our overweight and stock selection in the data centers sector, where we had a beneficial overweight in Equinix, which rose more than 20%. Our overweight and stock selection in health care was also relatively favorable. In the shopping center sector, performance was aided by an overall underweight and our avoidance of some of the group’s poorest performers in the period. Stock selection in the specialty sector further helped relative performance as we did not own certain advertising companies that had sizable declines.
Factors that detracted from performance included our overweight in hotel and regional mall companies, which struggled in the period. Our underweights in the infrastructure (cell tower owners) and industrial sectors hindered performance as well, as they both had gains in the period.
We believe REITs are well positioned for a challenging road ahead. Our analysis indicates most public REITs are in strong financial shape to withstand reduced demand and a temporary interruption in cash flows. Balance sheets are
far less leveraged than in the global financial crisis of the previous decade, and real estate companies retain access to capital at attractive terms. The group offers a source of durable earnings from a diverse collection of sectors, with earnings reductions significantly less than those seen in broad equities. REITs’ valuations compare favorably with bonds (amid historically low interest rates) and stocks (based on cash flow multiple spreads vs. the long-term average).
Favorable view on health care, which is now our largest sector overweight, as well as on certain residential sectors and most ecommerce real estate. Various health care property businesses have shown resilience in the face of COVID-19, including: assisted living, where occupancies are holding up better than expected and move-ins have returned; skilled nursing, with strong government financial support (although underlying fundamentals remain weak); medical offices, aided by steady rental collections and a return to elective surgeries; and life sciences, where we have seen no material negative impact from the virus.
We believe single-family homes should demonstrate ongoing resilience despite the pandemic, especially as home affordability remains muted. Residences are a necessity and often take priority when families are making payment decisions. We also believe companies that provide data and logistics infrastructure, including data centers, cell towers and industrial warehouses, will continue to benefit from strong secular demand in the shift toward an e-everything economy. Data center demand continues to justify high valuation multiples, in our view, whereas tower and industrial REITs look somewhat expensive at current levels.
Challenging fundamentals for retail and offices, but we are finding attractive values. The retail sector has already faced tremendous headwinds in recent years, and now many stores have been forced to close due to virus-related lockdown measures. Though retail landlords will likely continue to face significant pressure, we believe much of the pain is already priced in, creating potential opportunities in securities we expect will be long-term winners. We have become even more cautious toward offices based on oversupply and challenging leasing conditions amid weakening demand.
Penn Mutual Asset Management, LLC
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
38
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/20
| | | | |
| | | Percent of
Total Investments1 | |
| |
Diversified | | | 25.3 | % |
| |
Healthcare | | | 12.6 | % |
| |
Apartments | | | 12.4 | % |
| |
Industrial | | | 9.8 | % |
| |
Storage & Warehousing | | | 9.3 | % |
| |
Telecommunications | | | 8.4 | % |
| |
Building & Real Estate | | | 5.1 | % |
| |
Office Property | | | 5.1 | % |
| |
Hotels & Resorts | | | 3.8 | % |
| |
Regional Malls | | | 3.8 | % |
| |
Strip Centers | | | 2.4 | % |
| |
Entertainment | | | 1.1 | % |
| |
Lodging | | | 0.9 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
39
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund returned –9.95% for the six-month period ending June 30, 2020, compared to its benchmarks, the Russell 3000 Index’s return of –3.48% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.14% 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.
The asset allocation of the Aggressive Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, REITs, emerging markets and international equities underperformed the Russell 3000 Index. However, the allocation in growth stocks outperformed the Russell 3000 Index. In fixed income, allocation in high yield bond funds and short-term bond funds contributed negatively to the performance due to declined interest rates and widened credit spreads.
Fund selection of the Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Mid Cap Growth Fund, Penn Series Mid Core Value Fund, Penn Series SMID Cap Growth Fund and Penn Series International Equity Fund outperformed their respective benchmarks by more than 1%, while the Penn Series Large Growth Stock Fund, Penn Series Large Cap Growth Fund, Penn Series Mid Cap Value Fund, Penn Series SMID Cap Value Fund, Penn Series Small Cap Growth Fund, Penn Series Flexibly Managed Fund and Penn Series Emerging Markets Equity Fund underperformed their benchmarks by more than 1%. On the fixed income side, the Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund underperformed its benchmark.
The COVID-19 pandemic spread rapidly across the world during the first half of 2020. The global economy dipped into a severe contraction due to the shutdown measures adopted to contain the spread of the virus. Global equity markets sold off sharply in 1Q20 and subsequently partially recovered in 2Q20. In response, the Federal Reserve cut interest rates to zero and expanded the bond purchase
program (quantitative easing). The U.S. government also provided fiscal stimulus packages to provide relief to individuals, families and businesses impacted by the economic slowdown due to the pandemic.
During the period, we reduced our mid cap value exposure due to underperformance. We also moved allocation from SMID value stocks to large cap stocks to reduce exposure to companies vulnerable to the weak economy. 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 6/30/20
| | | | |
| |
International Stocks | | | 24.0 | % |
| |
Large Cap Value Stocks | | | 22.0 | % |
| |
Mid Cap Value Stocks | | | 11.0 | % |
| |
Large Cap Growth Stocks | | | 10.0 | % |
| |
Emerging Markets Stocks | | | 9.0 | % |
| |
Short Term Bonds | | | 7.0 | % |
| |
Small Cap Value Stocks | | | 4.0 | % |
| |
Small Cap Growth Stocks | | | 4.0 | % |
| |
Domestic REITs | | | 3.0 | % |
| |
Mid Cap Growth Stocks | | | 3.0 | % |
| |
High Yield Bonds | | | 2.0 | % |
| |
Intermediate Bonds | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
40
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned –8.11% for the six-month period ending June 30, 2020, compared to its benchmarks, the Russell 3000 Index’s return of –3.48% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.14% 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.
The asset allocation of the Moderately Aggressive Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, REITs, emerging markets and international equities underperformed the Russell 3000 Index. However, the allocation in growth stocks outperformed the Russell 3000 Index. In fixed income, allocation in high yield bond funds and short-term bond funds contributed negatively to the performance due to declined interest rates and widened credit spreads.
Fund selection of the Moderately Aggressive Allocation Fund contributed negatively to its performance. During the period, our managers for the Penn Series Mid Cap Growth Fund, Penn Series Mid Core Value Fund, Penn Series SMID Cap Growth Fund and Penn Series International Equity Fund outperformed their respective benchmarks by more than 1%, while the Penn Series Large Growth Stock Fund, Penn Series Large Cap Growth Fund, Penn Series Mid Cap Value Fund, Penn Series SMID Cap Value Fund, Penn Series Small Cap Growth Fund, Penn Series Flexibly Managed Fund and Penn Series Emerging Markets Equity Fund underperformed their benchmarks by more than 1%. On the fixed income side, the Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund and Penn Series Quality Bond Fund underperformed their respective benchmarks.
The COVID-19 pandemic spread rapidly across the world during the first half of 2020. The global economy dipped into a severe contraction due to the shutdown measures adopted to contain the spread of the virus. Global equity markets sold off sharply in 1Q20 and subsequently partially recovered in 2Q20. In response, the Federal Reserve cut
interest rates to zero and expanded the bond purchase program (quantitative easing). The U.S. government also provided fiscal stimulus packages to provide relief to individuals, families and businesses impacted by the economic slowdown due to the pandemic.
During the period, we reduced our mid cap value exposure due to underperformance. We also moved allocation from SMID value stocks to large cap stocks to reduce exposure to companies vulnerable to the weak economy. 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 6/30/20
| | | | |
| |
Large Cap Value Stocks | | | 22.0 | % |
| |
International Stocks | | | 19.0 | % |
| |
Short Term Bonds | | | 11.0 | % |
| |
Large Cap Growth Stocks | | | 10.0 | % |
| |
Mid Cap Value Stocks | | | 9.0 | % |
| |
Intermediate Bonds | | | 7.0 | % |
| |
Emerging Markets Stocks | | | 6.0 | % |
| |
Small Cap Value Stocks | | | 5.0 | % |
| |
Small Cap Growth Stocks | | | 3.0 | % |
| |
Domestic REITs | | | 3.0 | % |
| |
Mid Cap Growth Stocks | | | 3.0 | % |
| |
High Yield Bonds | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
41
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderate Allocation Fund
The Penn Series Moderate Allocation Fund returned –4.60% for the six-month period ending June 30, 2020, compared to its benchmarks, the Russell 3000 Index’s return of –3.48% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.14% 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.
The asset allocation of the Moderate Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, REITs, emerging markets and international equities underperformed the Russell 3000 Index. However, the allocation in growth stocks outperformed the Russell 3000 Index. In fixed income, allocation in high yield bond funds and short-term bond funds contributed negatively to the performance due to declined interest rates and widened credit spreads.
Fund selection of the Moderate Allocation Fund contributed slightly negatively to its performance. During the period, our managers for the Penn Series Mid Cap Growth Fund, Penn Series Mid Core Value Fund, Penn Series SMID Cap Growth Fund and Penn Series International Equity Fund outperformed their respective benchmarks by more than 1%, while the Penn Series Large Growth Stock Fund, Penn Series Large Cap Growth Fund, Penn Series SMID Cap Value Fund, Penn Series Small Cap Growth Fund, Penn Series Flexibly Managed Fund and Penn Series Emerging Markets Equity Fund underperformed their benchmarks by more than 1%. On the fixed income side, the Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund and Penn Series Quality Bond Fund underperformed their respective benchmarks.
The COVID-19 pandemic spread rapidly across the world during the first half of 2020. The global economy dipped into a severe contraction due to the shutdown measures adopted to contain the spread of the virus. Global equity markets sold off sharply in 1Q20 and subsequently partially recovered in 2Q20. In response, the Federal Reserve cut interest rates to zero and expanded the bond purchase
program (quantitative easing). The U.S. government also provided fiscal stimulus packages to provide relief to individuals, families and businesses impacted by the economic slowdown due to the pandemic.
During the period, we reduced our mid cap value exposure due to underperformance. We also moved allocation from SMID value stocks to large cap stocks to reduce exposure to companies vulnerable to the weak economy. 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 6/30/20
| | | | |
| |
Intermediate Bonds | | | 22.0 | % |
| |
Large Cap Value Stocks | | | 16.0 | % |
| |
Short Term Bonds | | | 15.0 | % |
| |
International Stocks | | | 12.0 | % |
| |
Large Cap Growth Stocks | | | 9.0 | % |
| |
Mid Cap Value Stocks | | | 8.0 | % |
| |
Emerging Markets Stocks | | | 5.0 | % |
| |
Small Cap Value Stocks | | | 3.0 | % |
| |
High Yield Bonds | | | 3.0 | % |
| |
Mid Cap Growth Stocks | | | 3.0 | % |
| |
Small Cap Growth Stocks | | | 2.0 | % |
| |
Domestic REITs | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
42
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned –2.10% for the six-month period ending June 30, 2020 compared to its benchmarks, the Russell 3000 Index’s return of –3.48% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.14% 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.
The asset allocation of the Moderately Conservative Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, REITs, emerging markets and international equities underperformed the Russell 3000 Index. However, the allocation in growth stocks outperformed the Russell 3000 Index. In fixed income, allocation in high yield bond funds and short-term bond funds contributed negatively to the performance due to declined interest rates and widened credit spreads.
Fund selection of the Moderately Conservative Allocation Fund contributed negatively to its performance. During the period, our managers for the Penn Series Mid Core Value Fund and Penn Series International Equity Fund outperformed their respective benchmarks by more than 1%, while the Penn Series Large Cap Growth Fund, Penn Series SMID Cap Value Fund, Penn Series Flexibly Managed Fund and Penn Series Emerging Markets Equity Fund underperformed their benchmarks by more than 1%. On the fixed income side, the Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund and Penn Series Quality Bond Fund underperformed their respective benchmarks.
The COVID-19 pandemic spread rapidly across the world during the first half of 2020. The global economy dipped into a severe contraction due to the shutdown measures adopted to contain the spread of the virus. Global equity markets sold off sharply in 1Q20 and subsequently partially recovered in 2Q20. In response, the Federal Reserve cut interest rates to zero and expanded the bond purchase program (quantitative easing). The U.S. government also provided fiscal stimulus packages to provide relief to
individuals, families and businesses impacted by the economic slowdown due to the pandemic.
During the period, we reduced our mid cap value exposure due to underperformance. We also moved allocation from SMID value stocks to large cap stocks to reduce exposure to companies vulnerable to the weak economy. 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 6/30/20
| | | | |
| |
Intermediate Bonds | | | 32.0 | % |
| |
Short Term Bonds | | | 25.0 | % |
| |
Large Cap Value Stocks | | | 15.0 | % |
| |
International Stocks | | | 8.0 | % |
| |
Large Cap Growth Stocks | | | 7.0 | % |
| |
Mid Cap Value Stocks | | | 4.0 | % |
| |
High Yield Bonds | | | 3.0 | % |
| |
Small Cap Value Stocks | | | 2.0 | % |
| |
Emerging Markets Stocks | | | 2.0 | % |
| |
Domestic REITs | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
43
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Conservative Allocation Fund
The Penn Series Conservative Allocation Fund returned 0.77% for the six-month period ending June 30, 2020, compared to its benchmarks, the Russell 3000 Index’s return of –3.48% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.14% 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.
The asset allocation of the Conservative Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, REITs and international equities underperformed the Russell 3000 Index. However, the allocation in growth stocks outperformed the Russell 3000 Index. In fixed income, allocation in high yield bond funds and short-term bond funds contributed negatively to the performance due to declined interest rates and widened credit spreads.
Fund selection of the Conservative Allocation Fund contributed negatively to its performance. During the period, our managers for the Penn Series Mid Core Value Fund and Penn Series International Equity Fund outperformed their respective benchmarks by more than 1%, while the Penn Series SMID Cap Value Fund and Penn Series Flexibly Managed Fund underperformed their benchmarks by more than 1%. On the fixed income side, the Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund and Penn Series Quality Bond Fund underperformed their respective benchmarks.
The COVID-19 pandemic spread rapidly across the world during the first half of 2020. The global economy dipped into a severe contraction due to the shutdown measures adopted to contain the spread of the virus. Global equity markets sold off sharply in 1Q20 and subsequently partially recovered in 2Q20. In response, the Federal Reserve cut interest rates to zero and expanded the bond purchase program (quantitative easing). The U.S. government also provided fiscal stimulus packages to provide relief to individuals, families and businesses impacted by the economic slowdown due to the pandemic.
During the period, we reduced our mid cap value exposure due to underperformance. We also moved allocation from SMID value stocks to large cap stocks to reduce exposure to companies vulnerable to the weak economy. 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 6/30/20
| | | | |
| |
Intermediate Bonds | | | 42.0 | % |
| |
Short Term Bonds | | | 35.0 | % |
| |
Large Cap Value Stocks | | | 10.0 | % |
| |
Large Cap Growth Stocks | | | 4.0 | % |
| |
High Yield Bonds | | | 3.0 | % |
| |
International Stocks | | | 3.0 | % |
| |
Mid Cap Value Stocks | | | 2.0 | % |
| |
Domestic REITs | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
44
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, 2020 and held through June 30, 2020. 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.
Disclosure of Fund Expenses
For the Period January 1, 2020 to June 30, 2020
Expense Table
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2020 | | | Ending
Value
June 30,
2020 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Money Market Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,002.40 | | | | 0.49% | | | | $2.44 | |
| Hypothetical | | | $1,000.00 | | | | $1,022.43 | | | | 0.49% | | | | $2.46 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,017.90 | | | | 0.70% | | | | $3.51 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.38 | | | | 0.70% | | | | $3.52 | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,056.20 | | | | 0.67% | | | | $3.43 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.53 | | | | 0.67% | | | | $3.37 | |
45
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2020 | | | Ending
Value
June 30,
2020 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $981.90 | | | | 0.73% | | | | $3.60 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.23 | | | | 0.73% | | | | $3.67 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $998.20 | | | | 0.88% | | | | $4.37 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.49 | | | | 0.88% | | | | $4.42 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,007.20 | | | | 0.20% | | | | $1.00 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.87 | | | | 0.20% | | | | $1.01 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,086.80 | | | | 0.95% | | | | $4.93 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.14 | | | | 0.95% | | | | $4.77 | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $990.00 | | | | 0.88% | | | | $4.35 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.49 | | | | 0.88% | | | | $4.42 | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,318.70 | | | | 0.86% | | | | $4.96 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.59 | | | | 0.86% | | | | $4.32 | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $836.10 | | | | 0.93% | | | | $4.25 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.24 | | | | 0.93% | | | | $4.67 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $840.10 | | | | 0.92% | | | | $4.21 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.29 | | | | 0.92% | | | | $4.62 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $969.60 | | | | 0.36% | | | | $1.76 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.07 | | | | 0.36% | | | | $1.81 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,120.90 | | | | 0.96% | | | | $5.06 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.09 | | | | 0.96% | | | | $4.82 | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $724.40 | | | | 0.83% | | | | $3.56 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.74 | | | | 0.83% | | | | $4.17 | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $836.70 | | | | 1.03% | | | | $4.70 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.74 | | | | 1.03% | | | | $5.17 | |
| SMID Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,115.40 | | | | 1.04% | | | | $5.47 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.69 | | | | 1.04% | | | | $5.22 | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $752.90 | | | | 1.15% | | | | $5.01 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.14 | | | | 1.15% | | | | $5.77 | |
46
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
January 1,
2020 | | | Ending
Value
June 30,
2020 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $953.20 | | | | 1.02% | | | | $4.95 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.79 | | | | 1.02% | | | | $5.12 | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $756.90 | | | | 1.01% | | | | $4.41 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.84 | | | | 1.01% | | | | $5.07 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $868.40 | | | | 0.74% | | | | $3.44 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.18 | | | | 0.74% | | | | $3.72 | |
| Developed International Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $891.80 | | | | 0.90% | | | | $4.23 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.39 | | | | 0.90% | | | | $4.52 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $948.70 | | | | 1.09% | | | | $5.28 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.44 | | | | 1.09% | | | | $5.47 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $866.10 | | | | 1.37% | | | | $6.36 | |
| Hypothetical | | | $1,000.00 | | | | $1,018.05 | | | | 1.37% | | | | $6.87 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $869.30 | | | | 0.97% | | | | $4.51 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.04 | | | | 0.97% | | | | $4.87 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $900.50 | | | | 0.34% | | | | $1.61 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.17 | | | | 0.34% | | | | $1.71 | |
| Moderately Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $918.90 | | | | 0.30% | | | | $1.43 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.37 | | | | 0.30% | | | | $1.51 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $954.00 | | | | 0.30% | | | | $1.46 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.37 | | | | 0.30% | | | | $1.51 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $979.00 | | | | 0.32% | | | | $1.57 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.27 | | | | 0.32% | | | | $1.61 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,007.70 | | | | 0.34% | | | | $1.70 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.17 | | | | 0.34% | | | | $1.71 | |
| * | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (182), then divided by 366. |
47
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| AGENCY OBLIGATION — 52.0% | | | | | | | | |
Federal Farm Credit Banks
1.551%, 07/31/20 | | $ | 1,500 | | | $ | 1,498,075 | |
0.150%, 11/05/20 | | | 5,000 | | | | 4,997,354 | |
Federal Home Loan Banks
0.501%, 07/10/20 | | | 7,000 | | | | 6,999,125 | |
0.411%, 07/20/20 | | | 7,000 | | | | 6,998,485 | |
0.501%, 07/21/20 | | | 5,000 | | | | 4,998,611 | |
0.165%, 09/16/20 | | | 5,000 | | | | 4,998,236 | |
1.375%, 09/28/20 | | | 3,105 | | | | 3,113,203 | |
0.140%, 10/23/20 | | | 5,000 | | | | 4,997,783 | |
Federal Home Loan Mortgage Corp.
0.145%, 09/24/20 | | | 5,000 | | | | 4,998,288 | |
1.625%, 09/29/20 | | | 2,039 | | | | 2,045,698 | |
1.875%, 11/17/20 | | | 1,325 | | | | 1,333,281 | |
Federal National Mortgage Association
1.500%, 07/30/20 | | | 1,125 | | | | 1,126,064 | |
0.129%, 09/23/20 | | | 13,000 | | | | 12,996,080 | |
Tennessee Valley Authority
0.100%, 07/15/20 | | | 8,000 | | | | 7,999,689 | |
| | | | | | | | |
| |
TOTAL AGENCY OBLIGATION
(Cost $69,099,972) | | | | 69,099,972 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATION — 28.6% | |
U.S. Treasury Bills
0.105%, 07/30/20 | | | 5,000 | | | | 4,999,579 | |
0.117%, 08/20/20 | | | 5,000 | | | | 4,999,187 | |
0.161%, 09/10/20 | | | 5,000 | | | | 4,998,417 | |
0.164%, 09/24/20 | | | 10,000 | | | | 9,996,135 | |
0.166%, 10/01/20 | | | 13,000 | | | | 12,994,505 | |
| | | | | | | | |
| |
TOTAL U.S. TREASURY OBLIGATION
(Cost $37,987,823) | | | | 37,987,823 | |
| | | | | | | | |
| | | Number of
Shares | | | | |
| SHORT-TERM INVESTMENTS — 19.4% | |
Goldman Sachs Financial Square Funds -
Government Fund Institutional Shares (seven-day effective yield 0.150%)
(Cost $25,878,189) | | | 25,878,189 | | | | 25,878,189 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.0%
(Cost $132,965,984) | | | | 132,965,984 | |
| |
| Other Assets & Liabilities — 0.0% | | | | (26,876 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 132,939,108 | |
| | | | | | | | |
| † | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AGENCY OBLIGATION | | $ | 69,099,972 | | | $ | — | | | $ | 69,099,972 | | | $ | — | |
U.S. TREASURY OBLIGATION | | | 37,987,823 | | | | — | | | | 37,987,823 | | | | — | |
SHORT-TERM INVESTMENTS | | | 25,878,189 | | | | 25,878,189 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 132,965,984 | | | $ | 25,878,189 | | | $ | 107,087,795 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
48
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| ASSET BACKED SECURITIES — 23.1% | |
Adams Mill CLO Ltd., Series 2014-1A Class B2R 3.350%, 07/15/26 144A @ | | $ | 2,750 | | | $ | 2,750,767 | |
Assurant CLO II Ltd., Series 2018-1A Class A
(3 M ICE LIBOR + 1.040%, Floor 1.040%) 2.175%, 04/20/31 144A @,• | | | 2,400 | | | | 2,324,813 | |
Babson CLO Ltd., Series 2014-IA Class BR
(3 M ICE LIBOR + 2.200%)
3.335%, 07/20/25 144A @• | | | 2,500 | | | | 2,491,343 | |
Babson CLO Ltd., Series 2014-IA Class C
(3 M ICE LIBOR + 3.450%)
4.585%, 07/20/25 144A @• | | | 1,500 | | | | 1,485,489 | |
Barings CLO Ltd., Series 2017-1A Class B1
(3 M ICE LIBOR + 1.700%)
2.835%, 07/18/29 144A @,• | | | 1,500 | | | | 1,476,246 | |
Benefit Street Partners CLO VIII Ltd.,
Series 2015-8A Class A1AR
(3 M ICE LIBOR + 1.100%, Floor 1.100%) 2.235%, 01/20/31 144A @,• | | | 2,500 | | | | 2,437,535 | |
BlueMountain CLO Ltd., Series 2015-1A Class A1R
(3 M ICE LIBOR + 1.330%)
2.641%, 04/13/27 144A @,• | | | 471 | | | | 470,173 | |
CIFC Funding Ltd., Series 2014-2RA Class A1
(3 M ICE LIBOR + 1.050%, Floor 1.050%) 2.070%, 04/24/30 144A @,• | | | 2,000 | | | | 1,958,986 | |
Crestline Denali CLO XVI Ltd.,
Series 2018-1A Class A
(3 M ICE LIBOR + 1.120%, Floor 1.120%) 2.255%, 01/20/30 144A @,• | | | 3,000 | | | | 2,887,536 | |
ECMC Group Student Loan Trust, Series 2019-1A Class A1A
2.720%, 07/25/69 144A @ | | | 2,061 | | | | 2,123,989 | |
Elm CLO Ltd., Series 2014-1A Class BRR
(3 M ICE LIBOR + 1.750%)
2.885%, 01/17/29 •144A @ | | | 2,000 | | | | 1,964,590 | |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%) 5.125%, 01/20/33 144A @,• | | | 1,500 | | | | 1,439,250 | |
Ford Credit Auto Owner Trust,
Series 2017-A Class A4
1.920%, 04/15/22 | | | 4,047 | | | | 4,063,894 | |
GM Financial Consumer Automobile Receivables Trust,
Series 2020-2 Class A2A
1.500%, 03/16/23 | | | 1,500 | | | | 1,512,313 | |
Halcyon Loan Advisors Funding Ltd.,
Series 2015-2A Class AR
(3 M ICE LIBOR + 1.080%, Floor 1.080%) 2.071%, 07/25/27 144A @,• | | | 1,537 | | | | 1,521,383 | |
Limerock CLO III LLC,
Series 2014-3A Class A1R
(3 M ICE LIBOR + 1.200%)
2.335%, 10/20/26 144A @,• | | | 527 | | | | 525,937 | |
Mariner CLO LLC, Series 2018-6A Class B
(3 M ICE LIBOR + 1.680%)
2.567%, 07/28/31 144A @,• | | | 2,000 | | | | 1,938,246 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
Navient Private Education Loan Trust144A @ | |
(1 M ICE LIBOR + 1.700%)
1.885%, 11/15/30,
Series 2015-AA Class A3• | | $ | 1,500 | | | $ | 1,479,707 | |
(1 M ICE LIBOR + 1.600%)
1.785%, 10/15/31,
Series 2014-AA Class A3• | | | 1,499 | | | | 1,498,999 | |
NZCG Funding Ltd., Series 2015-1A Class A2R (3 M ICE LIBOR + 1.550%, Floor 1.550%) 1.910%, 02/26/31 •144A @ | | | 3,350 | | | | 3,214,027 | |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%) 2.591%, 10/13/31 144A @,• | | | 1,990 | | | | 1,925,085 | |
Octagon Investment Partners XIX Ltd.,
Series 2014-1A Class CR
(3 M ICE LIBOR + 2.100%)
3.319%, 04/15/26 144A @,• | | | 2,500 | | | | 2,483,305 | |
Recette CLO Ltd., Series 2015-1A Class DR
(3 M ICE LIBOR + 2.750%)
3.885%, 10/20/27 144A @,• | | | 2,000 | | | | 1,899,452 | |
SLM Student Loan Trust, Series 2014-2 Class A3
(1 M ICE LIBOR + 0.590%)
0.775%, 03/25/55• | | | 3,539 | | | | 3,373,010 | |
SMB Private Education Loan Trust,
Series 2015-C Class A3
(1 M ICE LIBOR + 1.950%)
2.135%, 08/16/32 •144A @ | | | 2,405 | | | | 2,440,295 | |
Sound Point CLO V-R Ltd., Series 2014-1RA Class B
(3 M ICE LIBOR + 1.750%, Floor 1.750%)
2.885%, 07/18/31 144A @,• | | | 2,000 | | | | 1,909,144 | |
TRESTLES CLO Ltd., Series 2017-1A Class A1A
(3 M ICE LIBOR + 1.290%)
2.281%, 07/25/29 144A @,• | | | 1,250 | | | | 1,235,109 | |
Verizon Owner Trust144A @
2.220%, 12/20/21,
Series 2017-2A Class B | | | 2,000 | | | | 2,005,129 | |
2.380%, 04/20/22,
Series 2017-3A Class B | | | 1,000 | | | | 1,008,268 | |
| | | | | | | | |
| |
TOTAL ASSET BACKED SECURITIES
(Cost $58,823,449) | | | | 57,844,020 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 9.6% | |
BX Commercial Mortgage Trust,
Series 2019-XL Class B
(1 M ICE LIBOR + 1.080%, Floor 1.080%)
1.265%, 10/15/36 144A @,• | | | 1,433 | | | | 1,407,990 | |
Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D
(1 M ICE LIBOR + 1.800%, Floor 1.800%)
1.985%, 12/15/36 144A @,• | | | 1,000 | | | | 830,944 | |
49
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | |
FHLMC Multifamily Structured Pass-Through Certificates
1.730%, 03/25/22, Series K019 Class X1• | | $ | 25,452 | | | $ | 576,645 | |
2.396%, 06/25/22, Series K021 Class A2 | | | 3,000 | | | | 3,089,174 | |
3.163%, 08/25/25, Series KC02 Class X3• | | | 14,500 | | | | 1,824,400 | |
FREMF Mortgage Trust144A @ 4.203%, 01/25/47, Series 2014-K714 Class B• | | | 1,500 | | | | 1,504,951 | |
5.355%, 02/25/47, Series 2011-K14 Class B• | | | 1,050 | | | | 1,076,541 | |
4.081%, 08/25/47, Series 2014-K716 Class B• | | | 2,550 | | | | 2,598,318 | |
3.754%, 11/25/47, Series 2014-K717 Class C• | | | 1,500 | | | | 1,509,499 | |
4.567%, 12/25/48, Series 2011-K11 Class B• | | | 1,500 | | | | 1,513,965 | |
GS Mortgage Securities Corp. Trust,
Series 2018-HULA Class B
(1 M ICE LIBOR + 1.250%, Floor 1.250%) 1.435%, 07/15/25 144A @,• | | | 1,973 | | | | 1,824,948 | |
GS Mortgage Securities Trust 4.592%, 08/10/43, Series 2010-C1 Class A2 144A @ | | | 383 | | | | 382,981 | |
5.148%, 08/10/43, Series 2010-C1 Class B 144A @ | | | 2,000 | | | | 2,006,126 | |
Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M ICE LIBOR + 1.650%, Floor 1.650%) 1.835%, 05/15/38 •144A @ | | | 1,500 | | | | 1,349,784 | |
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH Class C
(1 M ICE LIBOR + 1.360%, Floor 1.410%) 1.545%, 06/15/35 144A @,• | | | 2,000 | | | | 1,682,566 | |
WFRBS Commercial Mortgage Trust, Series 2012-C7 Class XA
1.480%, 06/15/45 144A @,• | | | 46,907 | | | | 826,346 | |
| | | | | | | | |
| |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $26,320,356) | | | | 24,005,178 | |
| | | | | | | | |
| CORPORATE BONDS — 48.6% | |
| Advertising — 0.6% | |
The Interpublic Group of Cos., Inc.
3.500%, 10/01/20 | | | 1,500 | | | | 1,509,938 | |
| | | | | | | | |
|
| Aerospace & Defense — 1.1% | |
The Boeing Co.
4.508%, 05/01/23 | | | 2,500 | | | | 2,641,071 | |
| | | | | | | | |
|
| Agriculture — 1.0% | |
Altria Group Inc.
3.490%, 02/14/22 | | | 1,500 | | | | 1,565,226 | |
Cargill, Inc.
3.050%, 04/19/21 144A @ | | | 1,000 | | | | 1,022,690 | |
| | | | | | | | |
| | | | | | | 2,587,916 | |
| | | | | | | | |
|
| Airlines — 2.0% | |
Air Canada Pass Through Trust,
Series 2013-1 Class B
5.375%, 11/15/22 144A @ | | | 792 | | | | 713,855 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Airlines — (continued) | |
American Airlines Pass Through Trust,
Series 2013-2 Class B
5.600%, 01/15/22 144A @ | | $ | 999 | | | $ | 999,594 | |
Continental Airlines Pass Through Trust, Series 2000-2 Class A-1
7.707%, 10/02/22 | | | 70 | | | | 66,885 | |
Delta Air Lines Pass Through Trust, Series 2007-1 Class B
8.021%, 02/10/24 | | | 667 | | | | 625,607 | |
U.S. Airways Pass Through Trust, Series 2012-2 Class B
6.750%, 12/03/22 | | | 2,107 | | | | 1,702,097 | |
UAL Pass Through Trust,
Series 2007-1 Class A
6.636%, 01/02/24 | | | 867 | | | | 737,903 | |
| | | | | | | | |
| | | | | | | 4,845,941 | |
| | | | | | | | |
|
| Apparel — 0.9% | |
VF Corp.
2.050%, 04/23/22 | | | 2,250 | | | | 2,304,214 | |
| | | | | | | | |
|
| Auto Manufacturers — 3.5% | |
American Honda Finance Corp.
(3 M ICE LIBOR + 0.370%)
0.818%, 05/10/23• | | | 1,500 | | | | 1,487,995 | |
BMW US Capital LLC
3.800%, 04/06/23 144A @ | | | 2,250 | | | | 2,417,087 | |
Ford Motor Credit Co., LLC
3.470%, 04/05/21 | | | 2,250 | | | | 2,221,875 | |
General Motors Financial Co., Inc.
(3 M ICE LIBOR + 0.850%)
2.170%, 04/09/21• | | | 1,000 | | | | 994,034 | |
Volkswagen Group of America Finance LLC
3.125%, 05/12/23 144A @ | | | 1,500 | | | | 1,577,605 | |
| | | | | | | | |
| | | | | | | 8,698,596 | |
| | | | | | | | |
|
| Banks — 4.4% | |
Bank of Montreal
3.100%, 07/13/20 | | | 1,500 | | | | 1,501,265 | |
Bank of Nova Scotia
3.125%, 04/20/21 | | | 1,500 | | | | 1,533,319 | |
Central Fidelity Capital Trust I
(3 M ICE LIBOR + 1.000%)
2.219%, 04/15/27• | | | 1,750 | | | | 1,533,058 | |
CIT Group, Inc.
4.125%, 03/09/21 | | | 1,000 | | | | 1,000,000 | |
Citibank NA
3.400%, 07/23/21 | | | 1,500 | | | | 1,544,733 | |
JPMorgan Chase & Co.
(3 M ICE LIBOR + 3.470%) 4.230%, µ,• | | | 1,022 | | | | 930,327 | |
Mitsubishi UFJ Financial Group, Inc.
3.535%, 07/26/21 | | | 1,500 | | | | 1,547,725 | |
Wells Fargo Bank NA
(3 M ICE LIBOR + 0.490%)
3.325%, 07/23/21• | | | 1,500 | | | | 1,502,442 | |
| | | | | | | | |
| | | | | | | 11,092,869 | |
| | | | | | | | |
50
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Beverages — 0.6% | |
Keurig Dr Pepper, Inc.
3.551%, 05/25/21 | | $ | 1,500 | | | $ | 1,541,685 | |
| | | | | | | | |
|
| Building Materials — 0.6% | |
Vulcan Materials Co.
(3 M ICE LIBOR + 0.650%)
1.000%, 03/01/21• | | | 1,500 | | | | 1,491,945 | |
| | | | | | | | |
|
| Chemicals — 0.6% | |
International Flavors & Fragrances, Inc.
3.400%, 09/25/20 | | | 500 | | | | 502,501 | |
WR Grace & Co.
5.125%, 10/01/21 144A @ | | | 1,000 | | | | 1,053,300 | |
| | | | | | | | |
| | | | | | | 1,555,801 | |
| | | | | | | | |
|
| Commercial Services — 0.9% | |
Service Corp International
8.000%, 11/15/21 | | | 2,100 | | | | 2,226,000 | |
| | | | | | | | |
|
| Computers — 1.0% | |
Hewlett Packard Enterprise Co.
(3 M ICE LIBOR + 0.680%)
0.998%, 03/12/21• | | | 1,500 | | | | 1,499,151 | |
IBM Credit LLC
3.450%, 11/30/20 | | | 1,000 | | | | 1,012,761 | |
| | | | | | | | |
| | | | | | | 2,511,912 | |
| | | | | | | | |
|
| Diversified Financial Services — 1.6% | |
AerCap Ireland Capital DAC
4.450%, 12/16/21 | | | 1,000 | | | | 1,009,934 | |
BOC Aviation Ltd.
(3 M ICE LIBOR + 1.050%)
1.606%, 05/02/21 144A @,• | | | 2,000 | | | | 1,981,380 | |
Park Aerospace Holdings Ltd.
3.625%, 03/15/21 144A @ | | | 1,000 | | | | 986,808 | |
| | | | | | | | |
| | | | | | | 3,978,122 | |
| | | | | | | | |
|
| Electric — 5.1% | |
CenterPoint Energy, Inc.
3.600%, 11/01/21 | | | 1,000 | | | | 1,038,307 | |
DTE Electric Co.
3.900%, 06/01/21 | | | 2,000 | | | | 2,043,742 | |
Edison International
3.125%, 11/15/22 | | | 1,000 | | | | 1,029,306 | |
Georgia Power Co.
2.100%, 07/30/23 | | | 1,900 | | | | 1,977,064 | |
NextEra Energy Capital Holdings, Inc.
2.900%, 04/01/22 | | | 1,500 | | | | 1,561,334 | |
NRG Energy, Inc.
7.250%, 05/15/26 | | | 1,600 | | | | 1,688,000 | |
Pacific Gas and Electric Co.
1.750%, 06/16/22 | | | 1,500 | | | | 1,502,400 | |
San Diego Gas & Electric Co.
1.914%, 02/01/22 | | | 459 | | | | 460,635 | |
Sempra Energy
(3 M ICE LIBOR + 0.500%) 1.719%, 01/15/21• | | | 1,500 | | | | 1,500,257 | |
| | | | | | | | |
| | | | | | | 12,801,045 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Electronics — 0.6% | |
Honeywell International, Inc.
(3 M ICE LIBOR + 0.370%)
0.818%, 08/08/22• | | $ | 1,500 | | | $ | 1,502,794 | |
| | | | | | | | |
|
| Food — 0.9% | |
Albertsons Cos, Inc.
3.500%, 02/15/23 144A @ | | | 1,300 | | | | 1,316,250 | |
General Mills, Inc.
3.200%, 04/16/21 | | | 1,000 | | | | 1,021,464 | |
| | | | | | | | |
| | | | | | | 2,337,714 | |
| | | | | | | | |
|
| Healthcare Products — 0.8% | |
Zimmer Biomet Holdings, Inc.
(3 M ICE LIBOR + 0.750%)
1.066%, 03/19/21• | | | 2,000 | | | | 1,999,652 | |
| | | | | | | | |
|
| Healthcare Services — 1.2% | |
Humana, Inc.
2.500%, 12/15/20 | | | 1,000 | | | | 1,009,015 | |
UnitedHealth Group, Inc.
3.150%, 06/15/21 | | | 2,000 | | | | 2,054,474 | |
| | | | | | | | |
| | | | | | | 3,063,489 | |
| | | | | | | | |
|
| Home Builders — 1.8% | |
D.R. Horton, Inc.
2.550%, 12/01/20 | | | 2,000 | | | | 2,014,285 | |
Lennar Corp.
2.950%, 11/29/20 | | | 1,000 | | | | 1,001,100 | |
4.125%, 01/15/22 | | | 1,500 | | | | 1,518,750 | |
| | | | | | | | |
| | | | | | | 4,534,135 | |
| | | | | | | | |
|
| Leisure Time — 0.6% | |
Royal Caribbean Cruises Ltd.
2.650%, 11/28/20 | | | 1,500 | | | | 1,455,288 | |
| | | | | | | | |
|
| Lodging — 1.4% | |
Marriott International, Inc. | |
(3 M ICE LIBOR + 0.600%)
0.950%, 12/01/20• | | | 2,000 | | | | 1,991,000 | |
(3 M ICE LIBOR + 0.650%)
0.968%, 03/08/21• | | | 1,500 | | | | 1,485,585 | |
| | | | | | | | |
| | | | | | | 3,476,585 | |
| | | | | | | | |
|
| Machinery — Diversified — 2.7% | |
Caterpillar Financial Services Corp.
3.150%, 09/07/21 | | | 1,500 | | | | 1,548,045 | |
CNH Industrial Capital LLC
1.950%, 07/02/23 | | | 2,250 | | | | 2,264,766 | |
John Deere Capital Corp.
(3 M ICE LIBOR + 0.240%)
0.558%, 03/12/21• | | | 2,000 | | | | 2,001,008 | |
Westinghouse Air Brake Technologies Corp.
(3 M ICE LIBOR + 1.300%) 1.613%, 09/15/21• | | | 1,000 | | | | 1,000,000 | |
| | | | | | | | |
| | | | | | | 6,813,819 | |
| | | | | | | | |
51
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | |
| Media — 1.3% | |
Charter Communications Operating LLC
4.464%, 07/23/22 | | $ | 1,500 | | | $ | 1,599,890 | |
Fox Corp.
3.666%, 01/25/22 | | | 1,500 | | | | 1,570,078 | |
| | | | | | | | |
| | | | | | | 3,169,968 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 0.6% | |
Trane Technologies Global Holding Co., Ltd.
2.900%, 02/21/21 | | | 1,500 | | | | 1,516,608 | |
| | | | | | | | |
|
| Oil & Gas — 2.1% | |
Occidental Petroleum Corp.
(3 M ICE LIBOR + 1.450%)
1.842%, 08/15/22• | | | 2,250 | | | | 2,070,435 | |
Phillips 66
(3 M ICE LIBOR + 0.600%) 0.960%, 02/26/21• | | | 2,000 | | | | 1,997,011 | |
Transocean, Inc.
8.375%, 12/15/21 | | | 1,500 | | | | 1,050,000 | |
| | | | | | | | |
| | | | | | | 5,117,446 | |
| | | | | | | | |
|
| Packaging and Containers — 0.9% | |
Ball Corp.
4.000%, 11/15/23 | | | 2,250 | | | | 2,334,375 | |
| | | | | | | | |
|
| Pharmaceuticals — 5.2% | |
AbbVie, Inc.
2.300%, 11/21/22 144A @ | | | 1,500 | | | | 1,551,569 | |
Bayer US Finance II LLC
3.500%, 06/25/21 144A @ | | | 2,000 | | | | 2,050,275 | |
Bristol-Myers Squibb Co.
2.875%, 02/19/21 144A @ | | | 1,500 | | | | 1,526,112 | |
2.600%, 05/16/22 144A @ | | | 1,000 | | | | 1,039,692 | |
Cigna Corp.
3.200%, 09/17/20 | | | 2,500 | | | | 2,513,970 | |
Elanco Animal Health, Inc.
5.022%, 08/28/23 | | | 1,645 | | | | 1,727,250 | |
Upjohn, Inc.
1.125%, 06/22/22 144A @ | | | 1,000 | | | | 1,006,011 | |
Zoetis, Inc.
3.250%, 08/20/21 | | | 1,500 | | | | 1,544,029 | |
| | | | | | | | |
| | | | | | | 12,958,908 | |
| | | | | | | | |
|
| Pipelines — 0.8% | |
MPLX LP
(3 M ICE LIBOR + 0.900%)
1.213%, 09/09/21• | | | 2,000 | | | | 1,984,145 | |
| | | | | | | | |
|
| Retail — 1.2% | |
Family Dollar Stores, Inc.
5.000%, 02/01/21 | | | 1,500 | | | | 1,525,063 | |
Penske Automotive Group, Inc.
3.750%, 08/15/20 | | | 1,500 | | | | 1,499,550 | |
| | | | | | | | |
| | | | | | | 3,024,613 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Semiconductors — 1.3% | |
Broadcom, Inc.
3.459%, 09/15/26 144A @ | | $ | 2,038 | | | $ | 2,185,614 | |
Micron Technology, Inc.
2.497%, 04/24/23 | | | 1,000 | | | | 1,039,263 | |
| | | | | | | | |
| | | | | | | 3,224,877 | |
| | | | | | | | |
|
| Software — 0.4% | |
Activision Blizzard, Inc.
2.300%, 09/15/21 | | | 1,000 | | | | 1,019,235 | |
| | | | | | | | |
|
| Telecommunications — 0.9% | |
Sprint Spectrum Co., LLC
3.360%, 03/20/23 144A @ | | | 625 | | | | 632,613 | |
T-Mobile USA, Inc.
3.500%, 04/15/25 144A @ | | | 1,500 | | | | 1,632,585 | |
| | | | | | | | |
| | | | | | | 2,265,198 | |
| | | | | | | | |
| |
TOTAL CORPORATE BONDS
(Cost $121,650,966) | | | | 121,585,904 | |
| | | | | | | | |
| COMMERCIAL PAPER — 0.9% | |
Astrazeneca PLC
2.375%, 11/16/20 | | | 2,250 | | | | 2,246,598 | |
| | | | | | | | |
| | |
TOTAL COMMERCIAL PAPER
(Cost $2,236,090) | | | | | | | 2,246,598 | |
| | | | | | | | |
| MUNICIPAL BONDS — 1.4% | |
Los Angeles Department of Water & Power, Power System Revenue, Build America Bonds, Series A
6.166%, 07/01/40 | | | 2,000 | | | | 2,000,000 | |
New York City, New York, Build America Bonds Fiscal 2010 Subordinate Series H-1
6.246%, 06/01/35 | | | 1,510 | | | | 1,516,991 | |
| | | | | | | | |
| |
TOTAL MUNICIPAL BONDS
(Cost $3,510,000) | | | | 3,516,991 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 7.8% | |
| Collateralized Mortgage Obligations — 4.3% | |
CSMC Trust, Series 2018-J1 Class A26
3.500%, 02/25/48 144A @,• | | | 5,632 | | | | 5,713,412 | |
Flagstar Mortgage Trust, Series 2017-1 Class 1A5
3.500%, 03/25/47 144A @,• | | | 1,799 | | | | 1,826,256 | |
Sequoia Mortgage Trust, Series 2018-CH4 Class A1
4.500%, 10/25/48 144A @,• | | | 3,025 | | | | 3,136,064 | |
| | | | | | | | �� |
| | | | | | | 10,675,732 | |
| | | | | | | | |
|
| Fannie Mae REMICS — 0.8% | |
3.000%, 07/25/43, Series 2013-75 Class CN | | | 1,889 | | | | 1,941,933 | |
| | | | | | | | |
|
| Freddie Mac REMICS — 2.7% | |
3.500%, 03/15/40, Series 4413 Class HP | | | 4,051 | | | | 4,121,613 | |
4.500%, 02/15/49, Series 4895 Class C | | | 2,716 | | | | 2,781,491 | |
| | | | | | | | |
| | | | | | | 6,903,104 | |
| | | | | | | | |
52
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | |
| Government National Mortgage Association — 0.0% | |
4.000%, 03/20/44, Series 2018-112 Class BD | | $ | 84 | | | $ | 84,150 | |
| | | | | | | | |
| |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $19,508,296) | | | | 19,604,919 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATION — 6.0% | | | | | | | | |
U.S. Treasury Bill
0.173%, 05/20/21¤
(Cost $14,976,784) | | | 15,000 | | | | 14,977,457 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.2% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.100%)
(Cost $5,452,422) | | | 5,452,422 | | | | 5,452,422 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.6%
(Cost $252,478,363) | | | | 249,233,489 | |
| |
| Other Assets & Liabilities — 0.4% | | | | 1,048,882 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 250,282,371 | |
| | | | | | | | |
| µ | Perpetual security with no stated maturity date. |
| † | See Security Valuation Note. |
| 144A @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $101,778,534, which represents 40.7% of the Fund’s net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
CLO — Collateralized Loan Obligation.
ICE — Intercontinental Exchange.
LIBOR — London Interbank Offered Rate.
LLC — Limited Liability Company.
LP — Limited Partnership.
M — Month.
NA — National Association.
PLC — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 79 | % |
Cayman Islands | | | 16 | |
Canada | | | 1 | |
Ireland | | | 1 | |
Japan | | | 1 | |
Singapore | | | 1 | |
United Kingdom | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
ASSET BACKED SECURITIES | | $ | 57,844,020 | | | $ | — | | | $ | 57,844,020 | | | $ | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 24,005,178 | | | | — | | | | 24,005,178 | | | | — | |
CORPORATE BONDS | | | 121,585,904 | | | | — | | | | 121,585,904 | | | | — | |
COMMERCIAL PAPER | | | 2,246,598 | | | | — | | | | 2,246,598 | | | | — | |
MUNICIPAL BONDS | | | 3,516,991 | | | | — | | | | 3,516,991 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 19,604,919 | | | | — | | | | 19,604,919 | | | | — | |
U.S. TREASURY OBLIGATION | | | 14,977,457 | | | | — | | | | 14,977,457 | | | | — | |
SHORT-TERM INVESTMENTS | | | 5,452,422 | | | | 5,452,422 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 249,233,489 | | | $ | 5,452,422 | | | $ | 243,781,067 | | | $ | — | |
| |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 53,859 | | | $ | 53,859 | | | $ | — | | | $ | — | |
| |
TOTAL ASSETS — OTHER FINANCIAL INSTRUMENTS | | $ | 53,859 | | | $ | 53,859 | | | $ | — | | | $ | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (18,442 | ) | | $ | (18,442 | ) | | $ | — | | | $ | — | |
| |
TOTAL LIABILITIES — OTHER FINANCIAL INSTRUMENTS | | $ | (18,442 | ) | | $ | (18,442 | ) | | $ | — | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
53
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Limited Maturity Bond Fund
Futures contracts held by the Fund at June 30, 2020 are as follows:
Futures Contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Long | | U.S. Treasury 2 year Note | | 09/30/2020 | | | 357 | | | | 2,000 | | | $ | 110 | | | $ | 78,835,641 | | | $ | 4,946 | | | $ | — | |
| Long | | U.S. Treasury 10 year Note | | 09/21/2020 | | | 140 | | | | 1,000 | | | | 139 | | | | 19,484,063 | | | | 40,201 | | | | — | |
| Long | | U.S. Treasury 10 year Ultra Bond | | 09/21/2020 | | | 20 | | | | 1,000 | | | | 157 | | | | 3,149,688 | | | | 8,712 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 53,859 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Short | | U.S. Treasury 5 year Note | | 09/30/2020 | | | (67 | ) | | | 1,000 | | | $ | 126 | | | $ | (8,424,727 | ) | | $ | — | | | $ | (18,442 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | $ | (18,442 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 53,859 | | | $ | (18,442 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
54
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| ASSET BACKED SECURITIES — 11.3% | |
First Eagle BSL CLO Ltd., Series 2019-1A Class B
(3 M ICE LIBOR + 3.250%, Floor 3.250%)
5.125%, 01/20/33 144A @,• | | $ | 5,000 | | | $ | 4,797,500 | |
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R
(3 M ICE LIBOR + 1.730%, Floor 1.730%) 2.865%, 04/18/31 144A @,• | | | 3,000 | | | | 2,799,402 | |
Mountain View CLO LLC, Series 2017-2A Class A
(3 M ICE LIBOR + 1.210%)
2.386%, 01/16/31 144A @,• | | | 3,500 | | | | 3,385,361 | |
PHEAA Student Loan Trust,
Series 2013-1A Class A
(1 M ICE LIBOR + 0.500%)
0.685%, 11/25/36 144A @,• | | | 3,339 | | | | 3,146,864 | |
SLM Student Loan Trust•
(1 M ICE LIBOR + 1.000%)
1.185%, 04/27/43, Series 2012-6 Class B | | | 4,860 | | | | 4,076,828 | |
(1 M ICE LIBOR + 0.590%) 0.775%, 03/25/55, Series 2014-2 Class A3 | | | 4,955 | | | | 4,722,215 | |
SMB Private Education Loan Trust144A @
(1 M ICE LIBOR + 1.950%) 2.135%, 08/16/32, Series 2015-C Class A3• | | | 5,000 | | | | 5,073,378 | |
4.000%, 09/15/42, Series 2014-A Class B | | | 1,930 | | | | 1,968,630 | |
3.500%, 09/15/43, Series 2015-C Class B | | | 5,000 | | | | 5,199,789 | |
Steele Creek CLO Ltd., Series 2016-1A Class BR
(3 M ICE LIBOR + 1.650%, Floor 1.650%) 1.963%, 06/15/31 144A @,• | | | 3,250 | | | | 2,937,766 | |
Towd Point Mortgage Trust,
Series 2019-3 Class A2
4.000%, 02/25/59 144A @,• | | | 2,000 | | | | 2,174,618 | |
Toyota Auto Receivables Owner Trust, Series 2018-D Class A3
3.180%, 03/15/23 | | | 2,000 | | | | 2,051,601 | |
Venture 37 CLO Ltd., Series 2019-37A Class A1F
3.657%, 07/15/32 144A @ | | | 5,000 | | | | 5,068,295 | |
Verizon Owner Trust, Series 2017-1A Class C 2.650%, 09/20/21 144A @ | | | 4,260 | | | | 4,261,340 | |
| | | | | | | | |
| |
TOTAL ASSET BACKED SECURITIES
(Cost $52,710,916) | | | | 51,663,587 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 16.2% | |
Benchmark Mortgage Trust, Series 2019-B9 Class A5
4.016%, 03/15/52 | | | 5,000 | | | | 5,863,032 | |
CFCRE Commercial Mortgage Trust, Series 2011-C1 Class A4
4.961%, 04/15/44 144A @,• | | | 665 | | | | 675,650 | |
FHLMC Multifamily Structured Pass-Through Certificates
1.730%, 03/25/22, Series K019 Class X1• | | | 45,917 | | | | 1,040,315 | |
3.062%, 12/25/24, Series K043 Class A2 | | | 3,000 | | | | 3,297,082 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
2.653%, 08/25/26, Series K058 Class A2 | | $ | 5,000 | | | $ | 5,475,217 | |
3.347%, 11/25/26, Series K061 Class A2• | | | 4,750 | | | | 5,418,956 | |
2.903%, 06/25/29, Series K094 Class A2 | | | 2,000 | | | | 2,287,886 | |
1.228%, 10/25/29, Series K107 Class A1 | | | 7,486 | | | | 7,652,735 | |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B
3.447%, 12/10/36 144A @ | | | 2,500 | | | | 2,421,087 | |
FREMF Mortgage Trust144A @ 4.063%, 02/25/25, Series 2018-K731 Class B• | | | 6,610 | | | | 7,057,192 | |
4.466%, 12/25/44, Series 2012-K17 Class B• | | | 4,000 | | | | 4,143,563 | |
4.162%, 05/25/45, Series 2012-K19 Class C• | | | 4,500 | | | | 4,601,706 | |
3.782%, 10/25/45, Series 2012-K23 Class C• | | | 5,000 | | | | 5,102,094 | |
3.764%, 08/25/48, Series 2015-K48 Class B• | | | 5,000 | | | | 5,335,085 | |
4.567%, 12/25/48, Series 2011-K11 Class B• | | | 3,000 | | | | 3,027,930 | |
4.059%, 01/25/49, Series 2016-K52 Class B• | | | 5,065 | | | | 5,382,977 | |
3.652%, 12/25/51, Series 2019-K102 Class B• | | | 5,000 | | | | 5,377,970 | |
Government National Mortgage Association, Series 2011-77 Class D
4.177%, 10/16/45• | | | 378 | | | | 390,690 | |
| | | | | | | | |
| |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $70,080,947) | | | | 74,551,167 | |
| | | | | | | | |
| CORPORATE BONDS — 44.8% | |
|
| Aerospace & Defense — 1.9% | |
General Dynamics Corp.
3.500%, 05/15/25 | | | 3,000 | | | | 3,354,670 | |
Raytheon Technologies Corp.
2.250%, 07/01/30 | | | 3,500 | | | | 3,645,253 | |
The Boeing Co.
3.250%, 02/01/35 | | | 1,950 | | | | 1,778,012 | |
| | | | | | | | |
| | | | | | | 8,777,935 | |
| | | | | | | | |
|
| Agriculture — 0.7% | |
Cargill, Inc.
3.250%, 03/01/23 144A @ | | | 3,000 | | | | 3,200,292 | |
| | | | | | | | |
|
| Airlines — 4.9% | |
Air Canada Pass Through Trust,
Series 2013-1 Class B
5.375%, 11/15/22 144A @ | | | 2,894 | | | | 2,608,593 | |
American Airlines Pass Through Trust, Series 2013-2 Class B
5.600%, 01/15/22 144A @ | | | 1,785 | | | | 1,784,989 | |
Continental Airlines Pass Through Trust, Series 2012-2 Class B
5.500%, 04/29/22 | | | 1,230 | | | | 1,177,821 | |
Delta Air Lines Pass Through Trust
6.821%, 02/10/24, Series 2007-1 Class A | | | 2,890 | | | | 2,833,402 | |
8.021%, 02/10/24, Series 2007-1 Class B | | | 3,066 | | | | 2,876,333 | |
4.250%, 01/30/25, Series 2015-1 Class B | | | 2,113 | | | | 1,926,028 | |
JetBlue Pass Through Trust,
Series 2019-1 Class A
2.950%, 11/15/29 | | | 2,963 | | | | 2,598,651 | |
UAL Pass Through Trust, Series 2007-1 Class A
6.636%, 01/02/24 | | | 3,112 | | | | 2,647,184 | |
55
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Airlines — (continued) | |
United Airlines Pass Through Trust 4.750%, 10/11/23, Series 2014-1 Class B | | $ | 1,586 | | | $ | 1,408,521 | |
3.100%, 01/07/30, Series 2016-1 Class AA | | | 2,604 | | | | 2,500,797 | |
| | | | | | | | |
| | | | | | | 22,362,319 | |
| | | | | | | | |
|
| Apparel — 0.7% | |
VF Corp.
2.800%, 04/23/27 | | | 3,000 | | | | 3,175,738 | |
| | | | | | | | |
|
| Auto Manufacturers — 1.4% | |
BMW US Capital LLC
3.450%, 04/12/23 144A @ | | | 4,000 | | | | 4,236,969 | |
Ford Motor Credit Co., LLC
3.470%, 04/05/21 | | | 2,100 | | | | 2,073,750 | |
| | | | | | | | |
| | | | | | | 6,310,719 | |
| | | | | | | | |
|
| Banks — 3.1% | |
JPMorgan Chase & Co.
(3 M ICE LIBOR + 0.500%)
1.187%, 02/01/27• | | | 3,200 | | | | 2,817,114 | |
KeyCorp. Capital I
(3 M ICE LIBOR + 0.740%)
1.036%, 07/01/28• | | | 2,640 | | | | 2,273,107 | |
NTC Capital I
(3 M ICE LIBOR + 0.520%)
1.739%, 01/15/27• | | | 4,595 | | | | 4,209,965 | |
State Street Corp.
(3 M ICE LIBOR + 0.560%)
0.952%, 05/15/28• | | | 1,665 | | | | 1,426,574 | |
USB Capital IX
(3 M ICE LIBOR + 1.020%) 3.500% µ,• | | | 2,500 | | | | 2,065,000 | |
Wachovia Capital Trust III
(3 M ICE LIBOR + 0.930%) 5.570% µ,• | | | 1,510 | | | | 1,499,128 | |
| | | | | | | | |
| | | | | | | 14,290,888 | |
| | | | | | | | |
|
| Biotechnology — 1.1% | |
Amgen, Inc.
2.700%, 05/01/22 | | | 3,000 | | | | 3,102,855 | |
2.650%, 05/11/22 | | | 2,000 | | | | 2,070,944 | |
| | | | | | | | |
| | | | | | | 5,173,799 | |
| | | | | | | | |
|
| Building Materials — 1.6% | |
Martin Marietta Materials, Inc.
4.250%, 07/02/24 | | | 3,000 | | | | 3,268,980 | |
Vulcan Materials Co.
4.500%, 04/01/25 | | | 3,565 | | | | 3,956,315 | |
| | | | | | | | |
| | | | | | | 7,225,295 | |
| | | | | | | | |
|
| Commercial Services — 1.0% | |
Drawbridge Special Opportunities Fund LP
5.000%, 08/01/21 144A @ | | | 2,000 | | | | 2,000,900 | |
IHS Markit Ltd.
5.000%, 11/01/22 144A @ | | | 2,500 | | | | 2,680,687 | |
| | | | | | | | |
| | | | | | | 4,681,587 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Computers — 0.7% | |
Dell International LLC
5.450%, 06/15/23 144A @ | | $ | 3,000 | | | $ | 3,281,437 | |
| | | | | | | | |
|
| Cosmetics & Personal Care — 0.7% | |
Procter & Gamble Co.
2.450%, 03/25/25 | | | 3,000 | | | | 3,255,886 | |
| | | | | | | | |
|
| Diversified Financial Services — 0.4% | |
Air Lease Corp.
3.750%, 02/01/22 | | | 2,000 | | | | 2,023,270 | |
| | | | | | | | |
|
| Electric — 3.6% | |
ComEd Financing III
6.350%, 03/15/33 | | | 3,355 | | | | 3,911,966 | |
Edison International
3.550%, 11/15/24 | | | 2,000 | | | | 2,107,817 | |
Louisville Gas and Electric Co.
4.250%, 04/01/49 | | | 3,000 | | | | 3,639,993 | |
Northern States Power Co.
3.600%, 09/15/47 | | | 4,000 | | | | 4,683,275 | |
Pacific Gas and Electric Co.
1.750%, 06/16/22 | | | 2,000 | | | | 2,003,200 | |
| | | | | | | | |
| | | | | | | 16,346,251 | |
| | | | | | | | |
|
| Food — 2.9% | |
Kellogg Co.
2.650%, 12/01/23 | | | 2,501 | | | | 2,649,651 | |
Land O’ Lakes, Inc.
6.000%, 11/15/22 144A @ | | | 3,500 | | | | 3,605,000 | |
Smithfield Foods, Inc.
3.350%, 02/01/22 144A @ | | | 3,000 | | | | 2,976,858 | |
The Hershey Co.
1.700%, 06/01/30 | | | 2,000 | | | | 2,042,810 | |
The J M Smucker Co.
3.375%, 12/15/27 | | | 2,000 | | | | 2,207,417 | |
| | | | | | | | |
| | | | | | | 13,481,736 | |
| | | | | | | | |
|
| Forest Products & Paper — 0.6% | |
Georgia-Pacific LLC
3.163%, 11/15/21 144A @ | | | 2,500 | | | | 2,569,952 | |
| | | | | | | | |
|
| Gas — 0.6% | |
The Brooklyn Union Gas Co.
3.407%, 03/10/26 144A @ | | | 2,500 | | | | 2,746,418 | |
| | | | | | | | |
|
| Healthcare Products — 1.4% | |
Boston Scientific Corp.
3.750%, 03/01/26 | | | 3,000 | | | | 3,406,570 | |
DENTSPLY SIRONA, Inc.
3.250%, 06/01/30 | | | 1,500 | | | | 1,576,975 | |
Zimmer Biomet Holdings, Inc.
(3 M ICE LIBOR + 0.750%)
1.066%, 03/19/21• | | | 1,500 | | | | 1,499,739 | |
| | | | | | | | |
| | | | 6,483,284 | |
| | | | | | | | |
|
| Healthcare Services — 1.0% | |
Centene Corp.
4.250%, 12/15/27 | | | 2,500 | | | | 2,579,775 | |
56
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Healthcare Services — (continued) | |
Health Care Service Corp. A Mutual Legal Reserve Co.
2.200%, 06/01/30 144A @ | | $ | 2,000 | | | $ | 2,002,316 | |
| | | | | | | | |
| | | | 4,582,091 | |
| | | | | | | | |
|
| Home Builders — 0.2% | |
Lennar Corp.
2.950%, 11/29/20 | | | 1,000 | | | | 1,001,100 | |
| | | | | | | | |
|
| Household Products & Wares — 0.5% | |
Kimberly-Clark Corp.
3.100%, 03/26/30 | | | 2,000 | | | | 2,277,364 | |
| | | | | | | | |
|
| Internet — 0.2% | |
Alibaba Group Holding Ltd.
3.400%, 12/06/27 | | | 1,000 | | | | 1,110,957 | |
| | | | | | | | |
|
| Media — 2.0% | |
Charter Communications Operating LLC
4.464%, 07/23/22 | | | 3,000 | | | | 3,199,779 | |
Comcast Cable Holdings LLC
9.875%, 06/15/22 | | | 1,000 | | | | 1,161,376 | |
Comcast Corp.
3.950%, 10/15/25 | | | 4,000 | | | | 4,583,791 | |
| | | | | | | | |
| | | | 8,944,946 | |
| | | | | | | | |
|
| Mining — 0.2% | |
Newmont Corp.
3.625%, 06/09/21 | | | 1,000 | | | | 1,020,722 | |
| | | | | | | | |
|
| Oil & Gas — 0.8% | |
BG Energy Capital PLC
4.000%, 10/15/21 144A @ | | | 1,000 | | | | 1,036,838 | |
BP Capital Markets PLC
2.500%, 11/06/22 | | | 2,500 | | | | 2,602,250 | |
| | | | | | | | |
| | | | 3,639,088 | |
| | | | | | | | |
|
| Pharmaceuticals — 3.8% | |
AbbVie, Inc.
2.300%, 05/14/21 | | | 3,000 | | | | 3,040,343 | |
Becton Dickinson and Co.
3.700%, 06/06/27 | | | 1,956 | | | | 2,186,240 | |
CVS Health Corp.
4.100%, 03/25/25 | | | 2,000 | | | | 2,261,884 | |
GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34 | | | 1,000 | | | | 1,366,627 | |
Johnson & Johnson
3.550%, 03/01/36 | | | 2,337 | | | | 2,764,547 | |
Mead Johnson Nutrition Co.
4.125%, 11/15/25 | | | 2,000 | | | | 2,315,813 | |
Zoetis, Inc.
4.500%, 11/13/25 | | | 3,000 | | | | 3,501,542 | |
| | | | | | | | |
| | | | 17,436,996 | |
| | | | | | | | |
|
| Pipelines — 2.2% | |
Energy Transfer Operating LP
(UST Yield Curve CMT 5 Yr + 5.306%) 7.125% µ,• | | | 2,000 | | | | 1,710,000 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Pipelines — (continued) | |
Energy Transfer Partners LP
5.875%, 03/01/22 | | $ | 2,000 | | | $ | 2,110,347 | |
MPLX LP
(3 M ICE LIBOR + 1.100%)
1.413%, 09/09/22• | | | 3,000 | | | | 2,950,230 | |
Transcanada Trust
(3 M ICE LIBOR + 4.640%)
5.875%, 08/15/76• | | | 3,000 | | | | 3,171,765 | |
| | | | | | | | |
| | | | 9,942,342 | |
| | | | | | | | |
|
| Real Estate Investment Trusts — 1.9% | |
American Tower Corp.
4.700%, 03/15/22 | | | 2,500 | | | | 2,672,588 | |
Kimco Realty Corp.
2.800%, 10/01/26 | | | 3,000 | | | | 3,070,200 | |
SBA Tower Trust
3.156%, 10/10/45 144A @ | | | 3,000 | | | | 3,006,437 | |
| | | | | | | | |
| | | | 8,749,225 | |
| | | | | | | | |
|
| Retail — 0.1% | |
Bed Bath & Beyond, Inc.
5.165%, 08/01/44 | | | 1,000 | | | | 565,400 | |
| | | | | | | | |
|
| Semiconductors — 0.5% | |
NXP
3.150%, 05/01/27 144A @ | | | 2,000 | | | | 2,120,163 | |
| | | | | | | | |
|
| Software — 1.5% | |
Microsoft Corp.
3.450%, 08/08/36 | | | 3,000 | | | | 3,625,386 | |
VMware, Inc.
2.950%, 08/21/22 | | | 3,000 | | | | 3,103,073 | |
| | | | | | | | |
| | | | 6,728,459 | |
| | | | | | | | |
|
| Telecommunications — 1.1% | |
Crown Castle Towers LLC
3.663%, 05/15/45 144A @ | | | 4,000 | | | | 4,267,078 | |
Sprint Spectrum Co., LLC
3.360%, 03/20/23 144A @ | | | 938 | | | | 948,919 | |
| | | | | | | | |
| | | | 5,215,997 | |
| | | | | | | | |
|
| Transportation — 1.5% | |
BNSF Railway Co. Pass Through Trust, Series 2015-1
3.442%, 06/16/28 144A @ | | | 2,436 | | | | 2,690,202 | |
Federal Express Corp. Pass Through Trust, Series 1999
7.650%, 07/15/24 | | | 408 | | | | 449,886 | |
Union Pacific Corp.
3.375%, 02/01/35 | | | 3,336 | | | | 3,754,395 | |
| | | | | | | | |
| | | | | | | 6,894,483 | |
| | | | | | | | |
| |
TOTAL CORPORATE BONDS
(Cost $200,230,448) | | | | 205,616,139 | |
| | | | | | | | |
57
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| MUNICIPAL BONDS — 5.2% | |
Los Angeles Department of Water & Power, Power System Revenue, Build America Bonds, Series A
6.166%, 07/01/40 | | $ | 5,000 | | | $ | 5,000,000 | |
Northeast Ohio Regional Sewer District, Build America Bonds
6.038%, 11/15/40 | | | 3,755 | | | | 3,825,632 | |
State of Texas, Public Finance Authority
3.952%, 10/01/37 | | | 3,725 | | | | 4,252,870 | |
University of Massachusetts Building Authority, Series 3
2.417%, 11/01/28 | | | 4,690 | | | | 4,985,845 | |
West Virginia University, Series A
4.000%, 10/01/47 | | | 5,000 | | | | 5,715,750 | |
| | | | | | | | |
| |
TOTAL MUNICIPAL BONDS
(Cost $22,644,796) | | | | 23,780,097 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 13.9% | |
|
| Collateralized Mortgage Obligations — 5.3% | |
Agate Bay Mortgage Trust, Series 2016-3 Class A5
3.500%, 08/25/46 144A @,• | | | 2,651 | | | | 2,689,464 | |
Chase Home Lending Mortgage Trust, Series 2019-1 Class A4
3.500%, 03/25/50 144A @,• | | | 3,494 | | | | 3,570,140 | |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13
2.500%, 10/25/50 144A @ | | | 4,982 | | | | 5,093,347 | |
Sequoia Mortgage Trust, Series 2017-CH2 Class A1
4.000%, 12/25/47 144A @,• | | | 2,813 | | | | 2,919,344 | |
Sequoia Mortgage Trust, Series 2020-3 Class A1
3.000%, 04/25/50 144A @,• | | | 9,665 | | | | 10,048,142 | |
| | | | | | | | |
| | | | | | | 24,320,437 | |
| | | | | | | | |
|
| Fannie Mae Pool — 4.8% | |
2.500%, 01/01/43 | | | 1,929 | | | | 2,042,865 | |
2.500%, 02/01/43 | | | 5,509 | | | | 5,834,832 | |
3.500%, 11/01/44 | | | 3,481 | | | | 3,624,406 | |
3.000%, 01/01/50 | | | 4,735 | | | | 4,990,088 | |
3.000%, 04/01/50 | | | 5,406 | | | | 5,596,179 | |
| | | | | | | | |
| | | | | | | 22,088,370 | |
| | | | | | | | |
|
| Freddie Mac REMICS — 3.8% | |
3.500%, 09/15/43, Series 4640 Class LG | | | 5,899 | | | | 6,354,164 | |
4.000%, 07/15/44, Series 4800 Class ED | | | 3,144 | | | | 3,191,830 | |
3.500%, 01/15/45, Series 4743 Class PA | | | 5,500 | | | | 5,587,130 | |
5.000%, 11/15/45, Series 4800 Class KB | | | 2,277 | | | | 2,363,480 | |
| | | | | | | | |
| | | | | | | 17,496,604 | |
| | | | | | | | |
| |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $62,269,085) | | | | 63,905,411 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| U.S. TREASURY OBLIGATION — 4.7% | |
U.S. Treasury Bill
0.173%, 05/20/21 ¤ | | $ | 10,000 | | | $ | 9,984,972 | |
U.S. Treasury Bond
2.750%, 08/15/42 | | | 1,800 | | | | 2,307,656 | |
2.875%, 05/15/43 | | | 2,150 | | | | 2,808,689 | |
3.625%, 08/15/43 | | | 1,650 | | | | 2,410,031 | |
U.S. Treasury Inflation Indexed Bonds
1.000%, 02/15/46 | | | 1,894 | | | | 2,449,725 | |
U.S. Treasury Notes
2.000%, 07/31/22(a) | | | 600 | | | | 622,875 | |
1.500%, 11/30/24 | | | 500 | | | | 527,481 | |
1.125%, 02/28/25 | | | 500 | | | | 520,039 | |
| | | | | | | | |
| |
TOTAL U.S. TREASURY OBLIGATION
(Cost $19,463,477) | | | | 21,631,468 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 2.0% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.100%)
(Cost $9,397,654) | | | 9,397,654 | | | | 9,397,654 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 98.1%
(Cost $436,797,323) | | | | 450,545,523 | |
| |
| Other Assets & Liabilities — 1.9% | | | | 8,721,665 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 459,267,188 | |
| | | | | | | | |
| µ | Perpetual security with no stated maturity date. |
| † | See Security Valuation Note. |
| 144A @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $156,022,682, which represents 34.0% of the Fund’s net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
| (a) | All or portion of securities segregated as collateral for futures contracts. |
CLO — Collateralized Loan Obligation.
CMT — Constant Maturity Treasury.
ICE — Intercontinental Exchange.
LIBOR — London Interbank Offered Rate.
LLC — Limited Liability Company.
LP — Limited Partnership.
M — Month.
58
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Quality Bond Fund
PLC — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
UST — US Treasury.
Yr — Year.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 92 | % |
Cayman Islands | | | 4 | |
Bangladesh | | | 1 | |
Canada | | | 1 | |
Netherlands | | | 1 | |
United Kingdom | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
ASSET BACKED SECURITIES | | $ | 51,663,587 | | | $ | — | | | $ | 51,663,587 | | | $ | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 74,551,167 | | | | — | | | | 74,551,167 | | | | — | |
CORPORATE BONDS | | | 205,616,139 | | | | — | | | | 205,616,139 | | | | — | |
MUNICIPAL BONDS | | | 23,780,097 | | | | — | | | | 23,780,097 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 63,905,411 | | | | — | | | | 63,905,411 | | | | — | |
U.S. TREASURY OBLIGATION | | | 21,631,468 | | | | — | | | | 21,631,468 | | | | — | |
SHORT-TERM INVESTMENTS | | | 9,397,654 | | | | 9,397,654 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 450,545,523 | | | $ | 9,397,654 | | | $ | 441,147,869 | | | $ | — | |
| |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 244,356 | | | $ | 244,356 | | | $ | — | | | $ | — | |
| |
TOTAL ASSETS —OTHER FINANCIAL INSTRUMENTS | | $ | 244,356 | | | $ | 244,356 | | | $ | — | | | $ | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (195,724 | ) | | $ | (195,724 | ) | | $ | — | | | $ | — | |
| |
TOTAL LIABILITIES —OTHER FINANCIAL INSTRUMENTS | | $ | (195,724 | ) | | $ | (195,724 | ) | | $ | — | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
Futures contracts held by the Fund at June 30, 2020 are as follows:
Futures Contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Long | | U.S. Treasury 5 year Note | | 09/30/2020 | | | 690 | | | | 1,000 | | | $ | 126 | | | $ | 86,762,110 | | | $ | 187,418 | | | $ | — | |
| Long | | U.S. Treasury 10 year Note | | 09/21/2020 | | | 197 | | | | 1,000 | | | | 139 | | | | 27,416,859 | | | | 56,569 | | | | — | |
| Long | | U.S. Treasury Ultra Bond | | 09/21/2020 | | | 70 | | | | 1,000 | | | | 218 | | | | 15,270,938 | | | | — | | | | (127,259 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 243,987 | | | $ | (127,259 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
59
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Quality Bond Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Short | | U.S. Treasury 2 year Note | | 09/30/2020 | | | (200 | ) | | | 2,000 | | | $ | 110 | | | $ | (44,165,625 | ) | | $ | — | | | $ | (68,465 | ) |
| Short | | U.S. Treasury Long Bond | | 09/21/2020 | | | (3 | ) | | | 1,000 | | | | 179 | | | | (535,688 | ) | | | 369 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 369 | | | $ | (68,465 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 244,356 | | | $ | (195,724 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
60
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| ASSET BACKED SECURITIES — 0.9% | |
First Eagle BSL CLO, Ltd.,
Series 2019-1A
(3 M ICE LIBOR + 4.350%, Floor 4.350%)
6.225%, 01/20/33 144A @,•
(Cost $1,483,950) | | $ | 1,500 | | | $ | 1,345,528 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 0.0% | |
|
| Entertainment — 0.0% | |
New Cotai Participation, Class B*(1)
(Cost $24,225) | | | 1 | | | | 0 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.5% | |
|
| Electric — 0.7% | |
Brookfield Renewable Partners LP* | | | 37,811 | | | | 948,678 | |
| | | | | | | | |
|
| Oil & Gas — 0.8% | |
Targa Resources Corp. CONV* | | | 1,175 | | | | 1,166,144 | |
| | | | | | | | |
|
| Packaging and Containers — 0.0% | |
Smurfit-Stone Container Corp. (Escrow) CONV.*(1) | | | 725 | | | | 0 | |
| | | | | | | | |
| |
TOTAL PREFERRED STOCKS
(Cost $2,249,554) | | | | 2,114,822 | |
| | | | | | | | |
| | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — 93.1% | |
|
| Advertising — 0.4% | |
Lamar Media Corp.
3.750%, 02/15/28 144A @ | | $ | 700 | | | | 659,960 | |
| | | | | | | | |
|
| Aerospace & Defense — 1.5% | |
Howmet Aerospace, Inc.
6.875%, 05/01/25 | | | 700 | | | | 759,403 | |
TransDigm, Inc.
6.250%, 03/15/26 144A @ | | | 1,400 | | | | 1,396,528 | |
| | | | | | | | |
| | | | | | | 2,155,931 | |
| | | | | | | | |
|
| Airlines — 3.8% | |
American Airlines Pass Through Trust, Series 2013-2 Class B
5.600%, 01/15/22 144A @ | | | 1,107 | | | | 1,106,693 | |
American Airlines, Inc.
11.750%, 07/15/25 144A @ | | | 1,400 | | | | 1,326,066 | |
Continental Airlines Pass Through Trust, Series 2007-1 Class A
5.983%, 10/19/23 | | | 1,062 | | | | 996,528 | |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/27 144A @ | | | 1,400 | | | | 1,403,500 | |
UAL Pass Through Trust,
Series 2007-1 Class A
6.636%, 01/02/24 | | | 867 | | | | 737,902 | |
| | | | | | | | |
| | | | | | | 5,570,689 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | |
| Apparel — 1.0% | |
Hanesbrands, Inc.
5.375%, 05/15/25 144A @ | | $ | 700 | | | $ | 707,875 | |
The William Carter Co.
5.500%, 05/15/25 144A @ | | | 700 | | | | 721,875 | |
| | | | | | | | |
| | | | | | | 1,429,750 | |
| | | | | | | | |
|
| Auto Manufacturers — 1.3% | |
Ford Motor Co.
8.500%, 04/21/23 | | | 1,200 | | | | 1,269,000 | |
Ford Motor Credit Co., LLC
5.125%, 06/16/25 | | | 700 | | | | 700,280 | |
| | | | | | | | |
| | | | | | | 1,969,280 | |
| | | | | | | | |
|
| Auto Parts & Equipment — 1.0% | |
Adient U.S. LLC
9.000%, 04/15/25 144A @ | | | 700 | | | | 754,040 | |
Clarios Global LP/Clarios US Finance Co.
8.500%, 05/15/27 144A @ | | | 700 | | | | 703,465 | |
| | | | | | | | |
| | | | | | | 1,457,505 | |
| | | | | | | | |
|
| Building Materials — 1.4% | |
Builders FirstSource, Inc.
5.000%, 03/01/30 144A @ | | | 1,400 | | | | 1,316,000 | |
Norbord, Inc.
5.750%, 07/15/27 144A @ | | | 750 | | | | 765,000 | |
| | | | | | | | |
| | | | | | | 2,081,000 | |
| | | | | | | | |
|
| Chemicals — 2.0% | |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.750%, 06/15/27 144A @ | | | 700 | | | | 703,640 | |
Olin Corp.
9.500%, 06/01/25 144A @ | | | 700 | | | | 780,500 | |
Tronox, Inc.
6.500%, 05/01/25 144A @ | | | 700 | | | | 707,000 | |
WR Grace & Co-Conn
4.875%, 06/15/27 144A @ | | | 700 | | | | 709,121 | |
| | | | | | | | |
| | | | | | | 2,900,261 | |
| | | | | | | | |
|
| Commercial Services — 5.1% | |
Aramark Services, Inc.
6.375%, 05/01/25 144A @ | | | 700 | | | | 722,841 | |
ASGN, Inc.
4.625%, 05/15/28 144A @ | | | 700 | | | | 683,634 | |
Ashtead Capital, Inc.
4.250%, 11/01/29 144A @ | | | 700 | | | | 700,000 | |
Jaguar Holding Co. II/PPD Development LP
5.000%, 06/15/28 144A @ | | | 1,250 | | | | 1,279,687 | |
Service Corp. International
7.500%, 04/01/27 | | | 1,750 | | | | 1,986,250 | |
5.125%, 06/01/29 | | | 750 | | | | 807,000 | |
The Brink’s Co.
5.500%, 07/15/25 144A @ | | | 500 | | | | 509,265 | |
United Rentals North America, Inc.
6.500%, 12/15/26 | | | 750 | | | | 787,500 | |
| | | | | | | | |
| | | | | | | 7,476,177 | |
| | | | | | | | |
61
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Computers — 2.1% | |
MTS Systems Corp.
5.750%, 08/15/27 144A @ | | $ | 1,000 | | | $ | 917,500 | |
NCR Corp.
8.125%, 04/15/25 144A @ | | | 700 | | | | 742,000 | |
5.750%, 09/01/27 144A @ | | | 750 | | | | 750,000 | |
Seagate HDD Cayman
4.125%, 01/15/31 144A @ | | | 700 | | | | 735,543 | |
| | | | | | | | |
| | | | | | | 3,145,043 | |
| | | | | | | | |
|
| Distribution & Wholesale — 0.7% | |
H&E Equipment Services, Inc.
5.625%, 09/01/25 | | | 1,000 | | | | 1,009,790 | |
| | | | | | | | |
|
| Diversified Financial Services — 1.2% | |
LPL Holdings, Inc.
4.625%, 11/15/27 144A @ | | | 700 | | | | 691,250 | |
Springleaf Finance Corp.
5.625%, 03/15/23 | | | 1,000 | | | | 1,011,270 | |
| | | | | | | | |
| | | | | | | 1,702,520 | |
| | | | | | | | |
|
| Electric — 3.7% | |
Clearway Energy Operating LLC
4.750%, 03/15/28 144A @ | | | 700 | | | | 713,958 | |
NRG Energy, Inc.
5.250%, 06/15/29 144A @ | | | 1,150 | | | | 1,207,500 | |
Talen Energy Supply LLC
7.625%, 06/01/28 144A @ | | | 700 | | | | 700,000 | |
The AES Corp.
6.000%, 05/15/26 | | | 1,000 | | | | 1,038,750 | |
Vistra Operations Co., LLC
5.625%, 02/15/27 144A @ | | | 750 | | | | 769,763 | |
5.000%, 07/31/27 144A @ | | | 1,000 | | | | 1,011,250 | |
| | | | | | | | |
| | | | | | | 5,441,221 | |
| | | | | | | | |
|
| Electrical Components & Equipment — 0.5% | |
WESCO Distribution, Inc.
7.125%, 06/15/25 144A @ | | | 350 | | | | 368,596 | |
7.250%, 06/15/28 144A @ | | | 350 | | | | 370,125 | |
| | | | | | | | |
| | | | | | | 738,721 | |
| | | | | | | | |
|
| Electronics — 0.7% | |
Itron, Inc.
5.000%, 01/15/26 144A @ | | | 1,000 | | | | 996,250 | |
| | | | | | | | |
|
| Energy-Alternate Sources — 1.1% | |
TerraForm Power Operating LLC
5.000%, 01/31/28 144A @ | | | 1,500 | | | | 1,563,750 | |
| | | | | | | | |
|
| Entertainment — 2.1% | |
Churchill Downs, Inc.
5.500%, 04/01/27 144A @ | | | 750 | | | | 734,100 | |
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.500%, 02/15/23 144A @ | | | 1,050 | | | | 887,250 | |
Eldorado Resorts, Inc.
6.000%, 09/15/26 | | | 700 | | | | 756,224 | |
International Game Technology PLC
5.250%, 01/15/29 144A @ | | | 700 | | | | 683,690 | |
| | | | | | | | |
| | | | | | | 3,061,264 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Environmental Control — 3.5% | |
Clean Harbors, Inc.
4.875%, 07/15/27 144A @ | | $ | 750 | | | $ | 770,625 | |
5.125%, 07/15/29 144A @ | | | 750 | | | | 777,870 | |
GFL Environmental, Inc.
5.125%, 12/15/26 144A @ | | | 1,050 | | | | 1,086,750 | |
Stericycle, Inc.
5.375%, 07/15/24 144A @ | | | 1,500 | | | | 1,537,500 | |
Waste Pro USA, Inc.
5.500%, 02/15/26 144A @ | | | 1,000 | | | | 954,490 | |
| | | | | | | | |
| | | | | | | 5,127,235 | |
| | | | | | | | |
|
| Food — 4.3% | |
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
4.625%, 01/15/27 144A @ | | | 700 | | | | 700,000 | |
4.875%, 02/15/30 144A @ | | | 700 | | | | 716,191 | |
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.
5.500%, 01/15/30 144A @ | | | 1,500 | | | | 1,537,500 | |
Kraft Heinz Foods Co.
4.250%, 03/01/31 144A @ | | | 700 | | | | 742,205 | |
Lamb Weston Holdings, Inc.
4.875%, 11/01/26 144A @ | | | 1,000 | | | | 1,035,000 | |
4.875%, 05/15/28 144A @ | | | 500 | | | | 529,755 | |
Post Holdings, Inc.
5.750%, 03/01/27 144A @ | | | 1,000 | | | | 1,032,500 | |
| | | | | | | | |
| | | | | | | 6,293,151 | |
| | | | | | | | |
|
| Gas — 0.7% | |
NiSource, Inc.
(UST Yield Curve CMT 5 Yr + 2.843%)
5.650% µ,• | | | 1,000 | | | | 955,000 | |
| | | | | | | | |
|
| Healthcare Products — 0.8% | |
Hill-Rom Holdings, Inc.
4.375%, 09/15/27 144A @ | | | 500 | | | | 511,875 | |
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A.
7.375%, 06/01/25 144A @ | | | 700 | | | | 712,250 | |
| | | | | | | | |
| | | | | | | 1,224,125 | |
| | | | | | | | |
|
| Healthcare Services — 6.4% | |
Acadia Healthcare Co., Inc.
5.500%, 07/01/28 144A @ | | | 700 | | | | 701,750 | |
Centene Corp.
4.250%, 12/15/27 | | | 1,800 | | | | 1,857,438 | |
Charles River Laboratories International, Inc.
4.250%, 05/01/28 144A @ | | | 1,050 | | | | 1,049,464 | |
Encompass Health Corp.
4.750%, 02/01/30 | | | 1,400 | | | | 1,337,000 | |
HCA, Inc.
5.250%, 06/15/26 | | | 1,500 | | | | 1,732,984 | |
IQVIA, Inc.
5.000%, 10/15/26 144A @ | | | 1,000 | | | | 1,028,700 | |
Molina Healthcare, Inc.
4.375%, 06/15/28 144A @ | | | 700 | | | | 699,125 | |
62
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Healthcare Services — (continued) | |
Tenet Healthcare Corp.
4.625%, 07/15/24 | | $ | 1,050 | | | $ | 1,028,780 | |
| | | | | | | | |
| | | | | | | 9,435,241 | |
| | | | | | | | |
|
| Household Products & Wares — 0.5% | |
The Scotts Miracle-Gro Co.
4.500%, 10/15/29 | | | 700 | | | | 720,125 | |
| | | | | | | | |
|
| Insurance — 0.6% | |
CNO Financial Group, Inc.
5.250%, 05/30/25 | | | 750 | | | | 830,079 | |
| | | | | | | | |
|
| Internet — 1.0% | |
Go Daddy Operating Co., LLC/GD Finance Co., Inc.
5.250%, 12/01/27 144A @ | | | 1,400 | | | | 1,424,500 | |
| | | | | | | | |
|
| Iron & Steel — 2.1% | |
Alcoa Nederland Holdings BV
7.000%, 09/30/26 144A @ | | | 1,000 | | | | 1,025,000 | |
Cleveland-Cliffs, Inc.
9.875%, 10/17/25 144A @ | | | 700 | | | | 734,265 | |
Steel Dynamics, Inc.
5.000%, 12/15/26 | | | 1,300 | | | | 1,375,926 | |
| | | | | | | | |
| | | | | | | 3,135,191 | |
| | | | | | | | |
|
| Lodging — 0.5% | |
Marriott International, Inc.
5.750%, 05/01/25 | | | 700 | | | | 760,450 | |
| | | | | | | | |
|
| Machinery — Construction & Mining — 0.7% | |
Terex Corp.
5.625%, 02/01/25 144A @ | | | 1,050 | | | | 955,500 | |
| | | | | | | | |
|
| Machinery — Diversified — 2.6% | |
Mueller Water Products, Inc.
5.500%, 06/15/26 144A @ | | | 1,000 | | | | 1,035,000 | |
RBS Global, Inc./Rexnord LLC
4.875%, 12/15/25 144A @ | | | 1,500 | | | | 1,507,500 | |
Stevens Holding Co., Inc.
6.125%, 10/01/26 144A @ | | | 1,200 | | | | 1,254,000 | |
| | | | | | | | |
| | | | | | | 3,796,500 | |
| | | | | | | | |
|
| Media — 5.7% | |
CCO Holdings LLC/CCO Holdings Capital Corp.
5.125%, 05/01/27 144A @ | | | 1,000 | | | | 1,034,600 | |
4.500%, 08/15/30 144A @ | | | 700 | | | | 714,000 | |
CSC Holdings LLC
6.500%, 02/01/29 144A @ | | | 2,150 | | | | 2,351,562 | |
DISH DBS Corp.
7.375%, 07/01/28 144A @ | | | 700 | | | | 695,625 | |
iHeartCommunications, Inc.
5.250%, 08/15/27 144A @ | | | 700 | | | | 670,250 | |
Nexstar Broadcasting, Inc.
5.625%, 07/15/27 144A @ | | | 700 | | | | 694,792 | |
Sinclair Television Group, Inc.
5.125%, 02/15/27 144A @ | | | 700 | | | | 637,000 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Media — (continued) | |
Sirius XM Radio, Inc.
5.500%, 07/01/29 144A @ | | $ | 750 | | | $ | 789,465 | |
Ziggo Bond Co. BV
5.125%, 02/28/30 144A @ | | | 700 | | | | 694,540 | |
| | | | | | | | |
| | | | | | | 8,281,834 | |
| | | | | | | | |
|
| Mining — 2.2% | |
Arconic Corp.
6.125%, 02/15/28 144A @ | | | 875 | | | | 874,782 | |
Freeport-McMoRan, Inc.
5.000%, 09/01/27 | | | 700 | | | | 703,281 | |
Kaiser Aluminum Corp.
4.625%, 03/01/28 144A @ | | | 700 | | | | 669,424 | |
Novelis Corp.
5.875%, 09/30/26 144A @ | | | 1,000 | | | | 998,750 | |
| | | | | | | | |
| | | | | | | 3,246,237 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 1.2% | |
Amsted Industries, Inc.
4.625%, 05/15/30 144A @ | | | 1,050 | | | | 1,038,314 | |
FXI Holdings, Inc.
12.250%, 11/15/26 144A @ | | | 688 | | | | 668,220 | |
| | | | | | | | |
| | | | | | | 1,706,534 | |
| | | | | | | | |
|
| Oil & Gas — 7.5% | |
Comstock Resources, Inc.
9.750%, 08/15/26 | | | 350 | | | | 326,375 | |
9.750%, 08/15/26 | | | 700 | | | | 654,500 | |
Continental Resources, Inc.
4.375%, 01/15/28 | | | 1,050 | | | | 924,231 | |
Denbury Resources, Inc.
9.000%, 05/15/21 144A @ | | | 2,200 | | | | 841,500 | |
Diamondback Energy, Inc.
4.750%, 05/31/25 | | | 700 | | | | 749,019 | |
Endeavor Energy Resources LP/EER Finance, Inc.
6.625%, 07/15/25 144A @ | | | 875 | | | | 881,843 | |
EQT Corp.
7.000%, 02/01/30 | | | 1,050 | | | | 1,081,531 | |
Hilcorp Energy I LP/Hilcorp Finance Co.
6.250%, 11/01/28 144A @ | | | 700 | | | | 561,750 | |
MEG Energy Corp.
6.500%, 01/15/25 144A @ | | | 1,300 | | | | 1,213,056 | |
Parkland Corp.
5.875%, 07/15/27 144A @ | | | 1,150 | | | | 1,193,125 | |
PBF Holding Co., LLC/PBF Finance Corp.
9.250%, 05/15/25 144A @ | | | 700 | | | | 747,250 | |
Sunoco LP/Sunoco Finance Corp.
6.000%, 04/15/27 | | | 700 | | | | 693,000 | |
Transocean, Inc.
8.375%, 12/15/21 | | | 1,500 | | | | 1,050,000 | |
| | | | | | | | |
| | | | | | | 10,917,180 | |
| | | | | | | | |
|
| Packaging and Containers — 1.6% | |
Berry Global, Inc.
5.625%, 07/15/27 144A @ | | | 750 | | | | 768,750 | |
63
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Packaging and Containers — (continued) | |
Mauser Packaging Solutions Holding Co.
7.250%, 04/15/25 144A @ | | $ | 700 | | | $ | 634,739 | |
TriMas Corp.
4.875%, 10/15/25 144A @ | | | 1,000 | | | | 1,002,200 | |
| | | | | | | | |
| | | | | | | 2,405,689 | |
| | | | | | | | |
|
| Pharmaceuticals — 1.3% | |
Bausch Health Cos., Inc.
6.250%, 02/15/29 144A @ | | | 700 | | | | 703,500 | |
Elanco Animal Health, Inc.
5.650%, 08/28/28 | | | 1,050 | | | | 1,164,240 | |
| | | | | | | | |
| | | | | | | 1,867,740 | |
| | | | | | | | |
|
| Pipelines — 1.8% | |
Energy Transfer Operating LP
(UST Yield Curve CMT 5 Yr + 5.306%) 7.125% µ,• | | | 1,300 | | | | 1,111,500 | |
ONEOK, Inc.
5.850%, 01/15/26 | | | 1,400 | | | | 1,597,909 | |
| | | | | | | | |
| | | | | | | 2,709,409 | |
| | | | | | | | |
|
| Real Estate — 2.4% | |
Greystar Real Estate Partners LLC
5.750%, 12/01/25 144A @ | | | 750 | | | | 753,900 | |
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.750%, 02/01/27 | | | 1,000 | | | | 1,025,000 | |
MPT Operating Partnership LP/MPT Finance Corp.
5.000%, 10/15/27 | | | 700 | | | | 719,250 | |
Realogy Group LLC/Realogy Co-Issuer Corp.
7.625%, 06/15/25 144A @ | | | 1,050 | | | | 1,050,210 | |
| | | | | | | | |
| | | | | | | 3,548,360 | |
| | | | | | | | |
|
| Retail — 6.4% | |
Bed Bath & Beyond, Inc.
5.165%, 08/01/44 | | | 1,050 | | | | 593,670 | |
Burlington Coat Factory Warehouse Corp.
6.250%, 04/15/25 144A @ | | | 700 | | | | 731,500 | |
Ferrellgas LP/Ferrellgas Finance Corp.
10.000%, 04/15/25 144A @ | | | 700 | | | | 754,250 | |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.250%, 06/01/26 144A @ | | | 1,000 | | | | 1,025,000 | |
Lithia Motors, Inc.
5.250%, 08/01/25 144A @ | | | 700 | | | | 700,000 | |
Murphy Oil USA, Inc.
5.625%, 05/01/27 | | | 1,050 | | | | 1,084,125 | |
New Red Finance, Inc.
4.250%, 05/15/24 144A @ | | | 1,000 | | | | 1,001,770 | |
5.000%, 10/15/25 144A @ | | | 750 | | | | 745,582 | |
QVC, Inc.
4.750%, 02/15/27 | | | 750 | | | | 725,250 | |
Yum! Brands, Inc.
7.750%, 04/01/25 144A @ | | | 1,200 | | | | 1,294,500 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Retail — (continued) | |
Yum! Brands, Inc.
4.750%, 01/15/30 144A @ | | $ | 700 | | | $ | 710,500 | |
| | | | | | | | |
| | | | | | | 9,366,147 | |
| | | | | | | | |
|
| Semiconductors — 2.8% | |
Broadcom, Inc.
4.700%, 04/15/25 144A @ | | | 1,400 | | | | 1,577,484 | |
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.400%, 05/01/30 144A @ | | | 1,400 | | | | 1,506,328 | |
Sensata Technologies BV
5.625%, 11/01/24 144A @ | | | 1,000 | | | | 1,060,000 | |
| | | | | | | | |
| | | | | | | 4,143,812 | |
| | | | | | | | |
|
| Software — 0.5% | |
ACI Worldwide, Inc.
5.750%, 08/15/26 144A @ | | | 750 | | | | 781,313 | |
| | | | | | | | |
|
| Telecommunications — 5.2% | |
Altice France France S.A.
5.500%, 01/15/28 144A @ | | | 1,000 | | | | 1,010,000 | |
CommScope, Inc.
7.125%, 07/01/28 144A @ | | | 700 | | | | 698,320 | |
Connect Finco SARL/Connect US Finco LLC
6.750%, 10/01/26 144A @ | | | 700 | | | | 663,250 | |
Hughes Satellite Systems Corp.
5.250%, 08/01/26 | | | 1,000 | | | | 1,034,200 | |
Level 3 Financing, Inc.
4.625%, 09/15/27 144A @ | | | 1,050 | | | | 1,057,875 | |
T-Mobile USA, Inc.
2.550%, 02/15/31 144A @ | | | 700 | | | | 702,464 | |
Telesat Canada/Telesat LLC
4.875%, 06/01/27 144A @ | | | 700 | | | | 686,000 | |
ViaSat, Inc.
5.625%, 09/15/25 144A @ | | | 700 | | | | 670,250 | |
5.625%, 04/15/27 144A @ | | | 1,050 | | | | 1,074,937 | |
| | | | | | | | |
| | | | | | | 7,597,296 | |
| | | | | | | | |
|
| Transportation — 1.2% | |
Cargo Aircraft Management, Inc.
4.750%, 02/01/28 144A @ | | | 700 | | | | 693,875 | |
IAA, Inc.
5.500%, 06/15/27 144A @ | | | 1,000 | | | | 1,031,620 | |
| | | | | | | | |
| | | | | | | 1,725,495 | |
| | | | | | | | |
| |
TOTAL CORPORATE BONDS
(Cost $134,831,401) | | | | 136,313,255 | |
| | | | | | | | |
| LOAN AGREEMENTS — 1.0%‡ | |
| Insurance — 1.0% | |
Asurion LLC
(1 M LIBOR + 6.500%)
6.678%, 08/04/25•
(Cost $1,494,965) | | | 1,495 | | | | 1,483,787 | |
| | | | | | | | |
64
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 2.6% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.100%)
(Cost $3,864,361) | | | 3,864,361 | | | $ | 3,864,361 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.1%
(Cost $143,948,456) | | | | 145,121,753 | |
| |
| Other Assets & Liabilities — 0.9% | | | | 1,293,630 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 146,415,383 | |
| | | | | | | | |
| µ | Perpetual security with no stated maturity date. |
| (1) | The value of this security was determined using significant unobservable inputs. |
| † | 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 Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2020. 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 exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $99,964,023, which represents 68.3% of the Fund’s net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
CLO — Collateralized Loan Obligation.
CMT — Constant Maturity Treasury.
CONV — Convertible Security.
ICE — Intercontinental Exchange.
LIBOR — London Interbank Offered Rate.
LLC — Limited Liability Company.
UST — US Treasury.
LP — Limited Partnership.
M — Month.
PLC — Public Limited Company.
Yr — Year.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 89 | % |
Canada | | | 5 | |
Cayman Islands | | | 3 | |
Bermuda | | | 1 | |
France | | | 1 | |
Netherlands | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
ASSET BACKED SECURITIES | | $ | 1,345,528 | | | $ | — | | | $ | 1,345,528 | | | $ | — | |
COMMON STOCKS | | | — | | | | — | | | | — | | | | — | |
PREFERRED STOCKS | | | 2,114,822 | | | | 2,114,822 | | | | — | | | | — | |
CORPORATE BONDS | | | 136,313,255 | | | | — | | | | 136,313,255 | | | | — | |
LOAN AGREEMENTS | | | 1,483,787 | | | | — | | | | 1,483,787 | | | | — | |
SHORT-TERM INVESTMENTS | | | 3,864,361 | | | | 3,864,361 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 145,121,753 | | | $ | 5,979,183 | | | $ | 139,142,570 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
65
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| ASSET BACKED SECURITIES — 0.4% | |
Continental Airlines Pass Through Trust, Series 2012-1 Class A
4.150%, 10/11/25 | | $ | 1,449 | | | $ | 1,357,233 | |
Domino’s Pizza Master Issuer LLC
4.118%, 07/25/47,
Series 2017-1A A23 144A @ | | | 4,890 | | | | 5,273,461 | |
4.116%, 07/25/48,
Series 2018-1A A2I 144A @ | | | 4,593 | | | | 4,889,632 | |
3.668%, 10/25/49,
Series 2019-1A A2 144A @ | | | 2,204 | | | | 2,308,810 | |
Wendy’s Funding LLC,
Series 2018-1A A21
3.573%, 03/15/48 144A @ | | | 3,131 | | | | 3,244,840 | |
| | | | | | | | |
| |
TOTAL ASSET BACKED SECURITIES
(Cost $16,151,484) | | | | 17,073,976 | |
| | | | | | | | |
| | | Number of
Shares | | | | |
| COMMON STOCKS — 65.9% | |
| Auto Parts & Equipment — 0.5% | |
Aptiv PLC | | | 263,088 | | | | 20,499,817 | |
| | | | | | | | |
|
| Banks — 0.5% | |
The PNC Financial Services Group, Inc. | | | 191,525 | | | | 20,150,345 | |
| | | | | | | | |
|
| Beverages — 1.7% | |
Keurig Dr Pepper, Inc. | | | 2,577,447 | | | | 73,199,495 | |
| | | | | | | | |
|
| Chemicals — 1.3% | |
Linde PLC | | | 259,480 | | | | 55,038,303 | |
| | | | | | | | |
|
| Commercial Services — 1.8% | |
Global Payments, Inc. | | | 455,998 | | | | 77,346,381 | |
| | | | | | | | |
|
| Diversified Financial Services — 3.9% | |
CME Group, Inc. | | | 191,900 | | | | 31,191,426 | |
Intercontinental Exchange, Inc. | | | 705,531 | | | | 64,626,639 | |
Visa, Inc., Class A | | | 360,334 | | | | 69,605,719 | |
| | | | | | | | |
| | | | | | | 165,423,784 | |
| | | | | | | | |
|
| Electric — 7.7% | |
Alliant Energy Corp. | | | 523,802 | | | | 25,058,688 | |
Ameren Corp. | | | 992,993 | | | | 69,866,988 | |
American Electric Power Co., Inc. | | | 1,593,640 | | | | 126,917,489 | |
Exelon Corp. | | | 1,219,382 | | | | 44,251,373 | |
NextEra Energy, Inc. | | | 103,037 | | | | 24,746,396 | |
Xcel Energy, Inc. | | | 620,524 | | | | 38,782,750 | |
| | | | | | | | |
| | | | | | | 329,623,684 | |
| | | | | | | | |
|
| Electronics — 5.2% | |
Fortive Corp. | | | 1,528,021 | | | | 103,385,901 | |
PerkinElmer, Inc. | | | 665,446 | | | | 65,273,598 | |
Roper Technologies, Inc. | | | 81,146 | | | | 31,505,746 | |
TE Connectivity Ltd. | | | 273,481 | | | | 22,302,376 | |
| | | | | | | | |
| | | | | | | 222,467,621 | |
| | | | | | | | |
|
| Environmental Control — 0.5% | |
Waste Connections, Inc. | | | 226,905 | | | | 21,281,420 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Gas — 2.1% | |
Atmos Energy Corp. | | | 339,149 | | | $ | 33,772,457 | |
NiSource, Inc. | | | 2,426,362 | | | | 55,175,472 | |
| | | | | | | | |
| | | | | | | 88,947,929 | |
| | | | | | | | |
|
| Healthcare Products — 6.6% | |
Alcon, Inc.* | | | 639,586 | | | | 36,750,118 | |
Avantor, Inc.* | | | 1,000,481 | | | | 17,008,177 | |
Boston Scientific Corp.* | | | 786,529 | | | | 27,615,033 | |
Danaher Corp. | | | 510,985 | | | | 90,357,478 | |
Envista Holdings Corp.* | | | 1,244,300 | | | | 26,242,287 | |
Thermo Fisher Scientific, Inc. | | | 226,911 | | | | 82,218,932 | |
| | | | | | | | |
| | | | | | | 280,192,025 | |
| | | | | | | | |
|
| Healthcare Services — 3.9% | |
Humana, Inc. | | | 248,102 | | | | 96,201,551 | |
UnitedHealth Group, Inc. | | | 237,659 | | | | 70,097,522 | |
| | | | | | | | |
| | | | | | | 166,299,073 | |
| | | | | | | | |
|
| Insurance — 2.8% | |
Marsh & McLennan Cos., Inc. | | | 1,092,435 | | | | 117,294,746 | |
| | | | | | | | |
|
| Internet — 6.2% | |
Alphabet, Inc., Class A* | | | 4,602 | | | | 6,525,866 | |
Alphabet, Inc., Class C* | | | 74,398 | | | | 105,169,757 | |
Amazon.com, Inc.* | | | 32,937 | | | | 90,867,254 | |
Facebook, Inc., Class A* | | | 268,800 | | | | 61,036,416 | |
| | | | | | | | |
| | | | | | | 263,599,293 | |
| | | | | | | | |
|
| Lodging — 2.2% | |
Hilton Worldwide Holdings, Inc. | | | 889,595 | | | | 65,340,753 | |
Marriott International, Inc., Class A | | | 335,296 | | | | 28,744,926 | |
| | | | | | | | |
| | | | | | | 94,085,679 | |
| | | | | | | | |
|
| Machinery — Diversified — 1.0% | |
Ingersoll Rand, Inc.* | | | 1,578,545 | | | | 44,388,685 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 3.7% | |
General Electric Co. | | | 22,911,659 | | | | 156,486,631 | |
| | | | | | | | |
|
| Pharmaceuticals — 2.6% | |
Becton Dickinson and Co. | | | 464,238 | | | | 111,078,226 | |
| | | | | | | | |
|
| Retail — 1.5% | |
Yum! Brands, Inc. | | | 748,252 | | | | 65,030,581 | |
| | | | | | | | |
|
| Semiconductors — 2.7% | |
Maxim Integrated Products, Inc. | | | 632,213 | | | | 38,318,430 | |
NXP Semiconductors N.V. | | | 686,944 | | | | 78,339,094 | |
| | | | | | | | |
| | | | | | | 116,657,524 | |
| | | | | | | | |
|
| Software — 7.5% | |
Fiserv, Inc.* | | | 1,055,313 | | | | 103,019,655 | |
Microsoft Corp. | | | 1,066,100 | | | | 216,962,011 | |
| | | | | | | | |
| | | | | | | 319,981,666 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $2,495,745,530) | | | | 2,809,072,908 | |
| | | | | | | | |
| PREFERRED STOCKS — 4.7% | |
| Auto Manufacturers — 0.5% | |
Waymo LLC, Series A-2, CONV*#(1) | | | 245,568 | | | | 21,086,237 | |
| | | | | | | | |
66
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| PREFERRED STOCKS — (continued) | |
| Banks — 1.1% | |
JPMorgan Chase & Co., Series DD | | | 14,809 | | | $ | 391,254 | |
US Bancorp, Series K | | | 113,902 | | | | 2,972,842 | |
US Bancorp, Series F• | | | 31,700 | | | | 826,736 | |
Wells Fargo & Co., Series L, CONV | | | 35,325 | | | | 45,816,525 | |
| | | | | | | | |
| | | | | | | 50,007,357 | |
| | | | | | | | |
|
| Diversified Financial Services — 0.0% | |
The Charles Schwab Corp., Series C | | | 64,192 | | | | 1,636,254 | |
The Charles Schwab Corp., Series D | | | 12,000 | | | | 310,560 | |
| | | | | | | | |
| | | | | | | 1,946,814 | |
| | | | | | | | |
|
| Electric — 1.6% | |
Alabama Power Co., Series A | | | 97,206 | | | | 2,500,138 | |
American Electric Power Co., Inc., CONV | | | 99,244 | | | | 4,804,402 | |
CMS Energy Corp. 2078 | | | 434,600 | | | | 11,117,068 | |
CMS Energy Corp. 2079 | | | 577,700 | | | | 15,141,517 | |
DTE Energy Co., Series E | | | 336,678 | | | | 8,457,351 | |
Duke Energy Corp. | | | 329,418 | | | | 8,739,460 | |
NextEra Energy, Inc., CONV | | | 244,825 | | | | 10,392,821 | |
SCE Trust III, Series H
(3 M ICE LIBOR + 2.990%)• | | | 8,337 | | | | 180,580 | |
SCE Trust IV, Series J
(3 M ICE LIBOR + 3.132%)• | | | 311,544 | | | | 6,336,805 | |
| | | | | | | | |
| | | | | | | 67,670,142 | |
| | | | | | | | |
|
| Electronics — 0.2% | |
Fortive Corp., Series A, CONV# | | | 9,921 | | | | 8,544,064 | |
| | | | | | | | |
|
| Gas — 0.2% | |
NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%)• | | | 293,640 | | | | 7,578,848 | |
| | | | | | | | |
|
| Healthcare Products — 1.0% | |
Avantor, Inc., Series A, CONV | | | 496,016 | | | | 28,471,319 | |
Boston Scientific Corp., Series A, CONV* | | | 135,006 | | | | 14,133,778 | |
| | | | | | | | |
| | | | | | | 42,605,097 | |
| | | | | | | | |
|
| Internet — 0.1% | |
Aurora Innovation, Inc., Series B, CONV*#,(1) | | | 354,540 | | | | 3,276,056 | |
| | | | | | | | |
| |
TOTAL PREFERRED STOCKS
(Cost $200,470,654) | | | | 202,714,615 | |
| | | | | | | | |
| | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — 11.4% | |
| Airlines — 0.1% | |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/27 144A @ | | $ | 2,955 | | | | 2,962,387 | |
U.S. Airways Pass Through Trust
6.750%, 12/03/22, Series 2012-2 Class B# | | | 354 | | | | 286,133 | |
5.375%, 05/15/23, Series 2013-1 Class B | | | 3 | | | | 2,826 | |
6.250%, 10/22/24, Series 2010-1 Class A | | | 1,035 | | | | 882,624 | |
4.625%, 12/03/26, Series 2012-2 Class A | | | 165 | | | | 139,459 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Airlines — (continued) | |
3.950%, 05/15/27, Series 2013-1 Class A | | $ | 3 | | | $ | 2,551 | |
| | | | | | | | |
| | | | | | | 4,275,980 | |
| | | | | | | | |
| | |
| Banks — 0.4% | | | | | | | | |
State Street Corp., Series F
(3 M ICE LIBOR + 3.597%) 5.250%,•µ | | | 4,360 | | | | 4,161,838 | |
The Bank of New York Mellon Corp., | |
(3 M ICE LIBOR + 3.420%) 3.726% ,
Series E•µ | | | 5,000 | | | | 4,743,500 | |
(3 M ICE LIBOR + 3.131%) 4.625% , Series F•µ | | | 2,510 | | | | 2,470,844 | |
The PNC Financial Services Group, Inc., Series S
(3 M ICE LIBOR + 3.300%) 5.000%,•µ | | | 5,235 | | | | 5,310,909 | |
| | | | | | | | |
| | | | | | | 16,687,091 | |
| | | | | | | | |
|
| Building Materials — 0.0% | |
Lennox International, Inc.
3.000%, 11/15/23 | | | 760 | | | | 783,981 | |
| | | | | | | | |
|
| Commercial Services — 0.4% | |
Korn Ferry
4.625%, 12/15/27 144A @ | | | 1,405 | | | | 1,362,850 | |
Refinitiv US Holdings, Inc.
6.250%, 05/15/26 144A @ | | | 5,610 | | | | 5,946,600 | |
8.250%, 11/15/26 144A @ | | | 6,535 | | | | 7,077,209 | |
Service Corp. International
5.375%, 05/15/24 | | | 3,650 | | | | 3,718,437 | |
| | | | | | | | |
| | | | | | | 18,105,096 | |
| | | | | | | | |
|
| Entertainment — 1.0% | |
Cedar Fair LP
5.250%, 07/15/29 144A @ | | | 7,940 | | | | 7,185,700 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
5.375%, 06/01/24 | | | 9,302 | | | | 8,807,878 | |
5.375%, 04/15/27 | | | 7,320 | | | | 6,551,400 | |
Six Flags Entertainment Corp.
4.875%, 07/31/24 144A @ | | | 9,058 | | | | 8,106,910 | |
5.500%, 04/15/27 144A @ | | | 9,944 | | | | 8,887,450 | |
Six Flags Theme Parks, Inc.
7.000%, 07/01/25 144A @ | | | 1,910 | | | | 1,974,462 | |
| | | | | | | | |
| | | | | | | 41,513,800 | |
| | | | | | | | |
|
| Gas — 0.1% | |
NiSource, Inc.
(UST Yield Curve CMT 5 Yr + 2.843%)
5.650%,•µ | | | 5,825 | | | | 5,562,875 | |
| | | | | | | | |
|
| Healthcare Products — 1.4% | |
Avantor, Inc.
6.000%, 10/01/24 144A @ | | | 8,880 | | | | 9,279,600 | |
9.000%, 10/01/25 144A @ | | | 36,458 | | | | 39,192,350 | |
Hologic, Inc.
4.375%, 10/15/25 144A @ | | | 4,045 | | | | 4,084,600 | |
Teleflex, Inc. | |
4.875%, 06/01/26 | | | 4,245 | | | | 4,372,350 | |
4.625%, 11/15/27 | | | 2,880 | | | | 3,044,765 | |
| | | | | | | | |
| | | | | | | 59,973,665 | |
| | | | | | | | |
67
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Insurance — 0.3% | | | | | | | | |
HUB International Ltd.
7.000%, 05/01/26 144A @ | | $ | 9,722 | | | $ | 9,701,584 | |
USI, Inc.
6.875%, 05/01/25 144A @ | | | 3,789 | | | | 3,822,154 | |
| | | | | | | | |
| | | | | | | 13,523,738 | |
| | | | | | | | |
|
| Internet — 2.1% | |
Netflix, Inc.
5.500%, 02/15/22 | | | 1,100 | | | | 1,147,025 | |
5.875%, 02/15/25 | | | 6,510 | | | | 7,193,550 | |
4.375%, 11/15/26 | | | 15,365 | | | | 15,982,212 | |
4.875%, 04/15/28 | | | 17,923 | | | | 19,164,526 | |
5.875%, 11/15/28 | | | 25,165 | | | | 28,656,644 | |
6.375%, 05/15/29 | | | 13,850 | | | | 16,066,000 | |
| | | | | | | | |
| | | | | | | 88,209,957 | |
| | | | | | | | |
|
| Lodging — 0.1% | |
Hilton Domestic Operating Co., Inc.
4.250%, 09/01/24 | | | 2,445 | | | | 2,372,139 | |
Marriott International, Inc., Series R
3.125%, 06/15/26 | | | 1,290 | | | | 1,254,797 | |
Marriott International, Inc.
(3 M ICE LIBOR + 0.650%)
0.968%, 03/08/21• | | | 1,435 | | | | 1,421,209 | |
| | | | | | | | |
| | | | | | | 5,048,145 | |
| | | | | | | | |
|
| Machinery — Diversified — 0.1% | |
Welbilt, Inc.
9.500%, 02/15/24 | | | 3,543 | | | | 3,383,565 | |
Xylem, Inc.
4.875%, 10/01/21 | | | 415 | | | | 436,794 | |
| | | | | | | | |
| | | | | | | 3,820,359 | |
| | | | | | | | |
|
| Media — 1.3% | |
CCO Holdings LLC/CCO Holdings Capital Corp. 144A @
4.000%, 03/01/23 | | | 5,250 | | | | 5,263,125 | |
5.875%, 04/01/24 | | | 6,107 | | | | 6,297,844 | |
5.125%, 05/01/27 | | | 15,425 | | | | 15,958,705 | |
5.000%, 02/01/28 | | | 22,611 | | | | 23,345,857 | |
Sirius XM Radio, Inc.
3.875%, 08/01/22 144A @ | | | 630 | | | | 634,794 | |
4.625%, 05/15/23 144A @ | | | 3,630 | | | | 3,649,965 | |
| | | | | | | | |
| | | | | | | 55,150,290 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 0.6% | |
General Electric Co., Series D
(3 M ICE LIBOR + 3.330%) 5.000%,•µ | | | 31,505 | | | | 24,607,925 | |
| | | | | | | | |
|
| Packaging and Containers — 0.2% | |
Reynolds Group Issuer, Inc.
(3 M ICE LIBOR + 3.500%)
4.719%, 07/15/21 144A @,• | | | 4,375 | | | | 4,342,187 | |
5.125%, 07/15/23 144A @ | | | 4,145 | | | | 4,176,461 | |
| | | | | | | | |
| | | | | | | 8,518,648 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Pharmaceuticals — 0.1% | | | | | | | | |
Elanco Animal Health, Inc.
4.662%, 08/27/21 | | $ | 4,225 | | | $ | 4,309,500 | |
| | | | | | | | |
|
| Pipelines — 0.1% | |
NuStar Logistics LP
4.800%, 09/01/20 | | | 2,380 | | | | 2,380,000 | |
| | | | | | | | |
|
| Real Estate — 0.3% | |
SBA Communications Corp.
4.000%, 10/01/22 | | | 8,045 | | | | 8,125,450 | |
4.875%, 09/01/24 | | | 3,085 | | | | 3,158,269 | |
3.875%, 02/15/27 144A @ | | | 2,085 | | | | 2,077,181 | |
| | | | | | | | |
| | | | | | | 13,360,900 | |
| | | | | | | | |
|
| Retail — 1.8% | |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.000%, 06/01/24 144A @ | | | 8,668 | | | | 8,830,525 | |
5.250%, 06/01/26 144A @ | | | 12,038 | | | | 12,338,950 | |
4.750%, 06/01/27 144A @ | | | 16,795 | | | | 17,214,875 | |
Yum! Brands, Inc.
3.875%, 11/01/20 | | | 6,890 | | | | 6,890,000 | |
3.750%, 11/01/21 | | | 11,215 | | | | 11,299,113 | |
3.875%, 11/01/23 | | | 4,905 | | | | 5,022,720 | |
4.750%, 01/15/30 144A @ | | | 1,300 | | | | 1,319,500 | |
6.875%, 11/15/37 | | | 3,540 | | | | 3,805,500 | |
5.350%, 11/01/43 | | | 8,185 | | | | 7,857,600 | |
| | | | | | | | |
| | | | | | | 74,578,783 | |
| | | | | | | | |
|
| Semiconductors — 0.2% | |
Sensata Technologies BV
4.875%, 10/15/23 144A @ | | | 2,595 | | | | 2,693,662 | |
5.625%, 11/01/24 144A @ | | | 880 | | | | 932,800 | |
5.000%, 10/01/25 144A @ | | | 3,150 | | | | 3,353,805 | |
Sensata Technologies UK Financing Co. PLC
6.250%, 02/15/26 144A @ | | | 2,000 | | | | 2,075,000 | |
| | | | | | | | |
| | | | | | | 9,055,267 | |
| | | | | | | | |
|
| Software — 0.7% | |
Solera LLC/Solera Finance, Inc.
10.500%, 03/01/24 144A @ | | | 28,991 | | | | 29,498,343 | |
| | | | | | | | |
|
| Telecommunications — 0.1% | |
Level 3 Financing, Inc.
5.375%, 08/15/22 | | | 2,942 | | | | 2,944,648 | |
T-Mobile USA, Inc.
6.000%, 03/01/23 | | | 1,770 | | | | 1,777,151 | |
6.500%, 01/15/26 | | | 845 | | | | 883,118 | |
| | | | | | | | |
| | | | | | | 5,604,917 | |
| | | | | | | | |
| |
TOTAL CORPORATE BONDS
(Cost $476,458,636) | | | | 484,569,260 | |
| | | | | | | | |
68
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| LOAN AGREEMENTS — 10.5%‡ | |
| Airlines — 0.2% | |
Mileage Plus Holdings, Inc.
0.000%, 06/25/27× | | $ | 6,485 | | | $ | 6,433,639 | |
| | | | | | | | |
|
| Chemicals — 0.0% | |
HB Fuller Co.
(1 M ICE LIBOR + 2.000%)
2.190%, 10/21/24• | | | 1,831 | | | | 1,763,823 | |
| | | | | | | | |
|
| Commercial Services — 2.5% | |
Financial & Risk US Holdings, Inc.
(1 M ICE LIBOR + 3.250%)
3.428%, 10/01/25• | | | 108,218 | | | | 105,593,673 | |
Gartner, Inc.
(1 M ICE LIBOR + 1.500%)
1.678%, 03/21/22• | | | 270 | | | | 266,130 | |
| | | | | | | | |
| | | | | | | 105,859,803 | |
| | | | | | | | |
|
| Cosmetics & Personal Care — 0.3% | |
Sunshine Luxembourg VII Sarl
(3 M ICE LIBOR + 4.250%)
5.322%, 10/01/26• | | | 13,978 | | | | 13,354,627 | |
| | | | | | | | |
|
| Entertainment — 0.3% | |
Alpha Topco. Ltd. — Delta 2 (Lux) Sarl
(3 M ICE LIBOR + 2.500%)
3.500%, 02/01/24• | | | 14,835 | | | | 14,084,052 | |
| | | | | | | | |
|
| Environmental Control — 0.0% | |
Filtration Group Corp.
(1 M ICE LIBOR + 3.000%)
3.178%, 03/29/25• | | | 1,691 | | | | 1,605,980 | |
| | | | | | | | |
|
| Healthcare — 0.3% | |
CPI Holdco LLC
(1 M ICE LIBOR + 4.250%)
4.428%, 11/04/26• | | | 1,257 | | | | 1,206,576 | |
Loire US Holdco 1, Inc.
(1 M ICE LIBOR + 3.500%)
3.674%, 04/21/27• | | | 12,465 | | | | 11,950,819 | |
| | | | | | | | |
| | | | | | | 13,157,395 | |
| | | | | | | | |
|
| Household Products & Wares — 0.0% | |
Prestige Brands, Inc.
(1 M ICE LIBOR + 2.000%) 2.178%, 01/26/24• | | | 208 | | | | 203,594 | |
| | | | | | | | |
|
| Insurance — 2.4% | |
Alliant Holdings Intermediate LLC
(1 M ICE LIBOR + 2.750%)
2.928%, 05/09/25• | | | 783 | | | | 740,478 | |
AmWINS Group, Inc.
(1 M ICE LIBOR + 6.750%)
3.750%, 01/25/24• | | | 1,220 | | | | 1,183,504 | |
HUB International Ltd.
(3 M ICE LIBOR + 3.000%)
4.020%, 04/25/25• | | | 67,031 | | | | 63,624,050 | |
(3 M ICE LIBOR + 4.000%)
5.000%, 04/25/25• | | | 15,100 | | | | 14,812,684 | |
| | | | | | | | |
| | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Insurance — (continued) | | | | | | | | |
USI, Inc.
(3 M ICE LIBOR + 3.000%)
3.308%, 05/16/24• | | $ | 18,692 | | | $ | 17,701,530 | |
(3 M ICE LIBOR + 4.000%)
4.500%, 12/02/26• | | | 4,325 | | | | 4,191,660 | |
| | | | | | | | |
| | | | | | | 102,253,906 | |
| | | | | | | | |
|
| Leisure Time — 0.1% | |
Life Time, Inc.
(3 M ICE LIBOR + 2.750%)
3.750%, 06/10/22• | | | 5,437 | | | | 4,801,747 | |
| | | | | | | | |
|
| Lodging — 0.1% | |
Four Seasons Hotels Ltd.
(1 M ICE LIBOR + 2.000%)
2.178%, 11/30/23• | | | 3,075 | | | | 2,906,238 | |
| | | | | | | | |
|
| Machinery — Diversified — 0.4% | |
Gardner Denver, Inc.
0.000%, 03/01/27× | | | 1,230 | | | | 1,193,100 | |
Vertical Us Newco, Inc.
0.000%, 06/30/27× | | | 12,815 | | | | 12,622,775 | |
Welbilt, Inc.
(1 M ICE LIBOR + 2.500%)
2.678%, 10/23/25• | | | 1,825 | | | | 1,569,500 | |
| | | | | | | | |
| | | | | | | 15,385,375 | |
| | | | | | | | |
|
| Pharmaceuticals — 0.2% | |
NVA Holdings, Inc.
(1 M ICE LIBOR + 2.250%)
2.438%, 01/01/30(1),• | | | 9,100 | | | | 8,918,000 | |
| | | | | | | | |
|
| Software — 3.7% | |
Azalea TopCo, Inc.
(3 M ICE LIBOR + 3.500%)
4.260%, 07/27/26• | | | 11,505 | | | | 11,131,018 | |
Cypress Intermediate Holdings III, Inc.
(1 M ICE LIBOR + 3.000%)
4.000%, 04/29/24• | | | 40,754 | | | | 39,310,179 | |
Kronos, Inc.
(1 M ICE LIBOR + 3.000%)
3.179%, 11/01/23• | | | 45,845 | | | | 45,744,573 | |
The Ultimate Software Group, Inc.
0.000%, 05/03/27× | | | 1,825 | | | | 1,852,375 | |
The Ultimate Software Group, Inc.
0.000%, 05/04/26× | | | 57,610 | | | | 56,827,080 | |
The Ultimate Software Group, Inc.
(1 M ICE LIBOR + 3.750%)
3.928%, 05/04/26• | | | 1,752 | | | | 1,694,235 | |
| | | | | | | | |
| | | | | | | 156,559,460 | |
| | | | | | | | |
| |
TOTAL LOAN AGREEMENTS
(Cost $454,849,476) | | | | 447,287,639 | |
| | | | | | | | |
69
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 10.1% | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%) | | | 29,871,714 | | | $ | 29,871,714 | |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 0.140%) | | | 401,155,216 | | | | 401,155,216 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM INVESTMENTS
(Cost $431,026,930) | | | | 431,026,930 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 103.0%
(Cost $4,074,702,710) | | | | 4,391,745,328 | |
| |
| Other Assets & Liabilities — (3.0)% | | | | (127,943,201 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 4,263,802,127 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | | |
Value† | |
| WRITTEN OPTIONS | |
| Call Options | |
| | |
TOTAL WRITTEN OPTIONS (See open written options schedule)
(Premiums $(17,605,835)) | | | (47,972 | ) | | $ | (29,004,020 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2020, the aggregate value of restricted securities was $33,192,490 which represented 0.8% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
| | | | | | | | | | | | |
| Investment | | Date of
Acquisition | | | Cost | | | Value | |
Aurora Innovation, Inc., Series B | | | 3/1/2019 | | | $ | 3,276,056 | | | $ | 3,276,056 | |
Fortive Corp., Series A | | | 6/27/2018 | | | | 9,921,000 | | | | 8,544,064 | |
U.S. Airways Pass Through Trust, Series 2012-2 Class B | | | 11/29/2012 | | | | 354,263 | | | | 286,133 | |
Waymo LLC, Series A-2 | | | 5/8/2020 | | | | 21,086,237 | | | | 21,086,237 | |
| | | | | | | | | | | | |
Total | | | | | | $ | 34,637,556 | | | $ | 33,192,490 | |
| | | | | | | | | | | | |
| (1) | The value of this security was determined using significant unobservable inputs. |
| × | This loan will settle after June 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| µ | Perpetual security with no stated maturity date. |
| * | Non-income producing security. |
| 144A @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $269,304,178, which represents 6.3% of the Fund’s net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ‡ | 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 Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2020. 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. |
CMT — Constant Maturity Treasury.
CONV — Convertible Security.
ICE — Intercontinental Exchange.
LIBOR — London Interbank Offered Rate.
LLC — Limited Liability Company.
LP — Limited Partnership.
M — Month.
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
Yr — Year.
UST — US Treasury.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 94 | % |
Netherlands | | | 2 | |
Canada | | | 1 | |
Luxembourg | | | 1 | |
Switzerland | | | 1 | |
United Kingdom | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
70
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
ASSET BACKED SECURITIES | | $ | 17,073,976 | | | $ | — | | | $ | 17,073,976 | | | $ | — | |
COMMON STOCK | | | | | | | | | | | | | | | | |
Auto Parts & Equipment | | | 20,499,817 | | | | 20,499,817 | | | | — | | | | — | |
Banks | | | 20,150,345 | | | | 20,150,345 | | | | — | | | | — | |
Beverages | | | 73,199,495 | | | | 73,199,495 | | | | — | | | | — | |
Chemicals | | | 55,038,303 | | | | 55,038,303 | | | | — | | | | — | |
Commercial Services | | | 77,346,381 | | | | 77,346,381 | | | | — | | | | — | |
Diversified Financial Services | | | 165,423,784 | | | | 165,423,784 | | | | — | | | | — | |
Electric | | | 329,623,684 | | | | 329,623,684 | | | | — | | | | — | |
Electronics | | | 222,467,621 | | | | 222,467,621 | | | | — | | | | — | |
Environmental Control | | | 21,281,420 | | | | 21,281,420 | | | | — | | | | — | |
Gas | | | 88,947,929 | | | | 88,947,929 | | | | — | | | | — | |
Healthcare Products | | | 280,192,025 | | | | 243,441,907 | | | | 36,750,118 | | | | — | |
Healthcare Services | | | 166,299,073 | | | | 166,299,073 | | | | — | | | | — | |
Insurance | | | 117,294,746 | | | | 117,294,746 | | | | — | | | | — | |
Internet | | | 263,599,293 | | | | 263,599,293 | | | | — | | | | — | |
Lodging | | | 94,085,679 | | | | 94,085,679 | | | | — | | | | — | |
Machinery - Diversified | | | 44,388,685 | | | | 44,388,685 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 156,486,631 | | | | 156,486,631 | | | | — | | | | — | |
Pharmaceuticals | | | 111,078,226 | | | | 111,078,226 | | | | — | | | | — | |
Retail | | | 65,030,581 | | | | 65,030,581 | | | | — | | | | — | |
Semiconductors | | | 116,657,524 | | | | 116,657,524 | | | | — | | | | — | |
Software | | | 319,981,666 | | | | 319,981,666 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 2,809,072,908 | | | | 2,772,322,790 | | | | 36,750,118 | | | | — | |
| |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Auto Manufacturers | | | 21,086,237 | | | | — | | | | — | | | | 21,086,237 | |
Banks | | | 50,007,357 | | | | 50,007,357 | | | | — | | | | — | |
Diversified Financial Services | | | 1,946,814 | | | | 1,946,814 | | | | — | | | | — | |
Electric | | | 67,670,142 | | | | 67,670,142 | | | | — | | | | — | |
Electronics | | | 8,544,064 | | | | 8,544,064 | | | | — | | | | — | |
Gas | | | 7,578,848 | | | | 7,578,848 | | | | — | | | | — | |
Healthcare Products | | | 42,605,097 | | | | 42,605,097 | | | | — | | | | — | |
Internet | | | 3,276,056 | | | | — | | | | — | | | | 3,276,056 | |
| |
TOTAL PREFERRED STOCKS | | | 202,714,615 | | | | 178,352,322 | | | | — | | | | 24,362,293 | |
| |
CORPORATE BONDS | | | 484,569,260 | | | | — | | | | 484,569,260 | | | | — | |
LOAN AGREEMENTS | | | 447,287,639 | | | | — | | | | 438,369,639 | | | | 8,918,000 | |
SHORT-TERM INVESTMENTS | | | 431,026,930 | | | | 431,026,930 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 4,391,745,328 | | | $ | 3,381,702,042 | | | $ | 976,762,993 | | | $ | 33,280,293 | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Written Options | | $ | (29,004,020 | ) | | $ | (29,004,020 | ) | | $ | — | | | $ | — | |
| |
TOTAL LIABILITIES - OTHER FINANCIAL INSTRUMENTS | | $ | (29,004,020 | ) | | $ | (29,004,020 | ) | | $ | — | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period.
An amount of $848,177 was transferred from Level 3 into Level 2 at 6/30/20 due to an increase in trading activities at period end.
71
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
Open written options contracts held by the Fund at June 30, 2020 are as follows:
Open Written Options
Call Options
| | | | | | | | | | | | | | | | | | | | |
Description | | # of
Contracts | | | Notional | | | Exercise
Price | | | Expiration
Date | | | Value | |
| Alphabet, Inc. | | | 82 | | | $ | 12,300,000 | | | $ | 1,500 | | | | 1/15/2021 | | | $ | (707,660 | ) |
| Alphabet, Inc. | | | 24 | | | | 4,176,000 | | | | 1,740 | | | | 1/15/2021 | | | | (51,120 | ) |
| Alphabet, Inc. | | | 24 | | | | 4,224,000 | | | | 1,760 | | | | 1/15/2021 | | | | (51,120 | ) |
| Alphabet, Inc. | | | 24 | | | | 4,272,000 | | | | 1,780 | | | | 1/15/2021 | | | | (34,800 | ) |
| Alphabet, Inc. | | | 24 | | | | 4,320,000 | | | | 1,800 | | | | 1/15/2021 | | | | (36,960 | ) |
| American Electric Power Co., Inc. | | | 1,180 | | | | 12,390,000 | | | | 105 | | | | 1/15/2021 | | | | (29,500 | ) |
| American Electric Power Co., Inc. | | | 354 | | | | 4,071,000 | | | | 115 | | | | 1/15/2021 | | | | (1,770 | ) |
| Aptiv PLC | | | 261 | | | | 2,610,000 | | | | 100 | | | | 1/15/2021 | | | | (120,060 | ) |
| Aptiv PLC | | | 261 | | | | 2,544,750 | | | | 98 | | | | 1/15/2021 | | | | (127,890 | ) |
| Avantor, Inc. | | | 365 | | | | 547,500 | | | | 15 | | | | 1/15/2021 | | | | (127,750 | ) |
| Avantor, Inc. | | | 541 | | | | 1,082,000 | | | | 20 | | | | 1/15/2021 | | | | (62,215 | ) |
| Avantor, Inc. | | | 541 | | | | 1,217,250 | | | | 23 | | | | 1/15/2021 | | | | (29,755 | ) |
| Becton Dickinson and Co. | | | 532 | | | | 15,960,000 | | | | 300 | | | | 1/15/2021 | | | | (101,080 | ) |
| Becton Dickinson and Co. | | | 73 | | | | 1,898,000 | | | | 260 | | | | 1/15/2021 | | | | (88,330 | ) |
| Becton Dickinson and Co. | | | 73 | | | | 1,971,000 | | | | 270 | | | | 1/15/2021 | | | | (51,100 | ) |
| Becton Dickinson and Co. | | | 109 | | | | 3,052,000 | | | | 280 | | | | 1/15/2021 | | | | (54,500 | ) |
| CME Group, Inc. | | | 161 | | | | 27,370 | | | | 170 | | | | 1/15/2021 | | | | (193,200 | ) |
| CME Group, Inc. | | | 161 | | | | 28,175 | | | | 175 | | | | 1/15/2021 | | | | (155,848 | ) |
| CME Group, Inc. | | | 161 | | | | 28,980 | | | | 180 | | | | 1/15/2021 | | | | (125,580 | ) |
| CME Group, Inc. | | | 161 | | | | 29,785 | | | | 185 | | | | 1/15/2021 | | | | (112,700 | ) |
| Danaher Corp. | | | 208 | | | | 3,848,000 | | | | 185 | | | | 1/15/2021 | | | | (210,080 | ) |
| Danaher Corp. | | | 318 | | | | 6,042,000 | | | | 190 | | | | 1/15/2021 | | | | (241,680 | ) |
| Danaher Corp. | | | 109 | | | | 1,635,000 | | | | 150 | | | | 1/15/2021 | | | | (349,345 | ) |
| Danaher Corp. | | | 109 | | | | 1,744,000 | | | | 160 | | | | 1/15/2021 | | | | (265,960 | ) |
| Danaher Corp. | | | 109 | | | | 1,962,000 | | | | 180 | | | | 1/15/2021 | | | | (129,710 | ) |
| Facebook, Inc. | | | 205 | | | | 5,432,500 | | | | 265 | | | | 1/15/2021 | | | | (208,895 | ) |
| Facebook, Inc. | | | 205 | | | | 5,535,000 | | | | 270 | | | | 1/15/2021 | | | | (199,055 | ) |
| Facebook, Inc. | | | 205 | | | | 5,637,500 | | | | 275 | | | | 1/15/2021 | | | | (176,300 | ) |
| Facebook, Inc. | | | 146 | | | | 2,847,000 | | | | 195 | | | | 1/15/2021 | | | | (618,310 | ) |
| Facebook, Inc. | | | 146 | | | | 2,920,000 | | | | 200 | | | | 1/15/2021 | | | | (603,710 | ) |
| General Electric Co. | | | 20,691 | | | | 31,036,500 | | | | 15 | | | | 1/15/2021 | | | | (103,455 | ) |
| General Electric Co. | | | 3,653 | | | | 2,922,400 | | | | 8 | | | | 1/15/2021 | | | | (263,016 | ) |
| Global Payments, Inc. | | | 109 | | | | 2,016,500 | | | | 185 | | | | 12/18/2020 | | | | (118,810 | ) |
| Global Payments, Inc. | | | 109 | | | | 2,125,500 | | | | 195 | | | | 12/18/2020 | | | | (81,750 | ) |
| Hilton Worldwide Holdings, Inc. | | | 106 | | | | 1,325,000 | | | | 125 | | | | 1/15/2021 | | | | (1,060 | ) |
| Hilton Worldwide Holdings, Inc. | | | 106 | | | | 1,378,000 | | | | 130 | | | | 1/15/2021 | | | | (2,650 | ) |
| Hilton Worldwide Holdings, Inc. | | | 37 | | | | 323,750 | | | | 88 | | | | 1/15/2021 | | | | (17,390 | ) |
| Hilton Worldwide Holdings, Inc. | | | 37 | | | | 333,000 | | | | 90 | | | | 1/15/2021 | | | | (14,800 | ) |
| Humana, Inc. | | | 72 | | | | 2,664,000 | | | | 370 | | | | 1/15/2021 | | | | (362,160 | ) |
| Humana, Inc. | | | 72 | | | | 2,736,000 | | | | 380 | | | | 1/15/2021 | | | | (325,440 | ) |
| Humana, Inc. | | | 54 | | | | 2,268,000 | | | | 420 | | | | 1/15/2021 | | | | (135,540 | ) |
| Humana, Inc. | | | 54 | | | | 2,322,000 | | | | 430 | | | | 1/15/2021 | | | | (110,160 | ) |
| Ingersoll Rand, Inc. | | | 1,079 | | | | 3,776,500 | | | | 35 | | | | 12/18/2020 | | | | (102,505 | ) |
| Intercontinental Exchange, Inc. | | | 216 | | | | 2,160,000 | | | | 100 | | | | 1/15/2021 | | | | (79,920 | ) |
72
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Flexibly Managed Fund
Open Written Options
Call Options
| | | | | | | | | | | | | | | | | | | | |
Description | | # of
Contracts | | | Notional | | | Exercise
Price | | | Expiration
Date | | | Value | |
| Intercontinental Exchange, Inc. | | | 216 | | | $ | 2,268,000 | | | $ | 105 | | | | 1/15/2021 | | | $ | (47,520 | ) |
| Keurig Dr Pepper, Inc. | | | 730 | | | | 2,190,000 | | | | 30 | | | | 10/16/2020 | | | | (77,380 | ) |
| Keurig Dr Pepper, Inc. | | | 730 | | | | 2,263,000 | | | | 31 | | | | 10/16/2020 | | | | (40,150 | ) |
| Keurig Dr Pepper, Inc. | | | 727 | | | | 2,108,300 | | | | 29 | | | | 10/16/2020 | | | | (98,145 | ) |
| Microsoft Corp. | | | 1,893 | | | | 31,234,500 | | | | 165 | | | | 1/15/2021 | | | | (8,367,060 | ) |
| Microsoft Corp. | | | 2,100 | | | | 35,700,000 | | | | 170 | | | | 1/15/2021 | | | | (8,574,300 | ) |
| NextEra Energy, Inc. | | | 82 | | | | 2,542,000 | | | | 310 | | | | 1/15/2021 | | | | (9,430 | ) |
| NextEra Energy, Inc. | | | 81 | | | | 2,592,000 | | | | 320 | | | | 1/15/2021 | | | | (6,480 | ) |
| NXP Semiconductors N.V. | | | 923 | | | | 12,922,000 | | | | 140 | | | | 1/15/2021 | | | | (512,265 | ) |
| NXP Semiconductors N.V. | | | 91 | | | | 1,137,500 | | | | 125 | | | | 1/15/2021 | | | | (100,191 | ) |
| NXP Semiconductors N.V. | | | 91 | | | | 1,046,500 | | | | 115 | | | | 1/15/2021 | | | | (140,595 | ) |
| PerkinElmer, Inc. | | | 144 | | | | 1,584,000 | | | | 110 | | | | 12/18/2020 | | | | (48,960 | ) |
| PerkinElmer, Inc. | | | 144 | | | | 1,656,000 | | | | 115 | | | | 12/18/2020 | | | | (36,720 | ) |
| Roper Technologies, Inc. | | | 67 | | | | 2,881,000 | | | | 430 | | | | 8/21/2020 | | | | (2,345 | ) |
| Roper Technologies, Inc. | | | 72 | | | | 2,664,000 | | | | 370 | | | | 11/20/2020 | | | | (280,800 | ) |
| Roper Technologies, Inc. | | | 72 | | | | 2,808,000 | | | | 390 | | | | 11/20/2020 | | | | (198,000 | ) |
| Roper Technologies, Inc. | | | 72 | | | | 3,024,000 | | | | 420 | | | | 11/20/2020 | | | | (95,760 | ) |
| Roper Technologies, Inc. | | | 72 | | | | 3,168,000 | | | | 440 | | | | 11/20/2020 | | | | (42,480 | ) |
| Thermo Fisher Scientific, Inc. | | | 357 | | | | 14,280,000 | | | | 400 | | | | 1/15/2021 | | | | (481,950 | ) |
| Thermo Fisher Scientific, Inc. | | | 68 | | | | 2,516,000 | | | | 370 | | | | 1/15/2021 | | | | (178,568 | ) |
| Thermo Fisher Scientific, Inc. | | | 68 | | | | 2,652,000 | | | | 390 | | | | 1/15/2021 | | | | (112,200 | ) |
| UnitedHealth Group, Inc. | | | 72 | | | | 2,304,000 | | | | 320 | | | | 1/15/2021 | | | | (129,312 | ) |
| UnitedHealth Group, Inc. | | | 72 | | | | 2,376,000 | | | | 330 | | | | 1/15/2021 | | | | (95,400 | ) |
| Visa, Inc. | | | 639 | | | | 14,697,000 | | | | 230 | | | | 1/15/2021 | | | | (237,708 | ) |
| Visa, Inc. | | | 639 | | | | 15,336,000 | | | | 240 | | | | 1/15/2021 | | | | (132,912 | ) |
| Visa, Inc. | | | 476 | | | | 11,186,000 | | | | 235 | | | | 1/15/2021 | | | | (107,100 | ) |
| Visa, Inc. | | | 73 | | | | 1,350,500 | | | | 185 | | | | 1/15/2021 | | | | (155,125 | ) |
| Visa, Inc. | | | 73 | | | | 1,423,500 | | | | 195 | | | | 1/15/2021 | | | | (124,100 | ) |
| Visa, Inc. | | | 146 | | | | 2,920,000 | | | | 200 | | | | 1/15/2021 | | | | (202,940 | ) |
| Visa, Inc. | | | 510 | | | | 107,100 | | | | 210 | | | | 1/15/2021 | | | | (468,180 | ) |
| Visa, Inc. | | | 183 | | | | 40,260 | | | | 220 | | | | 1/15/2021 | | | | (113,460 | ) |
| Visa, Inc. | | | 111 | | | | 23,865 | | | | 215 | | | | 1/15/2021 | | | | (83,805 | ) |
| Xcel Energy, Inc. | | | 623 | | | | 4,049,500 | | | | 65 | | | | 10/16/2020 | | | | (146,405 | ) |
| Xcel Energy, Inc. | | | 260 | | | | 1,560,000 | | | | 60 | | | | 10/16/2020 | | | | (127,400 | ) |
| Xcel Energy, Inc. | | | 579 | | | | 4,053,000 | | | | 70 | | | | 12/18/2020 | | | | (86,850 | ) |
| Xcel Energy, Inc. | | | 292 | | | | 2,190,000 | | | | 75 | | | | 12/18/2020 | | | | (20,440 | ) |
| Yum! Brands, Inc. | | | 579 | | | | 5,790,000 | | | | 100 | | | | 1/15/2021 | | | | (170,805 | ) |
| Yum! Brands, Inc. | | | 218 | | | | 2,071,000 | | | | 95 | | | | 1/15/2021 | | | | (98,100 | ) |
| Yum! Brands, Inc. | | | 360 | | | | 3,780,000 | | | | 105 | | | | 1/15/2021 | | | | (68,040 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Total Written Options | | | | | | | | | | | | | | | | | | $ | (29,004,020 | ) |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
73
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Balanced Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 59.9% | |
Penn Series Index 500 Fund*
(Cost $23,637,321) | | | 1,773,266 | | | $ | 46,938,350 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 39.8% | |
Penn Series Quality Bond Fund*
(Cost $25,586,176) | | | 1,842,152 | | | | 31,150,794 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.0% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $29,107) | | | 29,107 | | | | 29,107 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.7%
(Cost $49,252,604) | | | | 78,118,251 | |
| |
| Other Assets & Liabilities — 0.3% | | | | 229,706 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 78,347,957 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 46,938,350 | | | $ | 46,938,350 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 31,150,794 | | | | 31,150,794 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 29,107 | | | | 29,107 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 78,118,251 | | | $ | 78,118,251 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
74
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 99.2% | | | | | | | | |
| Aerospace & Defense — 0.5% | | | | | | | | |
Teledyne Technologies, Inc.* | | | 5,625 | | | $ | 1,749,094 | |
| | | | | | | | |
|
| Auto Manufacturers — 1.3% | |
Cummins, Inc. | | | 9,600 | | | | 1,663,296 | |
Ferrari N.V. | | | 16,410 | | | | 2,806,274 | |
| | | | | | | | |
| | | | 4,469,570 | |
| | | | | | | | |
|
| Auto Parts & Equipment — 0.5% | |
Aptiv PLC | | | 23,128 | | | | 1,802,134 | |
| | | | | | | | |
|
| Banks — 0.5% | |
The Goldman Sachs Group, Inc. | | | 8,000 | | | | 1,580,960 | |
| | | | | | | | |
|
| Biotechnology — 2.0% | |
Argenx S.E. ADR* | | | 1,481 | | | | 333,566 | |
Incyte Corp.* | | | 16,921 | | | | 1,759,276 | |
Vertex Pharmaceuticals, Inc.* | | | 16,100 | | | | 4,673,991 | |
| | | | | | | | |
| | | | 6,766,833 | |
| | | | | | | | |
|
| Chemicals — 0.5% | |
Linde PLC | | | 8,858 | | | | 1,878,870 | |
| | | | | | | | |
|
| Commercial Services — 6.2% | |
Avalara, Inc.* | | | 6,500 | | | | 865,085 | |
Cintas Corp. | | | 8,739 | | | | 2,327,720 | |
Equifax, Inc. | | | 13,291 | | | | 2,284,457 | |
Global Payments, Inc. | | | 21,493 | | | | 3,645,643 | |
PayPal Holdings, Inc.* | | | 34,996 | | | | 6,097,353 | |
S&P Global, Inc. | | | 7,291 | | | | 2,402,239 | |
TransUnion | | | 41,514 | | | | 3,613,378 | |
| | | | | | | | |
| | | | 21,235,875 | |
| | | | | | | | |
|
| Computers — 5.3% | |
Apple, Inc. | | | 46,179 | | | | 16,846,099 | |
Crowdstrike Holdings, Inc., Class A* | | | 12,592 | | | | 1,262,852 | |
| | | | | | | | |
| | | | 18,108,951 | |
| | | | | | | | |
|
| Diversified Financial Services — 7.0% | |
Ant International Co., Ltd., Class C*(1),# | | | 189,827 | | | | 1,332,585 | |
Cboe Global Markets, Inc. | | | 9,400 | | | | 876,832 | |
Mastercard, Inc., Class A | | | 33,431 | | | | 9,885,547 | |
Tradeweb Markets, Inc., Class A | | | 11,719 | | | | 681,343 | |
Visa, Inc., Class A | | | 57,015 | | | | 11,013,588 | |
XP, Inc., Class A* | | | 10,105 | | | | 424,511 | |
| | | | | | | | |
| | | | 24,214,406 | |
| | | | | | | | |
|
| Electric — 0.2% | |
Sempra Energy | | | 4,436 | | | | 520,032 | |
| | | | | | | | |
|
| Electronics — 1.7% | |
Fortive Corp. | | | 33,575 | | | | 2,271,685 | |
Roper Technologies, Inc. | | | 9,432 | | | | 3,662,068 | |
| | | | | | | | |
| | | | 5,933,753 | |
| | | | | | | | |
|
| Entertainment — 0.2% | |
DraftKings, Inc., Class A* | | | 21,194 | | | | 704,912 | |
| | | | | | | | |
|
| Healthcare Products — 2.9% | |
Alcon, Inc.* | | | 27,478 | | | | 1,578,864 | |
Align Technology, Inc.* | | | 1,422 | | | | 390,254 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — (continued) | |
Intuitive Surgical, Inc.* | | | 8,119 | | | $ | 4,626,450 | |
Stryker Corp. | | | 19,805 | | | | 3,568,663 | |
| | | | | | | | |
| | | | | | | 10,164,231 | |
| | | | | | | | |
| | |
| Healthcare Services — 4.7% | | | | | | | | |
Anthem, Inc. | | | 12,195 | | | | 3,207,041 | |
Centene Corp.* | | | 50,684 | | | | 3,220,968 | |
HCA Healthcare, Inc. | | | 20,840 | | | | 2,022,730 | |
Humana, Inc. | | | 2,700 | | | | 1,046,925 | |
UnitedHealth Group, Inc. | | | 22,730 | | | | 6,704,214 | |
| | | | | | | | |
| | | | | | | 16,201,878 | |
| | | | | | | | |
| | |
| Insurance — 1.0% | | | | | | | | |
Chubb Ltd. | | | 28,405 | | | | 3,596,641 | |
| | | | | | | | |
|
| Internet — 30.9% | |
Alibaba Group Holding Ltd. ADR* | | | 36,915 | | | | 7,962,566 | |
Alphabet, Inc., Class A* | | | 7,038 | | | | 9,980,236 | |
Alphabet, Inc., Class C* | | | 5,985 | | | | 8,460,456 | |
Amazon.com, Inc.* | | | 13,575 | | | | 37,450,982 | |
Booking Holdings, Inc.* | | | 1,728 | | | | 2,751,564 | |
Facebook, Inc., Class A* | | | 75,335 | | | | 17,106,318 | |
IAC/interactivecorp.* | | | 8,030 | | | | 2,596,902 | |
Match Group, Inc., Class A* | | | 14,249 | | | | 1,525,355 | |
Netflix, Inc.* | | | 18,613 | | | | 8,469,660 | |
Snap, Inc., Class A* | | | 149,815 | | | | 3,519,154 | |
Spotify Technology S.A.* | | | 13,100 | | | | 3,382,289 | |
TD Ameritrade Holding Corp. | | | 8,994 | | | | 327,202 | |
Tencent Holdings Ltd. | | | 48,300 | | | | 3,094,963 | |
| | | | | | | | |
| | | | | | | 106,627,647 | |
| | | | | | | | |
| | |
| Lodging — 0.5% | | | | | | | | |
Wynn Resorts Ltd. | | | 20,927 | | | | 1,558,852 | |
| | | | | | | | |
|
| Machinery — Diversified — 0.5% | |
Westinghouse Air Brake Technologies Corp. | | | 27,364 | | | | 1,575,345 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 0.9% | |
General Electric Co. | | | 233,700 | | | | 1,596,171 | |
Parker-Hannifin Corp. | | | 8,300 | | | | 1,521,141 | |
| | | | | | | | |
| | | | | | | 3,117,312 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 1.7% | | | | | | | | |
AbbVie, Inc. | | | 17,900 | | | | 1,757,422 | |
Cigna Corp. | | | 21,695 | | | | 4,071,067 | |
| | | | | | | | |
| | | | | | | 5,828,489 | |
| | | | | | | | |
| | |
| Retail — 3.6% | | | | | | | | |
CarMax, Inc.* | | | 10,084 | | | | 903,022 | |
Carvana Co.* | | | 15,944 | | | | 1,916,469 | |
Chipotle Mexican Grill, Inc.* | | | 2,331 | | | | 2,453,051 | |
Dollarama, Inc. | | | 19,946 | | | | 663,496 | |
Lululemon Athletica, Inc.* | | | 10,737 | | | | 3,350,051 | |
Ross Stores, Inc. | | | 36,318 | | | | 3,095,746 | |
| | | | | | | | |
| | | | | | | 12,381,835 | |
| | | | | | | | |
| | |
| Semiconductors — 3.7% | | | | | | | | |
Advanced Micro Devices, Inc.* | | | 45,100 | | | | 2,372,711 | |
75
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — (continued) | | | | | | | | |
ASML Holding N.V. | | | 11,322 | | | $ | 4,166,836 | |
Marvell Technology Group Ltd. | | | 94,115 | | | | 3,299,672 | |
NVIDIA Corp. | | | 8,100 | | | | 3,077,271 | |
| | | | | | | | |
| | | | | | | 12,916,490 | |
| | | | | | | | |
| | |
| Software — 22.1% | | | | | | | | |
Activision Blizzard, Inc. | | | 8,700 | | | | 660,330 | |
Adobe, Inc.* | | | 6,200 | | | | 2,698,922 | |
Datadog, Inc., Class A* | | | 21,100 | | | | 1,834,645 | |
Fidelity National Information Services, Inc. | | | 45,582 | | | | 6,112,090 | |
Fiserv, Inc.* | | | 43,529 | | | | 4,249,301 | |
Intuit, Inc. | | | 17,530 | | | | 5,192,211 | |
Microsoft Corp. | | | 150,585 | | | | 30,645,553 | |
MSCI, Inc. | | | 2,229 | | | | 744,085 | |
Paycom Software, Inc.* | | | 7,047 | | | | 2,182,667 | |
salesforce.com, Inc.* | | | 37,416 | | | | 7,009,139 | |
Sea Ltd. ADR* | | | 24,800 | | | | 2,659,552 | |
ServiceNow, Inc.* | | | 9,557 | | | | 3,871,159 | |
Slack Technologies, Inc., Class A* | | | 38,948 | | | | 1,210,893 | |
Snowflake, Inc., Class B*(1),# | | | 807 | | | | 31,288 | |
Splunk, Inc.* | | | 20,346 | | | | 4,042,750 | |
Stripe, Inc., Class B*(1),# | | | 8,608 | | | | 135,060 | |
Temenos AG | | | 10,681 | | | | 1,660,083 | |
Workday, Inc., Class A* | | | 7,322 | | | | 1,371,850 | |
| | | | | | | | |
| | | | | | | 76,311,578 | |
| | | | | | | | |
| | |
| Transportation — 0.8% | | | | | | | | |
J.B. Hunt Transport Services, Inc. | | | 12,092 | | | | 1,455,151 | |
Union Pacific Corp. | | | 8,500 | | | | 1,437,095 | |
| | | | | | | | |
| | | | | | | 2,892,246 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $217,617,205) | | | | | | | 342,137,934 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.2% | |
| | |
| Auto Manufacturers — 0.4% | | | | | | | | |
Rivian Automotive, Series D,
CONV*(1),# | | | 91,993 | | | | 988,373 | |
Waymo LLC, Series A-2, CONV*#,(1) | | | 3,737 | | | | 320,886 | |
| | | | | | | | |
| | | | | | | 1,309,259 | |
| | | | | | | | |
| | |
| Electronics — 0.1% | | | | | | | | |
GM Cruise, Class F, CONV*(1),# | | | 27,200 | | | | 496,400 | |
| | | | | | | | |
| | |
| Internet — 0.3% | | | | | | | | |
Aurora Innovation, Inc., Series B,
CONV*(1),# | | | 27,730 | | | | 256,233 | |
Doordash, Series G, CONV*(1),# | | | 1,381 | | | | 316,982 | |
Xiaoju Kuaizhi, Inc. (didi), Series A-17, CONV*(1),# | | | 11,920 | | | | 449,262 | |
| | | | | | | | |
| | | | | | | 1,022,477 | |
| | | | | | | | |
| | |
| Lodging — 0.2% | | | | | | | | |
Airbnb, Inc., Series D, CONV*(1),# | | | 9,999 | | | | 549,945 | |
Airbnb, Inc., Series E, CONV*(1),# | | | 3,694 | | | | 203,170 | |
| | | | | | | | |
| | | | | | | 753,115 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Real Estate — 0.0% | | | | | | | | |
WeWork Companies, Inc., Series E,
CONV*(1),# | | | 7,802 | | | $ | 0 | |
| | | | | | | | |
| | |
| Software — 0.2% | | | | | | | | |
Magic Leap, Inc., Series C, CONV*(1),# | | | 15,808 | | | | 72,821 | |
Magic Leap, Inc., Series D, CONV*(1),# | | | 10,934 | | | | 59,043 | |
Uipath, Inc., Series D-1, CONV*(1),# | | | 9,746 | | | | 383,522 | |
Uipath, Inc., Series D-2, CONV*(1),# | | | 1,637 | | | | 64,419 | |
| | | | | | | | |
| | | | | | | 579,805 | |
| | | | | | | | |
| | |
TOTAL PREFERRED STOCKS
(Cost $4,765,633) | | | | | | | 4,161,056 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.4% | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%) | | | 1,186,336 | | | | 1,186,336 | |
T. Rowe Price Government Reserve Investment Fund
(seven-day effective yield 0.140%) | | | 6,905,824 | | | | 6,905,824 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,092,160) | | | | | | | 8,092,160 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 102.8%
(Cost $230,474,998) | | | | | | | 354,391,150 | |
| | |
| Other Assets & Liabilities — (2.8)% | | | | | | | (9,656,607 | ) |
| | | | | | | | |
| | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 344,734,543 | |
| | | | | | | | |
| (1) | The value of this security was determined using significant unobservable inputs. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2020, the aggregate value of restricted securities was $5,659,989 which represented 1.6% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
76
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Growth Stock Fund
| | | | | | | | | | | | |
| Investment | | Date of
Acquisition | | | Cost | | | Value | |
Airbnb, Inc., Series D | | | 4/16/2014 | | | $ | 407,089 | | | $ | 549,945 | |
Airbnb, Inc., Series E | | | 7/14/2015 | | | | 343,891 | | | | 203,170 | |
Ant International Co. Ltd., Class C | | | 6/7/2018 | | | | 1,064,929 | | | | 1,332,585 | |
Aurora Innovation, Inc., Series B | | | 3/1/2019 | | | | 256,233 | | | | 256,233 | |
Doordash, Series G | | | 11/12/2019 | | | | 261,972 | | | | 316,982 | |
GM Cruise, Class F | | | 5/7/2019 | | | | 496,400 | | | | 496,400 | |
Magic Leap, Inc., Series C | | | 1/20/2016 | | | | 364,106 | | | | 72,821 | |
Magic Leap, Inc., Series D | | | 10/12/2017 | | | | 295,218 | | | | 59,043 | |
Rivian Automotive, Series D | | | 12/23/2019 | | | | 988,373 | | | | 988,373 | |
Snowflake, Inc., Class B | | | 3/17/2020 | | | | 31,301 | | | | 31,288 | |
Stripe, Inc., Class B | | | 12/17/2019 | | | | 135,059 | | | | 135,060 | |
Uipath, Inc., Series D-2 | | | 4/26/2019 | | | | 64,419 | | | | 64,419 | |
Uipath, Inc., Series D-1 | | | 4/26/2019 | | | | 383,522 | | | | 383,522 | |
Waymo LLC, Series A-2 | | | 5/8/2020 | | | | 320,886 | | | | 320,886 | |
WeWork Companies, Inc., Series E | | | 6/23/2015 | | | | 256,605 | | | | — | |
Xiaoju Kuaizhi, Inc., Series A-17 | | | 10/19/2015 | | | | 326,920 | | | | 449,262 | |
| | | | | | | | | | | | |
Total | | | | | | $ | 5,996,923 | | | $ | 5,659,989 | |
| | | | | | | | | | | | |
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
CONV — Convertible Security.
LLC — Limited Liability Company.
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
S.A. — Societe Anonyme.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 89 | % |
China | | | 3 | |
Switzerland | | | 2 | |
Canada | | | 1 | |
Italy | | | 1 | |
Netherlands | | | 1 | |
Sweden | | | 1 | |
Other | | | 2 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
6/30/2020 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,749,094 | | | $ | 1,749,094 | | | $ | — | | | $ | — | |
Auto Manufacturers | | | 4,469,570 | | | | 4,469,570 | | | | — | | | | — | |
Auto Parts & Equipment | | | 1,802,134 | | | | 1,802,134 | | | | — | | | | — | |
Banks | | | 1,580,960 | | | | 1,580,960 | | | | — | | | | — | |
Biotechnology | | | 6,766,833 | | | | 6,766,833 | | | | — | | | | — | |
Chemicals | | | 1,878,870 | | | | 1,878,870 | | | | — | | | | — | |
Commercial Services | | | 21,235,875 | | | | 21,235,875 | | | | — | | | | — | |
Computers | | | 18,108,951 | | | | 18,108,951 | | | | — | | | | — | |
Diversified Financial Services | | | 24,214,406 | | | | 22,881,821 | | | | — | | | | 1,332,585 | |
Electric | | | 520,032 | | | | 520,032 | | | | — | | | | — | |
Electronics | | | 5,933,753 | | | | 5,933,753 | | | | — | | | | — | |
Entertainment | | | 704,912 | | | | 704,912 | | | | — | | | | — | |
Healthcare Products | | | 10,164,231 | | | | 8,585,367 | | | | 1,578,864 | | | | — | |
Healthcare Services | | | 16,201,878 | | | | 16,201,878 | | | | — | | | | — | |
Insurance | | | 3,596,641 | | | | 3,596,641 | | | | — | | | | — | |
Internet | | | 106,627,647 | | | | 103,532,684 | | | | 3,094,963 | | | | — | |
Lodging | | | 1,558,852 | | | | 1,558,852 | | | | — | | | | — | |
Machinery - Diversified | | | 1,575,345 | | | | 1,575,345 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 3,117,312 | | | | 3,117,312 | | | | — | | | | — | |
Pharmaceuticals | | | 5,828,489 | | | | 5,828,489 | | | | — | | | | — | |
Retail | | | 12,381,835 | | | | 12,381,835 | | | | — | | | | — | |
Semiconductors | | | 12,916,490 | | | | 12,916,490 | | | | — | | | | — | |
Software | | | 76,311,578 | | | | 74,485,147 | | | | 1,660,083 | | | | 166,348 | |
Transportation | | | 2,892,246 | | | | 2,892,246 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 342,137,934 | | | | 334,305,091 | | | | 6,333,910 | | | | 1,498,933 | |
| |
PREFERRED STOCKS | | | 4,161,056 | | | | — | | | | — | | | | 4,161,056 | |
SHORT-TERM INVESTMENTS | | | 8,092,160 | | | | 8,092,160 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 354,391,150 | | | $ | 342,397,251 | | | $ | 6,333,910 | | | $ | 5,659,989 | |
| |
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 12/31/2019 | | $ | 6,782,797 | |
Change in Appreciation/(Depreciation) | | | (1,474,994 | ) |
Purchases | | | 352,186 | |
| | | | |
Balance as of 6/30/2020 | | $ | 5,659,989 | |
| | | | |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into 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, 2020 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 100.1% | |
| Apparel — 5.6% | | | | | | | | |
adidas AG* | | | 3,584 | | | $ | 944,924 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 2,072 | | | | 914,774 | |
NIKE, Inc., Class B | | | 11,286 | | | | 1,106,592 | |
VF Corp. | | | 7,016 | | | | 427,555 | |
| | | | | | | | |
| | | | 3,393,845 | |
| | | | | | | | |
| | |
| Beverages — 2.3% | | | | | | | | |
PepsiCo, Inc. | | | 10,653 | | | | 1,408,966 | |
| | | | | | | | |
| | |
| Chemicals — 1.8% | | | | | | | | |
Ecolab, Inc. | | | 1,376 | | | | 273,755 | |
The Sherwin-Williams Co. | | | 1,440 | | | | 832,104 | |
| | | | | | | | |
| | | | 1,105,859 | |
| | | | | | | | |
| | |
| Commercial Services — 3.3% | | | | | | | | |
Equifax, Inc. | | | 4,774 | | | | 820,555 | |
Moody’s Corp. | | | 3,125 | | | | 858,531 | |
Verisk Analytics, Inc. | | | 1,809 | | | | 307,892 | |
| | | | | | | | |
| | | | 1,986,978 | |
| | | | | | | | |
| | |
| Computers — 10.0% | | | | | | | | |
Accenture PLC, Class A | | | 12,044 | | | | 2,586,088 | |
Apple, Inc. | | | 7,065 | | | | 2,577,312 | |
Cognizant Technology Solutions Corp., Class A | | | 15,189 | | | | 863,039 | |
| | | | | | | | |
| | | | 6,026,439 | |
| | | | | | | | |
| | |
| Cosmetics & Personal Care — 3.7% | | | | | | | | |
Colgate-Palmolive Co. | | | 20,370 | | | | 1,492,306 | |
The Estee Lauder Cos., Inc., Class A | | | 3,876 | | | | 731,324 | |
| | | | | | | | |
| | | | 2,223,630 | |
| | | | | | | | |
| | |
| Diversified Financial Services — 6.9% | | | | | | | | |
Mastercard, Inc., Class A | | | 2,338 | | | | 691,347 | |
The Blackstone Group, Inc., Class A | | | 8,497 | | | | 481,440 | |
The Charles Schwab Corp. | | | 26,345 | | | | 888,880 | |
Visa, Inc., Class A | | | 10,931 | | | | 2,111,541 | |
| | | | | | | | |
| | | | 4,173,208 | |
| | | | | | | | |
| | |
| Electronics — 7.2% | | | | | | | | |
Agilent Technologies, Inc. | | | 11,311 | | | | 999,553 | |
Amphenol Corp., Class A | | | 12,735 | | | | 1,220,141 | |
Fortive Corp. | | | 14,335 | | | | 969,906 | |
Mettler-Toledo International, Inc.* | | | 465 | | | | 374,581 | |
TE Connectivity Ltd. | | | 9,177 | | | | 748,384 | |
| | | | | | | | |
| | | | 4,312,565 | |
| | | | | | | | |
| | |
| Healthcare Products — 8.7% | | | | | | | | |
Abbott Laboratories | | | 7,140 | | | | 652,810 | |
Boston Scientific Corp.* | | | 33,801 | | | | 1,186,753 | |
Danaher Corp. | | | 4,738 | | | | 837,821 | |
Stryker Corp. | | | 6,055 | | | | 1,091,050 | |
Thermo Fisher Scientific, Inc. | | | 4,062 | | | | 1,471,825 | |
| | | | | | | | |
| | | | 5,240,259 | |
| | | | | | | | |
| | |
| Household Products & Wares — 2.1% | | | | | | | | |
Church & Dwight Co., Inc. | | | 15,947 | | | | 1,232,703 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Insurance — 4.2% | | | | | | | | |
Aon PLC, Class A | | | 8,011 | | | $ | 1,542,918 | |
Marsh & McLennan Cos., Inc. | | | 9,089 | | | | 975,886 | |
| | | | | | | | |
| | | | 2,518,804 | |
| | | | | | | | |
| | |
| Internet — 9.3% | | | | | | | | |
Alibaba Group Holding Ltd. ADR* | | | 4,577 | | | | 987,259 | |
Alphabet, Inc., Class A* | | | 2,768 | | | | 3,925,162 | |
Tencent Holdings Ltd. | | | 10,300 | | | | 660,003 | |
| | | | | | | | |
| | | | 5,572,424 | |
| | | | | | | | |
| | |
| Machinery — Diversified — 2.1% | | | | | | | | |
Nordson Corp. | | | 2,880 | | | | 546,365 | |
Otis Worldwide Corp. | | | 12,593 | | | | 716,038 | |
| | | | | | | | |
| | | | 1,262,403 | |
| | | | | | | | |
| | |
| Media — 2.6% | | | | | | | | |
Comcast Corp., Class A | | | 39,534 | | | | 1,541,035 | |
| | | | | | | | |
| Pharmaceuticals — 5.3% | | | | | | | | |
Becton Dickinson and Co. | | | 5,042 | | | | 1,206,399 | |
Cigna Corp. | | | 3,933 | | | | 738,028 | |
PRA Health Sciences, Inc.* | | | 6,446 | | | | 627,131 | |
Roche Holding AG | | | 1,770 | | | | 613,216 | |
| | | | | | | | |
| | | | 3,184,774 | |
| | | | | | | | |
| | |
| Retail — 3.9% | | | | | | | | |
Dollarama, Inc. | | | 23,689 | | | | 788,004 | |
Ross Stores, Inc. | | | 5,442 | | | | 463,876 | |
Starbucks Corp. | | | 10,032 | | | | 738,255 | |
The TJX Cos., Inc. | | | 6,923 | | | | 350,027 | |
| | | | | | | | |
| | | | 2,340,162 | |
| | | | | | | | |
| | |
| Semiconductors — 3.5% | | | | | | | | |
Analog Devices, Inc. | | | 5,592 | | | | 685,803 | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 8,021 | | | | 455,352 | |
Texas Instruments, Inc. | | | 7,815 | | | | 992,271 | |
| | | | | | | | |
| | | | 2,133,426 | |
| | | | | | | | |
| | |
| Software — 15.2% | | | | | | | | |
Electronic Arts, Inc.* | | | 11,107 | | | | 1,466,679 | |
Fidelity National Information Services, Inc. | | | 9,487 | | | | 1,272,112 | |
Fiserv, Inc.* | | | 10,351 | | | | 1,010,465 | |
Microsoft Corp. | | | 26,580 | | | | 5,409,296 | |
| | | | | | | | |
| | | | 9,158,552 | |
| | | | | | | | |
| | |
| Transportation — 2.4% | | | | | | | | |
Canadian Pacific Railway Ltd. | | | 1,750 | | | | 446,845 | |
Union Pacific Corp. | | | 5,988 | | | | 1,012,391 | |
| | | | | | | | |
| | | | 1,459,236 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $42,443,988) | | | | | | | 60,275,268 | |
| | | | | | | | |
78
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 0.5% | |
| Money Market — 0.5% | | | | | | | | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%) (Cost $301,556) | | | 301,556 | | | $ | 301,556 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.6%
(Cost $42,745,544) | | | | 60,576,824 | |
| |
| Other Assets & Liabilities — (0.6)% | | | | (345,034 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 60,231,790 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
PLC — Public Limited Company.
S.E. — Societas Europaea.
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market
Value at
6/30/2020 | | | Level 1
Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Apparel | | $ | 3,393,845 | | | $ | 1,534,147 | | | $ | 1,859,698 | | | $ | — | |
Beverages | | | 1,408,966 | | | | 1,408,966 | | | | — | | | | — | |
Chemicals | | | 1,105,859 | | | | 1,105,859 | | | | — | | | | — | |
Commercial Services | | | 1,986,978 | | | | 1,986,978 | | | | — | | | | — | |
Computers | | | 6,026,439 | | | | 6,026,439 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 2,223,630 | | | | 2,223,630 | | | | — | | | | — | |
Diversified Financial Services | | | 4,173,208 | | | | 4,173,208 | | | | — | | | | — | |
Electronics | | | 4,312,565 | | | | 4,312,565 | | | | — | | | | — | |
Healthcare Products | | | 5,240,259 | | | | 5,240,259 | | | | — | | | | — | |
Household Products & Wares | | | 1,232,703 | | | | 1,232,703 | | | | — | | | | — | |
Insurance | | | 2,518,804 | | | | 2,518,804 | | | | — | | | | — | |
Internet | | | 5,572,424 | | | | 4,912,421 | | | | 660,003 | | | | — | |
Machinery - Diversified | | | 1,262,403 | | | | 1,262,403 | | | | — | | | | — | |
Media | | | 1,541,035 | | | | 1,541,035 | | | | — | | | | — | |
Pharmaceuticals | | | 3,184,774 | | | | 2,571,558 | | | | 613,216 | | | | — | |
Retail | | | 2,340,162 | | | | 2,340,162 | | | | — | | | | — | |
Semiconductors | | | 2,133,426 | | | | 2,133,426 | | | | — | | | | — | |
Software | | | 9,158,552 | | | | 9,158,552 | | | | — | | | | — | |
Transportation | | | 1,459,236 | | | | 1,459,236 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 60,275,268 | | | | 57,142,351 | | | | 3,132,917 | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 301,556 | | | | 301,556 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 60,576,824 | | | $ | 57,443,907 | | | $ | 3,132,917 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
79
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 99.2% | | | | | | | | |
| Aerospace & Defense — 2.3% | | | | | | | | |
HEICO Corp., Class A | | | 48,084 | | | $ | 3,906,344 | |
| | | | | | | | |
| | |
| Apparel — 1.3% | | | | | | | | |
NIKE, Inc., Class B | | | 21,722 | | | | 2,129,842 | |
| | | | | | | | |
| | |
| Biotechnology — 1.6% | | | | | | | | |
Royalty Pharma PLC, Class A* | | | 54,304 | | | | 2,636,459 | |
| | | | | | | | |
| | |
| Chemicals — 4.3% | | | | | | | | |
Ecolab, Inc. | | | 25,920 | | | | 5,156,784 | |
The Sherwin-Williams Co. | | | 3,668 | | | | 2,119,554 | |
| | | | | | | | |
| | | | 7,276,338 | |
| | | | | | | | |
| | |
| Commercial Services — 8.3% | | | | | | | | |
Adyen N.V.* | | | 2,413 | | | | 3,512,090 | |
S&P Global, Inc. | | | 4,497 | | | | 1,481,672 | |
Square, Inc., Class A* | | | 85,418 | | | | 8,963,765 | |
| | | | | | | | |
| | | | 13,957,527 | |
| | | | | | | | |
| | |
| Diversified Financial Services — 0.8% | | | | | | | | |
Intercontinental Exchange, Inc. | | | 14,506 | | | | 1,328,750 | |
| | | | | | | | |
| | |
| Electronics — 1.4% | | | | | | | | |
Roper Technologies, Inc. | | | 6,052 | | | | 2,349,750 | |
| | | | | | | | |
| | |
| Healthcare Products — 5.6% | | | | | | | | |
Danaher Corp. | | | 9,534 | | | | 1,685,897 | |
Intuitive Surgical, Inc.* | | | 13,411 | | | | 7,641,990 | |
| | | | | | | | |
| | | | 9,327,887 | |
| | | | | | | | |
| | |
| Internet — 37.6% | | | | | | | | |
Alphabet, Inc., Class C* | | | 1,583 | | | | 2,237,745 | |
Amazon.com, Inc.* | | | 4,283 | | | | 11,816,026 | |
Chewy, Inc., Class A* | | | 50,058 | | | | 2,237,092 | |
Facebook, Inc., Class A* | | | 33,474 | | | | 7,600,941 | |
Match Group, Inc., Class A* | | | 27,882 | | | | 2,984,768 | |
Okta, Inc.* | | | 31,066 | | | | 6,220,345 | |
Shopify, Inc., Class A* | | | 15,491 | | | | 14,704,057 | |
Spotify Technology S.A.* | | | 42,166 | | | | 10,886,840 | |
Twitter, Inc.* | | | 155,012 | | | | 4,617,807 | |
| | | | | | | | |
| | | | 63,305,621 | |
| | | | | | | | |
| | |
| Mining — 0.2% | | | | | | | | |
Royal Gold, Inc. | | | 2,677 | | | | 332,805 | |
| | | | | | | | |
| | |
| Oil & Gas — 0.3% | | | | | | | | |
Texas Pacific Land Trust | | | 747 | | | | 444,233 | |
| | | | | | | | |
| | |
| Packaging and Containers — 0.9% | | | | | | | | |
Ball Corp. | | | 21,871 | | | | 1,519,816 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 2.6% | | | | | | | | |
Zoetis, Inc. | | | 32,037 | | | | 4,390,350 | |
| | | | | | | | |
| | |
| Retail — 2.4% | | | | | | | | |
Costco Wholesale Corp. | | | 7,240 | | | | 2,195,241 | |
Starbucks Corp. | | | 25,309 | | | | 1,862,489 | |
| | | | | | | | |
| | | | 4,057,730 | |
| | | | | | | | |
| | |
| Software — 29.6% | | | | | | | | |
Activision Blizzard, Inc. | | | 30,749 | | | | 2,333,849 | |
Autodesk, Inc.* | | | 19,297 | | | | 4,615,649 | |
Coupa Software, Inc.* | | | 23,805 | | | | 6,594,937 | |
ServiceNow, Inc.* | | | 19,546 | | | | 7,917,303 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Software — (continued) | | | | | | | | |
Slack Technologies, Inc., Class A* | | | 146,106 | | | $ | 4,542,436 | |
Take-Two Interactive Software, Inc.* | | | 10,480 | | | | 1,462,694 | |
Twilio, Inc., Class A* | | | 28,742 | | | | 6,306,570 | |
Veeva Systems, Inc., Class A* | | | 36,527 | | | | 8,562,659 | |
Workday, Inc., Class A* | | | 23,507 | | | | 4,404,271 | |
Zoom Video Communications, Inc., Class A* | | | 12,105 | | | | 3,069,102 | |
| | | | | | | | |
| | | | 49,809,470 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $110,155,076) | | | | | | | 166,772,922 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.6% | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%)
(Cost $4,489,957) | | | 4,489,957 | | | | 4,489,957 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 101.8%
(Cost $114,645,033) | | | | 171,262,879 | |
| |
| Other Assets & Liabilities — (1.8)% | | | | (3,099,668 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 168,163,211 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
S.A. — Societe Anonyme.
| | | | |
| Country Weightings as of 06/30/2020 †† | | | |
United States | | | 83 | % |
Canada | | | 9 | |
Sweden | | | 6 | |
Netherlands | | | 2 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 166,772,922 | | | $ | 166,772,922 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 4,489,957 | | | | 4,489,957 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 171,262,879 | | | $ | 171,262,879 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of 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, 2020 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 94.1% | | | | | | | | |
| Aerospace & Defense — 4.7% | | | | | | | | |
Curtiss-Wright Corp. | | | 12,795 | | | $ | 1,142,338 | |
Hexcel Corp. | | | 30,254 | | | | 1,368,086 | |
Raytheon Technologies Corp. | | | 78,660 | | | | 4,847,029 | |
| | | | | | | | |
| | | | 7,357,453 | |
| | | | | | | | |
| | |
| Agriculture — 3.3% | | | | | | | | |
Philip Morris International, Inc. | | | 74,043 | | | | 5,187,452 | |
| | | | | | | | |
| | |
| Airlines — 0.4% | | | | | | | | |
Southwest Airlines Co. | | | 19,872 | | | | 679,225 | |
| | | | | | | | |
| | |
| Auto Parts & Equipment — 1.2% | | | | | | | | |
Altra Industrial Motion Corp. | | | 33,064 | | | | 1,053,419 | |
BorgWarner, Inc. | | | 20,464 | | | | 722,379 | |
| | | | | | | | |
| | | | 1,775,798 | |
| | | | | | | | |
| | |
| Banks — 8.4% | | | | | | | | |
Citigroup, Inc. | | | 48,846 | | | | 2,496,030 | |
JPMorgan Chase & Co. | | | 48,298 | | | | 4,542,910 | |
Northern Trust Corp. | | | 20,850 | | | | 1,654,239 | |
The Goldman Sachs Group, Inc. | | | 4,647 | | | | 918,340 | |
Wells Fargo & Co. | | | 137,443 | | | | 3,518,541 | |
| | | | | | | | |
| | | | 13,130,060 | �� |
| | | | | | | | |
| | |
| Biotechnology — 4.8% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 28,832 | | | | 3,236,104 | |
Amgen, Inc. | | | 18,121 | | | | 4,274,019 | |
| | | | | | | | |
| | | | 7,510,123 | |
| | | | | | | | |
| | |
| Commercial Services — 1.1% | | | | | | | | |
Robert Half International, Inc. | | | 33,126 | | | | 1,750,047 | |
| | | | | | | | |
| | |
| Computers — 5.2% | | | | | | | | |
Cognizant Technology Solutions Corp., Class A | | | 34,978 | | | | 1,987,450 | |
Leidos Holdings, Inc. | | | 30,590 | | | | 2,865,365 | |
Lumentum Holdings, Inc.* | | | 6,211 | | | | 505,762 | |
MAXIMUS, Inc. | | | 38,940 | | | | 2,743,323 | |
| | | | | | | | |
| | | | 8,101,900 | |
| | | | | | | | |
| | |
| Distribution & Wholesale — 1.6% | | | | | | | | |
LKQ Corp.* | | | 96,754 | | | | 2,534,955 | |
| | | | | | | | |
| | |
| Diversified Financial Services — 1.9% | | | | | | | | |
Capital One Financial Corp. | | | 15,649 | | | | 979,471 | |
LPL Financial Holdings, Inc. | | | 25,653 | | | | 2,011,195 | |
| | | | | | | | |
| | | | 2,990,666 | |
| | | | | | | | |
| |
| Electrical Components & Equipment — 2.2% | | | | | |
Emerson Electric Co. | | | 40,205 | | | | 2,493,916 | |
Littelfuse, Inc. | | | 4,971 | | | | 848,202 | |
| | | | | | | | |
| | | | 3,342,118 | |
| | | | | | | | |
| | |
| Electronics — 5.0% | | | | | | | | |
Dolby Laboratories, Inc., Class A | | | 31,646 | | | | 2,084,522 | |
Garmin Ltd. | | | 22,747 | | | | 2,217,832 | |
Gentex Corp. | | | 48,350 | | | | 1,245,980 | |
Hubbell, Inc. | | | 4,840 | | | | 606,742 | |
Keysight Technologies, Inc.* | | | 16,284 | | | | 1,641,102 | |
| | | | | | | | |
| | | | 7,796,178 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Engineering & Construction — 0.8% | | | | | | | | |
EMCOR Group, Inc. | | | 19,520 | | | $ | 1,291,053 | |
| | | | | | | | |
| | |
| Healthcare Services — 3.6% | | | | | | | | |
Anthem, Inc. | | | 11,732 | | | | 3,085,281 | |
Quest Diagnostics, Inc. | | | 21,940 | | | | 2,500,283 | |
| | | | | | | | |
| | | | 5,585,564 | |
| | | | | | | | |
| | |
| Home Builders — 2.0% | | | | | | | | |
D.R. Horton, Inc. | | | 55,045 | | | | 3,052,245 | |
| | | | | | | | |
| | |
| Insurance — 8.9% | | | | | | | | |
Aflac, Inc. | | | 21,022 | | | | 757,423 | |
Berkshire Hathaway, Inc., Class B* | | | 34,153 | | | | 6,096,652 | |
Fidelity National Financial, Inc. | | | 67,244 | | | | 2,061,701 | |
Reinsurance Group of America, Inc. | | | 19,752 | | | | 1,549,347 | |
The Allstate Corp. | | | 34,585 | | | | 3,354,399 | |
| | | | | | | | |
| | | | 13,819,522 | |
| | | | | | | | |
| | |
| Internet — 2.8% | | | | | | | | |
F5 Networks, Inc.* | | | 30,985 | | | | 4,321,788 | |
| | | | | | | | |
| | |
| Machinery — Diversified — 0.4% | | | | | | | | |
The Middleby Corp.* | | | 7,612 | | | | 600,891 | |
| | | | | | | | |
| | |
| Media — 3.9% | | | | | | | | |
Comcast Corp., Class A | | | 125,674 | | | | 4,898,773 | |
Discovery, Inc., Class A* | | | 55,521 | | | | 1,171,493 | |
| | | | | | | | |
| | | | 6,070,266 | |
| | | | | | | | |
| | |
| Mining — 0.6% | | | | | | | | |
BHP Group Ltd. ADR | | | 19,975 | | | | 993,357 | |
| | | | | | | | |
| | |
| Miscellaneous Manufacturing — 1.6% | | | | | | | | |
Crane Co. | | | 17,780 | | | | 1,057,199 | |
Valmont Industries, Inc. | | | 12,260 | | | | 1,392,981 | |
| | | | | | | | |
| | | | 2,450,180 | |
| | | | | | | | |
| | |
| Oil & Gas — 4.3% | | | | | | | | |
Chevron Corp. | | | 14,114 | | | | 1,259,392 | |
ConocoPhillips | | | 25,080 | | | | 1,053,862 | |
EOG Resources, Inc. | | | 23,383 | | | | 1,184,583 | |
Murphy USA, Inc.* | | | 18,106 | | | | 2,038,554 | |
Phillips 66 | | | 16,411 | | | | 1,179,951 | |
| | | | | | | | |
| | | | 6,716,342 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 9.7% | | | | | | | | |
Cigna Corp. | | | 16,391 | | | | 3,075,771 | |
Pfizer, Inc. | | | 199,939 | | | | 6,538,005 | |
Roche Holding AG ADR | | | 126,652 | | | | 5,494,164 | |
| | | | | | | | |
| | | | 15,107,940 | |
| | | | | | | | |
| | |
| Real Estate — 1.8% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 60,741 | | | | 2,746,708 | |
| | | | | | | | |
| | |
| Retail — 4.5% | | | | | | | | |
Target Corp. | | | 19,882 | | | | 2,384,448 | |
Walmart, Inc. | | | 38,490 | | | | 4,610,332 | |
| | | | | | | | |
| | | | 6,994,780 | |
| | | | | | | | |
81
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — 0.5% | | | | | | | | |
Lam Research Corp. | | | 2,334 | | | $ | 754,956 | |
| | | | | | | | |
| | |
| Software — 1.5% | | | | | | | | |
Akamai Technologies, Inc.* | | | 15,599 | | | | 1,670,497 | |
VMware, Inc., Class A* | | | 4,365 | | | | 675,964 | |
| | | | | | | | |
| | | | 2,346,461 | |
| | | | | | | | |
| | |
| Telecommunications — 6.4% | | | | | | | | |
Cisco Systems, Inc. | | | 60,602 | | | | 2,826,477 | |
Verizon Communications, Inc. | | | 130,117 | | | | 7,173,350 | |
| | | | | | | | |
| | | | 9,999,827 | |
| | | | | | | | |
| | |
| Transportation — 1.0% | | | | | | | | |
Kansas City Southern | | | 10,432 | | | | 1,557,393 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $148,691,449) | | | | 146,565,248 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 0.9% | |
| | |
| Apartments — 0.9% | | | | | | | | |
Mid-America Apartment Communities, Inc. (Cost $1,328,442) | | | 12,360 | | | | 1,417,321 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 4.2% | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%)
(Cost $6,522,519) | | | 6,522,519 | | | | 6,522,519 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.2%
(Cost $156,542,410) | | | | 154,505,088 | |
| |
| Other Assets & Liabilities — 0.8% | | | | 1,196,812 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 155,701,900 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
| | | | |
| Country Weightings as of 06/30/2020 †† | | | |
United States | | | 94 | % |
Switzerland | | | 5 | |
Australia | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| | | ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 146,565,248 | | | $ | 146,565,248 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 1,417,321 | | | | 1,417,321 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 6,522,519 | | | | 6,522,519 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 154,505,088 | | | $ | 154,505,088 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of 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, 2020 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 93.8% | |
| Aerospace & Defense — 1.6% | | | | | | | | |
Hexcel Corp. | | | 54,521 | | | $ | 2,465,440 | |
| | | | | | | | |
| | |
| Banks — 10.1% | | | | | | | | |
Bank of America Corp. | | | 181,368 | | | | 4,307,490 | |
JPMorgan Chase & Co. | | | 21,704 | | | | 2,041,478 | |
KeyCorp. | | | 105,924 | | | | 1,290,154 | |
The Goldman Sachs Group, Inc. | | | 12,424 | | | | 2,455,231 | |
The PNC Financial Services Group, Inc. | | | 30,111 | | | | 3,167,978 | |
Truist Financial Corp. | | | 67,061 | | | | 2,518,141 | |
| | | | | | | | |
| | | | 15,780,472 | |
| | | | | | | | |
| | |
| Beverages — 2.2% | | | | | | | | |
Constellation Brands, Inc., Class A | | | 6,997 | | | | 1,224,125 | |
PepsiCo, Inc. | | | 16,840 | | | | 2,227,259 | |
| | | | | | | | |
| | | | 3,451,384 | |
| | | | | | | | |
| | |
| Commercial Services — 1.3% | | | | | | | | |
Euronet Worldwide, Inc.* | | | 20,886 | | | | 2,001,297 | |
| | | | | | | | |
| | |
| Computers — 2.4% | | | | | | | | |
Cognizant Technology Solutions Corp., Class A | | | 47,741 | | | | 2,712,643 | |
HP, Inc. | | | 56,823 | | | | 990,425 | |
| | | | | | | | |
| | | | 3,703,068 | |
| | | | | | | | |
|
| Diversified Financial Services — 1.1% | |
Raymond James Financial, Inc. | | | 24,368 | | | | 1,677,249 | |
| | | | | | | | |
| | |
| Electric — 7.1% | | | | | | | | |
CMS Energy Corp. | | | 47,608 | | | | 2,781,259 | |
Edison International | | | 49,231 | | | | 2,673,736 | |
NextEra Energy, Inc. | | | 15,309 | | | | 3,676,762 | |
Sempra Energy | | | 16,986 | | | | 1,991,269 | |
| | | | | | | | |
| | | | 11,123,026 | |
| | | | | | | | |
| | |
| Food — 3.2% | | | | | | | | |
General Mills, Inc. | | | 27,454 | | | | 1,692,539 | |
Mondelez International, Inc., Class A | | | 64,924 | | | | 3,319,564 | |
| | | | | | | | |
| | | | 5,012,103 | |
| | | | | | | | |
| | |
| Hand & Machine Tools — 1.4% | | | | | | | | |
Stanley Black & Decker, Inc. | | | 15,504 | | | | 2,160,948 | |
| | | | | | | | |
| | |
| Healthcare Products — 8.3% | | | | | | | | |
Abbott Laboratories | | | 33,574 | | | | 3,069,671 | |
Baxter International, Inc. | | | 23,587 | | | | 2,030,841 | |
Boston Scientific Corp.* | | | 45,688 | | | | 1,604,106 | |
Medtronic PLC | | | 46,902 | | | | 4,300,913 | |
Thermo Fisher Scientific, Inc. | | | 5,218 | | | | 1,890,690 | |
| | | | | | | | |
| | | | 12,896,221 | |
| | | | | | | | |
| | |
| Home Builders — 0.9% | | | | | | | | |
D.R. Horton, Inc. | | | 24,323 | | | | 1,348,710 | |
| | | | | | | | |
| | |
| Insurance — 9.3% | | | | | | | | |
American International Group, Inc. | | | 70,948 | | | | 2,212,159 | |
Berkshire Hathaway, Inc., Class B* | | | 35,313 | | | | 6,303,724 | |
Reinsurance Group of America, Inc. | | | 17,969 | | | | 1,409,488 | |
The Allstate Corp. | | | 25,317 | | | | 2,455,496 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Insurance — (continued) | | | | | | | | |
The Travelers Cos., Inc. | | | 18,812 | | | $ | 2,145,508 | |
| | | | | | | | |
| | | | 14,526,375 | |
| | | | | | | | |
| | |
| Internet — 1.8% | | | | | | | | |
Alphabet, Inc., Class A* | | | 2,021 | | | | 2,865,879 | |
| | | | | | | | |
| | |
| Iron & Steel — 1.4% | | | | | | | | |
Steel Dynamics, Inc. | | | 81,620 | | | | 2,129,466 | |
| | | | | | | | |
| | |
| Machinery — Diversified — 1.4% | | | | | | | | |
Ingersoll Rand, Inc.* | | | 77,655 | | | | 2,183,659 | |
| | | | | | | | |
| | |
| Media — 3.6% | | | | | | | | |
Fox Corp., Class A | | | 55,717 | | | | 1,494,330 | |
The Walt Disney Co. | | | 36,956 | | | | 4,120,963 | |
| | | | | | | | |
| | | | 5,615,293 | |
| | | | | | | | |
| | |
| Mining — 1.3% | | | | | | | | |
Rio Tinto PLC ADR | | | 36,394 | | | | 2,044,615 | |
| | | | | | | | |
| | |
| Miscellaneous Manufacturing — 4.4% | | | | | | | | |
A.O. Smith Corp. | | | 44,740 | | | | 2,108,149 | |
Eaton Corp. PLC | | | 30,546 | | | | 2,672,164 | |
Parker-Hannifin Corp. | | | 11,763 | | | | 2,155,805 | |
| | | | | | | | |
| | | | 6,936,118 | |
| | | | | | | | |
| | |
| Oil & Gas — 5.7% | | | | | | | | |
Chevron Corp. | | | 30,207 | | | | 2,695,371 | |
ConocoPhillips | | | 53,199 | | | | 2,235,422 | |
EOG Resources, Inc. | | | 32,128 | | | | 1,627,604 | |
Phillips 66 | | | 32,918 | | | | 2,366,804 | |
| | | | | | | | |
| | | | 8,925,201 | |
| | | | | | | | |
| | |
| Packaging and Containers — 1.5% | | | | | | | | |
Packaging Corp. of America | | | 23,205 | | | | 2,315,859 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 6.5% | | | | | | | | |
GlaxoSmithKline PLC ADR | | | 43,093 | | | | 1,757,763 | |
Johnson & Johnson | | | 41,233 | | | | 5,798,597 | |
Sanofi ADR | | | 49,630 | | | | 2,533,612 | |
| | | | | | | | |
| | | | 10,089,972 | |
| | | | | | | | |
| | |
| Retail — 6.9% | | | | | | | | |
Best Buy Co., Inc. | | | 19,739 | | | | 1,722,623 | |
Lowe’s Cos., Inc. | | | 13,261 | | | | 1,791,826 | |
Starbucks Corp. | | | 10,393 | | | | 764,821 | |
The TJX Cos., Inc. | | | 16,441 | | | | 831,257 | |
Tractor Supply Co. | | | 14,820 | | | | 1,953,128 | |
Walmart, Inc. | | | 31,403 | | | | 3,761,451 | |
| | | | | | | | |
| | | | 10,825,106 | |
| | | | | | | | |
| | |
| Semiconductors — 1.5% | | | | | | | | |
Intel Corp. | | | 13,633 | | | | 815,662 | |
QUALCOMM, Inc. | | | 16,045 | | | | 1,463,465 | |
| | | | | | | | |
| | | | 2,279,127 | |
| | | | | | | | |
| | |
| Shipbuilding — 1.2% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 10,527 | | | | 1,836,856 | |
| | | | | | | | |
83
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Software — 2.1% | | | | | | | | |
Fidelity National Information Services, Inc. | | | 24,247 | | | $ | 3,251,280 | |
| | | | | | | | |
| | |
| Telecommunications — 5.6% | | | | | | | | |
Cisco Systems, Inc. | | | 77,024 | | | | 3,592,400 | |
Verizon Communications, Inc. | | | 92,532 | | | | 5,101,289 | |
| | | | | | | | |
| | | | 8,693,689 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $145,494,830) | | | | | | | 146,138,413 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 5.1% | |
| | |
| Apartments — 1.6% | | | | | | | | |
Mid-America Apartment Communities, Inc. | | | 21,129 | | | | 2,422,863 | |
| | | | | | | | |
| | |
| Industrial — 0.8% | | | | | | | | |
EastGroup Properties, Inc. | | | 10,861 | | | | 1,288,223 | |
| | | | | | | | |
| | |
| Office Property — 0.9% | | | | | | | | |
Cousins Properties, Inc. | | | 48,163 | | | | 1,436,702 | |
| | | | | | | | |
| | |
| Storage & Warehousing — 1.8% | | | | | | | | |
CubeSmart | | | 102,188 | | | | 2,758,054 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $8,458,637) | | | | 7,905,842 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.5% | |
BlackRock Liquidity FedFund -Institutional Shares
(seven-day effective yield 0.100%)
(Cost $813,928) | | | 813,928 | | | | 813,928 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.4%
(Cost $154,767,395) | | | | | | | 154,858,183 | |
| | |
| Other Assets & Liabilities — 0.6% | | | | | | | 902,299 | |
| | | | | | | | |
| | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 155,760,482 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2020 †† | | | |
United States | | | 93 | % |
Ireland | | | 3 | |
France | | | 2 | |
United Kingdom | | | 2 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 146,138,413 | | | $ | 146,138,413 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 7,905,842 | | | | 7,905,842 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 813,928 | | | | 813,928 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 154,858,183 | | | $ | 154,858,183 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
84
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.1% | | | | | | | | |
| Advertising — 0.1% | | | | | | | | |
Omnicom Group, Inc. | | | 4,012 | | | $ | 219,055 | |
The Interpublic Group of Cos., Inc. | | | 6,992 | | | | 119,983 | |
| | | | | | | | |
| | | | 339,038 | |
| | | | | | | | |
| | |
| Aerospace & Defense — 1.7% | | | | | | | | |
General Dynamics Corp. | | | 4,431 | | | | 662,257 | |
Howmet Aerospace, Inc. | | | 6,683 | | | | 105,926 | |
L3Harris Technologies, Inc. | | | 4,286 | | | | 727,206 | |
Lockheed Martin Corp. | | | 4,763 | | | | 1,738,114 | |
Northrop Grumman Corp. | | | 2,950 | | | | 906,948 | |
Raytheon Technologies Corp. | | | 28,168 | | | | 1,735,712 | |
Teledyne Technologies, Inc.* | | | 700 | | | | 217,665 | |
The Boeing Co. | | | 10,254 | | | | 1,879,558 | |
TransDigm Group, Inc. | | | 949 | | | | 419,505 | |
| | | | | | | | |
| | | | 8,392,891 | |
| | | | | | | | |
| | |
| Agriculture — 0.8% | | | | | | | | |
Altria Group, Inc. | | | 35,893 | | | | 1,408,800 | |
Archer-Daniels-Midland Co. | | | 10,626 | | | | 423,977 | |
Philip Morris International, Inc. | | | 29,827 | | | | 2,089,680 | |
| | | | | | | | |
| | | | 3,922,457 | |
| | | | | | | | |
| | |
| Airlines — 0.2% | | | | | | | | |
Alaska Air Group, Inc. | | | 2,219 | | | | 80,461 | |
American Airlines Group, Inc. | | | 7,392 | | | | 96,613 | |
Delta Air Lines, Inc. | | | 10,954 | | | | 307,260 | |
Southwest Airlines Co. | | | 10,321 | | | | 352,772 | |
United Airlines Holdings, Inc.* | | | 4,408 | | | | 152,561 | |
| | | | | | | | |
| | | | 989,667 | |
| | | | | | | | |
| | |
| Apparel — 0.6% | | | | | | | | |
Hanesbrands, Inc. | | | 6,506 | | | | 73,453 | |
NIKE, Inc., Class B | | | 23,879 | | | | 2,341,336 | |
PVH Corp. | | | 1,321 | | | | 63,474 | |
Ralph Lauren Corp. | | | 856 | | | | 62,077 | |
Tapestry, Inc. | | | 5,367 | | | | 71,274 | |
Under Armour, Inc., Class A* | | | 3,386 | | | | 32,979 | |
Under Armour, Inc., Class C* | | | 3,927 | | | | 34,715 | |
VF Corp. | | | 6,248 | | | | 380,753 | |
| | | | | | | | |
| | | | 3,060,061 | |
| | | | | | | | |
| | |
| Auto Manufacturers — 0.4% | | | | | | | | |
Cummins, Inc. | | | 2,927 | | | | 507,132 | |
Ford Motor Co. | | | 74,325 | | | | 451,896 | |
General Motors Co. | | | 23,789 | | | | 601,861 | |
PACCAR, Inc. | | | 6,595 | | | | 493,636 | |
| | | | | | | | |
| | | | 2,054,525 | |
| | | | | | | | |
| | |
| Auto Parts & Equipment — 0.1% | | | | | | | | |
Aptiv PLC | | | 5,001 | | | | 389,678 | |
BorgWarner, Inc. | | | 3,814 | | | | 134,634 | |
| | | | | | | | |
| | | | 524,312 | |
| | | | | | | | |
| | |
| Banks — 4.3% | | | | | | | | |
Bank of America Corp. | | | 150,715 | | | | 3,579,481 | |
Citigroup, Inc. | | | 40,282 | | | | 2,058,410 | |
Citizens Financial Group, Inc. | | | 7,856 | | | | 198,285 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Comerica, Inc. | | | 2,778 | | | $ | 105,842 | |
Fifth Third Bancorp | | | 12,817 | | | | 247,112 | |
First Republic Bank | | | 3,248 | | | | 344,256 | |
Huntington Bancshares, Inc. | | | 18,896 | | | | 170,725 | |
JPMorgan Chase & Co. | | | 58,286 | | | | 5,482,381 | |
KeyCorp. | | | 17,689 | | | | 215,452 | |
M&T Bank Corp. | | | 2,446 | | | | 254,311 | |
Morgan Stanley | | | 23,561 | | | | 1,137,996 | |
Northern Trust Corp. | | | 3,915 | | | | 310,616 | |
Regions Financial Corp. | | | 19,210 | | | | 213,615 | |
State Street Corp. | | | 7,095 | | | | 450,887 | |
SVB Financial Group* | | | 1,029 | | | | 221,780 | |
The Bank of New York Mellon Corp. | | | 15,897 | | | | 614,419 | |
The Goldman Sachs Group, Inc. | | | 5,882 | | | | 1,162,401 | |
The PNC Financial Services Group, Inc. | | | 8,250 | | | | 867,983 | |
Truist Financial Corp. | | | 25,219 | | | | 946,974 | |
US Bancorp | | | 26,734 | | | | 984,346 | |
Wells Fargo & Co. | | | 72,220 | | | | 1,848,832 | |
Zions Bancorp NA | | | 2,900 | | | | 98,600 | |
| | | | | | | | |
| | | | 21,514,704 | |
| | | | | | | | |
| | |
| Beverages — 1.7% | | | | | | | | |
Brown-Forman Corp., Class B | | | 3,552 | | | | 226,120 | |
Constellation Brands, Inc., Class A | | | 3,187 | | | | 557,566 | |
Molson Coors Beverage Co., Class B | | | 3,554 | | | | 122,116 | |
Monster Beverage Corp.* | | | 7,254 | | | | 502,847 | |
PepsiCo, Inc. | | | 26,686 | | | | 3,529,490 | |
The Coca-Cola Co. | | | 73,800 | | | | 3,297,384 | |
| | | | | | | | |
| | | | 8,235,523 | |
| | | | | | | | |
| | |
| Biotechnology — 2.1% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 4,311 | | | | 483,867 | |
Amgen, Inc. | | | 11,384 | | | | 2,685,030 | |
Bio-Rad Laboratories, Inc., Class A* | | | 400 | | | | 180,596 | |
Biogen, Inc.* | | | 3,102 | | | | 829,940 | |
Corteva, Inc. | | | 13,825 | | | | 370,372 | |
Gilead Sciences, Inc. | | | 24,276 | | | | 1,867,795 | |
Illumina, Inc.* | | | 2,833 | | | | 1,049,201 | |
Incyte Corp.* | | | 3,306 | | | | 343,725 | |
Regeneron Pharmaceuticals, Inc.* | | | 1,941 | | | | 1,210,505 | |
Vertex Pharmaceuticals, Inc.* | | | 4,944 | | | | 1,435,293 | |
| | | | | | | | |
| | | | 10,456,324 | |
| | | | | | | | |
| | |
| Building Materials — 0.4% | | | | | | | | |
Carrier Global Corp. | | | 15,211 | | | | 337,988 | |
Fortune Brands Home & Security, Inc. | | | 2,502 | | | | 159,953 | |
Johnson Controls International PLC | | | 14,643 | | | | 499,912 | |
Martin Marietta Materials, Inc. | | | 1,135 | | | | 234,457 | |
Masco Corp. | | | 5,629 | | | | 282,632 | |
Vulcan Materials Co. | | | 2,554 | | | | 295,881 | |
| | | | | | | | |
| | | | 1,810,823 | |
| | | | | | | | |
| | |
| Chemicals — 1.7% | | | | | | | | |
Air Products and Chemicals, Inc. | | | 4,152 | | | | 1,002,542 | |
Albemarle Corp. | | | 1,944 | | | | 150,096 | |
Celanese Corp. | | | 2,368 | | | | 204,453 | |
85
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Chemicals — (continued) | | | | | | | | |
CF Industries Holdings, Inc. | | | 3,956 | | | $ | 111,322 | |
Dow, Inc. | | | 14,426 | | | | 588,004 | |
DuPont de Nemours, Inc. | | | 14,025 | | | | 745,148 | |
Eastman Chemical Co. | | | 2,620 | | | | 182,457 | |
Ecolab, Inc. | | | 4,768 | | | | 948,594 | |
FMC Corp. | | | 2,573 | | | | 256,322 | |
International Flavors & Fragrances, Inc. | | | 2,063 | | | | 252,635 | |
Linde PLC | | | 10,028 | | | | 2,127,039 | |
LyondellBasell Industries N.V., Class A | | | 4,721 | | | | 310,264 | |
PPG Industries, Inc. | | | 4,607 | | | | 488,618 | |
The Mosaic Co. | | | 6,834 | | | | 85,493 | |
The Sherwin-Williams Co. | | | 1,549 | | | | 895,090 | |
| | | | | | | | |
| | | | 8,348,077 | |
| | | | | | | | |
| | |
| Commercial Services — 2.4% | | | | | | | | |
Automatic Data Processing, Inc. | | | 8,324 | | | | 1,239,360 | |
Cintas Corp. | | | 1,636 | | | | 435,765 | |
Equifax, Inc. | | | 2,318 | | | | 398,418 | |
FleetCor Technologies, Inc.* | | | 1,654 | | | | 416,031 | |
Gartner, Inc.* | | | 1,667 | | | | 202,257 | |
Global Payments, Inc. | | | 5,654 | | | | 959,031 | |
H&R Block, Inc. | | | 3,482 | | | | 49,723 | |
IHS Markit Ltd. | | | 7,626 | | | | 575,763 | |
MarketAxess Holdings, Inc. | | | 700 | | | | 350,644 | |
Moody’s Corp. | | | 3,068 | | | | 842,872 | |
Nielsen Holdings PLC | | | 6,921 | | | | 102,846 | |
PayPal Holdings, Inc.* | | | 22,470 | | | | 3,914,948 | |
Quanta Services, Inc. | | | 2,677 | | | | 105,019 | |
Robert Half International, Inc. | | | 2,079 | | | | 109,833 | |
Rollins, Inc. | | | 2,403 | | | | 101,863 | |
S&P Global, Inc. | | | 4,695 | | | | 1,546,909 | |
United Rentals, Inc.* | | | 1,356 | | | | 202,098 | |
Verisk Analytics, Inc. | | | 3,114 | | | | 530,003 | |
| | | | | | | | |
| | | | 12,083,383 | |
| | | | | | | | |
| | |
| Computers — 7.2% | | | | | | | | |
Accenture PLC, Class A | | | 12,168 | | | | 2,612,713 | |
Apple, Inc. | | | 78,045 | | | | 28,470,816 | |
Cognizant Technology Solutions Corp., Class A | | | 10,372 | | | | 589,337 | |
DXC Technology Co. | | | 4,316 | | | | 71,214 | |
Fortinet, Inc.* | | | 2,700 | | | | 370,629 | |
Hewlett Packard Enterprise Co. | | | 23,895 | | | | 232,498 | |
HP, Inc. | | | 28,858 | | | | 502,995 | |
International Business Machines Corp. | | | 16,982 | | | | 2,050,916 | |
Leidos Holdings, Inc. | | | 2,400 | | | | 224,808 | |
NetApp, Inc. | | | 4,268 | | | | 189,371 | |
Seagate Technology PLC | | | 4,306 | | | | 208,454 | |
Western Digital Corp. | | | 5,482 | | | | 242,030 | |
| | | | | | | | |
| | | | 35,765,781 | |
| | | | | | | | |
| | |
| Cosmetics & Personal Care — 1.6% | | | | | | | | |
Colgate-Palmolive Co. | | | 16,490 | | | | 1,208,058 | |
Coty, Inc., Class A | | | 5,413 | | | | 24,196 | |
The Estee Lauder Cos., Inc., Class A | | | 4,199 | | | | 792,267 | |
The Procter & Gamble Co. | | | 47,676 | | | | 5,700,619 | |
| | | | | | | | |
| | | | 7,725,140 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Distribution & Wholesale — 0.2% | | | | | | | | |
Copart, Inc.* | | | 4,000 | | | $ | 333,080 | |
Fastenal Co. | | | 10,581 | | | | 453,290 | |
LKQ Corp.* | | | 5,796 | | | | 151,855 | |
W.W. Grainger, Inc. | | | 848 | | | | 266,408 | |
| | | | | | | | |
| | | | 1,204,633 | |
| | | | | | | | |
|
| Diversified Financial Services — 4.0% | |
American Express Co. | | | 12,899 | | | | 1,227,985 | |
Ameriprise Financial, Inc. | | | 2,483 | | | | 372,549 | |
BlackRock, Inc. | | | 2,927 | | | | 1,592,551 | |
Capital One Financial Corp. | | | 8,850 | | | | 553,922 | |
Cboe Global Markets, Inc. | | | 2,172 | | | | 202,604 | |
CME Group, Inc. | | | 6,895 | | | | 1,120,713 | |
Discover Financial Services | | | 6,066 | | | | 303,846 | |
Franklin Resources, Inc. | | | 5,190 | | | | 108,834 | |
Intercontinental Exchange, Inc. | | | 10,486 | | | | 960,518 | |
Invesco Ltd. | | | 7,349 | | | | 79,075 | |
Mastercard, Inc., Class A | | | 16,974 | | | | 5,019,212 | |
Nasdaq, Inc. | | | 2,231 | | | | 266,538 | |
Raymond James Financial, Inc. | | | 2,349 | | | | 161,682 | |
Synchrony Financial | | | 11,170 | | | | 247,527 | |
T. Rowe Price Group, Inc. | | | 4,436 | | | | 547,846 | |
The Charles Schwab Corp. | | | 21,570 | | | | 727,772 | |
The Western Union Co. | | | 7,491 | | | | 161,955 | |
Visa, Inc., Class A | | | 32,279 | | | | 6,235,335 | |
| | | | | | | | |
| | | | 19,890,464 | |
| | | | | | | | |
| | |
| Electric — 2.8% | | | | | | | | |
Alliant Energy Corp. | | | 4,403 | | | | 210,640 | |
Ameren Corp. | | | 4,699 | | | | 330,622 | |
American Electric Power Co., Inc. | | | 9,309 | | | | 741,369 | |
CenterPoint Energy, Inc. | | | 9,144 | | | | 170,719 | |
CMS Energy Corp. | | | 5,163 | | | | 301,622 | |
Consolidated Edison, Inc. | | | 6,295 | | | | 452,799 | |
Dominion Energy, Inc. | | | 15,824 | | | | 1,284,592 | |
DTE Energy Co. | | | 3,670 | | | | 394,525 | |
Duke Energy Corp. | | | 14,025 | | | | 1,120,457 | |
Edison International | | | 6,846 | | | | 371,806 | |
Entergy Corp. | | | 3,804 | | | | 356,853 | |
Evergy, Inc. | | | 4,387 | | | | 260,105 | |
Eversource Energy | | | 6,133 | | | | 510,695 | |
Exelon Corp. | | | 18,361 | | | | 666,321 | |
FirstEnergy Corp. | | | 10,280 | | | | 398,658 | |
NextEra Energy, Inc. | | | 9,367 | | | | 2,249,672 | |
NRG Energy, Inc. | | | 4,833 | | | | 157,363 | |
Pinnacle West Capital Corp. | | | 2,115 | | | | 155,008 | |
PPL Corp. | | | 14,626 | | | | 377,936 | |
Public Service Enterprise Group, Inc. | | | 9,622 | | | | 473,018 | |
Sempra Energy | | | 5,336 | | | | 625,539 | |
The AES Corp. | | | 11,680 | | | | 169,243 | |
The Southern Co. | | | 20,187 | | | | 1,046,696 | |
WEC Energy Group, Inc. | | | 5,967 | | | | 523,008 | |
Xcel Energy, Inc. | | | 9,906 | | | | 619,125 | |
| | | | | | | | |
| | | | 13,968,391 | |
| | | | | | | | |
86
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Electrical Components & Equipment — 0.2% | |
AMETEK, Inc. | | | 4,385 | | | $ | 391,888 | |
Emerson Electric Co. | | | 11,781 | | | | 730,775 | |
| | | | | | | | |
| | | | 1,122,663 | |
| | | | | | | | |
| Electronics — 1.3% | | | | | | | | |
Agilent Technologies, Inc. | | | 6,018 | | | | 531,811 | |
Allegion PLC | | | 1,732 | | | | 177,045 | |
Amphenol Corp., Class A | | | 5,635 | | | | 539,889 | |
FLIR Systems, Inc. | | | 2,637 | | | | 106,983 | |
Fortive Corp. | | | 5,791 | | | | 391,819 | |
Garmin Ltd. | | | 2,709 | | | | 264,128 | |
Honeywell International, Inc. | | | 13,380 | | | | 1,934,614 | |
Keysight Technologies, Inc.* | | | 3,600 | | | | 362,808 | |
Mettler-Toledo International, Inc.* | | | 450 | | | | 362,498 | |
PerkinElmer, Inc. | | | 2,050 | | | | 201,085 | |
Roper Technologies, Inc. | | | 1,967 | | | | 763,707 | |
TE Connectivity Ltd. | | | 6,358 | | | | 518,495 | |
Waters Corp.* | | | 1,246 | | | | 224,778 | |
| | | | | | | | |
| | | | 6,379,660 | |
| | | | | | | | |
| Engineering & Construction — 0.0% | |
Jacobs Engineering Group, Inc. | | | 2,625 | | | | 222,600 | |
| | | | | | | | |
| | |
| Entertainment — 0.0% | | | | | | | | |
Live Nation Entertainment, Inc.* | | | 2,600 | | | | 115,258 | |
| | | | | | | | |
| | |
| Environmental Control — 0.2% | | | | | | | | |
Pentair PLC | | | 3,465 | | | | 131,635 | |
Republic Services, Inc. | | | 3,852 | | | | 316,057 | |
Waste Management, Inc. | | | 7,359 | | | | 779,392 | |
| | | | | | | | |
| | | | 1,227,084 | |
| | | | | | | | |
| Food — 1.2% | | | | | | | | |
Campbell Soup Co. | | | 2,950 | | | | 146,409 | |
Conagra Brands, Inc. | | | 8,836 | | | | 310,762 | |
General Mills, Inc. | | | 11,429 | | | | 704,598 | |
Hormel Foods Corp. | | | 5,195 | | | | 250,763 | |
Kellogg Co. | | | 4,901 | | | | 323,760 | |
Lamb Weston Holdings, Inc. | | | 2,600 | | | | 166,218 | |
McCormick & Co., Inc. | | | 2,276 | | | | 408,337 | |
Mondelez International, Inc., Class A | | | 27,668 | | | | 1,414,665 | |
Sysco Corp. | | | 9,694 | | | | 529,874 | |
The Hershey Co. | | | 2,826 | | | | 366,306 | |
The J.M. Smucker Co. | | | 2,060 | | | | 217,969 | |
The Kraft Heinz Co. | | | 11,949 | | | | 381,054 | |
The Kroger Co. | | | 15,317 | | | | 518,480 | |
Tyson Foods, Inc., Class A | | | 5,788 | | | | 345,601 | |
| | | | | | | | |
| | | | 6,084,796 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | | | | | | | | |
International Paper Co. | | | 7,761 | | | | 273,265 | |
| | | | | | | | |
| | |
| Gas — 0.1% | | | | | | | | |
Atmos Energy Corp. | | | 2,319 | | | | 230,926 | |
NiSource, Inc. | | | 6,920 | | | | 157,361 | |
| | | | | | | | |
| | | | 388,287 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-on, Inc. | | | 994 | | | $ | 137,679 | |
Stanley Black & Decker, Inc. | | | 2,973 | | | | 414,377 | |
| | | | | | | | |
| | | | 552,056 | |
| | | | | | | | |
| Healthcare Products — 3.9% | | | | | | | | |
Abbott Laboratories | | | 33,838 | | | | 3,093,808 | |
ABIOMED, Inc.* | | | 833 | | | | 201,219 | |
Align Technology, Inc.* | | | 1,406 | | | | 385,863 | |
Baxter International, Inc. | | | 9,626 | | | | 828,799 | |
Boston Scientific Corp.* | | | 26,255 | | | | 921,813 | |
Danaher Corp. | | | 12,065 | | | | 2,133,454 | |
DENTSPLY SIRONA, Inc. | | | 4,008 | | | | 176,592 | |
Edwards Lifesciences Corp.* | | | 11,805 | | | | 815,843 | |
Henry Schein, Inc.* | | | 2,784 | | | | 162,558 | |
Hologic, Inc.* | | | 5,002 | | | | 285,114 | |
IDEXX Laboratories, Inc.* | | | 1,669 | | | | 551,037 | |
Intuitive Surgical, Inc.* | | | 2,223 | | | | 1,266,732 | |
Medtronic PLC | | | 25,684 | | | | 2,355,223 | |
ResMed, Inc. | | | 2,738 | | | | 525,696 | |
STERIS PLC | | | 1,700 | | | | 260,848 | |
Stryker Corp. | | | 6,196 | | | | 1,116,457 | |
Teleflex, Inc. | | | 900 | | | | 327,582 | |
The Cooper Cos., Inc. | | | 956 | | | | 271,160 | |
Thermo Fisher Scientific, Inc. | | | 7,540 | | | | 2,732,044 | |
Varian Medical Systems, Inc.* | | | 1,777 | | | | 217,718 | |
West Pharmaceutical Services, Inc. | | | 1,400 | | | | 318,038 | |
Zimmer Biomet Holdings, Inc. | | | 4,002 | | | | 477,679 | |
| | | | | | | | |
| | | | 19,425,277 | |
| | | | | | | | |
| | |
| Healthcare Services — 2.0% | | | | | | | | |
Anthem, Inc. | | | 4,876 | | | | 1,282,291 | |
Centene Corp.* | | | 11,020 | | | | 700,321 | |
DaVita, Inc.* | | | 1,536 | | | | 121,559 | |
HCA Healthcare, Inc. | | | 5,015 | | | | 486,756 | |
Humana, Inc. | | | 2,497 | | | | 968,212 | |
IQVIA Holdings, Inc.* | | | 3,447 | | | | 489,060 | |
Laboratory Corp. of America Holdings* | | | 1,877 | | | | 311,788 | |
Quest Diagnostics, Inc. | | | 2,441 | | | | 278,176 | |
UnitedHealth Group, Inc. | | | 18,115 | | | | 5,343,019 | |
Universal Health Services, Inc.,
Class B | | | 1,475 | | | | 137,013 | |
| | | | | | | | |
| | | | 10,118,195 | |
| | | | | | | | |
| | |
| Home Builders — 0.2% | | | | | | | | |
D.R. Horton, Inc. | | | 6,574 | | | | 364,528 | |
Lennar Corp., Class A | | | 5,495 | | | | 338,602 | |
NVR, Inc.* | | | 70 | | | | 228,113 | |
PulteGroup, Inc. | | | 4,642 | | | | 157,967 | |
| | | | | | | | |
| | | | 1,089,210 | |
| | | | | | | | |
| | |
| Home Furnishings — 0.0% | | | | | | | | |
Leggett & Platt, Inc. | | | 2,436 | | | | 85,625 | |
Whirlpool Corp. | | | 1,130 | | | | 146,369 | |
| | | | | | | | |
| | | | 231,994 | |
| | | | | | | | |
|
| Household Products & Wares — 0.4% | |
Avery Dennison Corp. | | | 1,642 | | | | 187,336 | |
Church & Dwight Co., Inc. | | | 4,518 | | | | 349,241 | |
87
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Household Products & Wares — (continued) | |
Kimberly-Clark Corp. | | | 6,456 | | | $ | 912,556 | |
Newell Brands, Inc. | | | 6,989 | | | | 110,985 | |
The Clorox Co. | | | 2,442 | | | | 535,702 | |
| | | | | | | | |
| | | | 2,095,820 | |
| | | | | | | | |
| | |
| Insurance — 3.2% | | | | | | | | |
Aflac, Inc. | | | 13,931 | | | | 501,934 | |
American International Group, Inc. | | | 16,896 | | | | 526,817 | |
Aon PLC, Class A | | | 4,414 | | | | 850,137 | |
Arthur J. Gallagher & Co. | | | 3,572 | | | | 348,234 | |
Assurant, Inc. | | | 1,127 | | | | 116,408 | |
Berkshire Hathaway, Inc., Class B* | | | 37,383 | | | | 6,673,239 | |
Chubb Ltd. | | | 8,724 | | | | 1,104,633 | |
Cincinnati Financial Corp. | | | 2,844 | | | | 182,101 | |
Everest Re Group Ltd. | | | 725 | | | | 149,495 | |
Globe Life, Inc. | | | 1,873 | | | | 139,033 | |
Lincoln National Corp. | | | 4,018 | | | | 147,822 | |
Loews Corp. | | | 4,441 | | | | 152,282 | |
Marsh & McLennan Cos., Inc. | | | 9,497 | | | | 1,019,693 | |
MetLife, Inc. | | | 14,841 | | | | 541,993 | |
Principal Financial Group, Inc. | | | 4,871 | | | | 202,341 | |
Prudential Financial, Inc. | | | 7,672 | | | | 467,225 | |
The Allstate Corp. | | | 6,132 | | | | 594,743 | |
The Hartford Financial Services Group, Inc. | | | 6,628 | | | | 255,509 | |
The Progressive Corp. | | | 11,011 | | | | 882,091 | |
The Travelers Cos., Inc. | | | 4,892 | | | | 557,933 | |
Unum Group | | | 4,002 | | | | 66,393 | |
W. R. Berkley Corp. | | | 2,600 | | | | 148,954 | |
Willis Towers Watson PLC | | | 2,505 | | | | 493,360 | |
| | | | | | | | |
| | | | 16,122,370 | |
| | | | | | | | |
| | |
| Internet — 11.4% | | | | | | | | |
Alphabet, Inc., Class A* | | | 5,767 | | | | 8,177,894 | |
Alphabet, Inc., Class C* | | | 5,625 | | | | 7,951,556 | |
Amazon.com, Inc.* | | | 8,025 | | | | 22,139,531 | |
Booking Holdings, Inc.* | | | 805 | | | | 1,281,834 | |
CDW Corp. | | | 2,800 | | | | 325,304 | |
E*TRADE Financial Corp. | | | 4,446 | | | | 221,100 | |
eBay, Inc. | | | 12,616 | | | | 661,709 | |
Expedia Group, Inc. | | | 2,498 | | | | 205,336 | |
F5 Networks, Inc.* | | | 1,163 | | | | 162,215 | |
Facebook, Inc., Class A* | | | 46,035 | | | | 10,453,167 | |
Netflix, Inc.* | | | 8,406 | | | | 3,825,066 | |
Nortonlifelock, Inc. | | | 10,216 | | | | 202,583 | |
Twitter, Inc.* | | | 14,766 | | | | 439,879 | |
VeriSign, Inc.* | | | 1,897 | | | | 392,357 | |
| | | | | | | | |
| | | | 56,439,531 | |
| | | | | | | | |
| | |
| Iron & Steel — 0.0% | | | | | | | | |
Nucor Corp. | | | 5,697 | | | | 235,913 | |
| | | | | | | | |
| | |
| Leisure Time — 0.1% | | | | | | | | |
Carnival Corp. | | | 8,221 | | | | 134,989 | |
Norwegian Cruise Line Holdings Ltd.* | | | 5,241 | | | | 86,110 | |
Royal Caribbean Cruises Ltd. | | | 3,128 | | | | 157,338 | |
| | | | | | | | |
| | | | 378,437 | |
| | | | | | | | |
| | |
| Lodging — 0.3% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 5,510 | | | | 404,709 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Lodging — (continued) | | | | | | | | |
Las Vegas Sands Corp. | | | 6,600 | | | $ | 300,564 | |
Marriott International, Inc., Class A | | | 5,149 | | | | 441,424 | |
MGM Resorts International | | | 9,411 | | | | 158,105 | |
Wynn Resorts Ltd. | | | 1,824 | | | | 135,870 | |
| | | | | | | | |
| | | | 1,440,672 | |
| | | | | | | | |
| | |
| Machinery — Diversified — 0.9% | | | | | | | | |
Caterpillar, Inc. | | | 10,626 | | | | 1,344,189 | |
Deere & Co. | | | 5,933 | | | | 932,371 | |
Dover Corp. | | | 2,703 | | | | 261,002 | |
Flowserve Corp. | | | 2,355 | | | | 67,165 | |
IDEX Corp. | | | 1,400 | | | | 221,256 | |
Ingersoll Rand, Inc.* | | | 6,249 | | | | 175,722 | |
Otis Worldwide Corp. | | | 7,605 | | | | 432,420 | |
Rockwell Automation, Inc. | | | 2,251 | | | | 479,463 | |
Westinghouse Air Brake Technologies Corp. | | | 3,394 | | | | 195,392 | |
Xylem, Inc. | | | 3,356 | | | | 218,006 | |
| | | | | | | | |
| | | | 4,326,986 | |
| | | | | | | | |
| | |
| Media — 2.0% | | | | | | | | |
Charter Communications, Inc., Class A* | | | 2,919 | | | | 1,488,807 | |
Comcast Corp., Class A | | | 86,883 | | | | 3,386,699 | |
Discovery, Inc., Class A* | | | 2,889 | | | | 60,958 | |
Discovery, Inc., Class C* | | | 6,249 | | | | 120,356 | |
DISH Network Corp., Class A* | | | 4,587 | | | | 158,297 | |
Fox Corp., Class A | | | 6,568 | | | | 176,154 | |
Fox Corp., Class B | | | 3,120 | | | | 83,741 | |
News Corp., Class A | | | 7,615 | | | | 90,314 | |
News Corp., Class B | | | 2,500 | | | | 29,875 | |
The Walt Disney Co. | | | 34,924 | | | | 3,894,375 | |
ViacomCBS, Inc., Class B | | | 9,814 | | | | 228,862 | |
| | | | | | | | |
| | | | 9,718,438 | |
| | | | | | | | |
| | |
| Mining — 0.3% | | | | | | | | |
Freeport-McMoRan, Inc. | | | 28,619 | | | | 331,122 | |
Newmont Corp. | | | 15,817 | | | | 976,541 | |
| | | | | | | | |
| | | | 1,307,663 | |
| | | | | | | | |
| | |
| Miscellaneous Manufacturing — 1.1% | | | | | | | | |
3M Co. | | | 11,036 | | | | 1,721,506 | |
A.O. Smith Corp. | | | 2,467 | | | | 116,245 | |
Eaton Corp. PLC | | | 7,808 | | | | 683,044 | |
General Electric Co. | | | 168,017 | | | | 1,147,556 | |
Illinois Tool Works, Inc. | | | 5,508 | | | | 963,074 | |
Parker-Hannifin Corp. | | | 2,505 | | | | 459,091 | |
Textron, Inc. | | | 4,198 | | | | 138,156 | |
Trane Technologies PLC | | | 4,663 | | | | 414,914 | |
| | | | | | | | |
| | | | 5,643,586 | |
| | | | | | | | |
| | |
| Office & Business Equipment — 0.1% | | | | | | | | |
Xerox Holdings Corp. | | | 3,386 | | | | 51,772 | |
Zebra Technologies Corp., Class A* | | | 1,000 | | | | 255,950 | |
| | | | | | | | |
| | | | 307,722 | |
| | | | | | | | |
| | |
| Oil & Gas — 2.3% | | | | | | | | |
Apache Corp. | | | 7,042 | | | | 95,067 | |
Cabot Oil & Gas Corp. | | | 7,932 | | | | 136,272 | |
88
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
Chevron Corp. | | | 35,667 | | | $ | 3,182,566 | |
Concho Resources, Inc. | | | 3,754 | | | | 193,331 | |
ConocoPhillips | | | 20,732 | | | | 871,159 | |
Devon Energy Corp. | | | 6,551 | | | | 74,288 | |
Diamondback Energy, Inc. | | | 2,900 | | | | 121,278 | |
EOG Resources, Inc. | | | 11,289 | | | | 571,901 | |
Exxon Mobil Corp. | | | 80,954 | | | | 3,620,263 | |
Hess Corp. | | | 4,654 | | | | 241,124 | |
HollyFrontier Corp. | | | 2,881 | | | | 84,125 | |
Marathon Oil Corp. | | | 13,811 | | | | 84,523 | |
Marathon Petroleum Corp. | | | 12,649 | | | | 472,820 | |
Noble Energy, Inc. | | | 8,864 | | | | 79,421 | |
Occidental Petroleum Corp. | | | 17,559 | | | | 321,330 | |
Phillips 66 | | | 8,609 | | | | 618,987 | |
Pioneer Natural Resources Co. | | | 3,007 | | | | 293,784 | |
Valero Energy Corp. | | | 7,990 | | | | 469,972 | |
| | | | | | | | |
| | | | 11,532,211 | |
| | | | | | | | |
| | |
| Oil & Gas Services — 0.2% | | | | | | | | |
Baker Hughes Co. | | | 12,203 | | | | 187,804 | |
Halliburton Co. | | | 16,069 | | | | 208,576 | |
National Oilwell Varco, Inc. | | | 7,110 | | | | 87,098 | |
Schlumberger Ltd. | | | 26,924 | | | | 495,132 | |
TechnipFMC PLC | | | 7,506 | | | | 51,341 | �� |
| | | | | | | | |
| | | | 1,029,951 | |
| | | | | | | | |
| | |
| Packaging and Containers — 0.2% | | | | | | | | |
Amcor PLC | | | 29,432 | | | | 300,501 | |
Ball Corp. | | | 6,232 | | | | 433,062 | |
Packaging Corp. of America | | | 1,747 | | | | 174,350 | |
Sealed Air Corp. | | | 2,786 | | | | 91,520 | |
Westrock Co. | | | 4,496 | | | | 127,057 | |
| | | | | | | | |
| | | | 1,126,490 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 6.2% | | | | | | | | |
AbbVie, Inc. | | | 33,752 | | | | 3,313,771 | |
AmerisourceBergen Corp. | | | 2,912 | | | | 293,442 | |
Becton Dickinson and Co. | | | 5,669 | | | | 1,356,422 | |
Bristol-Myers Squibb Co. | | | 43,751 | | | | 2,572,559 | |
Cardinal Health, Inc. | | | 5,305 | | | | 276,868 | |
Cigna Corp. | | | 7,194 | | | | 1,349,954 | |
CVS Health Corp. | | | 24,982 | | | | 1,623,081 | |
DexCom, Inc.* | | | 1,800 | | | | 729,720 | |
Eli Lilly and Co. | | | 16,193 | | | | 2,658,567 | |
Johnson & Johnson | | | 50,663 | | | | 7,124,738 | |
McKesson Corp. | | | 3,146 | | | | 482,659 | |
Merck & Co., Inc. | | | 48,720 | | | | 3,767,518 | |
Mylan N.V.* | | | 9,842 | | | | 158,259 | |
Perrigo Co. PLC | | | 2,383 | | | | 131,708 | |
Pfizer, Inc. | | | 105,906 | | | | 3,463,126 | |
Zoetis, Inc. | | | 9,163 | | | | 1,255,697 | |
| | | | | | | | |
| | | | 30,558,089 | |
| | | | | | | | |
| | |
| Pipelines — 0.3% | | | | | | | | |
Kinder Morgan, Inc. | | | 36,896 | | | | 559,712 | |
ONEOK, Inc. | | | 7,469 | | | | 248,120 | |
The Williams Cos., Inc. | | | 23,136 | | | | 440,047 | |
| | | | | | | | |
| | | | 1,247,879 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 6,460 | | | $ | 292,121 | |
| | | | | | | | |
| | |
| Retail — 5.4% | | | | | | | | |
Advance Auto Parts, Inc. | | | 1,375 | | | | 195,869 | |
AutoZone, Inc.* | | | 463 | | | | 522,320 | |
Best Buy Co., Inc. | | | 4,396 | | | | 383,639 | |
CarMax, Inc.* | | | 3,005 | | | | 269,098 | |
Chipotle Mexican Grill, Inc.* | | | 498 | | | | 524,075 | |
Costco Wholesale Corp. | | | 8,464 | | | | 2,566,369 | |
Darden Restaurants, Inc. | | | 2,303 | | | | 174,498 | |
Dollar General Corp. | | | 4,806 | | | | 915,591 | |
Dollar Tree, Inc.* | | | 4,358 | | | | 403,899 | |
Domino’s Pizza, Inc. | | | 700 | | | | 258,608 | |
Genuine Parts Co. | | | 2,844 | | | | 247,314 | |
Kohl’s Corp. | | | 3,093 | | | | 64,242 | |
L Brands, Inc. | | | 4,435 | | | | 66,392 | |
Lowe’s Cos., Inc. | | | 14,704 | | | | 1,986,805 | |
McDonald’s Corp. | | | 14,424 | | | | 2,660,795 | |
O’Reilly Automotive, Inc.* | | | 1,435 | | | | 605,096 | |
Ross Stores, Inc. | | | 6,837 | | | | 582,786 | |
Starbucks Corp. | | | 22,665 | | | | 1,667,917 | |
Target Corp. | | | 9,753 | | | | 1,169,677 | |
The Gap, Inc. | | | 4,382 | | | | 55,301 | |
The Home Depot, Inc. | | | 20,570 | | | | 5,152,991 | |
The TJX Cos., Inc. | | | 23,328 | | | | 1,179,464 | |
Tiffany & Co. | | | 2,141 | | | | 261,074 | |
Tractor Supply Co. | | | 2,160 | | | | 284,666 | |
Ulta Beauty, Inc.* | | | 1,059 | | | | 215,422 | |
Walgreens Boots Alliance, Inc. | | | 14,164 | | | | 600,412 | |
Walmart, Inc. | | | 27,155 | | | | 3,252,626 | |
Yum! Brands, Inc. | | | 5,748 | | | | 499,559 | |
| | | | | | | | |
| | | | 26,766,505 | |
| | | | | | | | |
| | |
| Savings & Loans — 0.0% | | | | | | | | |
People’s United Financial, Inc. | | | 7,929 | | | | 91,739 | |
| | | | | | | | |
| | |
| Semiconductors — 4.8% | | | | | | | | |
Advanced Micro Devices, Inc.* | | | 22,500 | | | | 1,183,725 | |
Analog Devices, Inc. | | | 6,953 | | | | 852,716 | |
Applied Materials, Inc. | | | 17,393 | | | | 1,051,407 | |
Broadcom, Inc. | | | 7,602 | | | | 2,399,267 | |
Intel Corp. | | | 80,967 | | | | 4,844,256 | |
IPG Photonics Corp.* | | | 667 | | | | 106,980 | |
KLA Corp. | | | 3,004 | | | | 584,218 | |
Lam Research Corp. | | | 2,738 | | | | 885,633 | |
Maxim Integrated Products, Inc. | | | 5,200 | | | | 315,172 | |
Microchip Technology, Inc. | | | 4,657 | | | | 490,429 | |
Micron Technology, Inc.* | | | 20,842 | | | | 1,073,780 | |
NVIDIA Corp. | | | 11,761 | | | | 4,468,121 | |
Qorvo, Inc.* | | | 2,141 | | | | 236,645 | |
QUALCOMM, Inc. | | | 21,904 | | | | 1,997,864 | |
Skyworks Solutions, Inc. | | | 3,328 | | | | 425,518 | |
Texas Instruments, Inc. | | | 17,508 | | | | 2,222,991 | |
Xilinx, Inc. | | | 4,906 | | | | 482,701 | |
| | | | | | | | |
| | | | 23,621,423 | |
| | | | | | | | |
| | |
| Shipbuilding — 0.0% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 741 | | | | 129,297 | |
| | | | | | | | |
89
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — 10.6% | | | | | | | | |
Activision Blizzard, Inc. | | | 14,470 | | | $ | 1,098,273 | |
Adobe, Inc.* | | | 9,263 | | | | 4,032,277 | |
Akamai Technologies, Inc.* | | | 3,096 | | | | 331,551 | |
ANSYS, Inc.* | | | 1,669 | | | | 486,897 | |
Autodesk, Inc.* | | | 4,157 | | | | 994,313 | |
Broadridge Financial Solutions, Inc. | | | 2,082 | | | | 262,728 | |
Cadence Design Systems, Inc.* | | | 5,462 | | | | 524,133 | |
Cerner Corp. | | | 5,988 | | | | 410,477 | |
Citrix Systems, Inc. | | | 2,150 | | | | 318,006 | |
Electronic Arts, Inc.* | | | 5,532 | | | | 730,501 | |
Fidelity National Information Services, Inc. | | | 11,800 | | | | 1,582,262 | |
Fiserv, Inc.* | | | 10,997 | | | | 1,073,527 | |
Intuit, Inc. | | | 5,002 | | | | 1,481,542 | |
Jack Henry & Associates, Inc. | | | 1,400 | | | | 257,642 | |
Microsoft Corp. | | | 145,266 | | | | 29,563,084 | |
MSCI, Inc. | | | 1,617 | | | | 539,787 | |
Oracle Corp. | | | 40,541 | | | | 2,240,701 | |
Paychex, Inc. | | | 6,059 | | | | 458,969 | |
Paycom Software, Inc.* | | | 900 | | | | 278,757 | |
salesforce.com, Inc.* | | | 17,455 | | | | 3,269,845 | |
ServiceNow, Inc.* | | | 3,600 | | | | 1,458,216 | |
Synopsys, Inc.* | | | 2,868 | | | | 559,260 | |
Take-Two Interactive Software, Inc.* | | | 2,094 | | | | 292,260 | |
Tyler Technologies, Inc.* | | | 800 | | | | 277,504 | |
| | | | | | | | |
| | | | 52,522,512 | |
| | | | | | | | |
| | |
| Telecommunications — 3.0% | | | | | | | | |
Arista Networks, Inc.* | | | 1,000 | | | | 210,030 | |
AT&T, Inc. | | | 137,479 | | | | 4,155,990 | |
CenturyLink, Inc. | | | 17,313 | | | | 173,649 | |
Cisco Systems, Inc. | | | 81,175 | | | | 3,786,002 | |
Corning, Inc. | | | 15,037 | | | | 389,458 | |
Juniper Networks, Inc. | | | 6,659 | | | | 152,225 | |
Motorola Solutions, Inc. | | | 3,250 | | | | 455,423 | |
T-Mobile US, Inc.* | | | 10,908 | | | | 1,136,068 | |
Verizon Communications, Inc. | | | 79,962 | | | | 4,408,305 | |
| | | | | | | | |
| | | | 14,867,150 | |
| | | | | | | | |
| | |
| Textiles — 0.0% | | | | | | | | |
Mohawk Industries, Inc.* | | | 1,128 | | | | 114,785 | |
| | | | | | | | |
| | |
| Toys, Games & Hobbies — 0.0% | | | | | | | | |
Hasbro, Inc. | | | 2,506 | | | | 187,825 | |
| | | | | | | | |
| | |
| Transportation — 1.5% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 2,589 | | | | 204,686 | |
CSX Corp. | | | 14,648 | | | | 1,021,552 | |
Expeditors International of Washington, Inc. | | | 3,212 | | | | 244,241 | |
FedEx Corp. | | | 4,654 | | | | 652,584 | |
J.B. Hunt Transport Services, Inc. | | | 1,592 | | | | 191,581 | |
Kansas City Southern | | | 1,915 | | | | 285,890 | |
Norfolk Southern Corp. | | | 4,920 | | | | 863,804 | |
Old Dominion Freight Line, Inc. | | | 1,800 | | | | 305,262 | |
Union Pacific Corp. | | | 12,944 | | | | 2,188,442 | |
United Parcel Service, Inc., Class B | | | 13,465 | | | | 1,497,039 | |
| | | | | | | | |
| | | | 7,455,081 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Water — 0.1% | | | | | | | | |
American Water Works Co., Inc. | | | 3,437 | | | $ | 442,204 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $226,510,472) | | | $ | 477,518,939 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.7% | |
| | |
| Apartments — 0.3% | | | | | | | | |
Apartment Investment and Management Co., Class A | | | 2,663 | | | | 100,235 | |
AvalonBay Communities, Inc. | | | 2,648 | | | | 409,487 | |
Equity Residential | | | 6,815 | | | | 400,858 | |
Essex Property Trust, Inc. | | | 1,263 | | | | 289,442 | |
Mid-America Apartment Communities, Inc. | | | 2,116 | | | | 242,642 | |
UDR, Inc. | | | 5,687 | | | | 212,580 | |
| | | | | | | | |
| | | | 1,655,244 | |
| | | | | | | | |
| | |
| Building & Real Estate — 0.1% | | | | | | | | |
Realty Income Corp. | | | 6,696 | | | | 398,412 | |
| | | | | | | | |
| | |
| Diversified — 1.1% | | | | | | | | |
American Tower Corp. | | | 8,490 | | | | 2,195,005 | |
Crown Castle International Corp. | | | 7,993 | | | | 1,337,628 | |
Digital Realty Trust, Inc. | | | 4,961 | | | | 705,008 | |
Duke Realty Corp. | | | 6,867 | | | | 243,023 | |
SBA Communications Corp. | | | 2,130 | | | | 634,570 | |
Vornado Realty Trust | | | 2,813 | | | | 107,485 | |
Weyerhaeuser Co. | | | 13,648 | | | | 306,534 | |
| | | | | | | | |
| | | | 5,529,253 | |
| | | | | | | | |
| | |
| Healthcare — 0.2% | | | | | | | | |
Healthpeak Properties, Inc. | | | 9,163 | | | | 252,532 | |
Ventas, Inc. | | | 6,860 | | | | 251,213 | |
Welltower, Inc. | | | 7,917 | | | | 409,705 | |
| | | | | | | | |
| | | | 913,450 | |
| | | | | | | | |
| | |
| Hotels & Resorts — 0.0% | | | | | | | | |
Host Hotels & Resorts, Inc. | | | 12,690 | | | | 136,925 | |
| | | | | | | | |
| | |
| Industrial — 0.3% | | | | | | | | |
Prologis, Inc. | | | 14,192 | | | | 1,324,539 | |
| | | | | | | | |
| | |
| Office Property — 0.1% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 2,343 | | | | 380,152 | |
Boston Properties, Inc. | | | 2,616 | | | | 236,434 | |
SL Green Realty Corp. | | | 1,350 | | | | 66,541 | |
| | | | | | | | |
| | | | 683,127 | |
| | | | | | | | |
| | |
| Regional Malls — 0.1% | | | | | | | | |
Simon Property Group, Inc. | | | 5,987 | | | | 409,391 | |
| | | | | | | | |
| | |
| Storage & Warehousing — 0.2% | | | | | | | | |
Extra Space Storage, Inc. | | | 2,412 | | | | 222,796 | |
Iron Mountain, Inc. | | | 5,224 | | | | 136,346 | |
Public Storage | | | 2,841 | | | | 545,160 | |
| | | | | | | | |
| | | | 904,302 | |
| | | | | | | | |
90
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Strip Centers — 0.1% | | | | | | | | |
Federal Realty Investment Trust | | | 1,233 | | | $ | 105,064 | |
Kimco Realty Corp. | | | 8,160 | | | | 104,775 | |
Regency Centers Corp. | | | 3,024 | | | | 138,771 | |
| | | | | | | | |
| | | | 348,610 | |
| | | | | | | | |
| | |
| Telecommunications — 0.2% | | | | | | | | |
Equinix, Inc. | | | 1,682 | | | | 1,181,269 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $9,276,091) | | | | 13,484,522 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
T-Mobile US, Inc.*
(Cost $0) | | | 7,400 | | | | 1,243 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.4% | | | | | | | | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $7,053,351) | | | 7,053,351 | | | | 7,053,351 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.2%
(Cost $242,839,914) | | | | | | | 498,058,055 | |
| | |
| Other Assets & Liabilities — (0.2)% | | | | | | | (1,047,861 | ) |
| | | | | | | | |
| | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 497,010,194 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
M — Month
NA — National Association.
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
6/30/2020 | | | Level 1 Quoted Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 477,518,939 | | | $ | 477,518,939 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 13,484,522 | | | | 13,484,522 | | | | — | | | | — | |
RIGHTS | | | 1,243 | | | | 1,243 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 7,053,351 | | | | 7,053,351 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 498,058,055 | | | $ | 498,058,055 | | | $ | — | | | $ | — | |
| |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 119,782 | | | $ | 119,782 | | | $ | — | | | $ | — | |
| |
TOTAL ASSETS - OTHER FINANCIAL INSTRUMENTS | | $ | 119,782 | | | $ | 119,782 | | | $ | — | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
Futures contracts held by the Fund at June 30, 2020 are as follows:
Futures Contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Long | | E-Mini S&P 500 Index | | 09/18/2020 | | | 56 | | | | 50 | | | $ | 3,090 | | | $ | 8,652,560 | | | $ | 119,782 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 119,782 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
91
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 100.8% | |
| Auto Parts & Equipment — 1.4% | |
BorgWarner, Inc. | | | 64,010 | | | $ | 2,259,553 | |
| | | | | | | | |
|
| Banks — 3.1% | |
First Republic Bank | | | 25,291 | | | | 2,680,593 | |
SVB Financial Group* | | | 10,197 | | | | 2,197,760 | |
| | | | | | | | |
| | | | 4,878,353 | |
| | | | | | | | |
|
| Biotechnology — 3.3% | |
Genmab A/S ADR* | | | 55,837 | | | | 1,892,316 | |
Seattle Genetics, Inc.* | | | 19,670 | | | | 3,342,326 | |
| | | | | | | | |
| | | | 5,234,642 | |
| | | | | | | | |
|
| Building Materials — 1.9% | |
Trex Co., Inc.* | | | 22,647 | | | | 2,945,695 | |
| | | | | | | | |
|
| Chemicals — 1.5% | |
RPM International, Inc. | | | 32,209 | | | | 2,417,608 | |
| | | | | | | | |
|
| Commercial Services — 11.8% | |
CoStar Group, Inc.* | | | 7,764 | | | | 5,517,642 | |
MarketAxess Holdings, Inc. | | | 10,017 | | | | 5,017,715 | |
Square, Inc., Class A* | | | 40,638 | | | | 4,264,552 | |
TransUnion | | | 44,445 | | | | 3,868,493 | |
| | | | | | | | |
| | | | 18,668,402 | |
| | | | | | | | |
|
| Computers — 1.0% | |
Crowdstrike Holdings, Inc., Class A* | | | 14,876 | | | | 1,491,914 | |
| | | | | | | | |
|
| Distribution & Wholesale — 2.7% | |
Fastenal Co. | | | 97,798 | | | | 4,189,666 | |
| | | | | | | | |
|
| Electrical Components & Equipment — 1.7% | |
Novanta, Inc.* | | | 9,437 | | | | 1,007,588 | |
Universal Display Corp. | | | 11,503 | | | | 1,721,079 | |
| | | | | | | | |
| | | | 2,728,667 | |
| | | | | | | | |
|
| Electronics — 5.4% | |
Agilent Technologies, Inc. | | | 23,313 | | | | 2,060,170 | |
Coherent, Inc.* | | | 11,741 | | | | 1,537,836 | |
II-VI, Inc.* | | | 30,842 | | | | 1,456,359 | |
Keysight Technologies, Inc.* | | | 34,664 | | | | 3,493,438 | |
| | | | | | | | |
| | | | 8,547,803 | |
| | | | | | | | |
|
| Food — 1.3% | |
The Hershey Co. | | | 15,283 | | | | 1,980,983 | |
| | | | | | | | |
|
| Healthcare Products — 7.8% | |
10X Genomics, Inc., Class A* | | | 8,288 | | | | 740,201 | |
ABIOMED, Inc.* | | | 11,110 | | | | 2,683,732 | |
Align Technology, Inc.* | | | 3,385 | | | | 928,979 | |
Bio-Techne Corp. | | | 6,470 | | | | 1,708,533 | |
Edwards Lifesciences Corp.* | | | 39,660 | | | | 2,740,903 | |
Glaukos Corp.* | | | 25,216 | | | | 968,799 | |
Intuitive Surgical, Inc.* | | | 4,310 | | | | 2,455,967 | |
| | | | | | | | |
| | | | 12,227,114 | |
| | | | | | | | |
|
| Healthcare Services — 2.7% | |
Laboratory Corp. of America Holdings* | | | 13,997 | | | | 2,325,042 | |
Teladoc Health, Inc.* | | | 10,484 | | | | 2,000,766 | |
| | | | | | | | |
| | | | 4,325,808 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Household Products & Wares — 1.5% | |
The Scotts Miracle-Gro Co. | | | 17,373 | | | $ | 2,336,147 | |
| | | | | | | | |
|
| Internet — 4.9% | |
MercadoLibre, Inc.* | | | 1,970 | | | | 1,941,967 | |
Palo Alto Networks, Inc.* | | | 6,959 | | | | 1,598,274 | |
Twitter, Inc.* | | | 51,148 | | | | 1,523,699 | |
VeriSign, Inc.* | | | 5,539 | | | | 1,145,631 | |
Zendesk, Inc.* | | | 17,945 | | | | 1,588,671 | |
| | | | | | | | |
| | | | 7,798,242 | |
| | | | | | | | |
|
| Machinery — Diversified — 4.0% | |
IDEX Corp. | | | 16,219 | | | | 2,563,251 | |
Ingersoll Rand, Inc.* | | | 54,155 | | | | 1,522,839 | |
The Middleby Corp.* | | | 27,190 | | | | 2,146,378 | |
| | | | | | | | |
| | | | 6,232,468 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 2.5% | |
A.O. Smith Corp. | | | 55,248 | | | | 2,603,286 | |
Trane Technologies PLC | | | 15,395 | | | | 1,369,847 | |
| | | | | | | | |
| | | | 3,973,133 | |
| | | | | | | | |
|
| Oil & Gas — 0.8% | |
Noble Energy, Inc. | | | 148,072 | | | | 1,326,725 | |
| | | | | | | | |
|
| Pharmaceuticals — 3.1% | |
DexCom, Inc.* | | | 12,066 | | | | 4,891,556 | |
| | | | | | | | |
|
| Retail — 11.0% | |
Chipotle Mexican Grill, Inc.* | | | 5,450 | | | | 5,735,362 | |
Lululemon Athletica, Inc.* | | | 7,525 | | | | 2,347,875 | |
National Vision Holdings, Inc.* | | | 50,485 | | | | 1,540,802 | |
Nordstrom, Inc. | | | 67,665 | | | | 1,048,131 | |
Ollie’s Bargain Outlet Holdings, Inc.* | | | 9,092 | | | | 887,834 | |
Tractor Supply Co. | | | 25,818 | | | | 3,402,554 | |
Ulta Beauty, Inc.* | | | 11,546 | | | | 2,348,688 | |
| | | | | | | | |
| | | | 17,311,246 | |
| | | | | | | | |
|
| Semiconductors — 11.8% | |
Advanced Micro Devices, Inc.* | | | 55,726 | | | | 2,931,745 | |
Brooks Automation, Inc. | | | 22,419 | | | | 991,817 | |
Maxim Integrated Products, Inc. | | | 51,814 | | | | 3,140,446 | |
Microchip Technology, Inc. | | | 29,481 | | | | 3,104,644 | |
Monolithic Power Systems, Inc. | | | 16,075 | | | | 3,809,775 | |
Teradyne, Inc. | | | 54,285 | | | | 4,587,625 | |
| | | | | | | | |
| | | | 18,566,052 | |
| | | | | | | | |
|
| Software — 14.2% | |
Cerner Corp. | | | 42,135 | | | | 2,888,354 | |
DocuSign, Inc.* | | | 24,820 | | | | 4,274,252 | |
Electronic Arts, Inc.* | | | 39,693 | | | | 5,241,461 | |
Guidewire Software, Inc.* | | | 27,885 | | | | 3,091,053 | |
Twilio, Inc., Class A* | | | 19,269 | | | | 4,228,004 | |
Tyler Technologies, Inc.* | | | 7,465 | | | | 2,589,459 | |
| | | | | | | | |
| | | | 22,312,583 | |
| | | | | | | | |
|
| Telecommunications — 1.4% | |
Arista Networks, Inc.* | | | 10,499 | | | | 2,205,105 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $100,525,184) | | | | 158,849,465 | |
| | | | | | | | |
92
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 1.7% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $2,727,311) | | | 2,727,311 | | | $ | 2,727,311 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 102.5%
(Cost $103,252,495) | | | | 161,576,776 | |
| |
| Other Assets & Liabilities — (2.5)% | | | | (3,904,624 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 157,672,152 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | | | Value† | |
| WRITTEN OPTIONS — (0.2)% | |
| Call Options | | | (410 | ) | | $ | (315,320 | ) |
| Put Options | | | (560 | ) | | | (15,018 | ) |
| | | | | | | | |
| | |
TOTAL WRITTEN OPTIONS (See open written options schedule)
(Premiums $(161,775)) | | | (970 | ) | | | (330,338 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 158,849,465 | | | $ | 158,849,465 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 2,727,311 | | | | 2,727,311 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 161,576,776 | | | $ | 161,576,776 | | | $ | — | | | $ | — | |
| |
|
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
OTHER FINANCIAL
INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
WRITTEN OPTIONS | | $ | (330,338 | ) | | $ | (330,338 | ) | | $ | — | | | $ | — | |
| |
TOTAL LIABILITIES -OTHER FINANCIAL INSTRUMENTS | | $ | (330,338 | ) | | $ | (330,338 | ) | | $ | — | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
Open written options contracts held by the Fund at June 30, 2020 are as follows:
Open Written Options
Call Options
| | | | | | | | | | | | | | | | | | | | |
Description | | # of
Contracts | | | Notional | | | Exercise
Price | | | Expiration
Date | | | Value | |
| Square, Inc. | | | 210 | | | $ | 1,995,000 | | | $ | 95 | | | | 7/17/2020 | | | $ | (236,040 | ) |
| Teladoc Health, Inc. | | | 104 | | | | 2,184,000 | | | | 210 | | | | 7/17/2020 | | | | (32,240 | ) |
| Twilio, Inc. | | | 96 | | | | 2,208,000 | | | | 230 | | | | 7/17/2020 | | | | (47,040 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (315,320 | ) |
| | | | | | | | | | | | | | | | | | | | |
Put Options
| | | | | | | | | | | | | | | | | | | | |
Description | | # of
Contracts | | | Notional | | | Exercise
Price | | | Expiration
Date | | | Value | |
| Align Technology, Inc. | | | 14 | | | $ | 294,000 | | | $ | 210 | | | | 7/17/2020 | | | $ | (1,848 | ) |
| National Vision Holdings, Inc. | | | 165 | | | | 412,500 | | | | 25 | | | | 7/17/2020 | | | | (1,650 | ) |
| Nordstrom, Inc. | | | 324 | | | | 405,000 | | | | 13 | | | | 7/17/2020 | | | | (8,100 | ) |
| The Middleby Corp. | | | 57 | | | | 313,500 | | | | 55 | | | | 7/17/2020 | | | | (3,420 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (15,018 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Total Written Options | | | | | | | | | | | | | | | | | | $ | (330,338 | ) |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
93
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 81.5% | |
| Apparel — 1.2% | |
Columbia Sportswear Co. | | | 2,462 | | | $ | 198,388 | |
Levi Strauss & Co., Class A | | | 59,349 | | | | 795,277 | |
| | | | | | | | |
| | | | 993,665 | |
| | | | | | | | |
|
| Auto Parts & Equipment — 0.9% | |
Aptiv PLC | | | 9,724 | | | | 757,694 | |
| | | | | | | | |
|
| Banks — 6.3% | |
Citizens Financial Group, Inc. | | | 65,858 | | | | 1,662,256 | |
First Horizon National Corp. | | | 95,038 | | | | 946,578 | |
M&T Bank Corp. | | | 17,823 | | | | 1,853,057 | |
Regions Financial Corp. | | | 66,807 | | | | 742,894 | |
| | | | | | | | |
| | | | 5,204,785 | |
| | | | | | | | |
|
| Biotechnology — 1.0% | |
Corteva, Inc. | | | 30,941 | | | | 828,909 | |
| | | | | | | | |
|
| Chemicals — 7.2% | |
Axalta Coating Systems Ltd.* | | | 50,904 | | | | 1,147,885 | |
NewMarket Corp. | | | 4,306 | | | | 1,724,467 | |
Nutrien Ltd. | | | 31,624 | | | | 1,015,130 | |
W.R. Grace & Co. | | | 20,666 | | | | 1,050,040 | |
Westlake Chemical Corp. | | | 18,501 | | | | 992,579 | |
| | | | | | | | |
| | | | 5,930,101 | |
| | | | | | | | |
|
| Commercial Services — 0.8% | |
Global Payments, Inc. | | | 3,740 | | | | 634,379 | |
| | | | | | | | |
|
| Computers — 1.6% | |
Check Point Software Technologies Ltd.* | | | 12,135 | | | | 1,303,663 | |
| | | | | | | | |
|
| Distribution & Wholesale — 1.4% | |
IAA, Inc.* | | | 30,661 | | | | 1,182,595 | |
| | | | | | | | |
|
| Diversified Financial Services — 1.4% | |
Discover Financial Services | | | 22,169 | | | | 1,110,445 | |
| | | | | | | | |
|
| Electric — 8.3% | |
Alliant Energy Corp. | | | 41,135 | | | | 1,967,898 | |
Entergy Corp. | | | 17,097 | | | | 1,603,870 | |
Evergy, Inc. | | | 38,566 | | | | 2,286,578 | |
PPL Corp. | | | 38,388 | | | | 991,946 | |
| | | | | | | | |
| | | | 6,850,292 | |
| | | | | | | | |
|
| Electrical Components & Equipment — 2.1% | |
AMETEK, Inc. | | | 19,425 | | | | 1,736,012 | |
| | | | | | | | |
|
| Electronics — 3.2% | |
Agilent Technologies, Inc. | | | 13,793 | | | | 1,218,888 | |
Avnet, Inc. | | | 51,232 | | | | 1,428,604 | |
| | | | | | | | |
| | | | 2,647,492 | |
| | | | | | | | |
| Entertainment — 0.5% | |
Cedar Fair LP | | | 16,184 | | | | 445,060 | |
| | | | | | | | |
|
| Environmental Control — 1.4% | |
Waste Connections, Inc. | | | 12,571 | | | | 1,179,034 | |
| | | | | | | | |
| Food — 2.5% | |
Lamb Weston Holdings, Inc. | | | 18,057 | | | | 1,154,384 | |
Sanderson Farms, Inc. | | | 3,461 | | | | 401,095 | |
Tyson Foods, Inc., Class A | | | 8,342 | | | | 498,101 | |
| | | | | | | | |
| | | | 2,053,580 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Gas — 1.3% | |
Southwest Gas Holdings, Inc. | | | 15,438 | | | $ | 1,065,994 | |
| | | | | | | | |
|
| Hand & Machine Tools — 1.7% | |
Lincoln Electric Holdings, Inc. | | | 16,970 | | | | 1,429,553 | |
| | | | | | | | |
|
| Healthcare Products — 1.2% | |
Hologic, Inc.* | | | 17,616 | | | | 1,004,112 | |
| | | | | | | | |
|
| Healthcare Services — 2.9% | |
Laboratory Corp. of America Holdings* | | | 14,449 | | | | 2,400,123 | |
| | | | | | | | |
|
| Insurance — 9.6% | |
Axis Capital Holdings Ltd. | | | 35,112 | | | | 1,424,143 | |
Globe Life, Inc. | | | 30,931 | | | | 2,296,008 | |
RenaissanceRe Holdings Ltd. | | | 12,826 | | | | 2,193,631 | |
The Hartford Financial Services Group, Inc. | | | 51,868 | | | | 1,999,511 | |
| | | | | | | | |
| | | | 7,913,293 | |
| | | | | | | | |
|
| Internet — 2.2% | |
F5 Networks, Inc.* | | | 12,872 | | | | 1,795,386 | |
| | | | | | | | |
|
| Machinery—Construction & Mining — 3.3% | |
BWX Technologies, Inc. | | | 47,358 | | | | 2,682,357 | |
| | | | | | | | |
|
| Media — 2.3% | |
Fox Corp., Class B | | | 71,264 | | | | 1,912,726 | |
| | | | | | | | |
|
| Oil & Gas — 1.1% | |
Pioneer Natural Resources Co. | | | 9,243 | | | | 903,041 | |
| | | | | | | | |
|
| Packaging and Containers — 1.7% | |
Graphic Packaging Holding Co. | | | 98,632 | | | | 1,379,862 | |
| | | | | | | | |
| Retail — 2.1% | |
Casey’s General Stores, Inc. | | | 7,755 | | | | 1,159,527 | |
O’Reilly Automotive, Inc.* | | | 1,298 | | | | 547,328 | |
| | | | | | | | |
| | | | 1,706,855 | |
| | | | | | | | |
|
| Savings & Loans — 2.1% | |
Sterling Bancorp | | | 63,047 | | | | 738,911 | |
Washington Federal, Inc. | | | 37,958 | | | | 1,018,793 | |
| | | | | | | | |
| | | | 1,757,704 | |
| | | | | | | | |
| Semiconductors — 2.3% | |
Analog Devices, Inc. | | | 6,057 | | | | 742,831 | |
Maxim Integrated Products, Inc. | | | 18,827 | | | | 1,141,104 | |
| | | | | | | | |
| | | | 1,883,935 | |
| | | | | | | | |
| Software — 6.1% | |
CDK Global, Inc. | | | 21,684 | | | | 898,151 | |
Cerner Corp. | | | 9,244 | | | | 633,676 | |
Citrix Systems, Inc. | | | 7,042 | | | | 1,041,582 | |
Electronic Arts, Inc.* | | | 12,467 | | | | 1,646,268 | |
Synopsys, Inc.* | | | 4,054 | | | | 790,530 | |
| | | | | | | | |
| | | | 5,010,207 | |
| | | | | | | | |
|
| Trucking and Leasing — 1.8% | |
GATX Corp. | | | 24,967 | | | | 1,522,488 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $62,295,296) | | | | 67,225,342 | |
| | | | | | | | |
94
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 15.1% | |
| Apartments — 3.0% | |
Camden Property Trust | | | 15,873 | | | $ | 1,447,935 | |
Mid-America Apartment Communities, Inc. | | | 9,225 | | | | 1,057,831 | |
| | | | | | | | |
| | | | 2,505,766 | |
| | | | | | | | |
|
| Building & Real Estate — 3.3% | |
Equity LifeStyle Properties, Inc. | | | 43,547 | | | | 2,720,816 | |
| | | | | | | | |
|
| Diversified — 2.5% | |
Lamar Advertising Co., Class A | | | 30,747 | | | | 2,052,670 | |
| | | | | | | | |
|
| Office Property — 2.4% | |
Equity Commonwealth | | | 61,732 | | | | 1,987,770 | |
| | | | | | | | |
|
| Storage & Warehousing — 3.9% | |
Americold Realty Trust | | | 37,388 | | | | 1,357,185 | |
Public Storage | | | 9,633 | | | | 1,848,476 | |
| | | | | | | | |
| | | | 3,205,661 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $11,570,644) | | | | 12,472,683 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.6% | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%)
(Cost $2,953,362) | | | 2,953,362 | | | | 2,953,362 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.2%
(Cost $76,819,302) | | | | 82,651,387 | |
| |
| Other Assets & Liabilities — (0.2)% | | | | (149,995 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 82,501,392 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
LP — Limited Partnership.
PLC — Public Limited Company.
N.V. — Naamloze Vennootschap.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 90 | % |
Bermuda | | | 4 | |
Canada | | | 3 | |
Israel | | | 2 | |
Ireland | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 67,225,342 | | | $ | 67,225,342 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 12,472,683 | | | | 12,472,683 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,953,362 | | | | 2,953,362 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 82,651,387 | | | $ | 82,651,387 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
95
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 90.7% | | | | | | | | |
| Aerospace & Defense — 1.8% | | | | | | | | |
BAE Systems PLC | | | 104,323 | | | $ | 623,793 | |
General Dynamics Corp. | | | 5,691 | | | | 850,577 | |
| | | | | | | | |
| | | | | | | 1,474,370 | |
| | | | | | | | |
|
| Airlines — 0.9% | |
Southwest Airlines Co. | | | 22,496 | | | | 768,913 | |
| | | | | | | | |
| | |
| Auto Manufacturers — 3.5% | | | | | | | | |
Cummins, Inc. | | | 6,694 | | | | 1,159,802 | |
Honda Motor Co., Ltd. ADR | | | 25,998 | | | | 664,509 | |
PACCAR, Inc. | | | 14,537 | | | | 1,088,095 | |
| | | | | | | | |
| | | | | | | 2,912,406 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.4% | | | | | | | | |
Aptiv PLC | | | 7,611 | | | | 593,049 | |
BorgWarner, Inc. | | | 15,954 | | | | 563,176 | |
| | | | | | | | |
| | | | | | | 1,156,225 | |
| | | | | | | | |
| Banks — 7.7% | | | | | | | | |
Commerce Bancshares, Inc. | | | 17,201 | | | | 1,022,943 | |
M&T Bank Corp. | | | 3,229 | | | | 335,719 | |
Northern Trust Corp. | | | 30,685 | | | | 2,434,548 | |
State Street Corp. | | | 8,221 | | | | 522,445 | |
The Bank of New York Mellon Corp. | | | 16,699 | | | | 645,416 | |
Truist Financial Corp. | | | 21,201 | | | | 796,098 | |
Westamerica BanCorp | | | 12,427 | | | | 713,558 | |
| | | | | | | | |
| | | | | | | 6,470,727 | |
| | | | | | | | |
|
| Building Materials — 1.8% | |
Johnson Controls International PLC | | | 44,284 | | | | 1,511,856 | |
| | | | | | | | |
| | |
| Computers — 1.0% | | | | | | | | |
HP, Inc. | | | 50,515 | | | | 880,476 | |
| | | | | | | | |
| | |
| Diversified Financial Services — 1.9% | | | | | | | | |
Ameriprise Financial, Inc. | | | 6,495 | | | | 974,510 | |
BlackRock, Inc. | | | 346 | | | | 188,255 | |
T. Rowe Price Group, Inc. | | | 3,514 | | | | 433,979 | |
| | | | | | | | |
| | | | | | | 1,596,744 | |
| | | | | | | | |
| Electric — 7.8% | | | | | | | | |
Ameren Corp. | | | 5,865 | | | | 412,661 | |
CMS Energy Corp. | | | 5,352 | | | | 312,664 | |
Edison International | | | 21,244 | | | | 1,153,762 | |
Evergy, Inc. | | | 11,689 | | | | 693,041 | |
Eversource Energy | | | 6,786 | | | | 565,070 | |
NorthWestern Corp. | | | 21,003 | | | | 1,145,084 | |
Pinnacle West Capital Corp. | | | 18,458 | | | | 1,352,787 | |
Xcel Energy, Inc. | | | 14,461 | | | | 903,812 | |
| | | | | | | | |
| | | | | | | 6,538,881 | |
| | | | | | | | |
|
| Electrical Components & Equipment — 2.2% | |
Emerson Electric Co. | | | 29,731 | | | | 1,844,214 | |
| | | | | | | | |
| | |
| Electronics — 5.4% | | | | | | | | |
ABB Ltd. | | | 29,689 | | | | 673,434 | |
Hubbell, Inc. | | | 12,434 | | | | 1,558,726 | |
nVent Electric PLC | | | 73,301 | | | | 1,372,928 | |
TE Connectivity Ltd. | | | 11,077 | | | | 903,329 | |
| | | | | | | | |
| | | | | | | 4,508,417 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Environmental Control — 1.6% | | | | | | | | |
Republic Services, Inc. | | | 16,853 | | | $ | 1,382,789 | |
| | | | | | | | |
| | |
| Food — 7.9% | | | | | | | | |
Conagra Brands, Inc. | | | 35,240 | | | | 1,239,391 | |
Kellogg Co. | | | 12,346 | | | | 815,577 | |
Koninklijke Ahold Delhaize N.V. | | | 47,313 | | | | 1,289,465 | |
Mondelez International, Inc., Class A | | | 12,901 | | | | 659,628 | |
Orkla ASA | | | 81,182 | | | | 712,745 | |
Sysco Corp. | | | 15,766 | | | | 861,770 | |
The J.M. Smucker Co. | | | 10,232 | | | | 1,082,648 | |
| | | | | | | | |
| | | | | | | 6,661,224 | |
| | | | | | | | |
|
| Food Service — 1.0% | |
Sodexo S.A. | | | 11,872 | | | | 805,012 | |
| | | | | | | | |
| | |
| Forest Products & Paper — 1.1% | | | | | | | | |
Mondi PLC | | | 49,591 | | | | 927,595 | |
| | | | | | | | |
| | |
| Gas — 1.7% | | | | | | | | |
Atmos Energy Corp. | | | 6,010 | | | | 598,476 | |
Spire, Inc. | | | 12,581 | | | | 826,697 | |
| | | | | | | | |
| | | | | | | 1,425,173 | |
| | | | | | | | |
|
| Hand & Machine Tools — 0.2% | |
Lincoln Electric Holdings, Inc. | | | 1,560 | | | | 131,414 | |
| | | | | | | | |
| | |
| Healthcare Products — 6.5% | | | | | | | | |
Envista Holdings Corp.* | | | 50,134 | | | | 1,057,326 | |
Henry Schein, Inc.* | | | 16,227 | | | | 947,495 | |
Hologic, Inc.* | | | 9,915 | | | | 565,155 | |
Siemens Healthineers AG | | | 7,091 | | | | 340,849 | |
Zimmer Biomet Holdings, Inc. | | | 20,961 | | | | 2,501,905 | |
| | | | | | | | |
| | | | | | | 5,412,730 | |
| | | | | | | | |
|
| Healthcare Services — 3.1% | |
Quest Diagnostics, Inc. | | | 11,719 | | | | 1,335,497 | |
Universal Health Services, Inc., Class B | | | 13,749 | | | | 1,277,145 | |
| | | | | | | | |
| | | | | | | 2,612,642 | |
| | | | | | | | |
|
| Home Builders — 0.1% | |
Thor Industries, Inc. | | | 980 | | | | 104,399 | |
| | | | | | | | |
| | |
| Household Products & Wares — 0.7% | | | | | | | | |
Kimberly-Clark Corp. | | | 4,440 | | | | 627,594 | |
| | | | | | | | |
| | |
| Insurance — 5.3% | | | | | | | | |
Aflac, Inc. | | | 22,706 | | | | 818,097 | |
Arthur J. Gallagher & Co. | | | 6,875 | | | | 670,244 | |
Brown & Brown, Inc. | | | 3,949 | | | | 160,961 | |
Chubb Ltd. | | | 15,178 | | | | 1,921,838 | |
ProAssurance Corp. | | | 10,382 | | | | 150,228 | |
Reinsurance Group of America, Inc. | | | 9,313 | | | | 730,512 | |
| | | | | | | | |
| | | | 4,451,880 | |
| | | | | | | | |
|
| Internet — 1.2% | |
F5 Networks, Inc.* | | | 7,361 | | | | 1,026,712 | |
| | | | | | | | |
| | |
| Media — 1.0% | | | | | | | | |
Fox Corp., Class B | | | 31,357 | | | | 841,622 | |
| | | | | | | | |
96
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Miscellaneous Manufacturing — 1.9% | | | | | | | | |
IMI PLC | | | 73,238 | | | $ | 835,550 | |
Textron, Inc. | | | 23,423 | | | | 770,851 | |
| | | | | | | | |
| | | | | | | 1,606,401 | |
| | | | | | | | |
| Oil & Gas — 1.9% | | | | | | | | |
Cimarex Energy Co. | | | 10,021 | | | | 275,477 | |
ConocoPhillips | | | 25,388 | | | | 1,066,804 | |
Noble Energy, Inc. | | | 30,552 | | | | 273,746 | |
| | | | | | | | |
| | | | | | | 1,616,027 | |
| | | | | | | | |
|
| Oil & Gas Services — 0.5% | |
Baker Hughes Co. | | | 25,379 | | | | 390,583 | |
| | | | | | | | |
| | |
| Packaging and Containers — 3.6% | | | | | | | | |
Graphic Packaging Holding Co. | | | 33,186 | | | | 464,272 | |
Packaging Corp. of America | | | 10,098 | | | | 1,007,781 | |
Sonoco Products Co. | | | 23,154 | | | | 1,210,723 | |
Westrock Co. | | | 13,209 | | | | 373,286 | |
| | | | | | | | |
| | | | | | | 3,056,062 | |
| | | | | | | | |
| Pharmaceuticals — 2.7% | | | | | | | | |
Cardinal Health, Inc. | | | 19,746 | | | | 1,030,544 | |
McKesson Corp. | | | 7,805 | | | | 1,197,443 | |
| | | | | | | | |
| | | | | | | 2,227,987 | |
| | | | | | | | |
| Retail — 4.3% | | | | | | | | |
Advance Auto Parts, Inc. | | | 8,602 | | | | 1,225,355 | |
Genuine Parts Co. | | | 11,852 | | | | 1,030,650 | |
MSC Industrial Direct Co., Inc., Class A | | | 14,227 | | | | 1,035,868 | |
Target Corp. | | | 2,462 | | | | 295,267 | |
| | | | | | | | |
| | | | | | | 3,587,140 | |
| | | | | | | | |
|
| Savings & Loans — 0.9% | |
Capitol Federal Financial, Inc. | | | 64,891 | | | | 714,450 | |
| | | | | | | | |
| | |
| Semiconductors — 3.7% | | | | | | | | |
Applied Materials, Inc. | | | 23,430 | | | | 1,416,343 | |
Maxim Integrated Products, Inc. | | | 18,018 | | | | 1,092,071 | |
Microchip Technology, Inc. | | | 5,245 | | | | 552,351 | |
| | | | | | | | |
| | | | | | | 3,060,765 | |
| | | | | | | | |
|
| Software — 1.2% | |
Cerner Corp. | | | 15,201 | | | | 1,042,029 | |
| | | | | | | | |
| | |
| Telecommunications — 1.0% | | | | | | | | |
Rogers Communications, Inc., Class B | | | 20,903 | | | | 839,908 | |
| | | | | | | | |
| | |
| Transportation — 2.2% | | | | | | | | |
Heartland Express, Inc. | | | 39,554 | | | | 823,514 | |
Norfolk Southern Corp. | | | 5,639 | | | | 990,039 | |
| | | | | | | | |
| | | | | | | 1,813,553 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $77,129,893) | | | | 76,028,920 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 3.7% | | | | | | | | |
| Diversified — 1.5% | |
Weyerhaeuser Co. | | | 54,496 | | | | 1,223,980 | |
| | | | | | | | |
|
| Healthcare — 0.8% | |
Welltower, Inc. | | | 13,737 | | | | 710,890 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Hotels & Resorts — 0.9% | |
MGM Growth Properties LLC, Class A | | | 26,200 | | | $ | 712,902 | |
| | | | | | | | |
| | |
| Office Property — 0.5% | | | | | | | | |
Piedmont Office Realty Trust, Inc., Class A | | | 25,188 | | | | 418,373 | |
| | | | | | | | |
| | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,542,452) | | | | | | | 3,066,145 | |
| | | | | |
| EXCHANGE TRADED FUNDS — 2.9% | |
| | |
| Investment Companies — 2.9% | | | | | | | | |
iShares Russell Mid-Cap Value ETF
(Cost $2,229,248) | | | 31,330 | | | | 2,397,685 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.0% | |
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 0.100%)
(Cost $1,689,478) | | | 1,689,478 | | | | 1,689,478 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.3%
(Cost $84,591,071) | | | | 83,182,228 | |
| |
| Other Assets & Liabilities — 0.7% | | | | 620,345 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 83,802,573 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
ASA — Allmennaksjeselskap.
ETF — Exchange-Traded Fund.
LLC — Limited Liability Company.
M — Month.
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 85 | % |
Switzerland | | | 4 | |
United Kingdom | | | 4 | |
Netherlands | | | 2 | |
Canada | | | 1 | |
France | | | 1 | |
Norway | | | 1 | |
Other | | | 2 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
97
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Core Value Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,474,370 | | | $ | 850,577 | | | $ | 623,793 | | | $ | — | |
Airlines | | | 768,913 | | | | 768,913 | | | | — | | | | — | |
Auto Manufacturers | | | 2,912,406 | | | | 2,912,406 | | | | — | | | | — | |
Auto Parts & Equipment | | | 1,156,225 | | | | 1,156,225 | | | | — | | | | — | |
Banks | | | 6,470,727 | | | | 6,470,727 | | | | — | | | | — | |
Building Materials | | | 1,511,856 | | | | 1,511,856 | | | | — | | | | — | |
Computers | | | 880,476 | | | | 880,476 | | | | — | | | | — | |
Diversified Financial Services | | | 1,596,744 | | | | 1,596,744 | | | | — | | | | — | |
Electric | | | 6,538,881 | | | | 6,538,881 | | | | — | | | | — | |
Electrical Components & Equipment | | | 1,844,214 | | | | 1,844,214 | | | | — | | | | — | |
Electronics | | | 4,508,417 | | | | 3,834,983 | | | | 673,434 | | | | — | |
Environmental Control | | | 1,382,789 | | | | 1,382,789 | | | | — | | | | — | |
Food | | | 6,661,224 | | | | 4,659,014 | | | | 2,002,210 | | | | — | |
Food Service | | | 805,012 | | | | — | | | | 805,012 | | | | — | |
Forest Products & Paper | | | 927,595 | | | | — | | | | 927,595 | | | | — | |
Gas | | | 1,425,173 | | | | 1,425,173 | | | | — | | | | — | |
Hand & Machine Tools | | | 131,414 | | | | 131,414 | | | | — | | | | — | |
Healthcare Products | | | 5,412,730 | | | | 5,071,881 | | | | 340,849 | | | | — | |
Healthcare Services | | | 2,612,642 | | | | 2,612,642 | | | | — | | | | — | |
Home Builders | | | 104,399 | | | | 104,399 | | | | — | | | | — | |
Household Products & Wares | | | 627,594 | | �� | | 627,594 | | | | — | | | | — | |
Insurance | | | 4,451,880 | | | | 4,451,880 | | | | — | | | | — | |
Internet | | | 1,026,712 | | | | 1,026,712 | | | | — | | | | — | |
Media | | | 841,622 | | | | 841,622 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 1,606,401 | | | | 770,851 | | | | 835,550 | | | | — | |
Oil & Gas | | | 1,616,027 | | | | 1,616,027 | | | | — | | | | — | |
Oil & Gas Services | | | 390,583 | | | | 390,583 | | | | — | | | | — | |
Packaging and Containers | | | 3,056,062 | | | | 3,056,062 | | | | — | | | | — | |
Pharmaceuticals | | | 2,227,987 | | | | 2,227,987 | | | | — | | | | — | |
Retail | | | 3,587,140 | | | | 3,587,140 | | | | — | | | | — | |
Savings & Loans | | | 714,450 | | | | 714,450 | | | | — | | | | — | |
Semiconductors | | | 3,060,765 | | | | 3,060,765 | | | | — | | | | — | |
Software | | | 1,042,029 | | | | 1,042,029 | | | | — | | | | — | |
Telecommunications | | | 839,908 | | | | 839,908 | | | | — | | | | — | |
Transportation | | | 1,813,553 | | | | 1,813,553 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 76,028,920 | | | | 69,820,477 | | | | 6,208,443 | | | | — | |
| |
REAL ESTATE INVESTMENT TRUSTS | | | 3,066,145 | | | | 3,066,145 | | | | — | | | | — | |
EXCHANGE TRADED FUNDS | | | 2,397,685 | | | | 2,397,685 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,689,478 | | | | 1,689,478 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 83,182,228 | | | $ | 76,973,785 | | | $ | 6,208,443 | | | $ | — | |
| |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 28,983 | | | $ | — | | | $ | 28,983 | | | $ | — | |
| |
TOTAL ASSETS - OTHER FINANCIAL INSTRUMENTS | | $ | 28,983 | | | $ | — | | | $ | 28,983 | | | $ | — | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
OTHER FINANCIAL
INSTRUMENTS(1) | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | (566 | ) | | $ | — | | | $ | (566 | ) | | $ | — | |
| |
TOTAL LIABILITIES - OTHER FINANCIAL INSTRUMENTS | | $ | (566 | ) | | $ | — | | | $ | (566 | ) | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
98
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Mid Core Value Fund
Open forward foreign currency contracts held by Mid Core Value Fund at June 30, 2020 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | Settlement
Date | | �� | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain | | | Unrealized
Foreign
Exchange
Loss | |
| Sell | | Canadian Dollar | | Morgan Stanley | | | 9/30/2020 | | | | (1,006,532 | ) | | | 1.35736 | | | $ | (743,629 | ) | | $ | (741,536 | ) | | $ | 2,093 | | | $ | — | |
| Buy | | Canadian Dollar | | Morgan Stanley | | | 9/30/2020 | | | | 24,342 | | | | 1.35736 | | | | 17,855 | | | | 17,933 | | | | 78 | | | | — | |
| Sell | | Euro | | Credit Suisse | | | 9/30/2020 | | | | (1,931,423 | ) | | | 0.88827 | | | | (2,179,765 | ) | | | (2,174,364 | ) | | | 5,401 | | | | — | |
| Buy | | Euro | | Credit Suisse | | | 9/30/2020 | | | | 77,870 | | | | 0.88827 | | | | 87,618 | | | | 87,665 | | | | 47 | | | | — | |
| Sell | | Japanese Yen | | BOFA Securities | | | 9/30/2020 | | | | (50,226,850 | ) | | | 107.8365 | | | | (471,738 | ) | | | (465,769 | ) | | | 5,969 | | | | — | |
| Buy | | Japanese Yen | | BOFA Securities | | | 9/30/2020 | | | | 6,867,077 | | | | 107.8365 | | | | 64,026 | | | | 63,680 | | | | — | | | | (346 | ) |
| Sell | | Norwegian Krone | | Goldman Sachs | | | 9/30/2020 | | | | (5,777,073 | ) | | | 9.62201 | | | | (602,390 | ) | | | (600,402 | ) | | | 1,988 | | | | — | |
| Sell | | Pound Sterling | | JP Morgan | | | 9/30/2020 | | | | (1,712,659 | ) | | | 0.80661 | | | | (2,136,634 | ) | | | (2,123,280 | ) | | | 13,354 | | | | — | |
| Buy | | Pound Sterling | | JP Morgan | | | 9/30/2020 | | | | 47,523 | | | | 0.80661 | | | | 59,042 | | | | 58,917 | | | | — | | | | (125 | ) |
| Sell | | Swiss Franc | | UBS Securities | | | 9/30/2020 | | | | (554,794 | ) | | | 0.94485 | | | | (587,230 | ) | | | (587,177 | ) | | | 53 | | | | — | |
| Buy | | Swiss Franc | | UBS Securities | | | 9/30/2020 | | | | 32,668 | | | | 0.94485 | | | | 34,670 | | | | 34,575 | | | | — | | | | (95 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 28,983 | | | $ | (566 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
99
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 98.6% | | | | | | | | |
| Advertising — 1.0% | | | | | | | | |
The Trade Desk, Inc., Class A* | | | 1,875 | | | $ | 762,188 | |
| | | | | | | | |
|
| Aerospace & Defense — 3.1% | |
Aerojet Rocketdyne Holdings, Inc.* | | | 26,105 | | | | 1,034,802 | |
HEICO Corp., Class A | | | 4,255 | | | | 345,676 | |
Teledyne Technologies, Inc.* | | | 3,129 | | | | 972,963 | |
| | | | | | | | |
| | | | 2,353,441 | |
| | | | | | | | |
|
| Apparel — 0.9% | |
Columbia Sportswear Co. | | | 4,016 | | | | 323,609 | |
Deckers Outdoor Corp.* | | | 1,943 | | | | 381,586 | |
| | | | | | | | |
| | | | 705,195 | |
| | | | | | | | |
|
| Beverages — 0.6% | |
The Boston Beer Co., Inc., Class A* | | | 886 | | | | 475,472 | |
| | | | | | | | |
|
| Biotechnology — 9.0% | |
Amarin Corp. PLC ADR* | | | 22,939 | | | | 158,738 | |
Argenx S.E. ADR* | | | 2,034 | | | | 458,118 | |
Atreca, Inc., Class A* | | | 12,034 | | | | 256,083 | |
Avidity Biosciences, Inc.* | | | 2,536 | | | | 71,667 | |
Beam Therapeutics, Inc.* | | | 10,461 | | | | 292,908 | |
Bluebird Bio, Inc.* | | | 4,807 | | | | 293,419 | |
Centogene N.V.* | | | 15,736 | | | | 360,040 | |
Exelixis, Inc.* | | | 38,564 | | | | 915,509 | |
Genmab A/S ADR* | | | 24,612 | | | | 834,101 | |
Guardant Health, Inc.* | | | 8,106 | | | | 657,640 | |
Immunomedics, Inc.* | | | 22,856 | | | | 810,017 | |
Momenta Pharmaceuticals, Inc.* | | | 17,039 | | | | 566,888 | |
PTC Therapeutics, Inc.* | | | 11,303 | | | | 573,514 | |
Y-mAbs Therapeutics, Inc.* | | | 13,007 | | | | 561,902 | |
| | | | | | | | |
| | | | 6,810,544 | |
| | | | | | | | |
| Building Materials — 3.3% | |
Fortune Brands Home & Security, Inc. | | | 6,263 | | | | 400,394 | |
Lennox International, Inc. | | | 1,741 | | | | 405,635 | |
The AZEK Co., Inc* | | | 26,055 | | | | 830,112 | |
Trex Co., Inc.* | | | 6,754 | | | | 878,493 | |
| | | | | | | | |
| | | | 2,514,634 | |
| | | | | | | | |
| Chemicals — 3.1% | |
Ashland Global Holdings, Inc. | | | 11,287 | | | | 779,932 | |
RPM International, Inc. | | | 20,823 | | | | 1,562,974 | |
| | | | | | | | |
| | | | 2,342,906 | |
| | | | | | | | |
| Commercial Services — 5.8% | |
Avalara, Inc.* | | | 11,166 | | | | 1,486,083 | |
Booz Allen Hamilton Holding Corp. | | | 15,186 | | | | 1,181,319 | |
Bright Horizons Family Solutions, Inc.* | | | 4,628 | | | | 542,402 | |
Chegg, Inc.* | | | 7,076 | | | | 475,932 | |
Paylocity Holding Corp.* | | | 2,691 | | | | 392,590 | |
Rollins, Inc. | | | 8,365 | | | | 354,592 | |
| | | | | | | | |
| | | | 4,432,918 | |
| | | | | | | | |
| Computers — 1.6% | |
Lumentum Holdings, Inc.* | | | 7,603 | | | | 619,112 | |
Zscaler, Inc.* | | | 5,420 | | | | 593,490 | |
| | | | | | | | |
| | | | 1,212,602 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Distribution & Wholesale — 2.2% | |
Pool Corp. | | | 2,982 | | | $ | 810,716 | |
SiteOne Landscape Supply, Inc.* | | | 7,283 | | | | 830,044 | |
| | | | | | | | |
| | | | 1,640,760 | |
| | | | | | | | |
| Diversified Financial Services — 1.9% | |
Cboe Global Markets, Inc. | | | 4,736 | | | | 441,774 | |
Evercore, Inc., Class A | | | 5,663 | | | | 333,664 | |
Houlihan Lokey, Inc. | | | 5,691 | | | | 316,647 | |
Tradeweb Markets, Inc., Class A | | | 6,024 | | | | 350,236 | |
| | | | | | | | |
| | | | 1,442,321 | |
| | | | | | | | |
| Electrical Components & Equipment — 2.9% | |
Generac Holdings, Inc.* | | | 8,193 | | | | 998,972 | |
Novanta, Inc.* | | | 11,350 | | | | 1,211,840 | |
| | | | | | | | |
| | | | 2,210,812 | |
| | | | | | | | |
| Electronics — 5.1% | |
Allegion PLC | | | 10,598 | | | | 1,083,327 | |
Badger Meter, Inc. | | | 12,489 | | | | 785,808 | |
National Instruments Corp. | | | 15,990 | | | | 618,973 | |
PerkinElmer, Inc. | | | 13,831 | | | | 1,356,683 | |
| | | | | | | | |
| | | | 3,844,791 | |
| | | | | | | | |
| Food — 1.5% | |
BellRing Brands, Inc., Class A* | | | 20,043 | | | | 399,657 | |
Beyond Meat, Inc.* | | | 1,822 | | | | 244,112 | |
Lamb Weston Holdings, Inc. | | | 8,230 | | | | 526,144 | |
| | | | | | | | |
| | | | 1,169,913 | |
| | | | | | | | |
|
| Hand & Machine Tools — 1.4% | |
Colfax Corp.* | | | 39,394 | | | | 1,099,093 | |
| | | | | | | | |
|
| Healthcare Products — 9.2% | |
10X Genomics, Inc., Class A* | | | 4,231 | | | | 377,871 | |
Bio-Techne Corp. | | | 5,167 | | | | 1,364,450 | |
Castle Biosciences, Inc.* | | | 9,530 | | | | 359,186 | |
Inari Medical, Inc.* | | | 1,190 | | | | 57,643 | |
Nevro Corp.* | | | 6,182 | | | | 738,563 | |
NuVasive, Inc.* | | | 8,535 | | | | 475,058 | |
Silk Road Medical, Inc.* | | | 5,215 | | | | 218,456 | |
Tandem Diabetes Care, Inc.* | | | 7,787 | | | | 770,290 | |
Teleflex, Inc. | | | 3,140 | | | | 1,142,897 | |
West Pharmaceutical Services, Inc. | | | 6,339 | | | | 1,440,031 | |
| | | | | | | | |
| | | | 6,944,445 | |
| | | | | | | | |
| Healthcare Services — 2.3% | |
Molina Healthcare, Inc.* | | | 6,850 | | | | 1,219,163 | |
Teladoc Health, Inc.* | | | 2,796 | | | | 533,589 | |
| | | | | | | | |
| | | | 1,752,752 | |
| | | | | | | | |
|
| Household Products & Wares — 1.3% | |
Avery Dennison Corp. | | | 4,968 | | | | 566,799 | |
The Scotts Miracle-Gro Co. | | | 2,998 | | | | 403,141 | |
| | | | | | | | |
| | | | 969,940 | |
| | | | | | | | |
| Insurance — 1.1% | |
Brown & Brown, Inc. | | | 11,683 | | | | 476,199 | |
Primerica, Inc. | | | 3,171 | | | | 369,739 | |
| | | | | | | | |
| | | | 845,938 | |
| | | | | | | | |
100
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Internet — 2.3% | |
Anaplan, Inc.* | | | 12,197 | | | $ | 552,646 | |
Zendesk, Inc.* | | | 13,336 | | | | 1,180,636 | |
| | | | | | | | |
| | | | 1,733,282 | |
| | | | | | | | |
| Leisure Time — 2.5% | |
Brunswick Corp. | | | 10,946 | | | | 700,653 | |
Peloton Interactive, Inc., Class A* | | | 11,983 | | | | 692,258 | |
Planet Fitness, Inc., Class A* | | | 7,935 | | | | 480,623 | |
| | | | | | | | |
| | | | 1,873,534 | |
| | | | | | | | |
|
| Lodging — 1.0% | |
Choice Hotels International, Inc. | | | 9,429 | | | | 743,948 | |
| | | | | | | | |
|
| Machinery—Diversified — 1.5% | |
IDEX Corp. | | | 3,791 | | | | 599,130 | |
Xylem, Inc. | | | 7,750 | | | | 503,440 | |
| | | | | | | | |
| | | | 1,102,570 | |
| | | | | | | | |
|
| Media — 0.8% | |
Factset Research Systems, Inc. | | | 1,919 | | | | 630,334 | |
| | | | | | | | |
|
| Metal Fabricate/Hardware — 0.8% | |
RBC Bearings, Inc.* | | | 4,291 | | | | 575,166 | |
| | | | | | | | |
|
| Office & Business Equipment — 1.2% | |
Zebra Technologies Corp., Class A* | | | 3,466 | | | | 887,123 | |
| | | | | | | | |
|
| Pharmaceuticals — 8.0% | |
Agios Pharmaceuticals, Inc.* | | | 19,620 | | | | 1,049,278 | |
Alector, Inc.* | | | 13,191 | | | | 322,388 | |
Elanco Animal Health, Inc.* | | | 23,393 | | | | 501,780 | |
GW Pharmaceuticals PLC ADR* | | | 2,317 | | | | 284,342 | |
MyoKardia, Inc.* | | | 5,726 | | | | 553,246 | |
Neogen Corp.* | | | 7,245 | | | | 562,212 | |
Neurocrine Biosciences, Inc.* | | | 11,823 | | | | 1,442,406 | |
Sarepta Therapeutics, Inc.* | | | 8,566 | | | | 1,373,472 | |
| | | | | | | | |
| | | | 6,089,124 | |
| | | | | | | | |
| Retail — 5.6% | |
Dunkin’ Brands Group, Inc. | | | 11,266 | | | | 734,881 | |
Five Below, Inc.* | | | 5,581 | | | | 596,664 | |
Floor & Decor Holdings, Inc., Class A* | | | 15,695 | | | | 904,817 | |
Freshpet, Inc.* | | | 5,024 | | | | 420,308 | |
RH* | | | 2,321 | | | | 577,697 | |
Vroom, Inc.* | | | 2,993 | | | | 156,055 | |
Wingstop, Inc. | | | 6,331 | | | | 879,819 | |
| | | | | | | | |
| | | | 4,270,241 | |
| | | | | | | | |
| Semiconductors — 6.7% | |
Entegris, Inc. | | | 20,557 | | | | 1,213,891 | |
Inphi Corp.* | | | 6,662 | | | | 782,785 | |
MKS Instruments, Inc. | | | 7,379 | | | | 835,598 | |
Monolithic Power Systems, Inc. | | | 4,849 | | | | 1,149,213 | |
Teradyne, Inc. | | | 13,125 | | | | 1,109,194 | |
| | | | | | | | |
| | | | 5,090,681 | |
| | | | | | | | |
| Software — 9.4% | |
Bill.com Holdings, Inc.* | | | 5,487 | | | | 494,982 | |
Black Knight, Inc.* | | | 10,052 | | | | 729,373 | |
Cloudflare, Inc., Class A* | | | 25,866 | | | | 929,883 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Software — (continued) | |
Coupa Software, Inc.* | | | 2,790 | | | $ | 772,942 | |
Dynatrace, Inc.* | | | 28,591 | | | | 1,160,795 | |
Elastic N.V.* | | | 10,683 | | | | 985,079 | |
HubSpot, Inc.* | | | 5,112 | | | | 1,146,877 | |
MongoDB, Inc.* | | | 4,107 | | | | 929,578 | |
| | | | | | | | |
| | | | 7,149,509 | |
| | | | | | | | |
|
| Telecommunications — 1.0% | |
Ciena Corp.* | | | 13,728 | | | | 743,508 | |
| | | | | | | | |
|
| Transportation — 0.5% | |
XPO Logistics, Inc.* | | | 4,829 | | | | 373,040 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $62,235,161) | | | | | | | 74,792,725 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 1.9% | |
|
| Building & Real Estate — 1.1% | |
Equity LifeStyle Properties, Inc. | | | 13,024 | | | | 813,739 | |
| | | | | | | | |
|
| Storage & Warehousing — 0.8% | |
Americold Realty Trust | | | 8,627 | | | | 313,160 | |
Terreno Realty Corp. | | | 5,571 | | | | 293,258 | |
| | | | | | | | |
| | | | 606,418 | |
| | | | | | | | |
| | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $1,376,711) | | | | | | | 1,420,157 | |
| | | | | |
| SHORT-TERM INVESTMENTS — 2.2% | | | | | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $1,684,211) | | | 1,684,211 | | | | 1,684,211 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 102.7%
(Cost $65,296,083) | | | | | | | 77,897,093 | |
| | |
| Other Assets & Liabilities — (2.7)% | | | | | | | (2,030,708 | ) |
| | | | | | | | |
| | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 75,866,385 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
S.E. — Societas Europaea.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 95 | % |
Ireland | | | 2 | |
Netherlands | | | 2 | |
Denmark | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
101
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
SMID Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 74,792,725 | | | $ | 74,792,725 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 1,420,157 | | | | 1,420,157 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,684,211 | | | | 1,684,211 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 77,897,093 | | | $ | 77,897,093 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
102
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 88.6% | | | | | | | | |
| Aerospace & Defense — 0.7% | |
AAR Corp. | | | 17,790 | | | $ | 367,719 | |
| | | | | | | | |
|
| Airlines — 1.9% | |
Alaska Air Group, Inc. | | | 15,013 | | | | 544,371 | |
SkyWest, Inc. | | | 14,950 | | | | 487,669 | |
| | | | | | | | |
| | | | 1,032,040 | |
| | | | | | | | |
| Apparel — 3.0% | |
Capri Holdings Ltd.* | | | 14,212 | | | | 222,134 | |
Crocs, Inc.* | | | 16,621 | | | | 611,985 | |
Ralph Lauren Corp. | | | 5,920 | | | | 429,318 | |
Skechers U.S.A., Inc., Class A* | | | 13,000 | | | | 407,940 | |
| | | | | | | | |
| | | | 1,671,377 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.5% | |
Dana, Inc. | | | 60,892 | | | | 742,274 | |
Lear Corp. | | | 6,013 | | | | 655,537 | |
| | | | | | | | |
| | | | 1,397,811 | |
| | | | | | | | |
| Banks — 10.2% | |
Associated Banc-Corp. | | | 53,773 | | | | 735,615 | |
BankUnited, Inc. | | | 34,475 | | | | 698,119 | |
Comerica, Inc. | | | 14,925 | | | | 568,642 | |
First Citizens BancShares, Inc., Class A | | | 1,051 | | | | 425,676 | |
Synovus Financial Corp. | | | 35,920 | | | | 737,437 | |
Texas Capital Bancshares, Inc.* | | | 15,717 | | | | 485,184 | |
Umpqua Holdings Corp. | | | 58,494 | | | | 622,376 | |
Webster Financial Corp. | | | 21,062 | | | | 602,584 | |
Zions Bancorp NA | | | 22,141 | | | | 752,794 | |
| | | | | | | | |
| | | | 5,628,427 | |
| | | | | | | | |
|
| Beverages — 1.1% | |
Primo Water Corp. | | | 44,468 | | | | 611,435 | |
| | | | | | | | |
|
| Building Materials — 1.7% | |
Masonite International Corp.* | | | 11,674 | | | | 908,004 | |
| | | | | | | | |
|
| Chemicals — 1.6% | |
GCP Applied Technologies, Inc.* | | | 1,389 | | | | 25,808 | |
Orion Engineered Carbons S.A. | | | 43,656 | | | | 462,317 | |
Westlake Chemical Corp. | | | 7,589 | | | | 407,150 | |
| | | | | | | | |
| | | | 895,275 | |
| | | | | | | | |
| Commercial Services — 3.4% | |
Quanta Services, Inc. | | | 21,995 | | | | 862,864 | |
Robert Half International, Inc. | | | 9,655 | | | | 510,074 | |
United Rentals, Inc.* | | | 3,350 | | | | 499,284 | |
| | | | | | | | |
| | | | 1,872,222 | |
| | | | | | | | |
| Computers — 2.6% | |
Genpact Ltd. | | | 13,742 | | | | 501,858 | |
NCR Corp.* | | | 28,671 | | | | 496,582 | |
NetScout Systems, Inc.* | | | 17,819 | | | | 455,453 | |
| | | | | | | | |
| | | | 1,453,893 | |
| | | | | | | | |
| Diversified Financial Services — 1.7% | |
Moelis & Co., Class A | | | 19,199 | | | | 598,241 | |
OneMain Holdings, Inc. | | | 13,474 | | | | 330,652 | |
| | | | | | | | |
| | | | 928,893 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Electric — 3.1% | |
Alliant Energy Corp. | | | 16,908 | | | $ | 808,879 | |
Black Hills Corp. | | | 7,747 | | | | 438,945 | |
PNM Resources, Inc. | | | 12,139 | | | | 466,623 | |
| | | | | | | | |
| | | | 1,714,447 | |
| | | | | | | | |
| Electrical Components & Equipment — 2.3% | |
Belden, Inc. | | | 16,624 | | | | 541,111 | |
EnerSys | | | 10,870 | | | | 699,811 | |
| | | | | | | | |
| | | | 1,240,922 | |
| | | | | | | | |
| Electronics — 2.8% | |
Arrow Electronics, Inc.* | | | 6,797 | | | | 466,886 | |
TTM Technologies, Inc.* | | | 41,574 | | | | 493,068 | |
Vishay Intertechnology, Inc. | | | 37,643 | | | | 574,808 | |
| | | | | | | | |
| | | | 1,534,762 | |
| | | | | | | | |
|
| Engineering & Construction — 1.2% | |
AECOM* | | | 17,760 | | | | 667,421 | |
| | | | | | | | |
| Food — 4.0% | |
Nomad Foods Ltd.* | | | 38,501 | | | | 825,846 | |
The Hain Celestial Group, Inc.* | | | 29,408 | | | | 926,646 | |
US Foods Holding Corp.* | | | 22,322 | | | | 440,190 | |
| | | | | | | | |
| | | | 2,192,682 | |
| | | | | | | | |
| Gas — 0.9% | |
Southwest Gas Holdings, Inc. | | | 6,922 | | | | 477,964 | |
| | | | | | | | |
| Hand & Machine Tools — 3.2% | |
Kennametal, Inc. | | | 28,704 | | | | 824,092 | |
Regal Beloit Corp. | | | 10,914 | | | | 953,010 | |
| | | | | | | | |
| | | | 1,777,102 | |
| | | | | | | | |
| Healthcare Services — 2.3% | |
ICON PLC* | | | 3,312 | | | | 557,939 | |
Molina Healthcare, Inc.* | | | 4,017 | | | | 714,946 | |
| | | | | | | | |
| | | | 1,272,885 | |
| | | | | | | | |
| Home Builders — 3.1% | |
KB Home | | | 12,800 | | | | 392,704 | |
PulteGroup, Inc. | | | 26,480 | | | | 901,114 | |
Taylor Morrison Home Corp.* | | | 21,354 | | | | 411,919 | |
| | | | | | | | |
| | | | 1,705,737 | |
| | | | | | | | |
| Insurance — 7.6% | |
American Financial Group, Inc. | | | 8,118 | | | | 515,168 | |
Essent Group Ltd. | | | 16,848 | | | | 611,077 | |
Everest Re Group Ltd. | | | 4,087 | | | | 842,739 | |
First American Financial Corp. | | | 11,859 | | | | 569,469 | |
Kemper Corp. | | | 1,211 | | | | 87,822 | |
Reinsurance Group of America, Inc. | | | 6,595 | | | | 517,312 | |
Selective Insurance Group, Inc. | | | 7,630 | | | | 402,406 | |
The Hanover Insurance Group, Inc. | | | 6,114 | | | | 619,532 | |
| | | | | | | | |
| | | | 4,165,525 | |
| | | | | | | | |
|
| Internet — 0.6% | |
Criteo S.A. ADR* | | | 28,788 | | | | 327,895 | |
| | | | | | | | |
|
| Iron & Steel — 0.7% | |
Carpenter Technology Corp. | | | 16,537 | | | | 401,518 | |
| | | | | | | | |
103
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Leisure Time — 3.3% | |
Brunswick Corp. | | | 14,557 | | | $ | 931,794 | |
Callaway Golf Co. | | | 49,998 | | | | 875,465 | |
| | | | | | | | |
| | | | 1,807,259 | |
| | | | | | | | |
|
| Machinery — Construction & Mining — 1.4% | |
Oshkosh Corp. | | | 10,890 | | | | 779,942 | |
| | | | | | | | |
|
| Media — 0.2% | |
Houghton Mifflin Harcourt Co.* | | | 50,599 | | | | 91,584 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 0.5% | |
Trinseo S.A. | | | 13,397 | | | | 296,878 | |
| | | | | | | | |
|
| Oil & Gas — 1.7% | |
Cimarex Energy Co. | | | 4,484 | | | | 123,265 | |
HollyFrontier Corp. | | | 28,481 | | | | 831,645 | |
| | | | | | | | |
| | | | 954,910 | |
| | | | | | | | |
|
| Oil & Gas Services — 1.7% | |
Dril-Quip, Inc.* | | | 15,337 | | | | 456,889 | |
MRC Global, Inc.* | | | 79,493 | | | | 469,804 | |
| | | | | | | | |
| | | | 926,693 | |
| | | | | | | | |
| Packaging and Containers — 2.5% | |
Graphic Packaging Holding Co. | | | 44,040 | | | | 616,120 | |
Sealed Air Corp. | | | 22,852 | | | | 750,688 | |
| | | | | | | | |
| | | | 1,366,808 | |
| | | | | | | | |
|
| Pharmaceuticals — 1.0% | |
Perrigo Co. PLC | | | 9,900 | | | | 547,173 | |
| | | | | | | | |
| Retail — 4.4% | |
Foot Locker, Inc. | | | 17,871 | | | | 521,118 | |
Papa John’s International, Inc. | | | 11,900 | | | | 944,979 | |
Williams-Sonoma, Inc. | | | 11,474 | | | | 940,983 | |
| | | | | | | | |
| | | | 2,407,080 | |
| | | | | | | | |
|
| Savings & Loans — 0.9% | |
Sterling Bancorp | | | 40,112 | | | | 470,113 | |
| | | | | | | | |
| Semiconductors — 2.2% | |
Kulicke & Soffa Industries, Inc. | | | 29,341 | | | | 611,173 | |
MaxLinear, Inc.* | | | 26,468 | | | | 568,003 | |
| | | | | | | | |
| | | | 1,179,176 | |
| | | | | | | | |
| Software — 2.6% | |
CommVault Systems, Inc.* | | | 17,293 | | | | 669,239 | |
Nuance Communications, Inc.* | | | 14,515 | | | | 367,302 | |
Verint Systems, Inc.* | | | 9,014 | | | | 407,253 | |
| | | | | | | | |
| | | | 1,443,794 | |
| | | | | | | | |
| Telecommunications — 1.3% | |
Amdocs Ltd. | | | 11,361 | | | | 691,658 | |
| | | | | | | | |
| Transportation — 2.5% | |
Knight-Swift Transportation Holdings, Inc. | | | 18,822 | | | | 785,065 | |
XPO Logistics, Inc.* | | | 7,303 | | | | 564,157 | |
| | | | | | | | |
| | | | 1,349,222 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Trucking and Leasing — 0.2% | |
GATX Corp. | | | 1,866 | | | $ | 113,789 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $54,773,143) | | | | 48,672,035 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 10.6% | |
|
| Apartments — 2.7% | |
American Campus Communities, Inc. | | | 19,272 | | | | 673,749 | |
Camden Property Trust | | | 8,830 | | | | 805,473 | |
| | | | | | | | |
| | | | 1,479,222 | |
| | | | | | | | |
| Healthcare — 1.3% | |
Physicians Realty Trust | | | 39,995 | | | | 700,712 | |
| | | | | | | | |
| Hotels & Resorts — 2.5% | |
MGM Growth Properties LLC, Class A | | | 27,509 | | | | 748,520 | |
Park Hotels & Resorts, Inc. | | | 27,350 | | | | 270,492 | |
RLJ Lodging Trust | | | 36,962 | | | | 348,921 | |
| | | | | | | | |
| | | | 1,367,933 | |
| | | | | | | | |
|
| Industrial — 1.4% | |
STAG lndustrial, Inc. | | | 27,345 | | | | 801,755 | |
| | | | | | | | |
|
| Office Property — 0.8% | |
Cousins Properties, Inc. | �� | | 15,695 | | | | 468,182 | |
| | | | | | | | |
|
| Storage & Warehousing — 1.9% | |
Americold Realty Trust | | | 9,873 | | | | 358,390 | |
CubeSmart | | | 24,964 | | | | 673,778 | |
| | | | | | | | |
| | | | 1,032,168 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,772,414) | | | | 5,849,972 | |
| | | | | |
| SHORT-TERM INVESTMENTS — 1.1% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $619,481) | | | 619,481 | | | | 619,481 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.3%
(Cost $62,165,038) | | | | 55,141,488 | |
| Other Assets & Liabilities — (0.3)% | | | | (174,592 | ) |
| | | | | | | | |
| TOTAL NET ASSETS — 100.0% | | | $ | 54,966,896 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
LLC — Limited Liability Company.
NA — National Association.
S.A. — Societe Anonyme.
PLC — Public Limited Company.
104
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
SMID Cap Value Fund
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 93 | % |
Ireland | | | 2 | |
United Kingdom | | | 2 | |
Bermuda | | | 1 | |
France | | | 1 | |
Singapore | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 48,672,035 | | | $ | 48,672,035 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 5,849,972 | | | | 5,849,972 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 619,481 | | | | 619,481 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 55,141,488 | | | $ | 55,141,488 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
105
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 98.7% | | | | | | | | |
| Advertising — 1.7% | | | | | | | | |
The Trade Desk, Inc., Class A* | | | 4,610 | | | $ | 1,873,965 | |
| | | | | | | | |
|
| Aerospace & Defense — 0.6% | |
HEICO Corp., Class A | | | 8,003 | | | | 650,164 | |
| | | | | | | | |
|
| Apparel — 0.5% | |
Carter’s, Inc. | | | 7,277 | | | | 587,254 | |
| | | | | | | | |
|
| Auto Parts & Equipment — 0.5% | |
Visteon Corp.* | | | 7,454 | | | | 510,599 | |
| | | | | | | | |
|
| Banks — 0.3% | |
Kearny Financial Corp. | | | 47,068 | | | | 385,016 | |
| | | | | | | | |
|
| Biotechnology — 6.2% | |
ACADIA Pharmaceuticals, Inc.* | | | 7,732 | | | | 374,770 | |
Amicus Therapeutics, Inc.* | | | 35,534 | | | | 535,853 | |
Ascendis Pharma A/S ADR* | | | 4,493 | | | | 664,515 | |
BioNTech SE ADR* | | | 2,946 | | | | 196,616 | |
Epizyme, Inc.* | | | 17,801 | | | | 285,884 | |
Fate Therapeutics, Inc.* | | | 20,165 | | | | 691,861 | |
FibroGen, Inc.* | | | 13,333 | | | | 540,386 | |
Generation Bio Co.* | | | 11,016 | | | | 231,336 | |
Insmed, Inc.* | | | 31,192 | | | | 859,028 | |
Ligand Pharmaceuticals, Inc.* | | | 11,009 | | | | 1,231,356 | |
NeoGenomics, Inc.* | | | 39,308 | | | | 1,217,762 | |
Vir Biotechnology, Inc.* | | | 3,201 | | | | 131,145 | |
| | | | | | | | |
| | | | 6,960,512 | |
| | | | | | | | |
|
| Building Materials — 0.5% | |
Summit Materials, Inc., Class A* | | | 35,582 | | | | 572,159 | |
| | | | | | | | |
|
| Chemicals — 2.5% | |
H.B. Fuller Co. | | | 12,434 | | | | 554,556 | |
Rogers Corp.* | | | 6,329 | | | | 788,594 | |
Sensient Technologies Corp. | | | 28,617 | | | | 1,492,663 | |
| | | | | | | | |
| | | | 2,835,813 | |
| | | | | | | | |
| Commercial Services — 7.0% | |
Avalara, Inc.* | | | 11,131 | | | | 1,481,425 | |
Cimpress PLC* | | | 4,896 | | | | 373,761 | |
Euronet Worldwide, Inc.* | | | 11,141 | | | | 1,067,530 | |
HealthEquity, Inc.* | | | 8,831 | | | | 518,115 | |
K12, Inc.* | | | 24,349 | | | | 663,267 | |
MarketAxess Holdings, Inc. | | | 1,259 | | | | 630,658 | |
ServiceMaster Global Holdings, Inc.* | | | 46,125 | | | | 1,646,201 | |
Shift4 Payments, Inc., Class A* | | | 3,519 | | | | 124,924 | |
TriNet Group, Inc.* | | | 7,803 | | | | 475,515 | |
WEX, Inc.* | | | 4,995 | | | | 824,225 | |
| | | | | | | | |
| | | | 7,805,621 | |
| | | | | | | | |
| Computers — 3.9% | |
Cubic Corp. | | | 10,155 | | | | 487,745 | |
Kornit Digital Ltd.* | | | 27,920 | | | | 1,490,370 | |
MAXIMUS, Inc. | | | 9,171 | | | | 646,097 | |
NCR Corp.* | | | 24,526 | | | | 424,790 | |
WNS Holdings Ltd. ADR* | | | 22,890 | | | | 1,258,492 | |
| | | | | | | | |
| | | | 4,307,494 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Diversified Financial Services — 3.1% | |
Cboe Global Markets, Inc. | | | 9,486 | | | $ | 884,854 | |
LendingTree, Inc.* | | | 3,153 | | | | 912,888 | |
LPL Financial Holdings, Inc. | | | 20,737 | | | | 1,625,781 | |
| | | | | | | | |
| | | | 3,423,523 | |
| | | | | | | | |
|
| Electric — 0.6% | |
NRG Energy, Inc. | | | 21,211 | | | | 690,630 | |
| | | | | | | | |
|
| Electrical Components & Equipment — 1.8% | |
Belden, Inc. | | | 12,948 | | | | 421,457 | |
EnerSys | | | 11,676 | | | | 751,701 | |
Novanta, Inc.* | | | 8,152 | | | | 870,389 | |
| | | | | | | | |
| | | | 2,043,547 | |
| | | | | | | | |
| Electronics — 3.8% | |
Alarm.com Holdings, Inc.* | | | 13,717 | | | | 888,999 | |
Brady Corp., Class A | | | 24,560 | | | | 1,149,899 | |
Itron, Inc.* | | | 11,641 | | | | 771,216 | |
National Instruments Corp. | | | 12,674 | | | | 490,610 | |
OSI Systems, Inc.* | | | 12,004 | | | | 895,979 | |
| | | | | | | | |
| | | | 4,196,703 | |
| | | | | | | | |
|
| Engineering & Construction — 0.9% | |
frontdoor, Inc.* | | | 21,401 | | | | 948,706 | |
| | | | | | | | |
|
| Entertainment — 0.7% | |
Cedar Fair LP | | | 10,648 | | | | 292,820 | |
Manchester United PLC, Class A | | | 31,789 | | | | 503,220 | |
| | | | | | | | |
| | | | 796,040 | |
| | | | | | | | |
| Food — 1.5% | |
BellRing Brands, Inc., Class A* | | | 26,586 | | | | 530,125 | |
Hostess Brands, Inc.* | | | 51,737 | | | | 632,226 | |
Premium Brands Holdings Corp. | | | 8,771 | | | | 559,494 | |
| | | | | | | | |
| | | | 1,721,845 | |
| | | | | | | | |
| Healthcare Products — 8.2% | |
Bio-Techne Corp. | | | 5,462 | | | | 1,442,350 | |
Bruker Corp. | | | 28,522 | | | | 1,160,275 | |
Cantel Medical Corp. | | | 12,092 | | | | 534,829 | |
Glaukos Corp.* | | | 14,982 | | | | 575,608 | |
Globus Medical, Inc., Class A* | | | 25,423 | | | | 1,212,931 | |
ICU Medical, Inc.* | | | 4,544 | | | | 837,505 | |
Integra LifeSciences Holdings Corp.* | | | 31,252 | | | | 1,468,532 | |
Quidel Corp.* | | | 2,332 | | | | 521,762 | |
STERIS PLC | | | 8,958 | | | | 1,374,516 | |
| | | | | | | | |
| | | | 9,128,308 | |
| | | | | | | | |
| Healthcare Services — 4.2% | |
Catalent, Inc.* | | | 52,261 | | | | 3,830,731 | |
Chemed Corp. | | | 1,802 | | | | 812,828 | |
| | | | | | | | |
| | | | 4,643,559 | |
| | | | | | | | |
|
| Home Builders — 0.8% | |
Thor Industries, Inc. | | | 7,990 | | | | 851,175 | |
| | | | | | | | |
|
| Household Products & Wares — 1.1% | |
Helen of Troy Ltd.* | | | 4,399 | | | | 829,475 | |
Ontex Group N.V.* | | | 30,237 | | | | 444,460 | |
| | | | | | | | |
| | | | 1,273,935 | |
| | | | | | | | |
106
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Insurance — 0.8% | |
RLI Corp. | | | 11,464 | | | $ | 941,194 | |
| | | | | | | | |
|
| Internet — 1.7% | |
ChannelAdvisor Corp.* | | | 49,917 | | | | 790,685 | |
Zendesk, Inc.* | | | 13,040 | | | | 1,154,431 | |
| | | | | | | | |
| | | | 1,945,116 | |
| | | | | | | | |
|
| Machinery — Diversified — 3.0% | |
CSW Industrials, Inc. | | | 20,761 | | | | 1,434,792 | |
Gates Industrial Corp. PLC* | | | 40,582 | | | | 417,183 | |
Nordson Corp. | | | 6,042 | | | | 1,146,228 | |
Westinghouse Air Brake Technologies Corp. | | | 6,798 | | | | 391,361 | |
| | | | | | | | |
| | | | 3,389,564 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 1.2% | |
Rexnord Corp. | | | 47,711 | | | | 1,390,776 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 3.9% | |
Carlisle Cos., Inc. | | | 10,123 | | | | 1,211,419 | |
ITT, Inc. | | | 17,665 | | | | 1,037,642 | |
John Bean Technologies Corp. | | | 8,384 | | | | 721,192 | |
Proto Labs, Inc.* | | | 3,991 | | | | 448,868 | |
Standex International Corp. | | | 16,452 | | | | 946,813 | |
| | | | | | | | |
| | | | 4,365,934 | |
| | | | | | | | |
| Pharmaceuticals — 6.4% | |
Eagle Pharmaceuticals, Inc.* | | | 12,743 | | | | 611,409 | |
Global Blood Therapeutics, Inc.* | | | 9,750 | | | | 615,517 | |
GW Pharmaceuticals PLC ADR* | | | 5,299 | | | | 650,293 | |
Heron Therapeutics, Inc.* | | | 24,091 | | | | 354,379 | |
Heska Corp.* | | | 5,115 | | | | 476,565 | |
Knight Therapeutics, Inc.* | | | 65,860 | | | | 340,555 | |
Neurocrine Biosciences, Inc.* | | | 9,608 | | | | 1,172,176 | |
Prestige Consumer Healthcare, Inc.* | | | 23,627 | | | | 887,430 | |
Rhythm Pharmaceuticals, Inc.* | | | 19,779 | | | | 441,072 | |
Sarepta Therapeutics, Inc.* | | | 4,613 | | | | 739,648 | |
uniQure N.V.* | | | 6,636 | | | | 299,018 | |
Vaxcyte, Inc.* | | | 16,920 | | | | 534,841 | |
| | | | | | | | |
| | | | 7,122,903 | |
| | | | | | | | |
|
| Real Estate — 0.4% | |
Jones Lang LaSalle, Inc. | | | 4,565 | | | | 472,295 | |
| | | | | | | | |
|
| Retail — 4.2% | |
Casey’s General Stores, Inc. | | | 4,785 | | | | 715,453 | |
Dunkin’ Brands Group, Inc. | | | 10,669 | | | | 695,939 | |
National Vision Holdings, Inc.* | | | 23,191 | | | | 707,789 | |
Texas Roadhouse, Inc. | | | 6,784 | | | | 356,635 | |
The Lovesac Co.* | | | 38,306 | | | | 1,004,767 | |
Vroom, Inc.* | | | 8,126 | | | | 423,690 | |
Williams-Sonoma, Inc. | | | 9,328 | | | | 764,989 | |
| | | | | | | | |
| | | | 4,669,262 | |
| | | | | | | | |
| Semiconductors — 2.6% | |
Cree, Inc.* | | | 9,162 | | | | 542,299 | |
Entegris, Inc. | | | 22,165 | | | | 1,308,843 | |
ON Semiconductor Corp.* | | | 52,346 | | | | 1,037,498 | |
| | | | | | | | |
| | | | 2,888,640 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Software — 17.1% | |
ACI Worldwide, Inc.* | | | 23,942 | | | $ | 646,195 | |
Blackbaud, Inc. | | | 22,600 | | | | 1,290,008 | |
Broadridge Financial Solutions, Inc. | | | 15,478 | | | | 1,953,169 | |
Cadence Design Systems, Inc.* | | | 9,974 | | | | 957,105 | |
Clarivate PLC* | | | 71,851 | | | | 1,604,433 | |
Dynatrace, Inc.* | | | 19,098 | | | | 775,379 | |
Envestnet, Inc.* | | | 14,547 | | | | 1,069,786 | |
Guidewire Software, Inc.* | | | 8,345 | | | | 925,043 | |
Intelligent Systems Corp.* | | | 16,805 | | | | 572,714 | |
J2 Global, Inc.* | | | 7,724 | | | | 488,234 | |
Jack Henry & Associates, Inc. | | | 4,305 | | | | 792,249 | |
LivePerson, Inc.* | | | 27,008 | | | | 1,118,941 | |
RealPage, Inc.* | | | 21,270 | | | | 1,382,763 | |
Sailpoint Technologies Holdings, Inc.* | | | 35,099 | | | | 929,071 | |
SS&C Technologies Holdings, Inc. | | | 37,556 | | | | 2,121,163 | |
The Descartes Systems Group, Inc.* | | | 35,320 | | | | 1,864,602 | |
Yext, Inc.* | | | 39,936 | | | | 663,337 | |
| | | | | | | | |
| | | | 19,154,192 | |
| | | | | | | | |
| Telecommunications — 4.4% | |
Nice Ltd. ADR* | | | 18,955 | | | | 3,587,044 | |
PagerDuty, Inc.* | | | 17,593 | | | | 503,512 | |
Vonage Holdings Corp.* | | | 79,974 | | | | 804,538 | |
| | | | | | | | |
| | | | 4,895,094 | |
| | | | | | | | |
| Transportation — 2.6% | |
CryoPort, Inc.* | | | 40,284 | | | | 1,218,591 | |
Saia, Inc.* | | | 14,898 | | | | 1,656,360 | |
| | | | | | | | |
| | | | | | | 2,874,951 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $77,185,613) | | | | | | | 110,316,489 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 0.8% | |
| Diversified — 0.8% | |
Lamar Advertising Co. Class A
(Cost $699,158) | | | 12,703 | | | | 848,052 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.3% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $2,627,750) | | | 2,627,750 | | | | 2,627,750 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 101.8%
(Cost $80,512,521) | | | | | | | 113,792,291 | |
| | |
| Other Assets & Liabilities — (1.8)% | | | | | | | (1,976,913 | ) |
| | | | | | | | |
| | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 111,815,378 | |
| | | | | | | | |
107
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Growth Fund
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
LP — Limited Partnership.
PLC — Public Limited Company.
N.V. — Naamloze Vennootschap.
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United States | | | 88 | % |
Israel | | | 5 | |
Canada | | | 2 | |
United Kingdom | | | 2 | |
Denmark | | | 1 | |
India | | | 1 | |
Other | | | 1 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
|
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Advertising | | $ | 1,873,965 | | | $ | 1,873,965 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 650,164 | | | | 650,164 | | | | — | | | | — | |
Apparel | | | 587,254 | | | | 587,254 | | | | — | | | | — | |
Auto Parts & Equipment | | | 510,599 | | | | 510,599 | | | | — | | | | — | |
Banks | | | 385,016 | | | | 385,016 | | | | — | | | | — | |
Biotechnology | | | 6,960,512 | | | | 6,960,512 | | | | — | | | | — | |
Building Materials | | | 572,159 | | | | 572,159 | | | | — | | | | — | |
Chemicals | | | 2,835,813 | | | | 2,835,813 | | | | — | | | | — | |
Commercial Services | | | 7,805,621 | | | | 7,805,621 | | | | — | | | | — | |
Computers | | | 4,307,494 | | | | 4,307,494 | | | | — | | | | — | |
Diversified Financial Services | | | 3,423,523 | | | | 3,423,523 | | | | — | | | | — | |
Electric | | | 690,630 | | | | 690,630 | | | | — | | | | — | |
Electrical Components & Equipment | | | 2,043,547 | | | | 2,043,547 | | | | — | | | | — | |
Electronics | | | 4,196,703 | | | | 4,196,703 | | | | — | | | | — | |
Engineering & Construction | | | 948,706 | | | | 948,706 | | | | — | | | | — | |
Entertainment | | | 796,040 | | | | 796,040 | | | | — | | | | — | |
Food | | | 1,721,845 | | | | 1,721,845 | | | | — | | | | — | |
Healthcare Products | | | 9,128,308 | | | | 9,128,308 | | | | — | | | | — | |
Healthcare Services | | | 4,643,559 | | | | 4,643,559 | | | | — | | | | — | |
Home Builders | | | 851,175 | | | | 851,175 | | | | — | | | | — | |
Household Products & Wares | | | 1,273,935 | | | | 829,475 | | | | 444,460 | | | | — | |
Insurance | | | 941,194 | | | | 941,194 | | | | — | | | | — | |
Internet | | | 1,945,116 | | | | 1,945,116 | | | | — | | | | — | |
Machinery - Diversified | | | 3,389,564 | | | | 3,389,564 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 1,390,776 | | | | 1,390,776 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 4,365,934 | | | | 4,365,934 | | | | — | | | | — | |
Pharmaceuticals | | | 7,122,903 | | | | 7,122,903 | | | | — | | | | — | |
Real Estate | | | 472,295 | | | | 472,295 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
|
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Retail | | $ | 4,669,262 | | | $ | 4,669,262 | | | $ | — | | | $ | — | |
Semiconductors | | | 2,888,640 | | | | 2,888,640 | | | | — | | | | — | |
Software | | | 19,154,192 | | | | 19,154,192 | | | | — | | | | — | |
Telecommunications | | | 4,895,094 | | | | 4,895,094 | | | | — | | | | — | |
Transportation | | | 2,874,951 | | | | 2,874,951 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 110,316,489 | | | | 109,872,029 | | | | 444,460 | | | | — | |
| |
REAL ESTATE INVESTMENT TRUSTS | | | 848,052 | | | | 848,052 | | | | — | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 2,627,750 | | | | 2,627,750 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 113,792,291 | | | $ | 113,347,831 | | | $ | 444,460 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
108
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 87.5% | | | | | | | | |
| Aerospace & Defense — 1.5% | | | | | | | | |
AAR Corp. | | | 15,396 | | | $ | 318,235 | |
Aerojet Rocketdyne Holdings, Inc.* | | | 11,747 | | | | 465,651 | |
Curtiss-Wright Corp. | | | 4,478 | | | | 399,796 | |
Ducommun, Inc.* | | | 10,303 | | | | 359,266 | |
Kaman Corp. | | | 16,018 | | | | 666,349 | |
| | | | | | | | |
| | | | 2,209,297 | |
| | | | | | | | |
|
| Airlines — 0.6% | |
Allegiant Travel Co. | | | 3,046 | | | | 332,654 | |
SkyWest, Inc. | | | 16,233 | | | | 529,520 | |
| | | | | | | | |
| | | | 862,174 | |
| | | | | | | | |
|
| Apparel — 1.3% | |
Crocs, Inc.* | | | 19,073 | | | | 702,268 | |
Deckers Outdoor Corp.* | | | 2,709 | | | | 532,020 | |
Wolverine World Wide, Inc. | | | 28,434 | | | | 677,014 | |
| | | | | | | | |
| | | | 1,911,302 | |
| | | | | | | | |
|
| Auto Manufacturers — 0.2% | |
Navistar International Corp.* | | | 10,158 | | | | 286,456 | |
| | | | | | | | |
|
| Auto Parts & Equipment — 1.0% | |
Adient PLC* | | | 52,058 | | | | 854,792 | |
American Axle & Manufacturing Holdings, Inc.* | | | 24,005 | | | | 182,438 | |
Cooper Tire & Rubber Co. | | | 5,831 | | | | 160,994 | |
Visteon Corp.* | | | 4,351 | | | | 298,044 | |
| | | | | | | | |
| | | | 1,496,268 | |
| | | | | | | | |
|
| Banks — 16.0% | |
Alerus Financial Corp. | | | 6,752 | | | | 133,419 | |
Amalgamated Bank, Class A | | | 13,329 | | | | 168,479 | |
Ameris Bancorp | | | 41,618 | | | | 981,769 | |
Atlantic Union Bankshares Corp. | | | 39,244 | | | | 908,891 | |
BancorpSouth Bank | | | 47,450 | | | | 1,079,013 | |
Bank of Hawaii Corp. | | | 3,955 | | | | 242,876 | |
Banner Corp. | | | 30,153 | | | | 1,145,814 | |
Bryn Mawr Bank Corp. | | | 8,941 | | | | 247,308 | |
Columbia Banking System, Inc. | | | 45,259 | | | | 1,282,866 | |
Community Bank System, Inc. | | | 21,200 | | | | 1,208,824 | |
ConnectOne Bancorp, Inc. | | | 33,335 | | | | 537,360 | |
CVB Financial Corp. | | | 62,308 | | | | 1,167,652 | |
FB Financial Corp. | | | 28,328 | | | | 701,684 | |
First Financial Bankshares, Inc. | | | 33,290 | | | | 961,748 | |
First Merchants Corp. | | | 36,121 | | | | 995,856 | |
First Midwest Bancorp, Inc. | | | 33,671 | | | | 449,508 | |
German American Bancorp, Inc. | | | 15,546 | | | | 483,481 | |
Glacier Bancorp, Inc. | | | 37,220 | | | | 1,313,494 | |
Great Western Bancorp, Inc. | | | 27,581 | | | | 379,515 | |
Heritage Financial Corp. | | | 24,197 | | | | 483,940 | |
Home BancShares, Inc. | | | 45,472 | | | | 699,359 | |
Independent Bank Corp. | | | 19,330 | | | | 1,296,850 | |
Lakeland Financial Corp. | | | 22,653 | | | | 1,055,403 | |
Pinnacle Financial Partners, Inc. | | | 16,061 | | | | 674,401 | |
Renasant Corp. | | | 44,392 | | | | 1,105,361 | |
Sandy Spring Bancorp, Inc. | | | 10,601 | | | | 262,693 | |
South State Corp. | | | 28,547 | | | | 1,360,550 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Banks — (continued) | |
The First of Long Island Corp. | | | 7,370 | | | $ | 120,426 | |
Towne Bank | | | 23,088 | | | | 434,978 | |
TriCo Bancshares | | | 21,236 | | | | 646,636 | |
United Community Banks, Inc. | | | 53,242 | | | | 1,071,229 | |
Walker & Dunlop, Inc. | | | 12,396 | | | | 629,841 | |
| | | | | | | | |
| | | | 24,231,224 | |
| | | | | | | | |
|
| Biotechnology — 0.6% | |
Arena Pharmaceuticals, Inc.* | | | 8,622 | | | | 542,755 | |
Emergent BioSolutions, Inc.* | | | 5,543 | | | | 438,340 | |
| | | | | | | | |
| | | | 981,095 | |
| | | | | | | | |
|
| Building Materials — 1.8% | |
Gibraltar Industries, Inc.* | | | 9,404 | | | | 451,486 | |
Griffon Corp. | | | 28,888 | | | | 535,006 | |
Patrick Industries, Inc. | | | 11,162 | | | | 683,672 | |
Summit Materials, Inc., Class A* | | | 41,591 | | | | 668,783 | |
The AZEK Co., Inc* | | | 12,046 | | | | 383,786 | |
| | | | | | | | |
| | | | 2,722,733 | |
| | | | | | | | |
|
| Chemicals — 2.2% | |
H.B. Fuller Co. | | | 11,497 | | | | 512,766 | |
PolyOne Corp. | | | 50,807 | | | | 1,332,668 | |
Quaker Chemical Corp. | | | 1,334 | | | | 247,657 | |
Rogers Corp.* | | | 3,939 | | | | 490,799 | |
Stepan Co. | | | 2,620 | | | | 254,402 | |
W.R. Grace & Co. | | | 9,139 | | | | 464,353 | |
| | | | | | | | |
| | | | 3,302,645 | |
| | | | | | | | |
|
| Coal — 0.2% | |
Warrior Met Coal, Inc. | | | 19,963 | | | | 307,231 | |
| | | | | | | | |
|
| Commercial Services — 3.4% | |
ABM Industries, Inc. | | | 22,017 | | | | 799,217 | |
AMN Healthcare Services, Inc.* | | | 5,813 | | | | 262,980 | |
ASGN, Inc.* | | | 16,095 | | | | 1,073,215 | |
FTI Consulting, Inc.* | | | 2,835 | | | | 324,749 | |
Green Dot Corp., Class A* | | | 5,335 | | | | 261,842 | |
Herc Holdings, Inc.* | | | 13,571 | | | | 417,037 | |
HMS Holdings Corp.* | | | 15,565 | | | | 504,150 | |
ICF International, Inc. | | | 7,947 | | | | 515,204 | |
Laureate Education, Inc., Class A* | | | 39,083 | | | | 389,462 | |
Rent-A-Center, Inc. | | | 22,628 | | | | 629,511 | |
| | | | | | | | |
| | | | 5,177,367 | |
| | | | | | | | |
|
| Computers — 1.0% | |
CACI International, Inc., Class A* | | | 2,336 | | | | 506,631 | |
NetScout Systems, Inc.* | | | 28,862 | | | | 737,713 | |
Vocera Communications, Inc.* | | | 13,819 | | | | 292,963 | |
| | | | | | | | |
| | | | 1,537,307 | |
| | | | | | | | |
|
| Cosmetics & Personal Care — 0.1% | |
Edgewell Personal Care Co.* | | | 5,425 | | | | 169,043 | |
| | | | | | | | |
|
| Distribution & Wholesale — 0.3% | |
Beacon Roofing Supply, Inc.* | | | 19,685 | | | | 519,093 | |
| | | | | | | | |
109
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Diversified Financial Services — 2.7% | |
Collier Creek Holdings, Class A* | | | 39,545 | | | $ | 541,766 | |
Hamilton Lane, Inc., Class A | | | 10,062 | | | | 677,877 | |
Houlihan Lokey, Inc. | | | 11,573 | | | | 643,922 | |
Oportun Financial Corp.* | | | 10,140 | | | | 136,282 | |
PJT Partners, Inc., Class A | | | 9,333 | | | | 479,156 | |
Stifel Financial Corp. | | | 30,230 | | | | 1,433,809 | |
Virtu Financial, Inc., Class A | | | 9,674 | | | | 228,306 | |
| | | | | | | | |
| | | | 4,141,118 | |
| | | | | | | | |
|
| Electric — 3.2% | |
ALLETE, Inc. | | | 21,268 | | | | 1,161,445 | |
IDACORP, Inc. | | | 5,259 | | | | 459,479 | |
MGE Energy, Inc. | | | 7,988 | | | | 515,306 | |
PNM Resources, Inc. | | | 33,868 | | | | 1,301,886 | |
Portland General Electric Co. | | | 34,685 | | | | 1,450,180 | |
| | | | | | | | |
| | | | 4,888,296 | |
| | | | | | | | |
|
| Electronics — 2.4% | |
Brady Corp., Class A | | | 11,171 | | | | 523,026 | |
FARO Technologies, Inc.* | | | 10,505 | | | | 563,068 | |
II-VI, Inc.* | | | 6,410 | | | | 302,680 | |
Mesa Laboratories, Inc. | | | 1,906 | | | | 413,221 | |
nVent Electric PLC | | | 24,754 | | | | 463,643 | |
TTM Technologies, Inc.* | | | 59,414 | | | | 704,650 | |
Watts Water Technologies, Inc., Class A | | | 8,257 | | | | 668,817 | |
| | | | | | | | |
| | | | 3,639,105 | |
| | | | | | | | |
|
| Engineering & Construction — 3.0% | |
AECOM* | | | 14,894 | | | | 559,716 | |
EMCOR Group, Inc. | | | 14,290 | | | | 945,141 | |
KBR, Inc. | | | 63,936 | | | | 1,441,757 | |
MasTec, Inc.* | | | 21,236 | | | | 952,859 | |
TopBuild Corp.* | | | 5,939 | | | | 675,680 | |
| | | | | | | | |
| | | | 4,575,153 | |
| | | | | | | | |
|
| Entertainment — 1.2% | |
Eldorado Resorts, Inc.* | | | 12,083 | | | | 484,045 | |
Live Nation Entertainment, Inc.* | | | 1,525 | | | | 67,603 | |
Marriott Vacations Worldwide Corp. | | | 13,432 | | | | 1,104,245 | |
Penn National Gaming, Inc.* | | | 7,045 | | | | 215,154 | |
| | | | | | | | |
| | | | 1,871,047 | |
| | | | | | | | |
|
| Environmental Control — 0.4% | |
Casella Waste Systems, Inc., Class A* | | | 10,524 | | | | 548,511 | |
| | | | | | | | |
|
| Food — 3.1% | |
BellRing Brands, Inc., Class A* | | | 18,486 | | | | 368,611 | |
Darling Ingredients, Inc.* | | | 60,913 | | | | 1,499,678 | |
Grocery Outlet Holding Corp.* | | | 8,664 | | | | 353,491 | |
Hostess Brands, Inc.* | | | 55,571 | | | | 679,078 | |
Nomad Foods Ltd.* | | | 21,453 | | | | 460,167 | |
Performance Food Group Co.* | | | 38,567 | | | | 1,123,842 | |
The Simply Good Foods Co.* | | | 7,996 | | | | 148,566 | |
| | | | | | | | |
| | | | 4,633,433 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Gas — 1.5% | |
Chesapeake Utilities Corp. | | | 9,573 | | | $ | 804,132 | |
ONE Gas, Inc. | | | 20,102 | | | | 1,548,859 | |
| | | | | | | | |
| | | | 2,352,991 | |
| | | | | | | | |
|
| Hand & Machine Tools — 1.3% | |
Colfax Corp.* | | | 28,923 | | | | 806,952 | |
Kennametal, Inc. | | | 38,352 | | | | 1,101,086 | |
| | | | | | | | |
| | | | 1,908,038 | |
| | | | | | | | |
|
| Healthcare Products — 2.1% | |
Avanos Medical, Inc.* | | | 25,390 | | | | 746,212 | |
CONMED Corp. | | | 10,417 | | | | 749,920 | |
Globus Medical, Inc., Class A* | | | 13,235 | | | | 631,442 | |
Luminex Corp. | | | 16,645 | | | | 541,462 | |
Merit Medical Systems, Inc.* | | | 10,468 | | | | 477,864 | |
| | | | | | | | |
| | | | 3,146,900 | |
| | | | | | | | |
|
| Healthcare Services — 1.5% | |
Acadia Healthcare Co., Inc.* | | | 28,645 | | | | 719,562 | |
Magellan Health, Inc.* | | | 6,059 | | | | 442,186 | |
Syneos Health, Inc.* | | | 10,717 | | | | 624,265 | |
Tenet Healthcare Corp.* | | | 23,350 | | | | 422,869 | |
| | | | | | | | |
| | | | 2,208,882 | |
| | | | | | | | |
|
| Home Builders — 1.4% | |
KB Home | | | 18,521 | | | | 568,224 | |
Meritage Homes Corp.* | | | 20,200 | | | | 1,537,624 | |
| | | | | | | | |
| | | | 2,105,848 | |
| | | | | | | | |
|
| Household Products & Wares — 0.3% | |
Helen of Troy Ltd.* | | | 2,571 | | | | 484,788 | |
| | | | | | | | |
|
| Insurance — 5.5% | |
AMERISAFE, Inc. | | | 8,568 | | | | 524,019 | |
BRP Group, Inc., Class A* | | | 19,941 | | | | 344,381 | |
CNO Financial Group, Inc. | | | 14,751 | | | | 229,673 | |
Enstar Group Ltd.* | | | 4,967 | | | | 758,808 | |
Kemper Corp. | | | 9,518 | | | | 690,245 | |
Kinsale Capital Group, Inc. | | | 5,541 | | | | 860,019 | |
MGIC Investment Corp. | | | 98,654 | | | | 807,976 | |
NMI Holdings, Inc., Class A* | | | 36,559 | | | | 587,869 | |
Palomar Holdings, Inc.* | | | 8,855 | | | | 759,405 | |
Primerica, Inc. | | | 7,083 | | | | 825,878 | |
RLI Corp. | | | 10,483 | | | | 860,654 | |
Selective Insurance Group, Inc. | | | 19,862 | | | | 1,047,522 | |
| | | | | | | | |
| | | | 8,296,449 | |
| | | | | | | | |
|
| Iron & Steel — 0.8% | |
Cleveland-Cliffs, Inc. | | | 73,369 | | | | 404,997 | |
Commercial Metals Co. | | | 39,765 | | | | 811,206 | |
| | | | | | | | |
| | | | 1,216,203 | |
| | | | | | | | |
|
| Leisure Time — 0.9% | |
BRP, Inc. | | | 9,818 | | | | 418,050 | |
Callaway Golf Co. | | | 30,051 | | | | 526,193 | |
Malibu Boats, Inc., Class A* | | | 7,105 | | | | 369,105 | |
| | | | | | | | |
| | | | 1,313,348 | |
| | | | | | | | |
110
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Lodging — 0.4% | |
Boyd Gaming Corp. | | | 28,273 | | | $ | 590,906 | |
| | | | | | | | |
|
| Machinery — Construction & Mining — 0.2% | |
Astec Industries, Inc. | | | 7,705 | | | | 356,819 | |
| | | | | | | | |
|
| Machinery — Diversified — 1.6% | |
Cactus, Inc., Class A | | | 27,932 | | | | 576,237 | |
Chart Industries, Inc.* | | | 9,638 | | | | 467,347 | |
Columbus McKinnon Corp. | | | 16,745 | | | | 560,120 | |
SPX FLOW, Inc.* | | | 23,926 | | | | 895,789 | |
| | | | | | | | |
| | | | 2,499,493 | |
| | | | | | | | |
|
| Media — 0.8% | |
Nexstar Media Group, Inc., Class A | | | 10,815 | | | | 905,107 | |
TEGNA, Inc. | | | 26,558 | | | | 295,856 | |
| | | | | | | | |
| | | | 1,200,963 | |
| | | | | | | | |
|
| Metal Fabricate/Hardware — 1.8% | |
CIRCOR International, Inc.* | | | 11,206 | | | | 285,529 | |
Rexnord Corp. | | | 54,434 | | | | 1,586,751 | |
The Timken Co. | | | 18,540 | | | | 843,385 | |
| | | | | | | | |
| | | | 2,715,665 | |
| | | | | | | | |
|
| Mining — 0.7% | |
Constellium S.E.* | | | 66,471 | | | | 510,497 | |
Sandstorm Gold Ltd.* | | | 61,271 | | | | 589,427 | |
| | | | | | | | |
| | | | 1,099,924 | |
| | | | | | | | |
|
| Miscellaneous Manufacturing — 0.7% | |
Enerpac Tool Group Corp. | | | 26,054 | | | | 458,550 | |
Federal Signal Corp. | | | 22,285 | | | | 662,533 | |
| | | | | | | | |
| | | | 1,121,083 | |
| | | | | | | | |
|
| Office Furnishings — 0.4% | |
Herman Miller, Inc. | | | 23,160 | | | | 546,808 | |
| | | | | | | | |
|
| Oil & Gas — 2.2% | |
Brigham Minerals, Inc., Class A | | | 37,716 | | | | 465,793 | |
Falcon Minerals Corp. | | | 60,066 | | | | 192,211 | |
Noble Energy, Inc. | | | 53,559 | | | | 479,889 | |
Parsley Energy, Inc., Class A | | | 68,758 | | | | 734,336 | |
Viper Energy Partners LP | | | 77,615 | | | | 804,091 | |
WPX Energy, Inc.* | | | 104,969 | | | | 669,702 | |
| | | | | | | | |
| | | | 3,346,022 | |
| | | | | | | | |
|
| Oil & Gas Services — 0.6% | |
ChampionX Corp.* | | | 89,636 | | | | 874,847 | |
| | | | | | | | |
|
| Packaging and Containers — 0.9% | |
Graphic Packaging Holding Co. | | | 41,702 | | | | 583,411 | |
TriMas Corp.* | | | 29,752 | | | | 712,560 | |
| | | | | | | | |
| | | | 1,295,971 | |
| | | | | | | | |
|
| Pharmaceuticals — 0.7% | |
PRA Health Sciences, Inc.* | | | 4,975 | | | | 484,018 | |
Prestige Consumer Healthcare, Inc.* | | | 17,023 | | | | 639,384 | |
| | | | | | | | |
| | | | 1,123,402 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Pipelines — 0.2% | |
Rattler Midstream LP | | | 33,219 | | | $ | 322,224 | |
| | | | | | | | |
|
| Real Estate — 0.3% | |
Kennedy-Wilson Holdings, Inc. | | | 34,837 | | | | 530,219 | |
| | | | | | | | |
|
| Retail — 4.8% | |
Big Lots, Inc. | | | 2,225 | | | | 93,450 | |
BJ’s Wholesale Club Holdings, Inc.* | | | 8,854 | | | | 329,989 | |
BMC Stock Holdings, Inc.* | | | 24,509 | | | | 616,156 | |
Brinker International, Inc. | | | 19,081 | | | | 457,944 | |
Burlington Stores, Inc.* | | | 1,935 | | | | 381,059 | |
FirstCash, Inc. | | | 6,753 | | | | 455,692 | |
Five Below, Inc.* | | | 3,805 | | | | 406,792 | |
Jack in the Box, Inc. | | | 11,431 | | | | 846,923 | |
Lithia Motors, Inc., Class A | | | 5,725 | | | | 866,364 | |
Papa John’s International, Inc. | | | 3,526 | | | | 280,000 | |
RH* | | | 2,161 | | | | 537,873 | |
Sally Beauty Holdings, Inc.* | | | 2,654 | | | | 33,255 | |
Sonic Automotive, Inc., Class A | | | 15,081 | | | | 481,235 | |
Texas Roadhouse, Inc. | | | 7,996 | | | | 420,350 | |
The Michaels Cos, Inc.* | | | 73,808 | | | | 521,823 | |
Zumiez, Inc.* | | | 17,583 | | | | 481,422 | |
| | | | | | | | |
| | | | 7,210,327 | |
| | | | | | | | |
|
| Savings & Loans — 2.3% | |
Brookline Bancorp, Inc. | | | 50,723 | | | | 511,288 | |
OceanFirst Financial Corp. | | | 42,278 | | | | 745,361 | |
Pacific Premier Bancorp, Inc. | | | 32,859 | | | | 712,383 | |
Provident Financial Services, Inc. | | | 28,700 | | | | 414,715 | |
Washington Federal, Inc. | | | 39,569 | | | | 1,062,032 | |
| | | | | | | | |
| | | | 3,445,779 | |
| | | | | | | | |
|
| Semiconductors — 1.9% | |
CTS Corp. | | | 17,777 | | | | 356,251 | |
FormFactor, Inc.* | | | 6,839 | | | | 200,588 | |
Lattice Semiconductor Corp.* | | | 20,209 | | | | 573,734 | |
MACOM Technology Solutions Holdings, Inc.* | | | 612 | | | | 21,022 | |
MKS Instruments, Inc. | | | 4,292 | | | | 486,026 | |
Onto Innovation, Inc.* | | | 22,061 | | | | 750,957 | |
Semtech Corp.* | | | 9,952 | | | | 519,693 | |
| | | | | | | | |
| | | | 2,908,271 | |
| | | | | | | | |
|
| Software — 1.7% | |
Allscripts Healthcare Solutions, Inc.* | | | 40,079 | | | | 271,335 | |
Bottomline Technologies, Inc.* | | | 12,040 | | | | 611,271 | |
Cloudera, Inc.* | | | 30,383 | | | | 386,472 | |
ManTech International Corp., Class A | | | 7,238 | | | | 495,731 | |
SYNNEX Corp. | | | 2,929 | | | | 350,806 | |
Verint Systems, Inc.* | | | 11,419 | | | | 515,910 | |
| | | | | | | | |
| | | | 2,631,525 | |
| | | | | | | | |
|
| Telecommunications — 1.0% | |
InterDigital, Inc. | | | 4,836 | | | | 273,863 | |
Knowles Corp.* | | | 39,485 | | | | 602,541 | |
Viavi Solutions, Inc.* | | | 50,513 | | | | 643,535 | |
| | | | | | | | |
| | | | 1,519,939 | |
| | | | | | | | |
111
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Transportation — 2.4% | |
Air Transport Services Group, Inc.* | | | 14,504 | | | $ | 323,004 | |
ArcBest Corp. | | | 9,047 | | | | 239,836 | |
Euronav N.V. | | | 53,906 | | | | 439,334 | |
Golar LNG Ltd.* | | | 56,112 | | | | 406,251 | |
Hub Group, Inc., Class A* | | | 8,874 | | | | 424,709 | |
Marten Transport Ltd. | | | 24,938 | | | | 627,440 | |
Saia, Inc.* | | | 7,449 | | | | 828,180 | |
Werner Enterprises, Inc. | | | 7,162 | | | | 311,762 | |
| | | | | | | | |
| | | | 3,600,516 | |
| | | | | | | | |
|
| Water — 0.4% | |
SJW Group | | | 10,205 | | | | 633,833 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $136,164,530) | | | | 132,617,881 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 11.8% | |
| Apartments — 0.1% | |
Preferred Apartment Communities, Inc., Class A | | | 27,779 | | | | 211,120 | |
| | | | | | | | |
|
| Building & Real Estate — 1.2% | |
PennyMac Mortgage Investment Trust | | | 62,764 | | | | 1,100,253 | |
Two Harbors Investment Corp. | | | 142,326 | | | | 717,323 | |
| | | | | | | | |
| | | | 1,817,576 | |
| | | | | | | | |
|
| Diversified — 1.0% | |
Blackstone Mortgage Trust, Inc., Class A | | | 2,831 | | | | 68,199 | |
PS Business Parks, Inc. | | | 10,267 | | | | 1,359,351 | |
| | | | | | | | |
| | | | 1,427,550 | |
| | | | | | | | |
|
| Diversified Financial Services — 0.5% | |
KKR Real Estate Finance Trust, Inc. | | | 47,130 | | | | 781,415 | |
| | | | | | | | |
|
| Healthcare — 2.1% | |
Healthcare Realty Trust, Inc. | | | 47,204 | | | | 1,382,605 | |
National Health Investors, Inc. | | | 12,666 | | | | 769,080 | |
Physicians Realty Trust | | | 62,337 | | | | 1,092,144 | |
| | | | | | | | |
| | | | 3,243,829 | |
| | | | | | | | |
|
| Hotels & Resorts — 1.5% | |
Park Hotels & Resorts, Inc. | | | 50,300 | | | | 497,467 | |
Pebblebrook Hotel Trust | | | 67,667 | | | | 924,331 | |
RLJ Lodging Trust | | | 88,628 | | | | 836,649 | |
| | | | | | | | |
| | | | 2,258,447 | |
| | | | | | | | |
|
| Industrial — 2.1% | |
CyrusOne, Inc. | | | 17,517 | | | | 1,274,362 | |
STAG lndustrial, Inc. | | | 63,829 | | | | 1,871,466 | |
| | | | | | | | |
| | | | 3,145,828 | |
| | | | | | | | |
|
| Office Property — 1.0% | |
Columbia Property Trust, Inc. | | | 55,367 | | | | 727,522 | |
Hudson Pacific Properties, Inc. | | | 28,148 | | | | 708,204 | |
| | | | | | | | |
| | | | 1,435,726 | |
| | | | | | | | |
|
| Real Estate — 0.5% | |
Safehold, Inc. | | | 13,639 | | | | 784,106 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Storage & Warehousing — 1.4% | |
Life Storage, Inc. | | | 6,874 | | | $ | 652,686 | |
Terreno Realty Corp. | | | 27,299 | | | | 1,437,020 | |
| | | | | | | | |
| | | | 2,089,706 | |
| | | | | | | | |
|
| Strip Centers — 0.4% | |
Acadia Realty Trust | | | 46,282 | | | | 600,740 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $21,207,213) | | | | 17,796,043 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.4% | |
BlackRock Liquidity FedFund — Institutional Shares (seven-day effective yield 0.100%)
(Cost $2,178,253) | | | 2,178,253 | | | | 2,178,253 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.7%
(Cost $159,549,996) | | | | 152,592,177 | |
| |
| Other Assets & Liabilities — (0.7)% | | | | (1,060,622 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 151,531,555 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
LP — Limited Partnership.
N.V. — Naamloze Vennootschap.
PLC — Public Limited Company.
S.E. — Societas Europaea.
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 132,617,881 | | | $ | 132,617,881 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 17,796,043 | | | | 17,796,043 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,178,253 | | | | 2,178,253 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 152,592,177 | | | $ | 152,592,177 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
112
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 92.9% | | | | | | | | |
| Advertising — 0.1% | | | | | | | | |
Boston Omaha Corp., Class A* | | | 400 | | | $ | 6,400 | |
Fluent, Inc.* | | | 1,700 | | | | 3,026 | |
National CineMedia, Inc. | | | 1,874 | | | | 5,566 | |
Quotient Technology, Inc.* | | | 2,700 | | | | 19,764 | |
| | | | | | | | |
| | | | | | | 34,756 | |
| | | | | | | | |
| | |
| Aerospace & Defense — 0.7% | | | | | | | | |
AAR Corp. | | | 1,069 | | | | 22,096 | |
Aerojet Rocketdyne Holdings, Inc.* | | | 2,440 | | | | 96,722 | |
AeroVironment, Inc.* | | | 718 | | | | 57,174 | |
Astronics Corp.* | | | 795 | | | | 8,395 | |
Barnes Group, Inc. | | | 1,565 | | | | 61,911 | |
Ducommun, Inc.* | | | 400 | | | | 13,948 | |
Kaman Corp. | | | 948 | | | | 39,437 | |
Kratos Defense & Security Solutions, Inc.* | | | 3,622 | | | | 56,612 | |
Moog, Inc., Class A | | | 991 | | | | 52,503 | |
National Presto Industries, Inc. | | | 146 | | | | 12,759 | |
Park Aerospace Corp. | | | 533 | | | | 5,938 | |
Triumph Group, Inc. | | | 1,600 | | | | 14,416 | |
| | | | | | | | |
| | | | | | | 441,911 | |
| | | | | | | | |
| | |
| Agriculture — 0.3% | | | | | | | | |
Alico, Inc. | | | 151 | | | | 4,705 | |
Cadiz, Inc.* | | | 800 | | | | 8,128 | |
Fresh Del Monte Produce, Inc. | | | 1,016 | | | | 25,014 | |
Limoneira Co. | | | 600 | | | | 8,694 | |
Tejon Ranch Co.* | | | 825 | | | | 11,880 | |
The Andersons, Inc. | | | 1,132 | | | | 15,576 | |
Turning Point Brands, Inc. | | | 300 | | | | 7,473 | |
Universal Corp. | | | 855 | | | | 36,346 | |
Vector Group Ltd. | | | 4,657 | | | | 46,850 | |
| | | | | | | | |
| | | | | | | 164,666 | |
| | | | | | | | |
| | |
| Airlines — 0.3% | | | | | | | | |
Allegiant Travel Co. | | | 455 | | | | 49,691 | |
Hawaiian Holdings, Inc. | | | 1,526 | | | | 21,425 | |
Mesa Air Group, Inc.* | | | 900 | | | | 3,096 | |
SkyWest, Inc. | | | 1,681 | | | | 54,834 | |
Spirit Airlines, Inc.* | | | 3,000 | | | | 53,400 | |
| | | | | | | | |
| | | | | | | 182,446 | |
| | | | | | | | |
| | |
| Apparel — 0.9% | | | | | | | | |
Crocs, Inc.* | | | 2,300 | | | | 84,686 | |
Deckers Outdoor Corp.* | | | 951 | | | | 186,767 | |
G-III Apparel Group Ltd.* | | | 1,508 | | | | 20,041 | |
Kontoor Brands, Inc. | | | 1,800 | | | | 32,058 | |
Lakeland Industries, Inc.* | | | 300 | | | | 6,729 | |
Oxford Industries, Inc. | | | 608 | | | | 26,758 | |
Rocky Brands, Inc. | | | 200 | | | | 4,112 | |
Steven Madden Ltd. | | | 2,873 | | | | 70,934 | |
Superior Group of Cos, Inc. | | | 200 | | | | 2,680 | |
Unifi, Inc.* | | | 460 | | | | 5,925 | |
Weyco Group, Inc. | | | 200 | | | | 4,318 | |
Wolverine World Wide, Inc. | | | 2,782 | | | | 66,240 | |
| | | | | | | | |
| | | | | | | 511,248 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Auto Manufacturers — 0.2% | | | | | | | | |
Blue Bird Corp.* | | | 392 | | | $ | 5,876 | |
Navistar International Corp.* | | | 1,600 | | | | 45,120 | |
REV Group, Inc. | | | 1,000 | | | | 6,100 | |
Wabash National Corp. | | | 1,800 | | | | 19,116 | |
Workhorse Group, Inc.* | | | 2,300 | | | | 39,997 | |
| | | | | | | | |
| | | | | | | 116,209 | |
| | | | | | | | |
| | |
| Auto Parts & Equipment — 1.1% | | | | | | | | |
Adient PLC* | | | 3,100 | | | | 50,902 | |
Altra Industrial Motion Corp. | | | 2,103 | | | | 67,002 | |
American Axle & Manufacturing Holdings, Inc.* | | | 3,716 | | | | 28,242 | |
Cooper Tire & Rubber Co. | | | 1,749 | | | | 48,290 | |
Cooper-Standard Holdings, Inc.* | | | 600 | | | | 7,950 | |
Dana, Inc. | | | 4,796 | | | | 58,463 | |
Dorman Products, Inc.* | | | 892 | | | | 59,826 | |
Douglas Dynamics, Inc. | | | 700 | | | | 24,584 | |
Gentherm, Inc.* | | | 1,068 | | | | 41,545 | |
Meritor, Inc.* | | | 2,445 | | | | 48,411 | |
Miller Industries, Inc. | | | 343 | | | | 10,211 | |
Modine Manufacturing Co.* | | | 1,577 | | | | 8,705 | |
Motorcar Parts of America, Inc.* | | | 700 | | | | 12,369 | |
Standard Motor Products, Inc. | | | 700 | | | | 28,840 | |
Telenav, Inc.* | | | 1,000 | | | | 5,490 | |
Tenneco, Inc., Class A* | | | 1,600 | | | | 12,096 | |
The Goodyear Tire & Rubber Co. | | | 7,900 | | | | 70,666 | |
The Shyft Group, Inc. | | | 1,000 | | | | 16,840 | |
Visteon Corp.* | | | 900 | | | | 61,650 | |
XPEL, Inc.* | | | 600 | | | | 9,384 | |
| | | | | | | | |
| | | | | | | 671,466 | |
| | | | | | | | |
| | |
| Banks — 8.1% | | | | | | | | |
1st Constitution Bancorp | | | 400 | | | | 4,960 | |
1st Source Corp. | | | 488 | | | | 17,363 | |
ACNB Corp. | | | 200 | | | | 5,236 | |
Alerus Financial Corp. | | | 600 | | | | 11,856 | |
Allegiance Bancshares, Inc. | | | 600 | | | | 15,234 | |
Amalgamated Bank, Class A | | | 300 | | | | 3,792 | |
American National Bankshares, Inc. | | | 400 | | | | 10,016 | |
Ameris Bancorp | | | 2,312 | | | | 54,540 | |
Ames National Corp. | | | 299 | | | | 5,902 | |
Arrow Financial Corp. | | | 424 | | | | 12,606 | |
Atlantic Capital Bancshares, Inc.* | | | 800 | | | | 9,728 | |
Atlantic Union Bankshares Corp. | | | 2,607 | | | | 60,378 | |
Auburn National BanCorp, Inc. | | | 100 | | | | 5,709 | |
BancFirst Corp. | | | 620 | | | | 25,153 | |
Banco Latinoamericano de Comercio Exterior S.A. | | | 1,110 | | | | 12,765 | |
BancorpSouth Bank | | | 3,249 | | | | 73,882 | |
Bank First Corp. | | | 200 | | | | 12,820 | |
Bank of Commerce Holdings | | | 800 | | | | 6,064 | |
Bank of Marin Bancorp | | | 480 | | | | 15,998 | |
BankUnited, Inc. | | | 3,200 | | | | 64,800 | |
Bankwell Financial Group, Inc. | | | 300 | | | | 4,770 | |
Banner Corp. | | | 1,200 | | | | 45,600 | |
Bar Harbor Bankshares | | | 597 | | | | 13,367 | |
113
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Baycom Corp.* | | | 400 | | | $ | 5,164 | |
BCB Bancorp, Inc. | | | 400 | | | | 3,712 | |
Bridge Bancorp, Inc. | | | 507 | | | | 11,580 | |
Bridgewater Bancshares Inc.* | | | 700 | | | | 7,175 | |
Bryn Mawr Bank Corp. | | | 632 | | | | 17,481 | |
Business First Bancshares, Inc. | | | 400 | | | | 6,140 | |
Byline Bancorp, Inc. | | | 700 | | | | 9,170 | |
C&F Financial Corp. | | | 100 | | | | 3,325 | |
Cadence BanCorp | | | 4,506 | | | | 39,923 | |
California Bancorp, Inc.* | | | 300 | | | | 4,470 | |
Cambridge Bancorp | | | 200 | | | | 11,848 | |
Camden National Corp. | | | 539 | | | | 18,617 | |
Capital Bancorp, Inc.* | | | 400 | | | | 4,280 | |
Capital City Bank Group, Inc. | | | 469 | | | | 9,826 | |
Capstar Financial Holdings, Inc. | | | 600 | | | | 7,200 | |
Carter Bank & Trust | | | 800 | | | | 6,456 | |
Cathay General Bancorp | | | 2,650 | | | | 69,695 | |
CB Financial Services, Inc. | | | 200 | | | | 4,364 | |
CBTX, Inc. | | | 500 | | | | 10,500 | |
Central Pacific Financial Corp. | | | 900 | | | | 14,427 | |
Central Valley Community Bancorp | | | 400 | | | | 6,156 | |
Century Bancorp, Inc., Class A | | | 69 | | | | 5,363 | |
Chemung Financial Corp. | | | 100 | | | | 2,730 | |
ChoiceOne Financial Services, Inc. | | | 300 | | | | 8,868 | |
CIT Group, Inc. | | | 3,400 | | | | 70,482 | |
Citizens & Northern Corp. | | | 356 | | | | 7,351 | |
Citizens Holding Co. | | | 200 | | | | 5,000 | |
City Holding Co. | | | 548 | | | | 35,713 | |
Civista Bancshares, Inc. | | | 400 | | | | 6,160 | |
CNB Financial Corp. | | | 474 | | | | 8,499 | |
Coastal Financial Corp.* | | | 300 | | | | 4,356 | |
Codorus Valley Bancorp, Inc. | | | 276 | | | | 3,817 | |
Colony Bankcorp, Inc. | | | 300 | | | | 3,531 | |
Columbia Banking System, Inc. | | | 2,368 | | | | 67,121 | |
Community Bank System, Inc. | | | 1,737 | | | | 99,044 | |
Community Trust Bancorp, Inc. | | | 483 | | | | 15,823 | |
ConnectOne Bancorp, Inc. | | | 1,360 | | | | 21,923 | |
County Bancorp, Inc. | | | 200 | | | | 4,186 | |
CrossFirst Bankshares, Inc.* | | | 1,500 | | | | 14,670 | |
Customers Bancorp, Inc.* | | | 980 | | | | 11,780 | |
CVB Financial Corp. | | | 4,592 | | | | 86,054 | |
Eagle Bancorp, Inc. | | | 1,073 | | | | 35,141 | |
Enterprise Bancorp, Inc. | | | 313 | | | | 7,456 | |
Enterprise Financial Services Corp. | | | 782 | | | | 24,336 | |
Equity Bancshares, Inc., Class A* | | | 500 | | | | 8,720 | |
Esquire Financial Holdings, Inc.* | | | 300 | | | | 5,070 | |
Evans Bancorp, Inc. | | | 200 | | | | 4,652 | |
Farmers & Merchants Bancorp, Inc. | | | 400 | | | | 8,496 | |
Farmers National Banc Corp. | | | 700 | | | | 8,302 | |
FB Financial Corp. | | | 500 | | | | 12,385 | |
Fidelity D&D Bancorp, Inc. | | | 100 | | | | 4,809 | |
Financial Institutions, Inc. | | | 440 | | | | 8,188 | |
First Bancorp | | | 924 | | | | 23,174 | |
First BanCorp Puerto Rico | | | 7,500 | | | | 41,925 | |
First Bank/Hamilton NJ | | | 400 | | | | 2,608 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
First Busey Corp. | | | 1,713 | | | $ | 31,947 | |
First Business Financial Services, Inc. | | | 200 | | | | 3,290 | |
First Choice Bancorp | | | 300 | | | | 4,914 | |
First Commonwealth Financial Corp. | | | 3,321 | | | | 27,498 | |
First Community Bankshares, Inc. | | | 626 | | | | 14,054 | |
First Community Corp. | | | 300 | | | | 4,545 | |
First Financial Bancorp | | | 3,382 | | | | 46,976 | |
First Financial Bankshares, Inc. | | | 4,404 | | | | 127,232 | |
First Financial Corp. | | | 380 | | | | 13,999 | |
First Foundation, Inc. | | | 1,200 | | | | 19,608 | |
First Guaranty Bancshares, Inc. | | | 220 | | | | 2,691 | |
First Internet Bancorp | | | 300 | | | | 4,986 | |
First Interstate BancSystem, Inc., Class A | | | 1,487 | | | | 46,038 | |
First Merchants Corp. | | | 1,830 | | | | 50,453 | |
First Mid Bancshares, Inc. | | | 500 | | | | 13,115 | |
First Midwest Bancorp, Inc. | | | 3,714 | | | | 49,582 | |
First Northwest Bancorp | | | 200 | | | | 2,484 | |
First United Corp. | | | 300 | | | | 4,002 | |
FNCB Bancorp, Inc. | | | 800 | | | | 4,600 | |
Franklin Financial Network, Inc. | | | 400 | | | | 10,300 | |
Franklin Financial Services Corp. | | | 200 | | | | 5,180 | |
Fulton Financial Corp. | | | 5,303 | | | | 55,841 | |
FVCBankcorp, Inc.* | | | 500 | | | | 5,380 | |
German American Bancorp, Inc. | | | 838 | | | | 26,062 | |
Glacier Bancorp, Inc. | | | 3,221 | | | | 113,669 | |
Great Southern Bancorp, Inc. | | | 371 | | | | 14,974 | |
Great Western Bancorp, Inc. | | | 1,900 | | | | 26,144 | |
Guaranty Bancshares, Inc. | | | 300 | | | | 7,761 | |
Hancock Whitney Corp. | | | 2,978 | | | | 63,134 | |
Hanmi Financial Corp. | | | 913 | | | | 8,865 | |
HarborOne Bancorp, Inc.* | | | 1,877 | | | | 16,030 | |
Hawthorn Bancshares, Inc. | | | 208 | | | | 4,096 | |
HBT Financial, Inc. | | | 400 | | | | 5,332 | |
Heartland Financial USA, Inc. | | | 1,117 | | | | 37,352 | |
Heritage Commerce Corp. | | | 1,900 | | | | 14,259 | |
Heritage Financial Corp. | | | 1,230 | | | | 24,600 | |
Home BancShares, Inc. | | | 5,335 | | | | 82,052 | |
Hope Bancorp, Inc. | | | 4,067 | | | | 37,498 | |
Horizon Bancorp, Inc. | | | 1,350 | | | | 14,431 | |
Howard Bancorp, Inc.* | | | 500 | | | | 5,310 | |
IBERIABANK Corp. | | | 1,746 | | | | 79,513 | |
Independent Bank Corp. | | | 800 | | | | 11,880 | |
Independent Bank Corp. | | | 1,155 | | | | 77,489 | |
Independent Bank Group, Inc. | | | 1,250 | | | | 50,650 | |
International Bancshares Corp. | | | 1,825 | | | | 58,436 | |
Investar Holding Corp. | | | 300 | | | | 4,350 | |
Kearny Financial Corp. | | | 2,745 | | | | 22,454 | |
Lakeland Bancorp, Inc. | | | 1,711 | | | | 19,557 | |
Lakeland Financial Corp. | | | 791 | | | | 36,853 | |
Landmark Bancorp, Inc. | | | 200 | | | | 4,942 | |
LCNB Corp. | | | 400 | | | | 6,384 | |
Level One Bancorp, Inc. | | | 200 | | | | 3,348 | |
Live Oak Bancshares, Inc. | | | 900 | | | | 13,059 | |
Luther Burbank Corp. | | | 800 | | | | 8,000 | |
Macatawa Bank Corp. | | | 800 | | | | 6,256 | |
Mackinac Financial Corp. | | | 400 | | | | 4,148 | |
114
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Banks — (continued) | | | | | | | | |
MainStreet Bancshares, Inc.* | | | 300 | | | $ | 3,960 | |
Mercantile Bank Corp. | | | 500 | | | | 11,300 | |
Merchants Bancorp | | | 200 | | | | 3,698 | |
Meridian Corp.* | | | 300 | | | | 4,755 | |
Metrocity Bankshares, Inc. | | | 600 | | | | 8,598 | |
Metropolitan Bank Holding Corp.* | | | 200 | | | | 6,416 | |
Mid Penn Bancorp, Inc. | | | 200 | | | | 3,686 | |
Middlefield Banc Corp. | | | 300 | | | | 6,225 | |
Midland States Bancorp, Inc. | | | 700 | | | | 10,465 | |
MidWestOne Financial Group, Inc. | | | 400 | | | | 8,000 | |
MVB Financial Corp. | | | 200 | | | | 2,660 | |
National Bankshares, Inc. | | | 219 | | | | 6,263 | |
NBT Bancorp, Inc. | | | 1,469 | | | | 45,186 | |
Nicolet Bankshares, Inc.* | | | 300 | | | | 16,440 | |
Northeast Bank | | | 300 | | | | 5,265 | |
Northrim BanCorp, Inc. | | | 200 | | | | 5,028 | |
Norwood Financial Corp. | | | 200 | | | | 4,958 | |
Oak Valley Bancorp | | | 113 | | | | 1,433 | |
OFG Bancorp | | | 1,810 | | | | 24,200 | |
Ohio Valley Banc Corp. | | | 200 | | | | 4,510 | |
Old National Bancorp | | | 5,461 | | | | 75,143 | |
Old Second Bancorp, Inc. | | | 800 | | | | 6,224 | |
OP Bancorp | | | 700 | | | | 4,830 | |
Origin Bancorp, Inc. | | | 800 | | | | 17,600 | |
Orrstown Financial Services, Inc. | | | 400 | | | | 5,900 | |
Park National Corp. | | | 524 | | | | 36,879 | |
Parke Bancorp, Inc. | | | 440 | | | | 5,962 | |
PCB Bancorp | | | 300 | | | | 3,090 | |
PCSB Financial Corp. | | | 500 | | | | 6,340 | |
Peapack-Gladstone Financial Corp. | | | 636 | | | | 11,912 | |
Penns Woods Bancorp, Inc. | | | 252 | | | | 5,723 | |
People’s Utah Bancorp | | | 600 | | | | 13,482 | |
Peoples Bancorp of North Carolina, Inc. | | | 200 | | | | 3,534 | |
Peoples Bancorp, Inc. | | | 572 | | | | 12,172 | |
Peoples Financial Services Corp. | | | 200 | | | | 7,638 | |
Pioneer Bancorp, Inc.* | | | 500 | | | | 4,575 | |
Plumas Bancorp | | | 200 | | | | 4,424 | |
Preferred Bank | | | 500 | | | | 21,425 | |
Premier Financial Bancorp, Inc. | | | 550 | | | | 7,051 | |
Provident Bancorp, Inc. | | | 404 | | | | 3,175 | |
QCR Holdings, Inc. | | | 500 | | | | 15,590 | |
RBB Bancorp | | | 600 | | | | 8,190 | |
Red River Bancshares, Inc. | | | 200 | | | | 8,778 | |
Reliant Bancorp, Inc. | | | 400 | | | | 6,516 | |
Renasant Corp. | | | 1,835 | | | | 45,691 | |
Republic Bancorp, Inc., Class A | | | 287 | | | | 9,388 | |
Republic First Bancorp, Inc.* | | | 1,700 | | | | 4,148 | |
Richmond Mutual BanCorp, Inc. | | | 600 | | | | 6,744 | |
S&T Bancorp, Inc. | | | 1,281 | | | | 30,039 | |
Salisbury Bancorp, Inc. | | | 100 | | | | 4,099 | |
Sandy Spring Bancorp, Inc. | | | 1,650 | | | | 40,887 | |
SB Financial Group, Inc. | | | 300 | | | | 4,986 | |
SB One Bancorp | | | 200 | | | | 3,940 | |
Seacoast Banking Corp of Florida* | | | 1,740 | | | | 35,496 | |
Select Bancorp, Inc.* | | | 300 | | | | 2,442 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
ServisFirst Bancshares, Inc. | | | 1,600 | | | $ | 57,216 | |
Shore Bancshares, Inc. | | | 300 | | | | 3,327 | |
Sierra Bancorp | | | 412 | | | | 7,779 | |
Silvergate Capital Corp., Class A* | | | 600 | | | | 8,400 | |
Simmons First National Corp., Class A | | | 3,696 | | | | 63,239 | |
SmartFinancial, Inc. | | | 400 | | | | 6,472 | |
South Plains Financial, Inc. | | | 400 | | | | 5,696 | |
South State Corp. | | | 2,411 | | | | 114,908 | |
Southern First Bancshares, Inc.* | | | 200 | | | | 5,542 | |
Southern National Bancorp of Virginia, Inc. | | | 600 | | | | 5,814 | |
Southside Bancshares, Inc. | | | 1,071 | | | | 29,688 | |
Spirit of Texas Bancshares, Inc.* | | | 400 | | | | 4,924 | |
Standard AVB Financial Corp. | | | 200 | | | | 4,640 | |
Sterling Bancorp, Inc. | | | 700 | | | | 2,506 | |
Stock Yards Bancorp, Inc. | | | 667 | | | | 26,813 | |
Summit Financial Group, Inc. | | | 400 | | | | 6,592 | |
Texas Capital Bancshares, Inc.* | | | 1,700 | | | | 52,479 | |
The Bancorp, Inc.* | | | 1,512 | | | | 14,818 | |
The Bank of NT Butterfield & Son Ltd. | | | 1,700 | | | | 41,463 | |
The Bank of Princeton | | | 200 | | | | 4,016 | |
The Community Financial Corp. | | | 100 | | | | 2,440 | |
The First Bancorp, Inc. | | | 434 | | | | 9,418 | |
The First Bancshares, Inc. | | | 700 | | | | 15,750 | |
The First of Long Island Corp. | | | 689 | | | | 11,258 | |
Tompkins Financial Corp. | | | 458 | | | | 29,665 | |
Towne Bank | | | 2,177 | | | | 41,015 | |
TriCo Bancshares | | | 898 | | | | 27,344 | |
TriState Capital Holdings, Inc.* | | | 800 | | | | 12,568 | |
Triumph Bancorp, Inc.* | | | 700 | | | | 16,989 | |
TrustCo Bank Corp. | | | 3,252 | | | | 20,585 | |
Trustmark Corp. | | | 2,230 | | | | 54,680 | |
UMB Financial Corp. | | | 1,481 | | | | 76,346 | |
United Bankshares, Inc. | | | 4,160 | | | | 115,066 | |
United Community Banks, Inc. | | | 2,578 | | | | 51,869 | |
United Security Bancshares | | | 300 | | | | 2,007 | |
Unity Bancorp, Inc. | | | 200 | | | | 2,860 | |
Univest Corp. | | | 987 | | | | 15,930 | |
Valley National Bancorp | | | 13,283 | | | | 103,873 | |
Veritex Holdings, Inc. | | | 1,653 | | | | 29,258 | |
Walker & Dunlop, Inc. | | | 1,000 | | | | 50,810 | |
Washington Trust Bancorp, Inc. | | | 570 | | | | 18,667 | |
WesBanco, Inc. | | | 2,130 | | | | 43,260 | |
West BanCorp, Inc. | | | 478 | | | | 8,360 | |
Westamerica BanCorp | | | 873 | | | | 50,128 | |
Western New England Bancorp, Inc. | | | 1,000 | | | | 5,790 | |
| | | | | | | | |
| | | | | | | 4,848,711 | |
| | | | | | | | |
| | |
| Beverages — 0.3% | | | | | | | | |
Celsius Holdings, Inc.* | | | 1,100 | | | | 12,947 | |
Coca-Cola Consolidated, Inc. | | | 152 | | | | 34,837 | |
Craft Brew Alliance, Inc.* | | | 400 | | | | 6,156 | |
Farmer Bros Co.* | | | 204 | | | | 1,497 | |
MGP Ingredients, Inc. | | | 400 | | | | 14,682 | |
National Beverage Corp.* | | | 442 | | | | 26,971 | |
New Age Beverages Corp.* | | | 2,800 | | | | 4,284 | |
Primo Water Corp. | | | 5,400 | | | | 74,250 | |
| | | | | | | | |
| | | | | | | 175,624 | |
| | | | | | | | |
115
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Biotechnology — 8.5% | | | | | | | | |
Abeona Therapeutics, Inc.* | | | 2,500 | | | $ | 7,288 | |
ADMA Biologics, Inc.* | | | 2,900 | | | | 8,497 | |
Aduro Biotech, Inc.* | | | 2,800 | | | | 6,468 | |
Adverum Biotechnologies, Inc.* | | | 2,500 | | | | 52,200 | |
Affimed N.V.* | | | 2,600 | | | | 11,999 | |
Agenus, Inc.* | | | 5,000 | | | | 19,650 | |
Akero Therapeutics, Inc.* | | | 400 | | | | 9,968 | |
Albireo Pharma, Inc.* | | | 500 | | | | 13,245 | |
Allakos, Inc.* | | | 800 | | | | 57,488 | |
Allogene Therapeutics, Inc.* | | | 1,700 | | | | 72,794 | |
AMAG Pharmaceuticals, Inc.* | | | 956 | | | | 7,313 | |
Amicus Therapeutics, Inc.* | | | 8,700 | | | | 131,196 | |
AnaptysBio, Inc.* | | | 800 | | | | 17,872 | |
Anavex Life Sciences Corp.* | | | 1,900 | | | | 9,348 | |
ANI Pharmaceuticals, Inc.* | | | 300 | | | | 9,702 | |
Applied Genetic Technologies Corp.* | | | 1,000 | | | | 5,540 | |
Applied Therapeutics, Inc.* | | | 500 | | | | 18,075 | |
Aprea Therapeutics, Inc.* | | | 200 | | | | 7,756 | |
Aptinyx, Inc.* | | | 1,100 | | | | 4,587 | |
Aravive, Inc.* | | | 500 | | | | 5,820 | |
Arcturus Therapeutics Holdings, Inc.* | | | 500 | | | | 23,370 | |
Arcus Biosciences, Inc.* | | | 1,000 | | | | 24,740 | |
Arcutis Biotherapeutics, Inc.* | | | 300 | | | | 9,072 | |
Ardelyx, Inc.* | | | 2,200 | | | | 15,224 | |
Arena Pharmaceuticals, Inc.* | | | 1,950 | | | | 122,752 | |
Arrowhead Pharmaceuticals, Inc.* | | | 3,400 | | | | 146,846 | |
Aspira Women’s Health, Inc.* | | | 1,900 | | | | 7,296 | |
Assembly Biosciences, Inc.* | | | 1,100 | | | | 25,652 | |
Atara Biotherapeutics, Inc.* | | | 2,000 | | | | 29,140 | |
Athersys, Inc.* | | | 5,000 | | | | 13,800 | |
Atreca, Inc., Class A* | | | 600 | | | | 12,768 | |
Avid Bioservices, Inc.* | | | 2,100 | | | | 13,786 | |
Avrobio, Inc.* | | | 1,100 | | | | 19,195 | |
Beam Therapeutics, Inc.* | | | 400 | | | | 11,200 | |
BioCryst Pharmaceuticals, Inc.* | | | 5,200 | | | | 24,778 | �� |
Biohaven Pharmaceutical Holding Co., Ltd.* | | | 1,600 | | | | 116,976 | |
Black Diamond Therapeutics, Inc.* | | | 400 | | | | 16,864 | |
Blueprint Medicines Corp.* | | | 1,900 | | | | 148,200 | |
BrainStorm Cell Therapeutics, Inc.* | | | 1,000 | | | | 11,210 | |
Bridgebio Pharma, Inc.* | | | 2,500 | | | | 81,525 | |
Cabaletta Bio, Inc.* | | | 600 | | | | 6,684 | |
CASI Pharmaceuticals, Inc.* | | | 1,600 | | | | 4,000 | |
Catabasis Pharmaceuticals, Inc.* | | | 800 | | | | 5,144 | |
CEL-SCI Corp.* | | | 1,100 | | | | 16,412 | |
Cellular Biomedicine Group, Inc.* | | | 300 | | | | 4,491 | |
Cerecor, Inc.* | | | 1,000 | | | | 2,600 | |
ChromaDex Corp.* | | | 800 | | | | 3,672 | |
Coherus Biosciences, Inc.* | | | 2,000 | | | | 35,720 | |
Constellation Pharmaceuticals, Inc.* | | | 1,000 | | | | 30,050 | |
ContraFect Corp.* | | | 600 | | | | 3,834 | |
Cortexyme, Inc.* | | | 600 | | | | 27,780 | |
Crinetics Pharmaceuticals, Inc.* | | | 1,000 | | | | 17,520 | |
Cue Biopharma, Inc.* | | | 1,000 | | | | 24,510 | |
Cymabay Therapeutics, Inc.* | | | 2,600 | | | | 9,074 | |
Cytokinetics, Inc.* | | | 1,800 | | | | 42,426 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Biotechnology — (continued) | | | | | | | | |
CytomX Therapeutics, Inc.* | | | 1,500 | | | $ | 12,495 | |
Deciphera Pharmaceuticals, Inc.* | | | 1,300 | | | | 77,636 | |
Denali Therapeutics, Inc.* | | | 2,200 | | | | 53,196 | |
DermTech, Inc.* | | | 400 | | | | 5,292 | |
Dicerna Pharmaceuticals, Inc.* | | | 2,200 | | | | 55,880 | |
Dyadic International, Inc.* | | | 800 | | | | 6,928 | |
Dynavax Technologies Corp.* | | | 3,220 | | | | 28,561 | |
Editas Medicine, Inc.* | | | 1,900 | | | | 56,202 | |
Eiger BioPharmaceuticals, Inc.* | | | 900 | | | | 8,640 | |
Eloxx Pharmaceuticals, Inc.* | | | 800 | | | | 2,424 | |
Emergent BioSolutions, Inc.* | | | 1,558 | | | | 123,207 | |
Enzo Biochem, Inc.* | | | 1,800 | | | | 4,032 | |
Epizyme, Inc.* | | | 3,100 | | | | 49,786 | |
Evelo Biosciences, Inc.* | | | 700 | | | | 3,430 | |
Evolus, Inc.* | | | 600 | | | | 3,180 | |
Exicure, Inc.* | | | 2,400 | | | | 5,856 | |
Fate Therapeutics, Inc.* | | | 2,100 | | | | 72,051 | |
FibroGen, Inc.* | | | 2,800 | | | | 113,484 | |
Five Prime Therapeutics, Inc.* | | | 1,100 | | | | 6,710 | |
Frequency Therapeutics, Inc.* | | | 1,000 | | | | 23,250 | |
Genprex, Inc.* | | | 1,400 | | | | 4,396 | |
Geron Corp.* | | | 6,550 | | | | 14,279 | |
GlycoMimetics, Inc.* | | | 1,300 | | | | 4,888 | |
Gossamer Bio, Inc.* | | | 1,800 | | | | 23,400 | |
Halozyme Therapeutics, Inc.* | | | 4,589 | | | | 123,031 | |
Harvard Bioscience, Inc.* | | | 1,700 | | | | 5,270 | |
Homology Medicines, Inc.* | | | 1,200 | | | | 18,228 | |
iBio, Inc.* | | | 2,200 | | | | 4,884 | |
IGM Biosciences, Inc.* | | | 300 | | | | 21,900 | |
ImmunoGen, Inc.* | | | 6,163 | | | | 28,350 | |
Immunovant, Inc.* | | | 700 | | | | 17,045 | |
Innoviva, Inc.* | | | 2,000 | | | | 27,960 | |
Inovio Pharmaceuticals, Inc.* | | | 4,900 | | | | 132,055 | |
Insmed, Inc.* | | | 3,500 | | | | 96,390 | |
Intellia Therapeutics, Inc.* | | | 1,500 | | | | 31,530 | |
Intercept Pharmaceuticals, Inc.* | | | 872 | | | | 41,778 | |
IVERIC bio, Inc.* | | | 1,700 | | | | 8,670 | |
Kaleido Biosciences, Inc.* | | | 600 | | | | 4,458 | |
Karuna Therapeutics, Inc.* | | | 500 | | | | 55,730 | |
Karyopharm Therapeutics, Inc.* | | | 2,400 | | | | 45,456 | |
Keros Therapeutics, Inc.* | | | 300 | | | | 11,253 | |
Kezar Life Sciences, Inc.* | | | 1,400 | | | | 7,252 | |
Kiniksa Pharmaceuticals Ltd., Class A* | | | 700 | | | | 17,836 | |
Kodiak Sciences, Inc.* | | | 1,000 | | | | 54,120 | |
Krystal Biotech, Inc.* | | | 400 | | | | 16,568 | |
Kura Oncology, Inc.* | | | 1,900 | | | | 30,970 | |
Lexicon Pharmaceuticals, Inc.* | | | 1,760 | | | | 3,511 | |
Ligand Pharmaceuticals, Inc.* | | | 498 | | | | 55,701 | |
Liquidia Technologies, Inc.* | | | 600 | | | | 5,052 | |
LogicBio Therapeutics, Inc.* | | | 400 | | | | 3,384 | |
MacroGenics, Inc.* | | | 1,700 | | | | 47,464 | |
Magenta Therapeutics, Inc.* | | | 600 | | | | 4,506 | |
Marker Therapeutics, Inc.* | | | 1,100 | | | | 2,277 | |
MEI Pharma, Inc.* | | | 3,800 | | | | 15,694 | |
MeiraGTx Holdings PLC* | | | 500 | | | | 6,260 | |
Menlo Therapeutics, Inc.* | | | 4,200 | | | | 7,266 | |
116
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Biotechnology — (continued) | | | | | | | | |
Molecular Templates, Inc.* | | | 800 | | | $ | 11,032 | |
Momenta Pharmaceuticals, Inc.* | | | 3,982 | | | | 132,481 | |
Mustang Bio, Inc.* | | | 1,500 | | | | 4,770 | |
Myriad Genetics, Inc.* | | | 2,300 | | | | 26,082 | |
NantKwest, Inc.* | | | 1,100 | | | | 13,508 | |
NeoGenomics, Inc.* | | | 3,500 | | | | 108,430 | |
NextCure, Inc.* | | | 500 | | | | 10,720 | |
NGM Biopharmaceuticals, Inc.* | | | 800 | | | | 15,792 | |
Novavax, Inc.* | | | 2,011 | | | | 167,617 | |
Omeros Corp.* | | | 1,800 | | | | 26,496 | |
Oncocyte Corp.* | | | 1,800 | | | | 3,438 | |
Orgenesis, Inc.* | | | 800 | | | | 4,864 | |
Ovid therapeutics, Inc.* | | | 1,600 | | | | 11,792 | |
Oyster Point Pharma, Inc.* | | | 200 | | | | 5,776 | |
Pacific Biosciences of California, Inc.* | | | 4,600 | | | | 15,870 | |
Paratek Pharmaceuticals, Inc.* | | | 900 | | | | 4,698 | |
PDL BioPharma, Inc.* | | | 3,117 | | | | 9,070 | |
Pfenex, Inc.* | | | 900 | | | | 7,515 | |
Phathom Pharmaceuticals, Inc.* | | | 400 | | | | 13,164 | |
Pieris Pharmaceuticals, Inc.* | | | 1,300 | | | | 4,030 | |
Precigen, Inc.* | | | 2,700 | | | | 13,473 | |
Prevail Therapeutics, Inc.* | | | 600 | | | | 8,940 | |
Prothena Corp. PLC* | | | 1,400 | | | | 14,644 | |
Provention Bio, Inc.* | | | 1,500 | | | | 21,165 | |
PTC Therapeutics, Inc.* | | | 2,100 | | | | 106,554 | |
Puma Biotechnology, Inc.* | | | 900 | | | | 9,387 | |
RAPT Therapeutics, Inc.* | | | 400 | | | | 11,608 | |
REGENXBIO, Inc.* | | | 1,100 | | | | 40,513 | |
Replimune Group, Inc.* | | | 500 | | | | 12,425 | |
Retrophin, Inc.* | | | 1,500 | | | | 30,615 | |
REVOLUTION Medicines, Inc.* | | | 500 | | | | 15,785 | |
Rigel Pharmaceuticals, Inc.* | | | 6,090 | | | | 11,145 | |
Rubius Therapeutics, Inc.* | | | 1,300 | | | | 7,774 | |
Sangamo Therapeutics, Inc.* | | | 4,103 | | | | 36,763 | |
Satsuma Pharmaceuticals, Inc.* | | | 300 | | | | 8,628 | |
Savara, Inc.* | | | 1,000 | | | | 2,490 | |
Scholar Rock Holding Corp.* | | | 800 | | | | 14,568 | |
Selecta Biosciences, Inc.* | | | 2,700 | | | | 7,668 | |
Solid Biosciences, Inc.* | | | 400 | | | | 1,172 | |
Spectrum Pharmaceuticals, Inc.* | | | 3,614 | | | | 12,215 | |
Springworks Therapeutics, Inc.* | | | 700 | | | | 29,400 | |
Stoke Therapeutics, Inc.* | | | 500 | | | | 11,915 | |
Strongbridge Biopharma PLC* | | | 1,700 | | | | 6,426 | |
Sutro Biopharma, Inc.* | | | 500 | | | | 3,880 | |
Syndax Pharmaceuticals, Inc.* | | | 800 | | | | 11,856 | |
TCR2 Therapeutics, Inc.* | | | 400 | | | | 6,144 | |
Tela Bio, Inc.* | | | 200 | | | | 2,592 | |
Theravance Biopharma, Inc.* | | | 1,700 | | | | 35,683 | |
Translate Bio, Inc.* | | | 1,800 | | | | 32,256 | |
TransMedics Group, Inc.* | | | 600 | | | | 10,752 | |
Turning Point Therapeutics, Inc.* | | | 1,000 | | | | 64,590 | |
Twist Bioscience Corp.* | | | 1,000 | | | | 45,300 | |
Ultragenyx Pharmaceutical, Inc.* | | | 1,900 | | | | 148,618 | |
UNITY Biotechnology, Inc.* | | | 900 | | | | 7,812 | |
Vaxart, Inc.* | | | 2,000 | | | | 17,700 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Biotechnology — (continued) | | | | | | | | |
VBI Vaccines, Inc.* | | | 6,200 | | | $ | 19,220 | |
Veracyte, Inc.* | | | 1,600 | | | | 41,440 | |
Verastem, Inc.* | | | 6,200 | | | | 10,664 | |
Vericel Corp.* | | | 1,400 | | | | 19,348 | |
Veru, Inc.* | | | 2,100 | | | | 7,014 | |
Viela Bio, Inc.* | | | 700 | | | | 30,324 | |
Viking Therapeutics, Inc.* | | | 2,400 | | | | 17,304 | |
Vir Biotechnology, Inc.* | | | 1,600 | | | | 65,552 | |
VolitionRX Ltd.* | | | 1,100 | | | | 4,279 | |
WaVe Life Sciences Ltd.* | | | 700 | | | | 7,287 | |
X4 Pharmaceuticals, Inc.* | | | 300 | | | | 2,796 | |
XBiotech, Inc.* | | | 467 | | | | 6,403 | |
Xencor, Inc.* | | | 1,900 | | | | 61,541 | |
XOMA Corp.* | | | 300 | | | | 5,928 | |
Y-mAbs Therapeutics, Inc.* | | | 1,000 | | | | 43,200 | |
Zentalis Pharmaceuticals, Inc.* | | | 400 | | | | 19,208 | |
ZIOPHARM Oncology, Inc.* | | | 7,527 | | | | 24,689 | |
| | | | | | | | |
| | | | | | | 5,101,967 | |
| | | | | | | | |
| | |
| Building Materials — 1.8% | | | | | | | | |
AAON, Inc. | | | 1,385 | | | | 75,192 | |
American Woodmark Corp.* | | | 569 | | | | 43,045 | |
Apogee Enterprises, Inc. | | | 843 | | | | 19,423 | |
Boise Cascade Co. | | | 1,300 | | | | 48,893 | |
Builders FirstSource, Inc.* | | | 3,973 | | | | 82,241 | |
Caesarstone Ltd. | | | 600 | | | | 7,110 | |
Comfort Systems USA, Inc. | | | 1,227 | | | | 50,000 | |
Cornerstone Building Brands, Inc.* | | | 1,664 | | | | 10,084 | |
Forterra, Inc.* | | | 400 | | | | 4,464 | |
Foundation Building Materials, Inc.* | | | 500 | | | | 7,805 | |
Gibraltar Industries, Inc.* | | | 1,101 | | | | 52,859 | |
Griffon Corp. | | | 1,256 | | | | 23,261 | |
JELD-WEN Holding, Inc.* | | | 2,300 | | | | 37,053 | |
Louisiana-Pacific Corp. | | | 3,894 | | | | 99,881 | |
LSI Industries, Inc. | | | 1,000 | | | | 6,470 | |
Masonite International Corp.* | | | 800 | | | | 62,224 | |
Patrick Industries, Inc. | | | 775 | | | | 47,469 | |
PGT Innovations, Inc.* | | | 1,900 | | | | 29,792 | |
Quanex Building Products Corp. | | | 1,025 | | | | 14,227 | |
Research Frontiers, Inc.* | | | 1,100 | | | | 4,466 | |
Simpson Manufacturing Co., Inc. | | | 1,485 | | | | 125,274 | |
SPX Corp.* | | | 1,500 | | | | 61,725 | |
Summit Materials, Inc., Class A* | | | 3,905 | | | | 62,792 | |
UFP Industries, Inc. | | | 2,049 | | | | 101,446 | |
US Concrete, Inc.* | | | 500 | | | | 12,400 | |
| | | | | | | | |
| | | | | | | 1,089,596 | |
| | | | | | | | |
| | |
| Chemicals — 1.7% | | | | | | | | |
AdvanSix, Inc.* | | | 1,000 | | | | 11,740 | |
AgroFresh Solutions, Inc.* | | | 1,400 | | | | 4,242 | |
American Vanguard Corp. | | | 878 | | | | 12,081 | |
Amyris, Inc.* | | | 2,700 | | | | 11,529 | |
Balchem Corp. | | | 1,105 | | | | 104,820 | |
Codexis, Inc.* | | | 1,700 | | | | 19,380 | |
Ferro Corp.* | | | 2,938 | | | | 35,080 | |
GCP Applied Technologies, Inc.* | | | 1,900 | | | | 35,302 | |
117
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Chemicals — (continued) | | | | | | | | |
H.B. Fuller Co. | | | 1,780 | | | $ | 79,388 | |
Hawkins, Inc. | | | 349 | | | | 14,860 | |
Ingevity Corp.* | | | 1,400 | | | | 73,598 | |
Innospec, Inc. | | | 800 | | | | 61,800 | |
Intrepid Potash, Inc.* | | | 3,700 | | | | 3,663 | |
Koppers Holdings, Inc.* | | | 620 | | | | 11,681 | |
Kraton Corp.* | | | 1,041 | | | | 17,989 | |
Kronos Worldwide, Inc. | | | 900 | | | | 9,369 | |
Landec Corp.* | | | 718 | | | | 5,715 | |
Minerals Technologies, Inc. | | | 1,128 | | | | 52,937 | |
Oil-Dri Corp of America | | | 197 | | | | 6,836 | |
Orion Engineered Carbons S.A. | | | 2,100 | | | | 22,239 | |
PolyOne Corp. | | | 3,155 | | | | 82,756 | |
PQ Group Holdings, Inc.* | | | 1,100 | | | | 14,564 | |
Quaker Chemical Corp. | | | 454 | | | | 84,285 | |
Rayonier Advanced Materials, Inc.* | | | 1,900 | | | | 5,339 | |
Rogers Corp.* | | | 640 | | | | 79,744 | |
Sensient Technologies Corp. | | | 1,458 | | | | 76,049 | |
Stepan Co. | | | 741 | | | | 71,951 | |
Tronox Holdings PLC, Class A | | | 2,900 | | | | 20,938 | |
| | | | | | | | |
| | | | | | | 1,029,875 | |
| | | | | | | | |
| | |
| Coal — 0.1% | | | | | | | | |
Arch Resources, Inc. | | | 500 | | | | 14,205 | |
CONSOL Energy, Inc.* | | | 900 | | | | 4,563 | |
NACCO Industries, Inc., Class A | | | 122 | | | | 2,843 | |
Peabody Energy Corp. | | | 2,300 | | | | 6,624 | |
SunCoke Energy, Inc. | | | 2,541 | | | | 7,521 | |
Warrior Met Coal, Inc. | | | 1,800 | | | | 27,702 | |
| | | | | | | | |
| | | | | | | 63,458 | |
| | | | | | | | |
| | |
| Commercial Services — 4.6% | | | | | | | | |
Aaron’s, Inc. | | | 2,300 | | | | 104,420 | |
ABM Industries, Inc. | | | 2,239 | | | | 81,276 | |
Acacia Research Corp.* | | | 1,880 | | | | 7,689 | |
Adtalem Global Education, Inc.* | | | 1,800 | | | | 56,070 | |
Alta Equipment Group, Inc.* | | | 700 | | | | 5,439 | |
American Public Education, Inc.* | | | 555 | | | | 16,428 | |
AMN Healthcare Services, Inc.* | | | 1,609 | | | | 72,791 | |
Arlo Technologies, Inc.* | | | 2,433 | | | | 6,277 | |
ASGN, Inc.* | | | 1,752 | | | | 116,823 | |
Aspen Group, Inc.* | | | 800 | | | | 7,240 | |
Avis Budget Group, Inc.* | | | 1,900 | | | | 43,491 | |
B Riley Financial, Inc. | | | 600 | | | | 13,056 | |
Barrett Business Services, Inc. | | | 242 | | | | 12,857 | |
BG Staffing, Inc. | | | 400 | | | | 4,528 | |
BrightView Holdings, Inc.* | | | 900 | | | | 10,080 | |
Cardtronics PLC, Class A* | | | 1,163 | | | | 27,889 | |
Carriage Services, Inc. | | | 600 | | | | 10,872 | |
Cass Information Systems, Inc. | | | 498 | | | | 19,437 | |
CBIZ, Inc.* | | | 1,640 | | | | 39,311 | |
Cimpress PLC* | | | 642 | | | | 49,010 | |
Collectors Universe, Inc. | | | 300 | | | | 10,284 | |
CorVel Corp.* | | | 262 | | | | 18,573 | |
CRA International, Inc. | | | 274 | | | | 10,823 | |
Cross Country Healthcare, Inc.* | | | 1,084 | | | | 6,677 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Commercial Services — (continued) | | | | | | | | |
Deluxe Corp. | | | 1,407 | | | $ | 33,121 | |
Emerald Holding, Inc. | | | 700 | | | | 2,156 | |
Ennis, Inc. | | | 858 | | | | 15,564 | |
Everi Holdings, Inc.* | | | 2,400 | | | | 12,384 | |
EVERTEC, Inc. | | | 2,039 | | | | 57,296 | |
Evo Payments, Inc., Class A* | | | 1,400 | | | | 31,962 | |
ExlService Holdings, Inc.* | | | 1,100 | | | | 69,740 | |
Forrester Research, Inc.* | | | 375 | | | | 12,015 | |
Franchise Group, Inc. | | | 700 | | | | 15,316 | |
Franklin Covey Co.* | | | 297 | | | | 6,356 | |
Genasys, Inc.* | | | 1,300 | | | | 6,318 | |
Great Lakes Dredge & Dock Corp.* | | | 1,951 | | | | 18,066 | |
Green Dot Corp., Class A* | | | 1,690 | | | | 82,945 | |
GreenSky, Inc., Class A* | | | 2,300 | | | | 11,270 | |
HealthEquity, Inc.* | | | 2,400 | | | | 140,808 | |
Heidrick & Struggles International, Inc. | | | 669 | | | | 14,464 | |
Herc Holdings, Inc.* | | | 800 | | | | 24,584 | |
Hertz Global Holdings, Inc.* | | | 3,900 | | | | 5,499 | |
HMS Holdings Corp.* | | | 2,915 | | | | 94,417 | |
Huron Consulting Group, Inc.* | | | 728 | | | | 32,214 | |
I3 Verticals, Inc., Class A* | | | 500 | | | | 15,125 | |
ICF International, Inc. | | | 648 | | | | 42,010 | |
Information Services Group, Inc.* | | | 1,600 | | | | 3,312 | |
Insperity, Inc. | | | 1,234 | | | | 79,877 | |
James River Group Holdings Ltd. | | | 1,000 | | | | 45,000 | |
K12, Inc.* | | | 1,252 | | | | 34,104 | |
Kelly Services, Inc., Class A | | | 1,014 | | | | 16,036 | |
Kforce, Inc. | | | 686 | | | | 20,066 | |
Korn Ferry | | | 1,890 | | | | 58,080 | |
Laureate Education, Inc., Class A* | | | 3,900 | | | | 38,864 | |
LiveRamp Holdings, Inc.* | | | 2,267 | | | | 96,280 | |
Matthews International Corp., Class A | | | 1,005 | | | | 19,196 | |
McGrath RentCorp | | | 853 | | | | 46,071 | |
Medifast, Inc. | | | 364 | | | | 50,512 | |
MoneyGram International, Inc.* | | | 2,500 | | | | 8,025 | |
Monro, Inc. | | | 1,137 | | | | 62,467 | |
National Research Corp. | | | 487 | | | | 28,348 | |
Perdoceo Education Corp.* | | | 2,300 | | | | 36,639 | |
PFSweb, Inc.* | | | 600 | | | | 4,008 | |
Progyny, Inc.* | | | 900 | | | | 23,229 | |
Quad/Graphics, Inc. | | | 1,300 | | | | 4,225 | |
Rent-A-Center, Inc. | | | 1,553 | | | | 43,204 | |
Repay Holdings Corp.* | | | 1,300 | | | | 32,019 | |
Resources Connection, Inc. | | | 922 | | | | 11,036 | |
ServiceSource International, Inc.* | | | 3,600 | | | | 5,688 | |
SP Plus Corp.* | | | 693 | | | | 14,352 | |
Strategic Education, Inc. | | | 730 | | | | 112,165 | |
Team, Inc.* | | | 983 | | | | 5,475 | |
Textainer Group Holdings Ltd.* | | | 1,712 | | | | 14,004 | |
The Brink’s Co. | | | 1,710 | | | | 77,822 | |
The Hackett Group, Inc. | | | 716 | | | | 9,695 | |
The Providence Service Corp.* | | | 400 | | | | 31,564 | |
TriNet Group, Inc.* | | | 1,400 | | | | 85,316 | |
TrueBlue, Inc.* | | | 1,376 | | | | 21,012 | |
Universal Technical Institute, Inc.* | | | 1,100 | | | | 7,645 | |
118
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Commercial Services — (continued) | | | | | | | | |
Vectrus, Inc.* | | | 400 | | | $ | 19,652 | |
Viad Corp. | | | 671 | | | | 12,762 | |
Vivint Smart Home, Inc.* | | | 2,400 | | | | 41,592 | |
Willdan Group, Inc.* | | | 300 | | | | 7,503 | |
WW International, Inc.* | | | 1,500 | | | | 38,070 | |
| | | | | | | | |
| | | | | | | 2,759,886 | |
| | | | | | | | |
| | |
| Computers — 2.0% | | | | | | | | |
3D Systems Corp.* | | | 3,600 | | | | 25,164 | |
A10 Networks, Inc.* | | | 1,900 | | | | 12,939 | |
Conduent, Inc.* | | | 6,100 | | | | 14,579 | |
Cubic Corp. | | | 1,069 | | | | 51,344 | |
Diebold Nixdorf, Inc.* | | | 2,400 | | | | 14,544 | |
ForeScout Technologies, Inc.* | | | 1,700 | | | | 36,040 | |
iCAD, Inc.* | | | 800 | | | | 7,992 | |
Immersion Corp.* | | | 842 | | | | 5,246 | |
Insight Enterprises, Inc.* | | | 1,143 | | | | 56,236 | |
Mastech Digital, Inc.* | | | 200 | | | | 5,186 | |
MAXIMUS, Inc. | | | 2,092 | | | | 147,381 | |
Mitek Systems, Inc.* | | | 1,400 | | | | 13,454 | |
MTS Systems Corp. | | | 560 | | | | 9,850 | |
NetScout Systems, Inc.* | | | 2,465 | | | | 63,005 | |
OneSpan, Inc.* | | | 1,128 | | | | 31,505 | |
PAE, Inc.* | | | 2,100 | | | | 20,076 | |
PAR Technology Corp.* | | | 600 | | | | 17,958 | |
Parsons Corp.* | | | 800 | | | | 28,992 | |
Perspecta, Inc. | | | 4,800 | | | | 111,504 | |
Ping Identity Holding Corp.* | | | 500 | | | | 16,045 | |
PlayAGS, Inc.* | | | 800 | | | | 2,704 | |
Qualys, Inc.* | | | 1,200 | | | | 124,824 | |
Quantum Corp.* | | | 1,300 | | | | 5,018 | |
Rimini Street, Inc.* | | | 900 | | | | 4,635 | |
StarTek, Inc.* | | | 700 | | | | 3,556 | |
Super Micro Computer, Inc.* | | | 1,500 | | | | 42,585 | |
Sykes Enterprises, Inc.* | | | 1,236 | | | | 34,188 | |
Tenable Holdings, Inc.* | | | 2,100 | | | | 62,601 | |
The ExOne Co.* | | | 500 | | | | 4,275 | |
TTEC Holdings, Inc. | | | 607 | | | | 28,262 | |
Unisys Corp.* | | | 2,224 | | | | 24,264 | |
Varonis Systems, Inc.* | | | 1,100 | | | | 97,328 | |
Virtusa Corp.* | | | 989 | | | | 32,113 | |
Vocera Communications, Inc.* | | | 1,000 | | | | 21,200 | |
| | | | | | | | |
| | | | | | | 1,176,593 | |
| | | | | | | | |
| | |
| Cosmetics & Personal Care — 0.2% | | | | | | | | |
Edgewell Personal Care Co.* | | | 1,900 | | | | 59,204 | |
elf Beauty, Inc.* | | | 800 | | | | 15,256 | |
Inter Parfums, Inc. | | | 624 | | | | 30,046 | |
Revlon, Inc., Class A* | | | 270 | | | | 2,673 | |
| | | | | | | | |
| | | | | | | 107,179 | |
| | | | | | | | |
| | |
| Distribution & Wholesale — 0.9% | | | | | | | | |
A-Mark Precious Metals, Inc.* | | | 200 | | | | 3,810 | |
Beacon Roofing Supply, Inc.* | | | 1,781 | | | | 46,965 | |
Core-Mark Holding Co., Inc. | | | 1,464 | | | | 36,534 | |
EVI Industries, Inc.* | | | 200 | | | | 4,342 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Distribution & Wholesale — (continued) | | | | | | | | |
Fossil Group, Inc.* | | | 1,700 | | | $ | 7,905 | |
H&E Equipment Services, Inc. | | | 1,059 | | | | 19,570 | |
KAR Auction Services, Inc. | | | 4,400 | | | | 60,544 | |
Owens & Minor, Inc. | | | 2,276 | | | | 17,343 | |
Resideo Technologies, Inc.* | | | 4,300 | | | | 50,396 | |
ScanSource, Inc.* | | | 881 | | | | 21,223 | |
SiteOne Landscape Supply, Inc.* | | | 1,400 | | | | 159,558 | |
Titan Machinery, Inc.* | | | 523 | | | | 5,680 | |
Triton International Ltd. | | | 1,793 | | | | 54,221 | |
Veritiv Corp.* | | | 500 | | | | 8,480 | |
WESCO International, Inc.* | | | 1,647 | | | | 57,826 | |
| | | | | | | | |
| | | | | | | 554,397 | |
| | | | | | | | |
| | |
| Diversified Financial Services — 2.3% | | | | | | | | |
Altisource Portfolio Solutions S.A.* | | | 300 | | | | 4,422 | |
Amerant Bancorp, Inc.* | | | 700 | | | | 10,528 | |
Artisan Partners Asset Management, Inc., Class A | | | 1,900 | | | | 61,750 | |
Assetmark Financial Holdings, Inc.* | | | 500 | | | | 13,645 | |
Associated Capital Group, Inc., Class A | | | 100 | | | | 3,669 | |
BGC Partners, Inc., Class A | | | 10,700 | | | | 29,318 | |
Boston Private Financial Holdings, Inc. | | | 2,758 | | | | 18,975 | |
Brightsphere Investment Group, Inc. | | | 2,200 | | | | 27,412 | |
Calamos Asset Management, Inc., Class A*(1) | | | 469 | | | | 0 | |
Cohen & Steers, Inc. | | | 817 | | | | 55,597 | |
Columbia Financial, Inc.* | | | 1,900 | | | | 26,514 | |
Cowen, Inc., Class A | | | 947 | | | | 15,351 | |
Curo Group Holdings Corp. | | | 400 | | | | 3,268 | |
Diamond Hill Investment Group, Inc. | | | 107 | | | | 12,163 | |
Encore Capital Group, Inc.* | | | 997 | | | | 34,077 | |
Enova International, Inc.* | | | 1,229 | | | | 18,275 | |
EZCORP, Inc., Class A* | | | 1,766 | | | | 11,126 | |
Federal Agricultural Mortgage Corp., Class C | | | 300 | | | | 19,203 | |
Federated Hermes, Inc., Class B | | | 3,300 | | | | 78,210 | |
First Western Financial, Inc.* | | | 300 | | | | 4,275 | |
Focus Financial Partners, Inc., Class A* | | | 1,100 | | | | 36,355 | |
GAIN Capital Holdings, Inc. | | | 800 | | | | 4,816 | |
GAMCO Investors, Inc., Class A | | | 215 | | | | 2,862 | |
Greenhill & Co., Inc. | | | 500 | | | | 4,995 | |
Hamilton Lane, Inc., Class A | | | 800 | | | | 53,896 | |
Houlihan Lokey, Inc. | | | 1,516 | | | | 84,350 | |
International Money Express, Inc.* | | | 500 | | | | 6,230 | |
INTL. FCStone, Inc.* | | | 593 | | | | 32,615 | |
LendingClub Corp.* | | | 2,360 | | | | 10,738 | |
Marlin Business Services Corp. | | | 200 | | | | 1,692 | |
MMA Capital Holdings, Inc.* | | | 200 | | | | 4,624 | |
Moelis & Co., Class A | | | 1,800 | | | | 56,088 | |
Mr. Cooper Group, Inc.* | | | 2,392 | | | | 29,756 | |
Navient Corp. | | | 6,600 | | | | 46,398 | |
Nelnet, Inc., Class A | | | 599 | | | | 28,596 | |
Oportun Financial Corp.* | | | 700 | | | | 9,408 | |
Oppenheimer Holdings, Inc., Class A | | | 238 | | | | 5,186 | |
Paysign, Inc.* | | | 1,100 | | | | 10,681 | |
PennyMac Financial Services, Inc. | | | 1,600 | | | | 66,864 | |
Piper Sandler Cos. | | | 587 | | | | 34,727 | |
119
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Diversified Financial Services — (continued) | | | | | | | | |
PJT Partners, Inc., Class A | | | 800 | | | $ | 41,072 | |
PRA Group, Inc.* | | | 1,548 | | | | 59,846 | |
Premier Financial Corp. | | | 1,231 | | | | 21,752 | |
Pzena Investment Management, Inc., Class A | | | 830 | | | | 4,515 | |
R1 RCM, Inc.* | | | 3,700 | | | | 41,255 | |
Regional Management Corp.* | | | 300 | | | | 5,313 | |
Safeguard Scientifics, Inc. | | | 850 | | | | 5,950 | |
Sculptor Capital Management, Inc. | | | 600 | | | | 7,758 | |
Silvercrest Asset Management Group, Inc., Class A | | | 400 | | | | 5,084 | |
Stifel Financial Corp. | | | 2,206 | | | | 104,631 | |
Virtus Investment Partners, Inc. | | | 259 | | | | 30,119 | |
Waddell & Reed Financial, Inc., Class A | | | 2,400 | | | | 37,224 | |
Westwood Holdings Group, Inc. | | | 311 | | | | 4,898 | |
WisdomTree Investments, Inc. | | | 4,800 | | | | 16,656 | |
World Acceptance Corp.* | | | 163 | | | | 10,680 | |
| | | | | | | | |
| | | | | | | 1,375,408 | |
| | | | | | | | |
| | |
| Electric — 1.8% | | | | | | | | |
ALLETE, Inc. | | | 1,751 | | | | 95,622 | |
Ameresco, Inc., Class A* | | | 800 | | | | 22,224 | |
Atlantic Power Corp.* | | | 4,127 | | | | 8,254 | |
Avista Corp. | | | 2,239 | | | | 81,477 | |
Black Hills Corp. | | | 2,148 | | | | 121,706 | |
Clearway Energy, Inc., Class A | | | 1,100 | | | | 23,067 | |
Clearway Energy, Inc., Class C | | | 2,600 | | | | 59,956 | |
El Paso Electric Co. | | | 1,377 | | | | 92,259 | |
Genie Energy Ltd., Class B | | | 600 | | | | 4,416 | |
MGE Energy, Inc. | | | 1,142 | | | | 73,670 | |
NorthWestern Corp. | | | 1,680 | | | | 91,594 | |
Ormat Technologies, Inc. | | | 1,400 | | | | 88,886 | |
Otter Tail Corp. | | | 1,292 | | | | 50,117 | |
PNM Resources, Inc. | | | 2,710 | | | | 104,172 | |
Portland General Electric Co. | | | 3,056 | | | | 127,771 | |
Spark Energy, Inc., Class A | | | 400 | | | | 2,828 | |
Unitil Corp. | | | 463 | | | | 20,752 | |
| | | | | | | | |
| | | | | | | 1,068,771 | |
| | | | | | | | |
|
| Electrical Components & Equipment — 0.9% | |
Advanced Energy Industries, Inc.* | | | 1,293 | | | | 87,653 | |
American Superconductor Corp.* | | | 900 | | | | 7,317 | |
Belden, Inc. | | | 1,555 | | | | 50,615 | |
Encore Wire Corp. | | | 671 | | | | 32,758 | |
EnerSys | | | 1,423 | | | | 91,613 | |
Graham Corp. | | | 266 | | | | 3,389 | |
Insteel Industries, Inc. | | | 691 | | | | 13,177 | |
nLight, Inc.* | | | 1,200 | | | | 26,712 | |
Novanta, Inc.* | | | 1,200 | | | | 128,124 | |
Orion Energy Systems, Inc.* | | | 1,300 | | | | 4,498 | |
Powell Industries, Inc. | | | 229 | | | | 6,272 | |
SunPower Corp.* | | | 2,300 | | | | 17,618 | |
Vicor Corp.* | | | 622 | | | | 44,753 | |
| | | | | | | | |
| | | | | | | 514,499 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electronics — 2.3% | | | | | | | | |
Akoustis Technologies, Inc.* | | | 1,100 | | | $ | 9,119 | |
Alarm.com Holdings, Inc.* | | | 1,500 | | | | 97,215 | |
Allied Motion Technologies, Inc. | | | 200 | | | | 7,060 | |
API Group Corp.* | | | 4,700 | | | | 57,105 | |
Applied Optoelectronics, Inc.* | | | 700 | | | | 7,609 | |
Badger Meter, Inc. | | | 1,018 | | | | 64,052 | |
Bel Fuse, Inc., Class B | | | 269 | | | | 2,886 | |
Benchmark Electronics, Inc. | | | 1,213 | | | | 26,201 | |
Brady Corp., Class A | | | 1,657 | | | | 77,581 | |
CyberOptics Corp.* | | | 300 | | | | 9,663 | |
FARO Technologies, Inc.* | | | 620 | | | | 33,232 | |
Fitbit, Inc., Class A* | | | 8,000 | | | | 51,680 | |
Fluidigm Corp.* | | | 2,500 | | | | 10,025 | |
GoPro, Inc., Class A* | | | 4,600 | | | | 21,896 | |
II-VI, Inc.* | | | 3,018 | | | | 142,510 | |
IntriCon Corp.* | | | 200 | | | | 2,704 | |
Iteris, Inc.* | | | 1,200 | | | | 5,706 | |
Itron, Inc.* | | | 1,400 | | | | 92,750 | |
Kimball Electronics, Inc.* | | | 933 | | | | 12,633 | |
Mesa Laboratories, Inc. | | | 141 | | | | 30,569 | |
Methode Electronics, Inc. | | | 1,260 | | | | 39,388 | |
Napco Security Technologies, Inc.* | | | 300 | | | | 7,017 | |
NVE Corp. | | | 209 | | | | 12,922 | |
OSI Systems, Inc.* | | | 557 | | | | 41,574 | |
Plexus Corp.* | | | 1,003 | | | | 70,772 | |
Sanmina Corp.* | | | 2,326 | | | | 58,243 | |
ShotSpotter, Inc.* | | | 300 | | | | 7,560 | |
Stoneridge, Inc.* | | | 873 | | | | 18,036 | |
Tech Data Corp.*(1) | | | 1,170 | | | | 169,650 | |
Transcat, Inc.* | | | 200 | | | | 5,172 | |
TTM Technologies, Inc.* | | | 3,529 | | | | 41,854 | |
Turtle Beach Corp.* | | | 500 | | | | 7,360 | |
Vishay Intertechnology, Inc. | | | 4,600 | | | | 70,242 | |
Vishay Precision Group, Inc.* | | | 300 | | | | 7,374 | |
Watts Water Technologies, Inc., Class A | | | 949 | | | | 76,869 | |
Wrap Technologies, Inc.* | | | 500 | | | | 5,240 | |
| | | | | | | | |
| | | | | | | 1,401,469 | |
| | | | | | | | |
| | |
| Energy-Alternate Sources — 0.6% | | | | | | | | |
Clean Energy Fuels Corp.* | | | 4,200 | | | | 9,324 | |
FuelCell Energy, Inc.* | | | 7,700 | | | | 17,402 | |
FutureFuel Corp. | | | 800 | | | | 9,560 | |
Green Plains, Inc.* | | | 1,167 | | | | 11,921 | |
Plug Power, Inc.* | | | 11,100 | | | | 91,131 | |
Renewable Energy Group, Inc.* | | | 1,200 | | | | 29,736 | |
REX American Resources Corp.* | | | 192 | | | | 13,319 | |
Sunnova Energy International, Inc.* | | | 1,000 | | | | 17,070 | |
Sunrun, Inc.* | | | 4,000 | | | | 78,880 | |
TerraForm Power, Inc., Class A | | | 2,979 | | | | 54,933 | |
TPI Composites, Inc.* | | | 1,000 | | | | 23,370 | |
Vivint Solar, Inc.* | | | 1,800 | | | | 17,820 | |
| | | | | | | | |
| | | | | | | 374,466 | |
| | | | | | | | |
| | |
| Engineering & Construction — 1.6% | | | | | | | | |
Aegion Corp.* | | | 955 | | | | 15,156 | |
Arcosa, Inc. | | | 1,600 | | | | 67,520 | |
120
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Engineering & Construction — (continued) | |
Concrete Pumping Holdings, Inc.* | | | 1,400 | | | $ | 4,872 | |
Construction Partners, Inc., Class A* | | | 700 | | | | 12,432 | |
Dycom Industries, Inc.* | | | 1,053 | | | | 43,057 | |
EMCOR Group, Inc. | | | 1,863 | | | | 123,219 | |
Exponent, Inc. | | | 1,780 | | | | 144,055 | |
Fluor Corp. | | | 4,800 | | | | 57,984 | |
Granite Construction, Inc. | | | 1,533 | | | | 29,342 | |
IES Holdings, Inc.* | | | 200 | | | | 4,634 | |
KBR, Inc. | | | 4,800 | | | | 108,240 | |
MasTec, Inc.* | | | 1,964 | | | | 88,125 | |
Mistras Group, Inc.* | | | 600 | | | | 2,370 | |
MYR Group, Inc.* | | | 483 | | | | 15,413 | |
NV5 Global, Inc.* | | | 400 | | | | 20,332 | |
Primoris Services Corp. | | | 1,490 | | | | 26,462 | |
Sterling Construction Co.* | | | 1,000 | | | | 10,470 | |
TopBuild Corp.* | | | 1,100 | | | | 125,147 | |
Tutor Perini Corp.* | | | 1,397 | | | | 17,015 | |
VSE Corp. | | | 308 | | | | 9,668 | |
WillScot Corp.* | | | 1,900 | | | | 23,351 | |
| | | | | | | | |
| | | | | | | 948,864 | |
| | | | | | | | |
| | |
| Entertainment — 1.3% | | | | | | | | |
Accel Entertainment, Inc.* | | | 1,500 | | | | 14,445 | |
AMC Entertainment Holdings, Inc., Class A | | | 1,655 | | | | 7,100 | |
Churchill Downs, Inc. | | | 1,292 | | | | 172,030 | |
Cinemark Holdings, Inc. | | | 3,700 | | | | 42,735 | |
Eldorado Resorts, Inc.* | | | 2,900 | | | | 116,174 | |
Eros International PLC* | | | 3,200 | | | | 10,112 | |
GAN Ltd.* | | | 300 | | | | 7,635 | |
Golden Entertainment, Inc.* | | | 600 | | | | 5,352 | |
IMAX Corp.* | | | 1,800 | | | | 20,178 | |
International Game Technology PLC | | | 3,500 | | | | 31,150 | |
Liberty Media Corp.-Liberty Braves, Class A* | | | 300 | | | | 6,024 | |
Liberty Media Corp.-Liberty Braves, Class C* | | | 1,300 | | | | 25,662 | |
Marriott Vacations Worldwide Corp. | | | 1,377 | | | | 113,203 | |
Penn National Gaming, Inc.* | | | 4,532 | | | | 138,407 | |
RCI Hospitality Holdings, Inc. | | | 400 | | | | 5,544 | |
Red Rock Resorts, Inc., Class A | | | 2,300 | | | | 25,093 | |
Scientific Games Corp.* | | | 1,900 | | | | 29,374 | |
SeaWorld Entertainment, Inc.* | | | 1,600 | | | | 23,696 | |
Twin River Worldwide Holdings, Inc. | | | 550 | | | | 12,260 | |
| | | | | | | | |
| | | | | | | 806,174 | |
| | | | | | | | |
| | |
| Environmental Control — 0.8% | | | | | | | | |
Advanced Disposal Services, Inc.* | | | 2,500 | | | | 75,425 | |
Advanced Emissions Solutions, Inc. | | | 600 | | | | 2,910 | |
Casella Waste Systems, Inc., Class A* | | | 1,600 | | | | 83,392 | |
CECO Environmental Corp.* | | | 1,309 | | | | 8,626 | |
Covanta Holding Corp. | | | 4,200 | | | | 40,278 | |
Energy Recovery, Inc.* | | | 1,100 | | | | 8,355 | |
Evoqua Water Technologies Corp.* | | | 3,000 | | | | 55,800 | |
Harsco Corp.* | | | 2,500 | | | | 33,775 | |
Heritage-Crystal Clean, Inc.* | | | 400 | | | | 6,984 | |
Pure Cycle Corp.* | | | 800 | | | | 7,352 | |
Sharps Compliance Corp.* | | | 600 | | | | 4,218 | |
Tetra Tech, Inc. | | | 1,864 | | | | 147,480 | |
US Ecology, Inc. | | | 1,040 | | | | 35,235 | |
| | | | | | | | |
| | | | | | | 509,830 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Food — 1.7% | | | | | | | | |
B&G Foods, Inc. | | | 2,072 | | | $ | 50,515 | |
BellRing Brands, Inc., Class A* | | | 1,300 | | | | 25,922 | |
Cal-Maine Foods, Inc.* | | | 1,046 | | | | 46,526 | |
Calavo Growers, Inc. | | | 551 | | | | 34,663 | |
Darling Ingredients, Inc.* | | | 5,467 | | | | 134,598 | |
Healthcare Services Group, Inc. | | | 2,580 | | | | 63,107 | |
HF Foods Group, Inc.* | | | 1,300 | | | | 11,765 | |
Hostess Brands, Inc.* | | | 4,000 | | | | 48,880 | |
Ingles Markets, Inc., Class A | | | 504 | | | | 21,707 | |
J & J Snack Foods Corp. | | | 522 | | | | 66,362 | |
John B Sanfilippo & Son, Inc. | | | 300 | | | | 25,599 | |
Lancaster Colony Corp. | | | 648 | | | | 100,434 | |
Nathan’s Famous, Inc. | | | 100 | | | | 5,624 | |
Natural Grocers by Vitamin Cottage, Inc. | | | 400 | | | | 5,952 | |
Performance Food Group Co.* | | | 4,500 | | | | 131,130 | |
Sanderson Farms, Inc. | | | 683 | | | | 79,153 | |
Seneca Foods Corp., Class A* | | | 211 | | | | 7,134 | |
SpartanNash Co. | | | 1,130 | | | | 24,012 | |
The Chefs’ Warehouse, Inc.* | | | 750 | | | | 10,185 | |
The Simply Good Foods Co.* | | | 2,900 | | | | 53,882 | |
Tootsie Roll Industries, Inc. | | | 534 | | | | 18,300 | |
United Natural Foods, Inc.* | | | 1,900 | | | | 34,599 | |
Village Super Market, Inc., Class A | | | 268 | | | | 7,429 | |
Weis Markets, Inc. | | | 366 | | | | 18,344 | |
| | | | | | | | |
| | | | | | | 1,025,822 | |
| | | | | | | | |
| | |
| Forest Products & Paper — 0.3% | | | | | | | | |
Clearwater Paper Corp.* | | | 578 | | | | 20,883 | |
Domtar Corp. | | | 1,900 | | | | 40,109 | |
Neenah, Inc. | | | 574 | | | | 28,390 | |
P.H. Glatfelter Co. | | | 1,359 | | | | 21,812 | |
Schweitzer-Mauduit International, Inc. | | | 976 | | | | 32,608 | |
Verso Corp., Class A | | | 1,300 | | | | 15,548 | |
| | | | | | | | |
| | | | | | | 159,350 | |
| | | | | | | | |
| | |
| Gas — 1.1% | | | | | | | | |
Chesapeake Utilities Corp. | | | 535 | | | | 44,940 | |
New Jersey Resources Corp. | | | 3,264 | | | | 106,570 | |
Northwest Natural Holding Co. | | | 1,050 | | | | 58,579 | |
ONE Gas, Inc. | | | 1,800 | | | | 138,690 | |
RGC Resources, Inc. | | | 200 | | | | 4,834 | |
South Jersey Industries, Inc. | | | 3,180 | | | | 79,468 | |
Southwest Gas Holdings, Inc. | | | 1,884 | | | | 130,090 | |
Spire, Inc. | | | 1,756 | | | | 115,387 | |
| | | | | | | | |
| | | | | | | 678,558 | |
| | | | | | | | |
| | |
| Hand & Machine Tools — 0.3% | | | | | | | | |
Franklin Electric Co., Inc. | | | 1,570 | | | | 82,456 | |
Hurco Cos., Inc. | | | 200 | | | | 5,594 | |
Kennametal, Inc. | | | 2,900 | | | | 83,259 | |
Luxfer Holdings PLC | | | 1,000 | | | | 14,150 | |
| | | | | | | | |
| | | | | | | 185,459 | |
| | | | | | | | |
| | |
| Healthcare Products — 3.9% | | | | | | | | |
Accelerate Diagnostics, Inc.* | | | 951 | | | | 14,417 | |
Accuray, Inc.* | | | 2,738 | | | | 5,558 | |
121
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Healthcare Products — (continued) | | | | | | | | |
Alpha Pro Tech Ltd.* | | | 500 | | | $ | 8,850 | |
Alphatec Holdings, Inc.* | | | 1,300 | | | | 6,110 | |
AngioDynamics, Inc.* | | | 1,158 | | | | 11,777 | |
Apyx Medical Corp.* | | | 1,400 | | | | 7,770 | |
AtriCure, Inc.* | | | 1,300 | | | | 58,435 | |
Atrion Corp. | | | 51 | | | | 32,487 | |
Avanos Medical, Inc.* | | | 1,600 | | | | 47,024 | |
Axogen, Inc.* | | | 1,200 | | | | 11,088 | |
Axonics Modulation Technologies, Inc.* | | | 1,100 | | | | 38,621 | |
BioLife Solutions, Inc.* | | | 300 | | | | 4,905 | |
BioSig Technologies, Inc.* | | | 700 | | | | 5,040 | |
BioTelemetry, Inc.* | | | 1,100 | | | | 49,709 | |
Cantel Medical Corp. | | | 1,300 | | | | 57,499 | |
Cardiovascular Systems, Inc.* | | | 1,200 | | | | 37,860 | |
CareDx, Inc.* | | | 1,400 | | | | 49,602 | |
Castle Biosciences, Inc.* | | | 300 | | | | 11,307 | |
Cerus Corp.* | | | 5,300 | | | | 34,980 | |
Co-Diagnostics, Inc.* | | | 900 | | | | 17,415 | |
CONMED Corp. | | | 945 | | | | 68,031 | |
CryoLife, Inc.* | | | 1,199 | | | | 22,985 | |
Cutera, Inc.* | | | 500 | | | | 6,085 | |
CytoSorbents Corp.* | | | 1,100 | | | | 10,890 | |
Electromed, Inc.* | | | 300 | | | | 4,617 | |
FONAR Corp.* | | | 300 | | | | 6,411 | |
GenMark Diagnostics, Inc.* | | | 2,400 | | | | 35,304 | |
Glaukos Corp.* | | | 1,360 | | | | 52,251 | |
Hanger, Inc.* | | | 1,100 | | | | 18,216 | |
InfuSystem Holdings, Inc.* | | | 600 | | | | 6,924 | |
Inogen, Inc.* | | | 600 | | | | 21,312 | |
Inspire Medical Systems, Inc.* | | | 900 | | | | 78,318 | |
Integer Holdings Corp.* | | | 1,093 | | | | 79,844 | |
Intersect ENT, Inc.* | | | 900 | | | | 12,186 | |
Invacare Corp. | | | 1,190 | | | | 7,580 | |
iRadimed Corp.* | | | 200 | | | | 4,642 | |
iRhythm Technologies, Inc.* | | | 900 | | | | 104,301 | |
Lantheus Holdings, Inc.* | | | 2,306 | | | | 32,976 | |
LeMaitre Vascular, Inc. | | | 500 | | | | 13,200 | |
LivaNova PLC* | | | 1,600 | | | | 77,008 | |
Luminex Corp. | | | 1,353 | | | | 44,013 | |
Meridian Bioscience, Inc.* | | | 1,360 | | | | 31,674 | |
Merit Medical Systems, Inc.* | | | 1,775 | | | | 81,029 | |
Misonix, Inc.* | | | 300 | | | | 4,071 | |
NanoString Technologies, Inc.* | | | 1,300 | | | | 38,155 | |
Natera, Inc.* | | | 2,400 | | | | 119,664 | |
Natus Medical, Inc.* | | | 1,075 | | | | 23,456 | |
Nevro Corp.* | | | 1,143 | | | | 136,554 | |
NuVasive, Inc.* | | | 1,706 | | | | 94,956 | |
Nymox Pharmaceutical Corp.* | | | 1,700 | | | | 6,035 | |
OraSure Technologies, Inc.* | | | 2,201 | | | | 25,598 | |
Orthofix Medical, Inc.* | | | 571 | | | | 18,272 | |
OrthoPediatrics Corp.* | | | 400 | | | | 17,504 | |
Patterson Cos., Inc. | | | 2,900 | | | | 63,800 | |
Precision BioSciences, Inc.* | | | 1,200 | | | | 9,996 | |
Pulse Biosciences, Inc.* | | | 482 | | | | 5,042 | |
Quanterix Corp.* | | | 700 | | | | 19,173 | |
Quotient Ltd.* | | | 2,200 | | | | 16,280 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Healthcare Products — (continued) | | | | | | | | |
Repro-Med Systems, Inc.* | | | 1,000 | | | $ | 8,980 | |
Retractable Technologies, Inc.* | | | 600 | | | | 4,212 | |
RTI Surgical Holdings, Inc.* | | | 2,035 | | | | 6,471 | |
SeaSpine Holdings Corp.* | | | 600 | | | | 6,282 | |
Shockwave Medical, Inc.* | | | 900 | | | | 42,633 | |
Sientra, Inc.* | | | 1,000 | | | | 3,870 | |
Silk Road Medical, Inc.* | | | 1,100 | | | | 46,079 | |
STAAR Surgical Co.* | | | 1,500 | | | | 92,310 | |
Stereotaxis, Inc.* | | | 1,700 | | | | 7,582 | |
Surmodics, Inc.* | | | 473 | | | | 20,453 | |
Tactile Systems Technology, Inc.* | | | 600 | | | | 24,858 | |
Utah Medical Products, Inc. | | | 100 | | | | 8,862 | |
Varex Imaging Corp.* | | | 1,300 | | | | 19,695 | |
ViewRay, Inc.* | | | 4,100 | | | | 9,184 | |
Wright Medical Group N.V.* | | | 4,004 | | | | 118,999 | |
Zynex, Inc.* | | | 600 | | | | 14,922 | |
| | | | | | | | |
| | | | | | | 2,364,199 | |
| | | | | | | | |
| | |
| Healthcare Services — 1.7% | | | | | | | | |
Addus HomeCare Corp.* | | | 500 | | | | 46,280 | |
American Renal Associates Holdings, Inc.* | | | 400 | | | | 2,608 | |
Apollo Medical Holdings, Inc.* | | | 400 | | | | 6,600 | |
Brookdale Senior Living, Inc.* | | | 6,200 | | | | 18,290 | |
Catasys, Inc.* | | | 300 | | | | 7,422 | |
Community Health Systems, Inc.* | | | 2,500 | | | | 7,525 | |
Fulgent Genetics, Inc.* | | | 400 | | | | 6,400 | |
Invitae Corp.* | | | 3,900 | | | | 118,131 | |
LHC Group, Inc.* | | | 1,032 | | | | 179,898 | |
Magellan Health, Inc.* | | | 841 | | | | 61,376 | |
MEDNAX, Inc.* | | | 2,900 | | | | 49,590 | |
Medpace Holdings, Inc.* | | | 900 | | | | 83,718 | |
National HealthCare Corp. | | | 406 | | | | 25,757 | |
OPKO Health, Inc.* | | | 13,901 | | | | 47,403 | |
Personalis, Inc.* | | | 700 | | | | 9,079 | |
RadNet, Inc.* | | | 1,300 | | | | 20,631 | |
Select Medical Holdings Corp.* | | | 3,600 | | | | 53,028 | |
SI-BONE, Inc.* | | | 800 | | | | 12,752 | |
Surgery Partners, Inc.* | | | 700 | �� | | | 8,099 | |
Tenet Healthcare Corp.* | | | 3,400 | | | | 61,574 | |
The Ensign Group, Inc. | | | 1,680 | | | | 70,308 | |
The Joint Corp.* | | | 500 | | | | 7,635 | |
The Pennant Group, Inc.* | | | 840 | | | | 18,984 | |
Tivity Health, Inc.* | | | 1,489 | | | | 16,870 | |
Triple-S Management Corp., Class B* | | | 831 | | | | 15,806 | |
U.S. Physical Therapy, Inc. | | | 407 | | | | 32,975 | |
Vapotherm, Inc.* | | | 700 | | | | 28,693 | |
Viemed Healthcare, Inc.* | | | 1,300 | | | | 12,480 | |
| | | | | | | | |
| | | | | | | 1,029,912 | |
| | | | | | | | |
| | |
| Holding Companies — 0.1% | | | | | | | | |
Hilltop Holdings, Inc. | | | 2,483 | | | | 45,811 | |
National Bank Holdings Corp., Class A | | | 1,000 | | | | 27,000 | |
Tiptree, Inc. | | | 1,100 | | | | 7,095 | |
| | | | | | | | |
| | | | | | | 79,906 | |
| | | | | | | | |
122
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Home Builders — 1.3% | | | | | | | | |
Beazer Homes USA, Inc.* | | | 924 | | | $ | 9,305 | |
Cavco Industries, Inc.* | | | 301 | | | | 58,048 | |
Century Communities, Inc.* | | | 900 | | | | 27,594 | |
Green Brick Partners, Inc.* | | | 600 | | | | 7,110 | |
Installed Building Products, Inc.* | | | 800 | | | | 55,024 | |
KB Home | | | 3,000 | | | | 92,040 | |
LGI Homes, Inc.* | | | 800 | | | | 70,424 | |
M/I Homes, Inc.* | | | 936 | | | | 32,236 | |
MDC Holdings, Inc. | | | 1,737 | | | | 62,011 | |
Meritage Homes Corp.* | | | 1,290 | | | | 98,195 | |
Skyline Corp.* | | | 1,900 | | | | 46,246 | |
Taylor Morrison Home Corp.* | | | 4,500 | | | | 86,805 | |
TRI Pointe Group, Inc.* | | | 4,500 | | | | 66,105 | |
Winnebago Industries, Inc. | | | 1,022 | | | | 68,085 | |
| | | | | | | | |
| | | | | | | 779,228 | |
| | | | | | | | |
| | |
| Home Furnishings — 0.4% | | | | | | | | |
Daktronics, Inc. | | | 1,209 | | | | 5,259 | |
Ethan Allen Interiors, Inc. | | | 928 | | | | 10,978 | |
Hamilton Beach Brands Holding Co., Class A | | | 144 | | | | 1,714 | |
Hooker Furniture Corp. | | | 300 | | | | 5,835 | |
iRobot Corp.* | | | 919 | | | | 77,104 | |
Kimball International, Inc., Class B | | | 1,244 | | | | 14,381 | |
La-Z-Boy, Inc. | | | 1,562 | | | | 42,268 | |
Purple Innovation, Inc.* | | | 500 | | | | 9,000 | |
Sleep Number Corp.* | | | 872 | | | | 36,310 | |
Sonos, Inc.* | | | 2,700 | | | | 39,501 | |
Universal Electronics, Inc.* | | | 500 | | | | 23,410 | |
VOXX International Corp.* | | | 900 | | | | 5,202 | |
| | | | | | | | |
| | | | | | | 270,962 | |
| | | | | | | | |
| | |
| Household Products & Wares — 0.6% | | | | | | | | |
ACCO Brands Corp. | | | 2,893 | | | | 20,540 | |
Central Garden & Pet Co.* | | | 300 | | | | 10,797 | |
Central Garden & Pet Co., Class A* | | | 1,302 | | | | 43,995 | |
Helen of Troy Ltd.* | | | 861 | | | | 162,350 | |
Lifetime Brands, Inc. | | | 400 | | | | 2,688 | |
Tupperware Brands Corp. | | | 1,600 | | | | 7,600 | |
WD-40 Co. | | | 471 | | | | 93,399 | |
| | | | | | | | |
| | | | | | | 341,369 | |
| | | | | | | | |
| | |
| Insurance — 2.7% | | | | | | | | |
Ambac Financial Group, Inc.* | | | 1,500 | | | | 21,480 | |
American Equity Investment Life Holding Co. | | | 2,976 | | | | 73,537 | |
AMERISAFE, Inc. | | | 608 | | | | 37,185 | |
Argo Group International Holdings Ltd. | | | 1,132 | | | | 39,428 | |
Benefytt Technologies, Inc.* | | | 300 | | | | 6,138 | |
BRP Group, Inc., Class A* | | | 600 | | | | 10,362 | |
Citizens, Inc.* | | | 1,466 | | | | 8,781 | |
CNO Financial Group, Inc. | | | 5,093 | | | | 79,298 | |
Crawford & Co., Class A | | | 700 | | | | 5,523 | |
Donegal Group, Inc., Class A | | | 283 | | | | 4,024 | |
eHealth, Inc.* | | | 920 | | | | 90,381 | |
Employers Holdings, Inc. | | | 1,082 | | | | 32,622 | |
Enstar Group Ltd.* | | | 397 | | | | 60,650 | |
Essent Group Ltd. | | | 3,700 | | | | 134,199 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Insurance — (continued) | | | | | | | | |
FBL Financial Group, Inc., Class A | | | 327 | | | $ | 11,736 | |
FedNat Holding Co. | | | 500 | | | | 5,535 | |
Genworth Financial, Inc., Class A* | | | 17,500 | | | | 40,425 | |
Global Indemnity Ltd. | | | 283 | | | | 6,775 | |
Goosehead Insurance, Inc., Class A* | | | 400 | | | | 30,064 | |
Greenlight Capital Re Ltd., Class A* | | | 1,128 | | | | 7,355 | |
HCI Group, Inc. | | | 200 | | | | 9,236 | |
Heritage Insurance Holdings, Inc. | | | 800 | | | | 10,472 | |
Horace Mann Educators Corp. | | | 1,380 | | | | 50,687 | |
Independence Holding Co. | | | 100 | | | | 3,059 | |
Investors Title Co. | | | 39 | | | | 4,731 | |
Kinsale Capital Group, Inc. | | | 700 | | | | 108,647 | |
MBIA, Inc.* | | | 2,700 | | | | 19,575 | |
National General Holdings Corp. | | | 2,200 | | | | 47,542 | |
National Western Life Group, Inc., Class A | | | 74 | | | | 15,036 | |
NI Holdings, Inc.* | | | 200 | | | | 2,954 | |
NMI Holdings, Inc., Class A* | | | 2,100 | | | | 33,768 | |
Palomar Holdings, Inc.* | | | 700 | | | | 60,032 | |
ProAssurance Corp. | | | 1,900 | | | | 27,493 | |
ProSight Global, Inc.* | | | 400 | | | | 3,560 | |
Protective Insurance Corp., Class B | | | 325 | | | | 4,898 | |
Radian Group, Inc. | | | 6,503 | | | | 100,862 | |
RLI Corp. | | | 1,364 | | | | 111,984 | |
Safety Insurance Group, Inc. | | | 482 | | | | 36,757 | |
Selective Insurance Group, Inc. | | | 1,975 | | | | 104,162 | |
State Auto Financial Corp. | | | 576 | | | | 10,282 | |
Stewart Information Services Corp. | | | 808 | | | | 26,268 | |
Third Point Reinsurance Ltd.* | | | 2,400 | | | | 18,024 | |
Trupanion, Inc.* | | | 1,000 | | | | 42,690 | |
United Fire Group, Inc. | | | 680 | | | | 18,843 | |
United Insurance Holdings Corp. | | | 800 | | | | 6,256 | |
Universal Insurance Holdings, Inc. | | | 1,051 | | | | 18,655 | |
Watford Holdings Ltd.* | | | 700 | | | | 11,683 | |
| | | | | | | | |
| | | | | | | 1,613,654 | |
| | | | | | | | |
| | |
| Internet — 2.2% | | | | | | | | |
1-800-Flowers.com, Inc., Class A* | | | 737 | | | | 14,755 | |
Blucora, Inc.* | | | 1,596 | | | | 18,226 | |
Boingo Wireless, Inc.* | | | 1,400 | | | | 18,648 | |
Cardlytics, Inc.* | | | 900 | | | | 62,982 | |
Cargurus, Inc.* | | | 3,000 | | | | 76,050 | |
Cars.com, Inc.* | | | 2,300 | | | | 13,248 | |
ChannelAdvisor Corp.* | | | 900 | | | | 14,256 | |
Cogent Communications Holdings, Inc. | | | 1,419 | | | | 109,774 | |
comScore, Inc.* | | | 1,900 | | | | 5,890 | |
DHI Group, Inc.* | | | 2,100 | | | | 4,410 | |
Endurance International Group Holdings, Inc.* | | | 2,700 | | | | 10,881 | |
ePlus, Inc.* | | | 430 | | | | 30,392 | |
Eventbrite, Inc., Class A* | | | 2,300 | | | | 19,711 | |
EverQuote, Inc., Class A* | | | 500 | | | | 29,080 | |
GlobalSCAPE, Inc. | | | 600 | | | | 5,850 | |
Groupon, Inc.* | | | 750 | | | | 13,590 | |
HealthStream, Inc.* | | | 900 | | | | 19,917 | |
Limelight Networks, Inc.* | | | 4,172 | | | | 30,706 | |
Liquidity Services, Inc.* | | | 1,035 | | | | 6,169 | |
123
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Internet — (continued) | | | | | | | | |
LiveXLive Media, Inc.* | | | 1,500 | | | $ | 5,430 | |
Mimecast Ltd.* | | | 1,900 | | | | 79,154 | |
NIC, Inc. | | | 2,129 | | | | 48,882 | |
Overstock.com, Inc.* | | | 1,400 | | | | 39,802 | |
Perficient, Inc.* | | | 1,045 | | | | 37,390 | |
Q2 Holdings, Inc.* | | | 1,700 | | | | 145,843 | |
QuinStreet, Inc.* | | | 1,615 | | | | 16,893 | |
Shutterstock, Inc. | | | 600 | | | | 20,982 | |
Stamps.com, Inc.* | | | 548 | | | | 100,662 | |
Stitch Fix, Inc., Class A* | | | 1,900 | | | | 47,386 | |
TechTarget, Inc.* | | | 800 | | | | 24,024 | |
The Meet Group, Inc.* | | | 2,300 | | | | 14,352 | |
The RealReal, Inc.* | | | 2,200 | | | | 28,138 | |
The Rubicon Project, Inc.* | | | 3,306 | | | | 22,051 | |
TrueCar, Inc.* | | | 3,500 | | | | 9,030 | |
Tucows, Inc., Class A* | | | 300 | | | | 17,196 | |
U.S. Auto Parts Network, Inc.* | | | 800 | | | | 6,928 | |
Upwork, Inc.* | | | 3,200 | | | | 46,208 | |
VirnetX Holding Corp. | | | 2,283 | | | | 14,840 | |
Yelp, Inc.* | | | 2,400 | | | | 55,512 | |
Zix Corp.* | | | 1,848 | | | | 12,751 | |
| | | | | | | | |
| | | | | | | 1,297,989 | |
| | | | | | | | |
| | |
| Investment Companies — 0.3% | | | | | | | | |
Brookfield Infrastructure Corp., Class A | | | 1,100 | | | | 50,094 | |
Cannae Holdings, Inc.* | | | 2,900 | | | | 119,190 | |
Grid Dynamics Holdings, Inc.* | | | 900 | | | | 6,210 | |
PDL Community Bancorp* | | | 400 | | | | 4,072 | |
Rafael Holdings, Inc., Class B* | | | 400 | | | | 5,748 | |
| | | | | | | | |
| | | | | | | 185,314 | |
| | | | | | | | |
| | |
| Iron & Steel — 0.5% | | | | | | | | |
Allegheny Technologies, Inc.* | | | 4,100 | | | | 41,779 | |
Carpenter Technology Corp. | | | 1,500 | | | | 36,420 | |
Cleveland-Cliffs, Inc. | | | 13,680 | | | | 75,514 | |
Commercial Metals Co. | | | 3,900 | | | | 79,560 | |
Ryerson Holding Corp.* | | | 400 | | | | 2,252 | |
Schnitzer Steel Industries, Inc., Class A | | | 900 | | | | 15,876 | |
TimkenSteel Corp.* | | | 1,400 | | | | 5,446 | |
United States Steel Corp. | | | 7,600 | | | | 54,872 | |
| | | | | | | | |
| | | | | | | 311,719 | |
| | | | | | | | |
| | |
| Leisure Time — 1.0% | | | | | | | | |
Acushnet Holdings Corp. | | | 1,200 | | | | 41,748 | |
Callaway Golf Co. | | | 3,146 | | | | 55,086 | |
Camping World Holdings, Inc., Class A | | | 1,200 | | | | 32,592 | |
Clarus Corp. | | | 701 | | | | 8,118 | |
Escalade, Inc. | | | 600 | | | | 8,376 | |
Fox Factory Holding Corp.* | | | 1,300 | | | | 107,393 | |
Johnson Outdoors, Inc., Class A | | | 200 | | | | 18,204 | |
LCI Industries | | | 891 | | | | 102,447 | |
Liberty TripAdvisor Holdings, Inc., Class A* | | | 2,400 | | | | 5,112 | |
Lindblad Expeditions Holdings, Inc.* | | | 700 | | | | 5,404 | |
Malibu Boats, Inc., Class A* | | | 700 | | | | 36,365 | |
Marine Products Corp. | | | 88 | | | | 1,219 | |
MasterCraft Boat Holdings, Inc.* | | | 500 | | | | 9,525 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Leisure Time — (continued) | | | | | | | | |
Nautilus, Inc.* | | | 1,100 | | | $ | 10,197 | |
OneSpaWorld Holdings Ltd. | | | 1,600 | | | | 7,632 | |
OneWater Marine, Inc., Class A* | | | 200 | | | | 4,856 | |
Vista Outdoor, Inc.* | | | 2,100 | | | | 30,345 | |
YETI Holdings, Inc.* | | | 2,500 | | | | 106,825 | |
| | | | | | | | |
| | | | | | | 591,444 | |
| | | | | | | | |
| | |
| Lodging — 0.2% | | | | | | | | |
BBX Capital Corp. | | | 2,500 | | | | 6,350 | |
Bluegreen Vacations Corp. | | | 400 | | | | 2,168 | |
Boyd Gaming Corp. | | | 2,666 | | | | 55,719 | |
Century Casinos, Inc.* | | | 1,100 | | | | 4,565 | |
Hilton Grand Vacations, Inc.* | | | 2,900 | | | | 56,695 | |
Monarch Casino & Resort, Inc.* | | | 385 | | | | 13,121 | |
Target Hospitality Corp.* | | | 1,300 | | | | 2,197 | |
The Marcus Corp. | | | 733 | | | | 9,727 | |
| | | | | | | | |
| | | | | | | 150,542 | |
| | | | | | | | |
|
| Machinery — Construction & Mining — 0.3% | |
Argan, Inc. | | | 536 | | | | 25,396 | |
Astec Industries, Inc. | | | 798 | | | | 36,955 | |
Bloom Energy Corp., Class A* | | | 3,000 | | | | 32,640 | |
Hyster-Yale Materials Handling, Inc. | | | 344 | | | | 13,299 | |
Terex Corp. | | | 2,400 | | | | 45,048 | |
The Manitowoc Co., Inc.* | | | 1,025 | | | | 11,152 | |
| | | | | | | | |
| | | | | | | 164,490 | |
| | | | | | | | |
| | |
| Machinery — Diversified — 1.0% | | | | | | | | |
Alamo Group, Inc. | | | 317 | | | | 32,537 | |
Albany International Corp., Class A | | | 1,032 | | | | 60,589 | |
Applied Industrial Technologies, Inc. | | | 1,282 | | | | 79,984 | |
Cactus, Inc., Class A | | | 1,600 | | | | 33,008 | |
Chart Industries, Inc.* | | | 1,177 | | | | 57,073 | |
CIRCOR International, Inc.* | | | 635 | | | | 16,180 | |
Columbus McKinnon Corp. | | | 785 | | | | 26,258 | |
CSW Industrials, Inc. | | | 500 | | | | 34,555 | |
DXP Enterprises, Inc.* | | | 522 | | | | 10,393 | |
Gencor Industries, Inc.* | | | 500 | | | | 6,320 | |
Ichor Holdings Ltd.* | | | 700 | | | | 18,606 | |
Intevac, Inc.* | | | 1,000 | | | | 5,460 | |
Kadant, Inc. | | | 401 | | | | 39,964 | |
Lindsay Corp. | | | 355 | | | | 32,734 | |
Ranpak Holdings Corp.* | | | 1,100 | | | | 8,184 | |
SPX FLOW, Inc.* | | | 1,400 | | | | 52,416 | |
Tennant Co. | | | 636 | | | | 41,346 | |
The Gorman-Rupp Co. | | | 551 | | | | 17,125 | |
Welbilt, Inc.* | | | 4,200 | | | | 25,578 | |
| | | | | | | | |
| | | | | | | 598,310 | |
| | | | | | | | |
| | |
| Media — 0.6% | | | | | | | | |
AMC Networks, Inc., Class A* | | | 1,400 | | | | 32,746 | |
Central European Media Enterprises Ltd., Class A* | | | 3,100 | | | | 10,974 | |
Daily Journal Corp.* | | | 41 | | | | 11,070 | |
Entercom Communications Corp., Class A | | | 4,100 | | | | 5,658 | |
Entravision Communications Corp., Class A | | | 2,800 | | | | 4,004 | |
124
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Media — (continued) | | | | | | | | |
Gannett Co., Inc.* | | | 4,253 | | | $ | 5,869 | |
Gray Television, Inc.* | | | 2,900 | | | | 40,455 | |
Hemisphere Media Group, Inc.* | | | 400 | | | | 3,932 | |
Houghton Mifflin Harcourt Co.* | | | 3,100 | | | | 5,611 | |
iHeartMedia, Inc., Class A* | | | 2,100 | | | | 17,535 | |
Meredith Corp. | | | 1,200 | | | | 17,460 | |
MSG Networks, Inc., Class A* | | | 1,400 | | | | 13,930 | |
Saga Communications, Inc., Class A | | | 133 | | | | 3,405 | |
Scholastic Corp. | | | 956 | | | | 28,622 | |
Sinclair Broadcast Group, Inc., Class A | | | 1,800 | | | | 33,228 | |
TEGNA, Inc. | | | 7,500 | | | | 83,550 | |
The E.W. Scripps Co., Class A | | | 1,929 | | | | 16,879 | |
Tribune Publishing Co. | | | 700 | | | | 6,993 | |
WideOpenWest, Inc.* | | | 2,000 | | | | 10,540 | |
| | | | | | | | |
| | | | | | | 352,461 | |
| | | | | | | | |
| | |
| Metal Fabricate/Hardware — 1.0% | | | | | | | | |
Advanced Drainage Systems, Inc. | | | 1,700 | | | | 83,980 | |
Atkore International Group, Inc.* | | | 1,500 | | | | 41,025 | |
Haynes International, Inc. | | | 364 | | | | 8,503 | |
Helios Technologies, Inc. | | | 959 | | | | 35,723 | |
L.B. Foster Co., Class A* | | | 400 | | | | 5,108 | |
Lawson Products, Inc.* | | | 100 | | | | 3,226 | |
Mueller Industries, Inc. | | | 1,888 | | | | 50,183 | |
Mueller Water Products, Inc., Class A | | | 5,192 | | | | 48,961 | |
NN, Inc.* | | | 1,600 | | | | 7,584 | |
Northwest Pipe Co.* | | | 300 | | | | 7,521 | |
Olympic Steel, Inc. | | | 231 | | | | 2,714 | |
Omega Flex, Inc. | | | 159 | | | | 16,822 | |
RBC Bearings, Inc.* | | | 841 | | | | 112,728 | |
Rexnord Corp. | | | 3,700 | | | | 107,855 | |
The Eastern Co. | | | 100 | | | | 1,787 | |
Worthington Industries, Inc. | | | 1,284 | | | | 47,893 | |
| | | | | | | | |
| | | | | | | 581,613 | |
| | | | | | | | |
| | |
| Mining — 0.8% | | | | | | | | |
Alcoa Corp.* | | | 6,400 | | | | 71,936 | |
Arconic Corp.* | | | 3,400 | | | | 47,362 | |
Caledonia Mining Corp. PLC | | | 500 | | | | 8,660 | |
Century Aluminum Co.* | | | 1,754 | | | | 12,506 | |
Coeur Mining, Inc.* | | | 8,028 | | | | 40,782 | |
Compass Minerals International, Inc. | | | 1,200 | | | | 58,500 | |
Energy Fuels, Inc.* | | | 2,800 | | | | 4,228 | |
Ferroglobe Representation & Warranty Insurance Trust Units*(1) | | | 2,414 | | | | 0 | |
Gold Resource Corp. | | | 2,400 | | | | 9,864 | |
Hecla Mining Co. | | | 18,091 | | | | 59,157 | |
Kaiser Aluminum Corp. | | | 516 | | | | 37,988 | |
Livent Corp.* | | | 5,200 | | | | 32,032 | |
Novagold Resources, Inc.* | | | 8,200 | | | | 75,276 | |
United States Lime & Minerals, Inc. | | | 129 | | | | 10,893 | |
Uranium Energy Corp.* | | | 5,300 | | | | 4,652 | |
US Silica Holdings, Inc. | | | 2,600 | | | | 9,386 | |
| | | | | | | | |
| | | | | | | 483,222 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Miscellaneous Manufacturing — 1.4% | | | | | | | | |
AZZ, Inc. | | | 876 | | | $ | 30,064 | |
Chase Corp. | | | 251 | | | | 25,728 | |
Enerpac Tool Group Corp. | | | 1,906 | | | | 33,546 | |
EnPro Industries, Inc. | | | 717 | | | | 35,341 | |
ESCO Technologies, Inc. | | | 934 | | | | 78,951 | |
Fabrinet* | | | 1,300 | | | | 81,146 | |
Federal Signal Corp. | | | 2,043 | | | | 60,738 | |
GP Strategies Corp.* | | | 400 | | | | 3,432 | |
Hillenbrand, Inc. | | | 2,544 | | | | 68,866 | |
John Bean Technologies Corp. | | | 1,072 | | | | 92,213 | |
Lydall, Inc.* | | | 600 | | | | 8,136 | |
Materion Corp. | | | 657 | | | | 40,399 | |
Myers Industries, Inc. | | | 1,125 | | | | 16,369 | |
NL Industries, Inc. | | | 90 | | | | 307 | |
Park-Ohio Holdings Corp. | | | 200 | | | | 3,318 | |
Proto Labs, Inc.* | | | 894 | | | | 100,548 | |
Raven Industries, Inc. | | | 1,146 | | | | 24,651 | |
Smith & Wesson Brands, Inc.* | | | 1,879 | | | | 40,436 | |
Standex International Corp. | | | 400 | | | | 23,020 | |
Sturm Ruger & Co., Inc. | | | 619 | | | | 47,044 | |
Tredegar Corp. | | | 761 | | | | 11,719 | |
Trinseo S.A. | | | 1,300 | | | | 28,808 | |
| | | | | | | | |
| | | | | | | 854,780 | |
| | | | | | | | |
| | |
| Office & Business Equipment — 0.0% | | | | | | | | |
Pitney Bowes, Inc. | | | 5,500 | | | | 14,300 | |
| | | | | | | | |
| | |
| Office Furnishings — 0.3% | | | | | | | | |
Herman Miller, Inc. | | | 1,932 | | | | 45,615 | |
HNI Corp. | | | 1,443 | | | | 44,112 | |
Interface, Inc. | | | 1,995 | | | | 16,239 | |
Knoll, Inc. | | | 1,553 | | | | 18,931 | |
Steelcase, Inc., Class A | | | 2,831 | | | | 34,142 | |
| | | | | | | | |
| | | | | | | 159,039 | |
| | | | | | | | |
| | |
| Oil & Gas — 1.3% | | | | | | | | |
Antero Resources Corp.* | | | 8,600 | | | | 21,844 | |
Berry Corp. | | | 2,100 | | | | 10,143 | |
Bonanza Creek Energy, Inc.* | | | 700 | | | | 10,374 | |
Brigham Minerals, Inc., Class A | | | 1,100 | | | | 13,585 | |
California Resources Corp.* | | | 1,700 | | | | 2,074 | |
CNX Resources Corp.* | | | 6,500 | | | | 56,225 | |
Cobalt International Energy, Inc.*(1) | | | 1 | | | | 0 | |
Comstock Resources, Inc.* | | | 800 | | | | 3,504 | |
Contango Oil & Gas Co.* | | | 3,400 | | | | 7,786 | |
CVR Energy, Inc. | | | 1,000 | | | | 20,110 | |
Delek US Holdings, Inc. | | | 2,179 | | | | 37,937 | |
Earthstone Energy, Inc., Class A* | | | 700 | | | | 1,988 | |
Evolution Petroleum Corp. | | | 1,200 | | | | 3,360 | |
Falcon Minerals Corp. | | | 1,500 | | | | 4,800 | |
Goodrich Petroleum Corp.* | | | 500 | | | | 3,600 | |
Gulfport Energy Corp.* | | | 5,800 | | | | 6,322 | |
Kosmos Energy Ltd. | | | 14,200 | | | | 23,572 | |
Magnolia Oil & Gas Corp., Class A* | | | 4,400 | | | | 26,664 | |
Matador Resources Co.* | | | 3,500 | | | | 29,750 | |
Montage Resources Corp.* | | | 993 | | | | 3,922 | |
125
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
Murphy USA, Inc.* | | | 954 | | | $ | 107,411 | |
Nabors Industries Ltd. | | | 218 | | | | 8,070 | |
Ovintiv, Inc. | | | 9,000 | | | | 85,950 | |
Par Pacific Holdings, Inc.* | | | 1,218 | | | | 10,950 | |
Patterson-UTI Energy, Inc. | | | 6,500 | | | | 22,555 | |
PBF Energy, Inc., Class A | | | 3,400 | | | | 34,816 | |
PDC Energy, Inc.* | | | 3,155 | | | | 39,248 | |
Penn Virginia Corp.* | | | 400 | | | | 3,812 | |
ProPetro Holding Corp.* | | | 2,800 | | | | 14,392 | |
Range Resources Corp. | | | 7,400 | | | | 41,662 | |
SM Energy Co. | | | 3,700 | | | | 13,875 | |
Southwestern Energy Co.* | | | 17,700 | | | | 45,312 | |
Talos Energy, Inc.* | | | 600 | | | | 5,520 | |
Tellurian, Inc.* | | | 3,400 | | | | 3,910 | |
Transocean Ltd.* | | | 20,300 | | | | 37,149 | |
Trecora Resources* | | | 1,000 | | | | 6,270 | |
W&T Offshore, Inc.* | | | 3,543 | | | | 8,078 | |
Whiting Petroleum Corp.* | | | 3,900 | | | | 4,407 | |
| | | | | | | | |
| | | | | | | 780,947 | |
| | | | | | | | |
| | |
| Oil & Gas Services — 0.6% | | | | | | | | |
Archrock, Inc. | | | 4,200 | | | | 27,258 | |
ChampionX Corp.* | | | 6,400 | | | | 62,464 | |
DMC Global, Inc. | | | 500 | | | | 13,800 | |
Dril-Quip, Inc.* | | | 1,200 | | | | 35,748 | |
Exterran Corp.* | | | 1,000 | | | | 5,390 | |
Frank’s International N.V.* | | | 3,900 | | | | 8,697 | |
Helix Energy Solutions Group, Inc.* | | | 4,501 | | | | 15,618 | |
Liberty Oilfield Services, Inc., Class A | | | 2,000 | | | | 10,960 | |
Matrix Service Co.* | | | 987 | | | | 9,594 | |
MRC Global, Inc.* | | | 2,400 | | | | 14,184 | |
National Energy Services Reunited Corp.* | | | 1,000 | | | | 6,880 | |
Newpark Resources, Inc.* | | | 2,712 | | | | 6,048 | |
NexTier Oilfield Solutions, Inc.* | | | 4,991 | | | | 12,228 | |
NOW, Inc.* | | | 3,600 | | | | 31,068 | |
Oceaneering International, Inc.* | | | 3,300 | | | | 21,087 | |
Oil States International, Inc.* | | | 2,000 | | | | 9,500 | |
RPC, Inc.* | | | 2,200 | | | | 6,776 | |
Select Energy Services, Inc., Class A* | | | 2,100 | | | | 10,290 | |
Solaris Oilfield Infrastructure, Inc., Class A | | | 1,100 | | | | 8,162 | |
Thermon Group Holdings, Inc.* | | | 1,100 | | | | 16,027 | |
| | | | | | | | |
| | | | | | | 331,779 | |
| | | | | | | | |
| | |
| Packaging and Containers — 0.2% | | | | | | | | |
Greif, Inc., Class A | | | 900 | | | | 30,969 | |
Greif, Inc., Class B | | | 200 | | | | 8,366 | |
O-I Glass, Inc. | | | 5,400 | | | | 48,492 | |
TriMas Corp.* | | | 1,495 | | | | 35,805 | |
UFP Technologies, Inc.* | | | 200 | | | | 8,812 | |
| | | | | | | | |
| | | | | | | 132,444 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 4.8% | | | | | | | | |
89bio, Inc.* | | | 200 | | | | 3,986 | |
AcelRx Pharmaceuticals, Inc.* | | | 3,300 | | | | 3,993 | |
AdaptHealth Corp.* | | | 300 | | | | 4,830 | |
Aeglea BioTherapeutics, Inc.* | | | 1,500 | | | | 13,875 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
Aerie Pharmaceuticals, Inc.* | | | 1,500 | | | $ | 22,140 | |
Agile Therapeutics, Inc.* | | | 2,700 | | | | 7,506 | |
Aimmune Therapeutics, Inc.* | | | 1,600 | | | | 26,736 | |
Akcea Therapeutics, Inc.* | | | 400 | | | | 5,480 | |
Akebia Therapeutics, Inc.* | | | 4,510 | | | | 61,246 | |
Alector, Inc.* | | | 1,600 | | | | 39,104 | |
Amneal Pharmaceuticals, Inc.* | | | 4,137 | | | | 19,692 | |
Amphastar Pharmaceuticals, Inc.* | | | 1,100 | | | | 24,706 | |
Anika Therapeutics, Inc.* | | | 400 | | | | 15,092 | |
Antares Pharma, Inc.* | | | 5,600 | | | | 15,400 | |
Apellis Pharmaceuticals, Inc.* | | | 2,100 | | | | 68,586 | |
Aquestive Therapeutics, Inc.* | | | 900 | | | | 4,374 | |
Arvinas, Inc.* | | | 1,000 | | | | 33,540 | |
Athenex, Inc.* | | | 2,600 | | | | 35,776 | |
Axsome Therapeutics, Inc.* | | | 1,000 | | | | 82,280 | |
Beyond Air, Inc.* | | | 600 | | | | 4,350 | |
Beyondspring, Inc.* | | | 400 | | | | 6,032 | |
BioDelivery Sciences International, Inc.* | | | 3,100 | | | | 13,516 | |
BioSpecifics Technologies Corp.* | | | 200 | | | | 12,256 | |
Bioxcel Therapeutics, Inc.* | | | 400 | | | | 21,204 | |
Calithera Biosciences, Inc.* | | | 2,200 | | | | 11,616 | |
Calyxt, Inc.* | | | 300 | | | | 1,479 | |
Cara Therapeutics, Inc.* | | | 1,500 | | | | 25,650 | |
Catalyst Biosciences, Inc.* | | | 800 | | | | 4,696 | |
Catalyst Pharmaceuticals, Inc.* | | | 2,800 | | | | 12,936 | |
ChemoCentryx, Inc.* | | | 1,500 | | | | 86,310 | |
Chiasma, Inc.* | | | 1,100 | | | | 5,918 | |
Chimerix, Inc.* | | | 1,700 | | | | 5,270 | |
Cidara Therapeutics, Inc.* | | | 1,400 | | | | 5,166 | |
Clovis Oncology, Inc.* | | | 2,600 | | | | 17,550 | |
Collegium Pharmaceutical, Inc.* | | | 1,000 | | | | 17,500 | |
Concert Pharmaceuticals, Inc.* | | | 900 | | | | 8,955 | |
Corbus Pharmaceuticals Holdings, Inc.* | | | 2,500 | | | | 20,975 | |
Corcept Therapeutics, Inc.* | | | 3,100 | | | | 52,142 | |
CorMedix, Inc.* | | | 1,000 | | | | 6,300 | |
Covetrus, Inc.* | | | 3,400 | | | | 60,826 | |
Cyclerion Therapeutics, Inc.* | | | 976 | | | | 5,768 | |
Durect Corp.* | | | 7,200 | | | | 16,704 | |
Eagle Pharmaceuticals, Inc.* | | | 400 | | | | 19,192 | |
Eidos Therapeutics, Inc.* | | | 400 | | | | 19,068 | |
Enanta Pharmaceuticals, Inc.* | | | 600 | | | | 30,126 | |
Endo International PLC* | | | 7,600 | | | | 26,068 | |
Esperion Therapeutics, Inc.* | | | 900 | | | | 46,179 | |
Eton Pharmaceuticals, Inc.* | | | 700 | | | | 3,815 | |
Evofem Biosciences, Inc.* | | | 1,161 | | | | 3,286 | |
Fennec Pharmaceuticals, Inc.* | | | 900 | | | | 7,515 | |
Flexion Therapeutics, Inc.* | | | 1,200 | | | | 15,780 | |
Fortress Biotech, Inc.* | | | 2,400 | | | | 6,432 | |
Fulcrum Therapeutics, Inc.* | | | 400 | | | | 7,316 | |
G1 Therapeutics, Inc.* | | | 1,200 | | | | 29,112 | |
Galectin Therapeutics, Inc.* | | | 1,400 | | | | 4,284 | |
Gritstone Oncology, Inc.* | | | 1,000 | | | | 6,640 | |
Harpoon Therapeutics, Inc.* | | | 200 | | | | 3,320 | |
Harrow Health, Inc.* | | | 1,000 | | | | 5,210 | |
Heron Therapeutics, Inc.* | | | 3,000 | | | | 44,130 | |
126
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
Heska Corp.* | | | 216 | | | $ | 20,125 | |
Hookipa Pharma, Inc.* | | | 500 | | | | 5,810 | |
Ideaya Biosciences, Inc.* | | | 500 | | | | 7,105 | |
IMARA, Inc.* | | | 200 | | | | 5,526 | |
Intra-Cellular Therapies, Inc.* | | | 1,800 | | | | 46,206 | |
Ironwood Pharmaceuticals, Inc.* | | | 5,461 | | | | 56,357 | |
Jounce Therapeutics, Inc.* | | | 400 | | | | 2,760 | |
Kadmon Holdings, Inc.* | | | 5,800 | | | | 29,696 | |
Kala Pharmaceuticals, Inc.* | | | 1,400 | | | | 14,714 | |
KalVista Pharmaceuticals, Inc.* | | | 500 | | | | 6,050 | |
Kindred Biosciences, Inc.* | | | 1,400 | | | | 6,286 | |
La Jolla Pharmaceutical Co.* | | | 700 | | | | 2,982 | |
Lannett Co., Inc.* | | | 997 | | | | 7,238 | |
Lifevantage Corp.* | | | 600 | | | | 8,112 | |
Madrigal Pharmaceuticals, Inc.* | | | 304 | | | | 34,428 | |
Mallinckrodt PLC* | | | 2,800 | | | | 7,504 | |
MannKind Corp.* | | | 7,801 | | | | 13,652 | |
Marinus Pharmaceuticals, Inc.* | | | 3,500 | | | | 8,890 | |
MediciNova, Inc.* | | | 1,400 | | | | 7,588 | |
Mersana Therapeutics, Inc.* | | | 1,600 | | | | 37,440 | |
Minerva Neurosciences, Inc.* | | | 800 | | | | 2,888 | |
Mirati Therapeutics, Inc.* | | | 1,300 | | | | 148,421 | |
Mirum Pharmaceuticals, Inc.* | | | 300 | | | | 5,838 | |
Morphic Holding, Inc.* | | | 500 | | | | 13,525 | |
MyoKardia, Inc.* | | | 1,701 | | | | 164,350 | |
Nature’s Sunshine Products, Inc.* | | | 200 | | | | 1,802 | |
Neogen Corp.* | | | 1,769 | | | | 137,274 | |
Neoleukin Therapeutics, Inc.* | | | 1,100 | | | | 18,260 | |
Neubase Therapeutics, Inc.* | | | 700 | | | | 6,146 | |
Ocular Therapeutix, Inc.* | | | 1,600 | | | | 13,328 | |
Odonate Therapeutics, Inc.* | | | 500 | | | | 21,170 | |
Optinose, Inc.* | | | 1,200 | | | | 8,928 | |
Option Care Health, Inc.* | | | 1,102 | | | | 15,296 | |
ORIC Pharmaceuticals, Inc.* | | | 300 | | | | 10,119 | |
Pacira BioSciences, Inc.* | | | 1,400 | | | | 73,458 | |
Passage Bio, Inc.* | | | 500 | | | | 13,665 | |
PhaseBio Pharmaceuticals, Inc.* | | | 600 | | | | 2,760 | |
Phibro Animal Health Corp., Class A | | | 700 | | | | 18,389 | |
Portola Pharmaceuticals, Inc.* | | | 2,500 | | | | 44,975 | |
Prestige Consumer Healthcare, Inc.* | | | 1,672 | | | | 62,800 | |
Principia Biopharma, Inc.* | | | 1,000 | | | | 59,790 | |
Protagonist Therapeutics, Inc.* | | | 800 | | | | 14,128 | |
Radius Health, Inc.* | | | 1,400 | | | | 19,082 | |
Recro Pharma, Inc.* | | | 500 | | | | 2,275 | |
Relmada Therapeutics, Inc.* | | | 500 | | | | 22,375 | |
Revance Therapeutics, Inc.* | | | 2,000 | | | | 48,840 | |
Rhythm Pharmaceuticals, Inc.* | | | 1,100 | | | | 24,530 | |
Rocket Pharmaceuticals, Inc.* | | | 1,200 | | | | 25,116 | |
Rockwell Medical, Inc.* | | | 1,800 | | | | 3,510 | |
Seres Therapeutics, Inc.* | | | 1,700 | | | | 8,092 | |
SIGA Technologies, Inc.* | | | 2,000 | | | | 11,820 | |
Sorrento Therapeutics, Inc.* | | | 6,200 | | | | 38,936 | |
Spero Therapeutics, Inc.* | | | 460 | | | | 6,224 | |
Supernus Pharmaceuticals, Inc.* | | | 1,700 | | | | 40,375 | |
Syros Pharmaceuticals, Inc.* | | | 1,400 | | | | 14,924 | |
TG Therapeutics, Inc.* | | | 3,300 | | | | 64,284 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
TherapeuticsMD, Inc.* | | | 7,200 | | | $ | 9,000 | |
Tricida, Inc.* | | | 1,000 | | | | 27,480 | |
Tyme Technologies, Inc.* | | | 2,000 | | | | 2,660 | |
UroGen Pharma Ltd.* | | | 700 | | | | 18,284 | |
USANA Health Sciences, Inc.* | | | 448 | | | | 32,897 | |
Vanda Pharmaceuticals, Inc.* | | | 1,841 | | | | 21,061 | |
Verrica Pharmaceuticals, Inc.* | | | 600 | | | | 6,606 | |
Voyager Therapeutics, Inc.* | | | 900 | | | | 11,358 | |
Xeris Pharmaceuticals, Inc.* | | | 800 | | | | 2,128 | |
Zogenix, Inc.* | | | 1,875 | | | | 50,644 | |
| | | | | | | | |
| | | | | | | 2,887,214 | |
| | | | | | | | |
| | |
| Real Estate — 0.7% | | | | | | | | |
CTO Realty Growth, Inc. | | | 124 | | | | 4,898 | |
Cushman & Wakefield PLC* | | | 3,900 | | | | 48,594 | |
eXp World Holdings, Inc.* | | | 700 | | | | 11,935 | |
Forestar Group, Inc.* | | | 460 | | | | 6,937 | |
FRP Holdings, Inc.* | | | 269 | | | | 10,916 | |
Griffin Industrial Realty, Inc. | | | 100 | | | | 5,417 | |
Kennedy-Wilson Holdings, Inc. | | | 3,981 | | | | 60,591 | |
Legacy Housing Corp.* | | | 300 | | | | 4,266 | |
Marcus & Millichap, Inc.* | | | 800 | | | | 23,088 | |
Maui Land & Pineapple Co., Inc.* | | | 400 | | | | 4,440 | |
Newmark Group, Inc., Class A | | | 4,700 | | | | 22,842 | |
RE/MAX Holdings, Inc., Class A | | | 600 | | | | 18,858 | |
Realogy Holdings Corp.* | | | 3,500 | | | | 25,935 | |
Redfin Corp.* | | | 3,300 | | | | 138,303 | |
Stratus Properties, Inc.* | | | 100 | | | | 1,981 | |
The RMR Group, Inc., Class A | | | 467 | | | | 13,762 | |
The St. Joe Co.* | | | 1,200 | | | | 23,304 | |
| | | | | | | | |
| | | | | | | 426,067 | |
| | | | | | | | |
| | |
| Retail — 4.6% | | | | | | | | |
Abercrombie & Fitch Co., Class A | | | 2,200 | | | | 23,408 | |
America’s Car-Mart, Inc.* | | | 180 | | | | 15,817 | |
American Eagle Outfitters, Inc. | | | 5,200 | | | | 56,680 | |
Asbury Automotive Group, Inc.* | | | 678 | | | | 52,430 | |
Aspen Aerogels, Inc.* | | | 900 | | | | 5,922 | |
At Home Group, Inc.* | | | 1,400 | | | | 9,086 | |
Bed Bath & Beyond, Inc. | | | 4,400 | | | | 46,640 | |
Big Lots, Inc. | | | 1,300 | | | | 54,600 | |
Biglari Holdings, Inc., Class B* | | | 40 | | | | 2,759 | |
BJ’s Restaurants, Inc. | | | 620 | | | | 12,983 | |
BJ’s Wholesale Club Holdings, Inc.* | | | 4,700 | | | | 175,169 | |
Bloomin’ Brands, Inc. | | | 2,900 | | | | 30,914 | |
BMC Stock Holdings, Inc.* | | | 2,200 | | | | 55,308 | |
Boot Barn Holdings, Inc.* | | | 900 | | | | 19,404 | |
Brinker International, Inc. | | | 1,500 | | | | 36,000 | |
Caleres, Inc. | | | 1,354 | | | | 11,292 | |
Carrols Restaurant Group, Inc.* | | | 1,113 | | | | 5,387 | |
Chico’s FAS, Inc. | | | 4,000 | | | | 5,520 | |
Chuy’s Holdings, Inc.* | | | 600 | | | | 8,928 | |
Citi Trends, Inc. | | | 303 | | | | 6,127 | |
Conn’s, Inc.* | | | 704 | | | | 7,103 | |
Cracker Barrel Old Country Store, Inc. | | | 826 | | | | 91,612 | |
Dave & Buster’s Entertainment, Inc. | | | 1,600 | | | | 21,328 | |
127
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Retail — (continued) | | | | | | | | |
Del Taco Restaurants, Inc.* | | | 1,100 | | | $ | 6,523 | |
Denny’s Corp.* | | | 1,952 | | | | 19,715 | |
Designer Brands, Inc., Class A | | | 1,900 | | | | 12,863 | |
Dillard’s, Inc., Class A | | | 300 | | | | 7,737 | |
Dine Brands Global, Inc. | | | 571 | | | | 24,039 | |
Duluth Holdings, Inc., Class B* | | | 200 | | | | 1,474 | |
El Pollo Loco Holdings, Inc.* | | | 600 | | | | 8,856 | |
Express, Inc.* | | | 1,654 | | | | 2,547 | |
Fiesta Restaurant Group, Inc.* | | | 1,013 | | | | 6,463 | |
FirstCash, Inc. | | | 1,439 | | | | 97,104 | |
Freshpet, Inc.* | | | 1,300 | | | | 108,758 | |
Gaia, Inc.* | | | 400 | | | | 3,352 | |
GameStop Corp., Class A* | | | 2,100 | | | | 9,114 | |
Genesco, Inc.* | | | 495 | | | | 10,722 | |
GMS, Inc.* | | | 1,400 | | | | 34,426 | |
Group 1 Automotive, Inc. | | | 607 | | | | 40,044 | |
GrowGeneration Corp.* | | | 1,100 | | | | 7,524 | |
Guess?, Inc. | | | 1,500 | | | | 14,505 | |
Haverty Furniture Cos., Inc. | | | 550 | | | | 8,800 | |
Hibbett Sports, Inc.* | | | 555 | | | | 11,622 | |
Hudson Ltd., Class A* | | | 1,200 | | | | 5,844 | |
Jack in the Box, Inc. | | | 814 | | | | 60,309 | |
Lands’ End, Inc.* | | | 300 | | | | 2,412 | |
Lithia Motors, Inc., Class A | | | 733 | | | | 110,925 | |
Lumber Liquidators Holdings, Inc.* | | | 1,033 | | | | 14,317 | |
Macy’s, Inc. | | | 10,700 | | | | 73,616 | |
MarineMax, Inc.* | | | 700 | | | | 15,673 | |
Movado Group, Inc. | | | 460 | | | | 4,986 | |
National Vision Holdings, Inc.* | | | 2,700 | | | | 82,404 | |
Noodles & Co.* | | | 1,200 | | | | 7,260 | |
Office Depot, Inc. | | | 17,700 | | | | 41,595 | |
OptimizeRx Corp.* | | | 500 | | | | 6,515 | |
Papa John’s International, Inc. | | | 1,110 | | | | 88,145 | |
PC Connection, Inc. | | | 365 | | | | 16,921 | |
PetIQ, Inc.* | | | 700 | | | | 24,388 | |
PetMed Express, Inc. | | | 613 | | | | 21,847 | |
PriceSmart, Inc. | | | 731 | | | | 44,101 | |
Red Robin Gourmet Burgers, Inc.* | | | 420 | | | | 4,284 | |
Regis Corp.* | | | 732 | | | | 5,988 | |
RH* | | | 560 | | | | 139,384 | |
Rite Aid Corp.* | | | 1,910 | | | | 32,585 | |
Rush Enterprises, Inc., Class A | | | 935 | | | | 38,765 | |
Rush Enterprises, Inc., Class B | | | 100 | | | | 3,566 | |
Ruth’s Hospitality Group, Inc. | | | 895 | | | | 7,303 | |
Sally Beauty Holdings, Inc.* | | | 3,800 | | | | 47,614 | |
Shake Shack, Inc., Class A* | | | 1,200 | | | | 63,576 | |
Shoe Carnival, Inc. | | | 258 | | | | 7,552 | |
Signet Jewelers Ltd. | | | 1,700 | | | | 17,459 | |
Sonic Automotive, Inc., Class A | | | 734 | | | | 23,422 | |
Sportsman’s Warehouse Holdings, Inc.* | | | 1,300 | | | | 18,525 | |
Systemax, Inc. | | | 362 | | | | 7,435 | |
Texas Roadhouse, Inc. | | | 2,270 | | | | 119,334 | |
The Buckle, Inc. | | | 849 | | | | 13,312 | |
The Cato Corp., Class A | | | 704 | | | | 5,759 | |
The Cheesecake Factory, Inc. | | | 1,316 | | | | 30,163 | |
The Children’s Place, Inc. | | | 494 | | | | 18,486 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Retail — (continued) | | | | | | | | |
The Container Store Group, Inc.* | | | 600 | | | $ | 1,944 | |
The Lovesac Co.* | | | 400 | | | | 10,492 | |
The Michaels Cos, Inc.* | | | 3,100 | | | | 21,917 | |
Tilly’s, Inc., Class A | | | 800 | | | | 4,536 | |
Urban Outfitters, Inc.* | | | 2,400 | | | | 36,528 | |
Vera Bradley, Inc.* | | | 800 | | | | 3,552 | |
Waitr Holdings, Inc.* | | | 2,000 | | | | 5,260 | |
Wingstop, Inc. | | | 1,000 | | | | 138,970 | |
Winmark Corp. | | | 106 | | | | 18,151 | |
World Fuel Services Corp. | | | 2,200 | | | | 56,672 | |
Zumiez, Inc.* | | | 703 | | | | 19,248 | |
| | | | | | | | |
| | | | | | | 2,733,645 | |
| | | | | | | | |
| | |
| Savings & Loans — 1.2% | | | | | | | | |
Axos Financial, Inc.* | | | 2,000 | | | | 44,160 | |
Banc of California, Inc. | | | 1,300 | | | | 14,079 | |
BankFinancial Corp. | | | 609 | | | | 5,116 | |
Berkshire Hills Bancorp, Inc. | | | 1,542 | | | | 16,993 | |
Brookline Bancorp, Inc. | | | 2,522 | | | | 25,422 | |
Capitol Federal Financial, Inc. | | | 4,400 | | | | 48,444 | |
Community Bankers Trust Corp. | | | 600 | | | | 3,300 | |
Dime Community Bancshares, Inc. | | | 930 | | | | 12,769 | |
Eagle Bancorp Montana, Inc. | | | 300 | | | | 5,214 | |
ESSA Bancorp, Inc. | | | 200 | | | | 2,784 | |
First Capital, Inc. | | | 100 | | | | 6,947 | |
Flagstar Bancorp, Inc. | | | 1,300 | | | | 38,259 | |
Flushing Financial Corp. | | | 838 | | | | 9,654 | |
FS Bancorp, Inc. | | | 100 | | | | 3,857 | |
Greene County Bancorp, Inc. | | | 200 | | | | 4,460 | |
Home Bancorp, Inc. | | | 300 | | | | 8,025 | �� |
HomeStreet, Inc. | | | 800 | | | | 19,688 | |
HomeTrust Bancshares, Inc. | | | 500 | | | | 8,000 | |
Investors Bancorp, Inc. | | | 7,955 | | | | 67,618 | |
Meridian Bancorp, Inc. | | | 1,474 | | | | 17,098 | |
Meta Financial Group, Inc. | | | 1,100 | | | | 19,987 | |
Northfield Bancorp, Inc. | | | 1,293 | | | | 14,895 | |
Northwest Bancshares, Inc. | | | 3,955 | | | | 40,440 | |
OceanFirst Financial Corp. | | | 1,910 | | | | 33,673 | |
Pacific Premier Bancorp, Inc. | | | 2,946 | | | | 63,869 | |
Provident Financial Holdings, Inc. | | | 300 | | | | 4,023 | |
Provident Financial Services, Inc. | | | 2,203 | | | | 31,833 | |
Prudential Bancorp, Inc. | | | 400 | | | | 4,816 | |
Riverview Bancorp, Inc. | | | 500 | | | | 2,825 | |
Southern Missouri Bancorp, Inc. | | | 300 | | | | 7,290 | |
Territorial Bancorp, Inc. | | | 243 | | | | 5,781 | |
The Hingham Institution for Savings | | | 43 | | | | 7,215 | |
Timberland Bancorp, Inc. | | | 300 | | | | 5,463 | |
Washington Federal, Inc. | | | 2,500 | | | | 67,100 | |
Waterstone Financial, Inc. | | | 800 | | | | 11,864 | |
WSFS Financial Corp. | | | 1,706 | | | | 48,962 | |
| | | | | | | | |
| | | | | | | 731,923 | |
| | | | | | | | |
| | |
| Semiconductors — 2.6% | | | | | | | | |
Alpha & Omega Semiconductor Ltd.* | | | 600 | | | | 6,528 | |
Ambarella, Inc.* | | | 1,100 | | | | 50,380 | |
Amkor Technology, Inc.* | | | 3,511 | | | | 43,220 | |
128
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — (continued) | | | | | | | | |
Atomera, Inc.* | | | 600 | | | $ | 5,400 | |
Axcelis Technologies, Inc.* | | | 1,025 | | | | 28,546 | |
AXT, Inc.* | | | 1,500 | | | | 7,140 | |
Brooks Automation, Inc. | | | 2,477 | | | | 109,582 | |
Cabot Microelectronics Corp. | | | 989 | | | | 138,005 | |
CEVA, Inc.* | | | 671 | | | | 25,109 | |
Cohu, Inc. | | | 1,424 | | | | 24,692 | |
CTS Corp. | | | 1,063 | | | | 21,303 | |
Diodes, Inc.* | | | 1,399 | | | | 70,929 | |
DSP Group, Inc.* | | | 800 | | | | 12,704 | |
FormFactor, Inc.* | | | 2,629 | | | | 77,109 | |
GSI Technology, Inc.* | | | 700 | | | | 5,026 | |
Impinj, Inc.* | | | 500 | | | | 13,735 | |
Intellicheck, Inc.* | | | 700 | | | | 5,285 | |
Lattice Semiconductor Corp.* | | | 4,624 | | | | 131,275 | |
MACOM Technology Solutions Holdings, Inc.* | | | 1,622 | | | | 55,716 | |
MaxLinear, Inc.* | | | 2,243 | | | | 48,135 | |
Onto Innovation, Inc.* | | | 1,647 | | | | 56,064 | |
Photronics, Inc.* | | | 2,092 | | | | 23,284 | |
Pixelworks, Inc.* | | | 1,600 | | | | 5,168 | |
Power Integrations, Inc. | | | 1,006 | | | | 118,839 | |
Rambus, Inc.* | | | 3,823 | | | | 58,110 | |
Semtech Corp.* | | | 2,209 | | | | 115,354 | |
Silicon Laboratories, Inc.* | | | 1,476 | | | | 147,999 | |
SiTime Corp.* | | | 200 | | | | 9,482 | |
SMART Global Holdings, Inc.* | | | 400 | | | | 10,872 | |
Synaptics, Inc.* | | | 1,116 | | | | 67,094 | |
Ultra Clean Holdings, Inc.* | | | 1,300 | | | | 29,419 | |
Veeco Instruments, Inc.* | | | 1,654 | | | | 22,312 | |
| | | | | | | | |
| | | | | | | 1,543,816 | |
| | | | | | | | |
| | |
| Software — 5.5% | | | | | | | | |
1Life Healthcare, Inc.* | | | 800 | | | | 29,056 | |
ACI Worldwide, Inc.* | | | 3,927 | | | | 105,990 | |
Agilysys, Inc.* | | | 576 | | | | 10,333 | |
Allscripts Healthcare Solutions, Inc.* | | | 5,700 | | | | 38,589 | |
Altair Engineering, Inc., Class A* | | | 1,400 | | | | 55,650 | |
American Software, Inc., Class A | | | 893 | | | | 14,074 | |
Appfolio, Inc., Class A* | | | 547 | | | | 89,002 | |
Appian Corp.* | | | 1,100 | | | | 56,375 | |
Asure Software, Inc.* | | | 600 | | | | 3,858 | |
Avaya Holdings Corp.* | | | 3,100 | | | | 38,316 | |
Avid Technology, Inc.* | | | 1,100 | | | | 7,997 | |
Bandwidth, Inc., Class A* | | | 700 | | | | 88,900 | |
Benefitfocus, Inc.* | | | 900 | | | | 9,684 | |
Blackbaud, Inc. | | | 1,650 | | | | 94,182 | |
Blackline, Inc.* | | | 1,700 | | | | 140,947 | |
Bottomline Technologies, Inc.* | | | 1,445 | | | | 73,363 | |
Box, Inc., Class A* | | | 5,000 | | | | 103,800 | |
Brightcove, Inc.* | | | 1,200 | | | | 9,456 | |
Cerence, Inc.* | | | 1,300 | | | | 53,092 | |
Cloudera, Inc.* | | | 6,993 | | | | 88,951 | |
CommVault Systems, Inc.* | | | 1,448 | | | | 56,038 | |
Computer Programs and Systems, Inc. | | | 447 | | | | 10,187 | |
Cornerstone OnDemand, Inc.* | | | 2,100 | | | | 80,976 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Software — (continued) | | | | | | | | |
CSG Systems International, Inc. | | | 1,081 | | | $ | 44,743 | |
Digi International, Inc.* | | | 857 | | | | 9,984 | |
Digimarc Corp.* | | | 400 | | | | 6,396 | |
Digital Turbine Inc* | | | 2,900 | | | | 36,453 | |
Domo, Inc., Class B* | | | 900 | | | | 28,953 | |
Donnelley Financial Solutions, Inc.* | | | 1,000 | | | | 8,400 | |
Ebix, Inc. | | | 936 | | | | 20,929 | |
eGain Corp.* | | | 900 | | | | 9,999 | |
Envestnet, Inc.* | | | 1,813 | | | | 133,328 | |
Evolent Health, Inc., Class A* | | | 2,800 | | | | 19,936 | |
Glu Mobile, Inc.* | | | 4,500 | | | | 41,715 | |
GTY Technology Holdings, Inc.* | | | 1,200 | | | | 4,998 | |
Health Catalyst, Inc.* | | | 1,100 | | | | 32,087 | |
Inovalon Holdings, Inc., Class A* | | | 2,500 | | | | 48,150 | |
Intelligent Systems Corp.* | | | 200 | | | | 6,816 | |
J2 Global, Inc.* | | | 1,574 | | | | 99,492 | |
LivePerson, Inc.* | | | 2,025 | | | | 83,896 | |
ManTech International Corp., Class A | | | 939 | | | | 64,312 | |
MicroStrategy, Inc., Class A* | | | 259 | | | | 30,637 | |
MobileIron, Inc.* | | | 3,500 | | | | 17,255 | |
Model N, Inc.* | | | 1,100 | | | | 38,236 | |
NantHealth, Inc.* | | | 1,200 | | | | 5,496 | |
NextGen Healthcare, Inc.* | | | 1,804 | | | | 19,808 | |
Omnicell, Inc.* | | | 1,435 | | | | 101,340 | |
PDF Solutions, Inc.* | | | 1,000 | | | | 19,560 | |
Phreesia, Inc.* | | | 900 | | | | 25,452 | |
Progress Software Corp. | | | 1,526 | | | | 59,132 | |
PROS Holdings, Inc.* | | | 1,317 | | | | 58,514 | |
QAD, Inc., Class A | | | 392 | | | | 16,182 | |
Rapid7, Inc.* | | | 1,700 | | | | 86,734 | |
Red Violet, Inc.* | | | 300 | | | | 5,292 | |
Rosetta Stone, Inc.* | | | 700 | | | | 11,802 | |
Sailpoint Technologies Holdings, Inc.* | | | 3,000 | | | | 79,410 | |
Sapiens International Corp. N.V. | | | 900 | | | | 25,182 | |
Schrodinger, Inc.* | | | 500 | | | | 45,785 | |
SecureWorks Corp., Class A* | | | 100 | | | | 1,143 | |
Simulations Plus, Inc. | | | 400 | | | | 23,928 | |
Smith Micro Software, Inc.* | | | 1,400 | | | | 6,244 | |
Sprout Social, Inc., Class A* | | | 400 | | | | 10,800 | |
SPS Commerce, Inc.* | | | 1,202 | | | | 90,294 | |
SVMK, Inc.* | | | 4,100 | | | | 96,514 | |
Synchronoss Technologies, Inc.* | | | 1,500 | | | | 5,295 | |
Tabula Rasa HealthCare, Inc.* | | | 700 | | | | 38,311 | |
Upland Software, Inc.* | | | 800 | | | | 27,808 | |
Verint Systems, Inc.* | | | 2,195 | | | | 99,170 | |
Veritone, Inc.* | | | 800 | | | | 11,888 | |
Verra Mobility Corp.* | | | 4,500 | | | | 46,260 | |
Workiva, Inc.* | | | 1,300 | | | | 69,537 | |
Xperi Holding Corp. | | | 3,753 | | | | 55,394 | |
Yext, Inc.* | | | 3,500 | | | | 58,135 | |
Zuora, Inc., Class A* | | | 3,400 | | | | 43,350 | |
| | | | | | | | |
| | | | | | | 3,289,291 | |
| | | | | | | | |
| | |
| Storage & Warehousing — 0.1% | | | | | | | | |
Mobile Mini, Inc. | | | 1,477 | | | | 43,572 | |
| | | | | | | | |
129
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Telecommunications — 1.9% | | | | | | | | |
8X8, Inc.* | | | 3,400 | | | $ | 54,400 | |
Acacia Communications, Inc.* | | | 1,300 | | | | 87,347 | |
ADTRAN, Inc. | | | 1,705 | | | | 18,636 | |
Alaska Communications Systems Group, Inc. | | | 2,200 | | | | 6,138 | |
Anterix, Inc.* | | | 400 | | | | 18,136 | |
ATN International, Inc. | | | 398 | | | | 24,107 | |
CalAmp Corp.* | | | 1,000 | | | | 8,010 | |
Calix, Inc.* | | | 1,487 | | | | 22,156 | |
Casa Systems, Inc.* | | | 1,200 | | | | 4,992 | |
Cincinnati Bell, Inc.* | | | 1,682 | | | | 24,978 | |
Clearfield, Inc.* | | | 400 | | | | 5,584 | |
Comtech Telecommunications Corp. | | | 852 | | | | 14,390 | |
Consolidated Communications Holdings, Inc.* | | | 2,571 | | | | 17,406 | |
DASAN Zhone Solutions, Inc.* | | | 600 | | | | 5,358 | |
Extreme Networks, Inc.* | | | 4,147 | | | | 17,998 | |
Gogo, Inc.* | | | 2,200 | | | | 6,952 | |
GTT Communications, Inc.* | | | 1,000 | | | | 8,160 | |
Harmonic, Inc.* | | | 2,870 | | | | 13,633 | |
HC2 Holdings, Inc.* | | | 1,800 | | | | 6,012 | |
IDT Corp., Class B* | | | 700 | | | | 4,571 | |
Infinera Corp.* | | | 5,494 | | | | 32,524 | |
Inseego Corp.* | | | 2,400 | | | | 27,840 | |
InterDigital, Inc. | | | 1,094 | | | | 61,953 | |
Iridium Communications, Inc.* | | | 4,000 | | | | 101,760 | |
Knowles Corp.* | | | 3,052 | | | | 46,574 | |
KVH Industries, Inc.* | | | 354 | | | | 3,161 | |
Liberty Latin America Ltd., Class A* | | | 1,400 | | | | 13,608 | |
Liberty Latin America Ltd., Class C* | | | 4,000 | | | | 37,760 | |
Loral Space & Communications, Inc. | | | 446 | | | | 8,706 | |
Luna Innovations, Inc.* | | | 1,200 | | | | 7,008 | |
Maxar Technologies, Inc. | | | 1,900 | | | | 34,124 | |
NeoPhotonics Corp.* | | | 1,800 | | | | 15,984 | |
NETGEAR, Inc.* | | | 1,029 | | | | 26,641 | |
Ooma, Inc.* | | | 700 | | | | 11,536 | |
ORBCOMM, Inc.* | | | 2,700 | | | | 10,395 | |
PCTEL, Inc.* | | | 800 | | | | 5,344 | |
Plantronics, Inc. | | | 1,067 | | | | 15,664 | |
Powerfleet, Inc.* | | | 1,200 | | | | 5,544 | |
Preformed Line Products Co. | | | 145 | | | | 7,251 | |
Resonant, Inc.* | | | 2,100 | | | | 4,893 | |
Ribbon Communications, Inc.* | | | 1,843 | | | | 7,243 | |
Shenandoah Telecommunications Co. | | | 1,618 | | | | 79,751 | |
Spok Holdings, Inc. | | | 612 | | | | 5,722 | |
Viavi Solutions, Inc.* | | | 7,900 | | | | 100,646 | |
Vonage Holdings Corp.* | | | 8,000 | | | | 80,480 | |
| | | | | | | | |
| | | | | | | 1,121,076 | |
| | | | | | | | |
| | |
| Textiles — 0.2% | | | | | | | | |
UniFirst Corp. | | | 521 | | | | 93,233 | |
| | | | | | | | |
| | |
| Toys, Games & Hobbies — 0.0% | | | | | | | | |
Funko, Inc., Class A* | | | 600 | | | | 3,480 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Transportation — 1.4% | | | | | | | | |
Air Transport Services Group, Inc.* | | | 1,885 | | | $ | 41,979 | |
ArcBest Corp. | | | 795 | | | | 21,075 | |
Ardmore Shipping Corp. | | | 800 | | | | 3,472 | |
Atlas Air Worldwide Holdings, Inc.* | | | 848 | | | | 36,489 | |
Bristow Group, Inc.* | | | 266 | | | | 3,705 | |
CAI International, Inc.* | | | 460 | | | | 7,664 | |
Costamare, Inc. | | | 2,100 | | | | 11,676 | |
Covenant Transportation Group, Inc., Class A* | | | 400 | | | | 5,772 | |
CryoPort, Inc.* | | | 1,200 | | | | 36,300 | |
Daseke, Inc.* | | | 1,800 | | | | 7,074 | |
DHT Holdings, Inc. | | | 3,700 | | | | 18,981 | |
Diamond S Shipping, Inc.* | | | 900 | | | | 7,191 | |
Dorian LPG Ltd.* | | | 1,032 | | | | 7,988 | |
Eagle Bulk Shipping, Inc.* | | | 1,500 | | | | 3,285 | |
Echo Global Logistics, Inc.* | | | 800 | | | | 17,296 | |
Forward Air Corp. | | | 996 | | | | 49,621 | |
Frontline Ltd. | | | 4,100 | | | | 28,618 | |
Genco Shipping & Trading Ltd. | | | 700 | | | | 4,396 | |
Golar LNG Ltd.* | | | 3,200 | | | | 23,168 | |
Heartland Express, Inc. | | | 1,567 | | | | 32,625 | |
Hub Group, Inc., Class A* | | | 1,143 | | | | 54,704 | |
International Seaways, Inc. | | | 933 | | | | 15,245 | |
Marten Transport Ltd. | | | 1,351 | | | | 33,991 | |
Matson, Inc. | | | 1,400 | | | | 40,740 | |
Nordic American Tankers Ltd. | | | 4,767 | | | | 19,354 | |
Overseas Shipholding Group, Inc., Class A* | | | 1,600 | | | | 2,976 | |
PAM Transportation Services, Inc.* | | | 50 | | | | 1,538 | |
Radiant Logistics, Inc.* | | | 1,000 | | | | 3,930 | |
Safe Bulkers, Inc.* | | | 2,600 | | | | 3,172 | |
Saia, Inc.* | | | 861 | | | | 95,726 | |
Scorpio Bulkers, Inc. | | | 150 | | | | 2,295 | |
Scorpio Tankers, Inc. | | | 1,840 | | | | 23,570 | |
SEACOR Holdings, Inc.* | | | 600 | | | | 16,992 | |
SFL Corp., Ltd. | | | 3,284 | | | | 30,508 | |
Tidewater, Inc.* | | | 1,400 | | | | 7,826 | |
Universal Logistics Holdings, Inc. | | | 300 | | | | 5,214 | |
US Xpress Enterprises, Inc., Class A* | | | 400 | | | | 2,400 | |
Werner Enterprises, Inc. | | | 2,052 | | | | 89,324 | |
| | | | | | | | |
| | | | | | | 817,880 | |
| | | | | | | | |
| | |
| Trucking and Leasing — 0.2% | | | | | | | | |
GATX Corp. | | | 1,200 | | | | 73,176 | |
General Finance Corp.* | | | 400 | | | | 2,684 | |
The Greenbrier Cos., Inc. | | | 1,047 | | | | 23,819 | |
Willis Lease Finance Corp.* | | | 100 | | | | 2,428 | |
| | | | | | | | |
| | | | | | | 102,107 | |
| | | | | | | | |
| | |
| Water — 0.5% | | | | | | | | |
American States Water Co. | | | 1,224 | | | | 96,243 | |
Artesian Resources Corp., Class A | | | 313 | | | | 11,359 | |
California Water Service Group | | | 1,666 | | | | 79,468 | |
Consolidated Water Co., Ltd. | | | 500 | | | | 7,215 | |
Global Water Resources, Inc. | | | 500 | | | | 5,270 | |
Middlesex Water Co. | | | 631 | | | | 42,391 | |
PICO Holdings, Inc.* | | | 792 | | | | 6,676 | |
130
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Water — (continued) | | | | | | | | |
SJW Group | | | 888 | | | $ | 55,154 | |
The York Water Co. | | | 397 | | | | 19,040 | |
| | | | | | | | |
| | | | | | | 322,816 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $51,077,103) | | | | 55,664,401 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 7.7% | |
| | |
| Apartments — 0.2% | | | | | | | | |
Bluerock Residential Growth REIT, Inc. | | | 600 | | | | 4,848 | |
BRT Apartments Corp. | | | 200 | | | | 2,164 | |
Front Yard Residential Corp. | | | 1,600 | | | | 13,920 | |
Independence Realty Trust, Inc. | | | 3,292 | | | | 37,825 | |
Investors Real Estate Trust | | | 461 | | | | 32,496 | |
NexPoint Residential Trust, Inc. | | | 800 | | | | 28,280 | |
Preferred Apartment Communities, Inc., Class A | | | 1,400 | | | | 10,640 | |
| | | | | | | | |
| | | | | | | 130,173 | |
| | | | | | | | |
| | |
| Building & Real Estate — 0.8% | | | | | | | | |
Agree Realty Corp. | | | 1,796 | | | | 118,015 | |
Anworth Mortgage Asset Corp. | | | 3,731 | | | | 6,343 | |
Apollo Commercial Real Estate Finance, Inc. | | | 5,056 | | | | 49,599 | |
Ares Commercial Real Estate Corp. | | | 1,000 | | | | 9,120 | |
Capstead Mortgage Corp. | | | 2,775 | | | | 15,235 | |
Ellington Residential Mortgage REIT | | | 400 | | | | 4,120 | |
Getty Realty Corp. | | | 1,169 | | | | 34,696 | |
Invesco Mortgage Capital, Inc. | | | 5,826 | | | | 21,789 | |
iStar, Inc. | | | 2,618 | | | | 32,254 | |
MFA Financial, Inc. | | | 15,800 | | | | 39,342 | |
New York Mortgage Trust, Inc. | | | 12,700 | | | | 33,147 | |
PennyMac Mortgage Investment Trust | | | 3,292 | | | | 57,709 | |
Ready Capital Corp. | | | 1,153 | | | | 10,019 | |
Two Harbors Investment Corp. | | | 9,500 | | | | 47,880 | |
| | | | | | | | |
| | | | | | | 479,268 | |
| | | | | | | | |
| | |
| Diversified — 1.5% | | | | | | | | |
Alexander & Baldwin, Inc. | | | 2,256 | | | | 27,501 | |
American Finance Trust, Inc. | | | 3,400 | | | | 26,979 | |
Armada Hoffler Properties, Inc. | | | 1,700 | | | | 16,915 | |
Blackstone Mortgage Trust, Inc., Class A | | | 4,700 | | | | 113,223 | |
CatchMark Timber Trust, Inc., Class A | | | 1,400 | | | | 12,390 | |
Clipper Realty, Inc. | | | 600 | | | | 4,860 | |
Colony Capital, Inc. | | | 16,900 | | | | 40,560 | |
Colony Credit Real Estate, Inc. | | | 2,500 | | | | 17,550 | |
CoreCivic, Inc. | | | 4,200 | | | | 39,312 | |
CorEnergy Infrastructure Trust, Inc. | | | 400 | | | | 3,660 | |
CorePoint Lodging, Inc. | | | 1,550 | | | | 6,526 | |
Four Corners Property Trust, Inc. | | | 2,400 | | | | 58,560 | |
Gladstone Commercial Corp. | | | 1,052 | | | | 19,725 | |
Gladstone Land Corp. | | | 700 | | | | 11,102 | |
Global Net Lease, Inc. | | | 3,033 | | | | 50,742 | |
Lexington Realty Trust | | | 8,715 | | | | 91,943 | |
One Liberty Properties, Inc. | | | 503 | | | | 8,863 | |
PotlatchDeltic Corp. | | | 2,237 | | | | 85,073 | |
PS Business Parks, Inc. | | | 686 | | | | 90,827 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified — (continued) | | | | | | | | |
The GEO Group, Inc. | | | 4,152 | | | $ | 49,118 | |
UMH Properties, Inc. | | | 1,068 | | | | 13,809 | |
Uniti Group, Inc. | | | 6,700 | | | | 62,645 | |
Washington Real Estate Investment Trust | | | 2,806 | | | | 62,293 | |
| | | | | | | | |
| | | | | | | 914,176 | |
| | | | | | | | |
| | |
| Diversified Financial Services — 0.7% | | | | | | | | |
Arbor Realty Trust, Inc. | | | 3,600 | | | | 33,264 | |
Arlington Asset Investment Corp., Class A | | | 900 | | | | 2,673 | |
ARMOUR Residential REIT, Inc. | | | 2,275 | | | | 21,362 | |
Broadmark Realty Capital, Inc. | | | 4,500 | | | | 42,615 | |
Cherry Hill Mortgage Investment Corp. | | | 509 | | | | 4,591 | |
Chimera Investment Corp. | | | 6,600 | | | | 63,426 | |
Dynex Capital, Inc. | | | 769 | | | | 10,997 | |
Ellington Financial, Inc. | | | 1,500 | | | | 17,670 | |
Granite Point Mortgage Trust, Inc. | | | 1,700 | | | | 12,206 | |
Great Ajax Corp. | | | 622 | | | | 5,722 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 2,400 | | | | 68,304 | |
KKR Real Estate Finance Trust, Inc. | | | 900 | | | | 14,922 | |
Ladder Capital Corp. | | | 3,376 | | | | 27,346 | |
Orchid Island Capital, Inc. | | | 1,700 | | | | 8,007 | |
Redwood Trust, Inc. | | | 4,077 | | | | 28,539 | |
TPG RE Finance Trust, Inc. | | | 2,200 | | | | 18,920 | |
Western Asset Mortgage Capital Corp. | | | 1,597 | | | | 4,376 | |
| | | | | | | | |
| | | | | | | 384,940 | |
| | | | | | | | |
| | |
| Healthcare — 1.1% | | | | | | | | |
CareTrust REIT, Inc. | | | 3,295 | | | | 56,542 | |
Community Healthcare Trust, Inc. | | | 700 | | | | 28,630 | |
Diversified Healthcare Trust | | | 7,800 | | | | 34,515 | |
Global Medical REIT, Inc. | | | 1,300 | | | | 14,729 | |
Healthcare Realty Trust, Inc. | | | 4,672 | | | | 136,843 | |
LTC Properties, Inc. | | | 1,317 | | | | 49,611 | |
National Health Investors, Inc. | | | 1,457 | | | | 88,469 | |
New Senior Investment Group, Inc. | | | 2,700 | | | | 9,774 | |
Physicians Realty Trust | | | 6,900 | | | | 120,888 | |
Sabra Health Care REIT, Inc. | | | 6,893 | | | | 99,466 | |
Universal Health Realty Income Trust | | | 420 | | | | 33,386 | |
| | | | | | | | |
| | | | | | | 672,853 | |
| | | | | | | | |
| | |
| Hotels & Resorts — 0.6% | | | | | | | | |
Chatham Lodging Trust | | | 1,500 | | | | 9,180 | |
DiamondRock Hospitality Co. | | | 6,423 | | | | 35,519 | |
Hersha Hospitality Trust | | | 1,117 | | | | 6,434 | |
Pebblebrook Hotel Trust | | | 4,293 | | | | 58,643 | |
RLJ Lodging Trust | | | 5,880 | | | | 55,507 | |
Ryman Hospitality Properties, Inc. | | | 1,712 | | | | 59,235 | |
Service Properties Trust | | | 5,700 | | | | 40,413 | |
Summit Hotel Properties, Inc. | | | 3,400 | | | | 20,162 | |
Sunstone Hotel Investors, Inc. | | | 7,747 | | | | 63,138 | |
| | | | | | | | |
| | | | | | | 348,231 | |
| | | | | | | | |
| | |
| Industrial — 0.8% | | | | | | | | |
EastGroup Properties, Inc. | | | 1,315 | | | | 155,972 | |
Monmouth Real Estate Investment Corp. | | | 3,349 | | | | 48,527 | |
131
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Industrial — (continued) | | | | | | | | |
QTS Realty Trust, Inc., Class A | | | 2,043 | | | $ | 130,936 | |
STAG lndustrial, Inc. | | | 5,100 | | | | 149,532 | |
| | | | | | | | |
| | | | | | | 484,967 | |
| | | | | | | | |
| | |
| Office Property — 0.6% | | | | | | | | |
Alpine Income Property Trust, Inc. | | | 300 | | | | 4,878 | |
American Assets Trust, Inc. | | | 1,800 | | | | 50,112 | |
CIM Commercial Trust Corp. | | | 500 | | | | 5,390 | |
City Office REIT, Inc. | | | 1,900 | | | | 19,114 | |
Columbia Property Trust, Inc. | | | 4,000 | | | | 52,560 | |
Easterly Government Properties, Inc. | | | 2,600 | | | | 60,112 | |
Franklin Street Properties Corp. | | | 3,145 | | | | 16,008 | |
Mack-Cali Realty Corp. | | | 3,000 | | | | 45,870 | |
Office Properties Income Trust | | | 1,569 | | | | 40,747 | |
Piedmont Office Realty Trust, Inc., Class A | | | 4,300 | | | | 71,423 | |
| | | | | | | | |
| | | | | | | 366,214 | |
| | | | | | | | |
| | |
| Real Estate — 0.2% | | | | | | | | |
Essential Properties Realty Trust, Inc. | | | 3,200 | | | | 47,488 | |
Farmland Partners, Inc. | | | 900 | | | | 6,165 | |
Safehold, Inc. | | | 600 | | | | 34,494 | |
Xenia Hotels & Resorts, Inc. | | | 4,000 | | | | 37,320 | |
| | | | | | | | |
| | | | | | | 125,467 | |
| | | | | | | | |
| | |
| Regional Malls — 0.1% | | | | | | | | |
Tanger Factory Outlet Centers, Inc. | | | 3,100 | | | | 22,103 | |
The Macerich Co. | | | 4,900 | | | | 43,953 | |
| | | | | | | | |
| | | | | | | 66,056 | |
| | | | | | | | |
| | |
| Storage & Warehousing — 0.5% | | | | | | | | |
Industrial Logistics Properties Trust | | | 2,158 | | | | 44,347 | |
Innovative Industrial Properties, Inc. | | | 600 | | | | 52,812 | |
Jernigan Capital, Inc. | | | 600 | | | | 8,208 | |
National Storage Affiliates Trust | | | 2,000 | | | | 57,320 | |
Plymouth Industrial REIT, Inc. | | | 600 | | | | 7,680 | |
Terreno Realty Corp. | | | 2,275 | | | | 119,756 | |
| | | | | | | | |
| | | | | | | 290,123 | |
| | | | | | | | |
| | |
| Strip Centers — 0.6% | | | | | | | | |
Acadia Realty Trust | | | 3,020 | | | | 39,200 | |
Alexander’s, Inc. | | | 69 | | | | 16,622 | |
Kite Realty Group Trust | | | 2,751 | | | | 31,746 | |
Retail Opportunity Investments Corp. | | | 3,800 | | | | 43,054 | |
Retail Properties of America, Inc., Class A | | | 7,400 | | | | 54,168 | |
Retail Value, Inc. | | | 519 | | | | 6,415 | |
RPT Realty | | | 2,641 | | | | 18,381 | |
Saul Centers, Inc. | | | 351 | | | | 11,327 | |
Seritage Growth Properties, Class A* | | | 1,100 | | | | 12,540 | |
SITE Centers Corp. | | | 5,300 | | | | 42,930 | |
Urban Edge Properties | | | 3,700 | | | | 43,919 | |
Urstadt Biddle Properties, Inc., Class A | | | 916 | | | | 10,882 | |
Whitestone REIT | | | 1,400 | | | | 10,178 | |
| | | | | | | | |
| | | | | | | 341,362 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,499,441) | | | | 4,603,830 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| RIGHTS — 0.0% | | | | | | | | |
Chelsea Therapeutics International Ltd. CVR* | | | 1,600 | | | $ | 0 | |
Cubist Pharmaceuticals, Inc.* | | | 1,200 | | | | 0 | |
Durata Therapeutics CVR Shares* | | | 500 | | | | 0 | |
Media General CVR*(1) | | | 4,400 | | | | 440 | |
Newstar Financial, Inc. CVR*(1) | | | 1,300 | | | | 111 | |
Progenic Pharmaceuticals CVR*(1) | | | 2,601 | | | | 1,293 | |
Tobira Therapeutic, Inc. CVR*(1) | | | 400 | | | | 5,668 | |
| | | | | | | | |
| |
TOTAL RIGHTS
(Cost $263) | | | | 7,512 | |
| | | | | | | | |
| WARRANTS — 0.0% | |
Pulse Biosciences, Inc. expiration date 05/14/25*(1)
(Cost $0) | | | 12 | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.1% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.100%) (Cost $1,273,920) | | | 1,273,920 | | | | 1,273,920 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 102.7%
(Cost $57,850,727) | | | | 61,549,663 | |
| |
| Other Assets & Liabilities — (2.7)% | | | | (1,606,220 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 59,943,443 | |
| | | | | | | | |
| (1) | The value of this security was determined using significant unobservable inputs. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| CVR | — Contingent Valued Rights. |
| N.V. | — Naamloze Vennootschap. |
| PLC | — Public Limited Company. |
| REIT | — Real Estate Investment Trust. |
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.1% | | | $ | 34,756 | |
Aerospace & Defense | | | 0.8% | | | | 441,911 | |
Agriculture | | | 0.3% | | | | 164,666 | |
Airlines | | | 0.3% | | | | 182,446 | |
Apparel | | | 0.9% | | | | 511,248 | |
Auto Manufacturers | | | 0.2% | | | | 116,209 | |
Auto Parts & Equipment | | | 1.2% | | | | 671,466 | |
Banks | | | 8.7% | | | | 4,848,711 | |
Beverages | | | 0.3% | | | | 175,624 | |
Biotechnology | | | 9.2% | | | | 5,101,967 | |
Building Materials | | | 2.0% | | | | 1,089,596 | |
Chemicals | | | 1.9% | | | | 1,029,875 | |
Coal | | | 0.1% | | | | 63,458 | |
Commercial Services | | | 5.0% | | | | 2,759,886 | |
Computers | | | 2.1% | | | | 1,176,593 | |
Cosmetics & Personal Care | | | 0.2% | | | | 107,179 | |
132
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Distribution & Wholesale | | | 1.0% | | | $ | 554,397 | |
Diversified Financial Services | | | 2.5% | | | | 1,375,408 | |
Electric | | | 1.9% | | | | 1,068,771 | |
Electrical Components & Equipment | | | 0.9% | | | | 514,499 | |
Electronics | | | 2.5% | | | | 1,401,469 | |
Energy-Alternate Sources | | | 0.7% | | | | 374,466 | |
Engineering & Construction | | | 1.7% | | | | 948,864 | |
Entertainment | | | 1.4% | | | | 806,174 | |
Environmental Control | | | 0.9% | | | | 509,830 | |
Food | | | 1.8% | | | | 1,025,822 | |
Forest Products & Paper | | | 0.3% | | | | 159,350 | |
Gas | | | 1.2% | | | | 678,558 | |
Hand & Machine Tools | | | 0.3% | | | | 185,459 | |
Healthcare Products | | | 4.2% | | | | 2,364,199 | |
Healthcare Services | | | 1.9% | | | | 1,029,912 | |
Holding Companies | | | 0.1% | | | | 79,906 | |
Home Builders | | | 1.4% | | | | 779,228 | |
Home Furnishings | | | 0.5% | | | | 270,962 | |
Household Products & Wares | | | 0.6% | | | | 341,369 | |
Insurance | | | 2.9% | | | | 1,613,654 | |
Internet | | | 2.3% | | | | 1,297,989 | |
Investment Companies | | | 0.3% | | | | 185,314 | |
Iron & Steel | | | 0.6% | | | | 311,719 | |
Leisure Time | | | 1.1% | | | | 591,444 | |
Lodging | | | 0.3% | | | | 150,542 | |
Machinery —Construction & Mining | | | 0.3% | | | | 164,490 | |
Machinery —Diversified | | | 1.1% | | | | 598,310 | |
Media | | | 0.6% | | | | 352,461 | |
Metal Fabricate/Hardware | | | 1.0% | | | | 581,613 | |
Mining | | | 0.9% | | | | 483,222 | |
Miscellaneous Manufacturing | | | 1.5% | | | | 854,780 | |
Office & Business Equipment | | | —% | | | | 14,300 | |
Office Furnishings | | | 0.3% | | | | 159,039 | |
Oil & Gas | | | 1.4% | | | | 780,947 | |
Oil & Gas Services | | | 0.6% | | | | 331,779 | |
Packaging and Containers | | | 0.2% | | | | 132,444 | |
Pharmaceuticals | | | 5.2% | | | | 2,887,214 | |
Real Estate | | | 0.8% | | | | 426,067 | |
Retail | | | 4.9% | | | | 2,733,645 | |
Savings & Loans | | | 1.3% | | | | 731,923 | |
Semiconductors | | | 2.8% | | | | 1,543,816 | |
Software | | | 5.9% | | | | 3,289,291 | |
Storage & Warehousing | | | 0.1% | | | | 43,572 | |
Telecommunications | | | 2.0% | | | | 1,121,076 | |
Textiles | | | 0.2% | | | | 93,233 | |
Toys, Games & Hobbies | | | —% | | | | 3,480 | |
Transportation | | | 1.5% | | | | 817,880 | |
Trucking and Leasing | | | 0.2% | | | | 102,107 | |
Water | | | 0.6% | | | | 322,816 | |
| |
| | |
| | | 100.0% | | | $ | 55,664,401 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Advertising | | $ | 34,756 | | | $ | 34,756 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 441,911 | | | | 441,911 | | | | — | | | | — | |
Agriculture | | | 164,666 | | | | 164,666 | | | | — | | | | — | |
Airlines | | | 182,446 | | | | 182,446 | | | | — | | | | — | |
Apparel | | | 511,248 | | | | 511,248 | | | | — | | | | — | |
Auto Manufacturers | | | 116,209 | | | | 116,209 | | | | — | | | | — | |
Auto Parts & Equipment | | | 671,466 | | | | 671,466 | | | | — | | | | — | |
Banks | | | 4,848,711 | | | | 4,848,711 | | | | — | | | | — | |
Beverages | | | 175,624 | | | | 175,624 | | | | — | | | | — | |
Biotechnology | | | 5,101,967 | | | | 5,101,967 | | | | — | | | | — | |
Building Materials | | | 1,089,596 | | | | 1,089,596 | | | | — | | | | — | |
Chemicals | | | 1,029,875 | | | | 1,029,875 | | | | — | | | | — | |
Coal | | | 63,458 | | | | 63,458 | | | | — | | | | — | |
Commercial Services | | | 2,759,886 | | | | 2,759,886 | | | | — | | | | — | |
Computers | | | 1,176,593 | | | | 1,176,593 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 107,179 | | | | 107,179 | | | | — | | | | — | |
Distribution & Wholesale | | | 554,397 | | | | 554,397 | | | | — | | | | — | |
Diversified Financial Services | | | 1,375,408 | | | | 1,375,408 | | | | — | | | | — | |
Electric | | | 1,068,771 | | | | 1,068,771 | | | | — | | | | — | |
Electrical Components & Equipment | | | 514,499 | | | | 514,499 | | | | — | | | | — | |
Electronics | | | 1,401,469 | | | | 1,231,819 | | | | — | | | | 169,650 | |
Energy-Alternate Sources | | | 374,466 | | | | 374,466 | | | | — | | | | — | |
Engineering & Construction | | | 948,864 | | | | 948,864 | | | | — | | | | — | |
Entertainment | | | 806,174 | | | | 806,174 | | | | — | | | | — | |
Environmental Control | | | 509,830 | | | | 509,830 | | | | — | | | | — | |
Food | | | 1,025,822 | | | | 1,025,822 | | | | — | | | | — | |
Forest Products & Paper | | | 159,350 | | | | 159,350 | | | | — | | | | — | |
Gas | | | 678,558 | | | | 678,558 | | | | — | | | | — | |
Hand & Machine Tools | | | 185,459 | | | | 185,459 | | | | — | | | | — | |
Healthcare Products | | | 2,364,199 | | | | 2,364,199 | | | | — | | | | — | |
Healthcare Services | | | 1,029,912 | | | | 1,029,912 | | | | — | | | | — | |
Holding Companies | | | 79,906 | | | | 79,906 | | | | — | | | | — | |
Home Builders | | | 779,228 | | | | 779,228 | | | | — | | | | — | |
Home Furnishings | | | 270,962 | | | | 270,962 | | | | — | | | | — | |
Household Products & Wares | | | 341,369 | | | | 341,369 | | | | — | | | | — | |
Insurance | | | 1,613,654 | | | | 1,613,654 | | | | — | | | | — | |
Internet | | | 1,297,989 | | | | 1,297,989 | | | | — | | | | — | |
Investment Companies | | | 185,314 | | | | 185,314 | | | | — | | | | — | |
Iron & Steel | | | 311,719 | | | | 311,719 | | | | — | | | | — | |
Leisure Time | | | 591,444 | | | | 591,444 | | | | — | | | | — | |
Lodging | | | 150,542 | | | | 150,542 | | | | — | | | | — | |
Machinery - Construction & Mining | | | 164,490 | | | | 164,490 | | | | — | | | | — | |
Machinery - Diversified | | | 598,310 | | | | 598,310 | | | | — | | | | — | |
Media | | | 352,461 | | | | 352,461 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 581,613 | | | | 581,613 | | | | — | | | | — | |
Mining | | | 483,222 | | | | 483,222 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 854,780 | | | | 854,780 | | | | — | | | | — | |
Office & Business Equipment | | | 14,300 | | | | 14,300 | | | | — | | | | — | |
Office Furnishings | | | 159,039 | | | | 159,039 | | | | — | | | | — | |
Oil & Gas | | | 780,947 | | | | 780,947 | | | | — | | | | — | |
Oil & Gas Services | | | 331,779 | | | | 331,779 | | | | — | | | | — | |
133
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Small Cap Index Fund
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Packaging and Containers | | $ | 132,444 | | | $ | 132,444 | | | $ | — | | | $ | — | |
Pharmaceuticals | | | 2,887,214 | | | | 2,887,214 | | | | — | | | | — | |
Real Estate | | | 426,067 | | | | 426,067 | | | | — | | | | — | |
Retail | | | 2,733,645 | | | | 2,733,645 | | | | — | | | | — | |
Savings & Loans | | | 731,923 | | | | 731,923 | | | | — | | | | — | |
Semiconductors | | | 1,543,816 | | | | 1,543,816 | | | | — | | | | — | |
Software | | | 3,289,291 | | | | 3,289,291 | | | | — | | | | — | |
Storage & Warehousing | | | 43,572 | | | | 43,572 | | | | — | | | | — | |
Telecommunications | | | 1,121,076 | | | | 1,121,076 | | | | — | | | | — | |
Textiles | | | 93,233 | | | | 93,233 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 3,480 | | | | 3,480 | | | | — | | | | — | |
Transportation | | | 817,880 | | | | 817,880 | | | | — | | | | — | |
Trucking and Leasing | | | 102,107 | | | | 102,107 | | | | — | | | | — | |
Water | | | 322,816 | | | | 322,816 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 55,664,401 | | | | 55,494,751 | | | | — | | | | 169,650 | |
| |
REAL ESTATE INVESTMENT TRUSTS | | | 4,603,830 | | | | 4,603,830 | | | | — | | | | — | |
| |
RIGHTS | | | 7,512 | | | | — | | | | — | | | | 7,512 | |
| |
WARRANTS | | | — | | | | — | | | | — | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 1,273,920 | | | | 1,273,920 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 61,549,663 | | | $ | 61,372,501 | | | $ | — | | | $ | 177,162 | |
| |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
| |
Futures Contracts | | $ | 44,288 | | | $ | 44,288 | | | $ | — | | | $ | — | |
| |
TOTAL LIABILITIES — OTHER FINANCIAL INSTRUMENTS | | $ | 44,288 | | | $ | 44,288 | | | $ | — | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period.
An amount of $167,438 was transferred from Level 1 into Level 3 at 6/30/20 due to a decrease in trading activities at period end.
An amount of $5,568 was transferred from Level 2 into Level 3 at 6/30/20 due to a decrease in trading activities at period end.
Futures contracts held by the Fund at June 30, 2020 are as follows:
Futures Contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Long | | Russell 2000 Mini Index | | 09/18/2020 | | | 14 | | | | 50 | | | $ | 1,438 | | | $ | 1,006,320 | | | $ | 44,288 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 44,288 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
134
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 95.2% | | | | | | | | |
| Australia — 6.6% | | | | | | | | |
Afterpay Ltd.* | | | 1,523 | | | $ | 65,775 | |
AGL Energy Ltd. | | | 4,167 | | | | 49,296 | |
AMP Ltd.* | | | 21,837 | | | | 28,255 | |
Ampol Ltd. | | | 1,758 | | | | 35,821 | |
APA Group | | | 8,473 | | | | 65,516 | |
Aristocrat Leisure Ltd. | | | 3,814 | | | | 68,295 | |
ASX Ltd. | | | 1,293 | | | | 76,853 | |
Aurizon Holdings Ltd. | | | 13,765 | | | | 46,840 | |
AusNet Services | | | 12,880 | | | | 14,881 | |
Australia & New Zealand Banking Group Ltd. | | | 19,976 | | | | 259,191 | |
BHP Group Ltd. | | | 20,486 | | | | 510,057 | |
BHP Group PLC | | | 14,617 | | | | 299,108 | |
BlueScope Steel Ltd. | | | 3,653 | | | | 30,093 | |
Brambles Ltd. | | | 10,323 | | | | 78,273 | |
CIMIC Group Ltd. | | | 469 | | | | 7,881 | |
Coca-Cola Amatil Ltd. | | | 3,824 | | | | 23,034 | |
Cochlear Ltd. | | | 418 | | | | 54,879 | |
Coles Group Ltd. | | | 9,011 | | | | 107,117 | |
Commonwealth Bank of Australia | | | 12,321 | | | | 595,033 | |
Computershare Ltd. | | | 3,381 | | | | 31,306 | |
Crown Resorts Ltd. | | | 2,801 | | | | 18,869 | |
CSL Ltd. | | | 3,161 | | | | 628,686 | |
Dexus | | | 7,928 | | | | 50,884 | |
Evolution Mining Ltd. | | | 11,549 | | | | 45,878 | |
Fortescue Metals Group Ltd. | | | 11,494 | | | | 111,741 | |
Goodman Group | | | 11,429 | | | | 117,927 | |
Insurance Australia Group Ltd. | | | 15,259 | | | | 61,240 | |
Lendlease Group | | | 4,333 | | | | 37,451 | |
Macquarie Group Ltd. | | | 2,376 | | | | 197,189 | |
Magellan Financial Group Ltd. | | | 795 | | | | 32,464 | |
Medibank Pvt. Ltd. | | | 17,418 | | | | 36,112 | |
Mirvac Group | | | 28,418 | | | | 42,928 | |
National Australia Bank Ltd. | | | 22,098 | | | | 280,033 | |
Newcrest Mining Ltd. | | | 5,595 | | | | 124,064 | |
Northern Star Resources Ltd. | | | 5,279 | | | | 49,786 | |
Oil Search Ltd. | | | 12,151 | | | | 26,928 | |
Orica Ltd. | | | 2,861 | | | | 33,086 | |
Origin Energy Ltd. | | | 12,782 | | | | 52,013 | |
Qantas Airways Ltd. | | | 5,515 | | | | 14,614 | |
QBE Insurance Group Ltd. | | | 9,242 | | | | 57,033 | |
Ramsay Health Care Ltd. | | | 1,275 | | | | 58,882 | |
REA Group Ltd. | | | 317 | | | | 23,887 | |
Rio Tinto Ltd. | | | 2,594 | | | | 177,620 | |
Santos Ltd. | | | 11,389 | | | | 42,328 | |
Scentre Group | | | 34,304 | | | | 52,078 | |
SEEK Ltd. | | | 2,271 | | | | 34,744 | |
Sonic Healthcare Ltd. | | | 2,969 | | | | 62,696 | |
South32 Ltd. | | | 13,128 | | | | 18,372 | |
South32 Ltd. | | | 21,214 | | | | 30,033 | |
Stockland | | | 17,063 | | | | 39,566 | |
Suncorp Group Ltd. | | | 8,248 | | | | 53,001 | |
Sydney Airport | | | 6,899 | | | | 27,227 | |
Tabcorp Holdings Ltd. | | | 13,929 | | | | 32,854 | |
Telstra Corp. Ltd. | | | 27,472 | | | | 59,631 | |
The GPT Group | | | 13,907 | | | | 40,401 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Australia — (continued) | | | | | | | | |
The GPT Group-In Specie* | | | 16,419 | | | $ | 0 | |
TPG Corp. Ltd.(1) | | | 2,240 | | | | 14,279 | |
Transurban Group | | | 18,787 | | | | 184,238 | |
Treasury Wine Estates Ltd. | | | 4,544 | | | | 33,061 | |
Vicinity Centres | | | 25,092 | | | | 25,150 | |
Washington H. Soul Pattinson & Co., Ltd. | | | 819 | | | | 11,124 | |
Wesfarmers Ltd. | | | 7,814 | | | | 242,954 | |
Westpac Banking Corp. | | | 24,997 | | | | 313,296 | |
WiseTech Global, Ltd. | | | 1,081 | | | | 14,624 | |
Woodside Petroleum Ltd. | | | 6,346 | | | | 95,905 | |
Woolworths Group Ltd. | | | 8,688 | | | | 223,948 | |
| | | | | | �� | | |
| | | | 6,378,329 | |
| | | | | | | | |
| | |
| Austria — 0.2% | | | | | | | | |
ANDRITZ AG* | | | 564 | | | | 20,564 | |
Erste Group Bank AG* | | | 2,258 | | | | 53,329 | |
OMV AG | | | 1,135 | | | | 38,299 | |
Raiffeisen Bank International AG | | | 1,156 | | | | 20,661 | |
Verbund AG | | | 518 | | | | 23,264 | |
voestalpine AG | | | 888 | | | | 19,177 | |
| | | | | | | | |
| | | | 175,294 | |
| | | | | | | | |
| | |
| Belgium — 0.9% | | | | | | | | |
Ageas N.V. | | | 1,326 | | | | 46,993 | |
Anheuser-Busch InBev N.V. | | | 5,589 | | | | 275,516 | |
Colruyt S.A. | | | 375 | | | | 20,610 | |
Elia Group N.V. | | | 220 | | | | 23,934 | |
Galapagos N.V.* | | | 327 | | | | 64,542 | |
Groupe Bruxelles Lambert S.A. | | | 849 | | | | 71,112 | |
KBC Group N.V. | | | 1,820 | | | | 104,561 | |
Proximus SADP | | | 1,133 | | | | 23,087 | |
Sofina S.A. | | | 110 | | | | 29,046 | |
Solvay S.A. | | | 535 | | | | 42,921 | |
Telenet Group Holding N.V. | | | 377 | | | | 15,534 | |
UCB S.A. | | | 918 | | | | 106,530 | |
Umicore S.A. | | | 1,444 | | | | 68,162 | |
| | | | | | | | |
| | | | 892,548 | |
| | | | | | | | |
| | |
| Bermuda — 0.0% | | | | | | | | |
Jardine Strategic Holdings Ltd. | | | 1,700 | | | | 36,671 | |
| | | | | | | | |
| | |
| China — 0.2% | | | | | | | | |
BeiGene Ltd. ADR* | | | 300 | | | | 56,520 | |
Sands China Ltd. | | | 17,600 | | | | 69,330 | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 19,000 | | | | 12,791 | |
| | | | | | | | |
| | | | 138,641 | |
| | | | | | | | |
| | |
| Denmark — 2.3% | | | | | | | | |
A.P. Moller — Maersk A/S, Class B | | | 45 | | | | 52,740 | |
A.P. Moller — Maersk A/S, Class A | | | 24 | | | | 26,243 | |
Ambu A/S, Class B | | | 1,165 | | | | 36,828 | |
Carlsberg A/S, Class B | | | 784 | | | | 103,965 | |
Chr Hansen Holding A/S | | | 775 | | | | 79,938 | |
Coloplast A/S, Class B | | | 851 | | | | 132,644 | |
Danske Bank A/S* | | | 4,748 | | | | 63,473 | |
Demant A/S* | | | 713 | | | | 18,895 | |
DSV PANALPINA A/S | | | 1,507 | | | | 185,112 | |
Genmab A/S* | | | 462 | | | | 155,783 | |
135
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Denmark — (continued) | | | | | | | | |
GN Store Nord A/S | | | 913 | | | $ | 48,873 | |
H. Lundbeck A/S | | | 500 | | | | 18,892 | |
Novo Nordisk A/S, Class B | | | 12,818 | | | | 835,064 | |
Novozymes A/S, Class B | | | 1,550 | | | | 89,863 | |
Orsted A/S | | | 1,352 | | | | 156,023 | |
Pandora A/S | | | 618 | | | | 33,752 | |
Tryg A/S | | | 965 | | | | 28,037 | |
Vestas Wind Systems A/S | | | 1,464 | | | | 149,918 | |
| | | | | | | | |
| | | | 2,216,043 | |
| | | | | | | | |
| Finland — 1.2% | | | | | | | | |
Elisa OYJ | | | 1,000 | | | | 60,851 | |
Fortum OYJ | | | 3,199 | | | | 61,031 | |
Kone OYJ, Class B | | | 2,425 | | | | 167,250 | |
Metso OYJ | | | 784 | | | | 25,765 | |
Neste OYJ | | | 3,006 | | | | 118,063 | |
Nokia OYJ* | | | 40,648 | | | | 177,625 | |
Nordea Bank Abp* | | | 22,958 | | | | 159,221 | |
Nordea Bank Abp* | | | 345 | | | | 2,386 | |
Orion OYJ, Class B | | | 750 | | | | 36,371 | |
Sampo OYJ, Class A | | | 3,258 | | | | 112,302 | |
Stora Enso OYJ, Class R | | | 4,323 | | | | 51,743 | |
UPM-Kymmene OYJ | | | 3,922 | | | | 113,599 | |
Wartsila OYJ Abp | | | 3,006 | | | | 24,935 | |
| | | | | | | | |
| | | | 1,111,142 | |
| | | | | | | | |
| France — 9.8% | | | | | | | | |
Accor S.A.* | | | 1,184 | | | | 32,313 | |
Aeroports de Paris | | | 215 | | | | 22,197 | |
Air Liquide S.A. | | | 3,288 | | | | 475,399 | |
Alstom S.A. | | | 1,269 | | | | 59,136 | |
Amundi S.A.* | | | 376 | | | | 29,558 | |
Arkema S.A. | | | 503 | | | | 48,350 | |
Atos S.E.* | | | 644 | | | | 55,212 | |
AXA S.A. | | | 13,374 | | | | 281,427 | |
BioMerieux | | | 262 | | | | 35,981 | |
BNP Paribas S.A.* | | | 7,786 | | | | 311,080 | |
Bollore S.A. | | | 5,730 | | | | 18,080 | |
Bouygues S.A.* | | | 1,607 | | | | 55,047 | |
Bureau Veritas S.A.* | | | 2,023 | | | | 42,907 | |
Capgemini S.E. | | | 1,140 | | | | 131,557 | |
Carrefour S.A. | | | 4,370 | | | | 67,769 | |
Casino Guichard Perrachon S.A.* | | | 212 | | | | 7,854 | |
Cie de Saint-Gobain* | | | 3,550 | | | | 128,087 | |
Cie Generale des Etablissements Michelin SCA | | | 1,153 | | | | 120,180 | |
CNP Assurances* | | | 1,195 | | | | 13,860 | |
Covivio | | | 344 | | | | 24,951 | |
Credit Agricole S.A.* | | | 8,213 | | | | 77,988 | |
Danone S.A. | | | 4,273 | | | | 296,601 | |
Dassault Aviation S.A.* | | | 18 | | | | 16,515 | |
Dassault Systemes S.E. | | | 899 | | | | 156,059 | |
Edenred | | | 1,624 | | | | 71,225 | |
Eiffage S.A.* | | | 567 | | | | 51,975 | |
Electricite de France S.A. | | | 4,450 | | | | 41,372 | |
Engie S.A.* | | | 12,498 | | | | 154,999 | |
EssilorLuxottica S.A.* | | | 1,964 | | | | 252,586 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| France — (continued) | | | | | | | | |
Eurazeo S.E.* | | | 255 | | | $ | 13,103 | |
Faurecia S.E.* | | | 580 | | | | 22,787 | |
Gecina S.A. | | | 294 | | | | 36,311 | |
Getlink S.E.* | | | 3,111 | | | | 44,987 | |
Hermes International | | | 217 | | | | 182,194 | |
ICADE | | | 232 | | | | 16,200 | |
Iliad S.A. | | | 84 | | | | 16,398 | |
Ingenico Group S.A.* | | | 423 | | | | 67,965 | |
Ipsen S.A. | | | 293 | | | | 24,856 | |
JCDecaux S.A.* | | | 510 | | | | 9,527 | |
Kering S.A. | | | 524 | | | | 286,479 | |
Klepierre S.A. | | | 1,415 | | | | 28,284 | |
L’Oreal S.A.* | | | 1,747 | | | | 563,836 | |
La Francaise des Jeux SAEM | | | 613 | | | | 18,947 | |
Legrand S.A. | | | 1,819 | | | | 138,211 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 1,937 | | | | 855,172 | |
Natixis S.A.* | | | 7,282 | | | | 19,206 | |
Orange S.A. | | | 13,664 | | | | 163,393 | |
Orpea* | | | 369 | | | | 42,621 | |
Pernod Ricard S.A. | | | 1,465 | | | | 230,687 | |
Peugeot S.A.* | | | 4,146 | | | | 67,990 | |
Publicis Groupe S.A. | | | 1,516 | | | | 49,247 | |
Remy Cointreau S.A. | | | 159 | | | | 21,692 | |
Renault S.A.* | | | 1,361 | | | | 34,833 | |
Safran S.A.* | | | 2,210 | | | | 222,306 | |
Sanofi | | | 7,869 | | | | 802,514 | |
Sartorius Stedim Biotech | | | 179 | | | | 45,383 | |
Schneider Electric S.E. | | | 3,838 | | | | 426,925 | |
SCOR S.E.* | | | 1,198 | | | | 33,087 | |
SEB S.A. | | | 134 | | | | 22,228 | |
Societe Generale S.A.* | | | 5,457 | | | | 91,239 | |
Sodexo S.A. | | | 643 | | | | 43,600 | |
Suez S.A. | | | 2,325 | | | | 27,327 | |
Teleperformance | | | 416 | | | | 105,947 | |
Thales S.A. | | | 767 | | | | 62,077 | |
TOTAL S.A. | | | 17,223 | | | | 664,089 | |
Ubisoft Entertainment S.A.* | | | 622 | | | | 51,508 | |
Unibail-Rodamco-Westfield | | | 4,540 | | | | 12,939 | |
Unibail-Rodamco-Westfield | | | 772 | | | | 43,515 | |
Valeo S.A. | | | 1,663 | | | | 43,862 | |
Veolia Environnement S.A. | | | 3,618 | | | | 81,698 | |
Vinci S.A. | | | 3,571 | | | | 331,113 | |
Vivendi S.A. | | | 5,908 | | | | 152,660 | |
Wendel S.E. | | | 185 | | | | 17,656 | |
Worldline S.A.* | | | 926 | | | | 80,737 | |
| | | | | | | | |
| | | | 9,397,601 | |
| | | | | | | | |
| Germany — 8.1% | | | | | | | | |
adidas AG* | | | 1,320 | | | | 348,019 | |
Allianz S.E. | | | 2,904 | | | | 593,408 | |
BASF S.E. | | | 6,371 | | | | 357,853 | |
Bayer AG | | | 6,833 | | | | 506,484 | |
Bayerische Motoren Werke AG | | | 2,262 | | | | 144,407 | |
Beiersdorf AG | | | 673 | | | | 76,529 | |
Brenntag AG | | | 1,011 | | | | 53,603 | |
Carl Zeiss Meditec AG* | | | 302 | | | | 29,406 | |
Commerzbank AG* | | | 6,847 | | | | 30,516 | |
136
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Germany — (continued) | | | | | | | | |
Continental AG* | | | 734 | | | $ | 72,160 | |
Covestro AG* | | | 1,214 | | | | 46,239 | |
Daimler AG | | | 5,906 | | | | 240,278 | |
Delivery Hero S.E.* | | | 864 | | | | 88,790 | |
Deutsche Bank AG* | | | 13,366 | | | | 127,512 | |
Deutsche Boerse AG | | | 1,309 | | | | 236,897 | |
Deutsche Lufthansa AG* | | | 1,773 | | | | 17,788 | |
Deutsche Post AG | | | 6,822 | | | | 250,502 | |
Deutsche Telekom AG | | | 23,130 | | | | 388,102 | |
Deutsche Wohnen S.E. | | | 2,313 | | | | 103,936 | |
E.ON S.E. | | | 15,396 | | | | 173,784 | |
Evonik Industries AG | | | 1,328 | | | | 33,824 | |
Fraport AG Frankfurt Airport Services Worldwide* | | | 271 | | | | 11,871 | |
Fresenius Medical Care AG & Co., KGaA | | | 1,449 | | | | 124,657 | |
Fresenius S.E. & Co., KGaA | | | 2,852 | | | | 141,752 | |
GEA Group AG | | | 1,137 | | | | 36,086 | |
Hannover Rueck S.E. | | | 439 | | | | 75,869 | |
HeidelbergCement AG | | | 1,073 | | | | 57,439 | |
Henkel AG & Co., KGaA | | | 685 | | | | 57,307 | |
HOCHTIEF AG | | | 160 | | | | 14,237 | |
Infineon Technologies AG | | | 8,597 | | | | 201,446 | |
KION Group AG | | | 453 | | | | 27,891 | |
Knorr-Bremse AG | | | 363 | | | | 36,839 | |
LANXESS AG | | | 589 | | | | 31,147 | |
LEG Immobilien AG | | | 492 | | | | 62,403 | |
Merck KGaA | | | 917 | | | | 106,782 | |
METRO AG | | | 1,204 | | | | 11,426 | |
MTU Aero Engines AG* | | | 373 | | | | 64,939 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 997 | | | | 259,613 | |
Nemetschek S.E. | | | 412 | | | | 28,309 | |
Puma S.E.* | | | 591 | | | | 45,823 | |
RWE AG | | | 3,982 | | | | 139,398 | |
SAP S.E. | | | 7,287 | | | | 1,018,641 | |
Scout24 AG | | | 768 | | | | 59,418 | |
Siemens AG | | | 5,326 | | | | 628,131 | |
Siemens Healthineers AG | | | 976 | | | | 46,914 | |
Symrise AG | | | 868 | | | | 101,422 | |
TeamViewer AG* | | | 927 | | | | 50,511 | |
Telefonica Deutschland Holding AG | | | 5,808 | | | | 17,129 | |
thyssenkrupp AG* | | | 2,829 | | | | 20,183 | |
Uniper S.E. | | | 1,294 | | | | 41,756 | |
United Internet AG | | | 668 | | | | 28,381 | |
Volkswagen AG | | | 205 | | | | 33,099 | |
Vonovia S.E. | | | 3,549 | | | | 216,925 | |
Zalando S.E.* | | | 1,092 | | | | 77,467 | |
| | | | | | | | |
| | | | 7,795,248 | |
| | | | | | | | |
| | |
| Hong Kong — 3.2% | | | | | | | | |
AIA Group Ltd. | | | 87,600 | | | | 819,726 | |
ASM Pacific Technology Ltd. | | | 2,000 | | | | 21,136 | |
BOC Hong Kong Holdings Ltd. | | | 26,000 | | | | 83,249 | |
Budweiser Brewing Co., APAC, Ltd. | | | 13,400 | | | | 39,228 | |
CK Asset Holdings Ltd. | | | 18,670 | | | | 111,960 | |
CK Hutchison Holdings Ltd. | | | 19,628 | | | | 127,103 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Hong Kong — (continued) | | | | | | | | |
CK Infrastructure Holdings Ltd. | | | 5,000 | | | $ | 25,846 | |
CLP Holdings Ltd. | | | 12,000 | | | | 117,855 | |
Dairy Farm International Holdings Ltd. | | | 2,600 | | | | 12,149 | |
Galaxy Entertainment Group Ltd. | | | 15,000 | | | | 102,896 | |
Hang Lung Properties Ltd. | | | 14,000 | | | | 33,282 | |
Hang Seng Bank Ltd. | | | 5,600 | | | | 94,317 | |
Henderson Land Development Co., Ltd. | | | 10,891 | | | | 41,535 | |
HK Electric Investments & HK Electric Investments Ltd. | | | 20,777 | | | | 21,581 | |
HKT Trust & HKT Ltd. | | | 25,240 | | | | 37,039 | |
Hong Kong & China Gas Co., Ltd. | | | 76,488 | | | | 118,876 | |
Hong Kong Exchanges & Clearing Ltd. | | | 8,584 | | | | 365,607 | |
Hongkong Land Holdings Ltd. | | | 9,000 | | | | 37,436 | |
Kerry Properties Ltd. | | | 5,509 | | | | 14,310 | |
Link REIT | | | 14,976 | | | | 122,955 | |
Melco Resorts & Entertainment Ltd. ADR | | | 1,367 | | | | 21,216 | |
MTR Corp., Ltd. | | | 10,671 | | | | 55,497 | |
New World Development Co., Ltd. | | | 11,458 | | | | 54,404 | |
NWS Holdings Ltd. | | | 10,013 | | | | 8,710 | |
PCCW Ltd. | | | 33,068 | | | | 18,907 | |
Power Assets Holdings Ltd. | | | 9,500 | | | | 51,909 | |
Sino Land Co., Ltd. | | | 23,079 | | | | 29,200 | |
SJM Holdings Ltd. | | | 11,000 | | | | 12,332 | |
Sun Hung Kai Properties Ltd. | | | 9,161 | | | | 117,034 | |
Swire Pacific Ltd., Class A | | | 3,500 | | | | 18,602 | |
Swire Properties Ltd. | | | 9,336 | | | | 23,836 | |
Techtronic Industries Co., Ltd. | | | 10,000 | | | | 98,946 | |
The Bank of East Asia Ltd. | | | 8,875 | | | | 20,344 | |
WH Group Ltd. | | | 69,823 | | | | 60,341 | |
Wharf Real Estate Investment Co., Ltd. | | | 9,000 | | | | 43,205 | |
Wheelock & Co., Ltd.(1) | | | 6,000 | | | | 47,455 | |
| | | | | | | | |
| | | | 3,030,024 | |
| | | | | | | | |
| | |
| Ireland — 1.0% | | | | | | | | |
AerCap Holdings N.V.* | | | 913 | | | | 28,120 | |
CRH PLC | | | 5,715 | | | | 196,711 | |
DCC PLC | | | 709 | | | | 59,161 | |
Experian PLC | | | 6,257 | | | | 219,613 | |
Flutter Entertainment PLC | | | 992 | | | | 130,968 | |
James Hardie Industries PLC | | | 3,193 | | | | 61,524 | |
Kerry Group PLC, Class A | | | 1,136 | | | | 141,122 | |
Kingspan Group PLC | | | 1,079 | | | | 69,656 | |
Smurfit Kappa Group PLC | | | 1,724 | | | | 57,936 | |
| | | | | | | | |
| | | | 964,811 | |
| | | | | | | | |
| | |
| Isle of Man — 0.0% | | | | | | | | |
GVC Holdings PLC | | | 4,148 | | | | 38,020 | |
| | | | | | | | |
| | |
| Israel — 0.6% | | | | | | | | |
Azrieli Group Ltd. | | | 283 | | | | 12,898 | |
Bank Hapoalim BM | | | 8,292 | | | | 49,571 | |
Bank Leumi Le-Israel BM | | | 10,394 | | | | 52,260 | |
Check Point Software Technologies Ltd.* | | | 812 | | | | 87,233 | |
CyberArk Software Ltd.* | | | 300 | | | | 29,781 | |
Elbit Systems Ltd. | | | 186 | | | | 25,561 | |
ICL Group Ltd. | | | 5,884 | | | | 17,527 | |
Israel Discount Bank Ltd., Class A | | | 8,729 | | | | 26,623 | |
137
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Israel — (continued) | | | | | | | | |
Mizrahi Tefahot Bank Ltd. | | | 962 | | | $ | 18,076 | |
Nice Ltd.* | | | 446 | | | | 84,072 | |
Teva Pharmaceutical Industries Ltd.* | | | 7,232 | | | | 88,406 | |
Teva Pharmaceutical Industries Ltd. ADR* | | | 500 | | | | 6,165 | |
Wix.com Ltd.* | | | 300 | | | | 76,866 | |
| | | | | | | | |
| | | | 575,039 | |
| | | | | | | | |
| | |
| Italy — 2.0% | | | | | | | | |
Assicurazioni Generali SpA | | | 7,936 | | | | 120,549 | |
Atlantia SpA* | | | 3,574 | | | | 57,810 | |
Davide Campari-Milano SpA | | | 4,464 | | | | 37,752 | |
DiaSorin SpA | | | 180 | | | | 34,568 | |
Enel SpA | | | 58,014 | | | | 501,729 | |
Eni SpA | | | 18,386 | | | | 176,248 | |
Ferrari N.V. | | | 869 | | | | 148,855 | |
FinecoBank Banca Fineco SpA* | | | 4,769 | | | | 64,544 | |
Infrastrutture Wireless Italiane SpA | | | 1,712 | | | | 17,185 | |
Intesa Sanpaolo SpA* | | | 107,547 | | | | 206,671 | |
Leonardo SpA | | | 3,179 | | | | 21,192 | |
Mediobanca Banca di Credito Finanziario SpA | | | 4,539 | | | | 32,777 | |
Moncler SpA* | | | 1,369 | | | | 52,643 | |
Nexi SpA* | | | 2,687 | | | | 46,594 | |
Pirelli & C SpA* | | | 3,060 | | | | 13,018 | |
Poste Italiane SpA | | | 4,029 | | | | 35,194 | |
Prysmian SpA | | | 1,822 | | | | 42,267 | |
Recordati SpA | | | 813 | | | | 40,681 | |
Snam SpA | | | 14,360 | | | | 70,007 | |
Telecom Italia SpA | | | 60,149 | | | | 23,719 | |
Telecom Italia SpA, RSP | | | 40,890 | | | | 15,914 | |
Terna Rete Elettrica Nazionale SpA | | | 10,172 | | | | 70,162 | |
UniCredit SpA* | | | 14,564 | | | | 134,414 | |
| | | | | | | | |
| | | | 1,964,493 | |
| | | | | | | | |
| | |
| Japan — 24.2% | | | | | | | | |
ABC-Mart, Inc. | | | 200 | | | | 11,733 | |
Acom Co., Ltd. | | | 3,200 | | | | 12,246 | |
Advantest Corp. | | | 1,300 | | | | 74,192 | |
Aeon Co., Ltd. | | | 4,600 | | | | 107,017 | |
Aeon Mall Co., Ltd. | | | 710 | | | | 9,435 | |
AGC, Inc. | | | 1,400 | | | | 40,137 | |
Air Water, Inc. | | | 1,000 | | | | 14,129 | |
Aisin Seiki Co., Ltd. | | | 1,200 | | | | 35,174 | |
Ajinomoto Co., Inc. | | | 3,000 | | | | 49,785 | |
Alfresa Holdings Corp. | | | 1,300 | | | | 27,250 | |
Amada Co., Ltd. | | | 2,400 | | | | 19,651 | |
ANA Holdings, Inc.* | | | 800 | | | | 18,282 | |
Aozora Bank Ltd. | | | 800 | | | | 13,950 | |
Asahi Group Holdings Ltd. | | | 2,700 | | | | 94,830 | |
Asahi Intecc Co., Ltd. | | | 1,400 | | | | 39,957 | |
Asahi Kasei Corp. | | | 8,800 | | | | 72,035 | |
Astellas Pharma, Inc. | | | 12,800 | | | | 213,754 | |
Bandai Namco Holdings, Inc. | | | 1,300 | | | | 68,430 | |
Benesse Holdings, Inc. | | | 500 | | | | 13,410 | |
Bridgestone Corp. | | | 3,800 | | | | 122,647 | |
Brother Industries Ltd. | | | 1,500 | | | | 27,101 | |
Calbee, Inc. | | | 600 | | | | 16,584 | |
Canon, Inc. | | | 7,100 | | | | 141,631 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Casio Computer Co., Ltd. | | | 1,500 | | | $ | 26,168 | |
Central Japan Railway Co. | | | 1,000 | | | | 154,658 | |
Chubu Electric Power Co., Inc. | | | 4,700 | | | | 58,947 | |
Chugai Pharmaceutical Co., Ltd. | | | 4,500 | | | | 240,930 | |
Coca-Cola Bottlers Japan Holdings, Inc. | | | 1,000 | | | | 18,137 | |
Concordia Financial Group Ltd. | | | 7,200 | | | | 23,148 | |
Cosmos Pharmaceutical Corp. | | | 100 | | | | 15,343 | |
CyberAgent, Inc. | | | 600 | | | | 29,492 | |
Dai Nippon Printing Co., Ltd. | | | 1,700 | | | | 39,084 | |
Dai-ichi Life Holdings, Inc. | | | 7,700 | | | | 92,169 | |
Daicel Corp. | | | 2,000 | | | | 15,501 | |
Daifuku Co., Ltd. | | | 700 | | | | 61,342 | |
Daiichi Sankyo Co., Ltd. | | | 3,900 | | | | 318,987 | |
Daikin Industries Ltd. | | | 1,700 | | | | 275,060 | |
Daito Trust Construction Co., Ltd. | | | 400 | | | | 36,865 | |
Daiwa House Industry Co., Ltd. | | | 4,100 | | | | 96,821 | |
Daiwa House REIT Investment Corp. | | | 13 | | | | 30,584 | |
Daiwa Securities Group, Inc. | | | 9,300 | | | | 39,068 | |
Denso Corp. | | | 3,100 | | | | 121,573 | |
Dentsu Group, Inc. | | | 1,500 | | | | 35,582 | |
Disco Corp. | | | 200 | | | | 48,778 | |
East Japan Railway Co. | | | 2,100 | | | | 145,520 | |
Eisai Co., Ltd. | | | 1,800 | | | | 143,008 | |
Electric Power Development Co., Ltd. | | | 1,000 | | | | 18,956 | |
ENEOS Holdings, Inc. | | | 20,490 | | | | 73,038 | |
FamilyMart Co., Ltd. | | | 1,700 | | | | 29,185 | |
FANUC Corp. | | | 1,300 | | | | 233,051 | |
Fast Retailing Co., Ltd. | | | 400 | | | | 229,909 | |
Fuji Electric Co., Ltd. | | | 900 | | | | 24,772 | |
FUJIFILM Holdings Corp. | | | 2,600 | | | | 111,284 | |
Fujitsu Ltd. | | | 1,400 | | | | 163,917 | |
Fukuoka Financial Group, Inc. | | | 1,200 | | | | 18,973 | |
GLP J-Reit* | | | 26 | | | | 37,571 | |
GMO Payment Gateway, Inc. | | | 300 | | | | 31,378 | |
Hakuhodo DY Holdings, Inc. | | | 1,500 | | | | 17,902 | |
Hamamatsu Photonics K.K. | | | 1,000 | | | | 43,545 | |
Hankyu Hanshin Holdings, Inc. | | | 1,600 | | | | 54,045 | |
Hikari Tsushin, Inc. | | | 100 | | | | 22,865 | |
Hino Motors Ltd. | | | 2,000 | | | | 13,569 | |
Hirose Electric Co., Ltd. | | | 220 | | | | 24,158 | |
Hisamitsu Pharmaceutical Co., Inc. | | | 400 | | | | 21,622 | |
Hitachi Construction Machinery Co., Ltd. | | | 700 | | | | 19,445 | |
Hitachi Ltd. | | | 6,700 | | | | 212,958 | |
Hitachi Metals Ltd. | | | 1,400 | | | | 16,780 | |
Honda Motor Co., Ltd. | | | 11,300 | | | | 289,208 | |
Hoshizaki Corp. | | | 400 | | | | 34,284 | |
Hoya Corp. | | | 2,600 | | | | 248,973 | |
Hulic Co., Ltd. | | | 2,000 | | | | 18,882 | |
Idemitsu Kosan Co., Ltd. | | | 1,356 | | | | 28,940 | |
Iida Group Holdings Co., Ltd. | | | 1,000 | | | | 15,368 | |
Inpex Corp. | | | 7,400 | | | | 46,208 | |
Isetan Mitsukoshi Holdings Ltd. | | | 2,500 | | | | 14,388 | |
Isuzu Motors Ltd. | | | 4,000 | | | | 36,349 | |
Ito En Ltd. | | | 400 | | | | 22,580 | |
ITOCHU Corp. | | | 9,600 | | | | 207,723 | |
Itochu Techno-Solutions Corp. | | | 700 | | | | 26,325 | |
138
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Japan Airlines Co., Ltd. | | | 800 | | | $ | 14,436 | |
Japan Airport Terminal Co., Ltd. | | | 300 | | | | 12,802 | |
Japan Exchange Group, Inc. | | | 3,600 | | | | 83,376 | |
Japan Post Bank Co., Ltd. | | | 3,000 | | | | 22,312 | |
Japan Post Holdings Co., Ltd. | | | 11,500 | | | | 82,072 | |
Japan Post Insurance Co., Ltd. | | | 1,700 | | | | 22,400 | |
Japan Prime Realty Investment Corp. | | | 6 | | | | 17,602 | |
Japan Real Estate Investment Corp. | | | 9 | | | | 46,189 | |
Japan Retail Fund Investment Corp. | | | 20 | | | | 25,016 | |
Japan Tobacco, Inc. | | | 8,200 | | | | 152,297 | |
JFE Holdings, Inc. | | | 3,800 | | | | 27,472 | |
JGC Holdings Corp. | | | 1,600 | | | | 16,872 | |
JSR Corp. | | | 1,500 | | | | 29,100 | |
JTEKT Corp. | | | 1,500 | | | | 11,712 | |
Kajima Corp. | | | 2,800 | | | | 33,479 | |
Kakaku.com, Inc. | | | 1,100 | | | | 28,022 | |
Kamigumi Co., Ltd. | | | 700 | | | | 13,767 | |
Kansai Paint Co., Ltd. | | | 1,400 | | | | 29,584 | |
Kao Corp. | | | 3,300 | | | | 261,881 | |
Kawasaki Heavy Industries Ltd. | | | 1,000 | | | | 14,444 | |
KDDI Corp. | | | 11,400 | | | | 340,143 | |
Keihan Holdings Co., Ltd. | | | 700 | | | | 31,261 | |
Keikyu Corp. | | | 1,600 | | | | 24,483 | |
Keio Corp. | | | 700 | | | | 40,061 | |
Keisei Electric Railway Co., Ltd. | | | 1,000 | | | | 31,340 | |
Keyence Corp. | | | 1,264 | | | | 529,694 | |
Kikkoman Corp. | | | 1,100 | | | | 53,127 | |
Kintetsu Group Holdings Co., Ltd. | | | 1,100 | | | | 49,356 | |
Kirin Holdings Co., Ltd. | | | 5,600 | | | | 118,047 | |
Kobayashi Pharmaceutical Co., Ltd. | | | 300 | | | | 26,377 | |
Kobe Bussan Co., Ltd. | | | 400 | | | | 22,714 | |
Koito Manufacturing Co., Ltd. | | | 800 | | | | 32,368 | |
Komatsu Ltd. | | | 6,200 | | | | 126,979 | |
Konami Holdings Corp. | | | 700 | | | | 23,358 | |
Kose Corp. | | | 200 | | | | 24,209 | |
Kubota Corp. | | | 7,300 | | | | 109,199 | |
Kuraray Co., Ltd. | | | 1,900 | | | | 19,883 | |
Kurita Water Industries Ltd. | | | 800 | | | | 22,255 | |
Kyocera Corp. | | | 2,300 | | | | 125,545 | |
Kyowa Kirin Co., Ltd. | | | 1,700 | | | | 44,752 | |
Kyushu Electric Power Co., Inc. | | | 2,900 | | | | 24,305 | |
Kyushu Railway Co. | | | 900 | | | | 23,385 | |
Lasertec Corp. | | | 500 | | | | 47,265 | |
Lawson, Inc. | | | 400 | | | | 20,120 | |
LINE Corp.* | | | 400 | | | | 20,132 | |
Lion Corp. | | | 1,500 | | | | 36,077 | |
LIXIL Group Corp. | | | 2,100 | | | | 29,493 | |
M3, Inc. | | | 3,000 | | | | 127,443 | |
Makita Corp. | | | 1,600 | | | | 58,183 | |
Marubeni Corp. | | | 11,700 | | | | 53,146 | |
Marui Group Co., Ltd. | | | 1,500 | | | | 27,134 | |
Maruichi Steel Tube Ltd. | | | 300 | | | | 7,478 | |
Mazda Motor Corp. | | | 4,500 | | | | 27,189 | |
McDonald’s Holdings Co., Japan Ltd. | | | 400 | | | | 21,619 | |
Mebuki Financial Group, Inc. | | | 7,020 | | | | 16,353 | |
Medipal Holdings Corp. | | | 1,300 | | | | 25,091 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
MEIJI Holdings Co., Ltd. | | | 800 | | | $ | 63,661 | |
Mercari, Inc.* | | | 600 | | | | 18,631 | |
MINEBEA MITSUMI, Inc. | | | 2,600 | | | | 47,392 | |
MISUMI Group, Inc. | | | 1,900 | | | | 47,706 | |
Mitsubishi Chemical Holdings Corp. | | | 9,500 | | | | 55,401 | |
Mitsubishi Corp. | | | 9,300 | | | | 196,525 | |
Mitsubishi Electric Corp. | | | 13,000 | | | | 169,797 | |
Mitsubishi Estate Co., Ltd. | | | 8,500 | | | | 126,665 | |
Mitsubishi Gas Chemical Co., Inc. | | | 1,100 | | | | 16,730 | |
Mitsubishi Heavy Industries Ltd. | | | 2,100 | | | | 49,581 | |
Mitsubishi Materials Corp. | | | 900 | | | | 19,004 | |
Mitsubishi Motors Corp. | | | 5,200 | | | | 12,888 | |
Mitsubishi UFJ Financial Group, Inc. | | | 84,700 | | | | 333,339 | |
Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 2,500 | | | | 11,930 | |
Mitsui & Co., Ltd. | | | 11,400 | | | | 168,910 | |
Mitsui Chemicals, Inc. | | | 1,400 | | | | 29,283 | |
Mitsui Fudosan Co., Ltd. | | | 6,400 | | | | 113,694 | |
Miura Co., Ltd. | | | 600 | | | | 25,002 | |
Mizuho Financial Group, Inc. | | | 166,080 | | | | 204,286 | |
MonotaRO Co., Ltd. | | | 800 | | | | 32,143 | |
MS&AD Insurance Group Holdings, Inc. | | | 3,190 | | | | 87,848 | |
Murata Manufacturing Co., Ltd. | | | 4,000 | | | | 235,794 | |
Nabtesco Corp. | | | 900 | | | | 27,852 | |
Nagoya Railroad Co., Ltd. | | | 1,400 | | | | 39,460 | |
NEC Corp. | | | 1,800 | | | | 86,482 | |
Nexon Co., Ltd. | | | 3,200 | | | | 72,181 | |
NGK Insulators Ltd. | | | 2,000 | | | | 27,711 | |
NGK Spark Plug Co., Ltd. | | | 1,100 | | | | 15,810 | |
NH Foods Ltd. | | | 600 | | | | 24,144 | |
Nidec Corp. | | | 3,100 | | | | 208,843 | |
Nihon M&A Center, Inc. | | | 1,100 | | | | 50,026 | |
Nikon Corp. | | | 2,400 | | | | 20,156 | |
Nintendo Co., Ltd. | | | 800 | | | | 357,655 | |
Nippon Building Fund, Inc. | | | 8 | | | | 45,561 | |
Nippon Express Co., Ltd. | | | 400 | | | | 20,741 | |
Nippon Paint Holdings Co., Ltd. | | | 1,000 | | | | 72,937 | |
Nippon Prologis REIT, Inc.* | | | 15 | | | | 45,580 | |
Nippon Shinyaku Co., Ltd. | | | 300 | | | | 24,487 | |
Nippon Steel Corp. | | | 6,017 | | | | 56,857 | |
Nippon Telegraph & Telephone Corp. | | | 8,900 | | | | 207,365 | |
Nippon Yusen K.K. | | | 1,300 | | | | 18,399 | |
Nissan Chemical Corp. | | | 800 | | | | 41,159 | |
Nissan Motor Co., Ltd. | | | 17,000 | | | | 63,044 | |
Nisshin Seifun Group, Inc. | | | 1,315 | | | | 19,635 | |
Nissin Foods Holdings Co., Ltd. | | | 400 | | | | 35,440 | |
Nitori Holdings Co., Ltd. | | | 500 | | | | 98,035 | |
Nitto Denko Corp. | | | 1,000 | | | | 56,690 | |
Nomura Holdings, Inc. | | | 22,400 | | | | 100,656 | |
Nomura Real Estate Holdings, Inc. | | | 1,000 | | | | 18,617 | |
Nomura Real Estate Master Fund, Inc.* | | | 28 | | | | 33,536 | |
Nomura Research Institute Ltd. | | | 2,130 | | | | 58,176 | |
NSK Ltd. | | | 3,000 | | | | 22,388 | |
NTT Data Corp. | | | 4,500 | | | | 50,312 | |
NTT DOCOMO, Inc. | | | 8,300 | | | | 220,349 | |
Obayashi Corp. | | | 4,200 | | | | 39,486 | |
Obic Co., Ltd. | | | 500 | | | | 88,120 | |
139
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Odakyu Electric Railway Co., Ltd. | | | 2,100 | | | $ | 51,571 | |
Oji Holdings Corp. | | | 6,000 | | | | 27,992 | |
Olympus Corp. | | | 8,300 | | | | 159,796 | |
Omron Corp. | | | 1,300 | | | | 87,072 | |
Ono Pharmaceutical Co., Ltd. | | | 2,500 | | | | 72,966 | |
Oracle Corp. Japan | | | 300 | | | | 35,584 | |
Oriental Land Co., Ltd. | | | 1,400 | | | | 185,005 | |
ORIX Corp. | | | 9,400 | | | | 116,722 | |
Orix JREIT, Inc. | | | 20 | | | | 26,363 | |
Osaka Gas Co., Ltd. | | | 2,400 | | | | 47,441 | |
Otsuka Corp. | | | 800 | | | | 42,253 | |
Otsuka Holdings Co., Ltd. | | | 2,700 | | | | 117,671 | |
Pan Pacific International Holdings Corp. | | | 2,700 | | | | 59,445 | |
Panasonic Corp. | | | 15,000 | | | | 131,536 | |
Park24 Co., Ltd. | | | 800 | | | | 13,716 | |
PeptiDream, Inc.* | | | 700 | | | | 32,253 | |
Persol Holdings Co., Ltd. | | | 1,400 | | | | 19,302 | |
Pigeon Corp. | | | 900 | | | | 34,835 | |
Pola Orbis Holdings, Inc. | | | 800 | | | | 13,967 | |
Rakuten, Inc. | | | 6,300 | | | | 55,648 | |
Recruit Holdings Co., Ltd. | | | 8,800 | | | | 302,634 | |
Renesas Electronics Corp.* | | | 5,400 | | | | 27,758 | |
Resona Holdings, Inc. | | | 14,800 | | | | 50,644 | |
Ricoh Co., Ltd. | | | 5,000 | | | | 35,878 | |
Rinnai Corp. | | | 200 | | | | 16,749 | |
Rohm Co., Ltd. | | | 600 | | | | 39,895 | |
Ryohin Keikaku Co., Ltd. | | | 1,700 | | | | 24,180 | |
Santen Pharmaceutical Co., Ltd. | | | 2,600 | | | | 47,865 | |
SBI Holdings, Inc. | | | 1,710 | | | | 37,108 | |
SCSK Corp. | | | 400 | | | | 19,570 | |
Secom Co., Ltd. | | | 1,500 | | | | 131,614 | |
Sega Sammy Holdings, Inc. | | | 1,200 | | | | 14,385 | |
Seibu Holdings, Inc. | | | 1,600 | | | | 17,428 | |
Seiko Epson Corp. | | | 2,200 | | | | 25,203 | |
Sekisui Chemical Co., Ltd. | | | 2,600 | | | | 37,252 | |
Sekisui House Ltd. | | | 4,200 | | | | 80,187 | |
Seven & i Holdings Co., Ltd. | | | 5,200 | | | | 170,110 | |
Seven Bank Ltd. | | | 5,300 | | | | 14,526 | |
SG Holdings Co., Ltd. | | | 1,100 | | | | 35,897 | |
Sharp Corp. | | | 1,200 | | | | 12,869 | |
Shimadzu Corp. | | | 1,600 | | | | 42,716 | |
Shimamura Co., Ltd. | | | 200 | | | | 13,546 | |
Shimano, Inc. | | | 500 | | | | 96,144 | |
Shimizu Corp. | | | 4,000 | | | | 32,952 | |
Shin-Etsu Chemical Co., Ltd. | | | 2,400 | | | | 281,668 | |
Shinsei Bank Ltd. | | | 800 | | | | 9,676 | |
Shionogi & Co., Ltd. | | | 1,800 | | | | 112,920 | |
Shiseido Co., Ltd. | | | 2,700 | | | | 172,046 | |
Showa Denko K.K. | | | 1,000 | | | | 22,571 | |
SMC Corp. | | | 400 | | | | 205,568 | |
Softbank Corp. | | | 13,700 | | | | 174,623 | |
SoftBank Group Corp. | | | 10,900 | | | | 549,662 | |
Sohgo Security Services Co., Ltd. | | | 500 | | | | 23,347 | |
Sompo Holdings, Inc. | | | 2,325 | | | | 80,039 | |
Sony Corp. | | | 8,900 | | | | 614,369 | |
Sony Financial Holdings, Inc. | | | 1,200 | | | | 28,974 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Square Enix Holdings Co., Ltd. | | | 700 | | | $ | 35,465 | |
Stanley Electric Co., Ltd. | | | 1,000 | | | | 24,208 | |
Subaru Corp. | | | 4,400 | | | | 92,135 | |
SUMCO Corp. | | | 1,800 | | | | 27,673 | |
Sumitomo Chemical Co., Ltd. | | | 10,600 | | | | 31,893 | |
Sumitomo Corp. | | | 8,000 | | | | 92,011 | |
Sumitomo Dainippon Pharma Co., Ltd. | | | 1,100 | | | | 15,243 | |
Sumitomo Electric Industries Ltd. | | | 5,500 | | | | 63,446 | |
Sumitomo Heavy Industries Ltd. | | | 800 | | | | 17,497 | |
Sumitomo Metal Mining Co., Ltd. | | | 1,500 | | | | 42,255 | |
Sumitomo Mitsui Financial Group, Inc. | | | 9,000 | | | | 253,996 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 2,343 | | | | 66,027 | |
Sumitomo Realty & Development Co., Ltd. | | | 2,000 | | | | 55,205 | |
Sumitomo Rubber Industries Ltd. | | | 1,200 | | | | 11,885 | |
Sundrug Co., Ltd. | | | 600 | | | | 19,857 | |
Suntory Beverage & Food Ltd. | | | 1,000 | | | | 39,018 | |
Suzuken Co., Ltd. | | | 540 | | | | 20,174 | |
Suzuki Motor Corp. | | | 2,500 | | | | 85,365 | |
Sysmex Corp. | | | 1,200 | | | | 92,114 | |
T&D Holdings, Inc. | | | 3,700 | | | | 31,780 | |
Taiheiyo Cement Corp. | | | 800 | | | | 18,587 | |
Taisei Corp. | | | 1,400 | | | | 51,025 | |
Taisho Pharmaceutical Holdings Co., Ltd. | | | 200 | | | | 12,273 | |
Taiyo Nippon Sanso Corp. | | | 1,000 | | | | 16,723 | |
Takeda Pharmaceutical Co., Ltd. | | | 10,895 | | | | 391,435 | |
TDK Corp. | | | 900 | | | | 89,596 | |
Teijin Ltd. | | | 1,200 | | | | 19,106 | |
Terumo Corp. | | | 4,600 | | | | 175,089 | |
The Bank of Kyoto Ltd. | | | 400 | | | | 14,212 | |
The Chiba Bank Ltd. | | | 3,700 | | | | 17,493 | |
The Chugoku Electric Power Co., Inc. | | | 2,100 | | | | 27,997 | |
The Kansai Electric Power Co., Inc. | | | 4,900 | | | | 47,481 | |
The Shizuoka Bank Ltd. | | | 3,200 | | | | 20,586 | |
The Yokohama Rubber Co., Ltd. | | | 1,000 | | | | 14,140 | |
THK Co., Ltd. | | | 1,000 | | | | 24,898 | |
TIS, Inc. | | | 1,600 | | | | 33,876 | |
Tobu Railway Co., Ltd. | | | 1,400 | | | | 46,255 | |
Toho Co., Ltd. | | | 700 | | | | 25,285 | |
Toho Gas Co., Ltd. | | | 400 | | | | 19,993 | |
Tohoku Electric Power Co., Inc. | | | 2,800 | | | | 26,599 | |
Tokio Marine Holdings, Inc. | | | 4,400 | | | | 192,601 | |
Tokyo Century Corp. | | | 300 | | | | 15,362 | |
Tokyo Electric Power Co. Holdings, Inc.* | | | 10,800 | | | | 33,223 | |
Tokyo Electron Ltd. | | | 1,000 | | | | 246,744 | |
Tokyo Gas Co., Ltd. | | | 2,700 | | | | 64,650 | |
Tokyu Corp. | | | 3,600 | | | | 50,682 | |
Tokyu Fudosan Holdings Corp. | | | 4,000 | | | | 18,818 | |
Toppan Printing Co., Ltd. | | | 2,000 | | | | 33,438 | |
Toray Industries, Inc. | | | 10,000 | | | | 47,200 | |
Toshiba Corp. | | | 2,700 | | | | 86,615 | |
Tosoh Corp. | | | 1,800 | | | | 24,726 | |
TOTO Ltd. | | | 1,000 | | | | 38,448 | |
Toyo Suisan Kaisha Ltd. | | | 600 | | | | 33,524 | |
Toyoda Gosei Co., Ltd. | | | 400 | | | | 8,357 | |
Toyota Industries Corp. | | | 1,100 | | | | 58,468 | |
Toyota Motor Corp. | | | 14,768 | | | | 928,672 | |
140
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Japan — (continued) | | | | | | | | |
Toyota Tsusho Corp. | | | 1,600 | | | $ | 40,802 | |
Trend Micro, Inc. | | | 900 | | | | 50,296 | |
Tsuruha Holdings, Inc. | | | 200 | | | | 27,623 | |
Unicharm Corp. | | | 2,700 | | | | 110,734 | |
United Urban Investment Corp. | | | 21 | | | | 22,618 | |
USS Co., Ltd. | | | 1,500 | | | | 24,046 | |
Welcia Holdings Co., Ltd. | | | 300 | | | | 24,236 | |
West Japan Railway Co. | | | 1,200 | | | | 67,307 | |
Yakult Honsha Co., Ltd. | | | 800 | | | | 47,067 | |
Yamada Denki Co., Ltd. | | | 4,000 | | | | 19,842 | |
Yamaha Corp. | | | 900 | | | | 42,449 | |
Yamaha Motor Co., Ltd. | | | 2,100 | | | | 33,075 | |
Yamato Holdings Co., Ltd. | | | 2,300 | | | | 49,927 | |
Yamazaki Baking Co., Ltd. | | | 1,000 | | | | 17,177 | |
Yaskawa Electric Corp. | | | 1,600 | | | | 55,621 | |
Yokogawa Electric Corp. | | | 1,600 | | | | 25,070 | |
Z Holdings Corp. | | | 17,700 | | | | 86,867 | |
ZOZO, Inc. | | | 600 | | | | 13,375 | |
| | | | | | | | |
| | | | 23,240,042 | |
| | | | | | | | |
| | |
| Luxembourg — 0.2% | | | | | | | | |
ArcelorMittal S.A.* | | | 4,640 | | | | 49,146 | |
Aroundtown S.A.* | | | 7,484 | | | | 42,897 | |
Eurofins Scientific S.E.* | | | 87 | | | | 54,873 | |
SES S.A. | | | 2,712 | | | | 18,531 | |
Tenaris S.A. | | | 3,478 | | | | 22,602 | |
| | | | | | | | |
| | | | 188,049 | |
| | | | | | | | |
| | |
| Macau — 0.0% | | | | | | | | |
Wynn Macau Ltd. | | | 12,400 | | | | 21,507 | |
| | | | | | | | |
| | |
| Netherlands — 5.5% | | | | | | | | |
ABN AMRO Bank N.V.* | | | 3,103 | | | | 26,703 | |
Adyen N.V.* | | | 129 | | | | 187,758 | |
Aegon N.V. | | | 13,470 | | | | 39,817 | |
Airbus S.E.* | | | 4,068 | | | | 291,486 | |
Akzo Nobel N.V. | | | 1,437 | | | | 129,100 | |
Altice Europe N.V.* | | | 4,140 | | | | 16,012 | |
ASML Holding N.V. | | | 3,086 | | | | 1,128,894 | |
CNH Industrial N.V.* | | | 7,476 | | | | 52,523 | |
EXOR N.V. | | | 766 | | | | 43,966 | |
Heineken Holding N.V. | | | 814 | | | | 66,623 | |
Heineken N.V. | | | 1,915 | | | | 176,552 | |
ING Groep N.V. | | | 28,045 | | | | 195,498 | |
Just Eat Takeaway.com N.V.* | | | 837 | | | | 87,487 | |
Koninklijke Ahold Delhaize N.V. | | | 7,865 | | | | 214,352 | |
Koninklijke DSM N.V. | | | 1,317 | | | | 182,823 | |
Koninklijke KPN N.V. | | | 26,565 | | | | 70,660 | |
Koninklijke Philips N.V.* | | | 6,396 | | | | 298,807 | |
Koninklijke Vopak N.V. | | | 469 | | | | 24,825 | |
NN Group N.V.* | | | 2,293 | | | | 77,062 | |
Prosus N.V.* | | | 3,575 | | | | 333,323 | |
QIAGEN N.V.* | | | 1,662 | | | | 71,590 | |
Randstad N.V. | | | 823 | | | | 36,800 | |
Royal Dutch Shell PLC, Class A | | | 28,617 | | | | 458,193 | |
Royal Dutch Shell PLC, Class B | | | 25,865 | | | | 392,120 | |
Unilever N.V. | | | 10,419 | | | | 555,515 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Netherlands — (continued) | | | | | | | | |
Wolters Kluwer N.V. | | | 1,994 | | | $ | 155,742 | |
| | | | | | | | |
| | | | 5,314,231 | |
| | | | | | | | |
| | |
| New Zealand — 0.3% | | | | | | | | |
a2 Milk Co., Ltd.* | | | 5,597 | | | | 73,263 | |
Auckland International Airport Ltd. | | | 7,064 | | | | 30,041 | |
Fisher & Paykel Healthcare Corp. Ltd. | | | 4,021 | | | | 92,631 | |
Mercury NZ Ltd. | | | 5,143 | | | | 15,669 | |
Meridian Energy Ltd. | | | 8,838 | | | | 27,551 | |
Ryman Healthcare Ltd. | | | 2,831 | | | | 24,018 | |
Spark New Zealand Ltd. | | | 14,196 | | | | 42,001 | |
| | | | | | | | |
| | | | 305,174 | |
| | | | | | | | |
| | |
| Norway — 0.5% | | | | | | | | |
DNB ASA | | | 6,815 | | | | 90,963 | |
Equinor ASA | | | 7,174 | | | | 103,346 | |
Gjensidige Forsikring ASA* | | | 1,418 | | | | 26,199 | |
Mowi ASA | | | 3,226 | | | | 61,493 | |
Norsk Hydro ASA* | | | 10,203 | | | | 28,465 | |
Orkla ASA | | | 5,523 | | | | 48,490 | |
Schibsted ASA, Class B* | | | 698 | | | | 16,487 | |
Telenor ASA | | | 4,966 | | | | 72,508 | |
Yara International ASA | | | 1,266 | | | | 44,136 | |
| | | | | | | | |
| | | | 492,087 | |
| | | | | | | | |
| | |
| Portugal — 0.2% | | | | | | | | |
Banco Espirito Santo S.A.* | | | 27,017 | | | | 0 | |
EDP — Energias de Portugal S.A. | | | 18,562 | | | | 88,601 | |
Galp Energia SGPS S.A. | | | 3,702 | | | | 42,943 | |
Jeronimo Martins SGPS S.A. | | | 1,733 | | | | 30,327 | |
| | | | | | | | |
| | | | 161,871 | |
| | | | | | | | |
| | |
| Singapore — 1.2% | | | | | | | | |
Ascendas Real Estate Investment Trust | | | 19,759 | | | | 45,335 | |
CapitaLand Commercial Trust | | | 18,656 | | | | 22,833 | |
CapitaLand Ltd.* | | | 18,600 | | | | 39,295 | |
CapitaLand Mall Trust | | | 18,100 | | | | 25,683 | |
City Developments Ltd. | | | 3,000 | | | | 18,333 | |
DBS Group Holdings Ltd. | | | 12,810 | | | | 192,750 | |
Genting Singapore Ltd. | | | 46,800 | | | | 25,748 | |
Jardine Cycle & Carriage Ltd. | | | 611 | | | | 8,917 | |
Jardine Matheson Holdings Ltd. | | | 1,600 | | | | 66,897 | |
Keppel Corp. Ltd. | | | 10,300 | | | | 44,361 | |
Mapletree Commercial Trust | | | 15,200 | | | | 21,268 | |
Mapletree Logistics Trust | | | 19,000 | | | | 26,674 | |
Oversea-Chinese Banking Corp. Ltd. | | | 23,903 | | | | 155,795 | |
Singapore Airlines Ltd. | | | 10,000 | | | | 26,992 | |
Singapore Exchange Ltd. | | | 6,000 | | | | 36,106 | |
Singapore Technologies Engineering Ltd. | | | 12,000 | | | | 28,641 | |
Singapore Telecommunications Ltd. | | | 56,800 | | | | 101,042 | |
Suntec Real Estate Investment Trust | | | 16,000 | | | | 16,345 | |
United Overseas Bank Ltd. | | | 8,837 | | | | 129,125 | |
UOL Group Ltd. | | | 3,107 | | | | 15,276 | |
Venture Corp. Ltd. | | | 2,100 | | | | 24,542 | |
Wilmar International Ltd. | | | 13,800 | | | | 40,817 | |
| | | | | | | | |
| | | | 1,112,775 | |
| | | | | | | | |
141
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Spain — 2.4% | | | | | | | | |
ACS Actividades de Construccion y Servicios S.A. | | | 1,911 | | | $ | 49,110 | |
Aena SME S.A.* | | | 488 | | | | 65,266 | |
Amadeus IT Group S.A. | | | 3,129 | | | | 164,278 | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 48,143 | | | | 165,754 | |
Banco Santander S.A.* | | | 121,626 | | | | 297,552 | |
Bankinter S.A. | | | 4,820 | | | | 23,103 | |
CaixaBank S.A. | | | 25,876 | | | | 55,356 | |
Cellnex Telecom S.A. | | | 1,885 | | | | 115,131 | |
Enagas S.A. | | | 1,740 | | | | 42,566 | |
Endesa S.A. | | | 2,216 | | | | 54,970 | |
Ferrovial S.A. | | | 3,544 | | | | 94,731 | |
Grifols S.A. | | | 2,184 | | | | 66,411 | |
Iberdrola S.A. | | | 41,430 | | | | 483,680 | |
Industria de Diseno Textil S.A. | | | 7,881 | | | | 209,109 | |
Mapfre S.A. | | | 8,177 | | | | 14,602 | |
Naturgy Energy Group S.A. | | | 2,261 | | | | 42,210 | |
Red Electrica Corp. S.A. | | | 3,120 | | | | 58,373 | |
Repsol S.A. | | | 10,054 | | | | 88,837 | |
Siemens Gamesa Renewable Energy S.A.* | | | 1,855 | | | | 33,028 | |
Telefonica S.A. | | | 33,418 | | | | 159,830 | |
| | | | | | | | |
| | | | 2,283,897 | |
| | | | | | | | |
| | |
| Sweden — 2.8% | | | | | | | | |
Alfa Laval AB* | | | 2,253 | | | | 49,702 | |
Assa Abloy AB, Class B | | | 7,007 | | | | 143,416 | |
Atlas Copco AB, Class A | | | 4,699 | | | | 200,109 | |
Atlas Copco AB, Class B | | | 2,753 | | | | 102,296 | |
Boliden AB | | | 1,973 | | | | 45,254 | |
Electrolux AB, Class B | | | 1,720 | | | | 28,939 | |
Epiroc AB, Class A | | | 4,569 | | | | 57,251 | |
Epiroc AB, Class B | | | 2,942 | | | | 36,131 | |
EQT AB | | | 1,699 | | | | 30,634 | |
Essity AB, Class B* | | | 4,370 | | | | 141,681 | |
Evolution Gaming Group AB | | | 907 | | | | 53,872 | |
Hennes & Mauritz AB, Class B | | | 5,952 | | | | 86,877 | |
Hexagon AB, Class B* | | | 1,938 | | | | 113,810 | |
Husqvarna AB, Class B | | | 2,834 | | | | 23,324 | |
ICA Gruppen AB | | | 622 | | | | 29,566 | |
Industrivarden AB, Class C* | | | 1,227 | | | | 27,968 | |
Investment AB Latour, Class B | | | 1,056 | | | | 19,173 | |
Investor AB, Class B | | | 3,188 | | | | 169,117 | |
Kinnevik AB, Class B | | | 1,832 | | | | 48,360 | |
L E Lundbergforetagen AB, Class B* | | | 602 | | | | 27,441 | |
Lundin Energy AB | | | 1,292 | | | | 31,532 | |
Nibe Industrier AB, Class B* | | | 2,224 | | | | 49,328 | |
Sandvik AB* | | | 8,054 | | | | 151,623 | |
Securitas AB, Class B* | | | 2,230 | | | | 30,155 | |
Skandinaviska Enskilda Banken AB, Class A* | | | 11,899 | | | | 103,290 | |
Skanska AB, Class B* | | | 2,417 | | | | 49,344 | |
SKF AB, Class B | | | 2,667 | | | | 49,856 | |
Svenska Cellulosa AB SCA, Class B* | | | 4,322 | | | | 51,696 | |
Svenska Handelsbanken AB, Class A* | | | 10,939 | | | | 103,869 | |
Swedbank AB, Class A* | | | 6,419 | | | | 82,426 | |
Swedish Match AB | | | 1,185 | | | | 83,608 | |
Tele2 AB, Class B | | | 3,797 | | | | 50,545 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Sweden — (continued) | | | | | | | | |
Telefonaktiebolaget LM Ericsson, Class B | | | 20,819 | | | $ | 192,983 | |
Telia Co., AB | | | 20,047 | | | | 75,000 | |
Volvo AB, Class B* | | | 10,650 | | | | 167,577 | |
| | | | | | | | |
| | | | 2,707,753 | |
| | | | | | | | |
| | |
| Switzerland — 10.1% | | | | | | | | |
ABB Ltd. | | | 12,981 | | | | 294,447 | |
Adecco Group AG | | | 1,125 | | | | 53,028 | |
Alcon, Inc.* | | | 3,381 | | | | 194,270 | |
Baloise Holding AG | | | 301 | | | | 45,346 | |
Barry Callebaut AG | | | 19 | | | | 36,268 | |
Chocoladefabriken Lindt & Spruengli AG | | | 1 | | | | 86,257 | |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | | | 7 | | | | 57,815 | |
Cie Financiere Richemont S.A. | | | 3,599 | | | | 232,137 | |
Clariant AG* | | | 1,425 | | | | 28,045 | |
Coca-Cola HBC AG | | | 1,426 | | | | 35,697 | |
Credit Suisse Group AG | | | 16,645 | | | | 173,189 | |
EMS-Chemie Holding AG | | | 52 | | | | 40,399 | |
Geberit AG | | | 252 | | | | 126,437 | |
Givaudan S.A. | | | 65 | | | | 242,968 | |
Glencore PLC* | | | 68,293 | | | | 145,478 | |
Julius Baer Group Ltd.* | | | 1,484 | | | | 62,324 | |
Kuehne + Nagel International AG* | | | 354 | | | | 58,965 | |
LafargeHolcim Ltd.* | | | 3,583 | | | | 157,853 | |
Logitech International S.A. | | | 1,173 | | | | 76,866 | |
Lonza Group AG | | | 514 | | | | 272,265 | |
Nestle S.A. | | | 20,814 | | | | 2,307,661 | |
Novartis AG | | | 15,006 | | | | 1,307,339 | |
Partners Group Holding AG | | | 133 | | | | 121,122 | |
Roche Holding AG | | | 4,911 | | | | 1,701,414 | |
Schindler Holding AG | | | 145 | | | | 34,375 | |
Schindler Holding AG, Participation Certificates | | | 269 | | | | 63,661 | |
SGS S.A. | | | 41 | | | | 100,435 | |
Sika AG | | | 973 | | | | 187,568 | |
Sonova Holding AG | | | 389 | | | | 77,868 | |
STMicroelectronics N.V. | | | 4,550 | | | | 124,025 | |
Straumann Holding AG | | | 74 | | | | 63,972 | |
Swiss Life Holding AG* | | | 214 | | | | 79,612 | |
Swiss Prime Site AG | | | 532 | | | | 49,351 | |
Swiss Re AG | | | 2,018 | | | | 156,465 | |
Swisscom AG | | | 174 | | | | 91,246 | |
Temenos AG | | | 471 | | | | 73,205 | |
The Swatch Group AG | | | 425 | | | | 16,713 | |
The Swatch Group AG | | | 210 | | | | 42,149 | |
UBS Group AG | | | 25,346 | | | | 292,723 | |
Vifor Pharma AG | | | 334 | | | | 50,530 | |
Zurich Insurance Group AG | | | 1,038 | | | | 367,795 | |
| | | | | | | | |
| | | | 9,729,283 | |
| | | | | | | | |
| | |
| United Kingdom — 11.7% | | | | | | | | |
3i Group PLC | | | 6,462 | | | | 66,539 | |
Admiral Group PLC | | | 1,312 | | | | 37,207 | |
Anglo American PLC | | | 8,442 | | | | 194,615 | |
Antofagasta PLC | | | 2,581 | | | | 29,873 | |
142
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| United Kingdom — (continued) | | | | | | | | |
Ashtead Group PLC | | | 3,039 | | | $ | 102,514 | |
Associated British Foods PLC | | | 2,516 | | | | 59,489 | |
AstraZeneca PLC | | | 9,157 | | | | 953,006 | |
Auto Trader Group PLC | | | 6,702 | | | | 43,635 | |
Aveva Group PLC | | | 488 | | | | 24,743 | |
Aviva PLC | | | 28,012 | | | | 94,943 | |
BAE Systems PLC | | | 21,881 | | | | 130,836 | |
Barclays PLC | | | 118,890 | | | | 167,729 | |
Barratt Developments PLC | | | 7,128 | | | | 43,810 | |
Berkeley Group Holdings PLC | | | 878 | | | | 45,217 | |
BP PLC | | | 140,966 | | | | 540,045 | |
British American Tobacco PLC | | | 14,443 | | | | 553,928 | |
British American Tobacco PLC ADR | | | 1,486 | | | | 57,687 | |
BT Group PLC | | | 59,975 | | | | 84,819 | |
Bunzl PLC | | | 2,220 | | | | 59,547 | |
Burberry Group PLC | | | 2,902 | | | | 57,344 | |
Coca-Cola European Partners PLC | | | 1,476 | | | | 56,013 | |
Coca-Cola European Partners PLC | | | 200 | | | | 7,552 | |
Compass Group PLC | | | 12,236 | | | | 168,348 | |
Croda International PLC | | | 875 | | | | 56,832 | |
Diageo PLC | | | 16,265 | | | | 540,604 | |
Direct Line Insurance Group PLC | | | 9,937 | | | | 33,319 | |
Evraz PLC | | | 3,788 | | | | 13,421 | |
Ferguson PLC | | | 1,531 | | | | 125,184 | |
Fiat Chrysler Automobiles N.V.* | | | 8,095 | | | | 81,906 | |
GlaxoSmithKline PLC | | | 34,961 | | | | 706,199 | |
Halma PLC | | | 2,528 | | | | 72,023 | |
Hargreaves Lansdown PLC | | | 2,149 | | | | 43,337 | |
Hikma Pharmaceuticals PLC | | | 1,037 | | | | 28,456 | |
HSBC Holdings PLC | | | 141,535 | | | | 657,794 | |
Imperial Brands PLC | | | 6,435 | | | | 122,500 | |
Informa PLC | | | 10,714 | | | | 61,945 | |
InterContinental Hotels Group PLC | | | 1,136 | | | | 50,149 | |
Intertek Group PLC | | | 1,128 | | | | 75,972 | |
ITV PLC | | | 27,237 | | | | 25,173 | |
J. Sainsbury PLC | | | 12,992 | | | | 33,623 | |
JD Sports Fashion PLC | | | 3,307 | | | | 25,453 | |
Johnson Matthey PLC | | | 1,361 | | | | 35,446 | |
Kingfisher PLC | | | 14,253 | | | | 39,213 | |
Land Securities Group PLC | | | 4,914 | | | | 33,575 | |
Legal & General Group PLC | | | 40,533 | | | | 110,503 | |
Lloyds Banking Group PLC | | | 483,240 | | | | 186,414 | |
London Stock Exchange Group PLC | | | 2,169 | | | | 225,565 | |
M&G PLC | | | 18,831 | | | | 39,101 | |
Melrose Industries PLC | | | 34,877 | | | | 49,160 | |
Mondi PLC | | | 3,375 | | | | 63,129 | |
National Grid PLC | | | 24,262 | | | | 296,005 | |
Next PLC | | | 943 | | | | 57,094 | |
NMC Health PLC(1) | | | 538 | | | | 63 | |
Ocado Group PLC* | | | 3,089 | | | | 77,627 | |
Pearson PLC | | | 4,876 | | | | 34,711 | |
Persimmon PLC* | | | 2,107 | | | | 59,631 | |
Prudential PLC | | | 17,969 | | | | 270,757 | |
Reckitt Benckiser Group PLC | | | 4,931 | | | | 453,643 | |
RELX PLC | | | 7,157 | | | | 165,654 | |
RELX PLC | | | 6,230 | | | | 144,187 | |
Rentokil Initial PLC | | | 13,036 | | | | 82,429 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| United Kingdom — (continued) | | | | | | | | |
Rio Tinto PLC | | | 7,793 | | | $ | 438,562 | |
Rolls-Royce Holdings PLC* | | | 12,875 | | | | 45,456 | |
Royal Bank of Scotland Group PLC | | | 34,775 | | | | 52,206 | |
RSA Insurance Group PLC | | | 7,501 | | | | 37,988 | |
Schroders PLC | | | 773 | | | | 28,213 | |
Segro PLC | | | 8,276 | | | | 91,532 | |
Severn Trent PLC | | | 1,547 | | | | 47,344 | |
Smith & Nephew PLC | | | 6,216 | | | | 115,826 | |
Smiths Group PLC | | | 2,547 | | | | 44,526 | |
Spirax-Sarco Engineering PLC | | | 486 | | | | 59,831 | |
SSE PLC | | | 6,985 | | | | 118,277 | |
St. James’s Place PLC | | | 3,676 | | | | 43,224 | |
Standard Chartered PLC | | | 18,343 | | | | 99,433 | |
Standard Life Aberdeen PLC | | | 16,437 | | | | 54,467 | |
Taylor Wimpey PLC | | | 22,936 | | | | 40,482 | |
Tesco PLC | | | 67,310 | | | | 189,320 | |
The British Land Co., PLC | | | 5,472 | | | | 26,175 | |
The Sage Group PLC | | | 7,202 | | | | 59,783 | |
Unilever PLC | | | 8,119 | | | | 437,946 | |
United Utilities Group PLC | | | 4,874 | | | | 54,768 | |
Vodafone Group PLC | | | 185,225 | | | | 294,462 | |
Whitbread PLC* | | | 1,420 | | | | 39,068 | |
Wm Morrison Supermarkets PLC | | | 15,833 | | | | 37,298 | |
WPP PLC | | | 8,208 | | | | 63,992 | |
| | | | | | | | |
| | | | 11,277,415 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $78,385,658) | | | | 91,547,988 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.5% | | | | | | | | |
| Germany — 0.5% | | | | | | | | |
Bayerische Motoren Werke AG | | | 454 | | | | 22,054 | |
FUCHS PETROLUB S.E. | | | 492 | | | | 19,775 | |
Henkel AG & Co., KGaA | | | 1,267 | | | | 118,203 | |
Porsche Automobil Holding S.E. | | | 1,115 | | | | 64,579 | |
Sartorius AG | | | 238 | | | | 78,551 | |
Volkswagen AG | | | 1,277 | | | | 194,103 | |
| | | | | | | | |
| |
TOTAL PREFERRED STOCKS
(Cost $429,148) | | | | 497,265 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
| Spain — 0.0% | | | | | | | | |
ACS Actividades de Construccion y Servicios S.A.* | | | 1,911 | | | | 2,981 | |
Repsol S.A.* | | | 10,054 | | | | 4,895 | |
Telefonica S.A.* | | | 33,418 | | | | 6,574 | |
| | | | | | | | |
| |
TOTAL RIGHTS
(Cost $15,804) | | | | 14,450 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.7% | | | | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.100%) (Cost $2,602,017) | | | 2,602,017 | | | | 2,602,017 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 98.4%
(Cost $81,432,627) | | | | 94,661,720 | |
| |
| Other Assets & Liabilities — 1.6% | | | | 1,558,123 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 96,219,843 | |
| | | | | | | | |
143
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| (1) | The value of this security was determined using significant unobservable inputs. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
AB — Aktiebolag.
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
ASA — Allmennaksjeselskap.
KGaA — Kommanditgesellschaft auf Aktien.
N.V. — Naamloze Vennootschap.
OYJ — Julkinen Osakeyhtiö.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
S.A. — Societe Anonyme.
S.E. — Societas Europaea.
SpA — Società per Azioni.
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.2% | | | $ | 176,250 | |
Aerospace & Defense | | | 1.0% | | | | 894,812 | |
Agriculture | | | 1.1% | | | | 1,010,837 | |
Airlines | | | 0.1% | | | | 92,112 | |
Apparel | | | 1.9% | | | | 1,775,031 | |
Auto Manufacturers | | | 2.7% | | | | 2,467,364 | |
Auto Parts & Equipment | | | 0.9% | | | | 819,506 | |
Banks | | | 8.3% | | | | 7,551,055 | |
Beverages | | | 2.1% | | | | 1,940,588 | |
Biotechnology | | | 1.0% | | | | 949,744 | |
Building & Real Estate | | | 0.2% | | | | 143,923 | |
Building Materials | | | 1.6% | | | | 1,472,250 | |
Chemicals | | | 3.5% | | | | 3,169,429 | |
Commercial Services | | | 2.7% | | | | 2,501,819 | |
Computers | | | 1.1% | | | | 1,033,065 | |
Cosmetics & Personal Care | | | 2.7% | | | | 2,429,256 | |
Distribution & Wholesale | | | 1.0% | | | | 943,848 | |
Diversified Financial Services | | | 2.4% | | | | 2,232,171 | |
Diversified Operations | | | 0.3% | | | | 238,361 | |
Electric | | | 3.1% | | | | 2,790,740 | |
Electrical Components & Equipment | | | 1.4% | | | | 1,252,270 | |
Electronics | | | 1.5% | | | | 1,404,772 | |
Energy-Alternate Sources | | | 0.2% | | | | 182,946 | |
Engineering & Construction | | | 1.3% | | | | 1,156,232 | |
Entertainment | | | 0.7% | | | | 593,379 | |
Environmental Control | | | —% | | | | 22,255 | |
Food | | | 5.2% | | | | 4,762,131 | |
Food Service | | | 0.2% | | | | 211,948 | |
Forest Products & Paper | | | 0.4% | | | | 366,095 | |
Gas | | | 0.8% | | | | 701,748 | |
Hand & Machine Tools | | | 0.8% | | | | 730,455 | |
Healthcare Products | | | 2.2% | | | | 1,965,816 | |
Healthcare Services | | | 0.6% | | | | 577,796 | |
Holding Companies | | | 0.2% | | | | 201,389 | |
Home Builders | | | 0.3% | | | | 274,845 | |
Home Furnishings | | | 0.9% | | | | 844,225 | |
Hotels & Resorts | | | —% | | | | 12,332 | |
Household Products & Wares | | | 0.6% | | | | 510,950 | |
Insurance | | | 5.1% | | | | 4,669,111 | |
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Internet | | | 1.3% | | | $ | 1,143,604 | |
Investment Companies | | | 0.4% | | | | 367,918 | |
Iron & Steel | | | 0.4% | | | | 344,870 | |
Leisure Time | | | 0.2% | | | | 171,668 | |
Lodging | | | 0.4% | | | | 373,681 | |
Machinery — Construction & Mining | | | 0.3% | | | | 289,387 | |
Machinery — Diversified | | | 2.1% | | | | 1,947,843 | |
Media | | | 0.5% | | | | 446,718 | |
Metal Fabricate/Hardware | | | 0.3% | | | | 293,446 | |
Mining | | | 2.4% | | | | 2,231,510 | |
Miscellaneous Manufacturing | | | 1.1% | | | | 993,185 | |
Office & Business Equipment | | | 0.3% | | | | 313,996 | |
Oil & Gas | | | 3.3% | | | | 3,062,044 | |
Pharmaceuticals | | | 10.2% | | | | 9,308,555 | |
Pipelines | | | 0.1% | | | | 90,341 | |
Real Estate | | | 1.5% | | | | 1,357,834 | |
Real Estate Investment Trusts | | | 1.4% | | | | 1,294,129 | |
Real Estate Management Services | | | 0.2% | | | | 216,925 | |
Retail | | | 2.3% | | | | 2,072,929 | |
Semiconductors | | | 2.1% | | | | 1,939,028 | |
Shipbuilding | | | —% | | | | 12,791 | |
Software | | | 2.0% | | | | 1,846,541 | |
Telecommunications | | | 4.2% | | | | 3,883,928 | |
Textiles | | | 0.1% | | | | 86,189 | |
Toys, Games & Hobbies | | | 0.5% | | | | 426,085 | |
Transportation | | | 1.9% | | | | 1,748,850 | |
Water | | | 0.2% | | | | 211,137 | |
| |
| | | 100.0% | | | $ | 91,547,988 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 6,378,329 | | | $ | 18,372 | | | $ | 6,345,678 | | | $ | 14,279 | |
Austria | | | 175,294 | | | | — | | | | 175,294 | | | | — | |
Belgium | | | 892,548 | | | | — | | | | 892,548 | | | | — | |
Bermuda | | | 36,671 | | | | — | | | | 36,671 | | | | — | |
China | | | 138,641 | | | | 56,520 | | | | 82,121 | | | | — | |
Denmark | | | 2,216,043 | | | | 156,023 | | | | 2,060,020 | | | | — | |
Finland | | | 1,111,142 | | | | — | | | | 1,111,142 | | | | — | |
France | | | 9,397,601 | | | | — | | | | 9,397,601 | | | | — | |
Germany | | | 7,795,248 | | | | — | | | | 7,795,248 | | | | — | |
Hong Kong | | | 3,030,024 | | | | 75,620 | | | | 2,906,949 | | | | 47,455 | |
Ireland | | | 964,811 | | | | 28,120 | | | | 936,691 | | | | — | |
Isle of Man | | | 38,020 | | | | — | | | | 38,020 | | | | — | |
Israel | | | 575,039 | | | | 200,045 | | | | 374,994 | | | | — | |
Italy | | | 1,964,493 | | | | — | | | | 1,964,493 | | | | — | |
Japan | | | 23,240,042 | | | | — | | | | 23,240,042 | | | | — | |
Luxembourg | | | 188,049 | | | | — | | | | 188,049 | | | | — | |
Macau | | | 21,507 | | | | — | | | | 21,507 | | | | — | |
Netherlands | | | 5,314,231 | | | | 658,265 | | | | 4,655,966 | | | | — | |
New Zealand | | | 305,174 | | | | — | | | | 305,174 | | | | — | |
Norway | | | 492,087 | | | | — | | | | 492,087 | | | | — | |
Portugal | | | 161,871 | | | | — | | | | 161,871 | | | | — | |
Singapore | | | 1,112,775 | | | | — | | | | 1,112,775 | | | | — | |
Spain | | | 2,283,897 | | | | — | | | | 2,283,897 | | | | — | |
144
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Developed International Index Fund
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Sweden | | $ | 2,707,753 | | | $ | — | | | $ | 2,707,753 | | | $ | — | |
Switzerland | | | 9,729,283 | | | | — | | | | 9,729,283 | | | | — | |
United Kingdom | | | 11,277,415 | | | | 209,426 | | | | 11,067,926 | | | | 63 | |
| |
TOTAL COMMON STOCKS | | | 91,547,988 | | | | 1,402,391 | | | | 90,083,800 | | | | 61,797 | |
| |
PREFERRED STOCKS | | | 497,265 | | | | — | | | | 497,265 | | | | — | |
| |
RIGHTS | | | 14,450 | | | | 14,450 | | | | — | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 2,602,017 | | | | 2,602,017 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 94,661,720 | | | $ | 4,018,858 | | | $ | 90,581,065 | | | $ | 61,797 | |
| |
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
OTHER FINANCIAL INSTRUMENTS(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (14,159 | ) | | $ | (14,159 | ) | | | $— | | | $ | — | |
| |
TOTAL ASSETS — OTHER FINANCIAL INSTRUMENTS | | $ | (14,159 | ) | | $ | (14,159 | ) | | | $— | | | $ | — | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period.
An amount of $63,157 was transferred from Level 2 into Level 3 at 6/30/20 due to a decrease in trading activities at period end.
Futures contracts held by the Fund at June 30, 2020 are as follows:
Futures Contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Number
of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Notional
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Long | | E-Mini MSCI EAFE Index | | 09/18/2020 | | | 48 | | | | 50 | | | $ | 1,778 | | | $ | 4,268,160 | | | $ | — | | | $ | (14,159 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | $ | (14,159 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
145
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
International Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.3% | | | | | | | | |
| Australia — 2.1% | | | | | | | | |
CSL Ltd. | | | 30,838 | | | $ | 6,133,319 | |
| | | | | | | | |
|
| Canada — 11.0% | |
Alimentation Couche-Tard, Inc., Class B | | | 414,225 | | | | 12,988,773 | |
CAE, Inc. | | | 227,474 | | | | 3,689,583 | |
Canadian National Railway Co. | | | 59,685 | | | | 5,280,469 | |
Constellation Software, Inc. | | | 9,197 | | | | 10,384,494 | |
| | | | | | | | |
| | | | 32,343,319 | |
| | | | | | | | |
|
| China — 7.3% | |
Alibaba Group Holding Ltd. ADR* | | | 52,440 | | | | 11,311,308 | |
Tencent Holdings Ltd. | | | 86,816 | | | | 5,562,988 | |
Tencent Music Entertainment Group ADR* | | | 341,992 | | | | 4,603,212 | |
| | | | | | | | |
| | | | 21,477,508 | |
| | | | | | | | |
|
| France — 10.3% | |
Air Liquide S.A. | | | 50,771 | | | | 7,340,783 | |
EssilorLuxottica S.A.* | | | 47,529 | | | | 6,112,603 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 17,624 | | | | 7,780,875 | |
Safran S.A.* | | | 39,940 | | | | 4,017,598 | |
Teleperformance | | | 19,475 | | | | 4,959,908 | |
| | | | | | | | |
| | | | 30,211,767 | |
| | | | | | | | |
|
| Germany — 6.1% | |
adidas AG* | | | 23,701 | | | | 6,248,782 | |
CTS Eventim AG & Co., KGaA* | | | 65,288 | | | | 2,726,154 | |
SAP S.E. | | | 63,605 | | | | 8,891,269 | |
| | | | | | | | |
| | | | 17,866,205 | |
| | | | | | | | |
|
| Hong Kong — 2.9% | |
Techtronic Industries Co., Ltd. | | | 872,143 | | | | 8,629,467 | |
| | | | | | | | |
|
| India — 2.7% | |
Asian Paints Ltd. | | | 101,968 | | | | 2,279,718 | |
Tata Consultancy Services Ltd. | | | 204,147 | | | | 5,619,662 | |
| | | | | | | | |
| | | | 7,899,380 | |
| | | | | | | | |
|
| Ireland — 5.4% | |
Flutter Entertainment PLC | | | 76,103 | | | | 10,047,399 | |
Medtronic PLC | | | 65,382 | | | | 5,995,529 | |
| | | | | | | | |
| | | | 16,042,928 | |
| | | | | | | | |
|
| Italy — 1.9% | |
Ferrari N.V. | | | 33,425 | | | | 5,725,521 | |
| | | | | | | | |
|
| Japan — 7.4% | |
Asahi Group Holdings Ltd. | | | 192,800 | | | | 6,771,572 | |
Hoya Corp. | | | 48,540 | | | | 4,648,142 | |
Keyence Corp. | | | 10,450 | | | | 4,379,193 | |
Obic Co., Ltd. | | | 33,172 | | | | 5,846,200 | |
| | | | | | | | |
| | | | 21,645,107 | |
| | | | | | | | |
|
| Netherlands — 9.0% | |
Adyen N.V.* | | | 4,253 | | | | 6,190,187 | |
IMCD N.V. | | | 51,751 | | | | 4,880,066 | |
Unilever N.V. | | | 162,955 | | | | 8,688,356 | |
Wolters Kluwer N.V. | | | 84,629 | | | | 6,609,977 | |
| | | | | | | | |
| | | | 26,368,586 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
|
| Spain — 4.9% | |
Cellnex Telecom S.A. | | | 119,550 | | | $ | 7,301,811 | |
Grifols S.A. | | | 230,832 | | | | 7,019,116 | |
| | | | | | | | |
| | | | 14,320,927 | |
| | | | | | | | |
|
| Switzerland — 7.0% | |
Alcon, Inc.* | | | 152,661 | | | | 8,771,783 | |
Nestle S.A. | | | 107,980 | | | | 11,971,810 | |
| | | | | | | | |
| | | | 20,743,593 | |
| | | | | | | | |
|
| United Kingdom — 12.8% | |
Ashtead Group PLC | | | 157,083 | | | | 5,298,872 | |
Diageo PLC | | | 124,275 | | | | 4,130,558 | |
Halma PLC | | | 291,250 | | | | 8,297,745 | |
London Stock Exchange Group PLC | | | 59,385 | | | | 6,175,734 | |
RELX PLC | | | 321,745 | | | | 7,446,462 | |
Rentokil Initial PLC | | | 972,511 | | | | 6,149,332 | |
| | | | | | | | |
| | | | 37,498,703 | |
| | | | | | | | |
|
| United States — 5.5% | |
Mastercard, Inc., Class A | | | 34,073 | | | | 10,075,386 | |
Mondelez International, Inc., Class A | | | 117,435 | | | | 6,004,452 | |
| | | | | | | | |
| | | | 16,079,838 | |
| | | | | | | | |
| | |
TOTAL COMMON STOCKS
(Cost $242,673,290) | | | | | | | 282,986,168 | |
| | | | | |
| SHORT-TERM INVESTMENTS — 3.4% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $9,931,605) | | | 9,931,605 | | | | 9,931,605 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.7%
(Cost $252,604,895) | | | | | | | 292,917,773 | |
| | |
| Other Assets & Liabilities — 0.3% | | | | | | | 834,316 | |
| | | | | | | | |
| | |
| TOTAL NET ASSETS — 100.0% | | | | | | $ | 293,752,089 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
KGaA — Kommanditgesellschaft auf Aktien.
N.V. — Naamloze Vennootschap.
S.A. — Societe Anonyme.
PLC — Public Limited Company.
S.E. — Societas Europaea.
146
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
International Equity Fund
| | | | |
| Country Weightings as of 06/30/2020 †† | |
United Kingdom | | | 13 | % |
Canada | | | 11 | |
France | | | 10 | |
Netherlands | | | 9 | |
United States | | | 9 | |
Japan | | | 8 | |
China | | | 7 | |
Other | | | 33 | |
| |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2020. |
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Aerospace & Defense | | | 2.7% | | | $ | 7,707,181 | |
Apparel | | | 5.0% | | | | 14,029,657 | |
Auto Manufacturers | | | 2.0% | | | | 5,725,521 | |
Beverages | | | 3.9% | | | | 10,902,130 | |
Biotechnology | | | 2.2% | | | | 6,133,319 | |
Chemicals | | | 5.1% | | | | 14,500,567 | |
Commercial Services | | | 8.9% | | | | 25,084,853 | |
Computers | | | 5.8% | | | | 16,425,770 | |
Cosmetics & Personal Care | | | 3.1% | | | | 8,688,356 | |
Diversified Financial Services | | | 5.7% | | | | 16,251,120 | |
Electronics | | | 4.6% | | | | 12,945,887 | |
Engineering & Construction | | | 2.6% | | | | 7,301,811 | |
Entertainment | | | 4.5% | | | | 12,773,553 | |
Food | | | 6.3% | | | | 17,976,262 | |
Hand & Machine Tools | | | 3.0% | | | | 8,629,467 | |
Healthcare Products | | | 7.4% | | | | 20,879,915 | |
Internet | | | 7.6% | | | | 21,477,508 | |
Machinery - Diversified | | | 1.5% | | | | 4,379,193 | |
Media | | | 2.3% | | | | 6,609,977 | |
Pharmaceuticals | | | 2.5% | | | | 7,019,116 | |
Retail | | | 4.6% | | | | 12,988,773 | |
Software | | | 6.8% | | | | 19,275,763 | |
Transportation | | | 1.9% | | | | 5,280,469 | |
| |
| | |
| | | 100.0% | | | $ | 282,986,168 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06-30-2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Australia | | $ | 6,133,319 | | | $ | — | | | $ | 6,133,319 | | | $ | — | |
Canada | | | 32,343,319 | | | | 32,343,319 | | | | — | | | | — | |
China | | | 21,477,508 | | | | 15,914,520 | | | | 5,562,988 | | | | — | |
France | | | 30,211,767 | | | | — | | | | 30,211,767 | | | | — | |
Germany | | | 17,866,205 | | | | — | | | | 17,866,205 | | | | — | |
Hong Kong | | | 8,629,467 | | | | — | | | | 8,629,467 | | | | — | |
India | | | 7,899,380 | | | | — | | | | 7,899,380 | | | | — | |
Ireland | | | 16,042,928 | | | | 5,995,529 | | | | 10,047,399 | | | | — | |
Italy | | | 5,725,521 | | | | — | | | | 5,725,521 | | | | — | |
Japan | | | 21,645,107 | | | | — | | | | 21,645,107 | | | | — | |
Netherlands | | | 26,368,586 | | | | 12,800,164 | | | | 13,568,422 | | | | — | |
Spain | | | 14,320,927 | | | | — | | | | 14,320,927 | | | | — | |
Switzerland | | | 20,743,593 | | | | — | | | | 20,743,593 | | | | — | |
United Kingdom | | | 37,498,703 | | | | 7,446,462 | | | | 30,052,241 | | | | — | |
United States | | | 16,079,838 | | | | 16,079,838 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 282,986,168 | | | | 90,579,832 | | | | 192,406,336 | | | | — | |
| |
SHORT-TERM INVESTMENTS | | | 9,931,605 | | | | 9,931,605 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 292,917,773 | | | $ | 100,511,437 | | | $ | 192,406,336 | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
147
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.5% | | | | | | | | |
| Belgium — 2.7% | | | | | | | | |
Anheuser-Busch InBev N.V. | | | 68,769 | | | $ | 3,390,051 | |
| | | | | | | | |
|
| Brazil — 4.8% | |
Ambev S.A. ADR | | | 493,207 | | | | 1,302,066 | |
B3 S.A. — Brasil Bolsa Balcao | | | 125,066 | | | | 1,280,764 | |
Lojas Renner S.A. | | | 273,849 | | | | 2,122,568 | |
Notre Dame Intermedica Participacoes S.A. | | | 100,133 | | | | 1,260,386 | |
| | | | | | | | |
| | | | 5,965,784 | |
| | | | | | | | |
|
| Cayman Islands — 0.3% | |
XP, Inc., Class A* | | | 8,923 | | | | 374,855 | |
| | | | | | | | |
|
| China — 25.5% | |
Alibaba Group Holding Ltd. ADR* | | | 39,749 | | | | 8,573,859 | |
Autohome, Inc. ADR | | | 28,452 | | | | 2,148,126 | |
Baozun, Inc. ADR* | | | 28,562 | | | | 1,098,209 | |
NetEase, Inc. | | | 19,100 | | | | 329,238 | |
NetEase, Inc. ADR | | | 4,339 | | | | 1,863,080 | |
Shenzhou International Group Holdings Ltd. | | | 95,325 | | | | 1,158,887 | |
Sunny Optical Technology Group Co., Ltd. | | | 98,000 | | | | 1,577,260 | |
Tencent Holdings Ltd. | | | 156,500 | | | | 10,028,193 | |
Tencent Music Entertainment Group ADR* | | | 137,564 | | | | 1,851,611 | |
Yum China Holdings, Inc. | | | 70,337 | | | | 3,381,100 | |
| | | | | | | | |
| | | | 32,009,563 | |
| | | | | | | | |
|
| Germany — 1.3% | |
adidas AG* | | | 6,271 | | | | 1,653,352 | |
| | | | | | | | |
|
| Hong Kong — 7.4% | |
Budweiser Brewing Co., APAC, Ltd. | | | 818,300 | | | | 2,395,518 | |
Galaxy Entertainment Group Ltd. | | | 222,000 | | | | 1,522,865 | |
Hong Kong Exchanges & Clearing Ltd. | | | 37,700 | | | | 1,605,708 | |
Techtronic Industries Co., Ltd. | | | 313,000 | | | | 3,096,996 | |
Vitasoy International Holdings Ltd. | | | 163,251 | | | | 627,489 | |
| | | | | | | | |
| | | | 9,248,576 | |
| | | | | | | | |
|
| India — 13.6% | |
Asian Paints Ltd. | | | 52,252 | | | | 1,168,208 | |
Eicher Motors Ltd. | | | 6,136 | | | | 1,489,913 | |
HCL Technologies Ltd. | | | 409,964 | | | | 3,025,498 | |
HDFC Bank Ltd. | | | 150,697 | | | | 2,118,125 | |
HDFC Bank Ltd. ADR | | | 17,178 | | | | 780,912 | |
Housing Development Finance Corp. Ltd. | | | 111,316 | | | | 2,588,333 | |
Kotak Mahindra Bank Ltd. | | | 63,560 | | | | 1,147,259 | |
Tata Consultancy Services Ltd. | | | 149,320 | | | | 4,110,410 | |
Zee Entertainment Enterprises Ltd. | | | 277,289 | | | | 629,928 | |
| | | | | | | | |
| | | | 17,058,586 | |
| | | | | | | | |
|
| Indonesia — 1.7% | |
Bank Central Asia Tbk PT | | | 760,743 | | | | 1,522,096 | |
Bank Rakyat Indonesia Persero Tbk PT | | | 2,893,802 | | | | 617,662 | |
| | | | | | | | |
| | | | 2,139,758 | |
| | | | | | | | |
|
| Malaysia — 1.2% | |
Public Bank Bhd | | | 399,900 | | | | 1,544,163 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
|
| Mexico — 2.5% | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | 30,534 | | | $ | 1,893,413 | |
Wal-Mart de Mexico S.A.B. de C.V. | | | 499,095 | | | | 1,193,642 | |
| | | | | | | | |
| | | | 3,087,055 | |
| | | | | | | | |
|
| Netherlands — 7.4% | |
Heineken N.V. | | | 49,380 | | | | 4,552,538 | |
Unilever N.V. | | | 89,700 | | | | 4,782,581 | |
| | | | | | | | |
| | | | 9,335,119 | |
| | | | | | | | |
|
| Poland — 0.5% | |
Bank Polska Kasa Opieki S.A. | | | 45,161 | | | | 618,796 | |
| | | | | | | | |
|
| Russia — 1.9% | |
Yandex N.V., Class A* | | | 47,808 | | | | 2,391,356 | |
| | | | | | | | |
|
| Singapore — 2.1% | |
United Overseas Bank Ltd. | | | 178,500 | | | | 2,608,218 | |
| | | | | | | | |
|
| South Africa — 4.2% | |
Naspers Ltd. | | | 28,517 | | | | 5,240,865 | |
| | | | | | | | |
|
| South Korea — 8.1% | |
LG Household & Health Care Ltd. | | | 1,856 | | | | 2,080,223 | |
NCSoft Corp. | | | 3,186 | | | | 2,370,152 | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 6,673 | | | | 981,095 | |
SK Hynix, Inc. | | | 67,087 | | | | 4,789,912 | |
| | | | | | | | |
| | | | 10,221,382 | |
| | | | | | | | |
|
| Taiwan — 8.9% | |
Largan Precision Co., Ltd. | | | 10,842 | | | | 1,507,472 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 759,769 | | | | 8,113,968 | |
Win Semiconductors Corp. | | | 145,000 | | | | 1,480,461 | |
| | | | | | | | |
| | | | 11,101,901 | |
| | | | | | | | |
|
| Thailand — 2.4% | |
CP ALL PCL*(1) | | | 605,500 | | | | 1,334,495 | |
Kasikornbank PCL | | | 569,400 | | | | 1,721,281 | |
| | | | | | | | |
| | | | 3,055,776 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $100,604,564) | | | | 121,045,156 | |
| | | | | | | | |
| WARRANTS — 2.3% | |
|
| China — 1.8% | |
UBS Wuliangye Yibin Co. Ltd., expiration date 5/30/21*(1) | | | 95,800 | | | | 2,327,647 | |
| | | | | | | | |
|
| Netherlands — 0.5% | |
Vietnam Dairy Products JSC, expiration date 2/7/21*(1) | | | 126,450 | | | | 614,547 | |
| | | | | | | | |
| |
Total WARRANTS
(Cost $2,430,764) | | | | 2,942,194 | |
| | | | | | | | |
148
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 1.3% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $1,618,608) | | | 1,618,608 | | | $ | 1,618,608 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.1%
(Cost $104,653,936) | | | | 125,605,958 | |
| |
| Other Assets & Liabilities — (0.1)% | | | | (176,066 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 125,429,892 | |
| | | | | | | | |
| (1) | The value of this security was determined using significant unobservable inputs. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depositary Receipt.
AG — Aktiengesellschaft.
N.V. — Naamloze Vennootschap.
PJSC — Private Joint Stock Company.
PCL — Public Company Limited.
S.A. — Societe Anonyme.
S.A.B. de C.V. — Sociedad Anonima de Capital Variable.
Tbk PT — Terbuka Perseroan Terbatas.
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Apparel | | | 2.3% | | | $ | 2,812,239 | |
Auto Manufacturers | | | 1.2% | | | | 1,489,913 | |
Banks | | | 10.5% | | | | 12,678,512 | |
Beverages | | | 11.7% | | | | 14,161,075 | |
Chemicals | | | 1.0% | | | | 1,168,208 | |
Computers | | | 3.4% | | | | 4,110,410 | |
Cosmetics & Personal Care | | | 5.7% | | | | 6,862,804 | |
Diversified Financial Services | | | 4.8% | | | | 5,849,660 | |
Hand & Machine Tools | | | 2.6% | | | | 3,096,996 | |
Healthcare Services | | | 1.0% | | | | 1,260,386 | |
Insurance | | | 0.8% | | | | 981,095 | |
Internet | | | 27.8% | | | | 33,702,371 | |
Lodging | | | 1.3% | | | | 1,522,865 | |
Media | | | 0.5% | | | | 629,928 | |
Miscellaneous Manufacturing | | | 2.6% | | | | 3,084,732 | |
Retail | | | 6.6% | | | | 8,031,805 | |
Semiconductors | | | 11.9% | | | | 14,384,341 | |
Software | | | 4.3% | | | | 5,217,816 | |
| |
| | |
| | | 100.0% | | | $ | 121,045,156 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06-30-2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Belgium | | $ | 3,390,051 | | | $ | — | | | $ | 3,390,051 | | | $ | — | |
Brazil | | | 5,965,784 | | | | 5,965,784 | | | | — | | | | — | |
Cayman Islands | | | 374,855 | | | | 374,855 | | | | — | | | | — | |
China | | | 32,009,563 | | | | 19,245,223 | | | | 12,764,340 | | | | — | |
Germany | | | 1,653,352 | | | | — | | | | 1,653,352 | | | | — | |
Hong Kong | | | 9,248,576 | | | | — | | | | 9,248,576 | | | | — | |
India | | | 17,058,586 | | | | 780,912 | | | | 16,277,674 | | | | — | |
Indonesia | | | 2,139,758 | | | | — | | | | 2,139,758 | | | | — | |
Malaysia | | | 1,544,163 | | | | — | | | | 1,544,163 | | | | — | |
Mexico | | | 3,087,055 | | | | 3,087,055 | | | | — | | | | — | |
Netherlands | | | 9,335,119 | | | | 4,552,538 | | | | 4,782,581 | | | | — | |
Poland | | | 618,796 | | | | — | | | | 618,796 | | | | — | |
Russia | | | 2,391,356 | | | | 2,391,356 | | | | — | | | | — | |
Singapore | | | 2,608,218 | | | | — | | | | 2,608,218 | | | | — | |
South Africa | | | 5,240,865 | | | | — | | | | 5,240,865 | | | | — | |
South Korea | | | 10,221,382 | | | | — | | | | 10,221,382 | | | | — | |
Taiwan | | | 11,101,901 | | | | — | | | | 11,101,901 | | | | — | |
Thailand | | | 3,055,776 | | | | — | | | | 1,721,281 | | | | 1,334,495 | |
| |
TOTAL COMMON STOCKS | | | 121,045,156 | | | | 36,397,723 | | | | 83,312,938 | | | | 1,334,495 | |
| |
WARRANTS | | | 2,942,194 | | | | — | | | | — | | | | 2,942,194 | |
| |
SHORT-TERM INVESTMENTS | | | 1,618,608 | | | | 1,618,608 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 125,605,958 | | | $ | 38,016,331 | | | $ | 83,312,938 | | | $ | 4,276,689 | |
| |
| (1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
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 12/31/2019 | | $ | — | |
Change in Appreciation/(Depreciation) | | | 448,943 | |
Purchases | | | 3,020,512 | |
Sales/Exchange | | | (31,274 | ) |
Realized Gain (Loss) | | | 2,732 | |
Transfers Into Level 3 | | | 835,776 | |
| |
| | | | |
Balance as of 6/30/2020 | | $ | 4,276,689 | |
| | | | |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period.
An amount of $835,776 was transferred from Level 2 into Level 3 at 6/30/20 due to a decrease in trading activities at period end.
The accompanying notes are an integral part of these financial statements.
149
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Real Estate Securities Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 2.0% | | | | | | | | |
| Entertainment — 1.1% | | | | | | | | |
Eldorado Resorts, Inc.* | | | 29,306 | | | $ | 1,173,999 | |
| | | | | | | | |
|
| Lodging — 0.9% | |
Boyd Gaming Corp. | | | 28,473 | | | | 595,086 | |
Hilton Worldwide Holdings, Inc. | | | 5,857 | | | | 430,196 | |
| | | | | | | | |
| | | | 1,025,282 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS
(Cost $2,264,693) | | | | 2,199,281 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 96.3% | |
|
| Apartments — 12.2% | |
Apartment Investment and Management Co., Class A | | | 23,994 | | | | 903,134 | |
Essex Property Trust, Inc. | | | 18,045 | | | | 4,135,373 | |
Invitation Homes, Inc. | | | 123,642 | | | | 3,403,864 | |
UDR, Inc. | | | 139,584 | | | | 5,217,650 | |
| | | | | | | | |
| | | | 13,660,021 | |
| | | | | | | | |
|
| Building & Real Estate — 5.0% | |
Agree Realty Corp. | | | 26,889 | | | | 1,766,876 | |
Spirit Realty Capital, Inc. | | | 93,882 | | | | 3,272,726 | |
STORE Capital Corp. | | | 24,912 | | | | 593,155 | |
| | | | | | | | |
| | | | 5,632,757 | |
| | | | | | | | |
|
| Diversified — 24.9% | |
American Tower Corp. | | | 52,768 | | | | 13,642,639 | |
Crown Castle International Corp. | | | 13,635 | | | | 2,281,817 | |
Digital Realty Trust, Inc. | | | 3,970 | | | | 564,177 | |
Duke Realty Corp. | | | 146,364 | | | | 5,179,822 | |
SBA Communications Corp. | | | 15,375 | | | | 4,580,520 | |
WP Carey, Inc. | | | 24,902 | | | | 1,684,620 | |
| | | | | | | | |
| | | | 27,933,595 | |
| | | | | | | | |
|
| Healthcare — 12.4% | |
Healthcare Trust of America, Inc., Class A | | | 30,745 | | | | 815,358 | |
Healthpeak Properties, Inc. | | | 94,820 | | | | 2,613,239 | |
Medical Properties Trust, Inc. | | | 157,635 | | | | 2,963,538 | |
Ventas, Inc. | | | 56,636 | | | | 2,074,010 | |
Welltower, Inc. | | | 105,871 | | | | 5,478,824 | |
| | | | | | | | |
| | | | 13,944,969 | |
| | | | | | | | |
|
| Hotels & Resorts — 3.7% | |
Host Hotels & Resorts, Inc. | | | 51,195 | | | | 552,394 | |
VICI Properties, Inc. | | | 177,760 | | | | 3,588,975 | |
| | | | | | | | |
| | | | 4,141,369 | |
| | | | | | | | |
|
| Industrial — 9.7% | |
Americold Realty Trust | | | 47,538 | | | | 1,725,629 | |
CyrusOne, Inc. | | | 24,753 | | | | 1,800,781 | |
First Industrial Realty Trust, Inc. | | | 36,295 | | | | 1,395,180 | |
Prologis, Inc. | | | 52,569 | | | | 4,906,265 | |
QTS Realty Trust, Inc., Class A | | | 15,738 | | | | 1,008,648 | |
| | | | | | | | |
| | | | 10,836,503 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
|
| Office Property — 5.0% | |
Hudson Pacific Properties, Inc. | | | 83,399 | | | $ | 2,098,319 | |
Kilroy Realty Corp. | | | 19,261 | | | | 1,130,621 | |
VEREIT, Inc. | | | 366,876 | | | | 2,359,012 | |
| | | | | | | | |
| | | | 5,587,952 | |
| | | | | | | | |
|
| Regional Malls — 3.7% | |
Simon Property Group, Inc. | | | 61,337 | | | | 4,194,224 | |
| | | | | | | | |
|
| Storage & Warehousing — 9.1% | |
Extra Space Storage, Inc. | | | 46,950 | | | | 4,336,771 | |
Iron Mountain, Inc. | | | 22,905 | | | | 597,821 | |
Public Storage | | | 27,694 | | | | 5,314,202 | |
| | | | | | | | |
| | | | 10,248,794 | |
| | | | | | | | |
|
| Strip Centers — 2.3% | |
Kimco Realty Corp. | | | 145,748 | | | | 1,871,405 | |
SITE Centers Corp. | | | 90,842 | | | | 735,820 | |
| | | | | | | | |
| | | | 2,607,225 | |
| | | | | | | | |
|
| Telecommunications — 8.3% | |
Equinix, Inc. | | | 13,157 | | | | 9,240,161 | |
| | | | | | | | |
| |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $102,629,812) | | | | 108,027,570 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.5% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $535,221) | | | 535,221 | | | | 535,221 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 98.8%
(Cost $105,429,726) | | | | 110,762,072 | |
| |
| Other Assets & Liabilities — 1.2% | | | | 1,354,483 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 112,116,555 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06-30-2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 2,199,281 | | | $ | 2,199,281 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 108,027,570 | | | | 108,027,570 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 535,221 | | | | 535,221 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 110,762,072 | | | $ | 110,762,072 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of 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, 2020 (Unaudited)
Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 57.4% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 28,301 | | | $ | 1,848,934 | |
Penn Series Index 500 Fund* | | | 235,859 | | | | 6,243,177 | |
Penn Series Large Cap Growth Fund* | | | 76,112 | | | | 1,885,306 | |
Penn Series Large Cap Value Fund* | | | 180,243 | | | | 4,880,981 | |
Penn Series Large Core Value Fund* | | | 255,467 | | | | 4,846,218 | |
Penn Series Large Growth Stock Fund* | | | 11,192 | | | | 633,712 | |
Penn Series Mid Cap Growth Fund* | | | 42,989 | | | | 1,263,887 | |
Penn Series Mid Cap Value Fund* | | | 63,113 | | | | 1,209,239 | |
Penn Series Mid Core Value Fund* | | | 189,858 | | | | 4,279,409 | |
Penn Series Real Estate Securities Fund* | | | 75,663 | | | | 1,792,448 | |
Penn Series Small Cap Growth Fund* | | | 41,735 | | | | 1,887,653 | |
Penn Series Small Cap Value Fund* | | | 41,430 | | | | 1,232,960 | |
Penn Series SMID Cap Growth Fund* | | | 33,160 | | | | 1,272,004 | |
Penn Series SMID Cap Value Fund* | | | 114,364 | | | | 2,442,815 | |
| | | | | | | | |
| |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $31,746,891) | | | | 35,718,743 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 9.0% | |
Penn Series High Yield Bond Fund* | | | 84,015 | | | | 1,229,133 | |
Penn Series Limited Maturity Bond Fund* | | | 331,243 | | | | 4,335,971 | |
| | | | | | | | |
| |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $5,159,686) | | | | 5,565,104 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 33.3% | |
Penn Series Developed International Index Fund* | | | 565,250 | | | | 7,455,642 | |
Penn Series Emerging Markets Equity Fund* | | | 487,641 | | | | 5,710,271 | |
Penn Series International Equity Fund* | | | 233,645 | | | | 7,525,715 | |
| | | | | | | | |
| |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $18,636,989) | | | | 20,691,628 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.0% | |
BlackRock Liquidity FedFund -
Institutional Shares
(seven-day effective yield 0.100%)
(Cost $649) | | | 649 | | | | 649 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.7%
(Cost $55,544,215) | | | | 61,976,124 | |
| |
| Other Assets & Liabilities — 0.3% | | | | 206,727 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 62,182,851 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
30-06-2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 35,718,743 | | | $ | 35,718,743 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 5,565,104 | | | | 5,565,104 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 20,691,628 | | | | 20,691,628 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 649 | | | | 649 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 61,976,124 | | | $ | 61,976,124 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
151
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Moderately Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 56.4% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 182,492 | | | $ | 11,922,231 | |
Penn Series Index 500 Fund* | | | 684,371 | | | | 18,115,293 | |
Penn Series Large Cap Growth Fund* | | | 245,378 | | | | 6,078,004 | |
Penn Series Large Cap Value Fund* | | | 581,186 | | | | 15,738,517 | |
Penn Series Large Core Value Fund* | | | 823,790 | | | | 15,627,304 | |
Penn Series Large Growth Stock Fund* | | | 36,080 | | | | 2,042,869 | |
Penn Series Mid Cap Growth Fund* | | | 138,591 | | | | 4,074,577 | |
Penn Series Mid Cap Value Fund* | | | 101,761 | | | | 1,949,734 | |
Penn Series Mid Core Value Fund* | | | 524,750 | | | | 11,827,864 | |
Penn Series Real Estate Securities Fund* | | | 244,011 | | | | 5,780,622 | |
Penn Series Small Cap Growth Fund* | | | 89,698 | | | | 4,057,034 | |
Penn Series Small Cap Index Fund* | | | 92,291 | | | | 2,021,180 | |
Penn Series Small Cap Value Fund* | | | 133,595 | | | | 3,975,799 | |
Penn Series SMID Cap Growth Fund* | | | 53,448 | | | | 2,050,256 | |
Penn Series SMID Cap Value Fund* | | | 368,787 | | | | 7,877,297 | |
| | | | | | | | |
| |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $94,867,186) | | | | 113,138,581 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 17.9% | |
Penn Series High Yield Bond Fund* | | | 270,849 | | | | 3,962,514 | |
Penn Series Limited Maturity Bond Fund* | | | 1,678,030 | | | | 21,965,416 | |
Penn Series Quality Bond Fund* | | | 592,498 | | | | 10,019,137 | |
| | | | | | | | |
| |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $32,517,277) | | | | 35,947,067 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 25.2% | |
Penn Series Developed International Index Fund* | | | 1,366,708 | | | | 18,026,879 | |
Penn Series Emerging Markets Equity Fund* | | | 1,047,893 | | | | 12,270,823 | |
Penn Series International Equity Fund* | | | 627,659 | | | | 20,216,902 | |
| | | | | | | | |
| |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $43,451,041) | | | | 50,514,604 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
BlackRock Liquidity FedFund -
Institutional Shares (seven-day
effective yield 0.100%)
(Cost $697,888) | | | 697,888 | | | | 697,888 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.8%
(Cost $171,533,392) | | | | 200,298,140 | |
| |
| Other Assets & Liabilities — 0.2% | | | | 408,557 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 200,706,697 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 113,138,581 | | | $ | 113,138,581 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 35,947,067 | | | | 35,947,067 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 50,514,604 | | | | 50,514,604 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 697,888 | | | | 697,888 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 200,298,140 | | | $ | 200,298,140 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
152
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Moderate Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 44.8% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 243,932 | | | $ | 15,936,068 | |
Penn Series Index 500 Fund* | | | 813,148 | | | | 21,524,030 | |
Penn Series Large Cap Growth Fund* | | | 218,660 | | | | 5,416,210 | |
Penn Series Large Cap Value Fund* | | | 485,543 | | | | 13,148,503 | |
Penn Series Large Core Value Fund* | | | 688,235 | | | | 13,055,813 | |
Penn Series Large Growth Stock Fund* | | | 48,228 | | | | 2,730,656 | |
Penn Series Mid Cap Growth Fund* | | | 185,251 | | | | 5,446,371 | |
Penn Series Mid Core Value Fund* | | | 818,342 | | | | 18,445,431 | |
Penn Series Real Estate Securities Fund* | | | 217,453 | | | | 5,151,450 | |
Penn Series Small Cap Growth Fund* | | | 59,948 | | | | 2,711,459 | |
Penn Series Small Cap Index Fund* | | | 123,366 | | | | 2,701,710 | |
Penn Series Small Cap Value Fund* | | | 178,580 | | | | 5,314,532 | |
Penn Series SMID Cap Growth Fund* | | | 71,442 | | | | 2,740,500 | |
Penn Series SMID Cap Value Fund* | | | 246,483 | | | | 5,264,883 | |
| | | | | | | | |
| |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $97,115,969) | | | | 119,587,616 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 38.0% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 543,035 | | | | 7,944,607 | |
Penn Series Limited Maturity Bond Fund* | | | 3,058,486 | | | | 40,035,585 | |
Penn Series Quality Bond Fund* | | | 3,167,762 | | | | 53,566,849 | |
| | | | | | | | |
| |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $88,036,934) | | | | 101,547,041 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.2% | |
Penn Series Developed International Index Fund* | | | 1,014,883 | | | | 13,386,307 | |
Penn Series Emerging Markets Equity Fund* | | | 1,167,193 | | | | 13,667,828 | |
Penn Series International Equity Fund* | | | 587,258 | | | | 18,915,586 | |
| | | | | | | | |
| |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $37,215,491) | | | | 45,969,721 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 100.0%
(Cost $222,368,394) | | | | 267,104,378 | |
| |
| Other Assets & Liabilities — 0.0% | | | | (121,395 | ) |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 266,982,983 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 119,587,616 | | | $ | 119,587,616 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 101,547,041 | | | | 101,547,041 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 45,969,721 | | | | 45,969,721 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 267,104,378 | | | $ | 267,104,378 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
153
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Moderately Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 32.5% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 105,365 | | | $ | 6,883,477 | |
Penn Series Index 500 Fund* | | | 197,570 | | | | 5,229,688 | |
Penn Series Large Cap Growth Fund* | | | 70,839 | | | | 1,754,677 | |
Penn Series Large Cap Value Fund* | | | 157,285 | | | | 4,259,273 | |
Penn Series Large Core Value Fund* | | | 222,932 | | | | 4,229,020 | |
Penn Series Mid Core Value Fund* | | | 113,608 | | | | 2,560,728 | |
Penn Series Real Estate Securities Fund* | | | 70,430 | | | | 1,668,494 | |
Penn Series Small Cap Value Fund* | | | 28,923 | | | | 860,748 | |
Penn Series SMID Cap Value Fund* | | | 39,921 | | | | 852,702 | |
| | | | | | | | |
| |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $24,585,546) | | | | 28,298,807 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 56.8% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 175,929 | | | | 2,573,847 | |
Penn Series Limited Maturity Bond Fund* | | | 1,651,501 | | | | 21,618,153 | |
Penn Series Quality Bond Fund* | | | 1,488,169 | | | | 25,164,940 | |
| | | | | | | | |
| |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $43,280,602) | | | | 49,356,940 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.1% | |
Penn Series Developed International Index Fund* | | | 197,278 | | | | 2,602,102 | |
Penn Series Emerging Markets Equity Fund* | | | 151,271 | | | | 1,771,382 | |
Penn Series International Equity Fund* | | | 135,905 | | | | 4,377,515 | |
| | | | | | | | |
| |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $7,611,595) | | | | 8,750,999 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.1% | | | | | | | | |
BlackRock Liquidity FedFund -
Institutional Shares (seven-day
effective yield 0.100%)
(Cost $99,923) | | | 99,923 | | | | 99,923 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.5%
(Cost $75,577,666) | | | | 86,506,669 | |
| |
| Other Assets & Liabilities — 0.5% | | | | 450,010 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 86,956,679 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 28,298,807 | | | $ | 28,298,807 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 49,356,940 | | | | 49,356,940 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 8,750,999 | | | | 8,750,999 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 99,923 | | | | 99,923 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 86,506,669 | | | $ | 86,506,669 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
154
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2020 (Unaudited)
Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 19.5% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 68,739 | | | $ | 4,490,691 | |
Penn Series Index 500 Fund* | | | 85,926 | | | | 2,274,455 | |
Penn Series Large Cap Value Fund* | | | 41,047 | | | | 1,111,562 | |
Penn Series Large Core Value Fund* | | | 87,275 | | | | 1,655,604 | |
Penn Series Mid Core Value Fund* | | | 49,416 | | | | 1,113,826 | |
Penn Series Real Estate Securities Fund* | | | 22,980 | | | | 544,389 | |
| | | | | | | | |
| |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $10,008,037) | | | | 11,190,527 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 75.9% | |
Penn Series High Yield Bond Fund* | | | 114,769 | | | | 1,679,069 | |
Penn Series Limited Maturity Bond Fund* | | | 1,508,258 | | | | 19,743,103 | |
Penn Series Quality Bond Fund* | | | 1,305,500 | | | | 22,076,013 | |
| | | | | | | | |
| |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $38,897,509) | | | | 43,498,185 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 3.0% | |
Penn Series Developed International Index Fund* | | | 85,795 | | | | 1,131,639 | |
Penn Series International Equity Fund* | | | 17,730 | | | | 571,089 | |
| | | | | | | | |
| |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $1,583,299) | | | | 1,702,728 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.3% | | | | | | | | |
BlackRock Liquidity FedFund -
Institutional Shares (seven-day
effective yield 0.100%)
(Cost $781,239) | | | 781,239 | | | | 781,239 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS — 99.7%
(Cost $51,270,084) | | | | 57,172,679 | |
| |
| Other Assets & Liabilities — 0.3% | | | | 155,055 | |
| | | | | | | | |
| |
| TOTAL NET ASSETS — 100.0% | | | $ | 57,327,734 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2020 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
6/30/2020 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 11,190,527 | | | $ | 11,190,527 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 43,498,185 | | | | 43,498,185 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 1,702,728 | | | | 1,702,728 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 781,239 | | | | 781,239 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 57,172,679 | | | $ | 57,172,679 | | | $ | — | | | $ | — | |
| |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
155
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | | $132,965,984 | | | $ | 249,233,489 | | | $ | 450,545,523 | | | $ | 145,121,753 | |
Foreign currency at value | | | — | | | | — | | | | — | | | | 108,525 | |
Cash | | | — | | | | — | | | | — | | | | 122,276 | |
Initial margin held by broker for open futures | | | — | | | | 439,254 | | | | 1,017,235 | | | | — | |
Interest and dividends receivable | | | 33,395 | | | | 1,404,303 | | | | 2,838,777 | | | | 1,888,735 | |
Receivable for investment securities sold | | | — | | | | — | | | | 4,599,693 | | | | 1,673,924 | |
Receivable for capital stock sold | | | — | | | | 1,926,004 | | | | 5,761,110 | | | | 1,831,729 | |
Other assets | | | 35,300 | | | | 2,953 | | | | 5,813 | | | | 2,138 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 133,034,679 | | | | 253,006,003 | | | | 464,768,151 | | | | 150,749,080 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | 133,321 | | | | 98,355 | | | | — | |
Payable for investment securities purchased | | | — | | | | 2,235,825 | | | | 4,749,400 | | | | 4,175,500 | |
Payable for capital stock redeemed | | | — | | | | 127,662 | | | | 166,393 | | | | 22,867 | |
Futures variation margin payable | | | — | | | | 19,203 | | | | 126,250 | | | | — | |
Payable to investment adviser (See Note 3) | | | 35,764 | | | | 91,915 | | | | 163,293 | | | | 55,233 | |
Payable to the administrator (See Note 3) | | | 10,078 | | | | 17,191 | | | | 32,120 | | | | 10,591 | |
Other liabilities | | | 49,729 | | | | 98,515 | | | | 165,152 | | | | 69,506 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 95,571 | | | | 2,723,632 | | | | 5,500,963 | | | | 4,333,697 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 132,939,108 | | | $ | 250,282,371 | | | $ | 459,267,188 | | | $ | 146,415,383 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 132,965,984 | | | $ | 252,478,363 | | | $ | 436,797,323 | | | $ | 143,948,456 | |
Foreign currency at cost | | | — | | | | — | | | | — | | | | 112,601 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 132,935,984 | | | $ | 246,809,090 | | | $ | 425,804,991 | | | $ | 150,497,085 | |
Total distributable earnings (loss) | | | 3,124 | | | | 3,473,281 | | | | 33,462,197 | | | | (4,081,702 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 132,939,108 | | | $ | 250,282,371 | | | $ | 459,267,188 | | | $ | 146,415,383 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 132,923,464 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | | | | | 27,156,196 | | | | 10,010,606 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 19,123,486 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 1.00 | | | $ | 13.09 | | | $ | 16.91 | | | $ | 14.63 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
156
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | — | | | $ | 78,089,144 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at value | | | 4,391,745,328 | | | | 29,107 | | | | 354,391,150 | | | | 60,576,824 | |
Foreign currency at value | | | — | | | | — | | | | 12,536 | | | | — | |
Cash | | | 128,086 | | | | — | | | | — | | | | — | |
Interest and dividends receivable | | | 8,312,290 | | | | — | | | | 46,092 | | | | 26,588 | |
Tax reclaims receivable | | | 143,829 | | | | — | | | | 6,139 | | | | 27,882 | |
Receivable for investment securities sold | | | 49,287,824 | | | | 35,452 | | | | 1,686,343 | | | | — | |
Receivable for capital stock sold | | | 2,722,589 | | | | 227,941 | | | | — | | | | — | |
Other assets | | | 53,129 | | | | 1,050 | | | | 3,960 | | | | 749 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 4,452,393,075 | | | | 78,382,694 | | | | 356,146,220 | | | | 60,632,043 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | 7,129 | | | | 27,227 | |
Written options, at value | | | 29,004,020 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 155,331,372 | | | | — | | | | 7,741,686 | | | | — | |
Payable for capital stock redeemed | | | 50,833 | | | | 270 | | | | 3,315,350 | | | | 309,967 | |
Payable to investment adviser (See Note 3) | | | 2,442,241 | | | | — | | | | 200,209 | | | | 27,384 | |
Payable to the administrator (See Note 3) | | | 307,379 | | | | 5,589 | | | | 23,807 | | | | 4,286 | |
Other liabilities | | | 1,455,103 | | | | 28,878 | | | | 123,496 | | | | 31,389 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 188,590,948 | | | | 34,737 | | | | 11,411,677 | | | | 400,253 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 4,263,802,127 | | | $ | 78,347,957 | | | $ | 344,734,543 | | | $ | 60,231,790 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | $ | 4,074,702,710 | | | $ | 49,223,497 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at cost | | | — | | | | 29,107 | | | | 230,474,998 | | | | 42,745,544 | |
Written options, premiums received | | | (17,605,835 | ) | | | — | | | | — | | | | — | |
Foreign currency at cost | | | — | | | | — | | | | 12,690 | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 3,600,678,016 | | | $ | 44,883,776 | | | $ | 212,081,401 | | | $ | 39,691,426 | |
Total distributable earnings (loss) | | | 663,124,111 | | | | 33,464,181 | | | | 132,653,142 | | | | 20,540,364 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 4,263,802,127 | | | $ | 78,347,957 | | | $ | 344,734,543 | | | $ | 60,231,790 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | 65,269,855 | | | | | | | | 6,088,034 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 3,273,861 | | | | | | | | 2,431,238 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 65.33 | | | $ | 23.93 | | | $ | 56.62 | | | $ | 24.77 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
157
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 171,262,879 | | | $ | 154,505,088 | | | $ | 154,858,183 | | | $ | 498,058,055 | |
Foreign currency at value | | | 1,533 | | | | — | | | | — | | | | — | |
Initial margin held by broker for open futures | | | — | | | | — | | | | — | | | | 672,000 | |
Interest and dividends receivable | | | 23,693 | | | | 165,611 | | | | 216,886 | | | | 382,586 | |
Tax reclaims receivable | | | 27,123 | | | | — | | | | 18,911 | | | | — | |
Receivable for investment securities sold | | | 909,269 | | | | — | | | | — | | | | — | |
Receivable for capital stock sold | | | — | | | | 1,284,818 | | | | 951,827 | | | | 1,811 | |
Futures variation margin receivable | | | — | | | | — | | | | — | | | | 119,000 | |
Other assets | | | 1,638 | | | | 2,526 | | | | 2,576 | | | | 5,972 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 172,226,135 | | | | 155,958,043 | | | | 156,048,383 | | | | 499,239,424 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | 38,044 | | | | 72,886 | | | | 85,147 | |
Payable for investment securities purchased | | | — | | | | 4,797 | | | | — | | | | — | |
Payable for capital stock redeemed | | | 3,908,621 | | | | 42,306 | | | | 42,633 | | | | 1,881,241 | |
Payable to investment adviser (See Note 3) | | | 80,981 | | | | 88,519 | | | | 89,355 | | | | 52,317 | |
Payable to the administrator (See Note 3) | | | 10,878 | | | | 11,711 | | | | 11,769 | | | | 34,619 | |
Other liabilities | | | 62,444 | | | | 70,766 | | | | 71,258 | | | | 175,906 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 4,062,924 | | | | 256,143 | | | | 287,901 | | | | 2,229,230 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 168,163,211 | | | $ | 155,701,900 | | | $ | 155,760,482 | | | $ | 497,010,194 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 114,645,033 | | | $ | 156,542,410 | | | $ | 154,767,395 | | | $ | 242,839,914 | |
Foreign currency at cost | | $ | 1,654 | | | $ | — | | | $ | — | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 104,117,217 | | | $ | 164,396,771 | | | $ | 161,793,050 | | | $ | 238,586,761 | |
Total distributable earnings (loss) | | | 64,045,994 | | | | (8,694,871 | ) | | | (6,032,568 | ) | | | 258,423,433 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 168,163,211 | | | $ | 155,701,900 | | | $ | 155,760,482 | | | $ | 497,010,194 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 5,749,689 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 4,471,588 | | | | | | | | 8,209,241 | | | | 18,777,616 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 37.61 | | | $ | 27.08 | | | $ | 18.97 | | | $ | 26.47 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
158
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | | $161,576,776 | | | $ | 82,651,387 | | | $ | 83,182,228 | | | $ | 77,897,093 | |
Interest and dividends receivable | | | 20,043 | | | | 152,051 | | | | 154,823 | | | | 12,611 | |
Tax reclaims receivable | | | — | | | | — | | | | 18,162 | | | | — | |
Receivable for investment securities sold | | | 510,183 | | | | 46,310 | | | | 501,244 | | | | 637,541 | |
Receivable for capital stock sold | | | — | | | | 33,351 | | | | 382,053 | | | | — | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 28,983 | | | | — | |
Other assets | | | 1,669 | | | | 2,014 | | | | 1,109 | | | | 868 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 162,108,671 | | | | 82,885,113 | | | | 84,268,602 | | | | 78,548,113 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | 6,328 | | | | 9,299 | | | | 54,409 | | | | 9,397 | |
Written options, at value | | | 330,338 | | | | — | | | | — | | | | — | |
Foreign currency overdraft | | | — | | | | — | | | | 21 | | | | — | |
Payable for investment securities purchased | | | 161,165 | | | | 196,872 | | | | 257,226 | | | | 1,115,012 | |
Payable for capital stock redeemed | | | 3,772,685 | | | | 90,617 | | | | 50,354 | | | | 1,469,904 | |
Payable to investment adviser (See Note 3) | | | 91,951 | | | | 38,362 | | | | 48,412 | | | | 47,216 | |
Payable to the administrator (See Note 3) | | | 10,924 | | | | 6,004 | | | | 6,069 | | | | 5,231 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | 566 | | | | — | |
Other liabilities | | | 63,128 | | | | 42,567 | | | | 48,972 | | | | 34,968 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 4,436,519 | | | | 383,721 | | | | 466,029 | | | | 2,681,728 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 157,672,152 | | | $ | 82,501,392 | | | $ | 83,802,573 | | | $ | 75,866,385 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 103,252,495 | | | $ | 76,819,302 | | | $ | 84,591,071 | | | $ | 65,296,083 | |
Foreign currency at cost | | $ | — | | | $ | — | | | $ | (21) | | | $ | — | |
Written options, premiums received | | $ | (161,775 | ) | | $ | — | | | $ | — | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 91,910,735 | | | $ | 99,646,157 | | | $ | 89,000,696 | | | $ | 56,105,505 | |
Total distributable earnings (loss) | | | 65,761,417 | | | | (17,144,765 | ) | | | (5,198,123 | ) | | | 19,760,880 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 157,672,152 | | | $ | 82,501,392 | | | $ | 83,802,573 | | | $ | 75,866,385 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 5,362,665 | | | | 4,306,485 | | | | 3,718,667 | | | | 1,977,619 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 29.40 | | | $ | 19.16 | | | $ | 22.54 | | | $ | 38.36 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
159
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | | $55,141,488 | | | $ | 113,792,291 | | | $ | 152,592,177 | | | $ | 61,549,663 | |
Foreign currency, at value | | | — | | | | 1,896 | | | | — | | | | — | |
Cash | | | — | | | | — | | | | 653,610 | | | | — | |
Initial margin held by broker for open futures | | | — | | | | — | | | | — | | | | 89,600 | |
Interest and dividends receivable | | | 75,555 | | | | 19,273 | | | | 216,874 | | | | 52,562 | |
Tax reclaims receivable | | | — | | | | 7,962 | | | | 685 | | | | — | |
Receivable for investment securities sold | | | 222,569 | | | | — | | | | 1,427,048 | | | | 2,052 | |
Receivable for capital stock sold | | | — | | | | — | | | | 77,812 | | | | — | |
Futures variation margin receivable | | | — | | | | — | | | | — | | | | 10,080 | |
Other assets | | | 1,081 | | | | 1,371 | | | | 2,840 | | | | 912 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 55,440,693 | | | | 113,822,793 | | | | 154,971,046 | | | | 61,704,869 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | 31,236 | | | | 16,293 | | | | — | | | | 176,552 | |
Payable for investment securities purchased | | | 76,344 | | | | — | | | | 3,059,098 | | | | 393,363 | |
Payable for capital stock redeemed | | | 291,980 | | | | 1,865,082 | | | | 212,999 | | | | 1,107,300 | |
Payable to investment adviser (See Note 3) | | | 39,060 | | | | 67,962 | | | | 91,453 | | | | 14,611 | |
Payable to the administrator (See Note 3) | | | 3,918 | | | | 7,737 | | | | 10,748 | | | | 4,199 | |
Other liabilities | | | 31,259 | | | | 50,341 | | | | 65,193 | | | | 65,401 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 473,797 | | | | 2,007,415 | | | | 3,439,491 | | | | 1,761,426 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 54,966,896 | | | $ | 111,815,378 | | | $ | 151,531,555 | | | $ | 59,943,443 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 62,165,038 | | | $ | 80,512,521 | | | $ | 159,549,996 | | | $ | 57,850,727 | |
Foreign currency at cost | | $ | — | | | $ | 1,822 | | | $ | — | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 72,606,370 | | | $ | 80,435,843 | | | $ | 171,319,944 | | | $ | 53,699,134 | |
Total distributable earnings (loss) | | | (17,639,474 | ) | | | 31,379,535 | | | | (19,788,389 | ) | | | 6,244,309 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 54,966,896 | | | $ | 111,815,378 | | | $ | 151,531,555 | | | $ | 59,943,443 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 2,573,503 | | | | | | | | 5,091,684 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 2,472,404 | | | | | | | | 2,737,112 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 21.36 | | | $ | 45.23 | | | $ | 29.76 | | | $ | 21.90 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
160
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 94,661,720 | | | $ | 292,917,773 | | | $ | 125,605,958 | | | $ | 110,762,072 | |
Foreign currency at value | | | 597,949 | | | | 25,811 | | | | 120,778 | | | | — | |
Cash | | | — | | | | — | | | | — | | | | 25,809 | |
Initial margin held by broker for open futures | | | 422,400 | | | | — | | | | — | | | | — | |
Interest and dividends receivable | | | 112,159 | | | | 161,761 | | | | 101,221 | | | | 402,085 | |
Tax reclaims receivable | | | 452,760 | | | | 1,073,815 | | | | 67,601 | | | | — | |
Receivable for investment securities sold | | | — | | | | — | | | | — | | | | 304,495 | |
Receivable for capital stock sold | | | 222,959 | | | | 229,872 | | | | 14,164 | | | | 1,175,550 | |
Other assets | | | 1,443 | | | | 96,904 | | | | 2,013 | | | | 1,781 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 96,471,390 | | | | 294,505,936 | | | | 125,911,735 | | | | 112,671,792 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | 80,075 | | | | 91,599 | | | | 55,917 | | | | — | |
Payable for investment securities purchased | | | — | | | | — | | | | — | | | | 416,308 | |
Payable for capital stock redeemed | | | 42,602 | | | | 310,064 | | | | 207,004 | | | | 16,701 | |
Future variation margin payable | | | 8,160 | | | | — | | | | — | | | | — | |
Payable to investment adviser (See Note 3) | | | 24,215 | | | | 190,226 | | | | 88,764 | | | | 64,836 | |
Payable to the administrator (See Note 3) | | | 6,932 | | | | 20,916 | | | | 8,664 | | | | 7,930 | |
Other liabilities | | | 89,563 | | | | 141,042 | | | | 121,494 | | | | 49,462 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 251,547 | | | | 753,847 | | | | 481,843 | | | | 555,237 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 96,219,843 | | | $ | 293,752,089 | | | $ | 125,429,892 | | | $ | 112,116,555 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 81,432,627 | | | $ | 252,604,895 | | | $ | 104,653,936 | | | $ | 105,429,726 | |
Foreign currency at cost | | $ | 599,733 | | | $ | 25,604 | | | $ | 120,593 | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 82,710,354 | | | $ | 250,738,662 | | | $ | 120,298,817 | | | $ | 113,656,114 | |
Total distributable earnings (loss) | | | 13,509,489 | | | | 43,013,427 | | | | 5,131,075 | | | | (1,539,559 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 96,219,843 | | | $ | 293,752,089 | | | $ | 125,429,892 | | | $ | 112,116,555 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 9,120,084 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 7,294,858 | | | | | | | | 10,710,953 | | | | 4,733,509 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 13.19 | | | $ | 32.21 | | | $ | 11.71 | | | $ | 23.69 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
161
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | | $61,975,475 | | | $ | 199,600,252 | | | $ | 267,104,378 | | | $ | 86,406,746 | |
Investments of unaffiliated issuers at value | | | 649 | | | | 697,888 | | | | — | | | | 99,923 | |
Interest and dividends receivable | | | — | | | | 2 | | | | — | | | | — | |
Receivable for investment securities sold | | | 247,805 | | | | 562,505 | | | | 592,595 | | | | 392,681 | |
Receivable for capital stock sold | | | 17,773 | | | | 1,023 | | | | 77,355 | | | | 108,141 | |
Other assets | | | 904 | | | | 3,141 | | | | 4,010 | | | | 1,231 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 62,242,606 | | | | 200,864,811 | | | | 267,778,338 | | | | 87,008,722 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | 622,781 | | | | — | |
Payable for capital stock redeemed | | | 22,147 | | | | 51,859 | | | | 34,259 | | | | 4,422 | |
Payable to investment adviser (See Note 3) | | | 6,228 | | | | 19,944 | | | | 25,858 | | | | 8,657 | |
Payable to the administrator (See Note 3) | | | 4,480 | | | | 14,380 | | | | 19,227 | | | | 6,416 | |
Other liabilities | | | 26,900 | | | | 71,931 | | | | 93,230 | | | | 32,548 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 59,755 | | | | 158,114 | | | | 795,355 | | | | 52,043 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 62,182,851 | | | $ | 200,706,697 | | | $ | 266,982,983 | | | $ | 86,956,679 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | $ | 55,543,566 | | | $ | 170,835,504 | | | $ | 222,368,394 | | | $ | 75,477,743 | |
Investments at unaffiliated issuers at cost | | $ | 649 | | | $ | 697,888 | | | $ | — | | | $ | 99,923 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 53,533,597 | | | $ | 162,709,588 | | | $ | 210,362,185 | | | $ | 72,525,090 | |
Total distributable earnings (loss) | | | 8,649,254 | | | | 37,997,109 | | | | 56,620,798 | | | | 14,431,589 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 62,182,851 | | | $ | 200,706,697 | | | $ | 266,982,983 | | | $ | 86,956,679 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,224,533 | | | | 9,899,510 | | | | 14,312,517 | | | | 5,052,587 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 19.28 | | | $ | 20.27 | | | $ | 18.65 | | | $ | 17.21 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
162
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2020
| | | | |
| | | Conservative
Allocation
Fund | |
| |
ASSETS: | | | | |
Investments of affiliated issuers at value | | $ | 56,391,440 | |
Investments of unaffiliated issuers at value | | | 781,239 | |
Interest and dividends receivable | | | 5 | |
Receivable for investment securities sold | | | 45,223 | |
Receivable for capital stock sold | | | 141,291 | |
Other assets | | | 784 | |
| | | | |
Total Assets | | | 57,359,982 | |
| | | | |
| |
LIABILITIES: | | | | |
Payable for capital stock redeemed | | | 1 | |
Payable to investment adviser (See Note 3) | | | 5,622 | |
Payable to the administrator (See Note 3) | | | 4,207 | |
Other liabilities | | | 22,418 | |
| | | | |
Total Liabilities | | | 32,248 | |
| | | | |
NET ASSETS | | $ | 57,327,734 | |
| | | | |
Investments of affiliated issuers at cost | | $ | 50,488,845 | |
Investments of unaffiliated issuers at cost | | $ | 781,239 | |
| |
COMPONENTS OF NET ASSETS: | | | | |
Paid-in Capital | | $ | 50,106,605 | |
Total distributable earnings (loss) | | | 7,221,129 | |
| | | | |
NET ASSETS | | $ | 57,327,734 | |
| | | | |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,667,014 | |
| | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 15.63 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
163
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
|
INVESTMENT INCOME: | |
Dividends | | $ | 576,766 | | | $ | 124 | | | $ | 23,163 | | | $ | 55,814 | |
Interest | | | — | | | | 3,711,927 | | | | 7,010,395 | | | | 4,177,582 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 576,766 | | | | 3,712,051 | | | | 7,033,558 | | | | 4,233,396 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 206,301 | | | | 535,666 | | | | 962,245 | | | | 338,843 | |
Shareholder servicing fees (See Note 3) | | | 56,264 | | | | 105,499 | | | | 194,474 | | | | 66,295 | |
Administration fees (See Note 3) | | | 18,755 | | | | 35,167 | | | | 64,825 | | | | 22,098 | |
Accounting fees (See Note 3) | | | 41,203 | | | | 68,556 | | | | 104,606 | | | | 46,776 | |
Directors’ fees and expenses | | | 3,164 | | | | 7,127 | | | | 12,767 | | | | 4,698 | |
Custodian fees and expenses | | | 3,424 | | | | 8,210 | | | | 14,638 | | | | 5,563 | |
Pricing fees | | | 4,142 | | | | 13,484 | | | | 12,508 | | | | 10,751 | |
Professional fees | | | 5,214 | | | | 12,080 | | | | 21,702 | | | | 7,944 | |
Printing fees | | | 3,267 | | | | 7,345 | | | | 13,187 | | | | 4,836 | |
Other expenses | | | 16,509 | | | | 28,923 | | | | 41,204 | | | | 26,791 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 358,243 | | | | 822,057 | | | | 1,442,156 | | | | 534,595 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | (54,686 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 303,557 | | | | 822,057 | | | | 1,442,156 | | | | 534,595 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 273,209 | | | | 2,889,994 | | | | 5,591,402 | | | | 3,698,801 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | — | | | | 696,893 | | | | 3,947,775 | | | | (1,588,450 | ) |
Futures contracts | | | — | | | | 3,182,395 | | | | 9,046,691 | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | — | | | | 3,879,288 | | | | 12,994,466 | | | | (1,588,450 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | — | | | | (2,970,318 | ) | | | 3,784,813 | | | | (5,750,757 | ) |
Futures contracts | | | — | | | | 362,969 | | | | 1,464,525 | | | | — | |
Foreign currencies | | | — | | | | — | | | | — | | | | (4,931 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | — | | | | (2,607,349 | ) | | | 5,249,338 | | | | (5,755,688 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | — | | | | 1,271,939 | | | | 18,243,804 | | | | (7,344,138 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 273,209 | | | $ | 4,161,933 | | | $ | 23,835,206 | | | $ | (3,645,337 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
164
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
| |
INVESTMENT INCOME: | | | | |
Dividends | | $ | 19,141,545 | | | $ | 241 | | | $ | 882,955 | | | $ | 356,988 | |
Interest | | | 22,630,884 | | | | — | | | | — | | | | — | |
Foreign tax withheld | | | (105,110 | ) | | | — | | | | (8,767 | ) | | | (6,777 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 41,667,319 | | | | 241 | | | | 874,188 | | | | 350,211 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 14,463,764 | | | | — | | | | 1,137,951 | | | | 160,744 | |
Shareholder servicing fees (See Note 3) | | | 1,879,890 | | | | 34,263 | | | | 144,032 | | | | 26,304 | |
Administration fees (See Note 3) | | | 626,630 | | | | 11,421 | | | | 48,011 | | | | 8,768 | |
Accounting fees (See Note 3) | | | 487,371 | | | | 5,967 | | | | 87,242 | | | | 20,458 | |
Directors’ fees and expenses | | | 131,257 | | | | 2,398 | | | | 10,048 | | | | 1,863 | |
Custodian fees and expenses | | | 157,407 | | | | 2,791 | | | | 12,755 | | | | 2,403 | |
Pricing fees | | | 11,708 | | | | 1,548 | | | | 4,118 | | | | 2,962 | |
Professional fees | | | 224,196 | | | | 3,803 | | | | 17,499 | | | | 3,516 | |
Printing fees | | | 135,147 | | | | 2,464 | | | | 10,352 | | | | 1,913 | |
Other expenses | | | 330,542 | | | | 12,883 | | | | 49,110 | | | | 28,930 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 18,447,912 | | | | 77,538 | | | | 1,521,118 | | | | 257,861 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 23,219,407 | | | | (77,297 | ) | | | (646,930 | ) | | | 92,350 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Affiliated investments | | | — | | | | 5,404,570 | | | | — | | | | — | |
Unaffiliated investments | | | 339,160,335 | | | | — | | | | 10,026,064 | | | | 2,875,984 | |
Written options | | | 2,287,296 | | | | — | | | | — | | | | — | |
Foreign currencies | | | 32,942 | | | | — | | | | (513 | ) | | | (2,296 | ) |
Forward foreign currency contracts | | | (1,142 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 341,479,431 | | | | 5,404,570 | | | | 10,025,551 | | | | 2,873,688 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Affiliated investments | | | — | | | | (4,864,793 | ) | | | — | | | | — | |
Unaffiliated investments | | | (392,158,965 | ) | | | — | | | | 17,602,134 | | | | (3,515,443 | ) |
Foreign currencies | | | (843 | ) | | | — | | | | 618 | | | | 135 | |
Written options | | | 11,648,014 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (380,511,794 | ) | | | (4,864,793 | ) | | | 17,602,752 | | | | (3,515,308 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | (39,032,363 | ) | | | 539,777 | | | | 27,628,303 | | | | (641,620 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (15,812,956 | ) | | $ | 462,480 | | | $ | 26,981,373 | | | $ | (549,270 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
165
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
|
INVESTMENT INCOME: | |
Dividends | | $ | 180,950 | | | $ | 2,080,186 | | | $ | 2,198,537 | | | $ | 4,590,906 | |
Foreign tax withheld | | | (621 | ) | | | (71,381 | ) | | | (27,354 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 180,329 | | | | 2,008,805 | | | | 2,171,183 | | | | 4,590,906 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 420,651 | | | | 554,605 | | | | 554,257 | | | | 301,116 | |
Shareholder servicing fees (See Note 3) | | | 63,098 | | | | 74,748 | | | | 74,702 | | | | 209,054 | |
Administration fees (See Note 3) | | | 21,033 | | | | 24,916 | | | | 24,901 | | | | 69,685 | |
Accounting fees (See Note 3) | | | 45,000 | | | | 51,472 | | | | 51,447 | | | | 109,466 | |
Directors’ fees and expenses | | | 4,172 | | | | 5,661 | | | | 5,655 | | | | 14,542 | |
Custodian fees and expenses | | | 5,563 | | | | 6,581 | | | | 6,687 | | | | 16,200 | |
Pricing fees | | | 1,944 | | | | 3,656 | | | | 2,157 | | | | 6,134 | |
Professional fees | | | 7,264 | | | | 9,856 | | | | 9,778 | | | | 25,515 | |
Printing fees | | | 4,308 | | | | 5,783 | | | | 5,789 | | | | 14,940 | |
Other expenses | | | 29,790 | | | | 31,393 | | | | 28,938 | | | | 73,104 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 602,823 | | | | 768,671 | | | | 764,311 | | | | 839,756 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (422,494 | ) | | | 1,240,134 | | | | 1,406,872 | | | | 3,751,150 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 7,909,892 | | | | (6,694,680 | ) | | | (6,794,856 | ) | | | 6,786,304 | |
Futures contracts | | | — | | | | — | | | | — | | | | 237,840 | |
Foreign currencies | | | 1,919 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 7,911,811 | | | | (6,694,680 | ) | | | (6,794,856 | ) | | | 7,024,144 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | 33,790,671 | | | | (25,616,818 | ) | | | (24,400,828 | ) | | | (22,858,570 | ) |
Futures contracts | | | — | | | | — | | | | — | | | | (27,271 | ) |
Foreign currencies | | | (571 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 33,790,100 | | | | (25,616,818 | ) | | | (24,400,828 | ) | | | (22,885,841 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 41,701,911 | | | | (32,311,498 | ) | | | (31,195,684 | ) | | | (15,861,697 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 41,279,417 | | | $ | (31,071,364 | ) | | $ | (29,788,812 | ) | | $ | (12,110,547 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
INVESTMENT INCOME: | |
Dividends | | $ | 433,810 | | | $ | 773,761 | | | $ | 1,138,365 | | | $ | 152,703 | |
Foreign tax withheld | | | — | | | | (2,135 | ) | | | (17,041 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 433,810 | | | | 771,626 | | | | 1,121,324 | | | | 152,703 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 502,952 | | | | 247,967 | | | | 294,493 | | | | 259,827 | |
Shareholder servicing fees (See Note 3) | | | 64,665 | | | | 40,576 | | | | 38,412 | | | | 31,179 | |
Administration fees (See Note 3) | | | 21,555 | | | | 13,525 | | | | 12,804 | | | | 10,393 | |
Accounting fees (See Note 3) | | | 45,870 | | | | 31,116 | | | | 29,876 | | | | 24,250 | |
Directors’ fees and expenses | | | 4,423 | | | | 3,535 | | | | 2,749 | | | | 2,172 | |
Custodian fees and expenses | | | 4,950 | | | | 4,759 | | | | 4,005 | | | | 2,474 | |
Pricing fees | | | 2,790 | | | | 2,650 | | | | 3,465 | | | | 2,718 | |
Professional fees | | | 7,672 | | | | 6,214 | | | | 5,178 | | | | 4,083 | |
Printing fees | | | 4,551 | | | | 3,592 | | | | 2,814 | | | | 2,241 | |
Other expenses | | | 28,530 | | | | 19,551 | | | | 45,778 | | | | 22,296 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 687,958 | | | | 373,485 | | | | 439,574 | | | | 361,633 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (254,148 | ) | | | 398,141 | | | | 681,750 | | | | (208,930 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 8,661,114 | | | | (20,831,385 | ) | | | (3,445,447 | ) | | | 7,481,769 | |
Written options | | | 422,814 | | | | — | | | | — | | | | — | |
Purchased options | | | (806,348 | ) | | | — | | | | — | | | | — | |
Foreign currencies | | | (3,109 | ) | | | — | | | | (196 | ) | | | — | |
Forward foreign currency contracts | | | — | | | | — | | | | 174,875 | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 8,274,471 | | | | (20,831,385 | ) | | | (3,270,768 | ) | | | 7,481,769 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | 9,711,569 | | | | (10,059,271 | ) | | | (13,016,353 | ) | | | 708,080 | |
Written options | | | (168,563 | ) | | | — | | | | — | | | | — | |
Foreign currencies | | | (123 | ) | | | — | | | | (1,447 | ) | | | — | |
Forward foreign currency contracts | | | — | | | | — | | | | 101,005 | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 9,542,883 | | | | (10,059,271 | ) | | | (12,916,795 | ) | | | 708,080 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 17,817,354 | | | | (30,890,656 | ) | | | (16,187,563 | ) | | | 8,189,849 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,563,206 | | | $ | (30,492,515 | ) | | $ | (15,505,813 | ) | | $ | 7,980,919 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
166
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2020
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 668,965 | | | $ | 233,163 | | | $ | 1,479,976 | | | $ | 379,742 | |
Foreign tax withheld | | | (3,067 | ) | | | (554 | ) | | | (8,894 | ) | | | (1,150 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 665,898 | | | | 232,609 | | | | 1,471,082 | | | | 378,592 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 261,989 | | | | 389,564 | | | | 578,609 | | �� | | 88,706 | |
Shareholder servicing fees (See Note 3) | | | 28,070 | | | | 47,689 | | | | 71,995 | | | | 26,612 | |
Administration fees (See Note 3) | | | 9,357 | | | | 15,896 | | | | 23,998 | | | | 8,871 | |
Accounting fees (See Note 3) | | | 21,832 | | | | 36,141 | | | | 49,943 | | | | 20,698 | |
Directors’ fees and expenses | | | 2,442 | | | | 3,454 | | | | 5,843 | | | | 2,017 | |
Custodian fees and expenses | | | 2,879 | | | | 4,098 | | | | 7,097 | | | | 2,312 | |
Pricing fees | | | 2,495 | | | | 3,618 | | | | 4,212 | | | | 16,901 | |
Professional fees | | | 4,458 | | | | 6,425 | | | | 10,213 | | | | 5,911 | |
Printing fees | | | 2,488 | | | | 3,541 | | | | 5,946 | | | | 2,061 | |
Other expenses | | | 24,134 | | | | 29,958 | | | | 51,194 | | | | 49,622 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 360,144 | | | | 540,384 | | | | 809,050 | | | | 223,711 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | — | | | | — | | | | — | | | | (4,903 | ) |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 360,144 | | | | 540,384 | | | | 809,050 | | | | 218,808 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 305,754 | | | | (307,775 | ) | | | 662,032 | | | | 159,784 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (9,161,789 | ) | | | (1,531,979 | ) | | | (12,629,127 | ) | | | 2,758,756 | |
Futures contracts | | | — | | | | — | | | | — | | | | (187,117 | ) |
Foreign currencies | | | — | | | | (440 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | (9,161,789 | ) | | | (1,532,419 | ) | | | (12,629,127 | ) | | | 2,571,639 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | (12,073,495 | ) | | | (3,222,366 | ) | | | (35,708,757 | ) | | | (11,209,274 | ) |
Futures contracts | | | — | | | | — | | | | — | | | | 25,340 | |
Foreign currencies | | | — | | | | 97 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (12,073,495 | ) | | | (3,222,269 | ) | | | (35,708,757 | ) | | | (11,183,934 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | (21,235,284 | ) | | | (4,754,688 | ) | | | (48,337,884 | ) | | | (8,612,295 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (20,929,530 | ) | | $ | (5,062,463 | ) | | $ | (47,675,852 | ) | | $ | (8,452,511 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 1,540,496 | | | $ | 1,777,699 | | | $ | 916,172 | | | $ | 2,025,972 | |
Foreign tax withheld | | | (151,831 | ) | | | (172,879 | ) | | | (99,859 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 1,388,665 | | | | 1,604,820 | | | | 816,313 | | | | 2,025,972 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 145,008 | | | | 1,173,014 | | | | 561,828 | | | | 403,563 | |
Shareholder servicing fees (See Note 3) | | | 43,503 | | | | 131,383 | | | | 55,931 | | | | 51,887 | |
Administration fees (See Note 3) | | | 14,501 | | | | 43,794 | | | | 18,643 | | | | 17,296 | |
Accounting fees (See Note 3) | | | 38,361 | | | | 97,534 | | | | 47,230 | | | | 38,674 | |
Directors’ fees and expenses | | | 3,219 | | | | 9,635 | | | | 4,208 | | | | 3,961 | |
Custodian fees and expenses | | | 13,172 | | | | 43,753 | | | | 35,712 | | | | 4,643 | |
Pricing fees | | | 47,492 | | | | 5,531 | | | | 10,347 | | | | 2,355 | |
Professional fees | | | 26,682 | | | | 21,691 | | | | 20,888 | | | | 6,734 | |
Printing fees | | | 3,287 | | | | 9,887 | | | | 4,285 | | | | 4,096 | |
Other expenses | | | 97,456 | | | | 52,271 | | | | 92,632 | | | | 26,856 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 432,681 | | | | 1,588,493 | | | | 851,704 | | | | 560,065 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 955,984 | | | | 16,327 | | | | (35,391 | ) | | | 1,465,907 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 456,293 | | | | 6,455,837 | | | | (14,603,776 | ) | | | (8,326,713 | ) |
Futures contracts | | | 697,874 | | | | — | | | | — | | �� | | — | |
Foreign currencies | | | 2,285 | | | | (551,978 | ) | | | (222,700 | ) | | | — | |
Forward foreign currency contracts | | | — | | | | — | | | | (232,394 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 1,156,452 | | | | 5,903,859 | | | | (15,058,870 | ) | | | (8,326,713 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | (13,352,239 | ) | | | (22,708,046 | ) | | | (4,142,418 | ) | | | (10,287,358 | ) |
Foreign currencies | | | (34,901 | ) | | | — | | | | — | | | | — | |
Forward foreign currency contracts | | | (247 | ) | | | 17,286 | | | | (7,229 | ) | | | — | |
Futures contracts | | | — | | | | — | | | | 94,768 | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (13,387,387 | ) | | | (22,690,760 | ) | | | (4,054,879 | ) | | | (10,287,358 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | (12,230,935 | ) | | | (16,786,901 | ) | | | (19,113,749 | ) | | | (18,614,071 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (11,274,951 | ) | | $ | (16,770,574 | ) | | $ | (19,149,140 | ) | | $ | (17,148,164 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
167
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
INVESTMENT INCOME: | |
Dividends | | $ | 904 | | | $ | 5,079 | | | $ | 204 | | | $ | 2,091 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 904 | | | | 5,079 | | | | 204 | | | | 2,091 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 37,775 | | | | 120,872 | | | | 157,558 | | | | 52,914 | |
Shareholder servicing fees (See Note 3) | | | 28,332 | | | | 91,052 | | | | 120,774 | | | | 39,685 | |
Administration fees (See Note 3) | | | 9,444 | | | | 30,351 | | | | 40,258 | | | | 13,229 | |
Accounting fees (See Note 3) | | | 5,967 | | | | 10,117 | | | | 13,419 | | | | 5,967 | |
Directors’ fees and expenses | | | 2,095 | | | | 6,766 | | | | 8,747 | | | | 2,777 | |
Custodian fees and expenses | | | 2,405 | | | | 8,006 | | | | 10,238 | | | | 3,218 | |
Pricing fees | | | 1,548 | | | | 1,548 | | | | 1,547 | | | | 1,548 | |
Professional fees | | | 3,328 | | | | 10,701 | | | | 13,823 | | | | 4,448 | |
Printing fees | | | 2,145 | | | | 6,924 | | | | 8,980 | | | | 2,858 | |
Other expenses | | | 12,770 | | | | 21,986 | | | | 29,629 | | | | 13,400 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 105,809 | | | | 308,323 | | | | 404,973 | | | | 140,044 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (104,905 | ) | | | (303,244 | ) | | | (404,769 | ) | | | (137,953 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on affiliated investment transactions | | | 2,433,409 | | | | 9,853,395 | | | | 12,660,607 | | | | 3,755,504 | |
Net change in unrealized appreciation (depreciation) of investments | | | (9,326,197 | ) | | | (28,116,786 | ) | | | (26,385,154 | ) | | | (5,821,029 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | (6,892,788 | ) | | | (18,263,391 | ) | | | (13,724,547 | ) | | | (2,065,525 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (6,997,693 | ) | | $ | (18,566,635 | ) | | $ | (14,129,316 | ) | | $ | (2,203,478 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Conservative
Allocation
Fund | | | | | | | | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 3,730 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 3,730 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 34,186 | | | | | | | | | | | | | |
Shareholder servicing fees (See Note 3) | | | 25,639 | | | | | | | | | | | | | |
Administration fees (See Note 3) | | | 8,547 | | | | | | | | | | | | | |
Accounting fees (See Note 3) | | | 5,967 | | | | | | | | | | | | | |
Directors’ fees and expenses | | | 1,754 | | | | | | | | | | | | | |
Custodian fees and expenses | | | 2,051 | | | | | | | | | | | | | |
Pricing fees | | | 1,548 | | | | | | | | | | | | | |
Professional fees | | | 2,791 | | | | | | | | | | | | | |
Printing fees | | | 1,804 | | | | | | | | | | | | | |
Other expenses | | | 11,204 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 95,491 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (91,761 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on affiliated investment transactions | | | 1,429,544 | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of investments | | | (881,690 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 547,854 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 456,093 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
168
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | Limited Maturity Bond Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 273,209 | | | $ | 1,632,266 | | | $ | 2,889,994 | | | $ | 6,909,846 | |
Net realized gain (loss) | | | — | | | | — | | | | 3,879,288 | | | | 2,024,029 | |
Net change in unrealized appreciation (depreciation) | | | — | | | | — | | | | (2,607,349 | ) | | | 2,365,005 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 273,209 | | | | 1,632,266 | | | | 4,161,933 | | | | 11,298,880 | |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions from: | | | | | | | | | | | | | | | | |
Distributable earnings | | | (270,006 | ) | | | (1,635,471 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Distributions | | | (270,006 | ) | | | (1,635,471 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 75,145,156 | | | | 102,754,754 | | | | 37,182,781 | | | | 41,227,575 | |
Shares issued in lieu of cash distributions | | | 273,207 | | | | 1,631,645 | | | | — | | | | — | |
Shares redeemed | | | (55,420,861 | ) | | | (102,377,868 | ) | | | (36,059,853 | ) | | | (40,744,979 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 19,997,502 | | | | 2,008,531 | | | | 1,122,928 | | | | 482,596 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 20,000,705 | | | | 2,005,326 | | | | 5,284,861 | | | | 11,781,476 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 112,938,403 | | | | 110,933,077 | | | | 244,997,510 | | | | 233,216,034 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 132,939,108 | | | $ | 112,938,403 | | | $ | 250,282,371 | | | $ | 244,997,510 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 75,145,156 | | | | 102,754,754 | | | | 2,871,077 | | | | 3,260,056 | |
Shares issued in lieu of cash distributions | | | 273,207 | | | | 1,631,645 | | | | — | | | | — | |
Shares redeemed | | | (55,420,861 | ) | | | (102,377,868 | ) | | | (2,805,737 | ) | | | (3,230,544 | ) |
| | | | | | | | | | | | | | | | |
| | | 19,997,502 | | | | 2,008,531 | | | | 65,340 | | | | 29,512 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Quality Bond Fund | | | High Yield Bond Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 5,591,402 | | | $ | 12,319,847 | | | $ | 3,698,801 | | | $ | 7,655,189 | |
Net realized gain (loss) | | | 12,994,466 | | | | 11,235,942 | | | | (1,588,450 | ) | | | 1,817,953 | |
Net change in unrealized appreciation (depreciation) | | | 5,249,338 | | | | 13,426,190 | | | | (5,755,688 | ) | | | 13,358,085 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 23,835,206 | | | | 36,981,979 | | | | (3,645,337 | ) | | | 22,831,227 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 66,154,668 | | | | 54,795,448 | | | | 5,179,905 | | | | 8,900,568 | |
Shares redeemed | | | (64,456,902 | ) | | | (67,070,455 | ) | | | (15,015,674 | ) | | | (22,159,253 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 1,697,766 | | | | (12,275,007 | ) | | | (9,835,769 | ) | | | (13,258,685 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 25,532,972 | | | | 24,706,972 | | | | (13,481,106 | ) | | | 9,572,542 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 433,734,216 | | | | 409,027,244 | | | | 159,896,489 | | | | 150,323,947 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 459,267,188 | | | $ | 433,734,216 | | | $ | 146,415,383 | | | $ | 159,896,489 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 3,997,894 | | | | 3,507,568 | | | | 354,588 | | | | 630,675 | |
Shares redeemed | | | (3,935,888 | ) | | | (4,317,186 | ) | | | (1,077,152 | ) | | | (1,565,598 | ) |
| | | | | | | | | | | | | | | | |
| | | 62,006 | | | | (809,618 | ) | | | (722,564 | ) | | | (934,923 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
169
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Flexibly Managed Fund | | | Balanced Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 23,219,407 | | | $ | 58,430,843 | | | $ | (77,297 | ) | | $ | (160,806 | ) |
Net realized gain (loss) | | | 341,479,431 | | | | 356,636,729 | | | | 5,404,570 | | | | 8,879,420 | |
Net change in unrealized appreciation (depreciation) | | | (380,511,794 | ) | | | 481,408,552 | | | | (4,864,793 | ) | | | 6,917,752 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (15,812,956 | ) | | | 896,476,124 | | | | 462,480 | | | | 15,636,366 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 48,370,777 | | | | 100,104,430 | | | | 2,148,286 | | | | 3,067,693 | |
Shares redeemed | | | (187,021,083 | ) | | | (276,565,400 | ) | | | (5,333,166 | ) | | | (12,465,529 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (138,650,306 | ) | | | (176,460,970 | ) | | | (3,184,880 | ) | | | (9,397,836 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (154,463,262 | ) | | | 720,015,154 | | | | (2,722,400 | ) | | | 6,238,530 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 4,418,265,389 | | | | 3,698,250,235 | | | | 81,070,357 | | | | 74,831,827 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 4,263,802,127 | | | $ | 4,418,265,389 | | | $ | 78,347,957 | | | $ | 81,070,357 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 765,869 | | | | 1,693,860 | | | | 93,492 | | | | 143,872 | |
Shares redeemed | | | (3,006,011 | ) | | | (4,550,970 | ) | | | (231,453 | ) | | | (563,517 | ) |
| | | | | | | | | | | | | | | | |
| | | (2,240,142 | ) | | | (2,857,110 | ) | | | (137,961 | ) | | | (419,645 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Growth Stock Fund | | | Large Cap Growth Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (646,930 | ) | | $ | (564,698 | ) | | $ | 92,350 | | | $ | 209,589 | |
Net realized gain (loss) | | | 10,025,551 | | | | 26,571,903 | | | | 2,873,688 | | | | 8,061,278 | |
Net change in unrealized appreciation (depreciation) | | | 17,602,752 | | | | 57,386,573 | | | | (3,515,308 | ) | | | 11,534,935 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 26,981,373 | | | | 83,393,778 | | | | (549,270 | ) | | | 19,805,802 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 9,435,835 | | | | 10,413,032 | | | | 3,208,499 | | | | 4,304,052 | |
Shares redeemed | | | (23,102,952 | ) | | | (45,061,044 | ) | | | (5,646,721 | ) | | | (14,334,452 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (13,667,117 | ) | | | (34,648,012 | ) | | | (2,438,222 | ) | | | (10,030,400 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 13,314,256 | | | | 48,745,766 | | | | (2,987,492 | ) | | | 9,775,402 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 331,420,287 | | | | 282,674,521 | | | | 63,219,282 | | | | 53,443,880 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 344,734,543 | | | $ | 331,420,287 | | | $ | 60,231,790 | | | $ | 63,219,282 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 186,452 | | | | 221,847 | | | | 140,935 | | | | 196,608 | |
Shares redeemed | | | (459,279 | ) | | | (937,282 | ) | | | (236,767 | ) | | | (655,316 | ) |
| | | | | | | | | | | | | | | | |
| | | (272,827 | ) | | | (715,435 | ) | | | (95,832 | ) | | | (458,708 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
170
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Large Core Growth Fund | | | Large Cap Value Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (422,494 | ) | | $ | (350,182 | ) | | $ | 1,240,134 | | | $ | 2,002,810 | |
Net realized gain (loss) | | | 7,911,811 | | | | 20,107,341 | | | | (6,694,680 | ) | | | 2,784,034 | |
Net change in unrealized appreciation (depreciation) | | | 33,790,100 | | | | 12,135,004 | | | | (25,616,818 | ) | | | 35,272,917 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 41,279,417 | | | | 31,892,163 | | | | (31,071,364 | ) | | | 40,059,761 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 4,510,349 | | | | 7,569,487 | | | | 9,582,123 | | | | 10,411,716 | |
Shares redeemed | | | (13,556,898 | ) | | | (21,895,817 | ) | | | (18,916,789 | ) | | | (33,804,138 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,046,549 | ) | | | (14,326,330 | ) | | | (9,334,666 | ) | | | (23,392,422 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 32,232,868 | | | | 17,565,833 | | | | (40,406,030 | ) | | | 16,667,339 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 135,930,343 | | | | 118,364,510 | | | | 196,107,930 | | | | 179,440,591 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 168,163,211 | | | $ | 135,930,343 | | | $ | 155,701,900 | | | $ | 196,107,930 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 145,738 | | | | 284,633 | | | | 376,989 | | | | 346,323 | |
Shares redeemed | | | (440,489 | ) | | | (800,767 | ) | | | (681,901 | ) | | | (1,135,383 | ) |
| | | | | | | | | | | | | | | | |
| | | (294,751 | ) | | | (516,134 | ) | | | (304,912 | ) | | | (789,060 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Core Value Fund | | | Index 500 Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,406,872 | | | $ | 2,840,613 | | | $ | 3,751,150 | | | $ | 7,559,510 | |
Net realized gain (loss) | | | (6,794,856 | ) | | | 12,857,757 | | | | 7,024,144 | | | | 32,812,999 | |
Net change in unrealized appreciation (depreciation) | | | (24,400,828 | ) | | | 33,680,835 | | | | (22,885,841 | ) | | | 83,914,688 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (29,788,812 | ) | | | 49,379,205 | | | | (12,110,547 | ) | | | 124,287,197 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 10,120,747 | | | | 4,504,943 | | | | 45,324,231 | | | | 28,584,665 | |
Shares redeemed | | | (17,530,271 | ) | | | (36,997,314 | ) | | | (30,743,104 | ) | | | (75,196,590 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (7,409,524 | ) | | | (32,492,371 | ) | | | 14,581,127 | | | | (46,611,925 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (37,198,336 | ) | | | 16,886,834 | | | | 2,470,580 | | | | 77,675,272 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 192,958,818 | | | | 176,071,984 | | | | 494,539,614 | | | | 416,864,342 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 155,760,482 | | | $ | 192,958,818 | | | $ | 497,010,194 | | | $ | 494,539,614 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 567,125 | | | | 220,931 | | | | 1,875,990 | | | | 1,159,948 | |
Shares redeemed | | | (901,754 | ) | | | (1,793,095 | ) | | | (1,210,485 | ) | | | (3,057,861 | ) |
| | | | | | | | | | | | | | | | |
| | | (334,629 | ) | | | (1,572,164 | ) | | | 665,505 | | | | (1,897,913 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
171
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | | | Mid Cap Value Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (254,148 | ) | | $ | (425,441 | ) | | $ | 398,141 | | | $ | 1,655,595 | |
Net realized gain (loss) | | | 8,274,471 | | | | 12,729,767 | | | | (20,831,385 | ) | | | (293,903 | ) |
Net change in unrealized appreciation (depreciation) | | | 9,542,883 | | | | 29,535,951 | | | | (10,059,271 | ) | | | 21,231,600 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 17,563,206 | | | | 41,840,277 | | | | (30,492,515 | ) | | | 22,593,292 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 6,452,007 | | | | 13,244,827 | | | | 6,529,289 | | | | 5,399,945 | |
Shares redeemed | | | (15,108,913 | ) | | | (18,821,226 | ) | | | (10,333,891 | ) | | | (52,966,132 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (8,656,906 | ) | | | (5,576,399 | ) | | | (3,804,602 | ) | | | (47,566,187 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 8,906,300 | | | | 36,263,878 | | | | (34,297,117 | ) | | | (24,972,895 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 148,765,852 | | | | 112,501,974 | | | | 116,798,509 | | | | 141,771,404 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 157,672,152 | | | $ | 148,765,852 | | | $ | 82,501,392 | | | $ | 116,798,509 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 257,362 | | | | 551,414 | | | | 385,795 | | | | 211,827 | |
Shares redeemed | | | (565,720 | ) | | | (798,522 | ) | | | (495,606 | ) | | | (2,069,575 | ) |
| | | | | | | | | | | | | | | | |
| | | (308,358 | ) | | | (247,108 | ) | | | (109,811 | ) | | | (1,857,748 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Mid Core Value Fund | | | SMID Cap Growth Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 681,750 | | | $ | 1,232,294 | | | $ | (208,930 | ) | | $ | (413,974 | ) |
Net realized gain (loss) | | | (3,270,768 | ) | | | 98,897 | | | | 7,481,769 | | | | 8,545,162 | |
Net change in unrealized appreciation (depreciation) | | | (12,916,795 | ) | | | 20,204,150 | | | | 708,080 | | | | 13,607,296 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (15,505,813 | ) | | | 21,535,341 | | | | 7,980,919 | | | | 21,738,484 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 7,702,184 | | | | 14,785,376 | | | | 5,141,595 | | | | 7,160,153 | |
Shares redeemed | | | (8,192,633 | ) | | | (15,814,012 | ) | | | (8,216,862 | ) | | | (17,819,568 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (490,449 | ) | | | (1,028,636 | ) | | | (3,075,267 | ) | | | (10,659,415 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (15,996,262 | ) | | | 20,506,705 | | | | 4,905,652 | | | | 11,079,069 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 99,798,835 | | | | 79,292,130 | | | | 70,960,733 | | | | 59,881,664 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 83,802,573 | | | $ | 99,798,835 | | | $ | 75,866,385 | | | $ | 70,960,733 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 373,051 | | | | 563,979 | | | | 151,814 | | | | 229,154 | |
Shares redeemed | | | (359,120 | ) | | | (650,236 | ) | | | (237,494 | ) | | | (568,231 | ) |
| | | | | | | | | | | | | | | | |
| | | 13,931 | | | | (86,257 | ) | | | (85,680 | ) | | | (339,077 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
172
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | SMID Cap Value Fund | | | Small Cap Growth Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 305,754 | | | $ | 563,622 | | | $ | (307,775 | ) | | $ | (433,741 | ) |
Net realized gain (loss) | | | (9,161,789 | ) | | | 2,710,595 | | | | (1,532,419 | ) | | | 5,700,133 | |
Net change in unrealized appreciation (depreciation) | | | (12,073,495 | ) | | | 12,146,243 | | | | (3,222,269 | ) | | | 20,647,074 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (20,929,530 | ) | | | 15,420,460 | | | | (5,062,463 | ) | | | 25,913,466 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 3,392,426 | | | | 4,642,070 | | | | 6,742,537 | | | | 14,321,866 | |
Shares redeemed | | | (12,820,218 | ) | | | (15,656,929 | ) | | | (8,108,286 | ) | | | (15,234,785 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,427,792 | ) | | | (11,014,859 | ) | | | (1,365,749 | ) | | | (912,919 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (30,357,322 | ) | | | 4,405,601 | | | | (6,428,212 | ) | | | 25,000,547 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 85,324,218 | | | | 80,918,617 | | | | 118,243,590 | | | | 93,243,043 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 54,966,896 | | | $ | 85,324,218 | | | $ | 111,815,378 | | | $ | 118,243,590 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 181,058 | | | | 173,738 | | | | 171,162 | | | | 316,631 | |
Shares redeemed | | | (615,493 | ) | | | (584,936 | ) | | | (190,847 | ) | | | (344,444 | ) |
| | | | | | | | | | | | | | | | |
| | | (434,435 | ) | | | (411,198 | ) | | | (19,685 | ) | | | (27,813 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Small Cap Value Fund | | | Small Cap Index Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 662,032 | | | $ | 1,413,710 | | | $ | 159,784 | | | $ | 389,489 | |
Net realized gain (loss) | | | (12,629,127 | ) | | | 15,904,051 | | | | 2,571,639 | | | | 9,640,730 | |
Net change in unrealized appreciation (depreciation) | | | (35,708,757 | ) | | | 27,741,010 | | | | (11,183,934 | ) | | | 5,945,896 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (47,675,852 | ) | | | 45,058,771 | | | | (8,452,511 | ) | | | 15,976,115 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 10,239,256 | | | | 4,964,640 | | | | 4,078,180 | | | | 4,183,263 | |
Shares redeemed | | | (16,080,540 | ) | | | (56,259,919 | ) | | | (5,675,618 | ) | | | (20,889,549 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (5,841,284 | ) | | | (51,295,279 | ) | | | (1,597,438 | ) | | | (16,706,286 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (53,517,136 | ) | | | (6,236,508 | ) | | | (10,049,949 | ) | | | (730,171 | ) |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 205,048,691 | | | | 211,285,199 | | | | 69,993,392 | | | | 70,723,563 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 151,531,555 | | | $ | 205,048,691 | | | $ | 59,943,443 | | | $ | 69,993,392 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 391,551 | | | | 137,639 | | | | 224,171 | | | | 179,188 | |
Shares redeemed | | | (514,531 | ) | | | (1,534,540 | ) | | | (262,357 | ) | | | (894,201 | ) |
| | | | | | | | | | | | | | | | |
| | | (122,980 | ) | | | (1,396,901 | ) | | | (38,186 | ) | | | (715,013 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
173
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Developed International
Index Fund | | | International Equity Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 955,984 | | | $ | 2,587,431 | | | $ | 16,327 | | | $ | 2,129,778 | |
Net realized gain (loss) | | | 1,156,452 | | | | 3,004,119 | | | | 5,903,859 | | | | 20,901,774 | |
Net change in unrealized appreciation (depreciation) | | | (13,387,387 | ) | | | 14,645,148 | | | | (22,690,760 | ) | | | 55,439,024 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (11,274,951 | ) | | | 20,236,698 | | | | (16,770,574 | ) | | | 78,470,576 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 6,840,029 | | | | 11,803,147 | | | | 5,725,465 | | | | 3,613,045 | |
Shares redeemed | | | (10,412,157 | ) | | | (19,444,354 | ) | | | (21,167,765 | ) | | | (53,011,076 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,572,128 | ) | | | (7,641,207 | ) | | | (15,442,300 | ) | | | (49,398,031 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (14,847,079 | ) | | | 12,595,491 | | | | (32,212,874 | ) | | | 29,072,545 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 111,066,922 | | | | 98,471,431 | | | | 325,964,963 | | | | 296,892,418 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 96,219,843 | | | $ | 111,066,922 | | | $ | 293,752,089 | | | $ | 325,964,963 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 587,651 | | | | 863,914 | | | | 193,161 | | | | 118,759 | |
Shares redeemed | | | (803,142 | ) | | | (1,411,048 | ) | | | (675,114 | ) | | | (1,717,939 | ) |
| | | | | | | | | | | | | | | | |
| | | (215,491 | ) | | | (547,134 | ) | | | (481,953 | ) | | | (1,599,180 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Emerging Markets
Equity Fund | | | Real Estate Securities Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (35,391 | ) | | $ | 1,646,313 | | | $ | 1,465,907 | | | $ | 2,123,061 | |
Net realized gain (loss) | | | (15,058,870 | ) | | | 4,446,556 | | | | (8,326,713 | ) | | | 18,498,543 | |
Net change in unrealized appreciation (depreciation) | | | (4,054,879 | ) | | | 19,019,903 | | | | (10,287,358 | ) | | | 15,039,199 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (19,149,140 | ) | | | 25,112,772 | | | | (17,148,164 | ) | | | 35,660,803 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 6,358,221 | | | | 6,646,284 | | | | 4,758,409 | | | | 6,153,201 | |
Shares redeemed | | | (9,191,298 | ) | | | (31,319,595 | ) | | | (8,561,245 | ) | | | (23,112,165 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (2,833,077 | ) | | | (24,673,311 | ) | | | (3,802,836 | ) | | | (16,958,964 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (21,982,217 | ) | | | 439,461 | | | | (20,951,000 | ) | | | 18,701,839 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 147,412,109 | | | | 146,972,648 | | | | 133,067,555 | | | | 114,365,716 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 125,429,892 | | | $ | 147,412,109 | | | $ | 112,116,555 | | | $ | 133,067,555 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 598,524 | | | | 527,622 | | | | 207,371 | | | | 236,427 | |
Shares redeemed | | | (787,352 | ) | | | (2,535,983 | ) | | | (356,338 | ) | | | (914,025 | ) |
| | | | | | | | | | | | | | | | |
| | | (188,828 | ) | | | (2,008,361 | ) | | | (148,967 | ) | | | (677,598 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
174
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | Moderately Aggressive
Allocation Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (104,905 | ) | | $ | (228,926 | ) | | $ | (303,244 | ) | | $ | (671,418 | ) |
Net realized gain (loss) | | | 2,433,409 | | | | 5,681,845 | | | | 9,853,395 | | | | 23,326,208 | |
Net change in unrealized appreciation (depreciation) | | | (9,326,197 | ) | | | 8,960,560 | | | | (28,116,786 | ) | | | 22,590,636 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (6,997,693 | ) | | | 14,413,479 | | | | (18,566,635 | ) | | | 45,245,426 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 1,528,495 | | | | 2,949,256 | | | | 3,887,914 | | | | 5,725,655 | |
Shares redeemed | | | (4,364,471 | ) | | | (9,950,420 | ) | | | (16,922,661 | ) | | | (36,581,327 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (2,835,976 | ) | | | (7,001,164 | ) | | | (13,034,747 | ) | | | (30,855,672 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (9,833,669 | ) | | | 7,412,315 | | | | (31,601,382 | ) | | | 14,389,754 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 72,016,520 | | | | 64,604,205 | | | | 232,308,079 | | | | 217,918,325 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 62,182,851 | | | $ | 72,016,520 | | | $ | 200,706,697 | | | $ | 232,308,079 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 84,367 | | | | 147,387 | | | | 205,386 | | | | 280,954 | |
Shares redeemed | | | (223,878 | ) | | | (503,292 | ) | | | (837,947 | ) | | | (1,778,108 | ) |
| | | | | | | | | | | | | | | | |
| | | (139,511 | ) | | | (355,905 | ) | | | (632,561 | ) | | | (1,497,154 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Moderate Allocation Fund | | | Moderately Conservative
Allocation Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (404,769 | ) | | $ | (890,615 | ) | | $ | (137,953 | ) | | $ | (284,090 | ) |
Net realized gain (loss) | | | 12,660,607 | | | | 27,316,251 | | | | 3,755,504 | | | | 5,886,607 | |
Net change in unrealized appreciation (depreciation) | | | (26,385,154 | ) | | | 24,602,076 | | | | (5,821,029 | ) | | | 7,164,741 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (14,129,316 | ) | | | 51,027,712 | | | | (2,203,478 | ) | | | 12,767,258 | |
| | | | | | | | | | | | | | | | |
| | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 2,383,871 | | | | 3,278,991 | | | | 4,279,427 | | | | 5,539,791 | |
Shares redeemed | | | (19,386,748 | ) | | | (47,809,610 | ) | | | (9,065,989 | ) | | | (13,287,527 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (17,002,877 | ) | | | (44,530,619 | ) | | | (4,786,562 | ) | | | (7,747,736 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (31,132,193 | ) | | | 6,497,093 | | | | (6,990,040 | ) | | | 5,019,522 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 298,115,176 | | | | 291,618,083 | | | | 93,946,719 | | | | 88,927,197 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 266,982,983 | | | $ | 298,115,176 | | | $ | 86,956,679 | | | $ | 93,946,719 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 129,092 | | | | 179,320 | | | | 253,205 | | | | 337,395 | |
Shares redeemed | | | (1,067,906 | ) | | | (2,618,616 | ) | | | (544,845 | ) | | | (800,808 | ) |
| | | | | | | | | | | | | | | | |
| | | (938,814 | ) | | | (2,439,296 | ) | | | (291,640 | ) | | | (463,413 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
175
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | |
| | | Conservative Allocation Fund | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year
Ended
12/31/19 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | |
Net investment income (loss) | | $ | (91,761 | ) | | $ | (181,956 | ) |
Net realized gain (loss) | | | 1,429,544 | | | | 2,818,377 | |
Net change in unrealized appreciation (depreciation) | | | (881,690 | ) | | | 3,438,658 | |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 456,093 | | | | 6,075,079 | |
| | | | | | | | |
| | |
Capital Share Transactions (1): | | | | | | | | |
Shares issued | | | 3,904,480 | | | | 8,565,195 | |
Shares redeemed | | | (6,864,675 | ) | | | (11,900,353 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (2,960,195 | ) | | | (3,335,158 | ) |
| | | | | | | | |
Total Increase (Decrease) | | | (2,504,102 | ) | | | 2,739,921 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 59,831,836 | | | | 57,091,915 | |
| | | | | | | | |
End of period | | $ | 57,327,734 | | | $ | 59,831,836 | |
| | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | |
Shares issued | | | 256,866 | | | | 576,456 | |
Shares redeemed | | | (446,436 | ) | | | (799,657 | ) |
| | | | | | | | |
| | | (189,570 | ) | | | (223,201 | ) |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
176
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | — | (a) | | | 0.02 | | | | 0.01 | | | | — | (a) | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | — | | | | 0.02 | | | | 0.01 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | (a) | | | (0.02 | ) | | | (0.01 | ) | | | — | (a) | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.02 | ) | | | (0.01 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 0.24% | # | | | 1.61% | | | | 0.55% | | | | 0.01% | | | | 0.01% | | | | 0.01% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 132,939 | | | $ | 112,938 | | | $ | 110,933 | | | $ | 91,567 | | | $ | 123,865 | | | $ | 133,645 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 0.49% | * | | | 0.59% | | | | 1.26% | | | | 0.85% | | | | 0.45% | | | | 0.23% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 0.57% | * | | | 0.59% | | | | 0.59% | | | | 0.59% | | | | 0.58% | | | | 0.61% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets3 | | | 0.44% | * | | | 1.60% | | | | 0.55% | | | | 0.01% | | | | 0.01% | | | | 0.01% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 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
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 12.86 | | | $ | 12.26 | | | $ | 12.09 | | | $ | 11.89 | | | $ | 11.59 | | | $ | 11.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.16 | | | | 0.37 | | | | 0.32 | | | | 0.24 | | | | 0.18 | | | | 0.13 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.07 | | | | 0.23 | | | | (0.15 | ) | | | (0.04 | ) | | | 0.12 | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.23 | | | | 0.60 | | | | 0.17 | | | | 0.20 | | | | 0.30 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.09 | | | $ | 12.86 | | | $ | 12.26 | | | $ | 12.09 | | | $ | 11.89 | | | $ | 11.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 1.79% | # | | | 4.89% | | | | 1.41% | | | | 1.68% | | | | 2.59% | | | | 0.78% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 250,282 | | | $ | 244,998 | | | $ | 233,216 | | | $ | 229,184 | | | $ | 210,476 | | | $ | 189,846 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.70% | * | | | 0.70% | | | | 0.70% | | | | 0.70% | | | | 0.70% | | | | 0.73% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.47% | * | | | 2.92% | | | | 2.61% | | | | 1.98% | | | | 1.55% | | | | 1.10% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 59% | | | | 54% | | | | 79% | | | | 97% | | | | 105% | | | | 127% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
177
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 16.01 | | | $ | 14.66 | | | $ | 14.68 | | | $ | 14.03 | | | $ | 13.45 | | | $ | 13.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.21 | | | | 0.45 | | | | 0.41 | | | | 0.36 | | | | 0.36 | | | | 0.33 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.69 | | | | 0.90 | | | | (0.43 | ) | | | 0.29 | | | | 0.22 | | | | (0.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.90 | | | | 1.35 | | | | (0.02 | ) | | | 0.65 | | | | 0.58 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.91 | | | $ | 16.01 | | | $ | 14.66 | | | $ | 14.68 | | | $ | 14.03 | | | $ | 13.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 5.62% | # | | | 9.21% | | | | (0.14% | ) | | | 4.63% | | | | 4.31% | | | | 0.37% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 459,267 | | | $ | 433,734 | | | $ | 409,027 | | | $ | 485,598 | | | $ | 504,849 | | | $ | 534,675 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.67% | * | | | 0.67% | | | | 0.66% | | | | 0.66% | | | | 0.66% | | | | 0.68% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.59% | * | | | 2.92% | | | | 2.81% | | | | 2.48% | | | | 2.58% | | | | 2.46% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 53% | | | | 47% | | | | 59% | | | | 72% | | | | 77% | | | | 131% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
HIGH YIELD BOND FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 14.90 | | | $ | 12.88 | | | $ | 13.18 | | | $ | 12.29 | | | $ | 10.61 | | | $ | 10.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.36 | | | | 0.68 | | | | 0.66 | | | | 0.69 | | | | 0.69 | | | | 0.66 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.63 | ) | | | 1.34 | | | | (0.96 | ) | | | 0.20 | | | | 0.99 | | | | (1.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.27 | ) | | | 2.02 | | | | (0.30 | ) | | | 0.89 | | | | 1.68 | | | | (0.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.63 | | | $ | 14.90 | | | $ | 12.88 | | | $ | 13.18 | | | $ | 12.29 | | | $ | 10.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (1.81% | )# | | | 15.68% | | | | (2.35% | ) | | | 7.42% | | | | 15.83% | | | | (3.37% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 146,415 | | | $ | 159,896 | | | $ | 150,324 | | | $ | 171,467 | | | $ | 168,650 | | | $ | 173,033 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.73% | * | | | 0.71% | | | | 0.77% | | | | 0.86% | | | | 0.86% | | | | 0.87% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 5.02% | * | | | 4.83% | | | | 5.02% | | | | 5.39% | | | | 6.03% | | | | 5.88% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 81% | | | | 133% | | | | 115% | | | | 78% | | | | 81% | | | | 72% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
178
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 65.45 | | | $ | 52.56 | | | $ | 52.31 | | | $ | 45.44 | | | $ | 42.05 | | | $ | 40.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.35 | | | | 0.84 | | | | 1.22 | | | | 0.53 | | | | 0.54 | | | | 0.46 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.47 | ) | | | 12.05 | | | | (0.97 | ) | | | 6.34 | | | | 2.85 | | | | 1.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.12 | ) | | | 12.89 | | | | 0.25 | | | | 6.87 | | | | 3.39 | | | | 2.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 65.33 | | | $ | 65.45 | | | $ | 52.56 | | | $ | 52.31 | | | $ | 45.44 | | | $ | 42.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (0.18% | )# | | | 24.53% | | | | 0.48% | | | | 15.12% | | | | 8.06% | | | | 5.02% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 4,263,802 | | | $ | 4,418,265 | | | $ | 3,698,250 | | | $ | 3,898,297 | | | $ | 3,494,596 | | | $ | 3,322,196 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.88% | * | | | 0.88% | | | | 0.89% | | | | 0.89% | | | | 0.89% | | | | 0.92% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.11% | * | | | 1.40% | | | | 2.28% | | | | 1.07% | | | | 1.24% | | | | 1.10% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 58% | | | | 45% | | | | 69% | | | | 61% | | | | 66% | | | | 69% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
BALANCED FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 23.76 | | | $ | 19.53 | | | $ | 20.12 | | | $ | 17.60 | | | $ | 16.24 | | | $ | 16.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.02 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.19 | | | | 4.27 | | | | (0.55 | ) | | | 2.56 | | | | 1.39 | | | | 0.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.17 | | | | 4.23 | | | | (0.59 | ) | | | 2.52 | | | | 1.36 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 23.93 | | | $ | 23.76 | | | $ | 19.53 | | | $ | 20.12 | | | $ | 17.60 | | | $ | 16.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 0.72% | # | | | 21.66% | | | | (2.93% | ) | | | 14.32% | | | | 8.37% | | | | 0.68% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 78,348 | | | $ | 81,070 | | | $ | 74,832 | | | $ | 84,403 | | | $ | 77,801 | | | $ | 76,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.20% | * | | | 0.20% | | | | 0.20% | | | | 0.19% | | | | 0.19% | | | | 0.21% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.20% | )* | | | (0.20% | ) | | | (0.19% | ) | | | (0.19% | ) | | | (0.19% | ) | | | (0.21% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 9% | | | | 6% | | | | 8% | | | | 9% | | | | 7% | | | | 8% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
179
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 52.10 | | | $ | 39.95 | | | $ | 40.48 | | | $ | 30.40 | | | $ | 30.07 | | | $ | 27.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.10 | ) | | | (0.08 | ) | | | (0.02 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.09 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 4.62 | | | | 12.23 | | | | (0.51 | ) | | | 10.11 | | | | 0.37 | | | | 2.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.52 | | | | 12.15 | | | | (0.53 | ) | | | 10.08 | | | | 0.33 | | | | 2.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 56.62 | | | $ | 52.10 | | | $ | 39.95 | | | $ | 40.48 | | | $ | 30.40 | | | $ | 30.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 8.68% | # | | | 30.41% | | | | (1.31% | ) | | | 33.16% | | | | 1.10% | | | | 10.51% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 344,735 | | | $ | 331,420 | | | $ | 282,675 | | | $ | 307,131 | | | $ | 259,278 | | | $ | 296,703 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.95% | * | | | 0.95% | | | | 0.95% | | | | 0.96% | | | | 0.96% | | | | 0.98% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.40% | )* | | | (0.18% | ) | | | (0.05% | ) | | | (0.08% | ) | | | (0.15% | ) | | | (0.30% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 24% | | | | 26% | | | | 42% | | | | 52% | | | | 42% | | | | 37% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
LARGE CAP GROWTH FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 25.02 | | | $ | 17.90 | | | $ | 17.78 | | | $ | 13.87 | | | $ | 13.09 | | | $ | 13.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.04 | | | | 0.08 | | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.29 | ) | | | 7.04 | | | | 0.04 | | | | 3.84 | | | | 0.71 | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.25 | ) | | | 7.12 | | | | 0.12 | | | | 3.91 | | | | 0.78 | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.77 | | | $ | 25.02 | | | $ | 17.90 | | | $ | 17.78 | | | $ | 13.87 | | | $ | 13.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (1.00% | )# | | | 39.78% | | | | 0.68% | | | | 28.19% | | | | 5.96% | | | | (0.15% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 60,232 | | | $ | 63,219 | | | $ | 53,444 | | | $ | 58,389 | | | $ | 42,791 | | | $ | 43,702 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.88% | * | | | 0.88% | | | | 0.87% | | | | 0.89% | | | | 0.89% | | | | 0.89% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.32% | * | | | 0.35% | | | | 0.40% | | | | 0.43% | | | | 0.55% | | | | 0.39% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23% | | | | 24% | | | | 25% | | | | 28% | | | | 25% | | | | 29% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
180
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 28.52 | | | $ | 22.41 | | | $ | 21.67 | | | $ | 16.32 | | | $ | 16.30 | | | $ | 16.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.09 | ) | | | (0.07 | ) | | | (0.02 | ) | | | (0.03 | ) | | | 0.01 | | | | (0.03 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 9.18 | | | | 6.18 | | | | 0.76 | | | | 5.38 | | | | 0.01 | | | | 0.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 9.09 | | | | 6.11 | | | | 0.74 | | | | 5.35 | | | | 0.02 | | | | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 37.61 | | | $ | 28.52 | | | $ | 22.41 | | | $ | 21.67 | | | $ | 16.32 | | | $ | 16.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 31.87% | # | | | 27.27% | | | | 3.42% | | | | 32.78% | | | | 0.12% | | | | 1.68% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 168,163 | | | $ | 135,930 | | | $ | 118,365 | | | $ | 124,493 | | | $ | 101,020 | | | $ | 111,680 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.86% | * | | | 0.86% | | | | 0.86% | | | | 0.86% | | | | 0.85% | | | | 0.87% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.60% | )* | | | (0.26% | ) | | | (0.09% | ) | | | (0.18% | ) | | | 0.06% | | | | (0.20% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 40% | | | | 74% | | | | 72% | | | | 64% | | | | 141% | | | | 124% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
LARGE CAP VALUE FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 32.39 | | | $ | 26.22 | | | $ | 28.41 | | | $ | 24.79 | | | $ | 22.21 | | | $ | 23.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.21 | | | | 0.31 | | | | 0.35 | | | | 0.41 | | | | 0.36 | | | | 0.27 | |
Net realized and unrealized gain (loss) on investment transactions | | | (5.52 | ) | | | 5.86 | | | | (2.54 | ) | | | 3.21 | | | | 2.22 | | | | (1.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (5.31 | ) | | | 6.17 | | | | (2.19 | ) | | | 3.62 | | | | 2.58 | | | | (1.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | | 27.08 | | | $ | 32.39 | | | $ | 26.22 | | | $ | 28.41 | | | $ | 24.79 | | | $ | 22.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (16.39% | )# | | | 23.53% | | | | (7.71% | ) | | | 14.60% | | | | 11.62% | | | | (4.35% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 155,702 | | | $ | 196,108 | | | $ | 179,441 | | | $ | 201,219 | | | $ | 202,553 | | | $ | 207,692 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.93% | * | | | 0.91% | | | | 0.90% | | | | 0.90% | | | | 0.90% | | | | 0.92% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.49% | * | | | 1.05% | | | | 1.22% | | | | 1.57% | | | | 1.60% | | | | 1.17% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 34% | | | | 62% | | | | 108% | | | | 17% | | | | 22% | | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
181
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 22.58 | | | $ | 17.41 | | | $ | 18.64 | | | $ | 16.18 | | | $ | 14.77 | | �� | $ | 14.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.17 | | | | 0.30 | | | | 0.26 | | | | 0.25 | | | | 0.22 | | | | 0.22 | |
Net realized and unrealized gain (loss) on investment transactions | | | (3.78 | ) | | | 4.87 | | | | (1.49 | ) | | | 2.21 | | | | 1.19 | | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (3.61 | ) | | | 5.17 | | | | (1.23 | ) | | | 2.46 | | | | 1.41 | | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.97 | | | $ | 22.58 | | | $ | 17.41 | | | $ | 18.64 | | | $ | 16.18 | | | $ | 14.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (15.99% | )# | | | 29.70% | | | | (6.60% | ) | | | 15.21% | | | | 9.55% | | | | (0.81% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 155,760 | | | $ | 192,959 | | | $ | 176,072 | | | $ | 216,214 | | | $ | 191,386 | | | $ | 203,012 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.92% | * | | | 0.91% | | | | 0.90% | | | | 0.90% | | | | 0.90% | | | | 0.92% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.69% | * | | | 1.48% | | | | 1.39% | | | | 1.44% | | | | 1.47% | | | | 1.47% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 48% | | | | 65% | | | | 76% | | | | 106% | | | | 87% | | | | 98% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
INDEX 500 FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 27.30 | | | $ | 20.83 | | | $ | 21.87 | | | $ | 18.00 | | | $ | 16.14 | | | $ | 15.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.20 | | | | 0.40 | | | | 0.35 | | | | 0.33 | | | | 0.29 | | | | 0.27 | |
Net realized and unrealized gain (loss) on investment transactions | | | (1.03 | ) | | | 6.07 | | | | (1.39 | ) | | | 3.54 | | | | 1.57 | | | | (0.11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.83 | ) | | | 6.47 | | | | (1.04 | ) | | | 3.87 | | | | 1.86 | | | | 0.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 26.47 | | | $ | 27.30 | | | $ | 20.83 | | | $ | 21.87 | | | $ | 18.00 | | | $ | 16.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (3.04% | )# | | | 31.06% | | | | (4.76% | ) | | | 21.50% | | | | 11.52% | | | | 1.00% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 497,010 | | | $ | 494,540 | | | $ | 416,864 | | | $ | 485,750 | | | $ | 432,873 | | | $ | 417,965 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.36% | * | | | 0.36% | | | | 0.36% | | | | 0.36% | | | | 0.36% | | | | 0.38% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.61% | * | | | 1.63% | | | | 1.56% | | | | 1.64% | | | | 1.75% | | | | 1.68% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 3% | | | | 3% | | | | 3% | | | | 2% | | | | 3% | | | | 3% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
182
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 26.23 | | | $ | 19.01 | | | $ | 18.96 | | | $ | 14.92 | | | $ | 14.02 | | | $ | 14.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.05 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.03 | ) | | | — | (a) | | | — | (a) |
Net realized and unrealized gain (loss) on investment transactions | | | 3.22 | | | | 7.29 | | | | 0.11 | | | | 4.07 | | | | 0.90 | | | | (0.86 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.17 | | | | 7.22 | | | | 0.05 | | | | 4.04 | | | | 0.90 | | | | (0.86 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.40 | | | $ | 26.23 | | | $ | 19.01 | | | $ | 18.96 | | | $ | 14.92 | | | $ | 14.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 12.09% | # | | | 37.98% | | | | 0.26% | | | | 27.08% | | | | 6.42% | | | | (5.78% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 157,672 | | | $ | 148,766 | | | $ | 112,502 | | | $ | 121,288 | | | $ | 103,325 | | | $ | 111,742 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.96% | * | | | 0.96% | | | | 0.96% | | | | 0.96% | | | | 0.97% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.35% | )* | | | (0.32% | ) | | | (0.28% | ) | | | (0.20% | ) | | | 0.00% | | | | (0.02% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | | | | 22% | | | | 42% | | | | 25% | | | | 28% | | | | 43% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. (a) Less than one penny per share. | |
| |
MID CAP VALUE FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 26.45 | | | $ | 22.60 | | | $ | 26.65 | | | $ | 22.69 | | | $ | 19.36 | | | $ | 21.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.09 | | | | 0.29 | | | | 0.23 | | | | 0.20 | | | | 0.20 | | | | 0.20 | |
Net realized and unrealized gain (loss) on investment transactions | | | (7.38 | ) | | | 3.56 | | | | (4.28 | ) | | | 3.76 | | | | 3.13 | | | | (1.88 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (7.29 | ) | | | 3.85 | | | | (4.05 | ) | | | 3.96 | | | | 3.33 | | | | (1.68 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.16 | | | $ | 26.45 | | | $ | 22.60 | | | $ | 26.65 | | | $ | 22.69 | | | $ | 19.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (27.56% | )# | | | 17.04% | | | | (15.20% | ) | | | 17.45% | | | | 17.20% | | | | (7.98% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 82,501 | | | $ | 116,799 | | | $ | 141,771 | | | $ | 180,696 | | | $ | 170,374 | | | $ | 165,849 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.83% | * | | | 0.80% | | | | 0.79% | | | | 0.78% | | | | 0.78% | | | | 0.81% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.88% | * | | | 1.14% | | | | 0.85% | | | | 0.83% | | | | 0.97% | | | | 0.93% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 101% | (a) | | | 14% | | | | 33% | | | | 31% | | | | 33% | | | | 42% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| (a) | The Fund’s portfolio turnover rate increased substantially during the six months ended June 30, 2020 due to a change in the Fund’s subadviser and associated repositioning. |
The accompanying notes are an integral part of these financial statements.
183
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 26.94 | | | $ | 20.92 | | | $ | 24.06 | | | $ | 21.57 | | | $ | 17.57 | | | $ | 17.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.18 | | | | 0.35 | | | | 0.28 | | | | 0.33 | | | | 0.19 | | | | 0.19 | |
Net realized and unrealized gain (loss) on investment transactions | | | (4.58 | ) | | | 5.67 | | | | (3.42 | ) | | | 2.16 | | | | 3.81 | | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (4.40 | ) | | | 6.02 | | | | (3.14 | ) | | | 2.49 | | | | 4.00 | | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 22.54 | | | $ | 26.94 | | | $ | 20.92 | | | $ | 24.06 | | | $ | 21.57 | | | $ | 17.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (16.33% | )# | | | 28.78% | | | | (13.05% | ) | | | 11.55% | | | | 22.77% | | | | (1.51% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 83,803 | | | $ | 99,799 | | | $ | 79,292 | | | $ | 99,011 | | | $ | 96,177 | | | $ | 90,550 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.03% | * | | | 1.05% | | | | 1.06% | | | | 1.02% | | | | 1.04% | | | | 1.07% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.60% | * | | | 1.44% | | | | 1.16% | | | | 1.48% | | | | 1.01% | | | | 1.06% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 46% | | | | 50% | | | | 60% | | | | 45% | | | | 64% | | | | 77% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
SMID CAP GROWTH FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 34.39 | | | $ | 24.93 | | | $ | 26.38 | | | $ | 20.68 | | | $ | 19.46 | | | $ | 19.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.10 | ) | | | (0.18 | ) | | | (0.10 | ) | | | (0.11 | ) | | | (0.10 | ) | | | (0.15 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 4.07 | | | | 9.64 | | | | (1.35 | ) | | | 5.81 | | | | 1.32 | | | | (0.15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.97 | | | | 9.46 | | | | (1.45 | ) | | | 5.70 | | | | 1.22 | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 38.36 | | | $ | 34.39 | | | $ | 24.93 | | | $ | 26.38 | | | $ | 20.68 | | | $ | 19.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 11.54% | # | | | 37.95% | | | | (5.50% | ) | | | 27.56% | | | | 6.27% | | | | (1.52% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 75,866 | | | $ | 70,961 | | | $ | 59,882 | | | $ | 64,783 | | | $ | 52,713 | | | $ | 56,002 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 1.04% | * | | | 1.04% | | | | 1.03% | | | | 1.05% | | | | 1.05% | | | | 1.07% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 1.04% | * | | | 1.04% | | | | 1.03% | | | | 1.04% | | | | 1.04% | | | | 1.07% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets3 | | | (0.60% | )* | | | (0.59% | ) | | | (0.35% | ) | | | (0.47% | ) | | | (0.52% | ) | | | (0.71% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 50% | | | | 70% | | | | 83% | | | | 68% | | | | 160% | | | | 103% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
184
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 28.37 | | | $ | 23.67 | | | $ | 27.90 | | | $ | 24.69 | | | $ | 19.72 | | | $ | 20.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.11 | | | | 0.18 | | | | 0.10 | | | | 0.03 | | | | 0.02 | | | | — | |
Net realized and unrealized gain (loss) on investment transactions | | | (7.12 | ) | | | 4.52 | | | | (4.33 | ) | | | 3.18 | | | | 4.95 | | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (7.01 | ) | | | 4.70 | | | | (4.23 | ) | | | 3.21 | | | | 4.97 | | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 21.36 | | | $ | 28.37 | | | $ | 23.67 | | | $ | 27.90 | | | $ | 24.69 | | | $ | 19.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (24.71% | )# | | | 19.86% | | | | (15.16% | ) | | | 13.00% | | | | 25.20% | | | | (5.69% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 54,967 | | | $ | 85,324 | | | $ | 80,919 | | | $ | 85,323 | | | $ | 82,032 | | | $ | 67,959 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.15% | * | | | 1.12% | | | | 1.10% | | | | 1.18% | | | | 1.21% | | | | 1.23% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.98% | * | | | 0.66% | | | | 0.36% | | | | 0.11% | | | | 0.10% | | | | (0.02% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 27% | | | | 32% | | | | 47% | | | | 37% | | | | 62% | | | | 48% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
SMALL CAP GROWTH FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 47.45 | | | $ | 37.00 | | | $ | 38.80 | | | $ | 31.08 | | | $ | 28.59 | | | $ | 28.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.12 | ) | | | (0.18 | ) | | | (0.15 | ) | | | (0.16 | ) | | | (0.10 | ) | | | (0.14 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (2.10 | ) | | | 10.63 | | | | (1.65 | ) | | | 7.88 | | | | 2.59 | | | | 0.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (2.22 | ) | | | 10.45 | | | | (1.80 | ) | | | 7.72 | | | | 2.49 | | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 45.23 | | | $ | 47.45 | | | $ | 37.00 | | | $ | 38.80 | | | $ | 31.08 | | | $ | 28.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (4.68% | )# | | | 28.24% | | | | (4.64% | ) | | | 24.84% | | | | 8.71% | | | | 0.42% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 111,815 | | | $ | 118,244 | | | $ | 93,243 | | | $ | 102,380 | | | $ | 85,958 | | | $ | 91,666 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.02% | * | | | 1.02% | | | | 1.00% | | | | 1.01% | | | | 1.02% | | | | 1.03% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.58% | )* | | | (0.40% | ) | | | (0.36% | ) | | | (0.46% | ) | | | (0.35% | ) | | | (0.48% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14% | | | | 21% | | | | 22% | | | | 25% | | | | 17% | | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
185
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 39.32 | | | $ | 31.96 | | | $ | 37.11 | | | $ | 33.06 | | | $ | 26.50 | | | $ | 28.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.13 | | | | 0.24 | | | | 0.17 | | | | 0.18 | | | | 0.23 | | | | 0.17 | |
Net realized and unrealized gain (loss) on investment transactions | | | (9.69 | ) | | | 7.12 | | | | (5.32 | ) | | | 3.87 | | | | 6.33 | | | | (1.70 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (9.56 | ) | | | 7.36 | | | | (5.15 | ) | | | 4.05 | | | | 6.56 | | | | (1.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.76 | | | $ | 39.32 | | | $ | 31.96 | | | $ | 37.11 | | | $ | 33.06 | | | $ | 26.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (24.31% | )# | | | 23.03% | | | | (13.88% | ) | | | 12.25% | | | | 24.75% | | | | (5.46% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 151,532 | | | $ | 205,049 | | | $ | 211,285 | | | $ | 262,728 | | | $ | 244,968 | | | $ | 227,139 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.01% | * | | | 0.98% | | | | 0.97% | | | | 0.97% | | | | 0.97% | | | | 0.99% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.83% | * | | | 0.65% | | | | 0.46% | | | | 0.56% | | | | 0.83% | | | | 0.62% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 55% | | | | 54% | | | | 55% | | | | 59% | | | | 57% | | | | 47% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
SMALL CAP INDEX FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 25.22 | | | $ | 20.26 | | | $ | 22.86 | | | $ | 20.09 | | | $ | 16.69 | | | $ | 17.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.06 | | | | 0.13 | | | | 0.14 | | | | 0.13 | | | | 0.12 | | | | 0.12 | |
Net realized and unrealized gain (loss) on investment transactions | | | (3.38 | ) | | | 4.83 | | | | (2.74 | ) | | | 2.64 | | | | 3.28 | | | | (1.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (3.32 | ) | | | 4.96 | | | | (2.60 | ) | | | 2.77 | | | | 3.40 | | | | (0.90 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 21.90 | | | $ | 25.22 | | | $ | 20.26 | | | $ | 22.86 | | | $ | 20.09 | | | $ | 16.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (13.16% | )# | | | 24.48% | | | | (11.37% | ) | | | 13.79% | | | | 20.37% | | | | (5.12% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 59,943 | | | $ | 69,993 | | | $ | 70,724 | | | $ | 81,638 | | | $ | 76,355 | | | $ | 65,480 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.76% | * | | | 0.72% | | | | 0.65% | | | | 0.65% | | | | 0.66% | | | | 0.69% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.54% | * | | | 0.55% | | | | 0.59% | | | | 0.62% | | | | 0.70% | | | | 0.66% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 17% | | | | 16% | | | | 14% | | | | 13% | | | | 18% | | | | 18% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
186
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 14.79 | | | $ | 12.22 | | | $ | 14.22 | | | $ | 11.42 | | | $ | 11.38 | | | $ | 11.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.13 | | | | 0.33 | | | | 0.31 | | | | 0.27 | | | | 0.26 | | | | 0.24 | |
Net realized and unrealized gain (loss) on investment transactions | | | (1.73 | ) | | | 2.24 | | | | (2.31 | ) | | | 2.53 | | | | (0.22 | ) | | | (0.40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (1.60 | ) | | | 2.57 | | | | (2.00 | ) | | | 2.80 | | | | 0.04 | | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.19 | | | $ | 14.79 | | | $ | 12.22 | | | $ | 14.22 | | | $ | 11.42 | | | $ | 11.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (10.82% | )# | | | 21.03% | | | | (14.07% | ) | | | 24.52% | | | | 0.35% | | | | (1.39% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 96,220 | | | $ | 111,067 | | | $ | 98,471 | | | $ | 116,930 | | | $ | 97,813 | | | $ | 98,109 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.90% | * | | | 0.82% | | | | 0.79% | | | | 0.82% | | | | 0.81% | | | | 0.83% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.98% | * | | | 2.41% | | | | 2.24% | | | | 2.05% | | | | 2.35% | | | | 2.02% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 3% | | | | 6% | | | | 3% | | | | 4% | | | | 7% | | | | 2% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. | |
| |
INTERNATIONAL EQUITY FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 33.95 | | | $ | 26.51 | | | $ | 30.26 | | | $ | 22.98 | | | $ | 24.23 | | | $ | 23.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | — | (a) | | | 0.20 | | | | 0.19 | | | | 0.15 | | | | 0.26 | | | | 0.28 | |
Net realized and unrealized gain (loss) on investment transactions | | | (1.74 | ) | | | 7.24 | | | | (3.94 | ) | | | 7.13 | | | | (1.51 | ) | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (1.74 | ) | | | 7.44 | | | | (3.75 | ) | | | 7.28 | | | | (1.25 | ) | | | 0.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 32.21 | | | $ | 33.95 | | | $ | 26.51 | | | $ | 30.26 | | | $ | 22.98 | | | $ | 24.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (5.13% | )# | | | 28.07% | | | | (12.39% | ) | | | 31.68% | | | | (5.16% | ) | | | 3.59% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 293,752 | | | $ | 325,965 | | | $ | 296,892 | | | $ | 375,821 | | | $ | 319,322 | | | $ | 375,175 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.09% | * | | | 1.08% | | | | 1.11% | | | | 1.12% | | | | 1.12% | | | | 1.15% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.01% | * | | | 0.66% | | | | (0.66% | ) | | | 0.56% | | | | 1.10% | | | | 1.17% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 44% | | | | 50% | | | | 50% | | | | 32% | | | | 34% | | | | 27% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| (a) | Less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
187
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 13.52 | | | $ | 11.39 | | | $ | 13.80 | | | $ | 10.22 | | | $ | 9.66 | | | $ | 10.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | — | (a) | | | 0.14 | | | | 0.09 | | | | 0.03 | | | | 0.03 | | | | 0.03 | |
Net realized and unrealized gain (loss) on investment transactions | | | (1.81 | ) | | | 1.99 | | | | (2.50 | ) | | | 3.55 | | | | 0.53 | | | | (1.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (1.81 | ) | | | 2.13 | | | | (2.41 | ) | | | 3.58 | | | | 0.56 | | | | (1.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.71 | | | $ | 13.52 | | | $ | 11.39 | | | $ | 13.80 | | | $ | 10.22 | | | $ | 9.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (13.39% | )# | | | 18.70% | | | | (17.46% | ) | | | 35.03% | | | | 5.80% | | | | (10.89% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 125,430 | | | $ | 147,412 | | | $ | 146,973 | | | $ | 184,357 | | | $ | 150,270 | | | $ | 147,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 1.37% | * | | | 1.34% | | | | 1.32% | | | | 1.51% | | | | 1.65% | | | | 1.74% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 1.37% | * | | | 1.34% | | | | 1.32% | | | | 1.51% | | | | 1.65% | | | | 1.68% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets3 | | | (0.06% | )* | | | 1.11% | | | | 0.73% | | | | 0.25% | | | | 0.28% | | | | 0.24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 91% | (b) | | | 35% | | | | 45% | | | | 41% | | | | 46% | | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 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. (b) The Fund’s portfolio turnover rate increased substantially during the six months ended June 30, 2020 due to a change in the Fund’s subadviser and associated repositioning. | |
| |
REAL ESTATE SECURITIES FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 27.25 | | | $ | 20.57 | | | $ | 21.47 | | | $ | 19.99 | | | $ | 18.95 | | | $ | 18.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.31 | | | | 0.41 | | | | 0.43 | | | | 0.39 | | | | 0.32 | | | | 0.26 | |
Net realized and unrealized gain (loss) on investment transactions | | | (3.87 | ) | | | 6.27 | | | | (1.33 | ) | | | 1.09 | | | | 0.72 | | | | 0.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (3.56 | ) | | | 6.68 | | | | (0.90 | ) | | | 1.48 | | | | 1.04 | | | | 0.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 23.69 | | | $ | 27.25 | | | $ | 20.57 | | | $ | 21.47 | | | $ | 19.99 | | | $ | 18.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (13.07% | )# | | | 32.47% | | | | (4.19% | ) | | | 7.40% | | | | 5.49% | | | | 5.22% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 112,117 | | | $ | 133,068 | | | $ | 114,366 | | | $ | 137,842 | | | $ | 137,257 | | | $ | 137,644 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.97% | * | | | 0.96% | | | | 0.96% | | | | 0.95% | | | | 0.95% | | | | 0.97% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.54% | * | | | 1.64% | | | | 2.05% | | | | 1.86% | | | | 1.65% | | | | 1.42% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 38% | | | | 74% | | | | 66% | | | | 75% | | | | 81% | | | | 61% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
188
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 21.41 | | | $ | 17.37 | | | $ | 19.20 | | | $ | 15.99 | | | $ | 14.88 | | | $ | 15.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (2.10 | ) | | | 4.10 | | | | (1.77 | ) | | | 3.26 | | | | 1.16 | | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (2.13 | ) | | | 4.04 | | | | (1.83 | ) | | | 3.21 | | | | 1.11 | | | | (0.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.28 | | | $ | 21.41 | | | $ | 17.37 | | | $ | 19.20 | | | $ | 15.99 | | | $ | 14.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (9.95% | )# | | | 23.26% | | | | (9.53% | ) | | | 20.08% | | | | 7.46% | | | | (1.59% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 62,183 | | | $ | 72,017 | | | $ | 64,604 | | | $ | 75,079 | | | $ | 61,867 | | | $ | 61,119 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.34% | * | | | 0.33% | | | | 0.32% | | | | 0.31% | | | | 0.32% | | | | 0.34% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.33% | )* | | | (0.33% | ) | | | (0.32% | ) | | | (0.31% | ) | | | (0.32% | ) | | | (0.34% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10% | | | | 14% | | | | 19% | | | | 20% | | | | 20% | | | | 24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. | |
| |
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 22.06 | | | $ | 18.12 | | | $ | 19.66 | | | $ | 16.72 | | | $ | 15.55 | | | $ | 15.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (1.76 | ) | | | 4.00 | | | | (1.48 | ) | | | 2.99 | | | | 1.22 | | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (1.79 | ) | | | 3.94 | | | | (1.54 | ) | | | 2.94 | | | | 1.17 | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.27 | | | $ | 22.06 | | | $ | 18.12 | | | $ | 19.66 | | | $ | 16.72 | | | $ | 15.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (8.11% | )# | | | 21.75% | | | | (7.83% | ) | | | 17.58% | | | | 7.52% | | | | (1.14% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 200,707 | | | $ | 232,308 | | | $ | 217,918 | | | $ | 266,699 | | | $ | 230,243 | | | $ | 238,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.30% | * | | | 0.30% | | | | 0.30% | | | | 0.29% | | | | 0.30% | | | | 0.32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.30% | )* | | | (0.29% | ) | | | (0.29% | ) | | | (0.29% | ) | | | (0.30% | ) | | | (0.32% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10% | | | | 12% | | | | 14% | | | | 16% | | | | 14% | | | | 20% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 19.55 | | | $ | 16.48 | | | $ | 17.51 | | | $ | 15.36 | | | $ | 14.36 | | | $ | 14.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (0.87 | ) | | | 3.12 | | | | (0.98 | ) | | | 2.20 | | | | 1.04 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.90 | ) | | | 3.07 | | | | (1.03 | ) | | | 2.15 | | | | 1.00 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.65 | | | $ | 19.55 | | | $ | 16.48 | | | $ | 17.51 | | | $ | 15.36 | | | $ | 14.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (4.60% | )# | | | 18.63% | | | | (5.88% | ) | | | 14.00% | | | | 6.96% | | | | (0.55% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 266,983 | | | $ | 298,115 | | | $ | 291,618 | | | $ | 342,656 | | | $ | 332,347 | | | $ | 342,152 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.30% | * | | | 0.30% | | | | 0.29% | | | | 0.29% | | | | 0.29% | | | | 0.32% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.30% | )* | | | (0.30% | ) | | | (0.29% | ) | | | (0.29% | ) | | | (0.29% | ) | | | (0.32% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11% | | | | 9% | | | | 14% | | | | 12% | | | | 12% | | | | 17% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
# Non-annualized. * Annualized. 1 The net investment income (loss) per share was calculated using the average shares outstanding method. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. | |
| |
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 17.58 | | | $ | 15.31 | | | $ | 15.86 | | | $ | 14.42 | | | $ | 13.60 | | | $ | 13.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | (0.34 | ) | | | 2.32 | | | | (0.50 | ) | | | 1.49 | | | | 0.86 | | | | 0.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.37 | ) | | | 2.27 | | | | (0.55 | ) | | | 1.44 | | | | 0.82 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.21 | | | $ | 17.58 | | | $ | 15.31 | | | $ | 15.86 | | | $ | 14.42 | | | $ | 13.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (2.10% | )# | | | 14.83% | | | | (3.47% | ) | | | 9.99% | | | | 6.03% | | | | (0.22% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 86,957 | | | $ | 93,947 | | | $ | 88,927 | | | $ | 98,414 | | | $ | 97,741 | | | $ | 102,101 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.32% | * | | | 0.32% | | | | 0.31% | | | | 0.30% | | | | 0.30% | | | | 0.33% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.31% | )* | | | (0.31% | ) | | | (0.30% | ) | | | (0.30% | ) | | | (0.30% | ) | | | (0.33% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14% | | | | 13% | | | | 17% | | | | 15% | | | | 15% | | | | 23% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
190
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/20
(Unaudited) | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Net asset value, beginning of period | | $ | 15.51 | | | $ | 13.99 | | | $ | 14.18 | | | $ | 13.33 | | | $ | 12.73 | | | $ | 12.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.02 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.14 | | | | 1.57 | | | | (0.15 | ) | | | 0.89 | | | | 0.64 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.12 | | | | 1.52 | | | | (0.19 | ) | | | 0.85 | | | | 0.60 | | | | 0.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.63 | | | $ | 15.51 | | | $ | 13.99 | | | $ | 14.18 | | | $ | 13.33 | | | $ | 12.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 0.77% | # | | | 10.87% | | | | (1.34% | ) | | | 6.38% | | | | 4.71% | | | | 0.08% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 57,328 | | | $ | 59,832 | | | $ | 57,092 | | | $ | 58,659 | | | $ | 56,092 | | | $ | 61,217 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.34% | * | | | 0.34% | | | | 0.33% | | | | 0.32% | | | | 0.31% | | | | 0.34% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.32% | )* | | | (0.31% | ) | | | (0.31% | ) | | | (0.31% | ) | | | (0.31% | ) | | | (0.34% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 13% | | | | 18% | | | | 23% | | | | 23% | | | | 26% | | | | 24% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
191
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (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.
192
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (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
193
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (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) |
Significant Level 3 items at June 30, 2020 consist of $33,280,293, $5,659,989 and $4,276,689 of equities in the Flexibly Managed Fund, Large Growth Stock Fund and Emering Market Equity Fund, respectively 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. For certain loan agreements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 all securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the Fund is subject to nonperformance by the counterparty.
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SECURITY TRANSACTIONS, INVESTMENT INCOMEAND EXPENSES — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums are accreted and amortized using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date 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, 2019 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, 2019, 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.
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, High Yield 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.
Each of the Funds pay PMAM, on a monthly basis, an advisory fee accrued daily 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. |
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| | | | |
Fund | | Sub-Adviser | | Investment Advisory Fees (As a Percentage of the
Average Daily
Net Assets of the Fund) |
| 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 | | 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. |
| 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 | | Morgan Stanley Investment Management Inc. | | 0.60% |
| Large Cap Value Fund | | AllianceBernstein, 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 | | Janus Capital Management LLC | | 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. | | 0.69% |
| SMID Cap Growth Fund | | Goldman Sachs Asset Management, LP | | 0.75% |
| SMID Cap Value Fund | | AllianceBernstein, LP | | 0.84% |
| 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% |
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| | | | |
Fund | | Sub-Adviser | | Investment Advisory Fees (As a Percentage of the
Average Daily
Net Assets of the Fund) |
| International Equity Fund* | | Vontobel Asset Management, Inc. | | 0.83% of the first $227,000,000;
0.63% over $227,000,000. |
| Emerging Markets Equity Fund** | | Vontobel Asset Management, Inc. | | 0.87% |
| 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. |
* Effective May 1, 2020. Prior to May 1, 2020, the Fund’s Investment Advisory Fee was 0.83% of the first $227,000,000 and 0.75% over $227,000,000.
** Effective May 1, 2020. Prior to May 1, 2020, the Fund’s Investment Advisory Fee was 0.92% on the average daily net assets of the Fund.
For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a sub-advisory fee.
Administrative and Corporate, Co-Administrative and Shareholder Services
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. These fees are accrued daily.
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 accrued daily 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 is 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
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$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, if 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:
| | | | | | | | | | |
Fund | | Expense Limitation | | | Fund | | Expense Limitation | |
| Money Market Fund | | | 0.64% | | | SMID Cap Growth Fund | | | 1.07% | |
| Limited Maturity Bond Fund | | | 0.74% | | | SMID Cap Value Fund | | | 1.26% | |
| Quality Bond Fund | | | 0.73% | | | Small Cap Growth Fund | | | 1.13% | |
| High Yield Bond Fund | | | 0.92% | | | Small Cap Value Fund | | | 1.02% | |
| Flexibly Managed Fund | | | 0.94% | | | Small Cap Index Fund | | | 0.74% | |
| Balanced Fund | | | 0.79% | | | Developed International Index Fund | | | 0.94% | |
| Large Growth Stock Fund | | | 1.02% | | | International Equity Fund | | | 1.20% | |
| Large Cap Growth Fund | | | 0.89% | | | Emerging Markets Equity Fund | | | 1.78% | |
| Large Core Growth Fund | | | 0.90% | | | Real Estate Securities Fund | | | 1.02% | |
| Large Cap Value Fund | | | 0.96% | | | Aggressive Allocation Fund* | | | 0.40% | |
| Large Core Value Fund | | | 0.96% | | | Moderately Aggressive Allocation Fund* | | | 0.34% | |
| Index 500 Fund | | | 0.42% | | | Moderate Allocation Fund* | | | 0.34% | |
| Mid Cap Growth Fund | | | 1.00% | | | Moderately Conservative Allocation Fund* | | | 0.35% | |
| Mid Cap Value Fund | | | 0.83% | | | Conservative Allocation Fund* | | | 0.38% | |
| Mid Core Value Fund | | | 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.
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Notes to Financial Statements — June 30, 2020 (Unaudited)
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.
Total fees of $275,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2020. 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, 2020 are as follows:
| | | | |
| Money Market Fund | | $ | 4,620,461 | |
| Limited Maturity Bond Fund | | | 65,666,080 | |
| Quality Bond Fund | | | 53,511,681 | |
| Large Growth Stock Fund | | | 19,642,780 | |
| Large Core Value Fund | | | 21,201,497 | |
| Index 500 Fund | | | 17,054,066 | |
| SMID Cap Growth Fund | | | 3,624,662 | |
| SMID Cap Value Fund | | | 3,201,419 | |
| Small Cap Index Fund | | | 3,115,215 | |
| Developed International Index Fund | | | 3,410,254 | |
| International Equity Fund | | | 5,718,267 | |
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, 2020 were as follows:
| | | | |
| SMID Cap Growth Fund | | $ | 2,756 | |
| Small Cap Value Fund | | | 16,328 | |
Cross trades for the six months ended June 30, 2020, were executed by the Funds pursuant to procedures adopted by the Board of Directors designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board of Directors review such transactions for compliance with the procedures adopted by the Board of Directors. Pursuant to these procedures, for the six months ended June 30, 2020, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gain (loss) as follows:
| | | | | | | | | | | | |
| | | Purchases | | | Sales | | | Gain (Loss) | |
| Flexibly Managed Fund | | $ | 6,721,879 | | | $ | 10,463,434 | | | $ | (272,678 | ) |
| Large Cap Growth Fund | | | 192,709 | | | | — | | | | — | |
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Notes to Financial Statements — June 30, 2020 (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 six months ended June 30, 2020 as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balanced Fund | | Total Value at
12/31/19 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
6/30/20 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 59.9% | | | | | | | | | | | | | | | | | | | | | | | | | |
| Penn Series Index 500 Fund* | | $ | 49,001,759 | | | $ | 4,164,770 | | | $ | 5,095,228 | | | $ | 3,547,900 | | | $ | (4,680,851 | ) | | $ | 46,938,350 | | | | 1,773,266 | | | $ | — | |
Affiliated Fixed Income Funds — 39.8% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Quality Bond Fund* | | | 31,970,061 | | | | 2,680,982 | | | | 5,172,977 | | | | 1,856,670 | | | | (183,942 | ) | | | 31,150,794 | | | | 1,842,152 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 80,971,820 | | | $ | 6,845,752 | | | $ | 10,268,205 | | | $ | 5,404,570 | | | $ | (4,864,793 | ) | | $ | 78,089,144 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Non-income producing security.
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Notes to Financial Statements — June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Aggressive Allocation Fund | | Total Value at
12/31/19 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
6/30/20 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 57.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 2,144,523 | | | $ | 48,548 | | | $ | 320,498 | | | $ | 108,807 | | | $ | (132,446 | ) | | $ | 1,848,934 | | | | 28,301 | | | $ | — | |
Penn Series Index 500 Fund* | | | 3,607,020 | | | | 2,793,244 | | | | 300,180 | | | | 208,228 | | | | (65,135 | ) | | | 6,243,177 | | | | 235,859 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 2,157,581 | | | | 40,848 | | | | 273,516 | | | | 117,955 | | | | (157,562 | ) | | | 1,885,306 | | | | 76,112 | | | | — | |
Penn Series Large Cap Value Fund* | | | 6,452,334 | | | | 252,465 | | | | 797,812 | | | | 318,041 | | | | (1,344,047 | ) | | | 4,880,981 | | | | 180,243 | | | | — | |
Penn Series Large Core Value Fund* | | | 6,443,737 | | | | 323,255 | | | | 936,309 | | | | 255,069 | | | | (1,239,534 | ) | | | 4,846,218 | | | | 255,467 | | | | — | |
Penn Series Large Growth Stock Fund* | | | 724,920 | | | | 13,616 | | | | 152,137 | | | | 66,584 | | | | (19,271 | ) | | | 633,712 | | | | 11,192 | | | | — | |
Penn Series Mid Cap Growth Fund* | | | 1,442,281 | | | | 27,232 | | | | 355,203 | | | | 166,755 | | | | (17,178 | ) | | | 1,263,887 | | | | 42,989 | | | | — | |
Penn Series Mid Cap Value Fund* | | | 1,447,626 | | | | 225,946 | | | | 86,109 | | | | (1,268 | ) | | | (376,956 | ) | | | 1,209,239 | | | | 63,113 | | | | — | |
Penn Series Mid Core Value Fund* | | | 5,026,504 | | | | 337,700 | | | | 301,381 | | | | 68,704 | | | | (852,118 | ) | | | 4,279,409 | | | | 189,858 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 2,201,429 | | | | 180,314 | | | | 303,327 | | | | 99,668 | | | | (385,636 | ) | | | 1,792,448 | | | | 75,663 | | | | — | |
Penn Series Small Cap Growth Fund* | | | 2,151,232 | | | | 132,958 | | | | 315,778 | | | | 115,614 | | | | (196,373 | ) | | | 1,887,653 | | | | 41,735 | | | | — | |
Penn Series Small Cap Value Fund* | | | 1,443,792 | | | | 206,010 | | | | 86,108 | | | | 8,953 | | | | (339,687 | ) | | | 1,232,960 | | | | 41,430 | | | | — | |
Penn Series SMID Cap Growth Fund* | | | 1,433,571 | | | | 27,232 | | | | 330,195 | | | | 149,481 | | | | (8,085 | ) | | | 1,272,004 | | | | 33,160 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 5,035,220 | | | | 108,443 | | | | 1,376,632 | | | | 81,348 | | | | (1,405,564 | ) | | | 2,442,815 | | | | 114,364 | | | | — | |
Affiliated Fixed Income Funds — 9.0% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 1,425,363 | | | | 92,447 | | | | 254,464 | | | | 37,888 | | | | (72,101 | ) | | | 1,229,133 | | | | 84,015 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 4,959,730 | | | | 500,511 | | | | 1,198,320 | | | | 77,223 | | | | (3,173 | ) | | | 4,335,971 | | | | 331,243 | | | | — | |
Affiliated International Equity Funds — 33.3% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 8,576,016 | | | | 574,311 | | | | 847,161 | | | | 233,797 | | | | (1,081,321 | ) | | | 7,455,642 | | | | 565,250 | | | | — | |
Penn Series Emerging Markets Equity Fund* | | | 6,520,803 | | | | 435,369 | | | | 392,383 | | | | 70,944 | | | | (924,462 | ) | | | 5,710,271 | | | | 487,641 | | | | — | |
Penn Series International Equity Fund* | | | 8,618,417 | | | | 163,391 | | | | 800,163 | | | | 249,618 | | | | (705,548 | ) | | | 7,525,715 | | | | 233,645 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 71,812,099 | | | $ | 6,483,840 | | | $ | 9,427,676 | | | $ | 2,433,409 | | | $ | (9,326,197 | ) | | $ | 61,975,475 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Non-income producing security.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Aggressive Allocation Fund | | Total Value at
12/31/19 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
6/30/20 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 56.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 13,830,353 | | | $ | 185,575 | | | $ | 1,958,428 | | | $ | 1,079,327 | | | $ | (1,214,596 | ) | | $ | 11,922,231 | | | | 182,492 | | | $ | — | |
Penn Series Index 500 Fund* | | | 11,631,878 | | | | 7,266,231 | | | | 985,321 | | | | 694,428 | | | | (491,923 | ) | | | 18,115,293 | | | | 684,371 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 6,957,535 | | | | 92,787 | | | | 858,991 | | | | 486,933 | | | | (600,260 | ) | | | 6,078,004 | | | | 245,378 | | | | — | |
Penn Series Large Cap Value Fund* | | | 20,806,664 | | | | 1,164,955 | | | | 2,977,484 | | | | 1,592,972 | | | | (4,848,590 | ) | | | 15,738,517 | | | | 581,186 | | | | — | |
Penn Series Large Core Value Fund* | | | 20,778,742 | | | | 1,382,088 | | | | 3,422,681 | | | | 991,865 | | | | (4,102,710 | ) | | | 15,627,304 | | | | 823,790 | | | | — | |
Penn Series Large Growth Stock Fund* | | | 2,337,825 | | | | 30,929 | | | | 483,141 | | | | 215,696 | | | | (58,440 | ) | | | 2,042,869 | | | | 36,080 | | | | — | |
Penn Series Mid Cap Growth Fund* | | | 4,651,175 | | | | 61,859 | | | | 1,130,642 | | | | 539,321 | | | | (47,136 | ) | | | 4,074,577 | | | | 138,591 | | | | — | |
Penn Series Mid Cap Value Fund* | | | 2,334,274 | | | | 379,219 | | | | 164,137 | | | | (14,708 | ) | | | (584,914 | ) | | | 1,949,734 | | | | 101,761 | | | | — | |
Penn Series Mid Core Value Fund* | | | 13,893,322 | | | | 1,135,886 | | | | 1,082,395 | | | | 309,307 | | | | (2,428,256 | ) | | | 11,827,864 | | | | 524,750 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 7,099,193 | | | | 487,326 | | | | 892,827 | | | | 415,648 | | | | (1,328,718 | ) | | | 5,780,622 | | | | 244,011 | | | | — | |
Penn Series Small Cap Growth Fund* | | | 4,624,797 | | | | 359,424 | | | | 767,096 | | | | 311,339 | | | | (471,430 | ) | | | 4,057,034 | | | | 89,698 | | | | — | |
Penn Series Small Cap Index Fund* | | | 2,324,622 | | | | 260,463 | | | | 304,468 | | | | 75,428 | | | | (334,865 | ) | | | 2,021,180 | | | | 92,291 | | | | — | |
Penn Series Small Cap Value Fund* | | | 4,656,163 | | | | 695,619 | | | | 328,275 | | | | 187,795 | | | | (1,235,503 | ) | | | 3,975,799 | | | | 133,595 | | | | — | |
Penn Series SMID Cap Growth Fund* | | | 2,311,431 | | | | 30,929 | | | | 524,949 | | | | 205,223 | | | | 27,622 | | | | 2,050,256 | | | | 53,448 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 13,917,895 | | | | 185,359 | | | | 2,715,680 | | | | (25,688 | ) | | | (3,484,589 | ) | | | 7,877,297 | | | | 368,787 | | | | — | |
Affiliated Fixed Income Funds — 17.9% | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 4,596,082 | | | | 229,035 | | | | 754,506 | | | | 160,310 | | | | (268,407 | ) | | | 3,962,514 | | | | 270,849 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 25,129,800 | | | | 2,138,026 | | | | 5,672,299 | | | | 422,673 | | | | (52,784 | ) | | | 21,965,416 | | | | 1,678,030 | | | | — | |
Penn Series Quality Bond Fund* | | | 11,383,316 | | | | 876,096 | | | | 2,801,116 | | | | 499,212 | | | | 61,629 | | | | 10,019,137 | | | | 592,498 | | | | — | |
Affiliated International Equity Funds — 25.2% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 20,740,421 | | | | 1,727,455 | | | | 2,462,868 | | | | 691,737 | | | | (2,669,866 | ) | | | 18,026,879 | | | | 1,366,708 | | | | — | |
Penn Series Emerging Markets Equity Fund* | | | 14,019,467 | | | | 1,040,443 | | | | 984,825 | | | | 61,036 | | | | (1,865,298 | ) | | | 12,270,823 | | | | 1,047,893 | | | | — | |
Penn Series International Equity Fund* | | | 23,159,513 | | | | 492,507 | | | | 2,270,907 | | | | 953,541 | | | | (2,117,752 | ) | | | 20,216,902 | | | | 627,659 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 231,184,468 | | | $ | 20,222,211 | | | $ | 33,543,036 | | | $ | 9,853,395 | | | $ | (28,116,786 | ) | | $ | 199,600,252 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Non-income producing security.
202
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderate
Allocation Fund | | Total Value at
12/31/19 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
6/30/20 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 44.8% | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 17,902,516 | | | $ | 121,653 | | | $ | 1,964,718 | | | $ | 1,107,812 | | | $ | (1,231,195 | ) | | $ | 15,936,068 | | | | 243,932 | | | $ | — | |
Penn Series Index 500 Fund* | | | 12,045,036 | | | | 10,049,170 | | | | 1,010,427 | | | | 705,293 | | | | (265,042 | ) | | | 21,524,030 | | | | 813,148 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 6,003,946 | | | | 101,280 | | | | 611,569 | | | | 223,007 | | | | (300,454 | ) | | | 5,416,210 | | | | 218,660 | | | | — | |
Penn Series Large Cap Value Fund* | | | 17,955,045 | | | | 1,653,462 | | | | 3,658,107 | | | | 1,619,591 | | | | (4,421,488 | ) | | | 13,148,503 | | | | 485,543 | | | | — | |
Penn Series Large Core Value Fund* | | | 17,931,038 | | | | 1,844,968 | | | | 4,063,245 | | | | 1,152,968 | | | | (3,809,916 | ) | | | 13,055,813 | | | | 688,235 | | | | — | |
Penn Series Large Growth Stock Fund* | | | 3,026,001 | | | | 20,275 | | | | 540,516 | | | | 409,005 | | | | (184,109 | ) | | | 2,730,656 | | | | 48,228 | | | | — | |
Penn Series Mid Cap Growth Fund* | | | 6,020,391 | | | | 228,449 | | | | 1,504,627 | | | | 727,645 | | | | (25,487 | ) | | | 5,446,371 | | | | 185,251 | | | | — | |
Penn Series Mid Core Value Fund* | | | 20,980,932 | | | | 2,477,603 | | | | 1,837,410 | | | | 481,897 | | | | (3,657,591 | ) | | | 18,445,431 | | | | 818,342 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 6,125,947 | | | | 312,413 | | | | 483,945 | | | | 293,329 | | | | (1,096,294 | ) | | | 5,151,450 | | | | 217,453 | | | | — | |
Penn Series Small Cap Growth Fund* | | | 2,993,136 | | | | 341,990 | | | | 538,718 | | | | 333,250 | | | | (418,199 | ) | | | 2,711,459 | | | | 59,948 | | | | — | |
Penn Series Small Cap Index Fund* | | | 3,008,884 | | | | 447,295 | | | | 430,580 | | | | 127,852 | | | | (451,741 | ) | | | 2,701,710 | | | | 123,366 | | | | — | |
Penn Series Small Cap Value Fund* | | | 6,026,729 | | | | 1,082,371 | | | | 435,387 | | | | 66,261 | | | | (1,425,442 | ) | | | 5,314,532 | | | | 178,580 | | | | — | |
Penn Series SMID Cap Growth Fund* | | | 2,991,902 | | | | 116,589 | | | | 700,073 | | | | 278,530 | | | | 53,552 | | | | 2,740,500 | | | | 71,442 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 12,010,168 | | | | 48,331 | | | | 3,607,830 | | | | (221,110 | ) | | | (2,964,676 | ) | | | 5,264,883 | | | | 246,483 | | | | — | |
Affiliated Fixed Income Funds — 38.0% | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 8,924,078 | | | | 261,113 | | | | 1,041,908 | | | | 327,003 | | | | (525,679 | ) | | | 7,944,607 | | | | 543,035 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 44,359,363 | | | | 2,933,082 | | | | 7,929,752 | | | | 606,976 | | | | 65,916 | | | | 40,035,585 | | | | 3,058,486 | | | | — | |
Penn Series Quality Bond Fund* | | | 58,942,961 | | | | 3,380,007 | | | | 11,741,223 | | | | 2,530,804 | | | | 454,300 | | | | 53,566,849 | | | | 3,167,762 | | | | — | |
Affiliated International Equity Funds — 17.2% | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 14,915,198 | | | | 1,787,457 | | | | 1,953,572 | | | | 668,915 | | | | (2,031,691 | ) | | | 13,386,307 | | | | 1,014,883 | | | | — | |
Penn Series Emerging Markets Equity Fund* | | | 15,122,101 | | | | 1,469,107 | | | | 973,442 | | | | 154,782 | | | | (2,104,720 | ) | | | 13,667,828 | | | | 1,167,193 | | | | — | |
Penn Series International Equity Fund* | | | 20,984,824 | | | | 1,198,566 | | | | 2,289,403 | | | | 1,066,797 | | | | (2,045,198 | ) | | | 18,915,586 | | | | 587,258 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 298,270,196 | | | $ | 29,875,181 | | | $ | 47,316,452 | | | $ | 12,660,607 | | | $ | (26,385,154 | ) | | $ | 267,104,378 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Non-income producing security.
203
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Conservative Allocation Fund | | Total Value at
12/31/19 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
6/30/20 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 32.5% | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 7,502,879 | | | $ | 470,907 | | | $ | 1,065,716 | | | $ | 664,381 | | | $ | (688,974 | ) | | $ | 6,883,477 | | | | 105,365 | | | $ | — | |
Penn Series Index 500 Fund* | | | 2,839,542 | | | | 2,670,306 | | | | 351,560 | | | | 224,533 | | | | (153,133 | ) | | | 5,229,688 | | | | 197,570 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 1,887,180 | | | | 182,195 | | | | 299,036 | | | | 94,608 | | | | (110,270 | ) | | | 1,754,677 | | | | 70,839 | | | | — | |
Penn Series Large Cap Value Fund* | | | 5,643,688 | | | | 974,893 | | | | 1,476,267 | | | | 294,298 | | | | (1,177,339 | ) | | | 4,259,273 | | | | 157,285 | | | | — | |
Penn Series Large Core Value Fund* | | | 5,636,148 | | | | 1,038,547 | | | | 1,611,958 | | | | 332,096 | | | | (1,165,813 | ) | | | 4,229,020 | | | | 222,932 | | | | — | |
Penn Series Mid Core Value Fund* | | | 2,826,357 | | | | 564,549 | | | | 404,555 | | | | 96,332 | | | | (521,955 | ) | | | 2,560,728 | | | | 113,608 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 1,925,538 | | | | 181,601 | | | | 180,002 | | | | 101,352 | | | | (359,995 | ) | | | 1,668,494 | | | | 70,430 | | | | — | |
Penn Series Small Cap Value Fund* | | | 947,188 | | | | 248,250 | | | | 120,156 | | | | 12,901 | | | | (227,435 | ) | | | 860,748 | | | | 28,923 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 1,887,557 | | | | 60,082 | | | | 587,182 | | | | (124,696 | ) | | | (383,059 | ) | | | 852,702 | | | | 39,921 | | | | — | |
Affiliated Fixed Income Funds — 56.8% | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 2,805,035 | | | | 123,725 | | | | 296,208 | | | | 112,051 | | | | (170,756 | ) | | | 2,573,847 | | | | 175,929 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 23,238,329 | | | | 1,942,832 | | | | 3,931,053 | | | | 445,917 | | | | (77,872 | ) | | | 21,618,153 | | | | 1,651,501 | | | | — | |
Penn Series Quality Bond Fund* | | | 26,863,938 | | | | 1,997,483 | | | | 5,099,819 | | | | 1,134,703 | | | | 268,635 | | | | 25,164,940 | | | | 1,488,169 | | | | — | |
Affiliated International Equity Funds — 10.1% | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 2,812,867 | | | | 566,872 | | | | 535,048 | | | | 172,330 | | | | (414,919 | ) | | | 2,602,102 | | | | 197,278 | | | | — | |
Penn Series Emerging Markets Equity Fund* | | | 1,901,327 | | | | 294,694 | | | | 180,002 | | | | 147 | | | | (244,784 | ) | | | 1,771,382 | | | | 151,271 | | | | — | |
Penn Series International Equity Fund* | | | 4,711,408 | | | | 648,450 | | | | 783,534 | | | | 194,551 | | | | (393,360 | ) | | | 4,377,515 | | | | 135,905 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 93,428,981 | | | $ | 11,965,386 | | | $ | 16,922,096 | | | $ | 3,755,504 | | | $ | (5,821,029 | ) | | $ | 86,406,746 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Non-income producing security.
204
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conservative
Allocation Fund | | Total Value at
12/31/19 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
6/30/20 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 19.5% | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 4,758,720 | | | $ | 545,603 | | | $ | 841,432 | | | $ | 307,068 | | | $ | (279,268 | ) | | $ | 4,490,691 | | | | 68,739 | | | $ | — | |
Penn Series Index 500 Fund* | | | 600,339 | | | | 1,689,787 | | | | 103,272 | | | | (7,273 | ) | | | 94,874 | | | | 2,274,455 | | | | 85,926 | | | | — | |
Penn Series Large Cap Value Fund* | | | 1,789,751 | | | | 397,745 | | | | 818,185 | | | | (42,759 | ) | | | (214,990 | ) | | | 1,111,562 | | | | 41,047 | | | | — | |
Penn Series Large Core Value Fund* | | | 2,383,156 | | | | 555,270 | | | | 962,962 | | | | 113,022 | | | | (432,882 | ) | | | 1,655,604 | | | | 87,275 | | | | — | |
Penn Series Mid Core Value Fund* | | | 1,195,070 | | | | 296,089 | | | | 212,856 | | | | 55,311 | | | | (219,788 | ) | | | 1,113,826 | | | | 49,416 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 610,637 | | | | 77,146 | | | | 66,679 | | | | 10,323 | | | | (87,038 | ) | | | 544,389 | | | | 22,980 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 598,587 | | | | 14,451 | | | | 435,136 | | | | (148,299 | ) | | | (29,603 | ) | | | — | | | | — | | | | — | |
Affiliated Fixed Income Funds — 75.9% | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 1,779,107 | | | | 155,812 | | | | 227,557 | | | | 57,421 | | | | (85,714 | ) | | | 1,679,069 | | | | 114,769 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 20,634,913 | | | | 1,744,550 | | | | 2,982,481 | | | | 230,900 | | | | 115,221 | | | | 19,743,103 | | | | 1,508,258 | | | | — | |
Penn Series Quality Bond Fund* | | | 22,914,494 | | | | 1,713,768 | | | | 3,768,747 | | | | 781,679 | | | | 434,819 | | | | 22,076,013 | | | | 1,305,500 | | | | — | |
Affiliated International Equity Funds — 3.0% | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 1,189,390 | | | | 297,628 | | | | 268,402 | | | | 40,759 | | | | (127,736 | ) | | | 1,131,639 | | | | 85,795 | | | | — | |
Penn Series International Equity Fund* | | | 597,640 | | | | 111,959 | | | | 120,317 | | | | 31,392 | | | | (49,585 | ) | | | 571,089 | | | | 17,730 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 59,051,804 | | | $ | 7,599,808 | | | $ | 10,808,026 | | | $ | 1,429,544 | | | | (881,690 | ) | | $ | 56,391,440 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Non-income producing security.
5 — PURCHASESAND SALESOF SECURITIES
During the six months ended June 30, 2020, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:
| | | | | | | | | | | | | | | | |
| | | U.S. Government Securities | | | Other Investment Securities | |
| | | Purchases | | | Sales | | | Purchases | | | Sales | |
| Limited Maturity Bond Fund | | $ | 15,731,749 | | | $ | 19,423,867 | | | $ | 117,042,032 | | | $ | 114,334,793 | |
| Quality Bond Fund | | | 65,394,288 | | | | 69,677,480 | | | | 157,068,478 | | | | 152,671,409 | |
| High Yield Bond Fund | | | — | | | | — | | | | 114,695,286 | | | | 119,123,750 | |
| Flexibly Managed Fund | | | — | | | | — | | | | 2,196,861,564 | | | | 2,191,118,020 | |
| Balanced Fund | | | — | | | | — | | | | 6,845,752 | | | | 10,268,205 | |
| Large Growth Stock Fund | | | — | | | | — | | | | 76,192,651 | | | | 88,834,424 | |
| Large Cap Growth Fund | | | — | | | | — | | | | 13,142,600 | | | | 14,748,136 | |
| Large Core Growth Fund | | | — | | | | — | | | | 55,640,432 | | | | 62,662,508 | |
| Large Cap Value Fund | | | — | | | | — | | | | 56,953,097 | | | | 51,840,733 | |
| Large Core Value Fund | | | — | | | | — | | | | 79,611,227 | | | | 87,230,852 | |
| Index 500 Fund | | | — | | | | — | | | | 34,410,288 | | | | 13,409,918 | |
205
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | U.S. Government Securities | | | Other Investment Securities | |
| | | Purchases | | | Sales | | | Purchases | | | Sales | |
| Mid Cap Growth Fund | | $ | — | | | $ | — | | | $ | 21,561,085 | | | $ | 24,183,620 | |
| Mid Cap Value Fund | | | — | | | | — | | | | 89,910,434 | | | | 94,846,603 | |
| Mid Core Value Fund | | | — | | | | — | | | | 39,836,960 | | | | 38,887,553 | |
| SMID Cap Growth Fund | | | — | | | | — | | | | 34,609,471 | | | | 37,011,719 | |
| SMID Cap Value Fund | | | — | | | | — | | | | 17,203,430 | | | | 26,312,362 | |
| Small Cap Growth Fund | | | — | | | | — | | | | 16,659,496 | | | | 14,995,250 | |
| Small Cap Value Fund | | | — | | | | — | | | | 88,951,996 | | | | 95,029,174 | |
| Small Cap Index Fund | | | — | | | | — | | | | 10,180,538 | | | | 10,751,569 | |
| Developed International Index Fund | | | — | | | | — | | | | 2,908,163 | | | | 6,563,543 | |
| International Equity Fund | | | — | | | | — | | | | 124,889,338 | | | | 138,108,135 | |
| Emerging Markets Fund | | | — | | | | — | | | | 112,087,544 | | | | 117,076,032 | |
| Real Estate Securities Fund | | | — | | | | — | | | | 43,933,394 | | | | 44,786,982 | |
| Aggressive Allocation Fund | | | — | | | | — | | | | 6,483,840 | | | | 9,427,676 | |
| Moderately Aggressive Allocation Fund | | | — | | | | — | | | | 20,222,211 | | | | 33,543,036 | |
| Moderate Allocation Fund | | | — | | | | — | | | | 29,875,181 | | | | 47,316,452 | |
| Moderately Conservative Allocation Fund | | | — | | | | — | | | | 11,965,386 | | | | 16,922,096 | |
| Conservative Allocation Fund | | | — | | | | — | | | | 7,599,808 | | | | 10,808,026 | |
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, 2019, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.
On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:
The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.
The Act provides that a 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
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period that the differences arise. Accordingly, the following permanent differences as of December 31, 2019, primarily attributable to consent dividends, were reclassed between the following accounts:
| | | | | | | | |
| | | Total
distributable
earnings
(loss) | | | Increase
(Decrease)
Paid-in Capital | |
| Money Market Fund | | $ | 3,205 | | | $ | (3,205) | |
| Limited Maturity Bond Fund | | | (7,466,688 | ) | | | 7,466,688 | |
| Quality Bond Fund | | | (17,049,735 | ) | | | 17,049,735 | |
| High Yield Bond Fund | | | (7,655,189 | ) | | | 7,655,189 | |
| Flexibly Managed Fund | | | (419,911,595 | ) | | | 419,911,595 | |
| Balanced Fund | | | (7,605,682 | ) | | | 7,605,682 | |
| Large Growth Stock Fund | | | (25,128,547 | ) | | | 25,128,547 | |
| Large Cap Growth Fund | | | (8,252,598 | ) | | | 8,252,598 | |
| Large Core Growth Fund | | | (18,484,469 | ) | | | 18,484,469 | |
| Large Cap Value Fund | | | (3,516,531 | ) | | | 3,516,531 | |
| Large Core Value Fund | | | (16,067,378 | ) | | | 16,067,378 | |
| Index 500 Fund | | | (40,441,447 | ) | | | 40,441,447 | |
| Mid Cap Growth Fund | | | (11,454,170 | ) | | | 11,454,170 | |
| Mid Cap Value Fund | | | (1,655,595 | ) | | | 1,655,595 | |
| Mid Core Value Fund | | | (1,347,550 | ) | | | 1,347,550 | |
| SMID Cap Growth Fund | | | (8,108,219 | ) | | | 8,108,219 | |
| SMID Cap Value Fund | | | (4,705,760 | ) | | | 4,705,760 | |
| Small Cap Growth Fund | | | (5,191,045 | ) | | | 5,191,045 | |
| Small Cap Value Fund | | | (16,462,096 | ) | | | 16,462,096 | |
| Small Cap Index Fund | | | (10,127,438 | ) | | | 10,127,438 | |
| Developed International Index Fund | | | (4,597,837 | ) | | | 4,597,837 | |
| International Equity Fund | | | (21,242,698 | ) | | | 21,242,698 | |
| Emerging Markets Equity Fund | | | (4,423,711 | ) | | | 4,423,711 | |
| Real Estate Securities Fund | | | (20,449,450 | ) | | | 20,449,450 | |
| Aggressive Allocation Fund | | | (5,387,010 | ) | | | 5,387,010 | |
| Moderately Aggressive Allocation Fund | | | (22,396,960 | ) | | | 22,396,960 | |
| Moderate Allocation Fund | | | (26,051,076 | ) | | | 26,051,076 | |
| Moderately Conservative Allocation Fund | | | (5,558,130 | ) | | | 5,558,130 | |
| Conservative Allocation Fund | | | (2,591,500 | ) | | | 2,591,500 | |
These reclassifications had no effect on net assets or net asset value per share.
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Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2019 and 2018 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term Capital Gains | | | Total | |
| | | 2019 | | | 2018 | | | 2019 | | | 2018 | | | 2019 | | | 2018 | |
| Money Market Fund | | $ | 1,635,471 | | | $ | 510,090 | | | $ | — | | | $ | — | | | $ | 1,635,471 | | | $ | 510,090 | |
Limited Maturity Bond Fund | | | 7,466,688 | | | | 6,315,701 | | | | — | | | | — | | | | 7,466,688 | | | | 6,315,701 | |
| Quality Bond Fund | | | 16,119,199 | | | | 13,040,425 | | | | 930,536 | | | | — | | | | 17,049,735 | | | | 13,040,425 | |
| High Yield Bond Fund | | | 7,655,189 | | | | 8,362,253 | | | | — | | | | — | | | | 7,655,189 | | | | 8,362,253 | |
| Flexibly Managed Fund | | | 113,162,273 | | | | 89,066,857 | | | | 306,749,828 | | | | 220,993,192 | | | | 419,912,101 | | | | 310,060,049 | |
| Balanced Fund | | | 1,824,970 | | | | 1,618,911 | | | | 11,045,108 | | | | 10,217,792 | | | | 12,870,078 | | | | 11,836,703 | |
| Large Growth Stock Fund | | | — | | | | — | | | | 25,691,548 | | | | 36,763,217 | | | | 25,691,548 | | | | 36,763,217 | |
| Large Cap Growth Fund | | | 249,533 | | | | 362,647 | | | | 8,003,073 | | | | 5,000,739 | | | | 8,252,606 | | | | 5,363,386 | |
| Large Core Growth Fund | | | 2,050,338 | | | | 1,333,604 | | | | 16,434,131 | | | | 14,727,569 | | | | 18,484,469 | | | | 16,061,173 | |
| Large Cap Value Fund | | | 2,002,810 | | | | 2,815,584 | | | | 1,513,721 | | | | 45,477,072 | | | | 3,516,531 | | | | 48,292,656 | |
| Large Core Value Fund | | | 5,965,127 | | | | 7,011,734 | | | | 10,102,251 | | | | 17,088,617 | | | | 16,067,378 | | | | 24,100,351 | |
| Index 500 Fund | | | 8,049,998 | | | | 7,526,980 | | | | 32,391,449 | | | | 33,820,180 | | | | 40,441,447 | | | | 41,347,160 | |
| Mid Cap Growth Fund | | | 1,247,910 | | | | — | | | | 10,206,138 | | | | 10,785,921 | | | | 11,454,048 | | | | 10,785,921 | |
| Mid Cap Value Fund | | | 1,655,595 | | | | 4,999,980 | | | | — | | | | 15,103,474 | | | | 1,655,595 | | | | 20,103,454 | |
| Mid Core Value Fund | | | 1,347,832 | | | | 2,270,928 | | | | — | | | | 7,880,710 | | | | 1,347,832 | | | | 10,151,638 | |
| SMID Cap Growth Fund | | | 371,139 | | | | 1,006,750 | | | | 7,737,080 | | | | 7,823,839 | | | | 8,108,219 | | | | 8,830,589 | |
| SMID Cap Value Fund | | | 563,622 | | | | 1,362,793 | | | | 4,142,138 | | | | 9,798,966 | | | | 4,705,760 | | | | 11,161,759 | |
| Small Cap Growth Fund | | | — | | | | 873,747 | | | | 5,629,113 | | | | 9,301,326 | | | | 5,629,113 | | | | 10,175,073 | |
| Small Cap Value Fund | | | 1,413,710 | | | | 1,177,178 | | | | 15,048,386 | | | | 21,948,984 | | | | 16,462,096 | | | | 23,126,162 | |
| Small Cap Index Fund | | | 888,792 | | | | 1,036,352 | | | | 9,238,646 | | | | 6,041,328 | | | | 10,127,438 | | | | 7,077,680 | |
Developed International Index Fund | | | 2,879,486 | | | | 2,350,632 | | | | 2,697,215 | | | | 600,324 | | | | 5,576,701 | | | | 2,950,956 | |
| International Equity Fund | | | 1,537,154 | | | | 2,499,808 | | | | 19,705,544 | | | | 41,505,615 | | | | 21,242,698 | | | | 44,005,423 | |
Emerging Markets Equity Fund | | | 810,574 | | | | 1,647,468 | | | | 3,787,263 | | | | 13,091,057 | | | | 4,597,837 | | | | 14,738,525 | |
| Real Estate Securities Fund | | | 6,875,946 | | | | 2,616,827 | | | | 13,573,504 | | | | 4,192,210 | | | | 20,449,450 | | | | 6,809,037 | |
| Aggressive Allocation Fund | | | 948,119 | | | | 1,038,455 | | | | 8,540,457 | | | | 12,328,888 | | | | 9,488,576 | | | | 13,367,343 | |
Moderately Aggressive Allocation Fund | | | 3,679,730 | | | | 3,861,611 | | | | 32,228,790 | | | | 44,887,924 | | | | 35,908,520 | | | | 48,749,535 | |
| Moderate Allocation Fund | | | 5,967,423 | | | | 6,036,319 | | | | 36,041,566 | | | | 46,404,803 | | | | 42,008,989 | | | | 52,441,122 | |
Moderately Conservative Allocation Fund | | | 2,331,930 | | | | 2,086,905 | | | | 7,908,345 | | | | 10,926,807 | | | | 10,240,275 | | | | 13,013,712 | |
Conservative Allocation Fund | | | 1,693,608 | | | | 1,486,148 | | | | 3,485,940 | | | | 4,400,064 | | | | 5,179,548 | | | | 5,886,212 | |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
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Capital loss carryforwards:
At December 31, 2019, 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 | |
| Money Market Fund | | $ | 80 | | | $ | — | |
| High Yield Bond Fund | | | 3,935,768 | | | | 3,425,483 | |
| Mid Cap Value Fund | | | 545,604 | | | | 129,271 | |
| Mid Core Value Fund | | | — | | | | 79,459 | |
During the year ended December 31, 2019, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
| | | | |
| Limited Maturity Bond Fund | | $ | 1,080,342 | |
| Quality Bond Fund | | | 2,999,659 | |
| High Yield Bond Fund | | | 1,295,164 | |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2020:
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Late-Year
Capital Losses | |
| Limited Maturity Bond Fund | | $ | — | | | $ | 407,319 | |
| Quality Bond Fund | | | — | | | | 325,902 | |
| Mid Cap Value Fund | | | — | | | | 1,246,096 | |
| SMID Cap Value Fund | | | — | | | | 1,623,668 | |
| Emerging Markets Equity Fund | | | — | | | | 227,910 | |
Tax cost of securities:
At June 30, 2020, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2020 were as follows:
| | | | | | | | | | | | | | | | |
| | | Federal Tax
Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
Depreciation | |
| Money Market Fund | | $ | 132,965,984 | | | $ | — | | | $ | — | | | $ | — | |
| Limited Maturity Bond Fund | | | 252,478,363 | | | | 3,131,041 | | | | (6,340,498 | ) | | | (3,209,457 | ) |
| Quality Bond Fund | | | 436,807,818 | | | | 19,731,086 | | | | (5,944,749 | ) | | | 13,786,337 | |
| High Yield Bond Fund | | | 144,428,715 | | | | 3,951,146 | | | | (3,258,108 | ) | | | 693,038 | |
| Flexibly Managed Fund | | | 4,072,849,230 | | | | 413,788,496 | | | | (123,896,418 | ) | | | 289,892,078 | |
| Balanced Fund | | | 49,688,764 | | | | 28,865,647 | | | | (436,160 | ) | | | 28,429,487 | |
| Large Growth Stock Fund | | | 231,115,018 | | | | 128,902,184 | | | | (5,626,052 | ) | | | 123,276,132 | |
| Large Cap Growth Fund | | | 42,797,656 | | | | 18,474,452 | | | | (695,284 | ) | | | 17,779,168 | |
| Large Core Growth Fund | | | 114,872,277 | | | | 56,729,389 | | | | (338,787 | ) | | | 56,390,602 | |
| Large Cap Value Fund | | | 158,193,783 | | | | 11,355,814 | | | | (15,044,509 | ) | | | (3,688,695 | ) |
| Large Core Value Fund | | | 155,851,248 | | | | 10,162,805 | | | | (11,155,870 | ) | | | (993,065 | ) |
| Index 500 Fund | | | 250,472,424 | | | | 272,775,632 | | | | (25,070,219 | ) | | | 247,705,413 | |
| Mid Cap Growth Fund | | | 103,279,384 | | | | 63,393,907 | | | | (5,426,853 | ) | | | 57,967,054 | |
| Mid Cap Value Fund | | | 76,819,302 | | | | 6,411,499 | | | | (579,414 | ) | | | 5,832,085 | |
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| | | | | | | | | | | | | | | | |
| | | Federal Tax
Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
Depreciation | |
| Mid Core Value Fund | | $ | 86,401,955 | | | $ | 4,445,822 | | | $ | (7,637,132 | ) | | $ | (3,191,310 | ) |
| SMID Cap Growth Fund | | | 65,393,508 | | | | 14,163,913 | | | | (1,660,328 | ) | | | 12,503,585 | |
| SMID Cap Value Fund | | | 63,627,910 | | | | 4,462,232 | | | | (12,948,654 | ) | | | (8,486,422 | ) |
| Small Cap Growth Fund | | | 80,609,637 | | | | 38,342,682 | | | | (5,160,028 | ) | | | 33,182,654 | |
| Small Cap Value Fund | | | 161,913,437 | | | | 14,393,850 | | | | (23,715,110 | ) | | | (9,321,260 | ) |
| Small Cap Index Fund | | | 58,063,616 | | | | 14,789,424 | | | | (11,259,089 | ) | | | 3,530,335 | |
| Developed International Index Fund | | | 82,071,119 | | | | 26,964,926 | | | | (14,388,484 | ) | | | 12,576,442 | |
| International Equity Fund | | | 252,908,103 | | | | 47,779,197 | | | | (7,769,527 | ) | | | 40,009,670 | |
| Emerging Markets Equity Fund | | | 104,730,306 | | | | 22,184,502 | | | | (1,308,850 | ) | | | 20,875,652 | |
| Real Estate Securities Fund | | | 106,293,914 | | | | 12,801,023 | | | | (8,332,865 | ) | | | 4,468,158 | |
| Aggressive Allocation Fund | | | 55,646,683 | | | | 7,426,215 | | | | (1,096,774 | ) | | | 6,329,441 | |
| Moderately Aggressive Allocation Fund | | | 171,813,753 | | | | 31,036,427 | | | | (2,552,040 | ) | | | 28,484,387 | |
| Moderate Allocation Fund | | | 222,611,752 | | | | 46,307,164 | | | | (1,814,538 | ) | | | 44,492,626 | |
| Moderately Conservative Allocation Fund | | | 75,635,207 | | | | 11,386,659 | | | | (515,197 | ) | | | 10,871,462 | |
| Conservative Allocation Fund | | | 51,302,472 | | | | 5,902,595 | | | | (32,388 | ) | | | 5,870,207 | |
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.
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 purchase options, 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.
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Notes to Financial Statements — June 30, 2020 (Unaudited)
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, 2020. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2020 are listed after the Fund’s Schedule of Investments.
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 Statements 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 Statements of Operations.
The 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.
The total market value of written options held in the Flexibly Managed Fund as of June 30, 2020 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 Mid Core Value Fund and Emerging Markets Equity Fund entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Fund hedged 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
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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. The forward foreign currency contracts outstanding are listed after the Fund’s Schedule of Investments.
The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2020:
| | | | |
| | | Location on the Statements of Assets and Liabilities |
Derivative Type | | Asset Derivatives | | Liability Derivatives |
| Equity contracts | | Investments at value
Futures variation margin receivable* | | Call options written, at value
Futures variation margin payable* |
| Foreign currency contracts | | Net unrealized appreciation of forward foreign currency contracts | | Net unrealized depreciation of forward foreign currency contracts |
| Interest rate contracts | | Futures variation margin receivable* | | Futures variation margin payable* |
* 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, 2020:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | $ | — | | | $ | — | | | $ | 53,859 | | | $ | — | | | $ | — | | | $ | (18,442 | ) |
| Quality Bond Fund | | | — | | | | — | | | | 244,356 | | | | — | | | | — | | | | (195,724 | ) |
| Flexibly Managed Fund | | | — | | | | — | | | | — | | | | (29,004,020 | ) | | | — | | | | — | |
| Index 500 Fund | | | 119,782 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Mid Cap Growth Fund | | | — | | | | — | | | | — | | | | (330,338 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | 28,983 | | | | — | | | | — | | | | (566 | ) | | | — | |
| Small Cap Index Fund | | | 44,288 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Developed International Index Fund | | | — | | | | — | | | | — | | | | (14,159 | ) | | | — | | | | — | |
In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange
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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, 2020:
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | 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) | |
Flexibly Managed Fund | | | | | | | | | | | | | | | | | | | | | | |
BOFA Securities | | ISDA | | $ | — | | | $ | (268,905 | ) | | $ | (268,905 | ) | | $ | — | | | $ | (268,905 | ) |
Citigroup | | ISDA | | | — | | | | (17,967,715 | ) | | | (17,967,715 | ) | | | — | | | | (17,967,715 | ) |
Credit Suisse | | ISDA | | | — | | | | (3,159,528 | ) | | | (3,159,528 | ) | | | — | | | | (3,159,528 | ) |
Goldman Sachs | | ISDA | | | — | | | | (2,684,515 | ) | | | (2,684,515 | ) | | | — | | | | (2,684,515 | ) |
JP Morgan | | ISDA | | | — | | | | (4,150,639 | ) | | | (4,150,639 | ) | | | — | | | | (4,150,639 | ) |
RBC Capital | | ISDA | | | — | | | | (772,718 | ) | | | (772,718 | ) | | | — | | | | (772,718 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | $ | — | | | $ | (29,004,020 | ) | | $ | (29,004,020 | ) | | $ | — | | | $ | (29,004,020 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Mid Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | | |
BOFA Securities | | ISDA | | $ | — | | | $ | (236,040 | ) | | $ | (236,040 | ) | | $ | — | | | $ | (236,040 | ) |
Citigroup | | ISDA | | | — | | | | (1,848 | ) | | | (1,848 | ) | | | — | | | | (1,848 | ) |
Goldman Sachs | | ISDA | | | — | | | | (48,690 | ) | | | (48,690 | ) | | | — | | | | (48,690 | ) |
Morgan Stanley | | ISDA | | | — | | | | (3,420 | ) | | | (3,420 | ) | | | — | | | | (3,420 | ) |
UBS Securities | | ISDA | | | — | | | | (40,340 | ) | | | (40,340 | ) | | | — | | | | (40,340 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | $ | — | | | $ | (330,338 | ) | | $ | (330,338 | ) | | $ | — | | | $ | (330,338 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Mid Core Value Fund | | | | | | | | | | | | | | | | | | | | | | |
BOFA Securities | | Fx Letter | | $ | 5,969 | | | $ | (346 | ) | | $ | 5,623 | | | $ | — | | | $ | 5,623 | |
Credit Suisse | | Fx Letter | | | 5,448 | | | | — | | | | 5,448 | | | | — | | | | 5,448 | |
Goldman Sachs | | Fx Letter | | | 1,988 | | | | — | | | | 1,988 | | | | — | | | | 1,988 | |
JP Morgan | | Fx Letter | | | 13,354 | | | | (125 | ) | | | 13,229 | | | | — | | | | 13,229 | |
Morgan Stanley | | Fx Letter | | | 2,171 | | | | — | | | | 2,171 | | | | — | | | | 2,171 | |
UBS Securities | | Fx Letter | | | 53 | | | | (95 | ) | | | (42 | ) | | | — | | | | (42 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | $ | 28,983 | | | $ | (566 | ) | | $ | 28,417 | | | $ | — | | | $ | 28,417 | |
| | | | | | | | | | | | | | | | | | | | | | |
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Notes to Financial Statements — June 30, 2020 (Unaudited)
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2020:
| | |
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 purchased options |
| | Net realized gain (loss) on written options |
| | Net change in unrealized appreciation (depreciation) of futures contracts |
| | Net change in unrealized appreciation (depreciation) of purchased options |
| | Net change in unrealized appreciation (depreciation) of written options |
| Interest rate contracts | | Net realized gain (loss) on futures contracts |
| | Net change in unrealized appreciation (depreciation) of futures contracts |
| |
| Foreign currency contracts | | Net realized gain (loss) on forward foreign currency contracts |
| | Net change in unrealized appreciation (depreciation) of forward foreign currency contracts |
| | | | | | | | | | | | |
Fund | | Realized Gain (Loss) on Derivatives Recognized in Income | |
| | | Equity Contracts | | | Foreign currency
contracts | | | Interest rate contracts | |
| Limited Maturity Bond Fund | | $ | — | | | $ | — | | | $ | 3,182,395 | |
| Quality Bond Fund | | | — | | | | — | | | | 9,046,691 | |
| Flexibly Managed Fund | | | 2,287,296 | | | | (1,142 | ) | | | — | |
| Index 500 Fund | | | 237,840 | | | | — | | | | — | |
| Mid Cap Growth Fund | | | (383,534 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | 174,875 | | | | — | |
| Small Cap Index Fund | | | (187,117 | ) | | | — | | | | — | |
| Developed International Index Fund | | | 697,874 | | | | — | | | | — | |
| Emerging Markets Equity Fund | | | — | | | | (232,394 | ) | | | — | |
| | | | | | | | | | | | |
Fund | | Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income | |
| | | Equity Contracts | | | Foreign currency
contracts | | | Interest rate contracts | |
| Limited Maturity Bond Fund | | $ | — | | | $ | — | | | $ | 362,969 | |
| Quality Bond Fund | | | — | | | | — | | | | 1,464,525 | |
| Flexibly Managed Fund | | | 11,648,014 | | | | — | | | | — | |
| Index 500 Fund | | | (27,271 | ) | | | — | | | | — | |
| Mid Cap Growth Fund | | | (168,563 | ) | | | — | | | | — | |
| Mid Core Value Fund | | | — | | | | 101,005 | | | | — | |
| Small Cap Index Fund | | | 25,340 | | | | — | | | | — | |
| Developed International Index Fund | | | (34,901 | ) | | | — | | | | — | |
| Emerging Markets Equity Fund | | | — | | | | 94,768 | | | | — | |
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Notes to Financial Statements — June 30, 2020 (Unaudited)
The table below summarizes the average balance of derivative holdings by Fund during the year ended June 30, 2020. The average balance of derivatives held is indicative of the trading volume of each Fund.
| | | | | | | | | | | | | | | | | | | | |
| | | Average Derivative Volume | |
Fund | | Forward foreign
currency
contracts
(average cost) | | | Futures
contracts
(average
notional
value)
long | | | Futures
contracts
(average
notional
value)
short | | | Purchased
options
(average
notional
cost) | | | Written
options
(premiums
received) | |
| Limited Maturity Bond Fund | | $ | — | | | $ | 81,958,992 | | | $ | 2,808,242 | | | $ | — | | | $ | — | |
| Quality Bond Fund | | | — | | | | 143,538,781 | | | | 44,770,354 | | | | — | | | | — | |
| Flexibly Managed Fund | | | — | | | | — | | | | — | | | | — | | | | 16,695,643 | |
| Index 500 Fund | | | — | | | | 8,998,338 | | | | — | | | | — | | | | — | |
| Mid Cap Growth Fund | | | — | | | | — | | | | — | | | | 10,402 | | | | 93,853 | |
| Mid Core Value Fund | | | (6,401,976 | ) | | | — | | | | — | | | | — | | | | — | |
| Small Cap Index Fund | | | — | | | | 993,020 | | | | — | | | | — | | | | — | |
| Developed International Index Fund | | | — | | | | 3,803,005 | | | | — | | | | — | | | | — | |
| Emerging Markets Equity Fund | | | (14,547,621 | ) | | | — | | | | — | | | | — | | | | — | |
8 — CREDITAND MARKET RISK
During the current fiscal period, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The COVID-19 coronavirus pandemic was first detected in China in December 2019 and subsequently spread globally. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The virus and those containment efforts have caused disruptions to global supply chains, consumer demand, business investment and the global financial system, and considerable uncertainty for the global economy and financial markets. The effects of COVID-19 pandemic may persist for an extended period of time and have resulted in substantial market volatility and a significant economic downturn. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments and negatively impact the Fund’s performance. In addition, measures taken to mitigate the effects of the COVID-19 pandemic, could result in disruptions to the services provided to the Fund by its service providers. The potential impact to the Funds is uncertain at this time and management continues to monitor and evaluate the situation.
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 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.
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Notes to Financial Statements — June 30, 2020 (Unaudited)
9 — CONTRACTUAL OBLIGATIONS
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.
10 — RECENT ACCOUNTING PRONOUNCEMENTS and REPORTING UPDATES
In August 2018, the FASB issued an ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on these financial statements.
In March 2020, the FASB issued ASU No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.
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.
216
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June 30, 2020 (Unaudited)
Disclosure of Portfolio Holdings
Pursuant to applicable law, the Funds are required to disclose to the SEC their complete portfolio holdings monthly on Form N-PORT, within 60 days of the end of each month and within 5 days after the end of each month for the Money Market Fund on Form N-MFP. Portfolio holdings reported for the last month of each fiscal quarter are made publicly available by the SEC 60 days after the end of the fiscal quarter. Holdings reports filed with the SEC on Forms N-PORT and N-MFP are not distributed to Fund shareholders, but are available, free of charge, on the EDGAR database on the SEC’s website at http://www.sec.gov.
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, 2020 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
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June 30, 2020
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 “Funds”). The Directly Managed Funds are comprised of the Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds. The Sub-Advised Funds are comprised of the 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 (each, a “Sub-Advisory Agreement” and, collectively with the Advisory Agreement, the “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 subject to the oversight of PMAM and the Board. Each Sub-Adviser is selected based primarily upon the research and recommendations of PMAM, which quantitatively and qualitatively evaluates, among other factors, each Sub-Adviser’s (i) investment expertise and resources, (ii) investment results in managing assets for relevant asset classes, investment styles and strategies, and (iii) regulatory compliance infrastructure and culture. PMAM oversees each Sub-Adviser’s activities with respect to the Fund it manages to ensure compliance with the Fund’s investment policies and guidelines, and monitors each Sub-Adviser’s adherence to its investment style and investment performance.
| | |
Sub-Adviser | | Fund |
AllianceBernstein L.P. | | SMID Cap Value Fund |
AllianceBernstein L.P. | | Large 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 |
Goldman Sachs Asset Management, L.P. | | SMID Cap Growth Fund |
Ivy Investment Management Company | | Mid Cap Growth Fund |
Janus Capital Management LLC Perkins Investment Management LLC | | Mid Cap Value Fund |
Janus Capital Management LLC | | Small Cap Growth Fund |
Massachusetts Financial Services Company | | Large Cap Growth Fund |
Morgan Stanley Investment Management Inc. | | Large Core Growth 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 |
Vontobel Asset Management, Inc. | | Emerging Markets Equity Fund |
Vontobel Asset Management, Inc. | | International Equity Fund |
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, each Fund’s Agreement(s) be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Fund; and (ii) the vote of a majority of the 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 each Sub-Adviser (collectively, the “Advisers”) are required to furnish, such information as may be reasonably
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Penn Series Funds, Inc.
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necessary for the Board to evaluate the terms of the Agreements. In light of conditions associated with the coronavirus pandemic, the Funds and the Advisers relied on temporary exemptive relief granted by the Securities and Exchange Commission (Investment Company Release No. 33824) which provides relief from the in-person voting requirement and permits approval of advisory, sub-advisory and certain other service provider agreements at a telephonic meeting.
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
The Board held a special telephonic meeting on May 7, 2020 and a telephonic meeting on May 14, 2020 (together, the “Meeting”) to consider the approval of each Agreement with respect to each Fund. In preparation for the Meeting, the Board provided PMAM with a written request for information relating to both PMAM and each Sub-Adviser and received and reviewed, in advance of the Meeting, extensive written materials in response to that request. Those materials included information pertaining to (i) PMAM’s and each Sub-Adviser’s leadership, organizational structure, corporate changes, and financial condition, (ii) the performance of each Fund versus its benchmark and peer universe, (iii) the level of the investment advisory and sub-advisory fees charged to each Fund, as applicable, as well as comparisons of such fees with the aggregate investment advisory fees incurred by comparable funds, (iv) the costs to each Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and its affiliates and profitability information applicable to each Sub-Adviser, (v) each Adviser’s compliance program, and (vi) various other matters relevant to the operations of and services provided by each Adviser.
Board Considerations. The information provided by each Adviser in connection with the Meeting was in addition to the detailed information about the Funds that the Board receives and reviews during the course of the year, including information about each Fund’s performance and fees and expenses. In connection with the Meeting, the Board also received a memorandum from legal counsel discussing the responsibilities of the Independent Directors in connection with their consideration of the Agreements. In addition, the Independent Directors met in executive session outside the presence of management to discuss the information submitted to the Board in connection with the renewal of the Agreements. The Independent Directors also had an opportunity to speak with senior representatives of PMAM during the special telephonic meeting and after receipt of the information pertaining to the Advisers to discuss the written materials and request additional materials, if desired.
With respect to each Adviser, the Board evaluated and discussed a number of factors, including among others: (a) the nature, extent and quality of each Adviser’s investment management and other services and, with respect to PMAM, its services as a “manager of managers” of the Sub-Advised Funds; (b) the quantity and quality of each Adviser’s investment management personnel; (c) each Adviser’s operations and financial condition; (d) each Adviser’s brokerage practices (including best execution policies, evaluating execution quality, average commission rates on fund trades, soft dollar arrangements, if any, and affiliated and directed brokerage arrangements) and investment strategies; (e) a comparison of the Funds’ advisory and sub-advisory fees to the fees charged to comparable funds or accounts, including breakpoints; (f) the level of each Adviser’s cost of services provided and estimated profitability from its fund-related operations; (g) other benefits that may accrue to each Adviser and its affiliates as a result of their relationship with the Funds; (h) the extent to which the Funds’ advisory and sub-advisory fees reflect economies of scale and the extent to which any such economies of scale are shared with fund investors; (i) each Adviser’s risk management and compliance programs and, if applicable, a description of the material changes made to, and material compliance violations of, the compliance program; (j) each Adviser’s investment reputation, expertise and resources; and (k) an independently-prepared report of each Fund’s performance compared with that of similar mutual funds and benchmark indices. In its deliberations, the Directors did not identify any single piece of information that was all-important or controlling, noting that each Director could attribute different weights to the various factors considered.
During the Meeting, representatives from PMAM commented on the information delivered to the Board and answered questions from Board members to help the Board evaluate each Adviser’s fees and other aspects of the services provided, including the services provided by PMAM’s affiliates and the fees related to such services. The Board then deliberated on the renewal of the Agreements in light of all of the information provided.
Based on the Board’s deliberations at the Meeting, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of each Agreement are fair and reasonable; (b) concluded that each Adviser’s fees are reasonable
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Penn Series Funds, Inc.
June 30, 2020
in light of the services that it provides to the Funds, as well as the costs incurred and benefits realized by the Adviser and its affiliates in providing such services; (c) concluded that PMAM’s fees are reasonable in comparison to the fees charged by investment advisers to comparable funds; and (d) agreed to approve each Agreement based upon the following considerations, among others:
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by each Adviser to the Funds. In this regard, the Board evaluated, among other things, each Adviser’s business, personnel, experience, investment decision process, past performance, brokerage practices, compliance program, and resources to be dedicated to each Fund, as applicable. The Board reviewed the scope of services to be provided by each Adviser under the Agreements and noted that there would be no significant differences between the scope of services provided by the Advisers for the past year and the scope of services to be provided during the upcoming year. The Board also considered each Adviser’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same nature and quality as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by each Adviser to the Funds supported renewal of the Agreements.
Fund Performance. The Board considered fund performance in determining whether to renew the Agreements. PMAM engaged an independent third party to prepare a report (the “Comparative Report”) to help the Board evaluate, among other information, each Fund’s performance and the performance of a peer group of comparable funds selected by the independent third party (“peer group”). Specifically, the Board considered each Fund’s recent and long-term performance relative to its peer group and appropriate indices/benchmarks. In evaluating performance, the Board considered economic and market trends, as well as both market risk and shareholder risk expectations for a given Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Funds (both actual performance and comparable performance) supported renewal of the Agreements.
Costs of Advisory and Sub-Advisory Services. The Board considered the cost of the advisory and sub-advisory services provided to the Funds by each Adviser. The Board considered, in particular, the peer expense information included in the Comparative Report. 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 the peer group funds; and (d) the fact that each Sub-Adviser is compensated by PMAM and not directly by the relevant Sub-Advised Fund, and that such compensation reflects an arms-length negotiation between each Sub-Adviser and PMAM. The Board also considered PMAM and its affiliates’ ongoing agreement to waive certain of the Funds’ management and other fees to prevent total fund expenses from exceeding a specified cap. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees charged to the Funds are fair and reasonable and supported the renewal of the Agreements.
Profitability and Other Benefits. With regard to profitability, the Board considered all compensation paid, directly or indirectly, to each Adviser and its affiliates, and any benefits derived or to be derived by each Adviser and its affiliates, as well as the cost of Fund services provided by each Adviser. In its consideration of the profitability of PMAM and its affiliates, the Board was provided with and considered information pertaining to the profitability of the various administrative and servicing arrangements between the Funds and PMAM and its affiliates. The Board also considered the methodology, which was unchanged from that used in the prior year, used to determine the profitability of PMAM and its affiliates and the peer expense information included in the Comparative Report, which included servicing-related expenses. The Board noted that while such information may not constitute a perfect comparison due differences in the types and extent of the services provided for the fees referenced, the information nonetheless provided a useful data point. When considering the profitability of each Sub-Adviser, the Board took into account the fact that each Sub-Adviser is compensated by PMAM, and not by the Funds directly, and such compensation reflects an arms-length negotiation between the Sub-Adviser and PMAM. In evaluating the other or fall-out benefits that may accrue to the Advisers and their affiliates because of their relationship with the Funds, the Board noted that certain of the Advisers may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the 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
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June 30, 2020
result of their relationships with the 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 the Advisers are reasonable in relation to the quality of their respective services and supported renewal of the Agreements.
Economies of Scale. The Board considered the existence of any economies of scale and whether such economies of scale are shared with a 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-Adviser. The Board, in particular, considered instances in which PMAM’s and a Sub-Adviser’s breakpoints were not the same. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Funds and their shareholders obtain a reasonable benefit from the realization of any economies of scale by the Advisers.
* * *
On the basis of the information provided to it in advance of the Meeting and its evaluation of that information, as well as additional information provided by PMAM in response to the Board’s questions during the Meeting, the Board, including the Independent Directors, concluded that the terms of each Agreement were fair and reasonable, and that approval of each Agreement was in the best interests of each Fund and its shareholders.
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PennMutual The Penn Mutual Life Insurance Company The Penn Insurance and Annuity Company Our Noble Purpose Since 1847, Penn Mutual has been driven by our noble purpose — to create a world of possibilities, one individual, one family and one small business at a time. As an original pioneer of mutual life insurance in America, we believe that purchasing life insurance is the most protective, responsible and rewarding action a person can take to build a solid foundation today and create a brighter future for generations to come. © 2020 The Penn Mutual Life Insurance Company and The Penn Insurance & Annuity Company, Philadelphia, PA 19172 www.pennmutual.com PM8751 06/20
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.
| (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) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that 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”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| | (b) | The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) that occurred during 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| (Registrant) | | Penn Series Funds, Inc. |
| | |
| By (Signature and Title)* | | /s/ David M. O’Malley | | |
| | David M. O’Malley, President | | |
| | (principal executive officer) | | |
| |
| Date 9/8/20 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| | |
| By (Signature and Title)* | | /s/ David M. O’Malley | | |
| | David M. O’Malley, President | | |
| | (principal executive officer) | | |
| |
| Date 9/8/20 | | |
| | |
| By (Signature and Title)* | | /s/ Steven Viola | | |
| | Steven Viola, Treasurer | | |
| | (principal financial officer) | | |
| |
| Date 9/8/20 | | |
| * | Print the name and title of each signing officer under his or her signature. |
