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, 2022
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.
| | (a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). |
Penn Series
Funds, Inc.
■ 2022 Semi-Annual Report
Available through Penn Mutual Variable Products
[THIS PAGE INTENTIONALLY LEFT BLANK]
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 am 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 is a good idea to meet with your financial professional regularly to ensure that your asset allocation remains on target.
Stocks experienced a historic decline during the first half of 2022 as investors came to the realization that the war in Ukraine would contribute to an already grim inflation picture. The damage from high inflation was not limited to the capital markets as consumers and businesses faced challenges from rising prices. In the face of record-high gas and food prices, the University of Michigan Consumer Sentiment Index fell to record-low territory. Low- and middle-income earners are disproportionately feeling the impact of high prices for necessities. Additionally, the red-hot housing market is beginning to cool in response to mortgage rates more than doubling since the start of the year. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Total Market Index, returned -20.89 percent during the six-month period ending June 30.
On a relative basis, large capitalization stocks provided higher returns than small and mid capitalization stocks during the six-month period. Small capitalization stocks, as measured by the Russell 2000 Index, returned -23.43 percent; mid capitalization stocks, as measured by the Russell Midcap Index, returned -21.57 percent; and large capitalization stocks, as measured by the Russell 1000 Index, returned -20.94 percent. From a style perspective, value stocks outperformed growth stocks in all market capitalizations, with the widest disparity being in the large capitalization space. For instance, large capitalization value stocks, as measured by the Russell 1000 Value Index, returned -12.86 percent while large capitalization growth stocks, as measured by the Russell 1000 Growth Index, returned -28.07 percent. Much of the relative outperformance within value stocks can be attributed to the strong performance of the energy sector.
International markets, similar to domestic, suffered throughout the first half of the year. In addition to the continued impact of the Russia-Ukraine war and rising inflation, global stock markets also faced headwinds from the combination of tightening from many central banks and the latest round of COVID-19 lockdowns in China. As a result, during the first six months of the year, emerging markets stocks posted a -17.63 percent return, as measured by the MSCI Emerging Markets Index, and developed international stocks returned -19.57 percent, as measured by the MSCI EAFE Index.
Investment-grade fixed-income securities outperformed high-yield bonds during the six-month period. Investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Index, returned -10.35 percent and the Credit Suisse High Yield Bond Index returned -13.42 percent. Interest rates rose sharply in the United States and abroad, with ultra-low and negative bond yields to start the year offering little cushion against the steep price declines in the bond market. The outlook for Federal Reserve (Fed) monetary policy rapidly adjusted to the inflationary environment, with yields at the front end of the curve increasing by more than 200 basis points (bps) since the start of the year. The Fed moved more aggressively with each successive interest rate hike — 25 bps in March, 50 bps in May and 75 bps in June. Fed Chair Jerome Powell has promised to make inflation the Fed’s top priority after acknowledging that monetary policy was behind the curve on it. The 10-year Treasury note closed June at 3.02 percent, up 151 bps during the six-month period.
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,
Keith G. Huckerby
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
Management’s Discussion of Fund Performance (Unaudited)
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Limited Maturity Bond Fund
The Penn Series Limited Maturity Bond Fund returned -3.96% for the six-month period ending June 30, 2022, compared to the -3.11% return for its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Index, for the same period.
The bond market experienced its steepest decline on record during the first half of the year as inflation measures reached the highest levels in four decades. The Federal Reserve (Fed) followed through on its commitment to fight inflation with more aggressive tightening − hiking rates by a total of 150 basis points (bps) beginning in March. The 2-year Treasury note yield increased by 223 bps during the period, closing June at 2.96%.
As recession fears started to grip markets and inflation continued to run stubbornly high, consumer sentiment fell sharply despite ongoing strength in the labor markets. Credit spreads widened in response to tightening liquidity conditions and growing concerns of a Fed policy mistake. Investment-grade corporate bonds underperformed duration-matched Treasuries by 335 bps year-to-date and the high-yield corporate market registered a loss of more than 14%.
We are maintaining our overweight to short duration spread sectors while opportunistically increasing duration to take advantage of the significant back up in interest rates year-to-date. Fund sector overweights include high-quality collateralized loan obligations, mortgage-backed securities and investment-grade corporate bonds.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Corporate Bonds | 38.7 % |
| Asset Backed Securities | 31.1 % |
| Residential Mortgage Backed Securities | 17.2 % |
| Commercial Mortgage Backed Securities | 13.0% |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Quality Bond Fund
The Penn Series Quality Bond Fund returned -10.90% for the six-month period ending June 30, 2022, compared to -10.35% for its benchmark, the Bloomberg U.S. Aggregate Bond Index for the same time period.
Financial markets struggled during the first half of the year as investors came to the realization that the war in Ukraine would likely make the grim inflation picture even worse. Interest rates rose sharply in the United States with historically low interest rates to begin the year offering little cushion against the steep price declines. Performance for the Bloomberg U.S. Aggregate Bond Index declined by more than 10% during the first half of the year – on pace for the worst yearly results since its inception in 1976.
The Federal Reserve (Fed) followed through on its commitment to rein in high inflation with more aggressive monetary tightening – hiking rates by 25 basis points (bps) in March, 50 bps in May and 75 bps in June. Economic growth fears started to surface as the year progressed as investors worried the Fed would not be able to slow inflation without causing a recession. Despite labor market conditions remaining historically tight, consumer sentiment moved to the lowest level since the 2008/2009 financial crisis.
We will continue to manage interest rate credit risk opportunistically as markets adjust to the dual threat of persistent high inflation and weakening economic conditions. Fund overweight positioning includes multi-family commercial mortgage-backed securities, investment-grade corporate bonds and high-quality collateralized loan obligations.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Corporate Bonds | 40.5 % |
| Commercial Mortgage Backed Securities | 19.5 % |
| Asset Backed Securities | 19.1 % |
| Residential Mortgage Backed Securities | 15.8 % |
| U.S. Treasury Obligations | 2.8 % |
| Preferred Stocks | 1.2 % |
| Municipal Bonds | 1.1 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
High Yield Bond Fund
The Penn Series High Yield Bond Fund returned -9.74% for the six-month period ending June 30, 2022, compared to -13.42% return for its benchmark, the CSFB High Yield Bond Index for the same time period.
Credit spreads and risk markets sold off during the first half of 2022 in response to materially higher inflation levels, the COVID-19 lockdowns in China and the pace of Federal Reserve interest rate hikes and balance sheet reduction. Interest rate volatility continued to plague the market as 2-year Treasuries rose over 200 basis points and the curve flattened. The rapid rise in rates started to fuel growth concerns during the second quarter and the probability of recession increased. As a result, lower-quality credit started to underperform, reversing the trend from the first quarter that saw more duration-sensitive credit lag. The high-yield market generated a total return of approximately -13.5%, resulting in the first half of the year being among the worst starts of the year for the asset class. The energy subsector remained a relative outperformer as oil and natural gas prices reached new highs, although weaker sentiment emerged as we closed the second quarter in response to demand concerns. Despite the rapidly changing macroeconomic environment and negative risk sentiment, high yield credit spreads remained below typical recessionary levels.
The Fund came into the year positioned with a materially shorter duration and spread duration than the benchmark, which continued to contribute to its outperformance. During the latter part of the first quarter, as growth concerns emerged, the Fund began to reduce its lower-quality CCC risk. Additionally, the Fund reduced risk in certain sectors that were more likely to be impacted by inflation and persistent supply chain issues, such as autos and retail. The Fund remains modestly overweight the energy sector with a concentration in natural gas exploration and production companies and high-quality midstream credit.
Penn Mutual Asset Management, LLC
Investment Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| BB/B Rated | 35.2 % |
| BBB/BB Rated & Above | 25.2 % |
| BB Rated | 14.2 % |
| B Rated | 11.3 % |
| B/CCC Rated | 6.5 % |
| Not Rated | 5.2 % |
| CCC and Below | 0.6 % |
| Loan Agreements | 1.8 % |
| Equity Securities | 0.0% 2 |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
| 2 | Less than 0.05%. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Flexibly Managed Fund
The Penn Series Flexibly Managed Fund returned -14.42% for the six-month period ending June 30, 2022, compared to the -19.96% return of its benchmark, the S&P 500 Index for the same time period.
The Portfolio posted a negative return for the six-month period, although it outperformed its all-equity S&P 500 Index benchmark. The Portfolio also outperformed its Morningstar and Lipper peers. The Portfolio’s equity holdings turned in a negative return during the period but outpaced their S&P 500 Index benchmark. The Portfolio’s fixed income securities posted a negative return but strongly outperformed their benchmark, the Bloomberg U.S. Aggregate Bond Index.
U.S. equities declined considerably in the first half of 2022, with the S&P 500 Index posting its worst first half of a calendar year since 1970. Investors shunned riskier assets in response to Russia’s invasion of Ukraine, elevated inflation exacerbated by rising commodity prices, and Federal Reserve (Fed) interest rate increases starting in mid-March. Investors were also concerned about inflation’s impact on consumer spending and corporate profits, particularly as some high-profile companies and major retailers disappointed with their financial results or projections.
Our overall effective equity weight decreased during the period. Our overall fixed income weight increased compared with the beginning of the year. Our largest exposure remains in bank loans, which we think at current levels offer attractive risk-adjusted return profiles.
Within equities, the information technology sector drove relative outperformance due to stock selection and an underweight position. Shares of Microsoft traded lower but outpaced sector peers amid the pronounced sell-off in growth-oriented mega-cap names. The company reported substantial revenue growth driven by strength in its Azure cloud computing service and bullish forward guidance. The consumer discretionary sector also aided relative returns, due to stock selection. Shares of Yum! Brands (parent company of Taco Bell, KFC, and Pizza Hut) declined but outperformed sector peers. Despite some pressure on international sales due to COVID-related lockdowns in China and suspended operations in Russia, the company posted strong same-store sales in other regions, as well as better-than-expected new unit growth. The utilities sector contributed to relative results, owing to an overweight allocation and favorable
stock selection. The energy sector detracted from relative performance due to an underweight position. Energy was the only sector to post a positive return over the period, far outpacing all other areas of the market. Oil and gas prices climbed to multiyear highs amid significant supply concerns as many countries issued sanctions targeting Russia, a major energy exporter. Industrials and business services weighed on relative results, due to stock selection. GE is an industrial conglomerate in the midst of a reorganization that will result in three separate, more streamlined public companies. Supply chain disruptions and inflation have been a notable drag on GE’s revenue. This impact has been exacerbated by the long-term nature of the company’s service contracts, as prices in longer-standing agreements have not reflected the sharp increase in input costs such as materials and labor.
The first half of this year has been marked by pronounced volatility and heightened economic uncertainty. Elevated inflation emerged as a substantial headwind for consumers and corporations alike during the first quarter, only to be eclipsed by fears of a recession that have risen in response to the aggressive pace of tightening pursued by the Fed. In periods of uncertainty such as this, we believe markets are at their most inefficient, as participants narrow their time horizon and lose focus on corporate fundamentals. The broad downturn in markets has created pockets of value where we have focused on identifying high-quality businesses that we believe have been oversold due to macroeconomic concerns.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Technology | 22.4 % |
| Consumer, Non-cyclical | 22.2 % |
| Financial | 13.3 % |
| Industrial | 12.5 % |
| Consumer, Cyclical | 9.3 % |
| Communications | 8.8 % |
| Government | 8.3 % |
| Utilities | 2.1 % |
| Energy | 0.5 % |
| Basic Materials | 0.3 % |
| Asset Backed Securities | 0.3 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Balanced Fund
The Penn Series Balanced Fund returned -16.50% for the six-months period ending June 30, 2022, compared to its benchmarks, the S&P 500 Index’s return of -19.96% and the Bloomberg U.S. Aggregate Bond Index’s return of -10.35% 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 inline with its broad equity benchmark, the S&P 500 Index, for the six-month period. The Fund’s fixed income allocation underperformed the Bloomberg U.S. Aggregate Bond Index for the same period, driven by the Fund’s positioning for tighter credit spreads.
Penn Mutual Asset Management, LLC
Investment Adviser
| Asset Allocation Target as of 6/30/22 | |
| Index 500 | 60.0% |
| Intermediate Bonds | 40.0% |
| | 100.0% |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Growth Stock Fund
The Penn Series Large Growth Stock Fund returned -36.23% for the six-month period ending June 30, 2022, compared to the -28.07% return for its benchmark, the Russell 1000 Growth Index for the same time period.
Relative underperformance was driven by weak security selection and sector allocation. The leading detractors were the consumer discretionary, communication services, and information technology sectors, while health care and materials contributed.
Major U.S. stock indexes declined considerably in the first half of 2022; it was the worst first half of a calendar year for the S&P 500 Index since 1970. Investors shunned riskier assets in response to Russia’s invasion of Ukraine, elevated inflation exacerbated by rising commodity prices, and Federal Reserve interest rate increases starting in mid-March. Investors were also concerned about inflation’s impact on consumer spending and corporate profits, particularly as some high-profile companies and major retailers disappointed with their financial results or projections.
The consumer discretionary sector was the largest detractor from relative returns, driven by unfavorable stock choices. Shares of Rivian came under pressure as the early-stage electric vehicle maker was penalized for various items, including a small production target miss in 2021, the departure of its COO, an inflation-driven price increase, and lowered 2022 delivery guidance due to supply chain issues.
Unfavorable stock selection and an overweight allocation in the communication services sector also hindered relative results. Shares of Sea Ltd. traded lower in response to disappointing guidance around the gaming business, which has been impacted by a COVID-off environment and India’s prohibition on the company’s most popular title due to Chinese investment. The information technology sector further detracted from relative performance, owing to weak security selection.
On the contrary, the health care sector was the leading contributor, due to favorable stock selection. Shares of United Health Group held up relatively well, due in part to better-than-expected cost trends as utilization returns to normal, stronger-than-expected onboarding of value-based care patients within Optum, and innate defensive characteristics that provided additional support. A lack of exposure to the materials sector also aided relative returns.
Heading into the second half of 2022, higher inflation and rising interest rates remain the most serious threats to global financial markets. Russia’s invasion of Ukraine has added fuel to the fire of those risks by pushing food and energy prices sharply higher and further disrupting global supply chains. This inflationary “shock on shock” has put more pressure on the Federal Reserve and other major central banks to tighten monetary policy while making it more difficult for them to tame inflation without choking off economic growth. Beyond the cyclical risks, investors need to consider that global markets may have reached a structural inflection point: an end to the era of ample liquidity, low inflation, and low interest rates that followed the 2008/2009 global financial crisis. However, this new paradigm also could offer potential opportunities for active portfolio managers with the skills and research capabilities needed to seek them out.
Penn Mutual Asset Management, LLC
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Technology | 38.4 % |
| Communications | 26.8 % |
| Consumer, Non-cyclical | 14.6 % |
| Consumer, Cyclical | 10.8 % |
| Financial | 5.0% |
| Industrial | 4.4 % |
| | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Growth Fund
The Penn Series Large Cap Growth Fund returned -20.10% for the six-month period ending June 30, 2022, compared to the -28.07% return for its benchmark, the Russell 1000 Growth Index for the same time period.
During the reporting period, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent coronavirus flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, have kept supply chains stretched for longer than expected. At the same time, the reopening of the economy in parts of the world where the virus has been better contained has led to a shift in consumption patterns from goods to services, straining already tight labor markets in most developed economies. As a result of Russia’s invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain tumult and soaring global energy prices. Taken together, these factors have contributed to significant upticks in market volatility.
The ripple effects from the Russian invasion further complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on corralling inflation, although investors appeared to have expected varying degrees of action from the central banks. The Federal Reserve was expected to be the most hawkish developed market central bank and the European Central Bank less so, given the growth-deleting effects on Europe's economy stemming from the invasion.
Against an environment of rising labor and raw materials prices, higher interest rates and waning fiscal and monetary stimulus, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that a few supply chain bottlenecks (particularly semiconductors) may be easing, low levels of unemployment across developed markets and loosening coronavirus restrictions were supportive factors for the macroeconomic backdrop.
Stock selection in the information technology, communication services and consumer discretionary
sectors contributed to performance relative to the Russell 1000 Growth Index during the reporting period. Within the information technology sector, avoiding poor-performing computer graphics processor maker NVIDIA aided relative results. Within the communication services sector, not owning both social networking service provider Meta Platforms and internet TV shows and movie subscription services provider Netflix contributed to relative returns. The Fund’s overweight position in shares of video game maker Electronic Arts also contributed to relative performance. Within the consumer discretionary sector, not owning internet retailer Amazon.com and holdings of dollar store operator Dollarama (Canada) strengthened relative results. Elsewhere, the Fund's overweight positions in global consumer products company Colgate-Palmolive Company, household, personal care, and specialty products manufacturer Church & Dwight and risk management and human capital consulting services provider Aon positively impacted relative results. The Fund’s holding of medical technology company Becton, Dickinson and Co. further bolstered relative returns.
Security selection in the industrials sector was a primary detractor from relative performance. Here, not owning strong-performing defense contractor Lockheed Martin held back relative results. Elsewhere, not owning pharmaceutical company Abbvie, pharmaceutical company Eli Lilly, beverage manufacturer The Coca-Cola Company, health insurance and medicare/medicaid provider UnitedHealth Group, biotechnology firm Amgen and wholesale retailer Costco Wholesale weakened relative performance. An underweight position in shares of computer and personal electronics maker Apple also held back relative returns. The Fund’s overweight holdings of IT servicing firm Accenture and apparel retailer Ross Stores further weighed on relative results.
Penn Mutual Asset Management, LLC
Investment Adviser
MFS Investments
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Technology | 31.5 % |
| Consumer, Non-cyclical | 25.3 % |
| Financial | 11.8 % |
| Communications | 11.2 % |
| Consumer, Cyclical | 9.2 % |
| Industrial | 8.7 % |
| Basic Materials | 1.2 % |
| Utilities | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Growth Fund
The Penn Series Large Core Growth Fund returned -52.23% for the six-month period ending June 30, 2022, compared to the -28.07% return for its benchmark, the Russell 1000 Growth Index for the same time period.
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 typically result from stock selection, given our philosophy and process.
The long-term investment horizon and conviction weighted, highly active investment approach embraced by Counterpoint Global can result in periods of performance deviation from the benchmark and peers. The Portfolio underperformed the Russell 1000 Growth Index this period primarily due to unfavorable stock selection; sector allocations also detracted minimally.
Large-cap growth equities, as measured by the Russell 1000 Growth Index, declined sharply over the period. All sectors except energy had negative performance over the period, with communication services and consumer discretionary posting the greatest declines in the Index. Energy and consumer staples were the largest relative outperformers in the Index. Against this backdrop, Counterpoint Global continued to focus on stock selection and the long-term outlook for companies owned in the Portfolio.
Fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions, and ongoing effects of the global pandemic resulted in overall greater market volatility and a continued sell-off in high growth equities. We believe this sell-off, which began in the fourth quarter of 2021, remains driven by primarily non-fundamental factors. Fundamentals across portfolio holdings have largely remained healthy and inline with our expectations. Despite market volatility, we continue to find many high quality companies with attractive end-game potential due to compelling fundamentals, strong balance sheets, and multiple competitive advantages. We believe today’s market offers an attractive opportunity to buy unique companies with strong fundamentals that can be long-term winners over the next three to five years. While we have opportunistically added to some positions and initiated new ones, overall we have made few
changes as we remain confident in the long-term prospects for the businesses we own.
Information technology was the top detractor in the Portfolio this period, due to mixed stock selection. The Portfolio’s stock selection in and sector allocations to most other sectors detracted as well. The communications services and consumer discretionary sectors were the second and third largest detractors from relative results due to unfavorable stock selection. While an average overweight in health care and an average underweight in consumer discretionary were positive contributors to relative performance, it was offset by the negative impact of stock selection in the sectors. The materials and utilities sectors, which the Fund did not have exposure to, had a negligible impact on relative performance.
Counterpoint Global looks to own a portfolio of unique companies with diverse business drivers, strong competitive advantages and positioning, and healthy secular growth prospects whose market value we believe can increase significantly over the long-term for underlying fundamental reasons, independent of the macro or market environment. We find these companies through fundamental research. Our emphasis is on secular growth, and as a result, short-term market events are not as meaningful in the stock selection process.
Counterpoint Global believes having a market outlook can be an anchor. We focus on assessing company prospects over a five-year investment horizon. Current portfolio positioning reflects what we believe are the best long-term investment opportunities.
Penn Mutual Asset Management, LLC
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Technology | 47.5 % |
| Communications | 36.3 % |
| Consumer, Non-cyclical | 15.5 % |
| Financial | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Value Fund
The Penn Series Large Cap Value Fund returned -12.25% for the six-month period ending June 30, 2022, compared to the -12.86% return for its benchmark, the Russell 1000 Value Index for the same time period.
U.S. stocks declined during the six-month period ended June 30, 2022. Equity markets experienced an uptick in volatility early in the period as the U.S. Federal Reserve (Fed) took a hawkish pivot and heightened expectations for an accelerated rate liftoff, and balance sheet reduction triggered periods of sharp volatility. Inflation worsened after Russia’s invasion of Ukraine caused energy and agricultural prices to surge and China’s pledge to enforce its zero-COVID policy prompted new supply-chain concerns. The Fed raised interest rates three times during the period, including a 0.75% increase in June—its largest since 1994. The growing fear of recession led to sharp declines and periods of widespread volatility across equity markets. Fed Chair Powell’s acknowledgement that the path to a soft landing had narrowed weighed on global equity market sentiment. Against a backdrop of rising rates, growth stocks came under pressure, triggering a rotation into value-oriented stocks. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks by a wide margin. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.
For the six-month period, the Portfolio declined in absolute terms but outperformed its benchmark, the Russell 1000 Value Index. Stock selection within materials and industrials contributed to relative outperformance. An overweight to the consumer-discretionary sector and an underweight to energy detracted.
Elevance Health (formerly Anthem) contributed to relative performance, delivering better-than-expected first-quarter sales, earnings and medical loss ratio. Phillip Morris International contributed to relative performance. The stock performed well in the risk-off environment of the second quarter, owing to its defensive business model, high profitability and low fundamental risk. Amgen contributed to relative performance as the stock outperformed on the back of lower fundamental business volatility, and we remain positive given its competitive position, strong balance sheet and high free-cash-flow yield.
D.R. Horton detracted from relative performance as the stock underperformed amid concerns that rising interest rates may slow growth for home builders. We are maintaining our position, as we believe housing demand continues to be robust and the company’s strong pricing power should allow it to effectively navigate higher input costs. Target detracted from relative performance. While the broader consumer-discretionary sector continued to underperform due to higher costs, Target has had to cope with high inventory issues forcing the company to sell products at considerable discounts. Robert Half International detracted from relative performance. Demand for the company’s staffing services has waned as employers anticipate slower job growth in the face of mounting recession fears.
Estimates for U.S. economic growth have begun to come down from more optimistic expectations at the start of the year, and recession seems to be the base case for most investors over the near to medium term. Rather than forecast overall economic activity, we remain focused on corporate health and earnings power on a stock-by-stock basis under a variety of possible economic scenarios. That said, we are surprised that earnings expectations for many large-cap indices have barely moved despite the negative prevailing sentiment and price action. Aggressive downward revisions for some companies, such as retailers, for example, have coincided with poor reports and guidance. As we enter the second-quarter earnings season, companies that are struggling to navigate an increasingly challenging operating environment will likely confess. We expect that volatility will remain elevated given the ongoing uncertainties. We believe that the 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
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Consumer, Non-cyclical | 27.0% |
| Financial | 23.8 % |
| Industrial | 17.4 % |
| Consumer, Cyclical | 14.0% |
| Communications | 6.7 % |
| Energy | 5.2 % |
| Technology | 3.2 % |
| Basic Materials | 1.7 % |
| Utilities | 1.0% |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Value Fund
The Penn Series Large Core Value Fund returned -9.19% for the six-month period ending June 30, 2022, compared to the -12.86% return for its benchmark, the Russell 1000 Value Index for the same time period.
In the first quarter of 2022, stock investors endured the ongoing consequences of one black swan event—the COVID-19 pandemic—and the fresh consequences of another: Vladimir Putin’s unprovoked invasion of Ukraine. By the market’s close on March 31, 2022—just three months after the S&P 500 Index had posted its 70th new all-time high for 2021—the S&P 500 had declined 4.60% in the first quarter of the new year, while the Dow Jones industrial average lost 4.10% and the Nasdaq composite sank 8.95%.
As the first half of the year progressed, and inflation fears weighed on markets, the Federal Reserve increasingly deployed its most powerful inflation-fighting tool, interest-rate hikes, to try to bring the U.S. economy in for a soft landing. But as global inflation raged on and central banks around the world raised interest rates, investor expectations during the quarter appeared to shift from hope for a soft landing to widespread expectations for the hard landing of a global recession. Reflecting that outlook, major U.S. and global equity indexes delivered double-digit losses during the quarter, and the S&P 500 Index posted its worst first-half performance since 1970.
The Fund outperformed the Russell 1000 Value Index for the six-month period ended June 30, 2022. Outperformance was attributable primarily to positive stock selection, while overall sector allocation also contributed to relative returns.
Stock selection within the financials sector was the largest contributor to results. Stock selection within industrials, information technology, health care and materials also contributed to overall outperformance. From an allocation standpoint, the Fund’s positioning within the energy sector was beneficial, as was the Fund’s underweight to the consumer discretionary sector. Top individual positions contributing to overall performance included energy names EOG Resources and ConocoPhillips, while industrial military shipbuilder Huntington Ingalls Industries also meaningfully aided results. Major pharmaceutical companies AbbVie, Inc. and Bristol-Myers Squibb were additive as well.
Stock selection was a detractor in just three sectors during the period, specifically within communication services, real estate and energy. Overweights to communication services and industrials were also slight detractors from overall results. Top individual positions detracting from results included computer memory and storage product manufacturer Micron Technology, Inc., Johnson Controls International, which produces building safety systems, and The Walt Disney Company. Index positions not held in the Fund, including ExxonMobil and Merck & Co. also dampened relative results.
As we entered 2022, we noted that the U.S. macroeconomic backdrop was tilted in favor of value equities, broadly, and the second quarter continued the trend of the Russell 1000 Value Index materially outperforming Russell 1000 Growth—by nearly 9% on a total return basis. We have noted previously that history suggests these value-outperformance cycles can persist for many years, albeit not always in a straight line.
While the Russell 1000 Value Index managed to remain virtually flat in the first quarter, increasing growth concerns around lockdowns in China and monetary policy in the U.S. began to weigh on the Index in the second quarter. Predictably, sectors perceived as traditionally defensive (e.g., consumer staples, health care and telecom/utilities) were down only modestly. Conversely, more cyclical sectors such as basic materials, consumer discretionary and industrials declined three times as much as defensives (energy was a notable exception). Significant “bad news” is beginning to be priced into this latter group, and second-quarter earnings reports may serve to reset market expectations. As always, we will remain vigilant for opportunities to put shareholder capital to work if and when attractive risk/reward situations present themselves.
Penn Mutual Asset Management, LLC
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Consumer, Non-cyclical | 26.1 % |
| Financial | 23.2 % |
| Industrial | 11.2 % |
| Communications | 9.5 % |
| Consumer, Cyclical | 8.0% |
| Energy | 7.1 % |
| Utilities | 7.0% |
| Technology | 6.3 % |
| Basic Materials | 1.6 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Index 500 Fund
The Penn Series Index 500 Fund returned -20.03% for the six-month period ending June 30, 2022, compared to the -19.96% 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 (capital appreciation and income) 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. As-of flows contributed to the difference between the Fund’s performance and that of the Index.
In the U.S., concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets during the first quarter of 2022. The U.S. consumer sentiment was impacted due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve (Fed) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labor force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. The S&P 500 Index declined by 4.60% during the quarter.
During the second quarter of 2022, consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an aftereffect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales. The S&P 500 Index declined by 16.10% during the quarter.
The Fund used S&P 500 Index futures contracts in order to gain exposure to the Index during the reporting period. The Fund’s use of index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Eli Lilly and Company, Exxon Mobil Corporation, and Merck & Co., Inc. The top negative contributors to the Fund’s performance during the reporting period were Amazon.com, Inc., Microsoft Corporation, and Apple Inc.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Technology | 23.2 % |
| Consumer, Non-cyclical | 22.5 % |
| Financial | 15.0% |
| Communications | 12.8 % |
| Consumer, Cyclical | 9.1 % |
| Industrial | 7.7 % |
| Energy | 4.5 % |
| Utilities | 3.1 % |
| 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund returned -32.99% for the six-month period ending June 30, 2022, compared to the -31.00% return for its benchmark, the Russell Midcap Growth Index for the same time period.
All sectors in the Index posted negative absolute returns for the semiannual period except for energy, and while the portfolio had no exposure to energy, we experienced positive absolute returns from the consumer staples sector. Sector overweight and underweight allocations were overall detractors to the Fund’s relative performance against the benchmark, as was stock selection for the semiannual period.
During the six-month period, the biggest detractor to relative performance where we had exposure came from information technology, followed by industrials, materials, and financials. No exposure to real estate was slightly additive to relative performance, which was offset by the slight detraction in relative performance from holding no utilities. The most significant underperformance relative to the benchmark came from our lack of exposure to the energy sector. Though a small weighting in the index at 2.66%, the energy sector delivered positive absolute returns of more than 31% for the semiannual period. Cash, while at the lower end of our normal range in the portfolio, was additive to relative performance in an overall down market.
Consumer discretionary was the strongest sector contributor to relative performance where we had exposure. A slight overweight to this sector detracted minimally while stock selection proved to be strong relative to the benchmark’s return. Other sector contributors in the semiannual period were communication services, consumer staples, and healthcare.
As growth managers, we continue to look for opportunities to invest in companies that we believe have sound capital structures and the ability to grow throughout business and economic cycles, not because of the cycle. These business models have a product or service that appears durable to us, coupled with capital structures and management teams that allows them to execute competitively in any market environment. We continue to seek opportunities in business and consumer technology, innovation in life sciences, the green energy revolution, and many other areas that we think have the potential to continue growing, regardless of the economic cycle. Stock picking is always key to our
process and performance, but it will be paramount in this environment as we seek to manage valuation risk in the Fund’s portfolio, while investing in durable, secular growth companies.
Penn Mutual Asset Management, LLC
Investment Adviser
Delaware Investments Fund Advisers
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Consumer, Non-cyclical | 27.8 % |
| Technology | 25.2 % |
| Consumer, Cyclical | 19.1 % |
| Industrial | 17.8 % |
| Communications | 6.1 % |
| Financial | 4.0% |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Value Fund
The Penn Series Mid Cap Value Fund returned -12.22% for the six-month period ending June 30, 2022, compared to the -16.23% return for its benchmark, the Russell Midcap Value Index for the same time period.
Stocks delivered negative returns as inflation concerns, geopolitical uncertainty and the prospect of more hawkish Federal Reserve (Fed) policy overshadowed positive earnings news, healthy job growth and reduced COVID-19 rates. The Fed responded to rising inflation by raising interest rates by 150 basis points over the period, starting in March. The Fed also signaled it may continue this aggressive pace of monetary tightening in the second half of the year. By the end of the second quarter, there were signs that higher gasoline prices and rising inflation were starting to slow the broader economy, especially the housing and consumer spending markets. Investors scaled back their expectations for economic growth and corporate earnings, as recession fears weighed on stock performance.
Stock selection in industrials, financials and healthcare contributed to relative performance, while selection in information technology, an underweight in utilities and an overweight in energy detracted.
Despite a challenging market environment through the period, we were pleased to see the Portfolio provide relative downside preservation for investors, aided by our disciplined stock selection. This was due in part to avoidance of lower-quality, high-valuation or unprofitable companies that were especially impacted by the market sell-off. The Portfolio’s holdings have stronger balance sheets relative to holdings in the benchmark, and we believe this attribute likely will be even more important going forward. We were pleased to see many of our disciplined value investments rewarded for their higher quality and strong fundamentals.
Relative performance benefited from stock selection in industrials, especially among our defense-related names. Government military spending tends to be less affected by economic cycles, and it has ramped up recently with increased geopolitical uncertainty. These trends benefited BWX Technologies, which supplies nuclear components and fuel to the U.S. Navy, and ManTech, a cybersecurity contractor that accepted a buyout offer from a private equity company toward period end.
In financials, our focus remained on soundly capitalized, well-managed companies with strong competitive
positioning. Stock selection in both banks and insurance was favorable, with insurance holdings in particular benefiting from the defensive nature of the business and a favorable pricing environment in the second half of the period.
In information technology, the Portfolio’s overweight exposure to semiconductor companies hindered relative performance, due to signs that chip demand may be slowing along with the global economy. A clouded outlook for semiconductor-related capital spending hurt stock performance for MKS Instruments, which makes instrumentation tools used in chip production.
Consumer discretionary was one of the weakest-performing sectors in the Index, due to higher interest rates, increasing inflation, soaring gasoline and food prices and negative real wage growth dampening consumer spending. This broad-based decline in consumer discretionary stocks pressured holdings such as HanesBrands, a maker of sportswear and casual apparel. Our concerns regarding the impact of inflation on consumer spending led us to maintain our sector underweight over the period.
Portfolio positioning relative to the benchmark changed significantly in late June following an Index rebalancing. The Portfolio ended the six-month period overweight in communication services, healthcare and industrials. It was underweight utilities, real estate, consumer discretionary and financials.
Penn Mutual Asset Management, LLC
Investment Adviser
Janus Henderson Investors US LLC
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Financial | 24.8 % |
| Industrial | 18.4 % |
| Consumer, Non-cyclical | 16.8 % |
| Consumer, Cyclical | 11.8 % |
| Technology | 9.0% |
| Energy | 6.1 % |
| Utilities | 6.0% |
| Communications | 3.7 % |
| Basic Materials | 3.4 % |
| | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Core Value Fund
The Penn Series Mid Core Value Fund returned -8.07% for the six-month period ending June 30, 2022, compared to the -16.23% return for its benchmark, the Russell Midcap Value Index for the same time period.
Broad U.S. equity markets were pressured by Russia-Ukraine tensions and fears that higher interest rates and persistently high inflation may derail economic expansion. Security selection and an underweight in the information technology sector positively impacted relative performance. Lack of exposure to several of the benchmark’s names in the semiconductors and semiconductor equipment industry was beneficial, as those stocks were pressured by fears that semiconductor sales may slow. Additionally, some of the Portfolio’s holdings in the IT services and software industries outperformed. Security selection in the industrials sector contributed to relative performance, particularly in the aerospace and defense industry. BAE Systems, a U.K.-based defense company, was a notable individual contributor. Like many other defense companies, BAE’s shares jumped after Russia’s invasion of Ukraine. BAE also announced solid full-year results and stated that it expects sales to grow in 2022 as countries place a sharper focus on security. Our underweight in the energy sector weighed on returns. We did not own several of the benchmark’s energy names that outperformed as commodity prices moved higher.
Key contributors included ConocoPhillips, Devon Energy and Reinsurance Group of America. Shares of ConocoPhillips, an oil and gas exploration and production company, outperformed due to a continued rise in commodity prices amid a fundamentally tight market and geopolitical tensions. Devon Energy, an exploration and production company, benefited from higher oil prices. Investors also rewarded the stock for its capital allocation framework, which has included providing solid returns to shareholders. Reinsurance Group of America, a global life and health reinsurance company, reported better-than-expected earnings with strong core business performance. It also reported better-than-expected COVID-19-related losses.
Key detractors included Occidental Petroleum, T. Rowe Price Group and Marathon Petroleum. Lack of exposure to energy stock Occidental Petroleum detracted from performance. Occidental’s shares benefited from a constructive market environment for the energy sector. Shares of asset manager T. Rowe Price Group underperformed. The decline in equity markets and net
outflows reduced earnings expectations for the company and led to a lower valuation. Lack of exposure to energy company Marathon Petroleum negatively impacted results. Marathon’s shares outperformed as commodity prices moved higher.
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. We believe long-term demographic trends support demand for companies in the health care sector. Through our bottom-up process, we are finding companies that we believe are higher quality with attractive risk/reward profiles, particularly in the health care providers and services industry. The Portfolio remains overweight in the consumer staples sector. We’re finding opportunities among companies that make the products consumers depend on every day, regardless of economic conditions or their personal financial situations. Historically, many consumer staples companies have traded at a premium, but our analysis has led us to select companies in the sector that we believe are trading at a discount to their intrinsic value. We believe many real estate equities are overvalued. Furthermore, in our view, COVID-19 has elevated the risks in commercial real estate, and rising interest rates tend to decrease the value of properties and increase borrowing costs. While we are underweight the information technology sector, largely due to stretched valuations, we have found select stocks that meet our investment criteria.
Penn Mutual Asset Management, LLC
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Financial | 29.4 % |
| Consumer, Non-cyclical | 21.7 % |
| Industrial | 14.3 % |
| Consumer, Cyclical | 13.5 % |
| Utilities | 7.6 % |
| Energy | 5.1 % |
| Technology | 3.3 % |
| Communications | 2.8 % |
| Basic Materials | 2.3 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund returned -33.35% for the six-month period ending June 30, 2022, compared to the -29.45% return for its benchmark, the Russell 2500 Growth Index for the same time period.
Stock selection in the information technology and consumer staples sectors detracted from results, whereas our holdings in the consumer discretionary sector and an overweight to industrials contributed to performance.
In the first quarter of the year, building materials manufacturer AZEK Company, Inc. detracted from returns. The stock was down early in the year upon announcement of their acquisition of aluminum pergola and cabana manufacturer, StruXure, along with generally negative market sentiment among homebuilders. Despite a solid fourth quarter earnings print later in the quarter, the stock stayed lower through the end of the period. We expect sales to grow both organically and as a result of the recent StruXure transaction. Further, we believe inflation headwinds are abating and the AZEK Company should see margin expansion in the second half of 2022. Industrial gas, energy, and biomedical equipment manufacturer Chart Industries, Inc. was a top contributor to portfolio returns in the first quarter. The stock was up on its fourth quarter 2021 earnings announcement, which revealed a beat on the top line with continued broad-based demand and orders and backlog growth. Despite some margin pressure, we continue to like Chart Industries, as it should be a beneficiary of the structural shift to hydrogen resulting from the energy transition and the cyclical recovery in liquefied natural gas.
During the second quarter of the year, insulin pump company, Tandem Diabetes Care, Inc. was a top detractor from returns. The stock was down on the company’s earnings report, in which, the company missed earnings expectations despite a solid beat on the top line. In spite of recent weakness, we continue to like the company and expect to see share gains later this year as a result of manufacturing difficulties for key competitor, Medtronic. Furthermore, execution continues to be solid, and with an expanding sales forces we see a clear path to acceleration in the next few quarters. On the upside, specialty chemical company, Ashland Global Holdings, Inc. was a top contributor to returns during the second quarter. The stock was up on a better-than-expected first quarter earnings. Ashland Global Holdings also raised its quarterly dividend in May, giving the stock another boost. We maintain conviction in the company as they continue to exercise pricing
power in light of inflationary pressure, and we expect to see multiple expansion as the market begins to appreciate the company’s multi-year growth path.
With the backdrop of recent volatility and more uncertainty ahead, we remain optimistic in the overall strength of the economy, yet vigilant as we navigate turbulence into the third quarter. The Federal Reserve’s hawkish pivot, the commodities price shock, and China’s growth slowdown will be key themes as they translate to earnings in the second half of the year. Reduced spending, along with inflation, could result in lower growth and would be the biggest risks for valuation and sentiment. Moreover, applications for unemployment benefits have been slowly rising, which illustrates how companies are being more cautious hiring amid higher costs and slowing demand. Despite uncertainty, we will stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows, and differentiated business models aligned to secular tailwinds. We think focusing on higher-quality investments can help navigate the heightened volatility, while also positioning investors to benefit from the next upcycle. We continue to test our models and re-evaluate our assumptions with increasing information, stay focused on the long-term investment horizon, and believe this fundamental approach will generate excess return in the long run for our clients.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Consumer, Non-cyclical | 25.4 % |
| Technology | 22.4 % |
| Industrial | 19.2 % |
| Consumer, Cyclical | 17.3 % |
| Financial | 4.3 % |
| Basic Materials | 4.1 % |
| Energy | 3.9 % |
| Communications | 2.6 % |
| Utilities | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Value Fund
The Penn Series SMID Cap Value Fund returned -19.89% for the six-month period ending June 30, 2022, compared to the -16.66% return for its benchmark, the Russell 2500 Value Index for the same time period.
Equity markets experienced an uptick in volatility early in the period as the U.S. Federal Reserve (Fed) took a hawkish pivot and heightened expectations for an accelerated rate liftoff, and balance-sheet reduction triggered periods of sharp volatility.
For the six-month period, the Portfolio declined in absolute terms and underperformed its benchmark, the Russell 2500 Value Index. During the period, an underweight to energy detracted, while an underweight to healthcare contributed. Security selection in industrials detracted, while selection in healthcare contributed.
Data center infrastructure provider Vertiv detracted despite being able to raise its prices, as investors remain concerned about the pace of cost inflation. Tire manufacturer Goodyear detracted despite reporting 4Q21 and 1Q22 results that beat expectations. While the company has been able to offset cost increases with price initiatives, investors remain cautious about its ability to do so for the remainder of the year.
Coterra Energy, a domestic energy exploration and production company, contributed. Coterra benefited from the sharp increase in oil and natural gas prices that occurred after Russia’s invasion of Ukraine. HF Sinclair, an oil refiner and manufacturer of lubricants, contributed with strong earnings driven by a sharp increase in refining margins as a result of turmoil in energy markets.
Volatility dramatically increased in many financial markets in the second quarter of 2022. The quarter began with investors trying to understand the financial implications from Russia’s invasion of Ukraine and ended with them attempting to forecast Fed policy changes. In between, the markets were faced with escalating inflation and a Chinese economy that has been hobbled by the pandemic. As the quarter drew to a close, investors were faced with a wide range of outcomes about how these shocks will unfold. Oil prices are likely to see significant volatility while the Chinese economy may struggle to stay open. There are signs that inflation and supply-chain pressures may abate in the second half of 2022. Finally, the Fed runs the risk of policy error, which could lead to a recession or to sustained inflation. The broad selloff in stocks has created numerous
opportunities to add new names or increase existing positions where we see attractive valuations and compelling catalysts. However, the heightened risk climate suggests prudence. Our approach to this conundrum remains a focus on stocks that combine attractive valuation and strong quality. In our view, these stocks are best positioned to navigate the uncertainty and produce the earnings and cash flow growth that investors seek. Their attractive multiples offer another way to win as investors recognize these earnings and revalue the companies accordingly.
Penn Mutual Asset Management, LLC
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Financial | 27.6 % |
| Industrial | 21.6 % |
| Consumer, Cyclical | 15.4 % |
| Consumer, Non-cyclical | 14.6 % |
| Technology | 7.8 % |
| Basic Materials | 5.3 % |
| Energy | 3.7 % |
| Utilities | 2.9 % |
| Communications | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Growth Fund
The Penn Series Small Cap Growth Fund returned -26.40% for the six-month period ending June 30, 2022, compared to the -29.45% return for its benchmark, the Russell 2000 Growth Index for the same time period.
Stocks delivered negative returns as inflation concerns, geopolitical uncertainty and the prospect of more hawkish Federal Reserve (Fed) policy overshadowed positive earnings news, healthy job growth and reduced COVID-19 rates. The Fed responded to rising inflation by raising interest rates by 150 basis points over the period, starting in March. The Fed also signaled it may continue this aggressive pace of monetary tightening in the second half of the year. By the end of the second quarter, there were signs that higher gasoline prices and rising inflation were starting to slow the broader economy, especially the housing and consumer spending markets. Investors scaled back their expectations for economic growth and corporate earnings, as recession fears weighed on stock performance.
The Portfolio had a negative return but outperformed its benchmark, the Russell 2000 Growth Index, for the six-month period. Stock selection in information technology and health care aided relative performance. An underweight in energy and stock selection in industrials detracted.
The Fund’s highly selective approach helped it perform more defensively amid market volatility, as we avoided many of the more speculative stocks that were the biggest detractors within the Index. A renewed focus on fundamentals and profitability also benefited several of our disciplined growth investments. Longtime holding LPL Financial, a standout performer, provides a flexible platform that helps independent financial advisors serve their clients and manage their businesses. As more financial advisors have moved to an independent model, LPL Financial has gained market share and expanded its revenue. It has also benefited from higher interest rates through the interest income it earns on client cash balances.
Catalent, another contributor, provides outsourced contract manufacturing services to the life sciences industry. Due to its manufacturing expertise, supplier relationships and economies of scale, Catalent has been able to produce therapies more cost-effectively than biopharmaceutical companies could do on their own. Additionally, Catalent has had a hand in manufacturing most of the major COVID vaccines on the market today.
While vaccine demand may slow as the pandemic wanes, the company’s diverse client base means it is not dependent on any single product line. The company recently issued a robust outlook for its non-COVID-related businesses that helped to reassure investors about its long-term potential. We believe Catalent is well positioned for a less certain economic environment due to its stable recurring revenues and strong free cash flow.
Economic uncertainty pressured several of our consumer-related holdings, as surging gasoline prices and higher financing rates dampened discretionary spending. Detractors included Lovesac, an omnichannel retailer of modular furniture. The stock was a notable detractor even though the company’s earnings growth and guidance have remained strong. We held onto the stock as we continue to believe in Lovesac's innovative sales model, disciplined production approach and long-term market opportunity.
Kornit Digital, another laggard, sells eco-friendly digital printing solutions that enable retailers to rapidly produce T-shirts and other apparel. The company also benefits from recurring revenues through the sale of the ink used in its printers. However, this consumables business has slowed recently along with consumer apparel spending. As a result, Kornit Digital reduced guidance and the stock sold off. Despite near-term uncertainty for the company’s business, we continued to own the stock due to its strong competitive positioning and unique business model.
Penn Mutual Asset Management, LLC
Investment Adviser
Janus Henderson Investors US LLC
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Consumer, Non-cyclical | 33.1 % |
| Technology | 23.0% |
| Industrial | 19.4 % |
| Financial | 8.8 % |
| Consumer, Cyclical | 5.5 % |
| Communications | 4.8 % |
| Basic Materials | 2.0% |
| Energy | 1.9 % |
| Diversified | 0.8 % |
| Utilities | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Value Fund
The Penn Series Small Cap Value Fund returned -17.95% for the six-month period ending June 30, 2022, compared to the -17.31% return for its benchmark, the Russell 2000 Value Index for the same time period.
Stock selection in the industrials and information technology sectors detracted from results, whereas our investments in the health care and financials sectors contributed to performance.
During the first quarter of the year, Urban fashion apparel, accessories and home decor retailer Citi Trends, Inc. was a top detractor from returns. Coming off of a strong 2021, shares of Citi Trends declined as the company cycled through stimulus benefits and the macro backdrop weighed on the company. We exited our position in Citi Trends during the period and allocated the proceeds to what we felt were better risk-reward opportunities. Antero Resources Corp., an independent oil and gas company that engages in the development, production, exploration and acquisition of natural gas, was a top contributor to returns during the first quarter. Shares of the company were supported by an increase in commodity prices. The market also reacted positively to an earlier-than-expected share repurchasing program.
During the second quarter of the year, studio office real estate investment trust Hudson Pacific Properties, Inc. was a top detractor from returns. The stock was down after the company announced first quarter earnings with conservative guidance for the full year. The market also reacted negatively to Hudson Pacific Properties’ completion of their previously announced acquisition of Washington 1000, a fully entitled, state-of-the-art office development site in Seattle, for $85.6 million before closing adjustments. Despite recent weakness, we continue to like Hudson Pacific Properties as leasing volumes recover, mark-to-market remains intact, and the company aggressively repurchases stock. During the second quarter, our underweight to movie theatre chain and entertainment company AMC Entertainment Holdings, Inc. was rewarded. Being underweight the stock proved beneficial as its shares fell sharply. We initiated an underweight position in December 2021, being mindful of the potential risks we are taking relative to the Index. We exited our position when the stock was removed from the Index at the Russell rebalance in June.
With the backdrop of recent volatility and more uncertainty ahead, we remain optimistic in the overall strength of the economy, yet vigilant as we navigate
turbulence into the third quarter. The Federal Reserve’s hawkish pivot, the commodities price shock, and China’s growth slowdown will be key themes as they translate to earnings in the second half of the year. Reduced spending, along with inflation, could result in lower growth and would be the biggest risks for valuation and sentiment. Moreover, applications for unemployment benefits have been slowly rising, which illustrates how companies are being more cautious hiring amid higher costs and slowing demand. Despite uncertainty, we will stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows, and differentiated business models aligned to secular tailwinds. We think focusing on higher-quality investments can help navigate the heightened volatility, while also positioning investors to benefit from the next upcycle. We continue to test our models and re-evaluate our assumptions with increasing information, stay focused on the long-term investment horizon, and believe this fundamental approach will generate excess return in the long run for our clients.
Penn Mutual Asset Management, LLC
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Financial | 37.4 % |
| Consumer, Non-cyclical | 17.2 % |
| Consumer, Cyclical | 11.6 % |
| Industrial | 11.0% |
| Energy | 5.7 % |
| Technology | 5.7 % |
| Utilities | 4.8 % |
| Communications | 4.1 % |
| Basic Materials | 2.5 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Index Fund
The Penn Series Small Cap Index Fund returned -23.71% for the six-month period ending June 30, 2022, compared to the -23.43% 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 a small cap 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 cumulative effect of small weighting differences between the securities in the Fund and the Index contributed to the difference between the Portfolio’s performance and that of the Index.
The Fund’s negative performance in the first half of 2022 was driven mostly by geopolitics and inflationary fears. Performance in the first quarter was driven by concerns over the Russia-Ukraine War and tighter monetary policy as inflation increased. Negative performance continued in the second quarter on the back of negative consumer sentiment as concerns about inflation and a recession increased despite lower levels of unemployment and stronger wage growth.
The Fund used Russell 2000 Index futures contracts in order to gain exposure to the Index during the reporting period. The Fund’s use of index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Lantheus Holdings, Helmerich & Payne and Antero Resources Corp. The top negative contributors to the Fund’s performance during the reporting period were Synaptics, Crocs and AMC Entertainment Holdings.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Financial | 24.3 % |
| Consumer, Non-cyclical | 23.9 % |
| Industrial | 13.0% |
| Consumer, Cyclical | 11.2 % |
| Technology | 10.5 % |
| Energy | 5.7 % |
| Communications | 4.5 % |
| Utilities | 3.5 % |
| Basic Materials | 3.4 % |
| Government | 0.0% 2 |
| Diversified | 0.0% 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. |
| 2 | Less than 0.05%. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Developed International Index Fund
The Penn Series Developed International Index Fund returned -19.81% for the six-month period ending June 30, 2022, compared to the -19.57% 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 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 cumulative effect of small weighting differences between the securities and the currencies in the Fund and the Index contributed to the difference between the Portfolio’s performance and that of the Index.
The Fund experienced negative performance over the six-month period. Persistent inflation pressure forced central banks to accelerate tightening, risking a hard landing. Incoming data from key developed markets pointed toward broad-based deceleration in economic activities. However, China’s rebound helped soften the pace of the global slowdown. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the U.S. and China over Taiwan.
The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs. Central banks remained in tightening mode with 54 rate-hiking actions globally in June – an all-time high. Unsurprisingly, the actions followed elevated inflation rates around the world. While the U.S. Federal Reserve committed to a 75 basis point hike in June, the European Central Bank (ECB) was expected to kick-off its rate hiking cycle with a 25 basis point hike. The Reserve Bank of Australia raised its cash target rate by 75 basis points to 1.35%. Recession probabilities were moving upward across the globe. These fears were more pronounced in the euro area with the common currency
falling to a 20-year low against the U.S. dollar and Germany reporting its first deficit since 1991. Energy was the only positive performing sector for the period, while industrials, consumer discretionary and information technology were the worst performing sectors.
The Fund used MSCI EAFE Index futures contracts in order to gain exposure to the Index during the reporting period. The Fund’s use of index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were AstraZeneca PLC, Shell PLC and British American Tobacco p.l.c. The top negative contributors to the Fund’s performance during the reporting period were ASML Holding NV, Nestle S.A. and LVMH Moet Hennessy Louis Vuitton SE.
Penn Mutual Asset Management, LLC
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Japan | 22.3 % |
| United Kingdom | 15.3 % |
| Switzerland | 11.1 % |
| France | 10.8 % |
| Australia | 7.7 % |
| Germany | 7.7 % |
| Netherlands | 4.5 % |
| Hong Kong | 3.3 % |
| Sweden | 3.2 % |
| Denmark | 2.8 % |
| Spain | 2.5 % |
| Italy | 1.9 % |
| Singapore | 1.4 % |
| Finland | 1.2 % |
| Ireland | 0.9 % |
| Belgium | 0.9 % |
| Norway | 0.8 % |
| Israel | 0.8 % |
| Luxembourg | 0.3 % |
| New Zealand | 0.2 % |
| Austria | 0.2 % |
| Portugal | 0.2 % |
| Macao | 0.0% 2 |
| Chile | 0.0% 2 |
| Jordan | 0.0% 2 |
| United Arab Emirates | 0.0% 2 |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
| 2 | Less than 0.05%. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
International Equity Fund
The Penn Series International Equity Fund returned -24.73% for the six-month period ending June 30, 2022, compared to the -18.42% return for its benchmark, the MSCI ACWI ex U.S. Index for the same time period.
Stocks that helped absolute performance included L’Oreal. In our view, L’Oréal is a great long term secular growth story and a big part of that story is China. We believe China skin care sales have been especially strong for several years. The recent lockdown of large parts of the Chinese economy because of COVID has adversely impacted sales of all cosmetics companies, causing stock prices to decline and providing an attractive entry point to purchase the stock. Another stock that helped absolute performance included Hermes. The recent market pullback afforded opportunity to rebuild a position in the leading luxury goods brand with a controlled growth (price over volume) model, at a very compelling valuation and upside total shareholder return. Hermes is arguably the most valuable luxury brand in the world. This is partly due to the fact that the brand has long been tightly controlled by the founding family. Although the stock is not considered to be cheap, neither are the company's signature scarves and hand-bags. We believe this high-quality franchise is a highly secure store of value with the potential to compound at double-digit earnings growth rates for many years to come.
Stocks that hurt absolute performance included Halma, an international manufacturing group with more than 50 subsidiaries across the Process and Infrastructure Safety, Medical, and Environmental and Analysis industries. Halma’s products with structural growth are geared toward non-discretionary and ESG-related demand with high switching costs in areas such as water quality analysis, fire & gas detection, pipeline leakage sensors, and elevator safety sensors. Halma reported healthy organic revenue growth, meaningful new acquisitions, and margin expansion. However, the CEO for the past 18 years announced his retirement. We are confident that the business model strength should continue as day-to-day decisions remain at the management level of its subsidiaries and the former CFO takes over the larger capital allocation decisions of the business. Another stock that hurt absolute performance was HOYA. As a global medtech leader in areas including optical lenses, Hoya also has dominant positions in key components for semiconductor devices and hard disk drives. Hoya was weak despite a solid March quarter earnings report with revenue growth of 12% and pre-tax
+30%, ahead of consensus. We believe both electro ultra-violet demand, a segment in which Hoya has a virtual monopoly, and eye glass lenses are holding up well and that share weakness reflects general concern around technology spending slowing down in the face of a potential recession. Management is returns-focused, with an ROE target of 18%, which we believe they are currently exceeding. The company also announced a buyback of 1% of its share base.
International markets have been under pressure year-to-date. Fears of inflation becoming firmly entrenched in global economies with a potential looming recession, especially in the developed world, weighed on markets. The conflict in Ukraine fed energy supply concerns and inflation, accelerating expectations for interest rate increases in Europe, although Japan and China maintained their accommodative stances. In July 2020, the European Central Bank (ECB) raised rates for the first time since 2011 and ECB President Christine Lagarde hardened her stance on tackling inflation, leading markets to expect rates to rise above zero in September. European reliance on Russian natural gas prompted worries about shortages and the prospect of rationing throughout the winter months, particularly in Germany and Italy.
Inflation remained just above Japan’s 2% target, allowing the Bank of Japan to maintain a loose monetary policy. That accommodative stance versus other markets pushed the yen to a 24-year low against the dollar. Meanwhile, China’s “zero tolerance” COVID policy weighed on its economy. In June 2020, China eased some of its lockdown restrictions prompting a rally in Chinese equities and the government introduced a package of measures to stimulate growth.
Value stocks have outperformed, returning to their long-term historical average. Going forward, alpha is likely to come from earnings outperformance, and value stocks have lower earnings resilience.
There is one issue that matters to the market right now and that is how much and how fast Central Banks will raise interest rates. This is creating a lot of short-term volatility, giving bottom-up investors opportunity to invest in great business at attractive prices.
We believe the strategy is exposed to several quality companies that should benefit from the end of COVID restrictions in the payments industry and with the resumption of air travel to name a few.
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Dominant global franchises listed outside the U.S. should benefit from recent dollar strength and act as a good source of diversification.
In China, we believe investments in politically sensitive sectors like education and financials are risky – we focus on companies with less regulatory risk and with the highest standards of corporate governance, specifically in the consumer space that should benefit as COVID restrictions ease.
We believe International equities complement domestic equities, giving investors access to some world-class businesses that are not available or at least not of the same quality in the U.S. market.
Visibility on the trajectory of the global economy is poor. Investing in quality companies helps minimize market turbulence. We feel quality companies have resilient demand with dominant brands and valuable products in areas of customer necessity and high substitution risk that should prove beneficial especially in a slowing growth environment.
Penn Mutual Asset Management, LLC
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| United Kingdom | 19.9 % |
| France | 13.9 % |
| Canada | 13.5 % |
| Switzerland | 12.4 % |
| Netherlands | 8.1 % |
| Japan | 7.7 % |
| United States | 7.0% |
| Ireland | 4.3 % |
| India | 3.8 % |
| Luxembourg | 2.4 % |
| China | 2.4 % |
| Sweden | 1.9 % |
| Italy | 1.7 % |
| Hong Kong | 1.0% |
| | 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. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund returned -18.75% for the six-month period ending June 30, 2022, compared to the -17.63% return for its benchmark, the MSCI Emerging Markets Index for the same time period.
Stocks that helped absolute performance included Budweiser Brewing Company (Bud) APAC, the leading premium brewer in China (75% of its business) and the largest in South Korea (25% of its business). Bud APAC’s shares gained on the loosening of COVID restrictions in China, while South Korea has generally been open. Overall, we believe the company should grow revenue in the high single-digits. With strong premium growth (with price/mix benefits) and a watchful eye on costs (including brewing global beers locally), EBITDA should grow low-mid teens. The company is net cash and cash generative. Another contributor, Eicher Motors, has been seeing a solid recovery as semi shortages are gradually resolved and the white-collar consumer in India is in relatively good shape. Demand is further boosted by the strength in new models, while export growth is coming through better than expected. Eicher Motors (aka the ‘Harley Davidson of India’) is the dominant player in 250cc+ premium motorcycles in India. It has all the features we look for in terms of distinct premium brand positioning, headroom for penetration growth in its home market and longer-term from exports, and high sustainable returns.
Stocks that hurt absolute performance included Taiwan Semiconductor Manufacturing Company (TSMC). Concerns about a potential semiconductor downcycle, coupled with a rotation out of growth names, weighed on the space. TSMC’s fundamentals remain strong and it continues to deliver on earnings. Management guided toward a strong full year 2022, aided by full utilization, price increases and market share gains. High performance computing strength has more than offset some of the slower consumer areas, such as PCs, smartphones and tablets. TSMC is the world’s largest pure-play foundry with unparalleled expertise and scale advantage in highly sophisticated chips. SK Hynix, a pure-play memory semiconductor company, was another stock that hurt absolute performance. Major memory makers’ share prices declined year-to-date on fears of weakening end-demand, potential inventory destocking in the channel followed by a memory price correction. Given prolonged inflationary pressure, which translates into weak consumer demand, the market now expects dynamic random access memory (DRAM) price to
decline in the second half of 2022. We believe the magnitude of DRAM price decline should be much less than the previous downturn seen in 2018/2019, given limited supply growth and inventory carryforward by major memory makers.
Steep and rising inflation exacerbated by supply chain disruptions and oil shocks stemming from the war in Ukraine weighed on markets in the first half of 2022. China’s ‘Zero COVID’ policy and lockdowns in Shanghai and Beijing took a toll on its economy, adding to concerns. Central banks across the globe, except China, raised rates in an effort to reel in the demand side of the inflation equation. The result was a turbulent market and a risk-off mood with investors concerned about slowing growth and recession potential. Amidst rising interest rates and commodity prices, value areas outpaced growth year-to-date. Commodity prices traded off toward the end of the second quarter of 2022 on deepening concerns over global growth.
In June 2022, China eased some of its lockdown restrictions prompting a rally in Chinese equities. The government also introduced a package of 33 measures to boost growth. Much of southeast Asia witnessed an economic recovery, as reopening drove an increase in tourism in countries such as Thailand. However, South Korea saw a sharp rise in its stockpile of memory chips, indicating a slowdown in international demand from global tech manufacturers. In Latin America, Brazil’s weak economy weighed on the re-election hopes of President Jair Bolsonaro. Mexico’s economic recovery accelerated, although it remained one of the few in Latin America to still not have reached its pre-pandemic level.
China saw incremental improvement with easing of lockdowns at the end of the second quarter, aiding e-commerce and consumer names. While we think the worst is behind us, we expect a gradual recovery versus a V-shaped type of recovery going forward.
Inflation negatively impacts countries like India as a large portion of the population is near the poverty line. However, exposure to IT services businesses that benefit from a weaker rupee, as well as businesses in premium products exposed to urban vs. rural consumers, should continue to fare well.
Taiwan and Korea tech names were weak due to developed market recession concerns. We think these concerns are a bit overdone for leading IT service and semiconductor companies as key customers like Amazon
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Web Services and Microsoft are still seeing strong growth as workloads continue to shift to the cloud.
With Brazil inflation running in the low teens, the central bank has been aggressively raising rates. We are comfortable investing in structural growth businesses, but wary of banks as growth could be tepid going forward.
While the valuation gap between emerging markets and domestic markets has closed a little in the last quarter, it is still historically high. That said, quality businesses’ valuations have gotten relatively cheaper and we do not see a recession in the key emerging markets countries where we invest - they were less stimulative during COVID and we believe have easier comps with better structural growth drivers.
Penn Mutual Asset Management, LLC
Investment Adviser
Vontobel Asset Management, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| China | 30.8 % |
| India | 22.1 % |
| Taiwan | 13.0% |
| Indonesia | 7.7 % |
| South Korea | 6.5 % |
| Mexico | 4.5 % |
| Singapore | 3.9 % |
| Hong Kong | 3.6 % |
| Brazil | 3.5 % |
| South Africa | 1.4 % |
| Thailand | 1.2 % |
| Colombia | 1.1 % |
| Argentina | 0.7 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Real Estate Securities Fund
The Penn Series Real Estate Securities Fund returned -19.27% for the six-month period ending June 30, 2022, compared to the -19.17% return for its benchmark, the FTSE NAREIT All Equity REITs Index for the same time period.
U.S. REITs declined sharply in the first half of 2022, along with broader equities. The U.S. economy slowed abruptly and inflation climbed to a 40-year high as Russia’s invasion of Ukraine led to heightened uncertainty and a pronounced increase in energy and other commodity prices. Bond yields rose and the Federal Reserve began to aggressively raise its benchmark interest rate in an effort to slow demand to check persistently high inflation.
Hotels, which are among the shorter-lease-duration property types, declined but meaningfully outperformed the benchmark as business and leisure continued to rebound. Health care was a relative outperformer, declining less than other sectors as investors favored the shares for the stability of their rents. Infrastructure REITs modestly outperformed on increased leasing activity from wireless carriers rolling out 5G telecom equipment and as mobile data usage continues to grow.
Timber REITs held up relatively well as the lack of housing inventory suggests lumber demand may remain high even if the economy slows further. Self storage, despite continued strong demand and having short-duration leases that can rapidly adjust in inflationary conditions, modestly trailed the benchmark on the prospect that a slower economy could wipe out the occupancy gains the sector experienced during the pandemic.
Residential sectors declined despite demographic tailwinds, a healthy jobs market and as home affordably worsened with sharply higher mortgage rates and the growth in asset values. Many retail property companies reported record leasing volumes and strong leasing spreads in the period.
Demand for warehouse space remained high, but growth expectations for the industrial sector diminished with Amazon’s plans to scale back the growth of its logistics space usage. Data centers were caught up in the technology stock selloff—despite tenant demand showing no signs of abating, with capital spending for cloud computing expected to accelerate in 2022. Office
REITs continued to underperform, with earnings results underscoring a difficult leasing environment.
The portfolio had a negative total return in the period and performed inline with its benchmark. Security selection in the industrial sector was the largest contributor to relative performance. The portfolio was overweight refrigerated warehouse specialist Americold, which held up relatively well as improved labor availability bolstered the company’s outlook. Also, the portfolio was overweight Duke Realty, which agreed to be acquired by underweight position Prologis in a deal valued at $26 billion. An underweight allocation in the office sector proved beneficial. Stock selection in self storage also aided relative performance, due to an overweight in Public Storage, which investors viewed as a safe haven.
Stock selection in the diversified sector detracted from relative performance. This included an out-of-index position in Jones Lang LaSalle, a services company with considerable exposure to the office sector. An overweight in the regional mall sector also hindered relative performance, as high-quality mall owner Simon Property Group declined despite high retailer demand and upper-income consumers, who are its primary clientele, still spending. An underweight in specialty REITs further detracted from relative performance, mainly due to the portfolio’s lack of exposure to net lease REITs specializing in gaming assets.
While growth is slowing and the odds of a recession have increased, the job market remains healthy. Consumers are generally in good shape, although their savings cushion is diminishing as they pay more for goods and services. Fundamentals generally remain sound, but slower growth and higher inflation cloud the outlook for real estate, particularly for sectors lacking pricing power. We have reduced our earnings expectations accordingly, though we still anticipate healthy earnings growth this year and next. Moreover, traditional asset categories may have less ability to defend against a prolonged environment of higher inflation than real estate companies, which generally have high operating margins, low commodity and labor price sensitivity, and often have (in many cases) inflation-linked rents.
We favor shorter-lease-duration property types in this environment. Self storage may continue to enjoy strong demand due to increased relocation activity, given improving demand due to increased moving activity. We are overweight hotels, with an allocation to the regional gaming business, which is driven by consumers rather
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
than corporate demand or air travel. We maintain a favorable view of health care, particularly senior living centers and life science properties. Our retail holdings are concentrated in companies with high-quality assets that we believe may be long-term winners.
We believe companies that provide information and logistics infrastructure, including data centers, cell towers and industrial warehouses, may continue to benefit from strong secular demand. However, valuations remain a concern. We remain cautious toward offices as businesses reassess their future needs.
Penn Mutual Asset Management, LLC
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/22
| | Percent of
Total Investments1 |
| Diversified | 30.7 % |
| Apartments | 16.9 % |
| Healthcare | 11.1 % |
| Storage & Warehousing | 9.6 % |
| Industrial | 7.7 % |
| Single Tenant | 6.1 % |
| Regional Malls | 5.0% |
| Strip Centers | 2.9 % |
| Manufactured Homes | 2.8 % |
| Hotels & Resorts | 2.1 % |
| Real Estate | 2.1 % |
| Office Property | 2.0% |
| Lodging | 0.8 % |
| Entertainment | 0.2 % |
| | 100.0% |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund returned -17.89% for the six-month period ending June 30, 2022, compared to its benchmarks, the Russell 3000 Index’s return of -21.10% and the Bloomberg U.S. Aggregate Bond Index’s return of -10.35% 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 positively to its performance. During the period, the Fund’s allocation in growth stocks underperformed the Russell 3000 Index. The allocation in value stocks, REITs and international stocks outperformed the Russell 3000 Index. In fixed income, allocation to high yield bonds contributed negatively to performance, while the allocation in short-term bond funds contributed positively due to higher interest rates.
Fund selection of the Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Growth Stock, SMID Cap Growth, SMID Cap Value and International Equity Funds underperformed their respective benchmarks by more than 2%. The Penn Series Large Cap Growth, Large Core Value, Mid Cap Value, Mid Core Value, Small Cap Growth and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund underperformed its benchmark.
We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
| Asset Allocation Target as of 6/30/22 | |
| Large Cap Value Stocks | 26.0% |
| International Stocks | 24.0% |
| Large Cap Growth Stocks | 13.0% |
| Mid Cap Value Stocks | 8.0% |
| Emerging Markets Stocks | 6.0% |
| Short Term Bonds | 5.0% |
| Small Cap Growth Stocks | 5.0% |
| Domestic REITs | 3.0% |
| Mid Cap Growth Stocks | 3.0% |
| High Yield Bonds | 3.0% |
| Small Cap Value Stocks | 2.0% |
| Intermediate Bonds | 2.0% |
| | 100.0% |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned -16.49% for the six-month period ending June 30, 2022, compared to its benchmarks, the Russell 3000 Index’s return of -21.10% and the Bloomberg U.S. Aggregate Bond Index’s return of -10.35% 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 positively to its performance. During the period, the Fund’s allocation in growth stocks underperformed the Russell 3000 Index. The allocation in value stocks, REITs and international stocks outperformed the Russell 3000 Index. In fixed income, allocation to high yield bonds contributed negatively to performance, while the allocation in short-term bond funds contributed positively due to higher interest rates.
Fund selection of the Moderately Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Growth Stock, SMID Cap Growth, SMID Cap Value and International Equity Funds underperformed their respective benchmarks by more than 2%. The Penn Series Large Cap Growth, Large Core Value, Mid Cap Value, Mid Core Value, Small Cap Growth and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.
We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
| Asset Allocation Target as of 6/30/22 | |
| Large Cap Value Stocks | 24.0% |
| International Stocks | 19.0% |
| Large Cap Growth Stocks | 12.0% |
| Short Term Bonds | 10.0% |
| Mid Cap Value Stocks | 7.0% |
| Intermediate Bonds | 7.0% |
| Emerging Markets Stocks | 5.0% |
| Small Cap Growth Stocks | 4.0% |
| Small Cap Value Stocks | 3.0% |
| Domestic REITs | 3.0% |
| Mid Cap Growth Stocks | 3.0% |
| High Yield Bonds | 3.0% |
| | 100.0% |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderate Allocation Fund
The Penn Series Moderate Allocation Fund returned -14.82% for the six-month period ending June 30, 2022, compared to its benchmarks, the Russell 3000 Index’s return of -21.10% and the Bloomberg U.S. Aggregate Bond Index’s return of -10.35% 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 positively to its performance. During the period, the Fund’s allocation in growth stocks underperformed the Russell 3000 Index. The allocation in value stocks, REITs and international stocks outperformed the Russell 3000 Index. In fixed income, allocation to high yield bonds contributed negatively to performance, while the allocation in short-term bond funds contributed positively due to higher interest rates.
Fund selection of the Moderate Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Growth Stock, SMID Cap Growth, SMID Cap Value and International Equity Funds underperformed their respective benchmarks by more than 2%. The Penn Series Large Cap Growth, Large Core Value, Mid Core Value and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.
We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
| Asset Allocation Target as of 6/30/22 | |
| Intermediate Bonds | 21.0% |
| Large Cap Value Stocks | 19.0% |
| Short Term Bonds | 15.0% |
| International Stocks | 12.0% |
| Large Cap Growth Stocks | 10.0% |
| Mid Cap Value Stocks | 5.0% |
| Emerging Markets Stocks | 5.0% |
| High Yield Bonds | 4.0% |
| Mid Cap Growth Stocks | 3.0% |
| Small Cap Value Stocks | 2.0% |
| Small Cap Growth Stocks | 2.0% |
| Domestic REITs | 2.0% |
| | 100.0% |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned -11.74% for the six-month period ending June 30, 2022, compared to its benchmarks, the Russell 3000 Index’s return of -21.10% and the Bloomberg U.S. Aggregate Bond Index’s return of -10.35% 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 positively to its performance. During the period, the Fund’s allocation in growth stocks underperformed the Russell 3000 Index. The allocation in value stocks, REITs and international stocks outperformed the Russell 3000 Index. In fixed income, allocation to high yield bonds contributed negatively to performance, while the allocation in short-term bond funds contributed positively due to higher interest rates.
Fund selection of the Moderately Conservative Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series SMID Cap Value and International Equity Funds underperformed their respective benchmarks by more than 2%. The Penn Series Large Cap Growth, Large Core Value, Mid Core Value and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.
We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
| Asset Allocation Target as of 6/30/22 | |
| Intermediate Bonds | 30.0% |
| Short Term Bonds | 25.0% |
| Large Cap Value Stocks | 15.0% |
| International Stocks | 8.0% |
| Large Cap Growth Stocks | 7.0% |
| High Yield Bonds | 5.0% |
| Mid Cap Value Stocks | 4.0% |
| Emerging Markets Stocks | 2.0% |
| Domestic REITs | 2.0% |
| Small Cap Value Stocks | 1.0% |
| Small Cap Growth Stocks | 1.0% |
| | 100.0% |
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Conservative Allocation Fund
The Penn Series Conservative Allocation Fund returned -9.45% for the six-month period ending June 30, 2022, compared to its benchmarks, the Russell 3000 Index’s return of -21.10% and the Bloomberg U.S. Aggregate Bond Index’s return of -10.35% 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 positively to its performance. During the period, the Fund’s allocation in growth stocks underperformed the Russell 3000 Index. The allocation in value stocks, REITs and international stocks outperformed the Russell 3000 Index. In fixed income, allocation to high yield bonds contributed negatively to performance, while the allocation in short-term bond funds contributed positively due to higher interest rates.
Fund selection of the Conservative Allocation Fund contributed positively to its performance. During the period, our manager for the Penn Series International Equity Fund underperformed its benchmark by more than 2%. The Penn Series Large Core Value, Mid Core Value and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their benchmarks.
We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.
Penn Mutual Asset Management, LLC
Investment Adviser
| Asset Allocation Target as of 6/30/22 | |
| Intermediate Bonds | 39.0% |
| Short Term Bonds | 36.0% |
| Large Cap Value Stocks | 10.0% |
| High Yield Bonds | 5.0% |
| Large Cap Growth Stocks | 4.0% |
| International Stocks | 3.0% |
| Mid Cap Value Stocks | 2.0% |
| Domestic REITs | 1.0% |
| | 100.0% |
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, 2022 and held through June 30, 2022. 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, 2022 to June 30, 2022
Expense Table
| | Beginning
Value
January 1,
2022 | Ending
Value
June 30,
2022 | Annualized
Expense
Ratio | Expenses
Paid During
Period* |
| Money Market Fund | | | | |
| Actual | $1,000.00 | $1,000.10 | 0.37% | $ 1.83 |
| Hypothetical | $1,000.00 | $ 1,022.96 | 0.37% | $ 1.86 |
| Limited Maturity Bond Fund | | | | |
| Actual | $1,000.00 | $ 960.40 | 0.69% | $ 3.35 |
| Hypothetical | $1,000.00 | $ 1,021.37 | 0.69% | $ 3.46 |
| Quality Bond Fund | | | | |
| Actual | $1,000.00 | $ 891.00 | 0.67% | $ 3.14 |
| Hypothetical | $1,000.00 | $ 1,021.47 | 0.67% | $ 3.36 |
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | Beginning
Value
January 1,
2022 | Ending
Value
June 30,
2022 | Annualized
Expense
Ratio | Expenses
Paid During
Period* |
| High Yield Bond Fund | | | | |
| Actual | $1,000.00 | $ 902.60 | 0.72% | $ 3.40 |
| Hypothetical | $1,000.00 | $ 1,021.22 | 0.72% | $ 3.61 |
| Flexibly Managed Fund | | | | |
| Actual | $1,000.00 | $ 855.80 | 0.87% | $ 4.00 |
| Hypothetical | $1,000.00 | $ 1,020.48 | 0.87% | $ 4.36 |
| Balanced Fund | | | | |
| Actual | $1,000.00 | $ 835.00 | 0.20% | $0.91 |
| Hypothetical | $1,000.00 | $ 1,023.80 | 0.20% | $ 1.00 |
| Large Growth Stock Fund | | | | |
| Actual | $1,000.00 | $ 637.70 | 0.96% | $ 3.90 |
| Hypothetical | $1,000.00 | $ 1,020.03 | 0.96% | $ 4.81 |
| Large Cap Growth Fund | | | | |
| Actual | $1,000.00 | $ 799.00 | 0.86% | $ 3.84 |
| Hypothetical | $1,000.00 | $ 1,020.53 | 0.86% | $ 4.31 |
| Large Core Growth Fund | | | | |
| Actual | $1,000.00 | $ 477.70 | 0.88% | $ 3.22 |
| Hypothetical | $1,000.00 | $ 1,020.43 | 0.88% | $ 4.41 |
| Large Cap Value Fund | | | | |
| Actual | $1,000.00 | $ 877.50 | 0.91% | $ 4.24 |
| Hypothetical | $1,000.00 | $ 1,020.28 | 0.91% | $ 4.56 |
| Large Core Value Fund | | | | |
| Actual | $1,000.00 | $ 908.10 | 0.91% | $ 4.31 |
| Hypothetical | $1,000.00 | $ 1,020.28 | 0.91% | $ 4.56 |
| Index 500 Fund | | | | |
| Actual | $1,000.00 | $ 799.70 | 0.35% | $ 1.56 |
| Hypothetical | $1,000.00 | $ 1,023.06 | 0.35% | $ 1.76 |
| Mid Cap Growth Fund | | | | |
| Actual | $1,000.00 | $ 670.10 | 0.96% | $ 3.98 |
| Hypothetical | $1,000.00 | $ 1,020.03 | 0.96% | $ 4.81 |
| Mid Cap Value Fund | | | | |
| Actual | $1,000.00 | $ 877.84 | 0.83% | $ 3.86 |
| Hypothetical | $1,000.00 | $ 1,020.68 | 0.83% | $ 4.16 |
| Mid Core Value Fund | | | | |
| Actual | $1,000.00 | $ 919.30 | 1.02% | $ 4.85 |
| Hypothetical | $1,000.00 | $ 1,019.74 | 1.02% | $ 5.11 |
| SMID Cap Growth Fund | | | | |
| Actual | $1,000.00 | $ 666.50 | 1.05% | $ 4.34 |
| Hypothetical | $1,000.00 | $ 1,019.59 | 1.05% | $ 5.26 |
| SMID Cap Value Fund | | | | |
| Actual | $1,000.00 | $ 801.13 | 1.16% | $ 5.18 |
| Hypothetical | $1,000.00 | $ 1,019.04 | 1.16% | $ 5.81 |
| Small Cap Growth Fund | | | | |
| Actual | $1,000.00 | $ 736.00 | 1.02% | $ 4.39 |
| Hypothetical | $1,000.00 | $ 1,019.74 | 1.02% | $ 5.11 |
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | Beginning
Value
January 1,
2022 | Ending
Value
June 30,
2022 | Annualized
Expense
Ratio | Expenses
Paid During
Period* |
| Small Cap Value Fund | | | | |
| Actual | $1,000.00 | $ 820.50 | 1.00% | $ 4.51 |
| Hypothetical | $1,000.00 | $ 1,019.84 | 1.00% | $ 5.01 |
| Small Cap Index Fund | | | | |
| Actual | $1,000.00 | $ 762.90 | 0.71% | $ 3.10 |
| Hypothetical | $1,000.00 | $ 1,021.27 | 0.71% | $ 3.56 |
| Developed International Index Fund | | | | |
| Actual | $1,000.00 | $ 801.90 | 0.89% | $ 3.98 |
| Hypothetical | $1,000.00 | $ 1,020.38 | 0.89% | $ 4.46 |
| International Equity Fund | | | | |
| Actual | $1,000.00 | $ 752.70 | 1.06% | $ 4.61 |
| Hypothetical | $1,000.00 | $ 1,019.54 | 1.06% | $ 5.31 |
| Emerging Markets Equity Fund | | | | |
| Actual | $1,000.00 | $ 812.50 | 1.31% | $ 5.89 |
| Hypothetical | $1,000.00 | $ 1,018.30 | 1.31% | $ 6.56 |
| Real Estate Securities Fund | | | | |
| Actual | $1,000.00 | $ 807.30 | 0.96% | $ 4.30 |
| Hypothetical | $1,000.00 | $ 1,020.03 | 0.96% | $ 4.81 |
| Aggressive Allocation Fund | | | | |
| Actual | $1,000.00 | $ 821.10 | 0.34% | $ 1.54 |
| Hypothetical | $1,000.00 | $ 1,023.11 | 0.34% | $ 1.71 |
| Moderately Aggressive Allocation Fund | | | | |
| Actual | $1,000.00 | $ 835.10 | 0.30% | $ 1.37 |
| Hypothetical | $1,000.00 | $ 1,023.31 | 0.30% | $ 1.51 |
| Moderate Allocation Fund | | | | |
| Actual | $1,000.00 | $ 851.80 | 0.30% | $ 1.38 |
| Hypothetical | $1,000.00 | $ 1,023.31 | 0.30% | $ 1.51 |
| Moderately Conservative Allocation Fund | | | | |
| Actual | $1,000.00 | $ 882.60 | 0.31% | $ 1.45 |
| Hypothetical | $1,000.00 | $ 1,023.26 | 0.31% | $ 1.56 |
| Conservative Allocation Fund | | | | |
| Actual | $1,000.00 | $ 905.50 | 0.34% | $ 1.61 |
| Hypothetical | $1,000.00 | $ 1,023.11 | 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 (181), then divided by 365. |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Money Market Fund
| | Par
(000) | Value† |
| AGENCY OBLIGATIONS — 64.0% |
| Federal Farm Credit Banks | | |
| 1.452%, 07/20/22 | $ 5,000 | $ 4,996,174 |
| 1.452%, 07/27/22 | 10,000 | 9,989,528 |
| 1.850%, 08/05/22 | 2,190 | 2,191,739 |
| 0.080%, 09/15/22 | 4,000 | 3,991,178 |
| 1.848%, 09/20/22 | 3,000 | 2,987,580 |
| 1.875%, 09/26/22 | 4,000 | 4,005,530 |
| Federal Home Loan Banks | | |
| 0.751%, 07/01/22 | 5,000 | 5,000,000 |
| 0.731%, 07/08/22 | 10,000 | 9,998,581 |
| 3.010%, 08/26/22 | 3,075 | 3,082,998 |
| 1.869%, 09/28/22 | 5,000 | 4,977,008 |
| Federal Home Loan Mortgage Corp. | | |
| 0.125%, 07/25/22 | 7,645 | 7,642,199 |
| 1.039%, 08/17/22 | 5,000 | 4,993,237 |
| 1.625%, 08/29/22 | 3,000 | 2,992,035 |
| 1.234%, 09/06/22 | 10,000 | 9,977,108 |
| Federal National Mortgage Association | | |
| 0.921%, 07/20/22 | 4,000 | 3,998,058 |
| 1.017%, 08/10/22 | 5,000 | 4,994,365 |
| 1.083%, 08/17/22 | 5,000 | 4,992,950 |
| 1.375%, 09/06/22 | 2,000 | 2,000,148 |
| 1.859%, 09/28/22 | 7,000 | 6,967,985 |
| 2.000%, 10/05/22 | 5,500 | 5,509,234 |
Tennessee Valley Authority
1.351%, 07/06/22 | 5,000 | 4,999,062 |
TOTAL AGENCY OBLIGATIONS
(Cost $110,286,697) | | 110,286,697 |
|
| U.S. TREASURY OBLIGATIONS — 23.2% |
| U.S. Treasury Bills | | |
| 0.742%, 07/07/22 | 2,000 | 1,999,753 |
| 0.958%, 07/19/22 | 10,000 | 9,995,213 |
| 2.000%, 07/31/22 | 4,000 | 4,003,792 |
| 0.939%, 08/02/22 | 5,000 | 4,995,836 |
| 1.044%, 08/23/22 | 3,000 | 2,995,404 |
| 1.030%, 08/25/22 | 2,000 | 1,996,860 |
| 1.064%, 08/30/22 | 4,000 | 3,992,930 |
| 1.625%, 08/31/22 | 5,000 | 5,000,576 |
| 1.762%, 10/04/22 | 5,000 | 4,976,864 |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $39,957,228) | 39,957,228 |
| | Number of
Shares | Value† |
| SHORT-TERM INVESTMENTS — 12.8% |
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 1.390%)
(Cost $22,108,820) | 22,108,820 | $ 22,108,820 |
TOTAL INVESTMENTS — 100.0%
(Cost $172,352,745) | | $ 172,352,745 |
| Other Assets & Liabilities — 0.0% | 7,342 |
| TOTAL NET ASSETS — 100.0% | | $ 172,360,087 |
| † | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Agency Obligations | $110,286,697 | $110,286,697 | $— | $— |
| U.S. Treasury Obligations | 39,957,228 | 39,957,228 | — | — |
| Short-Term Investments | 22,108,820 | 22,108,820 | — | — |
| Total Investments | $ 172,352,745 | $ 172,352,745 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Limited Maturity Bond Fund
| | Par
(000) | Value† |
| ASSET BACKED SECURITIES — 30.8% |
AMMC CLO 16 Ltd., Series 2015-16A Class DR2 (3 M ICE LIBOR + 3.500%, Floor 3.500%), 144A
4.538%, 04/14/29@,• | $2,000 | $ 1,924,078 |
Anchorage Capital CLO Ltd., Series 2013-1A Class A2R (3 M ICE LIBOR + 1.650%), 144A
2.671%, 10/13/30@,• | 2,830 | 2,734,971 |
ASSURANT CLO Ltd., Series 2018-2A Class A (3 M ICE LIBOR + 1.040%, Floor 1.040%), 144A
2.103%, 04/20/31@,• | 2,400 | 2,350,116 |
Babson CLO Ltd., Series 2014-IA Class C (3 M ICE LIBOR + 3.450%), 144A
3.704%, 07/20/25@,• | 2,098 | 2,088,837 |
Barings CLO Ltd., Series 2017-1A Class B1 (3 M ICE LIBOR + 1.700%), 144A
2.744%, 07/18/29@,• | 1,500 | 1,458,409 |
Benefit Street Partners CLO VIII Ltd., Series 2015-8A Class A1AR (3 M ICE LIBOR + 1.100%, Floor 1.100%), 144A
2.163%, 01/20/31@,• | 2,500 | 2,453,882 |
| BSPRT Issuer Ltd., | | |
| Series 2021-FL6 Class A (1 M ICE LIBOR + 1.100%, Floor 1.100%), 144A, 2.424%, 03/15/36@,• | 2,200 | 2,135,488 |
| Series 2021-FL6 Class B (1 M ICE LIBOR + 1.600%, Floor 1.600%), 144A, 2.924%, 03/15/36@,• | 2,500 | 2,368,678 |
CIFC Funding Ltd., Series 2014-2RA Class A1 (3 M ICE LIBOR + 1.050%, Floor 1.050%), 144A
2.234%, 04/24/30@,• | 2,000 | 1,970,390 |
Crestline Denali CLO XVI Ltd., Series 2018-1A Class A (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A
2.183%, 01/20/30@,• | 3,000 | 2,941,932 |
| ECMC Group Student Loan Trust, | | |
| Series 2018-2A Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A, 2.424%, 09/25/68@,• | 3,163 | 3,092,478 |
| Series 2019-1A Class A1A, 144A, 2.720%, 07/25/69@ | 1,635 | 1,496,602 |
Edsouth Indenture No 4 LLC, Series 2013-1 Class A (1 M ICE LIBOR + 0.570%), 144A
2.194%, 02/26/29@,• | 2,592 | 2,550,956 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A
4.313%, 01/20/33@,• | 1,500 | 1,446,825 |
| | Par
(000) | Value† |
| |
Gallatin CLO IX Ltd., Series 2018-1A Class C1 (3 M ICE LIBOR + 2.100%, Floor 2.100%), 144A
3.198%, 01/21/28@,• | $2,000 | $ 1,933,822 |
| Navient Private Education Loan Trust, | | |
| Series 2015-AA Class A3 (1 M ICE LIBOR + 1.700%), 144A, 3.024%, 11/15/30@,• | 1,500 | 1,501,951 |
| Series 2014-AA Class A3 (1 M ICE LIBOR + 1.600%), 144A, 2.924%, 10/15/31@,• | 1,499 | 1,478,844 |
| Series 2015-BA Class A3 (1 M ICE LIBOR + 1.450%), 144A, 2.774%, 07/16/40@,• | 2,059 | 2,051,589 |
| Navient Private Education Refi Loan Trust, | | |
| Series 2020-EA Class A, 144A, 1.690%, 05/15/69@ | 2,085 | 1,956,195 |
| Series 2021-EA Class A, 144A, 0.970%, 12/16/69@ | 3,216 | 2,887,475 |
| Navient Student Loan Trust, | | |
| Series 2016-5A Class A (1 M ICE LIBOR + 1.250%), 144A, 2.874%, 06/25/65@,• | 4,603 | 4,533,449 |
| Series 2018-1A Class A2 (1 M ICE LIBOR + 0.350%) , 144A, 1.974%, 03/25/67@,• | 1,036 | 1,032,872 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A
2.301%, 10/13/31@,• | 1,966 | 1,922,490 |
OZLM XI Ltd., Series 2015-11A Class A2R (3 M ICE LIBOR + 1.750%), 144A
3.036%, 10/30/30@,• | 2,300 | 2,213,472 |
Shackleton CLO Ltd., Series 2013-3A (3 M ICE LIBOR + 1.200%, Floor 1.200%), 144A
2.164%, 07/15/30@,• | 1,492 | 1,470,655 |
Signal Peak CLO Ltd., Series 2018-6A Class B (3 M ICE LIBOR + 1.680%), 144A
2.918%, 07/28/31@,• | 2,000 | 1,928,428 |
SLM Student Loan Trust, Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%),
2.214%, 03/25/55• | 4,523 | 4,415,808 |
| SMB Private Education Loan Trust, | | |
| Series 2016-B Class A2B (1 M ICE LIBOR + 1.450%), 144A, 2.774%, 02/17/32@,• | 2,123 | 2,114,735 |
| Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 3.274%, 08/16/32@,• | 1,792 | 1,793,326 |
| Series 2021-C Class B, 144A, 2.300%, 01/15/53@ | 2,539 | 2,264,085 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Limited Maturity Bond Fund
| | Par
(000) | Value† |
| ASSET BACKED SECURITIES — (continued) |
Sound Point CLO V-R Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.750%, Floor 1.750%), 144A
2.794%, 07/18/31@,• | $ 1,500 | $ 1,429,073 |
Steele Creek CLO Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.500%, Floor 1.500%), 144A
2.598%, 04/21/31@,• | 1,250 | 1,196,553 |
Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A
4.184%, 04/25/33@,• | 1,500 | 1,432,599 |
Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A
5.484%, 01/25/34@,• | 2,000 | 1,901,450 |
Verizon Owner Trust, Series 2019-A Class A1A,
2.930%, 09/20/23 | 25 | 25,280 |
TOTAL ASSET BACKED SECURITIES
(Cost $75,064,641) | 72,497,793 |
|
| COMMERCIAL MORTGAGE BACKED SECURITIES — 12.9% |
BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A
2.824%, 07/15/35@,• | 2,000 | 1,907,480 |
BX Commercial Mortgage Trust, Series 2019-XL Class B (1 M ICE LIBOR + 1.080%, Floor 1.080%), 144A
2.404%, 10/15/36@,• | 1,275 | 1,242,927 |
Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D (1 M ICE LIBOR + 1.800%, Floor 1.800%), 144A
3.124%, 12/15/36@,• | 1,000 | 945,509 |
COMM Mortgage Trust, Series 2014-CR20 Class A3
3.326%, 11/10/47 | 2,715 | 2,664,371 |
FHLMC Multifamily Structured Pass Through Certificates, Series KC02 Class X3
3.173%, 08/25/25• | 14,500 | 1,008,787 |
| FREMF Mortgage Trust, | | |
| Series 2017-K727 Class C, 144A, 3.872%, 07/25/24@,• | 3,500 | 3,413,815 |
| Series 2013-K25 Class C, 144A, 3.719%, 11/25/45@,• | 2,317 | 2,312,785 |
| Series 2013-K27 Class C, 144A, 3.615%, 01/25/46@,• | 2,000 | 1,987,899 |
| Series 2013-K35 Class B, 144A, 4.067%, 12/25/46@,• | 2,260 | 2,258,835 |
| | Par
(000) | Value† |
| |
| Series 2014-K37 Class C, 144A, 4.716%, 01/25/47@,• | $ 2,550 | $ 2,550,116 |
| Series 2015-K44 Class B, 144A, 3.846%, 01/25/48@,• | 3,675 | 3,601,275 |
| Series 2016-K53 Class B, 144A, 4.161%, 03/25/49@,• | 3,220 | 3,184,558 |
GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B (1 M ICE LIBOR + 1.250%, Floor 1.250%), 144A
2.574%, 07/15/25@,• | 1,830 | 1,765,147 |
Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M ICE LIBOR + 1.650%, Floor 1.650%), 144A
2.974%, 05/15/38@,• | 1,500 | 1,435,941 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $31,691,388) | 30,279,445 |
|
| CORPORATE BONDS — 38.3% |
| Aerospace & Defense — 2.3% |
| The Boeing Co. | | |
| 1.167%, 02/04/23 | 1,500 | 1,483,062 |
| 4.508%, 05/01/23 | 2,500 | 2,506,165 |
TransDigm, Inc., 144A
8.000%, 12/15/25@ | 1,500 | 1,516,880 |
| | | 5,506,107 |
| Apparel — 0.6% |
Hanesbrands, Inc., 144A
4.625%, 05/15/24@ | 1,500 | 1,468,365 |
| Auto Manufacturers — 2.9% |
BMW US Capital LLC, 144A
3.800%, 04/06/23@ | 2,250 | 2,260,217 |
Ford Motor Credit Co., LLC
2.300%, 02/10/25 | 2,250 | 2,018,624 |
General Motors Financial Co., Inc.
3.800%, 04/07/25 | 1,600 | 1,561,198 |
Volkswagen Group of America Finance LLC, 144A
4.250%, 11/13/23@ | 1,000 | 1,000,471 |
| | | 6,840,510 |
| Banks — 4.9% |
Bank of America Corp., Series L
3.950%, 04/21/25 | 2,010 | 1,984,204 |
First Maryland Capital II (3 M ICE LIBOR + 0.850%)
2.136%, 02/01/27• | 3,500 | 3,280,358 |
JPMorgan Chase & Co., Series I (3 M ICE LIBOR + 3.470%)
4.709%µ,• | 1,022 | 977,236 |
State Street Corp. (3 M ICE LIBOR + 0.560%)
1.971%, 05/15/28• | 2,500 | 2,279,386 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Limited Maturity Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Banks — (continued) |
Wells Fargo & Co. (3 M ICE LIBOR + 1.000%)
2.044%, 04/15/27• | $ 3,250 | $ 3,073,631 |
| | | 11,594,815 |
| Beverages — 0.7% |
Coca-Cola Europacific Partners PLC, 144A
0.800%, 05/03/24@ | 1,750 | 1,655,365 |
| Biotechnology — 0.5% |
Gilead Sciences, Inc.
0.750%, 09/29/23 | 1,124 | 1,088,228 |
| Chemicals — 1.4% |
Westlake Corp.
0.875%, 08/15/24 | 1,500 | 1,432,919 |
WR Grace Holdings LLC, 144A
5.625%, 10/01/24@ | 2,000 | 1,937,620 |
| | | 3,370,539 |
| Commercial Services — 0.8% |
Cintas Corp. No 2
3.450%, 05/01/25 | 1,750 | 1,745,630 |
| Computers — 0.6% |
Hewlett Packard Enterprise Co.
1.450%, 04/01/24 | 1,500 | 1,440,763 |
| Cosmetics & Personal Care — 0.6% |
GSK Consumer Healthcare Capital UK PLC, 144A
3.125%, 03/24/25@ | 1,500 | 1,462,041 |
| Diversified Financial Services — 1.8% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.500%, 01/15/25 | 2,500 | 2,389,488 |
OneMain Finance Corp.
8.250%, 10/01/23 | 1,750 | 1,749,018 |
| | | 4,138,506 |
| Electric — 7.1% |
American Electric Power Co., Inc.
2.031%, 03/15/24 | 2,500 | 2,420,140 |
CenterPoint Energy, Inc. (SOFR + 0.650%)
1.867%, 05/13/24• | 1,000 | 975,349 |
Edison International
3.125%, 11/15/22 | 1,000 | 998,351 |
Georgia Power Co., Series A
2.100%, 07/30/23 | 1,900 | 1,873,405 |
Niagara Mohawk Power Corp., 144A
3.508%, 10/01/24@ | 2,000 | 1,961,665 |
OGE Energy Corp.
0.703%, 05/26/23 | 3,000 | 2,923,339 |
Pacific Gas and Electric Co.
3.150%, 01/01/26 | 1,500 | 1,374,496 |
| | Par
(000) | Value† |
| |
| Electric — (continued) |
Southern California Edison Co., Series E
3.700%, 08/01/25 | $ 2,750 | $ 2,707,522 |
Vistra Operations Co., LLC, 144A
4.875%, 05/13/24@ | 1,500 | 1,492,277 |
| | | 16,726,544 |
| Electronics — 0.6% |
TD SYNNEX Corp., 144A
1.250%, 08/09/24@ | 1,500 | 1,401,218 |
| Entertainment — 0.6% |
Magallanes, Inc., 144A
3.638%, 03/15/25@ | 1,500 | 1,453,993 |
| Food — 0.6% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A
3.500%, 02/15/23@ | 1,300 | 1,284,556 |
| Hand & Machine Tools — 0.6% |
Stanley Black & Decker, Inc.
2.300%, 02/24/25 | 1,500 | 1,452,928 |
| Healthcare Products — 1.6% |
PerkinElmer, Inc.
0.850%, 09/15/24 | 1,000 | 926,418 |
Stryker Corp.
0.600%, 12/01/23 | 1,500 | 1,439,354 |
Zimmer Biomet Holdings, Inc.
1.450%, 11/22/24 | 1,500 | 1,413,522 |
| | | 3,779,294 |
| Healthcare Services — 0.6% |
Tenet Healthcare Corp., 144A
4.625%, 09/01/24@ | 1,500 | 1,440,000 |
| Lodging — 0.8% |
Hyatt Hotels Corp.
1.800%, 10/01/24 | 1,875 | 1,773,976 |
| Machinery — Diversified — 0.9% |
CNH Industrial Capital LLC
1.950%, 07/02/23 | 2,250 | 2,199,317 |
| Miscellaneous Manufacturing — 0.6% |
Parker-Hannifin Corp.
3.650%, 06/15/24 | 1,500 | 1,495,515 |
| Oil & Gas — 0.8% |
Phillips 66
0.900%, 02/15/24 | 2,000 | 1,905,800 |
| Packaging and Containers — 1.0% |
Ball Corp.
4.000%, 11/15/23 | 2,250 | 2,225,329 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Limited Maturity Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Pharmaceuticals — 0.2% |
AbbVie, Inc.
2.300%, 11/21/22 | $ 500 | $ 499,019 |
| Real Estate Investment Trusts — 1.4% |
SBA Tower Trust, 144A
1.884%, 07/15/50@ | 2,500 | 2,311,167 |
Simon Property Group LP
3.500%, 09/01/25 | 1,000 | 976,994 |
| | | 3,288,161 |
| Semiconductors — 1.2% |
Qorvo, Inc., 144A
1.750%, 12/15/24@ | 1,500 | 1,401,180 |
Skyworks Solutions, Inc.
0.900%, 06/01/23 | 1,500 | 1,449,964 |
| | | 2,851,144 |
| Software — 0.6% |
VMware, Inc.
1.000%, 08/15/24 | 1,500 | 1,404,439 |
| Telecommunications — 2.0% |
Sprint Corp.
7.875%, 09/15/23 | 2,000 | 2,062,500 |
T-Mobile USA, Inc.
3.500%, 04/15/25 | 1,500 | 1,468,344 |
Verizon Communications, Inc.
1.450%, 03/20/26 | 1,250 | 1,144,681 |
| | | 4,675,525 |
TOTAL CORPORATE BONDS
(Cost $94,204,290) | | 90,167,627 |
|
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 16.9% |
| Collateralized Mortgage Obligations — 15.5% |
Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A
2.774%, 12/25/59@,• | 874 | 843,432 |
| Bunker Hill Loan Depositary Trust, | | |
| STEP, Series 2019-2 Class A3, 144A, 3.185%, 07/25/49@ | 2,207 | 2,178,493 |
| Series 2020-1 Class M1, 144A, 4.353%, 02/25/55@,• | 2,250 | 2,177,273 |
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A
3.500%, 06/25/44@,• | 634 | 597,254 |
Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A
3.000%, 08/25/50@,• | 1,483 | 1,344,712 |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A
2.500%, 10/25/50@,• | 1,441 | 1,247,231 |
GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A
2.500%, 01/25/52@,• | 4,338 | 3,936,303 |
| | Par
(000) | Value† |
| |
| Collateralized Mortgage Obligations — (continued) |
| JP Morgan Mortgage Trust, | | |
| Series 2017-3 Class 1A13, 144A, 3.500%, 08/25/47@,• | $ 3,160 | $ 2,993,039 |
| Series 2019-6 Class B2, 144A, 4.238%, 12/25/49@,• | 3,026 | 2,864,066 |
| Series 2019-9 Class A3, 144A, 3.500%, 05/25/50@,• | 1,420 | 1,320,766 |
OBX Trust, Series 2019-INV2 Class A5, 144A
4.000%, 05/27/49@,• | 300 | 292,390 |
Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A
2.000%, 07/25/51@,• | 2,501 | 2,247,734 |
Towd Point Mortgage Trust, Series 2020-4 Class A2, 144A
2.500%, 10/25/60@ | 2,240 | 1,886,740 |
| Verus Securitization Trust, | | |
| Series 2019-INV2 Class A3, 144A, 3.219%, 07/25/59@,• | 1,672 | 1,667,269 |
| Series 2019-INV3 Class A1, 144A, 2.692%, 11/25/59@,• | 2,215 | 2,163,196 |
| Series 2020-INV1 Class A2, 144A, 3.035%, 03/25/60@,• | 1,200 | 1,171,091 |
| Series 2020-2 Class M1, 144A, 5.360%, 05/25/60@,• | 1,150 | 1,131,021 |
Visio Trust, Series 2020-1R Class M1, 144A
2.926%, 11/25/55@ | 2,500 | 2,406,806 |
Vista Point Securitization Trust, Series 2020-1 Class M1, 144A
4.151%, 03/25/65@,• | 2,800 | 2,745,163 |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A
3.000%, 12/25/49@,• | 1,360 | 1,214,543 |
| | | 36,428,522 |
| Fannie Mae REMICS — 0.6% |
Series 2012-152 Class TA
2.500%, 09/25/42 | 1,622 | 1,457,188 |
| Freddie Mac REMICS — 0.8% |
| Series 4523 Class VB, 3.500%, 08/15/34 | 1,842 | 1,847,724 |
| Series 4895 Class C, 4.500%, 02/15/49 | 168 | 172,389 |
| | | 2,020,113 |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $43,112,756) | | 39,905,823 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Limited Maturity Bond Fund
| | Number of
Shares | Value† |
| SHORT-TERM INVESTMENTS — 1.2% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $2,753,470) | 2,753,470 | $ 2,753,470 |
TOTAL INVESTMENTS — 100.1%
(Cost $246,826,545) | | $ 235,604,158 |
| Other Assets & Liabilities — (0.1)% | (167,768) |
| TOTAL NET ASSETS — 100.0% | | $ 235,436,390 |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $155,138,529, which represents 65.9% 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. |
| µ | Perpetual security with no stated maturity date. |
| CLO— Collateralized Loan Obligation. |
| FHLMC— Federal Home Loan Mortgage Corporation. |
| FREMF— Freddie Mac Multifamily Securities. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| PLC— Public Limited Company. |
| REMICS— Real Estate Mortgage Investment Conduits. |
| SOFR— Secured Overnight Financing Rate. |
| STEP— Step Coupon Bond. |
| Country Weightings as of 6/30/2022†† |
| United States | 81% |
| Cayman Islands | 17 |
| United Kingdom | 1 |
| Ireland | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Asset Backed Securities | $ 72,497,793 | $ — | $ 72,497,793 | $— |
| Commercial Mortgage Backed Securities | 30,279,445 | — | 30,279,445 | — |
| Corporate Bonds | 90,167,627 | — | 90,167,627 | — |
| Residential Mortgage Backed Securities | 39,905,823 | — | 39,905,823 | — |
| Short-Term Investments | 2,753,470 | 2,753,470 | — | — |
| Total Investments | $ 235,604,158 | $ 2,753,470 | $ 232,850,688 | $ — |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments(1) | | | | |
| Futures Contracts | $(238,641) | $(238,641) | $— | $— |
| Total Liabilities—Other Financial Instruments | $ (238,641) | $ (238,641) | $ — | $ — |
| (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 and forward foreign currency 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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Limited Maturity Bond Fund
Futures contracts held by the Fund at June 30, 2022 are as follows:
Futures Contracts:
Exchange Traded |
| Type | | Futures Contract | | Expiration
Date | | Numbers
of
Contracts | | Units per
Contract | | Closing
Price | | Notional
Value | | Unrealized
Appreciation | | Unrealized
Depreciation |
| Long | | U.S. Treasury 2 Year Note | | 09/30/22 | | 197 | | 2,000 | | $105 | | $41,373,078 | | $— | | $(238,641) |
| | | | | | | | | | | | | | | $— | | $(238,641) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Quality Bond Fund
| | Par
(000) | Value† |
| ASSET BACKED SECURITIES — 19.0% |
ALM Ltd., Series 2020-1A Class A2 (3 M ICE LIBOR + 1.850%), 144A
2.894%, 10/15/29@,• | $ 3,000 | $ 2,919,903 |
AMMC CLO 16 Ltd., Series 2015-16A Class DR2 (3 M ICE LIBOR + 3.500%, Floor 3.500%), 144A
4.538%, 04/14/29@,• | 3,000 | 2,886,117 |
Battalion CLO XV Ltd., Series 2020-15A Class A1 (3 M ICE LIBOR + 1.350%, Floor 1.350%), 144A
2.394%, 01/17/33@,• | 4,000 | 3,906,164 |
Black Diamond CLO Ltd., Series 2019-2A Class A1A (3 M ICE LIBOR + 1.430%, Floor 1.430%), 144A
2.614%, 07/23/32@,• | 2,761 | 2,673,535 |
Deerpath Capital CLO Ltd., Series 2020-1A Class A1 (3 M ICE LIBOR + 1.850%, Floor 1.850%), 144A
2.894%, 04/17/32@,• | 2,500 | 2,470,283 |
ECMC Group Student Loan Trust, Series 2018-2A Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A
2.424%, 09/25/68@,• | 3,163 | 3,092,478 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A
4.313%, 01/20/33@,• | 4,000 | 3,858,200 |
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M ICE LIBOR + 1.730%, Floor 1.730%), 144A
2.774%, 04/18/31@,• | 3,000 | 2,850,021 |
Highbridge Loan Management Ltd., Series 2015-7A Class A2R (3 M ICE LIBOR + 0.900%), 144A
2.311%, 03/15/27@,• | 2,000 | 1,964,094 |
Honda Auto Receivables Owner Trust, Series 2020-1 Class A4,
1.630%, 10/21/26 | 3,000 | 2,953,361 |
Nassau Ltd., Series 2017-IA Class A1BR, 144A
2.730%, 10/15/29@ | 2,739 | 2,642,222 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A
2.301%, 10/13/31@,• | 2,457 | 2,403,113 |
OZLM XI Ltd., Series 2015-11A Class A2R (3 M ICE LIBOR + 1.750%), 144A
3.036%, 10/30/30@,• | 4,000 | 3,849,516 |
| | Par
(000) | Value† |
| |
| SLM Student Loan Trust, | | |
| Series 2012-6 Class B (1 M ICE LIBOR + 1.000%), 2.624%, 04/27/43• | $ 4,860 | $ 4,240,993 |
| Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 2.214%, 03/25/55• | 3,958 | 3,863,832 |
| SMB Private Education Loan Trust, | | |
| Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 3.274%, 08/16/32@,• | 3,725 | 3,728,329 |
| Series 2014-A Class B, 144A, 4.000%, 09/15/42@ | 2,430 | 2,350,039 |
| Series 2015-C Class B, 144A, 3.500%, 09/15/43@ | 5,000 | 4,786,345 |
| Steele Creek CLO Ltd., | | |
| Series 2016-1A Class BR (3 M ICE LIBOR + 1.650%, Floor 1.650%), 144A, 3.479%, 06/15/31@,• | 3,250 | 3,070,961 |
| Series 2018-2A Class A (3 M ICE LIBOR + 1.200%, Floor 1.200%), 144A, 2.655%, 08/18/31@,• | 4,500 | 4,391,527 |
Telos CLO Ltd., Series 2013-3A Class BR (3 M ICE LIBOR + 2.000%), 144A
3.044%, 07/17/26@,• | 964 | 962,164 |
Trimaran Cavu Ltd., Series 2019-1A Class C1 (3 M ICE LIBOR + 3.150%, Floor 3.150%), 144A
4.213%, 07/20/32@,• | 4,000 | 3,814,456 |
Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A
4.184%, 04/25/33@,• | 2,000 | 1,910,132 |
Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A
5.484%, 01/25/34@,• | 2,500 | 2,376,813 |
TOTAL ASSET BACKED SECURITIES
(Cost $76,540,822) | 73,964,598 |
|
| COMMERCIAL MORTGAGE BACKED SECURITIES — 19.5% |
Benchmark Mortgage Trust, Series 2019-B9 Class A5
4.016%, 03/15/52 | 5,000 | 4,916,163 |
BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A
2.824%, 07/15/35@,• | 2,000 | 1,907,480 |
COMM Mortgage Trust, Series 2014-CR20 Class A3
3.326%, 11/10/47 | 4,525 | 4,440,618 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Quality Bond Fund
| | Par
(000) | Value† |
| COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) |
| FHLMC Multifamily Structured Pass Through Certificates, | | |
| Series K043 Class A2, 3.062%, 12/25/24 | $ 3,000 | $ 2,973,365 |
| Series K094 Class A2, 2.903%, 06/25/29 | 2,000 | 1,926,125 |
| Series K107 Class A1, 1.228%, 10/25/29 | 7,241 | 6,567,915 |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A
3.447%, 12/10/36@ | 2,500 | 2,400,327 |
| FREMF Mortgage Trust, | | |
| Series 2018-K731 Class B, 144A, 4.071%, 02/25/25@,• | 6,610 | 6,560,198 |
| Series 2019-K735 Class B, 144A, 4.156%, 05/25/26@,• | 6,000 | 5,903,451 |
| Series 2019-K736 Class B, 144A, 3.884%, 07/25/26@,• | 1,500 | 1,458,764 |
| Series 2012-K23 Class C, 144A, 3.752%, 10/25/45@,• | 3,000 | 2,997,485 |
| Series 2013-K27 Class C, 144A, 3.615%, 01/25/46@,• | 3,647 | 3,624,934 |
| Series 2015-K48 Class B, 144A, 3.769%, 08/25/48@,• | 5,000 | 4,875,496 |
| Series 2016-K52 Class B, 144A, 4.062%, 01/25/49@,• | 5,065 | 4,987,757 |
| Series 2016-K53 Class C, 144A, 4.161%, 03/25/49@,• | 3,525 | 3,403,958 |
| Series 2017-K729 Class C, 144A, 3.797%, 11/25/49@,• | 2,460 | 2,388,889 |
| Series 2017-K63 Class B, 144A, 4.008%, 02/25/50@,• | 1,500 | 1,455,139 |
| Series 2018-K85 Class C, 144A, 4.464%, 12/25/50@,• | 3,500 | 3,332,169 |
| Series 2019-K102 Class B, 144A, 3.652%, 12/25/51@,• | 5,000 | 4,590,556 |
| Series 2019-K95 Class B, 144A, 4.054%, 08/25/52@,• | 2,500 | 2,367,133 |
Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3
3.055%, 06/15/52 | 3,000 | 2,780,419 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $80,699,039) | 75,858,341 |
| | Number of
Shares | |
| PREFERRED STOCKS — 1.2% |
| Banks — 0.3% |
| Wells Fargo & Co., Series Z | 60,000 | 1,167,000 |
| | Number of
Shares | Value† |
| |
| Electric — 0.9% |
| Duke Energy Corp. | 134,000 | $ 3,376,800 |
TOTAL PREFERRED STOCKS
(Cost $5,084,700) | | 4,543,800 |
| | Par
(000) | |
| CORPORATE BONDS — 40.4% |
| Aerospace & Defense — 1.6% |
General Dynamics Corp.
3.500%, 05/15/25 | $ 3,000 | 2,988,748 |
| The Boeing Co. | | |
| 2.196%, 02/04/26 | 2,000 | 1,801,450 |
| 3.950%, 08/01/59 | 1,950 | 1,321,219 |
| | | 6,111,417 |
| Agriculture — 0.8% |
Cargill, Inc., 144A
3.250%, 03/01/23@ | 3,000 | 3,002,369 |
| Airlines — 0.4% |
Delta Air Lines Pass Through Trust, Series 2015-1 Class B
4.250%, 01/30/25 | 1,708 | 1,668,296 |
| Apparel — 0.7% |
VF Corp.
2.800%, 04/23/27 | 3,000 | 2,817,408 |
| Auto Manufacturers — 0.5% |
Ford Motor Credit Co., LLC
4.950%, 05/28/27 | 2,000 | 1,840,568 |
| Banks — 4.3% |
Allfirst Preferred Capital Trust (3 M ICE LIBOR + 1.500%)
2.544%, 07/15/29• | 3,500 | 3,319,715 |
| JPMorgan Chase & Co., | | |
| Series B (3 M ICE LIBOR + 0.500%), 1.786%, 02/01/27• | 3,200 | 2,984,636 |
| Series I (3 M ICE LIBOR + 3.470%), 4.709%µ,• | 2,000 | 1,912,400 |
KeyCorp Capital I (3 M ICE LIBOR + 0.740%)
3.017%, 07/01/28• | 2,640 | 2,409,926 |
State Street Corp. (3 M ICE LIBOR + 0.560%)
1.971%, 05/15/28• | 3,830 | 3,492,019 |
The Goldman Sachs Group, Inc. (SOFR + 1.248%)
2.383%, 07/21/32• | 3,000 | 2,433,564 |
| | | 16,552,260 |
| Beverages — 1.1% |
Constellation Brands, Inc.
2.250%, 08/01/31 | 3,000 | 2,439,798 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Quality Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Beverages — (continued) |
Keurig Dr Pepper, Inc.
2.250%, 03/15/31 | $ 2,000 | $ 1,647,139 |
| | | 4,086,937 |
| Biotechnology — 0.6% |
Gilead Sciences, Inc.
1.650%, 10/01/30 | 3,000 | 2,464,663 |
| Building Materials — 1.7% |
Martin Marietta Materials, Inc.
4.250%, 07/02/24 | 3,000 | 3,016,714 |
Vulcan Materials Co.
4.500%, 04/01/25 | 3,565 | 3,630,587 |
| | | 6,647,301 |
| Chemicals — 0.7% |
WR Grace Holdings LLC, 144A
5.625%, 10/01/24@ | 3,000 | 2,906,430 |
| Commercial Services — 1.2% |
The Georgetown University, Series B
4.315%, 04/01/49 | 2,485 | 2,305,371 |
University of Southern California
3.028%, 10/01/39 | 2,820 | 2,428,627 |
| | | 4,733,998 |
| Computers — 1.2% |
Apple, Inc.
3.850%, 08/04/46 | 4,000 | 3,681,755 |
Dell International LLC/EMC Corp.
5.450%, 06/15/23 | 800 | 808,176 |
| | | 4,489,931 |
| Diversified Financial Services — 1.4% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, 10/29/28 | 3,000 | 2,531,621 |
OneMain Finance Corp.
8.250%, 10/01/23 | 3,000 | 2,998,317 |
| | | 5,529,938 |
| Electric — 3.2% |
Edison International
3.550%, 11/15/24 | 2,000 | 1,953,106 |
Louisville Gas and Electric Co.
4.250%, 04/01/49 | 3,000 | 2,739,931 |
Monongahela Power Co., 144A
3.550%, 05/15/27@ | 2,500 | 2,381,829 |
Northern States Power Co.
3.600%, 09/15/47 | 4,000 | 3,380,653 |
Pacific Gas and Electric Co.
4.000%, 12/01/46 | 3,000 | 2,116,059 |
| | | 12,571,578 |
| Food — 4.0% |
Kellogg Co.
2.650%, 12/01/23 | 2,501 | 2,478,356 |
| | Par
(000) | Value† |
| |
| Food — (continued) |
Kraft Heinz Foods Co.
4.375%, 06/01/46 | $ 3,000 | $ 2,514,526 |
Land O' Lakes, Inc., 144A
6.000%, 11/15/22@ | 3,500 | 3,509,348 |
Mars, Inc., 144A
1.625%, 07/16/32@ | 3,000 | 2,374,581 |
The Hershey Co.
1.700%, 06/01/30 | 2,200 | 1,844,521 |
The J.M. Smucker Co.
3.375%, 12/15/27 | 2,750 | 2,632,614 |
| | | 15,353,946 |
| Gas — 0.6% |
The Brooklyn Union Gas Co., 144A
3.407%, 03/10/26@ | 2,500 | 2,397,416 |
| Healthcare Products — 0.4% |
PerkinElmer, Inc.
2.250%, 09/15/31 | 2,000 | 1,584,841 |
| Healthcare Services — 1.1% |
| Centene Corp. | | |
| 4.625%, 12/15/29 | 1,000 | 927,703 |
| 2.500%, 03/01/31 | 2,000 | 1,587,520 |
Health Care Service Corp. A Mutual Legal Reserve Co., 144A
2.200%, 06/01/30@ | 2,000 | 1,699,862 |
| | | 4,215,085 |
| Household Products & Wares — 1.1% |
Church & Dwight Co., Inc.
2.300%, 12/15/31 | 3,000 | 2,531,081 |
Kimberly-Clark Corp.
3.100%, 03/26/30 | 2,000 | 1,873,993 |
| | | 4,405,074 |
| Internet — 0.9% |
| Alibaba Group Holding Ltd. | | |
| 3.400%, 12/06/27 | 1,000 | 956,941 |
| 2.125%, 02/09/31 | 3,000 | 2,487,185 |
| | | 3,444,126 |
| Investment Companies — 0.7% |
Ares Capital Corp.
2.875%, 06/15/28 | 3,500 | 2,777,663 |
| Media — 0.8% |
Comcast Corp.
3.250%, 11/01/39 | 4,000 | 3,303,143 |
| Pharmaceuticals — 3.6% |
Becton Dickinson and Co.
3.700%, 06/06/27 | 1,956 | 1,896,223 |
Bristol-Myers Squibb Co.
3.400%, 07/26/29 | 928 | 897,733 |
GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34 | 1,000 | 1,101,415 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Quality Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Pharmaceuticals — (continued) |
Johnson & Johnson
3.625%, 03/03/37 | $ 3,000 | $ 2,853,749 |
Mead Johnson Nutrition Co.
4.125%, 11/15/25 | 2,000 | 2,022,335 |
Merck & Co., Inc.
3.900%, 03/07/39 | 2,200 | 2,088,475 |
Zoetis, Inc.
4.500%, 11/13/25 | 3,000 | 3,041,545 |
| | | 13,901,475 |
| Real Estate Investment Trusts — 1.1% |
Kimco Realty Corp.
2.800%, 10/01/26 | 3,000 | 2,809,620 |
SBA Tower Trust, 144A
1.884%, 07/15/50@ | 1,500 | 1,386,700 |
| | | 4,196,320 |
| Retail — 0.3% |
AutoNation, Inc.
1.950%, 08/01/28 | 1,500 | 1,250,261 |
| Semiconductors — 0.5% |
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.150%, 05/01/27 | 2,000 | 1,856,066 |
| Software — 1.4% |
Microsoft Corp.
3.750%, 02/12/45 | 1,900 | 1,770,412 |
Roper Technologies, Inc.
1.400%, 09/15/27 | 1,500 | 1,286,944 |
Salesforce.com, Inc.
2.700%, 07/15/41 | 3,000 | 2,331,863 |
| | | 5,389,219 |
| Telecommunications — 3.2% |
Crown Castle Towers LLC, 144A
3.663%, 05/15/45@ | 4,000 | 3,915,693 |
Sprint Corp.
7.875%, 09/15/23 | 3,000 | 3,093,750 |
T-Mobile USA, Inc.
2.625%, 04/15/26 | 3,000 | 2,722,500 |
Verizon Communications, Inc.
2.100%, 03/22/28 | 3,000 | 2,670,308 |
| | | 12,402,251 |
| Transportation — 1.3% |
BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A
3.442%, 06/16/28@ | 2,210 | 2,157,134 |
Union Pacific Corp.
3.375%, 02/01/35 | 3,336 | 2,995,052 |
| | | 5,152,186 |
TOTAL CORPORATE BONDS
(Cost $176,358,089) | | 157,052,166 |
| | Par
(000) | Value† |
|
| MUNICIPAL BONDS — 1.1% |
University of Massachusetts Building Authority, Series 3
2.417%, 11/01/28
(Cost $4,689,964) | $4,690 | $ 4,296,197 |
|
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 15.8% |
| Collateralized Mortgage Obligations — 13.3% |
CIM Trust, Series 2020-INV1 Class A13, 144A
3.000%, 04/25/50@,• | 1,585 | 1,474,012 |
CSMC Trust, Series 2013-IVR2 Class A2, 144A
3.000%, 04/25/43@,• | 4,259 | 3,955,059 |
Fannie Mae Pool
3.000%, 03/01/52 | 6,556 | 6,121,608 |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A
2.500%, 10/25/50@,• | 2,820 | 2,440,581 |
J.P. Morgan Mortgage Trust, Series 2022-1 Class A3, 144A
2.500%, 07/25/52@,• | 4,812 | 4,119,986 |
| JP Morgan Mortgage Trust, | | |
| Series 2020-INV1 Class B1A, 144A, 2.964%, 08/25/50@,• | 4,797 | 4,116,266 |
| Series 2021-1 Class A3, 144A, 2.500%, 06/25/51@,• | 5,422 | 4,643,036 |
| Series 2021-1 Class A15, 144A, 2.500%, 06/25/51@,• | 4,054 | 3,409,953 |
| Series 2021-7 Class A15, 144A, 2.500%, 11/25/51@,• | 5,280 | 4,428,941 |
Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU
2.500%, 11/25/60 | 3,100 | 2,565,317 |
| Sequoia Mortgage Trust, | | |
| Series 2017-5 Class A1, 144A, 3.500%, 08/25/47@,• | 806 | 756,465 |
| Series 2020-4 Class A20, 144A, 2.500%, 11/25/50@,• | 3,066 | 2,621,118 |
| Series 2021-5 Class A5, 144A, 2.000%, 07/25/51@,• | 3,335 | 2,996,978 |
Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A
2.750%, 11/25/61@,• | 2,500 | 2,148,012 |
Verus Securitization Trust, Series 2019-INV2 Class A3, 144A
3.219%, 07/25/59@,• | 2,483 | 2,476,427 |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A
3.000%, 06/25/50@,• | 1,500 | 1,383,434 |
WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A
3.790%, 01/20/46@,• | 2,136 | 2,027,554 |
| | | 51,684,747 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Quality Bond Fund
| | Par
(000) | Value† |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) |
| Fannie Mae Pool — 2.0% |
| 3.500%, 11/01/44 | $ 880 | $ 844,510 |
| 2.000%, 11/01/51 | 4,816 | 4,201,216 |
| 2.000%, 12/01/51 | 2,909 | 2,537,891 |
| | | 7,583,617 |
| Freddie Mac REMICS — 0.5% |
Series 4523 Class VB
3.500%, 08/15/34 | 1,923 | 1,929,738 |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $68,158,281) | | 61,198,102 |
|
| U.S. TREASURY OBLIGATIONS — 2.9% |
U.S. Treasury Bills
2.000%, 07/31/22(a) | 600 | 600,421 |
| U.S. Treasury Bonds | | |
| 1.125%, 08/15/40 | 4,300 | 2,988,836 |
| 2.750%, 08/15/42 | 1,800 | 1,623,797 |
| 2.875%, 05/15/43 | 2,275 | 2,086,424 |
| U.S. Treasury Inflation Indexed Bonds | | |
| 1.000%, 02/15/46 | 2,135 | 2,053,705 |
| 0.125%, 02/15/51 | 2,221 | 1,744,261 |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,937,862) | 11,097,444 |
| | Number of
Shares | |
| SHORT-TERM INVESTMENTS — 0.6% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $2,287,154) | 2,287,154 | 2,287,154 |
TOTAL INVESTMENTS — 100.5%
(Cost $426,755,911) | | $ 390,297,802 |
| Other Assets & Liabilities — (0.5)% | (1,873,742) |
| TOTAL NET ASSETS — 100.0% | | $ 388,424,060 |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $183,889,332, which represents 47.3% 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. |
| µ | Perpetual security with no stated maturity date. |
| (a) | All or portion of securities segregated as collateral for futures contracts. |
| CLO— Collateralized Loan Obligation. |
| FHLMC— Federal Home Loan Mortgage Corporation. |
| FREMF— Freddie Mac Multifamily Securities. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| M— Month. |
| REMICS— Real Estate Mortgage Investment Conduits. |
| SOFR— Secured Overnight Financing Rate. |
| Country Weightings as of 6/30/2022†† |
| United States | 86% |
| Cayman Islands | 12 |
| China | 1 |
| Ireland | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Asset Backed Securities | $ 73,964,598 | $ — | $ 73,964,598 | $— |
| Commercial Mortgage Backed Securities | 75,858,341 | — | 75,858,341 | — |
| Preferred Stocks | 4,543,800 | 4,543,800 | — | — |
| Corporate Bonds | 157,052,166 | — | 157,052,166 | — |
| Municipal Bonds | 4,296,197 | — | 4,296,197 | — |
| Residential Mortgage Backed Securities | 61,198,102 | — | 61,198,102 | — |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Quality Bond Fund
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| U.S. Treasury Obligations | $ 11,097,444 | $ 600,421 | $ 10,497,023 | $— |
| Short-Term Investments | 2,287,154 | 2,287,154 | — | — |
| Total Investments | $ 390,297,802 | $ 7,431,375 | $ 382,866,427 | $ — |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments(1) | | | | |
| Futures Contracts | $(1,035,430) | $(1,035,430) | $— | $— |
| Total Liabilities—Other Financial Instruments | $ (1,035,430) | $ (1,035,430) | $ — | $ — |
| (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 and forward foreign currency 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, 2022 are as follows:
Futures Contracts:
Exchange Traded |
| Type | | Futures Contract | | Expiration
Date | | Numbers
of
Contracts | | Units per
Contract | | Closing
Price | | Notional
Value | | Unrealized
Appreciation | | Unrealized
Depreciation |
| Long | | U.S. Treasury 2 Year Note | | 09/30/22 | | 518 | | 2,000 | | $105 | | $108,788,094 | | $— | | $ (627,492) |
| Long | | U.S. Treasury Ultra Bond | | 09/21/22 | | 109 | | 1,000 | | 154 | | 16,823,469 | | — | | (407,938) |
| | | | | | | | | | | | | | | $— | | $(1,035,430) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
High Yield Bond Fund
| | Par
(000) | Value† |
| ASSET BACKED SECURITIES — 0.7% |
Benefit Street Partners CLO II Ltd., Series 2013-IIA Class CR (3 M ICE LIBOR + 3.700%), 144A
4.744%, 07/15/29@,•
(Cost $1,028,186) | $1,050 | $ 967,055 |
| | Number of
Shares | |
| COMMON STOCKS — 0.0% |
| Entertainment — 0.0% |
New Cotai Participation, Class B(1),*
(Cost $24,225) | 1 | 0 |
|
| PREFERRED STOCKS — 0.0% |
| Packaging and Containers — 0.0% |
Smurfit-Stone Container Corp. (Escrow) CONV.(1),*
(Cost $0) | 725 | 0 |
| | Par
(000) | |
| CORPORATE BONDS — 91.6% |
| Advertising — 0.6% |
Stagwell Global LLC, 144A
5.625%, 08/15/29@ | $ 1,050 | 843,707 |
| Aerospace & Defense — 1.5% |
Howmet Aerospace, Inc.
6.875%, 05/01/25 | 700 | 717,500 |
TransDigm, Inc., 144A
6.250%, 03/15/26@ | 1,400 | 1,350,580 |
| | | 2,068,080 |
| Airlines — 3.1% |
American Airlines Pass Through Trust, Series 2021-1 Class B
3.950%, 01/11/32 | 1,150 | 960,850 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A
5.500%, 04/20/26@ | 1,050 | 964,724 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. | | |
| 144A, 4.500%, 10/20/25@ | 700 | 680,572 |
| 144A, 4.750%, 10/20/28@ | 700 | 662,148 |
| United Airlines Pass Through Trust, | | |
| Series 2020-1 Class B, 4.875%, 07/15/27 | 581 | 552,170 |
| Series 2020-1 Class A, 5.875%, 04/15/29 | 593 | 582,913 |
| | | 4,403,377 |
| Auto Manufacturers — 0.7% |
Ford Motor Credit Co., LLC
5.113%, 05/03/29 | 1,050 | 941,298 |
| | Par
(000) | Value† |
| |
| Auto Parts & Equipment — 1.2% |
Clarios Global LP/Clarios US Finance Co., 144A
6.250%, 05/15/26@ | $1,050 | $ 1,010,625 |
The Goodyear Tire & Rubber Co.
4.875%, 03/15/27 | 700 | 625,975 |
| | | 1,636,600 |
| Building Materials — 1.3% |
Builders FirstSource, Inc., 144A
4.250%, 02/01/32@ | 1,050 | 799,228 |
Summit Materials LLC/Summit Materials Finance Corp., 144A
6.500%, 03/15/27@ | 1,100 | 1,060,863 |
| | | 1,860,091 |
| Chemicals — 2.2% |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 144A
4.750%, 06/15/27@ | 700 | 624,224 |
Olin Corp.
5.000%, 02/01/30 | 910 | 785,967 |
Tronox, Inc., 144A
4.625%, 03/15/29@ | 1,050 | 845,031 |
WR Grace Holdings LLC, 144A
4.875%, 06/15/27@ | 1,050 | 913,752 |
| | | 3,168,974 |
| Commercial Services — 6.6% |
Albion Financing 1 SARL/Aggreko Holdings, Inc., 144A
6.125%, 10/15/26@ | 700 | 599,079 |
ASGN, Inc., 144A
4.625%, 05/15/28@ | 700 | 602,000 |
Herc Holdings, Inc., 144A
5.500%, 07/15/27@ | 700 | 639,373 |
Korn Ferry, 144A
4.625%, 12/15/27@ | 700 | 628,250 |
Metis Merger Sub LLC, 144A
6.500%, 05/15/29@ | 1,050 | 834,445 |
NESCO Holdings II, Inc., 144A
5.500%, 04/15/29@ | 700 | 586,250 |
Nielsen Finance LLC/Nielsen Finance Co., 144A
5.625%, 10/01/28@ | 1,050 | 975,135 |
| Service Corp. International | | |
| 7.500%, 04/01/27 | 1,750 | 1,854,839 |
| 4.000%, 05/15/31 | 700 | 597,625 |
Sotheby's/Bidfair Holdings, Inc., 144A
5.875%, 06/01/29@ | 700 | 600,926 |
United Rentals North America, Inc.
4.875%, 01/15/28 | 700 | 659,607 |
WASH Multifamily Acquisition, Inc., 144A
5.750%, 04/15/26@ | 875 | 824,687 |
| | | 9,402,216 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
High Yield Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Computers — 0.9% |
Booz Allen Hamilton, Inc., 144A
4.000%, 07/01/29@ | $ 700 | $ 620,641 |
NCR Corp., 144A
5.750%, 09/01/27@ | 750 | 665,648 |
| | | 1,286,289 |
| Cosmetics & Personal Care — 0.7% |
Coty, Inc., 144A
5.000%, 04/15/26@ | 1,120 | 1,026,200 |
| Diversified Financial Services — 2.1% |
OneMain Finance Corp.
8.250%, 10/01/23 | 1,050 | 1,049,411 |
PRA Group, Inc., 144A
7.375%, 09/01/25@ | 1,050 | 1,021,125 |
VistaJet Malta Finance PLC/XO Management Holding, Inc., 144A
7.875%, 05/01/27@ | 1,050 | 926,625 |
| | | 2,997,161 |
| Electric — 2.8% |
Calpine Corp., 144A
5.250%, 06/01/26@ | 700 | 665,000 |
FirstEnergy Corp., Class B
4.400%, 07/15/27 | 1,210 | 1,127,527 |
Vistra Corp. (UST Yield Curve CMT 5 Yr + 5.740%) , 144A
7.000%@,µ,• | 1,050 | 952,875 |
Vistra Operations Co., LLC, 144A
5.000%, 07/31/27@ | 1,400 | 1,268,750 |
| | | 4,014,152 |
| Electrical Components & Equipment — 0.7% |
| WESCO Distribution, Inc. | | |
| 144A, 7.125%, 06/15/25@ | 350 | 347,972 |
| 144A, 7.250%, 06/15/28@ | 700 | 692,300 |
| | | 1,040,272 |
| Electronics — 0.8% |
Imola Merger Corp., 144A
4.750%, 05/15/29@ | 1,400 | 1,171,324 |
| Entertainment — 4.2% |
Affinity Gaming, 144A
6.875%, 12/15/27@ | 1,200 | 1,008,048 |
Caesars Entertainment, Inc., 144A
6.250%, 07/01/25@ | 1,050 | 1,007,454 |
CDI Escrow Issuer, Inc., 144A
5.750%, 04/01/30@ | 700 | 644,203 |
Churchill Downs, Inc., 144A
5.500%, 04/01/27@ | 750 | 712,500 |
Everi Holdings, Inc., 144A
5.000%, 07/15/29@ | 700 | 591,500 |
International Game Technology PLC, 144A
6.500%, 02/15/25@ | 700 | 696,500 |
| | Par
(000) | Value† |
| |
| Entertainment — (continued) |
Scientific Games International, Inc., 144A
7.000%, 05/15/28@ | $ 1,400 | $ 1,322,580 |
| | | 5,982,785 |
| Environmental Control — 0.5% |
Clean Harbors, Inc., 144A
4.875%, 07/15/27@ | 750 | 686,250 |
| Food — 3.0% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A
4.625%, 01/15/27@ | 1,050 | 937,986 |
Performance Food Group, Inc., 144A
5.500%, 10/15/27@ | 1,105 | 1,022,948 |
Pilgrim's Pride Corp., 144A
5.875%, 09/30/27@ | 700 | 670,250 |
Post Holdings, Inc., 144A
5.750%, 03/01/27@ | 354 | 342,937 |
SEG Holding LLC/SEG Finance Corp., 144A
5.625%, 10/15/28@ | 700 | 627,270 |
United Natural Foods, Inc., 144A
6.750%, 10/15/28@ | 700 | 654,148 |
| | | 4,255,539 |
| Food Service — 0.7% |
Aramark Services, Inc., 144A
6.375%, 05/01/25@ | 1,050 | 1,027,268 |
| Gas — 0.6% |
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%)
5.650%µ,• | 1,000 | 899,970 |
| Healthcare Products — 1.4% |
Avantor Funding, Inc., 144A
4.625%, 07/15/28@ | 1,100 | 1,008,370 |
Medline Borrower LP, 144A
3.875%, 04/01/29@ | 1,050 | 895,335 |
| | | 1,903,705 |
| Healthcare Services — 8.9% |
Acadia Healthcare Co., Inc., 144A
5.500%, 07/01/28@ | 1,400 | 1,308,083 |
Catalent Pharma Solutions, Inc., 144A
5.000%, 07/15/27@ | 1,160 | 1,087,826 |
| Centene Corp. | | |
| 4.250%, 12/15/27 | 1,050 | 977,182 |
| 4.625%, 12/15/29 | 1,050 | 974,088 |
Charles River Laboratories International, Inc., 144A
4.250%, 05/01/28@ | 1,050 | 943,226 |
CHS/Community Health Systems, Inc., 144A
8.000%, 12/15/27@ | 1,400 | 1,271,354 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
High Yield Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Healthcare Services — (continued) |
Encompass Health Corp.
4.750%, 02/01/30 | $ 700 | $ 585,157 |
HCA, Inc.
5.875%, 02/15/26 | 1,575 | 1,582,922 |
IQVIA, Inc., 144A
5.000%, 10/15/26@ | 1,000 | 952,330 |
Select Medical Corp., 144A
6.250%, 08/15/26@ | 700 | 653,422 |
| Tenet Healthcare Corp. | | |
| 144A, 5.125%, 11/01/27@ | 1,400 | 1,260,000 |
| 6.875%, 11/15/31 | 1,050 | 933,855 |
| | | 12,529,445 |
| Home Builders — 0.6% |
Williams Scotsman International, Inc., 144A
4.625%, 08/15/28@ | 1,050 | 895,125 |
| Insurance — 0.4% |
AmWINS Group, Inc., 144A
4.875%, 06/30/29@ | 700 | 573,274 |
| Internet — 0.9% |
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A
5.250%, 12/01/27@ | 1,400 | 1,281,000 |
| Leisure Time — 2.0% |
Carnival Corp., 144A
9.875%, 08/01/27@ | 1,050 | 1,017,187 |
| Royal Caribbean Cruises Ltd. | | |
| 144A, 10.875%, 06/01/23@ | 1,050 | 1,050,210 |
| 144A, 11.500%, 06/01/25@ | 700 | 719,250 |
| | | 2,786,647 |
| Lodging — 1.4% |
Boyd Gaming Corp., 144A
4.750%, 06/15/31@ | 700 | 591,514 |
Hilton Domestic Operating Co., Inc., 144A
4.000%, 05/01/31@ | 700 | 581,700 |
Station Casinos LLC, 144A
4.625%, 12/01/31@ | 1,050 | 819,000 |
| | | 1,992,214 |
| Machinery — Diversified — 0.8% |
Stevens Holding Co., Inc., 144A
6.125%, 10/01/26@ | 1,200 | 1,158,000 |
| Media — 4.8% |
CCO Holdings LLC/CCO Holdings Capital Corp., 144A
5.375%, 06/01/29@ | 797 | 712,319 |
CSC Holdings LLC, 144A
6.500%, 02/01/29@ | 700 | 630,105 |
| | Par
(000) | Value† |
| |
| Media — (continued) |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 144A
5.875%, 08/15/27@ | $ 1,050 | $ 902,575 |
Gray Television, Inc., 144A
7.000%, 05/15/27@ | 1,400 | 1,341,900 |
iHeartCommunications, Inc., 144A
5.250%, 08/15/27@ | 700 | 599,081 |
Nexstar Media, Inc., 144A
5.625%, 07/15/27@ | 1,050 | 958,125 |
Sirius XM Radio, Inc., 144A
5.500%, 07/01/29@ | 1,050 | 956,812 |
Univision Communications, Inc., 144A
7.375%, 06/30/30@ | 700 | 687,162 |
| | | 6,788,079 |
| Mining — 1.6% |
FMG Resources August 2006 Pty Ltd., 144A
5.875%, 04/15/30@ | 1,050 | 952,340 |
Freeport-McMoRan, Inc.
5.000%, 09/01/27 | 700 | 694,540 |
Novelis Corp., 144A
4.750%, 01/30/30@ | 700 | 581,826 |
| | | 2,228,706 |
| Oil & Gas — 9.4% |
Antero Resources Corp., 144A
8.375%, 07/15/26@ | 1,050 | 1,110,375 |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A
8.250%, 12/31/28@ | 1,050 | 1,000,426 |
Callon Petroleum Co.
6.375%, 07/01/26 | 700 | 645,750 |
Chesapeake Energy Corp., 144A
5.875%, 02/01/29@ | 1,850 | 1,744,550 |
Comstock Resources, Inc., 144A
6.750%, 03/01/29@ | 1,400 | 1,253,602 |
Encino Acquisition Partners Holdings LLC, 144A
8.500%, 05/01/28@ | 1,050 | 991,093 |
Endeavor Energy Resources LP/EER Finance, Inc., 144A
5.750%, 01/30/28@ | 1,050 | 994,875 |
Occidental Petroleum Corp.
8.500%, 07/15/27 | 1,491 | 1,640,726 |
Parkland Corp., 144A
5.875%, 07/15/27@ | 1,150 | 1,043,625 |
Range Resources Corp.
8.250%, 01/15/29 | 1,400 | 1,428,980 |
Southwestern Energy Co.
8.375%, 09/15/28 | 1,400 | 1,475,250 |
| | | 13,329,252 |
| Packaging and Containers — 4.8% |
Ball Corp.
3.125%, 09/15/31 | 1,050 | 843,938 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
High Yield Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Packaging and Containers — (continued) |
Berry Global, Inc., 144A
5.625%, 07/15/27@ | $ 750 | $ 715,193 |
Mauser Packaging Solutions Holding Co., 144A
8.500%, 04/15/24@ | 1,575 | 1,552,225 |
OI European Group BV, 144A
4.750%, 02/15/30@ | 880 | 737,000 |
Sealed Air Corp., 144A
5.000%, 04/15/29@ | 700 | 654,500 |
TriMas Corp., 144A
4.125%, 04/15/29@ | 700 | 597,569 |
| Trivium Packaging Finance BV | | |
| 144A, 5.500%, 08/15/26@ | 1,050 | 987,704 |
| 144A, 8.500%, 08/15/27@ | 700 | 656,348 |
| | | 6,744,477 |
| Pharmaceuticals — 2.7% |
Elanco Animal Health, Inc.
6.400%, 08/28/28 | 1,050 | 999,495 |
Jazz Securities DAC, 144A
4.375%, 01/15/29@ | 1,400 | 1,241,996 |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 144A
5.125%, 04/30/31@ | 1,050 | 912,209 |
Owens & Minor, Inc., 144A
6.625%, 04/01/30@ | 700 | 637,862 |
| | | 3,791,562 |
| Pipelines — 5.1% |
Cheniere Energy, Inc.
4.625%, 10/15/28 | 1,400 | 1,260,798 |
DCP Midstream Operating LP
5.625%, 07/15/27 | 700 | 677,996 |
EQM Midstream Partners LP, 144A
4.750%, 01/15/31@ | 700 | 558,250 |
Hess Midstream Operations LP, 144A
5.500%, 10/15/30@ | 700 | 628,250 |
Holly Energy Partners LP/Holly Energy Finance Corp, 144A
6.375%, 04/15/27@ | 700 | 659,750 |
Howard Midstream Energy Partners LLC, 144A
6.750%, 01/15/27@ | 700 | 603,570 |
New Fortress Energy, Inc., 144A
6.500%, 09/30/26@ | 700 | 633,643 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A
7.500%, 10/01/25@ | 1,400 | 1,354,944 |
Western Midstream Operating LP
5.300%, 03/01/48 | 1,050 | 846,457 |
| | | 7,223,658 |
| Real Estate — 1.0% |
Greystar Real Estate Partners LLC, 144A
5.750%, 12/01/25@ | 750 | 709,913 |
| | Par
(000) | Value† |
| |
| Real Estate — (continued) |
The Howard Hughes Corp., 144A
5.375%, 08/01/28@ | $ 875 | $ 732,812 |
| | | 1,442,725 |
| Real Estate Investment Trusts — 1.6% |
MPT Operating Partnership LP/MPT Finance Corp.
5.000%, 10/15/27 | 1,050 | 960,403 |
VICI Properties LP/VICI Note Co., Inc., 144A
5.750%, 02/01/27@ | 1,350 | 1,281,015 |
| | | 2,241,418 |
| Retail — 2.9% |
Asbury Automotive Group, Inc., 144A
4.625%, 11/15/29@ | 700 | 578,375 |
Bath & Body Works, Inc., 144A
6.625%, 10/01/30@ | 700 | 598,729 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 144A
4.625%, 01/15/29@ | 1,050 | 895,125 |
Lithia Motors, Inc., 144A
4.625%, 12/15/27@ | 1,050 | 961,812 |
Murphy Oil USA, Inc.
5.625%, 05/01/27 | 1,050 | 1,029,000 |
| | | 4,063,041 |
| Semiconductors — 0.7% |
Sensata Technologies BV, 144A
5.625%, 11/01/24@ | 1,000 | 987,160 |
| Software — 2.0% |
ACI Worldwide, Inc., 144A
5.750%, 08/15/26@ | 750 | 723,952 |
Consensus Cloud Solutions, Inc., 144A
6.500%, 10/15/28@ | 1,050 | 866,460 |
MSCI, Inc., 144A
3.875%, 02/15/31@ | 1,400 | 1,197,000 |
| | | 2,787,412 |
| Telecommunications — 4.0% |
Connect Finco SARL/Connect US Finco LLC, 144A
6.750%, 10/01/26@ | 1,050 | 938,438 |
Frontier Communications Holdings LLC, 144A
5.875%, 10/15/27@ | 1,400 | 1,259,889 |
Hughes Satellite Systems Corp.
5.250%, 08/01/26 | 1,000 | 925,920 |
Level 3 Financing, Inc., 144A
4.625%, 09/15/27@ | 1,050 | 895,125 |
Sprint Corp.
7.625%, 02/15/25 | 700 | 729,902 |
Viasat, Inc., 144A
5.625%, 04/15/27@ | 1,050 | 908,965 |
| | | 5,658,239 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
High Yield Bond Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Transportation — 0.4% |
Seaspan Corp., 144A
5.500%, 08/01/29@ | $ 700 | $ 558,686 |
TOTAL CORPORATE BONDS
(Cost $141,953,927) | | 129,675,378 |
|
| LOAN AGREEMENTS‡ — 1.7% |
| Apparel — 0.8% |
Crocs, Inc. (1 M SOFR + 3.500%)
4.448%, 02/20/29• | 1,222 | 1,109,678 |
| Entertainment — 0.5% |
Scientific Games International, Inc. (1 M SOFR + 3.000%)
4.357%, 04/13/29• | 700 | 663,250 |
| Healthcare Products — 0.4% |
Bausch & Lomb Corp. (1 M SOFR + 3.250%)
4.549%, 05/10/27• | 700 | 650,300 |
TOTAL LOAN AGREEMENTS
(Cost $2,599,314) | | 2,423,228 |
| | Number of
Shares | |
| SHORT-TERM INVESTMENTS — 5.1% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $7,260,366) | 7,260,366 | 7,260,366 |
TOTAL INVESTMENTS — 99.1%
(Cost $152,866,018) | | $ 140,326,027 |
| Other Assets & Liabilities — 0.9% | 1,316,434 |
| TOTAL NET ASSETS — 100.0% | | $ 141,642,461 |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $100,074,422, which represents 70.7% 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. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| * | Non-income producing security. |
| µ | Perpetual security with no stated maturity date. |
| ‡ | 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, 2022. 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. |
| 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. |
| MSCI— Morgan Stanley Capital International. |
| PLC— Public Limited Company. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
High Yield Bond Fund
| Country Weightings as of 6/30/2022†† |
| United States | 92% |
| Netherlands | 2 |
| Canada | 1 |
| Luxembourg | 1 |
| Ireland | 1 |
| Cayman Islands | 1 |
| Australia | 1 |
| Malta | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input^ |
| Asset Backed Securities | $ 967,055 | $ — | $ 967,055 | $— |
| Common Stocks | — | — | — | — (1) |
| Preferred Stocks | — | — | — | — (1) |
| Corporate Bonds | 129,675,378 | — | 129,675,378 | — |
| Loan Agreements | 2,423,228 | — | 2,423,228 | — |
| Short-Term Investments | 7,260,366 | 7,260,366 | — | — |
| Total Investments | $ 140,326,027 | $ 7,260,366 | $ 133,065,661 | $ — |
| (1) | Includes internally fair valued securities currently priced at zero ($0). |
| ^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| | Par
(000) | Value† |
| ASSET BACKED SECURITIES — 0.3% |
| Domino's Pizza Master Issuer LLC, | | |
| Series 2017-1A A23, 144A, 4.118%, 07/25/47@ | $4,802 | $ 4,588,741 |
| Series 2018-1A A2I, 144A, 4.116%, 07/25/48@ | 4,511 | 4,398,460 |
| Series 2019-1A A2, 144A, 3.668%, 10/25/49@ | 2,165 | 1,959,795 |
United Airlines Pass Through Trust, Series 2012-1, Class A,
4.150%, 10/11/25 | 1,231 | 1,208,661 |
TOTAL ASSET BACKED SECURITIES
(Cost $12,668,264) | 12,155,657 |
| | Number of
Shares | |
| COMMON STOCKS — 67.0% |
| Aerospace & Defense — 0.6% |
| Teledyne Technologies, Inc.* | 75,304 | 28,247,283 |
| Auto Parts & Equipment — 0.1% |
| Aurora Innovation, Inc.* | 2,673,617 | 5,106,609 |
| Banks — 2.6% |
| The PNC Financial Services Group, Inc. | 760,956 | 120,056,028 |
| Beverages — 0.7% |
| Keurig Dr Pepper, Inc. | 910,344 | 32,217,074 |
| Chemicals — 0.3% |
| Linde PLC | 42,851 | 12,320,948 |
| Commercial Services — 2.6% |
| Equifax, Inc. | 26,863 | 4,910,019 |
| S&P Global, Inc. | 157,752 | 53,171,889 |
| TransUnion | 769,235 | 61,531,108 |
| | | 119,613,016 |
| Computers — 2.9% |
| Apple, Inc. | 978,136 | 133,730,754 |
| Diversified Financial Services — 2.8% |
| Intercontinental Exchange, Inc. | 735,800 | 69,194,632 |
| Mastercard, Inc., Class A | 69,300 | 21,862,764 |
| Visa, Inc., Class A | 175,100 | 34,475,439 |
| | | 125,532,835 |
| Electric — 1.4% |
| Ameren Corp. | 408,047 | 36,871,127 |
| CMS Energy Corp. | 304,601 | 20,560,567 |
| Public Service Enterprise Group, Inc. | 81,900 | 5,182,632 |
| | | 62,614,326 |
| Electronics — 4.5% |
| Fortive Corp. | 1,824,992 | 99,243,065 |
| TE Connectivity Ltd. | 951,222 | 107,630,769 |
| | | 206,873,834 |
| | Number of
Shares | Value† |
| |
| Environmental Control — 1.4% |
| Waste Connections, Inc. | 528,117 | $ 65,465,383 |
| Healthcare Products — 10.2% |
| Alcon, Inc. | 546,619 | 38,180,019 |
| Avantor, Inc.* | 747,641 | 23,251,635 |
| Baxter International, Inc. | 12,440 | 799,021 |
| Danaher Corp. | 487,538 | 123,600,634 |
| Hologic, Inc.* | 67,200 | 4,656,960 |
| PerkinElmer, Inc. | 744,772 | 105,921,474 |
| Teleflex, Inc. | 121,116 | 29,776,368 |
| The Cooper Cos., Inc. | 11,716 | 3,668,514 |
| Thermo Fisher Scientific, Inc. | 248,060 | 134,766,037 |
| | | 464,620,662 |
| Healthcare Services — 3.0% |
| Catalent, Inc.* | 277,278 | 29,749,157 |
| Humana, Inc. | 41,563 | 19,454,393 |
| UnitedHealth Group, Inc. | 173,135 | 88,927,330 |
| | | 138,130,880 |
| Insurance — 1.3% |
| Marsh & McLennan Cos., Inc. | 390,677 | 60,652,604 |
| Internet — 6.8% |
| Alphabet, Inc., Class A* | 25,770 | 56,159,530 |
| Alphabet, Inc., Class C* | 33,900 | 74,154,555 |
| Amazon.com, Inc.* | 1,471,528 | 156,290,989 |
| Meta Platforms, Inc., Class A* | 136,059 | 21,939,514 |
| | | 308,544,588 |
| Machinery — Diversified — 1.5% |
| Ingersoll Rand, Inc. | 1,610,970 | 67,789,618 |
| Miscellaneous Manufacturing — 3.1% |
| General Electric Co. | 2,211,261 | 140,790,988 |
| Oil & Gas — 0.5% |
| EOG Resources, Inc. | 85,100 | 9,398,444 |
| Pioneer Natural Resources Co. | 64,000 | 14,277,120 |
| | | 23,675,564 |
| Pharmaceuticals — 2.0% |
| Becton Dickinson and Co. | 373,468 | 92,071,066 |
| Embecta Corp.* | 5,840 | 147,869 |
| | | 92,218,935 |
| Retail — 3.9% |
| Starbucks Corp. | 392,900 | 30,013,631 |
| Yum! Brands, Inc. | 1,303,450 | 147,954,610 |
| | | 177,968,241 |
| Semiconductors — 4.2% |
| NVIDIA Corp. | 297,100 | 45,037,389 |
| NXP Semiconductors N.V. | 460,598 | 68,182,322 |
| Texas Instruments, Inc. | 524,302 | 80,559,002 |
| | | 193,778,713 |
| Software — 10.6% |
| Microsoft Corp. | 1,245,021 | 319,758,744 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Software — (continued) |
| MSCI, Inc. | 108,872 | $ 44,871,595 |
| Roper Technologies, Inc. | 161,749 | 63,834,243 |
| Salesforce.com, Inc.* | 352,534 | 58,182,211 |
| | | 486,646,793 |
TOTAL COMMON STOCKS
(Cost $3,184,820,641) | 3,066,595,676 |
|
| PREFERRED STOCKS — 1.0% |
| Auto Manufacturers — 0.5% |
| Waymo LLC, Series A-2, CONV(1),*,# | 245,568 | 22,523,988 |
| Diversified Financial Services — 0.0% |
| The Charles Schwab Corp., Series Dµ | 12,000 | 299,400 |
| Electric — 0.5% |
| CMS Energy Corp., 2078 | 334,981 | 7,811,757 |
| CMS Energy Corp., 2079 | 419,721 | 9,997,754 |
| SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%)µ,• | 242,585 | 4,875,959 |
| | | 22,685,470 |
| Gas — 0.0% |
| NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%)µ,• | 95,625 | 2,495,812 |
TOTAL PREFERRED STOCKS
(Cost $48,709,036) | | 48,004,670 |
| | Par
(000) | |
| CORPORATE BONDS — 7.7% |
| Advertising — 0.1% |
| Lamar Media Corp. | | |
| 3.750%, 02/15/28 | $ 2,569 | 2,255,825 |
| 3.625%, 01/15/31 | 435 | 356,013 |
| | | 2,611,838 |
| Aerospace & Defense — 0.1% |
Howmet Aerospace, Inc.
3.000%, 01/15/29 | 1,990 | 1,656,964 |
TransDigm UK Holdings PLC
6.875%, 05/15/26 | 490 | 456,925 |
| TransDigm, Inc. | | |
| 144A, 6.250%, 03/15/26@ | 1,325 | 1,278,227 |
| 6.375%, 06/15/26 | 595 | 556,325 |
| 5.500%, 11/15/27 | 1,325 | 1,121,281 |
| | | 5,069,722 |
| Airlines — 0.3% |
| Delta Air Lines, Inc./SkyMiles IP Ltd. | | |
| 144A, 4.500%, 10/20/25@ | 6,556 | 6,373,620 |
| 144A, 4.750%, 10/20/28@ | 4,165 | 3,939,778 |
| | Par
(000) | Value† |
| |
| Airlines — (continued) |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A
6.500%, 06/20/27@ | $4,500 | $ 4,422,600 |
| U.S. Airways Pass Through Trust, | | |
| Series 2010-1 Class A, 6.250%, 10/22/24 | 716 | 712,674 |
| Series 2012-2 Class A, 4.625%, 12/03/26 | 133 | 122,383 |
| Series 2013-1 Class B, 3.950%, 05/15/27 | 2 | 2,169 |
| | | 15,573,224 |
| Auto Parts & Equipment — 0.2% |
Clarios Global LP, 144A
6.750%, 05/15/25@ | 1,714 | 1,697,631 |
| Clarios Global LP/Clarios US Finance Co. | | |
| 144A, 6.250%, 05/15/26@ | 2,304 | 2,217,600 |
| 144A, 8.500%, 05/15/27@ | 7,465 | 7,214,736 |
| | | 11,129,967 |
| Banks — 0.0% |
State Street Corp., Series F (3 M ICE LIBOR + 3.597%)
5.426%µ,• | 1,454 | 1,417,143 |
| Building Materials — 0.0% |
Lennox International, Inc.
3.000%, 11/15/23 | 760 | 752,348 |
| Commercial Services — 0.1% |
CoreLogic, Inc., 144A
4.500%, 05/01/28@ | 1,325 | 1,020,250 |
| Gartner, Inc. | | |
| 144A, 4.500%, 07/01/28@ | 660 | 606,015 |
| 144A, 3.625%, 06/15/29@ | 900 | 779,733 |
| 144A, 3.750%, 10/01/30@ | 1,095 | 945,089 |
Korn Ferry, 144A
4.625%, 12/15/27@ | 1,405 | 1,260,988 |
| | | 4,612,075 |
| Computers — 0.0% |
Booz Allen Hamilton, Inc., 144A
3.875%, 09/01/28@ | 960 | 849,600 |
| Electronics — 0.1% |
Sensata Technologies BV, 144A
4.000%, 04/15/29@ | 1,850 | 1,568,948 |
Sensata Technologies, Inc., 144A
3.750%, 02/15/31@ | 900 | 721,314 |
| | | 2,290,262 |
| Entertainment — 1.4% |
Cedar Fair LP
5.250%, 07/15/29 | 8,321 | 7,338,113 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Entertainment — (continued) |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. | | |
| 144A, 5.500%, 05/01/25@ | $ 3,515 | $ 3,409,550 |
| 5.375%, 04/15/27 | 10,085 | 9,557,353 |
| 6.500%, 10/01/28 | 6,445 | 6,117,442 |
Live Nation Entertainment, Inc., 144A
4.875%, 11/01/24@ | 375 | 358,125 |
| Six Flags Entertainment Corp. | | |
| 144A, 4.875%, 07/31/24@ | 20,988 | 19,938,600 |
| 144A, 5.500%, 04/15/27@ | 13,244 | 11,932,122 |
Six Flags Theme Parks, Inc., 144A
7.000%, 07/01/25@ | 6,684 | 6,766,414 |
| | | 65,417,719 |
| Gas — 0.1% |
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%)
5.650%µ,• | 5,825 | 5,242,323 |
| Healthcare Products — 0.3% |
| Avantor Funding, Inc. | | |
| 144A, 4.625%, 07/15/28@ | 7,121 | 6,527,821 |
| 144A, 3.875%, 11/01/29@ | 785 | 686,600 |
Hologic, Inc., 144A
3.250%, 02/15/29@ | 810 | 692,307 |
| Teleflex, Inc. | | |
| 4.625%, 11/15/27 | 3,795 | 3,500,887 |
| 144A, 4.250%, 06/01/28@ | 560 | 506,929 |
| | | 11,914,544 |
| Healthcare Services — 0.4% |
| Catalent Pharma Solutions, Inc. | | |
| 144A, 5.000%, 07/15/27@ | 560 | 525,157 |
| 144A, 3.125%, 02/15/29@ | 2,206 | 1,808,846 |
| 144A, 3.500%, 04/01/30@ | 1,165 | 950,558 |
Hadrian Merger Sub, Inc., 144A
8.500%, 05/01/26@ | 6,996 | 6,611,220 |
IQVIA, Inc., 144A
5.000%, 05/15/27@ | 1,795 | 1,704,739 |
Surgery Center Holdings, Inc., 144A
10.000%, 04/15/27@ | 4,909 | 4,755,077 |
| | | 16,355,597 |
| Insurance — 1.2% |
Acrisure LLC/Acrisure Finance, Inc., 144A
7.000%, 11/15/25@ | 8,275 | 7,442,804 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | | |
| 144A, 4.250%, 10/15/27@ | 1,500 | 1,298,356 |
| 144A, 6.750%, 10/15/27@ | 2,700 | 2,395,926 |
| 144A, 5.875%, 11/01/29@ | 2,106 | 1,747,580 |
AmWINS Group, Inc., 144A
4.875%, 06/30/29@ | 2,175 | 1,781,245 |
| HUB International Ltd. | | |
| 144A, 7.000%, 05/01/26@ | 27,261 | 25,716,528 |
| | Par
(000) | Value† |
| |
| Insurance — (continued) |
| 144A, 5.625%, 12/01/29@ | $ 1,735 | $ 1,433,201 |
Ryan Specialty Group LLC, 144A
4.375%, 02/01/30@ | 295 | 256,650 |
USI, Inc., 144A
6.875%, 05/01/25@ | 11,119 | 10,729,835 |
| | | 52,802,125 |
| Internet — 0.3% |
Arches Buyer, Inc., 144A
4.250%, 06/01/28@ | 30 | 24,351 |
Photo Holdings Merger Sub, Inc., 144A
8.500%, 10/01/26@ | 4,635 | 3,499,240 |
Shopify, Inc.
0.125%, 11/01/25 | 2,679 | 2,230,268 |
Snap, Inc.
0.000%, 05/01/27¤ | 4,019 | 2,783,157 |
Spotify USA, Inc.
0.000%, 03/15/26¤ | 4,508 | 3,556,812 |
Twitter, Inc., 144A
5.000%, 03/01/30@ | 1,640 | 1,555,950 |
| | | 13,649,778 |
| Leisure Time — 0.1% |
Life Time, Inc., 144A
5.750%, 01/15/26@ | 5,724 | 5,131,223 |
| Lodging — 0.1% |
| Hilton Domestic Operating Co., Inc. | | |
| 144A, 5.375%, 05/01/25@ | 389 | 381,220 |
| 144A, 4.000%, 05/01/31@ | 390 | 324,090 |
| 144A, 3.625%, 02/15/32@ | 750 | 596,250 |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.875%, 04/01/27 | 180 | 169,425 |
Marriott International, Inc.
3.125%, 06/15/26 | 1,106 | 1,056,548 |
| | | 2,527,533 |
| Machinery — Diversified — 0.0% |
TK Elevator US Newco, Inc., 144A
5.250%, 07/15/27@ | 2,045 | 1,823,250 |
| Media — 1.4% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | | |
| 144A, 5.500%, 05/01/26@ | 1,325 | 1,292,531 |
| 144A, 5.125%, 05/01/27@ | 29,020 | 27,387,600 |
| 144A, 5.000%, 02/01/28@ | 28,336 | 26,080,738 |
Sirius XM Radio, Inc., 144A
5.000%, 08/01/27@ | 7,750 | 7,169,331 |
| | | 61,930,200 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| | Par
(000) | Value† |
| CORPORATE BONDS — (continued) |
| Miscellaneous Manufacturing — 0.3% |
General Electric Co., Series D (3 M ICE LIBOR + 3.330%)
5.159%µ,• | $14,550 | $ 12,748,710 |
| Real Estate Investment Trusts — 0.1% |
| SBA Communications Corp. | | |
| 3.875%, 02/15/27 | 2,985 | 2,720,081 |
| 3.125%, 02/01/29 | 930 | 761,205 |
| | | 3,481,286 |
| Retail — 0.8% |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A
4.750%, 06/01/27@ | 17,733 | 17,053,826 |
| Yum! Brands, Inc. | | |
| 3.875%, 11/01/23 | 2,454 | 2,439,791 |
| 144A, 4.750%, 01/15/30@ | 1,300 | 1,179,750 |
| 3.625%, 03/15/31 | 1,750 | 1,470,000 |
| 4.625%, 01/31/32 | 2,469 | 2,171,263 |
| 5.375%, 04/01/32 | 3,738 | 3,433,278 |
| 6.875%, 11/15/37 | 3,540 | 3,593,100 |
| 5.350%, 11/01/43 | 8,185 | 6,783,367 |
| | | 38,124,375 |
| Semiconductors — 0.1% |
| Sensata Technologies BV | | |
| 144A, 5.625%, 11/01/24@ | 880 | 868,701 |
| 144A, 5.000%, 10/01/25@ | 3,150 | 3,008,250 |
| | | 3,876,951 |
| Software — 0.1% |
Black Knight InfoServ LLC, 144A
3.625%, 09/01/28@ | 1,275 | 1,107,746 |
| Clarivate Science Holdings Corp. | | |
| 144A, 3.875%, 07/01/28@ | 2,048 | 1,712,319 |
| 144A, 4.875%, 07/01/29@ | 795 | 652,695 |
| MSCI, Inc. | | |
| 144A, 4.000%, 11/15/29@ | 910 | 806,560 |
| 144A, 3.625%, 09/01/30@ | 2,200 | 1,833,985 |
| 144A, 3.875%, 02/15/31@ | 25 | 21,375 |
| 144A, 3.625%, 11/01/31@ | 310 | 255,329 |
| 144A, 3.250%, 08/15/33@ | 145 | 115,578 |
Twilio, Inc.
3.625%, 03/15/29 | 125 | 105,088 |
| | | 6,610,675 |
| Telecommunications — 0.1% |
Altice France Holding S.A., 144A
10.500%, 05/15/27@ | 5,940 | 4,944,148 |
T-Mobile USA, Inc., 144A
3.375%, 04/15/29@ | 240 | 209,805 |
| | | 5,153,953 |
TOTAL CORPORATE BONDS
(Cost $377,204,608) | | 351,096,421 |
| | Par
(000) | Value† |
|
| LOAN AGREEMENTS‡ — 14.4% |
| Airlines — 0.7% |
Delta Air Lines, Inc. (3 M ICE LIBOR + 3.750%)
4.750%, 10/20/27• | $ 8,303 | $ 8,243,115 |
Mileage Plus Holdings LLC (3 M ICE LIBOR + 5.250%)
7.314%, 06/21/27• | 24,765 | 24,418,290 |
| | | 32,661,405 |
| Commercial Services — 0.2% |
| CoreLogic, Inc. | | |
| (1 M ICE LIBOR + 3.500%), 5.188%, 06/02/28• | 11,175 | 9,264,531 |
| (1 M ICE LIBOR + 6.500%), 8.187%, 06/04/29• | 665 | 478,800 |
| | | 9,743,331 |
| Cosmetics & Personal Care — 0.3% |
Sunshine Luxembourg VII Sarl (3 M ICE LIBOR + 3.750%)
6.000%, 10/01/26• | 13,734 | 12,679,062 |
| Entertainment — 0.6% |
Alpha TopCo., Ltd. - Delta 2 (Lux) Sarl (1 M ICE LIBOR + 2.500%)
4.166%, 02/01/24• | 22,740 | 22,126,020 |
Cedar Fair LP (1 M ICE LIBOR + 1.750%)
3.416%, 04/13/24• | 155 | 151,221 |
SeaWorld Parks & Entertainment, Inc. (1 M ICE LIBOR + 3.000%)
4.688%, 08/25/28• | 5,021 | 4,706,031 |
| | | 26,983,272 |
| Environmental Control — 0.3% |
| Filtration Group Corp. | | |
| (3 M ICE EURIBOR + 3.500%), 3.500%, 03/31/25• | 5,551 | 5,293,825 |
| (1 M ICE LIBOR + 3.000%), 4.666%, 03/31/25• | 3,429 | 3,240,757 |
| (1 M ICE LIBOR + 3.500%), 5.166%, 10/21/28• | 4,921 | 4,588,736 |
| | | 13,123,318 |
| Healthcare Products — 0.8% |
Medline Borrower, LP (1 M ICE LIBOR + 3.250%)
4.916%, 10/23/28• | 40,523 | 37,515,788 |
| Healthcare Services — 1.1% |
| ADMI Corp. | | |
| (1 M ICE LIBOR + 3.375%), 4.738%, 12/23/27• | 5,969 | 5,426,875 |
| (1 M ICE LIBOR + 3.500%), 4.863%, 12/23/27• | 10,214 | 9,337,140 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| | Par
(000) | Value† |
| LOAN AGREEMENTS‡ — (continued) |
| Healthcare Services — (continued) |
| EyeCare Partners LLC | | |
| (3 M ICE LIBOR + 3.750%), 6.000%, 02/18/27• | $ 1,017 | $ 938,417 |
| (3 M ICE LIBOR + 3.750%), 6.000%, 11/15/28• | 913 | 838,938 |
| Heartland Dental LLC | | |
| (1 M ICE LIBOR + 3.500%), 5.166%, 04/30/25• | 17,960 | 16,635,259 |
| (1 M ICE LIBOR + 4.000%), 5.642%, 04/30/25• | 1,757 | 1,640,393 |
Loire US Holdco 1, Inc. (1 M ICE LIBOR + 3.250%)
4.916%, 04/21/27• | 12,218 | 11,474,658 |
Pacific Dental Services, Inc. (1 M ICE LIBOR + 3.250%)
4.759%, 05/05/28• | 1,544 | 1,463,319 |
| | | 47,754,999 |
| Insurance — 5.1% |
Acrisure LLC (1 M ICE LIBOR + 3.750%)
5.416%, 02/15/27• | 2,660 | 2,483,682 |
| Alliant Holdings Intermediate LLC | | |
| (1 M ICE LIBOR + 3.250%), 4.916%, 05/09/25• | 13,046 | 12,253,642 |
| (1 M ICE LIBOR + 3.250%), 4.916%, 05/09/25• | 5,774 | 5,448,155 |
| (1 M ICE LIBOR + 3.500%), 5.009%, 11/05/27• | 19,163 | 17,778,309 |
| HUB International Ltd. | | |
| (1 M ICE LIBOR + 3.000%), 4.213%, 04/25/25• | 85,073 | 80,385,932 |
| (1 M ICE LIBOR + 3.250%), 4.348%, 04/25/25• | 52,476 | 49,667,677 |
Hyperion Refinance Sarl (1 M ICE LIBOR + 3.250%)
4.938%, 11/12/27• | 17,216 | 16,214,683 |
Ryan Specialty Group LLC (1 M SOFR + 3.100%)
4.625%, 09/01/27• | 4,117 | 3,952,008 |
| USI, Inc. | | |
| (3 M ICE LIBOR + 3.000%), 5.250%, 05/16/24• | 32,093 | 30,709,543 |
| (3 M ICE LIBOR + 3.250%), 5.501%, 12/02/26• | 16,307 | 15,042,886 |
| | | 233,936,517 |
| Internet — 0.1% |
Arches Buyer, Inc. (1 M ICE LIBOR + 3.250%)
4.916%, 12/06/27• | 2,851 | 2,594,327 |
Eagle Broadband Investments LLC (3 M ICE LIBOR + 3.000%)
5.313%, 11/12/27• | 2,237 | 2,102,476 |
| | | 4,696,803 |
| | Par
(000) | Value† |
| |
| Leisure Time — 0.1% |
Life Time, Inc. (3 M ICE LIBOR + 4.750%)
6.325%, 12/16/24• | $ 2,177 | $ 2,144,213 |
| Lodging — 0.0% |
Four Seasons Hotels Ltd. (1 M ICE LIBOR + 2.000%)
3.666%, 11/30/23• | 1,666 | 1,644,952 |
| Machinery — Diversified — 0.4% |
Vertical Midco (3 M ICE LIBOR + 3.500%)
4.019%, 07/30/27• | 16,262 | 15,195,391 |
Welbilt, Inc. (1 M ICE LIBOR + 2.500%)
4.166%, 10/23/25• | 1,970 | 1,936,352 |
| | | 17,131,743 |
| Pharmaceuticals — 0.3% |
Pathway Vet Alliance LLC (3 M ICE LIBOR + 3.750%)
6.001%, 03/31/27• | 1,315 | 1,218,030 |
| PetVet Care Centers LLC | | |
| (1 M ICE LIBOR + 2.750%), 4.416%, 02/14/25(1),• | 1,254 | 1,165,212 |
| (1 M ICE LIBOR + 3.250%), 4.916%, 02/14/25(1),• | 5,201 | 4,867,041 |
| (1 M ICE LIBOR + 3.500%), 5.166%, 02/14/25• | 7,460 | 7,018,698 |
| (1 M ICE LIBOR + 6.250%), 7.916%, 02/13/26• | 405 | 394,118 |
| | | 14,663,099 |
| Retail — 0.3% |
| IRB Holding Corp. | | |
| (1 M ICE LIBOR + 2.750%), 4.086%, 02/05/25• | 6,731 | 6,368,857 |
| (1 M SOFR + 3.150%), 4.238%, 12/15/27• | 7,276 | 6,815,278 |
Woof Holdings, Inc. (3 M ICE LIBOR + 3.750%)
5.813%, 12/21/27• | 1,960 | 1,827,875 |
| | | 15,012,010 |
| Semiconductors — 0.2% |
Entegris, Inc.
0.000%, 07/06/29× | 8,287 | 7,996,547 |
| Software — 3.9% |
| Applied Systems, Inc. | | |
| (1 M ICE LIBOR + 3.000%), 4.630%, 09/19/24• | 13,602 | 13,023,983 |
| (3 M ICE LIBOR + 5.500%), 7.128%, 09/19/25• | 1,085 | 1,041,946 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| | Par
(000) | Value† |
| LOAN AGREEMENTS‡ — (continued) |
| Software — (continued) |
| Ascend Learning LLC | | |
| (1 M ICE LIBOR + 3.500%), 4.863%, 12/11/28• | $ 20,005 | $ 18,429,123 |
| (1 M ICE LIBOR + 5.750%), 7.416%, 12/10/29• | 2,855 | 2,612,325 |
| AthenaHealth Group, Inc. | | |
| 0.000%, 02/15/29× | 2,855 | 2,621,328 |
| (1 M SOFR + 3.500%), 5.009%, 02/15/29• | 16,845 | 15,465,833 |
| Azalea TopCo, Inc. | | |
| (3 M ICE LIBOR + 3.500%), 4.738%, 07/24/26• | 15,271 | 14,263,451 |
| (1 M SOFR + 3.750%), 4.900%, 07/24/26• | 1,546 | 1,439,829 |
| (3 M ICE LIBOR + 3.750%), 4.988%, 07/24/26• | 2,307 | 2,185,810 |
Camelot US Acquisition I Co. (1 M ICE LIBOR + 3.000%)
4.666%, 10/30/26• | 9,661 | 9,089,782 |
Polaris Newco LLC (1 M ICE LIBOR + 4.000%)
5.666%, 06/02/28• | 1,732 | 1,595,836 |
Project Boost Purchaser LLC (1 M ICE LIBOR + 3.500%)
5.166%, 06/01/26• | 1,808 | 1,675,585 |
| RealPage, Inc. | | |
| (1 M ICE LIBOR + 3.000%), 4.666%, 04/24/28• | 19,448 | 17,932,841 |
| (1 M ICE LIBOR + 6.500%), 8.166%, 04/23/29• | 700 | 663,831 |
| Sophia LP | | |
| (3 M ICE LIBOR + 3.250%), 5.501%, 10/07/27• | 3,275 | 3,048,046 |
| (1 M SOFR + 4.250%), 5.775%, 10/07/27• | 1,422 | 1,379,275 |
Storable, Inc. (1 M SOFR + 3.500%)
5.068%, 04/17/28• | 995 | 931,987 |
The Ultimate Software Group, Inc. (1 M ICE LIBOR + 3.750%)
5.416%, 05/04/26• | 1,717 | 1,617,989 |
| UKG, Inc. | | |
| (1 M ICE LIBOR + 3.250%), 4.212%, 05/04/26• | 72,670 | 67,901,165 |
| (3 M ICE LIBOR + 5.250%), 6.212%, 05/03/27• | 3,334 | 3,067,412 |
| | | 179,987,377 |
TOTAL LOAN AGREEMENTS
(Cost $697,164,052) | | 657,674,436 |
|
| U.S. TREASURY OBLIGATIONS — 8.2% |
| United States Treasury Notes | | |
| 1.500%, 01/31/27 | 121,375 | 113,490,647 |
| 1.875%, 02/28/27 | 175,855 | 167,185,422 |
| | Par
(000) | Value† |
| |
| 2.500%, 03/31/27 | $95,023 | $ 92,847,962 |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $385,437,111) | 373,524,031 |
| | Number of
Shares | |
| SHORT-TERM INVESTMENTS — 1.5% |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%) | 16,995,462 | 16,995,462 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 1.320%) | 50,223,631 | 50,223,631 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $67,219,093) | | 67,219,093 |
TOTAL INVESTMENTS — 100.1%
(Cost $4,773,222,805) | | $ 4,576,269,984 |
| Other Assets & Liabilities — (0.1)% | (3,312,091) |
| TOTAL NET ASSETS — 100.0% | | $ 4,572,957,893 |
| | Number of
Contracts | |
| WRITTEN OPTIONS — (0.1)% |
| Call Options | | |
| TOTAL WRITTEN OPTIONS | | |
| (See open written options schedule) |
| (Premiums $(19,744,940)) | 21,169 | $ (4,332,683) |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $274,855,156, which represents 6.0% of the Fund’s net assets. |
| * | Non-income producing security. |
| (1) | The value of this security was determined using significant unobservable inputs. |
| # | 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, 2022, the aggregate value of restricted securities was $22,523,988 which represented 0.5% 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 |
| Waymo LLC, Series A-2 | 05/08/20 | $21,086,236 | $22,523,988 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| µ | Perpetual security with no stated maturity date. |
| • | 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. |
| ‡ | 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, 2022. 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. |
| × | This loan will settle after June 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| CMT— Constant Maturity Treasury. |
| CONV— Convertible Security. |
| EURIBOR— Euro Interbank Offered Rate. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| MSCI— Morgan Stanley Capital International. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input^ |
| Asset Backed Securities | $ 12,155,657 | $ — | $ 12,155,657 | $ — |
| Common Stocks | 3,066,595,676 | 3,066,595,676 | — | — |
| Preferred Stocks | | | | |
| Auto Manufacturers | 22,523,988 | — | — | 22,523,988 |
| Diversified Financial Services | 299,400 | 299,400 | — | — |
| Electric | 22,685,470 | 22,685,470 | — | — |
| Gas | 2,495,812 | 2,495,812 | — | — |
| Total Preferred Stocks | 48,004,670 | 25,480,682 | — | 22,523,988 |
| Corporate Bonds | 351,096,421 | — | 351,096,421 | — |
| Loan Agreements | 657,674,436 | — | 624,901,632 | 32,772,804 |
| U.S. Treasury Obligations | 373,524,031 | — | 373,524,031 | — |
| Short-Term Investments | 67,219,093 | 67,219,093 | — | — |
| Total Investments | $ 4,576,269,984 | $ 3,159,295,451 | $ 1,361,677,741 | $ 55,296,792 |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input^ |
| Other Financial Instruments(1) | | | | |
| Written Options | $(4,332,683) | $(4,332,683) | $— | $— |
| Total Liabilities—Other Financial Instruments | $ (4,332,683) | $ (4,332,683) | $ — | $ — |
| (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 and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options which are reported at their fair value at period end. |
| ^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
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 12/31/21 | $ 22,523,988 |
| Accrued Discount/(Premium) | 268 |
| Change in Appreciation/(Depreciation) | (28,707) |
| Purchases | 1,407,714 |
| Transfer into Level 3 | 31,393,529 |
| Balance as of 06/30/22 | $55,296,792 |
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 $31,393,529 was transferred from Level 2 into Level 3 at 06/30/2022 due to decrease in trading activities at period end.
Open written options contracts held by the Fund at June 30, 2022 are as follows:
| Open Written Options |
| Exchange Traded |
| Call Options | | | | | | | | | | |
| Description | | # of
Contracts | | Notional | | Exercise
Price | | Expiration
Date | | Value |
| Alphabet, Inc. | | 13 | | $ 4,160,000 | | $ 3,200 | | 01/20/23 | | $ (25,610) |
| Alphabet, Inc. | | 13 | | 4,290,000 | | 3,300 | | 01/20/23 | | (20,410) |
| Alphabet, Inc. | | 13 | | 4,420,000 | | 3,400 | | 01/20/23 | | (16,120) |
| Alphabet, Inc. | | 13 | | 4,550,000 | | 3,500 | | 01/20/23 | | (12,740) |
| Amazon.com, Inc. | | 860 | | 15,050,000 | | 175 | | 01/20/23 | | (69,660) |
| Amazon.com, Inc. | | 180 | | 3,240,000 | | 180 | | 01/20/23 | | (12,060) |
| Amazon.com, Inc. | | 180 | | 3,330,000 | | 185 | | 01/20/23 | | (10,440) |
| Amazon.com, Inc. | | 500 | | 9,500,000 | | 190 | | 01/20/23 | | (23,500) |
| Amazon.com, Inc. | | 320 | | 6,240,000 | | 195 | | 01/20/23 | | (12,800) |
| Amazon.com, Inc. | | 440 | | 8,800,000 | | 200 | | 01/20/23 | | (15,840) |
| Amazon.com, Inc. | | 440 | | 9,020,000 | | 205 | | 01/20/23 | | (13,640) |
| Amazon.com, Inc. | | 440 | | 9,240,000 | | 210 | | 01/20/23 | | (12,320) |
| Amazon.com, Inc. | | 120 | | 2,580,000 | | 215 | | 01/20/23 | | (2,880) |
| Amazon.com, Inc. | | 120 | | 2,640,000 | | 220 | | 01/20/23 | | (2,400) |
| Amazon.com, Inc. | | 260 | | 5,850,000 | | 225 | | 01/20/23 | | (5,200) |
| Amazon.com, Inc. | | 140 | | 3,220,000 | | 230 | | 01/20/23 | | (2,380) |
| Amazon.com, Inc. | | 140 | | 3,290,000 | | 235 | | 01/20/23 | | (2,240) |
| Amazon.com, Inc. | | 140 | | 3,360,000 | | 240 | | 01/20/23 | | (1,400) |
| Amazon.com, Inc. | | 140 | | 3,430,000 | | 245 | | 01/20/23 | | (1,400) |
| Amazon.com, Inc. | | 140 | | 3,500,000 | | 250 | | 01/20/23 | | (1,680) |
| Amazon.com, Inc. | | 140 | | 3,570,000 | | 255 | | 01/20/23 | | (1,540) |
| Apple, Inc. | | 512 | | 8,704,000 | | 170 | | 01/20/23 | | (180,736) |
| Apple, Inc. | | 512 | | 8,960,000 | | 175 | | 01/20/23 | | (144,896) |
| Apple, Inc. | | 512 | | 9,216,000 | | 180 | | 01/20/23 | | (112,128) |
| Becton Dickinson and Co. | | 98 | | 2,548,000 | | 260 | | 01/20/23 | | (138,180) |
| Becton Dickinson and Co. | | 97 | | 2,716,000 | | 280 | | 01/20/23 | | (72,750) |
| Becton Dickinson and Co. | | 97 | | 2,813,000 | | 290 | | 01/20/23 | | (43,650) |
| General Electric Co. | | 731 | | 6,213,500 | | 85 | | 01/20/23 | | (105,995) |
| General Electric Co. | | 731 | | 6,579,000 | | 90 | | 01/20/23 | | (62,866) |
| General Electric Co. | | 731 | | 6,944,500 | | 95 | | 01/20/23 | | (43,860) |
| General Electric Co. | | 974 | | 10,714,000 | | 110 | | 01/20/23 | | (12,662) |
| Hologic, Inc. | | 336 | | 2,856,000 | | 85 | | 01/20/23 | | (40,320) |
| Hologic, Inc. | | 336 | | 3,024,000 | | 90 | | 01/20/23 | | (16,800) |
| Humana, Inc. | | 51 | | 2,652,000 | | 520 | | 01/20/23 | | (105,570) |
| Humana, Inc. | | 51 | | 2,703,000 | | 530 | | 01/20/23 | | (92,820) |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Flexibly Managed Fund
| Call Options | | | | | | | | | | |
| Description | | # of
Contracts | | Notional | | Exercise
Price | | Expiration
Date | | Value |
| Humana, Inc. | | 51 | | $ 2,754,000 | | $ 540 | | 01/20/23 | | $ (77,010) |
| Keurig Dr Pepper, Inc. | | 736 | | 2,944,000 | | 40 | | 01/20/23 | | (51,520) |
| Keurig Dr Pepper, Inc. | | 736 | | 3,091,200 | | 42 | | 01/20/23 | | (22,080) |
| Meta Platforms, Inc. | | 67 | | 2,311,500 | | 345 | | 09/16/22 | | (536) |
| Meta Platforms, Inc. | | 67 | | 2,412,000 | | 360 | | 09/16/22 | | (469) |
| Microsoft Corp. | | 694 | | 22,208,000 | | 320 | | 01/20/23 | | (347,000) |
| Microsoft Corp. | | 597 | | 19,701,000 | | 330 | | 01/20/23 | | (205,368) |
| Microsoft Corp. | | 137 | | 4,589,500 | | 335 | | 01/20/23 | | (43,155) |
| Microsoft Corp. | | 836 | | 28,424,000 | | 340 | | 01/20/23 | | (209,000) |
| Microsoft Corp. | | 137 | | 4,726,500 | | 345 | | 01/20/23 | | (26,578) |
| Microsoft Corp. | | 1,077 | | 37,695,000 | | 350 | | 01/20/23 | | (199,245) |
| Microsoft Corp. | | 240 | | 8,520,000 | | 355 | | 01/20/23 | | (38,640) |
| Microsoft Corp. | | 479 | | 17,244,000 | | 360 | | 01/20/23 | | (67,539) |
| Microsoft Corp. | | 164 | | 5,986,000 | | 365 | | 01/20/23 | | (19,024) |
| Public Service Enterprise Group, Inc. | | 273 | | 1,774,500 | | 65 | | 07/15/22 | | (10,374) |
| Public Service Enterprise Group, Inc. | | 273 | | 1,911,000 | | 70 | | 07/15/22 | | (1,365) |
| Public Service Enterprise Group, Inc. | | 273 | | 2,047,500 | | 75 | | 07/15/22 | | (1,365) |
| Starbucks Corp. | | 553 | | 5,391,750 | | 98 | | 01/20/23 | | (76,867) |
| Starbucks Corp. | | 553 | | 5,530,000 | | 100 | | 01/20/23 | | (58,065) |
| Starbucks Corp. | | 553 | | 5,806,500 | | 105 | | 01/20/23 | | (39,816) |
| The PNC Financial Services Group, Inc. | | 196 | | 3,724,000 | | 190 | | 01/20/23 | | (64,680) |
| The PNC Financial Services Group, Inc. | | 196 | | 3,822,000 | | 195 | | 01/20/23 | | (48,020) |
| The PNC Financial Services Group, Inc. | | 196 | | 3,920,000 | | 200 | | 01/20/23 | | (35,280) |
| The PNC Financial Services Group, Inc. | | 332 | | 7,304,000 | | 220 | | 01/20/23 | | (14,940) |
| The PNC Financial Services Group, Inc. | | 332 | | 7,636,000 | | 230 | | 01/20/23 | | (6,640) |
| Thermo Fisher Scientific, Inc. | | 96 | | 6,144,000 | | 640 | | 01/20/23 | | (156,480) |
| UnitedHealth Group, Inc. | | 182 | | 9,828,000 | | 540 | | 01/20/23 | | (618,800) |
| UnitedHealth Group, Inc. | | 102 | | 5,712,000 | | 560 | | 01/20/23 | | (262,344) |
| UnitedHealth Group, Inc. | | 102 | | 5,916,000 | | 580 | | 01/20/23 | | (180,540) |
| Yum! Brands, Inc. | | 209 | | 3,030,500 | | 145 | | 01/20/23 | | (8,360) |
| Yum! Brands, Inc. | | 209 | | 3,135,000 | | 150 | | 01/20/23 | | (2,090) |
| Total Written Options | | | | | | | | | | $(4,332,683) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Balanced Fund
| | Number of
Shares | Value† |
| AFFILIATED EQUITY FUNDS — 59.5% |
Penn Series Index 500 Fund*
(Cost $24,314,321) | 1,301,578 | $ 43,147,295 |
|
| AFFILIATED FIXED INCOME FUNDS — 40.4% |
Penn Series Quality Bond Fund*
(Cost $29,729,539) | 1,904,384 | 29,251,344 |
|
| SHORT-TERM INVESTMENTS — 0.5% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $335,430) | 335,430 | 335,430 |
TOTAL INVESTMENTS — 100.4%
(Cost $54,379,290) | | $ 72,734,069 |
| Other Assets & Liabilities — (0.4)% | (278,276) |
| TOTAL NET ASSETS — 100.0% | | $ 72,455,793 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Affiliated Equity Funds | $ 43,147,295 | $ 43,147,295 | $— | $— |
| Affiliated Fixed Income Funds | 29,251,344 | 29,251,344 | — | — |
| Short-Term Investments | 335,430 | 335,430 | — | — |
| Total Investments | $ 72,734,069 | $ 72,734,069 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Growth Stock Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 96.6% |
| Advertising — 0.4% |
| The Trade Desk, Inc., Class A* | 25,257 | $ 1,058,016 |
| Aerospace & Defense — 1.9% |
| Airbus S.E. | 19,235 | 1,863,544 |
| Teledyne Technologies, Inc.* | 8,112 | 3,042,892 |
| | | 4,906,436 |
| Auto Manufacturers — 5.7% |
| Ferrari N.V. | 13,983 | 2,565,601 |
| Rivian Automotive, Inc., Class A* | 256,586 | 6,604,523 |
| Tesla, Inc.* | 8,523 | 5,739,559 |
| | | 14,909,683 |
| Auto Parts & Equipment — 0.0% |
| Aurora Innovation, Inc.* | 37,403 | 71,440 |
| Biotechnology — 0.6% |
| Argenx S.E., ADR* | 4,442 | 1,682,985 |
| Commercial Services — 2.4% |
| Block, Inc., CDI* | 14,240 | 889,539 |
| Block, Inc., Class A* | 4,759 | 292,488 |
| Cintas Corp. | 2,051 | 766,110 |
| Global Payments, Inc. | 12,524 | 1,385,655 |
| MarketAxess Holdings, Inc. | 1,680 | 430,097 |
| TransUnion | 21,848 | 1,747,622 |
| Verisk Analytics, Inc. | 4,400 | 761,596 |
| | | 6,273,107 |
| Computers — 7.6% |
| Apple, Inc. | 144,837 | 19,802,115 |
| Diversified Financial Services — 4.8% |
| Ant Group Co., Ltd.(1),# | 279,408 | 550,434 |
| Mastercard, Inc., Class A | 17,709 | 5,586,835 |
| Visa, Inc., Class A | 32,428 | 6,384,749 |
| | | 12,522,018 |
| Electrical Components & Equipment — 0.6% |
| Generac Holdings, Inc.* | 7,601 | 1,600,618 |
| Healthcare Products — 3.7% |
| Align Technology, Inc.* | 5,171 | 1,223,821 |
| Avantor, Inc.* | 50,925 | 1,583,767 |
| Insulet Corp.* | 3,211 | 699,805 |
| Intuitive Surgical, Inc.* | 17,470 | 3,506,404 |
| Stryker Corp. | 12,887 | 2,563,611 |
| | | 9,577,408 |
| Healthcare Services — 4.9% |
| HCA Healthcare, Inc. | 5,403 | 908,028 |
| Humana, Inc. | 5,135 | 2,403,540 |
| UnitedHealth Group, Inc. | 18,262 | 9,379,911 |
| | | 12,691,479 |
| Internet — 25.6% |
| Airbnb, Inc., Class A* | 9,331 | 831,205 |
| Alphabet, Inc., Class A* | 5,719 | 12,463,188 |
| Alphabet, Inc., Class C* | 5,233 | 11,446,926 |
| | Number of
Shares | Value† |
| |
| Internet — (continued) |
| Amazon.com, Inc.* | 247,300 | $26,265,733 |
| Booking Holdings, Inc.* | 1,075 | 1,880,164 |
| Coupang, Inc., Class A* | 63,561 | 810,403 |
| DoorDash, Inc., Class A* | 19,682 | 1,262,994 |
| Expedia Group, Inc.* | 15,214 | 1,442,744 |
| Match Group, Inc.* | 21,900 | 1,526,211 |
| Meta Platforms, Inc.* | 15,726 | 2,535,817 |
| Netflix, Inc.* | 8,500 | 1,486,395 |
| Sea Ltd., ADR* | 26,100 | 1,745,046 |
| Snap, Inc., Class A* | 120,641 | 1,584,016 |
| Spotify Technology S.A.* | 16,544 | 1,552,324 |
| | | 66,833,166 |
| Leisure Time — 0.2% |
| Peloton Interactive, Inc., Class A* | 54,881 | 503,807 |
| Lodging — 1.1% |
| Las Vegas Sands Corp.* | 43,614 | 1,464,994 |
| Wynn Resorts Ltd.* | 23,964 | 1,365,469 |
| | | 2,830,463 |
| Pharmaceuticals — 2.6% |
| AstraZeneca PLC, ADR | 12,103 | 799,645 |
| Cigna Corp. | 7,663 | 2,019,354 |
| Eli Lilly & Co. | 12,377 | 4,012,995 |
| | | 6,831,994 |
| Retail — 3.4% |
| Carvana Co.* | 9,843 | 222,255 |
| Chipotle Mexican Grill, Inc.* | 2,241 | 2,929,570 |
| Floor & Decor Holdings, Inc., Class A* | 8,800 | 554,048 |
| Lululemon Athletica, Inc.* | 4,883 | 1,331,155 |
| Ross Stores, Inc. | 53,246 | 3,739,466 |
| | | 8,776,494 |
| Semiconductors — 4.9% |
| Advanced Micro Devices, Inc.* | 39,961 | 3,055,818 |
| ASML Holding N.V. | 9,206 | 4,380,951 |
| NVIDIA Corp. | 35,097 | 5,320,354 |
| | | 12,757,123 |
| Software — 24.8% |
| Activision Blizzard, Inc. | 17,946 | 1,397,276 |
| Atlassian Corp. PLC, Class A* | 8,135 | 1,524,499 |
| Bill.com Holdings, Inc.* | 5,563 | 611,596 |
| Black Knight, Inc.* | 35,699 | 2,334,358 |
| Ceridian HCM Holding, Inc.* | 12,622 | 594,244 |
| Datadog, Inc., Class A* | 10,094 | 961,353 |
| Fiserv, Inc.* | 34,122 | 3,035,834 |
| HashiCorp, Inc., Class A* | 3,314 | 97,564 |
| Intuit, Inc. | 14,932 | 5,755,390 |
| Magic Leap, Inc., Class A(1),*,# | 1,353 | 25,980 |
| Microsoft Corp. | 128,728 | 33,061,211 |
| Monday.com Ltd.* | 2,900 | 299,164 |
| MongoDB, Inc.* | 4,978 | 1,291,791 |
| Roper Technologies, Inc. | 5,779 | 2,280,682 |
| Salesforce, Inc.* | 28,101 | 4,637,789 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Growth Stock Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Software — (continued) |
| SentinelOne, Inc., Class A* | 40,031 | $ 933,923 |
| ServiceNow, Inc.* | 9,283 | 4,414,252 |
| Snowflake, Inc., Class A* | 7,209 | 1,002,484 |
| Stripe, Inc., Class B(1),*,# | 8,608 | 198,328 |
| Twilio, Inc., Class A* | 4,201 | 352,086 |
| | | 64,809,804 |
| Transportation — 1.4% |
| FedEx Corp. | 11,015 | 2,497,211 |
| Old Dominion Freight Line, Inc. | 5,000 | 1,281,400 |
| | | 3,778,611 |
TOTAL COMMON STOCKS
(Cost $215,121,439) | 252,216,767 |
|
| PREFERRED STOCKS — 0.4% |
| Auto Manufacturers — 0.1% |
| Waymo LLC, Series A-2, CONV(1),*,# | 3,737 | 342,765 |
| Electronics — 0.3% |
| GM Cruise, Class F, CONV(1),*,# | 27,200 | 788,800 |
TOTAL PREFERRED STOCKS
(Cost $817,286) | | 1,131,565 |
| | | |
| SHORT-TERM INVESTMENTS — 1.0% |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%) | 1,000,075 | 1,000,075 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 1.320%) | 1,683,524 | 1,683,524 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,683,599) | | 2,683,599 |
TOTAL INVESTMENTS — 98.0%
(Cost $218,622,324) | | $ 256,031,931 |
| Other Assets & Liabilities — 2.0% | 5,094,750 |
| TOTAL NET ASSETS — 100.0% | | $ 261,126,681 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| # | 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, 2022, the aggregate value of restricted securities was $1,906,307 which represented 0.7% 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 |
| Ant Group Co., Ltd. | 06/07/18 | $1,064,929 | | $ 550,434 |
| GM Cruise, Class F | 05/07/19 | 496,400 | | 788,800 |
| Magic Leap, Inc., Class A | 01/20/16 | 657,500 | | 25,980 |
| Stripe, Inc., Class B | 12/17/19 | 135,060 | | 198,328 |
| Waymo LLC, Series A-2 | 05/08/20 | 320,886 | | 342,765 |
| Total | | $ 2,674,775 | | $1,906,307 |
| ADR— American Depositary Receipt. |
| CDI— CHESS Depository Interest |
| CONV— Convertible Security. |
| LLC— Limited Liability Company. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |
| Country Weightings as of 6/30/2022†† |
| United States | 93% |
| Netherlands | 2 |
| Italy | 1 |
| France | 1 |
| Singapore | 1 |
| Sweden | 1 |
| Australia | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input^ |
| Common Stocks | | | | |
| Advertising | $ 1,058,016 | $ 1,058,016 | $— | $ — |
| Aerospace & Defense | 4,906,436 | 4,906,436 | — | — |
| Auto Manufacturers | 14,909,683 | 14,909,683 | — | — |
| Auto Parts & Equipment | 71,440 | 71,440 | — | — |
| Biotechnology | 1,682,985 | 1,682,985 | — | — |
| Commercial Services | 6,273,107 | 6,273,107 | — | — |
| Computers | 19,802,115 | 19,802,115 | — | — |
| Diversified Financial Services | 12,522,018 | 11,971,584 | — | 550,434 |
| Electrical Components & Equipment | 1,600,618 | 1,600,618 | — | — |
| Healthcare Products | 9,577,408 | 9,577,408 | — | — |
| Healthcare Services | 12,691,479 | 12,691,479 | — | — |
| Internet | 66,833,166 | 66,833,166 | — | — |
| Leisure Time | 503,807 | 503,807 | — | — |
| Lodging | 2,830,463 | 2,830,463 | — | — |
| Pharmaceuticals | 6,831,994 | 6,831,994 | — | — |
| Retail | 8,776,494 | 8,776,494 | — | — |
| Semiconductors | 12,757,123 | 12,757,123 | — | — |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Growth Stock Fund
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input^ |
| Software | $64,809,804 | $64,585,496 | $— | $ 224,308 |
| Transportation | 3,778,611 | 3,778,611 | — | — |
| Total Common Stocks | 252,216,767 | 251,442,025 | — | 774,742 |
| Preferred Stocks | 1,131,565 | — | — | 1,131,565 |
| Short-Term Investments | 2,683,599 | 2,683,599 | — | — |
| Total Investments | $ 256,031,931 | $ 254,125,624 | $ — | $ 1,906,307 |
| ^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 96.1% |
| Apparel — 3.4% |
| adidas AG | 3,605 | $ 637,552 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 864 | 526,688 |
| NIKE, Inc., Class B | 8,860 | 905,492 |
| | | 2,069,732 |
| Auto Parts & Equipment — 0.7% |
| Aptiv PLC* | 4,498 | 400,637 |
| Beverages — 1.5% |
| PepsiCo, Inc. | 5,543 | 923,796 |
| Chemicals — 1.2% |
| The Sherwin-Williams Co. | 3,214 | 719,647 |
| Commercial Services — 2.9% |
| Equifax, Inc. | 4,852 | 886,849 |
| Moody's Corp. | 2,054 | 558,626 |
| Verisk Analytics, Inc. | 2,036 | 352,411 |
| | | 1,797,886 |
| Computers — 9.3% |
| Accenture PLC, Class A | 7,796 | 2,164,559 |
| Apple, Inc. | 22,555 | 3,083,720 |
| Cognizant Technology Solutions Corp., Class A | 6,616 | 446,514 |
| | | 5,694,793 |
| Cosmetics & Personal Care — 3.2% |
| Colgate-Palmolive Co. | 19,708 | 1,579,399 |
| The Estee Lauder Cos., Inc., Class A | 1,416 | 360,613 |
| | | 1,940,012 |
| Diversified Financial Services — 6.1% |
| Mastercard, Inc., Class A | 2,211 | 697,526 |
| The Charles Schwab Corp. | 14,138 | 893,239 |
| Visa, Inc., Class A | 10,824 | 2,131,137 |
| | | 3,721,902 |
| Electric — 1.0% |
| Xcel Energy, Inc. | 9,007 | 637,335 |
| Electronics — 5.9% |
| Agilent Technologies, Inc. | 3,694 | 438,736 |
| Amphenol Corp., Class A | 20,574 | 1,324,554 |
| Fortive Corp. | 19,306 | 1,049,860 |
| TE Connectivity Ltd. | 7,416 | 839,121 |
| | | 3,652,271 |
| Food — 1.2% |
| McCormick & Co., Inc. | 9,035 | 752,164 |
| Healthcare Products — 8.4% |
| Abbott Laboratories | 5,769 | 626,802 |
| Boston Scientific Corp.* | 30,482 | 1,136,064 |
| Danaher Corp. | 3,184 | 807,207 |
| STERIS PLC | 3,612 | 744,614 |
| Stryker Corp. | 2,697 | 536,514 |
| | Number of
Shares | Value† |
| |
| Healthcare Products — (continued) |
| Thermo Fisher Scientific, Inc. | 2,360 | $ 1,282,141 |
| | | 5,133,342 |
| Healthcare Services — 2.2% |
| ICON PLC* | 6,231 | 1,350,258 |
| Household Products & Wares — 2.5% |
| Church & Dwight Co., Inc. | 16,250 | 1,505,725 |
| Insurance — 3.0% |
| Aon PLC, Class A | 4,094 | 1,104,070 |
| Marsh & McLennan Cos., Inc. | 4,703 | 730,141 |
| | | 1,834,211 |
| Internet — 10.1% |
| Alibaba Group Holding Ltd.* | 63,152 | 900,585 |
| Alphabet, Inc., Class A* | 2,159 | 4,705,022 |
| Tencent Holdings Ltd. | 13,500 | 609,726 |
| | | 6,215,333 |
| Machinery — Diversified — 1.2% |
| Otis Worldwide Corp. | 10,174 | 718,997 |
| Media — 0.9% |
| Charter Communications, Inc., Class A* | 1,153 | 540,215 |
| Pharmaceuticals — 3.0% |
| Becton Dickinson and Co. | 4,691 | 1,156,472 |
| Cigna Corp. | 1,878 | 494,891 |
| Roche Holding AG | 659 | 219,897 |
| | | 1,871,260 |
| Private Equity — 0.4% |
| Blackstone, Inc. | 2,941 | 268,307 |
| Retail — 5.0% |
| Dollarama, Inc. | 9,936 | 572,138 |
| Ross Stores, Inc. | 12,835 | 901,402 |
| Starbucks Corp. | 13,653 | 1,042,953 |
| The TJX Cos., Inc. | 10,327 | 576,763 |
| | | 3,093,256 |
| Semiconductors — 2.9% |
| Analog Devices, Inc. | 4,517 | 659,889 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 5,968 | 487,884 |
| Texas Instruments, Inc. | 4,133 | 635,035 |
| | | 1,782,808 |
| Software — 18.7% |
| Adobe, Inc.* | 1,413 | 517,243 |
| Black Knight, Inc.* | 7,978 | 521,681 |
| Electronic Arts, Inc. | 11,662 | 1,418,682 |
| Fidelity National Information Services, Inc. | 9,647 | 884,340 |
| Fiserv, Inc.* | 14,407 | 1,281,791 |
| Microsoft Corp. | 26,778 | 6,877,394 |
| | | 11,501,131 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Transportation — 1.4% |
| Union Pacific Corp. | 4,095 | $ 873,382 |
TOTAL COMMON STOCKS
(Cost $47,100,468) | 58,998,400 |
|
| REAL ESTATE INVESTMENT TRUSTS — 2.2% |
| Diversified — 2.2% |
American Tower Corp.
(Cost $1,187,698) | 5,173 | 1,322,167 |
| | | |
| SHORT-TERM INVESTMENTS — 1.6% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $962,752) | 962,752 | 962,752 |
TOTAL INVESTMENTS — 99.9%
(Cost $49,250,918) | | $ 61,283,319 |
| Other Assets & Liabilities — 0.1% | 79,530 |
| TOTAL NET ASSETS — 100.0% | | $ 61,362,849 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PLC— Public Limited Company. |
| S.E.— Societas Europaea. |
| Country Weightings as of 6/30/2022†† |
| United States | 87% |
| Ireland | 6 |
| China | 3 |
| Germany | 1 |
| Canada | 1 |
| France | 1 |
| Taiwan | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $58,998,400 | $58,998,400 | $— | $— |
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Real Estate Investment Trusts | $ 1,322,167 | $ 1,322,167 | $— | $— |
| Short-Term Investments | 962,752 | 962,752 | — | — |
| Total Investments | $ 61,283,319 | $ 61,283,319 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Core Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 90.8% |
| Advertising — 4.6% |
| The Trade Desk, Inc., Class A* | 109,268 | $ 4,577,236 |
| Biotechnology — 7.5% |
| Illumina, Inc.* | 4,370 | 805,653 |
| Royalty Pharma PLC, Class A | 160,539 | 6,749,060 |
| | | 7,554,713 |
| Commercial Services — 5.6% |
| Adyen N.V.* | 2,026 | 2,946,927 |
| Block, Inc.* | 43,708 | 2,686,294 |
| | | 5,633,221 |
| Diversified Financial Services — 0.6% |
| Coinbase Global, Inc., Class A* | 13,800 | 648,876 |
| Healthcare Products — 1.0% |
| Intuitive Surgical, Inc.* | 4,921 | 987,694 |
| Internet — 28.4% |
| Airbnb, Inc., Class A* | 22,842 | 2,034,765 |
| Amazon.com, Inc.* | 46,800 | 4,970,628 |
| Chewy, Inc., Class A* | 92,896 | 3,225,349 |
| Farfetch Ltd., Class A* | 94,205 | 674,508 |
| IAC* | 19,607 | 1,489,544 |
| Match Group, Inc.* | 13,809 | 962,349 |
| MercadoLibre, Inc.* | 2,597 | 1,653,952 |
| Okta, Inc.* | 12,272 | 1,109,389 |
| Shopify, Inc., Class A* | 143,870 | 4,494,499 |
| Spotify Technology S.A.* | 16,204 | 1,520,421 |
| Uber Technologies, Inc.* | 263,522 | 5,391,660 |
| Wayfair, Inc., Class A* | 23,343 | 1,016,821 |
| | | 28,543,885 |
| Semiconductors — 5.6% |
| ASML Holding N.V. | 11,874 | 5,650,599 |
| Software — 37.5% |
| Cloudflare, Inc., Class A* | 108,912 | 4,764,900 |
| Coupa Software, Inc.* | 23,298 | 1,330,316 |
| Datadog, Inc., Class A* | 53,010 | 5,048,672 |
| ROBLOX Corp., Class A* | 131,208 | 4,311,495 |
| Snowflake, Inc., Class A* | 46,202 | 6,424,850 |
| Twilio, Inc., Class A* | 8,564 | 717,749 |
| Unity Software, Inc.* | 55,784 | 2,053,967 |
| Veeva Systems, Inc., Class A* | 27,902 | 5,525,712 |
| Zoom Video Communications, Inc., Class A* | 30,809 | 3,326,448 |
| ZoomInfo Technologies, Inc.* | 127,684 | 4,244,216 |
| | | 37,748,325 |
TOTAL COMMON STOCKS
(Cost $163,784,788) | 91,344,549 |
| | Number ofShares | Value† |
| SHORT-TERM INVESTMENTS — 4.9% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $4,890,415) | 4,890,415 | $ 4,890,415 |
TOTAL INVESTMENTS — 95.7%
(Cost $168,675,203) | | $ 96,234,964 |
| Other Assets & Liabilities — 4.3% | 4,306,072 |
| TOTAL NET ASSETS — 100.0% | | $ 100,541,036 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| Country Weightings as of 6/30/2022†† |
| United States | 81% |
| Netherlands | 9 |
| Canada | 5 |
| Argentina | 2 |
| Sweden | 2 |
| United Kingdom | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $91,344,549 | $91,344,549 | $— | $— |
| Short-Term Investments | 4,890,415 | 4,890,415 | — | — |
| Total Investments | $ 96,234,964 | $ 96,234,964 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 95.0% |
| Aerospace & Defense — 3.6% |
| Curtiss-Wright Corp. | 9,984 | $ 1,318,487 |
| Hexcel Corp. | 19,531 | 1,021,667 |
| Raytheon Technologies Corp. | 38,113 | 3,663,040 |
| | | 6,003,194 |
| Agriculture — 4.0% |
| Philip Morris International, Inc. | 67,635 | 6,678,280 |
| Airlines — 1.6% |
| Alaska Air Group, Inc.* | 37,040 | 1,483,452 |
| Southwest Airlines Co.* | 35,400 | 1,278,648 |
| | | 2,762,100 |
| Apparel — 0.4% |
| Deckers Outdoor Corp.* | 2,457 | 627,395 |
| Auto Parts & Equipment — 0.4% |
| BorgWarner, Inc. | 18,685 | 623,518 |
| Banks — 11.1% |
| Bank OZK | 35,860 | 1,345,826 |
| JPMorgan Chase & Co. | 37,961 | 4,274,788 |
| Northern Trust Corp. | 24,776 | 2,390,388 |
| The Goldman Sachs Group, Inc. | 12,297 | 3,652,455 |
| Wells Fargo & Co. | 180,124 | 7,055,457 |
| | | 18,718,914 |
| Biotechnology — 5.5% |
| Amgen, Inc. | 19,556 | 4,757,975 |
| Bio-Rad Laboratories, Inc., Class A* | 3,139 | 1,553,805 |
| Regeneron Pharmaceuticals, Inc.* | 4,985 | 2,946,783 |
| | | 9,258,563 |
| Building Materials — 0.8% |
| Builders FirstSource, Inc.* | 24,010 | 1,289,337 |
| Chemicals — 0.5% |
| The Mosaic Co. | 17,324 | 818,213 |
| Commercial Services — 2.5% |
| FleetCor Technologies, Inc.* | 12,802 | 2,689,828 |
| Robert Half International, Inc. | 21,059 | 1,577,109 |
| | | 4,266,937 |
| Computers — 1.0% |
| Cognizant Technology Solutions Corp., Class A | 24,177 | 1,631,706 |
| Distribution & Wholesale — 2.1% |
| LKQ Corp. | 72,210 | 3,544,789 |
| Diversified Financial Services — 2.6% |
| Capital One Financial Corp. | 14,320 | 1,492,001 |
| Mastercard, Inc., Class A | 9,040 | 2,851,939 |
| | | 4,343,940 |
| Electric — 0.9% |
| IDACORP, Inc. | 14,999 | 1,588,694 |
| | Number of
Shares | Value† |
| |
| Electrical Components & Equipment — 2.5% |
| Acuity Brands, Inc. | 7,792 | $ 1,200,280 |
| Emerson Electric Co. | 38,287 | 3,045,348 |
| | | 4,245,628 |
| Electronics — 1.7% |
| Keysight Technologies, Inc.* | 20,636 | 2,844,673 |
| Engineering & Construction — 0.9% |
| EMCOR Group, Inc. | 15,170 | 1,561,903 |
| Healthcare Products — 2.2% |
| PerkinElmer, Inc. | 26,476 | 3,765,417 |
| Healthcare Services — 5.6% |
| Elevance Health, Inc. | 15,906 | 7,675,918 |
| Quest Diagnostics, Inc. | 13,581 | 1,806,001 |
| | | 9,481,919 |
| Home Builders — 1.6% |
| D.R. Horton, Inc. | 40,310 | 2,668,119 |
| Insurance — 5.7% |
| Aflac, Inc. | 11,400 | 630,762 |
| Berkshire Hathaway, Inc., Class B* | 22,913 | 6,255,707 |
| The Allstate Corp. | 21,748 | 2,756,124 |
| | | 9,642,593 |
| Internet — 0.9% |
| Booking Holdings, Inc.* | 520 | 909,475 |
| Netflix, Inc.* | 3,630 | 634,778 |
| | | 1,544,253 |
| Iron & Steel — 0.4% |
| Steel Dynamics, Inc. | 9,088 | 601,171 |
| Machinery — Diversified — 2.4% |
| Altra Industrial Motion Corp. | 21,558 | 759,920 |
| The Middleby Corp.* | 4,811 | 603,107 |
| The Toro Co. | 15,717 | 1,191,191 |
| Westinghouse Air Brake Technologies Corp. | 17,934 | 1,472,023 |
| | | 4,026,241 |
| Media — 2.8% |
| Comcast Corp., Class A | 120,382 | 4,723,790 |
| Mining — 0.8% |
| BHP Group Ltd., ADR | 24,289 | 1,364,556 |
| Miscellaneous Manufacturing — 1.6% |
| Textron, Inc. | 45,170 | 2,758,532 |
| Oil & Gas — 5.0% |
| Chevron Corp. | 8,357 | 1,209,926 |
| ConocoPhillips | 13,440 | 1,207,046 |
| EOG Resources, Inc. | 20,322 | 2,244,362 |
| Helmerich & Payne, Inc. | 30,643 | 1,319,487 |
| Phillips 66 | 27,432 | 2,249,150 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Oil & Gas — (continued) |
| Woodside Energy Group Ltd., ADR | 8,778 | $ 189,254 |
| | | 8,419,225 |
| Pharmaceuticals — 6.3% |
| Cigna Corp. | 15,483 | 4,080,080 |
| Pfizer, Inc. | 24,403 | 1,279,449 |
| Roche Holding AG, ADR | 128,690 | 5,367,659 |
| | | 10,727,188 |
| Real Estate — 1.9% |
| CBRE Group, Inc., Class A* | 42,576 | 3,134,019 |
| Retail — 7.5% |
| AutoZone, Inc.* | 987 | 2,121,181 |
| Lowe's Cos., Inc. | 17,299 | 3,021,616 |
| MSC Industrial Direct Co., Inc., Class A | 19,228 | 1,444,215 |
| Murphy USA, Inc. | 4,111 | 957,329 |
| Target Corp. | 18,451 | 2,605,835 |
| Ulta Beauty, Inc.* | 2,737 | 1,055,059 |
| Walmart, Inc. | 12,321 | 1,497,987 |
| | | 12,703,222 |
| Semiconductors — 2.1% |
| IPG Photonics Corp.* | 17,214 | 1,620,354 |
| MKS Instruments, Inc. | 9,946 | 1,020,758 |
| NXP Semiconductors N.V. | 6,620 | 979,958 |
| | | 3,621,070 |
| Telecommunications — 2.8% |
| Ciena Corp.* | 14,006 | 640,074 |
| Cisco Systems, Inc. | 35,369 | 1,508,134 |
| Verizon Communications, Inc. | 51,067 | 2,591,651 |
| | | 4,739,859 |
| Transportation — 3.3% |
| Expeditors International of Washington, Inc. | 11,928 | 1,162,503 |
| FedEx Corp. | 5,710 | 1,294,514 |
| Knight-Swift Transportation Holdings, Inc. | 69,021 | 3,194,982 |
| | | 5,651,999 |
TOTAL COMMON STOCKS
(Cost $151,921,375) | 160,380,957 |
|
| REAL ESTATE INVESTMENT TRUSTS — 1.8% |
| Diversified — 1.8% |
Weyerhaeuser Co.
(Cost $3,598,646) | 94,360 | 3,125,203 |
| | Number ofShares | Value† |
| SHORT-TERM INVESTMENTS — 5.1% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $8,542,854) | 8,542,854 | $ 8,542,854 |
TOTAL INVESTMENTS — 101.9%
(Cost $164,062,875) | | $ 172,049,014 |
| Other Assets & Liabilities — (1.9)% | (3,148,952) |
| TOTAL NET ASSETS — 100.0% | | $ 168,900,062 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| Country Weightings as of 6/30/2022†† |
| United States | 95% |
| Switzerland | 3 |
| Australia | 1 |
| Netherlands | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $160,380,957 | $160,380,957 | $— | $— |
| Real Estate Investment Trusts | 3,125,203 | 3,125,203 | — | — |
| Short-Term Investments | 8,542,854 | 8,542,854 | — | — |
| Total Investments | $ 172,049,014 | $ 172,049,014 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Core Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 95.1% |
| Aerospace & Defense — 1.1% |
| Hexcel Corp. | 32,840 | $ 1,717,860 |
| Auto Manufacturers — 1.2% |
| PACCAR, Inc. | 22,445 | 1,848,121 |
| Banks — 8.9% |
| M&T Bank Corp. | 24,514 | 3,907,287 |
| State Street Corp. | 24,934 | 1,537,181 |
| The Goldman Sachs Group, Inc. | 12,463 | 3,701,760 |
| Wells Fargo & Co. | 118,414 | 4,638,276 |
| | | 13,784,504 |
| Beverages — 2.3% |
| Constellation Brands, Inc., Class A | 15,317 | 3,569,780 |
| Biotechnology — 0.6% |
| Royalty Pharma PLC, Class A | 22,167 | 931,901 |
| Building Materials — 1.4% |
| Johnson Controls International PLC | 46,399 | 2,221,584 |
| Chemicals — 1.6% |
| FMC Corp. | 23,214 | 2,484,130 |
| Commercial Services — 0.9% |
| Euronet Worldwide, Inc.* | 14,261 | 1,434,514 |
| Diversified Financial Services — 3.2% |
| Stifel Financial Corp. | 20,996 | 1,176,196 |
| The Charles Schwab Corp. | 60,276 | 3,808,238 |
| | | 4,984,434 |
| Electric — 7.0% |
| CMS Energy Corp. | 34,178 | 2,307,015 |
| Edison International | 34,809 | 2,201,321 |
| NextEra Energy, Inc. | 53,432 | 4,138,843 |
| Sempra Energy | 14,989 | 2,252,397 |
| | | 10,899,576 |
| Food — 3.5% |
| Performance Food Group Co.* | 38,315 | 1,761,724 |
| The Hershey Co. | 16,635 | 3,579,186 |
| | | 5,340,910 |
| Healthcare Products — 7.5% |
| Teleflex, Inc. | 9,930 | 2,441,290 |
| Thermo Fisher Scientific, Inc. | 6,720 | 3,650,842 |
| Waters Corp.* | 9,722 | 3,217,788 |
| Zimmer Biomet Holdings, Inc. | 22,181 | 2,330,336 |
| | | 11,640,256 |
| Insurance — 6.0% |
| American International Group, Inc. | 60,766 | 3,106,966 |
| Arch Capital Group Ltd.* | 45,973 | 2,091,312 |
| Reinsurance Group of America, Inc. | 10,060 | 1,179,937 |
| The Allstate Corp. | 22,443 | 2,844,201 |
| | | 9,222,416 |
| Internet — 2.5% |
| Alphabet, Inc., Class A* | 1,747 | 3,807,167 |
| | Number of
Shares | Value† |
| |
| Lodging — 1.1% |
| Hilton Worldwide Holdings, Inc. | 14,830 | $ 1,652,655 |
| Machinery — Diversified — 1.7% |
| Westinghouse Air Brake Technologies Corp. | 32,985 | 2,707,409 |
| Media — 2.7% |
| Fox Corp., Class A | 42,191 | 1,356,863 |
| The Walt Disney Co.* | 29,091 | 2,746,190 |
| | | 4,103,053 |
| Miscellaneous Manufacturing — 1.4% |
| Eaton Corp. PLC | 16,628 | 2,094,962 |
| Oil & Gas — 7.1% |
| Chevron Corp. | 26,918 | 3,897,188 |
| ConocoPhillips | 45,676 | 4,102,161 |
| EOG Resources, Inc. | 26,974 | 2,979,009 |
| | | 10,978,358 |
| Packaging and Containers — 1.3% |
| Packaging Corp. of America | 14,603 | 2,007,913 |
| Pharmaceuticals — 11.4% |
| AbbVie, Inc. | 18,958 | 2,903,607 |
| Bristol-Myers Squibb Co. | 52,326 | 4,029,102 |
| Johnson & Johnson | 30,042 | 5,332,756 |
| Neurocrine Biosciences, Inc.* | 23,211 | 2,262,608 |
| Sanofi, ADR | 61,140 | 3,058,834 |
| | | 17,586,907 |
| Retail — 5.7% |
| BJ's Wholesale Club Holdings, Inc.* | 45,962 | 2,864,352 |
| Dollar Tree, Inc.* | 14,828 | 2,310,944 |
| Lithia Motors, Inc. | 6,965 | 1,914,051 |
| Papa John's International, Inc. | 21,479 | 1,793,926 |
| | | 8,883,273 |
| Semiconductors — 2.9% |
| Micron Technology, Inc. | 36,317 | 2,007,604 |
| Texas Instruments, Inc. | 16,434 | 2,525,084 |
| | | 4,532,688 |
| Shipbuilding — 2.2% |
| Huntington Ingalls Industries, Inc. | 15,955 | 3,475,318 |
| Software — 3.4% |
| Fidelity National Information Services, Inc. | 31,450 | 2,883,022 |
| VMware, Inc., Class A | 20,402 | 2,325,420 |
| | | 5,208,442 |
| Telecommunications — 4.5% |
| Cisco Systems, Inc. | 57,029 | 2,431,717 |
| Verizon Communications, Inc. | 87,962 | 4,464,071 |
| | | 6,895,788 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Large Core Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Transportation — 2.0% |
| C.H. Robinson Worldwide, Inc. | 30,905 | $ 3,132,840 |
TOTAL COMMON STOCKS
(Cost $142,059,006) | 147,146,759 |
|
| REAL ESTATE INVESTMENT TRUSTS — 5.2% |
| Apartments — 3.2% |
| Invitation Homes, Inc. | 57,369 | 2,041,189 |
| Mid-America Apartment Communities, Inc. | 16,854 | 2,943,888 |
| | | 4,985,077 |
| Healthcare — 0.9% |
| Healthpeak Properties, Inc. | 53,576 | 1,388,154 |
| Industrial — 1.1% |
| EastGroup Properties, Inc. | 10,899 | 1,682,043 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $7,974,916) | | 8,055,274 |
| | | |
| SHORT-TERM INVESTMENTS — 0.4% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $622,696) | 622,696 | 622,696 |
TOTAL INVESTMENTS — 100.7%
(Cost $150,656,618) | | $ 155,824,729 |
| Other Assets & Liabilities — (0.7)% | (1,048,703) |
| TOTAL NET ASSETS — 100.0% | | $ 154,776,026 |
| † | 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 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $147,146,759 | $147,146,759 | $— | $— |
| Real Estate Investment Trusts | 8,055,274 | 8,055,274 | — | — |
| Short-Term Investments | 622,696 | 622,696 | — | — |
| Total Investments | $ 155,824,729 | $ 155,824,729 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 95.7% |
| Advertising — 0.1% |
| Omnicom Group, Inc. | 3,624 | $ 230,523 |
| The Interpublic Group of Cos., Inc. | 6,870 | 189,131 |
| | | 419,654 |
| Aerospace & Defense — 1.7% |
| General Dynamics Corp. | 4,145 | 917,081 |
| Howmet Aerospace, Inc. | 6,957 | 218,798 |
| L3Harris Technologies, Inc. | 3,532 | 853,684 |
| Lockheed Martin Corp. | 4,262 | 1,832,490 |
| Northrop Grumman Corp. | 2,635 | 1,261,032 |
| Raytheon Technologies Corp. | 26,729 | 2,568,924 |
| Teledyne Technologies, Inc.* | 806 | 302,339 |
| The Boeing Co.* | 10,021 | 1,370,071 |
| TransDigm Group, Inc.* | 952 | 510,910 |
| | | 9,835,329 |
| Agriculture — 0.8% |
| Altria Group, Inc. | 32,704 | 1,366,046 |
| Archer-Daniels-Midland Co. | 10,068 | 781,277 |
| Philip Morris International, Inc. | 27,753 | 2,740,331 |
| | | 4,887,654 |
| Airlines — 0.2% |
| Alaska Air Group, Inc.* | 2,219 | 88,871 |
| American Airlines Group, Inc.* | 10,613 | 134,573 |
| Delta Air Lines, Inc.* | 10,994 | 318,496 |
| Southwest Airlines Co.* | 10,799 | 390,060 |
| United Airlines Holdings, Inc.* | 5,556 | 196,793 |
| | | 1,128,793 |
| Apparel — 0.5% |
| NIKE, Inc., Class B | 22,857 | 2,335,986 |
| PVH Corp. | 1,149 | 65,378 |
| Ralph Lauren Corp. | 856 | 76,740 |
| Tapestry, Inc. | 4,359 | 133,037 |
| VF Corp. | 5,520 | 243,818 |
| | | 2,854,959 |
| Auto Manufacturers — 2.2% |
| Cummins, Inc. | 2,574 | 498,146 |
| Ford Motor Co. | 70,754 | 787,492 |
| General Motors Co.* | 26,132 | 829,952 |
| PACCAR, Inc. | 6,273 | 516,519 |
| Tesla, Inc.* | 15,038 | 10,126,890 |
| | | 12,758,999 |
| Auto Parts & Equipment — 0.1% |
| Aptiv PLC* | 4,894 | 435,909 |
| BorgWarner, Inc. | 4,082 | 136,216 |
| | | 572,125 |
| Banks — 4.5% |
| Bank of America Corp. | 127,201 | 3,959,767 |
| Citigroup, Inc. | 34,946 | 1,607,167 |
| Citizens Financial Group, Inc. | 8,561 | 305,542 |
| Comerica, Inc. | 2,216 | 162,610 |
| Fifth Third Bancorp | 12,479 | 419,294 |
| First Republic Bank | 3,244 | 467,785 |
| | Number of
Shares | Value† |
| |
| Banks — (continued) |
| Huntington Bancshares, Inc. | 26,148 | $ 314,560 |
| JPMorgan Chase & Co. | 52,631 | 5,926,777 |
| KeyCorp | 16,921 | 291,549 |
| M&T Bank Corp. | 3,237 | 515,945 |
| Morgan Stanley | 25,407 | 1,932,456 |
| Northern Trust Corp. | 3,774 | 364,116 |
| Regions Financial Corp. | 16,177 | 303,319 |
| Signature Bank | 1,086 | 194,622 |
| State Street Corp. | 6,629 | 408,678 |
| SVB Financial Group* | 1,063 | 419,874 |
| The Bank of New York Mellon Corp. | 13,357 | 557,121 |
| The Goldman Sachs Group, Inc. | 6,183 | 1,836,475 |
| The PNC Financial Services Group, Inc. | 7,542 | 1,189,901 |
| Truist Financial Corp. | 23,976 | 1,137,182 |
| US Bancorp | 24,255 | 1,116,215 |
| Wells Fargo & Co. | 67,861 | 2,658,115 |
| Zions Bancorp NA | 2,571 | 130,864 |
| | | 26,219,934 |
| Beverages — 1.8% |
| Brown-Forman Corp., Class B | 3,351 | 235,106 |
| Constellation Brands, Inc., Class A | 2,961 | 690,091 |
| Keurig Dr Pepper, Inc. | 13,398 | 474,155 |
| Molson Coors Beverage Co., Class B | 3,112 | 169,635 |
| Monster Beverage Corp.* | 6,778 | 628,321 |
| PepsiCo, Inc. | 24,758 | 4,126,168 |
| The Coca-Cola Co. | 70,107 | 4,410,431 |
| | | 10,733,907 |
| Biotechnology — 1.6% |
| Amgen, Inc. | 9,570 | 2,328,381 |
| Biogen, Inc.* | 2,558 | 521,679 |
| Bio-Rad Laboratories, Inc., Class A* | 377 | 186,615 |
| Corteva, Inc. | 13,094 | 708,909 |
| Gilead Sciences, Inc. | 22,513 | 1,391,529 |
| Illumina, Inc.* | 2,823 | 520,448 |
| Incyte Corp.* | 3,319 | 252,144 |
| Moderna, Inc.* | 6,348 | 906,812 |
| Regeneron Pharmaceuticals, Inc.* | 1,917 | 1,133,196 |
| Vertex Pharmaceuticals, Inc.* | 4,572 | 1,288,344 |
| | | 9,238,057 |
| Building Materials — 0.4% |
| Carrier Global Corp. | 15,443 | 550,697 |
| Fortune Brands Home & Security, Inc. | 2,304 | 137,964 |
| Johnson Controls International PLC | 12,670 | 606,640 |
| Martin Marietta Materials, Inc. | 1,133 | 339,039 |
| Masco Corp. | 4,204 | 212,722 |
| Mohawk Industries, Inc.* | 967 | 119,995 |
| Vulcan Materials Co. | 2,423 | 344,308 |
| | | 2,311,365 |
| Chemicals — 1.6% |
| Air Products and Chemicals, Inc. | 3,986 | 958,553 |
| Albemarle Corp. | 2,117 | 442,411 |
| Celanese Corp. | 1,885 | 221,695 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Chemicals — (continued) |
| CF Industries Holdings, Inc. | 3,895 | $ 333,918 |
| Dow, Inc. | 13,247 | 683,678 |
| DuPont de Nemours, Inc. | 9,260 | 514,671 |
| Eastman Chemical Co. | 2,246 | 201,623 |
| Ecolab, Inc. | 4,493 | 690,844 |
| FMC Corp. | 2,141 | 229,108 |
| International Flavors & Fragrances, Inc. | 4,598 | 547,714 |
| Linde PLC | 9,008 | 2,590,070 |
| LyondellBasell Industries N.V., Class A | 4,580 | 400,567 |
| PPG Industries, Inc. | 4,134 | 472,682 |
| The Mosaic Co. | 6,376 | 301,138 |
| The Sherwin-Williams Co. | 4,335 | 970,650 |
| | | 9,559,322 |
| Commercial Services — 1.7% |
| Automatic Data Processing, Inc. | 7,534 | 1,582,441 |
| Cintas Corp. | 1,592 | 594,660 |
| Equifax, Inc. | 2,114 | 386,397 |
| FleetCor Technologies, Inc.* | 1,404 | 294,994 |
| Gartner, Inc.* | 1,418 | 342,915 |
| Global Payments, Inc. | 5,139 | 568,579 |
| MarketAxess Holdings, Inc. | 652 | 166,919 |
| Moody's Corp. | 2,912 | 791,977 |
| Nielsen Holdings PLC | 6,031 | 140,040 |
| PayPal Holdings, Inc.* | 20,893 | 1,459,167 |
| Quanta Services, Inc. | 2,481 | 310,969 |
| Robert Half International, Inc. | 1,870 | 140,044 |
| Rollins, Inc. | 3,704 | 129,344 |
| S&P Global, Inc. | 6,258 | 2,109,321 |
| United Rentals, Inc.* | 1,241 | 301,451 |
| Verisk Analytics, Inc. | 2,916 | 504,730 |
| | | 9,823,948 |
| Computers — 8.1% |
| Accenture PLC, Class A | 11,314 | 3,141,332 |
| Apple, Inc. | 275,610 | 37,681,399 |
| Cognizant Technology Solutions Corp., Class A | 9,469 | 639,063 |
| DXC Technology Co.* | 4,316 | 130,818 |
| EPAM Systems, Inc.* | 987 | 290,948 |
| Fortinet, Inc.* | 12,230 | 691,973 |
| Hewlett Packard Enterprise Co. | 22,385 | 296,825 |
| HP, Inc. | 19,514 | 639,669 |
| International Business Machines Corp. | 16,067 | 2,268,500 |
| Leidos Holdings, Inc. | 2,377 | 239,388 |
| NetApp, Inc. | 3,879 | 253,066 |
| Seagate Technology Holdings PLC | 3,505 | 250,397 |
| Western Digital Corp.* | 5,440 | 243,875 |
| | | 46,767,253 |
| Cosmetics & Personal Care — 1.5% |
| Colgate-Palmolive Co. | 15,138 | 1,213,159 |
| The Estee Lauder Cos., Inc., Class A | 4,177 | 1,063,757 |
| The Procter & Gamble Co. | 43,097 | 6,196,918 |
| | | 8,473,834 |
| | Number of
Shares | Value† |
| |
| Distribution & Wholesale — 0.3% |
| Copart, Inc.* | 3,868 | $ 420,297 |
| Fastenal Co. | 10,400 | 519,168 |
| LKQ Corp. | 4,551 | 223,409 |
| Pool Corp. | 699 | 245,510 |
| W.W. Grainger, Inc. | 785 | 356,727 |
| | | 1,765,111 |
| Diversified Financial Services — 3.7% |
| American Express Co. | 11,030 | 1,528,979 |
| Ameriprise Financial, Inc. | 1,925 | 457,534 |
| BlackRock, Inc. | 2,557 | 1,557,315 |
| Capital One Financial Corp. | 7,144 | 744,334 |
| Cboe Global Markets, Inc. | 1,775 | 200,912 |
| CME Group, Inc. | 6,451 | 1,320,520 |
| Discover Financial Services | 5,207 | 492,478 |
| Franklin Resources, Inc. | 4,610 | 107,459 |
| Intercontinental Exchange, Inc. | 10,100 | 949,804 |
| Invesco Ltd. | 6,199 | 99,990 |
| Mastercard, Inc., Class A | 15,440 | 4,871,011 |
| Nasdaq, Inc. | 2,130 | 324,910 |
| Raymond James Financial, Inc. | 3,539 | 316,422 |
| Synchrony Financial | 9,056 | 250,127 |
| T. Rowe Price Group, Inc. | 4,148 | 471,254 |
| The Charles Schwab Corp. | 26,957 | 1,703,143 |
| Visa, Inc., Class A | 29,503 | 5,808,846 |
| | | 21,205,038 |
| Electric — 2.9% |
| Alliant Energy Corp. | 4,369 | 256,067 |
| Ameren Corp. | 4,702 | 424,873 |
| American Electric Power Co., Inc. | 9,063 | 869,504 |
| CenterPoint Energy, Inc. | 10,932 | 323,369 |
| CMS Energy Corp. | 5,269 | 355,658 |
| Consolidated Edison, Inc. | 6,386 | 607,309 |
| Constellation Energy Corp. | 5,611 | 321,286 |
| Dominion Energy, Inc. | 14,551 | 1,161,315 |
| DTE Energy Co. | 3,524 | 446,667 |
| Duke Energy Corp. | 13,803 | 1,479,820 |
| Edison International | 6,882 | 435,218 |
| Entergy Corp. | 3,645 | 410,573 |
| Evergy, Inc. | 4,003 | 261,196 |
| Eversource Energy | 6,215 | 524,981 |
| Exelon Corp. | 17,638 | 799,354 |
| FirstEnergy Corp. | 9,833 | 377,489 |
| NextEra Energy, Inc. | 35,139 | 2,721,867 |
| NRG Energy, Inc. | 4,337 | 165,543 |
| Pinnacle West Capital Corp. | 1,859 | 135,930 |
| PPL Corp. | 13,003 | 352,771 |
| Public Service Enterprise Group, Inc. | 9,130 | 577,746 |
| Sempra Energy | 5,746 | 863,451 |
| The AES Corp. | 11,235 | 236,047 |
| The Southern Co. | 19,024 | 1,356,601 |
| WEC Energy Group, Inc. | 5,699 | 573,547 |
| Xcel Energy, Inc. | 9,713 | 687,292 |
| | | 16,725,474 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Electrical Components & Equipment — 0.3% |
| AMETEK, Inc. | 4,185 | $ 459,890 |
| Emerson Electric Co. | 10,681 | 849,567 |
| Generac Holdings, Inc.* | 1,089 | 229,321 |
| | | 1,538,778 |
| Electronics — 1.0% |
| Agilent Technologies, Inc. | 5,416 | 643,258 |
| Allegion PLC | 1,496 | 146,458 |
| Amphenol Corp., Class A | 10,789 | 694,596 |
| Fortive Corp. | 6,268 | 340,854 |
| Garmin Ltd. | 2,774 | 272,546 |
| Honeywell International, Inc. | 12,286 | 2,135,430 |
| Keysight Technologies, Inc.* | 3,312 | 456,559 |
| Mettler-Toledo International, Inc.* | 416 | 477,888 |
| TE Connectivity Ltd. | 5,865 | 663,625 |
| Trimble, Inc.* | 4,300 | 250,389 |
| | | 6,081,603 |
| Energy-Alternate Sources — 0.1% |
| Enphase Energy, Inc.* | 2,424 | 473,262 |
| SolarEdge Technologies, Inc.* | 1,016 | 278,059 |
| | | 751,321 |
| Engineering & Construction — 0.1% |
| Jacobs Engineering Group, Inc. | 2,355 | 299,391 |
| Entertainment — 0.1% |
| Caesars Entertainment, Inc.* | 3,669 | 140,523 |
| Live Nation Entertainment, Inc.* | 2,352 | 194,228 |
| Penn National Gaming, Inc.* | 2,612 | 79,457 |
| | | 414,208 |
| Environmental Control — 0.3% |
| Pentair PLC | 2,923 | 133,786 |
| Republic Services, Inc. | 3,778 | 494,427 |
| Waste Management, Inc. | 6,916 | 1,058,009 |
| | | 1,686,222 |
| Food — 1.2% |
| Campbell Soup Co. | 3,301 | 158,613 |
| Conagra Brands, Inc. | 8,186 | 280,289 |
| General Mills, Inc. | 10,865 | 819,764 |
| Hormel Foods Corp. | 5,169 | 244,804 |
| Kellogg Co. | 4,489 | 320,245 |
| Lamb Weston Holdings, Inc. | 2,600 | 185,796 |
| McCormick & Co., Inc. | 4,531 | 377,206 |
| Mondelez International, Inc., Class A | 24,905 | 1,546,351 |
| Sysco Corp. | 9,139 | 774,165 |
| The Hershey Co. | 2,647 | 569,529 |
| The J.M. Smucker Co. | 1,836 | 235,026 |
| The Kraft Heinz Co. | 12,378 | 472,097 |
| The Kroger Co. | 12,069 | 571,226 |
| Tyson Foods, Inc., Class A | 5,052 | 434,775 |
| | | 6,989,886 |
| Forest Products & Paper — 0.0% |
| International Paper Co. | 6,646 | 278,002 |
| | Number of
Shares | Value† |
| |
| Gas — 0.1% |
| Atmos Energy Corp. | 2,548 | $ 285,631 |
| NiSource, Inc. | 6,920 | 204,071 |
| | | 489,702 |
| Hand & Machine Tools — 0.1% |
| Snap-on, Inc. | 901 | 177,524 |
| Stanley Black & Decker, Inc. | 2,788 | 292,350 |
| | | 469,874 |
| Healthcare Products — 3.8% |
| Abbott Laboratories | 31,395 | 3,411,067 |
| ABIOMED, Inc.* | 773 | 191,325 |
| Align Technology, Inc.* | 1,334 | 315,718 |
| Baxter International, Inc. | 9,031 | 580,061 |
| Bio-Techne Corp. | 680 | 235,715 |
| Boston Scientific Corp.* | 25,622 | 954,932 |
| Danaher Corp. | 11,590 | 2,938,297 |
| DENTSPLY SIRONA, Inc. | 3,666 | 130,986 |
| Edwards Lifesciences Corp.* | 11,221 | 1,067,005 |
| Henry Schein, Inc.* | 2,410 | 184,943 |
| Hologic, Inc.* | 4,338 | 300,623 |
| IDEXX Laboratories, Inc.* | 1,532 | 537,318 |
| Intuitive Surgical, Inc.* | 6,422 | 1,288,960 |
| Medtronic PLC | 24,090 | 2,162,078 |
| PerkinElmer, Inc. | 2,172 | 308,902 |
| ResMed, Inc. | 2,641 | 553,633 |
| STERIS PLC | 1,818 | 374,781 |
| Stryker Corp. | 6,028 | 1,199,150 |
| Teleflex, Inc. | 811 | 199,384 |
| The Cooper Cos., Inc. | 837 | 262,081 |
| Thermo Fisher Scientific, Inc. | 7,052 | 3,831,211 |
| Waters Corp.* | 1,108 | 366,726 |
| West Pharmaceutical Services, Inc. | 1,349 | 407,897 |
| Zimmer Biomet Holdings, Inc. | 3,815 | 400,804 |
| | | 22,203,597 |
| Healthcare Services — 2.7% |
| Catalent, Inc.* | 3,102 | 332,813 |
| Centene Corp.* | 10,501 | 888,490 |
| Charles River Laboratories International, Inc.* | 877 | 187,652 |
| DaVita, Inc.* | 1,114 | 89,075 |
| Elevance Health, Inc. | 4,350 | 2,099,223 |
| HCA Healthcare, Inc. | 4,139 | 695,600 |
| Humana, Inc. | 2,310 | 1,081,242 |
| IQVIA Holdings, Inc.* | 3,442 | 746,879 |
| Laboratory Corp. of America Holdings | 1,613 | 378,023 |
| Molina Healthcare, Inc.* | 1,000 | 279,610 |
| Quest Diagnostics, Inc. | 2,068 | 275,003 |
| UnitedHealth Group, Inc. | 16,842 | 8,650,556 |
| Universal Health Services, Inc., Class B | 1,198 | 120,651 |
| | | 15,824,817 |
| Home Builders — 0.2% |
| D.R. Horton, Inc. | 5,850 | 387,211 |
| Lennar Corp., Class A | 4,543 | 320,600 |
| NVR, Inc.* | 57 | 228,236 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Home Builders — (continued) |
| PulteGroup, Inc. | 4,322 | $ 171,281 |
| | | 1,107,328 |
| Home Furnishings — 0.0% |
| Whirlpool Corp. | 1,045 | 161,839 |
| Household Products & Wares — 0.3% |
| Avery Dennison Corp. | 1,404 | 227,265 |
| Church & Dwight Co., Inc. | 4,176 | 386,948 |
| Kimberly-Clark Corp. | 6,065 | 819,685 |
| The Clorox Co. | 2,124 | 299,442 |
| | | 1,733,340 |
| Housewares — 0.0% |
| Newell Brands, Inc. | 6,181 | 117,686 |
| Insurance — 3.7% |
| Aflac, Inc. | 10,826 | 599,003 |
| American International Group, Inc. | 14,228 | 727,478 |
| Aon PLC, Class A | 3,861 | 1,041,234 |
| Arthur J. Gallagher & Co. | 3,762 | 613,356 |
| Assurant, Inc. | 984 | 170,084 |
| Berkshire Hathaway, Inc., Class B* | 32,420 | 8,851,308 |
| Brown & Brown, Inc. | 4,000 | 233,360 |
| Chubb Ltd. | 7,726 | 1,518,777 |
| Cincinnati Financial Corp. | 2,604 | 309,824 |
| Everest Re Group Ltd. | 724 | 202,923 |
| Globe Life, Inc. | 1,660 | 161,800 |
| Lincoln National Corp. | 2,809 | 131,377 |
| Loews Corp. | 3,414 | 202,314 |
| Marsh & McLennan Cos., Inc. | 9,061 | 1,406,720 |
| MetLife, Inc. | 12,630 | 793,038 |
| Principal Financial Group, Inc. | 4,125 | 275,509 |
| Prudential Financial, Inc. | 6,815 | 652,059 |
| The Allstate Corp. | 5,061 | 641,381 |
| The Hartford Financial Services Group, Inc. | 6,070 | 397,160 |
| The Progressive Corp. | 10,494 | 1,220,137 |
| The Travelers Cos., Inc. | 4,345 | 734,870 |
| W.R. Berkley Corp. | 3,665 | 250,173 |
| Willis Towers Watson PLC | 2,034 | 401,491 |
| | | 21,535,376 |
| Internet — 8.8% |
| Alphabet, Inc., Class A* | 5,390 | 11,746,211 |
| Alphabet, Inc., Class C* | 4,941 | 10,808,190 |
| Amazon.com, Inc.* | 157,072 | 16,682,617 |
| Booking Holdings, Inc.* | 737 | 1,289,006 |
| CDW Corp. | 2,460 | 387,598 |
| eBay, Inc. | 10,235 | 426,492 |
| Etsy, Inc.* | 2,200 | 161,062 |
| Expedia Group, Inc.* | 2,586 | 245,230 |
| F5, Inc.* | 1,076 | 164,671 |
| Match Group, Inc.* | 5,133 | 357,719 |
| Meta Platforms, Inc., Class A* | 41,116 | 6,629,955 |
| Netflix, Inc.* | 7,965 | 1,392,840 |
| NortonLifeLock, Inc. | 9,740 | 213,890 |
| | Number of
Shares | Value† |
| |
| Internet — (continued) |
| Twitter, Inc.* | 14,439 | $ 539,874 |
| VeriSign, Inc.* | 1,762 | 294,836 |
| | | 51,340,191 |
| Iron & Steel — 0.1% |
| Nucor Corp. | 4,910 | 512,653 |
| Leisure Time — 0.1% |
| Carnival Corp.* | 13,604 | 117,675 |
| Norwegian Cruise Line Holdings Ltd.* | 7,409 | 82,388 |
| Royal Caribbean Cruises Ltd.* | 3,857 | 134,648 |
| | | 334,711 |
| Lodging — 0.3% |
| Hilton Worldwide Holdings, Inc. | 5,028 | 560,321 |
| Las Vegas Sands Corp.* | 5,905 | 198,349 |
| Marriott International, Inc., Class A | 4,926 | 669,985 |
| MGM Resorts International | 6,921 | 200,363 |
| Wynn Resorts Ltd.* | 1,735 | 98,860 |
| | | 1,727,878 |
| Machinery — Construction & Mining — 0.3% |
| Caterpillar, Inc. | 9,694 | 1,732,899 |
| Machinery — Diversified — 0.7% |
| Deere & Co. | 5,029 | 1,506,035 |
| Dover Corp. | 2,461 | 298,568 |
| IDEX Corp. | 1,300 | 236,119 |
| Ingersoll Rand, Inc. | 7,057 | 296,959 |
| Nordson Corp. | 900 | 182,196 |
| Otis Worldwide Corp. | 7,676 | 542,463 |
| Rockwell Automation, Inc. | 2,017 | 402,008 |
| Westinghouse Air Brake Technologies Corp. | 3,258 | 267,417 |
| Xylem, Inc. | 3,067 | 239,778 |
| | | 3,971,543 |
| Media — 1.5% |
| Charter Communications, Inc., Class A* | 2,143 | 1,004,060 |
| Comcast Corp., Class A | 80,159 | 3,145,439 |
| DISH Network Corp., Class A* | 4,152 | 74,445 |
| FactSet Research Systems, Inc. | 645 | 248,048 |
| Fox Corp., Class A | 5,368 | 172,635 |
| Fox Corp., Class B | 2,720 | 80,784 |
| News Corp., Class A | 6,937 | 108,078 |
| News Corp., Class B | 1,762 | 27,998 |
| Paramount Global, Class B | 10,467 | 258,326 |
| The Walt Disney Co.* | 32,593 | 3,076,779 |
| Warner Bros Discovery, Inc.* | 39,902 | 535,485 |
| | | 8,732,077 |
| Mining — 0.3% |
| Freeport-McMoRan, Inc. | 26,388 | 772,113 |
| Newmont Corp. | 14,341 | 855,727 |
| | | 1,627,840 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Miscellaneous Manufacturing — 1.0% |
| 3M Co. | 10,248 | $ 1,326,194 |
| A.O. Smith Corp. | 2,201 | 120,351 |
| Eaton Corp. PLC | 7,166 | 902,844 |
| General Electric Co. | 19,727 | 1,256,018 |
| Illinois Tool Works, Inc. | 5,135 | 935,854 |
| Parker-Hannifin Corp. | 2,318 | 570,344 |
| Textron, Inc. | 3,865 | 236,035 |
| Trane Technologies PLC | 4,218 | 547,792 |
| | | 5,895,432 |
| Office & Business Equipment — 0.0% |
| Zebra Technologies Corp., Class A* | 967 | 284,250 |
| Oil & Gas — 3.7% |
| APA Corp. | 6,242 | 217,846 |
| Chevron Corp. | 35,294 | 5,109,865 |
| ConocoPhillips | 23,322 | 2,094,549 |
| Coterra Energy, Inc. | 14,725 | 379,758 |
| Devon Energy Corp. | 11,334 | 624,617 |
| Diamondback Energy, Inc. | 3,082 | 373,384 |
| EOG Resources, Inc. | 10,500 | 1,159,620 |
| Exxon Mobil Corp. | 75,711 | 6,483,890 |
| Hess Corp. | 4,975 | 527,052 |
| Marathon Oil Corp. | 12,219 | 274,683 |
| Marathon Petroleum Corp. | 9,720 | 799,081 |
| Occidental Petroleum Corp. | 15,950 | 939,136 |
| Phillips 66 | 8,725 | 715,363 |
| Pioneer Natural Resources Co. | 4,079 | 909,943 |
| Valero Energy Corp. | 7,350 | 781,158 |
| | | 21,389,945 |
| Oil & Gas Services — 0.3% |
| Baker Hughes Co. | 16,364 | 472,429 |
| Halliburton Co. | 16,218 | 508,597 |
| Schlumberger Ltd. N.V. | 25,215 | 901,688 |
| | | 1,882,714 |
| Packaging and Containers — 0.2% |
| Amcor PLC | 26,132 | 324,821 |
| Ball Corp. | 5,874 | 403,955 |
| Packaging Corp. of America | 1,598 | 219,725 |
| Sealed Air Corp. | 2,463 | 142,164 |
| Westrock Co. | 4,629 | 184,419 |
| | | 1,275,084 |
| Pharmaceuticals — 6.7% |
| AbbVie, Inc. | 31,632 | 4,844,757 |
| AmerisourceBergen Corp. | 2,605 | 368,555 |
| Becton Dickinson and Co. | 5,113 | 1,260,508 |
| Bristol-Myers Squibb Co. | 38,117 | 2,935,009 |
| Cardinal Health, Inc. | 4,830 | 252,464 |
| Cigna Corp. | 5,690 | 1,499,429 |
| CVS Health Corp. | 23,516 | 2,178,993 |
| Dexcom, Inc.* | 7,008 | 522,306 |
| Eli Lilly & Co. | 14,207 | 4,606,336 |
| Johnson & Johnson | 47,253 | 8,387,880 |
| McKesson Corp. | 2,695 | 879,136 |
| | Number of
Shares | Value† |
| |
| Pharmaceuticals — (continued) |
| Merck & Co., Inc. | 45,204 | $ 4,121,249 |
| Organon & Co. | 4,483 | 151,301 |
| Pfizer, Inc. | 100,416 | 5,264,811 |
| Viatris, Inc. | 20,379 | 213,368 |
| Zoetis, Inc. | 8,491 | 1,459,518 |
| | | 38,945,620 |
| Pipelines — 0.3% |
| Kinder Morgan, Inc. | 35,171 | 589,466 |
| ONEOK, Inc. | 8,065 | 447,608 |
| The Williams Cos., Inc. | 21,892 | 683,249 |
| | | 1,720,323 |
| Real Estate — 0.1% |
| CBRE Group, Inc., Class A* | 5,791 | 426,275 |
| Retail — 5.0% |
| Advance Auto Parts, Inc. | 1,035 | 179,148 |
| AutoZone, Inc.* | 372 | 799,473 |
| Bath & Body Works, Inc. | 4,228 | 113,818 |
| Best Buy Co., Inc. | 3,718 | 242,376 |
| CarMax, Inc.* | 2,770 | 250,630 |
| Chipotle Mexican Grill, Inc.* | 507 | 662,781 |
| Costco Wholesale Corp. | 7,936 | 3,803,566 |
| Darden Restaurants, Inc. | 2,210 | 249,995 |
| Dollar General Corp. | 4,165 | 1,022,257 |
| Dollar Tree, Inc.* | 4,057 | 632,283 |
| Domino's Pizza, Inc. | 623 | 242,789 |
| Genuine Parts Co. | 2,449 | 325,717 |
| Lowe's Cos., Inc. | 11,858 | 2,071,237 |
| McDonald's Corp. | 13,259 | 3,273,382 |
| O'Reilly Automotive, Inc.* | 1,214 | 766,957 |
| Ross Stores, Inc. | 6,389 | 448,699 |
| Starbucks Corp. | 20,632 | 1,576,078 |
| Target Corp. | 8,260 | 1,166,560 |
| The Home Depot, Inc. | 18,508 | 5,076,189 |
| The TJX Cos., Inc. | 21,415 | 1,196,028 |
| Tractor Supply Co. | 2,063 | 399,912 |
| Ulta Beauty, Inc.* | 941 | 362,737 |
| Walgreens Boots Alliance, Inc. | 12,944 | 490,578 |
| Walmart, Inc. | 25,327 | 3,079,257 |
| Yum! Brands, Inc. | 5,215 | 591,955 |
| | | 29,024,402 |
| Semiconductors — 5.0% |
| Advanced Micro Devices, Inc.* | 29,277 | 2,238,812 |
| Analog Devices, Inc. | 9,425 | 1,376,898 |
| Applied Materials, Inc. | 15,927 | 1,449,038 |
| Broadcom, Inc. | 7,321 | 3,556,615 |
| Intel Corp. | 73,526 | 2,750,608 |
| KLA Corp. | 2,711 | 865,026 |
| Lam Research Corp. | 2,505 | 1,067,506 |
| Microchip Technology, Inc. | 10,028 | 582,426 |
| Micron Technology, Inc. | 20,106 | 1,111,460 |
| Monolithic Power Systems, Inc. | 748 | 287,262 |
| NVIDIA Corp. | 44,876 | 6,802,753 |
| NXP Semiconductors N.V. | 4,786 | 708,471 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Semiconductors — (continued) |
| ON Semiconductor Corp.* | 7,901 | $ 397,499 |
| Qorvo, Inc.* | 1,996 | 188,263 |
| QUALCOMM, Inc. | 20,182 | 2,578,049 |
| Skyworks Solutions, Inc. | 2,863 | 265,228 |
| Teradyne, Inc. | 2,800 | 250,740 |
| Texas Instruments, Inc. | 16,540 | 2,541,371 |
| | | 29,018,025 |
| Shipbuilding — 0.0% |
| Huntington Ingalls Industries, Inc. | 650 | 141,583 |
| Software — 9.7% |
| Activision Blizzard, Inc. | 13,997 | 1,089,806 |
| Adobe, Inc.* | 8,444 | 3,091,011 |
| Akamai Technologies, Inc.* | 2,835 | 258,921 |
| ANSYS, Inc.* | 1,499 | 358,696 |
| Autodesk, Inc.* | 3,963 | 681,477 |
| Broadridge Financial Solutions, Inc. | 2,128 | 303,346 |
| Cadence Design Systems, Inc.* | 4,991 | 748,800 |
| Ceridian HCM Holding, Inc.* | 2,300 | 108,284 |
| Citrix Systems, Inc. | 2,185 | 212,316 |
| Electronic Arts, Inc. | 5,070 | 616,765 |
| Fidelity National Information Services, Inc. | 10,941 | 1,002,961 |
| Fiserv, Inc.* | 10,681 | 950,289 |
| Intuit, Inc. | 5,075 | 1,956,108 |
| Jack Henry & Associates, Inc. | 1,276 | 229,706 |
| Microsoft Corp. | 134,234 | 34,475,318 |
| MSCI, Inc. | 1,467 | 604,624 |
| Oracle Corp. | 28,236 | 1,972,849 |
| Paychex, Inc. | 5,786 | 658,852 |
| Paycom Software, Inc.* | 848 | 237,542 |
| PTC, Inc.* | 1,848 | 196,516 |
| Roper Technologies, Inc. | 1,900 | 749,835 |
| Salesforce.com, Inc.* | 17,803 | 2,938,207 |
| ServiceNow, Inc.* | 3,586 | 1,705,215 |
| Synopsys, Inc.* | 2,761 | 838,516 |
| Take-Two Interactive Software, Inc.* | 2,750 | 336,958 |
| Tyler Technologies, Inc.* | 709 | 235,728 |
| | | 56,558,646 |
| Telecommunications — 2.2% |
| Arista Networks, Inc.* | 4,070 | 381,522 |
| AT&T, Inc. | 127,899 | 2,680,763 |
| Cisco Systems, Inc. | 74,365 | 3,170,923 |
| Corning, Inc. | 13,818 | 435,405 |
| Juniper Networks, Inc. | 5,318 | 151,563 |
| Lumen Technologies, Inc. | 15,200 | 165,832 |
| Motorola Solutions, Inc. | 3,046 | 638,442 |
| T-Mobile US, Inc.* | 10,537 | 1,417,648 |
| Verizon Communications, Inc. | 75,132 | 3,812,949 |
| | | 12,855,047 |
| Toys, Games & Hobbies — 0.0% |
| Hasbro, Inc. | 2,270 | 185,868 |
| | Number of
Shares | Value† |
| |
| Transportation — 1.6% |
| C.H. Robinson Worldwide, Inc. | 2,277 | $ 230,819 |
| CSX Corp. | 39,828 | 1,157,402 |
| Expeditors International of Washington, Inc. | 3,086 | 300,762 |
| FedEx Corp. | 4,381 | 993,217 |
| J.B. Hunt Transport Services, Inc. | 1,537 | 242,031 |
| Norfolk Southern Corp. | 4,310 | 979,620 |
| Old Dominion Freight Line, Inc. | 1,688 | 432,601 |
| Union Pacific Corp. | 11,261 | 2,401,746 |
| United Parcel Service, Inc., Class B | 13,212 | 2,411,718 |
| | | 9,149,916 |
| Water — 0.1% |
| American Water Works Co., Inc. | 3,286 | 488,858 |
TOTAL COMMON STOCKS
(Cost $308,950,292) | 556,185,506 |
|
| REAL ESTATE INVESTMENT TRUSTS — 2.8% |
| Apartments — 0.4% |
| AvalonBay Communities, Inc. | 2,436 | 473,193 |
| Camden Property Trust | 1,955 | 262,908 |
| Equity Residential | 6,189 | 446,970 |
| Essex Property Trust, Inc. | 1,194 | 312,243 |
| Mid-America Apartment Communities, Inc. | 2,096 | 366,108 |
| UDR, Inc. | 5,193 | 239,086 |
| | | 2,100,508 |
| Diversified — 1.2% |
| American Tower Corp. | 8,328 | 2,128,554 |
| Crown Castle International Corp. | 7,759 | 1,306,461 |
| Digital Realty Trust, Inc. | 5,115 | 664,081 |
| Duke Realty Corp. | 6,912 | 379,814 |
| Equinix, Inc. | 1,618 | 1,063,058 |
| SBA Communications Corp. | 1,963 | 628,258 |
| VICI Properties, Inc. | 17,262 | 514,235 |
| Weyerhaeuser Co. | 13,520 | 447,782 |
| | | 7,132,243 |
| Healthcare — 0.2% |
| Healthpeak Properties, Inc. | 9,163 | 237,413 |
| Ventas, Inc. | 7,247 | 372,713 |
| Welltower, Inc. | 8,225 | 677,329 |
| | | 1,287,455 |
| Hotels & Resorts — 0.0% |
| Host Hotels & Resorts, Inc. | 12,461 | 195,388 |
| Industrial — 0.3% |
| Prologis, Inc. | 13,273 | 1,561,568 |
| Office Property — 0.1% |
| Alexandria Real Estate Equities, Inc. | 2,708 | 392,741 |
| Boston Properties, Inc. | 2,423 | 215,598 |
| Vornado Realty Trust | 2,813 | 80,424 |
| | | 688,763 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Index 500 Fund
| | Number of
Shares | Value† |
| REAL ESTATE INVESTMENT TRUSTS — (continued) |
| Regional Malls — 0.1% |
| Simon Property Group, Inc. | 5,931 | $ 562,971 |
| Single Tenant — 0.1% |
| Realty Income Corp. | 10,868 | 741,850 |
| Storage & Warehousing — 0.3% |
| Extra Space Storage, Inc. | 2,428 | 413,052 |
| Iron Mountain, Inc. | 5,293 | 257,716 |
| Public Storage | 2,745 | 858,279 |
| | | 1,529,047 |
| Strip Centers — 0.1% |
| Federal Realty OP LP | 1,233 | 118,047 |
| Kimco Realty Corp. | 10,412 | 205,845 |
| Regency Centers Corp. | 2,676 | 158,714 |
| | | 482,606 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $11,370,005) | | 16,282,399 |
| | | |
| SHORT-TERM INVESTMENTS — 1.1% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $6,322,352) | 6,322,352 | 6,322,352 |
TOTAL INVESTMENTS — 99.6%
(Cost $326,642,649) | | $ 578,790,257 |
| Other Assets & Liabilities — 0.4% | 2,121,892 |
| TOTAL NET ASSETS — 100.0% | | $ 580,912,149 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| LP— Limited Partnership. |
| N.V.— Naamloze Vennootschap. |
| NA— National Association. |
| PLC— Public Limited Company. |
| S&P— Standards & Poor's |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $556,185,506 | $556,185,506 | $— | $— |
| Real Estate Investment Trusts | 16,282,399 | 16,282,399 | — | — |
| Short-Term Investments | 6,322,352 | 6,322,352 | — | — |
| Total Investments | $ 578,790,257 | $ 578,790,257 | $ — | $ — |
| Other Financial Instruments(1) | | | | |
| Futures Contracts | $ 10,763 | $ 10,763 | $— | $— |
| Total Assets—Other Financial Instruments | $ 10,763 | $ 10,763 | $ — | $ — |
| (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 and forward foreign currency 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, 2022 are as follows:
Futures Contracts:
Exchange Traded |
| Type | | Futures Contract | | Expiration
Date | | Numbers
of
Contracts | | Units per
Contract | | Closing
Price | | Notional
Value | | Unrealized
Appreciation | | Unrealized
Depreciation |
| Long | | E-mini S&P 500 Index | | 09/16/22 | | 35 | | 50 | | $3,790 | | $6,631,625 | | $10,763 | | $— |
| | | | | | | | | | | | | | | $10,763 | | $— |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 98.4% |
| Advertising — 1.0% |
| The Trade Desk, Inc., Class A* | 32,192 | $ 1,348,523 |
| Aerospace & Defense — 1.9% |
| HEICO Corp., Class A | 24,889 | 2,622,803 |
| Apparel — 2.1% |
| Levi Strauss & Co., Class A | 98,032 | 1,599,882 |
| On Holding AG, Class A* | 70,724 | 1,251,108 |
| | | 2,850,990 |
| Auto Parts & Equipment — 1.9% |
| BorgWarner, Inc. | 78,999 | 2,636,197 |
| Banks — 3.1% |
| First Republic Bank | 18,939 | 2,731,004 |
| Pinnacle Financial Partners, Inc. | 20,554 | 1,486,260 |
| | | 4,217,264 |
| Beverages — 1.3% |
| Brown-Forman Corp., Class B | 24,456 | 1,715,833 |
| Biotechnology — 5.7% |
| Genmab A/S, ADR* | 66,766 | 2,169,227 |
| Horizon Therapeutics PLC* | 32,330 | 2,578,641 |
| Seagen, Inc.* | 17,004 | 3,008,688 |
| | | 7,756,556 |
| Building Materials — 1.7% |
| Trex Co., Inc.* | 42,294 | 2,301,639 |
| Commercial Services — 7.7% |
| Clarivate PLC* | 111,709 | 1,548,287 |
| CoStar Group, Inc.* | 87,343 | 5,276,390 |
| MarketAxess Holdings, Inc. | 14,414 | 3,690,128 |
| | | 10,514,805 |
| Computers — 2.7% |
| Crowdstrike Holdings, Inc., Class A* | 15,336 | 2,585,036 |
| Genpact Ltd. | 25,311 | 1,072,174 |
| | | 3,657,210 |
| Distribution & Wholesale — 3.0% |
| Fastenal Co. | 42,195 | 2,106,375 |
| Pool Corp. | 5,810 | 2,040,646 |
| | | 4,147,021 |
| Electrical Components & Equipment — 3.9% |
| Generac Holdings, Inc.* | 8,169 | 1,720,228 |
| Littelfuse, Inc. | 2,200 | 558,888 |
| Novanta, Inc.* | 11,803 | 1,431,350 |
| Universal Display Corp. | 16,494 | 1,668,203 |
| | | 5,378,669 |
| Electronics — 7.2% |
| Agilent Technologies, Inc. | 15,223 | 1,808,036 |
| II-VI, Inc.* | 57,301 | 2,919,486 |
| Keysight Technologies, Inc.* | 20,454 | 2,819,584 |
| Trimble, Inc.* | 38,245 | 2,227,006 |
| | | 9,774,112 |
| | Number of
Shares | Value† |
| |
| Entertainment — 1.4% |
| Vail Resorts, Inc. | 9,010 | $ 1,964,630 |
| Healthcare Products — 9.9% |
| ABIOMED, Inc.* | 9,125 | 2,258,529 |
| Bio-Techne Corp. | 6,403 | 2,219,536 |
| Edwards Lifesciences Corp.* | 23,817 | 2,264,759 |
| Envista Holdings Corp.* | 64,152 | 2,472,418 |
| Intuitive Surgical, Inc.* | 10,081 | 2,023,357 |
| Repligen Corp.* | 14,143 | 2,296,823 |
| | | 13,535,422 |
| Housewares — 1.0% |
| The Scotts Miracle-Gro Co. | 16,690 | 1,318,343 |
| Insurance — 0.8% |
| Kinsale Capital Group, Inc. | 4,948 | 1,136,259 |
| Internet — 2.5% |
| Pinterest, Inc., Class A* | 122,877 | 2,231,446 |
| Shutterstock, Inc. | 20,282 | 1,162,362 |
| | | 3,393,808 |
| Machinery — Diversified — 1.2% |
| IDEX Corp. | 9,245 | 1,679,169 |
| Miscellaneous Manufacturing — 1.6% |
| A.O. Smith Corp. | 39,623 | 2,166,586 |
| Pharmaceuticals — 2.9% |
| Dexcom, Inc.* | 52,048 | 3,879,137 |
| Retail — 9.3% |
| Burlington Stores, Inc.* | 3,944 | 537,291 |
| Chipotle Mexican Grill, Inc.* | 3,270 | 4,274,740 |
| Floor & Decor Holdings, Inc., Class A* | 18,437 | 1,160,794 |
| Lululemon Athletica, Inc.* | 6,586 | 1,795,409 |
| National Vision Holdings, Inc.* | 51,309 | 1,410,998 |
| Petco Health & Wellness Co., Inc.* | 72,600 | 1,070,124 |
| Ulta Beauty, Inc.* | 6,458 | 2,489,430 |
| | | 12,738,786 |
| Semiconductors — 10.6% |
| Azenta, Inc. | 24,316 | 1,753,183 |
| Marvell Technology, Inc. | 61,136 | 2,661,250 |
| Microchip Technology, Inc. | 47,389 | 2,752,353 |
| Monolithic Power Systems, Inc. | 11,367 | 4,365,383 |
| Teradyne, Inc. | 33,114 | 2,965,359 |
| | | 14,497,528 |
| Software — 11.5% |
| DocuSign, Inc.* | 31,578 | 1,811,945 |
| Electronic Arts, Inc. | 18,698 | 2,274,612 |
| Five9, Inc.* | 23,862 | 2,174,783 |
| Guidewire Software, Inc.* | 22,025 | 1,563,555 |
| Paycom Software, Inc.* | 9,581 | 2,683,830 |
| Tyler Technologies, Inc.* | 7,910 | 2,629,917 |
| Workiva, Inc.* | 19,600 | 1,293,404 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Software — (continued) |
| ZoomInfo Technologies, Inc.* | 37,744 | $ 1,254,610 |
| | | 15,686,656 |
| Telecommunications — 2.5% |
| Arista Networks, Inc.* | 36,822 | 3,451,694 |
TOTAL COMMON STOCKS
(Cost $119,445,020) | 134,369,640 |
| | | |
| SHORT-TERM INVESTMENTS — 0.7% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $866,961) | 866,961 | 866,961 |
TOTAL INVESTMENTS — 99.1%
(Cost $120,311,981) | | $ 135,236,601 |
| Other Assets & Liabilities — 0.9% | 1,294,488 |
| TOTAL NET ASSETS — 100.0% | | $ 136,531,089 |
| | Number of
Contracts | |
| WRITTEN OPTIONS — (0.2)% |
| Put Options Written | | |
| TOTAL WRITTEN OPTIONS | | |
| (See open written options schedule) |
| (Premiums $(189,288)) | 46 | $ (232,300) |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PLC— Public Limited Company. |
| Country Weightings as of 6/30/2022†† |
| United States | 95% |
| Denmark | 2 |
| Canada | 1 |
| United Kingdom | 1 |
| Switzerland | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $134,369,640 | $134,369,640 | $— | $— |
| Short-Term Investments | 866,961 | 866,961 | — | — |
| Total Investments | $ 135,236,601 | $ 135,236,601 | $ — | $ — |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments(1) | | | | |
| Written Options | $(232,300) | $(232,300) | $— | $— |
| Total Liabilities—Other Financial Instruments | $ (232,300) | $ (232,300) | $ — | $ — |
| (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 and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options which are reported at their fair value at period end. |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Cap Growth Fund
Open written options contracts held by the Fund at June 30, 2022 are as follows:
| Open Written Options |
| Exchange Traded |
| Put Options | | | | | | | | | | |
| Description | | # of
Contracts | | Notional | | Exercise
Price | | Expiration
Date | | Value |
| Shutterstock, Inc. | | 46 | | $506,000 | | $110 | | 08/19/22 | | $(232,300) |
| Total Written Options | | | | | | | | | | $(232,300) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 89.4% |
| Aerospace & Defense — 0.5% |
| L3Harris Technologies, Inc. | 1,871 | $ 452,221 |
| Airlines — 1.5% |
| Southwest Airlines Co.* | 35,638 | 1,287,245 |
| Apparel — 0.7% |
| Hanesbrands, Inc. | 59,470 | 611,946 |
| Auto Parts & Equipment — 1.8% |
| Aptiv PLC* | 8,043 | 716,390 |
| Autoliv, Inc. | 11,628 | 832,216 |
| | | 1,548,606 |
| Banks — 7.5% |
| Citizens Financial Group, Inc. | 33,082 | 1,180,696 |
| Fifth Third Bancorp | 23,616 | 793,498 |
| First Horizon Corp. | 31,191 | 681,835 |
| Regions Financial Corp. | 58,713 | 1,100,869 |
| State Street Corp. | 24,178 | 1,490,574 |
| Synovus Financial Corp. | 16,067 | 579,215 |
| Webster Financial Corp. | 15,014 | 632,840 |
| | | 6,459,527 |
| Biotechnology — 1.5% |
| Corteva, Inc. | 23,937 | 1,295,949 |
| Building Materials — 0.8% |
| Martin Marietta Materials, Inc. | 2,189 | 655,036 |
| Chemicals — 3.3% |
| Axalta Coating Systems Ltd.* | 38,370 | 848,361 |
| DuPont de Nemours, Inc. | 19,951 | 1,108,876 |
| Westlake Corp. | 8,736 | 856,303 |
| | | 2,813,540 |
| Commercial Services — 1.8% |
| Global Payments, Inc. | 13,672 | 1,512,670 |
| Electric — 5.9% |
| Alliant Energy Corp. | 34,778 | 2,038,339 |
| DTE Energy Co. | 9,959 | 1,262,303 |
| Entergy Corp. | 15,313 | 1,724,856 |
| | | 5,025,498 |
| Electrical Components & Equipment — 2.8% |
| Acuity Brands, Inc. | 6,871 | 1,058,409 |
| AMETEK, Inc. | 12,593 | 1,383,845 |
| | | 2,442,254 |
| Electronics — 2.6% |
| Agilent Technologies, Inc. | 8,369 | 993,986 |
| Vontier Corp. | 54,831 | 1,260,565 |
| | | 2,254,551 |
| Environmental Control — 1.9% |
| Waste Connections, Inc. | 13,010 | 1,612,720 |
| Food — 2.9% |
| Kellogg Co. | 12,656 | 902,879 |
| | Number of
Shares | Value† |
| |
| Food — (continued) |
| Lamb Weston Holdings, Inc. | 21,887 | $ 1,564,045 |
| | | 2,466,924 |
| Hand & Machine Tools — 1.4% |
| Lincoln Electric Holdings, Inc. | 9,467 | 1,167,849 |
| Healthcare Products — 4.9% |
| Envista Holdings Corp.* | 42,325 | 1,631,205 |
| Globus Medical, Inc., Class A* | 20,776 | 1,166,365 |
| Henry Schein, Inc.* | 18,176 | 1,394,826 |
| | | 4,192,396 |
| Healthcare Services — 3.7% |
| Humana, Inc. | 1,646 | 770,443 |
| Laboratory Corp. of America Holdings | 10,311 | 2,416,486 |
| | | 3,186,929 |
| Insurance — 8.0% |
| Globe Life, Inc. | 14,173 | 1,381,442 |
| Reinsurance Group of America, Inc. | 9,114 | 1,068,981 |
| RenaissanceRe Holdings Ltd. | 15,534 | 2,429,052 |
| The Hartford Financial Services Group, Inc. | 30,739 | 2,011,253 |
| | | 6,890,728 |
| Internet — 1.2% |
| F5, Inc.* | 6,869 | 1,051,232 |
| Machinery — Construction & Mining — 3.1% |
| BWX Technologies, Inc. | 33,312 | 1,835,158 |
| Oshkosh Corp. | 10,515 | 863,702 |
| | | 2,698,860 |
| Media — 2.4% |
| Fox Corp., Class B | 42,993 | 1,276,892 |
| Warner Bros Discovery, Inc.* | 59,260 | 795,269 |
| | | 2,072,161 |
| Miscellaneous Manufacturing — 1.1% |
| Carlisle Cos., Inc. | 3,946 | 941,555 |
| Oil & Gas — 4.0% |
| Coterra Energy, Inc. | 79,152 | 2,041,330 |
| Pioneer Natural Resources Co. | 6,260 | 1,396,481 |
| | | 3,437,811 |
| Oil & Gas Services — 2.0% |
| Baker Hughes Co. | 59,767 | 1,725,473 |
| Packaging and Containers — 1.7% |
| Graphic Packaging Holding Co. | 69,619 | 1,427,190 |
| Pharmaceuticals — 1.8% |
| Cardinal Health, Inc. | 29,165 | 1,524,455 |
| Retail — 7.5% |
| AutoZone, Inc.* | 724 | 1,555,963 |
| Burlington Stores, Inc.* | 4,080 | 555,818 |
| Casey's General Stores, Inc. | 10,367 | 1,917,688 |
| MSC Industrial Direct Co., Inc., Class A | 17,623 | 1,323,664 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Retail — (continued) |
| O'Reilly Automotive, Inc.* | 1,765 | $ 1,115,056 |
| | | 6,468,189 |
| Semiconductors — 2.4% |
| Lam Research Corp. | 809 | 344,756 |
| Microchip Technology, Inc. | 12,775 | 741,972 |
| Teradyne, Inc. | 10,695 | 957,737 |
| | | 2,044,465 |
| Software — 6.5% |
| Activision Blizzard, Inc. | 17,926 | 1,395,718 |
| Black Knight, Inc.* | 17,179 | 1,123,335 |
| ManTech International Corp., Class A | 12,971 | 1,238,082 |
| Synopsys, Inc.* | 2,387 | 724,932 |
| Take-Two Interactive Software, Inc.* | 8,872 | 1,087,086 |
| | | 5,569,153 |
| Transportation — 1.2% |
| Canadian Pacific Railway Ltd. | 14,197 | 991,518 |
| Trucking and Leasing — 1.0% |
| GATX Corp. | 9,320 | 877,571 |
TOTAL COMMON STOCKS
(Cost $70,726,437) | 76,706,222 |
|
| REAL ESTATE INVESTMENT TRUSTS — 8.8% |
| Apartments — 1.1% |
| Equity Residential | 13,151 | 949,765 |
| Diversified — 2.2% |
| Lamar Advertising Co., Class A | 10,166 | 894,303 |
| Weyerhaeuser Co. | 30,481 | 1,009,531 |
| | | 1,903,834 |
| Hotels & Resorts — 2.7% |
| Apple Hospitality REIT, Inc. | 86,206 | 1,264,642 |
| Sunstone Hotel Investors, Inc.* | 99,694 | 988,964 |
| | | 2,253,606 |
| Manufactured Homes — 2.8% |
| Equity LifeStyle Properties, Inc. | 34,387 | 2,423,252 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $7,252,950) | | 7,530,457 |
| | | |
| SHORT-TERM INVESTMENTS — 2.3% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $1,997,592) | 1,997,592 | 1,997,592 |
TOTAL INVESTMENTS — 100.5%
(Cost $79,976,979) | | $ 86,234,271 |
| Other Assets & Liabilities — (0.5)% | (395,631) |
| TOTAL NET ASSETS — 100.0% | | $ 85,838,640 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| Country Weightings as of 6/30/2022†† |
| United States | 94% |
| Bermuda | 3 |
| Canada | 1 |
| Sweden | 1 |
| Ireland | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $76,706,222 | $76,706,222 | $— | $— |
| Real Estate Investment Trusts | 7,530,457 | 7,530,457 | — | — |
| Short-Term Investments | 1,997,592 | 1,997,592 | — | — |
| Total Investments | $ 86,234,271 | $ 86,234,271 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Core Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 87.9% |
| Airlines — 1.8% |
| Southwest Airlines Co.* | 41,104 | $ 1,484,677 |
| Auto Manufacturers — 1.5% |
| Cummins, Inc. | 4,308 | 833,727 |
| PACCAR, Inc. | 4,577 | 376,870 |
| | | 1,210,597 |
| Auto Parts & Equipment — 2.1% |
| Aptiv PLC* | 3,266 | 290,903 |
| BorgWarner, Inc. | 34,844 | 1,162,744 |
| Bridgestone Corp. | 7,000 | 255,380 |
| | | 1,709,027 |
| Banks — 10.8% |
| Commerce Bancshares, Inc. | 1,858 | 121,978 |
| First Hawaiian, Inc. | 52,912 | 1,201,632 |
| Northern Trust Corp. | 22,009 | 2,123,428 |
| Prosperity Bancshares, Inc. | 18,568 | 1,267,637 |
| State Street Corp. | 5,054 | 311,579 |
| The Bank of New York Mellon Corp. | 48,680 | 2,030,443 |
| Truist Financial Corp. | 28,879 | 1,369,731 |
| Westamerica BanCorp | 9,641 | 536,618 |
| | | 8,963,046 |
| Building Materials — 0.8% |
| Cie de Saint-Gobain | 16,511 | 708,459 |
| Chemicals — 1.5% |
| Akzo Nobel N.V. | 9,641 | 632,668 |
| Axalta Coating Systems Ltd.* | 29,505 | 652,355 |
| | | 1,285,023 |
| Computers — 1.8% |
| Amdocs Ltd. | 8,676 | 722,798 |
| HP, Inc. | 24,044 | 788,162 |
| | | 1,510,960 |
| Diversified Financial Services — 2.8% |
| Ameriprise Financial, Inc. | 3,950 | 938,836 |
| T. Rowe Price Group, Inc. | 12,473 | 1,417,058 |
| | | 2,355,894 |
| Electric — 5.4% |
| Edison International | 27,712 | 1,752,507 |
| Evergy, Inc. | 4,092 | 267,003 |
| Eversource Energy | 4,033 | 340,667 |
| NorthWestern Corp. | 20,251 | 1,193,391 |
| Pinnacle West Capital Corp. | 13,330 | 974,690 |
| | | 4,528,258 |
| Electrical Components & Equipment — 2.1% |
| Emerson Electric Co. | 21,569 | 1,715,598 |
| Electronics — 3.5% |
| Atkore, Inc.* | 4,745 | 393,882 |
| Hubbell, Inc. | 1,738 | 310,372 |
| nVent Electric PLC | 42,537 | 1,332,684 |
| | Number of
Shares | Value† |
| |
| Electronics — (continued) |
| TE Connectivity Ltd. | 7,625 | $ 862,769 |
| | | 2,899,707 |
| Engineering & Construction — 0.6% |
| Vinci S.A. | 5,161 | 459,504 |
| Environmental Control — 0.5% |
| Republic Services, Inc. | 3,042 | 398,107 |
| Food — 6.3% |
| Conagra Brands, Inc. | 52,072 | 1,782,945 |
| General Mills, Inc. | 3,874 | 292,293 |
| Kellogg Co. | 4,121 | 293,992 |
| Koninklijke Ahold Delhaize N.V. | 58,792 | 1,531,651 |
| Orkla ASA | 67,312 | 537,966 |
| The J.M. Smucker Co. | 6,356 | 813,632 |
| | | 5,252,479 |
| Food Service — 1.0% |
| Sodexo S.A. | 11,900 | 836,279 |
| Forest Products & Paper — 0.7% |
| Mondi PLC | 34,377 | 608,876 |
| Gas — 2.0% |
| Atmos Energy Corp. | 2,836 | 317,916 |
| Spire, Inc. | 17,922 | 1,332,859 |
| | | 1,650,775 |
| Hand & Machine Tools — 0.4% |
| Stanley Black & Decker, Inc. | 3,286 | 344,570 |
| Healthcare Products — 6.3% |
| Baxter International, Inc. | 6,383 | 409,980 |
| DENTSPLY SIRONA, Inc. | 15,144 | 541,095 |
| Henry Schein, Inc.* | 17,037 | 1,307,419 |
| Koninklijke Philips N.V. | 16,284 | 350,595 |
| Zimmer Biomet Holdings, Inc. | 24,755 | 2,600,760 |
| | | 5,209,849 |
| Healthcare Services — 3.5% |
| Quest Diagnostics, Inc. | 12,312 | 1,637,250 |
| Universal Health Services, Inc., Class B | 12,595 | 1,268,442 |
| | | 2,905,692 |
| Household Products & Wares — 1.7% |
| Kimberly-Clark Corp. | 10,206 | 1,379,341 |
| Insurance — 6.5% |
| Aflac, Inc. | 19,031 | 1,052,985 |
| Chubb Ltd. | 2,119 | 416,553 |
| Reinsurance Group of America, Inc. | 13,092 | 1,535,561 |
| The Allstate Corp. | 14,054 | 1,781,063 |
| The Hanover Insurance Group, Inc. | 4,552 | 665,730 |
| | | 5,451,892 |
| Internet — 1.0% |
| F5, Inc.* | 5,495 | 840,955 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Core Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Leisure Time — 0.6% |
| Polaris, Inc. | 5,243 | $ 520,525 |
| Machinery — Construction & Mining — 1.5% |
| Oshkosh Corp. | 15,550 | 1,277,277 |
| Machinery — Diversified — 0.5% |
| IMI PLC | 27,384 | 391,014 |
| Media — 1.4% |
| Fox Corp., Class B | 39,167 | 1,163,260 |
| Oil & Gas — 2.9% |
| Devon Energy Corp. | 14,009 | 772,036 |
| Diamondback Energy, Inc. | 3,475 | 420,996 |
| Phillips 66 | 8,229 | 674,696 |
| Pioneer Natural Resources Co. | 2,416 | 538,961 |
| | | 2,406,689 |
| Oil & Gas Services — 0.9% |
| Baker Hughes Co. | 25,217 | 728,015 |
| Packaging and Containers — 2.4% |
| Amcor PLC | 20,736 | 257,749 |
| Packaging Corp. of America | 6,620 | 910,250 |
| Sonoco Products Co. | 15,135 | 863,300 |
| | | 2,031,299 |
| Pharmaceuticals — 3.0% |
| AmerisourceBergen Corp. | 6,964 | 985,267 |
| Becton Dickinson and Co. | 1,738 | 428,469 |
| Cardinal Health, Inc. | 11,117 | 581,086 |
| Embecta Corp.* | 19,383 | 490,777 |
| | | 2,485,599 |
| Retail — 6.3% |
| Advance Auto Parts, Inc. | 8,738 | 1,512,460 |
| Beacon Roofing Supply, Inc.* | 10,307 | 529,368 |
| Cracker Barrel Old Country Store, Inc. | 3,764 | 314,256 |
| Dollar Tree, Inc.* | 9,736 | 1,517,356 |
| MSC Industrial Direct Co., Inc., Class A | 18,403 | 1,382,249 |
| | | 5,255,689 |
| Savings & Loans — 0.4% |
| Capitol Federal Financial, Inc. | 38,344 | 351,998 |
| Semiconductors — 0.4% |
| Applied Materials, Inc. | 3,317 | 301,781 |
| Shipbuilding — 1.1% |
| Huntington Ingalls Industries, Inc. | 4,154 | 904,824 |
| Software — 1.0% |
| Open Text Corp. | 21,950 | 830,588 |
| Telecommunications — 0.3% |
| Juniper Networks, Inc. | 9,793 | 279,101 |
| | Number of
Shares | Value† |
| |
| Transportation — 0.6% |
| Heartland Express, Inc. | 38,159 | $ 530,792 |
TOTAL COMMON STOCKS
(Cost $76,180,192) | 73,168,016 |
|
| REAL ESTATE INVESTMENT TRUSTS — 8.2% |
| Apartments — 0.9% |
| Essex Property Trust, Inc. | 2,818 | 736,935 |
| Diversified — 2.6% |
| Equinix, Inc. | 1,694 | 1,112,992 |
| VICI Properties, Inc. | 25,320 | 754,283 |
| Weyerhaeuser Co. | 8,867 | 293,675 |
| | | 2,160,950 |
| Healthcare — 2.6% |
| Healthcare Trust of America, Inc., Class A | 32,168 | 897,809 |
| Healthpeak Properties, Inc. | 48,908 | 1,267,206 |
| | | 2,165,015 |
| Single Tenant — 0.8% |
| Realty Income Corp. | 10,279 | 701,644 |
| Strip Centers — 1.3% |
| Regency Centers Corp. | 17,470 | 1,036,146 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $7,129,684) | | 6,800,690 |
|
| PREFERRED STOCKS — 0.5% |
| Household Products & Wares — 0.5% |
Henkel AG & Co., KGaA
(Cost $475,042) | 7,367 | 453,796 |
|
| MASTER LIMITED PARTNERSHIP — 1.2% |
| Pipelines — 1.2% |
Enterprise Products Partners LP
(Cost $989,960) | 40,454 | 985,864 |
| | | |
| SHORT-TERM INVESTMENTS — 2.5% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $2,095,584) | 2,095,584 | 2,095,584 |
TOTAL INVESTMENTS — 100.3%
(Cost $86,870,462) | | $ 83,503,950 |
| Other Assets & Liabilities — (0.3)% | (236,624) |
| TOTAL NET ASSETS — 100.0% | | $ 83,267,326 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Mid Core Value Fund
| AG— Aktiengesellschaft. |
| ASA— Allmennaksjeselskap. |
| KGaA— Kommanditgesellschaft auf Aktien. |
| LP— Limited Partnership. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| Country Weightings as of 6/30/2022†† |
| United States | 88% |
| United Kingdom | 3 |
| Netherlands | 3 |
| France | 2 |
| Canada | 1 |
| Norway | 1 |
| Germany | 1 |
| Switzerland | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $73,168,016 | $73,168,016 | $ — | $— |
| Real Estate Investment Trusts | 6,800,690 | 6,800,690 | — | — |
| Preferred Stocks | 453,796 | 453,796 | — | — |
| Master Limited Partnership | 985,864 | 985,864 | — | — |
| Short-Term Investments | 2,095,584 | 2,095,584 | — | — |
| Total Investments | $ 83,503,950 | $ 83,503,950 | $ — | $ — |
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments(1) | | | | |
| Forward Foreign Currency Contracts | $ 18,042 | $ — | $18,042 | $— |
| Total Assets—Other Financial Instruments | $ 18,042 | $ — | $ 18,042 | $ — |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments | | | | |
| Forward Foreign Currency Contracts | $(5,597) | $— | $(5,597) | $— |
| Total Liabilities—Other Financial Instruments | $ (5,597) | $ — | $ (5,597) | $ — |
| (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 and forward foreign currency 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 forward foreign currency contracts held at June 30, 2022 were as follows:
| Open forward foreign currency contracts |
| | 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 |
| Buy | Japanese Yen | | Bank of America | | 09/30/22 | | 1,041,250 | | 134.78240 | | $7,708 | | $7,725 | | $17 | | $— |
| Sell | Japanese Yen | | Bank of America | | 09/30/22 | | (30,702,000) | | 134.78240 | | (228,850) | | (227,789) | | 1,060 | | — |
| Buy | Pound Sterling | | Bank of America | | 09/30/22 | | 24,161 | | 0.82002 | | 29,691 | | 29,464 | | — | | (227) |
| Sell | Pound Sterling | | Bank of America | | 09/30/22 | | (757,459) | | 0.82003 | | (930,177) | | (923,705) | | 6,472 | | — |
| Sell | Euro | | JPMorgan | | 09/30/22 | | (4,073,804) | | 0.94797 | | (4,307,892) | | (4,297,399) | | 10,493 | | — |
| Sell | Norwegian Krone | | UBS Securities | | 09/30/22 | | (4,410,148) | | 9.82947 | | (443,296) | | (448,666) | | — | | (5,370) |
| | Total | | | | | | | | | | | | | | $18,042 | | $(5,597) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
SMID Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 97.3% |
| Aerospace & Defense — 1.0% |
| Teledyne Technologies, Inc.* | 1,857 | $ 696,579 |
| Apparel — 2.6% |
| Crocs, Inc.* | 9,032 | 439,588 |
| Deckers Outdoor Corp.* | 3,159 | 806,651 |
| Levi Strauss & Co., Class A | 19,357 | 315,906 |
| On Holding AG, Class A* | 13,909 | 246,050 |
| | | 1,808,195 |
| Biotechnology — 6.6% |
| Allogene Therapeutics, Inc.* | 9,965 | 113,601 |
| Alnylam Pharmaceuticals, Inc.* | 1,687 | 246,049 |
| Beam Therapeutics, Inc.* | 10,260 | 397,165 |
| Certara, Inc.* | 22,300 | 478,558 |
| Exelixis, Inc.* | 41,581 | 865,716 |
| Guardant Health, Inc.* | 14,741 | 594,652 |
| Halozyme Therapeutics, Inc.* | 26,329 | 1,158,476 |
| Ultragenyx Pharmaceutical, Inc.* | 11,686 | 697,187 |
| | | 4,551,404 |
| Building Materials — 2.4% |
| AAON, Inc. | 19,730 | 1,080,415 |
| The AZEK Co., Inc* | 34,760 | 581,882 |
| | | 1,662,297 |
| Chemicals — 4.0% |
| Ashland Global Holdings, Inc. | 16,947 | 1,746,388 |
| RPM International, Inc. | 13,045 | 1,026,903 |
| | | 2,773,291 |
| Commercial Services — 3.5% |
| Bright Horizons Family Solutions, Inc.* | 8,718 | 736,845 |
| GXO Logistics, Inc.* | 8,130 | 351,785 |
| Paylocity Holding Corp.* | 5,482 | 956,170 |
| Quanta Services, Inc. | 2,890 | 362,233 |
| | | 2,407,033 |
| Computers — 3.5% |
| CyberArk Software Ltd.* | 5,816 | 744,215 |
| Pure Storage, Inc., Class A* | 33,921 | 872,109 |
| Rapid7, Inc.* | 11,777 | 786,704 |
| | | 2,403,028 |
| Distribution & Wholesale — 2.6% |
| Core & Main, Inc., Class A* | 43,482 | 969,649 |
| SiteOne Landscape Supply, Inc.* | 6,746 | 801,897 |
| | | 1,771,546 |
| Diversified Financial Services — 4.2% |
| Evercore, Inc., Class A | 3,969 | 371,538 |
| Houlihan Lokey, Inc. | 5,038 | 397,649 |
| LPL Financial Holdings, Inc. | 5,979 | 1,103,006 |
| Stifel Financial Corp. | 13,309 | 745,570 |
| TPG, Inc. | 12,171 | 291,009 |
| | | 2,908,772 |
| Electric — 0.8% |
| Ameresco, Inc., Class A* | 11,817 | 538,383 |
| | Number of
Shares | Value† |
| |
| Electrical Components & Equipment — 2.0% |
| Novanta, Inc.* | 11,567 | $ 1,402,730 |
| Electronics — 1.5% |
| Allegion PLC | 10,695 | 1,047,040 |
| Energy-Alternate Sources — 0.6% |
| Shoals Technologies Group, Inc., Class A* | 25,447 | 419,367 |
| Engineering & Construction — 1.8% |
| Jacobs Engineering Group, Inc. | 9,800 | 1,245,874 |
| Entertainment — 1.1% |
| Vail Resorts, Inc. | 3,331 | 726,325 |
| Environmental Control — 1.2% |
| Tetra Tech, Inc. | 6,290 | 858,899 |
| Food — 0.8% |
| Hostess Brands, Inc.* | 24,784 | 525,669 |
| Healthcare Products — 9.4% |
| 10X Genomics, Inc., Class A* | 5,707 | 258,242 |
| Axonics, Inc.* | 12,329 | 698,684 |
| Inari Medical, Inc.* | 6,446 | 438,264 |
| iRhythm Technologies, Inc.* | 2,813 | 303,888 |
| Omnicell, Inc.* | 4,704 | 535,080 |
| Pacific Biosciences of California, Inc.* | 21,432 | 94,729 |
| QIAGEN N.V.* | 20,318 | 959,010 |
| Repligen Corp.* | 4,299 | 698,158 |
| Shockwave Medical, Inc.* | 3,544 | 677,506 |
| Stevanato Group SpA | 37,602 | 594,488 |
| Tandem Diabetes Care, Inc.* | 10,457 | 618,950 |
| Teleflex, Inc. | 2,301 | 565,701 |
| | | 6,442,700 |
| Healthcare Services — 1.1% |
| Molina Healthcare, Inc.* | 2,583 | 722,233 |
| Household Products & Wares — 1.2% |
| Avery Dennison Corp. | 5,045 | 816,634 |
| Internet — 0.5% |
| Bumble, Inc., Class A* | 11,081 | 311,930 |
| Leisure Time — 1.4% |
| Planet Fitness, Inc., Class A* | 14,472 | 984,241 |
| Lodging — 1.6% |
| Choice Hotels International, Inc. | 5,388 | 601,462 |
| Wyndham Hotels & Resorts, Inc. | 7,241 | 475,879 |
| | | 1,077,341 |
| Machinery — Diversified — 7.0% |
| Chart Industries, Inc.* | 4,580 | 766,600 |
| IDEX Corp. | 8,495 | 1,542,947 |
| Nordson Corp. | 5,773 | 1,168,686 |
| The Toro Co. | 8,671 | 657,175 |
| Watts Water Technologies, Inc., Class A | 3,217 | 395,176 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
SMID Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Machinery — Diversified — (continued) |
| Xylem, Inc. | 3,382 | $ 264,405 |
| | | 4,794,989 |
| Media — 1.3% |
| FactSet Research Systems, Inc. | 2,371 | 911,815 |
| Metal Fabricate/Hardware — 1.7% |
| RBC Bearings, Inc.* | 6,232 | 1,152,608 |
| Oil & Gas — 3.2% |
| Antero Resources Corp.* | 18,562 | 568,925 |
| Chesapeake Energy Corp. | 6,082 | 493,250 |
| Denbury, Inc.* | 8,237 | 494,138 |
| Matador Resources Co. | 13,327 | 620,905 |
| | | 2,177,218 |
| Pharmaceuticals — 2.2% |
| Agios Pharmaceuticals, Inc.* | 18,223 | 404,004 |
| Neurocrine Biosciences, Inc.* | 11,685 | 1,139,054 |
| | | 1,543,058 |
| Retail — 7.5% |
| BJ's Wholesale Club Holdings, Inc.* | 18,644 | 1,161,894 |
| Casey's General Stores, Inc. | 3,537 | 654,274 |
| Dutch Bros, Inc., Class A* | 6,756 | 213,828 |
| Five Below, Inc.* | 6,873 | 779,604 |
| Floor & Decor Holdings, Inc., Class A* | 7,701 | 484,855 |
| Freshpet, Inc.* | 7,979 | 414,030 |
| Lithia Motors, Inc. | 1,732 | 475,971 |
| Olaplex Holdings, Inc.* | 23,623 | 332,848 |
| Texas Roadhouse, Inc. | 9,202 | 673,587 |
| | | 5,190,891 |
| Semiconductors — 7.8% |
| Allegro MicroSystems, Inc.* | 40,385 | 835,566 |
| Entegris, Inc. | 11,228 | 1,034,435 |
| Lattice Semiconductor Corp.* | 26,536 | 1,286,996 |
| MACOM Technology Solutions Holdings, Inc.* | 16,973 | 782,455 |
| MKS Instruments, Inc. | 9,109 | 934,857 |
| Monolithic Power Systems, Inc. | 1,229 | 471,985 |
| | | 5,346,294 |
| Software — 10.5% |
| Alignment Healthcare, Inc.* | 29,580 | 337,508 |
| Avalara, Inc.* | 9,257 | 653,544 |
| DigitalOcean Holdings, Inc.* | 12,848 | 531,393 |
| Dynatrace, Inc.* | 26,687 | 1,052,535 |
| Elastic N.V.* | 6,993 | 473,216 |
| EverCommerce, Inc.* | 36,898 | 333,558 |
| Manhattan Associates, Inc.* | 6,200 | 710,520 |
| nCino, Inc.* | 10,805 | 334,091 |
| Procore Technologies, Inc.* | 9,611 | 436,243 |
| Qualtrics International, Inc., Class A* | 41,265 | 516,225 |
| Samsara, Inc., Class A* | 31,960 | 356,993 |
| Smartsheet, Inc., Class A* | 19,695 | 619,014 |
| Workiva, Inc.* | 8,825 | 582,362 |
| | Number of
Shares | Value† |
| |
| Software — (continued) |
| ZoomInfo Technologies, Inc.* | 9,682 | $ 321,830 |
| | | 7,259,032 |
| Telecommunications — 0.7% |
| Ciena Corp.* | 11,206 | 512,114 |
TOTAL COMMON STOCKS
(Cost $81,449,183) | 66,989,530 |
| | | |
| SHORT-TERM INVESTMENTS — 2.3% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $1,610,492) | 1,610,492 | 1,610,492 |
TOTAL INVESTMENTS — 99.6%
(Cost $83,059,675) | | $ 68,600,022 |
| Other Assets & Liabilities — 0.4% | 269,701 |
| TOTAL NET ASSETS — 100.0% | | $ 68,869,723 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| SpA— Società per Azioni. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $66,989,530 | $66,989,530 | $— | $— |
| Short-Term Investments | 1,610,492 | 1,610,492 | — | — |
| Total Investments | $ 68,600,022 | $ 68,600,022 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
SMID Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 91.9% |
| Aerospace & Defense — 1.2% |
| Spirit AeroSystems Holdings, Inc., Class A | 21,550 | $ 631,415 |
| Airlines — 0.6% |
| SkyWest, Inc.* | 16,740 | 355,725 |
| Apparel — 3.2% |
| Carter's, Inc. | 8,530 | 601,194 |
| Ralph Lauren Corp. | 6,240 | 559,416 |
| Tapestry, Inc. | 19,190 | 585,679 |
| | | 1,746,289 |
| Auto Parts & Equipment — 1.9% |
| Dana, Inc. | 31,062 | 437,043 |
| The Goodyear Tire & Rubber Co.* | 56,220 | 602,116 |
| | | 1,039,159 |
| Banks — 13.2% |
| BankUnited, Inc. | 18,545 | 659,646 |
| Comerica, Inc. | 11,475 | 842,035 |
| First BanCorp. | 58,250 | 752,008 |
| First Citizens BancShares, Inc., Class A | 1,381 | 902,870 |
| First Hawaiian, Inc. | 29,080 | 660,407 |
| Synovus Financial Corp. | 17,580 | 633,759 |
| Texas Capital Bancshares, Inc.* | 12,677 | 667,317 |
| Webster Financial Corp. | 14,492 | 610,838 |
| Wintrust Financial Corp. | 9,540 | 764,631 |
| Zions Bancorp NA | 13,971 | 711,124 |
| | | 7,204,635 |
| Building Materials — 1.0% |
| Masonite International Corp.* | 6,914 | 531,203 |
| Chemicals — 1.8% |
| Huntsman Corp. | 19,450 | 551,407 |
| Innospec, Inc. | 4,700 | 450,213 |
| | | 1,001,620 |
| Commercial Services — 4.8% |
| ADT, Inc. | 75,710 | 465,616 |
| Herc Holdings, Inc. | 6,200 | 558,930 |
| Korn Ferry | 9,380 | 544,228 |
| Robert Half International, Inc. | 5,849 | 438,032 |
| WillScot Mobile Mini Holdings Corp.* | 18,000 | 583,560 |
| | | 2,590,366 |
| Computers — 2.1% |
| Genpact Ltd. | 9,822 | 416,060 |
| Lumentum Holdings, Inc.* | 9,370 | 744,165 |
| | | 1,160,225 |
| Diversified Financial Services — 2.1% |
| Moelis & Co., Class A | 14,874 | 585,292 |
| Stifel Financial Corp. | 9,580 | 536,671 |
| | | 1,121,963 |
| Electric — 1.8% |
| IDACORP, Inc. | 9,039 | 957,411 |
| | Number of
Shares | Value† |
| |
| Electrical Components & Equipment — 0.9% |
| Belden, Inc. | 9,344 | $ 497,755 |
| Electronics — 1.2% |
| Avnet, Inc. | 15,340 | 657,779 |
| Engineering & Construction — 4.0% |
| AECOM | 12,150 | 792,423 |
| Arcosa, Inc. | 12,810 | 594,768 |
| Dycom Industries, Inc.* | 8,719 | 811,216 |
| | | 2,198,407 |
| Entertainment — 0.7% |
| Light & Wonder, Inc.* | 7,795 | 366,287 |
| Food — 2.5% |
| Nomad Foods Ltd.* | 38,831 | 776,232 |
| The Hain Celestial Group, Inc.* | 25,008 | 593,690 |
| | | 1,369,922 |
| Gas — 1.1% |
| Southwest Gas Holdings, Inc. | 7,102 | 618,442 |
| Hand & Machine Tools — 1.0% |
| Regal Rexnord Corp. | 4,814 | 546,485 |
| Healthcare Products — 2.7% |
| Envista Holdings Corp.* | 19,260 | 742,280 |
| Integra LifeSciences Holdings Corp.* | 13,490 | 728,865 |
| | | 1,471,145 |
| Healthcare Services — 4.6% |
| Acadia Healthcare Co., Inc.* | 12,890 | 871,751 |
| MEDNAX, Inc.* | 37,590 | 789,766 |
| Syneos Health, Inc.* | 11,500 | 824,320 |
| | | 2,485,837 |
| Home Builders — 2.9% |
| KB Home | 16,910 | 481,258 |
| PulteGroup, Inc. | 18,570 | 735,929 |
| Taylor Morrison Home Corp.* | 15,524 | 362,641 |
| | | 1,579,828 |
| Home Furnishings — 0.9% |
| MillerKnoll, Inc. | 18,990 | 498,867 |
| Insurance — 4.6% |
| American Financial Group, Inc. | 4,888 | 678,503 |
| Kemper Corp. | 10,300 | 493,370 |
| Selective Insurance Group, Inc. | 6,930 | 602,494 |
| The Hanover Insurance Group, Inc. | 4,854 | 709,898 |
| | | 2,484,265 |
| Internet — 1.1% |
| Criteo S.A., ADR* | 23,758 | 579,695 |
| Iron & Steel — 2.5% |
| Allegheny Technologies, Inc.* | 25,330 | 575,245 |
| Carpenter Technology Corp. | 9,897 | 276,225 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
SMID Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Iron & Steel — (continued) |
| Reliance Steel & Aluminum Co. | 3,041 | $ 516,544 |
| | | 1,368,014 |
| Lodging — 0.8% |
| Hilton Grand Vacations, Inc.* | 12,140 | 433,762 |
| Machinery — Construction & Mining — 1.9% |
| Oshkosh Corp. | 6,520 | 535,553 |
| Vertiv Holdings Co. | 60,010 | 493,282 |
| | | 1,028,835 |
| Machinery — Diversified — 0.5% |
| Cactus, Inc., Class A | 7,500 | 302,025 |
| Metal Fabricate/Hardware — 0.9% |
| The Timken Co. | 9,090 | 482,225 |
| Mining — 0.9% |
| Cameco Corp. | 23,480 | 493,550 |
| Oil & Gas — 3.7% |
| Coterra Energy, Inc. | 12,444 | 320,931 |
| Helmerich & Payne, Inc. | 14,400 | 620,064 |
| HF Sinclair Corp. | 14,631 | 660,736 |
| Magnolia Oil & Gas Corp., Class A | 20,930 | 439,320 |
| | | 2,041,051 |
| Packaging and Containers — 2.5% |
| Berry Global Group, Inc.* | 17,020 | 929,973 |
| Sealed Air Corp. | 7,252 | 418,585 |
| | | 1,348,558 |
| Retail — 4.3% |
| Dine Brands Global, Inc. | 9,220 | 600,038 |
| Papa John's International, Inc. | 6,960 | 581,299 |
| Sally Beauty Holdings, Inc.* | 40,120 | 478,230 |
| Williams-Sonoma, Inc. | 6,004 | 666,144 |
| | | 2,325,711 |
| Semiconductors — 2.6% |
| Kulicke & Soffa Industries, Inc. | 6,911 | 295,860 |
| ON Semiconductor Corp.* | 10,650 | 535,802 |
| Sensata Technologies Holding PLC | 14,430 | 596,103 |
| | | 1,427,765 |
| Software — 4.1% |
| ACI Worldwide, Inc.* | 24,880 | 644,143 |
| Change Healthcare, Inc.* | 38,260 | 882,276 |
| CommVault Systems, Inc.* | 11,232 | 706,493 |
| | | 2,232,912 |
| Transportation — 5.0% |
| Kirby Corp.* | 12,130 | 737,989 |
| Knight-Swift Transportation Holdings, Inc. | 17,002 | 787,023 |
| Star Bulk Carriers Corp. | 19,920 | 497,801 |
| XPO Logistics, Inc.* | 14,620 | 704,099 |
| | | 2,726,912 |
| | Number of
Shares | Value† |
| |
| Trucking and Leasing — 0.3% |
| GATX Corp. | 1,615 | $ 152,068 |
TOTAL COMMON STOCKS
(Cost $52,663,797) | 50,058,113 |
|
| REAL ESTATE INVESTMENT TRUSTS — 7.6% |
| Apartments — 2.0% |
| American Campus Communities, Inc. | 4,092 | 263,811 |
| Camden Property Trust | 6,180 | 831,087 |
| | | 1,094,898 |
| Diversified — 1.0% |
| Broadstone Net Lease, Inc. | 27,100 | 555,821 |
| Healthcare — 1.7% |
| Physicians Realty Trust | 54,285 | 947,273 |
| Industrial — 0.8% |
| STAG lndustrial, Inc. | 13,715 | 423,519 |
| Office Property — 1.0% |
| Cousins Properties, Inc. | 18,080 | 528,478 |
| Storage & Warehousing — 1.1% |
| CubeSmart | 14,734 | 629,437 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $4,150,442) | | 4,179,426 |
| | | |
| SHORT-TERM INVESTMENTS — 1.2% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $633,934) | 633,934 | 633,934 |
TOTAL INVESTMENTS — 100.7%
(Cost $57,448,173) | | $ 54,871,473 |
| Other Assets & Liabilities — (0.7)% | (388,113) |
| TOTAL NET ASSETS — 100.0% | | $ 54,483,360 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ADR— American Depositary Receipt. |
| NA— National Association. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
SMID Cap Value Fund
| Country Weightings as of 6/30/2022†† |
| United States | 94% |
| United Kingdom | 1 |
| Puerto Rico | 1 |
| France | 1 |
| Greece | 1 |
| Canada | 1 |
| Singapore | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $50,058,113 | $50,058,113 | $— | $— |
| Real Estate Investment Trusts | 4,179,426 | 4,179,426 | — | — |
| Short-Term Investments | 633,934 | 633,934 | — | — |
| Total Investments | $ 54,871,473 | $ 54,871,473 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 98.3% |
| Auto Parts & Equipment — 0.7% |
| QuantumScape Corp.* | 16,158 | $ 138,797 |
| Visteon Corp.* | 5,523 | 572,073 |
| | | 710,870 |
| Banks — 1.2% |
| Walker & Dunlop, Inc. | 12,448 | 1,199,240 |
| Biotechnology — 2.7% |
| Essa Pharma, Inc.* | 16,288 | 51,307 |
| EyePoint Pharmaceuticals, Inc.* | 22,136 | 174,210 |
| Fate Therapeutics, Inc.* | 9,596 | 237,789 |
| Global Blood Therapeutics, Inc.* | 13,336 | 426,085 |
| Insmed, Inc.* | 20,267 | 399,665 |
| Ligand Pharmaceuticals, Inc.* | 8,806 | 785,672 |
| Sarepta Therapeutics, Inc.* | 7,717 | 578,466 |
| | | 2,653,194 |
| Building Materials — 0.8% |
| Summit Materials, Inc., Class A* | 34,386 | 800,850 |
| Chemicals — 2.0% |
| Sensient Technologies Corp. | 24,305 | 1,958,011 |
| Commercial Services — 10.6% |
| Cimpress PLC* | 4,358 | 169,526 |
| Clarivate PLC* | 63,681 | 882,619 |
| Euronet Worldwide, Inc.* | 11,462 | 1,152,963 |
| HealthEquity, Inc.* | 11,845 | 727,164 |
| John Wiley & Sons, Inc., Class A | 12,968 | 619,352 |
| Mister Car Wash, Inc.* | 33,306 | 362,369 |
| Paylocity Holding Corp.* | 5,904 | 1,029,776 |
| Shift4 Payments, Inc., Class A* | 12,151 | 401,712 |
| Stride, Inc.* | 37,442 | 1,527,259 |
| Terminix Global Holdings, Inc.* | 42,749 | 1,737,747 |
| TriNet Group, Inc.* | 13,505 | 1,048,258 |
| WEX, Inc.* | 5,370 | 835,357 |
| | | 10,494,102 |
| Computers — 2.8% |
| Maximus, Inc. | 11,180 | 698,862 |
| NCR Corp.* | 16,911 | 526,101 |
| WNS Holdings Ltd., ADR* | 20,377 | 1,520,939 |
| | | 2,745,902 |
| Distribution & Wholesale — 1.2% |
| Core & Main, Inc., Class A* | 54,621 | 1,218,048 |
| Diversified Financial Services — 5.2% |
| Cboe Global Markets, Inc. | 9,746 | 1,103,150 |
| Focus Financial Partners, Inc., Class A* | 18,043 | 614,544 |
| Foresight Acquisition Corp. PIPE | 72,553 | 269,897 |
| LendingTree, Inc.* | 4,385 | 192,151 |
| LPL Financial Holdings, Inc. | 16,069 | 2,964,409 |
| | | 5,144,151 |
| Electric — 0.7% |
| NRG Energy, Inc. | 18,882 | 720,726 |
| | Number of
Shares | Value† |
| |
| Electrical Components & Equipment — 1.4% |
| EnerSys | 12,601 | $ 742,955 |
| Novanta, Inc.* | 5,374 | 651,705 |
| | | 1,394,660 |
| Electronics — 4.1% |
| Brady Corp., Class A | 31,174 | 1,472,660 |
| Itron, Inc.* | 5,386 | 266,230 |
| Napco Security Technologies, Inc.* | 37,649 | 775,193 |
| National Instruments Corp. | 13,677 | 427,133 |
| OSI Systems, Inc.* | 13,376 | 1,142,845 |
| | | 4,084,061 |
| Energy-Alternate Sources — 0.1% |
| Stem, Inc.* | 18,462 | 132,188 |
| Engineering & Construction — 0.2% |
| Frontdoor, Inc.* | 9,034 | 217,539 |
| Entertainment — 0.3% |
| Manchester United PLC, Class A | 28,299 | 314,685 |
| Environmental Control — 0.4% |
| Montrose Environmental Group, Inc.* | 10,500 | 354,480 |
| Food — 2.0% |
| Hostess Brands, Inc.* | 61,697 | 1,308,594 |
| Premium Brands Holdings Corp. | 9,244 | 669,960 |
| | | 1,978,554 |
| Hand & Machine Tools — 0.9% |
| Regal Rexnord Corp. | 7,815 | 887,159 |
| Healthcare Products — 9.0% |
| Alphatec Holdings, Inc.* | 51,175 | 334,684 |
| Bio-Techne Corp. | 1,746 | 605,233 |
| Bruker Corp. | 19,936 | 1,251,183 |
| Glaukos Corp.* | 15,603 | 708,688 |
| Globus Medical, Inc., Class A* | 22,818 | 1,281,003 |
| ICU Medical, Inc.* | 5,875 | 965,791 |
| Integra LifeSciences Holdings Corp.* | 34,618 | 1,870,411 |
| Paragon 28, Inc.* | 22,053 | 349,981 |
| STERIS PLC | 6,226 | 1,283,490 |
| Treace Medical Concepts, Inc.* | 19,946 | 286,026 |
| | | 8,936,490 |
| Healthcare Services — 4.2% |
| Catalent, Inc.* | 28,535 | 3,061,520 |
| Chemed Corp. | 1,961 | 920,474 |
| Inotiv, Inc.* | 21,974 | 210,950 |
| | | 4,192,944 |
| Holding Companies — 0.8% |
| CM Life Sciences II, Inc. PIPE | 30,686 | 138,701 |
| GS Acquisitions Holdings PIPE | 103,971 | 598,873 |
| | | 737,574 |
| Home Builders — 0.6% |
| Thor Industries, Inc. | 7,696 | 575,122 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Growth Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Home Furnishings — 0.7% |
| The Lovesac Co.* | 25,509 | $ 701,497 |
| Household Products & Wares — 0.7% |
| Helen of Troy Ltd.* | 4,324 | 702,261 |
| Insurance — 1.4% |
| RLI Corp. | 10,204 | 1,189,684 |
| Trean Insurance Group, Inc.* | 37,706 | 234,909 |
| | | 1,424,593 |
| Internet — 2.3% |
| CarParts.com, Inc.* | 73,286 | 508,605 |
| ChannelAdvisor Corp.* | 44,438 | 647,906 |
| Zendesk, Inc.* | 14,539 | 1,076,904 |
| | | 2,233,415 |
| Machinery — Diversified — 4.6% |
| ATS Automation Tooling Systems, Inc.* | 31,454 | 863,812 |
| CSW Industrials, Inc. | 9,858 | 1,015,670 |
| Gates Industrial Corp. PLC* | 39,412 | 426,044 |
| Hydrofarm Holdings Group, Inc.* | 14,776 | 51,420 |
| Kornit Digital Ltd.* | 5,786 | 183,416 |
| Nordson Corp. | 4,794 | 970,497 |
| Zurn Water Solutions Corp. | 37,916 | 1,032,832 |
| | | 4,543,691 |
| Miscellaneous Manufacturing — 2.3% |
| Carlisle Cos., Inc. | 5,888 | 1,404,935 |
| ITT, Inc. | 12,912 | 868,203 |
| | | 2,273,138 |
| Oil & Gas — 1.8% |
| Helmerich & Payne, Inc. | 8,336 | 358,948 |
| Magnolia Oil & Gas Corp., Class A | 45,435 | 953,681 |
| PDC Energy, Inc. | 6,707 | 413,218 |
| | | 1,725,847 |
| Packaging and Containers — 2.7% |
| Crown Holdings, Inc. | 29,294 | 2,700,028 |
| Pharmaceuticals — 3.6% |
| Ascendis Pharma A/S, ADR* | 3,999 | 371,747 |
| BellRing Brands, Inc.* | 23,669 | 589,121 |
| Centessa Pharmaceuticals PLC, ADR* | 17,301 | 84,256 |
| Eagle Pharmaceuticals, Inc.* | 11,343 | 503,970 |
| Heska Corp.* | 3,113 | 294,210 |
| Neurocrine Biosciences, Inc.* | 13,313 | 1,297,751 |
| Vaxcyte, Inc.* | 21,103 | 459,201 |
| | | 3,600,256 |
| Retail — 1.9% |
| Casey's General Stores, Inc. | 4,259 | 787,830 |
| National Vision Holdings, Inc.* | 22,251 | 611,903 |
| Williams-Sonoma, Inc. | 4,455 | 494,282 |
| | | 1,894,015 |
| Semiconductors — 3.9% |
| Entegris, Inc. | 15,953 | 1,469,750 |
| ON Semiconductor Corp.* | 38,435 | 1,933,665 |
| | Number of
Shares | Value† |
| |
| Semiconductors — (continued) |
| Wolfspeed, Inc.* | 7,131 | $ 452,462 |
| | | 3,855,877 |
| Software — 16.2% |
| Aspen Technology Inc* | 2,378 | 436,791 |
| Avalara, Inc.* | 9,349 | 660,039 |
| AvidXchange Holdings, Inc.* | 53,745 | 329,994 |
| Blackbaud, Inc.* | 21,934 | 1,273,707 |
| Broadridge Financial Solutions, Inc. | 11,279 | 1,607,822 |
| Clear Secure, Inc., Class A* | 20,514 | 410,280 |
| Consensus Cloud Solutions, Inc.* | 12,654 | 552,727 |
| CoreCard Corp.* | 21,679 | 529,184 |
| Dynatrace, Inc.* | 23,054 | 909,250 |
| Enfusion, Inc., Class A* | 41,637 | 425,114 |
| Envestnet, Inc.* | 11,265 | 594,454 |
| Expensify, Inc., Class A* | 20,684 | 367,968 |
| Global-e Online Ltd.* | 6,660 | 134,332 |
| LivePerson, Inc.* | 26,820 | 379,235 |
| PagerDuty, Inc.* | 24,691 | 611,843 |
| Sailpoint Technologies Holdings, Inc.* | 29,204 | 1,830,507 |
| SS&C Technologies Holdings, Inc. | 35,565 | 2,065,260 |
| The Descartes Systems Group, Inc.* | 26,302 | 1,634,476 |
| Ziff Davis, Inc.* | 16,948 | 1,263,134 |
| | | 16,016,117 |
| Telecommunications — 2.5% |
| Nice Ltd., ADR* | 13,047 | 2,510,895 |
| Transportation — 1.8% |
| CryoPort, Inc.* | 19,745 | 611,700 |
| Saia, Inc.* | 6,164 | 1,158,832 |
| | | 1,770,532 |
TOTAL COMMON STOCKS
(Cost $78,240,266) | 97,402,712 |
|
| REAL ESTATE INVESTMENT TRUSTS — 0.9% |
| Diversified — 0.9% |
Lamar Advertising Co., Class A
(Cost $524,466) | 9,463 | 832,460 |
| | | |
| SHORT-TERM INVESTMENTS — 0.6% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $603,714) | 603,714 | 603,714 |
TOTAL INVESTMENTS — 99.8%
(Cost $79,368,446) | | $ 98,838,886 |
| Other Assets & Liabilities — 0.2% | 216,038 |
| TOTAL NET ASSETS — 100.0% | | $ 99,054,924 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Growth Fund
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| PIPE— Private Investments in Public Equity. |
| PLC— Public Limited Company. |
| Country Weightings as of 6/30/2022†† |
| United States | 91% |
| Canada | 3 |
| Israel | 3 |
| India | 2 |
| United Kingdom | 1 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | | | | |
| Auto Parts & Equipment | $ 710,870 | $ 710,870 | $ — | $— |
| Banks | 1,199,240 | 1,199,240 | — | — |
| Biotechnology | 2,653,194 | 2,653,194 | — | — |
| Building Materials | 800,850 | 800,850 | — | — |
| Chemicals | 1,958,011 | 1,958,011 | — | — |
| Commercial Services | 10,494,102 | 10,494,102 | — | — |
| Computers | 2,745,902 | 2,745,902 | — | — |
| Distribution & Wholesale | 1,218,048 | 1,218,048 | — | — |
| Diversified Financial Services | 5,144,151 | 4,874,254 | 269,897 | — |
| Electric | 720,726 | 720,726 | — | — |
| Electrical Components & Equipment | 1,394,660 | 1,394,660 | — | — |
| Electronics | 4,084,061 | 4,084,061 | — | — |
| Energy-Alternate Sources | 132,188 | 132,188 | — | — |
| Engineering & Construction | 217,539 | 217,539 | — | — |
| Entertainment | 314,685 | 314,685 | — | — |
| Environmental Control | 354,480 | 354,480 | — | — |
| Food | 1,978,554 | 1,978,554 | — | — |
| Hand & Machine Tools | 887,159 | 887,159 | — | — |
| Healthcare Products | 8,936,490 | 8,936,490 | — | — |
| Healthcare Services | 4,192,944 | 4,192,944 | — | — |
| Holding Companies | 737,574 | — | 737,574 | — |
| Home Builders | 575,122 | 575,122 | — | — |
| Home Furnishings | 701,497 | 701,497 | — | — |
| Household Products & Wares | 702,261 | 702,261 | — | — |
| Insurance | 1,424,593 | 1,424,593 | — | — |
| Internet | 2,233,415 | 2,233,415 | — | — |
| Machinery — Diversified | 4,543,691 | 4,543,691 | — | — |
| Miscellaneous Manufacturing | 2,273,138 | 2,273,138 | — | — |
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Oil & Gas | $ 1,725,847 | $ 1,725,847 | $ — | $— |
| Packaging and Containers | 2,700,028 | 2,700,028 | — | — |
| Pharmaceuticals | 3,600,256 | 3,600,256 | — | — |
| Retail | 1,894,015 | 1,894,015 | — | — |
| Semiconductors | 3,855,877 | 3,855,877 | — | — |
| Software | 16,016,117 | 16,016,117 | — | — |
| Telecommunications | 2,510,895 | 2,510,895 | — | — |
| Transportation | 1,770,532 | 1,770,532 | — | — |
| Total Common Stocks | 97,402,712 | 96,395,241 | 1,007,471 | — |
| Real Estate Investment Trusts | 832,460 | 832,460 | — | — |
| Short-Term Investments | 603,714 | 603,714 | — | — |
| Total Investments | $ 98,838,886 | $ 97,831,415 | $ 1,007,471 | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 87.4% |
| Advertising — 0.2% |
| Entravision Communications Corp., Class A | 52,455 | $ 239,195 |
| Aerospace & Defense — 1.1% |
| AAR Corp.* | 15,145 | 633,667 |
| Aerojet Rocketdyne Holdings, Inc.* | 11,900 | 483,140 |
| Ducommun, Inc.* | 12,766 | 549,448 |
| | | 1,666,255 |
| Airlines — 0.4% |
| Allegiant Travel Co.* | 1,577 | 178,343 |
| Spirit Airlines, Inc.* | 20,051 | 478,016 |
| | | 656,359 |
| Apparel — 0.9% |
| Capri Holdings Ltd.* | 8,736 | 358,263 |
| Carter's, Inc. | 7,488 | 527,754 |
| Deckers Outdoor Corp.* | 1,773 | 452,736 |
| | | 1,338,753 |
| Auto Parts & Equipment — 0.4% |
| Adient PLC* | 7,401 | 219,291 |
| American Axle & Manufacturing Holdings, Inc.* | 46,205 | 347,924 |
| | | 567,215 |
| Banks — 17.3% |
| Alerus Financial Corp. | 5,599 | 133,312 |
| Amalgamated Financial Corp. | 9,847 | 194,774 |
| Ameris Bancorp | 20,959 | 842,133 |
| Associated Banc-Corp. | 46,579 | 850,532 |
| Atlantic Union Bankshares Corp. | 31,166 | 1,057,151 |
| Banner Corp. | 22,268 | 1,251,684 |
| Cadence Bank | 38,281 | 898,838 |
| Columbia Banking System, Inc. | 20,644 | 591,451 |
| Community Bank System, Inc. | 12,820 | 811,250 |
| ConnectOne Bancorp, Inc. | 31,145 | 761,495 |
| CVB Financial Corp. | 61,655 | 1,529,660 |
| Eastern Bankshares, Inc. | 62,150 | 1,147,289 |
| FB Financial Corp. | 20,839 | 817,306 |
| First Financial Bankshares, Inc. | 15,873 | 623,333 |
| First Merchants Corp. | 25,999 | 926,084 |
| German American Bancorp, Inc. | 14,342 | 490,210 |
| Glacier Bancorp, Inc. | 17,343 | 822,405 |
| Hancock Whitney Corp. | 35,161 | 1,558,687 |
| Heritage Financial Corp. | 22,090 | 555,784 |
| Home BancShares, Inc. | 40,999 | 851,549 |
| Independent Bank Corp. | 16,472 | 1,308,371 |
| Independent Bank Group, Inc. | 6,204 | 421,314 |
| Lakeland Financial Corp. | 16,174 | 1,074,277 |
| NBT Bancorp, Inc. | 6,367 | 239,335 |
| Origin Bancorp, Inc. | 10,087 | 391,376 |
| PacWest Bancorp | 18,070 | 481,746 |
| Pinnacle Financial Partners, Inc. | 6,380 | 461,338 |
| Renasant Corp. | 26,884 | 774,528 |
| SouthState Corp. | 15,208 | 1,173,297 |
| The First of Long Island Corp. | 6,114 | 107,178 |
| | Number of
Shares | Value† |
| |
| Banks — (continued) |
| Towne Bank | 24,551 | $ 666,560 |
| TriCo Bancshares | 20,455 | 933,566 |
| United Community Banks, Inc. | 41,740 | 1,260,131 |
| Walker & Dunlop, Inc. | 8,151 | 785,267 |
| | | 26,793,211 |
| Beverages — 0.9% |
| Primo Water Corp. | 99,752 | 1,334,682 |
| Biotechnology — 3.4% |
| Allogene Therapeutics, Inc.* | 25,289 | 288,295 |
| Apellis Pharmaceuticals, Inc.* | 4,919 | 222,437 |
| Arcus Biosciences, Inc.* | 7,409 | 187,744 |
| Beam Therapeutics, Inc.* | 4,450 | 172,259 |
| EQRx, Inc.* | 43,099 | 202,134 |
| Intellia Therapeutics, Inc.* | 4,254 | 220,187 |
| Iovance Biotherapeutics, Inc.* | 29,861 | 329,665 |
| Mersana Therapeutics, Inc.* | 34,532 | 159,538 |
| Myriad Genetics, Inc.* | 24,481 | 444,820 |
| NeoGenomics, Inc.* | 59,219 | 482,635 |
| REGENXBIO, Inc.* | 11,071 | 273,454 |
| Relay Therapeutics, Inc.* | 17,047 | 285,537 |
| REVOLUTION Medicines, Inc.* | 16,091 | 313,614 |
| Sage Therapeutics, Inc.* | 14,337 | 463,085 |
| Turning Point Therapeutics, Inc.* | 7,487 | 563,397 |
| Ultragenyx Pharmaceutical, Inc.* | 3,083 | 183,932 |
| Veracyte, Inc.* | 11,309 | 225,049 |
| Xencor, Inc.* | 7,432 | 203,414 |
| Zentalis Pharmaceuticals, Inc.* | 3,388 | 95,203 |
| | | 5,316,399 |
| Building Materials — 0.4% |
| Summit Materials, Inc., Class A* | 24,739 | 576,171 |
| Chemicals — 0.7% |
| H.B. Fuller Co. | 14,571 | 877,320 |
| Tronox Holdings PLC, Class A | 15,699 | 263,743 |
| | | 1,141,063 |
| Coal — 0.1% |
| Warrior Met Coal, Inc. | 7,028 | 215,127 |
| Commercial Services — 5.6% |
| ABM Industries, Inc. | 36,674 | 1,592,385 |
| Adtalem Global Education, Inc.* | 20,582 | 740,334 |
| Alight, Inc., Class A* | 86,108 | 581,229 |
| ASGN, Inc.* | 10,275 | 927,319 |
| Deluxe Corp. | 27,488 | 595,665 |
| First Advantage Corp.* | 40,997 | 519,432 |
| ICF International, Inc. | 9,431 | 895,945 |
| John Wiley & Sons, Inc., Class A | 25,459 | 1,215,922 |
| Kforce, Inc. | 6,517 | 399,753 |
| LiveRamp Holdings, Inc.* | 24,224 | 625,221 |
| Repay Holdings Corp.* | 45,083 | 579,317 |
| | | 8,672,522 |
| Computers — 1.4% |
| KBR, Inc. | 31,894 | 1,543,351 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Computers — (continued) |
| Ping Identity Holding Corp.* | 37,370 | $ 677,892 |
| | | 2,221,243 |
| Distribution & Wholesale — 2.0% |
| Avient Corp. | 36,353 | 1,457,028 |
| Resideo Technologies, Inc.* | 50,163 | 974,166 |
| WESCO International, Inc.* | 6,873 | 736,098 |
| | | 3,167,292 |
| Diversified Financial Services — 0.9% |
| Bread Financial Holdings, Inc. | 4,085 | 151,390 |
| Houlihan Lokey, Inc. | 2,937 | 231,818 |
| LendingClub Corp.* | 12,523 | 146,394 |
| Oportun Financial Corp.* | 6,126 | 50,662 |
| PJT Partners, Inc., Class A | 6,190 | 435,033 |
| Stifel Financial Corp. | 5,413 | 303,236 |
| | | 1,318,533 |
| Electric — 2.6% |
| ALLETE, Inc. | 22,826 | 1,341,712 |
| IDACORP, Inc. | 12,219 | 1,294,237 |
| MGE Energy, Inc. | 17,186 | 1,337,586 |
| | | 3,973,535 |
| Electronics — 2.4% |
| CTS Corp. | 14,082 | 479,492 |
| FARO Technologies, Inc.* | 17,452 | 538,045 |
| Itron, Inc.* | 14,743 | 728,746 |
| Knowles Corp.* | 32,445 | 562,272 |
| Sanmina Corp.* | 17,023 | 693,347 |
| TTM Technologies, Inc.* | 52,519 | 656,488 |
| | | 3,658,390 |
| Energy-Alternate Sources — 0.5% |
| NextEra Energy Partners LP | 11,317 | 839,269 |
| Engineering & Construction — 1.9% |
| Arcosa, Inc. | 20,439 | 948,983 |
| Dycom Industries, Inc.* | 7,864 | 731,666 |
| MasTec, Inc.* | 8,651 | 619,931 |
| Primoris Services Corp. | 27,890 | 606,886 |
| | | 2,907,466 |
| Entertainment — 1.0% |
| International Game Technology PLC | 32,433 | 601,957 |
| Red Rock Resorts, Inc., Class A | 11,306 | 377,168 |
| SeaWorld Entertainment, Inc.* | 14,223 | 628,372 |
| | | 1,607,497 |
| Food — 2.3% |
| Hostess Brands, Inc.* | 64,764 | 1,373,644 |
| Krispy Kreme, Inc. | 27,525 | 374,340 |
| SpartanNash Co. | 6,302 | 190,131 |
| The Simply Good Foods Co.* | 13,219 | 499,282 |
| United Natural Foods, Inc.* | 19,915 | 784,651 |
| Utz Brands, Inc. | 29,241 | 404,111 |
| | | 3,626,159 |
| | Number of
Shares | Value† |
| |
| Food Service — 0.1% |
| Sovos Brands, Inc.* | 14,574 | $ 231,289 |
| Gas — 1.8% |
| Chesapeake Utilities Corp. | 7,049 | 913,198 |
| ONE Gas, Inc. | 17,744 | 1,440,635 |
| Southwest Gas Holdings, Inc. | 5,547 | 483,033 |
| | | 2,836,866 |
| Hand & Machine Tools — 0.3% |
| Kennametal, Inc. | 20,202 | 469,292 |
| Healthcare Products — 2.1% |
| Avanos Medical, Inc.* | 29,855 | 816,236 |
| CONMED Corp. | 8,273 | 792,222 |
| LivaNova PLC* | 11,621 | 725,964 |
| NuVasive, Inc.* | 15,365 | 755,343 |
| Pacific Biosciences of California, Inc.* | 36,700 | 162,214 |
| | | 3,251,979 |
| Healthcare Services — 0.9% |
| Acadia Healthcare Co., Inc.* | 12,384 | 837,530 |
| Tenet Healthcare Corp.* | 11,066 | 581,629 |
| | | 1,419,159 |
| Home Builders — 1.2% |
| Century Communities, Inc. | 8,711 | 391,734 |
| Installed Building Products, Inc. | 5,071 | 421,704 |
| Meritage Homes Corp.* | 13,908 | 1,008,330 |
| | | 1,821,768 |
| Insurance — 3.9% |
| AMERISAFE, Inc. | 7,797 | 405,522 |
| BRP Group, Inc., Class A* | 8,655 | 209,018 |
| CNO Financial Group, Inc. | 26,176 | 473,524 |
| Enstar Group Ltd.* | 4,108 | 879,030 |
| MGIC Investment Corp. | 81,890 | 1,031,814 |
| NMI Holdings, Inc., Class A* | 30,345 | 505,244 |
| RLI Corp. | 4,872 | 568,027 |
| Selective Insurance Group, Inc. | 18,650 | 1,621,431 |
| The Hanover Insurance Group, Inc. | 2,789 | 407,891 |
| | | 6,101,501 |
| Internet — 0.4% |
| Bumble, Inc., Class A* | 20,377 | 573,613 |
| Iron & Steel — 1.1% |
| Allegheny Technologies, Inc.* | 28,584 | 649,143 |
| Commercial Metals Co. | 29,619 | 980,389 |
| | | 1,629,532 |
| Leisure Time — 0.5% |
| Callaway Golf Co.* | 36,735 | 749,394 |
| Lodging — 0.8% |
| Boyd Gaming Corp. | 10,999 | 547,200 |
| Travel + Leisure Co. | 15,977 | 620,227 |
| | | 1,167,427 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Machinery — Construction & Mining — 0.9% |
| Astec Industries, Inc. | 17,105 | $ 697,542 |
| Terex Corp. | 26,544 | 726,509 |
| | | 1,424,051 |
| Machinery — Diversified — 1.6% |
| Chart Industries, Inc.* | 6,154 | 1,030,056 |
| Columbus McKinnon Corp. | 20,902 | 592,990 |
| Enovis Corp.* | 16,704 | 918,720 |
| | | 2,541,766 |
| Media — 1.4% |
| Gray Television, Inc. | 20,978 | 354,318 |
| iHeartMedia, Inc., Class A* | 28,748 | 226,822 |
| Nexstar Media Group, Inc., Class A | 5,246 | 854,469 |
| TEGNA, Inc. | 37,168 | 779,413 |
| | | 2,215,022 |
| Mining — 0.7% |
| Constellium S.E.* | 52,885 | 698,611 |
| Hecla Mining Co. | 106,135 | 416,049 |
| | | 1,114,660 |
| Miscellaneous Manufacturing — 1.6% |
| EnPro Industries, Inc. | 10,783 | 883,451 |
| ESCO Technologies, Inc. | 10,082 | 689,306 |
| Federal Signal Corp. | 25,503 | 907,907 |
| | | 2,480,664 |
| Office & Business Equipment — 0.2% |
| Xerox Holdings Corp. | 15,677 | 232,803 |
| Oil & Gas — 3.8% |
| Brigham Minerals, Inc., Class A | 22,257 | 548,190 |
| Callon Petroleum Co.* | 14,468 | 567,145 |
| Centennial Resource Development, Inc., Class A* | 108,210 | 647,096 |
| Helmerich & Payne, Inc. | 28,149 | 1,212,096 |
| Magnolia Oil & Gas Corp., Class A | 25,128 | 527,437 |
| Murphy Oil Corp. | 9,978 | 301,236 |
| Oasis Petroleum, Inc. | 3,501 | 425,897 |
| Patterson-UTI Energy, Inc. | 42,375 | 667,830 |
| PBF Energy, Inc., Class A* | 12,396 | 359,732 |
| SM Energy Co. | 19,348 | 661,508 |
| | | 5,918,167 |
| Oil & Gas Services — 0.6% |
| Liberty Oilfield Services, Inc., Class A* | 27,864 | 355,544 |
| NexTier Oilfield Solutions, Inc.* | 58,331 | 554,728 |
| | | 910,272 |
| Pharmaceuticals — 1.7% |
| Agios Pharmaceuticals, Inc.* | 18,833 | 417,528 |
| Alkermes PLC* | 15,783 | 470,176 |
| BellRing Brands, Inc.* | 20,022 | 498,348 |
| Cytokinetics, Inc.* | 1,625 | 63,846 |
| Kura Oncology, Inc.* | 17,913 | 328,345 |
| Owens & Minor, Inc. | 28,536 | 897,457 |
| | | 2,675,700 |
| | Number of
Shares | Value† |
| |
| Pipelines — 0.6% |
| Golar LNG Ltd.* | 38,853 | $ 883,906 |
| Private Equity — 0.2% |
| P10, Inc., Class A | 28,343 | 315,174 |
| Real Estate — 0.8% |
| Kennedy-Wilson Holdings, Inc. | 61,321 | 1,161,420 |
| Retail — 4.1% |
| Academy Sports & Outdoors, Inc. | 29,384 | 1,044,307 |
| Asbury Automotive Group, Inc.* | 4,170 | 706,148 |
| Beacon Roofing Supply, Inc.* | 15,579 | 800,138 |
| BJ's Wholesale Club Holdings, Inc.* | 12,524 | 780,496 |
| FirstCash Holdings, Inc. | 7,293 | 506,936 |
| Group 1 Automotive, Inc. | 6,325 | 1,073,985 |
| Macy's, Inc. | 20,207 | 370,192 |
| Signet Jewelers Ltd. | 2,691 | 143,861 |
| The Wendy's Co. | 50,648 | 956,234 |
| | | 6,382,297 |
| Savings & Loans — 2.5% |
| Berkshire Hills Bancorp, Inc. | 10,459 | 259,069 |
| Brookline Bancorp, Inc. | 51,349 | 683,455 |
| OceanFirst Financial Corp. | 41,820 | 800,017 |
| Pacific Premier Bancorp, Inc. | 26,998 | 789,422 |
| Washington Federal, Inc. | 43,406 | 1,303,048 |
| | | 3,835,011 |
| Semiconductors — 1.6% |
| Cohu, Inc.* | 34,986 | 970,861 |
| MACOM Technology Solutions Holdings, Inc.* | 17,478 | 805,736 |
| Onto Innovation, Inc.* | 10,669 | 744,056 |
| | | 2,520,653 |
| Software — 2.4% |
| Allscripts Healthcare Solutions, Inc.* | 55,844 | 828,167 |
| Cerence, Inc.* | 19,422 | 490,017 |
| Domo, Inc., Class B* | 9,832 | 273,330 |
| Fastly, Inc., Class A* | 24,384 | 283,098 |
| Health Catalyst, Inc.* | 29,459 | 426,861 |
| JFrog Ltd.* | 20,974 | 441,922 |
| Smartsheet, Inc., Class A* | 15,387 | 483,613 |
| Verint Systems, Inc.* | 11,799 | 499,688 |
| | | 3,726,696 |
| Telecommunications — 2.1% |
| DigitalBridge Group, Inc.* | 176,046 | 859,104 |
| Iridium Communications, Inc.* | 17,904 | 672,474 |
| Maxar Technologies, Inc. | 23,066 | 601,792 |
| Telephone and Data Systems, Inc. | 31,035 | 490,043 |
| Viavi Solutions, Inc.* | 47,257 | 625,210 |
| | | 3,248,623 |
| Transportation — 0.7% |
| ArcBest Corp. | 5,710 | 401,813 |
| Saia, Inc.* | 3,275 | 615,700 |
| | | 1,017,513 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Value Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Water — 0.4% |
| SJW Group | 9,215 | $ 575,108 |
TOTAL COMMON STOCKS
(Cost $140,560,521) | 135,267,662 |
|
| REAL ESTATE INVESTMENT TRUSTS — 11.3% |
| Healthcare — 2.0% |
| Healthcare Realty Trust, Inc. | 53,042 | 1,442,743 |
| Physicians Realty Trust | 94,778 | 1,653,876 |
| | | 3,096,619 |
| Hotels & Resorts — 2.5% |
| Pebblebrook Hotel Trust | 67,148 | 1,112,643 |
| RLJ Lodging Trust | 121,707 | 1,342,428 |
| Ryman Hospitality Properties, Inc.* | 18,809 | 1,430,048 |
| | | 3,885,119 |
| Industrial — 0.9% |
| STAG lndustrial, Inc. | 44,196 | 1,364,772 |
| Mortgage Banks — 2.0% |
| KKR Real Estate Finance Trust, Inc. | 44,714 | 780,259 |
| PennyMac Mortgage Investment Trust | 81,882 | 1,132,428 |
| TPG RE Finance Trust, Inc. | 59,407 | 535,257 |
| Two Harbors Investment Corp. | 128,881 | 641,828 |
| | | 3,089,772 |
| Office Property — 0.7% |
| Hudson Pacific Properties, Inc. | 75,552 | 1,121,192 |
| Single Tenant — 0.8% |
| Agree Realty Corp. | 17,424 | 1,256,793 |
| Storage & Warehousing — 0.9% |
| Terreno Realty Corp. | 26,130 | 1,456,225 |
| Strip Centers — 1.5% |
| Acadia Realty Trust | 74,293 | 1,160,457 |
| SITE Centers Corp. | 82,573 | 1,112,258 |
| | | 2,272,715 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $20,659,437) | | 17,543,207 |
| | | |
| SHORT-TERM INVESTMENTS — 1.0% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $1,555,873) | 1,555,873 | 1,555,873 |
TOTAL INVESTMENTS — 99.7%
(Cost $162,775,831) | | $ 154,366,742 |
| Other Assets & Liabilities — 0.3% | 452,192 |
| TOTAL NET ASSETS — 100.0% | | $ 154,818,934 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| LP— Limited Partnership. |
| PLC— Public Limited Company. |
| S.E.— Societas Europaea. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $135,267,662 | $135,267,662 | $— | $— |
| Real Estate Investment Trusts | 17,543,207 | 17,543,207 | — | — |
| Short-Term Investments | 1,555,873 | 1,555,873 | — | — |
| Total Investments | $ 154,366,742 | $ 154,366,742 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 90.4% |
| Advertising — 0.1% |
| Advantage Solutions, Inc.* | 2,600 | $ 9,880 |
| Boston Omaha Corp., Class A* | 700 | 14,455 |
| Clear Channel Outdoor Holdings, Inc.* | 12,200 | 13,054 |
| Entravision Communications Corp., Class A | 1,700 | 7,752 |
| Quotient Technology, Inc.* | 2,700 | 8,019 |
| Stagwell, Inc.* | 2,400 | 13,032 |
| | | 66,192 |
| Aerospace & Defense — 0.8% |
| AAR Corp.* | 1,169 | 48,911 |
| Aerojet Rocketdyne Holdings, Inc.* | 2,540 | 103,124 |
| AeroVironment, Inc.* | 718 | 59,020 |
| AerSale Corp.* | 400 | 5,804 |
| Archer Aviation, Inc., Class A* | 4,100 | 12,628 |
| Astra Space, Inc.* | 4,700 | 6,110 |
| Astronics Corp.* | 795 | 8,085 |
| Barnes Group, Inc. | 1,565 | 48,734 |
| Ducommun, Inc.* | 400 | 17,216 |
| Joby Aviation, Inc.* | 8,200 | 40,262 |
| Kaman Corp. | 948 | 29,625 |
| Kratos Defense & Security Solutions, Inc.* | 4,322 | 59,989 |
| Momentus, Inc.* | 1,800 | 3,888 |
| Moog, Inc., Class A | 891 | 70,737 |
| National Presto Industries, Inc. | 146 | 9,583 |
| Park Aerospace Corp. | 533 | 6,801 |
| Rocket Lab USA, Inc.* | 7,000 | 26,530 |
| Triumph Group, Inc.* | 2,200 | 29,238 |
| | | 586,285 |
| Agriculture — 0.3% |
| 22nd Century Group, Inc.* | 5,200 | 11,076 |
| Alico, Inc. | 200 | 7,126 |
| AppHarvest, Inc.* | 2,600 | 9,074 |
| Benson Hill, Inc.* | 5,600 | 15,344 |
| Fresh Del Monte Produce, Inc. | 1,016 | 30,002 |
| Tejon Ranch Co.* | 825 | 12,804 |
| The Andersons, Inc. | 1,032 | 34,046 |
| Turning Point Brands, Inc. | 500 | 13,565 |
| Universal Corp. | 855 | 51,727 |
| Vector Group Ltd. | 4,857 | 50,999 |
| Vital Farms, Inc.* | 800 | 7,000 |
| | | 242,763 |
| Airlines — 0.3% |
| Allegiant Travel Co.* | 521 | 58,920 |
| Frontier Group Holdings, Inc.* | 1,200 | 11,244 |
| Hawaiian Holdings, Inc.* | 1,626 | 23,268 |
| SkyWest, Inc.* | 1,681 | 35,721 |
| Spirit Airlines, Inc.* | 3,600 | 85,824 |
| Sun Country Airlines Holdings, Inc.* | 1,100 | 20,174 |
| Wheels Up Experience, Inc.* | 5,200 | 10,140 |
| | | 245,291 |
| Apparel — 0.6% |
| Cenntro Electric Group Ltd.* | 6,000 | 9,060 |
| | Number of
Shares | Value† |
| |
| Apparel — (continued) |
| Crocs, Inc.* | 2,000 | $ 97,340 |
| Ermenegildo Zegna Holditalia SpA* | 1,500 | 15,825 |
| Fossil Group, Inc.* | 1,700 | 8,789 |
| Kontoor Brands, Inc. | 1,700 | 56,729 |
| Oxford Industries, Inc. | 508 | 45,080 |
| PLBY Group, Inc.* | 1,000 | 6,400 |
| Rocky Brands, Inc. | 200 | 6,836 |
| Steven Madden Ltd. | 2,673 | 86,097 |
| Superior Group of Cos., Inc. | 400 | 7,100 |
| Torrid Holdings, Inc.* | 400 | 1,728 |
| Urban Outfitters, Inc.* | 2,200 | 41,052 |
| Weyco Group, Inc. | 200 | 4,890 |
| Wolverine World Wide, Inc. | 2,582 | 52,053 |
| | | 438,979 |
| Auto Manufacturers — 0.3% |
| Blue Bird Corp.* | 692 | 6,373 |
| Canoo, Inc.* | 3,700 | 6,845 |
| Fisker, Inc.* | 5,400 | 46,278 |
| Hyliion Holdings Corp.* | 3,900 | 12,558 |
| Hyzon Motors, Inc.* | 2,900 | 8,526 |
| Lightning eMotors, Inc.* | 1,300 | 3,601 |
| Lordstown Motors Corp., Class A* | 5,600 | 8,848 |
| Nikola Corp.* | 9,500 | 45,220 |
| REV Group, Inc. | 1,000 | 10,870 |
| TuSimple Holdings, Inc., Class A* | 4,600 | 33,258 |
| Wabash National Corp. | 1,600 | 21,728 |
| Workhorse Group, Inc.* | 5,500 | 14,300 |
| Xos, Inc.* | 1,800 | 3,312 |
| | | 221,717 |
| Auto Parts & Equipment — 1.5% |
| Adient PLC* | 3,100 | 91,853 |
| Aeva Technologies, Inc.* | 3,400 | 10,642 |
| American Axle & Manufacturing Holdings, Inc.* | 4,016 | 30,241 |
| Dana, Inc. | 4,196 | 59,038 |
| Dorman Products, Inc.* | 857 | 94,021 |
| Douglas Dynamics, Inc. | 700 | 20,118 |
| Fox Factory Holding Corp.* | 1,397 | 112,514 |
| Gentherm, Inc.* | 1,068 | 66,654 |
| Holley, Inc.* | 1,700 | 17,850 |
| indie Semiconductor, Inc., Class A* | 3,300 | 18,810 |
| Luminar Technologies, Inc.* | 7,800 | 46,254 |
| Meritor, Inc.* | 2,245 | 81,561 |
| Methode Electronics, Inc. | 1,260 | 46,670 |
| Microvast Holdings, Inc.* | 5,600 | 12,432 |
| Miller Industries, Inc. | 343 | 7,776 |
| Motorcar Parts of America, Inc.* | 500 | 6,560 |
| Proterra, Inc.* | 7,200 | 33,408 |
| Solid Power, Inc.* | 1,900 | 10,222 |
| Standard Motor Products, Inc. | 700 | 31,493 |
| Tenneco, Inc., Class A* | 2,900 | 49,764 |
| The Goodyear Tire & Rubber Co.* | 9,295 | 99,549 |
| The Shyft Group, Inc. | 1,200 | 22,308 |
| Titan International, Inc.* | 1,800 | 27,180 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Auto Parts & Equipment — (continued) |
| Velodyne Lidar, Inc.* | 2,400 | $ 2,293 |
| Visteon Corp.* | 900 | 93,222 |
| XPEL, Inc.* | 600 | 27,558 |
| | | 1,119,991 |
| Banks — 9.3% |
| 1st Source Corp. | 588 | 26,695 |
| ACNB Corp. | 300 | 8,907 |
| Alerus Financial Corp. | 400 | 9,524 |
| Allegiance Bancshares, Inc. | 600 | 22,656 |
| Amalgamated Financial Corp. | 600 | 11,868 |
| American National Bankshares, Inc. | 400 | 13,844 |
| Ameris Bancorp | 2,212 | 88,878 |
| Arrow Financial Corp. | 449 | 14,283 |
| Associated Banc-Corp. | 4,900 | 89,474 |
| Atlantic Union Bankshares Corp. | 2,507 | 85,037 |
| BancFirst Corp. | 620 | 59,340 |
| Banco Latinoamericano de Comercio Exterior S.A., Class E | 1,110 | 14,730 |
| Bank First Corp. | 200 | 15,162 |
| Bank of Marin Bancorp | 480 | 15,254 |
| BankUnited, Inc. | 2,700 | 96,039 |
| Bankwell Financial Group, Inc. | 200 | 6,210 |
| Banner Corp. | 1,100 | 61,831 |
| Bar Harbor Bankshares | 397 | 10,266 |
| BayCom Corp. | 400 | 8,272 |
| BCB Bancorp, Inc. | 500 | 8,515 |
| Blue Foundry Bancorp* | 900 | 10,791 |
| Blue Ridge Bankshares, Inc. | 700 | 10,724 |
| Bridgewater Bancshares Inc.* | 700 | 11,298 |
| Business First Bancshares, Inc. | 700 | 14,917 |
| Byline Bancorp, Inc. | 900 | 21,420 |
| Cadence Bank | 6,083 | 142,829 |
| Cambridge Bancorp | 200 | 16,540 |
| Camden National Corp. | 539 | 23,743 |
| Capital Bancorp, Inc. | 200 | 4,340 |
| Capital City Bank Group, Inc. | 469 | 13,080 |
| Capstar Financial Holdings, Inc. | 600 | 11,772 |
| Carter Bankshares, Inc.* | 800 | 10,560 |
| Cathay General Bancorp | 2,450 | 95,917 |
| CBTX, Inc. | 700 | 18,613 |
| Central Pacific Financial Corp. | 900 | 19,305 |
| Citizens & Northern Corp. | 556 | 13,439 |
| City Holding Co. | 485 | 38,742 |
| Civista Bancshares, Inc. | 400 | 8,504 |
| CNB Financial Corp. | 474 | 11,466 |
| Coastal Financial Corp.* | 300 | 11,436 |
| Colony Bankcorp, Inc. | 500 | 7,545 |
| Columbia Banking System, Inc. | 2,568 | 73,573 |
| Community Bank System, Inc. | 1,737 | 109,917 |
| Community Trust Bancorp, Inc. | 483 | 19,533 |
| ConnectOne Bancorp, Inc. | 1,160 | 28,362 |
| CrossFirst Bankshares, Inc.* | 1,500 | 19,800 |
| Customers Bancorp, Inc.* | 980 | 33,222 |
| CVB Financial Corp. | 4,392 | 108,965 |
| | Number of
Shares | Value† |
| |
| Banks — (continued) |
| Dime Community Bancshares, Inc. | 1,109 | $ 32,882 |
| Eagle Bancorp, Inc. | 1,073 | 50,871 |
| Eastern Bankshares, Inc. | 5,300 | 97,838 |
| Enterprise Bancorp, Inc. | 313 | 10,075 |
| Enterprise Financial Services Corp. | 1,180 | 48,970 |
| Equity Bancshares, Inc., Class A | 500 | 14,580 |
| Esquire Financial Holdings, Inc. | 200 | 6,660 |
| Farmers & Merchants Bancorp, Inc. | 400 | 13,276 |
| Farmers National Banc Corp. | 1,100 | 16,500 |
| FB Financial Corp. | 1,086 | 42,593 |
| Financial Institutions, Inc. | 440 | 11,449 |
| First Bancorp | 1,124 | 39,228 |
| First BanCorp. | 6,400 | 82,624 |
| First Bank | 400 | 5,592 |
| First Busey Corp. | 1,713 | 39,142 |
| First Business Financial Services, Inc. | 300 | 9,357 |
| First Commonwealth Financial Corp. | 3,221 | 43,226 |
| First Community Bankshares, Inc. | 626 | 18,411 |
| First Financial Bancorp | 3,082 | 59,791 |
| First Financial Bankshares, Inc. | 4,304 | 169,018 |
| First Financial Corp. | 380 | 16,910 |
| First Foundation, Inc. | 1,600 | 32,768 |
| First Guaranty Bancshares, Inc. | 200 | 4,862 |
| First Internet Bancorp | 300 | 11,046 |
| First Interstate BancSystem, Inc., Class A | 3,187 | 121,457 |
| First Merchants Corp. | 1,930 | 68,747 |
| First Mid Bancshares, Inc. | 500 | 17,835 |
| Five Star Bancorp | 500 | 13,210 |
| Flagstar Bancorp, Inc. | 1,700 | 60,265 |
| Fulton Financial Corp. | 5,103 | 73,738 |
| FVCBankcorp, Inc.* | 400 | 7,532 |
| German American Bancorp, Inc. | 838 | 28,643 |
| Glacier Bancorp, Inc. | 3,699 | 175,407 |
| Great Southern Bancorp, Inc. | 371 | 21,726 |
| Guaranty Bancshares, Inc. | 330 | 11,962 |
| Hancock Whitney Corp. | 2,878 | 127,582 |
| Hanmi Financial Corp. | 913 | 20,488 |
| HarborOne Bancorp, Inc. | 1,577 | 21,747 |
| HBT Financial, Inc. | 400 | 7,148 |
| Heartland Financial USA, Inc. | 1,317 | 54,708 |
| Heritage Commerce Corp. | 1,900 | 20,311 |
| Heritage Financial Corp. | 1,230 | 30,947 |
| Hilltop Holdings, Inc. | 2,142 | 57,106 |
| Home BancShares, Inc. | 6,235 | 129,501 |
| HomeStreet, Inc. | 600 | 20,802 |
| Hope Bancorp, Inc. | 3,767 | 52,135 |
| Horizon Bancorp, Inc. | 1,350 | 23,517 |
| Independent Bank Corp. | 1,560 | 123,911 |
| Independent Bank Corp. | 800 | 15,424 |
| Independent Bank Group, Inc. | 1,250 | 84,887 |
| International Bancshares Corp. | 1,825 | 73,146 |
| John Marshall Bancorp, Inc. | 400 | 9,016 |
| Kearny Financial Corp. | 2,245 | 24,942 |
| Lakeland Bancorp, Inc. | 2,111 | 30,863 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Banks — (continued) |
| Lakeland Financial Corp. | 791 | $ 52,538 |
| Live Oak Bancshares, Inc. | 1,000 | 33,890 |
| Luther Burbank Corp. | 400 | 5,220 |
| Macatawa Bank Corp. | 800 | 7,072 |
| Mercantile Bank Corp. | 500 | 15,975 |
| Merchants Bancorp | 400 | 9,068 |
| Meta Financial Group, Inc. | 1,000 | 38,670 |
| Metrocity Bankshares, Inc. | 600 | 12,186 |
| Metropolitan Bank Holding Corp.* | 300 | 20,826 |
| Mid Penn Bancorp, Inc. | 400 | 10,788 |
| Midland States Bancorp, Inc. | 700 | 16,828 |
| MidWestOne Financial Group, Inc. | 400 | 11,888 |
| MVB Financial Corp. | 400 | 12,444 |
| National Bank Holdings Corp., Class A | 1,000 | 38,270 |
| NBT Bancorp, Inc. | 1,369 | 51,461 |
| Nicolet Bankshares, Inc.* | 400 | 28,936 |
| Northeast Bank | 200 | 7,306 |
| OFG Bancorp | 1,610 | 40,894 |
| Old National Bancorp | 9,857 | 145,785 |
| Old Second Bancorp, Inc. | 1,400 | 18,732 |
| Origin Bancorp, Inc. | 700 | 27,160 |
| Orrstown Financial Services, Inc. | 400 | 9,668 |
| Park National Corp. | 486 | 58,927 |
| Parke Bancorp, Inc. | 300 | 6,288 |
| PCB Bancorp | 400 | 7,472 |
| PCSB Financial Corp. | 500 | 9,545 |
| Peapack-Gladstone Financial Corp. | 636 | 18,889 |
| Peoples Bancorp, Inc. | 891 | 23,701 |
| Peoples Financial Services Corp. | 200 | 11,168 |
| Pioneer Bancorp, Inc.* | 500 | 4,900 |
| Preferred Bank | 500 | 34,010 |
| Premier Financial Corp. | 1,131 | 28,671 |
| Primis Financial Corp. | 1,000 | 13,630 |
| Provident Bancorp, Inc. | 404 | 6,343 |
| QCR Holdings, Inc. | 600 | 32,394 |
| RBB Bancorp | 400 | 8,268 |
| Red River Bancshares, Inc. | 200 | 10,816 |
| Renasant Corp. | 1,835 | 52,866 |
| Republic Bancorp, Inc., Class A | 287 | 13,848 |
| Republic First Bancorp, Inc.* | 1,700 | 6,477 |
| S&T Bancorp, Inc. | 1,381 | 37,881 |
| Sandy Spring Bancorp, Inc. | 1,450 | 56,651 |
| Seacoast Banking Corp of Florida | 1,940 | 64,098 |
| ServisFirst Bancshares, Inc. | 1,600 | 126,272 |
| Shore Bancshares, Inc. | 600 | 11,100 |
| Sierra Bancorp | 412 | 8,953 |
| Silvergate Capital Corp., Class A* | 1,066 | 57,063 |
| Simmons First National Corp., Class A | 4,096 | 87,081 |
| SmartFinancial, Inc. | 400 | 9,664 |
| South Plains Financial, Inc. | 400 | 9,656 |
| Southern First Bancshares, Inc.* | 200 | 8,718 |
| Southside Bancshares, Inc. | 1,071 | 40,077 |
| SouthState Corp. | 2,427 | 187,243 |
| Sterling Bancorp, Inc.* | 600 | 3,420 |
| Stock Yards Bancorp, Inc. | 967 | 57,846 |
| | Number of
Shares | Value† |
| |
| Banks — (continued) |
| Summit Financial Group, Inc. | 400 | $ 11,112 |
| Texas Capital Bancshares, Inc.* | 1,700 | 89,488 |
| The Bancorp, Inc.* | 1,812 | 35,370 |
| The Bank of NT Butterfield & Son Ltd. | 1,600 | 49,904 |
| The First Bancorp, Inc. | 434 | 13,076 |
| The First Bancshares, Inc. | 700 | 20,020 |
| The First of Long Island Corp. | 689 | 12,078 |
| Third Coast Bancshares, Inc.* | 200 | 4,380 |
| Tompkins Financial Corp. | 458 | 33,022 |
| Towne Bank | 2,277 | 61,821 |
| TriCo Bancshares | 1,098 | 50,113 |
| Triumph Bancorp, Inc.* | 800 | 50,048 |
| TrustCo Bank Corp. | 650 | 20,046 |
| Trustmark Corp. | 2,030 | 59,256 |
| UMB Financial Corp. | 1,481 | 127,514 |
| United Bankshares, Inc. | 4,360 | 152,905 |
| United Community Banks, Inc. | 3,471 | 104,789 |
| Unity Bancorp, Inc. | 200 | 5,296 |
| Univest Financial Corp. | 987 | 25,109 |
| USCB Financial Holdings, Inc.* | 400 | 4,616 |
| Valley National Bancorp | 14,383 | 149,727 |
| Veritex Holdings, Inc. | 1,553 | 45,441 |
| Walker & Dunlop, Inc. | 972 | 93,642 |
| Washington Trust Bancorp, Inc. | 570 | 27,571 |
| WesBanco, Inc. | 1,930 | 61,200 |
| West BanCorp, Inc. | 478 | 11,635 |
| Westamerica BanCorp | 873 | 48,591 |
| | | 7,080,821 |
| Beverages — 0.5% |
| BRC, Inc., Class A* | 800 | 6,528 |
| Celsius Holdings, Inc.* | 1,800 | 117,468 |
| Coca-Cola Consolidated, Inc. | 153 | 86,277 |
| MGP Ingredients, Inc. | 500 | 50,045 |
| National Beverage Corp. | 784 | 38,369 |
| Primo Water Corp. | 5,100 | 68,238 |
| The Duckhorn Portfolio, Inc.* | 1,200 | 25,272 |
| The Vita Coco Co., Inc.* | 500 | 4,895 |
| Vintage Wine Estates, Inc.* | 1,100 | 8,646 |
| | | 405,738 |
| Biotechnology — 6.6% |
| 2seventy bio, Inc.* | 1,433 | 18,916 |
| 4D Molecular Therapeutics, Inc.* | 1,000 | 6,980 |
| Aadi Bioscience, Inc.* | 500 | 6,160 |
| Absci Corp.* | 1,600 | 5,312 |
| ACADIA Pharmaceuticals, Inc.* | 3,900 | 54,951 |
| Adagio Therapeutics, Inc.* | 2,300 | 7,544 |
| Adicet Bio, Inc.* | 900 | 13,140 |
| ADMA Biologics, Inc.* | 6,100 | 12,078 |
| Aerovate Therapeutics, Inc.* | 300 | 4,689 |
| Affimed N.V.* | 3,800 | 10,526 |
| Agenus, Inc.* | 6,600 | 12,804 |
| Akero Therapeutics, Inc.* | 900 | 8,505 |
| Albireo Pharma, Inc.* | 500 | 9,930 |
| Allogene Therapeutics, Inc.* | 2,200 | 25,080 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Biotechnology — (continued) |
| Allovir, Inc.* | 1,000 | $ 3,900 |
| Alpha Teknova, Inc.* | 200 | 1,680 |
| Alpine Immune Sciences, Inc.* | 600 | 5,106 |
| ALX Oncology Holdings, Inc.* | 600 | 4,854 |
| Amicus Therapeutics, Inc.* | 9,200 | 98,808 |
| AnaptysBio, Inc.* | 600 | 12,180 |
| Anavex Life Sciences Corp.* | 2,100 | 21,021 |
| ANI Pharmaceuticals, Inc.* | 300 | 8,901 |
| Apellis Pharmaceuticals, Inc.* | 3,000 | 135,660 |
| Arbutus Biopharma Corp.* | 3,100 | 8,401 |
| Arcellx, Inc.* | 400 | 7,232 |
| Arcturus Therapeutics Holdings, Inc.* | 700 | 11,018 |
| Arcus Biosciences, Inc.* | 1,500 | 38,010 |
| Arcutis Biotherapeutics, Inc.* | 1,300 | 27,703 |
| Arrowhead Pharmaceuticals, Inc.* | 3,400 | 119,714 |
| Atara Biotherapeutics, Inc.* | 2,928 | 22,809 |
| Atea Pharmaceuticals, Inc.* | 2,100 | 14,910 |
| Athira Pharma, Inc.* | 1,200 | 3,660 |
| Aura Biosciences, Inc.* | 300 | 4,251 |
| Aurinia Pharmaceuticals, Inc.* | 4,400 | 44,220 |
| Avid Bioservices, Inc.* | 2,100 | 32,046 |
| Avidity Biosciences, Inc.* | 1,300 | 18,889 |
| Axsome Therapeutics, Inc.* | 900 | 34,470 |
| Beam Therapeutics, Inc.* | 2,100 | 81,291 |
| Berkeley Lights, Inc.* | 1,600 | 7,952 |
| BioCryst Pharmaceuticals, Inc.* | 6,000 | 63,480 |
| Biohaven Pharmaceutical Holding Co., Ltd.* | 2,035 | 296,520 |
| Bluebird Bio, Inc.* | 2,200 | 9,108 |
| Blueprint Medicines Corp.* | 2,000 | 101,020 |
| Bridgebio Pharma, Inc.* | 3,455 | 31,371 |
| C4 Therapeutics, Inc.* | 1,300 | 9,802 |
| Cara Therapeutics, Inc.* | 1,500 | 13,695 |
| Caribou Biosciences, Inc.* | 1,500 | 8,145 |
| Cassava Sciences, Inc.* | 1,200 | 33,744 |
| Celldex Therapeutics, Inc.* | 1,500 | 40,440 |
| Century Therapeutics, Inc.* | 400 | 3,360 |
| Cerevel Therapeutics Holdings, Inc.* | 1,800 | 47,592 |
| ChemoCentryx, Inc.* | 1,895 | 46,958 |
| Chinook Therapeutics, Inc.* | 1,560 | 27,284 |
| CinCor Pharma, Inc.* | 300 | 5,652 |
| Cogent Biosciences, Inc.* | 1,400 | 12,628 |
| Crinetics Pharmaceuticals, Inc.* | 1,700 | 31,705 |
| CTI BioPharma Corp.* | 3,000 | 17,910 |
| Cullinan Oncology, Inc.* | 800 | 10,256 |
| Cytek Biosciences, Inc.* | 3,600 | 38,628 |
| Day One Biopharmaceuticals, Inc.* | 900 | 16,110 |
| Deciphera Pharmaceuticals, Inc.* | 1,200 | 15,780 |
| Denali Therapeutics, Inc.* | 3,300 | 97,119 |
| Design Therapeutics, Inc.* | 1,000 | 14,000 |
| DICE Therapeutics, Inc.* | 1,100 | 17,072 |
| Dynavax Technologies Corp.* | 3,920 | 49,353 |
| Dyne Therapeutics, Inc.* | 1,000 | 6,870 |
| Edgewise Therapeutics, Inc.* | 1,300 | 10,348 |
| Editas Medicine, Inc.* | 2,200 | 26,026 |
| | Number of
Shares | Value† |
| |
| Biotechnology — (continued) |
| Eiger BioPharmaceuticals, Inc.* | 900 | $ 5,670 |
| Emergent BioSolutions, Inc.* | 1,558 | 48,360 |
| EQRx, Inc.* | 4,500 | 21,105 |
| Erasca, Inc.* | 1,900 | 10,583 |
| Esperion Therapeutics, Inc.* | 2,300 | 14,628 |
| Evolus, Inc.* | 1,200 | 13,920 |
| EyePoint Pharmaceuticals, Inc.* | 900 | 7,083 |
| Fate Therapeutics, Inc.* | 2,700 | 66,906 |
| FibroGen, Inc.* | 2,900 | 30,624 |
| Forma Therapeutics Holdings, Inc.* | 1,000 | 6,890 |
| Generation Bio Co.* | 1,300 | 8,528 |
| Geron Corp.* | 9,240 | 14,322 |
| Global Blood Therapeutics, Inc.* | 2,000 | 63,900 |
| Gossamer Bio, Inc.* | 1,800 | 15,066 |
| Halozyme Therapeutics, Inc.* | 4,389 | 193,116 |
| HilleVax, Inc.* | 400 | 4,372 |
| Icosavax, Inc.* | 900 | 5,157 |
| Ideaya Biosciences, Inc.* | 1,000 | 13,800 |
| IGM Biosciences, Inc.* | 300 | 5,409 |
| Imago Biosciences, Inc.* | 800 | 10,712 |
| ImmunityBio, Inc.* | 2,300 | 8,556 |
| ImmunoGen, Inc.* | 7,563 | 34,034 |
| Immunovant, Inc.* | 1,100 | 4,290 |
| Inhibrx, Inc.* | 1,000 | 11,350 |
| Innoviva, Inc.* | 2,100 | 30,996 |
| Inovio Pharmaceuticals, Inc.* | 6,800 | 11,764 |
| Insmed, Inc.* | 4,000 | 78,880 |
| Instil Bio, Inc.* | 1,800 | 8,316 |
| Intellia Therapeutics, Inc.* | 2,410 | 124,742 |
| Intercept Pharmaceuticals, Inc.* | 726 | 10,026 |
| Intra-Cellular Therapies, Inc.* | 3,000 | 171,240 |
| Iovance Biotherapeutics, Inc.* | 4,900 | 54,096 |
| iTeos Therapeutics, Inc.* | 700 | 14,420 |
| IVERIC bio, Inc.* | 3,884 | 37,364 |
| Janux Therapeutics, Inc.* | 400 | 4,884 |
| Karuna Therapeutics, Inc.* | 859 | 108,672 |
| Karyopharm Therapeutics, Inc.* | 2,500 | 11,275 |
| Keros Therapeutics, Inc.* | 500 | 13,815 |
| Kezar Life Sciences, Inc.* | 1,100 | 9,097 |
| Kiniksa Pharmaceuticals Ltd., Class A* | 1,000 | 9,690 |
| Kinnate Biopharma, Inc.* | 800 | 10,088 |
| Kodiak Sciences, Inc.* | 1,100 | 8,404 |
| Kronos Bio, Inc.* | 1,300 | 4,732 |
| Krystal Biotech, Inc.* | 700 | 45,962 |
| Kymera Therapeutics, Inc.* | 1,100 | 21,659 |
| Lexicon Pharmaceuticals, Inc.* | 2,560 | 4,762 |
| Ligand Pharmaceuticals, Inc.* | 506 | 45,145 |
| Liquidia Corp.* | 1,600 | 6,976 |
| MacroGenics, Inc.* | 1,900 | 5,605 |
| MaxCyte, Inc.* | 3,100 | 14,663 |
| MeiraGTx Holdings PLC* | 1,100 | 8,327 |
| Mersana Therapeutics, Inc.* | 2,300 | 10,626 |
| Monte Rosa Therapeutics, Inc.* | 1,100 | 10,637 |
| Myriad Genetics, Inc.* | 2,700 | 49,059 |
| Nektar Therapeutics* | 5,900 | 22,420 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Biotechnology — (continued) |
| NeoGenomics, Inc.* | 3,700 | $ 30,155 |
| NGM Biopharmaceuticals, Inc.* | 1,200 | 15,384 |
| Nkarta, Inc.* | 1,200 | 14,784 |
| Nurix Therapeutics, Inc.* | 1,600 | 20,272 |
| Nuvalent, Inc., Class A* | 800 | 10,848 |
| Nuvation Bio, Inc.* | 3,800 | 12,312 |
| Organogenesis Holdings, Inc.* | 2,500 | 12,200 |
| Pardes Biosciences, Inc.* | 900 | 2,763 |
| PepGen, Inc.* | 300 | 2,979 |
| Phathom Pharmaceuticals, Inc.* | 700 | 5,908 |
| Point Biopharma Global, Inc.* | 2,400 | 16,344 |
| Praxis Precision Medicines, Inc.* | 1,200 | 2,940 |
| Precigen, Inc.* | 3,300 | 4,422 |
| Prothena Corp. PLC* | 1,200 | 32,580 |
| Provention Bio, Inc.* | 1,500 | 6,000 |
| PTC Therapeutics, Inc.* | 2,400 | 96,144 |
| Radius Health, Inc.* | 1,400 | 14,518 |
| Rallybio Corp.* | 400 | 3,020 |
| RAPT Therapeutics, Inc.* | 800 | 14,600 |
| Recursion Pharmaceuticals, Inc., Class A* | 4,700 | 38,258 |
| REGENXBIO, Inc.* | 1,300 | 32,110 |
| Relay Therapeutics, Inc.* | 2,300 | 38,525 |
| Replimune Group, Inc.* | 1,000 | 17,480 |
| REVOLUTION Medicines, Inc.* | 1,900 | 37,031 |
| Rigel Pharmaceuticals, Inc.* | 6,290 | 7,108 |
| Rocket Pharmaceuticals, Inc.* | 1,400 | 19,264 |
| Sage Therapeutics, Inc.* | 1,700 | 54,910 |
| Sana Biotechnology, Inc.* | 2,800 | 18,004 |
| Sangamo Therapeutics, Inc.* | 4,103 | 16,986 |
| Seer, Inc.* | 1,300 | 11,635 |
| Sierra Oncology, Inc.* | 500 | 27,495 |
| Singular Genomics Systems, Inc.* | 1,800 | 6,876 |
| Sorrento Therapeutics, Inc.* | 10,200 | 20,502 |
| SpringWorks Therapeutics, Inc.* | 1,000 | 24,620 |
| Stoke Therapeutics, Inc.* | 700 | 9,247 |
| Sutro Biopharma, Inc.* | 1,434 | 7,471 |
| Syndax Pharmaceuticals, Inc.* | 1,500 | 28,860 |
| Talaris Therapeutics, Inc.* | 800 | 3,608 |
| Tango Therapeutics, Inc.* | 1,500 | 6,795 |
| Tarsus Pharmaceuticals, Inc.* | 700 | 10,220 |
| Tenaya Therapeutics, Inc.* | 1,100 | 6,193 |
| TG Therapeutics, Inc.* | 4,100 | 17,425 |
| Theravance Biopharma, Inc.* | 2,200 | 19,932 |
| Theseus Pharmaceuticals, Inc.* | 500 | 2,765 |
| TransMedics Group, Inc.* | 900 | 28,305 |
| Travere Therapeutics, Inc.* | 2,000 | 48,460 |
| Turning Point Therapeutics, Inc.* | 1,466 | 110,317 |
| Twist Bioscience Corp.* | 1,888 | 66,004 |
| Tyra Biosciences, Inc.* | 500 | 3,575 |
| Vaxart, Inc.* | 4,000 | 14,000 |
| VBI Vaccines, Inc.* | 6,200 | 5,013 |
| Ventyx Biosciences, Inc.* | 400 | 4,892 |
| Vera Therapeutics, Inc.* | 400 | 5,444 |
| Veracyte, Inc.* | 2,200 | 43,780 |
| | Number of
Shares | Value† |
| |
| Biotechnology — (continued) |
| Vericel Corp.* | 1,500 | $ 37,770 |
| Veru, Inc.* | 2,200 | 24,860 |
| Verve Therapeutics, Inc.* | 1,100 | 16,808 |
| Vir Biotechnology, Inc.* | 2,400 | 61,128 |
| Viridian Therapeutics, Inc.* | 800 | 9,256 |
| VistaGen Therapeutics, Inc.* | 6,800 | 5,984 |
| Xencor, Inc.* | 1,900 | 52,003 |
| Zentalis Pharmaceuticals, Inc.* | 1,200 | 33,720 |
| | | 5,026,812 |
| Building Materials — 1.3% |
| AAON, Inc. | 1,385 | 75,843 |
| American Woodmark Corp.* | 569 | 25,611 |
| Apogee Enterprises, Inc. | 743 | 29,140 |
| Boise Cascade Co. | 1,300 | 77,337 |
| Caesarstone Ltd. | 600 | 5,478 |
| Cornerstone Building Brands, Inc.* | 1,864 | 45,649 |
| Gibraltar Industries, Inc.* | 1,101 | 42,664 |
| Griffon Corp. | 1,656 | 46,418 |
| JELD-WEN Holding, Inc.* | 3,100 | 45,229 |
| Masonite International Corp.* | 700 | 53,781 |
| Modine Manufacturing Co.* | 1,577 | 16,606 |
| PGT Innovations, Inc.* | 2,000 | 33,280 |
| Simpson Manufacturing Co., Inc. | 1,455 | 146,387 |
| SmartRent, Inc.* | 3,900 | 17,628 |
| SPX Corp.* | 1,500 | 79,260 |
| Summit Materials, Inc., Class A* | 3,905 | 90,947 |
| UFP Industries, Inc. | 2,049 | 139,619 |
| View, Inc.* | 5,100 | 8,262 |
| | | 979,139 |
| Chemicals — 2.0% |
| AdvanSix, Inc. | 900 | 30,096 |
| American Vanguard Corp. | 878 | 19,623 |
| Amyris, Inc.* | 5,400 | 9,990 |
| Balchem Corp. | 1,041 | 135,059 |
| Cabot Corp. | 1,800 | 114,822 |
| Codexis, Inc.* | 2,000 | 20,920 |
| Danimer Scientific, Inc.* | 3,200 | 14,592 |
| Diversey Holdings Ltd.* | 2,600 | 17,160 |
| Ecovyst, Inc. | 1,800 | 17,730 |
| GCP Applied Technologies, Inc.* | 1,600 | 50,048 |
| H.B. Fuller Co. | 1,780 | 107,174 |
| Hawkins, Inc. | 698 | 25,149 |
| Ingevity Corp.* | 1,300 | 82,082 |
| Innospec, Inc. | 800 | 76,632 |
| Intrepid Potash, Inc.* | 370 | 16,757 |
| Koppers Holdings, Inc. | 620 | 14,037 |
| Kronos Worldwide, Inc. | 900 | 16,560 |
| Lightwave Logic, Inc.* | 3,700 | 24,198 |
| Minerals Technologies, Inc. | 1,128 | 69,192 |
| Origin Materials, Inc.* | 3,500 | 17,920 |
| Orion Engineered Carbons S.A. | 2,100 | 32,613 |
| Perimeter Solutions S.A.* | 4,000 | 43,360 |
| Quaker Chemical Corp. | 436 | 65,191 |
| Rayonier Advanced Materials, Inc.* | 1,900 | 4,978 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Chemicals — (continued) |
| Rogers Corp.* | 613 | $ 160,661 |
| Schweitzer-Mauduit International, Inc. | 976 | 24,517 |
| Sensient Technologies Corp. | 1,358 | 109,400 |
| Stepan Co. | 735 | 74,492 |
| Trinseo PLC | 1,200 | 46,152 |
| Tronox Holdings PLC, Class A | 4,000 | 67,200 |
| Unifi, Inc.* | 460 | 6,468 |
| Valhi, Inc. | 100 | 4,534 |
| | | 1,519,307 |
| Coal — 0.5% |
| Alpha Metallurgical Resources, Inc. | 600 | 77,478 |
| Arch Resources, Inc. | 500 | 71,545 |
| CONSOL Energy, Inc.* | 1,200 | 59,256 |
| NACCO Industries, Inc., Class A | 100 | 3,790 |
| Peabody Energy Corp.* | 3,800 | 81,054 |
| Ramaco Resources, Inc. | 700 | 9,205 |
| SunCoke Energy, Inc. | 2,541 | 17,304 |
| Warrior Met Coal, Inc. | 1,700 | 52,037 |
| | | 371,669 |
| Commercial Services — 5.3% |
| 2U, Inc.* | 2,300 | 24,081 |
| ABM Industries, Inc. | 2,239 | 97,217 |
| Adtalem Global Education, Inc.* | 1,500 | 53,955 |
| AirSculpt Technologies, Inc.* | 300 | 1,779 |
| Alarm.com Holdings, Inc.* | 1,600 | 98,976 |
| Alight, Inc., Class A* | 11,100 | 74,925 |
| Alta Equipment Group, Inc.* | 700 | 6,279 |
| American Public Education, Inc.* | 655 | 10,585 |
| AMN Healthcare Services, Inc.* | 1,509 | 165,552 |
| API Group Corp.* | 6,700 | 100,299 |
| Arlo Technologies, Inc.* | 3,033 | 19,017 |
| ASGN, Inc.* | 1,639 | 147,920 |
| Bakkt Holdings, Inc.* | 1,900 | 3,990 |
| Barrett Business Services, Inc. | 242 | 17,635 |
| Bird Global, Inc., Class A* | 5,600 | 2,442 |
| BrightView Holdings, Inc.* | 1,415 | 16,980 |
| Carriage Services, Inc. | 500 | 19,825 |
| Cass Information Systems, Inc. | 498 | 16,832 |
| CBIZ, Inc.* | 1,640 | 65,534 |
| Chegg, Inc.* | 4,100 | 76,998 |
| Cimpress PLC* | 619 | 24,079 |
| Core Scientific, Inc.* | 7,100 | 10,579 |
| CoreCivic, Inc.* | 4,200 | 46,662 |
| CorVel Corp.* | 299 | 44,034 |
| Coursera, Inc.* | 3,700 | 52,466 |
| CRA International, Inc. | 274 | 24,474 |
| Cross Country Healthcare, Inc.* | 1,084 | 22,580 |
| Custom Truck One Source, Inc.* | 2,100 | 11,760 |
| Deluxe Corp. | 1,507 | 32,657 |
| Distribution Solutions Group, Inc.* | 200 | 10,278 |
| Ennis, Inc. | 858 | 17,357 |
| European Wax Center, Inc., Class A | 500 | 8,810 |
| EVERTEC, Inc. | 1,939 | 71,510 |
| Evo Payments, Inc., Class A* | 1,500 | 35,280 |
| | Number of
Shares | Value† |
| |
| Commercial Services — (continued) |
| First Advantage Corp.* | 1,900 | $ 24,073 |
| Forrester Research, Inc.* | 375 | 17,940 |
| Franklin Covey Co.* | 397 | 18,333 |
| Graham Holdings Co., Class B | 130 | 73,689 |
| Green Dot Corp., Class A* | 1,727 | 43,365 |
| HealthEquity, Inc.* | 2,700 | 165,753 |
| Heidrick & Struggles International, Inc. | 569 | 18,413 |
| Herc Holdings, Inc. | 838 | 75,546 |
| Huron Consulting Group, Inc.* | 728 | 47,313 |
| I3 Verticals, Inc., Class A* | 800 | 20,016 |
| ICF International, Inc. | 648 | 61,560 |
| Information Services Group, Inc. | 1,200 | 8,112 |
| Insperity, Inc. | 1,230 | 122,791 |
| John Wiley & Sons, Inc., Class A | 1,400 | 66,864 |
| Kelly Services, Inc., Class A | 1,314 | 26,057 |
| Kforce, Inc. | 686 | 42,079 |
| Korn Ferry | 1,790 | 103,856 |
| Landec Corp.* | 718 | 7,158 |
| Laureate Education, Inc., Class A | 3,300 | 38,181 |
| Legalzoom.com, Inc.* | 3,200 | 35,168 |
| LiveRamp Holdings, Inc.* | 2,167 | 55,930 |
| Marathon Digital Holdings, Inc.* | 3,100 | 16,554 |
| Medifast, Inc. | 376 | 67,872 |
| MoneyGram International, Inc.* | 3,000 | 30,000 |
| Moneylion, Inc.* | 4,700 | 6,204 |
| Monro, Inc. | 1,137 | 48,755 |
| Multiplan Corp.* | 12,800 | 70,272 |
| National Research Corp. | 487 | 18,642 |
| Paya Holdings, Inc.* | 2,800 | 18,396 |
| Payoneer Global, Inc.* | 7,100 | 27,832 |
| Paysafe Ltd.* | 11,000 | 21,450 |
| Perdoceo Education Corp.* | 2,300 | 27,094 |
| PFSweb, Inc.* | 500 | 5,880 |
| Priority Technology Holdings, Inc.* | 600 | 1,980 |
| PROG Holdings, Inc.* | 1,967 | 32,456 |
| Progyny, Inc.* | 2,400 | 69,720 |
| Quad/Graphics, Inc.* | 1,100 | 3,025 |
| R1 RCM, Inc.* | 4,400 | 92,224 |
| Remitly Global, Inc.* | 2,700 | 20,682 |
| Rent the Runway, Inc., Class A* | 800 | 2,456 |
| Rent-A-Center, Inc. | 1,753 | 34,096 |
| Repay Holdings Corp.* | 2,700 | 34,695 |
| Resources Connection, Inc. | 922 | 18,781 |
| Riot Blockchain, Inc.* | 3,700 | 15,503 |
| Sabre Corp.* | 10,700 | 62,381 |
| ShotSpotter, Inc.* | 300 | 8,073 |
| SP Plus Corp.* | 693 | 21,289 |
| Spire Global, Inc.* | 4,100 | 4,756 |
| Sterling Check Corp.* | 500 | 8,155 |
| StoneCo Ltd., Class A* | 9,100 | 70,070 |
| StoneMor, Inc.* | 2,000 | 6,840 |
| Strategic Education, Inc. | 752 | 53,076 |
| Stride, Inc.* | 1,352 | 55,148 |
| Textainer Group Holdings Ltd. | 1,512 | 41,444 |
| The Aaron's Co., Inc. | 1,100 | 16,005 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Commercial Services — (continued) |
| The Brink's Co. | 1,510 | $ 91,672 |
| The Hackett Group, Inc. | 716 | 13,583 |
| Transcat, Inc.* | 200 | 11,362 |
| TriNet Group, Inc.* | 1,200 | 93,144 |
| Triton International Ltd. | 2,093 | 110,196 |
| TrueBlue, Inc.* | 1,076 | 19,260 |
| Udemy, Inc.* | 2,400 | 24,504 |
| Universal Technical Institute, Inc.* | 1,100 | 7,843 |
| Vectrus, Inc.* | 400 | 13,384 |
| Viad Corp.* | 671 | 18,526 |
| Vivint Smart Home, Inc.* | 3,100 | 10,788 |
| Willdan Group, Inc.* | 300 | 8,274 |
| WW International, Inc.* | 1,700 | 10,863 |
| ZipRecruiter, Inc., Class A* | 2,600 | 38,532 |
| | | 4,009,281 |
| Computers — 2.0% |
| 3D Systems Corp.* | 4,200 | 40,740 |
| Cantaloupe, Inc.* | 2,000 | 11,200 |
| Cerberus Cyber Sentinel Corp.* | 1,500 | 5,400 |
| Conduent, Inc.* | 5,800 | 25,056 |
| Corsair Gaming, Inc.* | 1,000 | 13,130 |
| Desktop Metal, Inc., Class A* | 9,584 | 21,085 |
| Diebold Nixdorf, Inc.* | 2,500 | 5,675 |
| ExlService Holdings, Inc.* | 1,100 | 162,063 |
| Grid Dynamics Holdings, Inc.* | 1,400 | 23,548 |
| Insight Enterprises, Inc.* | 1,043 | 89,990 |
| Integral Ad Science Holding Corp.* | 1,200 | 11,916 |
| IronNet, Inc.* | 2,100 | 4,641 |
| KnowBe4, Inc., Class A* | 2,400 | 37,488 |
| Markforged Holding Corp.* | 3,600 | 6,660 |
| Maximus, Inc. | 2,067 | 129,208 |
| Mitek Systems, Inc.* | 1,500 | 13,860 |
| NetScout Systems, Inc.* | 2,365 | 80,055 |
| NextNav, Inc.* | 1,600 | 3,632 |
| OneSpan, Inc.* | 1,128 | 13,423 |
| PAR Technology Corp.* | 800 | 29,992 |
| Parsons Corp.* | 1,000 | 40,420 |
| Ping Identity Holding Corp.* | 2,500 | 45,350 |
| Qualys, Inc.* | 1,275 | 160,829 |
| Rapid7, Inc.* | 1,900 | 126,920 |
| Rigetti Computing, Inc.* | 1,000 | 3,670 |
| Rimini Street, Inc.* | 1,800 | 10,818 |
| SecureWorks Corp., Class A* | 500 | 5,430 |
| Super Micro Computer, Inc.* | 1,500 | 60,525 |
| Telos Corp.* | 1,300 | 10,504 |
| Tenable Holdings, Inc.* | 3,600 | 163,476 |
| TTEC Holdings, Inc. | 607 | 41,209 |
| Unisys Corp.* | 2,324 | 27,958 |
| Varonis Systems, Inc.* | 3,544 | 103,910 |
| Velo3D, Inc.* | 1,800 | 2,484 |
| Vuzix Corp.* | 2,000 | 14,200 |
| | | 1,546,465 |
| Cosmetics & Personal Care — 0.3% |
| Edgewell Personal Care Co. | 1,800 | 62,136 |
| | Number of
Shares | Value† |
| |
| Cosmetics & Personal Care — (continued) |
| elf Beauty, Inc.* | 1,600 | $ 49,088 |
| Inter Parfums, Inc. | 624 | 45,589 |
| The Beauty Health Co.* | 3,400 | 43,724 |
| The Honest Co., Inc.* | 2,800 | 8,176 |
| | | 208,713 |
| Distribution & Wholesale — 0.6% |
| A-Mark Precious Metals, Inc. | 600 | 19,350 |
| Avient Corp. | 3,055 | 122,444 |
| G-III Apparel Group Ltd.* | 1,508 | 30,507 |
| Global Industrial Co. | 362 | 12,225 |
| H&E Equipment Services, Inc. | 1,059 | 30,679 |
| Hudson Technologies, Inc.* | 1,400 | 10,514 |
| KAR Auction Services, Inc.* | 4,100 | 60,557 |
| Resideo Technologies, Inc.* | 4,700 | 91,274 |
| ScanSource, Inc.* | 881 | 27,434 |
| ThredUp, Inc., Class A* | 1,900 | 4,750 |
| Titan Machinery, Inc.* | 723 | 16,203 |
| Veritiv Corp.* | 500 | 54,275 |
| VSE Corp. | 308 | 11,575 |
| | | 491,787 |
| Diversified Financial Services — 2.4% |
| Amerant Bancorp, Inc. | 900 | 25,308 |
| Artisan Partners Asset Management, Inc., Class A | 1,900 | 67,583 |
| AssetMark Financial Holdings, Inc.* | 500 | 9,385 |
| Associated Capital Group, Inc., Class A | 100 | 3,583 |
| Atlanticus Holdings Corp.* | 200 | 7,034 |
| B Riley Financial, Inc. | 700 | 29,575 |
| BGC Partners, Inc., Class A | 10,500 | 35,385 |
| Blucora, Inc.* | 1,596 | 29,462 |
| Bread Financial Holdings, Inc. | 1,600 | 59,296 |
| Brightsphere Investment Group, Inc. | 1,026 | 18,478 |
| Brookfield Business Corp., Class A | 800 | 18,408 |
| Calamos Asset Management, Inc., Class A(1),* | 469 | 0 |
| Cohen & Steers, Inc. | 817 | 51,953 |
| Columbia Financial, Inc.* | 1,100 | 23,991 |
| Consumer Portfolio Services, Inc.* | 500 | 5,125 |
| Cowen, Inc., Class A | 947 | 22,434 |
| Cryptyde, Inc.* | 600 | 1,218 |
| Curo Group Holdings Corp. | 900 | 4,977 |
| Diamond Hill Investment Group, Inc. | 107 | 18,579 |
| Enact Holdings, Inc. | 1,000 | 21,480 |
| Encore Capital Group, Inc.* | 797 | 46,043 |
| Enova International, Inc.* | 1,013 | 29,195 |
| EZCORP, Inc., Class A* | 1,766 | 13,263 |
| Federal Agricultural Mortgage Corp., Class C | 300 | 29,295 |
| Federated Hermes, Inc. | 2,900 | 92,191 |
| Finance Of America Cos., Inc., Class A* | 1,300 | 2,041 |
| First Western Financial, Inc.* | 300 | 8,157 |
| Flywire Corp.* | 1,800 | 31,734 |
| Focus Financial Partners, Inc., Class A* | 1,900 | 64,714 |
| GAMCO Investors, Inc., Class A | 215 | 4,493 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Diversified Financial Services — (continued) |
| GCM Grosvenor, Inc., Class A | 1,200 | $ 8,220 |
| Hamilton Lane, Inc., Class A | 1,200 | 80,616 |
| Houlihan Lokey, Inc. | 1,706 | 134,655 |
| International Money Express, Inc.* | 1,200 | 24,564 |
| LendingClub Corp.* | 3,560 | 41,616 |
| LendingTree, Inc.* | 377 | 16,520 |
| Manning & Napier, Inc. | 500 | 6,235 |
| Moelis & Co., Class A | 2,000 | 78,700 |
| Mr. Cooper Group, Inc.* | 2,492 | 91,556 |
| Navient Corp. | 3,800 | 53,162 |
| Nelnet, Inc., Class A | 499 | 42,540 |
| NerdWallet, Inc., Class A* | 800 | 6,344 |
| Oportun Financial Corp.* | 700 | 5,789 |
| Oppenheimer Holdings, Inc., Class A | 338 | 11,168 |
| PennyMac Financial Services, Inc. | 1,000 | 43,710 |
| Perella Weinberg Partners | 1,500 | 8,745 |
| Piper Sandler Cos. | 587 | 66,542 |
| PJT Partners, Inc., Class A | 800 | 56,224 |
| PRA Group, Inc.* | 1,248 | 45,377 |
| Pzena Investment Management, Inc., Class A | 830 | 5,470 |
| Regional Management Corp. | 300 | 11,211 |
| Sculptor Capital Management, Inc. | 600 | 5,010 |
| Silvercrest Asset Management Group, Inc., Class A | 300 | 4,923 |
| StepStone Group, Inc., Class A | 1,600 | 41,648 |
| StoneX Group, Inc.* | 593 | 46,296 |
| Velocity Financial, Inc.* | 400 | 4,396 |
| Victory Capital Holdings, Inc., Class A | 500 | 12,050 |
| Virtus Investment Partners, Inc. | 236 | 40,361 |
| WisdomTree Investments, Inc. | 4,900 | 24,843 |
| World Acceptance Corp.* | 150 | 16,836 |
| | | 1,809,707 |
| Electric — 1.7% |
| ALLETE, Inc. | 1,851 | 108,802 |
| Altus Power, Inc.* | 1,400 | 8,834 |
| Ameresco, Inc., Class A* | 1,000 | 45,560 |
| Avista Corp. | 2,339 | 101,770 |
| Black Hills Corp. | 2,148 | 156,310 |
| Clearway Energy, Inc., Class A | 1,100 | 35,167 |
| Clearway Energy, Inc., Class C | 2,800 | 97,552 |
| FTC Solar, Inc.* | 1,600 | 5,792 |
| MGE Energy, Inc. | 1,242 | 96,665 |
| NorthWestern Corp. | 1,780 | 104,895 |
| Ormat Technologies, Inc. | 1,500 | 117,525 |
| Otter Tail Corp. | 1,392 | 93,445 |
| PNM Resources, Inc. | 2,810 | 134,262 |
| Portland General Electric Co. | 2,956 | 142,863 |
| Unitil Corp. | 563 | 33,059 |
| Via Renewables, Inc. | 400 | 3,064 |
| | | 1,285,565 |
| Electrical Components & Equipment — 0.7% |
| Belden, Inc. | 1,455 | 77,508 |
| Blink Charging Co.* | 1,200 | 19,836 |
| | Number of
Shares | Value† |
| |
| Electrical Components & Equipment — (continued) |
| Encore Wire Corp. | 671 | $ 69,730 |
| Energizer Holdings, Inc. | 2,200 | 62,370 |
| EnerSys | 1,423 | 83,900 |
| ESS Tech, Inc.* | 2,600 | 7,306 |
| Insteel Industries, Inc. | 691 | 23,266 |
| nLight, Inc.* | 1,300 | 13,286 |
| Novanta, Inc.* | 1,168 | 141,643 |
| Powell Industries, Inc. | 229 | 5,352 |
| | | 504,197 |
| Electronics — 1.6% |
| Advanced Energy Industries, Inc. | 1,193 | 87,065 |
| Akoustis Technologies, Inc.* | 2,000 | 7,400 |
| Allied Motion Technologies, Inc. | 300 | 6,852 |
| Atkore, Inc.* | 1,400 | 116,214 |
| Badger Meter, Inc. | 918 | 74,257 |
| Benchmark Electronics, Inc. | 1,113 | 25,109 |
| Berkshire Grey, Inc.* | 1,600 | 2,320 |
| Brady Corp., Class A | 1,557 | 73,553 |
| Charge Enterprises, Inc.* | 3,500 | 16,695 |
| Comtech Telecommunications Corp. | 952 | 8,635 |
| CTS Corp. | 1,063 | 36,195 |
| CyberOptics Corp.* | 200 | 6,988 |
| Enovix Corp.* | 3,600 | 32,076 |
| Evolv Technologies Holdings, Inc.* | 2,700 | 7,182 |
| FARO Technologies, Inc.* | 620 | 19,115 |
| GoPro, Inc., Class A* | 4,300 | 23,779 |
| Identiv, Inc.* | 800 | 9,264 |
| Itron, Inc.* | 1,500 | 74,145 |
| Kimball Electronics, Inc.* | 933 | 18,753 |
| Knowles Corp.* | 2,852 | 49,425 |
| Mesa Laboratories, Inc. | 156 | 31,815 |
| MicroVision, Inc.* | 5,100 | 19,584 |
| Mirion Technologies, Inc.* | 4,500 | 25,920 |
| Napco Security Technologies, Inc.* | 1,000 | 20,590 |
| OSI Systems, Inc.* | 557 | 47,590 |
| Plexus Corp.* | 903 | 70,885 |
| Sanmina Corp.* | 1,926 | 78,446 |
| Stoneridge, Inc.* | 873 | 14,972 |
| TTM Technologies, Inc.* | 3,429 | 42,863 |
| Turtle Beach Corp.* | 500 | 6,115 |
| Vicor Corp.* | 722 | 39,515 |
| Vishay Intertechnology, Inc. | 4,300 | 76,626 |
| Vishay Precision Group, Inc.* | 500 | 14,565 |
| | | 1,184,508 |
| Energy-Alternate Sources — 0.6% |
| Aemetis, Inc.* | 900 | 4,419 |
| Alto Ingredients, Inc.* | 2,600 | 9,646 |
| Archaea Energy, Inc.* | 1,900 | 29,507 |
| Array Technologies, Inc.* | 4,900 | 53,949 |
| Cleanspark, Inc.* | 1,200 | 4,704 |
| Energy Vault Holdings, Inc.* | 800 | 8,016 |
| Eneti, Inc. | 700 | 4,298 |
| Fluence Energy, Inc.* | 1,200 | 11,376 |
| FuelCell Energy, Inc.* | 12,000 | 45,000 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Energy-Alternate Sources — (continued) |
| FutureFuel Corp. | 800 | $ 5,824 |
| Gevo, Inc.* | 6,400 | 15,040 |
| Green Plains, Inc.* | 1,567 | 42,575 |
| Infrastructure and Energy Alternatives, Inc.* | 800 | 6,424 |
| Montauk Renewables, Inc.* | 2,100 | 21,105 |
| REX American Resources Corp.* | 192 | 16,282 |
| Shoals Technologies Group, Inc., Class A* | 3,700 | 60,976 |
| Stem, Inc.* | 4,700 | 33,652 |
| Sunnova Energy International, Inc.* | 3,200 | 58,976 |
| SunPower Corp.* | 2,800 | 44,268 |
| TPI Composites, Inc.* | 1,100 | 13,750 |
| | | 489,787 |
| Engineering & Construction — 1.4% |
| 908 Devices, Inc.* | 800 | 16,472 |
| Arcosa, Inc. | 1,600 | 74,288 |
| Atlas Technical Consultants, Inc.* | 500 | 2,630 |
| Comfort Systems USA, Inc. | 1,127 | 93,710 |
| Concrete Pumping Holdings, Inc.* | 1,100 | 6,666 |
| Construction Partners, Inc., Class A* | 1,400 | 29,316 |
| Dycom Industries, Inc.* | 953 | 88,667 |
| EMCOR Group, Inc. | 1,663 | 171,222 |
| Exponent, Inc. | 1,680 | 153,669 |
| Fluor Corp.* | 4,700 | 114,398 |
| Frontdoor, Inc.* | 2,700 | 65,016 |
| Granite Construction, Inc. | 1,633 | 47,586 |
| Great Lakes Dredge & Dock Corp.* | 2,351 | 30,822 |
| IES Holdings, Inc.* | 300 | 9,051 |
| Latham Group, Inc.* | 1,500 | 10,395 |
| MYR Group, Inc.* | 583 | 51,380 |
| NV5 Global, Inc.* | 454 | 53,000 |
| Primoris Services Corp. | 1,790 | 38,950 |
| Sterling Infrastructure, Inc.* | 1,000 | 21,920 |
| Tutor Perini Corp.* | 1,397 | 12,266 |
| | | 1,091,424 |
| Entertainment — 1.0% |
| Accel Entertainment, Inc.* | 2,000 | 21,240 |
| Bally's Corp.* | 1,450 | 28,681 |
| Cinemark Holdings, Inc.* | 3,500 | 52,570 |
| Everi Holdings, Inc.* | 2,800 | 45,668 |
| Golden Entertainment, Inc.* | 600 | 23,730 |
| IMAX Corp.* | 1,800 | 30,402 |
| International Game Technology PLC | 3,300 | 61,248 |
| Liberty Media Corp.-Liberty Braves, Class A* | 300 | 7,545 |
| Liberty Media Corp.-Liberty Braves, Class C* | 1,300 | 31,200 |
| Light & Wonder, Inc.* | 3,200 | 150,368 |
| Lions Gate Entertainment Corp., Class A* | 1,900 | 17,689 |
| Lions Gate Entertainment Corp., Class B* | 3,800 | 33,554 |
| | Number of
Shares | Value† |
| |
| Entertainment — (continued) |
| Madison Square Garden Entertainment Corp.* | 837 | $ 44,043 |
| Monarch Casino & Resort, Inc.* | 485 | 28,455 |
| NEOGAMES S.A.* | 400 | 5,364 |
| RCI Hospitality Holdings, Inc. | 300 | 14,508 |
| Red Rock Resorts, Inc., Class A | 1,800 | 60,048 |
| Reservoir Media, Inc.* | 700 | 4,564 |
| Rush Street Interactive, Inc.* | 1,800 | 8,406 |
| SeaWorld Entertainment, Inc.* | 1,500 | 66,270 |
| | | 735,553 |
| Environmental Control — 0.5% |
| Casella Waste Systems, Inc., Class A* | 1,600 | 116,288 |
| Centrus Energy Corp., Class A* | 300 | 7,425 |
| Energy Recovery, Inc.* | 2,000 | 38,840 |
| Evoqua Water Technologies Corp.* | 3,800 | 123,538 |
| Harsco Corp.* | 2,500 | 17,775 |
| Heritage-Crystal Clean, Inc.* | 600 | 16,176 |
| Li-Cycle Holdings Corp.* | 4,300 | 29,584 |
| Montrose Environmental Group, Inc.* | 900 | 30,384 |
| Pure Cycle Corp.* | 800 | 8,432 |
| PureCycle Technologies, Inc.* | 3,500 | 25,970 |
| | | 414,412 |
| Food — 1.8% |
| B&G Foods, Inc. | 2,172 | 51,650 |
| Beyond Meat, Inc.* | 2,000 | 47,880 |
| Calavo Growers, Inc. | 551 | 22,988 |
| Cal-Maine Foods, Inc. | 1,246 | 61,565 |
| HF Foods Group, Inc.* | 1,300 | 6,786 |
| Hostess Brands, Inc.* | 4,700 | 99,687 |
| Ingles Markets, Inc., Class A | 504 | 43,722 |
| J & J Snack Foods Corp. | 502 | 70,109 |
| John B Sanfilippo & Son, Inc. | 300 | 21,747 |
| Krispy Kreme, Inc. | 2,300 | 31,280 |
| Lancaster Colony Corp. | 641 | 82,548 |
| Mission Produce, Inc.* | 1,300 | 18,525 |
| Natural Grocers by Vitamin Cottage, Inc. | 400 | 6,380 |
| Sanderson Farms, Inc. | 687 | 148,069 |
| Seneca Foods Corp., Class A* | 211 | 11,719 |
| SpartanNash Co. | 1,130 | 34,092 |
| Sprouts Farmers Market, Inc.* | 3,600 | 91,152 |
| SunOpta, Inc.* | 3,200 | 24,896 |
| Tattooed Chef, Inc.* | 1,600 | 10,080 |
| The Chefs' Warehouse, Inc.* | 1,050 | 40,835 |
| The Hain Celestial Group, Inc.* | 2,500 | 59,350 |
| The Simply Good Foods Co.* | 3,000 | 113,310 |
| Tootsie Roll Industries, Inc. | 566 | 20,008 |
| TreeHouse Foods, Inc.* | 1,700 | 71,094 |
| United Natural Foods, Inc.* | 1,900 | 74,860 |
| Utz Brands, Inc. | 2,000 | 27,640 |
| Village Super Market, Inc., Class A | 268 | 6,113 |
| Weis Markets, Inc. | 566 | 42,190 |
| Whole Earth Brands, Inc.* | 1,300 | 8,060 |
| | | 1,348,335 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Food Service — 0.1% |
| Healthcare Services Group, Inc. | 2,580 | $ 44,918 |
| Sovos Brands, Inc.* | 800 | 12,696 |
| | | 57,614 |
| Forest Products & Paper — 0.1% |
| Clearwater Paper Corp.* | 578 | 19,438 |
| Glatfelter Corp. | 1,359 | 9,350 |
| Neenah, Inc. | 574 | 19,596 |
| Resolute Forest Products, Inc.* | 1,500 | 19,140 |
| Sylvamo Corp. | 1,200 | 39,216 |
| | | 106,740 |
| Gas — 1.3% |
| Brookfield Infrastructure Corp., Class A | 3,150 | 133,875 |
| Chesapeake Utilities Corp. | 585 | 75,787 |
| New Jersey Resources Corp. | 3,164 | 140,893 |
| Northwest Natural Holding Co. | 1,050 | 55,755 |
| ONE Gas, Inc. | 1,800 | 146,142 |
| South Jersey Industries, Inc. | 3,980 | 135,877 |
| Southwest Gas Holdings, Inc. | 2,157 | 187,831 |
| Spire, Inc. | 1,656 | 123,157 |
| | | 999,317 |
| Hand & Machine Tools — 0.3% |
| Cadre Holdings, Inc. | 300 | 5,901 |
| Enerpac Tool Group Corp. | 2,106 | 40,056 |
| Franklin Electric Co., Inc. | 1,470 | 107,692 |
| Kennametal, Inc. | 2,700 | 62,721 |
| Luxfer Holdings PLC | 1,000 | 15,120 |
| | | 231,490 |
| Healthcare Products — 3.8% |
| Adaptive Biotechnologies Corp.* | 3,600 | 29,124 |
| Akoya Biosciences, Inc.* | 300 | 3,855 |
| Alphatec Holdings, Inc.* | 2,300 | 15,042 |
| AngioDynamics, Inc.* | 1,158 | 22,407 |
| Artivion, Inc.* | 1,199 | 22,637 |
| AtriCure, Inc.* | 1,500 | 61,290 |
| Atrion Corp. | 44 | 27,670 |
| Avanos Medical, Inc.* | 1,700 | 46,478 |
| Axogen, Inc.* | 1,200 | 9,828 |
| Axonics, Inc.* | 1,500 | 85,005 |
| BioLife Solutions, Inc.* | 1,100 | 15,191 |
| Bionano Genomics, Inc.* | 9,200 | 12,696 |
| Bioventus, Inc., Class A* | 1,095 | 7,468 |
| Butterfly Network, Inc.* | 4,100 | 12,587 |
| Cardiovascular Systems, Inc.* | 1,200 | 17,232 |
| CareDx, Inc.* | 1,700 | 36,516 |
| Castle Biosciences, Inc.* | 700 | 15,365 |
| Cerus Corp.* | 5,300 | 28,037 |
| CONMED Corp. | 922 | 88,291 |
| Cue Health, Inc.* | 3,500 | 11,200 |
| Cutera, Inc.* | 600 | 22,500 |
| Glaukos Corp.* | 1,551 | 70,446 |
| Haemonetics Corp.* | 1,659 | 108,134 |
| Hanger, Inc.* | 1,100 | 15,752 |
| Inari Medical, Inc.* | 1,600 | 108,784 |
| | Number of
Shares | Value† |
| |
| Healthcare Products — (continued) |
| Inogen, Inc.* | 600 | $ 14,508 |
| Inspire Medical Systems, Inc.* | 897 | 163,855 |
| Integer Holdings Corp.* | 1,113 | 78,645 |
| iRadimed Corp. | 200 | 6,788 |
| iRhythm Technologies, Inc.* | 993 | 107,274 |
| Lantheus Holdings, Inc.* | 2,206 | 145,662 |
| LeMaitre Vascular, Inc. | 600 | 27,330 |
| LivaNova PLC* | 1,800 | 112,446 |
| Meridian Bioscience, Inc.* | 1,360 | 41,371 |
| Merit Medical Systems, Inc.* | 1,775 | 96,329 |
| MiMedx Group, Inc.* | 3,700 | 12,839 |
| NanoString Technologies, Inc.* | 1,500 | 19,050 |
| Natus Medical, Inc.* | 1,075 | 35,228 |
| Nautilus Biotechnology, Inc.* | 1,600 | 4,304 |
| Neogen Corp.* | 3,538 | 85,230 |
| Nevro Corp.* | 1,117 | 48,958 |
| NuVasive, Inc.* | 1,706 | 83,867 |
| Omnicell, Inc.* | 1,470 | 167,212 |
| OraSure Technologies, Inc.* | 2,201 | 5,965 |
| Orthofix Medical, Inc.* | 571 | 13,441 |
| OrthoPediatrics Corp.* | 500 | 21,575 |
| Pacific Biosciences of California, Inc.* | 7,800 | 34,476 |
| Paragon 28, Inc.* | 1,500 | 23,805 |
| Patterson Cos., Inc. | 2,800 | 84,840 |
| PROCEPT BioRobotics Corp.* | 800 | 26,152 |
| Pulmonx Corp.* | 800 | 11,776 |
| Quanterix Corp.* | 1,000 | 16,190 |
| Quantum-Si, Inc.* | 3,000 | 6,960 |
| RxSight, Inc.* | 800 | 11,264 |
| SeaSpine Holdings Corp.* | 1,000 | 5,650 |
| Shockwave Medical, Inc.* | 1,181 | 225,772 |
| SI-BONE, Inc.* | 1,000 | 13,200 |
| Silk Road Medical, Inc.* | 1,100 | 40,029 |
| SomaLogic, Inc.* | 4,900 | 22,148 |
| STAAR Surgical Co.* | 1,607 | 113,985 |
| Surmodics, Inc.* | 473 | 17,610 |
| Tactile Systems Technology, Inc.* | 600 | 4,380 |
| Treace Medical Concepts, Inc.* | 1,000 | 14,340 |
| Utah Medical Products, Inc. | 100 | 8,590 |
| Varex Imaging Corp.* | 1,200 | 25,668 |
| Vicarious Surgical, Inc.* | 1,800 | 5,292 |
| ViewRay, Inc.* | 5,700 | 15,105 |
| Zimvie, Inc.* | 700 | 11,207 |
| Zynex, Inc. | 660 | 5,267 |
| | | 2,929,118 |
| Healthcare Services — 1.5% |
| 23andMe Holding Co., Class A* | 5,600 | 13,888 |
| Accolade, Inc.* | 1,600 | 11,840 |
| Addus HomeCare Corp.* | 500 | 41,640 |
| Agiliti, Inc.* | 800 | 16,408 |
| American Well Corp., Class A* | 8,000 | 34,560 |
| ATI Physical Therapy, Inc.* | 2,400 | 3,384 |
| Aveanna Healthcare Holdings, Inc.* | 1,400 | 3,164 |
| Babylon Holdings Ltd., Class A* | 3,600 | 3,520 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Healthcare Services — (continued) |
| Bright Health Group, Inc.* | 7,700 | $ 14,014 |
| Brookdale Senior Living, Inc.* | 6,300 | 28,602 |
| Cano Health, Inc.* | 5,300 | 23,214 |
| CareMax, Inc.* | 1,900 | 6,897 |
| Clover Health Investments Corp.* | 12,500 | 26,750 |
| Community Health Systems, Inc.* | 4,100 | 15,375 |
| DocGo, Inc.* | 2,600 | 18,564 |
| Fulgent Genetics, Inc.* | 700 | 38,171 |
| Innovage Holding Corp.* | 700 | 3,066 |
| Inotiv, Inc.* | 500 | 4,800 |
| Invitae Corp.* | 6,500 | 15,860 |
| LHC Group, Inc.* | 974 | 151,691 |
| LifeStance Health Group, Inc.* | 2,600 | 14,456 |
| MEDNAX, Inc.* | 2,900 | 60,929 |
| Medpace Holdings, Inc.* | 900 | 134,703 |
| ModivCare, Inc.* | 400 | 33,800 |
| Nano-X Imaging Ltd.* | 1,400 | 15,820 |
| National HealthCare Corp. | 406 | 28,379 |
| OPKO Health, Inc.* | 12,601 | 31,881 |
| Oscar Health, Inc., Class A* | 3,900 | 16,575 |
| P3 Health Partners, Inc.* | 800 | 2,976 |
| RadNet, Inc.* | 1,600 | 27,648 |
| Science 37 Holdings, Inc.* | 2,000 | 4,020 |
| Select Medical Holdings Corp. | 3,500 | 82,670 |
| Sema4 Holdings Corp.* | 5,200 | 6,552 |
| Surgery Partners, Inc.* | 1,400 | 40,488 |
| The Ensign Group, Inc. | 1,780 | 130,777 |
| The Joint Corp.* | 500 | 7,655 |
| The Oncology Institute, Inc.* | 600 | 3,036 |
| The Pennant Group, Inc.* | 740 | 9,479 |
| U.S. Physical Therapy, Inc. | 455 | 49,686 |
| | | 1,176,938 |
| Holding Companies — 0.0% |
| Professional Holding Corp., Class A* | 400 | 8,020 |
| Home Builders — 1.2% |
| Beazer Homes USA, Inc.* | 924 | 11,153 |
| Cavco Industries, Inc.* | 298 | 58,405 |
| Century Communities, Inc. | 1,000 | 44,970 |
| Dream Finders Homes, Inc., Class A* | 700 | 7,448 |
| Forestar Group, Inc.* | 460 | 6,297 |
| Green Brick Partners, Inc.* | 1,000 | 19,570 |
| Hovnanian Enterprises, Inc., Class A* | 200 | 8,558 |
| Installed Building Products, Inc. | 829 | 68,940 |
| KB Home | 2,600 | 73,996 |
| Landsea Homes Corp.* | 700 | 4,662 |
| LCI Industries | 791 | 88,497 |
| LGI Homes, Inc.* | 700 | 60,830 |
| M/I Homes, Inc.* | 936 | 37,122 |
| MDC Holdings, Inc. | 1,859 | 60,064 |
| Meritage Homes Corp.* | 1,190 | 86,275 |
| Skyline Champion Corp.* | 1,800 | 85,356 |
| Taylor Morrison Home Corp.* | 3,800 | 88,768 |
| Tri Pointe Homes, Inc.* | 3,600 | 60,732 |
| | Number of
Shares | Value† |
| |
| Home Builders — (continued) |
| Winnebago Industries, Inc. | 1,122 | $ 54,484 |
| | | 926,127 |
| Home Furnishings — 0.4% |
| Aterian, Inc.* | 700 | 1,512 |
| Ethan Allen Interiors, Inc. | 828 | 16,734 |
| iRobot Corp.* | 880 | 32,340 |
| MillerKnoll, Inc. | 2,428 | 63,784 |
| Purple Innovation, Inc.* | 1,700 | 5,202 |
| Sleep Number Corp.* | 772 | 23,893 |
| Snap One Holdings Corp.* | 400 | 3,668 |
| Sonos, Inc.* | 4,300 | 77,572 |
| The Lovesac Co.* | 400 | 11,000 |
| Traeger, Inc.* | 700 | 2,975 |
| Universal Electronics, Inc.* | 400 | 10,228 |
| Vizio Holding Corp., Class A* | 2,200 | 15,004 |
| Weber, Inc., Class A | 500 | 3,605 |
| | | 267,517 |
| Household Products & Wares — 0.4% |
| ACCO Brands Corp. | 2,893 | 18,891 |
| Central Garden & Pet Co.* | 300 | 12,726 |
| Central Garden & Pet Co., Class A* | 1,302 | 52,093 |
| Helen of Troy Ltd.* | 777 | 126,193 |
| Quanex Building Products Corp. | 1,025 | 23,319 |
| WD-40 Co. | 464 | 93,431 |
| | | 326,653 |
| Housewares — 0.0% |
| Lifetime Brands, Inc. | 400 | 4,416 |
| Tupperware Brands Corp.* | 1,700 | 10,778 |
| | | 15,194 |
| Insurance — 2.5% |
| Ambac Financial Group, Inc.* | 1,500 | 17,025 |
| American Equity Investment Life Holding Co. | 2,576 | 94,204 |
| AMERISAFE, Inc. | 608 | 31,622 |
| Argo Group International Holdings Ltd. | 1,032 | 38,040 |
| BRP Group, Inc., Class A* | 1,900 | 45,885 |
| CNO Financial Group, Inc. | 3,793 | 68,615 |
| Crawford & Co., Class A | 700 | 5,460 |
| Doma Holdings, Inc.* | 4,500 | 4,635 |
| Donegal Group, Inc., Class A | 683 | 11,645 |
| eHealth, Inc.* | 720 | 6,718 |
| Employers Holdings, Inc. | 882 | 36,947 |
| Enstar Group Ltd.* | 378 | 80,885 |
| Essent Group Ltd. | 3,400 | 132,260 |
| Genworth Financial, Inc., Class A* | 17,000 | 60,010 |
| Goosehead Insurance, Inc., Class A | 600 | 27,402 |
| Greenlight Capital Re Ltd., Class A* | 1,128 | 8,719 |
| HCI Group, Inc. | 200 | 13,552 |
| Hippo Holdings, Inc.* | 8,300 | 7,292 |
| Horace Mann Educators Corp. | 1,380 | 52,964 |
| Investors Title Co. | 39 | 6,119 |
| Jackson Financial, Inc., Class A | 2,500 | 66,875 |
| James River Group Holdings Ltd. | 1,300 | 32,214 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Insurance — (continued) |
| Kinsale Capital Group, Inc. | 719 | $ 165,111 |
| Lemonade, Inc.* | 1,300 | 23,738 |
| MBIA, Inc.* | 1,700 | 20,995 |
| Mercury General Corp. | 900 | 39,870 |
| National Western Life Group, Inc., Class A | 74 | 15,000 |
| NI Holdings, Inc.* | 200 | 3,286 |
| NMI Holdings, Inc., Class A* | 2,700 | 44,955 |
| Palomar Holdings, Inc.* | 800 | 51,520 |
| ProAssurance Corp. | 1,800 | 42,534 |
| Radian Group, Inc. | 5,703 | 112,064 |
| RLI Corp. | 1,276 | 148,769 |
| Root, Inc., Class A* | 4,600 | 5,474 |
| Safety Insurance Group, Inc. | 482 | 46,802 |
| Selective Insurance Group, Inc. | 1,975 | 171,707 |
| Selectquote, Inc.* | 4,300 | 10,664 |
| SiriusPoint Ltd.* | 2,700 | 14,634 |
| Stewart Information Services Corp. | 908 | 45,173 |
| Tiptree, Inc. | 600 | 6,372 |
| Trean Insurance Group, Inc.* | 500 | 3,115 |
| Trupanion, Inc.* | 1,236 | 74,481 |
| United Fire Group, Inc. | 680 | 23,276 |
| Universal Insurance Holdings, Inc. | 951 | 12,392 |
| | | 1,931,020 |
| Internet — 1.9% |
| 1-800-Flowers.com, Inc., Class A* | 937 | 8,911 |
| 1stdibs.com, Inc.* | 900 | 5,121 |
| Allbirds, Inc., Class A* | 3,100 | 12,183 |
| Blade Air Mobility, Inc.* | 1,800 | 8,028 |
| Bumble, Inc., Class A* | 2,800 | 78,820 |
| Cargurus, Inc.* | 3,200 | 68,768 |
| CarParts.com, Inc.* | 1,600 | 11,104 |
| Cars.com, Inc.* | 2,100 | 19,803 |
| ChannelAdvisor Corp.* | 900 | 13,122 |
| Cogent Communications Holdings, Inc. | 1,419 | 86,219 |
| ContextLogic, Inc., Class A* | 18,600 | 29,760 |
| Couchbase, Inc.* | 900 | 14,778 |
| DHI Group, Inc.* | 1,400 | 6,958 |
| Edgio, Inc.* | 4,172 | 9,637 |
| ePlus, Inc.* | 942 | 50,039 |
| Eventbrite, Inc., Class A* | 2,500 | 25,675 |
| EverQuote, Inc., Class A* | 700 | 6,188 |
| Figs, Inc., Class A* | 4,200 | 38,262 |
| Focus Universal, Inc.* | 600 | 6,852 |
| fuboTV, Inc.* | 4,600 | 11,362 |
| Gambling.com Group Ltd.* | 300 | 2,361 |
| Groupon, Inc.* | 850 | 9,605 |
| HealthStream, Inc.* | 900 | 19,539 |
| Lands' End, Inc.* | 500 | 5,310 |
| Liquidity Services, Inc.* | 735 | 9,878 |
| Magnite, Inc.* | 4,206 | 37,349 |
| Marqeta, Inc., Class A* | 14,200 | 115,162 |
| MediaAlpha, Inc., Class A* | 600 | 5,910 |
| Nerdy, Inc.* | 1,800 | 3,834 |
| | Number of
Shares | Value† |
| |
| Internet — (continued) |
| Open Lending Corp., Class A* | 3,400 | $ 34,782 |
| OptimizeRx Corp.* | 600 | 16,434 |
| Overstock.com, Inc.* | 1,400 | 35,014 |
| Perficient, Inc.* | 1,145 | 104,985 |
| Poshmark, Inc., Class A* | 1,500 | 15,165 |
| Q2 Holdings, Inc.* | 1,800 | 69,426 |
| QuinStreet, Inc.* | 1,715 | 17,253 |
| Revolve Group, Inc.* | 1,200 | 31,092 |
| Rover Group, Inc.* | 3,000 | 11,280 |
| RumbleON, Inc., Class B* | 300 | 4,413 |
| Shutterstock, Inc. | 800 | 45,848 |
| Solo Brands, Inc., Class A* | 500 | 2,030 |
| Squarespace, Inc., Class A* | 1,000 | 20,920 |
| Stitch Fix, Inc., Class A* | 2,600 | 12,844 |
| TechTarget, Inc.* | 900 | 59,148 |
| The Arena Group Holdings, Inc.* | 400 | 3,600 |
| The RealReal, Inc.* | 2,600 | 6,474 |
| TrueCar, Inc.* | 3,500 | 9,065 |
| Tucows, Inc., Class A* | 300 | 13,353 |
| Upwork, Inc.* | 3,900 | 80,652 |
| Vacasa, Inc., Class A* | 1,300 | 3,744 |
| Vimeo, Inc.* | 4,700 | 28,294 |
| Vivid Seats, Inc., Class A | 800 | 5,976 |
| Yelp, Inc.* | 2,200 | 61,094 |
| | | 1,413,424 |
| Investment Companies — 0.1% |
| Cannae Holdings, Inc.* | 2,500 | 48,350 |
| Compass Diversified Holdings | 2,000 | 42,840 |
| | | 91,190 |
| Iron & Steel — 0.4% |
| Allegheny Technologies, Inc.* | 4,200 | 95,382 |
| Carpenter Technology Corp. | 1,600 | 44,656 |
| Commercial Metals Co. | 4,000 | 132,400 |
| Schnitzer Steel Industries, Inc., Class A | 900 | 29,556 |
| | | 301,994 |
| Leisure Time — 0.6% |
| Acushnet Holdings Corp. | 1,100 | 45,848 |
| Bowlero Corp.* | 1,300 | 13,767 |
| Callaway Golf Co.* | 4,546 | 92,738 |
| Camping World Holdings, Inc., Class A | 1,400 | 30,226 |
| Clarus Corp. | 902 | 17,129 |
| F45 Training Holdings, Inc.* | 1,200 | 4,716 |
| Johnson Outdoors, Inc., Class A | 168 | 10,275 |
| Life Time Group Holdings, Inc.* | 1,300 | 16,744 |
| Lindblad Expeditions Holdings, Inc.* | 1,100 | 8,910 |
| Malibu Boats, Inc., Class A* | 700 | 36,897 |
| Marine Products Corp. | 88 | 837 |
| MasterCraft Boat Holdings, Inc.* | 700 | 14,735 |
| OneSpaWorld Holdings Ltd.* | 1,600 | 11,472 |
| OneWater Marine, Inc., Class A* | 400 | 13,220 |
| Virgin Galactic Holdings, Inc.* | 7,500 | 45,150 |
| Vista Outdoor, Inc.* | 1,900 | 53,010 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Leisure Time — (continued) |
| Xponential Fitness, Inc., Class A* | 500 | $ 6,280 |
| | | 421,954 |
| Lodging — 0.2% |
| Bluegreen Vacations Holding Corp. | 404 | 10,084 |
| Century Casinos, Inc.* | 1,100 | 7,920 |
| Full House Resorts, Inc.* | 1,200 | 7,296 |
| Hilton Grand Vacations, Inc.* | 2,900 | 103,617 |
| Target Hospitality Corp.* | 1,300 | 7,423 |
| The Marcus Corp.* | 733 | 10,826 |
| | | 147,166 |
| Machinery — Construction & Mining — 0.3% |
| Argan, Inc. | 436 | 16,272 |
| Astec Industries, Inc. | 798 | 32,542 |
| Babcock & Wilcox Enterprises, Inc.* | 2,000 | 12,060 |
| Bloom Energy Corp., Class A* | 5,300 | 87,450 |
| Hyster-Yale Materials Handling, Inc. | 344 | 11,084 |
| NuScale Power Corp.* | 600 | 5,994 |
| Terex Corp. | 2,300 | 62,951 |
| The Manitowoc Co., Inc.* | 1,025 | 10,793 |
| Transphorm, Inc.* | 700 | 2,667 |
| Volta, Inc.* | 4,000 | 5,200 |
| | | 247,013 |
| Machinery — Diversified — 1.8% |
| Alamo Group, Inc. | 317 | 36,908 |
| Albany International Corp., Class A | 1,032 | 81,311 |
| Altra Industrial Motion Corp. | 2,203 | 77,656 |
| Applied Industrial Technologies, Inc. | 1,282 | 123,290 |
| Cactus, Inc., Class A | 1,900 | 76,513 |
| Chart Industries, Inc.* | 1,217 | 203,702 |
| CIRCOR International, Inc.* | 635 | 10,408 |
| Columbus McKinnon Corp. | 885 | 25,107 |
| CSW Industrials, Inc. | 482 | 49,660 |
| DXP Enterprises, Inc.* | 522 | 15,989 |
| Eastman Kodak Co.* | 1,600 | 7,424 |
| GrafTech International Ltd. | 6,600 | 46,662 |
| Hydrofarm Holdings Group, Inc.* | 1,300 | 4,524 |
| Ichor Holdings Ltd.* | 900 | 23,382 |
| Kadant, Inc. | 402 | 73,305 |
| Lindsay Corp. | 388 | 51,534 |
| Mueller Water Products, Inc., Class A | 5,092 | 59,729 |
| Ranpak Holdings Corp.* | 1,200 | 8,400 |
| Sarcos Technology and Robotics Corp.* | 2,500 | 6,650 |
| Tennant Co. | 636 | 37,683 |
| The Gorman-Rupp Co. | 751 | 21,253 |
| Thermon Group Holdings, Inc.* | 1,100 | 15,455 |
| Watts Water Technologies, Inc., Class A | 894 | 109,819 |
| Welbilt, Inc.* | 4,400 | 104,764 |
| Zurn Water Solutions Corp. | 4,000 | 108,960 |
| | | 1,380,088 |
| Media — 0.6% |
| AMC Networks, Inc., Class A* | 1,000 | 29,120 |
| Audacy, Inc.* | 3,100 | 2,921 |
| Cumulus Media, Inc., Class A* | 600 | 4,638 |
| | Number of
Shares | Value† |
| |
| Media — (continued) |
| Gannett Co., Inc.* | 4,253 | $ 12,334 |
| Gray Television, Inc. | 3,000 | 50,670 |
| iHeartMedia, Inc., Class A* | 3,600 | 28,404 |
| Liberty Latin America Ltd., Class A* | 1,400 | 10,920 |
| Liberty Latin America Ltd., Class C* | 5,252 | 40,913 |
| Scholastic Corp. | 856 | 30,790 |
| Sinclair Broadcast Group, Inc., Class A | 1,400 | 28,560 |
| TEGNA, Inc. | 7,400 | 155,178 |
| The E.W. Scripps Co., Class A* | 1,829 | 22,808 |
| Thryv Holdings, Inc.* | 800 | 17,912 |
| WideOpenWest, Inc.* | 1,800 | 32,778 |
| | | 467,946 |
| Metal Fabricate/Hardware — 0.9% |
| AZZ, Inc. | 776 | 31,676 |
| Helios Technologies, Inc. | 1,059 | 70,159 |
| Hillman Solutions Corp.* | 4,400 | 38,016 |
| Janus International Group, Inc.* | 2,700 | 24,381 |
| Mueller Industries, Inc. | 1,888 | 100,612 |
| Northwest Pipe Co.* | 300 | 8,982 |
| Olympic Steel, Inc. | 331 | 8,523 |
| Omega Flex, Inc. | 124 | 13,345 |
| Proto Labs, Inc.* | 899 | 43,008 |
| RBC Bearings, Inc.* | 955 | 176,627 |
| Ryerson Holding Corp. | 600 | 12,774 |
| Standex International Corp. | 400 | 33,912 |
| TimkenSteel Corp.* | 1,700 | 31,807 |
| Tredegar Corp. | 761 | 7,610 |
| Worthington Industries, Inc. | 1,084 | 47,805 |
| Xometry, Inc., Class A* | 1,100 | 37,323 |
| | | 686,560 |
| Mining — 0.8% |
| 5E Advanced Materials, Inc.* | 1,100 | 13,398 |
| Arconic Corp.* | 3,600 | 100,980 |
| Century Aluminum Co.* | 1,754 | 12,927 |
| Coeur Mining, Inc.* | 8,628 | 26,229 |
| Compass Minerals International, Inc. | 1,100 | 38,929 |
| Constellium S.E.* | 4,000 | 52,840 |
| Dakota Gold Corp.* | 1,700 | 5,695 |
| Energy Fuels, Inc.* | 5,400 | 26,514 |
| Ferroglobe PLC(1),* | 2,414 | 0 |
| Hecla Mining Co. | 17,891 | 70,133 |
| Hycroft Mining Holding Corp.* | 4,900 | 5,439 |
| Kaiser Aluminum Corp. | 516 | 40,810 |
| Livent Corp.* | 5,400 | 122,526 |
| Novagold Resources, Inc.* | 8,400 | 40,404 |
| Piedmont Lithium, Inc.* | 600 | 21,846 |
| PolyMet Mining Corp.* | 1,700 | 4,675 |
| United States Lime & Minerals, Inc. | 90 | 9,504 |
| Uranium Energy Corp.* | 9,200 | 28,336 |
| Ur-Energy, Inc.* | 7,000 | 7,420 |
| | | 628,605 |
| Miscellaneous Manufacturing — 1.0% |
| AMMO, Inc.* | 3,600 | 13,860 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Miscellaneous Manufacturing — (continued) |
| Chase Corp. | 261 | $ 20,309 |
| EnPro Industries, Inc. | 717 | 58,744 |
| ESCO Technologies, Inc. | 834 | 57,021 |
| Fabrinet* | 1,200 | 97,320 |
| Federal Signal Corp. | 1,943 | 69,171 |
| Haynes International, Inc. | 364 | 11,928 |
| Hillenbrand, Inc. | 2,444 | 100,106 |
| John Bean Technologies Corp. | 1,059 | 116,935 |
| LSB Industries, Inc.* | 1,000 | 13,860 |
| Materion Corp. | 657 | 48,441 |
| Myers Industries, Inc. | 1,125 | 25,571 |
| NL Industries, Inc. | 90 | 888 |
| Sight Sciences, Inc.* | 900 | 8,091 |
| Smith & Wesson Brands, Inc. | 1,579 | 20,732 |
| Sturm Ruger & Co., Inc. | 619 | 39,399 |
| Trinity Industries, Inc. | 2,800 | 67,816 |
| | | 770,192 |
| Office & Business Equipment — 0.1% |
| Pitney Bowes, Inc. | 6,000 | 21,720 |
| Xerox Holdings Corp. | 3,700 | 54,945 |
| | | 76,665 |
| Office Furnishings — 0.2% |
| HNI Corp. | 1,443 | 50,058 |
| Interface, Inc. | 1,995 | 25,017 |
| Kimball International, Inc., Class B | 1,244 | 9,541 |
| Steelcase, Inc., Class A | 3,131 | 33,596 |
| | | 118,212 |
| Oil & Gas — 3.3% |
| Amplify Energy Corp.* | 1,200 | 7,848 |
| Berry Corp. | 2,100 | 16,002 |
| Borr Drilling Ltd.* | 4,400 | 20,284 |
| Brigham Minerals, Inc., Class A | 1,500 | 36,945 |
| California Resources Corp. | 2,600 | 100,100 |
| Callon Petroleum Co.* | 1,600 | 62,720 |
| Centennial Resource Development, Inc., Class A* | 6,000 | 35,880 |
| Civitas Resources, Inc. | 2,394 | 125,182 |
| CNX Resources Corp.* | 6,300 | 103,698 |
| Cobalt International Energy, Inc.(1) | 1 | 0 |
| Comstock Resources, Inc.* | 3,200 | 38,656 |
| Crescent Energy, Inc., Class A | 1,020 | 12,730 |
| CVR Energy, Inc. | 1,000 | 33,500 |
| Delek US Holdings, Inc.* | 2,283 | 58,993 |
| Denbury, Inc.* | 1,700 | 101,983 |
| Diamond Offshore Drilling, Inc.* | 3,300 | 19,437 |
| Earthstone Energy, Inc., Class A* | 1,200 | 16,380 |
| Empire Petroleum Corp.* | 200 | 2,374 |
| Gulfport Energy Corp.* | 400 | 31,804 |
| Helmerich & Payne, Inc. | 3,400 | 146,404 |
| HighPeak Energy, Inc. | 100 | 2,562 |
| Kosmos Energy Ltd.* | 15,200 | 94,088 |
| Laredo Petroleum, Inc.* | 600 | 41,364 |
| Magnolia Oil & Gas Corp., Class A | 5,500 | 115,445 |
| | Number of
Shares | Value† |
| |
| Oil & Gas — (continued) |
| Matador Resources Co. | 3,700 | $ 172,383 |
| Murphy Oil Corp. | 4,900 | 147,931 |
| Nabors Industries Ltd.* | 315 | 42,178 |
| Noble Corp.* | 1,200 | 30,420 |
| Northern Oil & Gas, Inc. | 2,100 | 53,046 |
| Oasis Petroleum, Inc. | 700 | 85,155 |
| Ovintiv, Inc. | 100 | 4,419 |
| Par Pacific Holdings, Inc.* | 1,618 | 25,225 |
| Patterson-UTI Energy, Inc. | 7,000 | 110,320 |
| PBF Energy, Inc., Class A* | 3,200 | 92,864 |
| Ranger Oil Corp.* | 700 | 23,009 |
| Riley Exploration Permian, Inc. | 300 | 7,254 |
| Ring Energy, Inc.* | 2,800 | 7,448 |
| SandRidge Energy, Inc.* | 1,000 | 15,670 |
| SilverBow Resources, Inc.* | 400 | 11,344 |
| Sitio Royalties Corp. | 375 | 8,692 |
| SM Energy Co. | 4,000 | 136,760 |
| Talos Energy, Inc.* | 2,200 | 34,034 |
| Tellurian, Inc.* | 16,700 | 49,766 |
| VAALCO Energy, Inc. | 1,900 | 13,186 |
| Valaris Ltd.* | 2,000 | 84,480 |
| Vertex Energy, Inc.* | 1,800 | 18,936 |
| W&T Offshore, Inc.* | 3,543 | 15,306 |
| Whiting Petroleum Corp. | 1,252 | 85,174 |
| | | 2,499,379 |
| Oil & Gas Services — 1.0% |
| Archrock, Inc. | 4,700 | 38,869 |
| Aris Water Solution, Inc., Class A | 600 | 10,008 |
| Bristow Group, Inc.* | 766 | 17,924 |
| ChampionX Corp. | 6,800 | 134,980 |
| DMC Global, Inc.* | 600 | 10,818 |
| Dril-Quip, Inc.* | 1,100 | 28,380 |
| Expro Group Holdings N.V.* | 2,516 | 28,984 |
| Helix Energy Solutions Group, Inc.* | 4,501 | 13,953 |
| Liberty Oilfield Services, Inc., Class A* | 4,700 | 59,972 |
| MRC Global, Inc.* | 2,900 | 28,884 |
| National Energy Services Reunited Corp.* | 1,100 | 7,458 |
| Newpark Resources, Inc.* | 2,712 | 8,380 |
| NexTier Oilfield Solutions, Inc.* | 5,891 | 56,024 |
| NOW, Inc.* | 3,800 | 37,164 |
| Oceaneering International, Inc.* | 3,400 | 36,312 |
| Oil States International, Inc.* | 2,000 | 10,840 |
| ProPetro Holding Corp.* | 2,900 | 29,000 |
| RPC, Inc.* | 2,200 | 15,202 |
| Select Energy Services, Inc., Class A* | 2,100 | 14,322 |
| Solaris Oilfield Infrastructure, Inc., Class A | 1,100 | 11,968 |
| TETRA Technologies, Inc.* | 4,400 | 17,864 |
| Tidewater, Inc.* | 1,400 | 29,526 |
| US Silica Holdings, Inc.* | 2,300 | 26,266 |
| Weatherford International PLC* | 2,300 | 48,691 |
| | | 721,789 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Packaging and Containers — 0.3% |
| Greif, Inc., Class A | 900 | $ 56,142 |
| Greif, Inc., Class B | 200 | 12,458 |
| Karat Packaging, Inc.* | 300 | 5,118 |
| Matthews International Corp., Class A | 1,105 | 31,680 |
| O-I Glass, Inc.* | 5,100 | 71,400 |
| Pactiv Evergreen, Inc. | 1,200 | 11,952 |
| TriMas Corp. | 1,495 | 41,397 |
| UFP Technologies, Inc.* | 200 | 15,914 |
| | | 246,061 |
| Pharmaceuticals — 2.9% |
| AbCellera Biologics, Inc.* | 6,800 | 72,420 |
| Aclaris Therapeutics, Inc.* | 1,800 | 25,128 |
| AdaptHealth Corp.* | 2,500 | 45,100 |
| Aerie Pharmaceuticals, Inc.* | 1,600 | 12,000 |
| Agios Pharmaceuticals, Inc.* | 1,800 | 39,906 |
| Alector, Inc.* | 1,900 | 19,304 |
| Alkermes PLC* | 5,400 | 160,866 |
| Amneal Pharmaceuticals, Inc.* | 2,937 | 9,340 |
| Amphastar Pharmaceuticals, Inc.* | 1,300 | 45,227 |
| Amylyx Pharmaceuticals, Inc.* | 200 | 3,852 |
| Anika Therapeutics, Inc.* | 400 | 8,928 |
| Arvinas, Inc.* | 1,600 | 67,344 |
| BellRing Brands, Inc.* | 3,700 | 92,093 |
| Bioxcel Therapeutics, Inc.* | 600 | 7,920 |
| Catalyst Pharmaceuticals, Inc.* | 3,500 | 24,535 |
| Chimerix, Inc.* | 2,700 | 5,616 |
| Coherus Biosciences, Inc.* | 2,100 | 15,204 |
| Collegium Pharmaceutical, Inc.* | 1,300 | 23,036 |
| Corcept Therapeutics, Inc.* | 2,800 | 66,584 |
| Covetrus, Inc.* | 3,500 | 72,625 |
| Cytokinetics, Inc.* | 2,700 | 106,083 |
| Eagle Pharmaceuticals, Inc.* | 400 | 17,772 |
| Embecta Corp.* | 1,900 | 48,108 |
| Enanta Pharmaceuticals, Inc.* | 600 | 28,362 |
| Endo International PLC* | 8,000 | 3,726 |
| Foghorn Therapeutics, Inc.* | 800 | 10,880 |
| Fulcrum Therapeutics, Inc.* | 800 | 3,920 |
| Harmony Biosciences Holdings, Inc.* | 800 | 39,016 |
| Herbalife Nutrition Ltd.* | 3,200 | 65,440 |
| Heron Therapeutics, Inc.* | 2,700 | 7,533 |
| Heska Corp.* | 312 | 29,487 |
| Ironwood Pharmaceuticals, Inc.* | 4,461 | 51,435 |
| Jounce Therapeutics, Inc.* | 800 | 2,424 |
| KalVista Pharmaceuticals, Inc.* | 800 | 7,872 |
| Kura Oncology, Inc.* | 2,300 | 42,159 |
| Lyell Immunopharma, Inc.* | 6,000 | 39,120 |
| Madrigal Pharmaceuticals, Inc.* | 379 | 27,129 |
| MannKind Corp.* | 7,601 | 28,960 |
| Mirum Pharmaceuticals, Inc.* | 500 | 9,730 |
| Morphic Holding, Inc.* | 700 | 15,190 |
| Nature's Sunshine Products, Inc.* | 500 | 5,335 |
| Ocugen, Inc.* | 6,100 | 13,847 |
| Ocular Therapeutix, Inc.* | 2,700 | 10,854 |
| Option Care Health, Inc.* | 4,702 | 130,668 |
| | Number of
Shares | Value† |
| |
| Pharmaceuticals — (continued) |
| Outlook Therapeutics, Inc.* | 3,600 | $ 3,672 |
| Owens & Minor, Inc. | 2,376 | 74,725 |
| Pacira BioSciences, Inc.* | 1,500 | 87,450 |
| PetIQ, Inc.* | 1,000 | 16,790 |
| Phibro Animal Health Corp., Class A | 700 | 13,391 |
| PMV Pharmaceuticals, Inc.* | 900 | 12,825 |
| Prestige Consumer Healthcare, Inc.* | 1,672 | 98,314 |
| Prometheus Biosciences, Inc.* | 1,000 | 28,230 |
| Protagonist Therapeutics, Inc.* | 1,400 | 11,074 |
| Reata Pharmaceuticals, Inc., Class A* | 884 | 26,865 |
| Relmada Therapeutics, Inc.* | 900 | 17,091 |
| Revance Therapeutics, Inc.* | 2,200 | 30,404 |
| Senseonics Holdings, Inc.* | 13,700 | 14,111 |
| Seres Therapeutics, Inc.* | 2,300 | 7,889 |
| SIGA Technologies, Inc. | 1,400 | 16,212 |
| Supernus Pharmaceuticals, Inc.* | 1,700 | 49,164 |
| The Beachbody Co., Inc.* | 3,400 | 4,080 |
| Tricida, Inc.* | 1,100 | 10,648 |
| USANA Health Sciences, Inc.* | 348 | 25,181 |
| Vanda Pharmaceuticals, Inc.* | 1,941 | 21,157 |
| Vaxcyte, Inc.* | 1,900 | 41,344 |
| Xeris Biopharma Holdings, Inc.* | 4,300 | 6,622 |
| Y-mAbs Therapeutics, Inc.* | 1,200 | 18,156 |
| Zogenix, Inc.* | 1,775 | 1,207 |
| | | 2,198,680 |
| Pipelines — 0.3% |
| Equitrans Midstream Corp. | 13,800 | 87,768 |
| Excelerate Energy, Inc., Class A* | 600 | 11,952 |
| Golar LNG Ltd.* | 3,300 | 75,075 |
| Kinetik Holdings, Inc., Class A | 500 | 17,070 |
| NextDecade Corp.* | 1,000 | 4,440 |
| | | 196,305 |
| Private Equity — 0.0% |
| Chicago Atlantic Real Estate Finance, Inc. | 100 | 1,506 |
| Real Estate — 0.7% |
| Anywhere Real Estate, Inc.* | 3,900 | 38,337 |
| Compass, Inc., Class A* | 8,500 | 30,685 |
| Cushman & Wakefield PLC* | 5,200 | 79,248 |
| Douglas Elliman, Inc. | 2,428 | 11,630 |
| eXp World Holdings, Inc. | 2,000 | 23,540 |
| FRP Holdings, Inc.* | 269 | 16,234 |
| Kennedy-Wilson Holdings, Inc. | 3,881 | 73,506 |
| Legacy Housing Corp.* | 300 | 3,915 |
| Marcus & Millichap, Inc. | 800 | 29,592 |
| McGrath RentCorp | 753 | 57,228 |
| Newmark Group, Inc., Class A | 4,800 | 46,416 |
| Offerpad Solutions, Inc.* | 2,200 | 4,796 |
| Radius Global Infrastructure, Inc., Class A* | 2,500 | 38,150 |
| RE/MAX Holdings, Inc., Class A | 600 | 14,712 |
| Redfin Corp.* | 3,300 | 27,192 |
| Stratus Properties, Inc.* | 200 | 6,445 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Real Estate — (continued) |
| The RMR Group, Inc., Class A | 467 | $ 13,240 |
| The St. Joe Co. | 1,100 | 43,516 |
| | | 558,382 |
| Real Estate Investment Trusts — 0.1% |
| Claros Mortgage Trust, Inc. | 3,000 | 50,250 |
| Retail — 4.0% |
| Abercrombie & Fitch Co., Class A* | 1,800 | 30,456 |
| Academy Sports & Outdoors, Inc. | 2,800 | 99,512 |
| American Eagle Outfitters, Inc. | 5,300 | 59,254 |
| America's Car-Mart, Inc.* | 180 | 18,108 |
| Arko Corp. | 2,500 | 20,400 |
| Asbury Automotive Group, Inc.* | 724 | 122,602 |
| Aspen Aerogels, Inc.* | 800 | 7,904 |
| Beacon Roofing Supply, Inc.* | 1,781 | 91,472 |
| Bed Bath & Beyond, Inc.* | 3,100 | 15,407 |
| Big 5 Sporting Goods Corp. | 700 | 7,847 |
| Big Lots, Inc. | 1,100 | 23,067 |
| Biglari Holdings, Inc., Class B* | 40 | 4,908 |
| BJ's Restaurants, Inc.* | 720 | 15,610 |
| Bloomin' Brands, Inc. | 3,000 | 49,860 |
| BlueLinx Holdings, Inc.* | 300 | 20,043 |
| Boot Barn Holdings, Inc.* | 1,000 | 68,910 |
| Brinker International, Inc.* | 1,500 | 33,045 |
| Build-A-Bear Workshop, Inc. | 500 | 8,210 |
| Caleres, Inc. | 1,254 | 32,905 |
| Chico's FAS, Inc.* | 4,000 | 19,880 |
| Chuy's Holdings, Inc.* | 600 | 11,952 |
| Citi Trends, Inc.* | 303 | 7,166 |
| Clean Energy Fuels Corp.* | 5,400 | 24,192 |
| Conn's, Inc.* | 704 | 5,646 |
| Cracker Barrel Old Country Store, Inc. | 758 | 63,285 |
| Dave & Buster's Entertainment, Inc.* | 1,500 | 49,170 |
| Denny's Corp.* | 1,952 | 16,943 |
| Designer Brands, Inc., Class A | 1,900 | 24,814 |
| Destination XL Group, Inc.* | 2,000 | 6,780 |
| Dillard's, Inc., Class A | 150 | 33,086 |
| Dine Brands Global, Inc. | 571 | 37,161 |
| Duluth Holdings, Inc., Class B* | 200 | 1,908 |
| El Pollo Loco Holdings, Inc.* | 600 | 5,904 |
| EVgo, Inc.* | 2,200 | 13,222 |
| Express, Inc.* | 2,100 | 4,116 |
| First Watch Restaurant Group, Inc.* | 500 | 7,210 |
| FirstCash Holdings, Inc. | 1,239 | 86,123 |
| Foot Locker, Inc. | 2,700 | 68,175 |
| Franchise Group, Inc. | 900 | 31,563 |
| Genesco, Inc.* | 495 | 24,705 |
| GMS, Inc.* | 1,400 | 62,300 |
| Group 1 Automotive, Inc. | 525 | 89,145 |
| GrowGeneration Corp.* | 1,800 | 6,462 |
| Guess?, Inc. | 1,100 | 18,755 |
| Haverty Furniture Cos., Inc. | 550 | 12,749 |
| Hibbett, Inc. | 455 | 19,888 |
| Jack in the Box, Inc. | 714 | 40,027 |
| JOANN, Inc. | 500 | 3,875 |
| | Number of
Shares | Value† |
| |
| Retail — (continued) |
| Kura Sushi USA, Inc., Class A* | 100 | $ 4,953 |
| La-Z-Boy, Inc. | 1,462 | 34,664 |
| LL Flooring Holdings, Inc.* | 833 | 7,805 |
| MarineMax, Inc.* | 700 | 25,284 |
| Movado Group, Inc. | 460 | 14,228 |
| Murphy USA, Inc. | 732 | 170,461 |
| National Vision Holdings, Inc.* | 2,700 | 74,250 |
| Noodles & Co.* | 1,200 | 5,640 |
| Nu Skin Enterprises, Inc., Class A | 1,700 | 73,610 |
| Papa John's International, Inc. | 1,110 | 92,707 |
| Party City Holdco, Inc.* | 3,700 | 4,884 |
| Patrick Industries, Inc. | 775 | 40,176 |
| PC Connection, Inc. | 365 | 16,078 |
| PetMed Express, Inc. | 613 | 12,199 |
| Portillo's, Inc., Class A* | 800 | 13,080 |
| PriceSmart, Inc. | 831 | 59,525 |
| Qurate Retail, Inc., Class A | 11,400 | 32,718 |
| Rite Aid Corp.* | 1,610 | 10,851 |
| Rush Enterprises, Inc., Class A | 1,402 | 67,576 |
| Rush Enterprises, Inc., Class B | 250 | 12,403 |
| Ruth's Hospitality Group, Inc. | 1,195 | 19,431 |
| Sally Beauty Holdings, Inc.* | 3,600 | 42,912 |
| Shake Shack, Inc., Class A* | 1,200 | 47,376 |
| Shoe Carnival, Inc. | 516 | 11,151 |
| Signet Jewelers Ltd. | 1,500 | 80,190 |
| Sonic Automotive, Inc., Class A | 734 | 26,886 |
| Sportsman's Warehouse Holdings, Inc.* | 1,300 | 12,467 |
| Sweetgreen, Inc., Class A* | 400 | 4,660 |
| Texas Roadhouse, Inc. | 2,270 | 166,164 |
| The Buckle, Inc. | 1,049 | 29,047 |
| The Cato Corp., Class A | 704 | 8,173 |
| The Cheesecake Factory, Inc. | 1,516 | 40,053 |
| The Children's Place, Inc.* | 494 | 19,226 |
| The Container Store Group, Inc.* | 1,200 | 7,476 |
| The ODP Corp.* | 1,370 | 41,429 |
| The ONE Group Hospitality, Inc.* | 800 | 5,896 |
| Tile Shop Holdings, Inc. | 1,200 | 3,684 |
| Tilly's, Inc., Class A | 800 | 5,616 |
| TravelCenters of America, Inc.* | 400 | 13,788 |
| Warby Parker, Inc., Class A* | 2,700 | 30,402 |
| Wingstop, Inc. | 979 | 73,200 |
| Winmark Corp. | 106 | 20,730 |
| World Fuel Services Corp. | 2,000 | 40,920 |
| Zumiez, Inc.* | 503 | 13,078 |
| | | 3,062,769 |
| Savings & Loans — 0.9% |
| Axos Financial, Inc.* | 1,900 | 68,115 |
| Banc of California, Inc. | 1,900 | 33,478 |
| Berkshire Hills Bancorp, Inc. | 1,642 | 40,672 |
| Brookline Bancorp, Inc. | 2,522 | 33,568 |
| Capitol Federal Financial, Inc. | 4,400 | 40,392 |
| Flushing Financial Corp. | 1,038 | 22,068 |
| Greene County Bancorp, Inc. | 100 | 4,529 |
| Home Bancorp, Inc. | 300 | 10,239 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Savings & Loans — (continued) |
| HomeTrust Bancshares, Inc. | 500 | $ 12,500 |
| Northfield Bancorp, Inc. | 1,293 | 16,848 |
| Northwest Bancshares, Inc. | 4,155 | 53,184 |
| OceanFirst Financial Corp. | 1,910 | 36,538 |
| Pacific Premier Bancorp, Inc. | 3,046 | 89,065 |
| Provident Financial Services, Inc. | 2,474 | 55,071 |
| Southern Missouri Bancorp, Inc. | 300 | 13,578 |
| The Hingham Institution For Savings | 43 | 12,202 |
| Washington Federal, Inc. | 2,200 | 66,044 |
| Waterstone Financial, Inc. | 800 | 13,640 |
| WSFS Financial Corp. | 2,174 | 87,156 |
| | | 708,887 |
| Semiconductors — 2.6% |
| ACM Research, Inc., Class A* | 1,600 | 26,928 |
| Alpha & Omega Semiconductor Ltd.* | 700 | 23,338 |
| Ambarella, Inc.* | 1,155 | 75,606 |
| Amkor Technology, Inc. | 3,311 | 56,121 |
| Arteris, Inc.* | 300 | 2,091 |
| Atomera, Inc.* | 600 | 5,628 |
| Axcelis Technologies, Inc.* | 1,125 | 61,695 |
| AXT, Inc.* | 1,000 | 5,860 |
| CEVA, Inc.* | 871 | 29,231 |
| CMC Materials, Inc. | 955 | 166,638 |
| Cohu, Inc.* | 1,524 | 42,291 |
| Diodes, Inc.* | 1,499 | 96,790 |
| FormFactor, Inc.* | 2,529 | 97,948 |
| Impinj, Inc.* | 600 | 35,202 |
| Kulicke & Soffa Industries, Inc. | 1,900 | 81,339 |
| MACOM Technology Solutions Holdings, Inc.* | 1,622 | 74,774 |
| MaxLinear, Inc.* | 2,343 | 79,615 |
| Onto Innovation, Inc.* | 1,647 | 114,862 |
| Ouster, Inc.* | 5,100 | 8,262 |
| Photronics, Inc.* | 2,092 | 40,752 |
| Power Integrations, Inc. | 1,889 | 141,694 |
| Rambus, Inc.* | 3,623 | 77,858 |
| Rockley Photonics Holdings Ltd.* | 3,300 | 7,194 |
| Semtech Corp.* | 2,109 | 115,932 |
| Silicon Laboratories, Inc.* | 1,186 | 166,301 |
| SiTime Corp.* | 523 | 85,265 |
| SkyWater Technology, Inc.* | 300 | 1,806 |
| SMART Global Holdings, Inc.* | 1,800 | 29,466 |
| Synaptics, Inc.* | 1,296 | 152,993 |
| Ultra Clean Holdings, Inc.* | 1,600 | 47,632 |
| Veeco Instruments, Inc.* | 1,554 | 30,148 |
| | | 1,981,260 |
| Software — 5.6% |
| 1Life Healthcare, Inc.* | 5,900 | 46,256 |
| 8X8, Inc.* | 3,700 | 19,055 |
| ACI Worldwide, Inc.* | 3,727 | 96,492 |
| ACV Auctions, Inc., Class A* | 3,700 | 24,198 |
| Agilysys, Inc.* | 676 | 31,955 |
| Alignment Healthcare, Inc.* | 2,600 | 29,666 |
| Alkami Technology, Inc.* | 900 | 12,501 |
| | Number of
Shares | Value† |
| |
| Software — (continued) |
| Allscripts Healthcare Solutions, Inc.* | 3,700 | $ 54,871 |
| Altair Engineering, Inc., Class A* | 1,700 | 89,250 |
| American Software, Inc., Class A | 1,093 | 17,663 |
| Amplitude, Inc., Class A* | 1,800 | 25,722 |
| Apollo Medical Holdings, Inc.* | 1,200 | 46,308 |
| Appfolio, Inc., Class A* | 650 | 58,916 |
| Appian Corp.* | 1,375 | 65,120 |
| Asana, Inc., Class A* | 2,400 | 42,192 |
| Avaya Holdings Corp.* | 2,800 | 6,272 |
| AvePoint, Inc.* | 4,200 | 18,228 |
| Avid Technology, Inc.* | 1,300 | 33,735 |
| AvidXchange Holdings, Inc.* | 4,800 | 29,472 |
| Bandwidth, Inc., Class A* | 739 | 13,908 |
| Benefitfocus, Inc.* | 900 | 7,002 |
| BigCommerce Holdings, Inc.* | 2,100 | 34,020 |
| Blackbaud, Inc.* | 1,550 | 90,008 |
| Blackline, Inc.* | 1,862 | 124,009 |
| Blend Labs, Inc., Class A* | 6,000 | 14,160 |
| Box, Inc., Class A* | 4,200 | 105,588 |
| Brightcove, Inc.* | 1,200 | 7,584 |
| BTRS Holdings, Inc.* | 3,400 | 16,932 |
| C3.ai, Inc., Class A* | 2,000 | 36,520 |
| Cardlytics, Inc.* | 1,100 | 24,541 |
| Cerence, Inc.* | 1,400 | 35,322 |
| Clear Secure, Inc., Class A* | 2,000 | 40,000 |
| CommVault Systems, Inc.* | 1,448 | 91,079 |
| Computer Programs and Systems, Inc.* | 447 | 14,291 |
| Consensus Cloud Solutions, Inc.* | 567 | 24,767 |
| Convey Health Solutions Holdings, Inc.* | 400 | 4,160 |
| CS Disco, Inc.* | 500 | 9,020 |
| CSG Systems International, Inc. | 1,081 | 64,514 |
| Cvent Holding Corp.* | 2,700 | 12,474 |
| Daily Journal Corp.* | 41 | 10,611 |
| Digi International, Inc.* | 1,257 | 30,445 |
| Digimarc Corp.* | 400 | 5,656 |
| Digital Turbine Inc* | 3,000 | 52,410 |
| DigitalOcean Holdings, Inc.* | 2,500 | 103,400 |
| Domo, Inc., Class B* | 900 | 25,020 |
| Donnelley Financial Solutions, Inc.* | 1,000 | 29,290 |
| Duck Creek Technologies, Inc.* | 2,500 | 37,125 |
| Duolingo, Inc.* | 800 | 70,040 |
| E2open Parent Holdings, Inc.* | 6,500 | 50,570 |
| Ebix, Inc. | 936 | 15,818 |
| eGain Corp.* | 500 | 4,875 |
| Enfusion, Inc., Class A* | 700 | 7,147 |
| EngageSmart, Inc.* | 1,100 | 17,688 |
| Envestnet, Inc.* | 1,813 | 95,672 |
| Everbridge, Inc.* | 1,293 | 36,062 |
| EverCommerce, Inc.* | 1,100 | 9,944 |
| Evolent Health, Inc., Class A* | 2,600 | 79,846 |
| Faraday Future Intelligent Electric, Inc.* | 3,200 | 8,320 |
| Fastly, Inc., Class A* | 3,600 | 41,796 |
| ForgeRock, Inc., Class A* | 900 | 19,278 |
| GTY Technology Holdings, Inc.* | 1,200 | 7,512 |
| Health Catalyst, Inc.* | 1,800 | 26,082 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Software — (continued) |
| Hims & Hers Health, Inc.* | 4,000 | $ 18,120 |
| HireRight Holdings Corp.* | 700 | 9,947 |
| IBEX Holdings Ltd.* | 300 | 5,061 |
| Inseego Corp.* | 2,800 | 5,292 |
| Inspired Entertainment, Inc.* | 700 | 6,027 |
| Instructure Holdings, Inc.* | 400 | 9,080 |
| Intapp, Inc.* | 500 | 7,320 |
| IonQ, Inc.* | 3,900 | 17,082 |
| Latch, Inc.* | 2,300 | 2,622 |
| LivePerson, Inc.* | 2,125 | 30,047 |
| Loyalty Ventures, Inc.* | 700 | 2,499 |
| ManTech International Corp., Class A | 939 | 89,628 |
| Matterport, Inc.* | 7,200 | 26,352 |
| MeridianLink, Inc.* | 800 | 13,360 |
| MicroStrategy, Inc., Class A* | 317 | 52,083 |
| Model N, Inc.* | 1,200 | 30,696 |
| Momentive Global, Inc.* | 4,400 | 38,720 |
| N-able, Inc.* | 2,200 | 19,800 |
| NextGen Healthcare, Inc.* | 1,804 | 31,462 |
| Nutex Health, Inc.* | 1,300 | 4,192 |
| Olo, Inc., Class A* | 2,900 | 28,623 |
| ON24, Inc.* | 1,600 | 15,184 |
| Outbrain, Inc.* | 1,000 | 5,030 |
| Outset Medical, Inc.* | 1,500 | 22,290 |
| PagerDuty, Inc.* | 2,800 | 69,384 |
| PDF Solutions, Inc.* | 1,000 | 21,510 |
| Phreesia, Inc.* | 1,600 | 40,016 |
| Playstudios, Inc.* | 2,600 | 11,128 |
| Porch Group, Inc.* | 2,500 | 6,400 |
| PowerSchool Holdings, Inc., Class A* | 1,300 | 15,665 |
| Privia Health Group, Inc.* | 1,500 | 43,680 |
| Progress Software Corp. | 1,426 | 64,598 |
| PROS Holdings, Inc.* | 1,417 | 37,168 |
| PubMatic, Inc., Class A* | 1,400 | 22,246 |
| Rackspace Technology, Inc.* | 1,800 | 12,906 |
| Red Violet, Inc.* | 300 | 5,712 |
| Sailpoint Technologies Holdings, Inc.* | 3,100 | 194,308 |
| Sapiens International Corp. N.V. | 1,100 | 26,609 |
| Schrodinger, Inc.* | 1,800 | 47,538 |
| Sharecare, Inc.* | 2,000 | 3,160 |
| Simulations Plus, Inc. | 500 | 24,665 |
| Skillsoft Corp.* | 2,700 | 9,504 |
| Skillz, Inc.* | 10,000 | 12,400 |
| SolarWinds Corp. | 1,600 | 16,400 |
| Sprout Social, Inc., Class A* | 1,502 | 87,221 |
| SPS Commerce, Inc.* | 1,215 | 137,356 |
| Sumo Logic, Inc.* | 2,700 | 20,223 |
| Upland Software, Inc.* | 900 | 13,068 |
| UserTesting, Inc.* | 2,000 | 10,040 |
| Verint Systems, Inc.* | 2,095 | 88,723 |
| Veritone, Inc.* | 800 | 5,224 |
| Verra Mobility Corp.* | 4,800 | 75,408 |
| Viant Technology, Inc., Class A* | 400 | 2,032 |
| WM Technology, Inc.* | 2,300 | 7,567 |
| Workiva, Inc.* | 1,500 | 98,985 |
| | Number of
Shares | Value† |
| |
| Software — (continued) |
| Xperi Holding Corp. | 3,353 | $ 48,384 |
| Yext, Inc.* | 3,400 | 16,252 |
| Zeta Global Holdings Corp., Class A* | 1,000 | 4,520 |
| Ziff Davis, Inc.* | 1,467 | 109,335 |
| Zuora, Inc., Class A* | 3,900 | 34,905 |
| | | 4,237,135 |
| Telecommunications — 1.8% |
| A10 Networks, Inc. | 1,900 | 27,322 |
| ADTRAN, Inc. | 1,705 | 29,889 |
| Anterix, Inc.* | 400 | 16,428 |
| ATN International, Inc. | 398 | 18,670 |
| Aviat Networks, Inc.* | 400 | 10,016 |
| Calix, Inc.* | 1,793 | 61,213 |
| Cambium Networks Corp.* | 400 | 5,860 |
| Casa Systems, Inc.* | 1,200 | 4,716 |
| Clearfield, Inc.* | 400 | 24,780 |
| CommScope Holding Co., Inc.* | 6,700 | 41,004 |
| Consolidated Communications Holdings, Inc.* | 2,571 | 17,997 |
| Credo Technology Group Holding Ltd.* | 600 | 7,008 |
| Cyxtera Technologies, Inc.* | 1,400 | 15,876 |
| DigitalBridge Group, Inc.* | 19,300 | 94,184 |
| DZS, Inc.* | 600 | 9,762 |
| EchoStar Corp., Class A* | 1,200 | 23,160 |
| Extreme Networks, Inc.* | 4,247 | 37,883 |
| Globalstar, Inc.* | 20,300 | 24,969 |
| Gogo, Inc.* | 1,600 | 25,904 |
| Harmonic, Inc.* | 2,870 | 24,883 |
| IDT Corp., Class B* | 400 | 10,060 |
| Infinera Corp.* | 5,794 | 31,056 |
| InterDigital, Inc. | 994 | 60,435 |
| Iridium Communications, Inc.* | 4,200 | 157,752 |
| KORE Group Holdings, Inc.* | 1,100 | 3,377 |
| Maxar Technologies, Inc. | 2,500 | 65,225 |
| NeoPhotonics Corp.* | 1,800 | 28,314 |
| NETGEAR, Inc.* | 929 | 17,205 |
| Ondas Holdings, Inc.* | 1,100 | 5,929 |
| Ooma, Inc.* | 700 | 8,288 |
| Planet Labs PBC* | 5,100 | 22,083 |
| Plantronics, Inc.* | 1,467 | 58,210 |
| Preformed Line Products Co. | 145 | 8,917 |
| Ribbon Communications, Inc.* | 1,843 | 5,603 |
| Shenandoah Telecommunications Co. | 1,518 | 33,700 |
| Starry Group Holdings, Inc., Class A* | 800 | 3,296 |
| Telephone and Data Systems, Inc. | 3,300 | 52,107 |
| Terran Orbital Corp.* | 800 | 3,664 |
| United States Cellular Corp.* | 500 | 14,480 |
| Viavi Solutions, Inc.* | 7,400 | 97,902 |
| Vonage Holdings Corp.* | 8,400 | 158,256 |
| | | 1,367,383 |
| Textiles — 0.1% |
| UniFirst Corp. | 514 | 88,501 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Toys, Games & Hobbies — 0.0% |
| Funko, Inc., Class A* | 900 | $ 20,088 |
| Vinco Ventures, Inc.* | 6,000 | 8,280 |
| | | 28,368 |
| Transportation — 1.6% |
| Air Transport Services Group, Inc.* | 1,985 | 57,029 |
| ArcBest Corp. | 795 | 55,944 |
| Ardmore Shipping Corp.* | 1,100 | 7,667 |
| Atlas Air Worldwide Holdings, Inc.* | 948 | 58,501 |
| Costamare, Inc. | 1,900 | 22,990 |
| Covenant Logistics Group, Inc. | 400 | 10,036 |
| CryoPort, Inc.* | 1,300 | 40,274 |
| Daseke, Inc.* | 1,300 | 8,307 |
| DHT Holdings, Inc. | 4,900 | 30,037 |
| Dorian LPG Ltd. | 1,032 | 15,686 |
| Eagle Bulk Shipping, Inc. | 514 | 26,666 |
| FLEX LNG Ltd. | 900 | 24,651 |
| Forward Air Corp. | 896 | 82,396 |
| Frontline Ltd.* | 4,100 | 36,326 |
| Genco Shipping & Trading Ltd. | 1,100 | 21,252 |
| Golden Ocean Group Ltd. | 4,000 | 46,560 |
| Heartland Express, Inc. | 1,567 | 21,797 |
| Hub Group, Inc., Class A* | 1,143 | 81,085 |
| International Seaways, Inc. | 1,631 | 34,577 |
| Marten Transport Ltd. | 2,126 | 35,759 |
| Matson, Inc. | 1,300 | 94,744 |
| Nordic American Tankers Ltd. | 4,767 | 10,154 |
| PAM Transportation Services, Inc.* | 200 | 5,478 |
| Radiant Logistics, Inc.* | 1,000 | 7,420 |
| Safe Bulkers, Inc. | 2,600 | 9,932 |
| Saia, Inc.* | 882 | 165,816 |
| Scorpio Tankers, Inc. | 1,640 | 56,597 |
| SFL Corp. Ltd. | 3,784 | 35,910 |
| Teekay Corp.* | 2,700 | 7,776 |
| Teekay Tankers Ltd., Class A* | 900 | 15,867 |
| Universal Logistics Holdings, Inc. | 300 | 8,193 |
| Werner Enterprises, Inc. | 2,052 | 79,084 |
| | | 1,214,511 |
| Trucking and Leasing — 0.2% |
| GATX Corp. | 1,200 | 112,992 |
| The Greenbrier Cos., Inc. | 1,047 | 37,682 |
| | | 150,674 |
| Water — 0.5% |
| American States Water Co. | 1,243 | 101,317 |
| Artesian Resources Corp., Class A | 313 | 15,390 |
| California Water Service Group | 1,766 | 98,101 |
| Global Water Resources, Inc. | 500 | 6,605 |
| Middlesex Water Co. | 531 | 46,558 |
| SJW Group | 911 | 56,856 |
| The York Water Co. | 397 | 16,051 |
| | | 340,878 |
TOTAL COMMON STOCKS
(Cost $74,304,166) | 68,803,913 |
| | Number of
Shares | Value† |
|
| REAL ESTATE INVESTMENT TRUSTS — 7.8% |
| Apartments — 0.4% |
| Apartment Investment and Management Co., Class A* | 5,000 | $ 32,000 |
| Bluerock Residential Growth REIT, Inc. | 900 | 23,661 |
| BRT Apartments Corp. | 500 | 10,745 |
| Centerspace | 461 | 37,595 |
| Independence Realty Trust, Inc. | 7,392 | 153,236 |
| NexPoint Residential Trust, Inc. | 800 | 50,008 |
| | | 307,245 |
| Diversified — 1.5% |
| Alexander & Baldwin, Inc. | 2,456 | 44,085 |
| American Assets Trust, Inc. | 1,700 | 50,490 |
| Armada Hoffler Properties, Inc. | 2,100 | 26,964 |
| Broadstone Net Lease, Inc. | 5,700 | 116,907 |
| CatchMark Timber Trust, Inc., Class A | 1,900 | 19,114 |
| Clipper Realty, Inc. | 600 | 4,632 |
| Farmland Partners, Inc. | 1,500 | 20,700 |
| Gladstone Commercial Corp. | 1,252 | 23,588 |
| Gladstone Land Corp. | 1,000 | 22,160 |
| Global Net Lease, Inc. | 3,533 | 50,027 |
| InvenTrust Properties Corp. | 2,200 | 56,738 |
| iStar, Inc. | 2,218 | 30,409 |
| LXP Industrial Trust | 9,315 | 100,043 |
| One Liberty Properties, Inc. | 510 | 13,250 |
| Outfront Media, Inc. | 4,900 | 83,055 |
| Postal Realty Trust, Inc., Class A | 500 | 7,450 |
| PotlatchDeltic Corp. | 2,237 | 98,853 |
| PS Business Parks, Inc. | 677 | 126,700 |
| Safehold, Inc. | 700 | 24,759 |
| The GEO Group, Inc.* | 3,752 | 24,763 |
| The Necessity Retail REIT, Inc. | 4,100 | 29,848 |
| UMH Properties, Inc. | 1,468 | 25,925 |
| Uniti Group, Inc. | 7,800 | 73,476 |
| Washington Real Estate Investment Trust | 3,006 | 64,058 |
| | | 1,137,994 |
| Diversified Financial Services — 0.1% |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2,800 | 106,008 |
| Healthcare — 0.9% |
| CareTrust REIT, Inc. | 3,295 | 60,760 |
| Community Healthcare Trust, Inc. | 800 | 28,968 |
| Diversified Healthcare Trust | 8,600 | 15,652 |
| Global Medical REIT, Inc. | 1,900 | 21,337 |
| Healthcare Realty Trust, Inc. | 4,972 | 135,238 |
| LTC Properties, Inc. | 1,317 | 50,560 |
| National Health Investors, Inc. | 1,457 | 88,309 |
| Physicians Realty Trust | 7,300 | 127,385 |
| Sabra Health Care REIT, Inc. | 7,493 | 104,677 |
| Universal Health Realty Income Trust | 420 | 22,348 |
| | | 655,234 |
| Hotels & Resorts — 0.8% |
| Apple Hospitality REIT, Inc. | 7,100 | 104,157 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| REAL ESTATE INVESTMENT TRUSTS — (continued) |
| Hotels & Resorts — (continued) |
| Ashford Hospitality Trust, Inc.* | 390 | $ 2,332 |
| Braemar Hotels & Resorts, Inc. | 1,700 | 7,293 |
| Chatham Lodging Trust* | 1,500 | 15,675 |
| DiamondRock Hospitality Co.* | 7,023 | 57,659 |
| Hersha Hospitality Trust* | 1,117 | 10,958 |
| Pebblebrook Hotel Trust | 4,393 | 72,792 |
| RLJ Lodging Trust | 5,580 | 61,548 |
| Ryman Hospitality Properties, Inc.* | 1,812 | 137,766 |
| Service Properties Trust | 5,500 | 28,765 |
| Summit Hotel Properties, Inc.* | 3,400 | 24,718 |
| Sunstone Hotel Investors, Inc.* | 7,347 | 72,882 |
| Xenia Hotels & Resorts, Inc.* | 3,700 | 53,761 |
| | | 650,306 |
| Industrial — 0.4% |
| Indus Realty Trust, Inc. | 201 | 11,931 |
| Innovative Industrial Properties, Inc. | 932 | 102,399 |
| STAG lndustrial, Inc. | 5,900 | 182,192 |
| | | 296,522 |
| Mortgage Banks — 1.2% |
| AFC Gamma, Inc. | 600 | 9,198 |
| Apollo Commercial Real Estate Finance, Inc. | 4,956 | 51,741 |
| Arbor Realty Trust, Inc. | 4,800 | 62,928 |
| Ares Commercial Real Estate Corp. | 1,500 | 18,345 |
| ARMOUR Residential REIT, Inc. | 2,875 | 20,240 |
| Blackstone Mortgage Trust, Inc., Class A | 5,600 | 154,952 |
| BrightSpire Capital, Inc. | 2,700 | 20,385 |
| Broadmark Realty Capital, Inc. | 4,600 | 30,866 |
| Chimera Investment Corp. | 7,800 | 68,796 |
| Dynex Capital, Inc. | 1,269 | 20,203 |
| Ellington Financial, Inc. | 1,900 | 27,873 |
| Franklin BSP Realty Trust, Inc. | 2,712 | 36,558 |
| Granite Point Mortgage Trust, Inc. | 1,700 | 16,269 |
| Invesco Mortgage Capital, Inc. | 1,012 | 14,856 |
| KKR Real Estate Finance Trust, Inc. | 1,700 | 29,665 |
| Ladder Capital Corp. | 3,976 | 41,907 |
| MFA Financial, Inc. | 3,575 | 38,431 |
| New York Mortgage Trust, Inc. | 11,900 | 32,844 |
| Nexpoint Real Estate Finance, Inc. | 300 | 6,081 |
| Orchid Island Capital, Inc. | 4,400 | 12,540 |
| PennyMac Mortgage Investment Trust | 2,992 | 41,379 |
| Ready Capital Corp. | 2,382 | 28,393 |
| Redwood Trust, Inc. | 3,577 | 27,579 |
| TPG RE Finance Trust, Inc. | 2,100 | 18,921 |
| Two Harbors Investment Corp. | 11,600 | 57,768 |
| | | 888,718 |
| Office Property — 0.7% |
| Brandywine Realty Trust | 5,500 | 53,020 |
| City Office REIT, Inc. | 1,400 | 18,130 |
| Corporate Office Properties Trust | 3,700 | 96,903 |
| Easterly Government Properties, Inc. | 3,000 | 57,120 |
| Empire State Realty Trust, Inc., Class A | 4,700 | 33,041 |
| | Number of
Shares | Value† |
| |
| Office Property — (continued) |
| Equity Commonwealth* | 3,500 | $ 96,355 |
| Franklin Street Properties Corp. | 3,145 | 13,115 |
| Office Properties Income Trust | 1,669 | 33,296 |
| Orion Office REIT, Inc. | 1,900 | 20,824 |
| Paramount Group, Inc. | 6,100 | 44,103 |
| Piedmont Office Realty Trust, Inc., Class A | 4,200 | 55,104 |
| Veris Residential, Inc.* | 2,800 | 37,072 |
| | | 558,083 |
| Real Estate — 0.0% |
| Angel Oak Mortgage, Inc. | 200 | 2,592 |
| Regional Malls — 0.2% |
| CBL & Associates Properties, Inc.* | 900 | 21,141 |
| Tanger Factory Outlet Centers, Inc. | 3,500 | 49,770 |
| The Macerich Co. | 7,500 | 65,325 |
| | | 136,236 |
| Single Tenant — 0.5% |
| Agree Realty Corp. | 2,396 | 172,823 |
| Essential Properties Realty Trust, Inc. | 4,400 | 94,556 |
| Four Corners Property Trust, Inc. | 2,500 | 66,475 |
| Getty Realty Corp. | 1,369 | 36,279 |
| | | 370,133 |
| Storage & Warehousing — 0.2% |
| Industrial Logistics Properties Trust | 2,258 | 31,792 |
| Plymouth Industrial REIT, Inc. | 1,000 | 17,540 |
| Terreno Realty Corp. | 2,475 | 137,932 |
| | | 187,264 |
| Strip Centers — 0.9% |
| Acadia Realty Trust | 3,020 | 47,173 |
| Alexander's, Inc. | 69 | 15,329 |
| Cedar Realty Trust, Inc. | 400 | 11,516 |
| CTO Realty Growth, Inc. | 153 | 9,351 |
| Kite Realty Group Trust | 7,149 | 123,606 |
| NETSTREIT Corp. | 1,700 | 32,079 |
| Phillips Edison & Co., Inc. | 3,800 | 126,958 |
| Retail Opportunity Investments Corp. | 4,200 | 66,276 |
| RPT Realty | 2,641 | 25,961 |
| Saul Centers, Inc. | 351 | 16,536 |
| Seritage Growth Properties, Class A* | 1,100 | 5,731 |
| SITE Centers Corp. | 6,600 | 88,902 |
| Urban Edge Properties | 3,900 | 59,319 |
| Urstadt Biddle Properties, Inc., Class A | 916 | 14,839 |
| Whitestone REIT | 1,400 | 15,050 |
| | | 658,626 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,842,340) | | 5,954,961 |
|
| RIGHTS — 0.0% |
| Aduro Biotech CVR* | 560 | 73 |
| Chelsea Therapeutics International Ltd. CVR* | 1,600 | 0 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| | Number of
Shares | Value† |
| RIGHTS — (continued) |
| Cubist Pharmaceuticals, Inc.* | 1,200 | $ 0 |
| Durata Therapeutics CVR Shares* | 500 | 0 |
| Progenic Pharmaceuticals CVR* | 2,601 | 111 |
| Tobira Therapeutic, Inc. CVR* | 400 | 5,668 |
TOTAL RIGHTS
(Cost $152) | | 5,852 |
|
| WARRANTS — 0.0% |
| Whiting Petroleum Corp., Class A Expiration Date 12/31/25* | 204 | 2,734 |
| Whiting Petroleum Corp., Class B Expiration Date 12/31/25* | 102 | 1,071 |
| Nabors Industries Ltd. Expiration Date 06/11/26* | 87 | 2,782 |
TOTAL WARRANTS
(Cost $3,666) | | 6,587 |
| | | |
| SHORT-TERM INVESTMENTS — 0.3% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $248,121) | 248,121 | 248,121 |
TOTAL INVESTMENTS — 98.5%
(Cost $81,398,445) | | $ 75,019,434 |
| Other Assets & Liabilities — 1.5% | 1,124,440 |
| TOTAL NET ASSETS — 100.0% | | $ 76,143,874 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| CVR— Contingent Valued Rights. |
| N.V.— Naamloze Vennootschap. |
| 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 | 0.1% | $ 66,192 |
| Aerospace & Defense | 0.9% | 586,285 |
| Agriculture | 0.4% | 242,763 |
| Airlines | 0.4% | 245,291 |
| Apparel | 0.6% | 438,979 |
| Auto Manufacturers | 0.3% | 221,717 |
| Auto Parts & Equipment | 1.6% | 1,119,991 |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | Value† |
| Banks | 10.3% | $ 7,080,821 |
| Beverages | 0.6% | 405,738 |
| Biotechnology | 7.3% | 5,026,812 |
| Building Materials | 1.4% | 979,139 |
| Chemicals | 2.2% | 1,519,307 |
| Coal | 0.5% | 371,669 |
| Commercial Services | 5.8% | 4,009,281 |
| Computers | 2.2% | 1,546,465 |
| Cosmetics & Personal Care | 0.3% | 208,713 |
| Distribution & Wholesale | 0.7% | 491,787 |
| Diversified Financial Services | 2.6% | 1,809,707 |
| Electric | 1.9% | 1,285,565 |
| Electrical Components & Equipment | 0.7% | 504,197 |
| Electronics | 1.7% | 1,184,508 |
| Energy-Alternate Sources | 0.7% | 489,787 |
| Engineering & Construction | 1.6% | 1,091,424 |
| Entertainment | 1.1% | 735,553 |
| Environmental Control | 0.6% | 414,412 |
| Food | 2.0% | 1,348,335 |
| Food Service | 0.1% | 57,614 |
| Forest Products & Paper | 0.2% | 106,740 |
| Gas | 1.5% | 999,317 |
| Hand & Machine Tools | 0.3% | 231,490 |
| Healthcare Products | 4.3% | 2,929,118 |
| Healthcare Services | 1.7% | 1,176,938 |
| Holding Companies | 0.0% | 8,020 |
| Home Builders | 1.3% | 926,127 |
| Home Furnishings | 0.4% | 267,517 |
| Household Products & Wares | 0.5% | 326,653 |
| Housewares | 0.0% | 15,194 |
| Insurance | 2.8% | 1,931,020 |
| Internet | 2.1% | 1,413,424 |
| Investment Companies | 0.1% | 91,190 |
| Iron & Steel | 0.4% | 301,994 |
| Leisure Time | 0.6% | 421,954 |
| Lodging | 0.2% | 147,166 |
| Machinery — Construction & Mining | 0.4% | 247,013 |
| Machinery — Diversified | 2.0% | 1,380,088 |
| Media | 0.7% | 467,946 |
| Metal Fabricate/Hardware | 1.0% | 686,560 |
| Mining | 0.9% | 628,605 |
| Miscellaneous Manufacturing | 1.1% | 770,192 |
| Office & Business Equipment | 0.1% | 76,665 |
| Office Furnishings | 0.2% | 118,212 |
| Oil & Gas | 3.6% | 2,499,379 |
| Oil & Gas Services | 1.0% | 721,789 |
| Packaging and Containers | 0.4% | 246,061 |
| Pharmaceuticals | 3.2% | 2,198,680 |
| Pipelines | 0.3% | 196,305 |
| Private Equity | 0.0% | 1,506 |
| Real Estate | 0.8% | 558,382 |
| Real Estate Investment Trusts | 0.1% | 50,250 |
| Retail | 4.5% | 3,062,769 |
| Savings & Loans | 1.0% | 708,887 |
| Semiconductors | 2.9% | 1,981,260 |
| Software | 6.2% | 4,237,135 |
| Telecommunications | 2.0% | 1,367,383 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | | Value† |
| Textiles | 0.1% | | $ 88,501 |
| Toys, Games & Hobbies | 0.0% | | 28,368 |
| Transportation | 1.8% | | 1,214,511 |
| Trucking and Leasing | 0.2% | | 150,674 |
| Water | 0.5% | | 340,878 |
| | 100.0% | | $68,803,913 |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | | | | |
| Advertising | $ 66,192 | $ 66,192 | $ — | $— |
| Aerospace & Defense | 586,285 | 586,285 | — | — |
| Agriculture | 242,763 | 242,763 | — | — |
| Airlines | 245,291 | 245,291 | — | — |
| Apparel | 438,979 | 438,979 | — | — |
| Auto Manufacturers | 221,717 | 221,717 | — | — |
| Auto Parts & Equipment | 1,119,991 | 1,119,991 | — | — |
| Banks | 7,080,821 | 7,080,821 | — | — |
| Beverages | 405,738 | 405,738 | — | — |
| Biotechnology | 5,026,812 | 5,026,812 | — | — |
| Building Materials | 979,139 | 979,139 | — | — |
| Chemicals | 1,519,307 | 1,519,307 | — | — |
| Coal | 371,669 | 371,669 | — | — |
| Commercial Services | 4,009,281 | 4,009,281 | — | — |
| Computers | 1,546,465 | 1,546,465 | — | — |
| Cosmetics & Personal Care | 208,713 | 208,713 | — | — |
| Distribution & Wholesale | 491,787 | 491,787 | — | — |
| Diversified Financial Services | 1,809,707 | 1,809,707 | — | — |
| Electric | 1,285,565 | 1,285,565 | — | — |
| Electrical Components & Equipment | 504,197 | 504,197 | — | — |
| Electronics | 1,184,508 | 1,184,508 | — | — |
| Energy-Alternate Sources | 489,787 | 489,787 | — | — |
| Engineering & Construction | 1,091,424 | 1,091,424 | — | — |
| Entertainment | 735,553 | 735,553 | — | — |
| Environmental Control | 414,412 | 414,412 | — | — |
| Food | 1,348,335 | 1,348,335 | — | — |
| Food Service | 57,614 | 57,614 | — | — |
| Forest Products & Paper | 106,740 | 106,740 | — | — |
| Gas | 999,317 | 999,317 | — | — |
| Hand & Machine Tools | 231,490 | 231,490 | — | — |
| Healthcare Products | 2,929,118 | 2,929,118 | — | — |
| Healthcare Services | 1,176,938 | 1,176,938 | — | — |
| Holding Companies | 8,020 | 8,020 | — | — |
| Home Builders | 926,127 | 926,127 | — | — |
| Home Furnishings | 267,517 | 267,517 | — | — |
| Household Products & Wares | 326,653 | 326,653 | — | — |
| Housewares | 15,194 | 15,194 | — | — |
| Insurance | 1,931,020 | 1,931,020 | — | — |
| Internet | 1,413,424 | 1,413,424 | — | — |
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Investment Companies | $ 91,190 | $ 91,190 | $ — | $— |
| Iron & Steel | 301,994 | 301,994 | — | — |
| Leisure Time | 421,954 | 421,954 | — | — |
| Lodging | 147,166 | 147,166 | — | — |
| Machinery — Construction & Mining | 247,013 | 247,013 | — | — |
| Machinery — Diversified | 1,380,088 | 1,380,088 | — | — |
| Media | 467,946 | 467,946 | — | — |
| Metal Fabricate/Hardware | 686,560 | 686,560 | — | — |
| Mining | 628,605 | 628,605 | — | — |
| Miscellaneous Manufacturing | 770,192 | 770,192 | — | — |
| Office & Business Equipment | 76,665 | 76,665 | — | — |
| Office Furnishings | 118,212 | 118,212 | — | — |
| Oil & Gas | 2,499,379 | 2,499,379 | — | — |
| Oil & Gas Services | 721,789 | 721,789 | — | — |
| Packaging and Containers | 246,061 | 246,061 | — | — |
| Pharmaceuticals | 2,198,680 | 2,197,473 | 1,207 | — |
| Pipelines | 196,305 | 196,305 | — | — |
| Private Equity | 1,506 | 1,506 | — | — |
| Real Estate | 558,382 | 558,382 | — | — |
| Real Estate Investment Trusts | 50,250 | 50,250 | — | — |
| Retail | 3,062,769 | 3,062,769 | — | — |
| Savings & Loans | 708,887 | 708,887 | — | — |
| Semiconductors | 1,981,260 | 1,981,260 | — | — |
| Software | 4,237,135 | 4,237,135 | — | — |
| Telecommunications | 1,367,383 | 1,367,383 | — | — |
| Textiles | 88,501 | 88,501 | — | — |
| Toys, Games & Hobbies | 28,368 | 28,368 | — | — |
| Transportation | 1,214,511 | 1,214,511 | — | — |
| Trucking and Leasing | 150,674 | 150,674 | — | — |
| Water | 340,878 | 340,878 | — | — |
| Total Common Stocks | 68,803,913 | 68,802,706 | 1,207 | — |
| Real Estate Investment Trusts | 5,954,961 | 5,954,961 | — | — |
| Rights | 5,852 | — | 5,852 | — |
| Warrants | 6,587 | 6,587 | — | — |
| Short-Term Investments | 248,121 | 248,121 | — | — |
| Total Investments | $ 75,019,434 | $ 75,012,375 | $ 7,059 | $ — |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments(1) | | | | |
| Futures Contracts | $(49,214) | $(49,214) | $— | $— |
| Total Liabilities—Other Financial Instruments | $ (49,214) | $ (49,214) | $ — | $ — |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Small Cap Index Fund
| (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 and forward foreign currency 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, 2022 are as follows:
Futures Contracts:
Exchange Traded |
| Type | | Futures Contract | | Expiration
Date | | Numbers
of
Contracts | | Units per
Contract | | Closing
Price | | Notional
Value | | Unrealized
Appreciation | | Unrealized
Depreciation |
| Long | | E-Mini Russell 2000 Index | | 09/16/22 | | 9 | | 50 | | $1,708 | | $768,600 | | $— | | $(49,214) |
| | | | | | | | | | | | | | | $— | | $(49,214) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 97.1% |
| Australia — 7.5% |
| Ampol Ltd. | 1,380 | $ 32,606 |
| APA Group | 7,495 | 58,304 |
| Aristocrat Leisure Ltd. | 3,964 | 94,069 |
| ASX Ltd. | 1,293 | 72,926 |
| Aurizon Holdings Ltd. | 11,109 | 29,138 |
| Australia & New Zealand Banking Group Ltd. | 18,120 | 275,536 |
| BHP Group Ltd. | 32,570 | 927,359 |
| BlueScope Steel Ltd. | 3,125 | 34,297 |
| Brambles Ltd. | 9,348 | 69,106 |
| Cochlear Ltd. | 418 | 57,330 |
| Coles Group Ltd. | 8,403 | 103,301 |
| Commonwealth Bank of Australia | 10,989 | 685,546 |
| Computershare Ltd. | 3,311 | 56,313 |
| CSL Ltd. | 3,087 | 573,313 |
| Dexus | 6,877 | 42,152 |
| Domino's Pizza Enterprises Ltd. | 429 | 20,136 |
| Endeavour Group Ltd. | 8,189 | 42,789 |
| Evolution Mining Ltd. | 11,549 | 18,973 |
| Fortescue Metals Group Ltd. | 11,040 | 133,585 |
| Goodman Group | 10,813 | 133,152 |
| IDP Education Ltd. | 1,331 | 21,884 |
| Insurance Australia Group Ltd. | 15,259 | 45,922 |
| Lendlease Corp. Ltd. | 4,333 | 27,247 |
| Macquarie Group Ltd. | 2,326 | 264,124 |
| Medibank Pvt. Ltd. | 17,418 | 39,074 |
| Mineral Resources Ltd. | 1,081 | 36,017 |
| Mirvac Group | 24,397 | 33,259 |
| National Australia Bank Ltd. | 21,117 | 399,237 |
| Newcrest Mining Ltd. | 5,845 | 84,281 |
| Northern Star Resources Ltd. | 7,569 | 35,736 |
| Orica Ltd. | 2,861 | 31,143 |
| Origin Energy Ltd. | 11,862 | 46,916 |
| Qantas Airways Ltd.* | 5,515 | 17,016 |
| QBE Insurance Group Ltd. | 9,279 | 77,819 |
| Ramsay Health Care Ltd. | 1,112 | 56,216 |
| REA Group Ltd. | 317 | 24,469 |
| Reece Ltd. | 2,060 | 19,594 |
| Rio Tinto Ltd. | 2,412 | 170,983 |
| Santos Ltd. | 21,105 | 108,092 |
| Scentre Group | 34,304 | 61,327 |
| SEEK Ltd. | 2,271 | 32,919 |
| Sonic Healthcare Ltd. | 2,969 | 67,649 |
| South32 Ltd. | 21,214 | 57,693 |
| South32 Ltd. | 9,351 | 25,043 |
| Stockland | 14,818 | 36,924 |
| Suncorp Group Ltd. | 8,248 | 62,511 |
| Telstra Corp. Ltd. | 27,472 | 73,006 |
| The GPT Group | 11,476 | 33,428 |
| The GPT Group-In Specie | 16,419 | 0 |
| The Lottery Corp. Ltd.* | 15,195 | 47,407 |
| Transurban Group | 19,841 | 196,938 |
| Treasury Wine Estates Ltd. | 4,544 | 35,599 |
| Vicinity Centres | 25,092 | 31,782 |
| | Number of
Shares | Value† |
| |
| Australia — (continued) |
| Washington H. Soul Pattinson & Co., Ltd. | 1,381 | $ 22,439 |
| Wesfarmers Ltd. | 7,261 | 210,049 |
| Westpac Banking Corp. | 22,420 | 301,770 |
| WiseTech Global Ltd. | 856 | 22,364 |
| Woodside Energy Group Ltd | 12,341 | 271,225 |
| Woolworths Group Ltd. | 7,711 | 189,482 |
| | | 6,778,515 |
| Austria — 0.2% |
| Erste Group Bank AG | 2,193 | 55,615 |
| OMV AG | 924 | 43,341 |
| Verbund AG | 423 | 41,381 |
| voestalpine AG | 691 | 14,686 |
| | | 155,023 |
| Belgium — 0.9% |
| Ageas N.V. | 1,053 | 46,325 |
| Anheuser-Busch InBev N.V. | 5,526 | 297,424 |
| D'ieteren Group | 159 | 23,261 |
| Elia Group S.A. | 235 | 33,320 |
| Groupe Bruxelles Lambert S.A. | 714 | 59,619 |
| KBC Group N.V. | 1,558 | 87,415 |
| Proximus SADP | 1,133 | 16,700 |
| Sofina S.A. | 94 | 19,209 |
| Solvay S.A. | 458 | 37,111 |
| UCB S.A. | 822 | 69,464 |
| Umicore S.A. | 1,237 | 43,193 |
| Warehouses De Pauw CVA | 949 | 29,835 |
| | | 762,876 |
| Chile — 0.0% |
| Antofagasta PLC | 2,581 | 36,288 |
| Denmark — 2.7% |
| A.P. Moller - Maersk A/S, Class A | 20 | 46,072 |
| A.P. Moller - Maersk A/S, Class B | 36 | 83,970 |
| Carlsberg A/S, Class B | 626 | 79,732 |
| Chr Hansen Holding A/S | 695 | 50,586 |
| Coloplast A/S, Class B | 752 | 85,652 |
| Danske Bank A/S | 4,326 | 61,133 |
| Demant A/S* | 713 | 26,752 |
| DSV A/S | 1,229 | 171,635 |
| Genmab A/S* | 422 | 136,573 |
| GN Store Nord A/S | 818 | 28,663 |
| Novo Nordisk A/S, Class B | 10,835 | 1,201,726 |
| Novozymes A/S, Class B | 1,342 | 80,548 |
| Orsted A/S | 1,193 | 124,703 |
| Pandora A/S | 618 | 38,878 |
| ROCKWOOL A/S, Class B | 55 | 12,379 |
| Tryg A/S | 2,417 | 54,265 |
| Vestas Wind Systems A/S | 6,525 | 137,808 |
| | | 2,421,075 |
| Finland — 1.2% |
| Elisa OYJ | 882 | 49,561 |
| Fortum OYJ | 2,873 | 43,099 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Finland — (continued) |
| Kesko OYJ, Class B | 1,700 | $ 40,102 |
| Kone OYJ, Class B | 2,219 | 105,480 |
| Neste OYJ | 2,763 | 122,305 |
| Nokia OYJ | 34,728 | 161,568 |
| Nordea Bank Abp | 21,526 | 189,383 |
| Orion OYJ, Class B | 750 | 33,482 |
| Sampo OYJ, Class A | 3,183 | 138,495 |
| Stora Enso OYJ, Class R | 3,880 | 60,848 |
| UPM-Kymmene OYJ | 3,323 | 101,023 |
| Wartsila OYJ Abp | 3,006 | 23,405 |
| | | 1,068,751 |
| France — 10.5% |
| Accor S.A.* | 1,184 | 32,049 |
| Aeroports de Paris* | 215 | 27,229 |
| Air Liquide S.A. | 3,362 | 451,393 |
| Airbus S.E. | 3,774 | 365,636 |
| Alstom S.A. | 1,895 | 42,875 |
| Amundi S.A. | 376 | 20,568 |
| Arkema S.A. | 377 | 33,550 |
| AXA S.A. | 12,391 | 281,258 |
| BioMerieux | 262 | 25,589 |
| BNP Paribas S.A. | 7,198 | 342,195 |
| Bollore S.A. | 5,730 | 26,541 |
| Bouygues S.A. | 1,412 | 43,444 |
| Bureau Veritas S.A. | 1,821 | 46,658 |
| Capgemini S.E. | 1,034 | 177,111 |
| Carrefour S.A. | 3,954 | 69,965 |
| Cie de Saint-Gobain | 3,268 | 140,224 |
| Cie Generale des Etablissements Michelin SCA | 4,400 | 119,770 |
| Covivio | 344 | 19,088 |
| Credit Agricole S.A. | 8,155 | 74,615 |
| Danone S.A. | 4,241 | 236,706 |
| Dassault Aviation S.A. | 180 | 28,087 |
| Dassault Systemes S.E. | 4,202 | 154,628 |
| Edenred | 1,545 | 72,810 |
| Eiffage S.A. | 567 | 51,029 |
| Electricite de France S.A. | 3,734 | 30,545 |
| Engie S.A. | 11,581 | 133,087 |
| EssilorLuxottica S.A. | 1,850 | 277,134 |
| Eurazeo S.E. | 255 | 15,793 |
| Faurecia S.E.* | 126 | 2,490 |
| Gecina S.A. | 294 | 27,421 |
| Getlink S.E. | 2,692 | 47,479 |
| Hermes International | 204 | 228,105 |
| Ipsen S.A. | 217 | 20,478 |
| Kering S.A. | 486 | 249,610 |
| Klepierre S.A. | 1,415 | 27,225 |
| La Francaise des Jeux SAEM | 613 | 21,212 |
| Legrand S.A. | 1,731 | 127,815 |
| L'Oreal S.A. | 1,543 | 532,474 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 1,786 | 1,088,732 |
| Orange S.A. | 12,986 | 152,689 |
| | Number of
Shares | Value† |
| |
| France — (continued) |
| Pernod Ricard S.A. | 1,337 | $ 245,615 |
| Publicis Groupe S.A. | 1,467 | 71,732 |
| Remy Cointreau S.A. | 160 | 27,951 |
| Renault S.A.* | 1,171 | 29,194 |
| Safran S.A. | 2,162 | 213,449 |
| Sanofi | 7,327 | 739,730 |
| Sartorius Stedim Biotech | 179 | 56,144 |
| Schneider Electric S.E. | 3,463 | 409,720 |
| SEB S.A. | 196 | 18,804 |
| Societe Generale S.A. | 5,212 | 114,099 |
| Sodexo S.A. | 562 | 39,495 |
| Teleperformance | 373 | 114,647 |
| Thales S.A. | 680 | 83,411 |
| TotalEnergies S.E. | 15,876 | 838,019 |
| Ubisoft Entertainment S.A.* | 622 | 27,312 |
| Unibail-Rodamco-Westfield* | 660 | 33,649 |
| Unibail-Rodamco-Westfield* | 2,500 | 6,488 |
| Valeo | 1,447 | 27,939 |
| Veolia Environnement S.A. | 4,095 | 99,946 |
| Vinci S.A. | 3,483 | 310,105 |
| Vivendi S.E. | 5,179 | 52,624 |
| Wendel S.E. | 185 | 15,461 |
| Worldline S.A.* | 1,504 | 55,763 |
| | | 9,496,604 |
| Germany — 7.1% |
| adidas AG | 1,107 | 195,775 |
| Allianz S.E. | 2,633 | 502,515 |
| BASF S.E. | 5,875 | 255,657 |
| Bayer AG | 6,345 | 377,145 |
| Bayerische Motoren Werke AG | 2,090 | 160,893 |
| Bechtle AG | 564 | 23,057 |
| Beiersdorf AG | 673 | 68,750 |
| Brenntag S.E. | 1,011 | 65,794 |
| Carl Zeiss Meditec AG | 250 | 29,840 |
| Commerzbank AG* | 6,114 | 42,838 |
| Continental AG | 734 | 51,151 |
| Covestro AG | 1,214 | 41,958 |
| Daimler Truck Holding AG* | 2,888 | 75,390 |
| Delivery Hero S.E.* | 1,001 | 37,523 |
| Deutsche Bank AG | 13,202 | 115,080 |
| Deutsche Boerse AG | 1,210 | 202,376 |
| Deutsche Lufthansa AG* | 3,546 | 20,676 |
| Deutsche Post AG | 6,360 | 238,206 |
| Deutsche Telekom AG | 20,621 | 409,419 |
| E.ON S.E. | 14,086 | 118,209 |
| Evonik Industries AG | 1,328 | 28,335 |
| Fresenius Medical Care AG & Co., KGaA | 1,307 | 65,237 |
| Fresenius S.E. & Co., KGaA | 2,745 | 83,137 |
| GEA Group AG | 932 | 32,123 |
| Hannover Rueck S.E. | 392 | 56,895 |
| HeidelbergCement AG | 971 | 46,645 |
| HelloFresh S.E.* | 1,016 | 32,847 |
| Henkel AG & Co., KGaA | 685 | 41,922 |
| Infineon Technologies AG | 8,345 | 201,925 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Germany — (continued) |
| KION Group AG | 441 | $ 18,296 |
| Knorr-Bremse AG | 447 | 25,492 |
| LEG Immobilien S.E. | 489 | 40,545 |
| Mercedes-Benz Group AG | 5,138 | 297,325 |
| Merck KGaA | 821 | 138,519 |
| MTU Aero Engines AG | 338 | 61,526 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 900 | 211,455 |
| Nemetschek S.E. | 350 | 21,185 |
| Puma S.E. | 708 | 46,624 |
| Rational AG | 35 | 20,338 |
| Rheinmetall AG | 278 | 64,180 |
| RWE AG | 4,070 | 149,622 |
| SAP S.E. | 6,728 | 612,909 |
| Scout24 S.E. | 551 | 28,288 |
| Siemens AG | 4,930 | 501,605 |
| Siemens Energy AG | 2,663 | 39,028 |
| Siemens Healthineers AG | 1,852 | 94,110 |
| Symrise AG | 874 | 95,117 |
| Telefonica Deutschland Holding AG | 5,808 | 16,677 |
| Uniper S.E. | 601 | 8,925 |
| United Internet AG | 668 | 19,062 |
| Volkswagen AG | 205 | 37,359 |
| Vonovia S.E. | 4,476 | 137,904 |
| Zalando S.E.* | 1,430 | 37,404 |
| | | 6,344,813 |
| Hong Kong — 3.2% |
| AIA Group Ltd. | 78,000 | 845,427 |
| BOC Hong Kong Holdings Ltd. | 24,000 | 94,816 |
| Budweiser Brewing Co., APAC, Ltd. | 11,100 | 33,243 |
| Chow Tai Fook Jewellery Group Ltd. | 14,600 | 27,463 |
| CK Asset Holdings Ltd. | 13,034 | 92,189 |
| CK Hutchison Holdings Ltd. | 17,128 | 115,798 |
| CK Infrastructure Holdings Ltd. | 4,000 | 24,520 |
| CLP Holdings Ltd. | 11,000 | 91,260 |
| ESR Group Ltd.* | 11,600 | 31,340 |
| Futu Holdings Ltd., ADR* | 300 | 15,663 |
| Galaxy Entertainment Group Ltd. | 14,000 | 83,499 |
| Hang Lung Properties Ltd. | 14,000 | 26,548 |
| Hang Seng Bank Ltd. | 5,000 | 88,253 |
| Henderson Land Development Co., Ltd. | 8,891 | 33,312 |
| HK Electric Investments & HK Electric Investments Ltd. | 20,777 | 19,064 |
| HKT Trust & HKT Ltd. | 25,240 | 33,903 |
| Hong Kong & China Gas Co., Ltd. | 71,112 | 76,578 |
| Hong Kong Exchanges & Clearing Ltd. | 7,684 | 377,992 |
| Hongkong Land Holdings Ltd. | 7,400 | 37,148 |
| Jardine Matheson Holdings Ltd. | 1,400 | 73,584 |
| Link REIT | 13,702 | 111,756 |
| MTR Corp. Ltd. | 9,671 | 50,532 |
| New World Development Co., Ltd. | 10,458 | 37,518 |
| Power Assets Holdings Ltd. | 8,500 | 53,458 |
| Sino Land Co., Ltd. | 24,372 | 35,967 |
| SITC International Holdings Co., Ltd. | 9,000 | 25,463 |
| | Number of
Shares | Value† |
| |
| Hong Kong — (continued) |
| Sun Hung Kai Properties Ltd. | 9,161 | $ 108,226 |
| Swire Pacific Ltd., Class A | 3,500 | 20,852 |
| Swire Properties Ltd. | 7,136 | 17,715 |
| Techtronic Industries Co., Ltd. | 9,000 | 93,879 |
| WH Group Ltd. | 57,872 | 44,694 |
| Wharf Real Estate Investment Co., Ltd. | 11,000 | 52,429 |
| Xinyi Glass Holdings Ltd. | 12,000 | 28,781 |
| | | 2,902,870 |
| Ireland — 0.9% |
| AerCap Holdings N.V.* | 900 | 36,846 |
| CRH PLC | 4,923 | 170,249 |
| DCC PLC | 613 | 38,042 |
| Experian PLC | 5,862 | 171,688 |
| Flutter Entertainment PLC* | 1,078 | 108,992 |
| James Hardie Industries PLC | 2,913 | 63,880 |
| Kerry Group PLC, Class A | 1,018 | 97,443 |
| Kingspan Group PLC | 981 | 59,009 |
| Smurfit Kappa Group PLC | 1,508 | 50,696 |
| | | 796,845 |
| Israel — 0.7% |
| Azrieli Group Ltd. | 283 | 19,801 |
| Bank Hapoalim BM | 7,162 | 59,790 |
| Bank Leumi Le-Israel BM | 9,130 | 81,160 |
| Check Point Software Technologies Ltd.* | 712 | 86,707 |
| CyberArk Software Ltd.* | 300 | 38,388 |
| Elbit Systems Ltd. | 186 | 42,451 |
| ICL Group Ltd. | 4,391 | 39,838 |
| Israel Discount Bank Ltd., Class A | 7,042 | 36,612 |
| Kornit Digital Ltd.* | 300 | 9,510 |
| Mizrahi Tefahot Bank Ltd. | 962 | 31,810 |
| Nice Ltd.* | 415 | 79,663 |
| Teva Pharmaceutical Industries Ltd.* | 6,350 | 48,539 |
| Teva Pharmaceutical Industries Ltd., ADR* | 500 | 3,760 |
| Tower Semiconductor Ltd* | 696 | 32,419 |
| Wix.com Ltd.* | 359 | 23,532 |
| ZIM Integrated Shipping Services Ltd | 500 | 23,615 |
| | | 657,595 |
| Italy — 1.9% |
| Amplifon SpA | 856 | 26,239 |
| Assicurazioni Generali SpA | 6,950 | 110,887 |
| Atlantia SpA | 3,017 | 70,758 |
| Davide Campari-Milano N.V. | 3,207 | 33,725 |
| DiaSorin SpA | 180 | 23,617 |
| Enel SpA | 52,606 | 287,771 |
| Eni SpA | 16,285 | 193,322 |
| Ferrari N.V. | 796 | 146,146 |
| FinecoBank Banca Fineco SpA | 3,910 | 46,793 |
| Infrastrutture Wireless Italiane SpA | 2,387 | 24,224 |
| Intesa Sanpaolo SpA | 105,143 | 196,129 |
| Mediobanca Banca di Credito Finanziario SpA | 3,828 | 33,127 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Italy — (continued) |
| Moncler SpA | 1,251 | $ 53,659 |
| Nexi SpA* | 3,587 | 29,711 |
| Poste Italiane SpA | 3,626 | 33,864 |
| Prysmian SpA | 1,675 | 46,007 |
| Recordati Industria Chimica e Farmaceutica SpA | 726 | 31,581 |
| Snam SpA | 13,027 | 68,245 |
| Telecom Italia SpA* | 60,149 | 15,739 |
| Terna - Rete Elettrica Nazionale | 8,790 | 68,976 |
| UniCredit SpA | 13,413 | 127,419 |
| | | 1,667,939 |
| Japan — 21.7% |
| Advantest Corp. | 1,300 | 69,561 |
| Aeon Co., Ltd. | 4,300 | 74,603 |
| AGC, Inc. | 1,200 | 42,187 |
| Aisin Corp. | 1,000 | 30,955 |
| Ajinomoto Co., Inc. | 3,000 | 72,966 |
| ANA Holdings, Inc.* | 1,100 | 20,264 |
| Asahi Group Holdings Ltd. | 2,900 | 95,007 |
| Asahi Intecc Co., Ltd. | 1,400 | 21,132 |
| Asahi Kasei Corp. | 8,100 | 61,848 |
| Astellas Pharma, Inc. | 11,800 | 183,940 |
| Azbil Corp. | 800 | 21,020 |
| Bandai Namco Holdings, Inc. | 1,300 | 91,780 |
| Bridgestone Corp. | 3,600 | 131,338 |
| Brother Industries Ltd. | 1,500 | 26,367 |
| Canon, Inc. | 6,400 | 145,519 |
| Capcom Co., Ltd. | 1,200 | 29,142 |
| Central Japan Railway Co. | 900 | 103,844 |
| Chubu Electric Power Co., Inc. | 4,100 | 41,278 |
| Chugai Pharmaceutical Co., Ltd. | 4,300 | 109,972 |
| Concordia Financial Group Ltd. | 7,200 | 24,941 |
| CyberAgent, Inc. | 2,400 | 23,897 |
| Dai Nippon Printing Co., Ltd. | 1,400 | 30,192 |
| Daifuku Co., Ltd. | 600 | 34,316 |
| Dai-ichi Life Holdings, Inc. | 6,500 | 120,246 |
| Daiichi Sankyo Co., Ltd. | 11,400 | 288,781 |
| Daikin Industries Ltd. | 1,600 | 256,486 |
| Daito Trust Construction Co., Ltd. | 400 | 34,522 |
| Daiwa House Industry Co., Ltd. | 4,000 | 93,219 |
| Daiwa House REIT Investment Corp. | 13 | 29,463 |
| Daiwa Securities Group, Inc. | 9,300 | 41,537 |
| Denso Corp. | 2,800 | 148,750 |
| Dentsu Group, Inc. | 1,300 | 39,044 |
| Disco Corp. | 200 | 47,465 |
| East Japan Railway Co. | 1,900 | 97,157 |
| Eisai Co., Ltd. | 1,700 | 71,731 |
| ENEOS Holdings, Inc. | 20,490 | 77,577 |
| FANUC Corp. | 1,200 | 187,854 |
| Fast Retailing Co., Ltd. | 400 | 209,552 |
| Fuji Electric Co., Ltd. | 800 | 33,137 |
| FUJIFILM Holdings Corp. | 2,300 | 123,374 |
| Fujitsu Ltd. | 1,300 | 162,548 |
| GLP J-Reit | 26 | 31,753 |
| | Number of
Shares | Value† |
| |
| Japan — (continued) |
| GMO Payment Gateway, Inc. | 300 | $ 21,116 |
| Hakuhodo DY Holdings, Inc. | 1,500 | 13,764 |
| Hamamatsu Photonics K.K. | 900 | 34,957 |
| Hankyu Hanshin Holdings, Inc. | 1,400 | 38,178 |
| Hikari Tsushin, Inc. | 100 | 10,252 |
| Hirose Electric Co., Ltd. | 220 | 29,203 |
| Hitachi Construction Machinery Co., Ltd. | 700 | 15,503 |
| Hitachi Ltd. | 6,200 | 294,189 |
| Hitachi Metals Ltd.* | 1,400 | 21,184 |
| Honda Motor Co., Ltd. | 10,400 | 252,412 |
| Hoshizaki Corp. | 600 | 17,888 |
| Hoya Corp. | 2,400 | 204,923 |
| Hulic Co., Ltd. | 2,800 | 21,669 |
| Ibiden Co., Ltd. | 700 | 19,734 |
| Idemitsu Kosan Co., Ltd. | 1,356 | 32,681 |
| Iida Group Holdings Co., Ltd. | 1,000 | 15,397 |
| Inpex Corp. | 6,400 | 69,340 |
| Isuzu Motors Ltd. | 3,900 | 43,145 |
| Ito En Ltd. | 400 | 17,925 |
| ITOCHU Corp. | 7,700 | 208,107 |
| Itochu Techno-Solutions Corp. | 700 | 17,154 |
| Japan Airlines Co., Ltd.* | 800 | 14,004 |
| Japan Exchange Group, Inc. | 3,300 | 47,622 |
| Japan Metropolitan Fund Invest | 48 | 37,394 |
| Japan Post Bank Co., Ltd. | 3,000 | 23,327 |
| Japan Post Holdings Co., Ltd. | 15,700 | 112,138 |
| Japan Post Insurance Co., Ltd. | 1,100 | 17,601 |
| Japan Real Estate Investment Corp. | 8 | 36,792 |
| Japan Tobacco, Inc. | 7,800 | 134,867 |
| JFE Holdings, Inc. | 3,000 | 31,618 |
| JSR Corp. | 1,200 | 31,132 |
| Kajima Corp. | 2,800 | 32,131 |
| Kakaku.com, Inc. | 900 | 14,845 |
| Kao Corp. | 3,100 | 125,024 |
| KDDI Corp. | 10,300 | 325,595 |
| Keio Corp. | 700 | 25,048 |
| Keisei Electric Railway Co., Ltd. | 800 | 22,052 |
| Keyence Corp. | 1,255 | 429,001 |
| Kikkoman Corp. | 900 | 47,759 |
| Kintetsu Group Holdings Co., Ltd. | 1,100 | 34,253 |
| Kirin Holdings Co., Ltd. | 5,200 | 81,921 |
| Kobayashi Pharmaceutical Co., Ltd. | 300 | 18,485 |
| Kobe Bussan Co., Ltd. | 800 | 19,605 |
| Koei Tecmo Holdings Co., Ltd. | 390 | 12,590 |
| Koito Manufacturing Co., Ltd. | 700 | 22,210 |
| Komatsu Ltd. | 6,000 | 133,019 |
| Konami Group Corp. | 600 | 33,210 |
| Kose Corp. | 200 | 18,190 |
| Kubota Corp. | 6,500 | 97,107 |
| Kurita Water Industries Ltd. | 600 | 21,713 |
| Kyocera Corp. | 2,100 | 112,305 |
| Kyowa Kirin Co., Ltd. | 1,700 | 38,215 |
| Lasertec Corp. | 500 | 59,515 |
| Lixil Corp. | 2,000 | 37,441 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Japan — (continued) |
| M3, Inc. | 2,800 | $ 80,442 |
| Makita Corp. | 1,400 | 34,897 |
| Marubeni Corp. | 10,300 | 92,919 |
| Mazda Motor Corp. | 3,400 | 27,815 |
| McDonald's Holdings Co., Japan Ltd. | 600 | 21,846 |
| MEIJI Holdings Co., Ltd. | 800 | 39,269 |
| MINEBEA MITSUMI, Inc. | 2,300 | 39,158 |
| MISUMI Group, Inc. | 1,900 | 40,050 |
| Mitsubishi Chemical Group Corp. | 8,200 | 44,542 |
| Mitsubishi Corp. | 8,200 | 243,981 |
| Mitsubishi Electric Corp. | 12,600 | 134,748 |
| Mitsubishi Estate Co., Ltd. | 7,500 | 108,841 |
| Mitsubishi HC Capital, Inc. | 4,700 | 21,685 |
| Mitsubishi Heavy Industries Ltd. | 2,100 | 73,441 |
| Mitsubishi UFJ Financial Group, Inc. | 77,200 | 415,018 |
| Mitsui & Co., Ltd. | 8,900 | 196,426 |
| Mitsui Chemicals, Inc. | 1,100 | 23,430 |
| Mitsui Fudosan Co., Ltd. | 6,000 | 129,017 |
| Mitsui OSK Lines Ltd. | 2,100 | 48,058 |
| Mizuho Financial Group, Inc. | 15,508 | 176,362 |
| MonotaRO Co., Ltd. | 1,600 | 23,774 |
| MS&AD Insurance Group Holdings, Inc. | 2,890 | 88,566 |
| Murata Manufacturing Co., Ltd. | 3,700 | 201,689 |
| NEC Corp. | 1,500 | 58,262 |
| Nexon Co., Ltd. | 3,200 | 65,519 |
| NGK Insulators Ltd. | 1,500 | 20,209 |
| Nidec Corp. | 2,900 | 179,113 |
| Nihon M&A Center Holdings, Inc. | 2,000 | 21,271 |
| Nintendo Co., Ltd. | 697 | 301,444 |
| Nippon Building Fund, Inc. | 10 | 49,823 |
| NIPPON EXPRESS HOLDINGS, INC. | 500 | 27,159 |
| Nippon Paint Holdings Co., Ltd. | 5,600 | 41,728 |
| Nippon Prologis REIT, Inc. | 13 | 32,002 |
| Nippon Sanso Holdings Corp. | 1,000 | 15,942 |
| Nippon Shinyaku Co., Ltd. | 300 | 18,241 |
| Nippon Steel Corp. | 5,317 | 74,418 |
| Nippon Telegraph & Telephone Corp. | 7,600 | 218,231 |
| Nippon Yusen K.K. | 1,000 | 68,323 |
| Nissan Chemical Corp. | 800 | 36,851 |
| Nissan Motor Co., Ltd. | 14,400 | 56,059 |
| Nisshin Seifun Group, Inc. | 1,315 | 15,391 |
| Nissin Foods Holdings Co., Ltd. | 400 | 27,624 |
| Nitori Holdings Co., Ltd. | 500 | 47,520 |
| Nitto Denko Corp. | 900 | 58,240 |
| Nomura Holdings, Inc. | 19,300 | 70,540 |
| Nomura Real Estate Holdings, Inc. | 900 | 22,056 |
| Nomura Real Estate Master Fund, Inc. | 28 | 34,959 |
| Nomura Research Institute Ltd. | 2,130 | 56,672 |
| NTT Data Corp. | 4,000 | 55,307 |
| Obayashi Corp. | 4,200 | 30,491 |
| Obic Co., Ltd. | 454 | 64,212 |
| Odakyu Electric Railway Co., Ltd. | 1,800 | 24,211 |
| Oji Holdings Corp. | 4,700 | 20,369 |
| Olympus Corp. | 7,900 | 158,751 |
| Omron Corp. | 1,200 | 60,946 |
| | Number of
Shares | Value† |
| |
| Japan — (continued) |
| Ono Pharmaceutical Co., Ltd. | 2,500 | $ 64,158 |
| Open House Group Co., Ltd. | 500 | 19,900 |
| Oracle Corp. Japan | 200 | 11,586 |
| Oriental Land Co., Ltd. | 1,300 | 181,279 |
| ORIX Corp. | 7,700 | 129,166 |
| Osaka Gas Co., Ltd. | 2,400 | 45,920 |
| Otsuka Corp. | 800 | 23,732 |
| Otsuka Holdings Co., Ltd. | 2,500 | 88,775 |
| Pan Pacific International Holdings Corp. | 2,700 | 43,083 |
| Panasonic Corp. | 14,400 | 116,374 |
| Persol Holdings Co., Ltd. | 1,000 | 18,175 |
| Rakuten Group, Inc. | 5,500 | 24,808 |
| Recruit Holdings Co., Ltd. | 9,200 | 270,887 |
| Renesas Electronics Corp.* | 8,100 | 73,609 |
| Resona Holdings, Inc. | 14,500 | 54,300 |
| Ricoh Co., Ltd. | 4,200 | 32,843 |
| Rohm Co., Ltd. | 600 | 41,834 |
| SBI Holdings, Inc. | 1,710 | 33,461 |
| SCSK Corp. | 1,200 | 20,307 |
| Secom Co., Ltd. | 1,300 | 80,321 |
| Seiko Epson Corp. | 1,700 | 24,057 |
| Sekisui Chemical Co., Ltd. | 2,600 | 35,585 |
| Sekisui House Ltd. | 3,900 | 68,310 |
| Seven & i Holdings Co., Ltd. | 4,800 | 186,333 |
| SG Holdings Co., Ltd. | 2,200 | 37,115 |
| Sharp Corp. | 1,200 | 9,278 |
| Shimadzu Corp. | 1,600 | 50,590 |
| Shimano, Inc. | 500 | 84,463 |
| Shimizu Corp. | 4,000 | 22,111 |
| Shin-Etsu Chemical Co., Ltd. | 2,400 | 270,637 |
| Shionogi & Co., Ltd. | 1,700 | 85,890 |
| Shiseido Co., Ltd. | 2,600 | 104,360 |
| SMC Corp. | 368 | 164,011 |
| SoftBank Corp. | 18,200 | 202,081 |
| SoftBank Group Corp. | 7,700 | 297,092 |
| Sompo Holdings, Inc. | 2,025 | 89,295 |
| Sony Group Corp. | 8,100 | 662,364 |
| Square Enix Holdings Co., Ltd. | 600 | 26,577 |
| Subaru Corp. | 4,000 | 71,094 |
| SUMCO Corp. | 2,300 | 29,818 |
| Sumitomo Chemical Co., Ltd. | 9,200 | 36,005 |
| Sumitomo Corp. | 7,200 | 98,544 |
| Sumitomo Electric Industries Ltd. | 4,900 | 54,135 |
| Sumitomo Metal Mining Co., Ltd. | 1,600 | 50,118 |
| Sumitomo Mitsui Financial Group, Inc. | 8,300 | 246,651 |
| Sumitomo Mitsui Trust Holdings, Inc. | 2,143 | 66,021 |
| Sumitomo Realty & Development Co., Ltd. | 2,000 | 52,815 |
| Suntory Beverage & Food Ltd. | 800 | 30,248 |
| Suzuki Motor Corp. | 2,300 | 72,282 |
| Sysmex Corp. | 1,100 | 66,204 |
| T&D Holdings, Inc. | 3,200 | 38,302 |
| Taisei Corp. | 1,200 | 37,367 |
| Takeda Pharmaceutical Co., Ltd. | 9,595 | 270,001 |
| TDK Corp. | 2,400 | 74,116 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Japan — (continued) |
| Terumo Corp. | 4,100 | $ 123,532 |
| The Chiba Bank Ltd. | 3,700 | 20,207 |
| The Kansai Electric Power Co., Inc. | 4,200 | 41,604 |
| The Shizuoka Bank Ltd. | 3,200 | 19,222 |
| TIS, Inc. | 1,400 | 36,682 |
| Tobu Railway Co., Ltd. | 1,100 | 25,092 |
| Toho Co., Ltd. | 700 | 25,306 |
| Tokio Marine Holdings, Inc. | 4,000 | 232,989 |
| Tokyo Electric Power Co. Holdings, Inc.* | 10,800 | 45,133 |
| Tokyo Electron Ltd. | 1,000 | 326,504 |
| Tokyo Gas Co., Ltd. | 2,700 | 55,859 |
| Tokyu Corp. | 3,600 | 42,400 |
| TOPPAN Inc. | 1,500 | 25,063 |
| Toray Industries, Inc. | 8,800 | 49,370 |
| Toshiba Corp. | 2,600 | 105,682 |
| Tosoh Corp. | 1,800 | 22,354 |
| TOTO Ltd. | 900 | 29,717 |
| Toyota Industries Corp. | 900 | 55,719 |
| Toyota Motor Corp. | 68,240 | 1,056,191 |
| Toyota Tsusho Corp. | 1,400 | 45,710 |
| Trend Micro, Inc. | 900 | 43,912 |
| Unicharm Corp. | 2,500 | 83,653 |
| USS Co., Ltd. | 1,500 | 25,969 |
| Welcia Holdings Co., Ltd. | 600 | 12,028 |
| West Japan Railway Co. | 1,400 | 51,499 |
| Yakult Honsha Co., Ltd. | 800 | 46,167 |
| Yamaha Corp. | 900 | 37,146 |
| Yamaha Motor Co., Ltd. | 2,000 | 36,645 |
| Yamato Holdings Co., Ltd. | 2,000 | 31,987 |
| Yaskawa Electric Corp. | 1,600 | 51,533 |
| Yokogawa Electric Corp. | 1,600 | 26,427 |
| Z Holdings Corp. | 16,800 | 49,083 |
| ZOZO, Inc. | 900 | 16,218 |
| | | 19,549,564 |
| Jordan — 0.0% |
| Hikma Pharmaceuticals PLC | 1,083 | 21,324 |
| Luxembourg — 0.2% |
| ArcelorMittal S.A. | 4,181 | 94,245 |
| Aroundtown S.A. | 6,382 | 20,285 |
| Eurofins Scientific S.E. | 870 | 68,452 |
| Tenaris S.A. | 2,782 | 35,772 |
| | | 218,754 |
| Macao — 0.0% |
| Sands China Ltd.* | 16,000 | 38,171 |
| Netherlands — 4.4% |
| ABN AMRO Bank N.V. | 2,635 | 29,588 |
| Adyen N.V.* | 138 | 200,729 |
| Aegon N.V. | 11,939 | 51,647 |
| Akzo Nobel N.V. | 1,217 | 79,863 |
| Argenx S.E.* | 290 | 108,646 |
| ASM International N.V. | 297 | 74,262 |
| | Number of
Shares | Value† |
| |
| Netherlands — (continued) |
| ASML Holding N.V. | 2,603 | $ 1,243,474 |
| Euronext N.V. | 547 | 44,654 |
| EXOR N.V. | 691 | 43,071 |
| Heineken Holding N.V. | 727 | 52,911 |
| Heineken N.V. | 1,671 | 152,348 |
| IMCD N.V. | 363 | 49,814 |
| ING Groep N.V. | 25,312 | 250,164 |
| JDE Peet's N.V. | 515 | 14,658 |
| Just Eat Takeaway.com N.V.* | 1,183 | 18,678 |
| Koninklijke Ahold Delhaize N.V. | 6,743 | 175,669 |
| Koninklijke DSM N.V. | 1,117 | 160,484 |
| Koninklijke KPN N.V. | 21,105 | 75,220 |
| Koninklijke Philips N.V. | 6,121 | 131,850 |
| NN Group N.V. | 1,738 | 78,937 |
| OCI NV | 672 | 22,169 |
| Prosus N.V. | 5,312 | 347,808 |
| QIAGEN N.V.* | 1,512 | 70,827 |
| Randstad N.V. | 725 | 35,101 |
| Stellantis N.V. | 5,622 | 69,415 |
| Stellantis N.V. | 8,372 | 103,456 |
| Universal Music Group N.V. | 4,675 | 93,741 |
| Wolters Kluwer N.V. | 1,710 | 165,867 |
| | | 3,945,051 |
| New Zealand — 0.2% |
| Auckland International Airport Ltd.* | 8,513 | 38,175 |
| Fisher & Paykel Healthcare Corp. Ltd. | 3,664 | 45,721 |
| Mercury NZ Ltd. | 5,229 | 18,452 |
| Meridian Energy Ltd. | 9,073 | 26,519 |
| Spark New Zealand Ltd. | 12,240 | 36,693 |
| Xero Ltd.* | 835 | 44,357 |
| | | 209,917 |
| Norway — 0.8% |
| Adevinta ASA* | 1,674 | 12,092 |
| Aker BP ASA | 804 | 27,925 |
| Aker BP ASA | 1,229 | 40,579 |
| DNB Bank ASA | 6,003 | 107,600 |
| Equinor ASA | 6,312 | 219,517 |
| Gjensidige Forsikring ASA | 1,242 | 25,156 |
| Kongsberg Gruppen ASA | 571 | 20,464 |
| Mowi ASA | 2,898 | 65,935 |
| Norsk Hydro ASA | 8,484 | 47,512 |
| Orkla ASA | 4,885 | 39,041 |
| Salmar ASA | 376 | 26,435 |
| Telenor ASA | 4,471 | 59,464 |
| Yara International ASA | 1,012 | 42,290 |
| | | 734,010 |
| Portugal — 0.2% |
| Banco Espirito Santo S.A.(1),* | 27,017 | 0 |
| EDP - Energias de Portugal S.A. | 17,315 | 80,783 |
| Galp Energia SGPS S.A. | 3,064 | 35,914 |
| Jeronimo Martins SGPS S.A. | 1,733 | 37,666 |
| | | 154,363 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Singapore — 1.4% |
| Ascendas Real Estate Investment Trust | 20,490 | $ 42,033 |
| CapitaLand Integrated Commercial Trust | 29,400 | 45,921 |
| Capitaland Investment Ltd. | 16,607 | 45,662 |
| CDL Hospitality Trusts | 477 | 436 |
| City Developments Ltd. | 3,000 | 17,599 |
| DBS Group Holdings Ltd. | 11,748 | 250,976 |
| Genting Singapore Ltd. | 36,200 | 18,760 |
| Grab Holdings Ltd., Class A* | 6,900 | 17,457 |
| Keppel Corp. Ltd. | 8,700 | 40,641 |
| Mapletree Commercial Trust | 15,200 | 20,022 |
| Mapletree Logistics Trust | 20,077 | 24,278 |
| Oversea-Chinese Banking Corp. Ltd. | 21,691 | 177,831 |
| Sea Ltd., ADR* | 2,300 | 153,778 |
| Singapore Airlines Ltd.* | 7,900 | 29,000 |
| Singapore Exchange Ltd. | 5,000 | 34,046 |
| Singapore Technologies Engineering Ltd. | 9,500 | 27,899 |
| Singapore Telecommunications Ltd. | 52,200 | 95,059 |
| United Overseas Bank Ltd. | 7,437 | 140,518 |
| UOL Group Ltd. | 3,107 | 16,460 |
| Venture Corp. Ltd. | 1,700 | 20,349 |
| Wilmar International Ltd. | 11,600 | 33,732 |
| | | 1,252,457 |
| Spain — 2.5% |
| Acciona S.A. | 158 | 29,059 |
| ACS Actividades de Construccion y Servicios S.A. | 1,587 | 38,467 |
| Aena SME S.A.* | 469 | 59,593 |
| Amadeus IT Group S.A.* | 2,864 | 159,551 |
| Banco Bilbao Vizcaya Argentaria S.A. | 42,639 | 193,502 |
| Banco Santander S.A. | 110,885 | 312,351 |
| CaixaBank S.A. | 27,810 | 96,669 |
| Cellnex Telecom S.A. | 3,268 | 126,817 |
| EDP Renovaveis S.A. | 2,000 | 47,200 |
| Enagas S.A. | 1,501 | 33,142 |
| Endesa S.A. | 2,006 | 37,839 |
| Ferrovial S.A. | 3,096 | 78,483 |
| Grifols S.A. | 1,885 | 35,626 |
| Iberdrola S.A. | 37,635 | 390,294 |
| Industria de Diseno Textil S.A. | 6,954 | 157,336 |
| Naturgy Energy Group S.A. | 1,138 | 32,760 |
| Red Electrica Corp. S.A. | 2,674 | 50,510 |
| Repsol S.A. | 9,155 | 134,795 |
| Siemens Gamesa Renewable Energy S.A.* | 1,562 | 29,317 |
| Telefonica S.A. | 35,472 | 180,735 |
| | | 2,224,046 |
| Sweden — 3.1% |
| Alfa Laval AB | 2,000 | 48,212 |
| Assa Abloy AB, Class B | 6,425 | 136,480 |
| Atlas Copco AB, Class A | 17,511 | 163,594 |
| Atlas Copco AB, Class B | 10,303 | 86,153 |
| Boliden AB | 1,749 | 55,626 |
| | Number of
Shares | Value† |
| |
| Sweden — (continued) |
| Electrolux AB, Class B | 1,401 | $ 18,853 |
| Embracer Group AB* | 4,389 | 33,461 |
| Epiroc AB, Class A | 4,193 | 64,741 |
| Epiroc AB, Class B | 2,471 | 33,382 |
| EQT AB | 1,887 | 38,626 |
| Essity AB, Class B | 3,911 | 102,117 |
| Evolution AB | 1,201 | 109,196 |
| Fastighets AB Balder, Class B* | 4,176 | 20,007 |
| Getinge AB, Class B | 1,459 | 33,716 |
| H & M Hennes & Mauritz AB, Class B | 4,799 | 57,308 |
| Hexagon AB, Class B | 12,559 | 130,443 |
| Holmen AB, Class B | 599 | 24,294 |
| Husqvarna AB, Class B | 2,834 | 20,844 |
| Industrivarden AB, Class A | 877 | 19,735 |
| Industrivarden AB, Class C | 986 | 21,928 |
| Indutrade AB | 1,743 | 31,785 |
| Investment AB Latour, Class B | 1,056 | 20,883 |
| Investor AB, Class A | 3,181 | 57,107 |
| Investor AB, Class B | 11,854 | 194,883 |
| Kinnevik AB, Class B* | 1,611 | 25,953 |
| L E Lundbergforetagen AB, Class B | 471 | 19,149 |
| Lifco AB, Class B | 1,487 | 23,875 |
| Lundin Energy AB | 1,292 | 883 |
| Nibe Industrier AB, Class B | 10,062 | 75,541 |
| Sagax AB, Class B | 1,334 | 24,607 |
| Sandvik AB | 7,183 | 116,455 |
| Securitas AB, Class B | 2,230 | 19,209 |
| Sinch AB* | 3,150 | 10,252 |
| Skandinaviska Enskilda Banken AB, Class A | 10,425 | 102,316 |
| Skanska AB, Class B | 2,121 | 32,510 |
| SKF AB, Class B | 2,369 | 34,853 |
| Svenska Cellulosa AB SCA, Class B | 3,887 | 58,059 |
| Svenska Handelsbanken AB, Class A | 9,287 | 79,364 |
| Swedbank AB, Class A | 5,977 | 75,547 |
| Swedish Match AB | 9,802 | 99,843 |
| Swedish Orphan Biovitrum AB* | 1,078 | 23,310 |
| Tele2 AB, Class B | 3,852 | 43,868 |
| Telefonaktiebolaget LM Ericsson, Class B | 18,737 | 139,698 |
| Telia Co., AB | 17,132 | 65,616 |
| Volvo AB, Class A | 1,410 | 22,687 |
| Volvo AB, Class B | 9,845 | 152,423 |
| Volvo Car AB, Class B* | 3,803 | 25,265 |
| | | 2,794,657 |
| Switzerland — 10.8% |
| ABB Ltd. | 10,625 | 283,363 |
| Adecco Group AG | 1,018 | 34,593 |
| Alcon, Inc. | 3,189 | 222,744 |
| Bachem Holding AG, Class B | 200 | 13,900 |
| Baloise Holding AG | 301 | 49,155 |
| Barry Callebaut AG | 22 | 49,086 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 104,855 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| Switzerland — (continued) |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 7 | $ 71,199 |
| Cie Financiere Richemont S.A., Class A | 3,372 | 359,047 |
| Clariant AG | 1,199 | 22,833 |
| Coca-Cola HBC AG | 1,222 | 27,103 |
| Credit Suisse Group AG | 17,345 | 98,476 |
| EMS-Chemie Holding AG | 43 | 32,003 |
| Geberit AG | 226 | 108,614 |
| Givaudan S.A. | 60 | 210,988 |
| Glencore PLC | 64,066 | 347,123 |
| Holcim AG | 3,354 | 143,519 |
| Julius Baer Group Ltd. | 1,376 | 63,478 |
| Kuehne + Nagel International AG | 354 | 83,804 |
| Logitech International S.A. | 1,098 | 57,358 |
| Lonza Group AG | 477 | 254,327 |
| Nestle S.A. | 18,094 | 2,112,183 |
| Novartis AG | 14,097 | 1,193,885 |
| Partners Group Holding AG | 147 | 132,456 |
| Roche Holding AG | 4,517 | 1,507,244 |
| Roche Holding AG | 171 | 65,989 |
| Schindler Holding AG | 125 | 22,469 |
| Schindler Holding AG, Participation Certificates | 269 | 49,058 |
| SGS S.A. | 38 | 86,974 |
| Sika AG | 919 | 211,784 |
| Sonova Holding AG | 351 | 111,773 |
| STMicroelectronics N.V. | 4,365 | 137,229 |
| Straumann Holding AG | 650 | 78,063 |
| Swiss Life Holding AG | 200 | 97,418 |
| Swiss Prime Site AG | 484 | 42,461 |
| Swiss Re AG | 1,930 | 149,564 |
| Swisscom AG | 163 | 90,050 |
| Temenos AG | 430 | 36,764 |
| The Swatch Group AG | 185 | 43,893 |
| The Swatch Group AG | 298 | 13,248 |
| UBS Group AG | 22,715 | 366,191 |
| VAT Group AG | 172 | 41,007 |
| Vifor Pharma AG* | 293 | 50,795 |
| Zurich Insurance Group AG | 965 | 419,701 |
| | | 9,697,767 |
| United Arab Emirates — 0.0% |
| NMC Health PLC* | 538 | 62 |
| United Kingdom — 15.0% |
| 3i Group PLC | 6,089 | 82,164 |
| abrdn PLC | 14,470 | 28,157 |
| Admiral Group PLC | 1,312 | 35,839 |
| Anglo American PLC | 8,181 | 292,488 |
| Ashtead Group PLC | 2,899 | 121,361 |
| Associated British Foods PLC | 2,278 | 43,758 |
| AstraZeneca PLC | 9,966 | 1,310,214 |
| Auto Trader Group PLC | 5,888 | 39,779 |
| AVEVA Group PLC | 707 | 19,373 |
| Aviva PLC | 18,825 | 91,961 |
| BAE Systems PLC | 20,643 | 208,619 |
| | Number of
Shares | Value† |
| |
| United Kingdom — (continued) |
| Barclays PLC | 108,104 | $ 201,498 |
| Barratt Developments PLC | 6,327 | 35,228 |
| Berkeley Group Holdings PLC | 697 | 31,597 |
| BP PLC | 124,695 | 589,405 |
| British American Tobacco PLC | 13,931 | 596,844 |
| BT Group PLC | 44,495 | 100,907 |
| Bunzl PLC | 2,198 | 72,750 |
| Burberry Group PLC | 2,621 | 52,357 |
| CNH Industrial N.V. | 6,662 | 76,936 |
| Coca-Cola Europacific Partners PLC | 1,276 | 65,495 |
| Compass Group PLC | 11,455 | 234,262 |
| Croda International PLC | 875 | 68,936 |
| Diageo PLC | 15,018 | 645,425 |
| Entain PLC* | 3,735 | 56,605 |
| Ferguson PLC | 1,403 | 156,919 |
| GSK PLC | 32,130 | 690,559 |
| Halma PLC | 2,365 | 57,837 |
| Hargreaves Lansdown PLC | 2,149 | 20,609 |
| HSBC Holdings PLC | 131,023 | 854,251 |
| Imperial Brands PLC | 6,063 | 135,506 |
| Informa PLC* | 9,687 | 62,356 |
| InterContinental Hotels Group PLC | 1,153 | 61,054 |
| Intertek Group PLC | 1,024 | 52,428 |
| J. Sainsbury PLC | 10,110 | 25,106 |
| JD Sports Fashion PLC | 17,935 | 25,194 |
| Johnson Matthey PLC | 1,361 | 31,901 |
| Kingfisher PLC | 12,664 | 37,661 |
| Land Securities Group PLC | 4,270 | 34,514 |
| Legal & General Group PLC | 38,445 | 112,084 |
| Lloyds Banking Group PLC | 456,109 | 234,914 |
| London Stock Exchange Group PLC | 2,107 | 195,749 |
| M&G PLC | 16,063 | 38,051 |
| Melrose Industries PLC | 28,464 | 51,870 |
| Mondi PLC | 3,079 | 54,534 |
| National Grid PLC | 23,085 | 295,626 |
| NatWest Group PLC | 35,162 | 93,438 |
| Next PLC | 863 | 61,561 |
| Ocado Group PLC* | 3,089 | 29,375 |
| Pearson PLC | 4,876 | 44,505 |
| Persimmon PLC | 2,126 | 48,214 |
| Phoenix Group Holdings PLC | 4,813 | 34,591 |
| Prudential PLC | 17,473 | 216,102 |
| Reckitt Benckiser Group PLC | 4,620 | 346,996 |
| RELX PLC | 6,807 | 184,450 |
| RELX PLC | 5,578 | 150,930 |
| Rentokil Initial PLC | 12,043 | 69,576 |
| Rio Tinto PLC | 7,244 | 433,543 |
| Rolls-Royce Holdings PLC* | 52,141 | 52,649 |
| Schroders PLC | 773 | 25,143 |
| Segro PLC | 7,819 | 92,973 |
| Severn Trent PLC | 1,547 | 51,203 |
| Shell PLC | 48,722 | 1,265,660 |
| Smith & Nephew PLC | 5,814 | 81,213 |
| Smiths Group PLC | 2,596 | 44,226 |
| Spirax-Sarco Engineering PLC | 486 | 58,439 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — (continued) |
| United Kingdom — (continued) |
| SSE PLC | 6,674 | $ 131,288 |
| St. James's Place PLC | 3,331 | 44,704 |
| Standard Chartered PLC | 16,314 | 122,848 |
| Taylor Wimpey PLC | 22,936 | 32,569 |
| Tesco PLC | 49,064 | 152,599 |
| The British Land Co., PLC | 5,472 | 29,782 |
| The Sage Group PLC | 6,509 | 50,298 |
| Unilever PLC | 8,385 | 379,805 |
| Unilever PLC | 8,161 | 370,487 |
| United Utilities Group PLC | 4,259 | 52,882 |
| Vodafone Group PLC | 176,777 | 272,560 |
| Whitbread PLC | 1,238 | 37,344 |
| WPP PLC | 7,516 | 75,445 |
| | | 13,468,079 |
TOTAL COMMON STOCKS
(Cost $73,209,087) | | 87,397,416 |
|
| PREFERRED STOCKS — 0.4% |
| Germany — 0.4% |
| Bayerische Motoren Werke AG | 341 | 24,157 |
| Henkel AG & Co., KGaA | 1,122 | 69,114 |
| Porsche Automobil Holding S.E. | 999 | 66,080 |
| Sartorius AG | 172 | 60,094 |
| Volkswagen AG | 1,195 | 159,568 |
TOTAL PREFERRED STOCKS
(Cost $372,277) | | 379,013 |
|
| SHORT-TERM INVESTMENTS — 1.2% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $1,097,474) | 1,097,474 | 1,097,474 |
TOTAL INVESTMENTS — 98.7%
(Cost $74,678,838) | | $ 88,873,903 |
| Other Assets & Liabilities — 1.3% | 1,200,485 |
| TOTAL NET ASSETS — 100.0% | | $ 90,074,388 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| A/S— Aktieselskab. |
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| ASA— Allmennaksjeselskap. |
| K.K.— Kabushiki Kaisha |
| KGaA— Kommanditgesellschaft auf Aktien. |
| MSCI— Morgan Stanley Capital International. |
| 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. |
| Country Weightings as of 6/30/2022†† |
| Japan | 22% |
| United Kingdom | 15 |
| Switzerland | 11 |
| France | 11 |
| Australia | 8 |
| Germany | 8 |
| Netherlands | 5 |
| Other | 20 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | Value† |
| Advertising | 0.2% | $ 199,985 |
| Aerospace & Defense | 1.3% | 1,120,008 |
| Agriculture | 1.1% | 967,060 |
| Airlines | 0.1% | 100,960 |
| Apparel | 2.1% | 1,861,203 |
| Auto Manufacturers | 3.1% | 2,698,551 |
| Auto Parts & Equipment | 0.8% | 664,666 |
| Banks | 9.9% | 8,638,586 |
| Beverages | 2.3% | 1,979,119 |
| Biotechnology | 1.0% | 855,742 |
| Building Materials | 1.7% | 1,447,339 |
| Chemicals | 2.9% | 2,555,494 |
| Commercial Services | 2.7% | 2,317,243 |
| Computers | 1.2% | 1,011,775 |
| Cosmetics & Personal Care | 2.0% | 1,784,860 |
| Distribution & Wholesale | 1.4% | 1,188,431 |
| Diversified Financial Services | 1.7% | 1,526,922 |
| Electric | 2.8% | 2,456,862 |
| Electrical Components & Equipment | 1.0% | 893,272 |
| Electronics | 1.3% | 1,172,944 |
| Energy-Alternate Sources | 0.2% | 167,125 |
| Engineering & Construction | 1.3% | 1,101,542 |
| Entertainment | 0.9% | 756,567 |
| Environmental Control | 0.0% | 21,713 |
| Food | 4.9% | 4,310,896 |
| Food Service | 0.3% | 273,757 |
| Forest Products & Paper | 0.4% | 369,823 |
| Gas | 0.4% | 312,504 |
| Hand & Machine Tools | 0.3% | 280,905 |
| Healthcare Products | 2.1% | 1,819,980 |
| Healthcare Services | 0.8% | 659,743 |
| Holding Companies | 0.2% | 210,234 |
| Home Builders | 0.4% | 380,019 |
| Home Furnishings | 1.0% | 892,562 |
| Household Products & Wares | 0.4% | 388,918 |
| Insurance | 5.2% | 4,533,117 |
| Internet | 1.2% | 1,007,895 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | | Value† |
| Investment Companies | 0.6% | | $ 550,424 |
| Iron & Steel | 0.5% | | 440,050 |
| Leisure Time | 0.2% | | 158,254 |
| Lodging | 0.3% | | 269,716 |
| Machinery — Construction & Mining | 1.0% | | 904,506 |
| Machinery — Diversified | 2.0% | | 1,749,991 |
| Media | 0.4% | | 351,893 |
| Metal Fabricate/Hardware | 0.2% | | 151,682 |
| Mining | 3.0% | | 2,582,766 |
| Miscellaneous Manufacturing | 1.0% | | 862,152 |
| Office & Business Equipment | 0.4% | | 325,793 |
| Oil & Gas | 4.7% | | 4,100,649 |
| Pharmaceuticals | 10.1% | | 8,804,488 |
| Pipelines | 0.1% | | 58,304 |
| Private Equity | 0.4% | | 314,701 |
| Real Estate | 1.4% | | 1,187,851 |
| Real Estate Investment Trusts | 1.3% | | 1,169,631 |
| Retail | 1.7% | | 1,522,429 |
| Semiconductors | 2.7% | | 2,325,107 |
| Shipbuilding | 0.0% | | 20,464 |
| Software | 1.4% | | 1,248,209 |
| Telecommunications | 3.7% | | 3,222,046 |
| Toys, Games & Hobbies | 0.4% | | 393,224 |
| Transportation | 1.7% | | 1,510,154 |
| Unknown SOI_Bloomberg Group | 0.0% | | 40,579 |
| Water | 0.2% | | 204,031 |
| | 100.0% | | $87,397,416 |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | | | | |
| Australia | $ 6,778,515 | $ 6,778,515 | $ — | $— |
| Austria | 155,023 | 155,023 | — | — |
| Belgium | 762,876 | 762,876 | — | — |
| Chile | 36,288 | 36,288 | — | — |
| Denmark | 2,421,075 | 2,421,075 | — | — |
| Finland | 1,068,751 | 1,068,751 | — | — |
| France | 9,496,604 | 9,496,604 | — | — |
| Germany | 6,344,813 | 6,344,813 | — | — |
| Hong Kong | 2,902,870 | 2,902,870 | — | — |
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Ireland | $ 796,845 | $ 796,845 | $ — | $— |
| Israel | 657,595 | 657,595 | — | — |
| Italy | 1,667,939 | 1,667,939 | — | — |
| Japan | 19,549,564 | 19,549,564 | — | — |
| Jordan | 21,324 | 21,324 | — | — |
| Luxembourg | 218,754 | 218,754 | — | — |
| Macao | 38,171 | 38,171 | — | — |
| Netherlands | 3,945,051 | 3,945,051 | — | — |
| New Zealand | 209,917 | 209,917 | — | — |
| Norway | 734,010 | 693,431 | 40,579 | — |
| Portugal | 154,363 | 154,363 | — | — |
| Singapore | 1,252,457 | 1,252,457 | — | — |
| Spain | 2,224,046 | 2,224,046 | — | — |
| Sweden | 2,794,657 | 2,794,657 | — | — |
| Switzerland | 9,697,767 | 9,697,767 | — | — |
| United Arab Emirates | 62 | — | 62 | — |
| United Kingdom | 13,468,079 | 13,468,079 | — | — |
| Total Common Stocks | $ 87,397,416 | $ 87,356,775 | $ 40,641 | $ — |
| Preferred Stocks | 379,013 | 379,013 | — | — |
| Short-Term Investments | 1,097,474 | 1,097,474 | — | — |
| Total Investments | $ 88,873,903 | $ 88,833,262 | $ 40,641 | $ — |
| LIABILITIES TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Other Financial Instruments(1) | | | | |
| Futures Contracts | $(35,320) | $(35,320) | $— | $— |
| Total Liabilities—Other Financial Instruments | $ (35,320) | $ (35,320) | $ — | $ — |
| (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 and forward foreign currency 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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Developed International Index Fund
Futures contracts held by the Fund at June 30, 2022 are as follows:
Futures Contracts:
Exchange Traded |
| Type | | Futures Contract | | Expiration
Date | | Numbers
of
Contracts | | Units per
Contract | | Closing
Price | | Notional
Value | | Unrealized
Appreciation | | Unrealized
Depreciation |
| Long | | MSCI EAFE Index | | 09/16/22 | | 27 | | 50 | | $1,857 | | $2,506,410 | | $— | | $(35,320) |
| | | | | | | | | | | | | | | $— | | $(35,320) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
International Equity Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 94.5% |
| Canada — 12.8% |
| CAE, Inc.* | 306,205 | $ 7,545,698 |
| Canadian National Railway Co. | 92,627 | 10,419,098 |
| Constellation Software, Inc. | 10,401 | 15,440,459 |
| | | 33,405,255 |
| China — 2.2% |
| Yum China Holdings, Inc. | 120,480 | 5,877,523 |
| France — 13.1% |
| Air Liquide S.A. | 34,096 | 4,577,843 |
| EssilorLuxottica S.A. | 41,895 | 6,273,862 |
| Hermes International | 4,697 | 5,252,010 |
| L'Oreal S.A. | 18,146 | 6,262,002 |
| Sartorius Stedim Biotech | 20,540 | 6,442,401 |
| Teleperformance | 17,547 | 5,393,312 |
| | | 34,201,430 |
| Hong Kong — 1.0% |
| Budweiser Brewing Co., APAC, Ltd. | 862,098 | 2,581,855 |
| India — 3.6% |
| Tata Consultancy Services Ltd. | 227,003 | 9,391,136 |
| Ireland — 4.0% |
| Experian PLC | 211,810 | 6,203,542 |
| Flutter Entertainment PLC* | 43,385 | 4,386,493 |
| | | 10,590,035 |
| Italy — 1.6% |
| Ferrari N.V. | 22,315 | 4,097,053 |
| Japan — 7.3% |
| Hoya Corp. | 63,486 | 5,420,735 |
| Keyence Corp. | 14,838 | 5,072,129 |
| Obic Co., Ltd. | 60,009 | 8,487,416 |
| | | 18,980,280 |
| Luxembourg — 2.3% |
| Eurofins Scientific S.E. | 76,386 | 6,010,057 |
| Netherlands — 7.7% |
| Adyen N.V.* | 2,476 | 3,601,477 |
| IMCD N.V. | 38,850 | 5,331,349 |
| Wolters Kluwer N.V. | 114,844 | 11,139,667 |
| | | 20,072,493 |
| Sweden — 1.8% |
| Epiroc AB, Class A | 304,494 | 4,701,467 |
| Switzerland — 11.7% |
| Alcon, Inc. | 169,307 | 11,825,686 |
| Lonza Group AG | 14,581 | 7,774,293 |
| Nestle S.A. | 94,984 | 11,087,851 |
| | | 30,687,830 |
| United Kingdom — 18.8% |
| Ashtead Group PLC | 65,375 | 2,736,790 |
| Diageo PLC | 213,059 | 9,156,589 |
| Halma PLC | 258,509 | 6,321,982 |
| | Number of
Shares | Value† |
| |
| United Kingdom — (continued) |
| London Stock Exchange Group PLC | 100,514 | $ 9,338,186 |
| RELX PLC | 480,229 | 13,012,812 |
| Rentokil Initial PLC | 1,473,354 | 8,512,017 |
| | | 49,078,376 |
| United States — 6.6% |
| Mastercard, Inc., Class A | 42,368 | 13,366,257 |
| Mettler-Toledo International, Inc.* | 3,454 | 3,967,851 |
| | | 17,334,108 |
TOTAL COMMON STOCKS
(Cost $272,680,051) | | 247,008,898 |
|
| SHORT-TERM INVESTMENTS — 5.6% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $14,648,836) | 14,648,836 | 14,648,836 |
TOTAL INVESTMENTS — 100.1%
(Cost $287,328,887) | | $ 261,657,734 |
| Other Assets & Liabilities — (0.1)% | (183,782) |
| TOTAL NET ASSETS — 100.0% | | $ 261,473,952 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| AB— Aktiebolag. |
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |
| Country Weightings as of 6/30/2022†† |
| United Kingdom | 20% |
| France | 14 |
| Canada | 14 |
| Switzerland | 12 |
| Netherlands | 8 |
| Japan | 8 |
| United States | 7 |
| Other | 17 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | Value† |
| Aerospace & Defense | 3.1% | $ 7,545,698 |
| Apparel | 2.1% | 5,252,010 |
| Auto Manufacturers | 1.7% | 4,097,053 |
| Beverages | 4.7% | 11,738,444 |
| Chemicals | 1.8% | 4,577,843 |
| Commercial Services | 13.8% | 34,066,638 |
| Computers | 9.4% | 23,271,864 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
International Equity Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | | Value† |
| Cosmetics & Personal Care | 2.5% | | $ 6,262,002 |
| Distribution & Wholesale | 2.2% | | 5,331,349 |
| Diversified Financial Services | 9.2% | | 22,704,443 |
| Electronics | 6.4% | | 15,710,568 |
| Entertainment | 1.8% | | 4,386,493 |
| Food | 4.5% | | 11,087,851 |
| Healthcare Products | 9.9% | | 24,541,949 |
| Healthcare Services | 5.6% | | 13,784,350 |
| Machinery — Construction & Mining | 1.9% | | 4,701,467 |
| Machinery — Diversified | 2.1% | | 5,072,129 |
| Media | 4.5% | | 11,139,667 |
| Retail | 2.4% | | 5,877,523 |
| Software | 6.2% | | 15,440,459 |
| Transportation | 4.2% | | 10,419,098 |
| | 100.0% | | $247,008,898 |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | | | | |
| Canada | $ 33,405,255 | $ 33,405,255 | $— | $— |
| China | 5,877,523 | 5,877,523 | — | — |
| France | 34,201,430 | 34,201,430 | — | — |
| Hong Kong | 2,581,855 | 2,581,855 | — | — |
| India | 9,391,136 | 9,391,136 | — | — |
| Ireland | 10,590,035 | 10,590,035 | — | — |
| Italy | 4,097,053 | 4,097,053 | — | — |
| Japan | 18,980,280 | 18,980,280 | — | — |
| Luxembourg | 6,010,057 | 6,010,057 | — | — |
| Netherlands | 20,072,493 | 20,072,493 | — | — |
| Sweden | 4,701,467 | 4,701,467 | — | — |
| Switzerland | 30,687,830 | 30,687,830 | — | — |
| United Kingdom | 49,078,376 | 49,078,376 | — | — |
| United States | 17,334,108 | 17,334,108 | — | — |
| Short-Term Investments | 14,648,836 | 14,648,836 | — | — |
| Total Investments | $ 261,657,734 | $ 261,657,734 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Emerging Markets Equity Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 98.4% |
| Argentina — 0.7% |
| MercadoLibre, Inc.* | 1,151 | $ 733,037 |
| Brazil — 3.5% |
| Hapvida Participacoes e Investimentos S.A. | 470,014 | 490,360 |
| Raia Drogasil S.A. | 406,169 | 1,493,996 |
| TOTVS S.A. | 197,412 | 879,281 |
| WEG S.A. | 128,923 | 651,581 |
| | | 3,515,218 |
| China — 30.3% |
| Alibaba Group Holding Ltd.* | 96,353 | 1,374,051 |
| Baozun, Inc., ADR* | 45,047 | 492,814 |
| Chacha Food Co., Ltd., Class A | 264,336 | 2,247,979 |
| China Tourism Group Duty Free Corp. Ltd., Class A | 43,445 | 1,511,681 |
| ENN Energy Holdings Ltd. | 79,997 | 1,314,117 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 116,805 | 1,576,640 |
| JD.com, Inc., ADR | 17,145 | 1,101,052 |
| JD.com, Inc., Class A | 133,590 | 4,303,863 |
| Midea Group Co., Ltd., Class A | 183,856 | 1,658,585 |
| NetEase, Inc. | 43,814 | 804,608 |
| NetEase, Inc., ADR | 7,331 | 684,422 |
| Shanghai M&G Stationery, Inc., Class A | 199,437 | 1,670,739 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 64,635 | 635,990 |
| Shenzhou International Group Holdings Ltd. | 149,314 | 1,808,673 |
| Tencent Holdings Ltd. | 37,739 | 1,704,478 |
| Toly Bread Co., Ltd., Class A | 509,720 | 1,260,157 |
| Wuliangye Yibin Co., Ltd., Class A | 42,474 | 1,281,206 |
| Wuxi Biologics Cayman, Inc.* | 139,577 | 1,277,161 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 214,530 | 2,024,708 |
| Yum China Holdings, Inc. | 40,020 | 1,952,344 |
| | | 30,685,268 |
| Colombia — 1.0% |
| Bancolombia S.A., ADR | 34,644 | 1,068,075 |
| Hong Kong — 3.6% |
| Budweiser Brewing Co., APAC, Ltd. | 410,994 | 1,230,866 |
| Hong Kong Exchanges & Clearing Ltd. | 22,911 | 1,127,038 |
| Techtronic Industries Co., Ltd. | 121,509 | 1,267,461 |
| | | 3,625,365 |
| India — 21.7% |
| Cipla Ltd. | 131,715 | 1,529,760 |
| Eicher Motors Ltd. | 60,607 | 2,144,508 |
| HCL Technologies Ltd. | 155,230 | 1,913,041 |
| Hindustan Unilever Ltd. | 84,664 | 2,391,358 |
| Housing Development Finance Corp. Ltd. | 68,548 | 1,884,294 |
| Infosys Ltd. | 100,515 | 1,860,684 |
| Kotak Mahindra Bank Ltd. | 97,392 | 2,048,534 |
| | Number of
Shares | Value† |
| |
| India — (continued) |
| Power Grid Corp. of India Ltd. | 910,373 | $ 2,442,724 |
| Reliance Industries Ltd. | 98,237 | 3,228,831 |
| Tata Consultancy Services Ltd. | 42,750 | 1,768,572 |
| Voltas Ltd. | 64,201 | 790,517 |
| | | 22,002,823 |
| Indonesia — 7.5% |
| Avia Avian Tbk PT | 23,415,150 | 1,280,976 |
| Bank Central Asia Tbk PT | 3,314,209 | 1,612,889 |
| Bank Rakyat Indonesia Persero Tbk PT | 9,524,240 | 2,653,170 |
| Telekom Indonesia Persero Tbk PT | 7,764,985 | 2,084,910 |
| | | 7,631,945 |
| Mexico — 4.5% |
| Wal-Mart de Mexico S.A.B. de C.V. | 1,318,124 | 4,535,875 |
| Singapore — 3.8% |
| Oversea-Chinese Banking Corp. Ltd. | 246,285 | 2,019,136 |
| United Overseas Bank Ltd. | 98,573 | 1,862,479 |
| | | 3,881,615 |
| South Africa — 1.4% |
| Clicks Group Ltd. | 82,094 | 1,379,154 |
| South Korea — 6.4% |
| NAVER Corp. | 11,990 | 2,216,266 |
| Samsung Electronics Co., Ltd. | 15,146 | 664,912 |
| SK Hynix, Inc. | 52,107 | 3,651,985 |
| | | 6,533,163 |
| Taiwan — 12.8% |
| Accton Technology Corp. | 203,351 | 1,631,130 |
| President Chain Store Corp. | 338,546 | 3,102,688 |
| Realtek Semiconductor Corp. | 38,071 | 464,788 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 416,045 | 6,660,414 |
| Win Semiconductors Corp. | 170,631 | 1,104,696 |
| | | 12,963,716 |
| Thailand — 1.2% |
| SCB X PCL | 404,283 | 1,189,236 |
TOTAL COMMON STOCKS
(Cost $113,390,363) | | 99,744,490 |
|
| SHORT-TERM INVESTMENTS — 2.6% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $2,618,473) | 2,618,473 | 2,618,473 |
TOTAL INVESTMENTS — 101.0%
(Cost $116,008,836) | | $ 102,362,963 |
| Other Assets & Liabilities — (1.0)% | (1,030,907) |
| TOTAL NET ASSETS — 100.0% | | $ 101,332,056 |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Emerging Markets Equity Fund
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ADR— American Depositary Receipt. |
| PCL— Public Company Limited. |
| S.A.— Societe Anonyme. |
| S.A.B. de C.V.— Sociedad Anonima de Capital Variable. |
| Tbk PT— Terbuka Perseroan Terbatas. |
| Country Weightings as of 6/30/2022†† |
| China | 31% |
| India | 22 |
| Taiwan | 13 |
| Indonesia | 8 |
| South Korea | 7 |
| Mexico | 4 |
| Singapore | 4 |
| Other | 11 |
| Total | 100% |
| †† | % of total investments as of June 30, 2022. |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | % of Market
Value | | Value† |
| Apparel | 1.8% | | $ 1,808,673 |
| Banks | 12.5% | | 12,453,519 |
| Beverages | 2.5% | | 2,512,072 |
| Building Materials | 0.8% | | 790,517 |
| Chemicals | 1.3% | | 1,280,976 |
| Computers | 3.6% | | 3,629,256 |
| Diversified Financial Services | 3.0% | | 3,011,332 |
| Electric | 2.4% | | 2,442,724 |
| Electrical Components & Equipment | 2.0% | | 2,024,708 |
| Electronics | 0.6% | | 635,990 |
| Food | 5.1% | | 5,084,776 |
| Gas | 1.3% | | 1,314,117 |
| Hand & Machine Tools | 1.3% | | 1,267,461 |
| Healthcare Services | 1.8% | | 1,767,521 |
| Home Furnishings | 1.7% | | 1,658,585 |
| Household Products & Wares | 2.4% | | 2,391,358 |
| Internet | 12.0% | | 11,925,561 |
| Leisure Time | 2.2% | | 2,144,508 |
| Machinery — Diversified | 0.7% | | 651,581 |
| Oil & Gas | 3.2% | | 3,228,831 |
| Pharmaceuticals | 1.5% | | 1,529,760 |
| Retail | 15.7% | | 15,646,477 |
| Semiconductors | 12.6% | | 12,546,795 |
| Software | 4.3% | | 4,281,352 |
| Telecommunications | 3.7% | | 3,716,040 |
| | 100.0% | | $99,744,490 |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | | | | |
| Argentina | $ 733,037 | $ 733,037 | $ — | $— |
| Brazil | 3,515,218 | 3,515,218 | — | — |
| China | 30,685,268 | 30,685,268 | — | — |
| Colombia | 1,068,075 | 1,068,075 | — | — |
| Hong Kong | 3,625,365 | 3,625,365 | — | — |
| India | 22,002,823 | 22,002,823 | — | — |
| Indonesia | 7,631,945 | 7,631,945 | — | — |
| Mexico | 4,535,875 | 4,535,875 | — | — |
| Singapore | 3,881,615 | 3,881,615 | — | — |
| South Africa | 1,379,154 | 1,379,154 | — | — |
| South Korea | 6,533,163 | 6,533,163 | — | — |
| Taiwan | 12,963,716 | 12,963,716 | — | — |
| Thailand | 1,189,236 | — | 1,189,236 | — |
| Total Common Stocks | $ 99,744,490 | $ 98,555,254 | $ 1,189,236 | $ — |
| Short-Term Investments | 2,618,473 | 2,618,473 | — | — |
| Total Investments | $ 102,362,963 | $ 101,173,727 | $ 1,189,236 | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Real Estate Securities Fund
| | Number of
Shares | Value† |
| COMMON STOCKS — 3.1% |
| Entertainment — 0.3% |
| Caesars Entertainment, Inc.* | 7,001 | $ 268,138 |
| Lodging — 0.8% |
| Boyd Gaming Corp. | 17,233 | 857,342 |
| Real Estate — 2.0% |
| Jones Lang LaSalle, Inc.* | 12,755 | 2,230,339 |
TOTAL COMMON STOCKS
(Cost $2,559,173) | 3,355,819 |
|
| REAL ESTATE INVESTMENT TRUSTS — 95.4% |
| Apartments — 16.6% |
| Apartment Income REIT Corp. | 62,673 | 2,607,197 |
| Camden Property Trust | 21,783 | 2,929,378 |
| Essex Property Trust, Inc. | 7,128 | 1,864,044 |
| Invitation Homes, Inc. | 160,190 | 5,699,560 |
| Mid-America Apartment Communities, Inc. | 6,521 | 1,139,023 |
| UDR, Inc. | 89,705 | 4,130,018 |
| | | 18,369,220 |
| Diversified — 30.2% |
| American Tower Corp. | 36,136 | 9,236,000 |
| Crown Castle International Corp. | 28,955 | 4,875,443 |
| Digital Realty Trust, Inc. | 38,373 | 4,981,966 |
| Duke Realty Corp. | 105,528 | 5,798,764 |
| Equinix, Inc. | 4,660 | 3,061,713 |
| SBA Communications Corp. | 14,442 | 4,622,162 |
| Weyerhaeuser Co. | 22,430 | 742,882 |
| | | 33,318,930 |
| Healthcare — 10.9% |
| Healthcare Trust of America, Inc., Class A | 45,197 | 1,261,448 |
| Healthpeak Properties, Inc. | 156,127 | 4,045,251 |
| Welltower, Inc. | 81,989 | 6,751,794 |
| | | 12,058,493 |
| Hotels & Resorts — 2.1% |
| Host Hotels & Resorts, Inc. | 144,879 | 2,271,703 |
| Industrial — 7.6% |
| Americold Realty Trust | 99,292 | 2,982,732 |
| Prologis, Inc. | 45,607 | 5,365,663 |
| | | 8,348,395 |
| Manufactured Homes — 2.8% |
| Sun Communities, Inc. | 19,284 | 3,073,098 |
| Office Property — 1.9% |
| Highwoods Properties, Inc. | 62,637 | 2,141,559 |
| Regional Malls — 4.9% |
| Simon Property Group, Inc. | 56,717 | 5,383,578 |
| Single Tenant — 6.1% |
| Realty Income Corp. | 76,407 | 5,215,542 |
| | Number of
Shares | Value† |
| |
| Single Tenant — (continued) |
| Spirit Realty Capital, Inc. | 38,771 | $ 1,464,768 |
| | | 6,680,310 |
| Storage & Warehousing — 9.4% |
| Extra Space Storage, Inc. | 12,359 | 2,102,513 |
| Public Storage | 26,572 | 8,308,267 |
| | | 10,410,780 |
| Strip Centers — 2.9% |
| Federal Realty OP LP | 7,177 | 687,126 |
| Kimco Realty Corp. | 90,869 | 1,796,480 |
| SITE Centers Corp. | 52,199 | 703,121 |
| | | 3,186,727 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $97,800,750) | | 105,242,793 |
| | | |
| SHORT-TERM INVESTMENTS — 1.9% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $2,122,512) | 2,122,512 | 2,122,512 |
TOTAL INVESTMENTS — 100.4%
(Cost $102,482,435) | | $ 110,721,124 |
| Other Assets & Liabilities — (0.4)% | (429,728) |
| TOTAL NET ASSETS — 100.0% | | $ 110,291,396 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| LP— Limited Partnership. |
| REIT— Real Estate Investment Trust. |
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Common Stocks | $ 3,355,819 | $ 3,355,819 | $— | $— |
| Real Estate Investment Trusts | 105,242,793 | 105,242,793 | — | — |
| Short-Term Investments | 2,122,512 | 2,122,512 | — | — |
| Total Investments | $ 110,721,124 | $ 110,721,124 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Aggressive Allocation Fund
| | Number of
Shares | Value† |
| AFFILIATED EQUITY FUNDS — 61.6% |
| Penn Series Flexibly Managed Fund* | 42,342 | $ 3,305,182 |
| Penn Series Index 500 Fund* | 315,899 | 10,472,043 |
| Penn Series Large Cap Growth Fund* | 18,101 | 556,247 |
| Penn Series Large Cap Value Fund* | 117,701 | 4,377,309 |
| Penn Series Large Core Value Fund* | 126,135 | 3,304,727 |
| Penn Series Large Growth Stock Fund* | 10,301 | 545,930 |
| Penn Series Mid Cap Growth Fund* | 35,661 | 1,093,023 |
| Penn Series Mid Cap Value Fund* | 44,942 | 1,091,634 |
| Penn Series Mid Core Value Fund* | 87,737 | 2,718,083 |
| Penn Series Real Estate Securities Fund* | 56,111 | 1,704,668 |
| Penn Series Small Cap Growth Fund* | 22,074 | 1,106,589 |
| Penn Series Small Cap Index Fund* | 62,163 | 1,632,392 |
| Penn Series SMID Cap Growth Fund* | 29,377 | 1,104,877 |
| Penn Series SMID Cap Value Fund* | 34,338 | 1,073,408 |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $30,007,263) | | 34,086,112 |
|
| AFFILIATED FIXED INCOME FUNDS — 7.9% |
| Penn Series High Yield Bond Fund* | 106,994 | 1,626,318 |
| Penn Series Limited Maturity Bond Fund* | 215,249 | 2,765,947 |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $4,394,233) | | 4,392,265 |
|
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 29.9% |
| Penn Series Developed International Index Fund* | 461,739 | 6,524,377 |
| Penn Series Emerging Markets Equity Fund* | 288,231 | 3,268,540 |
| Penn Series International Equity Fund* | 204,523 | 6,741,066 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $16,223,101) | | 16,533,983 |
|
| SHORT-TERM INVESTMENTS — 0.7% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $381,501) | 381,501 | 381,501 |
TOTAL INVESTMENTS — 100.1%
(Cost $51,006,098) | | $ 55,393,861 |
| Other Assets & Liabilities — (0.1)% | (62,701) |
| TOTAL NET ASSETS — 100.0% | | $ 55,331,160 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Affiliated Equity Funds | $ 34,086,112 | $ 34,086,112 | $— | $— |
| Affiliated Fixed Income Funds | 4,392,265 | 4,392,265 | — | — |
| Affiliated International Equity Funds | 16,533,983 | 16,533,983 | — | — |
| Short-Term Investments | 381,501 | 381,501 | — | — |
| Total Investments | $ 55,393,861 | $ 55,393,861 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Moderately Aggressive Allocation Fund
| | Number of
Shares | Value† |
| AFFILIATED EQUITY FUNDS — 57.7% |
| Penn Series Flexibly Managed Fund* | 151,652 | $ 11,837,959 |
| Penn Series Index 500 Fund* | 1,012,345 | 33,559,225 |
| Penn Series Large Cap Growth Fund* | 64,834 | 1,992,346 |
| Penn Series Large Cap Value Fund* | 421,551 | 15,677,503 |
| Penn Series Large Core Value Fund* | 451,767 | 11,836,291 |
| Penn Series Large Growth Stock Fund* | 36,894 | 1,955,381 |
| Penn Series Mid Cap Growth Fund* | 127,732 | 3,914,977 |
| Penn Series Mid Cap Value Fund* | 80,481 | 1,954,889 |
| Penn Series Mid Core Value Fund* | 314,230 | 9,734,856 |
| Penn Series Real Estate Securities Fund* | 200,986 | 6,105,949 |
| Penn Series Small Cap Growth Fund* | 39,533 | 1,981,794 |
| Penn Series Small Cap Index Fund* | 296,858 | 7,795,503 |
| Penn Series SMID Cap Growth Fund* | 52,612 | 1,978,731 |
| Penn Series SMID Cap Value Fund* | 122,981 | 3,844,381 |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $93,567,676) | | 114,169,785 |
|
| AFFILIATED FIXED INCOME FUNDS — 18.0% |
| Penn Series High Yield Bond Fund* | 383,207 | 5,824,750 |
| Penn Series Limited Maturity Bond Fund* | 1,541,882 | 19,813,182 |
| Penn Series Quality Bond Fund* | 653,534 | 10,038,275 |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $35,252,316) | | 35,676,207 |
|
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 23.9% |
| Penn Series Developed International Index Fund* | 1,240,295 | 17,525,375 |
| Penn Series Emerging Markets Equity Fund* | 860,262 | 9,755,365 |
| Penn Series International Equity Fund* | 610,451 | 20,120,457 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $44,198,313) | | 47,401,197 |
|
| SHORT-TERM INVESTMENTS — 0.5% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $1,010,057) | 1,010,057 | 1,010,057 |
TOTAL INVESTMENTS — 100.1%
(Cost $174,028,362) | | $ 198,257,246 |
| Other Assets & Liabilities — (0.1)% | (295,627) |
| TOTAL NET ASSETS — 100.0% | | $ 197,961,619 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Affiliated Equity Funds | $114,169,785 | $114,169,785 | $— | $— |
| Affiliated Fixed Income Funds | 35,676,207 | 35,676,207 | — | — |
| Affiliated International Equity Funds | 47,401,197 | 47,401,197 | — | — |
| Short-Term Investments | 1,010,057 | 1,010,057 | — | — |
| Total Investments | $ 198,257,246 | $ 198,257,246 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Moderate Allocation Fund
| | Number of
Shares | Value† |
| AFFILIATED EQUITY FUNDS — 44.7% |
| Penn Series Flexibly Managed Fund* | 175,293 | $ 13,683,371 |
| Penn Series Index 500 Fund* | 963,671 | 31,945,710 |
| Penn Series Large Cap Growth Fund* | 74,941 | 2,302,934 |
| Penn Series Large Cap Value Fund* | 304,549 | 11,326,194 |
| Penn Series Large Core Value Fund* | 348,135 | 9,121,124 |
| Penn Series Large Growth Stock Fund* | 42,646 | 2,260,216 |
| Penn Series Mid Cap Growth Fund* | 147,644 | 4,525,288 |
| Penn Series Mid Core Value Fund* | 363,225 | 11,252,707 |
| Penn Series Real Estate Securities Fund* | 154,877 | 4,705,166 |
| Penn Series Small Cap Index Fund* | 257,356 | 6,758,176 |
| Penn Series SMID Cap Growth Fund* | 60,814 | 2,287,221 |
| Penn Series SMID Cap Value Fund* | 71,079 | 2,221,927 |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $80,843,409) | | 102,390,034 |
|
| AFFILIATED FIXED INCOME FUNDS — 38.1% |
| Penn Series High Yield Bond Fund* | 590,577 | 8,976,773 |
| Penn Series Limited Maturity Bond Fund* | 2,673,282 | 34,351,671 |
| Penn Series Quality Bond Fund* | 2,870,459 | 44,090,247 |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $85,432,189) | | 87,418,691 |
|
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 16.9% |
| Penn Series Developed International Index Fund* | 796,476 | 11,254,208 |
| Penn Series Emerging Markets Equity Fund* | 994,361 | 11,276,057 |
| Penn Series International Equity Fund* | 493,931 | 16,279,944 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $35,776,325) | | 38,810,209 |
|
| SHORT-TERM INVESTMENTS — 0.4% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $1,012,610) | 1,012,610 | 1,012,610 |
TOTAL INVESTMENTS — 100.1%
(Cost $203,064,533) | | $ 229,631,544 |
| Other Assets & Liabilities — (0.1)% | (223,556) |
| TOTAL NET ASSETS — 100.0% | | $ 229,407,988 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Affiliated Equity Funds | $102,390,034 | $102,390,034 | $— | $— |
| Affiliated Fixed Income Funds | 87,418,691 | 87,418,691 | — | — |
| Affiliated International Equity Funds | 38,810,209 | 38,810,209 | — | — |
| Short-Term Investments | 1,012,610 | 1,012,610 | — | — |
| Total Investments | $ 229,631,544 | $ 229,631,544 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Moderately Conservative Allocation Fund
| | Number of
Shares | Value† |
| AFFILIATED EQUITY FUNDS — 32.6% |
| Penn Series Flexibly Managed Fund* | 88,384 | $ 6,899,283 |
| Penn Series Index 500 Fund* | 208,233 | 6,902,911 |
| Penn Series Large Cap Growth Fund* | 28,338 | 870,843 |
| Penn Series Large Cap Value Fund* | 115,164 | 4,282,961 |
| Penn Series Large Core Value Fund* | 131,646 | 3,449,128 |
| Penn Series Mid Core Value Fund* | 82,411 | 2,553,096 |
| Penn Series Real Estate Securities Fund* | 58,567 | 1,779,253 |
| Penn Series Small Cap Index Fund* | 32,438 | 851,820 |
| Penn Series SMID Cap Value Fund* | 26,877 | 840,165 |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $23,715,589) | | 28,429,460 |
|
| AFFILIATED FIXED INCOME FUNDS — 56.9% |
| Penn Series High Yield Bond Fund* | 279,180 | 4,243,537 |
| Penn Series Limited Maturity Bond Fund* | 1,685,012 | 21,652,409 |
| Penn Series Quality Bond Fund* | 1,542,670 | 23,695,406 |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $49,734,001) | | 49,591,352 |
|
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9% |
| Penn Series Developed International Index Fund* | 180,718 | 2,553,546 |
| Penn Series Emerging Markets Equity Fund* | 150,412 | 1,705,671 |
| Penn Series International Equity Fund* | 133,417 | 4,397,424 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $8,698,696) | | 8,656,641 |
|
| SHORT-TERM INVESTMENTS — 0.8% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $676,838) | 676,838 | 676,838 |
TOTAL INVESTMENTS — 100.2%
(Cost $82,825,124) | | $ 87,354,291 |
| Other Assets & Liabilities — (0.2)% | (175,614) |
| TOTAL NET ASSETS — 100.0% | | $ 87,178,677 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Affiliated Equity Funds | $28,429,460 | $28,429,460 | $— | $— |
| Affiliated Fixed Income Funds | 49,591,352 | 49,591,352 | — | — |
| Affiliated International Equity Funds | 8,656,641 | 8,656,641 | — | — |
| Short-Term Investments | 676,838 | 676,838 | — | — |
| Total Investments | $ 87,354,291 | $ 87,354,291 | $ — | $ — |
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.
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2022 (Unaudited)
Conservative Allocation Fund
| | Number of
Shares | Value† |
| AFFILIATED EQUITY FUNDS — 19.5% |
| Penn Series Flexibly Managed Fund* | 50,186 | $ 3,917,535 |
| Penn Series Index 500 Fund* | 59,123 | 1,959,920 |
| Penn Series Large Cap Value Fund* | 26,154 | 972,661 |
| Penn Series Large Core Value Fund* | 56,063 | 1,468,863 |
| Penn Series Mid Core Value Fund* | 31,191 | 966,297 |
| Penn Series Real Estate Securities Fund* | 16,633 | 505,298 |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $8,344,801) | | 9,790,574 |
|
| AFFILIATED FIXED INCOME FUNDS — 75.8% |
| Penn Series High Yield Bond Fund* | 158,498 | 2,409,176 |
| Penn Series Limited Maturity Bond Fund* | 1,377,631 | 17,702,562 |
| Penn Series Quality Bond Fund* | 1,167,915 | 17,939,167 |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $39,169,283) | | 38,050,905 |
|
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.9% |
| Penn Series Developed International Index Fund* | 68,402 | 966,514 |
| Penn Series International Equity Fund* | 15,154 | 499,480 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $1,471,884) | | 1,465,994 |
|
| SHORT-TERM INVESTMENTS — 1.8% |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 1.320%)
(Cost $899,751) | 899,751 | 899,751 |
TOTAL INVESTMENTS — 100.0%
(Cost $49,885,719) | | $ 50,207,224 |
| Other Assets & Liabilities — 0.0% | 23,380 |
| TOTAL NET ASSETS — 100.0% | | $ 50,230,604 |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2022 are as follows (See Security Valuation Note):
| ASSETS TABLE |
| Description | Total
Market
Value at
6/30/2022 | Level 1
Quoted
Price | Level 2
Significant
Observable
Input | Level 3
Significant
Unobservable
Input |
| Affiliated Equity Funds | $ 9,790,574 | $ 9,790,574 | $— | $— |
| Affiliated Fixed Income Funds | 38,050,905 | 38,050,905 | — | — |
| Affiliated International Equity Funds | 1,465,994 | 1,465,994 | — | — |
| Short-Term Investments | 899,751 | 899,751 | — | — |
| Total Investments | $ 50,207,224 | $ 50,207,224 | $ — | $ — |
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.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Money
Market
Fund | | Limited
Maturity Bond
Fund | | Quality
Bond
Fund | | High Yield
Bond
Fund |
| ASSETS: | | | | | | | |
Investments at value
| $ 172,352,745 | | $ 235,604,158 | | $ 390,297,802 | | $ 140,326,027 |
Cash
| — | | — | | — | | 1,029,453 |
Initial margin held by broker for open futures
| — | | 216,979 | | 786,641 | | — |
Foreign currency at value
| — | | — | | — | | 114,436 |
Interest and dividends receivable
| 189,715 | | 1,166,136 | | 2,155,519 | | 2,363,082 |
Tax reclaims receivable
| — | | — | | — | | 252 |
Receivable for investment securities sold
| — | | 5,789,236 | | 1,498,442 | | 3,892,911 |
Receivable for capital stock sold
| — | | — | | 5,640 | | — |
Futures variation margin receivable
| — | | 110,813 | | 966,516 | | — |
Other assets
| 1,178 | | 2,030 | | 3,639 | | 1,274 |
Total Assets
| 172,543,638 | | 242,889,352 | | 395,714,199 | | 147,727,435 |
| LIABILITIES: | | | | | | | |
Cash overdraft
| — | | 10,692 | | 423,517 | | — |
Payable for investment securities purchased
| — | | 5,220,447 | | 1,350,352 | | 3,853,941 |
Payable for capital stock redeemed
| — | | 2,006,414 | | 5,171,382 | | 2,093,880 |
Payable to investment adviser (See Note 3)
| 47,008 | | 90,549 | | 145,223 | | 56,154 |
Payable to the administrator (See Note 3)
| 13,184 | | 18,484 | | 30,421 | | 11,406 |
Other liabilities
| 123,359 | | 106,376 | | 169,244 | | 69,593 |
Total Liabilities
| 183,551 | | 7,452,962 | | 7,290,139 | | 6,084,974 |
NET ASSETS
| $172,360,087 | | $235,436,390 | | $388,424,060 | | $141,642,461 |
Investments at cost
| $ 172,352,745 | | $ 246,826,545 | | $ 426,755,911 | | $ 152,866,018 |
Foreign currency at cost
| $ — | | $ — | | $ — | | $ 112,601 |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $ 172,351,044 | | $ 248,885,755 | | $ 432,482,951 | | $ 153,601,719 |
Total distributable earnings (loss)
| 9,043 | | (13,449,365) | | (44,058,891) | | (11,959,258) |
NET ASSETS
| $172,360,087 | | $235,436,390 | | $388,424,060 | | $141,642,461 |
| |
Shares outstanding, $0.10 par value, 500 million shares authorized
| 172,338,524 | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized
| | | | | 25,283,875 | | 9,319,869 |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| | | 18,318,232 | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 1.00 | | $ 12.85 | | $ 15.36 | | $ 15.20 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Flexibly
Managed
Fund | | Balanced
Fund | | Large
Growth Stock
Fund | | Large Cap
Growth
Fund |
| ASSETS: | | | | | | | |
Investments of affiliated issuers at value
| $ — | | $ 72,398,639 | | $ — | | $ — |
Investments of unaffiliated issuers at value
| 4,576,269,984 | | 335,430 | | 256,031,931 | | 61,283,319 |
Cash
| 1,815,333 | | — | | — | | 500 |
Foreign currency at value
| 66,289 | | — | | 210 | | 26 |
Interest and dividends receivable
| 10,989,491 | | 12 | | 31,285 | | 25,700 |
Tax reclaims receivable
| 155,878 | | — | | 6,093 | | 32,917 |
Receivable for investment securities sold
| 37,615,691 | | — | | 7,367 | | — |
Receivable for capital stock sold
| — | | — | | 5,543,218 | | 96,551 |
Other assets
| 39,131 | | 660 | | 3,397 | | 565 |
Total Assets
| 4,626,951,797 | | 72,734,741 | | 261,623,501 | | 61,439,578 |
| LIABILITIES: | | | | | | | |
Written options at value
| 4,332,683 | | — | | — | | — |
Payable for investment securities purchased
| 39,369,500 | | 14,100 | | 164,700 | | — |
Payable for capital stock redeemed
| 5,529,507 | | 228,135 | | 1,038 | | 1,667 |
Payable to investment adviser (See Note 3)
| 2,651,866 | | — | | 158,482 | | 29,605 |
Payable to the administrator (See Note 3)
| 364,326 | | 5,838 | | 22,224 | | 5,095 |
Other liabilities
| 1,746,022 | | 30,875 | | 150,376 | | 40,362 |
Total Liabilities
| 53,993,904 | | 278,948 | | 496,820 | | 76,729 |
NET ASSETS
| $4,572,957,893 | | $72,455,793 | | $261,126,681 | | $61,362,849 |
Investments of affiliated issuers at cost
| $ — | | $ 54,043,860 | | $ — | | $ — |
Investments of unaffiliated issuers at cost
| $ 4,773,222,805 | | $ 335,430 | | $ 218,622,324 | | $ 49,250,918 |
Written options, premiums received
| $ (19,744,940) | | $ — | | $ — | | $ — |
Foreign currency at cost
| $ 66,253 | | $ — | | $ 210 | | $ 26 |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $ 4,323,122,710 | | $ 50,437,426 | | $ 219,907,660 | | $ 43,270,889 |
Total distributable earnings (loss)
| 249,835,183 | | 22,018,367 | | 41,219,021 | | 18,091,960 |
NET ASSETS
| $4,572,957,893 | | $72,455,793 | | $261,126,681 | | $61,362,849 |
| |
Shares outstanding, $0.10 par value, 250 million shares authorized
| 58,585,575 | | | | 4,926,973 | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| | | 2,748,564 | | | | 1,996,697 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 78.06 | | $ 26.36 | | $ 53.00 | | $ 30.73 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Large Core
Growth
Fund | | Large Cap
Value
Fund | | Large Core
Value
Fund | | Index 500
Fund |
| ASSETS: | | | | | | | |
Investments at value
| $ 96,234,964 | | $ 172,049,014 | | $ 155,824,729 | | $ 578,790,257 |
Cash
| — | | 39,396 | | 5,113 | | — |
Initial margin held by broker for open futures
| — | | — | | — | | 367,497 |
Foreign currency at value
| 3,074 | | — | | — | | — |
Interest and dividends receivable
| 4,352 | | 146,977 | | 180,204 | | 450,860 |
Tax reclaims receivable
| 12,520 | | 29,542 | | 31,510 | | — |
Receivable for investment securities sold
| — | | 1,183,758 | | — | | — |
Receivable for capital stock sold
| 4,410,006 | | — | | — | | 1,758,708 |
Other assets
| 1,928 | | 1,417 | | 1,310 | | 4,732 |
Total Assets
| 100,666,844 | | 173,450,104 | | 156,042,866 | | 581,372,054 |
| LIABILITIES: | | | | | | | |
Cash overdraft
| — | | — | | — | | 35,194 |
Payable for investment securities purchased
| — | | 3,288,257 | | — | | — |
Payable for capital stock redeemed
| 35 | | 1,075,985 | | 1,092,157 | | 19,818 |
Futures variation margin payable
| — | | — | | — | | 55,563 |
Payable to investment adviser (See Note 3)
| 49,842 | | 96,316 | | 90,600 | | 61,195 |
Payable to the administrator (See Note 3)
| 8,800 | | 13,720 | | 13,019 | | 45,146 |
Other liabilities
| 67,131 | | 75,764 | | 71,064 | | 242,989 |
Total Liabilities
| 125,808 | | 4,550,042 | | 1,266,840 | | 459,905 |
NET ASSETS
| $100,541,036 | | $168,900,062 | | $154,776,026 | | $580,912,149 |
Investments at cost
| $ 168,675,203 | | $ 164,062,875 | | $ 150,656,618 | | $ 326,642,649 |
Foreign currency at cost
| $ 3,201 | | $ — | | $ — | | $ — |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $ 180,740,924 | | $ 150,439,635 | | $ 138,746,740 | | $ 318,423,857 |
Total distributable earnings (loss)
| (80,199,888) | | 18,460,427 | | 16,029,286 | | 262,488,292 |
NET ASSETS
| $100,541,036 | | $168,900,062 | | $154,776,026 | | $580,912,149 |
| |
Shares outstanding, $0.10 par value, 250 million shares authorized
| | | 4,541,373 | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| 4,376,944 | | | | 5,908,409 | | 17,522,375 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 22.97 | | $ 37.19 | | $ 26.20 | | $ 33.15 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Mid Cap
Growth
Fund | | Mid Cap
Value
Fund | | Mid Core
Value
Fund | | SMID Cap
Growth
Fund |
| ASSETS: | | | | | | | |
Investments at value
| $ 135,236,601 | | $ 86,234,271 | | $ 83,503,950 | | $ 68,600,022 |
Cash
| — | | — | | 500 | | — |
Foreign currency at value
| — | | — | | 79 | | — |
Interest and dividends receivable
| 33,442 | | 111,168 | | 142,796 | | 18,671 |
Tax reclaims receivable
| — | | — | | 27,225 | | — |
Receivable for investment securities sold
| 40,640 | | 1,047,610 | | 105,359 | | 385,471 |
Receivable for capital stock sold
| 1,770,719 | | — | | 114,015 | | 649,242 |
Unrealized appreciation of forward foreign currency contracts
| — | | — | | 18,042 | | — |
Other assets
| 1,618 | | 711 | | 747 | | 827 |
Total Assets
| 137,083,020 | | 87,393,760 | | 83,912,713 | | 69,654,233 |
| LIABILITIES: | | | | | | | |
Written options at value
| 232,300 | | — | | — | | — |
Payable for investment securities purchased
| 154,357 | | 699,305 | | 411,392 | | 671,952 |
Payable for capital stock redeemed
| 1,845 | | 761,082 | | 109,603 | | 20,463 |
Payable to investment adviser (See Note 3)
| 81,330 | | 40,763 | | 49,033 | | 43,026 |
Payable to the administrator (See Note 3)
| 11,360 | | 7,040 | | 6,693 | | 5,575 |
Unrealized depreciation of forward foreign currency contracts
| — | | — | | 5,597 | | — |
Other liabilities
| 70,739 | | 46,930 | | 63,069 | | 43,494 |
Total Liabilities
| 551,931 | | 1,555,120 | | 645,387 | | 784,510 |
NET ASSETS
| $136,531,089 | | $85,838,640 | | $83,267,326 | | $68,869,723 |
Investments at cost
| $ 120,311,981 | | $ 79,976,979 | | $ 86,870,462 | | $ 83,059,675 |
Written options, premiums received
| $ (189,288) | | $ — | | $ — | | $ — |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $ 111,937,451 | | $ 82,049,890 | | $ 77,688,649 | | $ 84,655,742 |
Total distributable earnings (loss)
| 24,593,638 | | 3,788,750 | | 5,578,677 | | (15,786,019) |
NET ASSETS
| $136,531,089 | | $85,838,640 | | $83,267,326 | | $68,869,723 |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| 4,454,685 | | 3,533,541 | | 2,688,082 | | 1,831,261 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 30.65 | | $ 24.29 | | $ 30.98 | | $ 37.61 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | SMID Cap
Value
Fund | | Small Cap
Growth
Fund | | Small Cap
Value
Fund | | Small Cap
Index
Fund |
| ASSETS: | | | | | | | |
Investments at value
| $ 54,871,473 | | $ 98,838,886 | | $ 154,366,742 | | $ 75,019,434 |
Cash
| — | | — | | 59,420 | | 10,296 |
Initial margin held by broker for open futures
| — | | — | | — | | 49,499 |
Foreign currency at value
| — | | 29,374 | | — | | — |
Interest and dividends receivable
| 57,108 | | 19,215 | | 198,849 | | 77,989 |
Tax reclaims receivable
| — | | 7,427 | | 1,332 | | 129 |
Receivable for investment securities sold
| 79,020 | | 94,173 | | 1,063,774 | | 395,222 |
Receivable for capital stock sold
| 184,657 | | 297,290 | | 378,687 | | 724,071 |
Other assets
| 469 | | 1,067 | | 1,306 | | 684 |
Total Assets
| 55,192,727 | | 99,287,432 | | 156,070,110 | | 76,277,324 |
| LIABILITIES: | | | | | | | |
Payable for investment securities purchased
| 623,051 | | 102,474 | | 898,919 | | 10,296 |
Payable for capital stock redeemed
| 1,863 | | 253 | | 146,227 | | 3,652 |
Futures variation margin payable
| — | | — | | — | | 6,030 |
Payable to investment adviser (See Note 3)
| 39,401 | | 61,954 | | 97,631 | | 19,293 |
Payable to the administrator (See Note 3)
| 4,471 | | 8,167 | | 12,866 | | 6,143 |
Other liabilities
| 40,581 | | 59,660 | | 95,533 | | 88,036 |
Total Liabilities
| 709,367 | | 232,508 | | 1,251,176 | | 133,450 |
NET ASSETS
| $54,483,360 | | $99,054,924 | | $154,818,934 | | $76,143,874 |
Investments at cost
| $ 57,448,173 | | $ 79,368,446 | | $ 162,775,831 | | $ 81,398,445 |
Foreign currency at cost
| $ — | | $ 29,547 | | $ — | | $ — |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $ 53,083,149 | | $ 78,405,564 | | $ 158,619,174 | | $ 82,355,278 |
Total distributable earnings (loss)
| 1,400,211 | | 20,649,360 | | (3,800,240) | | (6,211,404) |
NET ASSETS
| $54,483,360 | | $99,054,924 | | $154,818,934 | | $76,143,874 |
| |
Shares outstanding, $0.10 par value, 500 million shares authorized
| 1,743,183 | | | | 3,702,195 | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| | | 1,976,022 | | | | 2,900,097 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 31.26 | | $ 50.13 | | $ 41.82 | | $ 26.26 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Developed
International
Index Fund | | International
Equity Fund | | Emerging
Markets
Equity Fund | | Real Estate
Securities
Fund |
| ASSETS: | | | | | | | |
Investments at value
| $ 88,873,903 | | $ 261,657,734 | | $ 102,362,963 | | $ 110,721,124 |
Cash
| 8,342 | | — | | — | | — |
Initial margin held by broker for open futures
| 152,579 | | — | | — | | — |
Foreign currency at value
| 432,603 | | 1,256,117 | | — | | — |
Interest and dividends receivable
| 182,093 | | 109,193 | | 251,836 | | 197,828 |
Tax reclaims receivable
| 655,836 | | 1,278,216 | | 60,833 | | — |
Receivable for investment securities sold
| 9,950 | | 4,812,237 | | — | | 91,877 |
Receivable for capital stock sold
| — | | 932,029 | | — | | 63,723 |
Other assets
| 862 | | 2,939 | | 958 | | 1,000 |
Total Assets
| 90,316,168 | | 270,048,465 | | 102,676,590 | | 111,075,552 |
| LIABILITIES: | | | | | | | |
Cash overdraft
| — | | 8,907 | | 3,954 | | — |
Foreign currency overdraft
| — | | — | | 12,042 | | — |
Payable for investment securities purchased
| 6,587 | | 7,944,102 | | 49,480 | | 576,175 |
Payable for capital stock redeemed
| 56,374 | | 135,762 | | 1,049,364 | | 77,353 |
Futures variation margin payable
| 22,680 | | — | | — | | — |
Payable to investment adviser (See Note 3)
| 23,133 | | 174,639 | | 74,927 | | 64,044 |
Payable to the administrator (See Note 3)
| 7,338 | | 21,177 | | 8,130 | | 9,006 |
Deferred Indian capital gains tax
| — | | 104,886 | | — | | — |
Other liabilities
| 125,668 | | 185,040 | | 146,637 | | 57,578 |
Total Liabilities
| 241,780 | | 8,574,513 | | 1,344,534 | | 784,156 |
NET ASSETS
| $90,074,388 | | $261,473,952 | | $101,332,056 | | $110,291,396 |
Investments at cost
| $ 74,678,838 | | $ 287,328,887 | | $ 116,008,836 | | $ 102,482,435 |
Foreign currency at cost
| $ 437,283 | | $ 1,278,901 | | $ — | | $ — |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $ 77,164,056 | | $ 293,310,670 | | $ 114,698,395 | | $ 95,403,465 |
Total distributable earnings (loss)
| 12,910,332 | | (31,836,718) | | (13,366,339) | | 14,887,931 |
NET ASSETS
| $90,074,388 | | $261,473,952 | | $101,332,056 | | $110,291,396 |
| |
Shares outstanding, $0.10 par value, 250 million shares authorized
| | | 7,933,008 | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| 6,372,493 | | | | 8,858,647 | | 3,629,994 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 14.13 | | $ 32.96 | | $ 11.44 | | $ 30.38 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Aggressive
Allocation
Fund | | Moderately
Aggressive
Allocation
Fund | | Moderate
Allocation
Fund | | Moderately
Conservative
Allocation
Fund |
| ASSETS: | | | | | | | |
Investments of affiliated issuers at value
| $ 55,012,360 | | $ 197,247,189 | | $ 228,618,934 | | $ 86,677,453 |
Investments of unaffiliated issuers at value
| 381,501 | | 1,010,057 | | 1,012,610 | | 676,838 |
Interest and dividends receivable
| 14 | | 37 | | 37 | | 26 |
Receivable for investment securities sold
| 5,542 | | 14,045 | | 72,606 | | 74,503 |
Other assets
| 518 | | 1,826 | | 2,190 | | 697 |
Total Assets
| 55,399,935 | | 198,273,154 | | 229,706,377 | | 87,429,517 |
| LIABILITIES: | | | | | | | |
Payable for capital stock redeemed
| 33,105 | | 197,777 | | 167,219 | | 200,867 |
Payable to investment adviser (See Note 3)
| 5,641 | | 20,078 | | 22,862 | | 8,761 |
Payable to the administrator (See Note 3)
| 4,514 | | 15,950 | | 18,414 | | 6,830 |
Other liabilities
| 25,515 | | 77,730 | | 89,894 | | 34,382 |
Total Liabilities
| 68,775 | | 311,535 | | 298,389 | | 250,840 |
NET ASSETS
| $ 55,331,160 | | $197,961,619 | | $229,407,988 | | $87,178,677 |
Investments of affiliated issuers at cost
| $ 50,624,597 | | $ 173,018,305 | | $ 202,051,923 | | $ 82,148,286 |
Investments of unaffiliated issuers at cost
| $ 381,501 | | $ 1,010,057 | | $ 1,012,610 | | $ 676,838 |
| COMPONENTS OF NET ASSETS: | | | | | | | |
Paid-in capital
| $48,449,494 | | $ 164,803,874 | | $ 193,940,783 | | $ 80,331,731 |
Total distributable earnings (loss)
| 6,881,666 | | 33,157,745 | | 35,467,205 | | 6,846,946 |
NET ASSETS
| $ 55,331,160 | | $197,961,619 | | $229,407,988 | | $87,178,677 |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| 2,474,252 | | 8,515,481 | | 11,271,917 | | 4,790,955 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 22.36 | | $ 23.25 | | $ 20.35 | | $ 18.20 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2022
| | Conservative
Allocation
Fund |
| ASSETS: | |
Investments of affiliated issuers at value
| $ 49,307,473 |
Investments of unaffiliated issuers at value
| 899,751 |
Interest and dividends receivable
| 38 |
Receivable for investment securities sold
| 3,164 |
Receivable for capital stock sold
| 58,055 |
Other assets
| 461 |
Total Assets
| 50,268,942 |
| LIABILITIES: | |
Payable for capital stock redeemed
| 7,225 |
Payable to investment adviser (See Note 3)
| 5,062 |
Payable to the administrator (See Note 3)
| 3,950 |
Other liabilities
| 22,101 |
Total Liabilities
| 38,338 |
NET ASSETS
| $50,230,604 |
Investments of affiliated issuers at cost
| $ 48,985,968 |
Investments of unaffiliated issuers at cost
| $ 899,751 |
| COMPONENTS OF NET ASSETS: | |
Paid-in capital
| $ 49,027,644 |
Total distributable earnings (loss)
| 1,202,960 |
NET ASSETS
| $50,230,604 |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized
| 3,198,125 |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
| $ 15.71 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | Money
Market
Fund | | Limited
Maturity Bond
Fund | | Quality
Bond
Fund | | High Yield
Bond
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 40,379 | | $ 3,513 | | $ 130,320 | | $ 70,855 |
Interest
| 277,286 | | 292,990 | | 6,300,563 | | 3,917,060 |
Total Investment Income
| 317,665 | | 296,503 | | 6,430,883 | | 3,987,915 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 272,386 | | 571,187 | | 949,294 | | 360,916 |
Shareholder servicing fees (See Note 3)
| 74,287 | | 112,776 | | 191,731 | | 70,614 |
Administration fees (See Note 3)
| 24,762 | | 37,592 | | 63,910 | | 23,538 |
Accounting fees (See Note 3)
| 51,189 | | 72,571 | | 103,582 | | 49,148 |
Directors’ fees and expenses
| 4,504 | | 7,251 | | 12,892 | | 4,627 |
Custodian fees and expenses
| 5,827 | | 9,299 | | 16,752 | | 5,995 |
Pricing fees
| 4,577 | | 11,533 | | 13,241 | | 11,155 |
Professional fees
| 6,965 | | 11,724 | | 20,798 | | 7,444 |
Printing fees
| 4,744 | | 7,283 | | 12,399 | | 4,856 |
Recaptured advisory fee (See Note 3)
| 60,644 | | — | | — | | — |
Other expenses
| 18,578 | | 28,517 | | 39,820 | | 24,245 |
Total Expenses
| 528,463 | | 869,733 | | 1,424,419 | | 562,538 |
Less: Waivers and reimbursement from administrator (See Note 3)
| (170,455) | | — | | — | | — |
Less: Waivers and reimbursement from advisor (See Note 3)
| (48,597) | | — | | — | | — |
Net Expenses
| 309,411 | | 869,733 | | 1,424,419 | | 562,538 |
Net Investment Income (Loss)
| 8,254 | | (573,230) | | 5,006,464 | | 3,425,377 |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments
| — | | (58,985) | | (3,090,444) | | (2,799,940) |
Futures contracts
| — | | (1,194,331) | | (8,237,279) | | — |
Net realized gain (loss)
| — | | (1,253,316) | | (11,327,723) | | (2,799,940) |
| Net change in unrealized appreciation (depreciation) of: | | | | | | | |
Investments
| — | | (8,198,031) | | (42,970,614) | | (16,616,735) |
Futures contracts
| — | | (255,660) | | (1,279,525) | | — |
Foreign currencies
| — | | — | | — | | (1,769) |
Net change in unrealized appreciation (depreciation)
| — | | (8,453,691) | | (44,250,139) | | (16,618,504) |
Net Realized and Unrealized Gain (Loss)
| — | | (9,707,007) | | (55,577,862) | | (19,418,444) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $ 8,254 | | $(10,280,237) | | $ (50,571,398) | | $ (15,993,067) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | Flexibly
Managed
Fund | | Balanced
Fund | | Large
Growth Stock
Fund | | Large Cap
Growth
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 17,325,919 | | $ 148 | | $ 637,750 | | $ 372,617 |
Interest
| 27,201,810 | | — | | — | | — |
Foreign taxes withheld
| (105,126) | | — | | (16,762) | | (5,691) |
Total Investment Income
| 44,422,603 | | 148 | | 620,988 | | 366,926 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 17,163,917 | | — | | 1,165,074 | | 191,241 |
Shareholder servicing fees (See Note 3)
| 2,255,882 | | 36,806 | | 147,638 | | 31,294 |
Administration fees (See Note 3)
| 751,961 | | 12,269 | | 49,213 | | 10,431 |
Accounting fees (See Note 3)
| 570,732 | | 5,951 | | 88,088 | | 24,340 |
Directors’ fees and expenses
| 148,828 | | 2,487 | | 11,015 | | 2,076 |
Custodian fees and expenses
| 190,982 | | 3,200 | | 16,105 | | 3,140 |
Pricing fees
| 10,063 | | 1,756 | | 4,583 | | 2,992 |
Professional fees
| 236,603 | | 3,727 | | 27,689 | | 3,655 |
Printing fees
| 136,326 | | 2,901 | | 10,562 | | 2,528 |
Other expenses
| 352,599 | | 12,070 | | 58,374 | | 27,599 |
Total Expenses
| 21,817,893 | | 81,167 | | 1,578,341 | | 299,296 |
Net Investment Income (Loss)
| 22,604,710 | | (81,019) | | (957,353) | | 67,630 |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Affiliated Investments
| — | | 3,875,656 | | — | | — |
Unaffiliated investments
| 405,150,343 | | — | | 5,733,864 | | 6,024,985 |
Written options
| 11,666,455 | | — | | — | | — |
Foreign currencies
| (30,514) | | — | | 677 | | (447) |
Forward foreign currency contracts
| — | | — | | — | | (41) |
Net realized gain (loss)
| 416,786,284 | | 3,875,656 | | 5,734,541 | | 6,024,497 |
| Net change in unrealized appreciation (depreciation) of: | | | | | | | |
Affiliated Investments
| — | | (18,651,395) | | — | | — |
Unaffiliated Investments
| (1,288,375,744) | | — | | (157,014,716) | | (22,237,364) |
Written options
| 67,163,500 | | — | | — | | — |
Foreign currencies
| (6,076) | | — | | (290) | | (1,766) |
Net change in unrealized appreciation (depreciation)
| (1,221,218,320) | | (18,651,395) | | (157,015,006) | | (22,239,130) |
Net Realized and Unrealized Gain (Loss)
| (804,432,036) | | (14,775,739) | | (151,280,465) | | (16,214,633) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $ (781,827,326) | | $(14,856,758) | | $ (152,237,818) | | $(16,147,003) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | Large Core
Growth
Fund | | Large Cap
Value
Fund | | Large Core
Value
Fund | | Index 500
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 120,414 | | $ 2,163,551 | | $ 1,666,930 | | $ 4,709,082 |
Interest
| — | | 12,230 | | — | | — |
Foreign taxes withheld
| (6,943) | | (49,308) | | (34,077) | | (1,426) |
Total Investment Income
| 113,471 | | 2,126,473 | | 1,632,853 | | 4,707,656 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 413,043 | | 630,063 | | 599,310 | | 395,529 |
Shareholder servicing fees (See Note 3)
| 61,956 | | 85,180 | | 80,922 | | 279,910 |
Administration fees (See Note 3)
| 20,652 | | 28,393 | | 26,974 | | 93,303 |
Accounting fees (See Note 3)
| 44,296 | | 57,240 | | 54,874 | | 131,369 |
Directors’ fees and expenses
| 5,221 | | 5,590 | | 5,290 | | 18,530 |
Custodian fees and expenses
| 8,190 | | 7,026 | | 6,560 | | 23,536 |
Pricing fees
| 2,187 | | 3,895 | | 2,357 | | 6,149 |
Professional fees
| 8,404 | | 9,073 | | 8,692 | | 30,446 |
Printing fees
| 5,316 | | 5,744 | | 5,482 | | 17,469 |
Other expenses
| 35,159 | | 32,248 | | 30,047 | | 82,257 |
Total Expenses
| 604,424 | | 864,452 | | 820,508 | | 1,078,498 |
Net Investment Income (Loss)
| (490,953) | | 1,262,021 | | 812,345 | | 3,629,158 |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments
| (5,719,957) | | 9,916,783 | | 12,201,160 | | 15,541,815 |
Futures contracts
| — | | — | | — | | (1,428,589) |
Foreign currencies
| (166) | | — | | — | | — |
Net realized gain (loss)
| (5,720,123) | | 9,916,783 | | 12,201,160 | | 14,113,226 |
| Net change in unrealized appreciation (depreciation) of: | | | | | | | |
Investments
| (100,270,821) | | (35,100,404) | | (29,625,086) | | (156,718,663) |
Futures contracts
| — | | — | | — | | (76,101) |
Foreign currencies
| (395) | | — | | — | | — |
Net change in unrealized appreciation (depreciation)
| (100,271,216) | | (35,100,404) | | (29,625,086) | | (156,794,764) |
Net Realized and Unrealized Gain (Loss)
| (105,991,339) | | (25,183,621) | | (17,423,926) | | (142,681,538) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $(106,482,292) | | $(23,921,600) | | $ (16,611,581) | | $(139,052,380) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | Mid Cap
Growth
Fund | | Mid Cap
Value
Fund | | Mid Core
Value
Fund | | SMID Cap
Growth
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 355,062 | | $ 829,307 | | $ 1,195,357 | | $ 163,661 |
Foreign taxes withheld
| 43 | | (1,373) | | (20,386) | | (296) |
Total Investment Income
| 355,105 | | 827,934 | | 1,174,971 | | 163,365 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 570,761 | | 266,907 | | 314,146 | | 298,323 |
Shareholder servicing fees (See Note 3)
| 73,384 | | 43,676 | | 40,975 | | 35,799 |
Administration fees (See Note 3)
| 24,461 | | 14,559 | | 13,659 | | 11,933 |
Accounting fees (See Note 3)
| 50,686 | | 33,873 | | 31,870 | | 27,835 |
Directors’ fees and expenses
| 5,308 | | 2,855 | | 2,723 | | 2,615 |
Custodian fees and expenses
| 7,356 | | 3,576 | | 4,623 | | 3,701 |
Pricing fees
| 2,941 | | 2,980 | | 3,567 | | 2,704 |
Professional fees
| 8,663 | | 4,755 | | 4,811 | | 4,397 |
Printing fees
| 5,419 | | 3,246 | | 3,126 | | 2,995 |
Other expenses
| 35,656 | | 25,607 | | 43,128 | | 25,937 |
Total Expenses
| 784,635 | | 402,034 | | 462,628 | | 416,239 |
Net Investment Income (Loss)
| (429,530) | | 425,900 | | 712,343 | | (252,874) |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments
| 11,328,106 | | 3,563,788 | | 9,020,066 | | (995,026) |
Written options
| (599,147) | | — | | — | | — |
Purchased options
| (50,747) | | — | | — | | — |
Foreign currencies
| — | | (17) | | (4,913) | | — |
Forward foreign currency contracts
| — | | — | | 461,540 | | — |
Net realized gain (loss)
| 10,678,212 | | 3,563,771 | | 9,476,693 | | (995,026) |
| Net change in unrealized appreciation (depreciation) of: | | | | | | | |
Investments
| (78,372,482) | | (16,196,577) | | (17,557,437) | | (32,955,753) |
Written options
| 86,828 | | — | | — | | — |
Purchased options
| 18,377 | | — | | — | | — |
Foreign currencies
| — | | (7) | | (2,086) | | (8) |
Forward foreign currency contracts
| — | | — | | 81,119 | | — |
Net change in unrealized appreciation (depreciation)
| (78,267,277) | | (16,196,584) | | (17,478,404) | | (32,955,761) |
Net Realized and Unrealized Gain (Loss)
| (67,589,065) | | (12,632,813) | | (8,001,711) | | (33,950,787) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $ (68,018,595) | | $(12,206,913) | | $ (7,289,368) | | $ (34,203,661) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | SMID Cap
Value
Fund | | Small Cap
Growth
Fund | | Small Cap
Value
Fund | | Small Cap
Index
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 509,398 | | $ 253,167 | | $ 1,346,038 | | $ 530,552 |
Foreign taxes withheld
| (723) | | (1,529) | | (3,372) | | (785) |
Total Investment Income
| 508,675 | | 251,638 | | 1,342,666 | | 529,767 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 267,115 | | 421,615 | | 647,775 | | 127,945 |
Shareholder servicing fees (See Note 3)
| 28,619 | | 51,817 | | 80,894 | | 38,383 |
Administration fees (See Note 3)
| 9,540 | | 17,272 | | 26,965 | | 12,794 |
Accounting fees (See Note 3)
| 22,260 | | 38,689 | | 54,859 | | 29,854 |
Directors’ fees and expenses
| 1,965 | | 3,644 | | 5,443 | | 2,617 |
Custodian fees and expenses
| 2,467 | | 5,272 | | 6,900 | | 3,452 |
Pricing fees
| 2,598 | | 3,783 | | 4,315 | | 17,054 |
Professional fees
| 3,411 | | 6,374 | | 9,045 | | 6,736 |
Printing fees
| 2,432 | | 3,938 | | 5,586 | | 3,013 |
Other expenses
| 29,787 | | 32,243 | | 56,036 | | 60,837 |
Total Expenses
| 370,194 | | 584,647 | | 897,818 | | 302,685 |
Net Investment Income (Loss)
| 138,481 | | (333,009) | | 444,848 | | 227,082 |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments
| 4,794,221 | | 1,677,203 | | 5,952,476 | | 601,316 |
Futures contracts
| — | | — | | — | | (216,704) |
Foreign currencies
| — | | (1,659) | | — | | — |
Net realized gain (loss)
| 4,794,221 | | 1,675,544 | | 5,952,476 | | 384,612 |
| Net change in unrealized appreciation (depreciation) of: | | | | | | | |
Investments
| (18,738,071) | | (37,852,590) | | (40,934,412) | | (23,968,313) |
Futures contracts
| — | | — | | — | | (72,666) |
Foreign currencies
| — | | (833) | | — | | — |
Net change in unrealized appreciation (depreciation)
| (18,738,071) | | (37,853,423) | | (40,934,412) | | (24,040,979) |
Net Realized and Unrealized Gain (Loss)
| (13,943,850) | | (36,177,879) | | (34,981,936) | | (23,656,367) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $ (13,805,369) | | $(36,510,888) | | $(34,537,088) | | $(23,429,285) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | Developed
International
Index Fund | | International
Equity Fund | | Emerging
Markets
Equity Fund | | Real Estate
Securities
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 2,427,341 | | $ 2,179,216 | | $ 1,330,478 | | $ 1,832,366 |
Foreign taxes withheld
| (259,170) | | (276,957) | | (163,031) | | — |
Total Investment Income
| 2,168,171 | | 1,902,259 | | 1,167,447 | | 1,832,366 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 152,843 | | 1,157,822 | | 499,778 | | 432,397 |
Shareholder servicing fees (See Note 3)
| 45,853 | | 133,241 | | 51,701 | | 55,594 |
Administration fees (See Note 3)
| 15,284 | | 44,414 | | 17,234 | | 18,531 |
Accounting fees (See Note 3)
| 40,316 | | 98,745 | | 44,385 | | 40,803 |
Directors’ fees and expenses
| 3,080 | | 9,119 | | 3,563 | | 3,651 |
Custodian fees and expenses
| 13,618 | | 48,110 | | 39,426 | | 4,746 |
Pricing fees
| 46,976 | | 5,560 | | 6,827 | | 2,513 |
Professional fees
| 27,919 | | 20,015 | | 21,260 | | 5,868 |
Printing fees
| 3,445 | | 8,901 | | 3,890 | | 3,952 |
Other expenses
| 102,783 | | 49,410 | | 63,389 | | 23,666 |
Total Expenses
| 452,117 | | 1,575,337 | | 751,453 | | 591,721 |
Net Investment Income (Loss)
| 1,716,054 | | 326,922 | | 415,994 | | 1,240,645 |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments
| (197,177) | | (5,692,575) | | 220,876 | | 5,981,516 |
Futures contracts
| (556,514) | | — | | — | | — |
Foreign currencies
| (40,899) | | (316,438) | | (91,396) | | — |
Forward foreign currency contracts
| 1,536 | | — | | — | | — |
Net realized gain (loss)
| (793,054) | | (6,009,013) | | 129,480 | | 5,981,516 |
| Net change in unrealized appreciation (depreciation) of: | | | | | | | |
Investments
| (23,155,237) | | (80,849,342) | | (24,703,882) | | (33,801,321) |
Futures contracts
| (87,434) | | — | | — | | — |
Foreign currencies
| (47,448) | | (84,953) | | (9,023) | | — |
Net change in unrealized appreciation (depreciation)
| (23,290,119) | | (80,934,295) | | (24,712,905) | | (33,801,321) |
Net Realized and Unrealized Gain (Loss)
| (24,083,173) | | (86,943,308) | | (24,583,425) | | (27,819,805) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $ (22,367,119) | | $ (86,616,386) | | $ (24,167,431) | | $(26,579,160) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2022
| | Aggressive
Allocation
Fund | | Moderately
Aggressive
Allocation
Fund | | Moderate
Allocation
Fund | | Moderately
Conservative
Allocation
Fund |
| INVESTMENT INCOME: | | | | | | | |
Dividends
| $ 375 | | $ 1,136 | | $ 914 | | $ 558 |
Total Investment Income
| 375 | | 1,136 | | 914 | | 558 |
| EXPENSES: | | | | | | | |
Investment advisory fees (See Note 3)
| 37,586 | | 131,519 | | 151,370 | | 55,675 |
Shareholder servicing fees (See Note 3)
| 28,189 | | 99,501 | | 115,734 | | 41,756 |
Administration fees (See Note 3)
| 9,396 | | 33,167 | | 38,578 | | 13,919 |
Accounting fees (See Note 3)
| 5,951 | | 11,056 | | 12,859 | | 5,951 |
Directors’ fees and expenses
| 1,894 | | 6,650 | | 7,797 | | 2,696 |
Custodian fees and expenses
| 2,451 | | 8,554 | | 10,099 | | 3,413 |
Pricing fees
| 1,756 | | 1,756 | | 1,756 | | 1,756 |
Professional fees
| 2,832 | | 9,959 | | 11,687 | | 4,061 |
Printing fees
| 2,364 | | 6,694 | | 7,736 | | 3,100 |
Other expenses
| 12,572 | | 20,552 | | 22,905 | | 12,541 |
Total Expenses
| 104,991 | | 329,408 | | 380,521 | | 144,868 |
Net Investment Income (Loss)
| (104,616) | | (328,272) | | (379,607) | | (144,310) |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
Net realized gain (loss) on affiliated investments
| 2,631,227 | | 9,377,993 | | 9,368,656 | | 2,504,126 |
Net change in unrealized appreciation (depreciation) of affiliated investments
| (14,881,753) | | (49,021,457) | | (50,369,766) | | (14,068,486) |
Net Realized and Unrealized Gain (Loss)
| (12,250,526) | | (39,643,464) | | (41,001,110) | | (11,564,360) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $ (12,355,142) | | $ (39,971,736) | | $ (41,380,717) | | $ (11,708,670) |
| | Conservative
Allocation
Fund |
| INVESTMENT INCOME: | |
Dividends
| $ 469 |
Total Investment Income
| 469 |
| EXPENSES: | |
Investment advisory fees (See Note 3)
| 32,551 |
Shareholder servicing fees (See Note 3)
| 24,413 |
Administration fees (See Note 3)
| 8,138 |
Accounting fees (See Note 3)
| 5,951 |
Directors’ fees and expenses
| 1,623 |
Custodian fees and expenses
| 2,129 |
Pricing fees
| 1,756 |
Professional fees
| 2,435 |
Printing fees
| 2,120 |
Other expenses
| 10,419 |
Total Expenses
| 91,535 |
Net Investment Income (Loss)
| (91,066) |
| NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on affiliated investments
| 992,034 |
Net change in unrealized appreciation (depreciation) of affiliated investments
| (6,371,515) |
Net Realized and Unrealized Gain (Loss)
| (5,379,481) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
| $(5,470,547) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Money Market Fund | | Limited Maturity Bond Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 8,254 | | $ 16,716 | | $ (573,230) | | $ 3,792,737 |
Net realized gain (loss)
| — | | 2,714 | | (1,253,316) | | (227,082) |
Net change in unrealized appreciation (depreciation)
| — | | — | | (8,453,691) | | (2,512,682) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| 8,254 | | 19,430 | | (10,280,237) | | 1,052,973 |
| Distributions from: | | | | | | | |
Distributable earnings
| (5,049) | | (16,716) | | — | | — |
Total Distributions
| (5,049) | | (16,716) | | — | | — |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 66,015,865 | | 135,442,747 | | 18,489,129 | | 54,991,956 |
Shares issued in lieu of cash distributions
| 8,254 | | 16,716 | | — | | — |
Shares redeemed
| (55,868,755) | | (133,727,825) | | (32,756,913) | | (50,938,391) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| 10,155,364 | | 1,731,638 | | (14,267,784) | | 4,053,565 |
Total Increase (Decrease)
| 10,158,569 | | 1,734,352 | | (24,548,021) | | 5,106,538 |
| Net Assets: | | | | | | | |
Beginning of period
| 162,201,518 | | 160,467,166 | | 259,984,411 | | 254,877,873 |
End of period
| $ 172,360,087 | | $ 162,201,518 | | $ 235,436,390 | | $ 259,984,411 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 66,015,865 | | 135,442,747 | | 1,404,187 | | 4,107,612 |
Shares issued in lieu of cash distributions
| 8,254 | | 16,716 | | — | | — |
Shares redeemed
| (55,868,755) | | (133,727,825) | | (2,515,128) | | (3,805,410) |
| | 10,155,364 | | 1,731,638 | | (1,110,941) | | 302,202 |
| | Quality Bond Fund | | High Yield Bond Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 5,006,464 | | $ 9,519,197 | | $ 3,425,377 | | $ 6,975,214 |
Net realized gain (loss)
| (11,327,723) | | 1,316,279 | | (2,799,940) | | 6,519,498 |
Net change in unrealized appreciation (depreciation)
| (44,250,139) | | (14,198,475) | | (16,618,504) | | (5,155,856) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (50,571,398) | | (3,362,999) | | (15,993,067) | | 8,338,856 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 13,376,899 | | 63,716,703 | | 4,495,190 | | 15,459,601 |
Shares redeemed
| (46,447,813) | | (72,761,498) | | (16,291,100) | | (21,758,474) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (33,070,914) | | (9,044,795) | | (11,795,910) | | (6,298,873) |
Total Increase (Decrease)
| (83,642,312) | | (12,407,794) | | (27,788,977) | | 2,039,983 |
| Net Assets: | | | | | | | |
Beginning of period
| 472,066,372 | | 484,474,166 | | 169,431,438 | | 167,391,455 |
End of period
| $388,424,060 | | $ 472,066,372 | | $ 141,642,461 | | $169,431,438 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 813,541 | | 3,710,167 | | 276,389 | | 936,393 |
Shares redeemed
| (2,912,150) | | (4,230,720) | | (1,016,549) | | (1,322,604) |
| | (2,098,609) | | (520,553) | | (740,160) | | (386,211) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Flexibly Managed Fund | | Balanced Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 22,604,710 | | $ 41,801,770 | | $ (81,019) | | $ (171,009) |
Net realized gain (loss)
| 416,786,284 | | 612,729,648 | | 3,875,656 | | 9,391,510 |
Net change in unrealized appreciation (depreciation)
| (1,221,218,320) | | 218,125,111 | | (18,651,395) | | 3,806,283 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (781,827,326) | | 872,656,529 | | (14,856,758) | | 13,026,784 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 44,052,588 | | 78,991,493 | | 1,292,840 | | 4,700,832 |
Shares redeemed
| (176,932,133) | | (350,338,635) | | (6,733,198) | | (9,322,437) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (132,879,545) | | (271,347,142) | | (5,440,358) | | (4,621,605) |
Total Increase (Decrease)
| (914,706,871) | | 601,309,387 | | (20,297,116) | | 8,405,179 |
| Net Assets: | | | | | | | |
Beginning of period
| 5,487,664,764 | | 4,886,355,377 | | 92,752,909 | | 84,347,730 |
End of period
| $ 4,572,957,893 | | $5,487,664,764 | | $ 72,455,793 | | $ 92,752,909 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 514,199 | | 929,618 | | 44,152 | | 162,133 |
Shares redeemed
| (2,088,242) | | (4,131,573) | | (233,569) | | (317,193) |
| | (1,574,043) | | (3,201,955) | | (189,417) | | (155,060) |
| | Large Growth Stock Fund | | Large Cap Growth Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ (957,353) | | $ (2,594,374) | | $ 67,630 | | $ 36,523 |
Net realized gain (loss)
| 5,734,541 | | 59,901,290 | | 6,024,497 | | 8,403,431 |
Net change in unrealized appreciation (depreciation)
| (157,015,006) | | 7,107,520 | | (22,239,130) | | 8,730,895 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (152,237,818) | | 64,414,436 | | (16,147,003) | | 17,170,849 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 14,676,686 | | 16,606,702 | | 10,983,290 | | 5,333,971 |
Shares redeemed
| (29,999,591) | | (58,120,448) | | (12,489,572) | | (12,024,711) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (15,322,905) | | (41,513,746) | | (1,506,282) | | (6,690,740) |
Total Increase (Decrease)
| (167,560,723) | | 22,900,690 | | (17,653,285) | | 10,480,109 |
| Net Assets: | | | | | | | |
Beginning of period
| 428,687,404 | | 405,786,714 | | 79,016,134 | | 68,536,025 |
End of period
| $ 261,126,681 | | $428,687,404 | | $ 61,362,849 | | $ 79,016,134 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 238,182 | | 213,275 | | 334,484 | | 159,695 |
Shares redeemed
| (469,397) | | (740,342) | | (392,079) | | (348,367) |
| | (231,215) | | (527,067) | | (57,595) | | (188,672) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Large Core Growth Fund | | Large Cap Value Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ (490,953) | | $ (1,619,382) | | $ 1,262,021 | | $ 1,561,813 |
Net realized gain (loss)
| (5,720,123) | | 41,852,998 | | 9,916,783 | | 32,298,494 |
Net change in unrealized appreciation (depreciation)
| (100,271,216) | | (48,219,459) | | (35,100,404) | | 13,408,379 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (106,482,292) | | (7,985,843) | | (23,921,600) | | 47,268,686 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 10,687,097 | | 17,243,325 | | 5,249,522 | | 8,082,948 |
Shares redeemed
| (9,143,038) | | (25,806,226) | | (15,023,992) | | (30,566,489) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| 1,544,059 | | (8,562,901) | | (9,774,470) | | (22,483,541) |
Total Increase (Decrease)
| (104,938,233) | | (16,548,744) | | (33,696,070) | | 24,785,145 |
| Net Assets: | | | | | | | |
Beginning of period
| 205,479,269 | | 222,028,013 | | 202,596,132 | | 177,810,987 |
End of period
| $ 100,541,036 | | $ 205,479,269 | | $ 168,900,062 | | $ 202,596,132 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 374,926 | | 338,124 | | 128,998 | | 208,887 |
Shares redeemed
| (271,553) | | (500,372) | | (367,715) | | (794,797) |
| | 103,373 | | (162,248) | | (238,717) | | (585,910) |
| | Large Core Value Fund | | Index 500 Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 812,345 | | $ 2,311,499 | | $ 3,629,158 | | $ 6,707,780 |
Net realized gain (loss)
| 12,201,160 | | 30,721,742 | | 14,113,226 | | 45,700,232 |
Net change in unrealized appreciation (depreciation)
| (29,625,086) | | 8,290,741 | | (156,794,764) | | 108,515,289 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (16,611,581) | | 41,323,982 | | (139,052,380) | | 160,923,301 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 6,617,105 | | 9,614,251 | | 50,358,517 | | 38,832,262 |
Shares redeemed
| (24,365,078) | | (40,761,500) | | (29,116,083) | | (96,966,378) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (17,747,973) | | (31,147,249) | | 21,242,434 | | (58,134,116) |
Total Increase (Decrease)
| (34,359,554) | | 10,176,733 | | (117,809,946) | | 102,789,185 |
| Net Assets: | | | | | | | |
Beginning of period
| 189,135,580 | | 178,958,847 | | 698,722,095 | | 595,932,910 |
End of period
| $ 154,776,026 | | $ 189,135,580 | | $ 580,912,149 | | $ 698,722,095 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 233,272 | | 364,000 | | 1,438,714 | | 1,041,297 |
Shares redeemed
| (880,221) | | (1,529,299) | | (773,707) | | (2,630,019) |
| | (646,949) | | (1,165,299) | | 665,007 | | (1,588,722) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Mid Cap Growth Fund | | Mid Cap Value Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ (429,530) | | $ (1,316,903) | | $ 425,900 | | $ 542,837 |
Net realized gain (loss)
| 10,678,212 | | 34,156,474 | | 3,563,771 | | 14,042,856 |
Net change in unrealized appreciation (depreciation)
| (78,267,277) | | (1,438,703) | | (16,196,584) | | 3,104,740 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (68,018,595) | | 31,400,868 | | (12,206,913) | | 17,690,433 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 7,334,676 | | 11,782,143 | | 2,041,500 | | 5,865,740 |
Shares redeemed
| (12,831,609) | | (30,128,689) | | (8,072,335) | | (14,241,668) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (5,496,933) | | (18,346,546) | | (6,030,835) | | (8,375,928) |
Total Increase (Decrease)
| (73,515,528) | | 13,054,322 | | (18,237,748) | | 9,314,505 |
| Net Assets: | | | | | | | |
Beginning of period
| 210,046,617 | | 196,992,295 | | 104,076,388 | | 94,761,883 |
End of period
| $ 136,531,089 | | $ 210,046,617 | | $ 85,838,640 | | $104,076,388 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 209,749 | | 276,197 | | 77,295 | | 226,526 |
Shares redeemed
| (347,261) | | (708,179) | | (304,472) | | (551,073) |
| | (137,512) | | (431,982) | | (227,177) | | (324,547) |
| | Mid Core Value Fund | | SMID Cap Growth Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 712,343 | | $ 1,262,614 | | $ (252,874) | | $ (785,842) |
Net realized gain (loss)
| 9,476,693 | | 17,392,267 | | (995,026) | | 17,862,730 |
Net change in unrealized appreciation (depreciation)
| (17,478,404) | | 1,914,097 | | (32,955,761) | | (9,805,272) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (7,289,368) | | 20,568,978 | | (34,203,661) | | 7,271,616 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 6,337,144 | | 8,047,009 | | 5,872,439 | | 16,757,559 |
Shares redeemed
| (10,317,408) | | (28,155,842) | | (6,578,894) | | (16,259,146) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (3,980,264) | | (20,108,833) | | (706,455) | | 498,413 |
Total Increase (Decrease)
| (11,269,632) | | 460,145 | | (34,910,116) | | 7,770,029 |
| Net Assets: | | | | | | | |
Beginning of period
| 94,536,958 | | 94,076,813 | | 103,779,839 | | 96,009,810 |
End of period
| $ 83,267,326 | | $ 94,536,958 | | $ 68,869,723 | | $103,779,839 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 190,865 | | 256,449 | | 136,445 | | 298,608 |
Shares redeemed
| (307,643) | | (888,283) | | (144,278) | | (292,408) |
| | (116,778) | | (631,834) | | (7,833) | | 6,200 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | SMID Cap Value Fund | | Small Cap Growth Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 138,481 | | $ 410,699 | | $ (333,009) | | $ (869,061) |
Net realized gain (loss)
| 4,794,221 | | 11,185,789 | | 1,675,544 | | 21,339,622 |
Net change in unrealized appreciation (depreciation)
| (18,738,071) | | 8,043,754 | | (37,853,423) | | (8,563,951) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (13,805,369) | | 19,640,242 | | (36,510,888) | | 11,906,610 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 2,390,337 | | 8,649,638 | | 2,739,028 | | 7,555,073 |
Shares redeemed
| (5,911,990) | | (14,151,233) | | (7,383,652) | | (21,846,222) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (3,521,653) | | (5,501,595) | | (4,644,624) | | (14,291,149) |
Total Increase (Decrease)
| (17,327,022) | | 14,138,647 | | (41,155,512) | | (2,384,539) |
| Net Assets: | | | | | | | |
Beginning of period
| 71,810,382 | | 57,671,735 | | 140,210,436 | | 142,594,975 |
End of period
| $ 54,483,360 | | $ 71,810,382 | | $ 99,054,924 | | $ 140,210,436 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 66,989 | | 241,807 | | 48,244 | | 114,121 |
Shares redeemed
| (164,065) | | (405,692) | | (130,776) | | (331,087) |
| | (97,076) | | (163,885) | | (82,532) | | (216,966) |
| | Small Cap Value Fund | | Small Cap Index Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 444,848 | | $ 411,564 | | $ 227,082 | | $ 282,211 |
Net realized gain (loss)
| 5,952,476 | | 47,543,690 | | 384,612 | | 12,592,002 |
Net change in unrealized appreciation (depreciation)
| (40,934,412) | | (1,680,539) | | (24,040,979) | | (2,656,160) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (34,537,088) | | 46,274,715 | | (23,429,285) | | 10,218,053 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 2,140,355 | | 10,348,403 | | 6,587,210 | | 26,580,797 |
Shares redeemed
| (11,956,947) | | (37,362,659) | | (5,841,121) | | (13,823,850) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (9,816,592) | | (27,014,256) | | 746,089 | | 12,756,947 |
Total Increase (Decrease)
| (44,353,680) | | 19,260,459 | | (22,683,196) | | 22,975,000 |
| Net Assets: | | | | | | | |
Beginning of period
| 199,172,614 | | 179,912,155 | | 98,827,070 | | 75,852,070 |
End of period
| $ 154,818,934 | | $ 199,172,614 | | $ 76,143,874 | | $ 98,827,070 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 45,437 | | 215,026 | | 222,739 | | 757,555 |
Shares redeemed
| (250,982) | | (777,855) | | (194,242) | | (406,236) |
| | (205,545) | | (562,829) | | 28,497 | | 351,319 |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Developed International Index Fund | | International Equity Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 1,716,054 | | $ 1,866,783 | | $ 326,922 | | $ (339,271) |
Net realized gain (loss)
| (793,054) | | 2,882,380 | | (6,009,013) | | 63,990,279 |
Net change in unrealized appreciation (depreciation)
| (23,290,119) | | 6,539,323 | | (80,934,295) | | (23,183,396) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (22,367,119) | | 11,288,486 | | (86,616,386) | | 40,467,612 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 4,422,270 | | 9,600,052 | | 13,356,888 | | 18,978,194 |
Shares redeemed
| (6,138,791) | | (16,026,129) | | (18,271,232) | | (42,714,865) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (1,716,521) | | (6,426,077) | | (4,914,344) | | (23,736,671) |
Total Increase (Decrease)
| (24,083,640) | | 4,862,409 | | (91,530,730) | | 16,730,941 |
| Net Assets: | | | | | | | |
Beginning of period
| 114,158,028 | | 109,295,619 | | 353,004,682 | | 336,273,741 |
End of period
| $ 90,074,388 | | $ 114,158,028 | | $ 261,473,952 | | $353,004,682 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 280,410 | | 559,616 | | 365,649 | | 468,705 |
Shares redeemed
| (385,925) | | (938,773) | | (493,557) | | (1,026,636) |
| | (105,515) | | (379,157) | | (127,908) | | (557,931) |
| | Emerging Markets Equity Fund | | Real Estate Securities Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ 415,994 | | $ 104,632 | | $ 1,240,645 | | $ 1,161,507 |
Net realized gain (loss)
| 129,480 | | 19,486,168 | | 5,981,516 | | 16,592,735 |
Net change in unrealized appreciation (depreciation)
| (24,712,905) | | (26,890,936) | | (33,801,321) | | 28,759,376 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (24,167,431) | | (7,300,136) | | (26,579,160) | | 46,513,618 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 4,563,270 | | 16,132,556 | | 4,540,616 | | 4,276,599 |
Shares redeemed
| (9,701,028) | | (23,530,604) | | (7,730,875) | | (31,792,613) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (5,137,758) | | (7,398,048) | | (3,190,259) | | (27,516,014) |
Total Increase (Decrease)
| (29,305,189) | | (14,698,184) | | (29,769,419) | | 18,997,604 |
| Net Assets: | | | | | | | |
Beginning of period
| 130,637,245 | | 145,335,429 | | 140,060,815 | | 121,063,211 |
End of period
| $ 101,332,056 | | $ 130,637,245 | | $ 110,291,396 | | $ 140,060,815 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 373,041 | | 1,095,679 | | 136,801 | | 132,791 |
Shares redeemed
| (790,787) | | (1,555,915) | | (228,691) | | (1,001,340) |
| | (417,746) | | (460,236) | | (91,890) | | (868,549) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Aggressive Allocation Fund | | Moderately Aggressive Allocation Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ (104,616) | | $ (229,248) | | $ (328,272) | | $ (706,097) |
Net realized gain (loss)
| 2,631,227 | | 8,475,044 | | 9,377,993 | | 20,521,343 |
Net change in unrealized appreciation (depreciation)
| (14,881,753) | | 2,360,017 | | (49,021,457) | | 14,233,495 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (12,355,142) | | 10,605,813 | | (39,971,736) | | 34,048,741 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 1,047,321 | | 3,928,352 | | 3,308,111 | | 8,425,976 |
Shares redeemed
| (4,017,718) | | (13,951,031) | | (11,847,659) | | (23,086,058) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (2,970,397) | | (10,022,679) | | (8,539,548) | | (14,660,082) |
Total Increase (Decrease)
| (15,325,539) | | 583,134 | | (48,511,284) | | 19,388,659 |
| Net Assets: | | | | | | | |
Beginning of period
| 70,656,699 | | 70,073,565 | | 246,472,903 | | 227,084,244 |
End of period
| $ 55,331,160 | | $ 70,656,699 | | $ 197,961,619 | | $ 246,472,903 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 41,948 | | 151,870 | | 126,527 | | 319,365 |
Shares redeemed
| (162,673) | | (553,262) | | (464,497) | | (874,683) |
| | (120,725) | | (401,392) | | (337,970) | | (555,318) |
| | Moderate Allocation Fund | | Moderately Conservative Allocation Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 | | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | | | | | |
Net investment income (loss)
| $ (379,607) | | $ (840,649) | | $ (144,310) | | $ (298,717) |
Net realized gain (loss)
| 9,368,656 | | 25,886,652 | | 2,504,126 | | 7,087,205 |
Net change in unrealized appreciation (depreciation)
| (50,369,766) | | 5,964,759 | | (14,068,486) | | 1,139,596 |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (41,380,717) | | 31,010,762 | | (11,708,670) | | 7,928,084 |
| Capital Share Transactions (1): | | | | | | | |
Shares issued
| 897,425 | | 5,382,276 | | 4,831,543 | | 12,980,442 |
Shares redeemed
| (18,169,834) | | (34,241,634) | | (5,718,957) | | (15,618,874) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (17,272,409) | | (28,859,358) | | (887,414) | | (2,638,432) |
Total Increase (Decrease)
| (58,653,126) | | 2,151,404 | | (12,596,084) | | 5,289,652 |
| Net Assets: | | | | | | | |
Beginning of period
| 288,061,114 | | 285,909,710 | | 99,774,761 | | 94,485,109 |
End of period
| $ 229,407,988 | | $ 288,061,114 | | $ 87,178,677 | | $ 99,774,761 |
| (1) Shares Issued and Redeemed: | | | | | | | |
Shares issued
| 39,969 | | 237,623 | | 248,528 | | 650,921 |
Shares redeemed
| (826,921) | | (1,499,453) | | (295,165) | | (788,191) |
| | (786,952) | | (1,261,830) | | (46,637) | | (137,270) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | Conservative Allocation Fund |
| | Six Months Ended
6/30/22
(Unaudited) | | Year
Ended
12/31/21 |
| Increase (Decrease) in Net Assets Operations: | | | |
Net investment income (loss)
| $ (91,066) | | $ (199,764) |
Net realized gain (loss)
| 992,034 | | 3,989,908 |
Net change in unrealized appreciation (depreciation)
| (6,371,515) | | (1,118,481) |
Net Increase (Decrease) in Net Assets Resulting from Operations
| (5,470,547) | | 2,671,663 |
| Capital Share Transactions (1): | | | |
Shares issued
| 1,834,931 | | 11,180,718 |
Shares redeemed
| (5,321,587) | | (16,518,862) |
Net Increase (Decrease) in Net Assets from Capital Share Transactions
| (3,486,656) | | (5,338,144) |
Total Increase (Decrease)
| (8,957,203) | | (2,666,481) |
| Net Assets: | | | |
Beginning of period
| 59,187,807 | | 61,854,288 |
End of period
| $ 50,230,604 | | $ 59,187,807 |
| (1) Shares Issued and Redeemed: | | | |
Shares issued
| 110,761 | | 657,075 |
Shares redeemed
| (323,230) | | (972,219) |
| | (212,469) | | (315,144) |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
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) | | — (a) | | — (a) | | 0.02 | | 0.01 | | — (a) |
Total from investment operations
| — | | — | | — | | 0.02 | | 0.01 | | — |
| Less distributions: | | | | | | | | | | | |
Net investment income
| — (a) | | — (a) | | — (a) | | (0.02) | | (0.01) | | — (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
| 0.01% # | | 0.01% | | 0.24% | | 1.61% | | 0.55% | | 0.01% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 172,360 | | $ 162,202 | | $ 160,467 | | $ 112,938 | | $ 110,933 | | $ 91,567 |
Ratio of net expenses to average net assets3
| 0.37% * | | 0.03% | | 0.28% | | 0.59% | | 1.26% | | 0.85% |
Ratio of total expenses to average net assets4
| 0.64% * | | 0.57% | | 0.58% | | 0.59% | | 0.59% | | 0.59% |
Ratio of net investment income (loss) to average net assets
| 0.01% * | | 0.01% | | 0.21% | | 1.60% | | 0.55% | | 0.01% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
LIMITED MATURITY BOND FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 13.38 | | $ 13.33 | | $ 12.86 | | $ 12.26 | | $ 12.09 | | $ 11.89 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.03) | | 0.20 | | 0.24 | | 0.37 | | 0.32 | | 0.24 |
Net realized and unrealized gain (loss) on investment transactions
| (0.50) | | (0.15) | | 0.23 | | 0.23 | | (0.15) | | (0.04) |
Total from investment operations
| (0.53) | | 0.05 | | 0.47 | | 0.60 | | 0.17 | | 0.20 |
Net asset value, end of period
| $ 12.85 | | $ 13.38 | | $ 13.33 | | $ 12.86 | | $ 12.26 | | $ 12.09 |
Total return2
| (3.96%) # | | 0.38% | | 3.65% | | 4.89% | | 1.41% | | 1.68% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 235,436 | | $ 259,984 | | $ 254,878 | | $ 244,998 | | $ 233,216 | | $ 229,184 |
Ratio of total expenses to average net assets
| 0.69% * | | 0.69% | | 0.70% | | 0.70% | | 0.70% | | 0.70% |
Ratio of net investment income (loss) to average net assets
| (0.46%) * | | 1.46% | | 1.86% | | 2.92% | | 2.61% | | 1.98% |
Portfolio turnover rate
| 25% # | | 73% | | 99% | | 54% | | 79% | | 97% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 17.24 | | $ 17.36 | | $ 16.01 | | $ 14.66 | | $ 14.68 | | $ 14.03 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.19 | | 0.34 | | 0.35 | | 0.45 | | 0.41 | | 0.36 |
Net realized and unrealized gain (loss) on investment transactions
| (2.07) | | (0.46) | | 1.00 | | 0.90 | | (0.43) | | 0.29 |
Total from investment operations
| (1.88) | | (0.12) | | 1.35 | | 1.35 | | (0.02) | | 0.65 |
Net asset value, end of period
| $ 15.36 | | $ 17.24 | | $ 17.36 | | $ 16.01 | | $ 14.66 | | $ 14.68 |
Total return2
| (10.90%) # | | (0.69%) | | 8.43% | | 9.21% | | (0.14%) | | 4.63% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 388,424 | | $ 472,066 | | $ 484,474 | | $ 433,734 | | $ 409,027 | | $ 485,598 |
Ratio of total expenses to average net assets
| 0.67% * | | 0.66% | | 0.67% | | 0.67% | | 0.66% | | 0.66% |
Ratio of net investment income (loss) to average net assets
| 2.35% * | | 2.00% | | 2.11% | | 2.92% | | 2.81% | | 2.48% |
Portfolio turnover rate
| 21% # | | 59% | | 75% | | 47% | | 59% | | 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
HIGH YIELD BOND FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 16.84 | | $ 16.02 | | $ 14.90 | | $ 12.88 | | $ 13.18 | | $ 12.29 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.35 | | 0.68 | | 0.71 | | 0.68 | | 0.66 | | 0.69 |
Net realized and unrealized gain (loss) on investment transactions
| (1.99) | | 0.14 | | 0.41 | | 1.34 | | (0.96) | | 0.20 |
Total from investment operations
| (1.64) | | 0.82 | | 1.12 | | 2.02 | | (0.30) | | 0.89 |
Net asset value, end of period
| $ 15.20 | | $ 16.84 | | $ 16.02 | | $ 14.90 | | $ 12.88 | | $ 13.18 |
Total return2
| (9.74%) # | | 5.12% | | 7.52% | | 15.68% | | (2.35%) | | 7.42% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 141,642 | | $ 169,431 | | $ 167,391 | | $ 159,896 | | $ 150,324 | | $ 171,467 |
Ratio of total expenses to average net assets
| 0.72% * | | 0.71% | | 0.72% | | 0.71% | | 0.77% | | 0.86% |
Ratio of net investment income (loss) to average net assets
| 4.37% * | | 4.15% | | 4.73% | | 4.83% | | 5.02% | | 5.39% |
Portfolio turnover rate
| 58% # | | 94% | | 128% | | 133% | | 115% | | 78% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 91.22 | | $ 77.12 | | $ 65.45 | | $ 52.56 | | $ 52.31 | | $ 45.44 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.38 | | 0.68 | | 0.72 | | 0.84 | | 1.22 | | 0.53 |
Net realized and unrealized gain (loss) on investment transactions
| (13.54) | | 13.42 | | 10.95 | | 12.05 | | (0.97) | | 6.34 |
Total from investment operations
| (13.16) | | 14.10 | | 11.67 | | 12.89 | | 0.25 | | 6.87 |
Net asset value, end of period
| $ 78.06 | | $ 91.22 | | $ 77.12 | | $ 65.45 | | $ 52.56 | | $ 52.31 |
Total return2
| (14.42%) # | | 18.29% | | 17.83% | | 24.53% | | 0.48% | | 15.12% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 4,572,958 | | $ 5,487,665 | | $ 4,886,355 | | $ 4,418,265 | | $ 3,698,250 | | $ 3,898,297 |
Ratio of total expenses to average net assets
| 0.87% * | | 0.87% | | 0.88% | | 0.88% | | 0.89% | | 0.89% |
Ratio of net investment income (loss) to average net assets
| 0.90% * | | 0.80% | | 1.07% | | 1.40% | | 2.28% | | 1.07% |
Portfolio turnover rate
| 40% # | | 51% | | 88% | | 45% | | 69% | | 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
BALANCED FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 31.57 | | $ 27.27 | | $ 23.76 | | $ 19.53 | | $ 20.12 | | $ 17.60 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.03) | | (0.06) | | (0.05) | | (0.04) | | (0.04) | | (0.04) |
Net realized and unrealized gain (loss) on investment transactions
| (5.18) | | 4.36 | | 3.56 | | 4.27 | | (0.55) | | 2.56 |
Total from investment operations
| (5.21) | | 4.30 | | 3.51 | | 4.23 | | (0.59) | | 2.52 |
Net asset value, end of period
| $ 26.36 | | $ 31.57 | | $ 27.27 | | $ 23.76 | | $ 19.53 | | $ 20.12 |
Total return2
| (16.50%) # | | 15.77% | | 14.77% | | 21.66% | | (2.93%) | | 14.32% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 72,456 | | $ 92,753 | | $ 84,348 | | $ 81,070 | | $ 74,832 | | $ 84,403 |
Ratio of total expenses to average net assets3
| 0.20% * | | 0.19% | | 0.20% | | 0.20% | | 0.20% | | 0.19% |
Ratio of net investment income (loss) to average net assets
| (0.20%) * | | �� (0.19%) | | (0.20%) | | (0.20%) | | (0.19%) | | (0.19%) |
Portfolio turnover rate
| 3% # | | 11% | | 15% | | 6% | | 8% | | 9% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 83.11 | | $ 71.38 | | $ 52.10 | | $ 39.95 | | $ 40.48 | | $ 30.40 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.19) | | (0.48) | | (0.29) | | (0.08) | | (0.02) | | (0.03) |
Net realized and unrealized gain (loss) on investment transactions
| (29.92) | | 12.21 | | 19.57 | | 12.23 | | (0.51) | | 10.11 |
Total from investment operations
| (30.11) | | 11.73 | | 19.28 | | 12.15 | | (0.53) | | 10.08 |
Net asset value, end of period
| $ 53.00 | | $ 83.11 | | $ 71.38 | | $ 52.10 | | $ 39.95 | | $ 40.48 |
Total return2
| (36.23%) # | | 16.44% | | 37.01% | | 30.41% | | (1.31%) | | 33.16% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 261,127 | | $ 428,687 | | $ 405,787 | | $ 331,420 | | $ 282,675 | | $ 307,131 |
Ratio of total expenses to average net assets
| 0.96% * | | 0.93% | | 0.95% | | 0.95% | | 0.95% | | 0.96% |
Ratio of net investment income (loss) to average net assets
| (0.58%) * | | (0.61%) | | (0.50%) | | (0.18%) | | (0.05%) | | (0.08%) |
Portfolio turnover rate
| 18% # | | 24% | | 35% | | 26% | | 42% | | 52% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
LARGE CAP GROWTH FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 38.46 | | $ 30.56 | | $ 25.02 | | $ 17.90 | | $ 17.78 | | $ 13.87 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.03 | | 0.02 | | 0.05 | | 0.08 | | 0.08 | | 0.07 |
Net realized and unrealized gain (loss) on investment transactions
| (7.76) | | 7.88 | | 5.49 | | 7.04 | | 0.04 | | 3.84 |
Total from investment operations
| (7.73) | | 7.90 | | 5.54 | | 7.12 | | 0.12 | | 3.91 |
Net asset value, end of period
| $ 30.73 | | $ 38.46 | | $ 30.56 | | $ 25.02 | | $ 17.90 | | $ 17.78 |
Total return2
| (20.10%) # | | 25.85% | | 22.14% | | 39.78% | | 0.68% | | 28.19% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 61,363 | | $ 79,016 | | $ 68,536 | | $ 63,219 | | $ 53,444 | | $ 58,389 |
Ratio of total expenses to average net assets
| 0.86% * | | 0.85% | | 0.88% | | 0.88% | | 0.87% | | 0.89% |
Ratio of net investment income (loss) to average net assets
| 0.19% * | | 0.05% | | 0.19% | | 0.35% | | 0.40% | | 0.43% |
Portfolio turnover rate
| 19% # | | 16% | | 34% | | 24% | | 25% | | 28% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 48.08 | | $ 50.05 | | $ 28.52 | | $ 22.41 | | $ 21.67 | | $ 16.32 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.12) | | (0.37) | | (0.22) | | (0.07) | | (0.02) | | (0.03) |
Net realized and unrealized gain (loss) on investment transactions
| (24.99) | | (1.60) | | 21.75 | | 6.18 | | 0.76 | | 5.38 |
Total from investment operations
| (25.11) | | (1.97) | | 21.53 | | 6.11 | | 0.74 | | 5.35 |
Net asset value, end of period
| $ 22.97 | | $ 48.08 | | $ 50.05 | | $ 28.52 | | $ 22.41 | | $ 21.67 |
Total return2
| (52.23%) # | | (3.94%) | | 75.49% | | 27.27% | | 3.42% | | 32.78% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 100,541 | | $ 205,479 | | $ 222,028 | | $ 135,930 | | $ 118,365 | | $ 124,493 |
Ratio of total expenses to average net assets
| 0.88% * | | 0.84% | | 0.85% | | 0.86% | | 0.86% | | 0.86% |
Ratio of net investment income (loss) to average net assets
| (0.71%) * | | (0.72%) | | (0.60%) | | (0.26%) | | (0.09%) | | (0.18%) |
Portfolio turnover rate
| 29% # | | 68% | | 74% | | 74% | | 72% | | 64% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
LARGE CAP VALUE FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 42.38 | | $ 33.14 | | $ 32.39 | | $ 26.22 | | $ 28.41 | | $ 24.79 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.01 | | 0.31 | | 0.35 | | 0.31 | | 0.35 | | 0.41 |
Net realized and unrealized gain (loss) on investment transactions
| (5.20) | | 8.93 | | 0.40 | | 5.86 | | (2.54) | | 3.21 |
Total from investment operations
| (5.19) | | 9.24 | | 0.75 | | 6.17 | | (2.19) | | 3.62 |
Net asset value, end of period
| $ 37.19 | | $ 42.38 | | $ 33.14 | | $ 32.39 | | $ 26.22 | | $ 28.41 |
Total return2
| (12.25%) # | | 27.88% | | 2.32% | | 23.53% | | (7.71%) | | 14.60% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 168,900 | | $ 202,596 | | $ 177,811 | | $ 196,108 | | $ 179,441 | | $ 201,219 |
Ratio of total expenses to average net assets
| 0.91% * | | 0.91% | | 0.92% | | 0.91% | | 0.90% | | 0.90% |
Ratio of net investment income (loss) to average net assets
| 1.33% * | | 0.80% | | 1.20% | | 1.05% | | 1.22% | | 1.57% |
Portfolio turnover rate
| 32% # | | 49% | | 56% | | 62% | | 108% | | 17% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 28.85 | | $ 23.18 | | $ 22.58 | | $ 17.41 | | $ 18.64 | | $ 16.18 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.13 | | 0.32 | | 0.31 | | 0.30 | | 0.26 | | 0.25 |
Net realized and unrealized gain (loss) on investment transactions
| (2.78) | | 5.35 | | 0.29 | | 4.87 | | (1.49) | | 2.21 |
Total from investment operations
| (2.65) | | 5.67 | | 0.60 | | 5.17 | | (1.23) | | 2.46 |
Net asset value, end of period
| $ 26.20 | | $ 28.85 | | $ 23.18 | | $ 22.58 | | $ 17.41 | | $ 18.64 |
Total return2
| (9.19%) # | | 24.46% | | 2.66% | | 29.70% | | (6.60%) | | 15.21% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 154,776 | | $ 189,136 | | $ 178,959 | | $ 192,959 | | $ 176,072 | | $ 216,214 |
Ratio of total expenses to average net assets
| 0.91% * | | 0.92% | | 0.91% | | 0.91% | | 0.90% | | 0.90% |
Ratio of net investment income (loss) to average net assets
| 0.90% * | | 1.22% | | 1.52% | | 1.48% | | 1.39% | | 1.44% |
Portfolio turnover rate
| 26% # | | 57% | | 80% | | 65% | | 76% | | 106% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
INDEX 500 FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 41.45 | | $ 32.31 | | $ 27.30 | | $ 20.83 | | $ 21.87 | | $ 18.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.22 | | 0.38 | | 0.39 | | 0.40 | | 0.35 | | 0.33 |
Net realized and unrealized gain (loss) on investment transactions
| (8.52) | | 8.76 | | 4.62 | | 6.07 | | (1.39) | | 3.54 |
Total from investment operations
| (8.30) | | 9.14 | | 5.01 | | 6.47 | | (1.04) | | 3.87 |
Net asset value, end of period
| $ 33.15 | | $ 41.45 | | $ 32.31 | | $ 27.30 | | $ 20.83 | | $ 21.87 |
Total return2
| (20.03%) # | | 28.29% | | 18.35% | | 31.06% | | (4.76%) | | 21.50% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 580,912 | | $ 698,722 | | $ 595,933 | | $ 494,540 | | $ 416,864 | | $ 485,750 |
Ratio of total expenses to average net assets
| 0.35% * | | 0.34% | | 0.36% | | 0.36% | | 0.36% | | 0.36% |
Ratio of net investment income (loss) to average net assets
| 1.17% * | | 1.03% | | 1.44% | | 1.63% | | 1.56% | | 1.64% |
Portfolio turnover rate
| 4% # | | 3% | | 19% | | 3% | | 3% | | 2% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 45.74 | | $ 39.21 | | $ 26.23 | | $ 19.01 | | $ 18.96 | | $ 14.92 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.10) | | (0.28) | | (0.11) | | (0.07) | | (0.06) | | (0.03) |
Net realized and unrealized gain (loss) on investment transactions
| (14.99) | | 6.81 | | 13.09 | | 7.29 | | 0.11 | | 4.07 |
Total from investment operations
| (15.09) | | 6.53 | | 12.98 | | 7.22 | | 0.05 | | 4.04 |
Net asset value, end of period
| $ 30.65 | | $ 45.74 | | $ 39.21 | | $ 26.23 | | $ 19.01 | | $ 18.96 |
Total return2
| (32.99%) # | | 16.66% | | 49.48% | | 37.98% | | 0.26% | | 27.08% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 136,531 | | $ 210,047 | | $ 196,992 | | $ 148,766 | | $ 112,502 | | $ 121,288 |
Ratio of total expenses to average net assets
| 0.96% * | | 0.98% | | 0.95% | | 0.96% | | 0.96% | | 0.96% |
Ratio of net investment income (loss) to average net assets
| (0.53%) * | | (0.64%) | | (0.38%) | | (0.32%) | | (0.28%) | | (0.20%) |
Portfolio turnover rate
| 18% # | | 25% | | 26% | | 22% | | 42% | | 25% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MID CAP VALUE FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 27.67 | | $ 23.20 | | $ 26.45 | | $ 22.60 | | $ 26.65 | | $ 22.69 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.12 | | 0.14 | | 0.23 | | 0.29 | | 0.23 | | 0.20 |
Net realized and unrealized gain (loss) on investment transactions
| (3.50) | | 4.33 | | (3.48) | | 3.56 | | (4.28) | | 3.76 |
Total from investment operations
| (3.38) | | 4.47 | | (3.25) | | 3.85 | | (4.05) | | 3.96 |
Net asset value, end of period
| $ 24.29 | | $ 27.67 | | $ 23.20 | | $ 26.45 | | $ 22.60 | | $ 26.65 |
Total return2
| (12.22%) # | | 19.27% | | (12.29%) | | 17.04% | | (15.20%) | | 17.45% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 85,839 | | $ 104,076 | | $ 94,762 | | $ 116,799 | | $ 141,771 | | $ 180,696 |
Ratio of total expenses to average net assets
| 0.83% * | | 0.82% | | 0.82% | | 0.80% | | 0.79% | | 0.78% |
Ratio of net investment income (loss) to average net assets
| 0.88% * | | 0.54% | | 1.13% | | 1.14% | | 0.85% | | 0.83% |
Portfolio turnover rate
| 21% # | | 59% | | 122% (a) | | 14% | | 33% | | 31% |
| 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 year ended December 31, 2020 due to a change in the Fund’s
sub-adviser and associated repositioning. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 33.70 | | $ 27.37 | | $ 26.94 | | $ 20.92 | | $ 24.06 | | $ 21.57 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.26 | | 0.39 | | 0.35 | | 0.35 | | 0.28 | | 0.33 |
Net realized and unrealized gain (loss) on investment transactions
| (2.98) | | 5.94 | | 0.08 | | 5.67 | | (3.42) | | 2.16 |
Total from investment operations
| (2.72) | | 6.33 | | 0.43 | | 6.02 | | (3.14) | | 2.49 |
Net asset value, end of period
| $ 30.98 | | $ 33.70 | | $ 27.37 | | $ 26.94 | | $ 20.92 | | $ 24.06 |
Total return2
| (8.07%) # | | 23.13% | | 1.60% | | 28.78% | | (13.05%) | | 11.55% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 83,267 | | $ 94,537 | | $ 94,077 | | $ 99,799 | | $ 79,292 | | $ 99,011 |
Ratio of total expenses to average net assets
| 1.02% * | | 1.00% | | 1.04% | | 1.05% | | 1.06% | | 1.02% |
Ratio of net investment income (loss) to average net assets
| 1.56% * | | 1.25% | | 1.46% | | 1.44% | | 1.16% | | 1.48% |
Portfolio turnover rate
| 42% # | | 51% | | 75% | | 50% | | 60% | | 45% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
SMID CAP GROWTH FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 56.43 | | $ 52.38 | | $ 34.39 | | $ 24.93 | | $ 26.38 | | $ 20.68 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.14) | | (0.43) | | (0.25) | | (0.18) | | (0.10) | | (0.11) |
Net realized and unrealized gain (loss) on investment transactions
| (18.68) | | 4.48 | | 18.24 | | 9.64 | | (1.35) | | 5.81 |
Total from investment operations
| (18.82) | | 4.05 | | 17.99 | | 9.46 | | (1.45) | | 5.70 |
Net asset value, end of period
| $ 37.61 | | $ 56.43 | | $ 52.38 | | $ 34.39 | | $ 24.93 | | $ 26.38 |
Total return2
| (33.35%) # | | 7.73% | | 52.31% | | 37.95% | | (5.50%) | | 27.56% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 68,870 | | $ 103,780 | | $ 96,010 | | $ 70,961 | | $ 59,882 | | $ 64,783 |
Ratio of net expenses to average net assets3
| 1.05% * | | 1.02% | | 1.05% | | 1.04% | | 1.03% | | 1.05% |
Ratio of total expenses to average net assets4
| 1.05% * | | 1.02% | | 1.05% | | 1.04% | | 1.03% | | 1.04% |
Ratio of net investment income (loss) to average net assets
| (0.64%) * | | (0.77%) | | (0.65%) | | (0.59%) | | (0.35%) | | (0.47%) |
Portfolio turnover rate
| 44% # | | 65% | | 97% | | 70% | | 83% | | 68% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 39.02 | | $ 28.78 | | $ 28.37 | | $ 23.67 | | $ 27.90 | | $ 24.69 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.08 | | 0.22 | | 0.18 | | 0.18 | | 0.10 | | 0.03 |
Net realized and unrealized gain (loss) on investment transactions
| (7.84) | | 10.02 | | 0.23 | | 4.52 | | (4.33) | | 3.18 |
Total from investment operations
| (7.76) | | 10.24 | | 0.41 | | 4.70 | | (4.23) | | 3.21 |
Net asset value, end of period
| $ 31.26 | | $ 39.02 | | $ 28.78 | | $ 28.37 | | $ 23.67 | | $ 27.90 |
Total return2
| (19.89%) # | | 35.58% | | 1.45% | | 19.86% | | (15.16%) | | 13.00% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 54,483 | | $ 71,810 | | $ 57,672 | | $ 85,324 | | $ 80,919 | | $ 85,323 |
Ratio of total expenses to average net assets
| 1.16% * | | 1.15% | | 1.17% | | 1.12% | | 1.10% | | 1.18% |
Ratio of net investment income (loss) to average net assets
| 0.44% * | | 0.61% | | 0.77% | | 0.66% | | 0.36% | | 0.11% |
Portfolio turnover rate
| 23% # | | 53% | | 55% | | 32% | | 47% | | 37% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 68.11 | | $ 62.66 | | $ 47.45 | | $ 37.00 | | $ 38.80 | | $ 31.08 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.16) | | (0.41) | | (0.28) | | (0.18) | | (0.15) | | (0.16) |
Net realized and unrealized gain (loss) on investment transactions
| (17.82) | | 5.86 | | 15.49 | | 10.63 | | (1.65) | | 7.88 |
Total from investment operations
| (17.98) | | 5.45 | | 15.21 | | 10.45 | | (1.80) | | 7.72 |
Net asset value, end of period
| $ 50.13 | | $ 68.11 | | $ 62.66 | | $ 47.45 | | $ 37.00 | | $ 38.80 |
Total return2
| (26.40%) # | | 8.70% | | 32.06% | | 28.24% | | (4.64%) | | 24.84% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 99,055 | | $ 140,210 | | $ 142,595 | | $ 118,244 | | $ 93,243 | | $ 102,380 |
Ratio of total expenses to average net assets
| 1.02% * | | 0.99% | | 1.01% | | 1.02% | | 1.00% | | 1.01% |
Ratio of net investment income (loss) to average net assets
| (0.58%) * | | (0.61%) | | (0.60%) | | (0.40%) | | (0.36%) | | (0.46%) |
Portfolio turnover rate
| 7% # | | 19% | | 28% | | 21% | | 22% | | 25% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 50.97 | | $ 40.24 | | $ 39.32 | | $ 31.96 | | $ 37.11 | | $ 33.06 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.12 | | 0.10 | | 0.19 | | 0.24 | | 0.17 | | 0.18 |
Net realized and unrealized gain (loss) on investment transactions
| (9.27) | | 10.63 | | 0.73 | | 7.12 | | (5.32) | | 3.87 |
Total from investment operations
| (9.15) | | 10.73 | | 0.92 | | 7.36 | | (5.15) | | 4.05 |
Net asset value, end of period
| $ 41.82 | | $ 50.97 | | $ 40.24 | | $ 39.32 | | $ 31.96 | | $ 37.11 |
Total return2
| (17.95%) # | | 26.67% | | 2.34% | | 23.03% | | (13.88%) | | 12.25% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 154,819 | | $ 199,173 | | $ 179,912 | | $ 205,049 | | $ 211,285 | | $ 262,728 |
Ratio of total expenses to average net assets
| 1.00% * | | 0.98% | | 1.02% | | 0.98% | | 0.97% | | 0.97% |
Ratio of net investment income (loss) to average net assets
| 0.49% * | | 0.21% | | 0.58% | | 0.65% | | 0.46% | | 0.56% |
Portfolio turnover rate
| 34% # | | 67% | | 84% | | 54% | | 55% | | 59% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP INDEX FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 34.42 | | $ 30.10 | | $ 25.22 | | $ 20.26 | | $ 22.86 | | $ 20.09 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.08 | | 0.10 | | 0.10 | | 0.13 | | 0.14 | | 0.13 |
Net realized and unrealized gain (loss) on investment transactions
| (8.24) | | 4.22 | | 4.78 | | 4.83 | | (2.74) | | 2.64 |
Total from investment operations
| (8.16) | | 4.32 | | 4.88 | | 4.96 | | (2.60) | | 2.77 |
Net asset value, end of period
| $ 26.26 | | $ 34.42 | | $ 30.10 | | $ 25.22 | | $ 20.26 | | $ 22.86 |
Total return2
| (23.71%) # | | 14.35% | | 19.35% | | 24.48% | | (11.37%) | | 13.79% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 76,144 | | $ 98,827 | | $ 75,852 | | $ 69,993 | | $ 70,724 | | $ 81,638 |
Ratio of net expenses to average net assets3
| 0.71% * | | 0.70% | | 0.74% | | 0.72% | | 0.65% | | 0.65% |
Ratio of total expenses to average net assets4
| 0.71% * | | 0.70% | | 0.75% | | 0.72% | | 0.65% | | 0.65% |
Ratio of net investment income (loss) to average net assets
| 0.53% * | | 0.30% | | 0.43% | | 0.55% | | 0.59% | | 0.62% |
Portfolio turnover rate
| 14% # | | 31% | | 27% | | 16% | | 14% | | 13% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 17.62 | | $ 15.94 | | $ 14.79 | | $ 12.22 | | $ 14.22 | | $ 11.42 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.27 | | 0.28 | | 0.19 | | 0.33 | | 0.31 | | 0.27 |
Net realized and unrealized gain (loss) on investment transactions
| (3.76) | | 1.40 | | 0.96 | | 2.24 | | (2.31) | | 2.53 |
Total from investment operations
| (3.49) | | 1.68 | | 1.15 | | 2.57 | | (2.00) | | 2.80 |
Net asset value, end of period
| $ 14.13 | | $ 17.62 | | $ 15.94 | | $ 14.79 | | $ 12.22 | | $ 14.22 |
Total return2
| (19.81%) # | | 10.54% | | 7.78% | | 21.03% | | (14.07%) | | 24.52% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 90,074 | | $ 114,158 | | $ 109,296 | | $ 111,067 | | $ 98,471 | | $ 116,930 |
Ratio of total expenses to average net assets
| 0.89% * | | 0.85% | | 0.89% | | 0.82% | | 0.79% | | 0.82% |
Ratio of net investment income (loss) to average net assets
| 3.37% * | | 1.66% | | 1.39% | | 2.41% | | 2.24% | | 2.05% |
Portfolio turnover rate
| 2% # | | 3% | | 5% | | 6% | | 3% | | 4% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 43.79 | | $ 39.02 | | $ 33.95 | | $ 26.51 | | $ 30.26 | | $ 22.98 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.04 | | (0.04) | | (0.05) | | 0.20 | | 0.19 | | 0.15 |
Net realized and unrealized gain (loss) on investment transactions
| (10.87) | | 4.81 | | 5.12 | | 7.24 | | (3.94) | | 7.13 |
Total from investment operations
| (10.83) | | 4.77 | | 5.07 | | 7.44 | | (3.75) | | 7.28 |
Net asset value, end of period
| $ 32.96 | | $ 43.79 | | $ 39.02 | | $ 33.95 | | $ 26.51 | | $ 30.26 |
Total return2
| (24.73%) # | | 12.23% | | 14.93% | | 28.07% | | (12.39%) | | 31.68% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 261,474 | | $ 353,005 | | $ 336,274 | | $ 325,965 | | $ 296,892 | | $ 375,821 |
Ratio of total expenses to average net assets
| 1.06% * | | 1.03% | | 1.06% | | 1.08% | | 1.11% | | 1.12% |
Ratio of net investment income (loss) to average net assets
| 0.22% * | | (0.10%) | | (0.14%) | | 0.66% | | (0.66%) | | 0.56% |
Portfolio turnover rate
| 29% # | | 76% | | 75% | | 50% | | 50% | | 32% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 14.08 | | $ 14.93 | | $ 13.52 | | $ 11.39 | | $ 13.80 | | $ 10.22 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.05 | | 0.01 | | (0.02) | | 0.14 | | 0.09 | | 0.03 |
Net realized and unrealized gain (loss) on investment transactions
| (2.69) | | (0.86) | | 1.43 | | 1.99 | | (2.50) | | 3.55 |
Total from investment operations
| (2.64) | | (0.85) | | 1.41 | | 2.13 | | (2.41) | | 3.58 |
Net asset value, end of period
| $ 11.44 | | $ 14.08 | | $ 14.93 | | $ 13.52 | | $ 11.39 | | $ 13.80 |
Total return2
| (18.75%) # | | (5.69%) | | 10.43% | | 18.70% | | (17.46%) | | 35.03% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 101,332 | | $ 130,637 | | $ 145,335 | | $ 147,412 | | $ 146,973 | | $ 184,357 |
Ratio of total expenses to average net assets
| 1.31% * | | 1.25% | | 1.32% | | 1.34% | | 1.32% | | 1.51% |
Ratio of net investment income (loss) to average net assets
| 0.72% * | | 0.07% | | (0.19%) | | 1.11% | | 0.73% | | 0.25% |
Portfolio turnover rate
| 30% # | | 68% | | 121% (a) | | 35% | | 45% | | 41% |
| 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 year ended December 31, 2020 due to a change in the Fund’s
sub-adviser and associated repositioning. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 37.63 | | $ 26.37 | | $ 27.25 | | $ 20.57 | | $ 21.47 | | $ 19.99 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| 0.34 | | 0.28 | | 0.39 | | 0.41 | | 0.43 | | 0.39 |
Net realized and unrealized gain (loss) on investment transactions
| (7.59) | | 10.98 | | (1.27) | | 6.27 | | (1.33) | | 1.09 |
Total from investment operations
| (7.25) | | 11.26 | | (0.88) | | 6.68 | | (0.90) | | 1.48 |
Net asset value, end of period
| $ 30.38 | | $ 37.63 | | $ 26.37 | | $ 27.25 | | $ 20.57 | | $ 21.47 |
Total return2
| (19.27%) # | | 42.70% | | (3.23%) | | 32.47% | | (4.19%) | | 7.40% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 110,291 | | $ 140,061 | | $ 121,063 | | $ 133,068 | | $ 114,366 | | $ 137,842 |
Ratio of total expenses to average net assets
| 0.96% * | | 0.95% | | 0.97% | | 0.96% | | 0.96% | | 0.95% |
Ratio of net investment income (loss) to average net assets
| 2.01% * | | 0.89% | | 1.59% | | 1.64% | | 2.05% | | 1.86% |
Portfolio turnover rate
| 14% # | | 34% | | 64% | | 74% | | 66% | | 75% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 27.23 | | $ 23.39 | | $ 21.41 | | $ 17.37 | | $ 19.20 | | $ 15.99 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.04) | | (0.08) | | (0.07) | | (0.06) | | (0.06) | | (0.05) |
Net realized and unrealized gain (loss) on investment transactions
| (4.83) | | 3.92 | | 2.05 | | 4.10 | | (1.77) | | 3.26 |
Total from investment operations
| (4.87) | | 3.84 | | 1.98 | | 4.04 | | (1.83) | | 3.21 |
Net asset value, end of period
| $ 22.36 | | $ 27.23 | | $ 23.39 | | $ 21.41 | | $ 17.37 | | $ 19.20 |
Total return2
| (17.89%) # | | 16.42% | | 9.25% | | 23.26% | | (9.53%) | | 20.08% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 55,331 | | $ 70,657 | | $ 70,074 | | $ 72,017 | | $ 64,604 | | $ 75,079 |
Ratio of total expenses to average net assets3
| 0.34% * | | 0.33% | | 0.33% | | 0.33% | | 0.32% | | 0.31% |
Ratio of net investment income (loss) to average net assets
| (0.33%) * | | (0.33%) | | (0.33%) | | (0.33%) | | (0.32%) | | (0.31%) |
Portfolio turnover rate
| 9% # | | 18% | | 17% | | 14% | | 19% | | 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MODERATELY AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 27.84 | | $ 24.14 | | $ 22.06 | | $ 18.12 | | $ 19.66 | | $ 16.72 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.04) | | (0.08) | | (0.06) | | (0.06) | | (0.06) | | (0.05) |
Net realized and unrealized gain (loss) on investment transactions
| (4.55) | | 3.78 | | 2.14 | | 4.00 | | (1.48) | | 2.99 |
Total from investment operations
| (4.59) | | 3.70 | | 2.08 | | 3.94 | | (1.54) | | 2.94 |
Net asset value, end of period
| $ 23.25 | | $ 27.84 | | $ 24.14 | | $ 22.06 | | $ 18.12 | | $ 19.66 |
Total return2
| (16.49%) # | | 15.33% | | 9.43% | | 21.75% | | (7.83%) | | 17.58% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 197,962 | | $ 246,473 | | $ 227,084 | | $ 232,308 | | $ 217,918 | | $ 266,699 |
Ratio of total expenses to average net assets3
| 0.30% * | | 0.29% | | 0.30% | | 0.30% | | 0.30% | | 0.29% |
Ratio of net investment income (loss) to average net assets
| (0.30%) * | | (0.29%) | | (0.30%) | | (0.29%) | | (0.29%) | | (0.29%) |
Portfolio turnover rate
| 9% # | | 12% | | 17% | | 12% | | 14% | | 16% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 23.89 | | $ 21.46 | | $ 19.55 | | $ 16.48 | | $ 17.51 | | $ 15.36 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.03) | | (0.07) | | (0.06) | | (0.05) | | (0.05) | | (0.05) |
Net realized and unrealized gain (loss) on investment transactions
| (3.51) | | 2.50 | | 1.97 | | 3.12 | | (0.98) | | 2.20 |
Total from investment operations
| (3.54) | | 2.43 | | 1.91 | | 3.07 | | (1.03) | | 2.15 |
Net asset value, end of period
| $ 20.35 | | $ 23.89 | | $ 21.46 | | $ 19.55 | | $ 16.48 | | $ 17.51 |
Total return2
| (14.82%) # | | 11.32% | | 9.77% | | 18.63% | | (5.88%) | | 14.00% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 229,408 | | $ 288,061 | | $ 285,910 | | $ 298,115 | | $ 291,618 | | $ 342,656 |
Ratio of total expenses to average net assets3
| 0.30% * | | 0.29% | | 0.30% | | 0.30% | | 0.29% | | 0.29% |
Ratio of net investment income (loss) to average net assets
| (0.30%) * | | (0.29%) | | (0.30%) | | (0.30%) | | (0.29%) | | (0.29%) |
Portfolio turnover rate
| 6% # | | 12% | | 17% | | 9% | | 14% | | 12% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
MODERATELY CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 20.62 | | $ 18.99 | | $ 17.58 | | $ 15.31 | | $ 15.86 | | $ 14.42 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.03) | | (0.06) | | (0.05) | | (0.05) | | (0.05) | | (0.05) |
Net realized and unrealized gain (loss) on investment transactions
| (2.39) | | 1.69 | | 1.46 | | 2.32 | | (0.50) | | 1.49 |
Total from investment operations
| (2.42) | | 1.63 | | 1.41 | | 2.27 | | (0.55) | | 1.44 |
Net asset value, end of period
| $ 18.20 | | $ 20.62 | | $ 18.99 | | $ 17.58 | | $ 15.31 | | $ 15.86 |
Total return2
| (11.74%) # | | 8.58% | | 8.02% | | 14.83% | | (3.47%) | | 9.99% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 87,179 | | $ 99,775 | | $ 94,485 | | $ 93,947 | | $ 88,927 | | $ 98,414 |
Ratio of total expenses to average net assets3
| 0.31% * | | 0.31% | | 0.32% | | 0.32% | | 0.31% | | 0.30% |
Ratio of net investment income (loss) to average net assets
| (0.31%) * | | (0.31%) | | (0.31%) | | (0.31%) | | (0.30%) | | (0.30%) |
Portfolio turnover rate
| 11% # | | 20% | | 23% | | 13% | | 17% | | 15% |
| 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | Six Months
Ended
6/30/22
(Unaudited) | | Year Ended December 31, |
| | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Net asset value, beginning of period
| $ 17.35 | | $ 16.60 | | $ 15.51 | | $ 13.99 | | $ 14.18 | | $ 13.33 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss)1
| (0.03) | | (0.06) | | (0.05) | | (0.05) | | (0.04) | | (0.04) |
Net realized and unrealized gain (loss) on investment transactions
| (1.61) | | 0.81 | | 1.14 | | 1.57 | | (0.15) | | 0.89 |
Total from investment operations
| (1.64) | | 0.75 | | 1.09 | | 1.52 | | (0.19) | | 0.85 |
Net asset value, end of period
| $ 15.71 | | $ 17.35 | | $ 16.60 | | $ 15.51 | | $ 13.99 | | $ 14.18 |
Total return2
| (9.45%) # | | 4.52% | | 7.03% | | 10.87% | | (1.34%) | | 6.38% |
|
| Ratios/Supplemental data: | | | | | | | | | | | |
Net assets, end of period (in thousands)
| $ 50,231 | | $ 59,188 | | $ 61,854 | | $ 59,832 | | $ 57,092 | | $ 58,659 |
Ratio of total expenses to average net assets3
| 0.34% * | | 0.33% | | 0.33% | | 0.34% | | 0.33% | | 0.32% |
Ratio of net investment income (loss) to average net assets
| (0.34%) * | | (0.33%) | | (0.33%) | | (0.31%) | | (0.31%) | | (0.31%) |
Portfolio turnover rate
| 7% # | | 23% | | 30% | | 18% | | 23% | | 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. |
| # | Non-annualized. |
| * | Annualized. |
The accompanying notes are an integral part of these financial statements.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (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 valuation 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.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (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. Price 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 market participants would use in pricing an asset. Inputs may be observable or unobservable.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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) |
Level 3 items at June 30, 2022 consist of $55,523,988 and $1,906,307 of equities in the Flexibly Managed Fund and Large Growth Stock 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.
Private Investments Issued by Special Purpose Acquisition Companies — Special purpose acquisition companies (SPACs) are shell companies that have no operations but are formed to raise capital with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (IPO). Certain Funds may acquire equity
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
securitites of an issuer that are issued through a private investment in public equity (PIPE), including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer’s common equity. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold; however, in certain circumstances, the issuer may have the right to temporarily suspend trading of the shares in the first year after the merger or acquisition. The securities issued by a SPAC may be considered illiquid, more difficult to value, and/or be subject to restrictions on resale. PIPE are valued based upon valuations of the underlying SPACs.
Security Transactions, Investment Income and 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 on debt and fixed income securities 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. 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. Other expenses attributable to the Funds are allocated in accordance with methodologies, which are reviewed with the Board of Directors no less than annually.
Dividends to 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, 2021 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, 2021, 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.
Foreign Capital Gains Taxes— The International Equity Fund and Emerging Markets Equity Fund accrue capital gains tax on unrealized and realized gains for certain securities of issuers domiciled in India. At June 30, 2022, the International Equity Fund had accrued capital gains taxes of $104,886 which is reflected in the Statement of Assets and Liabilities. For the six months ended June 30, 2022, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of $59,031 and $278,015, respectively, which is reflected in the Net realized gain (loss) on Investments line item in the Statement of Operations.
3 — Investment Advisory and 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.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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.
|
| 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.
|
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| Fund | | Sub-Adviser | | Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund) |
| 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 | | Delaware Investments Fund
Advisers
| | 0.70%
|
| Mid Cap Value Fund | | Janus Henderson Investors
US 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 Henderson Investors US LLC | | 0.80% of the first $25,000,000;
0.75% of the next $25,000,000;
0.70% over $50,000,000.
|
| Small Cap Value Fund | | Goldman Sachs Asset Management, LP | | 0.75% of the first $50,000,000;
0.725% of the next $50,000,000;
0.70% over $100,000,000.
|
| Small Cap Index Fund | | SSgA Fund Management, Inc. | | 0.30%
|
| Developed International Index Fund | | SSgA Fund Management, Inc. | | 0.30%
|
| International Equity Fund | | Vontobel Asset Management, Inc. | | 0.83% 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.
|
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| Fund | | Sub-Adviser | | Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund) |
| Moderately Aggressive Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
|
| Moderate Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
|
| Moderately Conservative Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
|
| Conservative Allocation Fund | | None | | 0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
|
For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a subadvisory 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 $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.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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 |
| Money Market Fund | | 0.64% |
| Limited Maturity Bond Fund | | 0.74% |
| Quality Bond Fund | | 0.73% |
| High Yield Bond Fund | | 0.92% |
| Flexibly Managed Fund | | 0.94% |
| Balanced Fund | | 0.79% |
| Large Growth Stock Fund | | 1.02% |
| Large Cap Growth Fund | | 0.89% |
| Large Core Growth Fund | | 0.90% |
| Large Cap Value Fund | | 0.96% |
| Large Core Value Fund | | 0.96% |
| Index 500 Fund | | 0.42% |
| Mid Cap Growth Fund | | 1.00% |
| Mid Cap Value Fund | | 0.83% |
| Mid Core Value Fund | | 1.11% |
| SMID Cap Growth Fund | | 1.07% |
| Fund | | Expense Limitation |
| SMID Cap Value Fund | | 1.26% |
| Small Cap Growth Fund | | 1.13% |
| Small Cap Value Fund | | 1.02% |
| Small Cap Index Fund | | 0.74% |
| Developed International Index Fund | | 0.94% |
| International Equity Fund | | 1.20% |
| Emerging Markets Equity Fund | | 1.78% |
| Real Estate Securities Fund | | 1.02% |
| Aggressive Allocation Fund* | | 0.40% |
| Moderately Aggressive Allocation Fund* | | 0.34% |
| Moderate Allocation Fund* | | 0.34% |
| Moderately Conservative Allocation Fund* | | 0.35% |
| Conservative Allocation Fund* | | 0.38% |
| * | For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds. |
Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered “extraordinary expenses” and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.
If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.
As of June 30, 2022, the Money Market Fund waived and/or reimbursed administrative and corporate services fees that are subject to potential recapture by PMAM and Penn Mutual through the periods stated below. If not recaptured, the waiver and/or reimbursed administrative and corporate services fees will expire according to the table below:
| | December 31,
2023 | | December 31,
2024 | | December 31,
2025 | | Total |
| Money Market Fund | $ 108,890 | | $ 338,808 | | $ 51,456 | | $ 499,154 |
As of June 30, 2022, the Money Market Fund had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:
| | December 31,
2023 | | December 31,
2024 | | December 31,
2025 | | Total |
| Money Market Fund | $233,553 | | $551,705 | | $ 170,455 | | $ 955,713 |
During the six months ended June 30, 2022, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as Recaptured advisory fees on the statement of operations and are as follows:
| | |
| Money Market Fund | $ 60,644 |
Total fees of $295,554 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2022. 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, 2022 are as follows:
| | |
| Money Market Fund | $ 3,137,977 |
| Limited Maturity Bond Fund | 75,883,057 |
| Quality Bond Fund | 61,724,671 |
| Large Growth Stock Fund | 8,041,349 |
| Large Core Growth Fund | 12,190,541 |
| Index 500 Fund | 10,903,322 |
| SMID Cap Growth Fund | 3,553,793 |
| SMID Cap Value Fund | 4,685,224 |
| Small Cap Index Fund | 3,735,414 |
| Developed International Index Fund | 3,653,290 |
| International Equity Fund | 5,851,416 |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the six months ended June 30, 2022 were as follows:
| | |
| SMID Cap Growth Fund | $ 2,067 |
| Small Cap Value Fund | 7,101 |
Cross trades for the six months ended June 30, 2022, 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, 2022, 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) |
| Large Cap Growth Fund | $ 45,123 | | $— | | $— |
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, 2022 as follows:
| Balanced Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated Equity Funds — 59.5% | | | | | | | | | | | | |
| Penn Series Index 500 Fund* | | $55,850,210 | | $ 2,122,169 | | $ 3,943,932 | | $ 3,053,271 | | $(13,934,423) | | $ 43,147,295 | | 1,301,578 | | $— |
| Affiliated Fixed Income Funds — 40.4% | | | | | | | | | | | | |
| Penn Series Quality Bond Fund* | | 36,822,571 | | 429,927 | | 4,106,567 | | 822,385 | | (4,716,972) | | 29,251,344 | | 1,904,384 | | — |
| | | $ 92,672,781 | | $2,552,096 | | $8,050,499 | | $3,875,656 | | $ (18,651,395) | | $72,398,639 | | | | $— |
| * | Non-income producing security. |
| Aggressive Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated Equity Funds — 61.6% | | | | | | | | | | | | |
| Penn Series Flexibly Managed Fund* | | $ 4,165,160 | | $ 54,206 | | $ 331,183 | | $ 165,953 | | $ (748,954) | | $ 3,305,182 | | 42,342 | | $— |
| Penn Series Index 500 Fund* | | 10,460,839 | | 2,660,832 | | 584,544 | | 189,476 | | (2,254,560) | | 10,472,043 | | 315,899 | | — |
| Penn Series Large Cap Growth Fund* | | 2,110,377 | | 93,699 | | 1,215,744 | | 568,094 | | (1,000,179) | | 556,247 | | 18,101 | | — |
| Penn Series Large Cap Value Fund* | | 5,642,609 | | 72,274 | | 700,513 | | 246,583 | | (883,644) | | 4,377,309 | | 117,701 | | — |
| Penn Series Large Core Value Fund* | | 5,639,110 | | 72,037 | | 1,945,883 | | 724,319 | | (1,184,856) | | 3,304,727 | | 126,135 | | — |
| Penn Series Large Growth Stock Fund* | | 688,346 | | 158,617 | | 38,207 | | 21,431 | | (284,257) | | 545,930 | | 10,301 | | — |
| Penn Series Mid Cap Growth Fund* | | 1,406,625 | | 243,134 | | 76,413 | | 48,436 | | (528,759) | | 1,093,023 | | 35,661 | | — |
| Penn Series Mid Cap Value Fund* | | 1,414,876 | | 18,068 | | 181,237 | | (5,417) | | (154,656) | | 1,091,634 | | 44,942 | | — |
| Penn Series Mid Core Value Fund* | | 3,545,116 | | 45,172 | | 621,212 | | 173,441 | | (424,434) | | 2,718,083 | | 87,737 | | — |
| Penn Series Real Estate Securities Fund* | | 2,159,022 | | 92,410 | | 142,351 | | 53,413 | | (457,826) | | 1,704,668 | | 56,111 | | — |
| Penn Series Small Cap Growth Fund* | | 1,405,228 | | 153,574 | | 76,413 | | 25,098 | | (400,898) | | 1,106,589 | | 22,074 | | — |
| Penn Series Small Cap Index Fund* | | 2,114,988 | | 131,031 | | 114,620 | | (24,004) | | (475,003) | | 1,632,392 | | 62,163 | | — |
| Penn Series SMID Cap Growth Fund* | | 1,399,268 | | 267,027 | | 76,413 | | 42,515 | | (527,520) | | 1,104,877 | | 29,377 | | — |
| Penn Series SMID Cap Value Fund* | | 1,406,866 | | 45,975 | | 110,456 | | 34,578 | | (303,555) | | 1,073,408 | | 34,338 | | — |
| Affiliated Fixed Income Funds — 7.9% | | | | | | | | | | | | |
| Penn Series High Yield Bond Fund* | | 2,077,891 | | 27,102 | | 287,390 | | 56,186 | | (247,471) | | 1,626,318 | | 106,994 | | — |
| Penn Series Limited Maturity Bond Fund* | | 3,447,096 | | 45,172 | | 595,755 | | 40,317 | | (170,883) | | 2,765,947 | | 215,249 | | — |
| Affiliated International Equity Funds — 29.9% | | | | | | | | | | | | |
| Penn Series Developed International Index Fund* | | 8,430,576 | | 271,057 | | 531,787 | | 152,945 | | (1,798,414) | | 6,524,377 | | 461,739 | | — |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| Aggressive Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Penn Series Emerging Markets Equity Fund* | | $ 4,168,887 | | $ 313,591 | | $ 408,253 | | $ (39,828) | | $ (765,857) | | $ 3,268,540 | | 288,231 | | $— |
| Penn Series International Equity Fund* | | 8,497,242 | | 814,640 | | 458,480 | | 157,691 | | (2,270,027) | | 6,741,066 | | 204,523 | | — |
| | | $ 70,180,122 | | $ 5,579,618 | | $8,496,854 | | $2,631,227 | | $(14,881,753) | | $ 55,012,360 | | | | $— |
| * | Non-income producing security. |
| Moderately Aggressive Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated Equity Funds — 57.7% | | | | | | | | | | | | |
| Penn Series Flexibly Managed Fund* | | $ 14,587,377 | | $ 160,129 | | $ 852,333 | | $ 433,522 | | $ (2,490,736) | | $ 11,837,959 | | 151,652 | | $— |
| Penn Series Index 500 Fund* | | 31,749,501 | | 9,623,409 | | 1,497,938 | | 673,344 | | (6,989,091) | | 33,559,225 | | 1,012,345 | | — |
| Penn Series Large Cap Growth Fund* | | 7,390,520 | | 371,897 | | 4,246,118 | | 2,036,794 | | (3,560,747) | | 1,992,346 | | 64,834 | | — |
| Penn Series Large Cap Value Fund* | | 19,760,562 | | 233,014 | | 2,057,431 | | 920,040 | | (3,178,682) | | 15,677,503 | | 421,551 | | — |
| Penn Series Large Core Value Fund* | | 19,748,491 | | 213,226 | | 6,489,959 | | 2,503,905 | | (4,139,372) | | 11,836,291 | | 451,767 | | — |
| Penn Series Large Growth Stock Fund* | | 2,410,629 | | 582,282 | | 111,272 | | 62,349 | | (988,607) | | 1,955,381 | | 36,894 | | — |
| Penn Series Mid Cap Growth Fund* | | 4,925,785 | | 904,176 | | 222,543 | | 138,932 | | (1,831,373) | | 3,914,977 | | 127,732 | | — |
| Penn Series Mid Cap Value Fund* | | 2,477,391 | | 26,688 | | 265,491 | | 10,791 | | (294,490) | | 1,954,889 | | 80,481 | | — |
| Penn Series Mid Core Value Fund* | | 12,414,906 | | 133,441 | | 1,919,652 | | 631,045 | | (1,524,884) | | 9,734,856 | | 314,230 | | — |
| Penn Series Real Estate Securities Fund* | | 7,560,457 | | 342,751 | | 375,344 | | 143,737 | | (1,565,652) | | 6,105,949 | | 200,986 | | — |
| Penn Series Small Cap Growth Fund* | | 2,460,462 | | 294,409 | | 111,272 | | 44,610 | | (706,415) | | 1,981,794 | | 39,533 | | — |
| Penn Series Small Cap Index Fund* | | 9,875,121 | | 711,212 | | 445,086 | | 121,444 | | (2,467,188) | | 7,795,503 | | 296,858 | | — |
| Penn Series SMID Cap Growth Fund* | | 2,450,063 | | 493,308 | | 111,272 | | 63,920 | | (917,288) | | 1,978,731 | | 52,612 | | — |
| Penn Series SMID Cap Value Fund* | | 4,926,657 | | 174,690 | | 303,917 | | 68,399 | | (1,021,448) | | 3,844,381 | | 122,981 | | — |
| Affiliated Fixed Income Funds — 18.0% | | | | | | | | | | | | |
| Penn Series High Yield Bond Fund* | | 7,277,548 | | 80,065 | | 856,494 | | 269,636 | | (946,005) | | 5,824,750 | | 383,207 | | — |
| Penn Series Limited Maturity Bond Fund* | | 24,146,584 | | 266,882 | | 3,680,098 | | 257,149 | | (1,177,335) | | 19,813,182 | | 1,541,882 | | — |
| Penn Series Quality Bond Fund* | | 12,078,290 | | 133,441 | | 878,912 | | 102,182 | | (1,396,726) | | 10,038,275 | | 653,534 | | — |
| Affiliated International Equity Funds — 23.9% | | | | | | | | | | | | |
| Penn Series Developed International Index Fund* | | 22,143,448 | | 843,218 | | 1,098,264 | | 327,436 | | (4,690,463) | | 17,525,375 | | 1,240,295 | | — |
| Penn Series Emerging Markets Equity Fund* | | 12,167,611 | | 987,281 | | 1,031,741 | | 152,610 | | (2,520,396) | | 9,755,365 | | 860,262 | | — |
| Penn Series International Equity Fund* | | 24,797,590 | | 2,633,994 | | 1,112,716 | | 416,148 | | (6,614,559) | | 20,120,457 | | 610,451 | | — |
| | | $245,348,993 | | $19,209,513 | | $27,667,853 | | $ 9,377,993 | | $(49,021,457) | | $197,247,189 | | | | $— |
| * | Non-income producing security. |
| Moderate Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated Equity Funds — 44.7% | | | | | | | | | | | | |
| Penn Series Flexibly Managed Fund* | | $ 17,135,094 | | $ 102,993 | | $ 1,168,918 | | $ 792,690 | | $ (3,178,488) | | $ 13,683,371 | | 175,293 | | $— |
| Penn Series Index 500 Fund* | | 34,426,314 | | 6,471,128 | | 2,192,431 | | 740,991 | | (7,500,292) | | 31,945,710 | | 963,671 | | — |
| Penn Series Large Cap Growth Fund* | | 5,787,708 | | 265,226 | | 2,577,173 | | 1,244,470 | | (2,417,297) | | 2,302,934 | | 74,941 | | — |
| Penn Series Large Cap Value Fund* | | 14,507,719 | | 152,302 | | 1,707,870 | | 499,705 | | (2,125,662) | | 11,326,194 | | 304,549 | | — |
| Penn Series Large Core Value Fund* | | 14,498,853 | | 38,949 | | 4,244,419 | | 1,583,807 | | (2,756,066) | | 9,121,124 | | 348,135 | | — |
| Penn Series Large Growth Stock Fund* | | 2,831,694 | | 686,625 | | 181,018 | | 100,846 | | (1,177,931) | | 2,260,216 | | 42,646 | | — |
| Penn Series Mid Cap Growth Fund* | | 5,786,485 | | 1,069,323 | | 362,037 | | 221,510 | | (2,189,993) | | 4,525,288 | | 147,644 | | — |
| Penn Series Mid Core Value Fund* | | 14,583,756 | | 38,949 | | 2,349,413 | | 705,505 | | (1,726,090) | | 11,252,707 | | 363,225 | | — |
| Penn Series Real Estate Securities Fund* | | 5,921,055 | | 255,912 | | 372,361 | | 182,740 | | (1,282,180) | | 4,705,166 | | 154,877 | | — |
| Penn Series Small Cap Index Fund* | | 8,700,554 | | 645,594 | | 543,055 | | 145,434 | | (2,190,351) | | 6,758,176 | | 257,356 | | — |
| Penn Series SMID Cap Growth Fund* | | 2,878,159 | | 583,803 | | 181,018 | | 90,980 | | (1,084,703) | | 2,287,221 | | 60,814 | | — |
| Penn Series SMID Cap Value Fund* | | 2,893,667 | | 98,817 | | 218,300 | | 67,459 | | (619,716) | | 2,221,927 | | 71,079 | | — |
| Affiliated Fixed Income Funds — 38.1% | | | | | | | | | | | | |
| Penn Series High Yield Bond Fund* | | 11,398,091 | | 31,159 | | 1,404,588 | | 548,829 | | (1,596,718) | | 8,976,773 | | 590,577 | | — |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| Moderate Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Penn Series Limited Maturity Bond Fund* | | $ 39,708,871 | | $ 787,469 | | $ 4,589,316 | | $ 303,567 | | $ (1,858,920) | | $ 34,351,671 | | 2,673,282 | | $— |
| Penn Series Quality Bond Fund* | | 56,750,229 | | 151,057 | | 6,893,422 | | 1,129,537 | | (7,047,154) | | 44,090,247 | | 2,870,459 | | — |
| Affiliated International Equity Funds — 16.9% | | | | | | | | | | | | |
| Penn Series Developed International Index Fund* | | 14,450,945 | | 519,039 | | 905,091 | | 365,448 | | (3,176,133) | | 11,254,208 | | 796,476 | | — |
| Penn Series Emerging Markets Equity Fund* | | 14,292,746 | | 1,091,763 | | 1,352,939 | | 109,570 | | (2,865,083) | | 11,276,057 | | 994,361 | | — |
| Penn Series International Equity Fund* | | 20,390,937 | | 2,197,555 | | 1,267,127 | | 535,568 | | (5,576,989) | | 16,279,944 | | 493,931 | | — |
| | | $286,942,877 | | $15,187,663 | | $32,510,496 | | $9,368,656 | | $(50,369,766) | | $228,618,934 | | | | $— |
| * | Non-income producing security. |
| Moderately Conservative Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated Equity Funds — 32.6% | | | | | | | | | | | | |
| Penn Series Flexibly Managed Fund* | | $ 7,906,973 | | $ 585,265 | | $ 445,821 | | $ 234,656 | | $ (1,381,790) | | $ 6,899,283 | | 88,384 | | $— |
| Penn Series Index 500 Fund* | | 5,957,187 | | 2,509,916 | | 345,878 | | 97,014 | | (1,315,328) | | 6,902,911 | | 208,233 | | — |
| Penn Series Large Cap Growth Fund* | | 2,002,998 | | 212,675 | | 925,672 | | 408,285 | | (827,443) | | 870,843 | | 28,338 | | — |
| Penn Series Large Cap Value Fund* | | 5,020,806 | | 339,325 | | 479,784 | | 163,015 | | (760,401) | | 4,282,961 | | 115,164 | | — |
| Penn Series Large Core Value Fund* | | 5,017,732 | | 239,956 | | 1,372,233 | | 445,925 | | (882,252) | | 3,449,128 | | 131,646 | | — |
| Penn Series Mid Core Value Fund* | | 3,028,250 | | 144,573 | | 389,790 | | 113,643 | | (343,580) | | 2,553,096 | | 82,411 | | — |
| Penn Series Real Estate Securities Fund* | | 2,049,087 | | 236,363 | | 111,455 | | 43,754 | | (438,496) | | 1,779,253 | | 58,567 | | — |
| Penn Series Small Cap Index Fund* | | 1,003,663 | | 148,997 | | 55,728 | | (11,223) | | (233,889) | | 851,820 | | 32,438 | | — |
| Penn Series SMID Cap Value Fund* | | 1,001,429 | | 94,912 | | 55,728 | | 16,378 | | (216,826) | | 840,165 | | 26,877 | | — |
| Affiliated Fixed Income Funds — 56.9% | | | | | | | | | | | | |
| Penn Series High Yield Bond Fund* | | 4,930,926 | | 240,955 | | 455,430 | | 150,495 | | (623,409) | | 4,243,537 | | 279,180 | | — |
| Penn Series Limited Maturity Bond Fund* | | 22,577,566 | | 2,291,522 | | 2,300,323 | | 162,417 | | (1,078,773) | | 21,652,409 | | 1,685,012 | | — |
| Penn Series Quality Bond Fund* | | 28,479,024 | | 1,365,801 | | 3,141,072 | | 523,875 | | (3,532,222) | | 23,695,406 | | 1,542,670 | | — |
| Affiliated International Equity Funds — 9.9% | | | | | | | | | | | | |
| Penn Series Developed International Index Fund* | | 3,000,693 | | 324,670 | | 167,183 | | 51,565 | | (656,199) | | 2,553,546 | | 180,718 | | — |
| Penn Series Emerging Markets Equity Fund* | | 1,978,565 | | 274,112 | | 155,448 | | (2,475) | | (389,083) | | 1,705,671 | | 150,412 | | — |
| Penn Series International Equity Fund* | | 5,040,580 | | 917,475 | | 278,638 | | 106,802 | | (1,388,795) | | 4,397,424 | | 133,417 | | — |
| | | $98,995,479 | | $ 9,926,517 | | $10,680,183 | | $2,504,126 | | $(14,068,486) | | $ 86,677,453 | | | | $— |
| * | Non-income producing security. |
| Conservative Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated Equity Funds — 19.5% | | | | | | | | | | | | |
| Penn Series Flexibly Managed Fund* | | $ 4,670,678 | | $ 335,771 | | $ 428,658 | | $ 158,949 | | $ (819,205) | | $ 3,917,535 | | 50,186 | | $— |
| Penn Series Index 500 Fund* | | 2,346,382 | | 294,931 | | 214,329 | | 62,947 | | (530,011) | | 1,959,920 | | 59,123 | | — |
| Penn Series Large Cap Value Fund* | | 1,186,693 | | 68,577 | | 146,356 | | 42,650 | | (178,903) | | 972,661 | | 26,154 | | — |
| Penn Series Large Core Value Fund* | | 1,778,879 | | 95,935 | | 257,789 | | 70,763 | | (218,925) | | 1,468,863 | | 56,063 | | — |
| Penn Series Mid Core Value Fund* | | 1,193,024 | | 39,041 | | 179,485 | | 49,862 | | (136,145) | | 966,297 | | 31,191 | | — |
| Penn Series Real Estate Securities Fund* | | 605,498 | | 67,176 | | 53,582 | | 19,045 | | (132,839) | | 505,298 | | 16,633 | | — |
| Affiliated Fixed Income Funds — 75.8% | | | | | | | | | | | | |
| Penn Series High Yield Bond Fund* | | 2,912,574 | | 91,141 | | 321,701 | | 57,502 | | (330,340) | | 2,409,176 | | 158,498 | | — |
| Penn Series Limited Maturity Bond Fund* | | 19,131,755 | | 1,771,198 | | 2,435,093 | | 173,191 | | (938,489) | | 17,702,562 | | 1,377,631 | | — |
| Penn Series Quality Bond Fund* | | 22,619,234 | | 927,414 | | 3,258,737 | | 324,128 | | (2,672,872) | | 17,939,167 | | 1,167,915 | | — |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| Conservative Allocation Fund | | Total
Value at
12/31/21 | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Total
Value at
06/30/22 | | Number of
Shares | | Dividend
Income |
| Affiliated International Equity Funds — 2.9% | | | | | | | | | | | | |
| Penn Series Developed International Index Fund* | | $ 1,181,954 | | $ 124,085 | | $ 107,164 | | $ 18,147 | | $ (250,508) | | $ 966,514 | | 68,402 | | $— |
| Penn Series International Equity Fund* | | 595,678 | | 105,812 | | 53,582 | | 14,850 | | (163,278) | | 499,480 | | 15,154 | | — |
| | | $58,222,349 | | $3,921,081 | | $7,456,476 | | $992,034 | | $ (6,371,515) | | $49,307,473 | | | | $— |
| * | Non-income producing security. |
5 — Purchases and Sales of Securities
During the six months ended June 30, 2022, 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 | $ 207,725 | | $ 6,770,191 | | $ 61,277,106 | | $ 66,580,375 |
| Quality Bond Fund | 23,571,341 | | 38,328,840 | | 65,840,628 | | 79,443,065 |
| High Yield Bond Fund | — | | — | | 85,951,285 | | 87,246,764 |
| Flexibly Managed Fund | 434,254,110 | | 46,106,730 | | 1,802,579,913 | | 1,881,980,350 |
| Balanced Fund | — | | — | | 2,552,096 | | 8,050,499 |
| Large Growth Stock Fund | — | | — | | 59,460,336 | | 76,648,898 |
| Large Cap Growth Fund | — | | — | | 13,234,039 | | 15,789,661 |
| Large Core Growth Fund | — | | — | | 41,922,795 | | 40,757,174 |
| Large Cap Value Fund | — | | — | | 59,568,125 | | 69,815,549 |
| Large Core Value Fund | — | | — | | 46,443,456 | | 63,512,221 |
| Index 500 Fund | — | | — | | 38,751,442 | | 22,202,294 |
| Mid Cap Growth Fund | — | | — | | 29,395,954 | | 35,629,559 |
| Mid Cap Value Fund | — | | — | | 20,312,455 | | 25,866,276 |
| Mid Core Value Fund | — | | — | | 37,529,371 | | 40,411,197 |
| SMID Cap Growth Fund | — | | — | | 35,646,610 | | 36,331,422 |
| SMID Cap Value Fund | — | | — | | 14,985,620 | | 18,368,531 |
| Small Cap Growth Fund | — | | — | | 8,077,812 | | 10,307,832 |
| Small Cap Value Fund | — | | — | | 60,623,649 | | 69,939,046 |
| Small Cap Index Fund | — | | — | | 13,044,281 | | 11,621,111 |
| Developed International Index Fund | — | | — | | 2,491,354 | | 1,654,106 |
| International Equity Fund | — | | — | | 84,700,985 | | 90,120,067 |
| Emerging Markets Equity Fund | — | | — | | 34,070,180 | | 35,980,793 |
| Real Estate Securities Fund | — | | — | | 17,896,039 | | 23,787,964 |
| Aggressive Allocation Fund | — | | — | | 5,579,621 | | 8,496,856 |
| Moderately Aggressive Allocation Fund | — | | — | | 19,209,511 | | 27,667,852 |
| Moderate Allocation Fund | — | | — | | 15,187,664 | | 32,510,499 |
| Moderately Conservative Allocation Fund | — | | — | | 9,926,518 | | 10,680,183 |
| Conservative Allocation Fund | — | | — | | 3,921,083 | | 7,456,478 |
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
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
December 31, 2021, 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 period that the differences arise. Accordingly, the following permanent differences as of December 31, 2021, primarily attributable to consent dividends, were reclassed between the following accounts:
| | Total
distributable
earnings
(loss) | | Increase
(Decrease)
Paid-in Capital |
| Limited Maturity Bond Fund | $ (3,660,374) | | $ 3,660,374 |
| Quality Bond Fund | (10,989,802) | | 10,989,802 |
| High Yield Bond Fund | (6,975,215) | | 6,975,215 |
| Flexibly Managed Fund | (649,518,380) | | 649,518,380 |
| Balanced Fund | (9,137,298) | | 9,137,298 |
| Large Growth Stock Fund | (57,314,055) | | 57,314,055 |
| Large Cap Growth Fund | (8,412,195) | | 8,412,195 |
| Large Core Growth Fund | (40,421,913) | | 40,421,913 |
| Large Cap Value Fund | (28,100,414) | | 28,100,414 |
| Large Core Value Fund | (32,219,479) | | 32,219,479 |
| Index 500 Fund | (51,688,064) | | 51,688,064 |
| Mid Cap Growth Fund | (33,041,972) | | 33,041,972 |
| Mid Cap Value Fund | (542,837) | | 542,837 |
| Mid Core Value Fund | (18,445,883) | | 18,445,883 |
| SMID Cap Growth Fund | (17,020,708) | | 17,020,708 |
| SMID Cap Value Fund | (2,864,642) | | 2,864,642 |
| Small Cap Growth Fund | (20,549,656) | | 20,549,656 |
| Small Cap Value Fund | (44,935,608) | | 44,935,608 |
| Small Cap Index Fund | (12,768,316) | | 12,768,316 |
| Developed International Index Fund | (5,103,888) | | 5,103,888 |
| International Equity Fund | (63,412,357) | | 63,412,357 |
| Emerging Markets Equity Fund | (18,911,074) | | 18,911,074 |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| | Total
distributable
earnings
(loss) | | Increase
(Decrease)
Paid-in Capital |
| Real Estate Securities Fund | $ (14,029,621) | | $ 14,029,621 |
| Aggressive Allocation Fund | (8,200,854) | | 8,200,854 |
| Moderately Aggressive Allocation Fund | (19,725,435) | | 19,725,435 |
| Moderate Allocation Fund | (24,964,151) | | 24,964,151 |
| Moderately Conservative Allocation Fund | (6,770,428) | | 6,770,428 |
| Conservative Allocation Fund | (3,784,297) | | 3,784,297 |
These reclassifications had no effect on net assets or net asset value per share.
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2021 and 2020 were as follows:
| | Ordinary Income and
Short-Term Capital Gains | | Long-Term Capital Gains | | Total |
| | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 |
| Money Market Fund | $ 21,353 | | $ 280,484 | | $ — | | $ — | | $ 21,353 | | $ 280,484 |
| Limited Maturity Bond Fund | 3,660,375 | | 7,034,384 | | — | | 1,567,406 | | 3,660,375 | | 8,601,790 |
| Quality Bond Fund | 10,408,652 | | 18,022,139 | | 581,151 | | 6,844,266 | | 10,989,803 | | 24,866,405 |
| High Yield Bond Fund | 6,975,214 | | 7,123,023 | | — | | — | | 6,975,214 | | 7,123,023 |
| Flexibly Managed Fund | 195,736,954 | | 170,953,177 | | 453,781,423 | | 441,249,176 | | 649,518,377 | | 612,202,353 |
| Balanced Fund | 1,241,162 | | 1,750,694 | | 12,884,778 | | 17,384,260 | | 14,125,940 | | 19,134,954 |
| Large Growth Stock Fund | 5,933,272 | | 4,837,204 | | 51,380,783 | | 28,538,979 | | 57,314,055 | | 33,376,183 |
| Large Cap Growth Fund | 872,268 | | 127,140 | | 7,539,927 | | 8,408,992 | | 8,412,195 | | 8,536,132 |
| Large Core Growth Fund | 4,420,923 | | 19,399,794 | | 36,000,990 | | 25,553,387 | | 40,421,913 | | 44,953,181 |
| Large Cap Value Fund | 7,212,972 | | 1,996,799 | | 20,887,442 | | — | | 28,100,414 | | 1,996,799 |
| Large Core Value Fund | 11,009,430 | | 2,825,057 | | 21,210,050 | | 1,542,840 | | 32,219,480 | | 4,367,897 |
| Index 500 Fund | 7,510,040 | | 7,995,616 | | 44,177,839 | | 66,750,489 | | 51,687,879 | | 74,746,105 |
| Mid Cap Growth Fund | — | | — | | 33,041,972 | | 23,161,228 | | 33,041,972 | | 23,161,228 |
| Mid Cap Value Fund | 542,837 | | 1,005,956 | | — | | — | | 542,837 | | 1,005,956 |
| Mid Core Value Fund | 6,948,194 | | 986,874 | | 11,497,689 | | 562,228 | | 18,445,883 | | 1,549,102 |
| SMID Cap Growth Fund | 2,306,213 | | 8,305,898 | | 14,714,496 | | 9,833,197 | | 17,020,709 | | 18,139,095 |
| SMID Cap Value Fund | 2,864,643 | | 455,151 | | — | | — | | 2,864,643 | | 455,151 |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| | Ordinary Income and
Short-Term Capital Gains | | Long-Term Capital Gains | | Total |
| | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 |
| Small Cap Growth Fund | $ 3,001,820 | | $ — | | $ 17,548,296 | | $ 7,325,859 | | $ 20,550,116 | | $ 7,325,859 |
| Small Cap Value Fund | 20,918,874 | | 938,778 | | 24,016,729 | | — | | 44,935,603 | | 938,778 |
| Small Cap Index Fund | 1,856,813 | | 1,170,684 | | 10,911,503 | | 7,302,631 | | 12,768,316 | | 8,473,315 |
| Developed International Index Fund | 2,667,317 | | 1,986,014 | | 2,436,570 | | 1,907,408 | | 5,103,887 | | 3,893,422 |
| International Equity Fund | 5,989,745 | | 2,186,488 | | 57,422,610 | | 23,387,435 | | 63,412,355 | | 25,573,923 |
| Emerging Markets Equity Fund | 5,615,466 | | 1,149,422 | | 13,295,608 | | — | | 18,911,074 | | 1,149,422 |
| Real Estate Securities Fund | 1,161,507 | | 1,834,015 | | 12,868,114 | | — | | 14,029,621 | | 1,834,015 |
| Aggressive Allocation Fund | 1,681,712 | | 839,709 | | 14,115,541 | | 7,600,653 | | 15,797,253 | | 8,440,362 |
| Moderately Aggressive Allocation Fund | 6,036,323 | | 3,243,583 | | 39,308,858 | | 25,962,614 | | 45,345,181 | | 29,206,197 |
| Moderate Allocation Fund | 6,688,233 | | 5,393,187 | | 43,116,939 | | 35,292,752 | | 49,805,172 | | 40,685,939 |
| Moderately Conservative Allocation Fund | 2,238,079 | | 2,151,240 | | 11,019,657 | | 8,796,197 | | 13,257,736 | | 10,947,437 |
| Conservative Allocation Fund | 1,173,776 | | 1,699,850 | | 5,120,919 | | 4,372,679 | | 6,294,695 | | 6,072,529 |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
Capital loss carryforwards:
At December 31, 2021, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:
| | Short-Term
Capital Loss | | Long-Term
Capital Loss |
| Limited Maturity Bond Fund | $ — | | $ (137,497) |
| High Yield Bond Fund | — | | (46,730) |
| Mid Cap Value Fund | — | | (6,458,222) |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
During the year ended December 31, 2021, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
| | |
| Money Market Fund | $ 80 |
| High Yield Bond Fund | 6,521,494 |
| Large Cap Value Fund | 4,960,377 |
| Mid Cap Value Fund | 13,954,491 |
| SMID Cap Value Fund | 8,005,009 |
| Small Cap Value Fund | 2,134,627 |
| Real Estate Securities Fund | 3,595,565 |
Tax cost of securities:
At June 30, 2022, 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, 2022 were as follows:
| | Federal
Tax Cost | | Unrealized
Appreciation | | Unrealized
Depreciation | | Net Unrealized
Appreciation/
Depreciation |
| Money Market Fund | $ 172,352,745 | | $ — | | $ — | | $ — |
| Limited Maturity Bond Fund | 246,826,545 | | 455,353 | | (11,916,381) | | (11,461,028) |
| Quality Bond Fund | 426,789,513 | | 257,391 | | (37,784,532) | | (37,527,141) |
| High Yield Bond Fund | 152,866,018 | | 17,500 | | (12,557,491) | | (12,539,991) |
| Flexibly Managed Fund | 4,770,285,745 | | 172,355,529 | | (370,703,973) | | (198,348,444) |
| Balanced Fund | 54,422,301 | | 18,832,974 | | (521,206) | | 18,311,768 |
| Large Growth Stock Fund | 219,862,812 | | 76,289,187 | | (40,120,068) | | 36,169,119 |
| Large Cap Growth Fund | 49,441,940 | | 14,310,855 | | (2,469,476) | | 11,841,379 |
| Large Core Growth Fund | 170,213,133 | | 261,473 | | (74,239,642) | | (73,978,169) |
| Large Cap Value Fund | 164,793,472 | | 16,676,764 | | (9,421,222) | | 7,255,542 |
| Large Core Value Fund | 152,057,998 | | 14,858,965 | | (11,092,234) | | 3,766,731 |
| Index 500 Fund | 333,935,852 | | 263,743,784 | | (18,878,616) | | 244,865,168 |
| Mid Cap Growth Fund | 120,285,678 | | 33,683,910 | | (18,965,287) | | 14,718,623 |
| Mid Cap Value Fund | 80,021,085 | | 12,867,661 | | (6,654,475) | | 6,213,186 |
| Mid Core Value Fund | 87,793,375 | | 3,516,329 | | (7,793,309) | | (4,276,980) |
| SMID Cap Growth Fund | 83,376,943 | | 1,841,821 | | (16,618,742) | | (14,776,921) |
| SMID Cap Value Fund | 58,118,264 | | 4,381,042 | | (7,627,833) | | (3,246,791) |
| Small Cap Growth Fund | 79,463,087 | | 29,315,928 | | (9,940,129) | | 19,375,799 |
| Small Cap Value Fund | 164,318,351 | | 10,586,241 | | (20,537,850) | | (9,951,609) |
| Small Cap Index Fund | 81,718,080 | | 11,177,239 | | (17,925,099) | | (6,747,860) |
| Developed International Index Fund | 75,265,996 | | 24,971,689 | | (11,399,102) | | 13,572,587 |
| International Equity Fund | 287,948,747 | | 6,646,966 | | (32,937,979) | | (26,291,013) |
| Emerging Markets Equity Fund | 116,345,217 | | 3,685,978 | | (17,668,232) | | (13,982,254) |
| Real Estate Securities Fund | 103,023,097 | | 11,916,160 | | (4,218,133) | | 7,698,027 |
| Aggressive Allocation Fund | 51,061,578 | | 5,282,288 | | (950,005) | | 4,332,283 |
| Moderately Aggressive Allocation Fund | 174,124,036 | | 26,958,887 | | (2,825,677) | | 24,133,210 |
| Moderate Allocation Fund | 203,123,749 | | 28,867,679 | | (2,359,884) | | 26,507,795 |
| Moderately Conservative Allocation Fund | 82,874,636 | | 5,470,165 | | (990,510) | | 4,479,655 |
| Conservative Allocation Fund | 49,893,137 | | 1,458,475 | | (1,144,388) | | 314,087 |
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.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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. 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, 2022. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2022 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.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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, 2022 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 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 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, 2022:
| | | 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.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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, 2022:
| | 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 | $ — | | $ — | | $ — | | $ — | | $ — | | $ (238,641) |
| Quality Bond Fund | — | | — | | — | | — | | — | | (1,035,430) |
| Flexibly Managed Fund | — | | — | | — | | (4,332,683) | | — | | — |
| Index 500 Fund | 10,763 | | — | | — | | — | | — | | — |
| Mid Cap Growth Fund | — | | — | | — | | (232,300) | | — | | — |
| Mid Core Value Fund | — | | 18,042 | | — | | — | | (5,597) | | — |
| Small Cap Index Fund | — | | — | | — | | (49,214) | | — | | — |
| Developed International Index Fund | — | | — | | — | | (35,320) | | — | | — |
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 (closeout netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements (“MNA”).
Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
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, 2022:
| | | | | 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 |
| Flexibly Managed Fund | | | | | | | | | | | | |
| Bank of America | | ISDA | | $ — | | $ (13,104) | | $ (13,104) | | $— | | $ (13,104) |
| Citigroup | | ISDA | | — | | (1,748,267) | | (1,748,267) | | — | | (1,748,267) |
| Credit Suisse | | ISDA | | — | | (69,733) | | (69,733) | | — | | (69,733) |
| Goldman Sachs | | ISDA | | — | | (597,288) | | (597,288) | | — | | (597,288) |
| JP Morgan | | ISDA | | — | | (625,385) | | (625,385) | | — | | (625,385) |
| Susquehanna Financial Group, Lllp | | ISDA | | — | | (960,613) | | (960,613) | | — | | (960,613) |
| WellsFargo | | ISDA | | — | | (318,293) | | (318,293) | | — | | (318,293) |
| Total | | | | $ — | | $(4,332,683) | | $(4,332,683) | | $— | | $(4,332,683) |
| Mid Cap Growth Fund | | | | | | | | | | | | |
| Morgan Stanley | | ISDA | | — | | (232,300) | | (232,300) | | — | | (232,300) |
| Total | | | | $ — | | $ (232,300) | | $ (232,300) | | $— | | $ (232,300) |
| Mid Core Value Fund | | | | | | | | | | | | |
| Bank of America | | Fx Letter | | 7,549 | | (227) | | 7,322 | | — | | 7,322 |
| JP Morgan | | Fx Letter | | 10,493 | | — | | 10,493 | | — | | 10,493 |
| UBS Securities | | Fx Letter | | — | | (5,370) | | (5,370) | | — | | (5,370) |
| Total | | | | $18,042 | | $ (5,597) | | $ 12,445 | | $— | | $ 12,445 |
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2022:
| 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 |
| | | Realized Gain (Loss) on Derivatives Recognized in Income |
| Fund | | Equity Contracts | | Foreign Currency
Contracts | | Interest Rate
Contracts |
| Limited Maturity Bond Fund | | $ — | | $ — | | $ (1,194,331) |
| Quality Bond Fund | | — | | — | | (8,237,279) |
| Flexibly Managed Fund | | 11,666,455 | | — | | — |
| Large Cap Growth Fund | | — | | (41) | | — |
| Index 500 Fund | | (1,428,589) | | — | | — |
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
| | | Realized Gain (Loss) on Derivatives Recognized in Income |
| Fund | | Equity Contracts | | Foreign Currency
Contracts | | Interest Rate
Contracts |
| Mid Cap Growth Fund | | $ (649,894) | | $ — | | $ — |
| Mid Core Value Fund | | — | | 461,540 | | — |
| Small Cap Index Fund | | (216,704) | | — | | — |
| Developed International Index Fund | | (556,514) | | 1,536 | | — |
| | | Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income |
| Fund | | Equity Contracts | | Foreign Currency
Contracts | | Interest Rate
Contracts |
| Limited Maturity Bond Fund | | $ — | | $ — | | $ (255,660) |
| Quality Bond Fund | | — | | — | | (1,279,525) |
| Flexibly Managed Fund | | 67,163,500 | | — | | — |
| Index 500 Fund | | (76,101) | | — | | — |
| Mid Cap Growth Fund | | 105,205 | | — | | — |
| Mid Core Value Fund | | — | | 81,119 | | — |
| Small Cap Index Fund | | (72,666) | | — | | — |
| Developed International Index Fund | | (87,434) | | — | | — |
The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2022. 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 | | $ — | | $ 43,010,099 | | $ — | | $ — | | $ — |
| Quality Bond Fund | | — | | 159,142,272 | | (4,881,250) | | — | | — |
| Flexibly Managed Fund | | — | | — | | — | | — | | (30,347,634) |
| Index 500 Fund | | — | | 7,164,808 | | — | | — | | — |
| Mid Cap Growth Fund | | — | | — | | — | | 6,476 | | (166,927) |
| Mid Core Value Fund | | (5,752,265) | | — | | — | | — | | — |
| Small Cap Index Fund | | — | | 1,123,920 | | — | | — | | — |
| Developed International Index Fund | | — | | 3,360,403 | | — | | — | | — |
The Large Cap Growth Fund had derivative activity during the period but did not have open positions at any quarter-end.
8 — Credit and Market Risk
Recently, the global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption, impacting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate other types of risks that apply to the Funds and negatively impact Fund performance.
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,
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2022 (Unaudited)
and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds’ ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.
The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer’s continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.
The High Yield Bond, Flexibly Managed, Large Core 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.
Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.
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 Pronoucements and Reporting Updates
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 June 2023. 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.
Management is also actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
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.
Penn Series Funds, Inc.
June 30, 2022 (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, 2022 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
Penn Series Funds, Inc.
June 30, 2022
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 consist 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 consist 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”, and together with PMAM, the “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 and monitors each Sub-Adviser’s investment activities with respect to each Fund it manages to seek to ensure compliance with the Fund’s investment policies and guidelines, adherence to its investment style, and consistent 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 |
| Delaware Investments Fund Advisers | | Mid Cap Growth 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 |
| Janus Henderson Investors US LLC | | Mid Cap Value Fund |
| Janus Henderson Investors US 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 Investment Management, Inc. | | |
| 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 each Fund’s initial Advisory Agreement and Sub-Advisory Agreement, as well as the continuation thereof, 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 the Advisers are required to furnish, such information as may be reasonably necessary for the Board to evaluate the terms of the Agreements. Due to the ongoing coronavirus pandemic, the Funds and the Advisers continue to rely on exemptive relief granted by the Securities and Exchange Commission (Investment Company Release Nos. 33824 and 33897) that provides relief
Penn Series Funds, Inc.
June 30, 2022
Board Approval of Investment Advisory and Sub-Advisory Agreements
from the in-person voting requirement applicable to the approval of advisory agreements. The Board considered and approved the Agreements at a meeting of the Board held via video conference on May 19, 2022.
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
The Board held a special meeting on May 12, 2022 (the “Pre-15(c) Meeting”) and a meeting on May 19, 2022 (the “May Meeting” and together with the Pre-15(c) Meeting, the “Meetings”) to consider the approval of each Agreement with respect to each Fund. In preparation for the Pre-15(c) 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 Pre-15(c) 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 funds, as identified by an independent third party (“Peer Funds”), (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 each Fund’s Peer Funds, (iv) the costs to each Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and its affiliates, (v) each Adviser’s compliance program, and (vi) various other matters relevant to the operations of and services provided by each Adviser. In addition to the information provided by the Advisers, the Board also considered the detailed Fund information the Board receives and reviews during the course of the year, including Fund-specific performance and fees and expenses information. The Board also received and reviewed a memorandum from legal counsel discussing the responsibilities of the Independent Directors in connection with their consideration of the continuation of the Agreements. In the course of their deliberations, the Independent Directors met both with senior representatives of PMAM and in executive session outside the presence of management to discuss the information submitted to the Board in connection with the renewal of the Agreements. At the May Meeting, following its deliberations, the Board, including all of the Independent Directors, unanimously determined: (a) that the terms of each Agreement are fair and reasonable; (b) that each Adviser’s fees are reasonable in light of the services that it provides to the Fund(s) it manages, as well as the costs incurred and benefits realized by the Adviser and its affiliates in providing such services; (c) that PMAM’s fees are reasonable in comparison to the fees charged by investment advisers to Peer Funds; and (d) to approve each Agreement based upon the considerations, among others, described below.
Board Considerations
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 and 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 its Peer Funds. 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 Meetings, representatives from PMAM commented on the information delivered to the Board and answered questions from the Directors 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 continuation of the Agreements in light of all of the information provided.
Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Directors, unanimously: (a) concluded that the terms of each Agreement are fair and reasonable; (b) concluded that each Adviser’s fees are reasonable in light of the services that it provides to the Fund(s) it manages, as well as the costs incurred and benefits realized by the
Penn Series Funds, Inc.
June 30, 2022
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
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 Peer 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 processes; past performance; brokerage practices; compliance infrastructure and program, including preparedness to comply with new regulatory initiatives and rules; 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 for the Funds’ operations, the competitive landscape of the investment company business, and investor needs. In its consideration of this factor, the Board evaluated each Adviser’s past, present and anticipated ability to continue to consistently provide services during the COVID-19 pandemic. 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 its Peer Funds. Specifically, the Board considered each Fund’s recent and long-term performance relative to its Peer Funds. In evaluating performance, the Board considered the market conditions of the past year, economic and market trends, as well as both market risk and shareholder risk expectations for a given Fund. The Board also considered each Fund’s performance in relation to its total expense ratio and those of its Peer Funds. 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 across both the Advisory and Sub-Advisory Agreements; (c) the advisory and sub-advisory fees paid in comparison to the advisory and sub-advisory fees charged to the Peer 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 Fund 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 to differences in the types and extent of the services provided to the Peer Funds, 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 Sub-Advisers and their affiliates because of their relationship with the Funds, the Board noted that certain of the Sub-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 result of their relationships with the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability
Penn Series Funds, Inc.
June 30, 2022
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
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 are not aligned. The Board also considered instances in which a Fund’s total expense ratio was near the top of the range of its Peer Funds’ total expense ratios. 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 Meetings and its evaluation of that information, as well as additional information provided by PMAM in response to the Board’s questions during the Meetings, 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.
About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people’s ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.
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THE PENN MUTUAL
LIFE INSURANCE COMPANY
© 2022 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
| | (a) | 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.
Item 13. Exhibits.
| | (a)(2)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| | (a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| (Registrant) | | Penn Series Funds, Inc. |
| | |
| |
| By (Signature and Title)* | | /s/ Keith G. Huckerby |
| | Keith G. Huckerby, President |
| | (principal executive officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title)* | | /s/ Keith G. Huckerby |
| | Keith G. Huckerby, President |
| | (principal executive officer) |
| | |
| |
| By (Signature and Title)* | | /s/ Steven Viola |
| | Steven Viola, Treasurer |
| | (principal financial officer) |
| * | Print the name and title of each signing officer under his or her signature. |
