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
(Exact name of registrant as specified in charter)
Eight Tower Bridge
161 Washington Street, Suite 1111
Conshohocken, PA 19428
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Penn Series Funds, Inc.
Aggressive Allocation Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Aggressive Allocation Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Aggressive Allocation Fund | $17 | 0.33% |
| Fund net assets | $59,424,384% |
| Total number of portfolio holdings | $21% |
| Total advisory fee paid | $35,764% |
| Portfolio turnover rate | $7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Penn Series Index 500 Fund | 25.0% |
| Penn Series Flexibly Managed Fund | 9.0% |
| Penn Series International Equity Fund | 8.9% |
| Penn Series Large Cap Value Fund | 6.1% |
| Penn Series Quality Bond Fund | 5.9% |
| Penn Series Real Estate Securities Fund | 5.0% |
| Penn Series Mid Core Value Fund | 5.0% |
| Penn Series Emerging Markets Equity Fund | 5.0% |
| Penn Series Large Core Value Fund | 5.0% |
| Penn Series Developed International Index Fund | 5.0% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Balanced Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Balanced Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Balanced Fund | $10 | 0.20% |
| Fund net assets | $79,535,457% |
| Total number of portfolio holdings | $2% |
| Total advisory fee paid | $N/A |
| Portfolio turnover rate | $5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Penn Series Index 500 Fund | 60.2% |
| Penn Series Quality Bond Fund | 39.8% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Conservative Allocation Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Conservative Allocation Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Conservative Allocation Fund | $18 | 0.35% |
| Fund net assets | $45,665,477% |
| Total number of portfolio holdings | $10% |
| Total advisory fee paid | $27,171% |
| Portfolio turnover rate | $6% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Penn Series Quality Bond Fund | 41.8% |
| Penn Series Limited Maturity Bond Fund | 30.0% |
| Penn Series Flexibly Managed Fund | 8.1% |
| Penn Series Index 500 Fund | 7.0% |
| Penn Series High Yield Bond Fund | 5.0% |
| Penn Series Real Estate Securities Fund | 2.0% |
| Penn Series Mid Core Value Fund | 2.0% |
| Penn Series Large Core Value Fund | 2.0% |
| Penn Series Developed International Index Fund | 2.0% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Developed International Index Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Developed International Index Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Developed International Index Fund | $47 | 0.93% |
| Fund net assets | $81,989,064% |
| Total number of portfolio holdings | $754% |
| Total advisory fee paid | $126,922% |
| Portfolio turnover rate | $1% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Novo Nordisk A/S, Class B | 2.7% |
| ASML Holding N.V. | 2.4% |
| Nestle S.A. | 1.6% |
| AstraZeneca PLC | 1.4% |
| Shell PLC | 1.3% |
| Toyota Motor Corp. | 1.3% |
| LVMH Moet Hennessy Louis Vuitton S.E. | 1.2% |
| Novartis AG | 1.2% |
| SAP S.E. | 1.2% |
| Roche Holding AG | 1.1% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Emerging Markets Equity Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Emerging Markets Equity Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Emerging Markets Equity Fund | $67 | 1.35% |
| Fund net assets | $83,208,851% |
| Total number of portfolio holdings | $62% |
| Total advisory fee paid | $357,595% |
| Portfolio turnover rate | $39% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.8% |
| Samsung Electronics Co., Ltd. | 4.3% |
| Reliance Industries Ltd. | 3.4% |
| NU Holdings Ltd., Class A | 2.7% |
| Cipla Ltd. | 2.6% |
| Eicher Motors Ltd. | 2.6% |
| Raia Drogasil S.A. | 2.6% |
| Accton Technology Corp. | 2.6% |
| President Chain Store Corp. | 2.6% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.83% of the Fund’s average daily net assets. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.87% of the Fund’s average daily net assets.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Flexibly Managed Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Flexibly Managed Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Flexibly Managed Fund | $45 | 0.87% |
| Fund net assets | $5,244,332,488% |
| Total number of portfolio holdings | $306% |
| Total advisory fee paid | $17,661,018% |
| Portfolio turnover rate | $34% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Microsoft Corp. | 5.4% |
U.S. Treasury Notes
4.500%, 11/15/33 | 3.7% |
U.S. Treasury Notes
4.000%, 02/15/34 | 3.5% |
| Alphabet, Inc., Class A | 2.7% |
| Amazon.com, Inc. | 2.7% |
| UnitedHealth Group, Inc. | 2.6% |
| NVIDIA Corp. | 2.6% |
| Danaher Corp. | 2.1% |
U.S. Treasury Notes
4.375%, 05/15/34 | 2.0% |
| Intuit, Inc. | 2.0% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
2 Includes non-equity investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
High Yield Bond Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series High Yield Bond Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| High Yield Bond Fund | $37 | 0.73% |
| Fund net assets | $129,847,948% |
| Total number of portfolio holdings | $127% |
| Total advisory fee paid | $299,012% |
| Portfolio turnover rate | $41% |
| Weighted Average Maturity | 4.2 Years |
| Effective Duration | 2.5 Years |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Corporate Bonds | 90.5% |
| Loan Agreements | 5.4% |
| Money Market Funds | 3.6% |
| Asset Backed Securities | 0.5% |
1 Source: Independent Rating Agencies such as Moody’s, S&P, Fitch, etc.
Note: When a security is rated differently by three rating agencies, the median rating is used; when rated differently by two rating agencies, the lower rating is used.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Index 500 Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Index 500 Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Index 500 Fund | $18 | 0.34% |
| Fund net assets | $812,175,806% |
| Total number of portfolio holdings | $505% |
| Total advisory fee paid | $483,593% |
| Portfolio turnover rate | $1% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 6.6% |
| Apple, Inc. | 6.6% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc., Class A | 2.4% |
| Alphabet, Inc., Class A | 2.3% |
| Alphabet, Inc., Class C | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Eli Lilly & Co. | 1.6% |
| Broadcom, Inc. | 1.5% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
International Equity Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series International Equity Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| International Equity Fund | $55 | 1.09% |
| Fund net assets | $241,156,582% |
| Total number of portfolio holdings | $43% |
| Total advisory fee paid | $1,006,356% |
| Portfolio turnover rate | $62% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 6.4% |
| Constellation Software, Inc. | 6.1% |
| Wolters Kluwer N.V. | 5.5% |
| RELX PLC | 4.9% |
| SAP S.E. | 4.6% |
| Alcon, Inc. | 4.5% |
| Halma PLC | 3.6% |
| Experian PLC | 3.6% |
| London Stock Exchange Group PLC | 3.4% |
| Schneider Electric S.E. | 3.4% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.81% of the Fund’s average daily net assets up to $200 million, and 0.61% of the Fund’s average daily net assets over $200 million. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.83% of the Fund’s average daily net assets up to $227 million, and 0.63% of the Fund’s average daily net assets over $227 million.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Cap Growth Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Large Cap Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Large Cap Growth Fund | $46 | 0.87% |
| Fund net assets | $70,238,991% |
| Total number of portfolio holdings | $57% |
| Total advisory fee paid | $187,300% |
| Portfolio turnover rate | $12% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Microsoft Corp. | 14.5% |
| Alphabet, Inc., Class A | 6.1% |
| Apple, Inc. | 5.7% |
| NVIDIA Corp. | 5.3% |
| Visa, Inc., Class A | 4.1% |
| Accenture PLC, Class A | 3.1% |
| Church & Dwight Co., Inc. | 2.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 2.2% |
| Aon PLC, Class A | 2.1% |
| Agilent Technologies, Inc. | 2.0% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.53% of the Fund’s average daily net assets. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.55% of the Fund’s average daily net assets.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Cap Value Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Large Cap Value Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Large Cap Value Fund | $48 | 0.93% |
| Fund net assets | $168,725,210% |
| Total number of portfolio holdings | $69% |
| Total advisory fee paid | $564,075% |
| Portfolio turnover rate | $28% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| JPMorgan Chase & Co. | 3.7% |
| Regeneron Pharmaceuticals, Inc. | 3.7% |
| Walmart, Inc. | 3.6% |
| Berkshire Hathaway, Inc., Class B | 3.6% |
| Wells Fargo & Co. | 3.5% |
| Elevance Health, Inc. | 3.4% |
| QUALCOMM, Inc. | 3.0% |
| Philip Morris International, Inc. | 3.0% |
| Cencora, Inc. | 2.9% |
| Fiserv, Inc. | 2.7% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Core Growth Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Large Core Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Large Core Growth Fund | $45 | 0.85% |
| Fund net assets | $133,383,809% |
| Total number of portfolio holdings | $38% |
| Total advisory fee paid | $361,311% |
| Portfolio turnover rate | $9% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Microsoft Corp. | 12.6% |
| NVIDIA Corp. | 10.3% |
| Apple, Inc. | 6.6% |
| Alphabet, Inc., Class A | 6.4% |
| Amazon.com, Inc. | 5.3% |
| Visa, Inc., Class A | 4.3% |
| UnitedHealth Group, Inc. | 3.8% |
| Motorola Solutions, Inc. | 3.4% |
| Intuit, Inc. | 3.3% |
| Intercontinental Exchange, Inc. | 2.9% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Core Value Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Large Core Value Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Large Core Value Fund | $48 | 0.93% |
| Fund net assets | $135,367,253% |
| Total number of portfolio holdings | $58% |
| Total advisory fee paid | $452,805% |
| Portfolio turnover rate | $23% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| The Charles Schwab Corp. | 3.5% |
| Chevron Corp. | 3.2% |
| NextEra Energy, Inc. | 3.0% |
| Micron Technology, Inc. | 3.0% |
| Thermo Fisher Scientific, Inc. | 2.8% |
| Reinsurance Group of America, Inc. | 2.7% |
| Wells Fargo & Co. | 2.6% |
| Hasbro, Inc. | 2.6% |
| Mid-America Apartment Communities, Inc. | 2.6% |
| BJ's Wholesale Club Holdings, Inc. | 2.4% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.64% of the Fund’s average daily net assets up to $150 million, 0.62% of the Fund’s average daily net assets on the next $250 million, and 0.60% of the Fund’s average daily net assets over $400 million. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.67% of the Fund’s average daily net assets up to $150 million, 0.65% of the Fund’s average daily net assets on the next $250 million, and 0.60% of the Fund’s average daily net assets over $400 million.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Growth Stock Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Large Growth Stock Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Large Growth Stock Fund | $50 | 0.92% |
| Fund net assets | $358,368,903% |
| Total number of portfolio holdings | $69% |
| Total advisory fee paid | $1,138,765% |
| Portfolio turnover rate | $16% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Microsoft Corp. | 13.6% |
| NVIDIA Corp. | 12.5% |
| Apple, Inc. | 8.5% |
| Amazon.com, Inc. | 7.7% |
| Alphabet, Inc., Class A | 5.7% |
| Meta Platforms, Inc., Class A | 4.9% |
| Eli Lilly & Co. | 3.7% |
| Visa, Inc., Class A | 2.5% |
| Mastercard, Inc., Class A | 2.1% |
| Netflix, Inc. | 1.8% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Limited Maturity Bond Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Limited Maturity Bond Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Limited Maturity Bond Fund | $36 | 0.71% |
| Fund net assets | $189,191,123% |
| Total number of portfolio holdings | $123% |
| Total advisory fee paid | $427,258% |
| Portfolio turnover rate | $25% |
| Weighted Average Maturity | 3.5 Years |
| Effective Duration | 1.8 Years |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Corporate Bonds | 38.2% |
| Asset Backed Securities | 23.4% |
| Commercial Mortgage Backed Securities | 16.7% |
| Residential Mortgage Backed Securities | 14.9% |
| U.S. Treasury Obligations | 6.3% |
| Money Market Funds | 0.5% |
1 Source: Independent Rating Agencies such as Moody’s, S&P, Fitch, etc.
Note: When a security is rated differently by three rating agencies, the median rating is used; when rated differently by two rating agencies, the lower rating is used.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Mid Cap Growth Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Mid Cap Growth Fund | $48 | 0.97% |
| Fund net assets | $138,563,153% |
| Total number of portfolio holdings | $68% |
| Total advisory fee paid | $504,428% |
| Portfolio turnover rate | $14% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| CoStar Group, Inc. | 4.0% |
| Pinterest, Inc., Class A | 3.4% |
| Monolithic Power Systems, Inc. | 3.0% |
| The Trade Desk, Inc., Class A | 2.5% |
| Teradyne, Inc. | 2.4% |
| Universal Display Corp. | 2.3% |
| Dexcom, Inc. | 2.2% |
| Tyler Technologies, Inc. | 2.2% |
| HEICO Corp., Class A | 2.2% |
| Floor & Decor Holdings, Inc., Class A | 2.1% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.68% of the Fund’s average daily net assets. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.70% of the Fund’s average daily net assets.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Mid Cap Value Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Value Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Mid Cap Value Fund | $43 | 0.83% |
| Fund net assets | $89,523,296% |
| Total number of portfolio holdings | $71% |
| Total advisory fee paid | $245,781% |
| Portfolio turnover rate | $18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Casey's General Stores, Inc. | 2.9% |
| Entergy Corp. | 2.5% |
| Freeport-McMoRan, Inc. | 2.4% |
| Alliant Energy Corp. | 2.4% |
| Fidelity National Information Services, Inc. | 2.3% |
| Marathon Oil Corp. | 2.3% |
| Chesapeake Energy Corp. | 2.3% |
| Globus Medical, Inc., Class A | 2.2% |
| Lamar Advertising Co., Class A | 2.1% |
| The Hartford Financial Services Group, Inc. | 2.0% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.54% of the Fund’s average daily net assets up to $250 million, 0.525% of the Fund’s average daily net assets on the next $250 million, 0.50% of the Fund’s average daily net assets on the next $250 million, 0.475% of the Fund’s average daily net assets on the next $250 million, 0.45% of the Fund’s average daily net assets on the next $500 million, and 0.425% of the Fund’s average daily net assets over $1.5 billion. Prior to June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.55% of the Fund’s average daily net assets up to $250 million, 0.525% of the Fund’s average daily net assets on the next $250 million, 0.50% of the Fund’s average daily net assets on the next $250 million, 0.475% of the Fund’s average daily net assets on the next $250 million, 0.45% of the Fund’s average daily net assets on the next $500 million, and 0.425% of the Fund’s average daily net assets over $1.5 billion.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Mid Core Value Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Mid Core Value Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Mid Core Value Fund | $52 | 1.04% |
| Fund net assets | $77,622,563% |
| Total number of portfolio holdings | $109% |
| Total advisory fee paid | $273,021% |
| Portfolio turnover rate | $28% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Zimmer Biomet Holdings, Inc. | 3.0% |
| The Bank of New York Mellon Corp. | 2.2% |
| Conagra Brands, Inc. | 2.1% |
| Enterprise Products Partners LP | 2.0% |
| Henry Schein, Inc. | 1.9% |
| Northern Trust Corp. | 1.9% |
| Koninklijke Ahold Delhaize N.V. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Edison International | 1.8% |
| Quest Diagnostics, Inc. | 1.8% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.68% of the Fund’s average daily net assets. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.69% of the Fund’s average daily net assets.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Moderate Allocation Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Moderate Allocation Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Moderate Allocation Fund | $15 | 0.30% |
| Fund net assets | $207,590,390% |
| Total number of portfolio holdings | $18% |
| Total advisory fee paid | $125,711% |
| Portfolio turnover rate | $3% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Penn Series Quality Bond Fund | 23.8% |
| Penn Series Index 500 Fund | 18.1% |
| Penn Series Flexibly Managed Fund | 9.0% |
| Penn Series Limited Maturity Bond Fund | 9.0% |
| Penn Series Mid Core Value Fund | 5.0% |
| Penn Series Real Estate Securities Fund | 4.0% |
| Penn Series Emerging Markets Equity Fund | 4.0% |
| Penn Series Developed International Index Fund | 4.0% |
| Penn Series High Yield Bond Fund | 4.0% |
| Penn Series International Equity Fund | 4.0% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Moderately Aggressive Allocation Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Moderately Aggressive Allocation Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Moderately Aggressive Allocation Fund | $15 | 0.30% |
| Fund net assets | $202,596,371% |
| Total number of portfolio holdings | $20% |
| Total advisory fee paid | $120,803% |
| Portfolio turnover rate | $5% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Penn Series Index 500 Fund | 22.0% |
| Penn Series Quality Bond Fund | 10.9% |
| Penn Series Flexibly Managed Fund | 9.0% |
| Penn Series International Equity Fund | 6.9% |
| Penn Series Large Cap Value Fund | 6.1% |
| Penn Series Limited Maturity Bond Fund | 6.0% |
| Penn Series Real Estate Securities Fund | 5.0% |
| Penn Series Mid Core Value Fund | 5.0% |
| Penn Series Large Core Value Fund | 5.0% |
| Penn Series Developed International Index Fund | 5.0% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Moderately Conservative Allocation Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Moderately Conservative Allocation Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Moderately Conservative Allocation Fund | $16 | 0.32% |
| Fund net assets | $78,318,629% |
| Total number of portfolio holdings | $16% |
| Total advisory fee paid | $47,175% |
| Portfolio turnover rate | $7% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Penn Series Quality Bond Fund | 32.8% |
| Penn Series Limited Maturity Bond Fund | 19.0% |
| Penn Series Index 500 Fund | 11.1% |
| Penn Series Flexibly Managed Fund | 8.0% |
| Penn Series High Yield Bond Fund | 5.0% |
| Penn Series Real Estate Securities Fund | 4.1% |
| Penn Series International Equity Fund | 4.0% |
| Penn Series Large Cap Value Fund | 3.0% |
| Penn Series Mid Core Value Fund | 3.0% |
| Penn Series Large Core Value Fund | 3.0% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Money Market Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Money Market Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Money Market Fund | $29 | 0.58% |
| Fund net assets | $137,719,977 |
| Total number of portfolio holdings | $14 |
| Total advisory fee paid | $235,541 |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Federal Home Loan Mortgage Corp.
5.256%, 07/03/24 | 7.3% |
Federal National Mortgage
5.260%, 07/10/24 | 7.3% |
Federal Farm Credit Banks
5.297%, 07/11/24 | 7.3% |
Federal Home Loan Mortgage Corp.
5.259%, 07/12/24 | 7.2% |
Federal Home Loan Banks
5.292%, 07/18/24 | 7.2% |
Tennessee Valley Authority
5.272%, 07/24/24 | 7.2% |
U.S. Treasury Bills
5.317%, 07/30/24 | 7.2% |
Federal Farm Credit Banks
5.299%, 07/31/24 | 7.2% |
U.S. Treasury Bills
5.267%, 08/13/24 | 7.2% |
U.S. Treasury Bills
5.266%, 08/20/24 | 7.2% |
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Quality Bond Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Quality Bond Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Quality Bond Fund | $34 | 0.68% |
| Fund net assets | $388,628,983% |
| Total number of portfolio holdings | $131% |
| Total advisory fee paid | $863,740% |
| Portfolio turnover rate | $16% |
| Weighted Average Maturity | 8.7 Years |
| Effective Duration | 5.6 Years |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Residential Mortgage Backed Securities | 38.5% |
| Corporate Bonds | 24.1% |
| Commercial Mortgage Backed Securities | 15.0% |
| Asset Backed Securities | 11.3% |
| U.S. Treasury Obligations | 9.9% |
| Municipal Bonds | 0.7% |
| Money Market Funds | 0.5% |
1 Source: Independent Rating Agencies such as Moody’s, S&P, Fitch, etc.
Note: When a security is rated differently by three rating agencies, the median rating is used; when rated differently by two rating agencies, the lower rating is used.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Real Estate Securities Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Real Estate Securities Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Real Estate Securities Fund | $48 | 0.97% |
| Fund net assets | $106,499,665% |
| Total number of portfolio holdings | $34% |
| Total advisory fee paid | $367,504% |
| Portfolio turnover rate | $14% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Welltower, Inc. | 7.7% |
| Digital Realty Trust, Inc. | 7.6% |
| Prologis, Inc. | 7.1% |
| Simon Property Group, Inc. | 6.4% |
| American Tower Corp. | 5.1% |
| Invitation Homes, Inc. | 5.0% |
| Crown Castle, Inc. | 4.9% |
| Iron Mountain, Inc. | 4.8% |
| Equinix, Inc. | 4.1% |
| VICI Properties, Inc. | 4.1% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Small Cap Growth Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Small Cap Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Small Cap Growth Fund | $52 | 1.02% |
| Fund net assets | $100,214,017% |
| Total number of portfolio holdings | $126% |
| Total advisory fee paid | $366,894% |
| Portfolio turnover rate | $10% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| SS&C Technologies Holdings, Inc. | 2.2% |
| Rentokil Initial PLC, ADR | 2.0% |
| Stride, Inc. | 1.8% |
| The Descartes Systems Group, Inc. | 1.8% |
| Globus Medical, Inc., Class A | 1.7% |
| LPL Financial Holdings, Inc. | 1.7% |
| Blackbaud, Inc. | 1.7% |
| Broadridge Financial Solutions, Inc. | 1.6% |
| CSW Industrials, Inc. | 1.6% |
| Crown Holdings, Inc. | 1.5% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.75% of the Fund’s average daily net assets up to $25 million, 0.70% of the Fund’s average daily net assets on the next $25 million, and 0.65% of the Fund’s average daily net assets over $50 million. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.80% of the Fund’s average daily net assets up to $25 million, 0.75% of the Fund’s average daily net assets on the next $25 million, and 0.70% of the Fund’s average daily net assets over $50 million.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Small Cap Index Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Small Cap Index Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Small Cap Index Fund | $36 | 0.71% |
| Fund net assets | $81,997,382% |
| Total number of portfolio holdings | $1,965% |
| Total advisory fee paid | $122,443% |
| Portfolio turnover rate | $14% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Insmed, Inc. | 0.4% |
| FTAI Aviation Ltd. | 0.4% |
| Abercrombie & Fitch Co., Class A | 0.4% |
| Fabrinet | 0.4% |
| Sprouts Farmers Market, Inc. | 0.3% |
| Vaxcyte, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Applied Industrial Technologies, Inc. | 0.3% |
| HealthEquity, Inc. | 0.3% |
| SPS Commerce, Inc. | 0.3% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Small Cap Value Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series Small Cap Value Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Small Cap Value Fund | $51 | 1.02% |
| Fund net assets | $147,224,249% |
| Total number of portfolio holdings | $191% |
| Total advisory fee paid | $534,576% |
| Portfolio turnover rate | $48% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| Meritage Homes Corp. | 1.5% |
| SITE Centers Corp. | 1.4% |
| Gates Industrial Corp. PLC | 1.3% |
| Ameris Bancorp | 1.3% |
| Home BancShares, Inc. | 1.2% |
| Acadia Realty Trust | 1.2% |
| ASGN, Inc. | 1.1% |
| Commercial Metals Co. | 1.1% |
| SouthState Corp. | 1.0% |
| MGIC Investment Corp. | 1.0% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.71% of the Fund’s average daily net assets up to $50 million, 0.68% of the Fund’s average daily net assets on the next $50 million, and 0.66% of the Fund’s average daily net assets over $100 million. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.75% of the Fund’s average daily net assets up to $50 million, 0.725% of the Fund’s average daily net assets on the next $50 million, and 0.70% of the Fund’s average daily net assets over $100 million.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
SMID Cap Growth Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| SMID Cap Growth Fund | $54 | 1.04% |
| Fund net assets | $70,594,433% |
| Total number of portfolio holdings | $99% |
| Total advisory fee paid | $273,004% |
| Portfolio turnover rate | $31% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| BJ's Wholesale Club Holdings, Inc. | 2.0% |
| Natera, Inc. | 2.0% |
| Manhattan Associates, Inc. | 2.0% |
| AAON, Inc. | 2.0% |
| Texas Roadhouse, Inc. | 1.9% |
| Wingstop, Inc. | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Domino's Pizza, Inc. | 1.8% |
| Ashland, Inc. | 1.7% |
| Tetra Tech, Inc. | 1.7% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.73% of the Fund’s average daily net assets. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.75% of the Fund’s average daily net assets.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
SMID Cap Value Fund
semi-annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Value Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
Based on a hypothetical $10,000 investment
| Fund | Cost of $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| SMID Cap Value Fund | $60 | 1.20% |
| Fund net assets | $48,649,923% |
| Total number of portfolio holdings | $95% |
| Total advisory fee paid | $205,822% |
| Portfolio turnover rate | $27% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
| First Citizens BancShares, Inc., Class A | 1.6% |
| MasTec, Inc. | 1.6% |
| Jones Lang LaSalle, Inc. | 1.6% |
| ArcBest Corp. | 1.5% |
| ADT, Inc. | 1.4% |
| Cameco Corp. | 1.4% |
| Nexstar Media Group, Inc. | 1.4% |
| BorgWarner, Inc. | 1.4% |
| AutoNation, Inc. | 1.4% |
| Fluor Corp. | 1.3% |
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
Effective June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of 0.80% of the Fund’s average daily net assets. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.84% of the Fund’s average daily net assets.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
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(a) of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The semi-annual financial statements, and the Financial Highlights are attached herewith.
Penn Series Funds, Inc.
⬛ 2024 Semi-Annual Financials and Other Information
Available through Penn Mutual Variable Products
[THIS PAGE INTENTIONALLY LEFT BLANK]
Table of Contents
1
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 100.0% | |
| | |
MONEY MARKET FUNDS — 14.6% | | | | | |
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 5.211%)
(Cost $20,096,989) | | | 20,096,989 | | | $ | 20,096,989 | |
| | | | | |
| | |
| | | Par (000) | | | | |
U.S. TREASURY OBLIGATIONS — 21.6% | |
U.S. Treasury Bills | | | | | |
5.317%, 07/30/24 | | $ | 10,000 | | | $ | 9,957,519 | |
5.267%, 08/13/24 | | | 10,000 | | | | 9,937,577 | |
5.266%, 08/20/24 | | | 10,000 | | | | 9,927,472 | |
| | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,822,568) | | | | 29,822,568 | |
| | | | | |
| | | | | |
AGENCY OBLIGATIONS — 63.8% | | | | | |
Federal Farm Credit Banks | | | | | |
5.297%, 07/11/24 | | $ | 10,000 | | | $ | 9,985,389 | |
1.850%, 07/26/24 | | | 3,000 | | | | 2,992,776 | |
5.299%, 07/31/24 | | | 10,000 | | | | 9,956,167 | |
Federal Home Loan Banks | | | | | |
5.292%, 07/18/24 | | | 10,000 | | | | 9,975,161 | |
5.308%, 07/22/24 | | | 8,000 | | | | 7,975,407 | |
Federal Home Loan Mortgage Corp. | | | | | |
5.256%, 07/03/24 | | | 10,000 | | | | 9,997,092 | |
5.259%, 07/12/24 | | | 10,000 | | | | 9,983,989 | |
Federal National Mortgage | | | | | |
5.260%, 07/10/24 | | | 10,000 | | | | 9,986,912 | |
Tennessee Valley Authority | | | | | |
5.291%, 07/10/24 | | | 7,000 | | | | 6,990,777 | |
5.272%, 07/24/24 | | | 10,000 | | | | 9,966,458 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS
(Cost $87,810,128) | | | | 87,810,128 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $137,729,685) | | | | 137,729,685 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $137,729,685) | | | $ | 137,729,685 | |
Other Assets & Liabilities — (0.0)% | | | | (9,708 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 137,719,977 | |
| | | | | | | | |
| † | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Short-Term Investments | | $ | 137,729,685 | | | $ | — | | | $ | 137,729,685 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 137,729,685 | | | $ | — | | | $ | 137,729,685 | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
2
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
ASSET BACKED SECURITIES — 23.1% | |
Barings CLO Ltd., Series 2017-1A Class B1 (3 M SOFR + 1.962%), 144A 7.289%, 07/18/29@,• | | $ | 1,500 | | | $ | 1,500,471 | |
Catskill Park CLO Ltd., Series 2017-1A Class A2 (3 M SOFR + 1.962%, Floor 1.700%), 144A 7.286%, 04/20/29@,• | | | 1,140 | | | | 1,141,257 | |
Crestline Denali CLO XVI Ltd., Series 2018-1A Class A (3 M SOFR + 1.382%, Floor 1.382%), 144A 6.706%, 01/20/30@,• | | | 1,622 | | | | 1,624,066 | |
ECMC Group Student Loan Trust, | | | | | | | | |
Series 2018-2A Class A (30 Day Average SOFR + 0.914%, Floor 0.800%), 144A 6.250%, 09/25/68@,• | | | 2,316 | | | | 2,289,252 | |
Series 2019-1A Class A1A, 144A 2.720%, 07/25/69@ | | | 1,130 | | | | 1,026,617 | |
Elevation CLO Ltd., Series 2017-6A Class B (3 M SOFR + 2.112%, Floor 2.112%), 144A 7.440%, 07/15/29@,• | | | 750 | | | | 750,601 | |
Exeter Automobile Receivables Trust, Series 2022-4A Class B, 4.570%, 01/15/27 | | | 1,866 | | | | 1,863,546 | |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A 8.836%, 01/20/33@,• | | | 1,500 | | | | 1,501,696 | |
Navient Private Education Loan Trust, | | | | | | | | |
Series 2015-AA Class A3 (1 M SOFR + 1.814%), 144A 7.143%, 11/15/30@,• | | | 787 | | | | 789,730 | |
Series 2014-AA Class A3 (1 M SOFR + 1.714%), 144A 7.043%, 10/15/31@,• | | | 1,001 | | | | 1,003,734 | |
Series 2015-BA Class A3 (1 M SOFR + 1.564%), 144A 6.893%, 07/16/40@,• | | | 1,104 | | | | 1,107,914 | |
Navient Private Education Refi Loan Trust, | | | | | | | | |
Series 2020-EA Class A, 144A 1.690%, 05/15/69@ | | | 1,277 | | | | 1,168,254 | |
Series 2021-EA Class A, 144A 0.970%, 12/16/69@ | | | 2,617 | | | | 2,275,879 | |
Navient Student Loan Trust, | | | | | | | | |
Series 2016-5A Class A (30 Day Average SOFR + 1.364%), 144A 6.700%, 06/25/65@,• | | | 3,461 | | | | 3,479,764 | |
Series 2023-BA Class A1A, 144A 6.480%, 03/15/72@ | | | 1,784 | | | | 1,808,893 | |
Nelnet Student Loan Trust, Series 2004-4 Class B (90 Day Average SOFR + 0.562%), 5.909%, 01/25/41• | | | 2,285 | | | | 2,257,748 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
OCP CLO Ltd., Series 2014-5A Class A2R (3 M SOFR + 1.662%, Floor 1.400%), 144A 6.986%, 04/26/31@,• | | $ | 1,000 | | | $ | 999,967 | |
OZLM XI Ltd., Series 2015-11A Class A2R (3 M SOFR + 2.012%), 144A 7.341%, 10/30/30@,• | | | 2,300 | | | | 2,303,420 | |
Palmer Square Loan Funding Ltd., Series 2021-1A Class B (3 M SOFR + 2.062%, Floor 2.062%), 144A 7.386%, 04/20/29@,• | | | 1,610 | | | | 1,611,520 | |
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A Class A2R (3 M SOFR + 2.062%, Floor 1.800%), 144A 7.391%, 08/23/31@,• | | | 500 | | | | 500,320 | |
Shackleton CLO Ltd., Series 2013-3A Class AR (3 M SOFR + 1.382%, Floor 1.120%), 144A 6.710%, 07/15/30@,• | | | 586 | | | | 586,522 | |
SLM Student Loan Trust, Series 2014- 2 Class A3 (30 Day Average SOFR + 0.704%), 6.040%, 03/25/55• | | | 3,057 | | | | 3,038,597 | |
SMB Private Education Loan Trust, | | | | | | | | |
Series 2016-B Class A2B (1 M SOFR + 1.564%), 144A 6.893%, 02/17/32@,• | | | 402 | | | | 403,104 | |
Series 2014-A Class B, 144A 4.000%, 09/15/42@ | | | 1,301 | | | | 1,256,638 | |
Series 2021-C Class B, 144A 2.300%, 01/15/53@ | | | 2,365 | | | | 2,212,384 | |
Series 2020-PTB Class A2A, 144A 1.600%, 09/15/54@ | | | 1,444 | | | | 1,322,480 | |
Steele Creek CLO Ltd., Series 2014- 1RA Class B (3 M SOFR + 1.762%, Floor 1.500%), 144A 7.086%, 04/21/31@,• | | | 1,250 | | | | 1,253,119 | |
THL Credit Wind River CLO Ltd., Series 2018-1A Class B (3 M SOFR + 1.912%), 144A 7.240%, 07/15/30@,• | | | 1,000 | | | | 1,001,057 | |
Toyota Auto Receivables Owner Trust, Series 2022-C Class A2A, 3.830%, 08/15/25 | | | 103 | | | | 102,572 | |
Wind River CLO Ltd., Series 2014-1A Class BRR (3 M SOFR + 1.862%, Floor 1.600%), 144A 7.189%, 07/18/31@,• | | | 1,500 | | | | 1,503,096 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $44,395,434) | | | | 43,684,218 | |
| | | | | | | | |
3
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 16.5% | |
BHMS, Series 2018-ATLS Class B (1 M SOFR + 1.797%, Floor 1.750%), 144A 7.126%, 07/15/35@,• | | $ | 2,000 | | | $ | 1,987,412 | |
BSPRT Issuer Ltd., | | | | | | | | |
Series 2021-FL6 Class A (1 M SOFR + 1.214%, Floor 1.100%), 144A 6.543%, 03/15/36@,• | | | 1,566 | | | | 1,556,225 | |
Series 2021-FL6 Class B (1 M SOFR + 1.714%, Floor 1.600%), 144A 7.043%, 03/15/36@,• | | | 2,500 | | | | 2,407,101 | |
COMM Mortgage Trust, Series 2014- CR20 Class A3, 3.326%, 11/10/47 | | | 1,376 | | | | 1,369,950 | |
FHLMC Multifamily Structured Pass Through Certificates, Series KC02 Class X3, 3.169%, 08/25/25• | | | 14,500 | | | | 204,833 | |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A 3.447%, 12/10/36@ | | | 1,500 | | | | 1,473,946 | |
FREMF Mortgage Trust, | | | | | | | | |
Series 2017-K727 Class C, 144A 3.854%, 07/25/24@,• | | | 3,500 | | | | 3,484,047 | |
Series 2015-K44 Class B, 144A 3.845%, 01/25/48@,• | | | 3,675 | | | | 3,620,804 | |
Series 2015-K46 Class B, 144A 3.821%, 04/25/48@,• | | | 1,750 | | | | 1,718,612 | |
Series 2015-K47 Class B, 144A 3.709%, 06/25/48@,• | | | 1,350 | | | | 1,326,236 | |
Series 2015-K47 Class C, 144A 3.709%, 06/25/48@,• | | | 1,500 | | | | 1,469,867 | |
Series 2015-K49 Class B, 144A 3.849%, 10/25/48@,• | | | 1,750 | | | | 1,709,761 | |
Series 2016-K53 Class B, 144A 4.161%, 03/25/49@,• | | | 3,220 | | | | 3,139,844 | |
Series 2017-K728 Class C, 144A 3.838%, 11/25/50@,• | | | 1,500 | | | | 1,486,506 | |
GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B (1 M SOFR + 1.553%, Floor 1.500%), 144A 6.883%, 07/15/25@,• | | | 1,800 | | | | 1,793,266 | |
Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M SOFR + 1.947%, Floor 1.900%), 144A 7.276%, 05/15/38@,• | | | 1,500 | | | | 1,491,571 | |
Morgan Stanley Capital I Trust, Series 2015-MS1 Class A4, 3.779%, 05/15/48• | | | 1,000 | | | | 977,633 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $31,943,246) | | | | 31,217,614 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
CORPORATE BONDS — 37.8% | | | | | | | | |
Aerospace & Defense — 0.5% | | | | | | | | |
The Boeing Co., 144A 6.259%, 05/01/27@ | | $ | 1,000 | | | $ | 1,007,056 | |
| | | | | | | | |
Airlines — 0.8% | | | | | | | | |
United Airlines Pass Through Trust, Series 2020-1 Class B 4.875%, 07/15/27 | | | 1,507 | | | | 1,484,725 | |
| | | | | | | | |
Apparel — 1.5% | | | | | | | | |
Michael Kors USA, Inc., 144A
4.250%, 11/01/24@ | | | 1,650 | | | | 1,628,476 | |
Tapestry, Inc. 7.050%, 11/27/25 | | | 1,150 | | | | 1,169,078 | |
| | | | | | | | |
| | | | | | | 2,797,554 | |
| | | | | | | | |
Auto Manufacturers — 2.0% | | | | | | | | |
Ford Motor Credit Co., LLC 2.300%, 02/10/25 | | | 2,250 | | | | 2,199,882 | |
General Motors Financial Co., Inc. 3.800%, 04/07/25 | | | 1,600 | | | | 1,575,814 | |
| | | | | | | | |
| | | | | | | 3,775,696 | |
| | | | | | | | |
Banks — 6.2% | | | | | | | | |
Bank of America Corp., Series L 3.950%, 04/21/25 | | | 2,010 | | | | 1,981,168 | |
First Maryland Capital II (3 M SOFR + 1.112%) 6.438%, 02/01/27• | | | 1,500 | | | | 1,408,057 | |
National Securities Clearing Corp., 144A 5.150%, 05/30/25@ | | | 1,500 | | | | 1,496,369 | |
State Street Corp. (3 M SOFR + 0.822%) 6.144%, 05/15/28• | | | 3,805 | | | | 3,587,672 | |
Wells Fargo & Co. (3 M SOFR + 1.262%) 6.590%, 04/15/27• | | | 3,250 | | | | 3,190,766 | |
| | | | | | | | |
| | | | | | | 11,664,032 | |
| | | | | | | | |
Chemicals — 2.5% | | | | | | | | |
NOVA Chemicals Corp., 144A 8.500%, 11/15/28@ | | | 1,000 | | | | 1,060,316 | |
The Sherwin-Williams Co. 4.050%, 08/08/24 | | | 2,250 | | | | 2,245,420 | |
W.R. Grace Holdings LLC, 144A 4.875%, 06/15/27@ | | | 1,500 | | | | 1,446,724 | |
| | | | | | | | |
| | | | | | | 4,752,460 | |
| | | | | | | | |
Commercial Services — 0.9% | | | | | | | | |
Cintas Corp. No. 2 3.450%, 05/01/25 | | | 1,750 | | | | 1,720,394 | |
| | | | | | | | |
Cosmetics & Personal Care — 0.8% | | | | | | | | |
Haleon UK Capital PLC 3.125%, 03/24/25 | | | 1,500 | | | | 1,472,843 | |
| | | | | | | | |
4
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
CORPORATE BONDS — (continued) | | | | | | | | |
Diversified Financial Services — 1.3% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.500%, 01/15/25 | | $ | 2,500 | | | $ | 2,468,756 | |
| | | | | | | | |
Electric — 3.5% | | | | | | | | |
NextEra Energy Capital Holdings, Inc. 6.051%, 03/01/25 | | | 2,000 | | | | 2,003,822 | |
Niagara Mohawk Power Corp., 144A 3.508%, 10/01/24@ | | | 2,000 | | | | 1,986,199 | |
Southern California Edison Co., Series E 3.700%, 08/01/25 | | | 2,750 | | | | 2,694,038 | |
| | | | | | | | |
| | | | | | | 6,684,059 | |
| | | | | | | | |
Electronics — 1.6% | | | | | | | | |
Amphenol Corp. 4.750%, 03/30/26 | | | 1,500 | | | | 1,487,610 | |
TD SYNNEX Corp. 1.250%, 08/09/24 | | | 1,500 | | | | 1,492,003 | |
| | | | | | | | |
| | | | | | | 2,979,613 | |
| | | | | | | | |
Entertainment — 0.8% | | | | | | | | |
Warnermedia Holdings, Inc. 3.638%, 03/15/25 | | | 1,500 | | | | 1,476,768 | |
| | | | | | | | |
Food — 0.8% | | | | | | | | |
General Mills, Inc. 5.241%, 11/18/25 | | | 1,500 | | | | 1,494,542 | |
| | | | | | | | |
Hand & Machine Tools — 1.8% | | | | | | | | |
Regal Rexnord Corp. 6.050%, 02/15/26 | | | 1,875 | | | | 1,879,595 | |
Stanley Black & Decker, Inc. 2.300%, 02/24/25 | | | 1,500 | | | | 1,466,635 | |
| | | | | | | | |
| | | | | | | 3,346,230 | |
| | | | | | | | |
Healthcare Products — 1.3% | | | | | | | | |
Revvity, Inc. 0.850%, 09/15/24 | | | 1,000 | | | | 988,884 | |
Zimmer Biomet Holdings, Inc. 1.450%, 11/22/24 | | | 1,500 | | | | 1,475,280 | |
| | | | | | | | |
| | | | | | | 2,464,164 | |
| | | | | | | | |
Healthcare Services — 0.2% | | | | | | | | |
IQVIA, Inc., 144A 5.000%, 10/15/26@ | | | 500 | | | | 490,639 | |
| | | | | | | | |
Housewares — 0.5% | | | | | | | | |
Newell Brands, Inc. 5.700%, 04/01/26 | | | 1,000 | | | | 987,715 | |
| | | | | | | | |
Lodging — 1.0% | | | | | | | | |
Hyatt Hotels Corp. 1.800%, 10/01/24 | | | 1,875 | | | | 1,855,224 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
Media — 1.5% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., 144A 5.125%, 05/01/27@ | | $ | 1,500 | | | $ | 1,440,233 | |
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 07/23/25 | | | 289 | | | | 286,206 | |
Paramount Global 2.900%, 01/15/27 | | | 1,250 | | | | 1,153,808 | |
| | | | | | | | |
| | | | | | | 2,880,247 | |
| | | | | | | | |
Packaging and Containers — 1.6% | | | | | | | | |
Graphic Packaging International LLC 4.125%, 08/15/24 | | | 2,000 | | | | 1,992,305 | |
Mauser Packaging Solutions Holding Co., 144A 7.875%, 08/15/26@ | | | 1,000 | | | | 1,000,582 | |
| | | | | | | | |
| | | | | | | 2,992,887 | |
| | | | | | | | |
Pipelines — 1.3% | | | | | | | | |
Rockies Express Pipeline LLC, 144A 3.600%, 05/15/25@ | | | 1,500 | | | | 1,465,297 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A 6.000%, 03/01/27@ | | | 1,000 | | | | 985,416 | |
| | | | | | | | |
| | | | | | | 2,450,713 | |
| | | | | | | | |
Real Estate Investment Trusts — 1.2% | | | | | |
SBA Tower Trust, 144A 1.884%, 07/15/50@ | | | 2,500 | | | | 2,351,100 | |
| | | | | | | | |
Semiconductors — 0.8% | | | | | | | | |
Qorvo, Inc. 1.750%, 12/15/24 | | | 1,500 | | | | 1,468,198 | |
| | | | | | | | |
Software — 2.6% | | | | | | | | |
Concentrix Corp. 6.650%, 08/02/26 | | | 2,000 | | | | 2,020,777 | |
Open Text Corp., 144A 3.875%, 02/15/28@ | | | 1,500 | | | | 1,388,440 | |
VMware, Inc. 1.000%, 08/15/24 | | | 1,500 | | | | 1,490,858 | |
| | | | | | | | |
| | | | | | | 4,900,075 | |
| | | | | | | | |
Telecommunications — 0.8% | | | | | | | | |
T-Mobile USA, Inc. 3.500%, 04/15/25 | | | 1,500 | | | | 1,474,880 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $72,303,204) | | | | 71,440,570 | |
| | | | | | | | |
| | | | | | | | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 14.7% | |
Collateralized Mortgage Obligations — 14.0% | | | | | |
Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A 2.774%, 12/25/59@,• | | | 470 | | | | 444,785 | |
5
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | |
Collateralized Mortgage Obligations — (continued) | |
Bunker Hill Loan Depositary Trust, | | | | | | | | |
STEP, Series 2019-2 Class A3, 144A 3.185%, 07/25/49@ | | $ | 1,367 | | | $ | 1,292,642 | |
Series 2020-1 Class M1, 144A 4.353%, 02/25/55@,• | | | 2,250 | | | | 2,045,105 | |
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A 3.500%, 06/25/44@,• | | | 531 | | | | 481,360 | |
CSMC Trust, STEP, Series 2020- SPT1 Class A2, 144A 2.229%, 04/25/65@ | | | 1,334 | | | | 1,315,760 | |
Flagstar Mortgage Trust, Series 2020- 2 Class A4, 144A 3.000%, 08/25/50@,• | | | 1,224 | | | | 1,024,682 | |
GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A 2.500%, 01/25/52@,• | | | 3,758 | | | | 3,237,953 | |
Homeward Opportunities Fund I Trust, Series 2020-2 Class A2, 144A 2.635%, 05/25/65@,• | | | 1,446 | | | | 1,422,424 | |
JP Morgan Mortgage Trust, Series 2019-9 Class A3, 144A 3.500%, 05/25/50@,• | | | 1,155 | | | | 1,007,513 | |
OBX Trust, Series 2019-INV2 Class A5, 144A 4.000%, 05/27/49@,• | | | 225 | | | | 203,550 | |
Sequoia Mortgage Trust, Series 2021- 5 Class A5, 144A 2.000%, 07/25/51@,• | | | 2,148 | | | | 1,810,337 | |
Towd Point Mortgage Trust, | | | | | | | | |
Series 2017-4 Class A1, 144A 2.750%, 06/25/57@,• | | | 2,408 | | | | 2,300,292 | |
Series 2020-4 Class A2, 144A 2.500%, 10/25/60@ | | | 2,240 | | | | 1,786,246 | |
Verus Securitization Trust, | | | | | | | | |
Series 2019-INV2 Class A3, 144A 4.219%, 07/25/59@,• | | | 457 | | | | 448,589 | |
Series 2019-INV3 Class A1, 144A 3.692%, 11/25/59@,• | | | 1,412 | | | | 1,371,121 | |
Series 2020-INV1 Class A2, 144A 4.035%, 03/25/60@,• | | | 1,280 | | | | 1,271,351 | |
STEP, Series 2024-1 Class A1, 144A 5.712%, 01/25/69@ | | | 1,396 | | | | 1,387,177 | |
Vista Point Securitization Trust, Series 2020-1 Class M1, 144A 4.151%, 03/25/65@,• | | | 2,800 | | | | 2,678,581 | |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A 3.000%, 12/25/49@,• | | | 1,139 | | | | 950,278 | |
| | | | | | | | |
| | | | | | | 26,479,746 | |
| | | | | | | | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Fannie Mae REMICS — 0.7% | | | | | | | | |
Series 2012-152 Class TA 2.500%, 09/25/42 | | $ | 1,547 | | | $ | 1,329,428 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $30,774,737) | | | | 27,809,174 | |
| | | | | | | | |
| | | | | | | | | |
U.S. TREASURY OBLIGATIONS — 2.0% | |
U.S. Treasury Inflation Indexed Bonds | | | | | |
1.250%, 04/15/28 | | | 1,045 | | | | 1,009,825 | |
2.375%, 10/15/28 | | | 1,792 | | | | 1,815,330 | |
U.S. Treasury Notes 4.875%, 04/30/26 | | | 1,000 | | | | 1,001,484 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $3,822,880) | | | | 3,826,639 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | | |
SHORT-TERM INVESTMENTS — 4.6% | | | | | |
| | | | | | |
MONEY MARKET FUNDS — 0.5% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $919,446) | | | 919,446 | | | | 919,446 | |
| | | | | | | | |
| | |
| | | Par (000) | | | | |
U.S. TREASURY OBLIGATIONS — 4.1% | | | | | |
U.S. Treasury Bills | | | | | | | | |
5.253%, 08/29/24 | | $ | 1,050 | | | | 1,040,953 | |
5.290%, 11/07/24 | | | 3,000 | | | | 2,944,423 | |
5.304%, 11/29/24 | | | 2,000 | | | | 1,957,049 | |
5.273%, 12/26/24 | | | 2,000 | | | | 1,949,418 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,891,684) | | | | 7,891,843 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $8,811,130) | | | | 8,811,289 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.7%
(Cost $192,050,631) | | | $ | 186,789,504 | |
Other Assets & Liabilities — 1.3% | | | | 2,401,619 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 189,191,123 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $109,313,546, which represents 57.8% of the Fund’s net assets. |
6
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Limited Maturity Bond Fund
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
CLO— Collateralized Loan Obligation.
FHLMC— Federal Home Loan Mortgage Corporation.
FREMF— Freddie Mac Multifamily Securities.
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 6/30/2024†† | | | |
United States | | | 86 | % |
Cayman Islands | | | 11 | |
Ireland | | | 1 | |
Canada | | | 1 | |
United Kingdom | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input | |
Asset Backed Securities | | $ | 43,684,218 | | | $ | — | | | $ | 43,684,218 | | | $ | — | |
Commercial Mortgage Backed Securities | | | 31,217,614 | | | | — | | | | 31,217,614 | | | | — | |
Corporate Bonds | | | 71,440,570 | | | | — | | | | 71,440,570 | | | | — | |
Residential Mortgage Backed Securities | | | 27,809,174 | | | | — | | | | 27,809,174 | | | | — | |
U.S. Treasury Obligations | | | 3,826,639 | | | | — | | | | 3,826,639 | | | | — | |
Short-Term Investments | | | 8,811,289 | | | | 919,446 | | | | 7,891,843 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 186,789,504 | | | $ | 919,446 | | | $ | 185,870,058 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 312,883 | | | $ | 312,883 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets—Other Financial Instruments | | $ | 312,883 | | | $ | 312,883 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES TABLE | |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (97,891 | ) | | $ | (97,891 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Liabilities—Other Financial Instruments | | $ | (97,891 | ) | | $ | (97,891 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| (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.
7
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Limited Maturity Bond Fund
Futures contracts held by the Fund at June 30, 2024 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 | | 09/30/24 | | | 472 | | | | 2,000 | | | $ | 102 | | | $ | 96,391,250 | | | $ | 257,372 | | | $ | — | |
Long | | U.S. Treasury 5 Year Note | | 09/30/24 | | | 80 | | | | 1,000 | | | | 107 | | | | 8,526,250 | | | | 55,511 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 312,883 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Type | | Futures Contract | | Expiration
Date | | Numbers
of
Contracts | | | Units per
Contract | | | Closing
Price | | | Notional
Value | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
Short | | U.S. Treasury 10 Year Note | | 09/19/24 | | | (74 | ) | | | 1,000 | | | $ | 110 | | | $ | (8,138,844 | ) | | $ | — | | | $ | (70,666 | ) |
Short | | U.S. Treasury Long Bond | | 09/19/24 | | | (20 | ) | | | 1,000 | | | | 118 | | | | (2,366,250 | ) | | | — | | | | (27,225 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | $ | (97,891 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 312,883 | | | $ | (97,891 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
8
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
ASSET BACKED SECURITIES — 11.2% | |
Barings CLO Ltd., Series 2017-1A
Class C (3 M SOFR + 2.662%), 144A 7.989%, 07/18/29@,• | | $ | 1,500 | | | $ | 1,500,453 | |
Exeter Automobile Receivables Trust, Series 2022-4A Class B,
4.570%, 01/15/27 | | | 2,239 | | | | 2,236,255 | |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A
8.836%, 01/20/33@,• | | | 4,000 | | | | 4,004,524 | |
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M SOFR + 1.992%, Floor 1.992%), 144A 7.319%, 04/18/31@,• | | | 3,000 | | | | 3,001,767 | |
Nassau Ltd., Series 2017-IA
Class A1BR, 144A
2.730%, 10/15/29@ | | | 19 | | | | 18,371 | |
Navient Student Loan Trust, | | | | | | | | |
Series 2018-EA Class A2, 144A 4.000%, 12/15/59@ | | | 1,674 | | | | 1,650,495 | |
Series 2023-BA Class A1A, 144A 6.480%, 03/15/72@ | | | 2,384 | | | | 2,417,485 | |
Nelnet Student Loan Trust,
Series 2004-4 Class B (90 Day Average SOFR + 0.562%), 5.909%, 01/25/41• | | | 2,285 | | | | 2,257,748 | |
New Hampshire Higher Education Loan Corp., Series 2020-1 Class A1A, 1.550%, 09/25/60 | | | 2,198 | | | | 1,997,652 | |
OZLM XI Ltd., Series 2015-11A
Class A2R (3 M SOFR + 2.012%), 144A 7.341%, 10/30/30@,• | | | 4,000 | | | | 4,005,948 | |
SLM Student Loan Trust, Series 2014- 2 Class A3 (30 Day Average SOFR + 0.704%), 6.040%, 03/25/55• | | | 2,675 | | | | 2,658,773 | |
SMB Private Education Loan Trust, | | | | | | | | |
Series 2016-A Class A2A, 144A 2.700%, 05/15/31@ | | | 427 | | | | 423,692 | |
Series 2014-A Class B, 144A
4.000%, 09/15/42@ | | | 2,341 | | | | 2,261,948 | |
Series 2015-C Class B, 144A
3.500%, 09/15/43@ | | | 2,844 | | | | 2,787,105 | |
Steele Creek CLO Ltd., | | | | | | | | |
Series 2016-1A Class BR (3 M SOFR + 1.912%, Floor 1.650%), 144A 7.251%, 06/15/31@,• | | | 3,250 | | | | 3,250,211 | |
Series 2018-2A Class A (3 M SOFR + 1.462%, Floor 1.200%), 144A 6.787%, 08/18/31@,• | | | 3,413 | | | | 3,420,190 | |
Trimaran Cavu Ltd., Series 2019-1A Class C1 (3 M SOFR + 3.412%, Floor 3.150%), 144A 8.736%, 07/20/32@,• | | | 4,000 | | | | 4,005,036 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
Vibrant ClO VIII Ltd., Series 2018-8A Class A2 (3 M SOFR + 1.732%, Floor 0.262%), 144A
7.056%, 01/20/31@,• | | $ | 1,800 | | | $ | 1,805,117 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES (Cost $43,674,630) | | | | | | | 43,702,770 | |
| | | | | | | | |
| | | | | | | | |
COMMERCIAL MORTGAGE BACKED
SECURITIES — 14.9% | |
BANK5, Series 2024-5YR5 Class C, 7.245%, 02/15/29• | | | 2,550 | | | | 2,600,732 | |
Benchmark Mortgage Trust,
Series 2019-B9 Class A5, 4.016%, 03/15/52 | | | 5,000 | | | | 4,650,791 | |
COMM Mortgage Trust, Series 2014- CR20 Class A3, 3.326%, 11/10/47 | | | 2,293 | | | | 2,283,250 | |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A 3.447%, 12/10/36@ | | | 2,500 | | | | 2,456,577 | |
FREMF Mortgage Trust, | | | | | | | | |
Series 2018-K731 Class B, 144A 4.058%, 02/25/25@,• | | | 6,610 | | | | 6,504,401 | |
Series 2019-K735 Class B, 144A 4.157%, 05/25/26@,• | | | 6,000 | | | | 5,803,421 | |
Series 2019-K736 Class B, 144A 3.885%, 07/25/26@,• | | | 1,500 | | | | 1,439,146 | |
Series 2014-K40 Class C, 144A 4.184%, 11/25/47@,• | | | 2,000 | | | | 1,983,753 | |
Series 2015-K48 Class B, 144A 3.771%, 08/25/48@,• | | | 5,000 | | | | 4,885,153 | |
Series 2016-K52 Class B, 144A 4.068%, 01/25/49@,• | | | 5,065 | | | | 4,927,031 | |
Series 2016-K53 Class C, 144A 4.161%, 03/25/49@,• | | | 3,525 | | | | 3,408,014 | |
Series 2017-K729 Class C, 144A 3.784%, 11/25/49@,• | | | 2,460 | | | | 2,426,890 | |
Series 2017-K63 Class B, 144A 4.011%, 02/25/50@,• | | | 1,500 | | | | 1,435,371 | |
Series 2018-K85 Class C, 144A 4.464%, 12/25/50@,• | | | 3,500 | | | | 3,296,228 | |
Series 2019-K102 Class B, 144A 3.651%, 12/25/51@,• | | | 5,320 | | | | 4,844,121 | |
Series 2019-K95 Class B, 144A 4.056%, 08/25/52@,• | | | 2,500 | | | | 2,330,807 | |
Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3, 3.055%, 06/15/52 | | | 2,829 | | | | 2,554,212 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $61,457,365) | | | | 57,829,898 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE BONDS — 23.9% | | | | | | | | |
Aerospace & Defense — 0.4% | | | | | | | | |
The Boeing Co. 3.500%, 03/01/39 | | | 2,000 | | | | 1,424,416 | |
| | | | | | | | |
9
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
CORPORATE BONDS — (continued) | |
Apparel — 0.7% | | | | | | | | |
VF Corp. 2.800%, 04/23/27 | | $ | 3,000 | | | $ | 2,740,152 | |
| | | | | | | | |
| | |
Auto Manufacturers — 0.5% | | | | | | | | |
Ford Motor Credit Co., LLC
4.950%, 05/28/27 | | | 2,000 | | | | 1,952,286 | |
| | | | | | | | |
Banks — 3.5% | | | | | | | | |
Allfirst Preferred Capital Trust (3 M SOFR + 1.762%) 7.090%, 07/15/29• | | | 3,500 | | | | 3,198,368 | |
JPMorgan Chase & Co., Series B (3 M SOFR + 0.762%)
6.088%, 02/01/27• | | | 3,200 | | | | 3,072,000 | |
State Street Corp. (3 M SOFR + 0.822%) 6.144%, 05/15/28• | | | 3,830 | | | | 3,611,244 | |
The PNC Financial Services Group, Inc. (SOFRRATE + 1.841%) 5.582%, 06/12/29• | | | 2,500 | | | | 2,528,167 | |
Wells Fargo & Co., Series U 5.875%µ,• | | | 1,000 | | | | 995,220 | |
| | | | | | | | |
| | | | | | | 13,404,999 | |
| | | | | | | | |
Beverages — 0.4% | | | | | | | | |
Keurig Dr Pepper, Inc.
2.250%, 03/15/31 | | | 2,000 | | | | 1,667,197 | |
| | | | | | | | |
Biotechnology — 0.8% | | | | | | | | |
Amgen, Inc. 5.600%, 03/02/43 | | | 3,000 | | | | 2,967,535 | |
| | | | | | | | |
Diversified Financial Services — 0.7% | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, 10/29/28 | | | 3,000 | | | | 2,727,710 | |
| | | | | | | | |
Electric — 2.5% | | | | | | | | |
CMS Energy Corp. (UST Yield Curve CMT 5 Yr + 2.900%)
3.750%, 12/01/50• | | | 2,000 | | | | 1,672,100 | |
Dominion Energy, Inc., Series A (UST Yield Curve CMT 5 Yr + 2.386%) 6.875%, 02/01/55• | | | 3,000 | | | | 3,068,369 | |
Duke Energy Carolinas LLC
2.850%, 03/15/32 | | | 2,298 | | | | 1,973,320 | |
Northern States Power Co.
3.600%, 09/15/47 | | | 4,000 | | | | 2,933,539 | |
| | | | | | | | |
| | | | | | | 9,647,328 | |
| | | | | | | | |
Food — 1.9% | | | | | | | | |
Kraft Heinz Foods Co.
4.625%, 10/01/39 | | | 2,440 | | | | 2,167,075 | |
The Hershey Co. 1.700%, 06/01/30 | | | 3,000 | | | | 2,510,515 | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Food — (continued) | | | | | | | | |
The J.M. Smucker Co. 4.250%, 03/15/35 | | $ | 3,000 | | | $ | 2,689,572 | |
| | | | | | | | |
| | | | | | | 7,367,162 | |
| | | | | | | | |
Gas — 0.6% | | | | | | | | |
The Brooklyn Union Gas Co., 144A 3.407%, 03/10/26@ | | | 2,500 | | | | 2,402,302 | |
| | | | | | | | |
Healthcare Products — 0.4% | | | | | | | | |
PerkinElmer, Inc. 2.250%, 09/15/31 | | | 2,000 | | | | 1,639,372 | |
| | | | | | | | |
Healthcare Services — 0.9% | | | | | | | | |
Centene Corp. 4.625%, 12/15/29 | | | 2,000 | | | | 1,891,739 | |
Health Care Service Corp. A Mutual Legal Reserve Co., 144A 2.200%, 06/01/30@ | | | 2,000 | | | | 1,690,865 | |
| | | | | | | | |
| | | | | | | 3,582,604 | |
| | | | | | | | |
Household Products & Wares — 1.1% | | | | | | | | |
Church & Dwight Co., Inc.
2.300%, 12/15/31 | | | 3,000 | | | | 2,499,766 | |
Kimberly-Clark Corp. 3.100%, 03/26/30 | | | 2,000 | | | | 1,830,265 | |
| | | | | | | | |
| | | | | | | 4,330,031 | |
| | | | | | | | |
Insurance — 0.7% | | | | | | | | |
New York Life Global Funding, 144A 4.550%, 01/28/33@ | | | 3,000 | | | | 2,860,431 | |
| | | | | | | | |
Internet — 0.7% | | | | | | | | |
Alibaba Group Holding Ltd.
3.400%, 12/06/27 | | | 3,000 | | | | 2,834,302 | |
| | | | | | | | |
Investment Companies — 0.8% | | | | | | | | |
Ares Capital Corp. 2.875%, 06/15/28 | | | 3,500 | | | | 3,101,719 | |
| | | | | | | | |
Pharmaceuticals — 2.3% | | | | | | | | |
Becton Dickinson & Co.
3.700%, 06/06/27 | | | 1,956 | | | | 1,882,197 | |
Bristol-Myers Squibb Co.
3.400%, 07/26/29 | | | 3,253 | | | | 3,032,988 | |
Mead Johnson Nutrition Co.
4.125%, 11/15/25 | | | 2,000 | | | | 1,965,260 | |
Merck & Co., Inc. 3.900%, 03/07/39 | | | 2,200 | | | | 1,903,549 | |
| | | | | | | | |
| | | | | | | 8,783,994 | |
| | | | | | | | |
Pipelines — 0.6% | | | | | | | | |
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%) 6.500%µ,• | | | 2,185 | | | | 2,155,495 | |
| | | | | | | | |
Real Estate Investment Trusts — 1.1% | | | | | | | | |
Kimco Realty Corp. 2.800%, 10/01/26 | | | 3,000 | | | | 2,836,848 | |
10
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
CORPORATE BONDS — (continued) | | | | | |
Real Estate Investment Trusts — (continued) | |
SBA Tower Trust, 144A
1.884%, 07/15/50@ | | $ | 1,500 | | | $ | 1,410,660 | |
| | | | | | | | |
| | | | | | | 4,247,508 | |
| | | | | | | | |
Retail — 0.3% | | | | | | | | |
AutoNation, Inc. 1.950%, 08/01/28 | | | 1,500 | | | | 1,301,382 | |
| | | | | | | | |
Semiconductors — 0.5% | | | | | | | | |
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.150%, 05/01/27 | | | 2,000 | | | | 1,891,294 | |
| | | | | | | | |
Software — 0.3% | | | | | | | | |
Roper Technologies, Inc.
1.400%, 09/15/27 | | | 1,500 | | | | 1,335,704 | |
| | | | | | | | |
Telecommunications — 1.7% | | | | | | | | |
Crown Castle Towers LLC, 144A 3.663%, 05/15/45@ | | | 4,000 | | | | 3,927,191 | |
T-Mobile USA, Inc. 2.625%, 04/15/26 | | | 3,000 | | | | 2,853,589 | |
| | | | | | | | |
| | | | | | | 6,780,780 | |
| | | | | | | | |
Transportation — 0.5% | | | | | | | | |
BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A
3.442%, 06/16/28@ | | | 1,984 | | | | 1,887,521 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $ 99,992,935) | | | | 93,033,224 | |
| | | | | | | | |
| | | | | | | | | |
MUNICIPAL BONDS — 0.7% | | | | | | | | |
University of Virginia
5.000%, 09/01/40
(Cost $ 2,759,197) | | | 2,800 | | | | 2,707,307 | |
| | | | | | | | |
| | | | | | | | |
RESIDENTIAL MORTGAGE BACKED
SECURITIES — 38.3% | |
Collateralized Mortgage Obligations — 22.9% | |
Agate Bay Mortgage Trust, Series 2015-6 Class B1, 144A
3.580%, 09/25/45@,• | | | 2,622 | | | | 2,455,434 | |
CIM Trust, | | | | | | | | |
Series 2019-INV2 Class B1A, 144A 4.753%, 05/25/49@,• | | | 4,684 | | | | 4,329,468 | |
Series 2020-INV1 Class A13, 144A 3.000%, 04/25/50@,• | | | 1,327 | | | | 1,111,784 | |
CSMC Trust, Series 2013-IVR2 Class A2, 144A 3.000%, 04/25/43@,• | | | 3,571 | | | | 3,109,710 | |
Freddie Mac Pool | | | | | | | | |
3.000%, 05/01/53 | | | 5,662 | | | | 4,828,057 | |
5.500%, 08/01/53 | | | 3,270 | | | | 3,230,051 | |
6.000%, 05/01/54 | | | 4,906 | | | | 4,924,973 | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Collateralized Mortgage Obligations — (continued) | |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU, 2.500%, 11/25/60 | | $ | 3,100 | | | $ | 2,001,083 | |
Ginnie Mae, Series 2018-37 Class BY, 3.500%, 03/20/48 | | | 5,125 | | | | 4,448,491 | |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A 2.500%, 10/25/50@,• | | | 4,751 | | | | 3,871,111 | |
GS Mortgage-Backed Securities Trust, Series 2020-PJ1 Class B1, 144A 3.631%, 05/25/50@,• | | | 5,074 | | | | 4,337,104 | |
JP Morgan Mortgage Trust, | | | | | | | | |
Series 2020-INV1 Class B1A, 144A 2.936%, 08/25/50@,• | | | 4,597 | | | | 3,693,641 | |
Series 2020-INV1 Class A3, 144A 3.500%, 08/25/50@,• | | | 3,172 | | | | 2,766,475 | |
Series 2020-4 Class A15, 144A 3.000%, 11/25/50@,• | | | 4,627 | | | | 3,893,727 | |
Series 2020-8 Class A3, 144A
3.000%, 03/25/51@,• | | | 2,988 | | | | 2,502,180 | |
Series 2021-1 Class A3, 144A
2.500%, 06/25/51@,• | | | 4,791 | | | | 3,833,936 | |
Series 2021-1 Class A15, 144A 2.500%, 06/25/51@,• | | | 3,582 | | | | 2,819,385 | |
Series 2021-7 Class A15, 144A 2.500%, 11/25/51@,• | | | 4,724 | | | | 3,715,337 | |
Series 2022-1 Class A3, 144A
2.500%, 07/25/52@,• | | | 4,270 | | | | 3,400,987 | |
Sequoia Mortgage Trust, | | | | | | | | |
Series 2013-3 Class A2,
2.500%, 03/25/43• | | | 7,490 | | | | 6,295,643 | |
Series 2017-5 Class A1, 144A
3.500%, 08/25/47@,• | | | 1,712 | | | | 1,502,438 | |
Series 2020-4 Class A20, 144A 2.500%, 11/25/50@,• | | | 2,668 | | | | 2,105,983 | |
Series 2021-5 Class A5, 144A
2.000%, 07/25/51@,• | | | 2,864 | | | | 2,413,783 | |
Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A 2.750%, 11/25/61@,• | | | 2,500 | | | | 2,034,945 | |
Verus Securitization Trust, Series 2019-INV2 Class A3, 144A
4.219%, 07/25/59@,• | | | 1,167 | | | | 1,145,257 | |
Vista Point Securitization Trust, Series 2020-1 Class M1, 144A
4.151%, 03/25/65@,• | | | 3,000 | | | | 2,869,908 | |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A 3.000%, 06/25/50@,• | | | 4,337 | | | | 3,614,039 | |
11
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | |
Collateralized Mortgage Obligations — (continued) | |
WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A 3.768%, 01/20/46@,• | | $ | 1,720 | | | $ | 1,582,624 | |
| | | | | | | | |
| | | | | | | 88,837,554 | |
| | | | | | | | |
Fannie Mae Pool — 6.4% | | | | | | | | |
3.500%, 10/01/45 | | | 4,358 | | | | 3,887,853 | |
1.500%, 06/01/51 | | | 3,553 | | | | 2,664,765 | |
2.000%, 11/01/51 | | | 4,289 | | | | 3,375,810 | |
2.000%, 12/01/51 | | | 2,597 | | | | 2,042,276 | |
3.000%, 03/01/52 | | | 9,915 | | | | 8,464,114 | |
6.000%, 07/01/53 | | | 4,541 | | | | 4,561,382 | |
| | | | | | | | |
| | | | | | | 24,996,200 | |
| | | | | | | | |
Fannie Mae REMICS — 1.0% | | | | | | | | |
Series 2019-48 Class MA 3.000%, 09/25/49 | | | 4,652 | | | | 4,004,933 | |
| | | | | | | | |
Freddie Mac Pool — 4.8% | | | | | | | | |
2.500%, 04/01/52 | | | 10,164 | | | | 8,346,506 | |
4.000%, 09/01/52 | | | 6,709 | | | | 6,149,649 | |
4.000%, 01/01/53 | | | 4,674 | | | | 4,285,324 | |
| | | | | | | | |
| | | | | | | 18,781,479 | |
| | | | | | | | |
Freddie Mac REMICS — 2.6% | | | | | | | | |
Series 5105 Class JM,
2.000%, 12/25/46 | | | 3,949 | | | | 2,822,679 | |
Series 5229 Class AL,
4.000%, 06/25/49 | | | 8,018 | | | | 7,043,680 | |
| | | | | | | | |
| | | | | | | 9,866,359 | |
| | | | | | | | |
Ginnie Mae — 0.6% | | | | | | | | |
Series 2015-76 Class QB
3.000%, 05/20/45 | | | 2,731 | | | | 2,326,914 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $160,650,807) | | | | 148,813,439 | |
| | | | | | | | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 8.6% | |
U.S. Treasury Bonds | | | | | | | | |
3.250%, 05/15/42 | | | 2,170 | | | | 1,812,628 | |
2.500%, 02/15/45 | | | 7,700 | | | | 5,520,238 | |
3.000%, 02/15/48 | | | 2,760 | | | | 2,112,370 | |
4.125%, 08/15/53 | | | 5,000 | | | | 4,685,156 | |
U.S. Treasury Inflation Indexed Bonds | | | | | |
1.250%, 04/15/28 | | | 4,182 | | | | 4,039,300 | |
1.125%, 01/15/33 | | | 7,368 | | | | 6,828,217 | |
U.S. Treasury Inflation Indexed Notes 1.750%, 01/15/34 | | | 8,160 | | | | 7,936,076 | |
U.S. Treasury Notes
4.000%, 10/31/29 | | | 500 | | | | 491,875 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $33,638,109) | | | | 33,425,860 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 1.8% | |
| | |
MONEY MARKET FUNDS — 0.5% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $1,991,902) | | | 1,991,902 | | | $ | 1,991,902 | |
| | | | | | | | |
| | |
| | | Par (000) | | | | |
U.S. TREASURY OBLIGATIONS — 1.3% | |
U.S. Treasury Bills | | | | | | | | |
5.304%, 11/29/24 | | $ | 3,000 | | | $ | 2,935,573 | |
5.273%, 12/26/24 | | | 2,000 | | | | 1,949,419 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,884,216) | | | | 4,884,992 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $6,876,118) | | | | 6,876,894 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.4%
(Cost $409,049,161) | | | $ | 386,389,392 | |
Other Assets & Liabilities — 0.6% | | | | 2,239,591 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 388,628,983 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $157,581,481, which represents 40.5% 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.
CMT— Constant Maturity Treasury.
FREMF— Freddie Mac Multifamily Securities.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
REMICS— Real Estate Mortgage Investment Conduits.
SOFR— Secured Overnight Financing Rate.
UST— US Treasury.
Yr— Year.
12
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Quality Bond Fund
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 92 | % |
Cayman Islands | | | 6 | |
China | | | 1 | |
Ireland | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input | |
Asset Backed Securities | | $ | 43,702,770 | | | $ | — | | | $ | 43,702,770 | | | $ | — | |
Commercial Mortgage Backed Securities | | | 57,829,898 | | | | — | | | | 57,829,898 | | | | — | |
Corporate Bonds | | | 93,033,224 | | | | — | | | | 93,033,224 | | | | — | |
Municipal Bonds | | | 2,707,307 | | | | — | | | | 2,707,307 | | | | — | |
Residential Mortgage Backed Securities | | | 148,813,439 | | | | — | | | | 148,813,439 | | | | — | |
U.S. Treasury Obligations | | | 33,425,860 | | | | — | | | | 33,425,860 | | | | — | |
Short-Term Investments | | | 6,876,894 | | | | 1,991,902 | | | | 4,884,992 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 386,389,392 | | | $ | 1,991,902 | | | $ | 384,397,490 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 329,831 | | | $ | 329,831 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets —Other Financial Instruments | | $ | 329,831 | | | $ | 329,831 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| (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, 2024 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 10 Year Note | | | 09/19/24 | | | | 172 | | | | 1,000 | | | $ | 110 | | | $ | 18,917,313 | | | $ | 100,812 | | | $ | — | |
Long | | U.S. Treasury 5 Year Note | | | 09/30/24 | | | | 221 | | | | 1,000 | | | | 107 | | | | 23,553,767 | | | | 153,350 | | | | — | |
Long | | U.S. Treasury Ultra Bond | | | 09/19/24 | | | | 53 | | | | 1,000 | | | | 125 | | | | 6,643,219 | | | | 75,669 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 329,831 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
13
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
ASSET BACKED SECURITIES — 0.5% | |
Frontier Issuer LLC, Series 2023-1 Class A2, 144A
6.600%, 08/20/53@
(Cost $577,509) | | $ | 600 | | | $ | 603,795 | |
| | | | | | | | |
| | |
| | | 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 — 89.9% | | | | | | | | |
Advertising — 0.7% | | | | | | | | |
Stagwell Global LLC, 144A
5.625%, 08/15/29@ | | $ | 1,050 | | | | 971,237 | |
| | | | | | | | |
Airlines — 1.7% | | | | | | | | |
American Airlines Pass Through Trust, Series 2021-1 Class B 3.950%, 01/11/32 | | | 1,297 | | | | 1,198,651 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A 5.500%, 04/20/26@ | | | 700 | | | | 693,642 | |
United Airlines Pass Through Trust, Series 2020-1 Class B
4.875%, 07/15/27 | | | 353 | | | | 347,594 | |
| | | | | | | | |
| | | | | | | 2,239,887 | |
| | | | | | | | |
Auto Manufacturers — 1.3% | | | | | | | | |
Ford Motor Credit Co., LLC | | | | | | | | |
5.113%, 05/03/29 | | | 1,050 | | | | 1,015,380 | |
7.350%, 03/06/30 | | | 675 | | | | 714,845 | |
| | | | | | | | |
| | | | | | | 1,730,225 | |
| | | | | | | | |
Auto Parts & Equipment — 1.2% | | | | | | | | |
Clarios Global LP/Clarios US Finance Co., 144A
6.250%, 05/15/26@ | | | 1,050 | | | | 1,048,901 | |
Garrett Motion Holdings, Inc./Garrett LX I Sarl, 144A 7.750%, 05/31/32@ | | | 500 | | | | 506,758 | |
| | | | | | | | |
| | | | | | | 1,555,659 | |
| | | | | | | | |
Banks — 1.3% | | | | | | | | |
Freedom Mortgage Corp., 144A 12.250%, 10/01/30@ | | | 1,550 | | | | 1,667,578 | |
| | | | | | | | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Building Materials — 2.9% | | | | | | | | |
Builders FirstSource, Inc., 144A
4.250%, 02/01/32@ | | $ | 1,050 | | | $ | 928,269 | |
Knife River Corp., 144A
7.750%, 05/01/31@ | | | 650 | | | | 679,065 | |
Smyrna Ready Mix Concrete LLC, 144A 8.875%, 11/15/31@ | | | 1,000 | | | | 1,061,171 | |
Summit Materials LLC/Summit Materials Finance Corp., 144A 6.500%, 03/15/27@ | | | 1,100 | | | | 1,101,880 | |
| | | | | | | | |
| | | | | | | 3,770,385 | |
| | | | | | | | |
Chemicals — 2.9% | | | | | | | | |
NOVA Chemicals Corp., 144A
8.500%, 11/15/28@ | | | 1,775 | | | | 1,882,061 | |
Olin Corp. 5.000%, 02/01/30 | | | 910 | | | | 859,831 | |
WR Grace Holdings LLC, 144A
7.375%, 03/01/31@ | | | 1,000 | | | | 1,013,676 | |
| | | | | | | | |
| | | | | | | 3,755,568 | |
| | | | | | | | |
Commercial Services — 7.3% | | | | | | | | |
Albion Financing 1 SARL/Aggreko Holdings, Inc., 144A
6.125%, 10/15/26@ | | | 1,030 | | | | 1,016,778 | |
Herc Holdings, Inc. | | | | | | | | |
144A, 5.500%, 07/15/27@ | | | 1,015 | | | | 999,331 | |
144A, 6.625%, 06/15/29@ | | | 1,000 | | | | 1,014,149 | |
Mavis Tire Express Services Topco Corp., 144A 6.500%, 05/15/29@ | | | 1,050 | | | | 978,634 | |
Service Corp. International | | | | | | | | |
7.500%, 04/01/27 | | | 1,750 | | | | 1,811,782 | |
4.000%, 05/15/31 | | | 700 | | | | 623,463 | |
United Rentals North America, Inc. 4.875%, 01/15/28 | | | 700 | | | | 678,374 | |
WASH Multifamily Acquisition, Inc., 144A 5.750%, 04/15/26@ | | | 1,150 | | | | 1,123,711 | |
Williams Scotsman, Inc., 144A
4.625%, 08/15/28@ | | | 1,350 | | | | 1,276,560 | |
| | | | | | | | |
| | | | | | | 9,522,782 | |
| | | | | | | | |
Computers — 0.8% | | | | | | | | |
Fortress Intermediate 3, Inc., 144A 7.500%, 06/01/31@ | | | 1,000 | | | | 1,024,550 | |
| | | | | | | | |
Cosmetics & Personal Care — 0.9% | | | | | | | | |
Coty,Inc., 144A 5.000%, 04/15/26@ | | | 1,120 | | | | 1,105,216 | |
| | | | | | | | |
Distribution & Wholesale — 0.5% | | | | | | | | |
Ritchie Bros Holdings, Inc., 144A 7.750%, 03/15/31@ | | | 670 | | | | 699,557 | |
| | | | | | | | |
14
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
CORPORATE BONDS — (continued) | |
Diversified Financial Services — 1.6% | |
AerCap Holdings N.V. (UST Yield Curve CMT 5 Yr + 4.535%)
5.875%, 10/10/79• | | $ | 1,000 | | | $ | 995,337 | |
Jefferson Capital Holdings LLC, 144A 9.500%, 02/15/29@ | | | 1,000 | | | | 1,030,917 | |
| | | | | | | | |
| | | | | | | 2,026,254 | |
| | | | | | | | |
Electric — 3.8% | | | | | | | | |
Calpine Corp., 144A
5.250%, 06/01/26@ | | | 700 | | | | 692,300 | |
Talen Energy Supply LLC, 144A 8.625%, 06/01/30@ | | | 1,300 | | | | 1,386,084 | |
Vistra Corp. (UST Yield Curve CMT 5 Yr + 6.930%), 144A 8.000%@,µ,• | | | 1,500 | | | | 1,512,752 | |
Vistra Operations Co., LLC, 144A 5.000%, 07/31/27@ | | | 1,400 | | | | 1,354,293 | |
| | | | | | | | |
| | | | | | | 4,945,429 | |
| | | | | | | | |
Electrical Components & Equipment — 0.6% | |
WESCO Distribution, Inc., 144A 7.250%, 06/15/28@ | | | 700 | | | | 713,291 | |
| | | | | | | | |
Entertainment — 3.2% | | | | | | | | |
Caesars Entertainment, Inc., 144A 8.125%, 07/01/27@ | | | 675 | | | | 688,717 | |
Churchill Downs, Inc. | | | | | | | | |
144A, 5.500%, 04/01/27@ | | | 750 | | | | 737,763 | |
144A, 5.750%, 04/01/30@ | | | 700 | | | | 679,948 | |
Everi Holdings, Inc., 144A
5.000%, 07/15/29@ | | | 700 | | | | 688,660 | |
Light & Wonder International, Inc., 144A 7.000%, 05/15/28@ | | | 1,400 | | | | 1,407,746 | |
| | | | | | | | |
| | | | | | | 4,202,834 | |
| | | | | | | | |
Environmental Control — 0.7% | |
Clean Harbors, Inc., 144A
4.875%, 07/15/27@ | | | 1,000 | | | | 967,871 | |
| | | | | | | | |
Food — 0.8% | | | | | | | | |
Fiesta Purchaser, Inc., 144A
7.875%, 03/01/31@ | | | 1,000 | | | | 1,033,234 | |
| | | | | | | | |
Healthcare Products — 1.6% | |
Avantor Funding, Inc., 144A
4.625%, 07/15/28@ | | | 1,100 | | | | 1,046,902 | |
Medline Borrower LP, 144A
3.875%, 04/01/29@ | | | 1,050 | | | | 966,856 | |
| | | | | | | | |
| | | | | | | 2,013,758 | |
| | | | | | | | |
Healthcare Services — 5.8% | | | | | | | | |
Acadia Healthcare Co., Inc., 144A 5.500%, 07/01/28@ | | | 1,400 | | | | 1,369,286 | |
Charles River Laboratories International, Inc., 144A
4.250%, 05/01/28@ | | | 1,050 | | | | 991,676 | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Healthcare Services — (continued) | |
CHS/Community Health Systems, Inc., 144A 5.625%, 03/15/27@ | | $ | 1,080 | | | $ | 1,005,773 | |
Encompass Health Corp.
4.750%, 02/01/30 | | | 1,150 | | | | 1,076,086 | |
IQVIA, Inc., 144A 5.000%, 10/15/26@ | | | 1,000 | | | | 981,277 | |
Select Medical Corp., 144A
6.250%, 08/15/26@ | | | 700 | | | | 703,419 | |
Tenet Healthcare Corp. 5.125%, 11/01/27 | | | 1,400 | | | | 1,370,114 | |
| | | | | | | | |
| | | | | | | 7,497,631 | |
| | | | | | | | |
Household Products & Wares — 0.8% | |
Kronos Acquisition Holdings, Inc., 144A 8.250%, 06/30/31@ | | | 1,000 | | | | 1,001,000 | |
| | | | | | | | |
Insurance — 0.8% | | | | | | | | |
Acrisure LLC/Acrisure Finance, Inc., 144A 7.500%, 11/06/30@ | | | 1,000 | | | | 1,001,851 | |
| | | | | | | | |
Internet — 1.1% | | | | | | | | |
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A
5.250%, 12/01/27@ | | | 1,400 | | | | 1,370,599 | |
| | | | | | | | |
Leisure Time — 4.2% | | | | | | | | |
Carnival Holdings Bermuda Ltd., 144A 10.375%, 05/01/28@ | | | 1,005 | | | | 1,087,866 | |
MajorDrive Holdings IV LLC, 144A 6.375%, 06/01/29@ | | | 2,500 | | | | 2,353,906 | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
144A, 4.250%, 07/01/26@ | | | 1,005 | | | | 972,631 | |
144A, 9.250%, 01/15/29@ | | | 1,010 | | | | 1,078,312 | |
| | | | | | | | |
| | | | | | | 5,492,715 | |
| | | | | | | | |
Lodging — 1.2% | | | | | | | | |
Hilton Domestic Operating Co., Inc., 144A 4.000%, 05/01/31@ | | | 700 | | | | 627,828 | |
Station Casinos LLC, 144A
4.625%, 12/01/31@ | | | 1,050 | | | | 936,097 | |
| | | | | | | | |
| | | | | | | 1,563,925 | |
| | | | | | | | |
Machinery — Construction & Mining — 1.2% | |
Terex Corp., 144A 5.000%, 05/15/29@ | | | 600 | | | | 569,003 | |
The Manitowoc Co., Inc., 144A
9.000%, 04/01/26@ | | | 1,000 | | | | 1,000,027 | |
| | | | | | | | |
| | | | | | | 1,569,030 | |
| | | | | | | | |
Media — 3.2% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., 144A
5.125%, 05/01/27@ | | | 675 | | | | 648,105 | |
15
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
CORPORATE BONDS — (continued) | | | | | |
Media — (continued) | | | | | | | | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 144A 5.875%, 08/15/27@ | | $ | 1,000 | | | $ | 940,704 | |
Nexstar Media, Inc., 144A
5.625%, 07/15/27@ | | | 700 | | | | 665,046 | |
Paramount Global 2.900%, 01/15/27 | | | 1,000 | | | | 923,047 | |
Sirius XM Radio, Inc., 144A
5.500%, 07/01/29@ | | | 1,050 | | | | 986,448 | |
| | | | | | | | |
| | | | | | | 4,163,350 | |
| | | | | | | | |
Mining — 5.2% | | | | | | | | |
Alcoa Nederland Holding BV, 144A 7.125%, 03/15/31@ | | | 1,000 | | | | 1,030,058 | |
First Quantum Minerals Ltd. | | | | | | | | |
144A, 6.875%, 10/15/27@ | | | 1,000 | | | | 976,998 | |
144A, 9.375%, 03/01/29@ | | | 1,000 | | | | 1,046,643 | |
144A, 8.625%, 06/01/31@ | | | 1,000 | | | | 998,320 | |
FMG Resources August 2006 Pty Ltd., 144A 5.875%, 04/15/30@ | | | 1,050 | | | | 1,025,874 | |
Novelis Corp., 144A
4.750%, 01/30/30@ | | | 700 | | | | 649,361 | |
Taseko Mines Ltd., 144A
8.250%, 05/01/30@ | | | 1,000 | | | | 1,023,527 | |
| | | | | | | | |
| | | | | | | 6,750,781 | |
| | | | | | | | |
Oil & Gas — 16.3% | | | | | | | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A 5.875%, 06/30/29@ | | | 1,000 | | | | 977,230 | |
Baytex Energy Corp., 144A
8.500%, 04/30/30@ | | | 975 | | | | 1,019,568 | |
California Resources Corp., 144A 8.250%, 06/15/29@ | | | 1,000 | | | | 1,020,637 | |
Chesapeake Energy Corp., 144A 5.875%, 02/01/29@ | | | 1,850 | | | | 1,831,408 | |
Civitas Resources, Inc., 144A
8.750%, 07/01/31@ | | | 1,500 | | | | 1,606,529 | |
Comstock Resources, Inc., 144A 5.875%, 01/15/30@ | | | 975 | | | | 908,544 | |
Crescent Energy Finance LLC, 144A 7.625%, 04/01/32@ | | | 1,100 | | | | 1,121,097 | |
Encino Acquisition Partners Holdings LLC | | | | | | | | |
144A, 8.500%, 05/01/28@ | | | 1,600 | | | | 1,630,851 | |
144A, 8.750%, 05/01/31@ | | | 1,000 | | | | 1,042,194 | |
HF Sinclair Corp., 144A
6.375%, 04/15/27@ | | | 1,000 | | | | 1,002,092 | |
Occidental Petroleum Corp.
8.500%, 07/15/27 | | | 1,491 | | | | 1,597,311 | |
Parkland Corp., 144A
5.875%, 07/15/27@ | | | 1,150 | | | | 1,135,158 | |
Permian Resources Operating LLC | | | | | | | | |
144A, 5.375%, 01/15/26@ | | | 1,000 | | | | 988,730 | |
144A, 8.000%, 04/15/27@ | | | 700 | | | | 715,824 | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Oil & Gas — (continued) | | | | | | | | |
Sunoco LP, 144A 7.250%, 05/01/32@ | | $ | 1,000 | | | $ | 1,034,237 | |
Talos Production, Inc. | | | | | | | | |
144A, 9.000%, 02/01/29@ | | | 500 | | | | 524,807 | |
144A, 9.375%, 02/01/31@ | | | 500 | | | | 527,915 | |
Transocean Titan Financing Ltd., 144A 8.375%, 02/01/28@ | | | 1,470 | | | | 1,517,046 | |
Transocean, Inc., 144A
8.500%, 05/15/31@ | | | 1,000 | | | | 1,000,565 | |
| | | | | | | | |
| | | | | | | 21,201,743 | |
| | | | | | | | |
Packaging and Containers — 4.5% | | | | | | | | |
Graham Packaging Co., Inc., 144A 7.125%, 08/15/28@ | | | 1,500 | | | | 1,416,916 | |
Owens-Brockway Glass Container, Inc., 144A 6.625%, 05/13/27@ | | | 1,000 | | | | 998,178 | |
Sealed Air Corp., 144A
5.000%, 04/15/29@ | | | 700 | | | | 666,449 | |
Trident TPI Holdings, Inc., 144A 12.750%, 12/31/28@ | | | 1,000 | | | | 1,092,327 | |
TriMas Corp., 144A
4.125%, 04/15/29@ | | | 700 | | | | 641,244 | |
Trivium Packaging Finance BV, 144A 8.500%, 08/15/27@ | | | 1,000 | | | | 992,541 | |
| | | | | | | | |
| | | | | | | 5,807,655 | |
| | | | | | | | |
Pharmaceuticals — 2.5% | | | | | | | | |
Elanco Animal Health, Inc.
6.650%, 08/28/28 | | | 1,050 | | | | 1,064,787 | |
Jazz Securities DAC, 144A
4.375%, 01/15/29@ | | | 1,400 | | | | 1,299,664 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 144A
5.125%, 04/30/31@ | | | 1,050 | | | | 940,956 | |
| | | | | | | | |
| | | | | | | 3,305,407 | |
| | | | | | | | |
Pipelines — 4.7% | | | | | | | | |
Buckeye Partners LP 4.350%, 10/15/24 | | | 331 | | | | 328,820 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 144A 8.625%, 03/15/29@ | | | 1,000 | | | | 1,029,151 | |
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%) 6.500%µ,• | | | 1,475 | | | | 1,455,083 | |
Martin Midstream Partners LP/Martin Midstream Finance Corp., 144A 11.500%, 02/15/28@ | | | 1,000 | | | | 1,082,316 | |
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A
8.375%, 02/15/32@ | | | 1,000 | | | | 1,018,583 | |
Rockies Express Pipeline LLC, 144A 3.600%, 05/15/25@ | | | 500 | | | | 488,432 | |
16
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
CORPORATE BONDS — (continued) | |
Pipelines — (continued) | | | | | | | | |
Venture Global LNG, Inc., 144A 8.375%, 06/01/31@ | | $ | 650 | | | $ | 674,138 | |
| | | | | | | | |
| | | | | | | 6,076,523 | |
| | | | | | | | |
Real Estate Investment Trusts — 1.0% | |
VICI Properties LP/VICI Note Co., Inc., 144A 5.750%, 02/01/27@ | | | 1,350 | | | | 1,350,292 | |
| | | | | | | | |
Retail — 1.9% | | | | | | | | |
Arko Corp., 144A
5.125%, 11/15/29@ | | | 750 | | | | 653,066 | |
Bath & Body Works, Inc.
6.875%, 11/01/35 | | | 1,000 | | | | 1,008,473 | |
The Gap, Inc., 144A
3.875%, 10/01/31@ | | | 1,000 | | | | 834,612 | |
| | | | | | | | |
| | | | | | | 2,496,151 | |
| | | | | | | | |
Software — 0.5% | | | | | | | | |
Open Text Corp., 144A
6.900%, 12/01/27@ | | | 675 | | | | 700,895 | |
| | | | | | | | |
Telecommunications — 1.2% | | | | | | | | |
Connect Finco SARL/Connect US Finco LLC, 144A
6.750%, 10/01/26@ | | | 1,550 | | | | 1,496,025 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $115,734,838) | | | | | | | 116,790,888 | |
| | | | | | | | |
| | | | | | | | |
LOAN AGREEMENTS‡ — 5.4% | | | | | |
Commercial Services — 1.0% | | | | | | | | |
VT Topco, Inc. (1 M SOFR + 3.500%) 8.844%, 08/09/30• | | | 746 | | | | 748,680 | |
Wand NewCo 3, Inc. (1 M SOFR + 3.750%) 9.094%, 01/30/31• | | | 500 | | | | 503,035 | |
| | | | | | | | |
| | | | | | | 1,251,715 | |
| | | | | | | | |
Electric — 0.4% | | | | | | | | |
Talen Energy Supply, LLC (3 M SOFR + 3.500%)
8.827%, 05/17/30• | | | 496 | | | | 501,034 | |
| | | | | | | | |
Healthcare Products — 0.7% | | | | | | | | |
Bausch & Lomb Corp. (1 M SOFR + 3.350%) 8.689%, 05/10/27• | | | 991 | | | | 979,170 | |
| | | | | | | | |
Healthcare Services — 0.9% | | | | | | | | |
Surgery Center Holdings Inc (1 M SOFR + 2.750%)
8.089%, 12/19/30• | | | 1,215 | | | | 1,217,245 | |
| | | | | | | | |
Lodging — 0.8% | | | | | | | | |
Fertitta Entertainment LLC (1 M SOFR + 3.750%)
9.081%, 01/27/29• | | | 995 | | | | 995,538 | |
| | | | | | | | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Packaging and Containers — 0.8% | |
Mauser Packaging Solutions Holding Company (1 M SOFR + 3.500%) 8.829%, 04/15/27• | | $ | 1,000 | | | $ | 1,000,560 | |
| | | | | | | | |
Real Estate — 0.8% | | | | | | | | |
Cushman & Wakefield US Borrower LLC (1 M SOFR + 3.750%) 9.094%, 01/31/30(1),• | | | 998 | | | | 1,002,487 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS
(Cost $6,897,513) | | | | 6,947,749 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | | |
SHORT-TERM INVESTMENTS — 3.6% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $4,675,947) | | | 4,675,947 | | | | 4,675,947 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.4%
(Cost $127,910,032) | | | $ | 129,018,379 | |
Other Assets & Liabilities — 0.6% | | | | 829,569 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 129,847,948 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $100,325,705, which represents 77.3% of the Fund’s net assets. |
| (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. |
| • | 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. |
17
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
High Yield Bond Fund
| ‡ | 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, 2024. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
CMT— Constant Maturity Treasury.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
N.V.— Naamloze Vennootschap.
SOFR— Secured Overnight Financing Rate.
UST— US Treasury.
Yr— Year.
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 83 | % |
Canada | | | 8 | |
Luxembourg | | | 2 | |
Ireland | | | 2 | |
Netherlands | | | 2 | |
Cayman Islands | | | 1 | |
Bermuda | | | 1 | |
Australia | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input^ | |
Asset Backed Securities | | $ | 603,795 | | | $ | — | | | $ | 603,795 | | | $ | — | |
Common Stocks | | | — | | | | — | | | | — | | | | — | (1) |
Preferred Stocks | | | — | | | | — | | | | — | | | | — | (1) |
Corporate Bonds | | | 116,790,888 | | | | — | | | | 116,790,888 | | | | — | |
Loan Agreements | | | 6,947,749 | | | | — | | | | 5,945,262 | | | | 1,002,487 | |
Short-Term Investments | | | 4,675,947 | | | | 4,675,947 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 129,018,379 | | | $ | 4,675,947 | | | $ | 123,339,945 | | | $ | 1,002,487 | |
| | | | | | | | | | | | | | | | |
| (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.
18
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
ASSET BACKED SECURITIES — 0.1% | | | | | |
Domino’s Pizza Master Issuer LLC, | | | | | |
Series 2017-1A A23, 144A 4.118%, 07/25/47@ | | $ | 2,751 | | | $ | 2,632,779 | |
Series 2019-1A A2, 144A 3.668%, 10/25/49@ | | | 2,127 | | | | 1,938,363 | |
| | | | | |
TOTAL ASSET BACKED SECURITIES (Cost $4,856,385) | | | | 4,571,142 | |
| | | | | |
| | |
| | | Number of
Shares | | | | |
COMMON STOCKS — 63.7% | | | | | |
Aerospace & Defense — 1.4% | | | | | |
Northrop Grumman Corp. | | | 23,300 | | | | 10,157,635 | |
RTX Corp. | | | 458,200 | | | | 45,998,698 | |
The Boeing Co.* | | | 105,306 | | | | 19,166,745 | |
| | | | | | | | |
| | | | 75,323,078 | |
| | | | | | | | |
Auto Parts & Equipment — 0.5% | | | | | |
Aurora Innovation, Inc.* | | | 9,525,253 | | | | 26,384,951 | |
| | | | | | | | |
Biotechnology — 1.0% | | | | | |
Argenx S.E., ADR* | | | 37,800 | | | | 16,255,512 | |
Biogen, Inc.* | | | 166,027 | | | | 38,488,379 | |
| | | | | | | | |
| | | | 54,743,891 | |
| | | | | | | | |
Building Materials — 0.7% | | | | | |
Martin Marietta Materials, Inc. | | | 65,100 | | | | 35,271,180 | |
| | | | | | | | |
Chemicals — 1.2% | | | | | |
Linde PLC | | | 144,878 | | | | 63,573,915 | |
| | | | | | | | |
Computers — 1.8% | | | | | |
Apple, Inc. | | | 437,663 | | | | 92,180,581 | |
| | | | | | | | |
Diversified Financial Services — 3.2% | | | | | |
CME Group, Inc. | | | 32,020 | | | | 6,295,132 | |
Intercontinental Exchange, Inc. | | | 468,036 | | | | 64,069,448 | |
Mastercard, Inc., Class A | | | 119,053 | | | | 52,521,422 | |
Visa, Inc., Class A | | | 168,956 | | | | 44,345,881 | |
| | | | | | | | |
| | | | 167,231,883 | |
| | | | | | | | |
Electric — 4.2% | | | | | |
Ameren Corp. | | | 758,025 | | | | 53,903,158 | |
CenterPoint Energy, Inc. | | | 2,160,437 | | | | 66,930,338 | |
CMS Energy Corp. | | | 158,297 | | | | 9,423,421 | |
DTE Energy Co. | | | 348,337 | | | | 38,668,890 | |
Exelon Corp. | | | 1,524,350 | | | | 52,757,754 | |
WEC Energy Group, Inc. | | | 6,490 | | | | 509,205 | |
| | | | | | | | |
| | | | 222,192,766 | |
| | | | | | | | |
Electrical Components & Equipment — 0.3% | |
AMETEK, Inc. | | | 81,453 | | | | 13,579,030 | |
| | | | | | | | |
Electronics — 1.8% | | | | | |
Fortive Corp. | | | 1,274,843 | | | | 94,465,866 | |
| | | | | | | | |
Environmental Control — 3.5% | | | | | |
Republic Services, Inc. | | | 49,994 | | | | 9,715,834 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
Environmental Control — (continued) | |
Veralto Corp. | | | 745,204 | | | $ | 71,144,626 | |
Waste Connections, Inc. | | | 590,876 | | | | 103,616,015 | |
| | | | | | | | |
| | | | | | | 184,476,475 | |
| | | | | | | | |
Gas — 0.4% | | | | | | | | |
NiSource, Inc. | | | 740,696 | | | | 21,339,452 | |
| | | | | | | | |
Healthcare Products — 6.1% | | | | | | | | |
Avantor, Inc.* | | | 1,624,852 | | | | 34,446,862 | |
Danaher Corp. | | | 439,279 | | | | 109,753,858 | |
GE HealthCare Technologies, Inc. | | | 444,254 | | | | 34,616,272 | |
Revvity, Inc. | | | 977,281 | | | | 102,477,686 | |
Thermo Fisher Scientific, Inc. | | | 73,766 | | | | 40,792,598 | |
| | | | | | | | |
| | | | | | | 322,087,276 | |
| | | | | | | | |
Healthcare Services — 2.9% | | | | | | | | |
Humana, Inc. | | | 49,700 | | | | 18,570,405 | |
UnitedHealth Group, Inc. | | | 265,843 | | | | 135,383,206 | |
| | | | | | | | |
| | | | | | | 153,953,611 | |
| | | | | | | | |
Insurance — 1.1% | | | | | | | | |
Arthur J. Gallagher & Co. | | | 40,200 | | | | 10,424,262 | |
Marsh & McLennan Cos., Inc. | | | 225,461 | | | | 47,509,142 | |
| | | | | | | | |
| | | | | | | 57,933,404 | |
| | | | | | | | |
Internet — 6.6% | | | | | | | | |
Alphabet, Inc., Class A | | | 776,171 | | | | 141,379,547 | |
Amazon.com, Inc.* | | | 730,711 | | | | 141,209,901 | |
Meta Platforms, Inc., Class A | | | 121,104 | | | | 61,063,059 | |
| | | | | | | | |
| | | | | | | 343,652,507 | |
| | | | | | | | |
Lodging — 0.5% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 119,767 | | | | 26,133,159 | |
| | | | | | | | |
Machinery — Diversified — 0.6% | | | | | | | | |
Ingersoll Rand, Inc. | | | 356,725 | | | | 32,404,899 | |
| | | | | | | | |
Miscellaneous Manufacturing — 1.0% | | | | | |
Teledyne Technologies, Inc.* | | | 130,088 | | | | 50,471,542 | |
| | | | | | | | |
Oil & Gas — 2.3% | | | | | | | | |
Canadian Natural Resources Ltd. | | | 2,506,812 | | | | 89,242,507 | |
Chesapeake Energy Corp. | | | 411,300 | | | | 33,804,747 | |
| | | | | | | | |
| | | | | | | 123,047,254 | |
| | | | | | | | |
Pharmaceuticals — 4.0% | | | | | | | | |
AbbVie, Inc. | | | 268,599 | | | | 46,070,101 | |
Becton Dickinson & Co. | | | 427,854 | | | | 99,993,758 | |
Eli Lilly & Co. | | | 53,900 | | | | 48,799,982 | |
McKesson Corp. | | | 22,043 | | | | 12,873,994 | |
| | | | | | | | |
| | | | | | | 207,737,835 | |
| | | | | | | | |
Private Equity — 0.5% | | | | | | | | |
KKR & Co., Inc. | | | 260,897 | | | | 27,456,800 | |
| | | | | | | | |
Retail — 1.0% | | | | | | | | |
McDonald’s Corp. | | | 59,900 | | | | 15,264,916 | |
Yum! Brands, Inc. | | | 266,400 | | | | 35,287,344 | |
| | | | | | | | |
| | | | | | | 50,552,260 | |
| | | | | | | | |
19
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Semiconductors — 3.9% | | | | | |
Advanced Micro Devices, Inc.* | | | 113,600 | | | $ | 18,427,056 | |
Broadcom, Inc. | | | 30,700 | | | | 49,289,771 | |
NVIDIA Corp. | | | 1,091,200 | | | | 134,806,848 | |
| | | | | | | | |
| | | | 202,523,675 | |
| | | | | | | | |
Software — 12.7% | | | | | |
Autodesk, Inc.* | | | 75,300 | | | | 18,632,985 | |
Intuit, Inc. | | | 160,300 | | | | 105,350,763 | |
Microsoft Corp. | | | 637,020 | | | | 284,716,089 | |
PTC, Inc.* | | | 461,408 | | | | 83,823,992 | |
Roper Technologies, Inc. | | | 165,823 | | | | 93,467,792 | |
Salesforce, Inc. | | | 302,103 | | | | 77,670,681 | |
| | | | | | | | |
| | | | 663,662,302 | |
| | | | | | | | |
Water — 0.5% | | | | | |
Essential Utilities, Inc. | | | 744,756 | | | | 27,801,742 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $2,730,810,860) | | | | 3,340,181,334 | |
| | | | | | | | |
| | | | | | | | | |
PREFERRED STOCKS — 0.4% | | | | | |
Auto Manufacturers — 0.3% | | | | | |
Waymo LLC, Series A-2, CONV(1),*,# | | | 245,568 | | | | 15,151,546 | |
| | | | | | | | |
Electric — 0.1% | | | | | |
CMS Energy Corp., 2078 | | | 151,255 | | | | 3,648,270 | |
CMS Energy Corp., 2079 | | | 74,822 | | | | 1,811,441 | |
SCE Trust IV, Series J (3 M ICE SOFR + 3.394%)µ,• | | | 60,209 | | | | 1,418,524 | |
| | | | | | | | |
| | | | 6,878,235 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $28,243,387) | | | | 22,029,781 | |
| | | | | | | | |
| | |
| | | Par (000) | | | | |
CORPORATE BONDS — 10.6% | | | | | |
Advertising — 0.1% | | | | | |
Lamar Media Corp. | | | | | |
3.750%, 02/15/28 | | $ | 2,796 | | | | 2,614,726 | |
4.875%, 01/15/29 | | | 528 | | | | 507,391 | |
3.625%, 01/15/31 | | | 435 | | | | 382,591 | |
| | | | | | | | |
| | | | 3,504,708 | |
| | | | | | | | |
Aerospace & Defense — 0.9% | | | | | |
Howmet Aerospace, Inc. | | | | | |
5.900%, 02/01/27 | | | 2,303 | | | | 2,334,240 | |
3.000%, 01/15/29 | | | 3,368 | | | | 3,057,798 | |
TransDigm, Inc. | | | | | |
5.500%, 11/15/27 | | | 6,955 | | | | 6,830,154 | |
144A, 6.375%, 03/01/29@ | | | 14,608 | | | | 14,681,628 | |
144A, 7.125%, 12/01/31@ | | | 6,846 | | | | 7,052,111 | |
144A, 6.625%, 03/01/32@ | | | 11,451 | | | | 11,566,659 | |
| | | | | | | | |
| | | | 45,522,590 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
Airlines — 0.2% | | | | | | | | |
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A 4.750%, 10/20/28@ | | $ | 6,561 | | | $ | 6,392,783 | |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | | | 6,135 | | | | 6,146,425 | |
U.S. Airways Pass Through Trust, | | | | | | | | |
Series 2012-2 Class A, 4.625%, 12/03/26 | | | 108 | | | | 106,393 | |
Series 2013-1 Class A, 3.950%, 05/15/27 | | | 2 | | | | 1,701 | |
| | | | | | | | |
| | | | | | | 12,647,302 | |
| | | | | | | | |
Auto Parts & Equipment — 0.2% | | | | | | | | |
Clarios Global LP, 144A 6.750%, 05/15/25@ | | | 1,714 | | | | 1,713,988 | |
Clarios Global LP/Clarios US Finance Co. | | | | | | | | |
144A, 6.250%, 05/15/26@ | | | 2,304 | | | | 2,301,589 | |
144A, 8.500%, 05/15/27@ | | | 7,465 | | | | 7,505,386 | |
| | | | | | | | |
| | | | | | | 11,520,963 | |
| | | | | | | | |
Biotechnology — 0.1% | | | | | | | | |
Biogen, Inc. | | | | | | | | |
5.200%, 09/15/45 | | | 2,189 | | | | 2,002,784 | |
3.150%, 05/01/50 | | | 8,113 | | | | 5,257,084 | |
| | | | | | | | |
| | | | | | | 7,259,868 | |
| | | | | | | | |
Commercial Services — 0.1% | | | | | | | | |
Korn Ferry, 144A 4.625%, 12/15/27@ | | | 3,386 | | | | 3,223,730 | |
Service Corp. International | | | | | | | | |
4.625%, 12/15/27 | | | 479 | | | | 463,504 | |
3.375%, 08/15/30 | | | 2,557 | | | | 2,228,002 | |
| | | | | | | | |
| | | | | | | 5,915,236 | |
| | | | | | | | |
Computers — 0.3% | | | | | | | | |
Booz Allen Hamilton, Inc. | | | | | | | | |
144A, 3.875%, 09/01/28@ | | | 3,007 | | | | 2,830,698 | |
144A, 4.000%, 07/01/29@ | | | 2,064 | | | | 1,928,066 | |
5.950%, 08/04/33 | | | 1,530 | | | | 1,578,649 | |
Crowdstrike Holdings, Inc. 3.000%, 02/15/29 | | | 572 | | | | 515,801 | |
Gartner, Inc. | | | | | | | | |
144A, 4.500%, 07/01/28@ | | | 2,224 | | | | 2,143,466 | |
144A, 3.625%, 06/15/29@ | | | 3,907 | | | | 3,577,870 | |
144A, 3.750%, 10/01/30@ | | | 1,222 | | | | 1,095,917 | |
| | | | | | | | |
| | | | | | | 13,670,467 | |
| | | | | | | | |
Diversified Financial Services — 0.0% | | | | | |
Intercontinental Exchange, Inc. | | | | | | | | |
4.000%, 09/15/27 | | | 639 | | | | 617,316 | |
144A, 3.625%, 09/01/28@ | | | 1,062 | | | | 1,000,267 | |
| | | | | | | | |
| | | | | | | 1,617,583 | |
| | | | | | | | |
20
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
CORPORATE BONDS — (continued) | | | | | |
Electronics — 0.3% | | | | | |
Sensata Technologies BV | | | | | |
144A, 5.000%, 10/01/25@ | | $ | 3,150 | | | $ | 3,175,322 | |
144A, 4.000%, 04/15/29@ | | | 3,644 | | | | 3,345,729 | |
144A, 5.875%, 09/01/30@ | | | 2,750 | | | | 2,693,562 | |
Sensata Technologies, Inc. | | | | | |
144A, 4.375%, 02/15/30@ | | | 1,225 | | | | 1,125,062 | |
144A, 3.750%, 02/15/31@ | | | 3,006 | | | | 2,617,369 | |
144A, 6.625%, 07/15/32@ | | | 845 | | | | 851,032 | |
| | | | | | | | |
| | | | 13,808,076 | |
| | | | | | | | |
Entertainment — 0.7% | | | | | |
Cedar Fair LP 5.250%, 07/15/29 | | | 6,962 | | | | 6,669,494 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp. | | | | | |
5.375%, 04/15/27 | | | 8,262 | | | | 8,188,638 | |
6.500%, 10/01/28 | | | 5,484 | | | | 5,490,756 | |
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24@ | | | 375 | | | | 373,455 | |
Six Flags Entertainment Corp., 144A 5.500%, 04/15/27@ | | | 10,244 | | | | 10,141,545 | |
Six Flags Theme Parks, Inc., 144A 7.000%, 07/01/25@ | | | 3,366 | | | | 3,376,455 | |
Vail Resorts, Inc., 144A 6.500%, 05/15/32@ | | | 2,863 | | | | 2,897,488 | |
| | | | | | | | |
| | | | 37,137,831 | |
| | | | | | | | |
Environmental Control — 0.2% | | | | | |
GFL Environmental, Inc. | | | | | |
144A, 4.000%, 08/01/28@ | | | 2,597 | | | | 2,414,217 | |
144A, 4.750%, 06/15/29@ | | | 5,678 | | | | 5,359,449 | |
144A, 4.375%, 08/15/29@ | | | 2,045 | | | | 1,884,782 | |
144A, 6.750%, 01/15/31@ | | | 1,479 | | | | 1,508,769 | |
| | | | | | | | |
| | | | 11,167,217 | |
| | | | | | | | |
Healthcare Products — 0.5% | | | | | |
Avantor Funding, Inc. | | | | | |
144A, 4.625%, 07/15/28@ | | | 14,444 | | | | 13,746,774 | |
144A, 3.875%, 11/01/29@ | | | 3,940 | | | | 3,583,082 | |
GE HealthCare Technologies, Inc. 5.650%, 11/15/27 | | | 1,333 | | | | 1,350,786 | |
Hologic, Inc., 144A 3.250%, 02/15/29@ | | | 2,294 | | | | 2,058,006 | |
Medline Borrower LP/Medline Co- Issuer, Inc., 144A 6.250%, 04/01/29@ | | | 2,890 | | | | 2,924,202 | |
Teleflex, Inc. | | | | | |
4.625%, 11/15/27 | | | 4,309 | | | | 4,160,914 | |
144A, 4.250%, 06/01/28@ | | | 560 | | | | 527,738 | |
| | | | | | | | |
| | | | 28,351,502 | |
| | | | | | | | |
Healthcare Services — 0.6% | | | | | |
Charles River Laboratories International, Inc. | | | | | |
144A, 4.250%, 05/01/28@ | | | 3,702 | | | | 3,496,367 | |
144A, 3.750%, 03/15/29@ | | | 4,718 | | | | 4,305,002 | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Healthcare Services — (continued) | | | | | | | | |
144A, 4.000%, 03/15/31@ | | $ | 3,921 | | | $ | 3,496,812 | |
Heartland Dental LLC/Heartland Dental Finance Corp., 144A 10.500%, 04/30/28@ | | | 4,689 | | | | 4,977,186 | |
IQVIA, Inc. | | | | | | | | |
144A, 5.000%, 05/15/27@ | | | 4,372 | | | | 4,266,328 | |
5.700%, 05/15/28 | | | 6,470 | | | | 6,532,630 | |
144A, 6.500%, 05/15/30@ | | | 2,589 | | | | 2,628,210 | |
Surgery Center Holdings, Inc., 144A 7.250%, 04/15/32@ | | | 2,019 | | | | 2,039,901 | |
| | | | | | | | |
| | | | | | | 31,742,436 | |
| | | | | | | | |
Insurance — 2.7% | | | | | | | | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | | | | | | | | |
144A, 4.250%, 10/15/27@ | | | 1,500 | | | | 1,404,622 | |
144A, 6.750%, 10/15/27@ | | | 7,552 | | | | 7,448,998 | |
144A, 6.750%, 04/15/28@ | | | 11,147 | | | | 11,168,826 | |
144A, 5.875%, 11/01/29@ | | | 2,364 | | | | 2,211,668 | |
144A, 7.000%, 01/15/31@ | | | 10,191 | | | | 10,308,991 | |
AmWINS Group, Inc. | | | | | | | | |
144A, 6.375%, 02/15/29@ | | | 282 | | | | 282,781 | |
144A, 4.875%, 06/30/29@ | | | 1,840 | | | | 1,712,017 | |
AssuredPartners, Inc., 144A 7.500%, 02/15/32@ | | | 1,463 | | | | 1,468,362 | |
BroadStreet Partners, Inc., 144A 5.875%, 04/15/29@ | | | 5,804 | | | | 5,416,336 | |
HUB International Ltd. | | | | | | | | |
144A, 5.625%, 12/01/29@ | | | 3,503 | | | | 3,312,755 | |
144A, 7.250%, 06/15/30@ | | | 45,014 | | | | 46,137,684 | |
144A, 7.375%, 01/31/32@ | | | 29,454 | | | | 29,865,826 | |
Panther Escrow Issuer LLC, 144A 7.125%, 06/01/31@ | | | 6,982 | | | | 7,061,260 | |
Ryan Specialty LLC, 144A 4.375%, 02/01/30@ | | | 1,256 | | | | 1,163,287 | |
USI, Inc., 144A 7.500%, 01/15/32@ | | | 11,814 | | | | 11,998,818 | |
| | | | | | | | |
| | | | | | | 140,962,231 | |
| | | | | | | | |
Leisure Time — 0.1% | | | | | | | | |
Life Time, Inc., 144A 5.750%, 01/15/26@ | | | 5,724 | | | | 5,698,517 | |
| | | | | | | | |
Lodging — 0.8% | | | | | | | | |
Hilton Domestic Operating Co., Inc. | | | | | | | | |
144A, 5.375%, 05/01/25@ | | | 3,137 | | | | 3,127,073 | |
144A, 5.750%, 05/01/28@ | | | 7,024 | | | | 6,989,163 | |
144A, 5.875%, 04/01/29@ | | | 3,464 | | | | 3,469,224 | |
144A, 3.750%, 05/01/29@ | | | 6,326 | | | | 5,800,198 | |
4.875%, 01/15/30 | | | 5,605 | | | | 5,366,244 | |
144A, 4.000%, 05/01/31@ | | | 8,553 | | | | 7,671,156 | |
144A, 3.625%, 02/15/32@ | | | 6,966 | | | | 6,029,792 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875%, 04/01/27 | | | 2,030 | | | | 1,994,514 | |
21
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
CORPORATE BONDS — (continued) | | | | | |
Lodging — (continued) | | | | | |
Marriott International, Inc. 3.125%, 06/15/26 | | $ | 372 | | | $ | 356,917 | |
| | | | | | | | |
| | | | 40,804,281 | |
| | | | | | | | |
Media — 0.8% | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | |
144A, 5.500%, 05/01/26@ | | | 1,740 | | | | 1,719,497 | |
144A, 5.125%, 05/01/27@ | | | 25,401 | | | | 24,388,907 | |
144A, 5.000%, 02/01/28@ | | | 19,610 | | | | 18,332,518 | |
| | | | | | | | |
| | | | 44,440,922 | |
| | | | | | | | |
Packaging and Containers — 0.1% | | | | | |
Ball Corp. 6.000%, 06/15/29 | | | 5,380 | | | | 5,411,043 | |
| | | | | | | | |
Pharmaceuticals — 0.1% | | | | | |
Becton Dickinson & Co. 3.700%, 06/06/27 | | | 1,836 | | | | 1,766,724 | |
PRA Health Sciences, Inc., 144A 2.875%, 07/15/26@ | | | 1,554 | | | | 1,476,945 | |
| | | | | | | | |
| | | | 3,243,669 | |
| | | | | | | | |
Real Estate Investment Trusts — 0.5% | | | | | |
American Tower Corp. 1.500%, 01/31/28 | | | 524 | | | | 459,531 | |
SBA Communications Corp. | | | | | |
3.875%, 02/15/27 | | | 8,350 | | | | 7,958,413 | |
3.125%, 02/01/29 | | | 9,296 | | | | 8,290,133 | |
SBA Tower Trust, 144A 6.599%, 11/15/52@ | | | 256 | | | | 261,327 | |
VICI Properties LP 5.750%, 04/01/34 | | | 3,189 | | | | 3,160,873 | |
VICI Properties LP/VICI Note Co., Inc. | | | | | |
144A, 5.750%, 02/01/27@ | | | 1,270 | | | | 1,270,274 | |
144A, 3.750%, 02/15/27@ | | | 1,100 | | | | 1,044,967 | |
144A, 4.125%, 08/15/30@ | | | 1,332 | | | | 1,211,477 | |
| | | | | | | | |
| | | | 23,656,995 | |
| | | | | | | | |
Retail — 0.8% | | | | | |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 4.750%, 06/01/27@ | | | 8,757 | | | | 8,542,847 | |
Yum! Brands, Inc. | | | | | |
144A, 4.750%, 01/15/30@ | | | 4,113 | | | | 3,917,821 | |
3.625%, 03/15/31 | | | 4,955 | | | | 4,373,342 | |
4.625%, 01/31/32 | | | 10,124 | | | | 9,312,388 | |
5.375%, 04/01/32 | | | 7,196 | | | | 6,917,857 | |
6.875%, 11/15/37 | | | 3,145 | | | | 3,429,003 | |
5.350%, 11/01/43 | | | 6,988 | | | | 6,638,694 | |
| | | | | | | | |
| | | | 43,131,952 | |
| | | | | | | | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | |
Software — 0.5% | | | | | |
Clarivate Science Holdings Corp. | | | | | |
144A, 3.875%, 07/01/28@ | | $ | 1,108 | | | $ | 1,029,191 | |
144A, 4.875%, 07/01/29@ | | | 795 | | | | 737,754 | |
MSCI, Inc. | | | | | |
144A, 4.000%, 11/15/29@ | | | 6,229 | | | | 5,821,274 | |
144A, 3.625%, 09/01/30@ | | | 2,876 | | | | 2,582,065 | |
144A, 3.875%, 02/15/31@ | | | 4,736 | | | | 4,264,963 | |
144A, 3.625%, 11/01/31@ | | | 4,899 | | | | 4,299,154 | |
144A, 3.250%, 08/15/33@ | | | 4,518 | | | | 3,731,707 | |
PTC, Inc., 144A 4.000%, 02/15/28@ | | | 2,293 | | | | 2,159,047 | |
UKG, Inc., 144A 6.875%, 02/01/31@ | | | 2,860 | | | | 2,895,770 | |
| | | | | | | | |
| | | | 27,520,925 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $556,258,895) | | | | 558,736,314 | |
| | | | | | | | |
| | | | | | | | | |
LOAN AGREEMENTS‡ — 10.6% | | | | | |
Aerospace & Defense — 0.2% | | | | | |
TransDigm, Inc. | | | | | |
(3 M SOFR + 2.750%), 8.085%, 08/24/28• | | | 760 | | | | 760,905 | |
(3 M SOFR + 2.750%), 8.085%, 03/22/30• | | | 7,211 | | | | 7,222,292 | |
| | | | | | | | |
| | | | 7,983,197 | |
| | | | | | | | |
Airlines — 0.5% | | | | | |
Delta Air Lines, Inc. (3 M SOFR + 3.750%) 9.075%, 10/20/27• | | | 6,570 | | | | 6,718,908 | |
Mileage Plus Holdings LLC (3 M SOFR + 5.400%) 10.744%, 06/21/27• | | | 19,059 | | | | 19,428,757 | |
| | | | | | | | |
| | | | 26,147,665 | |
| | | | | | | | |
Commercial Services — 0.2% | | | | | |
TransUnion Intermediate Holdings, Inc. | | | | | |
(1 M SOFR + 1.750%), 7.094%, 11/16/26• | | | 9,720 | | | | 9,706,230 | |
(1 M SOFR + 2.000%), 7.344%, 12/01/28• | | | 599 | | | | 598,169 | |
| | | | | | | | |
| | | | 10,304,399 | |
| | | | | | | | |
Environmental Control — 0.7% | | | | | |
Filtration Group Corp. | | | | | |
(1 M EURIBOR + 4.250%), 7.896%, 10/21/28• | | | 6,874 | | | | 7,368,700 | |
(1 M SOFR + 3.614%), 8.958%, 10/21/28• | | | 28,539 | | | | 28,659,957 | |
| | | | | | | | |
| | | | 36,028,657 | |
| | | | | | | | |
Healthcare Products — 0.1% | | | | | |
Avantor Funding, Inc (1 M SOFR + 2.100%) 7.444%, 11/08/27• | | | 654 | | | | 657,017 | |
22
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
LOAN AGREEMENTS‡ — (continued) | | | | | |
Healthcare Products — (continued) | | | | | |
Medline Borrower LP (1 M SOFR + 2.750%) 8.094%, 10/23/28• | | $ | 2,883 | | | $ | 2,886,464 | |
| | | | | |
| | | | 3,543,481 | |
| | | | | | | | |
Healthcare Services — 0.8% | | | | | |
ADMI Corp. | | | | | |
(1 M SOFR + 3.489%), 8.833%, 12/23/27• | | | 4,361 | | | | 4,254,596 | |
(1 M SOFR + 3.864%), 9.208%, 12/23/27• | | | 7,399 | | | | 7,237,272 | |
(1 M SOFR + 5.750%), 11.094%, 12/23/27• | | | 1,413 | | | | 1,419,301 | |
Heartland Dental LLC (1 M SOFR + 4.500%) 9.844%, 04/28/28• | | | 11,168 | | | | 11,181,867 | |
Loire Finco Luxembourg Sarl (1 M SOFR + 3.850%) 9.194%, 04/21/27• | | | 2,819 | | | | 2,788,886 | |
Loire US Holdco 1, Inc. (1 M SOFR + 3.600%) 8.944%, 04/21/27• | | | 15,972 | | | | 15,815,967 | |
| | | | | | | | |
| | | | 42,697,889 | |
| | | | | | | | |
Insurance — 4.2% | | | | | |
Alliant Holdings Intermediate LLC (1 M SOFR + 3.500%) 8.839%, 11/06/30• | | | 26,823 | | | | 26,880,112 | |
AmWINS Group, Inc. (1 M SOFR + 2.364%) 7.708%, 02/19/28• | | | 6,452 | | | | 6,443,402 | |
AssuredPartners, Inc. (1 M SOFR + 3.500%) 8.844%, 02/14/31• | | | 18,984 | | | | 19,022,116 | |
BroadStreet Partners, Inc. | | | | | |
(1 M SOFR + 3.250%), 8.580%, 01/26/29• | | | 1,035 | | | | 1,032,301 | |
(1 M SOFR + 3.250%), 8.594%, 01/26/29• | | | 10,118 | | | | 10,084,788 | |
0.000%, 06/13/31× | | | 4,201 | | | | 4,187,745 | |
HUB International Ltd. (3 M SOFR + 3.250%) 8.575%, 06/20/30• | | | 76,773 | | | | 76,907,045 | |
Ryan Specialty Group LLC (1 M SOFR + 2.750%) 8.094%, 09/01/27• | | | 4,867 | | | | 4,886,219 | |
Truist Insurance Holdings LLC | | | | | |
(3 M SOFR + 3.250%), 8.585%, 05/06/31• | | | 12,970 | | | | 12,981,550 | |
(3 M SOFR + 4.750%), 10.085%, 03/08/32• | | | 17,783 | | | | 18,101,333 | |
USI, Inc. | | | | | |
(3 M SOFR + 2.750%), 8.085%, 11/22/29• | | | 16,232 | | | | 16,222,199 | |
| | | | | | | | |
| | | Par (000) | | | Value† | |
| | | | | | | | | |
Insurance — (continued) | | | | | | | | |
(3 M SOFR + 2.750%), 8.085%, 09/27/30• | | $ | 25,523 | | | $ | 25,512,179 | |
| | | | | | | | |
| | | | | | | 222,260,989 | |
Lodging — 0.3% | | | | | | | | |
Hilton Worldwide Finance LLC (1 M SOFR + 1.750%) 7.095%, 11/08/30• | | | 15,698 | | | | 15,708,468 | |
| | | | | | | | |
Media — 0.1% | | | | | | | | |
Charter Communications Operating LLC (3 M SOFR + 1.750%) 7.052%, 02/01/27• | | | 4,714 | | | | 4,707,747 | |
| | | | | | | | |
Retail — 0.4% | | | | | | | | |
IRB Holding Corp. (1 M SOFR + 2.850%) 8.194%, 12/15/27• | | | 21,949 | | | | 21,925,618 | |
| | | | | | | | |
Software — 2.9% | | | | | | | | |
Applied Systems, Inc. | | | | | | | | |
(3 M SOFR + 3.500%), 8.835%, 02/24/31• | | | 47,722 | | | | 48,044,003 | |
(3 M SOFR + 5.250%), 10.585%, 02/23/32• | | | 6,134 | | | | 6,333,475 | |
AthenaHealth Group, Inc. (1 M SOFR + 3.250%) 8.594%, 02/15/29• | | | 19,686 | | | | 19,599,757 | |
Azalea TopCo., Inc. (1 M SOFR + 8.500%) 8.844%, 04/30/31• | | | 10,001 | | | | 9,988,499 | |
Epicor Software Corp. | | | | | | | | |
0.000%, 07/30/27× | | | 155 | | | | 155,927 | |
(1 M SOFR + 3.250%), 8.594%, 05/30/31• | | | 7,516 | | | | 7,543,530 | |
Informatica LLC 0.000%, 10/27/28× | | | 564 | | | | 565,250 | |
Quartz AcquireCo LLC (3 M SOFR + 2.750%) 8.085%, 06/28/30(1),• | | | 2,680 | | | | 2,680,372 | |
Severin Acquisition LLC (3 M SOFR + 3.500%) 8.330%, 08/02/27• | | | 2,064 | | | | 2,069,325 | |
Sophia LP (1 M SOFR + 3.600%) 8.944%, 10/09/29• | | | 15,431 | | | | 15,489,258 | |
Storable, Inc. (1 M SOFR + 3.500%) 8.844%, 04/17/28• | | | 7,663 | | | | 7,663,974 | |
UKG, Inc. (1 M SOFR + 3.250%) 8.576%, 02/10/31• | | | 32,594 | | | | 32,699,806 | |
| | | | | | | | |
| | | | | | | 152,833,176 | |
| | | | | | | | |
23
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par (000) | | | Value† | |
LOAN AGREEMENTS‡ — (continued) | |
Telecommunications — 0.2% | |
SBA Senior Finance II LLC (1 M SOFR + 2.000%) 7.350%, 01/22/31• | | $ | 9,896 | | | $ | 9,902,549 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS
(Cost $551,613,834) | | | | 554,043,835 | |
| | | | | | | | |
| | | | | | | | | |
U.S. TREASURY OBLIGATIONS — 10.9% | |
U.S. Treasury Notes | | | | | | | | |
3.875%, 08/15/33 | | | 91,721 | | | | 88,421,290 | |
4.500%, 11/15/33 | | | 193,981 | | | | 196,193,596 | |
4.000%, 02/15/34 | | | 185,614 | | | | 180,568,106 | |
4.375%, 05/15/34 | | | 106,150 | | | | 106,414,873 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $568,676,775) | | | | 571,597,865 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | | |
SHORT-TERM INVESTMENTS — 4.0% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%) | | | 13,049,604 | | | | 13,049,604 | |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 5.450%) | | | 196,202,485 | | | | 196,202,485 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $209,252,089) | | | | 209,252,089 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.3%
(Cost $4,649,712,225) | | | $ | 5,260,412,360 | |
Other Assets & Liabilities — (0.3)% | | | | (16,079,872 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 5,244,332,488 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | | | | |
WRITTEN OPTIONS — (0.2)% | | | | | |
Call Options | | | | | | | | |
TOTAL WRITTEN OPTIONS (See open written options schedule) (Premiums $(13,623,875)) | | | 14,847 | | | $ | (12,727,369 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $436,980,428, which represents 8.3% of the Fund’s net assets. |
| * | 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, 2024, the aggregate value of restricted securities was $15,151,546 which represented 0.3% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
| | | | | | | | | | | | |
| | | Date of | | | | | | | |
Investment | | Acquisition | | | Cost | | | Value | |
Waymo LLC, Series A-2 | | | 05/08/20 | | | $ | 21,086,237 | | | $ | 15,151,546 | |
| 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. |
| ‡ | 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, 2024. 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. |
| x | This loan will settle after June 30, 2024, at which time the interest rate, based on the LIBOR/SOFR and the agreed upon spread on trade date, will be reflected. |
ADR— American Depositary Receipt.
CONV— Convertible Security.
EURIBOR— Euro Interbank Offered Rate.
ICE— Intercontinental Exchange.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
MSCI— Morgan Stanley Capital International.
PLC— Public Limited Company.
S.E.— Societas Europaea.
SOFR— Secured Overnight Financing Rate.
24
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input^ | |
Asset Backed Securities | | $ | 4,571,142 | | | $ | — | | | $ | 4,571,142 | | | $ | — | |
Common Stocks | | | 3,340,181,334 | | | | 3,340,181,334 | | | | — | | | | — | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Auto Manufacturers | | | 15,151,546 | | | | — | | | | — | | | | 15,151,546 | |
Electric | | | 6,878,235 | | | | 6,878,235 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Preferred Stocks | | | 22,029,781 | | | | 6,878,235 | | | | — | | | | 15,151,546 | |
| | | | | | | | | | | | | | | | |
Corporate Bonds | | | 558,736,314 | | | | — | | | | 558,736,314 | | | | — | |
Loan Agreements | | | 554,043,835 | | | | — | | | | 551,363,463 | | | | 2,680,372 | |
U.S. Treasury Obligations | | | 571,597,865 | | | | — | | | | 571,597,865 | | | | — | |
Short-Term Investments | | | 209,252,089 | | | | 209,252,089 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 5,260,412,360 | | | $ | 3,556,311,658 | | | $ | 1,686,268,784 | | | $ | 17,831,918 | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Unfunded loan commitment | | $ | 2,964 | | | $ | — | | | $ | 2,964 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets—Other Financial Instruments | | $ | 2,964 | | | $ | — | | | $ | 2,964 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES TABLE | |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input^ | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Written Options | | $ | (12,727,369 | ) | | $ | (12,727,369 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Liabilities— Other Financial Instruments | | $ | (12,727,369 | ) | | $ | (12,727,369 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| (1) | Other financial instruments are derivative instruments with the exception of an unfunded loan commitment 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. 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.
Unfunded loan commitment outstanding at June 30, 2024:
| | | | | | | | | | | | | | | | |
| | | | | | Unfunded | | | | | | | |
| | | | | | loan | | | | | | | |
| | | Par | | | commitment | | | Current | | | Unrealized | |
Borrower | | (000) | | | Amount | | | Value | | | Appreciation | |
Epicor Software Corp. | | | 611 | | | $ | 610,496 | | | $ | 613,460 | | | $ | 2,964 | |
Open written options contracts held by the Fund at June 30, 2024 are as follows:
Open Written Options
Over-the-counter
Call Options
| | | | | | | | | | | | | | | | | | | | |
| | | # of | | | | | | Exercise | | | Expiration | | | | |
Description | | Contracts | | | Notional | | | Price | | | Date | | | Value | |
AbbVie, Inc.(3) | | | 403 | | | $ | 6,448,000 | | | $ | 160 | | | | 01/17/25 | | | $ | (644,800 | ) |
AbbVie, Inc.(5) | | | 250 | | | | 4,125,000 | | | | 165 | | | | 01/17/25 | | | | (312,500 | ) |
AbbVie, Inc.(3) | | | 404 | | | | 6,666,000 | | | | 165 | | | | 01/17/25 | | | | (505,000 | ) |
AbbVie, Inc.(5) | | | 249 | | | | 4,233,000 | | | | 170 | | | | 01/17/25 | | | | (265,683 | ) |
AbbVie, Inc.(3) | | | 510 | | | | 8,925,000 | | | | 175 | | | | 01/17/25 | | | | (448,800 | ) |
Alphabet, Inc.(7) | | | 311 | | | | 5,598,000 | | | | 180 | | | | 01/17/25 | | | | (584,680 | ) |
Apple, Inc.(5) | | | 340 | | | | 6,800,000 | | | | 200 | | | | 01/17/25 | | | | (799,000 | ) |
Apple, Inc.(5) | | | 340 | | | | 7,310,000 | | | | 215 | | | | 01/17/25 | | | | (510,000 | ) |
25
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
Call Options
| | | | | | | | | | | | | | | | | | | | |
Description | | # of
Contracts | | | Notional | | | Exercise
Price | | | Expiration
Date | | | Value | |
Arthur J Gallagher & Co.(5) | | | 291 | | | $ | 7,275,000 | | | $ | 250 | | | | 11/15/24 | | | $ | (529,620 | ) |
CME Group, Inc.(5) | | | 127 | | | | 2,921,000 | | | | 230 | | | | 01/17/25 | | | | (22,225 | ) |
CME Group, Inc.(5) | | | 127 | | | | 3,048,000 | | | | 240 | | | | 01/17/25 | | | | (12,065 | ) |
Danaher Corp.(6) | | | 205 | | | | 6,150,000 | | | | 300 | | | | 01/17/25 | | | | (84,050 | ) |
GE HealthCare Technologies, Inc.(6) | | | 85 | | | | 722,500 | | | | 85 | | | | 01/17/25 | | | | (33,320 | ) |
GE HealthCare Technologies, Inc.(6) | | | 85 | | | | 765,000 | | | | 90 | | | | 01/17/25 | | | | (21,250 | ) |
Hilton Worldwide Holdings, Inc.(2) | | | 141 | | | | 3,102,000 | | | | 220 | | | | 01/17/25 | | | | (229,830 | ) |
Hilton Worldwide Holdings, Inc.(2) | | | 141 | | | | 3,243,000 | | | | 230 | | | | 01/17/25 | | | | (141,000 | ) |
Ingersoll Rand, Inc.(1) | | | 227 | | | | 2,270,000 | | | | 100 | | | | 12/20/24 | | | | (77,180 | ) |
Ingersoll Rand, Inc.(1) | | | 227 | | | | 2,383,500 | | | | 105 | | | | 12/20/24 | | | | (47,670 | ) |
Intercontinental Exchange, Inc.(3) | | | 410 | | | | 5,125,000 | | | | 125 | | | | 01/17/25 | | | | (692,900 | ) |
Intercontinental Exchange, Inc.(3) | | | 410 | | | | 5,330,000 | | | | 130 | | | | 01/17/25 | | | | (520,700 | ) |
Intercontinental Exchange, Inc.(1) | | | 303 | | | | 4,242,000 | | | | 140 | | | | 01/17/25 | | | | (239,673 | ) |
Intercontinental Exchange, Inc.(1) | | | 472 | | | | 6,844,000 | | | | 145 | | | | 01/17/25 | | | | (231,280 | ) |
Intercontinental Exchange, Inc.(1) | | | 170 | | | | 2,635,000 | | | | 155 | | | | 01/17/25 | | | | (29,750 | ) |
KKR & Co., Inc.(3) | | | 227 | | | | 2,610,500 | | | | 115 | | | | 01/17/25 | | | | (118,040 | ) |
KKR & Co., Inc.(3) | | | 227 | | | | 2,724,000 | | | | 120 | | | | 01/17/25 | | | | (104,420 | ) |
KKR & Co., Inc.(3) | | | 85 | | | | 1,020,000 | | | | 120 | | | | 01/16/26 | | | | (97,750 | ) |
KKR & Co., Inc.(3) | | | 85 | | | | 1,062,500 | | | | 125 | | | | 01/16/26 | | | | (85,000 | ) |
KKR & Co., Inc.(3) | | | 85 | | | | 1,105,000 | | | | 130 | | | | 01/16/26 | | | | (68,000 | ) |
Linde PLC(7) | | | 94 | | | | 4,136,000 | | | | 440 | | | | 01/17/25 | | | | (262,260 | ) |
Linde PLC(7) | | | 94 | | | | 4,230,000 | | | | 450 | | | | 01/17/25 | | | | (210,560 | ) |
Linde PLC(7) | | | 259 | | | | 11,914,000 | | | | 460 | | | | 01/17/25 | | | | (497,280 | ) |
Linde PLC(7) | | | 79 | | | | 3,713,000 | | | | 470 | | | | 01/17/25 | | | | (103,490 | ) |
Linde PLC(7) | | | 203 | | | | 9,744,000 | | | | 480 | | | | 01/17/25 | | | | (207,060 | ) |
Linde PLC(7) | | | 56 | | | | 2,716,000 | | | | 485 | | | | 01/17/25 | | | | (49,280 | ) |
Marsh & McLennan Cos., Inc.(4) | | | 130 | | | | 2,730,000 | | | | 210 | | | | 07/19/24 | | | | (57,200 | ) |
Marsh & McLennan Cos., Inc.(4) | | | 130 | | | | 2,860,000 | | | | 220 | | | | 07/19/24 | | | | (8,450 | ) |
Marsh & McLennan Cos., Inc.(4) | | | 534 | | | | 11,214,000 | | | | 210 | | | | 12/20/24 | | | | (592,740 | ) |
Mastercard, Inc.(5) | | | 79 | | | | 3,792,000 | | | | 480 | | | | 01/17/25 | | | | (105,465 | ) |
Mastercard, Inc.(5) | | | 78 | | | | 3,822,000 | | | | 490 | | | | 01/17/25 | | | | (83,304 | ) |
Mastercard, Inc.(5) | | | 78 | | | | 3,900,000 | | | | 500 | | | | 01/17/25 | | | | (63,570 | ) |
McDonald’s Corp.(6) | | | 200 | | | | 6,400,000 | | | | 320 | | | | 01/17/25 | | | | (12,200 | ) |
McDonald’s Corp.(6) | | | 200 | | | | 6,500,000 | | | | 325 | | | | 01/17/25 | | | | (15,000 | ) |
McDonald’s Corp.(6) | | | 199 | | | | 6,567,000 | | | | 330 | | | | 01/17/25 | | | | (7,761 | ) |
McKesson Corp.(4) | | | 91 | | | | 5,460,000 | | | | 600 | | | | 01/17/25 | | | | (308,490 | ) |
McKesson Corp.(4) | | | 91 | | | | 5,642,000 | | | | 620 | | | | 01/17/25 | | | | (226,590 | ) |
McKesson Corp.(4) | | | 19 | | | | 1,216,000 | | | | 640 | | | | 01/17/25 | | | | (40,565 | ) |
McKesson Corp.(4) | | | 19 | | | | 1,292,000 | | | | 680 | | | | 01/17/25 | | | | (14,630 | ) |
Northrop Grumman Corp.(2) | | | 233 | | | | 11,417,000 | | | | 490 | | | | 01/17/25 | | | | (214,360 | ) |
Republic Services, Inc.(7) | | | 59 | | | | 1,003,000 | | | | 170 | | | | 07/19/24 | | | | (153,400 | ) |
Republic Services, Inc.(7) | | | 59 | | | | 1,032,500 | | | | 175 | | | | 07/19/24 | | | | (115,640 | ) |
Roper Technologies, Inc.(3) | | | 115 | | | | 6,670,000 | | | | 580 | | | | 12/20/24 | | | | (238,050 | ) |
Roper Technologies, Inc.(3) | | | 161 | | | | 9,660,000 | | | | 600 | | | | 12/20/24 | | | | (186,760 | ) |
Roper Technologies, Inc.(3) | | | 46 | | | | 2,852,000 | | | | 620 | | | | 12/20/24 | | | | (26,680 | ) |
Roper Technologies, Inc.(3) | | | 46 | | | | 2,944,000 | | | | 640 | | | | 12/20/24 | | | | (10,120 | ) |
RTX Corp.(4) | | | 227 | | | | 2,610,500 | | | | 115 | | | | 01/17/25 | | | | (34,731 | ) |
RTX Corp.(4) | | | 227 | | | | 2,724,000 | | | | 120 | | | | 01/17/25 | | | | (17,025 | ) |
Teledyne Technologies, Inc.(4) | | | 5 | | | | 215,000 | | | | 430 | | | | 12/20/24 | | | | (2,500 | ) |
Teledyne Technologies, Inc.(4) | | | 5 | | | | 225,000 | | | | 450 | | | | 12/20/24 | | | | (500 | ) |
Thermo Fisher Scientific, Inc.(5) | | | 88 | | | | 5,720,000 | | | | 650 | | | | 01/17/25 | | | | (76,560 | ) |
UnitedHealth Group, Inc.(3) | | | 201 | | | | 11,658,000 | | | | 580 | | | | 01/17/25 | | | | (192,558 | ) |
UnitedHealth Group, Inc.(5) | | | 220 | | | | 13,200,000 | | | | 600 | | | | 01/17/25 | | | | (144,320 | ) |
Veralto Corp.(6) | | | 159 | | | | 1,749,000 | | | | 110 | | | | 01/17/25 | | | | (31,005 | ) |
Veralto Corp.(6) | | | 159 | | | | 1,828,500 | | | | 115 | | | | 01/17/25 | | | | (15,105 | ) |
Visa, Inc.(4) | | | 126 | | | | 3,843,000 | | | | 305 | | | | 01/17/25 | | | | (52,920 | ) |
Visa, Inc.(4) | | | 126 | | | | 3,906,000 | | | | 310 | | | | 01/17/25 | | | | (31,500 | ) |
26
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Flexibly Managed Fund
Call Options
| | | | | | | | | | | | | | | | | | | | |
Description | | # of
Contracts | | | Notional | | | Exercise
Price | | | Expiration
Date | | | Value | |
Visa, Inc.(4) | | | 125 | | | $ | 3,937,500 | | | $ | 315 | | | | 01/17/25 | | | $ | (27,500 | ) |
Waste Connections, Inc.(3) | | | 113 | | | | 1,977,500 | | | | 175 | | | | 12/20/24 | | | | (92,660 | ) |
Waste Connections, Inc.(3) | | | 113 | | | | 2,034,000 | | | | 180 | | | | 12/20/24 | | | | (64,410 | ) |
Yum! Brands, Inc.(7) | | | 260 | | | | 3,640,000 | | | | 140 | | | | 01/17/25 | | | | (122,460 | ) |
Yum! Brands, Inc.(5) | | | 291 | | | | 4,219,500 | | | | 145 | | | | 01/17/25 | | | | (90,210 | ) |
Yum! Brands, Inc.(7) | | | 731 | | | | 10,599,500 | | | | 145 | | | | 01/17/25 | | | | (226,610 | ) |
Yum! Brands, Inc.(5) | | | 651 | | | | 9,765,000 | | | | 150 | | | | 01/17/25 | | | | (111,972 | ) |
Yum! Brands, Inc.(7) | | | 731 | | | | 10,965,000 | | | | 150 | | | | 01/17/25 | | | | (125,732 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Written Options | | | | | | | | | | | | | | | | | | $ | (12,727,369 | ) |
| | | | | | | | | | | | | | | | | | | | |
| (1) | Counterparty - Bank of America |
| (2) | Counterparty - Barclays |
| (3) | Counterparty - Citigroup |
| (4) | Counterparty - Goldman Sachs |
| (5) | Counterparty - JP Morgan |
| (7) | Counterpart - Wells Fargo |
The accompanying notes are an integral part of these financial statements.
27
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Balanced Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
AFFILIATED EQUITY FUNDS — 60.0% | | | | | |
Penn Series Index 500 Fund*
(Cost $22,947,540) | | | 972,361 | | | $ | 47,713,782 | |
| | | | | | | | |
| | | | | | | |
AFFILIATED FIXED INCOME FUNDS — 39.6% | |
Penn Series Quality Bond Fund* (Cost $31,463,346) | | | 1,975,838 | | | | 31,494,854 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.6%
(Cost $54,410,886) | | | $ | 79,208,636 | |
Other Assets & Liabilities — 0.4% | | | | 326,821 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 79,535,457 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Affiliated Equity Funds | | $ | 47,713,782 | | | $ | 47,713,782 | | | $ | — | | | $ | — | |
Affiliated Fixed Income Funds | | | 31,494,854 | | | | 31,494,854 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 79,208,636 | | | $ | 79,208,636 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
28
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 98.2% | | | | | | | | |
Aerospace & Defense — 0.4% | | | | | | | | |
Airbus S.E. | | | 10,344 | | | $ | 1,419,680 | |
| | | | | | | | |
Auto Manufacturers — 2.3% | | | | | | | | |
Ferrari N.V. | | | 3,612 | | | | 1,475,032 | |
Rivian Automotive, Inc., Class A* | | | 149,529 | | | | 2,006,679 | |
Tesla, Inc.* | | | 24,746 | | | | 4,896,739 | |
| | | | | | | | |
| | | | | | | 8,378,450 | |
| | | | | | | | |
Biotechnology — 0.8% | | | | | | | | |
Argenx S.E., ADR* | | | 4,561 | | | | 1,961,412 | |
Legend Biotech Corp., ADR* | | | 19,982 | | | | 885,003 | |
| | | | | | | | |
| | | | | | | 2,846,415 | |
| | | | | | | | |
Chemicals — 0.5% | | | | | | | | |
Linde PLC | | | 4,071 | | | | 1,786,396 | |
| | | | | | | | |
Computers — 9.0% | | | | | | | | |
Apple, Inc. | | | 144,837 | | | | 30,505,569 | |
Fortinet, Inc.* | | | 30,834 | | | | 1,858,365 | |
| | | | | | | | |
| | | | | | | 32,363,934 | |
| | | | | | | | |
Diversified Financial Services — 5.5% | |
Ant Group Co., Ltd.(1),*,# | | | 385,173 | | | | 388,485 | |
Mastercard, Inc., Class A | | | 16,750 | | | | 7,389,430 | |
The Charles Schwab Corp. | | | 39,930 | | | | 2,942,442 | |
Visa, Inc., Class A | | | 33,783 | | | | 8,867,024 | |
| | | | | | | | |
| | | | | | | 19,587,381 | |
| | | | | | | | |
Electronics — 0.2% | | | | | | | | |
Amphenol Corp., Class A | | | 9,414 | | | | 634,221 | |
| | | | | | | | |
Healthcare Products — 3.5% | | | | | | | | |
Danaher Corp. | | | 11,890 | | | | 2,970,716 | |
IDEXX Laboratories, Inc.* | | | 1,276 | | | | 621,667 | |
Intuitive Surgical, Inc.* | | | 13,306 | | | | 5,919,174 | |
Stryker Corp. | | | 5,290 | | | | 1,799,923 | |
Thermo Fisher Scientific, Inc. | | | 2,252 | | | | 1,245,356 | |
| | | | | | | | |
| | | | | | | 12,556,836 | |
| | | | | | | | |
Healthcare Services — 1.6% | | | | | | | | |
UnitedHealth Group, Inc. | | | 11,252 | | | | 5,730,194 | |
| | | | | | | | |
Insurance — 0.6% | | | | | | | | |
Chubb Ltd. | | | 7,565 | | | | 1,929,680 | |
| | | | | | | | |
Internet — 25.6% | | | | | | | | |
Alphabet, Inc., Class A | | | 112,030 | | | | 20,406,264 | |
Alphabet, Inc., Class C | | | 24,540 | | | | 4,501,127 | |
Amazon.com, Inc.* | | | 141,665 | | | | 27,376,761 | |
Booking Holdings, Inc. | | | 387 | | | | 1,533,100 | |
Coupang, Inc.* | | | 106,728 | | | | 2,235,952 | |
Meta Platforms, Inc., Class A | | | 34,482 | | | | 17,386,514 | |
Netflix, Inc.* | | | 9,604 | | | | 6,481,548 | |
Pinterest, Inc., Class A* | | | 39,583 | | | | 1,744,423 | |
Shopify, Inc., Class A* | | | 54,482 | | | | 3,598,536 | |
Spotify Technology S.A.* | | | 7,392 | | | | 2,319,536 | |
Uber Technologies, Inc.* | | | 58,187 | | | | 4,229,030 | |
| | | | | | | | |
| | | | | | | 91,812,791 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | |
Machinery — Diversified — 0.4% | | | | | |
Rockwell Automation, Inc. | | | 5,073 | | | $ | 1,396,496 | |
| | | | | | | | |
Miscellaneous Manufacturing — 0.8% | |
Teledyne Technologies, Inc.* | | | 7,376 | | | | 2,861,741 | |
| | | | | | | | |
Pharmaceuticals — 4.3% | | | | | | | | |
Eli Lilly & Co. | | | 14,547 | | | | 13,170,563 | |
The Cigna Group. | | | 7,136 | | | | 2,358,947 | |
| | | | | | | | |
| | | | | | | 15,529,510 | |
| | | | | | | | |
Retail — 2.2% | | | | | | | | |
Chipotle Mexican Grill, Inc.* | | | 52,000 | | | | 3,257,800 | |
Dollar General Corp. | | | 19,842 | | | | 2,623,707 | |
Floor & Decor Holdings, Inc., Class A* | | | 8,309 | | | | 825,998 | |
Starbucks Corp. | | | 15,955 | | | | 1,242,097 | |
| | | | | | | | |
| | | | | | | 7,949,602 | |
| | | | | | | | |
Semiconductors — 17.1% | | | | | | | | |
Advanced Micro Devices, Inc.* | | | 16,162 | | | | 2,621,638 | |
ASML Holding N.V. | | | 5,649 | | | | 5,777,402 | |
Broadcom, Inc. | | | 1,378 | | | | 2,212,420 | |
Intel Corp. | | | 40,253 | | | | 1,246,635 | |
Lam Research Corp. | | | 2,671 | | | | 2,844,214 | |
NVIDIA Corp. | | | 360,540 | | | | 44,541,112 | |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 11,927 | | | | 2,073,032 | |
| | | | | | | | |
| | | | | | | 61,316,453 | |
| | | | | | | | |
Software — 22.9% | | | | | | | | |
Adobe, Inc.* | | | 7,993 | | | | 4,440,431 | |
Atlassian Corp., Class A* | | | 13,273 | | | | 2,347,728 | |
Autodesk, Inc.* | | | 9,569 | | | | 2,367,849 | |
Dynatrace, Inc.* | | | 31,012 | | | | 1,387,477 | |
Fiserv, Inc.* | | | 15,686 | | | | 2,337,842 | |
Intuit, Inc. | | | 8,185 | | | | 5,379,264 | |
Magic Leap, Inc., Class A(1),*,# | | | 1,353 | | | | 0 | |
Microsoft Corp. | | | 108,393 | | | | 48,446,251 | |
Monday.com Ltd.* | | | 1,443 | | | | 347,417 | |
MongoDB, Inc.* | | | 2,245 | | | | 561,160 | |
Roper Technologies, Inc. | | | 4,828 | | | | 2,721,351 | |
Salesforce, Inc. | | | 7,511 | | | | 1,931,078 | |
ServiceNow, Inc.* | | | 7,527 | | | | 5,921,265 | |
Snowflake, Inc., Class A* | | | 4,537 | | | | 612,903 | |
Stripe, Inc., Class B(1),*,# | | | 8,608 | | | | 223,808 | |
Synopsys, Inc.* | | | 5,060 | | | | 3,011,004 | |
| | | | | | | | |
| | | | | | | 82,036,828 | |
| | | | | | | | |
Transportation — 0.5% | | | | | | | | |
Old Dominion Freight Line, Inc. | | | 10,267 | | | | 1,813,152 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $182,042,255) | | | | | | | 351,949,760 | |
| | | | | | | | |
| | | | | | | | |
PREFERRED STOCKS — 0.5% | | | | | | | | |
Auto Manufacturers — 0.1% | | | | | | | | |
Waymo LLC, Series A-2, CONV(1),*,# | | | 3,737 | | | | 230,573 | |
| | | | | | | | |
29
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
PREFERRED STOCKS — (continued) | |
Electronics — 0.4% | | | | | | | | |
GM Cruise, Class F, CONV(1),*,# | | | 27,200 | | | $ | 158,848 | |
Sartorius AG | | | 5,756 | | | | 1,347,399 | |
| | | | | | | | |
| | | | | | | 1,506,247 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $2,897,546) | | | | 1,736,820 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.9% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%) | | | 920,995 | | | | 920,995 | |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 5.450%) | | | 2,405,030 | | | | 2,405,030 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,326,025) | | | | 3,326,025 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.6%
(Cost $188,265,826) | | | $ | 357,012,605 | |
Other Assets & Liabilities — 0.4% | | | | 1,356,298 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 358,368,903 | |
| | | | | | | | |
| † | 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, 2024, the aggregate value of restricted securities was $1,001,714 which represented 0.3% 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. | | | 08/14/23 | | | $ | 385,173 | | | $ | 388,485 | |
GM Cruise, Class F | | | 05/07/19 | | | | 496,400 | | | | 158,848 | |
Magic Leap, Inc., Class A | | | 01/20/16 | | | | 657,500 | | | | 0 | |
Stripe, Inc., Class B | | | 12/17/19 | | | | 135,060 | | | | 223,808 | |
Waymo LLC, Series A-2 | | | 05/08/20 | | | | 320,886 | | | | 230,573 | |
| | | | | | | | | | | | |
Total | | | | | | $ | 1,995,019 | | | $ | 1,001,714 | |
| | | | | | | | | | | | |
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
CONV— Convertible Security.
LLC— Limited Liability Company.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 93 | % |
Netherlands | | | 2 | |
Canada | | | 1 | |
Australia | | | 1 | |
Sweden | | | 1 | |
Taiwan | | | 1 | |
Switzerland | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
30
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input^ | |
Common Stocks | | | | | | | | |
Aerospace & Defense | | $ | 1,419,680 | | | $ | — | | | $ | 1,419,680 | | | $ | — | |
Auto Manufacturers | | | 8,378,450 | | | | 8,378,450 | | | | — | | | | — | |
Biotechnology | | | 2,846,415 | | | | 2,846,415 | | | | — | | | | — | |
Chemicals | | | 1,786,396 | | | | 1,786,396 | | | | — | | | | — | |
Computers | | | 32,363,934 | | | | 32,363,934 | | | | — | | | | — | |
Diversified Financial Services | | | 19,587,381 | | | | 19,198,896 | | | | — | | | | 388,485 | |
Electronics | | | 634,221 | | | | 634,221 | | | | — | | | | — | |
Healthcare Products | | | 12,556,836 | | | | 12,556,836 | | | | — | | | | — | |
Healthcare Services | | | 5,730,194 | | | | 5,730,194 | | | | — | | | | — | |
Insurance | | | 1,929,680 | | | | 1,929,680 | | | | — | | | | — | |
Internet | | | 91,812,791 | | | | 91,812,791 | | | | — | | | | — | |
Machinery — Diversified | | | 1,396,496 | | | | 1,396,496 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 2,861,741 | | | | 2,861,741 | | | | — | | | | — | |
Pharmaceuticals | | | 15,529,510 | | | | 15,529,510 | | | | — | | | | — | |
Retail | | | 7,949,602 | | | | 7,949,602 | | | | — | | | | — | |
Semiconductors | | | 61,316,453 | | | | 61,316,453 | | | | — | | | | — | |
Software | | | 82,036,828 | | | | 81,813,020 | | | | — | | | | 223,808 | |
Transportation | | | 1,813,152 | | | | 1,813,152 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 351,949,760 | | | | 349,917,787 | | | | 1,419,680 | | | | 612,293 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | |
Auto Manufacturers | | | 230,573 | | | | — | | | | — | | | | 230,573 | |
Electronics | | | 1,506,247 | | | | — | | | | 1,347,399 | | | | 158,848 | |
| | | | | | | | | | | | | | | | |
Total Preferred Stocks | | | 1,736,820 | | | | — | | | | 1,347,399 | | | | 389,421 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | 3,326,025 | | | | 3,326,025 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 357,012,605 | | | $ | 353,243,812 | | | $ | 2,767,079 | | | $ | 1,001,714 | |
| | | | | | | | | | | | | | | | |
| ^ | 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.
31
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — 97.1% | |
Apparel — 2.4% | | | | | | | | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 967 | | | $ | 742,454 | |
NIKE, Inc., Class B | | | 12,157 | | | | 916,273 | |
| | | | | | | | |
| | | | | | | 1,658,727 | |
| | | | | | | | |
Auto Parts & Equipment — 1.2% | |
Aptiv PLC* | | | 12,296 | | | | 865,884 | |
| | | | | | | | |
Beverages — 1.4% | | | | | | | | |
PepsiCo, Inc. | | | 6,015 | | | | 992,054 | |
| | | | | | | | |
Chemicals — 1.0% | | | | | | | | |
The Sherwin-Williams Co. | | | 2,458 | | | | 733,541 | |
| | | | | | | | |
Commercial Services — 2.9% | | | | | | | | |
Equifax, Inc. | | | 662 | | | | 160,508 | |
Moody’s Corp. | | | 2,790 | | | | 1,174,395 | |
TransUnion | | | 6,193 | | | | 459,273 | |
Verisk Analytics, Inc. | | | 991 | | | | 267,124 | |
| | | | | | | | |
| | | | | | | 2,061,300 | |
| | | | | | | | |
Computers — 10.2% | | | | | | | | |
Accenture PLC, Class A | | | 7,293 | | | | 2,212,769 | |
Apple, Inc. | | | 18,893 | | | | 3,979,244 | |
Gartner, Inc.* | | | 2,130 | | | | 956,498 | |
| | | | | | | | |
| | | | | | | 7,148,511 | |
| | | | | | | | |
Cosmetics & Personal Care — 1.4% | | | | | |
The Estee Lauder Cos., Inc., Class A | | | 9,479 | | | | 1,008,566 | |
| | | | | | | | |
Diversified Financial Services — 7.1% | |
Brookfield Asset Management Ltd., Class A | | | 13,986 | | | | 532,430 | |
Mastercard, Inc., Class A | | | 1,846 | | | | 814,381 | |
The Charles Schwab Corp. | | | 10,137 | | | | 746,996 | |
Visa, Inc., Class A | | | 10,940 | | | | 2,871,422 | |
| | | | | | | | |
| | | | | | | 4,965,229 | |
| | | | | | | | |
Electric — 0.9% | | | | | | | | |
CMS Energy Corp. | | | 10,496 | | | | 624,827 | |
| | | | | | | | |
Electrical Components & Equipment — 2.3% | |
Eaton Corp. PLC | | | 3,178 | | | | 996,462 | |
Schneider Electric S.E. | | | 2,576 | | | | 617,585 | |
| | | | | | | | |
| | | | | | | 1,614,047 | |
| | | | | | | | |
Electronics — 5.5% | | | | | | | | |
Amphenol Corp., Class A | | | 19,531 | | | | 1,315,803 | |
Hubbell, Inc. | | | 2,731 | | | | 998,126 | |
Mettler-Toledo International, Inc.* | | | 429 | | | | 599,566 | |
TE Connectivity Ltd. | | | 6,128 | | | | 921,835 | |
| | | | | | | | |
| | | | | | | 3,835,330 | |
| | | | | | | | |
Environmental Control — 0.5% | | | | | | | | |
Veralto Corp. | | | 4,078 | | | | 389,327 | |
| | | | | | | | |
Food — 1.2% | | | | | | | | |
McCormick & Co., Inc. | | | 11,987 | | | | 850,358 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| |
Healthcare Products — 7.5% | | | | | | | | |
Agilent Technologies, Inc. | | | 10,707 | | | $ | 1,387,948 | |
Boston Scientific Corp.* | | | 11,234 | | | | 865,130 | |
Danaher Corp. | | | 2,652 | | | | 662,602 | |
STERIS PLC | | | 5,903 | | | | 1,295,945 | |
Stryker Corp. | | | 840 | | | | 285,810 | |
Thermo Fisher Scientific, Inc. | | | 1,392 | | | | 769,776 | |
| | | | | | | | |
| | | | | | | 5,267,211 | |
| | | | | | | | |
Healthcare Services — 1.5% | | | | | | | | |
ICON PLC* | | | 3,413 | | | | 1,069,873 | |
| | | | | | | | |
Household Products & Wares — 2.3% | |
Church & Dwight Co., Inc. | | | 15,311 | | | | 1,587,444 | |
| | | | | | | | |
Insurance — 3.3% | | | | | | | | |
Aon PLC, Class A | | | 5,017 | | | | 1,472,891 | |
Marsh & McLennan Cos., Inc. | | | 3,913 | | | | 824,547 | |
| | | | | | | | |
| | | | | | | 2,297,438 | |
| | | | | | | | |
Internet — 7.5% | | | | | | | | |
Alphabet, Inc., Class A | | | 23,585 | | | | 4,296,008 | |
Tencent Holdings Ltd. | | | 20,100 | | | | 953,550 | |
| | | | | | | | |
| | | | | | | 5,249,558 | |
| | | | | | | | |
Lodging — 0.8% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 2,669 | | | | 582,376 | |
| | | | | | | | |
Machinery — Diversified — 1.2% | |
Otis Worldwide Corp. | | | 8,441 | | | | 812,531 | |
| | | | | | | | |
Media — 0.9% | | | | | | | | |
The Walt Disney Co. | | | 6,243 | | | | 619,867 | |
| | | | | | | | |
Pharmaceuticals — 1.4% | | | | | | | | |
Becton Dickinson & Co. | | | 4,101 | | | | 958,445 | |
| | | | | | | | |
Retail — 3.1% | | | | | | | | |
Ross Stores, Inc. | | | 6,988 | | | | 1,015,496 | |
Starbucks Corp. | | | 4,910 | | | | 382,243 | |
The TJX Cos., Inc. | | | 7,416 | | | | 816,502 | |
| | | | | | | | |
| | | | | | | 2,214,241 | |
| | | | | | | | |
Semiconductors — 9.2% | | | | | | | | |
Analog Devices, Inc. | | | 3,064 | | | | 699,389 | |
NVIDIA Corp. | | | 30,264 | | | | 3,738,814 | |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 9,002 | | | | 1,564,638 | |
Texas Instruments, Inc. | | | 2,510 | | | | 488,270 | |
| | | | | | | | |
| | | | | | | 6,491,111 | |
| | | | | | | | |
Software — 19.3% | | | | | | | | |
Adobe, Inc.* | | | 1,241 | | | | 689,425 | |
Electronic Arts, Inc. | | | 3,516 | | | | 489,884 | |
Fiserv, Inc.* | | | 6,802 | | | | 1,013,770 | |
Microsoft Corp. | | | 22,846 | | | | 10,211,020 | |
Salesforce, Inc. | | | 4,476 | | | | 1,150,780 | |
| | | | | | | | |
| | | | | | | 13,554,879 | |
| | | | | | | | |
32
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Transportation — 1.1% | | | | | | | | |
Canadian Pacific Kansas City Ltd. | | | 9,730 | | | $ | 766,043 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $46,190,420) | | | | 68,218,718 | |
| | | | | | | | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 1.9% | |
Diversified — 1.9% | | | | | | | | |
American Tower Corp.
(Cost $1,417,993) | | | 6,780 | | | | 1,317,896 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 1.1% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $792,074) | | | 792,074 | | | | 792,074 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $48,400,487) | | | $ | 70,328,688 | |
Other Assets & Liabilities — (0.1)% | | | | (89,697 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 70,238,991 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR— American Depositary Receipt.
PLC— Public Limited Company.
S.E.— Societas Europaea.
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 87 | % |
Ireland | | | 6 | |
Taiwan | | | 2 | |
France | | | 2 | |
Canada | | | 2 | |
China | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | | | | | | | | | | | | | | | |
Apparel | | $ | 1,658,727 | | | $ | 916,273 | | | $ | 742,454 | | | $ | — | |
Auto Parts & Equipment | | | 865,884 | | | | 865,884 | | | | — | | | | — | |
Beverages | | | 992,054 | | | | 992,054 | | | | — | | | | — | |
Chemicals | | | 733,541 | | | | 733,541 | | | | — | | | | — | |
Commercial Services | | | 2,061,300 | | | | 2,061,300 | | | | — | | | | — | |
Computers | | | 7,148,511 | | | | 7,148,511 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 1,008,566 | | | | 1,008,566 | | | | — | | | | — | |
Diversified Financial Services | | | 4,965,229 | | | | 4,965,229 | | | | — | | | | — | |
Electric | | | 624,827 | | | | 624,827 | | | | — | | | | — | |
Electrical Components & Equipment | | | 1,614,047 | | | | 996,462 | | | | 617,585 | | | | — | |
Electronics | | | 3,835,330 | | | | 3,835,330 | | | | — | | | | — | |
Environmental Control | | | 389,327 | | | | 389,327 | | | | — | | | | — | |
Food | | | 850,358 | | | | 850,358 | | | | — | | | | — | |
Healthcare Products | | | 5,267,211 | | | | 5,267,211 | | | | — | | | | — | |
Healthcare Services | | | 1,069,873 | | | | 1,069,873 | | | | — | | | | — | |
Household Products & Wares | | | 1,587,444 | | | | 1,587,444 | | | | — | | | | — | |
Insurance | | | 2,297,438 | | | | 2,297,438 | | | | — | | | | — | |
Internet | | | 5,249,558 | | | | 4,296,008 | | | | 953,550 | | | | — | |
Lodging | | | 582,376 | | | | 582,376 | | | | — | | | | — | |
Machinery — Diversified | | | 812,531 | | | | 812,531 | | | | — | | | | — | |
Media | | | 619,867 | | | | 619,867 | | | | — | | | | — | |
Pharmaceuticals | | | 958,445 | | | | 958,445 | | | | — | | | | — | |
Retail | | | 2,214,241 | | | | 2,214,241 | | | | — | | | | — | |
Semiconductors | | | 6,491,111 | | | | 6,491,111 | | | | — | | | | — | |
Software | | | 13,554,879 | | | | 13,554,879 | | | | — | | | | — | |
Transportation | | | 766,043 | | | | 766,043 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 68,218,718 | | | | 65,905,129 | | | | 2,313,589 | | | | — | |
| | | | | | | | | | | | | | | | |
Real Estate Investment Trusts | | | 1,317,896 | | | | 1,317,896 | | | | — | | | | — | |
Short-Term Investments | | | 792,074 | | | | 792,074 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 70,328,688 | | | $ | 68,015,099 | | | $ | 2,313,589 | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
33
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 99.7% | | | | | |
Apparel — 1.7% | | | | | | | | |
LVMH Moet Hennessy Louis Vuitton S.E., ADR | | | 15,101 | | | $ | 2,315,738 | |
| | | | | | | | |
Auto Manufacturers — 1.5% | | | | | | | | |
Ferrari N.V. | | | 4,805 | | | | 1,962,218 | |
| | | | | | | | |
Beverages — 2.5% | | | | | | | | |
The Coca-Cola Co. | | | 53,107 | | | | 3,380,261 | |
| | | | | | | | |
Commercial Services — 5.5% | | | | | | | | |
Equifax, Inc. | | | 10,569 | | | | 2,562,560 | |
S&P Global, Inc. | | | 7,175 | | | | 3,200,050 | |
TransUnion | | | 4,874 | | | | 361,456 | |
Verisk Analytics, Inc. | | | 4,331 | | | | 1,167,421 | |
| | | | | | | | |
| | | | | | | 7,291,487 | |
| | | | | | | | |
Computers — 6.6% | | | | | | | | |
Apple, Inc. | | | 41,470 | | | | 8,734,411 | |
| | | | | | | | |
Diversified Financial Services — 8.0% | |
Intercontinental Exchange, Inc. | | | 28,703 | | | | 3,929,154 | |
Mastercard, Inc., Class A | | | 2,366 | | | | 1,043,784 | |
Visa, Inc., Class A | | | 21,709 | | | | 5,697,961 | |
| | | | | | | | |
| | | | | | | 10,670,899 | |
| | | | | | | | |
Environmental Control — 2.7% | | | | | | | | |
Waste Connections, Inc. | | | 20,560 | | | | 3,605,402 | |
| | | | | | | | |
Healthcare Products — 5.9% | | | | | | | | |
Danaher Corp. | | | 14,665 | | | | 3,664,050 | |
Intuitive Surgical, Inc.* | | | 5,880 | | | | 2,615,718 | |
The Cooper Cos., Inc. | | | 18,428 | | | | 1,608,765 | |
| | | | | | | | |
| | | | | | | 7,888,533 | |
| | | | | | | | |
Healthcare Services — 3.8% | | | | | | | | |
UnitedHealth Group, Inc. | | | 9,939 | | | | 5,061,535 | |
| | | | | | | | |
Internet — 17.0% | | | | | | | | |
Alphabet, Inc., Class A | | | 47,033 | | | | 8,567,061 | |
Alphabet, Inc., Class C | | | 7,614 | | | | 1,396,560 | |
Amazon.com, Inc.* | | | 36,232 | | | | 7,001,834 | |
Booking Holdings, Inc. | | | 468 | | | | 1,853,982 | |
VeriSign, Inc.* | | | 21,785 | | | | 3,873,373 | |
| | | | | | | | |
| | | | | | | 22,692,810 | |
| | | | | | | | |
Pharmaceuticals — 0.3% | | | | | | | | |
Zoetis, Inc. | | | 2,276 | | | | 394,567 | |
| | | | | | | | |
Real Estate — 2.5% | | | | | | | | |
CoStar Group, Inc.* | | | 45,500 | | | | 3,373,370 | |
| | | | | | | | |
Retail — 0.5% | | | | | | | | |
The Home Depot, Inc. | | | 1,965 | | | | 676,432 | |
| | | | | | | | |
Semiconductors — 11.7% | | | | | | | | |
NVIDIA Corp. | | | 110,600 | | | | 13,663,524 | |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 11,313 | | | | 1,966,312 | |
| | | | | | | | |
| | | | | | | 15,629,836 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Software — 25.3% | | | | | | | | |
Autodesk, Inc.* | | | 7,435 | | | $ | 1,839,791 | |
Broadridge Financial Solutions, Inc. | | | 10,887 | | | | 2,144,739 | |
Electronic Arts, Inc. | | | 18,161 | | | | 2,530,372 | |
Intuit, Inc. | | | 6,778 | | | | 4,454,569 | |
Microsoft Corp. | | | 37,546 | | | | 16,781,185 | |
MSCI, Inc. | | | 1,338 | | | | 644,581 | |
Salesforce, Inc. | | | 12,593 | | | | 3,237,660 | |
Synopsys, Inc.* | | | 1,532 | | | | 911,632 | |
Veeva Systems, Inc., Class A* | | | 6,260 | | | | 1,145,643 | |
| | | | | | | | |
| | | | | | | 33,690,172 | |
| | | | | | | | |
Telecommunications — 3.4% | | | | | | | | |
Motorola Solutions, Inc. | | | 11,745 | | | | 4,534,157 | |
| | | | | | | | |
Transportation — 0.8% | | | | | | | | |
J.B. Hunt Transport Services, Inc. | | | 6,390 | | | | 1,022,400 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $99,645,474) | | | | | | | 132,924,228 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.2% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $272,125) | | | 272,125 | | | | 272,125 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9%
(Cost $99,917,599) | | | $ | 133,196,353 | |
Other Assets & Liabilities — 0.1% | | | | | | | 187,456 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 133,383,809 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
S.E.— Societas Europaea.
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 93 | % |
Canada | | | 3 | |
France | | | 2 | |
Taiwan | | | 1 | |
Italy | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
34
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Core Growth Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| | | ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 132,924,228 | | | $ | 132,924,228 | | | $ | — | | | $ | — | |
Short-Term Investments | | | 272,125 | | | | 272,125 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 133,196,353 | | | $ | 133,196,353 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
35
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 96.3% | | | | | |
Aerospace & Defense — 2.0% | | | | | | | | |
Curtiss-Wright Corp. | | | 2,728 | | | $ | 739,233 | |
RTX Corp. | | | 27,027 | | | | 2,713,241 | |
| | | | | | | | |
| | | | | | | 3,452,474 | |
| | | | | | | | |
Agriculture — 2.9% | | | | | | | | |
Philip Morris International, Inc. | | | 49,138 | | | | 4,979,154 | |
| | | | | | | | |
Auto Manufacturers — 0.8% | | | | | | | | |
PACCAR, Inc. | | | 12,789 | | | | 1,316,500 | |
| | | | | | | | |
Auto Parts & Equipment — 1.6% | |
Aptiv PLC* | | | 15,990 | | | | 1,126,016 | |
BorgWarner, Inc. | | | 47,082 | | | | 1,517,923 | |
| | | | | | | | |
| | | | | | | 2,643,939 | |
| | | | | | | | |
Banks — 9.3% | | | | | | | | |
Bank OZK | | | 4,960 | | | | 203,360 | |
Citigroup, Inc. | | | 50,170 | | | | 3,183,788 | |
JPMorgan Chase & Co. | | | 31,203 | | | | 6,311,119 | |
Wells Fargo & Co. | | | 100,396 | | | | 5,962,518 | |
| | | | | | | | |
| | | | | | | 15,660,785 | |
| | | | | | | | |
Biotechnology — 7.3% | | | | | | | | |
Amgen, Inc. | | | 7,465 | | | | 2,332,439 | |
Gilead Sciences, Inc. | | | 24,323 | | | | 1,668,801 | |
Regeneron Pharmaceuticals, Inc.* | | | 5,934 | | | | 6,236,812 | |
United Therapeutics Corp.* | | | 6,610 | | | | 2,105,616 | |
| | | | | | | | |
| | | | | | | 12,343,668 | |
| | | | | | | | |
Building Materials — 0.7% | | | | | | | | |
Builders FirstSource, Inc.* | | | 8,308 | | | | 1,149,910 | |
| | | | | | | | |
Chemicals — 2.1% | | | | | | | | |
CF Industries Holdings, Inc. | | | 9,690 | | | | 718,223 | |
LyondellBasell Industries N.V., Class A | | | 11,161 | | | | 1,067,661 | |
PPG Industries, Inc. | | | 13,541 | | | | 1,704,677 | |
| | | | | | | | |
| | | | | | | 3,490,561 | |
| | | | | | | | |
Commercial Services — 1.5% | | | | | | | | |
Robert Half, Inc. | | | 39,041 | | | | 2,497,843 | |
| | | | | | | | |
Computers — 1.8% | | | | | | | | |
Accenture PLC, Class A | | | 10,022 | | | | 3,040,775 | |
| | | | | | | | |
Distribution & Wholesale — 2.1% | |
Ferguson PLC | | | 11,417 | | | | 2,210,902 | |
LKQ Corp. | | | 30,754 | | | | 1,279,059 | |
| | | | | | | | |
| | | | | | | 3,489,961 | |
| | | | | | | | |
Diversified Financial Services — 1.5% | |
Mastercard, Inc., Class A | | | 5,580 | | | | 2,461,673 | |
| | | | | | | | |
Electrical Components & Equipment — 1.9% | |
Emerson Electric Co. | | | 21,331 | | | | 2,349,823 | |
Generac Holdings, Inc.* | | | 5,990 | | | | 791,998 | |
| | | | | | | | |
| | | | | | | 3,141,821 | |
| | | | | | | | |
Electronics — 2.9% | | | | | | | | |
Allegion PLC | | | 10,548 | | | | 1,246,246 | |
nVent Electric PLC | | | 20,546 | | | | 1,574,029 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Electronics — (continued) | | | | | | | | |
TE Connectivity Ltd. | | | 13,910 | | | $ | 2,092,482 | |
| | | | | | | | |
| | | | | | | 4,912,757 | |
| | | | | | | | |
Engineering & Construction — 0.6% | |
EMCOR Group, Inc. | | | 2,928 | | | | 1,068,954 | |
| | | | | | | | |
Environmental Control — 1.1% | | | | | | | | |
Veralto Corp. | | | 19,350 | | | | 1,847,344 | |
| | | | | | | | |
Healthcare Products — 1.7% | | | | | | | | |
GE HealthCare Technologies, Inc. | | | 36,020 | | | | 2,806,678 | |
| | | | | | | | |
Healthcare Services — 3.4% | | | | | | | | |
Elevance Health, Inc. | | | 10,721 | | | | 5,809,281 | |
| | | | | | | | |
Home Builders — 0.6% | | | | | | | | |
D.R. Horton, Inc. | | | 6,778 | | | | 955,224 | |
| | | | | | | | |
Insurance — 7.2% | | | | | | | | |
American International Group, Inc. | | | 12,613 | | | | 936,389 | |
Axis Capital Holdings Ltd. | | | 42,467 | | | | 3,000,294 | |
Berkshire Hathaway, Inc., Class B* | | | 14,796 | | | | 6,019,013 | |
MetLife, Inc. | | | 14,023 | | | | 984,274 | |
MGIC Investment Corp. | | | 58,520 | | | | 1,261,106 | |
| | | | | | | | |
| | | | | | | 12,201,076 | |
| | | | | | | | |
Internet — 1.6% | | | | | | | | |
Alphabet, Inc., Class C | | | 15,190 | | | | 2,786,150 | |
| | | | | | | | |
Iron & Steel — 1.5% | | | | | | | | |
Steel Dynamics, Inc. | | | 20,200 | | | | 2,615,900 | |
| | | | | | | | |
Machinery — Construction & Mining — 1.0% | |
Oshkosh Corp. | | | 15,450 | | | | 1,671,690 | |
| | | | | | | | |
Machinery — Diversified — 1.7% | | | | | | | | |
Cactus, Inc., Class A | | | 11,823 | | | | 623,545 | |
Dover Corp. | | | 6,474 | | | | 1,168,234 | |
Westinghouse Air Brake Technologies Corp. | | | 7,126 | | | | 1,126,264 | |
| | | | | | | | |
| | | | | | | 2,918,043 | |
| | | | | | | | |
Media — 2.0% | | | | | | | | |
Comcast Corp., Class A | | | 86,328 | | | | 3,380,604 | |
| | | | | | | | |
Miscellaneous Manufacturing — 1.6% | |
A.O. Smith Corp. | | | 14,630 | | | | 1,196,441 | |
Textron, Inc. | | | 17,440 | | | | 1,497,399 | |
| | | | | | | | |
| | | | | | | 2,693,840 | |
| | | | | | | | |
Oil & Gas — 7.6% | | | | | | | | |
Chevron Corp. | | | 12,718 | | | | 1,989,350 | |
ConocoPhillips | | | 15,787 | | | | 1,805,717 | |
EOG Resources, Inc. | | | 27,597 | | | | 3,473,634 | |
Helmerich & Payne, Inc. | | | 39,901 | | | | 1,442,022 | |
Phillips 66 | | | 29,012 | | | | 4,095,624 | |
| | | | | | | | |
| | | | | | | 12,806,347 | |
| | | | | | | | |
Oil & Gas Services — 0.6% | | | | | | | | |
ChampionX Corp. | | | 31,997 | | | | 1,062,620 | |
| | | | | | | | |
36
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Pharmaceuticals — 6.1% | | | | | | | | |
Cencora, Inc. | | | 21,387 | | | $ | 4,818,491 | |
Merck & Co., Inc. | | | 32,970 | | | | 4,081,686 | |
Roche Holding AG, ADR | | | 40,390 | | | | 1,400,321 | |
| | | | | | | | |
| | | | | | | 10,300,498 | |
| | | | | | | | |
Retail — 6.4% | | | | | | | | |
Casey’s General Stores, Inc. | | | 3,720 | | | | 1,419,403 | |
Ross Stores, Inc. | | | 22,089 | | | | 3,209,974 | |
Walmart, Inc. | | | 90,700 | | | | 6,141,297 | |
| | | | | | | | |
| | | | | | | 10,770,674 | |
| | | | | | | | |
Semiconductors — 6.1% | | | | | | | | |
QUALCOMM, Inc. | | | 25,145 | | | | 5,008,381 | |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 16,342 | | | | 2,840,403 | |
Texas Instruments, Inc. | | | 12,710 | | | | 2,472,476 | |
| | | | | | | | |
| | | | | | | 10,321,260 | |
| | | | | | | | |
Software — 4.8% | | | | | | | | |
Electronic Arts, Inc. | | | 25,110 | | | | 3,498,576 | |
Fiserv, Inc.* | | | 30,442 | | | | 4,537,076 | |
| | | | | | | | |
| | | | | | | 8,035,652 | |
| | | | | | | | |
Telecommunications — 0.4% | | | | | | | | |
Cisco Systems, Inc. | | | 13,207 | | | | 627,465 | |
| | | | | | | | |
Transportation — 1.9% | | | | | | | | |
J.B. Hunt Transport Services, Inc. | | | 10,600 | | | | 1,696,000 | |
United Parcel Service, Inc., Class B | | | 11,150 | | | | 1,525,877 | |
| | | | | | | | |
| | | | | | | 3,221,877 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $135,621,073) | | | | 162,482,998 | |
| | | | | | | | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 1.0% | |
Storage & Warehousing — 1.0% | | | | | | | | |
Public Storage
(Cost $1,496,664) | | | 5,740 | | | | 1,651,111 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 2.6% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $4,364,521) | | | 4,364,521 | | | | 4,364,521 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9%
(Cost $141,482,258) | | | $ | 168,498,630 | |
Other Assets & Liabilities — 0.1% | | | | | | | 226,580 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 168,725,210 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 90 | % |
Ireland | | | 3 | |
United Kingdom | | | 2 | |
Bermuda | | | 2 | |
Taiwan | | | 2 | |
Switzerland | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| | | ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 162,482,998 | | | $ | 162,482,998 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 1,651,111 | | | | 1,651,111 | | | | — | | | | — | |
Short-Term Investments | | | 4,364,521 | | | | 4,364,521 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 168,498,630 | | | $ | 168,498,630 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
37
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — 94.4% | |
Banks — 4.5% | | | | | | | | |
M&T Bank Corp. | | | 17,027 | | | $ | 2,577,207 | |
Wells Fargo & Co. | | | 59,967 | | | | 3,561,440 | |
| | | | | | | | |
| | | | | | | 6,138,647 | |
| | | | | | | | |
Beverages — 1.7% | | | | | | | | |
Constellation Brands, Inc., Class A | | | 9,041 | | | | 2,326,068 | |
| | | | | | | | |
Biotechnology — 0.5% | | | | | | | | |
Vertex Pharmaceuticals, Inc.* | | | 1,313 | | | | 615,429 | |
| | | | | | | | |
Building Materials — 2.0% | | | | | | | | |
Johnson Controls International PLC | | | 40,502 | | | | 2,692,168 | |
| | | | | | | | |
Chemicals — 2.8% | | | | | | | | |
FMC Corp. | | | 27,150 | | | | 1,562,483 | |
Linde PLC | | | 5,158 | | | | 2,263,382 | |
| | | | | | | | |
| | | | | | | 3,825,865 | |
| | | | | | | | |
Commercial Services — 1.7% | | | | | | | | |
Robert Half, Inc. | | | 35,779 | | | | 2,289,140 | |
| | | | | | | | |
Diversified Financial Services — 6.2% | |
Cboe Global Markets, Inc. | | | 12,033 | | | | 2,046,332 | |
Interactive Brokers Group, Inc., Class A | | | 13,205 | | | | 1,618,933 | |
The Charles Schwab Corp. | | | 64,113 | | | | 4,724,487 | |
| | | | | | | | |
| | | | | | | 8,389,752 | |
| | | | | | | | |
Electric — 7.0% | | | | | | | | |
CMS Energy Corp. | | | 37,084 | | | | 2,207,611 | |
NextEra Energy, Inc. | | | 58,152 | | | | 4,117,743 | |
Sempra | | | 20,602 | | | | 1,566,988 | |
Xcel Energy, Inc. | | | 29,037 | | | | 1,550,866 | |
| | | | | | | | |
| | | | | | | 9,443,208 | |
| | | | | | | | |
Electrical Components & Equipment — 2.0% | | | | | |
Emerson Electric Co. | | | 25,111 | | | | 2,766,228 | |
| | | | | | | | |
Electronics — 1.2% | | | | | | | | |
Mettler-Toledo International, Inc.* | | | 1,131 | | | | 1,580,674 | |
| | | | | | | | |
Entertainment — 1.0% | | | | | | | | |
TKO Group Holdings, Inc. | | | 12,406 | | | | 1,339,724 | |
| | | | | | | | |
Food — 1.4% | | | | | | | | |
General Mills, Inc. | | | 15,821 | | | | 1,000,837 | |
The Hershey Co. | | | 4,629 | | | | 850,949 | |
| | | | | | | | |
| | | | | | | 1,851,786 | |
| | | | | | | | |
Healthcare Products — 4.8% | | | | | | | | |
Boston Scientific Corp.* | | | 35,136 | | | | 2,705,823 | |
Thermo Fisher Scientific, Inc. | | | 6,909 | | | | 3,820,677 | |
| | | | | | | | |
| | | | | | | 6,526,500 | |
| | | | | | | | |
Household Products & Wares — 1.6% | |
The Clorox Co. | | | 15,364 | | | | 2,096,725 | |
| | | | | | | | |
Insurance — 6.1% | | | | | | | | |
American International Group, Inc. | | | 43,127 | | | | 3,201,748 | |
Prudential PLC, ADR | | | 74,993 | | | | 1,373,872 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
Insurance — (continued) | | | | | | | | |
Reinsurance Group of America, Inc. | | | 17,867 | | | $ | 3,667,559 | |
| | | | | | | | |
| | | | | | | 8,243,179 | |
| | | | | | | | |
Internet — 1.5% | | | | | | | | |
Alphabet, Inc., Class A | | | 10,971 | | | | 1,998,368 | |
| | | | | | | | |
Machinery — Diversified — 3.4% | | | | | | | | |
The Toro Co. | | | 22,750 | | | | 2,127,353 | |
Westinghouse Air Brake Technologies Corp. | | | 15,990 | | | | 2,527,219 | |
| | | | | | | | |
| | | | | | | 4,654,572 | |
| | | | | | | | |
Media — 2.3% | | | | | | | | |
The Walt Disney Co. | | | 31,419 | | | | 3,119,593 | |
| | | | | | | | |
Mining — 1.3% | | | | | | | | |
Alcoa Corp. | | | 45,121 | | | | 1,794,913 | |
| | | | | | | | |
Miscellaneous Manufacturing — 2.1% | | | | | |
3M Co. | | | 27,951 | | | | 2,856,313 | |
| | | | | | | | |
Office & Business Equipment — 2.2% | | | | | |
Zebra Technologies Corp., Class A* | | | 9,756 | | | | 3,013,921 | |
| | | | | | | | |
Oil & Gas — 6.5% | | | | | | | | |
Chevron Corp. | | | 27,876 | | | | 4,360,364 | |
ConocoPhillips | | | 25,352 | | | | 2,899,762 | |
EOG Resources, Inc. | | | 12,059 | | | | 1,517,866 | |
| | | | | | | | |
| | | | | | | 8,777,992 | |
| | | | | | | | |
Oil & Gas Services — 1.6% | | | | | | | | |
Schlumberger N.V. | | | 45,387 | | | | 2,141,359 | |
| | | | | | | | |
Packaging and Containers — 1.1% | |
Ball Corp. | | | 24,788 | | | | 1,487,776 | |
| | | | | | | | |
Pharmaceuticals — 10.1% | | | | | | | | |
AbbVie, Inc. | | | 18,615 | | | | 3,192,845 | |
Bristol-Myers Squibb Co. | | | 53,513 | | | | 2,222,395 | |
McKesson Corp. | | | 3,703 | | | | 2,162,700 | |
Neurocrine Biosciences, Inc.* | | | 10,726 | | | | 1,476,648 | |
Sanofi S.A., ADR | | | 52,908 | | | | 2,567,096 | |
Zoetis, Inc. | | | 12,110 | | | | 2,099,390 | |
| | | | | | | | |
| | | | | | | 13,721,074 | |
| | | | | | | | |
Retail — 4.7% | | | | | | | | |
BJ’s Wholesale Club Holdings, Inc.* | | | 36,528 | | | | 3,208,619 | |
Dollar Tree, Inc.* | | | 18,471 | | | | 1,972,149 | |
Lithia Motors, Inc. | | | 4,731 | | | | 1,194,341 | |
| | | | | | | | |
| | | | | | | 6,375,109 | |
| | | | | | | | |
Semiconductors — 6.1% | | | | | | | | |
Micron Technology, Inc. | | | 30,755 | | | | 4,045,205 | |
ON Semiconductor Corp.* | | | 30,890 | | | | 2,117,510 | |
Texas Instruments, Inc. | | | 10,512 | | | | 2,044,899 | |
| | | | | | | | |
| | | | | | | 8,207,614 | |
| | | | | | | | |
Shipbuilding — 1.7% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 9,203 | | | | 2,266,975 | |
| | | | | | | | |
38
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Software — 0.8% | | | | | |
Fiserv, Inc.* | | | 7,581 | | | $ | 1,129,872 | |
| | | | | | | | |
Toys, Games & Hobbies — 2.6% | | | | | |
Hasbro, Inc. | | | 59,855 | | | | 3,501,518 | |
| | | | | | | | |
Transportation — 1.9% | | | | | |
CSX Corp. | | | 78,372 | | | | 2,621,543 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $113,695,263) | | | | 127,793,605 | |
| | | | | | | | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 5.4% | |
Apartments — 4.5% | | | | | |
Invitation Homes, Inc. | | | 71,241 | | | | 2,556,840 | |
Mid-America Apartment Communities, Inc. | | | 24,540 | | | | 3,499,649 | |
| | | | | | | | |
| | | | 6,056,489 | |
| | | | | | | | |
Industrial — 0.9% | | | | | |
First Industrial Realty Trust, Inc. | | | 25,827 | | | | 1,227,040 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $7,617,550) 7,283,529 | |
| | | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS — 0.4% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $564,266) | | | 564,266 | | | | 564,266 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2%
(Cost $121,877,079) | | | $ | 135,641,400 | |
Other Assets & Liabilities — (0.2)% | | | | (274,147 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 135,367,253 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 127,793,605 | | | $ | 127,793,605 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 7,283,529 | | | | 7,283,529 | | | | — | | | | — | |
Short-Term Investments | | | 564,266 | | | | 564,266 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 135,641,400 | | | $ | 135,641,400 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
39
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — 97.7% | | | | | | | | |
Advertising — 0.1% | | | | | | | | |
Omnicom Group, Inc. | | | 3,619 | | | $ | 324,625 | |
The Interpublic Group of Cos., Inc. | | | 7,036 | | | | 204,677 | |
| | | | | | | | |
| | | | | | | 529,302 | |
| | | | | | | | |
Aerospace & Defense — 1.7% | | | | | | | | |
General Dynamics Corp. | | | 4,027 | | | | 1,168,394 | |
General Electric Co. | | | 19,298 | | | | 3,067,803 | |
Howmet Aerospace, Inc. | | | 6,957 | | | | 540,072 | |
L3Harris Technologies, Inc. | | | 3,347 | | | | 751,669 | |
Lockheed Martin Corp. | | | 3,778 | | | | 1,764,704 | |
Northrop Grumman Corp. | | | 2,461 | | | | 1,072,873 | |
RTX Corp. | | | 23,320 | | | | 2,341,095 | |
The Boeing Co.* | | | 10,200 | | | | 1,856,502 | |
TransDigm Group, Inc. | | | 994 | | | | 1,269,944 | |
| | | | | | | | |
| | | | | | | 13,833,056 | |
| | | | | | | | |
Agriculture — 0.6% | | | | | | | | |
Altria Group, Inc. | | | 29,990 | | | | 1,366,044 | |
Archer-Daniels-Midland Co. | | | 8,510 | | | | 514,430 | |
Bunge Global S.A. | | | 2,478 | | | | 264,576 | |
Philip Morris International, Inc. | | | 27,501 | | | | 2,786,676 | |
| | | | | | | | |
| | | | | | | 4,931,726 | |
| | | | | | | | |
Airlines — 0.2% | | | | | | | | |
American Airlines Group, Inc.* | | | 11,313 | | | | 128,176 | |
Delta Air Lines, Inc. | | | 11,216 | | | | 532,087 | |
Southwest Airlines Co. | | | 10,896 | | | | 311,735 | |
United Airlines Holdings, Inc.* | | | 5,896 | | | | 286,899 | |
| | | | | | | | |
| | | | | | | 1,258,897 | |
| | | | | | | | |
Apparel — 0.3% | | | | | | | | |
Deckers Outdoor Corp.* | | | 465 | | | | 450,097 | |
NIKE, Inc., Class B | | | 21,555 | | | | 1,624,600 | |
Ralph Lauren Corp. | | | 656 | | | | 114,839 | |
Tapestry, Inc. | | | 4,359 | | | | 186,522 | |
| | | | | | | | |
| | | | | | | 2,376,058 | |
| | | | | | | | |
Auto Manufacturers — 1.6% | |
Cummins, Inc. | | | 2,387 | | | | 661,032 | |
Ford Motor Co. | | | 69,098 | | | | 866,489 | |
General Motors Co. | | | 20,441 | | | | 949,689 | |
PACCAR, Inc. | | | 9,276 | | | | 954,871 | |
Tesla, Inc.* | | | 49,084 | | | | 9,712,742 | |
| | | | | | | | |
| | | | | | | 13,144,823 | |
| | | | | | | | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
Aptiv PLC* | | | 4,813 | | | | 338,931 | |
BorgWarner, Inc. | | | 4,124 | | | | 132,958 | |
| | | | | | | | |
| | | | | | | 471,889 | |
| | | | | | | | |
Banks — 4.0% | | | | | | | | |
Bank of America Corp. | | | 119,795 | | | | 4,764,247 | |
Citigroup, Inc. | | | 33,857 | | | | 2,148,565 | |
Citizens Financial Group, Inc. | | | 8,187 | | | | 294,978 | |
Fifth Third Bancorp | | | 12,322 | | | | 449,630 | |
Huntington Bancshares, Inc. | | | 26,630 | | | | 350,983 | |
JPMorgan Chase & Co. | | | 50,655 | | | | 10,245,480 | |
KeyCorp | | | 16,398 | | | | 233,016 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | |
Banks — (continued) | | | | | | | | |
M&T Bank Corp. | | | 2,937 | | | $ | 444,544 | |
Morgan Stanley | | | 22,175 | | | | 2,155,188 | |
Northern Trust Corp. | | | 3,758 | | | | 315,597 | |
Regions Financial Corp. | | | 16,079 | | | | 322,223 | |
State Street Corp. | | | 5,417 | | | | 400,858 | |
The Bank of New York Mellon Corp. | | | 13,384 | | | | 801,568 | |
The Goldman Sachs Group, Inc. | | | 5,661 | | | | 2,560,584 | |
The PNC Financial Services Group, Inc. | | | 7,061 | | | | 1,097,844 | |
Truist Financial Corp. | | | 23,756 | | | | 922,921 | |
US Bancorp | | | 27,409 | | | | 1,088,137 | |
Wells Fargo & Co. | | | 61,326 | | | | 3,642,151 | |
| | | | | | | | |
| | | | | | | 32,238,514 | |
| | | | | | | | |
Beverages — 1.3% | | | | | | | | |
Brown-Forman Corp., Class B | | | 3,351 | | | | 144,730 | |
Constellation Brands, Inc., Class A | | | 2,807 | | | | 722,185 | |
Keurig Dr Pepper, Inc. | | | 18,346 | | | | 612,756 | |
Molson Coors Beverage Co., Class B | | | 3,392 | | | | 172,415 | |
Monster Beverage Corp.* | | | 12,548 | | | | 626,773 | |
PepsiCo, Inc. | | | 24,320 | | | | 4,011,098 | |
The Coca-Cola Co. | | | 68,290 | | | | 4,346,658 | |
| | | | | | | | |
| | | | | | | 10,636,615 | |
| | | | | | | | |
Biotechnology — 1.3% | | | | | | | | |
Amgen, Inc. | | | 9,472 | | | | 2,959,526 | |
Biogen, Inc.* | | | 2,551 | | | | 591,373 | |
Bio-Rad Laboratories, Inc., Class A* | | | 372 | | | | 101,597 | |
Corteva, Inc. | | | 12,395 | | | | 668,586 | |
Gilead Sciences, Inc. | | | 22,218 | | | | 1,524,377 | |
Incyte Corp.* | | | 2,544 | | | | 154,217 | |
Moderna, Inc.* | | | 5,763 | | | | 684,356 | |
Regeneron Pharmaceuticals, Inc.* | | | 1,886 | | | | 1,982,243 | |
Vertex Pharmaceuticals, Inc.* | | | 4,565 | | | | 2,139,707 | |
| | | | | | | | |
| | | | | | | 10,805,982 | |
| | | | | | | | |
Building Materials — 0.6% | | | | | | | | |
Builders FirstSource, Inc.* | | | 2,239 | | | | 309,900 | |
Carrier Global Corp. | | | 14,596 | | | | 920,716 | |
Johnson Controls International PLC | | | 12,086 | | | | 803,356 | |
Martin Marietta Materials, Inc. | | | 1,091 | | | | 591,104 | |
Masco Corp. | | | 3,747 | | | | 249,812 | |
Mohawk Industries, Inc.* | | | 967 | | | | 109,842 | |
Trane Technologies PLC | | | 4,027 | | | | 1,324,601 | |
Vulcan Materials Co. | | | 2,400 | | | | 596,832 | |
| | | | | | | | |
| | | | | | | 4,906,163 | |
| | | | | | | | |
Chemicals — 1.3% | | | | | | | | |
Air Products and Chemicals, Inc. | | | 3,937 | | | | 1,015,943 | |
Albemarle Corp. | | | 2,125 | | | | 202,980 | |
Celanese Corp. | | | 1,760 | | | | 237,406 | |
CF Industries Holdings, Inc. | | | 3,447 | | | | 255,492 | |
Dow, Inc. | | | 12,405 | | | | 658,085 | |
DuPont de Nemours, Inc. | | | 7,609 | | | | 612,449 | |
Eastman Chemical Co. | | | 2,016 | | | | 197,508 | |
Ecolab, Inc. | | | 4,497 | | | | 1,070,286 | |
FMC Corp. | | | 2,188 | | | | 125,919 | |
40
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Chemicals — (continued) | | | | | | | | |
International Flavors & Fragrances, Inc. | | | 4,587 | | | $ | 436,728 | |
Linde PLC | | | 8,458 | | | | 3,711,455 | |
LyondellBasell Industries N.V., Class A | | | 4,432 | | | | 423,965 | |
PPG Industries, Inc. | | | 4,261 | | | | 536,417 | |
The Mosaic Co. | | | 5,660 | | | | 163,574 | |
The Sherwin-Williams Co. | | | 4,182 | | | | 1,248,034 | |
| | | | | | | | |
| | | | | | | 10,896,241 | |
| | | | | | | | |
Commercial Services — 1.4% | | | | | | | | |
Automatic Data Processing, Inc. | | | 7,303 | | | | 1,743,153 | |
Cintas Corp. | | | 1,527 | | | | 1,069,297 | |
Corpay, Inc.* | | | 1,304 | | | | 347,399 | |
Equifax, Inc. | | | 2,225 | | | | 539,473 | |
Global Payments, Inc. | | | 4,549 | | | | 439,888 | |
MarketAxess Holdings, Inc. | | | 692 | | | | 138,767 | |
Moody’s Corp. | | | 2,790 | | | | 1,174,395 | |
PayPal Holdings, Inc.* | | | 18,245 | | | | 1,058,757 | |
Quanta Services, Inc. | | | 2,620 | | | | 665,716 | |
Rollins, Inc. | | | 5,012 | | | | 244,535 | |
S&P Global, Inc. | | | 5,670 | | | | 2,528,820 | |
United Rentals, Inc. | | | 1,189 | | | | 768,962 | |
Verisk Analytics, Inc. | | | 2,512 | | | | 677,110 | |
| | | | | | | | |
| | | | | | | 11,396,272 | |
| | | | | | | | |
Computers — 8.2% | | | | | | | | |
Accenture PLC, Class A | | | 11,073 | | | | 3,359,659 | |
Apple, Inc. | | | 254,594 | | | | 53,622,588 | |
Cognizant Technology Solutions Corp., Class A | | | 8,783 | | | | 597,244 | |
Crowdstrike Holdings, Inc., Class A* | | | 4,000 | | | | 1,532,760 | |
EPAM Systems, Inc.* | | | 1,066 | | | | 200,525 | |
Fortinet, Inc.* | | | 11,228 | | | | 676,712 | |
Gartner, Inc.* | | | 1,411 | | | | 633,624 | |
Hewlett Packard Enterprise Co. | | | 22,986 | | | | 486,614 | |
HP, Inc. | | | 15,712 | | | | 550,234 | |
International Business Machines Corp. | | | 16,189 | | | | 2,799,888 | |
Leidos Holdings, Inc. | | | 2,480 | | | | 361,782 | |
NetApp, Inc. | | | 3,701 | | | | 476,689 | |
Seagate Technology Holdings PLC | | | 3,505 | | | | 361,961 | |
Super Micro Computer, Inc.* | | | 882 | | | | 722,667 | |
Western Digital Corp.* | | | 5,725 | | | | 433,783 | |
| | | | | | | | |
| | | | | | | 66,816,730 | |
| | | | | | | | |
Cosmetics & Personal Care — 1.2% | |
Colgate-Palmolive Co. | | | 14,614 | | | | 1,418,142 | |
Kenvue, Inc. | | | 33,021 | | | | 600,322 | |
The Estee Lauder Cos., Inc., Class A | | | 4,208 | | | | 447,731 | |
The Procter & Gamble Co. | | | 41,667 | | | | 6,871,722 | |
| | | | | | | | |
| | | | | | | 9,337,917 | |
| | | | | | | | |
Distribution & Wholesale — 0.3% | |
Copart, Inc.* | | | 15,330 | | | | 830,273 | |
Fastenal Co. | | | 10,042 | | | | 631,039 | |
LKQ Corp. | | | 4,552 | | | | 189,318 | |
Pool Corp. | | | 708 | | | | 217,589 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | |
Distribution & Wholesale — (continued) | | | | | |
W.W. Grainger, Inc. | | | 791 | | | $ | 713,672 | |
| | | | | |
| | | | 2,581,891 | |
| | | | | |
Diversified Financial Services — 3.3% | | | | | |
American Express Co. | | | 10,089 | | | | 2,336,108 | |
Ameriprise Financial, Inc. | | | 1,760 | | | | 751,854 | |
BlackRock, Inc. | | | 2,487 | | | | 1,958,065 | |
Capital One Financial Corp. | | | 6,667 | | | | 923,046 | |
Cboe Global Markets, Inc. | | | 1,916 | | | | 325,835 | |
CME Group, Inc. | | | 6,380 | | | | 1,254,308 | |
Discover Financial Services | | | 4,247 | | | | 555,550 | |
Franklin Resources, Inc. | | | 5,030 | | | | 112,421 | |
Intercontinental Exchange, Inc. | | | 10,167 | | | | 1,391,761 | |
Invesco Ltd. | | | 7,869 | | | | 117,720 | |
Mastercard, Inc., Class A | | | 14,516 | | | | 6,403,879 | |
Nasdaq, Inc. | | | 7,017 | | | | 422,844 | |
Raymond James Financial, Inc. | | | 3,217 | | | | 397,653 | |
Synchrony Financial | | | 6,883 | | | | 324,809 | |
T. Rowe Price Group, Inc. | | | 3,933 | | | | 453,514 | |
The Charles Schwab Corp. | | | 26,457 | | | | 1,949,616 | |
Visa, Inc., Class A | | | 27,847 | | | | 7,309,002 | |
| | | | | | | | |
| | | | 26,987,985 | |
| | | | | | | | |
Electric — 2.1% | | | | | |
Alliant Energy Corp. | | | 4,483 | | | | 228,185 | |
Ameren Corp. | | | 4,809 | | | | 341,968 | |
American Electric Power Co., Inc. | | | 9,375 | | | | 822,562 | |
CenterPoint Energy, Inc. | | | 11,143 | | | | 345,210 | |
CMS Energy Corp. | | | 5,290 | | | | 314,914 | |
Consolidated Edison, Inc. | | | 6,245 | | | | 558,428 | |
Constellation Energy Corp. | | | 5,577 | | | | 1,116,906 | |
Dominion Energy, Inc. | | | 14,618 | | | | 716,282 | |
DTE Energy Co. | | | 3,616 | | | | 401,412 | |
Duke Energy Corp. | | | 13,655 | | | | 1,368,641 | |
Edison International | | | 6,748 | | | | 484,574 | |
Entergy Corp. | | | 3,701 | | | | 396,007 | |
Evergy, Inc. | | | 4,064 | | | | 215,270 | |
Eversource Energy | | | 6,233 | | | | 353,473 | |
Exelon Corp. | | | 17,564 | | | | 607,890 | |
FirstEnergy Corp. | | | 9,120 | | | | 349,022 | |
NextEra Energy, Inc. | | | 36,328 | | | | 2,572,386 | |
NRG Energy, Inc. | | | 3,455 | | | | 269,006 | |
PG&E Corp. | | | 38,326 | | | | 669,172 | |
Pinnacle West Capital Corp. | | | 1,930 | | | | 147,413 | |
PPL Corp. | | | 13,259 | | | | 366,611 | |
Public Service Enterprise Group, Inc. | | | 8,800 | | | | 648,560 | |
Sempra | | | 11,164 | | | | 849,134 | |
The AES Corp. | | | 11,768 | | | | 206,764 | |
The Southern Co. | | | 19,340 | | | | 1,500,204 | |
Vistra Energy Corp. | | | 5,778 | | | | 496,792 | |
WEC Energy Group, Inc. | | | 5,399 | | | | 423,606 | |
Xcel Energy, Inc. | | | 9,853 | | | | 526,249 | |
| | | | | | | | |
| | | | 17,296,641 | |
| | | | | | | | |
Electrical Components & Equipment — 0.5% | | | | | |
AMETEK, Inc. | | | 4,157 | | | | 693,014 | |
41
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Electrical Components & Equipment — (continued) | |
Eaton Corp. PLC | | | 7,044 | | | $ | 2,208,646 | |
Emerson Electric Co. | | | 10,172 | | | | 1,120,548 | |
Generac Holdings, Inc.* | | | 1,106 | | | | 146,235 | |
| | | | | | | | |
| | | | | | | 4,168,443 | |
| | | | | | | | |
Electronics — 0.9% | | | | | | | | |
Allegion PLC | | | 1,601 | | | | 189,158 | |
Amphenol Corp., Class A | | | 21,012 | | | | 1,415,578 | |
Fortive Corp. | | | 6,392 | | | | 473,647 | |
Garmin Ltd. | | | 2,713 | | | | 442,002 | |
Honeywell International, Inc. | | | 11,428 | | | | 2,440,335 | |
Hubbell, Inc. | | | 974 | | | | 355,978 | |
Jabil, Inc. | | | 2,021 | | | | 219,865 | |
Keysight Technologies, Inc.* | | | 3,004 | | | | 410,797 | |
Mettler-Toledo International, Inc.* | | | 381 | | | | 532,482 | |
TE Connectivity Ltd. | | | 5,459 | | | | 821,197 | |
Trimble, Inc.* | | | 4,421 | | | | 247,222 | |
| | | | | | | | |
| | | | | | | 7,548,261 | |
| | | | | | | | |
Energy-Alternate Sources — 0.1% | | | | | | | | |
Enphase Energy, Inc.* | | | 2,451 | | | | 244,389 | |
First Solar, Inc.* | | | 1,851 | | | | 417,327 | |
| | | | | | | | |
| | | | | | | 661,716 | |
| | | | | | | | |
Engineering & Construction — 0.0% | |
Jacobs Solutions, Inc. | | | 2,225 | | | | 310,855 | |
| | | | | | | | |
Entertainment — 0.1% | | | | | | | | |
Caesars Entertainment, Inc.* | | | 4,132 | | | | 164,206 | |
Live Nation Entertainment, Inc.* | | | 2,564 | | | | 240,349 | |
| | | | | | | | |
| | | | | | | 404,555 | |
| | | | | | | | |
Environmental Control — 0.3% | | | | | | | | |
Pentair PLC | | | 2,923 | | | | 224,106 | |
Republic Services, Inc. | | | 3,503 | | | | 680,773 | |
Veralto Corp. | | | 3,791 | | | | 361,927 | |
Waste Management, Inc. | | | 6,494 | | | | 1,385,430 | |
| | | | | | | | |
| | | | | | | 2,652,236 | |
| | | | | | | | |
Food — 0.8% | | | | | | | | |
Campbell Soup Co. | | | 3,547 | | | | 160,289 | |
Conagra Brands, Inc. | | | 8,271 | | | | 235,062 | |
General Mills, Inc. | | | 9,990 | | | | 631,967 | |
Hormel Foods Corp. | | | 5,257 | | | | 160,286 | |
Kellanova | | | 4,611 | | | | 265,963 | |
Lamb Weston Holdings, Inc. | | | 2,643 | | | | 222,224 | |
McCormick & Co., Inc. | | | 4,577 | | | | 324,692 | |
Mondelez International, Inc., Class A | | | 23,729 | | | | 1,552,826 | |
Sysco Corp. | | | 8,770 | | | | 626,090 | |
The Hershey Co. | | | 2,687 | | | | 493,951 | |
The J.M. Smucker Co. | | | 1,874 | | | | 204,341 | |
The Kraft Heinz Co. | | | 14,008 | | | | 451,338 | |
The Kroger Co. | | | 11,553 | | | | 576,841 | |
Tyson Foods, Inc., Class A | | | 5,115 | | | | 292,271 | |
| | | | | | | | |
| | | | | | | 6,198,141 | |
| | | | | | | | |
Forest Products & Paper — 0.0% | | | | | | | | |
International Paper Co. | | | 6,246 | | | | 269,515 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
Gas — 0.1% | | | | | | | | |
Atmos Energy Corp. | | | 2,615 | | | $ | 305,040 | |
NiSource, Inc. | | | 7,216 | | | | 207,893 | |
| | | | | | | | |
| | | | | | | 512,933 | |
| | | | | | | | |
Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-on, Inc. | | | 924 | | | | 241,525 | |
Stanley Black & Decker, Inc. | | | 2,788 | | | | 222,733 | |
| | | | | | | | |
| | | | | | | 464,258 | |
| | | | | | | | |
Healthcare Products — 3.2% | | | | | | | | |
Abbott Laboratories | | | 30,683 | | | | 3,188,270 | |
Agilent Technologies, Inc. | | | 5,116 | | | | 663,187 | |
Align Technology, Inc.* | | | 1,212 | | | | 292,613 | |
Baxter International, Inc. | | | 9,086 | | | | 303,927 | |
Bio-Techne Corp. | | | 2,792 | | | | 200,047 | |
Boston Scientific Corp.* | | | 26,028 | | | | 2,004,416 | |
Danaher Corp. | | | 11,676 | | | | 2,917,249 | |
Edwards Lifesciences Corp.* | | | 10,703 | | | | 988,636 | |
GE HealthCare Technologies, Inc. | | | 7,421 | | | | 578,244 | |
Hologic, Inc.* | | | 4,022 | | | | 298,633 | |
IDEXX Laboratories, Inc.* | | | 1,494 | | | | 727,877 | |
Insulet Corp.* | | | 1,255 | | | | 253,259 | |
Intuitive Surgical, Inc.* | | | 6,276 | | | | 2,791,879 | |
Medtronic PLC | | | 23,646 | | | | 1,861,177 | |
ResMed, Inc. | | | 2,540 | | | | 486,207 | |
Revvity, Inc. | | | 2,242 | | | | 235,096 | |
Solventum Corp.* | | | 2,439 | | | | 128,974 | |
STERIS PLC | | | 1,714 | | | | 376,292 | |
Stryker Corp. | | | 6,016 | �� | | | 2,046,944 | |
Teleflex, Inc. | | | 851 | | | | 178,991 | |
The Cooper Cos., Inc. | | | 3,540 | | | | 309,042 | |
Thermo Fisher Scientific, Inc. | | | 6,734 | | | | 3,723,902 | |
Waters Corp.* | | | 1,093 | | | | 317,101 | |
West Pharmaceutical Services, Inc. | | | 1,289 | | | | 424,584 | |
Zimmer Biomet Holdings, Inc. | | | 3,751 | | | | 407,096 | |
| | | | | | | | |
| | | | | | | 25,703,643 | |
| | | | | | | | |
Healthcare Services — 1.9% | | | | | | | | |
Catalent, Inc.* | | | 3,353 | | | | 188,539 | |
Centene Corp.* | | | 9,299 | | | | 616,524 | |
Charles River Laboratories International, Inc.* | | | 916 | | | | 189,227 | |
DaVita, Inc.* | | | 1,014 | | | | 140,510 | |
Elevance Health, Inc. | | | 4,080 | | | | 2,210,789 | |
HCA Healthcare, Inc. | | | 3,403 | | | | 1,093,316 | |
Humana, Inc. | | | 2,160 | | | | 807,084 | |
IQVIA Holdings, Inc.* | | | 3,208 | | | | 678,299 | |
Labcorp Holdings, Inc. | | | 1,540 | | | | 313,405 | |
Molina Healthcare, Inc.* | | | 1,059 | | | | 314,841 | |
Quest Diagnostics, Inc. | | | 2,027 | | | | 277,456 | |
UnitedHealth Group, Inc. | | | 16,228 | | | | 8,264,271 | |
Universal Health Services, Inc., Class B | | | 1,105 | | | | 204,348 | |
| | | | | | | | |
| | | | | | | 15,298,609 | |
| | | | | | | | |
Home Builders — 0.3% | | | | | | | | |
D.R. Horton, Inc. | | | 5,255 | | | | 740,587 | |
Lennar Corp., Class A | | | 4,447 | | | | 666,472 | |
42
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Home Builders — (continued) | | | | | |
NVR, Inc.* | | | 56 | | | $ | 424,959 | |
PulteGroup, Inc. | | | 3,679 | | | | 405,058 | |
| | | | | |
| | | | 2,237,076 | |
| | | | | |
Household Products & Wares — 0.2% | | | | | |
Avery Dennison Corp. | | | 1,446 | | | | 316,168 | |
Church & Dwight Co., Inc. | | | 4,483 | | | | 464,797 | |
Kimberly-Clark Corp. | | | 5,908 | | | | 816,486 | |
The Clorox Co. | | | 2,164 | | | | 295,321 | |
| | | | | | | | |
| | | | 1,892,772 | |
| | | | | | | | |
Insurance — 3.6% | | | | | |
Aflac, Inc. | | | 9,147 | | | | 816,919 | |
American International Group, Inc. | | | 11,525 | | | | 855,616 | |
Aon PLC, Class A | | | 3,788 | | | | 1,112,081 | |
Arch Capital Group Ltd.* | | | 6,478 | | | | 653,566 | |
Arthur J. Gallagher & Co. | | | 3,817 | | | | 989,786 | |
Assurant, Inc. | | | 884 | | | | 146,965 | |
Berkshire Hathaway, Inc., Class B* | | | 31,946 | | | | 12,995,633 | |
Brown & Brown, Inc. | | | 4,068 | | | | 363,720 | |
Chubb Ltd. | | | 7,134 | | | | 1,819,741 | |
Cincinnati Financial Corp. | | | 2,871 | | | | 339,065 | |
Everest Group Ltd. | | | 769 | | | | 293,004 | |
Globe Life, Inc. | | | 1,431 | | | | 117,743 | |
Loews Corp. | | | 3,360 | | | | 251,126 | |
Marsh & McLennan Cos., Inc. | | | 8,717 | | | | 1,836,846 | |
MetLife, Inc. | | | 10,567 | | | | 741,698 | |
Principal Financial Group, Inc. | | | 3,825 | | | | 300,071 | |
Prudential Financial, Inc. | | | 6,379 | | | | 747,555 | |
The Allstate Corp. | | | 4,561 | | | | 728,209 | |
The Hartford Financial Services Group, Inc. | | | 5,217 | | | | 524,517 | |
The Progressive Corp. | | | 10,322 | | | | 2,143,983 | |
The Travelers Cos., Inc. | | | 4,097 | | | | 833,084 | |
W.R. Berkley Corp. | | | 3,726 | | | | 292,789 | |
Willis Towers Watson PLC | | | 1,781 | | | | 466,871 | |
| | | | | | | | |
| | | | 29,370,588 | |
| | | | | | | | |
Internet — 12.5% | | | | | |
Airbnb, Inc., Class A* | | | 7,729 | | | | 1,171,948 | |
Alphabet, Inc., Class A | | | 103,695 | | | | 18,888,044 | |
Alphabet, Inc., Class C | | | 86,254 | | | | 15,820,709 | |
Amazon.com, Inc.* | | | 161,720 | | | | 31,252,390 | |
Booking Holdings, Inc. | | | 600 | | | | 2,376,900 | |
CDW Corp. | | | 2,414 | | | | 540,350 | |
eBay, Inc. | | | 8,605 | | | | 462,261 | |
Etsy, Inc.* | | | 2,170 | | | | 127,987 | |
Expedia Group, Inc.* | | | 2,220 | | | | 279,698 | |
F5, Inc.* | | | 1,076 | | | | 185,319 | |
Gen Digital, Inc. | | | 10,297 | | | | 257,219 | |
GoDaddy, Inc., Class A* | | | 2,400 | | | | 335,304 | |
Match Group, Inc.* | | | 5,133 | | | | 155,941 | |
Meta Platforms, Inc., Class A | | | 38,688 | | | | 19,507,263 | |
Netflix, Inc.* | | | 7,618 | | | | 5,141,236 | |
Palo Alto Networks, Inc.* | | | 5,645 | | | | 1,913,711 | |
Uber Technologies, Inc.* | | | 36,965 | | | | 2,686,616 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | |
Internet — (continued) | | | | | |
VeriSign, Inc.* | | | 1,590 | | | $ | 282,702 | |
| | | | | |
| | | | 101,385,598 | |
| | | | | |
Iron & Steel — 0.1% | | | | | |
Nucor Corp. | | | 4,122 | | | | 651,606 | |
Steel Dynamics, Inc. | | | 2,613 | | | | 338,383 | |
| | | | | | | | |
| | | | 989,989 | |
| | | | | | | | |
Leisure Time — 0.1% | | | | | |
Carnival Corp.* | | | 18,227 | | | | 341,210 | |
Norwegian Cruise Line Holdings Ltd.* | | | 7,409 | | | | 139,215 | |
Royal Caribbean Cruises Ltd.* | | | 4,247 | | | | 677,099 | |
| | | | | | | | |
| | | | 1,157,524 | |
| | | | | | | | |
Lodging — 0.3% | | | | | |
Hilton Worldwide Holdings, Inc. | | | 4,466 | | | | 974,481 | |
Las Vegas Sands Corp. | | | 6,597 | | | | 291,917 | |
Marriott International, Inc., Class A | | | 4,174 | | | | 1,009,148 | |
MGM Resorts International* | | | 4,808 | | | | 213,668 | |
Wynn Resorts Ltd. | | | 1,777 | | | | 159,041 | |
| | | | | | | | |
| | | | 2,648,255 | |
| | | | | | | | |
Machinery — Construction & Mining — 0.5% | |
Caterpillar, Inc. | | | 8,619 | | | | 2,870,989 | |
GE Vernova, Inc.* | | | 4,774 | | | | 818,789 | |
| | | | | | | | |
| | | | 3,689,778 | |
| | | | | | | | |
Machinery — Diversified — 0.7% | | | | | |
Deere & Co. | | | 4,580 | | | | 1,711,225 | |
Dover Corp. | | | 2,453 | | | | 442,644 | |
IDEX Corp. | | | 1,375 | | | | 276,650 | |
Ingersoll Rand, Inc. | | | 7,225 | | | | 656,319 | |
Nordson Corp. | | | 974 | | | | 225,910 | |
Otis Worldwide Corp. | | | 7,160 | | | | 689,222 | |
Rockwell Automation, Inc. | | | 2,018 | | | | 555,515 | |
Westinghouse Air Brake Technologies Corp. | | | 3,085 | | | | 487,584 | |
Xylem, Inc. | | | 4,300 | | | | 583,209 | |
| | | | | | | | |
| | | | 5,628,278 | |
| | | | | | | | |
Media — 0.9% | | | | | |
Charter Communications, Inc., Class A* | | | 1,724 | | | | 515,407 | |
Comcast Corp., Class A | | | 68,761 | | | | 2,692,681 | |
FactSet Research Systems, Inc. | | | 657 | | | | 268,233 | |
Fox Corp., Class A | | | 3,744 | | | | 128,681 | |
Fox Corp., Class B | | | 2,720 | | | | 87,095 | |
News Corp., Class A | | | 6,937 | | | | 191,253 | |
News Corp., Class B | | | 1,762 | | | | 50,023 | |
Paramount Global, Class B | | | 8,983 | | | | 93,333 | |
The Walt Disney Co. | | | 32,250 | | | | 3,202,103 | |
Warner Bros Discovery, Inc.* | | | 38,650 | | | | 287,556 | |
| | | | | | | | |
| | | | 7,516,365 | |
| | | | | | | | |
Mining — 0.3% | | | | | |
Freeport-McMoRan, Inc. | | | 25,439 | | | | 1,236,335 | |
Newmont Corp. | | | 20,363 | | | | 852,599 | |
| | | | | | | | |
| | | | 2,088,934 | |
| | | | | | | | |
43
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Miscellaneous Manufacturing — 0.5% | | | | | |
3M Co. | | | 9,758 | | | $ | 997,170 | |
A.O. Smith Corp. | | | 2,246 | | | | 183,678 | |
Axon Enterprise, Inc.* | | | 1,233 | | | | 362,798 | |
Illinois Tool Works, Inc. | | | 4,836 | | | | 1,145,939 | |
Parker-Hannifin Corp. | | | 2,273 | | | | 1,149,706 | |
Teledyne Technologies, Inc.* | | | 824 | | | | 319,695 | |
Textron, Inc. | | | 3,335 | | | | 286,343 | |
| | | | | | | | |
| | | | 4,445,329 | |
| | | | | | | | |
Office & Business Equipment — 0.0% | | | | | |
Zebra Technologies Corp., Class A* | | | 913 | | | | 282,053 | |
| | | | | | | | |
Oil & Gas — 3.0% | | | | | |
APA Corp. | | | 5,642 | | | | 166,101 | |
Chevron Corp. | | | 30,205 | | | | 4,724,666 | |
ConocoPhillips | | | 20,690 | | | | 2,366,522 | |
Coterra Energy, Inc. | | | 13,311 | | | | 355,004 | |
Devon Energy Corp. | | | 11,165 | | | | 529,221 | |
Diamondback Energy, Inc. | | | 3,045 | | | | 609,579 | |
EOG Resources, Inc. | | | 10,167 | | | | 1,279,720 | |
EQT Corp. | | | 7,462 | | | | 275,945 | |
Exxon Mobil Corp. | | | 79,117 | | | | 9,107,949 | |
Hess Corp. | | | 4,852 | | | | 715,767 | |
Marathon Oil Corp. | | | 10,033 | | | | 287,646 | |
Marathon Petroleum Corp. | | | 6,133 | | | | 1,063,953 | |
Occidental Petroleum Corp. | | | 11,538 | | | | 727,240 | |
Phillips 66 | | | 7,500 | | | | 1,058,775 | |
Valero Energy Corp. | | | 5,667 | | | | 888,359 | |
| | | | | | | | |
| | | | 24,156,447 | |
| | | | | | | | |
Oil & Gas Services — 0.3% | | | | | |
Baker Hughes Co. | | | 17,364 | | | | 610,692 | |
Halliburton Co. | | | 15,551 | | | | 525,313 | |
Schlumberger N.V. | | | 25,401 | | | | 1,198,419 | |
| | | | | | | | |
| | | | 2,334,424 | |
| | | | | | | | |
Packaging and Containers — 0.1% | | | | | |
Amcor PLC | | | 26,319 | | | | 257,400 | |
Ball Corp. | | | 5,514 | | | | 330,950 | |
Packaging Corp. of America | | | 1,611 | | | | 294,104 | |
Westrock Co. | | | 4,629 | | | | 232,654 | |
| | | | | | | | |
| | | | 1,115,108 | |
| | | | | | | | |
Pharmaceuticals — 5.3% | | | | | |
AbbVie, Inc. | | | 31,257 | | | | 5,361,201 | |
Becton Dickinson & Co. | | | 5,135 | | | | 1,200,101 | |
Bristol-Myers Squibb Co. | | | 35,860 | | | | 1,489,266 | |
Cardinal Health, Inc. | | | 4,251 | | | | 417,958 | |
Cencora, Inc. | | | 2,915 | | | | 656,749 | |
CVS Health Corp. | | | 22,360 | | | | 1,320,582 | |
Dexcom, Inc.* | | | 7,183 | | | | 814,409 | |
Eli Lilly & Co. | | | 14,087 | | | | 12,754,088 | |
Henry Schein, Inc.* | | | 2,307 | | | | 147,879 | |
Johnson & Johnson | | | 42,575 | | | | 6,222,762 | |
McKesson Corp. | | | 2,300 | | | | 1,343,292 | |
Merck & Co., Inc. | | | 44,880 | | | | 5,556,144 | |
Pfizer, Inc. | | | 99,881 | | | | 2,794,670 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
Pharmaceuticals — (continued) | | | | | | | | |
The Cigna Group. | | | 5,021 | | | $ | 1,659,792 | |
Viatris, Inc. | | | 21,283 | | | | 226,238 | |
Zoetis, Inc. | | | 8,136 | | | | 1,410,457 | |
| | | | | | | | |
| | | | | | | 43,375,588 | |
| | | | | | | | |
Pipelines — 0.4% | | | | | | | | |
Kinder Morgan, Inc. | | | 34,104 | | | | 677,646 | |
ONEOK, Inc. | | | 10,245 | | | | 835,480 | |
Targa Resources Corp. | | | 3,989 | | | | 513,703 | |
The Williams Cos., Inc. | | | 21,479 | | | | 912,858 | |
| | | | | | | | |
| | | | | | | 2,939,687 | |
| | | | | | | | |
Private Equity — 0.3% | | | | | | | | |
Blackstone, Inc. | | | 12,570 | | | | 1,556,166 | |
KKR & Co., Inc. | | | 11,600 | | | | 1,220,784 | |
| | | | | | | | |
| | | | | | | 2,776,950 | |
| | | | | | | | |
Real Estate — 0.1% | | | | | | | | |
CoStar Group, Inc.* | | | 7,156 | | | | 530,546 | |
| | | | | | | | |
Real Estate — 0.1% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 5,187 | | | | 462,214 | |
| | | | | | | | |
Retail — 4.6% | | | | | | | | |
AutoZone, Inc.* | | | 306 | | | | 907,015 | |
Bath & Body Works, Inc. | | | 3,928 | | | | 153,388 | |
Best Buy Co., Inc. | | | 3,518 | | | | 296,532 | |
CarMax, Inc.* | | | 2,859 | | | | 209,679 | |
Chipotle Mexican Grill, Inc.* | | | 24,300 | | | | 1,522,395 | |
Costco Wholesale Corp. | | | 7,833 | | | | 6,657,972 | |
Darden Restaurants, Inc. | | | 2,085 | | | | 315,502 | |
Dollar General Corp. | | | 3,957 | | | | 523,234 | |
Dollar Tree, Inc.* | | | 3,728 | | | | 398,038 | |
Domino’s Pizza, Inc. | | | 630 | | | | 325,288 | |
Genuine Parts Co. | | | 2,509 | | | | 347,045 | |
Lowe’s Cos., Inc. | | | 10,146 | | | | 2,236,787 | |
Lululemon Athletica, Inc.* | | | 2,018 | | | | 602,777 | |
McDonald’s Corp. | | | 12,749 | | | | 3,248,955 | |
O’Reilly Automotive, Inc.* | | | 1,045 | | | | 1,103,583 | |
Ross Stores, Inc. | | | 5,974 | | | | 868,142 | |
Starbucks Corp. | | | 19,808 | | | | 1,542,053 | |
Target Corp. | | | 8,179 | | | | 1,210,819 | |
The Home Depot, Inc. | | | 17,550 | | | | 6,041,412 | |
The TJX Cos., Inc. | | | 19,956 | | | | 2,197,156 | |
Tractor Supply Co. | | | 1,863 | | | | 503,010 | |
Ulta Beauty, Inc.* | | | 845 | | | | 326,060 | |
Walgreens Boots Alliance, Inc. | | | 12,991 | | | | 157,126 | |
Walmart, Inc. | | | 75,233 | | | | 5,094,026 | |
Yum! Brands, Inc. | | | 4,904 | | | | 649,584 | |
| | | | | | | | |
| | | | | | | 37,437,578 | |
| | | | | | | | |
Semiconductors — 11.9% | | | | | | | | |
Advanced Micro Devices, Inc.* | | | 28,593 | | | | 4,638,070 | |
Analog Devices, Inc. | | | 8,746 | | | | 1,996,362 | |
Applied Materials, Inc. | | | 14,699 | | | | 3,468,817 | |
Broadcom, Inc. | | | 7,703 | | | | 12,367,398 | |
Intel Corp. | | | 74,820 | | | | 2,317,175 | |
44
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Semiconductors — (continued) | | | | | |
KLA Corp. | | | 2,359 | | | $ | 1,945,019 | |
Lam Research Corp. | | | 2,313 | | | | 2,462,998 | |
Microchip Technology, Inc. | | | 9,562 | | | | 874,923 | |
Micron Technology, Inc. | | | 19,475 | | | | 2,561,547 | |
Monolithic Power Systems, Inc. | | | 866 | | | | 711,575 | |
NVIDIA Corp. | | | 434,477 | | | | 53,675,289 | |
NXP Semiconductors N.V. | | | 4,555 | | | | 1,225,705 | |
ON Semiconductor Corp.* | | | 7,524 | | | | 515,770 | |
Qorvo, Inc.* | | | 1,796 | | | | 208,408 | |
QUALCOMM, Inc. | | | 19,782 | | | | 3,940,179 | |
Skyworks Solutions, Inc. | | | 2,753 | | | | 293,415 | |
Teradyne, Inc. | | | 2,660 | | | | 394,451 | |
Texas Instruments, Inc. | | | 16,077 | | | | 3,127,459 | |
| | | | | | | | |
| | | | 96,724,560 | |
| | | | | | | | |
Shipbuilding — 0.0% | | | | | |
Huntington Ingalls Industries, Inc. | | | 695 | | | | 171,199 | |
| | | | | | | | |
Software — 11.1% | | | | | |
Adobe, Inc.* | | | 7,886 | | | | 4,380,989 | |
Akamai Technologies, Inc.* | | | 2,773 | | | | 249,792 | |
ANSYS, Inc.* | | | 1,529 | | | | 491,574 | |
Autodesk, Inc.* | | | 3,775 | | | | 934,124 | |
Broadridge Financial Solutions, Inc. | | | 2,045 | | | | 402,865 | |
Cadence Design Systems, Inc.* | | | 4,827 | | | | 1,485,509 | |
Dayforce, Inc.* | | | 2,737 | | | | 135,755 | |
Electronic Arts, Inc. | | | 4,395 | | | | 612,355 | |
Fair Isaac Corp.* | | | 437 | | | | 650,544 | |
Fidelity National Information Services, Inc. | | | 9,600 | | | | 723,456 | |
Fiserv, Inc.* | | | 10,259 | | | | 1,529,001 | |
Intuit, Inc. | | | 4,953 | | | | 3,255,161 | |
Jack Henry & Associates, Inc. | | | 1,323 | | | | 219,645 | |
Microsoft Corp. | | | 131,279 | | | | 58,675,149 | |
MSCI, Inc. | | | 1,437 | | | | 692,275 | |
Oracle Corp. | | | 28,275 | | | | 3,992,430 | |
Paychex, Inc. | | | 5,609 | | | | 665,003 | |
Paycom Software, Inc. | | | 835 | | | | 119,438 | |
PTC, Inc.* | | | 2,121 | | | | 385,322 | |
Roper Technologies, Inc. | | | 1,892 | | | | 1,066,445 | |
Salesforce, Inc. | | | 17,134 | | | | 4,405,151 | |
ServiceNow, Inc.* | | | 3,619 | | | | 2,846,959 | |
Synopsys, Inc.* | | | 2,710 | | | | 1,612,613 | |
Take-Two Interactive Software, Inc.* | | | 2,867 | | | | 445,790 | |
Tyler Technologies, Inc.* | | | 717 | | | | 360,493 | |
| | | | | | | | |
| | | | 90,337,838 | |
| | | | | | | | |
Telecommunications — 1.7% | | | | | |
Arista Networks, Inc.* | | | 4,466 | | | | 1,565,244 | |
AT&T, Inc. | | | 126,692 | | | | 2,421,084 | |
Cisco Systems, Inc. | | | 71,202 | | | | 3,382,807 | |
Corning, Inc. | | | 13,173 | | | | 511,771 | |
Juniper Networks, Inc. | | | 5,753 | | | | 209,754 | |
Motorola Solutions, Inc. | | | 2,930 | | | | 1,131,127 | |
T-Mobile US, Inc. | | | 9,121 | | | | 1,606,938 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | |
Telecommunications — (continued) | | | | | |
Verizon Communications, Inc. | | | 74,481 | | | $ | 3,071,596 | |
| | | | | | | | |
| | | | 13,900,321 | |
| | | | | | | | |
Toys, Games & Hobbies — 0.0% | | | | | |
Hasbro, Inc. | | | 2,270 | | | | 132,795 | |
| | | | | | | | |
Transportation — 1.1% | | | | | |
C.H. Robinson Worldwide, Inc. | | | 2,077 | | | | 183,025 | |
CSX Corp. | | | 34,998 | | | | 1,170,683 | |
Expeditors International of Washington, Inc. | | | 2,475 | | | | 308,855 | |
FedEx Corp. | | | 3,945 | | | | 1,182,869 | |
J.B. Hunt Transport Services, Inc. | | | 1,403 | | | | 224,480 | |
Norfolk Southern Corp. | | | 4,002 | | | | 859,189 | |
Old Dominion Freight Line, Inc. | | | 3,218 | | | | 568,299 | |
Union Pacific Corp. | | | 10,813 | | | | 2,446,549 | |
United Parcel Service, Inc., Class B | | | 12,903 | | | | 1,765,776 | |
| | | | | | | | |
| | | | 8,709,725 | |
| | | | | | | | |
Water — 0.1% | | | | | |
American Water Works Co., Inc. | | | 3,457 | | | | 446,506 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $350,918,567) | | | | 793,523,892 | |
| | | | | | | | |
| | | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 2.0% | |
Apartments — 0.3% | | | | | |
AvalonBay Communities, Inc. | | | 2,490 | | | | 515,156 | |
Camden Property Trust | | | 1,888 | | | | 206,000 | |
Equity Residential | | | 6,228 | | | | 431,849 | |
Essex Property Trust, Inc. | | | 1,094 | | | | 297,787 | |
Invitation Homes, Inc. | | | 10,048 | | | | 360,623 | |
Mid-America Apartment Communities, Inc. | | | 2,050 | | | | 292,350 | |
UDR, Inc. | | | 5,331 | | | | 219,371 | |
| | | | | | | | |
| | | | 2,323,136 | |
| | | | | | | | |
Diversified — 0.7% | | | | | |
American Tower Corp. | | | 8,193 | | | | 1,592,555 | |
Crown Castle, Inc. | | | 7,669 | | | | 749,261 | |
Digital Realty Trust, Inc. | | | 5,633 | | | | 856,498 | |
Equinix, Inc. | | | 1,663 | | | | 1,258,226 | |
SBA Communications Corp. | | | 1,955 | | | | 383,767 | |
VICI Properties, Inc. | | | 18,521 | | | | 530,441 | |
Weyerhaeuser Co. | | | 12,810 | | | | 363,676 | |
| | | | | | | | |
| | | | 5,734,424 | |
| | | | | | | | |
Healthcare — 0.2% | | | | | |
Healthpeak Properties, Inc. | | | 13,267 | | | | 260,033 | |
Ventas, Inc. | | | 7,259 | | | | 372,097 | |
Welltower, Inc. | | | 10,397 | | | | 1,083,887 | |
| | | | | | | | |
| | | | 1,716,017 | |
| | | | | | | | |
Hotels & Resorts — 0.0% | | | | | |
Host Hotels & Resorts, Inc. | | | 12,929 | | | | 232,463 | |
| | | | | | | | |
Industrial — 0.2% | | | | | |
Prologis, Inc. | | | 16,437 | | | | 1,846,039 | |
| | | | | | | | |
45
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | |
Office Property — 0.1% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 2,819 | | | $ | 329,738 | |
BXP, Inc. | | | 2,451 | | | | 150,884 | |
| | | | | | | | |
| | | | | | | 480,622 | |
| | | | | | | | |
Regional Malls — 0.1% | | | | | | | | |
Simon Property Group, Inc. | | | 5,830 | | | | 884,994 | |
| | | | | | | | |
Single Tenant — 0.1% | | | | | | | | |
Realty Income Corp. | | | 15,091 | | | | 797,107 | |
| | | | | | | | |
Storage & Warehousing — 0.2% | | | | | | | | |
Extra Space Storage, Inc. | | | 3,800 | | | | 590,558 | |
Iron Mountain, Inc. | | | 5,339 | | | | 478,481 | |
Public Storage | | | 2,762 | | | | 794,490 | |
| | | | | | | | |
| | | | | | | 1,863,529 | |
| | | | | | | | |
Strip Centers — 0.1% | | | | | | | | |
Federal Realty Investment Trust | | | 1,185 | | | | 119,649 | |
Kimco Realty Corp. | | | 11,743 | | | | 228,519 | |
Regency Centers Corp. | | | 2,764 | | | | 171,921 | |
| | | | | | | | |
| | | | | | | 520,089 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $12,991,065) | | | | 16,398,420 | |
| | | | | | | | |
| | | | | | | | | |
SHORT-TERM INVESTMENTS — 0.2% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $1,380,954) | | | 1,380,954 | | | | 1,380,954 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9%
(Cost $365,290,586) | | | $ | 811,303,266 | |
Other Assets & Liabilities — 0.1% | | | | | | | 872,540 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 812,175,806 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S&P— Standards & Poor’s
S.A.— Societe Anonyme.
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
| | | Total | | | | | | Level 2 | | | Level 3 | |
| | | Market | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
Description | | 6/30/2024 | | | Price | | | Input | | | Input | |
Common Stocks | | $ | 793,523,892 | | | $ | 793,523,892 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 16,398,420 | | | | 16,398,420 | | | | — | | | | — | |
Short-Term Investments | | | 1,380,954 | | | | 1,380,954 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 811,303,266 | | | $ | 811,303,266 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 12,809 | | | $ | 12,809 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets—Other Financial Instruments | | $ | 12,809 | | | $ | 12,809 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| (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.
46
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Index 500 Fund
Futures contracts held by the Fund at June 30, 2024 are as follows:
Futures Contracts:
Exchange Traded
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Numbers | | | | | | | | | | | | | | | | |
| | | | | Expiration | | | of | | | Units per | | | Closing | | | Notional | | | Unrealized | | | Unrealized | |
Type | | Futures Contract | | Date | | | Contracts | | | Contract | | | Price | | | Value | | | Appreciation | | | Depreciation | |
Long | | E-mini S&P 500 Index | | | 09/20/24 | | | | 10 | | | | 50 | | | $ | 5,522 | | | $ | 2,760,750 | | | $ | 12,809 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 12,809 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
47
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 98.7% | | | | | | | | |
Advertising — 2.5% | | | | | | | | |
The Trade Desk, Inc., Class A* | | | 35,737 | | | $ | 3,490,433 | |
| | | | | | | | |
Aerospace & Defense — 4.0% | | | | | | | | |
HEICO Corp., Class A | | | 16,956 | | | | 3,010,029 | |
Howmet Aerospace, Inc. | | | 32,612 | | | | 2,531,670 | |
| | | | | | | | |
| | | | | | | 5,541,699 | |
| | | | | | | | |
Apparel — 3.3% | | | | | | | | |
Levi Strauss & Co., Class A | | | 92,630 | | | | 1,785,906 | |
On Holding AG, Class A* | | | 71,795 | | | | 2,785,646 | |
| | | | | | | | |
| | | | | | | 4,571,552 | |
| | | | | | | | |
Beverages — 1.2% | | | | | | | | |
Brown-Forman Corp., Class B | | | 39,010 | | | | 1,684,842 | |
| | | | | | | | |
Biotechnology — 0.9% | | | | | | | | |
Ionis Pharmaceuticals, Inc.* | | | 26,586 | | | | 1,267,089 | |
| | | | | | | | |
Building Materials — 3.1% | | | | | | | | |
Martin Marietta Materials, Inc. | | | 3,982 | | | | 2,157,447 | |
Trex Co., Inc.* | | | 28,082 | | | | 2,081,438 | |
| | | | | | | | |
| | | | | | | 4,238,885 | |
| | | | | | | | |
Commercial Services — 5.2% | | | | | | | | |
Corpay, Inc.* | | | 3,381 | | | | 900,732 | |
MarketAxess Holdings, Inc. | | | 14,150 | | | | 2,837,500 | |
Rollins, Inc. | | | 41,300 | | | | 2,015,027 | |
WillScot Mobile Mini Holdings Corp.* | | | 38,813 | | | | 1,460,921 | |
| | | | | | | | |
| | | | | | | 7,214,180 | |
| | | | | | | | |
Computers — 2.2% | | | | | | | | |
ASGN, Inc.* | | | 10,738 | | | | 946,769 | |
Crowdstrike Holdings, Inc., Class A* | | | 5,331 | | | | 2,042,786 | |
| | | | | | | | |
| | | | | | | 2,989,555 | |
| | | | | | | | |
Distribution & Wholesale — 5.5% | | | | | | | | |
Copart, Inc.* | | | 51,744 | | | | 2,802,455 | |
Fastenal Co. | | | 37,740 | | | | 2,371,582 | |
Pool Corp. | | | 8,134 | | | | 2,499,822 | |
| | | | | | | | |
| | | | | | | 7,673,859 | |
| | | | | | | | |
Diversified Financial Services — 2.2% | | | | | |
Blue Owl Capital, Inc. | | | 77,058 | | | | 1,367,780 | |
LPL Financial Holdings, Inc. | | | 5,821 | | | | 1,625,805 | |
| | | | | | | | |
| | | | | | | 2,993,585 | |
| | | | | | | | |
Electrical Components & Equipment — 5.5% | | | | | |
Generac Holdings, Inc.* | | | 18,699 | | | | 2,472,382 | |
Novanta, Inc.* | | | 12,127 | | | | 1,978,035 | |
Universal Display Corp. | | | 15,234 | | | | 3,202,948 | |
| | | | | | | | |
| | | | | | | 7,653,365 | |
| | | | | | | | |
Electronics — 5.0% | | | | | | | | |
Coherent Corp.* | | | 37,140 | | | | 2,691,164 | |
Mettler-Toledo International, Inc.* | | | 1,447 | | | | 2,022,313 | |
Trimble, Inc.* | | | 39,996 | | | | 2,236,576 | |
| | | | | | | | |
| | | | | | | 6,950,053 | |
| | | | | | | | |
Entertainment — 2.3% | | | | | | | | |
DraftKings, Inc., Class A* | | | 35,145 | | | | 1,341,484 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | |
Entertainment — (continued) | | | | | | | | |
Vail Resorts, Inc. | | | 10,475 | | | $ | 1,886,862 | |
| | | | | | | | |
| | | | | | | 3,228,346 | |
| | | | | | | | |
Hand & Machine Tools — 1.3% | | | | | | | | |
Lincoln Electric Holdings, Inc. | | | 9,723 | | | | 1,834,147 | |
| | | | | | | | |
Healthcare Products — 14.1% | | | | | | | | |
Align Technology, Inc.* | | | 8,676 | | | | 2,094,647 | |
Bio-Techne Corp. | | | 35,095 | | | | 2,514,557 | |
Edwards Lifesciences Corp.* | | | 24,616 | | | | 2,273,780 | |
GE HealthCare Technologies, Inc. | | | 28,523 | | | | 2,222,512 | |
IDEXX Laboratories, Inc.* | | | 5,681 | | | | 2,767,783 | |
Inspire Medical Systems, Inc.* | | | 7,989 | | | | 1,069,168 | |
Insulet Corp.* | | | 7,562 | | | | 1,526,012 | |
Intuitive Surgical, Inc.* | | | 3,120 | | | | 1,387,932 | |
Repligen Corp.* | | | 16,686 | | | | 2,103,437 | |
The Cooper Cos., Inc. | | | 17,378 | | | | 1,517,099 | |
| | | | | | | | |
| | | | | | | 19,476,927 | |
| | | | | | | | |
Insurance — 0.9% | | | | | | | | |
Kinsale Capital Group, Inc. | | | 3,292 | | | | 1,268,342 | |
| | | | | | | | |
Internet — 3.4% | | | | | | | | |
Pinterest, Inc., Class A* | | | 107,714 | | | | 4,746,956 | |
| | | | | | | | |
Machinery — Diversified — 1.2% | | | | | | | | |
Westinghouse Air Brake Technologies Corp. | | | 10,433 | | | | 1,648,936 | |
| | | | | | | | |
Media — 1.2% | | | | | | | | |
FactSet Research Systems, Inc. | | | 3,948 | | | | 1,611,850 | |
| | | | | | | | |
Miscellaneous Manufacturing — 1.5% | | | | | |
A.O. Smith Corp. | | | 25,033 | | | | 2,047,199 | |
| | | | | | | | |
Office & Business Equipment — 1.6% | | | | | |
Zebra Technologies Corp., Class A* | | | 7,095 | | | | 2,191,858 | |
| | | | | | | | |
Pharmaceuticals — 2.7% | | | | | | | | |
Cencora, Inc. | | | 3,084 | | | | 694,825 | |
Dexcom, Inc.* | | | 27,180 | | | | 3,081,669 | |
| | | | | | | | |
| | | | | | | 3,776,494 | |
| | | | | | | | |
Real Estate — 4.0% | | | | | | | | |
CoStar Group, Inc.* | | | 75,078 | | | | 5,566,283 | |
| | | | | | | | |
Retail — 5.5% | | | | | | | | |
Casey’s General Stores, Inc. | | | 3,216 | | | | 1,227,097 | |
Five Below, Inc.* | | | 6,499 | | | | 708,196 | |
Floor & Decor Holdings, Inc., Class A* | | | 29,753 | | | | 2,957,746 | |
Lululemon Athletica, Inc.* | | | 4,478 | | | | 1,337,578 | |
National Vision Holdings, Inc.* | | | 49,489 | | | | 647,811 | |
Tractor Supply Co. | | | 2,705 | | | | 730,350 | |
| | | | | | | | |
| | | | | | | 7,608,778 | |
| | | | | | | | |
Semiconductors — 9.6% | | | | | | | | |
Impinj, Inc.* | | | 5,217 | | | | 817,869 | |
Lattice Semiconductor Corp.* | | | 26,179 | | | | 1,518,120 | |
Microchip Technology, Inc. | | | 25,104 | | | | 2,297,016 | |
48
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Semiconductors — (continued) | | | | | | | | |
Monolithic Power Systems, Inc. | | | 5,046 | | | $ | 4,146,197 | |
Onto Innovation, Inc.* | | | 5,382 | | | | 1,181,672 | |
Teradyne, Inc. | | | 22,215 | | | | 3,294,263 | |
| | | | | | | | |
| | | | | | | 13,255,137 | |
| | | | | | | | |
Software — 8.8% | | | | | | | | |
Appfolio, Inc., Class A* | | | 3,366 | | | | 823,223 | |
Datadog, Inc., Class A* | | | 5,402 | | | | 700,585 | |
HubSpot, Inc.* | | | 3,845 | | | | 2,267,743 | |
MongoDB, Inc.* | | | 5,672 | | | | 1,417,773 | |
Tyler Technologies, Inc.* | | | 6,056 | | | | 3,044,836 | |
Veeva Systems, Inc., Class A* | | | 13,251 | | | | 2,425,065 | |
Workiva, Inc.* | | | 20,599 | | | | 1,503,521 | |
| | | | | | | | |
| | | | | | | 12,182,746 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $112,764,263) | | | | | | | 136,713,096 | |
| | | | | | | | |
| | |
| | | | | | | |
SHORT-TERM INVESTMENTS — 1.7% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $2,420,789) | | | 2,420,789 | | | | 2,420,789 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.4%
(Cost $115,185,052) | | | $ | 139,133,885 | |
Other Assets & Liabilities — (0.4)% | | | | (570,732 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 138,563,153 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
AG— Aktiengesellschaft.
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 136,713,096 | | | $ | 136,713,096 | | | $ | — | | | $ | — | |
Short-Term Investments | | | 2,420,789 | | | | 2,420,789 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 139,133,885 | | | $ | 139,133,885 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
49
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 91.7% | | | | | | | | |
Aerospace & Defense — 1.6% | | | | | | | | |
L3Harris Technologies, Inc. | | | 6,276 | | | $ | 1,409,464 | |
| | | | | | | | |
Auto Parts & Equipment — 0.8% | | | | | | | | |
Aptiv PLC* | | | 9,950 | | | | 700,679 | |
| | | | | | | | |
Banks — 5.4% | | | | | | | | |
Columbia Banking System, Inc. | | | 29,276 | | | | 582,300 | |
Popular, Inc. | | | 13,202 | | | | 1,167,453 | |
The PNC Financial Services Group, Inc. | | | 10,846 | | | | 1,686,336 | |
Wintrust Financial Corp. | | | 13,993 | | | | 1,379,150 | |
| | | | | | | | |
| | | | | | | 4,815,239 | |
| | | | | | | | |
Biotechnology — 1.4% | | | | | | | | |
Corteva, Inc. | | | 23,782 | | | | 1,282,801 | |
| | | | | | | | |
Building Materials — 2.9% | | | | | | | | |
Fortune Brands Innovations, Inc. | | | 20,590 | | | | 1,337,114 | |
Martin Marietta Materials, Inc. | | | 2,341 | | | | 1,268,354 | |
| | | | | | | | |
| | | | | | | 2,605,468 | |
| | | | | | | | |
Chemicals — 1.7% | | | | | | | | |
Ashland, Inc. | | | 9,592 | | | | 906,348 | |
Westlake Corp. | | | 4,241 | | | | 614,182 | |
| | | | | | | | |
| | | | | | | 1,520,530 | |
| | | | | | | | |
Commercial Services — 1.2% | | | | | | | | |
TransUnion | | | 14,832 | | | | 1,099,941 | |
| | | | | | | | |
Computers — 0.8% | | | | | | | | |
Insight Enterprises, Inc.* | | | 3,400 | | | | 674,424 | |
| | | | | | | | |
Distribution & Wholesale — 1.4% | | | | | | | | |
LKQ Corp. | | | 30,098 | | | | 1,251,776 | |
| | | | | | | | |
Diversified Financial Services — 2.7% | | | | | |
Jefferies Financial Group, Inc. | | | 20,571 | | | | 1,023,613 | |
Lazard, Inc. | | | 37,394 | | | | 1,427,703 | |
| | | | | | | | |
| | | | | | | 2,451,316 | |
| | | | | | | | |
Electric — 4.9% | | | | | | | | |
Alliant Energy Corp. | | | 42,782 | | | | 2,177,604 | |
Entergy Corp. | | | 20,748 | | | | 2,220,036 | |
| | | | | | | | |
| | | | | | | 4,397,640 | |
| | | | | | | | |
Electrical Components & Equipment — 1.6% | | | | | |
AMETEK, Inc. | | | 8,370 | | | | 1,395,363 | |
| | | | | | | | |
Electronics — 3.6% | | | | | | | | |
Arrow Electronics, Inc.* | | | 6,394 | | | | 772,139 | |
Keysight Technologies, Inc.* | | | 8,074 | | | | 1,104,120 | |
Vontier Corp. | | | 36,345 | | | | 1,388,379 | |
| | | | | | | | |
| | | | | | | 3,264,638 | |
| | | | | | | | |
Environmental Control — 1.8% | | | | | | | | |
Waste Connections, Inc. | | | 8,945 | | | | 1,568,595 | |
| | | | | | | | |
Food — 2.4% | | | | | | | | |
Lamb Weston Holdings, Inc. | | | 11,560 | | | | 971,965 | |
The Hershey Co. | | | 6,329 | | | | 1,163,460 | |
| | | | | | | | |
| | | | | | | 2,135,425 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Hand & Machine Tools — 1.2% | | | | | | | | |
Lincoln Electric Holdings, Inc. | | | 5,569 | | | $ | 1,050,536 | |
| | | | | | | | |
Healthcare Products — 4.4% | | | | | | | | |
Avantor, Inc.* | | | 42,728 | | | | 905,833 | |
Globus Medical, Inc., Class A* | | | 29,306 | | | | 2,007,168 | |
Teleflex, Inc. | | | 4,917 | | | | 1,034,193 | |
| | | | | | | | |
| | | | | | | 3,947,194 | |
| | | | | | | | |
Healthcare Services — 2.7% | | | | | | | | |
Humana, Inc. | | | 2,813 | | | | 1,051,077 | |
Labcorp Holdings, Inc. | | | 6,664 | | | | 1,356,191 | |
| | | | | | | | |
| | | | | | | 2,407,268 | |
| | | | | | | | |
Home Builders — 1.2% | | | | | | | | |
Toll Brothers, Inc. | | | 8,997 | | | | 1,036,274 | |
| | | | | | | | |
Home Furnishings — 0.6% | | | | | | | | |
SharkNinja, Inc. | | | 7,707 | | | | 579,181 | |
| | | | | | | | |
Insurance — 4.3% | | | | | | | | |
Axis Capital Holdings Ltd. | | | 17,472 | | | | 1,234,397 | |
RenaissanceRe Holdings Ltd. | | | 3,791 | | | | 847,326 | |
The Hartford Financial Services Group, Inc. | | | 17,428 | | | | 1,752,211 | |
| | | | | | | | |
| | | | | | | 3,833,934 | |
| | | | | | | | |
Machinery — Construction & Mining — 1.2% | | | | | |
BWX Technologies, Inc. | | | 11,765 | | | | 1,117,675 | |
| | | | | | | | |
Media — 1.7% | | | | | | | | |
Fox Corp., Class B | | | 47,705 | | | | 1,527,514 | |
| | | | | | | | |
Mining — 2.4% | | | | | | | | |
Freeport-McMoRan, Inc. | | | 45,086 | | | | 2,191,180 | |
| | | | | | | | |
Miscellaneous Manufacturing — 4.9% | | | | | |
3M Co. | | | 12,204 | | | | 1,247,127 | |
Carlisle Cos., Inc. | | | 3,742 | | | | 1,516,296 | |
Fabrinet* | | | 2,253 | | | | 551,512 | |
Hillenbrand, Inc. | | | 26,263 | | | | 1,051,045 | |
| | | | | | | | |
| | | | | | | 4,365,980 | |
| | | | | | | | |
Oil & Gas — 6.0% | | | | | | | | |
Chesapeake Energy Corp. | | | 24,922 | | | | 2,048,339 | |
HF Sinclair Corp. | | | 23,089 | | | | 1,231,567 | |
Marathon Oil Corp. | | | 72,492 | | | | 2,078,346 | |
| | | | | | | | |
| | | | | | | 5,358,252 | |
| | | | | | | | |
Oil & Gas Services — 1.3% | | | | | | | | |
Baker Hughes Co. | | | 33,326 | | | | 1,172,075 | |
| | | | | | | | |
Packaging and Containers — 2.6% | | | | | | | | |
Ball Corp. | | | 19,805 | | | | 1,188,696 | |
Graphic Packaging Holding Co. | | | 43,017 | | | | 1,127,476 | |
| | | | | | | | |
| | | | | | | 2,316,172 | |
| | | | | | | | |
Pharmaceuticals — 1.4% | | | | | | | | |
Cardinal Health, Inc. | | | 12,471 | | | | 1,226,149 | |
| | | | | | | | |
50
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Real Estate — 1.4% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 14,547 | | | $ | 1,296,283 | |
| | | | | | | | |
Retail — 9.6% | | | | | | | | |
AutoZone, Inc.* | | | 380 | | | | 1,126,358 | |
Bath & Body Works, Inc. | | | 18,627 | | | | 727,385 | |
Burlington Stores, Inc.* | | | 4,890 | | | | 1,173,600 | |
Casey’s General Stores, Inc. | | | 6,811 | | | | 2,598,805 | |
MSC Industrial Direct Co., Inc., Class A | | | 12,872 | | | | 1,020,878 | |
O’Reilly Automotive, Inc.* | | | 889 | | | | 938,837 | |
Target Corp. | | | 6,694 | | | | 990,980 | |
| | | | | | | | |
| | | | | | | 8,576,843 | |
| | | | | | | | |
Semiconductors — 3.2% | | | | | | | | |
Microchip Technology, Inc. | | | 14,620 | | | | 1,337,730 | |
Teradyne, Inc. | | | 10,164 | | | | 1,507,220 | |
| | | | | | | | |
| | | | | | | 2,844,950 | |
| | | | | | | | |
Software — 2.3% | | | | | | | | |
Fidelity National Information Services, Inc. | | | 27,676 | | | | 2,085,663 | |
| | | | | | | | |
Transportation — 3.8% | | | | | | | | |
Canadian Pacific Kansas City Ltd. | | | 11,724 | | | | 923,031 | |
Kirby Corp.* | | | 9,459 | | | | 1,132,526 | |
Landstar System, Inc. | | | 7,157 | | | | 1,320,323 | |
| | | | | | | | |
| | | | | | | 3,375,880 | |
| | | | | | | | |
Trucking and Leasing — 1.3% | | | | | | | | |
GATX Corp. | | | 9,067 | | | | 1,200,108 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $65,345,711) | | | | 82,082,410 | |
| | | | | | | | |
| | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 7.4% | |
Diversified — 3.2% | | | | | | | | |
Lamar Advertising Co., Class A | | | 15,899 | | | | 1,900,408 | |
PotlatchDeltic Corp. | | | 23,131 | | | | 911,130 | |
| | | | | | | | |
| | | | | | | 2,811,538 | |
| | | | | | | | |
Industrial — 1.1% | | | | | | | | |
STAG lndustrial, Inc. | | | 28,268 | | | | 1,019,344 | |
| | | | | | | | |
Manufactured Homes — 1.3% | | | | | | | | |
Equity LifeStyle Properties, Inc. | | | 17,846 | | | | 1,162,310 | |
| | | | | | | | |
Single Tenant — 1.8% | | | | | | | | |
Agree Realty Corp. | | | 26,250 | | | | 1,625,925 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,939,414) | | | | 6,619,117 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 1.0% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $906,694) | | | 906,694 | | | $ | 906,694 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $72,191,819) | | | $ | 89,608,221 | |
Other Assets & Liabilities — (0.1)% | | | | (84,925 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 89,523,296 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC— Public Limited Company.
| | | | |
Country Weightings as of 6/30/2024†† | | | |
United States | | | 92 | % |
Canada | | | 3 | |
Bermuda | | | 2 | |
Puerto Rico | | | 1 | |
Ireland | | | 1 | |
Thailand | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 82,082,410 | | | $ | 82,082,410 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 6,619,117 | | | | 6,619,117 | | | | — | | | | — | |
Short-Term Investments | | | 906,694 | | | | 906,694 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 89,608,221 | | | $ | 89,608,221 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
51
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 88.2% | | | | | | | | |
Advertising — 1.4% | | | | | | | | |
Omnicom Group, Inc. | | | 2,202 | | | $ | 197,520 | |
The Interpublic Group of Cos., Inc. | | | 31,435 | | | | 914,444 | |
| | | | | | | | |
| | | | | | | 1,111,964 | |
| | | | | | | | |
Airlines — 1.2% | | | | | | | | |
Southwest Airlines Co. | | | 33,177 | | | | 949,194 | |
| | | | | | | | |
Auto Manufacturers — 0.6% | | | | | | | | |
Cummins, Inc. | | | 1,614 | | | | 446,965 | |
| | | | | | | | |
Auto Parts & Equipment — 1.0% | | | | | | | | |
Aptiv PLC* | | | 5,441 | | | | 383,155 | |
BorgWarner, Inc. | | | 13,098 | | | | 422,280 | |
| | | | | | | | |
| | | | | | | 805,435 | |
| | | | | | | | |
Banks — 9.0% | | | | | | | | |
Commerce Bancshares, Inc. | | | 13,539 | | | | 755,205 | |
First Hawaiian, Inc. | | | 20,183 | | | | 418,999 | |
Northern Trust Corp. | | | 17,487 | | | | 1,468,558 | |
The Bank of New York Mellon Corp. | | | 29,005 | | | | 1,737,110 | |
The PNC Financial Services Group, Inc. | | | 3,017 | | | | 469,083 | |
Truist Financial Corp. | | | 30,876 | | | | 1,199,533 | |
US Bancorp | | | 12,490 | | | | 495,853 | |
Westamerica BanCorp | | | 9,327 | | | | 452,639 | |
| | | | | | | | |
| | | | | | | 6,996,980 | |
| | | | | | | | |
Beverages — 1.4% | | | | | | | | |
Heineken N.V. | | | 6,379 | | | | 617,143 | |
Pernod Ricard S.A. | | | 3,363 | | | | 458,846 | |
| | | | | | | | |
| | | | | | | 1,075,989 | |
| | | | | | | | |
Building Materials — 2.2% | | | | | | | | |
Cie de Saint-Gobain S.A. | | | 4,187 | | | | 325,640 | |
CRH PLC | | | 5,365 | | | | 402,268 | |
Johnson Controls International PLC | | | 7,391 | | | | 491,280 | |
Mohawk Industries, Inc.* | | | 4,331 | | | | 491,958 | |
| | | | | | | | |
| | | | | | | 1,711,146 | |
| | | | | | | | |
Chemicals — 0.8% | | | | | | | | |
Akzo Nobel N.V. | | | 10,604 | | | | 646,306 | |
| | | | | | | | |
Computers — 3.1% | | | | | | | | |
Amdocs Ltd. | | | 11,419 | | | | 901,188 | |
Cognizant Technology Solutions Corp., Class A | | | 8,932 | | | | 607,376 | |
HP, Inc. | | | 26,356 | | | | 922,987 | |
| | | | | | | | |
| | | | | | | 2,431,551 | |
| | | | | | | | |
Cosmetics & Personal Care — 1.1% | | | | | |
Kenvue, Inc. | | | 46,395 | | | | 843,461 | |
| | | | | | | | |
Distribution & Wholesale — 1.2% | | | | | | | | |
Bunzl PLC | | | 23,658 | | | | 898,865 | |
| | | | | | | | |
Diversified Financial Services — 1.2% | | | | | |
T. Rowe Price Group, Inc. | | | 8,420 | | | | 970,910 | |
| | | | | | | | |
Electric — 10.3% | | | | | | | | |
CMS Energy Corp. | | | 10,224 | | | | 608,635 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Electric — (continued) | | | | | | | | |
Duke Energy Corp. | | | 11,538 | | | $ | 1,156,454 | |
Edison International | | | 19,960 | | | | 1,433,327 | |
Evergy, Inc. | | | 16,909 | | | | 895,670 | |
Eversource Energy | | | 14,997 | | | | 850,480 | |
Northwestern Energy Group, Inc. | | | 25,371 | | | | 1,270,580 | |
Pinnacle West Capital Corp. | | | 5,600 | | | | 427,728 | |
WEC Energy Group, Inc. | | | 11,948 | | | | 937,440 | |
Xcel Energy, Inc. | | | 7,242 | | | | 386,795 | |
| | | | | | | | |
| | | | | | | 7,967,109 | |
| | | | | | | | |
Electrical Components & Equipment — 1.5% | | | | | |
Emerson Electric Co. | | | 10,865 | | | | 1,196,888 | |
| | | | | | | | |
Electronics — 1.2% | | | | | | | | |
Atkore, Inc. | | | 1,771 | | | | 238,961 | |
TE Connectivity Ltd. | | | 4,602 | | | | 692,279 | |
| | | | | | | | |
| | | | | | | 931,240 | |
| | | | | | | | |
Engineering & Construction — 1.1% | | | | | |
Vinci S.A. | | | 7,992 | | | | 842,392 | |
| | | | | | | | |
Environmental Control — 0.5% | | | | | | | | |
Republic Services, Inc. | | | 1,945 | | | | 377,991 | |
| | | | | | | | |
Food — 5.2% | | | | | | | | |
Conagra Brands, Inc. | | | 57,378 | | | | 1,630,683 | |
General Mills, Inc. | | | 15,014 | | | | 949,786 | |
Koninklijke Ahold Delhaize N.V. | | | 49,248 | | | | 1,449,225 | |
| | | | | | | | |
| | | | | | | 4,029,694 | |
| | | | | | | | |
Food Service — 0.3% | | | | | | | | |
Sodexo S.A. | | | 2,992 | | | | 269,522 | |
| | | | | | | | |
Gas — 1.7% | | | | | | | | |
ONE Gas, Inc. | | | 9,697 | | | | 619,154 | |
Spire, Inc. | | | 12,128 | | | | 736,533 | |
| | | | | | | | |
| | | | | | | 1,355,687 | |
| | | | | | | | |
Healthcare Products — 5.5% | | | | | | | | |
DENTSPLY SIRONA, Inc. | | | 14,849 | | | | 369,889 | |
Envista Holdings Corp.* | | | 23,822 | | | | 396,160 | |
GE HealthCare Technologies, Inc. | | | 5,872 | | | | 457,546 | |
Hologic, Inc.* | | | 9,437 | | | | 700,697 | |
Zimmer Biomet Holdings, Inc. | | | 21,628 | | | | 2,347,287 | |
| | | | | | | | |
| | | | | | | 4,271,579 | |
| | | | | | | | |
Healthcare Services — 5.0% | | | | | | | | |
Centene Corp.* | | | 8,672 | | | | 574,953 | |
Labcorp Holdings, Inc. | | | 3,919 | | | | 797,556 | |
Quest Diagnostics, Inc. | | | 10,397 | | | | 1,423,141 | |
Universal Health Services, Inc., Class B | | | 5,791 | | | | 1,070,930 | |
| | | | | | | | |
| | | | | | | 3,866,580 | |
| | | | | | | | |
Household Products & Wares — 1.6% | | | | | |
Kimberly-Clark Corp. | | | 9,207 | | | | 1,272,407 | |
| | | | | | | | |
Insurance — 5.8% | | | | | | | | |
Aflac, Inc. | | | 4,154 | | | | 370,994 | |
Reinsurance Group of America, Inc. | | | 3,476 | | | | 713,518 | |
52
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Insurance — (continued) | | | | | | | | |
The Allstate Corp. | | | 8,273 | | | $ | 1,320,867 | |
The Hanover Insurance Group, Inc. | | | 5,172 | | | | 648,776 | |
Willis Towers Watson PLC | | | 5,521 | | | | 1,447,275 | |
| | | | | | | | |
| | | | | | | 4,501,430 | |
| | | | | | | | |
Internet — 1.3% | | | | | | | | |
F5, Inc.* | | | 5,732 | | | | 987,222 | |
| | | | | | | | |
Machinery — Construction & Mining — 1.1% | | | | | |
Oshkosh Corp. | | | 7,801 | | | | 844,068 | |
| | | | | | | | |
Machinery — Diversified — 0.3% | | | | | | | | |
Dover Corp. | | | 1,164 | | | | 210,044 | |
| | | | | | | | |
Media — 0.5% | | | | | | | | |
Fox Corp., Class B | | | 11,695 | | | | 374,474 | |
| | | | | | | | |
Metal Fabricate/Hardware — 0.5% | | | | | | | | |
The Timken Co. | | | 4,858 | | | | 389,272 | |
| | | | | | | | |
Oil & Gas — 2.7% | | | | | | | | |
Coterra Energy, Inc. | | | 20,945 | | | | 558,603 | |
EQT Corp. | | | 16,638 | | | | 615,273 | |
Occidental Petroleum Corp. | | | 14,025 | | | | 883,996 | |
| | | | | | | | |
| | | | | | | 2,057,872 | |
| | | | | | | | |
Oil & Gas Services — 1.3% | | | | | | | | |
Baker Hughes Co. | | | 29,045 | | | | 1,021,513 | |
| | | | | | | | |
Packaging and Containers — 2.9% | | | | | | | | |
Amcor PLC | | | 23,908 | | | | 233,820 | |
Graphic Packaging Holding Co. | | | 21,434 | | | | 561,785 | |
Packaging Corp. of America | | | 4,408 | | | | 804,724 | |
Sonoco Products Co. | | | 12,419 | | | | 629,892 | |
| | | | | | | | |
| | | | | | | 2,230,221 | |
| | | | | | | | |
Pharmaceuticals — 4.4% | | | | | | | | |
Becton Dickinson & Co. | | | 3,080 | | | | 719,827 | |
Cardinal Health, Inc. | | | 10,031 | | | | 986,248 | |
Cencora, Inc. | | | 943 | | | | 212,458 | |
Henry Schein, Inc.* | | | 22,915 | | | | 1,468,851 | |
| | | | | | | | |
| | | | | | | 3,387,384 | |
| | | | | | | | |
Retail — 4.0% | | | | | | | | |
Beacon Roofing Supply, Inc.* | | | 9,047 | | | | 818,753 | |
Darden Restaurants, Inc. | | | 2,868 | | | | 433,986 | |
Dollar Tree, Inc.* | | | 8,993 | | | | 960,183 | |
MSC Industrial Direct Co., Inc., Class A | | | 10,880 | | | | 862,893 | |
| | | | | | | | |
| | | | | | | 3,075,815 | |
| | | | | | | | |
Semiconductors — 0.7% | | | | | | | | |
ON Semiconductor Corp.* | | | 5,348 | | | | 366,605 | |
Teradyne, Inc. | | | 1,405 | | | | 208,348 | |
| | | | | | | | |
| | | | | | | 574,953 | |
| | | | | | | | |
Shipbuilding — 0.9% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 2,761 | | | | 680,117 | |
| | | | | | | | |
Software — 0.4% | | | | | | | | |
Electronic Arts, Inc. | | | 2,136 | | | | 297,609 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Telecommunications — 1.5% | | | | | | | | |
BCE, Inc. | | | 17,786 | | | $ | 576,074 | |
Juniper Networks, Inc. | | | 16,141 | | | | 588,501 | |
| | | | | | | | |
| | | | | | | 1,164,575 | |
| | | | | | | | |
Transportation — 1.8% | | | | | | | | |
Heartland Express, Inc. | | | 3,247 | | | | 40,036 | |
Norfolk Southern Corp. | | | 6,421 | | | | 1,378,524 | |
| | | | | | | | |
| | | | | | | 1,418,560 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $69,494,994) | | | | | | | 68,484,984 | |
| | | | | | | | |
| | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 6.9% | |
Apartments — 1.4% | | | | | | | | |
Equity Residential | | | 11,911 | | | | 825,909 | |
Essex Property Trust, Inc. | | | 1,068 | | | | 290,709 | |
| | | | | | | | |
| | | | | | | 1,116,618 | |
| | | | | | | | |
Diversified — 0.6% | | | | | | | | |
VICI Properties, Inc. | | | 16,680 | | | | 477,715 | |
| | | | | | | | |
Healthcare — 1.3% | | | | | | | | |
Healthpeak Properties, Inc. | | | 50,327 | | | | 986,409 | |
| | | | | | | | |
Single Tenant — 1.5% | | | | | | | | |
Realty Income Corp. | | | 22,331 | | | | 1,179,524 | |
| | | | | | | | |
Storage & Warehousing — 1.1% | | | | | | | | |
Public Storage | | | 2,814 | | | | 809,447 | |
| | | | | | | | |
Strip Centers — 1.0% | | | | | | | | |
Regency Centers Corp. | | | 12,235 | | | | 761,017 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,208,140) | | | | 5,330,730 | |
| | | | | | | | |
| | |
| | | | | | | |
PREFERRED STOCKS — 0.8% | | | | | | | | |
Household Products & Wares — 0.8% | |
Henkel AG & Co., KGaA
(Cost $458,249) | | | 6,690 | | | | 595,656 | |
| | | | | | | | |
| | |
| | | | | | | |
MASTER LIMITED PARTNERSHIP — 2.4% | |
Diversified Financial Services — 0.4% | | | | | |
AllianceBernstein Holding LP | | | 8,858 | | | | 299,312 | |
| | | | | | | | |
Pipelines — 2.0% | | | | | | | | |
Enterprise Products Partners LP | | | 53,614 | | | | 1,553,734 | |
| | | | | | | | |
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $1,487,884) | | | | 1,853,046 | |
| | | | | | | | |
53
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 1.6% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $1,251,683) | | | 1,251,683 | | | $ | 1,251,683 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9%
(Cost $78,900,950) | | | $ | 77,516,099 | |
Other Assets & Liabilities — 0.1% | | | | 106,464 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 77,622,563 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
AG— Aktiengesellschaft.
KGaA— Kommanditgesellschaft auf Aktien.
LP— Limited Partnership.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
| | | | |
Country Weightings as of 6/30/2024†† | |
| | | | |
United States | | | 88 | % |
Netherlands | | | 4 | |
United Kingdom | | | 3 | |
France | | | 2 | |
Ireland | | | 1 | |
Germany | | | 1 | |
Canada | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | | | | | | | | | | | | | | | |
Advertising | | $ | 1,111,964 | | | $ | 1,111,964 | | | $ | — | | | $ | — | |
Airlines | | | 949,194 | | | | 949,194 | | | | — | | | | — | |
Auto Manufacturers | | | 446,965 | | | | 446,965 | | | | — | | | | — | |
Auto Parts & Equipment | | | 805,435 | | | | 805,435 | | | | — | | | | — | |
Banks | | | 6,996,980 | | | | 6,996,980 | | | | — | | | | — | |
Beverages | | | 1,075,989 | | | | — | | | | 1,075,989 | | | | — | |
Building Materials | | | 1,711,146 | | | | 1,385,506 | | | | 325,640 | | | | — | |
Chemicals | | | 646,306 | | | | — | | | | 646,306 | | | | — | |
Computers | | | 2,431,551 | | | | 2,431,551 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 843,461 | | | | 843,461 | | | | — | | | | — | |
Distribution & Wholesale | | | 898,865 | | | | — | | | | 898,865 | | | | — | |
Diversified Financial Services | | | 970,910 | | | | 970,910 | | | | — | | | | — | |
Electric | | | 7,967,109 | | | | 7,967,109 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
| | | | | | | | | | | | | |
Electrical Components & Equipment | | $ | 1,196,888 | | | $ | 1,196,888 | | | $ | — | | | $ | — | |
Electronics | | | 931,240 | | | | 931,240 | | | | — | | | | — | |
Engineering & Construction | | | 842,392 | | | | — | | | | 842,392 | | | | — | |
Environmental Control | | | 377,991 | | | | 377,991 | | | | — | | | | — | |
Food | | | 4,029,694 | | | | 2,580,469 | | | | 1,449,225 | | | | — | |
Food Service | | | 269,522 | | | | — | | | | 269,522 | | | | — | |
Gas | | | 1,355,687 | | | | 1,355,687 | | | | — | | | | — | |
Healthcare Products | | | 4,271,579 | | | | 4,271,579 | | | | — | | | | — | |
Healthcare Services | | | 3,866,580 | | | | 3,866,580 | | | | — | | | | — | |
Household Products & Wares | | | 1,272,407 | | | | 1,272,407 | | | | — | | | | — | |
Insurance | | | 4,501,430 | | | | 4,501,430 | | | | — | | | | — | |
Internet | | | 987,222 | | | | 987,222 | | | | — | | | | — | |
Machinery — Construction & Mining | | | 844,068 | | | | 844,068 | | | | — | | | | — | |
Machinery — Diversified | | | 210,044 | | | | 210,044 | | | | — | | | | — | |
Media | | | 374,474 | | | | 374,474 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 389,272 | | | | 389,272 | | | | — | | | | — | |
Oil & Gas | | | 2,057,872 | | | | 2,057,872 | | | | — | | | | — | |
Oil & Gas Services | | | 1,021,513 | | | | 1,021,513 | | | | — | | | | — | |
Packaging and Containers | | | 2,230,221 | | | | 2,230,221 | | | | — | | | | — | |
Pharmaceuticals | | | 3,387,384 | | | | 3,387,384 | | | | — | | | | — | |
Retail | | | 3,075,815 | | | | 3,075,815 | | | | — | | | | — | |
Semiconductors | | | 574,953 | | | | 574,953 | | | | — | | | | — | |
Shipbuilding | | | 680,117 | | | | 680,117 | | | | — | | | | — | |
Software | | | 297,609 | | | | 297,609 | | | | — | | | | — | |
Telecommunications | | | 1,164,575 | | | | 1,164,575 | | | | — | | | | — | |
Transportation | | | 1,418,560 | | | | 1,418,560 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 68,484,984 | | | | 62,977,045 | | | | 5,507,939 | | | | — | |
| | | | | | | | | | | | | | | | |
Real Estate Investment Trusts | | | 5,330,730 | | | | 5,330,730 | | | | — | | | | — | |
Preferred Stocks | | | 595,656 | | | | — | | | | 595,656 | | | | — | |
Master Limited Partnership | | | 1,853,046 | | | | 1,853,046 | | | | — | | | | — | |
Short-Term Investments | | | 1,251,683 | | | | 1,251,683 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 77,516,099 | | | $ | 71,412,504 | | | $ | 6,103,595 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 18,491 | | | $ | — | | | $ | 18,491 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets—Other Financial Instruments | | $ | 18,491 | | | $ | — | | | $ | 18,491 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
| | | | | | | | | | | | | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | (130 | ) | | $ | — | | | $ | (130 | ) | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Liabilities—Other Financial Instruments | | $ | (130 | ) | | $ | — | | | $ | (130 | ) | | $ | — | |
| | | | | | | | | | | | | | | | |
54
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Mid Core Value 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.
Open forward foreign currency contracts held at June 30, 2024 are 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 | |
Sell | | Canadian Dollar | | Bank of America | | | 09/27/24 | | | | (678,198 | ) | | | 1.36510 | | | $ | (497,809 | ) | | $ | (496,812 | ) | | $ | 997 | | | $ | — | |
Buy | | Euro | | Bank of America | | | 09/27/24 | | | | 113,237 | | | | 0.92970 | | | | 121,929 | | | | 121,799 | | | | — | | | | (130 | ) |
Sell | | Euro | | Bank of America | | | 09/27/24 | | | | (1,069,751 | ) | | | 0.92970 | | | | (1,154,235 | ) | | | (1,150,645 | ) | | | 3,590 | | | | — | |
Sell | | Euro | | Citibank N.A. | | | 09/27/24 | | | | (1,069,751 | ) | | | 0.92970 | | | | (1,153,709 | ) | | | (1,150,645 | ) | | | 3,064 | | | | — | |
Sell | | Pound Sterling | | Goldman Sachs | | | 09/27/24 | | | | (608,105 | ) | | | 0.79055 | | | | (772,196 | ) | | | (769,218 | ) | | | 2,978 | | | | — | |
Sell | | Euro | | Morgan Stanley | | | 09/27/24 | | | | (1,069,751 | ) | | | 0.92970 | | | | (1,154,923 | ) | | | (1,150,645 | ) | | | 4,278 | | | | — | |
Sell | | Euro | | UBS Securities | | | 09/27/24 | | | | (1,069,751 | ) | | | 0.92970 | | | | (1,154,229 | ) | | | (1,150,645 | ) | | | 3,584 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 18,491 | | | $ | (130 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
55
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 98.6% | | | | | | | | |
Aerospace & Defense — 1.1% | | | | | | | | |
HEICO Corp. | | | 273 | | | $ | 61,046 | |
Loar Holdings, Inc.* | | | 12,828 | | | | 685,143 | |
| | | | | | | | |
| | | | | | | 746,189 | |
| | | | | | | | |
Apparel — 4.0% | | | | | | | | |
Birkenstock Holding PLC* | | | 13,125 | | | | 714,131 | |
Crocs, Inc.* | | | 5,842 | | | | 852,581 | |
Deckers Outdoor Corp.* | | | 708 | | | | 685,309 | |
On Holding AG, Class A* | | | 15,261 | | | | 592,127 | |
| | | | | | | | |
| | | | | | | 2,844,148 | |
| | | | | | | | |
Beverages — 0.9% | | | | | | | | |
Celsius Holdings, Inc.* | | | 10,911 | | | | 622,909 | |
| | | | | | | | |
Biotechnology — 5.9% | | | | | | | | |
Blueprint Medicines Corp.* | | | 4,991 | | | | 537,930 | |
Bridgebio Pharma, Inc.* | | | 7,345 | | | | 186,049 | |
Crinetics Pharmaceuticals, Inc.* | | | 4,256 | | | | 190,626 | |
Exelixis, Inc.* | | | 13,811 | | | | 310,333 | |
Insmed, Inc.* | | | 9,679 | | | | 648,493 | |
Intra-Cellular Therapies, Inc.* | | | 6,676 | | | | 457,239 | |
Krystal Biotech, Inc.* | | | 1,981 | | | | 363,791 | |
Roivant Sciences Ltd.* | | | 44,828 | | | | 473,832 | |
Sarepta Therapeutics, Inc.* | | | 3,625 | | | | 572,750 | |
Ultragenyx Pharmaceutical, Inc.* | | | 9,903 | | | | 407,014 | |
| | | | | | | | |
| | | | | | | 4,148,057 | |
| | | | | | | | |
Building Materials — 2.7% | | | | | | | | |
AAON, Inc. | | | 15,792 | | | | 1,377,694 | |
SPX Technologies, Inc.* | | | 3,659 | | | | 520,090 | |
| | | | | | | | |
| | | | | | | 1,897,784 | |
| | | | | | | | |
Chemicals — 3.1% | | | | | | | | |
Ashland, Inc. | | | 12,785 | | | | 1,208,055 | |
RPM International, Inc. | | | 8,834 | | | | 951,245 | |
| | | | | | | | |
| | | | | | | 2,159,300 | |
| | | | | | | | |
Computers — 4.3% | | | | | | | | |
CyberArk Software Ltd.* | | | 3,381 | | | | 924,433 | |
Parsons Corp.* | | | 13,008 | | | | 1,064,184 | |
Pure Storage, Inc., Class A* | | | 16,442 | | | | 1,055,741 | |
| | | | | | | | |
| | | | | | | 3,044,358 | |
| | | | | | | | |
Cosmetics & Personal Care — 1.5% | |
elf Beauty, Inc.* | | | 5,005 | | | | 1,054,654 | |
| | | | | | | | |
Distribution & Wholesale — 4.0% | |
Core & Main, Inc., Class A* | | | 15,591 | | | | 763,023 | |
Pool Corp. | | | 2,100 | | | | 645,393 | |
SiteOne Landscape Supply, Inc.* | | | 3,714 | | | | 450,917 | |
Watsco, Inc. | | | 2,140 | | | | 991,334 | |
| | | | | | | | |
| | | | | | | 2,850,667 | |
| | | | | | | | |
Diversified Financial Services — 2.8% | | | | | |
Hamilton Lane, Inc., Class A | | | 7,278 | | | | 899,415 | |
Houlihan Lokey, Inc. | | | 4,132 | | | | 557,242 | |
LPL Financial Holdings, Inc. | | | 1,915 | | | | 534,859 | |
| | | | | | | | |
| | | | | | | 1,991,516 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Electrical Components & Equipment — 1.6% | | | | | |
Novanta, Inc.* | | | 7,027 | | | $ | 1,146,174 | |
| | | | | | | | |
Electronics — 5.9% | | | | | | | | |
Allegion PLC | | | 8,429 | | | | 995,886 | |
Badger Meter, Inc. | | | 3,827 | | | | 713,162 | |
Hubbell, Inc. | | | 2,709 | | | | 990,085 | |
Mettler-Toledo International, Inc.* | | | 400 | | | | 559,036 | |
nVent Electric PLC | | | 11,617 | | | | 889,979 | |
| | | | | | | | |
| | | | | | | 4,148,148 | |
| | | | | | | | |
Engineering & Construction — 2.0% | |
EMCOR Group, Inc. | | | 2,514 | | | | 917,811 | |
TopBuild Corp.* | | | 1,327 | | | | 511,253 | |
| | | | | | | | |
| | | | | | | 1,429,064 | |
| | | | | | | | |
Environmental Control — 1.7% | | | | | | | | |
Tetra Tech, Inc. | | | 5,770 | | | | 1,179,850 | |
| | | | | | | | |
Hand & Machine Tools — 1.0% | | | | | | | | |
Lincoln Electric Holdings, Inc. | | | 3,787 | | | | 714,380 | |
| | | | | | | | |
Healthcare Products — 8.4% | | | | | | | | |
Bio-Techne Corp. | | | 6,749 | | | | 483,566 | |
Bruker Corp. | | | 15,014 | | | | 958,043 | |
Exact Sciences Corp.* | | | 10,482 | | | | 442,865 | |
Inspire Medical Systems, Inc.* | | | 3,580 | | | | 479,111 | |
Natera, Inc.* | | | 12,916 | | | | 1,398,674 | |
Penumbra, Inc.* | | | 3,366 | | | | 605,779 | |
Repligen Corp.* | | | 4,680 | | | | 589,961 | |
The Cooper Cos., Inc. | | | 10,970 | | | | 957,681 | |
| | | | | | | | |
| | | | | | | 5,915,680 | |
| | | | | | | | |
Healthcare Services — 1.6% | | | | | | | | |
Medpace Holdings, Inc.* | | | 1,701 | | | | 700,557 | |
Surgery Partners, Inc.* | | | 19,011 | | | | 452,272 | |
| | | | | | | | |
| | | | | | | 1,152,829 | |
| | | | | | | | |
Home Furnishings — 1.2% | | | | | | | | |
SharkNinja, Inc. | | | 10,815 | | | | 812,747 | |
| | | | | | | | |
Household Products & Wares — 1.0% | | | | | |
Avery Dennison Corp. | | | 3,343 | | | | 730,947 | |
| | | | | | | | |
Insurance — 2.0% | | | | | | | | |
Kinsale Capital Group, Inc. | | | 2,595 | | | | 999,801 | |
Ryan Specialty Holdings, Inc. | | | 7,614 | | | | 440,927 | |
| | | | | | | | |
| | | | | | | 1,440,728 | |
| | | | | | | | |
Leisure Time — 0.5% | | | | | | | | |
Viking Holdings Ltd.* | | | 10,860 | | | | 368,588 | |
| | | | | | | | |
Machinery — Diversified — 3.8% | | | | | | | | |
Esab Corp. | | | 6,210 | | | | 586,410 | |
IDEX Corp. | | | 3,868 | | | | 778,242 | |
Nordson Corp. | | | 3,454 | | | | 801,121 | |
Watts Water Technologies, Inc., Class A | | | 2,715 | | | | 497,849 | |
| | | | | | | | |
| | | | | | | 2,663,622 | |
| | | | | | | | |
56
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Media — 1.1% | | | | | | | | |
Liberty Media Corp.-Liberty Formula One, Class C* | | | 11,130 | | | $ | 799,579 | |
| | | | | | | | |
Metal Fabricate/Hardware — 1.1% | |
RBC Bearings, Inc.* | | | 2,950 | | | | 795,851 | |
| | | | | | | | |
Miscellaneous Manufacturing — 0.8% | |
Federal Signal Corp. | | | 6,638 | | | | 555,401 | |
| | | | | | | | |
Office & Business Equipment — 0.8% | |
Zebra Technologies Corp., Class A* | | | 1,729 | | | | 534,140 | |
| | | | | | | | |
Oil & Gas — 1.9% | | | | | | | | |
Antero Resources Corp.* | | | 5,608 | | | | 182,989 | |
Chesapeake Energy Corp. | | | 1,979 | | | | 162,654 | |
Noble Corp. PLC | | | 10,951 | | | | 488,962 | |
Permian Resources Corp. | | | 18,652 | | | | 301,230 | |
Weatherford International PLC* | | | 1,670 | | | | 204,492 | |
| | | | | | | | |
| | | | | | | 1,340,327 | |
| | | | | | | | |
Packaging and Containers — 1.0% | |
Ball Corp. | | | 11,850 | | | | 711,237 | |
| | | | | | | | |
Pharmaceuticals — 3.0% | | | | | | | | |
BellRing Brands, Inc.* | | | 7,329 | | | | 418,779 | |
Madrigal Pharmaceuticals, Inc.* | | | 1,012 | | | | 283,522 | |
Neurocrine Biosciences, Inc.* | | | 6,613 | | | | 910,412 | |
Vaxcyte, Inc.* | | | 6,869 | | | | 518,678 | |
| | | | | | | | |
| | | | | | | 2,131,391 | |
| | | | | | | | |
Retail — 10.2% | | | | | | | | |
BJ’s Wholesale Club Holdings, Inc.* | | | 16,183 | | | | 1,421,515 | |
Casey’s General Stores, Inc. | | | 2,589 | | | | 987,859 | |
Domino’s Pizza, Inc. | | | 2,432 | | | | 1,255,715 | |
Floor & Decor Holdings, Inc., Class A* | | | 8,566 | | | | 851,546 | |
Texas Roadhouse, Inc. | | | 7,903 | | | | 1,357,024 | |
Wingstop, Inc. | | | 3,155 | | | | 1,333,492 | |
| | | | | | | | |
| | | | | | | 7,207,151 | |
| | | | | | | | |
Semiconductors — 6.4% | | | | | | | | |
Allegro MicroSystems, Inc.* | | | 21,239 | | | | 599,789 | |
Astera Labs, Inc.* | | | 6,238 | | | | 377,461 | |
Lattice Semiconductor Corp.* | | | 12,523 | | | | 726,209 | |
MACOM Technology Solutions Holdings, Inc.* | | | 11,725 | | | | 1,306,986 | |
MKS Instruments, Inc. | | | 5,879 | | | | 767,680 | |
Onto Innovation, Inc.* | | | 3,265 | | | | 716,863 | |
| | | | | | | | |
| | | | | | | 4,494,988 | |
| | | | | | | | |
Software — 11.3% | | | | | | | | |
Dynatrace, Inc.* | | | 19,876 | | | | 889,252 | |
Elastic N.V.* | | | 6,446 | | | | 734,264 | |
Guidewire Software, Inc.* | | | 5,502 | | | | 758,671 | |
Informatica, Inc., Class A* | | | 14,266 | | | | 440,534 | |
Klaviyo, Inc., Class A* | | | 16,121 | | | | 401,252 | |
Manhattan Associates, Inc.* | | | 5,638 | | | | 1,390,782 | |
Monday.com Ltd.* | | | 2,236 | | | | 538,339 | |
Nutanix, Inc., Class A* | | | 10,589 | | | | 601,984 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Software — (continued) | | | | | | | | |
Procore Technologies, Inc.* | | | 10,987 | | | $ | 728,548 | |
Samsara, Inc., Class A* | | | 23,811 | | | | 802,431 | |
SPS Commerce, Inc.* | | | 3,751 | | | | 705,788 | |
| | | | | | | | |
| | | | | | | 7,991,845 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $58,381,237) | | | | | | | 69,624,249 | |
| | | | | | | | |
| | |
| | | | | | | |
SHORT-TERM INVESTMENTS — 1.4% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $970,049) | | | 970,049 | | | | 970,049 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $59,351,286) | | | $ | 70,594,298 | |
Other Assets & Liabilities — 0.0% | | | | 135 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 70,594,433 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
AG— Aktiengesellschaft.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
| | | | |
Country Weightings as of 6/30/2024†† | |
United States | | | 93 | % |
United Kingdom | | | 2 | |
Israel | | | 2 | |
Ireland | | | 1 | |
Switzerland | | | 1 | |
Bermuda | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
57
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
SMID Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 69,624,249 | | | $ | 69,624,249 | | | $ | — | | | $ | — | |
Short-Term Investments | | | 970,049 | | | | 970,049 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 70,594,298 | | | $ | 70,594,298 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
58
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 93.7% | | | | | | | | |
Airlines — 1.0% | | | | | | | | |
Alaska Air Group, Inc.* | | | 11,671 | | | $ | 471,508 | |
| | | | | | | | |
Apparel — 4.1% | | | | | | | | |
Crocs, Inc.* | | | 2,430 | | | | 354,634 | |
PVH Corp. | | | 4,949 | | | | 523,950 | |
Ralph Lauren Corp. | | | 3,182 | | | | 557,041 | |
Tapestry, Inc. | | | 13,135 | | | | 562,047 | |
| | | | | | | | |
| | | | | | | 1,997,672 | |
| | | | | | | | |
Auto Parts & Equipment — 2.6% | | | | | |
Adient PLC* | | | 23,359 | | | | 577,201 | |
BorgWarner, Inc. | | | 21,248 | | | | 685,035 | |
| | | | | | | | |
| | | | | | | 1,262,236 | |
| | | | | | | | |
Banks — 11.5% | | | | | | | | |
BankUnited, Inc. | | | 14,757 | | | | 431,937 | |
Comerica, Inc. | | | 11,464 | | | | 585,123 | |
First Bancorp | | | 32,229 | | | | 589,469 | |
First Citizens BancShares, Inc., Class A | | | 456 | | | | 767,726 | |
First Hawaiian, Inc. | | | 27,665 | | | | 574,325 | |
Texas Capital Bancshares, Inc.* | | | 8,125 | | | | 496,763 | |
Walker & Dunlop, Inc. | | | 5,601 | | | | 550,018 | |
Webster Financial Corp. | | | 10,976 | | | | 478,444 | |
Wintrust Financial Corp. | | | 6,054 | | | | 596,682 | |
Zions Bancorp NA | | | 12,325 | | | | 534,535 | |
| | | | | | | | |
| | | | | | | 5,605,022 | |
| | | | | | | | |
Building Materials — 1.1% | | | | | | | | |
Builders FirstSource, Inc.* | | | 3,720 | | | | 514,885 | |
| | | | | | | | |
Chemicals — 2.6% | | | | | | | | |
Avient Corp. | | | 13,820 | | | | 603,243 | |
Element Solutions, Inc. | | | 23,801 | | | | 645,483 | |
| | | | | | | | |
| | | | | | | 1,248,726 | |
| | | | | | | | |
Commercial Services — 6.7% | | | | | | | | |
ABM Industries, Inc. | | | 10,888 | | | | 550,606 | |
ADT, Inc. | | | 91,176 | | | | 692,938 | |
AMN Healthcare Services, Inc.* | | | 6,857 | | | | 351,284 | |
Herc Holdings, Inc. | | | 3,666 | | | | 488,641 | |
Robert Half, Inc. | | | 9,489 | | | | 607,106 | |
WillScot Mobile Mini Holdings Corp.* | | | 15,203 | | | | 572,241 | |
| | | | | | | | |
| | | | | | | 3,262,816 | |
| | | | | | | | |
Computers — 2.7% | | | | | | | | |
Lumentum Holdings, Inc.* | | | 10,061 | | | | 512,306 | |
NCR Atleos Corp.* | | | 13,461 | | | | 363,716 | |
WNS Holdings Ltd.* | | | 8,118 | | | | 426,195 | |
| | | | | | | | |
| | | | | | | 1,302,217 | |
| | | | | | | | |
Diversified Financial Services — 4.3% | |
Cboe Global Markets, Inc. | | | 3,669 | | | | 623,950 | |
Invesco Ltd. | | | 33,758 | | | | 505,020 | |
Moelis & Co., Class A | | | 6,515 | | | | 370,443 | |
Stifel Financial Corp. | | | 7,139 | | | | 600,747 | |
| | | | | | | | |
| | | | | | | 2,100,160 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | |
Electric — 2.7% | | | | | | | | |
CenterPoint Energy, Inc. | | | 12,760 | | | $ | 395,305 | |
IDACORP, Inc. | | | 4,635 | | | | 431,750 | |
Portland General Electric Co. | | | 11,720 | | | | 506,773 | |
| | | | | | | | |
| | | | | | | 1,333,828 | |
| | | | | | | | |
Electrical Components & Equipment — 1.1% | | | | | |
Belden, Inc. | | | 5,722 | | | | 536,724 | |
| | | | | | | | |
Electronics — 3.0% | | | | | | | | |
Avnet, Inc. | | | 9,046 | | | | 465,779 | |
Sensata Technologies Holding PLC | | | 10,172 | | | | 380,331 | |
TD SYNNEX Corp. | | | 5,320 | | | | 613,928 | |
| | | | | | | | |
| | | | | | | 1,460,038 | |
| | | | | | | | |
Engineering & Construction — 4.0% | | | | | |
Dycom Industries, Inc.* | | | 3,169 | | | | 534,800 | |
Fluor Corp.* | | | 14,901 | | | | 648,939 | |
MasTec, Inc.* | | | 7,174 | | | | 767,546 | |
| | | | | | | | |
| | | | | | | 1,951,285 | |
| | | | | | | | |
Environmental Control — 1.2% | | | | | | | | |
Pentair PLC | | | 7,480 | | | | 573,492 | |
| | | | | | | | |
Food — 2.3% | | | | | | | | |
Lamb Weston Holdings, Inc. | | | 6,670 | | | | 560,814 | |
Nomad Foods Ltd. | | | 32,788 | | | | 540,346 | |
| | | | | | | | |
| | | | | | | 1,101,160 | |
| | | | | | | | |
Hand & Machine Tools — 0.9% | | | | | | | | |
Regal Rexnord Corp. | | | 3,396 | | | | 459,207 | |
| | | | | | | | |
Healthcare Products — 2.9% | | | | | | | | |
Avantor, Inc.* | | | 21,214 | | | | 449,737 | |
Integra LifeSciences Holdings Corp.* | | | 14,140 | | | | 412,040 | |
Teleflex, Inc. | | | 2,570 | | | | 540,548 | |
| | | | | | | | |
| | | | | | | 1,402,325 | |
| | | | | | | | |
Healthcare Services — 1.9% | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 4,484 | | | | 302,850 | |
Fortrea Holdings, Inc.* | | | 15,485 | | | | 361,420 | |
Pediatrix Medical Group, Inc.* | | | 31,617 | | | | 238,708 | |
| | | | | | | | |
| | | | | | | 902,978 | |
| | | | | | | | |
Home Builders — 2.1% | | | | | | | | |
PulteGroup, Inc. | | | 4,700 | | | | 517,470 | |
Taylor Morrison Home Corp.* | | | 8,875 | | | | 492,030 | |
| | | | | | | | |
| | | | | | | 1,009,500 | |
| | | | | | | | |
Home Furnishings — 1.2% | | | | | | | | |
MillerKnoll, Inc. | | | 21,769 | | | | 576,661 | |
| | | | | | | | |
Insurance — 3.2% | | | | | | | | |
American Financial Group, Inc. | | | 3,888 | | | | 478,301 | |
Everest Group Ltd. | | | 995 | | | | 379,115 | |
Kemper Corp. | | | 5,430 | | | | 322,162 | |
The Hanover Insurance Group, Inc. | | | 2,954 | | | | 370,550 | |
| | | | | | | | |
| | | | | | | 1,550,128 | |
| | | | | | | | |
59
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Internet — 2.4% | | | | | | | | |
Criteo S.A., ADR* | | | 15,263 | | | $ | 575,720 | |
Gen Digital, Inc. | | | 24,720 | | | | 617,506 | |
| | | | | | | | |
| | | | | | | 1,193,226 | |
| | | | | | | | |
Leisure Time — 2.0% | | | | | | | | |
Brunswick Corp. | | | 6,900 | | | | 502,113 | |
Viking Holdings Ltd.* | | | 13,251 | | | | 449,739 | |
| | | | | | | | |
| | | | | | | 951,852 | |
| | | | | | | | |
Machinery — Construction & Mining — 0.7% | | | | | |
Oshkosh Corp. | | | 3,075 | | | | 332,715 | |
| | | | | | | | |
Machinery — Diversified — 2.4% | | | | | |
Gates Industrial Corp. PLC* | | | 35,790 | | | | 565,840 | |
The Middleby Corp.* | | | 4,988 | | | | 611,579 | |
| | | | | | | | |
| | | | | | | 1,177,419 | |
| | | | | | | | |
Media — 1.4% | | | | | | | | |
Nexstar Media Group, Inc. | | | 4,144 | | | | 687,945 | |
| | | | | | | | |
Mining — 1.4% | | | | | | | | |
Cameco Corp. | | | 13,991 | | | | 688,357 | |
| | | | | | | | |
Miscellaneous Manufacturing — 1.0% | | | | | |
John Bean Technologies Corp. | | | 5,120 | | | | 486,246 | |
| | | | | | | | |
Oil & Gas — 2.9% | | | | | | | | |
HF Sinclair Corp. | | | 6,466 | | | | 344,897 | |
Magnolia Oil & Gas Corp., Class A | | | 25,551 | | | | 647,462 | |
Northern Oil & Gas, Inc. | | | 10,840 | | | | 402,923 | |
| | | | | | | | |
| | | | | | | 1,395,282 | |
| | | | | | | | |
Oil & Gas Services — 0.8% | | | | | | | | |
ChampionX Corp. | | | 12,005 | | | | 398,686 | |
| | | | | | | | |
Packaging and Containers — 0.8% | | | | | |
Berry Global Group, Inc. | | | 6,707 | | | | 394,707 | |
| | | | | | | | |
Real Estate — 1.6% | | | | | | | | |
Jones Lang LaSalle, Inc.* | | | 3,710 | | | | 761,589 | |
| | | | | | | | |
Retail — 4.4% | | | | | | | | |
AutoNation, Inc.* | | | 4,260 | | | | 678,959 | |
Bath & Body Works, Inc. | | | 14,927 | | | | 582,899 | |
Dick’s Sporting Goods, Inc. | | | 2,924 | | | | 628,222 | |
Dine Brands Global, Inc. | | | 7,507 | | | | 271,753 | |
| | | | | | | | |
| | | | | | | 2,161,833 | |
| | | | | | | | |
Semiconductors — 3.5% | | | | | | | | |
Amkor Technology, Inc. | | | 14,831 | | | | 593,536 | |
FormFactor, Inc.* | | | 9,936 | | | | 601,426 | |
Synaptics, Inc.* | | | 5,949 | | | | 524,702 | |
| | | | | | | | |
| | | | | | | 1,719,664 | |
| | | | | | | | |
Software — 2.5% | | | | | | | | |
ACI Worldwide, Inc.* | | | 14,621 | | | | 578,845 | |
CommVault Systems, Inc.* | | | 5,230 | | | | 635,811 | |
| | | | | | | | |
| | | | | | | 1,214,656 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | |
Telecommunications — 1.0% | | | | | | | | |
Calix, Inc.* | | | 14,161 | | | $ | 501,724 | |
| | | | | | | | |
Transportation — 1.8% | | | | | | | | |
ArcBest Corp. | | | 6,601 | | | | 706,835 | |
International Seaways, Inc. | | | 3,066 | | | | 181,293 | |
| | | | | | | | |
| | | | | | | 888,128 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $43,107,911) | | | | | | | 45,576,597 | |
| | | | | | | | |
| | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 5.6% | |
Apartments — 1.3% | | | | | | | | |
Independence Realty Trust, Inc. | | | 34,340 | | | | 643,532 | |
| | | | | | | | |
Diversified — 0.6% | | | | | | | | |
Broadstone Net Lease, Inc. | | | 18,878 | | | | 299,594 | |
| | | | | | | | |
Hotels & Resorts — 1.0% | | | | | | | | |
Ryman Hospitality Properties, Inc. | | | 4,973 | | | | 496,604 | |
| | | | | | | | |
Industrial — 2.0% | | | | | | | | |
First Industrial Realty Trust, Inc. | | | 8,237 | | | | 391,340 | |
STAG lndustrial, Inc. | | | 15,887 | | | | 572,885 | |
| | | | | | | | |
| | | | | | | 964,225 | |
| | | | | | | | |
Storage & Warehousing — 0.7% | | | | | | | | |
CubeSmart | | | 7,054 | | | | 318,629 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,755,531) | | | | 2,722,584 | |
| | | | | | | | |
| | |
| | | | | | | |
SHORT-TERM INVESTMENTS — 0.7% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $347,634) | | | 347,634 | | | | 347,634 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $46,211,076) | | | $ | 48,646,815 | |
Other Assets & Liabilities — 0.0% | | | | 3,108 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 48,649,923 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR— American Depositary Receipt.
NA— National Association.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
60
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
SMID Cap Value Fund
| | | | |
Country Weightings as of 6/30/2024†† | | | |
United States | | | 91 | % |
United Kingdom | | | 2 | |
Bermuda | | | 2 | |
Canada | | | 2 | |
Puerto Rico | | | 1 | |
France | | | 1 | |
India | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 45,576,597 | | | $ | 45,576,597 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 2,722,584 | | | | 2,722,584 | | | | — | | | | — | |
Short-Term Investments | | | 347,634 | | | | 347,634 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 48,646,815 | | | $ | 48,646,815 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
61
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 98.8% | | | | | | | | |
Aerospace & Defense — 0.7% | | | | | | | | |
Loar Holdings, Inc.* | | | 12,319 | | | $ | 657,958 | |
| | | | | | | | |
Apparel — 0.7% | | | | | | | | |
On Holding AG, Class A* | | | 18,614 | | | | 722,223 | |
| | | | | | | | |
Auto Parts & Equipment — 0.1% | | | | | |
QuantumScape Corp.* | | | 16,158 | | | | 79,497 | |
| | | | | | | | |
Banks — 1.1% | | | | | | | | |
Walker & Dunlop, Inc. | | | 11,368 | | | | 1,116,338 | |
| | | | | | | | |
Biotechnology — 6.2% | | | | | | | | |
89bio, Inc.* | | | 21,472 | | | | 171,991 | |
Amicus Therapeutics, Inc.* | | | 31,707 | | | | 314,533 | |
Arcellx, Inc.* | | | 4,840 | | | | 267,120 | |
Biohaven Ltd.* | | | 12,169 | | | | 422,386 | |
Bridgebio Pharma, Inc.* | | | 11,738 | | | | 297,323 | |
Crinetics Pharmaceuticals, Inc.* | | | 5,996 | | | | 268,561 | |
Edgewise Therapeutics, Inc.* | | | 6,245 | | | | 112,472 | |
Ideaya Biosciences, Inc.* | | | 15,081 | | | | 529,494 | |
Insmed, Inc.* | | | 12,907 | | | | 864,769 | |
Ligand Pharmaceuticals, Inc.* | | | 8,469 | | | | 713,598 | |
NeoGenomics, Inc.* | | | 34,325 | | | | 476,088 | |
PTC Therapeutics, Inc.* | | | 12,473 | | | | 381,424 | |
REVOLUTION Medicines, Inc.* | | | 14,897 | | | | 578,153 | |
Rocket Pharmaceuticals, Inc.* | | | 7,423 | | | | 159,817 | |
Sarepta Therapeutics, Inc.* | | | 2,662 | | | | 420,596 | |
Structure Therapeutics, Inc., ADR* | | | 4,533 | | | | 178,011 | |
| | | | | | | | |
| | | | | | | 6,156,336 | |
| | | | | | | | |
Building Materials — 2.4% | | | | | | | | |
SPX Technologies, Inc.* | | | 8,069 | | | | 1,146,928 | |
Summit Materials, Inc., Class A* | | | 32,983 | | | | 1,207,507 | |
| | | | | | | | |
| | | | | | | 2,354,435 | |
| | | | | | | | |
Chemicals — 1.5% | | | | | | | | |
Sensient Technologies Corp. | | | 20,389 | | | | 1,512,660 | |
| | | | | | | | |
Commercial Services — 10.8% | | | | | |
Alight, Inc., Class A* | | | 163,423 | | | | 1,206,062 | |
Clarivate PLC* | | | 133,640 | | | | 760,412 | |
Euronet Worldwide, Inc.* | | | 12,220 | | | | 1,264,770 | |
Paylocity Holding Corp.* | | | 6,670 | | | | 879,439 | |
Rentokil Initial PLC, ADR | | | 66,586 | | | | 1,974,275 | |
Shift4 Payments, Inc., Class A* | | | 14,962 | | | | 1,097,463 | |
Stride, Inc.* | | | 26,083 | | | | 1,838,851 | |
TriNet Group, Inc. | | | 6,201 | | | | 620,100 | |
UL Solutions, Inc., Class A | | | 5,003 | | | | 211,076 | |
WEX, Inc.* | | | 5,370 | | | | 951,242 | |
| | | | | | | | |
| | | | | | | 10,803,690 | |
| | | | | | | | |
Computers — 2.6% | | | | | | | | |
CACI International, Inc., Class A* | | | 1,664 | | | | 715,736 | |
Maximus, Inc. | | | 12,398 | | | | 1,062,509 | |
WNS Holdings Ltd.* | | | 15,828 | | | | 830,970 | |
| | | | | | | | |
| | | | | | | 2,609,215 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | |
Distribution & Wholesale — 1.4% | | | | | | | | |
Core & Main, Inc., Class A* | | | 29,440 | | | $ | 1,440,794 | |
| | | | | | | | |
Diversified Financial Services — 3.1% | | | | | |
Cboe Global Markets, Inc. | | | 8,568 | | | | 1,457,074 | |
LPL Financial Holdings, Inc. | | | 6,023 | | | | 1,682,224 | |
| | | | | | | | |
| | | | | | | 3,139,298 | |
| | | | | | | | |
Electric — 0.7% | | | | | | | | |
NRG Energy, Inc. | | | 8,864 | | | | 690,151 | |
| | | | | | | | |
Electrical Components & Equipment — 1.9% | | | | | |
EnerSys | | | 12,601 | | | | 1,304,455 | |
Novanta, Inc.* | | | 3,571 | | | | 582,466 | |
| | | | | | | | |
| | | | | | | 1,886,921 | |
| | | | | | | | |
Electronics — 6.3% | | | | | | | | |
Bel Fuse, Inc., Class B | | | 6,884 | | | | 449,112 | |
Brady Corp., Class A | | | 7,212 | | | | 476,136 | |
Camtek Ltd. | | | 6,591 | | | | 825,457 | |
Itron, Inc.* | | | 5,386 | | | | 532,998 | |
Mirion Technologies, Inc.* | | | 114,816 | | | | 1,233,124 | |
Napco Security Technologies, Inc. | | | 24,083 | | | | 1,251,112 | |
OSI Systems, Inc.* | | | 10,811 | | | | 1,486,729 | |
| | | | | | | | |
| | | | | | | 6,254,668 | |
| | | | | | | | |
Entertainment — 0.9% | | | | | | | | |
Atlanta Braves Holdings, Inc., Class C* | | | 15,740 | | | | 620,786 | |
Manchester United PLC, Class A* | | | 17,100 | | | | 275,994 | |
| | | | | | | | |
| | | | | | | 896,780 | |
| | | | | | | | |
Environmental Control — 2.1% | | | | | | | | |
CECO Environmental Corp.* | | | 20,495 | | | | 591,281 | |
Clean Harbors, Inc.* | | | 4,141 | | | | 936,487 | |
Montrose Environmental Group, Inc.* | | | 13,466 | | | | 600,045 | |
| | | | | | | | |
| | | | | | | 2,127,813 | |
| | | | | | | | |
Food — 0.9% | | | | | | | | |
Premium Brands Holdings Corp. | | | 13,477 | | | | 928,283 | |
| | | | | | | | |
Food Service — 0.8% | | | | | | | | |
Aramark | | | 23,750 | | | | 807,975 | |
| | | | | | | | |
Hand & Machine Tools — 0.5% | | | | | | | | |
MSA Safety, Inc. | | | 2,779 | | | | 521,591 | |
| | | | | | | | |
Healthcare Products — 9.0% | | | | | | | | |
Alphatec Holdings, Inc.* | | | 33,024 | | | | 345,101 | |
Bio-Techne Corp. | | | 6,984 | | | | 500,404 | |
Bruker Corp. | | | 8,399 | | | | 535,940 | |
Glaukos Corp.* | | | 12,229 | | | | 1,447,302 | |
Globus Medical, Inc., Class A* | | | 24,919 | | | | 1,706,702 | |
ICU Medical, Inc.* | | | 7,925 | | | | 941,094 | |
Lantheus Holdings, Inc.* | | | 12,745 | | | | 1,023,296 | |
Neogen Corp.* | | | 34,802 | | | | 543,955 | |
OmniAb, Inc.* | | | 71,447 | | | | 267,926 | |
Paragon 28, Inc.* | | | 28,601 | | | | 195,631 | |
Soleno Therapeutics, Inc.* | | | 7,524 | | | | 306,979 | |
STERIS PLC | | | 3,694 | | | | 810,981 | |
62
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Healthcare Products — (continued) | |
Tandem Diabetes Care, Inc.* | | | 9,693 | | | $ | 390,531 | |
| | | | | | | | |
| | | | | | | 9,015,842 | |
| | | | | | | | |
Healthcare Services — 1.1% | | | | | | | | |
HealthEquity, Inc.* | | | 9,595 | | | | 827,089 | |
Sotera Health Co.* | | | 25,512 | | | | 302,827 | |
| | | | | | | | |
| | | | | | | 1,129,916 | |
| | | | | | | | |
Home Builders — 0.4% | | | | | | | | |
Thor Industries, Inc. | | | 3,967 | | | | 370,716 | |
| | | | | | | | |
Home Furnishings — 0.5% | | | | | | | | |
The Lovesac Co.* | | | 22,968 | | | | 518,617 | |
| | | | | | | | |
Insurance — 1.0% | | | | | | | | |
RLI Corp. | | | 7,110 | | | | 1,000,306 | |
| | | | | | | | |
Internet — 0.8% | | | | | | | | |
Ziff Davis, Inc.* | | | 15,304 | | | | 842,485 | |
| | | | | | | | |
Machinery — Diversified — 5.7% | | | | | | | | |
ATS Corp.* | | | 34,428 | | | | 1,114,088 | |
Cognex Corp. | | | 9,973 | | | | 466,337 | |
CSW Industrials, Inc. | | | 5,935 | | | | 1,574,615 | |
Gates Industrial Corp. PLC* | | | 50,893 | | | | 804,618 | |
Kornit Digital Ltd.* | | | 23,461 | | | | 343,469 | |
Nordson Corp. | | | 1,742 | | | | 404,039 | |
Zurn Elkay Water Solutions Corp. | | | 35,099 | | | | 1,031,911 | |
| | | | | | | | |
| | | | | | | 5,739,077 | |
| | | | | | | | |
Miscellaneous Manufacturing — 3.0% | | | | | |
Carlisle Cos., Inc. | | | 3,174 | | | | 1,286,137 | |
Enpro, Inc. | | | 4,188 | | | | 609,647 | |
ITT, Inc. | | | 8,917 | | | | 1,151,898 | |
| | | | | | | | |
| | | | | | | 3,047,682 | |
| | | | | | | | |
Oil & Gas — 2.4% | | | | | | | | |
California Resources Corp. | | | 8,170 | | | | 434,808 | |
Magnolia Oil & Gas Corp., Class A | | | 50,283 | | | | 1,274,171 | |
Weatherford International PLC* | | | 5,505 | | | | 674,087 | |
| | | | | | | | |
| | | | | | | 2,383,066 | |
| | | | | | | | |
Packaging and Containers — 2.3% | | | | | |
Crown Holdings, Inc. | | | 20,620 | | | | 1,533,922 | |
Gerresheimer AG | | | 6,681 | | | | 717,962 | |
| | | | | | | | |
| | | | | | | 2,251,884 | |
| | | | | | | | |
Pharmaceuticals — 5.5% | | | | | | | | |
Ascendis Pharma A/S, ADR* | | | 4,917 | | | | 670,580 | |
Avadel Pharmaceuticals PLC, ADR* | | | 42,258 | | | | 594,148 | |
BellRing Brands, Inc.* | | | 17,013 | | | | 972,123 | |
Madrigal Pharmaceuticals, Inc.* | | | 4,443 | | | | 1,244,751 | |
Mirum Pharmaceuticals, Inc.* | | | 15,863 | | | | 542,356 | |
Vaxcyte, Inc.* | | | 20,245 | | | | 1,528,700 | |
| | | | | | | | |
| | | | | | | 5,552,658 | |
| | | | | | | | |
Retail — 2.1% | | | | | | | | |
Casey’s General Stores, Inc. | | | 3,055 | | | | 1,165,666 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Retail — (continued) | | | | | | | | |
Williams-Sonoma, Inc. | | | 3,154 | | | $ | 890,595 | |
| | | | | | | | |
| | | | | | | 2,056,261 | |
| | | | | | | | |
Semiconductors — 3.1% | | | | | | | | |
Entegris, Inc. | | | 5,515 | | | | 746,731 | |
MACOM Technology Solutions | | | | | | | | |
Holdings, Inc.* | | | 7,492 | | | | 835,133 | |
ON Semiconductor Corp.* | | | 18,657 | | | | 1,278,938 | |
Wolfspeed, Inc.* | | | 9,788 | | | | 222,775 | |
| | | | | | | | |
| | | | | | | 3,083,577 | |
| | | | | | | | |
Software — 14.1% | | | | | | | | |
Aspen Technology, Inc.* | | | 2,378 | | | | 472,342 | |
Asure Software, Inc.* | | | 56,221 | | | | 472,256 | |
AvidXchange Holdings, Inc.* | | | 75,255 | | | | 907,575 | |
Blackbaud, Inc.* | | | 21,934 | | | | 1,670,713 | |
Broadridge Financial Solutions, Inc. | | | 8,176 | | | | 1,610,672 | |
Consensus Cloud Solutions, Inc.* | | | 18,504 | | | | 317,899 | |
Doximity, Inc., Class A* | | | 14,947 | | | | 418,067 | |
Dynatrace, Inc.* | | | 24,262 | | | | 1,085,482 | |
Enfusion, Inc., Class A* | | | 51,230 | | | | 436,480 | |
Envestnet, Inc.* | | | 8,258 | | | | 516,868 | |
Ibotta, Inc., Class A* | | | 2,701 | | | | 203,007 | |
Oddity Tech Ltd., Class A* | | | 13,687 | | | | 537,352 | |
PagerDuty, Inc.* | | | 40,042 | | | | 918,163 | |
PDF Solutions, Inc.* | | | 17,615 | | | | 640,834 | |
SS&C Technologies Holdings, Inc. | | | 34,511 | | | | 2,162,804 | |
The Descartes Systems Group, Inc.* | | | 18,531 | | | | 1,795,464 | |
| | | | | | | | |
| | | | | | | 14,165,978 | |
| | | | | | | | |
Telecommunications — 1.8% | | | | | | | | |
AST SpaceMobile, Inc.* | | | 41,073 | | | | 476,857 | |
Nice Ltd., ADR* | | | 7,874 | | | | 1,354,092 | |
| | | | | | | | |
| | | | | | | 1,830,949 | |
| | | | | | | | |
Transportation — 1.3% | | | | | | | | |
Saia, Inc.* | | | 2,659 | | | | 1,261,137 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $69,497,961) | | | | | | | 98,956,777 | |
| | | | | | | | |
| | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 0.9% | |
Diversified — 0.9% | | | | | | | | |
Lamar Advertising Co., Class A
(Cost $420,139) | | | 7,405 | | | | 885,120 | |
| | | | | | | | |
| | |
| | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
OmniAb, Inc.* | | | 3,339 | | | | 11,111 | |
OmniAb, Inc.* | | | 3,339 | | | | 10,655 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $8,726) | | | | | | | 21,766 | |
| | | | | | | | |
63
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 0.5% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $535,808) | | | 535,808 | | | $ | 535,808 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2%
(Cost $70,462,634) | | | $ | 100,399,471 | |
Other Assets & Liabilities — (0.2)% | | | | (185,454 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 100,214,017 | |
| | | | | | | | |
| † | 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 6/30/2024†† | | | |
United States | | | 86 | % |
Canada | | | 4 | |
Israel | | | 3 | |
United Kingdom | | | 3 | |
India | | | 1 | |
Switzerland | | | 1 | |
Germany | | | 1 | |
Denmark | | | 1 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | |
Aerospace & Defense | | $ | 657,958 | | | $ | 657,958 | | | $ | — | | | $ | — | |
Apparel | | | 722,223 | | | | 722,223 | | | | — | | | | — | |
Auto Parts & Equipment | | | 79,497 | | | | 79,497 | | | | — | | | | — | |
Banks | | | 1,116,338 | | | | 1,116,338 | | | | — | | | | — | |
Biotechnology | | | 6,156,336 | | | | 6,156,336 | | | | — | | | | — | |
Building Materials | | | 2,354,435 | | | | 2,354,435 | | | | — | | | | — | |
Chemicals | | | 1,512,660 | | | | 1,512,660 | | | | — | | | | — | |
Commercial Services | | | 10,803,690 | | | | 10,803,690 | | | | — | | | | — | |
Computers | | | 2,609,215 | | | | 2,609,215 | | | | — | | | | — | |
Distribution & Wholesale | | | 1,440,794 | | | | 1,440,794 | | | | — | | | | — | |
Diversified Financial | | | | | | | | | | | | | | | | |
Services | | | 3,139,298 | | | | 3,139,298 | | | | — | | | | — | |
Electric | | | 690,151 | | | | 690,151 | | | | — | | | | — | |
Electrical Components & Equipment | | | 1,886,921 | | | | 1,886,921 | | | | — | | | | — | |
Electronics | | | 6,254,668 | | | | 6,254,668 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Entertainment | | $ | 896,780 | | | $ | 896,780 | | | $ | — | | | $ | — | |
Environmental Control | | | 2,127,813 | | | | 2,127,813 | | | | — | | | | — | |
Food | | | 928,283 | | | | 928,283 | | | | — | | | | — | |
Food Service | | | 807,975 | | | | 807,975 | | | | — | | | | — | |
Hand & Machine Tools | | | 521,591 | | | | 521,591 | | | | — | | | | — | |
Healthcare Products | | | 9,015,842 | | | | 9,015,842 | | | | — | | | | — | |
Healthcare Services | | | 1,129,916 | | | | 1,129,916 | | | | — | | | | — | |
Home Builders | | | 370,716 | | | | 370,716 | | | | — | | | | — | |
Home Furnishings | | | 518,617 | | | | 518,617 | | | | — | | | | — | |
Insurance | | | 1,000,306 | | | | 1,000,306 | | | | — | | | | — | |
Internet | | | 842,485 | | | | 842,485 | | | | — | | | | — | |
Machinery — Diversified | | | 5,739,077 | | | | 5,739,077 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 3,047,682 | | | | 3,047,682 | | | | — | | | | — | |
Oil & Gas | | | 2,383,066 | | | | 2,383,066 | | | | — | | | | — | |
Packaging and Containers | | | 2,251,884 | | | | 1,533,922 | | | | 717,962 | | | | — | |
Pharmaceuticals | | | 5,552,658 | | | | 5,552,658 | | | | — | | | | — | |
Retail | | | 2,056,261 | | | | 2,056,261 | | | | — | | | | — | |
Semiconductors | | | 3,083,577 | | | | 3,083,577 | | | | — | | | | — | |
Software | | | 14,165,978 | | | | 14,165,978 | | | | — | | | | — | |
Telecommunications | | | 1,830,949 | | | | 1,830,949 | | | | — | | | | — | |
Transportation | | | 1,261,137 | | | | 1,261,137 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 98,956,777 | | | | 98,238,815 | | | | 717,962 | | | | — | |
| | | | | | | | | | | | | | | | |
Real Estate Investment Trusts | | | 885,120 | | | | 885,120 | | | | — | | | | — | |
Rights | | | 21,766 | | | | — | | | | 21,766 | | | | — | |
Short-Term Investments | | | 535,808 | | | | 535,808 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 100,399,471 | | | $ | 99,659,743 | | | $ | 739,728 | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
64
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — 90.3% | |
Aerospace & Defense — 2.0% | | | | | | | | |
Barnes Group, Inc. | | | 19,407 | | | $ | 803,644 | |
Kratos Defense & Security Solutions, Inc.* | | | 44,760 | | | | 895,648 | |
Mercury Systems, Inc.* | | | 13,056 | | | | 352,381 | |
Moog, Inc., Class A | | | 5,217 | | | | 872,804 | |
| | | | | | | | |
| | | | | | | 2,924,477 | |
| | | | | | | | |
Airlines — 0.2% | | | | | | | | |
JetBlue Airways Corp.* | | | 47,111 | | | | 286,906 | |
| | | | | | | | |
Apparel — 0.6% | | | | | | | | |
Crocs, Inc.* | | | 6,114 | | | | 892,277 | |
| | | | | | | | |
Auto Manufacturers — 0.5% | | | | | | | | |
REV Group, Inc. | | | 31,724 | | | | 789,610 | |
| | | | | | | | |
Auto Parts & Equipment — 1.5% | | | | | | | | |
Adient PLC* | | | 32,534 | | | | 803,915 | |
Phinia, Inc. | | | 21,499 | | | | 846,201 | |
The Goodyear Tire & Rubber Co.* | | | 48,128 | | | | 546,253 | |
| | | | | | | | |
| | | | | | | 2,196,369 | |
| | | | | | | | |
Banks — 13.6% | | | | | | | | |
Ameris Bancorp | | | 37,368 | | | | 1,881,479 | |
Atlantic Union Bankshares Corp. | | | 33,020 | | | | 1,084,707 | |
Banner Corp. | | | 19,922 | | | | 988,928 | |
Community Financial System, Inc. | | | 18,597 | | | | 877,964 | |
ConnectOne Bancorp, Inc. | | | 35,077 | | | | 662,604 | |
CVB Financial Corp. | | | 38,753 | | | | 668,102 | |
Eastern Bankshares, Inc. | | | 76,114 | | | | 1,064,074 | |
FB Financial Corp. | | | 23,517 | | | | 917,868 | |
First Financial Bankshares, Inc. | | | 22,096 | | | | 652,495 | |
First Merchants Corp. | | | 26,940 | | | | 896,833 | |
Glacier Bancorp, Inc. | | | 22,433 | | | | 837,200 | |
Home BancShares, Inc. | | | 71,347 | | | | 1,709,474 | |
NBT Bancorp, Inc. | | | 19,020 | | | | 734,172 | |
Origin Bancorp, Inc. | | | 24,397 | | | | 773,873 | |
Pinnacle Financial Partners, Inc. | | | 17,012 | | | | 1,361,640 | |
SouthState Corp. | | | 19,667 | | | | 1,502,952 | |
Stock Yards Bancorp, Inc. | | | 13,182 | | | | 654,750 | |
TriCo Bancshares | | | 26,424 | | | | 1,045,598 | |
Valley National Bancorp | | | 121,497 | | | | 848,049 | |
Walker & Dunlop, Inc. | | | 8,307 | | | | 815,747 | |
| | | | | | | | |
| | | | | | | 19,978,509 | |
| | | | | | | | |
Beverages — 0.8% | | | | | | | | |
Primo Water Corp. | | | 52,855 | | | | 1,155,410 | |
| | | | | | | | |
Biotechnology — 3.1% | | | | | | | | |
Bridgebio Pharma, Inc.* | | | 6,395 | | | | 161,985 | |
Celldex Therapeutics, Inc.* | | | 4,675 | | | | 173,022 | |
CG oncology, Inc.* | | | 4,777 | | | | 150,810 | |
Crinetics Pharmaceuticals, Inc.* | | | 3,344 | | | | 149,778 | |
Cytokinetics, Inc.* | | | 14,599 | | | | 790,974 | |
Intellia Therapeutics, Inc.* | | | 11,952 | | | | 267,486 | |
Myriad Genetics, Inc.* | | | 26,695 | | | | 652,960 | |
NeoGenomics, Inc.* | | | 77,744 | | | | 1,078,309 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Biotechnology — (continued) | | | | | | | | |
REVOLUTION Medicines, Inc.* | | | 6,836 | | | $ | 265,305 | |
Syndax Pharmaceuticals, Inc.* | | | 8,538 | | | | 175,285 | |
Ultragenyx Pharmaceutical, Inc.* | | | 5,240 | | | | 215,364 | |
Veracyte, Inc.* | | | 25,015 | | | | 542,075 | |
| | | | | | | | |
| | | | | | | 4,623,353 | |
| | | | | | | | |
Building Materials — 2.5% | | | | | | | | |
Boise Cascade Co. | | | 5,186 | | | | 618,275 | |
Knife River Corp.* | | | 10,433 | | | | 731,770 | |
Masterbrand, Inc.* | | | 59,666 | | | | 875,897 | |
SPX Technologies, Inc.* | | | 6,391 | | | | 908,417 | |
Summit Materials, Inc., Class A* | | | 13,826 | | | | 506,170 | |
| | | | | | | | |
| | | | | | | 3,640,529 | |
| | | | | | | | |
Chemicals — 3.9% | | | | | | | | |
Arcadium Lithium PLC* | | | 84,899 | | | | 285,261 | |
Ashland, Inc. | | | 11,360 | | | | 1,073,406 | |
Avient Corp. | | | 22,722 | | | | 991,815 | |
Ecovyst, Inc.* | | | 40,936 | | | | 367,196 | |
Element Solutions, Inc. | | | 23,965 | | | | 649,931 | |
H.B. Fuller Co. | | | 6,690 | | | | 514,862 | |
Minerals Technologies, Inc. | | | 7,430 | | | | 617,879 | |
Rogers Corp.* | | | 5,188 | | | | 625,725 | |
Tronox Holdings PLC | | | 41,927 | | | | 657,835 | |
| | | | | | | | |
| | | | | | | 5,783,910 | |
| | | | | | | | |
Coal — 1.3% | | | | | | | | |
Arch Resources, Inc. | | | 4,153 | | | | 632,211 | |
Peabody Energy Corp. | | | 24,389 | | | | 539,485 | |
Warrior Met Coal, Inc. | | | 10,868 | | | | 682,184 | |
| | | | | | | | |
| | | | | | | 1,853,880 | |
| | | | | | | | |
Commercial Services — 2.8% | | | | | | | | |
Alight, Inc., Class A* | | | 91,545 | | | | 675,602 | |
AMN Healthcare Services, Inc.* | | | 9,431 | | | | 483,150 | |
BrightView Holdings, Inc.* | | | 51,631 | | | | 686,692 | |
ICF International, Inc. | | | 5,166 | | | | 766,944 | |
V2X, Inc.* | | | 16,587 | | | | 795,513 | |
Valvoline, Inc.* | | | 15,443 | | | | 667,138 | |
| | | | | | | | |
| | | | | | | 4,075,039 | |
| | | | | | | | |
Computers — 1.6% | | | | | | | | |
ASGN, Inc.* | | | 19,077 | | | | 1,682,019 | |
Tenable Holdings, Inc.* | | | 14,630 | | | | 637,576 | |
| | | | | | | | |
| | | | | | | 2,319,595 | |
| | | | | | | | |
Diversified Financial Services — 5.2% | |
Encore Capital Group, Inc.* | | | 20,052 | | | | 836,770 | |
Marex Group PLC* | | | 19,689 | | | | 393,780 | |
Mr. Cooper Group, Inc.* | | | 15,298 | | | | 1,242,656 | |
PennyMac Financial Services, Inc. | | | 14,213 | | | | 1,344,550 | |
Perella Weinberg Partners | | | 73,187 | | | | 1,189,289 | |
Piper Sandler Cos. | | | 4,858 | | | | 1,118,166 | |
PJT Partners, Inc., Class A | | | 5,592 | | | | 603,432 | |
Stifel Financial Corp. | | | 11,579 | | | | 974,373 | |
| | | | | | | | |
| | | | | | | 7,703,016 | |
| | | | | | | | |
65
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Electric — 3.2% | | | | | | | | |
IDACORP, Inc. | | | 8,721 | | | $ | 812,361 | |
MGE Energy, Inc. | | | 5,868 | | | | 438,457 | |
Ormat Technologies, Inc. | | | 13,555 | | | | 971,893 | |
PNM Resources, Inc. | | | 36,835 | | | | 1,361,422 | |
Portland General Electric Co. | | | 27,117 | | | | 1,172,539 | |
| | | | | | | | |
| | | | | | | 4,756,672 | |
| | | | | | | | |
Electrical Components & Equipment — 0.6% | | | | | |
EnerSys | | | 8,997 | | | | 931,369 | |
| | | | | | | | |
Electronics — 3.1% | | | | | | | | |
Advanced Energy Industries, Inc. | | | 5,406 | | | | 587,956 | |
CTS Corp. | | | 9,562 | | | | 484,124 | |
Knowles Corp.* | | | 75,064 | | | | 1,295,605 | |
Sanmina Corp.* | | | 18,958 | | | | 1,255,967 | |
TTM Technologies, Inc.* | | | 46,320 | | | | 899,998 | |
| | | | | | | | |
| | | | | | | 4,523,650 | |
| | | | | | | | |
Engineering & Construction — 1.5% | |
Arcosa, Inc. | | | 16,862 | | | | 1,406,460 | |
Granite Construction, Inc. | | | 12,754 | | | | 790,365 | |
| | | | | | | | |
| | | | | | | 2,196,825 | |
| | | | | | | | |
Entertainment — 0.5% | | | | | | | | |
International Game Technology PLC | | | 37,987 | | | | 777,214 | |
| | | | | | | | |
Food — 1.5% | | | | | | | | |
Cal-Maine Foods, Inc. | | | 5,559 | | | | 339,711 | |
Krispy Kreme, Inc. | | | 40,882 | | | | 439,890 | |
Lancaster Colony Corp. | | | 2,730 | | | | 515,888 | |
The Simply Good Foods Co.* | | | 15,939 | | | | 575,876 | |
Utz Brands, Inc. | | | 24,647 | | | | 410,126 | |
| | | | | | | | |
| | | | | | | 2,281,491 | |
| | | | | | | | |
Gas — 1.1% | | | | | | | | |
Chesapeake Utilities Corp. | | | 5,388 | | | | 572,206 | |
ONE Gas, Inc. | | | 16,631 | | | | 1,061,889 | |
| | | | | | | | |
| | | | | | | 1,634,095 | |
| | | | | | | | |
Healthcare Products — 2.1% | | | | | | | | |
Enovis Corp.* | | | 14,763 | | | | 667,288 | |
Globus Medical, Inc., Class A* | | | 9,560 | | | | 654,764 | |
Integer Holdings Corp.* | | | 6,395 | | | | 740,477 | |
Merit Medical Systems, Inc.* | | | 6,582 | | | | 565,723 | |
QuidelOrtho Corp.* | | | 12,198 | | | | 405,218 | |
| | | | | | | | |
| | | | | | | 3,033,470 | |
| | | | | | | | |
Healthcare Services — 0.7% | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | 9,749 | | | | 658,447 | |
Fortrea Holdings, Inc.* | | | 13,361 | | | | 311,846 | |
| | | | | | | | |
| | | | | | | 970,293 | |
| | | | | | | | |
Home Builders — 3.2% | | | | | | | | |
Installed Building Products, Inc. | | | 2,550 | | | | 524,484 | |
M/I Homes, Inc.* | | | 9,915 | | | | 1,211,018 | |
Meritage Homes Corp. | | | 13,547 | | | | 2,192,582 | |
Tri Pointe Homes, Inc.* | | | 22,444 | | | | 836,039 | |
| | | | | | | | |
| | | | | | | 4,764,123 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Insurance — 4.7% | | | | | | | | |
Abacus Life, Inc.* | | | 50,769 | | | $ | 439,152 | |
CNO Financial Group, Inc. | | | 26,247 | | | | 727,567 | |
Enstar Group Ltd.* | | | 3,686 | | | | 1,126,810 | |
Kemper Corp. | | | 18,434 | | | | 1,093,689 | |
MGIC Investment Corp. | | | 68,738 | | | | 1,481,304 | |
Skyward Specialty Insurance Group, Inc.* | | | 31,192 | | | | 1,128,527 | |
The Hanover Insurance Group, Inc. | | | 7,498 | | | | 940,549 | |
| | | | | | | | |
| | | | | | | 6,937,598 | |
| | | | | | | | |
Iron & Steel — 1.4% | | | | | | | | |
Carpenter Technology Corp. | | | 4,077 | | | | 446,758 | |
Commercial Metals Co. | | | 28,695 | | | | 1,577,938 | |
| | | | | | | | |
| | | | | | | 2,024,696 | |
| | | | | | | | |
Leisure Time — 0.5% | | | | | | | | |
Topgolf Callaway Brands Corp.* | | | 48,886 | | | | 747,956 | |
| | | | | | | | |
Lodging — 1.7% | | | | | | | | |
Boyd Gaming Corp. | | | 13,159 | | | | 725,061 | |
Travel + Leisure Co. | | | 18,867 | | | | 848,638 | |
Wyndham Hotels & Resorts, Inc. | | | 12,667 | | | | 937,358 | |
| | | | | | | | |
| | | | | | | 2,511,057 | |
| | | | | | | | |
Machinery — Diversified — 2.5% | | | | | | | | |
Columbus McKinnon Corp. | | | 12,627 | | | | 436,136 | |
Gates Industrial Corp. PLC* | | | 123,594 | | | | 1,954,021 | |
Ichor Holdings Ltd.* | | | 17,992 | | | | 693,592 | |
Zurn Elkay Water Solutions Corp. | | | 21,060 | | | | 619,164 | |
| | | | | | | | |
| | | | | | | 3,702,913 | |
| | | | | | | | |
Media — 0.7% | | | | | | | | |
Nexstar Media Group, Inc. | | | 3,279 | | | | 544,347 | |
TEGNA, Inc. | | | 34,502 | | | | 480,958 | |
| | | | | | | | |
| | | | | | | 1,025,305 | |
| | | | | | | | |
Metal Fabricate/Hardware — 1.1% | | | | | | | | |
AZZ, Inc. | | | 9,516 | | | | 735,111 | |
Standex International Corp. | | | 5,866 | | | | 945,306 | |
| | | | | | | | |
| | | | | | | 1,680,417 | |
| | | | | | | | |
Mining — 0.7% | | | | | | | | |
Constellium S.E.* | | | 45,378 | | | | 855,375 | |
Uranium Energy Corp.* | | | 24,795 | | | | 149,018 | |
| | | | | | | | |
| | | | | | | 1,004,393 | |
| | | | | | | | |
Miscellaneous Manufacturing — 0.9% | | | | | |
Enpro, Inc. | | | 7,094 | | | | 1,032,674 | |
Federal Signal Corp. | | | 3,500 | | | | 292,845 | |
| | | | | | | | |
| | | | | | | 1,325,519 | |
| | | | | | | | |
Oil & Gas — 5.3% | | | | | | | | |
California Resources Corp. | | | 12,778 | | | | 680,045 | |
Civitas Resources, Inc. | | | 6,365 | | | | 439,185 | |
Gulfport Energy Corp.* | | | 5,052 | | | | 762,852 | |
Murphy Oil Corp. | | | 32,383 | | | | 1,335,475 | |
Noble Corp. PLC | | | 19,000 | | | | 848,350 | |
Patterson-UTI Energy, Inc. | | | 105,639 | | | | 1,094,420 | |
PBF Energy, Inc., Class A | | | 21,886 | | | | 1,007,194 | |
66
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Oil & Gas — (continued) | | | | | | | | |
Seadrill Ltd.* | | | 12,539 | | | $ | 645,758 | |
SM Energy Co. | | | 24,652 | | | | 1,065,706 | |
| | | | | | | | |
| | | | | | | 7,878,985 | |
| | | | | | | | |
Oil & Gas Services — 1.5% | | | | | | | | |
Atlas Energy Solutions, Inc. | | | 18,551 | | | | 369,721 | |
Kodiak Gas Services, Inc. | | | 25,639 | | | | 698,919 | |
Liberty Energy, Inc. | | | 30,877 | | | | 645,021 | |
Tidewater, Inc.* | | | 5,735 | | | | 546,029 | |
| | | | | | | | |
| | | | | | | 2,259,690 | |
| | | | | | | | |
Packaging and Containers — 0.7% | | | | | |
Greif, Inc., Class A | | | 9,903 | | | | 569,125 | |
O-I Glass, Inc.* | | | 38,812 | | | | 431,978 | |
| | | | | | | | |
| | | | | | | 1,001,103 | |
| | | | | | | | |
Pharmaceuticals — 0.5% | | | | | | | | |
Agios Pharmaceuticals, Inc.* | | | 5,965 | | | | 257,211 | |
Alkermes PLC* | | | 13,494 | | | | 325,205 | |
Madrigal Pharmaceuticals, Inc.* | | | 613 | | | | 171,738 | |
| | | | | | | | |
| | | | | | | 754,154 | |
| | | | | | | | |
Pipelines — 0.3% | | | | | | | | |
Equitrans Midstream Corp. | | | 34,492 | | | | 447,706 | |
| | | | | | | | |
Real Estate — 0.7% | | | | | | | | |
Newmark Group, Inc., Class A | | | 96,478 | | | | 986,970 | |
| | | | | | | | |
Retail — 4.4% | | | | | | | | |
Academy Sports & Outdoors, Inc. | | | 9,380 | | | | 499,485 | |
Asbury Automotive Group, Inc.* | | | 3,322 | | | | 756,984 | |
Beacon Roofing Supply, Inc.* | | | 12,077 | | | | 1,092,968 | |
First Watch Restaurant Group, Inc.* | | | 19,892 | | | | 349,304 | |
FirstCash Holdings, Inc. | | | 7,167 | | | | 751,675 | |
Foot Locker, Inc. | | | 28,916 | | | | 720,587 | |
Group 1 Automotive, Inc. | | | 2,697 | | | | 801,764 | |
La-Z-Boy, Inc. | | | 16,022 | | | | 597,300 | |
Ollie’s Bargain Outlet Holdings, Inc.* | | | 2,962 | | | | 290,780 | |
Patrick Industries, Inc. | | | 5,466 | | | | 593,334 | |
| | | | | | | | |
| | | | | | | 6,454,181 | |
| | | | | | | | |
Savings & Loans — 1.7% | | | | | | | | |
Banc of California, Inc. | | | 53,784 | | | | 687,360 | |
OceanFirst Financial Corp. | | | 45,143 | | | | 717,322 | |
Pacific Premier Bancorp, Inc. | | | 45,869 | | | | 1,053,611 | |
| | | | | | | | |
| | | | | | | 2,458,293 | |
| | | | | | | | |
Semiconductors — 2.1% | | | | | | | | |
Axcelis Technologies, Inc.* | | | 4,168 | | | | 592,648 | |
Cohu, Inc.* | | | 21,677 | | | | 717,509 | |
MACOM Technology Solutions | | | | | | | | |
Holdings, Inc.* | | | 4,001 | | | | 445,991 | |
Semtech Corp.* | | | 30,206 | | | | 902,555 | |
Synaptics, Inc.* | | | 4,280 | | | | 377,496 | |
| | | | | | | | |
| | | | | | | 3,036,199 | |
| | | | | | | | |
Software — 0.1% | | | | | | | | |
Health Catalyst, Inc.* | | | 25,184 | | | | 160,926 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Telecommunications — 0.2% | | | | | | | | |
Telephone and Data Systems, Inc. | | | 12,524 | | | $ | 259,623 | |
| | | | | | | | |
Transportation — 1.5% | | | | | | | | |
DHT Holdings, Inc. | | | 51,412 | | | | 594,837 | |
Dorian LPG Ltd. | | | 12,239 | | | | 513,548 | |
Marten Transport Ltd. | | | 21,668 | | | | 399,775 | |
Scorpio Tankers, Inc. | | | 8,469 | | | | 688,445 | |
| | | | | | | | |
| | | | | | | 2,196,605 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $125,070,240) | | | | 132,946,371 | |
| | | | | | | | |
| | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 9.3% | |
Apartments — 0.9% | | | | | | | | |
Independence Realty Trust, Inc. | | | 68,899 | | | | 1,291,167 | |
| | | | | | | | |
Hotels & Resorts — 2.0% | | | | | | | | |
Apple Hospitality REIT, Inc. | | | 78,957 | | | | 1,148,035 | |
Pebblebrook Hotel Trust | | | 50,588 | | | | 695,585 | |
RLJ Lodging Trust | | | 120,611 | | | | 1,161,484 | |
| | | | | | | | |
| | | | | | | 3,005,104 | |
| | | | | | | | |
Industrial — 1.8% | | | | | | | | |
STAG lndustrial, Inc. | | | 38,180 | | | | 1,376,771 | |
Terreno Realty Corp. | | | 20,828 | | | | 1,232,601 | |
| | | | | | | | |
| | | | | | | 2,609,372 | |
| | | | | | | | |
Mortgage Banks — 1.2% | | | | | | | | |
Ladder Capital Corp. | | | 68,755 | | | | 776,244 | |
PennyMac Mortgage Investment Trust | | | 47,397 | | | | 651,709 | |
TPG RE Finance Trust, Inc. | | | 31,257 | | | | 270,060 | |
| | | | | | | | |
| | | | | | | 1,698,013 | |
| | | | | | | | |
Office Property — 0.4% | | | | | | | | |
Kilroy Realty Corp. | | | 18,867 | | | | 588,084 | |
| | | | | | | | |
Single Tenant — 0.5% | | | | | | | | |
Agree Realty Corp. | | | 11,923 | | | | 738,511 | |
| | | | | | | | |
Strip Centers — 2.5% | | | | | | | | |
Acadia Realty Trust | | | 94,383 | | | | 1,691,343 | |
SITE Centers Corp. | | | 140,326 | | | | 2,034,727 | |
| | | | | | | | |
| | | | | | | 3,726,070 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $14,674,219) | | | | 13,656,321 | |
| | | | | | | | |
67
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 0.6% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $863,650) | | | 863,650 | | | $ | 863,650 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2%
(Cost $140,608,109) | | | $ | 147,466,342 | |
Other Assets & Liabilities — (0.2)% | | | | (242,093 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 147,224,249 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.E.— Societas Europaea.
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | $ | 132,946,371 | | | $ | 132,946,371 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 13,656,321 | | | | 13,656,321 | | | | — | | | | — | |
Short-Term Investments | | | 863,650 | | | | 863,650 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 147,466,342 | | | $ | 147,466,342 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
68
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 93.0% | | | | | |
Advertising — 0.1% | | | | | | | | |
Advantage Solutions, Inc.* | | | 2,600 | | | $ | 8,372 | |
Boston Omaha Corp., Class A* | | | 700 | | | | 9,422 | |
Clear Channel Outdoor Holdings, Inc.* | | | 12,200 | | | | 17,202 | |
National CineMedia, Inc.* | | | 2,500 | | | | 10,975 | |
Stagwell, Inc.* | | | 2,700 | | | | 18,414 | |
| | | | | | | | |
| | | | | | | 64,385 | |
| | | | | | | | |
Aerospace & Defense — 1.2% | | | | | | | | |
AAR Corp.* | | | 1,169 | | | | 84,986 | |
AeroVironment, Inc.* | | | 848 | | | | 154,472 | |
AerSale Corp.* | | | 1,000 | | | | 6,920 | |
Archer Aviation, Inc., Class A* | | | 7,900 | | | | 27,808 | |
Astronics Corp.* | | | 995 | | | | 19,930 | |
Barnes Group, Inc. | | | 1,565 | | | | 64,807 | |
Ducommun, Inc.* | | | 400 | | | | 23,224 | |
Eve Holding, Inc.* | | | 700 | | | | 2,835 | |
Intuitive Machines, Inc.* | | | 1,200 | | | | 3,960 | |
Joby Aviation, Inc.* | | | 13,400 | | | | 68,340 | |
Kratos Defense & Security Solutions, Inc.* | | | 4,922 | | | | 98,489 | |
Leonardo DRS, Inc.* | | | 2,500 | | | | 63,775 | |
Mercury Systems, Inc.* | | | 1,800 | | | | 48,582 | |
Moog, Inc., Class A | | | 991 | | | | 165,794 | |
National Presto Industries, Inc. | | | 148 | | | | 11,119 | |
Redwire Corp.* | | | 900 | | | | 6,453 | |
Rocket Lab USA, Inc.* | | | 11,700 | | | | 56,160 | |
Triumph Group, Inc.* | | | 2,200 | | | | 33,902 | |
Virgin Galactic Holdings, Inc.* | | | 440 | | | | 3,709 | |
VirTra, Inc.* | | | 500 | | | | 3,845 | |
| | | | | | | | |
| | | | | | | 949,110 | |
| | | | | | | | |
Agriculture — 0.4% | | | | | | | | |
Alico, Inc. | | | 200 | | | | 5,182 | |
Dole PLC | | | 2,300 | | | | 28,152 | |
Fresh Del Monte Produce, Inc. | | | 1,116 | | | | 24,385 | |
Ispire Technology, Inc.* | | | 800 | | | | 6,400 | |
Limoneira Co. | | | 600 | | | | 12,486 | |
Tejon Ranch Co.* | | | 725 | | | | 12,369 | |
The Andersons, Inc. | | | 1,032 | | | | 51,187 | |
Turning Point Brands, Inc. | | | 500 | | | | 16,045 | |
Universal Corp. | | | 755 | | | | 36,383 | |
Vector Group Ltd. | | | 4,857 | | | | 51,338 | |
Vital Farms, Inc.* | | | 1,100 | | | | 51,447 | |
| | | | | | | | |
| | | | | | | 295,374 | |
| | | | | | | | |
Airlines — 0.3% | | | | | | | | |
Allegiant Travel Co. | | | 524 | | | | 26,320 | |
Frontier Group Holdings, Inc.* | | | 1,200 | | | | 5,916 | |
Hawaiian Holdings, Inc.* | | | 1,626 | | | | 20,211 | |
JetBlue Airways Corp.* | | | 11,000 | | | | 66,990 | |
SkyWest, Inc.* | | | 1,281 | | | | 105,132 | |
Spirit Airlines, Inc. | | | 3,800 | | | | 13,908 | |
Sun Country Airlines Holdings, Inc.* | | | 1,200 | | | | 15,072 | |
Wheels Up Experience, Inc.* | | | 3,400 | | | | 6,426 | |
| | | | | | | | |
| | | | | | | 259,975 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
Apparel — 0.5% | | | | | | | | |
Hanesbrands, Inc.* | | | 11,700 | | | $ | 57,681 | |
Kontoor Brands, Inc. | | | 1,800 | | | | 119,070 | |
Oxford Industries, Inc. | | | 508 | | | | 50,876 | |
Rocky Brands, Inc. | | | 200 | | | | 7,392 | |
Steven Madden Ltd. | | | 2,373 | | | | 100,378 | |
Superior Group of Cos., Inc. | | | 500 | | | | 9,455 | |
Torrid Holdings, Inc.* | | | 400 | | | | 2,996 | |
Weyco Group, Inc. | | | 200 | | | | 6,064 | |
Wolverine World Wide, Inc. | | | 2,682 | | | | 36,261 | |
| | | | | | | | |
| | | | | | | 390,173 | |
| | | | | | | | |
Auto Manufacturers — 0.2% | | | | | | | | |
Blue Bird Corp.* | | | 1,092 | | | | 58,804 | |
Canoo, Inc.* | | | 2,400 | | | | 5,112 | |
Hyliion Holdings Corp.* | | | 5,500 | | | | 8,910 | |
REV Group, Inc. | | | 1,700 | | | | 42,313 | |
Wabash National Corp. | | | 1,400 | | | | 30,576 | |
| | | | | | | | |
| | | | | | | 145,715 | |
| | | | | | | | |
Auto Parts & Equipment — 1.1% | | | | | | | | |
Adient PLC* | | | 2,900 | | | | 71,659 | |
Aeva Technologies, Inc.* | | | 680 | | | | 1,714 | |
American Axle & Manufacturing Holdings, Inc.* | | | 3,416 | | | | 23,878 | |
Aurora Innovation, Inc.* | | | 28,100 | | | | 77,837 | |
Commercial Vehicle Group, Inc.* | | | 1,200 | | | | 5,880 | |
Cooper-Standard Holdings, Inc.* | | | 500 | | | | 6,220 | |
Dana, Inc. | | | 4,196 | | | | 50,855 | |
Dorman Products, Inc.* | | | 839 | | | | 76,752 | |
Douglas Dynamics, Inc. | | | 800 | | | | 18,720 | |
Fox Factory Holding Corp.* | | | 1,357 | | | | 65,394 | |
Gentherm, Inc.* | | | 1,068 | | | | 52,674 | |
Holley, Inc.* | | | 1,700 | | | | 6,086 | |
indie Semiconductor, Inc., Class A* | | | 5,500 | | | | 33,935 | |
Luminar Technologies, Inc.* | | | 11,600 | | | | 17,284 | |
Methode Electronics, Inc. | | | 1,060 | | | | 10,971 | |
Miller Industries, Inc. | | | 343 | | | | 18,872 | |
Phinia, Inc. | | | 1,500 | | | | 59,040 | |
SES AI Corp.* | | | 4,800 | | | | 6,000 | |
Solid Power, Inc.* | | | 4,500 | | | | 7,425 | |
Standard Motor Products, Inc. | | | 700 | | | | 19,411 | |
The Goodyear Tire & Rubber Co.* | | | 9,495 | | | | 107,768 | |
The Shyft Group, Inc. | | | 1,200 | | | | 14,232 | |
Titan International, Inc.* | | | 1,800 | | | | 13,338 | |
Visteon Corp.* | | | 862 | | | | 91,975 | |
XPEL, Inc.* | | | 900 | | | | 32,004 | |
| | | | | | | | |
| | | | | | | 889,924 | |
| | | | | | | | |
Banks — 8.2% | | | | | | | | |
1st Source Corp. | | | 588 | | | | 31,529 | |
ACNB Corp. | | | 300 | | | | 10,881 | |
Alerus Financial Corp. | | | 600 | | | | 11,766 | |
Amalgamated Financial Corp. | | | 600 | | | | 16,440 | |
Amerant Bancorp, Inc. | | | 900 | | | | 20,430 | |
Ameris Bancorp | | | 2,212 | | | | 111,374 | |
Ames National Corp. | | | 300 | | | | 6,147 | |
69
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Banks — (continued) | | | | | | | | |
Arrow Financial Corp. | | | 475 | | | $ | 12,374 | |
Associated Banc-Corp. | | | 4,900 | | | | 103,635 | |
Atlantic Union Bankshares Corp. | | | 3,012 | | | | 98,944 | |
BancFirst Corp. | | | 620 | | | | 54,374 | |
Bank First Corp. | | | 300 | | | | 24,777 | |
Bank of Hawaii Corp. | | | 1,300 | | | | 74,373 | |
Bank of Marin Bancorp | | | 480 | | | | 7,771 | |
Bank7 Corp. | | | 200 | | | | 6,260 | |
BankUnited, Inc. | | | 2,500 | | | | 73,175 | |
Bankwell Financial Group, Inc. | | | 200 | | | | 5,074 | |
Banner Corp. | | | 1,100 | | | | 54,604 | |
Bar Harbor Bankshares | | | 397 | | | | 10,671 | |
BayCom Corp. | | | 400 | | | | 8,140 | |
BCB Bancorp, Inc. | | | 500 | | | | 5,315 | |
Blue Foundry Bancorp* | | | 900 | | | | 8,163 | |
Bridgewater Bancshares Inc.* | | | 700 | | | | 8,127 | |
Burke & Herbert Financial Services Corp. | | | 402 | | | | 20,494 | |
Business First Bancshares, Inc. | | | 800 | | | | 17,408 | |
Byline Bancorp, Inc. | | | 1,100 | | | | 26,114 | |
Cadence Bank | | | 6,083 | | | | 172,027 | |
California BanCorp* | | | 300 | | | | 6,450 | |
Cambridge Bancorp | | | 300 | | | | 20,700 | |
Camden National Corp. | | | 439 | | | | 14,487 | |
Capital Bancorp, Inc. | | | 300 | | | | 6,150 | |
Capital City Bank Group, Inc. | | | 469 | | | | 13,338 | |
Carter Bankshares, Inc.* | | | 800 | | | | 12,096 | |
Cathay General Bancorp | | | 2,250 | | | | 84,870 | |
Central Pacific Financial Corp. | | | 900 | | | | 19,080 | |
Chemung Financial Corp. | | | 100 | | | | 4,800 | |
ChoiceOne Financial Services, Inc. | | | 300 | | | | 8,595 | |
Citizens & Northern Corp. | | | 556 | | | | 9,947 | |
Citizens Financial Services, Inc. | | | 101 | | | | 4,539 | |
City Holding Co. | | | 445 | | | | 47,281 | |
Civista Bancshares, Inc. | | | 600 | | | | 9,294 | |
CNB Financial Corp. | | | 574 | | | | 11,715 | |
Coastal Financial Corp.* | | | 400 | | | | 18,456 | |
Colony Bankcorp, Inc. | | | 500 | | | | 6,125 | |
Community Financial System, Inc. | | | 1,737 | | | | 82,004 | |
Community Trust Bancorp, Inc. | | | 483 | | | | 21,088 | |
Community West Bancshares | | | 400 | | | | 7,400 | |
ConnectOne Bancorp, Inc. | | | 1,060 | | | | 20,023 | |
CrossFirst Bankshares, Inc.* | | | 1,500 | | | | 21,030 | |
Customers Bancorp, Inc.* | | | 980 | | | | 47,020 | |
CVB Financial Corp. | | | 4,292 | | | | 73,994 | |
Dime Community Bancshares, Inc. | | | 1,109 | | | | 22,624 | |
Eagle Bancorp, Inc. | | | 873 | | | | 16,500 | |
Eastern Bankshares, Inc. | | | 5,200 | | | | 72,696 | |
Enterprise Bancorp, Inc. | | | 313 | | | | 7,787 | |
Enterprise Financial Services Corp. | | | 1,180 | | | | 48,274 | |
Equity Bancshares, Inc., Class A | | | 500 | | | | 17,600 | |
Esquire Financial Holdings, Inc. | | | 200 | | | | 9,520 | |
Farmers & Merchants Bancorp, Inc. | | | 400 | | | | 9,288 | |
Farmers National Banc Corp. | | | 1,100 | | | | 13,739 | |
FB Financial Corp. | | | 1,186 | | | | 46,290 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Banks — (continued) | | | | | | | | |
Fidelity D&D Bancorp, Inc. | | | 100 | | | $ | 4,380 | |
Financial Institutions, Inc. | | | 440 | | | | 8,501 | |
First Bancorp | | | 1,324 | | | | 42,262 | |
First Bancorp | | | 5,500 | | | | 100,595 | |
First Bank | | | 800 | | | | 10,192 | |
First Busey Corp. | | | 1,713 | | | | 41,472 | |
First Business Financial Services, Inc. | | | 300 | | | | 11,097 | |
First Commonwealth Financial Corp. | | | 3,421 | | | | 47,244 | |
First Community Bankshares, Inc. | | | 626 | | | | 23,062 | |
First Financial Bancorp | | | 3,182 | | | | 70,704 | |
First Financial Bankshares, Inc. | | | 4,204 | | | | 124,144 | |
First Financial Corp. | | | 380 | | | | 14,014 | |
First Foundation, Inc. | | | 1,800 | | | | 11,790 | |
First Internet Bancorp | | | 300 | | | | 8,106 | |
First Interstate BancSystem, Inc., Class A | | | 2,587 | | | | 71,841 | |
First Merchants Corp. | | | 1,930 | | | | 64,250 | |
First Mid Bancshares, Inc. | | | 700 | | | | 23,016 | |
Five Star Bancorp | | | 500 | | | | 11,825 | |
Fulton Financial Corp. | | | 6,003 | | | | 101,931 | |
FVCBankcorp, Inc.* | | | 500 | | | | 5,460 | |
German American Bancorp, Inc. | | | 938 | | | | 33,158 | |
Glacier Bancorp, Inc. | | | 3,799 | | | | 141,779 | |
Great Southern Bancorp, Inc. | | | 271 | | | | 15,070 | |
Guaranty Bancshares, Inc. | | | 330 | | | | 10,408 | |
Hancock Whitney Corp. | | | 2,878 | | | | 137,655 | |
Hanmi Financial Corp. | | | 1,113 | | | | 18,609 | |
HarborOne Bancorp, Inc. | | | 1,177 | | | | 13,100 | |
HBT Financial, Inc. | | | 400 | | | | 8,168 | |
Heartland Financial USA, Inc. | | | 1,417 | | | | 62,986 | |
Heritage Commerce Corp. | | | 1,900 | | | | 16,530 | |
Heritage Financial Corp. | | | 1,230 | | | | 22,177 | |
Hilltop Holdings, Inc. | | | 1,542 | | | | 48,234 | |
Home BancShares, Inc. | | | 6,235 | | | | 149,391 | |
HomeStreet, Inc. | | | 600 | | | | 6,840 | |
Hope Bancorp, Inc. | | | 3,567 | | | | 38,310 | |
Horizon Bancorp, Inc. | | | 1,350 | | | | 16,700 | |
Independent Bank Corp. | | | 1,360 | | | | 68,979 | |
Independent Bank Corp. | | | 600 | | | | 16,200 | |
Independent Bank Group, Inc. | | | 1,150 | | | | 52,348 | |
International Bancshares Corp. | | | 1,825 | | | | 104,408 | |
Investar Holding Corp. | | | 400 | | | | 6,160 | |
John Marshall Bancorp, Inc. | | | 400 | | | | 6,976 | |
Kearny Financial Corp. | | | 1,645 | | | | 10,117 | |
Lakeland Financial Corp. | | | 791 | | | | 48,662 | |
LCNB Corp. | | | 400 | | | | 5,564 | |
LINKBANCORP, Inc. | | | 900 | | | | 5,508 | |
Live Oak Bancshares, Inc. | | | 1,100 | | | | 38,566 | |
Macatawa Bank Corp. | | | 800 | | | | 11,680 | |
Mercantile Bank Corp. | | | 500 | | | | 20,285 | |
Merchants Bancorp | | | 500 | | | | 20,270 | |
Metrocity Bankshares, Inc. | | | 600 | | | | 15,840 | |
Metropolitan Bank Holding Corp.* | | | 300 | | | | 12,627 | |
Mid Penn Bancorp, Inc. | | | 400 | | | | 8,780 | |
Middlefield Banc Corp. | | | 300 | | | | 7,215 | |
70
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Banks — (continued) | | | | | | | | |
Midland States Bancorp, Inc. | | | 700 | | | $ | 15,855 | |
MidWestOne Financial Group, Inc. | | | 400 | | | | 8,996 | |
MVB Financial Corp. | | | 400 | | | | 7,456 | |
National Bank Holdings Corp., Class A | | | 1,200 | | | | 46,860 | |
National Bankshares, Inc. | | | 200 | | | | 5,656 | |
NB Bancorp, Inc.* | | | 1,300 | | | | 19,604 | |
NBT Bancorp, Inc. | | | 1,469 | | | | 56,703 | |
Nicolet Bankshares, Inc. | | | 400 | | | | 33,216 | |
Northeast Bank | | | 200 | | | | 12,172 | |
Northeast Community Bancorp, Inc. | | | 500 | | | | 8,910 | |
Northrim BanCorp, Inc. | | | 200 | | | | 11,528 | |
Norwood Financial Corp. | | | 300 | | | | 7,614 | |
Oak Valley Bancorp | | | 300 | | | | 7,491 | |
OFG Bancorp | | | 1,510 | | | | 56,550 | |
Old National Bancorp | | | 10,450 | | | | 179,636 | |
Old Second Bancorp, Inc. | | | 1,400 | | | | 20,734 | |
Orange County Bancorp, Inc. | | | 200 | | | | 10,576 | |
Origin Bancorp, Inc. | | | 1,000 | | | | 31,720 | |
Orrstown Financial Services, Inc. | | | 600 | | | | 16,416 | |
Park National Corp. | | | 444 | | | | 63,199 | |
Parke Bancorp, Inc. | | | 300 | | | | 5,220 | |
Pathward Financial, Inc. | | | 800 | | | | 45,256 | |
PCB Bancorp | | | 400 | | | | 6,512 | |
Peapack-Gladstone Financial Corp. | | | 436 | | | | 9,875 | |
Peoples Bancorp of North Carolina, Inc. | | | 200 | | | | 5,840 | |
Peoples Bancorp, Inc. | | | 1,091 | | | | 32,730 | |
Peoples Financial Services Corp. | | | 300 | | | | 13,662 | |
Pioneer Bancorp, Inc.* | | | 500 | | | | 5,005 | |
Plumas Bancorp | | | 200 | | | | 7,196 | |
Ponce Financial Group, Inc.* | | | 800 | | | | 7,312 | |
Preferred Bank | | | 400 | | | | 30,196 | |
Premier Financial Corp. | | | 1,131 | | | | 23,140 | |
Primis Financial Corp. | | | 500 | | | | 5,240 | |
Princeton Bancorp, Inc. | | | 200 | | | | 6,620 | |
Provident Bancorp, Inc.* | | | 600 | | | | 6,114 | |
QCR Holdings, Inc. | | | 500 | | | | 30,000 | |
RBB Bancorp | | | 400 | | | | 7,524 | |
Red River Bancshares, Inc. | | | 100 | | | | 4,799 | |
Renasant Corp. | | | 1,835 | | | | 56,041 | |
Republic Bancorp, Inc., Class A | | | 287 | | | | 15,386 | |
S&T Bancorp, Inc. | | | 1,181 | | | | 39,434 | |
Sandy Spring Bancorp, Inc. | | | 1,450 | | | | 35,322 | |
Seacoast Banking Corp of Florida | | | 2,796 | | | | 66,097 | |
ServisFirst Bancshares, Inc. | | | 1,700 | | | | 107,423 | |
Shore Bancshares, Inc. | | | 1,065 | | | | 12,194 | |
Sierra Bancorp | | | 412 | | | | 9,221 | |
Simmons First National Corp., Class A | | | 4,196 | | | | 73,766 | |
SmartFinancial, Inc. | | | 600 | | | | 14,202 | |
South Plains Financial, Inc. | | | 400 | | | | 10,800 | |
Southern California Bancorp* | | | 500 | | | | 6,735 | |
Southern First Bancshares, Inc.* | | | 300 | | | | 8,772 | |
Southern States Bancshares, Inc. | | | 300 | | | | 8,142 | |
Southside Bancshares, Inc. | | | 971 | | | | 26,809 | |
SouthState Corp. | | | 2,527 | | | | 193,113 | |
Stellar Bancorp, Inc. | | | 1,492 | | | | 34,256 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Banks — (continued) | | | | | | | | |
Sterling Bancorp, Inc.* | | | 600 | | | $ | 3,138 | |
Stock Yards Bancorp, Inc. | | | 867 | | | | 43,064 | |
Texas Capital Bancshares, Inc.* | | | 1,500 | | | | 91,710 | |
The Bancorp, Inc.* | | | 1,612 | | | | 60,869 | |
The Bank of NT Butterfield & Son Ltd. | | | 1,600 | | | | 56,192 | |
The First Bancorp, Inc. | | | 234 | | | | 5,815 | |
The First Bancshares, Inc. | | | 1,000 | | | | 25,980 | |
The First of Long Island Corp. | | | 689 | | | | 6,904 | |
Third Coast Bancshares, Inc.* | | | 500 | | | | 10,635 | |
Tompkins Financial Corp. | | | 458 | | | | 22,396 | |
Towne Bank | | | 2,277 | | | | 62,094 | |
TriCo Bancshares | | | 998 | | | | 39,491 | |
Triumph Financial, Inc.* | | | 700 | | | | 57,225 | |
TrustCo Bank Corp. | | | 650 | | | | 18,701 | |
Trustmark Corp. | | | 2,030 | | | | 60,981 | |
UMB Financial Corp.* | | | 1,481 | | | | 123,545 | |
United Bankshares, Inc. | | | 4,360 | | | | 141,438 | |
United Community Banks, Inc. | | | 3,971 | | | | 101,102 | |
Unity Bancorp, Inc. | | | 200 | | | | 5,914 | |
Univest Financial Corp. | | | 987 | | | | 22,533 | |
USCB Financial Holdings, Inc. | | | 400 | | | | 5,132 | |
Valley National Bancorp | | | 13,983 | | | | 97,601 | |
Veritex Holdings, Inc. | | | 1,753 | | | | 36,971 | |
Virginia National Bankshares Corp. | | | 200 | | | | 6,560 | |
Walker & Dunlop, Inc. | | | 1,040 | | | | 102,128 | |
Washington Trust Bancorp, Inc. | | | 570 | | | | 15,624 | |
WesBanco, Inc. | | | 1,830 | | | | 51,075 | |
West BanCorp, Inc. | | | 478 | | | | 8,556 | |
Westamerica BanCorp | | | 873 | | | | 42,367 | |
| | | | | | | | |
| | | | | | | 6,746,960 | |
| | | | | | | | |
Beverages — 0.3% | | | | | | | | |
BRC, Inc., Class A* | | | 1,800 | | | | 11,034 | |
MGP Ingredients, Inc. | | | 500 | | | | 37,200 | |
National Beverage Corp. | | | 784 | | | | 40,172 | |
Primo Water Corp. | | | 5,100 | | | | 111,486 | |
The Duckhorn Portfolio, Inc.* | | | 1,600 | | | | 11,360 | |
The Vita Coco Co., Inc.* | | | 1,200 | | | | 33,420 | |
Westrock Coffee Co.* | | | 1,100 | | | | 11,253 | |
| | | | | | | | |
| | | | | | | 255,925 | |
| | | | | | | | |
Biotechnology — 7.8% | | | | | | | | |
2seventy bio, Inc.* | | | 1,433 | | | | 5,517 | |
4D Molecular Therapeutics, Inc.* | | | 1,700 | | | | 35,683 | |
89bio, Inc.* | | | 2,800 | | | | 22,428 | |
Absci Corp.* | | | 2,900 | | | | 8,932 | |
ACADIA Pharmaceuticals, Inc.* | | | 4,000 | | | | 65,000 | |
Achieve Life Sciences, Inc.* | | | 1,300 | | | | 6,110 | |
Acrivon Therapeutics, Inc.* | | | 400 | | | | 2,320 | |
Actinium Pharmaceuticals, Inc.* | | | 1,000 | | | | 7,400 | |
Acumen Pharmaceuticals, Inc.* | | | 1,800 | | | | 4,356 | |
ADC Therapeutics S.A.* | | | 2,600 | | | | 8,216 | |
ADMA Biologics, Inc.* | | | 7,500 | | | | 83,850 | |
Adverum Biotechnologies, Inc.* | | | 800 | | | | 5,488 | |
Aerovate Therapeutics, Inc.* | | | 300 | | | | 498 | |
Agenus, Inc.* | | | 505 | | | | 8,459 | |
71
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Biotechnology — (continued) | | | | | | | | |
Akero Therapeutics, Inc.* | | | 2,300 | | | $ | 53,958 | |
Aldeyra Therapeutics, Inc.* | | | 1,800 | | | | 5,958 | |
Allogene Therapeutics, Inc.* | | | 2,800 | | | | 6,524 | |
Altimmune, Inc.* | | | 1,900 | | | | 12,635 | |
Alto Neuroscience, Inc.* | | | 400 | | | | 4,276 | |
ALX Oncology Holdings, Inc.* | | | 600 | | | | 3,618 | |
Amicus Therapeutics, Inc.* | | | 9,800 | | | | 97,216 | |
AnaptysBio, Inc.* | | | 700 | | | | 17,542 | |
Anavex Life Sciences Corp.* | | | 2,500 | | | | 10,550 | |
ANI Pharmaceuticals, Inc.* | | | 600 | | | | 38,208 | |
Annexon, Inc.* | | | 3,000 | | | | 14,700 | |
Apogee Therapeutics, Inc.* | | | 1,300 | | | | 51,155 | |
Applied Therapeutics, Inc.* | | | 3,400 | | | | 15,878 | |
Arbutus Biopharma Corp.* | | | 4,800 | | | | 14,832 | |
Arcellx, Inc.* | | | 1,400 | | | | 77,266 | |
Arcturus Therapeutics Holdings, Inc.* | | | 700 | | | | 17,045 | |
Arcus Biosciences, Inc.* | | | 1,800 | | | | 27,414 | |
Arcutis Biotherapeutics, Inc.* | | | 3,600 | | | | 33,480 | |
Ardelyx, Inc.* | | | 7,700 | | | | 57,057 | |
ArriVent Biopharma, Inc.* | | | 400 | | | | 7,420 | |
Arrowhead Pharmaceuticals, Inc.* | | | 4,000 | | | | 103,960 | |
ARS Pharmaceuticals, Inc.* | | | 1,700 | | | | 14,467 | |
Astria Therapeutics, Inc.* | | | 1,600 | | | | 14,560 | |
Atea Pharmaceuticals, Inc.* | | | 2,800 | | | | 9,268 | |
Atossa Therapeutics, Inc.* | | | 4,900 | | | | 5,831 | |
Aura Biosciences, Inc.* | | | 1,600 | | | | 12,096 | |
Aurinia Pharmaceuticals, Inc.* | | | 4,500 | | | | 25,695 | |
Avid Bioservices, Inc.* | | | 2,100 | | | | 14,994 | |
Avidity Biosciences, Inc.* | | | 3,400 | | | | 138,890 | |
Axsome Therapeutics, Inc.* | | | 1,200 | | | | 96,600 | |
Beam Therapeutics, Inc.* | | | 2,600 | | | | 60,918 | |
BioCryst Pharmaceuticals, Inc.* | | | 7,000 | | | | 43,260 | |
Biohaven Ltd.* | | | 2,461 | | | | 85,421 | |
Biomea Fusion, Inc.* | | | 700 | | | | 3,150 | |
Black Diamond Therapeutics, Inc.* | | | 1,400 | | | | 6,524 | |
Bluebird Bio, Inc.* | | | 4,200 | | | | 4,134 | |
Blueprint Medicines Corp.* | | | 2,100 | | | | 226,338 | |
Bridgebio Pharma, Inc.* | | | 4,655 | | | | 117,911 | |
C4 Therapeutics, Inc.* | | | 2,100 | | | | 9,702 | |
Cabaletta Bio, Inc.* | | | 1,500 | | | | 11,220 | |
Candel Therapeutics, Inc.* | | | 800 | | | | 4,960 | |
Capricor Therapeutics, Inc.* | | | 1,000 | | | | 4,770 | |
Cardiff Oncology, Inc.* | | | 1,600 | | | | 3,552 | |
Cargo Therapeutics, Inc.* | | | 700 | | | | 11,494 | |
Caribou Biosciences, Inc.* | | | 3,000 | | | | 4,920 | |
Cartesian Therapeutics, Inc.* | | | 160 | | | | 4,322 | |
Cassava Sciences, Inc.* | | | 1,400 | | | | 17,290 | |
Celcuity, Inc.* | | | 800 | | | | 13,104 | |
Celldex Therapeutics, Inc.* | | | 2,200 | | | | 81,422 | |
Century Therapeutics, Inc.* | | | 800 | | | | 2,040 | |
CervoMed, Inc.* | | | 200 | | | | 3,424 | |
CG oncology, Inc.* | | | 700 | | | | 22,099 | |
Chinook Therapeutics, Inc.* | | | 2,060 | | | | 803 | |
ChromaDex Corp.* | | | 1,900 | | | | 5,187 | |
Cibus, Inc.* | | | 600 | | | | 5,910 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Biotechnology — (continued) | | | | | | | | |
Cogent Biosciences, Inc.* | | | 2,900 | | | $ | 24,447 | |
Compass Therapeutics, Inc.* | | | 3,500 | | | | 3,500 | |
Contineum Therapeutics, Inc., Class A* | | | 300 | | | | 5,283 | |
Crinetics Pharmaceuticals, Inc.* | | | 2,600 | | | | 116,454 | |
Cullinan Therapeutics, Inc.* | | | 1,300 | | | | 22,672 | |
Cytek Biosciences, Inc.* | | | 4,000 | | | | 22,320 | |
Cytokinetics, Inc.* | | | 3,700 | | | | 200,466 | |
Day One Biopharmaceuticals, Inc.* | | | 1,900 | | | | 26,182 | |
Denali Therapeutics, Inc.* | | | 4,100 | | | | 95,202 | |
Design Therapeutics, Inc.* | | | 1,300 | | | | 4,355 | |
Dianthus Therapeutics, Inc.* | | | 800 | | | | 20,704 | |
Disc Medicine, Inc.* | | | 600 | | | | 27,042 | |
Dynavax Technologies Corp.* | | | 4,420 | | | | 49,637 | |
Dyne Therapeutics, Inc.* | | | 2,700 | | | | 95,283 | |
Edgewise Therapeutics, Inc.* | | | 2,400 | | | | 43,224 | |
Editas Medicine, Inc.* | | | 2,500 | | | | 11,675 | |
Elevation Oncology, Inc.* | | | 2,100 | | | | 5,670 | |
Entrada Therapeutics, Inc.* | | | 800 | | | | 11,400 | |
Erasca, Inc.* | | | 2,400 | | | | 5,664 | |
Esperion Therapeutics, Inc.* | | | 6,600 | | | | 14,652 | |
Evolus, Inc.* | | | 1,900 | | | | 20,615 | |
EyePoint Pharmaceuticals, Inc.* | | | 1,300 | | | | 11,310 | |
Fate Therapeutics, Inc.* | | | 2,900 | | | | 9,512 | |
Fibrobiologics, Inc.* | | | 1,000 | | | | 4,990 | |
Generation Bio Co.* | | | 1,300 | | | | 3,666 | |
Geron Corp.* | | | 19,240 | | | | 81,577 | |
Greenwich Lifesciences, Inc.* | | | 200 | | | | 3,452 | |
Guardant Health, Inc.* | | | 3,900 | | | | 112,632 | |
Halozyme Therapeutics, Inc.* | | | 4,089 | | | | 214,100 | |
Harvard Bioscience, Inc.* | | | 1,500 | | | | 4,275 | |
HilleVax, Inc.* | | | 1,100 | | | | 15,906 | |
Humacyte, Inc.* | | | 3,100 | | | | 14,880 | |
Ideaya Biosciences, Inc.* | | | 2,500 | | | | 87,775 | |
IGM Biosciences, Inc.* | | | 300 | | | | 2,061 | |
ImmunityBio, Inc.* | | | 4,800 | | | | 30,336 | |
Immunome, Inc.* | | | 1,800 | | | | 21,780 | |
Immunovant, Inc.* | | | 1,900 | | | | 50,160 | |
Inhibrx Biosciences, Inc.* | | | 200 | | | | 2,834 | |
Inmune Bio, Inc.* | | | 500 | | | | 4,410 | |
Innoviva, Inc.* | | | 1,700 | | | | 27,880 | |
Inovio Pharmaceuticals, Inc.* | | | 900 | | | | 7,272 | |
Inozyme Pharma, Inc.* | | | 1,300 | | | | 5,798 | |
Insmed, Inc.* | | | 5,100 | | | | 341,700 | |
Intellia Therapeutics, Inc.* | | | 3,200 | | | | 71,616 | |
Invivyd, Inc.* | | | 3,300 | | | | 3,630 | |
Iovance Biotherapeutics, Inc.* | | | 8,500 | | | | 68,170 | |
iTeos Therapeutics, Inc.* | | | 700 | | | | 10,388 | |
Janux Therapeutics, Inc.* | | | 900 | | | | 37,701 | |
Jasper Therapeutics, Inc.* | | | 400 | | | | 9,080 | |
Keros Therapeutics, Inc.* | | | 1,000 | | | | 45,700 | |
Kiniksa Pharmaceuticals International PLC* | | | 1,300 | | | | 24,271 | |
Kodiak Sciences, Inc.* | | | 1,100 | | | | 2,585 | |
Korro Bio, Inc.* | | | 200 | | | | 6,774 | |
Krystal Biotech, Inc.* | | | 794 | | | | 145,810 | |
72
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Biotechnology — (continued) | | | | | | | | |
Kymera Therapeutics, Inc.* | | | 1,500 | | | $ | 44,775 | |
Kyverna Therapeutics, Inc.* | | | 700 | | | | 5,250 | |
Larimar Therapeutics, Inc.* | | | 1,500 | | | | 10,875 | |
LENZ Therapeutics, Inc. | | | 485 | | | | 8,386 | |
Lexeo Therapeutics, Inc.* | | | 200 | | | | 3,208 | |
Lexicon Pharmaceuticals, Inc.* | | | 2,560 | | | | 4,301 | |
Ligand Pharmaceuticals, Inc.* | | | 621 | | | | 52,325 | |
Lineage Cell Therapeutics, Inc.* | | | 5,100 | | | | 5,086 | |
Liquidia Corp.* | | | 2,000 | | | | 24,000 | |
MacroGenics, Inc.* | | | 1,900 | | | | 8,075 | |
Maravai LifeSciences Holdings, Inc., Class A* | | | 3,800 | | | | 27,208 | |
MeiraGTx Holdings PLC* | | | 1,100 | | | | 4,631 | |
Merrimack Pharmaceuticals, Inc.* | | | 400 | | | | 0 | |
Mersana Therapeutics, Inc.* | | | 3,400 | | | | 6,834 | |
Mind Medicine MindMed, Inc.* | | | 2,500 | | | | 18,025 | |
Mineralys Therapeutics, Inc.* | | | 1,000 | | | | 11,700 | |
Monte Rosa Therapeutics, Inc.* | | | 1,100 | | | | 4,114 | |
Myriad Genetics, Inc.* | | | 3,000 | | | | 73,380 | |
Nektar Therapeutics* | | | 6,600 | | | | 8,184 | |
NeoGenomics, Inc.* | | | 4,000 | | | | 55,480 | |
Neumora Therapeutics, Inc.* | | | 2,900 | | | | 28,507 | |
Nkarta, Inc.* | | | 1,900 | | | | 11,229 | |
Novavax, Inc.* | | | 4,700 | | | | 59,502 | |
Nurix Therapeutics, Inc.* | | | 2,000 | | | | 41,740 | |
Nuvalent, Inc., Class A* | | | 1,100 | | | | 83,446 | |
Nuvation Bio, Inc.* | | | 6,200 | | | | 18,104 | |
Olema Pharmaceuticals, Inc.* | | | 1,400 | | | | 15,148 | |
Omeros Corp.* | | | 2,300 | | | | 9,338 | |
Organogenesis Holdings, Inc.* | | | 2,500 | | | | 7,000 | |
Ovid therapeutics, Inc.* | | | 2,300 | | | | 1,769 | |
PepGen, Inc.* | | | 600 | | | | 9,576 | |
Perspective Therapeutics, Inc.* | | | 1,600 | | | | 15,952 | |
Phathom Pharmaceuticals, Inc.* | | | 1,200 | | | | 12,360 | |
Pliant Therapeutics, Inc.* | | | 2,000 | | | | 21,500 | |
Poseida Therapeutics, Inc.* | | | 2,800 | | | | 8,176 | |
Praxis Precision Medicines, Inc.* | | | 600 | | | | 24,816 | |
Precigen, Inc.* | | | 3,300 | | | | 5,214 | |
Prime Medicine, Inc.* | | | 1,500 | | | | 7,710 | |
ProKidney Corp.* | | | 1,500 | | | | 3,690 | |
Prothena Corp. PLC* | | | 1,400 | | | | 28,896 | |
PTC Therapeutics, Inc.* | | | 2,500 | | | | 76,450 | |
Puma Biotechnology, Inc.* | | | 1,600 | | | | 5,216 | |
Pyxis Oncology, Inc.* | | | 1,900 | | | | 6,289 | |
Q32 Bio, Inc.* | | | 300 | | | | 5,385 | |
RAPT Therapeutics, Inc.* | | | 1,000 | | | | 3,050 | |
Recursion Pharmaceuticals, Inc., Class A* | | | 6,900 | | | | 51,750 | |
REGENXBIO, Inc.* | | | 1,400 | | | | 16,380 | |
Relay Therapeutics, Inc.* | | | 3,000 | | | | 19,560 | |
Renovaro, Inc.* | | | 2,100 | | | | 3,675 | |
Replimune Group, Inc.* | | | 1,800 | | | | 16,200 | |
REVOLUTION Medicines, Inc.* | | | 5,101 | | | | 197,970 | |
Rigel Pharmaceuticals, Inc.* | | | 629 | | | | 5,170 | |
Rocket Pharmaceuticals, Inc.* | | | 2,200 | | | | 47,366 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Biotechnology — (continued) | | | | | | | | |
Sage Therapeutics, Inc.* | | | 1,800 | | | $ | 19,548 | |
Sana Biotechnology, Inc.* | | | 4,500 | | | | 24,570 | |
Savara, Inc.* | | | 3,000 | | | | 12,090 | |
Scholar Rock Holding Corp.* | | | 2,400 | | | | 19,992 | |
Scilex Holding Co.* | | | 1,931 | | | | 3,727 | |
Shattuck Labs, Inc.* | | | 1,500 | | | | 5,790 | |
Solid Biosciences, Inc.* | | | 900 | | | | 5,103 | |
SpringWorks Therapeutics, Inc.* | | | 2,200 | | | | 82,874 | |
Stoke Therapeutics, Inc.* | | | 1,200 | | | | 16,212 | |
Sutro Biopharma, Inc.* | | | 2,134 | | | | 6,253 | |
Syndax Pharmaceuticals, Inc.* | | | 2,600 | | | | 53,378 | |
Tango Therapeutics, Inc.* | | | 1,500 | | | | 12,870 | |
Tarsus Pharmaceuticals, Inc.* | | | 1,200 | | | | 32,616 | |
Taysha Gene Therapies, Inc.* | | | 5,700 | | | | 12,768 | |
Tenaya Therapeutics, Inc.* | | | 1,500 | | | | 4,650 | |
Terns Pharmaceuticals, Inc.* | | | 1,600 | | | | 10,896 | |
TG Therapeutics, Inc.* | | | 4,700 | | | | 83,613 | |
Theravance Biopharma, Inc.* | | | 1,600 | | | | 13,568 | |
Third Harmonic Bio, Inc.* | | | 600 | | | | 7,800 | |
Tobira Therapeutic, Inc.* | | | 400 | | | | 1,812 | |
Tourmaline Bio, Inc. | | | 800 | | | | 10,288 | |
Travere Therapeutics, Inc.* | | | 2,300 | | | | 18,906 | |
TScan Therapeutics, Inc.* | | | 1,400 | | | | 8,190 | |
Tyra Biosciences, Inc.* | | | 500 | | | | 7,995 | |
UroGen Pharma Ltd.* | | | 1,000 | | | | 16,780 | |
Ventyx Biosciences, Inc.* | | | 1,500 | | | | 3,465 | |
Vera Therapeutics, Inc.* | | | 1,300 | | | | 47,034 | |
Veracyte, Inc.* | | | 2,600 | | | | 56,342 | |
Verastem, Inc.* | | | 1,100 | | | | 3,278 | |
Vericel Corp.* | | | 1,600 | | | | 73,408 | |
Veru, Inc.* | | | 5,400 | | | | 4,543 | |
Verve Therapeutics, Inc.* | | | 2,300 | | | | 11,224 | |
Vir Biotechnology, Inc.* | | | 3,000 | | | | 26,700 | |
Viridian Therapeutics, Inc.* | | | 2,100 | | | | 27,321 | |
WaVe Life Sciences Ltd.* | | | 2,300 | | | | 11,477 | |
X4 Pharmaceuticals, Inc.* | | | 4,800 | | | | 2,784 | |
XBiotech, Inc.* | | | 800 | | | | 4,112 | |
Xencor, Inc.* | | | 1,900 | | | | 35,967 | |
XOMA Corp.* | | | 300 | | | | 7,107 | |
Zentalis Pharmaceuticals, Inc.* | | | 1,800 | | | | 7,362 | |
Zevra Therapeutics, Inc.* | | | 1,400 | | | | 6,860 | |
Zura Bio Ltd.* | | | 300 | | | | 1,050 | |
Zymeworks, Inc.* | | | 1,600 | | | | 13,616 | |
| | | | | | | | |
| | | | | | | 6,411,613 | |
| | | | | | | | |
Building Materials — 1.8% | | | | | | | | |
American Woodmark Corp.* | | | 569 | | | | 44,723 | |
Apogee Enterprises, Inc. | | | 743 | | | | 46,686 | |
Aspen Aerogels, Inc.* | | | 2,000 | | | | 47,700 | |
Boise Cascade Co. | | | 1,300 | | | | 154,986 | |
Caesarstone Ltd.* | | | 800 | | | | 4,000 | |
Gibraltar Industries, Inc.* | | | 1,001 | | | | 68,619 | |
Griffon Corp. | | | 1,256 | | | | 80,208 | |
JELD-WEN Holding, Inc.* | | | 2,700 | | | | 36,369 | |
Knife River Corp.* | | | 1,900 | | | | 133,266 | |
73
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Building Materials — (continued) | | | | | | | | |
LSI Industries, Inc. | | | 1,000 | | | $ | 14,470 | |
Masterbrand, Inc.* | | | 4,000 | | | | 58,720 | |
Modine Manufacturing Co.* | | | 1,677 | | | | 168,019 | |
SmartRent, Inc.* | | | 6,700 | | | | 16,013 | |
Smith-Midland Corp.* | | | 200 | | | | 5,538 | |
SPX Technologies, Inc.* | | | 1,500 | | | | 213,210 | |
Summit Materials, Inc., Class A* | | | 4,074 | | | | 149,149 | |
Tecnoglass, Inc. | | | 800 | | | | 40,144 | |
UFP Industries, Inc. | | | 2,049 | | | | 229,488 | |
| | | | | | | | |
| | | | | | | 1,511,308 | |
| | | | | | | | |
Chemicals — 2.0% | | | | | | | | |
AdvanSix, Inc. | | | 900 | | | | 20,628 | |
American Vanguard Corp. | | | 778 | | | | 6,691 | |
Arcadium Lithium PLC* | | | 36,084 | | | | 121,242 | |
Avient Corp. | | | 2,955 | | | | 128,986 | |
Balchem Corp. | | | 1,030 | | | | 158,568 | |
Cabot Corp. | | | 1,800 | | | | 165,402 | |
Codexis, Inc.* | | | 2,000 | | | | 6,200 | |
Danimer Scientific, Inc.* | | | 1,066 | | | | 0 | |
Ecovyst, Inc.* | | | 3,900 | | | | 34,983 | |
H.B. Fuller Co. | | | 1,780 | | | | 136,989 | |
Hawkins, Inc. | | | 698 | | | | 63,518 | |
Ingevity Corp.* | | | 1,200 | | | | 52,452 | |
Innospec, Inc. | | | 800 | | | | 98,872 | |
Intrepid Potash, Inc.* | | | 370 | | | | 8,669 | |
Koppers Holdings, Inc. | | | 620 | | | | 22,934 | |
Kronos Worldwide, Inc. | | | 500 | | | | 6,275 | |
Lightwave Logic, Inc.* | | | 3,700 | | | | 11,063 | |
Mativ Holdings, Inc. | | | 1,655 | | | | 28,069 | |
Minerals Technologies, Inc. | | | 1,028 | | | | 85,488 | |
Northern Technologies International Corp. | | | 300 | | | | 4,968 | |
Oil-Dri Corp of America | | | 200 | | | | 12,818 | |
Orion S.A. | | | 1,900 | | | | 41,686 | |
Perimeter Solutions S.A.* | | | 4,600 | | | | 36,018 | |
Quaker Chemical Corp. | | | 445 | | | | 75,517 | |
Rayonier Advanced Materials, Inc.* | | | 1,900 | | | | 10,336 | |
Rogers Corp.* | | | 677 | | | | 81,653 | |
Sensient Technologies Corp. | | | 1,358 | | | | 100,750 | |
Stepan Co. | | | 676 | | | | 56,757 | |
Tronox Holdings PLC | | | 4,000 | | | | 62,760 | |
Valhi, Inc. | | | 100 | | | | 1,783 | |
| | | | | | | | |
| | | | | | | 1,642,075 | |
| | | | | | | | |
Coal — 0.7% | | | | | | | | |
Alpha Metallurgical Resources, Inc. | | | 369 | | | | 103,516 | |
Arch Resources, Inc. | | | 578 | | | | 87,989 | |
CONSOL Energy, Inc.* | | | 1,009 | | | | 102,948 | |
Hallador Energy Co.* | | | 900 | | | | 6,993 | |
NACCO Industries, Inc., Class A | | | 100 | | | | 2,767 | |
Peabody Energy Corp. | | | 4,300 | | | | 95,116 | |
Ramaco Resources, Inc., Class A | | | 700 | | | | 8,715 | |
Ramaco Resources, Inc., Class B | | | 140 | | | | 1,520 | |
SunCoke Energy, Inc. | | | 2,641 | | | | 25,882 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | |
Coal — (continued) | | | | | | | | |
Warrior Met Coal, Inc. | | | 1,700 | | | $ | 106,709 | |
| | | | | | | | |
| | | | | | | 542,155 | |
| | | | | | | | |
Commercial Services — 4.5% | | | | | | | | |
ABM Industries, Inc. | | | 2,039 | | | | 103,112 | |
Acacia Research Corp.* | | | 1,500 | | | | 7,515 | |
Adtalem Global Education, Inc.* | | | 1,300 | | | | 88,673 | |
AirSculpt Technologies, Inc.* | | | 300 | | | | 1,200 | |
Alarm.com Holdings, Inc.* | | | 1,600 | | | | 101,664 | |
Alight, Inc., Class A* | | | 15,800 | | | | 116,604 | |
Alta Equipment Group, Inc. | | | 700 | | | | 5,628 | |
American Public Education, Inc.* | | | 600 | | | | 10,548 | |
AMN Healthcare Services, Inc.* | | | 1,209 | | | | 61,937 | |
Arlo Technologies, Inc.* | | | 3,033 | | | | 39,550 | |
Barrett Business Services, Inc. | | | 920 | | | | 30,148 | |
BrightView Holdings, Inc.* | | | 1,415 | | | | 18,819 | |
Cadiz, Inc.* | | | 1,600 | | | | 4,944 | |
Carriage Services, Inc. | | | 500 | | | | 13,420 | |
Cass Information Systems, Inc. | | | 498 | | | | 19,955 | |
CBIZ, Inc.* | | | 1,640 | | | | 121,524 | |
Chegg, Inc.* | | | 3,800 | | | | 12,008 | |
Cimpress PLC* | | | 560 | | | | 49,062 | |
CompoSecure, Inc., Class A | | | 700 | | | | 4,760 | |
CoreCivic, Inc.* | | | 3,500 | | | | 45,430 | |
Coursera, Inc.* | | | 4,300 | | | | 30,788 | |
CPI Card Group, Inc.* | | | 200 | | | | 5,450 | |
CRA International, Inc. | | | 274 | | | | 47,188 | |
Cross Country Healthcare, Inc.* | | | 1,084 | | | | 15,003 | |
Custom Truck One Source, Inc.* | | | 2,100 | | | | 9,135 | |
Deluxe Corp. | | | 1,507 | | | | 33,847 | |
Distribution Solutions Group, Inc.* | | | 342 | | | | 10,260 | |
DLH Holdings Corp.* | | | 400 | | | | 4,224 | |
Driven Brands Holdings, Inc.* | | | 2,000 | | | | 25,460 | |
Emerald Holding, Inc.* | | | 600 | | | | 3,414 | |
Ennis, Inc. | | | 858 | | | | 18,782 | |
European Wax Center, Inc., Class A* | | | 1,000 | | | | 9,930 | |
EVERTEC, Inc. | | | 2,139 | | | | 71,122 | |
First Advantage Corp. | | | 1,700 | | | | 27,319 | |
FiscalNote Holdings, Inc.* | | | 2,500 | | | | 3,650 | |
Flywire Corp.* | | | 4,000 | | | | 65,560 | |
Forrester Research, Inc.* | | | 375 | | | | 6,405 | |
Franklin Covey Co.* | | | 397 | | | | 15,086 | |
Graham Holdings Co., Class B | | | 113 | | | | 79,049 | |
Green Dot Corp., Class A* | | | 1,840 | | | | 17,388 | |
Healthcare Services Group, Inc.* | | | 2,580 | | | | 27,296 | |
Heidrick & Struggles International, Inc. | | | 669 | | | | 21,127 | |
Herc Holdings, Inc. | | | 910 | | | | 121,294 | |
Hertz Global Holdings, Inc.* | | | 4,300 | | | | 15,179 | |
HireQuest, Inc. | | | 200 | | | | 2,470 | |
Huron Consulting Group, Inc.* | | | 628 | | | | 61,858 | |
I3 Verticals, Inc., Class A* | | | 800 | | | | 17,664 | |
ICF International, Inc. | | | 598 | | | | 88,779 | |
Information Services Group, Inc. | | | 1,200 | | | | 3,528 | |
Insperity, Inc. | | | 1,213 | | | | 110,638 | |
John Wiley & Sons, Inc., Class A | | | 1,200 | | | | 48,840 | |
74
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Commercial Services — (continued) | | | | | |
Kelly Services, Inc., Class A | | | 914 | | | $ | 19,569 | |
Kforce, Inc. | | | 586 | | | | 36,408 | |
Korn Ferry | | | 1,690 | | | | 113,467 | |
Laureate Education, Inc., Class A | | | 4,500 | | | | 67,230 | |
Legalzoom.com, Inc.* | | | 4,300 | | | | 36,077 | |
Lifecore Biomedical, Inc.* | | | 900 | | | | 4,617 | |
Lincoln Educational Services Corp.* | | | 900 | | | | 10,674 | |
LiveRamp Holdings, Inc.* | | | 2,167 | | | | 67,047 | |
MarketWise, Inc. | | | 1,500 | | | | 1,740 | |
Marqeta, Inc., Class A* | | | 15,600 | | | | 85,488 | |
Matthews International Corp., Class A | | | 1,005 | | | | 25,175 | |
Medifast, Inc. | | | 376 | | | | 8,204 | |
Mister Car Wash, Inc.* | | | 3,200 | | | | 22,784 | |
Moneylion, Inc.* | | | 300 | | | | 22,062 | |
Monro, Inc. | | | 1,037 | | | | 24,743 | |
National Research Corp. | | | 487 | | | | 11,177 | |
Payoneer Global, Inc.* | | | 9,500 | | | | 52,630 | |
Paysafe Ltd.* | | | 917 | | | | 16,213 | |
Perdoceo Education Corp. | | | 2,200 | | | | 47,124 | |
Performant Financial Corp.* | | | 2,600 | | | | 7,540 | |
Priority Technology Holdings, Inc.* | | | 600 | | | | 3,168 | |
PROG Holdings, Inc. | | | 1,367 | | | | 47,408 | |
Progyny, Inc.* | | | 2,800 | | | | 80,108 | |
Quad/Graphics, Inc. | | | 1,100 | | | | 5,995 | |
Remitly Global, Inc.* | | | 4,900 | | | | 59,388 | |
Repay Holdings Corp.* | | | 3,100 | | | | 32,736 | |
Resources Connection, Inc. | | | 1,222 | | | | 13,491 | |
Sezzle, Inc.* | | | 100 | | | | 8,822 | |
SoundThinking, Inc.* | | | 300 | | | | 3,654 | |
Spire Global, Inc.* | | | 800 | | | | 8,672 | |
Sterling Check Corp.* | | | 900 | | | | 13,320 | |
StoneCo Ltd., Class A* | | | 9,400 | | | | 112,706 | |
Strategic Education, Inc. | | | 699 | | | | 77,351 | |
Stride, Inc.* | | | 1,452 | | | | 102,366 | |
Target Hospitality Corp.* | | | 1,100 | | | | 9,581 | |
The Aaron’s Co., Inc. | | | 1,100 | | | | 10,978 | |
The Brink’s Co. | | | 1,510 | | | | 154,624 | |
The GEO Group, Inc.* | | | 4,152 | | | | 59,623 | |
The Hackett Group, Inc. | | | 816 | | | | 17,723 | |
Transcat, Inc.* | | | 300 | | | | 35,904 | |
TriNet Group, Inc. | | | 1,122 | | | | 112,200 | |
TrueBlue, Inc.* | | | 1,076 | | | | 11,083 | |
Udemy, Inc.* | | | 2,800 | | | | 24,164 | |
Universal Technical Institute, Inc.* | | | 1,300 | | | | 20,449 | |
Upbound Group, Inc. | | | 1,753 | | | | 53,817 | |
V2X, Inc.* | | | 400 | | | | 19,184 | |
Viad Corp.* | | | 671 | | | | 22,814 | |
Willdan Group, Inc.* | | | 400 | | | | 11,540 | |
ZipRecruiter, Inc., Class A* | | | 2,300 | | | | 20,907 | |
| | | | | | | | |
| | | | | | | 3,707,979 | |
| | | | | | | | |
Computers — 2.2% | | | | | | | | |
3D Systems Corp.* | | | 4,000 | | | | 12,280 | |
ASGN, Inc.* | | | 1,452 | | | | 128,023 | |
Cantaloupe, Inc.* | | | 2,000 | | | | 13,200 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | |
Computers — (continued) | | | | | | | | |
Conduent, Inc.* | | | 5,800 | | | $ | 18,908 | |
Corsair Gaming, Inc.* | | | 1,500 | | | | 16,560 | |
Cricut, Inc., Class A | | | 1,700 | | | | 10,183 | |
Diebold Nixdorf, Inc.* | | | 900 | | | | 34,632 | |
D-Wave Quantum, Inc.* | | | 3,700 | | | | 4,218 | |
Everspin Technologies, Inc.* | | | 800 | | | | 4,792 | |
ExlService Holdings, Inc.* | | | 5,188 | | | | 162,696 | |
Grid Dynamics Holdings, Inc.* | | | 1,700 | | | | 17,867 | |
Insight Enterprises, Inc.* | | | 887 | | | | 175,945 | |
Integral Ad Science Holding Corp.* | | | 2,400 | | | | 23,328 | |
Maximus, Inc. | | | 2,014 | | | | 172,600 | |
Mitek Systems, Inc.* | | | 1,500 | | | | 16,770 | |
NCR Atleos Corp.* | | | 2,400 | | | | 64,848 | |
NCR Voyix Corp.* | | | 4,900 | | | | 60,515 | |
NetScout Systems, Inc.* | | | 2,365 | | | | 43,256 | |
NextNav, Inc.* | | | 2,600 | | | | 21,086 | |
OneSpan, Inc.* | | | 1,305 | | | | 16,730 | |
PAR Technology Corp.* | | | 1,100 | | | | 51,799 | |
PlayAGS, Inc.* | | | 1,400 | | | | 16,100 | |
Qualys, Inc.* | | | 1,276 | | | | 181,958 | |
Rapid7, Inc.* | | | 2,100 | | | | 90,783 | |
Rekor Systems, Inc.* | | | 2,900 | | | | 4,495 | |
Rigetti Computing, Inc.* | | | 5,600 | | | | 5,992 | |
Rimini Street, Inc.* | | | 1,800 | | | | 5,526 | |
System1, Inc.* | | | 1,100 | | | | 1,672 | |
Telos Corp.* | | | 2,100 | | | | 8,442 | |
Tenable Holdings, Inc.* | | | 3,900 | | | | 169,960 | |
Thoughtworks Holding, Inc.* | | | 3,400 | | | | 9,656 | |
TTEC Holdings, Inc. | | | 607 | | | | 3,569 | |
Unisys Corp.* | | | 2,324 | | | | 9,598 | |
Varonis Systems, Inc.* | | | 3,614 | | | | 173,363 | |
WNS Holdings Ltd.* | | | 1,500 | | | | 78,750 | |
| | | | | | | | |
| | | | | | | 1,830,100 | |
| | | | | | | | |
Cosmetics & Personal Care — 0.3% | | | | | |
Edgewell Personal Care Co. | | | 1,600 | | | | 64,304 | |
Inter Parfums, Inc. | | | 570 | | | | 66,137 | |
Olaplex Holdings, Inc.* | | | 5,100 | | | | 7,854 | |
Prestige Consumer Healthcare, Inc.* | | | 1,672 | | | | 115,117 | |
The Beauty Health Co.* | | | 2,900 | | | | 5,568 | |
The Honest Co., Inc.* | | | 2,900 | | | | 8,468 | |
Waldencast PLC, Class A* | | | 1,000 | | | | 3,590 | |
| | | | | | | | |
| | | | | | | 271,038 | |
| | | | | | | | |
Distribution & Wholesale — 0.6% | | | | | |
A-Mark Precious Metals, Inc. | | | 600 | | | | 19,422 | |
EVI Industries, Inc. | | | 200 | | | | 3,784 | |
G-III Apparel Group Ltd.* | | | 1,308 | | | | 35,408 | |
Global Industrial Co. | | | 462 | | | | 14,488 | |
H&E Equipment Services, Inc. | | | 1,059 | | | | 46,776 | |
Hudson Technologies, Inc.* | | | 1,400 | | | | 12,306 | |
MRC Global, Inc.* | | | 2,900 | | | | 37,439 | |
OPENLANE, Inc.* | | | 3,600 | | | | 59,724 | |
Resideo Technologies, Inc.* | | | 4,700 | | | | 91,932 | |
Rush Enterprises, Inc., Class A | | | 2,003 | | | | 83,866 | |
Rush Enterprises, Inc., Class B | | | 225 | | | | 8,829 | |
75
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | | | | |
Distribution & Wholesale — (continued) | | | | | |
ScanSource, Inc.* | | | 781 | | | $ | 34,606 | |
ThredUp, Inc., Class A* | | | 1,900 | | | | 3,230 | |
Titan Machinery, Inc.* | | | 723 | | | | 11,496 | |
VSE Corp. | | | 508 | | | | 44,846 | |
| | | | | | | | |
| | | | | | | 508,152 | |
| | | | | | | | |
Diversified Financial Services — 3.3% | | | | | |
AlTi Global, Inc.* | | | 900 | | | | 4,689 | |
Artisan Partners Asset Management, Inc., Class A | | | 2,100 | | | | 86,667 | |
AssetMark Financial Holdings, Inc.* | | | 700 | | | | 24,185 | |
Atlanticus Holdings Corp.* | | | 200 | | | | 5,636 | |
B Riley Financial, Inc. | | | 600 | | | | 10,584 | |
BGC Group, Inc., Class A | | | 12,300 | | | | 102,090 | |
Bread Financial Holdings, Inc. | | | 1,600 | | | | 71,296 | |
Brightsphere Investment Group, Inc. | | | 1,126 | | | | 24,963 | |
Brookfield Business Corp., Class A | | | 800 | | | | 16,336 | |
Burford Capital Ltd. | | | 6,700 | | | | 87,435 | |
Calamos Asset Management, Inc., Class A(1),* | | | 469 | | | | 0 | |
Cohen & Steers, Inc. | | | 917 | | | | 66,538 | |
Columbia Financial, Inc.* | | | 800 | | | | 11,976 | |
Consumer Portfolio Services, Inc.* | | | 500 | | | | 4,900 | |
Dave, Inc.* | | | 300 | | | | 9,090 | |
Diamond Hill Investment Group, Inc. | | | 107 | | | | 15,060 | |
Enact Holdings, Inc. | | | 1,000 | | | | 30,660 | |
Encore Capital Group, Inc.* | | | 797 | | | | 33,259 | |
Enova International, Inc.* | | | 913 | | | | 56,834 | |
Federal Agricultural Mortgage Corp., Class C | | | 300 | | | | 54,246 | |
First Western Financial, Inc.* | | | 300 | | | | 5,100 | |
Forge Global Holdings, Inc.* | | | 4,300 | | | | 6,278 | |
FTAI Aviation Ltd. | | | 3,300 | | | | 340,659 | |
GCM Grosvenor, Inc., Class A | | | 1,200 | | | | 11,712 | |
Hamilton Lane, Inc., Class A | | | 1,300 | | | | 160,654 | |
International Money Express, Inc.* | | | 1,100 | | | | 22,924 | |
LendingClub Corp.* | | | 3,560 | | | | 30,118 | |
LendingTree, Inc.* | | | 377 | | | | 15,679 | |
Medallion Financial Corp. | | | 700 | | | | 5,376 | |
Moelis & Co., Class A | | | 2,400 | | | | 136,464 | |
Mr. Cooper Group, Inc.* | | | 2,092 | | | | 169,933 | |
Navient Corp. | | | 2,800 | | | | 40,768 | |
Nelnet, Inc., Class A | | | 499 | | | | 50,329 | |
NerdWallet, Inc., Class A* | | | 1,300 | | | | 18,980 | |
Onity Group, Inc.* | | | 200 | | | | 4,796 | |
Pagseguro Digital Ltd., Class A* | | | 6,200 | | | | 72,478 | |
Paysign, Inc.* | | | 1,500 | | | | 6,465 | |
PennyMac Financial Services, Inc. | | | 900 | | | | 85,140 | |
Perella Weinberg Partners | | | 1,800 | | | | 29,250 | |
Piper Sandler Cos. | | | 563 | | | | 129,586 | |
PJT Partners, Inc., Class A | | | 800 | | | | 86,328 | |
PRA Group, Inc.* | | | 1,148 | | | | 22,570 | |
Radian Group, Inc. | | | 5,003 | | | | 155,593 | |
Regional Management Corp. | | | 300 | | | | 8,622 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
Diversified Financial Services — (continued) | | | | | |
Silvercrest Asset Management Group, Inc., Class A | | | 300 | | | $ | 4,677 | |
StepStone Group, Inc., Class A | | | 1,800 | | | | 82,602 | |
StoneX Group, Inc.* | | | 889 | | | | 66,951 | |
Upstart Holdings, Inc.* | | | 2,600 | | | | 61,334 | |
Velocity Financial, Inc.* | | | 400 | | | | 7,172 | |
Victory Capital Holdings, Inc., Class A | | | 1,400 | | | | 66,822 | |
Virtus Investment Partners, Inc. | | | 214 | | | | 48,332 | |
WisdomTree, Inc. | | | 4,700 | | | | 46,577 | |
World Acceptance Corp.* | | | 112 | | | | 13,841 | |
| | | | | | | | |
| | | | | | | 2,730,554 | |
| | | | | | | | |
Electric — 1.4% | | | | | | | | |
ALLETE, Inc. | | | 1,951 | | | | 121,645 | |
Altus Power, Inc.* | | | 2,000 | | | | 7,840 | |
Ameresco, Inc., Class A* | | | 1,000 | | | | 28,810 | |
Avista Corp. | | | 2,639 | | | | 91,336 | |
Black Hills Corp. | | | 2,248 | | | | 122,246 | |
Genie Energy Ltd., Class B | | | 600 | | | | 8,772 | |
Hawaiian Electric Industries, Inc. | | | 3,800 | | | | 34,276 | |
MGE Energy, Inc. | | | 1,242 | | | | 92,802 | |
Northwestern Energy Group, Inc. | | | 1,980 | | | | 99,158 | |
Ormat Technologies, Inc. | | | 1,800 | | | | 129,060 | |
Otter Tail Corp. | | | 1,392 | | | | 121,925 | |
PNM Resources, Inc. | | | 3,010 | | | | 111,250 | |
Portland General Electric Co. | | | 3,356 | | | | 145,114 | |
Unitil Corp. | | | 563 | | | | 29,158 | |
| | | | | | | | |
| | | | | | | 1,143,392 | |
| | | | | | | | |
Electrical Components & Equipment — 1.0% | | | | | |
American Superconductor Corp.* | | | 1,200 | | | | 28,068 | |
Belden, Inc. | | | 1,355 | | | | 127,099 | |
ChargePoint Holdings, Inc.* | | | 13,400 | | | | 20,234 | |
Encore Wire Corp. | | | 470 | | | | 136,220 | |
Energizer Holdings, Inc. | | | 2,400 | | | | 70,896 | |
EnerSys | | | 1,323 | | | | 136,957 | |
Graham Corp.* | | | 400 | | | | 11,264 | |
Insteel Industries, Inc. | | | 591 | | | | 18,297 | |
nLight, Inc.* | | | 1,400 | | | | 15,302 | |
Novanta, Inc.* | | | 1,230 | | | | 200,625 | |
Powell Industries, Inc. | | | 311 | | | | 44,598 | |
Ultralife Corp.* | | | 400 | | | | 4,248 | |
| | | | | | | | |
| | | | | | | 813,808 | |
| | | | | | | | |
Electronics — 2.4% | | | | | | | | |
Advanced Energy Industries, Inc. | | | 1,293 | | | | 140,627 | |
Allient, Inc. | | | 500 | | | | 12,635 | |
Applied Optoelectronics, Inc.* | | | 1,300 | | | | 10,777 | |
Atkore, Inc. | | | 1,200 | | | | 161,916 | |
Atmus Filtration Technologies, Inc.* | | | 2,700 | | | | 77,706 | |
Badger Meter, Inc. | | | 1,024 | | | | 190,822 | |
Bel Fuse, Inc., Class A | | | 100 | | | | 8,091 | |
Bel Fuse, Inc., Class B | | | 300 | | | | 19,572 | |
Benchmark Electronics, Inc. | | | 1,113 | | | | 43,919 | |
CTS Corp. | | | 963 | | | | 48,757 | |
Enovix Corp.* | | | 5,000 | | | | 77,300 | |
76
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Electronics — (continued) | | | | | | | | |
ESCO Technologies, Inc. | | | 825 | | | $ | 86,658 | |
Evolv Technologies Holdings, Inc.* | | | 4,100 | | | | 10,455 | |
FARO Technologies, Inc.* | | | 620 | | | | 9,920 | |
Fluidigm Corp.* | | | 10,400 | | | | 18,408 | |
GoPro, Inc., Class A* | | | 4,300 | | | | 6,106 | |
Itron, Inc.* | | | 1,500 | | | | 148,440 | |
Kimball Electronics, Inc.* | | | 733 | | | | 16,111 | |
Knowles Corp.* | | | 2,852 | | | | 49,226 | |
Mesa Laboratories, Inc. | | | 186 | | | | 16,139 | |
MicroVision, Inc.* | | | 6,300 | | | | 6,678 | |
Mirion Technologies, Inc.* | | | 6,500 | | | | 69,810 | |
Napco Security Technologies, Inc. | | | 1,200 | | | | 62,340 | |
NEXTracker, Inc., Class A* | | | 4,000 | | | | 187,520 | |
NVE Corp. | | | 200 | | | | 14,938 | |
OSI Systems, Inc.* | | | 498 | | | | 68,485 | |
Plexus Corp.* | | | 903 | | | | 93,172 | |
Sanmina Corp.* | | | 1,826 | | | | 120,972 | |
Stoneridge, Inc.* | | | 873 | | | | 13,933 | |
TTM Technologies, Inc.* | | | 3,329 | | | | 64,682 | |
Turtle Beach Corp.* | | | 500 | | | | 7,170 | |
Vicor Corp.* | | | 722 | | | | 23,942 | |
Vishay Intertechnology, Inc. | | | 4,100 | | | | 91,430 | |
| | | | | | | | |
| | | | | | | 1,978,657 | |
| | | | | | | | |
Energy-Alternate Sources — 0.5% | | | | | |
Aemetis, Inc.* | | | 1,500 | | | | 4,515 | |
Array Technologies, Inc.* | | | 5,100 | | | | 52,326 | |
ASP Isotopes, Inc.* | | | 1,600 | | | | 4,896 | |
Energy Vault Holdings, Inc.* | | | 2,500 | | | | 2,374 | |
Fluence Energy, Inc.* | | | 1,900 | | | | 32,946 | |
Freyr Battery, Inc.* | | | 4,200 | | | | 7,140 | |
FuelCell Energy, Inc.* | | | 14,600 | | | | 9,326 | |
FutureFuel Corp. | | | 800 | | | | 4,104 | |
Green Plains, Inc.* | | | 1,967 | | | | 31,197 | |
Montauk Renewables, Inc.* | | | 2,100 | | | | 11,970 | |
Plug Power, Inc.* | | | 21,200 | | | | 49,396 | |
REX American Resources Corp.* | | | 476 | | | | 21,701 | |
Shoals Technologies Group, Inc., Class A* | | | 5,700 | | | | 35,568 | |
Stem, Inc.* | | | 5,000 | | | | 5,550 | |
Sunnova Energy International, Inc.* | | | 3,500 | | | | 19,530 | |
SunPower Corp.* | | | 2,800 | | | | 8,288 | |
Sunrun, Inc.* | | | 7,300 | | | | 86,578 | |
TPI Composites, Inc.* | | | 1,400 | | | | 5,586 | |
| | | | | | | | |
| | | | | | | 392,991 | |
| | | | | | | | |
Engineering & Construction — 1.8% | | | | | |
908 Devices, Inc.* | | | 800 | | | | 4,120 | |
Arcosa, Inc. | | | 1,600 | | | | 133,456 | |
Bowman Consulting Group Ltd.* | | | 400 | | | | 12,716 | |
Centuri Holdings, Inc.* | | | 500 | | | | 9,740 | |
Concrete Pumping Holdings, Inc.* | | | 1,100 | | | | 6,611 | |
Construction Partners, Inc., Class A* | | | 1,400 | | | | 77,294 | |
Dycom Industries, Inc.* | | | 900 | | | | 151,884 | |
Exponent, Inc. | | | 1,680 | | | | 159,802 | |
Fluor Corp.* | | | 5,700 | | | | 248,235 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | |
Engineering & Construction — (continued) | | | | | |
Frontdoor, Inc.* | | | 2,600 | | | $ | 87,854 | |
Granite Construction, Inc. | | | 1,433 | | | | 88,803 | |
Great Lakes Dredge & Dock Corp.* | | | 2,351 | | | | 20,642 | |
IES Holdings, Inc.* | | | 300 | | | | 41,799 | |
Iteris, Inc.* | | | 1,700 | | | | 7,361 | |
Latham Group, Inc.* | | | 1,500 | | | | 4,545 | |
Limbach Holdings, Inc.* | | | 300 | | | | 17,079 | |
Mistras Group, Inc.* | | | 800 | | | | 6,632 | |
MYR Group, Inc.* | | | 510 | | | | 69,212 | |
NV5 Global, Inc.* | | | 454 | | | | 42,208 | |
Orion Group Holdings, Inc.* | | | 1,100 | | | | 10,461 | |
Primoris Services Corp. | | | 1,790 | | | | 89,303 | |
Sterling Infrastructure, Inc.* | | | 1,000 | | | | 118,340 | |
Tutor Perini Corp.* | | | 1,397 | | | | 30,427 | |
| | | | | | | | |
| | | | | | | 1,438,524 | |
| | | | | | | | |
Entertainment — 1.0% | | | | | | | | |
Accel Entertainment, Inc.* | | | 1,600 | | | | 16,416 | |
AMC Entertainment Holdings, Inc., Class A* | | | 9,400 | | | | 46,812 | |
Atlanta Braves Holdings, Inc., Class A* | | | 300 | | | | 12,399 | |
Atlanta Braves Holdings, Inc., Class C* | | | 1,700 | | | | 67,048 | |
Bally’s Corp.* | | | 950 | | | | 11,371 | |
Cinemark Holdings, Inc.* | | | 3,700 | | | | 79,994 | |
Everi Holdings, Inc.* | | | 2,700 | | | | 22,680 | |
Golden Entertainment, Inc. | | | 700 | | | | 21,777 | |
IMAX Corp.* | | | 1,500 | | | | 25,155 | |
International Game Technology PLC | | | 3,800 | | | | 77,748 | |
Lions Gate Entertainment Corp., Class A* | | | 1,900 | | | | 17,898 | |
Lions Gate Entertainment Corp., Class B* | | | 4,100 | | | | 35,137 | |
Madison Square Garden Entertainment Corp.* | | | 1,237 | | | | 42,343 | |
Monarch Casino & Resort, Inc. | | | 485 | | | | 33,043 | |
RCI Hospitality Holdings, Inc. | | | 300 | | | | 13,068 | |
Red Rock Resorts, Inc., Class A | | | 1,600 | | | | 87,888 | |
Reservoir Media, Inc.* | | | 700 | | | | 5,530 | |
Rush Street Interactive, Inc.* | | | 2,600 | | | | 24,934 | |
Six Flags Entertainment Corp. | | | 2,400 | | | | 79,536 | |
Super Group SGHC Ltd.* | | | 5,000 | | | | 16,150 | |
United Parks & Resorts, Inc.* | | | 1,200 | | | | 65,172 | |
| | | | | | | | |
| | | | | | | 802,099 | |
| | | | | | | | |
Environmental Control — 0.5% | | | | | | | | |
374Water, Inc.* | | | 2,400 | | | | 2,880 | |
Advanced Emissions Solutions, Inc.* | | | 1,000 | | | | 6,070 | |
Casella Waste Systems, Inc., Class A* | | | 1,900 | | | | 188,518 | |
CECO Environmental Corp.* | | | 1,000 | | | | 28,850 | |
Energy Recovery, Inc.* | | | 1,800 | | | | 23,922 | |
Enviri Corp.* | | | 2,500 | | | | 21,575 | |
LanzaTech Global, Inc.* | | | 4,200 | | | | 7,770 | |
Montrose Environmental Group, Inc.* | | | 1,100 | | | | 49,016 | |
Perma-Fix Environmental Services, Inc.* | | | 500 | | | | 5,065 | |
Pure Cycle Corp.* | | | 800 | | | | 7,640 | |
77
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Environmental Control — (continued) | |
PureCycle Technologies, Inc.* | | | 3,700 | | | $ | 21,904 | |
Quest Resource Holding Corp.* | | | 700 | | | | 6,160 | |
| | | | | | | | |
| | | | | | | 369,370 | |
| | | | | | | | |
Food — 1.4% | | | | | | | | |
B&G Foods, Inc. | | | 2,472 | | | | 19,974 | |
Beyond Meat, Inc.* | | | 1,800 | | | | 12,078 | |
Calavo Growers, Inc. | | | 551 | | | | 12,508 | |
Cal-Maine Foods, Inc. | | | 1,346 | | | | 82,254 | |
HF Foods Group, Inc.* | | | 1,300 | | | | 3,900 | |
Ingles Markets, Inc., Class A | | | 504 | | | | 34,579 | |
J & J Snack Foods Corp. | | | 464 | | | | 75,340 | |
John B Sanfilippo & Son, Inc. | | | 300 | | | | 29,151 | |
Krispy Kreme, Inc. | | | 2,900 | | | | 31,204 | |
Lancaster Colony Corp. | | | 623 | | | | 117,728 | |
Mama’s Creations, Inc.* | | | 1,200 | | | | 8,088 | |
Mission Produce, Inc.* | | | 1,400 | | | | 13,832 | |
Nathan’s Famous, Inc. | | | 100 | | | | 6,778 | |
Natural Grocers by Vitamin Cottage, Inc. | | | 400 | | | | 8,480 | |
Seneca Foods Corp., Class A* | | | 111 | | | | 6,371 | |
SpartanNash Co. | | | 1,130 | | | | 21,199 | |
Sprouts Farmers Market, Inc.* | | | 3,300 | | | | 276,078 | |
SunOpta, Inc.* | | | 3,200 | | | | 17,280 | |
The Chefs’ Warehouse, Inc.* | | | 1,150 | | | | 44,976 | |
The Hain Celestial Group, Inc.* | | | 2,700 | | | | 18,657 | |
The Simply Good Foods Co.* | | | 3,000 | | | | 108,390 | |
TreeHouse Foods, Inc.* | | | 1,600 | | | | 58,624 | |
United Natural Foods, Inc.* | | | 2,000 | | | | 26,200 | |
Utz Brands, Inc. | | | 2,300 | | | | 38,272 | |
Village Super Market, Inc., Class A | | | 268 | | | | 7,078 | |
Weis Markets, Inc. | | | 566 | | | | 35,528 | |
Whole Earth Brands, Inc.* | | | 1,200 | | | | 5,832 | |
WK Kellogg Co. | | | 2,200 | | | | 36,212 | |
| | | | | | | | |
| | | | | | | 1,156,591 | |
| | | | | | | | |
Forest Products & Paper — 0.1% | | | | | |
Sylvamo Corp. | | | 1,200 | | | | 82,320 | |
| | | | | | | | |
Gas — 0.9% | | | | | | | | |
Brookfield Infrastructure Corp., Class A | | | 3,987 | | | | 134,202 | |
Chesapeake Utilities Corp. | | | 774 | | | | 82,199 | |
New Jersey Resources Corp. | | | 3,264 | | | | 139,503 | |
Northwest Natural Holding Co. | | | 1,250 | | | | 45,138 | |
ONE Gas, Inc. | | | 1,900 | | | | 121,315 | |
RGC Resources, Inc. | | | 300 | | | | 6,135 | |
Southwest Gas Holdings, Inc. | | | 1,975 | | | | 139,000 | |
Spire, Inc. | | | 1,756 | | | | 106,642 | |
| | | | | | | | |
| | | | | | | 774,134 | |
| | | | | | | | |
Hand & Machine Tools — 0.4% | | | | | | | | |
Cadre Holdings, Inc. | | | 900 | | | | 30,204 | |
Enerpac Tool Group Corp. | | | 1,806 | | | | 68,953 | |
Franklin Electric Co., Inc. | | | 1,470 | | | | 141,591 | |
Kennametal, Inc. | | | 2,500 | | | | 58,850 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | |
Hand & Machine Tools — (continued) | | | | | |
Luxfer Holdings PLC | | | 1,000 | | | $ | 11,590 | |
| | | | | | | | |
| | | | | | | 311,188 | |
| | | | | | | | |
Healthcare Products — 3.8% | | | | | | | | |
Accuray, Inc.* | | | 3,500 | | | | 6,370 | |
Adaptive Biotechnologies Corp.* | | | 4,200 | | | | 15,204 | |
Akoya Biosciences, Inc.* | | | 700 | | | | 1,638 | |
Alphatec Holdings, Inc.* | | | 3,500 | | | | 36,575 | |
AngioDynamics, Inc.* | | | 1,158 | | | | 7,006 | |
Artivion, Inc.* | | | 1,299 | | | | 33,319 | |
AtriCure, Inc.* | | | 1,500 | | | | 34,155 | |
Atrion Corp. | | | 48 | | | | 21,717 | |
Avanos Medical, Inc.* | | | 1,500 | | | | 29,880 | |
Avita Medical, Inc.* | | | 900 | | | | 7,128 | |
Axogen, Inc.* | | | 1,200 | | | | 8,688 | |
Axonics, Inc.* | | | 1,700 | | | | 114,291 | |
BioLife Solutions, Inc.* | | | 1,100 | | | | 23,573 | |
Bioventus, Inc., Class A* | | | 1,400 | | | | 8,050 | |
CareDx, Inc.* | | | 1,700 | | | | 26,401 | |
Castle Biosciences, Inc.* | | | 900 | | | | 19,593 | |
Cerus Corp.* | | | 6,200 | | | | 10,912 | |
CONMED Corp. | | | 1,061 | | | | 73,548 | |
CVRx, Inc.* | | | 400 | | | | 4,796 | |
Embecta Corp. | | | 1,800 | | | | 22,500 | |
Glaukos Corp.* | | | 1,615 | | | | 191,135 | |
Haemonetics Corp.* | | | 1,705 | | | | 141,055 | |
ICU Medical, Inc.* | | | 700 | | | | 83,125 | |
Inari Medical, Inc.* | | | 1,700 | | | | 81,855 | |
InfuSystem Holdings, Inc.* | | | 700 | | | | 4,781 | |
Inmode Ltd.* | | | 2,600 | | | | 47,424 | |
Inogen, Inc.* | | | 900 | | | | 7,317 | |
Integer Holdings Corp.* | | | 1,157 | | | | 133,969 | |
Integra LifeSciences Holdings Corp.* | | | 2,300 | | | | 67,022 | |
iRadimed Corp. | | | 200 | | | | 8,788 | |
iRhythm Technologies, Inc.* | | | 1,080 | | | | 116,251 | |
Lantheus Holdings, Inc.* | | | 2,306 | | | | 185,149 | |
LeMaitre Vascular, Inc. | | | 700 | | | | 57,596 | |
LivaNova PLC* | | | 1,800 | | | | 98,676 | |
MaxCyte, Inc.* | | | 3,100 | | | | 12,152 | |
Merit Medical Systems, Inc.* | | | 1,875 | | | | 161,156 | |
MiMedx Group, Inc.* | | | 3,700 | | | | 25,641 | |
Nautilus Biotechnology, Inc.* | | | 1,600 | | | | 3,744 | |
Neogen Corp.* | | | 7,038 | | | | 110,004 | |
NeuroPace, Inc.* | | | 600 | | | | 4,536 | |
Nevro Corp.* | | | 1,257 | | | | 10,584 | |
Novocure Ltd.* | | | 3,600 | | | | 61,668 | |
OmniAb, Inc.* | | | 2,479 | | | | 9,296 | |
Omnicell, Inc.* | | | 1,500 | | | | 40,605 | |
OraSure Technologies, Inc.* | | | 2,201 | | | | 9,376 | |
Orchestra BioMed Holdings, Inc.* | | | 900 | | | | 7,335 | |
Orthofix Medical, Inc.* | | | 987 | | | | 13,088 | |
OrthoPediatrics Corp.* | | | 500 | | | | 14,380 | |
Pacific Biosciences of California, Inc.* | | | 8,100 | | | | 11,097 | |
Paragon 28, Inc.* | | | 1,300 | | | | 8,892 | |
Patterson Cos., Inc. | | | 2,600 | | | | 62,712 | |
78
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Healthcare Products — (continued) | | | | | |
PROCEPT BioRobotics Corp.* | | | 1,400 | | | $ | 85,526 | |
Pulmonx Corp.* | | | 1,300 | | | | 8,242 | |
Pulse Biosciences, Inc.* | | | 776 | | | | 8,684 | |
Quanterix Corp.* | | | 1,200 | | | | 15,852 | |
Quantum-Si, Inc.* | | | 3,000 | | | | 3,150 | |
RxSight, Inc.* | | | 1,100 | | | | 66,187 | |
Sanara Medtech, Inc.* | | | 100 | | | | 2,822 | |
Semler Scientific, Inc.* | | | 100 | | | | 3,440 | |
Sera Prognostics, Inc., Class A* | | | 1,100 | | | | 6,512 | |
SI-BONE, Inc.* | | | 1,400 | | | | 18,102 | |
Silk Road Medical, Inc.* | | | 1,300 | | | | 35,152 | |
Soleno Therapeutics, Inc.* | | | 700 | | | | 28,560 | |
STAAR Surgical Co.* | | | 1,617 | | | | 76,985 | |
Stereotaxis, Inc.* | | | 2,300 | | | | 4,186 | |
Surmodics, Inc.* | | | 473 | | | | 19,885 | |
Tactile Systems Technology, Inc.* | | | 600 | | | | 7,164 | |
Tandem Diabetes Care, Inc.* | | | 2,200 | | | | 88,638 | |
TransMedics Group, Inc.* | | | 1,100 | | | | 165,682 | |
Treace Medical Concepts, Inc.* | | | 1,600 | | | | 10,640 | |
Twist Bioscience Corp.* | | | 1,888 | | | | 93,041 | |
UFP Technologies, Inc.* | | | 226 | | | | 59,635 | |
Utah Medical Products, Inc. | | | 100 | | | | 6,681 | |
Varex Imaging Corp.* | | | 1,300 | | | | 19,149 | |
Zimvie, Inc.* | | | 900 | | | | 16,425 | |
Zynex, Inc.* | | | 660 | | | | 6,151 | |
| | | | | | | | |
| | | | | | | 3,152,244 | |
| | | | | | | | |
Healthcare Services — 1.9% | | | | | | | | |
Accolade, Inc.* | | | 2,200 | | | | 7,876 | |
Addus HomeCare Corp.* | | | 500 | | | | 58,055 | |
agilon health, Inc.* | | | 10,300 | | | | 67,362 | |
Astrana Health, Inc.* | | | 1,400 | | | | 56,784 | |
Aveanna Healthcare Holdings, Inc.* | | | 1,400 | | | | 3,864 | |
BrightSpring Health Services, Inc.* | | | 1,700 | | | | 19,312 | |
Brookdale Senior Living, Inc.* | | | 6,300 | | | | 43,029 | |
Community Health Systems, Inc.* | | | 4,100 | | | | 13,776 | |
CorVel Corp.* | | | 279 | | | | 70,941 | |
DocGo, Inc.* | | | 2,400 | | | | 7,416 | |
Enhabit, Inc.* | | | 1,800 | | | | 16,056 | |
Fulgent Genetics, Inc.* | | | 700 | | | | 13,734 | |
GeneDx Holdings Corp.* | | | 400 | | | | 10,456 | |
HealthEquity, Inc.* | | | 2,800 | | | | 241,360 | |
Innovage Holding Corp.* | | | 700 | | | | 3,472 | |
LifeStance Health Group, Inc.* | | | 4,100 | | | | 20,131 | |
ModivCare, Inc.* | | | 400 | | | | 10,496 | |
Nano-X Imaging Ltd.* | | | 1,700 | | | | 12,478 | |
National HealthCare Corp. | | | 406 | | | | 44,010 | |
OPKO Health, Inc.* | | | 14,501 | | | | 18,126 | |
Oscar Health, Inc., Class A* | | | 6,500 | | | | 102,830 | |
PACS Group, Inc.* | | | 800 | | | | 23,600 | |
Pediatrix Medical Group, Inc.* | | | 2,900 | | | | 21,895 | |
Quipt Home Medical Corp.* | | | 1,600 | | | | 5,152 | |
RadNet, Inc.* | | | 2,200 | | | | 129,624 | |
Select Medical Holdings Corp. | | | 3,600 | | | | 126,216 | |
Sonida Senior Living, Inc.* | | | 100 | | | | 2,750 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Healthcare Services — (continued) | |
Surgery Partners, Inc.* | | | 2,500 | | | $ | 59,475 | |
Teladoc Health, Inc.* | | | 5,700 | | | | 55,746 | |
The Ensign Group, Inc. | | | 1,827 | | | | 225,982 | |
The Joint Corp.* | | | 500 | | | | 7,030 | |
The Pennant Group, Inc.* | | | 1,040 | | | | 24,118 | |
U.S. Physical Therapy, Inc. | | | 462 | | | | 42,698 | |
Viemed Healthcare, Inc.* | | | 1,300 | | | | 8,515 | |
| | | | | | | | |
| | | | | | | 1,574,365 | |
| | | | | | | | |
Home Builders — 1.9% | | | | | | | | |
Beazer Homes USA, Inc.* | | | 924 | | | | 25,392 | |
Cavco Industries, Inc.* | | | 262 | | | | 90,697 | |
Century Communities, Inc. | | | 900 | | | | 73,494 | |
Dream Finders Homes, Inc., Class A* | | | 1,000 | | | | 25,820 | |
Forestar Group, Inc.* | | | 560 | | | | 17,914 | |
Green Brick Partners, Inc.* | | | 1,100 | | | | 62,964 | |
Hovnanian Enterprises, Inc., Class A* | | | 146 | | | | 20,720 | |
Installed Building Products, Inc. | | | 764 | | | | 157,140 | |
KB Home | | | 2,200 | | | | 154,396 | |
Landsea Homes Corp.* | | | 300 | | | | 2,757 | |
LCI Industries | | | 791 | | | | 81,774 | |
LGI Homes, Inc.* | | | 666 | | | | 59,600 | |
M/I Homes, Inc.* | | | 936 | | | | 114,323 | |
Meritage Homes Corp. | | | 1,190 | | | | 192,601 | |
Skyline Champion Corp.* | | | 1,800 | | | | 121,950 | |
Taylor Morrison Home Corp.* | | | 3,400 | | | | 188,496 | |
Tri Pointe Homes, Inc.* | | | 3,100 | | | | 115,475 | |
Winnebago Industries, Inc. | | | 922 | | | | 49,972 | |
| | | | | | | | |
| | | | | | | 1,555,485 | |
| | | | | | | | |
Home Furnishings — 0.3% | | | | | | | | |
Arhaus, Inc. | | | 1,700 | | | | 28,798 | |
Daktronics, Inc.* | | | 1,000 | | | | 13,950 | |
Ethan Allen Interiors, Inc. | | | 728 | | | | 20,304 | |
Flexsteel Industries, Inc. | | | 200 | | | | 6,212 | |
Hamilton Beach Brands Holding Co., Class A | | | 300 | | | | 5,157 | |
Hooker Furnishings Corp. | | | 400 | | | | 5,792 | |
iRobot Corp.* | | | 871 | | | | 7,935 | |
MillerKnoll, Inc. | | | 2,428 | | | | 64,318 | |
Purple Innovation, Inc.* | | | 1,700 | | | | 1,768 | |
Sleep Number Corp.* | | | 772 | | | | 7,388 | |
Sonos, Inc.* | | | 4,100 | | | | 60,516 | |
The Lovesac Co.* | | | 400 | | | | 9,032 | |
Traeger, Inc.* | | | 700 | | | | 1,680 | |
Vizio Holding Corp., Class A* | | | 2,700 | | | | 29,160 | |
Xperi, Inc.* | | | 1,501 | | | | 12,323 | |
| | | | | | | | |
| | | | | | | 274,333 | |
| | | | | | | | |
Household Products & Wares — 0.3% | | | | | |
ACCO Brands Corp. | | | 2,893 | | | | 13,597 | |
Central Garden & Pet Co.* | | | 300 | | | | 11,550 | |
Central Garden & Pet Co., Class A* | | | 1,702 | | | | 56,217 | |
Helen of Troy Ltd.* | | | 766 | | | | 71,039 | |
Quanex Building Products Corp. | | | 1,025 | | | | 28,341 | |
79
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Household Products & Wares — (continued) | | | | | |
WD-40 Co. | | | 434 | | | $ | 95,324 | |
| | | | | | | | |
| | | | | | | 276,068 | |
| | | | | | | | |
Housewares — 0.0% | | | | | | | | |
Lifetime Brands, Inc. | | | 500 | | | | 4,295 | |
| | | | | | | | |
Insurance — 2.3% | | | | | | | | |
Ambac Financial Group, Inc.* | | | 1,500 | | | | 19,230 | |
American Coastal Insurance Corp.* | | | 700 | | | | 7,385 | |
AMERISAFE, Inc. | | | 608 | | | | 26,685 | |
Baldwin Insurance Group, Inc.* | | | 2,200 | | | | 78,034 | |
CNO Financial Group, Inc. | | | 3,593 | | | | 99,598 | |
Crawford & Co., Class A | | | 300 | | | | 2,592 | |
Donegal Group, Inc., Class A | | | 383 | | | | 4,933 | |
Employers Holdings, Inc. | | | 782 | | | | 33,337 | |
Enstar Group Ltd.* | | | 379 | | | | 115,860 | |
Essent Group Ltd. | | | 3,500 | | | | 196,665 | |
F&G Annuities & Life, Inc. | | | 600 | | | | 22,830 | |
Fidelis Insurance Holdings Ltd. | | | 1,900 | | | | 30,989 | |
Genworth Financial, Inc.* | | | 14,000 | | | | 84,560 | |
GoHealth, Inc., Class A* | | | 200 | | | | 1,944 | |
Goosehead Insurance, Inc., Class A* | | | 800 | | | | 45,952 | |
Greenlight Capital Re Ltd., Class A* | | | 728 | | | | 9,537 | |
Hamilton Insurance Group Ltd., Class B* | | | 400 | | | | 6,660 | |
HCI Group, Inc. | | | 300 | | | | 27,651 | |
Heritage Insurance Holdings, Inc.* | | | 900 | | | | 6,372 | |
Hippo Holdings, Inc.* | | | 732 | | | | 12,583 | |
Horace Mann Educators Corp. | | | 1,380 | | | | 45,016 | |
Investors Title Co. | | | 39 | | | | 7,025 | |
Jackson Financial, Inc., Class A | | | 2,600 | | | | 193,076 | |
James River Group Holdings Ltd. | | | 1,300 | | | | 10,049 | |
Kingsway Financial Services, Inc.* | | | 500 | | | | 4,120 | |
Lemonade, Inc.* | | | 1,700 | | | | 28,050 | |
Maiden Holdings Ltd.* | | | 3,600 | | | | 7,416 | |
MBIA, Inc.* | | | 1,700 | | | | 9,333 | |
Mercury General Corp. | | | 900 | | | | 47,826 | |
National Western Life Group, Inc., Class A | | | 74 | | | | 36,773 | |
NI Holdings, Inc.* | | | 200 | | | | 3,060 | |
NMI Holdings, Inc.* | | | 2,600 | | | | 88,504 | |
Palomar Holdings, Inc.* | | | 800 | | | | 64,920 | |
ProAssurance Corp.* | | | 1,800 | | | | 21,996 | |
Root, Inc., Class A* | | | 300 | | | | 15,483 | |
Safety Insurance Group, Inc. | | | 482 | | | | 36,164 | |
Selective Insurance Group, Inc. | | | 1,975 | | | | 185,314 | |
Selectquote, Inc.* | | | 4,300 | | | | 11,868 | |
SiriusPoint Ltd.* | | | 3,300 | | | | 40,260 | |
Skyward Specialty Insurance Group, Inc.* | | | 1,200 | | | | 43,416 | |
Stewart Information Services Corp. | | | 908 | | | | 56,369 | |
Tiptree, Inc. | | | 700 | | | | 11,543 | |
Trupanion, Inc.* | | | 1,329 | | | | 39,073 | |
United Fire Group, Inc. | | | 680 | | | | 14,613 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Insurance — (continued) | | | | | | | | |
Universal Insurance Holdings, Inc. | | | 651 | | | $ | 12,213 | |
| | | | | | | | |
| | | | | | | 1,866,877 | |
| | | | | | | | |
Internet — 1.9% | | | | | | | | |
1-800-Flowers.com, Inc., Class A* | | | 937 | | | | 8,920 | |
1stdibs.com, Inc.* | | | 1,000 | | | | 4,490 | |
AudioEye, Inc.* | | | 300 | | | | 5,283 | |
Backblaze, Inc., Class A* | | | 1,500 | | | | 9,240 | |
BARK, Inc.* | | | 3,200 | | | | 5,792 | |
Beyond, Inc.* | | | 1,500 | | | | 19,620 | |
Blade Air Mobility, Inc.* | | | 1,800 | | | | 6,264 | |
Bumble, Inc., Class A* | | | 3,100 | | | | 32,581 | |
Cardlytics, Inc.* | | | 1,100 | | | | 9,031 | |
Cargurus, Inc.* | | | 3,000 | | | | 78,600 | |
Cars.com, Inc.* | | | 2,200 | | | | 43,340 | |
Cogent Communications Holdings, Inc. | | | 1,419 | | | | 80,088 | |
Couchbase, Inc.* | | | 1,300 | | | | 23,738 | |
Despegar.com Corp.* | | | 2,100 | | | | 27,783 | |
Entravision Communications Corp., Class A | | | 2,500 | | | | 5,075 | |
ePlus, Inc.* | | | 856 | | | | 63,070 | |
Eventbrite, Inc., Class A* | | | 2,800 | | | | 13,552 | |
EverQuote, Inc., Class A* | | | 700 | | | | 14,602 | |
Figs, Inc., Class A* | | | 4,200 | | | | 22,386 | |
fuboTV, Inc.* | | | 8,600 | | | | 10,664 | |
Gambling.com Group Ltd.* | | | 300 | | | | 2,466 | |
Getty Images Holdings, Inc.* | | | 3,600 | | | | 11,736 | |
Grindr, Inc.* | | | 1,100 | | | | 13,464 | |
Groupon, Inc.* | | | 800 | | | | 12,240 | |
HealthStream, Inc. | | | 700 | | | | 19,530 | |
Hims & Hers Health, Inc.* | | | 6,300 | | | | 127,197 | |
Innovid Corp.* | | | 4,000 | | | | 7,400 | |
Lands’ End, Inc.* | | | 500 | | | | 6,795 | |
LifeMD, Inc.* | | | 1,300 | | | | 8,918 | |
Liquidity Services, Inc.* | | | 735 | | | | 14,685 | |
LiveOne, Inc.* | | | 2,800 | | | | 4,396 | |
Magnite, Inc.* | | | 4,206 | | | | 55,898 | |
MediaAlpha, Inc., Class A* | | | 847 | | | | 11,155 | |
Mondee Holdings, Inc.* | | | 1,700 | | | | 4,080 | |
Nerdy, Inc.* | | | 1,800 | | | | 3,006 | |
Nextdoor Holdings, Inc.* | | | 5,400 | | | | 15,012 | |
Open Lending Corp., Class A* | | | 3,100 | | | | 17,298 | |
Opendoor Technologies, Inc.* | | | 20,900 | | | | 38,456 | |
OptimizeRx Corp.* | | | 600 | | | | 6,000 | |
Pagaya Technologies Ltd., Class A* | | | 1,400 | | | | 17,864 | |
Perficient, Inc.* | | | 1,145 | | | | 85,635 | |
Q2 Holdings, Inc.* | | | 2,000 | | | | 120,660 | |
QuinStreet, Inc.* | | | 1,715 | | | | 28,452 | |
Revolve Group, Inc.* | | | 1,400 | | | | 22,274 | |
Shutterstock, Inc. | | | 800 | | | | 30,960 | |
Solo Brands, Inc., Class A* | | | 500 | | | | 1,140 | |
Sprinklr, Inc., Class A* | | | 3,200 | | | | 30,784 | |
Squarespace, Inc., Class A* | | | 2,000 | | | | 87,260 | |
Stitch Fix, Inc., Class A* | | | 2,600 | | | | 10,790 | |
TechTarget, Inc.* | | | 900 | | | | 28,053 | |
80
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Internet — (continued) | | | | | | | | |
The RealReal, Inc.* | | | 3,500 | | | $ | 11,165 | |
TrueCar, Inc.* | | | 3,500 | | | | 10,955 | |
Tucows, Inc., Class A* | | | 300 | | | | 5,796 | |
Upwork, Inc.* | | | 4,100 | | | | 44,075 | |
Vivid Seats, Inc., Class A* | | | 2,400 | | | | 13,800 | |
Yelp, Inc.* | | | 2,100 | | | | 77,595 | |
Ziff Davis, Inc.* | | | 1,490 | | | | 82,025 | |
| | | | | | | | |
| | | | | | | 1,573,134 | |
| | | | | | | | |
Investment Companies — 1.0% | | | | | | | | |
Bit Digital, Inc.* | | | 4,100 | | | | 13,038 | |
Cannae Holdings, Inc. | | | 2,200 | | | | 39,908 | |
Cipher Mining, Inc.* | | | 5,900 | | | | 24,485 | |
Cleanspark, Inc.* | | | 7,400 | | | | 118,030 | |
Compass Diversified Holdings | | | 2,100 | | | | 45,969 | |
Core Scientific, Inc.* | | | 6,000 | | | | 55,800 | |
FTAI Infrastructure, Inc. | | | 3,400 | | | | 29,342 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 3,700 | | | | 109,520 | |
Hut 8 Corp.* | | | 2,700 | | | | 40,473 | |
Marathon Digital Holdings, Inc.* | | | 9,100 | | | | 180,635 | |
NewtekOne, Inc. | | | 900 | | | | 11,313 | |
Riot Platforms, Inc.* | | | 9,100 | | | | 83,174 | |
Terawulf, Inc.* | | | 7,800 | | | | 34,710 | |
| | | | | | | | |
| | | | | | | 786,397 | |
| | | | | | | | |
Iron & Steel — 0.6% | | | | | | | | |
Carpenter Technology Corp. | | | 1,600 | | | | 175,328 | |
Commercial Metals Co. | | | 3,800 | | | | 208,962 | |
Haynes International, Inc. | | | 464 | | | | 27,237 | |
Radius Recycling, Inc. | | | 900 | | | | 13,743 | |
Universal Stainless & Alloy Products, Inc.* | | | 300 | | | | 8,214 | |
Worthington Steel, Inc. | | | 1,084 | | | | 36,162 | |
| | | | | | | | |
| | | | | | | 469,646 | |
| | | | | | | | |
Leisure Time — 0.6% | | | | | | | | |
Acushnet Holdings Corp. | | | 1,000 | | | | 63,480 | |
Camping World Holdings, Inc., Class A | | | 1,400 | | | | 25,004 | |
Clarus Corp. | | | 902 | | | | 6,070 | |
Escalade, Inc. | | | 400 | | | | 5,516 | |
Global Business Travel Group I* | | | 4,300 | | | | 28,380 | |
Johnson Outdoors, Inc., Class A | | | 168 | | | | 5,877 | |
Life Time Group Holdings, Inc.* | | | 2,000 | | | | 37,660 | |
Lindblad Expeditions Holdings, Inc.* | | | 1,100 | | | | 10,615 | |
Livewire Group, Inc.* | | | 500 | | | | 3,830 | |
Malibu Boats, Inc., Class A* | | | 700 | | | | 24,528 | |
Marine Products Corp. | | | 188 | | | | 1,899 | |
MasterCraft Boat Holdings, Inc.* | | | 500 | | | | 9,440 | |
OneSpaWorld Holdings Ltd.* | | | 3,400 | | | | 52,258 | |
Peloton Interactive, Inc., Class A* | | | 11,400 | | | | 38,532 | |
Sabre Corp.* | | | 12,700 | | | | 33,909 | |
Topgolf Callaway Brands Corp.* | | | 4,646 | | | | 71,084 | |
Vista Outdoor, Inc.* | | | 1,900 | | | | 71,535 | |
Xponential Fitness, Inc., Class A* | | | 800 | | | | 12,480 | |
| | | | | | | | |
| | | | | | | 502,097 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Lodging — 0.1% | | | | | | | | |
Full House Resorts, Inc.* | | | 1,200 | | | $ | 6,000 | |
Hilton Grand Vacations, Inc.* | | | 2,500 | | | | 101,075 | |
The Marcus Corp. | | | 733 | | | | 8,334 | |
| | | | | | | | |
| | | | | | | 115,409 | |
| | | | | | | | |
Machinery — Construction & Mining — 0.4% | |
Argan, Inc. | | | 436 | | | | 31,898 | |
Astec Industries, Inc. | | | 698 | | | | 20,703 | |
Bloom Energy Corp., Class A* | | | 6,600 | | | | 80,784 | |
Hyster-Yale, Inc. | | | 344 | | | | 23,987 | |
Net Power, Inc.* | | | 800 | | | | 7,864 | |
NuScale Power Corp.* | | | 2,600 | | | | 30,394 | |
Terex Corp. | | | 2,200 | | | | 120,648 | |
The Manitowoc Co., Inc.* | | | 1,025 | | | | 11,818 | |
| | | | | | | | |
| | | | | | | 328,096 | |
| | | | | | | | |
Machinery — Diversified — 2.0% | | | | | | | | |
Alamo Group, Inc. | | | 335 | | | | 57,955 | |
Albany International Corp., Class A | | | 1,032 | | | | 87,152 | |
Applied Industrial Technologies, Inc. | | | 1,246 | | | | 241,724 | |
Cactus, Inc., Class A | | | 2,200 | | | | 116,028 | |
Chart Industries, Inc.* | | | 1,377 | | | | 198,756 | |
Columbus McKinnon Corp. | | | 885 | | | | 30,568 | |
CSW Industrials, Inc. | | | 497 | | | | 131,859 | |
DXP Enterprises, Inc.* | | | 422 | | | | 19,344 | |
Eastman Kodak Co.* | | | 1,600 | | | | 8,608 | |
Gencor Industries, Inc.* | | | 400 | | | | 7,736 | |
GrafTech International Ltd. | | | 6,600 | | | | 6,402 | |
Ichor Holdings Ltd.* | | | 1,100 | | | | 42,405 | |
Kadant, Inc. | | | 377 | | | | 110,755 | |
Lindsay Corp. | | | 346 | | | | 42,517 | |
Mueller Water Products, Inc., Class A | | | 5,192 | | | | 93,041 | |
Taylor Devices, Inc.* | | | 100 | | | | 4,498 | |
Tennant Co. | | | 636 | | | | 62,608 | |
The Gorman-Rupp Co. | | | 751 | | | | 27,569 | |
Thermon Group Holdings, Inc.* | | | 1,100 | | | | 33,836 | |
Twin Disc, Inc. | | | 400 | | | | 4,712 | |
Watts Water Technologies, Inc., Class A | | | 887 | | | | 162,649 | |
Zurn Elkay Water Solutions Corp. | | | 4,800 | | | | 141,120 | |
| | | | | | | | |
| | | | | | | 1,631,842 | |
| | | | | | | | |
Media — 0.5% | | | | | | | | |
AMC Networks, Inc., Class A* | | | 1,000 | | | | 9,660 | |
Cable One, Inc. | | | 200 | | | | 70,800 | |
Gannett Co., Inc.* | | | 4,253 | | | | 19,607 | |
Gray Television, Inc. | | | 3,000 | | | | 15,600 | |
iHeartMedia, Inc., Class A* | | | 2,900 | | | | 3,161 | |
Liberty Latin America Ltd., Class A* | | | 1,400 | | | | 13,454 | |
Liberty Latin America Ltd., Class C* | | | 4,152 | | | | 39,942 | |
Scholastic Corp. | | | 856 | | | | 30,362 | |
Sinclair, Inc. | | | 1,000 | | | | 13,330 | |
Sphere Entertainment Co.* | | | 837 | | | | 29,345 | |
TEGNA, Inc. | | | 6,400 | | | | 89,216 | |
The E.W. Scripps Co., Class A* | | | 2,229 | | | | 6,999 | |
Thryv Holdings, Inc.* | | | 1,000 | | | | 17,820 | |
Townsquare Media, Inc., Class A | | | 500 | | | | 5,480 | |
81
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Media — (continued) | | | | | | | | |
WideOpenWest, Inc.* | | | 1,800 | | | $ | 9,738 | |
| | | | | | | | |
| | | | | | | 374,514 | |
| | | | | | | | |
Metal Fabricate/Hardware — 0.9% | | | | | | | | |
AZZ, Inc. | | | 976 | | | | 75,396 | |
Helios Technologies, Inc. | | | 1,059 | | | | 50,567 | |
Hillman Solutions Corp.* | | | 6,600 | | | | 58,410 | |
Janus International Group, Inc.* | | | 4,800 | | | | 60,624 | |
L.B. Foster Co., Class A* | | | 300 | | | | 6,456 | |
Mayville Engineering Co., Inc.* | | | 400 | | | | 6,664 | |
Metallus, Inc.* | | | 1,400 | | | | 28,378 | |
Mueller Industries, Inc. | | | 3,676 | | | | 209,311 | |
NN, Inc.* | | | 1,800 | | | | 5,400 | |
Northwest Pipe Co.* | | | 300 | | | | 10,191 | |
Olympic Steel, Inc. | | | 331 | | | | 14,839 | |
Omega Flex, Inc. | | | 124 | | | | 6,359 | |
Park-Ohio Holdings Corp. | | | 300 | | | | 7,767 | |
Proto Labs, Inc.* | | | 899 | | | | 27,770 | |
Ryerson Holding Corp. | | | 900 | | | | 17,550 | |
Standex International Corp. | | | 400 | | | | 64,460 | |
The Eastern Co. | | | 200 | | | | 5,094 | |
Tredegar Corp. | | | 761 | | | | 3,645 | |
Worthington Enterprises, Inc. | | | 984 | | | | 46,573 | |
Xometry, Inc., Class A* | | | 1,500 | | | | 17,340 | |
| | | | | | | | |
| | | | | | | 722,794 | |
| | | | | | | | |
Mining — 0.8% | | | | | | | | |
Caledonia Mining Corp. PLC | | | 600 | | | | 5,832 | |
Centrus Energy Corp., Class A* | | | 400 | | | | 17,100 | |
Century Aluminum Co.* | | | 1,754 | | | | 29,380 | |
Coeur Mining, Inc.* | | | 13,228 | | | | 74,341 | |
Compass Minerals International, Inc. | | | 1,200 | | | | 12,396 | |
Constellium S.E.* | | | 4,300 | | | | 81,055 | |
Contango ORE, Inc.* | | | 200 | | | | 3,614 | |
Critical Metals Corp.* | | | 300 | | | | 3,381 | |
Dakota Gold Corp.* | | | 1,700 | | | | 4,335 | |
Encore Energy Corp.* | | | 5,300 | | | | 20,882 | |
Ferroglobe PLC(1),* | | | 2,414 | | | | 0 | |
Hecla Mining Co. | | | 19,091 | | | | 92,591 | |
i-80 Gold Corp.* | | | 7,200 | | | | 7,776 | |
Ivanhoe Electric, Inc.* | | | 2,800 | | | | 26,264 | |
Kaiser Aluminum Corp. | | | 516 | | | | 45,356 | |
Lifezone Metals Ltd.* | | | 1,300 | | | | 9,984 | |
Metals Acquisition Ltd., Class A* | | | 1,800 | | | | 24,642 | |
Novagold Resources, Inc.* | | | 7,300 | | | | 25,258 | |
Perpetua Resources Corp.* | | | 1,500 | | | | 7,800 | |
Piedmont Lithium, Inc.* | | | 600 | | | | 5,988 | |
SSR Mining, Inc. | | | 6,900 | | | | 31,119 | |
United States Lime & Minerals, Inc. | | | 65 | | | | 23,672 | |
Uranium Energy Corp.* | | | 13,100 | | | | 78,731 | |
Ur-Energy, Inc.* | | | 5,400 | | | | 32,724 | |
Ur-Energy, Inc.* | | | 9,700 | | | | 13,580 | |
| | | | | | | | |
| | | | | | | 677,801 | |
| | | | | | | | |
Miscellaneous Manufacturing — 1.2% | | | | | |
AMMO, Inc.* | | | 3,600 | | | | 6,048 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Miscellaneous Manufacturing — (continued) | | | | | |
Byrna Technologies, Inc.* | | | 700 | | | $ | 6,986 | |
Core Molding Technologies, Inc.* | | | 300 | | | | 4,782 | |
Enpro, Inc. | | | 661 | | | | 96,222 | |
Fabrinet* | | | 1,162 | | | | 284,446 | |
Federal Signal Corp. | | | 2,043 | | | | 170,938 | |
Hillenbrand, Inc. | | | 2,344 | | | | 93,807 | |
John Bean Technologies Corp. | | | 1,041 | | | | 98,864 | |
LSB Industries, Inc.* | | | 1,900 | | | | 15,542 | |
Materion Corp. | | | 657 | | | | 71,041 | |
Myers Industries, Inc. | | | 1,025 | | | | 13,714 | |
NL Industries, Inc. | | | 90 | | | | 543 | |
Park Aerospace Corp. | | | 533 | | | | 7,291 | |
Sight Sciences, Inc.* | | | 900 | | | | 6,003 | |
Smith & Wesson Brands, Inc. | | | 1,579 | | | | 22,643 | |
Sturm Ruger & Co., Inc. | | | 519 | | | | 21,616 | |
Trinity Industries, Inc. | | | 2,700 | | | | 80,784 | |
| | | | | | | | |
| | | | | | | 1,001,270 | |
| | | | | | | | |
Multi-National — 0.0% | | | | | | | | |
Banco Latinoamericano de Comercio Exterior S.A., Class E | | | 910 | | | | 27,000 | |
| | | | | | | | |
Office & Business Equipment — 0.1% | | | | | |
Pitney Bowes, Inc. | | | 6,000 | | | | 30,480 | |
Xerox Holdings Corp. | | | 3,800 | | | | 44,156 | |
| | | | | | | | |
| | | | | | | 74,636 | |
| | | | | | | | |
Office Furnishings — 0.2% | | | | | | | | |
HNI Corp. | | | 1,504 | | | | 67,710 | |
Interface, Inc. | | | 1,695 | | | | 24,882 | |
Steelcase, Inc., Class A | | | 3,131 | | | | 40,578 | |
Virco Mfg. Corp. | | | 400 | | | | 5,576 | |
| | | | | | | | |
| | | | | | | 138,746 | |
| | | | | | | | |
Oil & Gas — 3.3% | | | | | | | | |
Amplify Energy Corp.* | | | 1,200 | | | | 8,136 | |
Berry Corp. | | | 2,500 | | | | 16,150 | |
Borr Drilling Ltd.* | | | 8,000 | | | | 51,600 | |
California Resources Corp. | | | 2,300 | | | | 122,406 | |
CNX Resources Corp.* | | | 4,900 | | | | 119,070 | |
Cobalt International Energy, Inc.(1),* | | | 1 | | | | 0 | |
Comstock Resources, Inc. | | | 2,800 | | | | 29,064 | |
Crescent Energy, Inc., Class A | | | 3,220 | | | | 38,157 | |
CVR Energy, Inc. | | | 1,200 | | | | 32,124 | |
Delek US Holdings, Inc. | | | 1,983 | | | | 49,099 | |
Diamond Offshore Drilling, Inc.* | | | 3,400 | | | | 52,666 | |
Diversified Energy Co. PLC | | | 1,600 | | | | 21,584 | |
Empire Petroleum Corp.* | | | 200 | | | | 1,032 | |
Evolution Petroleum Corp. | | | 1,200 | | | | 6,324 | |
Granite Ridge Resources, Inc. | | | 1,900 | | | | 12,027 | |
Gulfport Energy Corp.* | | | 449 | | | | 67,799 | |
Helmerich & Payne, Inc. | | | 3,200 | | | | 115,648 | |
HighPeak Energy, Inc. | | | 500 | | | | 7,030 | |
Kosmos Energy Ltd.* | | | 15,600 | | | | 86,424 | |
Magnolia Oil & Gas Corp., Class A | | | 5,800 | | | | 146,972 | |
Murphy Oil Corp. | | | 4,800 | | | | 197,952 | |
Nabors Industries Ltd.* | | | 315 | | | | 22,415 | |
82
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Oil & Gas — (continued) | | | | | | | | |
Noble Corp. PLC | | | 3,800 | | | $ | 169,670 | |
Northern Oil & Gas, Inc. | | | 3,300 | | | | 122,661 | |
Par Pacific Holdings, Inc.* | | | 1,818 | | | | 45,905 | |
Patterson-UTI Energy, Inc. | | | 13,281 | | | | 137,591 | |
PBF Energy, Inc., Class A | | | 3,500 | | | | 161,070 | |
Riley Exploration Permian, Inc. | | | 400 | | | | 11,324 | |
Ring Energy, Inc.* | | | 5,400 | | | | 9,126 | |
Sable Offshore Corp.* | | | 1,700 | | | | 25,619 | |
SandRidge Energy, Inc. | | | 1,000 | | | | 12,930 | |
Seadrill Ltd.* | | | 2,500 | | | | 128,750 | |
SilverBow Resources, Inc.* | | | 700 | | | | 26,481 | |
Sitio Royalties Corp., Class A | | | 2,714 | | | | 64,078 | |
SM Energy Co. | | | 3,800 | | | | 164,274 | |
Talos Energy, Inc.* | | | 5,000 | | | | 60,750 | |
Transocean Ltd.* | | | 24,300 | | | | 130,005 | |
VAALCO Energy, Inc. | | | 3,600 | | | | 22,572 | |
Valaris Ltd.* | | | 2,100 | | | | 156,450 | |
Vital Energy, Inc.* | | | 1,000 | | | | 44,820 | |
Vitesse Energy, Inc. | | | 700 | | | | 16,590 | |
W&T Offshore, Inc. | | | 3,543 | | | | 7,582 | |
| | | | | | | | |
| | | | | | | 2,721,927 | |
| | | | | | | | |
Oil & Gas Services — 1.5% | | | | | | | | |
Archrock, Inc. | | | 5,100 | | | | 103,122 | |
Aris Water Solutions, Inc., Class A | | | 900 | | | | 14,103 | |
Atlas Energy Solutions, Inc. | | | 2,300 | | | | 45,839 | |
Bristow Group, Inc.* | | | 766 | | | | 25,684 | |
ChampionX Corp. | | | 6,300 | | | | 209,223 | |
Core Laboratories, Inc. | | | 1,500 | | | | 30,435 | |
DMC Global, Inc.* | | | 600 | | | | 8,652 | |
DNOW, Inc.* | | | 3,600 | | | | 49,428 | |
Dril-Quip, Inc.* | | | 1,200 | | | | 22,320 | |
Expro Group Holdings N.V.* | | | 3,116 | | | | 71,418 | |
Forum Energy Technologies, Inc.* | | | 400 | | | | 6,744 | |
Geospace Technologies Corp.* | | | 500 | | | | 4,490 | |
Helix Energy Solutions Group, Inc.* | | | 4,801 | | | | 57,324 | |
Kodiak Gas Services, Inc. | | | 700 | | | | 19,082 | |
Liberty Energy, Inc. | | | 5,400 | | | | 112,806 | |
Mammoth Energy Services, Inc.* | | | 1,000 | | | | 3,280 | |
Matrix Service Co.* | | | 1,000 | | | | 9,930 | |
Natural Gas Services Group, Inc.* | | | 400 | | | | 8,048 | |
Newpark Resources, Inc.* | | | 2,812 | | | | 23,368 | |
Oceaneering International, Inc.* | | | 3,400 | | | | 80,444 | |
Oil States International, Inc.* | | | 2,000 | | | | 8,880 | |
ProFrac Holding Corp., Class A* | | | 900 | | | | 6,669 | |
ProPetro Holding Corp.* | | | 3,200 | | | | 27,744 | |
Ranger Energy Services, Inc. | | | 600 | | | | 6,312 | |
RPC, Inc. | | | 2,800 | | | | 17,500 | |
SEACOR Marine Holdings, Inc.* | | | 900 | | | | 12,141 | |
Select Water Solutions, Inc., Class A | | | 3,100 | | | | 33,170 | |
Solaris Oilfield Infrastructure, Inc., Class A | | | 1,100 | | | | 9,438 | |
TETRA Technologies, Inc.* | | | 4,400 | | | | 15,224 | |
Tidewater, Inc.* | | | 1,600 | | | | 152,336 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Oil & Gas Services — (continued) | | | | | | | | |
US Silica Holdings, Inc.* | | | 2,600 | | | $ | 40,170 | |
| | | | | | | | |
| | | | | | | 1,235,324 | |
| | | | | | | | |
Packaging and Containers — 0.3% | | | | | |
Ardagh Metal Packaging S.A. | | | 5,000 | | | | 17,000 | |
Clearwater Paper Corp.* | | | 478 | | | | 23,169 | |
Greif, Inc., Class A | | | 800 | | | | 45,976 | |
Greif, Inc., Class B | | | 200 | | | | 12,498 | |
Karat Packaging, Inc. | | | 300 | | | | 8,874 | |
O-I Glass, Inc.* | | | 5,000 | | | | 55,650 | |
Pactiv Evergreen, Inc. | | | 1,100 | | | | 12,452 | |
Ranpak Holdings Corp.* | | | 1,200 | | | | 7,716 | |
TriMas Corp. | | | 1,295 | | | | 33,100 | |
| | | | | | | | |
| | | | | | | 216,435 | |
| | | | | | | | |
Pharmaceuticals — 2.8% | | | | | | | | |
ACELYRIN, Inc.* | | | 2,300 | | | | 10,143 | |
AdaptHealth Corp.* | | | 3,400 | | | | 34,000 | |
Agios Pharmaceuticals, Inc.* | | | 1,800 | | | | 77,616 | |
Akebia Therapeutics, Inc.* | | | 7,700 | | | | 7,854 | |
Alector, Inc.* | | | 2,900 | | | | 13,166 | |
Alimera Sciences, Inc.* | | | 900 | | | | 5,004 | |
Alkermes PLC* | | | 5,600 | | | | 134,960 | |
Amneal Pharmaceuticals, Inc.* | | | 5,337 | | | | 33,890 | |
Amphastar Pharmaceuticals, Inc.* | | | 1,200 | | | | 48,000 | |
Anika Therapeutics, Inc.* | | | 400 | | | | 10,132 | |
Aquestive Therapeutics, Inc.* | | | 2,800 | | | | 7,280 | |
Arvinas, Inc.* | | | 2,200 | | | | 58,564 | |
Avadel Pharmaceuticals PLC, ADR* | | | 3,100 | | | | 43,586 | |
Biote Corp., Class A* | | | 600 | | | | 4,482 | |
Catalyst Pharmaceuticals, Inc.* | | | 3,700 | | | | 57,313 | |
Coherus Biosciences, Inc.* | | | 2,700 | | | | 4,671 | |
Collegium Pharmaceutical, Inc.* | | | 1,100 | | | | 35,420 | |
Corbus Pharmaceuticals Holdings, Inc.* | | | 400 | | | | 18,100 | |
Corcept Therapeutics, Inc.* | | | 2,700 | | | | 87,723 | |
CorMedix, Inc.* | | | 1,700 | | | | 7,361 | |
Enanta Pharmaceuticals, Inc.* | | | 700 | | | | 9,079 | |
Enliven Therapeutics, Inc.* | | | 1,200 | | | | 28,044 | |
Fennec Pharmaceuticals, Inc.* | | | 700 | | | | 4,277 | |
Foghorn Therapeutics, Inc.* | | | 800 | | | | 4,600 | |
Fulcrum Therapeutics, Inc.* | | | 2,200 | | | | 13,640 | |
G1 Therapeutics, Inc.* | | | 2,000 | | | | 4,560 | |
Harmony Biosciences Holdings, Inc.* | | | 1,100 | | | | 33,187 | |
Harrow, Inc.* | | | 1,000 | | | | 20,890 | |
Herbalife Ltd.* | | | 3,400 | | | | 35,326 | |
Heron Therapeutics, Inc.* | | | 3,800 | | | | 13,300 | |
Ironwood Pharmaceuticals, Inc.* | | | 4,361 | | | | 28,434 | |
KalVista Pharmaceuticals, Inc.* | | | 1,300 | | | | 15,314 | |
Kura Oncology, Inc.* | | | 2,300 | | | | 47,357 | |
Longboard Pharmaceuticals, Inc.* | | | 1,100 | | | | 29,733 | |
Lyell Immunopharma, Inc.* | | | 6,000 | | | | 8,700 | |
Madrigal Pharmaceuticals, Inc.* | | | 568 | | | | 159,131 | |
MannKind Corp.* | | | 8,701 | | | | 45,419 | |
Mirum Pharmaceuticals, Inc.* | | | 1,300 | | | | 44,447 | |
Morphic Holding, Inc.* | | | 1,300 | | | | 44,291 | |
Nature’s Sunshine Products, Inc.* | | | 500 | | | | 7,535 | |
83
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Pharmaceuticals — (continued) | | | | | | | | |
Neurogene, Inc.* | | | 400 | | | $ | 14,556 | |
Ocugen, Inc.* | | | 9,100 | | | | 14,105 | |
Ocular Therapeutix, Inc.* | | | 5,300 | | | | 36,252 | |
Option Care Health, Inc.* | | | 5,802 | | | | 160,715 | |
ORIC Pharmaceuticals, Inc.* | | | 2,200 | | | | 15,554 | |
Outlook Therapeutics, Inc.* | | | 345 | | | | 2,546 | |
Owens & Minor, Inc.* | | | 2,576 | | | | 34,776 | |
Pacira BioSciences, Inc.* | | | 1,500 | | | | 42,915 | |
PetIQ, Inc.* | | | 900 | | | | 19,854 | |
Phibro Animal Health Corp., Class A | | | 700 | | | | 11,739 | |
Protagonist Therapeutics, Inc.* | | | 2,000 | | | | 69,300 | |
Regulus Therapeutics, Inc.* | | | 2,500 | | | | 4,462 | |
Revance Therapeutics, Inc.* | | | 2,900 | | | | 7,453 | |
Rhythm Pharmaceuticals, Inc.* | | | 1,800 | | | | 73,908 | |
scPharmaceuticals, Inc.* | | | 1,100 | | | | 4,785 | |
SIGA Technologies, Inc. | | | 1,700 | | | | 12,903 | |
Skye Bioscience, Inc.* | | | 700 | | | | 5,607 | |
Spyre Therapeutics, Inc.* | | | 1,200 | | | | 28,212 | |
Summit Therapeutics, Inc.* | | | 3,800 | | | | 29,640 | |
Supernus Pharmaceuticals, Inc.* | | | 1,700 | | | | 45,475 | |
Trevi Therapeutics, Inc.* | | | 1,800 | | | | 5,364 | |
USANA Health Sciences, Inc.* | | | 348 | | | | 15,744 | |
Vanda Pharmaceuticals, Inc.* | | | 1,941 | | | | 10,967 | |
Vaxcyte, Inc.* | | | 3,600 | | | | 271,836 | |
Verrica Pharmaceuticals, Inc.* | | | 900 | | | | 6,561 | |
Voyager Therapeutics, Inc.* | | | 1,200 | | | | 9,492 | |
Xeris Biopharma Holdings, Inc.* | | | 4,300 | | | | 9,675 | |
Y-mAbs Therapeutics, Inc.* | | | 1,200 | | | | 14,496 | |
| | | | | | | | |
| | | | | | | 2,275,421 | |
| | | | | | | | |
Pipelines — 0.5% | | | | | | | | |
Equitrans Midstream Corp. | | | 14,400 | | | | 186,912 | |
Excelerate Energy, Inc., Class A | | | 600 | | | | 11,064 | |
Golar LNG Ltd. | | | 3,200 | | | | 100,320 | |
Kinetik Holdings, Inc. | | | 1,200 | | | | 49,728 | |
NextDecade Corp.* | | | 3,900 | | | | 30,966 | |
| | | | | | | | |
| | | | | | | 378,990 | |
| | | | | | | | |
Private Equity — 0.0% | | | | | | | | |
P10, Inc., Class A | | | 1,600 | | | | 13,568 | |
Patria Investments Ltd., Class A | | | 1,600 | | | | 19,296 | |
| | | | | | | | |
| | | | | | | 32,864 | |
| | | | | | | | |
Real Estate — 0.6% | | | | | | | | |
Anywhere Real Estate, Inc.* | | | 3,000 | | | | 9,930 | |
Compass, Inc., Class A* | | | 12,300 | | | | 44,280 | |
Cushman & Wakefield PLC* | | | 7,600 | | | | 79,040 | |
eXp World Holdings, Inc. | | | 2,700 | | | | 30,470 | |
FRP Holdings, Inc.* | | | 338 | | | | 9,640 | |
Kennedy-Wilson Holdings, Inc. | | | 3,581 | | | | 34,807 | |
Legacy Housing Corp.* | | | 300 | | | | 6,882 | |
Marcus & Millichap, Inc. | | | 800 | | | | 25,216 | |
Maui Land & Pineapple Co., Inc.* | | | 300 | | | | 6,615 | |
McGrath RentCorp | | | 770 | | | | 82,043 | |
Newmark Group, Inc., Class A | | | 4,400 | | | | 45,012 | |
RE/MAX Holdings, Inc., Class A | | | 600 | | | | 4,860 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Real Estate — (continued) | | | | | | | | |
Redfin Corp.* | | | 3,800 | | | $ | 22,838 | |
Sky Harbour Group Corp.* | | | 500 | | | | 4,625 | |
Star Holdings* | | | 446 | | | | 5,379 | |
Stratus Properties, Inc.* | | | 200 | | | | 5,044 | |
The Real Brokerage, Inc.* | | | 3,400 | | | | 13,804 | |
The RMR Group, Inc., Class A | | | 467 | | | | 10,554 | |
The St. Joe Co. | | | 1,200 | | | | 65,640 | |
| | | | | | | | |
| | | | | | | 506,679 | |
| | | | | | | | |
Real Estate Investment Trusts — 0.0% | | | | | |
Claros Mortgage Trust, Inc. | | | 2,900 | | | | 23,258 | |
| | | | | | | | |
Retail — 4.0% | | | | | | | | |
Abercrombie & Fitch Co., Class A* | | | 1,646 | | | | 292,725 | |
Academy Sports & Outdoors, Inc. | | | 2,400 | | | | 127,800 | |
American Eagle Outfitters, Inc. | | | 6,100 | | | | 121,756 | |
America’s Car-Mart, Inc.* | | | 190 | | | | 11,440 | |
Arko Corp. | | | 2,400 | | | | 15,048 | |
Asbury Automotive Group, Inc.* | | | 670 | | | | 152,673 | |
Beacon Roofing Supply, Inc.* | | | 2,081 | | | | 188,330 | |
Biglari Holdings, Inc., Class B* | | | 10 | | | | 1,934 | |
BJ’s Restaurants, Inc.* | | | 720 | | | | 24,984 | |
Blink Charging Co.* | | | 3,500 | | | | 9,590 | |
Bloomin’ Brands, Inc. | | | 2,800 | | | | 53,844 | |
BlueLinx Holdings, Inc.* | | | 251 | | | | 23,366 | |
Boot Barn Holdings, Inc.* | | | 1,000 | | | | 128,930 | |
Brinker International, Inc.* | | | 1,500 | | | | 108,585 | |
Build-A-Bear Workshop, Inc. | | | 500 | | | | 12,635 | |
Caleres, Inc. | | | 1,054 | | | | 35,414 | |
Chuy’s Holdings, Inc.* | | | 600 | | | | 15,552 | |
Citi Trends, Inc.* | | | 300 | | | | 6,378 | |
Clean Energy Fuels Corp.* | | | 6,000 | | | | 16,020 | |
Cracker Barrel Old Country Store, Inc. | | | 734 | | | | 30,945 | |
Dave & Buster’s Entertainment, Inc.* | | | 1,100 | | | | 43,791 | |
Denny’s Corp.* | | | 1,452 | | | | 10,309 | |
Designer Brands, Inc., Class A | | | 1,300 | | | | 8,879 | |
Destination XL Group, Inc.* | | | 2,000 | | | | 7,280 | |
Dine Brands Global, Inc. | | | 471 | | | | 17,050 | |
El Pollo Loco Holdings, Inc.* | | | 1,000 | | | | 11,310 | |
EVgo, Inc.* | | | 4,200 | | | | 10,290 | |
First Watch Restaurant Group, Inc.* | | | 1,000 | | | | 17,560 | |
FirstCash Holdings, Inc. | | | 1,286 | | | | 134,876 | |
Foot Locker, Inc. | | | 2,800 | | | | 69,776 | |
Genesco, Inc.* | | | 295 | | | | 7,629 | |
GMS, Inc.* | | | 1,300 | | | | 104,793 | |
Group 1 Automotive, Inc. | | | 443 | | | | 131,695 | |
GrowGeneration Corp.* | | | 1,800 | | | | 3,870 | |
Haverty Furniture Cos., Inc. | | | 450 | | | | 11,381 | |
Hibbett, Inc. | | | 355 | | | | 30,960 | |
J Jill, Inc. | | | 200 | | | | 6,994 | |
Jack in the Box, Inc. | | | 614 | | | | 31,277 | |
Kura Sushi USA, Inc., Class A* | | | 200 | | | | 12,618 | |
La-Z-Boy, Inc. | | | 1,362 | | | | 50,775 | |
Leslie’s, Inc.* | | | 5,700 | | | | 23,883 | |
MarineMax, Inc.* | | | 700 | | | | 22,659 | |
Movado Group, Inc. | | | 460 | | | | 11,436 | |
84
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Retail — (continued) | | | | | | | | |
National Vision Holdings, Inc.* | | | 2,400 | | | $ | 31,416 | |
Nu Skin Enterprises, Inc., Class A | | | 1,700 | | | | 17,918 | |
OneWater Marine, Inc., Class A* | | | 400 | | | | 11,028 | |
Papa John’s International, Inc. | | | 1,110 | | | | 52,148 | |
Patrick Industries, Inc. | | | 675 | | | | 73,271 | |
PC Connection, Inc. | | | 365 | | | | 23,433 | |
Petco Health & Wellness Co., Inc.* | | | 3,000 | | | | 11,340 | |
Portillo’s, Inc., Class A* | | | 1,500 | | | | 14,580 | |
Potbelly Corp.* | | | 1,000 | | | | 8,030 | |
PriceSmart, Inc. | | | 831 | | | | 67,477 | |
Sally Beauty Holdings, Inc.* | | | 3,400 | | | | 36,482 | |
Savers Value Village, Inc.* | | | 800 | | | | 9,792 | |
Shake Shack, Inc., Class A* | | | 1,300 | | | | 117,000 | |
Shoe Carnival, Inc. | | | 516 | | | | 19,035 | |
Signet Jewelers Ltd. | | | 1,400 | | | | 125,412 | |
Sonic Automotive, Inc., Class A | | | 434 | | | | 23,640 | |
Sweetgreen, Inc., Class A* | | | 3,300 | | | | 99,462 | |
The Buckle, Inc. | | | 949 | | | | 35,056 | |
The Cheesecake Factory, Inc. | | | 1,616 | | | | 63,493 | |
The ODP Corp.* | | | 1,170 | | | | 45,946 | |
The ONE Group Hospitality, Inc.* | | | 800 | | | | 3,400 | |
Tile Shop Holdings, Inc.* | | | 1,200 | | | | 8,316 | |
Tilly’s, Inc., Class A* | | | 800 | | | | 4,824 | |
Urban Outfitters, Inc.* | | | 2,100 | | | | 86,205 | |
Vera Bradley, Inc.* | | | 1,100 | | | | 6,886 | |
Victoria’s Secret & Co.* | | | 2,600 | | | | 45,942 | |
Warby Parker, Inc., Class A* | | | 2,900 | | | | 46,574 | |
Winmark Corp. | | | 91 | | | | 32,089 | |
Zumiez, Inc.* | | | 503 | | | | 9,798 | |
| | | | | | | | |
| | | | | | | 3,289,033 | |
| | | | | | | | |
Savings & Loans — 1.0% | | | | | | | | |
Axos Financial, Inc.* | | | 1,800 | | | | 102,870 | |
Banc of California, Inc. | | | 4,624 | | | | 59,095 | |
Berkshire Hills Bancorp, Inc. | | | 1,442 | | | | 32,877 | |
Brookline Bancorp, Inc. | | | 2,887 | | | | 24,106 | |
Capitol Federal Financial, Inc. | | | 4,400 | | | | 24,156 | |
ESSA Bancorp, Inc. | | | 400 | | | | 7,036 | |
First Financial Northwest, Inc. | | | 300 | | | | 6,339 | |
Flushing Financial Corp. | | | 1,038 | | | | 13,650 | |
FS Bancorp, Inc. | | | 200 | | | | 7,290 | |
Greene County Bancorp, Inc. | | | 200 | | | | 6,742 | |
Home Bancorp, Inc. | | | 200 | | | | 8,002 | |
HomeTrust Bancshares, Inc. | | | 500 | | | | 15,015 | |
New York Community Bancorp, Inc. | | | 25,400 | | | | 81,788 | |
Northfield Bancorp, Inc. | | | 1,093 | | | | 10,362 | |
Northwest Bancshares, Inc. | | | 4,155 | | | | 47,990 | |
OceanFirst Financial Corp. | | | 1,810 | | | | 28,761 | |
Pacific Premier Bancorp, Inc. | | | 3,046 | | | | 69,967 | |
Provident Financial Services, Inc. | | | 4,230 | | | | 60,700 | |
Southern Missouri Bancorp, Inc. | | | 300 | | | | 13,503 | |
The Hingham Institution For Savings | | | 61 | | | | 10,912 | |
Timberland Bancorp, Inc. | | | 300 | | | | 8,127 | |
WaFd, Inc. | | | 2,134 | | | | 60,990 | |
Waterstone Financial, Inc. | | | 400 | | | | 5,116 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Savings & Loans — (continued) | | | | | | | | |
WSFS Financial Corp. | | | 1,974 | | | $ | 92,778 | |
| | | | | | | | |
| | | | | | | 798,172 | |
| | | | | | | | |
Semiconductors — 2.3% | | | | | | | | |
ACM Research, Inc., Class A* | | | 1,600 | | | | 36,896 | |
Aehr Test Systems* | | | 900 | | | | 10,053 | |
Alpha & Omega Semiconductor Ltd.* | | | 700 | | | | 26,159 | |
Ambarella, Inc.* | | | 1,229 | | | | 66,305 | |
Arteris, Inc.* | | | 1,000 | | | | 7,510 | |
Axcelis Technologies, Inc.* | | | 1,059 | | | | 150,579 | |
CEVA, Inc.* | | | 671 | | | | 12,944 | |
Cohu, Inc.* | | | 1,524 | | | | 50,444 | |
Diodes, Inc.* | | | 1,499 | | | | 107,823 | |
FormFactor, Inc.* | | | 2,529 | | | | 153,080 | |
Impinj, Inc.* | | | 800 | | | | 125,416 | |
Kulicke & Soffa Industries, Inc. | | | 1,800 | | | | 88,542 | |
MaxLinear, Inc.* | | | 2,643 | | | | 53,230 | |
Navitas Semiconductor Corp.* | | | 3,700 | | | | 14,541 | |
Ouster, Inc.* | | | 1,500 | | | | 14,745 | |
Photronics, Inc.* | | | 2,092 | | | | 51,610 | |
Power Integrations, Inc. | | | 1,847 | | | | 129,641 | |
QuickLogic Corp.* | | | 500 | | | | 5,195 | |
Rambus, Inc.* | | | 3,623 | | | | 212,888 | |
Richardson Electronics Ltd. | | | 500 | | | | 5,945 | |
Semtech Corp.* | | | 2,209 | | | | 66,005 | |
Silicon Laboratories, Inc.* | | | 1,016 | | | | 112,400 | |
SiTime Corp.* | | | 651 | | | | 80,971 | |
SkyWater Technology, Inc.* | | | 1,000 | | | | 7,650 | |
SMART Global Holdings, Inc.* | | | 1,600 | | | | 36,592 | |
Synaptics, Inc.* | | | 1,265 | | | | 111,573 | |
Ultra Clean Holdings, Inc.* | | | 1,400 | | | | 68,600 | |
Veeco Instruments, Inc.* | | | 1,854 | | | | 86,600 | |
Vishay Precision Group, Inc.* | | | 400 | | | | 12,176 | |
| | | | | | | | |
| | | | | | | 1,906,113 | |
| | | | | | | | |
Software — 5.2% | | | | | | | | |
8X8, Inc.* | | | 3,700 | | | | 8,214 | |
ACI Worldwide, Inc.* | | | 3,427 | | | | 135,675 | |
ACV Auctions, Inc., Class A* | | | 4,900 | | | | 89,425 | |
Adeia, Inc. | | | 3,653 | | | | 40,859 | |
Agilysys, Inc.* | | | 776 | | | | 80,813 | |
Alignment Healthcare, Inc.* | | | 3,400 | | | | 26,588 | |
Alkami Technology, Inc.* | | | 1,500 | | | | 42,720 | |
Altair Engineering, Inc., Class A* | | | 1,900 | | | | 186,352 | |
American Software, Inc., Class A | | | 1,093 | | | | 9,979 | |
Amplitude, Inc., Class A* | | | 2,600 | | | | 23,140 | |
Appian Corp., Class A* | | | 1,375 | | | | 42,432 | |
Asana, Inc., Class A* | | | 2,600 | | | | 36,374 | |
Asure Software, Inc.* | | | 700 | | | | 5,880 | |
AvePoint, Inc.* | | | 5,000 | | | | 52,100 | |
AvidXchange Holdings, Inc.* | | | 5,800 | | | | 69,948 | |
Bandwidth, Inc., Class A* | | | 739 | | | | 12,474 | |
BigBear.ai Holdings, Inc.* | | | 3,900 | | | | 5,889 | |
BigCommerce Holdings, Inc.* | | | 2,100 | | | | 16,926 | |
Blackbaud, Inc.* | | | 1,450 | | | | 110,446 | |
BlackLine, Inc.* | | | 1,940 | | | | 93,993 | |
85
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Software — (continued) | | | | | | | | |
Blend Labs, Inc., Class A* | | | 8,000 | | | $ | 18,880 | |
Box, Inc., Class A* | | | 4,700 | | | | 124,268 | |
Braze, Inc., Class A* | | | 1,700 | | | | 66,028 | |
C3.ai, Inc., Class A* | | | 2,700 | | | | 78,192 | |
Cerence, Inc.* | | | 1,400 | | | | 3,962 | |
Clear Secure, Inc., Class A | | | 2,900 | | | | 54,259 | |
Clearwater Analytics Holdings, Inc., Class A* | | | 4,700 | | | | 87,044 | |
Climb Global Solutions, Inc. | | | 100 | | | | 6,281 | |
CommVault Systems, Inc.* | | | 1,448 | | | | 176,033 | |
Consensus Cloud Solutions, Inc.* | | | 667 | | | | 11,459 | |
CS Disco, Inc.* | | | 900 | | | | 5,364 | |
CSG Systems International, Inc. | | | 981 | | | | 40,388 | |
Daily Journal Corp.* | | | 41 | | | | 16,174 | |
Definitive Healthcare Corp.* | | | 1,700 | | | | 9,282 | |
Digi International, Inc.* | | | 1,057 | | | | 24,237 | |
Digimarc Corp.* | | | 500 | | | | 15,505 | |
Digital Turbine Inc* | | | 3,200 | | | | 5,312 | |
DigitalOcean Holdings, Inc.* | | | 2,200 | | | | 76,450 | |
Domo, Inc., Class B* | | | 1,100 | | | | 8,492 | |
Donnelley Financial Solutions, Inc.* | | | 900 | | | | 53,658 | |
E2open Parent Holdings, Inc.* | | | 5,800 | | | | 26,042 | |
eGain Corp.* | | | 500 | | | | 3,155 | |
Enfusion, Inc., Class A* | | | 1,700 | | | | 14,484 | |
Envestnet, Inc.* | | | 1,713 | | | | 107,217 | |
Everbridge, Inc.* | | | 1,328 | | | | 46,467 | |
EverCommerce, Inc.* | | | 600 | | | | 6,588 | |
Evolent Health, Inc., Class A* | | | 3,900 | | | | 74,568 | |
Fastly, Inc., Class A* | | | 4,000 | | | | 29,480 | |
Freshworks, Inc., Class A* | | | 6,800 | | | | 86,292 | |
GigaCloud Technology, Inc., Class A* | | | 800 | | | | 24,336 | |
Health Catalyst, Inc.* | | | 1,800 | | | | 11,502 | |
IBEX Holdings Ltd.* | | | 300 | | | | 4,854 | |
Ibotta, Inc., Class A* | | | 300 | | | | 22,548 | |
iLearningEngines Holdings, Inc.* | | | 1,100 | | | | 9,988 | |
Immersion Corp. | | | 1,200 | | | | 11,292 | |
Innodata, Inc.* | | | 1,000 | | | | 14,830 | |
Inspired Entertainment, Inc.* | | | 700 | | | | 6,405 | |
Instructure Holdings, Inc.* | | | 700 | | | | 16,387 | |
Intapp, Inc.* | | | 1,300 | | | | 47,671 | |
IonQ, Inc.* | | | 6,700 | | | | 47,101 | |
Jamf Holding Corp.* | | | 2,500 | | | | 41,250 | |
Kaltura, Inc.* | | | 3,300 | | | | 3,960 | |
Matterport, Inc.* | | | 8,900 | | | | 39,783 | |
MeridianLink, Inc.* | | | 800 | | | | 17,088 | |
N-able, Inc.* | | | 2,400 | | | | 36,552 | |
Olo, Inc., Class A* | | | 3,200 | | | | 14,144 | |
ON24, Inc.* | | | 800 | | | | 4,808 | |
Outbrain, Inc.* | | | 1,000 | | | | 4,980 | |
PagerDuty, Inc.* | | | 3,000 | | | | 68,790 | |
PDF Solutions, Inc.* | | | 1,000 | | | | 36,380 | |
Phreesia, Inc.* | | | 1,800 | | | | 38,160 | |
Planet Labs PBC* | | | 5,000 | | | | 9,300 | |
Playstudios, Inc.* | | | 2,600 | | | | 5,382 | |
Porch Group, Inc.* | | | 3,100 | | | | 4,681 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Software — (continued) | | | | | | | | |
PowerSchool Holdings, Inc., Class A* | | | 2,000 | | | $ | 44,780 | |
Privia Health Group, Inc.* | | | 3,600 | | | | 62,568 | |
Progress Software Corp. | | | 1,426 | | | | 77,375 | |
PROS Holdings, Inc.* | | | 1,517 | | | | 43,462 | |
PubMatic, Inc., Class A* | | | 1,400 | | | | 28,434 | |
Rackspace Technology, Inc.* | | | 1,800 | | | | 5,364 | |
Red Violet, Inc.* | | | 300 | | | | 7,620 | |
ReposiTrak, Inc. | | | 400 | | | | 6,116 | |
Sapiens International Corp. N.V. | | | 1,000 | | | | 33,930 | |
Schrodinger, Inc.* | | | 1,800 | | | | 34,812 | |
SEMrush Holdings, Inc., Class A* | | | 1,300 | | | | 17,407 | |
Simulations Plus, Inc. | | | 500 | | | | 24,310 | |
SolarWinds Corp. | | | 1,600 | | | | 19,280 | |
SoundHound AI, Inc., Class A* | | | 9,600 | | | | 37,920 | |
Sprout Social, Inc., Class A* | | | 1,618 | | | | 57,730 | |
SPS Commerce, Inc.* | | | 1,262 | | | | 237,458 | |
Talkspace, Inc.* | | | 4,400 | | | | 10,120 | |
Verint Systems, Inc.* | | | 2,095 | | | | 67,459 | |
Verra Mobility Corp.* | | | 5,500 | | | | 149,600 | |
Vertex, Inc., Class A* | | | 1,800 | | | | 64,890 | |
Viant Technology, Inc., Class A* | | | 400 | | | | 3,948 | |
Vimeo, Inc.* | | | 4,700 | | | | 17,531 | |
Weave Communications, Inc.* | | | 1,100 | | | | 9,922 | |
WM Technology, Inc.* | | | 3,500 | | | | 3,640 | |
Workiva, Inc.* | | | 1,700 | | | | 124,083 | |
Yext, Inc.* | | | 3,400 | | | | 18,190 | |
Zeta Global Holdings Corp., Class A* | | | 5,500 | | | | 97,075 | |
Zuora, Inc., Class A* | | | 4,100 | | | | 40,713 | |
| | | | | | | | |
| | | | | | | 4,253,697 | |
| | | | | | | | |
Telecommunications — 1.4% | | | | | | | | |
A10 Networks, Inc. | | | 2,300 | | | | 31,855 | |
ADTRAN Holdings, Inc. | | | 2,705 | | | | 14,228 | |
Anterix, Inc.* | | | 400 | | | | 15,836 | |
Applied Digital Corp.* | | | 3,400 | | | | 20,230 | |
AST SpaceMobile, Inc.* | | | 4,000 | | | | 46,440 | |
ATN International, Inc. | | | 398 | | | | 9,074 | |
Aviat Networks, Inc.* | | | 400 | | | | 11,476 | |
BlackSky Technology, Inc.* | | | 4,600 | | | | 4,922 | |
Calix, Inc.* | | | 1,893 | | | | 67,069 | |
Clearfield, Inc.* | | | 400 | | | | 15,424 | |
CommScope Holding Co., Inc.* | | | 7,200 | | | | 8,856 | |
Consolidated Communications Holdings, Inc.* | | | 2,571 | | | | 11,312 | |
Credo Technology Group Holding Ltd.* | | | 4,200 | | | | 134,148 | |
DigitalBridge Group, Inc. | | | 5,175 | | | | 70,898 | |
EchoStar Corp., Class A* | | | 4,100 | | | | 73,021 | |
Extreme Networks, Inc.* | | | 4,247 | | | | 57,122 | |
Globalstar, Inc.* | | | 21,700 | | | | 24,304 | |
Gogo, Inc.* | | | 2,200 | | | | 21,164 | |
Harmonic, Inc.* | | | 3,470 | | | | 40,842 | |
IDT Corp., Class B | | | 500 | | | | 17,960 | |
Infinera Corp.* | | | 6,594 | | | | 40,157 | |
InterDigital, Inc. | | | 794 | | | | 92,549 | |
Lumen Technologies, Inc.* | | | 33,500 | | | | 36,850 | |
86
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | |
Telecommunications — (continued) | | | | | |
NETGEAR, Inc.* | | | 929 | | | $ | 14,214 | |
Ooma, Inc.* | | | 700 | | | | 6,951 | |
Powerfleet, Inc.* | | | 3,200 | | | | 14,624 | |
Preformed Line Products Co. | | | 71 | | | | 8,842 | |
Ribbon Communications, Inc.* | | | 3,143 | | | | 10,341 | |
Shenandoah Telecommunications Co. | | | 1,518 | | | | 24,789 | |
Spok Holdings, Inc. | | | 700 | | | | 10,367 | |
Telephone and Data Systems, Inc. | | | 3,300 | | | | 68,409 | |
Terran Orbital Corp.* | | | 6,200 | | | | 5,084 | |
Viasat, Inc.* | | | 4,100 | | | | 52,070 | |
Viavi Solutions, Inc.* | | | 7,000 | | | | 48,090 | |
| | | | | | | | |
| | | | | | | 1,129,518 | |
| | | | | | | | |
Textiles — 0.1% | | | | | | | | |
UniFirst Corp. | | | 466 | | | | 79,933 | |
| | | | | | | | |
Toys, Games & Hobbies — 0.0% | | | | | | | | |
Funko, Inc., Class A* | | | 1,200 | | | | 11,712 | |
JAKKS Pacific, Inc.* | | | 300 | | | | 5,373 | |
| | | | | | | | |
| | | | | | | 17,085 | |
| | | | | | | | |
Transportation — 1.6% | | | | | | | | |
Air Transport Services Group, Inc.* | | | 1,485 | | | | 20,597 | |
ArcBest Corp. | | | 744 | | | | 79,667 | |
Ardmore Shipping Corp. | | | 1,300 | | | | 29,289 | |
Costamare, Inc. | | | 1,500 | | | | 24,645 | |
Covenant Logistics Group, Inc. | | | 300 | | | | 14,787 | |
CryoPort, Inc.* | | | 1,500 | | | | 10,365 | |
DHT Holdings, Inc. | | | 4,400 | | | | 50,908 | |
Dorian LPG Ltd. | | | 1,132 | | | | 47,499 | |
FLEX LNG Ltd. | | | 1,000 | | | | 27,040 | |
Forward Air Corp. | | | 796 | | | | 15,156 | |
Genco Shipping & Trading Ltd. | | | 1,400 | | | | 29,834 | |
Golden Ocean Group Ltd. | | | 3,900 | | | | 53,820 | |
Heartland Express, Inc. | | | 1,567 | | | | 19,321 | |
Himalaya Shipping Ltd.* | | | 1,200 | | | | 10,992 | |
Hub Group, Inc., Class A | | | 1,986 | | | | 85,497 | |
International Seaways, Inc. | | | 1,331 | | | | 78,702 | |
Marten Transport Ltd. | | | 1,926 | | | | 35,535 | |
Matson, Inc. | | | 1,100 | | | | 144,067 | |
Nordic American Tankers Ltd. | | | 7,067 | | | | 28,127 | |
Overseas Shipholding Group, Inc., Class A | | | 1,700 | | | | 14,416 | |
PAM Transportation Services, Inc.* | | | 200 | | | | 3,474 | |
Pangaea Logistics Solutions Ltd. | | | 1,400 | | | | 10,962 | |
Radiant Logistics, Inc.* | | | 1,000 | | | | 5,690 | |
RXO, Inc.* | | | 3,900 | | | | 101,985 | |
Safe Bulkers, Inc. | | | 1,700 | | | | 9,894 | |
Scorpio Tankers, Inc. | | | 1,540 | | | | 125,187 | |
SFL Corp. Ltd. | | | 3,784 | | | | 52,522 | |
Teekay Corp.* | | | 2,000 | | | | 17,940 | |
Teekay Tankers Ltd., Class A | | | 800 | | | | 55,048 | |
Universal Logistics Holdings, Inc. | | | 200 | | | | 8,118 | |
Werner Enterprises, Inc. | | | 2,052 | | | | 73,523 | |
World Kinect Corp. | | | 2,000 | | | | 51,600 | |
| | | | | | | | |
| | | | | | | 1,336,207 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Trucking and Leasing — 0.3% | | | | | | | | |
GATX Corp. | | | 1,144 | | | $ | 151,420 | |
The Greenbrier Cos., Inc. | | | 1,047 | | | | 51,879 | |
Willis Lease Finance Corp. | | | 100 | | | | 6,930 | |
| | | | | | | | |
| | | | | | | 210,229 | |
| | | | | | | | |
Water — 0.4% | | | | | | | | |
American States Water Co. | | | 1,277 | | | | 92,672 | |
California Water Service Group | | | 1,866 | | | | 90,482 | |
Consolidated Water Co., Ltd. | | | 400 | | | | 10,616 | |
Global Water Resources, Inc. | | | 500 | | | | 6,050 | |
Middlesex Water Co. | | | 531 | | | | 27,750 | |
SJW Group | | | 1,032 | | | | 55,955 | |
The York Water Co. | | | 497 | | | | 18,434 | |
| | | | | | | | |
| | | | | | | 301,959 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $74,752,645) | | | | 76,255,482 | |
| | | | | | | | |
| | |
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 6.3% | |
Apartments — 0.4% | | | | | | | | |
Apartment Investment and Management Co., Class A* | | | 4,800 | | | | 39,792 | |
BRT Apartments Corp. | | | 500 | | | | 8,735 | |
Centerspace | | | 461 | | | | 31,177 | |
Elme Communities | | | 3,006 | | | | 47,886 | |
Independence Realty Trust, Inc. | | | 7,492 | | | | 140,400 | |
NexPoint Residential Trust, Inc. | | | 700 | | | | 27,657 | |
| | | | | | | | |
| | | | | | | 295,647 | |
| | | | | | | | |
Diversified — 0.8% | | | | | | | | |
Alexander & Baldwin, Inc. | | | 2,456 | | | | 41,654 | |
American Assets Trust, Inc. | | | 1,600 | | | | 35,808 | |
Armada Hoffler Properties, Inc. | | | 2,100 | | | | 23,289 | |
Broadstone Net Lease, Inc. | | | 6,300 | | | | 99,981 | |
Clipper Realty, Inc. | | | 600 | | | | 2,166 | |
Farmland Partners, Inc. | | | 1,400 | | | | 16,142 | |
Gladstone Commercial Corp. | | | 1,252 | | | | 17,866 | |
Gladstone Land Corp. | | | 1,000 | | | | 13,690 | |
Global Net Lease, Inc. | | | 6,782 | | | | 49,848 | |
InvenTrust Properties Corp. | | | 2,300 | | | | 56,948 | |
NexPoint Diversified Real Estate Trust | | | 1,289 | | | | 7,130 | |
One Liberty Properties, Inc. | | | 510 | | | | 11,975 | |
Outfront Media, Inc. | | | 4,800 | | | | 68,640 | |
Postal Realty Trust, Inc., Class A | | | 500 | | | | 6,665 | |
PotlatchDeltic Corp. | | | 2,574 | | | | 101,390 | |
Safehold, Inc. | | | 1,735 | | | | 33,468 | |
UMH Properties, Inc. | | | 2,168 | | | | 34,666 | |
Uniti Group, Inc. | | | 7,400 | | | | 21,608 | |
Veris Residential, Inc. | | | 2,400 | | | | 36,000 | |
| | | | | | | | |
| | | | | | | 678,934 | |
| | | | | | | | |
Healthcare — 0.6% | | | | | | | | |
American Healthcare REIT, Inc. | | | 2,200 | | | | 32,142 | |
CareTrust REIT, Inc. | | | 4,495 | | | | 112,824 | |
Community Healthcare Trust, Inc. | | | 800 | | | | 18,712 | |
Diversified Healthcare Trust | | | 6,700 | | | | 20,435 | |
87
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | |
Healthcare — (continued) | | | | | | | | |
Global Medical REIT, Inc. | | | 1,800 | | | $ | 16,344 | |
LTC Properties, Inc. | | | 1,417 | | | | 48,887 | |
National Health Investors, Inc. | | | 1,357 | | | | 91,910 | |
Sabra Health Care REIT, Inc. | | | 7,693 | | | | 118,472 | |
Universal Health Realty Income Trust | | | 420 | | | | 16,439 | |
| | | | | | | | |
| | | | | | | 476,165 | |
| | | | | | | | |
Hotels & Resorts — 0.8% | | | | | | | | |
Apple Hospitality REIT, Inc. | | | 7,600 | | | | 110,504 | |
Braemar Hotels & Resorts, Inc. | | | 2,800 | | | | 7,140 | |
Chatham Lodging Trust | | | 1,500 | | | | 12,780 | |
DiamondRock Hospitality Co. | | | 7,023 | | | | 59,344 | |
Pebblebrook Hotel Trust | | | 3,993 | | | | 54,904 | |
RLJ Lodging Trust | | | 5,080 | | | | 48,920 | |
Ryman Hospitality Properties, Inc. | | | 1,912 | | | | 190,932 | |
Service Properties Trust | | | 5,500 | | | | 28,270 | |
Summit Hotel Properties, Inc. | | | 3,400 | | | | 20,366 | |
Sunstone Hotel Investors, Inc. | | | 6,847 | | | | 71,620 | |
Xenia Hotels & Resorts, Inc. | | | 3,200 | | | | 45,856 | |
| | | | | | | | |
| | | | | | | 650,636 | |
| | | | | | | | |
Industrial — 0.5% | | | | | | | | |
Industrial Logistics Properties Trust | | | 2,400 | | | | 8,832 | |
Innovative Industrial Properties, Inc. | | | 908 | | | | 99,172 | |
LXP Industrial Trust | | | 9,715 | | | | 88,601 | |
Plymouth Industrial REIT, Inc. | | | 1,400 | | | | 29,932 | |
Terreno Realty Corp. | | | 3,175 | | | | 187,896 | |
| | | | | | | | |
| | | | | | | 414,433 | |
| | | | | | | | |
Mortgage Banks — 0.9% | | | | | | | | |
AFC Gamma, Inc. | | | 600 | | | | 7,320 | |
AG Mortgage Investment Trust, Inc. | | | 1,100 | | | | 7,304 | |
Apollo Commercial Real Estate Finance, Inc. | | | 4,456 | | | | 43,624 | |
Arbor Realty Trust, Inc. | | | 6,000 | | | | 86,100 | |
Ares Commercial Real Estate Corp. | | | 1,600 | | | | 10,640 | |
ARMOUR Residential REIT, Inc. | | | 1,615 | | | | 31,299 | |
Blackstone Mortgage Trust, Inc., Class A | | | 5,800 | | | | 101,036 | |
BrightSpire Capital, Inc. | | | 3,900 | | | | 22,230 | |
Chimera Investment Corp. | | | 2,500 | | | | 32,000 | |
Dynex Capital, Inc. | | | 1,869 | | | | 22,316 | |
Ellington Financial, Inc. | | | 2,500 | | | | 30,200 | |
Franklin BSP Realty Trust, Inc. | | | 2,712 | | | | 34,171 | |
Granite Point Mortgage Trust, Inc. | | | 1,700 | | | | 5,049 | |
Invesco Mortgage Capital, Inc. | | | 1,412 | | | | 13,230 | |
KKR Real Estate Finance Trust, Inc. | | | 2,100 | | | | 19,005 | |
Ladder Capital Corp. | | | 3,776 | | | | 42,631 | |
MFA Financial, Inc. | | | 3,175 | | | | 33,782 | |
New York Mortgage Trust, Inc. | | | 2,975 | | | | 17,374 | |
Nexpoint Real Estate Finance, Inc. | | | 300 | | | | 4,116 | |
Orchid Island Capital, Inc. | | | 1,840 | | | | 15,345 | |
PennyMac Mortgage Investment Trust | | | 2,892 | | | | 39,765 | |
Ready Capital Corp. | | | 5,354 | | | | 43,796 | |
Redwood Trust, Inc. | | | 4,477 | | | | 29,056 | |
Seven Hills Realty Trust | | | 500 | | | | 6,340 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Mortgage Banks — (continued) | | | | | | | | |
TPG RE Finance Trust, Inc. | | | 2,000 | | | $ | 17,280 | |
Two Harbors Investment Corp. | | | 3,500 | | | | 46,235 | |
| | | | | | | | |
| | | | | | | 761,244 | |
| | | | | | | | |
Office Property — 0.8% | | | | | | | | |
Brandywine Realty Trust | | | 5,500 | | | | 24,640 | |
City Office REIT, Inc. | | | 1,400 | | | | 6,972 | |
COPT Defense Properties | | | 3,800 | | | | 95,114 | |
Douglas Emmett, Inc. | | | 5,300 | | | | 70,543 | |
Easterly Government Properties, Inc. | | | 3,100 | | | | 38,347 | |
Empire State Realty Trust, Inc., Class A | | | 4,500 | | | | 42,210 | |
Equity Commonwealth* | | | 3,500 | | | | 67,900 | |
Franklin Street Properties Corp. | | | 3,700 | | | | 5,661 | |
Hudson Pacific Properties, Inc. | | | 4,300 | | | | 20,683 | |
JBG SMITH Properties | | | 2,900 | | | | 44,167 | |
NET Lease Office Properties | | | 500 | | | | 12,310 | |
Orion Office REIT, Inc. | | | 1,900 | | | | 6,821 | |
Paramount Group, Inc. | | | 5,800 | | | | 26,854 | |
Peakstone Realty Trust | | | 1,100 | | | | 11,660 | |
Piedmont Office Realty Trust, Inc., Class A | | | 4,200 | | | | 30,450 | |
SL Green Realty Corp. | | | 2,200 | | | | 124,608 | |
| | | | | | | | |
| | | | | | | 628,940 | |
| | | | | | | | |
Private Equity — 0.0% | | | | | | | | |
Chicago Atlantic Real Estate Finance, Inc. | | | 600 | | | | 9,216 | |
| | | | | | | | |
Real Estate — 0.0% | | | | | | | | |
Angel Oak Mortgage REIT, Inc. | | | 200 | | | | 2,620 | |
| | | | | | | | |
Regional Malls — 0.3% | | | | | | | | |
CBL & Associates Properties, Inc. | | | 900 | | | | 21,042 | |
Tanger, Inc. | | | 3,500 | | | | 94,885 | |
The Macerich Co. | | | 7,200 | | | | 111,168 | |
| | | | | | | | |
| | | | | | | 227,095 | |
| | | | | | | | |
Single Tenant — 0.4% | | | | | | | | |
Alpine Income Property Trust, Inc. | | | 500 | | | | 7,780 | |
Essential Properties Realty Trust, Inc. | | | 5,800 | | | | 160,718 | |
Four Corners Property Trust, Inc. | | | 3,100 | | | | 76,477 | |
Getty Realty Corp. | | | 1,669 | | | | 44,496 | |
| | | | | | | | |
| | | | | | | 289,471 | |
| | | | | | | | |
Strip Centers — 0.8% | | | | | | | | |
Acadia Realty Trust | | | 3,420 | | | | 61,287 | |
Alexander’s, Inc. | | | 69 | | | | 15,515 | |
CTO Realty Growth, Inc. | | | 759 | | | | 13,252 | |
Kite Realty Group Trust | | | 7,249 | | | | 162,233 | |
NETSTREIT Corp. | | | 2,500 | | | | 40,250 | |
Phillips Edison & Co., Inc. | | | 4,100 | | | | 134,111 | |
Retail Opportunity Investments Corp. | | | 4,200 | | | | 52,206 | |
Saul Centers, Inc. | | | 351 | | | | 12,906 | |
SITE Centers Corp. | | | 6,100 | | | | 88,450 | |
Urban Edge Properties | | | 4,000 | | | | 73,880 | |
88
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | |
Strip Centers — (continued) | | | | | | | | |
Whitestone REIT | | | 1,400 | | | $ | 18,634 | |
| | | | | | | | |
| | | | | | | 672,724 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,089,425) | | | | 5,107,125 | |
| | | | | | | | |
| | |
| | | | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
Aduro Biotech CVR* | | | 560 | | | | 0 | |
Chelsea Therapeutics International Ltd. CVR* | | | 1,600 | | | | 0 | |
CinCor Pharma, Inc.* | | | 800 | | | | 2,448 | |
Durata Therapeutics CVR Shares* | | | 500 | | | | 0 | |
OmniAb, Inc.* | | | 191 | | | | 636 | |
OmniAb, Inc.* | | | 191 | | | | 609 | |
Resolute Forest Products, Inc.* | | | 1,500 | | | | 2,130 | |
Trius Therapeutics CVR* | | | 1,200 | | | | 0 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $827) | | | | | | | 5,823 | |
| | | | | | | | |
| | |
| | | | | | | | | |
WARRANTS — 0.0% | | | | | | | | |
Nabors Industries Ltd. Expiration Date 06/11/26* | | | 87 | | | | 574 | |
Chord Energy Corp. Expiration Date 09/01/24* | | | 204 | | | | 6,545 | |
Chord Energy Corp. Expiration Date 09/01/25* | | | 102 | | | | 2,402 | |
| | | | | | | | |
TOTAL WARRANTS
(Cost $3,666) | | | | | | | 9,521 | |
| | | | | | | | |
| | |
| | | | | | | | | |
SHORT-TERM INVESTMENTS — 0.8% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $687,297) | | | 687,297 | | | | 687,297 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1%
(Cost $81,533,860) | | | $ | 82,065,248 | |
| | | | | | | | |
Other Assets & Liabilities — (0.1)% | | | | (67,866 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 81,997,382 | |
| | | | | | | | |
| † | 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. |
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
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.
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market Value | | | Value† | |
Advertising | | | 0.1 | % | | $ | 64,385 | |
Aerospace & Defense | | | 1.2 | % | | | 949,110 | |
Agriculture | | | 0.4 | % | | | 295,374 | |
Airlines | | | 0.3 | % | | | 259,975 | |
Apparel | | | 0.5 | % | | | 390,173 | |
Auto Manufacturers | | | 0.2 | % | | | 145,715 | |
Auto Parts & Equipment | | | 1.2 | % | | | 889,924 | |
Banks | | | 8.8 | % | | | 6,746,960 | |
Beverages | | | 0.3 | % | | | 255,925 | |
Biotechnology | | | 8.4 | % | | | 6,411,613 | |
Building Materials | | | 2.0 | % | | | 1,511,308 | |
Chemicals | | | 2.2 | % | | | 1,642,075 | |
Coal | | | 0.7 | % | | | 542,155 | |
Commercial Services | | | 4.9 | % | | | 3,707,979 | |
Computers | | | 2.4 | % | | | 1,830,100 | |
Cosmetics & Personal Care | | | 0.4 | % | | | 271,038 | |
Distribution & Wholesale | | | 0.7 | % | | | 508,152 | |
Diversified Financial Services | | | 3.6 | % | | | 2,730,554 | |
Electric | | | 1.5 | % | | | 1,143,392 | |
Electrical Components & Equipment | | | 1.1 | % | | | 813,808 | |
Electronics | | | 2.6 | % | | | 1,978,657 | |
Energy-Alternate Sources | | | 0.5 | % | | | 392,991 | |
Engineering & Construction | | | 1.9 | % | | | 1,438,524 | |
Entertainment | | | 1.1 | % | | | 802,099 | |
Environmental Control | | | 0.5 | % | | | 369,370 | |
Food | | | 1.5 | % | | | 1,156,591 | |
Forest Products & Paper | | | 0.1 | % | | | 82,320 | |
Gas | | | 1.0 | % | | | 774,134 | |
Hand & Machine Tools | | | 0.4 | % | | | 311,188 | |
Healthcare Products | | | 4.1 | % | | | 3,152,244 | |
Healthcare Services | | | 2.1 | % | | | 1,574,365 | |
Home Builders | | | 2.0 | % | | | 1,555,485 | |
Home Furnishings | | | 0.4 | % | | | 274,333 | |
Household Products & Wares | | | 0.4 | % | | | 276,068 | |
Housewares | | | 0.0 | % | | | 4,295 | |
Insurance | | | 2.4 | % | | | 1,866,877 | |
Internet | | | 2.1 | % | | | 1,573,134 | |
Investment Companies | | | 1.0 | % | | | 786,397 | |
Iron & Steel | | | 0.6 | % | | | 469,646 | |
Leisure Time | | | 0.7 | % | | | 502,097 | |
Lodging | | | 0.1 | % | | | 115,409 | |
Machinery — Construction & Mining | | | 0.4 | % | | | 328,096 | |
Machinery — Diversified | | | 2.1 | % | | | 1,631,842 | |
Media | | | 0.5 | % | | | 374,514 | |
Metal Fabricate/Hardware | | | 0.9 | % | | | 722,794 | |
Mining | | | 0.9 | % | | | 677,801 | |
Miscellaneous Manufacturing | | | 1.3 | % | | | 1,001,270 | |
Multi-National | | | 0.0 | % | | | 27,000 | |
Office & Business Equipment | | | 0.1 | % | | | 74,636 | |
Office Furnishings | | | 0.2 | % | | | 138,746 | |
Oil & Gas | | | 3.6 | % | | | 2,721,927 | |
Oil & Gas Services | | | 1.6 | % | | | 1,235,324 | |
Packaging and Containers | | | 0.3 | % | | | 216,435 | |
89
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market Value | | | Value† | |
Pharmaceuticals | | | 3.0 | % | | $ | 2,275,421 | |
Pipelines | | | 0.5 | % | | | 378,990 | |
Private Equity | | | 0.0 | % | | | 32,864 | |
Real Estate | | | 0.7 | % | | | 506,679 | |
Real Estate Investment Trusts | | | 0.0 | % | | | 23,258 | |
Retail | | | 4.3 | % | | | 3,289,033 | |
Savings & Loans | | | 1.0 | % | | | 798,172 | |
Semiconductors | | | 2.5 | % | | | 1,906,113 | |
Software | | | 5.6 | % | | | 4,253,697 | |
Telecommunications | | | 1.5 | % | | | 1,129,518 | |
Textiles | | | 0.1 | % | | | 79,933 | |
Toys, Games & Hobbies | | | 0.0 | % | | | 17,085 | |
Transportation | | | 1.8 | % | | | 1,336,207 | |
Trucking and Leasing | | | 0.3 | % | | | 210,229 | |
Water | | | 0.4 | % | | | 301,959 | |
| | | | | | | | |
| | | 100.0 | % | | $ | 76,255,482 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input^ | |
Common Stocks | |
Advertising | | $ | 64,385 | | | $ | 64,385 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 949,110 | | | | 949,110 | | | | — | | | | — | |
Agriculture | | | 295,374 | | | | 295,374 | | | | — | | | | — | |
Airlines | | | 259,975 | | | | 259,975 | | | | — | | | | — | |
Apparel | | | 390,173 | | | | 390,173 | | | | — | | | | — | |
Auto Manufacturers | | | 145,715 | | | | 145,715 | | | | — | | | | — | |
Auto Parts & Equipment | | | 889,924 | | | | 889,924 | | | | — | | | | — | |
Banks | | | 6,746,960 | | | | 6,746,960 | | | | — | | | | — | |
Beverages | | | 255,925 | | | | 255,925 | | | | — | | | | — | |
Biotechnology | | | 6,411,613 | | | | 6,384,727 | | | | 26,886 | | | | — | |
Building Materials | | | 1,511,308 | | | | 1,511,308 | | | | — | | | | — | |
Chemicals | | | 1,642,075 | | | | 1,642,075 | | | | — | | | | — | |
Coal | | | 542,155 | | | | 542,155 | | | | — | | | | — | |
Commercial Services | | | 3,707,979 | | | | 3,707,979 | | | | — | | | | — | |
Computers | | | 1,830,100 | | | | 1,830,100 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 271,038 | | | | 271,038 | | | | — | | | | — | |
Distribution & Wholesale | | | 508,152 | | | | 508,152 | | | | — | | | | — | |
Diversified Financial Services | | | 2,730,554 | | | | 2,730,554 | | | | — | | | | — | (1) |
Electric | | | 1,143,392 | | | | 1,143,392 | | | | — | | | | — | |
Electrical Components & | | | | | | | | | | | | | | | | |
Equipment | | | 813,808 | | | | 813,808 | | | | — | | | | — | |
Electronics | | | 1,978,657 | | | | 1,978,657 | | | | — | | | | — | |
Energy-Alternate Sources | | | 392,991 | | | | 392,991 | | | | — | | | | — | |
Engineering & Construction | | | 1,438,524 | | | | 1,438,524 | | | | — | | | | — | |
Entertainment | | | 802,099 | | | | 802,099 | | | | — | | | | — | |
Environmental Control | | | 369,370 | | | | 369,370 | | | | — | | | | — | |
Food | | | 1,156,591 | | | | 1,156,591 | | | | — | | | | — | |
Forest Products & Paper | | | 82,320 | | | | 82,320 | | | | — | | | | — | |
Gas | | | 774,134 | | | | 774,134 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input^ | |
Hand & Machine Tools | | $ | 311,188 | | | $ | 311,188 | | | $ | — | | | $ | — | |
Healthcare Products | | | 3,152,244 | | | | 3,152,244 | | | | — | | | | — | |
Healthcare Services | | | 1,574,365 | | | | 1,574,365 | | | | — | | | | — | |
Home Builders | | | 1,555,485 | | | | 1,555,485 | | | | — | | | | — | |
Home Furnishings | | | 274,333 | | | | 274,333 | | | | — | | | | — | |
Household Products & Wares | | | 276,068 | | | | 276,068 | | | | — | | | | — | |
Housewares | | | 4,295 | | | | 4,295 | | | | — | | | | — | |
Insurance | | | 1,866,877 | | | | 1,866,877 | | | | — | | | | — | |
Internet | | | 1,573,134 | | | | 1,573,134 | | | | — | | | | — | |
Investment Companies | | | 786,397 | | | | 786,397 | | | | — | | | | — | |
Iron & Steel | | | 469,646 | | | | 469,646 | | | | — | | | | — | |
Leisure Time | | | 502,097 | | | | 502,097 | | | | — | | | | — | |
Lodging | | | 115,409 | | | | 115,409 | | | | — | | | | — | |
Machinery — Construction & Mining | | | 328,096 | | | | 328,096 | | | | — | | | | — | |
Machinery — Diversified | | | 1,631,842 | | | | 1,631,842 | | | | — | | | | — | |
Media | | | 374,514 | | | | 374,514 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 722,794 | | | | 722,794 | | | | — | | | | — | |
Mining | | | 677,801 | | | | 677,801 | | | | — | | | | — | (1) |
Miscellaneous | | | | | | | | | | | | | | | | |
Manufacturing | | | 1,001,270 | | | | 1,001,270 | | | | — | | | | — | |
Multi-National | | | 27,000 | | | | 27,000 | | | | — | | | | — | |
Office & Business Equipment | | | 74,636 | | | | 74,636 | | | | — | | | | — | |
Office Furnishings | | | 138,746 | | | | 138,746 | | | | — | | | | — | |
Oil & Gas | | | 2,721,927 | | | | 2,721,927 | | | | — | | | | — | (1) |
Oil & Gas Services | | | 1,235,324 | | | | 1,235,324 | | | | — | | | | — | |
Packaging and Containers | | | 216,435 | | | | 216,435 | | | | — | | | | — | |
Pharmaceuticals | | | 2,275,421 | | | | 2,275,421 | | | | — | | | | — | |
Pipelines | | | 378,990 | | | | 378,990 | | | | — | | | | — | |
Private Equity | | | 32,864 | | | | 32,864 | | | | — | | | | — | |
Real Estate | | | 506,679 | | | | 506,679 | | | | — | | | | — | |
Real Estate Investment Trusts | | | 23,258 | | | | 23,258 | | | | — | | | | — | |
Retail | | | 3,289,033 | | | | 3,289,033 | | | | — | | | | — | |
Savings & Loans | | | 798,172 | | | | 798,172 | | | | — | | | | — | |
Semiconductors | | | 1,906,113 | | | | 1,906,113 | | | | — | | | | — | |
Software | | | 4,253,697 | | | | 4,253,697 | | | | — | | | | — | |
Telecommunications | | | 1,129,518 | | | | 1,129,518 | | | | — | | | | — | |
Textiles | | | 79,933 | | | | 79,933 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 17,085 | | | | 17,085 | | | | — | | | | — | |
Transportation | | | 1,336,207 | | | | 1,336,207 | | | | — | | | | — | |
Trucking and Leasing | | | 210,229 | | | | 210,229 | | | | — | | | | — | |
Water | | | 301,959 | | | | 301,959 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 76,255,482 | | | | 76,228,596 | | | | 26,886 | | | | — | |
| | | | | | | | | | | | | | | | |
Real Estate Investment Trusts | | | 5,107,125 | | | | 5,107,125 | | | | — | | | | — | |
Rights | | | 5,823 | | | | — | | | | 5,823 | | | | — | |
Warrants | | | 9,521 | | | | 9,521 | | | | — | | | | — | |
Short-Term Investments | | | 687,297 | | | | 687,297 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 82,065,248 | | | $ | 82,032,539 | | | $ | 32,709 | | | $ | — | |
| | | | | | | | | | | | | | | | |
90
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Small Cap Index Fund
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input^ | |
Other Financial Instruments(2) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 1,029 | | | $ | 1,029 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets—Other Financial Instruments | | $ | 1,029 | | | $ | 1,029 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| (1) | Includes internally fair valued securities currently priced at zero ($0). |
| (2) | 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. |
| ^ | 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.
Futures contracts held by the Fund at June 30, 2024 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 | | | 09/20/24 | | | | 9 | | | | 50 | | | $ | 2,065 | | | $ | 929,250 | | | $ | 1,029 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 1,029 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
91
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 97.2% | | | | | | | | |
Australia — 7.1% | | | | | | | | |
Ampol Ltd. | | | 1,088 | | | $ | 23,401 | |
ANZ Group Holdings Ltd. | | | 14,650 | | | | 275,240 | |
APA Group | | | 6,428 | | | | 34,168 | |
Aristocrat Leisure Ltd. | | | 2,772 | | | | 91,796 | |
ASX Ltd. | | | 903 | | | | 36,030 | |
Aurizon Holdings Ltd. | | | 8,950 | | | | 21,742 | |
BHP Group Ltd. | | | 24,545 | | | | 701,544 | |
BlueScope Steel Ltd. | | | 2,047 | | | | 27,787 | |
Brambles Ltd.* | | | 6,620 | | | | 63,883 | |
CAR Group Ltd. | | | 1,639 | | | | 38,373 | |
Cochlear Ltd. | | | 312 | | | | 68,871 | |
Coles Group Ltd. | | | 6,302 | | | | 71,393 | |
Commonwealth Bank of Australia | | | 8,107 | | | | 686,755 | |
Computershare Ltd. | | | 2,515 | | | | 43,987 | |
CSL Ltd. | | | 2,328 | | | | 456,515 | |
Dexus | | | 5,310 | | | | 22,907 | |
Endeavour Group Ltd. | | | 6,432 | | | | 21,569 | |
Fortescue Ltd. | | | 8,180 | | | | 116,454 | |
Goodman Group | | | 8,287 | | | | 191,180 | |
Insurance Australia Group Ltd. | | | 11,138 | | | | 52,800 | |
Macquarie Group Ltd. | | | 1,779 | | | | 242,071 | |
Medibank Pvt. Ltd. | | | 14,114 | | | | 34,979 | |
Mineral Resources Ltd. | | | 930 | | | | 33,271 | |
Mirvac Group | | | 17,697 | | | | 22,018 | |
National Australia Bank Ltd. | | | 14,931 | | | | 360,065 | |
Northern Star Resources Ltd. | | | 5,412 | | | | 46,998 | |
Orica Ltd. | | | 2,212 | | | | 26,269 | |
Origin Energy Ltd. | | | 8,055 | | | | 58,278 | |
Pilbara Minerals Ltd. | | | 13,602 | | | | 27,677 | |
Pro Medicus Ltd. | | | 309 | | | | 29,347 | |
Qantas Airways Ltd.* | | | 4,237 | | | | 16,489 | |
QBE Insurance Group Ltd. | | | 7,094 | | | | 81,890 | |
Ramsay Health Care Ltd. | | | 815 | | | | 25,731 | |
REA Group Ltd. | | | 262 | | | | 34,211 | |
Reece Ltd. | | | 1,201 | | | | 20,057 | |
Rio Tinto Ltd. | | | 1,795 | | | | 142,185 | |
Santos Ltd. | | | 15,512 | | | | 78,699 | |
Scentre Group | | | 24,536 | | | | 50,856 | |
SEEK Ltd. | | | 1,770 | | | | 25,123 | |
Seven Group Holdings Ltd. | | | 875 | | | | 21,859 | |
Sonic Healthcare Ltd. | | | 2,111 | | | | 36,866 | |
South32 Ltd. | | | 15,452 | | | | 37,488 | |
South32 Ltd. | | | 5,653 | | | | 13,777 | |
Stockland | | | 11,070 | | | | 30,661 | |
Suncorp Group Ltd. | | | 6,492 | | | | 75,074 | |
Telstra Group Ltd. | | | 21,066 | | | | 50,858 | |
The GPT Group | | | 9,446 | | | | 25,185 | |
The Lottery Corp. Ltd. | | | 9,935 | | | | 33,485 | |
Transurban Group | | | 14,915 | | | | 123,013 | |
Treasury Wine Estates Ltd. | | | 3,956 | | | | 32,733 | |
Vicinity Ltd. | | | 18,933 | | | | 23,280 | |
Washington H. Soul Pattinson & Co., Ltd. | | | 1,266 | | | | 27,620 | |
Wesfarmers Ltd. | | | 5,522 | | | | 239,111 | |
Westpac Banking Corp. | | | 16,696 | | | | 302,317 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Australia — (continued) | | | | | | | | |
WiseTech Global Ltd. | | | 856 | | | $ | 56,906 | |
Woodside Energy Group Ltd. | | | 9,213 | | | | 173,490 | |
Woolworths Group Ltd. | | | 5,899 | | | | 132,444 | |
| | | | | | | | |
| | | | | | | 5,838,776 | |
| | | | | | | | |
Austria — 0.2% | | | | | | | | |
Erste Group Bank AG | | | 1,628 | | | | 77,062 | |
OMV AG | | | 740 | | | | 32,166 | |
Verbund AG | | | 306 | | | | 24,211 | |
voestalpine AG | | | 490 | | | | 13,247 | |
| | | | | | | | |
| | | | | | | 146,686 | |
| | | | | | | | |
Belgium — 0.8% | | | | | | | | |
Ageas N.V. | | | 708 | | | | 32,304 | |
Anheuser-Busch InBev N.V. | | | 4,229 | | | | 245,518 | |
D’ieteren Group | | | 111 | | | | 23,504 | |
Elia Group S.A. | | | 148 | | | | 13,823 | |
Groupe Bruxelles Lambert N.V. | | | 440 | | | | 31,329 | |
KBC Group N.V. | | | 1,201 | | | | 84,625 | |
Lotus Bakeries N.V. | | | 2 | | | | 20,626 | |
Sofina S.A. | | | 66 | | | | 15,019 | |
Syensqo S.A. | | | 376 | | | | 33,561 | |
UCB S.A. | | | 598 | | | | 88,795 | |
Umicore S.A. | | | 1,037 | | | | 15,606 | |
Warehouses De Pauw CVA | | | 933 | | | | 25,199 | |
| | | | | | | | |
| | | | | | | 629,909 | |
| | | | | | | | |
Chile — 0.1% | | | | | | | | |
Antofagasta PLC | | | 1,852 | | | | 49,219 | |
| | | | | | | | |
Denmark — 3.9% | | | | | | | | |
A.P. Moller - Maersk A/S, Class A | | | 15 | | | | 25,452 | |
A.P. Moller - Maersk A/S, Class B | | | 19 | | | | 32,953 | |
Carlsberg A/S, Class B | | | 463 | | | | 55,585 | |
Coloplast A/S, Class B | | | 604 | | | | 72,609 | |
Danske Bank A/S | | | 3,317 | | | | 98,933 | |
Demant A/S* | | | 454 | | | | 19,663 | |
DSV A/S | | | 847 | | | | 130,013 | |
Genmab A/S* | | | 317 | | | | 79,438 | |
Novo Nordisk A/S, Class B | | | 15,778 | | | | 2,257,593 | |
Novonesis (Novozymes), Class B | | | 1,797 | | | | 109,787 | |
Orsted A/S@,* | | | 879 | | | | 46,694 | |
Pandora A/S | | | 385 | | | | 57,947 | |
ROCKWOOL A/S, Class B | | | 55 | | | | 22,296 | |
Tryg A/S | | | 1,852 | | | | 40,464 | |
Vestas Wind Systems A/S* | | | 4,881 | | | | 113,180 | |
| | | | | | | | |
| | | | | | | 3,162,607 | |
| | | | | | | | |
Finland — 1.0% | | | | | | | | |
Elisa OYJ | | | 733 | | | | 33,559 | |
Fortum OYJ | | | 2,232 | | | | 32,675 | |
Kesko OYJ, Class B | | | 1,229 | | | | 21,621 | |
Kone OYJ, Class B | | | 1,608 | | | | 79,727 | |
Metso OYJ | | | 3,076 | | | | 32,693 | |
Neste OYJ | | | 2,000 | | | | 35,689 | |
Nokia OYJ | | | 25,610 | | | | 97,473 | |
Nordea Bank Abp | | | 15,312 | | | | 182,528 | |
92
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Finland — (continued) | | | | | | | | |
Orion OYJ, Class B | | | 570 | | | $ | 24,310 | |
Sampo OYJ, Class A | | | 2,169 | | | | 93,537 | |
Stora Enso OYJ, Class R | | | 2,992 | | | | 40,857 | |
UPM-Kymmene OYJ | | | 2,537 | | | | 89,106 | |
Wartsila OYJ Abp | | | 2,189 | | | | 42,437 | |
| | | | | | | | |
| | | | | | | 806,212 | |
| | | | | | | | |
France — 10.6% | | | | | | | | |
Accor S.A. | | | 883 | | | | 36,131 | |
Aeroports de Paris S.A. | | | 143 | | | | 17,417 | |
Air Liquide S.A. | | | 2,782 | | | | 480,138 | |
Airbus S.E. | | | 2,898 | | | | 397,741 | |
Alstom S.A.* | | | 1,401 | | | | 23,628 | |
Amundi S.A.@ | | | 290 | | | | 18,756 | |
Arkema S.A. | | | 274 | | | | 23,877 | |
AXA S.A. | | | 8,858 | | | | 290,287 | |
BioMerieux | | | 219 | | | | 20,824 | |
BNP Paribas S.A. | | | 5,037 | | | | 322,127 | |
Bollore S.E. | | | 3,186 | | | | 18,705 | |
Bouygues S.A. | | | 887 | | | | 28,512 | |
Bureau Veritas S.A. | | | 1,519 | | | | 42,212 | |
Capgemini S.E. | | | 754 | | | | 149,773 | |
Carrefour S.A. | | | 2,661 | | | | 37,707 | |
Cie de Saint-Gobain S.A. | | | 2,210 | | | | 171,881 | |
Cie Generale des Etablissements Michelin SCA | | | 3,279 | | | | 126,737 | |
Covivio SA | | | 233 | | | | 11,142 | |
Credit Agricole S.A. | | | 5,056 | | | | 69,038 | |
Danone S.A. | | | 3,128 | | | | 191,589 | |
Dassault Aviation S.A. | | | 89 | | | | 16,117 | |
Dassault Systemes S.E. | | | 3,234 | | | | 121,602 | |
Edenred SE | | | 1,186 | | | | 50,300 | |
Eiffage S.A. | | | 339 | | | | 31,156 | |
Engie S.A. | | | 8,841 | | | | 126,606 | |
EssilorLuxottica S.A. | | | 1,423 | | | | 305,779 | |
Eurazeo S.E. | | | 181 | | | | 14,433 | |
Gecina S.A. | | | 205 | | | | 18,924 | |
Getlink S.E. | | | 1,352 | | | | 22,386 | |
Hermes International SCA | | | 152 | | | | 351,063 | |
Ipsen S.A. | | | 156 | | | | 19,166 | |
Kering S.A. | | | 361 | | | | 131,312 | |
Klepierre S.A. | | | 1,098 | | | | 29,314 | |
La Francaise des Jeux SAEM@ | | | 465 | | | | 15,838 | |
Legrand S.A. | | | 1,276 | | | | 126,650 | |
L’Oreal S.A. | | | 1,160 | | | | 510,592 | |
LVMH Moet Hennessy Louis Vuitton S.E. | | | 1,332 | | | | 1,022,698 | |
Orange S.A. | | | 8,959 | | | | 89,863 | |
Pernod Ricard S.A. | | | 991 | | | | 135,212 | |
Publicis Groupe S.A. | | | 1,104 | | | | 117,266 | |
Remy Cointreau S.A. | | | 109 | | | | 9,159 | |
Renault S.A. | | | 899 | | | | 46,105 | |
Rexel S.A. | | | 1,207 | | | | 31,223 | |
Safran S.A. | | | 1,668 | | | | 351,545 | |
Sanofi SA | | | 5,487 | | | | 529,183 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
France — (continued) | | | | | | | | |
Sartorius Stedim Biotech | | | 155 | | | $ | 25,615 | |
Schneider Electric S.E. | | | 2,634 | | | | 631,490 | |
SEB S.A. | | | 96 | | | | 9,853 | |
Societe Generale S.A. | | | 3,467 | | | | 81,513 | |
Sodexo S.A. | | | 410 | | | | 36,933 | |
Teleperformance SE | | | 259 | | | | 27,363 | |
Thales S.A. | | | 451 | | | | 72,146 | |
TotalEnergies S.E. | | | 10,396 | | | | 696,051 | |
Unibail-Rodamco-Westfield | | | 1,213 | | | | 4,771 | |
Unibail-Rodamco-Westfield | | | 544 | | | | 42,991 | |
Veolia Environnement S.A. | | | 3,317 | | | | 99,354 | |
Vinci S.A. | | | 2,441 | | | | 257,292 | |
Vivendi S.E. | | | 3,095 | | | | 32,348 | |
| | | | | | | | |
| | | | | | | 8,719,434 | |
| | | | | | | | |
Germany — 8.0% | | | | | | | | |
adidas AG | | | 786 | | | | 187,671 | |
Allianz S.E. | | | 1,888 | | | | 524,356 | |
BASF S.E. | | | 4,342 | | | | 209,903 | |
Bayer AG | | | 4,749 | | | | 133,865 | |
Bayerische Motoren Werke AG | | | 1,547 | | | | 146,333 | |
Bechtle AG | | | 394 | | | | 18,533 | |
Beiersdorf AG | | | 476 | | | | 69,670 | |
Brenntag S.E. | | | 627 | | | | 42,297 | |
Carl Zeiss Meditec AG | | | 220 | | | | 15,467 | |
Commerzbank AG | | | 5,013 | | | | 76,038 | |
Continental AG | | | 505 | | | | 28,602 | |
Covestro AG@,* | | | 879 | | | | 51,524 | |
CTS Eventim AG & Co., KGaA | | | 329 | | | | 27,389 | |
Daimler Truck Holding AG | | | 2,585 | | | | 103,098 | |
Delivery Hero S.E.@,* | | | 873 | | | | 20,738 | |
Deutsche Bank AG | | | 9,373 | | | | 149,805 | |
Deutsche Boerse AG | | | 922 | | | | 188,454 | |
Deutsche Lufthansa AG | | | 2,966 | | | | 18,192 | |
Deutsche Post AG | | | 4,816 | | | | 195,563 | |
Deutsche Telekom AG | | | 15,820 | | | | 397,644 | |
E.ON S.E. | | | 10,869 | | | | 142,848 | |
Evonik Industries AG | | | 1,156 | | | | 23,588 | |
Fresenius Medical Care AG | | | 920 | | | | 35,159 | |
Fresenius S.E. & Co., KGaA* | | | 1,998 | | | | 59,689 | |
GEA Group AG | | | 840 | | | | 34,922 | |
Hannover Rueck S.E. | | | 285 | | | | 72,144 | |
Heidelberg Materials AG | | | 619 | | | | 63,989 | |
Henkel AG & Co., KGaA | | | 536 | | | | 42,171 | |
Infineon Technologies AG | | | 6,350 | | | | 233,047 | |
Knorr-Bremse AG | | | 365 | | | | 27,899 | |
LEG Immobilien S.E. | | | 364 | | | | 29,737 | |
Mercedes-Benz Group AG | | | 3,912 | | | | 270,755 | |
Merck KGaA | | | 622 | | | | 102,863 | |
MTU Aero Engines AG | | | 275 | | | | 70,112 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 665 | | | | 332,470 | |
Nemetschek S.E. | | | 277 | | | | 27,043 | |
Puma S.E. | | | 567 | | | | 26,042 | |
Rational AG | | | 23 | | | | 19,070 | |
93
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Germany — (continued) | | | | | | | | |
Rheinmetall AG | | | 210 | | | $ | 107,019 | |
RWE AG | | | 3,042 | | | | 104,357 | |
SAP S.E. | | | 5,057 | | | | 1,015,828 | |
Scout24 S.E.@ | | | 387 | | | | 29,568 | |
Siemens AG | | | 3,680 | | | | 684,942 | |
Siemens Energy AG* | | | 2,682 | | | | 69,932 | |
Siemens Healthineers AG@ | | | 1,350 | | | | 77,745 | |
Symrise AG | | | 627 | | | | 76,718 | |
Talanx AG | | | 287 | | | | 22,871 | |
Volkswagen AG | | | 143 | | | | 17,135 | |
Vonovia S.E. | | | 3,519 | | | | 100,145 | |
Zalando S.E.@,* | | | 1,152 | | | | 27,043 | |
| | | | | | | | |
| | | | | | | 6,551,993 | |
| | | | | | | | |
Hong Kong — 1.9% | | | | | | | | |
AIA Group Ltd. | | | 54,200 | | | | 366,704 | |
BOC Hong Kong Holdings Ltd. | | | 17,500 | | | | 54,000 | |
CK Asset Holdings Ltd. | | | 9,034 | | | | 33,842 | |
CK Hutchison Holdings Ltd. | | | 12,628 | | | | 60,237 | |
CK Infrastructure Holdings Ltd. | | | 3,500 | | | | 19,765 | |
CLP Holdings Ltd. | | | 7,500 | | | | 60,661 | |
ESR Group Ltd.@ | | | 5,400 | | | | 7,101 | |
Futu Holdings Ltd., ADR* | | | 300 | | | | 19,681 | |
Galaxy Entertainment Group Ltd. | | | 10,000 | | | | 46,539 | |
Hang Seng Bank Ltd. | | | 3,600 | | | | 46,283 | |
Henderson Land Development Co., Ltd. | | | 7,891 | | | | 21,157 | |
HKT Trust & HKT Ltd. | | | 20,240 | | | | 22,702 | |
Hong Kong & China Gas Co., Ltd. | | | 57,112 | | | | 43,402 | |
Hong Kong Exchanges & Clearing Ltd. | | | 5,884 | | | | 188,307 | |
Hongkong Land Holdings Ltd. | | | 5,900 | | | | 19,008 | |
Jardine Matheson Holdings Ltd. | | | 700 | | | | 24,710 | |
Link REIT | | | 13,262 | | | | 51,501 | |
MTR Corp. Ltd. | | | 7,896 | | | | 24,923 | |
Power Assets Holdings Ltd. | | | 7,000 | | | | 37,831 | |
Prudential PLC | | | 13,292 | | | | 120,519 | |
Sino Land Co., Ltd. | | | 17,633 | | | | 18,146 | |
SITC International Holdings Co., Ltd. | | | 6,000 | | | | 16,270 | |
Sun Hung Kai Properties Ltd. | | | 6,661 | | | | 57,714 | |
Swire Pacific Ltd., Class A | | | 2,000 | | | | 17,657 | |
Swire Properties Ltd. | | | 7,136 | | | | 11,369 | |
Techtronic Industries Co., Ltd. | | | 6,500 | | | | 74,099 | |
The Wharf Holdings Ltd. | | | 6,000 | | | | 16,859 | |
WH Group Ltd.@ | | | 43,872 | | | | 28,877 | |
Wharf Real Estate Investment Co., Ltd. | | | 9,000 | | | | 23,854 | |
| | | | | | | | |
| | | | | | | 1,533,718 | |
| | | | | | | | |
Ireland — 1.0% | | | | | | | | |
AerCap Holdings N.V. | | | 1,000 | | | | 93,200 | |
AIB Group PLC | | | 8,306 | | | | 43,865 | |
Bank of Ireland Group PLC | | | 4,974 | | | | 51,961 | |
DCC PLC | | | 489 | | | | 34,128 | |
Experian PLC | | | 4,461 | | | | 207,244 | |
Flutter Entertainment PLC* | | | 859 | | | | 156,250 | |
James Hardie Industries PLC* | | | 2,107 | | | | 65,944 | |
Kerry Group PLC, Class A | | | 752 | | | | 60,941 | |
Kingspan Group PLC | | | 741 | | | | 62,976 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Ireland — (continued) | | | | | | | | |
Smurfit Kappa Group PLC | | | 1,233 | | | $ | 54,995 | |
| | | | | | | | |
| | | | | | | 831,504 | |
| | | | | | | | |
Israel — 0.7% | | | | | | | | |
Azrieli Group Ltd. | | | 257 | | | | 15,015 | |
Bank Hapoalim BM | | | 5,923 | | | | 52,310 | |
Bank Leumi Le-Israel BM | | | 7,205 | | | | 58,732 | |
Check Point Software Technologies Ltd.* | | | 412 | | | | 67,980 | |
CyberArk Software Ltd.* | | | 200 | | | | 54,684 | |
Elbit Systems Ltd. | | | 135 | | | | 23,492 | |
Global-e Online Ltd.* | | | 500 | | | | 18,135 | |
ICL Group Ltd. | | | 4,391 | | | | 18,883 | |
Israel Discount Bank Ltd., Class A | | | 5,639 | | | | 28,141 | |
Mizrahi Tefahot Bank Ltd. | | | 844 | | | | 28,621 | |
Monday.com Ltd.* | | | 200 | | | | 48,152 | |
Nice Ltd.* | | | 300 | | | | 51,611 | |
Teva Pharmaceutical Industries Ltd.* | | | 5,764 | | | | 93,778 | |
Wix.com Ltd.* | | | 251 | | | | 39,927 | |
| | | | | | | | |
| | | | | | | 599,461 | |
| | | | | | | | |
Italy — 2.3% | | | | | | | | |
Amplifon SpA | | | 601 | | | | 21,372 | |
Banco BPM SpA | | | 6,505 | | | | 41,865 | |
Davide Campari-Milano N.V. | | | 2,775 | | | | 26,273 | |
DiaSorin SpA | | | 89 | | | | 8,854 | |
Enel SpA | | | 39,607 | | | | 274,825 | |
Eni SpA | | | 10,198 | | | | 156,587 | |
Ferrari N.V. | | | 614 | | | | 250,568 | |
FinecoBank Banca Fineco SpA | | | 3,098 | | | | 46,034 | |
Generali | | | 4,891 | | | | 121,756 | |
Infrastrutture Wireless Italiane SpA@ | | | 1,623 | | | | 16,905 | |
Intesa Sanpaolo SpA | | | 71,194 | | | | 264,586 | |
Leonardo SpA | | | 1,897 | | | | 43,951 | |
Mediobanca Banca di Credito Finanziario SpA | | | 2,359 | | | | 34,531 | |
Moncler SpA | | | 1,078 | | | | 66,129 | |
Nexi SpA@,* | | | 3,202 | | | | 19,519 | |
Poste Italiane SpA@ | | | 2,082 | | | | 26,493 | |
Prysmian SpA | | | 1,250 | | | | 77,171 | |
Recordati Industria Chimica e Farmaceutica SpA | | | 515 | | | | 26,805 | |
Snam SpA | | | 9,464 | | | | 41,793 | |
Telecom Italia SpA* | | | 60,149 | | | | 14,386 | |
Terna - Rete Elettrica Nazionale | | | 7,216 | | | | 55,625 | |
UniCredit SpA | | | 7,293 | | | | 269,885 | |
| | | | | | | | |
| | | | | | | 1,905,913 | |
| | | | | | | | |
Japan — 22.3% | | | | | | | | |
Advantest Corp. | | | 3,700 | | | | 149,946 | |
Aeon Co., Ltd. | | | 3,100 | | | | 66,349 | |
AGC, Inc. | | | 900 | | | | 29,285 | |
Aisin Corp. | | | 700 | | | | 22,868 | |
Ajinomoto Co., Inc. | | | 2,300 | | | | 80,949 | |
ANA Holdings, Inc. | | | 800 | | | | 14,787 | |
Asahi Group Holdings Ltd. | | | 2,300 | | | | 81,385 | |
94
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | | | | |
Japan — (continued) | | | | | | | | |
Asahi Kasei Corp. | | | 5,900 | | | $ | 37,885 | |
Asics Corp. | | | 3,200 | | | | 49,338 | |
Astellas Pharma, Inc. | | | 8,700 | | | | 85,832 | |
Bandai Namco Holdings, Inc. | | | 2,800 | | | | 54,856 | |
Bridgestone Corp. | | | 2,800 | | | | 110,486 | |
Brother Industries Ltd. | | | 1,100 | | | | 19,431 | |
Canon, Inc. | | | 4,800 | | | | 130,213 | |
Capcom Co., Ltd. | | | 1,600 | | | | 30,267 | |
Central Japan Railway Co. | | | 3,700 | | | | 80,205 | |
Chubu Electric Power Co., Inc. | | | 3,000 | | | | 35,440 | |
Chugai Pharmaceutical Co., Ltd. | | | 3,200 | | | | 113,947 | |
Concordia Financial Group Ltd. | | | 5,200 | | | | 30,802 | |
Dai Nippon Printing Co., Ltd. | | | 900 | | | | 30,367 | |
Daifuku Co., Ltd. | | | 1,500 | | | | 28,173 | |
Dai-ichi Life Holdings, Inc. | | | 4,500 | | | | 120,509 | |
Daiichi Sankyo Co., Ltd. | | | 9,000 | | | | 312,784 | |
Daikin Industries Ltd. | | | 1,300 | | | | 180,980 | |
Daito Trust Construction Co., Ltd. | | | 300 | | | | 31,053 | |
Daiwa House Industry Co., Ltd. | | | 2,800 | | | | 71,288 | |
Daiwa Securities Group, Inc. | | | 6,900 | | | | 52,973 | |
Denso Corp. | | | 9,200 | | | | 143,603 | |
Dentsu Group, Inc. | | | 1,100 | | | | 27,853 | |
Disco Corp. | | | 400 | | | | 152,360 | |
East Japan Railway Co. | | | 4,300 | | | | 71,594 | |
Eisai Co., Ltd. | | | 1,300 | | | | 53,513 | |
ENEOS Holdings, Inc. | | | 13,590 | | | | 70,035 | |
FANUC Corp. | | | 4,600 | | | | 126,283 | |
Fast Retailing Co., Ltd. | | | 800 | | | | 202,353 | |
Fuji Electric Co., Ltd. | | | 600 | | | | 34,284 | |
FUJIFILM Holdings Corp. | | | 5,400 | | | | 126,666 | |
Fujitsu Ltd. | | | 8,500 | | | | 133,310 | |
Hamamatsu Photonics K.K. | | | 600 | | | | 16,118 | |
Hankyu Hanshin Holdings, Inc. | | | 1,200 | | | | 32,010 | |
Hikari Tsushin, Inc. | | | 100 | | | | 18,732 | |
Hitachi Construction Machinery Co., Ltd. | | | 500 | | | | 13,408 | |
Hitachi Ltd. | | | 22,500 | | | | 506,617 | |
Honda Motor Co., Ltd. | | | 21,600 | | | | 232,200 | |
Hoshizaki Corp. | | | 600 | | | | 19,085 | |
Hoya Corp. | | | 1,700 | | | | 198,797 | |
Hulic Co., Ltd. | | | 1,700 | | | | 15,110 | |
Ibiden Co., Ltd. | | | 600 | | | | 24,559 | |
Idemitsu Kosan Co., Ltd. | | | 4,280 | | | | 27,818 | |
Inpex Corp. | | | 4,600 | | | | 67,553 | |
Isuzu Motors Ltd. | | | 3,000 | | | | 39,883 | |
ITOCHU Corp. | | | 5,800 | | | | 285,118 | |
Japan Airlines Co., Ltd. | | | 800 | | | | 12,640 | |
Japan Exchange Group, Inc. | | | 2,300 | | | | 53,943 | |
Japan Post Bank Co., Ltd. | | | 6,900 | | | | 65,515 | |
Japan Post Holdings Co., Ltd. | | | 10,000 | | | | 99,397 | |
Japan Post Insurance Co., Ltd. | | | 1,100 | | | | 21,393 | |
Japan Real Estate Investment Corp. | | | 7 | | | | 22,126 | |
Japan Tobacco, Inc. | | | 5,800 | | | | 157,061 | |
JFE Holdings, Inc. | | | 2,700 | | | | 38,968 | |
Kajima Corp. | | | 2,200 | | | | 38,161 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Japan — (continued) | | | | | | | | |
Kao Corp. | | | 2,200 | | | $ | 89,071 | |
Kawasaki Kisen Kaisha Ltd. | | | 1,800 | | | | 26,249 | |
KDDI Corp. | | | 7,300 | | | | 193,388 | |
Keisei Electric Railway Co., Ltd. | | | 700 | | | | 22,637 | |
Keyence Corp. | | | 950 | | | | 415,794 | |
Kikkoman Corp. | | | 3,500 | | | | 40,677 | |
Kintetsu Group Holdings Co., Ltd. | | | 1,000 | | | | 21,812 | |
Kirin Holdings Co., Ltd. | | | 4,000 | | | | 51,670 | |
Kobe Bussan Co., Ltd. | | | 800 | | | | 17,821 | |
Koito Manufacturing Co., Ltd. | | | 1,200 | | | | 16,544 | |
Komatsu Ltd. | | | 4,500 | | | | 131,443 | |
Konami Group Corp. | | | 500 | | | | 36,152 | |
Kubota Corp. | | | 4,800 | | | | 67,454 | |
Kyocera Corp. | | | 6,200 | | | | 71,510 | |
Kyowa Kirin Co., Ltd. | | | 1,300 | | | | 22,283 | |
Lasertec Corp. | | | 400 | | | | 89,792 | |
LY Corp. | | | 13,800 | | | | 33,322 | |
M3, Inc. | | | 2,400 | | | | 22,963 | |
Makita Corp. | | | 1,200 | | | | 32,854 | |
Marubeni Corp. | | | 6,900 | | | | 127,944 | |
MatsukiyoCocokara & Co. | | | 1,800 | | | | 25,849 | |
Mazda Motor Corp. | | | 2,800 | | | | 26,995 | |
McDonald’s Holdings Co., Japan Ltd. | | | 400 | | | | 15,786 | |
MEIJI Holdings Co., Ltd. | | | 1,200 | | | | 25,954 | |
MINEBEA MITSUMI, Inc. | | | 1,900 | | | | 39,142 | |
Mitsubishi Chemical Group Corp. | | | 6,600 | | | | 36,774 | |
Mitsubishi Corp. | | | 16,300 | | | | 320,424 | |
Mitsubishi Electric Corp. | | | 9,400 | | | | 150,636 | |
Mitsubishi Estate Co., Ltd. | | | 5,400 | | | | 85,014 | |
Mitsubishi HC Capital, Inc. | | | 3,900 | | | | 25,804 | |
Mitsubishi Heavy Industries Ltd. | | | 15,000 | | | | 161,476 | |
Mitsubishi UFJ Financial Group, Inc. | | | 53,500 | | | | 577,373 | |
Mitsui & Co., Ltd. | | | 12,600 | | | | 287,363 | |
Mitsui Chemicals, Inc. | | | 900 | | | | 24,922 | |
Mitsui Fudosan Co., Ltd. | | | 12,900 | | | | 118,731 | |
Mitsui OSK Lines Ltd. | | | 1,600 | | | | 48,107 | |
Mizuho Financial Group, Inc. | | | 11,708 | | | | 246,423 | |
MonotaRO Co., Ltd. | | | 1,500 | | | | 17,567 | |
MS&AD Insurance Group Holdings, Inc. | | | 6,270 | | | | 139,984 | |
Murata Manufacturing Co., Ltd. | | | 8,300 | | | | 171,880 | |
NEC Corp. | | | 1,200 | | | | 98,948 | |
Nexon Co., Ltd. | | | 1,700 | | | | 31,627 | |
NIDEC Corp. | | | 2,000 | | | | 89,999 | |
Nintendo Co., Ltd. | | | 5,061 | | | | 270,265 | |
Nippon Building Fund, Inc. | | | 8 | | | | 28,063 | |
NIPPON EXPRESS HOLDINGS, INC. | | | 400 | | | | 18,512 | |
Nippon Paint Holdings Co., Ltd. | | | 5,000 | | | | 32,685 | |
Nippon Prologis REIT, Inc. | | | 10 | | | | 15,608 | |
Nippon Sanso Holdings Corp. | | | 800 | | | | 23,758 | |
Nippon Steel Corp. | | | 4,117 | | | | 87,274 | |
Nippon Telegraph & Telephone Corp. | | | 144,900 | | | | 137,018 | |
Nippon Yusen K.K. | | | 2,200 | | | | 64,189 | |
Nissan Chemical Corp. | | | 700 | | | | 22,249 | |
Nissan Motor Co., Ltd. | | | 10,800 | | | | 36,666 | |
Nissin Foods Holdings Co., Ltd. | | | 900 | | | | 22,883 | |
95
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | | | | | | | | |
Japan — (continued) | | | | | | | | |
Nitori Holdings Co., Ltd. | | | 400 | | | $ | 42,347 | |
Nitto Denko Corp. | | | 700 | | | | 55,522 | |
Nomura Holdings, Inc. | | | 14,400 | | | | 83,179 | |
Nomura Real Estate Holdings, Inc. | | | 500 | | | | 12,587 | |
Nomura Real Estate Master Fund, Inc. | | | 21 | | | | 18,654 | |
Nomura Research Institute Ltd. | | | 1,830 | | | | 51,723 | |
NTT Data Group Corp. | | | 3,000 | | | | 44,319 | |
Obayashi Corp. | | | 3,200 | | | | 38,241 | |
Obic Co., Ltd. | | | 299 | | | | 38,581 | |
Olympus Corp. | | | 5,800 | | | | 93,625 | |
Omron Corp. | | | 800 | | | | 27,703 | |
Ono Pharmaceutical Co., Ltd. | | | 1,600 | | | | 21,861 | |
Oracle Corp. Japan | | | 200 | | | | 13,801 | |
Oriental Land Co., Ltd. | | | 5,300 | | | | 148,104 | |
ORIX Corp. | | | 5,700 | | | | 126,334 | |
Osaka Gas Co., Ltd. | | | 1,700 | | | | 37,571 | |
Otsuka Corp. | | | 1,200 | | | | 23,146 | |
Otsuka Holdings Co., Ltd. | | | 2,100 | | | | 88,718 | |
Pan Pacific International Holdings Corp. | | | 1,800 | | | | 42,105 | |
Panasonic Corp. | | | 10,600 | | | | 87,137 | |
Rakuten Group, Inc.* | | | 7,000 | | | | 36,263 | |
Recruit Holdings Co., Ltd. | | | 7,200 | | | | 387,412 | |
Renesas Electronics Corp. | | | 7,100 | | | | 134,649 | |
Resona Holdings, Inc. | | | 10,000 | | | | 66,521 | |
Ricoh Co., Ltd. | | | 2,800 | | | | 23,999 | |
Rohm Co., Ltd. | | | 1,500 | | | | 20,052 | |
SBI Holdings, Inc. | | | 1,210 | | | | 30,710 | |
SCREEN Holdings Co., Ltd. | | | 400 | | | | 36,264 | |
SCSK Corp. | | | 700 | | | | 14,005 | |
Secom Co., Ltd. | | | 1,000 | | | | 59,224 | |
Seiko Epson Corp. | | | 1,300 | | | | 20,323 | |
Sekisui Chemical Co., Ltd. | | | 1,900 | | | | 26,377 | |
Sekisui House Ltd. | | | 2,800 | | | | 62,231 | |
Seven & i Holdings Co., Ltd. | | | 10,900 | | | | 133,200 | |
SG Holdings Co., Ltd. | | | 1,700 | | | | 15,720 | |
Shimadzu Corp. | | | 1,200 | | | | 30,077 | |
Shimano, Inc. | | | 400 | | | | 61,818 | |
Shin-Etsu Chemical Co., Ltd. | | | 8,800 | | | | 342,158 | |
Shionogi & Co., Ltd. | | | 1,200 | | | | 46,738 | |
Shiseido Co., Ltd. | | | 1,900 | | | | 54,148 | |
Shizuoka Financial Group, Inc. | | | 2,100 | | | | 20,300 | |
SMC Corp. | | | 277 | | | | 131,979 | |
SoftBank Corp. | | | 14,000 | | | | 171,220 | |
SoftBank Group Corp. | | | 5,000 | | | | 321,606 | |
Sompo Holdings, Inc. | | | 4,275 | | | | 91,586 | |
Sony Group Corp. | | | 6,000 | | | | 511,327 | |
Subaru Corp. | | | 2,900 | | | | 61,670 | |
SUMCO Corp. | | | 1,700 | | | | 24,592 | |
Sumitomo Corp. | | | 5,000 | | | | 125,610 | |
Sumitomo Electric Industries Ltd. | | | 3,400 | | | | 53,157 | |
Sumitomo Metal Mining Co., Ltd. | | | 1,300 | | | | 39,498 | |
Sumitomo Mitsui Financial Group, Inc. | | | 6,100 | | | | 409,462 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 3,086 | | | | 70,920 | |
Sumitomo Realty & Development Co., Ltd. | | | 1,500 | | | | 44,262 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Japan — (continued) | | | | | | | | |
Suntory Beverage & Food Ltd. | | | 600 | | | $ | 21,310 | |
Suzuki Motor Corp. | | | 7,500 | | | | 86,585 | |
Sysmex Corp. | | | 2,300 | | | | 37,126 | |
T&D Holdings, Inc. | | | 2,300 | | | | 40,174 | |
Taisei Corp. | | | 900 | | | | 33,482 | |
Takeda Pharmaceutical Co., Ltd. | | | 7,695 | | | | 199,595 | |
TDK Corp. | | | 1,900 | | | | 116,835 | |
Terumo Corp. | | | 6,400 | | | | 106,145 | |
The Chiba Bank Ltd. | | | 2,500 | | | | 22,408 | |
The Kansai Electric Power Co., Inc. | | | 3,300 | | | | 55,413 | |
TIS, Inc. | | | 1,100 | | | | 21,371 | |
Toho Co., Ltd. | | | 600 | | | | 17,552 | |
Tokio Marine Holdings, Inc. | | | 9,100 | | | | 341,969 | |
Tokyo Electric Power Co. Holdings, Inc.* | | | 7,800 | | | | 42,003 | |
Tokyo Electron Ltd. | | | 2,300 | | | | 503,471 | |
Tokyo Gas Co., Ltd. | | | 1,700 | | | | 36,598 | |
Tokyu Corp. | | | 2,700 | | | | 29,814 | |
TOPPAN Holdings, Inc. | | | 1,200 | | | | 33,289 | |
Toray Industries, Inc. | | | 6,300 | | | | 29,879 | |
TOTO Ltd. | | | 800 | | | | 18,847 | |
Toyota Industries Corp. | | | 700 | | | | 59,546 | |
Toyota Motor Corp. | | | 51,240 | | | | 1,051,315 | |
Toyota Tsusho Corp. | | | 3,000 | | | | 58,629 | |
Trend Micro, Inc. | | | 700 | | | | 28,533 | |
Unicharm Corp. | | | 1,900 | | | | 61,057 | |
West Japan Railway Co. | | | 2,000 | | | | 37,319 | |
Yakult Honsha Co., Ltd. | | | 1,400 | | | | 25,083 | |
Yamaha Motor Co., Ltd. | | | 4,100 | | | | 38,117 | |
Yamato Holdings Co., Ltd. | | | 1,200 | | | | 13,224 | |
Yaskawa Electric Corp. | | | 1,200 | | | | 43,271 | |
Yokogawa Electric Corp. | | | 1,100 | | | | 26,715 | |
Zensho Holdings Co., Ltd. | | | 500 | | | | 19,062 | |
ZOZO, Inc. | | | 600 | | | | 15,001 | |
| | | | | | | | |
| | | | | | | 18,302,866 | |
| | | | | | | | |
Jordan — 0.0% | | | | | | | | |
Hikma Pharmaceuticals PLC | | | 864 | | | | 20,586 | |
| | | | | | | | |
Luxembourg — 0.1% | | | | | | | | |
ArcelorMittal S.A. | | | 2,195 | | | | 50,286 | |
Eurofins Scientific S.E. | | | 629 | | | | 31,493 | |
Tenaris S.A. | | | 2,440 | | | | 37,533 | |
| | | | | | | | |
| | | | | | | 119,312 | |
| | | | | | | | |
Macao — 0.0% | | | | | | | | |
Sands China Ltd.* | | | 11,200 | | | | 23,288 | |
| | | | | | | | |
Netherlands — 5.5% | | | | | | | | |
ABN AMRO Bank N.V.@ | | | 2,159 | | | | 35,459 | |
Adyen N.V.@,* | | | 105 | | | | 124,706 | |
Aegon Ltd. | | | 6,771 | | | | 41,865 | |
Akzo Nobel N.V. | | | 808 | | | | 49,247 | |
Argenx S.E.* | | | 285 | | | | 123,658 | |
ASM International N.V. | | | 227 | | | | 173,513 | |
ASML Holding N.V. | | | 1,937 | | | | 1,974,125 | |
96
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Netherlands — (continued) | | | | | | | | |
ASR Nederland N.V. | | | 850 | | | $ | 40,467 | |
BE Semiconductor Industries N.V. | | | 365 | | | | 60,974 | |
Euronext N.V.@ | | | 394 | | | | 36,512 | |
EXOR N.V. | | | 476 | | | | 49,722 | |
Ferrovial S.E. | | | 2,457 | | | | 95,449 | |
Heineken Holding N.V. | | | 604 | | | | 47,607 | |
Heineken N.V. | | | 1,391 | | | | 134,574 | |
IMCD N.V. | | | 268 | | | | 36,943 | |
ING Groep N.V. | | | 16,175 | | | | 277,930 | |
JDE Peet’s N.V. | | | 427 | | | | 8,517 | |
Koninklijke Ahold Delhaize N.V. | | | 4,605 | | | | 135,512 | |
Koninklijke KPN N.V. | | | 16,843 | | | | 64,555 | |
Koninklijke Philips N.V.* | | | 3,839 | | | | 96,545 | |
NN Group N.V. | | | 1,267 | | | | 58,888 | |
OCI NV* | | | 619 | | | | 15,118 | |
Prosus N.V.* | | | 6,824 | | | | 242,651 | |
QIAGEN N.V.* | | | 1,038 | | | | 42,888 | |
Randstad N.V. | | | 579 | | | | 26,288 | |
Stellantis N.V. | | | 4,149 | | | | 81,806 | |
Stellantis N.V. | | | 6,652 | | | | 131,501 | |
Universal Music Group N.V. | | | 3,954 | | | | 117,625 | |
Wolters Kluwer N.V. | | | 1,207 | | | | 199,322 | |
| | | | | | | | |
| | | | | | | 4,523,967 | |
| | | | | | | | |
New Zealand — 0.3% | | | | | | | | |
Auckland International Airport Ltd. | | | 6,813 | | | | 31,663 | |
Fisher & Paykel Healthcare Corp. Ltd. | | | 2,723 | | | | 49,840 | |
Mercury NZ Ltd. | | | 2,980 | | | | 11,916 | |
Meridian Energy Ltd. | | | 6,255 | | | | 23,964 | |
Spark New Zealand Ltd. | | | 10,047 | | | | 25,458 | |
Xero Ltd.* | | | 684 | | | | 61,859 | |
| | | | | | | | |
| | | | | | | 204,700 | |
| | | | | | | | |
Norway — 0.6% | | | | | | | | |
Aker BP ASA | | | 1,469 | | | | 37,537 | |
DNB Bank ASA | | | 4,010 | | | | 78,680 | |
Equinor ASA | | | 4,343 | | | | 124,400 | |
Gjensidige Forsikring ASA | | | 851 | | | | 15,188 | |
Kongsberg Gruppen ASA | | | 400 | | | | 32,573 | |
Mowi ASA | | | 2,135 | | | | 35,484 | |
Norsk Hydro ASA | | | 6,136 | | | | 38,255 | |
Orkla ASA | | | 3,735 | | | | 30,288 | |
Salmar ASA | | | 343 | | | | 17,988 | |
Telenor ASA | | | 2,902 | | | | 33,078 | |
Yara International ASA | | | 895 | | | | 25,792 | |
| | | | | | | | |
| | | | | | | 469,263 | |
| | | | | | | | |
Poland — 0.0% | | | | | | | | |
InPost S.A.* | | | 1,094 | | | | 19,250 | |
| | | | | | | | |
Portugal — 0.2% | | | | | | | | |
EDP - Energias de Portugal S.A. | | | 14,878 | | | | 55,782 | |
Galp Energia SGPS S.A. | | | 2,157 | | | | 45,558 | |
Jeronimo Martins SGPS S.A. | | | 1,517 | | | | 29,648 | |
| | | | | | | | |
| | | | | | | 130,988 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Singapore — 1.3% | | | | | | | | |
CapitaLand Ascendas REIT | | | 17,290 | | | $ | 32,577 | |
CapitaLand Integrated Commercial Trust | | | 24,700 | | | | 35,962 | |
CapitaLand Investment Ltd. | | | 14,107 | | | | 27,589 | |
DBS Group Holdings Ltd. | | | 9,732 | | | | 256,329 | |
Genting Singapore Ltd. | | | 26,600 | | | | 16,908 | |
Grab Holdings Ltd., Class A* | | | 8,700 | | | | 30,885 | |
Keppel Ltd. | | | 7,500 | | | | 35,651 | |
Oversea-Chinese Banking Corp. Ltd. | | | 16,391 | | | | 174,062 | |
Sea Ltd., ADR* | | | 1,800 | | | | 128,556 | |
Sembcorp Industries Ltd. | | | 4,800 | | | | 16,966 | |
Singapore Airlines Ltd. | | | 6,900 | | | | 35,059 | |
Singapore Exchange Ltd. | | | 4,300 | | | | 29,986 | |
Singapore Technologies Engineering Ltd. | | | 7,600 | | | | 24,201 | |
Singapore Telecommunications Ltd. | | | 39,000 | | | | 78,919 | |
United Overseas Bank Ltd. | | | 6,137 | | | | 141,558 | |
Wilmar International Ltd. | | | 10,300 | | | | 23,487 | |
| | | | | | | | |
| | | | | | | 1,088,695 | |
| | | | | | | | |
Spain — 2.5% | | | | | | | | |
Acciona S.A. | | | 104 | | | | 12,308 | |
ACS Actividades de Construccion y Servicios S.A. | | | 988 | | | | 42,674 | |
Aena SME S.A.@ | | | 357 | | | | 72,292 | |
Amadeus IT Group S.A. | | | 2,178 | | | | 144,934 | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 28,469 | | | | 285,786 | |
Banco de Sabadell S.A. | | | 27,693 | | | | 53,465 | |
Banco Santander S.A. | | | 76,399 | | | | 355,467 | |
CaixaBank S.A. | | | 17,989 | | | | 95,531 | |
Cellnex Telecom S.A.@ | | | 2,195 | | | | 71,391 | |
EDP Renovaveis S.A. | | | 1,384 | | | | 19,339 | |
Endesa S.A. | | | 1,591 | | | | 29,893 | |
Grifols S.A.* | | | 1,529 | | | | 12,931 | |
Iberdrola S.A. | | | 27,903 | | | | 362,039 | |
Industria de Diseno Textil S.A. | | | 5,311 | | | | 263,550 | |
Redeia Corp. S.A. | | | 2,108 | | | | 36,861 | |
Repsol S.A. | | | 5,830 | | | | 92,456 | |
Telefonica S.A. | | | 21,794 | | | | 92,325 | |
| | | | | | | | |
| | | | | | | 2,043,242 | |
| | | | | | | | |
Sweden — 3.1% | | | | | | | | |
Alfa Laval AB | | | 1,369 | | | | 59,951 | |
Assa Abloy AB, Class B | | | 4,850 | | | | 137,355 | |
Atlas Copco AB, Class A | | | 13,066 | | | | 245,331 | |
Atlas Copco AB, Class B | | | 7,528 | | | | 121,557 | |
Beijer Ref AB* | | | 1,927 | | | | 29,743 | |
Boliden AB | | | 1,270 | | | | 40,844 | |
Epiroc AB, Class A | | | 3,131 | | | | 62,737 | |
Epiroc AB, Class B | | | 1,799 | | | | 33,022 | |
EQT AB | | | 1,770 | | | | 51,892 | |
Essity AB, Class B | | | 2,876 | | | | 73,524 | |
Evolution AB@ | | | 884 | | | | 92,015 | |
Fastighets AB Balder, Class B* | | | 2,900 | | | | 19,907 | |
Getinge AB, Class B | | | 1,023 | | | | 17,377 | |
H & M Hennes & Mauritz AB, Class B | | | 2,667 | | | | 42,246 | |
97
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
Sweden — (continued) | | | | | | | | |
Hexagon AB, Class B | | | 10,019 | | | $ | 113,528 | |
Holmen AB, Class B | | | 347 | | | | 13,653 | |
Husqvarna AB, Class B | | | 1,548 | | | | 12,379 | |
Industrivarden AB, Class A | | | 694 | | | | 23,640 | |
Industrivarden AB, Class C | | | 681 | | | | 22,995 | |
Indutrade AB | | | 1,349 | | | | 34,649 | |
Investment AB Latour, Class B | | | 649 | | | | 17,530 | |
Investor AB, Class B | | | 8,416 | | | | 230,624 | |
L E Lundbergforetagen AB, Class B | | | 336 | | | | 16,617 | |
Lifco AB, Class B | | | 1,067 | | | | 29,286 | |
Nibe Industrier AB, Class B | | | 7,900 | | | | 33,319 | |
Saab AB, Class B | | | 1,476 | | | | 35,461 | |
Sagax AB, Class B | | | 919 | | | | 23,550 | |
Sandvik AB | | | 5,145 | | | | 103,385 | |
Securitas AB, Class B | | | 2,542 | | | | 25,197 | |
Skandinaviska Enskilda Banken AB, Class A | | | 7,650 | | | | 113,103 | |
Skanska AB, Class B | | | 1,493 | | | | 26,934 | |
SKF AB, Class B | | | 1,796 | | | | 36,095 | |
Svenska Cellulosa AB SCA, Class B | | | 2,833 | | | | 41,693 | |
Svenska Handelsbanken AB, Class A | | | 6,858 | | | | 65,536 | |
Swedbank AB, Class A | | | 4,021 | | | | 82,826 | |
Swedish Orphan Biovitrum AB* | | | 878 | | | | 23,493 | |
Tele2 AB, Class B | | | 2,749 | | | | 27,749 | |
Telefonaktiebolaget LM Ericsson, Class B | | | 13,809 | | | | 85,715 | |
Telia Co., AB | | | 12,823 | | | | 34,380 | |
Trelleborg AB, Class B | | | 1,109 | | | | 43,158 | |
Volvo AB, Class A | | | 971 | | | | 25,385 | |
Volvo AB, Class B | | | 7,337 | | | | 188,520 | |
Volvo Car AB, Class B* | | | 3,803 | | | | 11,759 | |
| | | | | | | | |
| | | | | | | 2,569,660 | |
| | | | | | | | |
Switzerland — 10.2% | | | | | | | | |
ABB Ltd. | | | 7,808 | | | | 432,961 | |
Adecco Group AG | | | 734 | | | | 24,350 | |
Alcon, Inc. | | | 2,428 | | | | 215,830 | |
Avolta AG* | | | 393 | | | | 15,279 | |
Bachem Holding AG | | | 200 | | | | 18,275 | |
Baloise Holding AG | | | 205 | | | | 36,142 | |
Banque Cantonale Vaudoise | | | 130 | | | | 13,793 | |
Barry Callebaut AG | | | 18 | | | | 29,344 | |
BKW AG | | | 82 | | | | 13,089 | |
Chocoladefabriken Lindt & Spruengli AG | | | 1 | | | | 115,273 | |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | | | 2 | | | | 23,362 | |
Cie Financiere Richemont S.A., Class A | | | 2,626 | | | | 410,399 | |
Clariant AG* | | | 1,199 | | | | 18,888 | |
Coca-Cola HBC AG* | | | 1,015 | | | | 34,545 | |
DSM-Firmenich AG | | | 894 | | | | 100,669 | |
EMS-Chemie Holding AG | | | 37 | | | | 30,278 | |
Geberit AG | | | 161 | | | | 94,837 | |
Givaudan S.A. | | | 45 | | | | 213,148 | |
Glencore PLC | | | 50,515 | | | | 287,444 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Switzerland — (continued) | | | | | | | | |
Helvetia Holding AG | | | 168 | | | $ | 22,707 | |
Holcim AG* | | | 2,534 | | | | 223,985 | |
Julius Baer Group Ltd. | | | 975 | | | | 54,534 | |
Kuehne + Nagel International AG | | | 245 | | | | 70,507 | |
Logitech International S.A. | | | 786 | | | | 75,645 | |
Lonza Group AG* | | | 362 | | | | 197,075 | |
Nestle S.A. | | | 12,901 | | | | 1,316,860 | |
Novartis AG | | | 9,546 | | | | 1,016,379 | |
Partners Group Holding AG | | | 110 | | | | 140,861 | |
Roche Holding AG | | | 3,404 | | | | 943,108 | |
Roche Holding AG | | | 164 | | | | 50,001 | |
Sandoz Group AG | | | 1,945 | | | | 70,502 | |
Schindler Holding AG | | | 125 | | | | 31,161 | |
Schindler Holding AG, Participation Certificates | | | 207 | | | | 51,937 | |
SGS S.A. | | | 743 | | | | 66,240 | |
SIG Group AG* | | | 1,646 | | | | 30,247 | |
Sika AG | | | 741 | | | | 211,526 | |
Sonova Holding AG | | | 242 | | | | 74,552 | |
STMicroelectronics N.V. | | | 3,309 | | | | 129,607 | |
Straumann Holding AG | | | 535 | | | | 66,040 | |
Swiss Life Holding AG | | | 142 | | | | 104,218 | |
Swiss Prime Site AG* | | | 343 | | | | 32,480 | |
Swiss Re AG | | | 1,464 | | | | 181,502 | |
Swisscom AG | | | 122 | | | | 68,602 | |
Temenos AG | | | 314 | | | | 21,638 | |
The Swatch Group AG | | | 128 | | | | 26,224 | |
The Swatch Group AG | | | 298 | | | | 12,201 | |
UBS Group AG | | | 15,847 | | | | 465,429 | |
VAT Group AG@ | | | 129 | | | | 72,841 | |
Zurich Insurance Group AG | | | 715 | | | | 380,878 | |
| | | | | | | | |
| | | | | | | 8,337,393 | |
| | | | | | | | |
United Arab Emirates — 0.0% | | | | | | | | |
NMC Health PLC* | | | 538 | | | | 0 | |
| | | | | | | | |
United Kingdom — 13.5% | | | | | | | | |
3i Group PLC | | | 4,714 | | | | 181,682 | |
Admiral Group PLC | | | 1,200 | | | | 39,654 | |
Anglo American PLC | | | 6,149 | | | | 194,311 | |
Ashtead Group PLC | | | 2,116 | | | | 141,082 | |
Associated British Foods PLC | | | 1,605 | | | | 50,114 | |
AstraZeneca PLC | | | 7,489 | | | | 1,165,536 | |
Auto Trader Group PLC@ | | | 4,238 | | | | 42,656 | |
Aviva PLC | | | 13,110 | | | | 78,966 | |
BAE Systems PLC | | | 14,758 | | | | 245,819 | |
Barclays PLC | | | 73,460 | | | | 194,112 | |
Barratt Developments PLC | | | 4,233 | | | | 25,140 | |
Berkeley Group Holdings PLC | | | 486 | | | | 28,081 | |
BP PLC | | | 81,297 | | | | 489,471 | |
British American Tobacco PLC | | | 9,809 | | | | 301,329 | |
BT Group PLC | | | 33,005 | | | | 58,513 | |
Bunzl PLC | | | 1,605 | | | | 60,981 | |
Burberry Group PLC | | | 1,633 | | | | 18,135 | |
Centrica PLC | | | 25,259 | | | | 43,054 | |
Coca-Cola Europacific Partners PLC | | | 934 | | | | 68,330 | |
98
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — (continued) | |
United Kingdom — (continued) | |
Compass Group PLC | | | 8,314 | | | $ | 226,501 | |
Croda International PLC | | | 617 | | | | 30,695 | |
Diageo PLC | | | 10,704 | | | | 336,041 | |
Endeavour Mining PLC | | | 796 | | | | 16,940 | |
Entain PLC | | | 3,405 | | | | 27,001 | |
GSK PLC | | | 20,097 | | | | 386,550 | |
Haleon PLC | | | 34,106 | | | | 138,768 | |
Halma PLC | | | 1,790 | | | | 61,013 | |
Hargreaves Lansdown PLC | | | 1,377 | | | | 19,628 | |
HSBC Holdings PLC | | | 91,396 | | | | 788,931 | |
Imperial Brands PLC | | | 4,011 | | | | 102,637 | |
Informa PLC | | | 6,547 | | | | 70,655 | |
InterContinental Hotels Group PLC | | | 782 | | | | 82,170 | |
Intertek Group PLC | | | 758 | | | | 45,821 | |
J. Sainsbury PLC | | | 8,379 | | | | 26,996 | |
JD Sports Fashion PLC | | | 12,768 | | | | 19,173 | |
Kingfisher PLC | | | 8,065 | | | | 25,289 | |
Land Securities Group PLC | | | 3,485 | | | | 27,230 | |
Legal & General Group PLC | | | 28,684 | | | | 82,139 | |
Lloyds Banking Group PLC | | | 308,715 | | | | 212,926 | |
London Stock Exchange Group PLC | | | 2,186 | | | | 259,212 | |
M&G PLC | | | 11,743 | | | | 30,189 | |
Melrose Industries PLC | | | 6,267 | | | | 43,646 | |
Mondi PLC | | | 2,044 | | | | 39,235 | |
National Grid PLC | | | 23,380 | | | | 261,064 | |
NatWest Group PLC | | | 32,631 | | | | 128,373 | |
Next PLC | | | 576 | | | | 65,732 | |
Pearson PLC | | | 3,239 | | | | 40,446 | |
Persimmon PLC | | | 1,547 | | | | 26,252 | |
Phoenix Group Holdings PLC | | | 3,684 | | | | 24,252 | |
Reckitt Benckiser Group PLC | | | 3,467 | | | | 187,562 | |
RELX PLC | | | 5,584 | | | | 255,853 | |
RELX PLC | | | 3,621 | | | | 165,707 | |
Rentokil Initial PLC | | | 12,039 | | | | 69,918 | |
Rio Tinto PLC | | | 5,494 | | | | 360,507 | |
Rolls-Royce Holdings PLC* | | | 40,895 | | | | 234,870 | |
Schroders PLC | | | 4,151 | | | | 18,997 | |
Segro PLC | | | 6,202 | | | | 70,170 | |
Severn Trent PLC | | | 1,298 | | | | 39,069 | |
Shell PLC | | | 31,017 | | | | 1,112,518 | |
Smith & Nephew PLC | | | 4,139 | | | | 51,292 | |
Smiths Group PLC | | | 1,814 | | | | 39,031 | |
Spirax Group PLC | | | 347 | | | | 37,191 | |
SSE PLC | | | 5,262 | | | | 118,835 | |
Standard Chartered PLC | | | 10,870 | | | | 98,150 | |
Taylor Wimpey PLC | | | 17,417 | | | | 31,189 | |
Tesco PLC | | | 34,066 | | | | 131,589 | |
The Sage Group PLC | | | 4,825 | | | | 66,104 | |
Unilever PLC | | | 6,154 | | | | 337,777 | |
Unilever PLC | | | 6,075 | | | | 333,252 | |
United Utilities Group PLC | | | 3,526 | | | | 43,802 | |
Vodafone Group PLC | | | 110,648 | | | | 97,906 | |
Whitbread PLC | | | 865 | | | | 32,463 | |
Wise PLC, Class A* | | | 2,843 | | | | 24,383 | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
United Kingdom — (continued) | |
WPP PLC | | | 5,591 | | | $ | 51,195 | |
| | | | | | | | |
| | | | | | | 11,081,801 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $54,121,374) | | | | | | | 79,710,443 | |
| | | | | | | | |
| | | | | | | |
PREFERRED STOCKS — 0.4% | |
Germany — 0.4% | | | | | | | | |
Bayerische Motoren Werke AG | | | 270 | | | | 23,841 | |
Dr.Ing.h.c.F.Porsche AG@ | | | 537 | | | | 39,949 | |
Henkel AG & Co., KGaA | | | 805 | | | | 71,675 | |
Porsche Automobil Holding S.E. | | | 711 | | | | 32,089 | |
Sartorius AG | | | 123 | | | | 28,792 | |
Volkswagen AG | | | 995 | | | | 112,349 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $353,093) | | | | | | | 308,695 | |
| | | | | | | | |
| | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
Italy — 0.0% | | | | | | | | |
Amplifon SpA*
(Cost $0) | | | 601 | | | | 0 | |
| | | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS — 1.1% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $911,390) | | | 911,390 | | | | 911,390 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.7%
(Cost $55,385,857) | | | $ | 80,930,528 | |
Other Assets & Liabilities — 1.3% | | | | | | | 1,058,536 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | | | | $ | 81,989,064 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $974,622, which represents 1.2% of the Fund’s net assets. |
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— Societa per Azioni.
99
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | |
Country Weightings as of 6/30/2024†† | | | |
Japan | | | 23 | % |
United Kingdom | | | 14 | |
France | | | 11 | |
Switzerland | | | 10 | |
Germany | | | 8 | |
Australia | | | 7 | |
Netherlands | | | 6 | |
Other | | | 21 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.3 | % | | $ | 196,314 | |
Aerospace & Defense | | | 2.1 | % | | | 1,666,120 | |
Agriculture | | | 0.7 | % | | | 584,514 | |
Airlines | | | 0.1 | % | | | 97,167 | |
Apparel | | | 2.2 | % | | | 1,786,259 | |
Auto Manufacturers | | | 3.5 | % | | | 2,808,279 | |
Auto Parts & Equipment | | | 0.7 | % | | | 561,543 | |
Banks | | | 11.9 | % | | | 9,500,088 | |
Beverages | | | 1.7 | % | | | 1,310,028 | |
Biotechnology | | | 0.9 | % | | | 701,379 | |
Building Materials | | | 1.6 | % | | | 1,239,088 | |
Chemicals | | | 2.7 | % | | | 2,175,549 | |
Commercial Services | | | 2.7 | % | | | 2,185,330 | |
Computers | | | 1.0 | % | | | 798,010 | |
Cosmetics & Personal Care | | | 2.1 | % | | | 1,667,859 | |
Distribution & Wholesale | | | 1.7 | % | | | 1,379,598 | |
Diversified Financial Services | | | 1.7 | % | | | 1,336,240 | |
Electric | | | 2.6 | % | | | 2,061,038 | |
Electrical Components & Equipment | | | 1.0 | % | | | 777,571 | |
Electronics | | | 1.8 | % | | | 1,437,107 | |
Energy-Alternate Sources | | | 0.1 | % | | | 113,180 | |
Engineering & Construction | | | 1.1 | % | | | 869,293 | |
Entertainment | | | 0.9 | % | | | 743,963 | |
Food | | | 3.7 | % | | | 2,930,695 | |
Food Service | | | 0.3 | % | | | 263,434 | |
Forest Products & Paper | | | 0.3 | % | | | 196,989 | |
Gas | | | 0.2 | % | | | 165,820 | |
Hand & Machine Tools | | | 0.3 | % | | | 224,335 | |
Healthcare Products | | | 2.0 | % | | | 1,601,815 | |
Healthcare Services | | | 0.5 | % | | | 406,837 | |
Holding Companies | | | 0.0 | % | | | 24,710 | |
Home Builders | | | 0.3 | % | | | 270,558 | |
Home Furnishings | | | 0.8 | % | | | 646,472 | |
Household Products & Wares | | | 0.3 | % | | | 229,733 | |
Insurance | | | 5.3 | % | | | 4,254,222 | |
Internet | | | 1.0 | % | | | 752,126 | |
Investment Companies | | | 0.5 | % | | | 417,566 | |
Iron & Steel | | | 0.5 | % | | | 367,287 | |
Leisure Time | | | 0.3 | % | | | 244,869 | |
Lodging | | | 0.3 | % | | | 220,591 | |
Machinery — Construction & Mining | | | 1.6 | % | | | 1,265,349 | |
Machinery — Diversified | | | 2.0 | % | | | 1,557,472 | |
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Media | | | 0.2 | % | | $ | 162,154 | |
Metal Fabricate/Hardware | | | 0.3 | % | | | 223,640 | |
Mining | | | 2.5 | % | | | 1,996,687 | |
Miscellaneous Manufacturing | | | 1.2 | % | | | 939,527 | |
Office & Business Equipment | | | 0.2 | % | | | 174,535 | |
Oil & Gas | | | 4.1 | % | | | 3,297,557 | |
Packaging and Containers | | | 0.1 | % | | | 71,104 | |
Pharmaceuticals | | | 9.9 | % | | | 7,908,594 | |
Pipelines | | | 0.1 | % | | | 34,168 | |
Private Equity | | | 0.5 | % | | | 416,457 | |
Real Estate | | | 1.0 | % | | | 788,509 | |
Real Estate Investment Trusts | | | 1.0 | % | | | 800,319 | |
Retail | | | 2.2 | % | | | 1,724,594 | |
Semiconductors | | | 4.6 | % | | | 3,662,246 | |
Shipbuilding | | | 0.0 | % | | | 32,573 | |
Software | | | 2.0 | % | | | 1,599,832 | |
Telecommunications | | | 2.9 | % | | | 2,267,260 | |
Toys, Games & Hobbies | | | 0.4 | % | | | 325,121 | |
Transportation | | | 1.3 | % | | | 1,066,944 | |
Water | | | 0.2 | % | | | 182,225 | |
| | | | | | | | |
| | | 100.0 | % | | $ | 79,710,443 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | 5,838,776 | | | $ | 13,777 | | | $ | 5,824,999 | | | $ | — | |
Austria | | | 146,686 | | | | — | | | | 146,686 | | | | — | |
Belgium | | | 629,909 | | | | 20,626 | | | | 609,283 | | | | — | |
Chile | | | 49,219 | | | | — | | | | 49,219 | | | | — | |
Denmark | | | 3,162,607 | | | | — | | | | 3,162,607 | | | | — | |
Finland | | | 806,212 | | | | — | | | | 806,212 | | | | — | |
France | | | 8,719,434 | | | | — | | | | 8,719,434 | | | | — | |
Germany | | | 6,551,993 | | | | — | | | | 6,551,993 | | | | — | |
Hong Kong | | | 1,533,718 | | | | 19,681 | | | | 1,514,037 | | | | — | |
Ireland | | | 831,504 | | | | 93,200 | | | | 738,304 | | | | — | |
Israel | | | 599,461 | | | | 228,878 | | | | 370,583 | | | | — | |
Italy | | | 1,905,913 | | | | — | | | | 1,905,913 | | | | — | |
Japan | | | 18,302,866 | | | | — | | | | 18,302,866 | | | | — | |
Jordan | | | 20,586 | | | | — | | | | 20,586 | | | | — | |
Luxembourg | | | 119,312 | | | | — | | | | 119,312 | | | | — | |
Macao | | | 23,288 | | | | — | | | | 23,288 | | | | — | |
Netherlands | | | 4,523,967 | | | | — | | | | 4,523,967 | | | | — | |
New Zealand | | | 204,700 | | | | 93,001 | | | | 111,699 | | | | — | |
Norway | | | 469,263 | | | | 33,078 | | | | 436,185 | | | | — | |
Poland | | | 19,250 | | | | — | | | | 19,250 | | | | — | |
Portugal | | | 130,988 | | | | — | | | | 130,988 | | | | — | |
Singapore | | | 1,088,695 | | | | 159,441 | | | | 929,254 | | | | — | |
Spain | | | 2,043,242 | | | | — | | | | 2,043,242 | | | | — | |
Sweden | | | 2,569,660 | | | | 23,493 | | | | 2,546,167 | | | | — | |
Switzerland | | | 8,337,393 | | | | — | | | | 8,337,393 | | | | — | |
100
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Developed International Index Fund
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
United Arab Emirates | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
United Kingdom | | | 11,081,801 | | | | 39,235 | | | | 11,042,566 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | $ | 79,710,443 | | | $ | 724,410 | | | $ | 78,986,033 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Rights | | | — | | | | — | | | | — | | | | — | |
Preferred Stocks Germany | | | 308,695 | | | | — | | | | 308,695 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Preferred Stocks | | $ | 308,695 | | | $ | — | | | $ | 308,695 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | 911,390 | | | | 911,390 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 80,930,528 | | | $ | 1,635,800 | | | $ | 79,294,728 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 940 | | | $ | — | | | $ | 940 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Assets—Other Financial Instruments | | $ | 940 | | | $ | — | | | $ | 940 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Other Financial Instruments(1) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (1,717 | ) | | $ | (1,717 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Total Liabilities—Other Financial Instruments | | $ | (1,717 | ) | | $ | (1,717 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| (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, 2024 are 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 | |
Sell | | Swiss Franc | | Barclays Capital Group | | | 09/16/24 | | | | (195,000 | ) | | | 0.88982 | | | $ | (219,441 | ) | | $ | (219,145 | ) | | $ | 297 | | | $ | — | |
Sell | | Euro | | RBC Capital Markets Corp. | | | 09/16/24 | | | | (250,000 | ) | | | 0.93016 | | | | (269,416 | ) | | | (268,772 | ) | | | 643 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 940 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts held by the Fund at June 30, 2024 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 | | | 09/20/24 | | | | 17 | | | | 50 | | | $ | 2,343 | | | $ | 1,991,720 | | | $ | — | | | $ | (1,717 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | — | | | $ | (1,717 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
101
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
International Equity Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 97.8% | | | | | | | | |
Canada — 7.6% | | | | | | | | |
Constellation Software, Inc. | | | 5,128 | | | $ | 14,775,747 | |
Intact Financial Corp. | | | 14,662 | | | | 2,443,685 | |
The Descartes Systems Group, Inc.* | | | 12,894 | | | | 1,249,296 | |
| | | | | | | | |
| | | | | | | 18,468,728 | |
| | | | | | | | |
China — 3.2% | | | | | | | | |
Tencent Holdings Ltd. | | | 162,109 | | | | 7,690,504 | |
| | | | | | | | |
France — 10.8% | | | | | | | | |
Air Liquide S.A. | | | 27,373 | | | | 4,724,235 | |
EssilorLuxottica S.A. | | | 31,252 | | | | 6,715,543 | |
Hermes International SCA | | | 422 | | | | 974,662 | |
L’Oreal S.A. | | | 12,656 | | | | 5,570,735 | |
Schneider Electric S.E. | | | 34,266 | | | | 8,215,125 | |
| | | | | | | | |
| | | | | | | 26,200,300 | |
| | | | | | | | |
Germany — 5.9% | | | | | | | | |
Rheinmetall AG | | | 6,319 | | | | 3,220,261 | |
SAP S.E. | | | 54,535 | | | | 10,954,750 | |
| | | | | | | | |
| | | | | | | 14,175,011 | |
| | | | | | | | |
India — 3.2% | | | | | | | | |
Cipla Ltd. | | | 194,003 | | | | 3,438,665 | |
Eicher Motors Ltd. | | | 75,464 | | | | 4,225,836 | |
| | | | | | | | |
| | | | | | | 7,664,501 | |
| | | | | | | | |
Ireland — 5.7% | | | | | | | | |
Accenture PLC, Class A | | | 5,273 | | | | 1,599,881 | |
Experian PLC | | | 186,681 | | | | 8,672,599 | |
Flutter Entertainment PLC* | | | 19,213 | | | | 3,494,812 | |
| | | | | | | | |
| | | | | | | 13,767,292 | |
| | | | | | | | |
Italy — 2.6% | | | | | | | | |
Ferrari N.V. | | | 15,178 | | | | 6,194,013 | |
| | | | | | | | |
Japan — 8.6% | | | | | | | | |
Disco Corp. | | | 15,497 | | | | 5,902,802 | |
Keyence Corp. | | | 6,434 | | | | 2,816,022 | |
MonotaRO Co., Ltd. | | | 293,679 | | | | 3,439,445 | |
Nomura Research Institute Ltd. | | | 42,702 | | | | 1,206,918 | |
Obic Co., Ltd. | | | 21,370 | | | | 2,757,420 | |
Terumo Corp. | | | 285,034 | | | | 4,727,347 | |
| | | | | | | | |
| | | | | | | 20,849,954 | |
| | | | | | | | |
Netherlands — 5.8% | | | | | | | | |
IMCD N.V. | | | 4,973 | | | | 685,515 | |
Wolters Kluwer N.V. | | | 80,282 | | | | 13,257,629 | |
| | | | | | | | |
| | | | | | | 13,943,144 | |
| | | | | | | | |
Spain — 2.0% | | | | | | | | |
Amadeus IT Group S.A. | | | 73,052 | | | | 4,861,203 | |
| | | | | | | | |
Sweden — 8.9% | | | | | | | | |
AAK AB | | | 167,411 | | | | 4,901,925 | |
Atlas Copco AB, Class A | | | 322,214 | | | | 6,049,973 | |
Beijer Ref AB* | | | 456,349 | | | | 7,043,628 | |
Epiroc AB, Class A | | | 173,229 | | | | 3,471,051 | |
| | | | | | | | |
| | | | | | | 21,466,577 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Switzerland — 4.5% | | | | | | | | |
Alcon, Inc. | | | 121,377 | | | $ | 10,789,434 | |
| | | | | | | | |
Taiwan — 6.4% | | | | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 88,342 | | | | 15,354,723 | |
| | | | | | | | |
United Kingdom — 13.5% | | | | | | | | |
Ashtead Group PLC | | | 45,804 | | | | 3,053,922 | |
Diageo PLC | | | 18,520 | | | | 581,417 | |
Halma PLC | | | 255,949 | | | | 8,724,165 | |
London Stock Exchange Group PLC | | | 69,835 | | | | 8,280,922 | |
RELX PLC | | | 259,011 | | | | 11,867,597 | |
| | | | | | | | |
| | | | | | | 32,508,023 | |
| | | | | | | | |
United States — 9.1% | | | | | | | | |
Aon PLC, Class A | | | 7,515 | | | | 2,206,254 | |
Mastercard, Inc., Class A | | | 8,185 | | | | 3,610,895 | |
Mettler-Toledo International, Inc.* | | | 5,849 | | | | 8,174,504 | |
RB Global, Inc. | | | 94,579 | | | | 7,222,052 | |
Schlumberger N.V. | | | 14,090 | | | | 664,766 | |
| | | | | | | | |
| | | | | | | 21,878,471 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $211,676,497) | | | | | | | 235,811,878 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 2.1% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $5,143,005) | | | 5,143,005 | | | | 5,143,005 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9%
(Cost $216,819,502) | | | $ | 240,954,883 | |
Other Assets & Liabilities — 0.1% | | | | 201,699 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 241,156,582 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
AB— Aktiebolag.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
102
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
International Equity Fund
| | | | |
Country Weightings as of 6/30/2024†† | | | |
United Kingdom | | | 13 | % |
United States | | | 11 | |
France | | | 11 | |
Sweden | | | 9 | |
Japan | | | 9 | |
Canada | | | 8 | |
Taiwan | | | 6 | |
Other | | | 33 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Aerospace & Defense | | | 1.4 | % | | $ | 3,220,261 | |
Apparel | | | 0.4 | % | | | 974,662 | |
Auto Manufacturers | | | 2.6 | % | | | 6,194,013 | |
Beverages | | | 0.2 | % | | | 581,417 | |
Chemicals | | | 2.0 | % | | | 4,724,235 | |
Commercial Services | | | 18.7 | % | | | 44,073,799 | |
Computers | | | 2.4 | % | | | 5,564,219 | |
Cosmetics & Personal Care | | | 2.4 | % | | | 5,570,735 | |
Distribution & Wholesale | | | 0.3 | % | | | 685,515 | |
Diversified Financial Services | | | 5.0 | % | | | 11,891,817 | |
Electrical Components & Equipment | | | 3.5 | % | | | 8,215,125 | |
Electronics | | | 7.2 | % | | | 16,898,669 | |
Entertainment | | | 1.5 | % | | | 3,494,812 | |
Food | | | 2.1 | % | | | 4,901,925 | |
Healthcare Products | | | 9.4 | % | | | 22,232,324 | |
Insurance | | | 2.0 | % | | | 4,649,939 | |
Internet | | | 4.7 | % | | | 11,129,949 | |
Leisure Time | | | 3.8 | % | | | 9,087,039 | |
Machinery — Construction & Mining | | | 1.5 | % | | | 3,471,051 | |
Machinery — Diversified | | | 6.7 | % | | | 15,909,623 | |
Oil & Gas Services | | | 0.3 | % | | | 664,766 | |
Pharmaceuticals | | | 1.5 | % | | | 3,438,665 | |
Semiconductors | | | 9.0 | % | | | 21,257,525 | |
Software | | | 11.4 | % | | | 26,979,793 | |
| | | | | | | | |
| | | 100.0 | % | | $ | 235,811,878 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Common Stocks | | | | | | | | | | | | | | | | |
Canada | | $ | 18,468,728 | | | $ | 18,468,728 | | | $ | — | | | $ | — | |
China | | | 7,690,504 | | | | — | | | | 7,690,504 | | | | — | |
France | | | 26,200,300 | | | | — | | | | 26,200,300 | | | | — | |
Germany | | | 14,175,011 | | | | — | | | | 14,175,011 | | | | — | |
India | | | 7,664,501 | | | | — | | | | 7,664,501 | | | | — | |
Ireland | | | 13,767,292 | | | | 1,599,881 | | | | 12,167,411 | | | | — | |
Italy | | | 6,194,013 | | | | — | | | | 6,194,013 | | | | — | |
Japan | | | 20,849,954 | | | | — | | | | 20,849,954 | | | | — | |
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Netherlands | | $ | 13,943,144 | | | $ | — | | | $ | 13,943,144 | | | $ | — | |
Spain | | | 4,861,203 | | | | — | | | | 4,861,203 | | | | — | |
Sweden | | | 21,466,577 | | | | — | | | | 21,466,577 | | | | — | |
Switzerland | | | 10,789,434 | | | | — | | | | 10,789,434 | | | | — | |
Taiwan | | | 15,354,723 | | | | 15,354,723 | | | | — | | | | — | |
United Kingdom | | | 32,508,023 | | | | — | | | | 32,508,023 | | | | — | |
United States | | | 21,878,471 | | | | 21,878,471 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | $ | 235,811,878 | | | $ | 57,301,803 | | | $ | 178,510,075 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | 5,143,005 | | | | 5,143,005 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 240,954,883 | | | $ | 62,444,808 | | | $ | 178,510,075 | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
103
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 100.0% | |
Brazil — 7.9% | | | | | | | | |
Banco BTG Pactual S.A. | | | 17,199 | | | $ | 94,793 | |
Localiza Rent a Car S.A. | | | 81,014 | | | | 607,377 | |
NU Holdings Ltd., Class A* | | | 173,608 | | | | 2,237,807 | |
Raia Drogasil S.A. | | | 469,460 | | | | 2,161,661 | |
TOTVS S.A. | | | 225,904 | | | | 1,230,528 | |
WEG S.A. | | | 30,059 | | | | 226,595 | |
| | | | | | | | |
| | | | | | | 6,558,761 | |
| | | | | | | | |
China — 14.9% | | | | | | | | |
Alibaba Group Holding Ltd. | | | 94,681 | | | | 853,345 | |
Baidu, Inc., ADR* | | | 4,082 | | | | 353,011 | |
Chacha Food Co., Ltd., Class A | | | 186,346 | | | | 721,762 | |
H World Group Ltd., ADR | | | 31,182 | | | | 1,038,984 | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | 53,946 | | | | 191,590 | |
Kweichow Moutai Co., Ltd., Class A | | | 3,512 | | | | 707,605 | |
NetEase, Inc. | | | 45,271 | | | | 864,492 | |
Shanghai M&G Stationery, Inc., Class A | | | 168,092 | | | | 722,172 | |
Shenzhen Inovance Technology Co., Ltd., Class A | | | 114,288 | | | | 805,963 | |
Tencent Holdings Ltd. | | | 120,758 | | | | 5,728,799 | |
Yum China Holdings, Inc. | | | 13,350 | | | | 411,714 | |
| | | | | | | | |
| | | | | | | 12,399,437 | |
| | | | | | | | |
Hong Kong — 5.4% | | | | | | | | |
AIA Group Ltd. | | | 248,454 | | | | 1,680,977 | |
Galaxy Entertainment Group Ltd. | | | 175,491 | | | | 816,723 | |
Hong Kong Exchanges & Clearing Ltd. | | | 38,065 | | | | 1,218,200 | |
Prudential PLC | | | 83,138 | | | | 753,814 | |
| | | | | | | | |
| | | | | | | 4,469,714 | |
| | | | | | | | |
India — 22.3% | | | | | | | | |
APL Apollo Tubes Ltd. | | | 38,532 | | | | 717,602 | |
Cipla Ltd. | | | 123,506 | | | | 2,189,120 | |
Eicher Motors Ltd. | | | 39,082 | | | | 2,188,515 | |
HDFC Bank Ltd. | | | 97,387 | | | | 1,966,653 | |
Hindustan Unilever Ltd. | | | 26,766 | | | | 792,973 | |
IRB Infrastructure Developers Ltd. | | | 727,443 | | | | 564,081 | |
Max Healthcare Institute Ltd. | | | 124,632 | | | | 1,403,649 | |
Polycab India Ltd. | | | 10,714 | | | | 865,192 | |
Power Grid Corp. of India Ltd. | | | 497,380 | | | | 1,969,777 | |
Reliance Industries Ltd. | | | 76,955 | | | | 2,884,783 | |
Tata Consultancy Services Ltd. | | | 33,185 | | | | 1,550,180 | |
Titagarh Rail System Ltd. | | | 23,033 | | | | 513,134 | |
Titan Co., Ltd. | | | 24,216 | | | | 986,862 | |
| | | | | | | | |
| | | | | | | 18,592,521 | |
| | | | | | | | |
Indonesia — 4.2% | | | | | | | | |
Avia Avian Tbk PT | | | 28,920,492 | | | | 909,561 | |
Bank Central Asia Tbk PT | | | 1,663,282 | | | | 1,006,437 | |
Bank Rakyat Indonesia Persero Tbk PT | | | 5,496,546 | | | | 1,541,212 | |
| | | | | | | | |
| | | | | | | 3,457,210 | |
| | | | | | | | |
Ireland — 1.5% | | | | | | | | |
Pinduoduo, Inc., ADR* | | | 9,296 | | | | 1,235,903 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of Shares | | | Value† | |
| | | | | | | | | |
Mexico — 4.5% | | | | | | | | |
Arca Continental S.A.B. de C.V. | | | 54,039 | | | $ | 531,381 | |
Fomento Economico Mexicano S.A.B. de C.V., ADR | | | 15,583 | | | | 1,677,510 | |
Grupo Financiero Banorte S.A.B. de C.V., Class O | | | 58,837 | | | | 457,896 | |
Wal-Mart de Mexico S.A.B. de C.V. | | | 323,158 | | | | 1,103,807 | |
| | | | | | | | |
| | | | | | | 3,770,594 | |
| | | | | | | | |
Netherlands — 1.4% | | | | | | | | |
ASML Holding N.V. | | | 1,166 | | | | 1,188,348 | |
| | | | | | | | |
Poland — 1.4% | | | | | | | | |
Dino Polska S.A.* | | | 11,603 | | | | 1,169,238 | |
| | | | | | | | |
South Africa — 2.3% | | | | | | | | |
Clicks Group Ltd. | | | 58,544 | | | | 1,114,332 | |
Naspers Ltd., Class N | | | 4,250 | | | | 833,291 | |
| | | | | | | | |
| | | | | | | 1,947,623 | |
| | | | | | | | |
South Korea — 10.2% | | | | | | | | |
Hyundai Motor Co. | | | 6,141 | | | | 1,309,617 | |
Samsung Electronics Co., Ltd. | | | 61,479 | | | | 3,618,274 | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 5,449 | | | | 1,532,739 | |
SK Hynix, Inc.* | | | 11,892 | | | | 2,018,175 | |
| | | | | | | | |
| | | | | | | 8,478,805 | |
| | | | | | | | |
Taiwan — 17.6% | | | | | | | | |
Accton Technology Corp. | | | 126,177 | | | | 2,147,464 | |
Airtac International Group | | | 33,793 | | | | 1,025,697 | |
E Ink Holdings, Inc. | | | 111,346 | | | | 862,140 | |
Hon Hai Precision Industry Co., Ltd. | | | 76,269 | | | | 502,149 | |
President Chain Store Corp. | | | 254,771 | | | | 2,147,281 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 268,078 | | | | 7,942,514 | |
| | | | | | | | |
| | | | | | | 14,627,245 | |
| | | | | | | | |
Thailand — 1.6% | | | | | | | | |
Bangkok Dusit Medical Services PCL, Class F | | | 1,880,878 | | | | 1,369,012 | |
| | | | | | | | |
United Arab Emirates — 0.6% | | | | | | | | |
Americana Restaurants International PLC | | | 605,103 | | | | 526,112 | |
| | | | | | | | |
United States — 2.1% | | | | | | | | |
KLA Corp. | | | 2,082 | | | | 1,716,630 | |
| | | | | | | | |
Uruguay — 2.1% | | | | | | | | |
MercadoLibre, Inc.* | | | 1,047 | | | | 1,720,640 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $77,354,596) | | | | | | | 83,227,793 | |
| | | | | | | | |
| | | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
Brazil — 0.0% | | | | | | | | |
Localiza Rent a Car S.A.*
(Cost $0) | | | 818 | | | | 1,244 | |
| | | | | | | | |
104
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
SHORT-TERM INVESTMENTS — 0.9% | | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $767,349) | | | 767,349 | | | $ | 767,349 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.9%
(Cost $78,121,945) | | | $ | 83,996,386 | |
Other Assets & Liabilities — (0.9)% | | | | (787,535 | ) |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 83,208,851 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
PCL— Public Company Limited.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.A.B. de C.V.— Sociedad Anonima de Capital Variable.
Tbk PT— Terbuka Perseroan Terbatas.
| | | | |
Country Weightings as of 6/30/2024†† | | | |
India | | | 22 | % |
Taiwan | | | 17 | |
China | | | 15 | |
South Korea | | | 10 | |
Brazil | | | 8 | |
Hong Kong | | | 5 | |
Mexico | | | 5 | |
Other | | | 18 | |
| | | | |
Total | | | 100 | % |
| | | | |
| †† | % of total investments as of June 30, 2024. |
| | | | | | | | |
COMMON STOCKS INDUSTRY
DIVERSIFICATION | | % of Market
Value | | | Value† | |
Auto Manufacturers | | | 1.6 | % | | $ | 1,309,617 | |
Banks | | | 8.7 | % | | | 7,210,005 | |
Beverages | | | 3.5 | % | | | 2,916,496 | |
Chemicals | | | 1.1 | % | | | 909,561 | |
Commercial Services | | | 0.7 | % | | | 607,377 | |
Computers | | | 1.9 | % | | | 1,550,180 | |
Diversified Financial Services | | | 1.6 | % | | | 1,312,993 | |
Electric | | | 2.4 | % | | | 1,969,777 | |
Electrical Components & Equipment | | | 1.0 | % | | | 865,192 | |
Electronics | | | 2.6 | % | | | 2,170,252 | |
Engineering & Construction | | | 0.7 | % | | | 564,081 | |
Food | | | 2.5 | % | | | 2,082,590 | |
Healthcare Services | | | 3.3 | % | | | 2,772,661 | |
Household Products & Wares | | | 0.9 | % | | | 792,973 | |
Insurance | | | 4.8 | % | | | 3,967,530 | |
Internet | | | 12.9 | % | | | 10,724,989 | |
Leisure Time | | | 2.6 | % | | | 2,188,515 | |
Lodging | | | 2.2 | % | | | 1,855,707 | |
Machinery — Diversified | | | 0.3 | % | | | 226,595 | |
Metal Fabricate/Hardware | | | 0.9 | % | | | 717,602 | |
| | | | | | | | |
COMMON STOCKS INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Miscellaneous Manufacturing | | | 1.8 | % | | $ | 1,538,831 | |
Oil & Gas | | | 3.5 | % | | | 2,884,783 | |
Pharmaceuticals | | | 2.6 | % | | | 2,189,120 | |
Retail | | | 11.0 | % | | | 9,173,941 | |
Semiconductors | | | 19.8 | % | | | 16,483,941 | |
Software | | | 2.5 | % | | | 2,095,020 | |
Telecommunications | | | 2.6 | % | | | 2,147,464 | |
| | | | | | | | |
| | | 100.0 | % | | $ | 83,227,793 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
| | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Brazil | | $ | 6,558,761 | | | $ | 6,558,761 | | | $ | — | | | $ | — | |
China | | | 12,399,437 | | | | 1,803,709 | | | | 10,595,728 | | | | — | |
Hong Kong | | | 4,469,714 | | | | — | | | | 4,469,714 | | | | — | |
India | | | 18,592,521 | | | | — | | | | 18,592,521 | | | | — | |
Indonesia | | | 3,457,210 | | | | 909,561 | | | | 2,547,649 | | | | — | |
Ireland | | | 1,235,903 | | | | 1,235,903 | | | | — | | | | — | |
Mexico | | | 3,770,594 | | | | 3,770,594 | | | | — | | | | — | |
Netherlands | | | 1,188,348 | | | | — | | | | 1,188,348 | | | | — | |
Poland | | | 1,169,238 | | | | — | | | | 1,169,238 | | | | — | |
South Africa | | | 1,947,623 | | | | 833,291 | | | | 1,114,332 | | | | — | |
South Korea | | | 8,478,805 | | | | — | | | | 8,478,805 | | | | — | |
Taiwan | | | 14,627,245 | | | | 502,149 | | | | 14,125,096 | | | | — | |
Thailand | | | 1,369,012 | | | | — | | | | 1,369,012 | | | | — | |
United Arab Emirates | | | 526,112 | | | | — | | | | 526,112 | | | | — | |
United States | | | 1,716,630 | | | | 1,716,630 | | | | — | | | | — | |
Uruguay | | | 1,720,640 | | | | 1,720,640 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | $ | 83,227,793 | | | $ | 19,051,238 | | | $ | 64,176,555 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Rights | | | 1,244 | | | | 1,244 | | | | — | | | | — | |
Short-Term Investments | | | 767,349 | | | | 767,349 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 83,996,386 | | | $ | 19,819,831 | | | $ | 64,176,555 | | | $ | — | |
| | | | | | | | | | | | | | | | |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
105
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Real Estate Securities Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
COMMON STOCKS — 2.3% | | | | | | | | |
Entertainment — 1.1% | | | | | | | | |
Caesars Entertainment, Inc.* | | | 29,774 | | | $ | 1,183,219 | |
| | | | | | | | |
Lodging — 1.2% | | | | | | | | |
Boyd Gaming Corp. | | | 22,568 | | | | 1,243,497 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $2,178,938) | | | | 2,426,716 | |
| | | | | | | | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 96.0% | |
Apartments — 14.9% | | | | | | | | |
American Homes 4 Rent, Class A | | | 72,518 | | | | 2,694,769 | |
Camden Property Trust | | | 15,956 | | | | 1,740,959 | |
Essex Property Trust, Inc. | | | 12,826 | | | | 3,491,237 | |
Invitation Homes, Inc. | | | 148,490 | | | | 5,329,306 | |
UDR, Inc. | | | 63,031 | | | | 2,593,726 | |
| | | | | | | | |
| | | | | | | 15,849,997 | |
| | | | | | | | |
Diversified — 31.8% | | | | | | | | |
American Tower Corp. | | | 27,622 | | | | 5,369,164 | |
Crown Castle, Inc. | | | 52,739 | | | | 5,152,600 | |
Digital Realty Trust, Inc. | | | 52,626 | | | | 8,001,783 | |
Equinix, Inc. | | | 5,740 | | | | 4,342,884 | |
SBA Communications Corp. | | | 19,850 | | | | 3,896,555 | |
VICI Properties, Inc. | | | 150,820 | | | | 4,319,485 | |
Weyerhaeuser Co. | | | 61,990 | | | | 1,759,896 | |
WP Carey, Inc. | | | 18,412 | | | | 1,013,581 | |
| | | | | | | | |
| | | | | | | 33,855,948 | |
| | | | | | | | |
Healthcare — 12.6% | | | | | | | | |
Healthcare Realty Trust, Inc. | | | 158,836 | | | | 2,617,617 | |
Healthpeak Properties, Inc. | | | 57,592 | | | | 1,128,803 | |
Omega Healthcare Investors, Inc. | | | 14,980 | | | | 513,065 | |
Ventas, Inc. | | | 19,998 | | | | 1,025,098 | |
Welltower, Inc. | | | 77,744 | | | | 8,104,812 | |
| | | | | | | | |
| | | | | | | 13,389,395 | |
| | | | | | | | |
Hotels & Resorts — 0.9% | | | | | | | | |
Host Hotels & Resorts, Inc. | | | 51,679 | | | | 929,188 | |
| | | | | | | | |
Industrial — 9.3% | | | | | | | | |
Americold Realty Trust, Inc. | | | 63,241 | | | | 1,615,175 | |
Prologis, Inc. | | | 66,839 | | | | 7,506,688 | |
Rexford Industrial Realty, Inc. | | | 16,377 | | | | 730,251 | |
| | | | | | | | |
| | | | | | | 9,852,114 | |
| | | | | | | | |
Manufactured Homes — 3.7% | | | | | | | | |
Equity LifeStyle Properties, Inc. | | | 7,244 | | | | 471,802 | |
Sun Communities, Inc. | | | 28,662 | | | | 3,449,185 | |
| | | | | | | | |
| | | | | | | 3,920,987 | |
| | | | | | | | |
Office Property — 1.6% | | | | | | | | |
Highwoods Properties, Inc. | | | 66,770 | | | | 1,754,048 | |
| | | | | | | | |
Regional Malls — 6.4% | | | | | | | | |
Simon Property Group, Inc. | | | 44,726 | | | | 6,789,407 | |
| | | | | | | | |
Single Tenant — 2.9% | | | | | | | | |
Realty Income Corp. | | | 58,777 | | | | 3,104,601 | |
| | | | | | | | |
| | | | | | |
| | | Number of Shares | | Value† | |
| | | | | | | |
Storage & Warehousing — 9.7% | | | | | | |
Extra Space Storage, Inc. | | 21,588 | | $ | 3,354,991 | |
Iron Mountain, Inc. | | 56,858 | | | 5,095,614 | |
Public Storage | | 6,693 | | | 1,925,242 | |
| | | | | | |
| | | | | 10,375,847 | |
| | | | | | |
Strip Centers — 2.2% | | | | | | |
Kimco Realty Corp. | | 122,087 | | | 2,375,813 | |
| | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $100,323,357) | | | 102,197,345 | |
| | | | | | |
| | | | | | |
SHORT-TERM INVESTMENTS — 0.8% | | | | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $884,621) | | 884,621 | | | 884,621 | |
| | | | | | |
TOTAL INVESTMENTS — 99.1%
(Cost $103,386,916) | | | | $ | 105,508,682 | |
Other Assets & Liabilities — 0.9% | | | | | 990,983 | |
| | | | | | |
TOTAL NET ASSETS — 100.0% | | | | $ | 106,499,665 | |
| | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| | | ASSETS TABLE | | | | |
| Description | | Total Market Value at 6/30/2024 | | | Level 1 Quoted Price | | | Level 2
Significant Observable Input | | | Level 3 Significant Unobservable Input | |
Common Stocks | | $ | 2,426,716 | | | $ | 2,426,716 | | | $ | — | | | $ | — | |
Real Estate Investment Trusts | | | 102,197,345 | | | | 102,197,345 | | | | — | | | | — | |
Short-Term Investments | | | 884,621 | | | | 884,621 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 105,508,682 | | | $ | 105,508,682 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
106
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Aggressive Allocation Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
AFFILIATED EQUITY FUNDS — 73.7% | | | | | |
Penn Series Flexibly Managed Fund* | | | 52,301 | | | $ | 5,317,986 | |
Penn Series Index 500 Fund* | | | 301,012 | | | | 14,770,641 | |
Penn Series Large Cap Growth Fund* | | | 13,736 | | | | 585,545 | |
Penn Series Large Cap Value Fund* | | | 72,575 | | | | 3,569,258 | |
Penn Series Large Core Growth Fund* | | | 68,300 | | | | 2,371,391 | |
Penn Series Large Core Value Fund* | | | 91,173 | | | | 2,954,021 | |
Penn Series Large Growth Stock Fund* | | | 6,621 | | | | 589,839 | |
Penn Series Mid Cap Growth Fund* | | | 30,370 | | | | 1,163,798 | |
Penn Series Mid Cap Value Fund* | | | 38,541 | | | | 1,192,834 | |
Penn Series Mid Core Value Fund* | | | 83,480 | | | | 2,957,715 | |
Penn Series Real Estate Securities Fund* | | | 94,710 | | | | 2,967,253 | |
Penn Series Small Cap Growth Fund* | | | 18,401 | | | | 1,189,800 | |
Penn Series Small Cap Index Fund* | | | 56,271 | | | | 1,800,100 | |
Penn Series SMID Cap Growth Fund* | | | 23,774 | | | | 1,177,307 | |
Penn Series SMID Cap Value Fund* | | | 30,451 | | | | 1,191,536 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $33,315,794) | | | | 43,799,024 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED FIXED INCOME FUNDS — 6.9% | |
Penn Series Limited Maturity Bond Fund* | | | 42,148 | | | | 587,965 | |
Penn Series Quality Bond Fund* | | | 220,189 | | | | 3,509,803 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $3,934,613) | | | | 4,097,768 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 18.8% | |
Penn Series Developed International Index Fund* | | | 160,638 | | | | 2,947,710 | |
Penn Series Emerging Markets Equity Fund* | | | 266,584 | | | | 2,956,420 | |
Penn Series International Equity Fund* | | | 127,676 | | | | 5,267,889 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $10,066,487) | | | | 11,172,019 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.0% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $10,253) | | | 10,253 | | | | 10,253 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.4%
(Cost $47,327,147) | | | $ | 59,079,064 | |
Other Assets & Liabilities — 0.6% | | | | 345,320 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 59,424,384 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
| | | | | | | | | | | | | |
Affiliated Equity Funds | | $ | 43,799,024 | | | $ | 43,799,024 | | | $ | — | | | $ | — | |
Affiliated Fixed Income Funds | | | 4,097,768 | | | | 4,097,768 | | | | — | | | | — | |
Affiliated International Equity Funds | | | 11,172,019 | | | | 11,172,019 | | | | — | | | | — | |
Short-Term Investments | | | 10,253 | | | | 10,253 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 59,079,064 | | | $ | 59,079,064 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
107
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Moderately Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
AFFILIATED EQUITY FUNDS — 67.0% | |
Penn Series Flexibly Managed Fund* | | | 178,900 | | | $ | 18,190,582 | |
Penn Series Index 500 Fund* | | | 906,086 | | | | 44,461,618 | |
Penn Series Large Cap Growth Fund* | | | 46,981 | | | | 2,002,804 | |
Penn Series Large Cap Value Fund* | | | 248,184 | | | | 12,205,674 | |
Penn Series Large Core Growth Fund* | | | 116,819 | | | | 4,055,960 | |
Penn Series Large Core Value Fund* | | | 311,798 | | | | 10,102,259 | |
Penn Series Large Growth Stock Fund* | | | 22,651 | | | | 2,018,016 | |
Penn Series Mid Cap Growth Fund* | | | 103,893 | | | | 3,981,162 | |
Penn Series Mid Cap Value Fund* | | | 65,898 | | | | 2,039,531 | |
Penn Series Mid Core Value Fund* | | | 285,490 | | | | 10,114,917 | |
Penn Series Real Estate Securities Fund* | | | 323,955 | | | | 10,149,514 | |
Penn Series Small Cap Growth Fund* | | | 31,468 | | | | 2,034,724 | |
Penn Series Small Cap Index Fund* | | | 256,608 | | | | 8,208,891 | |
Penn Series SMID Cap Growth Fund* | | | 40,660 | | | | 2,013,504 | |
Penn Series SMID Cap Value Fund* | | | 104,138 | | | | 4,074,906 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $97,628,119) | | | | 135,654,062 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED FIXED INCOME FUNDS — 16.8% | |
Penn Series Limited Maturity Bond Fund* | | | 865,060 | | | | 12,067,588 | |
Penn Series Quality Bond Fund* | | | 1,380,883 | | | | 22,011,271 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $32,998,737) | | | | 34,078,859 | |
| | | | | | | | |
| | | | | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.9% | |
Penn Series Developed International Index Fund* | | | 549,439 | | | | 10,082,206 | |
Penn Series Emerging Markets Equity Fund* | | | 729,528 | | | | 8,090,469 | |
Penn Series International Equity Fund* | | | 339,662 | | | | 14,014,468 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $28,283,302) | | | | 32,187,143 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.7%
(Cost $158,910,158) | | | | | | $ | 201,920,064 | |
Other Assets & Liabilities — 0.3% | | | | 676,307 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 202,596,371 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Affiliated Equity Funds | | $ | 135,654,062 | | | $ | 135,654,062 | | | $ | — | | | $ | — | |
Affiliated Fixed Income Funds | | | 34,078,859 | | | | 34,078,859 | | | | — | | | | — | |
Affiliated International Equity Funds | | | 32,187,143 | | | | 32,187,143 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 201,920,064 | | | $ | 201,920,064 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
It is the Fund’s practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
108
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Moderate Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
AFFILIATED EQUITY FUNDS — 51.0% | |
Penn Series Flexibly Managed Fund* | | | 183,620 | | | $ | 18,670,525 | |
Penn Series Index 500 Fund* | | | 760,913 | | | | 37,338,008 | |
Penn Series Large Cap Growth Fund* | | | 48,222 | | | | 2,055,696 | |
Penn Series Large Cap Value Fund* | | | 127,373 | | | | 6,264,195 | |
Penn Series Large Core Value Fund* | | | 192,022 | | | | 6,221,502 | |
Penn Series Large Growth Stock Fund* | | | 23,249 | | | | 2,071,231 | |
Penn Series Mid Cap Growth Fund* | | | 106,633 | | | | 4,086,198 | |
Penn Series Mid Core Value Fund* | | | 293,033 | | | | 10,382,173 | |
Penn Series Real Estate Securities Fund* | | | 265,999 | | | | 8,333,736 | |
Penn Series Small Cap Index Fund* | | | 197,539 | | | | 6,319,273 | |
Penn Series SMID Cap Growth Fund* | | | 41,734 | | | | 2,066,658 | |
Penn Series SMID Cap Value Fund* | | | 53,445 | | | | 2,091,295 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $74,909,310) | | | | 105,900,490 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED FIXED INCOME FUNDS — 36.7% | |
Penn Series High Yield Bond Fund* | | | 454,374 | | | | 8,278,692 | |
Penn Series Limited Maturity Bond Fund* | | | 1,331,815 | | | | 18,578,825 | |
Penn Series Quality Bond Fund* | | | 3,092,295 | | | | 49,291,185 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $73,072,433) | | | | 76,148,702 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 11.9% | |
Penn Series Developed International Index Fund* | | | 451,157 | | | | 8,278,740 | |
Penn Series Emerging Markets Equity Fund* | | | 748,780 | | | | 8,303,966 | |
Penn Series International Equity Fund* | | | 199,217 | | | | 8,219,687 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $22,145,055) | | | | 24,802,393 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.6%
(Cost $170,126,798) | | | $ | 206,851,585 | |
Other Assets & Liabilities — 0.4% | | | | 738,805 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 207,590,390 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Affiliated Equity Funds | | $ | 105,900,490 | | | $ | 105,900,490 | | | $ | — | | | $ | — | |
Affiliated Fixed Income Funds | | | 76,148,702 | | | | 76,148,702 | | | | — | | | | — | |
Affiliated International Equity Funds | | | 24,802,393 | | | | 24,802,393 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 206,851,585 | | | $ | 206,851,585 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
109
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Moderately Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
AFFILIATED EQUITY FUNDS — 34.9% | |
Penn Series Flexibly Managed Fund* | | | 61,319 | | | $ | 6,234,891 | |
Penn Series Index 500 Fund* | | | 174,694 | | | | 8,572,217 | |
Penn Series Large Cap Growth Fund* | | | 18,116 | | | | 772,285 | |
Penn Series Large Cap Value Fund* | | | 47,850 | | | | 2,353,256 | |
Penn Series Large Core Value Fund* | | | 72,137 | | | | 2,337,259 | |
Penn Series Mid Core Value Fund* | | | 66,051 | | | | 2,340,196 | |
Penn Series Real Estate Securities Fund* | | | 99,933 | | | | 3,130,912 | |
Penn Series Small Cap Index Fund* | | | 24,737 | | | | 791,330 | |
Penn Series SMID Cap Value Fund* | | | 20,078 | | | | 785,645 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $20,971,096) | | | | 27,317,991 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED FIXED INCOME FUNDS — 56.3% | |
Penn Series High Yield Bond Fund* | | | 213,379 | | | | 3,887,758 | |
Penn Series Limited Maturity Bond Fund* | | | 1,056,298 | | | | 14,735,358 | |
Penn Series Quality Bond Fund* | | | 1,597,413 | | | | 25,462,766 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $43,038,067) | | | | 44,085,882 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 7.9% | |
Penn Series Developed International Index Fund* | | | 127,119 | | | | 2,332,635 | |
Penn Series Emerging Markets Equity Fund* | | | 70,327 | | | | 779,923 | |
Penn Series International Equity Fund* | | | 74,843 | | | | 3,088,027 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $5,502,200) | | | | 6,200,585 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.0% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $13,321) | | | 13,321 | | | | 13,321 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.1%
(Cost $69,524,684) | | | $ | 77,617,779 | |
Other Assets & Liabilities — 0.9% | | | | 700,850 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 78,318,629 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
| | | | | | | | | | | | | |
Affiliated Equity Funds | | $ | 27,317,991 | | | $ | 27,317,991 | | | $ | — | | | $ | — | |
Affiliated Fixed Income Funds | | | 44,085,882 | | | | 44,085,882 | | | | — | | | | — | |
Affiliated International Equity Funds | | | 6,200,585 | | | | 6,200,585 | | | | — | | | | — | |
Short-Term Investments | | | 13,321 | | | | 13,321 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 77,617,779 | | | $ | 77,617,779 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
110
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2024 (Unaudited)
Conservative Allocation Fund
| | | | | | | | |
| | | Number of Shares | | | Value† | |
AFFILIATED EQUITY FUNDS — 20.7% | |
Penn Series Flexibly Managed Fund* | | | 35,407 | | | $ | 3,600,143 | |
Penn Series Index 500 Fund* | | | 64,188 | | | | 3,149,691 | |
Penn Series Large Core Value Fund* | | | 27,767 | | | | 899,635 | |
Penn Series Mid Core Value Fund* | | | 25,424 | | | | 900,790 | |
Penn Series Real Estate Securities Fund* | | | 28,856 | | | | 904,065 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $7,375,941) | | | | 9,454,324 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED FIXED INCOME FUNDS — 75.3% | |
Penn Series High Yield Bond Fund* | | | 123,207 | | | | 2,244,839 | |
Penn Series Limited Maturity Bond Fund* | | | 963,065 | | | | 13,434,757 | |
Penn Series Quality Bond Fund* | | | 1,173,962 | | | | 18,712,949 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $34,013,968) | | | | 34,392,545 | |
| | | | | | | | |
| | | | | | | | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0% | |
Penn Series Developed International Index Fund*
(Cost $768,316) | | | 48,925 | | | | 897,783 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.1% | |
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.208%)
(Cost $51,036) | | | 51,036 | | | | 51,036 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.1%
(Cost $42,209,261) | | | $ | 44,795,688 | |
Other Assets & Liabilities — 1.9% | | | | 869,789 | |
| | | | | | | | |
TOTAL NET ASSETS — 100.0% | | | $ | 45,665,477 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 6/30/2024 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE | |
Description | | Total
Market
Value at
6/30/2024 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
| | | | | | | | | | | | | |
Affiliated Equity Funds | | $ | 9,454,324 | | | $ | 9,454,324 | | | $ | — | | | $ | — | |
Affiliated Fixed Income Funds | | | 34,392,545 | | | | 34,392,545 | | | | — | | | | — | |
Affiliated International Equity Funds | | | 897,783 | | | | 897,783 | | | | — | | | | — | |
Short-Term Investments | | | 51,036 | | | | 51,036 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 44,795,688 | | | $ | 44,795,688 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
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.
111
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 137,729,685 | | | $ | 186,789,504 | | | $ | 386,389,392 | | | $ | 129,018,379 | |
Cash | | | — | | | | 30 | | | | — | | | | — | |
Initial margin held by broker for open futures | | | — | | | | 549,232 | | | | 802,800 | | | | 8 | |
Interest and dividends receivable | | | 110,251 | | | | 1,304,783 | | | | 2,154,928 | | | | 2,127,387 | |
Tax reclaims receivable | | | — | | | | — | | | | — | | | | 137 | |
Receivable for capital stock sold | | | — | | | | 727,565 | | | | 192 | | | | — | |
Futures variation margin receivable | | | — | | | | 39,656 | | | | — | | | | — | |
Other assets | | | 2,151 | | | | 1,896 | | | | 3,740 | | | | 1,243 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 137,842,087 | | | | 189,412,666 | | | | 389,351,052 | | | | 131,147,154 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | — | | | | 3,531 | |
Payable for investment securities purchased | | | — | | | | — | | | | — | | | | 1,000,000 | |
Payable for capital stock redeemed | | | — | | | | 13,521 | | | | 211,193 | | | | 161,090 | |
Futures variation margin payable | | | — | | | | 19,812 | | | | 147,436 | | | | — | |
Payable to investment adviser (See Note 3) | | | 37,147 | | | | 71,309 | | | | 143,068 | | | | 49,133 | |
Payable to the administrator (See Note 3) | | | 12,013 | | | | 14,018 | | | | 28,850 | | | | 9,751 | |
Other liabilities | | | 72,950 | | | | 102,883 | | | | 191,522 | | | | 75,701 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 122,110 | | | | 221,543 | | | | 722,069 | | | | 1,299,206 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 137,719,977 | | | $ | 189,191,123 | | | $ | 388,628,983 | | | $ | 129,847,948 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 137,729,685 | | | $ | 192,050,631 | | | $ | 409,049,161 | | | $ | 127,910,032 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 137,721,216 | | | $ | 197,392,571 | | | $ | 445,413,177 | | | $ | 132,440,857 | |
Total distributable earnings (loss) | | | (1,239 | ) | | | (8,201,448 | ) | | | (56,784,194 | ) | | | (2,592,909 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 137,719,977 | | | $ | 189,191,123 | | | $ | 388,628,983 | | | $ | 129,847,948 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 137,699,749 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | | | | | 24,388,462 | | | | 7,127,275 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 13,559,444 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 1.00 | | | $ | 13.95 | | | $ | 15.93 | | | $ | 18.22 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
112
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | — | | | $ | 79,208,636 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at value | | | 5,260,412,360 | | | | — | | | | 357,012,605 | | | | 70,328,688 | |
Cash | | | 633,725 | | | | 238,941 | | | | — | | | | 500 | |
Foreign currency at value | | | 1,550,711 | | | | — | | | | 23,586 | | | | 1 | |
Interest and dividends receivable | | | 18,383,613 | | | | 11 | | | | 52,168 | | | | 25,873 | |
Tax reclaims receivable | | | 51,511 | | | | — | | | | 966 | | | | 14,544 | |
Receivable for investment securities sold | | | 21,362,709 | | | | 108,874 | | | | 3,204,214 | | | | — | |
Receivable for capital stock sold | | | 288 | | | | 73,310 | | | | 33 | | | | 32 | |
Unrealized appreciation on unfunded loan commitments | | | 2,964 | | | | — | | | | — | | | | — | |
Other assets | | | 46,613 | | | | 680 | | | | 2,508 | | | | 632 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 5,302,444,494 | | | | 79,630,452 | | | | 360,296,080 | | | | 70,370,270 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Written options at value | | | 12,727,369 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 36,106,113 | | | | — | | | | 1,245,564 | | | | — | |
Payable for capital stock redeemed | | | 3,931,451 | | | | 54,923 | | | | 280,793 | | | | 50,667 | |
Payable to investment adviser (See Note 3) | | | 2,926,864 | | | | — | | | | 196,936 | | | | 30,625 | |
Payable to the administrator (See Note 3) | | | 388,457 | | | | 5,825 | | | | 25,513 | | | | 5,143 | |
Other liabilities | | | 2,031,752 | | | | 34,247 | | | | 178,371 | | | | 44,844 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 58,112,006 | | | | 94,995 | | | | 1,927,177 | | | | 131,279 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 5,244,332,488 | | | $ | 79,535,457 | | | $ | 358,368,903 | | | $ | 70,238,991 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | $ | — | | | $ | 54,410,886 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at cost | | $ | 4,649,712,225 | | | $ | — | | | $ | 188,265,826 | | | $ | 48,400,487 | |
Written options, premiums received | | $ | (13,623,875 | ) | | $ | — | | | $ | — | | | $ | — | |
Foreign currency at cost | | $ | 1,566,333 | | | $ | — | | | $ | 23,504 | | | $ | 1 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 4,415,415,523 | | | $ | 50,465,980 | | | $ | 178,969,497 | | | $ | 44,148,824 | |
Total distributable earnings (loss) | | | 828,916,965 | | | | 29,069,477 | | | | 179,399,406 | | | | 26,090,167 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 5,244,332,488 | | | $ | 79,535,457 | | | $ | 358,368,903 | | | $ | 70,238,991 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | 51,573,341 | | | | | | | | 4,022,463 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 2,352,745 | | | | | | | | 1,647,585 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 101.69 | | | $ | 33.81 | | | $ | 89.09 | | | $ | 42.63 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
113
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 133,196,353 | | | $ | 168,498,630 | | | $ | 135,641,400 | | | $ | 811,303,266 | |
Cash | | | — | | | | 41,892 | | | | — | | | | — | |
Initial margin held by broker for open futures | | | — | | | | — | | | | — | | | | 118,000 | |
Interest and dividends receivable | | | 57,158 | | | | 153,705 | | | | 122,439 | | | | 424,063 | |
Tax reclaims receivable | | | 11,780 | | | | 162,676 | | | | 38,317 | | | | — | |
Receivable for investment securities sold | | | 331,447 | | | | 162,719 | | | | — | | | | 1,211,295 | |
Receivable for capital stock sold | | | 128 | | | | 192 | | | | 160 | | | | 801 | |
Other assets | | | 906 | | | | 1,517 | | | | 1,339 | | | | 6,417 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 133,597,772 | | | | 169,021,331 | | | | 135,803,655 | | | | 813,063,842 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | 12,454 | | | | — | | | | — | | | | — | |
Payable for capital stock redeemed | | | 54,292 | | | | 97,952 | | | | 276,063 | | | | 391,547 | |
Futures variation margin payable | | | — | | | | — | | | | — | | | | 12,250 | |
Payable to investment adviser (See Note 3) | | | 62,697 | | | | 92,514 | | | | 71,763 | | | | 82,930 | |
Payable to the administrator (See Note 3) | | | 9,587 | | | | 12,674 | | | | 10,292 | | | | 58,559 | |
Other liabilities | | | 74,933 | | | | 92,981 | | | | 78,284 | | | | 342,750 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 213,963 | | | | 296,121 | | | | 436,402 | | | | 888,036 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 133,383,809 | | | $ | 168,725,210 | | | $ | 135,367,253 | | | $ | 812,175,806 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 99,917,599 | | | $ | 141,482,258 | | | $ | 121,877,079 | | | $ | 365,290,586 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 165,079,092 | | | $ | 132,476,220 | | | $ | 115,702,225 | | | $ | 346,295,507 | |
Total distributable earnings (loss) | | | (31,695,283 | ) | | | 36,248,990 | | | | 19,665,028 | | | | 465,880,299 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 133,383,809 | | | $ | 168,725,210 | | | $ | 135,367,253 | | | $ | 812,175,806 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $ 0.10 par value, 250 million shares authorized | | | | | | | 3,431,189 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $ 0.0001 par value, 250 million shares authorized | | | 3,842,248 | | | | | | | | 4,177,365 | | | | 16,551,754 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 34.72 | | | $ | 49.17 | | | $ | 32.40 | | | $ | 49.07 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
114
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 139,133,885 | | | $ | 89,608,221 | | | $ | 77,516,099 | | | $ | 70,594,298 | |
Cash | | | — | | | | — | | | | 15,166 | | | | — | |
Foreign currency at value | | | — | | | | — | | | | 638 | | | | — | |
Interest and dividends receivable | | | 51,768 | | | | 63,888 | | | | 143,731 | | | | 9,085 | |
Tax reclaims receivable | | | — | | | | 282 | | | | 31,763 | | | | — | |
Receivable for investment securities sold | | | 1,194,425 | | | | — | | | | 95,567 | | | | 1,952,847 | |
Receivable for capital stock sold | | | 64 | | | | 64 | | | | 1,363 | | | | 64 | |
Unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 18,491 | | | | — | |
Other assets | | | 1,235 | | | | 787 | | | | 743 | | | | 610 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 140,381,377 | | | | 89,673,242 | | | | 77,823,561 | | | | 72,556,904 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | — | | | | 59,543 | |
Payable for investment securities purchased | | | 1,567,668 | | | | — | | | | 44,922 | | | | 1,794,520 | |
Payable for capital stock redeemed | | | 78,283 | | | | 47,583 | | | | 47,611 | | | | 17,579 | |
Payable to investment adviser (See Note 3) | | | 78,293 | | | | 39,944 | | | | 43,619 | | | | 42,716 | |
Payable to the administrator (See Note 3) | | | 10,683 | | | | 6,771 | | | | 5,920 | | | | 5,420 | |
Unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | 130 | | | | — | |
Other liabilities | | | 83,297 | | | | 55,648 | | | | 58,796 | | | | 42,693 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 1,818,224 | | | | 149,946 | | | | 200,998 | | | | 1,962,471 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 138,563,153 | | | $ | 89,523,296 | | | $ | 77,622,563 | | | $ | 70,594,433 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 115,185,052 | | | $ | 72,191,819 | | | $ | 78,900,950 | | | $ | 59,351,286 | |
Foreign currency at cost | | $ | — | | | $ | — | | | $ | 647 | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 104,776,670 | | | $ | 66,569,470 | | | $ | 77,204,366 | | | $ | 65,771,827 | |
Total distributable earnings (loss) | | | 33,786,483 | | | | 22,953,826 | | | | 418,197 | | | | 4,822,606 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 138,563,153 | | | $ | 89,523,296 | | | $ | 77,622,563 | | | $ | 70,594,433 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,616,111 | | | | 2,892,112 | | | | 2,191,118 | | | | 1,425,605 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 38.32 | | | $ | 30.95 | | | $ | 35.43 | | | $ | 49.52 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
115
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 48,646,815 | | | $ | 100,399,471 | | | $ | 147,466,342 | | | $ | 82,065,248 | |
Cash | | | — | | | | — | | | | 17,989 | | | | 163 | |
Initial margin held by broker for open futures | | | — | | | | — | | | | — | | | | 45,500 | |
Foreign currency at value | | | — | | | | 1 | | | | — | | | | — | |
Interest and dividends receivable | | | 63,349 | | | | 18,435 | | | | 189,838 | | | | 79,964 | |
Tax reclaims receivable | | | — | | | | 4,689 | | | | 6,246 | | | | — | |
Receivable for investment securities sold | | | 192,184 | | | | 60,040 | | | | 11,483,826 | | | | 8,038,969 | |
Receivable for capital stock sold | | | 64 | | | | 64 | | | | — | | | | 28,298 | |
Futures variation margin receivable | | | — | | | | — | | | | — | | | | 1,576 | |
Other assets | | | 428 | | | | 897 | | | | 1,320 | | | | 733 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 48,902,840 | | | | 100,483,597 | | | | 159,165,561 | | | | 90,260,451 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Cash overdraft | | | 16,067 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 129,532 | | | | 56,009 | | | | 11,400,288 | | | | 8,128,846 | |
Payable for capital stock redeemed | | | 32,953 | | | | 90,830 | | | | 345,793 | | | | 31,455 | |
Payable to investment adviser (See Note 3) | | | 31,923 | | | | 56,361 | | | | 86,943 | | | | 19,960 | |
Payable to the administrator (See Note 3) | | | 3,667 | | | | 7,479 | | | | 11,206 | | | | 6,099 | |
Other liabilities | | | 38,775 | | | | 58,901 | | | | 97,082 | | | | 76,709 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 252,917 | | | | 269,580 | | | | 11,941,312 | | | | 8,263,069 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 48,649,923 | | | $ | 100,214,017 | | | $ | 147,224,249 | | | $ | 81,997,382 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 46,211,076 | | | $ | 70,462,634 | | | $ | 140,608,109 | | | $ | 81,533,860 | |
Foreign currency at cost | | $ | — | | | $ | 1 | | | $ | — | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 44,945,277 | | | $ | 64,128,484 | | | $ | 135,722,689 | | | $ | 77,763,494 | |
Total distributable earnings (loss) | | | 3,704,646 | | | | 36,085,533 | | | | 11,501,560 | | | | 4,233,888 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 48,649,923 | | | $ | 100,214,017 | | | $ | 147,224,249 | | | $ | 81,997,382 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $ 0.10 par value, 500 million shares authorized | | | 1,243,395 | | | | | | | | 3,055,495 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $ 0.0001 par value, 250 million shares authorized | | | | | | | 1,549,773 | | | | | | | | 2,563,173 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 39.13 | | | $ | 64.66 | | | $ | 48.18 | | | $ | 31.99 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
116
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments at value | | $ | 80,930,528 | | | $ | 240,954,883 | | | $ | 83,996,386 | | | $ | 105,508,682 | |
Initial margin held by broker for open futures | | | 68,899 | | | | — | | | | — | | | | — | |
Foreign currency at value | | | 299,677 | | | | 65,666 | | | | 56,759 | | | | — | |
Interest and dividends receivable | | | 109,423 | | | | 170,148 | | | | 64,720 | | | | 327,497 | |
Tax reclaims receivable | | | 507,139 | | | | 487,931 | | | | 20,329 | | | | — | |
Receivable for investment securities sold | | | 223,772 | | | | 84,764 | | | | 294,324 | | | | 898,443 | |
Receivable for capital stock sold | | | 15,759 | | | | 288 | | | | 7,927 | | | | 160 | |
Futures variation margin receivable | | | 2,720 | | | | — | | | | — | | | | — | |
Unrealized appreciation of forward foreign currency contracts | | | 940 | | | | — | | | | — | | | | — | |
Other assets | | | 757 | | | | 2,499 | | | | 842 | | | | 786 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 82,159,614 | | | | 241,766,179 | | | | 84,441,287 | | | | 106,735,568 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | — | | | | — | | | | 537,998 | | | | 59,091 | |
Payable for capital stock redeemed | | | 34,961 | | | | 289,008 | | | | 82,889 | | | | 48,756 | |
Payable to investment adviser (See Note 3) | | | 20,384 | | | | 156,117 | | | | 56,485 | | | | 60,413 | |
Payable to the administrator (See Note 3) | | | 6,164 | | | | 18,459 | | | | 6,221 | | | | 7,777 | |
Deferred Indian capital gains tax | | | — | | | | — | | | | 464,602 | | | | — | |
Other liabilities | | | 109,041 | | | | 146,013 | | | | 84,241 | | | | 59,866 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 170,550 | | | | 609,597 | | | | 1,232,436 | | | | 235,903 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 81,989,064 | | | $ | 241,156,582 | | | $ | 83,208,851 | | | $ | 106,499,665 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | $ | 55,385,857 | | | $ | 216,819,502 | | | $ | 78,121,945 | | | $ | 103,386,916 | |
Foreign currency at cost | | $ | 300,896 | | | $ | 65,928 | | | $ | 56,484 | | | $ | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 53,553,580 | | | $ | 213,586,733 | | | $ | 101,276,496 | | | $ | 105,212,687 | |
Total distributable earnings (loss) | | | 28,435,484 | | | | 27,569,849 | | | | (18,067,645 | ) | | | 1,286,978 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 81,989,064 | | | $ | 241,156,582 | | | $ | 83,208,851 | | | $ | 106,499,665 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $ 0.10 par value, 250 million shares authorized | | | | | | | 5,844,895 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $ 0.0001 par value, 250 million shares authorized | | | 4,467,320 | | | | | | | | 7,507,386 | | | | 3,399,063 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 18.35 | | | $ | 41.26 | | | $ | 11.08 | | | $ | 31.33 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
117
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | 59,068,811 | | | $ | 201,920,064 | | | $ | 206,851,585 | | | $ | 77,604,458 | |
Investments of unaffiliated issuers at value | | | 10,253 | | | | — | | | | — | | | | 13,321 | |
Cash | | | 407,000 | | | | 1,065,921 | | | | 1,087,914 | | | | 779,000 | |
Interest and dividends receivable | | | 12 | | | | — | | | | 10 | | | | 63 | |
Receivable for investment securities sold | | | — | | | | 21,505 | | | | 59,184 | | | | 10,979 | |
Other assets | | | 536 | | | | 1,869 | | | | 2,035 | | | | 731 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 59,486,612 | | | | 203,009,359 | | | | 208,000,728 | | | | 78,408,552 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 3,204 | | | | — | | | | — | | | | — | |
Payable for capital stock redeemed | | | 20,724 | | | | 300,697 | | | | 294,042 | | | | 42,203 | |
Payable to investment adviser (See Note 3) | | | 5,910 | | | | 19,924 | | | | 20,449 | | | | 7,714 | |
Payable to the administrator (See Note 3) | | | 4,460 | | | | 15,058 | | | | 15,621 | | | | 5,839 | |
Other liabilities | | | 27,930 | | | | 77,309 | | | | 80,226 | | | | 34,167 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 62,228 | | | | 412,988 | | | | 410,338 | | | | 89,923 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 59,424,384 | | | $ | 202,596,371 | | | $ | 207,590,390 | | | $ | 78,318,629 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | $ | 47,316,894 | | | $ | 158,910,158 | | | $ | 170,126,798 | | | $ | 69,511,363 | |
Investments of unaffiliated issuers at cost | | $ | 10,253 | | | $ | — | | | $ | — | | | $ | 13,321 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 45,102,410 | | | $ | 151,842,108 | | | $ | 163,888,847 | | | $ | 68,234,804 | |
Total distributable earnings (loss) | | | 14,321,974 | | | | 50,754,263 | | | | 43,701,543 | | | | 10,083,825 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 59,424,384 | | | $ | 202,596,371 | | | $ | 207,590,390 | | | $ | 78,318,629 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 2,092,813 | | | | 7,004,886 | | | | 8,528,161 | | | | 3,733,734 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 28.39 | | | $ | 28.92 | | | $ | 24.34 | | | $ | 20.98 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
118
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2024
| | | | |
| | | Conservative
Allocation
Fund | |
ASSETS: | | | | |
Investments of affiliated issuers at value | | $ | 44,744,652 | |
Investments of unaffiliated issuers at value | | | 51,036 | |
Cash | | | 919,000 | |
Interest and dividends receivable | | | 291 | |
Receivable for investment securities sold | | | 4,383 | |
Other assets | | | 454 | |
| | | | |
Total Assets | | | 45,719,816 | |
| | | | |
LIABILITIES: | | | | |
Payable for capital stock redeemed | | | 23,195 | |
Payable to investment adviser (See Note 3) | | | 4,450 | |
Payable to the administrator (See Note 3) | | | 3,365 | |
Other liabilities | | | 23,329 | |
| | | | |
Total Liabilities | | | 54,339 | |
| | | | |
NET ASSETS | | $ | 45,665,477 | |
| | | | |
Investments of affiliated issuers at cost | | $ | 42,158,225 | |
Investments of unaffiliated issuers at cost | | $ | 51,036 | |
| |
COMPONENTS OF NET ASSETS: | | | | |
Paid-in capital | | $ | 42,462,095 | |
Total distributable earnings (loss) | | | 3,203,382 | |
| | | | |
NET ASSETS | | $ | 45,665,477 | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 2,613,631 | |
| | | | |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | | $ | 17.47 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
119
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 529,867 | | | $ | 54,021 | | | $ | 54,160 | | | $ | 87,640 | |
Interest | | | 3,281,845 | | | | 4,361,663 | | | | 8,874,453 | | | | 4,458,444 | |
Foreign taxes withheld | | | — | | | | — | | | | — | | | | (3,084 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 3,811,712 | | | | 4,415,684 | | | | 8,928,613 | | | | 4,543,000 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 235,541 | | | | 427,258 | | | | 863,740 | | | | 299,012 | |
Shareholder servicing fees (See Note 3) | | | 64,238 | | | | 83,594 | | | | 173,366 | | | | 58,502 | |
Administration fees (See Note 3) | | | 21,413 | | | | 27,865 | | | | 57,788 | | | | 19,501 | |
Accounting fees (See Note 3) | | | 45,633 | | | | 56,392 | | | | 97,570 | | | | 42,495 | |
Directors’ fees and expenses | | | 4,046 | | | | 5,182 | | | | 10,732 | | | | 3,622 | |
Custodian fees and expenses | | | 5,782 | | | | 6,498 | | | | 13,430 | | | | 4,519 | |
Pricing fees | | | 4,543 | | | | 10,371 | | | | 12,178 | | | | 10,376 | |
Professional fees | | | 8,538 | | | | 10,945 | | | | 22,756 | | | | 7,652 | |
Printing fees | | | 4,110 | | | | 5,100 | | | | 9,932 | | | | 3,761 | |
Other expenses | | | 19,359 | | | | 26,089 | | | | 38,792 | | | | 23,791 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 413,203 | | | | 659,294 | | | | 1,300,284 | | | | 473,231 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 3,398,509 | | | | 3,756,390 | | | | 7,628,329 | | | | 4,069,769 | |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | — | | | | (317,959 | ) | | | (665,648 | ) | | | 458,458 | |
Futures contracts | | | — | | | | (665,197 | ) | | | (152,269 | ) | | | — | |
Foreign currencies | | | — | | | | — | | | | — | | | | (4,872 | ) |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | — | | | | (983,156 | ) | | | (817,917 | ) | | | 453,586 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | — | | | | 1,823,786 | | | | (3,960,066 | ) | | | 348,214 | |
Futures contracts | | | — | | | | (792,518 | ) | | | (1,967,090 | ) | | | — | |
Foreign currencies | | | — | | | | — | | | | — | | | | 1,513 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | — | | | | 1,031,268 | | | | (5,927,156 | ) | | | 349,727 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | — | | | | 48,112 | | | | (6,745,073 | ) | | | 803,313 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,398,509 | | | $ | 3,804,502 | | | $ | 883,256 | | | $ | 4,873,082 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
120
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 26,067,826 | | | $ | 8,105 | | | $ | 874,537 | | | $ | 350,066 | |
Interest | | | 53,432,098 | | | | — | | | | — | | | | — | |
Foreign taxes withheld | | | (385,571 | ) | | | — | | | | (12,215 | ) | | | (6,799 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 79,114,353 | | | | 8,105 | | | | 862,322 | | | | 343,267 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 17,661,018 | | | | — | | | | 1,138,765 | | | | 187,300 | |
Shareholder servicing fees (See Note 3) | | | 2,325,489 | | | | 34,819 | | | | 150,790 | | | | 30,838 | |
Administration fees (See Note 3) | | | 775,163 | | | | 11,606 | | | | 50,263 | | | | 10,279 | |
Accounting fees (See Note 3) | | | 586,393 | | | | 5,967 | | | | 90,045 | | | | 23,985 | |
Directors’ fees and expenses | | | 142,341 | | | | 2,128 | | | | 9,033 | | | | 1,896 | |
Custodian fees and expenses | | | 171,289 | | | | 2,545 | | | | 10,495 | | | | 2,522 | |
Pricing fees | | | 13,362 | | | | 1,793 | | | | 4,380 | | | | 3,044 | |
Professional fees | | | 302,299 | | | | 4,248 | | | | 23,221 | | | | 4,327 | |
Printing fees | | | 124,076 | | | | 2,494 | | | | 8,508 | | | | 2,295 | |
Other expenses | | | 364,239 | | | | 11,913 | | | | 64,036 | | | | 33,209 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 22,465,669 | | | | 77,513 | | | | 1,549,536 | | | | 299,695 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 56,648,684 | | | | (69,408 | ) | | | (687,214 | ) | | | 43,572 | |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Affiliated Investments | | | — | | | | 4,344,606 | | | | — | | | | — | |
Unaffiliated investments | | | 212,052,706 | | | | — | | | | 12,700,740 | | | | 4,243,412 | |
Written options | | | 5,570,241 | | | | — | | | | — | | | | — | |
Foreign currencies | | | (1,319 | ) | | | — | | | | (79 | ) | | | 71 | |
Forward foreign currency contracts | | | — | | | | — | | | | — | | | | 56 | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 217,621,628 | | | | 4,344,606 | | | | 12,700,661 | | | | 4,243,539 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Affiliated Investments | | | — | | | | 2,373,749 | | | | — | | | | — | |
Unaffiliated Investments | | | 80,849,009 | | | | — | | | | 50,154,408 | | | | 2,768,049 | |
Unfunded loan commitments | | | 2,964 | | | | — | | | | — | | | | — | |
Written options | | | (3,707,815 | ) | | | — | | | | — | | | | — | |
Foreign currencies | | | (34,875 | ) | | | — | | | | (531 | ) | | | (791 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 77,109,283 | | | | 2,373,749 | | | | 50,153,877 | | | | 2,767,258 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 294,730,911 | | | | 6,718,355 | | | | 62,854,538 | | | | 7,010,797 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 351,379,595 | | | $ | 6,648,947 | | | $ | 62,167,324 | | | $ | 7,054,369 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
121
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index 500
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 426,585 | | | $ | 1,669,039 | | | $ | 1,339,549 | | | $ | 5,457,898 | |
Foreign taxes withheld | | | (10,553 | ) | | | (33,135 | ) | | | (15,543 | ) | | | (1,401 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 416,032 | | | | 1,635,904 | | | | 1,324,006 | | | | 5,456,497 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 361,311 | | | | 564,075 | | | | 452,805 | | | | 483,593 | |
Shareholder servicing fees (See Note 3) | | | 56,066 | | | | 76,037 | | | | 61,276 | | | | 345,912 | |
Administration fees (See Note 3) | | | 18,688 | | | | 25,346 | | | | 20,426 | | | | 115,304 | |
Accounting fees (See Note 3) | | | 41,094 | | | | 52,205 | | | | 44,020 | | | | 146,487 | |
Directors’ fees and expenses | | | 3,317 | | | | 4,617 | | | | 3,744 | | | | 20,595 | |
Custodian fees and expenses | | | 3,815 | | | | 5,590 | | | | 4,878 | | | | 23,718 | |
Pricing fees | | | 2,222 | | | | 3,916 | | | | 2,351 | | | | 6,154 | |
Professional fees | | | 7,140 | | | | 9,977 | | | | 8,263 | | | | 44,150 | |
Printing fees | | | 3,597 | | | | 4,683 | | | | 3,938 | | | | 18,650 | |
Other expenses | | | 33,450 | | | | 40,249 | | | | 33,591 | | | | 92,952 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 530,700 | | | | 786,695 | | | | 635,292 | | | | 1,297,515 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (114,668 | ) | | | 849,209 | | | | 688,714 | | | | 4,158,982 | |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 1,934,426 | | | | 8,846,108 | | | | 6,682,096 | | | | 21,933,499 | |
Futures contracts | | | — | | | | — | | | | — | | | | 366,572 | |
Foreign currencies | | | (16 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 1,934,410 | | | | 8,846,108 | | | | 6,682,096 | | | | 22,300,071 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | 15,253,279 | | | | 4,211,836 | | | | 2,117,888 | | | | 82,150,368 | |
Futures contracts | | | — | | | | — | | | | — | | | | (79,926 | ) |
Foreign currencies | | | (383 | ) | | | — | | | | (213 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 15,252,896 | | | | 4,211,836 | | | | 2,117,675 | | | | 82,070,442 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 17,187,306 | | | | 13,057,944 | | | | 8,799,771 | | | | 104,370,513 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,072,638 | | | $ | 13,907,153 | | | $ | 9,488,485 | | | $ | 108,529,495 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
122
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 345,940 | | | $ | 825,127 | | | $ | 1,086,139 | | | $ | 173,698 | |
Foreign taxes withheld | | | — | | | | (3,302 | ) | | | (21,854 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 345,940 | | | | 821,825 | | | | 1,064,285 | | | | 173,698 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 504,428 | | | | 248,032 | | | | 273,021 | | | | 273,004 | |
Shareholder servicing fees (See Note 3) | | | 65,151 | | | | 40,708 | | | | 35,695 | | | | 32,901 | |
Administration fees (See Note 3) | | | 21,717 | | | | 13,569 | | | | 11,899 | | | | 10,967 | |
Accounting fees (See Note 3) | | | 46,140 | | | | 31,662 | | | | 27,763 | | | | 25,590 | |
Directors’ fees and expenses | | | 3,998 | | | | 2,475 | | | | 2,193 | | | | 1,993 | |
Custodian fees and expenses | | | 4,800 | | | | 2,982 | | | | 3,685 | | | | 2,353 | |
Pricing fees | | | 2,951 | | | | 3,028 | | | | 3,799 | | | | 2,599 | |
Professional fees | | | 8,676 | | | | 5,456 | | | | 5,101 | | | | 4,485 | |
Printing fees | | | 4,165 | | | | 2,821 | | | | 2,565 | | | | 2,403 | |
Recaptured advisory fee (See Note 3) | | | — | | | | 172 | | | | — | | | | — | |
Other expenses | | | 43,325 | | | | 26,760 | | | | 46,380 | | | | 24,749 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 705,351 | | | | 377,665 | | | | 412,101 | | | | 381,044 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | — | | | | (2,251 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 705,351 | | | | 375,414 | | | | 412,101 | | | | 381,044 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (359,411 | ) | | | 446,411 | | | | 652,184 | | | | (207,346 | ) |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 10,256,855 | | | | 5,109,925 | | | | 1,533,779 | | | | 4,978,901 | |
Foreign currencies | | | — | | | | (32 | ) | | | (9,470 | ) | | | — | |
Forward foreign currency contracts | | | — | | | | — | | | | 141,884 | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 10,256,855 | | | | 5,109,893 | | | | 1,666,193 | | | | 4,978,901 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | (8,552,645 | ) | | | 170,722 | | | | (1,805,263 | ) | | | 761,202 | |
Foreign currencies | | | — | | | | 5 | | | | 859 | | | | — | |
Forward foreign currency contracts | | | — | | | | — | | | | 77,264 | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (8,552,645 | ) | | | 170,727 | | | | (1,727,140 | ) | | | 761,202 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 1,704,210 | | | | 5,280,620 | | | | (60,947 | ) | | | 5,740,103 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,344,799 | | | $ | 5,727,031 | | | $ | 591,237 | | | $ | 5,532,757 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
123
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 386,863 | | | $ | 285,756 | | | $ | 1,295,737 | | | $ | 547,297 | |
Foreign taxes withheld | | | (1,139 | ) | | | (7,087 | ) | | | (2,657 | ) | | | (1,368 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 385,724 | | | | 278,669 | | | | 1,293,080 | | | | 545,929 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 205,822 | | | | 366,894 | | | | 537,727 | | | | 122,443 | |
Shareholder servicing fees (See Note 3) | | | 22,223 | | | | 45,302 | | | | 67,387 | | | | 36,733 | |
Administration fees (See Note 3) | | | 7,408 | | | | 15,100 | | | | 22,462 | | | | 12,244 | |
Accounting fees (See Note 3) | | | 17,329 | | | | 35,083 | | | | 47,382 | | | | 28,570 | |
Directors’ fees and expenses | | | 1,359 | | | | 2,761 | | | | 4,109 | | | | 2,220 | |
Custodian fees and expenses | | | 1,674 | | | | 3,746 | | | | 5,091 | | | | 2,738 | |
Pricing fees | | | 2,577 | | | | 3,737 | | | | 4,215 | | | | 16,843 | |
Professional fees | | | 3,132 | | | | 6,357 | | | | 9,109 | | | | 7,076 | |
Printing fees | | | 1,842 | | | | 3,057 | | | | 4,242 | | | | 2,602 | |
Recaptured advisory fee (See Note 3) | | | — | | | | — | | | | 4,339 | | | | — | |
Other expenses | | | 32,610 | | | | 31,665 | | | | 60,801 | | | | 56,965 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 295,976 | | | | 513,702 | | | | 766,864 | | | | 288,434 | |
Less: Waivers and reimbursement from advisor (See Note 3) | | | — | | | | — | | | | (3,151 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 295,976 | | | | 513,702 | | | | 763,713 | | | | 288,434 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 89,748 | | | | (235,033 | ) | | | 529,367 | | | | 257,495 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 1,823,912 | | | | 6,443,987 | | | | 6,064,271 | | | | 3,852,639 | |
Futures contracts | | | — | | | | — | | | | — | | | | 11,473 | |
Foreign currencies | | | — | | | | 49 | | | | — | | | | — | |
Forward foreign currency contracts | | | — | | | | (369 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 1,823,912 | | | | 6,443,667 | | | | 6,064,271 | | | | 3,864,112 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | (773,393 | ) | | | (645,399 | ) | | | (7,479,873 | ) | | | (3,054,897 | ) |
Futures contracts | | | — | | | | — | | | | — | | | | (20,666 | ) |
Foreign currencies | | | — | | | | (94 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (773,393 | ) | | | (645,493 | ) | | | (7,479,873 | ) | | | (3,075,563 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 1,050,519 | | | | 5,798,174 | | | | (1,415,602 | ) | | | 788,549 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,140,267 | | | $ | 5,563,141 | | | $ | (886,235 | ) | | $ | 1,046,044 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
124
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index Fund | | | International
Equity Fund | | | Emerging
Markets
Equity Fund | | | Real Estate
Securities
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 1,819,883 | | | $ | 2,654,716 | | | $ | 988,809 | | | $ | 2,082,978 | |
Foreign taxes withheld | | | (192,909 | ) | | | (262,429 | ) | | | (102,231 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 1,626,974 | | | | 2,392,287 | | | | 886,578 | | | | 2,082,978 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 126,922 | | | | 1,006,356 | | | | 357,595 | | | | 367,504 | |
Shareholder servicing fees (See Note 3) | | | 38,076 | | | | 112,724 | | | | 37,274 | | | | 47,250 | |
Administration fees (See Note 3) | | | 12,692 | | | | 37,574 | | | | 12,425 | | | | 15,750 | |
Accounting fees (See Note 3) | | | 33,867 | | | | 85,116 | | | | 33,364 | | | | 36,220 | |
Directors’ fees and expenses | | | 2,411 | | | | 7,011 | | | | 2,367 | | | | 2,813 | |
Custodian fees and expenses | | | 10,051 | | | | 27,220 | | | | 24,945 | | | | 3,263 | |
Pricing fees | | | 45,526 | | | | 5,141 | | | | 7,597 | | | | 2,505 | |
Professional fees | | | 22,483 | | | | 18,091 | | | | 20,055 | | | | 6,037 | |
Printing fees | | | 2,686 | | | | 6,765 | | | | 2,675 | | | | 3,117 | |
Other expenses | | | 100,468 | | | | 55,383 | | | | 62,076 | | | | 22,774 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 395,182 | | | | 1,361,381 | | | | 560,373 | | | | 507,233 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 1,231,792 | | | | 1,030,906 | | | | 326,205 | | | | 1,575,745 | |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 3,333,019 | | | | 15,356,056 | | | | (3,127,219 | ) | | | (299,518 | ) |
Futures contracts | | | 93,479 | | | | — | | | | — | | | | — | |
Foreign currencies | | | (15,839 | ) | | | (357,239 | ) | | | (114,330 | ) | | | — | |
Forward foreign currency contracts | | | 11,755 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 3,422,414 | | | | 14,998,817 | | | | (3,241,549 | ) | | | (299,518 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | (327,197 | ) | | | (4,586,403 | ) | | | 3,757,712 | | | | (1,705,139 | ) |
Short sales | | | 932 | | | | — | | | | — | | | | — | |
Futures contracts | | | (59,949 | ) | | | — | | | | — | | | | — | |
Foreign currencies | | | (30,333 | ) | | | (26,154 | ) | | | (5,066 | ) | | | — | |
Forward foreign currency contracts | | | 15,876 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (400,671 | ) | | | (4,612,557 | ) | | | 3,752,646 | | | | (1,705,139 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 3,021,743 | | | | 10,386,260 | | | | 511,097 | | | | (2,004,657 | ) |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,253,535 | | | $ | 11,417,166 | | | $ | 837,302 | | | $ | (428,912 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
125
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2024
| | | | | | | | | | | | | | | | |
| | | | | | Moderately | | | | | | Moderately | |
| | | Aggressive | | | Aggressive | | | Moderate | | | Conservative | |
| | | Allocation | | | Allocation | | | Allocation | | | Allocation | |
| | | Fund | | | Fund | | | Fund | | | Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 9,626 | | | $ | 24,863 | | | $ | 25,872 | | | $ | 19,103 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 9,626 | | | | 24,863 | | | | 25,872 | | | | 19,103 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees (See Note 3) | | | 35,764 | | | | 120,803 | | | | 125,711 | | | | 47,175 | |
Shareholder servicing fees (See Note 3) | | | 26,823 | | | | 90,712 | | | | 94,718 | | | | 35,382 | |
Administration fees (See Note 3) | | | 8,941 | | | | 30,237 | | | | 31,573 | | | | 11,794 | |
Accounting fees (See Note 3) | | | 5,967 | | | | 10,079 | | | | 10,524 | | | | 5,967 | |
Directors’ fees and expenses | | | 1,649 | | | | 5,590 | | | | 5,890 | | | | 2,199 | |
Custodian fees and expenses | | | 1,992 | | | | 6,823 | | | | 7,313 | | | | 2,655 | |
Pricing fees | | | 1,793 | | | | 1,793 | | | | 1,793 | | | | 1,793 | |
Professional fees | | | 3,299 | | | | 11,185 | | | | 11,809 | | | | 4,386 | |
Printing fees | | | 2,075 | | | | 5,510 | | | | 5,757 | | | | 2,536 | |
Other expenses | | | 10,938 | | | | 19,524 | | | | 20,189 | | | | 12,092 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 99,241 | | | | 302,256 | | | | 315,277 | | | | 125,979 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (89,615 | ) | | | (277,393 | ) | | | (289,405 | ) | | | (106,876 | ) |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on affiliated investments | | | 2,841,935 | | | | 8,173,048 | | | | 7,321,472 | | | | 2,200,550 | |
Net change in unrealized appreciation (depreciation) of affiliated investments | | | 1,267,948 | | | | 4,142,645 | | | | 2,947,305 | | | | 679,712 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) | | | 4,109,883 | | | | 12,315,693 | | | | 10,268,777 | | | | 2,880,262 | |
| | | | | | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,020,268 | | | $ | 12,038,300 | | | $ | 9,979,372 | | | $ | 2,773,386 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Conservative
Allocation
Fund | | | | | | | | | | |
INVESTMENT INCOME: | | | | |
Dividends | | $ | 24,072 | |
| | | | |
Total Investment Income | | | 24,072 | |
| | | | |
EXPENSES: | | | | |
Investment advisory fees (See Note 3) | | | 27,171 | |
Shareholder servicing fees (See Note 3) | | | 20,378 | |
Administration fees (See Note 3) | | | 6,793 | |
Accounting fees (See Note 3) | | | 5,967 | |
Directors’ fees and expenses | | | 1,266 | |
Custodian fees and expenses | | | 1,585 | |
Pricing fees | | | 1,793 | |
Professional fees | | | 2,539 | |
Printing fees | | | 1,744 | |
Other expenses | | | 10,134 | |
| | | | |
Total Expenses | | | 79,370 | |
| | | | |
Net Investment Income (Loss) | | | (55,298 | ) |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | | |
Net realized gain (loss) on affiliated investments | | | 673,357 | |
Net change in unrealized appreciation (depreciation) of affiliated investments | | | 496,904 | |
| | | | |
Net Realized and Unrealized Gain (Loss) | | | 1,170,261 | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,114,963 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
126
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | Limited Maturity Bond Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 3,398,509 | | | $ | 6,906,460 | | | $ | 3,756,390 | | | $ | 7,633,726 | |
Net realized gain (loss) | | | — | | | | (1,334 | ) | | | (983,156 | ) | | | (2,766,775 | ) |
Net change in unrealized appreciation (depreciation) | | | — | | | | — | | | | 1,031,268 | | | | 8,565,004 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 3,398,509 | | | | 6,905,126 | | | | 3,804,502 | | | | 13,431,955 | |
| | | | | | | | | | | | | | | | |
Distributions from: | | | | | | | | | | | | | | | | |
Distributable earnings | | | (3,398,504 | ) | | | (6,906,465 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Distributions | | | (3,398,504 | ) | | | (6,906,465 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 24,108,749 | | | | 135,889,845 | | | | 13,208,605 | | | | 13,556,371 | |
Shares issued in lieu of cash distributions | | | 3,398,504 | | | | 6,842,734 | | | | — | | | | — | |
Shares redeemed | | | (39,759,517 | ) | | | (158,081,532 | ) | | | (13,729,106 | ) | | | (64,805,284 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (12,252,264 | ) | | | (15,348,953 | ) | | | (520,501 | ) | | | (51,248,913 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (12,252,259 | ) | | | (15,350,292 | ) | | | 3,284,001 | | | | (37,816,958 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 149,972,236 | | | | 165,322,528 | | | | 185,907,122 | | | | 223,724,080 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 137,719,977 | | | $ | 149,972,236 | | | $ | 189,191,123 | | | $ | 185,907,122 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 24,108,749 | | | | 135,889,845 | | | | 956,489 | | | | 1,027,640 | |
Shares issued in lieu of cash distributions | | | 3,398,504 | | | | 6,842,734 | | | | — | | | | — | |
Shares redeemed | | | (39,759,517 | ) | | | (158,081,532 | ) | | | (994,286 | ) | | | (4,938,392 | ) |
| | | | | | | | | | | | | | | | |
| | | (12,252,264 | ) | | | (15,348,953 | ) | | | (37,797 | ) | | | (3,910,752 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Quality Bond Fund | | | High Yield Bond Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,628,329 | | | $ | 15,174,297 | | | $ | 4,069,769 | | | $ | 7,683,443 | |
Net realized gain (loss) | | | (817,917 | ) | | | (17,141,525 | ) | | | 453,586 | | | | (2,367,292 | ) |
Net change in unrealized appreciation (depreciation) | | | (5,927,156 | ) | | | 26,213,748 | | | | 349,727 | | | | 8,663,101 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 883,256 | | | | 24,246,520 | | | | 4,873,082 | | | | 13,979,252 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 19,859,772 | | | | 64,133,142 | | | | 4,457,564 | | | | 5,027,735 | |
Shares redeemed | | | (25,371,262 | ) | | | (49,712,192 | ) | | | (9,487,790 | ) | | | (29,604,401 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (5,511,490 | ) | | | 14,420,950 | | | | (5,030,226 | ) | | | (24,576,666 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (4,628,234 | ) | | | 38,667,470 | | | | (157,144 | ) | | | (10,597,414 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 393,257,217 | | | | 354,589,747 | | | | 130,005,092 | | | | 140,602,506 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 388,628,983 | | | $ | 393,257,217 | | | $ | 129,847,948 | | | $ | 130,005,092 | |
| | | | | | | | | | | | | | | | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,259,071 | | | | 4,195,413 | | | | 251,616 | | | | 304,314 | |
Shares redeemed | | | (1,609,212 | ) | | | (3,267,271 | ) | | | (531,303 | ) | | | (1,807,867 | ) |
| | | | | | | | | | | | | | | | |
| | | (350,141 | ) | | | 928,142 | | | | (279,687 | ) | | | (1,503,553 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
127
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Flexibly Managed Fund | | | Balanced Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 56,648,684 | | | $ | 105,472,783 | | | $ | (69,408 | ) | | $ | (131,707 | ) |
Net realized gain (loss) | | | 217,621,628 | | | | 41,176,654 | | | | 4,344,606 | | | | 6,088,922 | |
Net change in unrealized appreciation (depreciation) | | | 77,109,283 | | | | 679,523,500 | | | | 2,373,749 | | | | 6,076,370 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 351,379,595 | | | | 826,172,937 | | | | 6,648,947 | | | | 12,033,585 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 17,318,882 | | | | 67,324,034 | | | | 1,570,084 | | | | 1,609,914 | |
Shares redeemed | | | (250,046,071 | ) | | | (364,632,797 | ) | | | (5,093,641 | ) | | | (7,556,504 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (232,727,189 | ) | | | (297,308,763 | ) | | | (3,523,557 | ) | | | (5,946,590 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 118,652,406 | | | | 528,864,174 | | | | 3,125,390 | | | | 6,086,995 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 5,125,680,082 | | | | 4,596,815,908 | | | | 76,410,067 | | | | 70,323,072 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 5,244,332,488 | | | $ | 5,125,680,082 | | | $ | 79,535,457 | | | $ | 76,410,067 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 175,819 | | | | 767,673 | | | | 48,731 | | | | 56,516 | |
Shares redeemed | | | (2,535,322 | ) | | | (4,181,312 | ) | | | (157,681 | ) | | | (264,288 | ) |
| | | | | | | | | | | | | | | | |
| | | (2,359,503 | ) | | | (3,413,639 | ) | | | (108,950 | ) | | | (207,772 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Growth Stock Fund | | | Large Cap Growth Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (687,214 | ) | | $ | (1,136,506 | ) | | $ | 43,572 | | | $ | 145,267 | |
Net realized gain (loss) | | | 12,700,661 | | | | 21,090,674 | | | | 4,243,539 | | | | 7,575,272 | |
Net change in unrealized appreciation (depreciation) | | | 50,153,877 | | | | 87,547,654 | | | | 2,767,258 | | | | 6,420,682 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 62,167,324 | | | | 107,501,822 | | | | 7,054,369 | | | | 14,141,221 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 7,776,487 | | | | 15,747,715 | | | | 4,168,691 | | | | 3,940,047 | |
Shares redeemed | | | (23,746,293 | ) | | | (46,924,235 | ) | | | (8,609,190 | ) | | | (13,110,799 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (15,969,806 | ) | | | (31,176,520 | ) | | | (4,440,499 | ) | | | (9,170,752 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 46,197,518 | | | | 76,325,302 | | | | 2,613,870 | | | | 4,970,469 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 312,171,385 | | | | 235,846,083 | | | | 67,625,121 | | | | 62,654,652 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 358,368,903 | | | $ | 312,171,385 | | | $ | 70,238,991 | | | $ | 67,625,121 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 95,210 | | | | 258,804 | | | | 102,974 | | | | 113,888 | |
Shares redeemed | | | (288,260 | ) | | | (734,527 | ) | | | (212,234 | ) | | | (373,184 | ) |
| | | | | | | | | | | | | | | | |
| | | (193,050 | ) | | | (475,723 | ) | | | (109,260 | ) | | | (259,296 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
128
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Large Core Growth Fund | | | Large Cap Value Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (114,668 | ) | | $ | (315,057 | ) | | $ | 849,209 | | | $ | 2,091,102 | |
Net realized gain (loss) | | | 1,934,410 | | | | (27,787,369 | ) | | | 8,846,108 | | | | 7,191,758 | |
Net change in unrealized appreciation (depreciation) | | | 15,252,896 | | | | 60,429,867 | | | | 4,211,836 | | | | 8,653,185 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 17,072,638 | | | | 32,327,441 | | | | 13,907,153 | | | | 17,936,045 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 7,051,134 | | | | 4,669,333 | | | | 1,764,285 | | | | 6,226,521 | |
Shares redeemed | | | (7,565,791 | ) | | | (13,636,132 | ) | | | (13,279,827 | ) | | | (23,309,719 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (514,657 | ) | | | (8,966,799 | ) | | | (11,515,542 | ) | | | (17,083,198 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 16,557,981 | | | | 23,360,642 | | | | 2,391,611 | | | | 852,847 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 116,825,828 | | | | 93,465,186 | | | | 166,333,599 | | | | 165,480,752 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 133,383,809 | | | $ | 116,825,828 | | | $ | 168,725,210 | | | $ | 166,333,599 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 216,502 | | | | 189,534 | | | | 36,776 | | | | 150,248 | |
Shares redeemed | | | (233,492 | ) | | | (509,489 | ) | | | (276,063 | ) | | | (557,813 | ) |
| | | | | | | | | | | | | | | | |
| | | (16,990 | ) | | | (319,955 | ) | | | (239,287 | ) | | | (407,565 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Core Value Fund | | | Index 500 Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 688,714 | | | $ | 1,678,610 | | | $ | 4,158,982 | | | $ | 8,791,085 | |
Net realized gain (loss) | | | 6,682,096 | | | | 8,907,256 | | | | 22,300,071 | | | | 40,666,632 | |
Net change in unrealized appreciation (depreciation) | | | 2,117,675 | | | | 798,592 | | | | 82,070,442 | | | | 106,450,336 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 9,488,485 | | | | 11,384,458 | | | | 108,529,495 | | | | 155,908,053 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 1,704,428 | | | | 6,120,843 | | | | 22,131,645 | | | | 39,374,115 | |
Shares redeemed | | | (11,709,141 | ) | | | (42,686,636 | ) | | | (47,158,382 | ) | | | (88,676,677 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (10,004,713 | ) | | | (36,565,793 | ) | | | (25,026,737 | ) | | | (49,302,562 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (516,228 | ) | | | (25,181,335 | ) | | | 83,502,758 | | | | 106,605,491 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 135,883,481 | | | | 161,064,816 | | | | 728,673,048 | | | | 622,067,557 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 135,367,253 | | | $ | 135,883,481 | | | $ | 812,175,806 | | | $ | 728,673,048 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 54,435 | | | | 220,573 | | | | 484,289 | | | | 1,033,022 | |
Shares redeemed | | | (370,721 | ) | | | (1,494,882 | ) | | | (1,024,199 | ) | | | (2,308,581 | ) |
| | | | | | | | | | | | | | | | |
| | | (316,286 | ) | | | (1,274,309 | ) | | | (539,910 | ) | | | (1,275,559 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
129
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | | | Mid Cap Value Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (359,411 | ) | | $ | (595,385 | ) | | $ | 446,411 | | | $ | 909,896 | |
Net realized gain (loss) | | | 10,256,855 | | | | 7,250,033 | | | | 5,109,893 | | | | 3,241,011 | |
Net change in unrealized appreciation (depreciation) | | | (8,552,645 | ) | | | 19,342,876 | | | | 170,727 | | | | 5,280,954 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,344,799 | | | | 25,997,524 | | | | 5,727,031 | | | | 9,431,861 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 1,381,050 | | | | 6,941,061 | | | | 698,304 | | | | 4,672,731 | |
Shares redeemed | | | (12,335,661 | ) | | | (19,598,051 | ) | | | (7,813,060 | ) | | | (11,901,868 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (10,954,611 | ) | | | (12,656,990 | ) | | | (7,114,756 | ) | | | (7,229,137 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (9,609,812 | ) | | | 13,340,534 | | | | (1,387,725 | ) | | | 2,202,724 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 148,172,965 | | | | 134,832,431 | | | | 90,911,021 | | | | 88,708,297 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 138,563,153 | | | $ | 148,172,965 | | | $ | 89,523,296 | | | $ | 90,911,021 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 35,651 | | | | 202,375 | | | | 22,812 | | | | 174,926 | |
Shares redeemed | | | (316,534 | ) | | | (557,410 | ) | | | (256,869 | ) | | | (446,177 | ) |
| | | | | | | | | | | | | | | | |
| | | (280,883 | ) | | | (355,035 | ) | | | (234,057 | ) | | | (271,251 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Mid Core Value Fund | | | SMID Cap Growth Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 652,184 | | | $ | 1,410,271 | | | $ | (207,346 | ) | | $ | (317,097 | ) |
Net realized gain (loss) | | | 1,666,193 | | | | 2,798,763 | | | | 4,978,901 | | | | (4,672,899 | ) |
Net change in unrealized appreciation (depreciation) | | | (1,727,140 | ) | | | 446,164 | | | | 761,202 | | | | 14,312,866 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 591,237 | | | | 4,655,198 | | | | 5,532,757 | | | | 9,322,870 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 2,219,617 | | | | 5,607,451 | | | | 1,453,195 | | | | 4,880,848 | |
Shares redeemed | | | (6,381,016 | ) | | | (16,020,064 | ) | | | (8,584,443 | ) | | | (12,391,992 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (4,161,399 | ) | | | (10,412,613 | ) | | | (7,131,248 | ) | | | (7,511,144 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (3,570,162 | ) | | | (5,757,415 | ) | | | (1,598,491 | ) | | | 1,811,726 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 81,192,725 | | | | 86,950,140 | | | | 72,192,924 | | | | 70,381,198 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 77,622,563 | | | $ | 81,192,725 | | | $ | 70,594,433 | | | $ | 72,192,924 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 62,604 | | | | 168,263 | | | | 29,666 | | | | 115,133 | |
Shares redeemed | | | (179,479 | ) | | | (478,443 | ) | | | (173,349 | ) | | | (289,792 | ) |
| | | | | | | | | | | | | | | | |
| | | (116,875 | ) | | | (310,180 | ) | | | (143,683 | ) | | | (174,659 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
130
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | SMID Cap Value Fund | | | Small Cap Growth Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 89,748 | | | $ | 269,220 | | | $ | (235,033 | ) | | $ | (406,616 | ) |
Net realized gain (loss) | | | 1,823,912 | | | | 3,479,431 | | | | 6,443,667 | | | | 5,432,838 | |
Net change in unrealized appreciation (depreciation) | | | (773,393 | ) | | | 4,104,047 | | | | (645,493 | ) | | | 11,973,607 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,140,267 | | | | 7,852,698 | | | | 5,563,141 | | | | 16,999,829 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 1,516,053 | | | | 2,572,420 | | | | 862,330 | | | | 3,124,520 | |
Shares redeemed | | | (5,164,106 | ) | | | (13,920,277 | ) | | | (9,142,537 | ) | | | (13,619,543 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,648,053 | ) | | | (11,347,857 | ) | | | (8,280,207 | ) | | | (10,495,023 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (2,507,786 | ) | | | (3,495,159 | ) | | | (2,717,066 | ) | | | 6,504,806 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 51,157,709 | | | | 54,652,868 | | | | 102,931,083 | | | | 96,426,277 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 48,649,923 | | | $ | 51,157,709 | | | $ | 100,214,017 | | | $ | 102,931,083 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 39,204 | | | | 74,783 | | | | 13,794 | | | | 56,382 | |
Shares redeemed | | | (133,093 | ) | | | (404,438 | ) | | | (145,485 | ) | | | (243,690 | ) |
| | | | | | | | | | | | | | | | |
| | | (93,889 | ) | | | (329,655 | ) | | | (131,691 | ) | | | (187,308 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Small Cap Value Fund | | | Small Cap Index Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 529,367 | | | $ | 1,112,227 | | | $ | 257,495 | | | $ | 664,586 | |
Net realized gain (loss) | | | 6,064,271 | | | | (102,960 | ) | | | 3,864,112 | | | | 2,786,838 | |
Net change in unrealized appreciation (depreciation) | | | (7,479,873 | ) | | | 15,210,694 | | | | (3,075,563 | ) | | | 8,782,491 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (886,235 | ) | | | 16,219,961 | | | | 1,046,044 | | | | 12,233,915 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 1,890,926 | | | | 6,143,999 | | | | 3,296,357 | | | | 6,151,151 | |
Shares redeemed | | | (11,719,866 | ) | | | (19,107,454 | ) | | | (7,066,680 | ) | | | (13,814,381 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,828,940 | ) | | | (12,963,455 | ) | | | (3,770,323 | ) | | | (7,663,230 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (10,715,175 | ) | | | 3,256,506 | | | | (2,724,279 | ) | | | 4,570,685 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 157,939,424 | | | | 154,682,918 | | | | 84,721,661 | | | | 80,150,976 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 147,224,249 | | | $ | 157,939,424 | | | $ | 81,997,382 | | | $ | 84,721,661 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 38,633 | | | | 138,662 | | | | 104,110 | | | | 216,916 | |
Shares redeemed | | | (244,912 | ) | | | (435,956 | ) | | | (223,885 | ) | | | (483,476 | ) |
| | | | | | | | | | | | | | | | |
| | | (206,279 | ) | | | (297,294 | ) | | | (119,775 | ) | | | (266,560 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
131
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Developed International Index
Fund | | | International Equity Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,231,792 | | | $ | 1,783,829 | | | $ | 1,030,906 | | | $ | 503,389 | |
Net realized gain (loss) | | | 3,422,414 | | | | 2,445,453 | | | | 14,998,817 | | | | 1,178,344 | |
Net change in unrealized appreciation (depreciation) | | | (400,671 | ) | | | 9,440,305 | | | | (4,612,557 | ) | | | 35,178,855 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 4,253,535 | | | | 13,669,587 | | | | 11,417,166 | | | | 36,860,588 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 2,432,674 | | | | 5,886,465 | | | | 2,433,185 | | | | 7,330,162 | |
Shares redeemed | | | (12,984,433 | ) | | | (16,751,728 | ) | | | (23,759,467 | ) | | | (52,030,145 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (10,551,759 | ) | | | (10,865,263 | ) | | | (21,326,282 | ) | | | (44,699,983 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (6,298,224 | ) | | | 2,804,324 | | | | (9,909,116 | ) | | | (7,839,395 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 88,287,288 | | | | 85,482,964 | | | | 251,065,698 | | | | 258,905,093 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 81,989,064 | | | $ | 88,287,288 | | | $ | 241,156,582 | | | $ | 251,065,698 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 135,147 | | | | 360,802 | | | | 61,073 | | | | 195,959 | |
Shares redeemed | | | (715,472 | ) | | | (1,040,891 | ) | | | (578,219 | ) | | | (1,395,229 | ) |
| | | | | | | | | | | | | | | | |
| | | (580,325) | | | (680,089) | | | (517,146) | | | (1,199,270) | |
| | | | | | | | | | | | | | | | |
| | |
| | | Emerging Markets Equity
Fund | | | Real Estate Securities Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 326,205 | | | $ | 460,774 | | | $ | 1,575,745 | | | $ | 2,273,232 | |
Net realized gain (loss) | | | (3,241,549 | ) | | | (11,809,061 | ) | | | (299,518 | ) | | | 2,725,625 | |
Net change in unrealized appreciation (depreciation) | | | 3,752,646 | | | | 12,741,447 | | | | (1,705,139 | ) | | | 6,297,200 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 837,302 | | | | 1,393,160 | | | | (428,912 | ) | | | 11,296,057 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 4,369,026 | | | | 7,764,515 | | | | 4,551,131 | | | | 16,406,839 | |
Shares redeemed | | | (7,099,769 | ) | | | (18,130,621 | ) | | | (11,067,375 | ) | | | (13,762,797 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (2,730,743 | ) | | | (10,366,106 | ) | | | (6,516,244 | ) | | | 2,644,042 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (1,893,441 | ) | | | (8,972,946 | ) | | | (6,945,156 | ) | | | 13,940,099 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 85,102,292 | | | | 94,075,238 | | | | 113,444,821 | | | | 99,504,722 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 83,208,851 | | | $ | 85,102,292 | | | $ | 106,499,665 | | | $ | 113,444,821 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 404,062 | | | | 721,557 | | | | 148,968 | | | | 544,952 | |
Shares redeemed | | | (656,314 | ) | | | (1,679,162 | ) | | | (362,310 | ) | | | (474,364 | ) |
| | | | | | | | | | | | | | | | |
| | | (252,252 | ) | | | (957,605 | ) | | | (213,342 | ) | | | 70,588 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
132
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | Moderately Aggressive
Allocation Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (89,615 | ) | | $ | (175,556 | ) | | $ | (277,393 | ) | | $ | (547,792 | ) |
Net realized gain (loss) | | | 2,841,935 | | | | 2,844,182 | | | | 8,173,048 | | | | 11,464,640 | |
Net change in unrealized appreciation (depreciation) | | | 1,267,948 | | | | 5,603,665 | | | | 4,142,645 | | | | 15,770,331 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 4,020,268 | | | | 8,272,291 | | | | 12,038,300 | | | | 26,687,179 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 650,526 | | | | 1,998,003 | | | | 1,713,305 | | | | 6,212,214 | |
Shares redeemed | | | (5,614,640 | ) | | | (5,519,454 | ) | | | (15,906,904 | ) | | | (21,002,661 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (4,964,114 | ) | | | (3,521,451 | ) | | | (14,193,599 | ) | | | (14,790,447 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (943,846 | ) | | | 4,750,840 | | | | (2,155,299 | ) | | | 11,896,732 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 60,368,230 | | | | 55,617,390 | | | | 204,751,670 | | | | 192,854,938 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 59,424,384 | | | $ | 60,368,230 | | | $ | 202,596,371 | | | $ | 204,751,670 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 23,620 | | | | 80,690 | | | | 61,361 | | | | 243,011 | |
Shares redeemed | | | (204,338 | ) | | | (224,388 | ) | | | (569,518 | ) | | | (829,127 | ) |
| | | | | | | | | | | | | | | | |
| | | (180,718 | ) | | | (143,698 | ) | | | (508,157 | ) | | | (586,116 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Moderate Allocation Fund | | | Moderately Conservative
Allocation Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (289,405 | ) | | $ | (601,950 | ) | | $ | (106,876 | ) | | $ | (218,995 | ) |
Net realized gain (loss) | | | 7,321,472 | | | | 15,837,251 | | | | 2,200,550 | | | | 3,875,972 | |
Net change in unrealized appreciation (depreciation) | | | 2,947,305 | | | | 10,685,916 | | | | 679,712 | | | | 4,395,268 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 9,979,372 | | | | 25,921,217 | | | | 2,773,386 | | | | 8,052,245 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 1,356,326 | | | | 2,325,861 | | | | 3,750,033 | | | | 3,883,176 | |
Shares redeemed | | | (17,561,202 | ) | | | (35,024,209 | ) | | | (7,157,541 | ) | | | (14,061,407 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (16,204,876 | ) | | | (32,698,348 | ) | | | (3,407,508 | ) | | | (10,178,231 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (6,225,504 | ) | | | (6,777,131 | ) | | | (634,122 | ) | | | (2,125,986 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 213,815,894 | | | | 220,593,025 | | | | 78,952,751 | | | | 81,078,737 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 207,590,390 | | | $ | 213,815,894 | | | $ | 78,318,629 | | | $ | 78,952,751 | |
| | | | | | | | | | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 57,546 | | | | 106,473 | | | | 184,404 | | | | 201,288 | |
Shares redeemed | | | (737,560 | ) | | | (1,613,124 | ) | | | (348,482 | ) | | | (733,933 | ) |
| | | | | | | | | | | | | | | | |
| | | (680,014 | ) | | | (1,506,651 | ) | | | (164,078 | ) | | | (532,645 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
133
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | |
| | | Conservative Allocation Fund | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year
Ended
12/31/23 | |
Increase (Decrease) in Net Assets Operations: | | | | | | | | |
Net investment income (loss) | | $ | (55,298 | ) | | $ | (119,755 | ) |
Net realized gain (loss) | | | 673,357 | | | | 1,573,043 | |
Net change in unrealized appreciation (depreciation) | | | 496,904 | | | | 2,544,816 | |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,114,963 | | | | 3,998,104 | |
| | | | | | | | |
Capital Share Transactions (1): | | | | | | | | |
Shares issued | | | 1,958,825 | | | | 2,491,640 | |
Shares redeemed | | | (3,916,842 | ) | | | (7,931,156 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,958,017 | ) | | | (5,439,516 | ) |
| | | | | | | | |
Total Increase (Decrease) | | | (843,054 | ) | | | (1,441,412 | ) |
Net Assets: | | | | | | | | |
Beginning of period | | | 46,508,531 | | | | 47,949,943 | |
| | | | | | | | |
End of period | | $ | 45,665,477 | | | $ | 46,508,531 | |
| | | | | | | | |
(1) Shares Issued and Redeemed: | | | | | | | | |
Shares issued | | | 113,665 | | | | 152,574 | |
Shares redeemed | | | (227,965 | ) | | | (490,135 | ) |
| | | | | | | | |
| | | (114,300 | ) | | | (337,561 | ) |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
134
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
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 | | | 0.02 | | | | 0.04 | | | | — | (a) | | | — | (a) | | | — | (a) | | | 0.02 | |
Net realized and unrealized gain (loss) on investment transactions | | | — | | | | (0.00 | ) | | | — | | | | — | | | | — | | | | (0.00 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.02 | | | | 0.04 | | | | — | | | | — | | | | — | | | | 0.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.02 | ) | | | (0.04 | ) | | | — | (a) | | | — | (a) | | | — | (a) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.02 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 2.39 | %# | | | 4.50 | % | | | 0.25 | % | | | 0.01 | % | | | 0.24 | % | | | 1.61 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 137,720 | | | $ | 149,972 | | | $ | 165,323 | | | $ | 162,202 | | | $ | 160,467 | | | $ | 112,938 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 0.58 | %* | | | 0.57 | % | | | 1.34 | % | | | 0.03 | % | | | 0.28 | % | | | 0.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 0.58 | %* | | | 0.57 | % | | | 0.57 | % | | | 0.57 | % | | | 0.58 | % | | | 0.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 4.76 | %* | | | 4.40 | % | | | 0.25 | % | | | 0.01 | % | | | 0.21 | % | | | 1.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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. |
The accompanying notes are an integral part of these financial statements.
135
Penn Series Funds, Inc.
Financial Highlights
LIMITED MATURITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 13.67 | | | $ | 12.78 | | | $ | 13.38 | | | $ | 13.33 | | | $ | 12.86 | | | $ | 12.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.28 | | | | 0.51 | | | | 0.13 | | | | 0.20 | | | | 0.24 | | | | 0.37 | |
Net realized and unrealized gain (loss) on investment transactions | | | — | | | | 0.38 | | | | (0.73 | ) | | | (0.15 | ) | | | 0.23 | | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.28 | | | | 0.89 | | | | (0.60 | ) | | | 0.05 | | | | 0.47 | | | | 0.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.95 | | | $ | 13.67 | | | $ | 12.78 | | | $ | 13.38 | | | $ | 13.33 | | | $ | 12.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 2.05 | %# | | | 6.96 | % | | | (4.49 | %) | | | 0.38 | % | | | 3.65 | % | | | 4.89 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 189,191 | | | $ | 185,907 | | | $ | 223,724 | | | $ | 259,984 | | | $ | 254,878 | | | $ | 244,998 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.71 | %* | | | 0.71 | % | | | 0.70 | % | | | 0.69 | % | | | 0.70 | % | | | 0.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 4.04 | %* | | | 3.84 | % | | | 1.03 | % | | | 1.46 | % | | | 1.86 | % | | | 2.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 25 | %# | | | 27 | % | | | 38 | % | | | 73 | % | | | 99 | % | | | 54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
136
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 15.90 | | | $ | 14.89 | | | $ | 17.24 | | | $ | 17.36 | | | $ | 16.01 | | | $ | 14.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.31 | | | | 0.61 | | | | 0.41 | | | | 0.34 | | | | 0.35 | | | | 0.45 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.28 | ) | | | 0.40 | | | | (2.76 | ) | | | (0.46 | ) | | | 1.00 | | | | 0.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.03 | | | | 1.01 | | | | (2.35 | ) | | | (0.12 | ) | | | 1.35 | | | | 1.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.93 | | | $ | 15.90 | | | $ | 14.89 | | | $ | 17.24 | | | $ | 17.36 | | | $ | 16.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 0.19 | %# | | | 6.78 | % | | | (13.63 | %) | | | (0.69 | %) | | | 8.43 | % | | | 9.21 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 388,629 | | | $ | 393,257 | | | $ | 354,590 | | | $ | 472,066 | | | $ | 484,474 | | | $ | 433,734 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.68 | %* | | | 0.68 | % | | | 0.68 | % | | | 0.66 | % | | | 0.67 | % | | | 0.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 3.96 | %* | | | 3.99 | % | | | 2.64 | % | | | 2.00 | % | | | 2.11 | % | | | 2.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | %# | | | 52 | % | | | 38 | % | | | 59 | % | | | 75 | % | | | 47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
137
Penn Series Funds, Inc.
Financial Highlights
HIGH YIELD BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 17.55 | | | $ | 15.78 | | | $ | 16.84 | | | $ | 16.02 | | | $ | 14.90 | | | $ | 12.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.56 | | | | 0.96 | | | | 0.76 | | | | 0.68 | | | | 0.71 | | | | 0.68 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.11 | | | | 0.81 | | | | (1.82 | ) | | | 0.14 | | | | 0.41 | | | | 1.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.67 | | | | 1.77 | | | | (1.06 | ) | | | 0.82 | | | | 1.12 | | | | 2.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.22 | | | $ | 17.55 | | | $ | 15.78 | | | $ | 16.84 | | | $ | 16.02 | | | $ | 14.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 3.82 | %# | | | 11.22 | % | | | (6.30 | %) | | | 5.12 | % | | | 7.52 | % | | | 15.68 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 129,848 | | | $ | 130,005 | | | $ | 140,603 | | | $ | 169,431 | | | $ | 167,391 | | | $ | 159,896 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.73 | %* | | | 0.73 | % | | | 0.73 | % | | | 0.71 | % | | | 0.72 | % | | | 0.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 6.26 | %* | | | 5.82 | % | | | 4.75 | % | | | 4.15 | % | | | 4.73 | % | | | 4.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 41 | %# | | | 78 | % | | | 84 | % | | | 94 | % | | | 128 | % | | | 133 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
138
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended 6/30/24 | | | Year Ended December 31, | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 95.04 | | | $ | 80.16 | | | $ | 91.22 | | | $ | 77.12 | | | $ | 65.45 | | | $ | 52.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 1.07 | | | | 1.90 | | | | 1.08 | | | | 0.68 | | | | 0.72 | | | | 0.84 | |
Net realized and unrealized gain (loss) on investment transactions | | | 5.58 | | | | 12.98 | | | | (12.14 | ) | | | 13.42 | | | | 10.95 | | | | 12.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.65 | | | | 14.88 | | | | (11.06 | ) | | | 14.10 | | | | 11.67 | | | | 12.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 101.69 | | | $ | 95.04 | | | $ | 80.16 | | | $ | 91.22 | | | $ | 77.12 | | | $ | 65.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 7.00 | %# | | | 18.56 | % | | | (12.12 | %) | | | 18.29 | % | | | 17.83 | % | | | 24.53 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 5,244,332 | | | $ | 5,125,680 | | | $ | 4,596,816 | | | $ | 5,487,665 | | | $ | 4,886,355 | | | $ | 4,418,265 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.87 | %* | | | 0.88 | % | | | 0.88 | % | | | 0.87 | % | | | 0.88 | % | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.19 | %* | | | 2.17 | % | | | 1.30 | % | | | 0.80 | % | | | 1.07 | % | | | 1.40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 34 | %# | | | 69 | % | | | 87 | % | | | 51 | % | | | 88 | % | | | 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. |
The accompanying notes are an integral part of these financial statements.
139
Penn Series Funds, Inc.
Financial Highlights
BALANCED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended 6/30/24 | | | Year Ended December 31, | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 31.04 | | | $ | 26.34 | | | $ | 31.57 | | | $ | 27.27 | | | $ | 23.76 | | | $ | 19.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 2.80 | | | | 4.75 | | | | (5.17 | ) | | | 4.36 | | | | 3.56 | | | | 4.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.77 | | | | 4.70 | | | | (5.23 | ) | | | 4.30 | | | | 3.51 | | | | 4.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 33.81 | | | $ | 31.04 | | | $ | 26.34 | | | $ | 31.57 | | | $ | 27.27 | | | $ | 23.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 8.92 | %# | | | 17.84 | % | | | (16.57 | %) | | | 15.77 | % | | | 14.77 | % | | | 21.66 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 79,535 | | | $ | 76,410 | | | $ | 70,323 | | | $ | 92,753 | | | $ | 84,348 | | | $ | 81,070 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.20 | %* | | | 0.20 | % | | | 0.22 | % | | | 0.19 | % | | | 0.20 | % | | | 0.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.18 | %)* | | | (0.18 | %) | | | (0.21 | %) | | | (0.19 | %) | | | (0.20 | %) | | | (0.20 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 5 | %# | | | 6 | % | | | 5 | % | | | 11 | % | | | 15 | % | | | 6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
140
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 74.05 | | | $ | 50.27 | | | $ | 83.11 | | | $ | 71.38 | | | $ | 52.10 | | | $ | 39.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.17 | ) | | | (0.25 | ) | | | (0.33 | ) | | | (0.48 | ) | | | (0.29 | ) | | | (0.08 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 15.21 | | | | 24.03 | | | | (32.51 | ) | | | 12.21 | | | | 19.57 | | | | 12.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 15.04 | | | | 23.78 | | | | (32.84 | ) | | | 11.73 | | | | 19.28 | | | | 12.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 89.09 | | | $ | 74.05 | | | $ | 50.27 | | | $ | 83.11 | | | $ | 71.38 | | | $ | 52.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 20.31 | %# | | | 47.31 | % | | | (39.52 | %) | | | 16.44 | % | | | 37.01 | % | | | 30.41 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 358,369 | | | $ | 312,171 | | | $ | 235,846 | | | $ | 428,687 | | | $ | 405,787 | | | $ | 331,420 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.92 | %* | | | 0.95 | % | | | 0.97 | % | | | 0.93 | % | | | 0.95 | % | | | 0.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.41 | %)* | | | (0.40 | %) | | | (0.55 | %) | | | (0.61 | %) | | | (0.50 | %) | | | (0.18 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | %# | | | 35 | % | | | 29 | % | | | 24 | % | | | 35 | % | | | 26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
141
Penn Series Funds, Inc.
Financial Highlights
LARGE CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 38.49 | | | $ | 31.08 | | | $ | 38.46 | | | $ | 30.56 | | | $ | 25.02 | | | $ | 17.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.03 | | | | 0.08 | | | | 0.05 | | | | 0.02 | | | | 0.05 | | | | 0.08 | |
Net realized and unrealized gain (loss) on investment transactions | | | 4.11 | | | | 7.33 | | | | (7.43 | ) | | | 7.88 | | | | 5.49 | | | | 7.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.14 | | | | 7.41 | | | | (7.38 | ) | | | 7.90 | | | | 5.54 | | | | 7.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 42.63 | | | $ | 38.49 | | | $ | 31.08 | | | $ | 38.46 | | | $ | 30.56 | | | $ | 25.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 10.76 | %# | | | 23.84 | % | | | (19.19 | %) | | | 25.85 | % | | | 22.14 | % | | | 39.78 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 70,239 | | | $ | 67,625 | | | $ | 62,655 | | | $ | 79,016 | | | $ | 68,536 | | | $ | 63,219 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 0.87 | %* | | | 0.88 | % | | | 0.89 | % | | | 0.85 | % | | | 0.88 | % | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 0.87 | %* | | | 0.89 | % | | | 0.89 | % | | | 0.85 | % | | | 0.88 | % | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.13 | %* | | | 0.22 | % | | | 0.17 | % | | | 0.05 | % | | | 0.19 | % | | | 0.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | %# | | | 21 | % | | | 32 | % | | | 16 | % | | | 34 | % | | | 24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
142
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 30.27 | | | $ | 22.36 | | | $ | 48.08 | | | $ | 50.05 | | | $ | 28.52 | | | $ | 22.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.08 | ) | | | (0.19 | ) | | | (0.37 | ) | | | (0.22 | ) | | | (0.07 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 4.48 | | | | 7.99 | | | | (25.53 | ) | | | (1.60 | ) | | | 21.75 | | | | 6.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.45 | | | | 7.91 | | | | (25.72 | ) | | | (1.97 | ) | | | 21.53 | | | | 6.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 34.72 | | | $ | 30.27 | | | $ | 22.36 | | | $ | 48.08 | | | $ | 50.05 | | | $ | 28.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 14.70 | %# | | | 35.38 | % | | | (53.49 | %) | | | (3.94 | %) | | | 75.49 | % | | | 27.27 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 133,384 | | | $ | 116,826 | | | $ | 93,465 | | | $ | 205,479 | | | $ | 222,028 | | | $ | 135,930 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.85 | %* | | | 0.87 | % | | | 0.88 | % | | | 0.84 | % | | | 0.85 | % | | | 0.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.18 | %)* | | | (0.29 | %) | | | (0.67 | %) | | | (0.72 | %) | | | (0.60 | %) | | | (0.26 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 9 | %# | | | 109 | % | | | 50 | % | | | 68 | % | | | 74 | % | | | 74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
143
Penn Series Funds, Inc.
Financial Highlights
LARGE CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 45.32 | | | $ | 40.58 | | | $ | 42.38 | | | $ | 33.14 | | | $ | 32.39 | | | $ | 26.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.24 | | | | 0.54 | | | | 0.49 | | | | 0.31 | | | | 0.35 | | | | 0.31 | |
Net realized and unrealized gain (loss) on investment transactions | | | 3.61 | | | | 4.20 | | | | (2.29 | ) | | | 8.93 | | | | 0.40 | | | | 5.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.85 | | | | 4.74 | | | | (1.80 | ) | | | 9.24 | | | | 0.75 | | | | 6.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 49.17 | | | $ | 45.32 | | | $ | 40.58 | | | $ | 42.38 | | | $ | 33.14 | | | $ | 32.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 8.49 | %# | | | 11.68 | % | | | (4.25 | %) | | | 27.88 | % | | | 2.32 | % | | | 23.53 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 168,725 | | | $ | 166,334 | | | $ | 165,481 | | | $ | 202,596 | | | $ | 177,811 | | | $ | 196,108 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.93 | %* | | | 0.94 | % | | | 0.93 | % | | | 0.91 | % | | | 0.92 | % | | | 0.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.01 | %* | | | 1.29 | % | | | 1.21 | % | | | 0.80 | % | | | 1.20 | % | | | 1.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | %# | | | 68 | % | | | 64 | % | | | 49 | % | | | 56 | % | | | 62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
144
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 30.24 | | | $ | 27.92 | | | $ | 28.85 | | | $ | 23.18 | | | $ | 22.58 | | | $ | 17.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.16 | | | | 0.32 | | | | 0.28 | | | | 0.32 | | | | 0.31 | | | | 0.30 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.00 | | | | 2.00 | | | | (1.21 | ) | | | 5.35 | | | | 0.29 | | | | 4.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.16 | | | | 2.32 | | | | (0.93 | ) | | | 5.67 | | | | 0.60 | | | | 5.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 32.40 | | | $ | 30.24 | | | $ | 27.92 | | | $ | 28.85 | | | $ | 23.18 | | | $ | 22.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 7.14 | %# | | | 8.31 | % | | | (3.22 | %) | | | 24.46 | % | | | 2.66 | % | | | 29.70 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 135,367 | | | $ | 135,883 | | | $ | 161,065 | | | $ | 189,136 | | | $ | 178,959 | | | $ | 192,959 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.93 | %* | | | 0.94 | % | | | 0.93 | % | | | 0.92 | % | | | 0.91 | % | | | 0.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.01 | %* | | | 1.12 | % | | | 1.02 | % | | | 1.22 | % | | | 1.52 | % | | | 1.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23 | %# | | | 50 | % | | | 50 | % | | | 57 | % | | | 80 | % | | | 65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
145
Penn Series Funds, Inc.
Financial Highlights
INDEX 500 FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 42.63 | | | $ | 33.87 | | | $ | 41.45 | | | $ | 32.31 | | | $ | 27.30 | | | $ | 20.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.25 | | | | 0.49 | | | | 0.45 | | | | 0.38 | | | | 0.39 | | | | 0.40 | |
Net realized and unrealized gain (loss) on investment transactions | | | 6.19 | | | | 8.27 | | | | (8.03 | ) | | | 8.76 | | | | 4.62 | | | | 6.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.44 | | | | 8.76 | | | | (7.58 | ) | | | 9.14 | | | | 5.01 | | | | 6.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 49.07 | | | $ | 42.63 | | | $ | 33.87 | | | $ | 41.45 | | | $ | 32.31 | | | $ | 27.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 15.11 | %# | | | 25.87 | % | | | (18.29 | %) | | | 28.29 | % | | | 18.35 | % | | | 31.06 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 812,176 | | | $ | 728,673 | | | $ | 622,068 | | | $ | 698,722 | | | $ | 595,933 | | | $ | 494,540 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.34 | %* | | | 0.35 | % | | | 0.35 | % | | | 0.34 | % | | | 0.36 | % | | | 0.36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.08 | %* | | | 1.30 | % | | | 1.26 | % | | | 1.03 | % | | | 1.44 | % | | | 1.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 1 | %# | | | 4 | % | | | 4 | % | | | 3 | % | | | 19 | % | | | 3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
146
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 38.02 | | | $ | 31.71 | | | $ | 45.74 | | | $ | 39.21 | | | $ | 26.23 | | | $ | 19.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.10 | ) | | | (0.15 | ) | | | (0.17 | ) | | | (0.28 | ) | | | (0.11 | ) | | | (0.07 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.40 | | | | 6.46 | | | | (13.86 | ) | | | 6.81 | | | | 13.09 | | | | 7.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.30 | | | | 6.31 | | | | (14.03 | ) | | | 6.53 | | | | 12.98 | | | | 7.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 38.32 | | | $ | 38.02 | | | $ | 31.71 | | | $ | 45.74 | | | $ | 39.21 | | | $ | 26.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 0.79 | %# | | | 19.90 | % | | | (30.67 | %) | | | 16.66 | % | | | 49.48 | % | | | 37.98 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 138,563 | | | $ | 148,173 | | | $ | 134,832 | | | $ | 210,047 | | | $ | 196,992 | | | $ | 148,766 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.97 | %* | | | 0.98 | % | | | 0.98 | % | | | 0.98 | % | | | 0.95 | % | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.50 | %)* | | | (0.42 | %) | | | (0.50 | %) | | | (0.64 | %) | | | (0.38 | %) | | | (0.32 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14 | %# | | | 30 | % | | | 29 | % | | | 25 | % | | | 26 | % | | | 22 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
147
Penn Series Funds, Inc.
Financial Highlights
MID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 29.08 | | | $ | 26.11 | | | $ | 27.67 | | | $ | 23.20 | | | $ | 26.45 | | | $ | 22.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.15 | | | | 0.28 | | | | 0.25 | | | | 0.14 | | | | 0.23 | | | | 0.29 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.72 | | | | 2.69 | | | | (1.81 | ) | | | 4.33 | | | | (3.48 | ) | | | 3.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.87 | | | | 2.97 | | | | (1.56 | ) | | | 4.47 | | | | (3.25 | ) | | | 3.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 30.95 | | | $ | 29.08 | | | $ | 26.11 | | | $ | 27.67 | | | $ | 23.20 | | | $ | 26.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 6.43 | %# | | | 11.38 | % | | | (5.64 | %) | | | 19.27 | % | | | (12.29 | %) | | | 17.04 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 89,523 | | | $ | 90,911 | | | $ | 88,708 | | | $ | 104,076 | | | $ | 94,762 | | | $ | 116,799 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 0.83 | %* | | | 0.83 | % | | | 0.83 | % | | | 0.82 | % | | | 0.82 | % | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 0.83 | %* | | | 0.84 | % | | | 0.84 | % | | | 0.82 | % | | | 0.82 | % | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.99 | %* | | | 1.04 | % | | | 0.96 | % | | | 0.54 | % | | | 1.13 | % | | | 1.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 18 | %# | | | 46 | % | | | 46 | % | | | 59 | % | | | 122 | %(a) | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | 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. |
The accompanying notes are an integral part of these financial statements.
148
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 35.18 | | | $ | 33.21 | | | $ | 33.70 | | | $ | 27.37 | | | $ | 26.94 | | | $ | 20.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.29 | | | | 0.57 | | | | 0.53 | | | | 0.39 | | | | 0.35 | | | | 0.35 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.04 | ) | | | 1.40 | | | | (1.02 | ) | | | 5.94 | | | | 0.08 | | | | 5.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.25 | | | | 1.97 | | | | (0.49 | ) | | | 6.33 | | | | 0.43 | | | | 6.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 35.43 | | | $ | 35.18 | | | $ | 33.21 | | | $ | 33.70 | | | $ | 27.37 | | | $ | 26.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 0.71 | %# | | | 5.93 | % | | | (1.45 | %) | | | 23.13 | % | | | 1.60 | % | | | 28.78 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 77,623 | | | $ | 81,193 | | | $ | 86,950 | | | $ | 94,537 | | | $ | 94,077 | | | $ | 99,799 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.04 | %* | | | 1.05 | % | | | 1.04 | % | | | 1.00 | % | | | 1.04 | % | | | 1.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.64 | %* | | | 1.71 | % | | | 1.61 | % | | | 1.25 | % | | | 1.46 | % | | | 1.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | %# | | | 44 | % | | | 74 | % | | | 51 | % | | | 75 | % | | | 50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
149
Penn Series Funds, Inc.
Financial Highlights
SMID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 46.00 | | | $ | 40.36 | | | $ | 56.43 | | | $ | 52.38 | | | $ | 34.39 | | | $ | 24.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.14 | ) | | | (0.19 | ) | | | (0.24 | ) | | | (0.43 | ) | | | (0.25 | ) | | | (0.18 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 3.66 | | | | 5.83 | | | | (15.83 | ) | | | 4.48 | | | | 18.24 | | | | 9.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.52 | | | | 5.64 | | | | (16.07 | ) | | | 4.05 | | | | 17.99 | | | | 9.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 49.52 | | | $ | 46.00 | | | $ | 40.36 | | | $ | 56.43 | | | $ | 52.38 | | | $ | 34.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 7.65 | %# | | | 13.97 | % | | | (28.48 | %) | | | 7.73 | % | | | 52.31 | % | | | 37.95 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 70,594 | | | $ | 72,193 | | | $ | 70,381 | | | $ | 103,780 | | | $ | 96,010 | | | $ | 70,961 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.04 | %* | | | 1.05 | % | | | 1.05 | % | | | 1.02 | % | | | 1.05 | % | | | 1.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.57 | %)* | | | (0.45 | %) | | | (0.56 | %) | | | (0.77 | %) | | | (0.65 | %) | | | (0.59 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 31 | %# | | | 70 | % | | | 70 | % | | | 65 | % | | | 97 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
150
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 38.25 | | | $ | 32.79 | | | $ | 39.02 | | | $ | 28.78 | | | $ | 28.37 | | | $ | 23.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.07 | | | | 0.18 | | | | 0.20 | | | | 0.22 | | | | 0.18 | | | | 0.18 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.81 | | | | 5.28 | | | | (6.43 | ) | | | 10.02 | | | | 0.23 | | | | 4.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.88 | | | | 5.46 | | | | (6.23 | ) | | | 10.24 | | | | 0.41 | | | | 4.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 39.13 | | | $ | 38.25 | | | $ | 32.79 | | | $ | 39.02 | | | $ | 28.78 | | | $ | 28.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 2.30 | %# | | | 16.65 | % | | | (15.97 | %) | | | 35.58 | % | | | 1.45 | % | | | 19.86 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 48,650 | | | $ | 51,158 | | | $ | 54,653 | | | $ | 71,810 | | | $ | 57,672 | | | $ | 85,324 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.20 | %* | | | 1.19 | % | | | 1.18 | % | | | 1.15 | % | | | 1.17 | % | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.36 | %* | | | 0.52 | % | | | 0.58 | % | | | 0.61 | % | | | 0.77 | % | | | 0.66 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 27 | %# | | | 49 | % | | | 42 | % | | | 53 | % | | | 55 | % | | | 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. |
The accompanying notes are an integral part of these financial statements.
151
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 61.22 | | | $ | 51.60 | | | $ | 68.11 | | | $ | 62.66 | | | $ | 47.45 | | | $ | 37.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.15 | ) | | | (0.23 | ) | | | (0.23 | ) | | | (0.41 | ) | | | (0.28 | ) | | | (0.18 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 3.59 | | | | 9.85 | | | | (16.28 | ) | | | 5.86 | | | | 15.49 | | | | 10.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.44 | | | | 9.62 | | | | (16.51 | ) | | | 5.45 | | | | 15.21 | | | | 10.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 64.66 | | | $ | 61.22 | | | $ | 51.60 | | | $ | 68.11 | | | $ | 62.66 | | | $ | 47.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 5.62 | %# | | | 18.64 | % | | | (24.24 | %) | | | 8.70 | % | | | 32.06 | % | | | 28.24 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 100,214 | | | $ | 102,931 | | | $ | 96,426 | | | $ | 140,210 | | | $ | 142,595 | | | $ | 118,244 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.02 | %* | | | 1.03 | % | | | 1.02 | % | | | 0.99 | % | | | 1.01 | % | | | 1.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.47 | %)* | | | (0.41 | %) | | | (0.42 | %) | | | (0.61 | %) | | | (0.60 | %) | | | (0.40 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | %# | | | 22 | % | | | 13 | % | | | 19 | % | | | 28 | % | | | 21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
152
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 48.42 | | | $ | 43.46 | | | $ | 50.97 | | | $ | 40.24 | | | $ | 39.32 | | | $ | 31.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.17 | | | | 0.32 | | | | 0.29 | | | | 0.10 | | | | 0.19 | | | | 0.24 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.41 | ) | | | 4.64 | | | | (7.80 | ) | | | 10.63 | | | | 0.73 | | | | 7.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.24 | ) | | | 4.96 | | | | (7.51 | ) | | | 10.73 | | | | 0.92 | | | | 7.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 48.18 | | | $ | 48.42 | | | $ | 43.46 | | | $ | 50.97 | | | $ | 40.24 | | | $ | 39.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (0.49 | %)# | | | 11.41 | % | | | (14.74 | %) | | | 26.67 | % | | | 2.34 | % | | | 23.03 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 147,224 | | | $ | 157,939 | | | $ | 154,683 | | | $ | 199,173 | | | $ | 179,912 | | | $ | 205,049 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.02 | %* | | | 1.02 | % | | | 1.01 | % | | | 0.98 | % | | | 1.02 | % | | | 0.98 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.02 | %* | | | 1.03 | % | | | 1.01 | % | | | 0.98 | % | | | 1.02 | % | | | 0.98 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.71 | %* | | | 0.74 | % | | | 0.64 | % | | | 0.21 | % | | | 0.58 | % | | | 0.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 48 | %# | | | 56 | % | | | 57 | % | | | 67 | % | | | 84 | % | | | 54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
153
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 31.58 | | | $ | 27.17 | | | $ | 34.42 | | | $ | 30.10 | | | $ | 25.22 | | | $ | 20.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.10 | | | | 0.23 | | | | 0.18 | | | | 0.10 | | | | 0.10 | | | | 0.13 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.31 | | | | 4.18 | | | | (7.43 | ) | | | 4.22 | | | | 4.78 | | | | 4.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.41 | | | | 4.41 | | | | (7.25 | ) | | | 4.32 | | | | 4.88 | | | | 4.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 31.99 | | | $ | 31.58 | | | $ | 27.17 | | | $ | 34.42 | | | $ | 30.10 | | | $ | 25.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 1.30 | %# | | | 16.23 | % | | | (21.06 | %) | | | 14.35 | % | | | 19.35 | % | | | 24.48 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 81,997 | | | $ | 84,722 | | | $ | 80,151 | | | $ | 98,827 | | | $ | 75,852 | | | $ | 69,993 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets3 | | | 0.71 | %* | | | 0.71 | % | | | 0.70 | % | | | 0.70 | % | | | 0.74 | % | | | 0.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets4 | | | 0.71 | %* | | | 0.71 | % | | | 0.70 | % | | | 0.70 | % | | | 0.75 | % | | | 0.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.63 | %* | | | 0.81 | % | | | 0.62 | % | | | 0.30 | % | | | 0.43 | % | | | 0.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14 | %# | | | 14 | % | | | 18 | % | | | 31 | % | | | 27 | % | | | 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 ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| 4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
154
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 17.49 | | | $ | 14.92 | | | $ | 17.62 | | | $ | 15.94 | | | $ | 14.79 | | | $ | 12.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.26 | | | | 0.33 | | | | 0.34 | | | | 0.28 | | | | 0.19 | | | | 0.33 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.60 | | | | 2.24 | | | | (3.04 | ) | | | 1.40 | | | | 0.96 | | | | 2.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.86 | | | | 2.57 | | | | (2.70 | ) | | | 1.68 | | | | 1.15 | | | | 2.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.35 | | | $ | 17.49 | | | $ | 14.92 | | | $ | 17.62 | | | $ | 15.94 | | | $ | 14.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 4.92 | %# | | | 17.23 | % | | | (15.32 | %) | | | 10.54 | % | | | 7.78 | % | | | 21.03 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 81,989 | | | $ | 88,287 | | | $ | 85,483 | | | $ | 114,158 | | | $ | 109,296 | | | $ | 111,067 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.93 | %* | | | 0.93 | % | | | 0.90 | % | | | 0.85 | % | | | 0.89 | % | | | 0.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.91 | %* | | | 2.05 | % | | | 2.25 | % | | | 1.66 | % | | | 1.39 | % | | | 2.41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 1 | %# | | | 3 | % | | | 3 | % | | | 3 | % | | | 5 | % | | | 6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
155
Penn Series Funds, Inc.
Financial Highlights
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 39.46 | | | $ | 34.24 | | | $ | 43.79 | | | $ | 39.02 | | | $ | 33.95 | | | $ | 26.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.17 | | | | 0.07 | | | | (0.01 | ) | | | (0.04 | ) | | | (0.05 | ) | | | 0.20 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.63 | | | | 5.15 | | | | (9.54 | ) | | | 4.81 | | | | 5.12 | | | | 7.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.80 | | | | 5.22 | | | | (9.55 | ) | | | 4.77 | | | | 5.07 | | | | 7.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 41.26 | | | $ | 39.46 | | | $ | 34.24 | | | $ | 43.79 | | | $ | 39.02 | | | $ | 33.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 4.56 | %# | | | 15.25 | % | | | (21.81 | %) | | | 12.23 | % | | | 14.93 | % | | | 28.07 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 241,157 | | | $ | 251,066 | | | $ | 258,905 | | | $ | 353,005 | | | $ | 336,274 | | | $ | 325,965 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.09 | %* | | | 1.08 | % | | | 1.07 | % | | | 1.03 | % | | | 1.06 | % | | | 1.08 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.82 | %* | | | 0.19 | % | | | (0.02 | %) | | | (0.10 | %) | | | (0.14 | %) | | | 0.66 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 62 | %# | | | 95 | % | | | 52 | % | | | 76 | % | | | 75 | % | | | 50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
156
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 10.97 | | | $ | 10.79 | | | $ | 14.08 | | | $ | 14.93 | | | $ | 13.52 | | | $ | 11.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.04 | | | | 0.05 | | | | 0.07 | | | | 0.01 | | | | (0.02 | ) | | | 0.14 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.07 | | | | 0.13 | | | | (3.36 | ) | | | (0.86 | ) | | | 1.43 | | | | 1.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.11 | | | | 0.18 | | | | (3.29 | ) | | | (0.85 | ) | | | 1.41 | | | | 2.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.08 | | | $ | 10.97 | | | $ | 10.79 | | | $ | 14.08 | | | $ | 14.93 | | | $ | 13.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 1.00 | %# | | | 1.67 | % | | | (23.37 | %) | | | (5.69 | %) | | | 10.43 | % | | | 18.70 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 83,209 | | | $ | 85,102 | | | $ | 94,075 | | | $ | 130,637 | | | $ | 145,335 | | | $ | 147,412 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.35 | %* | | | 1.33 | % | | | 1.33 | % | | | 1.25 | % | | | 1.32 | % | | | 1.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.79 | %* | | | 0.50 | % | | | 0.55 | % | | | 0.07 | % | | | (0.19 | %) | | | 1.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 39 | %# | | | 47 | % | | | 64 | % | | | 68 | % | | | 121 | %(a) | | | 35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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. |
The accompanying notes are an integral part of these financial statements.
157
Penn Series Funds, Inc.
Financial Highlights
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 31.40 | | | $ | 28.09 | | | $ | 37.63 | | | $ | 26.37 | | | $ | 27.25 | | | $ | 20.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.45 | | | | 0.66 | | | | 0.52 | | | | 0.28 | | | | 0.39 | | | | 0.41 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.52 | ) | | | 2.65 | | | | (10.06 | ) | | | 10.98 | | | | (1.27 | ) | | | 6.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.07 | ) | | | 3.31 | | | | (9.54 | ) | | | 11.26 | | | | (0.88 | ) | | | 6.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 31.33 | | | $ | 31.40 | | | $ | 28.09 | | | $ | 37.63 | | | $ | 26.37 | | | $ | 27.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | (0.22 | %)# | | | 11.78 | % | | | (25.35 | %) | | | 42.70 | % | | | (3.23 | %) | | | 32.47 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 106,500 | | | $ | 113,445 | | | $ | 99,505 | | | $ | 140,061 | | | $ | 121,063 | | | $ | 133,068 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.97 | %* | | | 0.97 | % | | | 0.97 | % | | | 0.95 | % | | | 0.97 | % | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 3.00 | %* | | | 2.30 | % | | | 1.63 | % | | | 0.89 | % | | | 1.59 | % | | | 1.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 14 | %# | | | 34 | % | | | 27 | % | | | 34 | % | | | 64 | % | | | 74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
The accompanying notes are an integral part of these financial statements.
158
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 26.55 | | | $ | 23.01 | | | $ | 27.23 | | | $ | 23.39 | | | $ | 21.41 | | | $ | 17.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.04 | ) | | | (0.07 | ) | | | (0.08 | ) | | | (0.08 | ) | | | (0.07 | ) | | | (0.06 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.88 | | | | 3.61 | | | | (4.14 | ) | | | 3.92 | | | | 2.05 | | | | 4.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.84 | | | | 3.54 | | | | (4.22 | ) | | | 3.84 | | | | 1.98 | | | | 4.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 28.39 | | | $ | 26.55 | | | $ | 23.01 | | | $ | 27.23 | | | $ | 23.39 | | | $ | 21.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 6.93 | %# | | | 15.38 | % | | | (15.50 | %) | | | 16.42 | % | | | 9.25 | % | | | 23.26 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 59,424 | | | $ | 60,368 | | | $ | 55,617 | | | $ | 70,657 | | | $ | 70,074 | | | $ | 72,017 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.33 | %* | | | 0.34 | % | | | 0.34 | % | | | 0.33 | % | | | 0.33 | % | | | 0.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.30 | %)* | | | (0.30 | %) | | | (0.33 | %) | | | (0.33 | %) | | | (0.33 | %) | | | (0.33 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 7 | %# | | | 18 | % | | | 17 | % | | | 18 | % | | | 17 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
159
Penn Series Funds, Inc.
Financial Highlights
MODERATELY AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 27.25 | | | $ | 23.81 | | | $ | 27.84 | | | $ | 24.14 | | | $ | 22.06 | | | $ | 18.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.04 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (0.08 | ) | | | (0.06 | ) | | | (0.06 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.71 | | | | 3.51 | | | | (3.96 | ) | | | 3.78 | | | | 2.14 | | | | 4.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.67 | | | | 3.44 | | | | (4.03 | ) | | | 3.70 | | | | 2.08 | | | | 3.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 28.92 | | | $ | 27.25 | | | $ | 23.81 | | | $ | 27.84 | | | $ | 24.14 | | | $ | 22.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 6.13 | %# | | | 14.45 | % | | | (14.47 | %) | | | 15.33 | % | | | 9.43 | % | | | 21.75 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 202,596 | | | $ | 204,752 | | | $ | 192,855 | | | $ | 246,473 | | | $ | 227,084 | | | $ | 232,308 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.30 | %* | | | 0.30 | % | | | 0.30 | % | | | 0.29 | % | | | 0.30 | % | | | 0.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.28 | %)* | | | (0.28 | %) | | | (0.30 | %) | | | (0.29 | %) | | | (0.30 | %) | | | (0.29 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 5 | %# | | | 18 | % | | | 15 | % | | | 12 | % | | | 17 | % | | | 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. |
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 23.22 | | | $ | 20.59 | | | $ | 23.89 | | | $ | 21.46 | | | $ | 19.55 | | | $ | 16.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.15 | | | | 2.69 | | | | (3.24 | ) | | | 2.50 | | | | 1.97 | | | | 3.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.12 | | | | 2.63 | | | | (3.30 | ) | | | 2.43 | | | | 1.91 | | | | 3.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.34 | | | $ | 23.22 | | | $ | 20.59 | | | $ | 23.89 | | | $ | 21.46 | | | $ | 19.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 4.82 | %# | | | 12.77 | % | | | (13.81 | %) | | | 11.32 | % | | | 9.77 | % | | | 18.63 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 207,590 | | | $ | 213,816 | | | $ | 220,593 | | | $ | 288,061 | | | $ | 285,910 | | | $ | 298,115 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.30 | %* | | | 0.30 | % | | | 0.30 | % | | | 0.29 | % | | | 0.30 | % | | | 0.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.27 | %)* | | | (0.28 | %) | | | (0.30 | %) | | | (0.29 | %) | | | (0.30 | %) | | | (0.30 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 3 | %# | | | 15 | % | | | 11 | % | | | 12 | % | | | 17 | % | | | 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. |
The accompanying notes are an integral part of these financial statements.
161
Penn Series Funds, Inc.
Financial Highlights
MODERATELY CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 20.26 | | | $ | 18.30 | | | $ | 20.62 | | | $ | 18.99 | | | $ | 17.58 | | | $ | 15.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.75 | | | | 2.01 | | | | (2.26 | ) | | | 1.69 | | | | 1.46 | | | | 2.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.72 | | | | 1.96 | | | | (2.32 | ) | | | 1.63 | | | | 1.41 | | | | 2.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.98 | | | $ | 20.26 | | | $ | 18.30 | | | $ | 20.62 | | | $ | 18.99 | | | $ | 17.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 3.55 | %# | | | 10.71 | % | | | (11.25 | %) | | | 8.58 | % | | | 8.02 | % | | | 14.83 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 78,319 | | | $ | 78,953 | | | $ | 81,079 | | | $ | 99,775 | | | $ | 94,485 | | | $ | 93,947 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.32 | %* | | | 0.32 | % | | | 0.32 | % | | | 0.31 | % | | | 0.32 | % | | | 0.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.27 | %)* | | | (0.28 | %) | | | (0.31 | %) | | | (0.31 | %) | | | (0.31 | %) | | | (0.31 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 7 | %# | | | 16 | % | | | 16 | % | | | 20 | % | | | 23 | % | | | 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 Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
162
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
6/30/24
(Unaudited) | | | | | | | | | | | | | | | | |
| | Year Ended December 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | $ | 17.05 | | | $ | 15.64 | | | $ | 17.35 | | | $ | 16.60 | | | $ | 15.51 | | | $ | 13.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.02 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.05 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.44 | | | | 1.45 | | | | (1.66 | ) | | | 0.81 | | | | 1.14 | | | | 1.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.42 | | | | 1.41 | | | | (1.71 | ) | | | 0.75 | | | | 1.09 | | | | 1.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.47 | | | $ | 17.05 | | | $ | 15.64 | | | $ | 17.35 | | | $ | 16.60 | | | $ | 15.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return2 | | | 2.46 | %# | | | 9.02 | % | | | (9.86 | %) | | | 4.52 | % | | | 7.03 | % | | | 10.87 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 45,665 | | | $ | 46,509 | | | $ | 47,950 | | | $ | 59,188 | | | $ | 61,854 | | | $ | 59,832 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets3 | | | 0.35 | %* | | | 0.35 | % | | | 0.35 | % | | | 0.33 | % | | | 0.33 | % | | | 0.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.24 | %)* | | | (0.26 | %) | | | (0.33 | %) | | | (0.33 | %) | | | (0.33 | %) | | | (0.31 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 6 | %# | | | 15 | % | | | 12 | % | | | 23 | % | | | 30 | % | | | 18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
163
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (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:
Effective September 8, 2022, in conjunction with and pursuant to the requirements of the 1940 Act and Rule 2a- 5 (the “Rule”), the Board of the Penn Series Funds, Inc. (“Board”) has designated Penn Mutual Asset Management LLC (“PMAM” or the “Adviser”) as the Valuation Designee for the Funds. As Valuation Designee, PMAM has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. PMAM has adopted policies and procedures related to the Rule, and established a Valuation Committee for Registered Investment Companies to oversee valuation practices including fair valuation of all Fund investments.
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,
164
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
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.
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.
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. 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, 2024 consist of equities in the High Yield Bond Fund, 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
165
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
(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.
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 June 30, 2024 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 June 30, 2024, 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
166
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
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, 2024, Emerging Markets Equity Fund had accrued capital gains taxes of $464,602, which is reflected in the Statement of Assets and Liabilities. For the six months ended June 30, 2024, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of 179,138 and 92,492, 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.
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. |
167
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | |
Fund | | Sub-Adviser | | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) |
| 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. | | 0.69% of the first $250,000,000; |
| | | | 0.65% of the next $250,000,000; |
| | | | 0.62% over $500,000,000. |
| Large Cap Growth Fund1 | | Massachusetts Financial Services Company | | 0.53% |
| Large Core Growth Fund | | Delaware Investments Fund Advisers | | 0.58% |
| Large Cap Value Fund | | AllianceBernstein, LP | | 0.67% of the first $150,000,000; |
| | | | 0.65% over $150,000,000. |
| Large Core Value Fund2 | | Eaton Vance Management | | 0.64% of the first $150,000,000; |
| | | | 0.62% of the next $250,000,000; |
| | | | 0.60% over $400,000,000. |
| Index 500 Fund | | SSgA Fund Management, Inc. | | 0.14% of the first $150,000,000; |
| | | | 0.13% of the next $150,000,000; |
| | | | 0.12% over $300,000,000. |
| Mid Cap Growth Fund3 | | Delaware Investments Fund Advisers | | 0.68% |
| Mid Cap Value Fund4 | | Janus Henderson Investors | | 0.54% of the first $250,000,000; |
| | US LLC | | 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 Fund5 | | American Century Investment Management, Inc. | | 0.68% |
| SMID Cap Growth Fund6 | | Goldman Sachs Asset Management, LP | | 0.73% |
| SMID Cap Value Fund7 | | AllianceBernstein, LP | | 0.80% |
| Small Cap Growth Fund8 | | Janus Henderson Investors US LLC | | 0.75% of the first $25,000,000; |
| | | | 0.70% of the next $25,000,000; |
| | | | 0.65% over $50,000,000. |
168
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | |
Fund | | Sub-Adviser | | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) |
Small Cap Value Fund9 | | Goldman Sachs Asset Management, LP | | 0.71% of the first $50,000,000; 0.68% of the next $50,000,000; |
| | | | 0.66% 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 Fund10 | | Vontobel Asset Management, Inc. | | 0.81% of the first $200,000,000; |
| | | | 0.61% over $200,000,000. |
Emerging Markets Equity Fund11 | | Vontobel Asset Management, Inc. | | 0.83% |
Real Estate Securities Fund | | Cohen & Steers Capital Management, Inc. | | 0.70% |
Aggressive Allocation Fund | | None | | 0.12% of the first $200,000,000; |
| | | | 0.11% of the next $150,000,000; |
| | | | 0.10% of the next $150,000,000; |
| | | | 0.09% over $500,000,000. |
Moderately Aggressive Allocation Fund | | None | | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; |
| | | | 0.10% of the next $150,000,000; |
| | | | 0.09% over $500,000,000. |
Moderate Allocation Fund | | None | | 0.12% of the first $200,000,000; |
| | | | 0.11% of the next $150,000,000; |
| | | | 0.10% of the next $150,000,000; |
| | | | 0.09% over $500,000,000. |
Moderately Conservative Allocation Fund | | None | | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; |
| | | | 0.10% of the next $150,000,000; |
| | | | 0.09% over $500,000,000. |
Conservative Allocation Fund | | None | | 0.12% of the first $200,000,000; |
| | | | 0.11% of the next $150,000,000; |
| | | | 0.10% of the next $150,000,000; |
| | | | 0.09% over $500,000,000. |
| 1 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.55% of the Fund’s average daily net assets. |
| 2 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.67% of the Fund’s average daily net assets up to $150 million, 0.65% of the Fund’s average daily net assets on the next $250 million, and 0.60% of the Fund’s average daily net assets over $400 million. |
| 3 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.70% of the Fund’s average daily net assets. |
| 4 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was reduced and calculated daily at the annual rate of |
169
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | 0.55% of the Fund’s average daily net assets up to $250 million, 0.525% of the Fund’s average daily net assets on the next $250 million, 0.50% of the Fund’s average daily net assets on the next $250 million, 0.475% of the Fund’s average daily net assets on the next $250 million, 0.45% of the Fund’s average daily net assets on the next $500 million, and 0.425% of the Fund’s average daily net assets over $1.5 billion. |
| 5 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.69% of the Fund’s average daily net assets. |
| 6 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.75% of the Fund’s average daily net assets. |
| 7 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.84% of the Fund’s average daily net assets. |
| 8 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.80% of the Fund’s average daily net assets up to $25 million, 0.75% of the Fund’s average daily net assets on the next $25 million, and 0.70% of the Fund’s average daily net assets over $50 million. |
| 9 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.75% of the Fund’s average daily net assets up to $50 million, 0.725% of the Fund’s average daily net assets on the next $50 million, and 0.70% of the Fund’s average daily net assets over $100 million. |
| 10 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.83% of the Fund’s average daily net assets up to $227 million, and 0.63% of the Fund’s average daily net assets over $227 million. |
| 11 | Effective June 1, 2024. Prior to June 1, 2024, the Fund’s investment advisory fee was calculated daily at the annual rate of 0.87% of the Fund’s average daily net assets. |
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.
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.
170
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
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 not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.
If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.
171
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
As of June 30, 2024, the Mid Cap Value Fund and Small Cap Value 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,
2025 | | | December 31,
2026 | | | December 31,
2027 | | | Total | |
Mid Cap Value Fund | | $ | 6,681 | | | $ | 6,541 | | | $ | 2,251 | | | $ | 15,473 | |
Small Cap Value Fund | | | — | | | | 8,651 | | | | 3,151 | | | | 11,802 | |
During the six months ended June 30, 2024, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as recaptured advisory fees on the statement of operations and are as follows:
| | | | |
Mid Cap Value Fund | | $ | 172 | |
Small Cap Value Fund | | | 4,339 | |
Total fees of $265,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2024. 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, 2024 are as follows:
| | | | |
Money Market Fund | | $ | 1,979,390 | |
Limited Maturity Bond Fund | | | 72,531,079 | |
Quality Bond Fund | | | 56,593,684 | |
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, 2024 were as follows:
| | | | |
SMID Cap Growth Fund | | $ | 2,756 | |
Small Cap Value Fund | | | 9,799 | |
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, 2024 as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balanced Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 60.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Index 500 Fund* | | $ | 45,658,346 | | | $ | 678,108 | | | $ | 5,262,516 | | | $ | 4,152,552 | | | $ | 2,487,292 | | | $ | 47,713,782 | | | | 972,361 | | | $ | — | |
Affiliated Fixed Income Funds — 39.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Quality Bond Fund* | | | 30,376,859 | | | | 2,909,525 | | | | 1,870,041 | | | | 192,054 | | | | (113,543 | ) | | | 31,494,854 | | | | 1,975,838 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 76,035,205 | | | $ | 3,587,633 | | | $ | 7,132,557 | | | $ | 4,344,606 | | | $ | 2,373,749 | | | $ | 79,208,636 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
172
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aggressive Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 73.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 5,410,510 | | | $ | 81,814 | | | $ | 536,077 | | | $ | 227,501 | | | $ | 134,238 | | | $ | 5,317,986 | | | | 52,301 | | | $ | — | |
Penn Series Index 500 Fund* | | | 14,352,595 | | | | 108,613 | | | | 1,740,979 | | | | 796,672 | | | | 1,253,740 | | | | 14,770,641 | | | | 301,012 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 596,851 | | | | 4,441 | | | | 77,069 | | | | 39,530 | | | | 21,792 | | | | 585,545 | | | | 13,736 | | | | — | |
Penn Series Large Cap Value Fund* | | | 3,603,420 | | | | 106,091 | | | | 436,968 | | | | 190,468 | | | | 106,247 | | | | 3,569,258 | | | | 72,575 | | | | — | |
Penn Series Large Core Growth Fund* | | | — | | | | 2,399,716 | | | | 178,866 | | | | 6,451 | | | | 144,090 | | | | 2,371,391 | | | | 68,300 | | | | — | |
Penn Series Large Core Value Fund* | | | 3,011,529 | | | | 27,723 | | | | 291,288 | | | | 116,549 | | | | 89,508 | | | | 2,954,021 | | | | 91,173 | | | | — | |
Penn Series Large Growth Stock Fund* | | | 597,868 | | | | 4,440 | | | | 125,934 | | | | 65,625 | | | | 47,840 | | | | 589,839 | | | | 6,621 | | | | — | |
Penn Series Mid Cap Growth Fund* | | | 1,196,662 | | | | 67,484 | | | | 109,643 | | | | 61,235 | | | | (51,940 | ) | | | 1,163,798 | | | | 30,370 | | | | — | |
Penn Series Mid Cap Value Fund* | | | 1,196,717 | | | | 46,679 | | | | 125,350 | | | | 23,201 | | | | 51,587 | | | | 1,192,834 | | | | 38,541 | | | | — | |
Penn Series Mid Core Value Fund* | | | 2,991,025 | | | | 219,306 | | | | 274,108 | | | | 68,898 | | | | (47,406 | ) | | | 2,957,715 | | | | 83,480 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 2,984,514 | | | | 263,901 | | | | 274,108 | | | | 91,581 | | | | (98,635 | ) | | | 2,967,253 | | | | 94,710 | | | | — | |
Penn Series Small Cap Growth Fund* | | | 1,205,523 | | | | 29,178 | | | | 109,643 | | | | 43,042 | | | | 21,700 | | | | 1,189,800 | | | | 18,401 | | | | — | |
Penn Series Small Cap Index Fund* | | | 1,812,458 | | | | 130,093 | | | | 164,465 | | | | (24,343 | ) | | | 46,357 | | | | 1,800,100 | | | | 56,271 | | | | — | |
Penn Series SMID Cap Growth Fund* | | | 1,202,973 | | | | 63,241 | | | | 180,975 | | | | 82,519 | | | | 9,549 | | | | 1,177,307 | | | | 23,774 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 1,198,151 | | | | 76,768 | | | | 109,643 | | | | 38,384 | | | | (12,124 | ) | | | 1,191,536 | | | | 30,451 | | | | — | |
Affiliated Fixed Income Funds — 6.9% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Limited Maturity Bond Fund* | | | 595,072 | | | | 35,694 | | | | 54,821 | | | | 1,722 | | | | 10,298 | | | | 587,965 | | | | 42,148 | | | | — | |
Penn Series Quality Bond Fund* | | | 3,581,001 | | | | 248,662 | | | | 328,929 | | | | 10,325 | | | | (1,256 | ) | | | 3,509,803 | | | | 220,189 | | | | — | |
Affiliated International Equity Funds — 18.8% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 5,461,045 | | | | 84,201 | | | | 2,841,872 | | | | 733,744 | | | | (489,408 | ) | | | 2,947,710 | | | | 160,638 | | | | — | |
Penn Series Emerging Markets Equity Fund* | | | 3,018,239 | | | | 182,159 | | | | 274,166 | | | | (37,664 | ) | | | 67,852 | | | | 2,956,420 | | | | 266,584 | | | | — | |
Penn Series International Equity Fund* | | | 5,980,870 | | | | 44,374 | | | | 1,027,769 | | | | 306,495 | | | | (36,081 | ) | | | 5,267,889 | | | | 127,676 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 59,997,023 | | | $ | 4,224,578 | | | $ | 9,262,673 | | | $ | 2,841,935 | | | $ | 1,267,948 | | | $ | 59,068,811 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Aggressive Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 67.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 18,392,836 | | | $ | 111,292 | | | $ | 1,541,042 | | | $ | 907,023 | | | $ | 320,473 | | | $ | 18,190,582 | | | | 178,900 | | | $ | — | |
Penn Series Index 500 Fund* | | | 42,690,661 | | | | 428,651 | | | | 4,744,554 | | | | 2,216,592 | | | | 3,870,268 | | | | 44,461,618 | | | | 906,086 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 2,028,857 | | | | 10,831 | | | | 244,518 | | | | 148,417 | | | | 59,217 | | | | 2,002,804 | | | | 46,981 | | | | — | |
Penn Series Large Cap Value Fund* | | | 12,249,588 | | | | 318,043 | | | | 1,371,609 | | | | 596,332 | | | | 413,320 | | | | 12,205,674 | | | | 248,184 | | | | — | |
Penn Series Large Core Growth Fund* | | | — | | | | 4,084,578 | | | | 283,330 | | | | 8,302 | | | | 246,410 | | | | 4,055,960 | | | | 116,819 | | | | — | |
Penn Series Large Core Value Fund* | | | 10,237,686 | | | | 58,508 | | | | 895,565 | | | | 396,646 | | | | 304,984 | | | | 10,102,259 | | | | 311,798 | | | | — | |
Penn Series Large Growth Stock Fund* | | | 2,032,365 | | | | 10,831 | | | | 409,850 | | | | 257,249 | | | | 127,421 | | | | 2,018,016 | | | | 22,651 | | | | — | |
Penn Series Mid Cap Growth Fund* | | | 4,067,942 | | | | 205,581 | | | | 325,133 | | | | 205,045 | | | | (172,273 | ) | | | 3,981,162 | | | | 103,893 | | | | — | |
Penn Series Mid Cap Value Fund* | | | 2,034,040 | | | | 71,877 | | | | 194,010 | | | | 30,730 | | | | 96,894 | | | | 2,039,531 | | | | 65,898 | | | | — | |
Penn Series Mid Core Value Fund* | | | 10,167,427 | | | | 636,642 | | | | 763,729 | | | | 192,668 | | | | (118,091 | ) | | | 10,114,917 | | | | 285,490 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 10,145,100 | | | | 793,627 | | | | 763,728 | | | | 251,579 | | | | (277,064 | ) | | | 10,149,514 | | | | 323,955 | | | | — | |
Penn Series Small Cap Growth Fund* | | | 2,049,158 | | | | 28,250 | | | | 152,746 | | | | 59,536 | | | | 50,526 | | | | 2,034,724 | | | | 31,468 | | | | — | |
Penn Series Small Cap Index Fund* | | | 8,215,811 | | | | 501,121 | | | | 610,983 | | | | (89,720 | ) | | | 192,662 | | | | 8,208,891 | | | | 256,608 | | | | — | |
Penn Series SMID Cap Growth Fund* | | | 2,044,777 | | | | 99,818 | | | | 288,086 | | | | 165,094 | | | | (8,099 | ) | | | 2,013,504 | | | | 40,660 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 4,073,033 | | | | 216,867 | | | | 305,491 | | | | 110,523 | | | | (20,026 | ) | | | 4,074,906 | | | | 104,138 | | | | — | |
Affiliated Fixed Income Funds — 16.8% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Limited Maturity Bond Fund* | | | 12,136,527 | | | | 603,531 | | | | 916,474 | | | | 89,016 | | | | 154,988 | | | | 12,067,588 | | | | 865,060 | | | | — | |
Penn Series Quality Bond Fund* | | | 22,316,680 | | | | 1,322,373 | | | | 1,680,202 | | | | 29,260 | | | | 23,160 | | | | 22,011,271 | | | | 1,380,883 | | | | — | |
Affiliated International Equity Funds — 15.9% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 14,440,239 | | | | 251,747 | | | | 5,269,946 | | | | 1,367,928 | | | | (707,762 | ) | | | 10,082,206 | | | | 549,439 | | | | — | |
173
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Aggressive Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Penn Series Emerging Markets Equity Fund* | | $ | 8,208,365 | | | $ | 420,386 | | | $ | 621,086 | | | $ | (122,247 | ) | | $ | 205,051 | | | $ | 8,090,469 | | | | 729,528 | | | $ | — | |
Penn Series International Equity Fund* | | | 16,264,745 | | | | 86,648 | | | | 3,070,586 | | | | 1,353,075 | | | | (619,414 | ) | | | 14,014,468 | | | | 339,662 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 203,795,837 | | | $ | 10,261,202 | | | $ | 24,452,668 | | | $ | 8,173,048 | | | $ | 4,142,645 | | | $ | 201,920,064 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderate Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 51.0% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 19,234,787 | | | $ | 105,051 | | | $ | 1,958,351 | | | $ | 1,339,622 | | | $ | (50,584 | ) | | $ | 18,670,525 | | | | 183,620 | | | $ | — | |
Penn Series Index 500 Fund* | | | 36,141,060 | | | | 757,765 | | | | 4,731,239 | | | | 2,046,614 | | | | 3,123,808 | | | | 37,338,008 | | | | 760,913 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 2,121,721 | | | | 11,672 | | | | 296,397 | | | | 181,516 | | | | 37,184 | | | | 2,055,696 | | | | 48,222 | | | | — | |
Penn Series Large Cap Value Fund* | | | 6,405,141 | | | | 166,355 | | | | 841,801 | | | | 311,413 | | | | 223,087 | | | | 6,264,195 | | | | 127,373 | | | | — | |
Penn Series Large Core Value Fund* | | | 6,423,719 | | | | 36,135 | | | | 684,942 | | | | 285,670 | | | | 160,920 | | | | 6,221,502 | | | | 192,022 | | | | — | |
Penn Series Large Growth Stock Fund* | | | 2,125,421 | | | | 11,672 | | | | 468,839 | | | | 288,666 | | | | 114,311 | | | | 2,071,231 | | | | 23,249 | | | | — | |
Penn Series Mid Cap Growth Fund* | | | 4,254,125 | | | | 214,285 | | | | 423,149 | | | | 267,461 | | | | (226,524 | ) | | | 4,086,198 | | | | 106,633 | | | | — | |
Penn Series Mid Core Value Fund* | | | 10,632,674 | | | | 534,682 | | | | 869,908 | | | | 223,767 | | | | (139,042 | ) | | | 10,382,173 | | | | 293,033 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 8,487,317 | | | | 569,427 | | | | 695,927 | | | | 232,450 | | | | (259,531 | ) | | | 8,333,736 | | | | 265,999 | | | | — | |
Penn Series Small Cap Index Fund* | | | 6,443,935 | | | | 312,416 | | | | 521,945 | | | | (70,208 | ) | | | 155,075 | | | | 6,319,273 | | | | 197,539 | | | | — | |
Penn Series SMID Cap Growth Fund* | | | 2,138,361 | | | | 104,151 | | | | 344,075 | | | | 164,618 | | | | 3,603 | | | | 2,066,658 | | | | 41,734 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 2,129,717 | | | | 86,339 | | | | 173,982 | | | | 64,252 | | | | (15,031 | ) | | | 2,091,295 | | | | 53,445 | | | | — | |
Affiliated Fixed Income Funds — 36.7% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 8,474,586 | | | | 197,958 | | | | 708,944 | | | | 287,639 | | | | 27,453 | | | | 8,278,692 | | | | 454,374 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 19,037,831 | | | | 725,076 | | | | 1,565,835 | | | | 174,147 | | | | 207,606 | | | | 18,578,825 | | | | 1,331,815 | | | | — | |
Penn Series Quality Bond Fund* | | | 50,919,109 | | | | 2,438,803 | | | | 4,175,560 | | | | 404,511 | | | | (295,678 | ) | | | 49,291,185 | | | | 3,092,295 | | | | — | |
Affiliated International Equity Funds — 11.9% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 8,629,386 | | | | 200,220 | | | | 967,683 | | | | 314,732 | | | | 102,085 | | | | 8,278,740 | | | | 451,157 | | | | — | |
Penn Series Emerging Markets Equity Fund* | | | 8,584,152 | | | | 338,596 | | | | 706,625 | | | | (86,022 | ) | | | 173,865 | | | | 8,303,966 | | | | 748,780 | | | | — | |
Penn Series International Equity Fund* | | | 10,630,696 | | | | 58,362 | | | | 2,964,693 | | | | 890,624 | | | | (395,302 | ) | | | 8,219,687 | | | | 199,217 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 212,813,738 | | | $ | 6,868,965 | | | $ | 23,099,895 | | | $ | 7,321,472 | | | $ | 2,947,305 | | | $ | 206,851,585 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Conservative Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 34.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 6,292,922 | | | $ | 285,422 | | | $ | 772,636 | | | $ | 406,823 | | | $ | 22,360 | | | $ | 6,234,891 | | | | 61,319 | | | $ | — | |
Penn Series Index 500 Fund* | | | 7,824,954 | | | | 787,491 | | | | 1,180,523 | | | | 493,277 | | | | 647,018 | | | | 8,572,217 | | | | 174,694 | | | | — | |
Penn Series Large Cap Growth Fund* | | | 780,952 | | | | 35,678 | | | | 126,486 | | | | 56,331 | | | | 25,810 | | | | 772,285 | | | | 18,116 | | | | — | |
Penn Series Large Cap Value Fund* | | | 2,357,488 | | | | 152,239 | | | | 356,818 | | | | 168,137 | | | | 32,210 | | | | 2,353,256 | | | | 47,850 | | | | — | |
Penn Series Large Core Value Fund* | | | 2,364,310 | | | | 107,033 | | | | 300,904 | | | | 133,915 | | | | 32,905 | | | | 2,337,259 | | | | 72,137 | | | | — | |
Penn Series Mid Core Value Fund* | | | 2,348,169 | | | | 185,326 | | | | 211,766 | | | | 54,054 | | | | (35,587 | ) | | | 2,340,196 | | | | 66,051 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 3,124,057 | | | | 297,289 | | | | 282,355 | | | | 85,125 | | | | (93,204 | ) | | | 3,130,912 | | | | 99,933 | | | | — | |
Penn Series Small Cap Index Fund* | | | 790,559 | | | | 61,723 | | | | 72,184 | | | | (9,977 | ) | | | 21,209 | | | | 791,330 | | | | 24,737 | | | | — | |
Penn Series SMID Cap Value Fund* | | | 783,883 | | | | 61,881 | | | | 78,885 | | | | 24,949 | | | | (6,183 | ) | | | 785,645 | | | | 20,078 | | | | — | |
Affiliated Fixed Income Funds — 56.3% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 3,899,153 | | | | 207,408 | | | | 365,913 | | | | 65,134 | | | | 81,976 | | | | 3,887,758 | | | | 213,379 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 14,793,650 | | | | 982,497 | | | | 1,341,185 | | | | 113,605 | | | | 186,791 | | | | 14,735,358 | | | | 1,056,298 | | | | — | |
Penn Series Quality Bond Fund* | | | 25,770,522 | | | | 1,962,692 | | | | 2,329,427 | | | | 182,331 | | | | (123,352 | ) | | | 25,462,766 | | | | 1,597,413 | | | | — | |
174
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Moderately Conservative Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated International Equity Funds — 7.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | $ | 2,381,955 | | | $ | 146,108 | | | $ | 312,929 | | | $ | 92,443 | | | $ | 25,058 | | | $ | 2,332,635 | | | | 127,119 | | | $ | — | |
Penn Series Emerging Markets Equity Fund* | | | 789,857 | | | | 54,415 | | | | 72,857 | | | | (23,166 | ) | | | 31,674 | | | | 779,923 | | | | 70,327 | | | | — | |
Penn Series International Equity Fund* | | | 3,912,867 | | | | 177,998 | | | | 1,191,434 | | | | 357,569 | | | | (168,973 | ) | | | 3,088,027 | | | | 74,843 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 78,215,298 | | | $ | 5,505,200 | | | $ | 8,996,302 | | | $ | 2,200,550 | | | $ | 679,712 | | | $ | 77,604,458 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conservative Allocation Fund | | Total
Value at
12/31/23 | | | Purchases | | | Sales
Proceeds | | | Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Total
Value at
06/30/24 | | | Number of
Shares | | | Dividend
Income | |
Affiliated Equity Funds — 20.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Flexibly Managed Fund* | | $ | 3,672,739 | | | $ | 153,682 | | | $ | 470,911 | | | $ | 169,070 | | | $ | 75,563 | | | $ | 3,600,143 | | | | 35,407 | | | $ | — | |
Penn Series Index 500 Fund* | | | 2,740,074 | | | | 448,909 | | | | 430,377 | | | | 157,650 | | | | 233,435 | | | | 3,149,691 | | | | 64,188 | | | | — | |
Penn Series Large Core Value Fund* | | | 919,913 | | | | 38,420 | | | | 121,910 | | | | 43,397 | | | | 19,815 | | | | 899,635 | | | | 27,767 | | | | — | |
Penn Series Mid Core Value Fund* | | | 913,640 | | | | 63,153 | | | | 83,149 | | | | 35,352 | | | | (28,206 | ) | | | 900,790 | | | | 25,424 | | | | — | |
Penn Series Real Estate Securities Fund* | | | 911,641 | | | | 73,513 | | | | 78,787 | | | | 16,763 | | | | (19,065 | ) | | | 904,065 | | | | 28,856 | | | | — | |
Affiliated Fixed Income Funds — 75.3% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 2,275,693 | | | | 96,051 | | | | 210,826 | | | | 23,012 | | | | 60,909 | | | | 2,244,839 | | | | 123,207 | | | | — | |
Penn Series Limited Maturity Bond Fund* | | | 13,632,912 | | | | 712,218 | | | | 1,181,806 | | | | 73,960 | | | | 197,473 | | | | 13,434,757 | | | | 963,065 | | | | — | |
Penn Series Quality Bond Fund* | | | 19,142,590 | | | | 1,181,132 | | | | 1,654,528 | | | | 49,941 | | | | (6,186 | ) | | | 18,712,949 | | | | 1,173,962 | | | | — | |
Affiliated International Equity Funds — 2.0% | | | | | | | | | | | | | | | | | | | | | | | | | |
Penn Series Developed International Index Fund* | | | 926,784 | | | | 53,571 | | | | 127,142 | | | | 49,389 | | | | (4,819 | ) | | | 897,783 | | | | 48,925 | | | | — | |
Penn Series International Equity Fund | | | 456,727 | | | | 11,503 | | | | 491,038 | | | | 54,823 | | | | (32,015 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 45,592,713 | | | $ | 2,832,152 | | | $ | 4,850,474 | | | $ | 673,357 | | | $ | 496,904 | | | $ | 44,744,652 | | | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
5 — PURCHASES AND SALES OF SECURITIES
During the six months ended June 30, 2024, 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 | | $ | 1,000,429 | | | $ | — | | | $ | 44,147,590 | | | $ | 48,649,772 | |
Quality Bond Fund | | | 20,192,593 | | | | 10,498,858 | | | | 41,986,440 | | | | 55,182,447 | |
High Yield Bond Fund | | | — | | | | 1,886,328 | | | | 50,579,863 | | | | 49,311,573 | |
Flexibly Managed Fund | | | 381,261,279 | | | | 366,973,781 | | | | 1,304,490,089 | | | | 1,376,754,492 | |
Balanced Fund | | | — | | | | — | | | | 3,587,633 | | | | 7,132,557 | |
Large Growth Stock Fund | | | — | | | | — | | | | 54,263,300 | | | | 73,849,742 | |
Large Cap Growth Fund | | | — | | | | — | | | | 7,980,700 | | | | 12,484,424 | |
Large Core Growth Fund | | | — | | | | — | | | | 11,626,381 | | | | 12,366,919 | |
Large Cap Value Fund | | | — | | | | — | | | | 46,416,843 | | | | 54,321,506 | |
Large Core Value Fund | | | — | | | | — | | | | 30,640,474 | | | | 38,886,580 | |
Index 500 Fund | | | — | | | | — | | | | 10,051,334 | | | | 30,770,385 | |
Mid Cap Growth Fund | | | — | | | | — | | | | 19,447,927 | | | | 32,391,013 | |
Mid Cap Value Fund | | | — | | | | — | | | | 16,658,047 | | | | 22,811,391 | |
Mid Core Value Fund | | | — | | | | — | | | | 21,676,342 | | | | 24,412,672 | |
SMID Cap Growth Fund | | | — | | | | — | | | | 22,823,465 | | | | 30,444,407 | |
SMID Cap Value Fund | | | — | | | | — | | | | 13,132,941 | | | | 16,578,167 | |
Small Cap Growth Fund | | | — | | | | — | | | | 9,694,349 | | | | 17,704,002 | |
Small Cap Value Fund | | | — | | | | — | | | | 72,195,582 | | | | 80,624,273 | |
175
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | U.S. Government Securities | | | Other Investment Securities | |
| | | Purchases | | | Sales | | | Purchases | | | Sales | |
Small Cap Index Fund | | $ | — | | | $ | — | | | $ | 11,277,890 | | | $ | 15,130,592 | |
Developed International Index Fund | | | — | | | | — | | | | 640,528 | | | | 10,426,101 | |
International Equity Fund | | | — | | | | — | | | | 151,564,255 | | | | 174,726,254 | |
Emerging Markets Equity Fund | | | — | | | | — | | | | 31,922,123 | | | | 33,549,741 | |
Real Estate Securities Fund | | | — | | | | — | | | | 14,454,151 | | | | 19,160,588 | |
Aggressive Allocation Fund | | | — | | | | — | | | | 4,224,578 | | | | 9,262,673 | |
Moderately Aggressive Allocation Fund | | | — | | | | — | | | | 10,261,202 | | | | 24,452,668 | |
Moderate Allocation Fund | | | — | | | | — | | | | 6,868,965 | | | | 23,099,895 | |
Moderately Conservative Allocation Fund | | | — | | | | — | | | | 5,505,200 | | | | 8,996,302 | |
Conservative Allocation Fund | | | — | | | | — | | | | 2,832,152 | | | | 4,850,474 | |
6 — FEDERAL INCOME TAXES
Each Fund has qualified and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2023, 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.
176
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
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, 2023, primarily attributable to consent dividends, were reclassed between the following accounts:
| | | | | | | | |
| | | Total
distributable
earnings
(loss) | | | Increase
(Decrease)
Paid-in Capital | |
Money Market Fund | | $ | 95 | | | $ | (95 | ) |
Limited Maturity Bond Fund | | | (7,727,577 | ) | | | 7,727,577 | |
Quality Bond Fund | | | (15,249,551 | ) | | | 15,249,551 | |
High Yield Bond Fund | | | (7,683,443 | ) | | | 7,683,443 | |
Flexibly Managed Fund | | | (158,477,732 | ) | | | 158,477,732 | |
Balanced Fund | | | (5,957,215 | ) | | | 5,957,215 | |
Large Growth Stock Fund | | | (20,134,548 | ) | | | 20,134,548 | |
Large Cap Growth Fund | | | (7,728,373 | ) | | | 7,728,373 | |
Large Core Growth Fund | | | 473,365 | | | | (473,365 | ) |
Large Cap Value Fund | | | (8,831,021 | ) | | | 8,831,021 | |
Large Core Value Fund | | | (11,204,358 | ) | | | 11,204,358 | |
Index 500 Fund | | | (48,916,689 | ) | | | 48,916,689 | |
Mid Cap Growth Fund | | | (6,552,020 | ) | | | 6,552,020 | |
Mid Cap Value Fund | | | (1,396,414 | ) | | | 1,396,414 | |
Mid Core Value Fund | | | (3,925,708 | ) | | | 3,925,708 | |
SMID Cap Growth Fund | | | 317,086 | | | | (317,086 | ) |
SMID Cap Value Fund | | | (3,738,907 | ) | | | 3,738,907 | |
Small Cap Growth Fund | | | (5,004,171 | ) | | | 5,004,171 | |
Small Cap Value Fund | | | (1,112,227 | ) | | | 1,112,227 | |
Small Cap Index Fund | | | (3,559,534 | ) | | | 3,559,534 | |
Developed International Index Fund | | | (4,420,358 | ) | | | 4,420,358 | |
International Equity Fund | | | (77,245 | ) | | | 77,245 | |
Emerging Markets Equity Fund | | | (325,088 | ) | | | 325,088 | |
Real Estate Securities Fund | | | (6,491,199 | ) | | | 6,491,199 | |
Aggressive Allocation Fund | | | (2,752,187 | ) | | | 2,752,187 | |
Moderately Aggressive Allocation Fund | | | (10,972,376 | ) | | | 10,972,376 | |
Moderate Allocation Fund | | | (15,238,744 | ) | | | 15,238,744 | |
Moderately Conservative Allocation Fund | | | (3,691,966 | ) | | | 3,691,966 | |
Conservative Allocation Fund | | | (1,453,425 | ) | | | 1,453,425 | |
These reclassifications had no effect on net assets or net asset value per share.
177
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2023 and 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term Capital Gains | | | Total | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Money Market Fund | | $ | 6,906,555 | | | $ | 416,654 | | | $ | — | | | $ | — | | | $ | 6,906,555 | | | $ | 416,654 | |
Limited Maturity Bond Fund | | $ | 7,727,577 | | | $ | 2,879,070 | | | $ | — | | | $ | — | | | $ | 7,727,577 | | | $ | 2,879,070 | |
Quality Bond Fund | | | 15,249,551 | | | | 10,870,035 | | | | — | | | | — | | | | 15,249,551 | | | | 10,870,035 | |
High Yield Bond Fund | | | 7,683,443 | | | | 7,107,998 | | | | — | | | | — | | | | 7,683,443 | | | | 7,107,998 | |
Flexibly Managed Fund | | | 111,462,107 | | | | 63,279,640 | | | | 47,015,625 | | | | 500,042,543 | | | | 158,477,732 | | | | 563,322,183 | |
Balanced Fund | | | 1,599,283 | | | | 1,220,706 | | | | 8,600,945 | | | | 6,907,651 | | | | 10,200,228 | | | | 8,128,357 | |
Large Growth Stock Fund | | | 193,960 | | | | — | | | | 19,940,588 | | | | 269,503 | | | | 20,134,548 | | | | 269,503 | |
Large Cap Growth Fund | | | 167,187 | | | | 83,436 | | | | 7,561,186 | | | | 6,101,261 | | | | 7,728,373 | | | | 6,184,697 | |
Large Core Growth Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Large Cap Value Fund | | | 2,680,859 | | | | 2,008,550 | | | | 6,150,162 | | | | 18,225,021 | | | | 8,831,021 | | | | 20,233,571 | |
Large Core Value Fund | | | 5,243,914 | | | | 3,262,793 | | | | 5,960,444 | | | | 12,903,052 | | | | 11,204,358 | | | | 16,165,845 | |
Index 500 Fund | | | 8,829,727 | | | | 7,812,235 | | | | 40,086,962 | | | | 16,358,943 | | | | 48,916,689 | | | | 24,171,178 | |
Mid Cap Growth Fund | | | — | | | | — | | | | 7,147,405 | | | | 17,170,535 | | | | 7,147,405 | | | | 17,170,535 | |
Mid Cap Value Fund | | | 909,898 | | | | 882,988 | | | | 486,516 | | | | — | | | | 1,396,414 | | | | 882,988 | |
Mid Core Value Fund | | | 2,120,964 | | | | 2,964,608 | | | | 1,804,833 | | | | 9,487,334 | | | | 3,925,797 | | | | 12,451,942 | |
SMID Cap Growth Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
SMID Cap Value Fund | | | 814,940 | | | | 803,079 | | | | 2,923,967 | | | | 4,854,967 | | | | 3,738,907 | | | | 5,658,046 | |
Small Cap Growth Fund | | | 313,022 | | | | — | | | | 4,691,149 | | | | 5,712,638 | | | | 5,004,171 | | | | 5,712,638 | |
Small Cap Value Fund | | | 1,112,227 | | | | 1,094,826 | | | | — | | | | 3,988,946 | | | | 1,112,227 | | | | 5,083,772 | |
Small Cap Index Fund | | | 733,607 | | | | 514,315 | | | | 2,825,927 | | | | 1,296,640 | | | | 3,559,534 | | | | 1,810,955 | |
Developed International Index Fund | | | 2,267,177 | | | | 1,643,076 | | | | 2,153,181 | | | | 805,805 | | | | 4,420,358 | | | | 2,448,881 | |
International Equity Fund | | | 77,245 | | | | — | | | | — | | | | — | | | | 77,245 | | | | — | |
Emerging Markets Equity Fund | | | 325,088 | | | | 936,610 | | | | — | | | | — | | | | 325,088 | | | | 936,610 | |
Real Estate Securities Fund | | | 2,700,723 | | | | 2,347,183 | | | | 3,790,476 | | | | 7,618,238 | | | | 6,491,199 | | | | 9,965,421 | |
Aggressive Allocation Fund | | | 808,946 | | | | 543,618 | | | | 4,684,668 | | | | 6,088,579 | | | | 5,493,614 | | | | 6,632,197 | |
Moderately Aggressive Allocation Fund | | | 3,415,187 | | | | 2,194,205 | | | | 17,020,495 | | | | 22,959,200 | | | | 20,435,682 | | | | 25,153,405 | |
178
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term Capital Gains | | | Total | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Moderate Allocation Fund | | $ | 4,705,610 | | | $ | 3,167,916 | | | $ | 20,169,385 | | | $ | 22,349,076 | | | $ | 24,874,995 | | | $ | 25,516,992 | |
Moderately Conservative Allocation Fund | | | 2,208,864 | | | | 1,333,510 | | | | 4,963,231 | | | | 6,810,924 | | | | 7,172,095 | | | | 8,144,434 | |
Conservative Allocation Fund | | | 1,541,746 | | | | 864,365 | | | | 1,871,344 | | | | 2,367,906 | | | | 3,413,090 | | | | 3,232,271 | |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
Capital loss carryforwards:
At December 31, 2023, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:
| | | | | | | | |
| | | Short-Term
Capital Loss | | | Long-Term
Capital Loss | |
Money Market Fund | | $ | (1,334 | ) | | $ | — | |
Limited Maturity Bond Fund | | | (1,050,333 | ) | | | (3,870,703 | ) |
Quality Bond Fund | | | (10,946,347 | ) | | | (27,516,768 | ) |
High Yield Bond Fund | | | (3,173,999 | ) | | | (5,050,738 | ) |
Large Core Growth Fund | | | (14,946,940 | ) | | | (50,990,680 | ) |
SMID Cap Growth Fund | | | (8,577,604 | ) | | | (2,494,909 | ) |
Small Cap Value Fund | | | (85,455 | ) | | | — | |
International Equity Fund | | | (7,941,965 | ) | | | — | |
Emerging Markets Equity Fund | | | (9,758,626 | ) | | | (9,872,484 | ) |
During the year ended December 31, 2023, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
| | | | |
Mid Cap Value Fund | | $ | 2,729,268 | |
International Equity Fund | | | 5,333,697 | |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2023:
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Late-Year
Capital Losses | |
SMID Cap Value Fund | | $ | — | | | $ | 128,491 | |
Real Estate Securities Fund | | | — | | | | 1,418,358 | |
179
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
Tax cost of securities:
At June 30, 2024, 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, 2024 were as follows:
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
Depreciation | |
Money Market Fund | | $ | 137,729,685 | | | $ | — | | | $ | — | | | $ | — | |
Limited Maturity Bond Fund | | | 192,050,631 | | | | 651,920 | | | | (5,698,055 | ) | | | (5,046,135 | ) |
Quality Bond Fund | | | 409,265,675 | | | | 1,686,815 | | | | (24,233,267 | ) | | | (22,546,452 | ) |
High Yield Bond Fund | | | 127,910,032 | | | | 2,426,648 | | | | (1,318,301 | ) | | | 1,108,347 | |
Flexibly Managed Fund | | | 4,687,666,145 | | | | 705,709,755 | | | | (145,687,945 | ) | | | 560,021,810 | |
Balanced Fund | | | 54,410,886 | | | | 24,797,750 | | | | — | | | | 24,797,750 | |
Large Growth Stock Fund | | | 190,514,866 | | | | 174,024,155 | | | | (7,526,416 | ) | | | 166,497,739 | |
Large Cap Growth Fund | | | 48,564,527 | | | | 23,447,229 | | | | (1,683,068 | ) | | | 21,764,161 | |
Large Core Growth Fund | | | 100,785,896 | | | | 35,375,226 | | | | (2,964,769 | ) | | | 32,410,457 | |
Large Cap Value Fund | | | 141,835,579 | | | | 29,521,236 | | | | (2,858,185 | ) | | | 26,663,051 | |
Large Core Value Fund | | | 122,929,463 | | | | 18,565,066 | | | | (5,853,129 | ) | | | 12,711,937 | |
Index 500 Fund | | | 365,847,867 | | | | 459,034,584 | | | | (13,566,376 | ) | | | 445,468,208 | |
Mid Cap Growth Fund | | | 115,236,501 | | | | 35,815,917 | | | | (11,918,533 | ) | | | 23,897,384 | |
Mid Cap Value Fund | | | 72,207,056 | | | | 18,332,890 | | | | (931,725 | ) | | | 17,401,165 | |
Mid Core Value Fund | | | 79,511,572 | | | | 4,789,772 | | | | (6,766,884 | ) | | | (1,977,112 | ) |
SMID Cap Growth Fund | | | 59,482,442 | | | | 13,736,980 | | | | (2,625,124 | ) | | | 11,111,856 | |
SMID Cap Value Fund | | | 46,662,955 | | | | 6,490,758 | | | | (4,506,898 | ) | | | 1,983,860 | |
Small Cap Growth Fund | | | 70,477,373 | | | | 35,793,929 | | | | (5,871,831 | ) | | | 29,922,098 | |
Small Cap Value Fund | | | 142,131,618 | | | | 14,575,202 | | | | (9,240,478 | ) | | | 5,334,724 | |
Small Cap Index Fund | | | 81,859,550 | | | | 17,429,143 | | | | (17,222,416 | ) | | | 206,727 | |
Developed International Index Fund | | | 55,867,255 | | | | 30,794,057 | | | | (5,731,561 | ) | | | 25,062,496 | |
International Equity Fund | | | 219,865,799 | | | | 28,936,148 | | | | (7,847,064 | ) | | | 21,089,084 | |
Emerging Markets Equity Fund | | | 79,065,036 | | | | 11,810,494 | | | | (6,879,144 | ) | | | 4,931,350 | |
Real Estate Securities Fund | | | 104,206,812 | | | | 11,167,847 | | | | (9,865,977 | ) | | | 1,301,870 | |
Aggressive Allocation Fund | | | 47,538,146 | | | | 12,026,584 | | | | (485,666 | ) | | | 11,540,918 | |
Moderately Aggressive Allocation Fund | | | 159,152,153 | | | | 44,072,336 | | | | (1,304,425 | ) | | | 42,767,911 | |
Moderate Allocation Fund | | | 170,247,819 | | | | 37,847,556 | | | | (1,243,790 | ) | | | 36,603,766 | |
Moderately Conservative Allocation Fund | | | 69,644,965 | | | | 8,308,986 | | | | (336,172 | ) | | | 7,972,814 | |
Conservative Allocation Fund | | | 42,210,002 | | | | 3,129,067 | | | | (543,381 | ) | | | 2,585,686 | |
The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.
It is each Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.
Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
180
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
7 — DERIVATIVE FINANCIAL INSTRUMENTS
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include 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, 2024. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2024 are listed after the Fund’s Schedule of Investments.
Options—An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.
Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statements of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statements of Operations.
The Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases
181
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
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, 2024 can be found on the Schedule of Investments.
Forward Foreign Currency Contracts—A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
The Mid Core Value Fund and Developed International Index 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, 2024:
| | | | |
| | | Location on the Statements of Assets and Liabilities |
Derivative Type | | Asset Derivatives | | Liability Derivatives |
| Equity contracts | | Investments at value Futures variation margin receivable* | | Call options written, at value Futures variation margin payable* |
| Foreign currency contracts | | Net unrealized appreciation of forward foreign currency contracts | | Net unrealized depreciation of forward foreign currency contracts |
| Interest rate contracts | | Futures variation margin receivable* | | Futures variation margin payable* |
| * | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | $ | — | | | $ | — | | | $ | 312,883 | | | $ | — | | | $ | — | | | $ | (97,891 | ) |
Quality Bond Fund | | | — | | | | — | | | | 329,831 | | | | — | | | | — | | | | — | |
Flexibly Managed Fund | | | — | | | | — | | | | — | | | | (12,727,369 | ) | | | — | | | | — | |
Index 500 Fund | | | 12,809 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Mid Core Value Fund | | | — | | | | 18,491 | | | | — | | | | — | | | | (130 | ) | | | — | |
182
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | ASSET DERIVATIVE VALUE | | | LIABILITY DERIVATIVE VALUE | |
| | | Equity
Contracts | | | Foreign Currency
Contracts | | | Interest Rate
Contracts | | | Equity
Contracts | | | Foreign Currency
Contracts | | | Interest Rate
Contracts | |
Small Cap Index Fund | | $ | 1,029 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Developed International Index Fund | | | — | | | | 940 | | | | — | | | | (1,717 | ) | | | — | | | | — | |
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.
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, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | 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 | | | $ | — | | | $ | (625,553 | ) | | $ | (625,553 | ) | | $ | — | | | $ | (625,553 | ) |
Barclays | | | ISDA | | | | — | | | | (585,190 | ) | | | (585,190 | ) | | | — | | | | (585,190 | ) |
Citigroup | | | ISDA | | | | — | | | | (4,096,648 | ) | | | (4,096,648 | ) | | | — | | | | (4,096,648 | ) |
Goldman Sachs | | | ISDA | | | | — | | | | (1,415,341 | ) | | | (1,415,341 | ) | | | — | | | | (1,415,341 | ) |
JPMorgan | | | ISDA | | | | — | | | | (3,126,494 | ) | | | (3,126,494 | ) | | | — | | | | (3,126,494 | ) |
UBS Securities | | | ISDA | | | | — | | | | (219,691 | ) | | | (219,691 | ) | | | — | | | | (219,691 | ) |
Wells Fargo | | | ISDA | | | | — | | | | (2,658,452 | ) | | | (2,658,452 | ) | | | — | | | | (2,658,452 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | — | | | $ | (12,727,369 | ) | | $ | (12,727,369 | ) | | $ | — | | | $ | (12,727,369 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
183
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Gross Amounts Presented
on Statements of Assets
and Liabilities | | | | | | | | | | |
Fund and Counterparty | | Form of
Master
Netting
Agreement | | | Value of
Assets | | | Value of
Liabilities | | | Net Amount
Due (to)/from
Counterparty | | | Collateral Pledged
(Received by
Fund) | | | Loss Exposure,
After Collateral | |
Mid Core Value Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Bank of America | | | Fx Letter | | | $ | 4,587 | | | $ | (130 | ) | | $ | 4,457 | | | $ | — | | | $ | 4,457 | |
Citibank N.A. | | | Fx Letter | | | | 3,064 | | | | — | | | | 3,064 | | | | — | | | | 3,064 | |
Goldman Sachs | | | Fx Letter | | | | 2,978 | | | | — | | | | 2,978 | | | | — | | | | 2,978 | |
Morgan Stanley | | | Fx Letter | | | | 4,278 | | | | — | | | | 4,278 | | | | — | | | | 4,278 | |
UBS Securities | | | Fx Letter | | | | 3,584 | | | | — | | | | 3,584 | | | | — | | | | 3,584 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | 18,491 | | | $ | (130 | ) | | $ | 18,361 | | | $ | — | | | $ | 18,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Developed International Index Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Capital Group | | | Fx Letter | | | | 297 | | | | — | | | | 297 | | | | — | | | | 297 | |
RBC Capital Markets Corp. | | | Fx Letter | | | | 643 | | | | — | | | | 643 | | | | — | | | | 643 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | 940 | | | $ | — | | | $ | 940 | | | $ | — | | | $ | 940 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2024:
| | |
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 | | $ | — | | | $ | — | | | $ | (665,197 | ) |
Quality Bond Fund | | | — | | | | — | | | | (152,269 | ) |
Flexibly Managed Fund | | | 5,570,241 | | | | — | | | | — | |
Large Cap Growth Fund | | | — | | | | 56 | | | | — | |
Index 500 Fund | | | 366,572 | | | | — | | | | — | |
Mid Core Value Fund | | | — | | | | 141,884 | | | | — | |
Small Cap Growth Fund | | | — | | | | (369 | ) | | | — | |
Small Cap Index Fund | | | 11,473 | | | | — | | | | — | |
Developed International Index Fund | | | 93,479 | | | | 11,755 | | | | — | |
184
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
| | | | | | | | | | | | |
| | | Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income | |
Fund | | Equity Contracts | | | Foreign Currency
Contracts | | | Interest Rate
Contracts | |
Limited Maturity Bond Fund | | $ | — | | | $ | — | | | $ | (792,518 | ) |
Quality Bond Fund | | | — | | | | — | | | | (1,967,090 | ) |
Flexibly Managed Fund | | | (3,707,815 | ) | | | — | | | | — | |
Index 500 Fund | | | (79,926 | ) | | | — | | | | — | |
Mid Core Value Fund | | | — | | | | 77,264 | | | | — | |
Small Cap Index Fund | | | (20,666 | ) | | | — | | | | — | |
Developed International Index Fund | | | (59,949 | ) | | | 15,876 | | | | — | |
The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2024. 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 | | $ | — | | | $ | 112,911,237 | | | $ | (10,655,157 | ) | | $ | — | | | $ | — | |
Quality Bond Fund | | | — | | | | 63,107,419 | | | | — | | | | — | | | | — | |
Flexibly Managed Fund | | | — | | | | — | | | | — | | | | — | | | | 13,681,821 | |
Index 500 Fund | | | — | | | | 2,608,333 | | | | — | | | | — | | | | — | |
Mid Core Value Fund | | | (6,272,471 | ) | | | — | | | | — | | | | — | | | | — | |
Small Cap Index Fund | | | — | | | | 590,960 | | | | — | | | | — | | | | — | |
Developed International Index Fund | | | (480,097 | ) | | | 1,621,602 | | | | — | | | | — | | | | — | |
The Large Cap Growth Fund and Small Cap Growth Fund had derivative activity during the period but did not have open positions at any quarter-end.
8 — CREDIT AND MARKET RISK
The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds’ ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.
The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer’s continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.
The High Yield Bond, Flexibly Managed, Large 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.
185
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2024 (Unaudited)
9 — CONTRACTUAL OBLIGATIONS
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.
10 — 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.
186
Penn Series Funds, Inc.
June 30, 2024 (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, 2024 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
187
Penn Series Funds, Inc.
June 30, 2024
Board Approval of Investment Advisory and Sub-Advisory Agreements
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 serves as the investment adviser to each series of the Company (each, a “Fund” and collectively, the “Funds”). As the investment adviser to the Funds, PMAM is primarily responsible for (i) providing day-to-day investment management services to certain of the Funds (collectively, the “Directly Managed Funds”) and (ii) selecting and overseeing the investment sub-advisers who perform day-to-day investment management services for the remaining Funds (collectively, the “Sub-Advised 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 has entered into, and the Company’s Board of Directors (the “Board”) has approved, separate sub-advisory agreements (each, a “Sub-Advisory Agreement”, collectively, the “Sub-Advisory Agreements”, and together with the Advisory Agreement, the “Agreements”) with each sub-adviser identified below (each, a “Sub-Adviser”, collectively, the “Sub-Advisers”, and together with PMAM, the “Advisers”). Each Sub-Adviser is primarily responsible for the day-to-day management of its Sub-Advised Funds(s) subject to the oversight of both PMAM and the Board. PMAM serves as “manager of managers” with respect to the Sub-Advisers and the Sub-Advised Funds. As such, PMAM, subject to certain conditions and the approval of the Board, may hire and terminate unaffiliated investment sub‑advisers without shareholder approval for each of the Sub-Advised Funds. The Sub-Advised Funds’ “manager of managers” structure facilitates PMAM’s regular review of each Sub-Adviser’s overall performance with respect to the Sub-Advised Fund(s) it manages. When selecting a new investment sub-adviser, PMAM 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 engages in a substantially similar evaluation process when determining whether to retain a Sub-Adviser. PMAM also oversees 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 and to monitor each Sub-Adviser’s adherence to its investment style and the Fund’s investment strategies.
| | |
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 |
| Delaware Investments Fund Advisers | | Large Core 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 |
| 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
188
Penn Series Funds, Inc.
June 30, 2024
Board Approval of Investment Advisory and Sub-Advisory Agreements (continued)
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.
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
The Board held a special meeting on May 2, 2024 (the “Pre-15(c) Meeting”) via web conference and an in-person meeting on May 23, 2024 (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 fees, sub-advisory fees and overall expense ratios of each Fund, as applicable, as well as comparisons of such fees and expenses with those 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 risk management and 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 provided on a quarterly basis. 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 voting separately, unanimously determined, in the exercise of the Directors’ business judgment, to approve the continuance and renewal of the applicable Agreements for another year with respect to each Fund.
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 and overall expense ratios to the fees and expenses 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 under, 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.
189
Penn Series Funds, Inc.
June 30, 2024
Board Considerations (continued)
In considering the continuance and renewal of the Agreements, the Board considered the following factors and reached the following conclusions:
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; 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. 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 continue 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 the Fund’s applicable benchmark and 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. Where a Fund significantly underperformed or outperformed its Peer Funds, the Board considered the Adviser’s explanation as to the reasons for the underperformance or outperformance. The Board also considered the Adviser’s explanation as to why certain Peer Funds selected by the independent provider may not have provided a close comparison, due to differences in investment quality or the style of investment strategy followed by the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Funds, both compared to the applicable benchmark and to Peer Funds, 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. In its evaluation of advisory and sub-advisory fees, the Board noted that the Adviser was proposing to amend the Advisory Agreement and Sub-Advisory Agreements to reduce the advisory and sub-advisory fees charged pursuant to the respective agreements for the SMID Cap Value Fund, Mid Core Value Fund, Mid Cap Growth Fund, Large Core Value Fund, SMID Cap Growth Fund, Small Cap Value Fund, Mid Cap Value Fund, Small Cap Growth Fund, Large Cap Growth Fund, Emerging Markets Equity Fund, and International Equity Fund, effective June 1, 2024. The Board considered, in particular, the expense information for the Funds and the corresponding Peer Funds included in the Comparative Report. The Board evaluated (a) the advisory and sub-advisory services provided; (b) the advisory and sub-advisory fees paid, as well as the proposed reduced advisory and sub-advisory fees to be charged for certain Funds, 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 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 and fall-out benefits, the Board considered all compensation paid by a Fund, 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. The Board noted that PMAM’s overall profitability had slightly decreased during the past year. The Board also considered the anticipated change in profitability of certain Funds where PMAM had proposed to reduce the advisory and sub-advisory fee rates. 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 administrative and servicing arrangements between the Funds and PMAM and Penn Mutual. The Board also considered the expense allocation methodology, which was unchanged from that used in the prior year, used to determine the profitability of PMAM
190
Penn Series Funds, Inc.
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Board Considerations (continued)
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 considered 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 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 the benefits of any such economies of scale are shared with a Fund and its shareholders, including through breakpoints in the advisory and sub-advisory fee schedules. The Board noted PMAM’s statement that approximately 90% of the assets are under a structure that provides for breakpoints in the advisory and sub-advisory fee schedules, as applicable. The Board further noted PMAM’s cooperation in and recent focus on a reduction in advisory and sub-advisory fee breakpoints to allow each Fund and its shareholders to benefit from economies of scale. As a result, the Board concluded that should an Adviser realize economies of scale in connection with its management of one or more Funds, the existence of breakpoints adequately ensure that the benefits derived from such economies of scale are effectively shared with the Fund and its shareholders.
* * *
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.
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| | |
 | | 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. Visit Penn Mutual at www.pennmutual.com. 
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© 2024 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, 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 16. Controls and Procedures.
| | (a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| | (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | |
| (Registrant) | | | | | | Penn Series Funds, Inc. |
| | | |
| By (Signature and Title)* | | | | | | /s/ Keith G. Huckerby |
| | | | | | Keith G. Huckerby, President |
| | | | | | (principal executive officer) |
Date September 5, 2024
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) |
Date September 5, 2024
| | | | | | |
| By (Signature and Title)* | | | | | | /s/ Steven Viola |
| | | | | | Steven Viola, Treasurer |
| | | | | | (principal financial officer) |
Date September 5, 2024
| * | Print the name and title of each signing officer under his or her signature. |
