Penn Series Funds, Inc.
Schedule of Investments — September 30, 2021 (Unaudited)
Small Cap Value Fund
Number of Shares | Value† | |
COMMON STOCKS — 87.1% | ||
Aerospace & Defense — 0.9% | ||
AAR Corp.* | 24,031 | $779,325 |
Ducommun, Inc.* | 8,470 | 426,465 |
Kaman Corp. | 13,810 | 492,603 |
1,698,393 | ||
Airlines — 0.3% | ||
Allegiant Travel Co.* | 3,209 | 627,295 |
Apparel — 0.9% | ||
Capri Holdings Ltd.* | 7,316 | 354,167 |
Crocs, Inc.* | 9,343 | 1,340,534 |
Deckers Outdoor Corp.* | 278 | 100,136 |
1,794,837 | ||
Auto Manufacturers — 0.1% | ||
Workhorse Group, Inc.* | 12,563 | 96,107 |
Auto Parts & Equipment — 1.0% | ||
Adient PLC* | 24,644 | 1,021,494 |
The Goodyear Tire & Rubber Co.* | 48,933 | 866,114 |
1,887,608 | ||
Banks — 15.3% | ||
Alerus Financial Corp. | 5,548 | 165,774 |
Amalgamated Financial Corp. | 10,953 | 173,277 |
Ameris Bancorp | 28,079 | 1,456,739 |
Atlantic Union Bankshares Corp. | 31,221 | 1,150,494 |
BancorpSouth Bank | 33,705 | 1,003,735 |
Banner Corp. | 22,735 | 1,255,199 |
Cadence BanCorp | 13,623 | 299,161 |
Columbia Banking System, Inc. | 33,402 | 1,268,942 |
Community Bank System, Inc. | 17,316 | 1,184,761 |
ConnectOne Bancorp, Inc. | 30,587 | 917,916 |
CVB Financial Corp. | 54,698 | 1,114,198 |
Eastern Bankshares, Inc. | 35,232 | 715,210 |
FB Financial Corp. | 26,411 | 1,132,504 |
First Financial Bankshares, Inc. | 15,714 | 722,058 |
First Merchants Corp. | 27,396 | 1,146,249 |
German American Bancorp, Inc. | 13,408 | 517,951 |
Glacier Bancorp, Inc. | 25,607 | 1,417,347 |
Great Western Bancorp, Inc. | 7,385 | 241,785 |
Hancock Whitney Corp. | 25,537 | 1,203,303 |
Heritage Financial Corp. | 21,869 | 557,660 |
Home BancShares, Inc. | 37,993 | 893,975 |
Independent Bank Corp. | 12,472 | 949,743 |
Lakeland Financial Corp. | 18,047 | 1,285,668 |
PacWest Bancorp | 20,769 | 941,251 |
Pinnacle Financial Partners, Inc. | 10,001 | 940,894 |
Renasant Corp. | 28,309 | 1,020,539 |
SouthState Corp. | 14,064 | 1,050,159 |
The First of Long Island Corp. | 6,055 | 124,733 |
Towne Bank | 20,746 | 645,408 |
TriCo Bancshares | 19,183 | 832,542 |
United Community Banks, Inc. | 41,337 | 1,356,680 |
Walker & Dunlop, Inc. | 12,019 | 1,364,157 |
29,050,012 |
Number of Shares | Value† | |
Beverages — 0.7% | ||
Primo Water Corp. | 83,348 | $1,310,231 |
Biotechnology — 2.3% | ||
Allogene Therapeutics, Inc.* | 13,976 | 359,183 |
Arena Pharmaceuticals, Inc.* | 11,792 | 702,214 |
Bluebird Bio, Inc.* | 18,612 | 355,675 |
Blueprint Medicines Corp.* | 3,013 | 309,767 |
Inovio Pharmaceuticals, Inc.* | 27,061 | 193,757 |
Intra-Cellular Therapies, Inc.* | 9,725 | 362,548 |
Mersana Therapeutics, Inc.* | 9,791 | 92,329 |
Myriad Genetics, Inc.* | 21,292 | 687,519 |
Pacific Biosciences of California, Inc.* | 20,123 | 514,143 |
REVOLUTION Medicines, Inc.* | 9,871 | 271,551 |
Turning Point Therapeutics, Inc.* | 8,036 | 533,831 |
4,382,517 | ||
Building Materials — 0.8% | ||
Gibraltar Industries, Inc.* | 6,852 | 477,242 |
Griffon Corp. | 8,099 | 199,235 |
Summit Materials, Inc., Class A* | 26,868 | 858,970 |
1,535,447 | ||
Chemicals — 1.4% | ||
Amyris, Inc.* | 14,052 | 192,934 |
H.B. Fuller Co. | 7,351 | 474,581 |
Kraton Corp.* | 5,168 | 235,867 |
Rogers Corp.* | 4,540 | 846,619 |
Tronox Holdings PLC, Class A | 39,958 | 984,965 |
2,734,966 | ||
Commercial Services — 5.7% | ||
AMN Healthcare Services, Inc.* | 7,715 | 885,296 |
ASGN, Inc.* | 11,570 | 1,309,030 |
Avis Budget Group, Inc.* | 6,502 | 757,548 |
Deluxe Corp. | 25,425 | 912,503 |
First Advantage Corp.* | 39,414 | 750,837 |
Green Dot Corp., Class A* | 17,795 | 895,622 |
Herc Holdings, Inc.* | 6,276 | 1,025,875 |
ICF International, Inc. | 6,885 | 614,762 |
John Wiley & Sons, Inc., Class A | 23,062 | 1,204,067 |
LiveRamp Holdings, Inc.* | 22,168 | 1,046,994 |
Marathon Digital Holdings, Inc.* | 9,222 | 291,231 |
Rent-A-Center, Inc. | 19,047 | 1,070,632 |
10,764,397 | ||
Computers — 0.9% | ||
KBR, Inc. | 43,397 | 1,709,842 |
Distribution & Wholesale — 3.0% | ||
Avient Corp. | 49,456 | 2,292,285 |
Resideo Technologies, Inc.* | 55,267 | 1,370,069 |
WESCO International, Inc.* | 17,109 | 1,973,010 |
5,635,364 | ||
Diversified Financial Services — 1.5% | ||
Hamilton Lane, Inc., Class A | 5,337 | 452,684 |
Houlihan Lokey, Inc. | 7,352 | 677,119 |
Oportun Financial Corp.* | 8,333 | 208,575 |
1
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2021 (Unaudited)
Small Cap Value Fund
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Diversified Financial Services — (continued) | ||
PJT Partners, Inc., Class A | 8,386 | $663,417 |
Stifel Financial Corp. | 12,582 | 855,073 |
2,856,868 | ||
Electric — 1.9% | ||
ALLETE, Inc. | 18,655 | 1,110,345 |
IDACORP, Inc. | 12,952 | 1,338,978 |
MGE Energy, Inc. | 16,420 | 1,206,870 |
3,656,193 | ||
Electronics — 1.3% | ||
Brady Corp., Class A | 10,135 | 513,845 |
FARO Technologies, Inc.* | 10,973 | 722,133 |
Knowles Corp.* | 30,855 | 578,223 |
TTM Technologies, Inc.* | 50,799 | 638,543 |
2,452,744 | ||
Energy-Alternate Sources — 0.4% | ||
NextEra Energy Partners LP | 10,098 | 760,985 |
Engineering & Construction — 1.5% | ||
Arcosa, Inc. | 17,362 | 871,052 |
Dycom Industries, Inc.* | 12,122 | 863,571 |
WillScot Mobile Mini Holdings Corp.* | 38,239 | 1,212,941 |
2,947,564 | ||
Entertainment — 0.7% | ||
SeaWorld Entertainment, Inc.* | 25,080 | 1,387,426 |
Food — 1.6% | ||
Hostess Brands, Inc.* | 60,302 | 1,047,446 |
Performance Food Group Co.* | 2,130 | 98,960 |
The Simply Good Foods Co.* | 18,086 | 623,786 |
United Natural Foods, Inc.* | 14,925 | 722,668 |
Utz Brands, Inc. | 29,155 | 499,425 |
2,992,285 | ||
Food Service — 0.1% | ||
Sovos Brands, Inc.* | 8,937 | 124,671 |
Forest Products & Paper — 0.1% | ||
Domtar Corp.* | 5,161 | 281,481 |
Gas — 1.2% | ||
Chesapeake Utilities Corp. | 8,227 | 987,651 |
ONE Gas, Inc. | 19,800 | 1,254,726 |
2,242,377 | ||
Hand & Machine Tools — 0.6% | ||
Kennametal, Inc. | 35,228 | 1,205,854 |
Healthcare Products — 2.5% | ||
Avanos Medical, Inc.* | 26,348 | 822,058 |
CONMED Corp. | 7,917 | 1,035,781 |
LivaNova PLC* | 8,647 | 684,756 |
Merit Medical Systems, Inc.* | 16,204 | 1,163,447 |
NuVasive, Inc.* | 18,747 | 1,122,008 |
4,828,050 |
Number of Shares | Value† | |
Healthcare Services — 1.6% | ||
Acadia Healthcare Co., Inc.* | 14,966 | $954,532 |
Invitae Corp.* | 16,061 | 456,614 |
Tenet Healthcare Corp.* | 24,609 | 1,635,022 |
3,046,168 | ||
Home Builders — 1.3% | ||
Century Communities, Inc. | 18,209 | 1,118,943 |
Installed Building Products, Inc. | 4,207 | 450,780 |
Meritage Homes Corp.* | 9,891 | 959,427 |
2,529,150 | ||
Housewares — 0.1% | ||
Tupperware Brands Corp.* | 7,384 | 155,950 |
Insurance — 3.9% | ||
AMERISAFE, Inc. | 7,042 | 395,479 |
BRP Group, Inc., Class A* | 18,099 | 602,516 |
CNO Financial Group, Inc. | 45,802 | 1,078,179 |
Enstar Group Ltd.* | 4,070 | 955,351 |
MGIC Investment Corp. | 81,065 | 1,212,732 |
NMI Holdings, Inc., Class A* | 30,041 | 679,227 |
Primerica, Inc. | 4,378 | 672,592 |
RLI Corp. | 5,908 | 592,395 |
Selective Insurance Group, Inc. | 15,684 | 1,184,613 |
7,373,084 | ||
Internet — 0.1% | ||
Figs, Inc., Class A* | 5,279 | 196,062 |
Iron & Steel — 0.5% | ||
Allegheny Technologies, Inc.* | 19,389 | 322,439 |
Commercial Metals Co. | 20,015 | 609,657 |
932,096 | ||
Leisure Time — 0.6% | ||
Callaway Golf Co.* | 38,312 | 1,058,561 |
Lodging — 0.8% | ||
Boyd Gaming Corp.* | 12,814 | 810,613 |
Travel + Leisure Co. | 13,062 | 712,271 |
1,522,884 | ||
Machinery — Construction & Mining — 0.9% | ||
Astec Industries, Inc. | 14,793 | 796,011 |
Terex Corp. | 20,469 | 861,745 |
1,657,756 | ||
Machinery — Diversified — 2.9% | ||
Cactus, Inc., Class A | 22,018 | 830,519 |
Chart Industries, Inc.* | 6,912 | 1,320,952 |
Colfax Corp.* | 29,673 | 1,361,991 |
Columbus McKinnon Corp. | 27,456 | 1,327,497 |
SPX FLOW, Inc. | 10,087 | 737,360 |
5,578,319 | ||
Media — 1.9% | ||
Entravision Communications Corp., Class A | 54,608 | 387,717 |
Gray Television, Inc. | 25,073 | 572,166 |
2
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2021 (Unaudited)
Small Cap Value Fund
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Media — (continued) | ||
iHeartMedia, Inc., Class A* | 43,227 | $1,081,539 |
Nexstar Media Group, Inc., Class A | 6,676 | 1,014,485 |
TEGNA, Inc. | 26,923 | 530,922 |
3,586,829 | ||
Metal Fabricate/Hardware — 1.4% | ||
Proto Labs, Inc.* | 5,120 | 340,992 |
Rexnord Corp. | 36,669 | 2,357,450 |
2,698,442 | ||
Mining — 1.2% | ||
Alcoa Corp.* | 7,945 | 388,828 |
Arconic Corp.* | 25,227 | 795,659 |
Coeur Mining, Inc.* | 52,933 | 326,597 |
Constellium S.E.* | 37,928 | 712,288 |
2,223,372 | ||
Miscellaneous Manufacturing — 0.6% | ||
Federal Signal Corp. | 28,497 | 1,100,554 |
Oil & Gas — 5.4% | ||
Antero Resources Corp.* | 78,749 | 1,481,269 |
Brigham Minerals, Inc., Class A | 34,674 | 664,354 |
Centennial Resource Development, Inc., Class A* | 153,357 | 1,027,492 |
Magnolia Oil & Gas Corp., Class A | 63,244 | 1,125,111 |
Ovintiv, Inc. | 35,501 | 1,167,273 |
PDC Energy, Inc. | 24,997 | 1,184,608 |
Range Resources Corp.* | 49,780 | 1,126,521 |
SM Energy Co. | 45,107 | 1,189,922 |
Viper Energy Partners LP | 56,330 | 1,230,810 |
10,197,360 | ||
Oil & Gas Services — 0.9% | ||
ChampionX Corp.* | 48,694 | 1,088,798 |
Liberty Oilfield Services, Inc., Class A* | 27,153 | 329,366 |
NexTier Oilfield Solutions, Inc.* | 75,337 | 346,550 |
1,764,714 | ||
Pharmaceuticals — 1.6% | ||
Agios Pharmaceuticals, Inc.* | 13,552 | 625,425 |
Alkermes PLC* | 18,883 | 582,352 |
Cytokinetics, Inc.* | 7,454 | 266,406 |
Ironwood Pharmaceuticals, Inc.* | 36,802 | 480,634 |
Option Care Health, Inc.* | 25,406 | 616,349 |
Owens & Minor, Inc. | 16,063 | 502,611 |
3,073,777 | ||
Real Estate — 0.5% | ||
Kennedy-Wilson Holdings, Inc. | 42,259 | 884,058 |
Retail — 4.4% | ||
Abercrombie & Fitch Co., Class A* | 24,357 | 916,554 |
Academy Sports & Outdoors, Inc.* | 14,786 | 591,736 |
American Eagle Outfitters, Inc. | 9,432 | 243,346 |
Beacon Roofing Supply, Inc.* | 19,482 | 930,460 |
BJ's Wholesale Club Holdings, Inc.* | 22,289 | 1,224,112 |
Bloomin' Brands, Inc.* | 13,807 | 345,175 |
Number of Shares | Value† | |
Retail — (continued) | ||
Citi Trends, Inc.* | 8,067 | $588,568 |
FirstCash, Inc. | 8,518 | 745,325 |
Group 1 Automotive, Inc. | 5,602 | 1,052,504 |
Macy's, Inc. | 35,424 | 800,582 |
RH* | 220 | 146,720 |
Signet Jewelers Ltd.* | 9,762 | 770,808 |
Zumiez, Inc.* | 2,467 | 98,088 |
8,453,978 | ||
Savings & Loans — 2.3% | ||
Brookline Bancorp, Inc. | 47,534 | 725,369 |
OceanFirst Financial Corp. | 39,523 | 846,187 |
Pacific Premier Bancorp, Inc. | 29,367 | 1,216,969 |
Washington Federal, Inc. | 45,220 | 1,551,498 |
4,340,023 | ||
Semiconductors — 2.1% | ||
Cohu, Inc.* | 31,888 | 1,018,503 |
CTS Corp. | 18,951 | 585,776 |
MACOM Technology Solutions Holdings, Inc.* | 17,613 | 1,142,555 |
Onto Innovation, Inc.* | 18,053 | 1,304,329 |
4,051,163 | ||
Software — 1.0% | ||
Allscripts Healthcare Solutions, Inc.* | 48,946 | 654,408 |
Cerence, Inc.* | 6,134 | 589,539 |
ManTech International Corp., Class A | 7,847 | 595,744 |
1,839,691 | ||
Telecommunications — 2.5% | ||
InterDigital, Inc. | 7,754 | 525,876 |
Iridium Communications, Inc.* | 26,041 | 1,037,734 |
Telephone and Data Systems, Inc. | 47,366 | 923,637 |
Viavi Solutions, Inc.* | 71,028 | 1,117,981 |
Vonage Holdings Corp.* | 70,051 | 1,129,222 |
4,734,450 | ||
Textiles — 0.4% | ||
UniFirst Corp. | 3,845 | 817,524 |
Transportation — 1.2% | ||
ArcBest Corp. | 12,817 | 1,048,046 |
Saia, Inc.* | 5,209 | 1,239,898 |
2,287,944 | ||
Water — 0.3% | ||
SJW Group | 9,781 | 646,133 |
TOTAL COMMON STOCKS (Cost $135,466,392) | 165,713,556 | |
REAL ESTATE INVESTMENT TRUSTS — 11.6% | ||
Building & Real Estate — 1.3% | ||
PennyMac Mortgage Investment Trust | 81,058 | 1,596,032 |
Two Harbors Investment Corp. | 127,580 | 808,857 |
2,404,889 |
3
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2021 (Unaudited)
Small Cap Value Fund
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Diversified — 0.9% | ||
DigitalBridge Group, Inc.* | 162,584 | $980,381 |
PS Business Parks, Inc. | 4,336 | 679,625 |
1,660,006 | ||
Diversified Financial Services — 0.5% | ||
KKR Real Estate Finance Trust, Inc. | 44,266 | 934,013 |
Healthcare — 2.0% | ||
Healthcare Realty Trust, Inc. | 53,824 | 1,602,879 |
National Health Investors, Inc. | 18,611 | 995,689 |
Sabra Health Care REIT, Inc. | 81,202 | 1,195,293 |
3,793,861 | ||
Hotels & Resorts — 2.5% | ||
Park Hotels & Resorts, Inc.* | 41,330 | 791,056 |
Pebblebrook Hotel Trust | 68,369 | 1,532,149 |
RLJ Lodging Trust | 72,826 | 1,082,194 |
Ryman Hospitality Properties, Inc.* | 16,595 | 1,389,002 |
4,794,401 | ||
Industrial — 1.1% | ||
EastGroup Properties, Inc. | 5,081 | 846,647 |
STAG lndustrial, Inc. | 33,362 | 1,309,459 |
2,156,106 | ||
Office Property — 1.5% | ||
Highwoods Properties, Inc. | 33,941 | 1,488,652 |
Hudson Pacific Properties, Inc. | 55,387 | 1,455,017 |
2,943,669 | ||
Storage & Warehousing — 0.5% | ||
Terreno Realty Corp. | 16,354 | 1,034,063 |
Strip Centers — 1.3% | ||
Acadia Realty Trust | 53,230 | 1,086,424 |
SITE Centers Corp. | 84,920 | 1,311,165 |
2,397,589 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $21,852,898) | 22,118,597 | |
EXCHANGE TRADED FUNDS — 0.4% | ||
Investment Companies — 0.4% | ||
iShares Russell 2000 Value ETF (Cost $775,938) | 4,643 | 743,948 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,049,809) | 1,049,809 | $1,049,809 |
TOTAL INVESTMENTS — 99.7% (Cost $159,145,037) | $189,625,910 | |
Other Assets & Liabilities — 0.3% | 650,546 | |
TOTAL NET ASSETS — 100.0% | $190,276,456 |
† | See Security Valuation Note in the most recent semi-annual or annual report. |
* | Non-income producing security. |
ETF— Exchange-Traded Fund. |
LP— Limited Partnership. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
S.E.— Societas Europaea. |
4