Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Par (000) | Value† | |
ASSET BACKED SECURITIES — 0.2% | ||
Domino's Pizza Master Issuer LLC, | ||
Series 2017-1A A23, 144A, 4.118%, 07/25/47@ | $4,789 | $4,418,914 |
Series 2018-1A A2I, 144A, 4.116%, 07/25/48@ | 4,500 | 4,244,406 |
Series 2019-1A A2, 144A, 3.668%, 10/25/49@ | 2,160 | 1,871,000 |
TOTAL ASSET BACKED SECURITIES (Cost $11,408,129) | 10,534,320 |
Number of Shares | ||
COMMON STOCKS — 63.1% | ||
Aerospace & Defense — 1.0% | ||
Teledyne Technologies, Inc.* | 128,756 | 43,451,287 |
Auto Parts & Equipment — 0.2% | ||
Aurora Innovation, Inc.* | 3,528,857 | 7,798,774 |
Banks — 2.6% | ||
The PNC Financial Services Group, Inc. | 775,256 | 115,838,752 |
Beverages — 0.7% | ||
Keurig Dr Pepper, Inc. | 809,944 | 29,012,194 |
Chemicals — 0.2% | ||
Linde PLC | 24,600 | 6,631,914 |
Commercial Services — 1.7% | ||
Equifax, Inc. | 104,842 | 17,973,064 |
TransUnion | 944,652 | 56,197,348 |
74,170,412 | ||
Computers — 3.1% | ||
Apple, Inc. | 995,536 | 137,583,075 |
Diversified Financial Services — 2.8% | ||
Intercontinental Exchange, Inc. | 730,610 | 66,010,613 |
Mastercard, Inc., Class A | 101,800 | 28,945,812 |
Visa, Inc., Class A | 149,000 | 26,469,850 |
121,426,275 | ||
Electric — 1.2% | ||
Ameren Corp. | 611,847 | 49,284,276 |
Public Service Enterprise Group, Inc. | 81,900 | 4,605,237 |
53,889,513 | ||
Electronics — 4.9% | ||
Fortive Corp. | 1,874,570 | 109,287,431 |
TE Connectivity Ltd. | 985,522 | 108,762,208 |
218,049,639 | ||
Environmental Control — 1.6% | ||
Waste Connections, Inc. | 514,912 | 69,580,059 |
Healthcare Products — 9.4% | ||
Alcon, Inc. | 523,510 | 30,408,307 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Avantor, Inc.* | 1,553,216 | $30,443,033 |
Danaher Corp. | 394,477 | 101,889,464 |
Hologic, Inc.* | 53,459 | 3,449,175 |
PerkinElmer, Inc. | 861,367 | 103,648,291 |
Teleflex, Inc. | 205,102 | 41,319,849 |
Thermo Fisher Scientific, Inc. | 202,530 | 102,721,191 |
413,879,310 | ||
Healthcare Services — 2.6% | ||
Catalent, Inc.* | 370,878 | 26,836,732 |
UnitedHealth Group, Inc. | 176,035 | 88,904,716 |
115,741,448 | ||
Insurance — 0.9% | ||
Marsh & McLennan Cos., Inc. | 275,999 | 41,203,891 |
Internet — 6.1% | ||
Alphabet, Inc., Class A* | 741,600 | 70,934,040 |
Alphabet, Inc., Class C* | 627,300 | 60,314,895 |
Amazon.com, Inc.* | 1,002,828 | 113,319,564 |
Meta Platforms, Inc., Class A* | 183,659 | 24,918,853 |
269,487,352 | ||
Machinery — Diversified — 1.9% | ||
Ingersoll Rand, Inc. | 1,946,184 | 84,191,920 |
Miscellaneous Manufacturing — 2.0% | ||
General Electric Co. | 1,439,941 | 89,146,747 |
Oil & Gas — 0.8% | ||
EOG Resources, Inc. | 144,600 | 16,156,158 |
Pioneer Natural Resources Co. | 87,800 | 19,011,334 |
35,167,492 | ||
Pharmaceuticals — 2.1% | ||
Becton Dickinson and Co. | 405,668 | 90,395,001 |
Embecta Corp. | 951 | 27,379 |
90,422,380 | ||
Private Equity — 0.2% | ||
KKR & Co., Inc. | 234,929 | 10,101,947 |
Retail — 3.5% | ||
Starbucks Corp. | 383,800 | 32,338,988 |
Yum! Brands, Inc. | 1,136,604 | 120,866,469 |
153,205,457 | ||
Semiconductors — 4.3% | ||
NVIDIA Corp. | 146,400 | 17,771,496 |
NXP Semiconductors N.V. | 575,306 | 84,863,388 |
Texas Instruments, Inc. | 569,296 | 88,115,635 |
190,750,519 | ||
Software — 9.3% | ||
Black Knight, Inc.* | 192,154 | 12,438,128 |
Microsoft Corp. | 1,112,921 | 259,199,301 |
MSCI, Inc. | 68,672 | 28,965,163 |
Roper Technologies, Inc. | 197,728 | 71,110,898 |
1
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
Salesforce, Inc.* | 267,634 | $38,496,475 |
410,209,965 | ||
TOTAL COMMON STOCKS (Cost $3,086,922,885) | 2,780,940,322 | |
PREFERRED STOCKS — 1.0% | ||
Auto Manufacturers — 0.5% | ||
Waymo LLC, Series A-2, CONV(1),*,# | 245,568 | 22,523,988 |
Diversified Financial Services — 0.0% | ||
The Charles Schwab Corp., Series Dµ | 12,000 | 294,840 |
Electric — 0.4% | ||
CMS Energy Corp., 2078 | 275,636 | 6,353,410 |
CMS Energy Corp., 2079 | 359,896 | 8,345,988 |
SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%)µ,• | 217,655 | 4,283,450 |
18,982,848 | ||
Gas — 0.1% | ||
NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%)µ,• | 74,295 | 1,833,601 |
TOTAL PREFERRED STOCKS (Cost $44,573,287) | 43,635,277 |
Par (000) | ||
CORPORATE BONDS — 7.9% | ||
Advertising — 0.1% | ||
Lamar Media Corp. | ||
3.750%, 02/15/28 | $2,569 | 2,244,060 |
3.625%, 01/15/31 | 435 | 342,132 |
2,586,192 | ||
Aerospace & Defense — 0.1% | ||
Howmet Aerospace, Inc. 3.000%, 01/15/29 | 1,990 | 1,625,750 |
TransDigm UK Holdings PLC 6.875%, 05/15/26 | 490 | 464,634 |
TransDigm, Inc. | ||
144A, 6.250%, 03/15/26@ | 1,325 | 1,285,250 |
6.375%, 06/15/26 | 595 | 562,134 |
5.500%, 11/15/27 | 1,325 | 1,152,353 |
5,090,121 | ||
Airlines — 0.2% | ||
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A 4.750%, 10/20/28@ | 4,165 | 3,880,829 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | 4,275 | 4,169,898 |
Par (000) | Value† | |
Airlines — (continued) | ||
U.S. Airways Pass Through Trust, | ||
Series 2010-1 Class A, 6.250%, 10/22/24 | $716 | $708,732 |
Series 2012-2 Class A, 4.625%, 12/03/26 | 133 | 120,217 |
Series 2013-1 Class A, 3.950%, 05/15/27 | 2 | 2,111 |
United Airlines Pass Through Trust, Series 2012-1, Class A 4.150%, 10/11/25 | 1,231 | 1,165,202 |
10,046,989 | ||
Auto Parts & Equipment — 0.3% | ||
Clarios Global LP, 144A 6.750%, 05/15/25@ | 1,714 | 1,678,400 |
Clarios Global LP/Clarios US Finance Co. | ||
144A, 6.250%, 05/15/26@ | 2,304 | 2,200,320 |
144A, 8.500%, 05/15/27@ | 7,465 | 7,085,140 |
10,963,860 | ||
Banks — 0.0% | ||
State Street Corp., Series F (3 M ICE LIBOR + 3.597%) 6.890%µ,• | 1,454 | 1,440,444 |
Building Materials — 0.0% | ||
Lennox International, Inc. 3.000%, 11/15/23 | 760 | 743,500 |
Commercial Services — 0.1% | ||
CoreLogic, Inc., 144A 4.500%, 05/01/28@ | 1,325 | 947,375 |
Gartner, Inc. | ||
144A, 4.500%, 07/01/28@ | 660 | 590,172 |
144A, 3.625%, 06/15/29@ | 900 | 749,250 |
144A, 3.750%, 10/01/30@ | 1,095 | 896,179 |
Korn Ferry, 144A 4.625%, 12/15/27@ | 1,405 | 1,243,425 |
4,426,401 | ||
Computers — 0.0% | ||
Booz Allen Hamilton, Inc., 144A 3.875%, 09/01/28@ | 960 | 826,255 |
Electronics — 0.1% | ||
Sensata Technologies BV, 144A 4.000%, 04/15/29@ | 1,850 | 1,530,958 |
Sensata Technologies, Inc., 144A 3.750%, 02/15/31@ | 1,188 | 935,793 |
2,466,751 | ||
Entertainment — 1.4% | ||
Cedar Fair LP 5.250%, 07/15/29 | 8,321 | 7,140,208 |
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. | ||
144A, 5.500%, 05/01/25@ | 5,103 | 4,908,729 |
2
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Entertainment — (continued) | ||
5.375%, 04/15/27 | $10,182 | $9,458,009 |
6.500%, 10/01/28 | 6,527 | 6,037,475 |
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24@ | 375 | 362,063 |
Six Flags Entertainment Corp. | ||
144A, 4.875%, 07/31/24@ | 20,988 | 19,992,329 |
144A, 5.500%, 04/15/27@ | 13,244 | 11,768,393 |
Six Flags Theme Parks, Inc., 144A 7.000%, 07/01/25@ | 3,366 | 3,366,555 |
Vail Resorts, Inc., 144A 6.250%, 05/15/25@ | 639 | 631,505 |
63,665,266 | ||
Gas — 0.1% | ||
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%) 5.650%µ,• | 5,825 | 5,373,563 |
Healthcare Products — 0.3% | ||
Avantor Funding, Inc. | ||
144A, 4.625%, 07/15/28@ | 7,121 | 6,304,535 |
144A, 3.875%, 11/01/29@ | 1,296 | 1,062,725 |
Hologic, Inc., 144A 3.250%, 02/15/29@ | 810 | 662,434 |
Teleflex, Inc. | ||
4.625%, 11/15/27 | 3,795 | 3,418,973 |
144A, 4.250%, 06/01/28@ | 560 | 485,912 |
11,934,579 | ||
Healthcare Services — 0.4% | ||
Catalent Pharma Solutions, Inc. | ||
144A, 5.000%, 07/15/27@ | 623 | 556,306 |
144A, 3.125%, 02/15/29@ | 2,206 | 1,701,378 |
144A, 3.500%, 04/01/30@ | 1,165 | 916,529 |
Charles River Laboratories International, Inc., 144A 3.750%, 03/15/29@ | 240 | 199,634 |
Hadrian Merger Sub, Inc., 144A 8.500%, 05/01/26@ | 6,996 | 6,401,340 |
IQVIA, Inc., 144A 5.000%, 05/15/27@ | 1,795 | 1,673,838 |
Surgery Center Holdings, Inc., 144A 10.000%, 04/15/27@ | 5,169 | 5,003,231 |
16,452,256 | ||
Insurance — 1.4% | ||
Acrisure LLC/Acrisure Finance, Inc., 144A 7.000%, 11/15/25@ | 8,275 | 7,558,344 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||
144A, 4.250%, 10/15/27@ | 1,500 | 1,281,267 |
144A, 6.750%, 10/15/27@ | 6,206 | 5,348,263 |
144A, 5.875%, 11/01/29@ | 2,364 | 1,920,092 |
AmWINS Group, Inc., 144A 4.875%, 06/30/29@ | 2,175 | 1,808,882 |
Par (000) | Value† | |
Insurance — (continued) | ||
HUB International Ltd. | ||
144A, 7.000%, 05/01/26@ | $30,898 | $29,304,127 |
144A, 5.625%, 12/01/29@ | 1,735 | 1,448,725 |
Ryan Specialty Group LLC, 144A 4.375%, 02/01/30@ | 295 | 250,200 |
USI, Inc., 144A 6.875%, 05/01/25@ | 12,069 | 11,601,704 |
60,521,604 | ||
Internet — 0.2% | ||
Arches Buyer, Inc., 144A 4.250%, 06/01/28@ | 30 | 23,400 |
Photo Holdings Merger Sub, Inc., 144A 8.500%, 10/01/26@ | 2,005 | 1,278,682 |
Shopify, Inc. 0.125%, 11/01/25 | 1,980 | 1,618,650 |
Snap, Inc. 2.626%, 05/01/27¤ | 2,724 | 1,878,198 |
Spotify USA, Inc. 3.423%, 03/15/26¤ | 4,508 | 3,538,780 |
Twitter, Inc., 144A 5.000%, 03/01/30@ | 1,640 | 1,574,400 |
9,912,110 | ||
Leisure Time — 0.1% | ||
Life Time, Inc., 144A 5.750%, 01/15/26@ | 5,724 | 5,208,840 |
Lodging — 0.1% | ||
Hilton Domestic Operating Co., Inc. | ||
144A, 5.375%, 05/01/25@ | 905 | 885,022 |
144A, 5.750%, 05/01/28@ | 200 | 187,000 |
144A, 3.750%, 05/01/29@ | 1,588 | 1,314,070 |
4.875%, 01/15/30 | 75 | 65,250 |
144A, 4.000%, 05/01/31@ | 1,978 | 1,598,877 |
144A, 3.625%, 02/15/32@ | 1,543 | 1,180,942 |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875%, 04/01/27 | 327 | 300,022 |
5,531,183 | ||
Machinery — Diversified — 0.0% | ||
TK Elevator US Newco, Inc., 144A 5.250%, 07/15/27@ | 1,356 | 1,152,885 |
Media — 1.4% | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||
144A, 5.500%, 05/01/26@ | 1,325 | 1,258,303 |
144A, 5.125%, 05/01/27@ | 29,020 | 26,273,257 |
144A, 5.000%, 02/01/28@ | 28,336 | 24,859,173 |
Sirius XM Radio, Inc., 144A 5.000%, 08/01/27@ | 7,750 | 7,110,625 |
59,501,358 |
3
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Miscellaneous Manufacturing — 0.3% | ||
General Electric Co., Series D (3 M ICE LIBOR + 3.330%) 6.623%µ,• | $14,550 | $13,612,295 |
Real Estate Investment Trusts — 0.1% | ||
SBA Communications Corp. | ||
3.875%, 02/15/27 | 3,303 | 2,950,074 |
3.125%, 02/01/29 | 2,200 | 1,769,394 |
4,719,468 | ||
Retail — 0.8% | ||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 4.750%, 06/01/27@ | 15,352 | 14,261,471 |
Yum! Brands, Inc. | ||
144A, 4.750%, 01/15/30@ | 1,939 | 1,694,511 |
3.625%, 03/15/31 | 1,826 | 1,459,339 |
4.625%, 01/31/32 | 4,422 | 3,689,128 |
5.375%, 04/01/32 | 4,582 | 4,062,578 |
6.875%, 11/15/37 | 3,540 | 3,575,400 |
5.350%, 11/01/43 | 8,789 | 6,979,018 |
35,721,445 | ||
Semiconductors — 0.1% | ||
Sensata Technologies BV | ||
144A, 5.625%, 11/01/24@ | 880 | 875,055 |
144A, 5.000%, 10/01/25@ | 3,150 | 2,982,041 |
3,857,096 | ||
Software — 0.2% | ||
Black Knight InfoServ LLC, 144A 3.625%, 09/01/28@ | 1,040 | 882,502 |
Clarivate Science Holdings Corp. | ||
144A, 3.875%, 07/01/28@ | 1,108 | 913,878 |
144A, 4.875%, 07/01/29@ | 795 | 622,485 |
MSCI, Inc. | ||
144A, 4.000%, 11/15/29@ | 1,672 | 1,444,107 |
144A, 3.625%, 09/01/30@ | 2,200 | 1,810,153 |
144A, 3.875%, 02/15/31@ | 343 | 288,794 |
144A, 3.625%, 11/01/31@ | 310 | 248,713 |
144A, 3.250%, 08/15/33@ | 145 | 111,973 |
Twilio, Inc. 3.625%, 03/15/29 | 125 | 100,938 |
6,423,543 | ||
Telecommunications — 0.1% | ||
Altice France Holding S.A., 144A 10.500%, 05/15/27@ | 5,940 | 4,652,538 |
TOTAL CORPORATE BONDS (Cost $377,074,909) | 346,830,542 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — 15.1% | ||
Airlines — 0.7% | ||
Delta Air Lines, Inc. (3 M ICE LIBOR + 3.750%) 6.460%, 10/20/27• | $5,641 | $5,645,335 |
Mileage Plus Holdings LLC (3 M ICE LIBOR + 5.250%) 8.777%, 06/21/27• | 23,527 | 23,581,332 |
29,226,667 | ||
Commercial Services — 0.1% | ||
CoreLogic, Inc. | ||
(1 M ICE LIBOR + 3.500%), 6.625%, 06/02/28• | 5,339 | 3,991,253 |
(1 M ICE LIBOR + 6.500%), 9.625%, 06/04/29(1),• | 665 | 445,550 |
4,436,803 | ||
Cosmetics & Personal Care — 0.3% | ||
Sunshine Luxembourg VII Sarl (3 M ICE LIBOR + 3.750%) 7.424%, 10/01/26• | 13,699 | 12,713,403 |
Entertainment — 0.7% | ||
Alpha TopCo., Ltd. - Delta 2 (Lux) Sarl (1 M ICE LIBOR + 2.500%) 5.615%, 02/01/24• | 25,040 | 24,695,542 |
SeaWorld Parks & Entertainment, Inc. (1 M ICE LIBOR + 3.000%) 6.125%, 08/25/28• | 5,008 | 4,797,701 |
29,493,243 | ||
Environmental Control — 0.4% | ||
Filtration Group Corp. | ||
(1 M ICE EURIBOR + 3.500%), 4.185%, 03/31/25• | 5,537 | 5,159,839 |
(1 M ICE LIBOR + 3.000%), 6.115%, 03/31/25• | 6,411 | 6,144,344 |
(1 M ICE LIBOR + 3.500%), 6.615%, 10/21/28• | 4,908 | 4,648,744 |
15,952,927 | ||
Healthcare Products — 0.8% | ||
Medline Borrower, LP (1 M ICE LIBOR + 3.250%) 6.365%, 10/23/28• | 40,422 | 37,099,601 |
Healthcare Services — 1.1% | ||
ADMI Corp. | ||
0.000%, 04/30/25× | 477 | 432,468 |
(1 M ICE LIBOR + 3.750%), 6.569%, 12/23/27• | 10,188 | 9,041,905 |
(1 M ICE LIBOR + 3.375%), 6.490%, 12/23/27• | 6,209 | 5,460,428 |
EyeCare Partners LLC | ||
(3 M ICE LIBOR + 3.750%), 7.424%, 02/18/27• | 1,015 | 918,279 |
(3 M ICE LIBOR + 3.750%), 7.424%, 11/15/28(1),• | 910 | 848,971 |
4
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Healthcare Services — (continued) | ||
Heartland Dental LLC | ||
(1 M ICE LIBOR + 3.500%), 6.615%, 04/30/25• | $17,913 | $16,457,626 |
(1 M ICE LIBOR + 4.000%), 7.084%, 04/30/25• | 2,162 | 1,997,539 |
Loire US Holdco 1, Inc. (1 M ICE LIBOR + 3.250%) 6.365%, 04/21/27• | 12,187 | 11,395,150 |
Pacific Dental Services, Inc. (1 M ICE LIBOR + 3.500%) 6.493%, 05/05/28• | 1,541 | 1,479,851 |
48,032,217 | ||
Insurance — 5.8% | ||
Acrisure LLC (1 M ICE LIBOR + 3.750%) 6.865%, 02/15/27• | 2,653 | 2,424,362 |
Alliant Holdings Intermediate LLC | ||
(1 M ICE LIBOR + 3.250%), 6.069%, 05/09/25• | 16,158 | 15,458,816 |
(1 M ICE LIBOR + 3.250%), 6.069%, 05/09/25• | 7,103 | 6,798,514 |
(1 M ICE LIBOR + 3.500%), 6.493%, 11/05/27• | 19,115 | 18,087,147 |
HUB International Ltd. | ||
0.000%, 04/25/25× | 87,315 | 83,840,779 |
(1 M ICE LIBOR + 3.250%), 5.982%, 04/25/25• | 55,618 | 53,497,605 |
Hyperion Refinance Sarl (1 M ICE LIBOR + 3.250%) 6.375%, 11/12/27• | 17,172 | 16,335,122 |
Ryan Specialty Group LLC (1 M SOFR + 3.000%) 5.844%, 09/01/27• | 4,106 | 3,962,483 |
USI, Inc. | ||
(3 M ICE LIBOR + 2.750%), 6.424%, 05/16/24• | 35,772 | 34,758,451 |
(3 M ICE LIBOR + 3.250%), 6.924%, 12/02/26• | 18,976 | 18,232,242 |
253,395,521 | ||
Internet — 0.1% | ||
Arches Buyer, Inc. (1 M ICE LIBOR + 3.250%) 6.365%, 12/06/27• | 2,851 | 2,556,923 |
Eagle Broadband Investments LLC (3 M ICE LIBOR + 3.000%) 6.688%, 11/12/27• | 1,275 | 1,214,623 |
3,771,546 | ||
Leisure Time — 0.0% | ||
Life Time, Inc. (3 M ICE LIBOR + 4.750%) 7.820%, 12/16/24• | 2,177 | 2,146,934 |
Par (000) | Value† | |
Lodging — 0.0% | ||
Four Seasons Hotels Ltd. (1 M ICE LIBOR + 2.000%) 5.121%, 11/30/23• | $541 | $537,925 |
Hilton Worldwide Finance LLC 0.000%, 06/22/26× | 635 | 613,338 |
1,151,263 | ||
Machinery — Diversified — 0.3% | ||
TK Elevator Midco Gmbh (3 M ICE LIBOR + 3.500%) 6.871%, 07/30/27• | 14,347 | 13,725,467 |
Media — 0.0% | ||
Charter Communications Operating LLC 0.000%, 04/30/25× | 1,004 | 983,257 |
Pharmaceuticals — 0.3% | ||
PetVet Care Centers LLC | ||
(1 M ICE LIBOR + 2.750%), 5.865%, 02/14/25• | 1,251 | 1,147,315 |
(1 M ICE LIBOR + 3.250%), 6.365%, 02/14/25• | 5,187 | 4,765,801 |
(1 M ICE LIBOR + 3.500%), 6.615%, 02/14/25• | 7,441 | 6,854,961 |
(1 M ICE LIBOR + 6.250%), 9.365%, 02/13/26• | 405 | 386,099 |
13,154,176 | ||
Retail — 0.3% | ||
IRB Holding Corp. | ||
(1 M ICE LIBOR + 2.750%), 5.865%, 02/05/25• | 6,842 | 6,601,124 |
(1 M SOFR + 3.100%), 5.695%, 12/15/27• | 7,257 | 6,785,860 |
Woof Holdings, Inc. (3 M ICE LIBOR + 3.750%) 7.315%, 12/21/27(1),• | 1,955 | 1,842,799 |
15,229,783 | ||
Semiconductors — 0.1% | ||
Entegris, Inc. (3 M SOFR + 3.000%) 5.684%, 07/06/29• | 4,709 | 4,667,629 |
Software — 4.1% | ||
Applied Systems, Inc. | ||
(3 M ICE LIBOR + 3.000%), 6.674%, 09/19/24• | 16,005 | 15,586,612 |
(3 M ICE LIBOR + 5.500%), 8.462%, 09/19/25• | 1,723 | 1,690,897 |
Ascend Learning LLC | ||
(1 M ICE LIBOR + 3.500%), 6.615%, 12/11/28• | 19,954 | 18,377,830 |
(1 M ICE LIBOR + 5.750%), 8.865%, 12/10/29• | 2,855 | 2,471,373 |
5
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Software — (continued) | ||
AthenaHealth Group, Inc. | ||
0.000%, 02/15/29× | $2,855 | $2,552,435 |
(1 M SOFR + 3.500%), 6.576%, 02/15/29• | 16,803 | 15,021,717 |
Azalea TopCo, Inc. | ||
(2 M ICE LIBOR + 3.500%), 6.024%, 07/24/26• | 15,232 | 13,823,133 |
(1 M ICE LIBOR + 3.750%), 6.865%, 07/24/26• | 3,718 | 3,378,208 |
(1 M SOFR + 3.850%), 6.594%, 07/24/26(1),• | 2,660 | 2,414,102 |
Camelot US Acquisition I Co. (1 M ICE LIBOR + 3.000%) 6.115%, 10/30/26• | 7,611 | 7,344,717 |
Polaris Newco LLC (3 M ICE LIBOR + 4.000%) 7.098%, 06/02/28• | 1,420 | 1,307,119 |
Project Boost Purchaser LLC (1 M ICE LIBOR + 3.500%) 6.319%, 06/01/26• | 1,803 | 1,704,028 |
RealPage, Inc. | ||
(1 M ICE LIBOR + 3.000%), 5.819%, 04/24/28• | 19,399 | 18,143,741 |
(1 M ICE LIBOR + 6.500%), 9.615%, 04/23/29• | 700 | 674,191 |
Sophia LP | ||
(3 M ICE LIBOR + 3.500%), 7.174%, 10/07/27• | 3,267 | 3,136,320 |
(1 M SOFR + 4.000%), 7.034%, 10/07/27• | 1,418 | 1,366,962 |
Storable, Inc. (3 M SOFR + 3.500%) 6.380%, 04/17/28• | 993 | 930,469 |
UKG, Inc. | ||
(3 M ICE LIBOR + 3.250%), 5.535%, 05/04/26• | 71,373 | 67,745,082 |
(3 M ICE LIBOR + 5.250%), 7.535%, 05/03/27• | 3,360 | 3,158,400 |
180,827,336 | ||
TOTAL LOAN AGREEMENTS (Cost $700,493,729) | 666,007,773 | |
U.S. TREASURY OBLIGATIONS — 9.6% | ||
United States Treasury Notes | ||
1.500%, 01/31/27 | 82,877 | 74,327,162 |
1.875%, 02/28/27 | 61,467 | 56,009,038 |
2.500%, 03/31/27 | 75,965 | 71,006,877 |
2.750%, 08/15/32 | 240,727 | 220,001,910 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $435,522,026) | 421,344,987 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 3.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.760%) | 25,865,743 | $25,865,743 |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 3.080%) | 122,230,149 | 122,230,149 |
TOTAL SHORT-TERM INVESTMENTS (Cost $148,095,892) | 148,095,892 | |
TOTAL INVESTMENTS — 100.2% (Cost $4,804,090,857) | $4,417,389,113 | |
Other Assets & Liabilities — (0.2)% | (9,998,934) | |
TOTAL NET ASSETS — 100.0% | $4,407,390,179 |
Number of Contracts | ||
WRITTEN OPTIONS — (0.0)% | ||
Call Options | ||
TOTAL WRITTEN OPTIONS | ||
(See open written options schedule) | ||
(Premiums $(18,509,119)) | 20,522 | $(1,595,777) |
† | See Security Valuation Note in the most recent semi-annual or annual report. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $269,766,301, which represents 6.1% of the Fund’s net assets. |
* | Non-income producing security. |
(1) | The value of this security was determined using significant unobservable inputs. |
# | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2022, the aggregate value of restricted securities was $22,523,988 which represented 0.5% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
Investment | Date of Acquisition | Cost | Value |
Waymo LLC, Series A-2 | 05/08/20 | $21,086,236 | $22,523,988 |
6
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
µ | Perpetual security with no stated maturity date. |
• | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at September 30, 2022. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
× | This loan will settle after September 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
CMT— Constant Maturity Treasury. |
CONV— Convertible Security. |
EURIBOR— Euro Interbank Offered Rate. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
MSCI— Morgan Stanley Capital International. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
SOFR— Secured Overnight Financing Rate. |
UST— US Treasury. |
Yr— Year. |
Open written options contracts held by the Fund at September 30, 2022 are as follows:
Open Written Options |
Exchange Traded |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Alphabet, Inc. | 260 | $4,160,000 | $160 | 01/20/23 | $(2,340) |
7
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2022 (Unaudited)
Flexibly Managed Fund
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Alphabet, Inc. | 260 | $4,290,000 | $165 | 01/20/23 | $(1,560) | |||||
Alphabet, Inc. | 260 | 4,420,000 | 170 | 01/20/23 | (2,080) | |||||
Alphabet, Inc. | 260 | 4,550,000 | 175 | 01/20/23 | (1,040) | |||||
Amazon.com, Inc. | 860 | 15,050,000 | 175 | 01/20/23 | (31,820) | |||||
Amazon.com, Inc. | 180 | 3,240,000 | 180 | 01/20/23 | (5,580) | |||||
Amazon.com, Inc. | 180 | 3,330,000 | 185 | 01/20/23 | (5,040) | |||||
Amazon.com, Inc. | 500 | 9,500,000 | 190 | 01/20/23 | (11,500) | |||||
Amazon.com, Inc. | 320 | 6,240,000 | 195 | 01/20/23 | (5,120) | |||||
Amazon.com, Inc. | 440 | 8,800,000 | 200 | 01/20/23 | (6,160) | |||||
Amazon.com, Inc. | 440 | 9,020,000 | 205 | 01/20/23 | (4,840) | |||||
Amazon.com, Inc. | 440 | 9,240,000 | 210 | 01/20/23 | (440) | |||||
Amazon.com, Inc. | 120 | 2,580,000 | 215 | 01/20/23 | (480) | |||||
Amazon.com, Inc. | 120 | 2,640,000 | 220 | 01/20/23 | (120) | |||||
Amazon.com, Inc. | 260 | 5,850,000 | 225 | 01/20/23 | (260) | |||||
Amazon.com, Inc. | 140 | 3,220,000 | 230 | 01/20/23 | (700) | |||||
Amazon.com, Inc. | 140 | 3,290,000 | 235 | 01/20/23 | (280) | |||||
Amazon.com, Inc. | 140 | 3,360,000 | 240 | 01/20/23 | (560) | |||||
Amazon.com, Inc. | 140 | 3,430,000 | 245 | 01/20/23 | (140) | |||||
Amazon.com, Inc. | 140 | 3,500,000 | 250 | 01/20/23 | (280) | |||||
Amazon.com, Inc. | 140 | 3,570,000 | 255 | 01/20/23 | (280) | |||||
Apple, Inc. | 512 | 8,704,000 | 170 | 01/20/23 | (99,840) | |||||
Apple, Inc. | 512 | 8,960,000 | 175 | 01/20/23 | (70,656) | |||||
Apple, Inc. | 512 | 9,216,000 | 180 | 01/20/23 | (51,200) | |||||
General Electric Co. | 731 | 6,213,500 | 85 | 01/20/23 | (36,550) | |||||
General Electric Co. | 731 | 6,579,000 | 90 | 01/20/23 | (21,199) | |||||
General Electric Co. | 731 | 6,944,500 | 95 | 01/20/23 | (8,041) | |||||
General Electric Co. | 974 | 10,714,000 | 110 | 01/20/23 | (4,870) | |||||
Keurig Dr Pepper, Inc. | 736 | 2,944,000 | 40 | 01/20/23 | (39,744) | |||||
Keurig Dr Pepper, Inc. | 736 | 3,091,200 | 42 | 01/20/23 | (14,720) | |||||
Microsoft Corp. | 694 | 22,208,000 | 320 | 01/20/23 | (49,274) | |||||
Microsoft Corp. | 435 | 14,137,500 | 325 | 01/20/23 | (26,970) | |||||
Microsoft Corp. | 597 | 19,701,000 | 330 | 01/20/23 | (33,432) | |||||
Microsoft Corp. | 137 | 4,589,500 | 335 | 01/20/23 | (6,302) | |||||
Microsoft Corp. | 836 | 28,424,000 | 340 | 01/20/23 | (33,440) | |||||
Microsoft Corp. | 137 | 4,726,500 | 345 | 01/20/23 | (3,288) | |||||
Microsoft Corp. | 1,077 | 37,695,000 | 350 | 01/20/23 | (32,310) | |||||
Microsoft Corp. | 240 | 8,520,000 | 355 | 01/20/23 | (6,480) | |||||
Microsoft Corp. | 479 | 17,244,000 | 360 | 01/20/23 | (11,496) | |||||
Microsoft Corp. | 164 | 5,986,000 | 365 | 01/20/23 | (2,132) | |||||
Starbucks Corp. | 553 | 5,391,750 | 98 | 01/20/23 | (110,047) | |||||
Starbucks Corp. | 553 | 5,530,000 | 100 | 01/20/23 | (92,351) | |||||
Starbucks Corp. | 553 | 5,806,500 | 105 | 01/20/23 | (63,595) | |||||
The PNC Financial Services Group, Inc. | 196 | 3,724,000 | 190 | 01/20/23 | (20,580) | |||||
The PNC Financial Services Group, Inc. | 196 | 3,822,000 | 195 | 01/20/23 | (12,740) | |||||
The PNC Financial Services Group, Inc. | 196 | 3,920,000 | 200 | 01/20/23 | (5,880) | |||||
The PNC Financial Services Group, Inc. | 332 | 7,304,000 | 220 | 01/20/23 | (1,660) | |||||
The PNC Financial Services Group, Inc. | 332 | 7,636,000 | 230 | 01/20/23 | (3,320) | |||||
Thermo Fisher Scientific, Inc. | 96 | 6,144,000 | 640 | 01/20/23 | (33,600) | |||||
UnitedHealth Group, Inc. | 182 | 9,828,000 | 540 | 01/20/23 | (377,650) | |||||
UnitedHealth Group, Inc. | 102 | 5,712,000 | 560 | 01/20/23 | (155,040) | |||||
UnitedHealth Group, Inc. | 102 | 5,916,000 | 580 | 01/20/23 | (84,660) | |||||
Yum! Brands, Inc. | 209 | 3,030,500 | 145 | 01/20/23 | (1,045) | |||||
Yum! Brands, Inc. | 209 | 3,135,000 | 150 | 01/20/23 | (1,045) | |||||
Total Written Options | $(1,595,777) |
8