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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03459
Penn Series Funds, Inc.
(Exact name of registrant as specified in charter)
600 Dresher Road
Horsham, PA 19044
(Address of principal executive offices) (Zip code)
Timothy P. Demetres
Penn Series Funds, Inc.
600 Dresher Road
Horsham, PA 19044
(Name and address of agent for service)
Registrant’s telephone number, including area code: (215) 956-7949
Date of fiscal year end: December 31
Date of reporting period: December 31, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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Item 1. Reports to Shareholders
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Dear Investor:
Thank you for your continued affiliation with The Penn Mutual Life Insurance Company. The confidence and trust you place in us reaffirms our commitment to helping policyholders take advantage of all life’s possibilities. We also take pride in being a financially strong mutual insurance company that delivers on our promises, and I’m very pleased to bring you the following capital markets summary. Please remember that regardless of what the markets may bring, short-term performance changes should not distract you from your long-term financial plan, and it’s a good idea to meet with your investment professional regularly to make sure that your asset allocation remains on target.
Stocks continued to move higher during the second half of 2014 with the fourth quarter bringing the strongest gains and new highs in December. The trend of large cap equities outperforming small cap stocks witnessed for most of the year reversed in the final quarter. Despite this strong recovery, small caps finished significantly behind its larger counterpart for all of 2014. While the U.S. economy has been relatively strong during the year and continues to trend positively, there is a clear divergence among the performance of global economies. Market volatility, which remained very low for most of the year, picked up in the fourth quarter. From a sector perspective, Utilities, Health Care, and Technology had the strongest returns and sectors such as Telecommunications and Energy experienced relatively weaker returns over the 12-month period ending December 31, 2014. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned a solid 12.71 percent for the full 12-month period.
On a relative basis, large and mid capitalization stocks provided higher returns than did small capitalization stocks for the year. Large capitalization stocks, as measured by the Russell 1000 Index, returned 13.24 percent and mid capitalization stocks, as measured by the Russell Midcap Index returned 13.22 percent, while small capitalization stocks, as measured by the Russell 2000 Index, returned 4.89 percent. From a style perspective, value stocks outperformed growth stocks in the large and mid market capitalizations, while growth stocks slightly outperformed value stocks in the small capitalization ranges. Some of the relative outperformance within value stocks can be attributed to the strong performance within the Utilities sector. Lastly, the best performing domestic equity asset classes by far for the full year was Real Estate Investment Trusts (REITs) as measured by the FTSE NAREIT Equity REIT Index’s return of 30.14 percent. REITs also have the distinct honor of having one of the best relative performance records over the last five years with an annualized return of 16.88 percent.
International markets, both developed and emerging, ended the full year significantly behind U.S. equities as the rebound they experienced in the first half of the year faded. Developed international stocks, as measured by the MSCI EAFE Index, returned negative 4.48 percent while emerging market stocks, as measured by the MSCI Emerging Markets Index, fared a bit better with a return of negative 1.82 percent. Plunging oil prices and slowing global growth contributed to increased risk aversion within the international markets. The collapse in oil prices has been particularly difficult for many commodity-driven emerging markets. Also contributing to losses for U.S. dollar-based investors is the further weakening of non-U.S. currencies, particularly the euro and the yen. (The appreciating U.S. dollar detracts from returns for dollar-based investors in foreign markets.)
Investment-grade fixed-income securities outperformed high yield bonds during the full 12-month period as high yield came under pressure the last six months of the year. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned 5.97 percent and the Credit Suisse High Yield Bond Index, returned 1.86 percent. While long U.S. Treasury and corporate bonds posted the strongest performance during the fourth quarter and the full year, high yield bonds continued to underperform. The steep drop in oil prices throughout the year have impacted the high yield asset class particularly hard since energy-related industries make up a large percentage of most high yield bond indexes. The Federal Reserve officially ended its quantitative easing program in late October which now has the markets focused on discounting the timing and possibility of a Federal Funds rate increase in 2015 given the current environment of an improving economy while inflation is low and potentially falling.
Once again, we thank you for the privilege of serving your financial needs and encourage you to work closely with your financial professional to continue to explore your options throughout all life’s stages.
Sincerely,
David M. O’Malley
Chief Operating Officer
The Penn Mutual Life Insurance Company
President
Penn Series Funds, Inc.
Source: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change as subsequent conditions vary. All economic and performance information is historical and not indicative of future results.
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Management’s Discussion of Fund Performance
The Penn Series Limited Maturity Bond Fund returned 0.17% for the twelve-month period ending December 31, 2014, compared to the 0.77% return for its benchmark, the Barclays Capital U.S. Government/Credit 1-3 Year Index for the same time period.
The U.S. economic news was mixed during the first six months of the year. Severe winter weather during the first quarter led to the weakest quarterly Gross Domestic Product (GDP) since the credit crisis. This weak first quarter growth appeared at odds with steadily improving employment statistics as the unemployment rate is nearing 6%.
During the first half of the year, we started to gradually reposition the Fund in order to increase our yield. We added BBB industrial bonds in the healthcare, consumer non-cyclical, energy and pipeline, and telecommunications sectors that we felt traded at attractive valuations. Domestic money center bank and brokerage firms were also selectively added due to underperformance versus similarly rated industrials throughout the year and their continued improvement in tier 1 capital ratios and overall asset quality. We also started positions in higher quality high yield companies that we view as potential cross over (into investment grade) situations. The high yield purchases were concentrated in companies with good business fundamentals, solid market positions and scale, moderately levered balance sheets, and a reasonable probability of a ratings upgrade over the next 2-3 years. On the higher quality side, we purchased AAA and AA CMBS securities which provided attractive spread with minimal risk.
Yield spreads widened during the fourth quarter which weighed on performance as we have more corporate exposure versus the U.S. treasury-heavy benchmark. Relative to our peers, we remain underweight credit risk. The underperformance of yield spread in the quarter was largely a function of a heavy new issuance calendar and the rapid decline in oil prices. The latter caused the energy component of the credit markets, which is a very large sector, to widen materially.
Ten-year U.S. treasury yields declined 86 basis points over the previous twelve months, partially reversing the 127 basis point rise during 2013. The conventional wisdom at the start of 2014 was for a continuation of the trend towards higher rates but long duration bonds proved to be one of the year’s best performing asset classes. A sharp
decline in oil prices combined with record low interest rates in Europe and Japan pushed long U.S. Treasury rates below 3.0% during the fourth quarter. We remain biased slightly toward short duration in the Limited Bond Fund with the expectation for interest rates to gradually move higher this year in response to improving economic and labor market conditions in the United States.
Portfolio yield was increased over the course of the year as we added BBB industrial bonds in the healthcare, consumer non-cyclical, and telecommunications sectors that traded at attractive valuations. We also increased exposure to domestic money center bank and brokerage firms and higher quality high yield companies that we view as potential cross over (into investment grade) situations. In the fourth quarter we sold low yielding asset backed securities and replaced them with structured floating rate notes with attractive yields. At quarter end, the average credit quality of the portfolio was A+ and had a 6.0% allocation to below investment grade securities, largely BB credits.
While last year’s strong performance for the bond market will be difficult to repeat in 2015, given the much lower starting point for overall yields, we will continue to search for high-quality fixed income assets that will perform well under various economic and interest rate environments.
Penn Mutual Asset Management, Inc.
Investment Adviser
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Limited Maturity Bond Fund on December 31, 2004 would have grown to $12,830. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Barclays Capital U.S. Government Credit 1-3 Year Bond Index, during the same period. A $10,000 investment in the Barclays Capital U.S. Government Credit 1-3 Year Bond Index on December 31, 2004 would have grown to $13,247.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Limited Maturity Bond Fund | 0.17 | % | 1.32 | % | 2.53 | % | ||||||
Barclays Capital U.S. Government/Credit 1-3 year Index | 0.77 | % | 1.41 | % | 2.85 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Corporate bonds | 47.9 | % | ||
Asset backed | 23.6 | % | ||
Commercial Mortgage Backed | 17.3 | % | ||
U.S. Treasury Obligations | 8.0 | % | ||
Residential Mortgage Backed | 2.4 | % | ||
Agency Obligations | 0.6 | % | ||
Municipal Bonds | 0.2 | % | ||
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100.0 | % | |||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Quality Bond Fund returned 5.10% for the twelve-month period ending December 31, 2014, compared to the 5.97% return for its benchmark, the Barclays Capital U.S. Aggregate Bond Index for the same time period.
Our bias in the first half of the year towards higher quality holdings compared to the benchmark was the primary factor behind the relative underperformance in the first six months of 2014.
The U.S. economic news was mixed during the first six months of the year. Severe winter weather during the first quarter led to the weakest quarterly Gross Domestic Product (GDP) since the credit crisis. This weak first quarter growth appeared at odds with steadily improving employment statistics as the unemployment rate is nearing 6%. Investors have returned to the emerging markets after this year started with renewed fears of faltering economies and political unrest.
The Quality Bond Fund had shifted its exposure to duration or interest rate risk in response to the unexpected decline in interest rates during the previous six months. We sold longer-term bonds during the second quarter and reduced the Fund’s duration to a level below its benchmark. During the second quarter, we reduced our exposure to Federal Agency mortgage-backed securities (MBS) and purchased ten year Treasury Inflation-Protected Securities (TIPS). TIPS offer the opportunity for better returns in the increasingly likely event the Federal Open Market Committee’s (FOMC) easy monetary policy leads to inflationary pressures. The Fund has also increased its holdings of bonds at the front end of the yield curve with attractive return potential. Enhanced Equipment Trust Certificates (EETC), airline debt secured by aircraft, represents one of these opportunities.
In the second half of the year, the Fund’s conservative duration or interest rate exposure detracted from relative performance, but was partially offset by favorable yield curve positioning and high quality corporate bond performance.
Ten-year U.S. Treasury yields declined 86 basis points over the previous twelve months, partially reversing the 127 basis point rise during 2013. The conventional wisdom at the start of 2014 was for a continuation of the trend towards higher rates but long duration bonds proved to be one of the year’s best performing asset classes. A sharp decline in oil prices combined with record low interest rates in Europe and Japan pushed long U.S. Treasury rates
below 3.0% during the fourth quarter. We remain biased, slightly short duration in the Quality Bond Fund, with the expectation for interest rates to gradually move higher this year in response to improving economic and labor market conditions in the United States.
Purchase activity during the fourth quarter was again focused on highly-rated structured investments which provide attractive return profiles, in particular relative to an overvalued agency mortgage-backed sector. We are also transitioning out of short-term fixed rate corporate debt into seasoned floating rate Collateralized Loan Obligations (CLOs). CLOs offer much higher yields than similarly rated corporate debt and are backed by a diversified portfolio of senior secured bank loans. The floating rate CLO yields will also benefit should the Federal Reserve begin to tighten monetary policy.
While last year’s strong performance for the bond market will be difficult to repeat in 2015 given the much lower starting point for overall yields, we will continue to search for high-quality fixed income assets that will perform well under various economic and interest rate environments.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Quality Bond Fund on December 31, 2004 would have grown to $15,714. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on December 31, 2004 would have grown to $15,842.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Quality Bond Fund | 5.10 | % | 4.22 | % | 4.62 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 4.71 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Corporate Bonds | 31.8 | % | ||
Residential Mortgage Backed | 22.3 | % | ||
Asset Backed Securities | 19.4 | % | ||
Commercial Mortgage Backed | 13.8 | % | ||
U.S. Treasury Obligations | 6.1 | % | ||
Municipal Bonds | 4.7 | % | ||
Exchange Traded Funds | 1.3 | % | ||
Agency Obligations | 0.4 | % | ||
REITs | 0.2 | % | ||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series High Yield Bond Fund returned 1.86% for the twelve-month period ending December 31, 2014, compared to the 1.86% return for its benchmark, the CSFB High Yield Bond Index.
Following a long absence, volatility resurfaced across global financial markets during the second half of 2014, pressuring high yield bond prices in its aftermath. A steady drumbeat of disappointing news from the outbreak of the deadly Ebola virus to ongoing geopolitical tensions, a drastic decline in commodity prices, and mounting concerns around economic activity in Europe and China all weighed on investor sentiment. However, the asset class still managed to post positive returns for a sixth consecutive year due to early 2014 strength.
Energy was, by far, the worst-performing sector amid a precipitous decline in oil prices, although metals and mining credits also significantly underperformed the broad market. The weak performance of energy and metals names had a substantial impact on the below investment-grade market overall, as these sectors now represent a 20% (or more) weighting in major high yield indexes. Oil prices have faced downward pressure from several factors recently, especially increased production in North America. The prospects for slowing demand in China and OPEC’s decision to leave production goals unchanged exacerbated the declines.
From a quality perspective, BB rated credits outperformed for the year, receiving a boost from falling U.S. Treasury yields and investors’ general preference for higher-rated bonds in the face of increased volatility.
A combination of positive credit selection and underweight exposure in energy, the period’s worst-performing sector, aided relative performance. An overweight in media/telecom also helped as this sector continues to benefit from merger and acquisition (M&A) tailwinds. We believe M&A synergies and credit improvements are likely to play out over the next few years, and we maintain an overweight in this sector to potentially benefit from this trend.
Credit selection within the financial sector weighed on relative results, partially due to our positions in Sberbank, a large Russian banking institution. This name experienced pressure related to geopolitical instability in the region as well as economic sanctions from the European Union (EU) and U.S. against Russian companies. Nonetheless, we
remain comfortable with this bank’s healthy liquidity position and market share within that country.
While market conditions have been challenging over the last several months, valuations are far more inviting entering 2015 than they have been in years. When we pair that with what looks to be an improving economic backdrop, especially domestically, the prospects for investment returns in 2015 look bright.
Aside from the uncertainty emanating from the energy sector, the fundamentals underpinning the companies in the high yield market appear solid. Issuers have repaired their balance sheets, reduced capital costs, and extended maturities through refinancing activity over the past several years. Investor demand for high yield bonds is likely to persist in the current low interest rate environment, and a pullback, like the one we have just endured, makes the asset class all the more attractive.
Penn Mutual Asset Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the High Yield Bond Fund on December 31, 2004 would have grown to $19,372. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the CSFB High Yield Bond Index, during the same period. A $10,000 investment in the CSFB High Yield Bond Index on December 31, 2004 would have grown to $20,034.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
High Yield Bond Fund | 1.86 | % | 8.18 | % | 6.84 | % | ||||||
CSFB High Yield Bond Index | 1.86 | % | 8.68 | % | 7.33 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Bonds | ||||
BBB/BB Rated & Above | 2.4 | % | ||
BB Rated | 20.7 | % | ||
BB/B Rated | 13.9 | % | ||
B Rated | 37.4 | % | ||
B/CCC Rated | 9.8 | % | ||
CCC and Below | 12.5 | % | ||
Not rated | 1.8 | % | ||
Equity securities | 1.5 | % | ||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Flexibly Managed Fund returned 12.09% for the twelve-month period ending December 31, 2014, compared to its benchmark the S&P 500 Index’s return of 13.69%.
U.S. equities rose in 2014 for the sixth consecutive year, as the economy recovered strongly from a first-quarter weather-related contraction. Falling long-term interest rates since the end of 2013 — despite the Federal Reserve’s reduction of asset purchases — solid employment growth, favorable corporate earnings, and expanded stimulus measures by major non-U.S. central banks were also supportive. All sectors within the S&P 500 posted positive returns with the exception of energy, as oil fell below $60 per barrel, its lowest level in more than five years. Long-term interest rates continued to decline due to global economic weakness and geopolitical uncertainties.
As the equity market continued its overall upward trajectory, we opportunistically trimmed holdings within the utilities and consumer staples sectors on strength, decreasing our overall equity exposure from the prior year. Overall, we continue to believe that the attractiveness of the U.S. equity market has diminished, given that equity valuations are relatively expensive compared to historical averages. However, we found select opportunities to continue building our overweight position in the health care sector. We continued to maintain significant exposure to covered calls, which give us the benefits of owning a stock while providing downside protection.
Since the end of 2013, our overall weight within fixed income marginally decreased, as it remained challenging to find reasonable risk/reward opportunities. We eliminated our holdings in 10-year U.S. Treasuries in the fourth quarter, as long-term interest rates continued to decline due to global economic weakness and geopolitical uncertainties. High yield bonds, which remain our largest fixed income sector, benefited in the first half of the year from the yield advantage relative to investment-grade bonds, low default rates, and the financial strength of most high yield issuers. More recently, however, credit spreads widened as falling oil prices weighed on energy sector bonds, the largest segment of the high yield market. The health care sector drove relative performance due to both stock selection and a sizable overweight position, with Allergan and Zoetis making significant contributions. On the downside, the industrials and business services sectors detracted from relative results due to both stock selection
and an overweight position, including holdings in United Technologies.
While the macroeconomic landscape improved considerably in the U.S., industry fundamentals continued to worsen in general, and earnings expectations for many companies appear overly optimistic. Within the fixed income market, yield spreads are significantly compressed compared with historical levels, aside from the high yield space. With the extended market advance, the portfolio remains more conservatively positioned, and we believe exposed to less cyclicality, bearing in mind our commitment to capital preservation. As always, we remain focused on finding the best risk-adjusted opportunities across asset classes in an attempt to generate equity-like returns over the long term with less overall risk than the all-equity index.
Intermediate
Penn Mutual Asset Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Flexibly Managed Fund on December 31, 2004 would have grown to $23,019. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the S&P 500 Index, during the same period. A $10,000 investment in the S&P 500 Index on December 31, 2004 would have grown to $20,944.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Flexibly Managed Fund | 12.09 | % | 13.04 | % | 8.69 | % | ||||||
S&P 500 Index | 13.69 | % | 15.45 | % | 7.67 | % | ||||||
Bank of America ML Corporate/Government Index | 6.48 | % | 4.79 | % | 4.73 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Fixed Income | 23.8 | % | ||
Health Care | 19.3 | % | ||
Financials | 13.8 | % | ||
Industrials | 13.2 | % | ||
Technology | 9.4 | % | ||
Consumer Discretionary | 9.0 | % | ||
Consumer Staples | 3.8 | % | ||
Energy | 3.3 | % | ||
Utilities | 3.1 | % | ||
Materials & Processing | 0.7 | % | ||
Telecommunications | 0.6 | % | ||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Balanced Fund returned 9.65% for the twelve-month period ending December 31, 2014, compared to its benchmarks, the S&P 500 Index’s return of 13.69% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.97% for the same time period.
The Balanced Fund is comprised of a target allocation of 60% to an equity fund and 40% to a fixed income fund. The equity allocation of the Fund is comprised of the Penn Series Index 500 Fund which seeks a total return that corresponds to that of the S&P 500 Index. The fixed income allocation of the Fund consists of an allocation to the Penn Series Quality Bond Fund.
At the broad asset class level, the Balanced Fund’s equity allocation performed in line with its broad equity benchmark the S&P 500 Index for the one-year period. The Fund’s fixed income allocation slightly underperformed the Barclays Capital U.S. Aggregate Bond Index for the one-year time period. Weighing on the fixed income allocation of the Fund was the more conservative composition of the underlying individual fixed income fund versus the broad market Index during the first half of the year.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Balanced Fund on August 25, 2008 would have grown to $16,794. For the purpose of comparison, the graph also shows the change in the Fund’s benchmarks, the S&P 500 Index and the Barclay’s Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the S&P 500 Index on August 25, 2008 would have grown to $18,317. A $10,000 investment in the Barclay’s Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,657.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Balanced Fund | 9.65 | % | 10.77 | % | 8.50 | % | ||||||
S&P 500 Index | 13.69 | % | 15.45 | % | 10.00 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 5.03 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Asset Allocation Target as of 12/31/14
Index 500 | 60.0 | % | ||
Intermediate Bonds | 40.0 | % | ||
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Growth Stock Fund returned 8.36% for the twelve-month period ending December 31, 2014, compared to the 13.05% return for its benchmark, the Russell 1000 Growth Index.
Overall, stock selection was the reason for relative underperformance during the year. Consumer discretionary, information technology, and energy were the largest relative detractors. Health care, materials, and financials were the leading outperformers.
U.S. equities rose in 2014 for the sixth consecutive year, as the U.S. economy recovered strongly from a first-quarter weather-related contraction. Falling long-term interest rates, solid employment growth, favorable corporate earnings, and expanded stimulus measures by major non-U.S. central banks were also supportive. Stagnant global growth, heightened geopolitical tensions due to U.S. and European Union (EU) sanctions against Russia for its actions in Ukraine, and unrest in the Middle East weighed on stock prices. Large-cap stocks reached new highs in December, as large- and mid-caps significantly outpaced small-caps for the year, as measured by various Russell indexes. Value stocks outperformed growth among large- and mid-caps, while growth outpaced value among small-caps.
Consumer discretionary was the leading detractor, mainly driven by stock selection but significant overweighting also hurt results. Amazon.com reported impressive revenue and unit growth but recorded minimal profits due to an ongoing investment cycle. The company is investing heavily in distribution, cloud computing, streaming video content, hardware, and other initiatives. We have maintained our position given the company’s dominant retail presence and continued growth with its cloud platform Amazon Web Services.
Information technology detracted largely on stock selection. Despite strong revenue growth, Google’s profits have disappointed investors. The company has invested heavily in additional data center capacity and acquisitions, while hiring rates have also accelerated. We continue to like Google for its nimble and innovative management team and its position as the dominant Internet search engine.
Stock selection also led to underperformance by energy, despite a beneficial underweighting. Range Resources, a U.S. oil and gas company, notably disappointed amid falling petroleum prices.
Health care was the leading outperformer, on both stock selection and helpful overweighting of the strongest performer in the benchmark. Shares of Vertex Pharmaceuticals soared in June on news that the company’s cystic fibrosis treatment met its primary endpoint in Phase III trials. The company plans to submit for regulatory approval in both the United States and Europe in the near term.
Materials was an outperformer mainly due to stock selection. Paint manufacturer and retailer Sherwin-Williams is experiencing strong growth from a combination of commercial demand, home construction, and existing home sales. The Comex Group, which it acquired in 2013, is performing ahead of expectations. The company is well positioned as the leading U.S. paint producer, generating most of its sales through its own stores
We expect the equities environment to remain favorable in 2015, barring an exogenous event. China still poses some risk, and it is possible that the eurozone’s sluggish economy and struggle with deflation will linger for longer than expected. On a positive note, we believe that commodities prices and inflation will remain contained; interest rates will stay low, even allowing for some monetary tightening by the Federal Reserve; and the earnings outlook for various sectors appears promising. We are focusing on what we call “all-season” growth companies—those with the ability to grow earnings regardless of macroeconomic conditions.
Penn Mutual Asset Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
11
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Large Growth Stock Fund on December 31, 2004 would have grown to $22,391. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 1000 Growth Index, during the same period. A $10,000 investment in the Russell 1000 Growth Index on December 31, 2004 would have grown to $22,590.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Large Growth Stock Fund | 8.36 | % | 15.53 | % | 8.39 | % | ||||||
Russell 1000 Growth Index | 13.05 | % | 15.81 | % | 8.49 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Consumer Discretionary | 27.0 | % | ||
Technology | 26.7 | % | ||
Health Care | 18.5 | % | ||
Industrials | 13.7 | % | ||
Financials | 6.6 | % | ||
Consumer Staples | 2.7 | % | ||
Energy | 2.2 | % | ||
Materials & Processing | 2.0 | % | ||
Telecommunications | 0.6 | % | ||
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100.0 | % | |||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Cap Growth Fund returned 11.29% for the twelve-month period ending December 31, 2014, compared to the 13.05% return for its benchmark, the Russell 1000 Growth Index.
Early in the period, U.S. equities suffered what proved to be a temporary setback due to concerns over emerging markets as well what was perceived at the time to be a pause in U.S. economic growth, partially caused by extreme weather events and a weak December 2013 labor market report. Markets soon recovered as the economic pause concluded and investors appeared to have become increasingly comfortable that newly-installed U.S. Federal Reserve (“Fed”) Chair Janet Yellen would not make any substantial changes to the trajectory of Fed monetary policy.
A generally risk-friendly, carry trade environment persisted from February 2014 until mid-year. While geopolitical tensions flared in the Middle East and Russia/Ukraine, any market setbacks were short-lived as improving economic growth in the U.S., coupled with prospects for easier monetary policy in regions with slowing growth, such as Japan, Europe and China, supported risk assets. For example, the European Central Bank (“ECB”) cut policy interest rates into negative territory and, by the end of the period, expectations were for additional rate cuts and the announcement for non-conventional easing measures. Similarly, the Bank of Japan surprised markets late in the period with fresh stimulus measures given lackluster growth trends. The related decline in developed market government bond yields and credit spreads were also supportive for equity markets. At the end of the period, the U.S. equity market was trading close to all-time highs and U.S. Treasury yields were close to their lows for the period.
Stock selection in the information technology sector was a primary detractor from performance relative to the Index. The Fund’s underweight position in computer and personal electronics maker Apple and an overweight position in internet search giant Google held back relative results. Additionally, not owning shares of software company Microsoft and social networking provider Facebook also weighed on relative returns.
In the industrials sector, weak stock selection hampered relative performance. Not owning strong-performing railroad and freight transportation company Union Pacific and an overweight position in building systems and
aerospace products and services provider United Technologies, dampened relative returns.
Stock selection in the health care sector also hurt relative results. However, there were no individual stocks within this sector that were among the Fund’s largest relative detractors during the period. Elsewhere, overweight positions in global media company Discovery Communications and asset management firm Franklin Resources, as well as holdings in international food producer Danone (France) and the world’s largest luxury goods company LVMH (France) held back relative performance.
An underweight position in the energy sector was a positive factor for relative performance. However, there were no individual stocks within this sector that were among the portfolio’s largest relative contributors during the period. Stock selection in the consumer discretionary sector also aided relative results. Within this sector, not owning internet retailer Amazon, and holdings of strong-performing media firm Time Warner boosted relative returns.
Stocks in other sectors that contributed to relative performance included overweight positions in drugstore retailer CVS Health, animal health products manufacturer Zoetis, paint and coating manufacturer Sherwin-Williams and data storage systems provider EMC, as well as holdings of sensors and controls manufacturer Sensata Technologies and semiconductor manufacturer Taiwan Semiconductors (Taiwan). Additionally an underweight position in computer products and services provider International Business Machines (IBM) and not owning shares of telecommunications company Verizon Communications added to relative return.
Penn Mutual Asset Management, Inc.
Investment Adviser
MFS Investments
Investment Sub-Adviser
13
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Large Cap Growth Fund on December 31, 2004 would have grown to $13,443. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 1000 Growth Index, during the same period. A $10,000 investment in the Russell 1000 Growth Index on December 31, 2004 would have grown to $22,590.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Large Cap Growth Fund | 11.29 | % | 9.63 | % | 3.00 | % | ||||||
Russell 1000 Growth Index | 13.05 | % | 15.81 | % | 8.49 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Technology | 26.3 | % | ||
Consumer Discretionary | 17.2 | % | ||
Healthcare | 15.9 | % | ||
Consumer Staples | 15.2 | % | ||
Industrials | 13.7 | % | ||
Materials & Processing | 4.5 | % | ||
Financials | 4.0 | % | ||
Energy | 3.2 | % | ||
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100.0 | % | |||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Core Growth Fund returned 7.73% for the twelve-month period ending December 31, 2014, compared to the 13.05% return for its benchmark, the Russell 1000 Growth Index for the same time period.
In the consumer discretionary sector, Amazon.com has suffered with concerns over capital spending in the e-commerce industry. In addition, despite continued strength in revenue growth investors have grown concerned with larger-than-expected investments delaying profits and price competition for Amazon Web Services. We are staying the course as Amazon will continue to increase market share in each of its main businesses and the long term profit potential and rapidly growing revenue base will drive the stock higher. The gaming market in Macau has been a growth driver for stocks such as Las Vegas Sands. However, sentiment related to the Macau market turned negative in 2014 as the Chinese government began a corruption crackdown on gaming practices. While the company reported an inline quarter with better than expected margins in Macau, the recent negative headlines have weighed on the stock.
Consistent with past periods, our fundamentally based investment process is challenged when stock prices are driven by macroeconomic factors rather than company specific fundamentals. Within the energy sector, this dynamic was apparent during the fourth quarter as crude oil prices continued their precipitous fall, perpetuating the dramatic selloff in energy stocks that began last quarter. The sector’s recent performance, however, left little doubt that investors are treating many energy companies as proxies for oil prices. Portfolio holdings such as Antero Resources and Pioneer Natural Resources, both of which detracted materially from quarterly performance, are examples of this disconnect. Given the high degree of global factors impacting oil prices, we are monitoring developments closely and staying disciplined with a focus on company specific fundamentals.
In the consumer staples space, shares of Constellation Brands rose sharply as the company’s acquisition of the U.S. distribution rights and production facilities of certain beer brands owned by Groupo Modelo, (including Corona) materially improved the growth profile of the company.
Within health care, shares of Alexion Pharmaceuticals rose in the period as the company’s results were better than expected. The company’s core drug, Soliris, is used to treat rare blood disorders. We believe revenue growth will continue to surprise as the company executes within its approved indications, gains access to new geographies, and develops additional indications for Soliris. Shares of AbbVie added to returns after reporting better than
expected results and raising full year earnings guidance. The strong results were driven by improved sales of the company’s anti-inflammatory drug Humira and positive news around AbbVie’s hepatitis C drug regimen.
Looking toward 2015, the outlook for U.S. stocks is somewhat muddied. The U.S. economy is clearly moving forward, and the year ended with rising optimism around consumer confidence. The elixir of falling gas prices, a healthier job market, stable home values, and stronger U.S. dollar is having a positive impact. We are not, however, fully convinced the U.S. economy is about to shift into high gear. As has become increasingly apparent, global economies are highly interconnected.
The Fund remains levered to growth characteristics that have been temporarily left behind. With investors seeking safety, relative valuation multiples of many of our names have compressed even as earnings growth revisions have risen. Many of our holdings have true pricing power, are benefiting from consolidation, are expanding capacity, and taking market share. They are run by innovative management teams with long-term growth outlooks. We continue to have conviction in these holdings and remain comfortable with the resulting high level of active share they produce.
Penn Mutual Asset Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Large Core Growth Fund on August 25, 2008 would have grown to $16,078. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 1000 Growth Index, during the same period. A $10,000 investment in the Russell 1000 Growth Index on August 25, 2008 would have grown to $19,248.
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Large Core Growth Fund | 7.73 | % | 13.96 | % | 7.76 | % | ||||||
Russell 1000 Growth Index | 13.05 | % | 15.81 | % | 10.86 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
Technology | 31.5 | % | ||
Consumer Discretionary | 22.5 | % | ||
Healthcare | 18.1 | % | ||
Financials | 9.6 | % | ||
Industrials | 8.5 | % | ||
Energy | 4.7 | % | ||
Telecommunications | 1.8 | % | ||
Consumer Staples | 1.7 | % | ||
Materials & Processing | 1.6 | % | ||
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100.0 | % | |||
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3�� | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
16
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Cap Value Fund returned 11.31% for the twelve-month period ending December 31, 2014, compared to the 13.45% return for its benchmark, the Russell 1000 Value Index.
Within this market environment, strong stock selection in the health care and materials sectors contributed most to positive performance but was not enough to offset stock selection in the information technology sector. Despite our underweight, the energy sector also was detrimental to overall return due to commodity price pressures.
On an individual basis, Forest Laboratories, Covidien PLC and United Healthcare contributed most to return. Forest Laboratories, a pharmaceutical company, was the best absolute performer; as a result of its acquisition by Actavis Plc. Forest Laboratories was an attractive takeover candidate due its strong balance sheet and decent pipeline. The deal is expected to be very accretive due to operating and tax synergies, which should be realized within the next three years. In another acquisition, Medtronic’s offer to purchase Covidien, a global medical equipment company, for a combination of cash and stock caused a positive appreciation of Covidien’s shares. U.S. managed care company United Health’s management team hosted an upbeat investor meeting in the fourth quarter, which led analysts to believe the company will be able to offset increasing cost and utilization trends.
Noble Energy, Terex Corporation and Sanofi detracted the most from performance. In addition to commodity price pressure, Noble, an independent exploration and production company, also suffered from news that the Israeli government was considering renegotiating some rights that the company has to a large offshore gas field. Terex, a diversified global manufacturer, also underperformed due to a poor earnings report. Despite solid revenue growth, the company’s margins were weak on a combination of new product investments, poor execution and higher sales of lower margin products than has been typical. Sanofi, a France-based global pharmaceutical company, surprised analysts with poor earnings guidance for 2015, due to lower expected earnings from one of its largest drugs, followed by the firing of its well-liked CEO.
Looking forward, active managers could experience another difficult year if interest rates remain depressed. We are underweight in utilities and real estate investment trusts (REITs) because we believe valuations are
unattractive and should remain so. We believe opportunities may present themselves in the consumer discretionary space for a variety of reasons: pent up demand, income and unemployment trends, and falling energy prices. We maintain a roster of potential investment opportunities where we are waiting for better valuations before initiating positions. In this environment, a market correction is likely and could be a buying opportunity. However, the correction and subsequent bounce in October may cause the next selloff to be shallower as investors are poised for the correction. As always, we assess opportunities as defined by our risk/rewards, regardless of the direction of the markets.
Penn Mutual Asset Management, Inc.
Investment Adviser
Loomis, Sayles & Co.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Large Cap Value Fund on December 31, 2004 would have grown to $17,232. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 1000 Value Index, during the same period. A $10,000 investment in the Russell 1000 Value Index on December 31, 2004 would have grown to $20,232.
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Large Cap Value Fund | 11.31 | % | 13.01 | % | 5.59 | % | ||||||
Russell 1000 Value Index | 13.45 | % | 15.42 | % | 7.30 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Financials | 26.7 | % | ||
Healthcare | 16.3 | % | ||
Consumer Discretionary | 11.2 | % | ||
Technology | 10.9 | % | ||
Industrials | 10.1 | % | ||
Energy | 9.6 | % | ||
Consumer Staples | 5.0 | % | ||
Materials & Processing | 4.4 | % | ||
Utilities | 3.3 | % | ||
Telecommunications | 2.5 | % | ||
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100.0 | % | |||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
18
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Core Value Fund returned 11.29% for the twelve-month period ending December 31, 2014, compared to the 13.45% return for its benchmark, the Russell 1000 Value Index for the same time period.
Investor uncertainty regarding the Fed Reserve’s (the Fed) timetable for rising interest rates added to general market volatility during the period, but the Fed’s continued low interest rate policy was a tailwind for U.S. stock valuations. On the employment front, the U.S. economy benefited from continued job market gains, with the U.S. unemployment rate continuing its descent from financial crisis highs. The sharp decline in oil prices, a headwind for many companies operating in the Energy sector, provided a boost to disposable income levels for consumers.
The Fund’s underperformance relative to the Index was largely due to unfavorable sector allocation results, particularly the Fund’s modest overweight to the underperforming energy sector, and stock selection decisions in the information technology and financials sectors.
The best performing Index sectors were information technology, utilities, and health care, while the weakest were energy, telecommunication services, and industrials sectors. The Index and the Fund both delivered positive returns in nine of the ten sectors, with energy representing the loan sector generating a negative return.
Unfavorable stock selection in the information technology and financials sectors was the biggest detractor from the Fund’s relative performance. A modest overweight in the lagging energy sector also detracted from relative performance. At the individual stock level, overweight positions in oil and gas production companies Occidental Petroleum and Devon Energy were the biggest individual stock detractors from the Fund’s performance versus the Index.
Within health care, exposure to two large multinational pharmaceutical companies, Roche Holding and Sanofi, weighed on the Fund’s performance relative to the Index. Elsewhere, the Fund’s holding in agribusiness company Syngenta and not owning Berkshire Hathaway, one of the largest constituents of the Index, which delivered strong performance over the period, hurt relative performance.
Stock selection within the consumer staples and materials sector contributed to relative performance. At the individual stock level, the Fund’s exposure to biopharmaceutical company Shire was the top individual
stock contributor to relative performance. Strong performance from the Fund’s position in supermarket chain Kroger aided the Fund’s performance versus the Index. Elsewhere, overweight positions in Home Depot, Delta Air Lines, and Altria buoyed relative performance results.
In 2015, investors will be closely watching the Fed for signals regarding the long anticipated increase in short-term interest rates. Strong gains by U.S. stocks in the fourth quarter of 2014 may indicate that investors have already priced in the expected modest hike in rates. Other observers expect stocks to pull back in early 2015 following their sharp run-up, particularly with equity valuations elevated in many cases.
The possible extent of any further oil price declines will also bear watching, as will the potential impact of weak overseas economies on U.S. economic growth. In China, the recent stock market surge has led to worries about speculative excess. Observers will also continue to monitor Europe and Japan for any signs that government stimulus programs may be reigniting their lagging economies. In addition, Russia’s struggling, energy-reliant economy may remain a source of concern.
Depending on how these and other issues play out in the coming months, equity markets could experience periodic bouts of volatility. As always, we are committed to identifying companies with strong franchises and growth prospects and intend to maintain our discipline of investing in such companies only at what we regard as attractive valuations.
Penn Mutual Asset Management, Inc.
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
19
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Large Core Value Fund on August 25, 2008 would have grown to $15,045. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 1000 Value Index, during the same period. A $10,000 investment in the Russell 1000 Value Index on August 25, 2008 would have grown to $17,730.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Large Core Value Fund | 11.29 | % | 12.05 | % | 6.64 | % | ||||||
Russell 1000 Value Index | 13.45 | % | 15.42 | % | 9.43 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
Financials | 28.3 | % | ||
Healthcare | 14.3 | % | ||
Energy | 12.0 | % | ||
Technology | 10.3 | % | ||
Industrials | 8.7 | % | ||
Consumer Staples | 7.8 | % | ||
Utilities | 6.5 | % | ||
Consumer Discretionary | 5.3 | % | ||
Materials & Processing | 4.0 | % | ||
Telecommunications | 2.8 | % | ||
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100.0 | % | |||
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3 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
20
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Index 500 Fund returned 13.25% for the twelve-month period ending December 31, 2014, compared to the 13.69% return for its benchmark, the S&P 500 Index.
The opening quarter of 2014 offered investors plenty of worthwhile return opportunities, but progress was not without pitfalls, and the best results arrived in unlikely corners of the marketplace. Against expectations of continued steady improvement in global economic growth, the first quarter delivered a harsh U.S. winter, downbeat economic signals in China, and Russian bellicosity in Ukraine. Even though activity prospects for the whole of 2014 remained relatively bright, weakness in consumer plays restrained equity returns and several defensive segments performed well. The U.S. Federal Reserve followed through with its plans to begin a steady reduction in asset purchases, but short-term bond yields saw narrow movement and longer-term yields underwent notable declines. Despite concerted accommodation rhetoric at both the European Central Bank and the Bank of Japan, the U.S. dollar struggled during the quarter, and agricultural commodities led resource prices higher. Even emerging market currencies ultimately gained traction, rallying in March as credit conditions eased further and outflows from developing countries began to ebb. While global equity markets followed up their tremendous 2013 finish with modest additional returns in the opening stanza of 2014, the biggest winners in the first quarter were late 2013 laggards, including long-duration bonds, real estate investment trusts, precious metals, and a selection of smaller equity markets in Europe and Asia.
After an initial lift as the second quarter got underway, equities worldwide began once again to struggle with the possibility that growth in 2014 might not evolve as robustly as anticipated. The International Monetary Fund (IMF) contributed further to the uncertainty when it released its updated economic outlook.
July got off to a good start as equities responded favorably to the July 3rd U.S. Non-Farm Payroll report with the Dow Jones Industrial Average crossing 17,000 for the first time ever. However, the optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. Then, Malaysian Airlines flight 17 was shot down over eastern Ukraine, leading to a further escalation of
tensions between the West and Russia. European shares tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy which might, in turn, prompt retaliation from Putin.
The fourth quarter began as the third quarter ended with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. U.S. airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region. From September 30th to October 15th, the S&P 500 Index was down 5.5% and MSCI EAFE was off 6.45%. In the middle of the month, U.S. banks began reporting better than expected earnings which helped turn the equity rout around. Fed Vice-Chair Fischer helped improve sentiment when he said, “If foreign growth is weaker than anticipated, the consequences for the US economy could lead the Fed to remove accommodation more slowly than otherwise.” The S&P 500 began a dramatic rally and closed out the second half of the month with a rise of 8.1% to end the month up 2.44%.
Penn Mutual Asset Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Index 500 Fund on December 31, 2004 would have grown to $20,603. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the S&P 500 Index, during the same period. A $10,000 investment in the S&P 500 Index on December 31, 2004 would have grown to $20,944.
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Index 500 Fund | 13.25 | % | 15.07 | % | 7.50 | % | ||||||
S&P 500 Index | 13.69 | % | 15.45 | % | 7.67 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Technology | 19.6 | % | ||
Financials | 16.7 | % | ||
Healthcare | 14.2 | % | ||
Consumer Discretionary | 12.1 | % | ||
Industrials | 10.4 | % | ||
Consumer Staples | 9.8 | % | ||
Energy | 8.5 | % | ||
Materials & Processing | 3.2 | % | ||
Utilities | 3.2 | % | ||
Telecommunications | 2.3 | % | ||
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100.0 | % | |||
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2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Mid Cap Growth Fund returned 9.49% for the twelve-month period ending December 31, 2014, compared to the 11.90% return for its benchmark, the Russell Midcap Growth Index.
Overall stock selection contributed strongly to relative performance during the first quarter, with selections within the technology and consumer staples sectors contributing the most to the Fund’s overall outperformance. Detractions to relative returns in the first quarter were small in amplitude and were from a diverse swatch of holdings within the financial services, consumer discretionary, and utilities sectors.
The single largest contributor to the Fund for the first quarter was Beam Inc. NXP Semiconductors in the technology sector was the second largest contributor for the quarter. Within the consumer discretionary sector, Delta Air Lines, and Kate Spade provided positive contributions.
Stock selection in financial services hindered performance during the first quarter in relative and absolute terms although the magnitude was not great. IntercontinentalExchange Group, a leading operator of regulated exchanges and clearing houses, pulled back and was the largest detractor to the Fund in the first half of the year.
The commentary provided above was from the former sub-adviser of the Fund, Turner Investments who was the manager of the Fund until May 1, 2014.
The manager primarily emphasizes a bottom-up approach and may look at a number of factors in its consideration of a company. These include new or innovative products or services, adaptive or creative management, strong financial and operational capabilities to sustain growth, market potential, profit potential, and stable and consistent revenue, earnings, and cash flow.
Consistent with the strategy’s philosophy and process, the majority of performance in the second half of the year was driven by individual stock selection as opposed to sector bets versus the Index.
Stock selections in the industrials and energy sector accounted for the bulk of the shortfall in return compared to the Index. More specifically within industrials, Flowserve and Jacobs Engineering struggled because of concerns about their business with customers in the energy industry.
The Fund’s energy names were weak across the board due to the swift decline in the price of oil since June, and especially within the fourth quarter. This was a punishing moment for the group generally and the Fund’s names specifically. The largest negative contribution for the period came from the names owned with exposure to domestic shale oil drilling in the Bakken region, and also natural gas exposed names.
Strong stock selection in the Fund’s health care, and consumer-related sectors were positive for performance for the period. The Fund had many strong performers in the health care sector which propelled the Fund to beat the Index in this category. Select information technology stocks also performed well. These included Electronic Arts, which we added to the Fund early in the year, as well as F5 Networks.
The top three securities detracting from performance for the period were Oasis Petroleum, Continental Resources and Southwestern Energy. The top three securities contributing to the Fund’s performance were Electronic Arts, Intuitive Surgical and Limited.
The commentary provided above is from the current sub-adviser of the Fund, Ivy Investment Management who became the manager of the Fund on May 1, 2014.
Penn Mutual Asset Management, Inc.
Investment Adviser
Ivy Investment Management
Investment Sub-Adviser
23
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Mid Cap Growth Fund on December 31, 2004 would have grown to $21,104. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell Midcap Growth Index, during the same period. A $10,000 investment in the Russell Midcap Growth Index on December 31, 2004 would have grown to $24,618.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Mid Cap Growth Fund | 9.49 | % | 13.19 | % | 7.76 | % | ||||||
Russell MidCap Growth Index | 11.90 | % | 16.94 | % | 9.43 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Consumer Discretionary | 23.3 | % | ||
Healthcare | 20.0 | % | ||
Technology | 18.5 | % | ||
Industrials | 14.4 | % | ||
Financials | 9.4 | % | ||
Consumer Staples | 6.4 | % | ||
Energy | 6.0 | % | ||
Materials & Processing | 2.0 | % | ||
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100.0 | % | |||
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|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Mid Cap Value Fund returned 13.67% for the twelve-month period ending December 31, 2014, compared to the 14.75% return for its benchmark, the Russell Midcap Value Index.
In many ways, it appears to us that idyllic conditions may exist for the domestic equity markets. Gross Domestic Product (GDP) growth is accelerating with little, if any, inflationary pressures. Interest rates remain low and consumer and business confidence is increasing. Declining energy prices are a positive for both the consumer and for U.S. manufacturing. The consumer balance sheet is strong and cash flow is increasing due to improved employment, increased average hourly earnings, and lower interest rates. Domestic industrial production operating rates have increased to over 80%, a level that in the past has triggered increased capital spending. Finally, corporate balance sheets are very liquid and management teams have been returning record amounts of cash to investors.
We continue to focus on high-quality, cash-generating franchises that are selling at significant discounts to our estimates of intrinsic value. For the most part, our mid-cap companies are domestically focused, which is beneficial with the dollar strengthening. We continue to position the Fund for stronger domestic growth, as it is clear to us that foreign growth is slowing and the U.S. economy has decoupled from the rest of the world.
For calendar year 2014, the Fund benefited from our overweight positions in the consumer and technology sectors. In the consumer area, the acquisition of one of our holdings in the consumer staples sector, a food and drug retailer (our largest position at the time), by a private equity firm helped performance. The market also recognized the steady and growing cash generating characteristics of another of our consumer staples companies engaged in the pharmacy health care business. One of our technology companies, a designer, developer, manufacturer and marketer of proprietary semiconductor products, was a large contributor as the market reacted positively to the company’s growing earnings and cash flow, due in part to its increasing chip content on the new iPhones.
For the year, our underweights in the financial services and the utilities sectors detracted from performance as both these sectors benefited from the surprising decline in interest rates during the year. With interest rates expected to rise during 2015, and the utilities sector selling at record high P/E’s, we would expect our underweights to help performance during 2015.
Our lagging investments in the Fund during the year included an engineering company, a manufacturer of perfumes and beauty products, and a fashion retailer. We continue to hold the engineering company as the new CEO has announced a major restructuring that we believe could benefit shareholders. We also maintain our position in the fashion retailer, as a private equity firm is exploring a buyout of the company, but eliminated our position in the perfume and beauty products manufacturer as our investment thesis for the company changed.
Despite the fact that equities in the mid-cap area are not as cheap as they were several years ago, we continue to identify quality franchises with strong balance sheets and robust free cash flow generation. With the domestic economy accelerating, we believe that earnings and cash flow could continue to improve during 2015. The likelihood of higher interest rates sometime in 2015 could create a more volatile investing environment, which could favor our bottom-up stock picking. We anticipate merger and acquisition activity to accelerate due to the availability of inexpensive financing, excess cash on balance sheets and continued activist activity. Our franchise companies are often beneficiaries of this activity.
Penn Mutual Asset Management, Inc.
Investment Adviser
Neuberger Berman Management
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Mid Cap Value Fund on December 31, 2004 would have grown to $21,161. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell Midcap Value Index, during the same period. A $10,000 investment in the Russell Midcap Value Index on December 31, 2004 would have grown to $24,629.
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Mid Cap Value Fund | 13.67 | % | 16.02 | % | 7.78 | % | ||||||
Russell MidCap Value Index | 14.75 | % | 17.43 | % | 9.43 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Industrials | 22.7 | % | ||
Technology | 18.4 | % | ||
Financials | 16.1 | % | ||
Consumer Discretionary | 14.1 | % | ||
Utilities | 8.1 | % | ||
Energy | 7.2 | % | ||
Health Care | 4.8 | % | ||
Materials & Processing | 4.0 | % | ||
Consumer Staples | 3.6 | % | ||
Telecommunications | 1.0 | % | ||
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100.0 | % | |||
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|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Mid Core Value Fund returned 16.37% for the twelve-month period ending December 31, 2014, compared to the 14.75% return for its benchmark, the Russell Midcap Value Index.
Security selection among information technology names contributed to relative results. In the information technology sector, Applied Materials enhanced relative results. The semiconductor equipment maker saw fundamentals improve across the industry in the wake of technology changes in semiconductor and memory manufacturing. The company continues to focus on improving its margins, market share, and research and development productivity.
In the industrials sector, security selection enhanced relative performance, though some of the gain was offset by a detrimental overweight in the sector. Security selection and an underweight in the machinery segment drove contribution from the sector. Waste management company Republic Services helped results. The stock appreciated as an improving economy drove volume growth for the company. The company also benefited from solid execution by management and the team finds the stock’s valuation attractive. A position in Clean Harbors was added. The company is an environmental waste services franchise in an industry with substantial barriers to entry. Recent execution issues, bad capital allocation decisions, and poor end market conditions have weighed on the stock, creating an attractive opportunity to invest in what the team believes is a high quality company.
The industrials sector was also the source of some top detractors for the Fund. Industrial conglomerate name Koninklijke Philips NV declined after losing a patent infringement case and being ordered to pay a large settlement to Masimo Corp.
The energy sector was a contributor to relative returns overall. In particular, lack of exposure to Seadrill was helpful as crude oil plunged during the fourth quarter. However, many of the Fund’s energy holdings were also negatively impacted by falling oil prices, including Apache Corporation and Imperial Oil. Weaker-than-expected demand from non-U.S. markets, higher-than-anticipated supply from North American shale formations, and OPEC’s unwillingness to curtail production in the wake of falling prices all drove weakness in crude oil price.
Overweights in the health care and consumer staples sectors also contributed to relative performance. Merger and acquisition activity served as a tailwind for several of the Fund’s holdings. In the consumer staples sector, Hillshire Brands was a top contributor for the Fund. Its share price appreciated when it announced it was being acquired by Tyson Foods, and the team exited the position. Health care company CareFusion appreciated after accepting a buyout offer from Becton, Dickinson and Company at a nearly 30% premium to where the stock was trading at the time of the offer.
Security selection in the financials sector was the greatest detractor from relative performance. The Fund remained significantly underweight in REITs, as the team finds valuations unattractive amid continued low interest rates.
In the materials sector, security selection weighed on relative returns, though some of the detraction was offset by the Fund’s underweight to the sector. Global aluminum fabricator Constellium NV detracted as an acquisition increased its debt burden. Additionally, the company announced its intent to increase capacity over the next three years, which could limit its free cash flow generation. The Fund exited its position in the stock.
The team continues to follow its disciplined, bottom-up process, selecting companies one at a time for the Fund. As of December 31, 2014, the team sees opportunity in industrials, consumer staples, and energy, as reflected by the Fund’s overweight positions in these sectors relative to the benchmark. Fundamental analysis and valuation work have led to smaller relative weightings in financials, consumer discretionary, and materials stocks.
Penn Mutual Asset Management, Inc.
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Mid Core Value Fund on December 31, 2004 would have grown to $19,634. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell Midcap Value Index, during the same period. A $10,000 investment in the Russell Midcap Value Index on December 31, 2004 would have grown to $24,629.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Mid Core Value Fund | 16.37 | % | 15.79 | % | 6.98 | % | ||||||
Russell MidCap Value Index | 14.75 | % | 17.43 | % | 9.43 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Financials | 26.8 | % | ||
Industrials | 13.9 | % | ||
Utilities | 12.0 | % | ||
Health Care | 11.2 | % | ||
Technology | 10.4 | % | ||
Consumer Staples | 7.6 | % | ||
Consumer Discretionary | 6.6 | % | ||
Energy | 6.4 | % | ||
Materials & Processing | 3.6 | % | ||
Telecommunications | 1.5 | % | ||
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100.0 | % | |||
|
|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series SMID Cap Growth Fund returned 0.61% for the twelve-month period ending December 31, 2014, compared to the 7.05% return for its benchmark, the Russell 2500 Growth Index for the same time period.
Positioning in the information technology sector was a source of challenge. As investors shed higher valuation stocks earlier this year, technology holdings were particularly hard hit given innovation implicit in these stocks is often accompanied by premium valuations. Weakness was apparent in shares of Cornerstone Ondemand. The provider of talent and management software saw its shares decline after the company reported lower sales and earnings than expected. Our position in Channeladvisor came under pressure. Channeladvisor works with small businesses to aggregate products on multiple online channels, something vendors find daunting given the expanding complexities. The company beat guidance on all metrics, however, shares declined as stocks with high valuations sold off heavily during April.
Shares of industrial rail road company Kansas City Southern declined after the company’s results fell short of expectations. The company’s rail network is strategically positioned to participate in increasing trade between the U.S. and Mexico. However, regulatory concerns mandating open access on Mexican rail lines with public pricing transparency arose, which threatened KSU’s exclusivity agreements within the country. This led to a sell-off in the shares. As is consistent with our process, the increased uncertainty led us to sell our position in favor of better ideas. Digital Globe, a company that provides satellite imagery to Federal and local governments as well as private businesses, declined after geopolitical and currency factors hurt sales.
Security selection in the health care sector proved additive to returns during the year. Holdings within the biotechnology industry reconcile well with the innovation theme and were significant contributors to performance over the past year. Shares of Puma Biotechnology shot up in the as positive phase III data for the company’s breast cancer drug, Neratinib, was announced. Our position in contact lens manufacturer Cooper Companies also contributed. Cooper enjoys a large market share position and is at the forefront of the move toward daily silicone hydrogel lenses. These lenses offer consumers more comfort and convenience while being more profitable for manufacturers. In July, the company announced the
acquisition of Sauflon, a competitor in the daily lens market, thereby enhancing its position in this market.
Looking toward 2015, the outlook for U.S. stocks is somewhat muddied. The U.S. economy is clearly moving forward, and the year ended with rising optimism around consumer confidence. We are not, however, fully convinced the U.S. economy is about to shift into high gear. As has become increasingly apparent, global economies are highly interconnected. The ripples from a rising U.S. dollar, fears of global deflation, and a massive collapse in commodity prices top the list of global economic issues that remain unresolved.
In this environment, the dilemma of a style pure growth manager is assessing how long an anomalous period will last. Almost any off benchmark bet, be it down market cap, cyclically exposed, long duration growth, or internationally exposed, hurt relative performance in 2014. Chasing index positions or stretching our valuation discipline would compromise our process and is simply not an option. So despite last year’s relative underperformance, we think it’s critical to not follow the herd. We will instead closely distinguish between fads and fundamentals. The push for yield and rewards for financial engineering is in our view, an unsustainable condition. Therefore, we must stay the course with discipline around our time tested investment process as a catalyst will eventually emerge to shake capital in a new direction.
Penn Mutual Asset Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the SMID Cap Growth Fund on August 25, 2008 would have grown to $19,759. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 2500 Growth Index, during the same period. A $10,000 investment in the Russell 2500 Growth Index on August 25, 2008 would have grown to $19,676.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
SMID Cap Growth Fund | 0.61 | % | 14.55 | % | 11.31 | % | ||||||
Russell 2500 Growth Index | 7.05 | % | 17.27 | % | 11.24 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
Technology | 21.8 | % | ||
Consumer Discretionary | 21.8 | % | ||
Industrials | 21.6 | % | ||
Healthcare | 19.9 | % | ||
Financials | 5.8 | % | ||
Materials & Processing | 2.9 | % | ||
Energy | 2.7 | % | ||
Telecommunications | 2.3 | % | ||
Consumer Staples | 1.2 | % | ||
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| |||
100.0 | % | |||
|
|
3 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series SMID Cap Value Fund returned 9.25% for the twelve-month period ending December 31, 2014, compared to the 7.11% return for its benchmark, the Russell 2500 Value Index for the same time period.
U.S. equity markets saw strong gains in 2014 as economic recovery fuelled earnings growth. Although small-cap stocks performed well in the fourth quarter, they lagged large caps for the year as a spike in volatility in September and October drove a sell-off in assets with perceived higher levels of risk.
During the year, the Fund rose in absolute terms and outperformed its benchmark, the Russell 2500 Value Index. The outperformance was driven by strong security selection. Overall sector selection also contributed. Stock selection and an overweight position in consumer-cyclicals was the leading contributor to performance.
Individual contributors were varied by sector and included consumer-cyclical holdings, Office Depot.
The superstore chain has continued to execute well on its merger integration with OfficeMax leading to much higher cost savings than investors had expected. Other contributors included Electronic Arts, Lam Research, CDW and Health Net.
While an underweight in the energy sector contributed to performance, energy holdings were significant detractors in the quarter. A sharp drop in oil prices drove downward the share price of exploration and production companies. Our energy holdings — including Bill Barrett, Rosetta Resources and SM Energy — were also affected by investor anxiety, as weaker cash flows due to lower oil prices threatened companies’ ability to make investments necessary to grow oil production. Additional detractors included General Cable Technologies and Meritage Homes.
Looking ahead to 2015, we will continue to seek companies to add to the Fund that have the same combination of compelling valuation, strong free cash flows and significant company-level catalysts as our current holdings. While the opportunities may range across a variety of sectors, areas with greater exposure to the economic cycle are likely to be the most promising.
Penn Mutual Asset Management, Inc.
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the SMID Cap Value Fund on August 25, 2008 would have grown to $21,021. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 2500 Value Index, during the same period. A $10,000 investment in the Russell 2500 Value Index on August 25, 2008 would have grown to $18,536.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
SMID Cap Value Fund | 9.25 | % | 16.13 | % | 12.40 | % | ||||||
Russell 2500 Value Index | 7.11 | % | 15.48 | % | 10.20 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
Financials | 29.9 | % | ||
Technology | 21.8 | % | ||
Consumer Discretionary | 17.8 | % | ||
Industrials | 12.1 | % | ||
Utilities | 6.6 | % | ||
Materials & Processing | 4.3 | % | ||
Healthcare | 3.5 | % | ||
Energy | 2.7 | % | ||
Consumer Staples | 1.3 | % | ||
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| |||
100.0 | % | |||
|
|
3 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Small Cap Growth Fund returned 7.76% for the twelve-month period ending December 31, 2014, compared to the 5.60% return for its benchmark, the Russell 2000 Growth Index.
We have taken a high-quality approach to investing in small-caps, and that approach paid off during year. Many of the companies in the Fund have predictable, recurring revenue streams. Our companies also typically generate a high return on invested capital and have demonstrated a proven ability to expand profit margins. We also put a great emphasis on identifying companies with sustainable competitive advantages that should help them gain market share and grow in a variety of market environments. Given our high-quality focus, we expect the Fund to produce positive results during market rallies, and to outperform the benchmark in weak or uncertain market environments, creating a smoother path to investing in small caps and a better opportunity to generate higher compounded returns over full market cycles.
At the sector level, our stock selection in the energy and materials sectors was the largest contributor to relative performance. We have placed emphasis on identifying companies within those sectors that have less commodity price sensitivity, and that helped our performance as many commodity prices fell this year. Our stock selection in the consumer discretionary and financial sectors detracted from relative performance.
SS&C Technologies was our largest contributor to absolute performance. The company provides a number of investment and financial software-enabled services to companies in the financial services industry. Most of its revenue comes from subscription services or software maintenance, which helps create a steady, recurring revenue source for the company. Strategic acquisitions made by the company in recent years have broadened its array of service offerings to financial firms and should create better cross-selling opportunities to its clients. The stock was up late in the period after SS&C announced another acquisition that should help further broaden its offering to customers.
Athlon Energy was another large contributor. We like the reserve potential of the company’s fields in the West Texas Permian Basin, but sold the stock during the period after significant gains.
While generally pleased with results this year, we did have stocks that declined and detracted from our performance. Kennametal was our largest detractor. The company makes cutting tools used in end markets serving the energy sector, and has been impacted by falling oil prices. Kennametal has also made some executional missteps, in our view. We are currently reviewing our position as we wait to see the plans of a new CEO running the company.
Graftech International was another detractor. Graftech produces graphite electrodes that go into electric arc furnaces, which is a more environmentally friendly way to produce steel than using blast furnaces. We trimmed the stock at higher levels due to concerns about the macro environment for steel consumption globally, however we believe the stock is undervalued at its current level after a meaningful selloff late in the year. Capacity in the graphite electrode industry has been reduced since 2012, which should improve pricing for graphite electrodes at some point.
Heading into the new year, valuations for small-cap stocks remain on the higher end of historical averages. We believe this investment backdrop could be beneficial for our relative performance. We have avoided many of the stocks that were driven by momentum in 2014, and believe these pockets of the market are due for multiple consolidation in the coming months or quarters. We also believe our focus on companies that have steadier, recurring earnings streams should be in favor in an environment where earnings growth is the primary driver of further stock price appreciation.
Penn Mutual Asset Management, Inc.
Investment Adviser
Janus Capital Management
Investment Sub-Adviser
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Small Cap Growth Fund on December 31, 2004 would have grown to $14,875. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 2000 Growth Index, during the same period. A $10,000 investment in the Russell 2000 Growth Index on December 31, 2004 would have grown to $22,699.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Small Cap Growth Fund | 7.76 | % | 10.67 | % | 4.05 | % | ||||||
Russell 2000 Growth Index | 5.60 | % | 16.80 | % | 8.54 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Technology | 32.9 | % | ||
Industrials | 21.0 | % | ||
Healthcare | 19.6 | % | ||
Consumer Discretionary | 14.3 | % | ||
Financials | 6.0 | % | ||
Consumer Staples | 2.3 | % | ||
Materials & Processing | 2.1 | % | ||
Energy | 1.8 | % | ||
|
| |||
100.0 | % | |||
|
|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Small Cap Value Fund returned 7.15% for the twelve-month period ending December 31, 2014, compared to the 4.22% return for its benchmark, the Russell 2000 Value Index.
Exact Sciences, a developer of diagnostic screening products targeting the early detection and prevention of colorectal cancer, was a top contributor to returns during the year. Shares of Exact Sciences traded higher as investors gained confidence in the company’s colorectal cancer screening test, Cologuard, receiving Food and Drug Administration (FDA) approval. In August, Cologuard received FDA approval and in October, its shares spiked after Medicare officials recommended a much higher-than-anticipated reimbursement for the test.
During 2014, Parsley Energy, an exploration and production company with operations focused in West Texas, was a top detractor in the Fund. Following Parsley Energy’s initial public offering at the end of May, the company has posted impressive quarterly earnings and strong production growth. However, the recent decline in oil prices has adversely impacted the stock. Despite recent challenges, we continue to be positive on Parsley Energy’s acreage in the Midland Basin and we are constructive on the company’s potential to experience above-average reserve and production growth going forward.
During the year, we initiated a position in Berry Plastics Group, a producer of plastic products and containers mainly for companies in the consumer staples sector. We believe that the company’s new Versalite cup, a recyclable alternative to foam cups, could be a major driver of earnings over the next several years due to increasing demand and the high margin nature of the product. We also view lower oil prices as a significant tailwind for the company given that the price of plastic, the largest input for Berry Plastics Group, and oil are closely linked. We also started a position in Rice Energy, an exploration and production company based in Pennsylvania. In our view, Rice Energy’s prominent acreage in the Marcellus and Utica Shales has the potential to drive continued strong results for the company.
During the year, we exited our position in Western Refining, an independent refiner of crude oil. Overall, we believe Western Refining is led by a quality management team and we are positive on the refiner’s location in the Permian basin. Strict to our sell discipline, however, as the stock’s valuation appreciated and reached our price target,
we exited the position and transitioned capital into higher conviction names within the energy sector. We exited our position in Cleco Corp., a Louisiana-based public utility holding company. We initiated our position in Cleco given our positive outlook on the company’s above-average earnings growth prospects and management’s focus on allocating free cash flow in a shareholder friendly-manner. In October, its shares rose sharply after the company announced plans to be acquired by a group of infrastructure investors. Following the announcement, we exited our position and transitioned capital into names with greater upside potential.
While we acknowledge that the potential for headwinds remain, such as geopolitical risks, we ultimately remain constructive on the direction of U.S. equity markets. Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own future, such as innovators with differentiated products, companies with low cost structures, or ones that have been investing in their own businesses and are poised to gain market share.
Penn Mutual Asset Management, Inc.
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Small Cap Value Fund on December 31, 2004 would have grown to $23,565. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 2000 Value Index, during the same period. A $10,000 investment in the Russell 2000 Value Index on December 31, 2004 would have grown to $19,468.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Small Cap Value Fund | 7.15 | % | 17.19 | % | 8.95 | % | ||||||
Russell 2000 Value Index | 4.22 | % | 14.26 | % | 6.89 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Financials | 39.4 | % | ||
Industrials | 14.1 | % | ||
Consumer Discretionary | 11.7 | % | ||
Technology | 10.8 | % | ||
Utilities | 6.4 | % | ||
Materials | 5.9 | % | ||
Healthcare | 5.5 | % | ||
Energy | 3.7 | % | ||
Consumer Staples | 2.1 | % | ||
Telecommunications | 0.4 | % | ||
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| |||
100.0 | % | |||
|
|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Small Cap Index Fund returned 4.21% for the twelve-month period ending December 31, 2014, compared to the 4.89% return for its benchmark, the Russell 2000 Index for the same time period.
The opening quarter of 2014 offered investors plenty of worthwhile return opportunities, but progress was not without pitfalls, and the best results arrived in unlikely corners of the marketplace. Against expectations of continued steady improvement in global economic growth, the first quarter delivered a harsh U.S. winter, downbeat economic signals in China, and Russian bellicosity in Ukraine. Even though activity prospects for the whole of 2014 remained relatively bright, weakness in consumer plays restrained equity returns and several defensive segments performed well. The U.S. Federal Reserve followed through with its plans to begin a steady reduction in asset purchases, but short-term bond yields saw narrow movement and longer-term yields underwent notable declines. Despite concerted accommodation rhetoric at both the European Central Bank and the Bank of Japan, the U.S. dollar struggled during the quarter, and agricultural commodities led resource prices higher. Even emerging market currencies ultimately gained traction, rallying in March as credit conditions eased further and outflows from developing countries began to ebb. While global equity markets followed up their tremendous 2013 finish with modest additional returns in the opening stanza of 2014, the biggest winners in the first quarter were late 2013 laggards, including long-duration bonds, real estate investment trusts, precious metals, and a selection of smaller equity markets in Europe and Asia.
After an initial lift as the second quarter got underway, equities worldwide began once again to struggle with the possibility that growth in 2014 might not evolve as robustly as anticipated. The International Monetary Fund (IMF) contributed further to the uncertainty when it released its updated economic outlook.
July got off to a good start as equities responded favorably to the July 3rd U.S. Non-Farm Payroll report with the Dow Jones Industrial Average crossing 17,000 for the first time ever. However, the optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. Then, Malaysian Airlines flight 17 was shot down over eastern Ukraine, leading to a further escalation of
tensions between the West and Russia. European shares tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy which might, in turn, prompt retaliation from Putin.
The fourth quarter began as the third quarter ended with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. U.S. airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region. From September 30th to October 15th, the S&P 500 Index was down 5.5% and MSCI EAFE was off 6.45%. In the middle of the month, U.S. banks began reporting better than expected earnings which helped turn the equity rout around. Fed Vice-Chair Fischer helped improve sentiment when he said, “If foreign growth is weaker than anticipated, the consequences for the US economy could lead the Fed to remove accommodation more slowly than otherwise.” The S&P 500 began a dramatic rally and closed out the second half of the month with a rise of 8.1% to end the month up 2.44%.
Penn Mutual Asset Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Small Cap Index Fund on August 25, 2008 would have grown to $17,702. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the Russell 2000 Index, during the same period. A $10,000 investment in the Russell 2000 Index on August 25, 2008 would have grown to $17,857.
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Small Cap Index Fund | 4.21 | % | 14.91 | % | 9.40 | % | ||||||
Russell 2000 Index | 4.89 | % | 15.55 | % | 9.56 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
Financials | 24.2 | % | ||
Technology | 17.9 | % | ||
Healthcare | 14.8 | % | ||
Industrials | 13.8 | % | ||
Consumer Discretionary | 13.7 | % | ||
Materials & Processing | 4.5 | % | ||
Energy | 3.5 | % | ||
Utilities | 3.5 | % | ||
Consumer Staples | 3.3 | % | ||
Telecommunications | 0.8 | % | ||
|
| |||
100.0 | % | |||
|
|
3 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Developed International Index Fund
The Penn Series Developed International Index Fund returned –6.10% for the twelve-month period ending December 31, 2014, compared to the –4.48% return for its benchmark, the MSCI EAFE Index for the same time period.
The opening quarter of 2014 offered investors plenty of worthwhile return opportunities, but progress was not without pitfalls, and the best results arrived in unlikely corners of the marketplace. Against expectations of continued steady improvement in global economic growth, the first quarter delivered a harsh U.S. winter, downbeat economic signals in China, and Russian bellicosity in Ukraine. Even though activity prospects for the whole of 2014 remained relatively bright, weakness in consumer plays restrained equity returns and several defensive segments performed well. The U.S. Federal Reserve followed through with its plans to begin a steady reduction in asset purchases, but short-term bond yields saw narrow movement and longer-term yields underwent notable declines. Despite concerted accommodation rhetoric at both the European Central Bank and the Bank of Japan, the U.S. dollar struggled during the quarter, and agricultural commodities led resource prices higher. Even emerging market currencies ultimately gained traction, rallying in March as credit conditions eased further and outflows from developing countries began to ebb. While global equity markets followed up their tremendous 2013 finish with modest additional returns in the opening stanza of 2014, the biggest winners in the first quarter were late 2013 laggards, including long-duration bonds, real estate investment trusts, precious metals, and a selection of smaller equity markets in Europe and Asia.
After an initial lift as the second quarter got underway, equities worldwide began once again to struggle with the possibility that growth in 2014 might not evolve as robustly as anticipated. The International Monetary Fund (IMF) contributed further to the uncertainty when it released its updated economic outlook. Although European expansion prospects earned an upgrade from the previous outlook, worries about low Euro-zone inflation remained prominent. The IMF’s projections for global growth as a whole were slightly lower, with notable downgrades in forecasts for Japan.
July got off to a good start as equities responded favorably to the July 3rd U.S. Non-Farm Payroll report with the Dow Jones Industrial Average crossing 17,000 for the first time ever. However, the optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and
banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. Then, Malaysian Airlines flight 17 was shot down over eastern Ukraine, leading to a further escalation of tensions between the West and Russia. European shares tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy which might, in turn, prompt retaliation from Putin.
The fourth quarter began as the third quarter ended with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. U.S. airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region. From September 30th to October 15th, the S&P 500 Index was down 5.5% and MSCI EAFE was off 6.45%. In the middle of the month, U.S. banks began reporting better than expected earnings which helped turn the equity rout around. Fed Vice-Chair Fischer helped improve sentiment when he said, “If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise.” The S&P 500 began a dramatic rally and closed out the second half of the month with a rise of 8.1% to end the month up 2.44%.
Penn Mutual Asset Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
39
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Developed International Index Fund on August 25, 2008 would have grown to $11,590. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the MSCI EAFE Index, during the same period. A $10,000 investment in the MSCI EAFE Index on August 25, 2008 would have grown to $12,269.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Developed International Index Fund | (6.10 | )% | 4.75 | % | 2.35 | % | ||||||
MSCI EAFE Index | (4.48 | )% | 5.81 | % | 3.27 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
Japan | 21.1 | % | ||
United Kingdom | 18.3 | % | ||
Switzerland | 9.9 | % | ||
France | 9.2 | % | ||
Germany | 9.1 | % | ||
Australia | 7.5 | % | ||
Netherlands | 4.8 | % | ||
Spain | 3.4 | % | ||
Hong Kong | 3.0 | % | ||
Sweden | 3.0 | % | ||
Italy | 2.1 | % | ||
Denmark | 1.5 | % | ||
Singapore | 1.5 | % | ||
Belgium | 1.3 | % | ||
Finland | 0.9 | % | ||
Ireland | 0.8 | % | ||
Israel | 0.6 | % | ||
Norway | 0.6 | % | ||
Luxembourg | 0.4 | % | ||
Austria | 0.2 | % | ||
New Zealand | 0.2 | % | ||
China | 0.1 | % | ||
Guernsey | 0.1 | % | ||
Jersey | 0.1 | % | ||
Portugal | 0.1 | % | ||
|
| |||
100.0 | % | |||
|
|
3 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series International Equity Fund returned 2.95% for the twelve-month period ending December 31, 2014, compared to the –4.48% return for its benchmark, the MSCI EAFE Index.
Contributing to performance during the period, Housing Development Finance Corporation (HDFC) is a diversified financial services company in India with a leading mortgage finance franchise. HDFC is well-placed for long-term growth as it is the leader in mortgage lending in India, with margins supported by industry-leading low costs.
HDFC Bank reported solid results, earnings were solid and retail loan growth was encouraging. HDFC Bank is a high-quality Indian private sector bank which has been a cornerstone investment in the Fund for many years. The bank has delivered solid growth while maintaining high credit and underwriting standards. HDFC Bank has a strong deposit franchise and powerful technology backbone that has allowed it to significantly grow earnings over the past 10 years.
Detracting from performance during the period was Core Laboratories. Its price declined due to the sharp fall in the price of oil, which has weighed on all companies in the sector. There is a real risk that investment gets delayed. The reason we continue to hold Core Labs in this environment is that it is unique in the oil services field. The company focuses on niches within oil services, where it can be a leader and where returns are extremely high. The company focuses on helping customers extract the most amount of oil from their fields, and where the returns on investment for customers make it that, even in downturns, there should still be demand for Core’s products, albeit at a lower level.
Another detractor was Sands China, as well as other Macau-exposed gaming stocks, which underperformed due to weak monthly gross gaming revenue (GGR) numbers in the market. This slowdown was not to be unexpected. However, in hindsight, the magnitude of the market contraction has admittedly been more severe than anticipated. While it has weighed heavily on the VIP segment of the Macau gaming pie, the ongoing corruption crackdown in China should be a positive for Macau longer term. There is nothing wrong with cleaning out potentially dirty money from the market for the operators that we believe are above board in their operations and well-positioned for the real prize, the growth in mass and premium mass gamblers. However, we still remain bullish
on the investment prospects long term for these businesses, despite the immediate headwinds to next year’s results.
In 2014, the U.S. posted solid returns, and Europe and emerging markets declined. While the U.S. stock market fell sharply in October and again in December, its quick rebound in both months signified its underlying economic strength as it enters 2015 with strong momentum. The U.S. Federal Reserve is likely to raise rates in 2015 as the economy moves into a more mature stage of recovery. In Europe, however, weak growth and the continued threat of deflation suggest that monetary policy is headed in the opposite direction. Europe continued to struggle as disappointing economic data was released and the European Central Bank lowered its growth forecasts for the Eurozone economy. Falling commodity prices and a strengthening U.S. dollar have driven emerging markets to negative territory.
Volatility is likely to increase across both developed and emerging markets in 2015. As the investment environment becomes more challenging, careful stock selection is critical. We focus on identifying companies with characteristics that can provide resilience to macro shocks, such as robust cash flow, a consumer focus and a strong competitive position.
Penn Mutual Asset Management, Inc.
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the International Equity Fund on December 31, 2004 would have grown to $19,336. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the MSCI EAFE Index, during the same period. A $10,000 investment in the MSCI EAFE Index on December 31, 2004 would have grown to $16,151.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
International Equity Fund | 2.95 | % | 8.16 | % | 6.82 | % | ||||||
MSCI EAFE Index | (4.48 | )% | 5.81 | % | 4.91 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
United Kingdom | 18.5 | % | ||
Switzerland | 15.7 | % | ||
India | 12.6 | % | ||
France | 8.6 | % | ||
United States | 7.2 | % | ||
Canada | 6.9 | % | ||
Netherlands | 5.5 | % | ||
China | 5.0 | % | ||
Australia | 4.2 | % | ||
Denmark | 3.6 | % | ||
Brazil | 2.9 | % | ||
Hong Kong | 2.8 | % | ||
Spain | 1.5 | % | ||
South Africa | 1.4 | % | ||
Japan | 1.3 | % | ||
Ireland | 1.2 | % | ||
Germany | 1.0 | % | ||
|
| |||
100.0 | % | |||
|
|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Emerging Markets Equity Fund returned –4.91% for the twelve-month period ending December 31, 2014, compared to the –1.82% return for its benchmark, the MSCI Emerging Markets Index for the same time period.
The 2014 year was a volatile one in emerging markets. Investor concerns about a slowing China and Russian actions in Ukraine and Crimea early in the year were followed by sharp rallies later in the second quarter, sparked by attractive valuations, selective hope of economic reform and mini-stimulus in China. Since early September, however, emerging markets have all but given back the gains of the previous quarter. The sell-off was initially sparked by renewed fears about the prospect of rising U.S. interest rates and a strong U.S. dollar, and exacerbated by falling commodity and oil prices, as well as declining growth prospects in China.
In the Fund, stock selection overall dampened relative performance, while country allocation benefited performance. The main detractors included our stock selection and overweight allocation to Poland, our underweight allocations to China and Taiwan, and our zero weight to Turkey. Contributing the most to relative returns were our overweight allocations in India and Thailand, our stock selection and underweight allocation in Brazil, our underweight allocation in Russia, and overweight allocation in the Philippines.
China’s incremental contribution to global growth has been far more important than Europe’s for well over a decade. Despite U.S. economic strength, a slowing China keeps a damper on any global recovery and could possibly even contribute to a potential global recession. Until we see signs that China’s slowdown stabilizes, it will be difficult to say that emerging market equities have hit a critical turning point. Despite their rate cut in 2014, China’s economy will continue to feel the pressure of their excessive credit expansion and a property market that still needs to endure a lot more pain. We have long stated that China’s Gross Domestic Product (GDP) growth rate will slow to 5% within the next couple years. The market may not be satisfied that China is on a track to stabilizing — as opposed to slowing — until the middle of 2015.
In the Fund, we remained focused on quality and growth. We maintain our underweight to countries dependent on global cyclical growth such as China itself, as well as the commodities-oriented markets of Brazil, Russia and South Africa.
We are overweight countries that we believe are fundamentally sound and where reform is on a constructive path, such as Poland and the Czech Republic, India, the Philippines and Mexico. These are countries that have not experienced excessive credit growth since the global financial crisis and where such factors as investment, manufacturing, currency competitiveness and improving productivity are all encouraging and contributing to growth prospects at both the country and select company levels.
We still consider Eastern Europe an attractive investment opportunity despite its recent run of poor performance, and we have been adding to some of our positions on weakness. We think Poland, the Czech Republic and Romania are all in the sweet spot of being members of the European Union but with the currency competitiveness of not using the euro. Over the medium term, in our view, the region could benefit from its competitive labor market and its trade links and overall ties with a gradual economic recovery in Western Europe. Macro indicators could eventually return to strength, buoyed by more competitive exports and a gradual pick up in wages and domestic consumer and business confidence. A pickup in inflation, particularly in food inflation, would also help.
Penn Mutual Asset Management, Inc.
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Emerging Markets Equity Fund on August 25, 2008 would have grown to $10,886. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the MSCI Emerging Markets Index, during the same period. A $10,000 investment in the MSCI Emerging Markets Index on August 25, 2008 would have grown to $11,489.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Emerging Markets Equity Fund | (4.91 | )% | 1.79 | % | 1.34 | % | ||||||
MSCI Emerging Markets Index | (1.82 | )% | 2.11 | % | 2.76 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
Portfolio Composition as of 12/31/14
Percent of Total Investments3 | ||||
South Korea | 13.2 | % | ||
China | 12.2 | % | ||
India | 11.1 | % | ||
Taiwan | 9.4 | % | ||
Brazil | 7.5 | % | ||
Mexico | 6.7 | % | ||
Thailand | 5.0 | % | ||
South Africa | 4.8 | % | ||
Philippines | 4.2 | % | ||
Hong Kong | 3.3 | % | ||
United States | 2.5 | % | ||
Poland | 2.4 | % | ||
Austria | 2.1 | % | ||
Columbia | 2.0 | % | ||
Switzerland | 1.8 | % | ||
Indonesia | 1.6 | % | ||
Peru | 1.3 | % | ||
Malaysia | 1.2 | % | ||
Czech Republic | 1.0 | % | ||
Russia | 0.9 | % | ||
United Kingdom | 0.9 | % | ||
Pakistan | 0.8 | % | ||
Portugal | 0.8 | % | ||
Chile | 0.5 | % | ||
Qatar | 0.5 | % | ||
Spain | 0.5 | % | ||
Argentina | 0.4 | % | ||
Netherlands | 0.4 | % | ||
Panama | 0.4 | % | ||
Japan | 0.3 | % | ||
|
| |||
100.0 | % | |||
|
|
3 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Real Estate Securities Fund returned 30.22% for the twelve-month period ending December 31, 2014, compared to the 30.14% return for its benchmark, the FTSE NAREIT Equity REIT Index.
U.S. REITs rallied from a disappointing year in 2013 to post their best annual returns since 2006. Improving economic growth led to strengthening fundamentals across all property types, while a decline in Treasury yields from already low levels led to better investor sentiment toward higher-yielding equities. Earnings reports from commercial real estate companies announced throughout the year generally met or exceeded expectations, sustaining the group’s outperformance of the broader equity market.
Returns were positive across all property types. Apartment REITs did particularly well amid strong job gains and relatively modest new supply. The regional mall sector was also resilient, benefiting in part from merger and acquisition activity. Mall owner Glimcher Realty had a large gain on a buyout offer from Washington Prime, which was formed in May as a spin off from Simon Property Group.
Health care property REITs were also a top performer. While the group’s growth rates are not as robust compared with many other sectors, investors found favor in health care’s visible income streams in an environment of low interest rates. Hotels had a healthy gain. Earnings were generally supportive, although there was some lowered guidance related to softening demand outside of the U.S.
Self storage owners as with REITs broadly, continued to benefit from strong demand and muted new supply. In the office sector, asset values and rent-growth expectations continued to improve, particularly in New York City and certain West Coast markets.
Industrial real estate companies underperformed the index but still registered a strong absolute gain. The sector was one property type that was restrained, relatively speaking, by concerns of higher supply. The free-standing retail sector also trailed the wider REIT market, due to a decline in the shares of American Realty Capital Properties, which reported an overstatement of its first-half 2014 cash flow.
Factors that helped relative performance included stock selection in the regional mall sector, where we had a beneficial overweight in Glimcher Realty. We believed that the quality of the company’s assets was not being fully recognized by the market. Stock selection in the health
care, self storage and apartment sectors also aided performance. In addition, we were significantly underweight American Realty Capital Properties in the free-standing retail sector. Factors that detracted from relative returns included stock selection in the hotel sector and our overweight in industrial real estate companies.
We retain a focus on cyclically sensitive names. We continue to favor New York and West Coast offices, along with select retail, self storage and apartment REITs, based on our view of strengthening fundamentals. Within the self storage sector, we expect further upside to cash-flow growth amid strong demand and limited new supply. We maintain an overall favorable view of apartments. We believe employment growth and household formation trends should support multifamily occupancies and rents; however, the ability to buy homes should gradually improve in a better credit environment, which, along with rising supply, bears monitoring.
In terms of where we stand with performance and valuations, we believe U.S. REITs continue to offer positive risk-adjusted return potential, as the prospect of higher asset values and cash flows in an improving economy should outweigh the likely return of higher short-term Treasury rates later in 2015. In general, we believe the improvement in real estate fundamentals and continued job growth justifies modest premiums to companies’ net asset values, although in this environment, cash-flow-growth potential is likely to take on added significance.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2004 — December 31, 2014
An investment of $10,000 in the Real Estate Securities Fund on December 31, 2004 would have grown to $19,665. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the FTSE NAREIT Equity REIT Index, during the same period. A $10,000 investment in the FTSE NAREIT Equity REIT Index on December 31, 2004 would have grown to $22,206.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | 10 Year | ||||||||||
Real Estate Securities Fund | 30.22 | % | 15.85 | % | 7.00 | % | ||||||
FTSE NAREIT Equity REIT Index | 30.14 | % | 16.88 | % | 8.31 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Portfolio Composition as of 12/31/14
Percent of Total Investments2 | ||||
Apartments | 18.8 | % | ||
Regional Malls | 16.2 | % | ||
Office Property | 13.5 | % | ||
Diversified | 9.1 | % | ||
Healthcare | 8.9 | % | ||
Strip Centers | 8.4 | % | ||
Hotels and Resorts | 7.2 | % | ||
Storage & Warehousing | 6.3 | % | ||
Industrial | 5.5 | % | ||
Building & Real Estate | 2.8 | % | ||
Lodging | 2.7 | % | ||
Manufactured Homes | 0.7 | % | ||
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| |||
100.0 | % | |||
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|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Aggressive Allocation Fund returned 6.78% for the twelve-month period ending December 31, 2014, compared to its benchmarks, the Russell 3000 Index’s return of 12.56% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.97% for the same time period.
The Aggressive Allocation Fund is comprised of a target allocation of 95% equity funds and 5% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term bond funds.
At the broad asset class level, the Aggressive Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the one-year period. Contributing to this underperformance versus its benchmark was the Fund’s underlying asset class allocations to developed international stocks and emerging market stocks. These international markets both underperformed domestic stocks as represented by the Russell 3000 Index. The Fund’s underlying asset class allocations within real estate and mid cap value stocks were positive contributors to performance during the period.
The Fund’s fixed income allocation performed in-line with the Barclays Capital U.S. Aggregate Bond Index for the one-year time period.
As a result of the annual analysis of the asset class allocations of the Fund conducted each September with changes implemented October 1, the asset class allocation to mid cap value stocks was slightly increased and the asset class allocation to international stocks was slightly reduced. These asset class changes became effective at the beginning of the fourth quarter and will continue to be in effective until the next annual review. However, the Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Aggressive Allocation Fund on August 25, 2008 would have grown to $15,365. For the purpose of comparison, the graph also shows the change in the Fund’s benchmarks, the Russell 3000 Index and the Barclays Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on August 25, 2008 would have grown to $18,985. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,657.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Aggressive Allocation Fund | 6.78 | % | 11.03 | % | 6.99 | % | ||||||
Russell 3000 Index | 12.56 | % | 15.63 | % | 10.14 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 5.03 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Asset Allocation Target as of 12/31/14
International Stocks | 21.0 | % | ||
Large Cap Value Stocks | 17.0 | % | ||
Large Growth Stocks | 15.0 | % | ||
Emerging Markets | 10.0 | % | ||
Mid Cap Value Stocks | 9.0 | % | ||
Mid Cap Growth Stocks | 7.0 | % | ||
Small Cap Value Stocks | 6.0 | % | ||
Small Cap Growth Stocks | 5.0 | % | ||
REITs | 5.0 | % | ||
Intermediate Bonds | 5.0 | % | ||
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100.0 | % | |||
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48
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned 6.28% for the twelve-month period ending December 31, 2014, compared to its benchmarks, the Russell 3000 Index’s return of 12.56% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.97% for the same time period.
The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderately Aggressive Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the one-year period. Hindering the Fund’s equity performance versus its benchmark was its underlying asset class allocation to developed international stocks as well as its asset class allocation to emerging market stocks. Both of these markets underperformed domestic stocks, as represented by the Russell 3000 Index, during the period.
The Fund’s fixed income allocation slightly underperformed the Barclays Capital U.S. Aggregate Bond Index for the one-year time period. Contributing to this underperformance was the asset class allocation to short-term fixed income.
As a result of the annual analysis of the asset class allocations of the Fund conducted each September with changes implemented October 1, the asset class allocations to international stocks and short-term bonds were slightly decreased. These decreases allowed for the slight increase to the asset class allocations within mid cap value stocks and high yield bonds. These asset class changes became effective at the beginning of the fourth quarter and will continue to be in effective until the next annual review. However, the Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Moderately Aggressive Allocation Fund on August 25, 2008 would have grown to $16,049. For the purpose of comparison, the graph also shows the change in the Fund’s benchmarks, the Russell 3000 Index and the Barclays Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on August 25, 2008 would have grown to $18,985. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,657.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Moderately Aggressive Allocation Fund | 6.28 | % | 10.11 | % | 7.73 | % | ||||||
Russell 3000 Index | 12.56 | % | 15.63 | % | 10.14 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 5.03 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Asset Allocation Target as of 12/31/14
International Stocks | 18.0 | % | ||
Large Cap Value Stocks | 15.0 | % | ||
Large Growth Stocks | 13.0 | % | ||
Intermediate Bonds | 13.0 | % | ||
Mid Cap Value Stocks | 8.0 | % | ||
Emerging Markets | 7.0 | % | ||
Mid Cap Growth Stocks | 6.0 | % | ||
Short Term Bonds | 5.0 | % | ||
Small Cap Value Stocks | 4.0 | % | ||
Small Cap Growth Stocks | 4.0 | % | ||
REITs | 4.0 | % | ||
High Yield Bonds | 3.0 | % | ||
|
| |||
100.0 | % | |||
|
|
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Moderate Allocation Fund returned 5.63% for the twelve-month period ending December 31, 2014, compared to its benchmarks, the Russell 3000 Index’s return of 12.56% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.97% for the same time period.
The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.
At the broad asset class level, the Moderate Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the one-year period. Contributing to this underperformance versus its benchmark was the Fund’s underlying asset class allocations to developed international stocks and emerging market stocks. Both of these international markets underperformed domestic stocks, as represented by the Russell 3000 Index, during the period.
The Fund’s fixed income allocation underperformed the Barclays Capital U.S. Aggregate Bond Index for the one-year time period. The Fund’s asset class allocation to short-term bonds had a negative impact on its performance for the one-year period.
As a result of the annual analysis of the asset class allocations of the Fund conducted each September with changes implemented October 1, the asset class allocations to international stocks and short-term bonds were decreased. These decreases allowed for the increase to the asset class allocations within mid cap value stocks, high yield bonds and intermediate-term bonds. These asset class changes became effective at the beginning of the fourth quarter and will continue to be in effective until the next annual review. However, the Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Moderate Allocation Fund on August 25, 2008 would have grown to $14,795. For the purpose of comparison, the graph also shows the change in the Fund’s benchmarks, the Russell 3000 Index and the Barclays Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on August 25, 2008 would have grown to $18,985. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,657.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Moderate Allocation Fund | 5.63 | % | 8.60 | % | 6.35 | % | ||||||
Russell 3000 Index | 12.56 | % | 15.63 | % | 10.14 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 5.03 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Asset Allocation Target as of 12/31/14
Intermediate Bonds | 25.0 | % | ||
International Stocks | 13.0 | % | ||
Large Cap Value Stocks | 12.0 | % | ||
Large Growth Stocks | 10.0 | % | ||
Short Term Bonds | 7.0 | % | ||
Mid Cap Value Stocks | 6.0 | % | ||
Emerging Markets | 5.0 | % | ||
High Yield Bonds | 5.0 | % | ||
Small Cap Value Stocks | 4.0 | % | ||
Mid Cap Growth Stocks | 4.0 | % | ||
Cash Equivalents | 3.0 | % | ||
Small Cap Growth Stocks | 3.0 | % | ||
REITs | 3.0 | % | ||
|
| |||
100.0 | % | |||
|
|
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned 5.01% for the twelve-month period ending December 31, 2014, compared to its benchmarks, the Russell 3000 Index’s return of 12.56% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.97% for the same time period.
The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds and 60% fixed income funds. The equity allocation of the Fund consists of domestic equity funds comprised of large capitalization and mid capitalization funds and a slight allocation to small capitalization stocks as well as developed international equity funds and a small allocation to emerging market equities. The fixed income portion is mostly allocated to intermediate-term and short-term bond funds.
The Moderately Conservative Allocation Fund’s fixed income allocation underperformed the Barclays Capital U.S. Aggregate Bond Index for the one-year time period. Contributing to this underperformance was primarily the Fund’s underlying asset class allocation to short-term fixed income.
At the broad asset class level, the performance of the Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the one-year period. Hindering the Fund’s equity performance versus its benchmark was the underlying asset class allocations to both developed international stocks and emerging market stocks. Both of these international markets underperformed domestic stocks during the period, which had a negative impact to the Fund’s equity performance.
As a result of the annual analysis of the asset class allocations of the Fund conducted each September with changes implemented October 1, the asset class allocation to both short-term bonds and cash equivalents were reduced. This reduction allowed for the increase to the asset class allocations to high yield bonds and intermediate-term bonds. These asset class changes became effective at the beginning of the fourth quarter and will continue to be in effective until the next annual review. However, the Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Moderately Conservative Allocation Fund on August 25, 2008 would have grown to $14,038. For the purpose of comparison, the graph also shows the change in the Fund’s benchmarks, the Russell 3000 Index and the Barclays Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on August 25, 2008 would have grown to $18,985. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,657.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Moderately Conservative Allocation Fund | 5.01 | % | 6.91 | % | 5.48 | % | ||||||
Russell 3000 Index | 12.56 | % | 15.63 | % | 10.14 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 5.03 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Asset Allocation Target as of 12/31/14
Intermediate Bonds | 34.0 | % | ||
Short Term Bonds | 16.0 | % | ||
Large Cap Value Stocks | 10.0 | % | ||
International Stocks | 9.0 | % | ||
Large Growth Stocks | 7.0 | % | ||
High Yield Bonds | 7.0 | % | ||
Mid Cap Value Stocks | 4.0 | % | ||
Cash Equivalents | 3.0 | % | ||
Emerging Markets | 2.0 | % | ||
Mid Cap Growth Stocks | 2.0 | % | ||
REITs | 2.0 | % | ||
Small Cap Growth Stocks | 2.0 | % | ||
Small Cap Value Stocks | 2.0 | % | ||
|
| |||
100.0 | % | |||
|
|
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Conservative Allocation Fund returned 3.75% for the twelve-month period ending December 31, 2014, compared to its benchmarks, the Russell 3000 Index’s return of 12.56% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.97% for the same time period.
The Conservative Allocation Fund is comprised of a target allocation of 80% fixed income funds and a target allocation of 20% in domestic and international equity funds. The fixed income funds predominately consist of short-term and intermediate-term bonds and the equity fund allocations consist of mostly large capitalization funds with a small exposure to developed international equity funds.
At the broad asset class level, the Conservative Allocation Fund’s asset class exposure to high yield, short term bonds and cash underperformed the Barclays Capital U.S. Aggregate Bond Index for the one-year period, thus, asset allocation had a negative contribution on performance during the period.
The Fund’s equity allocation slightly underperformed its broad equity benchmark, the Russell 3000 Index. The Fund’s asset class allocation to developed international stocks hindered its equity performance during the period as the developed international market underperformed domestic stocks, as represented by the Russell 3000 Index.
As a result of the annual analysis of the asset class allocations of the Fund conducted each September with changes implemented October 1, the asset class allocation to both short-term bonds and cash equivalents were reduced. This reduction allowed for the increase to the asset class allocations to high yield bonds and intermediate-term bonds. These asset class changes became effective at the beginning of the fourth quarter and will continue to be in effective until the next annual review. However, the Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2014
An investment of $10,000 in the Conservative Allocation Fund on August 25, 2008 would have grown to $13,132. For the purpose of comparison, the graph also shows the change in the Fund’s benchmarks, the Russell 3000 Index and the Barclays Capital U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on August 25, 2008 would have grown to $18,985. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,657.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Conservative Allocation | 3.75 | % | 4.89 | % | 4.38 | % | ||||||
Russell 3000 Index | 12.56 | % | 15.63 | % | 10.14 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 5.97 | % | 4.45 | % | 5.03 | % |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
2 | The Fund’s inception date was August 25, 2008. |
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Asset Allocation Target as of 12/31/14
Intermediate Bonds | 42.0 | % | ||
Short Term Bonds | 22.0 | % | ||
High Yield Bonds | 9.0 | % | ||
Cash Equivalents | 7.0 | % | ||
Large Cap Value Stocks | 7.0 | % | ||
Large Growth Stocks | 5.0 | % | ||
International Stocks | 5.0 | % | ||
Mid Cap Value Stocks | 2.0 | % | ||
Mid Cap Growth Stocks | 1.0 | % | ||
|
| |||
100.0 | % | |||
|
|
56
Table of Contents
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
We believe that it is important for you to understand the effect of fees on your investment. All mutual funds have operating expenses. As a participant in any of the Penn Series Funds, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio.
The Penn Series Funds are the underlying investment vehicles for the variable life and variable annuity contracts issued by The Penn Mutual Life Insurance Company and its subsidiary, The Penn Insurance and Annuity Company. These contracts have transaction costs, additional administrative expense fees and mortality and expense risk charges. Because of these additional expenses, the costs to investors will be higher than the figures shown in the following expense examples. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with the ongoing costs of investing in other funds.
These examples are based on an investment of $1,000 invested for six months beginning July 1, 2014 and held through December 31, 2014. The examples illustrate your fund’s costs in two ways:
• | Actual Fund Performance in the table below provides information about actual account values and actual expenses. The “Ending Value” shown is derived from the fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.” |
• | Hypothetical 5% Annual Return is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case — because the return used is not the fund’s actual return — the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s cost by comparing this hypothetical example with the hypothetical examples that appear in shareholders reports of other funds. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period. |
Please note that the expenses shown in the table are only meant to highlight and help you compare your ongoing costs of investing in the funds and do not reflect any fees and charges deducted under your insurance contract. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated and will be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2014.
Disclosure of Fund Expenses
For the Period July 1, 2014 to December 31, 2014
Expense Table
Beginning Value July 1, 2014 | Ending Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During Period * | |||||||||||||
Money Market Fund | ||||||||||||||||
Actual | $1,000.00 | $1,000.06 | 0.13% | $0.66 | ||||||||||||
Hypothetical | $1,000.00 | $1,024.55 | 0.13% | $0.66 | ||||||||||||
Limited Maturity Bond Fund | ||||||||||||||||
Actual | $1,000.00 | $997.40 | 0.72% | $3.62 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.53 | 0.72% | $3.68 |
57
Table of Contents
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value July 1, 2014 | Ending Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During Period * | |||||||||||||
Quality Bond Fund | ||||||||||||||||
Actual | $1,000.00 | $1,015.16 | 0.68% | $3.45 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.74 | 0.68% | $3.47 | ||||||||||||
High Yield Bond Fund | ||||||||||||||||
Actual | $1,000.00 | $966.55 | 0.86% | $4.26 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.82 | 0.86% | $4.39 | ||||||||||||
Flexibly Managed Fund | ||||||||||||||||
Actual | $1,000.00 | $1,048.17 | 0.92% | $4.75 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.51 | 0.92% | $4.70 | ||||||||||||
Balanced Fund | ||||||||||||||||
Actual | $1,000.00 | $1,039.98 | 0.21% | $1.08 | ||||||||||||
Hypothetical | $1,000.00 | $1,024.14 | 0.21% | $1.07 | ||||||||||||
Large Growth Stock Fund | ||||||||||||||||
Actual | $1,000.00 | $1,057.11 | 1.00% | $5.19 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.11 | 1.00% | $5.10 | ||||||||||||
Large Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $1,064.13 | 0.89% | $4.63 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.67 | 0.89% | $4.54 | ||||||||||||
Large Core Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $1,046.34 | 0.87% | $4.49 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.77 | 0.87% | $4.44 | ||||||||||||
Large Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $1,043.14 | 0.92% | $4.74 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.51 | 0.92% | $4.70 | ||||||||||||
Large Core Value Fund | ||||||||||||||||
Actual | $1,000.00 | $1,027.60 | 0.92% | $4.70 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.51 | 0.92% | $4.70 | ||||||||||||
Index 500 Fund | ||||||||||||||||
Actual | $1,000.00 | $1,058.98 | 0.39% | $2.02 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.22 | 0.39% | $1.99 | ||||||||||||
Mid Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $1,040.56 | 0.97% | $4.99 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.26 | 0.97% | $4.95 | ||||||||||||
Mid Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $1,049.90 | 0.81% | $4.19 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.08 | 0.81% | $4.13 | ||||||||||||
Mid Core Value Fund | ||||||||||||||||
Actual | $1,000.00 | $1,056.88 | 1.04% | $5.39 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.90 | 1.04% | $5.31 | ||||||||||||
SMID Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $1,016.45 | 1.06% | $5.39 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.80 | 1.06% | $5.41 |
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Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value July 1, 2014 | Ending Value December 31, 2014 | Annualized Expense Ratio | Expenses Paid During Period * | |||||||||||||
SMID Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $1,007.23 | 1.23% | $6.22 | ||||||||||||
Hypothetical | $1,000.00 | $1,018.93 | 1.23% | $6.28 | ||||||||||||
Small Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $1,054.44 | 1.01% | $5.23 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.05 | 1.01% | $5.16 | ||||||||||||
Small Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $1,013.37 | 0.99% | $5.02 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.16 | 0.99% | $5.05 | ||||||||||||
Small Cap Index Fund | ||||||||||||||||
Actual | $1,000.00 | $1,013.25 | 0.69% | $3.50 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.69 | 0.69% | $3.52 | ||||||||||||
Developed International Index Fund | ||||||||||||||||
Actual | $1,000.00 | $896.66 | 0.84% | $4.02 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.92 | 0.84% | $4.29 | ||||||||||||
International Equity Fund | ||||||||||||||||
Actual | $1,000.00 | $952.74 | 1.15% | $5.66 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.34 | 1.15% | $5.87 | ||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||
Actual | $1,000.00 | $903.33 | 1.78% | $8.54 | ||||||||||||
Hypothetical | $1,000.00 | $1,016.12 | 1.78% | $9.09 | ||||||||||||
Real Estate Securities Fund | ||||||||||||||||
Actual | $1,000.00 | $1,108.98 | 0.96% | $5.10 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.31 | 0.96% | $4.90 | ||||||||||||
Aggressive Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $1,005.31 | 0.34% | $1.72 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.47 | 0.34% | $1.74 | ||||||||||||
Moderately Aggressive Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $1,007.03 | 0.32% | $1.62 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.58 | 0.32% | $1.63 | ||||||||||||
Moderate Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $1,007.68 | 0.32% | $1.62 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.58 | 0.32% | $1.63 | ||||||||||||
Moderately Conservative Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $1,008.88 | 0.33% | $1.67 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.53 | 0.33% | $1.68 | ||||||||||||
Conservative Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $1,005.53 | 0.34% | $1.72 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.47 | 0.34% | $1.74 |
* | Expenses are equal to the fund’s annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365. |
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Money Market Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATIONS — 6.0% | ||||||||
Federal Home Loan Banks | $ | 1,000 | $ | 1,000,000 | ||||
Tennessee Valley Authority | 7,000 | 7,000,000 | ||||||
|
| |||||||
TOTAL AGENCY OBLIGATIONS (Cost $8,000,000) | 8,000,000 | |||||||
|
| |||||||
CERTIFICATES OF DEPOSIT — 2.6% | ||||||||
Banks — 2.6% | ||||||||
BNP Paribas NY Yankee | 2,950 | 2,950,115 | ||||||
Citibank | 471 | 471,023 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT (Cost $3,421,138) | 3,421,138 | |||||||
|
| |||||||
COMMERCIAL PAPER — 67.1% | ||||||||
Banks — 0.6% | ||||||||
Societe Generale, NY Yankee | 742 | 741,246 | ||||||
|
| |||||||
Beverages — 5.5% | ||||||||
Anheuser-Busch Inbev Worldwide Inc | 500 | 499,932 | ||||||
Coca-Cola Co. | 1,300 | 1,299,827 | ||||||
0.160%, 03/26/15 | 4,200 | 4,198,451 | ||||||
0.180%, 05/07/15 | 1,350 | 1,349,156 | ||||||
|
| |||||||
7,347,366 | ||||||||
|
| |||||||
Chemicals — 4.2% | ||||||||
Air Products & Chemicals, Inc. | 5,500 | 5,499,198 | ||||||
|
| |||||||
Diversified Financial Services — 22.6% | ||||||||
AXA Financial | 6,000 | 5,999,152 | ||||||
0.190%, 01/29/15 | 250 | 249,964 | ||||||
0.210%, 02/17/15 | 550 | 549,853 | ||||||
ING (U.S.) Funding LLC | 4,650 | 4,648,481 | ||||||
Rabobank USA Financial Corp. | 2,500 | 2,499,937 | ||||||
0.140%, 01/09/15 | 2,900 | 2,899,921 | ||||||
Reckitt & Benckiser Treasury Services PLC | 1,089 | 1,088,839 | ||||||
0.170%, 02/12/15 | 500 | 499,903 | ||||||
0.180%, 03/03/15 | 900 | 899,730 | ||||||
0.200%, 03/03/15 | 1,100 | 1,099,633 | ||||||
0.200%, 03/10/15 | 1,000 | 999,628 | ||||||
0.190%, 04/02/15 | 515 | 514,755 | ||||||
0.160%, 04/08/15 | 400 | 399,829 | ||||||
0.200%, 04/08/15 | 350 | 349,813 | ||||||
0.230%, 04/08/15 | 300 | 299,816 | ||||||
0.220%, 04/21/15 | 400 | 399,734 |
Par (000) | Value† | |||||||
Diversified Financial Services — (continued) | ||||||||
WGL Holdings, Inc. | $ | 4,200 | $ | 4,199,860 | ||||
0.250%, 01/13/15 | 1,400 | 1,399,893 | ||||||
0.230%, 01/23/15 | 950 | 949,873 | ||||||
|
| |||||||
29,948,614 | ||||||||
|
| |||||||
Electric — 12.8% | ||||||||
Basin Electric Power | 1,000 | 999,787 | ||||||
Dominion Resources, Inc. | 640 | 639,894 | ||||||
DTE Energy Co. | 660 | 659,899 | ||||||
Duke Energy Corp. | 650 | 649,918 | ||||||
Edison International | 550 | 549,936 | ||||||
Electricite de France | 250 | 249,997 | ||||||
0.150%, 01/05/15 | 450 | 449,994 | ||||||
0.140%, 01/21/15 | 991 | 990,927 | ||||||
GDF Suez S.A. | 2,300 | 2,299,969 | ||||||
0.130%, 01/06/15 | 650 | 649,991 | ||||||
0.160%, 01/26/15 | 2,350 | 2,349,749 | ||||||
0.200%, 03/16/15 | 1,450 | 1,449,412 | ||||||
IDACORP, Inc. | 270 | 269,980 | ||||||
Southern Co. | 2,200 | 2,199,930 | ||||||
0.250%, 01/14/15 | 2,500 | 2,499,792 | ||||||
|
| |||||||
16,909,175 | ||||||||
|
| |||||||
Electronics — 2.6% | ||||||||
Honeywell International, Inc. | 500 | 499,451 | ||||||
0.330%, 12/04/15 | 3,000 | 2,990,760 | ||||||
|
| |||||||
3,490,211 | ||||||||
|
| |||||||
Gas — 3.1% | ||||||||
Northern Illinois Gas Co. | 2,119 | 2,118,947 | ||||||
0.400%, 01/05/15 | 2,038 | 2,037,932 | ||||||
|
| |||||||
4,156,879 | ||||||||
|
| |||||||
Healthcare Products — 0.5% | ||||||||
Medtronic, Inc. | 705 | 704,990 | ||||||
|
| |||||||
Healthcare Services — 4.5% | ||||||||
United Healthcare Corp. | 6,000 | 5,999,253 | ||||||
|
| |||||||
Insurance — 0.3% | ||||||||
Aetna, Inc. | 400 | 399,987 | ||||||
|
|
60
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Money Market Fund
Par (000) | Value† | |||||||
COMMERCIAL PAPER — (continued) | ||||||||
Machinery — Diversified — 4.9% | ||||||||
Rockwell Automation, Inc. | $ | 5,500 | $ | 5,499,395 | ||||
0.220%, 01/26/15 | 1,000 | 999,853 | ||||||
|
| |||||||
6,499,248 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 0.4% | ||||||||
Pall Corp. | 530 | 529,935 | ||||||
|
| |||||||
Oil & Gas — 0.2% | ||||||||
Enbridge Energy Co., Inc. | 300 | 300,000 | ||||||
|
| |||||||
Telecommunications — 4.9% | ||||||||
Telstra Corp. | 2,500 | 2,499,927 | ||||||
0.140%, 01/20/15 | 4,000 | 3,999,720 | ||||||
|
| |||||||
6,499,647 | ||||||||
|
| |||||||
TOTAL COMMERCIAL PAPER (Cost $89,025,749) | 89,025,749 | |||||||
|
| |||||||
CORPORATE BONDS — 0.7% | ||||||||
Insurance — 0.7% | ||||||||
New York Life Global Funding | 1,000 | 1,000,288 | ||||||
|
| |||||||
MUNICIPAL NOTES — 16.6% | ||||||||
City of Minneapolis | 2,290 | 2,290,000 | ||||||
Colorado Housing & Finance Authority | 2,800 | 2,800,000 | ||||||
0.040%, 04/01/43• | 1,050 | 1,050,000 | ||||||
Iowa Finance Authority | 1,125 | 1,125,000 | ||||||
0.060%, 01/01/39• | 800 | 800,000 | ||||||
Minnesota Housing Finance Agency | 4,000 | 4,000,000 | ||||||
Pennsylvania Turnpike Commission | 5,000 | 5,000,000 | ||||||
South Dakota Housing Development Authority | 5,000 | 5,000,000 | ||||||
|
| |||||||
TOTAL MUNICIPAL NOTES (Cost $22,065,000) | 22,065,000 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 3.8% | ||||||||
U.S. Treasury Note | 5,000 | 5,000,273 | ||||||
|
|
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 2.9% | ||||||||
BlackRock Liquidity Funds MuniFund Portfolio - Institutional Shares | 1 | $ | 1 | |||||
BlackRock Liquidity Funds TempFund - Institutional Shares | 1 | 1 | ||||||
Federated Prime Obligations Fund - Class I | 1 | 1 | ||||||
Fidelity Institutional Prime Money Market Portfolio | 3,814,675 | 3,814,675 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Class I | 1 | 1 | ||||||
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | 1 | 1 | ||||||
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | 1 | 1 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,814,681) | 3,814,681 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% (Cost $132,327,129) | $ | 132,327,129 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.3% | 404,309 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 132,731,438 | ||||||
|
|
† | See Security Valuation Note. |
• | Variable Rate Security. |
@ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
LLC — Limited Liability Company.
PLC — Public Limited Company.
(Unaudited) | ||||||||||||
Maturity Schedule | Market Value | % of Portfolio | (Cumulative) | |||||||||
1 — 7 days | $ | 53,241,805 | 40.2% | 40.2% | ||||||||
8 — 14 days | 18,459,432 | 14.0% | 54.2% | |||||||||
15 — 30 days | 36,176,592 | 27.3% | 81.5% | |||||||||
31 — 60 days | 7,786,862 | 5.9% | 87.4% | |||||||||
61 — 90 days | 9,117,877 | 6.9% | 94.3% | |||||||||
91 — 120 days | 1,963,948 | 1.5% | 95.8% | |||||||||
121 — 150 days | 2,090,402 | 1.6% | 97.4% | |||||||||
Over 150 days | 3,490,211 | 2.6% | 100.0% | |||||||||
| ||||||||||||
$ | 132,327,129 | 100.0% | ||||||||||
|
|
|
|
Average Weighted Maturity — 29 days (Unaudited)
61
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Money Market Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
U.S. TREASURY OBLIGATIONS | $ | 5,000,273 | $ | — | $ | 5,000,273 | $ | — | ||||||||
AGENCY OBLIGATIONS | 8,000,000 | — | 8,000,000 | — | ||||||||||||
CERTIFICATES OF DEPOSIT | 3,421,138 | — | 3,421,138 | — | ||||||||||||
CORPORATE BONDS | 1,000,288 | — | 1,000,288 | — | ||||||||||||
COMMERCIAL PAPER | 89,025,749 | — | 89,025,749 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 3,814,681 | 3,814,681 | — | — | ||||||||||||
MUNICIPAL NOTES | 22,065,000 | — | 22,065,000 | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 132,327,129 | $ | 3,814,681 | $ | 128,512,448 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
62
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATION — 0.6% | ||||||||
Government National Mortgage Association — 0.6% | ||||||||
2.760%, 03/16/39 | $ | 1,250 | $ | 1,261,873 | ||||
|
| |||||||
ASSET BACKED SECURITIES — 23.1% | ||||||||
Ally Master Owner Trust | 1,000 | 992,444 | ||||||
Americredit Automobile Receivables Trust 2013-5 | 1,000 | 1,007,145 | ||||||
Avenue CLO VI Ltd. 2007-6A | 2,500 | 2,391,000 | ||||||
Capital One Multi-Asset Execution Trust | 1,050 | 1,046,133 | ||||||
Centerpoint Energy Transition Bond Co. IV LLC | 2,607 | 2,610,792 | ||||||
Chase Issuance Trust 07-B1 | 2,398 | 2,382,801 | ||||||
Chesapeake Funding LLC | 1,080 | 1,080,822 | ||||||
Citibank Credit Card Issuance Trust | 2,000 | 2,005,462 | ||||||
Conseco Financial Corp. | 10 | 10,570 | ||||||
Consumers Securitization Funding LLC 2014-A | 2,500 | 2,488,157 | ||||||
CPS Auto Receivables Trust 2014-A | 716 | 714,149 | ||||||
Discover Card Execution Note Trust | 735 | 734,276 | ||||||
Entergy Arkansas Restoration Funding LLC | 823 | 837,123 | ||||||
Enterprise Fleet Financing LLC | 1,150 | 1,148,784 | ||||||
Equity One Mortgage Pass-Through Trust 2004-1 | 13 | 12,709 | ||||||
Ford Credit Auto Owner Trust | 1,800 | 1,816,686 | ||||||
Ford Credit Floorplan Master Owner Trust A | 1,000 | 994,523 | ||||||
Galaxy CLO Ltd. 2006-6A | 833 | 824,051 | ||||||
GE Equipment Transportation LLC Series 2013-1 | 1,000 | 988,493 | ||||||
Golden Credit Card Trust | 2,000 | 1,992,288 | ||||||
Goldentree Loan Opportunities VII Ltd. | 3,000 | 2,933,100 | ||||||
Goldman Sachs Asset Management CLO PLC | 2,000 | 1,938,200 |
Par (000) | Value† | |||||||
HLSS Servicer Advance Receivables Trust | $ | 2,450 | $ | 2,459,849 | ||||
HLSS Servicer Advance Receivables Trust 2014-T1 | 1,000 | 1,000,000 | ||||||
Hyundai Auto Lease Securitization Trust 2014-B | 1,100 | 1,099,971 | ||||||
Jasper CLO Ltd. 2005-1A | 2,375 | 2,322,988 | ||||||
OHA Park Avenue CLO Ltd. 2007-1A | 1,591 | 1,512,601 | ||||||
Popular ABS Mortgage Pass-Through Trust 2004-4 | 11 | 11,138 | ||||||
Rockwall CDO II Ltd. 2007-1A | 2,164 | 2,070,800 | ||||||
SACO I, Inc. 05-4 | 228 | 219,212 | ||||||
SLM Student Loan Trust 2002-5 | 2,500 | 2,451,373 | ||||||
SLM Student Loan Trust 2004-9 | 2,500 | 2,498,755 | ||||||
Tralee CDO Ltd. 2007-1A | 2,000 | 1,875,000 | ||||||
Volvo Financial Equipment LLC Series 2013-1 | 1,000 | 1,004,904 | ||||||
World Financial Network Credit Card Master Trust 2012-B | 1,782 | 1,792,008 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES (Cost $51,480,609) | 51,268,307 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — 16.9% | ||||||||
BAMLL Commercial Mortgage Securities Trust 2013-DSNY | 1,000 | 998,051 | ||||||
Banc of America Commercial Mortgage Trust 2006-1 | 3,095 | 3,173,155 | ||||||
Boca Hotel Portfolio Trust 2013-BOCA | 1,000 | 1,000,338 | ||||||
CSMC Trust 2014-SURF | 1,000 | 999,545 | ||||||
EMAC Owner Trust 2000-1 | 319 | 231,953 | ||||||
Fannie Mae — Aces Series 2014-M2 Class ASV1 | 8,105 | 8,161,106 | ||||||
Fannie Mae Connecticut Avenue Securities | 816 | 820,086 | ||||||
2.105%, 11/25/24• | 2,433 | 2,435,772 | ||||||
FHLMC Multifamily Structured Pass-Through K501-A1 | 300 | 301,382 |
63
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | $ | 929 | $ | 923,720 | ||||
2.557%, 08/25/24• | 2,000 | 1,987,786 | ||||||
2.370%, 09/25/24• | 1,500 | 1,464,958 | ||||||
FREMF Mortgage Trust Series 2013-KF02 Class C | 1,288 | 1,308,359 | ||||||
Hilton USA Trust 2013-HLF | 985 | 985,516 | ||||||
Hilton USA Trust 2014-ORL B | 2,500 | 2,498,265 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A | 1,000 | 1,000,144 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust 2013-JWRZ | 1,500 | 1,498,420 | ||||||
Morgan Stanley Capital I Trust 2005-Top19 | 4,456 | 4,494,193 | ||||||
Morgan Stanley Capital I Trust 2006-IQ12 | 3,171 | 3,347,744 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $37,991,404) | 37,630,493 | |||||||
|
| |||||||
CORPORATE BONDS — 46.9% | ||||||||
Aerospace & Defense — 0.9% | ||||||||
BAE Systems PLC | 1,000 | 1,038,753 | ||||||
Lockheed Martin Corp. | 1,000 | 1,018,274 | ||||||
|
| |||||||
2,057,027 | ||||||||
|
| |||||||
Agriculture — 0.5% | ||||||||
Altria Group, Inc. | 1,000 | 1,022,731 | ||||||
|
| |||||||
Airlines — 3.7% | ||||||||
American Airlines 2013-2 Class C Pass-Through Trust | 1,000 | 1,030,000 | ||||||
Continental Airlines 2009-1 Pass-Through Trust | 970 | 1,067,295 | ||||||
Delta Air Lines 2010-2 Class B Pass-Through Trust | 2,700 | 2,808,000 | ||||||
Northwest Airlines 2007-1 Class B Pass-Through Trust | 2,135 | 2,387,561 | ||||||
UAL 2009-2A Pass-Through Trust | 809 | 898,489 | ||||||
|
| |||||||
8,191,345 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.5% | ||||||||
Johnson Controls, Inc. | 1,105 | 1,132,494 | ||||||
|
|
Par (000) | Value† | |||||||
Banks — 4.8% | ||||||||
Bank of America Corp. | $ | 1,000 | $ | 1,035,759 | ||||
Citigroup, Inc. | 2,000 | 2,076,142 | ||||||
Fifth Third Bancorp | 1,065 | 1,056,493 | ||||||
JPMorgan Chase & Co. | 2,000 | 2,055,874 | ||||||
Royal Bank of Canada | 1,000 | 1,007,083 | ||||||
State Street Corp. | 1,350 | 1,462,116 | ||||||
The Toronto-Dominion Bank | 2,000 | 2,023,330 | ||||||
|
| |||||||
10,716,797 | ||||||||
|
| |||||||
Beverages — 1.8% | ||||||||
Coca-Cola Enterprises, Inc. | 1,000 | 1,009,990 | ||||||
Constellation Brands, Inc. | 1,750 | 1,933,750 | ||||||
Diageo Capital PLC | 1,000 | 1,001,330 | ||||||
|
| |||||||
3,945,070 | ||||||||
|
| |||||||
Biotechnology — 0.9% | ||||||||
Amgen, Inc. | 1,000 | 1,023,217 | ||||||
Celgene Corp. | 1,000 | 1,009,808 | ||||||
|
| |||||||
2,033,025 | ||||||||
|
| |||||||
Chemicals — 0.5% | ||||||||
Ecolab, Inc. | 1,200 | 1,203,127 | ||||||
|
| |||||||
Diversified Financial Services — 5.7% | ||||||||
AerCap Aviation Solutions BV | 1,000 | 1,057,500 | ||||||
American Express Co. | 2,000 | 2,228,402 | ||||||
American Honda Finance Corp. | 1,000 | 1,004,624 | ||||||
Ford Motor Credit Co. LLC | 2,000 | 2,238,304 | ||||||
General Electric Capital Corp. | 1,000 | 1,004,323 | ||||||
2.300%, 04/27/17 | 1,000 | 1,024,250 | ||||||
Icahn Enterprises LP | 1,000 | 1,000,000 | ||||||
John Deere Capital Corp. | 1,000 | 1,001,415 | ||||||
Vesey Street Investment Trust I | 2,000 | 2,098,156 | ||||||
|
| |||||||
12,656,974 | ||||||||
|
|
64
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Electric — 2.3% | ||||||||
Duke Energy Corp. | $ | 1,000 | $ | 1,018,469 | ||||
Israel Electric Corp. Ltd. | 1,000 | 1,072,500 | ||||||
LG&E and KU Energy LLC | �� | 1,000 | 1,008,782 | |||||
NextEra Energy Capital Holdings, Inc. | 1,000 | 1,003,014 | ||||||
PECO Energy Co. | 1,000 | 1,003,972 | ||||||
|
| |||||||
5,106,737 | ||||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Thermo Fisher Scientific, Inc. | 1,000 | 994,401 | ||||||
|
| |||||||
Environmental Control — 0.5% | ||||||||
Waste Management, Inc. | 1,000 | 1,022,974 | ||||||
|
| |||||||
Food — 2.1% | ||||||||
ConAgra Foods, Inc. | 1,000 | 999,827 | ||||||
Mondelez International, Inc. | 1,000 | 1,037,153 | ||||||
Tyson Foods, Inc. | 2,000 | 2,132,008 | ||||||
WM Wrigley Jr. Co. | 500 | 500,404 | ||||||
|
| |||||||
4,669,392 | ||||||||
|
| |||||||
Gas — 1.4% | ||||||||
Florida Gas Transmission Co., LLC | 1,000 | 1,013,805 | ||||||
Questar Corp. | 1,000 | 1,018,031 | ||||||
Sabine Pass LNG LP | 1,000 | 1,040,000 | ||||||
|
| |||||||
3,071,836 | ||||||||
|
| |||||||
Healthcare Products — 2.5% | ||||||||
Baxter International, Inc. | 1,000 | 999,596 | ||||||
Boston Scientific Corp. | 2,000 | 2,139,972 | ||||||
CareFusion Corp. | 1,000 | 992,923 | ||||||
Covidien International Finance S.A. | 1,317 | 1,320,952 | ||||||
|
| |||||||
5,453,443 | ||||||||
|
| |||||||
Healthcare Services — 1.4% | ||||||||
Fresenius Medical Care US Finance, Inc. | 1,000 | 1,092,500 | ||||||
Quest Diagnostics, Inc. | 1,000 | 1,035,340 |
Par (000) | Value† | |||||||
Healthcare Services — (continued) | ||||||||
WellPoint, Inc. | $ | 1,000 | $ | 1,004,046 | ||||
|
| |||||||
3,131,886 | ||||||||
|
| |||||||
Insurance — 0.5% | ||||||||
Principal Life Global Funding II | 1,000 | 1,002,556 | ||||||
|
| |||||||
Machinery — Diversified — 1.4% | ||||||||
CNH Capital LLC | 2,000 | 2,010,000 | ||||||
Xylem, Inc. | 1,165 | 1,210,660 | ||||||
|
| |||||||
3,220,660 | ||||||||
|
| |||||||
Media — 1.4% | ||||||||
Thomson Reuters Corp. | 1,000 | 994,818 | ||||||
1.300%, 02/23/17 | 1,000 | 994,757 | ||||||
Time Warner, Inc. | 1,000 | 1,083,954 | ||||||
|
| |||||||
3,073,529 | ||||||||
|
| |||||||
Mining — 0.5% | ||||||||
Rio Tinto Finance USA PLC | 1,000 | 1,000,940 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 0.4% | ||||||||
Tyco Electronics Group SA | 1,000 | 999,714 | ||||||
|
| |||||||
Oil & Gas — 1.9% | ||||||||
BG Energy Capital PLC | 1,000 | 1,015,460 | ||||||
Chesapeake Energy Corp. | 1,000 | 1,065,000 | ||||||
Ensco PLC | 1,000 | 1,018,286 | ||||||
Statoil ASA | 1,000 | 1,044,747 | ||||||
|
| |||||||
4,143,493 | ||||||||
|
| |||||||
Oil & Gas Services — 0.9% | ||||||||
Cameron International Corp. | 1,000 | 989,543 | ||||||
Schlumberger Investment SA | 1,035 | 1,053,835 | ||||||
|
| |||||||
2,043,378 | ||||||||
|
| |||||||
Pharmaceuticals — 2.6% | ||||||||
Express Scripts Holding Co. | 1,000 | 1,027,943 | ||||||
Mckesson Corp. | 500 | 501,180 | ||||||
1.292%, 03/10/17 | 1,000 | 994,892 | ||||||
Merck & Co., Inc. | 1,000 | 1,000,218 | ||||||
Mylan, Inc. | 1,260 | 1,267,598 |
65
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Pharmaceuticals — (continued) | ||||||||
Perrigo Co., PLC | $ | 1,000 | $ | 995,621 | ||||
|
| |||||||
5,787,452 | ||||||||
|
| |||||||
Pipelines — 0.9% | ||||||||
Kinder Morgan Energy Partners LP | 1,000 | 1,020,565 | ||||||
Spectra Energy Partners LP | 1,000 | 1,025,688 | ||||||
|
| |||||||
2,046,253 | ||||||||
|
| |||||||
Retail — 0.9% | ||||||||
Macy’s Retail Holdings, Inc. | 1,910 | 2,072,394 | ||||||
|
| |||||||
Semiconductors — 0.9% | ||||||||
Micron Semiconductor Asia Pte Ltd. | 900 | 898,545 | ||||||
Samsung Electronics America, Inc. | 1,000 | 1,003,031 | ||||||
|
| |||||||
1,901,576 | ||||||||
|
| |||||||
Telecommunications — 3.3% | ||||||||
America Movil S.A.B. de C.V. | 1,000 | 1,013,720 | ||||||
AT&T, Inc. | 1,000 | 999,736 | ||||||
British Telecommunications PLC | 1,000 | 1,007,201 | ||||||
Crown Castle Towers LLC | 1,540 | 1,558,454 | ||||||
Deutsche Telekom International Finance B.V. | 1,000 | 1,024,927 | ||||||
Verizon Communications, Inc. | 680 | 695,079 | ||||||
1.350%, 06/09/17 | 1,000 | 995,373 | ||||||
|
| |||||||
7,294,490 | ||||||||
|
| |||||||
Transportation — 0.5% | ||||||||
Burlington Northern Santa Fe LLC | 1,000 | 1,096,858 | ||||||
|
| |||||||
Trucking and Leasing — 0.9% | ||||||||
GATX Corp. | 1,000 | 990,292 | ||||||
TTX Co. | 1,000 | 1,037,672 | ||||||
|
| |||||||
2,027,964 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $104,461,656) | 104,120,516 | |||||||
|
|
Par (000) | Value† | |||||||
MUNICIPAL NOTE — 0.2% | ||||||||
Regional — 0.2% | ||||||||
La Paz County Industrial Development Authority | $ | 375 | $ | 395,513 | ||||
|
| |||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES — 2.4% | ||||||||
Collateralized Mortgage Obligations — 2.2% | ||||||||
Fannie Mae REMIC | 5,000 | 4,927,160 | ||||||
|
| |||||||
Fannie Mae Pool — 0.2% | ||||||||
4.000%, 06/01/20 | 205 | 217,189 | ||||||
2.281%, 04/01/34• | 110 | 116,955 | ||||||
2.315%, 07/01/36• | 157 | 167,502 | ||||||
|
| |||||||
501,646 | ||||||||
|
| |||||||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $5,434,171) | 5,428,806 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 7.8% | ||||||||
U.S. Treasury Note | 3,500 | 3,573,829 | ||||||
0.500%, 06/15/16 | 2,500 | 2,501,952 | ||||||
0.875%, 02/28/17 | 7,500 | 7,518,165 | ||||||
0.875%, 05/15/17 | 3,800 | 3,802,079 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,435,089) | 17,396,025 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,855,110 | 2,855,110 | ||||||
Federated Prime Obligations Fund - Class I | 407 | 407 | ||||||
Fidelity Institutional Prime Money Market Portfolio | 1,020 | 1,020 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Class I | 198 | 198 | ||||||
Wells Fargo Advantage Government Money Market Fund - Institutional Class | 77 | 77 | ||||||
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | 5 | 5 | ||||||
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | 1 | 1 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,856,818) | 2,856,818 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $221,326,119) | $ | 220,358,351 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.8% | 1,703,339 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 222,061,690 | ||||||
|
|
† | See Security Valuation Note. |
66
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Limited Maturity Bond Fund
@ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
• | Variable Rate Security. |
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
REMIC — Real Estate Mortgage Investment Conduits.
STEP — Step Coupon Bond.
Country Weightings as of 12/31/2014†† | ||||
United States | 82 | % | ||
Cayman Islands | 6 | |||
Canada | 3 | |||
United Kingdom | 3 | |||
Luxembourg | 2 | |||
Ireland | 1 | |||
Netherlands | 1 | |||
Other | 2 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
U.S. TREASURY OBLIGATIONS | $ | 17,396,025 | $ | — | $ | 17,396,025 | $ | — | ||||||||
AGENCY OBLIGATION | 1,261,873 | — | 1,261,873 | — | ||||||||||||
ASSET BACKED SECURITIES | 51,268,307 | — | 51,268,307 | — | ||||||||||||
COMMERCIAL MORTGAGE BACKED SECURITIES | 37,630,493 | — | 37,630,493 | — | ||||||||||||
CORPORATE BONDS | 104,120,516 | — | 104,120,516 | — | ||||||||||||
MUNICIPAL NOTE | 395,513 | — | 395,513 | — | ||||||||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES | 5,428,806 | — | 5,428,806 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,856,818 | 2,856,818 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 220,358,351 | $ | 2,856,818 | $ | 217,501,533 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
67
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Quality Bond Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATION — 0.4% | ||||||||
Federal National Mortgage Association — 0.4% | ||||||||
3.000%, 11/28/25 | ||||||||
(Cost $2,481,255) | $ | 2,500 | $ | 2,479,988 | ||||
|
| |||||||
ASSET BACKED SECURITIES — 19.1% | ||||||||
American Express Credit Account Master Trust | 2,727 | 2,727,843 | ||||||
Avenue CLO VI Ltd. 2007-6A | 2,500 | 2,391,000 | ||||||
Babson CLO, Inc. 2007-I | 2,500 | 2,376,750 | ||||||
Centerpoint Energy Transition Bond Co. IV LLC | 10,428 | 10,443,168 | ||||||
Chrysler Capital Auto Receivables Trust 2.700%, 05/15/20 144A @ | 3,000 | 3,027,012 | ||||||
College Loan Corp. Trust I | 5,000 | 4,919,585 | ||||||
Conseco Financial Corp. | 430 | 252,828 | ||||||
Enterprise Fleet Financing LLC | 4,600 | 4,595,138 | �� | |||||
Ford Credit Auto Owner Trust | 2,385 | 2,369,934 | ||||||
Synchrony Credit Card Master Note Trust 0.950%, 06/15/18 | 5,000 | 5,008,005 | ||||||
Gleneagles CLO Ltd. | 3,000 | 2,956,800 | ||||||
Goldentree Loan Opportunities VII Ltd. 1.384%, 04/25/25 144A @• | 3,000 | 2,933,100 | ||||||
HLSS Servicer Advance Receivables Trust 1.990%, 10/15/45 144A @ | 10,000 | 10,040,200 | ||||||
HLSS Servicer Advance Receivables Trust 2014-T1 | 1,000 | 1,000,000 | ||||||
Jasper CLO Ltd. 2005-1A | 2,375 | 2,322,988 | ||||||
Keycorp Student Loan Trust 2006-A | 5,000 | 4,820,385 | ||||||
Morgan Stanley Capital I Trust 2005-Iq10 5.234%, 09/15/42• | 1,480 | 1,510,075 | ||||||
Rockwall CDO II Ltd. 2007-1A | 5,193 | 4,969,921 | ||||||
SACO I, Inc. 05-4 | 684 | 657,637 | ||||||
SLC Private Student Loan Trust 2006-A | 4,000 | 3,846,088 | ||||||
SLC Student Loan Trust 2005-1 | 7,005 | 6,393,236 | ||||||
SLM Student Loan Trust 2004-4 | 5,800 | 5,625,878 | ||||||
SLM Student Loan Trust 2004-9 | 5,000 | 4,997,510 | ||||||
SLM Student Loan Trust 2005-10 | 7,500 | 6,851,617 |
Par (000) | Value† | |||||||
SLM Student Loan Trust 2008-5 | $ | 3,000 | $ | 3,125,814 | ||||
SLM Student Loan Trust 2008-9 | 6,695 | 6,875,819 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES (Cost $107,436,421) | 107,038,331 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — 13.6% | ||||||||
Banc of America Commercial Mortgage Trust 2006-1 | 6,000 | 6,151,512 | ||||||
Boca Hotel Portfolio Trust 2013-BOCA @• 1.311%, 08/15/26 144A | 305 | 304,588 | ||||||
1.911%, 08/15/26 144A | 1,000 | 1,000,338 | ||||||
CFCRE Commercial Mortgage Trust 2011-C1 | 1,000 | 1,116,648 | ||||||
Citigroup Deutsche Bank Commercial Mortgage Trust | 1,500 | 1,588,143 | ||||||
EMAC Owner Trust 2000-1 | 638 | 463,905 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes• | 3,000 | 2,981,679 | ||||||
2.370%, 09/25/24 | 1,500 | 1,464,958 | ||||||
FREMF Mortgage Trust Series 2010-K6 Class B | 5,000 | 5,533,540 | ||||||
FREMF Mortgage Trust Series 2012-K18 Class B 4.265%, 01/25/22 144A @• | 6,000 | 6,302,028 | ||||||
FREMF Mortgage Trust Series 2012-K19 Class C 4.176%, 03/25/22 144A @• | 4,500 | 4,478,598 | ||||||
FREMF Mortgage Trust Series 2012-K22 Class B 3.686%, 08/25/45 144A @• | 9,145 | 9,233,679 | ||||||
FREMF Mortgage Trust Series 2012-K707 Class B 3.883%, 12/25/18 144A @ | 7,962 | 8,239,157 | ||||||
FREMF Mortgage Trust Series 2012-K711 Class B 3.562%, 08/25/45 144A @ | 6,000 | 5,968,476 | ||||||
FREMF Mortgage Trust Series 2013-K28 Class C 3.494%, 03/25/23 144A @• | 1,000 | 934,797 | ||||||
FREMF Mortgage Trust Series 2013-K35 Class C 3.947%, 12/15/45 144A @• | 1,000 | 960,363 | ||||||
FREMF Mortgage Trust Series 2013-KF02 Class C 2.817%, 12/25/45 144A @• | 1,288 | 1,308,359 | ||||||
FREMF Mortgage Trust Series 2014-K40 Class B 4.072%, 09/25/25 144A @ | 4,500 | 4,574,574 | ||||||
FREMF Mortgage Trust Series 2014-K503 Class B | 5,000 | 4,999,155 | ||||||
Hilton USA Trust 2013-HLT | 1,000 | 1,022,788 | ||||||
Hilton USA Trust 2014-ORL B | 1,500 | 1,498,959 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2005-CIBC12 | 1,452 | 1,478,476 |
68
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Quality Bond Fund
Par (000) | Value† | |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 | $ | 1,412 | $ | 1,507,822 | ||||
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU @• | 1,000 | 1,000,144 | ||||||
1.661%, 12/15/28 144A | 1,900 | 1,901,022 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $75,673,394) | 76,013,708 | |||||||
|
| |||||||
CORPORATE BONDS — 31.2% | ||||||||
Aerospace & Defense — 0.4% | ||||||||
The Boeing Co. | 1,555 | 2,185,784 | ||||||
|
| |||||||
Agriculture — 0.2% | ||||||||
Japan Tobacco, Inc. | 1,000 | 1,009,023 | ||||||
|
| |||||||
Airlines — 1.6% | ||||||||
American Airlines 2013-1 Class A Pass Through Trust | 949 | 965,326 | ||||||
American Airlines 2013-2 Class B Pass Through Trust | 1,079 | 1,100,611 | ||||||
Continental Airlines 2009-1 Pass-Through Trust | 373 | 410,498 | ||||||
Continental Airlines 2012-2 Class A Pass Through Trust | 947 | 960,949 | ||||||
Delta Air Lines 2007-1 Class A Pass Through Trust | 944 | 1,094,531 | ||||||
Northwest Airlines 2007-1 Class A Pass Through Trust | 1,382 | 1,568,053 | ||||||
UAL 2009-1 Pass Through Trust | 803 | 894,421 | ||||||
US Airways 2012-1 Class A Pass Through Trust | 1,789 | 1,994,320 | ||||||
|
| |||||||
8,988,709 | ||||||||
|
| |||||||
Auto Manufacturers — 0.4% | ||||||||
General Motors Co. | 2,500 | 2,506,250 | ||||||
|
| |||||||
Banks — 2.8% | ||||||||
Bank of America Corp. | 1,000 | 1,110,973 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 1,750 | 1,856,250 | ||||||
JPMorgan Chase & Co. | 1,700 | 1,902,025 |
Par (000) | Value† | |||||||
Banks — (continued) | ||||||||
Morgan Stanley | $ | 2,050 | $ | 2,277,860 | ||||
Royal Bank of Canada | 1,000 | 1,007,083 | ||||||
State Street Corp. | 3,500 | 3,790,671 | ||||||
The Bank of New York Mellon Corp. | 1,000 | 1,010,747 | ||||||
Wells Fargo & Co. | 2,500 | 2,555,142 | ||||||
|
| |||||||
15,510,751 | ||||||||
|
| |||||||
Beverages — 0.2% | ||||||||
The Coca-Cola Co. | 1,000 | 1,049,977 | ||||||
|
| |||||||
Biotechnology — 0.6% | ||||||||
Amgen, Inc. | 1,000 | 1,071,850 | ||||||
Biogen Idec, Inc. | 1,000 | 1,152,435 | ||||||
Genentech, Inc. | 1,000 | 1,229,123 | ||||||
|
| |||||||
3,453,408 | ||||||||
|
| |||||||
Commercial Services — 1.1% | ||||||||
Drawbridge Special Opportunities Fund LP | 2,000 | 1,997,500 | ||||||
ERAC USA Finance LLC | 1,000 | 992,547 | ||||||
Massachusetts Institute of Technology | 3,000 | 3,181,587 | ||||||
|
| |||||||
6,171,634 | ||||||||
|
| |||||||
Computers — 0.2% | ||||||||
Hewlett-Packard Co. | 1,000 | 1,018,774 | ||||||
|
| |||||||
Diversified Financial Services — 4.0% | ||||||||
Altitude Investments 12 LLC | 2,370 | 2,348,556 | ||||||
American Express Co. | 4,000 | 4,456,804 | ||||||
Caisse Centrale Desjardins | 2,000 | 2,043,216 | ||||||
General Electric Capital Corp. | ||||||||
7.500%, 08/21/35 | 1,314 | 1,925,725 | ||||||
5.875%, 01/14/38 | 1,500 | 1,898,042 | ||||||
JBG Rockville NCI Campus LLC | 4,000 | 4,766,656 | ||||||
Safina Ltd. | 4,011 | 3,926,642 | ||||||
Toyota Motor Credit Corp. | 1,000 | 1,051,763 | ||||||
|
| |||||||
22,417,404 | ||||||||
|
|
69
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Quality Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Electric — 2.0% | ||||||||
Commonwealth Edison Co. | $ | 500 | $ | 560,906 | ||||
Enel Finance International NV | 1,000 | 1,109,937 | ||||||
International Transmission Co. | 1,000 | 1,178,753 | ||||||
Puget Sound Energy, Inc. | 3,250 | 4,192,542 | ||||||
The Toledo Edison Co. | 2,335 | 2,895,125 | ||||||
Wisconsin Public Service Corp. | 1,100 | 1,282,449 | ||||||
|
| |||||||
11,219,712 | ||||||||
|
| |||||||
Food — 1.3% | ||||||||
ConAgra Foods,Inc. | 1,000 | 993,338 | ||||||
The Hillshire Brands Co. | 1,000 | 1,007,207 | ||||||
The J.M. Smucker Co. | 3,890 | 4,053,532 | ||||||
WM Wrigley Jr. Co. | 1,000 | 1,007,041 | ||||||
|
| |||||||
7,061,118 | ||||||||
|
| |||||||
Forest Products & Paper — 0.4% | ||||||||
Georgia-Pacific LLC | 2,500 | 2,514,940 | ||||||
|
| |||||||
Gas — 1.6% | ||||||||
Centrica PLC | 1,000 | 1,113,360 | ||||||
Northwest Natural Gas Co. | 5,000 | 5,641,310 | ||||||
Pacific Gas & Electric Co. | 1,000 | 1,021,292 | ||||||
Sabine Pass LNG LP | 1,380 | 1,435,200 | ||||||
|
| |||||||
9,211,162 | ||||||||
|
| |||||||
Healthcare Products — 2.2% | ||||||||
Becton Dickinson & Co. | 2,000 | 2,059,150 | ||||||
CareFusion Corp. | 1,103 | 1,082,641 | ||||||
4.875%, 05/15/44 | 2,000 | 2,130,318 | ||||||
Covidien International Finance SA | 1,000 | 1,119,091 | ||||||
3.200%, 06/15/22 | 1,000 | 1,008,986 | ||||||
Edwards Lifesciences Corp. | 1,000 | 1,013,736 | ||||||
Medtronic, Inc. | 1,000 | 953,440 | ||||||
St Jude Medical, Inc. | 1,000 | 1,061,463 | ||||||
Stryker Corp. | 1,000 | 1,016,838 |
Par (000) | Value† | |||||||
Healthcare Products — (continued) | ||||||||
Zimmer Holdings, Inc. | $ | 1,000 | $ | 1,092,366 | ||||
|
| |||||||
12,538,029 | ||||||||
|
| |||||||
Healthcare Services — 0.4% | ||||||||
Dignity Health | 2,000 | 2,015,392 | ||||||
|
| |||||||
Internet — 0.4% | ||||||||
Alibaba Group Holding Ltd. | 2,500 | 2,479,610 | ||||||
|
| |||||||
Investment Companies — 0.2% | ||||||||
Ares Capital Corp. | 1,000 | 1,051,389 | ||||||
|
| |||||||
Media — 0.6% | ||||||||
Belo Corp. | 1,000 | 1,095,000 | ||||||
Comcast Cable Holdings LLC | 1,000 | 1,383,158 | ||||||
Viacom, Inc. | 1,000 | 1,112,071 | ||||||
|
| |||||||
3,590,229 | ||||||||
|
| |||||||
Mining — 0.9% | ||||||||
Barrick Gold Corp. | 2,000 | 1,848,698 | ||||||
BHP Billiton Finance (USA) Ltd. | 1,000 | 1,133,521 | ||||||
Corp Nacional del Cobre de Chile | 1,000 | 959,317 | ||||||
Goldcorp, Inc. | 1,000 | 1,001,609 | ||||||
|
| |||||||
4,943,145 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
Siemens Financieringsmaatschappij NV | 1,000 | 1,240,714 | ||||||
|
| |||||||
Oil & Gas — 2.1% | ||||||||
Anadarko Petroleum Corp. | 7,500 | 2,844,555 | ||||||
BG Energy Capital PLC | 1,000 | 1,028,423 | ||||||
BP Capital Markets PLC | 2,500 | 2,329,320 | ||||||
Petrobras International Finance Co. | 500 | 454,785 | ||||||
Petroleos Mexicanos | 1,600 | 1,575,397 | ||||||
2.000%, 12/20/22 | 2,400 | 2,367,878 | ||||||
Shell International Finance BV | 1,000 | 1,093,970 | ||||||
|
| |||||||
11,694,328 | ||||||||
|
|
70
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Quality Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Oil & Gas Services — 0.2% | ||||||||
Schlumberger Oilfield UK PLC | $ | 1,000 | $ | 1,084,981 | ||||
|
| |||||||
Pharmaceuticals — 2.5% | ||||||||
AbbVie, Inc. | 1,000 | 1,002,939 | ||||||
GlaxoSmithKline Capital, Inc. | 1,000 | 1,217,564 | ||||||
Johnson & Johnson | 3,000 | 3,360,303 | ||||||
Perrigo Co. PLC | 1,000 | 1,031,337 | ||||||
Takeda Pharmaceutical Co., Ltd. | 2,000 | 2,006,194 | ||||||
Wyeth LLC | 4,000 | 5,130,632 | ||||||
|
| |||||||
13,748,969 | ||||||||
|
| |||||||
Pipelines — 0.9% | ||||||||
Access Midstream Partners LP / ACMP Finance Corp. | 1,000 | 1,015,000 | ||||||
DCP Midstream LLC | 1,000 | 1,086,243 | ||||||
Plains All American Pipeline LP / Paa Finance Corp. | 3,000 | 3,048,744 | ||||||
|
| |||||||
5,149,987 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 0.4% | ||||||||
American Tower Corp. | 2,000 | 2,096,984 | ||||||
|
| |||||||
Retail — 0.8% | ||||||||
McDonald’s Corp. | 2,610 | 3,205,837 | ||||||
Wal-Mart Stores, Inc. | 1,000 | 1,091,546 | ||||||
|
| |||||||
4,297,383 | ||||||||
|
| |||||||
Telecommunications — 1.3% | ||||||||
AT&T, Inc. | 1,000 | 1,046,307 | ||||||
5.350%, 09/01/40 | 1,000 | 1,082,821 | ||||||
British Telecommunications PLC | 1,000 | 1,007,201 | ||||||
Verizon Communications, Inc. | 1,000 | 1,085,374 | ||||||
2.450%, 11/01/22 | 3,000 | 2,814,780 | ||||||
|
| |||||||
7,036,483 | ||||||||
|
| |||||||
Transportation — 1.2% | ||||||||
Canadian National Railway Co. | 3,855 | 5,121,410 |
Par (000) | Value† | |||||||
Transportation — (continued) | ||||||||
Federal Express Corp 1999 Pass Through Trust | $ | 1,153 | $ | 1,383,024 | ||||
|
| |||||||
6,504,434 | ||||||||
|
| |||||||
Trucking and Leasing — 0.2% | ||||||||
TTX Co. | 1,000 | 1,037,672 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $169,960,263) | 174,828,375 | |||||||
|
| |||||||
MUNICIPAL BONDS — 4.6% | ||||||||
City of San Antonio, TX | 3,000 | 3,454,350 | ||||||
Corpus Christi Independent School District 6.124%, 08/15/32 | 1,000 | 1,176,730 | ||||||
Metropolitan Transit Authority of Harris County | 1,205 | 1,419,574 | ||||||
Metropolitan Water District of Southern California | 1,000 | 1,192,260 | ||||||
North Carolina State University at Raleigh | 3,055 | 3,468,525 | ||||||
Northeast Ohio Regional Sewer District 6.038%, 11/15/40 | 2,385 | 2,777,881 | ||||||
Orange County Sanitation District | 1,000 | 1,350,230 | ||||||
Puerto Rico Sales Tax Financing Corp. | 3,325 | 2,431,606 | ||||||
San Francisco City & County Public Utilities Commission | 2,000 | 2,916,480 | ||||||
South Carolina State Public Service Authority | 2,000 | 2,488,160 | ||||||
University of Arizona | 950 | 1,105,923 | ||||||
West Virginia University | 2,000 | 2,176,240 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (Cost $23,597,317) | 25,957,959 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.2% | ||||||||
Diversified Financial Services — 0.2% | ||||||||
American Tower Corp. | 1,000,000 | 983,140 | ||||||
|
| |||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES — 21.9% | ||||||||
Collateralized Mortgage Obligations — 2.8% | ||||||||
Fannie Mae REMICS | 5,986 | 6,228,274 |
71
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Quality Bond Fund
Par (000) | Value† | |||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | ||||||||
Collateralized Mortgage Obligations — (continued) | ||||||||
Freddie Mac REMIC | $ | 9,515 | $ | 9,275,280 | ||||
|
| |||||||
15,503,554 | ||||||||
|
| |||||||
Fannie Mae Pool — 14.5% | ||||||||
5.000%, 07/01/23 | 669 | 715,966 | ||||||
2.285%, 04/01/34• | 329 | 350,864 | ||||||
2.315%, 07/01/36• | 522 | 558,342 | ||||||
2.385%, 08/01/36• | 478 | 510,710 | ||||||
2.861%, 05/01/37• | 487 | 511,945 | ||||||
3.500%, 03/01/41 | 1,529 | 1,596,598 | ||||||
3.000%, 11/01/42 | 28,461 | 28,849,871 | ||||||
2.500%, 01/01/43 | 3,446 | 3,369,252 | ||||||
2.500%, 02/01/43 | 10,072 | 9,847,718 | ||||||
3.000%, 03/01/43 | 20,324 | 20,593,229 | ||||||
2.500%, 05/01/43 | 12,388 | 12,111,259 | ||||||
3.500%, 09/01/43 | 2,085 | 2,175,915 | ||||||
|
| |||||||
81,191,669 | ||||||||
|
| |||||||
Freddie Mac Gold Pool — 1.5% | ||||||||
3.500%, 12/01/40 | 4,363 | 4,545,322 | ||||||
3.500%, 01/01/41 | 2,853 | 2,971,528 | ||||||
3.500%, 02/01/41 | 852 | 887,461 | ||||||
|
| |||||||
8,404,311 | ||||||||
|
| |||||||
Ginnie Mae Pool — 3.2% | ||||||||
6.000%, 10/15/38 | 460 | 519,418 | ||||||
6.000%, 10/15/38 | 340 | 383,312 | ||||||
3.500%, 10/20/41 | 5,823 | 6,122,930 | ||||||
9.000%, 10/15/30 | 7 | 7,619 | ||||||
3.000%, 02/16/41 | 6,500 | 6,599,268 | ||||||
1.042%, 07/16/46 | 4,402 | 4,063,382 | ||||||
|
| |||||||
17,695,929 | ||||||||
|
| |||||||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $119,200,384) | 122,795,463 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 6.0% | ||||||||
U.S. Treasury Bond | ||||||||
1.375%, 01/31/20 | 6,000 | 5,917,500 | ||||||
2.750%, 08/15/42 | 5,000 | 4,998,440 | ||||||
3.125%, 02/15/43 | 3,685 | 3,956,481 | ||||||
3.625%, 08/15/43 | 2,950 | 3,469,247 | ||||||
3.750%, 11/15/43 | 1,250 | 1,502,833 | ||||||
3.625%, 02/15/44 | 1,800 | 2,118,515 | ||||||
U.S. Treasury Note | ||||||||
0.625%, 08/15/16 | 1,150 | 1,151,887 | ||||||
0.875%, 12/31/16 | 3,750 | 3,764,063 | ||||||
0.875%, 04/15/17 | 2,550 | 2,553,386 | ||||||
0.625%, 08/31/17 | 4,000 | 3,961,876 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $31,023,510) | 33,394,228 | |||||||
|
|
Par (000) | Value† | |||||||
EXCHANGE TRADED FUNDS — 1.3% | ||||||||
Investment Companies — 1.3% | ||||||||
iShares iBoxx $ High Yield Corporate Bond ETF | $ | 83,000 | $ | 7,414,400 | ||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,575,036 | 2,575,036 | ||||||
BlackRock Liquidity Funds TempFund - Institutional Shares | 447 | 447 | ||||||
Federated Prime Obligations Fund - Class I | 312 | 312 | ||||||
Fidelity Institutional Prime Money Market Portfolio | 715 | 715 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Class I | 272 | 272 | ||||||
Wells Fargo Advantage Government Money Market Fund - Institutional Class | 52 | 52 | ||||||
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | 1 | 1 | ||||||
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class | 1 | 1 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,576,836) | 2,576,836 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.9% (Cost $540,439,761) | $ | 553,482,428 | ||||||
|
| |||||||
Other Assets & Liabilities — 1.1% | 6,133,538 | |||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 559,615,966 | ||||||
|
|
† | See Security Valuation Note. |
@ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
— | Variable Rate Security. |
¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
LLC | — Limited Liability Company. |
LP | — Limited Partnership. |
PLC | — Public Limited Company. |
REMIC | — Real Estate Mortgage Investment Conduits. |
72
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Quality Bond Fund
Country Weightings as of 12/31/2014†† | ||||
United States | 90 | % | ||
Cayman Islands | 3 | |||
Canada | 2 | |||
Luxembourg | 1 | |||
Mexico | 1 | |||
Netherlands | 1 | |||
United Kingdom | 1 | |||
Other | 1 | |||
| ||||
Total | 100 | % | ||
|
††% | of total investments as of December 31, 2014 |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS | $ | 983,140 | $ | — | $ | 983,140 | $ | — | ||||||||
EXCHANGE TRADED FUNDS | 7,414,400 | 7,414,400 | — | — | ||||||||||||
U.S. TREASURY OBLIGATIONS | 33,394,228 | — | 33,394,228 | — | ||||||||||||
AGENCY OBLIGATION | 2,479,988 | — | 2,479,988 | — | ||||||||||||
ASSET BACKED SECURITIES | 107,038,331 | — | 107,038,331 | — | ||||||||||||
COMMERCIAL MORTGAGE BACKED SECURITIES | 76,013,708 | — | 76,013,708 | — | ||||||||||||
CORPORATE BONDS | 174,828,375 | — | 174,828,375 | — | ||||||||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES | 122,795,463 | — | 122,795,463 | — | ||||||||||||
MUNICIPAL BONDS | 25,957,959 | — | 25,957,959 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,576,836 | 2,576,836 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 553,482,428 | $ | 9,991,236 | $ | 543,491,192 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
73
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
ASSET BACKED SECURITIES — 0.2% | ||||||||
Continental Airlines 2012-3 Class C | $ | 325 | $ | 345,313 | ||||
|
| |||||||
Number of Shares | Value† | |||||||
COMMON STOCKS — 0.7% | ||||||||
Auto Manufacturers — 0.1% | ||||||||
General Motors Co. | 5,200 | 181,532 | ||||||
|
| |||||||
Entertainment — 0.0% | ||||||||
New Cotai Participation Class B*144A @^~ | 1 | 27,838 | ||||||
|
| |||||||
Media — 0.1% | ||||||||
Liberty Global PLC, Series C* | 2,300 | 111,113 | ||||||
|
| |||||||
Oil & Gas — 0.3% | ||||||||
Range Resources Corp. | 1,845 | 98,615 | ||||||
Seven Generations Energy Ltd. Class A* | 26,320 | 396,227 | ||||||
|
| |||||||
494,842 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
The Howard Hughes Corp.* | 600 | 78,252 | ||||||
|
| |||||||
Telecommunications — 0.2% | ||||||||
Altice S.A.* | 2,697 | 212,977 | ||||||
T-Mobile US, Inc.* | 6,400 | 172,416 | ||||||
|
| |||||||
385,393 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $874,347) | 1,278,970 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.7% | ||||||||
Banks — 0.4% | ||||||||
Ally Financial, Inc.*144A @ | 800 | 799,675 | ||||||
|
| |||||||
Oil & Gas — 0.1% | ||||||||
Penn Virginia Corp. CONV. 144A @ | 2,316 | 151,408 | ||||||
|
| |||||||
Packaging and Containers — 0.0% | ||||||||
Smurfit-Stone Container Corp. | 725 | 0 | ||||||
|
| |||||||
Telecommunications — 0.2% | ||||||||
Crown Castle International Corp. CONV.* | 2,450 | 252,326 | ||||||
T-Mobile US, Inc.* | 1,463 | 77,524 | ||||||
|
| |||||||
329,850 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $1,200,282) | 1,280,933 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.1% | ||||||||
Diversified — 0.1% | ||||||||
American Tower Corp. | $ | 1,207 | 138,757 | |||||
|
|
Par (000) | Value† | |||||||
CORPORATE BONDS — 86.6% | ||||||||
Advertising — 0.4% | ||||||||
CBS Outdoor Americas Capital LLC | $ | 225 | $ | 226,125 | ||||
MDC Partners, Inc. | 525 | 540,750 | ||||||
|
| |||||||
766,875 | ||||||||
|
| |||||||
Aerospace & Defense — 0.6% | ||||||||
Accudyne Industries LLC | 500 | 472,500 | ||||||
Ducommun, Inc. | 300 | 321,000 | ||||||
Kratos Defense & Security Solutions, Inc. | 125 | 106,250 | ||||||
TransDigm, Inc. | 200 | 201,000 | ||||||
|
| |||||||
1,100,750 | ||||||||
|
| |||||||
Airlines — 1.8% | ||||||||
Air Canada | 275 | 286,344 | ||||||
Allegiant Travel Co. | 175 | 178,063 | ||||||
American Airlines 2013-1 Class B | 71 | 72,082 | ||||||
American Airlines 2013-1 Class C | 200 | 207,000 | ||||||
American Airlines Group Inc | 650 | 661,375 | ||||||
United Airlines 2014-2 Class B | 70 | 68,600 | ||||||
United Continental Holdings, Inc. | ||||||||
6.375%, 06/01/18 | 325 | 343,687 | ||||||
6.000%, 12/01/20 | 600 | 615,000 | ||||||
6.000%, 07/15/26 | 325 | 312,813 | ||||||
6.000%, 07/15/28 | 100 | 95,250 | ||||||
US Airways Group, Inc. | 725 | 755,812 | ||||||
|
| |||||||
3,596,026 | ||||||||
|
| |||||||
Apparel — 0.7% | ||||||||
Hanesbrands, Inc. | 250 | 265,000 | ||||||
Levi Strauss & Co. | 200 | 215,000 | ||||||
QS Wholesale, Inc. | 325 | 222,625 | ||||||
The William Carter Co. | 500 | 515,000 | ||||||
Wolverine World Wide, Inc. | 100 | 105,000 | ||||||
|
| |||||||
1,322,625 | ||||||||
|
|
74
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Auto Manufacturers — 2.1% | ||||||||
Chrysler Group LLC | $ | 300 | $ | 315,375 | ||||
8.250%, 06/15/21 | 2,375 | 2,630,316 | ||||||
CNH Industrial Finance Europe S.A. | 275 | 372,471 | ||||||
Jaguar Land Rover Automotive PLC | 600 | 631,500 | ||||||
Navistar International Corp. | 175 | 172,594 | ||||||
|
| |||||||
4,122,256 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.8% | ||||||||
Affinia Group, Inc. | 75 | 77,250 | ||||||
Allison Transmission, Inc. | 350 | 366,187 | ||||||
American Axle & Manufacturing, Inc. | ||||||||
5.125%, 02/15/19 | 100 | 102,000 | ||||||
6.250%, 03/15/21 | 200 | 210,000 | ||||||
6.625%, 10/15/22 | 175 | 185,500 | ||||||
Dana Holding Corp. | 375 | 386,250 | ||||||
Gestamp Funding Luxembourg S.A. | 300 | 303,000 | ||||||
MPG Holdco I, Inc. | 400 | 412,000 | ||||||
Nexteer Automotive Group Ltd. | 200 | 200,000 | ||||||
Pittsburgh Glass Works LLC | 163 | 171,965 | ||||||
Schaeffler Holding Finance BV | 250 | 260,625 | ||||||
PIK 6.250%, 11/15/19 144A @ | 200 | 206,000 | ||||||
The Goodyear Tire & Rubber Co. | ||||||||
8.250%, 08/15/20 | 250 | 265,000 | ||||||
8.750%, 08/15/20 | 100 | 115,750 | ||||||
6.500%, 03/01/21 | 300 | 318,000 | ||||||
|
| |||||||
3,579,527 | ||||||||
|
| |||||||
Banks — 1.9% | ||||||||
Ally Financial, Inc. | 260 | 304,850 | ||||||
8.000%, 11/01/31 | 225 | 286,875 | ||||||
CIT Group, Inc. | 350 | 357,000 | ||||||
6.625%, 04/01/18 144A @ | 500 | 542,500 | ||||||
5.375%, 05/15/20 | 300 | 317,070 | ||||||
5.000%, 08/15/22 | 225 | 231,188 | ||||||
Provident Funding Associates LP | 100 | 105,000 | ||||||
6.750%, 06/15/21 144A @ | 300 | 291,000 | ||||||
Sberbank of Russia Via SB Capital S.A. | 200 | 176,246 | ||||||
5.500%, 02/26/24 144A @• | 200 | 146,900 |
Par (000) | Value† | |||||||
Banks — (continued) | ||||||||
Synovus Financial Corp. | $ | 600 | $ | 609,000 | ||||
7.875%, 02/15/19 | 300 | 333,750 | ||||||
|
| |||||||
3,701,379 | ||||||||
|
| |||||||
Beverages — 0.5% | ||||||||
Constellation Brands, Inc. | 300 | 331,500 | ||||||
Cott Beverages, Inc. | 250 | 250,000 | ||||||
5.375%, 07/01/22 144A @ | 400 | 367,000 | ||||||
|
| |||||||
948,500 | ||||||||
|
| |||||||
Building Materials — 1.6% | ||||||||
Ainsworth Lumber Co. Ltd. | 92 | 94,760 | ||||||
Associated Materials LLC | 150 | 123,750 | ||||||
Builders FirstSource, Inc. | 250 | 256,250 | ||||||
Interline Brands, Inc. PIK | 105 | 109,725 | ||||||
Masonite International Corp. | 100 | 106,750 | ||||||
Nortek, Inc. | 300 | 314,250 | ||||||
8.500%, 04/15/21 | 350 | 374,500 | ||||||
Reliance Intermediate Holdings LP | 225 | 235,125 | ||||||
Summit Materials LLC | 450 | 499,500 | ||||||
USG Corp. | 450 | 513,000 | ||||||
5.875%, 11/01/21 144A @ | 100 | 101,000 | ||||||
Vulcan Materials Co. | 300 | 349,500 | ||||||
|
| |||||||
3,078,110 | ||||||||
|
| |||||||
Chemicals — 1.8% | ||||||||
Axalta Coating Systems US Holdings, Inc. | 150 | 159,000 | ||||||
Ciech Group Financing AB | 250 | 333,551 | ||||||
Hexion US Finance Corp. | 600 | 534,000 | ||||||
6.625%, 04/15/20 | 575 | 563,500 | ||||||
INEOS Group Holdings S.A. | 200 | 191,500 | ||||||
Kerling PLC | 200 | 244,528 | ||||||
Momentive Performance Materials, Inc. | 575 | 487,312 | ||||||
PolyOne Corp. | 250 | 249,832 |
75
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Chemicals — (continued) | ||||||||
PQ Corp. | $ | 475 | $ | 491,625 | ||||
Rayonier AM Products, Inc. | 250 | 205,313 | ||||||
|
| |||||||
3,460,161 | ||||||||
|
| |||||||
Coal — 0.9% | ||||||||
Alpha Natural Resources, Inc. | 100 | 49,938 | ||||||
7.500%, 08/01/20 144A @ | 325 | 204,750 | ||||||
CONSOL Energy, Inc | 600 | 558,000 | ||||||
CONSOL Energy, Inc. | 50 | 51,875 | ||||||
Foresight Energy LLC | 325 | 320,937 | ||||||
Murray Energy Corp. | 225 | 225,000 | ||||||
8.625%, 06/15/21 144A @ | 175 | 167,125 | ||||||
Suncoke Energy Partners LP | 250 | 259,687 | ||||||
|
| |||||||
1,837,312 | ||||||||
|
| |||||||
Commercial Services — 3.1% | ||||||||
Alliance Data Systems Corp. | 275 | 281,187 | ||||||
5.375%, 08/01/22 144A @ | 300 | 296,250 | ||||||
American Capital Ltd. | 325 | 339,625 | ||||||
Ashtead Capital, Inc. | 125 | 132,813 | ||||||
CoreLogic, Inc. | 350 | 367,500 | ||||||
Europcar Groupe S.A. | 350 | 474,341 | ||||||
FTI Consulting, Inc. | 75 | 78,563 | ||||||
6.000%, 11/15/22 | 325 | 332,312 | ||||||
H&E Equipment Services, Inc. | 150 | 154,312 | ||||||
Harland Clarke Holdings Corp. | 125 | 121,875 | ||||||
Igloo Holdings Corp. | 175 | 176,750 | ||||||
Iron Mountain Europe PLC | 225 | 357,875 | ||||||
Jaguar Holding Co. I | 225 | 229,950 | ||||||
Jaguar Holding Co. II | 350 | 375,375 | ||||||
Laureate Education, Inc. | 625 | 643,750 | ||||||
Lender Processing Services, Inc. | 200 | 210,000 |
Par (000) | Value† | |||||||
Commercial Services — (continued) | ||||||||
Loxam SAS | $ | 225 | $ | 246,397 | ||||
Safway Group Holding LLC | 250 | 237,500 | ||||||
TransUnion Holding Co, Inc. | 150 | 153,750 | ||||||
Truven Health Analytics, Inc. | 125 | 121,875 | ||||||
10.625%, 06/01/20 144A @ | 150 | 146,250 | ||||||
United Rentals North America, Inc. | 525 | 551,250 | ||||||
|
| |||||||
6,029,500 | ||||||||
|
| |||||||
Computers — 0.3% | ||||||||
Dell, Inc. | 175 | 183,750 | ||||||
5.875%, 06/15/19 | 275 | 291,500 | ||||||
4.625%, 04/01/21 | 100 | 96,375 | ||||||
|
| |||||||
571,625 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.0% | ||||||||
Avon Products, Inc. | 90 | 81,675 | ||||||
|
| |||||||
Distribution & Wholesale — 0.5% | ||||||||
HD Supply, Inc. | 425 | 432,437 | ||||||
Matalan Finance PLC | 350 | 523,713 | ||||||
|
| |||||||
956,150 | ||||||||
|
| |||||||
Diversified Financial Services — 4.4% | ||||||||
Aircastle Ltd. | 325 | 342,875 | ||||||
Aston Escrow Corp. | 275 | 254,375 | ||||||
Cantor Commercial Real Estate Co. LP | 275 | 283,937 | ||||||
Consolidated Energy Finance S.A. | 550 | 537,625 | ||||||
DBP Holding Corp. | 125 | 106,250 | ||||||
Denali Borrower LLC | 450 | 468,225 | ||||||
E*TRADE Financial Corp. | 300 | 306,750 | ||||||
General Motors Financial Co., Inc. | 375 | 395,475 | ||||||
3.250%, 05/15/18 | 250 | 250,313 | ||||||
6.750%, 06/01/18 | 75 | 84,938 | ||||||
Icahn Enterprises LP | 350 | 349,125 | ||||||
6.000%, 08/01/20 | 650 | 669,630 | ||||||
Jefferies LoanCore LLC | 400 | 365,000 |
76
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Diversified Financial Services — (continued) | ||||||||
Ladder Capital Finance Holdings LLP. | $ | 200 | $ | 206,000 | ||||
5.875%, 08/01/21 144A @ | 175 | 166,250 | ||||||
National Financial Partners Corp. | 275 | 288,062 | ||||||
Nationstar Mortgage LLC | 500 | 455,000 | ||||||
Navient Corp. | 300 | 294,375 | ||||||
Neuberger Berman Group LLC | 225 | 235,125 | ||||||
5.875%, 03/15/22 144A @ | 200 | 210,500 | ||||||
OneMain Financial Holdings, Inc. | 525 | 535,500 | ||||||
Outerwall, Inc. | 450 | 443,250 | ||||||
5.875%, 06/15/21 144A @ | 325 | 303,062 | ||||||
Springleaf Finance Corp. | 300 | 294,000 | ||||||
Walter Investment Management Corp. | 850 | 758,625 | ||||||
|
| |||||||
8,604,267 | ||||||||
|
| |||||||
Electric — 2.1% | ||||||||
AES Corp. | 425 | 431,290 | ||||||
Calpine Corp. | 300 | 303,000 | ||||||
CMS Energy Corp. | 130 | 145,744 | ||||||
Dynegy Finance I, Inc. | 400 | 407,000 | ||||||
Energy Future Intermediate Holding Co. LLC | 825 | 893,407 | ||||||
10.000%, 12/01/49¤ | 900 | 83,250 | ||||||
GenOn Energy, Inc. | 475 | 472,625 | ||||||
Infinis PLC | 300 | 492,129 | ||||||
NRG Energy, Inc. | 325 | 332,313 | ||||||
6.625%, 03/15/23 | 275 | 286,000 | ||||||
6.250%, 05/01/24 144A @ | 200 | 203,500 | ||||||
|
| |||||||
4,050,258 | ||||||||
|
| |||||||
Engineering & Construction — 0.5% | ||||||||
Aguila 3 S.A. | 325 | 314,438 | ||||||
7.875%, 01/31/18 144A @ | 300 | 295,715 | ||||||
Dycom Investments, Inc. | 275 | 288,750 | ||||||
|
| |||||||
898,903 | ||||||||
|
| |||||||
Entertainment — 2.9% | ||||||||
Cedar Fair LP | 275 | 276,375 |
Par (000) | Value† | |||||||
Entertainment — (continued) | ||||||||
DreamWorks Animation SKG, Inc. | $ | 275 | $ | 281,875 | ||||
Graton Economic Development Authority | 500 | 546,250 | ||||||
Great Canadian Gaming Corp. | 150 | 135,566 | ||||||
Intralot Finance Luxembourg S.A. | 225 | 278,796 | ||||||
MU Finance PLC | 223 | 227,891 | ||||||
National CineMedia LLC | 675 | 675,000 | ||||||
New Cotai LLC PIK | 556 | 586,853 | ||||||
Peninsula Gaming LLC | 200 | 208,000 | ||||||
Pinnacle Entertainment, Inc. | 375 | 390,934 | ||||||
Regal Entertainment Group | 750 | 716,250 | ||||||
5.750%, 06/15/23 | 50 | 46,750 | ||||||
Scientific Games International, Inc. | 300 | 303,750 | ||||||
Six Flags Entertainment Corp. | 350 | 350,000 | ||||||
WMG Acquisition Corp. | 413 | 413,000 | ||||||
6.750%, 04/15/22 144A @ | 275 | 250,250 | ||||||
|
| |||||||
5,687,540 | ||||||||
|
| |||||||
Environmental Control — 0.7% | ||||||||
Clean Harbors, Inc. | 125 | 125,625 | ||||||
5.125%, 06/01/21 | 175 | 174,563 | ||||||
Darling Ingredients, Inc. | 75 | 73,875 | ||||||
Tervita Corp. | 375 | 228,750 | ||||||
8.000%, 11/15/18 144A @ | 775 | 662,625 | ||||||
|
| |||||||
1,265,438 | ||||||||
|
| |||||||
Food — 1.3% | ||||||||
ARAMARK Corp. | 200 | 206,500 | ||||||
BI-LO LLC | 300 | 276,000 | ||||||
Brakes Capital | 125 | 192,390 | ||||||
Bumble Bee Holdings, Inc. | 149 | 156,301 | ||||||
Del Monte Corp. | 300 | 294,750 | ||||||
JBS Investments GmbH | 200 | 207,100 | ||||||
JBS USA LLC | 250 | 245,625 |
77
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Food — (continued) | ||||||||
Minerva Luxembourg S.A. | $ | 200 | $ | 230,200 | ||||
Post Holdings, Inc. | 75 | 72,750 | ||||||
7.375%, 02/15/22 | 225 | 225,000 | ||||||
6.000%, 12/15/22 144A @ | 175 | 164,063 | ||||||
Premier Foods Finance PLC | 100 | 133,728 | ||||||
Shearer’s Foods LLC | 75 | 81,750 | ||||||
|
| |||||||
2,486,157 | ||||||||
|
| |||||||
Forest Products & Paper — 0.3% | ||||||||
Mercer International, Inc. | 375 | 378,750 | ||||||
7.750%, 12/01/22 144A @ | 200 | 202,500 | ||||||
|
| |||||||
581,250 | ||||||||
|
| |||||||
Gas — 0.1% | ||||||||
NGL Energy Partners LP | 100 | 96,000 | ||||||
Sabine Pass LNG LP | 175 | 176,750 | ||||||
|
| |||||||
272,750 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.3% | ||||||||
Apex Tool Group LLC | 350 | 299,250 | ||||||
Milacron LLC | 325 | 331,500 | ||||||
|
| |||||||
630,750 | ||||||||
|
| |||||||
Healthcare Products — 0.7% | ||||||||
Crimson Merger Sub, Inc. | 425 | 381,969 | ||||||
Kinetic Concepts, Inc. | 325 | 353,437 | ||||||
12.500%, 11/01/19 | 150 | 165,750 | ||||||
Universal Hospital Services, Inc. | 500 | 430,000 | ||||||
|
| |||||||
1,331,156 | ||||||||
|
| |||||||
Healthcare Services — 3.2% | ||||||||
Aviv Healthcare Properties LP | 100 | 104,200 | ||||||
Capella Healthcare, Inc. | 625 | 649,219 | ||||||
Community Health Systems, Inc. | 225 | 240,188 | ||||||
7.125%, 07/15/20 | 375 | 399,844 | ||||||
6.875%, 02/01/22 | 1,150 | 1,218,281 | ||||||
Fresenius Medical Care U.S. Finance II, Inc. | 250 | 266,875 | ||||||
5.875%, 01/31/22 144A @ | 100 | 108,500 | ||||||
HCA Holdings, Inc. | 275 | 292,875 |
Par (000) | Value† | |||||||
Healthcare Services — (continued) | ||||||||
Holding Medi-Partenaires SAS | $ | 300 | $ | 383,889 | ||||
IASIS Healthcare LLC | 375 | 393,750 | ||||||
Kindred Escrow Corp. II | 375 | 398,437 | ||||||
Select Medical Corp. | 650 | 659,750 | ||||||
Tenet Healthcare Corp. | 275 | 295,303 | ||||||
4.500%, 04/01/21 | 600 | 601,500 | ||||||
Wellcare Health Plans, Inc. | 275 | 283,938 | ||||||
|
| |||||||
6,296,549 | ||||||||
|
| |||||||
Holding Companies — 1.0% | ||||||||
Harbinger Group, Inc. | 425 | 452,625 | ||||||
7.750%, 01/15/22 | 200 | 202,000 | ||||||
KraussMaffei Group GmbH | 225 | 294,669 | ||||||
Opal Acquisition, Inc. | 350 | 355,250 | ||||||
Polish Television Holding BV PIK | 425 | 607,870 | ||||||
WaveDivision Escrow LLC | 75 | 79,875 | ||||||
|
| |||||||
1,992,289 | ||||||||
|
| |||||||
Home Builders — 0.7% | ||||||||
KB Home | 375 | 394,453 | ||||||
Standard Pacific Corp. | 175 | 198,188 | ||||||
William Lyon Homes, Inc. | 400 | 431,000 | ||||||
7.000%, 08/15/22 144A @ | 375 | 378,750 | ||||||
|
| |||||||
1,402,391 | ||||||||
|
| |||||||
Household Products & Wares — 1.3% | ||||||||
Reynolds Group Issuer, Inc. | 950 | 983,250 | ||||||
9.875%, 08/15/19 | 625 | 662,500 | ||||||
8.250%, 02/15/21 | 350 | 358,750 | ||||||
Spectrum Brands, Inc. | 100 | 104,250 | ||||||
6.625%, 11/15/22 | 100 | 105,750 | ||||||
The Sun Products Corp. | 400 | 338,000 | ||||||
|
| |||||||
2,552,500 | ||||||||
|
| |||||||
Housewares — 0.3% | ||||||||
Bormioli Rocco Holdings S.A. | 300 | 348,147 |
78
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Housewares — (continued) | ||||||||
RSI Home Products, Inc. | $ | 200 | $ | 209,000 | ||||
|
| |||||||
557,147 | ||||||||
|
| |||||||
Insurance — 0.9% | ||||||||
A-S Co-Issuer Subsidiary, Inc. | 225 | 229,500 | ||||||
CNO Financial Group, Inc. | 250 | 263,750 | ||||||
HUB International Ltd. | 325 | 323,375 | ||||||
Towergate Finance PLC | 125 | 172,518 | ||||||
10.500%, 02/15/19 144A @ | 275 | 122,155 | ||||||
USI, Inc. | 650 | 633,750 | ||||||
|
| |||||||
1,745,048 | ||||||||
|
| |||||||
Internet — 1.4% | ||||||||
Adria Bidco BV | 275 | 354,062 | ||||||
Ancestry.Com, Inc. | 550 | 539,000 | ||||||
Cerved Group SpA | 100 | 128,266 | ||||||
Equinix, Inc. | 275 | 277,585 | ||||||
5.375%, 04/01/23 | 325 | 325,000 | ||||||
5.750%, 01/01/25 | 150 | 151,312 | ||||||
Netflix, Inc. | 475 | 494,000 | ||||||
5.750%, 03/01/24 144A @ | 475 | 494,000 | ||||||
|
| |||||||
2,763,225 | ||||||||
|
| |||||||
Investment Companies — 0.4% | ||||||||
Ares Capital Corp. | 475 | 499,410 | ||||||
NRG Yield Operating LLC | 325 | 329,875 | ||||||
|
| |||||||
829,285 | ||||||||
|
| |||||||
Iron & Steel — 1.4% | ||||||||
AK Steel Corp. | 500 | 458,750 | ||||||
8.375%, 04/01/22 | 475 | 432,250 | ||||||
ArcelorMittal | 275 | 332,063 | ||||||
6.000%, 03/01/21 | 75 | 78,000 | ||||||
6.750%, 02/25/22 | 100 | 106,750 | ||||||
Bluescope Steel Finance Ltd. | 350 | 362,250 | ||||||
Ryerson, Inc. | 425 | 436,687 | ||||||
11.250%, 10/15/18 | 434 | 462,210 |
Par (000) | Value† | |||||||
Iron & Steel — (continued) | ||||||||
United States Steel Corp. | $ | 25 | $ | 25,375 | ||||
|
| |||||||
2,694,335 | ||||||||
|
| |||||||
Leisure Time — 0.5% | ||||||||
24 Hour Holdings IIII LLC | 300 | 240,000 | ||||||
Cirsa Funding Luxembourg S.A. | 325 | 403,591 | ||||||
NCL Corp. Ltd. | 300 | 302,250 | ||||||
|
| |||||||
945,841 | ||||||||
|
| |||||||
Lodging — 1.1% | ||||||||
Boyd Gaming Corp. | 75 | 76,875 | ||||||
Downstream Development Authority of the | 350 | 325,500 | ||||||
MGM Resorts International | 425 | 446,250 | ||||||
6.625%, 12/15/21 | 450 | 472,500 | ||||||
Playa Resorts Holding BV | 300 | 299,250 | ||||||
Seminole Hard Rock Entertainment, Inc. | 100 | 99,000 | ||||||
Station Casinos LLC | 425 | 435,625 | ||||||
|
| |||||||
2,155,000 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.6% | ||||||||
Blueline Rental Finance Corp. | 225 | 230,625 | ||||||
Terex Corp. | 125 | 129,375 | ||||||
6.000%, 05/15/21 | 750 | 765,000 | ||||||
|
| |||||||
1,125,000 | ||||||||
|
| |||||||
Machinery — Diversified — 0.8% | ||||||||
Columbus McKinnon Corp. | 275 | 286,000 | ||||||
Gardner Denver, Inc. | 700 | 672,000 | ||||||
The Manitowoc Co., Inc. | 125 | 135,000 | ||||||
5.875%, 10/15/22 | 225 | 228,375 | ||||||
Zebra Technologies Corp. | 175 | 183,750 | ||||||
|
| |||||||
1,505,125 | ||||||||
|
| |||||||
Media — 9.4% | ||||||||
AMC Networks, Inc. | 475 | 460,750 | ||||||
Arqiva Broadcast Finance PLC | 475 | 812,519 |
79
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Media — (continued) | ||||||||
CCO Holdings LLC | $ | 75 | $ | 75,563 | ||||
6.625%, 01/31/22 | 625 | 664,062 | ||||||
5.250%, 09/30/22 | 400 | 399,000 | ||||||
5.125%, 02/15/23 | 285 | 278,588 | ||||||
5.750%, 09/01/23 | 200 | 202,500 | ||||||
CCOH Safari LLC | 300 | 304,500 | ||||||
Central European Media Enterprises Ltd. | 650 | 650,000 | ||||||
Cequel Communications Holdings I LLC | 950 | 983,250 | ||||||
5.125%, 12/15/21 144A @ | 325 | 315,250 | ||||||
Clear Channel Worldwide Holdings, Inc. | 50 | 51,875 | ||||||
6.500%, 11/15/22 | 50 | 50,875 | ||||||
6.500%, 11/15/22 | 450 | 463,500 | ||||||
CSC Holdings LLC | 300 | 331,500 | ||||||
Dex Media, Inc. | 300 | 130,658 | ||||||
DISH DBS Corp. | 375 | 377,813 | ||||||
6.750%, 06/01/21 | 125 | 134,375 | ||||||
5.875%, 07/15/22 | 250 | 256,250 | ||||||
Gannett Co., Inc. | 200 | 204,500 | ||||||
6.375%, 10/15/23 | 525 | 556,500 | ||||||
iHeartCommunications, Inc. | 475 | 407,313 | ||||||
9.000%, 12/15/19 | 350 | 344,750 | ||||||
ION Media Networks, Inc. | 1 | 0 | ||||||
LGE HoldCo VI BV | 325 | 432,949 | ||||||
Mediacom Broadband LLC | 450 | 461,250 | ||||||
MPL 2 Acquisition Canco, Inc. | 200 | 215,000 | ||||||
Numericable SFR S.A. | 725 | 730,437 | ||||||
Sinclair Television Group, Inc. | 300 | 305,250 | ||||||
Sirius XM Radio, Inc. | 1,175 | 1,201,437 | ||||||
Starz LLC | 250 | 251,875 | ||||||
Time, Inc. | 275 | 266,063 | ||||||
Townsquare Radio LLC | 200 | 213,000 | ||||||
Unitymedia Hessen GmbH & Co. KG | 600 | 601,500 | ||||||
Unitymedia KabelBW GmbH | 450 | 608,505 |
Par (000) | Value† | |||||||
Media — (continued) | ||||||||
6.125%, 01/15/25 144A @ | $ | 400 | $ | 413,000 | ||||
Univision Communications, Inc. | 850 | 905,250 | ||||||
6.750%, 09/15/22 144A @ | 492 | 526,440 | ||||||
5.125%, 05/15/23 144A @ | 800 | 808,000 | ||||||
Videotron Ltd. | 325 | 300,369 | ||||||
VTR Finance BV | 750 | 765,000 | ||||||
WideOpenWest Finance LLC | 300 | 312,375 | ||||||
13.375%, 10/15/19 | 450 | 473,625 | ||||||
|
| |||||||
18,247,216 | ||||||||
|
| |||||||
Mining — 1.6% | ||||||||
Aleris International, Inc. | 175 | 175,875 | ||||||
7.875%, 11/01/20 | 350 | 348,250 | ||||||
Eldorado Gold Corp. | 400 | 388,000 | ||||||
First Quantum Minerals Ltd. | 575 | 517,500 | ||||||
Lundin Mining Corp. | 400 | 396,000 | ||||||
Novelis, Inc. | 175 | 185,500 | ||||||
Nyrstar Netherlands Holdings BV | 375 | 453,770 | ||||||
Vedanta Resources PLC | 275 | 268,125 | ||||||
8.250%, 06/07/21 144A @ | 350 | 346,500 | ||||||
|
| |||||||
3,079,520 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 0.4% | ||||||||
Momentive Performance Escrow | 575 | 0 | ||||||
Trinseo Materials Operating SCA | 751 | 761,326 | ||||||
|
| |||||||
761,326 | ||||||||
|
| |||||||
Office & Business Equipment — 0.3% | ||||||||
CDW LLC | 425 | 438,813 | ||||||
Magnolia S.A. | 175 | 202,463 | ||||||
|
| |||||||
641,276 | ||||||||
|
| |||||||
Oil & Gas — 6.2% | ||||||||
American Energy-Permian Basin LLC | 450 | 330,750 | ||||||
Antero Resources Finance Corp. | 475 | 473,812 | ||||||
Atwood Oceanics, Inc. | 150 | 136,500 |
80
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Oil & Gas — (continued) | ||||||||
Bill Barrett Corp. | $ | 650 | $ | 591,500 | ||||
7.000%, 10/15/22 | 125 | 100,625 | ||||||
Bonanza Creek Energy, Inc. | 500 | 395,000 | ||||||
Canbriam Energy, Inc. | 250 | 235,000 | ||||||
Chesapeake Energy Corp. | 200 | 199,875 | ||||||
5.750%, 03/15/23 | 50 | 51,500 | ||||||
Concho Resources, Inc. | 150 | 157,125 | ||||||
5.500%, 04/01/23 | 1,025 | 1,029,817 | ||||||
Denbury Resources, Inc. | 375 | 343,125 | ||||||
Jupiter Resources, Inc. | 375 | 282,187 | ||||||
Laredo Petroleum, Inc. | 475 | 444,125 | ||||||
Memorial Resource Development Corp. | 375 | 339,375 | ||||||
Newfield Exploration Co. | 100 | 98,938 | ||||||
Pacific Rubiales Energy Corp. | 100 | 78,750 | ||||||
5.625%, 01/19/25 144A @ | 300 | 230,250 | ||||||
Parker Drilling Co. | 275 | 206,250 | ||||||
Parsley Energy LLC | 600 | 568,500 | ||||||
PDC Energy, Inc. | 725 | 688,750 | ||||||
Penn Virginia Corp. | 400 | 312,000 | ||||||
8.500%, 05/01/20 | 450 | 360,000 | ||||||
Precision Drilling Corp. | 425 | 382,500 | ||||||
6.500%, 12/15/21 | 75 | 63,563 | ||||||
Range Resources Corp. | 100 | 100,000 | ||||||
5.000%, 03/15/23 | 275 | 275,000 | ||||||
Rosetta Resources, Inc. | 775 | 689,750 | ||||||
Seven Generations Energy Ltd. | 450 | 432,000 | ||||||
Seventy Seven Energy, Inc. | 475 | 277,875 | ||||||
SM Energy Co. | 250 | 245,000 | ||||||
6.500%, 11/15/21 | 150 | 145,500 | ||||||
6.500%, 01/01/23 | 300 | 288,000 | ||||||
5.000%, 01/15/24 | 500 | 432,500 | ||||||
Western Refining, Inc. | 125 | 121,875 |
Par (000) | Value† | |||||||
Oil & Gas — (continued) | ||||||||
WPX Energy, Inc. | $ | 800 | $ | 770,000 | ||||
5.250%, 09/15/24 | 125 | 116,250 | ||||||
|
| |||||||
11,993,567 | ||||||||
|
| |||||||
Oil & Gas Services — 0.7% | ||||||||
CGG S.A. | 250 | 190,000 | ||||||
6.875%, 01/15/22 | 650 | 494,000 | ||||||
Compressco Partners LP | 225 | 193,500 | ||||||
Exterran Partners LP | 125 | 108,750 | ||||||
6.000%, 10/01/22 144A @ | 350 | 297,500 | ||||||
McDermott International, Inc. | 175 | 122,500 | ||||||
|
| |||||||
1,406,250 | ||||||||
|
| |||||||
Packaging and Containers — 1.2% | ||||||||
AEP Industries, Inc. | 150 | 151,500 | ||||||
Ardagh Finance Holdings S.A. PIK | 209 | 205,636 | ||||||
Ardagh Packaging Finance PLC | 200 | 195,500 | ||||||
7.000%, 11/15/20 144A @ | 300 | 303,000 | ||||||
Beverage Packaging Holdings Luxembourg II SA | 225 | 220,500 | ||||||
6.000%, 06/15/17 144A @ | 350 | 341,250 | ||||||
Consolidated Container Co. LLC | 375 | 348,750 | ||||||
Exopack Holding Corp. | 200 | 212,000 | ||||||
Graphic Packaging International, Inc. | 175 | 176,313 | ||||||
Tekni-Plex, Inc. | 130 | 141,050 | ||||||
|
| |||||||
2,295,499 | ||||||||
|
| |||||||
Pharmaceuticals — 0.9% | ||||||||
Capsugel S.A. | 400 | 404,000 | ||||||
Delta Dutch Newco BV | 175 | 177,625 | ||||||
Par Pharmaceutical Cos, Inc. | 100 | 104,500 | ||||||
Pinnacle Merger Sub, Inc. | 69 | 74,520 | ||||||
Valeant Pharmaceuticals International | 500 | 522,500 | ||||||
Valeant Pharmaceuticals International Escrow Corp. | 450 | 478,696 | ||||||
|
| |||||||
1,761,841 | ||||||||
|
|
81
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Pipelines — 1.6% | ||||||||
Atlas Pipeline Partners LP | $ | 575 | $ | 569,250 | ||||
MarkWest Energy Partners LP | 650 | 625,625 | ||||||
NuStar Logistics LP | 150 | 158,625 | ||||||
Penn Virginia Resource Partners LP | 100 | 101,000 | ||||||
Regency Energy Partners LP | 250 | 249,375 | ||||||
Sabine Pass Liquefaction LLC | 150 | 152,250 | ||||||
5.625%, 04/15/23 | 225 | 219,937 | ||||||
Targa Resources Partners LP | 225 | 216,563 | ||||||
5.250%, 05/01/23 | 50 | 48,250 | ||||||
4.250%, 11/15/23 | 875 | 796,250 | ||||||
|
| |||||||
3,137,125 | ||||||||
|
| |||||||
Real Estate — 1.9% | ||||||||
CBRE Services, Inc. | 625 | 638,687 | ||||||
Dupont Fabros Technology LP | 775 | 789,531 | ||||||
Greystar Real Estate Partners LLC | 200 | 203,500 | ||||||
iStar Financial, Inc. | 125 | 131,250 | ||||||
5.000%, 07/01/19 | 450 | 436,500 | ||||||
MPT Operating Partnership LP | 225 | 240,750 | ||||||
6.375%, 02/15/22 | 125 | 132,813 | ||||||
Omega Healthcare Investors, Inc. | 75 | 79,688 | ||||||
Realogy Group LLC | 100 | 109,500 | ||||||
5.250%, 12/01/21 144A @ | 250 | 243,125 | ||||||
The Howard Hughes Corp. | 625 | 646,875 | ||||||
|
| |||||||
3,652,219 | ||||||||
|
| |||||||
Retail — 3.2% | ||||||||
99 Cents Only Stores | 225 | 238,500 | ||||||
Academy Ltd. | 175 | 183,750 | ||||||
Building Materials Holding Corp. | 350 | 367,500 | ||||||
Ferrellgas LP | 275 | 268,125 | ||||||
6.750%, 01/15/22 | 125 | 122,188 | ||||||
Group 1 Automotive, Inc. | 175 | 171,063 | ||||||
Guitar Center, Inc. | 375 | 322,500 |
Par (000) | Value† | |||||||
Retail — (continued) | ||||||||
JC Penney Corp., Inc. | $ | 700 | $ | 616,000 | ||||
Michaels Stores, Inc. | 225 | 227,250 | ||||||
New Look Bondco I PLC | 375 | 388,125 | ||||||
New Red Finance, Inc. | 350 | 358,750 | ||||||
PC Nextco Holdings LLC PIK | 350 | 351,750 | ||||||
Penske Automotive Group, Inc. | 200 | 207,500 | ||||||
PF Chang’s China Bistro, Inc. | 800 | 798,000 | ||||||
Rite Aid Corp. | 725 | 748,562 | ||||||
7.700%, 02/15/27 | 150 | 163,500 | ||||||
Sonic Automotive, Inc. | 150 | 161,250 | ||||||
5.000%, 05/15/23 | 175 | 169,750 | ||||||
The Men’s Wearhouse, Inc. | 175 | 179,812 | ||||||
The Pantry, Inc. | 175 | 191,625 | ||||||
|
| |||||||
6,235,500 | ||||||||
|
| |||||||
Semiconductors — 0.4% | ||||||||
Freescale Semiconductor, Inc. | 375 | 391,875 | ||||||
NXP BV | 200 | 210,000 | ||||||
5.750%, 03/15/23 144A @ | 250 | 263,125 | ||||||
|
| |||||||
865,000 | ||||||||
|
| |||||||
Software — 2.9% | ||||||||
Activision Blizzard, Inc. | ||||||||
5.625%, 09/15/21 144A @ | 700 | 735,000 | ||||||
6.125%, 09/15/23 144A @ | 175 | 188,563 | ||||||
BCP Singapore VI Cayman Financing Co. Ltd. | 200 | 202,000 | ||||||
BMC Software Finance, Inc. | 350 | 329,000 | ||||||
Eagle Midco, Inc. | 425 | 434,562 | ||||||
Epicor Software Corp. | 225 | 236,250 | ||||||
First Data Corp. | 315 | 336,263 | ||||||
12.625%, 01/15/21 | 1,625 | 1,929,687 | ||||||
Infor Software Parent LLC | 600 | 588,000 | ||||||
Infor U.S., Inc. | 300 | 321,000 |
82
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Software — (continued) | ||||||||
MSCI, Inc. | $ | 250 | $ | 258,750 | ||||
|
| |||||||
5,559,075 | ||||||||
|
| |||||||
Telecommunications — 10.7% | ||||||||
Alcatel-Lucent USA, Inc. | 225 | 244,688 | ||||||
6.750%, 11/15/20 144A @ | 775 | 818,012 | ||||||
Altice Finco S.A. | 400 | 427,573 | ||||||
9.000%, 06/15/23 144A @ | 325 | 431,316 | ||||||
Altice S.A. | 400 | 400,750 | ||||||
B Communications Ltd. | 325 | 343,688 | ||||||
CenturyLink, Inc. | 725 | 752,187 | ||||||
Crown Castle International Corp. | 425 | 433,500 | ||||||
Digicel Group Ltd. | 225 | 218,250 | ||||||
7.125%, 04/01/22 144A @ | 250 | 232,500 | ||||||
Digicel Ltd. | 200 | 187,000 | ||||||
EarthLink Holdings Corp. | 175 | 177,625 | ||||||
Goodman Networks, Inc. | 375 | 387,187 | ||||||
Hughes Satellite Systems Corp. | 350 | 375,375 | ||||||
7.625%, 06/15/21 | 325 | 357,500 | ||||||
Intelsat Jackson Holdings S.A. | 800 | 822,000 | ||||||
5.500%, 08/01/23 | 700 | 695,730 | ||||||
Intelsat Luxembourg S.A. | 75 | 75,188 | ||||||
Level 3 Communications, Inc. | 100 | 106,020 | ||||||
Level 3 Financing, Inc. | 175 | 184,406 | ||||||
Matterhorn Financing & CY S.C.A. | 350 | 430,083 | ||||||
Millicom International Cellular S.A. | 200 | 208,000 | ||||||
Mobile Challenger Intermediate Group S.A. PIK | 800 | 813,116 | ||||||
Mobile Challenger Intermediate Group SA | 100 | 122,518 | ||||||
NII International Telecom S.C.A. | 225 | 162,000 | ||||||
Play Topco S.A. | 225 | 275,665 |
Par (000) | Value† | |||||||
Telecommunications — (continued) | ||||||||
Sable International Finance Ltd. | $ | 200 | $ | 217,000 | ||||
Sprint Communications, Inc. | 800 | 962,000 | ||||||
Sprint Corp. | 1,725 | 1,604,250 | ||||||
Syniverse Holdings, Inc. | 300 | 313,500 | ||||||
T-Mobile USA, Inc. | 450 | 460,575 | ||||||
6.633%, 04/28/21 | 450 | 461,812 | ||||||
6.000%, 03/01/23 | 1,350 | 1,353,375 | ||||||
Telecom Italia Capital S.A. | 975 | 1,116,375 | ||||||
Telecom Italia SpA | 350 | 599,554 | ||||||
UPC Holding BV | 125 | 162,034 | ||||||
6.750%, 03/15/23 144A @ | 375 | 411,323 | ||||||
6.750%, 03/15/23 144A @ | 200 | 264,058 | ||||||
UPCB Finance V Ltd. | 150 | 164,063 | ||||||
UPCB Finance VI Ltd. | 225 | 244,688 | ||||||
Vimpel Communications Via VIP Finance | 200 | 166,200 | ||||||
VimpelCom Holdings BV | 200 | 162,000 | ||||||
7.504%, 03/01/22 144A @ | 450 | 364,500 | ||||||
Virgin Media Finance PLC | 275 | 465,048 | ||||||
6.000%, 10/15/24 144A @ | 200 | 209,250 | ||||||
Wind Acquisition Finance S.A. | 400 | 374,000 | ||||||
7.375%, 04/23/21 144A @ | 1,100 | 1,038,180 | ||||||
|
| |||||||
20,795,662 | ||||||||
|
| |||||||
Textiles — 0.2% | ||||||||
Springs Industries, Inc. | 350 | 348,250 | ||||||
|
| |||||||
Transportation — 0.1% | ||||||||
Watco Cos. LLC | 175 | 173,250 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $171,076,711) | 168,477,251 | |||||||
|
| |||||||
LOAN AGREEMENTS — 4.3%‡ | ||||||||
Auto Manufacturers — 0.1% | ||||||||
Navistar, Inc. | 125 | 124,062 | ||||||
|
| |||||||
Commercial Services — 0.2% | ||||||||
Weight Watchers International, Inc. | 446 | 344,665 | ||||||
|
|
83
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
Par (000) | Value† | |||||||
LOAN AGREEMENTS‡ — (continued) | ||||||||
Computers — 0.1% | ||||||||
Dell, Inc. | $ | 148 | $ | 147,127 | ||||
|
| |||||||
Distribution & Wholesale — 0.1% | ||||||||
Husky Injection Molding System | 149 | 146,192 | ||||||
|
| |||||||
Diversified Financial Services — 0.3% | ||||||||
Terra-Gen Finance Co., LLC | 300 | 295,500 | ||||||
Vantiv LLC | 274 | 270,035 | ||||||
|
| |||||||
565,535 | ||||||||
|
| |||||||
Electric — 0.3% | ||||||||
Equipower Resources Holding LLC | 690 | 684,622 | ||||||
|
| |||||||
Entertainment — 0.7% | ||||||||
Amaya Holdings BV | 274 | 271,364 | ||||||
Delta 2 (Lux) S.a.r.l. | 600 | 584,502 | ||||||
7.750%, 07/29/22 | 200 | 194,000 | ||||||
Peninsula Gaming LLC | 356 | 352,544 | ||||||
|
| |||||||
1,402,410 | ||||||||
|
| |||||||
Healthcare Services — 0.2% | ||||||||
Ortho-Clinical Diagnostics | 224 | 219,901 | ||||||
Surgery Center Holdings | 200 | 194,500 | ||||||
|
| |||||||
414,401 | ||||||||
|
| |||||||
Holding Companies — 0.0% | ||||||||
Faenza Acquisition | 98 | 96,481 | ||||||
|
| |||||||
Insurance — 0.5% | ||||||||
Asurion LLC | 370 | 364,924 | ||||||
8.500%, 03/03/21 | 550 | 544,957 | ||||||
|
| |||||||
909,881 | ||||||||
|
| |||||||
Machinery—Diversified — 0.2% | ||||||||
Gardner Denver, Inc. | 173 | 161,364 | ||||||
Zebra Technologies Corp. | 200 | 200,800 | ||||||
|
| |||||||
362,164 | ||||||||
|
| |||||||
Media — 0.3% | ||||||||
McGraw-Hill Global Education Holdings LLC | 168 | 167,266 | ||||||
Univision Communications, Inc. | 372 | 363,400 | ||||||
|
| |||||||
530,666 | ||||||||
|
|
Par (000) | Value† | |||||||
Oil & Gas — 0.3% | ||||||||
Foresight Energy LLC | $ | 145 | $ | 145,292 | ||||
Philadelphia Energy Solutions Refining and Marketing LLC | 320 | 302,843 | ||||||
TGGT Holdings | 238 | 211,375 | ||||||
|
| |||||||
659,510 | ||||||||
|
| |||||||
Retail — 0.9% | ||||||||
JC Penney Corp. | 864 | 849,883 | ||||||
New Red Finance, Inc. | 350 | 348,499 | ||||||
PF Chang’s China Bistro, Inc. | 478 | 460,487 | ||||||
|
| |||||||
1,658,869 | ||||||||
|
| |||||||
Telecommunications — 0.1% | ||||||||
Level 3 Financing, Inc. | 200 | 199,938 | ||||||
|
| |||||||
TOTAL LOAN AGREEMENTS‡ (Cost $8,418,389) | 8,246,523 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 4.4% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 439,149 | 439,149 | ||||||
T. Rowe Price Reserve Investment Fund | 7,882,661 | 7,882,661 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,321,810) | 8,321,810 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 96.7% (Cost $190,696,759) | $ | 188,089,557 | ||||||
|
| |||||||
Other Assets & Liabilities — (3.3%) | 6,414,050 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 194,503,607 | ||||||
|
|
‡ | 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 Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2014. 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. |
84
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
High Yield Bond Fund
* | Non-income producing security. |
@ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
^ | Illiquid security. The total market value of illiquid securities at December 31, 2014 is $234,838. |
• | Variable Rate Security. |
¤ | Defaulted Security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2014 is $921,245. |
CONV — Convertible Security.
LLC — Limited Liability Company.
LP — Limited Partnership.
OJSC — Open Joint Stock Company
PIK — Payment in Kind Security.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014†† | ||||
United States | 78 | % | ||
Luxembourg | 7 | |||
Canada | 4 | |||
Netherlands | 3 | |||
United Kingdom | 3 | |||
France | 1 | |||
Germany | 1 | |||
Other | 3 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 1,278,970 | $ | 1,251,132 | $ | — | $ | 27,838 | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 138,757 | 138,757 | — | — | ||||||||||||
PREFERRED STOCKS | ||||||||||||||||
Banks | 799,675 | — | 799,675 | — | ||||||||||||
Oil & Gas | 151,408 | 151,408 | — | — | ||||||||||||
Packaging and Containers | — | — | — | — | ||||||||||||
Telecommunications | 329,850 | 329,850 | — | — | ||||||||||||
ASSET BACKED SECURITIES | 345,313 | — | 345,313 | — | ||||||||||||
CORPORATE BONDS | 168,477,251 | — | 168,477,251 | — | ||||||||||||
LOAN AGREEMENTS | 8,246,523 | — | 8,246,523 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 8,321,810 | 8,321,810 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 188,089,557 | $ | 10,192,957 | $ | 177,868,762 | $ | 27,838 | ||||||||
|
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Investments in Securities (Market Value) | ||||
Balance as of 12/31/2013 | $ | 24,557 | ||
Change in Appreciation/(Depreciation) | 3,281 | |||
|
| |||
Balance as of 12/31/2014 | $ | 27,838 | ||
|
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
85
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATION — 0.2% | ||||||||
Banks — 0.2% | ||||||||
KFW | $ | 6,658 | $ | 6,657,867 | ||||
|
| |||||||
ASSET BACKED SECURITIES — 0.5% | ||||||||
Ally Master Owner Trust | 8,755 | 8,765,077 | ||||||
Continental Airlines 2009-2 Class A, | 635 | 733,673 | ||||||
Continental Airlines 2012-1 Class A, | 2,047 | 2,103,128 | ||||||
Continental Airlines 2012-1 Class B, | 394 | 414,022 | ||||||
Ford Credit Auto Owner Trust 2012-C 0. | 823 | 822,995 | ||||||
Honda Auto Receivables 2012-3 Owner Trust | 723 | 723,472 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES (Cost $13,400,088) | 13,562,367 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
COMMON STOCKS — 62.7% | ||||||||
Aerospace & Defense — 1.2% | ||||||||
The Boeing Co. | 181,500 | 23,591,370 | ||||||
United Technologies Corp. | 101,500 | 11,672,500 | ||||||
|
| |||||||
35,263,870 | ||||||||
|
| |||||||
Agriculture — 0.9% | ||||||||
Philip Morris International, Inc. | 356,500 | 29,036,925 | ||||||
|
| |||||||
Auto Parts & Equipment — 2.0% | ||||||||
Delphi Automotive PLC | 425,600 | 30,949,632 | ||||||
Johnson Controls, Inc. | 648,900 | 31,367,826 | ||||||
|
| |||||||
62,317,458 | ||||||||
|
| |||||||
Banks — 5.1% | ||||||||
JPMorgan Chase & Co. | 475,300 | 29,744,274 | ||||||
Julius Baer Group Ltd. | 128,856 | 5,883,308 | ||||||
State Street Corp. | 769,500 | 60,405,750 | ||||||
The Bank of New York Mellon Corp. | 569,000 | 23,084,330 | ||||||
UBS Group AG | 2,182,837 | 37,522,314 | ||||||
|
| |||||||
156,639,976 | ||||||||
|
| |||||||
Beverages — 0.8% | ||||||||
PepsiCo, Inc. | 248,600 | 23,507,616 | ||||||
|
| |||||||
Chemicals — 0.6% | ||||||||
Cytec Industries, Inc. | 413,700 | 19,100,529 | ||||||
|
| |||||||
Commercial Services — 1.7% | ||||||||
Iron Mountain, Inc. | 412,194 | 15,935,420 |
Number of Shares | Value† | |||||||
Commercial Services — (continued) | ||||||||
Tyco International PLC | 764,000 | $ | 33,509,040 | |||||
Vantiv, Inc., Class A* | 123,500 | 4,189,120 | ||||||
|
| |||||||
53,633,580 | ||||||||
|
| |||||||
Diversified Financial Services — 3.0% | ||||||||
Invesco Ltd. | 194,408 | 7,683,004 | ||||||
TD Ameritrade Holding Corp. | 1,096,100 | 39,218,458 | ||||||
Visa, Inc., Class A | 177,400 | 46,514,280 | ||||||
|
| |||||||
93,415,742 | ||||||||
|
| |||||||
Diversified Operations — 1.6% | ||||||||
Pentair PLC | 759,900 | 50,472,558 | ||||||
|
| |||||||
Electric — 2.6% | ||||||||
FirstEnergy Corp. | 263,300 | 10,266,067 | ||||||
PG&E Corp. | 1,068,100 | 56,865,644 | ||||||
Xcel Energy, Inc. | 337,300 | 12,115,816 | ||||||
|
| |||||||
79,247,527 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.1% | ||||||||
AMETEK, Inc. | 626,500 | 32,972,695 | ||||||
|
| |||||||
Electronics — 3.2% | ||||||||
Agilent Technologies, Inc. | 357,500 | 14,636,050 | ||||||
Thermo Fisher Scientific, Inc. | 673,900 | 84,432,931 | ||||||
|
| |||||||
99,068,981 | ||||||||
|
| |||||||
Engineering & Construction — 0.3% | ||||||||
SBA Communications Corp., Class A* | 76,900 | 8,517,444 | ||||||
|
| |||||||
Food — 0.7% | ||||||||
Mondelez International, Inc., Class A | 558,500 | 20,287,513 | ||||||
The J.M. Smucker Co. | 24,100 | 2,433,618 | ||||||
|
| |||||||
22,721,131 | ||||||||
|
| |||||||
Healthcare Products — 2.3% | ||||||||
Becton Dickinson & Co. | 295,100 | 41,066,116 | ||||||
CareFusion Corp.* | 381,400 | 22,632,276 | ||||||
Henry Schein, Inc.* | 55,878 | 7,607,790 | ||||||
|
| |||||||
71,306,182 | ||||||||
|
| |||||||
Healthcare Services — 2.4% | ||||||||
Cigna Corp. | 272,200 | 28,012,102 | ||||||
DaVita HealthCare Partners, Inc.* | 143,100 | 10,838,394 | ||||||
UnitedHealth Group, Inc. | 349,000 | 35,280,410 | ||||||
|
| |||||||
74,130,906 | ||||||||
|
| |||||||
Insurance — 2.8% | ||||||||
Marsh & McLennan Cos., Inc. | 1,504,800 | 86,134,752 | ||||||
|
| |||||||
Internet — 1.4% | ||||||||
eBay, Inc.* | 140,700 | 7,896,084 | ||||||
Google, Inc., Class A* | 23,300 | 12,364,378 | ||||||
Google, Inc., Class C* | 41,200 | 21,687,680 | ||||||
|
| |||||||
41,948,142 | ||||||||
|
| |||||||
Machinery — Diversified — 1.4% | ||||||||
IDEX Corp. | 185,300 | 14,423,752 |
86
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Machinery — Diversified — (continued) | ||||||||
Roper Industries, Inc. | 174,800 | $ | 27,329,980 | |||||
|
| |||||||
41,753,732 | ||||||||
|
| |||||||
Media — 1.6% | ||||||||
Liberty Global PLC, Class A* | 134,000 | 6,727,470 | ||||||
Liberty Global PLC, Series C* | 572,800 | 27,671,968 | ||||||
Twenty-First Century Fox, Inc. Class B | 297,700 | 10,982,153 | ||||||
Viacom, Inc., Class B | 61,600 | 4,635,400 | ||||||
|
| |||||||
50,016,991 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 4.6% | ||||||||
Danaher Corp. | 1,656,778 | 142,002,442 | ||||||
|
| |||||||
Oil & Gas — 2.7% | ||||||||
Apache Corp. | 148,900 | 9,331,563 | ||||||
California Resources Corp.* | 80,520 | 443,665 | ||||||
Canadian Natural Resources Ltd. | 1,578,200 | 48,734,816 | ||||||
Occidental Petroleum Corp. | 206,200 | 16,621,782 | ||||||
Range Resources Corp. | 174,947 | 9,350,917 | ||||||
|
| |||||||
84,482,743 | ||||||||
|
| |||||||
Pharmaceuticals — 8.2% | ||||||||
Abbott Laboratories | 708,200 | 31,883,164 | ||||||
Actavis PLC* | 182,900 | 47,080,289 | ||||||
Allergan, Inc. | 255,200 | 54,252,968 | ||||||
Eli Lilly & Co. | 800,600 | 55,233,394 | ||||||
Merck & Co., Inc. | 114,900 | 6,525,171 | ||||||
Pfizer, Inc. | 904,743 | 28,182,744 | ||||||
Zoetis, Inc. | 707,586 | 30,447,426 | ||||||
|
| |||||||
253,605,156 | ||||||||
|
| |||||||
Retail — 4.6% | ||||||||
AutoZone, Inc.* | 129,699 | 80,297,948 | ||||||
CVS Health Corp. | 153,300 | 14,764,323 | ||||||
Lowe’s Cos., Inc. | 462,900 | 31,847,520 | ||||||
O’Reilly Automotive, Inc.* | 32,100 | 6,183,102 | ||||||
Wal-Mart Stores, Inc. | 103,100 | 8,854,228 | ||||||
|
| |||||||
141,947,121 | ||||||||
|
| |||||||
Semiconductors — 1.0% | ||||||||
Texas Instruments, Inc. | 568,000 | 30,368,120 | ||||||
|
| |||||||
Software — 3.7% | ||||||||
Fidelity National Information Services, Inc. | 567,400 | 35,292,280 | ||||||
Fiserv, Inc.* | 1,090,600 | 77,399,882 | ||||||
|
| |||||||
112,692,162 | ||||||||
|
| |||||||
Telecommunications — 1.2% | ||||||||
Cisco Systems, Inc. | 230,800 | 6,419,702 | ||||||
Crown Castle International Corp. | 391,800 | 30,834,660 | ||||||
|
| |||||||
37,254,362 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $1,464,412,791) | 1,933,558,843 | |||||||
|
|
Par (000) | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.7% | ||||||||
Diversified — 0.7% | ||||||||
American Tower Corp. | $ | 211,597 | $ | 20,916,364 | ||||
|
| |||||||
Number of Shares | Value† | |||||||
PREFERRED STOCKS — 0.7% | ||||||||
Banks — 0.2% | ||||||||
State Street Corp.* | 86,000 | 2,170,640 | ||||||
U.S. Bancorp Series F | 71,000 | 2,090,950 | ||||||
U.S. Bancorp Series G | 90,000 | 2,440,800 | ||||||
|
| |||||||
6,702,390 | ||||||||
|
| |||||||
Electric — 0.2% | ||||||||
SCE Trust I | 83,775 | 2,052,487 | ||||||
SCE Trust II | 14,730 | 334,960 | ||||||
SCE Trust III | 161,355 | 4,267,840 | ||||||
|
| |||||||
6,655,287 | ||||||||
|
| |||||||
Oil & Gas — 0.0% | ||||||||
Chesapeake Energy Corp. | 956 | 87,474 | ||||||
|
| |||||||
Telecommunications — 0.3% | ||||||||
T-Mobile US, Inc.* | 160,540 | 8,507,015 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $20,724,350) | 21,952,166 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
CORPORATE BONDS — 21.5% | ||||||||
Advertising — 0.1% | ||||||||
Lamar Media Corp. | ||||||||
5.875%, 02/01/22 | $ | 900 | 933,750 | |||||
5.000%, 05/01/23 | 850 | 841,500 | ||||||
|
| |||||||
1,775,250 | ||||||||
|
| |||||||
Aerospace & Defense — 0.0% | ||||||||
Moog, Inc. | 650 | 658,125 | ||||||
|
| |||||||
Airlines — 0.4% | ||||||||
Continental Airlines 2009-1 Pass-Through Trust | 746 | 820,996 | ||||||
Delta Air Lines 2009-1, Class A Pass Through Trust | 502 | 581,545 | ||||||
Delta Air Lines 2011-1, Class A Pass Through Trust | 487 | 529,353 | ||||||
Hawaiian Airlines 2013-1 Class A, Pass Through Certificates | 1,815 | 1,785,506 | ||||||
United Airlines, Inc. | 1,879 | 6,582,372 |
87
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Airlines — (continued) | ||||||||
US Airways 2010-1 Class A, Pass Through Trust | $ | 1,912 | $ | 2,146,096 | ||||
US Airways 2010-1 Class B, Pass Through Trust | 217 | 236,195 | ||||||
US Airways 2012-2 Class A, Pass Through Trust | 267 | 280,536 | ||||||
US Airways 2012-2 Class B, Pass Through Trust | 503 | 536,186 | ||||||
US Airways 2013-1 Class A, Pass Through Trust | 5 | 4,976 | ||||||
US Airways 2013-1 Class B, Pass Through Trust | 5 | 5,069 | ||||||
|
| |||||||
13,508,830 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.3% | ||||||||
Delphi Corp. | 3,125 | 3,406,250 | ||||||
5.000%, 02/15/23 | 3,450 | 3,682,806 | ||||||
Schaeffler Finance BV | 1,250 | 1,368,750 | ||||||
|
| |||||||
8,457,806 | ||||||||
|
| |||||||
Banks — 0.7% | ||||||||
KFW | 19,722 | 19,997,536 | ||||||
Regions Bank | 90 | 104,481 | ||||||
Synovus Financial Corp. | 105 | 106,575 | ||||||
|
| |||||||
20,208,592 | ||||||||
|
| |||||||
Chemicals — 0.1% | ||||||||
Cytec Industries, Inc. | 3,680 | 3,724,657 | ||||||
|
| |||||||
Coal — 0.1% | ||||||||
CONSOL Energy, Inc | 3,075 | 2,859,750 | ||||||
|
| |||||||
Diversified Financial Services — 2.0% | ||||||||
Caterpillar Financial Services Corp. | 1,585 | 1,587,750 | ||||||
1.250%, 11/06/17 | 2,345 | 2,333,899 | ||||||
E*TRADE Financial Corp. | 5,750 | 6,095,000 | ||||||
Ford Motor Credit Co. LLC | 4,530 | 4,533,429 | ||||||
2.750%, 05/15/15 | 2,300 | 2,315,389 | ||||||
2.500%, 01/15/16 | 2,190 | 2,214,497 | ||||||
1.483%, 05/09/16• | 3,755 | 3,787,676 | ||||||
4.250%, 02/03/17 | 1,340 | 1,407,093 |
Par (000) | Value† | |||||||
Diversified Financial Services — (continued) | ||||||||
6.625%, 08/15/17 | $ | 1,675 | $ | 1,867,218 | ||||
0.753%, 09/08/17• | 4,325 | 4,295,218 | ||||||
0.803%, 12/06/17• | 6,325 | 6,284,375 | ||||||
1.724%, 12/06/17 | 2,150 | 2,127,780 | ||||||
5.000%, 05/15/18 | 1,800 | 1,955,786 | ||||||
2.375%, 03/12/19 | 4,275 | 4,245,237 | ||||||
2.597%, 11/04/19 | 4,350 | 4,326,601 | ||||||
International Lease Finance Corp. | 2,905 | 2,901,369 | ||||||
John Deere Capital Corp. | ||||||||
0.304%, 01/12/15• | 4,475 | 4,475,090 | ||||||
0.700%, 09/04/15 | 1,800 | 1,805,036 | ||||||
Toyota Motor Credit Corp. | 2,305 | 2,305,224 | ||||||
|
| |||||||
60,863,667 | ||||||||
|
| |||||||
Electric — 0.5% | ||||||||
Berkshire Hathaway Energy Co. | 2,550 | 2,538,897 | ||||||
3.500%, 02/01/25 144A | 2,655 | 2,671,880 | ||||||
4.500%, 02/01/45 144A | 2,175 | 2,275,807 | ||||||
CMS Energy Corp. | 895 | 1,000,443 | ||||||
8.750%, 06/15/19 | 415 | 519,556 | ||||||
Dominion Resources, Inc./VA | 4,160 | 4,172,147 | ||||||
3.625%, 12/01/24 | 2,150 | 2,177,866 | ||||||
Otter Tail Corp. | 890 | 1,007,925 | ||||||
|
| |||||||
16,364,521 | ||||||||
|
| |||||||
Electronics — 0.0% | ||||||||
Amphenol Corp. | 920 | 917,439 | ||||||
|
| |||||||
Entertainment — 0.0% | ||||||||
Cedar Fair LP | 1,425 | 1,432,125 | ||||||
|
| |||||||
Food — 0.1% | ||||||||
B&G Foods, Inc. | 1,525 | 1,488,552 | ||||||
|
| |||||||
Healthcare Products — 0.7% | ||||||||
Becton Dickinson and Co. | 2,590 | 2,599,552 | ||||||
2.675%, 12/15/19 | 2,175 | 2,203,603 | ||||||
3.734%, 12/15/24 | 2,160 | 2,223,882 | ||||||
4.685%, 12/15/44 | 610 | 656,946 | ||||||
Medtronic, Inc. | 1,905 | 1,895,896 | ||||||
2.500%, 03/15/20 144A | 2,845 | 2,852,463 | ||||||
3.500%, 03/15/25 144A | 3,685 | 3,769,645 | ||||||
4.625%, 03/15/45 144A | 5,660 | 6,135,383 | ||||||
|
| |||||||
22,337,370 | ||||||||
|
|
88
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Healthcare Services — 1.2% | ||||||||
DaVita HealthCare Partners, Inc. | $ | 4,275 | $ | 4,488,750 | ||||
5.750%, 08/15/22 | 7,290 | 7,727,400 | ||||||
5.125%, 07/15/24 | 14,110 | 14,392,200 | ||||||
Fresenius Medical Care U.S. Finance II, Inc. | 2,500 | 2,668,750 | ||||||
5.875%, 01/31/22 144A @ | 1,900 | 2,061,500 | ||||||
Roche Holdings, Inc. | 3,055 | 3,144,227 | ||||||
UnitedHealth Group, Inc. 1.400%, 12/15/17 | 1,545 | 1,543,624 | ||||||
|
| |||||||
36,026,451 | ||||||||
|
| |||||||
Internet — 0.3% | ||||||||
Amazon.com, Inc. | 4,155 | 4,197,219 | ||||||
3.800%, 12/05/24 | 2,065 | 2,115,634 | ||||||
Priceline Group, Inc./The | 2,323 | 2,590,145 | ||||||
|
| |||||||
8,902,998 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.1% | ||||||||
Caterpillar Financial Services Corp. | 1,155 | 1,156,265 | ||||||
3.250%, 12/01/24 | 1,370 | 1,388,102 | ||||||
|
| |||||||
2,544,367 | ||||||||
|
| |||||||
Machinery — Diversified — 0.3% | ||||||||
CNH Industrial Capital LLC | 1,500 | 1,507,500 | ||||||
6.250%, 11/01/16 | 2,650 | 2,775,875 | ||||||
3.625%, 04/15/18 | 3,150 | 3,102,750 | ||||||
Xylem, Inc. | 1,300 | 1,350,951 | ||||||
4.875%, 10/01/21 | 415 | 448,341 | ||||||
|
| |||||||
9,185,417 | ||||||||
|
| |||||||
Media — 2.1% | ||||||||
CCO Holdings LLC | 850 | 884,425 | ||||||
8.125%, 04/30/20 | 725 | 763,062 | ||||||
7.375%, 06/01/20 | 1,925 | 2,040,500 | ||||||
Unitymedia Hessen GmbH & Co. KG | 7,975 | 8,373,750 | ||||||
7.500%, 03/15/19 144A @ | 860 | 1,094,031 | ||||||
5.500%, 01/15/23 144A @ | 4,100 | 4,284,500 | ||||||
Unitymedia KabelBW GmbH | 3,300 | 3,407,250 | ||||||
Univision Communications, Inc. | 18,775 | 19,549,469 | ||||||
7.875%, 11/01/20 144A @ | 13,000 | 13,845,000 | ||||||
6.750%, 09/15/22 144A @ | 7,944 | 8,500,080 | ||||||
5.125%, 05/15/23 144A @ | 2,700 | 2,727,000 | ||||||
|
| |||||||
65,469,067 | ||||||||
|
|
Par (000) | Value† | |||||||
Miscellaneous Manufacturing — 0.0% | ||||||||
Actuant Corp. | $ | 125 | $ | 129,688 | ||||
|
| |||||||
Oil & Gas — 4.3% | ||||||||
Antero Resources Corp. | 2,300 | 2,167,750 | ||||||
Antero Resources Finance Corp. | 3,950 | 3,940,125 | ||||||
5.375%, 11/01/21 | 4,875 | 4,716,562 | ||||||
Canadian Natural Resources Ltd. | 1,000 | 994,117 | ||||||
3.900%, 02/01/25 | 2,145 | 2,114,468 | ||||||
Chesapeake Energy Corp. | 3,175 | 3,167,062 | ||||||
3.481%, 04/15/19 | 2,225 | 2,180,500 | ||||||
Concho Resources, Inc. | 9,775 | 10,239,312 | ||||||
6.500%, 01/15/22 | 4,200 | 4,389,000 | ||||||
5.500%, 10/01/22 | 2,425 | 2,449,250 | ||||||
5.500%, 04/01/23 | 6,450 | 6,480,315 | ||||||
EQT Corp. | 1,620 | 1,823,051 | ||||||
8.125%, 06/01/19 | 1,754 | 2,114,577 | ||||||
4.875%, 11/15/21 | 8,005 | 8,647,858 | ||||||
Laredo Petroleum, Inc. | 9,100 | 9,054,500 | ||||||
5.625%, 01/15/22 | 2,225 | 1,946,875 | ||||||
7.375%, 05/01/22 | 500 | 467,500 | ||||||
Noble Energy, Inc. | 835 | 825,271 | ||||||
Range Resources Corp. | 7,400 | 7,696,000 | ||||||
5.750%, 06/01/21 | 12,150 | 12,544,875 | ||||||
5.000%, 08/15/22 | 16,975 | 16,975,000 | ||||||
5.000%, 03/15/23 | 21,375 | 21,375,000 | ||||||
SM Energy Co. | ||||||||
6.500%, 11/15/21 | 3,425 | 3,322,250 | ||||||
6.500%, 01/01/23 | 1,200 | 1,152,000 | ||||||
WPX Energy, Inc. | 2,300 | 2,323,000 | ||||||
|
| |||||||
133,106,218 | ||||||||
|
| |||||||
Packaging and Containers — 0.1% | ||||||||
Rexam PLC | 1,700 | 2,057,090 | ||||||
|
| |||||||
Pharmaceuticals — 0.3% | ||||||||
Johnson & Johnson | 1,360 | 1,355,940 | ||||||
3.375%, 12/05/23 | 6,450 | 6,901,648 | ||||||
Novartis Capital Corp. | 875 | 910,247 | ||||||
Omnicare, Inc. | 1,125 | 1,153,125 | ||||||
|
| |||||||
10,320,960 | ||||||||
|
|
89
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Pipelines — 2.0% | ||||||||
Energy Transfer Partners LP | $ | 1,925 | $ | 1,973,472 | ||||
4.900%, 02/01/24 | 2,465 | 2,583,000 | ||||||
MarkWest Energy Partners LP | 4,575 | 4,758,000 | ||||||
6.500%, 08/15/21 | 5,650 | 5,819,500 | ||||||
6.250%, 06/15/22 | 7,900 | 8,176,500 | ||||||
5.500%, 02/15/23 | 11,910 | 12,058,875 | ||||||
4.500%, 07/15/23 | 16,225 | 15,616,562 | ||||||
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. | 3,175 | 3,103,562 | ||||||
ONEOK Partners LP | 830 | 825,366 | ||||||
Targa Resources Partners LP | 1,300 | 1,329,250 | ||||||
5.250%, 05/01/23 | 2,775 | 2,677,875 | ||||||
4.250%, 11/15/23 | 3,325 | 3,025,750 | ||||||
|
| |||||||
61,947,712 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
CBRE Services, Inc. | 900 | 919,710 | ||||||
|
| |||||||
Real Estate Investment Trusts — 0.2% | ||||||||
American Tower Corp. | 200 | 201,786 | ||||||
3.500%, 01/31/23 | 925 | 893,742 | ||||||
5.000%, 02/15/24 | 1,535 | 1,627,817 | ||||||
Host Hotels & Resorts LP | 1,800 | 1,890,657 | ||||||
|
| |||||||
4,614,002 | ||||||||
|
| |||||||
Retail — 1.2% | ||||||||
AmeriGas Finance LLC | 600 | 619,500 | ||||||
6.750%, 05/20/20 | 675 | 695,250 | ||||||
7.000%, 05/20/22 | 1,525 | 1,578,375 | ||||||
Group 1 Automotive, Inc. | 675 | 659,813 | ||||||
L Brands, Inc. | 1,400 | 1,540,000 | ||||||
8.500%, 06/15/19 | 900 | 1,066,500 | ||||||
7.000%, 05/01/20 | 900 | 1,021,500 | ||||||
6.625%, 04/01/21 | 1,925 | 2,165,625 | ||||||
5.625%, 02/15/22 | 1,625 | 1,746,875 | ||||||
5.625%, 10/15/23 | 5,775 | 6,237,000 | ||||||
Penske Automotive Group, Inc. | 1,325 | 1,341,562 | ||||||
Rite Aid Corp. | 13,100 | 14,000,625 | ||||||
Suburban Propane Partners LP | 2,350 | 2,438,125 | ||||||
7.375%, 08/01/21 | 750 | 785,625 | ||||||
|
| |||||||
35,896,375 | ||||||||
|
|
Par (000) | Value† | |||||||
Semiconductors — 0.6% | ||||||||
NXP BV | $ | 5,725 | $ | 5,725,000 | ||||
5.750%, 02/15/21 144A @ | 5,075 | 5,328,750 | ||||||
5.750%, 03/15/23 144A @ | 7,300 | 7,683,250 | ||||||
|
| |||||||
18,737,000 | ||||||||
|
| |||||||
Telecommunications — 3.8% | ||||||||
Crown Castle International Corp. | 4,875 | 4,923,750 | ||||||
5.250%, 01/15/23 | 3,865 | 3,942,300 | ||||||
Intelsat Jackson Holdings SA | 7,525 | 7,854,219 | ||||||
7.250%, 10/15/20 | 19,505 | 20,602,156 | ||||||
7.500%, 04/01/21 | 5,850 | 6,259,500 | ||||||
5.500%, 08/01/23 | 5,815 | 5,779,529 | ||||||
Matterhorn Mobile SA | 250 | 251,458 | ||||||
6.750%, 05/15/19 144A @ | 4,255 | 4,494,242 | ||||||
SBA Communications Corp. | 950 | 971,375 | ||||||
SBA Telecommunications, Inc. | 875 | 890,575 | ||||||
Sprint Communications, Inc. | 3,240 | 3,685,176 | ||||||
Telesat Canada | 2,595 | 2,646,900 | ||||||
UPCB Finance III Ltd. | 22,045 | 23,147,250 | ||||||
UPCB Finance V Ltd. | 13,530 | 14,798,438 | ||||||
UPCB Finance VI Ltd. | 11,900 | 12,941,250 | ||||||
Verizon Communications, Inc. | 4,450 | 4,450,449 | ||||||
|
| |||||||
117,638,567 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $655,260,027) | 662,092,306 | |||||||
|
| |||||||
LOAN AGREEMENTS — 6.0%‡ | ||||||||
Beverages — 0.4% | ||||||||
De Master Blenders | 9,200 | 8,993,000 | ||||||
3.500%, 07/23/21 | 2,250 | 2,708,026 | ||||||
|
| |||||||
11,701,026 | ||||||||
|
| |||||||
Commercial Services — 0.3% | ||||||||
Kronos, Inc. | 4,426 | 4,383,790 | ||||||
9.750%, 04/30/20 | 3,772 | 3,828,623 | ||||||
|
| |||||||
8,212,413 | ||||||||
|
| |||||||
Diversified Financial Services — 0.1% | ||||||||
Hilton Worldwide Finance LLC | 4,605 | 4,545,763 | ||||||
|
|
90
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Par (000) | Value† | |||||||
LOAN AGREEMENTS‡ — (continued) | ||||||||
Electric — 0.0% | ||||||||
Texas Competitive Electric Holdings Co. LLC | $ | 1,016 | $ | 1,018,381 | ||||
|
| |||||||
Entertainment — 0.1% | ||||||||
Kasima LLC | 707 | 690,719 | ||||||
Peninsula Gaming LLC | 3,381 | 3,349,170 | ||||||
|
| |||||||
4,039,889 | ||||||||
|
| |||||||
Food — 1.4% | ||||||||
H.J. Heinz Co. | 36,055 | 35,791,518 | ||||||
Pinnacle Foods Finance LLC | 4,246 | 4,112,036 | ||||||
3.000%, 04/29/20• | 3,802 | 3,678,314 | ||||||
|
| |||||||
43,581,868 | ||||||||
|
| |||||||
Healthcare Services — 0.3% | ||||||||
Davita Healthcare Partners, Inc. | 8,520 | 8,415,182 | ||||||
HCA, Inc. | 1,136 | 1,125,688 | ||||||
|
| |||||||
9,540,870 | ||||||||
|
| |||||||
Holding Companies — 1.3% | ||||||||
Intelsat Jackson Holdings | 39,646 | 39,002,092 | ||||||
|
| |||||||
Media — 0.4% | ||||||||
Cequel Communications LLC | 4,291 | 4,218,004 | ||||||
Charter Communications Operating LLC | 2,093 | 2,049,965 | ||||||
3.000%, 01/03/21• | 1,461 | 1,430,107 | ||||||
4.250%, 09/10/21• | 3,275 | 3,293,438 | ||||||
|
| |||||||
10,991,514 | ||||||||
|
| |||||||
Retail — 0.2% | ||||||||
Rite Aid Corp. | 744 | 739,723 | ||||||
Wendy’s International, Inc. | 5,516 | 5,461,998 | ||||||
|
| |||||||
6,201,721 | ||||||||
|
| |||||||
Telecommunications — 1.5% | ||||||||
Crown Castle Operating Co. | 18,082 | 17,765,996 | ||||||
First Data Corp.• | 1,000 | 979,380 | ||||||
3.667%, 09/24/18 | 250 | 244,125 | ||||||
Telesat Canada | 701 | 600,571 | ||||||
4.43%, 03/28/19•,^ | 3,684 | 3,068,199 | ||||||
3.500%, 03/28/19• | 5,433 | 5,347,654 |
Par (000) | Value† | |||||||
Telecommunications — (continued) | ||||||||
UPC Financing Partnership | $ | 19,925 | $ | 19,401,969 | ||||
|
| |||||||
47,407,894 | ||||||||
|
| |||||||
TOTAL LOAN AGREEMENTS (Cost $189,560,635) | 186,243,431 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 8.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 14,530,227 | 14,530,227 | ||||||
T. Rowe Price Reserve Investment Fund | 248,832,362 | 248,832,362 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $263,362,589) | 263,362,589 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.1% (Cost $2,628,327,639) | $ | 3,108,345,933 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.1%) | (34,157,753 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 3,074,188,180 | ||||||
|
| |||||||
Number of Contracts | Value† | |||||||
WRITTEN OPTIONS | ||||||||
Call Options | ||||||||
Allergan, $170.00, 01/17/15 | (440 | ) | (1,843,600 | ) | ||||
American Tower, $110.00, 01/15/16 | (464 | ) | (157,760 | ) | ||||
American Tower, $105.00, 01/15/16 | (464 | ) | (259,840 | ) | ||||
Apache, $100.00, 01/17/15 | (280 | ) | (280 | ) | ||||
Apache, $105.00, 01/17/15 | (140 | ) | (140 | ) | ||||
Apache, $90.00, 01/17/15 | (163 | ) | (326 | ) | ||||
Apache, $92.50, 01/17/15 | (326 | ) | (1,304 | ) | ||||
Apache, $95.00, 01/17/15 | (440 | ) | (880 | ) | ||||
Apache, $97.50, 01/17/15 | (140 | ) | (420 | ) | ||||
Autozone, $570.00, 01/17/15 | (6 | ) | (29,220 | ) | ||||
Autozone, $600.00, 01/17/15 | (6 | ) | (13,920 | ) | ||||
Boeing, $155.00, 01/17/15 | (203 | ) | (812 | ) | ||||
Boeing, $135.00, 01/17/15 | (107 | ) | (4,387 | ) | ||||
Boeing, $140.00, 01/17/15 | (107 | ) | (642 | ) | ||||
Boeing, $140.00, 01/15/16 | (243 | ) | (150,174 | ) | ||||
Boeing, $145.00, 01/17/15 | (204 | ) | (204 | ) | ||||
Boeing, $150.00, 01/17/15 | (203 | ) | (203 | ) | ||||
Cisco, $25.00, 01/15/16 | (2,144 | ) | (793,280 | ) | ||||
Crown Castle International, $90.00, 01/15/16 | (368 | ) | (9,200 | ) | ||||
Crown Castle International, $80.00, 01/17/15 | (1,295 | ) | (116,550 | ) | ||||
CVS, $77.50, 01/17/15 | (95 | ) | (191,900 | ) | ||||
CVS, $80.00, 01/17/15 | (95 | ) | (161,500 | ) | ||||
CVS, $90.00, 01/15/16 | (546 | ) | (584,220 | ) | ||||
CVS, $95.00, 01/15/16 | (545 | ) | (416,925 | ) | ||||
Danaher Corp., $80.00, 01/17/15 | (91 | ) | (60,060 | ) | ||||
Danaher Corp., $85.00, 01/17/15 | (91 | ) | (21,385 | ) | ||||
Danaher Corp., $90.00, 01/17/15 | (310 | ) | (1,550 | ) | ||||
Delphi, $70.00, 01/17/15 | (53 | ) | (17,490 | ) | ||||
Delphi, $75.00, 01/17/15 | (53 | ) | (2,650 | ) |
91
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Number of Contracts | Value† | |||||||
WRITTEN OPTIONS — (continued) | ||||||||
Call Options — (continued) | ||||||||
Google, $1250.00, 01/17/15 | (87 | ) | $ | (4,785 | ) | |||
Google, $1260.00, 01/17/15 | (58 | ) | (8,700 | ) | ||||
Google, $1280.00, 01/17/15 | (6 | ) | (900 | ) | ||||
Google, $1330.00, 01/17/15 | (6 | ) | (870 | ) | ||||
Google, $700.00, 01/15/16 | (255 | ) | (186,150 | ) | ||||
Google, $700.00, 01/15/16 | (76 | ) | (53,200 | ) | ||||
JPM, $60.00, 01/17/15 | (105 | ) | (29,400 | ) | ||||
JPM, $65.00, 01/17/15 | (924 | ) | (22,176 | ) | ||||
JPM, $65.00, 01/17/15 | (115 | ) | (2,760 | ) | ||||
JPM, $67.50, 01/17/15 | (924 | ) | (3,696 | ) | ||||
JPM, $70.00, 01/15/16 | (1,500 | ) | (273,000 | ) | ||||
Lowe’s, $52.50, 01/17/15 | (69 | ) | (113,850 | ) | ||||
Lowe’s, $55.00, 01/17/15 | (834 | ) | (1,171,770 | ) | ||||
Lowe’s, $60.00, 01/15/16 | (1,364 | ) | (1,595,880 | ) | ||||
Lowe’s, $75.00, 01/15/16 | (480 | ) | (160,800 | ) | ||||
Modelez International, Inc, $45.00, 01/15/16 | (781 | ) | (41,393 | ) | ||||
Occidental Petroleum Corp., $95.00, 01/15/16 | (1,007 | ) | (251,750 | ) | ||||
Occidental Petroleum Corp., $97.50, 01/15/16 | (1,006 | ) | (100,600 | ) | ||||
Orly, $155.00, 01/17/15 | (23 | ) | (84,640 | ) | ||||
Orly, $165.00, 01/17/15 | (23 | ) | (62,330 | ) | ||||
Pepsico, $100.00, 01/15/16 | (794 | ) | (242,170 | ) | ||||
Pepsico, $105.00, 01/15/16 | (469 | ) | (79,730 | ) | ||||
Pepsico, $110.00, 01/15/16 | (774 | ) | (80,496 | ) | ||||
Pfizer, $30.00, 01/15/16 | (3,011 | ) | (782,860 | ) | ||||
Pfizer, $35.00, 01/17/15 | (472 | ) | (1,416 | ) | ||||
Pfizer, $32.00, 01/17/15 | (472 | ) | (7,552 | ) | ||||
Philip Morris, $85.00, 03/20/15 | (1,394 | ) | (146,370 | ) | ||||
Phillip Morris, $85.00, 01/17/15 | (851 | ) | (11,063 | ) | ||||
Phillip Morris, $87.50, 01/17/15 | (473 | ) | (1,892 | ) | ||||
Phillip Morris, $90.00, 01/17/15 | (324 | ) | (324 | ) | ||||
Phillip Morris, $92.50, 01/17/15 | (163 | ) | (326 | ) | ||||
Phillip Morris, $95.00, 01/17/15 | (219 | ) | (438 | ) | ||||
Phillip Morris, $97.50, 01/17/15 | (141 | ) | (564 | ) | ||||
State Street Corp., $85.00, 01/15/16 | (399 | ) | (161,595 | ) | ||||
TD Ameritrade $115.00, 01/15/16 | (291 | ) | (61,110 | ) | ||||
TD Ameritrade, $29.50, 01/17/15 | (5,180 | ) | (3,263,400 | ) | ||||
TD Ameritrade, $30.00, 02/20/15 | (3,094 | ) | (1,763,580 | ) | ||||
TD Ameritrade, $33.00, 01/17/15 | (2,687 | ) | (738,925 | ) | ||||
Texas Instrument, $45.00, 01/17/15 | (2,511 | ) | (2,084,130 | ) | ||||
Texas Instrument, $50.00, 01/17/15 | (306 | ) | (123,318 | ) | ||||
Texas Instrument, $50.00, 01/17/15 | (1,035 | ) | (417,105 | ) | ||||
Thermo Fisher Scientific, $135.00, 01/17/15 | (55 | ) | (1,265 | ) | ||||
Thermo Fisher Scientific, $140.00, 01/17/15 | (55 | ) | (825 | ) | ||||
Thermo Fisher Scientifiic, $150.00, 01/15/16 | (215 | ) | (107,500 | ) | ||||
United Healthcare, $100.00, 01/15/16 | (431 | ) | (407,295 | ) | ||||
United Healthcare, $105.00, 01/15/16 | (430 | ) | (324,650 | ) | ||||
United Healthcare, $90.00, 01/15/16 | (569 | ) | (1,004,285 | ) | ||||
United Healthcare, $95.00, 01/15/16 | (569 | ) | (770,995 | ) | ||||
United Technologies Corp., $120.00, 01/17/15 | (322 | ) | (8,694 | ) |
Number of Contracts | Value† | |||||||
Call Options — (continued) | ||||||||
United Technologies, $120.00, 01/15/16 | (693 | ) | $ | (434,511 | ) | |||
Visa, $280.00, 01/15/16 | (177 | ) | (261,960 | ) | ||||
Visa, $300.00, 01/15/16 | (176 | ) | (146,960 | ) | ||||
Walmart, $80.00, 01/15/16 | (515 | ) | (466,075 | ) | ||||
Walmart, $82.50, 01/15/16 | (516 | ) | (371,520 | ) | ||||
|
| |||||||
TOTAL WRITTEN OPTIONS (Premiums $(13,029,989)) | (23,284,371 | ) | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
@ | Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid. |
• | Variable Rate Security. |
^ | Illiquid security. The total market value of illiquid securities at December 31, 2014 is $4,312,319. |
‡ | 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 Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2014. 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. |
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014†† | ||||
United States | 87 | % | ||
Switzerland | 3 | |||
Canada | 2 | |||
Cayman Islands | 2 | |||
Ireland | 2 | |||
Germany | 1 | |||
Luxembourg | 1 | |||
Other | 2 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2014
92
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Flexibly Managed Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Aerospace & Defense | $ | 35,263,870 | $ | 35,263,870 | $ | — | $ | — | ||||||||
Agriculture | 29,036,925 | 29,036,925 | — | — | ||||||||||||
Auto Parts & Equipment | 62,317,458 | 62,317,458 | — | — | ||||||||||||
Banks | 156,639,976 | 150,756,668 | 5,883,308 | — | ||||||||||||
Beverages | 23,507,616 | 23,507,616 | — | — | ||||||||||||
Chemicals | 19,100,529 | 19,100,529 | — | — | ||||||||||||
Commercial Services | 53,633,580 | 53,633,580 | — | — | ||||||||||||
Diversified Financial Services | 93,415,742 | 93,415,742 | — | — | ||||||||||||
Diversified Operations | 50,472,558 | 50,472,558 | — | — | ||||||||||||
Electric | 79,247,527 | 79,247,527 | — | — | ||||||||||||
Electrical Components & Equipment | 32,972,695 | 32,972,695 | — | — | ||||||||||||
Electronics | 99,068,981 | 99,068,981 | — | — | ||||||||||||
Engineering & Construction | 8,517,444 | 8,517,444 | — | — | ||||||||||||
Food | 22,721,131 | 22,721,131 | — | — | ||||||||||||
Healthcare Products | 71,306,182 | 71,306,182 | — | — | ||||||||||||
Healthcare Services | 74,130,906 | 74,130,906 | — | — | ||||||||||||
Insurance | 86,134,752 | 86,134,752 | — | — | ||||||||||||
Internet | 41,948,142 | 41,948,142 | — | — | ||||||||||||
Machinery — Diversified | 41,753,732 | 41,753,732 | — | — | ||||||||||||
Media | 50,016,991 | 50,016,991 | — | — | ||||||||||||
Miscellaneous Manufacturing | 142,002,442 | 142,002,442 | — | — | ||||||||||||
Oil & Gas | 84,482,743 | 84,482,743 | — | — | ||||||||||||
Pharmaceuticals | 253,605,156 | 253,605,156 | — | — | ||||||||||||
Retail | 141,947,121 | 141,947,121 | — | — | ||||||||||||
Semiconductors | 30,368,120 | 30,368,120 | — | — | ||||||||||||
Software | 112,692,162 | 112,692,162 | — | — | ||||||||||||
Telecommunications | 37,254,362 | 37,254,362 | — | — | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS | 20,916,364 | 20,916,364 | — | — | ||||||||||||
TOTAL PREFERRED STOCKS | 21,952,166 | 21,952,166 | — | — | ||||||||||||
AGENCY OBLIGATION | 6,657,867 | — | 6,657,867 | — | ||||||||||||
ASSET BACKED SECURITIES | 13,562,367 | — | 13,562,367 | — | ||||||||||||
CORPORATE BONDS | 662,092,306 | — | 662,092,306 | — | ||||||||||||
LOAN AGREEMENTS | 186,243,431 | — | 186,243,431 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 263,362,589 | 263,362,589 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 3,108,345,933 | $ | 2,233,906,654 | $ | 874,439,279 | $ | — | ||||||||
|
LIABILITIES TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
WRITTEN OPTIONS | $ | (23,284,371 | ) | $ | (1,004,889 | ) | $ | (22,279,482 | ) | $ | — | |||||
| ||||||||||||||||
Total Liabilities | $ | (23,284,371 | ) | $ | (1,004,889 | ) | $ | (22,279,482 | ) | $ | — | |||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Balanced Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 59.8% | ||||||||
Penn Series Index 500 Fund* | 3,059,242 | $ | 48,886,682 | |||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 39.8% | ||||||||
Penn Series Quality Bond Fund* | 2,432,173 | 32,591,121 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 247,645 | 247,645 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $48,878,785) | $ | 81,725,448 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.1% | 68,197 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 81,793,645 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 48,886,682 | $ | 48,886,682 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 32,591,121 | 32,591,121 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 247,645 | 247,645 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 81,725,448 | $ | 81,725,448 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
94
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Growth Stock Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 96.7% | ||||||||
Aerospace & Defense — 2.0% | ||||||||
The Boeing Co. | 32,400 | $ | 4,211,352 | |||||
United Technologies Corp. | 11,400 | 1,311,000 | ||||||
|
| |||||||
5,522,352 | ||||||||
|
| |||||||
Airlines — 3.1% | ||||||||
American Airlines Group, Inc. | 113,100 | 6,065,553 | ||||||
United Continental Holdings, Inc.* | 41,200 | 2,755,868 | ||||||
|
| |||||||
8,821,421 | ||||||||
|
| |||||||
Apparel — 2.1% | ||||||||
Hanesbrands, Inc. | 20,300 | 2,265,886 | ||||||
Michael Kors Holdings Ltd.* | 13,000 | 976,300 | ||||||
NIKE, Inc., Class B | 16,100 | 1,548,015 | ||||||
Under Armour, Inc., Class A* | 15,700 | 1,066,030 | ||||||
|
| |||||||
5,856,231 | ||||||||
|
| |||||||
Auto Manufacturers — 0.9% | ||||||||
Tesla Motors, Inc.* | 11,200 | 2,490,992 | ||||||
|
| |||||||
Auto Parts & Equipment — 0.8% | ||||||||
Delphi Automotive PLC | 30,800 | 2,239,776 | ||||||
|
| |||||||
Banks — 1.7% | ||||||||
Morgan Stanley | 73,600 | 2,855,680 | ||||||
State Street Corp. | 22,800 | 1,789,800 | ||||||
|
| |||||||
4,645,480 | ||||||||
|
| |||||||
Biotechnology — 9.0% | ||||||||
Alexion Pharmaceuticals, Inc.* | 20,900 | 3,867,127 | ||||||
Biogen Idec, Inc.* | 17,000 | 5,770,650 | ||||||
Celgene Corp.* | 35,200 | 3,937,472 | ||||||
Gilead Sciences, Inc.* | 63,800 | 6,013,788 | ||||||
Incyte Corp.* | 18,900 | 1,381,779 | ||||||
Regeneron Pharmaceuticals, Inc.* | 5,500 | 2,256,375 | ||||||
Vertex Pharmaceuticals, Inc.* | 17,100 | 2,031,480 | ||||||
|
| |||||||
25,258,671 | ||||||||
|
| |||||||
Building Materials — 0.3% | ||||||||
Martin Marietta Materials, Inc. | 7,000 | 772,240 | ||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
Ashland, Inc. | 11,100 | 1,329,336 | ||||||
Ecolab, Inc. | 4,200 | 438,984 | ||||||
The Sherwin-Williams Co. | 11,900 | 3,130,176 | ||||||
|
| |||||||
4,898,496 | ||||||||
|
| |||||||
Commercial Services — 3.0% | ||||||||
MasterCard, Inc., Class A | 72,700 | 6,263,832 | ||||||
Mobileye NV* | 16,500 | 669,240 | ||||||
Tyco International PLC | 36,200 | 1,587,732 | ||||||
|
| |||||||
8,520,804 | ||||||||
|
| |||||||
Computers — 2.3% | ||||||||
Apple, Inc. | 51,400 | 5,673,532 | ||||||
Stratasys Ltd.* | 9,600 | 797,856 | ||||||
|
| |||||||
6,471,388 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.4% | ||||||||
The Estee Lauder Cos., Inc., Class A | 14,300 | 1,089,660 | ||||||
|
|
Number of Shares | Value† | |||||||
Diversified Financial Services — 5.1% | ||||||||
BlackRock, Inc. | 3,800 | $ | 1,358,728 | |||||
IntercontinentalExchange Group, Inc. | 9,200 | 2,017,468 | ||||||
Invesco Ltd. | 3,400 | 134,368 | ||||||
TD Ameritrade Holding Corp. | 45,000 | 1,610,100 | ||||||
Visa, Inc., Class A | 35,400 | 9,281,880 | ||||||
|
| |||||||
14,402,544 | ||||||||
|
| |||||||
Healthcare Products — 1.3% | ||||||||
Intuitive Surgical, Inc.* | 7,100 | 3,755,474 | ||||||
|
| |||||||
Healthcare Services — 1.4% | ||||||||
Humana, Inc. | 12,600 | 1,809,738 | ||||||
UnitedHealth Group, Inc. | 22,100 | 2,234,089 | ||||||
|
| |||||||
4,043,827 | ||||||||
|
| |||||||
Internet — 21.9% | ||||||||
Alibaba Group Holding Ltd. ADR* | 39,537 | 4,109,476 | ||||||
Amazon.com, Inc.* | 31,600 | 9,807,060 | ||||||
Baidu, Inc. ADR* | 22,600 | 5,152,122 | ||||||
Ctrip.com International Ltd. ADR* | 36,000 | 1,638,000 | ||||||
Facebook, Inc., Class A* | 80,300 | 6,265,006 | ||||||
Google, Inc., Class A* | 14,100 | 7,482,306 | ||||||
Google, Inc., Class C* | 14,400 | 7,580,160 | ||||||
LinkedIn Corp., Class A* | 10,000 | 2,297,100 | ||||||
NAVER Corp.* | 1,377 | 881,879 | ||||||
Netflix, Inc.* | 6,900 | 2,357,109 | ||||||
Pandora Media, Inc.* | 25,300 | 451,099 | ||||||
Tencent Holdings Ltd. | 125,500 | 1,815,851 | ||||||
The Priceline Group, Inc.* | 7,450 | 8,494,564 | ||||||
Twitter, Inc.* | 27,200 | 975,664 | ||||||
Vipshop Holdings Ltd. ADR* | 107,300 | 2,096,642 | ||||||
|
| |||||||
61,404,038 | ||||||||
|
| |||||||
Lodging — 4.2% | ||||||||
Las Vegas Sands Corp. | 40,400 | 2,349,664 | ||||||
MGM Resorts International* | 131,890 | 2,819,808 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 15,200 | 1,232,264 | ||||||
Wynn Macau Ltd. | 481,600 | 1,343,593 | ||||||
Wynn Resorts Ltd. | 26,200 | 3,897,512 | ||||||
|
| |||||||
11,642,841 | ||||||||
|
| |||||||
Machinery — Diversified — 2.1% | ||||||||
Flowserve Corp. | 13,200 | 789,756 | ||||||
Roper Industries, Inc. | 19,000 | 2,970,650 | ||||||
Wabtec Corp. | 24,500 | 2,128,805 | ||||||
|
| |||||||
5,889,211 | ||||||||
|
| |||||||
Media — 1.6% | ||||||||
The Walt Disney Co. | 37,900 | 3,569,801 | ||||||
Twenty-First Century Fox, Inc., Class A | 25,400 | 975,487 | ||||||
|
| |||||||
4,545,288 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 1.7% | ||||||||
Precision Castparts Corp. | 20,300 | 4,889,864 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.1% | ||||||||
Danaher Corp. | 67,000 | 5,742,570 | ||||||
|
|
95
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Growth Stock Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Oil & Gas — 2.2% | ||||||||
Continental Resources, Inc.* | 18,400 | $ | 705,824 | |||||
EOG Resources, Inc. | 6,500 | 598,455 | ||||||
EQT Corp. | 21,100 | 1,597,270 | ||||||
Pioneer Natural Resources Co. | 12,600 | 1,875,510 | ||||||
Range Resources Corp. | 26,597 | 1,421,610 | ||||||
|
| |||||||
6,198,669 | ||||||||
|
| |||||||
Pharmaceuticals — 6.5% | ||||||||
Actavis PLC* | 12,600 | 3,243,366 | ||||||
Allergan, Inc. | 15,400 | 3,273,886 | ||||||
McKesson Corp. | 29,100 | 6,040,578 | ||||||
Pharmacyclics, Inc.* | 11,600 | 1,418,216 | ||||||
Valeant Pharmaceuticals International, Inc.* | 29,000 | 4,150,190 | ||||||
|
| |||||||
18,126,236 | ||||||||
|
| |||||||
Retail — 10.4% | ||||||||
AutoZone, Inc.* | 5,500 | 3,405,105 | ||||||
CarMax, Inc.* | 41,600 | 2,769,728 | ||||||
Chipotle Mexican Grill, Inc.* | 2,600 | 1,779,726 | ||||||
Costco Wholesale Corp. | 10,500 | 1,488,375 | ||||||
CVS Health Corp. | 32,200 | 3,101,182 | ||||||
Lowe’s Cos., Inc. | 62,200 | 4,279,360 | ||||||
Ross Stores, Inc. | 13,200 | 1,244,232 | ||||||
Starbucks Corp. | 37,900 | 3,109,695 | ||||||
The Home Depot, Inc. | 29,900 | 3,138,603 | ||||||
Tractor Supply Co. | 38,900 | 3,066,098 | ||||||
Walgreens Boots Alliance, Inc. | 21,900 | 1,668,780 | ||||||
|
| |||||||
29,050,884 | ||||||||
|
| |||||||
Semiconductors — 0.6% | ||||||||
ASML Holding N.V. | 14,600 | 1,574,318 | ||||||
|
| |||||||
Software — 4.1% | ||||||||
Fiserv, Inc.* | 17,000 | 1,206,490 | ||||||
NetSuite, Inc.* | 13,900 | 1,517,463 | ||||||
Red Hat, Inc.* | 26,800 | 1,852,952 | ||||||
Salesforce.com, Inc.* | 62,300 | 3,695,013 | ||||||
ServiceNow, Inc.* | 19,600 | 1,329,860 | ||||||
VMware, Inc., Class A* | 16,000 | 1,320,320 | ||||||
Workday, Inc., Class A* | 8,300 | 677,363 | ||||||
|
| |||||||
11,599,461 | ||||||||
|
| |||||||
Telecommunications — 2.3% | ||||||||
Crown Castle International Corp. | 55,600 | 4,375,720 | ||||||
Palo Alto Networks, Inc.* | 4,500 | 551,565 | ||||||
SoftBank Corp. | 27,400 | 1,630,938 | ||||||
|
| |||||||
6,558,223 | ||||||||
|
| |||||||
Transportation — 1.9% | ||||||||
FedEx Corp. | 11,300 | 1,962,358 | ||||||
J.B. Hunt Transport Services, Inc. | 17,700 | 1,491,225 | ||||||
Kansas City Southern | 15,900 | 1,940,277 | ||||||
|
| |||||||
5,393,860 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $184,498,534) | 271,404,819 | |||||||
|
|
Number of Shares | Value† | |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Internet — 0.3% | ||||||||
Dropbox. Inc.*^~ | 24,940 | $ | 476,384 | |||||
Flipkart Ltd. Series G*^~ | 2,888 | 345,867 | ||||||
Livingsocial, Series F, CONV*^~ | 15,066 | 3,917 | ||||||
|
| |||||||
826,168 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Airbnb, Inc. Series D*^~ | 9,999 | 407,090 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $1,345,198) | 1,233,258 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.5% | ||||||||
Diversified — 1.5% | ||||||||
American Tower Corp. | 42,900 | 4,240,665 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 4,140,610 | 4,140,610 | ||||||
T. Rowe Price Reserve Investment Fund | 1,008 | 1,008 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,141,618) | 4,141,618 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $192,025,428) | $ | 281,020,360 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.1%) | | (338,586 | ) | |||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 280,681,774 | ||||||
|
|
^ | Illiquid security. The total market value of illiquid securities at December 31, 2014 is $1,233,258. |
† | See Security Valuation Note. |
* | Non-income producing security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2014 is $1,233,258. |
ADR — American Depository Receipt.
CONV — Convertible Security.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014† | ||||
United States | 89 | % | ||
China | 5 | |||
Canada | 1 | |||
Ireland | 1 | |||
Japan | 1 | |||
Netherlands | 1 | |||
United Kingdom | 1 | |||
Other | 1 | |||
| ||||
Total | 100 | % | ||
|
†% of total investments as of December 31, 2014
96
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Aerospace & Defense | $ | 5,522,352 | $ | 5,522,352 | $ | — | $ | — | ||||||||
Airlines | 8,821,421 | 8,821,421 | — | — | ||||||||||||
Apparel | 5,856,231 | 5,856,231 | — | — | ||||||||||||
Auto Manufacturers | 2,490,992 | 2,490,992 | — | — | ||||||||||||
Auto Parts & Equipment | 2,239,776 | 2,239,776 | — | — | ||||||||||||
Banks | 4,645,480 | 4,645,480 | — | — | ||||||||||||
Biotechnology | 25,258,671 | 25,258,671 | — | — | ||||||||||||
Building Materials | 772,240 | 772,240 | — | — | ||||||||||||
Chemicals | 4,898,496 | 4,898,496 | — | — | ||||||||||||
Commercial Services | 8,520,804 | 8,520,804 | — | — | ||||||||||||
Computers | 6,471,388 | 6,471,388 | — | — | ||||||||||||
Cosmetics & Personal Care | 1,089,660 | 1,089,660 | — | — | ||||||||||||
Diversified Financial Services | 14,402,544 | 14,402,544 | — | — | ||||||||||||
Healthcare Products | 3,755,474 | 3,755,474 | — | — | ||||||||||||
Healthcare Services | 4,043,827 | 4,043,827 | — | — | ||||||||||||
Internet | 61,404,038 | 58,706,308 | 2,697,730 | — | ||||||||||||
Lodging | 11,642,841 | 10,299,248 | 1,343,593 | — | ||||||||||||
Machinery — Diversified | 5,889,211 | 5,889,211 | — | — | ||||||||||||
Media | 4,545,288 | 4,545,288 | — | — | ||||||||||||
Metal Fabricate/Hardware | 4,889,864 | 4,889,864 | — | — | ||||||||||||
Miscellaneous Manufacturing | 5,742,570 | 5,742,570 | — | — | ||||||||||||
Oil & Gas | 6,198,669 | 6,198,669 | — | — | ||||||||||||
Pharmaceuticals | 18,126,236 | 18,126,236 | — | — | ||||||||||||
Retail | 29,050,884 | 29,050,884 | — | — | ||||||||||||
Semiconductors | 1,574,318 | 1,574,318 | — | — | ||||||||||||
Software | 11,599,461 | 11,599,461 | — | — | ||||||||||||
Telecommunications | 6,558,223 | 4,927,285 | 1,630,938 | — | ||||||||||||
Transportation | 5,393,860 | 5,393,860 | — | — | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS | ||||||||||||||||
Diversified | 4,240,665 | 4,240,665 | — | — | ||||||||||||
PREFERRED STOCKS | 1,233,258 | — | — | 1,233,258 | ||||||||||||
SHORT-TERM INVESTMENTS | 4,141,618 | 4,141,618 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 281,020,360 | $ | 274,114,841 | $ | 5,672,261 | $ | 1,233,258 | ||||||||
|
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Investments in Securities (Market Value) | ||||
Balance as of 12/31/2013 | $ | 9,491 | ||
Purchases | 1,229,341 | |||
Change in Unrealized Appreciation/(Depreciation) included in earnings related to securities still held as of the reporting date | (5,574 | ) | ||
|
| |||
Balance as of 12/31/2014 | $ | 1,233,258 | ||
|
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$4,168,784 was transferred from Level 1 into Level 2 at 12/31/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
97
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 99.5% | ||||||||
Advertising — 0.4% | ||||||||
Omnicom Group, Inc. | 2,872 | $ | 222,494 | |||||
|
| |||||||
Aerospace & Defense — 3.1% | ||||||||
United Technologies Corp. | 15,800 | 1,817,000 | ||||||
|
| |||||||
Apparel — 5.5% | ||||||||
Burberry Group PLC | 15,904 | 403,513 | ||||||
Hermes International | 368 | 131,039 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 7,539 | 1,194,193 | ||||||
NIKE, Inc., Class B | 7,235 | 695,645 | ||||||
VF Corp. | 9,632 | 721,437 | ||||||
|
| |||||||
3,145,827 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.9% | ||||||||
Johnson Controls, Inc. | 10,600 | 512,404 | ||||||
|
| |||||||
Beverages — 2.7% | ||||||||
AMBEV S.A. ADR | 63,811 | 396,904 | ||||||
PepsiCo, Inc. | 3,133 | 296,257 | ||||||
Pernod Ricard S.A. | 7,559 | 840,092 | ||||||
|
| |||||||
1,533,253 | ||||||||
|
| |||||||
Chemicals — 4.4% | ||||||||
Monsanto Co. | 7,790 | 930,671 | ||||||
Praxair, Inc. | 7,073 | 916,378 | ||||||
The Sherwin-Williams Co. | 2,726 | 717,047 | ||||||
|
| |||||||
2,564,096 | ||||||||
|
| |||||||
Commercial Services — 2.6% | ||||||||
Equifax, Inc. | 9,417 | 761,553 | ||||||
MasterCard, Inc., Class A | 8,674 | 747,352 | ||||||
|
| |||||||
1,508,905 | ||||||||
|
| |||||||
Computers — 8.7% | ||||||||
Accenture PLC, Class A | 26,791 | 2,392,704 | ||||||
Apple, Inc. | 4,665 | 514,923 | ||||||
Cognizant Technology Solutions Corp., Class A* | 13,211 | 695,691 | ||||||
EMC Corp. | 47,827 | 1,422,375 | ||||||
|
| |||||||
5,025,693 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 5.8% | ||||||||
Colgate-Palmolive Co. | 29,355 | 2,031,072 | ||||||
L’Oreal S.A. | 2,743 | 459,102 | ||||||
The Procter & Gamble Co. | 9,153 | 833,747 | ||||||
|
| |||||||
3,323,921 | ||||||||
|
| |||||||
Distribution & Wholesale — 2.0% | ||||||||
W.W. Grainger, Inc. | 4,417 | 1,125,849 | ||||||
|
| |||||||
Diversified Financial Services — 8.0% | ||||||||
CME Group, Inc. | 9,332 | 827,282 | ||||||
Franklin Resources, Inc. | 21,393 | 1,184,531 | ||||||
The Charles Schwab Corp. | 9,465 | 285,748 | ||||||
Visa, Inc., Class A | 8,837 | 2,317,061 | ||||||
|
| |||||||
4,614,622 | ||||||||
|
| |||||||
Electronics — 6.4% | ||||||||
Amphenol Corp., Class A | 8,493 | 457,008 |
Number of Shares | Value† | |||||||
Electronics — (continued) | ||||||||
Mettler-Toledo International, Inc.* | 3,480 | $ | 1,052,561 | |||||
Thermo Fisher Scientific, Inc. | 11,039 | 1,383,076 | ||||||
Waters Corp.* | 6,880 | 775,514 | ||||||
|
| |||||||
3,668,159 | ||||||||
|
| |||||||
Food — 1.6% | ||||||||
Danone S.A. | 14,435 | 943,735 | ||||||
|
| |||||||
Healthcare Products — 3.2% | ||||||||
DENTSPLY International, Inc. | 23,639 | 1,259,249 | ||||||
Patterson Cos., Inc. | 5,859 | 281,818 | ||||||
St. Jude Medical, Inc. | 4,621 | 300,504 | ||||||
|
| |||||||
1,841,571 | ||||||||
|
| |||||||
Household Products & Wares — 0.7% | ||||||||
Church & Dwight Co., Inc. | 4,861 | 383,095 | ||||||
|
| |||||||
Internet — 4.9% | ||||||||
eBay, Inc.* | 7,336 | 411,696 | ||||||
Google, Inc., Class A* | 4,595 | 2,438,383 | ||||||
|
| |||||||
2,850,079 | ||||||||
|
| |||||||
Media — 8.0% | ||||||||
Discovery Communications, Inc., Class A* | 20,673 | 712,185 | ||||||
The Walt Disney Co. | 10,367 | 976,468 | ||||||
Time Warner, Inc. | 15,460 | 1,320,593 | ||||||
Twenty-First Century Fox, Inc., Class A | 35,904 | 1,378,893 | ||||||
Viacom, Inc., Class B | 3,059 | 230,190 | ||||||
|
| |||||||
4,618,329 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.9% | ||||||||
Precision Castparts Corp. | 2,220 | 534,754 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 4.3% | ||||||||
Colfax Corp.* | 11,209 | 578,048 | ||||||
Danaher Corp. | 22,493 | 1,927,875 | ||||||
|
| |||||||
2,505,923 | ||||||||
|
| |||||||
Oil & Gas — 0.4% | ||||||||
Occidental Petroleum Corp. | 2,925 | 235,784 | ||||||
|
| |||||||
Oil & Gas Services — 2.8% | ||||||||
Schlumberger Ltd. | 18,836 | 1,608,783 | ||||||
|
| |||||||
Pharmaceuticals — 8.7% | ||||||||
Abbott Laboratories | 19,056 | 857,901 | ||||||
Allergan, Inc. | 1,627 | 345,884 | ||||||
Express Scripts Holding Co.* | 15,947 | 1,350,232 | ||||||
Johnson & Johnson | 3,866 | 404,268 | ||||||
Mead Johnson Nutrition Co. | 9,224 | 927,381 | ||||||
Zoetis, Inc. | 25,962 | 1,117,145 | ||||||
|
| |||||||
5,002,811 | ||||||||
|
| |||||||
Retail — 5.2% | ||||||||
AutoZone, Inc.* | 1,430 | 885,327 | ||||||
CVS Health Corp. | 17,044 | 1,641,508 | ||||||
McDonald’s Corp. | 5,195 | 486,771 | ||||||
|
| |||||||
3,013,606 | ||||||||
|
|
98
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Semiconductors — 3.7% | ||||||||
Microchip Technology, Inc. | 14,835 | $ | 669,207 | |||||
Sensata Technologies Holding N.V.* | 14,498 | 759,840 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 31,878 | 713,430 | ||||||
|
| |||||||
2,142,477 | ||||||||
|
| |||||||
Software — 4.0% | ||||||||
Fidelity National Information Services, Inc. | 9,505 | 591,211 | ||||||
Oracle Corp. | 37,871 | 1,703,059 | ||||||
|
| |||||||
2,294,270 | ||||||||
|
| |||||||
Transportation — 0.6% | ||||||||
Expeditors International of Washington, Inc. | 7,712 | 344,032 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $46,812,369) | 57,381,472 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.9% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 507,677 | 507,677 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.4% (Cost $47,320,046) | $ | 57,889,149 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.4%) | (226,041 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 57,663,108 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR | — American Depository Receipt. |
PLC | — Public Limited Company. |
Country Weightings as of 12/31/2014†† | ||||
United States | 83 | % | ||
France | 9 | |||
Ireland | 4 | |||
Brazil | 1 | |||
Netherlands | 1 | |||
Taiwan | 1 | |||
United Kingdom | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 57,381,472 | $ | 53,409,798 | $ | 3,971,674 | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 507,677 | 507,677 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 57,889,149 | $ | 53,917,475 | $ | 3,971,674 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$3,229,808 was transferred from Level 1 into Level 2 at 12/31/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
99
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Core Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 99.1% | ||||||||
Airlines — 1.5% | ||||||||
Delta Air Lines, Inc. | 37,220 | $ | 1,830,852 | |||||
|
| |||||||
Apparel — 3.8% | ||||||||
NIKE, Inc., Class B | 26,740 | 2,571,051 | ||||||
Under Armour, Inc., Class A* | 33,000 | 2,240,700 | ||||||
|
| |||||||
4,811,751 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.1% | ||||||||
Delphi Automotive PLC | 19,960 | 1,451,491 | ||||||
|
| |||||||
Banks — 1.0% | ||||||||
ICICI Bank Ltd. | 104,354 | 1,205,289 | ||||||
|
| |||||||
Beverages — 1.7% | ||||||||
Constellation Brands, Inc., Class A* | 21,980 | 2,157,777 | ||||||
|
| |||||||
Biotechnology — 9.4% | ||||||||
Biogen Idec, Inc.* | 6,780 | 2,301,471 | ||||||
Celgene Corp.* | 23,960 | 2,680,166 | ||||||
Gilead Sciences, Inc.* | 33,327 | 3,141,403 | ||||||
Regeneron Pharmaceuticals, Inc.* | 4,510 | 1,850,227 | ||||||
Vertex Pharmaceuticals, Inc.* | 15,960 | 1,896,048 | ||||||
|
| |||||||
11,869,315 | ||||||||
|
| |||||||
Chemicals — 1.6% | ||||||||
Monsanto Co. | 16,990 | 2,029,795 | ||||||
|
| |||||||
Commercial Services — 4.0% | ||||||||
Alliance Data Systems Corp.* | 5,870 | 1,679,113 | ||||||
McGraw Hill Financial, Inc. | 25,890 | 2,303,692 | ||||||
United Rentals, Inc.* | 10,390 | 1,059,884 | ||||||
|
| |||||||
5,042,689 | ||||||||
|
| |||||||
Computers — 7.8% | ||||||||
Apple, Inc. | 69,145 | 7,632,225 | ||||||
Western Digital Corp. | 19,370 | 2,144,259 | ||||||
|
| |||||||
9,776,484 | ||||||||
|
| |||||||
Diversified Financial Services — 9.1% | ||||||||
Affiliated Managers Group, Inc.* | 11,047 | 2,344,615 | ||||||
American Express Co. | 21,310 | 1,982,682 | ||||||
IntercontinentalExchange Group, Inc. | 13,050 | 2,861,735 | ||||||
Raymond James Financial, Inc. | 22,350 | 1,280,432 | ||||||
Visa, Inc., Class A | 11,650 | 3,054,630 | ||||||
|
| |||||||
11,524,094 | ||||||||
|
| |||||||
Electronics — 1.7% | ||||||||
TE Connectivity Ltd. | 33,760 | 2,135,320 | ||||||
|
| |||||||
Internet — 10.3% | ||||||||
Alibaba Group Holding Ltd. ADR* | 14,945 | 1,553,383 | ||||||
Amazon.com, Inc.* | 6,594 | 2,046,448 | ||||||
Facebook, Inc., Class A* | 63,390 | 4,945,688 | ||||||
Google, Inc., Class A* | 1,710 | 907,428 | ||||||
Google, Inc., Class C* | 4,900 | 2,579,360 | ||||||
LinkedIn Corp., Class A* | 4,180 | 960,188 | ||||||
|
| |||||||
12,992,495 | ||||||||
|
| |||||||
Leisure Time — 1.8% | ||||||||
Polaris Industries, Inc. | 14,920 | 2,256,501 | ||||||
|
|
Number of Shares | Value† | |||||||
Lodging — 0.9% | ||||||||
Las Vegas Sands Corp. | 19,360 | $ | 1,125,978 | |||||
|
| |||||||
Machinery — Diversified — 2.4% | ||||||||
Cummins, Inc. | 10,865 | 1,566,407 | ||||||
Wabtec Corp. | 16,080 | 1,397,191 | ||||||
|
| |||||||
2,963,598 | ||||||||
|
| |||||||
Media — 9.5% | ||||||||
Comcast Corp., Class A | 61,240 | 3,552,532 | ||||||
Liberty Global PLC, Series C* | 62,779 | 3,032,854 | ||||||
Time Warner, Inc. | 32,270 | 2,756,503 | ||||||
Twenty-First Century Fox, Inc., Class A | 67,380 | 2,587,729 | ||||||
|
| |||||||
11,929,618 | ||||||||
|
| |||||||
Oil & Gas — 2.7% | ||||||||
Antero Resources Corp.* | 16,568 | 672,329 | ||||||
Cheniere Energy, Inc.* | 12,500 | 880,000 | ||||||
Pioneer Natural Resources Co. | 12,470 | 1,856,160 | ||||||
|
| |||||||
3,408,489 | ||||||||
|
| |||||||
Oil & Gas Services — 1.9% | ||||||||
Halliburton Co. | 46,890 | 1,844,184 | ||||||
Nabors Industries Ltd. | 40,980 | 531,920 | ||||||
|
| |||||||
2,376,104 | ||||||||
|
| |||||||
Pharmaceuticals — 8.5% | ||||||||
AbbVie, Inc. | 43,050 | 2,817,192 | ||||||
Bristol-Myers Squibb Co. | 25,200 | 1,487,556 | ||||||
Cardinal Health, Inc. | 12,760 | 1,030,115 | ||||||
Eli Lilly & Co. | 17,540 | 1,210,085 | ||||||
McKesson Corp. | 11,800 | 2,449,444 | ||||||
Perrigo Co. PLC | 10,460 | 1,748,493 | ||||||
|
| |||||||
10,742,885 | ||||||||
|
| |||||||
Retail — 3.5% | ||||||||
Chipotle Mexican Grill, Inc.* | 2,740 | 1,875,558 | ||||||
The TJX Cos., Inc. | 37,790 | 2,591,638 | ||||||
|
| |||||||
4,467,196 | ||||||||
|
| |||||||
Semiconductors — 4.1% | ||||||||
Applied Materials, Inc. | 85,460 | 2,129,663 | ||||||
Micron Technology, Inc.* | 86,960 | 3,044,470 | ||||||
|
| |||||||
5,174,133 | ||||||||
|
| |||||||
Software — 3.7% | ||||||||
Salesforce.com, Inc.* | 29,330 | 1,739,562 | ||||||
ServiceNow, Inc.* | 22,750 | 1,543,588 | ||||||
Workday, Inc., Class A* | 16,680 | 1,361,255 | ||||||
|
| |||||||
4,644,405 | ||||||||
|
| |||||||
Telecommunications — 3.3% | ||||||||
Palo Alto Networks, Inc.* | 14,933 | 1,830,338 | ||||||
SBA Communications Corp., Class A* | 21,040 | 2,330,390 | ||||||
|
| |||||||
4,160,728 | ||||||||
|
| |||||||
Transportation — 3.8% | ||||||||
Canadian Pacific Railway Ltd. | 9,750 | 1,878,728 | ||||||
Old Dominion Freight Line, Inc.* | 20,410 | 1,584,632 |
100
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Core Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (Continued) | ||||||||
Transportation — (Continued) | ||||||||
Union Pacific Corp. | 10,780 | $ | 1,284,221 | |||||
|
| |||||||
4,747,581 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $94,145,453) | 124,824,568 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.2% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,571,725 | 1,571,725 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.3% (Cost $95,717,178) | $ | 126,396,293 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.3%) | (416,052 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 125,980,241 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014†† | ||||
United States | 93 | % | ||
Canada | 2 | |||
Switzerland | 2 | |||
China | 1 | |||
India | 1 | |||
United Kingdom | 1 | |||
| ||||
Total | 100 | % | ||
|
†† % of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
TOTAL COMMON STOCKS | $ | 124,824,568 | $ | 124,824,568 | $ | — | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 1,571,725 | 1,571,725 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 126,396,293 | $ | 126,396,293 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
101
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 97.2% | ||||||||
Advertising — 1.5% | ||||||||
Omnicom Group, Inc. | 43,833 | $ | 3,395,742 | |||||
|
| |||||||
Aerospace & Defense — 1.7% | ||||||||
Northrop Grumman Corp. | 26,264 | 3,871,051 | ||||||
|
| |||||||
Agriculture — 1.2% | ||||||||
Philip Morris International, Inc. | 33,750 | 2,748,937 | ||||||
|
| |||||||
Auto Manufacturers — 1.2% | ||||||||
General Motors Co. | 80,991 | 2,827,396 | ||||||
|
| |||||||
Banks — 13.8% | ||||||||
Bank of America Corp. | 280,274 | 5,014,102 | ||||||
Citigroup, Inc. | 83,293 | 4,506,984 | ||||||
Fifth Third Bancorp | 179,413 | 3,655,540 | ||||||
JPMorgan Chase & Co. | 99,022 | 6,196,797 | ||||||
State Street Corp. | 51,717 | 4,059,784 | ||||||
The PNC Financial Services Group, Inc. | 38,443 | 3,507,155 | ||||||
Wells Fargo & Co. | 84,510 | 4,632,838 | ||||||
|
| |||||||
31,573,200 | ||||||||
|
| |||||||
Beverages — 1.2% | ||||||||
PepsiCo, Inc. | 29,626 | 2,801,435 | ||||||
|
| |||||||
Building Materials — 1.2% | ||||||||
Vulcan Materials Co. | 43,124 | 2,834,541 | ||||||
|
| |||||||
Chemicals — 1.5% | ||||||||
E.I. du Pont de Nemours & Co. | 46,736 | 3,455,660 | ||||||
|
| |||||||
Computers — 2.5% | ||||||||
Apple, Inc. | 21,015 | 2,319,636 | ||||||
EMC Corp. | 113,068 | 3,362,642 | ||||||
|
| |||||||
5,682,278 | ||||||||
|
| |||||||
Diversified Financial Services — 5.6% | ||||||||
Ameriprise Financial, Inc. | 26,683 | 3,528,827 | ||||||
Discover Financial Services | 55,822 | 3,655,783 | ||||||
FNF Group | 90,540 | 3,119,103 | ||||||
Legg Mason, Inc. | 47,387 | 2,529,044 | ||||||
|
| |||||||
12,832,757 | ||||||||
|
| |||||||
Diversified Operations — 1.3% | ||||||||
Eaton Corp. PLC | 44,783 | 3,043,453 | ||||||
|
| |||||||
Electric — 3.2% | ||||||||
Calpine Corp.* | 102,178 | 2,261,199 | ||||||
NextEra Energy, Inc. | 24,988 | 2,655,975 | ||||||
PG&E Corp. | 45,187 | 2,405,756 | ||||||
|
| |||||||
7,322,930 | ||||||||
|
| |||||||
Electronics — 1.4% | ||||||||
Honeywell International, Inc. | 32,013 | 3,198,739 | ||||||
|
| |||||||
Food — 1.3% | ||||||||
Mondelez International, Inc., Class A | 81,024 | 2,943,197 | ||||||
|
| |||||||
Healthcare Products — 1.6% | ||||||||
Covidien PLC | 35,688 | 3,650,169 | ||||||
|
|
Number of Shares | Value† | |||||||
Healthcare Services — 3.1% | ||||||||
HCA Holdings, Inc.* | 31,642 | $ | 2,322,206 | |||||
UnitedHealth Group, Inc. | 48,190 | 4,871,527 | ||||||
|
| |||||||
7,193,733 | ||||||||
|
| |||||||
Insurance — 5.7% | ||||||||
American International Group, Inc. | 65,871 | 3,689,435 | ||||||
MetLife, Inc. | 64,824 | 3,506,330 | ||||||
The Travelers Cos., Inc. | 24,349 | 2,577,342 | ||||||
Unum Group | 91,704 | 3,198,635 | ||||||
|
| |||||||
12,971,742 | ||||||||
|
| |||||||
Internet — 4.1% | ||||||||
AOL, Inc.* | 52,238 | 2,411,828 | ||||||
Liberty Interactive Corp., Class A* | 106,594 | 3,135,996 | ||||||
Symantec Corp. | 145,925 | 3,743,706 | ||||||
|
| |||||||
9,291,530 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.6% | ||||||||
Terex Corp. | 51,862 | 1,445,913 | ||||||
|
| |||||||
Machinery — Diversified — 0.9% | ||||||||
Deere & Co. | 22,590 | 1,998,537 | ||||||
|
| |||||||
Media — 3.9% | ||||||||
Comcast Corp., Class A | 63,363 | 3,675,687 | ||||||
Liberty Global PLC, Class A* | 48,868 | 2,453,418 | ||||||
Viacom, Inc., Class B | 37,659 | 2,833,840 | ||||||
|
| |||||||
8,962,945 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 2.6% | ||||||||
Illinois Tool Works, Inc. | 38,852 | 3,679,285 | ||||||
Ingersoll-Rand PLC | 36,442 | 2,310,058 | ||||||
|
| |||||||
5,989,343 | ||||||||
|
| |||||||
Oil & Gas — 7.5% | ||||||||
Chevron Corp. | 39,615 | 4,444,011 | ||||||
Cobalt International Energy, Inc.* | 79,137 | 703,528 | ||||||
Hess Corp. | 28,590 | 2,110,514 | ||||||
Marathon Oil Corp. | 97,893 | 2,769,393 | ||||||
Noble Energy, Inc. | 49,257 | 2,336,260 | ||||||
Royal Dutch Shell PLC ADR, Class A | 41,530 | 2,780,433 | ||||||
Valero Energy Corp. | 42,059 | 2,081,920 | ||||||
|
| |||||||
17,226,059 | ||||||||
|
| |||||||
Oil & Gas Services — 2.0% | ||||||||
National Oilwell Varco, Inc. | 39,843 | 2,610,912 | ||||||
Schlumberger Ltd. | 22,133 | 1,890,379 | ||||||
|
| |||||||
4,501,291 | ||||||||
|
| |||||||
Packaging and Containers — 1.6% | ||||||||
Sealed Air Corp. | 84,846 | 3,600,016 | ||||||
|
| |||||||
Pharmaceuticals — 11.3% | ||||||||
Actavis PLC* | 8,953 | 2,304,592 | ||||||
Bristol-Myers Squibb Co. | 39,296 | 2,319,643 | ||||||
Eli Lilly & Co. | 57,507 | 3,967,408 | ||||||
Express Scripts Holding Co.* | 28,072 | 2,376,856 | ||||||
Merck & Co., Inc. | 59,193 | 3,361,570 | ||||||
Pfizer, Inc. | 163,983 | 5,108,070 |
102
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Pharmaceuticals — (continued) | ||||||||
Sanofi ADR | 78,534 | $ | 3,581,936 | |||||
Teva Pharmaceutical Industries Ltd. ADR | 50,643 | 2,912,479 | ||||||
|
| |||||||
25,932,554 | ||||||||
|
| |||||||
Retail — 4.3% | ||||||||
AutoNation, Inc.* | 31,568 | 1,907,023 | ||||||
CVS Health Corp. | 29,587 | 2,849,524 | ||||||
Family Dollar Stores, Inc. | 27,102 | 2,146,749 | ||||||
Lowe’s Cos., Inc. | 43,710 | 3,007,248 | ||||||
|
| |||||||
9,910,544 | ||||||||
|
| |||||||
Software — 1.9% | ||||||||
Microsoft Corp. | 93,723 | 4,353,433 | ||||||
|
| |||||||
Telecommunications — 6.1% | ||||||||
Cisco Systems, Inc. | 106,640 | 2,966,191 | ||||||
Knowles Corp.* | 106,994 | 2,519,709 | ||||||
Motorola Solutions, Inc. | 44,659 | 2,995,726 | ||||||
Verizon Communications, Inc. | 61,940 | 2,897,553 | ||||||
Vodafone Group PLC — ADR | 73,837 | 2,523,010 | ||||||
|
| |||||||
13,902,189 | ||||||||
|
| |||||||
Transportation — 1.4% | ||||||||
Norfolk Southern Corp. | 30,015 | 3,289,944 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $180,229,388) | 222,751,258 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.3% | ||||||||
Diversified — 1.3% | ||||||||
Weyerhaeuser Co. | 79,839 | 2,865,422 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.0% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 4,537,387 | 4,537,387 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.5% (Cost $187,150,263) | $ | 230,154,067 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.5%) | (1,073,908 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 229,080,159 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014 †† | ||||
United States | 89 | % | ||
Ireland | 5 | |||
France | 3 | |||
Israel | 1 | |||
Netherlands | 1 | |||
United Kingdom | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 222,751,258 | $ | 222,751,258 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 2,865,422 | 2,865,422 | ||||||||||||||
SHORT-TERM INVESTMENTS | 4,537,387 | 4,537,387 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 230,154,067 | $ | 230,154,067 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
103
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Core Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 93.7% | ||||||||
Aerospace & Defense — 1.1% | ||||||||
United Technologies Corp. | 18,338 | $ | 2,108,870 | |||||
|
| |||||||
Agriculture — 3.5% | ||||||||
Altria Group, Inc. | 70,113 | 3,454,468 | ||||||
Reynolds American, Inc. | 51,404 | 3,303,735 | ||||||
|
| |||||||
6,758,203 | ||||||||
|
| |||||||
Banks — 13.8% | ||||||||
Bank of America Corp. | 317,313 | 5,676,730 | ||||||
Citigroup, Inc. | 104,188 | 5,637,613 | ||||||
JPMorgan Chase & Co. | 101,719 | 6,365,575 | ||||||
KeyCorp. | 192,576 | 2,676,806 | ||||||
The PNC Financial Services Group, Inc. | 36,157 | 3,298,603 | ||||||
Wells Fargo & Co. | 54,005 | 2,960,554 | ||||||
|
| |||||||
26,615,881 | ||||||||
|
| |||||||
Chemicals — 2.8% | ||||||||
Monsanto Co. | 20,984 | 2,506,959 | ||||||
Syngenta AG ADR | 46,076 | 2,959,922 | ||||||
|
| |||||||
5,466,881 | ||||||||
|
| |||||||
Diversified Financial Services — 3.4% | ||||||||
Affiliated Managers Group, Inc.* | 19,139 | 4,062,061 | ||||||
Discover Financial Services | 37,361 | 2,446,772 | ||||||
|
| |||||||
6,508,833 | ||||||||
|
| |||||||
Electric — 4.6% | ||||||||
NextEra Energy, Inc. | 49,861 | 5,299,726 | ||||||
PG&E Corp. | 67,454 | 3,591,251 | ||||||
|
| |||||||
8,890,977 | ||||||||
|
| |||||||
Electronics — 2.8% | ||||||||
Honeywell International, Inc. | 18,617 | 1,860,211 | ||||||
Thermo Fisher Scientific, Inc. | 28,142 | 3,525,911 | ||||||
|
| |||||||
5,386,122 | ||||||||
|
| |||||||
Food — 2.3% | ||||||||
The Kroger Co. | 68,111 | 4,373,407 | ||||||
|
| |||||||
Forest Products & Paper — 1.1% | ||||||||
International Paper Co. | 41,056 | 2,199,780 | ||||||
|
| |||||||
Gas — 1.9% | ||||||||
Sempra Energy | 31,971 | 3,560,290 | ||||||
|
| |||||||
Healthcare Products — 2.7% | ||||||||
Covidien PLC | 28,118 | 2,875,909 | ||||||
Stryker Corp. | 24,838 | 2,342,969 | ||||||
|
| |||||||
5,218,878 | ||||||||
|
| |||||||
Insurance — 5.6% | ||||||||
ACE Ltd. | 37,077 | 4,259,406 | ||||||
Aflac, Inc. | 56,643 | 3,460,321 | ||||||
XL Group PLC | 91,711 | 3,152,107 | ||||||
|
| |||||||
10,871,834 | ||||||||
|
| |||||||
Internet — 2.3% | ||||||||
Google, Inc., Class C* | 8,498 | 4,473,347 | ||||||
|
|
Number of Shares | Value† | |||||||
Machinery — Construction & Mining — 1.7% | ||||||||
Caterpillar, Inc. | 36,415 | $ | 3,333,065 | |||||
|
| |||||||
Media — 2.2% | ||||||||
CBS Corp., Class B | 45,253 | 2,504,301 | ||||||
The Walt Disney Co. | 18,080 | 1,702,955 | ||||||
|
| |||||||
4,207,256 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 2.2% | ||||||||
General Electric Co. | 130,532 | 3,298,543 | ||||||
Trinity Industries, Inc. | 30,377 | 850,860 | ||||||
|
| |||||||
4,149,403 | ||||||||
|
| |||||||
Oil & Gas — 11.3% | ||||||||
Anadarko Petroleum Corp. | 23,518 | 1,940,235 | ||||||
California Resources Corp.* | 0 | 1 | ||||||
Chevron Corp. | 33,225 | 3,727,181 | ||||||
Devon Energy Corp. | 29,613 | 1,812,612 | ||||||
Exxon Mobil Corp. | 91,487 | 8,457,973 | ||||||
Occidental Petroleum Corp. | 46,430 | 3,742,722 | ||||||
Phillips 66 | 30,014 | 2,152,004 | ||||||
|
| |||||||
21,832,728 | ||||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Halliburton Co. | 24,327 | 956,781 | ||||||
|
| |||||||
Pharmaceuticals — 9.6% | ||||||||
Eli Lilly & Co. | 79,589 | 5,490,845 | ||||||
Merck & Co., Inc. | 110,187 | 6,257,519 | ||||||
Roche Holding Ltd. AG ADR | 128,703 | 4,374,615 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 41,825 | 2,405,356 | ||||||
|
| |||||||
18,528,335 | ||||||||
|
| |||||||
Retail — 5.0% | ||||||||
CVS Health Corp. | 38,850 | 3,741,643 | ||||||
The Home Depot, Inc. | 35,738 | 3,751,418 | ||||||
The TJX Cos., Inc. | 29,646 | 2,033,123 | ||||||
|
| |||||||
9,526,184 | ||||||||
|
| |||||||
Semiconductors — 2.3% | ||||||||
QUALCOMM, Inc. | 59,352 | 4,411,634 | ||||||
|
| |||||||
Software — 4.6% | ||||||||
Microsoft Corp. | 108,753 | 5,051,577 | ||||||
Oracle Corp. | 82,539 | 3,711,779 | ||||||
|
| |||||||
8,763,356 | ||||||||
|
| |||||||
Telecommunications — 3.8% | ||||||||
Telefonaktiebolaget LM Ericsson ADR | 155,514 | 1,881,719 | ||||||
Verizon Communications, Inc. | 115,287 | 5,393,126 | ||||||
|
| |||||||
7,274,845 | ||||||||
|
| |||||||
Transportation — 2.6% | ||||||||
C.H. Robinson Worldwide, Inc. | 45,714 | 3,423,522 | ||||||
CSX Corp. | 45,931 | 1,664,080 | ||||||
|
| |||||||
5,087,602 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $148,998,311) | 180,504,492 | |||||||
|
|
104
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Large Core Value Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.1% | ||||||||
Apartments — 1.8% | ||||||||
Equity Residential | 47,741 | $ | 3,429,714 | |||||
|
| |||||||
Regional Malls — 1.7% | ||||||||
Simon Property Group, Inc. | 17,681 | 3,219,887 | ||||||
|
| |||||||
Storage & Warehousing — 1.6% | ||||||||
Public Storage | 16,625 | 3,073,131 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,140,702) | 9,722,732 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.1% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,195,460 | 2,195,460 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $159,334,473) | $ | 192,422,684 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.1% | 272,808 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 192,695,492 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014†† | ||||
United States | 89 | % | ||
Switzerland | 6 | |||
Bermuda | 2 | |||
Ireland | 1 | |||
Israel | 1 | |||
Sweden | 1 | |||
| ||||
Total | 100 | % | ||
|
†† % of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 180,504,492 | $ | 180,504,492 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 9,722,732 | 9,722,732 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,195,460 | 2,195,460 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 192,422,684 | $ | 192,422,684 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
105
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 95.5% | ||||||||
Advertising — 0.1% | ||||||||
Omnicom Group, Inc. | 5,767 | $ | 446,770 | |||||
The Interpublic Group of Cos., Inc. | 10,134 | 210,483 | ||||||
|
| |||||||
657,253 | ||||||||
|
| |||||||
Aerospace & Defense — 1.9% | ||||||||
General Dynamics Corp. | 7,497 | 1,031,737 | ||||||
L-3 Communications Holdings, Inc. | 2,100 | 265,041 | ||||||
Lockheed Martin Corp. | 6,337 | 1,220,316 | ||||||
Northrop Grumman Corp. | 4,692 | 691,554 | ||||||
Raytheon Co. | 7,376 | 797,862 | ||||||
Rockwell Collins, Inc. | 3,245 | 274,138 | ||||||
The Boeing Co. | 15,621 | 2,030,417 | ||||||
United Technologies Corp. | 20,142 | 2,316,330 | ||||||
|
| |||||||
8,627,395 | ||||||||
|
| |||||||
Agriculture — 1.6% | ||||||||
Altria Group, Inc. | 46,678 | 2,299,825 | ||||||
Archer-Daniels-Midland Co. | 15,399 | 800,748 | ||||||
Lorillard, Inc. | 8,509 | 535,556 | ||||||
Philip Morris International, Inc. | 36,688 | 2,988,238 | ||||||
Reynolds American, Inc. | 7,202 | 462,873 | ||||||
|
| |||||||
7,087,240 | ||||||||
|
| |||||||
Airlines — 0.4% | ||||||||
Delta Air Lines, Inc. | 19,800 | 973,962 | ||||||
Southwest Airlines Co. | 15,917 | 673,607 | ||||||
|
| |||||||
1,647,569 | ||||||||
|
| |||||||
Apparel — 0.8% | ||||||||
Coach, Inc. | 6,277 | 235,764 | ||||||
Michael Kors Holdings Ltd.* | 4,900 | 367,990 | ||||||
NIKE, Inc., Class B | 16,446 | 1,581,283 | ||||||
Ralph Lauren Corp. | 1,428 | 264,408 | ||||||
Under Armour, Inc., Class A* | 3,900 | 264,810 | ||||||
VF Corp. | 8,132 | 609,087 | ||||||
|
| |||||||
3,323,342 | ||||||||
|
| |||||||
Auto Manufacturers — 0.7% | ||||||||
Ford Motor Co. | 91,567 | 1,419,289 | ||||||
General Motors Co. | 32,200 | 1,124,102 | ||||||
PACCAR, Inc. | 8,544 | 581,077 | ||||||
|
| |||||||
3,124,468 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.4% | ||||||||
BorgWarner, Inc. | 5,400 | 296,730 | ||||||
Delphi Automotive PLC | 7,200 | 523,584 | ||||||
Johnson Controls, Inc. | 15,711 | 759,470 | ||||||
The Goodyear Tire & Rubber Co. | 6,906 | 197,304 | ||||||
|
| |||||||
1,777,088 | ||||||||
|
| |||||||
Banks — 7.4% | ||||||||
Bank of America Corp. | 249,735 | 4,467,759 | ||||||
BB&T Corp. | 17,099 | 664,980 | ||||||
Capital One Financial Corp. | 13,241 | 1,093,045 | ||||||
Citigroup, Inc. | 71,881 | 3,889,481 | ||||||
Comerica, Inc. | 4,344 | 203,473 | ||||||
Fifth Third Bancorp | 19,446 | 396,212 |
Number of Shares | Value† | |||||||
Banks — (continued) | ||||||||
Huntington Bancshares, Inc. | 19,965 | $ | 210,032 | |||||
JPMorgan Chase & Co. | 88,464 | 5,536,077 | ||||||
KeyCorp. | 20,699 | 287,716 | ||||||
M&T Bank Corp. | 3,108 | 390,427 | ||||||
Morgan Stanley | 36,463 | 1,414,764 | ||||||
Northern Trust Corp. | 5,247 | 353,648 | ||||||
Regions Financial Corp. | 32,894 | 347,361 | ||||||
State Street Corp. | 9,947 | 780,839 | ||||||
SunTrust Banks, Inc. | 12,388 | 519,057 | ||||||
The Bank of New York Mellon Corp. | 26,680 | 1,082,408 | ||||||
The Goldman Sachs Group, Inc. | 9,643 | 1,869,103 | ||||||
The PNC Financial Services Group, Inc. | 12,583 | 1,147,947 | ||||||
U.S. Bancorp | 42,656 | 1,917,387 | ||||||
Wells Fargo & Co. | 111,737 | 6,125,422 | ||||||
Zions Bancorporation | 4,804 | 136,962 | ||||||
|
| |||||||
32,834,100 | ||||||||
|
| |||||||
Beverages — 2.2% | ||||||||
Brown-Forman Corp., Class B | 3,793 | 333,177 | ||||||
Coca-Cola Enterprises, Inc. | 5,428 | 240,026 | ||||||
Constellation Brands, Inc., Class A* | 3,923 | 385,121 | ||||||
Dr. Pepper Snapple Group, Inc. | 4,500 | 322,560 | ||||||
Keurig Green Mountain, Inc. | 2,900 | 383,946 | ||||||
Molson Coors Brewing Co., Class B | 3,938 | 293,460 | ||||||
Monster Beverage Corp.* | 3,500 | 379,225 | ||||||
PepsiCo, Inc. | 35,361 | 3,343,736 | ||||||
The Coca-Cola Co. | 93,270 | 3,937,859 | ||||||
|
| |||||||
9,619,110 | ||||||||
|
| |||||||
Biotechnology — 2.8% | ||||||||
Alexion Pharmaceuticals, Inc.* | 4,700 | 869,641 | ||||||
Amgen, Inc. | 17,945 | 2,858,459 | ||||||
Biogen Idec, Inc.* | 5,633 | 1,912,122 | ||||||
Celgene Corp.* | 18,856 | 2,109,232 | ||||||
Gilead Sciences, Inc.* | 35,698 | 3,364,894 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,700 | 697,425 | ||||||
Vertex Pharmaceuticals, Inc.* | 5,700 | 677,160 | ||||||
|
| |||||||
12,488,933 | ||||||||
|
| |||||||
Building Materials — 0.1% | ||||||||
Martin Marietta Materials, Inc. | 1,500 | 165,480 | ||||||
Masco Corp. | 8,277 | 208,580 | ||||||
Vulcan Materials Co. | 3,041 | 199,885 | ||||||
|
| |||||||
573,945 | ||||||||
|
| |||||||
Chemicals — 2.3% | ||||||||
Air Products & Chemicals, Inc. | 4,521 | 652,064 | ||||||
Airgas, Inc. | 1,600 | 184,288 | ||||||
CF Industries Holdings, Inc. | 1,200 | 327,048 | ||||||
E.I. du Pont de Nemours & Co. | 21,323 | 1,576,623 | ||||||
Eastman Chemical Co. | 3,682 | 279,317 | ||||||
Ecolab, Inc. | 6,333 | 661,925 | ||||||
FMC Corp. | 3,100 | 176,793 | ||||||
International Flavors & Fragrances, Inc. | 1,875 | 190,050 | ||||||
LyondellBasell Industries N.V., Class A | 9,900 | 785,961 | ||||||
Monsanto Co. | 11,537 | 1,378,325 |
106
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Chemicals — (continued) | ||||||||
PPG Industries, Inc. | 3,310 | $ | 765,106 | |||||
Praxair, Inc. | 6,926 | 897,333 | ||||||
Sigma-Aldrich Corp. | 2,722 | 373,649 | ||||||
The Dow Chemical Co. | 26,379 | 1,203,146 | ||||||
The Mosaic Co. | 7,600 | 346,940 | ||||||
The Sherwin-Williams Co. | 1,934 | 508,719 | ||||||
|
| |||||||
10,307,287 | ||||||||
|
| |||||||
Coal — 0.0% | ||||||||
CONSOL Energy, Inc. | 5,776 | 195,287 | ||||||
|
| |||||||
Commercial Services — 1.6% | ||||||||
Allegion PLC | 2,266 | 125,672 | ||||||
Alliance Data Systems Corp.* | 1,400 | 400,470 | ||||||
Automatic Data Processing, Inc. | 11,443 | 954,003 | ||||||
Cintas Corp. | 2,455 | 192,570 | ||||||
Equifax, Inc. | 2,834 | 229,186 | ||||||
H&R Block, Inc. | 6,666 | 224,511 | ||||||
Iron Mountain, Inc. | 4,697 | 181,586 | ||||||
MasterCard, Inc., Class A | 23,300 | 2,007,528 | ||||||
McGraw Hill Financial, Inc. | 6,486 | 577,124 | ||||||
Moody’s Corp. | 4,473 | 428,558 | ||||||
Paychex, Inc. | 7,775 | 358,972 | ||||||
Quanta Services, Inc.* | 4,900 | 139,111 | ||||||
Robert Half International, Inc. | 3,207 | 187,225 | ||||||
The ADT Corp. | 4,134 | 149,775 | ||||||
The Western Union Co. | 12,378 | 221,690 | ||||||
Total System Services, Inc. | 3,977 | 135,059 | ||||||
Tyco International PLC | 10,000 | 438,600 | ||||||
United Rentals, Inc.* | 2,300 | 234,623 | ||||||
|
| |||||||
7,186,263 | ||||||||
|
| |||||||
Computers — 6.0% | ||||||||
Accenture PLC, Class A | 15,000 | 1,339,650 | ||||||
Apple, Inc. | 138,882 | 15,329,795 | ||||||
Cognizant Technology Solutions Corp., Class A* | 14,504 | 763,781 | ||||||
Computer Sciences Corp. | 3,357 | 211,659 | ||||||
EMC Corp. | 48,248 | 1,434,896 | ||||||
Hewlett-Packard Co. | 43,983 | 1,765,038 | ||||||
International Business Machines Corp. | 21,758 | 3,490,853 | ||||||
NetApp, Inc. | 7,421 | 307,600 | ||||||
SanDisk Corp. | 5,297 | 519,000 | ||||||
Seagate Technology PLC | 7,700 | 512,050 | ||||||
Teradata Corp.* | 3,516 | 153,579 | ||||||
Western Digital Corp. | 5,100 | 564,570 | ||||||
|
| |||||||
26,392,471 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 1.7% | ||||||||
Avon Products, Inc. | 10,950 | 102,821 | ||||||
Colgate-Palmolive Co. | 20,270 | 1,402,481 | ||||||
The Estee Lauder Cos., Inc., Class A | 5,374 | 409,499 | ||||||
The Procter & Gamble Co. | 63,994 | 5,829,213 | ||||||
|
| |||||||
7,744,014 | ||||||||
|
|
Number of Shares | Value† | |||||||
Distribution & Wholesale — 0.3% | ||||||||
Fastenal Co. | 6,700 | $ | 318,652 | |||||
Fossil Group, Inc.* | 1,100 | 121,814 | ||||||
Genuine Parts Co. | 3,605 | 384,185 | ||||||
W.W. Grainger, Inc. | 1,472 | 375,198 | ||||||
|
| |||||||
1,199,849 | ||||||||
|
| |||||||
Diversified Financial Services — 2.7% | ||||||||
Affiliated Managers Group, Inc.* | 1,300 | 275,912 | ||||||
American Express Co. | 20,980 | 1,951,979 | ||||||
Ameriprise Financial, Inc. | 4,446 | 587,983 | ||||||
BlackRock, Inc. | 2,999 | 1,072,322 | ||||||
CME Group, Inc. | 7,560 | 670,194 | ||||||
Discover Financial Services | 10,578 | 692,753 | ||||||
E*TRADE Financial Corp.* | 6,481 | 157,197 | ||||||
Franklin Resources, Inc. | 9,156 | 506,968 | ||||||
IntercontinentalExchange Group, Inc. | 2,670 | 585,504 | ||||||
Invesco Ltd. | 10,367 | 409,704 | ||||||
Legg Mason, Inc. | 2,261 | 120,670 | ||||||
Navient Corp. | 9,734 | 210,352 | ||||||
T. Rowe Price Group, Inc. | 6,281 | 539,287 | ||||||
The Charles Schwab Corp. | 26,969 | 814,194 | ||||||
The NASDAQ OMX Group, Inc. | 2,800 | 134,288 | ||||||
Visa, Inc., Class A | 11,564 | 3,032,081 | ||||||
|
| |||||||
11,761,388 | ||||||||
|
| |||||||
Diversified Operations — 0.3% | ||||||||
Eaton Corp. PLC | 11,306 | 768,356 | ||||||
Leucadia National Corp. | 7,260 | 162,769 | ||||||
Pentair PLC | 4,519 | 300,152 | ||||||
|
| |||||||
1,231,277 | ||||||||
|
| |||||||
Electric — 2.9% | ||||||||
AES Corp. | 16,344 | 225,057 | ||||||
Ameren Corp. | 5,798 | 267,462 | ||||||
American Electric Power Co., Inc. | 11,757 | 713,885 | ||||||
CMS Energy Corp. | 6,707 | 233,068 | ||||||
Consolidated Edison, Inc. | 6,834 | 451,112 | ||||||
Dominion Resources, Inc. | 13,909 | 1,069,602 | ||||||
DTE Energy Co. | 4,092 | 353,426 | ||||||
Duke Energy Corp. | 16,859 | 1,408,401 | ||||||
Edison International | 7,674 | 502,494 | ||||||
Entergy Corp. | 4,147 | 362,780 | ||||||
Exelon Corp. | 20,310 | 753,095 | ||||||
FirstEnergy Corp. | 9,956 | 388,184 | ||||||
Integrys Energy Group, Inc. | 1,995 | 155,311 | ||||||
NextEra Energy, Inc. | 10,285 | 1,093,193 | ||||||
Northeast Utilities | 7,517 | 402,310 | ||||||
NRG Energy, Inc. | 7,800 | 210,210 | ||||||
Pepco Holdings, Inc. | 5,540 | 149,192 | ||||||
PG&E Corp. | 11,350 | 604,274 | ||||||
Pinnacle West Capital Corp. | 2,569 | 175,488 | ||||||
PPL Corp. | 15,998 | 581,207 | ||||||
Public Service Enterprise Group, Inc. | 11,749 | 486,526 | ||||||
SCANA Corp. | 3,400 | 205,360 | ||||||
TECO Energy, Inc. | 5,923 | 121,362 |
107
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Electric — (continued) | ||||||||
The Southern Co. | 21,111 | $ | 1,036,761 | |||||
Wisconsin Energy Corp. | 5,200 | 274,248 | ||||||
Xcel Energy, Inc. | 11,630 | 417,750 | ||||||
|
| |||||||
12,641,758 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.3% | ||||||||
AMETEK, Inc. | 5,800 | 305,254 | ||||||
Emerson Electric Co. | 16,376 | 1,010,890 | ||||||
|
| |||||||
1,316,144 | ||||||||
|
| |||||||
Electronics — 1.1% | ||||||||
Agilent Technologies, Inc. | 7,845 | 321,174 | ||||||
Amphenol Corp., Class A | 7,400 | 398,194 | ||||||
FLIR Systems, Inc. | 3,600 | 116,316 | ||||||
Garmin Ltd. | 2,800 | 147,924 | ||||||
Honeywell International, Inc. | 18,508 | 1,849,319 | ||||||
PerkinElmer, Inc. | 2,516 | 110,025 | ||||||
TE Connectivity Ltd. | 9,600 | 607,200 | ||||||
Thermo Fisher Scientific, Inc. | 9,482 | 1,188,000 | ||||||
Waters Corp.* | 1,958 | 220,706 | ||||||
|
| |||||||
4,958,858 | ||||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
Fluor Corp. | 3,870 | 234,638 | ||||||
Jacobs Engineering Group, Inc.* | 2,983 | 133,310 | ||||||
|
| |||||||
367,948 | ||||||||
|
| |||||||
Environmental Control — 0.2% | ||||||||
Republic Services, Inc. | 5,814 | 234,014 | ||||||
Stericycle, Inc.* | 2,000 | 262,160 | ||||||
Waste Management, Inc. | 10,200 | 523,464 | ||||||
|
| |||||||
1,019,638 | ||||||||
|
| |||||||
Food — 1.6% | ||||||||
Campbell Soup Co. | 4,516 | 198,704 | ||||||
ConAgra Foods, Inc. | 9,902 | 359,245 | ||||||
General Mills, Inc. | 14,510 | 773,818 | ||||||
Hormel Foods Corp. | 3,100 | 161,510 | ||||||
Kellogg Co. | 6,066 | 396,959 | ||||||
Kraft Foods Group, Inc. | 14,054 | 880,624 | ||||||
McCormick & Co., Inc. | 3,208 | 238,354 | ||||||
Mondelez International, Inc., Class A | 39,863 | 1,448,024 | ||||||
Safeway, Inc. | 5,317 | 186,733 | ||||||
Sysco Corp. | 14,252 | 565,662 | ||||||
The Hershey Co. | 3,487 | 362,404 | ||||||
The J.M. Smucker Co. | 2,534 | 255,883 | ||||||
The Kroger Co. | 11,445 | 734,884 | ||||||
Tyson Foods, Inc., Class A | 6,649 | 266,558 | ||||||
Whole Foods Market, Inc. | 8,386 | 422,822 | ||||||
|
| |||||||
7,252,184 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
International Paper Co. | 9,967 | 534,032 | ||||||
MeadWestvaco Corp. | 3,999 | 177,515 | ||||||
|
| |||||||
711,547 | ||||||||
|
|
Number of Shares | Value† | |||||||
Gas — 0.3% | ||||||||
AGL Resources, Inc. | 2,600 | $ | 141,726 | |||||
CenterPoint Energy, Inc. | 10,322 | 241,845 | ||||||
NiSource, Inc. | 7,365 | 312,423 | ||||||
Sempra Energy | 5,398 | 601,121 | ||||||
|
| |||||||
1,297,115 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Snap-On, Inc. | 1,328 | 181,591 | ||||||
Stanley Black & Decker, Inc. | 3,640 | 349,731 | ||||||
|
| |||||||
531,322 | ||||||||
|
| |||||||
Healthcare Products — 1.9% | ||||||||
Baxter International, Inc. | 12,875 | 943,609 | ||||||
Becton Dickinson & Co. | 4,475 | 622,741 | ||||||
Boston Scientific Corp.* | 31,948 | 423,311 | ||||||
C.R. Bard, Inc. | 1,842 | 306,914 | ||||||
CareFusion Corp.* | 4,641 | 275,397 | ||||||
Covidien PLC | 10,600 | 1,084,168 | ||||||
DENTSPLY International, Inc. | 3,200 | 170,464 | ||||||
Edwards Lifesciences Corp.* | 2,500 | 318,450 | ||||||
Hospira, Inc.* | 3,912 | 239,610 | ||||||
Intuitive Surgical, Inc.* | 807 | 426,854 | ||||||
Medtronic, Inc. | 23,373 | 1,687,531 | ||||||
Patterson Cos., Inc. | 1,974 | 94,949 | ||||||
St. Jude Medical, Inc. | 6,830 | 444,155 | ||||||
Stryker Corp. | 6,981 | 658,518 | ||||||
Varian Medical Systems, Inc.* | 2,357 | 203,904 | ||||||
Zimmer Holdings, Inc. | 4,029 | 456,969 | ||||||
|
| |||||||
8,357,544 | ||||||||
|
| |||||||
Healthcare Services — 1.4% | ||||||||
Aetna, Inc. | 8,193 | 727,784 | ||||||
Anthem, Inc. | 6,495 | 816,227 | ||||||
Cigna Corp. | 6,294 | 647,716 | ||||||
DaVita HealthCare Partners, Inc.* | 3,998 | 302,808 | ||||||
Humana, Inc. | 3,710 | 532,867 | ||||||
Laboratory Corp. of America Holdings* | 1,977 | 213,318 | ||||||
Quest Diagnostics, Inc. | 3,387 | 227,132 | ||||||
Tenet Healthcare Corp.* | 2,343 | 118,720 | ||||||
UnitedHealth Group, Inc. | 22,641 | 2,288,779 | ||||||
Universal Health Services, Inc., Class B | 2,200 | 244,772 | ||||||
|
| |||||||
6,120,123 | ||||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
D.R. Horton, Inc. | 8,276 | 209,300 | ||||||
Lennar Corp., Class A | 4,036 | 180,853 | ||||||
PulteGroup, Inc. | 8,034 | 172,410 | ||||||
|
| |||||||
562,563 | ||||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Harman International Industries, Inc. | 1,738 | 185,462 | ||||||
Whirlpool Corp. | 1,869 | 362,100 | ||||||
|
| |||||||
547,562 | ||||||||
|
| |||||||
Household Products & Wares — 0.3% | ||||||||
Avery Dennison Corp. | 2,183 | 113,254 | ||||||
Kimberly-Clark Corp. | 8,787 | 1,015,250 |
108
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Household Products & Wares — (continued) | ||||||||
The Clorox Co. | 2,997 | $ | 312,317 | |||||
|
| |||||||
1,440,821 | ||||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 6,317 | 240,615 | ||||||
|
| |||||||
Insurance — 4.2% | ||||||||
ACE Ltd. | 7,900 | 907,552 | ||||||
Aflac, Inc. | 10,700 | 653,663 | ||||||
American International Group, Inc. | 33,385 | 1,869,894 | ||||||
Aon PLC | 6,844 | 649,017 | ||||||
Assurant, Inc. | 1,673 | 114,483 | ||||||
Berkshire Hathaway, Inc., Class B* | 43,250 | 6,493,987 | ||||||
Cincinnati Financial Corp. | 3,692 | 191,356 | ||||||
Genworth Financial, Inc., Class A* | 11,369 | 96,637 | ||||||
Lincoln National Corp. | 6,173 | 355,997 | ||||||
Loews Corp. | 7,125 | 299,393 | ||||||
Marsh & McLennan Cos., Inc. | 12,909 | 738,911 | ||||||
MetLife, Inc. | 26,485 | 1,432,574 | ||||||
Principal Financial Group, Inc. | 6,465 | 335,792 | ||||||
Prudential Financial, Inc. | 10,730 | 970,636 | ||||||
The Allstate Corp. | 9,976 | 700,814 | ||||||
The Chubb Corp. | 5,651 | 584,709 | ||||||
The Hartford Financial Services Group, Inc. | 10,057 | 419,276 | ||||||
The Progressive Corp. | 12,956 | 349,682 | ||||||
The Travelers Cos., Inc. | 7,931 | 839,496 | ||||||
Torchmark Corp. | 3,052 | 165,327 | ||||||
Unum Group | 6,076 | 211,931 | ||||||
XL Group PLC | 6,149 | 211,341 | ||||||
|
| |||||||
18,592,468 | ||||||||
|
| |||||||
Internet — 4.4% | ||||||||
Amazon.com, Inc.* | 8,975 | 2,785,391 | ||||||
eBay, Inc.* | 26,728 | 1,499,975 | ||||||
Expedia, Inc. | 2,394 | 204,352 | ||||||
F5 Networks, Inc.* | 1,800 | 234,837 | ||||||
Facebook, Inc., Class A* | 49,600 | 3,869,792 | ||||||
Google, Inc., Class A* | 6,725 | 3,568,688 | ||||||
Google, Inc., Class C* | 6,725 | 3,540,040 | ||||||
Netflix, Inc.* | 1,400 | 478,254 | ||||||
Symantec Corp. | 16,638 | 426,848 | ||||||
The Priceline Group, Inc.* | 1,227 | 1,399,038 | ||||||
TripAdvisor, Inc.* | 2,594 | 193,668 | ||||||
VeriSign, Inc.* | 2,609 | 148,713 | ||||||
Yahoo!, Inc.* | 20,817 | 1,051,467 | ||||||
|
| |||||||
19,401,063 | ||||||||
|
| |||||||
Iron & Steel — 0.1% | ||||||||
Allegheny Technologies, Inc. | 2,278 | 79,206 | ||||||
Nucor Corp. | 7,735 | 379,402 | ||||||
|
| |||||||
458,608 | ||||||||
|
| |||||||
Leisure Time — 0.3% | ||||||||
Carnival Corp. | 10,945 | 496,137 | ||||||
Harley-Davidson, Inc. | 5,228 | 344,577 | ||||||
Royal Caribbean Cruises Ltd. | 4,000 | 329,720 | ||||||
|
| |||||||
1,170,434 | ||||||||
|
|
Number of Shares | Value† | |||||||
Lodging — 0.3% | ||||||||
Marriott International, Inc., Class A | 5,185 | $ | 404,585 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 4,252 | 344,710 | ||||||
Wyndham Worldwide Corp. | 2,860 | 245,274 | ||||||
Wynn Resorts Ltd. | 1,930 | 287,107 | ||||||
|
| |||||||
1,281,676 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.3% | ||||||||
Caterpillar, Inc. | 14,328 | 1,311,442 | ||||||
Joy Global, Inc. | 2,300 | 106,996 | ||||||
|
| |||||||
1,418,438 | ||||||||
|
| |||||||
Machinery — Diversified — 0.5% | ||||||||
Cummins, Inc. | 3,974 | 572,932 | ||||||
Deere & Co. | 8,432 | 745,979 | ||||||
Flowserve Corp. | 3,300 | 197,439 | ||||||
Rockwell Automation, Inc. | 3,271 | 363,735 | ||||||
Roper Industries, Inc. | 2,400 | 375,240 | ||||||
Xylem, Inc. | 4,154 | 158,143 | ||||||
|
| |||||||
2,413,468 | ||||||||
|
| |||||||
Media — 3.4% | ||||||||
Cablevision Systems Corp., Class A | 5,000 | 103,200 | ||||||
CBS Corp., Class B | 11,354 | 628,330 | ||||||
Comcast Corp., Class A | 60,934 | 3,534,781 | ||||||
DIRECTV* | 11,919 | 1,033,377 | ||||||
Discovery Communications, Inc., Class A* | 3,500 | 120,575 | ||||||
Discovery Communications, Inc., Class C* | 6,500 | 219,180 | ||||||
Gannett Co., Inc. | 5,374 | 171,592 | ||||||
News Corp., Class A* | 12,215 | 191,653 | ||||||
Nielsen Holdings NV | 7,400 | 331,002 | ||||||
Scripps Networks Interactive, Inc., Class A | 2,556 | 192,390 | ||||||
The Walt Disney Co. | 36,876 | 3,473,351 | ||||||
Time Warner Cable, Inc. | 6,596 | 1,002,988 | ||||||
Time Warner, Inc. | 20,004 | 1,708,742 | ||||||
Twenty-First Century Fox, Inc., Class A | 44,160 | 1,695,965 | ||||||
Viacom, Inc., Class B | 8,781 | 660,770 | ||||||
|
| |||||||
15,067,896 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.2% | ||||||||
Precision Castparts Corp. | 3,425 | 825,014 | ||||||
|
| |||||||
Mining — 0.3% | ||||||||
Alcoa, Inc. | 28,348 | 447,615 | ||||||
Freeport-McMoRan, Inc. | 24,496 | 572,226 | ||||||
Newmont Mining Corp. | 12,383 | 234,039 | ||||||
|
| |||||||
1,253,880 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 2.8% | ||||||||
3M Co. | 15,180 | 2,494,378 | ||||||
Danaher Corp. | 14,368 | 1,231,481 | ||||||
Dover Corp. | 3,805 | 272,895 | ||||||
General Electric Co. | 238,125 | 6,017,419 | ||||||
Illinois Tool Works, Inc. | 8,619 | 816,219 | ||||||
Ingersoll-Rand PLC | 6,500 | 412,035 | ||||||
Leggett & Platt, Inc. | 3,354 | 142,914 | ||||||
Pall Corp. | 2,645 | 267,700 | ||||||
Parker Hannifin Corp. | 3,581 | 461,770 |
109
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Miscellaneous Manufacturing — (continued) | ||||||||
Textron, Inc. | 6,576 | $ | 276,915 | |||||
|
| |||||||
12,393,726 | ||||||||
|
| |||||||
Office & Business Equipment — 0.1% | ||||||||
Pitney Bowes, Inc. | 5,161 | 125,774 | ||||||
Xerox Corp. | 25,455 | 352,806 | ||||||
|
| |||||||
478,580 | ||||||||
|
| |||||||
Oil & Gas — 6.2% | ||||||||
Anadarko Petroleum Corp. | 11,959 | 986,617 | ||||||
Apache Corp. | 9,023 | 565,471 | ||||||
Cabot Oil & Gas Corp. | 10,088 | 298,706 | ||||||
Chesapeake Energy Corp. | 12,410 | 242,864 | ||||||
Chevron Corp. | 44,770 | 5,022,299 | ||||||
Cimarex Energy Co. | 2,100 | 222,600 | ||||||
ConocoPhillips | 29,280 | 2,022,077 | ||||||
Denbury Resources, Inc. | 8,500 | 69,105 | ||||||
Devon Energy Corp. | 9,229 | 564,907 | ||||||
Diamond Offshore Drilling, Inc. | 1,600 | 58,736 | ||||||
Ensco PLC ADR, Class A | 5,800 | 173,710 | ||||||
EOG Resources, Inc. | 12,916 | 1,189,176 | ||||||
EQT Corp. | 3,600 | 272,520 | ||||||
Exxon Mobil Corp. | 100,265 | 9,269,499 | ||||||
Helmerich & Payne, Inc. | 2,700 | 182,034 | ||||||
Hess Corp. | 6,097 | 450,081 | ||||||
Marathon Oil Corp. | 15,951 | 451,254 | ||||||
Marathon Petroleum Corp. | 6,725 | 606,999 | ||||||
Murphy Oil Corp. | 3,917 | 197,887 | ||||||
Newfield Exploration Co.* | 2,900 | 78,648 | ||||||
Noble Energy, Inc. | 8,538 | 404,957 | ||||||
Occidental Petroleum Corp. | 18,458 | 1,487,899 | ||||||
Phillips 66 | 13,140 | 942,138 | ||||||
Pioneer Natural Resources Co. | 3,400 | 506,090 | ||||||
QEP Resources, Inc. | 3,690 | 74,612 | ||||||
Range Resources Corp. | 3,923 | 209,684 | ||||||
Southwestern Energy Co.* | 8,490 | 231,692 | ||||||
Tesoro Corp. | 3,094 | 230,039 | ||||||
Valero Energy Corp. | 12,340 | 610,830 | ||||||
|
| |||||||
27,623,131 | ||||||||
|
| |||||||
Oil & Gas Services — 1.2% | ||||||||
Baker Hughes, Inc. | 10,228 | 573,484 | ||||||
Cameron International Corp.* | 4,770 | 238,261 | ||||||
FMC Technologies, Inc.* | 5,700 | 266,988 | ||||||
Halliburton Co. | 20,269 | 797,180 | ||||||
Nabors Industries Ltd. | 7,308 | 94,858 | ||||||
National Oilwell Varco, Inc. | 10,123 | 663,360 | ||||||
Noble Corp. PLC | 6,400 | 106,048 | ||||||
Schlumberger Ltd. | 30,359 | 2,592,962 | ||||||
Transocean Ltd. | 8,300 | 152,139 | ||||||
|
| |||||||
5,485,280 | ||||||||
|
| |||||||
Packaging and Containers — 0.1% | ||||||||
Ball Corp. | 3,226 | 219,917 | ||||||
Owens-Illinois, Inc.* | 4,000 | 107,960 |
Number of Shares | Value† | |||||||
Packaging and Containers — (continued) | ||||||||
Sealed Air Corp. | 5,033 | $ | 213,550 | |||||
|
| |||||||
541,427 | ||||||||
|
| |||||||
Pharmaceuticals — 7.4% | ||||||||
Abbott Laboratories | 35,896 | 1,616,038 | ||||||
AbbVie, Inc. | 37,896 | 2,479,914 | ||||||
Actavis PLC* | 6,293 | 1,619,881 | ||||||
Allergan, Inc. | 7,116 | 1,512,790 | ||||||
AmerisourceBergen Corp. | 5,000 | 450,800 | ||||||
Bristol-Myers Squibb Co. | 39,497 | 2,331,508 | ||||||
Cardinal Health, Inc. | 7,882 | 636,314 | ||||||
Eli Lilly & Co. | 23,254 | 1,604,293 | ||||||
Express Scripts Holding Co.* | 17,464 | 1,478,677 | ||||||
Johnson & Johnson | 66,241 | 6,926,821 | ||||||
Mallinckrodt PLC* | 2,700 | 267,381 | ||||||
McKesson Corp. | 5,525 | 1,146,880 | ||||||
Mead Johnson Nutrition Co. | 4,768 | 479,375 | ||||||
Merck & Co., Inc. | 67,413 | 3,828,384 | ||||||
Mylan, Inc.* | 9,056 | 510,487 | ||||||
Perrigo Co. PLC | 3,100 | 518,196 | ||||||
Pfizer, Inc. | 149,105 | 4,644,621 | ||||||
Zoetis, Inc. | 12,107 | 520,964 | ||||||
|
| |||||||
32,573,324 | ||||||||
|
| |||||||
Pipelines — 0.7% | ||||||||
Kinder Morgan, Inc. | 40,236 | 1,702,385 | ||||||
ONEOK, Inc. | 4,800 | 238,992 | ||||||
Spectra Energy Corp. | 15,784 | 572,959 | ||||||
The Williams Cos., Inc. | 16,034 | 720,568 | ||||||
|
| |||||||
3,234,904 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc., Class A* | 6,401 | 219,234 | ||||||
|
| |||||||
Retail — 6.3% | ||||||||
AutoNation, Inc.* | 1,719 | 103,845 | ||||||
AutoZone, Inc.* | 741 | 458,761 | ||||||
Bed Bath & Beyond, Inc.* | 4,466 | 340,175 | ||||||
Best Buy Co., Inc. | 7,168 | 279,409 | ||||||
CarMax, Inc.* | 5,300 | 352,874 | ||||||
Chipotle Mexican Grill, Inc.* | 700 | 479,157 | ||||||
Costco Wholesale Corp. | 10,377 | 1,470,940 | ||||||
CVS Health Corp. | 27,067 | 2,606,823 | ||||||
Darden Restaurants, Inc. | 2,940 | 172,372 | ||||||
Dollar General Corp.* | 7,000 | 494,900 | ||||||
Dollar Tree, Inc.* | 4,900 | 344,862 | ||||||
Family Dollar Stores, Inc. | 2,233 | 176,876 | ||||||
GameStop Corp., Class A | 2,664 | 90,043 | ||||||
Kohl’s Corp. | 5,001 | 305,261 | ||||||
L Brands, Inc. | 5,760 | 498,528 | ||||||
Lowe’s Cos., Inc. | 22,940 | 1,578,272 | ||||||
Macy’s, Inc. | 8,227 | 540,925 | ||||||
McDonald’s Corp. | 22,978 | 2,153,039 | ||||||
Nordstrom, Inc. | 3,337 | 264,924 | ||||||
O’Reilly Automotive, Inc.* | 2,400 | 462,288 | ||||||
PetSmart, Inc. | 2,300 | 186,979 | ||||||
PVH Corp. | 1,900 | 243,523 |
110
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Retail — (continued) | ||||||||
Ross Stores, Inc. | 4,900 | $ | 461,874 | |||||
Staples, Inc. | 15,637 | 283,342 | ||||||
Starbucks Corp. | 17,844 | 1,464,100 | ||||||
Target Corp. | 15,132 | 1,148,670 | ||||||
The Gap, Inc. | 6,182 | 260,324 | ||||||
The Home Depot, Inc. | 31,304 | 3,285,981 | ||||||
The TJX Cos., Inc. | 16,518 | 1,132,804 | ||||||
Tiffany & Co. | 2,764 | 295,361 | ||||||
Tractor Supply Co. | 3,300 | 260,106 | ||||||
Urban Outfitters, Inc.* | 2,500 | 87,825 | ||||||
Wal-Mart Stores, Inc. | 37,347 | 3,207,360 | ||||||
Walgreens Boots Alliance, Inc. | 20,779 | 1,583,360 | ||||||
Yum! Brands, Inc. | 10,369 | 755,382 | ||||||
|
| |||||||
27,831,265 | ||||||||
|
| |||||||
Savings & Loans — 0.1% | ||||||||
Hudson City Bancorp, Inc. | 11,257 | 113,921 | ||||||
People’s United Financial, Inc. | 7,700 | 116,886 | ||||||
|
| |||||||
230,807 | ||||||||
|
| |||||||
Semiconductors — 3.1% | ||||||||
Altera Corp. | 7,265 | 268,369 | ||||||
Analog Devices, Inc. | 7,376 | 409,515 | ||||||
Applied Materials, Inc. | 29,321 | 730,679 | ||||||
Avago Technologies Ltd. | 6,000 | 603,540 | ||||||
Broadcom Corp., Class A | 12,908 | 559,304 | ||||||
First Solar, Inc.* | 1,800 | 80,271 | ||||||
Intel Corp. | 114,375 | 4,150,669 | ||||||
KLA-Tencor Corp. | 3,827 | 269,115 | ||||||
Lam Research Corp. | 3,859 | 306,173 | ||||||
Linear Technology Corp. | 5,541 | 252,670 | ||||||
Microchip Technology, Inc. | 5,018 | 226,362 | ||||||
Micron Technology, Inc.* | 25,686 | 899,267 | ||||||
NVIDIA Corp. | 11,754 | 235,668 | ||||||
QUALCOMM, Inc. | 39,299 | 2,921,095 | ||||||
Texas Instruments, Inc. | 25,093 | 1,341,597 | ||||||
Xilinx, Inc. | 6,364 | 275,497 | ||||||
|
| |||||||
13,529,791 | ||||||||
|
| |||||||
Software — 4.0% | ||||||||
Adobe Systems, Inc.* | 11,305 | 821,873 | ||||||
Akamai Technologies, Inc.* | 4,160 | 261,914 | ||||||
Autodesk, Inc.* | 5,281 | 317,177 | ||||||
CA, Inc. | 7,639 | 232,608 | ||||||
Cerner Corp.* | 7,000 | 452,620 | ||||||
Citrix Systems, Inc.* | 3,791 | 241,866 | ||||||
Electronic Arts, Inc.* | 7,430 | 349,321 | ||||||
Fidelity National Information Services, Inc. | 6,659 | 414,190 | ||||||
Fiserv, Inc.* | 5,814 | 412,620 | ||||||
Intuit, Inc. | 6,692 | 616,935 | ||||||
Microsoft Corp. | 195,515 | 9,081,672 | ||||||
Oracle Corp. | 76,517 | 3,440,969 | ||||||
Red Hat, Inc.* | 4,600 | 318,044 | ||||||
Salesforce.com, Inc.* | 13,800 | 818,478 | ||||||
The Dun & Bradstreet Corp. | 900 | 108,864 | ||||||
|
| |||||||
17,889,151 | ||||||||
|
|
Number of Shares | Value† | |||||||
Telecommunications — 3.4% | ||||||||
AT&T, Inc. | 122,643 | $ | 4,119,579 | |||||
CenturyLink, Inc. | 13,326 | 527,443 | ||||||
Cisco Systems, Inc. | 120,880 | 3,362,277 | ||||||
Corning, Inc. | 30,515 | 699,709 | ||||||
Crown Castle International Corp. | 8,000 | 629,600 | ||||||
Frontier Communications Corp. | 25,072 | 167,230 | ||||||
Harris Corp. | 2,600 | 186,732 | ||||||
Juniper Networks, Inc. | 9,171 | 204,697 | ||||||
Level 3 Communications, Inc.* | 6,600 | 325,908 | ||||||
Motorola Solutions, Inc. | 5,046 | 338,486 | ||||||
Verizon Communications, Inc. | 98,376 | 4,602,029 | ||||||
Windstream Holdings, Inc. | 13,351 | 110,012 | ||||||
|
| |||||||
15,273,702 | ||||||||
|
| |||||||
Textiles — 0.1% | ||||||||
Mohawk Industries, Inc.* | 1,500 | 233,040 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 2,612 | 143,634 | ||||||
Mattel, Inc. | 8,281 | 256,255 | ||||||
|
| |||||||
399,889 | ||||||||
|
| |||||||
Transportation — 1.8% | ||||||||
C.H. Robinson Worldwide, Inc. | 3,439 | 257,547 | ||||||
CSX Corp. | 23,366 | 846,550 | ||||||
Expeditors International of Washington, Inc. | 4,573 | 204,001 | ||||||
FedEx Corp. | 6,266 | 1,088,153 | ||||||
Kansas City Southern | 2,700 | 329,481 | ||||||
Norfolk Southern Corp. | 7,252 | 794,892 | ||||||
Ryder System, Inc. | 1,125 | 104,456 | ||||||
Union Pacific Corp. | 21,020 | 2,504,113 | ||||||
United Parcel Service, Inc., Class B | 16,574 | 1,842,532 | ||||||
|
| |||||||
7,971,725 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $243,168,496) | 422,935,942 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.2% | ||||||||
Apartments — 0.4% | ||||||||
Apartment Investment & Management Co., Class A | 3,662 | 136,043 | ||||||
AvalonBay Communities, Inc. | 3,192 | 521,541 | ||||||
Equity Residential | 8,592 | 617,249 | ||||||
Essex Property Trust, Inc. | 1,500 | 309,900 | ||||||
|
| |||||||
1,584,733 | ||||||||
|
| |||||||
Diversified — 0.5% | ||||||||
American Tower Corp. | 9,359 | 925,137 | ||||||
Plum Creek Timber Co., Inc. | 4,047 | 173,171 | ||||||
Vornado Realty Trust | 4,087 | 481,081 | ||||||
Weyerhaeuser Co. | 12,626 | 453,147 | ||||||
|
| |||||||
2,032,536 | ||||||||
|
| |||||||
Healthcare — 0.3% | ||||||||
HCP, Inc. | 10,840 | 477,285 | ||||||
Health Care REIT, Inc. | 7,800 | 590,226 |
111
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Index 500 Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Healthcare — (continued) | ||||||||
Ventas, Inc. | 6,853 | $ | 491,360 | |||||
|
| |||||||
1,558,871 | ||||||||
|
| |||||||
Hotels & Resorts — 0.1% | ||||||||
Host Hotels & Resorts, Inc. | 17,676 | 420,159 | ||||||
|
| |||||||
Industrial — 0.1% | ||||||||
Prologis, Inc. | 11,899 | 512,014 | ||||||
|
| |||||||
Office Property — 0.1% | ||||||||
Boston Properties, Inc. | 3,642 | 468,689 | ||||||
|
| |||||||
Regional Malls — 0.5% | ||||||||
General Growth Properties, Inc. | 14,900 | 419,137 | ||||||
Simon Property Group, Inc. | 7,328 | 1,334,502 | ||||||
The Macerich Co. | 3,400 | 283,594 | ||||||
|
| |||||||
2,037,233 | ||||||||
|
| |||||||
Storage & Warehousing — 0.1% | ||||||||
Public Storage | 3,416 | 631,448 | ||||||
|
| |||||||
Strip Centers — 0.1% | ||||||||
Kimco Realty Corp. | 9,564 | 240,439 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,247,999) | 9,486,122 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
U.S. TREASURY OBLIGATIONS — 0.2% | ||||||||
U S Treasury Bills | ||||||||
0.000%, 01/15/15¤ | $ | 250 | 249,999 | |||||
0.000%, 01/29/15¤ | 375 | 374,997 | ||||||
0.000%, 03/12/15 | 185 | 184,991 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $810,000) | 809,987 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 2.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 10,338,756 | 10,338,756 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $260,565,251) | $ | 443,570,807 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.2%) |
| (735,982 | ) | |||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 442,834,825 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 422,935,942 | $ | 422,935,942 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 9,486,122 | 9,486,122 | — | — | ||||||||||||
U.S. TREASURY OBLIGATIONS | 809,987 | — | 809,987 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 10,338,756 | 10,338,756 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 443,570,807 | $ | 442,760,820 | $ | 809,987 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
112
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 99.5% | ||||||||
Apparel — 3.2% | ||||||||
Burberry Group PLC | 57,729 | $ | 1,472,018 | |||||
Carter’s, Inc. | 22,597 | 1,972,944 | ||||||
Ralph Lauren Corp. | 3,414 | 632,136 | ||||||
|
| |||||||
4,077,098 | ||||||||
|
| |||||||
Banks — 7.6% | ||||||||
First Republic Bank | 48,011 | 2,502,333 | ||||||
Northern Trust Corp. | 51,874 | 3,496,307 | ||||||
Signature Bank* | 21,959 | 2,765,956 | ||||||
UMB Financial Corp. | 16,800 | 955,752 | ||||||
|
| |||||||
9,720,348 | ||||||||
|
| |||||||
Beverages — 1.0% | ||||||||
Brown-Forman Corp., Class B | 15,100 | 1,326,384 | ||||||
|
| |||||||
Biotechnology — 2.1% | ||||||||
Alkermes PLC* | 28,399 | 1,663,046 | ||||||
Incyte Corp.* | 14,348 | 1,048,982 | ||||||
|
| |||||||
2,712,028 | ||||||||
|
| |||||||
Building Materials — 2.0% | ||||||||
Fortune Brands Home & Security, Inc. | 56,822 | 2,572,332 | ||||||
|
| |||||||
Chemicals — 0.9% | ||||||||
The Valspar Corp. | 14,012 | 1,211,758 | ||||||
|
| |||||||
Commercial Services — 4.3% | ||||||||
Alliance Data Systems Corp.* | 7,010 | 2,005,211 | ||||||
CoStar Group, Inc.* | 8,721 | 1,601,437 | ||||||
Verisk Analytics, Inc., Class A* | 30,800 | 1,972,740 | ||||||
|
| |||||||
5,579,388 | ||||||||
|
| |||||||
Computers — 2.6% | ||||||||
SanDisk Corp. | 13,163 | 1,289,711 | ||||||
Teradata Corp.* | 46,740 | 2,041,603 | ||||||
|
| |||||||
3,331,314 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 1.1% | ||||||||
Coty, Inc., Class A* | 67,010 | 1,384,427 | ||||||
|
| |||||||
Distribution & Wholesale — 4.5% | ||||||||
Fastenal Co. | 64,176 | 3,052,210 | ||||||
LKQ Corp.* | 95,500 | 2,685,460 | ||||||
|
| |||||||
5,737,670 | ||||||||
|
| |||||||
Diversified Financial Services — 1.8% | ||||||||
CME Group, Inc. | 16,112 | 1,428,329 | ||||||
Oaktree Capital Group LLC | 16,745 | 867,893 | ||||||
|
| |||||||
2,296,222 | ||||||||
|
| |||||||
Electronics — 1.2% | ||||||||
Gentex Corp. | 42,621 | 1,539,897 | ||||||
|
| |||||||
Environmental Control — 1.6% | ||||||||
Stericycle, Inc.* | 15,994 | 2,096,493 | ||||||
|
| |||||||
Food — 2.0% | ||||||||
The Hain Celestial Group, Inc.* | 43,552 | 2,538,646 | ||||||
|
|
Number of Shares | Value† | |||||||
Healthcare Products — 9.1% | ||||||||
Align Technology, Inc.* | 30,589 | $ | 1,710,231 | |||||
DENTSPLY International, Inc. | 33,401 | 1,779,271 | ||||||
Henry Schein, Inc.* | 14,255 | 1,940,818 | ||||||
Intuitive Surgical, Inc.* | 7,375 | 3,900,933 | ||||||
Varian Medical Systems, Inc.* | 27,297 | 2,361,463 | ||||||
|
| |||||||
11,692,716 | ||||||||
|
| |||||||
Healthcare Services — 2.1% | ||||||||
Acadia Healthcare Co., Inc.* | 21,376 | 1,308,425 | ||||||
Humana, Inc. | 9,844 | 1,413,894 | ||||||
|
| |||||||
2,722,319 | ||||||||
|
| |||||||
Household Products & Wares — 1.0% | ||||||||
The Scotts Miracle-Gro Co., Class A | 21,500 | 1,339,880 | ||||||
|
| |||||||
Internet — 5.3% | ||||||||
F5 Networks, Inc.* | 14,547 | 1,897,874 | ||||||
GrubHub, Inc.* | 37,112 | 1,347,908 | ||||||
Pandora Media, Inc.* | 134,833 | 2,404,073 | ||||||
WebMD Health Corp.* | 29,933 | 1,183,850 | ||||||
|
| |||||||
6,833,705 | ||||||||
|
| |||||||
Leisure Time — 0.9% | ||||||||
Norwegian Cruise Line Holdings Ltd.* | 25,982 | 1,214,918 | ||||||
|
| |||||||
Machinery — Construction & Mining — 1.2% | ||||||||
Joy Global, Inc. | 32,114 | 1,493,943 | ||||||
|
| |||||||
Machinery — Diversified — 1.7% | ||||||||
Flowserve Corp. | 35,816 | 2,142,871 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.6% | ||||||||
Polypore International, Inc.* | 43,833 | 2,062,343 | ||||||
|
| |||||||
Oil & Gas — 5.2% | ||||||||
Cabot Oil & Gas Corp. | 59,942 | 1,774,883 | ||||||
Cimarex Energy Co. | 3,885 | 411,810 | ||||||
Continental Resources, Inc.* | 39,982 | 1,533,709 | ||||||
Noble Energy, Inc. | 14,524 | 688,873 | ||||||
Oasis Petroleum, Inc.* | 41,272 | 682,639 | ||||||
Southwestern Energy Co.* | 55,845 | 1,524,010 | ||||||
|
| |||||||
6,615,924 | ||||||||
|
| |||||||
Oil & Gas Services — 0.8% | ||||||||
Dril-Quip, Inc.* | 13,895 | 1,066,163 | ||||||
|
| |||||||
Pharmaceuticals — 7.9% | ||||||||
ACADIA Pharmaceuticals, Inc.* | 28,802 | 914,464 | ||||||
BioMarin Pharmaceutical, Inc.* | 21,828 | 1,973,251 | ||||||
Mead Johnson Nutrition Co. | 29,800 | 2,996,092 | ||||||
Medivation, Inc.* | 17,296 | 1,722,855 | ||||||
Zoetis, Inc. | 57,815 | 2,487,779 | ||||||
|
| |||||||
10,094,441 | ||||||||
|
| |||||||
Retail — 14.1% | ||||||||
DSW, Inc., Class A | 41,803 | 1,559,252 | ||||||
Dunkin’ Brands Group, Inc. | 52,372 | 2,233,666 | ||||||
L Brands, Inc. | 22,733 | 1,967,541 | ||||||
Nordstrom, Inc. | 26,130 | 2,074,461 |
113
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Retail — (continued) | ||||||||
Panera Bread Co., Class A* | 9,200 | $ | 1,608,160 | |||||
Ross Stores, Inc. | 27,376 | 2,580,462 | ||||||
Tiffany & Co. | 13,800 | 1,474,668 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 19,631 | 2,509,627 | ||||||
Urban Outfitters, Inc.* | 58,825 | 2,066,522 | ||||||
|
| |||||||
18,074,359 | ||||||||
|
| |||||||
Semiconductors — 2.3% | ||||||||
Microchip Technology, Inc. | 66,252 | 2,988,628 | ||||||
|
| |||||||
Software — 6.4% | ||||||||
ANSYS, Inc.* | 18,800 | 1,541,600 | ||||||
Cerner Corp.* | 20,017 | 1,294,299 | ||||||
Electronic Arts, Inc.* | 81,548 | 3,833,979 | ||||||
ServiceNow, Inc.* | 22,224 | 1,507,899 | ||||||
|
| |||||||
8,177,777 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 1.7% | ||||||||
Mattel, Inc. | 69,097 | 2,138,207 | ||||||
|
| |||||||
Transportation — 2.3% | ||||||||
Expeditors International of Washington, Inc. | 66,523 | 2,967,591 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $116,651,886) | 127,749,790 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.6% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,087,396 | 2,087,396 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.1% (Cost $118,739,282) | $ | 129,837,186 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.1%) | (1,350,988 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 128,486,198 | ||||||
|
| |||||||
WRITTEN OPTIONS — 0.0% | ||||||||
Put Options — 0.0% | ||||||||
Acadia Pharmaceuticals, Inc. US, $28 02/20/15 | (146 | ) | (14,600 | ) | ||||
Alkermes PLC, US, $50 02/20/15 | (68 | ) | (6,800 | ) | ||||
Incyte Corp. US, $65 02/20/15 | (42 | ) | (6,300 | ) | ||||
|
| |||||||
TOTAL WRITTEN OPTIONS (Premiums $(44,824)) | (27,700 | ) | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
LLC | — Limited Liability Company. |
PLC | — Public Limited Company. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 127,749,790 | $ | 127,749,790 | $ | — | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 2,087,396 | 2,087,396 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 129,837,186 | $ | 129,837,186 | $ | — | $ | — | ||||||||
|
LIABILITIES TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
WRITTEN OPTIONS | $ | (27,700 | ) | $ | — | $ | (27,700 | ) | $ | — | ||||||
| ||||||||||||||||
TOTAL LIABILITIES | $ | (27,700 | ) | $ | — | $ | (27,700 | ) | $ | — | ||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
114
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 91.7% | ||||||||
Aerospace & Defense — 5.7% | ||||||||
General Dynamics Corp. | 44,150 | $ | 6,075,923 | |||||
Spirit Aerosystems Holdings, Inc., Class A* | 106,100 | 4,566,544 | ||||||
|
| |||||||
10,642,467 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.6% | ||||||||
Lear Corp. | 20,200 | 1,981,216 | ||||||
TRW Automotive Holdings Corp.* | 8,800 | 905,080 | ||||||
|
| |||||||
2,886,296 | ||||||||
|
| |||||||
Banks — 8.2% | ||||||||
BB&T Corp. | 52,200 | 2,030,058 | ||||||
Comerica, Inc. | 77,700 | 3,639,468 | ||||||
Huntington Bancshares, Inc. | 268,100 | 2,820,412 | ||||||
M&T Bank Corp. | 23,100 | 2,901,822 | ||||||
State Street Corp. | 47,600 | 3,736,600 | ||||||
|
| |||||||
15,128,360 | ||||||||
|
| |||||||
Building Materials — 1.3% | ||||||||
Owens Corning | 69,400 | 2,485,214 | ||||||
|
| |||||||
Chemicals — 2.9% | ||||||||
Ashland, Inc. | 44,000 | 5,269,440 | ||||||
|
| |||||||
Commercial Services — 9.5% | ||||||||
Hertz Global Holdings, Inc.* | 195,800 | 4,883,252 | ||||||
The ADT Corp. | 183,000 | 6,630,090 | ||||||
The Western Union Co. | 199,100 | 3,565,881 | ||||||
Tyco International PLC | 58,300 | 2,557,038 | ||||||
|
| |||||||
17,636,261 | ||||||||
|
| |||||||
Computers — 3.6% | ||||||||
Cadence Design Systems, Inc.* | 125,700 | 2,384,529 | ||||||
Teradata Corp.* | 96,700 | 4,223,856 | ||||||
|
| |||||||
6,608,385 | ||||||||
|
| |||||||
Electric — 6.1% | ||||||||
AES Corp. | 288,100 | 3,967,137 | ||||||
DTE Energy Co. | 35,700 | 3,083,409 | ||||||
Edison International | 64,800 | 4,243,104 | ||||||
|
| |||||||
11,293,650 | ||||||||
|
| |||||||
Electronics — 1.9% | ||||||||
Flextronics International Ltd.* | 319,400 | 3,570,892 | ||||||
|
| |||||||
Engineering & Construction — 1.3% | ||||||||
KBR, Inc. | 140,700 | 2,384,865 | ||||||
|
| |||||||
Environmental Control — 2.2% | ||||||||
Covanta Holding Corp. | 186,400 | 4,102,664 | ||||||
|
| |||||||
Food — 0.9% | ||||||||
Safeway, Inc. | 47,300 | 1,661,176 | ||||||
|
| |||||||
Gas — 1.8% | ||||||||
CenterPoint Energy, Inc. | 138,900 | 3,254,427 | ||||||
|
| |||||||
Hand & Machine Tools — 1.0% | ||||||||
Regal-Beloit Corp. | 24,700 | 1,857,440 | ||||||
|
| |||||||
Healthcare Products — 2.0% | ||||||||
Zimmer Holdings, Inc. | 32,100 | 3,640,782 | ||||||
|
|
Number of Shares | Value† | |||||||
Home Furnishings — 1.3% | ||||||||
Select Comfort Corp.* | 91,400 | $ | 2,470,542 | |||||
|
| |||||||
Household Products & Wares — 1.1% | ||||||||
Avery Dennison Corp. | 38,500 | 1,997,380 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.8% | ||||||||
Harsco Corp. | 96,500 | 1,822,885 | ||||||
Valmont Industries, Inc. | 26,900 | 3,416,300 | ||||||
|
| |||||||
5,239,185 | ||||||||
|
| |||||||
Oil & Gas — 5.5% | ||||||||
Cabot Oil & Gas Corp. | 108,200 | 3,203,802 | ||||||
Devon Energy Corp. | 66,600 | 4,076,586 | ||||||
Energy Transfer Partners, LP | 30,575 | 1,987,375 | ||||||
Southwestern Energy Co.* | 36,400 | 993,356 | ||||||
|
| |||||||
10,261,119 | ||||||||
|
| |||||||
Oil & Gas Services — 1.5% | ||||||||
Cameron International Corp.* | 54,700 | 2,732,265 | ||||||
|
| |||||||
Pharmaceuticals — 2.7% | ||||||||
Cardinal Health, Inc. | 25,400 | 2,050,542 | ||||||
Omnicare, Inc. | 40,300 | 2,939,079 | ||||||
|
| |||||||
4,989,621 | ||||||||
|
| |||||||
Retail — 13.5% | ||||||||
Best Buy Co., Inc. | 72,200 | 2,814,356 | ||||||
CVS Health Corp. | 50,800 | 4,892,548 | ||||||
Darden Restaurants, Inc. | 78,200 | 4,584,866 | ||||||
Express, Inc.* | 177,400 | 2,606,006 | ||||||
Kohl’s Corp. | 66,500 | 4,059,160 | ||||||
Office Depot, Inc.* | 714,800 | 6,129,410 | ||||||
|
| |||||||
25,086,346 | ||||||||
|
| |||||||
Savings & Loans — 1.8% | ||||||||
BankUnited, Inc. | 115,200 | 3,337,344 | ||||||
|
| |||||||
Semiconductors — 4.0% | ||||||||
Skyworks Solutions, Inc. | 102,300 | 7,438,233 | ||||||
|
| |||||||
Software — 4.5% | ||||||||
Check Point Software Technologies Ltd.* | 49,200 | 3,865,644 | ||||||
Nuance Communications, Inc.* | 319,088 | 4,553,386 | ||||||
|
| |||||||
8,419,030 | ||||||||
|
| |||||||
Telecommunications — 3.0% | ||||||||
Amdocs Ltd. | 79,500 | 3,709,072 | ||||||
Telephone & Data Systems, Inc. | 74,400 | 1,878,600 | ||||||
|
| |||||||
5,587,672 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $128,419,741) | 169,981,056 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.8% | ||||||||
Building & Real Estate — 3.0% | ||||||||
Starwood Property Trust, Inc. | 165,900 | 3,855,516 | ||||||
Starwood Waypoint Residential Trust | 63,720 | 1,680,296 | ||||||
|
| |||||||
5,535,812 | ||||||||
|
|
115
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Cap Value Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Diversified — 2.8% | ||||||||
Corrections Corporation of America | 142,317 | $ | 5,171,800 | |||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,203,819) | 10,707,612 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 3.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 6,485,324 | 6,485,324 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.0% (Cost $144,108,884) | $ | 187,173,992 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.0%) | (1,880,925 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 185,293,067 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
LP — Limited Partnership.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 169,981,056 | $ | 169,981,056 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 10,707,612 | 10,707,612 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 6,485,324 | 6,485,324 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 187,173,992 | $ | 187,173,992 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
116
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Core Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 91.5% | ||||||||
Aerospace & Defense — 1.3% | ||||||||
BAE Systems PLC | 47,888 | $ | 350,215 | |||||
Exelis, Inc. | 48,000 | 841,440 | ||||||
|
| |||||||
1,191,655 | ||||||||
|
| |||||||
Apparel — 0.8% | ||||||||
Coach, Inc. | 6,413 | 240,872 | ||||||
Ralph Lauren Corp. | 2,732 | 505,857 | ||||||
|
| |||||||
746,729 | ||||||||
|
| |||||||
Auto Manufacturers — 1.2% | ||||||||
Oshkosh Corp. | 22,057 | 1,073,073 | ||||||
|
| |||||||
Auto Parts & Equipment — 0.4% | ||||||||
Autoliv, Inc. | 3,350 | 355,502 | ||||||
|
| |||||||
Banks — 11.5% | ||||||||
Bank of Hawaii Corp. | 9,515 | 564,335 | ||||||
BB&T Corp. | 11,188 | 435,101 | ||||||
BOK Financial Corp. | 8,110 | 486,924 | ||||||
Comerica, Inc. | 10,738 | 502,968 | ||||||
Commerce Bancshares, Inc. | 25,022 | 1,088,207 | ||||||
Cullen/Frost Bankers, Inc. | 7,204 | 508,890 | ||||||
M&T Bank Corp. | 8,853 | 1,112,114 | ||||||
Northern Trust Corp. | 38,299 | 2,581,353 | ||||||
State Street Corp. | 8,006 | 628,471 | ||||||
SunTrust Banks, Inc. | 13,504 | 565,818 | ||||||
The PNC Financial Services Group, Inc. | 12,260 | 1,118,480 | ||||||
Westamerica Bancorporation | 15,200 | 745,104 | ||||||
|
| |||||||
10,337,765 | ||||||||
|
| |||||||
Biotechnology — 0.4% | ||||||||
Bio-Rad Laboratories, Inc., Class A* | 3,261 | 393,146 | ||||||
|
| |||||||
Chemicals — 0.8% | ||||||||
The Mosaic Co. | 15,684 | 715,975 | ||||||
|
| |||||||
Commercial Services — 2.5% | ||||||||
Pentair PLC | 5,241 | 348,107 | ||||||
The ADT Corp. | 30,401 | 1,101,428 | ||||||
Tyco International PLC | 18,068 | 792,463 | ||||||
|
| |||||||
2,241,998 | ||||||||
|
| |||||||
Computers — 2.2% | ||||||||
SanDisk Corp. | 7,374 | 722,505 | ||||||
Western Digital Corp. | 11,215 | 1,241,500 | ||||||
|
| |||||||
1,964,005 | ||||||||
|
| |||||||
Diversified Financial Services — 2.4% | ||||||||
Franklin Resources, Inc. | 8,617 | 477,123 | ||||||
LPL Financial Holdings, Inc. | 18,143 | 808,271 | ||||||
Markit Ltd.* | 17,572 | 464,428 | ||||||
T. Rowe Price Group, Inc. | 5,196 | 446,129 | ||||||
|
| |||||||
2,195,951 | ||||||||
|
| |||||||
Electric — 9.0% | ||||||||
Ameren Corp. | 9,740 | 449,306 | ||||||
Consolidated Edison, Inc. | 6,706 | 442,663 | ||||||
Edison International | 20,003 | 1,309,796 | ||||||
Great Plains Energy, Inc. | 31,999 | 909,092 |
Number of Shares | Value† | |||||||
Electric — (continued) | ||||||||
Northeast Utilities | 7,324 | $ | 391,980 | |||||
NorthWestern Corp. | 7,496 | 424,124 | ||||||
OGE Energy Corp. | 5,885 | 208,800 | ||||||
PG&E Corp. | 15,723 | 837,093 | ||||||
The Southern Co. | 9,148 | 449,258 | ||||||
Westar Energy, Inc. | 33,052 | 1,363,064 | ||||||
Xcel Energy, Inc. | 36,201 | 1,300,340 | ||||||
|
| |||||||
8,085,516 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.0% | ||||||||
Emerson Electric Co. | 14,863 | 917,493 | ||||||
|
| |||||||
Electronics — 3.4% | ||||||||
Agilent Technologies, Inc. | 7,516 | 307,705 | ||||||
Keysight Technologies Inc* | 8,221 | 277,623 | ||||||
Koninklijke Philips N.V. | 48,993 | 1,420,115 | ||||||
TE Connectivity Ltd. | 11,720 | 741,290 | ||||||
Waters Corp.* | 2,989 | 336,920 | ||||||
|
| |||||||
3,083,653 | ||||||||
|
| |||||||
Entertainment — 0.5% | ||||||||
International Game Technology | 24,936 | 430,146 | ||||||
|
| |||||||
Environmental Control — 4.0% | ||||||||
Clean Harbors, Inc.* | 15,172 | 729,015 | ||||||
Republic Services, Inc. | 65,618 | 2,641,125 | ||||||
Waste Management, Inc. | 4,617 | 236,944 | ||||||
|
| |||||||
3,607,084 | ||||||||
|
| |||||||
Food — 7.3% | ||||||||
Campbell Soup Co. | 11,430 | 502,920 | ||||||
ConAgra Foods, Inc. | 32,720 | 1,187,082 | ||||||
Danone S.A. | 3,439 | 224,836 | ||||||
General Mills, Inc. | 14,832 | 790,991 | ||||||
Kellogg Co. | 7,969 | 521,491 | ||||||
Kraft Foods Group, Inc. | 7,341 | 459,987 | ||||||
Mondelez International, Inc., Class A | 16,194 | 588,247 | ||||||
Sysco Corp. | 35,864 | 1,423,442 | ||||||
The J.M. Smucker Co. | 8,426 | 850,857 | ||||||
|
| |||||||
6,549,853 | ||||||||
|
| |||||||
Gas — 2.5% | ||||||||
Atmos Energy Corp. | 16,494 | 919,375 | ||||||
The Laclede Group, Inc. | 25,384 | 1,350,429 | ||||||
|
| |||||||
2,269,804 | ||||||||
|
| |||||||
Healthcare Products — 4.6% | ||||||||
Boston Scientific Corp.* | 35,185 | 466,201 | ||||||
CareFusion Corp.* | 18,165 | 1,077,911 | ||||||
Hospira, Inc.* | 5,054 | 309,557 | ||||||
Medtronic, Inc. | 10,047 | 725,393 | ||||||
Patterson Cos., Inc. | 10,576 | 508,706 | ||||||
Stryker Corp. | 6,451 | 608,523 | ||||||
Zimmer Holdings, Inc. | 4,349 | 493,264 | ||||||
|
| |||||||
4,189,555 | ||||||||
|
|
117
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Core Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Healthcare Services — 4.1% | ||||||||
Cigna Corp. | 4,722 | $ | 485,941 | |||||
Humana, Inc. | 4,651 | 668,023 | ||||||
LifePoint Hospitals, Inc.* | 19,106 | 1,373,913 | ||||||
Quest Diagnostics, Inc. | 17,935 | 1,202,721 | ||||||
|
| |||||||
3,730,598 | ||||||||
|
| |||||||
Home Builders — 0.5% | ||||||||
Toll Brothers, Inc.* | 13,338 | 457,093 | ||||||
|
| |||||||
Insurance — 7.1% | ||||||||
ACE Ltd. | 6,773 | 778,082 | ||||||
Aflac, Inc. | 6,503 | 397,268 | ||||||
Arthur J Gallagher & Co. | 5,965 | 280,832 | ||||||
Brown & Brown, Inc. | 14,944 | 491,807 | ||||||
HCC Insurance Holdings, Inc. | 16,749 | 896,407 | ||||||
MetLife, Inc. | 7,226 | 390,854 | ||||||
Reinsurance Group of America, Inc. | 9,761 | 855,259 | ||||||
The Allstate Corp. | 4,363 | 306,501 | ||||||
The Chubb Corp. | 5,208 | 538,872 | ||||||
The Travelers Cos., Inc. | 4,469 | 473,044 | ||||||
Torchmark Corp. | 6,066 | 328,595 | ||||||
Unum Group | 19,815 | 691,147 | ||||||
|
| |||||||
6,428,668 | ||||||||
|
| |||||||
Iron & Steel — 0.7% | ||||||||
Nucor Corp. | 13,200 | 647,460 | ||||||
|
| |||||||
Leisure Time — 0.6% | ||||||||
Carnival Corp. | 12,118 | 549,309 | ||||||
|
| |||||||
Mining — 0.4% | ||||||||
Newmont Mining Corp. | 20,563 | 388,641 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 0.5% | ||||||||
Textron, Inc. | 10,140 | 426,995 | ||||||
|
| |||||||
Oil & Gas — 5.5% | ||||||||
Antero Midstream Partners LP* | 7,220 | 198,550 | ||||||
Apache Corp. | 14,616 | 915,985 | ||||||
Devon Energy Corp. | 13,705 | 838,883 | ||||||
Imperial Oil Ltd. | 31,568 | 1,359,940 | ||||||
Noble Energy, Inc. | 8,218 | 389,780 | ||||||
Occidental Petroleum Corp. | 8,013 | 645,928 | ||||||
Southwestern Energy Co.* | 7,481 | 204,156 | ||||||
Williams Partners LP | 8,403 | 376,034 | ||||||
|
| |||||||
4,929,256 | ||||||||
|
| |||||||
Oil & Gas Services — 0.7% | ||||||||
Cameron International Corp.* | 12,620 | 630,369 | ||||||
|
| |||||||
Packaging and Containers — 1.5% | ||||||||
Bemis Co., Inc. | 19,905 | 899,905 | ||||||
Sonoco Products Co. | 10,380 | 453,606 | ||||||
|
| |||||||
1,353,511 | ||||||||
|
| |||||||
Pharmaceuticals — 0.8% | ||||||||
Cardinal Health, Inc. | 9,466 | 764,190 | ||||||
|
|
Number of Shares | Value† | |||||||
Retail — 2.3% | ||||||||
Bed Bath & Beyond, Inc.* | 7,002 | $ | 533,342 | |||||
Lowe’s Cos., Inc. | 13,111 | 902,037 | ||||||
Target Corp. | 9,007 | 683,722 | ||||||
|
| |||||||
2,119,101 | ||||||||
|
| |||||||
Savings & Loans — 1.0% | ||||||||
Capitol Federal Financial, Inc. | 12,667 | 161,884 | ||||||
People’s United Financial, Inc. | 47,110 | 715,130 | ||||||
|
| |||||||
877,014 | ||||||||
|
| |||||||
Semiconductors — 5.5% | ||||||||
Applied Materials, Inc. | 31,919 | 795,421 | ||||||
Broadcom Corp., Class A | 20,134 | 872,406 | ||||||
Lam Research Corp. | 10,661 | 845,844 | ||||||
Maxim Integrated Products, Inc. | 19,168 | 610,884 | ||||||
Microchip Technology, Inc. | 17,662 | 796,733 | ||||||
Teradyne, Inc. | 51,331 | 1,015,841 | ||||||
|
| |||||||
4,937,129 | ||||||||
|
| |||||||
Software — 0.7% | ||||||||
Fidelity National Information Services, Inc. | 9,544 | 593,637 | ||||||
|
| |||||||
Telecommunications — 1.9% | ||||||||
CenturyLink, Inc. | 19,453 | 769,950 | ||||||
Harris Corp. | 6,357 | 456,560 | ||||||
Rogers Communications, Inc., Class B | 12,759 | 496,061 | ||||||
|
| |||||||
1,722,571 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.7% | ||||||||
Mattel, Inc. | 19,694 | 609,431 | ||||||
|
| |||||||
Transportation — 1.2% | ||||||||
Heartland Express, Inc. | 18,342 | 495,417 | ||||||
Werner Enterprises, Inc. | 19,313 | 601,600 | ||||||
|
| |||||||
1,097,017 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $73,400,137) | 82,610,893 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 4.3% | ||||||||
Building & Real Estate — 0.3% | ||||||||
Annaly Capital Management, Inc. | 21,293 | 230,177 | ||||||
|
| |||||||
Diversified — 2.5% | ||||||||
Corrections Corporation of America | 28,409 | 1,032,383 | ||||||
Weyerhaeuser Co. | 33,158 | 1,190,041 | ||||||
|
| |||||||
2,222,424 | ||||||||
|
| |||||||
Office Property — 1.5% | ||||||||
Empire State Realty Trust, Inc. | 24,927 | 438,217 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 51,131 | 963,308 | ||||||
|
| |||||||
1,401,525 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,660,446) | 3,854,126 | |||||||
|
|
118
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Mid Core Value Fund
Number of Shares | Value† | |||||||
EXCHANGE TRADED FUNDS — 2.7% | ||||||||
Investment Companies — 2.7% | ||||||||
iShares Russell MidCap Value Index Fund | 32,863 | $ | 2,424,303 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS — 3.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,973,168 | 2,973,168 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.8% (Cost $82,355,634) | $ | 91,862,490 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.8%) | (1,633,486 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 90,229,004 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
LP — Limited Partnership.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 82,610,893 | $ | 80,615,727 | $ | 1,995,166 | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 3,854,126 | 3,854,126 | — | — | ||||||||||||
EXCHANGE TRADED FUNDS | 2,424,303 | 2,424,303 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,973,168 | 2,973,168 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 91,862,490 | $ | 89,867,324 | $ | 1,995,166 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$619,261 was transferred from Level 1 into Level 2 at 12/31/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
119
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
SMID Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 98.6% | ||||||||
Advertising — 0.1% | ||||||||
Outfront Media Inc | 2,828 | $ | 75,904 | |||||
|
| |||||||
Airlines — 1.7% | ||||||||
Spirit Airlines, Inc.* | 12,260 | 926,611 | ||||||
|
| |||||||
Apparel — 2.8% | ||||||||
Carter’s, Inc. | 10,500 | 916,755 | ||||||
Under Armour, Inc., Class A* | 9,100 | 617,890 | ||||||
|
| |||||||
1,534,645 | ||||||||
|
| |||||||
Auto Parts & Equipment — 2.5% | ||||||||
Allison Transmission Holdings, Inc. | 21,010 | 712,239 | ||||||
Gentherm, Inc.* | 18,198 | 666,411 | ||||||
|
| |||||||
1,378,650 | ||||||||
|
| |||||||
Banks — 1.2% | ||||||||
Texas Capital Bancshares, Inc.* | 12,470 | 677,495 | ||||||
|
| |||||||
Beverages — 1.2% | ||||||||
Constellation Brands, Inc., Class A* | 7,020 | 689,153 | ||||||
|
| |||||||
Biotechnology — 6.9% | ||||||||
Alkermes PLC* | 15,440 | 904,167 | ||||||
Alnylam Pharmaceuticals, Inc.* | 6,240 | 605,280 | ||||||
AMAG Pharmaceuticals, Inc.* | 7,570 | 322,633 | ||||||
BioMarin Pharmaceutical, Inc.* | 6,853 | 619,511 | ||||||
Bluebird Bio, Inc.* | 3,310 | 303,593 | ||||||
Novavax, Inc.* | 65,433 | 388,018 | ||||||
NPS Pharmaceuticals, Inc.* | 8,981 | 321,250 | ||||||
Puma Biotechnology, Inc.* | 2,000 | 378,540 | ||||||
|
| |||||||
3,842,992 | ||||||||
|
| |||||||
Chemicals — 2.8% | ||||||||
Axalta Coating Systems Ltd.* | 25,929 | 674,673 | ||||||
WR Grace & Co.* | 9,134 | 871,292 | ||||||
|
| |||||||
1,545,965 | ||||||||
|
| |||||||
Commercial Services — 9.7% | ||||||||
Bright Horizons Family Solutions, Inc.* | 17,380 | 817,034 | ||||||
CoStar Group, Inc.* | 5,794 | 1,063,952 | ||||||
Euronet Worldwide, Inc.* | 10,427 | 572,442 | ||||||
Quanta Services, Inc.* | 15,710 | 446,007 | ||||||
SEI Investments Co. | 25,250 | 1,011,010 | ||||||
United Rentals, Inc.* | 5,950 | 606,959 | ||||||
Vantiv, Inc., Class A* | 25,617 | 868,929 | ||||||
|
| |||||||
5,386,333 | ||||||||
|
| |||||||
Computers — 3.2% | ||||||||
IHS, Inc., Class A* | 5,834 | 664,376 | ||||||
Nimble Storage, Inc.* | 24,960 | 686,400 | ||||||
Stratasys Ltd.* | 5,428 | 451,121 | ||||||
|
| |||||||
1,801,897 | ||||||||
|
| |||||||
Distribution & Wholesale — 2.1% | ||||||||
LKQ Corp.* | 41,277 | 1,160,709 | ||||||
|
|
Number of Shares | Value† | |||||||
Diversified Financial Services — 2.4% | ||||||||
Affiliated Managers Group, Inc.* | 3,430 | $ | 727,983 | |||||
Raymond James Financial, Inc. | 10,120 | 579,775 | ||||||
|
| |||||||
1,307,758 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.5% | ||||||||
Acuity Brands, Inc. | 6,113 | 856,248 | ||||||
|
| |||||||
Electronics — 2.7% | ||||||||
FEI Co. | 7,315 | 660,910 | ||||||
TASER International, Inc.* | 32,290 | 855,039 | ||||||
|
| |||||||
1,515,949 | ||||||||
|
| |||||||
Engineering & Construction — 2.3% | ||||||||
SBA Communications Corp., Class A* | 11,566 | 1,281,050 | ||||||
|
| |||||||
Entertainment — 1.7% | ||||||||
Cinemark Holdings, Inc. | 26,680 | 949,274 | ||||||
|
| |||||||
Hand & Machine Tools — 1.4% | ||||||||
Snap-On, Inc. | 5,660 | 773,948 | ||||||
|
| |||||||
Healthcare Products — 5.7% | ||||||||
Cepheid, Inc.* | 14,608 | 790,877 | ||||||
DexCom, Inc.* | 10,889 | 599,440 | ||||||
IDEXX Laboratories, Inc.* | 5,410 | 802,141 | ||||||
The Cooper Cos., Inc. | 6,080 | 985,507 | ||||||
|
| |||||||
3,177,965 | ||||||||
|
| |||||||
Healthcare Services — 2.4% | ||||||||
Community Health Systems, Inc.* | 10,630 | 573,170 | ||||||
Envision Healthcare Holdings Inc* | 22,629 | 785,000 | ||||||
|
| |||||||
1,358,170 | ||||||||
|
| |||||||
Insurance — 0.2% | ||||||||
eHealth, Inc.* | 3,758 | 93,649 | ||||||
|
| |||||||
Internet — 4.8% | ||||||||
HomeAway, Inc.* | 12,226 | 364,090 | ||||||
Makemytrip Ltd.* | 20,987 | 545,452 | ||||||
Shutterstock, Inc.* | 10,169 | 702,678 | ||||||
Vipshop Holdings Ltd. ADR* | 25,068 | 489,829 | ||||||
Yelp, Inc.* | 10,145 | 555,236 | ||||||
|
| |||||||
2,657,285 | ||||||||
|
| |||||||
Leisure Time — 2.0% | ||||||||
Polaris Industries, Inc. | 7,470 | 1,129,763 | ||||||
|
| |||||||
Lodging — 0.7% | ||||||||
Extended Stay America, Inc. | 20,000 | 386,200 | ||||||
|
| |||||||
Machinery — Diversified — 4.9% | ||||||||
Cognex Corp.* | 19,640 | 811,721 | ||||||
Graco, Inc. | 8,788 | 704,622 | ||||||
Wabtec Corp. | 13,590 | 1,180,835 | ||||||
|
| |||||||
2,697,178 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 2.8% | ||||||||
Carlisle Cos., Inc. | 10,310 | 930,374 | ||||||
Proto Labs, Inc.* | 9,043 | 607,328 | ||||||
|
| |||||||
1,537,702 | ||||||||
|
|
120
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
SMID Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Oil & Gas — 2.7% | ||||||||
Delek US Holdings, Inc. | 12,920 | $ | 352,458 | |||||
Diamondback Energy, Inc.* | 12,190 | 728,718 | ||||||
Rice Energy, Inc.* | 10,760 | 225,637 | ||||||
Sanchez Energy Corp.* | 22,075 | 205,077 | ||||||
|
| |||||||
1,511,890 | ||||||||
|
| |||||||
Pharmaceuticals — 3.2% | ||||||||
GW Pharmaceuticals PLC ADR* | 2,730 | 184,766 | ||||||
Jazz Pharmaceuticals PLC* | 5,060 | 828,474 | ||||||
VCA, Inc.* | 15,660 | 763,738 | ||||||
|
| |||||||
1,776,978 | ||||||||
|
| |||||||
Retail — 7.7% | ||||||||
Advance Auto Parts, Inc. | 3,993 | 636,005 | ||||||
Domino’s Pizza, Inc. | 9,840 | 926,633 | ||||||
Kate Spade & Co.* | 21,283 | 681,269 | ||||||
Krispy Kreme Doughnuts, Inc.* | 33,400 | 659,316 | ||||||
Lithia Motors, Inc., Class A | 7,575 | 656,677 | ||||||
Restoration Hardware Holdings, Inc.* | 7,617 | 731,308 | ||||||
|
| |||||||
4,291,208 | ||||||||
|
| |||||||
Semiconductors — 2.2% | ||||||||
Sensata Technologies Holding N.V.* | 14,379 | 753,604 | ||||||
Veeco Instruments, Inc.* | 13,940 | 486,227 | ||||||
|
| |||||||
1,239,831 | ||||||||
|
| |||||||
Software — 8.1% | ||||||||
athenahealth, Inc.* | 5,030 | 732,871 | ||||||
Cornerstone OnDemand, Inc.* | 18,405 | 647,856 | ||||||
Fleetmatics Group PLC* | 17,029 | 604,359 | ||||||
Guidewire Software, Inc.* | 15,140 | 766,538 | ||||||
ServiceNow, Inc.* | 12,713 | 862,577 | ||||||
Solera Holdings, Inc. | 4,362 | 223,247 | ||||||
Tableau Software, Inc., Class A* | 8,056 | 682,827 | ||||||
|
| |||||||
4,520,275 | ||||||||
|
| |||||||
Telecommunications — 1.6% | ||||||||
Palo Alto Networks, Inc.* | 7,377 | 904,199 | ||||||
|
| |||||||
Transportation — 3.4% | ||||||||
Old Dominion Freight Line, Inc.* | 14,290 | 1,109,476 | ||||||
Swift Transportation Co.* | 26,273 | 752,196 | ||||||
|
| |||||||
1,861,672 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $43,752,836) | 54,848,546 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 3.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,810,534 | 1,810,534 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.9% (Cost $45,563,370) | $ | 56,659,080 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.9%) | (1,057,004 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 55,602,076 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014†† | ||||
United States | 94 | % | ||
Ireland | 3 | |||
China | 1 | |||
India | 1 | |||
Netherlands | 1 | |||
| ||||
Total | 100 | % | ||
|
†† % of total investments as of December 31, 2014
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted | Level 2 Significant | Level 3 Significant | ||||||||||||
COMMON STOCKS | $ | 54,848,546 | $ | 54,848,546 | $ | — | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 1,810,534 | 1,810,534 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 56,659,080 | $ | 56,659,080 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
121
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
SMID Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 93.6% | ||||||||
Aerospace & Defense — 1.5% | ||||||||
Spirit Aerosystems Holdings, Inc., Class A* | 25,530 | $ | 1,098,811 | |||||
|
| |||||||
Apparel — 0.8% | ||||||||
Crocs, Inc.* | 49,180 | 614,258 | ||||||
|
| |||||||
Auto Parts & Equipment — 4.7% | ||||||||
Dana Holding Corp. | 37,210 | 808,945 | ||||||
Lear Corp. | 9,880 | 969,031 | ||||||
Tenneco, Inc.* | 17,830 | 1,009,356 | ||||||
TRW Automotive Holdings Corp.* | 6,320 | 650,012 | ||||||
|
| |||||||
3,437,344 | ||||||||
|
| |||||||
Banks — 8.8% | ||||||||
Associated Banc-Corp. | 29,580 | 551,075 | ||||||
Comerica, Inc. | 21,415 | 1,003,079 | ||||||
Huntington Bancshares, Inc. | 97,530 | 1,026,015 | ||||||
Popular, Inc.* | 27,639 | 941,108 | ||||||
Susquehanna Bancshares, Inc. | 70,630 | 948,561 | ||||||
Synovus Financial Corp. | 22,100 | 598,689 | ||||||
Webster Financial Corp. | 18,620 | 605,709 | ||||||
Zions Bancorporation | 28,600 | 815,386 | ||||||
|
| |||||||
6,489,622 | ||||||||
|
| |||||||
Chemicals — 1.4% | ||||||||
A. Schulman, Inc. | 15,340 | 621,730 | ||||||
Huntsman Corp. | 18,630 | 424,392 | ||||||
|
| |||||||
1,046,122 | ||||||||
|
| |||||||
Commercial Services — 1.3% | ||||||||
Booz Allen Hamilton Holding Corp. | 35,740 | 948,182 | ||||||
|
| |||||||
Computers — 3.3% | ||||||||
Brocade Communications Systems, Inc. | 60,800 | 719,872 | ||||||
Insight Enterprises, Inc.* | 29,140 | 754,435 | ||||||
NCR Corp.* | 32,540 | 948,215 | ||||||
|
| |||||||
2,422,522 | ||||||||
|
| |||||||
Distribution & Wholesale — 2.7% | ||||||||
Arrow Electronics, Inc.* | 18,010 | 1,042,599 | ||||||
WESCO International, Inc.* | 12,010 | 915,282 | ||||||
|
| |||||||
1,957,881 | ||||||||
|
| |||||||
Diversified Financial Services — 2.3% | ||||||||
E*TRADE Financial Corp.* | 32,570 | 789,986 | ||||||
SLM Corp. | 91,990 | 937,378 | ||||||
|
| |||||||
1,727,364 | ||||||||
|
| |||||||
Electric — 2.9% | ||||||||
PNM Resources, Inc. | 36,480 | 1,080,902 | ||||||
Westar Energy, Inc. | 25,490 | 1,051,208 | ||||||
|
| |||||||
2,132,110 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.6% | ||||||||
General Cable Corp. | 27,060 | 403,194 | ||||||
|
| |||||||
Electronics — 4.1% | ||||||||
Avnet, Inc. | 23,280 | 1,001,506 | ||||||
Jabil Circuit, Inc. | 27,380 | 597,705 | ||||||
TTM Technologies, Inc.* | 58,550 | 440,882 |
Number of Shares | Value† | |||||||
Electronics — (continued) | ||||||||
Vishay Intertechnology, Inc. | 69,400 | $ | 982,010 | |||||
|
| |||||||
3,022,103 | ||||||||
|
| |||||||
Engineering & Construction — 3.7% | ||||||||
AECOM Technology Corp.* | 36,704 | 1,114,700 | ||||||
Granite Construction, Inc. | 20,100 | 764,202 | ||||||
Tutor Perini Corp.* | 36,470 | 877,833 | ||||||
|
| |||||||
2,756,735 | ||||||||
|
| |||||||
Food — 2.6% | ||||||||
Dean Foods Co. | 64,615 | 1,252,239 | ||||||
Ingredion, Inc. | 7,880 | 668,539 | ||||||
|
| |||||||
1,920,778 | ||||||||
|
| |||||||
Gas — 3.8% | ||||||||
Atmos Energy Corp.* | 15,855 | 883,758 | ||||||
Southwest Gas Corp. | 16,960 | 1,048,297 | ||||||
UGI Corp. | 23,795 | 903,734 | ||||||
|
| |||||||
2,835,789 | ||||||||
|
| |||||||
Hand & Machine Tools — 1.1% | ||||||||
Regal-Beloit Corp. | 10,890 | 818,928 | ||||||
|
| |||||||
Healthcare Services — 3.3% | ||||||||
LifePoint Hospitals, Inc.* | 12,420 | 893,122 | ||||||
Molina Healthcare, Inc.* | 10,300 | 551,359 | ||||||
WellCare Health Plans, Inc.* | 12,120 | 994,567 | ||||||
|
| |||||||
2,439,048 | ||||||||
|
| |||||||
Home Builders — 3.2% | ||||||||
Meritage Homes Corp.* | 23,920 | 860,881 | ||||||
PulteGroup, Inc. | 35,180 | 754,963 | ||||||
Thor Industries, Inc. | 13,260 | 740,836 | ||||||
|
| |||||||
2,356,680 | ||||||||
|
| |||||||
Household Products & Wares — 2.0% | ||||||||
Avery Dennison Corp. | 14,350 | 744,478 | ||||||
Helen of Troy Ltd. * | 11,640 | 757,298 | ||||||
|
| |||||||
1,501,776 | ||||||||
|
| |||||||
Insurance — 10.4% | ||||||||
American Financial Group, Inc. | 17,710 | 1,075,351 | ||||||
Aspen Insurance Holdings Ltd. | 22,710 | 994,017 | ||||||
Assurant, Inc. | 8,110 | 554,967 | ||||||
CNO Financial Group, Inc. | 57,730 | 994,111 | ||||||
Essent Group Ltd. * | 27,144 | 697,872 | ||||||
PartnerRe Ltd. | 9,400 | 1,072,822 | ||||||
StanCorp Financial Group, Inc. | 6,370 | 445,008 | ||||||
The Hanover Insurance Group, Inc. | 14,170 | 1,010,605 | ||||||
Validus Holdings Ltd. | 20,790 | 864,032 | ||||||
|
| |||||||
7,708,785 | ||||||||
|
| |||||||
Internet — 1.1% | ||||||||
CDW Corp. | 23,780 | 836,343 | ||||||
|
| |||||||
Iron & Steel — 0.9% | ||||||||
Steel Dynamics, Inc. | 31,450 | 620,823 | ||||||
|
|
122
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
SMID Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Machinery — Construction & Mining — 0.7% | ||||||||
Terex Corp. | 17,620 | $ | 491,246 | |||||
|
| |||||||
Miscellaneous Manufacturing — 1.1% | ||||||||
ITT Corp. | 19,170 | 775,618 | ||||||
|
| |||||||
Oil & Gas — 1.8% | ||||||||
Bill Barrett Corp.* | 41,830 | 476,444 | ||||||
Rosetta Resources, Inc.* | 19,960 | 445,308 | ||||||
SM Energy Co. | 11,285 | 435,375 | ||||||
|
| |||||||
1,357,127 | ||||||||
|
| |||||||
Packaging and Containers — 0.8% | ||||||||
Graphic Packaging Holding Co.* | 42,250 | 575,445 | ||||||
|
| |||||||
Retail — 9.8% | ||||||||
Big Lots, Inc. | 21,140 | 846,023 | ||||||
Bloomin’ Brands, Inc. * | 50,260 | 1,244,437 | ||||||
Brown Shoe Co., Inc. | 23,410 | 752,631 | ||||||
Dillard’s, Inc., Class A | 6,470 | 809,915 | ||||||
GameStop Corp., Class A | 18,540 | 626,652 | ||||||
Office Depot, Inc.* | 162,330 | 1,391,980 | ||||||
Pier 1 Imports, Inc. | 42,020 | 647,108 | ||||||
The Children’s Place, Inc. | 16,610 | 946,770 | ||||||
|
| |||||||
7,265,516 | ||||||||
|
| |||||||
Savings & Loans — 0.8% | ||||||||
First Niagara Financial Group, Inc. | 65,450 | 551,744 | ||||||
|
| |||||||
Semiconductors — 3.6% | ||||||||
Advanced Micro Devices, Inc.* | 104,700 | 279,549 | ||||||
Fairchild Semiconductor International, Inc.* | 34,640 | 584,723 | ||||||
Lam Research Corp. | 12,620 | 1,001,271 | ||||||
Teradyne, Inc. | 40,450 | 800,506 | ||||||
|
| |||||||
2,666,049 | ||||||||
|
| |||||||
Software — 1.7% | ||||||||
Electronic Arts, Inc.* | 26,880 | 1,263,763 | ||||||
|
| |||||||
Telecommunications — 4.8% | ||||||||
Amdocs Ltd. | 18,345 | 855,886 | ||||||
Anixter International, Inc. * | 6,260 | 553,759 | ||||||
Finisar Corp.* | 27,080 | 525,623 | ||||||
Genpact Ltd. * | 41,430 | 784,270 | ||||||
Harris Corp. | 11,940 | 857,531 | ||||||
|
| |||||||
3,577,069 | ||||||||
|
| |||||||
Transportation — 2.0% | ||||||||
Con-way, Inc. | 10,030 | 493,275 | ||||||
Ryder System, Inc. | 10,880 | 1,010,208 | ||||||
|
| |||||||
1,503,483 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $55,134,692) | 69,122,258 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 7.3% | ||||||||
Apartments — 0.9% | ||||||||
Mid-America Apartment Communities, Inc. | 8,560 | 639,261 | ||||||
|
|
Number of Shares | Value† | |||||||
Diversified — 0.9% | ||||||||
STAG lndustrial, Inc. | 26,620 | $ | 652,190 | |||||
|
| |||||||
Healthcare — 2.4% | ||||||||
LTC Properties, Inc. | 22,430 | 968,303 | ||||||
Medical Properties Trust, Inc. | 59,480 | 819,634 | ||||||
|
| |||||||
1,787,937 | ||||||||
|
| |||||||
Hotels & Resorts — 1.3% | ||||||||
DiamondRock Hospitality Co. | 64,440 | 958,223 | ||||||
|
| |||||||
Office Property — 0.9% | ||||||||
Parkway Properties, Inc. | 36,520 | 671,603 | ||||||
|
| |||||||
Strip Centers — 0.9% | ||||||||
DDR Corp. | 38,220 | 701,719 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,702,773) | 5,410,933 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 962,545 | 962,545 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.2% (Cost $60,800,010) | $ | 75,495,736 | ||||||
|
| |||||||
Other Assets & Liabilities — (2.2%) | (1,589,555 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 73,906,181 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Country Weightings as of 12/31/2014†† | ||||
United States | 93 | % | ||
Bermuda | 6 | |||
Puerto Rico | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2014
123
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
SMID Cap Value Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 69,122,258 | $ | 69,122,258 | $ | — | $ | — | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 5,410,933 | 5,410,933 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 962,545 | 962,545 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 75,495,736 | $ | 75,495,736 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
124
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace & Defense — 3.1% | ||||||||
HEICO Corp., Class A | 53,721 | $ | 2,544,227 | |||||
TransDigm Group, Inc. | 3,054 | 599,653 | ||||||
|
| |||||||
3,143,880 | ||||||||
|
| |||||||
Apparel — 4.6% | ||||||||
Carter’s, Inc. | 24,350 | 2,125,999 | ||||||
Gildan Activewear, Inc. | 14,035 | 793,679 | ||||||
Wolverine World Wide, Inc. | 60,796 | 1,791,658 | ||||||
|
| |||||||
4,711,336 | ||||||||
|
| |||||||
Banks — 2.4% | ||||||||
Bank of the Ozarks, Inc. | 26,042 | 987,513 | ||||||
City National Corp. | 6,070 | 490,517 | ||||||
SVB Financial Group* | 8,060 | 935,524 | ||||||
|
| |||||||
2,413,554 | ||||||||
|
| |||||||
Biotechnology — 3.2% | ||||||||
Alkermes PLC | 16,353 | 957,632 | ||||||
Concordia Healthcare Corp. | 16,922 | 680,929 | ||||||
Incyte Corp.* | 9,240 | 675,536 | ||||||
NPS Pharmaceuticals, Inc.* | 18,880 | 675,338 | ||||||
Puma Biotechnology, Inc.* | 1,664 | 314,945 | ||||||
|
| |||||||
3,304,380 | ||||||||
|
| |||||||
Chemicals — 2.1% | ||||||||
Sensient Technologies Corp. | 36,200 | 2,184,308 | ||||||
|
| |||||||
Commercial Services — 9.5% | ||||||||
CoStar Group, Inc.* | 4,835 | 887,851 | ||||||
Euronet Worldwide, Inc.* | 40,973 | 2,249,418 | ||||||
Gartner, Inc.* | 7,951 | 669,554 | ||||||
Healthcare Services Group, Inc. | 30,165 | 933,003 | ||||||
Healthequity, Inc.* | 10,392 | 264,476 | ||||||
Nord Anglia Education, Inc. | 52,864 | 1,008,645 | ||||||
Rollins, Inc. | 12,285 | 406,634 | ||||||
Servicemaster Global Holdings, Inc.* | 41,266 | 1,104,691 | ||||||
SP Plus Corp.* | 26,784 | 675,760 | ||||||
Team Health Holdings, Inc.* | 10,630 | 611,544 | ||||||
The Corporate Executive Board Co. | 13,366 | 969,436 | ||||||
|
| |||||||
9,781,012 | ||||||||
|
| |||||||
Computers — 3.8% | ||||||||
Cadence Design Systems, Inc.* | 85,790 | 1,627,436 | ||||||
Jack Henry & Associates, Inc. | 28,405 | 1,765,087 | ||||||
Stratasys Ltd. | 6,125 | 509,049 | ||||||
|
| |||||||
3,901,572 | ||||||||
|
| |||||||
Distribution & Wholesale — 1.4% | ||||||||
WESCO International, Inc.* | 19,411 | 1,479,312 | ||||||
|
| |||||||
Diversified Financial Services — 3.2% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 8,931 | 451,283 | ||||||
Financial Engines, Inc. | 16,754 | 612,359 | ||||||
LPL Financial Holdings, Inc. | 14,894 | 663,528 | ||||||
MarketAxess Holdings, Inc. | 12,728 | 912,725 | ||||||
Markit Ltd.* | 22,692 | 599,749 | ||||||
|
| |||||||
3,239,644 | ||||||||
|
|
Number of Shares | Value† | |||||||
Electrical Components & Equipment — 3.5% | ||||||||
Belden, Inc. | 20,956 | $ | 1,651,542 | |||||
EnerSys, Inc. | 23,213 | 1,432,706 | ||||||
GrafTech International Ltd.* | 108,108 | 547,027 | ||||||
|
| |||||||
3,631,275 | ||||||||
|
| |||||||
Electronics — 3.3% | ||||||||
CTS Corp. | 36,380 | 648,655 | ||||||
FEI Co. | 11,485 | 1,037,670 | ||||||
National Instruments Corp. | 14,375 | 446,919 | ||||||
OSI Systems, Inc.* | 17,202 | 1,217,385 | ||||||
|
| |||||||
3,350,629 | ||||||||
|
| |||||||
Energy-Alternate Sources — 0.3% | ||||||||
Enphase Energy, Inc.* | 22,185 | 317,024 | ||||||
|
| |||||||
Entertainment — 1.8% | ||||||||
AMC Entertainment Holdings, Inc., Class A | 27,260 | 713,667 | ||||||
National CineMedia, Inc. | 63,663 | 914,837 | ||||||
SFX Entertainment, Inc. * | 55,290 | 250,464 | ||||||
|
| |||||||
1,878,968 | ||||||||
|
| |||||||
Environmental Control — 0.8% | ||||||||
Clean Harbors, Inc.* | 16,436 | 789,750 | ||||||
|
| |||||||
Hand & Machine Tools — 1.5% | ||||||||
Kennametal, Inc. | 43,610 | 1,560,802 | ||||||
|
| |||||||
Healthcare Products — 6.9% | ||||||||
Bio-Techne Corp. | 12,176 | 1,125,062 | ||||||
Cimpress NV | 12,358 | 924,873 | ||||||
Endologix, Inc.* | 83,484 | 1,276,470 | ||||||
Genfit* | 3,268 | 149,004 | ||||||
IDEXX Laboratories, Inc.* | 3,846 | 570,247 | ||||||
LDR Holding Corp.* | 31,995 | 1,048,796 | ||||||
Masimo Corp.* | 35,554 | 936,492 | ||||||
Quidel Corp.* | 34,713 | 1,003,900 | ||||||
|
| |||||||
7,034,844 | ||||||||
|
| |||||||
Healthcare Services — 0.7% | ||||||||
Catalent, Inc.* | 27,516 | 767,146 | ||||||
|
| |||||||
Household Products & Wares — 2.0% | ||||||||
Ontex Group NV* | 26,761 | 767,945 | ||||||
Prestige Brands Holdings, Inc.* | 22,718 | 788,769 | ||||||
Tumi Holdings, Inc.* | 22,267 | 528,396 | ||||||
|
| |||||||
2,085,110 | ||||||||
|
| |||||||
Internet — 1.3% | ||||||||
ChannelAdvisor Corp.* | 29,676 | 640,408 | ||||||
Wayfair, Inc.* | 11,617 | 230,597 | ||||||
Zillow, Inc. Class A* | 4,203 | 445,056 | ||||||
|
| |||||||
1,316,061 | ||||||||
|
| |||||||
Machinery — Diversified — 2.0% | ||||||||
Nordson Corp. | 6,019 | 469,241 | ||||||
Tennant Co. | 6,691 | 482,889 | ||||||
Wabtec Corp. | 12,275 | 1,066,575 | ||||||
|
| |||||||
2,018,705 | ||||||||
|
|
125
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Medical Instruments — 0.7% | ||||||||
Novadaq Technologies, Inc.* | 40,331 | $ | 670,301 | |||||
|
| |||||||
Metal Fabricate/Hardware — 1.6% | ||||||||
Rexnord Corp. * | 58,764 | 1,657,732 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.3% | ||||||||
Polypore International, Inc.* | 9,860 | 463,913 | ||||||
Proto Labs, Inc.* | 8,286 | 556,488 | ||||||
Raven Industries, Inc. | 11,901 | 297,525 | ||||||
|
| |||||||
1,317,926 | ||||||||
|
| |||||||
Oil & Gas Services — 1.8% | ||||||||
Dresser-Rand Group, Inc.* | 4,080 | 333,744 | ||||||
Dril-Quip, Inc.* | 10,501 | 805,742 | ||||||
Targa Resources Corp. | 6,520 | 691,446 | ||||||
|
| |||||||
1,830,932 | ||||||||
|
| |||||||
Pharmaceuticals — 7.1% | ||||||||
Akorn, Inc.* | 16,553 | 599,219 | ||||||
Dyax Corp.* | 42,821 | 602,063 | ||||||
IGI Laboratories, Inc.* | 58,247 | 512,574 | ||||||
Ironwood Pharmaceuticals, Inc.* | 45,013 | 689,599 | ||||||
Mallinckrodt PLC | 11,255 | 1,114,583 | ||||||
Medivation, Inc.* | 6,625 | 659,916 | ||||||
Pacira Pharmaceuticals, Inc.* | 8,105 | 718,589 | ||||||
Pernix Therapeutics Holdings, Inc.* | 54,754 | 514,140 | ||||||
Phibro Animal Health Corp., Class A | 36,044 | 1,137,188 | ||||||
Synageva BioPharma Corp.* | 7,585 | 703,812 | ||||||
|
| |||||||
7,251,683 | ||||||||
|
| |||||||
Real Estate — 1.0% | ||||||||
Jones Lang LaSalle, Inc. | 4,226 | 633,604 | ||||||
The St. Joe Co.* | 23,895 | 439,429 | ||||||
|
| |||||||
1,073,033 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 0.4% | ||||||||
Lamar Advertising Co. | 7,620 | 408,737 | ||||||
|
| |||||||
Retail — 5.1% | ||||||||
Biglari Holdings, Inc.* | 2,443 | 976,003 | ||||||
Casey’s General Stores, Inc. | 11,869 | 1,072,008 | ||||||
Dunkin’ Brands Group, Inc. | 8,255 | 352,076 | ||||||
Hibbett Sports, Inc.* | 26,608 | 1,288,626 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 10,531 | 592,579 | ||||||
Sally Beauty Holdings, Inc.* | 15,626 | 480,343 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 3,626 | 463,548 | ||||||
|
| |||||||
5,225,183 | ||||||||
|
| |||||||
Semiconductors — 3.6% | ||||||||
Atmel Corp.* | 194,049 | 1,629,041 | ||||||
ON Semiconductor Corp.* | 116,295 | 1,178,068 | ||||||
Sensata Technologies Holding N.V.* | 16,209 | 849,514 | ||||||
|
| |||||||
3,656,623 | ||||||||
|
| |||||||
Software — 15.2% | ||||||||
ACI Worldwide, Inc.* | 52,556 | 1,060,055 | ||||||
Advent Software, Inc. | 31,742 | 972,575 | ||||||
athenahealth, Inc.* | 5,880 | 856,716 |
Number of Shares | Value† | |||||||
Software — (continued) | ||||||||
Blackbaud, Inc. | 50,105 | $ | 2,167,542 | |||||
Broadridge Financial Solutions, Inc. | 39,530 | 1,825,495 | ||||||
Envestnet, Inc.* | 17,642 | 866,928 | ||||||
Guidewire Software, Inc.* | 14,741 | 746,337 | ||||||
Informatica Corp.* | 17,843 | 680,443 | ||||||
RealPage, Inc.* | 46,319 | 1,017,165 | ||||||
Solera Holdings, Inc. | 29,189 | 1,493,893 | ||||||
SS&C Technologies Holdings, Inc. | 67,320 | 3,937,547 | ||||||
|
| |||||||
15,624,696 | ||||||||
|
| |||||||
Telecommunications — 1.4% | ||||||||
NICE Systems, Ltd. ADR | 28,504 | 1,443,728 | ||||||
|
| |||||||
Transportation — 3.3% | ||||||||
Landstar System, Inc. | 16,831 | 1,220,752 | ||||||
Old Dominion Freight Line, Inc.* | 16,698 | 1,296,433 | ||||||
Saia, Inc.* | 15,978 | 884,542 | ||||||
|
| |||||||
3,401,727 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $82,099,857) | 102,471,613 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.7% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,740,350 | 1,740,350 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.5% (Cost $83,840,207) | $ | 104,211,963 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.5%) | (1,534,151 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 102,677,812 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2014†† | ||||
United States | 90 | % | ||
Canada | 2 | |||
Ireland | 2 | |||
Netherlands | 2 | |||
Belgium | 1 | |||
Hong Kong | 1 | |||
Israel | 1 | |||
Other | 1 | |||
Total | 100 | % |
†† % of total investments as of December 31, 2014
126
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
TOTAL COMMON STOCKS | $ | 102,471,613 | $ | 102,471,613 | $ | — | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 1,740,350 | 1,740,350 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 104,211,963 | $ | 104,211,963 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
127
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 84.5% | ||||||||
Aerospace & Defense — 3.5% | ||||||||
Cubic Corp. | 8,858 | $ | 466,285 | |||||
Curtiss-Wright Corp. | 17,091 | 1,206,454 | ||||||
Esterline Technologies Corp.* | 27,152 | 2,978,032 | ||||||
Kaman Corp. | 35,291 | 1,414,816 | ||||||
Moog, Inc., Class A* | 23,367 | 1,729,859 | ||||||
Teledyne Technologies, Inc.* | 7,914 | 813,084 | ||||||
|
| |||||||
8,608,530 | ||||||||
|
| |||||||
Apparel — 0.8% | ||||||||
Carter’s, Inc. | 15,919 | 1,389,888 | ||||||
Steven Madden Ltd.* | 19,577 | 623,136 | ||||||
|
| |||||||
2,013,024 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.8% | ||||||||
American Axle & Manufacturing Holdings, Inc.* | 49,125 | 1,109,734 | ||||||
Tenneco, Inc.* | 17,263 | 977,258 | ||||||
|
| |||||||
2,086,992 | ||||||||
|
| |||||||
Banks — 14.2% | ||||||||
BancorpSouth, Inc. | 87,950 | 1,979,754 | ||||||
Bank of the Ozarks, Inc. | 66,312 | 2,514,551 | ||||||
Banner Corp. | 26,761 | 1,151,258 | ||||||
Boston Private Financial Holdings, Inc. | 83,823 | 1,129,096 | ||||||
Bridge Capital Holdings* | 15,403 | 344,719 | ||||||
CoBiz Financial, Inc. | 32,143 | 422,038 | ||||||
Community Bank System, Inc. | 29,450 | 1,122,928 | ||||||
ConnectOne Bancorp, Inc. | 14,053 | 267,007 | ||||||
First Financial Bankshares, Inc. | 41,512 | 1,240,378 | ||||||
First Midwest Bancorp, Inc. | 42,599 | 728,869 | ||||||
Glacier Bancorp, Inc. | 53,523 | 1,486,334 | ||||||
Great Western Bancorp, Inc.* | 37,478 | 854,124 | ||||||
Heritage Financial Corp. | 17,784 | 312,109 | ||||||
Home BancShares, Inc. | 35,092 | 1,128,559 | ||||||
Independent Bank Corp. | 21,144 | 905,175 | ||||||
Independent Bank Group, Inc. | 10,043 | 392,280 | ||||||
Lakeland Financial Corp. | 12,110 | 526,422 | ||||||
MB Financial, Inc. | 56,354 | 1,851,792 | ||||||
PacWest Bancorp | 37,457 | 1,702,795 | ||||||
Pinnacle Financial Partners, Inc. | 33,683 | 1,331,826 | ||||||
PrivateBancorp, Inc. | 74,119 | 2,475,575 | ||||||
Prosperity Bancshares, Inc. | 24,084 | 1,333,290 | ||||||
Sandy Spring Bancorp, Inc. | 15,826 | 412,742 | ||||||
Sierra Bancorp | 7,257 | 127,433 | ||||||
Signature Bank* | 2,421 | 304,949 | ||||||
South State Corp. | 18,783 | 1,259,964 | ||||||
Southcoast Financial Corp.* | 7,082 | 49,928 | ||||||
Southwest Bancorp, Inc. | 26,135 | 453,704 | ||||||
Summit State Bank | 7,731 | 106,069 | ||||||
Texas Capital Bancshares, Inc.* | 22,495 | 1,222,153 | ||||||
The First of Long Island Corp. | 11,961 | 339,334 | ||||||
Trico Bancshares | 15,986 | 394,854 | ||||||
UMB Financial Corp. | 30,033 | 1,708,577 | ||||||
ViewPoint Financial Group, Inc. | 50,712 | 1,209,481 | ||||||
Webster Financial Corp. | 64,103 | 2,085,271 | ||||||
|
| |||||||
34,875,338 | ||||||||
|
|
Number of Shares | Value† | |||||||
Building Materials — 0.8% | ||||||||
Comfort Systems USA, Inc. | 36,404 | $ | 623,236 | |||||
Continental Building Products, Inc.* | 34,987 | 620,320 | ||||||
NCI Building Systems, Inc.* | 35,233 | 652,515 | ||||||
|
| |||||||
1,896,071 | ||||||||
|
| |||||||
Chemicals — 2.8% | ||||||||
Axiall Corp. | 8,268 | 351,142 | ||||||
H.B. Fuller Co. | 16,414 | 730,915 | ||||||
Methanex Corp. | 24,234 | 1,110,644 | ||||||
Minerals Technologies, Inc. | 7,364 | 511,430 | ||||||
PolyOne Corp. | 48,947 | 1,855,581 | ||||||
Quaker Chemical Corp. | 11,015 | 1,013,821 | ||||||
Tronox Ltd., Class A | 5,198 | 124,128 | ||||||
WR Grace & Co.* | 13,226 | 1,261,628 | ||||||
|
| |||||||
6,959,289 | ||||||||
|
| |||||||
Commercial Services — 1.9% | ||||||||
Convergys Corp. | 64,916 | 1,322,339 | ||||||
Live Nation Entertainment, Inc.* | 71,564 | 1,868,536 | ||||||
Monro Muffler Brake, Inc. | 10,725 | 619,905 | ||||||
On Assignment, Inc.* | 14,197 | 471,198 | ||||||
TrueBlue, Inc.* | 17,028 | 378,873 | ||||||
|
| |||||||
4,660,851 | ||||||||
|
| |||||||
Computers — 0.3% | ||||||||
Electronics for Imaging, Inc.* | 19,638 | 841,096 | ||||||
|
| |||||||
Distribution & Wholesale — 0.9% | ||||||||
Core-Mark Holding Co., Inc. | 13,842 | 857,235 | ||||||
WESCO International, Inc.* | 19,057 | 1,452,334 | ||||||
|
| |||||||
2,309,569 | ||||||||
|
| |||||||
Diversified Financial Services — 2.3% | ||||||||
Cohen & Steers, Inc. | 9,412 | 396,057 | ||||||
MarketAxess Holdings, Inc. | 12,908 | 925,632 | ||||||
Moelis & Co., Class A | 12,133 | 423,806 | ||||||
Om Asset Management PLC* | 62,733 | 1,018,784 | ||||||
Stifel Financial Corp.* | 35,495 | 1,810,955 | ||||||
Virtus Investment Partners, Inc. | 6,318 | 1,077,156 | ||||||
|
| |||||||
5,652,390 | ||||||||
|
| |||||||
Electric — 4.9% | ||||||||
ALLETE, Inc. | 32,128 | 1,771,538 | ||||||
Black Hills Corp. | 20,908 | 1,108,960 | ||||||
Dynegy, Inc.* | 49,649 | 1,506,847 | ||||||
IDACORP, Inc. | 33,359 | 2,208,032 | ||||||
NorthWestern Corp. | 33,430 | 1,891,469 | ||||||
Otter Tail Corp. | 4,189 | 129,692 | ||||||
PNM Resources, Inc. | 42,528 | 1,260,105 | ||||||
Portland General Electric Co. | 57,843 | 2,188,201 | ||||||
|
| |||||||
12,064,844 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.8% | ||||||||
Belden, Inc. | 14,805 | 1,166,782 | ||||||
Littelfuse, Inc. | 9,015 | 871,480 | ||||||
|
| |||||||
2,038,262 | ||||||||
|
|
128
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Electronics — 1.7% | ||||||||
CTS Corp. | 43,285 | $ | 771,772 | |||||
Newport Corp.* | 52,675 | 1,006,619 | ||||||
Watts Water Technologies, Inc., Class A | 19,866 | 1,260,299 | ||||||
Woodward, Inc. | 23,447 | 1,154,296 | ||||||
|
| |||||||
4,192,986 | ||||||||
|
| |||||||
Engineering & Construction — 0.9% | ||||||||
EMCOR Group, Inc. | 33,241 | 1,478,892 | ||||||
MYR Group, Inc.* | 28,621 | 784,215 | ||||||
|
| |||||||
2,263,107 | ||||||||
|
| |||||||
Entertainment — 1.4% | ||||||||
Carmike Cinemas, Inc.* | 29,269 | 768,897 | ||||||
Marriott Vacations Worldwide Corp. | 13,888 | 1,035,211 | ||||||
Vail Resorts, Inc. | 18,614 | 1,696,294 | ||||||
|
| |||||||
3,500,402 | ||||||||
|
| |||||||
Environmental Control — 0.7% | ||||||||
Ceco Environmental Corp. | 37,196 | 578,026 | ||||||
Progressive Waste Solutions Ltd. | 36,727 | 1,104,748 | ||||||
|
| |||||||
1,682,774 | ||||||||
|
| |||||||
Food — 0.9% | ||||||||
B&G Foods, Inc. | 16,228 | 485,217 | ||||||
J&J Snack Foods Corp. | 3,224 | 350,675 | ||||||
The Hain Celestial Group, Inc.* | 25,334 | 1,476,719 | ||||||
|
| |||||||
2,312,611 | ||||||||
|
| |||||||
Forest Products & Paper — 0.5% | ||||||||
KapStone Paper and Packaging Corp. | 37,680 | 1,104,401 | ||||||
|
| |||||||
Gas — 1.4% | ||||||||
New Jersey Resources Corp. | 14,330 | 876,996 | ||||||
Southwest Gas Corp. | 41,733 | 2,579,517 | ||||||
|
| |||||||
3,456,513 | ||||||||
|
| |||||||
Healthcare Products — 1.2% | ||||||||
Endologix, Inc.* | 53,146 | 812,602 | ||||||
Integra LifeSciences Holdings Corp.* | 21,060 | 1,142,084 | ||||||
Tornier N.V.* | 36,629 | 934,040 | ||||||
|
| |||||||
2,888,726 | ||||||||
|
| |||||||
Healthcare Services — 2.1% | ||||||||
Adeptus Health, Inc., Class A* | 13,194 | 493,456 | ||||||
Air Methods Corp.* | 29,161 | 1,283,959 | ||||||
Catalent, Inc.* | 39,045 | 1,088,575 | ||||||
HealthSouth Corp. | 47,249 | 1,817,196 | ||||||
Surgical Care Affiliates, Inc.* | 10,716 | 360,593 | ||||||
|
| |||||||
5,043,779 | ||||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
Meritage Homes Corp.* | 23,735 | 854,223 | ||||||
Standard Pacific Corp.* | 109,807 | 800,493 | ||||||
William Lyon Homes, Class A* | 20,386 | 413,224 | ||||||
|
| |||||||
2,067,940 | ||||||||
|
|
Number of Shares | Value† | |||||||
Household Products & Wares — 1.4% | ||||||||
Prestige Brands Holdings, Inc.* | 24,902 | $ | 864,597 | |||||
Spectrum Brands Holdings, Inc. | 26,682 | 2,552,934 | ||||||
|
| |||||||
3,417,531 | ||||||||
|
| |||||||
Insurance — 5.9% | ||||||||
American Equity Investment Life Holding Co. | 85,238 | 2,488,097 | ||||||
AMERISAFE, Inc. | 11,809 | 500,229 | ||||||
CNO Financial Group, Inc. | 138,630 | 2,387,208 | ||||||
Endurance Specialty Holdings Ltd. | 18,026 | 1,078,676 | ||||||
Enstar Group Ltd.* | 5,349 | 817,809 | ||||||
Fidelity & Guaranty Life | 19,958 | 484,381 | ||||||
Maiden Holdings Ltd. | 103,848 | 1,328,216 | ||||||
Meadowbrook Insurance Group, Inc. | 36,058 | 305,051 | ||||||
National General Holdings Corp. | 26,066 | 485,088 | ||||||
ProAssurance Corp. | 21,114 | 953,297 | ||||||
Radian Group, Inc. | 129,738 | 2,169,219 | ||||||
RLI Corp. | 17,058 | 842,665 | ||||||
Symetra Financial Corp. | 32,357 | 745,829 | ||||||
|
| |||||||
14,585,765 | ||||||||
|
| |||||||
Investment Companies — 0.4% | ||||||||
Apollo Investment Corp. | 17,558 | 130,280 | ||||||
Golub Capital BDC, Inc. | 19,141 | 343,198 | ||||||
New Mountain Finance Corp. | 29,675 | 443,345 | ||||||
|
| |||||||
916,823 | ||||||||
|
| |||||||
Iron & Steel — 0.5% | ||||||||
AK Steel Holding Corp.* | 145,452 | 863,985 | ||||||
Commercial Metals Co. | 7,541 | 122,843 | ||||||
Timkensteel Corp. | 7,532 | 278,910 | ||||||
|
| |||||||
1,265,738 | ||||||||
|
| |||||||
Leisure Time — 0.8% | ||||||||
Brunswick Corp. | 9,852 | 505,014 | ||||||
Diamond Resorts International, Inc.* | 48,937 | 1,365,342 | ||||||
|
| |||||||
1,870,356 | ||||||||
|
| |||||||
Machinery — Diversified — 0.9% | ||||||||
Alamo Group, Inc. | 5,644 | 273,395 | ||||||
Applied Industrial Technologies, Inc. | 22,830 | 1,040,820 | ||||||
Graco, Inc. | 11,229 | 900,341 | ||||||
|
| |||||||
2,214,556 | ||||||||
|
| |||||||
Media — 0.4% | ||||||||
Nexstar Broadcasting Group, Class A | 13,750 | 712,112 | ||||||
Townsquare Media, Inc.* | 14,878 | 196,390 | ||||||
|
| |||||||
908,502 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.7% | ||||||||
CIRCOR International, Inc. | 12,834 | 773,633 | ||||||
RBC Bearings, Inc. | 15,052 | 971,306 | ||||||
|
| |||||||
1,744,939 | ||||||||
|
| |||||||
Mining — 0.8% | ||||||||
Globe Specialty Metals, Inc. | 24,515 | 422,393 |
129
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Mining — (continued) | ||||||||
Kaiser Aluminum Corp. | 21,806 | $ | 1,557,603 | |||||
|
| |||||||
1,979,996 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 3.0% | ||||||||
Actuant Corp., Class A | 62,435 | 1,700,729 | ||||||
Barnes Group, Inc. | 24,795 | 917,663 | ||||||
Carlisle Cos., Inc. | 24,291 | 2,192,020 | ||||||
CLARCOR, Inc. | 18,887 | 1,258,630 | ||||||
Movado Group, Inc. | 23,252 | 659,659 | ||||||
Standex International Corp. | 7,915 | 611,513 | ||||||
|
| |||||||
7,340,214 | ||||||||
|
| |||||||
Oil & Gas — 2.8% | ||||||||
Laredo Petroleum, Inc.* | 76,010 | 786,703 | ||||||
Parsley Energy, Inc., Class A* | 94,505 | 1,508,300 | ||||||
Rex Energy Corp.* | 155,407 | 792,576 | ||||||
Rice Energy, Inc.* | 84,676 | 1,775,656 | ||||||
RSP Permian, Inc.* | 30,033 | 755,029 | ||||||
SM Energy Co. | 35,814 | 1,381,704 | ||||||
|
| |||||||
6,999,968 | ||||||||
|
| |||||||
Oil & Gas Services — 1.1% | ||||||||
Forum Energy Technologies, Inc.* | 47,302 | 980,571 | ||||||
Newpark Resources, Inc.* | 40,082 | 382,382 | ||||||
TETRA Technologies, Inc.* | 82,977 | 554,286 | ||||||
Thermon Group Holdings, Inc.* | 33,172 | 802,431 | ||||||
|
| |||||||
2,719,670 | ||||||||
|
| |||||||
Packaging and Containers — 1.2% | ||||||||
Berry Plastics Group, Inc.* | 58,486 | 1,845,233 | ||||||
Graphic Packaging Holding Co.* | 76,172 | 1,037,463 | ||||||
|
| |||||||
2,882,696 | ||||||||
|
| |||||||
Pharmaceuticals — 0.6% | ||||||||
Infinity Pharmaceuticals, Inc.* | 60,007 | 1,013,518 | ||||||
TESARO, Inc.* | 13,922 | 517,759 | ||||||
|
| |||||||
1,531,277 | ||||||||
|
| |||||||
Real Estate — 0.8% | ||||||||
Kennedy-Wilson Holdings, Inc. | 76,096 | 1,925,229 | ||||||
|
| |||||||
Retail — 5.1% | ||||||||
Asbury Automotive Group, Inc.* | 10,011 | 760,035 | ||||||
Bloomin’ Brands, Inc.* | 40,536 | 1,003,671 | ||||||
Boot Barn Holdings, Inc.* | 10,262 | 186,768 | ||||||
Burlington Stores, Inc.* | 26,324 | 1,244,072 | ||||||
DineEquity, Inc. | 10,242 | 1,061,481 | ||||||
Express, Inc.* | 16,004 | 235,099 | ||||||
First Cash Financial Services, Inc.* | 13,785 | 767,411 | ||||||
Freshpet, Inc.* | 6,841 | 116,708 | ||||||
Genesco, Inc.* | 1,502 | 115,083 | ||||||
GNC Holdings, Inc., Class A | 24,378 | 1,144,791 | ||||||
HSN, Inc. | 13,497 | 1,025,772 | ||||||
Jack in the Box, Inc. | 20,834 | 1,665,887 | ||||||
Krispy Kreme Doughnuts, Inc.* | 19,833 | 391,503 | ||||||
Lithia Motors, Inc., Class A | 17,500 | 1,517,075 |
Number of Shares | Value† | |||||||
Retail — (continued) | ||||||||
Office Depot, Inc.* | 148,972 | $ | 1,277,435 | |||||
|
| |||||||
12,512,791 | ||||||||
|
| |||||||
Savings & Loans — 1.3% | ||||||||
Brookline Bancorp, Inc. | 34,685 | 347,890 | ||||||
Dime Community Bancshares, Inc. | 22,264 | 362,458 | ||||||
Flushing Financial Corp. | 34,031 | 689,808 | ||||||
Oritani Financial Corp. | 30,524 | 470,070 | ||||||
Provident Financial Services, Inc. | 44,160 | 797,530 | ||||||
WSFS Financial Corp. | 6,880 | 529,003 | ||||||
|
| |||||||
3,196,759 | ||||||||
|
| |||||||
Semiconductors — 3.8% | ||||||||
Cabot Microelectronics Corp.* | 26,419 | 1,250,147 | ||||||
Entegris, Inc.* | 119,802 | 1,582,584 | ||||||
Fairchild Semiconductor International, Inc.* | 65,888 | 1,112,190 | ||||||
Intersil Corp., Class A | 119,913 | 1,735,141 | ||||||
MKS Instruments, Inc. | 42,152 | 1,542,763 | ||||||
Semtech Corp.* | 39,440 | 1,087,361 | ||||||
Silicon Laboratories, Inc.* | 21,812 | 1,038,687 | ||||||
|
| |||||||
9,348,873 | ||||||||
|
| |||||||
Software — 4.2% | ||||||||
Allscripts Healthcare Solutions, Inc.* | 170,896 | 2,182,342 | ||||||
Bottomline Technologies, Inc.* | 29,898 | 755,822 | ||||||
Digi International, Inc.* | 32,394 | 300,940 | ||||||
Everyday Health, Inc.* | 63,217 | 932,451 | ||||||
Monotype Imaging Holdings, Inc. | 29,816 | 859,595 | ||||||
Pegasystems, Inc. | 23,573 | 489,611 | ||||||
PTC, Inc.* | 27,240 | 998,346 | ||||||
Quality Systems, Inc. | 48,026 | 748,725 | ||||||
RADWARE Ltd.* | 47,147 | 1,038,177 | ||||||
SS&C Technologies Holdings, Inc. | 11,182 | 654,035 | ||||||
Verint Systems, Inc.* | 21,631 | 1,260,655 | ||||||
|
| |||||||
10,220,699 | ||||||||
|
| |||||||
Storage & Warehousing — 0.5% | ||||||||
Mobile Mini, Inc. | 31,033 | 1,257,147 | ||||||
|
| |||||||
Telecommunications — 1.8% | ||||||||
ADTRAN, Inc. | 32,216 | 702,309 | ||||||
Anixter International, Inc.* | 15,540 | 1,374,668 | ||||||
Extreme Networks, Inc.* | 116,643 | 411,750 | ||||||
Gigamon, Inc.* | 6,928 | 122,834 | ||||||
JDS Uniphase Corp.* | 63,142 | 866,308 | ||||||
Premiere Global Services, Inc.* | 95,113 | 1,010,100 | ||||||
|
| |||||||
4,487,969 | ||||||||
|
| |||||||
Textiles — 0.4% | ||||||||
G&K Services, Inc., Class A | 12,948 | 917,366 | ||||||
|
| |||||||
Transportation — 0.5% | ||||||||
Forward Air Corp. | 25,095 | 1,264,035 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $164,790,848) | 208,028,394 | |||||||
|
|
130
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Value Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 13.3% | ||||||||
Apartments — 0.3% | ||||||||
American Campus Communities, Inc. | 18,690 | $ | 773,018 | |||||
|
| |||||||
Building & Real Estate — 2.2% | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 83,524 | 1,366,452 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 56,484 | 1,645,944 | ||||||
MFA Financial, Inc. | 174,432 | 1,393,712 | ||||||
Two Harbors Investment Corp. | 110,114 | 1,103,342 | ||||||
|
| |||||||
5,509,450 | ||||||||
|
| |||||||
Diversified — 1.4% | ||||||||
DuPont Fabros Technology, Inc. | 47,811 | 1,589,238 | ||||||
PS Business Parks, Inc. | 23,203 | 1,845,566 | ||||||
|
| |||||||
3,434,804 | ||||||||
|
| |||||||
Healthcare — 1.0% | ||||||||
National Health Investors, Inc. | 34,179 | 2,391,163 | ||||||
|
| |||||||
Hotels & Resorts — 3.5% | ||||||||
Chesapeake Lodging Trust | 84,313 | 3,137,287 | ||||||
Pebblebrook Hotel Trust | 61,864 | 2,822,854 | ||||||
Strategic Hotels & Resorts, Inc.* | 198,286 | 2,623,324 | ||||||
|
| |||||||
8,583,465 | ||||||||
|
| |||||||
Industrial — 0.6% | ||||||||
Terreno Realty Corp. | 73,811 | 1,522,721 | ||||||
|
| |||||||
Office Property — 1.6% | ||||||||
Highwoods Properties, Inc. | 46,984 | 2,080,452 | ||||||
Hudson Pacific Properties, Inc. | 63,387 | 1,905,413 | ||||||
|
| |||||||
3,985,865 | ||||||||
|
| |||||||
Regional Malls — 0.7% | ||||||||
CBL & Associates Properties, Inc. | 86,391 | 1,677,713 | ||||||
|
| |||||||
Storage & Warehousing — 1.1% | ||||||||
CubeSmart | 117,291 | 2,588,612 | ||||||
|
| |||||||
Strip Centers — 0.9% | ||||||||
Acadia Realty Trust | 70,216 | 2,249,019 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $24,704,860) | 32,715,830 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.4% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 5,926,881 | 5,926,881 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $195,493,692) | $ | 246,671,105 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.2%) | (544,143 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 246,126,962 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 208,028,394 | $ | 208,028,394 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 32,715,830 | 32,715,830 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 5,926,881 | 5,926,881 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 246,671,105 | $ | 246,671,105 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
131
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 92.2% | ||||||||
Advertising — 0.1% | ||||||||
Evine Live, Inc.* | 1,700 | $ | 11,203 | |||||
Harte-Hanks, Inc. | 1,678 | 12,988 | ||||||
Marchex, Inc., Class B | 1,545 | 7,091 | ||||||
Marin Software, Inc.* | 700 | 5,922 | ||||||
MDC Partners, Inc., Class A | 1,500 | 34,080 | ||||||
Millennial Media, Inc.* | 2,900 | 4,640 | ||||||
Sizmek, Inc.* | 757 | 4,739 | ||||||
Tremor Video, Inc.* | 2,100 | 6,027 | ||||||
|
| |||||||
86,690 | ||||||||
|
| |||||||
Aerospace & Defense — 1.6% | ||||||||
AAR Corp. | 1,569 | 43,587 | ||||||
AeroVironment, Inc.* | 718 | 19,566 | ||||||
Astronics Corp.* | 637 | 35,233 | ||||||
Astronics Corp., Class B* | 127 | 7,061 | ||||||
Cubic Corp. | 869 | 45,744 | ||||||
Curtiss-Wright Corp. | 1,826 | 128,897 | ||||||
Ducommun, Inc.* | 400 | 10,112 | ||||||
Esterline Technologies Corp.* | 1,240 | 136,003 | ||||||
GenCorp, Inc.* | 2,440 | 44,652 | ||||||
HEICO Corp. | 2,515 | 151,906 | ||||||
Kaman Corp. | 1,048 | 42,014 | ||||||
Kratos Defense & Security Solutions, Inc.* | 2,422 | 12,158 | ||||||
LMI Aerospace, Inc.* | 653 | 9,207 | ||||||
M/A-COM Technology Solutions Holdings, Inc.* | 500 | 15,640 | ||||||
Moog, Inc., Class A* | 1,591 | 117,782 | ||||||
National Presto Industries, Inc. | 146 | 8,474 | ||||||
Orbital Sciences Corp.* | 2,396 | 64,429 | ||||||
Teledyne Technologies, Inc.* | 1,404 | 144,247 | ||||||
|
| |||||||
1,036,712 | ||||||||
|
| |||||||
Agriculture — 0.3% | ||||||||
Alico, Inc. | 51 | 2,552 | ||||||
Alliance One International, Inc.* | 2,256 | 3,564 | ||||||
Limoneira Co. | 600 | 14,988 | ||||||
Tejon Ranch Co.* | 688 | 20,268 | ||||||
The Andersons, Inc. | 1,132 | 60,155 | ||||||
Universal Corp. | 855 | 37,603 | ||||||
Vector Group Ltd. | 2,907 | 61,948 | ||||||
|
| |||||||
201,078 | ||||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Allegiant Travel Co. | 501 | 75,315 | ||||||
Hawaiian Holdings, Inc.* | 1,626 | 42,357 | ||||||
JetBlue Airways Corp.* | 9,528 | 151,114 | ||||||
Republic Airways Holdings, Inc.* | 1,901 | 27,736 | ||||||
SkyWest, Inc. | 1,881 | 24,980 | ||||||
Virgin America, Inc.* | 600 | 25,950 | ||||||
|
| |||||||
347,452 | ||||||||
|
| |||||||
Apparel — 0.9% | ||||||||
Columbia Sportswear Co. | 1,022 | 45,520 | ||||||
Crocs, Inc.* | 2,900 | 36,221 | ||||||
G-III Apparel Group Ltd.* | 704 | 71,111 | ||||||
Iconix Brand Group, Inc.* | 1,842 | 62,241 |
Number of Shares | Value† | |||||||
Apparel — (continued) | ||||||||
Oxford Industries, Inc. | 508 | $ | 28,047 | |||||
Perry Ellis International, Inc.* | 414 | 10,735 | ||||||
Quiksilver, Inc.* | 5,560 | 12,287 | ||||||
Sequential Brands Group, Inc.* | 700 | 9,149 | ||||||
Skechers U.S.A., Inc., Class A* | 1,416 | 78,234 | ||||||
Steven Madden Ltd.* | 2,249 | 71,586 | ||||||
Unifi, Inc.* | 460 | 13,676 | ||||||
Vince Holding Corp.* | 400 | 10,456 | ||||||
Weyco Group, Inc. | 100 | 2,967 | ||||||
Wolverine World Wide, Inc. | 3,982 | 117,349 | ||||||
|
| |||||||
569,579 | ||||||||
|
| |||||||
Auto Manufacturers — 0.0% | ||||||||
Wabash National Corp.* | 2,600 | 32,136 | ||||||
|
| |||||||
Auto Parts & Equipment — 1.2% | ||||||||
Accuride Corp.* | 1,000 | 4,340 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 2,816 | 63,614 | ||||||
Commercial Vehicle Group, Inc.* | 600 | 3,996 | ||||||
Cooper Tire & Rubber Co. | 2,249 | 77,928 | ||||||
Cooper-Standard Holding, Inc.* | 600 | 34,728 | ||||||
Dana Holding Corp. | 6,596 | 143,397 | ||||||
Dorman Products, Inc.* | 992 | 47,884 | ||||||
Douglas Dynamics, Inc. | 900 | 19,287 | ||||||
Federal-Mogul Holdings Corp.* | 916 | 14,738 | ||||||
Fuel Systems Solutions, Inc.* | 634 | 6,936 | ||||||
Gentherm, Inc.* | 1,268 | 46,434 | ||||||
Meritor, Inc.* | 3,645 | 55,222 | ||||||
Miller Industries, Inc. | 443 | 9,210 | ||||||
Modine Manufacturing Co.* | 2,077 | 28,247 | ||||||
Motorcar Parts of America, Inc.* | 700 | 21,763 | ||||||
Remy International, Inc. | 600 | 12,552 | ||||||
Spartan Motors, Inc. | 917 | 4,823 | ||||||
Standard Motor Products, Inc. | 700 | 26,684 | ||||||
Strattec Security Corp. | 100 | 8,258 | ||||||
Superior Industries International, Inc. | 1,119 | 22,145 | ||||||
Tenneco, Inc.* | 2,400 | 135,864 | ||||||
Titan International, Inc. | 1,913 | 20,335 | ||||||
Tower International, Inc.* | 800 | 20,440 | ||||||
|
| |||||||
828,825 | ||||||||
|
| |||||||
Banks — 7.6% | ||||||||
1st Source Corp. | 626 | 21,478 | ||||||
American National Bankshares, Inc. | 400 | 9,924 | ||||||
Ameris Bancorp | 947 | 24,281 | ||||||
Ames National Corp. | 199 | 5,162 | ||||||
Arrow Financial Corp. | 371 | 10,199 | ||||||
BancFirst Corp. | 260 | 16,481 | ||||||
Banco Latinoamericano de Exportaciones S.A., Class E* | 1,110 | 33,411 | ||||||
BancorpSouth, Inc. | 3,649 | 82,139 | ||||||
Bank of Marin Bancorp | 290 | 15,251 | ||||||
Bank of the Ozarks, Inc. | 3,052 | 115,732 | ||||||
Banner Corp. | 800 | 34,416 | ||||||
BBCN Bancorp, Inc. | 3,185 | 45,800 | ||||||
Blue Hills Bancorp, Inc.* | 1,300 | 17,654 |
132
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Banks — (continued) | ||||||||
BNC Bancorp | 800 | $ | 13,768 | |||||
Boston Private Financial Holdings, Inc. | 2,858 | 38,497 | ||||||
Bridge Bancorp, Inc. | 307 | 8,212 | ||||||
Bridge Capital Holdings* | 300 | 6,714 | ||||||
Bryn Mawr Bank Corp. | 532 | 16,652 | ||||||
Camden National Corp. | 326 | 12,988 | ||||||
Capital Bank Financial Corp., Class A* | 1,000 | 26,800 | ||||||
Capital City Bank Group, Inc. | 269 | 4,180 | ||||||
Cardinal Financial Corp. | 1,218 | 24,153 | ||||||
Cascade Bancorp* | 1,262 | 6,550 | ||||||
Cass Information Systems, Inc. | 454 | 24,175 | ||||||
Cathay General Bancorp | 3,050 | 78,049 | ||||||
Centerstate Banks, Inc. | 1,432 | 17,055 | ||||||
Central Pacific Financial Corp. | 800 | 17,200 | ||||||
Century Bancorp, Inc., Class A | 69 | 2,764 | ||||||
Chemical Financial Corp. | 1,166 | 35,726 | ||||||
Citizens & Northern Corp. | 356 | 7,359 | ||||||
City Holding Co. | 648 | 30,151 | ||||||
CNB Financial Corp. | 474 | 8,769 | ||||||
CoBiz Financial, Inc. | 1,700 | 22,321 | ||||||
Columbia Banking System, Inc. | 1,914 | 52,846 | ||||||
Community Bank System, Inc. | 1,511 | 57,614 | ||||||
Community Trust Bancorp, Inc. | 683 | 25,005 | ||||||
CommunityOne Bancorp* | 700 | 8,015 | ||||||
ConnectOne Bancorp, Inc. | 660 | 12,540 | ||||||
CU Bancorp* | 400 | 8,676 | ||||||
Customers Bancorp, Inc.* | 880 | 17,125 | ||||||
CVB Financial Corp. | 3,992 | 63,952 | ||||||
Eagle Bancorp, Inc.* | 973 | 34,561 | ||||||
Enterprise Bancorp, Inc. | 300 | 7,575 | ||||||
Enterprise Financial Services Corp. | 782 | 15,429 | ||||||
F.N.B. Corp. | 6,408 | 85,355 | ||||||
Fidelity Southern Corp. | 607 | 9,779 | ||||||
Financial Institutions, Inc. | 440 | 11,066 | ||||||
First Bancorp | 824 | 15,219 | ||||||
First Bancorp Puerto Rico* | 4,700 | 27,589 | ||||||
First Bancorp, Inc. | 234 | 4,233 | ||||||
First Busey Corp. | 2,802 | 18,241 | ||||||
First Business Financial Services, Inc. | 200 | 9,582 | ||||||
First Citizens Bancshares, Inc., Class A | 300 | 75,837 | ||||||
First Commonwealth Financial Corp. | 4,021 | 37,074 | ||||||
First Community Bancshares, Inc. | 626 | 10,310 | ||||||
First Connecticut Bancorp, Inc. | 659 | 10,755 | ||||||
First Financial Bancorp | 2,205 | 40,991 | ||||||
First Financial Bankshares, Inc. | 2,452 | 73,266 | ||||||
First Financial Corp. | 580 | 20,660 | ||||||
First Interstate BancSystem, Inc. | 600 | 16,692 | ||||||
First Merchants Corp. | 1,238 | 28,164 | ||||||
First Midwest Bancorp, Inc. | 2,814 | 48,148 | ||||||
First NBC Bank Holding Co.* | 600 | 21,120 | ||||||
FirstMerit Corp. | 6,394 | 120,783 | ||||||
Franklin Financial Corp.* | 400 | 8,472 | ||||||
German American Bancorp, Inc. | 392 | 11,964 | ||||||
Glacier Bancorp, Inc. | 2,721 | 75,562 | ||||||
Great Southern Bancorp, Inc. | 471 | 18,685 |
Number of Shares | Value† | |||||||
Banks — (continued) | ||||||||
Great Western Bancorp, Inc.* | 700 | $ | 15,953 | |||||
Guaranty Bancorp | 900 | 12,996 | ||||||
Hancock Holding Co. | 3,072 | 94,310 | ||||||
Hanmi Financial Corp. | 1,213 | 26,456 | ||||||
Heartland Financial USA, Inc. | 717 | 19,431 | ||||||
Heritage Commerce Corp. | 600 | 5,298 | ||||||
Heritage Financial Corp. | 1,130 | 19,831 | ||||||
Heritage Oaks Bancorp | 1,500 | 12,585 | ||||||
Home BancShares, Inc. | 2,164 | 69,594 | ||||||
Horizon Bancorp | 400 | 10,456 | ||||||
Hudson Valley Holding Corp. | 462 | 12,548 | ||||||
Iberiabank Corp. | 1,246 | 80,803 | ||||||
Independent Bank Corp. | 971 | 41,568 | ||||||
Independent Bank Corp. | 1,000 | 13,050 | ||||||
Independent Bank Group, Inc. | 400 | 15,624 | ||||||
International Bancshares Corp. | 2,225 | 59,051 | ||||||
Lakeland Bancorp, Inc. | 1,111 | 12,999 | ||||||
Lakeland Financial Corp. | 594 | 25,821 | ||||||
Macatawa Bank Corp. | 1,900 | 10,336 | ||||||
MainSource Financial Group, Inc. | 1,021 | 21,359 | ||||||
MB Financial, Inc. | 2,584 | 84,910 | ||||||
Mercantile Bank Corp. | 500 | 10,510 | ||||||
Merchants Bancshares, Inc. | 86 | 2,634 | ||||||
Metro Bancorp, Inc.* | 563 | 14,593 | ||||||
MidSouth Bancorp, Inc. | 186 | 3,225 | ||||||
MidWestOne Financial Group, Inc. | 400 | 11,524 | ||||||
National Bankshares, Inc. | 319 | 9,694 | ||||||
National Penn Bancshares, Inc. | 4,487 | 47,226 | ||||||
NBT Bancorp, Inc. | 1,869 | 49,099 | ||||||
NewBridge Bancorp* | 1,100 | 9,581 | ||||||
Northrim BanCorp, Inc. | 400 | 10,496 | ||||||
OFG Bancorp | 1,810 | 30,136 | ||||||
Old Line Bancshares, Inc. | 600 | 9,492 | ||||||
Old National Bancorp | 4,686 | 69,728 | ||||||
Opus Bank* | 300 | 8,511 | ||||||
Pacific Continental Corp. | 862 | 12,223 | ||||||
Park National Corp. | 524 | 46,364 | ||||||
Park Sterling Corp. | 1,600 | 11,760 | ||||||
Peapack Gladstone Financial Corp. | 636 | 11,804 | ||||||
Penns Woods Bancorp, Inc. | 268 | 13,202 | ||||||
Peoples Bancorp, Inc. | 272 | 7,053 | ||||||
Peoples Financial Services Corp. | 300 | 14,904 | ||||||
Pinnacle Financial Partners, Inc. | 1,463 | 57,847 | ||||||
Preferred Bank Los Angeles CA | 500 | 13,945 | ||||||
PrivateBancorp, Inc. | 2,898 | 96,793 | ||||||
Prosperity Bancshares, Inc. | 2,726 | 150,911 | ||||||
Renasant Corp. | 1,358 | 39,287 | ||||||
Republic Bancorp, Inc., Class A | 387 | 9,567 | ||||||
Republic First Bancorp, Inc.* | 1,900 | 7,125 | ||||||
S&T Bancorp, Inc. | 1,259 | 37,531 | ||||||
Sandy Spring Bancorp, Inc. | 1,085 | 28,297 | ||||||
Seacoast Banking Corp of Florida* | 440 | 6,050 | ||||||
Sierra Bancorp | 712 | 12,503 | ||||||
Simmons First National Corp., Class A | 600 | 24,390 | ||||||
South State Corp. | 958 | 64,263 |
133
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Banks — (continued) | ||||||||
Southside Bancshares, Inc. | 858 | $ | 24,805 | |||||
Southwest Bancorp, Inc. | 1,036 | 17,985 | ||||||
Square 1 Financial, Inc.* | 100 | 2,470 | ||||||
State Bank Financial Corp. | 1,200 | 23,976 | ||||||
Stock Yards Bancorp, Inc. | 445 | 14,836 | ||||||
Stonegate Bank | 500 | 14,810 | ||||||
Suffolk Bancorp | 443 | 10,061 | ||||||
Sun Bancorp, Inc.* | 220 | 4,268 | ||||||
Susquehanna Bancshares, Inc. | 7,533 | 101,168 | ||||||
Talmer Bancorp, Inc. | 900 | 12,636 | ||||||
Texas Capital Bancshares, Inc.* | 1,773 | 96,327 | ||||||
The Bancorp, Inc.* | 1,412 | 15,377 | ||||||
The Bank of Kentucky Financial Corp. | 200 | 9,654 | ||||||
The First of Long Island Corp. | 593 | 16,823 | ||||||
Tompkins Financial Corp. | 558 | 30,857 | ||||||
TowneBank | 972 | 14,697 | ||||||
Trico Bancshares | 704 | 17,389 | ||||||
Tristate Capital Holdings, Inc.* | 1,000 | 10,240 | ||||||
TrustCo Bank Corp. | 3,252 | 23,610 | ||||||
Trustmark Corp. | 2,630 | 64,540 | ||||||
UMB Financial Corp. | 1,481 | 84,254 | ||||||
Umpqua Holdings Corp. | 6,401 | 108,881 | ||||||
Union Bankshares Corp. | 1,828 | 44,018 | ||||||
United Bankshares, Inc. | 2,792 | 104,560 | ||||||
United Community Banks, Inc. | 1,878 | 35,569 | ||||||
Univest Corp. of Pennsylvania | 600 | 12,144 | ||||||
Valley National Bancorp | 8,635 | 83,846 | ||||||
ViewPoint Financial Group, Inc. | 1,666 | 39,734 | ||||||
Walker & Dunlop, Inc.* | 1,000 | 17,540 | ||||||
Washington Trust Bancorp, Inc. | 670 | 26,921 | ||||||
Webster Financial Corp. | 3,528 | 114,766 | ||||||
WesBanco, Inc. | 1,115 | 38,802 | ||||||
West Bancorporation, Inc. | 378 | 6,434 | ||||||
Westamerica Bancorporation | 1,073 | 52,598 | ||||||
Western Alliance Bancorp* | 2,775 | 77,145 | ||||||
Wilshire Bancorp, Inc. | 2,676 | 27,108 | ||||||
Wintrust Financial Corp. | 1,742 | 81,456 | ||||||
Yadkin Financial Corp.* | 600 | 11,790 | ||||||
|
| |||||||
5,048,238 | ||||||||
|
| |||||||
Beverages — 0.2% | ||||||||
Coca-Cola Bottling Co. Consolidated | 174 | 15,317 | ||||||
Craft Brew Alliance, Inc.* | 700 | 9,338 | ||||||
Farmers Brothers Co.* | 204 | 6,008 | ||||||
National Beverage Corp.* | 642 | 14,522 | ||||||
The Boston Beer Co., Inc., Class A* | 310 | 89,757 | ||||||
|
| |||||||
134,942 | ||||||||
|
| |||||||
Biotechnology — 3.0% | ||||||||
Acceleron Pharma, Inc.* | 700 | 27,272 | ||||||
Acorda Therapeutics, Inc.* | 1,531 | 62,572 | ||||||
Agenus, Inc.* | 2,000 | 7,940 | ||||||
Alder Biopharmaceuticals, Inc.* | 300 | 8,727 | ||||||
AMAG Pharmaceuticals, Inc.* | 856 | 36,483 | ||||||
ANI Pharmaceuticals, Inc.* | 300 | 16,917 | ||||||
Arena Pharmaceuticals, Inc.* | 8,506 | 29,516 |
Number of Shares | Value† | |||||||
Biotechnology — (continued) | ||||||||
ARIAD Pharmaceuticals, Inc.* | 6,600 | $ | 45,342 | |||||
Avalanche Biotechnologies, Inc.* | 200 | 10,800 | ||||||
BioCryst Pharmaceuticals, Inc.* | 2,900 | 35,264 | ||||||
BioTime, Inc.* | 1,100 | 4,103 | ||||||
Bluebird Bio, Inc.* | 800 | 73,376 | ||||||
Cambrex Corp.* | 1,167 | 25,231 | ||||||
Celldex Therapeutics, Inc.* | 3,444 | 62,853 | ||||||
CTI BioPharma Corp.* | 5,000 | 11,800 | ||||||
Cubist Pharmaceuticals, Inc.* | 1,200 | 48 | ||||||
Cytokinetics, Inc.* | 1,000 | 8,010 | ||||||
Cytrx Corp.* | 2,600 | 7,124 | ||||||
Dynavax Technologies Corp.* | 1,020 | 17,197 | ||||||
Emergent BioSolutions, Inc.* | 1,058 | 28,809 | ||||||
Enzo Biochem, Inc.* | 1,300 | 5,772 | ||||||
Epizyme, Inc.* | 600 | 11,322 | ||||||
Exact Sciences Corp.* | 3,100 | 85,064 | ||||||
Exelixis, Inc.* | 6,969 | 10,035 | ||||||
Five Prime Therapeutics, Inc.* | 500 | 13,500 | ||||||
Foundation Medicine, Inc.* | 700 | 15,554 | ||||||
Galena Biopharma, Inc.* | 3,600 | 5,436 | ||||||
Geron Corp.* | 5,050 | 16,412 | ||||||
Halozyme Therapeutics, Inc.* | 3,589 | 34,634 | ||||||
Idera Pharmaceuticals, Inc.* | 2,300 | 10,143 | ||||||
ImmunoGen, Inc.* | 3,263 | 19,904 | ||||||
Immunomedics, Inc.* | 2,936 | 14,093 | ||||||
Inovio Pharmaceuticals, Inc.* | 2,500 | 22,950 | ||||||
Insmed, Inc.* | 1,600 | 24,752 | ||||||
Intrexon Corp.* | 1,400 | 38,542 | ||||||
Karyopharm Therapeutics, Inc.* | 400 | 14,972 | ||||||
Kite Pharma, Inc.* | 400 | 23,068 | ||||||
KYTHERA Biopharmaceuticals, Inc.* | 600 | 20,808 | ||||||
Lexicon Pharmaceuticals, Inc.* | 8,826 | 8,031 | ||||||
Ligand Pharmaceuticals, Inc.* | 844 | 44,909 | ||||||
MacroGenics, Inc.* | 900 | 31,563 | ||||||
Merrimack Pharmaceuticals, Inc.* | 3,500 | 39,550 | ||||||
Momenta Pharmaceuticals, Inc.* | 1,882 | 22,659 | ||||||
Neuralstem, Inc.* | 3,100 | 8,432 | ||||||
Newlink Genetics Corp.* | 600 | 23,850 | ||||||
Novavax, Inc.* | 9,929 | 58,879 | ||||||
NPS Pharmaceuticals, Inc.* | 3,957 | 141,542 | ||||||
Omeros Corp.* | 1,000 | 24,780 | ||||||
OncoMed Pharmaceuticals, Inc.* | 600 | 13,056 | ||||||
Oncothyreon, Inc.* | 3,300 | 6,270 | ||||||
Organovo Holdings, Inc.* | 2,700 | 19,575 | ||||||
OvaScience, Inc.* | 600 | 26,532 | ||||||
Oxford ImmunoteC Global PLC* | 200 | 2,724 | ||||||
Pacific Biosciences of California, Inc.* | 2,400 | 18,816 | ||||||
PDL BioPharma, Inc. | 6,217 | 47,933 | ||||||
Peregrine Pharmaceuticals, Inc.* | 5,800 | 8,062 | ||||||
Prothena Corp. PLC* | 900 | 18,684 | ||||||
PTC Therapeutics, Inc.* | 900 | 46,593 | ||||||
Puma Biotechnology, Inc.* | 900 | 170,343 | ||||||
Repligen Corp.* | 1,300 | 25,740 | ||||||
Retrophin, Inc.* | 700 | 8,568 | ||||||
Rigel Pharmaceuticals, Inc.* | 2,690 | 6,106 | ||||||
RTI Surgical, Inc.* | 2,035 | 10,582 |
134
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Biotechnology— (continued) | ||||||||
Sage Therapeutics, Inc.* | 300 | $ | 10,980 | |||||
Sangamo Biosciences, Inc.* | 2,403 | 36,550 | ||||||
Sequenom, Inc.* | 5,097 | 18,859 | ||||||
Spectrum Pharmaceuticals, Inc.* | 2,414 | 16,729 | ||||||
Stemline Therapeutics, Inc.* | 400 | 6,824 | ||||||
Sunesis Pharmaceuticals, Inc.* | 1,400 | 3,570 | ||||||
The Medicines Co.* | 2,392 | 66,187 | ||||||
Theravance Biopharma, Inc.* | 1,000 | 14,920 | ||||||
Theravance, Inc. | 3,200 | 45,280 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 300 | 13,164 | ||||||
Verastem, Inc.* | 600 | 5,484 | ||||||
Versartis, Inc.* | 200 | 4,490 | ||||||
XOMA Corp.* | 3,600 | 12,924 | ||||||
ZIOPHARM Oncology, Inc.* | 3,700 | 18,759 | ||||||
|
| |||||||
2,014,844 | ||||||||
|
| |||||||
Building Materials — 1.2% | ||||||||
AAON, Inc. | 1,585 | 35,488 | ||||||
Apogee Enterprises, Inc. | 1,043 | 44,192 | ||||||
Boise Cascade Co.* | 1,600 | 59,440 | ||||||
Builders FirstSource, Inc.* | 2,173 | 14,929 | ||||||
Comfort Systems USA, Inc. | 1,227 | 21,006 | ||||||
Continental Building Products, Inc.* | 700 | 12,411 | ||||||
Drew Industries, Inc.* | 991 | 50,610 | ||||||
Gibraltar Industries, Inc.* | 1,101 | 17,902 | ||||||
Griffon Corp. | 1,256 | 16,705 | ||||||
Headwaters, Inc.* | 2,880 | 43,171 | ||||||
Louisiana-Pacific Corp.* | 5,394 | 89,325 | ||||||
LSI Industries, Inc. | 1,314 | 8,922 | ||||||
Masonite International Corp.* | 1,200 | 73,752 | ||||||
NCI Building Systems, Inc.* | 1,264 | 23,409 | ||||||
Nortek, Inc.* | 400 | 32,532 | ||||||
Patrick Industries, Inc.* | 300 | 13,194 | ||||||
PGT, Inc.* | 1,700 | 16,371 | ||||||
Ply Gem Holdings, Inc.* | 600 | 8,388 | ||||||
Quanex Building Products Corp. | 1,425 | 26,762 | ||||||
Simpson Manufacturing Co., Inc. | 1,685 | 58,301 | ||||||
Stock Building Supply Holdings, Inc.* | 300 | 4,596 | ||||||
Trex Co., Inc.* | 1,262 | 53,736 | ||||||
Universal Forest Products, Inc. | 783 | 41,656 | ||||||
US Concrete, Inc.* | 600 | 17,070 | ||||||
|
| |||||||
783,868 | ||||||||
|
| |||||||
Chemicals — 2.0% | ||||||||
A. Schulman, Inc. | 1,188 | 48,150 | ||||||
Aceto Corp. | 1,042 | 22,611 | ||||||
American Vanguard Corp. | 1,078 | 12,526 | ||||||
Axiall Corp. | 2,800 | 118,916 | ||||||
Balchem Corp. | 1,205 | 80,301 | ||||||
Chemtura Corp.* | 2,914 | 72,063 | ||||||
Ferro Corp.* | 2,638 | 34,189 | ||||||
H.B. Fuller Co. | 1,980 | 88,169 | ||||||
Hawkins, Inc. | 449 | 19,455 | ||||||
Innophos Holdings, Inc. | 796 | 46,526 | ||||||
Innospec, Inc. | 900 | 38,430 | ||||||
Intrepid Potash, Inc.* | 2,100 | 29,148 |
Number of Shares | Value† | |||||||
Chemicals — (continued) | ||||||||
KMG Chemicals, Inc. | 200 | $ | 4,000 | |||||
Kraton Performance Polymers, Inc.* | 1,241 | 25,800 | ||||||
Kronos Worldwide, Inc. | 900 | 11,718 | ||||||
Landec Corp.* | 1,218 | 16,821 | ||||||
Minerals Technologies, Inc. | 1,328 | 92,230 | ||||||
Oil-Dri Corp. of America | 97 | 3,165 | ||||||
Olin Corp. | 3,092 | 70,405 | ||||||
OM Group, Inc. | 1,254 | 37,369 | ||||||
OMNOVA Solutions, Inc.* | 2,368 | 19,276 | ||||||
PolyOne Corp. | 3,555 | 134,770 | ||||||
Quaker Chemical Corp. | 511 | 47,032 | ||||||
Rentech, Inc.* | 7,187 | 9,056 | ||||||
Sensient Technologies Corp. | 1,974 | 119,111 | ||||||
Stepan Co. | 708 | 28,377 | ||||||
Tronox Ltd., Class A | 2,400 | 57,312 | ||||||
Zep, Inc. | 1,092 | 16,544 | ||||||
|
| |||||||
1,303,470 | ||||||||
|
| |||||||
Coal — 0.2% | ||||||||
Alpha Natural Resources, Inc.* | 8,300 | 13,861 | ||||||
Arch Coal, Inc. | 7,900 | 14,062 | ||||||
Cloud Peak Energy, Inc.* | 2,600 | 23,868 | ||||||
SunCoke Energy, Inc. | 2,341 | 45,275 | ||||||
Walter Energy, Inc. | 2,400 | 3,312 | ||||||
Westmoreland Coal Co.* | 600 | 19,926 | ||||||
|
| |||||||
120,304 | ||||||||
|
| |||||||
Commercial Services — 5.5% | ||||||||
ABM Industries, Inc. | 2,139 | 61,282 | ||||||
Acacia Research Corp. | 1,880 | 31,847 | ||||||
Albany Molecular Research, Inc.* | 900 | 14,652 | ||||||
American Public Education, Inc.* | 755 | 27,837 | ||||||
AMN Healthcare Services, Inc.* | 1,909 | 37,416 | ||||||
ARC Document Solutions, Inc.* | 1,436 | 14,676 | ||||||
Arrowhead Research Corp.* | 2,100 | 15,498 | ||||||
Ascent Capital Group Inc., Class A* | 531 | 28,106 | ||||||
Barrett Business Services, Inc. | 342 | 9,371 | ||||||
Bridgepoint Education, Inc.* | 480 | 5,434 | ||||||
Bright Horizons Family Solutions, Inc.* | 1,200 | 56,412 | ||||||
Capella Education Co. | 407 | 31,323 | ||||||
Cardtronics, Inc.* | 1,763 | 68,017 | ||||||
Career Education Corp.* | 2,300 | 16,008 | ||||||
Carriage Services, Inc. | 600 | 12,570 | ||||||
CBIZ, Inc.* | 1,340 | 11,470 | ||||||
CDI Corp. | 741 | 13,123 | ||||||
Cenveo, Inc.* | 1,299 | 2,728 | ||||||
Chemed Corp. | 629 | 66,466 | ||||||
Civeo Corp. | 3,700 | 15,207 | ||||||
Collectors Universe, Inc. | 400 | 8,344 | ||||||
Convergys Corp. | 3,983 | 81,134 | ||||||
CorVel Corp.* | 462 | 17,196 | ||||||
CRA International, Inc.* | 274 | 8,308 | ||||||
Cross Country Healthcare, Inc.* | 1,084 | 13,528 | ||||||
Deluxe Corp. | 1,907 | 118,711 | ||||||
Electro Rent Corp. | 715 | 10,039 | ||||||
Ennis, Inc. | 858 | 11,557 |
135
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Commercial Services — (continued) | ||||||||
Euronet Worldwide, Inc.* | 1,955 | $ | 107,330 | |||||
EVERTEC, Inc. | 2,600 | 57,538 | ||||||
ExamWorks Group, Inc.* | 1,300 | 54,067 | ||||||
ExlService Holdings, Inc.* | 1,200 | 34,452 | ||||||
Forrester Research, Inc. | 375 | 14,760 | ||||||
Franklin Covey Co.* | 241 | 4,666 | ||||||
FTI Consulting, Inc.* | 1,556 | 60,108 | ||||||
Global Cash Access Holdings, Inc.* | 2,396 | 17,131 | ||||||
Grand Canyon Education, Inc.* | 1,756 | 81,935 | ||||||
Great Lakes Dredge & Dock Corp.* | 2,751 | 23,549 | ||||||
Green Dot Corp.* | 1,400 | 28,686 | ||||||
H&E Equipment Services, Inc. | 1,159 | 32,556 | ||||||
Healthcare Services Group, Inc. | 2,680 | 82,892 | ||||||
Healthequity, Inc.* | 600 | 15,270 | ||||||
Heartland Payment Systems, Inc. | 1,469 | 79,253 | ||||||
Heidrick & Struggles International, Inc. | 669 | 15,421 | ||||||
Hill International, Inc.* | 1,500 | 5,760 | ||||||
HMS Holdings Corp.* | 3,415 | 72,193 | ||||||
Huron Consulting Group, Inc.* | 928 | 63,466 | ||||||
ICF International, Inc.* | 748 | 30,653 | ||||||
Information Services Group, Inc.* | 2,000 | 8,440 | ||||||
Insperity, Inc. | 924 | 31,314 | ||||||
ITT Educational Services, Inc.* | 900 | 8,649 | ||||||
K12, Inc.* | 1,152 | 13,674 | ||||||
Kelly Services, Inc., Class A | 1,014 | 17,258 | ||||||
Kforce, Inc. | 1,086 | 26,205 | ||||||
Korn/Ferry International* | 1,790 | 51,480 | ||||||
Landauer, Inc. | 480 | 16,387 | ||||||
Liberty Tax, Inc.* | 200 | 7,148 | ||||||
LifeLock, Inc.* | 3,200 | 59,232 | ||||||
Matthews International Corp., Class A | 1,205 | 58,647 | ||||||
MAXIMUS, Inc. | 2,688 | 147,410 | ||||||
McGrath RentCorp | 953 | 34,175 | ||||||
Medifast, Inc.* | 331 | 11,105 | ||||||
MoneyGram International, Inc.* | 878 | 7,981 | ||||||
Monro Muffler Brake, Inc. | 1,237 | 71,499 | ||||||
Monster Worldwide, Inc.* | 3,900 | 18,018 | ||||||
Multi-Color Corp. | 567 | 31,423 | ||||||
National Research Corp. | 687 | 9,611 | ||||||
Navigant Consulting, Inc.* | 1,984 | 30,494 | ||||||
On Assignment, Inc.* | 2,152 | 71,425 | ||||||
PAREXEL International Corp.* | 2,199 | 122,176 | ||||||
Paylocity Holding Corp.* | 300 | 7,833 | ||||||
Pendrell Corp.* | 5,800 | 8,004 | ||||||
Performant Financial Corp.* | 900 | 5,985 | ||||||
PHH Corp.* | 1,989 | 47,656 | ||||||
PRGX Global, Inc.* | 600 | 3,432 | ||||||
Quad/Graphics, Inc. | 1,000 | 22,960 | ||||||
Rent-A-Center, Inc. | 1,953 | 70,933 | ||||||
Resources Connection, Inc. | 1,322 | 21,747 | ||||||
RPX Corp.* | 2,100 | 28,938 | ||||||
ServiceSource International, Inc.* | 2,400 | 11,232 | ||||||
Sotheby’s | 2,341 | 101,084 | ||||||
SP Plus Corp.* | 793 | 20,007 | ||||||
Steiner Leisure Ltd.* | 543 | 25,092 | ||||||
Strayer Education, Inc.* | 400 | 29,712 |
Number of Shares | Value† | |||||||
Commercial Services — (continued) | ||||||||
Team Health Holdings, Inc.* | 2,772 | $ | 159,473 | |||||
Team, Inc.* | 792 | 32,044 | ||||||
TeleTech Holdings, Inc.* | 707 | 16,742 | ||||||
The Advisory Board Co.* | 1,350 | 66,123 | ||||||
The Brink’s Co. | 2,010 | 49,064 | ||||||
The Corporate Executive Board Co. | 1,269 | 92,041 | ||||||
The Hackett Group, Inc. | 516 | 4,536 | ||||||
The Providence Service Corp.* | 400 | 14,576 | ||||||
Tree.com, Inc.* | 200 | 9,668 | ||||||
TriNet Group, Inc.* | 700 | 21,896 | ||||||
TrueBlue, Inc.* | 1,576 | 35,066 | ||||||
Universal Technical Institute, Inc. | 525 | 5,166 | ||||||
Viad Corp. | 771 | 20,555 | ||||||
Weight Watchers International, Inc.* | 1,200 | 29,808 | ||||||
WEX, Inc.* | 1,457 | 144,127 | ||||||
Xoom Corp.* | 1,300 | 22,763 | ||||||
|
| |||||||
3,671,960 | ||||||||
|
| |||||||
Computers — 2.2% | ||||||||
A10 Networks, Inc.* | 800 | 3,488 | ||||||
Agilysys, Inc.* | 376 | 4,734 | ||||||
CACI International, Inc., Class A* | 950 | 81,871 | ||||||
Carbonite, Inc.* | 800 | 11,416 | ||||||
Ciber, Inc.* | 3,557 | 12,627 | ||||||
Computer Task Group, Inc. | 579 | 5,518 | ||||||
Cray, Inc.* | 1,699 | 58,582 | ||||||
Datalink Corp.* | 900 | 11,610 | ||||||
Digimarc Corp. | 300 | 8,145 | ||||||
Dot Hill Systems Corp.* | 2,700 | 11,934 | ||||||
Electronics for Imaging, Inc.* | 1,824 | 78,122 | ||||||
iGATE Corp.* | 1,457 | 57,522 | ||||||
Immersion Corp.* | 842 | 7,974 | ||||||
Insight Enterprises, Inc.* | 1,543 | 39,948 | ||||||
j2 Global, Inc. | 1,874 | 116,188 | ||||||
LivePerson, Inc.* | 1,925 | 27,143 | ||||||
Manhattan Associates, Inc.* | 2,968 | 120,857 | ||||||
Maxwell Technologies, Inc.* | 1,366 | 12,458 | ||||||
Mentor Graphics Corp. | 3,876 | 84,962 | ||||||
Mercury Systems, Inc.* | 1,036 | 14,421 | ||||||
MTS Systems Corp. | 560 | 42,017 | ||||||
NetScout Systems, Inc.* | 1,365 | 49,877 | ||||||
Nimble Storage, Inc.* | 400 | 11,000 | ||||||
Qualys, Inc.* | 700 | 26,425 | ||||||
Quantum Corp.* | 8,761 | 15,419 | ||||||
RealD, Inc.* | 1,608 | 18,974 | ||||||
Science Applications International Corp. | 1,600 | 79,248 | ||||||
Silicon Graphics International Corp.* | 1,366 | 15,545 | ||||||
Silver Spring Networks, Inc.* | 1,500 | 12,645 | ||||||
Spansion, Inc., Class A* | 2,200 | 75,284 | ||||||
Super Micro Computer, Inc.* | 1,271 | 44,332 | ||||||
Sykes Enterprises, Inc.* | 1,536 | 36,050 | ||||||
Synaptics, Inc.* | 1,416 | 97,477 | ||||||
Syntel, Inc.* | 1,160 | 52,177 | ||||||
The KEYW Holding Corp.* | 1,300 | 13,494 | ||||||
Unisys Corp.* | 2,124 | 62,616 | ||||||
Varonis Systems, Inc.* | 300 | 9,849 |
136
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Computers — (continued) | ||||||||
Violin Memory, Inc.* | 3,500 | $ | 16,765 | |||||
Virtusa Corp.* | 889 | 37,045 | ||||||
Vocera Communications, Inc.* | 800 | 8,336 | ||||||
|
| |||||||
1,494,095 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.1% | ||||||||
Elizabeth Arden, Inc.* | 760 | 16,256 | ||||||
Inter Parfums, Inc. | 624 | 17,129 | ||||||
Revlon, Inc., Class A* | 570 | 19,471 | ||||||
|
| |||||||
52,856 | ||||||||
|
| |||||||
Distribution & Wholesale — 1.0% | ||||||||
Beacon Roofing Supply, Inc.* | 1,981 | 55,072 | ||||||
Core-Mark Holding Co., Inc. | 882 | 54,622 | ||||||
Houston Wire & Cable Co. | 969 | 11,580 | ||||||
MWI Veterinary Supply, Inc.* | 426 | 72,382 | ||||||
Owens & Minor, Inc. | 2,476 | 86,932 | ||||||
Pool Corp. | 1,776 | 112,669 | ||||||
Rentrak Corp.* | 365 | 26,579 | ||||||
ScanSource, Inc.* | 1,181 | 47,429 | ||||||
Speed Commerce, Inc.* | 2,800 | 8,652 | ||||||
Titan Machinery, Inc.* | 523 | 7,291 | ||||||
United Stationers, Inc. | 1,519 | 64,041 | ||||||
Watsco, Inc. | 1,038 | 111,066 | ||||||
|
| |||||||
658,315 | ||||||||
|
| |||||||
Diversified Financial Services — 2.7% | ||||||||
Aircastle Ltd. | 2,576 | 55,049 | ||||||
Altisource Portfolio Solutions SA* | 500 | 16,895 | ||||||
Ashford, Inc.* | 26 | 2,444 | ||||||
BGC Partners, Inc., Class A | 6,907 | 63,199 | ||||||
Blackhawk Network Holdings, Inc.* | 500 | 19,400 | ||||||
Blackhawk Network Holdings, Inc., Class B* | 1,500 | 56,535 | ||||||
Calamos Asset Management, Inc., Class A | 469 | 6,247 | ||||||
Cohen & Steers, Inc. | 817 | 34,379 | ||||||
Consumer Portfolio Services, Inc.* | 1,100 | 8,096 | ||||||
Cowen Group, Inc., Class A* | 5,390 | 25,872 | ||||||
Credit Acceptance Corp.* | 220 | 30,010 | ||||||
Diamond Hill Investment Group, Inc. | 50 | 6,902 | ||||||
Ellie Mae, Inc.* | 1,200 | 48,384 | ||||||
Encore Capital Group, Inc.* | 997 | 44,267 | ||||||
Enova International, Inc.* | 1,029 | 22,906 | ||||||
Evercore Partners, Inc., Class A | 1,222 | 63,996 | ||||||
FBR & Co.* | 277 | 6,811 | ||||||
Federal Agricultural Mortgage Corp., Class C | 300 | 9,102 | ||||||
Financial Engines, Inc. | 1,900 | 69,445 | ||||||
FXCM, Inc. | 2,000 | 33,140 | ||||||
Gain Capital Holdings, Inc. | 800 | 7,216 | ||||||
GAMCO Investors, Inc., Class A | 262 | 23,302 | ||||||
GFI Group, Inc. | 2,924 | 15,936 | ||||||
Greenhill & Co., Inc. | 1,100 | 47,960 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 600 | 8,538 | ||||||
Higher One Holdings, Inc.* | 1,500 | 6,315 | ||||||
INTL. FCstone, Inc.* | 793 | 16,312 | ||||||
Investment Technology Group, Inc.* | 1,500 | 31,230 |
Number of Shares | Value† | |||||||
Diversified Financial Services — (continued) | ||||||||
J.G. Wentworth Company, Class A* | 400 | $ | 4,264 | |||||
Janus Capital Group, Inc. | 5,600 | 90,328 | ||||||
KCG Holdings, Inc.* | 2,175 | 25,339 | ||||||
Ladder Capital Corp.Class A* | 600 | 11,766 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 4,000 | 15,800 | ||||||
Manning & Napier, Inc. | 300 | 4,146 | ||||||
MarketAxess Holdings, Inc. | 1,499 | 107,493 | ||||||
Marlin Business Services Corp. | 200 | 4,106 | ||||||
Moelis & Co., Class A | 300 | 10,479 | ||||||
Nelnet, Inc., Class A | 799 | 37,018 | ||||||
NewStar Financial, Inc.* | 1,300 | 16,640 | ||||||
Nicholas Financial, Inc.* | 300 | 4,470 | ||||||
Om Asset Management PLC* | 900 | 14,616 | ||||||
Oppenheimer Holdings, Inc., Class A | 238 | 5,534 | ||||||
Outerwall, Inc.* | 750 | 56,415 | ||||||
PennyMac Financial Service, Class A* | 500 | 8,650 | ||||||
Piper Jaffray Cos.* | 687 | 39,908 | ||||||
PRA Group, Inc.* | 1,948 | 112,848 | ||||||
Pzena Investment Management, Inc., Class A | 130 | 1,230 | ||||||
RCS Capital Corp. | 500 | 6,120 | ||||||
Regional Management Corp.* | 200 | 3,162 | ||||||
Springleaf Holdings, Inc.* | 900 | 32,553 | ||||||
Stifel Financial Corp.* | 2,506 | 127,856 | ||||||
Stonegate Mortgage Corp.* | 300 | 3,588 | ||||||
SWS Group, Inc.* | 768 | 5,307 | ||||||
Teton Advisors, Inc., Class B~ | 2 | 104 | ||||||
Virtus Investment Partners, Inc. | 272 | 46,373 | ||||||
Wageworks, Inc.* | 1,400 | 90,398 | ||||||
Walter Investment Management Corp.* | 1,353 | 22,338 | ||||||
Westwood Holdings Group, Inc. | 311 | 19,226 | ||||||
WisdomTree Investments, Inc. | 3,800 | 59,565 | ||||||
World Acceptance Corp.* | 362 | 28,761 | ||||||
|
| |||||||
1,796,289 | ||||||||
|
| |||||||
Electric — 2.1% | ||||||||
ALLETE, Inc. | 1,651 | 91,036 | ||||||
Ameresco, Inc., Class A* | 1,100 | 7,700 | ||||||
Atlantic Power Corp. | 4,127 | 11,184 | ||||||
Avista Corp. | 2,239 | 79,149 | ||||||
Black Hills Corp. | 1,748 | 92,714 | ||||||
Cleco Corp. | 2,371 | 129,314 | ||||||
Dynegy, Inc.* | 4,800 | 145,680 | ||||||
El Paso Electric Co. | 1,577 | 63,175 | ||||||
Empire District Electric Co. | 1,719 | 51,123 | ||||||
EnerNOC, Inc.* | 1,300 | 20,085 | ||||||
IDACORP, Inc. | 2,001 | 132,446 | ||||||
MGE Energy, Inc. | 1,342 | 61,209 | ||||||
NorthWestern Corp. | 1,780 | 100,713 | ||||||
NRG Yield, Inc., Class A | 1,000 | 47,140 | ||||||
Ormat Technologies, Inc. | 700 | 19,026 | ||||||
Otter Tail Corp. | 1,292 | 40,000 | ||||||
PNM Resources, Inc. | 2,910 | 86,223 | ||||||
Portland General Electric Co. | 2,956 | 111,826 | ||||||
UIL Holdings Corp. | 2,191 | 95,396 | ||||||
Unitil Corp. | 663 | 24,312 | ||||||
|
| |||||||
1,409,451 | ||||||||
|
|
137
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Electrical Components & Equipment — 1.0% | ||||||||
Advanced Energy Industries, Inc.* | 1,393 | $ | 33,014 | |||||
Belden, Inc. | 1,655 | 130,430 | ||||||
Capstone Turbine Corp.* | 13,500 | 9,981 | ||||||
Encore Wire Corp. | 771 | 28,781 | ||||||
EnerSys, Inc. | 1,823 | 112,516 | ||||||
Generac Holdings, Inc.* | 2,649 | 123,867 | ||||||
General Cable Corp. | 1,900 | 28,310 | ||||||
GrafTech International Ltd.* | 4,400 | 22,264 | ||||||
Graham Corp. | 466 | 13,407 | ||||||
Insteel Industries, Inc. | 691 | 16,294 | ||||||
Littelfuse, Inc. | 878 | 84,876 | ||||||
Powell Industries, Inc. | 429 | 21,051 | ||||||
PowerSecure International, Inc.* | 800 | 9,320 | ||||||
Revolution Lighting Technologies, Inc.* | 2,200 | 2,970 | ||||||
Universal Display Corp.* | 1,549 | 42,985 | ||||||
Vicor Corp.* | 422 | 5,106 | ||||||
|
| |||||||
685,172 | ||||||||
|
| |||||||
Electronics — 2.2% | ||||||||
American Science & Engineering, Inc. | 278 | 14,428 | ||||||
Analogic Corp. | 507 | 42,897 | ||||||
Applied Optoelectronics, Inc.* | 700 | 7,854 | ||||||
Badger Meter, Inc. | 459 | 27,242 | ||||||
Bel Fuse, Inc., Class B | 269 | 7,354 | ||||||
Benchmark Electronics, Inc.* | 2,077 | 52,839 | ||||||
Brady Corp., Class A | 1,857 | 50,770 | ||||||
Checkpoint Systems, Inc.* | 1,545 | 21,213 | ||||||
Coherent, Inc.* | 973 | 59,081 | ||||||
Control4 Corp.* | 400 | 6,148 | ||||||
CTS Corp. | 1,263 | 22,519 | ||||||
Cui Global, Inc.* | 700 | 5,215 | ||||||
Electro Scientific Industries, Inc. | 693 | 5,378 | ||||||
ESCO Technologies, Inc. | 1,034 | 38,155 | ||||||
FARO Technologies, Inc.* | 620 | 38,862 | ||||||
FEI Co. | 1,646 | 148,716 | ||||||
Fluidigm Corp.* | 1,100 | 37,103 | ||||||
II-VI, Inc.* | 2,056 | 28,064 | ||||||
InvenSense, Inc.* | 2,800 | 45,528 | ||||||
Itron, Inc.* | 1,500 | 63,435 | ||||||
Kemet Corp.* | 1,100 | 4,620 | ||||||
Kimball Electronics, Inc.* | 933 | 11,215 | ||||||
Mesa Laboratories, Inc. | 100 | 7,731 | ||||||
Methode Electronics, Inc. | 1,460 | 53,305 | ||||||
Multi-Fineline Electronix, Inc.* | 152 | 1,707 | ||||||
Newport Corp.* | 1,463 | 27,958 | ||||||
NVE Corp.* | 209 | 14,795 | ||||||
OSI Systems, Inc.* | 757 | 53,573 | ||||||
Park Electrochemical Corp. | 833 | 20,767 | ||||||
Plexus Corp.* | 1,403 | 57,818 | ||||||
Rofin-Sinar Technologies, Inc.* | 1,186 | 34,121 | ||||||
Rogers Corp.* | 660 | 53,750 | ||||||
Sanmina Corp.* | 3,326 | 78,261 | ||||||
Sparton Corp.* | 400 | 11,336 | ||||||
Stoneridge, Inc.* | 1,473 | 18,943 | ||||||
TASER International, Inc.* | 2,011 | 53,251 | ||||||
TTM Technologies, Inc.* | 2,359 | 17,763 |
Number of Shares | Value† | |||||||
Electronics — (continued) | ||||||||
Viasystems Group, Inc.* | 100 | $ | 1,628 | |||||
Vishay Precision Group, Inc.* | 300 | 5,148 | ||||||
Watts Water Technologies, Inc., Class A | 1,117 | 70,862 | ||||||
Woodward, Inc. | 2,523 | 124,207 | ||||||
|
| |||||||
1,445,560 | ||||||||
|
| |||||||
Energy-Alternate Sources — 0.4% | ||||||||
Abengoa Yield PLC | 1,200 | 32,784 | ||||||
Amyris, Inc.* | 400 | 824 | ||||||
Clean Energy Fuels Corp.* | 2,900 | 14,486 | ||||||
Enphase Energy, Inc.* | 400 | 5,716 | ||||||
FuelCell Energy, Inc.* | 6,981 | 10,751 | ||||||
FutureFuel Corp. | 1,100 | 14,322 | ||||||
Green Plains, Inc. | 1,467 | 36,352 | ||||||
Pacific Ethanol, Inc.* | 900 | 9,297 | ||||||
Pattern Energy Group, Inc. | 1,600 | 39,456 | ||||||
Plug Power, Inc.* | 6,800 | 20,400 | ||||||
Renewable Energy Group, Inc.* | 900 | 8,739 | ||||||
REX American Resources Corp.* | 192 | 11,898 | ||||||
Solazyme, Inc.* | 3,100 | 7,998 | ||||||
Terraform Power, Inc., Class A | 1,000 | 30,880 | ||||||
|
| |||||||
243,903 | ||||||||
|
| |||||||
Engineering & Construction — 0.8% | ||||||||
Aegion Corp.* | 1,555 | 28,938 | ||||||
Argan, Inc. | 536 | 18,031 | ||||||
Dycom Industries, Inc.* | 1,453 | 50,986 | ||||||
EMCOR Group, Inc. | 2,663 | 118,477 | ||||||
Engility Holdings, Inc.* | 700 | 29,960 | ||||||
Exponent, Inc. | 520 | 42,900 | ||||||
Granite Construction, Inc. | 1,444 | 54,901 | ||||||
Layne Christensen Co.* | 926 | 8,834 | ||||||
MasTec, Inc.* | 2,464 | 55,711 | ||||||
McDermott International, Inc.* | 9,300 | 27,063 | ||||||
Mistras Group, Inc.* | 800 | 14,664 | ||||||
MYR Group, Inc.* | 983 | 26,934 | ||||||
Orion Marine Group, Inc.* | 1,137 | 12,564 | ||||||
Sterling Construction Co., Inc.* | 353 | 2,256 | ||||||
Tutor Perini Corp.* | 1,397 | 33,626 | ||||||
VSE Corp. | 104 | 6,853 | ||||||
|
| |||||||
532,698 | ||||||||
|
| |||||||
Entertainment — 0.8% | ||||||||
AMC Entertainment Holdings, Inc., Class A | 800 | 20,944 | ||||||
Carmike Cinemas, Inc.* | 800 | 21,016 | ||||||
Churchill Downs, Inc. | 520 | 49,556 | ||||||
Eros International PLC* | 900 | 19,044 | ||||||
International Speedway Corp. | 1,100 | 34,815 | ||||||
Isle of Capri Casinos, Inc.* | 841 | 7,039 | ||||||
Marriott Vacations Worldwide Corp. | 1,000 | 74,540 | ||||||
National CineMedia, Inc. | 2,374 | 34,114 | ||||||
Penn National Gaming, Inc.* | 3,200 | 43,936 | ||||||
Pinnacle Entertainment, Inc.* | 2,182 | 48,550 | ||||||
Reading International, Inc., Class A* | 700 | 9,282 | ||||||
Scientific Games Corp., Class A* | 1,900 | 24,187 | ||||||
SFX Entertainment, Inc.* | 1,500 | 6,795 |
138
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Entertainment — (continued) | ||||||||
Speedway Motorsports, Inc. | 316 | $ | 6,911 | |||||
Vail Resorts, Inc. | 1,346 | 122,661 | ||||||
|
| |||||||
523,390 | ||||||||
|
| |||||||
Environmental Control — 0.6% | ||||||||
Advanced Emissions Solutions, Inc.* | 800 | 18,232 | ||||||
Calgon Carbon Corp.* | 2,162 | 44,926 | ||||||
Casella Waste Systems, Inc., Class A* | 2,300 | 9,292 | ||||||
Ceco Environmental Corp. | 709 | 11,018 | ||||||
Darling Ingredients, Inc.* | 6,467 | 117,441 | ||||||
Energy Recovery, Inc.* | 1,918 | 10,108 | ||||||
Heritage-Crystal Clean, Inc.* | 200 | 2,466 | ||||||
MSA Safety, Inc. | 1,221 | 64,823 | ||||||
Nuverra Environmental Solutions, Inc.* | 441 | 2,447 | ||||||
Tetra Tech, Inc. | 2,364 | 63,119 | ||||||
U.S. Ecology, Inc. | 742 | 29,769 | ||||||
|
| |||||||
373,641 | ||||||||
|
| |||||||
Food — 2.0% | ||||||||
B&G Foods, Inc. | 2,172 | 64,943 | ||||||
Boulder Brands, Inc.* | 2,579 | 28,524 | ||||||
Cal-Maine Foods, Inc. | 1,246 | 48,631 | ||||||
Calavo Growers, Inc. | 451 | 21,332 | ||||||
Chiquita Brands International, Inc.* | 1,824 | 26,375 | ||||||
Dean Foods Co. | 3,700 | 71,706 | ||||||
Diamond Foods, Inc.* | 776 | 21,907 | ||||||
Fairway Group Holdings Corp.* | 600 | 1,890 | ||||||
Fresh Del Monte Produce, Inc. | 1,216 | 40,797 | ||||||
Ingles Markets, Inc., Class A | 604 | 22,402 | ||||||
Inventure Foods, Inc.* | 500 | 6,370 | ||||||
J&J Snack Foods Corp. | 532 | 57,866 | ||||||
John B. Sanfilippo & Son, Inc. | 400 | 18,200 | ||||||
Lancaster Colony Corp. | 672 | 62,926 | ||||||
Lifeway Foods, Inc.* | 87 | 1,612 | ||||||
NutriSystem, Inc. | 1,037 | 20,273 | ||||||
Post Holdings, Inc.* | 1,700 | 71,213 | ||||||
Sanderson Farms, Inc. | 934 | 78,479 | ||||||
Seaboard Corp.* | 11 | 46,178 | ||||||
Seneca Foods Corp., Class A* | 211 | 5,703 | ||||||
Senomyx, Inc.* | 1,800 | 10,818 | ||||||
Snyder’s-Lance, Inc. | 1,879 | 57,404 | ||||||
SpartanNash Co. | 1,530 | 39,994 | ||||||
SUPERVALU, Inc.* | 7,700 | 74,690 | ||||||
The Chefs’ Warehouse Holdings, Inc.* | 750 | 17,280 | ||||||
The Fresh Market, Inc.* | 1,700 | 70,040 | ||||||
Tootsie Roll Industries, Inc. | 811 | 24,857 | ||||||
TreeHouse Foods, Inc.* | 1,614 | 138,045 | ||||||
United Natural Foods, Inc.* | 1,900 | 146,918 | ||||||
Village Super Market, Inc., Class A | 268 | 7,335 | ||||||
Weis Markets, Inc. | 466 | 22,284 | ||||||
|
| |||||||
1,326,992 | ||||||||
|
| |||||||
Forest Products & Paper — 0.6% | ||||||||
Clearwater Paper Corp.* | 778 | 53,332 | ||||||
Deltic Timber Corp. | 392 | 26,813 | ||||||
KapStone Paper and Packaging Corp. | 3,240 | 94,964 |
Number of Shares | Value† | |||||||
Forest Products & Paper — (continued) | ||||||||
Neenah Paper, Inc. | 574 | $ | 34,595 | |||||
Orchids Paper Products Co. | 400 | 11,644 | ||||||
P.H. Glatfelter Co. | 1,659 | 42,421 | ||||||
Resolute Forest Products* | 2,700 | 47,547 | ||||||
Schweitzer-Mauduit International, Inc. | 1,176 | 49,745 | ||||||
Wausau Paper Corp. | 1,781 | 20,250 | ||||||
|
| |||||||
381,311 | ||||||||
|
| |||||||
Gas — 1.2% | ||||||||
Chesapeake Utilities Corp. | 535 | 26,568 | ||||||
New Jersey Resources Corp. | 1,632 | 99,879 | ||||||
Northwest Natural Gas Co. | 1,050 | 52,395 | ||||||
One Gas, Inc. | 2,000 | 82,440 | ||||||
Piedmont Natural Gas Co., Inc. | 3,051 | 120,240 | ||||||
South Jersey Industries, Inc. | 1,340 | 78,966 | ||||||
Southwest Gas Corp. | 1,794 | 110,887 | ||||||
The Laclede Group, Inc. | 1,656 | 88,099 | ||||||
WGL Holdings, Inc. | 1,994 | 108,912 | ||||||
|
| |||||||
768,386 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Franklin Electric Co., Inc. | 1,970 | 73,934 | ||||||
|
| |||||||
Healthcare Products — 3.8% | ||||||||
Abaxis, Inc. | 829 | 47,112 | ||||||
ABIOMED, Inc.* | 1,489 | 56,671 | ||||||
Accelerate Diagnostics, Inc.* | 951 | 18,250 | ||||||
Accuray, Inc.* | 2,738 | 20,672 | ||||||
Affymetrix, Inc.* | 2,371 | 23,402 | ||||||
AngioDynamics, Inc.* | 958 | 18,212 | ||||||
AtriCure, Inc.* | 1,200 | 23,952 | ||||||
Atrion Corp. | 37 | 12,580 | ||||||
BioTelemetry, Inc.* | 800 | 8,024 | ||||||
Cantel Medical Corp. | 1,275 | 55,157 | ||||||
Cardiovascular Systems, Inc.* | 1,200 | 36,096 | ||||||
Cepheid, Inc.* | 2,680 | 145,095 | ||||||
Cerus Corp.* | 3,600 | 22,464 | ||||||
Cimpress NV* | 1,300 | 97,292 | ||||||
CONMED Corp. | 1,003 | 45,095 | ||||||
CryoLife, Inc. | 1,399 | 15,851 | ||||||
Cyberonics, Inc.* | 1,032 | 57,462 | ||||||
Cynosure, Inc., Class A* | 694 | 19,030 | ||||||
DexCom, Inc.* | 2,942 | 161,957 | ||||||
Endologix, Inc.* | 2,298 | 35,136 | ||||||
Exactech, Inc.* | 209 | 4,926 | ||||||
GenMark Diagnostics, Inc.* | 1,200 | 16,332 | ||||||
Genomic Health, Inc.* | 509 | 16,273 | ||||||
Globus Medical, Inc.* | 2,600 | 61,802 | ||||||
Greatbatch, Inc.* | 993 | 48,955 | ||||||
Haemonetics Corp.* | 1,946 | 72,819 | ||||||
Hanger, Inc.* | 1,408 | 30,835 | ||||||
HeartWare International, Inc.* | 689 | 50,593 | ||||||
ICU Medical, Inc.* | 479 | 39,230 | ||||||
Insulet Corp.* | 2,146 | 98,845 | ||||||
Integra LifeSciences Holdings Corp.* | 1,026 | 55,640 | ||||||
Invacare Corp. | 1,190 | 19,944 |
139
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Healthcare Products — (continued) | ||||||||
K2M Group Holdings, Inc.* | 300 | $ | 6,261 | |||||
LDR Holding Corp.* | 700 | 22,946 | ||||||
Luminex Corp.* | 1,353 | 25,382 | ||||||
Masimo Corp.* | 1,904 | 50,151 | ||||||
Merge Healthcare, Inc.* | 1,657 | 5,899 | ||||||
Meridian Bioscience, Inc. | 1,760 | 28,970 | ||||||
Merit Medical Systems, Inc.* | 1,875 | 32,494 | ||||||
MiMedx Group, Inc.* | 3,200 | 36,896 | ||||||
Nanostring Technologies, Inc.* | 600 | 8,358 | ||||||
Natus Medical, Inc.* | 1,175 | 42,347 | ||||||
Navidea Biopharmaceuticals, Inc.* | 6,000 | 11,340 | ||||||
NuVasive, Inc.* | 1,706 | 80,455 | ||||||
NxStage Medical, Inc.* | 2,284 | 40,952 | ||||||
OraSure Technologies, Inc.* | 2,201 | 22,318 | ||||||
Orthofix International N.V.* | 671 | 20,170 | ||||||
PhotoMedex, Inc.* | 700 | 1,071 | ||||||
Quidel Corp.* | 1,051 | 30,395 | ||||||
Rockwell Medical, Inc.* | 1,800 | 18,504 | ||||||
Spectranetics Corp.* | 1,465 | 50,660 | ||||||
STAAR Surgical Co.* | 1,400 | 12,754 | ||||||
STERIS Corp. | 2,332 | 151,230 | ||||||
SurModics, Inc.* | 373 | 8,243 | ||||||
Symmetry Surgical, Inc.* | 436 | 3,396 | ||||||
Tandem Diabetes Care, Inc.* | 400 | 5,080 | ||||||
The Female Health Co. | 904 | 3,544 | ||||||
Thoratec Corp.* | 2,200 | 71,412 | ||||||
Tornier N.V.* | 1,200 | 30,600 | ||||||
Unilife Corp.* | 3,410 | 11,424 | ||||||
Utah Medical Products, Inc. | 200 | 12,010 | ||||||
Vascular Solutions, Inc.* | 483 | 13,118 | ||||||
Volcano Corp.* | 1,964 | 35,116 | ||||||
West Pharmaceutical Services, Inc. | 2,678 | 142,577 | ||||||
Wright Medical Group, Inc.* | 1,861 | 50,005 | ||||||
Zeltiq Aesthetics, Inc.* | 1,100 | 30,701 | ||||||
|
| |||||||
2,552,483 | ||||||||
|
| |||||||
Healthcare Services — 1.8% | ||||||||
Acadia Healthcare Co., Inc.* | 1,700 | 104,057 | ||||||
Addus Homecare Corp.* | 400 | 9,708 | ||||||
Adeptus Health, Inc., Class A* | 100 | 3,740 | ||||||
Air Methods Corp.* | 1,487 | 65,473 | ||||||
Alliance Healthcare Services, Inc.* | 200 | 4,198 | ||||||
Almost Family, Inc.* | 177 | 5,124 | ||||||
Amedisys, Inc.* | 1,006 | 29,526 | ||||||
Amsurg Corp.* | 1,623 | 88,827 | ||||||
Bio-Reference Labs, Inc.* | 1,007 | 32,355 | ||||||
Capital Senior Living Corp.* | 1,036 | 25,807 | ||||||
Catalent, Inc.* | 2,000 | 55,760 | ||||||
Five Star Quality Care, Inc.* | 2,500 | 10,375 | ||||||
Gentiva Health Services, Inc.* | 1,123 | 21,393 | ||||||
HealthSouth Corp. | 3,436 | 132,149 | ||||||
Healthways, Inc.* | 1,258 | 25,009 | ||||||
IPC The Hospitalist Co., Inc.* | 647 | 29,691 | ||||||
Kindred Healthcare, Inc. | 2,486 | 45,195 | ||||||
LHC Group, Inc.* | 382 | 11,911 | ||||||
Magellan Health Services, Inc.* | 1,041 | 62,491 |
Number of Shares | Value† | |||||||
Healthcare Services — (continued) | ||||||||
Molina Healthcare, Inc.* | 1,168 | $ | 62,523 | |||||
National Healthcare Corp. | 406 | 25,513 | ||||||
NeoStem, Inc.* | 1,400 | 5,278 | ||||||
RadNet, Inc.* | 1,500 | 12,810 | ||||||
Select Medical Holdings Corp. | 3,100 | 44,640 | ||||||
Skilled Healthcare Group, Inc., Class A* | 561 | 4,808 | ||||||
Surgical Care Affiliates, Inc.* | 400 | 13,460 | ||||||
The Ensign Group, Inc. | 740 | 32,849 | ||||||
Triple-S Management Corp., Class B* | 791 | 18,913 | ||||||
U.S. Physical Therapy, Inc. | 591 | 24,798 | ||||||
Universal American Corp.* | 1,780 | 16,518 | ||||||
WellCare Health Plans, Inc.* | 1,726 | 141,635 | ||||||
|
| |||||||
1,166,534 | ||||||||
|
| |||||||
Holding Companies — 0.1% | ||||||||
FCB Financial Holdings Inc* | 500 | 12,320 | ||||||
Harbinger Group, Inc.* | 3,375 | 47,790 | ||||||
National Bank Holdings Corp. | 1,400 | 27,174 | ||||||
Resource America, Inc., Class A | 1,000 | 9,040 | ||||||
|
| |||||||
96,324 | ||||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
Beazer Homes USA, Inc.* | 924 | 17,889 | ||||||
Cavco Industries, Inc.* | 369 | 29,251 | ||||||
Hovnanian Enterprises, Inc., Class A* | 4,810 | 19,865 | ||||||
Installed Building Products, Inc.* | 600 | 10,692 | ||||||
KB Home | 3,400 | 56,270 | ||||||
LGI Homes, Inc.* | 400 | 5,968 | ||||||
M/I Homes, Inc.* | 836 | 19,194 | ||||||
MDC Holdings, Inc. | 1,500 | 39,705 | ||||||
Meritage Homes Corp.* | 1,490 | 53,625 | ||||||
Standard Pacific Corp.* | 5,590 | 40,751 | ||||||
The New Home Co., Inc.* | 600 | 8,688 | ||||||
The Ryland Group, Inc. | 1,746 | 67,326 | ||||||
TRI Pointe Homes, Inc.* | 5,700 | 86,925 | ||||||
UCP, Inc., Class A* | 500 | 5,250 | ||||||
WCI Communities, Inc.* | 400 | 7,832 | ||||||
William Lyon Homes, Class A* | 600 | 12,162 | ||||||
Winnebago Industries, Inc. | 1,122 | 24,415 | ||||||
|
| |||||||
505,808 | ||||||||
|
| |||||||
Home Furnishings — 0.5% | ||||||||
American Woodmark Corp.* | 369 | 14,923 | ||||||
Daktronics, Inc. | 1,209 | 15,125 | ||||||
DTS, Inc.* | 703 | 21,617 | ||||||
Ethan Allen Interiors, Inc. | 1,028 | 31,837 | ||||||
Flexsteel Industries, Inc. | 200 | 6,450 | ||||||
iRobot Corp.* | 1,082 | 37,567 | ||||||
Kimball International, Inc., Class B | 1,244 | 11,345 | ||||||
La-Z-Boy, Inc. | 1,962 | 52,660 | ||||||
Norcraft Cos, Inc.* | 500 | 9,650 | ||||||
Select Comfort Corp.* | 2,072 | 56,006 | ||||||
Skullcandy, Inc.* | 407 | 3,740 | ||||||
TiVo, Inc.* | 3,955 | 46,827 | ||||||
Universal Electronics, Inc.* | 600 | 39,018 |
140
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Home Furnishings — (continued) | ||||||||
VOXX International Corp.* | 825 | $ | 7,227 | |||||
|
| |||||||
353,992 | ||||||||
|
| |||||||
Hotels & Resorts — 0.1% | ||||||||
Caesars Entertainment Corp.* | 2,000 | 31,380 | ||||||
La Quinta Holdings Inc* | 1,800 | 39,708 | ||||||
|
| |||||||
71,088 | ||||||||
|
| |||||||
Household Products & Wares — 0.4% | ||||||||
ACCO Brands Corp.* | 4,393 | 39,581 | ||||||
Central Garden & Pet Co., Class A* | 1,202 | 11,479 | ||||||
CSS Industries, Inc. | 212 | 5,860 | ||||||
Helen of Troy Ltd.* | 1,095 | 71,241 | ||||||
Prestige Brands Holdings, Inc.* | 1,972 | 68,468 | ||||||
Tumi Holdings, Inc.* | 1,800 | 42,714 | ||||||
WD-40 Co. | 546 | 46,453 | ||||||
|
| |||||||
285,796 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Libbey, Inc.* | 800 | 25,152 | ||||||
Lifetime Brands, Inc. | 200 | 3,440 | ||||||
|
| |||||||
28,592 | ||||||||
|
| |||||||
Insurance — 3.1% | ||||||||
Ambac Financial Group, Inc.* | 1,700 | 41,650 | ||||||
American Equity Investment Life Holding Co. | 2,876 | 83,950 | ||||||
AMERISAFE, Inc. | 708 | 29,991 | ||||||
AmTrust Financial Services, Inc. | 1,067 | 60,019 | ||||||
Argo Group International Holdings Ltd. | 1,041 | 57,744 | ||||||
Atlas Financial Holdings, Inc.* | 400 | 6,528 | ||||||
Baldwin & Lyons, Inc., Class B | 325 | 8,378 | ||||||
Citizens, Inc.* | 1,466 | 11,142 | ||||||
CNO Financial Group, Inc. | 7,993 | 137,639 | ||||||
Crawford & Co., Class B | 1,538 | 15,811 | ||||||
Donegal Group, Inc., Class A | 283 | 4,522 | ||||||
eHealth, Inc.* | 720 | 17,942 | ||||||
EMC Insurance Group, Inc. | 100 | 3,546 | ||||||
Employers Holdings, Inc. | 1,282 | 30,140 | ||||||
Enstar Group Ltd.* | 274 | 41,892 | ||||||
Essent Group Ltd.* | 1,700 | 43,707 | ||||||
FBL Financial Group, Inc., Class A | 327 | 18,976 | ||||||
Federated National Holding Co. | 500 | 12,080 | ||||||
Fidelity & Guaranty Life | 500 | 12,135 | ||||||
First American Financial Corp. | 4,173 | 141,465 | ||||||
Global Indemnity PLC* | 383 | 10,866 | ||||||
Greenlight Capital Re, Ltd., Class A* | 1,128 | 36,829 | ||||||
Hallmark Financial Services, Inc.* | 255 | 3,083 | ||||||
HCI Group, Inc. | 300 | 12,972 | ||||||
Hilltop Holdings, Inc.* | 2,792 | 55,700 | ||||||
Horace Mann Educators Corp. | 1,509 | 50,069 | ||||||
Infinity Property & Casualty Corp. | 420 | 32,449 | ||||||
Kansas City Life Insurance Co. | 73 | 3,506 | ||||||
Kemper Corp. | 1,800 | 64,998 | ||||||
Maiden Holdings Ltd. | 2,268 | 29,008 | ||||||
Meadowbrook Insurance Group, Inc. | 1,518 | 12,842 | ||||||
MGIC Investment Corp.* | 12,827 | 119,548 |
Number of Shares | Value† | |||||||
Insurance — (continued) | ||||||||
Montpelier Re Holdings Ltd. | 1,507 | $ | 53,981 | |||||
National General Holdings Corp. | 1,500 | 27,915 | ||||||
National Interstate Corp. | 402 | 11,980 | ||||||
National Western Life Insurance Co., Class A | 52 | 14,001 | ||||||
NMI Holdings, Inc., Class A* | 2,100 | 19,173 | ||||||
OneBeacon Insurance Group Ltd., Class A | 1,100 | 17,820 | �� | |||||
Platinum Underwriters Holdings Ltd. | 956 | 70,190 | ||||||
Primerica, Inc. | 2,100 | 113,946 | ||||||
Radian Group, Inc. | 7,603 | 127,122 | ||||||
RLI Corp. | 1,722 | 85,067 | ||||||
Safety Insurance Group, Inc. | 482 | 30,853 | ||||||
Selective Insurance Group, Inc. | 2,175 | 59,095 | ||||||
State Auto Financial Corp. | 776 | 17,243 | ||||||
Stewart Information Services Corp. | 808 | 29,928 | ||||||
Symetra Financial Corp. | 2,900 | 66,845 | ||||||
The Navigators Group, Inc.* | 395 | 28,969 | ||||||
The Phoenix Cos., Inc.* | 146 | 10,055 | ||||||
Third Point Reinsurance Ltd.* | 2,300 | 33,327 | ||||||
United Fire Group, Inc. | 680 | 20,216 | ||||||
United Insurance Holdings Corp. | 800 | 17,560 | ||||||
Universal Insurance Holdings, Inc. | 1,251 | 25,583 | ||||||
|
| |||||||
2,091,996 | ||||||||
|
| |||||||
Internet — 2.3% | ||||||||
1-800-Flowers.com, Inc., Class A* | 737 | 6,073 | ||||||
Angie’s List, Inc.* | 1,600 | 9,968 | ||||||
Bankrate, Inc.* | 2,723 | 33,847 | ||||||
Barracuda Networks, Inc.* | 200 | 7,168 | ||||||
Bazaarvoice, Inc.* | 1,900 | 15,276 | ||||||
Blucora, Inc.* | 1,496 | 20,720 | ||||||
Blue Nile, Inc.* | 439 | 15,808 | ||||||
Boingo Wireless, Inc.* | 900 | 6,903 | ||||||
Brightcove, Inc.* | 1,200 | 9,336 | ||||||
BroadSoft, Inc.* | 1,261 | 36,594 | ||||||
ChannelAdvisor Corp.* | 900 | 19,422 | ||||||
Chegg, Inc.* | 3,100 | 21,421 | ||||||
Cinedigm Corp., Class A* | 2,500 | 4,050 | ||||||
Cogent Communications Group, Inc. | 1,819 | 64,374 | ||||||
comScore, Inc.* | 1,359 | 63,098 | ||||||
Constant Contact, Inc.* | 1,165 | 42,756 | ||||||
Coupons.com, Inc.* | 500 | 8,875 | ||||||
Covisint Corp.* | 1,206 | 3,196 | ||||||
Dealertrack Technologies, Inc.* | 2,096 | 92,874 | ||||||
Dice Holdings, Inc.* | 1,163 | 11,642 | ||||||
Endurance International Group Holdings, Inc.* | 1,400 | 25,802 | ||||||
ePlus, Inc.* | 174 | 13,170 | ||||||
FTD Cos, Inc.* | 818 | 28,483 | ||||||
Global Eagle Entertainment, Inc.* | 1,500 | 20,415 | ||||||
Global Sources Ltd.* | 316 | 2,010 | ||||||
GrubHub, Inc.* | 400 | 14,528 | ||||||
HealthStream, Inc.* | 900 | 26,532 | ||||||
Internap Corp.* | 1,921 | 15,291 | ||||||
IntraLinks Holdings, Inc.* | 1,700 | 20,230 | ||||||
Limelight Networks, Inc.* | 1,172 | 3,246 | ||||||
Lionbridge Technologies, Inc.* | 2,243 | 12,897 | ||||||
Liquidity Services, Inc.* | 1,035 | 8,456 |
141
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Internet — (continued) | ||||||||
Marketo, Inc.* | 1,100 | $ | 35,992 | |||||
ModusLink Global Solutions, Inc.* | 945 | 3,544 | ||||||
New Media Investment Group, Inc. | 1,300 | 30,719 | ||||||
NIC, Inc. | 2,629 | 47,296 | ||||||
Orbitz Worldwide, Inc.* | 1,476 | 12,147 | ||||||
Overstock.com, Inc.* | 571 | 13,858 | ||||||
Perficient, Inc.* | 1,245 | 23,194 | ||||||
Q2 Holdings, Inc.* | 600 | 11,304 | ||||||
QuinStreet, Inc.* | 1,815 | 11,017 | ||||||
ReachLocal, Inc.* | 200 | 688 | ||||||
RealNetworks, Inc.* | 515 | 3,626 | ||||||
Reis, Inc. | 400 | 10,468 | ||||||
RetailMeNot, Inc.* | 1,300 | 19,006 | ||||||
Rightside Group Ltd.* | 260 | 1,747 | ||||||
RingCentral, Inc., Class A* | 1,200 | 17,904 | ||||||
Safeguard Scientifics, Inc.* | 1,050 | 20,811 | ||||||
Sapient Corp.* | 4,452 | 110,766 | ||||||
Shutterfly, Inc.* | 1,590 | 66,295 | ||||||
Shutterstock, Inc.* | 600 | 41,460 | ||||||
SPS Commerce, Inc.* | 700 | 39,641 | ||||||
Stamps.com, Inc.* | 462 | 22,171 | ||||||
TechTarget, Inc.* | 500 | 5,685 | ||||||
TeleCommunication Systems, Inc., Class A* | 1,400 | 4,368 | ||||||
Textura Corp.* | 800 | 22,776 | ||||||
Travelzoo, Inc.* | 311 | 3,925 | ||||||
Truecar, Inc.* | 200 | 4,580 | ||||||
Trulia, Inc.* | 1,486 | 68,401 | ||||||
Unwired Planet, Inc.* | 1,950 | 1,950 | ||||||
VASCO Data Security International, Inc.* | 1,028 | 29,000 | ||||||
VirnetX Holding Corp.* | 1,583 | 8,691 | ||||||
Wayfair, Inc., Class A* | 500 | 9,925 | ||||||
Web.com Group, Inc.* | 2,000 | 37,980 | ||||||
WebMD Health Corp.* | 1,486 | 58,771 | ||||||
Wix.com Ltd.* | 300 | 6,300 | ||||||
XO Group, Inc.* | 859 | 15,642 | ||||||
Zendesk, Inc.* | 400 | 9,748 | ||||||
Zix Corp.* | 3,548 | 12,773 | ||||||
|
| |||||||
1,528,630 | ||||||||
|
| |||||||
Investment Companies — 0.1% | ||||||||
Arlington Asset Investment Corp., Class A | 900 | 23,949 | ||||||
Caesars Acquisition Co., Class A* | 1,900 | 19,589 | ||||||
|
| |||||||
43,538 | ||||||||
|
| |||||||
Iron & Steel — 0.2% | ||||||||
AK Steel Holding Corp.* | 7,200 | 42,768 | ||||||
Commercial Metals Co. | 4,700 | 76,563 | ||||||
Ryerson Holding Corp.* | 800 | 7,944 | ||||||
Schnitzer Steel Industries, Inc., Class A | 900 | 20,304 | ||||||
Shiloh Industries, Inc.* | 400 | 6,292 | ||||||
Universal Stainless & Alloy Products, Inc.* | 333 | 8,375 | ||||||
|
| |||||||
162,246 | ||||||||
|
| |||||||
Leisure Time — 0.7% | ||||||||
Arctic Cat, Inc. | 444 | 15,762 | ||||||
Black Diamond, Inc.* | 1,300 | 11,375 |
Number of Shares | Value† | |||||||
Leisure Time — (continued) | ||||||||
Brunswick Corp. | 3,468 | $ | 177,770 | |||||
Callaway Golf Co. | 2,746 | 21,144 | ||||||
ClubCorp Holdings, Inc. | 800 | 14,344 | ||||||
Diamond Resorts International, Inc.* | 1,400 | 39,060 | ||||||
Escalade, Inc. | 600 | 9,054 | ||||||
Fox Factory Holding Corp.* | 500 | 8,115 | ||||||
Interval Leisure Group, Inc. | 1,416 | 29,580 | ||||||
Johnson Outdoors, Inc. | 200 | 6,240 | ||||||
Life Time Fitness, Inc.* | 1,559 | 88,271 | ||||||
Malibu Boats, Inc., Class A* | 500 | 9,635 | ||||||
Marine Products Corp. | 160 | 1,350 | ||||||
Nautilus, Inc.* | 1,300 | 19,734 | ||||||
Travelport Worldwide Ltd. | 1,200 | 21,600 | ||||||
|
| |||||||
473,034 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Boyd Gaming Corp.* | 3,000 | 38,340 | ||||||
Intrawest Resorts Holdings, Inc.* | 200 | 2,388 | ||||||
Monarch Casino & Resort, Inc.* | 185 | 3,069 | ||||||
Morgans Hotel Group Co.* | 1,494 | 11,713 | ||||||
The Marcus Corp. | 933 | 17,270 | ||||||
|
| |||||||
72,780 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.1% | ||||||||
Astec Industries, Inc. | 698 | 27,438 | ||||||
Hyster-Yale Materials Handling, Inc. | 444 | 32,501 | ||||||
|
| |||||||
59,939 | ||||||||
|
| |||||||
Machinery — Diversified — 0.9% | ||||||||
Alamo Group, Inc. | 317 | 15,356 | ||||||
Albany International Corp., Class A | 1,132 | 43,005 | ||||||
Altra Industrial Motion Corp. | 1,003 | 28,475 | ||||||
Applied Industrial Technologies, Inc. | 1,582 | 72,123 | ||||||
Briggs & Stratton Corp. | 1,936 | 39,533 | ||||||
Chart Industries, Inc.* | 1,177 | 40,254 | ||||||
Cognex Corp.* | 3,314 | 136,968 | ||||||
Columbus McKinnon Corp. | 685 | 19,207 | ||||||
DXP Enterprises, Inc.* | 522 | 26,377 | ||||||
Global Power Equipment Group, Inc. | 900 | 12,429 | ||||||
Hurco Cos., Inc. | 200 | 6,818 | ||||||
Intevac, Inc.* | 800 | 6,216 | ||||||
Kadant, Inc. | 499 | 21,302 | ||||||
Lindsay Corp. | 453 | 38,840 | ||||||
Manitex International, Inc.* | 500 | 6,355 | ||||||
NACCO Industries, Inc., Class A | 222 | 13,178 | ||||||
Power Solutions International, Inc.* | 100 | 5,161 | ||||||
Tennant Co. | 736 | 53,117 | ||||||
The ExOne Co.* | 500 | 8,400 | ||||||
The Gorman-Rupp Co. | 751 | 24,122 | ||||||
Twin Disc, Inc. | 235 | 4,667 | ||||||
Xerium Technologies, Inc.* | 400 | 6,312 | ||||||
|
| |||||||
628,215 | ||||||||
|
| |||||||
Media — 1.1% | ||||||||
A.H. Belo Corp., Class A | 1,100 | 11,418 | ||||||
Central European Media Enterprises Ltd., Class A* | 3,100 | 9,951 |
142
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Media — (continued) | ||||||||
Crown Media Holdings, Inc., Class A* | 217 | $ | 768 | |||||
Cumulus Media, Inc., Class A* | 5,200 | 21,996 | ||||||
Daily Journal Corp.* | 2 | 526 | ||||||
Demand Media, Inc.* | 260 | 1,591 | ||||||
Dex Media, Inc.* | 700 | 6,279 | ||||||
E.W. Scripps Co., Class A* | 1,206 | 26,954 | ||||||
Entercom Communications Corp., Class A* | 700 | 8,512 | ||||||
Entravision Communications Corp., Class A | 2,800 | 18,144 | ||||||
Gray Television, Inc.* | 2,000 | 22,400 | ||||||
Hemisphere Media Group, Inc.* | 600 | 8,094 | ||||||
Houghton Mifflin Harcourt Co.* | 4,300 | 89,053 | ||||||
Journal Communications, Inc., Class A* | 1,784 | 20,391 | ||||||
Lee Enterprises, Inc.* | 1,700 | 6,256 | ||||||
Martha Stewart Living Omnimedia, Inc., Class A* | 562 | 2,422 | ||||||
Media General, Inc.* | 2,200 | 36,806 | ||||||
Meredith Corp. | 1,300 | 70,616 | ||||||
Nexstar Broadcasting Group, Class A | 1,100 | 56,969 | ||||||
Saga Communications, Inc. | 133 | 5,783 | ||||||
Scholastic Corp. | 956 | 34,818 | ||||||
Sinclair Broadcast Group, Inc., Class A | 2,817 | 77,073 | ||||||
The McClatchy Co., Class A* | 2,400 | 7,968 | ||||||
The New York Times Co., Class A | 5,321 | 70,344 | ||||||
Time, Inc. | 4,300 | 105,823 | ||||||
World Wrestling Entertainment, Inc., Class A | 1,314 | 16,215 | ||||||
|
| |||||||
737,170 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.9% | ||||||||
A.M. Castle & Co.* | 435 | 3,471 | ||||||
Advanced Drainage Systems, Inc. | 700 | 16,086 | ||||||
Ampco-Pittsburgh Corp. | 214 | 4,120 | ||||||
CIRCOR International, Inc. | 735 | 44,306 | ||||||
Dynamic Materials Corp. | 690 | 11,054 | ||||||
Furmanite Corp.* | 1,354 | 10,588 | ||||||
Global Brass & Copper Holdings, Inc. | 600 | 7,896 | ||||||
Haynes International, Inc. | 564 | 27,354 | ||||||
L.B. Foster Co., Class A | 366 | 17,777 | ||||||
Mueller Industries, Inc. | 2,188 | 74,698 | ||||||
Mueller Water Products, Inc., Class A | 6,192 | 63,406 | ||||||
NN, Inc. | 700 | 14,392 | ||||||
Northwest Pipe Co.* | 483 | 14,548 | ||||||
Olympic Steel, Inc. | 231 | 4,107 | ||||||
Omega Flex, Inc. | 59 | 2,231 | ||||||
RBC Bearings, Inc. | 937 | 60,465 | ||||||
Rexnord Corp.* | 3,000 | 84,630 | ||||||
RTI International Metals, Inc.* | 1,113 | 28,114 | ||||||
Sun Hydraulics Corp. | 859 | 33,827 | ||||||
Worthington Industries, Inc. | 1,984 | 59,699 | ||||||
|
| |||||||
582,769 | ||||||||
|
| |||||||
Mining — 0.6% | ||||||||
Allied Nevada Gold Corp.* | 4,000 | 3,480 | ||||||
Century Aluminum Co.* | 2,154 | 52,558 | ||||||
Coeur Mining, Inc.* | 3,828 | 19,561 | ||||||
Globe Specialty Metals, Inc. | 2,414 | 41,593 | ||||||
Gold Resource Corp. | 1,300 | 4,394 | ||||||
Hecla Mining Co. | 12,817 | 35,759 |
Number of Shares | Value† | |||||||
Mining — (continued) | ||||||||
Horsehead Holding Corp.* | 1,983 | $ | 31,391 | |||||
Kaiser Aluminum Corp. | 716 | 51,144 | ||||||
Materion Corp. | 857 | 30,192 | ||||||
Molycorp, Inc.* | 5,800 | 5,107 | ||||||
Noranda Aluminium Holding Corp. | 2,500 | 8,800 | ||||||
Ring Energy, Inc.* | 800 | 8,400 | ||||||
Stillwater Mining Co.* | 4,524 | 66,684 | ||||||
United States Lime & Minerals, Inc. | 29 | 2,113 | ||||||
US Silica Holdings, Inc. | 2,100 | 53,949 | ||||||
|
| |||||||
415,125 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 1.8% | ||||||||
Actuant Corp., Class A | 2,506 | 68,263 | ||||||
American Railcar Industries, Inc. | 400 | 20,600 | ||||||
AZZ, Inc. | 976 | 45,794 | ||||||
Barnes Group, Inc. | 2,065 | 76,426 | ||||||
Blount International, Inc.* | 1,995 | 35,052 | ||||||
Chase Corp. | 200 | 7,198 | ||||||
CLARCOR, Inc. | 1,998 | 133,147 | ||||||
EnPro Industries, Inc.* | 917 | 57,551 | ||||||
Fabrinet* | 1,500 | 26,610 | ||||||
Federal Signal Corp. | 2,343 | 36,176 | ||||||
FreightCar America, Inc. | 570 | 14,997 | ||||||
GP Strategies Corp.* | 400 | 13,572 | ||||||
Handy & Harman Ltd.* | 200 | 9,206 | ||||||
Harsco Corp. | 3,200 | 60,448 | ||||||
Hillenbrand, Inc. | 2,374 | 81,903 | ||||||
John Bean Technologies Corp. | 1,229 | 40,385 | ||||||
Koppers Holdings, Inc. | 820 | 21,304 | ||||||
LSB Industries, Inc.* | 749 | 23,548 | ||||||
Lydall, Inc.* | 600 | 19,692 | ||||||
Movado Group, Inc. | 760 | 21,561 | ||||||
Myers Industries, Inc. | 1,125 | 19,800 | ||||||
NL Industries, Inc. | 90 | 774 | ||||||
Park-Ohio Holdings Corp. | 400 | 25,212 | ||||||
Polypore International, Inc.* | 1,800 | 84,690 | ||||||
Proto Labs, Inc.* | 900 | 60,444 | ||||||
Raven Industries, Inc. | 1,346 | 33,650 | ||||||
Smith & Wesson Holding Corp.* | 2,179 | 20,635 | ||||||
Standex International Corp. | 500 | 38,630 | ||||||
Sturm Ruger & Co., Inc. | 819 | 28,362 | ||||||
Tredegar Corp. | 1,061 | 23,862 | ||||||
TriMas Corp.* | 1,795 | 56,165 | ||||||
Trinseo SA* | 600 | 10,470 | ||||||
|
| |||||||
1,216,127 | ||||||||
|
| |||||||
Office & Business Equipment — 0.0% | ||||||||
Eastman Kodak Co.* | 800 | 17,368 | ||||||
|
| |||||||
Office Furnishings — 0.4% | ||||||||
Herman Miller, Inc. | 2,232 | 65,688 | ||||||
HNI Corp. | 1,643 | 83,891 | ||||||
Interface, Inc. | 2,595 | 42,740 | ||||||
Knoll, Inc. | 1,953 | 41,345 | ||||||
Steelcase, Inc., Class A | 3,131 | 56,201 | ||||||
|
| |||||||
289,865 | ||||||||
|
|
143
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Oil & Gas — 1.6% | ||||||||
Abraxas Petroleum Corp.* | 4,100 | $ | 12,054 | |||||
Adams Resources & Energy, Inc. | 100 | 4,995 | ||||||
Alon USA Energy, Inc. | 952 | 12,062 | ||||||
American Eagle Energy Corp.* | 1,200 | 747 | ||||||
Apco Oil and Gas International, Inc.* | 258 | 3,620 | ||||||
Approach Resources, Inc.* | 1,341 | 8,569 | ||||||
Bill Barrett Corp.* | 2,025 | 23,065 | ||||||
Bonanza Creek Energy, Inc.* | 1,300 | 31,200 | ||||||
BPZ Resources, Inc.* | 4,183 | 1,209 | ||||||
Callon Petroleum Co.* | 2,000 | 10,900 | ||||||
Carrizo Oil & Gas, Inc.* | 1,765 | 73,424 | ||||||
Clayton Williams Energy, Inc.* | 217 | 13,845 | ||||||
Comstock Resources, Inc. | 1,987 | 13,531 | ||||||
Contango Oil & Gas Co.* | 703 | 20,556 | ||||||
Delek US Holdings, Inc. | 2,298 | 62,689 | ||||||
Diamondback Energy, Inc.* | 1,600 | 95,648 | ||||||
Eclipse Resources Corp.* | 1,400 | 9,842 | ||||||
Emerald Oil, Inc.* | 2,200 | 2,640 | ||||||
Energy XXI Bermuda Ltd. | 3,733 | 12,170 | ||||||
Evolution Petroleum Corp. | 500 | 3,715 | ||||||
EXCO Resources, Inc. | 6,375 | 13,834 | ||||||
FX Energy, Inc.* | 1,389 | 2,153 | ||||||
Gastar Exploration, Inc.* | 2,600 | 6,266 | ||||||
Goodrich Petroleum Corp.* | 1,281 | 5,688 | ||||||
Halcon Resources Corp.* | 9,876 | 17,579 | ||||||
Harvest Natural Resources, Inc.* | 1,400 | 2,534 | ||||||
Hercules Offshore, Inc.* | 6,105 | 6,105 | ||||||
Isramco, Inc.* | 21 | 2,898 | ||||||
Jones Energy, Inc.* | 600 | 6,846 | ||||||
Magnum Hunter Resources Corp.* | 7,500 | 23,550 | ||||||
Matador Resources Co.* | 2,900 | 58,667 | ||||||
Midstates Petroleum Co., Inc.* | 1,100 | 1,661 | ||||||
Miller Energy Resources, Inc.* | 1,900 | 2,375 | ||||||
Northern Oil & Gas, Inc.* | 2,253 | 12,729 | ||||||
Panhandle Oil and Gas, Inc., Class A | 634 | 14,760 | ||||||
Parker Drilling Co.* | 5,217 | 16,016 | ||||||
Parsley Energy, Inc., Class A* | 2,000 | 31,920 | ||||||
PDC Energy, Inc.* | 1,412 | 58,273 | ||||||
Penn Virginia Corp.* | 2,412 | 16,112 | ||||||
PetroQuest Energy, Inc.* | 1,539 | 5,756 | ||||||
Quicksilver Resources, Inc.* | 4,600 | 912 | ||||||
Resolute Energy Corp.* | 3,000 | 3,960 | ||||||
Rex Energy Corp.* | 1,800 | 9,180 | ||||||
Rosetta Resources, Inc.* | 2,237 | 49,907 | ||||||
RSP Permian, Inc.* | 900 | 22,626 | ||||||
Sanchez Energy Corp.* | 1,900 | 17,651 | ||||||
Stone Energy Corp.* | 2,079 | 35,093 | ||||||
Swift Energy Co.* | 1,889 | 7,650 | ||||||
Synergy Resources Corp.* | 2,500 | 31,350 | ||||||
Transatlantic Petroleum Ltd.* | 1,000 | 5,390 | ||||||
Trecora Resources* | 1,000 | 14,700 | ||||||
Triangle Petroleum Corp.* | 2,800 | 13,384 | ||||||
Vaalco Energy, Inc.* | 2,430 | 11,081 | ||||||
W&T Offshore, Inc. | 1,643 | 12,060 | ||||||
Warren Resources, Inc.* | 3,605 | 5,804 |
Number of Shares | Value† | |||||||
Oil & Gas — (continued) | ||||||||
Western Refining, Inc. | 2,037 | $ | 76,958 | |||||
|
| |||||||
1,039,909 | ||||||||
|
| |||||||
Oil & Gas Services — 0.9% | ||||||||
Basic Energy Services, Inc.* | 1,188 | 8,328 | ||||||
C&J Energy Services, Inc.* | 1,830 | 24,174 | ||||||
CARBO Ceramics, Inc. | 800 | 32,040 | ||||||
CHC Group Ltd.* | 1,400 | 4,508 | ||||||
Dawson Geophysical Co. | 215 | 2,629 | ||||||
Exterran Holdings, Inc. | 2,300 | 74,934 | ||||||
Flotek Industries, Inc.* | 2,000 | 37,460 | ||||||
Forum Energy Technologies, Inc.* | 2,300 | 47,679 | ||||||
Geospace Technologies Corp.* | 476 | 12,614 | ||||||
Gulf Island Fabrication, Inc. | 518 | 10,044 | ||||||
Helix Energy Solutions Group, Inc.* | 4,101 | 88,992 | ||||||
Hornbeck Offshore Services, Inc.* | 1,378 | 34,409 | ||||||
ION Geophysical Corp.* | 5,465 | 15,029 | ||||||
Key Energy Services, Inc.* | 5,224 | 8,724 | ||||||
Matrix Service Co.* | 987 | 22,030 | ||||||
Mitcham Industries, Inc.* | 300 | 1,779 | ||||||
Natural Gas Services Group, Inc.* | 594 | 13,686 | ||||||
Newpark Resources, Inc.* | 3,512 | 33,504 | ||||||
North Atlantic Drilling Ltd. | 2,800 | 4,564 | ||||||
Pioneer Energy Services Corp.* | 2,650 | 14,681 | ||||||
SEACOR Holdings, Inc.* | 700 | 51,667 | ||||||
Tesco Corp. | 1,400 | 17,948 | ||||||
TETRA Technologies, Inc.* | 2,979 | 19,900 | ||||||
Thermon Group Holdings, Inc.* | 1,100 | 26,609 | ||||||
Vantage Drilling Co.* | 9,090 | 4,443 | ||||||
Willbros Group, Inc.* | 1,517 | 9,511 | ||||||
|
| |||||||
621,886 | ||||||||
|
| |||||||
Packaging and Containers — 0.4% | ||||||||
AEP Industries, Inc.* | 138 | 8,025 | ||||||
Berry Plastics Group, Inc.* | 3,500 | 110,425 | ||||||
Graphic Packaging Holding Co.* | 12,787 | 174,159 | ||||||
UFP Technologies, Inc.* | 200 | 4,917 | ||||||
|
| |||||||
297,526 | ||||||||
|
| |||||||
Pharmaceuticals — 4.5% | ||||||||
ACADIA Pharmaceuticals, Inc.* | 3,000 | 95,250 | ||||||
AcelRx Pharmaceuticals, Inc.* | 900 | 6,057 | ||||||
Achillion Pharmaceuticals, Inc.* | 3,400 | 41,650 | ||||||
Actinium Pharmaceuticals, Inc.* | 800 | 4,712 | ||||||
Aegerion Pharmaceuticals, Inc.* | 1,100 | 23,034 | ||||||
Aerie Pharmaceuticals, Inc.* | 300 | 8,757 | ||||||
Agios Pharmaceuticals, Inc.* | 500 | 56,020 | ||||||
Akebia Therapeutics, Inc.* | 300 | 3,492 | ||||||
Akorn, Inc.* | 2,413 | 87,351 | ||||||
Alimera Sciences, Inc.* | 1,100 | 6,094 | ||||||
Ampio Pharmaceuticals, Inc.* | 1,200 | 4,116 | ||||||
Anacor Pharmaceuticals, Inc.* | 1,300 | 41,925 | ||||||
Anika Therapeutics, Inc.* | 500 | 20,370 | ||||||
Antares Pharma, Inc.* | 5,200 | 13,364 | ||||||
Aratana Therapeutics, Inc.* | 900 | 16,038 | ||||||
Array BioPharma, Inc.* | 5,848 | 27,661 |
144
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Pharmaceuticals — (continued) | ||||||||
Auspex Pharmaceuticals, Inc.* | 400 | $ | 20,992 | |||||
Auxilium Pharmaceuticals, Inc.* | 1,865 | 64,128 | ||||||
AVANIR Pharmaceuticals, Inc., Class A* | 7,577 | 128,430 | ||||||
Bio-Path Holdings, Inc.* | 3,400 | 9,044 | ||||||
BioDelivery Sciences International, Inc.* | 1,900 | 22,838 | ||||||
BioScrip, Inc.* | 2,011 | 14,057 | ||||||
Biospecifics Technologies Corp.* | 100 | 3,862 | ||||||
Cempra, Inc.* | 900 | 21,159 | ||||||
ChemoCentryx, Inc.* | 1,000 | 6,830 | ||||||
Chimerix, Inc.* | 1,100 | 44,286 | ||||||
Clovis Oncology, Inc.* | 1,000 | 56,000 | ||||||
Corcept Therapeutics, Inc.* | 2,900 | 8,700 | ||||||
Cytori Therapeutics, Inc.* | 3,510 | 1,715 | ||||||
Depomed, Inc.* | 1,983 | 31,946 | ||||||
Derma Sciences, Inc.* | 700 | 6,517 | ||||||
Diplomat Pharmacy, Inc.* | 600 | 16,422 | ||||||
Dyax Corp.* | 5,020 | 70,581 | ||||||
Enanta Pharmaceuticals, Inc.* | 400 | 20,340 | ||||||
Endocyte, Inc.* | 1,500 | 9,435 | ||||||
Fibrogen, Inc.* | 400 | 10,936 | ||||||
Galectin Therapeutics, Inc.* | 800 | 2,776 | ||||||
Heron Therapeutics, Inc.* | 900 | 9,054 | ||||||
Horizon Pharma PLC* | 2,400 | 30,936 | ||||||
Hyperion Therapeutics, Inc.* | 400 | 9,600 | ||||||
IGI Laboratories, Inc.* | 1,800 | 15,840 | ||||||
Immune Design Corp.* | 100 | 3,078 | ||||||
Impax Laboratories, Inc.* | 2,837 | 89,876 | ||||||
Infinity Pharmaceuticals, Inc.* | 1,828 | 30,875 | ||||||
Insys Therapeutics, Inc.* | 300 | 12,648 | ||||||
Intra-Cellular Therapies, Inc.* | 800 | 14,120 | ||||||
Ironwood Pharmaceuticals, Inc.* | 4,461 | 68,343 | ||||||
Isis Pharmaceuticals, Inc.* | 4,510 | 278,447 | ||||||
Keryx Biopharmaceuticals, Inc.* | 3,500 | 49,525 | ||||||
Kindred Biosciences, Inc.* | 500 | 3,725 | ||||||
Lannett Co., Inc.* | 997 | 42,751 | ||||||
MannKind Corp.* | 8,904 | 46,434 | ||||||
Nanoviricides, Inc.* | 1,500 | 4,080 | ||||||
Natural Grocers By Vitamin Cottage, Inc.* | 400 | 11,268 | ||||||
Nature’s Sunshine Products, Inc. | 200 | 2,964 | ||||||
Nektar Therapeutics* | 4,833 | 74,912 | ||||||
Neogen Corp.* | 1,502 | 74,484 | ||||||
Neurocrine Biosciences, Inc.* | 2,777 | 62,038 | ||||||
Nevro Corp.* | 300 | 11,601 | ||||||
Northwest Biotherapeutics, Inc.* | 1,600 | 8,560 | ||||||
Nutraceutical International Corp.* | 196 | 4,226 | ||||||
Ohr Pharmaceutical, Inc.* | 1,000 | 8,340 | ||||||
Omega Protein Corp.* | 500 | 5,285 | ||||||
Ophthotech Corp.* | 600 | 26,922 | ||||||
OPKO Health, Inc.* | 7,176 | 71,688 | ||||||
Orexigen Therapeutics, Inc.* | 4,188 | 25,379 | ||||||
Osiris Therapeutics, Inc.* | 773 | 12,360 | ||||||
Otonomy, Inc.* | 300 | 9,999 | ||||||
Pacira Pharmaceuticals, Inc.* | 1,400 | 124,124 | ||||||
Pain Therapeutics, Inc.* | 1,200 | 2,436 | ||||||
Pernix Therapeutics Holdings, Inc.* | 1,500 | 14,085 | ||||||
PharMerica Corp.* | 1,220 | 25,266 |
Number of Shares | Value† | |||||||
Pharmaceuticals — (continued) | ||||||||
Phibro Animal Health Corp., Class A | 700 | $ | 22,085 | |||||
Portola Pharmaceuticals, Inc.* | 1,500 | 42,480 | ||||||
POZEN, Inc.* | 1,002 | 8,016 | ||||||
PRA Health Sciences, Inc.* | 800 | 19,376 | ||||||
Progenics Pharmaceuticals, Inc.* | 2,601 | 19,664 | ||||||
Radius Health, Inc.* | 200 | 7,782 | ||||||
Raptor Pharmaceutical Corp.* | 2,600 | 27,352 | ||||||
Receptos, Inc.* | 800 | 98,008 | ||||||
Regulus Therapeutics, Inc.* | 500 | 8,020 | ||||||
Relypsa, Inc.* | 700 | 21,560 | ||||||
Repros Therapeutics, Inc.* | 900 | 8,973 | ||||||
Revance Therapeutics, Inc.* | 400 | 6,776 | ||||||
Sagent Pharmaceuticals, Inc.* | 1,000 | 25,110 | ||||||
Sarepta Therapeutics, Inc.* | 1,400 | 20,258 | ||||||
Sciclone Pharmaceuticals, Inc.* | 2,277 | 19,947 | ||||||
Sucampo Pharmaceuticals, Inc., Class A* | 171 | 2,442 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,400 | 11,620 | ||||||
Synageva BioPharma Corp.* | 800 | 74,232 | ||||||
Synergy Pharmaceuticals, Inc.* | 4,300 | 13,115 | ||||||
Synta Pharmaceuticals Corp.* | 1,921 | 5,091 | ||||||
Synutra International, Inc.* | 311 | 1,891 | ||||||
TESARO, Inc.* | 600 | 22,314 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 900 | 35,739 | ||||||
TG Therapeutics, Inc.* | 1,200 | 19,008 | ||||||
TherapeuticsMD, Inc.* | 3,200 | 14,240 | ||||||
Threshold Pharmaceuticals, Inc.* | 2,000 | 6,360 | ||||||
USANA Health Sciences, Inc.* | 224 | 22,980 | ||||||
Vanda Pharmaceuticals, Inc.* | 1,241 | 17,771 | ||||||
Vital Therapies, Inc.* | 300 | 7,479 | ||||||
VIVUS, Inc.* | 3,770 | 10,858 | ||||||
Xencor, Inc.* | 400 | 6,416 | ||||||
XenoPort, Inc.* | 1,927 | 16,900 | ||||||
Zogenix, Inc.* | 4,600 | 6,302 | ||||||
Zs Pharma, Inc.* | 300 | 12,471 | ||||||
|
| |||||||
2,974,790 | ||||||||
|
| |||||||
Pipelines — 0.2% | ||||||||
Primoris Services Corp. | 1,490 | 34,628 | ||||||
SemGroup Corp. | 1,700 | 116,263 | ||||||
|
| |||||||
150,891 | ||||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
Alexander & Baldwin, Inc. | 1,800 | 70,668 | ||||||
AV Homes, Inc.* | 195 | 2,841 | ||||||
Consolidated-Tomoka Land Co. | 124 | 6,919 | ||||||
Forestar Group, Inc.* | 1,163 | 17,910 | ||||||
FRP Holdings, Inc.* | 369 | 14,469 | ||||||
HFF, Inc., Class A | 1,400 | 50,288 | ||||||
Kennedy-Wilson Holdings, Inc. | 2,681 | 67,829 | ||||||
Marcus & Millichap, Inc.* | 200 | 6,650 | ||||||
RE/MAX Holdings, Inc., Class A | 400 | 13,700 | ||||||
The St. Joe Co.* | 2,500 | 45,975 | ||||||
|
| |||||||
297,249 | ||||||||
|
|
145
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Retail — 6.1% | ||||||||
Aeropostale, Inc.* | 3,184 | $ | 7,387 | |||||
America’s Car-Mart, Inc.* | 227 | 12,117 | ||||||
American Eagle Outfitters, Inc. | 7,600 | 105,488 | ||||||
ANN, Inc.* | 1,785 | 65,117 | ||||||
Asbury Automotive Group, Inc.* | 1,149 | 87,232 | ||||||
Barnes & Noble, Inc.* | 1,400 | 32,508 | ||||||
bebe Stores, Inc. | 1,517 | 3,322 | ||||||
Big 5 Sporting Goods Corp. | 581 | 8,500 | ||||||
Biglari Holdings, Inc.* | 70 | 27,966 | ||||||
BJ’s Restaurants, Inc.* | 820 | 41,172 | ||||||
Bloomin’ Brands, Inc.* | 3,000 | 74,280 | ||||||
Bob Evans Farms, Inc. | 1,042 | 53,330 | ||||||
Bravo Brio Restaurant Group, Inc.* | 500 | 6,955 | ||||||
Brown Shoe Co., Inc. | 1,654 | 53,176 | ||||||
Buffalo Wild Wings, Inc.* | 747 | 134,744 | ||||||
Build-A-Bear Workshop, Inc.* | 700 | 14,070 | ||||||
Burlington Stores, Inc.* | 1,200 | 56,712 | ||||||
Carrols Restaurant Group, Inc.* | 1,713 | 13,070 | ||||||
Casey’s General Stores, Inc. | 1,440 | 130,061 | ||||||
Cash America International, Inc. | 1,125 | 25,447 | ||||||
Christopher & Banks Corp.* | 1,500 | 8,565 | ||||||
Chuy’s Holdings, Inc.* | 600 | 11,802 | ||||||
Citi Trends, Inc.* | 503 | 12,701 | ||||||
Conn’s, Inc.* | 1,104 | 20,634 | ||||||
Cracker Barrel Old Country Store, Inc. | 724 | 101,910 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 1,000 | 23,740 | ||||||
Denny’s Corp.* | 3,552 | 36,621 | ||||||
Destination Maternity Corp. | 578 | 9,219 | ||||||
Destination XL Group, Inc.* | 1,500 | 8,190 | ||||||
DineEquity, Inc. | 671 | 69,542 | ||||||
El Pollo Loco Holdings Inc* | 400 | 7,988 | ||||||
Express, Inc.* | 3,154 | 46,332 | ||||||
Ezcorp, Inc., Class A* | 1,766 | 20,751 | ||||||
Fiesta Restaurant Group, Inc.* | 1,113 | 67,670 | ||||||
First Cash Financial Services, Inc.* | 1,162 | 64,689 | ||||||
Five Below, Inc.* | 2,100 | 85,743 | ||||||
Francesca’s Holdings Corp.* | 1,658 | 27,689 | ||||||
Fred’s, Inc., Class A | 1,431 | 24,914 | ||||||
Genesco, Inc.* | 895 | 68,575 | ||||||
Group 1 Automotive, Inc. | 907 | 81,285 | ||||||
Guess?, Inc. | 2,400 | 50,592 | ||||||
Haverty Furniture Cos., Inc. | 950 | 20,910 | ||||||
hhgregg, Inc.* | 662 | 5,011 | ||||||
Hibbett Sports, Inc.* | 955 | 46,251 | ||||||
HSN, Inc. | 1,279 | 97,204 | ||||||
Ignite Restaurant Group, Inc.* | 300 | 2,361 | ||||||
Jack in the Box, Inc. | 1,514 | 121,059 | ||||||
Jamba, Inc.* | 940 | 14,185 | ||||||
Kirkland’s, Inc.* | 427 | 10,094 | ||||||
Krispy Kreme Doughnuts, Inc.* | 2,622 | 51,758 | ||||||
Lands’ End, Inc.* | 700 | 37,772 | ||||||
Lithia Motors, Inc., Class A | 894 | 77,501 | ||||||
Lumber Liquidators Holdings, Inc.* | 1,033 | 68,498 | ||||||
MarineMax, Inc.* | 1,000 | 20,050 | ||||||
Mattress Firm Holding Corp.* | 600 | 34,848 | ||||||
Nathan’s Famous, Inc.* | 100 | 8,000 |
Number of Shares | Value† | |||||||
Retail — (continued) | ||||||||
New York & Co., Inc.* | 583 | $ | 1,539 | |||||
Noodles & Co.* | 300 | 7,905 | ||||||
Office Depot, Inc.* | 20,810 | 178,446 | ||||||
Pacific Sunwear of California, Inc.* | 2,100 | 4,578 | ||||||
Papa John’s International, Inc. | 1,210 | 67,518 | ||||||
PC Connection, Inc. | 565 | 13,871 | ||||||
PetMed Express, Inc. | 1,113 | 15,994 | ||||||
Pier 1 Imports, Inc. | 3,644 | 56,118 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 959 | 53,963 | ||||||
Potbelly Corp.* | 300 | 3,861 | ||||||
Pricesmart, Inc. | 731 | 66,682 | ||||||
Red Robin Gourmet Burgers, Inc.* | 520 | 40,027 | ||||||
Regis Corp.* | 1,832 | 30,704 | ||||||
Restoration Hardware Holdings, Inc.* | 1,200 | 115,212 | ||||||
Roundy’s, Inc.* | 900 | 4,356 | ||||||
Ruby Tuesday, Inc.* | 2,213 | 15,137 | ||||||
Rush Enterprises, Inc., Class A* | 1,435 | 45,992 | ||||||
Ruth’s Hospitality Group, Inc. | 1,695 | 25,425 | ||||||
Sears Hometown and Outlet Stores, Inc.* | 300 | 3,945 | ||||||
Shoe Carnival, Inc. | 758 | 19,473 | ||||||
Sonic Automotive, Inc., Class A | 1,534 | 41,479 | ||||||
Sonic Corp. | 2,132 | 58,054 | ||||||
Stage Stores, Inc. | 1,381 | 28,587 | ||||||
Stein Mart, Inc. | 1,261 | 18,436 | ||||||
Systemax, Inc.* | 262 | 3,537 | ||||||
Texas Roadhouse, Inc. | 2,570 | 86,763 | ||||||
The Bon-Ton Stores, Inc. | 500 | 3,705 | ||||||
The Buckle, Inc. | 1,049 | 55,093 | ||||||
The Cato Corp., Class A | 1,104 | 46,567 | ||||||
The Cheesecake Factory, Inc. | 1,916 | 96,394 | ||||||
The Children’s Place, Inc. | 894 | 50,958 | ||||||
The Container Store Group, Inc.* | 600 | 11,478 | ||||||
The Finish Line, Inc., Class A | 1,793 | 43,588 | ||||||
The Men’s Wearhouse, Inc. | 1,856 | 81,942 | ||||||
The Pantry, Inc.* | 954 | 35,355 | ||||||
The Pep Boys — Manny, Moe, & Jack* | 2,305 | 22,635 | ||||||
Tile Shop Holdings, Inc.* | 1,300 | 11,544 | ||||||
Tilly’s, Inc.* | 400 | 3,876 | ||||||
Tuesday Morning Corp.* | 1,629 | 35,349 | ||||||
Vera Bradley, Inc.* | 800 | 16,304 | ||||||
Vitamin Shoppe, Inc.* | 1,200 | 58,296 | ||||||
West Marine, Inc.* | 664 | 8,579 | ||||||
Winmark Corp. | 100 | 8,692 | ||||||
Zoe’s Kitchen, Inc.* | 200 | 5,982 | ||||||
Zumiez, Inc.* | 703 | 27,157 | ||||||
|
| |||||||
4,048,404 | ||||||||
|
| |||||||
Savings & Loans — 1.7% | ||||||||
Astoria Financial Corp. | 3,201 | 42,765 | ||||||
Banc of California, Inc. | 800 | 9,176 | ||||||
Bank Mutual Corp. | 2,432 | 16,684 | ||||||
BankFinancial Corp. | 609 | 7,223 | ||||||
BBX Capital Corp.* | 400 | 6,580 | ||||||
Beneficial Mutual Bancorp, Inc.* | 1,249 | 15,325 | ||||||
Berkshire Hills Bancorp, Inc. | 1,102 | 29,379 | ||||||
BofI Holding, Inc.* | 500 | 38,905 |
146
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Savings & Loans — (continued) | ||||||||
Brookline Bancorp, Inc. | 3,222 | $ | 32,317 | |||||
Capitol Federal Financial, Inc. | 5,600 | 71,568 | ||||||
Charter Financial Corp. | 900 | 10,305 | ||||||
Clifton Bancorp, Inc. | 1,146 | 15,574 | ||||||
Dime Community Bancshares, Inc. | 1,030 | 16,769 | ||||||
ESB Financial Corp. | 232 | 4,394 | ||||||
EverBank Financial Corp. | 3,600 | 68,616 | ||||||
First Defiance Financial Corp. | 300 | 10,218 | ||||||
First Financial Northwest, Inc. | 600 | 7,224 | ||||||
Flagstar Bancorp, Inc.* | 800 | 12,584 | ||||||
Flushing Financial Corp. | 1,338 | 27,121 | ||||||
Fox Chase Bancorp, Inc. | 420 | 7,001 | ||||||
Home Loan Servicing Solutions Ltd. | 2,800 | 54,656 | ||||||
Homestreet, Inc. | 600 | 10,446 | ||||||
HomeTrust Bancshares, Inc.* | 900 | 14,994 | ||||||
Investors Bancorp, Inc. | 14,055 | 157,767 | ||||||
Kearny Financial Corp.* | 852 | 11,715 | ||||||
Meridian Bancorp, Inc.* | 1,074 | 12,050 | ||||||
Meta Financial Group, Inc. | 200 | 7,008 | ||||||
Northfield Bancorp, Inc. | 2,193 | 32,457 | ||||||
Northwest Bancshares, Inc. | 3,775 | 47,301 | ||||||
OceanFirst Financial Corp. | 327 | 5,605 | ||||||
Oritani Financial Corp. | 1,718 | 26,457 | ||||||
Pacific Premier Bancorp, Inc.* | 700 | 12,131 | ||||||
Provident Financial Services, Inc. | 2,403 | 43,398 | ||||||
Sterling Bancorp, Inc. | 2,927 | 42,090 | ||||||
Territorial Bancorp, Inc. | 243 | 5,237 | ||||||
United Community Financial Corp. | 1,700 | 9,129 | ||||||
United Financial Bancorp, Inc. | 2,131 | 30,601 | ||||||
Washington Federal, Inc. | 4,000 | 88,600 | ||||||
Waterstone Financial, Inc. | 1,500 | 19,725 | ||||||
WSFS Financial Corp. | 357 | 27,450 | ||||||
|
| |||||||
1,108,545 | ||||||||
|
| |||||||
Semiconductors — 3.5% | ||||||||
Alpha & Omega Semiconductor Ltd.* | 400 | 3,540 | ||||||
Ambarella, Inc.* | 1,100 | 55,792 | ||||||
Amkor Technology, Inc.* | 3,211 | 22,798 | ||||||
Applied Micro Circuits Corp.* | 2,958 | 19,286 | ||||||
Axcelis Technologies, Inc.* | 6,100 | 15,616 | ||||||
Brooks Automation, Inc. | 2,477 | 31,582 | ||||||
Cabot Microelectronics Corp.* | 961 | 45,474 | ||||||
Cascade Microtech, Inc.* | 700 | 10,227 | ||||||
Cavium, Inc.* | 2,079 | 128,524 | ||||||
CEVA, Inc.* | 671 | 12,172 | ||||||
Cirrus Logic, Inc.* | 2,481 | 58,477 | ||||||
Cohu, Inc. | 904 | 10,758 | ||||||
Cypress Semiconductor Corp. | 6,200 | 88,536 | ||||||
Diodes, Inc.* | 1,399 | 38,570 | ||||||
DSP Group, Inc.* | 557 | 6,055 | ||||||
Emulex Corp.* | 2,106 | 11,941 | ||||||
Entegris, Inc.* | 5,270 | 69,617 | ||||||
Entropic Communications, Inc.* | 3,832 | 9,695 | ||||||
Exar Corp.* | 1,532 | 15,626 | ||||||
Fairchild Semiconductor International, Inc.* | 4,900 | 82,712 | ||||||
FormFactor, Inc.* | 2,172 | 18,679 |
Number of Shares | Value† | |||||||
Semiconductors — (continued) | ||||||||
Gerber Scientific, Inc.*~ | 500 | $ | 0 | |||||
GSl Group, Inc.* | 1,500 | 22,080 | ||||||
Inphi Corp.* | 1,100 | 20,328 | ||||||
Integrated Device Technology, Inc.* | 5,093 | 99,823 | ||||||
Integrated Silicon Solution, Inc. | 1,000 | 16,570 | ||||||
International Rectifier Corp.* | 2,800 | 111,720 | ||||||
Intersil Corp., Class A | 5,100 | 73,797 | ||||||
IXYS Corp. | 1,266 | 15,952 | ||||||
Kopin Corp.* | 1,507 | 5,455 | ||||||
Lattice Semiconductor Corp.* | 4,924 | 33,926 | ||||||
MaxLinear, Inc., Class A* | 1,400 | 10,374 | ||||||
Micrel, Inc. | 1,845 | 26,771 | ||||||
Microsemi Corp.* | 3,693 | 104,807 | ||||||
MKS Instruments, Inc. | 1,996 | 73,054 | ||||||
Monolithic Power Systems, Inc. | 1,467 | 72,969 | ||||||
Nanometrics, Inc.* | 900 | 15,138 | ||||||
Omnivision Technologies, Inc.* | 2,119 | 55,094 | ||||||
Pericom Semiconductor Corp.* | 646 | 8,747 | ||||||
Photronics, Inc.* | 2,192 | 18,216 | ||||||
PMC-Sierra, Inc.* | 6,900 | 63,204 | ||||||
Power Integrations, Inc. | 1,095 | 56,655 | ||||||
QLogic Corp.* | 3,200 | 42,624 | ||||||
Quicklogic Corp.* | 2,500 | 7,850 | ||||||
Rambus, Inc.* | 4,623 | 51,269 | ||||||
Rubicon Technology, Inc.* | 1,123 | 5,132 | ||||||
Rudolph Technologies, Inc.* | 1,654 | 16,920 | ||||||
Semtech Corp.* | 2,609 | 71,930 | ||||||
Silicon Image, Inc.* | 2,739 | 15,119 | ||||||
Silicon Laboratories, Inc.* | 1,700 | 80,954 | ||||||
Tessera Technologies, Inc. | 2,123 | 75,918 | ||||||
TriQuint Semiconductor, Inc.* | 6,477 | 178,441 | ||||||
Ultra Clean Holdings, Inc.* | 900 | 8,352 | ||||||
Ultratech, Inc.* | 978 | 18,152 | ||||||
Veeco Instruments, Inc.* | 1,393 | 48,588 | ||||||
Vitesse Semiconductor Corp.* | 2,900 | 10,962 | ||||||
Xcerra Corp.* | 2,466 | 22,589 | ||||||
|
| |||||||
2,315,157 | ||||||||
|
| |||||||
Software — 4.9% | ||||||||
2U, Inc.* | 600 | 11,796 | ||||||
ACI Worldwide, Inc.* | 4,527 | 91,310 | ||||||
Actua Corp.* | 1,428 | 26,375 | ||||||
Actuate Corp.* | 1,940 | 12,804 | ||||||
Acxiom Corp.* | 2,967 | 60,141 | ||||||
Advent Software, Inc. | 2,035 | 62,352 | ||||||
Amber Road, Inc.* | 600 | 6,132 | ||||||
American Software, Inc., Class A | 593 | 5,402 | ||||||
Aspen Technology, Inc.* | 3,553 | 124,426 | ||||||
Audience, Inc.* | 400 | 1,760 | ||||||
AVG Technologies NV* | 1,400 | 27,636 | ||||||
Benefitfocus, Inc.* | 200 | 6,568 | ||||||
Blackbaud, Inc. | 1,750 | 75,705 | ||||||
Bottomline Technologies, Inc.* | 1,545 | 39,058 | ||||||
Callidus Software, Inc.* | 2,000 | 32,660 | ||||||
Castlight Health, Inc., Class B* | 400 | 4,680 | ||||||
CommVault Systems, Inc.* | 1,848 | 95,523 |
147
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Software — (continued) | ||||||||
Computer Programs & Systems, Inc. | 447 | $ | 27,155 | |||||
Cornerstone OnDemand, Inc.* | 2,100 | 73,920 | ||||||
CSG Systems International, Inc. | 1,281 | 32,115 | ||||||
Cvent, Inc.* | 800 | 22,272 | ||||||
Demandware, Inc.* | 1,200 | 69,048 | ||||||
Digi International, Inc.* | 657 | 6,104 | ||||||
Digital River, Inc.* | 1,388 | 34,325 | ||||||
E2open, Inc.* | 1,100 | 10,571 | ||||||
Ebix, Inc. | 1,336 | 22,699 | ||||||
Envestnet, Inc.* | 1,300 | 63,882 | ||||||
EPAM Systems, Inc.* | 1,400 | 66,850 | ||||||
Epiq Systems, Inc. | 1,168 | 19,949 | ||||||
Fair Isaac Corp. | 1,288 | 93,122 | ||||||
Fleetmatics Group PLC* | 1,500 | 53,235 | ||||||
Glu Mobile, Inc.* | 4,000 | 15,600 | ||||||
Guidance Software, Inc.* | 400 | 2,900 | ||||||
Guidewire Software, Inc.* | 2,700 | 136,701 | ||||||
Imperva, Inc.* | 800 | 39,544 | ||||||
inContact, Inc.* | 2,100 | 18,459 | ||||||
Infoblox, Inc.* | 2,100 | 42,441 | ||||||
InnerWorkings, Inc.* | 1,724 | 13,430 | ||||||
Interactive Intelligence Group, Inc.* | 597 | 28,596 | ||||||
Jive Software, Inc.* | 1,500 | 9,045 | ||||||
Kofax Ltd.* | 3,100 | 21,793 | ||||||
Luxoft Holding, Inc.* | 300 | 11,553 | ||||||
ManTech International Corp., Class A | 1,039 | 31,409 | ||||||
Mavenir Systems, Inc.* | 200 | 2,712 | ||||||
MedAssets, Inc.* | 2,448 | 48,372 | ||||||
Medidata Solutions, Inc.* | 2,088 | 99,702 | ||||||
MicroStrategy, Inc., Class A* | 318 | 51,643 | ||||||
Model N, Inc.* | 300 | 3,186 | ||||||
Monotype Imaging Holdings, Inc. | 1,599 | 46,099 | ||||||
Omnicell, Inc.* | 1,435 | 47,527 | ||||||
Opower, Inc.* | 600 | 8,538 | ||||||
PDF Solutions, Inc.* | 1,200 | 17,832 | ||||||
Pegasystems, Inc. | 1,260 | 26,170 | ||||||
Progress Software Corp.* | 1,986 | 53,662 | ||||||
Proofpoint, Inc.* | 1,500 | 72,345 | ||||||
PROS Holdings, Inc.* | 917 | 25,199 | ||||||
QAD, Inc. | 92 | 2,081 | ||||||
Qlik Technologies, Inc.* | 3,441 | 106,293 | ||||||
Quality Systems, Inc. | 1,704 | 26,565 | ||||||
Rally Software Development Corp.* | 1,000 | 11,370 | ||||||
RealPage, Inc.* | 2,000 | 43,920 | ||||||
Rocket Fuel, Inc.* | 800 | 12,896 | ||||||
Rosetta Stone, Inc.* | 1,202 | 11,732 | ||||||
Sapiens International Corp. N.V.* | 800 | 5,896 | ||||||
SciQuest, Inc.* | 900 | 13,005 | ||||||
Seachange International, Inc.* | 1,273 | 8,122 | ||||||
SS&C Technologies Holdings, Inc. | 2,700 | 157,923 | ||||||
Synchronoss Technologies, Inc.* | 1,346 | 56,344 | ||||||
SYNNEX Corp. | 1,094 | 85,507 | ||||||
Take-Two Interactive Software, Inc.* | 3,044 | 85,323 | ||||||
Tangoe, Inc.* | 1,769 | 23,050 | ||||||
The Ultimate Software Group, Inc.* | 1,116 | 163,846 | ||||||
Tyler Technologies, Inc.* | 1,252 | 137,019 |
Number of Shares | Value† | |||||||
Software — (continued) | ||||||||
Verint Systems, Inc.* | 2,195 | $ | 127,925 | |||||
|
| |||||||
3,232,850 | ||||||||
|
| |||||||
Storage & Warehousing — 0.2% | ||||||||
Mobile Mini, Inc. | 1,877 | 76,037 | ||||||
Wesco Aircraft Holdings, Inc.* | 2,140 | 29,917 | ||||||
|
| |||||||
105,954 | ||||||||
|
| |||||||
Telecommunications — 3.2% | ||||||||
8X8, Inc.* | 3,400 | 31,144 | ||||||
ADTRAN, Inc. | 2,205 | 48,069 | ||||||
Alliance Fiber Optic Products, Inc. | 600 | 8,706 | ||||||
Anixter International, Inc.* | 1,034 | 91,468 | ||||||
Aruba Networks, Inc.* | 4,213 | 76,592 | ||||||
Atlantic Tele-Network, Inc. | 349 | 23,589 | ||||||
Black Box Corp. | 562 | 13,432 | ||||||
CalAmp Corp.* | 1,400 | 25,620 | ||||||
Calix, Inc.* | 1,487 | 14,900 | ||||||
Ciena Corp.* | 3,900 | 75,699 | ||||||
Cincinnati Bell, Inc.* | 7,785 | 24,834 | ||||||
Clearfield, Inc.* | 400 | 4,924 | ||||||
Comtech Telecommunications Corp. | 552 | 17,399 | ||||||
Comverse, Inc.* | 990 | 18,592 | ||||||
Consolidated Communications Holdings, Inc. | 1,841 | 51,235 | ||||||
DigitalGlobe, Inc.* | 2,869 | 88,853 | ||||||
EarthLink Holdings Corp. | 4,016 | 17,630 | ||||||
Extreme Networks, Inc.* | 3,147 | 11,109 | ||||||
Fairpoint Communications, Inc.* | 600 | 8,526 | ||||||
Finisar Corp.* | 3,821 | 74,166 | ||||||
General Communication, Inc., Class A* | 986 | 13,557 | ||||||
Gigamon, Inc.* | 1,000 | 17,730 | ||||||
Globalstar, Inc.* | 11,000 | 30,250 | ||||||
Gogo Inc* | 2,200 | 36,366 | ||||||
GTT Communications, Inc.* | 800 | 10,584 | ||||||
Harmonic, Inc.* | 2,870 | 20,119 | ||||||
Hawaiian Telcom Holdco, Inc.* | 500 | 13,785 | ||||||
IDT Corp., Class B | 800 | 16,248 | ||||||
Infinera Corp.* | 4,694 | 69,096 | ||||||
Inteliquent, Inc. | 1,226 | 24,066 | ||||||
Intelsat SA* | 1,200 | 20,832 | ||||||
InterDigital, Inc. | 1,494 | 79,033 | ||||||
Iridium Communications, Inc.* | 3,500 | 34,125 | ||||||
Ixia* | 2,113 | 23,771 | ||||||
KVH Industries, Inc.* | 354 | 4,478 | ||||||
LogMeIn, Inc.* | 881 | 43,468 | ||||||
Loral Space & Communications, Inc.* | 546 | 42,976 | ||||||
Lumos Networks Corp. | 782 | 13,153 | ||||||
MagicJack VocalTec Ltd.* | 700 | 5,684 | ||||||
NETGEAR, Inc.* | 1,329 | 47,286 | ||||||
NeuStar, Inc., Class A* | 2,000 | 55,600 | ||||||
NTELOS Holdings Corp. | 382 | 1,601 | ||||||
Numerex Corp.* | 800 | 8,848 | ||||||
Oclaro, Inc.* | 3,000 | 5,340 | ||||||
ORBCOMM, Inc.* | 2,000 | 13,080 | ||||||
ParkerVision, Inc.* | 4,100 | 3,731 | ||||||
Plantronics, Inc. | 1,667 | 88,384 |
148
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Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Telecommunications — (continued) | ||||||||
Polycom, Inc.* | 5,500 | $ | 74,250 | |||||
Preformed Line Products Co. | 45 | 2,458 | ||||||
Premiere Global Services, Inc.* | 1,656 | 17,587 | ||||||
Procera Networks, Inc.* | 700 | 5,033 | ||||||
RF Micro Devices, Inc.* | 11,251 | 186,654 | ||||||
RigNet, Inc.* | 500 | 20,515 | ||||||
Ruckus Wireless, Inc.* | 2,700 | 32,454 | ||||||
Shenandoah Telecommunications Co. | 859 | 26,844 | ||||||
ShoreTel, Inc.* | 2,281 | 16,765 | ||||||
Sonus Networks, Inc.* | 9,215 | 36,584 | ||||||
Spok Holdings, Inc. | 1,112 | 19,304 | ||||||
Telenav, Inc.* | 300 | 2,001 | ||||||
Tessco Technologies, Inc. | 200 | 5,800 | ||||||
Ubiquiti Networks, Inc. | 1,200 | 35,568 | ||||||
ViaSat, Inc.* | 1,562 | 98,453 | ||||||
Vonage Holdings Corp.* | 6,100 | 23,241 | ||||||
Vringo, Inc.* | 2,800 | 1,540 | ||||||
West Corp. | 1,500 | 49,500 | ||||||
|
| |||||||
2,124,229 | ||||||||
|
| |||||||
Textiles — 0.2% | ||||||||
Culp, Inc. | 300 | 6,504 | ||||||
G&K Services, Inc., Class A | 776 | 54,979 | ||||||
The Dixie Group, Inc.* | 900 | 8,253 | ||||||
UniFirst Corp. | 577 | 70,077 | ||||||
|
| |||||||
139,813 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.0% | ||||||||
JAKKS Pacific, Inc.* | 584 | 3,971 | ||||||
LeapFrog Enterprises, Inc.* | 2,776 | 13,103 | ||||||
|
| |||||||
17,074 | ||||||||
|
| |||||||
Transportation — 2.0% | ||||||||
Air Transport Services Group, Inc.* | 2,085 | 17,848 | ||||||
Arcbest Corp. | 995 | 46,138 | ||||||
Ardmore Shipping Corp. | 800 | 9,576 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,048 | 51,666 | ||||||
Baltic Trading Ltd. | 2,200 | 5,522 | ||||||
Bristow Group, Inc. | 1,350 | 88,816 | ||||||
CAI International, Inc.* | 660 | 15,312 | ||||||
Celadon Group, Inc. | 935 | 21,215 | ||||||
DHT Holdings, Inc.* | 2,900 | 21,199 | ||||||
Dorian LPG Ltd.* | 400 | 5,556 | ||||||
Echo Global Logistics, Inc.* | 800 | 23,360 | ||||||
Era Group, Inc.* | 800 | 16,920 | ||||||
Forward Air Corp. | 1,196 | 60,243 | ||||||
Frontline Ltd.* | 1,200 | 3,012 | ||||||
GasLog Ltd. | 1,700 | 34,595 | ||||||
Gulfmark Offshore, Inc., Class A | 979 | 23,907 | ||||||
Heartland Express, Inc. | 1,967 | 53,129 | ||||||
Hub Group, Inc., Class A* | 1,443 | 54,949 | ||||||
International Shipholding Corp. | 141 | 2,101 | ||||||
Knight Transportation, Inc. | 2,264 | 76,206 | ||||||
Knightsbridge Tankers Ltd. | 1,174 | 5,318 | ||||||
Marten Transport Ltd. | 1,151 | 25,161 | ||||||
Matson, Inc. | 1,600 | 55,232 |
Number of Shares | Value† | |||||||
Transportation — (continued) | ||||||||
Navios Maritime Acq Corp. | 3,700 | $ | 13,431 | |||||
Navios Maritime Holdings, Inc. | 3,200 | 13,152 | ||||||
Nordic American Offshore Ltd. | 900 | 11,052 | ||||||
Nordic American Tankers Ltd. | 3,567 | 35,920 | ||||||
PHI, Inc.* | 593 | 22,178 | ||||||
Quality Distribution, Inc.* | 800 | 8,512 | ||||||
Roadrunner Transportation Systems, Inc.* | 1,000 | 23,350 | ||||||
Safe Bulkers, Inc. | 1,700 | 6,647 | ||||||
Saia, Inc.* | 961 | 53,201 | ||||||
Scorpio Bulkers, Inc.* | 5,200 | 10,244 | ||||||
Scorpio Tankers, Inc. | 6,300 | 54,747 | ||||||
Ship Finance International Ltd. | 2,284 | 32,250 | ||||||
Swift Transportation Co.* | 3,300 | 94,479 | ||||||
Teekay Tankers Ltd., Class A | 3,193 | 16,157 | ||||||
Universal Truckload Services, Inc. | 100 | 2,851 | ||||||
UTi Worldwide, Inc.* | 3,400 | 41,038 | ||||||
Werner Enterprises, Inc. | 1,752 | 54,575 | ||||||
XPO Logistics, Inc.* | 2,041 | 83,436 | ||||||
YRC Worldwide, Inc.* | 1,300 | 29,237 | ||||||
|
| |||||||
1,323,438 | ||||||||
|
| |||||||
Trucking and Leasing — 0.2% | ||||||||
Greenbrier Cos., Inc. | 1,047 | 56,255 | ||||||
TAL International Group, Inc. | 1,293 | 56,336 | ||||||
Textainer Group Holdings Ltd. | 812 | 27,868 | ||||||
|
| |||||||
140,459 | ||||||||
|
| |||||||
Water — 0.3% | ||||||||
American States Water Co. | 1,524 | 57,394 | ||||||
Artesian Resources Corp., Class A | 113 | 2,553 | ||||||
California Water Service Group | 1,766 | 43,461 | ||||||
Connecticut Water Service, Inc. | 319 | 11,576 | ||||||
Middlesex Water Co. | 531 | 12,245 | ||||||
PICO Holdings, Inc.* | 792 | 14,929 | ||||||
SJW Corp. | 488 | 15,675 | ||||||
York Water Co. | 697 | 16,177 | ||||||
|
| |||||||
174,010 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $43,386,157) | 61,437,694 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 9.4% | ||||||||
Apartments — 0.3% | ||||||||
American Residential Properties, Inc.* | 1,300 | 22,841 | ||||||
Associated Estates Realty Corp. | 2,156 | 50,041 | ||||||
Campus Crest Communities, Inc. | 2,300 | 16,813 | ||||||
Education Realty Trust, Inc. | 1,901 | 69,557 | ||||||
Silver Bay Realty Trust Corp. | 1,637 | 27,109 | ||||||
Trade Street Residential, Inc. | 1,200 | 9,228 | ||||||
|
| |||||||
195,589 | ||||||||
|
| |||||||
Building & Real Estate — 1.4% | ||||||||
Agree Realty Corp. | 596 | 18,530 | ||||||
Altisource Residential Corp. | 2,200 | 42,680 | ||||||
Anworth Mortgage Asset Corp. | 3,731 | 19,588 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 1,600 | 26,176 |
149
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Building & Real Estate — (continued) | ||||||||
Ares Commercial Real Estate Corp. | 1,000 | $ | 11,480 | |||||
Capstead Mortgage Corp. | 3,475 | 42,673 | ||||||
Colony Financial, Inc. | 4,316 | 102,807 | ||||||
CYS Investments, Inc. | 5,856 | 51,064 | ||||||
Dynex Capital, Inc. | 2,307 | 19,033 | ||||||
Getty Realty Corp. | 1,163 | 21,178 | ||||||
Gramercy Property Trust, Inc. | 7,200 | 49,680 | ||||||
Hatteras Financial Corp. | 3,800 | 70,034 | ||||||
Invesco Mortgage Capital, Inc. | 4,907 | 75,862 | ||||||
iStar Financial, Inc.* | 3,318 | 45,291 | ||||||
New York Mortgage Trust, Inc. | 3,400 | 26,214 | ||||||
PennyMac Mortgage Investment Trust | 2,692 | 56,774 | ||||||
Redwood Trust, Inc. | 3,377 | 66,527 | ||||||
Resource Capital Corp. | 4,700 | 23,688 | ||||||
Select Income REIT | 1,500 | 36,615 | ||||||
Starwood Waypoint Residential Trust | 1,600 | 42,192 | ||||||
Sun Communities, Inc. | 1,890 | 114,269 | ||||||
|
| |||||||
962,355 | ||||||||
|
| |||||||
Diversified — 0.9% | ||||||||
AG Mortgage Investment Trust, Inc. | 1,188 | 22,061 | ||||||
Armada Hoffler Properties, Inc. | 800 | 7,592 | ||||||
CatchMark Timber Trust, Inc., Class A | 700 | 7,924 | ||||||
CorEnergy Infrastructure Trust, Inc. | 1,500 | 9,720 | ||||||
CoreSite Realty Corp. | 700 | 27,335 | ||||||
DuPont Fabros Technology, Inc. | 2,450 | 81,438 | ||||||
EPR Properties | 2,210 | 127,362 | ||||||
New York REIT, Inc. | 6,200 | 65,658 | ||||||
PS Business Parks, Inc. | 765 | 60,848 | ||||||
STAG lndustrial, Inc. | 2,100 | 51,450 | ||||||
The Geo Group, Inc. | 2,768 | 111,717 | ||||||
UMH Properties, Inc. | 968 | 9,244 | ||||||
Whitestone REIT | 800 | 12,088 | ||||||
|
| |||||||
594,437 | ||||||||
|
| |||||||
Diversified Financial Services — 0.6% | ||||||||
American Capital Mortgage Investment Corp. | 2,043 | 38,490 | ||||||
Apollo Residential Mortgage, Inc. | 1,332 | 21,006 | ||||||
ARMOUR Residential REIT, Inc. | 14,200 | 52,256 | ||||||
DCT Industrial Trust, Inc. | 3,220 | 114,825 | ||||||
New Residential Investment Corp. | 5,600 | 71,512 | ||||||
Owens Realty Mortgage, Inc. | 300 | 4,395 | ||||||
RAIT Financial Trust | 3,606 | 27,658 | ||||||
STORE Capital Corp. | 1,200 | 25,932 | ||||||
Western Asset Mortgage Capital Corp. | 1,597 | 23,476 | ||||||
|
| |||||||
379,550 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Potlatch Corp. | 1,578 | 66,071 | ||||||
|
| |||||||
Healthcare — 0.9% | ||||||||
American Realty Capital Healthcare Trust, Inc. | 6,700 | 79,730 | ||||||
Aviv REIT, Inc. | 800 | 27,584 | ||||||
CareTrust REIT, Inc. | 995 | 12,268 | ||||||
Healthcare Realty Trust, Inc. | 3,672 | 100,319 | ||||||
LTC Properties, Inc. | 1,317 | 56,855 | ||||||
Medical Properties Trust, Inc. | 6,607 | 91,044 |
Number of Shares | Value† | |||||||
Healthcare — (continued) | ||||||||
National Health Investors, Inc. | 1,457 | $ | 101,932 | |||||
Physicians Realty Trust | 1,600 | 26,560 | ||||||
Sabra Healthcare REIT, Inc. | 1,888 | 57,339 | ||||||
Universal Health Realty Income Trust | 520 | 25,022 | ||||||
|
| |||||||
578,653 | ||||||||
|
| |||||||
Hotels & Resorts — 1.9% | ||||||||
Ashford Hospitality Prime, Inc. | 864 | 14,826 | ||||||
Ashford Hospitality Trust, Inc. | 2,320 | 24,313 | ||||||
Belmond Ltd.* | 3,745 | 46,326 | ||||||
Chatham Lodging Trust | 1,400 | 40,558 | ||||||
Chesapeake Lodging Trust | 2,089 | 77,732 | ||||||
DiamondRock Hospitality Co. | 7,523 | 111,867 | ||||||
FelCor Lodging Trust, Inc. | 5,018 | 54,295 | ||||||
Hersha Hospitality Trust | 7,669 | 53,913 | ||||||
LaSalle Hotel Properties | 4,317 | 174,709 | ||||||
Pebblebrook Hotel Trust | 2,709 | 123,612 | ||||||
RLJ Lodging Trust | 5,000 | 167,650 | ||||||
Ryman Hospitality Properties | 1,612 | 85,017 | ||||||
Strategic Hotels & Resorts, Inc.* | 10,312 | 136,428 | ||||||
Summitt Hotel Properties, Inc. | 3,500 | 43,540 | ||||||
Sunstone Hotel Investors, Inc. | 8,032 | 132,608 | ||||||
|
| |||||||
1,287,394 | ||||||||
|
| |||||||
Industrial — 0.6% | ||||||||
Chambers Street Properties | 9,300 | 74,958 | ||||||
EastGroup Properties, Inc. | 1,175 | 74,401 | ||||||
First Industrial Realty Trust, Inc. | 4,429 | 91,060 | ||||||
First Potomac Realty Trust | 2,392 | 29,565 | ||||||
Monmouth Real Estate Investment Corp., Class A | 2,049 | 22,683 | ||||||
QTS Realty Trust, Inc. | 500 | 16,920 | ||||||
Rexford Industrial Realty, Inc. | 2,000 | 31,420 | ||||||
Terreno Realty Corp. | 1,675 | 34,555 | ||||||
|
| |||||||
375,562 | ||||||||
|
| |||||||
Internet — 0.0% | ||||||||
CyrusOne, Inc. | 1,300 | 35,815 | ||||||
|
| |||||||
Mixed Industrial/Office — 0.5% | ||||||||
Cousins Properties, Inc. | 8,761 | 100,050 | ||||||
Gladstone Commercial Corp. | 652 | 11,195 | ||||||
Investors Real Estate Trust | 4,618 | 37,729 | ||||||
Lexington Realty Trust | 8,015 | 88,005 | ||||||
One Liberty Properties, Inc. | 503 | 11,906 | ||||||
Washington Real Estate Investment Trust | 2,606 | 72,082 | ||||||
|
| |||||||
320,967 | ||||||||
|
| |||||||
Office Property — 0.8% | ||||||||
American Assets Trust, Inc. | 1,400 | 55,734 | ||||||
Empire State Realty Trust, Inc. | 3,300 | 58,014 | ||||||
Franklin Street Properties Corp. | 3,245 | 39,816 | ||||||
Government Properties Income Trust | 2,744 | 63,140 | ||||||
Highwoods Properties, Inc. | 3,460 | 153,209 | ||||||
Hudson Pacific Properties, Inc. | 2,000 | 60,120 | ||||||
Mack-Cali Realty Corp. | 3,500 | 66,710 |
150
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Office Property — (continued) | ||||||||
Parkway Properties, Inc. | 2,980 | $ | 54,802 | |||||
|
| |||||||
551,545 | ||||||||
|
| |||||||
Regional Malls — 0.3% | ||||||||
Glimcher Realty Trust | 5,816 | 79,912 | ||||||
Pennsylvania Real Estate Investment Trust | 2,715 | 63,694 | ||||||
Rouse Properties, Inc. | 1,400 | 25,928 | ||||||
|
| |||||||
169,534 | ||||||||
|
| |||||||
Storage & Warehousing — 0.4% | ||||||||
CubeSmart | 6,325 | 139,593 | ||||||
Sovran Self Storage, Inc. | 1,282 | 111,816 | ||||||
|
| |||||||
251,409 | ||||||||
|
| |||||||
Strip Centers — 0.7% | ||||||||
Acadia Realty Trust | 2,520 | 80,716 | ||||||
Alexander’s, Inc. | 57 | 24,919 | ||||||
AmREIT, Inc. | 700 | 18,578 | ||||||
Cedar Realty Trust, Inc. | 2,826 | 20,743 | ||||||
Equity One, Inc. | 2,454 | 62,233 | ||||||
Excel Trust, Inc. | 2,100 | 28,119 | ||||||
Inland Real Estate Corp. | 3,688 | 40,384 | ||||||
Kite Realty Group Trust | 1,251 | 35,954 | ||||||
Ramco-Gershenson Properties Trust | 3,141 | 58,862 | ||||||
Retail Opportunity Investments Corp. | 3,300 | 55,407 | ||||||
Saul Centers, Inc. | 451 | 25,793 | ||||||
Urstadt Biddle Properties, Inc., Class A | 816 | 17,854 | ||||||
|
| |||||||
469,562 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,811,767) | 6,238,443 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Chelsea Therapeutics Intl Ltd. - Contingent Rights*~ | 1,600 | 0 | ||||||
Clinical Data, Inc.*~ | 354 | 0 | ||||||
Durata Therapeutics CVR Shares~ | 500 | 580 | ||||||
Furiex Pharmaceuticals Rights~ | 300 | 2,931 | ||||||
Leap Wireless CVR~ | 2,300 | 5,796 | ||||||
|
| |||||||
TOTAL RIGHTS (Cost $8,671) | 9,307 | |||||||
|
| |||||||
Par | Value† Value† | |||||||
U.S. TREASURY OBLIGATIONS — 0.2% | ||||||||
U.S. Treasury Bills | ||||||||
0.005%, 04/23/15 | $ | 60 | 59,993 | |||||
0.000%, 01/29/15¤ | 65 | 65,000 | ||||||
0.000%, 03/12/15¤ | 15 | 14,999 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $139,999) | 139,992 | |||||||
|
|
Number of Shares | Value† | |||||||
WARRANTS — 0.0% | ||||||||
Magnum Hunter Resources Corp.*~ | 780 | $ | 0 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,542,300 | 1,542,300 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.1% (Cost $49,888,894) | $ | 69,367,736 | ||||||
|
| |||||||
Other Assets & Liabilities — (4.1%) | (2,709,750 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 66,657,986 | ||||||
|
|
~ | Fair valued security. The total market value of fair valued securities at December 31, 2014 is $9,411. |
† | See Security Valuation Note. |
* | Non-income producing security. |
¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
COMMON STOCKS INDUSTRY DIVERSIFICATION (Unaudited) | % of Market Value | Value† | ||||||
Advertising | 0.1% | $ | 86,690 | |||||
Aerospace & Defense | 1.7% | 1,036,712 | ||||||
Agriculture | 0.3% | 201,078 | ||||||
Airlines | 0.6% | 347,452 | ||||||
Apparel | 0.9% | 569,579 | ||||||
Auto Manufacturers | 0.1% | 32,136 | ||||||
Auto Parts & Equipment | 1.3% | 828,825 | ||||||
Banks | 8.2% | 5,048,238 | ||||||
Beverages | 0.2% | 134,942 | ||||||
Biotechnology | 3.3% | 2,014,844 | ||||||
Building Materials | 1.3% | 783,868 | ||||||
Chemicals | 2.1% | 1,303,470 | ||||||
Coal | 0.2% | 120,304 | ||||||
Commercial Services | 6.0% | 3,671,960 | ||||||
Computers | 2.4% | 1,494,095 | ||||||
Cosmetics & Personal Care | 0.1% | 52,856 | ||||||
Distribution & Wholesale | 1.1% | 658,315 | ||||||
Diversified Financial Services | 2.9% | 1,796,289 | ||||||
Electric | 2.3% | 1,409,451 | ||||||
Electrical Components & Equipment | 1.1% | 685,172 | ||||||
Electronics | 2.3% | 1,445,560 | ||||||
Energy-Alternate Sources | 0.4% | 243,903 | ||||||
Engineering & Construction | 0.9% | 532,698 | ||||||
Entertainment | 0.8% | 523,390 | ||||||
Environmental Control | 0.6% | 373,641 | ||||||
Food | 2.2% | 1,326,992 | ||||||
Forest Products & Paper | 0.6% | 381,311 | ||||||
Gas | 1.2% | 768,386 | ||||||
Hand & Machine Tools | 0.1% | 73,934 |
151
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
COMMON STOCKS INDUSTRY DIVERSIFICATION (Unaudited) | % of Market Value | Value† | ||||||
Healthcare Products | 4.2% | $ | 2,552,483 | |||||
Healthcare Services | 1.9% | 1,166,534 | ||||||
Holding Companies | 0.2% | 96,324 | ||||||
Home Builders | 0.8% | 505,808 | ||||||
Home Furnishings | 0.6% | 353,992 | ||||||
Hotels & Resorts | 0.1% | 71,088 | ||||||
Household Products & Wares | 0.5% | 285,796 | ||||||
Housewares | —% | + | 28,592 | |||||
Insurance | 3.4% | 2,091,996 | ||||||
Internet | 2.5% | 1,528,630 | ||||||
Investment Companies | 0.1% | 43,538 | ||||||
Iron & Steel | 0.3% | 162,246 | ||||||
Leisure Time | 0.8% | 473,034 | ||||||
Lodging | 0.1% | 72,780 | ||||||
Machinery — Construction & Mining | 0.1% | 59,939 | ||||||
Machinery — Diversified | 1.0% | 628,215 | ||||||
Media | 1.2% | 737,170 | ||||||
Metal Fabricate/Hardware | 0.9% | 582,769 | ||||||
Mining | 0.7% | 415,125 | ||||||
Miscellaneous Manufacturing | 2.0% | 1,216,127 | ||||||
Office & Business Equipment | —% | + | 17,368 | |||||
Office Furnishings | 0.5% | 289,865 | ||||||
Oil & Gas | 1.7% | 1,039,909 | ||||||
Oil & Gas Services | 1.0% | 621,886 | ||||||
Packaging and Containers | 0.5% | 297,526 | ||||||
Pharmaceuticals | 4.8% | 2,974,790 | ||||||
Pipelines | 0.2% | 150,891 | ||||||
Real Estate | 0.5% | 297,249 | ||||||
Retail | 6.6% | 4,048,404 | ||||||
Savings & Loans | 1.8% | 1,108,545 | ||||||
Semiconductors | 3.8% | 2,315,157 | ||||||
Software | 5.3% | 3,232,850 | ||||||
Storage & Warehousing | 0.2% | 105,954 | ||||||
Telecommunications | 3.5% | 2,124,229 | ||||||
Textiles | 0.2% | 139,813 | ||||||
Toys, Games & Hobbies | —% | + | 17,074 | |||||
Transportation | 2.2% | 1,323,438 | ||||||
Trucking and Leasing | 0.2% | 140,459 | ||||||
Water | 0.3% | 174,010 | ||||||
| ||||||||
100.0% | $ | 61,437,694 | ||||||
|
|
|
|
+ Rounded.
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS |
| |||||||||||||||
Advertising | $ | 86,690 | $ | 86,690 | $ | — | $ | — | ||||||||
Aerospace & Defense | 1,036,712 | 1,036,712 | — | — | ||||||||||||
Agriculture | 201,078 | 201,078 | — | — | ||||||||||||
Airlines | 347,452 | 347,452 | — | — | ||||||||||||
Apparel | 569,579 | 569,579 | — | — | ||||||||||||
Auto Manufacturers | 32,136 | 32,136 | — | — | ||||||||||||
Auto Parts & Equipment | 828,825 | 828,825 | — | — | ||||||||||||
Banks | 5,048,238 | 5,048,238 | — | — |
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||||
Beverages | $ | 134,942 | $ | 134,942 | $ | — | $ | — | ||||||||
Biotechnology | 2,014,844 | 2,014,844 | — | — | ||||||||||||
Building Materials | 783,868 | 783,868 | — | — | ||||||||||||
Chemicals | 1,303,470 | 1,303,470 | — | — | ||||||||||||
Coal | 120,304 | 120,304 | — | — | ||||||||||||
Commercial Services | 3,671,960 | 3,671,960 | — | — | ||||||||||||
Computers | 1,494,095 | 1,494,095 | — | — | ||||||||||||
Cosmetics & Personal Care | 52,856 | 52,856 | — | — | ||||||||||||
Distribution & Wholesale | 658,315 | 658,315 | — | — | ||||||||||||
Diversified Financial Services | 1,796,289 | 1,796,185 | 104 | — | ||||||||||||
Electric | 1,409,451 | 1,409,451 | — | — | ||||||||||||
Electrical Components & Equipment | 685,172 | 685,172 | — | — | ||||||||||||
Electronics | 1,445,560 | 1,445,560 | — | — | ||||||||||||
Energy-Alternate Sources | 243,903 | 243,903 | — | — | ||||||||||||
Engineering & Construction | 532,698 | 532,698 | — | — | ||||||||||||
Entertainment | 523,390 | 523,390 | — | — | ||||||||||||
Environmental Control | 373,641 | 373,641 | — | — | ||||||||||||
Food | 1,326,992 | 1,326,992 | — | — | ||||||||||||
Forest Products & Paper | 381,311 | 381,311 | — | — | ||||||||||||
Gas | 768,386 | 768,386 | — | — | ||||||||||||
Hand & Machine Tools | 73,934 | 73,934 | — | — | ||||||||||||
Healthcare Products | 2,552,483 | 2,552,483 | — | — | ||||||||||||
Healthcare Services | 1,166,534 | 1,166,534 | — | — | ||||||||||||
Holding Companies | 96,324 | 96,324 | — | — | ||||||||||||
Home Builders | 505,808 | 505,808 | — | — | ||||||||||||
Home Furnishings | 353,992 | 353,992 | — | — | ||||||||||||
Hotels & Resorts | 71,088 | 71,088 | — | — | ||||||||||||
Household Products & Wares | 285,796 | 285,796 | — | — | ||||||||||||
Housewares | 28,592 | 28,592 | — | — | ||||||||||||
Insurance | 2,091,996 | 2,091,996 | — | — | ||||||||||||
Internet | 1,528,630 | 1,528,630 | — | — | ||||||||||||
Investment Companies | 43,538 | 43,538 | — | — | ||||||||||||
Iron & Steel | 162,246 | 162,246 | — | — | ||||||||||||
Leisure Time | 473,034 | 473,034 | — | — | ||||||||||||
Lodging | 72,780 | 72,780 | — | — | ||||||||||||
Machinery — Construction & Mining | 59,939 | 59,939 | — | — | ||||||||||||
Machinery — Diversified | 628,215 | 628,215 | — | — | ||||||||||||
Media | 737,170 | 737,170 | — | — | ||||||||||||
Metal Fabricate/Hardware | 582,769 | 582,769 | — | — | ||||||||||||
Mining | 415,125 | 415,125 | — | — | ||||||||||||
Miscellaneous Manufacturing | 1,216,127 | 1,216,127 | — | — | ||||||||||||
Office & Business Equipment | 17,368 | 17,368 | — | — | ||||||||||||
Office Furnishings | 289,865 | 289,865 | — | — |
152
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Small Cap Index Fund
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||||
Oil & Gas | $ | 1,039,909 | $ | 1,039,909 | $ | — | $ | — | ||||||||
Oil & Gas Services | 621,886 | 621,886 | — | — | ||||||||||||
Packaging and Containers | 297,526 | 297,526 | — | — | ||||||||||||
Pharmaceuticals | 2,974,790 | 2,974,790 | — | — | ||||||||||||
Pipelines | 150,891 | 150,891 | — | — | ||||||||||||
Real Estate | 297,249 | 297,249 | — | — | ||||||||||||
Retail | 4,048,404 | 4,048,404 | — | — | ||||||||||||
Savings & Loans | 1,108,545 | 1,108,545 | — | — | ||||||||||||
Semiconductors | 2,315,157 | 2,315,157 | — | — | ||||||||||||
Software | 3,232,850 | 3,232,850 | — | — | ||||||||||||
Storage & Warehousing | 105,954 | 105,954 | — | — | ||||||||||||
Telecommunications | 2,124,229 | 2,124,229 | — | — | ||||||||||||
Textiles | 139,813 | 139,813 | — | — | ||||||||||||
Toys, Games & Hobbies | 17,074 | 17,074 | — | — | ||||||||||||
Transportation | 1,323,438 | 1,323,438 | — | — | ||||||||||||
Trucking and Leasing | 140,459 | 140,459 | — | — | ||||||||||||
Water | 174,010 | 174,010 | — | — | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS | 6,238,443 | 6,238,443 | — | — | ||||||||||||
U.S. TREASURY OBLIGATIONS | 139,992 | — | 139,992 | — | ||||||||||||
RIGHTS | 9,307 | — | 9,307 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,542,300 | 1,542,300 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 69,367,736 | $ | 69,218,333 | $ | 149,403 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
153
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 92.9% | ||||||||
Australia — 7.0% | ||||||||
AGL Energy Ltd. | 5,172 | $ | 56,412 | |||||
ALS Ltd. | 2,665 | 11,544 | ||||||
Alumina Ltd.* | 24,432 | 35,297 | ||||||
Amcor Ltd. | 8,920 | 98,141 | ||||||
AMP Ltd. | 23,946 | 106,650 | ||||||
APA Group | 8,753 | 52,914 | ||||||
Asciano Ltd. | 6,807 | 33,336 | ||||||
ASX Ltd. | 1,401 | 41,798 | ||||||
Aurizon Holdings Ltd. | 15,495 | 57,987 | ||||||
Ausnet Services | 17,025 | 18,393 | ||||||
Australia & New Zealand Banking Group Ltd. | 21,015 | 546,809 | ||||||
Bank of Queensland Ltd. | 2,849 | 28,068 | ||||||
Bendigo & Adelaide Bank Ltd. | 3,464 | 36,018 | ||||||
BHP Billiton Ltd. | 24,557 | 580,592 | ||||||
Boral Ltd. | 7,228 | 31,018 | ||||||
Brambles Ltd. | 11,190 | 96,393 | ||||||
Caltex Australia Ltd. | 1,064 | 29,523 | ||||||
Coca-Cola Amatil Ltd. | 4,861 | 36,701 | ||||||
Cochlear Ltd. | 371 | 23,405 | ||||||
Commonwealth Bank of Australia | 12,395 | 861,189 | ||||||
Computershare Ltd. | 3,381 | 32,341 | ||||||
Crown Resorts Ltd. | 2,801 | 28,806 | ||||||
CSL Ltd. | 3,583 | 251,690 | ||||||
Dexus Property Group | 6,834 | 38,686 | ||||||
Federation Centres | 9,200 | 21,420 | ||||||
Flight Centre Travel Group Ltd. | 439 | 11,621 | ||||||
Fortescue Metals Group Ltd. | 13,816 | 30,335 | ||||||
Goodman Group | 14,211 | 65,639 | ||||||
Harvey Norman Holdings Ltd. | 3,235 | 8,830 | ||||||
Healthscope Ltd.* | 7,253 | 16,024 | ||||||
Iluka Resources Ltd. | 2,885 | 13,855 | ||||||
Incitec Pivot Ltd. | 13,459 | 34,815 | ||||||
Insurance Australia Group Ltd. | 19,230 | 97,641 | ||||||
Leighton Holdings Ltd. | 829 | 15,095 | ||||||
Lend Lease Group | 4,265 | 56,805 | ||||||
Macquarie Group Ltd. | 2,346 | 110,630 | ||||||
Medibank Pvt. Ltd.* | 21,209 | 41,729 | ||||||
Metcash Ltd. | 6,248 | 9,416 | ||||||
Mirvac Group | 26,971 | 39,015 | ||||||
National Australia Bank Ltd. | 18,476 | 503,846 | ||||||
Newcrest Mining Ltd. | 6,279 | 55,248 | ||||||
Novion Property Group | 14,940 | 25,679 | ||||||
Orica Ltd. | 2,861 | 43,841 | ||||||
Origin Energy Ltd. | 8,774 | 83,015 | ||||||
Qantas Airways Ltd.* | 6,627 | 12,872 | ||||||
QBE Insurance Group Ltd. | 10,872 | 98,722 | ||||||
Ramsay Health Care Ltd. | 980 | 45,431 | ||||||
REA Group Ltd. | 400 | 14,666 | ||||||
Rio Tinto Ltd. | 3,224 | 151,144 | ||||||
Santos Ltd. | 7,589 | 50,693 | ||||||
Scentre Group* | 41,494 | 117,560 | ||||||
Seek Ltd. | 2,700 | 37,649 | ||||||
Sonic Healthcare Ltd. | 3,379 | 50,836 | ||||||
Stockland | 17,283 | 57,758 | ||||||
Suncorp Group Ltd. | 9,636 | 110,080 |
Number of Shares | Value† | |||||||
Australia — (continued) | ||||||||
Sydney Airport | 9,267 | $ | 35,479 | |||||
Tabcorp Holdings Ltd. | 6,501 | 21,946 | ||||||
Tatts Group Ltd. | 12,832 | 36,090 | ||||||
Telstra Corp. Ltd. | 33,844 | 164,307 | ||||||
The GPT Group | 14,881 | 52,665 | ||||||
The GPT Group, In Specie~ | 16,419 | 0 | ||||||
Toll Holdings Ltd. | 4,477 | 21,326 | ||||||
TPG Telecom Ltd. | 2,224 | 12,166 | ||||||
Transurban Group | 14,197 | 98,935 | ||||||
Treasury Wine Estates Ltd. | 5,248 | 20,256 | ||||||
Wesfarmers Ltd. | 8,771 | 296,965 | ||||||
Westfield Corp. | 14,100 | 103,358 | ||||||
Westpac Banking Corp. | 24,415 | 656,661 | ||||||
Woodside Petroleum Ltd. | 5,940 | 183,708 | ||||||
Woolworths Ltd. | 9,465 | 235,202 | ||||||
WorleyParsons Ltd. | 1,418 | 11,615 | ||||||
|
| |||||||
7,116,300 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
Andritz AG | 668 | 36,724 | ||||||
Erste Group Bank AG | 1,965 | 45,703 | ||||||
Immoeast AG~ | 2,678 | 0 | ||||||
IMMOFINANZ AG | 6,387 | 16,086 | ||||||
OMV AG | 1,135 | 30,138 | ||||||
Raiffeisen Bank International AG | 750 | 11,460 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 300 | 13,408 | ||||||
Voestalpine AG | 1,009 | 39,869 | ||||||
|
| |||||||
193,388 | ||||||||
|
| |||||||
Belgium — 1.2% | ||||||||
Ageas | 1,719 | 61,120 | ||||||
Anheuser-Busch InBev N.V. | 6,144 | 691,456 | ||||||
Belgacom S.A. | 1,133 | 41,109 | ||||||
Colruyt S.A. | 647 | 30,079 | ||||||
Delhaize Group S.A. | 900 | 65,543 | ||||||
Groupe Bruxelles Lambert S.A. | 667 | 56,909 | ||||||
KBC Groep N.V. | 1,797 | 100,291 | ||||||
Solvay S.A. | 480 | 64,951 | ||||||
Telenet Group Holding N.V.* | 377 | 21,156 | ||||||
UCB S.A. | 1,013 | 77,026 | ||||||
Umicore S.A. | 1,008 | 40,562 | ||||||
|
| |||||||
1,250,202 | ||||||||
|
| |||||||
Bermuda — 0.0% | ||||||||
Seadrill Ltd. | 3,129 | 36,203 | ||||||
|
| |||||||
China — 0.1% | ||||||||
Sands China Ltd. | 19,200 | 93,468 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 19,000 | 17,218 | ||||||
|
| |||||||
110,686 | ||||||||
|
| |||||||
Denmark — 1.4% | ||||||||
A.P. Moller - Maersk A/S, B Shares | 55 | 109,392 | ||||||
A.P. Moller - Maersk A/S, A Shares | 31 | 59,322 | ||||||
Carlsberg A/S, B Shares | 840 | 64,512 | ||||||
Coloplast A/S, B Shares | 905 | 75,734 | ||||||
Danske Bank A/S | 5,150 | 139,235 |
154
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Denmark — (continued) | ||||||||
DSV A/S | 1,264 | $ | 38,488 | |||||
ISS A/S* | 610 | 17,509 | ||||||
Novo Nordisk A/S, B Shares | 15,346 | 649,133 | ||||||
Novozymes A/S, B Shares | 1,916 | 80,651 | ||||||
Pandora A/S | 923 | 74,816 | ||||||
TDC A/S | 6,200 | 47,287 | ||||||
Tryg A/S | 193 | 21,565 | ||||||
Vestas Wind Systems A/S* | 1,794 | 65,152 | ||||||
William Demant Holding A/S* | 138 | 10,498 | ||||||
|
| |||||||
1,453,294 | ||||||||
|
| |||||||
Finland — 0.8% | ||||||||
Elisa OYJ | 1,000 | 27,295 | ||||||
Fortum OYJ | 3,489 | 75,752 | ||||||
Kone OYJ, B Shares | 2,334 | 106,262 | ||||||
Metso OYJ | 661 | 19,790 | ||||||
Neste Oil OYJ | 812 | 19,778 | ||||||
Nokia OYJ | 28,055 | 221,882 | ||||||
Nokian Renkaat OYJ | 765 | 18,661 | ||||||
Orion OYJ, B Shares | 750 | 23,326 | ||||||
Sampo OYJ, A Shares | 3,551 | 166,238 | ||||||
Stora Enso OYJ, R Shares | 4,323 | 38,652 | ||||||
UPM-Kymmene OYJ | 4,158 | 68,142 | ||||||
Wartsila OYJ Abp | 1,184 | 52,994 | ||||||
|
| |||||||
838,772 | ||||||||
|
| |||||||
France — 8.6% | ||||||||
Accor S.A. | 1,266 | 56,908 | ||||||
Aeroports de Paris | 215 | 25,999 | ||||||
Air Liquide S.A. | 2,597 | 321,353 | ||||||
Alcatel-Lucent* | 21,121 | 75,555 | ||||||
Alstom S.A. | 1,899 | 61,248 | ||||||
Arkema S.A. | 577 | 38,161 | ||||||
AtoS S.A. | 517 | 41,079 | ||||||
AXA S.A. | 13,729 | 316,359 | ||||||
BNP Paribas S.A. | 8,063 | 475,993 | ||||||
Bollore S.A. | 4,400 | 20,038 | ||||||
Bouygues S.A. | 1,207 | 43,583 | ||||||
Bureau Veritas S.A. | 1,772 | 39,260 | ||||||
Cap Gemini S.A. | 1,033 | 73,877 | ||||||
Carrefour S.A. | 4,584 | 139,498 | ||||||
Casino Guichard Perrachon S.A. | 468 | 43,039 | ||||||
Christian Dior S.A. | 408 | 69,824 | ||||||
CNP Assurances | 1,617 | 28,666 | ||||||
Compagnie de Saint-Gobain | 3,494 | 148,009 | ||||||
Compagnie Generale des Establissements Michelin, B Shares | 1,486 | 134,137 | ||||||
Credit Agricole S.A. | 7,232 | 93,355 | ||||||
Danone S.A. | 4,357 | 284,853 | ||||||
Dassault Systemes S.A. | 976 | 59,517 | ||||||
Edenred | 1,675 | 46,324 | ||||||
Electricite de France S.A. | 2,020 | 55,607 | ||||||
Essilor International S.A. | 1,615 | 180,104 | ||||||
Eurazeo S.A. | 327 | 22,902 | ||||||
Eutelsat Communications S.A. | 1,288 | 41,654 | ||||||
Fonciere Des Regions | 262 | 24,215 |
Number of Shares | Value† | |||||||
France — (continued) | ||||||||
GDF Suez | 10,880 | $ | 253,712 | |||||
Gecina S.A. | 190 | 23,719 | ||||||
Groupe Eurotunnel S.A. | 3,742 | 48,310 | ||||||
Hermes International | 126 | 44,867 | ||||||
ICADE | 313 | 25,044 | ||||||
Iliad S.A. | 205 | 49,290 | ||||||
Imerys S.A. | 213 | 15,671 | ||||||
JCDecaux S.A. | 400 | 13,772 | ||||||
Kering | 548 | 105,310 | ||||||
Klepierre | 874 | 37,528 | ||||||
L’Oreal S.A. | 1,894 | 317,003 | ||||||
Lafarge S.A. | 1,338 | 93,928 | ||||||
Lagardere S.C.A. | 948 | 24,688 | ||||||
Legrand S.A. | 2,075 | 108,851 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 2,114 | 334,862 | ||||||
Natixis | 7,282 | 48,051 | ||||||
Numericable-SFR* | 671 | 33,241 | ||||||
Orange S.A. | 13,811 | 234,880 | ||||||
Pernod Ricard S.A. | 1,689 | 187,712 | ||||||
Peugeot S.A. | 3,574 | 43,790 | ||||||
Publicis Groupe S.A. | 1,450 | 103,988 | ||||||
Remy Cointreau S.A. | 152 | 10,141 | ||||||
Renault S.A. | 1,493 | 108,745 | ||||||
Rexel S.A. | 1,862 | 33,360 | ||||||
Safran S.A. | 2,129 | 131,349 | ||||||
Sanofi S.A. | 9,096 | 829,289 | ||||||
Schneider Electric S.A. | 3,929 | 286,147 | ||||||
SCOR SE | 1,378 | 41,754 | ||||||
Societe BIC S.A. | 246 | 32,699 | ||||||
Societe Generale S.A. | 5,416 | 226,661 | ||||||
Sodexo | 765 | 74,882 | ||||||
Suez Environment Co. | 2,507 | 43,680 | ||||||
Technip S.A. | 838 | 49,918 | ||||||
Thales S.A. | 773 | 41,825 | ||||||
Total S.A. | 16,413 | 840,873 | ||||||
Unibail-Rodamco SE | 725 | 185,989 | ||||||
Valeo S.A. | 573 | 71,299 | ||||||
Vallourec S.A. | 794 | 21,519 | ||||||
Veolia Environment S.A. | 2,970 | 52,607 | ||||||
Vinci S.A. | 3,607 | 196,952 | ||||||
Vivendi S.A. | 9,039 | 224,986 | ||||||
Wendel S.A. | 253 | 28,347 | ||||||
Zodiac Aerospace | 1,348 | 45,384 | ||||||
|
| |||||||
8,687,740 | ||||||||
|
| |||||||
Germany — 8.0% | ||||||||
Adidas AG | 1,710 | 118,752 | ||||||
Allianz SE | 3,480 | 576,381 | ||||||
Axel Springer AG | 327 | 19,723 | ||||||
BASF SE | 7,014 | 588,342 | ||||||
Bayer AG | 6,334 | 863,380 | ||||||
Bayerische Motoren Werke AG | 2,488 | 268,501 | ||||||
Beiersdorf AG | 792 | 64,306 | ||||||
Brenntag AG | 1,140 | 63,738 | ||||||
Celesio AG | 516 | 16,631 | ||||||
Commerzbank AG* | 7,602 | 99,713 |
155
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Germany — (continued) | ||||||||
Continental AG | 878 | $ | 185,191 | |||||
Daimler AG | 7,340 | 609,618 | ||||||
Deutsche Annington Immobilien SE | 1,781 | 60,468 | ||||||
Deutsche Bank AG | 10,441 | 312,650 | ||||||
Deutsche Boerse AG | 1,516 | 107,730 | ||||||
Deutsche Lufthansa AG | 1,991 | 32,993 | ||||||
Deutsche Post AG | 7,242 | 235,090 | ||||||
Deutsche Telekom AG | 24,414 | 390,633 | ||||||
Deutsche Wohnen AG | 2,258 | 53,266 | ||||||
E.ON SE | 15,047 | 257,179 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 272 | 15,695 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,772 | 132,257 | ||||||
Fresenius SE & Co. KGaA | 2,961 | 153,955 | ||||||
GEA Group AG | 1,522 | 66,917 | ||||||
Hannover Rueck SE | 474 | 42,760 | ||||||
HeidelbergCement AG | 1,060 | 74,815 | ||||||
Henkel AG & Co. KGaA | 823 | 79,723 | ||||||
Hugo Boss AG | 325 | 39,758 | ||||||
Infineon Technologies AG | 8,492 | 89,861 | ||||||
K+S AG | 1,330 | 36,702 | ||||||
Kabel Deutschland Holding AG | 172 | 23,309 | ||||||
LANXESS AG | 691 | 32,002 | ||||||
Linde AG | 1,395 | 256,963 | ||||||
MAN SE | 297 | 33,077 | ||||||
Merck KGaA | 1,016 | 95,614 | ||||||
Metro AG | 1,107 | 33,839 | ||||||
Muenchener Ruckversicherungs AG | 1,298 | 258,481 | ||||||
OSRAM Licht AG | 667 | 26,186 | ||||||
ProSiebenSat.1 Media AG | 1,773 | 74,082 | ||||||
RWE AG | 3,801 | 117,317 | ||||||
SAP AG | 7,014 | 489,777 | ||||||
Siemens AG | 6,062 | 680,181 | ||||||
Symrise AG | 897 | 54,040 | ||||||
Telefonica Deutschland Holding AG | 4,698 | 24,899 | ||||||
ThyssenKrupp AG | 3,706 | 94,406 | ||||||
TUI AG* | 1,798 | 28,892 | ||||||
United Internet AG | 908 | 40,901 | ||||||
Volkswagen AG | 247 | 53,551 | ||||||
|
| |||||||
8,074,245 | ||||||||
|
| |||||||
Guernsey — 0.1% | ||||||||
Friends Life Group Ltd. | 10,186 | 57,849 | ||||||
|
| |||||||
Hong Kong — 2.8% | ||||||||
AIA Group Ltd. | 91,800 | 506,320 | ||||||
ASM Pacific Technology Ltd. | 1,700 | 16,186 | ||||||
Bank of East Asia Ltd. | 11,040 | 44,337 | ||||||
BOC Hong Kong Holdings Ltd. | 27,500 | 91,634 | ||||||
Cathay Pacific Airways Ltd. | 10,000 | 21,803 | ||||||
Cheung Kong Holdings Ltd. | 11,000 | 184,215 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 4,000 | 29,415 | ||||||
CLP Holdings Ltd. | 14,000 | 121,232 | ||||||
First Pacific Co., Ltd. | 15,750 | 15,553 | ||||||
Galaxy Entertainment Group Ltd. | 18,000 | 100,021 | ||||||
Hang Lung Properties Ltd. | 19,000 | 53,004 |
Number of Shares | Value† | |||||||
Hong Kong — (continued) | ||||||||
Hang Seng Bank Ltd. | 5,600 | $ | 93,075 | |||||
Henderson Land Development Co., Ltd. | 9,130 | 63,456 | ||||||
HKT Trust & HKT Ltd. | 21,240 | 27,664 | ||||||
Hong Kong & China Gas Co., Ltd. | 49,145 | 111,969 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 8,230 | 181,691 | ||||||
Hutchison Whampoa Ltd. | 17,000 | 194,337 | ||||||
Hysan Development Co., Ltd. | 6,140 | 27,249 | ||||||
Kerry Properties Ltd. | 3,509 | 12,659 | ||||||
Li & Fung Ltd. | 50,000 | 46,811 | ||||||
MGM China Holdings Ltd. | 8,400 | 21,209 | ||||||
MTR Corp., Ltd. | 11,264 | 46,084 | ||||||
New World Development Co., Ltd. | 46,324 | 53,180 | ||||||
Noble Group Ltd. | 38,270 | 32,650 | ||||||
NWS Holdings Ltd. | 12,295 | 22,552 | ||||||
PCCW Ltd. | 33,068 | 22,516 | ||||||
Power Assets Holdings Ltd. | 10,000 | 96,680 | ||||||
Shangri-La Asia Ltd. | 6,666 | 9,134 | ||||||
Sino Land Co., Ltd. | 21,063 | 33,813 | ||||||
SJM Holdings Ltd. | 17,000 | 26,875 | ||||||
Sun Hung Kai Properties Ltd. | 12,161 | 184,245 | ||||||
Swire Pacific Ltd., A Shares | 5,000 | 64,902 | ||||||
Swire Properties Ltd. | 9,336 | 27,470 | ||||||
Techtronic Industries Co. | 11,000 | 35,289 | ||||||
The Link REIT | 18,176 | 113,796 | ||||||
The Wharf Holdings Ltd. | 11,000 | 78,970 | ||||||
WH Group Ltd.* | 23,670 | 13,498 | ||||||
Wheelock & Co., Ltd. | 7,000 | 32,501 | ||||||
Yue Yuen Industrial Holdings Ltd. | 7,000 | 25,171 | ||||||
|
| |||||||
2,883,166 | ||||||||
|
| |||||||
Ireland — 0.8% | ||||||||
Anglo Irish Bank Corp. PLC~ | 3,146 | 0 | ||||||
Bank of Ireland* | 220,348 | 82,695 | ||||||
CRH PLC* | 5,376 | 129,269 | ||||||
Experian PLC | 7,210 | 121,539 | ||||||
James Hardie Industries PLC | 3,154 | 33,670 | ||||||
Kerry Group PLC, A Shares | 1,174 | 81,107 | ||||||
Ryanair Holdings PLC ADR* | 59 | 4,205 | ||||||
Shire PLC | 4,642 | 329,118 | ||||||
|
| |||||||
781,603 | ||||||||
|
| |||||||
Israel — 0.5% | ||||||||
Bank Hapoalim BM | 8,292 | 38,990 | ||||||
Bank Leumi Le-Israel BM* | 11,337 | 38,730 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 15,011 | 26,627 | ||||||
Delek Group Ltd. | 36 | 9,030 | ||||||
Israel Chemicals Ltd. | 3,410 | 24,536 | ||||||
Mizrahi Tefahot Bank Ltd.* | 783 | 8,194 | ||||||
NICE Systems Ltd. | 400 | 20,229 | ||||||
Teva Pharmaceutical Industries Ltd. | 6,458 | 370,204 | ||||||
The Israel Corp. Ltd.* | 16 | 7,573 | ||||||
|
| |||||||
544,113 | ||||||||
|
| |||||||
Italy — 1.9% | ||||||||
Assicurazioni Generali SpA | 8,750 | 179,663 | ||||||
Atlantia SpA | 3,091 | 71,841 |
156
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Italy — (continued) | ||||||||
Banca Monte Dei Paschi di Siena SpA* | 34,821 | $ | 19,837 | |||||
Banco Popolare SC* | 3,001 | 36,107 | ||||||
Enel Green Power SpA | 13,747 | 28,802 | ||||||
Enel SpA | 52,111 | 232,286 | ||||||
Eni SpA | 19,331 | 338,612 | ||||||
Exor SpA | 848 | 34,795 | ||||||
Finmeccanica SpA | 3,179 | 29,548 | ||||||
Intesa Sanpaolo SpA | 87,408 | 253,563 | ||||||
Intesa Sanpaolo SpA, RSP | 4,624 | 11,393 | ||||||
Luxottica Group SpA | 1,314 | 72,032 | ||||||
Mediobanca SpA | 4,539 | 36,882 | ||||||
Pirelli & C. SpA | 1,674 | 22,578 | ||||||
Prysmian SpA | 1,833 | 33,404 | ||||||
Saipem SpA | 2,015 | 21,123 | ||||||
Snam Rete Gas SpA | 17,071 | 84,488 | ||||||
Telecom Italia SpA | 84,348 | 89,956 | ||||||
Telecom Italia SpA, RSP | 38,303 | 32,023 | ||||||
Terna Rete Elettrica Nasionale SpA | 11,628 | 52,817 | ||||||
UniCredit SpA | 33,145 | 212,315 | ||||||
Unione di Banche Italiane SCpA | 7,359 | 52,634 | ||||||
Unipolsai SpA | 8,602 | 23,160 | ||||||
|
| |||||||
1,969,859 | ||||||||
|
| |||||||
Japan — 19.7% | ||||||||
ABC-Mart, Inc. | 200 | 9,678 | ||||||
Acom Co., Ltd.* | 3,200 | 9,769 | ||||||
Advantest Corp. | 1,200 | 14,873 | ||||||
Aeon Co., Ltd. | 4,900 | 49,243 | ||||||
AEON Financial Service Co., Ltd. | 700 | 13,826 | ||||||
Aeon Mall Co., Ltd. | 710 | 12,582 | ||||||
Air Water, Inc. | 1,000 | 15,839 | ||||||
Aisin Seiki Co., Ltd. | 1,400 | 50,300 | ||||||
Ajinomoto Co., Inc. | 4,000 | 74,468 | ||||||
Alfresa Holdings Corp. | 1,600 | 19,322 | ||||||
Amada Co., Ltd. | 3,000 | 25,706 | ||||||
ANA Holdings, Ltd. | 11,000 | 27,199 | ||||||
Aozora Bank Ltd. | 10,000 | 30,955 | ||||||
Asahi Glass Co., Ltd. | 7,000 | 34,077 | ||||||
Asahi Group Holdings Ltd. | 3,200 | 98,999 | ||||||
Asahi Kasei Corp. | 9,000 | 82,102 | ||||||
Asics Corp. | 1,000 | 24,075 | ||||||
Astellas Pharma, Inc. | 17,000 | 236,676 | ||||||
Bandai Namco Holdings, Inc. | 1,100 | 23,288 | ||||||
Benesse Holdings, Inc. | 700 | 20,771 | ||||||
Bridgestone Corp. | 4,800 | 166,473 | ||||||
Brother Industries Ltd. | 1,500 | 27,191 | ||||||
Calbee, Inc. | 400 | 13,779 | ||||||
Canon, Inc. | 8,500 | 270,162 | ||||||
Casio Computer Co., Ltd. | 1,500 | 22,946 | ||||||
Central Japan Railway Co. | 1,100 | 164,864 | ||||||
Chiyoda Corp. | 1,000 | 8,285 | ||||||
Chubu Electric Power Co., Inc. | 5,100 | 59,930 | ||||||
Chugai Pharmaceutical Co., Ltd. | 1,800 | 44,196 | ||||||
Citizen Holdings Co., Ltd. | 1,400 | 10,772 | ||||||
Credit Saison Co., Ltd. | 1,500 | 27,895 | ||||||
Dai Nippon Printing Co., Ltd. | 5,000 | 45,033 |
Number of Shares | Value† | |||||||
Japan — (continued) | ||||||||
Daicel Corp. | 2,000 | $ | 23,361 | |||||
Daihatsu Motor Co., Ltd. | 1,800 | 23,509 | ||||||
Daiichi Sankyo Co., Ltd. | 4,500 | 62,922 | ||||||
Daikin Industries Ltd. | 1,800 | 115,423 | ||||||
Daito Trust Construction Co., Ltd. | 600 | 68,063 | ||||||
Daiwa House Industry Co., Ltd. | 4,300 | 81,232 | ||||||
Daiwa Securities Group, Inc. | 13,000 | 101,792 | ||||||
Denso Corp. | 3,600 | 167,788 | ||||||
Dentsu, Inc. | 1,800 | 75,675 | ||||||
Don Quijote Holdings Co., Ltd. | 400 | 27,499 | ||||||
East Japan Railway Co. | 2,500 | 188,427 | ||||||
Eisai Co., Ltd. | 2,000 | 77,346 | ||||||
Electric Power Development Co., Ltd. | 1,000 | 33,791 | ||||||
FamilyMart Co., Ltd. | 500 | 18,832 | ||||||
FANUC Corp. | 1,500 | 247,321 | ||||||
Fast Retailing Co., Ltd. | 400 | 145,558 | ||||||
Fuji Electric Co., Ltd. | 4,000 | 15,948 | ||||||
Fuji Heavy Industries Ltd. | 4,500 | 159,237 | ||||||
FUJIFILM Holdings Corp. | 3,300 | 100,695 | ||||||
Fujitsu Ltd. | 13,000 | 69,312 | ||||||
Fukuoka Financial Group, Inc. | 6,000 | 30,933 | ||||||
GungHo Online Entertainment, Inc. | 3,000 | 10,862 | ||||||
Hakuhodo DY Holdings, Inc. | 2,500 | 23,925 | ||||||
Hamamatsu Photonics K.K. | 500 | 23,801 | ||||||
Hankyu Hanshin Holdings, Inc. | 10,000 | 53,641 | ||||||
Hino Motors Ltd. | 2,000 | 26,327 | ||||||
Hirose Electric Co., Ltd. | 200 | 23,205 | ||||||
Hisamitsu Pharmaceutical Co., Ltd. | 400 | 12,613 | ||||||
Hitachi Chemical Co., Ltd. | 1,000 | 17,667 | ||||||
Hitachi Construction Machinery Co., Ltd. | 1,000 | 21,143 | ||||||
Hitachi High-Technologies Corp. | 500 | 14,363 | ||||||
Hitachi Ltd. | 36,000 | 265,708 | ||||||
Hitachi Metals Ltd. | 2,000 | 33,982 | ||||||
Hokuhoku Financial Group, Inc. | 10,000 | 20,165 | ||||||
Hokuriku Electric Power Co. | 1,200 | 15,324 | ||||||
Honda Motor Co., Ltd. | 12,400 | 363,795 | ||||||
Hoya Corp. | 3,500 | 118,387 | ||||||
Hulic Co., Ltd. | 2,500 | 24,993 | ||||||
Ibiden Co., Ltd. | 1,300 | 19,196 | ||||||
Idemitsu Kosan Co., Ltd. | 400 | 6,605 | ||||||
IHI Corp. | 12,000 | 60,773 | ||||||
Iida Group Holdings Co., Ltd. | 1,000 | 12,182 | ||||||
Inpex Corp. | 7,200 | 80,157 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 2,500 | 30,935 | ||||||
Isuzu Motors Ltd. | 4,500 | 54,811 | ||||||
ITOCHU Corp. | 11,800 | 125,966 | ||||||
Itochu Technology Solutions Corp. | 300 | 10,585 | ||||||
J. Front Retailing Co., Ltd. | 2,000 | 23,164 | ||||||
Japan Airlines Co., Ltd. | 1,000 | 29,649 | ||||||
Japan Display, Inc. | 3,000 | 9,156 | ||||||
Japan Exchange Group, Inc. | 2,000 | 46,622 | ||||||
Japan Prime Realty Investment Corp. | 5 | 17,397 | ||||||
Japan Real Estate Investment Corp. | 10 | 48,183 | ||||||
Japan Retail Fund Investment Corp. | 20 | 42,266 | ||||||
Japan Tobacco, Inc. | 8,300 | 228,439 | ||||||
JFE Holdings, Inc. | 3,700 | 82,513 |
157
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Japan — (continued) | ||||||||
JGC Corp. | 1,000 | $ | 20,587 | |||||
JSR Corp. | 1,100 | 18,881 | ||||||
JTEKT Corp. | 1,500 | 25,245 | ||||||
JX Holdings, Inc. | 17,690 | 68,843 | ||||||
Kajima Corp. | 7,000 | 28,786 | ||||||
Kakaku.Com, Inc. | 1,100 | 15,737 | ||||||
Kamigumi Co., Ltd. | 2,000 | 17,816 | ||||||
Kaneka Corp. | 2,000 | 10,716 | ||||||
Kansai Paint Co., Ltd. | 2,000 | 30,984 | ||||||
Kao Corp. | 3,800 | 149,851 | ||||||
Kawasaki Heavy Industries Ltd. | 10,000 | 45,475 | ||||||
KDDI Corp. | 4,400 | 276,426 | ||||||
Keihan Electric Railway Co., Ltd. | 3,000 | 16,054 | ||||||
Keikyu Corp. | 4,000 | 29,595 | ||||||
Keio Corp. | 5,000 | 35,968 | ||||||
Keisei Electric Railway Co., Ltd. | 2,000 | 24,319 | ||||||
Keyence Corp. | 341 | 151,948 | ||||||
Kikkoman Corp. | 1,000 | 24,509 | ||||||
Kintetsu Corp. | 13,000 | 42,743 | ||||||
Kirin Holdings Co., Ltd. | 5,800 | 72,070 | ||||||
Kobe Steel Ltd. | 26,000 | 44,785 | ||||||
Koito Manufacturing Co., Ltd. | 600 | 18,355 | ||||||
Komatsu Ltd. | 7,300 | 161,388 | ||||||
Konami Corp. | 600 | 11,000 | ||||||
Konica Minolta, Inc. | 4,000 | 43,584 | ||||||
Kubota Corp. | 9,000 | 130,633 | ||||||
Kuraray Co., Ltd. | 2,400 | 27,268 | ||||||
Kurita Water Industries Ltd. | 800 | 16,682 | ||||||
Kyocera Corp. | 2,600 | 118,975 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 2,000 | 18,833 | ||||||
Kyushu Electric Power Co., Inc. | 2,900 | 29,044 | ||||||
Lawson, Inc. | 600 | 36,257 | ||||||
LIXIL Group Corp. | 2,300 | 48,405 | ||||||
M3, Inc. | 1,000 | 16,732 | ||||||
Mabuchi Motor Co., Ltd. | 400 | 15,877 | ||||||
Makita Corp. | 800 | 36,050 | ||||||
Marubeni Corp. | 13,000 | 77,784 | ||||||
Marui Group Co., Ltd. | 1,500 | 13,530 | ||||||
Maruichi Steel Tube Ltd. | 300 | 6,385 | ||||||
Mazda Motor Corp. | 3,900 | 93,661 | ||||||
McDonald’s Holdings Co., Ltd. | 700 | 15,321 | ||||||
Medipal Holdings Corp. | 1,500 | 17,520 | ||||||
MEIJI Holdings Co., Ltd. | 500 | 45,490 | ||||||
Minebea Co., Ltd. | 2,000 | 29,536 | ||||||
Miraca Holdings, Inc. | 400 | 17,208 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,500 | 46,080 | ||||||
Mitsubishi Corp. | 10,500 | 192,151 | ||||||
Mitsubishi Electric Corp. | 15,000 | 178,171 | ||||||
Mitsubishi Estate Co., Ltd. | 9,000 | 189,638 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 3,000 | 15,057 | ||||||
Mitsubishi Heavy Industries Ltd. | 24,000 | 132,446 | ||||||
Mitsubishi Logistics Corp. | 1,000 | 14,544 | ||||||
Mitsubishi Materials Corp. | 7,000 | 23,222 | ||||||
Mitsubishi Motors Corp. | 5,200 | 47,504 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,900 | 27,851 |
Number of Shares | Value† | |||||||
Japan — (continued) | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 97,200 | $ | 534,039 | |||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 4,600 | 21,633 | ||||||
Mitsui & Co., Ltd. | 12,700 | 170,093 | ||||||
Mitsui Chemicals, Inc. | 5,000 | 14,162 | ||||||
Mitsui Fudosan Co., Ltd. | 7,000 | 187,709 | ||||||
Mitsui OSK Lines Ltd. | 10,000 | 29,627 | ||||||
Mixi, Inc. | 200 | 7,374 | ||||||
Mizuho Financial Group, Inc. | 173,980 | 291,643 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,590 | 85,077 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 174,594 | ||||||
Nabtesco Corp. | 700 | 16,918 | ||||||
Nagoya Railroad Co., Ltd. | 7,000 | 26,063 | ||||||
NEC Corp. | 21,000 | 61,026 | ||||||
Nexon Co. Ltd. | 1,100 | 10,254 | ||||||
NGK Insulators Ltd. | 2,000 | 40,997 | ||||||
NGK Spark Plug Co., Ltd. | 1,400 | 42,540 | ||||||
NH Foods Ltd. | 1,000 | 21,878 | ||||||
NHK Spring Co., Ltd. | 1,200 | 10,442 | ||||||
Nidec Corp. | 1,600 | 103,337 | ||||||
Nikon Corp. | 2,900 | 38,532 | ||||||
Nintendo Co., Ltd. | 800 | 83,486 | ||||||
Nippon Building Fund, Inc. | 10 | 50,201 | ||||||
Nippon Electric Glass Co., Ltd. | 2,000 | 9,000 | ||||||
Nippon Express Co., Ltd. | 8,000 | 40,542 | ||||||
Nippon Paint Co., Ltd. | 1,000 | 28,978 | ||||||
Nippon Prologis REIT, Inc. | 10 | 21,713 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 59,170 | 146,779 | ||||||
Nippon Telegraph & Telephone Corp. | 2,800 | 143,031 | ||||||
Nippon Yusen K.K. | 13,000 | 36,719 | ||||||
Nissan Motor Co., Ltd. | 19,400 | 169,202 | ||||||
Nisshin Seifun Group, Inc. | 1,815 | 17,571 | ||||||
Nissin Foods Holdings Co., Ltd. | 500 | 23,832 | ||||||
Nitori Holdings Co., Ltd. | 600 | 32,237 | ||||||
Nitto Denko Corp. | 1,200 | 67,051 | ||||||
NOK Corp. | 1,000 | 25,453 | ||||||
Nomura Holdings, Inc. | 28,500 | 161,282 | ||||||
Nomura Real Estate Holdings, Inc. | 1,000 | 17,112 | ||||||
Nomura Research Institute Ltd. | 600 | 18,351 | ||||||
NSK Ltd. | 4,000 | 47,227 | ||||||
NTT Data Corp. | 1,000 | 37,255 | ||||||
NTT DOCOMO, Inc. | 11,400 | 166,019 | ||||||
NTT Urban Development Corp. | 1,000 | 10,071 | ||||||
Obayashi Corp. | 6,000 | 38,677 | ||||||
Odakyu Electric Railway Co., Ltd. | 5,000 | 44,291 | ||||||
Oji Holdings Corp. | 6,000 | 21,467 | ||||||
Olympus Corp. | 2,000 | 70,061 | ||||||
Omron Corp. | 1,600 | 71,577 | ||||||
Ono Pharmaceutical Co., Ltd. | 600 | 53,121 | ||||||
Oracle Corp. Japan | 200 | 8,149 | ||||||
Oriental Land Co., Ltd. | 400 | 92,246 | ||||||
ORIX Corp. | 9,700 | 122,053 | ||||||
Osaka Gas Co., Ltd. | 16,000 | 59,759 | ||||||
Otsuka Corp. | 300 | 9,513 | ||||||
Otsuka Holdings Co., Ltd. | 3,000 | 89,944 | ||||||
Panasonic Corp. | 16,400 | 193,166 |
158
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Japan — (continued) | ||||||||
Park24 Co., Ltd. | 800 | $ | 11,777 | |||||
Rakuten, Inc. | 6,200 | 86,216 | ||||||
Recruit Holdings Co., Ltd. | 1,000 | 28,719 | ||||||
Resona Holdings, Inc. | 17,800 | 89,917 | ||||||
Ricoh Co., Ltd. | 5,000 | 50,545 | ||||||
Rinnai Corp. | 300 | 20,158 | ||||||
Rohm Co., Ltd. | 600 | 36,152 | ||||||
Sankyo Co., Ltd. | 400 | 13,722 | ||||||
Sanrio Co., Ltd. | 300 | 7,412 | ||||||
Santen Pharmaceutical Co., Ltd. | 600 | 32,301 | ||||||
SBI Holdings, Inc. | 1,710 | 18,683 | ||||||
Secom Co., Ltd. | 1,700 | 97,673 | ||||||
Sega Sammy Holdings, Inc. | 1,200 | 15,353 | ||||||
Seibu Holdings, Inc. | 1,000 | 20,388 | ||||||
Seiko Epson Corp. | 1,100 | 46,029 | ||||||
Sekisui Chemical Co., Ltd. | 3,000 | 36,093 | ||||||
Sekisui House Ltd. | 4,000 | 52,632 | ||||||
Seven & I Holdings Co., Ltd. | 5,600 | 201,440 | ||||||
Seven Bank Ltd. | 5,300 | 22,247 | ||||||
Sharp Corp. | 11,000 | 24,335 | ||||||
Shikoku Electric Power Co., Inc. | 1,300 | 15,769 | ||||||
Shimadzu Corp. | 2,000 | 20,344 | ||||||
Shimamura Co., Ltd. | 200 | 17,259 | ||||||
Shimano, Inc. | 600 | 77,713 | ||||||
Shimizu Corp. | 5,000 | 33,960 | ||||||
Shin-Etsu Chemical Co., Ltd. | 3,200 | 208,319 | ||||||
Shinsei Bank Ltd. | 14,000 | 24,366 | ||||||
Shionogi & Co., Ltd. | 2,100 | 54,255 | ||||||
Shiseido Co., Ltd. | 3,200 | 44,878 | ||||||
Showa Shell Sekiyu K.K. | 1,000 | 9,850 | ||||||
SMC Corp. | 400 | 104,890 | ||||||
SoftBank Corp. | 7,300 | 434,520 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 2,825 | 71,042 | ||||||
Sony Corp. | 8,300 | 169,397 | ||||||
Sony Financial Holdings, Inc. | 1,200 | 17,670 | ||||||
Stanley Electric Co., Ltd. | 1,300 | 28,071 | ||||||
Sumitomo Chemical Co., Ltd. | 12,000 | 47,241 | ||||||
Sumitomo Corp. | 8,100 | 83,193 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 1,400 | 13,557 | ||||||
Sumitomo Electric Industries Ltd. | 5,900 | 73,687 | ||||||
Sumitomo Heavy Industries Ltd. | 3,000 | 16,137 | ||||||
Sumitomo Metal Mining Co., Ltd. | 4,000 | 59,660 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 9,600 | 347,066 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 25,430 | 97,404 | ||||||
Sumitomo Realty & Development Co., Ltd. | 3,000 | 102,207 | ||||||
Sumitomo Rubber Industries Ltd. | 1,200 | 17,839 | ||||||
Suntory Beverage & Food Ltd. | 1,000 | 34,549 | ||||||
Suruga Bank Ltd. | 1,000 | 18,377 | ||||||
Suzuken Co., Ltd. | 400 | 11,049 | ||||||
Suzuki Motor Corp. | 2,800 | 83,909 | ||||||
Sysmex Corp. | 1,000 | 44,382 | ||||||
T&D Holdings, Inc. | 5,100 | 61,138 | ||||||
Taiheiyo Cement Corp. | 8,000 | 25,099 | ||||||
Taisei Corp. | 8,000 | 45,376 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 300 | 18,330 |
Number of Shares | Value† | |||||||
Japan — (continued) | ||||||||
Taiyo Nippon Sanso Corp. | 1,000 | $ | 11,009 | |||||
Takashimaya Co., Ltd. | 2,000 | 15,969 | ||||||
Takeda Pharmaceutical Co., Ltd. | 5,900 | 244,247 | ||||||
TDK Corp. | 900 | 53,006 | ||||||
Teijin Ltd. | 6,000 | 15,947 | ||||||
Terumo Corp. | 2,200 | 49,932 | ||||||
The Bank of Kyoto Ltd. | 3,000 | 25,079 | ||||||
The Bank of Yokohama Ltd. | 10,000 | 54,313 | ||||||
The Chiba Bank Ltd. | 5,000 | 32,764 | ||||||
The Chugoku Bank Ltd. | 1,000 | 13,631 | ||||||
The Chugoku Electric Power Co., Inc. | 2,100 | 27,456 | ||||||
The Dai-ichi Life Insurance Co., Ltd. | 8,500 | 129,029 | ||||||
The Gunma Bank Ltd. | 3,000 | 19,469 | ||||||
The Hachijuni Bank Ltd. | 4,000 | 25,694 | ||||||
The Hiroshima Bank Ltd. | 4,000 | 19,038 | ||||||
The Iyo Bank Ltd. | 2,000 | 21,661 | ||||||
The Joyo Bank Ltd. | 6,000 | 29,711 | ||||||
The Kansai Electric Power Co., Inc. | 5,900 | 56,127 | ||||||
The Shizuoka Bank Ltd. | 4,000 | 36,577 | ||||||
The Yokohama Rubber Co., Ltd. | 2,000 | 18,211 | ||||||
THK Co., Ltd. | 1,000 | 24,032 | ||||||
Tobu Railway Co., Ltd. | 9,000 | 38,485 | ||||||
Toho Co., Ltd. | 900 | 20,421 | ||||||
Toho Gas Co., Ltd. | 3,000 | 14,677 | ||||||
Tohoku Electric Power Co., Inc. | 3,100 | 36,073 | ||||||
Tokio Marine Holdings, Inc. | 5,400 | 175,380 | ||||||
Tokyo Electric Power Co., Inc.* | 12,200 | 49,621 | ||||||
Tokyo Electron Ltd. | 1,400 | 106,162 | ||||||
Tokyo Gas Co., Ltd. | 17,000 | 91,726 | ||||||
Tokyo Tatemono Co., Ltd. | 3,000 | 21,833 | ||||||
Tokyu Corp. | 10,000 | 61,965 | ||||||
Tokyu Fudosan Holdings Corp. | 4,000 | 27,753 | ||||||
TonenGeneral Sekiyu K.K. | 2,000 | 17,073 | ||||||
Toppan Printing Co., Ltd. | 4,000 | 25,990 | ||||||
Toray Industries, Inc. | 11,000 | 87,890 | ||||||
Toshiba Corp. | 32,000 | 134,954 | ||||||
TOTO Ltd. | 2,000 | 23,265 | ||||||
Toyo Seikan Group Holdings Ltd. | 1,000 | 12,422 | ||||||
Toyo Suisan Kaisha Ltd. | 600 | 19,319 | ||||||
Toyoda Gosei Co., Ltd. | 400 | 8,046 | ||||||
Toyota Industries Corp. | 1,200 | 61,502 | ||||||
Toyota Motor Corp. | 20,900 | 1,302,434 | ||||||
Toyota Tsusho Corp. | 1,800 | 41,814 | ||||||
Trend Micro, Inc. | 800 | 22,107 | ||||||
Unicharm Corp. | 3,000 | 71,907 | ||||||
United Urban Investment Corp. | 19 | 29,908 | ||||||
USS Co., Ltd. | 2,200 | 33,802 | ||||||
West Japan Railway Co. | 1,300 | 61,462 | ||||||
Yahoo! Japan Corp. | 10,400 | 37,273 | ||||||
Yakult Honsha Co., Ltd. | 700 | 36,949 | ||||||
Yamada Denki Co., Ltd. | 8,300 | 27,847 | ||||||
Yamaguchi Financial Group, Inc. | 2,000 | 20,554 | ||||||
Yamaha Corp. | 1,600 | 23,584 | ||||||
Yamaha Motor Co., Ltd. | 2,400 | 48,018 | ||||||
Yamato Holdings Co., Ltd. | 2,800 | 55,445 |
159
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Japan — (continued) | ||||||||
Yamato Kogyo Co., Ltd. | 300 | $ | 8,391 | |||||
Yamazaki Baking Co., Ltd. | 1,000 | 12,339 | ||||||
Yaskawa Electric Corp. | 2,000 | 25,546 | ||||||
Yokogawa Electric Corp. | 2,000 | 21,946 | ||||||
|
| |||||||
20,030,112 | ||||||||
|
| |||||||
Jersey — 0.1% | ||||||||
Randgold Resources Ltd. | 735 | 49,899 | ||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
Altice S.A.* | 694 | 54,804 | ||||||
ArcelorMittal | 8,260 | 90,496 | ||||||
Millicom International Cellular S.A. | 489 | 36,232 | ||||||
RTL Group S.A. | 294 | 28,035 | ||||||
SES S.A. | 2,387 | 85,646 | ||||||
Tenaris S.A. | 3,987 | 60,247 | ||||||
|
| |||||||
355,460 | ||||||||
|
| |||||||
Macau — 0.0% | ||||||||
Wynn Macau Ltd. | 12,400 | 34,594 | ||||||
|
| |||||||
Netherlands — 4.5% | ||||||||
Aegon N.V. | 13,094 | 98,414 | ||||||
Airbus Group N.V. | 4,420 | 218,517 | ||||||
Akzo Nobel N.V. | 1,753 | 121,290 | ||||||
ASML Holding N.V. | 2,705 | 292,269 | ||||||
CNH Industrial N.V. | 7,320 | 59,256 | ||||||
Corio N.V. | 573 | 28,061 | ||||||
Delta Lloyd N.V. | 1,629 | 35,822 | ||||||
Gemalto N.V. | 668 | 54,517 | ||||||
Heineken Holdings N.V. | 898 | 56,216 | ||||||
Heineken N.V. | 1,880 | 133,495 | ||||||
ING Groep N.V.* | 29,258 | 378,005 | ||||||
Koninklijke Ahold NV | 7,270 | 129,209 | ||||||
Koninklijke Boskalis Westminster N.V. | 632 | 34,574 | ||||||
Koninklijke DSM N.V. | 1,421 | 86,671 | ||||||
Koninklijke KPN N.V. | 25,159 | 79,436 | ||||||
Koninklijke Philips N.V. | 7,261 | 210,468 | ||||||
Koninklijke Vopak N.V. | 584 | 30,299 | ||||||
NN Group NV* | 843 | 25,167 | ||||||
OCI N.V.* | 783 | 27,225 | ||||||
QIAGEN N.V.* | 1,994 | 46,446 | ||||||
Randstad Holding N.V. | 923 | 44,412 | ||||||
Reed Elsevier N.V. | 5,178 | 123,654 | ||||||
Royal Dutch Shell PLC, A Shares | 30,175 | 1,007,029 | ||||||
Royal Dutch Shell PLC, B Shares | 18,661 | 644,759 | ||||||
TNT Express N.V. | 3,470 | 23,133 | ||||||
Unilever N.V. | 12,393 | 484,787 | ||||||
Wolters Kluwer N.V. | 2,160 | 65,913 | ||||||
|
| |||||||
4,539,044 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 7,482 | 24,619 | ||||||
Contact Energy Ltd. | 2,990 | 14,849 | ||||||
Fletcher Building Ltd. | 4,795 | 30,893 | ||||||
Meridian Energy Ltd. | 7,526 | 10,281 | ||||||
Mighty River Power Ltd. | 4,163 | 9,655 |
Number of Shares | Value† | |||||||
New Zealand — (continued) | ||||||||
Ryman Healthcare Ltd. | 2,831 | $ | 18,779 | |||||
Spark New Zealand Ltd. | 16,634 | 40,323 | ||||||
|
| |||||||
149,399 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
DNB ASA | 7,620 | 112,400 | ||||||
Gjensidige Forsikring ASA | 1,418 | 23,138 | ||||||
Norsk Hydro ASA | 10,203 | 57,474 | ||||||
Orkla ASA | 6,430 | 43,772 | ||||||
Statoil ASA | 8,879 | 156,331 | ||||||
Telenor ASA | 6,070 | 122,788 | ||||||
Yara International ASA | 1,246 | 55,487 | ||||||
|
| |||||||
571,390 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues S.A.* | 240,809 | 18,896 | ||||||
Banco Espirito Santo S.A.*~ | 27,017 | 0 | ||||||
EDP — Energias de Portugal S.A. | 16,826 | 65,245 | ||||||
Galp Energia SGPS, S.A. | 2,726 | 27,683 | ||||||
Jeronimo Martins SGPS, S.A. | 2,107 | 21,113 | ||||||
|
| |||||||
132,937 | ||||||||
|
| |||||||
Singapore — 1.5% | ||||||||
Ascendas Real Estate Investment Trust | 15,000 | 26,906 | ||||||
CapitaCommercial Trust | 16,000 | 21,124 | ||||||
CapitaLand Ltd. | 18,000 | 44,754 | ||||||
CapitaMall Trust | 21,700 | 33,318 | ||||||
City Developments Ltd. | 3,000 | 23,145 | ||||||
ComfortDelGro Corp. Ltd. | 14,000 | 27,397 | ||||||
DBS Group Holdings Ltd. | 13,514 | 209,215 | ||||||
Genting Singapore PLC | 54,000 | 43,783 | ||||||
Global Logistic Properties Ltd. | 26,000 | 48,474 | ||||||
Golden Agri-Resources Ltd. | 65,000 | 22,496 | ||||||
Hutchison Port Holdings Trust | 35,100 | 24,219 | ||||||
Jardine Cycle & Carriage Ltd. | 1,000 | 32,038 | ||||||
Keppel Corp. Ltd. | 11,600 | 77,318 | ||||||
Keppel Land Ltd. | 5,431 | 13,991 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 23,096 | 181,719 | ||||||
Sembcorp Industries Ltd. | 9,000 | 30,141 | ||||||
SembCorp Marine Ltd. | 7,000 | 17,176 | ||||||
Singapore Airlines Ltd. | 4,000 | 34,894 | ||||||
Singapore Exchange Ltd. | 6,000 | 35,275 | ||||||
Singapore Press Holdings Ltd. | 10,000 | 31,745 | ||||||
Singapore Technologies Engineering Ltd. | 12,000 | 30,715 | ||||||
Singapore Telecommunications Ltd. | 63,000 | 184,924 | ||||||
StarHub Ltd. | 5,000 | 15,622 | ||||||
Suntec Real Estate Investment Trust | 16,000 | 23,669 | ||||||
United Overseas Bank Ltd. | 9,609 | 177,325 | ||||||
UOL Group Ltd. | 4,128 | 21,580 | ||||||
Wilmar International Ltd. | 17,000 | 41,423 | ||||||
|
| |||||||
1,474,386 | ||||||||
|
| |||||||
Spain — 3.2% | ||||||||
Abertis Infraestructuras S.A. | 3,451 | 68,433 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 1,370 | 47,752 | ||||||
Amadeus IT Holding S.A. | 3,040 | 121,075 |
160
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Spain — (continued) | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 45,630 | $ | 430,949 | |||||
Banco Bilbao Vizcaya Argentaria SA* | 45,630 | 4,362 | ||||||
Banco de Sabadell S.A. | 26,016 | 68,837 | ||||||
Banco Popular Espanol S.A. | 13,439 | 66,991 | ||||||
Banco Santander S.A. | 94,069 | 789,534 | ||||||
Bankia S.A.* | 36,141 | 53,631 | ||||||
Bankinter S.A. | 4,820 | 38,723 | ||||||
CaixaBank | 17,000 | 89,078 | ||||||
Distribuidora Internacional de Alimentacion S.A. | 4,084 | 27,674 | ||||||
Enagas S.A. | 1,740 | 54,882 | ||||||
Ferrovial S.A. | 3,441 | 68,022 | ||||||
Gas Natural SDG S.A. | 2,914 | 73,202 | ||||||
Grifols S.A. | 1,252 | 49,959 | ||||||
Iberdrola S.A. | 39,157 | 263,948 | ||||||
Inditex S.A. | 8,156 | 232,654 | ||||||
Mapfre S.A. | 8,177 | 27,638 | ||||||
Red Electrica Corporacion S.A. | 908 | 80,042 | ||||||
Repsol S.A. | 8,161 | 152,781 | ||||||
Repsol SA* | 8,161 | 4,513 | ||||||
Telefonica S.A. | 32,047 | 460,117 | ||||||
Zardoya Otis S.A. | 1,544 | 17,122 | ||||||
|
| |||||||
3,291,919 | ||||||||
|
| |||||||
Sweden — 2.8% | ||||||||
Alfa Laval AB | 2,688 | 50,830 | ||||||
Assa Abloy AB, B Shares | 2,432 | 128,450 | ||||||
Atlas Copco AB, A Shares | 5,275 | 146,780 | ||||||
Atlas Copco AB, B Shares | 2,722 | 69,677 | ||||||
Boliden AB | 1,883 | 30,099 | ||||||
Electrolux AB, B Shares | 1,720 | 50,257 | ||||||
Elekta AB, B Shares | 3,250 | 33,227 | ||||||
Getinge AB, B Shares | 1,448 | 32,974 | ||||||
Hennes & Mauritz AB, B Shares | 7,149 | 297,005 | ||||||
Hexagon AB, B Shares | 2,081 | 64,198 | ||||||
Husqvarna AB, B Shares | 2,834 | 20,831 | ||||||
ICA Gruppen AB | 521 | 20,287 | ||||||
Industrivarden AB, C Shares | 1,227 | 21,298 | ||||||
Investment AB Kinnevik, B Shares | 1,832 | 59,575 | ||||||
Investor AB, B Shares | 3,414 | 124,126 | ||||||
Lundin Petroleum AB* | 1,488 | 21,294 | ||||||
Nordea Bank AB | 22,880 | 264,854 | ||||||
Sandvik AB | 8,213 | 79,856 | ||||||
Securitas AB, B Shares | 1,984 | 24,002 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 12,133 | 154,072 | ||||||
Skanska AB, B Shares | 2,985 | 64,089 | ||||||
SKF AB, B Shares | 3,338 | 70,317 | ||||||
Svenska Cellulosa AB SCA, B Shares | 4,703 | 101,391 | ||||||
Svenska Handelsbanken AB, A Shares | 3,762 | 176,016 | ||||||
Swedbank AB, A Shares | 6,778 | 168,168 | ||||||
Swedish Match AB | 1,496 | 46,876 | ||||||
Tele2 AB, B Shares | 2,927 | 35,469 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares | 22,907 | 277,360 | ||||||
TeliaSonera AB | 18,708 | 120,281 | ||||||
Volvo AB, B Shares | 11,928 | 128,626 | ||||||
|
| |||||||
2,882,285 | ||||||||
|
|
Number of Shares | Value† | |||||||
Switzerland — 9.3% | ||||||||
ABB Ltd. | 16,654 | $ | 352,368 | |||||
Actelion Ltd. | 725 | 83,463 | ||||||
Adecco S.A. | 1,364 | 93,760 | ||||||
Aryzta AG | 739 | 56,792 | ||||||
Baloise Holding AG | 408 | 52,147 | ||||||
Barry Callebaut AG | 17 | 17,429 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 57,702 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 7 | 34,611 | ||||||
Cie Financiere Richemont S.A. | 3,943 | 349,581 | ||||||
Coca-Cola HBC AG | 1,371 | 26,103 | ||||||
Credit Suisse Group AG | 11,441 | 287,412 | ||||||
EMS-Chemie Holding AG | 65 | 26,314 | ||||||
Geberit AG | 269 | 91,003 | ||||||
Givaudan S.A. | 74 | 132,745 | ||||||
Glencore PLC | 80,695 | 372,475 | ||||||
Holcim Ltd. | 1,694 | 121,094 | ||||||
Julius Baer Group Ltd. | 1,895 | 86,522 | ||||||
Kuehne + Nagel International AG | 444 | 60,311 | ||||||
Lonza Group AG | 459 | 51,680 | ||||||
Nestle S.A. | 24,807 | 1,808,455 | ||||||
Novartis AG | 17,687 | 1,640,354 | ||||||
Pargesa Holding S.A. | 272 | 20,989 | ||||||
Partners Group Holding AG | 138 | 40,149 | ||||||
Roche Holding AG | 5,401 | 1,463,359 | ||||||
Schindler Holding AG | 145 | 20,789 | ||||||
Schindler Holding AG, Participation Certificates | 349 | 50,383 | ||||||
SGS S.A. | 43 | 87,805 | ||||||
Sika AG | 18 | 53,099 | ||||||
Sonova Holding AG | 427 | 62,731 | ||||||
STMicroelectronics N.V. | 4,919 | 36,703 | ||||||
Sulzer AG | 188 | 20,111 | ||||||
Swiss Life Holding AG | 272 | 64,288 | ||||||
Swiss Prime Site AG | 430 | 31,538 | ||||||
Swiss Re AG | 2,781 | 232,969 | ||||||
Swisscom AG | 183 | 96,027 | ||||||
Syngenta AG | 696 | 223,874 | ||||||
The Swatch Group AG | 253 | 112,397 | ||||||
The Swatch Group AG, Registered Shares | 366 | 31,587 | ||||||
Transocean Ltd. | 3,010 | 55,233 | ||||||
UBS Group AG | 27,777 | 477,478 | ||||||
Wolseley PLC | 2,086 | 119,261 | ||||||
Zurich Insurance Group AG | 1,128 | 352,503 | ||||||
|
| |||||||
9,455,594 | ||||||||
|
| |||||||
United Kingdom — 17.1% | ||||||||
3i Group PLC | 8,442 | 58,864 | ||||||
Aberdeen Asset Management PLC | 7,687 | 51,364 | ||||||
Admiral Group PLC | 1,518 | 31,142 | ||||||
Aggreko PLC | 2,157 | 50,301 | ||||||
AMEC PLC | 2,494 | 32,938 | ||||||
Anglo American PLC | 10,459 | 193,538 | ||||||
Antofagasta PLC | 3,403 | 39,652 | ||||||
ARM Holdings PLC | 11,309 | 173,734 |
161
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
United Kingdom — (continued) | ||||||||
Ashtead Group PLC | 3,679 | $ | 65,339 | |||||
Associated British Foods PLC | 2,872 | 140,410 | ||||||
AstraZeneca PLC | 9,647 | 681,376 | ||||||
Aviva PLC | 21,899 | 164,536 | ||||||
Babcock International Group PLC | 1,759 | 28,816 | ||||||
BAE Systems PLC | 25,041 | 183,130 | ||||||
Barclays PLC | 124,639 | 468,560 | ||||||
BG Group PLC | 25,932 | 347,015 | ||||||
BHP Billiton PLC | 16,047 | 343,909 | ||||||
BP PLC | 141,388 | 897,473 | ||||||
British American Tobacco PLC | 14,337 | 776,937 | ||||||
British Sky Broadcasting Group PLC | 7,899 | 110,241 | ||||||
BT Group PLC | 61,952 | 385,346 | ||||||
Bunzl PLC | 2,435 | 66,566 | ||||||
Burberry Group PLC | 3,582 | 90,882 | ||||||
Capita PLC | 5,526 | 92,658 | ||||||
Carnival PLC | 1,577 | 71,747 | ||||||
Centrica PLC | 37,872 | 164,040 | ||||||
Cobham PLC | 8,466 | 42,500 | ||||||
Compass Group PLC | 12,494 | 213,559 | ||||||
Croda International PLC | 1,214 | 50,107 | ||||||
Diageo PLC | 19,141 | 548,335 | ||||||
Direct Line Insurance Group PLC | 10,377 | 46,941 | ||||||
Dixons Carphone PLC | 7,844 | 56,344 | ||||||
easyJet PLC | 1,334 | 34,523 | ||||||
Fiat Chrysler Automobiles NV* | 6,477 | 75,261 | ||||||
Fresnillo PLC | 1,200 | 14,262 | ||||||
G4S PLC | 12,521 | 54,011 | ||||||
GKN PLC | 13,828 | 73,603 | ||||||
GlaxoSmithKline PLC | 37,191 | 797,882 | ||||||
Hammerson PLC | 5,215 | 48,838 | ||||||
Hargreaves Lansdown PLC | 1,892 | 29,604 | ||||||
HSBC Holdings PLC | 146,604 | 1,385,375 | ||||||
ICAP PLC | 4,325 | 30,285 | ||||||
IMI PLC | 1,958 | 38,306 | ||||||
Imperial Tobacco Group PLC | 7,218 | 317,733 | ||||||
Indivior PLC* | 4,937 | 11,496 | ||||||
Inmarsat PLC | 3,494 | 43,324 | ||||||
Intercontinental Hotels Group PLC | 1,628 | 65,505 | ||||||
International Consolidated Airlines Group S.A. (London Main Market Exchange) | 2,764 | 20,808 | ||||||
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)* | 5,668 | 42,223 | ||||||
Intertek Group PLC | 1,257 | 45,493 | ||||||
Intu Properties PLC | 5,533 | 28,605 | ||||||
Investec PLC | 4,543 | 38,063 | ||||||
ITV PLC | 30,751 | 102,577 | ||||||
J. Sainsbury PLC | 9,762 | 37,278 | ||||||
Johnson Matthey PLC | 1,610 | 84,704 | ||||||
Kingfisher PLC | 18,641 | 98,539 | ||||||
Land Securities Group PLC | 5,665 | 101,832 | ||||||
Legal & General Group PLC | 43,740 | 168,887 | ||||||
Lloyds Banking Group PLC | 435,019 | 511,696 | ||||||
London Stock Exchange Group PLC | 1,764 | 60,698 | ||||||
Marks & Spencer Group PLC | 12,979 | 96,102 |
Number of Shares | Value† | |||||||
United Kingdom — (continued) | ||||||||
Meggitt PLC | 5,739 | $ | 46,166 | |||||
Melrose Industries PLC | 8,437 | 34,925 | ||||||
Merlin Entertainments PLC | 3,376 | 20,890 | ||||||
National Grid PLC | 28,998 | 411,462 | ||||||
Next PLC | 1,232 | 130,662 | ||||||
Old Mutual PLC | 38,468 | 113,372 | ||||||
Pearson PLC | 5,952 | 109,923 | ||||||
Persimmon PLC | 2,549 | 62,257 | ||||||
Petrofac Ltd. | 1,906 | 20,764 | ||||||
Prudential PLC | 19,482 | 450,415 | ||||||
Reckitt Benckiser Group PLC | 4,937 | 399,868 | ||||||
Reed Elsevier PLC | 8,393 | 143,369 | ||||||
Rexam PLC | 5,992 | 42,184 | ||||||
Rio Tinto PLC | 9,679 | 446,174 | ||||||
Rolls-Royce Holdings PLC | 14,045 | 188,679 | ||||||
Royal Bank of Scotland Group PLC* | 19,867 | 120,875 | ||||||
Royal Mail PLC | 5,386 | 35,892 | ||||||
RSA Insurance Group PLC | 7,501 | 50,643 | ||||||
SABMiller PLC | 7,313 | 381,236 | ||||||
Schroders PLC | 799 | 33,208 | ||||||
Segro PLC | 6,316 | 36,182 | ||||||
Severn Trent PLC | 2,104 | 65,622 | ||||||
Smith & Nephew PLC | 7,021 | 126,607 | ||||||
Smiths Group PLC | 3,378 | 57,440 | ||||||
Sports Direct International PLC* | 2,156 | 23,718 | ||||||
SSE PLC | 7,227 | 182,606 | ||||||
Standard Chartered PLC | 18,669 | 279,212 | ||||||
Standard Life PLC | 19,605 | 121,439 | ||||||
Subsea 7 S.A. | 1,806 | 18,481 | ||||||
Tate & Lyle PLC | 3,269 | 30,629 | ||||||
Tesco PLC | 64,072 | 186,815 | ||||||
The British Land Co. PLC | 7,874 | 94,950 | ||||||
The Sage Group PLC | 8,870 | 64,064 | ||||||
The Weir Group PLC | 1,674 | 48,003 | ||||||
Travis Perkins PLC | 2,061 | 59,324 | ||||||
Tullow Oil PLC | 7,372 | 47,508 | ||||||
Unilever PLC | 9,733 | 395,435 | ||||||
United Utilities Group PLC | 4,694 | 66,673 | ||||||
Vodafone Group PLC | 201,988 | 692,543 | ||||||
W.M. Morrison Supermarkets PLC | 17,966 | 51,262 | ||||||
Whitbread PLC | 1,474 | 109,085 | ||||||
William Hill PLC | 7,259 | 40,789 | ||||||
WPP PLC | 9,883 | 205,484 | ||||||
|
| |||||||
17,372,648 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $76,948,101) | 94,337,087 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG | 477 | 38,971 | ||||||
Fuchs Petrolub SE | 598 | 23,818 | ||||||
Henkel AG & Co. KGaA | 1,395 | 150,267 | ||||||
Porsche Automobil Holding SE | 1,203 | 97,290 | ||||||
Volkswagen AG | 1,220 | 271,152 | ||||||
|
| |||||||
581,498 | ||||||||
|
|
162
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Number of Shares | Value† | |||||||
PREFERRED STOCKS — (continued) | ||||||||
United Kingdom — 0.0% | ||||||||
Rolls-Royce Holdings PLC, Series C~ | 1,264,050 | $ | 1,970 | |||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $360,949) | 583,468 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Belgium — 0.0% | ||||||||
Anheuser-Busch InBev N.V.* 02/27/13 | 256 | 0 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.1% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,086,303 | 1,086,303 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 94.6% (Cost $78,395,353) | $ | 96,006,858 | ||||||
|
| |||||||
Other Assets & Liabilities — 5.4% | 5,503,384 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% |
| $ | 101,510,242 | |||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2014 is $1,970. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
COMMON STOCKS INDUSTRY DIVERSIFICATION (Unaudited) | % of Market Value | Value† | ||||||
Advertising | 0.4% | $ | 422,844 | |||||
Aerospace & Defense | 0.8% | 738,419 | ||||||
Agriculture | 1.5% | 1,433,904 | ||||||
Airlines | 0.3% | 261,169 | ||||||
Apparel | 0.8% | 748,191 | ||||||
Auto Manufacturers | 3.8% | 3,612,481 | ||||||
Auto Parts & Equipment | 1.3% | 1,219,421 | ||||||
Banks | 14.5% | 13,654,594 | ||||||
Beverages | 2.5% | 2,361,781 | ||||||
Biotechnology | 0.3% | 332,341 | ||||||
Building & Real Estate | 0.1% | 62,257 | ||||||
Building Materials | 1.2% | 1,088,896 | ||||||
Building-Maintenance Service | —% | 17,509 | ||||||
Chemicals | 3.8% | 3,555,174 | ||||||
Commercial Services | 1.6% | 1,518,549 | ||||||
Computers | 0.4% | 381,485 | ||||||
Cosmetics & Personal Care | 0.7% | 647,945 | ||||||
Distribution & Wholesale | 0.9% | 889,111 | ||||||
Diversified | —% | + | 26,906 | |||||
Diversified Financial Services | 1.6% | 1,467,817 | ||||||
Diversified Operations | 0.2% | 163,327 | ||||||
Electric | 2.8% | 2,642,198 | ||||||
Electrical Components & Equipment | 1.1% | 1,067,818 |
COMMON STOCKS INDUSTRY DIVERSIFICATION (Unaudited) | % of Market Value | Value† | ||||||
Electronics | 1.4% | $ | 1,292,545 | |||||
Energy-Alternate Sources | 0.2% | 150,366 | ||||||
Engineering & Construction | 1.2% | 1,136,890 | ||||||
Entertainment | 0.2% | 184,425 | ||||||
Environmental Control | —% | + | 16,682 | |||||
Food | 5.2% | 4,955,753 | ||||||
Forest Products & Paper | 0.2% | 229,652 | ||||||
Gas | 1.0% | 976,096 | ||||||
Hand & Machine Tools | 0.4% | 367,237 | ||||||
Healthcare Products | 1.0% | 932,371 | ||||||
Healthcare Services | 0.3% | 274,823 | ||||||
Holding Companies | 0.6% | 565,622 | ||||||
Home Builders | 0.2% | 182,139 | ||||||
Home Furnishings | 0.5% | 437,155 | ||||||
Hotels & Resorts | 0.3% | 254,080 | ||||||
Household Products & Wares | 0.6% | 533,121 | ||||||
Industrial | 0.2% | 188,679 | ||||||
Insurance | 5.8% | 5,444,047 | ||||||
Internet | 0.3% | 331,962 | ||||||
Investment Companies | 0.4% | 355,678 | ||||||
Iron & Steel | 0.6% | 571,556 | ||||||
Leisure Time | 0.3% | 248,036 | ||||||
Lodging | 0.3% | 311,047 | ||||||
Machinery — Construction & Mining | 0.4% | 398,988 | ||||||
Machinery — Diversified | 1.2% | 1,121,089 | ||||||
Media | 1.2% | 1,115,486 | ||||||
Metal Fabricate/Hardware | 0.4% | 334,145 | ||||||
Mining | 2.7% | 2,550,903 | ||||||
Miscellaneous Manufacturing | 1.3% | 1,199,203 | ||||||
Mixed Industrial/Office | 0.5% | 470,180 | ||||||
Office & Business Equipment | 0.4% | 366,736 | ||||||
Oil & Gas | 5.5% | 5,175,171 | ||||||
Oil & Gas Services | 0.1% | 124,743 | ||||||
Packaging and Containers | 0.2% | 152,747 | ||||||
Pharmaceuticals | 8.6% | 8,158,025 | ||||||
Pipelines | 0.1% | 52,914 | ||||||
Real Estate | 1.9% | 1,772,861 | ||||||
Real Estate Investment Trusts | 1.0% | 970,578 | ||||||
Real Estate Management Services | 0.1% | 60,468 | ||||||
Retail | 3.0% | 2,819,936 | ||||||
Semiconductors | 0.8% | 751,067 | ||||||
Shipbuilding | —% | + | 34,394 | |||||
Software | 0.8% | 793,049 | ||||||
Storage & Warehousing | —% | + | 14,544 | |||||
Telecommunications | 5.6% | 5,272,076 | ||||||
Textiles | 0.1% | 131,105 | ||||||
Toys, Games & Hobbies | 0.1% | 114,186 | ||||||
Transportation | 1.9% | 1,812,056 | ||||||
Travel Services | —% | + | 28,892 | |||||
Venture Capital | 0.1% | 58,864 | ||||||
Water | 0.2% | 228,582 | ||||||
| ||||||||
100.0% | $ | 94,337,087 | ||||||
|
|
|
|
+ Rounded.
163
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Developed International Index Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Australia | $ | 7,116,300 | $ | 98,141 | $ | 7,018,159 | $ | — | ||||||||
Austria | 193,388 | — | 193,388 | — | ||||||||||||
Belgium | 1,250,202 | — | 1,250,202 | — | ||||||||||||
Bermuda | 36,203 | — | 36,203 | — | ||||||||||||
China | 110,686 | — | 110,686 | — | ||||||||||||
Denmark | 1,453,294 | 10,498 | 1,442,796 | — | ||||||||||||
Finland | 838,772 | — | 838,772 | — | ||||||||||||
France | 8,687,740 | 115,230 | 8,572,510 | — | ||||||||||||
Germany | 8,074,245 | 28,892 | 8,045,353 | — | ||||||||||||
Guernsey | 57,849 | — | 57,849 | — | ||||||||||||
Hong Kong | 2,883,166 | 188,271 | 2,694,895 | — | ||||||||||||
Ireland | 781,603 | 4,205 | 777,398 | — | ||||||||||||
Israel | 544,113 | — | 544,113 | — | ||||||||||||
Italy | 1,969,859 | — | 1,969,859 | — | ||||||||||||
Japan | 20,030,112 | 28,719 | 20,001,393 | — | ||||||||||||
Jersey | 49,899 | — | 49,899 | — | ||||||||||||
Luxembourg | 355,460 | 54,804 | 300,656 | — | ||||||||||||
Macau | 34,594 | — | 34,594 | — | ||||||||||||
Netherlands | 4,539,044 | — | 4,539,044 | — | ||||||||||||
New Zealand | 149,399 | — | 149,399 | — | ||||||||||||
Norway | 571,390 | — | 571,390 | — | ||||||||||||
Portugal | 132,937 | — | 132,937 | — | ||||||||||||
Singapore | 1,474,386 | 24,219 | 1,450,167 | — | ||||||||||||
Spain | 3,291,919 | 8,875 | 3,283,044 | — | ||||||||||||
Sweden | 2,882,285 | 33,227 | 2,849,058 | — | ||||||||||||
Switzerland | 9,455,594 | 477,478 | 8,978,116 | — | ||||||||||||
United Kingdom | 17,372,648 | 83,243 | 17,289,405 | — | ||||||||||||
PREFERRED STOCKS | ||||||||||||||||
Germany | 581,498 | — | 581,498 | — | ||||||||||||
United Kingdom | 1,970 | — | 1,970 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,086,303 | 1,086,303 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 96,006,858 | $ | 2,242,105 | $ | 93,764,753 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$95,591,855 was transferred from Level 1 into Level 2 at 12/31/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
164
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
International Equity Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 95.4% | ||||||||
Australia — 4.0% | ||||||||
CSL Ltd. | 119,759 | $ | 8,412,558 | |||||
Ramsay Health Care Ltd. | 149,842 | 6,946,403 | ||||||
|
| |||||||
15,358,961 | ||||||||
|
| |||||||
Brazil — 1.2% | ||||||||
Cielo S.A. | 286,837 | 4,496,463 | ||||||
|
| |||||||
Canada — 6.7% | ||||||||
Alimentation Couche Tard, Inc., Class B | 137,652 | 5,768,872 | ||||||
Enbridge, Inc. | 176,277 | 9,064,200 | ||||||
Shaw Communications, Inc., Class B | 77,179 | 2,082,598 | ||||||
Silver Wheaton Corp. | 83,302 | 1,694,290 | ||||||
The Bank of Nova Scotia | 123,056 | 7,023,449 | ||||||
|
| |||||||
25,633,409 | ||||||||
|
| |||||||
China — 4.8% | ||||||||
Alibaba Group Holding Ltd. ADR* | 9,643 | 1,002,293 | ||||||
Baidu, Inc. ADR* | 32,916 | 7,503,861 | ||||||
Sands China Ltd. | 1,129,306 | 5,497,626 | ||||||
Tencent Holdings Ltd. | 306,440 | 4,433,859 | ||||||
|
| |||||||
18,437,639 | ||||||||
|
| |||||||
Denmark — 3.4% | ||||||||
Coloplast A/S, B Shares | 27,769 | 2,323,834 | ||||||
Novo Nordisk A/S, B Shares | 254,182 | 10,751,844 | ||||||
|
| |||||||
13,075,678 | ||||||||
|
| |||||||
France — 8.3% | ||||||||
Air Liquide S.A. | 42,168 | 5,217,869 | ||||||
Bureau Veritas S.A. | 291,943 | 6,468,291 | ||||||
Essilor International S.A. | 59,296 | 6,612,666 | ||||||
Hermes International | 13,253 | 4,719,176 | ||||||
L’Oreal S.A. | 31,430 | 5,260,511 | ||||||
Pernod Ricard S.A. | 32,245 | 3,583,644 | ||||||
|
| |||||||
31,862,157 | ||||||||
|
| |||||||
Germany — 1.0% | ||||||||
Bayer AG | 27,654 | 3,769,484 | ||||||
|
| |||||||
Hong Kong — 2.8% | ||||||||
Cheung Kong Infrastructure Holdings Ltd. | 286,990 | 2,110,458 | ||||||
Galaxy Entertainment Group Ltd. | 571,344 | 3,174,796 | ||||||
The Link REIT | 851,386 | 5,330,323 | ||||||
|
| |||||||
10,615,577 | ||||||||
|
| |||||||
India — 12.2% | ||||||||
HDFC Bank Ltd.~ | 1,007,018 | 17,291,403 | ||||||
Hindustan Unilever Ltd. | 246,723 | 2,965,017 | ||||||
Housing Development Finance Corp. | 880,878 | 15,796,218 | ||||||
ITC Ltd. | 1,793,081 | 10,445,356 | ||||||
|
| |||||||
46,497,994 | ||||||||
|
| |||||||
Ireland — 1.2% | ||||||||
Paddy Power PLC | 54,225 | 4,465,478 | ||||||
|
| |||||||
Japan — 1.3% | ||||||||
Daito Trust Construction Co., Ltd. | 42,500 | 4,821,109 | ||||||
|
|
Number of Shares | Value† | |||||||
Netherlands — 5.3% | ||||||||
Core Laboratories N.V. | 33,893 | $ | 4,078,684 | |||||
Unilever N.V. | 410,088 | 16,041,755 | ||||||
|
| |||||||
20,120,439 | ||||||||
|
| |||||||
South Africa — 1.4% | ||||||||
Naspers Ltd., N Shares | 40,418 | 5,228,280 | ||||||
|
| |||||||
Spain — 1.5% | ||||||||
Grifols S.A. | 139,452 | 5,564,643 | ||||||
|
| |||||||
Switzerland — 15.3% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 1,142 | 5,646,585 | ||||||
Cie Financiere Richemont S.A. | 85,732 | 7,600,881 | ||||||
DKSH Holding AG | 50,905 | 3,875,354 | ||||||
Nestle S.A. | 223,932 | 16,324,870 | ||||||
Roche Holding AG | 62,320 | 16,885,119 | ||||||
SGS S.A. | 3,967 | 8,100,496 | ||||||
|
| |||||||
58,433,305 | ||||||||
|
| |||||||
United Kingdom — 18.0% | ||||||||
British American Tobacco PLC | 426,142 | 23,093,084 | ||||||
Diageo PLC | 330,840 | 9,477,617 | ||||||
Domino’s Pizza Group PLC | 402,463 | 4,394,252 | ||||||
Persimmon PLC | 227,122 | 5,547,216 | ||||||
Reckitt Benckiser Group PLC | 179,986 | 14,577,800 | ||||||
SABMiller PLC | 218,773 | 11,404,915 | ||||||
|
| |||||||
68,494,884 | ||||||||
|
| |||||||
United States — 7.0% | ||||||||
Philip Morris International, Inc. | 224,994 | 18,325,761 | ||||||
The Priceline Group, Inc.* | 7,409 | 8,447,816 | ||||||
|
| |||||||
26,773,577 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $290,299,819) | 363,649,077 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.7% | ||||||||
Brazil — 1.7% | ||||||||
Itau Unibanco Holding S.A. ADR | 494,676 | 6,435,735 | ||||||
�� |
|
| ||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 5,613,507 | 5,613,507 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $302,576,629) | $ | 375,698,319 | ||||||
|
| |||||||
Other Assets & Liabilities — 1.4% | 5,200,175 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 380,898,494 | ||||||
|
|
~ | Fair valued security. The total market value of fair valued securities at December 31, 2014 is $17,291,403. |
† | See Security Valuation Note. |
* | Non-income producing security. |
165
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
International Equity Fund
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
Country Weightings as of 12/31/2014†† | ||||
United Kingdom | 18 | % | ||
Switzerland | 16 | |||
India | 12 | |||
United States | 9 | |||
France | 8 | |||
Canada | 7 | |||
Netherlands | 5 | |||
Other | 25 | |||
| ||||
Total | 100 | % | ||
|
†† % of total investments as of December 31, 2014
COMMON STOCKS INDUSTRY DIVERSIFICATION (Unaudited) | % of Market Value | Value† | ||||||
Advertising | 1.1% | $ | 3,875,354 | |||||
Agriculture | 14.3% | 51,864,201 | ||||||
Apparel | 1.3% | 4,719,176 | ||||||
Banks | 6.7% | 24,314,852 | ||||||
Beverages | 6.7% | 24,466,176 | ||||||
Biotechnology | 2.3% | 8,412,558 | ||||||
Building & Real Estate | 1.5% | 5,547,216 | ||||||
Chemicals | 1.0% | 3,769,484 | ||||||
Commercial Services | 5.2% | 19,065,250 | ||||||
Cosmetics & Personal Care | 1.5% | 5,260,511 | ||||||
Diversified Financial Services | 4.3% | 15,796,218 | ||||||
Entertainment | 1.2% | 4,465,478 | ||||||
Food | 10.5% | 38,013,210 | ||||||
Gas | 1.4% | 5,217,869 | ||||||
Healthcare Products | 2.5% | 8,936,500 | ||||||
Healthcare Services | 1.9% | 6,946,403 | ||||||
Hotels & Resorts | 0.9% | 3,174,796 | ||||||
Household Products & Wares | 4.8% | 17,542,817 | ||||||
Internet | 5.9% | 21,387,829 | ||||||
Investment Companies | 0.6% | 2,110,458 | ||||||
Lodging | 1.5% | 5,497,626 | ||||||
Media | 2.0% | 7,310,878 | ||||||
Mining | 0.5% | 1,694,290 | ||||||
Oil & Gas Services | 3.6% | 13,142,884 | ||||||
Pharmaceuticals | 9.1% | 33,201,606 | ||||||
Real Estate | 1.3% | 4,821,109 | ||||||
Real Estate Investment Trusts | 1.5% | 5,330,323 | ||||||
Retail | 4.9% | 17,764,005 | ||||||
| ||||||||
100.0% | $ | 363,649,077 | ||||||
|
|
|
|
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level��1 Price | Level 2 Observable Input | Level 3 Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Australia | $ | 15,358,961 | $ | — | $ | 15,358,961 | $ | — | ||||||||
Brazil | 4,496,463 | 4,496,463 | — | — | ||||||||||||
Canada | 25,633,409 | 25,633,409 | — | — | ||||||||||||
China | 18,437,639 | 8,506,154 | 9,931,485 | — | ||||||||||||
Denmark | 13,075,678 | — | 13,075,678 | — | ||||||||||||
France | 31,862,157 | — | 31,862,157 | — | ||||||||||||
Germany | 3,769,484 | — | 3,769,484 | — | ||||||||||||
Hong Kong | 10,615,577 | 5,330,323 | 5,285,254 | — | ||||||||||||
India | 46,497,994 | — | 46,497,994 | — | ||||||||||||
Ireland | 4,465,478 | — | 4,465,478 | — | ||||||||||||
Japan | 4,821,109 | — | 4,821,109 | — | ||||||||||||
Netherlands | 20,120,439 | 4,078,684 | 16,041,755 | — | ||||||||||||
South Africa | 5,228,280 | — | 5,228,280 | — | ||||||||||||
Spain | 5,564,643 | — | 5,564,643 | — | ||||||||||||
Switzerland | 58,433,305 | — | 58,433,305 | — | ||||||||||||
United Kingdom | 68,494,884 | — | 68,494,884 | — | ||||||||||||
United States | 26,773,577 | 26,773,577 | — | — | ||||||||||||
PREFERRED STOCKS | 6,435,735 | 6,435,735 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 5,613,507 | 5,613,507 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 375,698,319 | $ | 86,867,852 | $ | 288,830,467 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$209,672,507 was transferred from Level 1 into Level 2 at 12/31/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
166
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Emerging Markets Equity Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 89.3% | ||||||||
Argentina — 0.4% | ||||||||
YPF S.A. ADR | 24,040 | $ | 636,339 | |||||
|
| |||||||
Austria — 2.0% | ||||||||
Erste Group Bank AG | 75,694 | 1,760,547 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 31,023 | 1,386,544 | ||||||
|
| |||||||
3,147,091 | ||||||||
|
| |||||||
Brazil — 4.2% | ||||||||
BRF S.A. | 149,251 | 3,561,991 | ||||||
CCR S.A. | 129,990 | 753,572 | ||||||
Petroleo Brasileiro S.A. | 109,773 | 396,029 | ||||||
Petroleo Brasileiro S.A. ADR | 28,100 | 212,998 | ||||||
Petroleo Brasileiro S.A. ADR | 21,769 | 158,914 | ||||||
Raia Drogasil S.A. | 78,861 | 752,060 | ||||||
Ultrapar Participacoes S.A. | 39,705 | 768,498 | ||||||
|
| |||||||
6,604,062 | ||||||||
|
| |||||||
Chile — 0.5% | ||||||||
S.A.C.I. Falabella | 112,859 | 757,117 | ||||||
|
| |||||||
China — 11.3% | ||||||||
Bank of China Ltd., Class H | 7,885,000 | 4,425,610 | ||||||
CGN Power Co. Ltd.* | 300,000 | 130,373 | ||||||
China Construction Bank Corp., Class H | 2,753,930 | 2,249,362 | ||||||
China Life Insurance Co. Ltd., Class H | 355,000 | 1,390,941 | ||||||
China Oilfield Services Ltd., Class H | 634,000 | 1,094,701 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 183,200 | 921,682 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 109,700 | 248,410 | ||||||
Huadian Power International Corp. Ltd., Class H | 546,000 | 473,674 | ||||||
JD.Com, Inc. ADR* | 23,222 | 537,357 | ||||||
Qihoo 360 Technology Co. Ltd. ADR* | 4,953 | 283,609 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 982,000 | 653,186 | ||||||
TAL Education Group ADR* | 15,958 | 448,260 | ||||||
Tencent Holdings Ltd. | 263,600 | 3,814,010 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 80,000 | 539,604 | ||||||
Uni-President China Holdings Ltd. | 608,800 | 560,545 | ||||||
|
| |||||||
17,771,324 | ||||||||
|
| |||||||
Colombia — 1.2% | ||||||||
Bancolombia S.A. ADR | 1,977 | 94,659 | ||||||
Cementos Argos S.A. | 88,649 | 380,484 | ||||||
Grupo Aval Acciones y Valores ADR | 83,158 | 864,011 | ||||||
Grupo de Inversiones Suramericana SA | 28,300 | 476,331 | ||||||
|
| |||||||
1,815,485 | ||||||||
|
| |||||||
Czech Republic — 0.9% | ||||||||
Komercni Banka, A.S. | 7,134 | 1,468,186 | ||||||
|
| |||||||
Hong Kong — 3.0% | ||||||||
China Mengniu Dairy Co. Ltd. | 197,000 | 811,173 | ||||||
China Mobile Ltd. | 212,500 | 2,488,959 | ||||||
China Overseas Land & Investment Ltd. | 240,000 | 709,975 | ||||||
CSPC Pharmaceutical Group Ltd. | 436,000 | 383,229 | ||||||
Shenzhen International Holdings Ltd. | 227,500 | 331,726 | ||||||
|
| |||||||
4,725,062 | ||||||||
|
|
Number of Shares | Value† | |||||||
India — 10.3% | ||||||||
Ashok Leyland Ltd.* | 1,537,124 | $ | 1,242,407 | |||||
Bharat Petroleum Corp Ltd. | 101,737 | 1,036,343 | ||||||
Glenmark Pharmaceuticals Ltd. | 77,447 | 942,884 | ||||||
HDFC Bank Ltd.~ | 106,721 | 1,832,495 | ||||||
Hero MotoCorp Ltd. | 22,990 | 1,128,087 | ||||||
ICICI Bank Ltd. | 183,385 | 1,020,527 | ||||||
Idea Cellular Ltd. | 244,302 | 591,995 | ||||||
IndusInd Bank Ltd.~ | 113,375 | 1,575,046 | ||||||
ITC Ltd. | 149,514 | 870,974 | ||||||
Maruti Suzuki India Ltd. | 22,891 | 1,205,194 | ||||||
Oil & Natural Gas Corp. Ltd. | 229,454 | 1,234,803 | ||||||
Shree Cement Ltd. | 7,078 | 1,051,645 | ||||||
Shriram Transport Finance Co. Ltd. | 63,705 | 1,116,067 | ||||||
Tata Consultancy Services Ltd. | 31,916 | 1,292,302 | ||||||
|
| |||||||
16,140,769 | ||||||||
|
| |||||||
Indonesia — 1.5% | ||||||||
Kalbe Farma Tbk PT | 5,638,600 | 831,289 | ||||||
Link Net Tbk PT* | 1,360,800 | 540,584 | ||||||
Matahari Department Store Tbk PT | 767,500 | 924,808 | ||||||
Surya Citra Media Tbk PT | 111,100 | 31,353 | ||||||
Xl Axiata Tbk PT | 225,900 | 88,583 | ||||||
|
| |||||||
2,416,617 | ||||||||
|
| |||||||
Japan — 0.3% | ||||||||
Nexon Co. Ltd. | 49,200 | 458,648 | ||||||
|
| |||||||
Malaysia — 1.2% | ||||||||
Astro Malaysia Holdings Bhd | 730,400 | 631,353 | ||||||
IHH Healthcare Bhd | 437,500 | 602,506 | ||||||
Sapurakencana Petroleum Bhd | 877,100 | 580,281 | ||||||
|
| |||||||
1,814,140 | ||||||||
|
| |||||||
Mexico — 6.2% | ||||||||
Alfa S.A.B. de C.V.* | 733,221 | 1,637,028 | ||||||
America Movil S.A.B. de C.V., Series L ADR | 71,245 | 1,580,214 | ||||||
Cemex S.A.B. de C.V. ADR* | 207,044 | 2,109,778 | ||||||
Fomento Economico Mexicano S.A.B. de C.V. ADR* | 29,253 | 2,575,142 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Series O | 147,447 | 811,502 | ||||||
Grupo Financiero Inbursa S.A.B de C.V., Series O | 267,742 | 691,052 | ||||||
Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR | 37,606 | 389,598 | ||||||
|
| |||||||
9,794,314 | ||||||||
|
| |||||||
Netherlands — 0.4% | ||||||||
Yandex N.V., Class A* | 34,854 | 625,978 | ||||||
|
| |||||||
Pakistan — 0.7% | ||||||||
United Bank Ltd. | 634,700 | 1,115,721 | ||||||
|
| |||||||
Panama — 0.4% | ||||||||
Copa Holdings S.A., Class A | 6,005 | 622,358 | ||||||
|
| |||||||
Peru — 1.3% | ||||||||
Credicorp Ltd. | 12,418 | 1,989,115 | ||||||
|
|
167
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Emerging Markets Equity Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Philippines — 3.9% | ||||||||
BDO Unibank, Inc. | 400,800 | $ | 980,465 | |||||
DMCI Holdings, Inc. | 1,891,350 | 661,447 | ||||||
International Container Terminal Services, Inc. | 271,320 | 693,352 | ||||||
LT Group, Inc. | 1,546,800 | 418,422 | ||||||
Metro Pacific Investments Corp. | 9,993,100 | 1,021,073 | ||||||
Metropolitan Bank & Trust Co. | 597,510 | 1,101,695 | ||||||
SM Investments Corp. | 71,530 | 1,292,475 | ||||||
|
| |||||||
6,168,929 | ||||||||
|
| |||||||
Poland — 2.3% | ||||||||
Bank Pekao S.A. | 29,669 | 1,491,050 | ||||||
Bank Zachodni WBK S.A. | 12,581 | 1,326,670 | ||||||
PKP Cargo S.A. | 33,708 | 791,129 | ||||||
|
| |||||||
3,608,849 | ||||||||
|
| |||||||
Portugal — 0.8% | ||||||||
Jeronimo Martins SGPS, S.A. | 116,121 | 1,163,581 | ||||||
|
| |||||||
Qatar — 0.5% | ||||||||
Ooredoo QSC | 21,028 | 706,249 | ||||||
|
| |||||||
Russia — 0.9% | ||||||||
Mail.Ru Group Ltd. GDR* | 29,327 | 478,030 | ||||||
NOVATEK OAO GDR | 11,831 | 927,550 | ||||||
|
| |||||||
1,405,580 | ||||||||
|
| |||||||
South Africa — 4.4% | ||||||||
Life Healthcare Group Holdings Ltd. | 144,003 | 531,969 | ||||||
MTN Group Ltd. | 104,470 | 1,987,284 | ||||||
Naspers Ltd., N Shares | 19,642 | 2,540,796 | ||||||
Pick n Pay Stores Ltd. | 140,817 | 636,843 | ||||||
Vodacom Group Ltd. | 111,426 | 1,232,968 | ||||||
|
| |||||||
6,929,860 | ||||||||
|
| |||||||
South Korea — 12.1% | ||||||||
Cosmax, Inc.* | 4,543 | 410,110 | ||||||
Coway Co. Ltd. | 18,158 | 1,384,577 | ||||||
Hana Financial Group, Inc. | 30,060 | 870,606 | ||||||
Hotel Shilla Co. Ltd. | 8,356 | 693,100 | ||||||
Hyundai Department Store Co. Ltd. | 2,333 | 259,487 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 16,238 | 618,215 | ||||||
Hyundai Glovis Co. Ltd. | 2,758 | 729,811 | ||||||
Industrial Bank of Korea | 13,262 | 169,655 | ||||||
KB Financial Group, Inc. | 39,464 | 1,290,238 | ||||||
Kia Motors Corp. | 23,188 | 1,101,801 | ||||||
Kolao Holdings | 20,107 | 354,874 | ||||||
NAVER Corp.* | 2,471 | 1,582,515 | ||||||
NCSoft Corp. | 3,450 | 565,781 | ||||||
Orion Corp. | 210 | 193,894 | ||||||
Paradise Co. Ltd. | 15,799 | 336,774 | ||||||
Samsung Electronics Co. Ltd. | 2,634 | 3,166,712 | ||||||
Samsung Life Insurance Co. Ltd. | 10,265 | 1,086,949 | ||||||
Seoul Semiconductor Co. Ltd. | 28,508 | 517,866 | ||||||
Shinhan Financial Group Co. Ltd. | 27,992 | 1,125,142 | ||||||
SK Hynix, Inc.* | 42,672 | 1,823,606 | ||||||
SK Telecom Co. Ltd. | 2,980 | 728,887 | ||||||
|
| |||||||
19,010,600 | ||||||||
|
|
Number of Shares | Value† | |||||||
Spain — 0.4% | ||||||||
Cemex Latam Holdings S.A.* | 99,528 | $ | 670,081 | |||||
|
| |||||||
Switzerland — 1.7% | ||||||||
Coca-Cola HBC AG | 61,961 | 1,179,708 | ||||||
DKSH Holding AG | 10,304 | 784,435 | ||||||
The Swatch Group AG | 1,632 | 725,026 | ||||||
|
| |||||||
2,689,169 | ||||||||
|
| |||||||
Taiwan — 8.7% | ||||||||
Advanced Semiconductor Engineering, Inc. | 462,000 | 548,684 | ||||||
Catcher Technology Co. Ltd. | 61,000 | 471,069 | ||||||
Cathay Financial Holding Co. Ltd. | 166,000 | 245,288 | ||||||
Chailease Holding Co. Ltd. | 440,250 | 1,090,336 | ||||||
Delta Electronics, Inc. | 112,000 | 661,835 | ||||||
Eclat Textile Co. Ltd. | 61,644 | 619,547 | ||||||
Epistar Corp. | 204,000 | 403,716 | ||||||
Far Eastone Telecommunications Co. Ltd. | 91,000 | 209,641 | ||||||
Fubon Financial Holding Co. Ltd. | 568,310 | 904,595 | ||||||
Ginko International Co. Ltd. | 28,000 | 295,479 | ||||||
Hermes Microvision, Inc. | 17,012 | 850,781 | ||||||
Largan Precision Co. Ltd. | 15,000 | 1,122,844 | ||||||
MediaTek, Inc. | 91,000 | 1,322,906 | ||||||
Pegatron Corp. | 11,000 | 25,143 | ||||||
Taiwan Mobile Co. Ltd. | 114,000 | 376,421 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 863,769 | 3,805,310 | ||||||
Uni-President Enterprises Corp. | 455,502 | 720,337 | ||||||
|
| |||||||
13,673,932 | ||||||||
|
| |||||||
Thailand — 4.6% | ||||||||
Advanced Info Service PCL NVDR | 169,800 | 1,287,622 | ||||||
Bangkok Bank PCL NVDR | 200,800 | 1,179,421 | ||||||
BTS Rail Mass Transit Growth Infrastructure Fund | 2,420,300 | 728,297 | ||||||
Indorama Ventures PCL NVDR | 874,600 | 533,779 | ||||||
Kasikornbank PCL NVDR | 109,300 | 755,945 | ||||||
Land and Houses PCL NVDR | 2,579,500 | 705,599 | ||||||
Minor International PCL NVDR | 437,600 | 429,273 | ||||||
PTT PCL | 107,200 | 1,055,708 | ||||||
Total Access Communication PCL NVDR | 191,300 | 557,467 | ||||||
|
| |||||||
7,233,111 | ||||||||
|
| |||||||
United Kingdom — 0.9% | ||||||||
Mondi PLC | 86,077 | 1,399,795 | ||||||
|
| |||||||
United States — 2.3% | ||||||||
First Cash Financial Services, Inc.* | 9,480 | 527,751 | ||||||
Samsonite International S.A. | 619,500 | 1,837,414 | ||||||
Yum! Brands, Inc. | 17,882 | 1,302,704 | ||||||
|
| |||||||
3,667,869 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $122,871,884) | 140,229,931 | |||||||
|
|
168
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Emerging Markets Equity Fund
Number of Shares | Value† | |||||||
PREFERRED STOCKS — 3.8% | ||||||||
Brazil — 2.9% | ||||||||
Banco Bradesco S.A. | 140,868 | $ | 1,857,961 | |||||
Itau Unibanco Holding S.A. | 150,563 | 1,959,777 | ||||||
Petroleo Brasileiro S.A. | 177,079 | 667,494 | ||||||
|
| |||||||
4,485,232 | ||||||||
|
| |||||||
Colombia — 0.7% | ||||||||
Bancolombia S.A. | 50,149 | 604,362 | ||||||
Grupo de Inversiones Suramericana S.A. | 31,247 | 519,359 | ||||||
|
| |||||||
1,123,721 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Samsung Electronics Co. Ltd. | 343 | 322,616 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $7,356,700) | 5,931,569 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
Minor International 11/25/17* | 23 | 3,386 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.6% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,481,654 | 2,481,654 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 94.7% (Cost $132,710,238) | $ | 148,646,540 | ||||||
|
| |||||||
Other Assets & Liabilities — 5.3% | 8,380,865 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 157,027,405 | ||||||
|
|
~ | Fair valued security. The total market value of fair valued securities at December 31, 2014 is $3,407,541. |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
GDR — Global Depository Receipt.
NVDR — Non Voting Depositary Receipt.
PCL — Public Company Limited.
PLC — Public Limited Company.
COMMON STOCKS INDUSTRY DIVERSIFICATION (Unaudited) | % of Market Value | Value† | ||||||
Advertising | 0.6% | $ | 784,435 | |||||
Agriculture | 0.6% | 870,974 | ||||||
Airlines | 0.5% | 622,358 | ||||||
Apparel | 0.4% | 619,547 | ||||||
Auto Manufacturers | 2.7% | 3,797,812 | ||||||
Banks | 18.9% | 26,428,321 | ||||||
Beverages | 3.4% | 4,712,876 | ||||||
Building Materials | 3.0% | 4,211,988 | ||||||
Chemicals | 0.9% | 1,302,277 | ||||||
Commercial Services | 1.6% | 2,226,910 | ||||||
Computers | 0.9% | 1,292,302 | ||||||
Cosmetics & Personal Care | 0.3% | 410,110 | ||||||
Diversified Financial Services | 3.8% | 5,306,648 | ||||||
Electric | 0.4% | 604,047 | ||||||
Electrical Components & Equipment | 1.1% | 1,537,759 | ||||||
Engineering & Construction | 0.9% | 1,279,662 | ||||||
Entertainment | 0.2% | 336,774 | ||||||
Environmental Control | 1.0% | 1,384,577 | ||||||
Food | 5.0% | 7,011,521 | ||||||
Forest Products & Paper | 1.0% | 1,399,795 | ||||||
Healthcare Products | 0.2% | 295,479 | ||||||
Healthcare Services | 0.8% | 1,134,475 | ||||||
Holding Companies | 1.2% | 1,637,028 | ||||||
Home Builders | 0.5% | 705,599 | ||||||
Hotels & Resorts | 0.5% | 693,100 | ||||||
Household Products & Wares | 1.3% | 1,837,414 | ||||||
Insurance | 3.6% | 5,031,404 | ||||||
Internet | 6.0% | 8,427,864 | ||||||
Investment Companies | 1.0% | 1,340,342 | ||||||
Leisure Time | 0.8% | 1,128,087 | ||||||
Media | 2.3% | 3,203,502 | ||||||
Metal Fabricate/Hardware | 0.3% | 471,069 | ||||||
Miscellaneous Manufacturing | 0.8% | 1,122,844 | ||||||
Oil & Gas | 4.0% | 5,658,684 | ||||||
Oil & Gas Services | 1.2% | 1,674,982 | ||||||
Pharmaceuticals | 2.0% | 2,810,588 | ||||||
Real Estate | 1.3% | 1,800,311 | ||||||
Retail | 5.7% | 7,962,418 | ||||||
Semiconductors | 8.3% | 11,588,800 | ||||||
Software | 0.3% | 458,648 | ||||||
Telecommunications | 8.4% | 11,836,290 | ||||||
Transportation | 1.6% | 2,249,237 | ||||||
Water | 0.7% | 1,021,073 | ||||||
| ||||||||
100.0% | 140,229,931 | |||||||
|
|
|
|
169
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Emerging Markets Equity Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Price | Level 2 Observable Input | Level 3 Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Argentina | $ | 636,339 | $ | 636,339 | $ | — | $ | — | ||||||||
Austria | 3,147,091 | — | 3,147,091 | — | ||||||||||||
Brazil | 6,604,062 | 6,604,062 | — | — | ||||||||||||
Chile | 757,117 | 757,117 | — | — | ||||||||||||
China | 17,771,324 | 2,208,554 | 15,562,770 | — | ||||||||||||
Colombia | 1,815,485 | 1,815,485 | — | — | ||||||||||||
Czech Republic | 1,468,186 | — | 1,468,186 | — | ||||||||||||
Hong Kong | 4,725,062 | — | 4,725,062 | — | ||||||||||||
India | 16,140,769 | — | 16,140,769 | — | ||||||||||||
Indonesia | 2,416,617 | 540,584 | 1,876,033 | — | ||||||||||||
Japan | 458,648 | — | 458,648 | — | ||||||||||||
Malaysia | 1,814,140 | — | 1,814,140 | — | ||||||||||||
Mexico | 9,794,314 | 9,794,314 | — | — | ||||||||||||
Netherlands | 625,978 | 625,978 | — | — | ||||||||||||
Pakistan | 1,115,721 | 1,115,721 | — | — | ||||||||||||
Panama | 622,358 | 622,358 | — | — | ||||||||||||
Peru | 1,989,115 | 1,989,115 | — | — | ||||||||||||
Philippines | 6,168,929 | — | 6,168,929 | — | ||||||||||||
Poland | 3,608,849 | — | 3,608,849 | — | ||||||||||||
Portugal | 1,163,581 | — | 1,163,581 | — | ||||||||||||
Qatar | 706,249 | — | 706,249 | — | ||||||||||||
Russia | 1,405,580 | 1,405,580 | — | — | ||||||||||||
South Africa | 6,929,860 | — | 6,929,860 | — | ||||||||||||
South Korea | 19,010,600 | — | 19,010,600 | — | ||||||||||||
Spain | 670,081 | 670,081 | — | — | ||||||||||||
Switzerland | 2,689,169 | — | 2,689,169 | — | ||||||||||||
Taiwan | 13,673,932 | — | 13,673,932 | — | ||||||||||||
Thailand | 7,233,111 | 1,784,005 | 5,449,106 | — | ||||||||||||
United Kingdom | 1,399,795 | — | 1,399,795 | — | ||||||||||||
United States | 3,667,869 | 3,667,869 | — | — | ||||||||||||
PREFERRED STOCKS | 5,931,569 | 5,608,953 | 322,616 | — | ||||||||||||
WARRANTS | 3,386 | — | 3,386 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,481,654 | 2,481,654 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 148,646,540 | $ | 42,327,769 | $ | 106,318,771 | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$81,056,240 was transferred from Level 1 into Level 2 at 12/31/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
170
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Real Estate Securities Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 3.9% | ||||||||
Home Builders — 0.4% | ||||||||
Toll Brothers, Inc.* | 16,615 | $ | 569,396 | |||||
|
| |||||||
Lodging — 2.7% | ||||||||
Extended Stay America, Inc. | 62,325 | 1,203,496 | ||||||
Hilton Worldwide Holdings, Inc.* | 95,238 | 2,484,759 | ||||||
|
| |||||||
3,688,255 | ||||||||
|
| |||||||
Real Estate — 0.8% | ||||||||
Forest City Enterprises, Inc., Class A* | 51,704 | 1,101,295 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $4,711,761) | 5,358,946 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 96.7% | ||||||||
Apartments — 18.9% | ||||||||
American Homes 4 Rent | 127,395 | 2,169,537 | ||||||
Apartment Investment & Management Co., Class A | 76,968 | 2,859,361 | ||||||
Education Realty Trust, Inc. | 18,108 | 662,572 | ||||||
Equity Residential | 134,148 | 9,637,192 | ||||||
Essex Property Trust, Inc. | 12,891 | 2,663,281 | ||||||
Home Properties, Inc. | 36,981 | 2,425,954 | ||||||
Monogram Residential Trust, Inc. | 29,664 | 274,689 | ||||||
UDR, Inc. | 169,219 | 5,215,329 | ||||||
|
| |||||||
25,907,915 | ||||||||
|
| |||||||
Building & Real Estate — 1.5% | ||||||||
Spirit Realty Capital, Inc. | 176,532 | 2,098,966 | ||||||
|
| |||||||
Diversified — 9.1% | ||||||||
American Assets Trust, Inc. | 35,141 | 1,398,963 | ||||||
Liberty Property Trust | 41,328 | 1,555,173 | ||||||
Retail Properties of America, Inc. Class A | 122,816 | 2,049,799 | ||||||
Vornado Realty Trust | 63,397 | 7,462,461 | ||||||
|
| |||||||
12,466,396 | ||||||||
|
| |||||||
Healthcare — 9.0% | ||||||||
Health Care REIT, Inc. | 91,555 | 6,927,967 | ||||||
Healthcare Trust of America, Inc. | 65,616 | 1,767,695 | ||||||
Ventas, Inc. | 49,452 | 3,545,708 | ||||||
|
| |||||||
12,241,370 | ||||||||
|
| |||||||
Hotels & Resorts — 7.2% | ||||||||
Belmond Ltd.* | 70,975 | 877,961 | ||||||
DiamondRock Hospitality Co. | 142,831 | 2,123,897 | ||||||
Host Hotels & Resorts, Inc. | 87,962 | 2,090,857 | ||||||
Strategic Hotels & Resorts, Inc.* | 159,551 | 2,110,859 | ||||||
Sunstone Hotel Investors, Inc. | 163,855 | 2,705,246 | ||||||
|
| |||||||
9,908,820 | ||||||||
|
| |||||||
Industrial — 5.5% | ||||||||
First Industrial Realty Trust, Inc. | 59,805 | 1,229,591 | ||||||
Prologis, Inc. | 130,046 | 5,595,879 | ||||||
QTS Realty Trust, Inc. | 21,620 | 731,621 | ||||||
|
| |||||||
7,557,091 | ||||||||
|
|
Number of Shares | Value† | |||||||
Manufactured Homes — 0.8% | ||||||||
Sun Communities, Inc. | 18,011 | $ | 1,088,945 | |||||
|
| |||||||
Office Property — 13.6% | ||||||||
BioMed Realty Trust, Inc. | 132,634 | 2,856,936 | ||||||
Brandywine Realty Trust | 131,592 | 2,102,840 | ||||||
Douglas Emmett, Inc. | 71,773 | 2,038,353 | ||||||
Empire State Realty Trust, Inc. | 61,498 | 1,081,135 | ||||||
Equity Commonwealth | 15,249 | 391,442 | ||||||
Kilroy Realty Corp. | 27,057 | 1,868,827 | ||||||
Paramount Group, Inc.* | 64,465 | 1,198,404 | ||||||
SL Green Realty Corp. | 59,580 | 7,091,212 | ||||||
|
| |||||||
18,629,149 | ||||||||
|
| |||||||
Regional Malls — 16.3% | ||||||||
General Growth Properties, Inc. | 214,499 | 6,033,857 | ||||||
Pennsylvania Real Estate Investment Trust | 50,963 | 1,195,592 | ||||||
Simon Property Group, Inc. | 55,629 | 10,130,597 | ||||||
Taubman Centers, Inc. | 30,607 | 2,338,987 | ||||||
The Macerich Co. | 30,755 | 2,565,275 | ||||||
|
| |||||||
22,264,308 | ||||||||
|
| |||||||
Storage & Warehousing — 6.4% | ||||||||
CubeSmart | 99,350 | 2,192,655 | ||||||
Extra Space Storage, Inc. | 11,466 | 672,366 | ||||||
Public Storage | 22,672 | 4,190,919 | ||||||
Sovran Self Storage, Inc. | 18,723 | 1,633,020 | ||||||
|
| |||||||
8,688,960 | ||||||||
|
| |||||||
Strip Centers — 8.4% | ||||||||
DDR Corp. | 193,038 | 3,544,178 | ||||||
Kimco Realty Corp. | 21,400 | 537,996 | ||||||
Regency Centers Corp. | 65,911 | 4,203,803 | ||||||
Weingarten Realty Investors | 92,037 | 3,213,932 | ||||||
|
| |||||||
11,499,909 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $109,165,814) | 132,351,829 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 3.2% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 4,375,901 | 4,375,901 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.8% (Cost $118,253,476) | $ | 142,086,676 | ||||||
|
| |||||||
Other Assets & Liabilities — (3.8%) | (5,225,823 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 136,860,853 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
REIT — Real Estate Investment Trust.
171
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Price | Level 2 Observable Input | Level 3 Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 5,358,946 | $ | 5,358,946 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 132,351,829 | 132,351,829 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 4,375,901 | 4,375,901 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 142,086,676 | $ | 142,086,676 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
172
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Aggressive Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 67.1% | ||||||||
Penn Series Flexibly Managed Fund* | 64,525 | $ | 2,583,596 | |||||
Penn Series Index 500 Fund* | 242,576 | 3,876,362 | ||||||
Penn Series Large Cap Growth Fund* | 197,120 | 2,584,241 | ||||||
Penn Series Large Cap Value Fund* | 278,234 | 6,460,603 | ||||||
Penn Series Large Core Growth Fund* | 40,303 | 646,060 | ||||||
Penn Series Large Core Value Fund* | 216,944 | 3,230,302 | ||||||
Penn Series Large Growth Stock Fund* | 94,974 | 2,584,241 | ||||||
Penn Series Mid Cap Growth Fund* | 173,672 | 2,584,241 | ||||||
Penn Series Mid Cap Value Fund* | 153,531 | 3,230,301 | ||||||
Penn Series Mid Core Value Fund* | 144,857 | 2,584,241 | ||||||
Penn Series Real Estate Securities Fund* | 143,489 | 2,584,241 | ||||||
Penn Series Small Cap Growth Fund* | 68,030 | 1,936,820 | ||||||
Penn Series Small Cap Index Fund* | 36,729 | 646,060 | ||||||
Penn Series Small Cap Value Fund* | 92,196 | 2,584,241 | ||||||
Penn Series SMID Cap Growth Fund* | 98,086 | 1,938,181 | ||||||
Penn Series SMID Cap Value Fund* | 154,486 | 3,230,302 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $25,182,074) | 43,284,033 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 4.0% | ||||||||
Penn Series Quality Bond Fund* | 192,854 | 2,584,241 | ||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 29.1% | ||||||||
Penn Series Developed International Index Fund* | 447,875 | 5,168,482 | ||||||
Penn Series Emerging Markets Equity Fund* | 417,198 | 4,522,422 | ||||||
Penn Series International Equity Fund* | 386,697 | 9,044,844 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $14,992,565) | 18,735,748 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 386,856 | 386,856 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.8% (Cost $42,878,676) | $ | 64,990,878 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.8%) | (486,322 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 64,504,556 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Quoted Price | Level 2 Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 43,284,033 | $ | 43,284,033 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 2,584,241 | 2,584,241 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 18,735,748 | 18,735,748 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 386,856 | 386,856 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 64,990,878 | $ | 64,990,878 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
173
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Penn Series Funds, Inc.
Schedule of Investments ��� December 31, 2014
Moderately Aggressive Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 57.7% | ||||||||
Penn Series Flexibly Managed Fund* | 248,825 | $ | 9,962,957 | |||||
Penn Series Index 500 Fund* | 935,430 | 14,948,168 | ||||||
Penn Series Large Cap Growth Fund* | 570,106 | 7,474,084 | ||||||
Penn Series Large Cap Value Fund* | 965,644 | 22,422,252 | ||||||
Penn Series Large Core Growth Fund* | 155,419 | 2,491,361 | ||||||
Penn Series Large Core Value Fund* | 669,271 | 9,965,445 | ||||||
Penn Series Large Growth Stock Fund* | 274,682 | 7,474,084 | ||||||
Penn Series Mid Cap Growth Fund* | 502,291 | 7,474,084 | ||||||
Penn Series Mid Cap Value Fund* | 592,054 | 12,456,806 | ||||||
Penn Series Mid Core Value Fund* | 558,601 | 9,965,445 | ||||||
Penn Series Real Estate Securities Fund* | 414,996 | 7,474,084 | ||||||
Penn Series Small Cap Growth Fund* | 262,341 | 7,468,837 | ||||||
Penn Series Small Cap Index Fund* | 283,270 | 4,982,722 | ||||||
Penn Series Small Cap Value Fund* | 266,646 | 7,474,084 | ||||||
Penn Series SMID Cap Growth Fund* | 252,162 | 4,982,723 | ||||||
Penn Series SMID Cap Value Fund* | 357,441 | 7,474,084 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $77,077,079) | 144,491,220 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 18.9% | ||||||||
Penn Series High Yield Bond Fund* | 680,700 | 7,474,084 | ||||||
Penn Series Limited Maturity Bond Fund* | 866,560 | 9,965,445 | ||||||
Penn Series Quality Bond Fund* | 2,231,070 | 29,896,336 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $42,220,970) | 47,335,865 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 22.9% | ||||||||
Penn Series Developed International Index Fund* | 1,511,224 | 17,439,529 | ||||||
Penn Series Emerging Markets Equity Fund* | 1,149,152 | 12,456,807 | ||||||
Penn Series International Equity Fund* | 1,171,653 | 27,404,974 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $43,842,693) | 57,301,310 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,203,734 | 1,203,734 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $164,344,476) | $ | 250,332,129 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.0% | 69,487 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 250,401,616 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at | Level 1 Price | Level 2 Observable Input | Level 3 Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 144,491,220 | $ | 144,491,220 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 47,335,865 | 47,335,865 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 57,301,310 | 57,301,310 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,203,734 | 1,203,734 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 250,332,129 | $ | 250,332,129 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
174
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Moderate Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 44.9% | ||||||||
Penn Series Flexibly Managed Fund* | 543,842 | $ | 21,775,433 | |||||
Penn Series Index 500 Fund* | 1,135,840 | 18,150,726 | ||||||
Penn Series Large Cap Growth Fund* | 830,697 | 10,890,436 | ||||||
Penn Series Large Cap Value Fund* | 938,022 | 21,780,871 | ||||||
Penn Series Large Core Value Fund* | 731,393 | 10,890,436 | ||||||
Penn Series Large Growth Stock Fund* | 266,824 | 7,260,290 | ||||||
Penn Series Mid Cap Growth Fund* | 487,923 | 7,260,290 | ||||||
Penn Series Mid Cap Value Fund* | 517,606 | 10,890,436 | ||||||
Penn Series Mid Core Value Fund* | 610,450 | 10,890,436 | ||||||
Penn Series Real Estate Securities Fund* | 403,126 | 7,260,290 | ||||||
Penn Series Small Cap Growth Fund* | 254,836 | 7,255,194 | ||||||
Penn Series Small Cap Index Fund* | 412,751 | 7,260,290 | ||||||
Penn Series Small Cap Value Fund* | 259,019 | 7,260,291 | ||||||
Penn Series SMID Cap Growth Fund* | 183,712 | 3,630,145 | ||||||
Penn Series SMID Cap Value Fund* | 520,824 | 10,890,436 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $88,202,580) | 163,346,000 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 35.9% | ||||||||
Penn Series High Yield Bond Fund* | 1,653,072 | 18,150,726 | ||||||
Penn Series Limited Maturity Bond Fund* | 2,209,654 | 25,411,016 | ||||||
Penn Series Quality Bond Fund* | 6,501,753 | 87,123,486 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $115,899,681) | 130,685,228 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.0% | ||||||||
Penn Series Developed International Index Fund* | 1,572,853 | 18,150,726 | ||||||
Penn Series Emerging Markets Equity Fund* | 1,004,653 | 10,890,436 | ||||||
Penn Series International Equity Fund* | 1,396,807 | 32,671,307 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $45,340,856) | 61,712,469 | |||||||
|
| |||||||
AFFILIATED MONEY MARKET FUND — 2.0% | ||||||||
Penn Series Money Market Fund | 7,260,351 | 7,260,351 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 896,224 | 896,224 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $257,599,692) | $ | 363,900,272 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.0%) | 143,817 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 364,044,089 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 163,346,000 | $ | 163,346,000 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 130,685,228 | 130,685,228 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 61,712,469 | 61,712,469 | — | — | ||||||||||||
AFFILIATED MONEY MARKET FUNDS | 7,260,351 | 7,260,351 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 896,224 | 896,224 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 363,900,272 | $ | 363,900,272 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
175
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Moderately Conservative Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 32.8% | ||||||||
Penn Series Flexibly Managed Fund* | 187,002 | $ | 7,487,540 | |||||
Penn Series Index 500 Fund* | 200,860 | 3,209,747 | ||||||
Penn Series Large Cap Growth Fund* | 163,221 | 2,139,831 | ||||||
Penn Series Large Cap Value Fund* | 230,387 | 5,349,579 | ||||||
Penn Series Large Core Value Fund* | 143,709 | 2,139,831 | ||||||
Penn Series Large Growth Stock Fund* | 39,321 | 1,069,916 | ||||||
Penn Series Mid Cap Value Fund* | 152,555 | 3,209,747 | ||||||
Penn Series Mid Core Value Fund* | 119,946 | 2,139,831 | ||||||
Penn Series Real Estate Securities Fund* | 118,814 | 2,139,832 | ||||||
Penn Series Small Cap Growth Fund* | 37,554 | 1,069,165 | ||||||
Penn Series Small Cap Index Fund* | 60,825 | 1,069,916 | ||||||
Penn Series Small Cap Value Fund* | 38,170 | 1,069,916 | ||||||
Penn Series SMID Cap Growth Fund* | 54,146 | 1,069,916 | ||||||
Penn Series SMID Cap Value Fund* | 102,335 | 2,139,831 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $19,191,665) | 35,304,598 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 54.6% | ||||||||
Penn Series High Yield Bond Fund* | 584,653 | 6,419,494 | ||||||
Penn Series Limited Maturity Bond Fund* | 1,488,578 | 17,118,652 | ||||||
Penn Series Quality Bond Fund* | 2,634,867 | 35,307,220 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $51,083,309) | 58,845,366 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9% | ||||||||
Penn Series Developed International Index Fund* | 370,855 | 4,279,663 | ||||||
Penn Series Emerging Markets Equity Fund* | 98,701 | 1,069,916 | ||||||
Penn Series International Equity Fund* | 228,712 | 5,349,579 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $7,354,292) | 10,699,158 | |||||||
|
| |||||||
AFFILIATED MONEY MARKET FUND — 2.0% | ||||||||
Penn Series Money Market Fund | 2,139,849 | 2,139,849 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 709,861 | 709,861 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $80,478,976) | $ | 107,698,832 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.0%) | (29,590 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 107,669,242 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||||||
AFFILIATED EQUITY FUNDS | $ | 35,304,598 | $ | 35,304,598 | $ | — | $ | — | ||||||||||||
AFFILIATED FIXED INCOME FUNDS | 58,845,366 | 58,845,366 | — | — | ||||||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 10,699,158 | 10,699,158 | — | — | ||||||||||||||||
AFFILIATED MONEY MARKET FUNDS | 2,139,849 | 2,139,849 | — | — | ||||||||||||||||
SHORT-TERM INVESTMENTS | 709,861 | 709,861 | — | — | ||||||||||||||||
| ||||||||||||||||||||
TOTAL INVESTMENTS | $ | 107,698,832 | $ | 107,698,832 | $ | — | $ | — | ||||||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
176
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2014
Conservative Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 17.7% | ||||||||
Penn Series Flexibly Managed Fund* | 128,248 | $ | 5,135,044 | |||||
Penn Series Index 500 Fund* | 80,356 | 1,284,081 | ||||||
Penn Series Large Cap Growth Fund* | 97,947 | 1,284,081 | ||||||
Penn Series Large Cap Value Fund* | 55,301 | 1,284,081 | ||||||
Penn Series Large Core Value Fund* | 43,119 | 642,041 | ||||||
Penn Series Mid Cap Value Fund* | 61,030 | 1,284,082 | ||||||
Penn Series Mid Core Value Fund* | 35,989 | 642,041 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $6,631,126) | 11,555,451 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 70.0% | ||||||||
Penn Series High Yield Bond Fund* | 467,789 | 5,136,326 | ||||||
Penn Series Limited Maturity Bond Fund* | 1,228,252 | 14,124,897 | ||||||
Penn Series Quality Bond Fund* | 1,964,453 | 26,323,672 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $38,943,560) | 45,584,895 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9% | ||||||||
Penn Series Developed International Index Fund* | 166,908 | 1,926,122 | ||||||
Penn Series International Equity Fund* | 54,899 | 1,284,082 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,047,518) | 3,210,204 | |||||||
|
| |||||||
AFFILIATED MONEY MARKET FUND — 5.9% | ||||||||
Penn Series Money Market Fund | 3,852,277 | 3,852,277 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 980,321 | 980,321 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $52,454,802) | $ | 65,183,148 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.0%) | (282 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 65,182,866 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2014 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2014 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 11,555,451 | $ | 11,555,451 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 45,584,895 | 45,584,895 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 3,210,204 | 3,210,204 | — | — | ||||||||||||
AFFILIATED MONEY MARKET FUNDS | 3,852,277 | 3,852,277 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 980,321 | 980,321 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 65,183,148 | $ | 65,183,148 | $ | — | $ | — | ||||||||
|
It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
177
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 132,327,129 | $ | 220,358,351 | $ | 553,482,428 | $ | 188,089,557 | ||||||||
Foreign currency, at value | — | — | — | 156,559 | ||||||||||||
Cash | — | — | — | 52,932 | ||||||||||||
Due from custodian | — | 73,836 | — | — | ||||||||||||
Initial margin held by broker for open futures | — | 1,319,093 | 698,000 | — | ||||||||||||
Interest, dividends and reclaims receivable | 26,192 | 1,028,847 | 2,980,648 | 3,196,738 | ||||||||||||
Receivable for investment securities sold | — | — | — | 460,009 | ||||||||||||
Receivable for capital stock sold | 510,235 | 2,475,766 | 4,167,653 | 3,103,739 | ||||||||||||
Futures receivable | — | — | 348,838 | — | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts | — | — | — | 378,547 | ||||||||||||
Other assets | 3,609 | 6,077 | 14,527 | 5,157 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 132,867,165 | 225,261,970 | 561,692,094 | 195,443,238 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | — | 2,523,451 | 1,466,047 | 689,756 | ||||||||||||
Payable for capital stock redeemed | 100,674 | 18,332 | 100,473 | 15,409 | ||||||||||||
Future variation margin payable | — | 441,477 | — | — | ||||||||||||
Payable to investment adviser | — | 85,881 | 206,386 | 90,936 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 456 | 83,393 | 211,076 | 73,781 | ||||||||||||
Net unrealized depreciation of forward foreign currency contracts | — | — | — | 9,754 | ||||||||||||
Other liabilities | 34,597 | 47,746 | 92,146 | 59,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 135,727 | 3,200,280 | 2,076,128 | 939,631 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 132,731,438 | $ | 222,061,690 | $ | 559,615,966 | $ | 194,503,607 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 132,327,129 | $ | 221,326,119 | $ | 540,439,761 | $ | 190,696,759 | ||||||||
Foreign currency at cost | — | — | — | 159,450 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 132,731,438 | $ | 223,153,201 | $ | 546,979,424 | $ | 198,559,852 | ||||||||
Undistributed net investment income (loss) | — | — | — | (369,756 | ) | |||||||||||
Accumulated net realized gain (loss) on investment | — | (100,306 | ) | 271,063 | (1,433,818 | ) | ||||||||||
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | — | (991,205 | ) | 12,365,479 | (2,252,671 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 132,731,438 | $ | 222,061,690 | $ | 559,615,966 | $ | 194,503,607 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 500 million shares authorized | 132,715,512 | |||||||||||||||
|
| |||||||||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 41,756,772 | 17,714,759 | ||||||||||||||
|
|
|
| |||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 19,314,399 | |||||||||||||||
|
| |||||||||||||||
NET ASSET VALUE, OFFERING AND | $ | 1.00 | $ | 11.50 | $ | 13.40 | $ | 10.98 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
178
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments of affiliated issuers at value | $ | — | $ | 81,477,803 | $ | — | $ | — | ||||||||
Investments of unaffiliated issuers at value | 3,108,345,933 | 247,645 | 281,020,360 | 57,889,149 | ||||||||||||
Foreign currency, at value | — | — | 4,991 | — | ||||||||||||
Cash | 230,135 | — | 40 | 500 | ||||||||||||
Interest, dividends and reclaims receivable | 12,497,060 | 4 | 109,647 | 85,915 | ||||||||||||
Receivable for investment securities sold | 13,363,741 | 696,530 | 451,455 | 1,218,063 | ||||||||||||
Receivable for capital stock sold | 944 | 71,807 | 751,488 | — | ||||||||||||
Other assets | 77,659 | 2,135 | 7,342 | 1,504 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 3,134,515,472 | 82,495,924 | 282,345,323 | 59,195,131 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Call options written, at value | 23,284,371 | — | — | — | ||||||||||||
Foreign currency due to custodian, at value | — | — | — | 16,873 | ||||||||||||
Payable for investment securities purchased | 31,010,700 | 661,324 | 1,060,026 | 5,776 | ||||||||||||
Payable for capital stock redeemed | 2,715,550 | 282 | 265,244 | 1,442,277 | ||||||||||||
Payable to investment adviser | 1,820,461 | — | 170,053 | 27,579 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 1,133,167 | 30,657 | 104,462 | 18,770 | ||||||||||||
Net unrealized depreciation of forward foreign currency contracts | — | — | — | — | ||||||||||||
Other liabilities | 363,043 | 10,016 | 63,764 | 20,748 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 60,327,292 | 702,279 | 1,663,549 | 1,532,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 3,074,188,180 | $ | 81,793,645 | $ | 280,681,774 | $ | 57,663,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments of affiliated issuers at cost | $ | — | $ | 48,631,140 | $ | — | $ | — | ||||||||
Investments of unaffiliated issuers at cost | 2,628,327,639 | 247,645 | 192,025,428 | 47,320,046 | ||||||||||||
Foreign currency at cost | — | — | 5,006 | (16,954 | ) | |||||||||||
Call options written, premiums received | (13,029,989 | ) | — | — | — | |||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 2,607,315,347 | $ | 52,802,156 | $ | 191,866,118 | $ | 47,213,507 | ||||||||
Undistributed net investment income (loss) | (469,648 | ) | — | — | (86,940 | ) | ||||||||||
Accumulated net realized gain (loss) on investment | (2,395,589 | ) | (3,855,174 | ) | (178,385 | ) | (32,308 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, | 469,738,070 | 32,846,663 | 88,994,041 | 10,568,849 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 3,074,188,180 | $ | 81,793,645 | $ | 280,681,774 | $ | 57,663,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 76,770,542 | 10,314,474 | ||||||||||||||
|
|
|
| |||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 5,071,003 | 4,398,641 | ||||||||||||||
|
|
|
| |||||||||||||
NET ASSET VALUE, OFFERING AND | $ | 40.04 | $ | 16.13 | $ | 27.21 | $ | 13.11 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
179
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 126,396,293 | $ | 230,154,067 | $ | 192,422,684 | $ | 443,570,807 | ||||||||
Interest, dividends and reclaims receivable | 38,936 | 331,811 | 319,385 | 582,299 | ||||||||||||
Receivable for investment securities sold | — | — | — | 1,651,814 | ||||||||||||
Receivable for capital stock sold | — | — | 216,886 | — | ||||||||||||
Other assets | 3,312 | 6,020 | 5,099 | 14,775 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 126,438,541 | 230,491,898 | 192,964,054 | 445,819,695 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | 224,080 | — | — | — | ||||||||||||
Payable for capital stock redeemed | 93,725 | 1,153,409 | 48,861 | 2,554,234 | ||||||||||||
Future variation margin payable | — | — | — | 136,080 | ||||||||||||
Payable to investment adviser | 64,372 | 129,352 | 108,760 | 49,341 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 46,991 | 85,374 | 72,364 | 164,590 | ||||||||||||
Other liabilities | 29,132 | 43,604 | 38,577 | 80,625 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 458,300 | 1,411,739 | 268,562 | 2,984,870 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 125,980,241 | $ | 229,080,159 | $ | 192,695,492 | $ | 442,834,825 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 95,717,178 | $ | 187,150,263 | $ | 159,334,473 | $ | 260,565,251 | ||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 95,457,761 | $ | 187,773,977 | $ | 159,740,967 | $ | 271,286,424 | ||||||||
Undistributed net investment income (loss) | — | (1,343,191 | ) | 76,589 | (20,358 | ) | ||||||||||
Accumulated net realized gain (loss) on investment | (156,635 | ) | (354,431 | ) | (210,275 | ) | (11,784,305 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments and | 30,679,115 | 43,003,804 | 33,088,211 | 183,353,064 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 125,980,241 | $ | 229,080,159 | $ | 192,695,492 | $ | 442,834,825 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 9,863,873 | |||||||||||||||
|
| |||||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 7,856,699 | 12,940,839 | 27,710,505 | |||||||||||||
|
|
|
|
|
| |||||||||||
NET ASSET VALUE, OFFERING AND | $ | 16.03 | $ | 23.22 | $ | 14.89 | $ | 15.98 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
180
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 129,837,186 | $ | 187,173,992 | $ | 91,862,490 | $ | 56,659,080 | ||||||||
Cash | — | — | 500 | 106,108 | ||||||||||||
Interest, dividends and reclaims receivable | 85,910 | 408,201 | 186,443 | 9,079 | ||||||||||||
Receivable for investment securities sold | 811,314 | — | 175,715 | 7,872,960 | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts | — | — | 15,312 | — | ||||||||||||
Other assets | 3,388 | 4,829 | 2,197 | 1,656 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 130,737,798 | 187,587,022 | 92,242,657 | 64,648,883 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Call options written, at value | 27,700 | — | — | — | ||||||||||||
Payable for investment securities purchased | 738,223 | 410,533 | 380,330 | 483,019 | ||||||||||||
Payable for capital stock redeemed | 1,330,721 | 1,693,117 | 1,513,645 | 8,478,971 | ||||||||||||
Payable to investment adviser | 77,031 | 86,312 | 55,306 | 40,371 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 48,081 | 68,242 | 32,737 | 23,400 | ||||||||||||
Net unrealized depreciation of forward foreign currency contracts | — | — | 734 | — | ||||||||||||
Other liabilities | 29,844 | 35,751 | 30,901 | 21,046 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 2,251,600 | 2,293,955 | 2,013,653 | 9,046,807 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 128,486,198 | $ | 185,293,067 | $ | 90,229,004 | $ | 55,602,076 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 118,739,282 | $ | 144,108,884 | $ | 82,355,634 | $ | 45,563,370 | ||||||||
Call options written, premiums received | (44,824 | ) | — | — | — | |||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 117,391,290 | $ | 143,068,925 | $ | 81,121,299 | $ | 44,832,102 | ||||||||
Undistributed net investment income (loss) | 35,627 | (840,966 | ) | 24,509 | — | |||||||||||
Accumulated net realized gain (loss) on investment | (55,778 | ) | — | (438,094 | ) | (325,736 | ) | |||||||||
Net unrealized appreciation (depreciation) in value of investments, | 11,115,059 | 43,065,108 | 9,521,290 | 11,095,710 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 128,486,198 | $ | 185,293,067 | $ | 90,229,004 | $ | 55,602,076 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 8,637,575 | 8,807,859 | 5,056,833 | 2,813,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE, OFFERING AND | $ | 14.88 | $ | 21.04 | $ | 17.84 | $ | 19.76 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
181
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 75,495,736 | $ | 104,211,963 | $ | 246,671,105 | $ | 69,367,736 | ||||||||
Cash | — | — | 5,150 | 91 | ||||||||||||
Due from custodian | — | — | — | 59,999 | ||||||||||||
Interest, dividends and reclaims receivable | 89,623 | 26,950 | 541,824 | 84,647 | ||||||||||||
Receivable for investment securities sold | — | — | 673,181 | 1,012,514 | ||||||||||||
Receivable for capital stock sold | — | 7,159,406 | 1,075,261 | — | ||||||||||||
Other assets | 1,893 | 2,416 | 6,395 | 1,801 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 75,587,252 | 111,400,735 | 248,972,916 | 70,526,788 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | 100,072 | 7,380,335 | 173,507 | — | ||||||||||||
Payable for capital stock redeemed | 1,475,222 | 1,222,622 | 2,376,104 | 3,768,733 | ||||||||||||
Future variation margin payable | — | — | — | 22,551 | ||||||||||||
Payable to investment adviser | 59,600 | 59,954 | 148,207 | 17,596 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 27,213 | 35,064 | 90,806 | 25,427 | ||||||||||||
Other liabilities | 18,964 | 24,948 | 57,330 | 34,495 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,681,071 | 8,722,923 | 2,845,954 | 3,868,802 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 73,906,181 | $ | 102,677,812 | $ | 246,126,962 | $ | 66,657,986 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 60,800,010 | $ | 83,840,207 | $ | 195,493,692 | $ | 49,888,894 | ||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 59,413,506 | $ | 82,309,956 | $ | 195,487,095 | $ | 47,547,730 | ||||||||
Undistributed net investment income (loss) | — | 9,930 | — | (8,410 | ) | |||||||||||
Accumulated net realized gain (loss) on investment | (203,051 | ) | (14,021 | ) | (537,546 | ) | (355,310 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, | 14,695,726 | 20,371,947 | 51,177,413 | 19,473,976 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 73,906,181 | $ | 102,677,812 | $ | 246,126,962 | $ | 66,657,986 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 3,606,959 | 8,781,841 | ||||||||||||||
|
|
|
| |||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 3,533,821 | 3,790,086 | ||||||||||||||
|
|
|
| |||||||||||||
NET ASSET VALUE, OFFERING AND | $ | 20.91 | $ | 28.47 | $ | 28.03 | $ | 17.59 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
182
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 96,006,858 | $ | 375,698,319 | $ | 148,646,540 | $ | 142,086,676 | ||||||||
Foreign currency, at value | 542,158 | 663,666 | 69,442 | — | ||||||||||||
Cash | — | — | 9,769 | — | ||||||||||||
Interest, dividends and reclaims receivable | 229,352 | �� | 711,794 | 109,806 | 473,199 | |||||||||||
Receivable for investment securities sold | — | 387,038 | 2,734,432 | 553,343 | ||||||||||||
Receivable for capital stock sold | 4,786,371 | 5,590,626 | 6,199,015 | — | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts | — | — | 143,050 | — | ||||||||||||
Other assets | 219,723 | 1,498 | 3,670 | 3,474 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 101,784,462 | 383,052,941 | 157,915,724 | 143,116,692 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Cash overdraft | — | — | — | 145,383 | ||||||||||||
Payable for investment securities purchased | 18,544 | 1,603,705 | 145,513 | 806,545 | ||||||||||||
Payable for capital stock redeemed | 12,273 | 29,648 | 7,341 | 5,137,961 | ||||||||||||
Future variation margin payable | 110,090 | — | — | — | ||||||||||||
Payable to investment adviser | 25,081 | 275,180 | 161,548 | 83,934 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 37,356 | 143,982 | 59,811 | 50,969 | ||||||||||||
Deferred Indian capital gains tax | — | 123 | 396,338 | — | ||||||||||||
Net unrealized depreciation of forward foreign currency contracts | — | — | 1,679 | — | ||||||||||||
Other liabilities | 70,876 | 101,809 | 116,089 | 31,047 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 274,220 | 2,154,447 | 888,319 | 6,255,839 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 101,510,242 | $ | 380,898,494 | $ | 157,027,405 | $ | 136,860,853 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | $ | 78,395,353 | $ | 302,576,629 | $ | 132,710,238 | $ | 118,253,476 | ||||||||
Foreign currency at cost | 555,322 | 686,338 | 69,462 | — | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 88,009,574 | $ | 321,302,596 | $ | 148,593,170 | 113,182,282 | |||||||||
Undistributed net investment income (loss) | (1,014,855 | ) | (7,567,472 | ) | (551,690 | ) | — | |||||||||
Accumulated net realized gain (loss) on investment | (3,035,095 | ) | (5,900,390 | ) | (6,699,021 | ) | (154,629 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | 17,550,618 | 73,063,760 | 15,684,946 | 23,833,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 101,510,242 | $ | 380,898,494 | $ | 157,027,405 | $ | 136,860,853 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 16,281,705 | |||||||||||||||
|
| |||||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 8,793,212 | 14,483,747 | 7,599,009 | |||||||||||||
|
|
|
|
|
| |||||||||||
NET ASSET VALUE, OFFERING AND | $ | 11.54 | $ | 23.39 | $ | 10.84 | $ | 18.01 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
183
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments of affiliated issuers at value | $ | 64,604,022 | $ | 249,128,395 | $ | 363,004,048 | $ | 106,988,971 | ||||||||
Investments of unaffiliated issuers at value | 386,856 | 1,203,734 | 896,224 | 709,861 | ||||||||||||
Interest, dividends and reclaims receivable | 7 | 19 | 21 | 13 | ||||||||||||
Receivable for investment securities sold | 2,396,211 | 6,598,410 | 9,271,107 | 3,564,468 | ||||||||||||
Receivable for capital stock sold | 154 | 196,401 | 124,449 | 44,958 | ||||||||||||
Other assets | 1,666 | 6,556 | 9,574 | 2,868 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 67,388,916 | 257,133,515 | 373,305,423 | 111,311,139 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | 2,393,380 | 6,588,844 | 9,053,959 | 3,553,532 | ||||||||||||
Payable for capital stock redeemed | 452,033 | 2 | 8 | 24,102 | ||||||||||||
Payable to investment adviser | 6,541 | 25,025 | 35,587 | 10,984 | ||||||||||||
Payable to The Penn Mutual Life Insurance Co. | 23,777 | 93,420 | 136,297 | 40,657 | ||||||||||||
Other liabilities | 8,629 | 24,608 | 35,483 | 12,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 2,884,360 | 6,731,899 | 9,261,334 | 3,641,897 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 64,504,556 | $ | 250,401,616 | $ | 364,044,089 | $ | 107,669,242 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments of affiliated issuers at cost | $ | 42,491,820 | $ | 163,140,742 | $ | 256,703,468 | $ | 79,769,115 | ||||||||
Investments of unaffiliated issuers at cost | 386,856 | 1,203,734 | 896,224 | 709,851 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 42,828,713 | $ | 166,568,175 | $ | 259,398,860 | $ | 81,137,451 | ||||||||
Undistributed net investment income (loss) | — | — | — | — | ||||||||||||
Accumulated net realized gain (loss) on investment | (436,359 | ) | (2,154,212 | ) | (1,655,351 | ) | (688,065 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments | 22,112,202 | 85,987,653 | 106,300,580 | 27,219,856 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 64,504,556 | $ | 250,401,616 | $ | 364,044,089 | $ | 107,669,242 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,265,963 | 15,914,466 | 25,214,772 | 7,900,910 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE, OFFERING AND | $ | 15.12 | $ | 15.73 | $ | 14.44 | $ | 13.63 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
184
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2014
Conservative Allocation Fund | ||||
ASSETS | ||||
Investments of affiliated issuers at value | $ | 64,202,827 | ||
Investments of unaffiliated issuers at value | 980,321 | |||
Interest, dividends and reclaims receivable | 17 | |||
Receivable for investment securities sold | 506,061 | |||
Receivable for capital stock sold | 52,862 | |||
Other assets | 1,774 | |||
|
| |||
Total Assets | 65,743,862 | |||
|
| |||
LIABILITIES | ||||
Payable for investment securities purchased | 503,316 | |||
Payable for capital stock redeemed | 16,645 | |||
Payable to investment adviser | 6,639 | |||
Payable to The Penn Mutual Life Insurance Co. | 25,103 | |||
Other liabilities | 9,293 | |||
|
| |||
Total Liabilities | 560,996 | |||
|
| |||
NET ASSETS | $ | 65,182,866 | ||
|
| |||
Investments of affiliated issuers at cost | $ | 51,474,481 | ||
Investments of unaffiliated issuers at cost | 980,321 | |||
COMPONENTS OF NET ASSETS: | ||||
Paid-in Capital | $ | 52,864,835 | ||
Undistributed net investment income (loss) | — | |||
Accumulated net realized gain (loss) on investment | (410,315 | ) | ||
Net unrealized appreciation (depreciation) in value of investments | 12,728,346 | |||
|
| |||
NET ASSETS | $ | 65,182,866 | ||
|
| |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 5,124,442 | |||
|
| |||
NET ASSET VALUE, OFFERING AND | $ | 12.72 | ||
|
|
The accompanying notes are an integral part of these financial statements.
185
Table of Contents
Penn Series Funds, Inc.
For The Year Ended December 31, 2014
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 1,523 | $ | 1,140 | $ | 152,811 | $ | 53,191 | ||||||||
Interest | 177,054 | 3,201,671 | 14,063,220 | 12,337,131 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 178,577 | 3,202,811 | 14,216,031 | 12,390,322 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 388,671 | 965,434 | 2,170,855 | 1,042,869 | ||||||||||||
Administration fees | 203,733 | 358,681 | 822,240 | 289,331 | ||||||||||||
Accounting fees | 87,911 | 139,560 | 244,448 | 116,444 | ||||||||||||
Director fees and expenses | 6,249 | 11,194 | 24,926 | 8,802 | ||||||||||||
Custodian fees and expenses | 24,998 | 18,796 | 41,486 | 47,960 | ||||||||||||
Pricing fees | 11,422 | 22,877 | 25,813 | 62,541 | ||||||||||||
Professional fees | 15,674 | 31,333 | 63,308 | 23,581 | ||||||||||||
Printing fees | 10,009 | 19,460 | 40,654 | 14,446 | ||||||||||||
Other expenses | 25,925 | 31,338 | 77,599 | 26,849 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 774,592 | 1,598,673 | 3,511,329 | 1,632,823 | ||||||||||||
Less: Waivers and reimbursement from advisor | 388,671 | — | — | — | ||||||||||||
Less: Waivers and reimbursement from administrator | 220,934 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 164,987 | 1,598,673 | 3,511,329 | 1,632,823 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 13,590 | 1,604,138 | 10,704,702 | 10,757,499 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | — | 870,220 | 11,589,711 | 1,170,142 | ||||||||||||
Net realized gain (loss) on futures contracts | — | (322,415 | ) | (1,683,455 | ) | — | ||||||||||
Net realized foreign exchange gain (loss) | — | — | 78,966 | 1,288,588 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments | — | (1,814,906 | ) | 7,584,178 | (9,843,153 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | — | (23,437 | ) | (677,188 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | — | (1,290,538 | ) | 16,892,212 | (7,384,423 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,590 | $ | 313,600 | $ | 27,596,914 | $ | 3,373,076 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 29,847,895 | $ | 31 | $ | 1,913,408 | $ | 792,507 | ||||||||
Interest | 29,412,818 | — | 2 | 323 | ||||||||||||
Foreign tax withheld | (164,000 | ) | — | (8,533 | ) | (35,404 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 59,096,713 | 31 | 1,904,877 | 757,426 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 19,173,189 | — | 1,845,439 | 306,132 | ||||||||||||
Administration fees | 4,299,136 | 119,187 | 403,931 | 83,491 | ||||||||||||
Accounting fees | 713,218 | 12,001 | 154,644 | 38,962 | ||||||||||||
Director fees and expenses | 129,571 | 3,633 | 12,400 | 2,545 | ||||||||||||
Custodian fees and expenses | 255,585 | 5,729 | 63,993 | 29,780 | ||||||||||||
Pricing fees | 81,714 | 2,487 | 19,114 | 16,415 | ||||||||||||
Professional fees | 359,806 | 9,311 | 37,543 | 7,746 | ||||||||||||
Printing fees | 219,947 | 5,937 | 20,359 | 4,551 | ||||||||||||
Other expenses | 288,518 | 11,834 | 35,410 | 10,464 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 25,520,684 | 170,119 | 2,592,833 | 500,086 | ||||||||||||
Less: Waivers and reimbursement from administrator | — | 7,278 | — | 3,438 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 25,520,684 | 162,841 | 2,592,833 | 496,648 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 33,576,029 | (162,810 | ) | (687,956 | ) | 260,778 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | 340,266,716 | 1,733,462 | 38,003,401 | 2,935,635 | ||||||||||||
Net realized gain (loss) on options | 335,838 | — | — | — | ||||||||||||
Net realized foreign exchange gain (loss) | 191,162 | — | (1,868 | ) | (389 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of investments | (43,325,431 | ) | 5,805,255 | (15,403,481 | ) | 2,858,415 | ||||||||||
Change in net unrealized appreciation (depreciation) of written options | (2,745,756 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | 294,722,529 | 7,538,717 | 22,598,052 | 5,793,661 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 328,298,558 | $ | 7,375,907 | $ | 21,910,096 | $ | 6,054,439 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
186
Table of Contents
Penn Series Funds, Inc.
Statements of Operations
For The Year Ended December 31, 2014
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 851,426 | $ | 5,020,441 | $ | 4,281,093 | $ | 8,379,003 | ||||||||
Interest | — | 1 | — | 327 | ||||||||||||
Foreign tax withheld | (1,068 | ) | (35,493 | ) | (54,677 | ) | (933 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 850,358 | 4,984,949 | 4,226,416 | 8,378,397 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 749,494 | 1,432,773 | 1,217,834 | 466,562 | ||||||||||||
Administration fees | 187,374 | 334,212 | 283,338 | 627,616 | ||||||||||||
Accounting fees | 82,458 | 131,404 | 114,446 | 205,523 | ||||||||||||
Director fees and expenses | 5,809 | 10,247 | 8,686 | 18,995 | ||||||||||||
Custodian fees and expenses | 18,997 | 15,562 | 22,359 | 45,477 | ||||||||||||
Pricing fees | 3,429 | 6,660 | 3,510 | 10,852 | ||||||||||||
Professional fees | 15,706 | 27,841 | 22,619 | 61,334 | ||||||||||||
Printing fees | 9,529 | 17,248 | 14,137 | 31,922 | ||||||||||||
Other expenses | 19,034 | 29,919 | 26,467 | 100,898 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 1,091,830 | 2,005,866 | 1,713,396 | 1,569,179 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 1,091,830 | 2,005,866 | 1,713,396 | 1,569,179 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (241,472 | ) | 2,979,083 | 2,513,020 | 6,809,218 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | ||||||||||||||||
Net realized gain (loss) on investment transactions | 21,846,006 | 11,930,695 | 37,401,939 | 7,296,570 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | 843,709 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments | (12,283,083 | ) | 9,128,467 | (19,805,307 | ) | 37,489,351 | ||||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | — | — | — | 339,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities | 9,562,923 | 21,059,162 | 17,596,632 | 45,968,959 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 9,321,451 | $ | 24,038,245 | $ | 20,109,652 | $ | 52,778,177 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 1,043,084 | $ | 2,824,587 | $ | 1,760,908 | $ | 159,469 | ||||||||
Interest | — | 22 | 29 | — | ||||||||||||
Foreign tax withheld | (880 | ) | — | (9,089 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 1,042,204 | 2,824,609 | 1,751,848 | 159,469 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 875,459 | 984,707 | 557,691 | 475,992 | ||||||||||||
Administration fees | 187,598 | 268,556 | 116,186 | 95,198 | ||||||||||||
Accounting fees | 82,533 | 109,519 | 54,220 | 44,426 | ||||||||||||
Director fees and expenses | 5,796 | 8,191 | 3,428 | 2,927 | ||||||||||||
Custodian fees and expenses | 15,952 | 16,204 | 40,639 | 26,541 | ||||||||||||
Pricing fees | 4,870 | 4,567 | 16,409 | 3,819 | ||||||||||||
Professional fees | 15,139 | 22,872 | 9,384 | 8,468 | ||||||||||||
Printing fees | 9,373 | 14,005 | 5,748 | 5,163 | ||||||||||||
Other expenses | 18,312 | 24,446 | 12,512 | 11,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 1,215,032 | 1,453,067 | 816,217 | 673,880 | ||||||||||||
Less: Waivers and reimbursement from advisor | — | — | — | 3,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 1,215,032 | 1,453,067 | 816,217 | 670,668 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (172,828 | ) | 1,371,542 | 935,631 | (511,199 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | 29,823,567 | 15,268,055 | 7,526,900 | 6,827,345 | ||||||||||||
Net realized gain (loss) on written options | (445,823 | ) | — | — | — | |||||||||||
Net realized foreign exchange gain (loss) | (138 | ) | — | 307,871 | — | |||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency related items | (18,047,236 | ) | 6,504,814 | 3,304,421 | (6,054,448 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of written options | 17,124 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | 11,347,494 | 21,772,869 | 11,139,192 | 772,897 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,174,666 | $ | 23,144,411 | $ | 12,074,823 | $ | 261,698 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
187
Table of Contents
Penn Series Funds, Inc.
Statements of Operations
For The Year Ended December 31, 2014
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 983,726 | $ | 537,247 | $ | 3,973,138 | $ | 832,217 | ||||||||
Interest | — | — | 9 | 45 | ||||||||||||
Foreign tax withheld | — | (5,194 | ) | (7,107 | ) | (447 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 983,726 | 532,053 | 3,966,040 | 831,815 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 646,819 | 658,720 | 1,813,143 | 200,618 | ||||||||||||
Administration fees | 102,129 | 133,119 | 358,148 | 100,309 | ||||||||||||
Accounting fees | 47,660 | 62,122 | 139,383 | 46,811 | ||||||||||||
Director fees and expenses | 3,086 | 4,056 | 11,004 | 3,087 | ||||||||||||
Custodian fees and expenses | 12,822 | 10,898 | 56,595 | 41,289 | ||||||||||||
Pricing fees | 3,946 | 5,915 | 7,365 | 30,191 | ||||||||||||
Professional fees | 8,587 | 10,910 | 30,530 | 8,588 | ||||||||||||
Printing fees | 5,234 | 6,692 | 18,690 | 5,288 | ||||||||||||
Other expenses | 11,416 | 14,444 | 32,177 | 25,288 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 841,699 | 906,876 | 2,467,035 | 461,469 | ||||||||||||
Less: Waivers and reimbursement from advisor | 22,348 | — | — | 31,741 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 819,351 | 906,876 | 2,467,035 | 429,728 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 164,375 | (374,823 | ) | 1,499,005 | 402,087 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | 7,972,692 | 5,629,216 | 26,230,747 | 3,535,773 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | 68,644 | ||||||||||||
Net realized foreign currency exchange gain (loss) | — | 2,730 | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments | (1,947,849 | ) | 1,729,319 | (10,946,357 | ) | (1,132,942 | ) | |||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | — | — | — | (28,446 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | 6,024,843 | 7,361,265 | 15,284,390 | 2,443,029 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,189,218 | $ | 6,986,442 | $ | 16,783,395 | $ | 2,845,116 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 3,670,975 | $ | 9,363,919 | $ | 3,578,691 | $ | 3,045,099 | ||||||||
Interest | 642 | — | 1,259 | 6 | ||||||||||||
Foreign tax withheld | (262,819 | ) | (489,318 | ) | (420,003 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 3,408,798 | 8,874,601 | 3,159,947 | 3,045,105 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 317,329 | 3,294,395 | 1,927,506 | 887,396 | ||||||||||||
Administration fees | 158,664 | 580,600 | 245,022 | 190,156 | ||||||||||||
Accounting fees | 83,392 | 252,221 | 118,009 | 83,385 | ||||||||||||
Director fees and expenses | 4,909 | 17,776 | 7,536 | 5,642 | ||||||||||||
Custodian fees and expenses | 94,438 | 132,461 | 326,617 | 19,018 | ||||||||||||
Pricing fees | 115,439 | 27,137 | 35,256 | �� | 4,166 | |||||||||||
Professional fees | 12,644 | 60,053 | 59,161 | 14,786 | ||||||||||||
Printing fees | 8,220 | 29,176 | 12,488 | 9,323 | ||||||||||||
Recaptured advisory fees | — | — | 127,901 | — | ||||||||||||
Other expenses | 69,606 | 56,282 | 27,589 | 17,829 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 864,641 | 4,450,101 | 2,887,085 | 1,231,701 | ||||||||||||
Less: Waivers and reimbursement from advisor | 72,559 | — | 31,604 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 792,082 | 4,450,101 | 2,855,481 | 1,231,701 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 2,616,716 | 4,424,500 | 304,466 | 1,813,404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | (713,770 | ) | 16,064,701 | 1,914,161 | 9,971,688 | |||||||||||
Net realized gain (loss) on futures contracts | 57,250 | — | — | — | ||||||||||||
Net realized foreign currency exchange gain (loss) | (50,638 | ) | (442,883 | ) | 283,403 | — | ||||||||||
Change in net unrealized appreciation (depreciation) of investments | (7,995,123 | ) | (8,483,026 | ) | (10,252,484 | ) | 21,550,613 | |||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | (130,031 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | (8,832,312 | ) | 7,138,792 | (8,054,920 | ) | 31,522,301 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (6,215,596 | ) | $ | 11,563,292 | $ | (7,750,454 | ) | $ | 33,335,705 | ||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
188
Table of Contents
Penn Series Funds, Inc.
Statements of Operations
For The Year Ended December 31, 2014
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 29 | $ | 109 | $ | 799 | $ | 454 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 29 | 109 | 799 | 454 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 69,149 | 272,974 | 396,306 | 125,380 | ||||||||||||
Administration fees | 91,173 | 364,465 | 539,087 | 165,999 | ||||||||||||
Accounting fees | 12,001 | 24,298 | 35,939 | 12,001 | ||||||||||||
Director fees and expenses | 2,760 | 11,062 | 16,460 | 5,091 | ||||||||||||
Custodian fees and expenses | 4,484 | 17,572 | 25,337 | 8,217 | ||||||||||||
Pricing fees | 2,784 | 2,812 | 2,809 | 2,759 | ||||||||||||
Professional fees | 7,548 | 30,030 | 43,635 | 13,247 | ||||||||||||
Printing fees | 4,685 | 18,828 | 27,583 | 8,503 | ||||||||||||
Recaptured advisory fees | 598 | — | — | — | ||||||||||||
Other expenses | 9,107 | 30,100 | 44,833 | 15,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 204,289 | 772,141 | 1,131,989 | 357,119 | ||||||||||||
Less: Waivers and reimbursement from advisor | 179 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 204,110 | 772,141 | 1,131,989 | 357,119 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment loss | (204,081 | ) | (772,032 | ) | (1,131,190 | ) | (356,665 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | ||||||||||||||||
Net realized gain (loss) on investment transactions | 912,874 | 3,441,261 | 6,721,209 | 3,086,664 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 3,304,304 | 12,349,357 | 13,918,874 | 2,798,243 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities | 4,217,178 | 15,790,618 | 20,640,083 | 5,884,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,013,097 | $ | 15,018,586 | $ | 19,508,893 | $ | 5,528,242 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Conservative Allocation Fund | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 657 | ||||||||||||||
|
| |||||||||||||||
Total Investment Income | 657 | |||||||||||||||
|
| |||||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 77,155 | |||||||||||||||
Administration fees | 102,070 | |||||||||||||||
Accounting fees | 12,001 | |||||||||||||||
Director fees and expenses | 3,131 | |||||||||||||||
Custodian fees and expenses | 5,233 | |||||||||||||||
Pricing fees | 2,674 | |||||||||||||||
Professional fees | 7,810 | |||||||||||||||
Printing fees | 5,050 | |||||||||||||||
Recaptured advisory fees | 1,285 | |||||||||||||||
Other expenses | 10,808 | |||||||||||||||
|
| |||||||||||||||
Total Expenses | 227,217 | |||||||||||||||
Less: Waivers and reimbursement from advisor | 88 | |||||||||||||||
|
| |||||||||||||||
Net Expenses | 227,129 | |||||||||||||||
|
| |||||||||||||||
Net investment loss | (226,472 | ) | ||||||||||||||
|
| |||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES | ||||||||||||||||
Net realized gain (loss) on investment transactions | 907,517 | |||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 1,841,534 | |||||||||||||||
|
| |||||||||||||||
Net Gain (Loss) on Investment Securities | 2,749,051 | |||||||||||||||
|
| |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,522,579 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements.
189
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Money Market Fund | Limited Maturity Bond Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 13,590 | $ | 13,151 | $ | 1,604,138 | $ | 1,182,668 | ||||||||
Net realized gain (loss) on investment transactions | — | — | 870,220 | 167,105 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | (322,415 | ) | — | |||||||||||
Net change in unrealized appreciation (depreciation) of investments contracts | — | — | (1,814,906 | ) | (1,512,020 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of future contracts | — | — | (23,437 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 13,590 | 13,151 | 313,600 | (162,247 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from: | ||||||||||||||||
Net investment income | (13,590 | ) | (13,151 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions | (13,590 | ) | (13,151 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 112,210,094 | 134,904,829 | 45,621,027 | 93,163,341 | ||||||||||||
Shares issued in lieu of cash distributions | 13,593 | 13,153 | — | — | ||||||||||||
Shares redeemed | (104,373,265 | ) | (151,761,830 | ) | (67,540,093 | ) | (51,719,394 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 7,850,422 | (16,843,848 | ) | (21,919,066 | ) | 41,443,947 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 7,850,422 | (16,843,848 | ) | (21,605,466 | ) | 41,281,700 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 124,881,016 | 141,724,864 | 243,667,156 | 202,385,456 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 132,731,438 | $ | 124,881,016 | $ | 222,061,690 | $ | 243,667,156 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | — | $ | — | ||||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 112,210,094 | 134,904,829 | 3,961,890 | 8,107,656 | ||||||||||||
Shares issued in lieu of cash distributions | 13,593 | 13,153 | — | — | ||||||||||||
Shares redeemed | (104,373,265 | ) | (151,761,830 | ) | (5,864,076 | ) | (4,503,971 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
7,850,422 | (16,843,848 | ) | (1,902,186 | ) | 3,603,685 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Quality Bond Fund | High Yield Bond Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 10,704,702 | $ | 10,455,707 | $ | 10,757,499 | $ | 11,112,337 | ||||||||
Net realized gain (loss) on investment transactions | 11,589,711 | 162,217 | 1,170,142 | 4,828,712 | ||||||||||||
Net realized gain (loss) on futures contracts | (1,683,455 | ) | — | — | — | |||||||||||
Net realized foreign exchange gain (loss) | 78,966 | — | 1,288,588 | (720,976 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency related items | 6,906,990 | (26,300,466 | ) | (9,843,153 | ) | (1,253,621 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 27,596,914 | (15,682,542 | ) | 3,373,076 | 13,966,452 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 64,744,414 | 138,595,418 | 32,275,457 | 27,295,243 | ||||||||||||
Shares redeemed | (79,484,028 | ) | (144,553,737 | ) | (29,932,861 | ) | (32,193,986 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (14,739,614 | ) | (5,958,319 | ) | 2,342,596 | (4,898,743 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 12,857,300 | (21,640,861 | ) | 5,715,672 | 9,067,709 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 546,758,666 | 568,399,527 | 188,787,935 | 179,720,226 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 559,615,966 | $ | 546,758,666 | $ | 194,503,607 | $ | 188,787,935 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (369,756 | ) | $ | (246,879 | ) | ||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 4,908,765 | 10,832,965 | 2,905,150 | 2,636,071 | ||||||||||||
Shares redeemed | (6,050,584 | ) | (11,195,971 | ) | (2,702,689 | ) | (3,106,563 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,141,819 | ) | (363,006 | ) | 202,461 | (470,492 | ) | ||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
190
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Flexibly Managed Fund | Balanced Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 33,576,029 | $ | 24,808,683 | $ | (162,810 | ) | $ | (149,409 | ) | ||||||
Net realized gain (loss) on investment transactions | 340,266,716 | 176,932,010 | 1,733,462 | 2,571,982 | ||||||||||||
Net realized gain (loss) on written options | 335,838 | 1,681,726 | — | — | ||||||||||||
Net realized foreign exchange gain (loss) | 191,162 | 167,635 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items | (43,325,431 | ) | 274,455,490 | 5,805,255 | 9,322,862 | |||||||||||
Net change in unrealized appreciation (depreciation) of written options | (2,745,756 | ) | (7,499,889 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 328,298,558 | 470,525,655 | 7,375,907 | 11,745,435 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 179,219,743 | 289,558,729 | 6,157,778 | 7,405,477 | ||||||||||||
Shares redeemed | (118,834,503 | ) | (84,991,839 | ) | (10,382,073 | ) | (12,109,877 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 60,385,240 | 204,566,890 | (4,224,295 | ) | (4,704,400 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 388,683,798 | 675,092,545 | 3,151,612 | 7,041,035 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 2,685,504,382 | 2,010,411,837 | 78,642,033 | 71,600,999 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 3,074,188,180 | $ | 2,685,504,382 | $ | 81,793,645 | $ | 78,642,033 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (469,648 | ) | $ | (668,781 | ) | $ | — | $ | — | ||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 4,743,651 | 8,961,273 | 400,671 | 549,274 | ||||||||||||
Shares redeemed | (3,162,331 | ) | (2,586,030 | ) | (676,995 | ) | (885,032 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
1,581,320 | 6,375,243 | (276,324 | ) | (335,758 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Large Growth Stock Fund | Large Cap Growth Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (687,956 | ) | $ | (491,912 | ) | $ | 260,778 | $ | 167,600 | ||||||
Net realized gain (loss) on investment transactions | 38,003,401 | 34,772,193 | 2,935,635 | 5,420,481 | ||||||||||||
Net realized foreign exchange gain (loss) | (1,868 | ) | (6,530 | ) | (389 | ) | (1,828 | ) | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | (15,403,481 | ) | 44,513,129 | 2,858,415 | 4,250,969 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,910,096 | 78,786,880 | 6,054,439 | 9,837,222 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 22,569,243 | 24,914,584 | 5,813,560 | 25,458,062 | ||||||||||||
Shares redeemed | (26,155,315 | ) | (52,342,379 | ) | (8,966,768 | ) | (10,284,187 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (3,586,072 | ) | (27,427,795 | ) | (3,153,208 | ) | 15,173,875 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 18,324,024 | 51,359,085 | 2,901,231 | 25,011,097 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 262,357,750 | 210,998,665 | 54,761,877 | 29,750,780 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 280,681,774 | $ | 262,357,750 | $ | 57,663,108 | $ | 54,761,877 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (86,940 | ) | $ | (116 | ) | ||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 880,266 | 1,205,104 | 479,708 | 2,504,914 | ||||||||||||
Shares redeemed | (1,015,873 | ) | (2,445,057 | ) | (731,398 | ) | (962,621 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(135,607 | ) | (1,239,953 | ) | (251,690 | ) | 1,542,293 | ||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
191
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Large Core Growth Fund | Large Cap Value Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (241,472 | ) | $ | (90,003 | ) | $ | 2,979,083 | $ | 2,234,143 | ||||||
Net realized gain (loss) on investment transactions | 21,846,006 | 17,891,956 | 11,930,695 | 32,258,514 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (12,283,083 | ) | 19,480,922 | 9,128,467 | 20,425,657 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,321,451 | 37,282,875 | 24,038,245 | 54,918,314 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 4,654,935 | 5,819,055 | 14,616,590 | 23,655,160 | ||||||||||||
Shares redeemed | (15,752,654 | ) | (21,397,991 | ) | (26,925,727 | ) | (28,177,632 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (11,097,719 | ) | (15,578,936 | ) | (12,309,137 | ) | (4,522,472 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (1,776,268 | ) | 21,703,939 | 11,729,108 | 50,395,842 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 127,756,509 | 106,052,570 | 217,351,051 | 166,955,209 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 125,980,241 | $ | 127,756,509 | $ | 229,080,159 | $ | 217,351,051 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (1,343,191 | ) | $ | — | |||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 310,870 | 466,936 | 675,743 | 1,291,817 | ||||||||||||
Shares redeemed | (1,040,372 | ) | (1,706,084 | ) | (1,233,574 | ) | (1,531,580 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(729,502 | ) | (1,239,148 | ) | (557,831 | ) | (239,763 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Large Core Value Fund | Index 500 Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 2,513,020 | $ | 2,246,788 | $ | 6,809,218 | $ | 6,258,827 | ||||||||
Net realized gain (loss) on investment transactions | 37,401,939 | 24,854,649 | 7,296,570 | 380,831 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | 843,709 | 2,032,773 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (19,805,307 | ) | 19,094,604 | 37,489,351 | 91,071,550 | |||||||||||
Net change in unrealized appreciation (depreciation) of futures contracts | — | — | 339,329 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,109,652 | 46,196,041 | 52,778,177 | 99,743,981 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 11,715,588 | 16,345,085 | 36,130,266 | 46,832,775 | ||||||||||||
Shares redeemed | (24,760,075 | ) | (35,500,124 | ) | (44,610,829 | ) | (60,185,970 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (13,044,487 | ) | (19,155,039 | ) | (8,480,563 | ) | (13,353,195 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 7,065,165 | 27,041,002 | 44,297,614 | 86,390,786 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 185,630,327 | 158,589,325 | 398,537,211 | 312,146,425 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 192,695,492 | $ | 185,630,327 | $ | 442,834,825 | $ | 398,537,211 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 76,589 | $ | 7,956 | $ | (20,358 | ) | $ | (5,712 | ) | ||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 825,238 | 1,389,827 | 2,435,987 | 3,809,166 | ||||||||||||
Shares redeemed | (1,756,085 | ) | (2,898,829 | ) | (2,966,343 | ) | (4,753,423 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(930,847 | ) | (1,509,002 | ) | (530,356 | ) | (944,257 | ) | |||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
192
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Mid Cap Growth Fund | Mid Cap Value Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (172,828 | ) | $ | (549,006 | ) | $ | 1,371,542 | $ | 1,813,860 | ||||||
Net realized gain (loss) on investment transactions | 29,823,567 | 15,386,864 | 15,268,055 | 14,415,162 | ||||||||||||
Net realized gain (loss) on written options | (445,823 | ) | — | — | — | |||||||||||
Net realized foreign exchange gain (loss) | (138 | ) | — | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) of investments, written options and foreign currency | (18,030,112 | ) | 19,609,170 | 6,504,814 | 29,010,915 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,174,666 | 34,447,028 | 23,144,411 | 45,239,937 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 14,891,737 | 8,640,070 | 11,388,988 | 21,501,173 | ||||||||||||
Shares redeemed | (18,142,876 | ) | (23,816,956 | ) | (22,234,434 | ) | (18,397,799 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (3,251,139 | ) | (15,176,886 | ) | (10,845,446 | ) | 3,103,374 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 7,923,527 | 19,270,142 | 12,298,965 | 48,343,311 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 120,562,671 | 101,292,529 | 172,994,102 | 124,650,791 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 128,486,198 | $ | 120,562,671 | $ | 185,293,067 | $ | 172,994,102 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 35,627 | $ | — | $ | (840,966 | ) | $ | 58,083 | |||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,047,530 | 741,536 | 592,926 | 1,295,099 | ||||||||||||
Shares redeemed | (1,279,845 | ) | (2,059,325 | ) | (1,130,517 | ) | (1,124,416 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(232,315 | ) | (1,317,789 | ) | (537,591 | ) | 170,683 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Mid Core Value Fund | SMID Cap Growth Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 935,631 | $ | 636,956 | $ | (511,199 | ) | $ | (321,698 | ) | ||||||
Net realized gain (loss) on investment transactions | 7,526,900 | 16,721,213 | 6,827,345 | 6,092,451 | ||||||||||||
Net realized foreign exchange gain (loss) | 307,871 | 53,040 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items | 3,304,421 | (921,401 | ) | (6,054,448 | ) | 12,737,247 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,074,823 | 16,489,808 | 261,698 | 18,508,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 17,581,649 | 8,636,615 | 14,707,294 | 17,648,122 | ||||||||||||
Shares redeemed | (11,301,682 | ) | (10,419,914 | ) | (22,993,475 | ) | (13,107,181 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 6,279,967 | (1,783,299 | ) | (8,286,181 | ) | 4,540,941 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 18,354,790 | 14,706,509 | (8,024,483 | ) | 23,048,941 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 71,874,214 | 57,167,705 | 63,626,559 | 40,577,618 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 90,229,004 | $ | 71,874,214 | $ | 55,602,076 | $ | 63,626,559 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 24,509 | $ | 29,853 | $ | — | $ | — | ||||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,053,736 | 629,211 | 764,438 | 1,051,349 | ||||||||||||
Shares redeemed | (686,372 | ) | (755,332 | ) | (1,190,875 | ) | (762,625 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
367,364 | (126,121 | ) | (426,437 | ) | 288,724 | |||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
193
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
SMID Cap Value Fund | Small Cap Growth Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 164,375 | $ | 225,900 | $ | (374,823 | ) | $ | (407,779 | ) | ||||||
Net realized gain (loss) on investment transactions | 7,972,692 | 5,808,126 | 5,629,216 | 13,175,499 | ||||||||||||
Net realized foreign exchange gain (loss) | — | — | 2,730 | (342 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | (1,947,849 | ) | 11,071,821 | 1,729,319 | 13,509,581 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,189,218 | 17,105,847 | 6,986,442 | 26,276,959 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 15,130,700 | 15,808,245 | 19,198,108 | 5,896,128 | ||||||||||||
Shares redeemed | (10,957,501 | ) | (12,945,588 | ) | (13,045,724 | ) | (20,353,790 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 4,173,199 | 2,862,657 | 6,152,384 | (14,457,662 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 10,362,417 | 19,968,504 | 13,138,826 | 11,819,297 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 63,543,764 | 43,575,260 | 89,538,986 | 77,719,689 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 73,906,181 | $ | 63,543,764 | $ | 102,677,812 | $ | 89,538,986 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | 9,930 | $ | 2,468 | ||||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 766,363 | 948,116 | 712,727 | 263,234 | ||||||||||||
Shares redeemed | (552,938 | ) | (769,055 | ) | (494,815 | ) | (921,368 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
213,425 | 179,061 | 217,912 | (658,134 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Value Fund | Small Cap Index Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 1,499,005 | $ | 960,743 | $ | 402,087 | $ | 391,452 | ||||||||
Net realized gain (loss) on investment transactions | 26,230,747 | 32,584,526 | 3,535,773 | 2,344,619 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | 68,644 | 413,036 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | (10,946,357 | ) | 34,551,777 | (1,132,942 | ) | 14,242,064 | ||||||||||
Net change in unrealized appreciation (depreciation) of futures contracts | — | — | (28,446 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,783,395 | 68,097,046 | 2,845,116 | 17,391,171 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 18,418,878 | 21,056,548 | 13,342,287 | 14,878,307 | ||||||||||||
Shares redeemed | (27,846,882 | ) | (26,222,612 | ) | (14,389,640 | ) | (9,852,742 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (9,428,004 | ) | (5,166,064 | ) | (1,047,353 | ) | 5,025,565 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 7,355,391 | 62,930,982 | 1,797,763 | 22,416,736 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 238,771,571 | 175,840,589 | 64,860,223 | 42,443,487 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 246,126,962 | $ | 238,771,571 | $ | 66,657,986 | $ | 64,860,223 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | (145,426 | ) | $ | (8,410 | ) | $ | (9,158 | ) | |||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 697,324 | 945,046 | 802,724 | 1,032,176 | ||||||||||||
Shares redeemed | (1,043,954 | ) | (1,157,062 | ) | (855,991 | ) | (661,220 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(346,630 | ) | (212,016 | ) | (53,267 | ) | 370,956 | ||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
194
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Developed International Index Fund | International Equity Fund | |||||||||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 2,616,716 | $ | 2,463,019 | $ | 4,424,500 | $ | 3,989,620 | ||||||||
Net realized gain (loss) on investment transactions | (713,770 | ) | (1,802,237 | ) | 16,064,701 | 22,058,244 | ||||||||||
Net realized gains (loss) on futures contracts | 57,250 | 305,533 | — | — | ||||||||||||
Net realized foreign exchange gain (loss) | (50,638 | ) | (9,919 | ) | (442,883 | ) | (491,798 | ) | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items | (7,995,123 | ) | 17,706,598 | (8,483,026 | ) | (4,396,386 | ) | |||||||||
Net change in unrealized appreciation (depreciation) of futures contracts | (130,031 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,215,596 | ) | 18,662,994 | 11,563,292 | 21,159,680 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 21,421,254 | 20,155,439 | 30,353,335 | 44,671,355 | ||||||||||||
Shares redeemed | (16,928,155 | ) | (25,371,940 | ) | (39,206,826 | ) | (36,241,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 4,493,099 | (5,216,501 | ) | (8,853,491 | ) | 8,430,134 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (1,722,497 | ) | 13,446,493 | 2,709,801 | 29,589,814 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 103,232,739 | 89,786,246 | 378,188,693 | 348,598,879 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 101,510,242 | $ | 103,232,739 | $ | 380,898,494 | $ | 378,188,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (1,014,855 | ) | $ | (421,083 | ) | $ | (7,657,472 | ) | $ | (4,399,305 | ) | ||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,771,528 | 1,821,911 | 1,292,836 | 2,004,226 | ||||||||||||
Shares redeemed | (1,380,264 | ) | (2,264,532 | ) | (1,655,055 | ) | (1,620,348 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
391,264 | (442,621 | ) | (362,219 | ) | 383,878 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets Equity Fund | Real Estate Securities Fund | |||||||||||||||
For the year ended 12/31/14 | For the year ended 12/31/13 | For the year ended 12/31/14 | For the year ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 304,466 | $ | 388,529 | $ | 1,813,404 | $ | 1,503,361 | ||||||||
Net realized gain (loss) on investment transactions | 1,914,161 | 222,312 | 9,971,688 | 6,127,088 | ||||||||||||
Net realized foreign exchange gain (loss) | 283,403 | (115,528 | ) | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items | (10,252,484 | ) | (2,318,916 | ) | 21,550,613 | (4,923,112 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,750,454 | ) | (1,823,603 | ) | 33,335,705 | 2,707,337 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 20,116,546 | 27,080,779 | 14,877,565 | 24,229,101 | ||||||||||||
Shares redeemed | (18,517,520 | ) | (14,936,714 | ) | (25,642,611 | ) | (10,792,716 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 1,599,026 | 12,144,065 | (10,765,046 | ) | 13,436,385 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (6,151,428 | ) | 10,320,462 | 22,570,659 | 16,143,722 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 163,178,833 | 152,858,371 | 114,290,194 | 98,146,472 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 157,027,405 | $ | 163,178,833 | $ | 136,860,853 | $ | 114,290,194 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (551,690 | ) | $ | (542,509 | ) | $ | — | $ | — | ||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,781,761 | 2,380,504 | 929,018 | 1,704,606 | ||||||||||||
Shares redeemed | (1,617,880 | ) | (1,314,133 | ) | (1,595,302 | ) | (756,923 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
163,881 | 1,066,371 | (666,284 | ) | 947,683 | ||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
195
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | |||||||||||||||
For the year ended 12/31/14 | For the year ended 12/31/13 | For the year ended 12/31/14 | For the year ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment loss | $ | (204,081 | ) | $ | (162,159 | ) | $ | (772,032 | ) | $ | (642,003 | ) | ||||
Net realized gain (loss) on investment transactions | 912,874 | 700,038 | 3,441,261 | 3,319,129 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 3,304,304 | 9,317,125 | 12,349,357 | 33,132,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,013,097 | 9,855,004 | 15,018,586 | 35,809,450 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 10,098,446 | 14,707,924 | 25,123,177 | 39,529,743 | ||||||||||||
Shares redeemed | (6,486,215 | ) | (8,917,612 | ) | (20,925,530 | ) | (23,382,869 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 3,612,231 | 5,790,312 | 4,197,647 | 16,146,874 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 7,625,328 | 15,645,316 | 19,216,233 | 51,956,324 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 56,879,228 | 41,233,912 | 231,185,383 | 179,229,059 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 64,504,556 | $ | 56,879,228 | $ | 250,401,616 | $ | 231,185,383 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | — | $ | — | ||||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 692,274 | 1,145,505 | 1,660,078 | 2,906,051 | ||||||||||||
Shares redeemed | (443,356 | ) | (696,475 | ) | (1,370,185 | ) | (1,713,234 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
248,918 | 449,030 | 289,893 | 1,192,817 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Moderate Allocation Fund | Moderately Conservative Allocation Fund | |||||||||||||||
For the year ended 12/31/14 | For the year ended 12/31/13 | For the year ended 12/31/14 | For the year ended 12/31/13 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment loss | $ | (1,131,190 | ) | $ | (1,014,580 | ) | $ | (356,665 | ) | $ | (340,982 | ) | ||||
Net realized gain (loss) on investment transactions | 6,721,209 | 6,848,949 | 3,086,664 | 2,737,934 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 13,918,874 | 36,953,271 | 2,798,243 | 7,065,143 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 19,508,893 | 42,787,640 | 5,528,242 | 9,462,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions (1): | ||||||||||||||||
Shares issued | 22,589,465 | 44,282,431 | 10,959,713 | 24,189,911 | ||||||||||||
Shares redeemed | (28,218,510 | ) | (27,856,519 | ) | (20,271,176 | ) | (18,227,457 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (5,629,045 | ) | 16,425,912 | (9,311,463 | ) | 5,962,454 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 13,879,848 | 59,213,552 | (3,783,221 | ) | 15,424,549 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 350,164,241 | 290,950,689 | 111,452,463 | 96,027,914 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 364,044,089 | $ | 350,164,241 | $ | 107,669,242 | $ | 111,452,463 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | — | $ | — | ||||||||
(1) Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,612,172 | 3,469,988 | 824,976 | 1,960,311 | ||||||||||||
Shares redeemed | (2,007,711 | ) | (2,154,312 | ) | (1,512,162 | ) | (1,462,960 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(395,539 | ) | 1,315,676 | (687,186 | ) | 497,351 | |||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
196
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Conservative Allocation Fund | ||||||||
Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment loss | $ | (226,472 | ) | $ | (232,466 | ) | ||
Net realized gain (loss) on investment transactions | 907,517 | 1,818,220 | ||||||
Net change in unrealized appreciation (depreciation) of investments | 1,841,534 | 1,470,305 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,522,579 | 3,056,059 | ||||||
|
|
|
| |||||
Capital Share Transactions (1): | ||||||||
Shares issued | 13,239,590 | 20,212,093 | ||||||
Shares redeemed | (18,764,183 | ) | (25,687,459 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (5,524,593 | ) | (5,475,366 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) | (3,002,014 | ) | (2,419,307 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 68,184,880 | 70,604,187 | ||||||
|
|
|
| |||||
End of Period | $ | 65,182,866 | $ | 68,184,880 | ||||
|
|
|
| |||||
Undistributed net investment income (loss) | $ | — | $ | — | ||||
(1) Shares Issued and Redeemed: | ||||||||
Shares issued | 1,061,522 | 1,681,772 | ||||||
Shares redeemed | (1,497,478 | ) | (2,134,595 | ) | ||||
|
|
|
| |||||
(435,956 | ) | (452,823 | ) | |||||
|
|
|
|
The accompanying notes are an integral part of these financial statements.
197
Table of Contents
Penn Series Funds, Inc.
MONEY MARKET FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions: | ||||||||||||||||||||
Net investment income | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 132,731 | $ | 124,881 | $ | 141,725 | $ | 154,213 | $ | 139,988 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.12% | 0.16% | 0.22% | 0.22% | 0.33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.57% | 0.48% | 0.49% | 0.49% | 0.47% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
1 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. (a) Distributions were less than one penny per share.
|
| |||||||||||||||||||
LIMITED MATURITY BOND FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.48 | $ | 11.49 | $ | 11.42 | $ | 11.17 | $ | 10.76 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.08 | 0.05 | 0.09 | 0.13 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.06 | ) | (0.06 | ) | (0.02 | ) | 0.12 | 0.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.02 | (0.01 | ) | 0.07 | 0.25 | 0.41 | ||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.50 | $ | 11.48 | $ | 11.49 | $ | 11.42 | $ | 11.17 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.17% | (0.09% | ) | 0.61% | 2.24% | 3.71% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 222,062 | $ | 243,667 | $ | 202,385 | $ | 174,290 | $ | 152,447 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.67% | 0.57% | 0.57% | 0.58% | 0.58% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.67% | 0.60% | 0.81% | 1.14% | 1.56% | |||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 82% | 50% | 31% | 50% | 38% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
198
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.75 | $ | 13.14 | $ | 12.73 | $ | 11.56 | $ | 10.90 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.26 | 0.25 | 0.27 | 0.32 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.39 | (0.64 | ) | 0.14 | 0.85 | 0.38 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.65 | (0.39 | ) | 0.41 | 1.17 | 0.66 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.40 | $ | 12.75 | $ | 13.14 | $ | 12.73 | $ | 11.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 5.10% | (2.97% | ) | 3.22% | 10.12% | 6.06% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 559,616 | $ | 546,759 | $ | 568,400 | $ | 477,606 | $ | 418,957 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.64% | 0.56% | 0.56% | 0.57% | 0.58% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.95% | 1.91% | 2.06% | 2.62% | 2.48% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 135% | 47% | 32% | 44% | 69% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
1 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.
|
| |||||||||||||||||||
HIGH YIELD BOND FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.78 | $ | 9.99 | $ | 8.72 | $ | 8.46 | $ | 7.41 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.62 | 0.62 | 0.61 | 0.62 | 0.61 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.42 | ) | 0.17 | 0.66 | (0.36 | ) | 0.44 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.20 | 0.79 | 1.27 | 0.26 | 1.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.98 | $ | 10.78 | $ | 9.99 | $ | 8.72 | $ | 8.46 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 1.86% | 7.91% | 14.56% | 3.07% | 14.17% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 194,504 | $ | 188,788 | $ | 179,720 | $ | 141,290 | $ | 131,682 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.85% | 0.82% | 0.82% | 0.83% | 0.85% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 5.58% | 5.96% | 6.52% | 7.16% | 7.73% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 56% | 68% | 69% | 58% | 61% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
199
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 35.72 | $ | 29.22 | $ | 25.46 | $ | 24.71 | $ | 21.69 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.45 | 0.34 | 0.44 | �� | 0.40 | 0.35 | ||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 3.87 | 6.16 | 3.32 | 0.35 | 2.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 4.32 | 6.50 | 3.76 | 0.75 | 3.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 40.04 | $ | 35.72 | $ | 29.22 | $ | 25.46 | $ | 24.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 12.09% | 22.25% | 14.77% | 3.04% | 13.92% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,074,188 | $ | 2,685,504 | $ | 2,010,412 | $ | 1,655,254 | $ | 1,583,104 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.89% | 0.83% | 0.84% | 0.84% | 0.85% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.18% | 1.04% | 1.59% | 1.60% | 1.55% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 74% | 63% | 65% | 83% | 67% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
BALANCED FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.71 | $ | 12.60 | $ | 11.40 | $ | 10.80 | $ | 9.67 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.03 | ) | (0.03 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.45 | 2.14 | 1.22 | 0.62 | 1.15 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.42 | 2.11 | 1.20 | 0.60 | 1.13 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.13 | $ | 14.71 | $ | 12.60 | $ | 11.40 | $ | 10.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 9.65% | 16.75% | 10.53% | 5.56% | 11.69% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 81,794 | $ | 78,642 | $ | 71,601 | $ | 65,342 | $ | 64,311 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 2 | 0.20% | 0.20% | 0.19% | 0.18% | 0.18% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2 | 0.21% | 0.22% | 0.23% | 0.24% | 0.24% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.20% | ) | (0.20% | ) | (0.19% | ) | (0.18% | ) | (0.18% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 8% | 16% | 15% | 17% | 18% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
2 | 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.
200
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 25.11 | $ | 18.05 | $ | 15.20 | $ | 15.44 | $ | 13.22 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.07 | ) | (0.04 | ) | 0.01 | (0.03 | ) | (0.02 | ) | |||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.17 | 7.10 | 2.84 | (0.21 | ) | 2.24 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.10 | 7.06 | 2.85 | (0.24 | ) | 2.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 27.21 | $ | 25.11 | $ | 18.05 | $ | 15.20 | $ | 15.44 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 8.36% | 39.11% | 18.75% | (1.55% | ) | 16.79% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 280,682 | $ | 262,358 | $ | 210,999 | $ | 176,692 | $ | 174,372 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.96% | 0.90% | 0.91% | 0.93% | 0.94% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.26% | ) | (0.21% | ) | 0.03% | (0.19% | ) | (0.18% | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 38% | 36% | 35% | 33% | 43% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
1 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.
|
| |||||||||||||||||||
LARGE CAP GROWTH FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.78 | $ | 9.57 | $ | 8.68 | $ | 9.31 | $ | 8.28 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.06 | 0.04 | 0.01 | (0.02 | ) | (0.01 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.27 | 2.17 | 0.88 | (0.61 | ) | 1.04 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.33 | 2.21 | 0.89 | (0.63 | ) | 1.03 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.11 | $ | 11.78 | $ | 9.57 | $ | 8.68 | $ | 9.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 11.29% | 23.09% | 10.25% | (6.77% | ) | 12.44% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 57,663 | $ | 54,762 | $ | 29,751 | $ | 37,465 | $ | 33,542 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.89% | 0.90% | 0.90% | 0.96% | 1.00% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.96% | 1.00% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.47% | 0.40% | 0.06% | (0.25% | ) | (0.10% | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 25% | 107% | 97% | 153% | 176% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
201
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.88 | $ | 10.79 | $ | 9.29 | $ | 9.78 | $ | 8.34 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.03 | ) | (0.01 | ) | 0.02 | (0.01 | ) | — | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.18 | 4.10 | 1.48 | (0.48 | ) | 1.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.15 | 4.09 | 1.50 | (0.49 | ) | 1.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.03 | $ | 14.88 | $ | 10.79 | $ | 9.29 | $ | 9.78 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 7.73% | 37.91% | 16.15% | (5.01% | ) | 17.27% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 125,980 | $ | 127,757 | $ | 106,053 | $ | 100,397 | $ | 123,153 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.87% | 0.88% | 0.89% | 0.90% | 0.71% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.87% | 0.88% | 0.89% | 0.90% | 0.85% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.19% | ) | (0.08% | ) | 0.17% | (0.11% | ) | (0.01% | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 83% | 109% | 105% | 115% | 115% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
LARGE CAP VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.86 | $ | 15.66 | $ | 13.83 | $ | 14.47 | $ | 12.60 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.30 | 0.21 | 0.20 | 0.18 | 0.11 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.06 | 4.99 | 1.63 | (0.82 | ) | 1.76 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.36 | 5.20 | 1.83 | (0.64 | ) | 1.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 23.22 | $ | 20.86 | $ | 15.66 | $ | 13.83 | $ | 14.47 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 11.31% | 33.21% | 13.23% | (4.42% | ) | 14.84% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 229,080 | $ | 217,351 | $ | 166,955 | $ | 166,056 | $ | 167,918 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.90% | 0.87% | 0.88% | 0.89% | 0.89% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.38% | 1.16% | 1.32% | 1.24% | 0.86% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 22% | 186% | 90% | 87% | 112% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
202
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.38 | $ | 10.31 | $ | 8.92 | $ | 9.31 | $ | 8.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.19 | 0.15 | 0.16 | 0.14 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.32 | 2.92 | 1.23 | (0.53 | ) | 0.76 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.51 | 3.07 | 1.39 | (0.39 | ) | 0.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 14.89 | $ | 13.38 | $ | 10.31 | $ | 8.92 | $ | 9.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1,2 | 11.29% | 29.78% | 15.58% | (4.19% | ) | 10.44% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 192,695 | $ | 185,630 | $ | 158,589 | $ | 143,147 | $ | 158.985 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.91% | 0.87% | 0.88% | 0.89% | 0.61% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.91% | 0.87% | 0.88% | 0.89% | 0.75% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.33% | 1.25% | 1.64% | 1.52% | 1.46% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 80% | 59% | 38% | 51% | 35% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
2 | The Fund’s total return calculation includes a reimbursement by the sub-adviser. Excluding the effect of this reimbursement from the Fund’s ending net asset value per share, total return for the year ended December 31, 2013 would have been 29.58%. |
INDEX 500 FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.11 | $ | 10.70 | $ | 9.25 | $ | 9.09 | $ | 7.92 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.24 | 0.21 | 0.20 | 0.16 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.63 | 3.20 | 1.25 | — | 1.03 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.87 | 3.41 | 1.45 | 0.16 | 1.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 15.98 | $ | 14.11 | $ | 10.70 | $ | 9.25 | $ | 9.09 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 13.25% | 31.87% | 15.68% | 1.76% | 14.77% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 442,835 | $ | 398,537 | $ | 312,146 | $ | 267,009 | $ | 263,724 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.38% | 0.34% | 0.34% | 0.35% | 0.35% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.38% | 0.34% | 0.34% | 0.36% | 0.36% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.63% | 1.72% | 1.93% | 1.71% | 1.68% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 3% | 8% | 4% | 4% | 5% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
203
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.59 | $ | 9.94 | $ | 9.37 | $ | 10.16 | $ | 8.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.02 | ) | (0.06 | ) | (0.01 | ) | (0.04 | ) | (0.01 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.31 | 3.71 | 0.58 | (0.75 | ) | 2.16 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.29 | 3.65 | 0.57 | (0.79 | ) | 2.15 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 14.88 | $ | 13.59 | $ | 9.94 | $ | 9.37 | $ | 10.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 9.49% | 36.72% | 6.08% | (7.78% | ) | 26.84% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 128,486 | $ | 120,563 | $ | 101,293 | $ | 99,083 | $ | 107,064 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.97% | 0.99% | 1.00% | 1.00% | 1.00% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.14% | ) | (0.49% | ) | (0.12% | ) | (0.42% | ) | (0.14% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 140% | 80% | 129% | 110% | 106% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
1 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.
|
| |||||||||||||||||||
MID CAP VALUE FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.51 | $ | 13.59 | $ | 11.80 | $ | 12.59 | $ | 10.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.17 | 0.19 | 0.19 | 0.09 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.36 | 4.73 | 1.60 | (0.88 | ) | 2.50 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.53 | 4.92 | 1.79 | (0.79 | ) | 2.58 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 21.04 | $ | 18.51 | $ | 13.59 | $ | 11.80 | $ | 12.59 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 13.67% | 36.20% | 15.17% | (6.27% | ) | 25.77% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 185,293 | $ | 172,994 | $ | 124,651 | $ | 97,048 | $ | 119,231 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.81% | 0.82% | 0.84% | 0.84% | 0.84% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.86% | 1.21% | 1.49% | 0.70% | 0.71% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 32% | 43% | 43% | 106% | 37% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
204
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 15.33 | $ | 11.87 | $ | 10.37 | $ | 10.75 | $ | 8.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.21 | 0.14 | 0.08 | 0.03 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.30 | 3.32 | 1.42 | (0.41 | ) | 2.13 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.51 | 3.46 | 1.50 | (0.38 | ) | 2.18 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 17.84 | $ | 15.33 | $ | 11.87 | $ | 10.37 | $ | 10.75 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 16.37% | 29.15% | 14.46% | (3.53% | ) | 25.44% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 90,229 | $ | 71,874 | $ | 57,168 | $ | 60,179 | $ | 52,723 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.05% | 1.08% | 1.08% | 1.08% | 1.11% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.27% | 0.97% | 0.68% | 0.29% | 0.49% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 69% | 166% | 75% | 51% | 75% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
SMID CAP GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.64 | $ | 13.75 | $ | 11.92 | $ | 12.51 | $ | 10.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.15 | ) | (0.10 | ) | (0.06 | ) | (0.09 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.27 | 5.99 | 1.89 | (0.50 | ) | 2.54 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.12 | 5.89 | 1.83 | (0.59 | ) | 2.50 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 19.76 | $ | 19.64 | $ | 13.75 | $ | 11.92 | $ | 12.51 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.61% | 42.84% | 15.35% | (4.72% | ) | 24.85% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 55,602 | $ | 63,627 | $ | 40,578 | $ | 26,996 | $ | 25,263 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 1.06% | 1.05% | 1.05% | 1.05% | 1.05% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.06% | 1.07% | 1.12% | 1.13% | 1.23% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.81% | ) | (0.61% | ) | (0.46% | ) | (0.77% | ) | (0.36% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 89% | 90% | 95% | 160% | 95% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
205
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.14 | $ | 13.87 | $ | 11.66 | $ | 12.56 | $ | 9.90 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.05 | 0.07 | 0.07 | 0.03 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.72 | 5.20 | 2.14 | (0.93 | ) | 2.64 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.77 | 5.27 | 2.21 | (0.90 | ) | 2.66 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 20.91 | $ | 19.14 | $ | 13.87 | $ | 11.66 | $ | 12.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 9.25% | 38.00% | 18.95% | (7.17% | ) | 26.87% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 73,906 | $ | 63,544 | $ | 43,575 | $ | 32,949 | $ | 26,766 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 1.20% | 1.14% | 1.14% | 1.14% | 1.14% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.24% | 1.25% | 1.27% | 1.31% | 1.36% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.24% | 0.41% | 0.51% | 0.27% | 0.22% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 51% | 58% | 52% | 69% | 81% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.42 | $ | 19.20 | $ | 18.16 | $ | 20.43 | $ | 17.15 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.11 | ) | (0.11 | ) | (0.18 | ) | (0.15 | ) | (0.08 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.16 | 7.33 | 1.22 | (2.12 | ) | 3.36 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.05 | 7.22 | 1.04 | (2.27 | ) | 3.28 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 28.47 | $ | 26.42 | $ | 19.20 | $ | 18.16 | $ | 20.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 7.76% | 37.60% | 5.73% | (11.11% | ) | 19.13% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 102,678 | $ | 89,539 | $ | 77,720 | $ | 78,447 | $ | 88,184 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.02% | 1.07% | 1.10% | 1.08% | 1.08% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.42% | ) | (0.50% | ) | (0.92% | ) | (0.71% | ) | (0.45% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 33% | 143% | 103% | 125% | 125% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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.
206
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.16 | $ | 18.83 | $ | 16.21 | $ | 16.07 | $ | 12.68 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.19 | 0.10 | 0.24 | 0.08 | 0.11 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.68 | 7.23 | 2.38 | 0.06 | 3.28 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.87 | 7.33 | 2.62 | 0.14 | 3.39 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 28.03 | $ | 26.16 | $ | 18.83 | $ | 16.21 | $ | 16.07 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 7.15% | 38.93% | 16.16% | 0.87% | 26.74% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 246,127 | $ | 238,772 | $ | 175,841 | $ | 159,365 | $ | 163,354 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.03% | 1.14% | 1.15% | 1.15% | 1.15% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.70% | 0.46% | 1.36% | 0.51% | 0.80% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 45% | 59% | 50% | 47% | 49% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
SMALL CAP INDEX FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 16.88 | $ | 12.22 | $ | 10.58 | $ | 11.08 | $ | 8.78 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.12 | 0.10 | 0.16 | 0.08 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.59 | 4.56 | 1.48 | (0.58 | ) | 2.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.71 | 4.66 | 1.64 | (0.50 | ) | 2.30 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 17.59 | $ | 16.88 | $ | 12.22 | $ | 10.58 | $ | 11.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 4.21% | 38.13% | 15.50% | (4.51% | ) | 26.20% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 66,658 | $ | 64,860 | $ | 42,443 | $ | 29,202 | $ | 23,950 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.64% | 0.55% | 0.55% | 0.55% | 0.55% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.69% | 0.71% | 0.70% | 0.91% | 1.30% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.72% | 0.71% | 1.42% | 0.70% | 0.89% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20% | 17% | 18% | 18% | 56% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
207
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.29 | $ | 10.15 | $ | 8.59 | $ | 9.83 | $ | 9.15 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.30 | 0.28 | 0.25 | 0.27 | 0.20 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.05 | ) | 1.86 | 1.31 | (1.51 | ) | 0.48 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.75 | ) | 2.14 | 1.56 | (1.24 | ) | 0.68 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.54 | $ | 12.29 | $ | 10.15 | $ | 8.59 | $ | 9.83 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (6.10% | ) | 21.08% | 18.16% | (12.61% | ) | 7.43% | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 101,510 | $ | 103,233 | $ | 89,786 | $ | 61,858 | $ | 55,800 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 0.75% | 0.59% | 0.59% | 0.59% | 0.59% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.82% | 0.92% | 1.00% | 1.01% | 1.21% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 2.47% | 2.50% | 2.73% | 2.80% | 2.27% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 7% | 9% | 2% | 1% | 6% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 22.72 | $ | 21.44 | $ | 17.71 | $ | 17.55 | $ | 15.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.27 | 0.24 | 0.25 | 0.35 | 0.29 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.40 | 1.04 | 3.48 | (0.19 | ) | 1.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.67 | 1.28 | 3.73 | 0.16 | 1.75 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 23.39 | $ | 22.72 | $ | 21.44 | $ | 17.71 | $ | 17.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 2.95% | 5.97% | 21.06% | 0.91% | 11.08% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 380,898 | $ | 378,189 | $ | 348,599 | $ | 309,920 | $ | 320,108 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.15% | 1.17% | 1.17% | 1.20% | 1.24% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.14% | 1.09% | 1.30% | 1.95% | 1.77% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 31% | 34% | 43% | 30% | 34% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
The accompanying notes are an integral part of these financial statements.
208
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.40 | $ | 11.53 | $ | 9.64 | $ | 11.82 | $ | 9.92 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.02 | 0.03 | 0.03 | 0.07 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.58 | ) | (0.16 | ) | 1.86 | (2.25 | ) | 1.88 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.56 | ) | (0.13 | ) | 1.89 | (2.18 | ) | 1.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.84 | $ | 11.40 | $ | 11.53 | $ | 9.64 | $ | 11.82 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (4.91% | ) | (1.13% | ) | 19.61% | (18.44% | ) | 19.15% | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 157,027 | $ | 163,179 | $ | 152,858 | $ | 121,066 | $ | 141,853 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets | 1.75% | 1.68% | 1.68% | 1.68% | 1.62% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.69% | 1.82% | 1.72% | 1.91% | 2.07% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.19% | 0.25% | 0.31% | 0.63% | 0.21% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 42% | 48% | 47% | 60% | 62% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 2 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.83 | $ | 13.41 | $ | 11.56 | $ | 10.80 | $ | 8.63 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.23 | 0.18 | 0.16 | 0.12 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 3.95 | 0.24 | 1.69 | 0.64 | 2.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 4.18 | 0.42 | 1.85 | 0.76 | 2.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 18.01 | $ | 13.83 | $ | 13.41 | $ | 11.56 | $ | 10.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 30.22% | 3.13% | 16.00% | 7.04% | 25.14% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 136,861 | $ | 114,290 | $ | 98,146 | $ | 76,346 | $ | 68,420 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.97% | 0.99% | 1.01% | 1.00% | 1.01% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.43% | 1.35% | 1.27% | 1.09% | 1.26% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 54% | 69% | 85% | 144% | 180% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
2 | Prior to May 1, 2011, the Real Estate Securities Fund was named the REIT Fund. |
The accompanying notes are an integral part of these financial statements.
209
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.16 | $ | 11.56 | $ | 10.01 | $ | 10.39 | $ | 8.96 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.01 | 2.64 | 1.59 | (0.35 | ) | 1.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.96 | 2.60 | 1.55 | (0.38 | ) | 1.43 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 15.12 | $ | 14.16 | $ | 11.56 | $ | 10.01 | $ | 10.39 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 6.78% | 22.49% | 15.48% | (3.66% | ) | 15.96% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 64,505 | $ | 56,879 | $ | 41,234 | $ | 28,182 | $ | 24,256 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 2 | 0.34% | 0.33% | 0.33% | 0.33% | 0.33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2 | 0.34% | 0.33% | 0.35% | 0.38% | 0.40% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.34% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20% | 30% | 24% | 29% | 28% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
1 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. 2 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
|
| |||||||||||||||||||
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.80 | $ | 12.42 | $ | 10.93 | $ | 11.13 | $ | 9.72 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.98 | 2.42 | 1.53 | (0.16 | ) | 1.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.93 | 2.38 | 1.49 | (0.20 | ) | 1.41 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 15.73 | $ | 14.80 | $ | 12.42 | $ | 10.93 | $ | 11.13 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 6.28% | 19.16% | 13.63% | (1.80% | ) | 14.51% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 250,402 | $ | 231,185 | $ | 179,229 | $ | 134,968 | $ | 119,284 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2 | 0.32% | 0.31% | 0.32% | 0.32% | 0.33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.32% | ) | (0.31% | ) | (0.32% | ) | (0.32% | ) | (0.33% | ) | ||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 17% | 23% | 25% | 30% | 26% | |||||||||||||||
|
|
|
|
|
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|
|
|
|
1 | 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. |
2 | 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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Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.67 | $ | 11.98 | $ | 10.80 | $ | 10.73 | $ | 9.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.81 | 1.73 | 1.22 | 0.10 | 1.20 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.77 | 1.69 | 1.18 | 0.07 | 1.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 14.44 | $ | 13.67 | $ | 11.98 | $ | 10.80 | $ | 10.73 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 5.63% | 14.11% | 10.93% | 0.65% | 12.24% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 364,044 | $ | 350,164 | $ | 290,951 | $ | 224,256 | $ | 199,732 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2 | 0.31% | 0.31% | 0.31% | 0.32% | 0.32% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.31% | ) | (0.31% | ) | (0.31% | ) | (0.32% | ) | (0.32% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 17% | 20% | 20% | 26% | 22% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
1 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. 2 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
|
| |||||||||||||||||||
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.98 | $ | 11.87 | $ | 10.96 | $ | 10.67 | $ | 9.75 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.69 | 1.15 | 0.95 | 0.33 | 0.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.65 | 1.11 | 0.91 | 0.29 | 0.92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.63 | $ | 12.98 | $ | 11.87 | $ | 10.96 | $ | 10.67 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 5.01% | 9.35% | 8.30% | 2.72% | 9.32% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 107,669 | $ | 111,452 | $ | 96,028 | $ | 89,677 | $ | 72,839 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 2 | 0.32% | 0.32% | 0.33% | 0.33% | 0.33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2 | 0.32% | 0.32% | 0.33% | 0.33% | 0.34% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.32% | ) | (0.32% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20% | 28% | 37% | 30% | 35% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
2 | 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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Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.26 | $ | 11.74 | $ | 11.13 | $ | 10.71 | $ | 10.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.50 | 0.56 | 0.65 | 0.46 | 0.73 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.46 | 0.52 | 0.61 | 0.42 | 0.70 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 12.72 | $ | 12.26 | $ | 11.74 | $ | 11.13 | $ | 10.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 3.75% | 4.43% | 5.48% | 3.92% | 6.89% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 65,183 | $ | 68,185 | $ | 70,604 | $ | 63,096 | $ | 45,528 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 2 | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2 | 0.33% | 0.33% | 0.33% | 0.34% | 0.35% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.33% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 26% | 38% | 44% | 39% | 46% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1 | 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. |
2 | 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.
Notes to Financial Statements — December 31, 2014
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 Accounting Standards Codification (“ASC”) Topic No. 946.
SECURITY VALUATION:
Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates fair 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 values according to these evaluation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.
To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub-adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of the market by the Adviser or sub-adviser, as applicable.
Securities for which market quotations are not readily available are valued at fair value prices determined using methods approved by the Penn Series Board of Directors. The Penn Series Valuation Committee (the “Valuation Committee”), established by and subject to oversight by the Board of Directors, monitors pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from Penn Mutual Asset Management, Inc. (“PMAM” or the “Adviser”), the investment adviser to each of the Funds, and Penn Mutual, the administrator to the Funds (the “Administrator”). The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub-adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, discount rates, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub-adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has been halted, suspended or has not begun, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when, under normal conditions, it would be open, or valuation by a third party pricing service is currently not available or is no longer available.
Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 in 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 Fund’s investments. Inputs refer broadly to the assumptions that
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
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) |
Transfers between levels 1 and 2 during the year ended December 31, 2014, if any, are shown as notes on the Schedule of Investments of the individual fund.
Significant Level 3 items at December 31, 2014 consist of $1,229,341 of equities in the Large Growth Stock Fund which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue.
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 equity securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the fund is subject to nonperformance by the counterparty.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
SECURITY TRANSACTIONS, INVESTMENT INCOMEAND EXPENSES: Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums are accreted and amortized using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Common expenses of the Funds are allocated using methods approved by the Board of Directors, generally based on average net assets. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs.
DIVIDENDSTO SHAREHOLDERS: Except for the Money Market Fund, all or a portion of each Fund’s undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2014 were deemed distributed as consent dividends to each respective Fund’s shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2014, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.
Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.
The character of distributions received from real estate investment trusts (“REITs”) held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs. As of year-end, differences between the estimated and actual amounts are reflected in a Fund’s records.
3 — INVESTMENT ADVISORYAND OTHER CORPORATE SERVICES
Investment Advisory Services
Effective January 1, 2015, Independence Capital Management, Inc., the investment adviser to each series of Penn Series Funds, Inc., changed its name to Penn Mutual Asset Management, Inc. (“PMAM”). With the exception of the Money Market, Limited Maturity, Quality 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.
Prior to May 1, 2014, each of the Funds paid PMAM, on a monthly basis, an advisory fee based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements: Money Market Fund: 0.20% for first $100 million and 0.15% thereafter; Limited Maturity Bond Fund: 0.30%; Quality Bond Fund: 0.35% for first $100 million and 0.30% thereafter; High Yield Bond Fund: 0.50%; Flexibly Managed Fund: 0.60%; Large Growth Stock Fund: 0.65% for the first $100 million and 0.60% thereafter; Large Cap Growth Fund: 0.55%; Large Core Growth Fund: 0.60%; Large Cap Value Fund: 0.60%; Large Core Value Fund: 0.60%; Index 500 Fund: 0.07%; Mid Cap Growth Fund: 0.70%; Mid Cap Value Fund: 0.55% for the first $250 million, 0.525% for next $250 million, 0.50% for next $250 million, 0.475% for next $250 million, 0.45% for next $500 million and 0.425% thereafter; Mid Core Value Fund: 0.72%; SMID Cap Growth Fund: 0.75%; SMID Cap Value Fund: 0.95%; Small Cap Growth Fund: 0.80% for the first $25 million, 0.75% for next $25 million and 0.70% thereafter; Small Cap Value Fund: 0.85%; Small Cap Index Fund: 0.30%; Developed International Index Fund: 0.30%; International Equity Fund: 0.85%; Emerging Markets Equity Fund: 1.18% for the first $2.5 billion and 1.00% thereafter; Real Estate Securities Fund: 0.70%, Aggressive Allocation Fund: 0.10%; Moderately Aggressive Allocation Fund: 0.10%; Moderate Allocation Fund: 0.10%; Moderately Conservative Allocation Fund: 0.10% and Conservative Allocation Fund: 0.10%. The Balanced Fund does not pay an investment advisory fee to PMAM.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
Effective May 1, 2014, each of the Funds pay PMAM, on a monthly basis, an advisory fee 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 | T. Rowe Price Associates, Inc | 0.56% of the first $250,000,000; 0.53% over $250,000,000. | ||
Flexibly Managed Fund | T. Rowe Price Associates, Inc | 0.72% of the first $500,000,000; 0.70% of the next $2,000,000,000; 0.68% of the next $1,500,000,000; 0.65% of the next $1,000,000,000; 0.62% over $5,000,000,000. | ||
Balanced Fund | None | None | ||
Large Growth Stock Fund | T. Rowe Price Associates, Inc | 0.72% of the first $250,000,000; 0.68% of the next $250,000,000; 0.65% over $500,000,000. | ||
Large Cap Growth Fund | Massachusetts Financial Services Company | 0.55% | ||
Large Core Growth Fund | Wells Capital Management, Inc. | 0.60% | ||
Large Cap Value Fund | Loomis, Sayles & Company, LP | 0.67% of the first $150,000,000; 0.65% over $150,000,000. | ||
Large Core Value Fund | Eaton Vance Management | 0.67% of the first $150,000,000; 0.65% of the next $250,000,000; 0.60% over $400,000,000. | ||
Index 500 Fund | State Street Global Advisors | 0.14% of the first $150,000,000; 0.13% of the next $150,000,000; 0.12% over $300,000,000. | ||
Mid Cap Growth Fund | Ivy Investment Management Company | 0.70% | ||
Mid Cap Value Fund | Neuberger Berman Management, Inc. | 0.55% of the first $250,000,000; 0.525% of the next $250,000,000; 0.50% of the next $250,000,000; 0.475% of the next $250,000,000; 0.45% of the next $500,000,000; 0.425% over $1,500,000,000. |
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Fund | Sub-adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Mid Core Value Fund | American Century Investment Management, Inc. | 0.72% | ||
SMID Cap Growth Fund | Wells Capital Management, Inc. | 0.75% | ||
SMID Cap Value Fund | Alliance Bernstein, LP | 0.95% | ||
Small Cap Growth Fund | Janus Capital Management LLC | 0.80% of the first $25,000,000; 0.75% of the next $25,000,000; 0.70% over $50,000,000. | ||
Small Cap Value Fund | Goldman Sachs Asset Management, LP | 0.75% of the first $50,000,000; 0.725% of the next $50,000,000; 0.70% over $100,000,000. | ||
Small Cap Index Fund | State Street Global Advisors | 0.30% | ||
Developed International Index Fund | State Street Global Advisors | 0.30% | ||
International Equity Fund | Vontobel Asset Management, Inc. | 0.86% of the first $227,000,000; 0.84% of the next $227,000,000; 0.82% over $454,000,000. | ||
Emerging Markets Equity Fund | Morgan Stanley Investment Management, Inc. | 1.18% of the first $2,500,000,000; 1.00% over $2,500,000,000. | ||
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. |
For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a sub-advisory fee.
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Administrative and Corporate Services
Under an administrative and corporate services agreement, Penn Mutual serves as administrative and corporate services agent for Penn Series. Each of the Funds pays Penn Mutual, on a quarterly basis, an annual fee equal to 0.15% of the Fund’s average daily net assets.
Accounting Services
Under an accounting services 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 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 shall be an annual asset based fee of 0.01% of FOF’s average net assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pay BNY Mellon 0.080% on a monthly basis, an annual fee based on the average daily net assets of the Fund equal to for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter. 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.
Transfer Agent Services
Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.
Custodial Services
The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.
Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by PMAM and 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.
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Prior to May 1, 2014, the expense limitations were as follows:
Fund | Expense Limitation | Fund | Expense Limitation | |||||||
Money Market | 0.80% | SMID Cap Growth | 1.05% | |||||||
Limited Maturity Bond | 0.90% | SMID Cap Value | 1.14% | |||||||
Quality Bond | 0.90% | Small Cap Growth | 1.15% | |||||||
High Yield Bond | 0.90% | Small Cap Value | 1.15% | |||||||
Flexibly Managed | 1.00% | Small Cap Index | 0.55% | |||||||
Balanced | 0.62% | Developed International Index | 0.59% | |||||||
Large Growth Stock | 1.00% | International Equity | 1.50% | |||||||
Large Cap Growth | 1.00% | Emerging Markets Equity | 1.85% | |||||||
Large Core Growth | 1.00% | Real Estate Securities | 1.25% | |||||||
Large Cap Value | 1.00% | Aggressive Allocation* | 0.33% | |||||||
Large Core Value | 1.00% | Moderately Aggressive Allocation* | 0.33% | |||||||
Index 500 | 0.40% | Moderate Allocation* | 0.33% | |||||||
Mid Cap Growth | 1.00% | Moderately Conservative Allocation* | 0.33% | |||||||
Mid Cap Value | 1.00% | Conservative Allocation* | 0.33% | |||||||
Mid Core Value | 1.25% |
Effective May 1, 2014, the expense limitations for the Funds are as follows:
Fund | Expense Limitation | Fund | Expense Limitation | |||||||
Money Market | 0.64% | SMID Cap Growth | 1.07% | |||||||
Limited Maturity Bond | 0.74% | SMID Cap Value | 1.26% | |||||||
Quality Bond | 0.73% | Small Cap Growth | 1.13% | |||||||
High Yield Bond | 0.92% | Small Cap Value | 1.02% | |||||||
Flexibly Managed | 0.94% | Small Cap Index | 0.74% | |||||||
Balanced | 0.79% | Developed International Index | 0.94% | |||||||
Large Growth Stock | 1.02% | International Equity | 1.20% | |||||||
Large Cap Growth | 0.89% | Emerging Markets Equity | 1.78% | |||||||
Large Core Growth | 0.90% | Real Estate Securities | 1.02% | |||||||
Large Cap Value | 0.96% | Aggressive Allocation* | 0.40% | |||||||
Large Core Value | 0.96% | Moderately Aggressive Allocation* | 0.34% | |||||||
Index 500 | 0.42% | Moderate Allocation* | 0.34% | |||||||
Mid Cap Growth | 1.00% | Moderately Conservative Allocation* | 0.35% | |||||||
Mid Cap Value | 0.83% | Conservative Allocation* | 0.38% | |||||||
Mid Core Value | 1.11% |
* | For FoFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds. |
Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered “extraordinary expenses” and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.
Effective May 1, 2014, Penn Mutual has eliminated the voluntary waiver on the Index 500 Fund, which waived administrative and corporate services fees so that the Fund’s total expenses did not exceed 0.35%. There were no voluntary fees waived in the Index 500 Fund during the period January 1, 2014 through April 30, 2014. Effective May 1, 2014, Penn Mutual and PMAM have eliminated their voluntarily waivers on the Emerging Markets Equity Fund, which waived a portion of their fees so that the Fund’s total expenses did not exceed 1.68%. During the period January 1, 2014 through April 30, 2014, PMAM voluntarily waived $31,604 of advisor fees in the Emerging Markets Equity Fund.
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If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amounts required to maintain expenses within the expense limitations described above, 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.
As of December 31, 2014, the following Funds had waived and/or reimbursed administrative and corporate services fees that are subject to potential recapture by Penn Mutual through the periods stated below. If not recaptured, the waiver and/or reimbursed administrative and corporate services fees will expire according to the table below:
December 31, 2015 | December 31, 2016 | December 31, 2017 | ||||||||||
Money Market Fund | $ | 122,590 | $ | 176,604 | $ | 220,934 | ||||||
Balanced Fund | 22,964 | 20,510 | 7,278 |
As of December 31, 2014, the following Funds 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, 2015 | December 31, 2016 | December 31, 2017 | ||||||||||
Money Market Fund | $ | 262,764 | $ | 247,479 | $ | 388,671 | ||||||
Large Cap Growth Fund | — | — | 3,438 | |||||||||
SMID Cap Growth Fund | 23,866 | 10,433 | 3,212 | |||||||||
SMID Cap Value Fund | 49,667 | 61,894 | 22,348 | |||||||||
Small Cap Index Fund | 54,153 | 85,442 | 31,741 | |||||||||
Developed International Index Fund | 302,369 | 329,477 | 72,559 | |||||||||
Emerging Markets Equity Fund | 21,842 | 61,004 | — | |||||||||
Aggressive Allocation Fund | 6,330 | 2,362 | 179 | |||||||||
Conservative Allocation Fund | 2,344 | 31 | 88 |
During the year ended December 31, 2014, 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:
Emerging Markets Equity Fund | $ | 127,901 | ||
Aggressive Allocation Fund | 598 | |||
Conservative Allocation Fund | 1,285 |
Total fees of $359,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the year ended December 31, 2014. Directors who are also employees of PMAM or its affiliates and Officers of the Company receive no compensation from the Company for their services.
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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 December 31, 2014 are as follows:
Money Market Fund | $ | 11,431,881 | ||
Limited Maturity Bond Fund | 46,511,309 | |||
Quality Bond Fund | 40,189,327 | |||
High Yield Bond Fund | 5,306,051 | |||
Flexibly Managed Fund | 62,292,120 | |||
Large Growth Stock Fund | 39,378,509 | |||
Index 500 Fund | 20,094,774 | |||
Mid Cap Growth Fund | 5,209,794 | |||
Mid Core Value Fund | 4,914,080 | |||
SMID Cap Growth Fund | 4,837,870 | |||
SMID Cap Value Fund | 5,112,707 | |||
Small Cap Growth Fund | 3,871,173 | |||
Small Cap Value Fund | 8,980,791 | |||
International Equity Fund | 19,026,740 | |||
Large Core Value | 30,932,856 | |||
Emerging Markets Equity | 3,166,782 | |||
Small Cap Index Fund | 3,405,335 | |||
Developed International Index | 2,767,385 |
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 by the Funds for the year ended December 31, 2014 were as follows:
Large Growth Stock Fund | $ | 341 | ||
SMID Cap Growth Fund | 58 | |||
Small Cap Value Fund | 4,335 | |||
Emerging Markets Equity Fund | 5,392 |
5 — PURCHASESAND SALESOF SECURITIES
During the year ended December 31, 2014, 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 | $ | 41,878,264 | $ | 102,499,117 | $ | 144,365,448 | $ | 79,682,106 | ||||||||
Quality Bond Fund | 220,976,568 | 418,595,557 | 512,647,484 | 285,884,930 | ||||||||||||
High Yield Bond Fund | — | — | 108,452,014 | 102,171,232 | ||||||||||||
Flexibly Managed Fund | 12,789,898 | 201,321,410 | 1,942,770,764 | 1,798,623,400 | ||||||||||||
Balanced Fund | — | — | 6,729,363 | 11,194,608 | ||||||||||||
Large Growth Stock Fund | — | — | 101,008,964 | 109,861,975 | ||||||||||||
Large Cap Growth Fund | — | — | 13,782,967 | 17,237,333 | ||||||||||||
Large Core Growth Fund | — | — | 102,501,889 | 115,770,673 | ||||||||||||
Large Cap Value Fund | — | — | 48,697,241 | 59,825,297 | ||||||||||||
Large Core Value Fund | — | — | 147,814,267 | 159,519,759 | ||||||||||||
Index 500 Fund | — | — | 11,306,362 | 21,973,488 | ||||||||||||
Mid Cap Growth Fund | — | — | 173,081,446 | 177,139,804 | ||||||||||||
Mid Cap Value Fund | — | — | 53,994,381 | 55,871,520 |
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U.S. Government Securities | Other Investment Securities | |||||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||||
Mid Core Value Fund | $ | — | $ | — | $ | 60,427,857 | $ | 52,772,740 | ||||||||
SMID Cap Growth Fund | — | — | 54,359,179 | 62,564,577 | ||||||||||||
SMID Cap Value Fund | — | — | 38,685,879 | 34,007,339 | ||||||||||||
Small Cap Growth Fund | — | — | 35,582,269 | 28,401,963 | ||||||||||||
Small Cap Value Fund | — | — | 105,243,613 | 114,231,885 | ||||||||||||
Small Cap Index Fund | — | — | 13,645,588 | 13,134,866 | ||||||||||||
Developed International Index Fund | — | — | 8,805,826 | 6,714,997 | ||||||||||||
International Equity Fund | — | — | 117,618,984 | 128,628,551 | ||||||||||||
Emerging Markets Equity Fund | — | — | 67,022,577 | 70,951,427 | ||||||||||||
Real Estate Securities Fund | — | — | 67,000,529 | 69,853,545 | ||||||||||||
Aggressive Allocation Fund | — | — | 15,850,528 | 12,017,581 | ||||||||||||
Moderately Aggressive Allocation Fund | — | — | 44,408,556 | 41,289,646 | ||||||||||||
Moderate Allocation Fund | — | — | 61,546,391 | 70,053,330 | ||||||||||||
Moderately Conservative Allocation Fund | — | �� | — | 22,407,949 | 31,978,226 | |||||||||||
Conservative Allocation Fund | — | — | 17,377,113 | 23,334,806 |
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, 2014, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.
On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:
The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.
The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.
The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.
Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2014, primarily attributable to consent dividends, reclass of capital gains tax income recognized from pass-through entities, the disallowance of net operating losses, the
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tax treatment of Passive Foreign Investment Companies, the redesignation of dividend distributions, the reclassification of net foreign currency exchange gains or losses and the reclassification of paydown losses were reclassed between the following accounts:
Increase (Decrease) Undistributed Net Investment Income | Increase (Decrease) Accumulated Net Realized Gains | Increase (Decrease) Paid-in-Capital | ||||||||||
Limited Maturity Bond Fund | $ | (1,604,138 | ) | $ | (648,111 | ) | $ | 2,252,249 | ||||
Quality Bond Fund | (10,704,702 | ) | (9,419,909 | ) | 20,124,611 | |||||||
High Yield Bond Fund | (10,880,376 | ) | (2,074,758 | ) | 12,955,134 | |||||||
Flexibly Managed Fund | (33,376,896 | ) | (337,945,561 | ) | 371,322,457 | |||||||
Balanced Fund | 162,810 | (1,709,649 | ) | 1,546,839 | ||||||||
Large Growth Stock Fund | 687,956 | (37,821,788 | ) | 37,133,832 | ||||||||
Large Cap Growth Fund | (347,602 | ) | (2,883,995 | ) | 3,231,597 | |||||||
Large Core Growth Fund | 241,472 | (17,366,381 | ) | 17,124,909 | ||||||||
Large Cap Value Fund | (4,322,274 | ) | (11,788,214 | ) | 16,110,488 | |||||||
Large Core Value Fund | (2,444,387 | ) | (30,222,954 | ) | 32,667,341 | |||||||
Index 500 Fund | (6,823,864 | ) | — | 6,823,864 | ||||||||
Mid Cap Growth Fund | 208,455 | (29,398,971 | ) | 29,190,516 | ||||||||
Mid Cap Value Fund | (2,270,591 | ) | (15,268,055 | ) | 17,538,646 | |||||||
Mid Core Value Fund | (940,975 | ) | (8,126,683 | ) | 9,067,658 | |||||||
SMID Cap Growth Fund | 511,199 | (7,095,131 | ) | 6,583,932 | ||||||||
SMID Cap Value Fund | (164,375 | ) | (8,045,055 | ) | 8,209,430 | |||||||
Small Cap Growth Fund | 382,285 | (5,524,503 | ) | 5,142,218 | ||||||||
Small Cap Value Fund | (1,353,579 | ) | (26,227,380 | ) | 27,580,959 | |||||||
Small Cap Index Fund | (401,339 | ) | (3,662,688 | ) | 4,064,027 | |||||||
Developed International Index Fund | (3,210,488 | ) | 17,360 | 3,193,128 | ||||||||
International Equity Fund | (7,587,667 | ) | (1,507,691 | ) | 9,095,358 | |||||||
Emerging Markets Equity Fund | (313,647 | ) | (159,760 | ) | 473,407 | |||||||
Real Estate Securities Fund | (1,813,404 | ) | (9,896,125 | ) | 11,709,529 | |||||||
Aggressive Allocation Fund | 204,081 | (928,988 | ) | 724,907 | ||||||||
Moderately Aggressive Allocation Fund | 772,032 | (3,445,745 | ) | 2,673,713 | ||||||||
Moderate Allocation Fund | 1,131,190 | (6,680,289 | ) | 5,549,099 | ||||||||
Moderately Conservative Allocation Fund | 356,665 | (2,988,373 | ) | 2,631,708 | ||||||||
Conservative Allocation Fund | 226,472 | (860,568 | ) | 634,096 |
These reclassifications had no effect on net assets or net asset value per share.
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2014 and 2013 were as follows:
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Money Market Fund | $ | 13,590 | $ | 13,151 | $ | — | $ | — | $ | 13,590 | $ | 13,151 | ||||||||||||
Limited Maturity Bond Fund | 1,732,444 | 1,232,810 | 519,805 | 116,963 | 2,252,249 | 1,349,773 | ||||||||||||||||||
Quality Bond Fund | 13,678,658 | 10,620,923 | 6,445,953 | — | 20,124,611 | 10,620,923 | ||||||||||||||||||
High Yield Bond Fund | 12,356,614 | 10,511,393 | 598,520 | — | 12,955,134 | 10,511,393 | ||||||||||||||||||
Flexibly Managed Fund | 117,363,812 | 84,915,132 | 253,958,645 | 119,131,671 | 371,322,457 | 204,046,803 |
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Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Balanced Fund | $ | 1,447,124 | $ | 1,199,143 | $ | 2,025,883 | $ | 2,389,021 | $ | 3,473,007 | $ | 3,588,164 | ||||||||||||
Large Growth Stock Fund | 1,456,751 | — | 35,677,081 | 21,798,396 | 37,133,832 | 21,798,396 | ||||||||||||||||||
Large Cap Growth Fund | 1,359,763 | 1,866,076 | 1,871,834 | 3,328,212 | 3,231,597 | 5,194,288 | ||||||||||||||||||
Large Core Growth Fund | 446,222 | — | 16,678,687 | — | 17,124,909 | — | ||||||||||||||||||
Large Cap Value Fund | 7,987,988 | 2,234,143 | 8,122,500 | 9,123,356 | 16,110,488 | 11,357,499 | ||||||||||||||||||
Large Core Value Fund | 2,444,387 | 2,238,832 | 30,222,954 | — | 32,667,341 | 2,238,832 | ||||||||||||||||||
Index 500 Fund | 6,829,576 | 6,264,539 | — | — | 6,829,576 | 6,264,539 | ||||||||||||||||||
Mid Cap Growth Fund | 7,378,374 | 3,914,693 | 21,812,142 | 10,823,453 | 29,190,516 | 14,738,146 | ||||||||||||||||||
Mid Cap Value Fund | 3,225,211 | 3,432,768 | 14,313,536 | 12,750,505 | 17,538,747 | 16,183,273 | ||||||||||||||||||
Mid Core Value Fund | 5,488,235 | 8,755,746 | 3,579,477 | 8,567,642 | 9,067,712 | 17,323,388 | ||||||||||||||||||
SMID Cap Growth Fund | — | 2,323,609 | 7,095,131 | 3,428,905 | 7,095,131 | 5,752,514 | ||||||||||||||||||
SMID Cap Value Fund | 1,251,210 | 1,352,569 | 6,958,220 | 4,600,456 | 8,209,430 | 5,953,025 | ||||||||||||||||||
Small Cap Growth Fund | 2,658,817 | 6,994,112 | 2,483,401 | 1,367,620 | 5,142,218 | 8,361,732 | ||||||||||||||||||
Small Cap Value Fund | 6,601,797 | 9,599,808 | 20,979,162 | 23,876,854 | 27,580,959 | 33,476,662 | ||||||||||||||||||
Small Cap Index Fund | 872,014 | 990,558 | 3,192,013 | 2,166,531 | 4,064,027 | 3,157,089 | ||||||||||||||||||
Developed International Index Fund | 3,193,128 | 2,696,745 | — | — | 3,193,128 | 2,696,745 | ||||||||||||||||||
International Equity Fund | 9,095,358 | 1,995,068 | — | — | 9,095,358 | 1,995,068 | ||||||||||||||||||
Emerging Markets Equity Fund | 473,407 | 436,706 | — | — | 473,407 | 436,706 | ||||||||||||||||||
Real Estate Securities Fund | 3,376,987 | 2,872,227 | 8,332,542 | 4,261,478 | 11,709,529 | 7,133,705 | ||||||||||||||||||
Aggressive Allocation Fund | 1,468,137 | 1,518,146 | 4,096,219 | 2,173,443 | 5,564,356 | 3,691,589 | ||||||||||||||||||
Moderately Aggressive Allocation Fund | 6,147,670 | 6,245,534 | 13,387,233 | 7,996,578 | 19,534,903 | 14,242,112 | ||||||||||||||||||
Moderate Allocation Fund | 8,627,023 | 8,991,875 | 18,454,127 | 11,787,364 | 27,081,150 | 20,779,239 | ||||||||||||||||||
Moderately Conservative Allocation Fund | 2,549,865 | 2,387,676 | 5,487,908 | 4,025,299 | 8,037,773 | 6,412,975 | ||||||||||||||||||
Conservative Allocation Fund | 1,419,532 | 1,507,391 | 1,835,238 | 1,927,247 | 3,254,770 | 3,434,638 |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
Capital loss carryforwards:
At December 31, 2014, the following Funds had capital loss carryforwards (pre-enactment losses) available to offset future realized capital gains through the indicated expiration dates:
Expires on December 31, | ||||||||||||
2017 | 2018 | Total | ||||||||||
Index 500 Fund | — | $ | 2,434,673 | $ | 2,434,673 | |||||||
International Equity Fund | — | 5,284,998 | 5,284,998 | |||||||||
Emerging Markets Equity Fund | $ | 4,867,907 | — | 4,867,907 |
At December 31, 2014, 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 | |||||||
Developed International Index Fund | $ | 95,284 | $ | 2,279,288 |
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During the year ended December 31, 2014, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
Quality Bond Fund | $ | 59,064 | ||
High Yield Bond Fund | 1,637,923 | |||
Large Core Growth Fund | 4,474,445 | |||
Large Core Value Fund | 6,328,176 | |||
Index 500 Fund | 8,491,570 | |||
International Equity Fund | 10,790,373 | |||
Emerging Markets Equity Fund | 3,207,765 |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2015:
Late-Year Ordinary Losses | Late-Year Capital Losses | |||||||
Limited Maturity Bond Fund | — | $ | 113,699 | |||||
Quality Bond Fund | — | 333,381 | ||||||
High Yield Bond Fund | — | 1,404,145 | ||||||
SMID Cap Value Fund | — | 144,843 | ||||||
Developed International Index Fund | $ | 32,915 | 248,991 | |||||
International Equity Fund | 92,582 | — | ||||||
Emerging Markets Equity Fund | — | 1,076,313 |
Tax cost of securities:
At December 31, 2014, 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 December��31, 2014 were as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Money Market Fund | $ | 132,327,129 | $ | — | $ | — | $ | — | ||||||||
Limited Maturity Bond Fund | 221,336,163 | 292,584 | (1,270,396 | ) | (977,812 | ) | ||||||||||
Quality Bond Fund | 540,512,505 | 15,378,067 | (2,408,144 | ) | 12,969,923 | |||||||||||
High Yield Bond Fund | 190,727,396 | 3,131,477 | (5,769,316 | ) | (2,637,839 | ) | ||||||||||
Flexibly Managed Fund | 2,631,192,875 | 510,788,079 | (33,635,021 | ) | 477,153,058 | |||||||||||
Balanced Fund | 52,733,958 | 32,846,663 | (3,855,173 | ) | 28,991,490 | |||||||||||
Large Growth Stock Fund | 192,203,813 | 93,398,244 | (4,581,697 | ) | 88,816,547 | |||||||||||
Large Cap Growth Fund | 47,439,295 | 10,926,241 | (476,387 | ) | 10,449,854 | |||||||||||
Large Core Growth Fund | 95,873,813 | 32,878,999 | (2,356,519 | ) | 30,522,480 | |||||||||||
Large Cap Value Fund | 188,847,885 | 48,533,091 | (7,226,909 | ) | 41,306,182 | |||||||||||
Large Core Value Fund | 159,468,160 | 34,985,790 | (2,031,266 | ) | 32,954,524 | |||||||||||
Index 500 Fund | 269,587,733 | 190,469,588 | (16,486,514 | ) | 173,983,074 | |||||||||||
Mid Cap Growth Fund | 118,759,433 | 17,461,336 | (6,383,584 | ) | 11,077,752 | |||||||||||
Mid Cap Value Fund | 144,949,850 | 47,107,768 | (4,883,626 | ) | 42,224,142 | |||||||||||
Mid Core Value Fund | 82,754,642 | 10,578,650 | (1,470,802 | ) | 9,107,848 | |||||||||||
SMID Cap Growth Fund | 45,889,106 | 12,237,137 | (1,467,163 | ) | 10,769,974 | |||||||||||
SMID Cap Value Fund | 60,858,220 | 16,775,639 | (2,138,123 | ) | 14,637,516 | |||||||||||
Small Cap Growth Fund | 83,844,298 | 21,820,210 | (1,452,545 | ) | 20,367,665 | |||||||||||
Small Cap Value Fund | 196,031,237 | 57,746,444 | (7,106,576 | ) | 50,639,868 | |||||||||||
Small Cap Index Fund | 50,257,480 | 23,491,625 | (4,381,369 | ) | 19,110,256 |
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Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Developed International Index Fund | $ | 79,819,245 | $ | 22,530,576 | $ | (6,342,963 | ) | $ | 16,187,613 | |||||||
International Equity Fund | 310,666,911 | 72,880,339 | (7,848,931 | ) | 65,031,408 | |||||||||||
Emerging Markets Equity Fund | 134,020,551 | 28,307,846 | (13,681,857 | ) | 14,625,989 | |||||||||||
Real Estate Securities Fund | 118,408,105 | 23,904,564 | (225,993 | ) | 23,678,571 | |||||||||||
Aggressive Allocation Fund | 43,315,035 | 22,112,202 | (436,359 | ) | 21,675,843 | |||||||||||
Moderately Aggressive Allocation Fund | 166,498,687 | 85,987,653 | (2,154,211 | ) | 83,833,442 | |||||||||||
Moderate Allocation Fund | 259,255,043 | 106,300,580 | (1,655,351 | ) | 104,645,229 | |||||||||||
Moderately Conservative Allocation Fund | 81,167,040 | 27,228,503 | (696,711 | ) | 26,531,792 | |||||||||||
Conservative Allocation Fund | 52,865,116 | 12,728,346 | (410,314 | ) | 12,318,032 |
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 the 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 Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
7 — DERIVATIVE FINANCIAL INSTRUMENTS
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include 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.
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Notes to Financial Statements — December 31, 2014
The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the year ended December 31, 2014. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at December 31, 2014 were as follows:
Fund | Type | Futures Contract | Expiration Date | Number Of Contracts | Units per Contract | Closing Price | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Limited Maturity Bond | Sell/Short | US Treasury Note | 3/15/2015 | (50 | ) | 1,000 | $ | 119 | $ | 3,125 | ||||||||||||||
Limited Maturity Bond | Sell/Short | US Treasury Note | 3/15/2015 | (100 | ) | 1,000 | 127 | (26,562 | ) | |||||||||||||||
Quality Bond | Sell/Short | US Treasury Note | 3/15/2015 | (100 | ) | 2,000 | 109 | 28,125 | ||||||||||||||||
Quality Bond | Sell/Short | US Treasury Note | 3/15/2015 | (190 | ) | 1,000 | 127 | (154,375 | ) | |||||||||||||||
Quality Bond | Sell/Short | US Treasury Bond | 3/15/2015 | (80 | ) | 1,000 | 145 | (320,000 | ) | |||||||||||||||
Quality Bond | Sell/Short | US Ultra Bond | 3/15/2015 | (80 | ) | 1,000 | 165 | (247,188 | ) | |||||||||||||||
Quality Bond | Sell/Short | 90 DayEuro Dollar | 9/16/2016 | (100 | ) | 2,500 | 98 | 16,250 | ||||||||||||||||
Index 500 | Buy/Long | E-Mini S&P 500 Index | 3/15/2015 | 112 | 50 | 2,052 | 347,508 | |||||||||||||||||
Small Cap Index | Buy/Long | Russell 2000 Mini Index | 3/15/2015 | 3 | 100 | 1,200 | (4,866 | ) | ||||||||||||||||
Developed International Index | Buy/Long | E-Mini MSCI Eafe Index | 3/15/2015 | 50 | 50 | 1,757 | (30,420 | ) |
The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds as of December 31, 2014 is classified as Level 1.
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 Statement 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 Statement of Operations.
The Flexibly Managed and Mid Cap Growth Funds have purchased options to decrease exposure to equity risk. The risk associated with purchased options is limited to premium paid. The Funds also received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.
Transactions in options written during the year ended December 31, 2014 for the Flexibly Managed and Mid Cap Growth Funds were as follows:
Flexibly Managed Fund | Number of Contracts/ Notional Amount | Premium Received | ||||||
Options outstanding at December 31, 2013 | 29,258 | $ | 7,233,242 | |||||
Options written | 70,960 | 17,368,857 | ||||||
Options repurchased | (33,898 | ) | (7,962,438 | ) | ||||
Options expired | (5,488 | ) | (924,316 | ) | ||||
Options exercised | (11,784 | ) | (2,685,356 | ) | ||||
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Options outstanding at December 31, 2014 | 49,048 | $ | 13,029,989 | |||||
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Notes to Financial Statements — December 31, 2014
Mid Cap Growth Fund | Number of Contracts/ Notional Amount | Premium Received | ||||||
Options outstanding at December 31, 2013 | — | $ | — | |||||
Options written | 2,835 | 188,183 | ||||||
Options repurchased | (1,955 | ) | (71,018 | ) | ||||
Options expired | (391 | ) | (36,567 | ) | ||||
Options exercised | (233 | ) | (35,774 | ) | ||||
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| |||||
Options outstanding at December 31, 2014 | 256 | $ | 44,824 | |||||
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The total market value of written options held in the Flexibly Managed and Mid Cap Growth Funds as of December 31, 2014 can be found in the summary of inputs 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 High Yield Bond, Mid Core Value and Emerging Markets Equity Funds 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 Funds hedge 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.
Open forward foreign currency contracts held by the High Yield Bond Fund at December 31, 2014 were as follows:
Currency | Counterparty | Settlement Date | Foreign Currency Contract | Forward Rate | U.S. Contract Amount | U.S. Contract Value | Unrealized Foreign Exchange Gain/(Loss) | |||||||||||||||||||||
Sell | Canadian Dollar | Royal Bank of Canada | 03/19/2015 | (965,000 | ) | 1.16381 | $ | (826,599 | ) | $ | (829,176 | ) | $ | (2,577 | ) | |||||||||||||
Sell | Euro | Goldman Sachs | 03/12/2015 | (165,000 | ) | 0.82587 | (201,902 | ) | (199,788 | ) | 2,114 | |||||||||||||||||
Sell | Euro | Goldman Sachs | 03/12/2015 | (107,767 | ) | 0.82587 | (133,595 | ) | (130,488 | ) | 3,107 | |||||||||||||||||
Sell | Euro | BAML | 03/12/2015 | (6,546,000 | ) | 0.82587 | (8,134,190 | ) | (7,926,163 | ) | 208,027 | |||||||||||||||||
Buy | Pounds Sterling | Morgan Stanley | 01/09/2015 | 176,296 | 0.64165 | 281,933 | 274,756 | (7,177 | ) | |||||||||||||||||||
Sell | Pounds Sterling | HSBC | 01/09/2015 | (85,428 | ) | 0.64165 | (137,052 | ) | (133,139 | ) | 3,913 | |||||||||||||||||
Sell | Pounds Sterling | Deutsche Bank | 01/09/2015 | (2,629,696 | ) | 0.64165 | (4,221,089 | ) | (4,098,359 | ) | 122,730 | |||||||||||||||||
Sell | Swiss Francs | JPMorgan Chase | 02/12/2015 | (155,036 | ) | 0.99344 | (157,758 | ) | (156,060 | ) | 1,698 | |||||||||||||||||
Sell | Swiss Francs | HSBC | 02/12/2015 | (1,381,000 | ) | 0.99344 | (1,427,069 | ) | (1,390,111 | ) | 36,958 | |||||||||||||||||
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Total | $ | 368,793 | ||||||||||||||||||||||||||
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Notes to Financial Statements — December 31, 2014
Open forward foreign currency contracts held by the Mid Core Value Fund at December 31, 2014 were as follows:
Currency | Counterparty | Settlement Date | Foreign Currency Contract | Forward Rate | U.S. Contract Amount | U.S. Contract Value | Unrealized Foreign Exchange Gain/(Loss) | |||||||||||||||||||||
Sell | Canadian Dollar | JPMorgan Chase | 01/30/2015 | (49,520 | ) | 1.16257 | $ | (42,602 | ) | $ | (42,595 | ) | $ | 7 | ||||||||||||||
Sell | Canadian Dollar | JPMorgan Chase | 01/30/2015 | (1,824,614 | ) | 1.16257 | (1,568,751 | ) | (1,569,466 | ) | (715 | ) | ||||||||||||||||
Sell | Euro | UBS Securities | 01/30/2015 | (31,219 | ) | 0.82614 | (37,964 | ) | (37,789 | ) | 175 | |||||||||||||||||
Sell | Euro | UBS Securities | 01/30/2015 | (1,143,831 | ) | 0.82614 | (1,399,306 | ) | (1,384,549 | ) | 14,757 | |||||||||||||||||
Sell | Pounds Sterling | Credit Suisse First Boston | 01/30/2015 | (4,600 | ) | 0.64176 | (7,148 | ) | (7,167 | ) | (19 | ) | ||||||||||||||||
Sell | Pounds Sterling | Credit Suisse First Boston | 01/30/2015 | (188,056 | ) | 0.64176 | (293,407 | ) | (293,034 | ) | 373 | |||||||||||||||||
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Total | $ | 14,578 | ||||||||||||||||||||||||||
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Open forward foreign currency contracts held by the Emerging Markets Equity Fund at December 31, 2014 were as follows:
Currency | Counterparty | Settlement Date | Foreign Currency Contract | Forward Rate | U.S. Contract Amount | U.S. Contract Value | Unrealized Foreign Exchange Gain/(Loss) | |||||||||||||||||||||
Buy | Japanese Yen | State Street | 01/08/2015 | 2,438,749 | 119.77165 | $ | 20,434 | $ | 20,362 | $ | (72 | ) | ||||||||||||||||
Sell | Japanese Yen | State Street | 01/08/2015 | (58,369,753 | ) | 119.77165 | (485,735 | ) | (487,342 | ) | (1,607 | ) | ||||||||||||||||
Sell | Euro | UBS Securities | 01/15/2015 | (3,504,460 | ) | 0.82628 | (4,384,326 | ) | (4,241,276 | ) | 143,050 | |||||||||||||||||
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| |||||||||||||||||||||||||||
Total | $ | 141,371 | ||||||||||||||||||||||||||
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|
The total market value of forward foreign currency contracts held in the High Yield Bond, Mid Core Value and Emerging Markets Equity Funds as of December 31, 2014 is classified as Level 2.
The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of December 31, 2014:
Location on the Statements of Assets and Liabilities | ||||
Derivative Type | Asset Derivatives | Liability Derivatives | ||
Equity contracts | Investments at value Net unrealized appreciation in value of investments, futures contracts, written options and foreign currency related items* | Call options written, at value Net unrealized appreciation in value of investments, futures contracts, written options and foreign currency related items* | ||
Interest rate contracts | Net unrealized appreciation in value of investments, futures contracts and foreign currency related items* | Net unrealized appreciation in value of investments, futures contracts and foreign currency related items* | ||
Foreign currency contracts | Net unrealized appreciation of forward foreign currency contracts | Net unrealized depreciation of forward foreign currency contracts |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported with the Statements of Assets and Liabilities. |
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Notes to Financial Statements — December 31, 2014
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 December 31, 2014:
Asset Derivative Value | Liability Derivative Value | |||||||||||||||||||||||
Equity contracts | Foreign currency contracts | Interest rate contracts | Equity contracts | Foreign exchange contracts | Interest rate contracts | |||||||||||||||||||
Limited Maturity Bond Fund | — | — | $3,125 | — | — | $(26,562 | ) | |||||||||||||||||
Quality Bond Fund | — | — | 44,375 | — | — | (721,563 | ) | |||||||||||||||||
High Yield Bond Fund | — | $378,547 | — | — | $(9,754 | ) | — | |||||||||||||||||
Flexibly Managed Fund | — | — | — | $(23,284,371 | ) | — | — | |||||||||||||||||
Index 500 Fund | $347,508 | — | — | — | — | — | ||||||||||||||||||
Mid Cap Growth Fund | — | — | — | (27,700 | ) | — | — | |||||||||||||||||
Mid Core Value Fund | — | 15,312 | — | — | (734 | ) | — | |||||||||||||||||
Small Cap Index Fund | — | — | — | (4,866 | ) | — | — | |||||||||||||||||
Developed International Index Fund | — | — | — | (30,420 | ) | — | — | |||||||||||||||||
Emerging Markets Equity Fund | — | 143,050 | — | — | (1,679 | ) | — |
In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange 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.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
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 December 31, 2014:
Gross Amounts Presented on Statements of Assets and Liabilities | ||||||||||||||||||||||
Fund and Counterparty | Form of | Value of Asset | Value of Liability | Net Amount Due (to)/from Counterparty | Collateral Pledged (Received) by fund | Loss Exposure, After Collateral (not less than $0) | ||||||||||||||||
High Yield Bond Fund | ||||||||||||||||||||||
Bank of America Merrill Lynch | Fx Letter | $ | 208,028 | — | $ | 208,028 | — | $ | 208,028 | |||||||||||||
Deutsche Bank | Fx Letter | 122,730 | — | 122,730 | — | 122,730 | ||||||||||||||||
Goldman Sachs | Fx Letter | 5,221 | — | 5,221 | — | 5,221 | ||||||||||||||||
HSBC | Fx Letter | 40,870 | — | 40,870 | — | 40,870 | ||||||||||||||||
JPMorgan Chase | Fx Letter | 1,698 | — | 1,698 | — | 1,698 | ||||||||||||||||
Morgan Stanley | Fx Letter | — | $ | (7,177 | ) | (7,177 | ) | — | — | |||||||||||||
Royal Bank of Canada | Fx Letter | — | (2,577 | ) | (2,577 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 378,547 | (9,754 | ) | 368,793 | — | 378,547 | ||||||||||||||||
Flexibly Managed Fund | ||||||||||||||||||||||
Bank of America Merrill Lynch | ISDA | — | (2,626,856 | ) | (2,626,856 | ) | — | — | ||||||||||||||
Citigroup Global Markets | ISDA | — | (13,821,552 | ) | (13,821,552 | ) | — | — | ||||||||||||||
Morgan Stanley & Co. | ISDA | — | (3,889,361 | ) | (3,889,361 | ) | — | — | ||||||||||||||
Merrill Lynch Capital Markets | ISDA | — | (45,406 | ) | (45,406 | ) | — | — | ||||||||||||||
JPMorgan Chase | ISDA | — | (1,896,745 | ) | (1,896,745 | ) | — | — | ||||||||||||||
Exchange Traded | — | (1,004,451 | ) | (1,004,451 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | — | (23,284,371 | ) | (23,284,371 | ) | — | — | |||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||
Morgan Stanley & Co. | ISDA | — | (27,700 | ) | (27,700 | ) | — | — | ||||||||||||||
Mid Core Value Fund | ||||||||||||||||||||||
JPMorgan Chase | Fx Letter | 7 | (715 | ) | (708 | ) | — | — | ||||||||||||||
UBS Securities | Fx Letter | 14,932 | — | 14,932 | — | 14,932 | ||||||||||||||||
Credit Suisse First Boston | Fx Letter | 373 | (19 | ) | 354 | — | 354 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 15,312 | (734 | ) | 14,578 | — | 15,286 | ||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||
State Street | Fx Letter | — | (1,679 | ) | (1,679 | ) | — | — | ||||||||||||||
UBS Securities | Fx Letter | $ | 143,050 | — | 143,050 | — | $ | 143,050 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 143,050 | (1,679 | ) | 141,371 | — | 143,050 |
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of December 31, 2014:
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 options | ||||||
Change in net unrealized appreciation (depreciation) of futures contracts | ||||||
Change in net unrealized appreciation (depreciation) of written options | ||||||
Interest rate contracts | Net realized gain (loss) on futures contracts | |||||
Change in net unrealized appreciation (depreciation) of futures contracts | ||||||
Foreign currency contracts | Net realized foreign currency exchange gain (loss) | |||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency related items |
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
Portfolio | Realized Gain (Loss) on Derivatives Recognized in Income | |||||||||||
Equity contracts | Foreign currency contracts | Interest rate contracts | ||||||||||
Limited Maturity Bond Fund | — | — | $(322,415 | ) | ||||||||
Quality Bond Fund | — | — | (1,683,455 | ) | ||||||||
High Yield Bond Fund | — | $1,378,103 | — | |||||||||
Flexibly Managed Fund | $335,838 | — | — | |||||||||
Index 500 Fund | 843,709 | — | — | |||||||||
Mid Cap Growth Fund | (445,823 | ) | — | — | ||||||||
Mid Core Value Fund | — | 307,455 | — | |||||||||
Small Cap Index Fund | 68,644 | — | — | |||||||||
Developed International Index Fund | 57,250 | — | — | |||||||||
Emerging Markets Equity Fund | — | 382,103 | — |
Portfolio | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |||||||||||
Equity contracts | Foreign currency contracts | Interest rate contracts | ||||||||||
Limited Maturity Bond Fund | — | — | $ | (23,437 | ) | |||||||
Quality Bond Fund | — | — | (677,188 | ) | ||||||||
High Yield Bond Fund | — | $ | 472,224 | — | ||||||||
Flexibly Managed Fund | $ | (2,745,756 | ) | — | — | |||||||
Index 500 Fund | 339,329 | — | — | |||||||||
Mid Cap Growth Fund | 17,124 | — | — | |||||||||
Mid Core Value Fund | — | 32,986 | — | |||||||||
Small Cap Index Fund | (28,446 | ) | — | — | ||||||||
Developed International Index Fund | (130,031 | ) | — | — | ||||||||
Emerging Markets Equity Fund | — | 124,527 | — |
The table below summarizes the average balance of derivative holdings by Fund during the year ended December 31, 2014. The average balance of derivatives held is indicative of the trading volume of each Fund.
Average Derivative Volume | ||||||||||||||||
Portfolio | Forward foreign currency contracts (Average Cost) | Futures contracts (Average Notional Value) | Purchased Options (Average Notional Cost) | Written Options (Premiums Received) | ||||||||||||
Limited Maturity Bond Fund | — | 13,165,682 | — | — | ||||||||||||
Quality Bond Fund | — | 44,930,154 | — | — | ||||||||||||
High Yield Bond Fund | (18,048,410 | ) | — | — | — | |||||||||||
Flexibly Managed Fund | — | — | — | (9,574,442 | ) | |||||||||||
Index 500 Fund | — | 7,560,519 | — | — | ||||||||||||
Mid Cap Growth Fund | — | — | 70,242 | (13,626 | ) | |||||||||||
Mid Core Value Fund | (3,502,217 | ) | — | — | — | |||||||||||
Small Cap Index Fund | — | 1,451,565 | — | — | ||||||||||||
Developed International Index Fund | — | 2,342,332 | — | — | ||||||||||||
Emerging Markets Equity Fund | (2,537,005 | ) | — | — | — |
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2014
8 — CREDITAND 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 Growth Stock, Large Cap Growth, Mid Cap Growth, Mid Core Value, Small Cap Growth Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
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 — NEW REGULATORY MATTERS
On July 23, 2014, the Securities and Exchange Commission voted to amend the rules under the Investment Company Act of 1940, as amended, which currently govern the operations of the Money Market Fund (the “MMF”). The most significant change resulting from these amendments is a requirement that institutional, non-government (prime and municipal) money market funds transact fund shares based on a “Floating” market-based NAV. Retail money market funds (funds designed to ensure all beneficial owners are natural persons) and government money market funds (funds that invest at least 99.5% of their assets in cash, government securities, and repurchase agreements collateralized by government securities) may continue to transact shares at a stable $1.00 NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments will also permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to ten business days in any 90-day period. The amendments have staggered compliance dates. The majority of these amendments will impact the MMF beginning on October 14, 2016. At this time, management is evaluating the implications of these amendments and their impact to the MMF’s financial statements and accompanying notes.
11 — LEGAL MATTERS
Penn Series was named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), No. 12-cv-02652 (WHP) (S.D.N.Y.), as a result of the Penn Series Index 500 Fund’s ownership of shares in the Tribune Company (“Tribune”) in 2007. On May 20, 2014, the plaintiff in this case voluntarily dismissed the action against Penn Series, with prejudice, pursuant to a settlement agreement. Neither the litigation nor the settlement had a material adverse effect on the NAV of the Penn Series Index 500 Fund.
12 — 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 there were no subsequent events requiring recognition or disclosure in the financial statements.
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
Penn Series Funds, Inc.:
We have audited the accompanying statements of assets and liabilities of Penn Series Funds, Inc. comprised of the Money Market Fund, Limited Maturity Bond Fund, Quality Bond Fund, High Yield Bond Fund, Flexibly Managed Fund, Balanced Fund, Large Growth Stock Fund, Large Cap Growth Fund, Large Core Growth Fund, Large Cap Value Fund, Large Core Value Fund, Index 500 Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Mid Core Value Fund, SMID Cap Growth Fund, SMID Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Small Cap Index Fund, Developed International Index Fund, International Equity Fund, Emerging Markets Equity Fund, Real Estate Securities Fund, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund and Conservative Allocation Fund (collectively, the Funds), as of December 31, 2014, including the schedules of investments, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, transfer agent, and brokers, or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Penn Series Funds, Inc. as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
February 23, 2015
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Penn Series Funds, Inc.
December 31, 2014
Each Fund reports the following amounts distributed during the year ended December 31, 2014 as capital gain dividends:
Fund | Long-Term Capital Gain | |||
Limited Maturity Bond Fund | $ | 519,805 | ||
Quality Bond Fund | 6,445,953 | |||
High Yield Bond Fund | 598,520 | |||
Flexibly Managed Fund | 253,958,645 | |||
Balanced Fund | 2,025,883 | |||
Large Growth Stock Fund | 35,677,081 | |||
Large Cap Growth Fund | 1,871,834 | |||
Large Core Growth Fund | 16,678,687 | |||
Large Cap Value Fund | 8,122,500 | |||
Large Core Value Fund | 30,222,954 | |||
Mid Cap Growth Fund | 21,812,142 | |||
Mid Cap Value Fund | 14,313,534 | |||
Mid Core Value Fund | 3,579,477 | |||
SMID Cap Growth Fund | 7,095,131 | |||
SMID Cap Value Fund | 6,958,220 | |||
Small Cap Growth Fund | 2,483,401 | |||
Small Cap Value Fund | 20,979,162 | |||
Small Cap Index Fund | 3,192,013 | |||
Real Estate Securities Fund | 8,332,542 | |||
Aggressive Allocation Fund | 4,096,219 | |||
Moderately Aggressive Allocation Fund | 13,387,233 | |||
Moderate Allocation Fund | 18,454,127 | |||
Moderately Conservative Allocation Fund | 5,487,908 | |||
Conservative Allocation Fund | 1,835,238 |
Each Fund reports the following percentages of ordinary income dividend paid during the year ended December 31, 2014 as being eligible for the dividends received deduction available to corporate shareholders:
Fund | ||||
High Yield Bond Fund | 0.39 | % | ||
Flexibly Managed Fund | 14.67 | % | ||
Balanced Fund | 52.10 | % | ||
Large Growth Stock Fund | 100.00 | % | ||
Large Cap Growth Fund | 43.17 | % | ||
Large Core Growth Fund | 100.00 | % | ||
Large Cap Value Fund | 47.73 | % | ||
Large Core Value Fund | 100.00 | % | ||
Index 500 Fund | 100.00 | % | ||
Mid Cap Growth Fund | 11.86 | % | ||
Mid Cap Value Fund | 67.97 | % | ||
Mid Core Value Fund | 25.40 | % | ||
SMID Cap Value Fund | 57.91 | % | ||
Small Cap Growth Fund | 20.00 | % | ||
Small Cap Value Fund | 35.86 | % | ||
Small Cap Index Fund | 64.19 | % | ||
International Equity Fund | 10.36 | % | ||
Emerging Markets Equity Fund | 6.52 | % | ||
Real Estate Securities Fund | 0.08 | % | ||
Aggressive Allocation Fund | 31.05 | % | ||
Moderately Aggressive Allocation Fund | 25.37 | % | ||
Moderate Allocation Fund | 20.41 | % | ||
Moderately Conservative Allocation Fund | 14.39 | % | ||
Conservative Allocation Fund | 8.50 | % |
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Penn Series Funds, Inc.
December 31, 2014
Disclosure of Portfolio Holdings
The SEC has adopted a requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q. For the Penn Series Funds, Inc., this would be for the fiscal quarters ending March 31 and September 30. The Form N-Q filing is made within 60 days after the end of the quarter. Penn Series Funds, Inc. filed its most recent Form N-Q with the SEC on November 19, 2014. It is available on the SEC’s website at http://www.sec.gov. or it may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-202-551-8090 for information on the operation of the Public Reference Room).
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, 2014 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
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PENN SERIES FUND MANAGEMENT (Unaudited)
As of December 31, 2014
Name and Age | Position with | Principal Occupation | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships | ||||||
INDEPENDENT DIRECTORS† | ||||||||||
Joanne B. Mack (68)* | Director; No set term; served since 2013. . | Vice President – Financial Services Consulting, Trianz (2012 – 2013); Management Consultant, self-employed (2009 – 2012; 2013 – Present). | 29 | None. | ||||||
Archie C. MacKinlay (59)* | Director; No set term; served since 2010. | Professor of Finance, Wharton School, University of Pennsylvania (1984 – Present) | 29 | None. | ||||||
Rebecca C. Matthias (61)* | Director; No set term; served since 2010. | Retired. President, Destination Maternity Corporation (clothing) (1982 – 2010). | 29 | Director, CSS Industries. |
† | Eugene Bay served as an independent Director of the Company from 1993 until his retirement from the Board, effective December 31, 2014. |
* | The address of each Director is: Penn Series Funds, Inc. 600 Dresher Road, Horsham, Pennsylvania 19044. |
INTERESTED DIRECTORS | ||||||||||
Eileen C. McDonnell (52)* | Director and Chairman of the Board; No set term; served since 2010. | Chief Executive Officer (2011 – Present), President (2010 – Present), Chairperson of the Board (2013), Executive Vice President and Chief Marketing Officer (2008 – 2010), Penn Mutual; Director, PMAM (2010 – Present); President and Director (2010 – Present), Chairperson of the Board (2011 – Present), PIA. | 29 | Director, UHS of Delaware, Inc. | ||||||
David B. Pudlin (65)* | Director; No set term; served since 2009. | Chief Executive Officer, President and Attorney, Hangley Aronchick Segal Pudlin & Schiller, (law firm) (1994 – Present) | 29 | None. | ||||||
OFFICERS | ||||||||||
David M. O’Malley (39)* | President; One year; served since 2014. | Chairperson and Chief Executive Officer, PMAM (2014 – Present); Chief Operating Officer (2013 – Present), Chief Financial Officer (2010 – 2013), Executive Vice President (2009 – 2013), Penn Mutual. | N/A | N/A | ||||||
Keith Huckerby (43)* | Vice President; One year; served since 2012. | President and Chief Marketing Officer (2014 – Present), Vice President, PMAM (2007 – 2014); Assistant Vice President, Penn Mutual (2009 – Present). | N/A | N/A | ||||||
Timothy Demetres (59)* | Vice President and Treasurer One year; served since 2013. | Vice President, PMAM (2013 – Present); Vice President, Chief Accounting Officer and Treasurer, Penn Mutual (2010 – Present). | | N/A | | N/A | ||||
John Heiple (41)* | Assistant Treasurer; One year; served since 2004. | Assistant Treasurer, PMAM (2009 – Present); Manager, Variable Accounting, Penn Mutual (2003 – Present). | N/A | N/A | ||||||
Patricia M. Chiarlanza (49)* | Assistant Treasurer; One year; served since 2001. | Assistant Treasurer, PMAM (2001 – Present); Assistant Treasurer, Penn Mutual (2001 – Present); Assistant Treasurer, PIA (2001 – Present); Treasurer, Independence Square Properties (2001 – Present). | N/A | N/A |
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PENN SERIES FUND MANAGEMENT (Unaudited)
As of December 31, 2014
Name and Age | Position with | Principal Occupation | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships | ||||||
OFFICERS (continued) | ||||||||||
Franklin L. Best, Jr. (69)* | Secretary; One year; served since 2012. | Secretary, PMAM (2012 – Present); Vice President & General Counsel Insurance Operations & Corporate Secretary (2011 – Present), Managing Corporate Counsel and Secretary (2004 – 2011), Penn Mutual. | N/A | N/A | ||||||
Victoria Robinson (49)* | Chief Compliance Officer One year; served since 2014. | Chief Compliance Officer, PMAM (2008 – Present) and Assistant Vice President – Investment Compliance, Penn Mutual (2010 – Present). | N/A | N/A | ||||||
Tiffany MacLean (36)* | Anti-Money Laundering Officer One year; served since 2014. | Senior Compliance Officer, Valley Forge Asset Management Corp. (2009 – 2014) and Anti-Money Laundering Officer, Valley Forge Financial Group, Inc., (2009 – 2014). | N/A | N/A | ||||||
Jessica Langlois (34)* | Tax Director One year; served since 2014 | Tax Manager (2008 – 2014) and Corporate Tax Director (2014 – Present), Penn Mutual. | N/A | N/A |
* | The address of each Officer is: Penn Series Funds, Inc. 600 Dresher Road, Horsham, Pennsylvania 19044. |
Additional information about the Fund’s Directors is available in the Fund’s Statement of Additional Information, which is available upon request, without charge, by calling 1-800-523-0650.
239
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Item 2. Code of Ethics
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments to this code of ethics were approved during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Directors has determined that Ms. Rebecca C. Matthias qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Matthias is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
2014 | 2013 | |||||||
Audit Fees | $ | 437,000 | $ | 437,000 | ||||
Audit-Related Fees | $ | 0 | $ | 0 | ||||
Tax Fees | $ | 0 | $ | 0 | ||||
All Other Fees | $ | 0 | $ | 0 |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts for assurance and related services performed by the principal account reasonably related to the performance of the audit of the registrant’s financial statements and not reported under the caption “Audit Fees.” Tax fees include amounts related to tax compliance, tax planning, and tax advice.
(e) |
(1) The registrant’s audit committee has developed an Audit and Non-Audit Services Pre-Approval Policy. A copy of this policy is filed as an exhibit to this Form N-CSR.
(2) There were no services approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The registrant had no aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Not applicable
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Item 5. Audit Committee of Listed Registrants
Not applicable
Item 6. Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable
Item 10. Submission of Matters to a Vote of Security Holders
The shareholder meeting voting results is included as part of the report to shareholders filed under Item 1 of this form.
Item 11. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics | ||
(2) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act | |||
(b) | Certifications pursuant to Rule 30a-2(b) under the Investment Company Act | |||
(c) | Audit and Non-Audit Services Pre-Approval Policy |
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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.
Penn Series Funds, Inc. | ||
/s/ David M. O’Malley | ||
By: | David M. O’Malley | |
President | ||
Date: | March 4, 2015 |
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.
/s/ David M. O’Malley | ||
By: | David M. O’Malley | |
President | ||
Date: | March 4, 2015 | |
/s/ Timothy P. Demetres | ||
By: | Timothy P. Demetres Treasurer | |
Date: | March 4, 2015 |