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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)
Steven Viola
Penn Series Funds, Inc.
600 Dresher Road
Horsham, PA 19044
(Name and address of agent for service)
Registrant’s telephone number, including area code: (215) 956-8129
Date of fiscal year end: December 31
Date of reporting period: December 31, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
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PennMutual®
Annual Reports
December 31, 2015
Penn Mutual Variable Products
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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 finished the year slightly positive despite a weak third quarter and increased volatility. Equity market volatility spiked near record highs during the August freefall but stock prices recovered almost as quickly and turned in impressive returns for the month of October. The U.S. economy continued to be one of the few bright spots across the globe as U.S. Gross Domestic Product (GDP) growth rebounded during the second and third quarters as businesses ramped up investment and built up inventories. The employment picture in the U.S. remains on a steadily improving path, and the unemployment rate is at a post-crisis low of 5.0% as of December 2015. From a sector perspective, Consumer Discretionary, Health Care, and Consumer Staples had the strongest returns and sectors such as Energy, Materials, and Utilities experienced relatively weaker returns over the 12-month period ending December 31, 2015. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned a relatively flat 0.67 percent for the full 12-month period.
On a relative basis, large capitalization stocks provided higher returns than did mid and small capitalization stocks for the year. Large capitalization stocks, as measured by the Russell 1000 Index, returned 0.92 percent, while mid capitalization stocks, as measured by the Russell Midcap Index returned –2.44 percent and small capitalization stocks, as measured by the Russell 2000 Index, returned –4.41 percent. From a style perspective, growth stocks outperformed value stocks in the all market capitalizations, with the widest disparity being in the large capitalization space. For instance, large cap growth stocks, as measured by the Russell 1000 Growth Index returned 5.67 percent while large cap value stocks, as measured by the Russell 1000 Value Index returned –3.83 percent. Much of the relative underperformance within value stocks can be attributed to the relatively weak performance within the Energy and Utilities sectors. Lastly, Real Estate Investment Trusts (REITs), which have experienced some of the best returns of any asset class since 2009, suffered a nearly 10.00 percent loss during the second quarter on the prospects of rising interest rates. Despite their strong rebound in the second half of the year with a solid 9.40 percent return, they ended 2015 with a modest return of 3.20 percent as measured by the FTSE NAREIT Equity REIT Index.
International markets, both developed and emerging, ended the full year behind U.S. equities as their third quarter losses were much more pronounced. Developed international stocks, as measured by the MSCI EAFE Index, returned –0.39 percent while emerging market stocks, as measured by the MSCI Emerging Markets Index, fared much worse with a return of –14.60 percent. Plunging oil prices and slowing global growth contributed to increased risk aversion within the international markets. The continued collapse in oil prices that began in 2014 has been particularly difficult for many commodity-driven emerging markets. Brent crude oil, the global benchmark, ended the year at roughly $37 a barrel, close to an 11-year low. Also contributing to losses for U.S. dollar-based investors is the further weakening of non-U.S. currencies, particularly the euro. (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 falling commodity prices weighted significantly on the latter. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned 0.55 percent and the Credit Suisse High Yield Bond Index, returned –4.93 percent. The Federal Reserve (Fed) finally delivered liftoff from its zero interest rate policy in December, ending exactly seven years of its zero interest rate policy. With the decision, the Fed decidedly placed more importance on steadily improving labor market conditions over the rout in commodity prices and declining long-term inflation expectations.
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
President and 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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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Limited Maturity Bond Fund returned 0.78% for the twelve-month period ending December 31, 2015, compared to the 0.65% return for its benchmark, the Barclays Capital U.S. Government/Credit 1-3 Year Index for the same time period.
The Fund’s emphasis on attractively valued floating rate assets, tactical high yield exposure and yield curve positioning contributed positively to performance. Performance during the year was impacted by the volatility in risk markets, particularly during the fourth quarter. While we maintain a high quality portfolio, the Fund carries more credit risk than its Index in the form of higher-yielding corporate debt, seasoned floating-rate collateralized loan obligations (CLOs), student loan asset backed securities, and Freddie K multi-family housing bonds.
In corporates, the Fund seeks to identify high yield issuers with attractive yields, very low default risk, and the potential for rating upgrades into the investment grade category (i.e. General Motors, Israel Electric, and Delta over the past year). The Fund benefited from its very limited exposure to energy and metals and mining sectors, the two worst performing sectors of the year.
Within the structured securities realm, we continue to believe CLOs offer the best relative value among short duration bond investments and will eventually benefit from Federal Reserve tightening due to their floating rate coupons. We also remain constructive on the student loan asset class despite ratings pressure from Moody’s. We also feel that the Freddie K multi-family housing sector offers attractive relative value after experiencing supply driven spread widening.
The trend towards wider spreads for credit risk gained momentum during the fourth quarter driven by three primary factors: 1.) U.S. corporations have been issuing debt at a record pace, often rewarding shareholders with the proceeds; 2.) commodity prices have fallen sharply pushing spreads wider in the energy and basic materials sectors; 3.) increasing investor concern regarding global economic growth prospects and deflationary pressures emanating from China. Valuations for short duration high quality corporate credits, especially names without commodity exposure, look attractive given our expectation for continued growth in the U.S. economy and accommodative monetary policy.
Our active management strategies will continue to focus on identifying the best relative value among short duration bonds as well as tactical duration and yield curve positioning as sources of value added performance for the Limited Maturity Bond Fund.
We utilized derivatives to manage portfolio duration during 2015. Long positioning in Treasury 2-year note futures brought Fund duration in line with its performance benchmark, The Barclays 1-3 Year Government Credit Index. The combination of short maturity fixed rate and floating-rate instruments combined with Treasury futures was a positive contributor to performance during the year as credit spreads widened (particularly for long duration corporate and structured bonds).
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Limited Maturity Bond Fund on December 31, 2005 would have grown to $12,660. 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, 2005 would have grown to $13,101.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Limited Maturity Bond Fund | 0.78 | % | 0.74 | % | 2.39 | % | ||||||
Barclays Capital U.S. Government/Credit 1-3 year Index | 0.65 | % | 0.98 | % | 2.74 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Corporate bonds | 36.4 | % | ||
Asset backed | 30.0 | % | ||
Commercial Mortgage Backed | 18.3 | % | ||
U.S. Treasury Obligations | 8.6 | % | ||
Residential Mortgage Backed | 4.0 | % | ||
Collateralized Mortgage Obligations | 2.2 | % | ||
Agency Obligations | 0.3 | % | ||
Municipal Bonds | 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 Quality Bond Fund returned 0.37% for the twelve-month period ending December 31, 2015, compared to the 0.55% return for its benchmark, the Barclays Capital U.S. Aggregate Bond Index for the same time period.
Our emphasis on higher quality corporate and taxable municipal bond positions benefited Fund performance during 2015 as investors sought safety in the midst of a challenging environment for high yield debt, especially bonds in the energy sector. Spreads for investment-grade credit also widened during the year due to record new issuance. Much of this supply was issued to finance shareholder friendly activities in the form of higher dividends, share repurchases or mergers and acquisition (M&A) activity.
Portfolio holdings of commercial mortgage-backed securities (CMBS) contributed to the underperformance during the second half of 2015. Similar to the corporate sector, heavy new issue supply in the CMBS sector led to spread widening. We remain positive on seasoned multi-family housing CMBS holdings due to underlying property price appreciation since issuance and improving fundamental credit metrics. Structured portfolio holdings also include floating rate collateralized loan obligations (CLOs) and student loan asset-backed securities. Both sectors offer attractive spreads relative to short duration fixed rate structured securities.
Interest rates increased across the yield curve during 2015 with 2-year Treasury notes leading the move higher, up 38 basis points. Short-term yields reacted to the Federal Reserve’s long anticipated liftoff from zero interest rates in December. Longer-term interest rates moved modestly higher as declining commodity prices kept a lid on inflation expectations. We increased portfolio exposure to Treasury Inflation Protected Securities (TIPs) throughout the year due to improved valuations and the potential for higher inflation readings in 2016.
We remain committed to identify the best relative value opportunities among both corporate and structured bond investments. Tactical duration and yield curve positioning will also provide opportunities for incremental returns with heightened interest rate and credit spread volatility expected to continue in 2016.
We utilized derivatives to manage portfolio duration and yield curve positioning during 2015. Treasury futures were
used to shorten portfolio duration in line with the Fund’s performance benchmark, the Barclays Aggregate Index. Duration management benefitted performance during 2015 as interest rates increased. Futures based yield curve positioning structured to benefit from the yield curve steepening also was additive to performance.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Quality Bond Fund on December 31, 2005 would have grown to $15,387. 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, 2005 would have grown to $15,552.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Quality Bond Fund | 0.37 | % | 3.07 | % | 4.40 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.51 | % |
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. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 12/31/15
Percent of Total Investments2 | ||||
Corporate Bonds | 32.1 | % | ||
Commercial Mortgage Backed | 23.1 | % | ||
Asset Backed Securities | 16.8 | % | ||
U.S. Treasury Obligations | 15.3 | % | ||
Residential Mortgage Backed | 11.3 | % | ||
Municipal Bonds | 0.9 | % | ||
Agency Obligations | 0.5 | % | ||
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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 High Yield Bond Fund returned –3.37% for the twelve-month period ending December 31, 2015, compared to the –4.93% return for its benchmark, the CSFB High Yield Bond Index.
A combination of positive credit selection and underweight exposure in the energy sector aided relative performance. An overweight allocation to media/telecom also helped. Conversely, credit selection in metals and minerals weighed on relative results.
The high yield bond market declined in 2015, ending the year down almost 5%; this was notable as one of only four calendar year losses over the prior two-and-a-half decades in the asset class. Below investment-grade bonds performed well in the first half of the year, partly due to their lower sensitivity to interest rate changes amid uncertainty about the timing of the Fed’s rate hike. However, July saw the onset of falling oil prices after a limited recovery earlier in the year. Concerns about growth in China and the resulting prospect of weaker commodity demand from one of the world’s largest consumers deepened pressure on oil prices and weighed on the asset class.
According to J.P. Morgan, calendar year 2015 saw a total of $293 billion new issue volume, a decrease of 18% from 2014. For the first year since the global financial crisis, refinancing activity was less than 50% of all new issue volume, while strategic merger and acquisition (M&A) deals increased. Importantly, lower-rated volume decreased in 2015, signaling that this influx of activity was not overly speculative. Default volume for the year was dominated by energy and coal names — composing over 70% of the $37.7 billion in 2015.
With renewed pressure on oil prices over the second half of the year, our positioning and positive credit selection in the energy sector were top contributors to relative performance in 2015. An overweight allocation to and credit selection within media/telecom also contributed to relative returns. Several of top issuer allocations are held within these relatively defensive industries.
Similar to energy, the metals and minerals sector continued to materially underperform the broader market. Our security selection within this sector detracted. Commodity prices, particularly coal, are facing strong headwinds from excess global supply and weak demand growth. Coal prices declined so severely that our limited exposure was not
immune, particularly Murray Energy. That said, our meaningful underweight allocation to the industry offset much of the negative impact of credit selection.
From a quality perspective, limited exposure to higher quality bonds — those rated BB and above — weighed on performance as these bonds outperformed amid increased risk aversion.
We remain cautious in the near term as a number of factors continue to weigh on the high yield market. However, outside the metals and energy sectors, most high yield issuers continue to perform well. We are finding interesting opportunities given recent market dislocation, but diligent credit analysis and risk assessment is imperative. At year-end, valuations within sectors characteristically more stable, such as food and consumer products, began to reach more attractive levels. We believe a rally will occur in our asset class sometime in 2016, although not likely until the market appreciates and works through the numerous near-term headwinds.
Penn Mutual Asset Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the High Yield Bond Fund on December 31, 2005 would have grown to $18,155. 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, 2005 would have grown to $18,625.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
High Yield Bond Fund | (3.37 | )% | 4.63 | % | 6.14 | % | ||||||
CSFB High Yield Bond Index | (4.93 | )% | 4.73 | % | 6.55 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Bonds | ||||
BBB/BB Rated & Above | 11.2 | % | ||
BB Rated | 8.9 | % | ||
BB/B Rated | 27.1 | % | ||
B Rated | 17.5 | % | ||
B/CCC Rated | 23.8 | % | ||
CCC and Below | 2.0 | % | ||
Not rated | 3.7 | % | ||
Loan Agreements | 5.1 | % | ||
Equity securities | 0.7 | % | ||
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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 5.02% for the twelve-month period ending December 31, 2015, compared to its benchmark the S&P 500 Index’s return of 1.38%.
After a volatile year, the S&P 500 Index finished 2015 in positive territory. Equities benefited from steady economic and employment growth; generally favorable corporate earnings outside of the energy sector, which has been hammered by plummeting oil prices since mid-2014; increased merger activity; and aggressive stimulus measures by central banks in Europe and Asia. Sector performance was widely mixed, with the consumer discretionary sector a top performer, while the energy sector finished down significantly.
We marginally reduced our equity weight on strength during the year, as we trimmed names within the consumer discretionary, health care, and information technology sectors. We also added to select holdings in industrials and financials on weakness. Given the ongoing recovery in equities and considering how far we are into an economic expansion, our outlook remains cautious. However, we anticipate headwinds from declines in the euro and yen, and oil prices will begin to fade, potentially fueling modest acceleration in earnings growth.
Our overall fixed income weight declined over the year, as we trimmed select high yield and bank loans and added to investment-grade corporate bonds. High yield bonds continued to decline amid weakness among energy companies as oil prices tumbled. Regardless of the recent volatility, high yield remains our largest fixed income asset class, and we tend to invest in the highest-quality high yield bonds. Our decrease in high yield during the period was largely a function of trying to reduce our overall duration in order to provide protection from rising rates.
The health care sector drove relative outperformance due to stock selection and a sizable overweight position. Within the sector, Cigna, Thermo Fisher Scientific, and Allergan helped results. The information technology sector also aided relative results, led by stock selection in the IT services industry. Conversely, the consumer discretionary sector detracted from relative returns due to stock selection and an underweight position, and Johnson Controls hindered results.
Although volatility returned to financial markets in 2015, we think that some headwinds that curbed U.S. company earnings, including a strong U.S. dollar and oil price
declines, will dissipate somewhat as we move into 2016, leading to accelerating earnings growth for many U.S. companies. At the same time, growth drivers that took center stage in 2015, such as mergers and acquisitions, strong auto sales, and residential construction, could prove to be less of a tailwind. The Federal Reserve’s pace of rate rises in 2016 could also prove challenging if it conflicts with investor expectations.
As always, we remain committed to finding the best risk-adjusted opportunities across the asset class spectrum to balance our objectives of preserving invested capital and generating equity-like returns over the long term with less risk than the broader equity market.
Penn Mutual Asset Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Flexibly Managed Fund on December 31, 2005 would have grown to $22,411. 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, 2005 would have grown to $20,239.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Flexibly Managed Fund | 5.02 | % | 11.22 | % | 8.41 | % | ||||||
S&P 500 Index | 1.38 | % | 12.57 | % | 7.31 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Consumer, Non-Cyclical | 28.8 | % | ||
Financial | 20.5 | % | ||
Consumer, Cyclical | 11.6 | % | ||
Technology | 10.5 | % | ||
Industrial | 9.6 | % | ||
Communications | 8.8 | % | ||
Energy | 5.8 | % | ||
Utilities | 4.2 | % | ||
Asset Backed Securities | 0.1 | % | ||
Basic Materials | 0.1 | % | ||
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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 0.68% for the twelve-month period ending December 31, 2015, compared to its benchmarks, the S&P 500 Index’s return of 1.38% and the Barclays Capital U.S. Aggregate Bond Index’s return of 0.55% 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 also performed in-line with 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 portfolio holdings of commercial mortgage backed securities (CMBS) of the underlying individual fixed income fund during the second half of the year.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2015
An investment of $10,000 in the Balanced Fund on August 25, 2008 would have grown to $16,908. 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 $18,569. A $10,000 investment in the Barclay’s Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,732.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Balanced Fund | 0.68 | % | 8.50 | % | 7.40 | % | ||||||
S&P 500 Index | 1.38 | % | 12.57 | % | 8.79 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.41 | % |
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 12/31/15
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 10.51% for the twelve-month period ending December 31, 2015, compared to the 5.67% return for its benchmark, the Russell 1000 Growth Index.
Overall, stock selection was the reason for relative outperformance. Consumer discretionary, information technology, and health care were the leading relative outperformers. Consumer staples and financials were the largest relative detractors.
Major U.S. stock indexes were narrowly mixed in 2015. In the first part of the year, equities benefited from steady economic and employment growth; generally favorable corporate earnings outside of the energy sector, which has been hammered by plummeting oil prices since mid-2014; increased merger activity; and aggressive stimulus measures by central banks in Europe and Asia. Large-cap U.S. indexes reached their highest levels of the year in May, while smaller-cap benchmarks peaked about one month later. In the summer, global equities fell sharply in response to a plunge in Chinese stocks, which stemmed from its decelerating economy and uncertainty regarding China’s policy responses, including an unexpected August currency devaluation. Large-cap U.S. indexes experienced their first “correction,” typically defined as a drop of at least 10% from their highs, in the last four years.
Consumer discretionary was by far the largest relative outperformer, mainly driven by stock selection.
Amazon.com continued to improve operating leverage in its core retail business throughout the year and reported impressive results with a sharp acceleration in revenue and margins in its Amazon Web Services (AWS) cloud-computing unit. Despite the stock’s runup, there is room for improvement as retail margins ramp up from below normalized levels and the company benefits from the expanding higher margin and faster growth AWS unit.
Information technology outperformed, due to stock selection. Multiple factors drove shares of Alphabet, the new Google holding company, higher this year, including strong earnings driven by the move to increase advertising coverage on mobile searches. The market was also encouraged by the new focus on expense discipline and the company’s decision to restructure itself so that its core search business will be separated from its various projects, providing more transparency to future earnings reports. Alphabet also instituted its first-ever share buyback program.
Consumer staples was the largest relative detractor, due to significant underweighting of the strongest-performing sector in the benchmark for the period. Positive stock selection partially offset this negative performance.
Financials underperformed on group weighting and, to a lesser extent, on stock selection. Although shares of Morgan Stanley advanced steadily through the first half of 2015 on better-than-expected earnings results, shares declined sharply during the market correction that occurred in the third quarter. We continue to think that the company’s long-term growth prospects are favorable due to the shift of its business mix toward higher margin and less volatile activities and its continued capital management.
We are optimistic about the longer-term prospects for large-cap growth stocks and expect the United States to generate moderate economic growth in 2016. We expect that the Federal Reserve is likely to raise short-term interest rates at a slower pace than the market currently expects, which should not hinder rising stock prices. However, the recent weakness in China’s industrial economy, falling energy and commodity prices, and geopolitical flare-ups could perpetuate the market’s recent volatility.
Penn Mutual Asset Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Large Growth Stock Fund on December 31, 2005 would have grown to $23,312. 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, 2005 would have grown to $22,678.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Large Growth Stock Fund | 10.51 | % | 14.26 | % | 8.83 | % | ||||||
Russell 1000 Growth Index | 5.67 | % | 13.53 | % | 8.53 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Communications | 28.1 | % | ||
Consumer, Non-Cyclical | 25.1 | % | ||
Consumer, Cyclical | 20.2 | % | ||
Financial | 11.0 | % | ||
Technology | 9.2 | % | ||
Industrial | 5.8 | % | ||
Basic Materials | 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. |
12
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Cap Growth Fund returned –0.15% for the twelve-month period ending December 31, 2015, compared to the 5.67% return for its benchmark, the Russell 1000 Growth Index.
Sluggish global growth weighed on both developed and emerging market (“EM”) economies during the reporting period. EM economies have been particularly lackluster. While the U.S. Federal Reserve began its anticipated monetary policy tightening cycle at the end of the period, other large developed economies continued to embrace accommodative monetary policies, particularly the European Central Bank and the Bank of Japan. Focus remained on China after policy missteps by the Chinese government roiled global markets over the summer, beginning with the uncoordinated response to the stock market’s boom and bust and then the confusing decision to devalue the renminbi in August. China subsequently ramped up a wide range of monetary and fiscal measures to stimulate the economy and bolster sentiment.
During the second half of the reporting period, the U.S. faced an earnings recession caused primarily by the sharp decline in the prices of oil and other commodities. Earnings contractions were concentrated primarily in the energy, materials and industrial sectors. An additional headwind for earnings was the sharp rise in the U.S. dollar over the period. Exports were crimped by the dollar’s strength and falling demand in emerging markets. Consumer spending held up well during the period amid a modest increase in real wages and a tailwind from falling gasoline prices. Demand for autos reached near-record territory late in the period. In emerging markets, two key factors weighed on economies and asset prices: weaker Chinese growth, and the resulting decline in commodity prices, in addition to prospects for higher U.S. interest rates.
Stock selection in the consumer discretionary sector was a primary detractor from performance relative to the Index. Not owning internet retailer Amazon.com and overweight positions in shares of media firms 21st Century Fox and Time Warner detracted from relative returns.
In the consumer staples sector, weak stock selection hampered relative performance. The Fund’s overweight position in infant and children’s pediatric nutrition producer Mead Johnson Nutrition weighed on relative results. Stock selection in the financials sector further detracted from relative performance. An overweight
position in investment management firm Franklin Resources held back relative results.
An overweight position in the materials sector also detracted from 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 industrial manufacturing and engineering company Colfax Corporation, maintenance, repair and operating supplies distributor WW Grainger, building systems and aerospace products and services provider United Technologies and information technology company EMC Corp, and not holding networking service provider Facebook, weighed on relative performance.
Stock selection and an overweight position in the information technology sector were positive factors for relative performance. Within this sector, overweight positions in internet search giant Alphabet (formerly Google), management consulting firm Accenture and consumer financial services company Visa, and not holding shares of wireless communications software company QUALCOMM, contributed to relative performance. The portfolio’s underweight position in computer and personal electronics maker Apple also benefited relative results as the stock lagged the benchmark during the reporting period.
An underweight position and stock selection in the health care sector also benefited relative results. Here, an overweight position in life sciences supply company Thermo Fisher Scientific and analytical instrument manufacturer Waters Corp bolstered relative results.
Stocks in other sectors that contributed to relative performance included an underweight position in railroad company Union Pacific and overweight positions in consumer credit reporting agency Equifax and automotive parts manufacturer AutoZone.
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, 2005 — December 31, 2015
An investment of $10,000 in the Large Cap Growth Fund on December 31, 2005 would have grown to $13,264. 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, 2005 would have grown to $22,678.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Large Cap Growth Fund | (0.15 | )% | 7.05 | % | 2.86 | % | ||||||
Russell 1000 Growth Index | 5.67 | % | 13.53 | % | 8.53 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Consumer, Non-Cyclical | 29.6 | % | ||
Technology | 19.3 | % | ||
Consumer, Cyclical | 14.1 | % | ||
Communications | 11.0 | % | ||
Basic Materials | 9.8 | % | ||
Financial | 8.0 | % | ||
Industrial | 7.8 | % | ||
Energy | 0.4 | % | ||
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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 1.68% for the twelve-month period ending December 31, 2015, compared to the 5.67% return for its benchmark, the Russell 1000 Growth Index for the same time period.
Concern over the depth of China’s economic slowdown and the efficacy of its policy responses was the primary impetus for the defensive market tone that was visible for extended periods of time during the year. Coupled with OPEC’s decision not to cut production, this global growth scare aggravated the supply/demand imbalance for oil leading to another leg down for commodity prices that began their tumble in the second half of 2014.
Over the last 12 months, security selection in the consumer staples sector proved additive to returns. Meanwhile, positioning in the information technology sector was the primary source of underperformance. Within the consumer staples sector, beer and wine manufacturer/distributor Constellation Brands rose sharply over the last 12 months and was a significant contributor to performance. The company’s strong performance is reflective of not only the strengthening U.S. consumer but also the revenue and cost synergies from the company’s acquisition of Grupo Modelo’s U.S. beer business. Constellation remains a true “self-help” story as the company continues to pay down debt and invest into new products and brand extensions. Additional margin expansion may occur as the state of the art brewery acquired in the deal fully comes on line in 2015.
Selection within the information technology sector detracted from relative performance. Specific weakness was visible in holdings Micron Technology, Western Digital, and Applied Materials, driven by a combination of weaker than expected PC demand and uncertainty around possible industry consolidation. Akamai Technologies stumbled after reporting earnings that were lower than expected. Akamai is a cloud-based service that speeds up delivery of Web pages and other online content. The company has the largest internet content delivery network (CDN), and estimates between 15% and 30% of all Web traffic passes through its network of nearly 200,000 servers around the world. While revenue during the most recent quarter increased 11%, its profit was lower than previous quarters as the company continues to build its network. The company also lowered guidance for its legacy software download segment for 2016.
Like a lingering storm system, many of the same issues that clouded the U.S. equity market in 2015 remain in place.
Global growth remains questionable as China works to re-ignite its economy. European economies are extremely fragile. Geopolitical risk is elevated. The impact of a prolonged commodity price downtown remains an issue. And while the question of “when” the Federal Reserve will act has been answered, investors are now asking themselves what a “gradualist” approach to policy normalization actually looks like. These issues will likely result in increased “waves” of market volatility. The best way to navigate this volatility, in our opinion, is to remain focused on the consistent execution of our investment process. Like any seasoned navigator, however, tactical adjustments will be made.
One such adjustment is an increase in the secular growth component of the Fund. In an economy in which secular growth remains scarce, investors should be drawn to those firms that are somewhat insulated from global economic currents. Industries ripe with secular growth include e-commerce, cloud computing, network security, specialized software and mobile/credit card payment processing. We feel these adjustments will afford the Fund the stability to navigate the inevitable equity market headwinds. While it will likely not be a smooth ride, we are optimistic that 2016 will be a successful voyage.
Penn Mutual Asset Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2015
An investment of $10,000 in the Large Core Growth Fund on August 25, 2008 would have grown to $16,348. 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 $20,339.
15
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Large Core Growth Fund | 1.68 | % | 10.76 | % | 6.91 | % | ||||||
Russell 1000 Growth Index | 5.67 | % | 13.53 | % | 10.14 | % |
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 12/31/15
Percent of Total Investments3 | ||||
Consumer, Non-Cyclical | 28.8 | % | ||
Consumer, Cyclical | 20.9 | % | ||
Communications | 20.4 | % | ||
Technology | 17.3 | % | ||
Financial | 7.3 | % | ||
Industrial | 3.5 | % | ||
Basic Materials | 1.8 | % | ||
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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. |
16
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Large Cap Value Fund returned –4.35% for the twelve-month period ending December 31, 2015, compared to the –3.83% return for its benchmark, the Russell 1000 Value Index.
2015’s roughly flat equity market returns understate the intensity of volatility in the year’s second half. While long-standing fears of U.S. dollar strength and rising rates were realized, it was declining oil prices, which fell to 7-year lows and stressed markets. In a slow growth environment, investors piled into stocks perceived to have secular tailwinds.
The Fund unperformed on an absolute basis. On a relative basis, the Fund performed in line with its Benchmark primarily due to stock selection in the materials, consumer staples and health care sectors. An underweight in the energy sector, combined with an overweight in health care, also proved beneficial. The industrials, financials and consumer discretionary sectors detracted the most.
The best individual performers were Microsoft, Vulcan Materials and Northrop Grumman. Microsoft, a multinational technology company, performed well in 2015 primarily due to better-than-expected cloud revenue and continued, aggressive cost management. Vulcan Materials, a producer of construction aggregates, benefited from improving volumes and accelerating pricing gains in its core markets due to strengthening residential and non-residential construction in the U.S. Several strong earnings reports, a positive analyst day and a U.S.-centric business model also supported the stock. Earnings estimates were also revised upwards, clarifying the path to more normalized earnings after years of stagnation. Northrop Grumman, one of four major domestic defense companies, outperformed in the first three quarters of 2015 as investors flocked to the stability and returns of defense companies. Northrop competed for the next-generation bomber program from the Department of Defense. After winning this $40 billion program, visibility into higher future revenue and earnings growth became clearer, as did the path for continued returning of free cash flow to shareholders.
Not surprisingly, the two most significant detractors, Marathon Oil and National Oilwell, were in the energy sector. Shares of Marathon (an independent exploration and production company) and National Oilwell (an oil and gas service company) fell as oil prices declined over the year due to robust global production and elevated inventory levels. Investor concerns that Marathon and other oil-price-sensitive companies will face an increasingly
challenging environment over the next few years have increased. While nearly all of National Oilwell’s products and services are sensitive to oil prices, the company is particularly exposed to the worsening deepwater production outlook. Viacom also underperformed along with the majority of the media industry in 2015, primarily due to fears over cutting the cord on cable (versus streaming) and poor domestic advertising trends.
We often trim winning stocks and add to laggards as we seek to optimize risk/reward. We believe market pullbacks allow longer-term investors to find opportunities. However, we remain vigilant when funding new investments. Given poor late-year equity performance, we expect the current risk-off tone to continue for the first part of the coming year. We still think the long-term bull market remains intact, but as the cycle ages; the double-digit returns are likely past. We would be pleased with mid to high single-digit returns over the next few years given high valuations, tepid global growth, U.S. elections and geopolitical uncertainties. Importantly, major fundamental positives remain intact: stable-to-improving developed market growth, lower commodity prices, capped global inflation and continuing low interest rates.
Penn Mutual Asset Management, Inc.
Investment Adviser
Loomis, Sayles & Co.
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Large Cap Value Fund on December 31, 2005 would have grown to $16,002. 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, 2005 would have grown to $18,175.
17
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Large Cap Value Fund | (4.35 | )% | 8.95 | % | 4.81 | % | ||||||
Russell 1000 Value Index | (3.83 | )% | 11.27 | % | 6.16 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Financials | 27.7 | % | ||
Consumer, Non-Cyclical | 22.1 | % | ||
Industrial | 13.3 | % | ||
Communications | 9.9 | % | ||
Energy | 8.0 | % | ||
Consumer, Cyclical | 7.7 | % | ||
Technology | 6.5 | % | ||
Utilities | 3.4 | % | ||
Basic Materials | 1.4 | % | ||
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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 –0.81% for the twelve-month period ending December 31, 2015, compared to the –3.83% return for its benchmark, the Russell 1000 Value Index for the same time period.
The Fund’s outperformance versus the Index was primarily due to broad-based favorable stock selection, while sector allocation results modestly detracted. Stock selection was positive in seven of the 10 sectors in which the Fund was invested. Stock selection in consumer staples was the largest contributor to relative performance. Selection gains were also notable in the information technology, financials, and industrials sectors.
In consumer staples, overweight positions in Reynolds American, Kroger, and Altria Group all aided relative performance results. Within information technology, holdings in Alphabet Inc. and Intel boosted relative gains.
At the individual stock level, a position in industrial conglomerate General Electric (GE) was one of the Fund’s top contributors to relative performance. Shares of GE advanced in the fourth quarter as investors appeared to reward the company’s divestment of its financial services arm and its renewed focus on its industrial businesses.
Stock selection in the health care and consumer discretionary sectors and unfavorable sector allocation results, including the Fund’s overweight to the materials sector, represented a modest drag on relative performance. At the individual stock level, energy companies Devon Energy, Anadarko Petroleum, and Range Resources were the Fund’s largest relative detractors during the period. Among other top detractors were overweight positions in CBS Corp., Oracle, and Credit Suisse.
Another quarter of dramatic market action provided ample opportunity to uncover new ideas and make adjustments to the Fund. Two noteworthy positions that were initiated during the fourth quarter included Allergan and Synchrony Financial. We entered a position in pharmaceutical company Allergan, as we saw good value and believe the company will produce solid earnings growth driven by strong franchises in aesthetics and ophthalmology, markets in which the firm is #1 and #2 globally, respectively. Like many other financial services stocks, Synchrony Financial has gone through a period of underperformance that we believe presented an opportunity. Synchrony is the largest player in the private label credit card space, with a market share north of 40%.
We made some shifts within the energy sector during the fourth quarter. We exited a long-term position in oil refiner Phillips 66. Refining names outperformed meaningfully in 2015, as crude oil prices fell and product demand, especially for gasoline, strengthened. We added to some exploration and production (E&P) holdings during the quarter.
We also sold our position in Simon Property Group during the quarter, the largest real estate company in the world. The stock has appreciated meaningfully, so we took the opportunity to shift into another real estate investment trust (REIT), Federal Realty Investment Trust, where the risk/ reward tradeoff appeared to be more attractive.
In terms of sector weightings, the Fund was overweight health care and financials as of year-end, while it was underweight information technology and consumer discretionary.
Many equity investors focus on the next quarter or the next year. As a result, stock prices do a decent job of reflecting the near-term outlook and tend to quickly price in any change to that outlook. We have found it helpful to look beyond the 12-month forecast horizon. One way to do this is to mentally leap forward in time and imagine what will matter to markets from that point on.
We think the combination of the upcoming U.S. election, evolving monetary policy and commodity prices (particularly oil) will likely have changed the calculus for investors by the end of 2016. For long-term investors, we believe this presents opportunity.
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, 2015
An investment of $10,000 in the Large Core Value Fund on August 25, 2008 would have grown to $14,924. 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 $17,051.
Average Annual Total Returns1 as of 12/31/14
1 Year | 5 Year | Since Inception2 | ||||||||||
Large Core Value Fund | (0.81 | )% | 9.67 | % | 5.59 | % | ||||||
Russell 1000 Value Index | (3.83 | )% | 11.27 | % | 7.53 | % |
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 12/31/15
Percent of Total Investments3 | ||||
Financials | 32.2 | % | ||
Consumer, Non-Cyclical | 21.9 | % | ||
Energy | 12.9 | % | ||
Industrial | 11.6 | % | ||
Technology | 7.0 | % | ||
Utilities | 6.2 | % | ||
Basic Materials | 3.4 | % | ||
Communications | 2.6 | % | ||
Consumer, Cyclical | 2.2 | % | ||
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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 1.00% for the twelve-month period ending December 31, 2015, compared to the 1.38% return for its benchmark, the S&P 500 Index.
After a turbulent January, 2015 for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated.
The positive tone of U.S. economic data in late first quarter of 2015 pushed yields on U.S. 10 year bonds higher after having fallen sharply the prior month. U.S. equity markets traded down slightly on the jobs report as expectations increased that the U.S. economy was gaining strength and that the Federal Reserve may have an opportunity to raise rates in the not too distant future.
Global markets entered the month of May, 2015 digesting an initial first quarter 2015 gross domestic product (GDP) report released on April 29, 2015 showing a much lower than expected 0.2% annualized rate of growth. Despite the weak U.S. growth data, the month opened with global interest rates continuing to rise sharply on the heels of a selloff that began in late April, 2015.
After the market selloff in August, expectations that the Federal Reserve would make good on the median forecast of Federal Reserve Board members and bank presidents in June that rates would increase in two increments for the remainder of the year beginning in September 2015 were brought into question.
Contributing to this lackluster outcome for 2015 was a challenging environment for U.S. companies’ ability to earn a profit, evidenced by declining year-over-year of earnings on the S&P 500 Index for both the second and third quarters and the potential for more of the same in the final quarter of the year. This falloff in earnings is most significantly attributable to the energy sector where a 60% decline in oil prices through the end of September corresponded to a nearly identical decline in equity sector earnings. Excluding the energy sector, S&P 500 Index aggregate earnings growth has remained positive, though still soft given the impact on multinationals of the stronger U.S. dollar and subdued global growth backdrop.
On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com Inc, Microsoft Corporation, and General Electric Company. The top negative contributors to the Fund’s performance
were Kinder Morgan Inc, Exxon Mobil Corporation, and QUALCOMM Incorporated.
Penn Mutual Asset Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Index 500 Fund on December 31, 2005 would have grown to $19,916. 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, 2005 would have grown to $20,239.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Index 500 Fund | 1.00 | % | 12.17 | % | 7.13 | % | ||||||
S&P 500 Index | 1.38 | % | 12.57 | % | 7.31 | % |
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. |
21
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 12/31/15
Percent of Total Investments2 | ||||
Consumer, Non-Cyclical | 24.5 | % | ||
Financials | 17.7 | % | ||
Technology | 13.1 | % | ||
Communications | 13.0 | % | ||
Consumer, Cyclical | 10.4 | % | ||
Industrial | 9.4 | % | ||
Energy | 6.5 | % | ||
Utilities | 3.0 | % | ||
Basic Materials | 2.4 | % | ||
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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. |
22
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Mid Cap Growth Fund returned –5.78% for the twelve-month period ending December 31, 2015, compared to the –0.20% return for its benchmark, the Russell Midcap Growth Index.
We primarily emphasize 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.
The Fund underperformed the benchmark for the year. The primary factors for the underperformance were stock selection issues in the consumer discretionary and consumer staples sectors. The consumer discretionary exposure made the greatest negative contribution to the Fund’s return for the year. The Fund was underweight this underperforming sector, but exposure to retail and related sectors was a liability in a year when e-commerce activity accelerated, taking market share and requiring many retailers to step up investment to try to maintain competitiveness and relevance to consumers. These costs and higher labor expense pressured the profitability of many companies, including Bed Bath and Beyond and DSW in the Fund. Other key factors significantly impacting retailers in 2015 were weak demand in emerging markets and the appreciation of the US dollar, which hurt many retailers based both on currency translation effects and the ultimate negative impact on travel to the U.S. and related demand for retail goods in flagship stores in markets such as New York City.
An overweight position in the poorly performing energy sector was a significant, but lesser factor contributing to the Fund’s relative underperformance. The Fund’s Energy names were weak across the board, as the persistent and significant decline in the price of oil that began in June 2013 brought considerable pressure to bear on the energy industry and the stocks of its companies. The Fund’s energy names have performed in line with the energy sector in the Index, but we have been consistently overweight the group, thus the sizable negative contribution from our energy exposure.
Technology was the final sector that contributed negatively to performance in 2015. The Fund’s cash position, which averaged approximately 1% across the year, was slightly negative to performance.
All other sectors contributed positively to relative performance, with the greatest positive impact coming from the financials and health care sectors. The Fund’s exposure in the industrials and materials sectors also generated positive relative performance for the period. The performance of equity option positions was positive to performance by 35 basis points.
The top three securities detracting from absolute performance for the period were Polaris Industries, Bed Bath and Beyond and Hain Celestial Group. The top three securities contributing to the Fund’s absolute performance were Electronic Arts, Alkermes and First Republic Bank.
Penn Mutual Asset Management, Inc.
Investment Adviser
Ivy Investment Management
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Mid Cap Growth Fund on December 31, 2005 would have grown to $17,678. 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, 2005 would have grown to $21,917.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Mid Cap Growth Fund | (5.78 | )% | 6.65 | % | 5.86 | % | ||||||
Russell MidCap Growth Index | (0.20 | )% | 11.54 | % | 8.16 | % |
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. |
23
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 12/31/15
Percent of Total Investments2 | ||||
Consumer, Non-Cyclical | 31.0 | % | ||
Consumer, Cyclical | 23.3 | % | ||
Financial | 13.8 | % | ||
Technology | 13.0 | % | ||
Industrial | 8.6 | % | ||
Communications | 5.0 | % | ||
Energy | 3.6 | % | ||
Basic Materials | 1.7 | % | ||
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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. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
24
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Mid Cap Value Fund returned –7.98% for the twelve-month period ending December 31, 2015, compared to the –4.78% return for its benchmark, the Russell Midcap Value Index.
Our overweight relative to the benchmark in the consumer discretionary sector was predicated on continued job and income growth, higher home prices and lower debt burdens, along with reduced gas and heating bills, all of which fostered an attractive backdrop for consumer confidence and spending. Indeed, the University of Michigan’s Consumer Sentiment average reading of 93 this year was the highest it has been in over ten years.
While spending is healthy, the consumer has been selective, choosing to spend more on housing, auto, services, and higher ticket durables at the expense of general merchandise and apparel. This benefited holdings in Darden and Select Comfort, but negatively impacted positions in Kohl’s and Deckers Outdoor. Hertz also came under renewed pressure during the year as the company’s restructuring program, under the leadership of a new CEO, has yet to improve earnings and cash flow. Staples was also hit hard during the fourth quarter as the FTC moved to block the company’s merger with Office Depot. Looking forward, we believe the sharp decline in many of our consumer discretionary companies has created some compelling opportunities and valuations in our diverse holdings as they maintain strong brands, solid balance sheets, and generate strong free cash flow.
Oil and natural gas prices continued to set new lows as oil declined 30% during the year and is trading near its ten-year low and natural gas is trading near its 15-year low. While we maintain an underweight position relative to the Index in both the utilities and energy sectors, our contrarian nature led us to add two new investments which had already been battered by the market. Oneok operates natural gas gathering assets with revenues that are largely contracted or volume dependent. Investors became more negative on Oneok’s growth prospects despite the company’s strong results during the last two quarters and a substantial de-risking of their portfolio. At year-end, the stock yielded just under 10%. NRG Energy, which is the largest merchant electricity generator, came under pressure when forward prices retreated as natural gas prices collapsed due to elevated production and unseasonably warm winter weather. Finally, a long term holding, Devon Energy, which has restructured its portfolio over the last several years, is now focused on its low cost
North American shale oil basins and maintains a strong balance sheet. While the market reacted poorly to a recently announced acquisition, we believe the company is well positioned for a rebound in oil prices.
In 2015, the market ignored complex, value oriented stocks and focused on companies that were meaningfully growing their top line, creating a large disparity between the valuation of growth and value equities. While the fundamentals of some of our investments deteriorated more than we expected, the market severely penalized many of these companies to the point where valuations, in our opinion, have dislocated from underlying corporate value. The management teams of many of our portfolio holdings are actively trying to increase shareholder value through asset restructurings and/or major share buybacks. We believe that these actions, coupled with improving earnings and free cash flow as the U.S. economy continues to expand, should afford a significant bounce back in many of our holdings during 2016.
We believe worldwide growth will remain subdued. Given this backdrop, the relatively high valuations in the market and sluggish earnings growth may suggest that general market gains will be moderate in 2016.
Penn Mutual Asset Management, Inc.
Investment Adviser
Neuberger Berman Management
Investment Sub-Adviser
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Mid Cap Value Fund on December 31, 2005 would have grown to $17,335. 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, 2005 would have grown to $20,818.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Mid Cap Value Fund | (7.98 | )% | 8.99 | % | 5.65 | % | ||||||
Russell MidCap Value Index | (4.78 | )% | 11.25 | % | 7.61 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Financials | 20.0 | % | ||
Industrial | 19.5 | % | ||
Technology | 18.8 | % | ||
Consumer, Non-Cyclical | 13.7 | % | ||
Consumer, Cyclical | 9.9 | % | ||
Utilities | 8.5 | % | ||
Energy | 5.6 | % | ||
Basic Materials | 2.2 | % | ||
Communications | 1.8 | % | ||
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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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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Mid Core Value Fund returned –1.51% for the twelve-month period ending December 31, 2015, compared to the –4.78% return for its benchmark, the Russell Midcap Value Index.
The broad U.S. stock market recorded a small gain for the year. During the summer, the market was roiled by concerns about slowing growth in China and other emerging markets. Oil and commodity prices dropped on worries about weak global growth, falling demand, and oversupply. Meanwhile, U.S. economic growth continued slowly. In December, the Federal Reserve raised short-term interest rates, a move that had been anticipated by the market for most of 2015.
In this environment, the Fund received positive results in absolute terms in four of the 10 sectors in which it was invested. Relative to the benchmark, positions in the consumer staples, utilities, and energy sectors added to returns. The portfolio was hampered by positions in the information technology, financials, and telecommunication services sectors.
An overweight position and stock selection in the consumer staples sector drove the Fund’s outperformance. In the food products industry, a notable contributor was snack company Mondelez International. The company, which topped earnings expectations and raised margins, indicated a willingness to be acquired and had an activist investor promoting the stock. Among food and staples retailers, Sysco, a large distributor of food and related products, benefited from improving restaurant sales and the addition of an activist investor to its board.
The Fund benefited from selective stock picking across the utilities sector. A lack of exposure to independent power and renewable electric producers was also advantageous, as this industry recorded a double-digit decline in the benchmark.
Security selection in the energy sector bolstered results, as the Fund did not own some of the sector’s steepest decliners. The sector was also the source of leading contributor Cameron International, a global provider of pressure control, processing, flow control, and compression systems. Its stock appreciated on news that oilfield-services provider Schlumberger had agreed to acquire it at a healthy premium.
On the other hand, an overweight position limited the Fund’s gains. Energy was the worst-performing sector in
the benchmark. The sector also provided a number of key detractors. Devon Energy lost ground on news it would acquire Felix Energy for $2 billion, which may have appeared dilutive to stockholders. An overweight in natural gas producer EQT hampered results as warm weather caused weak natural gas consumption and drove commodity prices to decade lows. Perception of the company’s midstream energy business was also likely harmed by the turmoil in the master limited partnership markets. Portfolio-only holding Anadarko Petroleum retreated after investors reacted negatively to the company’s all-stock proposed acquisition of Apache. The team believes that the market overreacted and that the offer didn’t affect the company’s fair value.
In the industrials sector, the Fund benefited from an overweight in Republic Services. The waste management company recorded strong gains as it continued to execute well and has minimal exposure to emerging markets and foreign currency issues. Within the aerospace and defense industry, portfolio-overweight Exelis was acquired by competitor Harris Corp. in a cash and stock deal at approximately a 35% premium over the company’s share price at the time. However, the industrials sector was also the source of a prominent detractor. Portfolio-only holding Heartland Express underperformed along with other transportation stocks amid weaker volumes and increased labor costs.
The Fund was hurt by stock selection in the information technology sector. Detractors included Micron Technology, which suffered amid weakness in the PC-build segment. The semiconductor company’s prices dropped faster than its costs, hurting the share price.
Penn Mutual Asset Management, Inc.
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Mid Core Value Fund on December 31, 2005 would have grown to $17,872. 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, 2005 would have grown to $20,818.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Mid Core Value Fund | (1.51 | )% | 10.32 | % | 5.98 | % | ||||||
Russell MidCap Value Index | (4.78 | )% | 11.25 | % | 7.61 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Financials | 26.7 | % | ||
Consumer, Non-Cyclical | 17.4 | % | ||
Industrials | 15.6 | % | ||
Energy | 12.0 | % | ||
Utilities | 10.2 | % | ||
Technology | 7.2 | % | ||
Consumer, Cyclical | 7.0 | % | ||
Communications | 1.6 | % | ||
Basic Materials | 1.3 | % | ||
Index Fund | 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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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series SMID Cap Growth Fund returned –1.52% for the twelve-month period ending December 31, 2015, compared to the –0.19% return for its benchmark, the Russell 2500 Growth Index for the same time period.
Security selection in the traditional growth sector of information technology proved to be the largest contributor to annual returns. Specific strength was visible in “software-as-a-service” or “SaaS” providers. Tyler Technologies develops applications that aid in the administration of local governments and court systems. The company has enjoyed a strong run of performance as an improving economy has led to increased local tax revenue and greater demand for its products. Additionally, within the industry, FleetMatics provides fleet management software that helps truck fleet operators gain insight into vehicle location, fuel usage, speed and mileage. The company saw its shares rise sharply for much of 2015 as earnings were largely better than expected. Also within the technology sector, Palo Alto Networks was a key contributor. The company, a leader in IT security, offers a best-in-breed enterprise solution that has been capturing market share for several years. Spending on security and data protection has exploded in recent years and Palo Alto has been a key beneficiary.
On the negative side, positioning in the health care industry weighed on returns in 2015. Weakness was most apparent in the highly innovative and highly volatile biotechnology industry. Clovis Oncology was dealt tough news to its promising lung cancer treatment. After receiving “fast track” status from the FDA, Clovis produced clinical data that showed lower response rates in a specific patient cohort. Shares declined precipitously, as it gave a competing drug from AstraZeneca a big lead in a large total available market. With uncertainty on the duration and efficacy of future trials, we concluded the fundamentals had changed enough to warrant selling the position. Envision Healthcare was also a notable detractor. Envision is a leading provider of services to the U.S. health care system, with an emphasis on solutions for clinics, hospitals, and emergency rooms. The company had been well positioned as the Affordable Care Act (ACA) had increased insurance coverage and overall consumer demand for health care. However, these trends reversed course in 2015 as health care utilization volumes took a surprising fall. Early adopters of the ACA appear to be slowing in usage, while new user growth has been disappointing. Along with pricing pressures on new
customer contracts, these factors drove a sharp correction in the stock.
Like a lingering storm system, many of the same issues that clouded the U.S. equity market in 2015 remain in place. Global growth remains questionable as China works to re-ignite its economy. European economies are extremely fragile. Geopolitical risk is elevated. The impact of a prolonged commodity price downtown remains an issue. And while the question of “when” the Federal Reserve will act has been answered, investors are now asking themselves what a “gradualist” approach to policy normalization actually looks like. These issues will likely result in increased “waves” of market volatility. The best way to navigate this volatility, in our opinion, is to remain focused on the consistent execution of our investment process. Like any seasoned navigator, however, tactical adjustments will be made.
One such adjustment is an increase in the secular growth component of the Fund. In an economy in which secular growth remains scarce, investors should be drawn to those firms that are somewhat insulated from global economic currents. it will likely not be a smooth ride, we are optimistic that 2016 will be a successful voyage.
Penn Mutual Asset Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2015
An investment of $10,000 in the SMID Cap Growth Fund on August 25, 2008 would have grown to $19,458. 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 $19,639.
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
SMID Cap Growth Fund | (1.52 | )% | 9.24 | % | 9.47 | % | ||||||
Russell 2500 Growth Index | (0.19 | )% | 11.43 | % | 9.62 | % |
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 12/31/15
Percent of Total Investments3 | ||||
Consumer, Non-Cyclical | 36.5 | % | ||
Consumer, Cyclical | 19.2 | % | ||
Technology | 16.9 | % | ||
Industrial | 14.7 | % | ||
Financials | 5.8 | % | ||
Communications | 4.5 | % | ||
Basic Materials | 1.4 | % | ||
Energy | 1.0 | % | ||
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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. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series SMID Cap Value Fund returned –5.69% for the twelve-month period ending December 31, 2015, compared to the –5.49% return for its benchmark, the Russell 2500 Value Index for the same time period.
During the year, smaller-cap markets experienced a sharp divergence among sector performance, stemming from investor concerns surrounding declining energy prices, market and economic volatility in China, and global central bank policy decisions. Energy stocks were notable underperformers, as were sectors such as materials and industrials, which are more sensitive to global economic growth. Defensive and domestically oriented sectors such as health care, financials and utilities fared better by comparison. Investors continued to favor assets with lower perceived risk, and large-cap stocks outperformed smaller-cap stocks for the full year.
For the year, the Fund fell in absolute terms but outperformed its benchmark. Overall security selection contributed to performance led by the Fund’s financials and technology holdings. Stock selection in the consumer discretionary and industrials sectors detracted from relative performance. Overall sector allocation had a negative effect on performance for the period as an underweight position in financials counteracted the positive effect of an underweight in energy.
The leading contributor was StanCorp Financial, a U.S.-based provider of employee insurance and annuity products. StanCorp was acquired at a substantial premium by Japanese company Meiji Yasuda, which was attracted to its strong U.S. franchise. Helen of Troy, a manufacturer of consumer products such as hair dryers and kitchen housewares and Fairchild Semiconductor were also among the individual contributors.
The declining oil price and sluggishness in the energy sector drove down shares of exploration & production companies. SM Energy underperformed along with other U.S. oil and gas producers, due to expectations of continued weakness in oil and gas prices. Home décor retailer, Pier 1 Imports and Bloomin’ Brands, an operator of restaurant chains such as Outback Steakhouse and Carrabba’s Italian Grill, also underperformed.
The current investment climate is marked by high levels of uncertainty. The market remains focused on global economic growth against the backdrop, the depressed price of oil and volatile Chinese economic indicators. Stocks judged to have sizable exposure to the broader economy, such as
technology, industrials and consumer stocks, have lagged in spite of (in a number of cases) good company-level performance in this challenging climate. We feel that a significant number of stocks in our universe have a powerful combination of attractive value, strong free cash flow and company level catalysts. We agree that the current economic environment will remain challenging but find these opportunities compelling. We believe that the strength of these companies’ cash flows and business models should help them navigate these obstacles, and that their valuations offer considerable upside once macro concerns stabilize.
Penn Mutual Asset Management, Inc.
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2015
An investment of $10,000 in the SMID Cap Value Fund on August 25, 2008 would have grown to $19,825. 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 $17,519.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
SMID Cap Value Fund | (5.69 | )% | 9.44 | % | 9.75 | % | ||||||
Russell 2500 Value Index | (5.49 | )% | 9.23 | % | 7.93 | % |
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
Portfolio Composition as of 12/31/15
Percent of Total Investments3 | ||||
Financials | 30.1 | % | ||
Industrial | 16.5 | % | ||
Consumer, Cyclical | 14.7 | % | ||
Consumer, Non-Cyclical | 9.8 | % | ||
Technology | 8.7 | % | ||
Energy | 6.8 | % | ||
Communications | 6.3 | % | ||
Utilities | 4.3 | % | ||
Basic Materials | 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. |
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Small Cap Growth Fund returned 0.42% for the twelve-month period ending December 31, 2015, compared to the –1.38% return for its benchmark, the Russell 2000 Growth Index.
We have taken a high-quality approach to investing in small-caps throughout 2015 and that approach paid off. 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.
Our stock selection in the consumer discretionary and technology sectors were large contributors to our relative performance. Many of our technology companies have predictable or recurring revenue streams from diverse end markets outside the technology sector, and these companies were among our top-performing technology stocks during the year. Euronet Worldwide was one of our top contributors to performance, and serves as an example of the diverse end markets some of our technology companies serve. Euronet owns the infrastructure that consumers in Europe use to make payments for their prepaid mobile phone service. We believe this business creates a steady revenue stream as customers continue to use the infrastructure to make payments to continue their phone service.
Blackbaud was another top contributor within the technology sector. The stock rose during the year as the market received more confirmation about the growth potential of the company. Blackbaud provides technology solutions designed to improve fundraising for the nonprofit industry. Fundraising is clearly a critical function for that industry, and Blackbaud’s solutions have proved an effective proposition for improving those fundraising efforts. However, many nonprofits have been slow to integrate technology into the fundraising process, which creates a potentially large addressable market for Blackbaud going forward.
Dyax Corp. was one of our largest contributors outside the technology sector. The stock was up after an announcement it would be acquired by Shire Plc. We were not surprised to see Dyax pursued as an acquisition candidate. In our view, the company has a potential best-in-class drug for hereditary angioedema (HAE) therapy, which could become the new standard of treatment based
on strong efficacy from early-stage trials. Shire is the current leader in HAE treatments, and a logical partner to acquire Dyax.
While we were pleased with the performance of many companies in the Fund, we also held stocks that detracted from performance. Our stock selection in the industrial sector detracted from relative performance. Kennametal was our largest detractor within the industrial sector. The company makes cutting tools used in end markets serving the energy sector. While those end markets have been weak, we believe the new management team at Kennametal will take some appropriate steps to restructure the company.
Outside the industrial sector, Wolverine World Wide was a large detractor, falling most recently due to softer sales of its Sperry and Merrell shoe brands. While soft sales of some of its shoe brands have disappointed lately, we continue to like the stock. Wolverine has a long history of improving the management of the brands it acquires as well as increasing sales through its global distribution network.
Belden CDT was another detractor. The company’s stock fell in the third quarter following management’s announcement of weaker-than-expected earnings due in part to a decline in demand from its industrial customers, and also due to weaker demand for high-end video equipment the company sells to the broadcasting industry. We view the softness as temporary.
Penn Mutual Asset Management, Inc.
Investment Adviser
Janus Capital Management
Investment Sub-Adviser
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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Small Cap Growth Fund on December 31, 2005 would have grown to $14,046. 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, 2005 would have grown to $21,494.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Small Cap Growth Fund | 0.42 | % | 6.95 | % | 3.46 | % | ||||||
Russell 2000 Growth Index | (1.38 | )% | 10.67 | % | 7.95 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Consumer, Non-Cyclical | 35.3 | % | ||
Technology | 21.5 | % | ||
Industrial | 15.8 | % | ||
Consumer, Cyclical | 10.5 | % | ||
Financial | 8.6 | % | ||
Communications | 4.5 | % | ||
Basic Materials | 2.2 | % | ||
Energy | 1.2 | % | ||
Diversified | 0.4 | % | ||
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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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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Small Cap Value Fund returned –5.46% for the twelve-month period ending December 31, 2015, compared to the –7.47% return for its benchmark, the Russell 2000 Value Index.
In the Fund for the year, investments in the financials and energy sectors contributed to results, whereas the information technology and health care sectors detracted from performance.
For the year, CubeSmart, a self-storage real estate investment trust (REIT), was a top contributor to performance. The company consistently beat earnings expectations throughout the year, helped by high occupancies and rents in the self-storage sector. We continue to be positive on the management team and its ability to make accretive acquisitions, supported by a healthy balance sheet. For the year, Infinity Pharmaceuticals, a biotechnology company, was a top detractor from performance. Its shares declined after the company announced a delay in a clinical trial for a blood cancer treatment. The stock was also hurt by reports that the new drug could face competitive pressure when it comes to market.
During the year, we initiated a position in TreeHouse Foods, a food manufacturer. A weaker market environment for single serve coffee cups, for which TreeHouse is a manufacturer, has negatively impacted performance. We believe the market environment could stabilize, however, as the industry matures and competitors become more rational. In our opinion, the company has a proven platform which is poised for additional growth. We also started a position in data center provider CyrusOne. We believe the company is well positioned to serve the data storage needs of enterprise customers and, as a result, we expect the company to benefit from continued demand growth.
During the year, we exited our position in Strategic Hotels & Resorts, an owner of luxury hotels across North America and Europe. We believed the company would be a beneficiary of high investor demand for luxury hotels and very limited new supply in the space. Additionally, we were optimistic on the company’s opportunity to potentially benefit from improving trends in group travel. We exited our position in ALLETE, a Midwestern electric utility company. We originally initiated our position in ALLETE several years ago when we believed the company had significant growth potential and an attractive valuation.
As we enter 2016, we see an abundance of opportunities across the U.S. equity markets. While our aggregate return expectations are lower than in recent years given slower economic growth and a dearth of outright cheap valuations, we believe equities still look more attractive than most other asset classes. Consumption, which accounts for approximately 70% of U.S. gross domestic product (“GDP”), could continue to benefit from strength in the labor and housing markets and low energy prices. Additionally, we do not expect to see much negative impact from the Fed’s pursuit of monetary policy normalization, given the likely gradual trajectory of interest rate increases and relatively healthy corporate and consumer balance sheets. While we are cognizant of potential headwinds, such as the risks posed from rising geopolitical tensions, we remain constructive on the direction of the U.S. equity markets. Ultimately, we believe focusing on company fundamentals, while being aware of the potential impact of various macroeconomic factors, is a process that generates compelling, long-term returns.
Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. 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, 2005 — December 31, 2015
An investment of $10,000 in the Small Cap Value Fund on December 31, 2005 would have grown to $21,489. 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, 2005 would have grown to $17,203.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Small Cap Value Fund | (5.46 | )% | 10.52 | % | 7.95 | % | ||||||
Russell 2000 Value Index | (7.47 | )% | 7.67 | % | 5.57 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Financials | 41.4 | % | ||
Industrials | 13.8 | % | ||
Consumer, Cyclical | 10.7 | % | ||
Consumer, Non-Cyclical | 9.9 | % | ||
Technology | 8.0 | % | ||
Utilities | 6.1 | % | ||
Energy | 4.8 | % | ||
Basic Materials | 3.0 | % | ||
Communications | 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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Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Small Cap Index Fund returned –5.12% for the twelve-month period ending December 31, 2015, compared to the –4.41% return for its benchmark, the Russell 2000 Index for the same time period.
After a turbulent January, 2015 for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated.
The positive tone of U.S. economic data in late first quarter of 2015 pushed yields on U.S. 10 year bonds higher after having fallen sharply the prior month. U.S. equity markets traded down slightly on the jobs report as expectations increased that the U.S. economy was gaining strength and that the Federal Reserve may have an opportunity to raise rates in the not too distant future.
Global markets entered the month of May, 2015 digesting an initial first quarter 2015 gross domestic product (GDP) report released on April 29, 2015 showing a much lower than expected 0.2% annualized rate of growth. Despite the weak U.S. growth data, the month opened with global interest rates continuing to rise sharply on the heels of a selloff that began in late April, 2015.
After the market selloff in August, expectations that the Federal Reserve would make good on the median forecast of Federal Reserve Board members and bank presidents in June that rates would increase in two increments for the remainder of the year beginning in September 2015 were brought into question.
Contributing to this lackluster outcome for 2015 was a challenging environment for U.S. companies’ ability to earn a profit, evidenced by declining year over year of earnings on the S&P 500 Index for both the second and third quarters and the potential for more of the same in the final quarter of the year. This falloff in earnings is most significantly attributable to the energy sector where a 60% decline in oil prices through the end of September corresponded to a nearly identical decline in equity sector earnings. Excluding the energy sector, S&P 500 Index aggregate earnings growth has remained positive, though still soft given the impact on multinationals of the stronger U.S. dollar and subdued global growth backdrop.
On an individual security level, the top positive contributors to the Fund’s performance were Dyax Corp, Neurocrine Biosciences Inc. and Synageva BioPharma Corp. The top negative contributors to the Fund’s performance
were Dynegy Inc., Axiall Corporation, and United Natural Foods, Inc.
Penn Mutual Asset Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2015
An investment of $10,000 in the Small Cap Index Fund on August 25, 2008 would have grown to $16,796. 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 $17,069.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Small Cap Index Fund | (5.12 | )% | 8.54 | % | 7.30 | % | ||||||
Russell 2000 Index | (4.41 | )% | 9.19 | % | 7.55 | % |
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
Portfolio Composition as of 12/31/15
Percent of Total Investments3 | ||||
Financials | 25.9 | % | ||
Consumer, Non-Cyclical | 23.2 | % | ||
Consumer, Cyclical | 12.6 | % | ||
Industrials | 11.9 | % | ||
Technology | 11.3 | % | ||
Communications | 6.2 | % | ||
Utilities | 3.6 | % | ||
Basic Materials | 2.7 | % | ||
Energy | 2.5 | % | ||
Diversified | 0.1 | % | ||
|
| |||
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 –1.39% for the twelve-month period ending December 31, 2015, compared to the –0.39% return for its benchmark, the MSCI EAFE Index for the same time period.
2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). The Swiss National Bank delivered an early surprise for global markets on January 15th by removing the peg between the Swiss Franc and the Euro in place since 2011. This unexpected tightening action sent the Swiss Franc up better than 20% against the Euro and the Swiss equity market down by 15% immediately following the move.
Markets in June were unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse. Setting up what many saw as high stakes, though ultimately resolvable set of moves, the Greek government on June 5th elected to miss a scheduled payment to the IMF, choosing to instead bundle the payment with two others for a total of €1.5 billion payable on June 30th. Near the end of the month a framework to release bailout funds to Greece to make that IMF payment still seemed possible with a hoped for last minute agreement. Those expectations were quickly dashed, however, by a surprise announcement by the Greek government on Friday evening June 26th to hold a referendum on a final set of austerity proposals by Greece’s creditors to unlock a final tranche of bailout funds. Unsurprisingly, equity markets on June 29th reacted negatively to the uncertainty created of the referendum, though contagion in debt markets was relatively contained with very modest widening in sovereign debt spreads in Spain and Italy.
Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market
growth prospects more generally led to a broad selloff of global equities in August and September. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year.
After a sharp selloff in the third quarter of 2015 on global growth fears emanating from emerging markets led by China that took most major bourses negative on the year, global equities rebounded smartly in October, though with little follow through in November and December to close out the fourth quarter.
On an individual security level, the top positive contributors to the Fund’s performance were Novo Nordisk A/S Class B, Anheuser-Busch InBev SA, and Nestle S.A. The top negative contributors to the Fund’s performance were Banco Santader S.A., Glencore plc, and Royal Dutch Shell plc Class A.
Penn Mutual Asset Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Cumulative Performance Comparison
August 25, 2008 — December 31, 2015
An investment of $10,000 in the Developed International Index Fund on August 25, 2008 would have grown to $11,429. 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 $12,221.
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Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Developed International Index Fund | (1.39 | )% | 2.97 | % | 1.83 | % | ||||||
MSCI EAFE Index | (0.39 | )% | 4.07 | % | 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 12/31/15
Percent of Total Investments3 | ||||
Japan | 23.3 | % | ||
United Kingdom | 17.6 | % | ||
Switzerland | 9.8 | % | ||
France | 9.3 | % | ||
Germany | 9.1 | % | ||
Australia | 6.8 | % | ||
Netherlands | 4.5 | % | ||
Spain | 3.1 | % | ||
Hong Kong | 3.0 | % | ||
Sweden | 2.8 | % | ||
Italy | 2.2 | % | ||
Denmark | 1.9 | % | ||
Belgium | 1.5 | % | ||
Singapore | 1.2 | % | ||
Finland | 0.9 | % | ||
Ireland | 0.9 | % | ||
Israel | 0.7 | % | ||
Norway | 0.5 | % | ||
Austria | 0.2 | % | ||
Luxembourg | 0.2 | % | ||
New Zealand | 0.2 | % | ||
China | 0.1 | % | ||
Portugal | 0.1 | % | ||
South Africa | 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. |
40
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series International Equity Fund returned 3.59% for the twelve-month period ending December 31, 2015, compared to the –5.25% return for its benchmark, the MSCI ACWI ex-U.S. Index.
We believe Novo-Nordisk is well-positioned to achieve strong growth through innovation and new launches. Novo Nordisk has both dominant market share as well as industry leading products. The group is the leading drug company focused on diabetes care. Novo Nordisk is highly focused on its few core therapeutic areas and rewards shareholders with industry leading growth rates and cash returns.
Paddy Power, an Irish gaming company, has been a long-held and successful position in our strategies. It is predominantly a technology company as much of gambling has moved on-line. The company has a powerful brand and a fun, innovative and edgy image. Its business footprint currently spans only jurisdictions where it can operate legally, which is a rarity in the global online gaming marketplace. Most competitors in the online space have been happy to cross into geographies where gambling is not legal, tempted by the short-term buck to be made. Paddy Power has consistently kept its gaming nose clean and mainly operates in Ireland, the United Kingdom, France, Italy and Australia through direct or business-to-business operating ventures.
Detracting from performance during the period was Enbridge, the largest liquid pipeline in Canada. It is the backbone system to move oil from the Alberta region to Eastern Canada and the United States. We think that the recent underperformance of the stock reflects the sharp correction in oil prices. In a scenario of long-term low oil prices, there is risk that oil producers in Canada will need to start cutting production targets. And, this will have a negative impact on Enbridge’s long-term growth trajectory.
Baidu disappointed with continued weakness in margins as the company is spending heavily on marketing to drive adoption of its Online-to-Offline (O2O) platforms. After a meeting with the management of Baidu, we decided to trim Baidu’s earnings estimates further. We had already trimmed our estimates by close to 25%. The weaker Chinese currency (which was not our base case) also impacted our assumptions.
European equities entered positive territory in the beginning of 2015, bolstered by central bank bond purchases. By mid-year, the Greek debt crisis impacted European markets, and the effects of the Chinese slowdown and a scandal at German auto manufacturer Volkswagen weighed on investor sentiment. In the fourth quarter, the European Central Bank announced additional stimulus and cut its deposit rate by 10 basis points to –0.3%, which was on the lower end of expectations, and disappointed markets.
Emerging markets entered 2015 with positive momentum and after reaching highs in late-April, driven by soaring Chinese equity markets, emerging markets experienced steep declines as concerns over China’s weak macroeconomic data, Beijing’s unexpected move to devalue its currency, and substantial Chinese equity market volatility led to a global market sell-off in August. Emerging markets suffered far worse than their developed market counterparts. Currencies of many developing countries tumbled as well. While emerging market equities ended in slightly positive territory for the fourth quarter, the asset class faced headwinds due to slowing growth, earnings pressure, U.S. dollar strength and a collapse in commodity prices.
Overall, we expect slower global economic growth and heightened equity market volatility to continue into 2016. In this type of environment, stock selection is critical and we believe that taking a focused and concentrated approach to portfolio construction will enable us to outperform over a full market cycle.
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, 2005 — December 31, 2015
An investment of $10,000 in the International Equity Fund on December 31, 2005 would have grown to $17,154. For the purpose of comparison, the graph also shows the change in the Fund’s benchmark, the MSCI ACWI ex-U.S. Index, during the same period. A $10,000 investment in the MSCI ACWI ex-U.S. Index on December 31, 2005 would have grown to $13,492.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
International Equity Fund | 3.59 | % | 6.66 | % | 5.54 | % | ||||||
MSCI ACWI ex-U.S. Index | (5.25 | )% | 1.51 | % | 3.38 | % |
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 12/31/15
Percent of Total Investments2 | ||||
United Kingdom | 23.3 | % | ||
Switzerland | 13.5 | % | ||
United States | 12.3 | % | ||
India | 11.1 | % | ||
France | 7.2 | % | ||
Australia | 5.0 | % | ||
Germany | 4.7 | % | ||
Netherlands | 4.2 | % | ||
Denmark | 4.0 | % | ||
Ireland | 3.2 | % | ||
Canada | 3.1 | % | ||
Japan | 2.4 | % | ||
Hong Kong | 2.2 | % | ||
Spain | 1.7 | % | ||
South Africa | 1.6 | % | ||
South Korea | 0.5 | % | ||
|
| |||
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. |
42
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Emerging Markets Equity Fund returned –10.89% for the twelve-month period ending December 31, 2015, compared to the –14.60% return for its benchmark, the MSCI Emerging Markets Index for the same time period.
Over the course of the year, markets grew increasingly concerned about China’s slowing economy and waning liquidity with the Federal Reserve interest rate hike looming, both of which put downward pressure on global growth. While commodity prices declined, providing a windfall to the consumer, corporate profits hit multi-year lows. Markets that suffered the most in 2015 were commodity exporters such as Colombia, Peru, Brazil and South Africa. Political issues in Greece, Brazil, Turkey and Poland also weighed heavily on markets.
Positive contributors to the Fund’s performance during the period included our stock selection in India, South Africa, China and Taiwan. Both an overweight allocation and stock selection in Eastern Europe added value, as did an underweight allocation and stock selection in Brazil. Additionally, a hedge on the Fund’s euro exposure, managed using foreign exchange futures, was beneficial to performance.
Key detractors from performance included the Fund’s position in Korea, where stock selection and an underweight allocation were unfavorable. Stock selection and a neutral allocation in both Colombia and Peru also hampered returns.
Several factors are likely to contribute to continued market volatility for some time in 2016: comprehension of China’s true economic growth trajectory, reaction to potential additional devaluation of China’s currency, and further adjustment to the consequences of the U.S. Federal Reserve’s rate increase path. But we think emerging market equities are heading toward an eventual important turning point, even if precise timing is difficult to determine.
Presently, emerging market valuations in aggregate appear attractive, trading at about a 30% discount to developed equities — not as deep as the 50% discount seen in the 1997-98 period, but below their 20-year average discount of over 20%. But as a catalyst, we think what will drive emerging market equities at some point, perhaps later this year, is when the market focuses on economic growth inflections shifting in favor of emerging markets relative to developed markets. Historically, the best time to buy
emerging markets, as an asset class, has been when their gross domestic product growth rates were increasing by more than those in developed countries. We believe strongly that there will be big differences among countries for both growth rates and equity performance. Country allocation will be critical to generating excess returns in this environment.
As we have for many years, we remain underweight China and commodities-related plays such as Brazil and Russia in the Fund. We still consider Central/Eastern Europe an attractive investment opportunity. After two recessions in five years, Western European growth is recovering and beginning to unleash a great deal of pent-up demand for goods and services which we believe could benefit Poland, the Czech Republic and Romania.
We also remain positive on the Philippines. In our view, the Philippines continues to deliver some of the most attractive well-rounded growth with the business process outsourcing sector performing well, keeping overall consumption fairly strong. Lower oil prices could provide a tailwind for consumption and help bring inflation down.
Our overweight position in India is tempered by its status as a market consensus favorite. While views on India’s macro prospects are divided, we find select bottom-up stories attractive. In Mexico, economic growth is starting to turn around, as reflected in company earnings. Consumption is finally picking up and credit is at last beginning to grow, and it has among the lowest credit penetration levels of any emerging market country.
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, 2015
An investment of $10,000 in the Emerging Markets Equity Fund on August 25, 2008 would have grown to $9,700. 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 $9,812.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Emerging Markets Equity Fund | (10.89 | )% | (3.96 | )% | (0.41 | )% | ||||||
MSCI Emerging Markets Index | (14.60 | )% | (4.47 | )% | 0.20 | % |
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. |
Portfolio Composition as of 12/31/15
Percent of Total Investments3 | ||||
China | 13.2 | % | ||
South Korea | 12.6 | % | ||
Taiwan | 10.7 | % | ||
India | 10.5 | % | ||
Mexico | 7.1 | % | ||
Hong Kong | 6.2 | % | ||
Brazil | 4.6 | % | ||
South Africa | 4.6 | % | ||
Philippines | 4.3 | % | ||
Indonesia | 3.1 | % | ||
Poland | 3.0 | % | ||
Austria | 2.4 | % | ||
United States | 2.3 | % | ||
Thailand | 2.2 | % | ||
Russia | 2.0 | % | ||
Czech Republic | 1.2 | % | ||
Pakistan | 1.1 | % | ||
Turkey | 1.0 | % | ||
United Kingdom | 1.0 | % | ||
Netherlands | 0.9 | % | ||
Peru | 0.9 | % | ||
Argentina | 0.8 | % | ||
Portugal | 0.8 | % | ||
Japan | 0.7 | % | ||
Switzerland | 0.7 | % | ||
Chile | 0.6 | % | ||
Columbia | 0.5 | % | ||
Egypt | 0.5 | % | ||
Panama | 0.2 | % | ||
Spain | 0.2 | % | ||
Malaysia | 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. |
44
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Real Estate Securities Fund returned 5.22% for the twelve-month period ending December 31, 2015, compared to the 3.20% return for its benchmark, the FTSE NAREIT Equity REIT Index.
The year was a challenging period for equities, as investors reacted to signs of economic deceleration in China, falling commodity prices and slowing global growth generally. In the U.S., the prospect for an interest-rate hike by the Federal Reserve occasionally upset markets, although when the Fed finally raised rates off of near-zero in December, by 0.25%, investors seemed to take it in stride.
In this environment, U.S. REITs, which have a strong domestic orientation, had a positive total return and outperformed the broader U.S. market, aided by continued strength in real estate fundamentals. Throughout the year, REITs generally exceeded or met the market’s high earnings expectations, and many raised their guidance. Meanwhile, acquisition activity continued to confirm high property valuation levels, also helping REIT shares to recover from their mid-year lows.
Returns varied widely by property type. Self storage REITs were a positive standout. Demand for self storage has continued to outstrip very limited new supply, driving strong same-store sales growth for these companies. Apartment owners also fared well, overcoming concerns about rising supply as household formation continued to support demand.
The regional mall sector modestly outperformed as a group, but saw a divergence in performance. In an uncertain retail environment, companies focused on Class A properties and outlet centers in desirable locations advanced, while landlords that predominately operate Class B malls had sizable declines. Returns for shopping center REITs, which are better represented by consumer staples tenants, were relatively more even.
Office landlords had a flat return; some investors were concerned that property values in cities such as New York could be adversely affected by less investment demand from non-U.S. sources. Hotels were the poorest-performing sector. The group struggled amid moderating economic growth in the U.S. and abroad, with a strong dollar also dampening demand due to slowing tourism. Rising supply in certain large markets also weighed on returns.
Health care property REITs also underperformed during the period. As health care companies have generally transitioned toward more economically sensitive business models over the past few years — no longer pure net-lease plays — their growth prospects have faced increased scrutiny.
The Fund had a positive total return in the year and outperformed its benchmark. Our overweight and stock selection in the apartment sector contributed positively to relative performance, as did our overweight in self storage REITs. Stock selection in the regional mall sector was favorable as well, reflecting our preference for owners of high-quality properties. Factors that detracted from relative returns included stock selection in the shopping center and free-standing retail sectors, along with our overweight in hotels.
Even as the Fed seems likely to continue to lift interest rates off near-zero levels over the next year and beyond, we maintain a favorable view of REITs based on strengthening fundamentals, the relative stability of the U.S. economy and valuations that in many cases are compelling. We believe that any rise in rates from here would be accompanied by economic growth, which historically has resulted in stronger demand for all types of real estate. Even modest economic expansion should continue to drive cash-flow growth, given limited new supply in most sectors and still low financing costs.
We generally favor U.S. property sectors that will benefit the most from improving employment, household wealth and real income growth, including apartments, where an only modest recovery in for-sale housing and strong employment growth remain tailwinds.
Penn Mutual Asset Management, Inc.
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
45
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Cumulative Performance Comparison
December 31, 2005 — December 31, 2015
An investment of $10,000 in the Real Estate Securities Fund on December 31, 2005 would have grown to $18,316. 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, 2005 would have grown to $20,432.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | 10 Year | ||||||||||
Real Estate Securities Fund | 5.22 | % | 11.90 | % | 6.24 | % | ||||||
FTSE NAREIT Equity REIT Index | 3.20 | % | 11.96 | % | 7.41 | % |
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 12/31/15
Percent of Total Investments2 | ||||
Apartments | 18.9 | % | ||
Regional Malls | 17.8 | % | ||
Diversified | 11.5 | % | ||
Storage & Warehousing | 10.5 | % | ||
Office Property | 10.1 | % | ||
Healthcare | 9.4 | % | ||
Strip Centers | 8.1 | % | ||
Hotels & Resorts | 5.0 | % | ||
Building & Real Estate | 3.6 | % | ||
Industrial | 3.0 | % | ||
Manufactured Homes | 1.5 | % | ||
Lodging | 0.6 | % | ||
|
| |||
100.0 | % | |||
|
|
2 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
46
Table of Contents
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
The Penn Series Aggressive Allocation Fund returned –1.59% for the twelve-month period ending December 31, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 0.48% and the Barclays Capital U.S. Aggregate Bond Index’s return of 0.55% 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. Detracting from performance during the period versus its benchmark was the Fund’s underlying asset class allocations to emerging market stocks. Also contributing to the equity underperformance versus the Index were the Fund’s underlying asset class allocations to large, mid and small cap value as growth-oriented stocks outperformed value-oriented stocks across all market capitalizations during the year.
At the individual fund level, the Fund’s allocation to international equity contributed the most to performance during the period. While at an asset class level, the allocation to emerging market equity detracted from performance, at the underlying fund level, an allocation to emerging markets equity helped performance. Also contributing to performance during the period were allocations to small cap growth and real estate.
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 developed international stocks was slightly increased and the asset class allocation to emerging market equity as well as large cap growth stocks were 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, 2015
An investment of $10,000 in the Aggressive Allocation Fund on August 25, 2008 would have grown to $15,121. 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 $19,076. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,732.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Aggressive Allocation Fund | (1.59 | )% | 7.45 | % | 5.78 | % | ||||||
Russell 3000 Index | 0.48 | % | 12.18 | % | 8.77 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.41 | % |
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 12/31/15
International Stocks | 23.0 | % | ||
Large Cap Value Stocks | 17.0 | % | ||
Large Cap Growth Stocks | 14.0 | % | ||
Mid Cap Value Stocks | 9.0 | % | ||
Emerging Market 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 | % | ||
|
| |||
100.0 | % | |||
|
|
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 –1.14% for the twelve-month period ending December 31, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 0.48% and the Barclays Capital U.S. Aggregate Bond Index’s return of 0.55% 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. Contributing the most to this underperformance versus its benchmark was the Fund’s underlying asset class allocations to emerging market stocks. Also contributing to the equity underperformance versus the Index were the Fund’s underlying asset class allocations to large, mid and small cap value as growth-oriented stocks outperformed value-oriented stocks across all market capitalizations during the year.
At the individual fund level, the Fund’s allocation to international equity contributed the most to performance during the period. While at an asset class level, the allocation to emerging market equity detracted from performance, at the underlying fund level, an allocation to emerging markets equity helped performance. Also contributing to performance during the period were allocations to small cap growth and real estate.
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 high yield bonds.
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 emerging markets equity and large cap growth were slightly decreased. These decreases allowed for the slight increase to the international stocks asset class. 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, 2015
An investment of $10,000 in the Moderately Aggressive Allocation Fund on August 25, 2008 would have grown to $15,866. 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 $19,076. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,732.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Moderately Aggressive Allocation Fund | (1.14 | )% | 6.92 | % | | 6.48 | % | |||||
Russell 3000 Index | 0.48 | % | 12.18 | % | 8.77 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.41 | % |
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 12/31/15
International Stocks | 20.0 | % | ||
Large Cap Value Stocks | 15.0 | % | ||
Intermediate Bonds | 13.0 | % | ||
Large Cap Growth Stocks | 12.0 | % | ||
Mid Cap Value Stocks | 8.0 | % | ||
Emerging Market Stocks | 6.0 | % | ||
Mid Cap Growth Stocks | 6.0 | % | ||
Small Cap Value Stocks | 5.0 | % | ||
Small Cap Growth Stocks | 4.0 | % | ||
REITs | 4.0 | % | ||
Short Term Bonds | 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 –0.55% for the twelve-month period ending December 31, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 0.48% and the Barclays Capital U.S. Aggregate Bond Index’s return of 0.55% 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 the most to this underperformance versus its benchmark was the Fund’s underlying asset class allocations to emerging market stocks. Also contributing to the equity underperformance versus the Index were the Fund’s underlying asset class allocations to large, mid and small cap value as growth-oriented stocks outperformed value-oriented stocks across all market capitalizations during the year.
At the individual fund level, the Fund’s allocation to international equity contributed the most to performance during the period. While at an asset class level, the allocation to emerging market equity detracted from performance, at the underlying fund level, an allocation to emerging markets equity helped performance.
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 high yield bonds had a negative impact on its performance for the one-year period. At the underlying fund level, the allocations to both short-term and intermediate-term bonds contributed to performance during the year.
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 emerging market equity and large cap growth stocks were decreased. These decreases allowed for the increase to the asset class allocations within mid cap growth and international equity stocks. 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, 2015
An investment of $10,000 in the Moderate Allocation Fund on August 25, 2008 would have grown to $14,714. 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 $19,076. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,732.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Moderate Allocation Fund | (0.55 | )% | 6.00 | % | 5.39 | % | ||||||
Russell 3000 Index | 0.48 | % | 12.18 | % | 8.77 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.41 | % |
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 | 14.0 | % | ||
Large Cap Value Stocks | 12.0 | % | ||
Large Cap Growth Stocks | 9.0 | % | ||
Short Term Bonds | 7.0 | % | ||
Mid Cap Value Stocks | 6.0 | % | ||
High Yield Bonds | 5.0 | % | ||
Mid Cap Growth Stocks | 5.0 | % | ||
Small Cap Value Stocks | 4.0 | % | ||
Emerging Market Stocks | 4.0 | % | ||
REITs | 3.0 | % | ||
Small Cap Growth Stocks | 3.0 | % | ||
Cash Equivalents | 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 –0.22% for the twelve-month period ending December 31, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 0.48% and the Barclays Capital U.S. Aggregate Bond Index’s return of 0.55% 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 high yield bonds. During the period, Fund performance was aided by the underlying fund allocations to both short-term bonds and intermediate-term bonds.
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 emerging market stocks and large cap value stocks. Emerging markets significantly underperformed domestic equities during the year, which had a negative impact to the Fund’s equity performance. At the individual fund level, the Fund’s allocation to international equity contributed the most to performance during the 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 small cap growth stocks was reduced. This reduction allowed for the increase to the asset class allocation to mid cap growth stocks. 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, 2015
An investment of $10,000 in the Moderately Conservative Allocation Fund on August 25, 2008 would have grown to $14,008. 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 $19,076. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,732.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Moderately Conservative Allocation Fund | (0.22 | )% | 4.97 | % | 4.69 | % | ||||||
Russell 3000 Index | 0.48 | % | 12.18 | % | 8.77 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.41 | % |
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 12/31/15
Intermediate Bonds | 34.0 | % | ||
Short Term Bonds | 16.0 | % | ||
Large Cap Value Stocks | 10.0 | % | ||
International Stocks | 9.0 | % | ||
Large Cap Growth Stocks | 7.0 | % | ||
High Yield Bonds | 7.0 | % | ||
Mid Cap Value Stocks | 4.0 | % | ||
Mid Cap Growth Stocks | 3.0 | % | ||
Cash Equivalents | 3.0 | % | ||
Small Cap Value Stocks | 2.0 | % | ||
Emerging Market Stocks | 2.0 | % | ||
REITs | 2.0 | % | ||
Small Cap Growth Stocks | 1.0 | % | ||
|
| |||
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 0.08% for the twelve-month period ending December 31, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 0.48% and the Barclays Capital U.S. Aggregate Bond Index’s return of 0.55% 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 bonds 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. However, the Fund’s underlying fund allocations to both short-term and intermediate-term bonds did contribute positively to Fund 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 large cap value stocks hindered its equity performance during the period as value stocks underperformed growth stocks during the year. The Fund’s underlying fund allocation to international equity did aid performance during the 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 were not changed and the current asset class allocations will remain in effect 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, 2015
An investment of $10,000 in the Conservative Allocation Fund on August 25, 2008 would have grown to $13,142. 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 $19,076. A $10,000 investment in the Barclays Capital U.S. Aggregate Bond Index on August 25, 2008 would have grown to $13,732.
Average Annual Total Returns1 as of 12/31/15
1 Year | 5 Year | Since Inception2 | ||||||||||
Conservative Allocation | 0.08 | % | 3.52 | % | 3.78 | % | ||||||
Russell 3000 Index | 0.48 | % | 12.18 | % | 8.77 | % | ||||||
Barclays Capital U.S. Aggregate Bond Index | 0.55 | % | 3.25 | % | 4.41 | % |
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 12/31/15
Intermediate Bonds | 42.0 | % | ||
Short Term Bonds | 22.0 | % | ||
High Yield Bonds | 9.0 | % | ||
Large Cap Value Stocks | 7.0 | % | ||
Cash Equivalents | 7.0 | % | ||
Large Cap 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, 2015 and held through December 31, 2015. 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, 2015.
Disclosure of Fund Expenses
For the Period July 1, 2015 to December 31, 2015
Expense Table
Beginning Value July 1, 2015 | Ending Value December 31, 2015 | Annualized Expense Ratio | Expenses Paid During Period * | |||||||||||||
Money Market Fund | ||||||||||||||||
Actual | $1,000.00 | $1,000.06 | 0.27% | $1.36 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.83 | 0.27% | $1.38 | ||||||||||||
Limited Maturity Bond Fund | ||||||||||||||||
Actual | $1,000.00 | $999.14 | 0.73% | $3.67 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.49 | 0.73% | $3.72 |
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Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value July 1, 2015 | Ending Value December 31, 2015 | Annualized Expense Ratio | Expenses Paid During Period * | |||||||||||||
Quality Bond Fund | ||||||||||||||||
Actual | $1,000.00 | $999.99 | 0.68% | $3.44 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.73 | 0.68% | $3.48 | ||||||||||||
High Yield Bond Fund | ||||||||||||||||
Actual | $1,000.00 | $932.33 | 0.87% | $4.26 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.75 | 0.87% | $4.46 | ||||||||||||
Flexibly Managed Fund | ||||||||||||||||
Actual | $1,000.00 | $1,014.96 | 0.92% | $4.66 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.53 | 0.92% | $4.68 | ||||||||||||
Balanced Fund | ||||||||||||||||
Actual | $1,000.00 | $999.99 | 0.22% | $1.09 | ||||||||||||
Hypothetical | $1,000.00 | $1,024.11 | 0.22% | $1.10 | ||||||||||||
Large Growth Stock Fund | ||||||||||||||||
Actual | $1,000.00 | $1,033.33 | 0.98% | $5.01 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.22 | 0.98% | $4.99 | ||||||||||||
Large Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $987.93 | 0.89% | $4.46 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.67 | 0.89% | $4.54 | ||||||||||||
Large Core Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $996.34 | 0.87% | $4.38 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.77 | 0.87% | $4.44 | ||||||||||||
Large Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $951.59 | 0.92% | $4.53 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.51 | 0.92% | $4.70 | ||||||||||||
Large Core Value Fund | ||||||||||||||||
Actual | $1,000.00 | $985.99 | 0.92% | $4.62 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.50 | 0.92% | $4.71 | ||||||||||||
Index 500 Fund | ||||||||||||||||
Actual | $1,000.00 | $999.39 | 0.38% | $1.93 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.26 | 0.38% | $1.95 | ||||||||||||
Mid Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $910.39 | 1.03% | $4.94 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.97 | 1.03% | $5.24 | ||||||||||||
Mid Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $892.98 | 0.81% | $3.87 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.07 | 0.81% | $4.14 | ||||||||||||
Mid Core Value Fund | ||||||||||||||||
Actual | $1,000.00 | $978.28 | 1.08% | $5.39 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.70 | 1.08% | $5.51 | ||||||||||||
SMID Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $898.43 | 1.07% | $5.10 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.77 | 1.07% | $5.44 |
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Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value July 1, 2015 | Ending Value December 31, 2015 | Annualized Expense Ratio | Expenses Paid During Period * | |||||||||||||
SMID Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $925.38 | 1.23% | $5.98 | ||||||||||||
Hypothetical | $1,000.00 | $1,018.92 | 1.23% | $6.29 | ||||||||||||
Small Cap Growth Fund | ||||||||||||||||
Actual | $1,000.00 | $928.86 | 1.04% | $5.03 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.93 | 1.04% | $5.28 | ||||||||||||
Small Cap Value Fund | ||||||||||||||||
Actual | $1,000.00 | $923.34 | 0.99% | $4.79 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.17 | 0.99% | $5.04 | ||||||||||||
Small Cap Index Fund | ||||||||||||||||
Actual | $1,000.00 | $910.04 | 0.69% | $3.31 | ||||||||||||
Hypothetical | $1,000.00 | $1,021.70 | 0.69% | $3.51 | ||||||||||||
Developed International Index Fund | ||||||||||||||||
Actual | $1,000.00 | $930.50 | 0.84% | $4.10 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.91 | 0.84% | $4.30 | ||||||||||||
International Equity Fund | ||||||||||||||||
Actual | $1,000.00 | $1,007.90 | 1.15% | $5.82 | ||||||||||||
Hypothetical | $1,000.00 | $1,019.34 | 1.15% | $5.87 | ||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||
Actual | $1,000.00 | $854.11 | 1.69% | $7.91 | ||||||||||||
Hypothetical | $1,000.00 | $1,016.57 | 1.69% | $8.64 | ||||||||||||
Real Estate Securities Fund | ||||||||||||||||
Actual | $1,000.00 | $1,106.89 | 0.97% | $5.16 | ||||||||||||
Hypothetical | $1,000.00 | $1,020.25 | 0.97% | $4.96 | ||||||||||||
Aggressive Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $960.00 | 0.34% | $1.69 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.46 | 0.34% | $1.75 | ||||||||||||
Moderately Aggressive Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $966.43 | 0.32% | $1.59 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.57 | 0.32% | $1.64 | ||||||||||||
Moderate Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $976.87 | 0.32% | $1.58 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.59 | 0.32% | $1.62 | ||||||||||||
Moderately Conservative Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $984.08 | 0.33% | $1.65 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.53 | 0.33% | $1.68 | ||||||||||||
Conservative Allocation Fund | ||||||||||||||||
Actual | $1,000.00 | $990.66 | 0.34% | $1.72 | ||||||||||||
Hypothetical | $1,000.00 | $1,023.46 | 0.34% | $1.75 |
* | 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, 2015
Money Market Fund
Par (000) | Value† | |||||||
COMMERCIAL PAPER — 37.9% |
|
|
|
|
|
| ||
Aerospace & Defense — 0.9% | ||||||||
Rockwell Collins, Inc. | $ | 670 | $ | 669,959 | ||||
United Technologies Corp. | 540 | 539,927 | ||||||
|
| |||||||
1,209,886 | ||||||||
|
| |||||||
Beverages — 8.6% | ||||||||
Anheuser-Busch InBev N.V. | ||||||||
0.501%, 03/29/16 | 2,000 | 1,997,556 | ||||||
0.451%, 04/11/16 | 1,000 | 998,738 | ||||||
Brown-Forman Corp. | ||||||||
0.500%, 01/07/16 | 3,500 | 3,499,708 | ||||||
0.630%, 02/01/16 | 1,000 | 999,457 | ||||||
0.500%, 02/03/16 | 1,000 | 999,542 | ||||||
Coca-Cola Co. | 3,000 | 2,994,913 | ||||||
|
| |||||||
11,489,914 | ||||||||
|
| |||||||
Diversified Financial Services — 2.2% | ||||||||
AXA Financial | ||||||||
0.345%, 01/11/16 | 2,000 | 1,999,808 | ||||||
0.380%, 02/01/16 | 1,000 | 999,673 | ||||||
|
| |||||||
2,999,481 | ||||||||
|
| |||||||
Electric — 7.0% | ||||||||
Electriicite de France | 1,100 | 1,099,915 | ||||||
GDF Suez S.A. | ||||||||
0.290%, 01/06/16 | 2,000 | 1,999,919 | ||||||
0.283%, 01/07/16 | 1,000 | 999,874 | ||||||
Oglethorpe Power Corp. | ||||||||
0.257%, 01/05/16 | 3,500 | 3,499,900 | ||||||
0.480%, 02/01/16 | 1,212 | 1,211,499 | ||||||
The Southern Co. | 595 | 594,973 | ||||||
|
| |||||||
9,406,080 | ||||||||
|
| |||||||
Food — 0.5% | ||||||||
Campbell Soup Co. | ||||||||
0.450%, 01/13/16 | 400 | 399,940 | ||||||
0.500%, 01/21/16 | 270 | 269,925 | ||||||
|
| |||||||
669,865 | ||||||||
|
| |||||||
Gas — 9.1% | ||||||||
Air Liquide USA LLC | ||||||||
0.270%, 01/29/16 | 1,000 | 999,790 | ||||||
0.450%, 02/05/16 | 3,000 | 2,998,688 | ||||||
Northern Illinoise Gas Co. | 3,000 | 2,999,667 | ||||||
Sempra Energy Global Enterprises | 650 | 649,942 | ||||||
WGL Holdings, Inc. | ||||||||
0.400%, 01/07/16 | 550 | 549,963 | ||||||
0.550%, 01/12/16 | 900 | 899,849 | ||||||
0.500%, 01/14/16 | 1,000 | 999,819 | ||||||
0.500%, 01/19/16 | 1,000 | 999,750 | ||||||
0.651%, 02/01/16 | 1,000 | 999,440 | ||||||
|
| |||||||
12,096,908 | ||||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare Services — 7.9% | ||||||||
Catholic Health Initiatives | ||||||||
0.450%, 01/05/16 | $ | 500 | $ | 499,975 | ||||
0.481%, 01/20/16 | 2,000 | 1,999,493 | ||||||
0.481%, 02/11/16 | 2,000 | 1,998,907 | ||||||
United Healthcare Corp. | 6,100 | 6,099,742 | ||||||
|
| |||||||
10,598,117 | ||||||||
|
| |||||||
Insurance — 1.4% | ||||||||
MetLife Short Term Funding LLC | 1,900 | 1,899,730 | ||||||
|
| |||||||
Media — 0.3% | ||||||||
Comcast Corp. | 375 | 374,975 | ||||||
|
| |||||||
TOTAL COMMERCIAL PAPER (Cost $50,744,956) | 50,744,956 | |||||||
|
| |||||||
CORPORATE BONDS — 3.2% | ||||||||
Banks — 1.5% | ||||||||
National Australia Bank Ltd. | 2,000 | 2,000,477 | ||||||
|
| |||||||
Diversified Financial Services — 0.7% | ||||||||
General Electric Capital Corp. | 1,000 | 1,000,861 | ||||||
|
| |||||||
Insurance — 1.0% | ||||||||
New York Life Global Funding | 1,270 | 1,270,586 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $4,271,924) | 4,271,924 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 45.9% |
|
|
| |||||
U.S. Treasury Note | ||||||||
0.305%, 01/31/16• | 12,000 | 12,000,021 | ||||||
0.375%, 03/15/16 | 5,000 | 5,001,084 | ||||||
0.329%, 04/30/16• | 8,000 | 8,000,807 | ||||||
0.250%, 05/15/16 | 4,000 | 3,999,655 | ||||||
0.375%, 05/31/16 | 1,000 | 1,000,153 | ||||||
1.750%, 05/31/16 | 1,000 | 1,005,723 | ||||||
3.250%, 06/30/16 | 1,000 | 1,013,213 | ||||||
0.330%, 07/31/16• | 12,500 | 12,501,666 | ||||||
0.625%, 08/15/16 | 1,500 | 1,500,668 | ||||||
1.000%, 08/31/16 | 1,000 | 1,002,015 | ||||||
3.000%, 08/31/16 | 3,000 | 3,045,257 | ||||||
0.313%, 10/31/16• | 4,000 | 3,999,298 | ||||||
4.625%, 11/15/16 | 3,000 | 3,104,381 | ||||||
7.500%, 11/15/16 | 2,000 | 2,119,458 | ||||||
0.875%, 12/31/16 | 1,000 | 1,001,228 | ||||||
3.250%, 12/31/16 | 1,000 | 1,024,621 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $61,319,248) | 61,319,248 | |||||||
|
|
60
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Money Market Fund
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 12.7% |
|
|
| |||||
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 - Class I | 1 | 1 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Institutional Class | 16,961,864 | 16,961,864 | ||||||
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 $16,961,870) | 16,961,870 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% (Cost $133,297,998) | $ | 133,297,998 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.3% | 347,359 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 133,645,357 | ||||||
|
|
† | See Security Valuation Note. |
• | Variable Rate Security. |
144A @ | 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.
Maturity Schedule (days) | Market Value | Percentage of Portfolio | Cumulative | |||||||||
1 to 7 | $ | 72,902,329 | 54.7% | 54.7% | ||||||||
8 to 14 | 9,939,786 | 7.4% | 61.3% | |||||||||
15 to 30 | 8,169,716 | 6.1% | 68.2% | |||||||||
31 to 60 | 11,477,792 | 8.6% | 76.8% | |||||||||
61 to 90 | 6,998,640 | 5.3% | 82.1% | |||||||||
91 to 120 | 3,993,651 | 3.0% | 85.1% | |||||||||
121 to 150 | 3,999,655 | 3.0% | 88.1% | |||||||||
150 + | 15,816,717 | 11.9% | 100.0% | |||||||||
| ||||||||||||
$ | 133,297,998 | 100.0% | ||||||||||
|
|
|
|
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
U.S. TREASURY OBLIGATIONS | $ | 61,319,248 | $ | — | $ | 61,319,248 | $ | — | ||||||||
CORPORATE BONDS | 4,271,924 | — | 4,271,924 | — | ||||||||||||
COMMERCIAL PAPER | 50,744,956 | — | 50,744,956 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 16,961,870 | 16,961,870 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 133,297,998 | $ | 16,961,870 | $ | 116,336,128 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
61
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATION — 0.3% |
|
|
|
|
|
| ||
Federal National Mortgage Association — 0.3% | ||||||||
Federal National Mortgage Association | $ | 477 | $ | 479,382 | ||||
|
| |||||||
ASSET BACKED SECURITIES — 29.4% | ||||||||
Ally Master Owner Trust | 1,000 | 994,019 | ||||||
Americredit Automobile Receivables | 1,000 | 1,001,982 | ||||||
Avenue CLO VI Ltd. 2007-6A | 2,500 | 2,421,770 | ||||||
Black Diamond CLO 2005-1 Delaware Corp. | 2,000 | 1,978,218 | ||||||
Brentwood CLO Corp. 2006-1A | 2,000 | 1,854,404 | ||||||
Chesapeake Funding LLC | 1,080 | 1,079,767 | ||||||
Conseco Financial Corp. | 5 | 5,455 | ||||||
Consumers Securitization Funding LLC 2014-A | 1,988 | 1,968,923 | ||||||
CPS Auto Receivables Trust 2014-A | 321 | 319,689 | ||||||
Cratos CLO Ltd. 2007-1A D | 2,000 | 1,988,648 | ||||||
Entergy Arkansas Restoration Funding LLC | 1,428 | 1,435,865 | ||||||
Equity One Mortgage Pass-Through Trust 2004-1 | 11 | 10,888 | ||||||
Ford Credit Auto Owner Trust 2012-C | 2,000 | 2,002,154 | ||||||
Ford Credit Auto Owner Trust 2012-D | 1,800 | 1,811,087 | ||||||
Gleneagles CLO Ltd. 2005-1A C | 2,000 | 1,987,426 | ||||||
Golden Credit Card Trust | 2,000 | 1,993,746 | ||||||
Honda Auto Receivables 2014-2 Owner Trust 2014 | 1,957 | 1,951,963 | ||||||
Hyundai Auto Lease Securitization Trust 2014-B | 1,100 | 1,097,881 | ||||||
Jasper CLO Ltd. 2005-1A | 2,375 | 2,360,007 | ||||||
Popular ABS Mortgage Pass-Through Trust 2004-4 | 7 | 7,361 | ||||||
Red River CLO Ltd. 1A C | 2,000 | 1,961,210 | ||||||
Rockwall CDO II Ltd. 2007-1A | 2,065 | 1,874,545 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Rockwall CDO Ltd. 2006-1A | $ | 1,839 | $ | 1,823,054 | ||||
SACO I, Inc. 2005-4 | 113 | 109,644 | ||||||
Santander Drive Auto Receivables | 3,000 | 3,005,802 | ||||||
SLM Private Education Loan | 1,892 | 1,896,069 | ||||||
SLM Student Loan | 2,200 | 2,110,818 | ||||||
St James River CLO Ltd. | 1,000 | 971,504 | ||||||
Stone Tower CLO VII Ltd. 2007-7A | 2,000 | 1,955,126 | ||||||
Stoney Lane Funding CLO I Corp. | 3,000 | 2,726,349 | ||||||
Tralee CDO Ltd. 2007-1A | 2,000 | 1,851,882 | ||||||
Volvo Financial Equipment LLC Series 2013-1 | 1,000 | 1,000,065 | ||||||
Westchester CLO Ltd. 2007-1A B | 2,500 | 2,330,062 | ||||||
World Financial Network Credit Card Master Trust 2012-B | 2,032 | 2,033,724 | ||||||
World Omni Automobile Lease Securitization Trust 2014-A | 1,926 | 1,921,778 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES (Cost $56,273,083) | 55,842,885 | |||||||
|
| |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2% | ||||||||
Banc of America Commercial Mortgage Trust 2006-1 | 663 | 662,747 | ||||||
SLM Student Loan Trust 2004-7 | 3,612 | 3,443,331 | ||||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,193,308) | 4,106,078 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — 18.0% | ||||||||
BAMLL Commercial Mortgage Securities Trust 2013-DSNY | 1,000 | 995,714 | ||||||
Boca Hotel Portfolio Trust 2013-BOCA | 1,000 | 999,874 | ||||||
CFCRE 2015-RUM B Mortgage Trust | 2,000 | 1,972,314 | ||||||
Fannie Mae - Aces Series 2014-M2 Class ASV1 | 6,266 | 6,320,407 | ||||||
FREMF 2012-K705 Mortgage Trust 2012 | 1,000 | 1,025,613 |
62
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||||||||
FREMF Mortgage Trust Series 2010-K6 Class B | $ | 3,000 | $ | 3,235,424 | ||||
FREMF Mortgage Trust Series 2012-K708 Class C | 2,000 | 2,021,101 | ||||||
FREMF Mortgage Trust Series 2012-K710 Class C | 2,110 | 2,109,886 | ||||||
FREMF Mortgage Trust Series 2013-KF02 Class C | 534 | 544,137 | ||||||
FREMF Mortgage Trust, Series 2013-K713 Class C | 2,400 | 2,310,639 | ||||||
Government National Mortgage Association 2011 | 4,049 | 4,108,337 | ||||||
GSCCRE Commercial Mortgage Trust 2015-HULA 2015 | 2,000 | 1,998,906 | ||||||
Hilton USA Trust 2014-ORL B | 2,500 | 2,465,631 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A | 1,000 | 999,957 | ||||||
Morgan Stanley Capital I Trust 2006-IQ12 | 2,953 | 3,004,901 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $34,596,347) | 34,112,841 | |||||||
|
| |||||||
CORPORATE BONDS — 35.7% | ||||||||
Aerospace & Defense — 0.5% | ||||||||
BAE Systems PLC | 1,000 | 1,014,429 | ||||||
|
| |||||||
Airlines — 3.8% | ||||||||
American Airlines 2013-2 Class C Pass-Through Trust | 1,974 | 2,013,046 | ||||||
Continental Airlines 2009-1 Pass Through Trust | 888 | 915,655 | ||||||
Delta Air Lines 2010-1 Class A Pass Through Trust | 1,433 | 1,534,944 | ||||||
Northwest Airlines 2007-1 Class B Pass-Through Trust | 2,068 | 2,167,022 | ||||||
UAL 2009-2A Pass-Through Trust | 592 | 624,090 | ||||||
|
| |||||||
7,254,757 | ||||||||
|
| |||||||
Banks — 4.6% | ||||||||
Bank of America Corp. | 1,000 | 1,012,539 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Banks — (continued) | ||||||||
JPMorgan Chase & Co. | ||||||||
0.882%, 02/15/17 | $ | 1,385 | $ | 1,384,094 | ||||
2.000%, 08/15/17 | 2,000 | 2,006,780 | ||||||
State Street Corp. | 3,000 | 3,147,609 | ||||||
Wells Fargo Bank NA | 1,000 | 1,078,526 | ||||||
|
| |||||||
8,629,548 | ||||||||
|
| |||||||
Beverages — 1.0% | ||||||||
Constellation Brands, Inc. | 1,750 | 1,863,750 | ||||||
|
| |||||||
Diversified Financial Services — 6.1% | ||||||||
AerCap Aviation Solutions BV | 1,000 | 1,037,500 | ||||||
Air Lease Corp. | 2,000 | 1,976,922 | ||||||
Ally Financial, Inc. | ||||||||
3.600%, 05/21/18 | 1,000 | 1,000,000 | ||||||
3.250%, 11/05/18 | 1,000 | 981,250 | ||||||
Ford Motor Credit Co. LLC | 2,000 | 1,969,194 | ||||||
Icahn Enterprises LP | 1,000 | 1,005,000 | ||||||
International Lease Finance Corp. | 1,463 | 1,503,232 | ||||||
Vesey Street Investment Trust, STEP | 2,000 | 2,039,016 | ||||||
|
| |||||||
11,512,114 | ||||||||
|
| |||||||
Electric — 3.2% | ||||||||
Entergy Gulf States, Inc. | 2,000 | 1,999,506 | ||||||
Israel Electric Corp. Ltd. | 1,000 | 1,043,800 | ||||||
Public Service Co. of Colorado | 1,500 | 1,647,036 | ||||||
San Diego Gas & Electric Co. | 1,490 | 1,464,231 | ||||||
|
| |||||||
6,154,573 | ||||||||
|
| |||||||
Electronics — 0.5% | ||||||||
Thermo Fisher Scientific, Inc. | 1,000 | 996,464 | ||||||
|
| |||||||
Environmental Control — 0.5% | ||||||||
Waste Management, Inc. | 1,000 | 1,006,919 | ||||||
|
| |||||||
Food — 0.6% | ||||||||
Tyson Foods, Inc. | 645 | 653,534 | ||||||
WM Wrigley Jr. Co. | 500 | 499,486 | ||||||
|
| |||||||
1,153,020 | ||||||||
|
|
63
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Limited Maturity Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Gas — 0.5% | ||||||||
Sabine Pass LNG LP | $ | 1,000 | $ | 995,000 | ||||
|
| |||||||
Healthcare Services — 0.6% | ||||||||
Fresenius Medical Care US Finance, Inc. | 1,000 | 1,067,500 | ||||||
|
| |||||||
Insurance — 0.7% | ||||||||
MassMutual Global Funding II | 1,356 | 1,362,887 | ||||||
|
| |||||||
Machinery — Diversified — 1.2% | ||||||||
Stanley Black & Decker, Inc. | 1,000 | 1,003,902 | ||||||
Xylem, Inc. | 1,165 | 1,180,899 | ||||||
|
| |||||||
2,184,801 | ||||||||
|
| |||||||
Media — 0.5% | ||||||||
Thomson Reuters Corp. | 1,000 | 995,217 | ||||||
|
| |||||||
Oil & Gas — 0.5% | ||||||||
Statoil ASA | 1,000 | 1,025,700 | ||||||
|
| |||||||
Oil & Gas Services — 1.6% | ||||||||
Cameron International Corp. | 1,000 | 990,052 | ||||||
Schlumberger Holdings Corp. | 2,000 | 1,987,018 | ||||||
|
| |||||||
2,977,070 | ||||||||
|
| |||||||
Pharmaceuticals — 1.2% | ||||||||
Mylan, Inc. | 1,260 | 1,259,190 | ||||||
Perrigo Co., PLC | 1,000 | 992,928 | ||||||
|
| |||||||
2,252,118 | ||||||||
|
| |||||||
Pipelines — 1.7% | ||||||||
Kinder Morgan Energy Partners LP | 1,000 | 1,003,215 | ||||||
Spectra Energy Partners LP | 1,000 | 1,003,616 | ||||||
Williams Partners LP/ACMP Finance Corp. | 1,500 | 1,215,997 | ||||||
|
| |||||||
3,222,828 | ||||||||
|
| |||||||
Retail — 0.8% | ||||||||
Yum! Brands, Inc. | 1,500 | 1,518,774 | ||||||
|
| |||||||
Semiconductors — 1.1% | ||||||||
NXP BV/NXP Funding LLC | 1,000 | 1,005,000 | ||||||
Samsung Electronics America, Inc. | 1,000 | 997,731 | ||||||
|
| |||||||
2,002,731 | ||||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Telecommunications — 2.7% | ||||||||
America Movil S.A.B. de C.V. | $ | 1,000 | $ | 1,003,667 | ||||
British Telecommunications PLC | 1,000 | 1,001,246 | ||||||
Deutsche Telekom International Finance B.V. | 1,500 | 1,508,381 | ||||||
Verizon Communications, Inc. | ||||||||
2.500%, 09/15/16 | 680 | 685,306 | ||||||
1.350%, 06/09/17 | 1,000 | 997,113 | ||||||
|
| |||||||
5,195,713 | ||||||||
|
| |||||||
Trucking and Leasing — 1.8% | ||||||||
Aviation Capital Group Corp. | 1,500 | 1,491,393 | ||||||
GATX Corp. | 1,000 | 989,982 | ||||||
TTX Co. | 1,000 | 1,003,452 | ||||||
|
| |||||||
3,484,827 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $68,491,170) | 67,870,740 | |||||||
|
| |||||||
MUNICIPAL NOTE — 0.2% | ||||||||
Regional — 0.2% | ||||||||
La Paz County Industrial Development Authority | 375 | 412,301 | ||||||
|
| |||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES — 3.9% | ||||||||
Collateralized Mortgage Obligations — 3.8% | ||||||||
Fannie Mae REMICS | 7,251 | 7,212,799 | ||||||
|
| |||||||
Fannie Mae Pool — 0.1% | ||||||||
4.000%, 06/01/20 | 138 | 144,130 | ||||||
|
| |||||||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $7,331,932) | 7,356,929 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 8.4% |
|
|
| |||||
U.S. Treasury Bond | 6,500 | 6,456,073 | ||||||
U.S. Treasury Note | ||||||||
2.000%, 04/30/16 | 1,600 | 1,608,000 | ||||||
0.500%, 01/31/17 | 3,000 | 2,988,984 | ||||||
0.875%, 02/28/17 | 2,000 | 2,000,782 | ||||||
0.875%, 05/15/17 | 2,950 | 2,948,156 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $16,052,726) | 16,001,995 | |||||||
|
|
64
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Limited Maturity Bond Fund
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 0.3% |
|
|
| |||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 553,430 | $ | 553,430 | |||||
BlackRock Liquidity Funds TempFund - Institutional Shares | 218 | 218 | ||||||
Federated Prime Obligations Fund - Class I | 407 | 407 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Class I | 198 | 198 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Institutional Class | 1,020 | 1,020 | ||||||
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 $555,356) | 555,356 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.4% (Cost $188,356,965) | $ | 186,738,507 | ||||||
|
| |||||||
Other Assets & Liabilities — 1.6% | 3,107,864 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 189,846,371 | ||||||
|
|
† | See Security Valuation Note. |
144A @ | 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. |
CLO — Collateralized Loan Obligation
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
STEP — Step Coupon Bond.
Country Weightings as of 12/31/2015†† | ||||
United States | 78 | % | ||
Cayman Islands | 15 | |||
Netherlands | 2 | |||
Canada | 1 | |||
Israel | 1 | |||
Norway | 1 | |||
United Kingdom | 1 | |||
Other | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
U.S. TREASURY OBLIGATIONS | $ | 16,001,995 | $ | — | $ | 16,001,995 | $ | — | ||||||||
AGENCY OBLIGATION | 479,382 | — | 479,382 | — | ||||||||||||
ASSET BACKED SECURITIES | 55,842,885 | — | 55,842,885 | — | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS | 4,106,078 | — | 4,106,078 | — | ||||||||||||
COMMERCIAL MORTGAGE BACKED SECURITIES | 34,112,841 | — | 34,112,841 | — | ||||||||||||
CORPORATE BONDS | 67,870,740 | — | 67,870,740 | — | ||||||||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES | 7,356,929 | — | 7,356,929 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 555,356 | 555,356 | — | — | ||||||||||||
MUNICIPAL NOTES | 412,301 | — | 412,301 | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 186,738,507 | $ | 555,356 | $ | 186,183,151 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
65
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Quality Bond Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATIONS — 0.5% |
|
|
|
|
|
| ||
Federal National Mortgage Association — 0.1% | ||||||||
1.233%, 09/25/22 | $ | 623 | $ | 626,192 | ||||
|
| |||||||
Government National Mortgage Association — 0.4% | ||||||||
4.304%, 10/16/45• | 2,000 | 2,150,868 | ||||||
|
| |||||||
TOTAL AGENCY OBLIGATIONS (Cost $2,731,940) | 2,777,060 | |||||||
|
| |||||||
ASSET BACKED SECURITIES — 16.9% | ||||||||
Avenue CLO VI Ltd. 2007-6A | 2,500 | 2,421,770 | ||||||
Babson CLO, Inc. 2007-I | 2,500 | 2,396,235 | ||||||
Black Diamond CLO 2005-1 Delaware Corp. | 3,000 | 2,967,327 | ||||||
Brentwood CLO Corp. 2006-1A | 4,000 | 3,708,808 | ||||||
Chrysler Capital Auto Receivables Trust 2014-B | 3,000 | 2,974,310 | ||||||
College Loan Corp. Trust I 2006-1 | 5,000 | 4,583,369 | ||||||
Conseco Financial Corp. 1996-10 | 419 | 260,411 | ||||||
Cratos CLO Ltd. 2007-1A D | 3,000 | 2,982,972 | ||||||
Emerson Place CLO Ltd. 2006-1A C | 3,200 | 3,002,842 | ||||||
Ford Credit Auto Owner Trust 2012-D | 2,385 | 2,378,419 | ||||||
Galaxy XI CLO Ltd. 2011 | 3,000 | 2,934,873 | ||||||
Gleneagles CLO Ltd. 2005-1A C | 2,500 | 2,484,283 | ||||||
Goldentree Loan Opportunities VII CLO Ltd. 2013-7A | 2,000 | 1,958,362 | ||||||
Jasper CLO Ltd. 2005-1A | 4,375 | 4,347,381 | ||||||
Keycorp Student Loan Trust 2006-A | 4,994 | 4,818,978 | ||||||
Morgan Stanley Capital I Trust 2005-IQ10 | 631 | 633,194 | ||||||
Red River CLO Ltd. 1A C | 3,500 | 3,432,117 | ||||||
Rockwall CDO II Ltd. 2007-1A | ||||||||
0.579%, 08/01/24 144A @,• | 6,319 | 6,162,905 | ||||||
1.029%, 08/01/24 144A @,• | 4,000 | 3,631,080 | ||||||
Rockwall CDO Ltd. 2006-1A | 2,758 | 2,734,582 | ||||||
SACO I, Inc. 2005-4 | 338 | 328,931 | ||||||
SLC Student Loan Trust 2005-1 | 6,369 | 5,446,598 | ||||||
SLM Student Loan Trust 2004-4 | 5,800 | 5,564,884 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
SLM Student Loan Trust 2005-10 | $ | 5,000 | $ | 4,659,001 | ||||
SLM Student Loan Trust 2012-6 | 7,205 | 6,391,048 | ||||||
Stone Tower CLO VII Ltd. 2007-7A | 3,000 | 2,932,689 | ||||||
Westchester CLO Ltd. 2007-1A B | 4,500 | 4,194,112 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES (Cost $92,237,714) | 90,331,481 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — 23.2% | ||||||||
Boca Hotel Portfolio Trust 2013-BOCA | ||||||||
1.575%, 08/15/26 144A @,• | 305 | 304,195 | ||||||
2.175%, 08/15/26 144A @,• | 1,000 | 999,874 | ||||||
CFCRE 2015-RUM B Mortgage Trust | 3,000 | 2,958,471 | ||||||
CFCRE Commercial Mortgage Trust 2011-C1 | 1,000 | 1,093,061 | ||||||
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 | 1,339 | 1,361,907 | ||||||
FREMF Mortgage Trust Series 2010-K6 Class B | 7,795 | 8,406,711 | ||||||
FREMF Mortgage Trust Series 2012-K18 Class B | 6,000 | 6,171,058 | ||||||
FREMF Mortgage Trust Series 2012-K19 Class C | 4,500 | 4,406,427 | ||||||
FREMF Mortgage Trust Series 2012-K20 Class C | 6,000 | 5,856,857 | ||||||
FREMF Mortgage Trust Series 2012-K21 Class C | 4,720 | 4,713,031 | ||||||
FREMF Mortgage Trust Series 2012-K22 Class B | 9,145 | 9,068,496 | ||||||
FREMF Mortgage Trust Series 2012-K23 Class C | 5,000 | 4,861,960 | ||||||
FREMF Mortgage Trust Series 2012-K707 Class B | 8,272 | 8,432,595 | ||||||
FREMF Mortgage Trust Series 2012-K710 Class C | 5,175 | 5,174,721 | ||||||
FREMF Mortgage Trust Series 2012-K711 Class B | 6,000 | 6,068,854 | ||||||
FREMF Mortgage Trust Series 2013-K27 Class C | 5,000 | 4,652,461 |
66
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Quality Bond Fund
Par (000) | Value† | |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||||||||
FREMF Mortgage Trust Series 2013-K28 Class C | $ | 4,751 | $ | 4,425,100 | ||||
FREMF Mortgage Trust Series 2013-KF02 Class C | 534 | 544,137 | ||||||
FREMF Mortgage Trust Series 2014-K37 Class B | 5,825 | 6,021,959 | ||||||
FREMF Mortgage Trust Series 2014-K40 Class B | 4,500 | 4,459,920 | ||||||
FREMF Mortgage Trust Series 2014-K41 Class B | 5,000 | 4,527,581 | ||||||
FREMF Mortgage Trust Series 2014-K503 Class B | 5,000 | 4,958,778 | ||||||
FREMF Mortgage Trust Series 2015-K43 Class B | 5,000 | 4,572,125 | ||||||
FREMF Mortgage Trust Series 2015-K44 Class B | 5,000 | 4,452,109 | ||||||
FREMF Mortgage Trust Series 2015-K45 Class B | 5,000 | 4,452,396 | ||||||
FREMF Mortgage Trust Series 2015-K718 Class B | 4,500 | 4,248,593 | ||||||
Hilton USA Trust 2013-HLT | 1,000 | 1,000,740 | ||||||
Hilton USA Trust 2014-ORL B | 1,500 | 1,479,379 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 | 1,358 | 1,386,172 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class B | 1,900 | 1,899,831 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A | 1,000 | 999,957 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $127,601,226) | 123,959,456 | |||||||
|
| |||||||
CORPORATE BONDS — 32.2% |
|
|
|
|
|
| ||
Aerospace & Defense — 1.1% | ||||||||
Lockheed Martin Corp. | 3,000 | 2,998,017 | ||||||
The Boeing Co. | 2,140 | 2,843,165 | ||||||
|
| |||||||
5,841,182 | ||||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Airlines — 3.1% | ||||||||
American Airlines 2015-2 Class B Pass Through Trust | $ | 3,000 | $ | 2,970,000 | ||||
Delta Air Lines 2007-1 Class A Pass Through Trust | 2,324 | 2,677,524 | ||||||
Delta Air Lines 2015-1 Class B Pass Through Trust | 2,000 | 2,015,000 | ||||||
UAL 2009-1 Pass Through Trust | 2,628 | 2,786,514 | ||||||
US Airways 2012-1 Class A Pass Through Trust | 2,491 | 2,753,064 | ||||||
US Airways 2012-2 Class B Pass Through Trust | 3,054 | 3,207,011 | ||||||
|
| |||||||
16,409,113 | ||||||||
|
| |||||||
Banks — 3.0% | ||||||||
Bank of America Corp. | 1,000 | 1,075,308 | ||||||
JPMorgan Chase & Co. | 3,600 | 3,581,079 | ||||||
Morgan Stanley | 2,050 | 2,204,420 | ||||||
State Street Corp. | 5,000 | 5,246,015 | ||||||
Wells Fargo & Co. | 4,000 | 3,890,636 | ||||||
|
| |||||||
15,997,458 | ||||||||
|
| |||||||
Biotechnology — 1.0% | ||||||||
Amgen, Inc. | 3,000 | 2,911,197 | ||||||
Biogen Idec, Inc. | 1,000 | 1,095,419 | ||||||
Genentech, Inc. | 1,000 | 1,163,463 | ||||||
|
| |||||||
5,170,079 | ||||||||
|
| |||||||
Commercial Services — 0.5% | ||||||||
Drawbridge Special Opportunities Fund LP | 2,000 | 1,940,000 | ||||||
ERAC USA Finance LLC | 1,000 | 985,721 | ||||||
|
| |||||||
2,925,721 | ||||||||
|
| |||||||
Diversified Financial Services — 2.5% | ||||||||
Air Lease Corp. | 2,000 | 1,964,446 | ||||||
American Express Co. | 2,000 | 2,141,240 | ||||||
Ford Motor Credit Co. LLC | 3,000 | 2,936,760 |
67
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Quality Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Diversified Financial Services — (continued) | ||||||||
General Electric Capital Corp. | $ | 2,263 | $ | 3,149,845 | ||||
Visa Inc. | 3,000 | 3,043,677 | ||||||
|
| |||||||
13,235,968 | ||||||||
|
| |||||||
Electric — 1.1% | ||||||||
Enel Finance International NV | 1,000 | 1,065,538 | ||||||
Entergy Gulf States, Inc. | 5,000 | 4,998,765 | ||||||
|
| |||||||
6,064,303 | ||||||||
|
| |||||||
Engineering & Construction — 0.9% | ||||||||
SBA Tower Trust | 3,000 | 2,951,310 | ||||||
Sydney Airport Finance Co. Pty Ltd. | 2,000 | 1,874,848 | ||||||
|
| |||||||
4,826,158 | ||||||||
|
| |||||||
Food — 0.9% | ||||||||
The J.M. Smucker Co. | 3,890 | 4,002,262 | ||||||
WM Wrigley Jr. Co. | 1,000 | 1,002,669 | ||||||
|
| |||||||
5,004,931 | ||||||||
|
| |||||||
Forest Products & Paper — 0.5% | ||||||||
Georgia-Pacific LLC | 2,500 | 2,496,195 | ||||||
|
| |||||||
Gas — 0.4% | ||||||||
Centrica PLC | 1,000 | 998,499 | ||||||
Sabine Pass LNG LP | 1,380 | 1,373,100 | ||||||
|
| |||||||
2,371,599 | ||||||||
|
| |||||||
Healthcare Products — 1.7% | ||||||||
Becton Dickinson and Co. | 1,103 | 1,089,961 | ||||||
Covidien International Finance SA | 1,000 | 1,077,184 | ||||||
Edwards Lifesciences Corp. | 1,000 | 1,011,602 | ||||||
Stryker Corp. | 2,000 | 1,974,036 | ||||||
Zimmer Biomet Holdings, Inc. | 1,000 | 1,067,786 | ||||||
3.550%, 04/01/25 | 3,000 | 2,915,166 | ||||||
|
| |||||||
9,135,735 | ||||||||
|
| |||||||
Insurance — 1.1% | ||||||||
New York Life Insurance Co. | 4,925 | 5,760,635 | ||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Investment Companies — 0.2% | ||||||||
Ares Capital Corp. | $ | 1,000 | $ | 1,041,178 | ||||
|
| |||||||
Machinery — Diversified — 0.6% | ||||||||
Roper Technologies Inc. | 3,000 | 2,986,557 | ||||||
|
| |||||||
Media — 0.6% | ||||||||
Belo Corp. | 2,000 | 2,110,000 | ||||||
Comcast Cable Holdings LLC | 1,000 | 1,326,124 | ||||||
|
| |||||||
3,436,124 | ||||||||
|
| |||||||
Mining — 0.4% | ||||||||
Barrick Gold Corp. | 2,000 | 1,347,000 | ||||||
Goldcorp, Inc. | 1,000 | 939,034 | ||||||
|
| |||||||
2,286,034 | ||||||||
|
| |||||||
Oil & Gas — 1.9% | ||||||||
Anadarko Petroleum Corp. | 7,500 | 2,700,000 | ||||||
BG Energy Capital PLC | 1,000 | 1,037,807 | ||||||
BP Capital Markets PLC | 2,500 | 2,376,597 | ||||||
Cnooc Finance 2015 Australia Pty Ltd. | 3,000 | 2,932,665 | ||||||
Southwestern Energy Co. | 2,000 | 1,260,000 | ||||||
|
| |||||||
10,307,069 | ||||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Halliburton Co. | 3,000 | 2,952,402 | ||||||
|
| |||||||
Pharmaceuticals — 3.8% | ||||||||
GlaxoSmithKline Capital, Inc. | 1,000 | 1,130,496 | ||||||
Johnson & Johnson | 4,000 | 4,411,924 | ||||||
Mead Johnson Nutrition Co. | ||||||||
4.125%, 11/15/25 | 2,000 | 2,015,038 | ||||||
4.600%, 06/01/44 | 2,000 | 1,851,366 | ||||||
Mylan NV | 2,000 | 1,995,586 | ||||||
Perrigo Co. PLC | 1,000 | 974,892 | ||||||
Wyeth LLC | 4,000 | 4,756,128 | ||||||
Zoetis Inc. | 3,000 | 3,040,359 | ||||||
|
| |||||||
20,175,789 | ||||||||
|
|
68
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Quality Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Pipelines — 1.3% | ||||||||
Enterprise Products Operating LLC | $ | 4,000 | $ | 3,617,036 | ||||
Regency Energy Partners LP/Regency Energy Finance Corp. | 2,000 | 1,885,122 | ||||||
Williams Partners LP/ACMP Finance Corp. | 1,500 | 1,215,997 | ||||||
|
| |||||||
6,718,155 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 0.5% | ||||||||
American Tower Corp. | 2,500 | 2,627,565 | ||||||
|
| |||||||
Retail — 1.4% | ||||||||
McDonald’s Corp. | 2,110 | 2,294,642 | ||||||
Walgreens Boots Alliance, Inc. | 3,000 | 2,713,755 | ||||||
Yum! Brands Inc. | 3,000 | 2,289,765 | ||||||
|
| |||||||
7,298,162 | ||||||||
|
| |||||||
Telecommunications — 0.7% | ||||||||
Crown Castle Towers LLC | 4,000 | 3,881,852 | ||||||
|
| |||||||
Transportation — 1.8% | ||||||||
BNSF Railway Co. 2015-1 Pass Through Trust | 5,397 | 5,214,757 | ||||||
Canadian National Railway Co. | 2,500 | 3,145,962 | ||||||
Federal Express Corp 1999 Pass Through Trust | 1,091 | 1,275,893 | ||||||
|
| |||||||
9,636,612 | ||||||||
|
| |||||||
Trucking and Leasing — 0.7% | ||||||||
Aviation Capital Group Corp. | 2,500 | 2,485,655 | ||||||
TTX Co. | 1,000 | 1,003,452 | ||||||
|
| |||||||
3,489,107 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $175,845,531) | 172,075,683 | |||||||
|
| |||||||
MUNICIPAL BONDS — 0.9% | ||||||||
City of Industry CA | 3,000 | 3,036,540 | ||||||
Puerto Rico Sales Tax Financing Corp. | 3,325 | 1,837,063 | ||||||
|
| |||||||
Total MUNICIPAL BONDS (Cost $5,622,682) | 4,873,603 | |||||||
|
|
Par (000) | Value† | |||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES — 11.3% | ||||||||
Fannie Mae Pool — 10.6% | ||||||||
4.000%, 08/01/41 | $ | 6,823 | $ | 7,241,905 | ||||
2.500%, 01/01/43 | 3,158 | 3,051,464 | ||||||
2.500%, 02/01/43 | 9,186 | 8,876,444 | ||||||
3.000%, 03/01/43 | 8,987 | 9,006,444 | ||||||
2.500%, 05/01/43 | 11,696 | 11,302,822 | ||||||
3.500%, 09/01/43 | 1,816 | 1,876,329 | ||||||
3.000%, 01/01/45 | 15,000 | 15,000,137 | ||||||
|
| |||||||
56,355,545 | ||||||||
|
| |||||||
Freddie Mac Gold Pool — 0.6% | ||||||||
3.500%, 01/01/41 | 2,415 | 2,491,414 | ||||||
3.500%, 02/01/41 | 745 | 768,595 | ||||||
|
| |||||||
3,260,009 | ||||||||
|
| |||||||
Ginnie Mae Pool — 0.1% | ||||||||
6.000%, 10/15/38 | 407 | 460,414 | ||||||
6.000%, 10/15/38 | 241 | 273,092 | ||||||
|
| |||||||
733,506 | ||||||||
|
| |||||||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $59,633,766) | 60,349,060 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 15.3% | ||||||||
U.S. Treasury Bond | ||||||||
0.750%, 12/31/17 | 4,500 | 4,469,589 | ||||||
1.375%, 01/31/20 | 5,000 | 4,947,850 | ||||||
2.125%, 01/31/21 | 2,600 | 2,638,392 | ||||||
2.250%, 11/15/24 | 3,000 | 2,998,476 | ||||||
4.375%, 02/15/38 | 12,000 | 15,143,436 | ||||||
3.125%, 02/15/43 | 4,000 | 4,099,688 | ||||||
3.625%, 08/15/43 | 4,200 | 4,730,086 | ||||||
3.750%, 11/15/43 | 3,500 | 4,031,290 | ||||||
2.875%, 08/15/45 | 4,900 | 4,758,934 | ||||||
U.S. Treasury Note | ||||||||
0.625%, 08/31/171 | 4,000 | 3,974,376 | ||||||
1.750%, 05/15/23 | 6,250 | 6,089,112 | ||||||
United States Treasury Inflation Indexed Bonds | ||||||||
0.125%, 04/15/20 | 5,078 | 5,013,369 | ||||||
0.250%, 01/15/25 | 15,062 | 14,376,797 | ||||||
0.375%, 07/15/25 | 3,009 | 2,913,041 | ||||||
0.750%, 02/15/42 | 2,105 | 1,849,382 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $82,335,613) | 82,033,818 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 0.4% |
|
|
| |||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,968,532 | 1,968,532 | ||||||
BlackRock Liquidity Funds TempFund - Institutional Shares | 447 | 447 | ||||||
Federated Prime Obligations Fund - Class I | 313 | 313 | ||||||
Fidelity Institutional Prime Money Market Portfolio - Class I | 272 | 272 |
69
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Quality Bond Fund
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — (continued) |
|
|
| |||||
Fidelity Institutional Prime Money Market Portfolio - Institutional Class | 715 | $ | 715 | |||||
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 $1,970,333) | 1,970,333 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% (Cost $547,978,805) | $ | 538,370,494 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.7)% | (3,695,373 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 534,675,121 | ||||||
|
|
† | See Security Valuation Note. |
144A @ | 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. |
1 | All or portion of securities segregated as collateral for futures contracts. |
CLO — Collateralized Loan Obligation
LLC — Limited Liability Company.
LP — Limited Partnership.
PLC — Public Limited Company.
Country Weightings as of 12/31/2015†† | ||||
United States | 87 | % | ||
Cayman Islands | 10 | |||
Australia | 1 | |||
Canada | 1 | |||
United Kingdom | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
U.S. TREASURY OBLIGATIONS | $ | 82,033,818 | $ | — | $ | 82,033,818 | $ | — | ||||||||
AGENCY OBLIGATIONS | 2,777,060 | — | 2,777,060 | — | ||||||||||||
ASSET BACKED SECURITIES | 90,331,481 | — | 90,331,481 | — | ||||||||||||
COMMERCIAL MORTGAGE BACKED SECURITIES | 123,959,456 | — | 123,959,456 | — | ||||||||||||
CORPORATE BONDS | 172,075,683 | — | 172,075,683 | — | ||||||||||||
RESIDENTIAL MORTGAGE BACKED SECURITIES | 60,349,060 | — | 60,349,060 | — | ||||||||||||
MUNICIPAL BONDS | 4,873,603 | — | 4,873,603 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,970,333 | 1,970,333 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 538,370,494 | $ | 1,970,333 | $ | 536,400,161 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
70
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
ASSET BACKED SECURITIES — 0.2% |
|
|
|
|
|
| ||
Continental Airlines 2012-3 Class C | $ | 325 | $ | 331,500 | ||||
|
| |||||||
Number of Shares | Value† | |||||||
COMMON STOCKS — 0.5% |
|
|
| |||||
Diversified Financial Services — 0.0% | ||||||||
Sentry Holdings A Shares*~ | 275 | 264 | ||||||
|
| |||||||
Entertainment — 0.0% | ||||||||
New Cotai Participation Class B*144A @,^,~ | 1 | 30,920 | ||||||
|
| |||||||
Media — 0.1% | ||||||||
Altice N.V.* | 1,372 | 19,980 | ||||||
Altice N.V.* | 4,116 | 59,268 | ||||||
Liberty Global PLC* | 2,300 | 93,771 | ||||||
Liberty Global PLC LiLAC* | 115 | 4,945 | ||||||
|
| |||||||
177,964 | ||||||||
|
| |||||||
Oil & Gas — 0.0% | ||||||||
Hercules Offshore, Inc.* | 10,451 | 22,679 | ||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
The Howard Hughes Corp.* | 600 | 67,896 | ||||||
|
| |||||||
Telecommunications — 0.4% | ||||||||
First Data Corp.* | 10,500 | 168,210 | ||||||
NII Holdings, Inc.* | 13,299 | 67,160 | ||||||
T-Mobile US, Inc.* | 9,400 | 367,728 | ||||||
|
| |||||||
603,098 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $1,096,397) | 902,821 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.7% |
|
|
|
|
|
| ||
Diversified Financial Services — 0.1% | ||||||||
Sentry Holdings B Pref Shrs*~ | 65,529 | 71,487 | ||||||
|
| |||||||
Oil & Gas — 0.1% | ||||||||
WPX Energy, Inc. | 7,450 | 234,153 | ||||||
|
| |||||||
Packaging and Containers — 0.0% | ||||||||
Smurfit-Stone Container Corp. | 725 | 0 | ||||||
|
| |||||||
Pharmaceuticals — 0.2% | ||||||||
Allergan PLC | 337 | 347,171 | ||||||
|
| |||||||
Telecommunications — 0.3% | ||||||||
Crown Castle International Corp. CONV.* | 3,750 | 400,462 | ||||||
T-Mobile US, Inc. | 1,463 | 99,060 | ||||||
|
| |||||||
499,522 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $1,188,951) | 1,152,333 | |||||||
|
|
Par (000) | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.2% |
|
|
|
|
|
| ||
Commercial Services — 0.1% | ||||||||
Iron Mountain, Inc. | $ | 6,100 | $ | 164,761 | ||||
|
| |||||||
Diversified — 0.1% | ||||||||
American Tower Corp. | 1,207 | 123,428 | ||||||
American Tower Corp. | 1,325 | 133,825 | ||||||
|
| |||||||
257,253 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $444,258) | 422,014 | |||||||
|
| |||||||
CORPORATE BONDS — 83.3% |
|
|
|
|
|
| ||
Advertising — 0.9% | ||||||||
Acosta, Inc. | 300 | 264,750 | ||||||
Lamar Media Corp. | 125 | 131,250 | ||||||
MDC Partners, Inc. | 775 | 798,250 | ||||||
Outfront Media Capital LLC | ||||||||
5.625%, 02/15/24 | 225 | 231,188 | ||||||
5.625%, 02/15/24 144A @,^ | 175 | 179,375 | ||||||
|
| |||||||
1,604,813 | ||||||||
|
| |||||||
Aerospace & Defense — 0.6% | ||||||||
Accudyne Industries LLC | 350 | 252,000 | ||||||
StandardAero Aviation Holdings, Inc. | 450 | 446,625 | ||||||
TransDigm, Inc. | ||||||||
6.500%, 07/15/24 | 200 | 198,900 | ||||||
6.500%, 05/15/25 144A @ | 175 | 169,531 | ||||||
|
| |||||||
1,067,056 | ||||||||
|
| |||||||
Airlines — 1.3% | ||||||||
Air Canada | 350 | 364,000 | ||||||
American Airlines 2013-1 Class B | 66 | 67,198 | ||||||
American Airlines 2013-1 Class C | 200 | 205,250 | ||||||
American Airlines Group Inc | 650 | 641,875 | ||||||
United Airlines 2014-2 Class B | 70 | 69,825 | ||||||
United Continental Holdings, Inc. | ||||||||
6.375%, 06/01/18 | 325 | 338,201 | ||||||
6.000%, 12/01/20 | 600 | 622,125 | ||||||
|
| |||||||
2,308,474 | ||||||||
|
| |||||||
Apparel — 0.4% | ||||||||
Levi Strauss & Co. | 200 | 214,000 | ||||||
QS Wholesale, Inc. | 50 | 2,375 |
71
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
| |||||
Apparel — (continued) | ||||||||
The William Carter Co. | $ | 500 | $ | 513,750 | ||||
|
| |||||||
730,125 | ||||||||
|
| |||||||
Auto Manufacturers — 0.4% | ||||||||
Jaguar Land Rover Automotive PLC | 600 | 606,000 | ||||||
|
| |||||||
Auto Parts & Equipment — 1.2% | ||||||||
Affinia Group, Inc. | 200 | 203,560 | ||||||
Gestamp Funding Luxembourg S.A. | 300 | 305,700 | ||||||
MPG Holdco I , Inc. | 475 | 479,750 | ||||||
Nexteer Automotive Group Ltd. | 200 | 204,000 | ||||||
Omega US Sub LLC | 475 | 438,187 | ||||||
Schaeffler Holding Finance BV | 250 | 257,500 | ||||||
The Goodyear Tire & Rubber Co. | 225 | 230,625 | ||||||
|
| |||||||
2,119,322 | ||||||||
|
| |||||||
Banks — 2.7% | ||||||||
Ally Financial, Inc. | ||||||||
7.500%, 09/15/20 | 260 | 294,125 | ||||||
5.750%, 11/20/25 | 350 | 354,375 | ||||||
8.000%, 11/01/31 | 225 | 259,875 | ||||||
Citigroup, Inc. | 475 | 473,516 | ||||||
Halyk Savings Bank of Kazakhstan JSC | ||||||||
7.250%, 05/03/17 144A @ | 100 | 102,819 | ||||||
7.250%, 01/28/21 144A @ | 400 | 410,000 | ||||||
JPMorgan Chase & Co. | 475 | 473,219 | ||||||
Provident Funding Associates LP | 500 | 483,750 | ||||||
Sberbank of Russia Via SB Capital S.A. | 400 | 401,520 | ||||||
Synovus Financial Corp. | ||||||||
5.125%, 06/15/17 | 600 | 615,000 | ||||||
7.875%, 02/15/19 | 300 | 333,000 | ||||||
The Goldman Sachs Group, Inc. | 475 | 472,031 | ||||||
|
| |||||||
4,673,230 | ||||||||
|
| |||||||
Beverages — 0.3% | ||||||||
Constellation Brands, Inc. | 300 | 330,000 | ||||||
Cott Beverages, Inc. | 250 | 258,125 | ||||||
|
| |||||||
588,125 | ||||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Biotechnology — 0.4% | ||||||||
AMAG Pharmaceuticals, Inc. | $ | 275 | $ | 242,000 | ||||
Concordia Healthcare Corp. | ||||||||
9.500%, 10/21/22 144A @ | 275 | 270,875 | ||||||
7.000%, 04/15/23 144A @ | 150 | 130,125 | ||||||
|
| |||||||
643,000 | ||||||||
|
| |||||||
Building Materials — 1.9% | ||||||||
Builders FirstSource, Inc. | 325 | 342,062 | ||||||
Cemex Finance LLC | 425 | 447,312 | ||||||
LSF9 Balta Issuer S.A. | 325 | 370,467 | ||||||
Masonite International Corp. | 175 | 180,688 | ||||||
NCI Building Systems, Inc. | 225 | 236,250 | ||||||
Norbord, Inc. | 225 | 222,188 | ||||||
Nortek, Inc. | 350 | 363,160 | ||||||
Pfleiderer GmbH | 400 | 451,221 | ||||||
Reliance Intermediate Holdings LP | 450 | 468,000 | ||||||
USG Corp. | 150 | 166,875 | ||||||
|
| |||||||
3,248,223 | ||||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
Hexion, Inc. | ||||||||
6.625%, 04/15/20 | 825 | 641,437 | ||||||
10.000%, 04/15/20 | 150 | 123,750 | ||||||
INEOS Group Holdings S.A. | 200 | 198,000 | ||||||
Kerling PLC | 325 | 353,549 | ||||||
Platform Specialty Products Corp. | ||||||||
10.375%, 05/01/21 144A @ | 300 | 299,250 | ||||||
6.500%, 02/01/22 144A @ | 225 | 194,625 | ||||||
PQ Corp. | 475 | 460,750 | ||||||
Univar USA, Inc. | 575 | 524,688 | ||||||
WR Grace & Co. | 75 | 75,750 | ||||||
|
| |||||||
2,871,799 | ||||||||
|
| |||||||
Coal — 0.4% | ||||||||
CONSOL Energy, Inc. | 475 | 315,875 | ||||||
Murray Energy Corp. | 600 | 109,500 | ||||||
SunCoke Energy Partners LP | ||||||||
7.375%, 02/01/20 144A @ | 250 | 155,000 |
72
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Coal — (continued) | ||||||||
7.375%, 02/01/20 144A @ | $ | 175 | $ | 108,500 | ||||
7.375%, 02/01/20 144A @ | 25 | 15,500 | ||||||
|
| |||||||
704,375 | ||||||||
|
| |||||||
Commercial Services — 2.4% | ||||||||
Alliance Data Systems Corp. | 300 | 285,750 | ||||||
Ashtead Capital, Inc. | 125 | 130,313 | ||||||
CAR, Inc. | 210 | 215,879 | ||||||
CEB, Inc. | 475 | 471,437 | ||||||
Europcar Groupe S.A. | 200 | 225,502 | ||||||
FTI Consulting, Inc. | 325 | 340,437 | ||||||
H&E Equipment Services, Inc. | 150 | 147,000 | ||||||
Harland Clarke Holdings Corp. | 125 | 103,750 | ||||||
Iron Mountain Europe PLC | 225 | 341,316 | ||||||
Laureate Education, Inc. | 435 | 269,700 | ||||||
Lender Processing Services, Inc. | 128 | 131,840 | ||||||
Loxam SAS | 225 | 250,633 | ||||||
Monitronics International, Inc. | 400 | 317,000 | ||||||
Safway Group Holding LLC | 250 | 249,375 | ||||||
Truven Health Analytics, Inc. | 100 | 100,500 | ||||||
United Rentals North America, Inc. | 525 | 536,812 | ||||||
Verisure Holding AB | 100 | 113,023 | ||||||
|
| |||||||
4,230,267 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.5% | ||||||||
American Builders & Contractors Supply Co., Inc. | 150 | 151,125 | ||||||
Entertainment One Ltd. | 100 | 146,757 | ||||||
Matalan Finance PLC | 450 | 553,934 | ||||||
|
| |||||||
851,816 | ||||||||
|
| |||||||
Diversified Financial Services — 4.3% | ||||||||
Cantor Commercial Real Estate Co. LP | 275 | 281,875 | ||||||
Consolidated Energy Finance S.A. | 750 | 716,963 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Diversified Financial Services — (continued) | ||||||||
E*TRADE Financial Corp. | $ | 300 | $ | 314,250 | ||||
Garfunkelux Holdco 3 S.A. | 175 | 259,276 | ||||||
Icahn Enterprises LP | 350 | 346,850 | ||||||
Jefferies LoanCore LLC | 400 | 380,000 | ||||||
Ladder Capital Finance Holdings LLLP. | ||||||||
7.375%, 10/01/17 | 200 | 199,250 | ||||||
5.875%, 08/01/21 144A @ | 175 | 159,250 | ||||||
National Financial Partners Corp. | 100 | 91,500 | ||||||
Nationstar Mortgage LLC | ||||||||
7.875%, 10/01/20 | 150 | 143,550 | ||||||
6.500%, 07/01/21 | 825 | 730,125 | ||||||
Navient Corp. | ||||||||
5.000%, 10/26/20 | 525 | 460,688 | ||||||
5.875%, 03/25/21 | 275 | 244,750 | ||||||
Nord Anglia Education Finance LLC | 175 | 181,723 | ||||||
Ocwen Financial Corp. | 591 | 520,080 | ||||||
OneMain Financial Holdings, Inc. | ||||||||
6.750%, 12/15/19 144A @ | 275 | 278,781 | ||||||
7.250%, 12/15/21 144A @ | 300 | 300,750 | ||||||
Outerwall, Inc. | ||||||||
6.000%, 03/15/19 | 450 | 400,500 | ||||||
5.875%, 06/15/21 | 350 | 287,000 | ||||||
Quicken Loans, Inc. | 650 | 619,125 | ||||||
Transworld Systems, Inc. | 375 | 172,500 | ||||||
Walter Investment Management Corp. | 475 | 375,250 | ||||||
|
| |||||||
7,464,036 | ||||||||
|
| |||||||
Electric — 1.9% | ||||||||
AES Corp. | 500 | 446,250 | ||||||
Calpine Corp. | ||||||||
5.375%, 01/15/23 | 300 | 269,250 | ||||||
5.500%, 02/01/24 | 275 | 242,687 | ||||||
Dynegy, Inc. | 400 | 376,000 | ||||||
Energy Future Intermediate Holding Co. LLC | 952 | 916,156 | ||||||
GenOn Energy, Inc. | 375 | 302,936 | ||||||
Infinis PLC | 300 | 453,319 | ||||||
NRG Energy, Inc. | 275 | 238,563 | ||||||
|
| |||||||
3,245,161 | ||||||||
|
|
73
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Electrical Components & Equipment — 0.1% | ||||||||
Energizer Holdings, Inc. | $ | 225 | $ | 211,500 | ||||
|
| |||||||
Energy-Alternate Sources — 0.3% | ||||||||
Terraform Global Operating LLC | 425 | 338,937 | ||||||
Terraform Power Operating LLC | ||||||||
5.875%, 02/01/23 144A @ | 75 | 62,063 | ||||||
6.125%, 06/15/25 144A @ | 225 | 181,125 | ||||||
|
| |||||||
582,125 | ||||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
Swissport Investments S.A. | 100 | 113,289 | ||||||
|
| |||||||
Entertainment — 2.3% | ||||||||
AMC Entertainment, Inc. | 600 | 603,000 | ||||||
Eldorado Resorts, Inc. | 200 | 196,000 | ||||||
Great Canadian Gaming Corp. | 450 | 319,524 | ||||||
International Game Technology PLC | ||||||||
6.250%, 02/15/22 144A @ | 600 | 561,000 | ||||||
6.500%, 02/15/25 144A @ | 350 | 307,125 | ||||||
Intralot Finance Luxembourg S.A. | 225 | 254,398 | ||||||
Peninsula Gaming LLC | 200 | 203,000 | ||||||
Regal Entertainment Group | 750 | 750,000 | ||||||
Scientific Games International, Inc. | 300 | 286,500 | ||||||
Shingle Springs Tribal Gaming Authority | 225 | 229,500 | ||||||
WMG Acquisition Corp. | 188 | 188,940 | ||||||
|
| |||||||
3,898,987 | ||||||||
|
| |||||||
Environmental Control — 0.2% | ||||||||
Clean Harbors, Inc. | ||||||||
5.250%, 08/01/20 | 125 | 127,500 | ||||||
5.125%, 06/01/21 | 175 | 177,188 | ||||||
Tervita Corp. | 375 | 86,250 | ||||||
|
| |||||||
390,938 | ||||||||
|
| |||||||
Food — 2.0% | ||||||||
Boparan Finance PLC | 300 | 413,516 | ||||||
Brakes Capital | 125 | 188,883 | ||||||
Dean Foods Co. | 450 | 468,000 | ||||||
JBS Investments GmbH | 400 | 384,000 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Food — (continued) | ||||||||
JBS USA LLC | $ | 375 | $ | 339,375 | ||||
Minerva Luxembourg S.A. | ||||||||
12.250%, 02/10/22 144A @ | 200 | 202,000 | ||||||
7.750%, 01/31/23 144A @ | 475 | 446,500 | ||||||
Post Holdings, Inc. | ||||||||
6.750%, 12/01/21 144A @ | 225 | 229,500 | ||||||
7.375%, 02/15/22 | 500 | 521,250 | ||||||
7.750%, 03/15/24 144A @ | 125 | 130,937 | ||||||
8.000%, 07/15/25 144A @ | 100 | 106,000 | ||||||
Shearer’s Foods LLC | 75 | 79,031 | ||||||
|
| |||||||
3,508,992 | ||||||||
|
| |||||||
Forest Products & Paper — 0.4% | ||||||||
Cascades, Inc. | 150 | 145,500 | ||||||
Mercer International, Inc. | ||||||||
7.000%, 12/01/19 | 375 | 375,938 | ||||||
7.750%, 12/01/22 | 200 | 202,000 | ||||||
|
| |||||||
723,438 | ||||||||
|
| |||||||
Gas — 0.0% | ||||||||
NGL Energy Partner LP | 75 | 59,250 | ||||||
|
| |||||||
Hand & Machine Tools — 0.5% | ||||||||
Apex Tool Group LLC | 800 | 616,000 | ||||||
Milacron LLC | 325 | 303,063 | ||||||
|
| |||||||
919,063 | ||||||||
|
| |||||||
Healthcare Products — 0.4% | ||||||||
Crimson Merger Sub, Inc. | 250 | 171,250 | ||||||
Hill-Rom Holdings, Inc. | 150 | 153,000 | ||||||
Universal Hospital Services, Inc. | 375 | 352,031 | ||||||
|
| |||||||
676,281 | ||||||||
|
| |||||||
Healthcare Services — 2.9% | ||||||||
Acadia Healthcare Co., Inc. | 200 | 189,000 | ||||||
Community Health Systems, Inc. | 1,175 | 1,114,781 | ||||||
Ephios Bondco PLC | 375 | 422,734 | ||||||
Ephios Holdco II PLC | 150 | 164,643 | ||||||
HCA, Inc. | ||||||||
5.000%, 03/15/24 | 220 | 219,450 | ||||||
5.375%, 02/01/25 | 775 | 765,313 | ||||||
Holding Medi-Partenaires SAS | 300 | 345,533 |
74
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Healthcare Services — (continued) | ||||||||
IASIS Healthcare LLC | $ | 450 | $ | 414,000 | ||||
Molina Healthcare, Inc. | 275 | 275,000 | ||||||
Select Medical Corp. | 125 | 109,375 | ||||||
Tenet Healthcare Corp. | ||||||||
4.012%, 06/15/20 144A @,• | 175 | 170,625 | ||||||
8.125%, 04/01/22 | 350 | 349,125 | ||||||
6.750%, 06/15/23 | 475 | 440,563 | ||||||
|
| |||||||
4,980,142 | ||||||||
|
| |||||||
Holding Companies — 1.0% | ||||||||
Horizon Pharma Financing, Inc. | 250 | 222,500 | ||||||
HRG Group, Inc. | ||||||||
7.875%, 07/15/19 144A @ | 125 | 130,625 | ||||||
7.875%, 07/15/19 | 250 | 261,250 | ||||||
7.750%, 01/15/22 | 275 | 269,500 | ||||||
James Hardie International Finance Ltd. | 275 | 280,500 | ||||||
KraussMaffei Group GmbH | 200 | 233,109 | ||||||
Opal Acquisition, Inc. | 300 | 249,000 | ||||||
|
| |||||||
1,646,484 | ||||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
CalAtlantic Group. Inc. | 175 | 183,750 | ||||||
Shea Homes LP | 200 | 205,000 | ||||||
Taylor Morrison Communities, Inc. | 250 | 246,875 | ||||||
William Lyon Homes, Inc. | ||||||||
8.500%, 11/15/20 | 400 | 423,000 | ||||||
7.000%, 08/15/22 | 375 | 375,938 | ||||||
|
| |||||||
1,434,563 | ||||||||
|
| |||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc. | 250 | 252,500 | ||||||
|
| |||||||
Household Products & Wares — 1.0% | ||||||||
Central Garden & Pet Co. | 175 | 176,750 | ||||||
Reynolds Group Issuer, Inc. | 650 | 625,625 | ||||||
Spectrum Brands, Inc. | ||||||||
6.625%, 11/15/22 | 100 | 105,500 | ||||||
5.750%, 07/15/25 144A @ | 450 | 461,250 | ||||||
The Sun Products Corp. | 425 | 368,687 | ||||||
|
| |||||||
1,737,812 | ||||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Housewares — 0.6% | ||||||||
Bormioli Rocco Holdings S.A. | $ | 300 | $ | 340,828 | ||||
RSI Home Products, Inc. | 450 | 463,500 | ||||||
The Scotts Miracle-Gro Co. | 200 | 208,500 | ||||||
|
| |||||||
1,012,828 | ||||||||
|
| |||||||
Insurance — 1.2% | ||||||||
CNO Financial Group, Inc. | 400 | 407,000 | ||||||
Hub Holdings LLC | 275 | 257,125 | ||||||
HUB International Ltd. | 450 | 405,000 | ||||||
USI, Inc. | 450 | 432,000 | ||||||
Wayne Merger Sub LLC | 575 | 540,500 | ||||||
|
| |||||||
2,041,625 | ||||||||
|
| |||||||
Internet — 1.8% | ||||||||
Ancestry.Com Holdings LLC | 475 | 467,875 | ||||||
Ancestry.Com Holdings, Inc. | 125 | 133,438 | ||||||
Blue Coat Holdings, Inc. | 425 | 427,125 | ||||||
Cerved Group SpA | 100 | 112,051 | ||||||
Equinix, Inc. | ||||||||
5.375%, 01/01/22 | 275 | 281,875 | ||||||
5.375%, 04/01/23 | 325 | 331,500 | ||||||
5.750%, 01/01/25 | 150 | 153,375 | ||||||
Match Group, Inc. | 300 | 297,000 | ||||||
United Group BV | ||||||||
7.875%, 11/15/20 144A @ | 100 | 114,381 | ||||||
7.875%, 11/15/20 144A @ | 275 | 314,548 | ||||||
7.875%, 11/15/20 | 400 | 457,524 | ||||||
|
| |||||||
3,090,692 | ||||||||
|
| |||||||
Investment Companies — 0.1% | ||||||||
NRG Yield Operating LLC | 250 | 207,188 | ||||||
|
| |||||||
Iron & Steel — 0.7% | ||||||||
ArcelorMittal | 275 | 257,813 | ||||||
Bluescope Steel Finance Ltd. | 350 | 336,000 | ||||||
Joseph T. Ryerson & Son, Inc. | ||||||||
9.000%, 10/15/17 | 425 | 327,250 | ||||||
11.250%, 10/15/18 | 309 | 230,205 | ||||||
|
| |||||||
1,151,268 | ||||||||
|
|
75
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Leisure Time — 0.9% | ||||||||
24 Hour Holdings IIII LLC | $ | 325 | $ | 264,063 | ||||
Cirsa Funding Luxembourg S.A. | ||||||||
8.750%, 05/15/18 144A @ | 230 | 251,664 | ||||||
5.875%, 05/15/23 144A @ | 300 | 308,910 | ||||||
ClubCorp Club Operations, Inc. | 250 | 245,000 | ||||||
LTF Merger Sub, Inc. | 400 | 382,000 | ||||||
Sabre GLBL, Inc. | 125 | 124,375 | ||||||
|
| |||||||
1,576,012 | ||||||||
|
| |||||||
Lodging — 1.4% | ||||||||
MGM Resorts International | ||||||||
6.625%, 12/15/21 | 525 | 537,469 | ||||||
6.000%, 03/15/23 | 550 | 545,875 | ||||||
Playa Resorts Holding BV | 450 | 456,750 | ||||||
Seminole Hard Rock Entertainment, Inc. | 300 | 299,250 | ||||||
Station Casinos LLC | 150 | 153,000 | ||||||
Wynn Macau Ltd. | 425 | 374,000 | ||||||
|
| |||||||
2,366,344 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.4% | ||||||||
BlueLine Rental Finance Corp. | 225 | 202,500 | ||||||
Terex Corp. | 575 | 529,000 | ||||||
|
| |||||||
731,500 | ||||||||
|
| |||||||
Machinery — Diversified — 0.1% | ||||||||
Gardner Denver, Inc. | 300 | 229,500 | ||||||
|
| |||||||
Media — 9.3% | ||||||||
Altice US Finance S.A. | 200 | 183,000 | ||||||
AMC Networks, Inc. | 475 | 475,000 | ||||||
Arqiva Broadcast Finance PLC | 650 | 1,034,895 | ||||||
Cable One, Inc. | 175 | 174,125 | ||||||
CCO Holdings LLC | ||||||||
5.250%, 09/30/22 | 400 | 404,000 | ||||||
5.125%, 05/01/23 144A @ | 675 | 675,000 | ||||||
5.750%, 09/01/23 | 275 | 281,875 | ||||||
5.750%, 01/15/24 | 600 | 616,500 | ||||||
CCOH Safari LLC | 625 | 626,562 | ||||||
Cequel Communications Holdings I LLC | ||||||||
6.375%, 09/15/20 144A @ | 485 | 474,087 | ||||||
5.125%, 12/15/21 144A @ | 325 | 292,500 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Media — (continued) | ||||||||
Clear Channel Worldwide Holdings, Inc. | ||||||||
6.500%, 11/15/22 | $ | 50 | $ | 48,250 | ||||
6.500%, 11/15/22 | 350 | 341,250 | ||||||
Cumulus Media Holdings, Inc. | 225 | 75,938 | ||||||
DISH DBS Corp. | ||||||||
6.750%, 06/01/21 | 500 | 503,750 | ||||||
5.875%, 07/15/22 | 250 | 233,125 | ||||||
LGE HoldCo VI BV | 325 | 381,522 | ||||||
Mediacom Broadband LLC | 450 | 439,875 | ||||||
MHGE Parent LLC | 125 | 123,750 | ||||||
Neptune Finco Corp. | ||||||||
10.125%, 01/15/23 144A @ | 1,175 | 1,224,937 | ||||||
10.875%, 10/15/25 144A @ | 325 | 340,437 | ||||||
Numericable SFR S.A. | 975 | 940,875 | ||||||
Sinclair Television Group, Inc. | ||||||||
6.375%, 11/01/21 | 50 | 51,500 | ||||||
6.125%, 10/01/22 | 300 | 306,000 | ||||||
Sirius XM Radio, Inc. | 75 | 78,375 | ||||||
TEGNA, Inc. | 500 | 527,500 | ||||||
Time, Inc. | 275 | 251,625 | ||||||
Townsquare Media, Inc. | 361 | 330,315 | ||||||
Trader Corp | 200 | 208,000 | ||||||
Tribune Media Co. | 825 | 825,000 | ||||||
Unitymedia GmbH | 400 | 395,260 | ||||||
Unitymedia Hessen GmbH & Co. KG | 600 | 573,000 | ||||||
Univision Communications, Inc. | ||||||||
6.750%, 09/15/22 144A @ | 492 | 509,835 | ||||||
5.125%, 02/15/25 144A @ | 700 | 665,000 | ||||||
VTR Finance BV | 750 | 690,000 | ||||||
WideOpenWest Finance LLC | ||||||||
10.250%, 07/15/19 | 175 | 165,244 | ||||||
13.375%, 10/15/19 | 475 | 444,125 | ||||||
Ziggo Bond Finance BV | 225 | 208,688 | ||||||
|
| |||||||
16,120,720 | ||||||||
|
| |||||||
Mining — 1.0% | ||||||||
Aleris International, Inc. | ||||||||
7.625%, 02/15/18 | 175 | 148,750 | ||||||
7.875%, 11/01/20 | 425 | 323,850 | ||||||
Eldorado Gold Corp. | 400 | 350,000 |
76
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Mining — (continued) | ||||||||
HudBay Minerals, Inc. | $ | 150 | $ | 109,875 | ||||
Lundin Mining Corp. | 400 | 375,000 | ||||||
Novelis, Inc. | 175 | 160,562 | ||||||
Nyrstar Netherlands Holdings BV | 375 | 330,135 | ||||||
|
| |||||||
1,798,172 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 0.5% | ||||||||
Bombardier, Inc. | 800 | 780,000 | ||||||
|
| |||||||
Office & Business Equipment — 0.5% | ||||||||
CDW LLC | 275 | 290,125 | ||||||
Magnolia BC S.A. | 425 | 491,200 | ||||||
|
| |||||||
781,325 | ||||||||
|
| |||||||
Oil & Gas — 6.3% | ||||||||
Chesapeake Energy Corp. | 581 | 284,690 | ||||||
Concho Resources, Inc. | ||||||||
7.000%, 01/15/21 | 150 | 147,750 | ||||||
5.500%, 04/01/23 | 800 | 740,000 | ||||||
CrownRock LP | ||||||||
7.125%, 04/15/21 144A @ | 200 | 187,500 | ||||||
7.750%, 02/15/23 144A @ | 575 | 540,500 | ||||||
Denbury Resources, Inc. | 475 | 157,690 | ||||||
EPL Oil & Gas, Inc. | 100 | 26,500 | ||||||
Gulfport Energy Corp. | ||||||||
7.750%, 11/01/20 | 175 | 156,625 | ||||||
6.625%, 05/01/23 | 385 | 321,475 | ||||||
Matador Resources Co. | 991 | 921,630 | ||||||
Newfield Exploration Co. | ||||||||
5.750%, 01/30/22 | 150 | 132,750 | ||||||
5.625%, 07/01/24 | 475 | 404,937 | ||||||
5.375%, 01/01/26 | 200 | 165,500 | ||||||
Noble Energy, Inc. | ||||||||
5.875%, 06/01/22 | 125 | 118,913 | ||||||
5.875%, 06/01/24 | 1,050 | 1,004,729 | ||||||
Pacific Exploration and Production Corp. | ||||||||
5.375%, 01/26/19 144A @ | 1,125 | 213,750 | ||||||
5.625%, 01/19/25 144A @ | 500 | 100,000 | ||||||
Parsley Energy LLC | 725 | 692,375 | ||||||
PBF Holding Co. LLC | 175 | 170,625 | ||||||
Penn Virginia Corp. | ||||||||
7.250%, 04/15/19 | 500 | 67,500 | ||||||
8.500%, 05/01/20 | 450 | 70,875 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Oil & Gas — (continued) | ||||||||
Precision Drilling Corp. | $ | 75 | $ | 57,750 | ||||
Range Resources Corp. | 475 | 361,000 | ||||||
Rowan Cos, Inc. | 55 | 54,069 | ||||||
Seven Generations Energy Ltd. | ||||||||
8.250%, 05/15/20 144A @ | 1,025 | 922,500 | ||||||
6.750%, 05/01/23 144A @ | 350 | 294,000 | ||||||
SM Energy Co. | ||||||||
6.500%, 01/01/23 | 300 | 220,500 | ||||||
5.625%, 06/01/25 | 125 | 82,500 | ||||||
Transocean, Inc. | 175 | 155,750 | ||||||
Whiting Petroleum Corp. | 575 | 414,000 | ||||||
WPX Energy, Inc. | ||||||||
5.250%, 01/15/17 | 250 | 233,750 | ||||||
7.500%, 08/01/20 | 500 | 405,000 | ||||||
6.000%, 01/15/22 | 800 | 560,000 | ||||||
8.250%, 08/01/23 | 250 | 200,000 | ||||||
5.250%, 09/15/24 | 125 | 82,500 | ||||||
YPF S.A. | 275 | 278,094 | ||||||
|
| |||||||
10,947,727 | ||||||||
|
| |||||||
Oil & Gas Services — 0.9% | ||||||||
Archrock Partners LP | ||||||||
6.000%, 04/01/21 | 125 | 102,813 | ||||||
6.000%, 10/01/22 | 200 | 163,000 | ||||||
CGG S.A. | ||||||||
7.750%, 05/15/17^ | 150 | 149,625 | ||||||
6.500%, 06/01/21 | 250 | 111,250 | ||||||
6.875%, 01/15/22 | 650 | 266,500 | ||||||
SESI LLC | 750 | 667,500 | ||||||
Weatherford International Ltd. | ||||||||
9.625%, 03/01/19 | 150 | 146,062 | ||||||
6.750%, 09/15/40 | 25 | 17,625 | ||||||
|
| |||||||
1,624,375 | ||||||||
|
| |||||||
Packaging and Containers — 1.8% | ||||||||
AEP Industries, Inc. | 200 | 205,500 | ||||||
Ardagh Finance Holdings S.A. | ||||||||
PIK 8.375%, 06/15/19 144A @ | 287 | 316,727 | ||||||
PIK 8.625%, 06/15/19 144A @ | 662 | 645,474 | ||||||
Beverage Packaging Holdings Luxembourg II SA | ||||||||
5.625%, 12/15/16 144A @ | 225 | 222,469 | ||||||
6.000%, 06/15/17 144A @ | 450 | 435,375 | ||||||
Consolidated Container Co. LLC | 375 | 307,500 | ||||||
Graphic Packaging International, Inc. | 175 | 178,500 |
77
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Packaging and Containers — (continued) | ||||||||
SIG Combibloc Holdings S.C.A. | $ | 700 | $ | 793,060 | ||||
|
| |||||||
3,104,605 | ||||||||
|
| |||||||
Pharmaceuticals — 2.9% | ||||||||
Capsugel S.A. | 400 | 390,000 | ||||||
DPx Holdings BV | 325 | 316,875 | ||||||
Endo Finance LLC | ||||||||
6.000%, 07/15/23 144A @ | 475 | 472,625 | ||||||
6.000%, 02/01/25 144A @ | 325 | 320,125 | ||||||
JLL/Delta Dutch Pledgeco BV | 575 | 554,875 | ||||||
Valeant Pharmaceuticals International, Inc. | ||||||||
5.375%, 03/15/20 144A @ | 875 | 822,500 | ||||||
7.000%, 10/01/20 144A @ | 75 | 74,813 | ||||||
6.375%, 10/15/20 144A @ | 625 | 603,125 | ||||||
6.750%, 08/15/21 144A @ | 250 | 241,250 | ||||||
5.875%, 05/15/23 144A @ | 1,275 | 1,137,937 | ||||||
|
| |||||||
4,934,125 | ||||||||
|
| |||||||
Pipelines — 1.4% | ||||||||
MPLX LP | 500 | 447,350 | ||||||
Sabine Pass Liquefaction LLC | 875 | 809,375 | ||||||
Targa Resources Partners LP | ||||||||
5.250%, 05/01/23 | 50 | 40,500 | ||||||
4.250%, 11/15/23 | 1,050 | 808,500 | ||||||
6.750%, 03/15/24 144A @ | 375 | 319,687 | ||||||
|
| |||||||
2,425,412 | ||||||||
|
| |||||||
Real Estate — 1.7% | ||||||||
CBRE Services, Inc. | 625 | 628,181 | ||||||
Dupont Fabros Technology LP | 775 | 806,000 | ||||||
Greystar Real Estate Partners LLC | 200 | 207,500 | ||||||
Iron Mountain, Inc. | 350 | 369,250 | ||||||
MPT Operating Partnership LP | 225 | 233,437 | ||||||
The Howard Hughes Corp. | 625 | 637,500 | ||||||
|
| |||||||
2,881,868 | ||||||||
|
| |||||||
Retail — 3.3% | ||||||||
Chinos Intermediate Holdings A, Inc. | 100 | 25,000 | ||||||
DBP Holding Corp. | 200 | 110,000 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Retail — (continued) | ||||||||
Dollar Tree, Inc. | $ | 925 | $ | 957,375 | ||||
Douglas GmbH | 350 | 399,002 | ||||||
Ferrellgas LP | ||||||||
6.500%, 05/01/21 | 250 | 212,500 | ||||||
6.750%, 06/15/23 144A @ | 150 | 122,250 | ||||||
Group 1 Automotive, Inc. | ||||||||
5.000%, 06/01/22 | 175 | 173,250 | ||||||
5.250%, 12/15/23 144A @ | 175 | 173,250 | ||||||
Guitar Center, Inc. | 400 | 336,000 | ||||||
Kirk Beauty One GmbH | 225 | 250,878 | ||||||
Neiman Marcus Group Ltd. LLC | 75 | 55,500 | ||||||
New Look Secured Issuer PLC | 250 | 364,977 | ||||||
New Look Senior Issuer PLC | 125 | 178,748 | ||||||
New Red Finance, Inc. | 75 | 75,188 | ||||||
Penske Automotive Group, Inc. | 200 | 205,500 | ||||||
PF Chang’s China Bistro, Inc. | 175 | 143,500 | ||||||
Rite Aid Corp. | ||||||||
6.750%, 06/15/21 | 725 | 759,437 | ||||||
6.125%, 04/01/23 144A @ | 475 | 491,625 | ||||||
Sonic Automotive, Inc. | ||||||||
7.000%, 07/15/22 | 175 | 185,062 | ||||||
5.000%, 05/15/23 | 175 | 166,250 | ||||||
The Men’s Wearhouse, Inc. | 175 | 124,250 | ||||||
Vista Outdoor, Inc. | 225 | 230,625 | ||||||
|
| |||||||
5,740,167 | ||||||||
|
| |||||||
Semiconductors — 0.8% | ||||||||
Advanced Micro Devices, Inc. | 425 | 308,125 | ||||||
Micron Technology, Inc. | 250 | 224,375 | ||||||
NXP BV | ||||||||
5.750%, 02/15/21 144A @ | 200 | 208,000 | ||||||
5.750%, 03/15/23 144A @ | 250 | 258,125 | ||||||
Sensata Technologies UK Financing Co. PLC | 425 | 442,000 | ||||||
|
| |||||||
1,440,625 | ||||||||
|
| |||||||
Software — 1.8% | ||||||||
BCP Singapore VI Cayman Financing Co. Ltd. | 145 | 115,094 | ||||||
BMC Software, Inc. | 225 | 185,625 |
78
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) |
|
|
|
|
|
| ||
Software — (continued) | ||||||||
First Data Corp. | ||||||||
5.375%, 08/15/23 144A @ | $ | 650 | $ | 653,250 | ||||
7.000%, 12/01/23 144A @ | 1,050 | 1,050,000 | ||||||
MSCI, Inc. | ||||||||
5.250%, 11/15/24 144A @ | 250 | 253,750 | ||||||
5.750%, 08/15/25 144A @ | 275 | 281,875 | ||||||
Rackspace Hosting, Inc. | 375 | 361,875 | ||||||
SS&C Technologies Holdings, Inc. | 200 | 206,500 | ||||||
|
| |||||||
3,107,969 | ||||||||
|
| |||||||
Telecommunications — 9.9% | ||||||||
Alcatel-Lucent USA, Inc. | 225 | 238,500 | ||||||
Altice Financing S.A. | 350 | 345,625 | ||||||
Altice Finco S.A. | ||||||||
9.875%, 12/15/20 144A @ | 600 | 639,000 | ||||||
8.125%, 01/15/24 144A @ | 400 | 387,000 | ||||||
Altice Luxembourg S.A. | ||||||||
7.750%, 05/15/22 144A @ | 400 | 361,000 | ||||||
7.625%, 02/15/25 144A @ | 700 | 603,750 | ||||||
B Communications Ltd. | 500 | 538,500 | ||||||
CommScope Technologies Finance LLC | 525 | 505,312 | ||||||
Crown Castle International Corp. | 425 | 446,781 | ||||||
Digicel Group Ltd. | 750 | 618,750 | ||||||
EarthLink Holdings Corp. | 175 | 178,063 | ||||||
Frontier Communications Corp. | 475 | 480,938 | ||||||
Hughes Satellite Systems Corp. | ||||||||
6.500%, 06/15/19 | 304 | 327,560 | ||||||
7.625%, 06/15/21 | 325 | 344,500 | ||||||
Intelsat Jackson Holdings S.A. | ||||||||
7.250%, 10/15/20 | 200 | 175,000 | ||||||
7.500%, 04/01/21 | 500 | 435,000 | ||||||
6.625%, 12/15/22 | 475 | 302,813 | ||||||
Level 3 Communications, Inc. | 250 | 255,625 | ||||||
Level 3 Financing, Inc. | ||||||||
7.000%, 06/01/20 | 325 | 339,625 | ||||||
6.125%, 01/15/21 | 75 | 77,625 | ||||||
5.625%, 02/01/23 | 150 | 153,000 | ||||||
OTE PLC | 400 | 462,958 | ||||||
Sable International Finance Ltd. | ||||||||
8.750%, 02/01/20 144A @ | 200 | 209,500 | ||||||
6.875%, 08/01/22 144A @ | 450 | 434,250 | ||||||
Sprint Communications, Inc. | ||||||||
7.000%, 08/15/20 | 250 | 193,125 | ||||||
11.500%, 11/15/21 | 1,250 | 1,150,000 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Telecommunications — (continued) | ||||||||
T-Mobile USA, Inc. | ||||||||
6.000%, 03/01/23 | $ | 1,350 | $ | 1,366,875 | ||||
6.500%, 01/15/24 | 100 | 102,000 | ||||||
6.375%, 03/01/25 | 175 | 176,750 | ||||||
6.500%, 01/15/26 | 850 | 858,066 | ||||||
TBG Global Pte Ltd. | 200 | 184,854 | ||||||
UPC Holding BV | ||||||||
6.750%, 03/15/23 144A @ | 200 | 234,202 | ||||||
6.750%, 03/15/23 144A @ | 375 | 403,604 | ||||||
UPCB Finance VI Ltd. | 203 | 214,144 | ||||||
VimpelCom Holdings BV | ||||||||
5.200%, 02/13/19 144A @ | 200 | 196,050 | ||||||
7.504%, 03/01/22 144A @ | 250 | 250,000 | ||||||
Virgin Media Finance PLC | ||||||||
6.375%, 04/15/23 144A @ | 225 | 228,375 | ||||||
7.000%, 04/15/23 144A @ | 275 | 424,462 | ||||||
6.000%, 10/15/24 144A @ | 200 | 199,500 | ||||||
Virgin Media Secured Finance PLC | 200 | 194,500 | ||||||
Wind Acquisition Finance S.A. | ||||||||
4.750%, 07/15/20 144A @ | 400 | 396,000 | ||||||
7.375%, 04/23/21 144A @ | 1,500 | 1,417,500 | ||||||
|
| |||||||
17,050,682 | ||||||||
|
| |||||||
Textiles — 0.3% | ||||||||
Springs Industries, Inc. | 450 | 445,500 | ||||||
|
| |||||||
Transportation — 0.2% | ||||||||
OPE KAG Finance Sub, Inc. | 175 | 173,906 | ||||||
Watco Cos. LLC | 250 | 246,250 | ||||||
|
| |||||||
420,156 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $156,582,780) | 144,101,571 | |||||||
|
| |||||||
LOAN AGREEMENTS — 10.5%‡ |
|
|
|
|
|
| ||
Aerospace & Defense — 0.2% | ||||||||
Standard Aero Aviation Holdings, Inc. | 274 | 272,392 | ||||||
|
| |||||||
Chemicals — 0.6% | ||||||||
MacDermid, Inc. | 374 | 362,186 | ||||||
Solenis International LP | ||||||||
4.250%, 07/31/21• | 125 | 119,308 | ||||||
7.750%, 07/31/22• | 675 | 531,562 | ||||||
|
| |||||||
1,013,056 | ||||||||
|
| |||||||
Commercial Services — 0.6% | ||||||||
Kronos, Inc. | ||||||||
4.500%, 10/30/19• | 549 | 538,595 | ||||||
9.750%, 04/30/20 | 375 | 371,876 |
79
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
LOAN AGREEMENTS‡ — (continued) |
|
|
|
|
|
| ||
Commercial Services — (continued) | ||||||||
Nord Anglia Education Finance LLC | $ | 225 | $ | 219,094 | ||||
|
| |||||||
1,129,565 | ||||||||
|
| |||||||
Diversified Financial Services — 0.7% | ||||||||
Onex Wizard Acquisition | 820 | 805,653 | ||||||
Terra-Gen Finance Co., LLC | 286 | 265,766 | ||||||
Vantiv LLC | 232 | 230,288 | ||||||
|
| |||||||
1,301,707 | ||||||||
|
| |||||||
Electric — 0.4% | ||||||||
Energy Future Intermediate Holding Co. LLC | 675 | 671,794 | ||||||
|
| |||||||
Electronics — 0.2% | ||||||||
Linxens France S.A. | 275 | 267,438 | ||||||
|
| |||||||
Entertainment — 1.2% | ||||||||
Delta 2 (Lux) S.a.r.l. | ||||||||
4.750%, 07/30/21 | 925 | 892,190 | ||||||
7.750%, 07/29/22 | 200 | 183,900 | ||||||
Lions Gate Entertainment Co. | 375 | 371,250 | ||||||
Peninsula Gaming LLC | 314 | 312,491 | ||||||
William Morris Endeavor Entertainment LLC | 300 | 261,000 | ||||||
|
| |||||||
2,020,831 | ||||||||
|
| |||||||
Food — 0.2% | ||||||||
Hostess Brands LLC | ||||||||
4.500%, 08/03/22 | 249 | 247,816 | ||||||
8.500%, 08/03/23 | 162 | 160,350 | ||||||
|
| |||||||
408,166 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.2% | ||||||||
Milacron LLC | 275 | 270,187 | ||||||
|
| |||||||
Healthcare Services — 0.3% | ||||||||
Surgery Center Holdings | 273 | 268,760 | ||||||
US Renal Care, Inc. | 275 | 272,250 | ||||||
|
| |||||||
541,010 | ||||||||
|
| |||||||
Insurance — 1.7% | ||||||||
Alliant Holdings I LLC | 274 | 267,110 | ||||||
AssuredPartners, Inc. | 150 | 148,751 | ||||||
Asurion LLC | ||||||||
5.000%, 05/24/19• | 273 | 255,289 | ||||||
8.500%, 03/03/21 | 950 | 805,125 | ||||||
5.000%, 08/04/22• | 647 | 589,836 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Insurance — (continued) | ||||||||
HUB International Ltd. | $ | 274 | $ | 258,187 | ||||
Sedgwick Claims Management Services, Inc. | 375 | 337,500 | ||||||
USI, Inc. | 349 | 337,150 | ||||||
|
| |||||||
2,998,948 | ||||||||
|
| |||||||
Internet — 0.4% | ||||||||
Ancestry.Com, Inc. | 274 | 271,569 | ||||||
Match Group, Inc. | 375 | 369,844 | ||||||
|
| |||||||
641,413 | ||||||||
|
| |||||||
Leisure Time — 0.2% | ||||||||
Life Time Fitness, Inc. | 373 | 363,099 | ||||||
|
| |||||||
Machinery — Diversified — 0.4% | ||||||||
Filtration Group, Inc. | 349 | 338,824 | ||||||
Gardner Denver, Inc. | 494 | 443,608 | ||||||
|
| |||||||
782,432 | ||||||||
|
| |||||||
Media — 0.9% | ||||||||
Acosta, Inc. | 175 | 166,063 | ||||||
CSC Holdings LLC | 725 | 722,963 | ||||||
Cumulus Media Holdings Inc | 200 | 150,666 | ||||||
IHeartCommunications, Inc. | 600 | 418,716 | ||||||
McGraw-Hill Global Education Holdings LLC 4.750%, 03/22/19• | 166 | 162,453 | ||||||
|
| |||||||
1,620,861 | ||||||||
|
| |||||||
Oil & Gas — 0.3% | ||||||||
Hercules Offshore, Inc. | 621 | 439,030 | ||||||
|
| |||||||
Packaging and Containers — 0.2% | ||||||||
Berry Plastics Corp. | 292 | 289,186 | ||||||
|
| |||||||
Pharmaceuticals — 0.2% | ||||||||
Concordia Healthcare Corp. | 325 | 311,392 | ||||||
|
| |||||||
Retail — 1.5% | ||||||||
Academy Ltd | 746 | 718,056 | ||||||
JC Penney Corp. | 855 | 838,690 | ||||||
Neiman Marcus Group Ltd. LLC | 75 | 66,188 |
80
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Par (000) | Value† | |||||||
LOAN AGREEMENTS‡ — (continued) |
|
|
|
|
|
| ||
Retail — (continued) | ||||||||
PetSmart, Inc. | $ | 373 | $ | 362,771 | ||||
PF Chang’s China Bistro, Inc. | 473 | 449,167 | ||||||
The Men’s Wearhouse, Inc. | 274 | 240,701 | ||||||
|
| |||||||
2,675,573 | ||||||||
|
| |||||||
Telecommunications — 0.1% | ||||||||
Level 3 Financing, Inc. | 200 | 196,650 | ||||||
|
| |||||||
TOTAL LOAN AGREEMENTS‡ (Cost $19,147,828) | 18,214,730 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
WARRANTS — 0.0% |
|
|
| |||||
Sentry Holdings Warrants*~ | 19 | 18 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.2% |
|
|
| |||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,136,608 | 1,136,608 | ||||||
T. Rowe Price Reserve Investment Fund | 2,654,997 | 2,654,997 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,791,605) | 3,791,605 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.6% (Cost $182,576,819) | $ | 168,916,592 | ||||||
|
| |||||||
Other Assets & Liabilities — 2.4% | 4,116,218 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 173,032,810 | ||||||
|
|
† | See Security Valuation Note. |
‡ | 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, 2015. 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. |
* | Non-income producing security. |
144A @ | 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, 2015 is 565,170. |
• | Variable Rate Security. |
¤ | Defaulted Security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $1,018,845. |
CONV — Convertible Security.
LLC — Limited Liability Company.
LP — Limited Partnership.
PIK — Payment in Kind Security.
PLC — Public Limited Company.
STEP — Step Coupon Bond.
Country Weightings as of 12/31/2015†† | ||||
United States | 72 | % | ||
Luxembourg | 8 | |||
Canada | 5 | |||
Netherlands | 4 | |||
United Kingdom | 4 | |||
Cayman Islands | 1 | |||
France | 2 | |||
Other | 4 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 902,821 | $ | 871,637 | $ | 264 | $ | 30,920 | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 422,014 | 422,014 | — | — | ||||||||||||
PREFERRED STOCKS | ||||||||||||||||
Diversified Financial Services | 71,487 | — | 71,487 | — | ||||||||||||
Oil & Gas | 234,153 | 234,153 | — | — | ||||||||||||
Pharmaceuticals | 347,171 | 347,171 | — | — | ||||||||||||
Telecommunications | 499,522 | 499,522 | — | — | ||||||||||||
ASSET BACKED SECURITIES | 331,500 | — | 331,500 | — | ||||||||||||
CORPORATE BONDS | 144,101,571 | — | 144,101,571 | — | ||||||||||||
LOAN AGREEMENTS | 18,214,730 | — | 18,214,730 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 3,791,605 | 3,791,605 | — | — | ||||||||||||
WARRANTS | 18 | — | 18 | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 168,916,592 | $ | 6,166,102 | $ | 162,719,570 | $ | 30,920 | ||||||||
|
81
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
High Yield Bond Fund
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Investments in Securities (Market Value) | ||||
Balance as of 12/31/2014 | $ | 27,838 | ||
Change in Appreciation/(Depreciation) | 3,082 | |||
|
| |||
Balance as of 12/31/2015 | 30,920 | |||
|
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
Fair Value of Level 2 at 12/31/14 was $1,764,418 which was a result of valuing investments using third-party vendor modeling tools. The Fund did not have any transfers from Level 2 into Level 1 during the reporting period.
The accompanying notes are an integral part of these financial statements.
82
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
Par (000) | Value† | |||||||
AGENCY OBLIGATION — 0.2% |
|
|
|
|
|
| ||
Banks — 0.2% | ||||||||
KFW | $ | 6,658 | $ | 6,653,606 | ||||
|
| |||||||
ASSET BACKED SECURITIES — 0.2% | ||||||||
Continental Airlines 2009-2 Class A, Pass Through Trust | 591 | 665,861 | ||||||
Continental Airlines 2012-1 Class A, Pass Through Trust | 1,938 | 1,991,364 | ||||||
Continental Airlines 2012-1 Class B, Pass Through Trust | 347 | 364,536 | ||||||
DB Master Finance LLC 2015-1A A21 3.262%, 02/20/45 144A @ | 1,454 | 1,438,730 | ||||||
Wendys Funding LLC 2015-1A A21 3.371%, 06/15/45 144A @ | 2,314 | 2,257,991 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES (Cost $6,656,672) | 6,718,482 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
COMMON STOCKS — 57.3% |
|
|
|
|
|
| ||
Aerospace & Defense — 0.6% | ||||||||
The Boeing Co. | 139,700 | 20,199,223 | ||||||
|
| |||||||
Agriculture — 1.9% | ||||||||
Altria Group, Inc. | 352,800 | 20,536,488 | ||||||
Philip Morris International, Inc. | 470,700 | 41,379,237 | ||||||
|
| |||||||
61,915,725 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.6% | ||||||||
Johnson Controls, Inc. | 1,327,300 | 52,415,077 | ||||||
|
| |||||||
Banks — 2.1% | ||||||||
Fifth Third Bancorp | 151,100 | 3,037,110 | ||||||
The Bank of New York Mellon Corp. | 1,607,300 | 66,252,906 | ||||||
|
| |||||||
69,290,016 | ||||||||
|
| |||||||
Beverages — 0.8% | ||||||||
PepsiCo, Inc. | 207,800 | 20,763,376 | ||||||
SABMiller PLC | 92,008 | 5,504,322 | ||||||
|
| |||||||
26,267,698 | ||||||||
|
| |||||||
Biotechnology — 0.5% | ||||||||
Biogen, Inc.* | 53,800 | 16,481,630 | ||||||
|
| |||||||
Commercial Services — 0.6% | ||||||||
Capita PLC | 238,174 | 4,237,738 | ||||||
Fleetcor Technologies, Inc.* | 115,400 | 16,494,122 | ||||||
|
| |||||||
20,731,860 | ||||||||
|
| |||||||
Computers — 2.7% | ||||||||
Apple, Inc. | 445,100 | 46,851,226 | ||||||
IHS, Inc.* | 134,500 | 15,928,835 | ||||||
NetScout Systems, Inc.* | 851,679 | 26,146,545 | ||||||
|
| |||||||
88,926,606 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Diversified Financial Services — 2.6% | ||||||||
Affiliated Managers Group, Inc.* | 96,000 | $ | 15,336,960 | |||||
American Express Co. | 286,300 | 19,912,165 | ||||||
BlackRock, Inc. | 51,800 | 17,638,936 | ||||||
Visa, Inc., Class A | 431,900 | 33,493,845 | ||||||
|
| |||||||
86,381,906 | ||||||||
|
| |||||||
Electric — 2.7% | ||||||||
Duke Energy Corp. | 27,100 | 1,934,669 | ||||||
PG&E Corp. | 1,336,900 | 71,109,711 | ||||||
Xcel Energy, Inc. | 505,100 | 18,138,141 | ||||||
|
| |||||||
91,182,521 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.7% | ||||||||
AMETEK, Inc. | 452,200 | 24,233,398 | ||||||
|
| |||||||
Electronics — 6.0% | ||||||||
PerkinElmer, Inc. | 699,600 | 37,477,572 | ||||||
Sensata Technologies Holding NV* | 164,900 | 7,595,294 | ||||||
Thermo Fisher Scientific, Inc. | 706,200 | 100,174,470 | ||||||
Tyco International PLC | 1,661,200 | 52,975,668 | ||||||
|
| |||||||
198,223,004 | ||||||||
|
| |||||||
Food — 0.9% | ||||||||
Compass Group PLC | 986,663 | 17,097,218 | ||||||
Mondelez International, Inc., Class A | 307,300 | 13,779,332 | ||||||
|
| |||||||
30,876,550 | ||||||||
|
| |||||||
Healthcare Products — 2.4% | ||||||||
Becton Dickinson & Co. | 490,334 | 75,555,566 | ||||||
Henry Schein, Inc.* | 22,178 | 3,508,338 | ||||||
|
| |||||||
79,063,904 | ||||||||
|
| |||||||
Healthcare Services — 3.4% | ||||||||
Aetna Inc | 447,400 | 48,372,888 | ||||||
Anthem, Inc. | 156,500 | 21,822,360 | ||||||
UnitedHealth Group, Inc. | 355,600 | 41,832,784 | ||||||
|
| |||||||
112,028,032 | ||||||||
|
| |||||||
Insurance — 5.6% | ||||||||
Marsh & McLennan Cos., Inc. | 2,639,200 | 146,343,640 | ||||||
Willis Towers Watson PLC | 796,500 | 38,686,005 | ||||||
|
| |||||||
185,029,645 | ||||||||
|
| |||||||
Internet — 1.2% | ||||||||
Alphabet, Inc., Class A* | 12,500 | 9,725,125 | ||||||
Alphabet, Inc., Class C* | 42,416 | 32,188,654 | ||||||
|
| |||||||
41,913,779 | ||||||||
|
| |||||||
Machinery — Diversified — 1.6% | ||||||||
IDEX Corp. | 289,400 | 22,170,934 | ||||||
Roper Technologies, Inc. | 167,800 | 31,846,762 | ||||||
|
| |||||||
54,017,696 | ||||||||
|
| |||||||
Media — 1.1% | ||||||||
Comcast Corp., Class A | 652,700 | 36,831,861 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 4.9% | ||||||||
Danaher Corp. | 1,444,670 | 134,180,950 |
83
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Miscellaneous Manufacturing — (continued) | ||||||||
Pentair PLC | 604,700 | $ | 29,950,791 | |||||
|
| |||||||
164,131,741 | ||||||||
|
| |||||||
Oil & Gas — 1.0% | ||||||||
Canadian Natural Resources Ltd. | 1,486,300 | 32,445,929 | ||||||
|
| |||||||
Pharmaceuticals — 3.3% | ||||||||
Abbott Laboratories | 971,900 | 43,648,029 | ||||||
Pfizer, Inc. | 806,943 | 26,048,120 | ||||||
Zoetis, Inc. | 807,086 | 38,675,561 | ||||||
|
| |||||||
108,371,710 | ||||||||
|
| |||||||
Retail — 4.0% | ||||||||
AutoZone, Inc.* | 90,999 | 67,513,068 | ||||||
CVS Health Corp. | 298,600 | 29,194,122 | ||||||
Lowe’s Cos., Inc. | 431,000 | 32,773,240 | ||||||
O’Reilly Automotive, Inc.* | 14,300 | 3,623,906 | ||||||
|
| |||||||
133,104,336 | ||||||||
|
| |||||||
Semiconductors — 0.2% | ||||||||
Texas Instruments, Inc. | 149,500 | 8,194,095 | ||||||
|
| |||||||
Software — 4.4% | ||||||||
Fiserv, Inc.* | 707,400 | 64,698,804 | ||||||
Microsoft Corp. | 1,240,900 | 68,845,132 | ||||||
SS&C Technologies Holdings, Inc. | 173,000 | 11,810,710 | ||||||
|
| |||||||
145,354,646 | ||||||||
|
| |||||||
Telecommunications — 0.5% | ||||||||
SBA Communications Corp., Class A* | 150,600 | 15,823,542 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $1,586,485,478) | 1,903,436,130 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 3.8% | ||||||||
Commercial Services — 0.8% | ||||||||
Iron Mountain, Inc. | 1,006,394 | 27,182,702 | ||||||
|
| |||||||
Diversified — 3.0% | ||||||||
American Tower Corp. | 828,597 | 80,332,479 | ||||||
American Tower Corp. | 180,218 | 18,202,018 | ||||||
|
| |||||||
98,534,497 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $122,269,351) | 125,717,199 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
PREFERRED STOCKS — 1.7% |
|
|
|
|
|
| ||
Banks — 0.2% | ||||||||
State Street Corp. | 86,000 | 2,285,020 | ||||||
U.S. Bancorp, Series F | 71,000 | 2,037,700 | ||||||
U.S. Bancorp, Series G | 90,000 | 2,413,800 | ||||||
|
| |||||||
6,736,520 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Diversified Financial Services — 0.1% | ||||||||
The Charles Schwab Corp. | 150,000 | $ | 4,039,500 | |||||
|
| |||||||
Electric — 0.5% | ||||||||
SCE Trust I | 83,775 | 2,120,345 | ||||||
SCE Trust II | 14,730 | 361,769 | ||||||
SCE Trust III | 161,355 | 4,316,246 | ||||||
SCE Trust IV | 340,000 | 9,234,400 | ||||||
|
| |||||||
16,032,760 | ||||||||
|
| |||||||
Pharmaceuticals — 0.8% | ||||||||
Allergan PLC | 25,322 | 26,086,218 | ||||||
|
| |||||||
Telecommunications — 0.1% | ||||||||
T-Mobile US, Inc. | 68,063 | 4,608,546 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $53,925,955) | 57,503,544 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
CORPORATE BONDS — 17.3% |
|
|
|
|
|
| ||
Advertising — 0.1% | ||||||||
Lamar Media Corp. | ||||||||
5.875%, 02/01/22 | $ | 900 | 945,000 | |||||
5.000%, 05/01/23 | 850 | 860,625 | ||||||
|
| |||||||
1,805,625 | ||||||||
|
| |||||||
Aerospace & Defense — 0.1% | ||||||||
Harris Corp. | 1,080 | 1,067,867 | ||||||
Moog, Inc. | 650 | 656,500 | ||||||
|
| |||||||
1,724,367 | ||||||||
|
| |||||||
Airlines — 0.1% | ||||||||
Continental Airlines 2009-1 Pass Through Trust | 683 | 704,350 | ||||||
Delta Air Lines 2009-1, Class A Pass Through Trust | 420 | 471,474 | ||||||
Delta Air Lines 2011-1, Class A Pass Through Trust | 428 | 452,764 | ||||||
US Airways 2010-1 Class A, Pass Through Trust | 1,752 | 1,962,719 | ||||||
US Airways 2010-1 Class B, Pass Through Trust | 171 | 180,036 | ||||||
US Airways 2012-2 Class A, Pass Through Trust | 245 | 253,771 | ||||||
US Airways 2012-2 Class B Pass Through Trust | 476 | 499,377 |
84
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Airlines — (continued) | ||||||||
US Airways 2013-1 Class A, Pass Through Trust | $ | 5 | $ | 4,546 | ||||
US Airways 2013-1 Class B, Pass Through | 5 | 4,690 | ||||||
|
| |||||||
4,533,727 | ||||||||
|
| |||||||
Apparel — 0.2% | ||||||||
Hanesbrands, Inc. | 4,375 | 4,528,125 | ||||||
Levi Strauss & Co. | 2,175 | 2,327,250 | ||||||
|
| |||||||
6,855,375 | ||||||||
|
| |||||||
Banks — 0.6% | ||||||||
Bank of New York Mellon Corp. | 5,800 | 5,684,000 | ||||||
JPMorgan Chase & Co. | 10,255 | 10,216,544 | ||||||
Regions Bank | 75 | 83,335 | ||||||
State Street Corp. | 4,360 | 4,365,450 | ||||||
Synovus Financial Corp. | 105 | 107,625 | ||||||
|
| |||||||
20,456,954 | ||||||||
|
| |||||||
Beverages — 0.0% | ||||||||
PepsiCo, Inc. | 1,035 | 1,031,224 | ||||||
|
| |||||||
Chemicals — 0.1% | ||||||||
Cytec Industries, Inc. | 3,680 | 3,539,258 | ||||||
|
| |||||||
Diversified Financial Services — 2.3% | ||||||||
American Honda Finance Corp. | 2,200 | 2,187,185 | ||||||
Caterpillar Financial Services Corp. | ||||||||
1.250%, 11/06/17 | 2,345 | 2,335,958 | ||||||
2.250%, 12/01/19 | 1,155 | 1,158,074 | ||||||
Ford Motor Credit Co. LLC | ||||||||
2.500%, 01/15/16 | 2,190 | 2,190,495 | ||||||
1.561%, 05/09/16• | 3,755 | 3,760,114 | ||||||
4.250%, 02/03/17 | 1,340 | 1,369,090 | ||||||
0.956%, 03/27/17• | 7,660 | 7,558,206 | ||||||
1.461%, 03/27/17 | 10,560 | 10,459,807 | ||||||
6.625%, 08/15/17 | 1,675 | 1,785,346 | ||||||
0.852%, 09/08/17• | 4,325 | 4,264,710 | ||||||
0.902%, 12/06/17• | 6,325 | 6,243,736 | ||||||
1.724%, 12/06/17 | 2,150 | 2,116,884 | ||||||
2.145%, 01/09/18 | 2,960 | 2,949,051 | ||||||
5.000%, 05/15/18 | 1,800 | 1,890,711 | ||||||
2.375%, 03/12/19 | 4,275 | 4,214,316 | ||||||
2.597%, 11/04/19 | 5,350 | 5,252,833 | ||||||
International Lease Finance Corp. | 2,905 | 2,897,738 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Diversified Financial Services — (continued) | ||||||||
National Rural Utilities Cooperative Finance Corp. | $ | 1,050 | $ | 1,044,948 | ||||
Visa, Inc. | 11,030 | 11,017,635 | ||||||
|
| |||||||
74,696,837 | ||||||||
|
| |||||||
Electric — 0.1% | ||||||||
Berkshire Hathaway Energy Co. | 2,550 | 2,526,214 | ||||||
CMS Energy Corp. | ||||||||
6.550%, 07/17/17 | 895 | 955,722 | ||||||
8.750%, 06/15/19 | 415 | 496,147 | ||||||
Otter Tail Corp. | 890 | 947,850 | ||||||
|
| |||||||
4,925,933 | ||||||||
|
| |||||||
Electronics — 0.0% | ||||||||
Amphenol Corp. | 920 | 915,307 | ||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
SBA Communications Corp. | 1,875 | 1,846,875 | ||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
Cedar Fair LP | 2,575 | 2,652,250 | ||||||
Six Flags Entertainment Corp. | 400 | 405,000 | ||||||
|
| |||||||
3,057,250 | ||||||||
|
| |||||||
Food — 0.0% | ||||||||
B&G Foods, Inc. | 1,525 | 1,509,750 | ||||||
|
| |||||||
Gas — 0.1% | ||||||||
Southern California Gas Co. | 3,225 | 3,226,216 | ||||||
|
| |||||||
Healthcare Products — 0.4% | ||||||||
Becton Dickinson and Co. | ||||||||
1.800%, 12/15/17 | 3,590 | 3,584,780 | ||||||
2.675%, 12/15/19 | 2,175 | 2,186,841 | ||||||
Medtronic, Inc. | ||||||||
1.500%, 03/15/18 | 4,025 | 4,022,666 | ||||||
2.500%, 03/15/20 | 2,845 | 2,865,185 | ||||||
|
| |||||||
12,659,472 | ||||||||
|
| |||||||
Healthcare Services — 1.4% | ||||||||
Centene Corp. | 2,100 | 2,163,000 | ||||||
Community Health Systems, Inc. | ||||||||
5.125%, 08/15/18 | 2,300 | 2,311,500 | ||||||
7.125%, 07/15/20 | 3,695 | 3,681,144 | ||||||
5.125%, 08/01/21 | 1,225 | 1,218,875 | ||||||
DaVita HealthCare Partners, Inc. | ||||||||
5.750%, 08/15/22 | 15,165 | 15,619,950 | ||||||
5.125%, 07/15/24 | 4,710 | 4,710,000 |
85
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Healthcare Services — (continued) | ||||||||
Fresenius Medical Care U.S. Finance II, Inc. | ||||||||
5.625%, 07/31/19 144A @ | $ | 4,175 | $ | 4,498,562 | ||||
5.875%, 01/31/22 144A @ | 2,500 | 2,675,000 | ||||||
HCA, Inc. | ||||||||
8.000%, 10/01/18 | 4,835 | 5,409,156 | ||||||
6.500%, 02/15/20 | 2,125 | 2,315,188 | ||||||
UnitedHealth Group, Inc. | 1,545 | 1,540,453 | ||||||
Wellcare Health Plans, Inc. | 1,800 | 1,854,000 | ||||||
|
| |||||||
47,996,828 | ||||||||
|
| |||||||
Insurance — 0.0% | ||||||||
Marsh & McLennan Cos., Inc. | 1,205 | 1,194,477 | ||||||
|
| |||||||
Internet — 0.1% | ||||||||
Amazon.com, Inc. | 4,155 | 4,220,159 | ||||||
|
| |||||||
Lodging — 0.2% | ||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | 7,750 | 8,030,938 | ||||||
|
| |||||||
Machinery — Diversified — 0.5% | ||||||||
Case New Holland Industrial, Inc. | 341 | 360,608 | ||||||
CNH Industrial Capital LLC | ||||||||
6.250%, 11/01/16 | 5,400 | 5,501,250 | ||||||
3.250%, 02/01/17 | 3,225 | 3,192,750 | ||||||
3.625%, 04/15/18 | 5,700 | 5,611,650 | ||||||
Xylem, Inc. | ||||||||
3.550%, 09/20/16 | 1,300 | 1,317,741 | ||||||
4.875%, 10/01/21 | 415 | 441,122 | ||||||
|
| |||||||
16,425,121 | ||||||||
|
| |||||||
Media — 1.1% | ||||||||
CCO Holdings LLC | 3,950 | 4,112,938 | ||||||
CCO Safari II LLC | 2,225 | 2,211,670 | ||||||
Cequel Communications Holdings I LLC 6.375%, 09/15/20 144A @ | 3,550 | 3,470,125 | ||||||
DISH DBS Corp. | ||||||||
7.125%, 02/01/16 | 8,750 | 8,777,344 | ||||||
4.625%, 07/15/17 | 600 | 612,000 | ||||||
Unitymedia GmbH | 4,275 | 4,224,341 | ||||||
Unitymedia Hessen GmbH & Co. KG | 4,100 | 4,089,750 | ||||||
Univision Communications, Inc. | ||||||||
8.500%, 05/15/21 144A @ | 4,875 | 4,984,687 | ||||||
6.750%, 09/15/22 144A @ | 3,419 | 3,542,939 | ||||||
|
| |||||||
36,025,794 | ||||||||
|
|
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Oil & Gas — 2.6% | ||||||||
Canadian Natural Resources Ltd. | 1,000 | $ | 972,626 | |||||
Chevron Corp. | 4,400 | 4,364,791 | ||||||
Concho Resources, Inc. | ||||||||
7.000%, 01/15/21 | 13,265 | 13,066,025 | ||||||
6.500%, 01/15/22 | 5,525 | 5,304,000 | ||||||
5.500%, 10/01/22 | 2,425 | 2,206,750 | ||||||
5.500%, 04/01/23 | 8,400 | 7,770,000 | ||||||
Diamondback Energy, Inc. | 2,850 | 2,878,500 | ||||||
EQT Corp. | ||||||||
6.500%, 04/01/18 | 1,620 | 1,702,708 | ||||||
8.125%, 06/01/19 | 1,754 | 1,894,646 | ||||||
4.875%, 11/15/21 | 8,005 | 7,621,312 | ||||||
Range Resources Corp. | ||||||||
5.750%, 06/01/21 | 8,687 | 6,862,730 | ||||||
5.000%, 08/15/22 | 12,750 | 9,530,625 | ||||||
5.000%, 03/15/23 | 16,750 | 12,478,750 | ||||||
4.875%, 05/15/25 144A @ | 4,100 | 3,116,000 | ||||||
Shell International Finance BV 0. | 6,720 | 6,621,572 | ||||||
|
| |||||||
86,391,035 | ||||||||
|
| |||||||
Pharmaceuticals — 0.1% | ||||||||
Eli Lilly & Co. | 2,200 | 2,194,582 | ||||||
Johnson & Johnson | 1,360 | 1,359,687 | ||||||
|
| |||||||
3,554,269 | ||||||||
|
| |||||||
Pipelines — 1.4% | ||||||||
Energy Transfer Partners LP | ||||||||
4.150%, 10/01/20 | 1,925 | 1,775,799 | ||||||
4.900%, 02/01/24 | 2,465 | 2,197,424 | ||||||
MPLX LP | ||||||||
5.500%, 02/15/23 144A @ | 10,260 | 8,977,500 | ||||||
4.500%, 07/15/23 144A @ | 15,500 | 13,867,850 | ||||||
4.875%, 12/01/24 144A @ | 1,600 | 1,436,000 | ||||||
ONEOK Partners LP | 830 | 792,810 | ||||||
Targa Resources Partners LP | ||||||||
5.000%, 01/15/18 144A @ | 6,400 | 5,920,000 | ||||||
4.125%, 11/15/19 | 1,325 | 1,103,063 | ||||||
6.875%, 02/01/21 | 5,100 | 4,615,500 | ||||||
5.250%, 05/01/23 | 2,775 | 2,247,750 | ||||||
4.250%, 11/15/23 | 3,325 | 2,560,250 | ||||||
|
| |||||||
45,493,946 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
CBRE Services, Inc. | 900 | 904,580 | ||||||
Iron Mountain, Inc.144A @ | 2,975,000 | 3,138,625 | ||||||
|
| |||||||
4,043,205 | ||||||||
|
|
86
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Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
Par (000) | Value† | |||||||
CORPORATE BONDS — (continued) | ||||||||
Retail — 1.1% | ||||||||
AmeriGas Finance LLC | ||||||||
6.750%, 05/20/20 | $ | 675 | $ | 656,438 | ||||
7.000%, 05/20/22 | 1,525 | 1,475,437 | ||||||
AmeriGas Partners Finance LP | 600 | 576,000 | ||||||
AutoZone, Inc. | 1,915 | 1,868,594 | ||||||
Group 1 Automotive, Inc. | 2,050 | 2,029,500 | ||||||
L Brands, Inc. | ||||||||
6.900%, 07/15/17 | 2,250 | 2,407,500 | ||||||
8.500%, 06/15/19 | 900 | 1,046,250 | ||||||
7.000%, 05/01/20 | 900 | 1,014,750 | ||||||
6.625%, 04/01/21 | 1,925 | 2,131,937 | ||||||
5.625%, 10/15/23 | 2,750 | 2,915,000 | ||||||
McDonald’s Corp. | 505 | 505,325 | ||||||
Rite Aid Corp. | ||||||||
9.250%, 03/15/20 | 8,890 | 9,401,175 | ||||||
6.750%, 06/15/21 | 7,950 | 8,327,625 | ||||||
Suburban Propane Partners LP | 750 | 720,000 | ||||||
|
| |||||||
35,075,531 | ||||||||
|
| |||||||
Semiconductors — 0.8% | ||||||||
NXP BV | ||||||||
5.750%, 02/15/21 144A @ | 5,075 | 5,278,000 | ||||||
5.750%, 03/15/23 144A @ | 2,150 | 2,219,875 | ||||||
NXP BV/NXP Funding LLC | ||||||||
3.500%, 09/15/16 144A @ | 2,275 | 2,277,844 | ||||||
3.750%, 06/01/18 144A @ | 16,075 | 16,155,375 | ||||||
|
| |||||||
25,931,094 | ||||||||
|
| |||||||
Software — 0.3% | ||||||||
Fiserv, Inc. | 5,175 | 5,132,058 | ||||||
IMS Health, Inc. | 875 | 901,250 | ||||||
SS&C Technologies Holdings, Inc. | 2,925 | 3,020,062 | ||||||
|
| |||||||
9,053,370 | ||||||||
|
| |||||||
Telecommunications — 3.3% | ||||||||
Crown Castle International Corp. | ||||||||
4.875%, 04/15/22 | 5,150 | 5,343,125 | ||||||
5.250%, 01/15/23 | 11,240 | 11,816,050 | ||||||
SBA Communications Corp. | 3,175 | 3,309,938 | ||||||
SBA Telecommunications, Inc. | 10,750 | 11,180,000 | ||||||
T-Mobile USA, Inc. | ||||||||
6.542%, 04/28/20 | 11,675 | 12,171,187 | ||||||
6.625%, 11/15/20 | 5,475 | 5,691,208 | ||||||
Telesat Canada | 3,420 | 3,445,650 | ||||||
UPC Holding BV | 2,275 | 2,625,162 |
Par (000) | Value† | |||||||
|
|
|
|
|
|
| ||
Telecommunications — (continued) | ||||||||
UPCB Finance V Ltd. | $ | 16,452 | $ | 17,480,250 | ||||
UPCB Finance VI Ltd. | 22,660 | 23,963,161 | ||||||
Virgin Media Secured Finance PLC | ||||||||
5.375%, 04/15/21 144A @ | 5,625 | 5,807,812 | ||||||
6.000%, 04/15/21 144A @ | 1,215 | 1,849,735 | ||||||
5.250%, 01/15/26 144A @ | 3,450 | 3,355,125 | ||||||
|
| |||||||
108,038,403 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $593,865,117) | 574,258,340 | |||||||
|
| |||||||
LOAN AGREEMENTS — 4.3%‡ |
|
|
|
|
|
| ||
Apparel — 0.0% | ||||||||
Hanesbrands, Inc. | 645 | 646,467 | ||||||
|
| |||||||
Beverages — 0.3% | ||||||||
De Master Blenders• | ||||||||
4.250%, 07/02/22 | 1,714 | 1,853,380 | ||||||
4.250%, 07/02/22 | 8,924 | 8,868,240 | ||||||
|
| |||||||
10,721,620 | ||||||||
|
| |||||||
Commercial Services — 0.3% | ||||||||
Kronos, Inc. | ||||||||
4.500%, 10/30/19• | 5,437 | 5,338,689 | ||||||
9.750%, 04/30/20 | 6,122 | 6,071,045 | ||||||
|
| |||||||
11,409,734 | ||||||||
|
| |||||||
Diversified Financial Services — 0.1% | ||||||||
Hilton Worldwide Finance LLC | 3,891 | 3,880,512 | ||||||
|
| |||||||
Electric — 0.0% | ||||||||
Texas Competitive Electric Holdings Co. LLC | 1,016 | 1,005,683 | ||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
Kasima LLC | 530 | 524,886 | ||||||
Peninsula Gaming LLC | 2,984 | 2,968,658 | ||||||
|
| |||||||
3,493,544 | ||||||||
|
| |||||||
Food — 0.2% | ||||||||
Pinnacle Foods Finance LLC | ||||||||
3.000%, 04/29/20• | 4,246 | 4,171,141 | ||||||
3.000%, 04/29/20• | 3,763 | 3,696,726 | ||||||
|
| |||||||
7,867,867 | ||||||||
|
| |||||||
Healthcare Services — 0.9% | ||||||||
Davita Healthcare Partners, Inc. | 9,435 | 9,384,150 | ||||||
HCA, Inc. | 18,796 | 18,762,122 | ||||||
|
| |||||||
28,146,272 | ||||||||
|
|
87
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
Par (000) | Value† | |||||||
LOAN AGREEMENTS — (continued) |
|
|
|
|
|
| ||
Holding Companies — 1.1% | ||||||||
Intelsat Jackson Holdings | $ | 37,396 | $ | 35,286,070 | ||||
|
| |||||||
Media — 0.2% | ||||||||
Cequel Communications LLC | 3,499 | 3,439,697 | ||||||
Charter Communications Operating LLC | ||||||||
3.000%, 07/01/20• | 2,072 | 2,030,873 | ||||||
3.000%, 01/03/21• | 1,446 | 1,415,285 | ||||||
Univision Communications, Inc. | 247 | 241,690 | ||||||
|
| |||||||
7,127,545 | ||||||||
|
| |||||||
Semiconductors — 0.1% | ||||||||
NXP BV | 2,475 | 2,460,769 | ||||||
|
| |||||||
Telecommunications — 1.0% | ||||||||
First Data Corp. | ||||||||
3.918%, 03/23/18• | 4,650 | 4,583,458 | ||||||
3.918%, 09/24/18• | 1,100 | 1,083,500 | ||||||
Telesat Canada | ||||||||
3.000%, 03/28/17• | 619 | 442,699 | ||||||
3.500%, 03/28/19• | 5,377 | 5,280,858 | ||||||
3.250%, 03/28/19•,^ | 3,647 | 2,598,250 | ||||||
UPC Financing Partnership | 19,275 | 18,895,475 | ||||||
|
| |||||||
32,884,240 | ||||||||
|
| |||||||
TOTAL LOAN AGREEMENTS (Cost $149,409,144) | 144,930,323 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 15.1% |
|
|
| |||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 9,705,846 | 9,705,846 | ||||||
T. Rowe Price Reserve Investment Fund | 491,318,276 | 491,318,276 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $501,024,122) | 501,024,122 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $3,020,231,801) | $ | 3,320,241,746 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.1% | 1,954,645 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 3,322,196,391 | ||||||
|
| |||||||
Number of Contracts | Value† | |||||||
WRITTEN OPTIONS |
|
|
|
|
|
| ||
Call Options | ||||||||
Altria Group, Inc., $55.00, 01/15/2016 | (615 | ) | (218,940 | ) | ||||
American Tower Corp., | (464 | ) | (2,320 | ) | ||||
American Tower Corp., | (557 | ) | (2,785 | ) |
Number of Contracts | Value† | |||||||
|
|
|
|
|
|
| ||
Call Options — (continued) | ||||||||
American Tower Corp., $115.00, 01/15/2016 | (291 | ) | $ | (1,455 | ) | |||
Anthem, Inc., $155.00, 01/15/2016 | (10 | ) | (10 | ) | ||||
Anthem, Inc., $160.00, 01/15/2016 | (10 | ) | (50 | ) | ||||
Apple, Inc., $130.00, 01/20/2017 | (1,026 | ) | (343,710 | ) | ||||
Apple, Inc., $135.00, 01/20/2017 | (1,026 | ) | (256,500 | ) | ||||
Apple, Inc., $140.00, 01/20/2017 | (1,026 | ) | (191,862 | ) | ||||
Bank of New York Mellon Corp., | (1,901 | ) | (311,764 | ) | ||||
Comcast Corp., $62.50, 01/20/2017 | (2,713 | ) | (743,362 | ) | ||||
Comcast Corp., $65.00, 01/20/2017 | (2,712 | ) | (583,080 | ) | ||||
CVS Health Corp., $110.00, 01/15/2016 | (786 | ) | (786 | ) | ||||
CVS Health Corp., $115.00, 01/15/2016 | (237 | ) | (237 | ) | ||||
CVS Health Corp., $120.00, 01/15/2016 | (237 | ) | (237 | ) | ||||
CVS Health Corp., $90.00, 01/15/2016 | (546 | ) | (468,468 | ) | ||||
CVS Health Corp., $95.00, 01/15/2016 | (545 | ) | (193,475 | ) | ||||
Danaher Corp., $105.00, 01/20/2017 | (290 | ) | (84,100 | ) | ||||
Danaher Corp., $110.00, 01/20/2017 | (289 | ) | (58,956 | ) | ||||
Danaher Corp., $115.00, 01/20/2017 | (289 | ) | (30,345 | ) | ||||
Duke Energy Corp., $70.00, 01/20/2017 | (192 | ) | (88,320 | ) | ||||
Lowe’s Cos, Inc., $60.00, 01/15/2016 | (1,364 | ) | (2,291,520 | ) | ||||
Lowe’s Cos, Inc., $75.00, 01/15/2016 | (480 | ) | (95,040 | ) | ||||
Microsoft Corp., $62.50, 01/20/2017 | (1,545 | ) | (370,800 | ) | ||||
Microsoft Corp., $65.00, 01/20/2017 | (1,545 | ) | (285,825 | ) | ||||
Mondelez International, Inc., | (781 | ) | (66,385 | ) | ||||
PepsiCo, Inc., $100.00, 01/15/2016 | (794 | ) | (123,070 | ) | ||||
PepsiCo, Inc., $105.00, 01/15/2016 | (469 | ) | (1,876 | ) | ||||
PepsiCo, Inc., $110.00, 01/15/2016 | (774 | ) | (774 | ) | ||||
The Bank of New York Mellon Corp., $45.00, 01/20/2017 | (1,900 | ) | (486,400 | ) | ||||
The Boeing Co., $140.00, 01/15/2016 | (62 | ) | (36,580 | ) | ||||
The Boeing Co., $160.00, 01/20/2017 | (270 | ) | (157,950 | ) | ||||
The Boeing Co., $165.00, 01/20/2017 | (269 | ) | (118,360 | ) | ||||
The Boeing Co., $170.00, 01/20/2017 | (269 | ) | (92,805 | ) | ||||
Thermo Fisher Scientific, Inc., $150.00, 01/15/2016 | (578 | ) | (9,826 | ) | ||||
Thermo Fisher Scientific, Inc., $160.00, 01/20/2017 | (202 | ) | (107,060 | ) | ||||
Thermo Fisher Scientific, Inc., $165.00, 01/20/2017 | (201 | ) | (76,380 | ) | ||||
Thermo Fisher Scientific, Inc., $170.00, 01/20/2017 | (201 | ) | (60,300 | ) | ||||
UnitedHealth Group, Inc., $100.00, 01/15/2016 | (431 | ) | (818,900 | ) | ||||
UnitedHealth Group, Inc., $105.00, 01/15/2016 | (430 | ) | (589,100 | ) | ||||
UnitedHealth Group, Inc., $120.00, 01/15/2016 | (233 | ) | (26,795 | ) | ||||
UnitedHealth Group, Inc., $140.00, 01/20/2017 | (146 | ) | (59,130 | ) | ||||
UnitedHealth Group, Inc., $145.00, 01/20/2017 | (146 | ) | (43,800 | ) | ||||
Visa, Inc., $70.00, 01/15/2016 | (708 | ) | (598,968 | ) | ||||
Visa, Inc., $75.00, 01/15/2016 | (1,876 | ) | (637,840 | ) | ||||
|
| |||||||
TOTAL WRITTEN OPTIONS (Premiums $(8,944,776)) | (10,736,246 | ) | ||||||
|
|
88
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Flexibly Managed Fund
† | See Security Valuation Note. |
* | Non-income producing security. |
144A @ | 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, 2015 is $4,225,513. |
‡ | 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, 2015. 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 12/31/2015†† | ||||
United States | 92 | % | ||
United Kingdom | 3 | |||
Netherlands | 2 | |||
Canada | 1 | |||
Cayman Islands | 1 | |||
Germany | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Aerospace & Defense | $ | 20,199,223 | $ | 20,199,223 | $ | — | $ | — | ||||||||
Agriculture | 61,915,725 | 61,915,725 | — | — | ||||||||||||
Auto Parts & Equipment | 52,415,077 | 52,415,077 | — | — | ||||||||||||
Banks | 69,290,016 | 69,290,016 | — | — | ||||||||||||
Beverages | 26,267,698 | 20,763,376 | 5,504,322 | — | ||||||||||||
Biotechnology | 16,481,630 | 16,481,630 | — | — |
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||||
Commercial Services | $ | 20,731,860 | $ | 16,494,122 | $ | 4,237,738 | $ | — | ||||||||
Computers | 88,926,606 | 88,926,606 | — | — | ||||||||||||
Diversified Financial Services | 86,381,906 | 86,381,906 | — | — | ||||||||||||
Electric | 91,182,521 | 91,182,521 | — | — | ||||||||||||
Electrical Components & Equipment | 24,233,398 | 24,233,398 | — | — | ||||||||||||
Electronics | 198,223,004 | 198,223,004 | — | — | ||||||||||||
Food | 30,876,550 | 13,779,332 | 17,097,218 | — | ||||||||||||
Healthcare Products | 79,063,904 | 79,063,904 | — | — | ||||||||||||
Healthcare Services | 112,028,032 | 112,028,032 | — | — | ||||||||||||
Insurance | 185,029,645 | 185,029,645 | — | — | ||||||||||||
Internet | 41,913,779 | 41,913,779 | — | — | ||||||||||||
Machinery —Diversified | 54,017,696 | 54,017,696 | — | — | ||||||||||||
Media | 36,831,861 | 36,831,861 | — | — | ||||||||||||
Miscellaneous Manufacturing | 164,131,741 | 164,131,741 | — | — | ||||||||||||
Oil & Gas | 32,445,929 | 32,445,929 | — | — | ||||||||||||
Pharmaceuticals | 108,371,710 | 108,371,710 | — | — | ||||||||||||
Retail | 133,104,336 | 133,104,336 | — | — | ||||||||||||
Semiconductors | 8,194,095 | 8,194,095 | — | — | ||||||||||||
Software | 145,354,646 | 145,354,646 | — | — | ||||||||||||
Telecommunications | 15,823,542 | 15,823,542 | — | — | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS | 125,717,199 | 125,717,199 | — | — | ||||||||||||
TOTAL PREFERRED STOCKS | 57,503,544 | 57,503,544 | — | — | ||||||||||||
AGENCY OBLIGATION | 6,653,606 | — | 6,653,606 | — | ||||||||||||
ASSET BACKED SECURITIES | 6,718,482 | — | 6,718,482 | — | ||||||||||||
CORPORATE BONDS | 574,258,340 | — | 574,258,340 | — | ||||||||||||
LOAN AGREEMENTS | 144,930,323 | — | 144,930,323 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 501,024,122 | 501,024,122 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 3,320,241,746 | $ | 2,560,841,717 | $ | 759,400,029 | $ | — | ||||||||
|
LIABILITIES TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
WRITTEN OPTIONS | $ | (10,736,246 | ) | $ | — | $ | (10,736,246 | ) | $ | — | ||||||
| ||||||||||||||||
TOTAL LIABILITIES | $ | (10,736,246 | ) | $ | — | $ | (10,736,246 | ) | $ | — | ||||||
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
Fair Value of Level 2 at 12/31/14 was $97,483,107 which was a result of valuing investments using third-party vendor modeling tools. An amount of $97,483,107 was transferred from Level 2 into Level 1 at 12/31/2015 as a result of using quoted prices in active market for such foreign securities.
The accompanying notes are an integral part of these financial statements.
89
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Balanced Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 59.7% |
|
|
| |||||
Penn Series Index 500 Fund* | 2,833,910 | $ | 45,739,306 | |||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 39.8% |
|
|
| |||||
Penn Series Quality Bond Fund* | 2,267,128 | 30,492,870 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 454,818 | 454,818 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $46,463,930) | $ | 76,686,994 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.1)% | (100,374 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 76,586,620 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 45,739,306 | $ | 45,739,306 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 30,492,870 | 30,492,870 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 454,818 | 454,818 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 76,686,994 | $ | 76,686,994 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
90
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Growth Stock Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 96.2% |
|
|
|
|
|
| ||
Aerospace & Defense — 1.6% | ||||||||
The Boeing Co. | 33,700 | $ | 4,872,683 | |||||
|
| |||||||
Airlines — 2.3% | ||||||||
American Airlines Group, Inc. | 122,200 | 5,175,170 | ||||||
United Continental Holdings, Inc.* | 28,900 | 1,655,970 | ||||||
|
| |||||||
6,831,140 | ||||||||
|
| |||||||
Apparel — 2.1% | ||||||||
Hanesbrands, Inc. | 99,200 | 2,919,456 | ||||||
NIKE, Inc., Class B | 53,800 | 3,362,500 | ||||||
|
| |||||||
6,281,956 | ||||||||
|
| |||||||
Auto Manufacturers — 1.4% | ||||||||
Ferrari NV* | 15,360 | 737,280 | ||||||
Tesla Motors, Inc.* | 14,440 | 3,465,744 | ||||||
|
| |||||||
4,203,024 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.0% | ||||||||
BorgWarner, Inc. | 46,700 | 2,018,841 | ||||||
Delphi Automotive PLC | 12,600 | 1,080,198 | ||||||
|
| |||||||
3,099,039 | ||||||||
|
| |||||||
Banks — 1.6% | ||||||||
Morgan Stanley | 94,900 | 3,018,769 | ||||||
State Street Corp. | 26,200 | 1,738,632 | ||||||
|
| |||||||
4,757,401 | ||||||||
|
| |||||||
Biotechnology — 8.9% | ||||||||
Alexion Pharmaceuticals, Inc.* | 33,900 | 6,466,425 | ||||||
Biogen, Inc.* | 7,600 | 2,328,260 | ||||||
Celgene Corp.* | 38,400 | 4,598,784 | ||||||
Gilead Sciences, Inc. | 39,200 | 3,966,648 | ||||||
Illumina, Inc.* | 5,300 | 1,017,308 | ||||||
Incyte Corp.* | 21,000 | 2,277,450 | ||||||
Regeneron Pharmaceuticals, Inc.* | 5,400 | 2,931,498 | ||||||
Vertex Pharmaceuticals, Inc.* | 21,300 | 2,680,179 | ||||||
|
| |||||||
26,266,552 | ||||||||
|
| |||||||
Building Materials — 0.4% | ||||||||
Martin Marietta Materials, Inc. | 9,600 | 1,311,168 | ||||||
|
| |||||||
Chemicals — 0.6% | ||||||||
Ashland, Inc. | 17,000 | 1,745,900 | ||||||
|
| |||||||
Commercial Services — 3.8% | ||||||||
MasterCard, Inc., Class A | 83,200 | 8,100,352 | ||||||
Mobileye NV | 43,400 | 1,834,952 | ||||||
PayPal Holdings, Inc.* | 39,000 | 1,411,800 | ||||||
|
| |||||||
11,347,104 | ||||||||
|
| |||||||
Computers — 2.2% | ||||||||
Apple, Inc. | 58,300 | 6,136,658 | ||||||
IHS, Inc.* | 3,100 | 367,133 | ||||||
|
| |||||||
6,503,791 | ||||||||
|
| |||||||
Diversified Financial Services — 4.5% | ||||||||
BlackRock, Inc. | 2,200 | 749,144 | ||||||
Intercontinental Exchange, Inc. | 11,600 | 2,972,616 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Diversified Financial Services — (continued) | ||||||||
TD Ameritrade Holding Corp. | 39,900 | $ | 1,384,929 | |||||
Visa, Inc., Class A | 104,800 | 8,127,240 | ||||||
|
| |||||||
13,233,929 | ||||||||
|
| |||||||
Healthcare Products — 1.5% | ||||||||
Intuitive Surgical, Inc.* | 7,850 | 4,287,356 | ||||||
|
| |||||||
Healthcare Services — 4.2% | ||||||||
Anthem, Inc. | 27,600 | 3,848,544 | ||||||
Cigna Corp. | 16,000 | 2,341,280 | ||||||
Humana, Inc. | 14,300 | 2,552,693 | ||||||
UnitedHealth Group, Inc. | 30,800 | 3,623,312 | ||||||
|
| |||||||
12,365,829 | ||||||||
|
| |||||||
Internet — 24.9% | ||||||||
Alibaba Group Holding Ltd. ADR* | 31,437 | 2,554,885 | ||||||
Alphabet, Inc., Class A* | 13,800 | 10,736,538 | ||||||
Alphabet, Inc., Class C* | 12,940 | 9,819,907 | ||||||
Amazon.com, Inc.* | 31,700 | 21,425,713 | ||||||
Facebook, Inc., Class A* | 81,200 | 8,498,392 | ||||||
LinkedIn Corp., Class A* | 13,300 | 2,993,564 | ||||||
Netflix, Inc.* | 9,300 | 1,063,734 | ||||||
Tencent Holdings Ltd. | 194,800 | 3,814,181 | ||||||
The Priceline Group, Inc.* | 8,100 | 10,327,095 | ||||||
VeriSign, Inc.* | 30,300 | 2,647,008 | ||||||
|
| |||||||
73,881,017 | ||||||||
|
| |||||||
Leisure Time — 0.7% | ||||||||
Royal Caribbean Cruises Ltd. | 20,100 | 2,034,321 | ||||||
|
| |||||||
Lodging — 2.6% | ||||||||
Hilton Worldwide Holdings, Inc. | 55,100 | 1,179,140 | ||||||
Las Vegas Sands Corp. | 25,700 | 1,126,688 | ||||||
Marriott International, Inc., Class A | 29,600 | 1,984,384 | ||||||
MGM Resorts International* | 149,090 | 3,387,325 | ||||||
|
| |||||||
7,677,537 | ||||||||
|
| |||||||
Machinery — Diversified — 2.3% | ||||||||
Flowserve Corp. | 30,675 | 1,290,804 | ||||||
Roper Technologies, Inc. | 17,200 | 3,264,388 | ||||||
Wabtec Corp. | 30,000 | 2,133,600 | ||||||
|
| |||||||
6,688,792 | ||||||||
|
| |||||||
Media — 1.5% | ||||||||
The Walt Disney Co. | 43,500 | 4,570,980 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.8% | ||||||||
Danaher Corp. | 89,800 | 8,340,624 | ||||||
|
| |||||||
Pharmaceuticals — 7.1% | ||||||||
Allergan PLC* | 29,513 | 9,222,813 | ||||||
BioMarin Pharmaceutical, Inc.* | 13,900 | 1,456,164 | ||||||
Bristol-Myers Squibb Co. | 49,800 | 3,425,742 | ||||||
McKesson Corp. | 18,100 | 3,569,863 | ||||||
Valeant Pharmaceuticals International, Inc.* | 32,300 | 3,283,295 | ||||||
|
| |||||||
20,957,877 | ||||||||
|
|
91
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Growth Stock Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Retail — 8.7% | ||||||||
AutoZone, Inc.* | 4,500 | $ | 3,338,595 | |||||
CarMax, Inc.* | 34,300 | 1,851,171 | ||||||
Chipotle Mexican Grill, Inc.* | 4,100 | 1,967,385 | ||||||
Costco Wholesale Corp. | 5,300 | 855,950 | ||||||
CVS Health Corp. | 21,800 | 2,131,386 | ||||||
Lowe’s Cos., Inc. | 51,700 | 3,931,268 | ||||||
Ross Stores, Inc. | 36,700 | 1,974,827 | ||||||
Starbucks Corp. | 39,400 | 2,365,182 | ||||||
The Home Depot, Inc. | 10,800 | 1,428,300 | ||||||
Tractor Supply Co. | 30,900 | 2,641,950 | ||||||
Walgreens Boots Alliance, Inc. | 39,500 | 3,363,623 | ||||||
|
| |||||||
25,849,637 | ||||||||
|
| |||||||
Semiconductors — 0.3% | ||||||||
ASML Holding N.V. | 9,200 | 816,684 | ||||||
|
| |||||||
Software — 6.6% | ||||||||
Akamai Technologies, Inc.* | 27,500 | 1,447,325 | ||||||
Fiserv, Inc.* | 22,500 | 2,057,850 | ||||||
Microsoft Corp. | 178,700 | 9,914,276 | ||||||
NetSuite, Inc.* | 15,600 | 1,320,072 | ||||||
salesforce.com, Inc.* | 40,600 | 3,183,040 | ||||||
ServiceNow, Inc.* | 20,100 | 1,739,856 | ||||||
|
| |||||||
19,662,419 | ||||||||
|
| |||||||
Telecommunications — 1.2% | ||||||||
Crown Castle International Corp. | 24,600 | 2,126,670 | ||||||
Palo Alto Networks, Inc.* | 7,200 | 1,268,208 | ||||||
T-Mobile US, Inc.* | 7,500 | 293,400 | ||||||
|
| |||||||
3,688,278 | ||||||||
|
| |||||||
Transportation — 1.4% | ||||||||
Canadian Pacific Railway Ltd. | 19,200 | 2,449,920 | ||||||
FedEx Corp. | 10,900 | 1,623,991 | ||||||
|
| |||||||
4,073,911 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $200,800,430) | 285,348,949 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.3% |
|
|
|
|
|
| ||
Internet — 0.8% | ||||||||
Dropbox. Inc., Class A*~^ | 24,940 | 234,463 | ||||||
Flipkart Ltd. Ordinary Shares*^,~ | 566 | 80,508 | ||||||
Flipkart Ltd. Series A*^,~ | 196 | 27,879 | ||||||
Flipkart Ltd. Series C*^,~ | 341 | 48,504 | ||||||
Flipkart Ltd. Series E*^,~ | 636 | 90,465 | ||||||
Flipkart Ltd. Series G*^,~ | 2,888 | 410,789 | ||||||
Flipkart Ltd. Series H*^,~ | 2,579 | 366,837 | ||||||
Livingsocial, Inc., Series F, CONV*^,~ | 15,066 | 896 | ||||||
Uber Technologies, Inc. Series G, CONV*^,~ | 12,545 | 611,848 | ||||||
Xiaoju Kuaizhi, Inc (didi) CONV*^,~ | 11,920 | 364,472 | ||||||
|
| |||||||
2,236,661 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Lodging — 0.4% | ||||||||
Airbnb, Inc Series E, CONV*^,~ | 3,694 | $ | 343,890 | |||||
Airbnb, Inc. Series D*^,~ | 9,999 | 930,851 | ||||||
|
| |||||||
1,274,741 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
WeWork Companies, Inc. Class A*~^ | 923 | 30,357 | ||||||
WeWork Companies, Inc. Series E*^,~ | 8,297 | 272,885 | ||||||
|
| |||||||
303,242 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $3,496,180) | 3,814,644 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.3% | ||||||||
Diversified — 1.3% | ||||||||
American Tower Corp. | 39,800 | $ | 3,858,610 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.7% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 8,186,244 | 8,186,244 | ||||||
T. Rowe Price Reserve Investment Fund | 1,011 | 1,011 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,187,255) | 8,187,255 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.5% (Cost $214,966,710) | $ | 301,209,458 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.5)% | (4,506,325 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 296,703,133 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
^ | Illiquid security. The total market value of illiquid securities at December 31, 2015 is $3,814,644. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $3,814,644. |
ADR — American Depository Receipt.
CONV — Convertible Security.
PLC — Public Limited Company.
Country Weightings as of 12/31/2015†† | ||||
United States | 95 | % | ||
Canada | 2 | |||
China | 2 | |||
Israel | 1 | |||
| ||||
Total | 100 | % | ||
|
††% | of total investments as of December 31, 2015 |
92
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Aerospace & Defense | $ | 4,872,683 | $ | 4,872,683 | $ | — | $ | — | ||||||||
Airlines | 6,831,140 | 6,831,140 | — | — | ||||||||||||
Apparel | 6,281,956 | 6,281,956 | — | — | ||||||||||||
Auto Manufacturers | 4,203,024 | 4,203,024 | — | — | ||||||||||||
Auto Parts & Equipment | 3,099,039 | 3,099,039 | — | — | ||||||||||||
Banks | 4,757,401 | 4,757,401 | — | — | ||||||||||||
Biotechnology | 26,266,552 | 26,266,552 | — | — | ||||||||||||
Building Materials | 1,311,168 | 1,311,168 | — | — | ||||||||||||
Chemicals | 1,745,900 | 1,745,900 | — | — | ||||||||||||
Commercial Services | 11,347,104 | 11,347,104 | — | — | ||||||||||||
Computers | 6,503,791 | 6,503,791 | — | — | ||||||||||||
Diversified Financial Services | 13,233,929 | 13,233,929 | — | — | ||||||||||||
Healthcare Products | 4,287,356 | 4,287,356 | — | — | ||||||||||||
Healthcare Services | 12,365,829 | 12,365,829 | — | — | ||||||||||||
Internet | 73,881,017 | 70,066,836 | 3,814,181 | — | ||||||||||||
Leisure Time | 2,034,321 | 2,034,321 | — | — | ||||||||||||
Lodging | 7,677,537 | 7,677,537 | — | — | ||||||||||||
Machinery —Diversified | 6,688,792 | 6,688,792 | — | — | ||||||||||||
Media | 4,570,980 | 4,570,980 | — | — | ||||||||||||
Miscellaneous Manufacturing | 8,340,624 | 8,340,624 | — | — | ||||||||||||
Pharmaceuticals | 20,957,877 | 20,957,877 | — | — | ||||||||||||
Retail | 25,849,637 | 25,849,637 | — | — | ||||||||||||
Semiconductors | 816,684 | 816,684 | — | — | ||||||||||||
Software | 19,662,419 | 19,662,419 | — | — | ||||||||||||
Telecommunications | 3,688,278 | 3,688,278 | — | — | ||||||||||||
Transportation | 4,073,911 | 4,073,911 | — | — | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS | ||||||||||||||||
Diversified | 3,858,610 | 3,858,610 | — | — | ||||||||||||
PREFERRED STOCKS | 3,814,644 | — | — | 3,814,644 | ||||||||||||
SHORT-TERM INVESTMENTS | 8,187,255 | 8,187,255 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 301,209,458 | $ | 293,580,633 | $ | 3,814,181 | $ | 3,814,644 | ||||||||
|
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 12/31/2014 | $ | 1,233,258 | ||
Purchases | 2,150,982 | |||
Change in Appreciation/(Depreciation) | 430,404 | |||
|
| |||
Balance as of 12/31/2015 | 3,814,644 | |||
|
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
93
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 99.6% |
|
|
|
|
|
| ||
Advertising — 0.4% | ||||||||
Omnicom Group, Inc. | 2,214 | $ | 167,511 | |||||
|
| |||||||
Aerospace & Defense — 2.3% | ||||||||
United Technologies Corp. | 10,241 | 983,853 | ||||||
|
| |||||||
Apparel — 4.9% | ||||||||
Burberry Group PLC | 20,799 | 365,940 | ||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 4,561 | 716,401 | ||||||
NIKE, Inc., Class B | 6,826 | 426,625 | ||||||
VF Corp. | 10,090 | 628,103 | ||||||
|
| |||||||
2,137,069 | ||||||||
|
| |||||||
Beverages — 2.1% | ||||||||
AMBEV S.A. ADR | 49,145 | 219,187 | ||||||
PepsiCo, Inc. | 2,413 | 241,107 | ||||||
Pernod Ricard S.A. | 3,988 | 454,811 | ||||||
|
| |||||||
915,105 | ||||||||
|
| |||||||
Chemicals — 9.7% | ||||||||
Ecolab, Inc. | 8,573 | 980,580 | ||||||
LyondellBasell Industries NV, Class A | 6,661 | 578,841 | ||||||
Monsanto Co. | 10,332 | 1,017,909 | ||||||
PPG Industries, Inc. | 6,554 | 647,666 | ||||||
Praxair, Inc. | 5,447 | 557,773 | ||||||
The Sherwin-Williams Co. | 1,779 | 461,828 | ||||||
|
| |||||||
4,244,597 | ||||||||
|
| |||||||
Commercial Services — 4.0% | ||||||||
Equifax, Inc. | 4,537 | 505,286 | ||||||
MasterCard, Inc., Class A | 6,680 | 650,365 | ||||||
Moody’s Corp. | 6,004 | 602,441 | ||||||
|
| |||||||
1,758,092 | ||||||||
|
| |||||||
Computers — 10.1% | ||||||||
Accenture PLC, Class A | 20,635 | 2,156,357 | ||||||
Apple, Inc. | 9,043 | 951,866 | ||||||
Cognizant Technology Solutions Corp., Class A* | 10,175 | 610,704 | ||||||
EMC Corp. | 26,569 | 682,292 | ||||||
|
| |||||||
4,401,219 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 4.3% | ||||||||
Colgate-Palmolive Co. | 22,608 | 1,506,145 | ||||||
L’Oreal S.A. | 2,112 | 355,251 | ||||||
|
| |||||||
1,861,396 | ||||||||
|
| |||||||
Distribution & Wholesale — 2.9% | ||||||||
Fastenal Co. | 7,993 | 326,274 | ||||||
W.W. Grainger, Inc. | 4,566 | 925,026 | ||||||
|
| |||||||
1,251,300 | ||||||||
|
| |||||||
Diversified Financial Services — 6.4% | ||||||||
CME Group, Inc. | 2,381 | 215,719 | ||||||
Franklin Resources, Inc. | 16,477 | 606,683 | ||||||
The Charles Schwab Corp. | 7,289 | 240,027 | ||||||
Visa, Inc., Class A | 22,622 | 1,754,336 | ||||||
|
| |||||||
2,816,765 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Electronics — 7.4% | ||||||||
Amphenol Corp., Class A | 6,542 | $ | 341,689 | |||||
Mettler-Toledo International, Inc.* | 2,146 | 727,773 | ||||||
Thermo Fisher Scientific, Inc. | 10,254 | 1,454,530 | ||||||
Waters Corp.* | 5,300 | 713,274 | ||||||
|
| |||||||
3,237,266 | ||||||||
|
| |||||||
Food — 1.4% | ||||||||
Danone S.A. | 9,336 | 630,869 | ||||||
|
| |||||||
Healthcare Products — 3.2% | ||||||||
DENTSPLY International, Inc. | 9,618 | 585,255 | ||||||
St. Jude Medical, Inc. | 3,559 | 219,840 | ||||||
The Cooper Cos., Inc. | 4,384 | 588,333 | ||||||
|
| |||||||
1,393,428 | ||||||||
|
| |||||||
Household Products & Wares — 0.7% | ||||||||
Church & Dwight Co., Inc. | 3,743 | 317,706 | ||||||
|
| |||||||
Internet — 6.3% | ||||||||
Alphabet, Inc. Class A* | 3,538 | 2,752,599 | ||||||
|
| |||||||
Media — 4.3% | ||||||||
Discovery Communications, Inc., Class A* | 6,992 | 186,546 | ||||||
The Walt Disney Co. | 2,162 | 227,183 | ||||||
Time Warner, Inc. | 9,701 | 627,364 | ||||||
Twenty-First Century Fox, Inc., Class A | 30,257 | 821,780 | ||||||
|
| |||||||
1,862,873 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 3.1% | ||||||||
Colfax Corp.* | 13,513 | 315,528 | ||||||
Danaher Corp. | 11,426 | 1,061,247 | ||||||
|
| |||||||
1,376,775 | ||||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Schlumberger Ltd. | 3,223 | 224,804 | ||||||
|
| |||||||
Pharmaceuticals — 9.5% | ||||||||
Abbott Laboratories | 18,768 | 842,871 | ||||||
Eli Lilly & Co. | 6,047 | 509,520 | ||||||
Express Scripts Holding Co.* | 7,873 | 688,179 | ||||||
Mead Johnson Nutrition Co. | 12,705 | 1,003,060 | ||||||
Roche Holding AG | 2,227 | 617,121 | ||||||
Zoetis, Inc. | 10,346 | 495,780 | ||||||
|
| |||||||
4,156,531 | ||||||||
|
| |||||||
Retail — 6.3% | ||||||||
AutoZone, Inc.* | 1,101 | 816,843 | ||||||
CVS Health Corp. | 11,378 | 1,112,427 | ||||||
The TJX Cos., Inc. | 11,426 | 810,218 | ||||||
|
| |||||||
2,739,488 | ||||||||
|
| |||||||
Semiconductors — 4.6% | ||||||||
Microchip Technology, Inc. | 8,469 | 394,147 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 28,708 | 653,107 | ||||||
Texas Instruments, Inc. | 17,874 | 979,674 | ||||||
|
| |||||||
2,026,928 | ||||||||
|
| |||||||
Software — 4.5% | ||||||||
Fidelity National Information Services, Inc. | 14,206 | 860,884 |
94
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Software — (continued) | ||||||||
Fiserv, Inc.* | 5,482 | $ | 501,384 | |||||
Oracle Corp. | 16,601 | 606,434 | ||||||
|
| |||||||
1,968,702 | ||||||||
|
| |||||||
Transportation — 0.7% | ||||||||
Union Pacific Corp. | 3,937 | 307,873 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $38,711,862) | 43,532,749 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
Money Market — 1.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 564,096 | 564,096 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.9% (Cost $39,275,958) | $ | 44,096,845 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.9)% | (395,004 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 43,701,841 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2015†† | ||||
United States | 86 | % | ||
Other | 5 | |||
France | 5 | |||
Brazil | 1 | |||
Switzerland | 1 | |||
Taiwan | 1 | |||
United Kingdom | 1 | |||
| ||||
Total | 100 | % | ||
|
††% | of total investments as of December 31, 2015 |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 43,532,749 | $ | 40,392,356 | $ | 3,140,393 | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 564,096 | 564,096 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 44,096,845 | $ | 40,956,452 | $ | 3,140,393 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
95
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Core Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 100.4% |
|
|
|
|
|
| ||
Aerospace & Defense — 0.8% | ||||||||
Harris Corp. | 10,190 | $ | 885,511 | |||||
|
| |||||||
Agriculture — 1.4% | ||||||||
Reynolds American, Inc. | 33,230 | 1,533,564 | ||||||
|
| |||||||
Airlines — 1.9% | ||||||||
Delta Air Lines, Inc. | 41,860 | 2,121,883 | ||||||
|
| |||||||
Apparel — 2.2% | ||||||||
NIKE, Inc., Class B | 39,420 | 2,463,750 | ||||||
|
| |||||||
Auto Manufacturers — 0.8% | ||||||||
Tesla Motors, Inc.* | 3,871 | 929,079 | ||||||
|
| |||||||
Auto Parts & Equipment — 1.0% | ||||||||
Delphi Automotive PLC | 13,250 | 1,135,923 | ||||||
|
| |||||||
Beverages — 3.0% | ||||||||
Constellation Brands, Inc., Class A | 13,890 | 1,978,491 | ||||||
Monster Beverage Corp.* | 8,910 | 1,327,234 | ||||||
|
| |||||||
3,305,725 | ||||||||
|
| |||||||
Biotechnology — 6.9% | ||||||||
Alexion Pharmaceuticals, Inc.* | 8,790 | 1,676,692 | ||||||
Celgene Corp.* | 15,820 | 1,894,603 | ||||||
Gilead Sciences, Inc. | 8,487 | 858,800 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,130 | 1,699,183 | ||||||
Vertex Pharmaceuticals, Inc.* | 12,120 | 1,525,060 | ||||||
|
| |||||||
7,654,338 | ||||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
The Sherwin-Williams Co. | 7,520 | 1,952,192 | ||||||
|
| |||||||
Commercial Services — 4.9% | ||||||||
Aramark | 17,060 | 550,185 | ||||||
McGraw Hill Financial, Inc. | 14,660 | 1,445,183 | ||||||
PayPal Holdings, Inc.* | 36,830 | 1,333,246 | ||||||
Verisk Analytics, Inc., Class A* | 27,490 | 2,113,431 | ||||||
|
| |||||||
5,442,045 | ||||||||
|
| |||||||
Computers — 7.2% | ||||||||
Apple, Inc. | 60,095 | 6,325,600 | ||||||
Cognizant Technology Solutions Corp., Class A* | 28,580 | 1,715,371 | ||||||
|
| |||||||
8,040,971 | ||||||||
|
| |||||||
Diversified Financial Services — 7.3% | ||||||||
Intercontinental Exchange, Inc. | 8,440 | 2,162,834 | ||||||
The Charles Schwab Corp. | 51,710 | 1,702,810 | ||||||
Visa, Inc., Class A | 55,570 | 4,309,454 | ||||||
|
| |||||||
8,175,098 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 2,960 | 692,048 | ||||||
|
| |||||||
Food — 2.9% | ||||||||
Hormel Foods Corp. | 12,560 | 993,245 | ||||||
The Kroger Co. | 54,600 | 2,283,918 | ||||||
|
| |||||||
3,277,163 | ||||||||
|
| |||||||
Healthcare Products — 3.8% | ||||||||
Align Technology, Inc.* | 17,350 | 1,142,498 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare Products — (continued) | ||||||||
Edwards Lifesciences Corp.* | 21,500 | $ | 1,698,070 | |||||
Hologic, Inc.* | 36,380 | 1,407,542 | ||||||
|
| |||||||
4,248,110 | ||||||||
|
| |||||||
Healthcare Services — 2.3% | ||||||||
UnitedHealth Group, Inc. | 21,840 | 2,569,258 | ||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
D.R. Horton, Inc. | 26,160 | 837,905 | ||||||
|
| |||||||
Internet — 17.4% | ||||||||
Alphabet, Inc. Class A* | 8,420 | 6,550,844 | ||||||
Amazon.com, Inc.* | 7,424 | 5,017,807 | ||||||
Facebook, Inc., Class A* | 44,700 | 4,678,302 | ||||||
Netflix, Inc.* | 4,990 | 570,756 | ||||||
Splunk, Inc.* | 21,100 | 1,240,891 | ||||||
Tencent Holdings Ltd. ADR | 71,380 | 1,400,476 | ||||||
|
| |||||||
19,459,076 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 0.7% | ||||||||
Carlisle Cos., Inc. | 8,740 | 775,151 | ||||||
|
| |||||||
Pharmaceuticals — 3.9% | ||||||||
Bristol-Myers Squibb Co. | 42,190 | 2,902,250 | ||||||
Shire PLC ADR | 3,810 | 781,050 | ||||||
Zoetis, Inc. | 13,047 | 625,212 | ||||||
|
| |||||||
4,308,512 | ||||||||
|
| |||||||
Retail — 14.2% | ||||||||
Chipotle Mexican Grill, Inc.* | 1,410 | 676,589 | ||||||
McDonald’s Corp. | 9,830 | 1,161,316 | ||||||
O’Reilly Automotive, Inc.* | 6,660 | 1,687,777 | ||||||
Starbucks Corp. | 45,720 | 2,744,572 | ||||||
The Home Depot, Inc. | 30,460 | 4,028,335 | ||||||
The TJX Cos., Inc. | 28,530 | 2,023,062 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 7,310 | 1,352,350 | ||||||
Walgreens Boots Alliance, Inc. | 26,050 | 2,218,288 | ||||||
|
| |||||||
15,892,289 | ||||||||
|
| |||||||
Semiconductors — 0.8% | ||||||||
Avago Technologies Ltd. | 5,810 | 843,322 | ||||||
|
| |||||||
Software — 9.4% | ||||||||
Adobe Systems, Inc.* | 21,710 | 2,039,437 | ||||||
Akamai Technologies, Inc.* | 7,300 | 384,199 | ||||||
Electronic Arts, Inc.* | 27,720 | 1,904,918 | ||||||
Fidelity National Information Services, Inc. | 25,760 | 1,561,056 | ||||||
Salesforce.com, Inc.* | 23,625 | 1,852,200 | ||||||
ServiceNow, Inc.* | 17,310 | 1,498,354 | ||||||
Tableau Software, Inc., Class A* | 13,800 | 1,300,236 | ||||||
|
| |||||||
10,540,400 | ||||||||
|
| |||||||
Telecommunications — 4.5% | ||||||||
Level 3 Communications, Inc.* | 11,960 | 650,146 | ||||||
Palo Alto Networks, Inc.* | 7,393 | 1,302,203 | ||||||
SBA Communications Corp., Class A* | 15,190 | 1,596,013 | ||||||
Zayo Group Holdings, Inc.* | 55,850 | 1,485,051 | ||||||
|
| |||||||
5,033,413 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $89,680,604) | 112,116,726 | |||||||
|
|
96
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Core Growth Fund
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 0.2% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 237,442 | $ | 237,442 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.6% (Cost $89,918,046) | $ | 112,354,168 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.6)% | (674,496 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 111,679,672 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
TOTAL COMMON STOCKS | $ | 112,116,726 | $ | 112,116,726 | $ | — | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 237,442 | 237,442 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 112,354,168 | $ | 112,354,168 | $ | — | $ | — | ||||||||
|
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 Level 2 or 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, 2015
Large Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 97.3% |
|
|
|
|
|
| ||
Advertising — 1.3% | ||||||||
Omnicom Group, Inc. | 34,995 | $ | 2,647,722 | |||||
|
| |||||||
Aerospace & Defense — 3.2% | ||||||||
Northrop Grumman Corp. | 16,601 | 3,134,435 | ||||||
United Technologies Corp. | 36,029 | 3,461,306 | ||||||
|
| |||||||
6,595,741 | ||||||||
|
| |||||||
Agriculture — 1.4% | ||||||||
Philip Morris International, Inc. | 33,750 | 2,966,963 | ||||||
|
| |||||||
Apparel — 1.2% | ||||||||
Ralph Lauren Corp. | 22,519 | 2,510,418 | ||||||
|
| |||||||
Auto Manufacturers — 1.1% | ||||||||
General Motors Co. | 69,535 | 2,364,885 | ||||||
|
| |||||||
Banks — 14.0% | ||||||||
Bank of America Corp. | 280,274 | 4,717,011 | ||||||
Citigroup, Inc. | 83,293 | 4,310,413 | ||||||
Fifth Third Bancorp | 191,292 | 3,844,969 | ||||||
JPMorgan Chase & Co. | 99,022 | 6,538,423 | ||||||
State Street Corp. | 29,128 | 1,932,934 | ||||||
The PNC Financial Services Group, Inc. | 33,633 | 3,205,561 | ||||||
Wells Fargo & Co. | 84,510 | 4,593,964 | ||||||
|
| |||||||
29,143,275 | ||||||||
|
| |||||||
Beverages — 1.6% | ||||||||
PepsiCo, Inc. | 33,170 | 3,314,346 | ||||||
|
| |||||||
Building Materials — 1.6% | ||||||||
Vulcan Materials Co. | 35,521 | 3,373,429 | ||||||
|
| |||||||
Chemicals — 1.4% | ||||||||
E.I. du Pont de Nemours & Co. | 43,947 | 2,926,870 | ||||||
|
| |||||||
Computers — 2.3% | ||||||||
Apple, Inc. | 22,880 | 2,408,349 | ||||||
EMC Corp. | 92,557 | 2,376,864 | ||||||
|
| |||||||
4,785,213 | ||||||||
|
| |||||||
Diversified Financial Services — 6.1% | ||||||||
American Express Co. | 30,239 | 2,103,122 | ||||||
Ameriprise Financial, Inc. | 26,683 | 2,839,605 | ||||||
Discover Financial Services | 63,890 | 3,425,782 | ||||||
FNF Group | 75,068 | 2,602,608 | ||||||
Legg Mason, Inc. | 44,009 | 1,726,473 | ||||||
|
| |||||||
12,697,590 | ||||||||
|
| |||||||
Electric — 3.3% | ||||||||
Calpine Corp.* | 119,273 | 1,725,880 | ||||||
NextEra Energy, Inc. | 26,947 | 2,799,524 | ||||||
PG&E Corp. | 45,187 | 2,403,497 | ||||||
|
| |||||||
6,928,901 | ||||||||
|
| |||||||
Electronics — 1.6% | ||||||||
Honeywell International, Inc. | 32,013 | 3,315,586 | ||||||
|
| |||||||
Food — 1.6% | ||||||||
Mondelez International, Inc., Class A | 75,017 | 3,363,762 | ||||||
|
| |||||||
Healthcare Products — 1.8% | ||||||||
Medtronic PLC | 47,957 | 3,688,852 | ||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare Services — 2.9% | ||||||||
Humana, Inc. | 11,794 | $ | 2,105,347 | |||||
UnitedHealth Group, Inc. | 33,372 | 3,925,882 | ||||||
|
| |||||||
6,031,229 | ||||||||
|
| |||||||
Insurance — 5.9% | ||||||||
American International Group, Inc. | 61,241 | 3,795,105 | ||||||
MetLife, Inc. | 64,824 | 3,125,165 | ||||||
The Travelers Cos., Inc. | 26,715 | 3,015,055 | ||||||
Unum Group | 70,888 | 2,359,861 | ||||||
|
| |||||||
12,295,186 | ||||||||
|
| |||||||
Internet — 2.3% | ||||||||
Liberty Interactive Corp. QVC Group, Class A* | 84,115 | 2,298,022 | ||||||
Symantec Corp. | 118,115 | 2,480,415 | ||||||
|
| |||||||
4,778,437 | ||||||||
|
| |||||||
Leisure Time — 1.0% | ||||||||
Harley-Davidson, Inc. | 44,904 | 2,038,193 | ||||||
|
| |||||||
Media — 3.2% | ||||||||
Comcast Corp., Class A | 59,763 | 3,372,426 | ||||||
Liberty Global PLC, Class A* | 38,358 | 1,624,845 | ||||||
Viacom, Inc., Class B | 37,659 | 1,550,044 | ||||||
|
| |||||||
6,547,315 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 3.3% | ||||||||
Eaton Corp. PLC | 49,886 | 2,596,068 | ||||||
Ingersoll-Rand PLC | 36,442 | 2,014,878 | ||||||
Pentair PLC | 45,863 | 2,271,594 | ||||||
|
| |||||||
6,882,540 | ||||||||
|
| |||||||
Oil & Gas — 5.7% | ||||||||
Chevron Corp. | 34,560 | 3,109,018 | ||||||
Hess Corp. | 42,496 | 2,060,206 | ||||||
Marathon Oil Corp. | 147,010 | 1,850,856 | ||||||
Royal Dutch Shell PLC ADR, Class A | 48,662 | 2,228,233 | ||||||
Valero Energy Corp. | 35,189 | 2,488,214 | ||||||
|
| |||||||
11,736,527 | ||||||||
|
| |||||||
Oil & Gas Services — 2.3% | ||||||||
Halliburton Co. | 86,823 | 2,955,455 | ||||||
National Oilwell Varco, Inc. | 51,618 | 1,728,687 | ||||||
|
| |||||||
4,684,142 | ||||||||
|
| |||||||
Packaging and Containers — 1.4% | ||||||||
Sealed Air Corp. | 65,260 | 2,910,596 | ||||||
|
| |||||||
Pharmaceuticals — 12.4% | ||||||||
AbbVie, Inc. | 50,122 | 2,969,227 | ||||||
Allergan PLC* | 10,269 | 3,209,062 | ||||||
Eli Lilly & Co. | 46,728 | 3,937,301 | ||||||
Express Scripts Holding Co.* | 35,904 | 3,138,369 | ||||||
Merck & Co., Inc. | 80,163 | 4,234,210 | ||||||
Pfizer, Inc. | 137,334 | 4,433,142 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 57,844 | 3,796,880 | ||||||
|
| |||||||
25,718,191 | ||||||||
|
|
98
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Retail — 3.2% | ||||||||
CVS Health Corp. | 30,881 | $ | 3,019,235 | |||||
Dollar General Corp. | 17,774 | 1,277,418 | ||||||
Lowe’s Cos., Inc. | 30,600 | 2,326,824 | ||||||
|
| |||||||
6,623,477 | ||||||||
|
| |||||||
Semiconductors — 1.2% | ||||||||
QUALCOMM, Inc. | 48,657 | 2,432,120 | ||||||
|
| |||||||
Software — 2.9% | ||||||||
Microsoft Corp. | 109,971 | 6,101,191 | ||||||
|
| |||||||
Telecommunications — 4.7% | ||||||||
Cisco Systems, Inc. | 120,563 | 3,273,888 | ||||||
Knowles Corp.* | 97,877 | 1,304,700 | ||||||
Verizon Communications, Inc. | 61,940 | 2,862,867 | ||||||
Vodafone Group PLC- ADR | 73,837 | 2,381,982 | ||||||
|
| |||||||
9,823,437 | ||||||||
|
| |||||||
Transportation — 1.4% | ||||||||
Norfolk Southern Corp. | 33,408 | 2,825,983 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $181,202,062) | 202,052,117 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.1% | ||||||||
Diversified — 1.1% | ||||||||
Weyerhaeuser Co. | 79,839 | 2,393,573 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.3% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 4,744,829 | 4,744,829 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% (Cost $188,330,378) | $ | 209,190,519 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.7)% | (1,498,508 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 207,692,011 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2015†† | ||||
United States | 94 | % | ||
United Kingdom | 3 | |||
Israel | 2 | |||
Netherlands | 1 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 202,052,117 | $ | 202,052,117 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 2,393,573 | 2,393,573 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 4,744,829 | 4,744,829 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 209,190,519 | $ | 209,190,519 | $ | — | $ | — | ||||||||
|
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 Level 2 or 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, 2015
Large Core Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 95.5% |
|
|
|
|
|
| ||
Aerospace & Defense — 3.2% | ||||||||
United Technologies Corp. | 66,840 | $ | 6,421,319 | |||||
|
| |||||||
Agriculture — 2.8% | ||||||||
Altria Group, Inc. | 31,908 | 1,857,365 | ||||||
Reynolds American, Inc. | 83,920 | 3,872,908 | ||||||
|
| |||||||
5,730,273 | ||||||||
|
| |||||||
Apparel — 0.8% | ||||||||
Michael Kors Holdings Ltd.* | 39,439 | 1,579,926 | ||||||
|
| |||||||
Banks — 16.7% | ||||||||
Citigroup, Inc. | 98,461 | 5,095,357 | ||||||
Credit Suisse Group AG ADR | 254,169 | 5,512,925 | ||||||
JPMorgan Chase & Co. | 105,420 | 6,960,882 | ||||||
KeyCorp. | 169,798 | 2,239,636 | ||||||
The Goldman Sachs Group, Inc. | 22,884 | 4,124,383 | ||||||
The PNC Financial Services Group, Inc. | 30,486 | 2,905,621 | ||||||
Wells Fargo & Co. | 131,144 | 7,128,988 | ||||||
|
| |||||||
33,967,792 | ||||||||
|
| |||||||
Beverages — 0.9% | ||||||||
Molson Coors Brewing Co., Class B | 20,089 | 1,886,759 | ||||||
|
| |||||||
Chemicals — 3.4% | ||||||||
PPG Industries, Inc. | 41,347 | 4,085,910 | ||||||
Syngenta AG ADR | 36,594 | 2,881,046 | ||||||
|
| |||||||
6,966,956 | ||||||||
|
| |||||||
Diversified Financial Services — 3.2% | ||||||||
Invesco Ltd. | 136,536 | 4,571,226 | ||||||
Synchrony Financial* | 62,186 | 1,891,076 | ||||||
|
| |||||||
6,462,302 | ||||||||
|
| |||||||
Electric — 3.9% | ||||||||
NextEra Energy, Inc. | 47,407 | 4,925,113 | ||||||
PG&E Corp. | 54,529 | 2,900,398 | ||||||
|
| |||||||
7,825,511 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.0% | ||||||||
Hubbell, Inc. | 20,130 | 2,033,935 | ||||||
|
| |||||||
Electronics — 1.4% | ||||||||
Thermo Fisher Scientific, Inc. | 20,288 | 2,877,853 | ||||||
|
| |||||||
Food — 4.1% | ||||||||
General Mills, Inc. | 66,558 | 3,837,734 | ||||||
The Kroger Co. | 109,234 | 4,569,258 | ||||||
|
| |||||||
8,406,992 | ||||||||
|
| |||||||
Gas — 2.4% | ||||||||
Sempra Energy | 50,729 | 4,769,033 | ||||||
|
| |||||||
Healthcare Products — 3.4% | ||||||||
Medtronic PLC | 66,172 | 5,089,950 | ||||||
Zimmer Biomet Holdings, Inc. | 17,421 | 1,787,221 | ||||||
|
| |||||||
6,877,171 | ||||||||
|
| |||||||
Insurance — 8.0% | ||||||||
ACE Ltd. | 33,203 | 3,879,771 | ||||||
Aflac, Inc. | 40,862 | 2,447,634 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Insurance — (continued) | ||||||||
American Financial Group, Inc. | 22,439 | $ | 1,617,403 | |||||
Prudential PLC ADR | 66,285 | 2,988,128 | ||||||
Unum Group | 34,012 | 1,132,259 | ||||||
XL Group PLC | 105,551 | 4,135,488 | ||||||
|
| |||||||
16,200,683 | ||||||||
|
| |||||||
Internet — 0.6% | ||||||||
Alphabet, Inc.* | 1,563 | 1,186,129 | ||||||
|
| |||||||
Machinery — Diversified — 0.5% | ||||||||
Rockwell Automation, Inc. | 10,042 | 1,030,410 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 4.8% | ||||||||
General Electric Co. | 314,362 | 9,792,376 | ||||||
|
| |||||||
Oil & Gas — 11.1% | ||||||||
Anadarko Petroleum Corp. | 45,135 | 2,192,658 | ||||||
Chevron Corp. | 69,443 | 6,247,092 | ||||||
Devon Energy Corp. | 60,172 | 1,925,504 | ||||||
EOG Resources, Inc. | 33,984 | 2,405,728 | ||||||
Occidental Petroleum Corp. | 83,689 | 5,658,213 | ||||||
Range Resources Corp. | 65,602 | 1,614,465 | ||||||
Royal Dutch Shell PLC ADR, Class A | 54,767 | 2,521,473 | ||||||
|
| |||||||
22,565,133 | ||||||||
|
| |||||||
Oil & Gas Services — 1.8% | ||||||||
Schlumberger Ltd. | 50,783 | 3,542,114 | ||||||
|
| |||||||
Pharmaceuticals — 9.1% | ||||||||
Allergan PLC* | 9,957 | 3,111,562 | ||||||
Eli Lilly & Co. | 17,848 | 1,503,872 | ||||||
Johnson & Johnson | 75,355 | 7,740,466 | ||||||
McKesson Corp. | 14,260 | 2,812,500 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 50,323 | 3,303,202 | ||||||
|
| |||||||
18,471,602 | ||||||||
|
| |||||||
Retail — 1.5% | ||||||||
Target Corp. | 24,412 | 1,772,555 | ||||||
The Home Depot, Inc. | 9,268 | 1,225,693 | ||||||
|
| |||||||
2,998,248 | ||||||||
|
| |||||||
Semiconductors — 2.3% | ||||||||
Intel Corp. | 90,106 | 3,104,152 | ||||||
NXP Semiconductors N.V.* | 19,076 | 1,607,153 | ||||||
|
| |||||||
4,711,305 | ||||||||
|
| |||||||
Software — 4.6% | ||||||||
Microsoft Corp. | 89,682 | 4,975,557 | ||||||
Oracle Corp. | 120,539 | 4,403,290 | ||||||
|
| |||||||
9,378,847 | ||||||||
|
| |||||||
Telecommunications — 2.0% | ||||||||
Verizon Communications, Inc. | 88,046 | 4,069,486 | ||||||
|
| |||||||
Transportation — 2.0% | ||||||||
C.H. Robinson Worldwide, Inc. | 66,480 | 4,123,090 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $181,959,573) | 193,875,245 | |||||||
|
|
100
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Large Core Value Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — 4.2% | ||||||||
Apartments — 2.6% | ||||||||
Equity Residential | 45,047 | $ | 3,675,385 | |||||
Post Properties, Inc. | 27,776 | 1,643,228 | ||||||
|
| |||||||
5,318,613 | ||||||||
|
| |||||||
Strip Centers — 1.6% | ||||||||
Federal Realty Investment Trust | 21,383 | 3,124,056 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,598,396) | 8,442,669 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 193,916 | 193,916 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $189,751,885) | $ | 202,511,830 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.2% | 500,273 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 203,012,103 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2015†† | ||||
United States | 82 | % | ||
Other | 8 | |||
Switzerland | 4 | |||
France | 2 | |||
Israel | 2 | |||
United Kingdom | 2 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 193,875,245 | $ | 193,875,245 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 8,442,669 | 8,442,669 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 193,916 | 193,916 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 202,511,830 | $ | 202,511,830 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy 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, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 98.4% |
|
|
|
|
|
| ||
Advertising — 0.2% | ||||||||
Omnicom Group, Inc. | 5,767 | $ | 436,331 | |||||
The Interpublic Group of Cos., Inc. | 10,134 | 235,920 | ||||||
|
| |||||||
672,251 | ||||||||
|
| |||||||
Aerospace & Defense — 2.1% | ||||||||
General Dynamics Corp. | 7,197 | 988,580 | ||||||
Harris Corp. | 2,600 | 225,940 | ||||||
L-3 Communications Holdings, Inc. | 1,800 | 215,118 | ||||||
Lockheed Martin Corp. | 6,237 | 1,354,365 | ||||||
Northrop Grumman Corp. | 4,292 | 810,373 | ||||||
Raytheon Co. | 7,076 | 881,174 | ||||||
Rockwell Collins, Inc. | 3,245 | 299,513 | ||||||
The Boeing Co. | 14,921 | 2,157,427 | ||||||
United Technologies Corp. | 19,342 | 1,858,186 | ||||||
|
| |||||||
8,790,676 | ||||||||
|
| |||||||
Agriculture — 1.7% | ||||||||
Altria Group, Inc. | 45,878 | 2,670,559 | ||||||
Archer-Daniels-Midland Co. | 14,599 | 535,491 | ||||||
Philip Morris International, Inc. | 36,288 | 3,190,078 | ||||||
Reynolds American, Inc. | 19,354 | 893,187 | ||||||
|
| |||||||
7,289,315 | ||||||||
|
| |||||||
Airlines — 0.7% | ||||||||
American Airlines Group, Inc. | 14,600 | 618,310 | ||||||
Delta Air Lines, Inc. | 18,400 | 932,696 | ||||||
Southwest Airlines Co. | 15,317 | 659,550 | ||||||
United Continental Holdings, Inc.* | 9,100 | 521,430 | ||||||
|
| |||||||
2,731,986 | ||||||||
|
| |||||||
Apparel — 0.9% | ||||||||
Coach, Inc. | 6,277 | 205,446 | ||||||
Hanesbrands, Inc. | 9,500 | 279,585 | ||||||
Michael Kors Holdings Ltd.* | 4,900 | 196,294 | ||||||
NIKE, Inc., Class B | 31,692 | 1,980,750 | ||||||
Ralph Lauren Corp. | 1,428 | 159,194 | ||||||
Under Armour, Inc., Class A* | 3,900 | 314,379 | ||||||
VF Corp. | 8,132 | 506,217 | ||||||
|
| |||||||
3,641,865 | ||||||||
|
| |||||||
Auto Manufacturers — 0.7% | ||||||||
Ford Motor Co. | 90,967 | 1,281,725 | ||||||
General Motors Co. | 33,600 | 1,142,736 | ||||||
PACCAR, Inc. | 8,544 | 404,986 | ||||||
|
| |||||||
2,829,447 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.4% | ||||||||
BorgWarner, Inc. | 5,400 | 233,442 | ||||||
Delphi Automotive PLC | 6,800 | 582,964 | ||||||
Johnson Controls, Inc. | 15,111 | 596,733 | ||||||
The Goodyear Tire & Rubber Co. | 6,106 | 199,483 | ||||||
|
| |||||||
1,612,622 | ||||||||
|
| |||||||
Banks — 7.5% | ||||||||
Bank of America Corp. | 245,435 | 4,130,671 | ||||||
BB&T Corp. | 18,599 | 703,228 | ||||||
Capital One Financial Corp. | 12,641 | 912,427 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Banks — (continued) | ||||||||
Citigroup, Inc. | 70,581 | $ | 3,652,567 | |||||
Comerica, Inc. | 4,344 | 181,710 | ||||||
Fifth Third Bancorp | 19,446 | 390,865 | ||||||
Huntington Bancshares, Inc. | 19,965 | 220,813 | ||||||
JPMorgan Chase & Co. | 86,764 | 5,729,027 | ||||||
KeyCorp. | 20,699 | 273,020 | ||||||
M&T Bank Corp. | 3,652 | 442,549 | ||||||
Morgan Stanley | 35,563 | 1,131,259 | ||||||
Northern Trust Corp. | 5,247 | 378,256 | ||||||
Regions Financial Corp. | 30,194 | 289,862 | ||||||
State Street Corp. | 9,447 | 626,903 | ||||||
SunTrust Banks, Inc. | 12,388 | 530,702 | ||||||
The Bank of New York Mellon Corp. | 25,780 | 1,062,652 | ||||||
The Goldman Sachs Group, Inc. | 9,443 | 1,701,912 | ||||||
The PNC Financial Services Group, Inc. | 11,983 | 1,142,100 | ||||||
U.S. Bancorp | 38,656 | 1,649,451 | ||||||
Wells Fargo & Co. | 109,537 | 5,954,431 | ||||||
Zions Bancorporation | 4,804 | 131,149 | ||||||
|
| |||||||
31,235,554 | ||||||||
|
| |||||||
Beverages — 2.4% | ||||||||
Brown-Forman Corp., Class B | 2,493 | 247,505 | ||||||
Coca-Cola Enterprises, Inc. | 4,828 | 237,731 | ||||||
Constellation Brands, Inc., Class A | 3,923 | 558,792 | ||||||
Dr. Pepper Snapple Group, Inc. | 4,500 | 419,400 | ||||||
Keurig Green Mountain, Inc. | 2,900 | 260,942 | ||||||
Molson Coors Brewing Co., Class B | 3,638 | 341,681 | ||||||
Monster Beverage Corp.* | 3,500 | 521,360 | ||||||
PepsiCo, Inc. | 34,461 | 3,443,343 | ||||||
The Coca-Cola Co. | 91,770 | 3,942,439 | ||||||
|
| |||||||
9,973,193 | ||||||||
|
| |||||||
Biotechnology — 3.2% | ||||||||
Alexion Pharmaceuticals, Inc.* | 5,200 | 991,900 | ||||||
Amgen, Inc. | 17,745 | 2,880,546 | ||||||
Biogen, Inc.* | 5,233 | 1,603,129 | ||||||
Celgene Corp.* | 18,456 | 2,210,291 | ||||||
Gilead Sciences, Inc. | 33,898 | 3,430,139 | ||||||
Illumina, Inc.* | 3,400 | 652,613 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,800 | 977,166 | ||||||
Vertex Pharmaceuticals, Inc.* | 5,700 | 717,231 | ||||||
|
| |||||||
13,463,015 | ||||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Martin Marietta Materials, Inc. | 1,500 | 204,870 | ||||||
Masco Corp. | 8,277 | 234,239 | ||||||
Vulcan Materials Co. | 3,041 | 288,804 | ||||||
|
| |||||||
727,913 | ||||||||
|
| |||||||
Chemicals — 2.1% | ||||||||
Air Products & Chemicals, Inc. | 4,521 | 588,227 | ||||||
Airgas, Inc. | 1,600 | 221,312 | ||||||
CF Industries Holdings, Inc. | 5,300 | 216,293 | ||||||
E.I. du Pont de Nemours & Co. | 20,623 | 1,373,492 | ||||||
Eastman Chemical Co. | 3,682 | 248,572 | ||||||
Ecolab, Inc. | 6,333 | 724,369 |
102
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Chemicals — (continued) | ||||||||
FMC Corp. | 3,100 | $ | 121,303 | |||||
International Flavors & Fragrances, Inc. | 1,875 | 224,325 | ||||||
LyondellBasell Industries NV, Class A | 8,600 | 747,340 | ||||||
Monsanto Co. | 10,237 | 1,008,549 | ||||||
PPG Industries, Inc. | 6,320 | 624,542 | ||||||
Praxair, Inc. | 6,626 | 678,503 | ||||||
The Dow Chemical Co. | 26,979 | 1,388,879 | ||||||
The Mosaic Co. | 7,600 | 209,684 | ||||||
The Sherwin-Williams Co. | 1,834 | 476,106 | ||||||
|
| |||||||
8,851,496 | ||||||||
|
| |||||||
Coal — 0.0% | ||||||||
CONSOL Energy, Inc. | 5,776 | 45,630 | ||||||
|
| |||||||
Commercial Services — 1.9% | ||||||||
Allegion PLC | 2,266 | 149,375 | ||||||
Alliance Data Systems Corp.* | 1,400 | 387,198 | ||||||
Automatic Data Processing, Inc. | 10,843 | 918,619 | ||||||
Cintas Corp. | 1,955 | 178,003 | ||||||
Equifax, Inc. | 2,834 | 315,622 | ||||||
H&R Block, Inc. | 5,266 | 175,410 | ||||||
MasterCard, Inc., Class A | 23,400 | 2,278,224 | ||||||
McGraw Hill Financial, Inc. | 6,486 | 639,390 | ||||||
Moody’s Corp. | 4,173 | 418,719 | ||||||
Paychex, Inc. | 7,775 | 411,220 | ||||||
PayPal Holdings, Inc.* | 26,028 | 942,213 | ||||||
Quanta Services, Inc.* | 3,400 | 68,850 | ||||||
Robert Half International, Inc. | 3,207 | 151,178 | ||||||
The ADT Corp. | 4,134 | 136,339 | ||||||
The Western Union Co. | 12,378 | 221,690 | ||||||
Total System Services, Inc. | 3,977 | 198,055 | ||||||
United Rentals, Inc.* | 2,300 | 166,842 | ||||||
Verisk Analytics, Inc., Class A* | 3,600 | 276,768 | ||||||
|
| |||||||
8,033,715 | ||||||||
|
| |||||||
Computers — 5.4% | ||||||||
Accenture PLC, Class A | 14,600 | 1,525,700 | ||||||
Apple, Inc. | 131,282 | 13,818,743 | ||||||
Cognizant Technology Solutions Corp., Class A* | 14,504 | 870,530 | ||||||
CSRA Inc. | 3,357 | 100,710 | ||||||
EMC Corp. | 44,848 | 1,151,697 | ||||||
Hewlett Packard Enterprise Co. | 42,983 | 653,341 | ||||||
HP, Inc. | 42,983 | 508,919 | ||||||
International Business Machines Corp. | 21,158 | 2,911,764 | ||||||
NetApp, Inc. | 7,421 | 196,879 | ||||||
SanDisk Corp. | 4,597 | 349,326 | ||||||
Seagate Technology PLC | 6,900 | 252,954 | ||||||
Teradata Corp.* | 3,516 | 92,893 | ||||||
Western Digital Corp. | 5,100 | 306,255 | ||||||
|
| |||||||
22,739,711 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 1.7% | ||||||||
Colgate-Palmolive Co. | 20,970 | 1,397,021 | ||||||
The Estee Lauder Cos., Inc., Class A | 5,374 | 473,234 | ||||||
The Procter & Gamble Co. | 64,094 | 5,089,705 | ||||||
|
| |||||||
6,959,960 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Distribution & Wholesale — 0.2% | ||||||||
Fastenal Co. | 6,700 | $ | 273,494 | |||||
Fossil Group, Inc.* | 900 | 32,904 | ||||||
Genuine Parts Co. | 3,605 | 309,633 | ||||||
W.W. Grainger, Inc. | 1,472 | 298,213 | ||||||
|
| |||||||
914,244 | ||||||||
|
| |||||||
Diversified Financial Services — 2.8% | ||||||||
Affiliated Managers Group, Inc.* | 1,300 | 207,688 | ||||||
American Express Co. | 19,880 | 1,382,654 | ||||||
Ameriprise Financial, Inc. | 4,146 | 441,217 | ||||||
BlackRock, Inc. | 2,999 | 1,021,220 | ||||||
CME Group, Inc. | 8,060 | 730,236 | ||||||
Discover Financial Services | 10,078 | 540,382 | ||||||
E*TRADE Financial Corp.* | 6,481 | 192,097 | ||||||
Franklin Resources, Inc. | 9,156 | 337,124 | ||||||
Intercontinental Exchange, Inc. | 2,570 | 658,588 | ||||||
Invesco Ltd. | 10,367 | 347,087 | ||||||
Legg Mason, Inc. | 2,261 | 88,699 | ||||||
Nasdaq, Inc. | 2,800 | 162,876 | ||||||
Navient Corp. | 9,734 | 111,454 | ||||||
Synchrony Financial* | 19,612 | 596,401 | ||||||
T. Rowe Price Group, Inc. | 5,881 | 420,433 | ||||||
The Charles Schwab Corp. | 27,769 | 914,433 | ||||||
Visa, Inc., Class A | 45,756 | 3,548,378 | ||||||
|
| |||||||
11,700,967 | ||||||||
|
| |||||||
Diversified Operations — 0.0% | ||||||||
Leucadia National Corp. | 7,260 | 126,251 | ||||||
|
| |||||||
Electric — 2.7% | ||||||||
AES Corp. | 16,344 | 156,412 | ||||||
Ameren Corp. | 5,798 | 250,648 | ||||||
American Electric Power Co., Inc. | 11,757 | 685,080 | ||||||
CMS Energy Corp. | 6,707 | 241,989 | ||||||
Consolidated Edison, Inc. | 6,834 | 439,221 | ||||||
Dominion Resources, Inc. | 13,909 | 940,805 | ||||||
DTE Energy Co. | 4,092 | 328,137 | ||||||
Duke Energy Corp. | 15,959 | 1,139,313 | ||||||
Edison International | 7,674 | 454,378 | ||||||
Entergy Corp. | 4,147 | 283,489 | ||||||
Eversource Energy | 7,517 | 383,893 | ||||||
Exelon Corp. | 20,310 | 564,009 | ||||||
FirstEnergy Corp. | 9,956 | 315,904 | ||||||
NextEra Energy, Inc. | 10,685 | 1,110,065 | ||||||
NRG Energy, Inc. | 7,800 | 91,806 | ||||||
Pepco Holdings, Inc. | 5,540 | 144,095 | ||||||
PG&E Corp. | 11,350 | 603,706 | ||||||
Pinnacle West Capital Corp. | 2,569 | 165,649 | ||||||
PPL Corp. | 15,998 | 546,012 | ||||||
Public Service Enterprise Group, Inc. | 11,749 | 454,569 | ||||||
SCANA Corp. | 3,400 | 205,666 | ||||||
TECO Energy, Inc. | 5,923 | 157,848 | ||||||
The Southern Co. | 21,111 | 987,784 | ||||||
WEC Energy Group, Inc. | 7,450 | 382,259 | ||||||
Xcel Energy, Inc. | 11,630 | 417,633 | ||||||
|
| |||||||
11,450,370 | ||||||||
|
|
103
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Electrical Components & Equipment — 0.3% | ||||||||
AMETEK, Inc. | 5,800 | $ | 310,822 | |||||
Emerson Electric Co. | 15,676 | 749,783 | ||||||
|
| |||||||
1,060,605 | ||||||||
|
| |||||||
Electronics — 1.3% | ||||||||
Agilent Technologies, Inc. | 7,845 | 327,999 | ||||||
Amphenol Corp., Class A | 7,400 | 386,502 | ||||||
FLIR Systems, Inc. | 3,600 | 101,052 | ||||||
Garmin Ltd. | 2,800 | 104,076 | ||||||
Honeywell International, Inc. | 18,208 | 1,885,802 | ||||||
PerkinElmer, Inc. | 2,516 | 134,782 | ||||||
TE Connectivity Ltd. | 9,600 | 620,256 | ||||||
Thermo Fisher Scientific, Inc. | 9,282 | 1,316,652 | ||||||
Tyco International PLC | 10,000 | 318,900 | ||||||
Waters Corp.* | 1,958 | 263,508 | ||||||
|
| |||||||
5,459,529 | ||||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
Fluor Corp. | 3,170 | 149,687 | ||||||
Jacobs Engineering Group, Inc.* | 2,983 | 125,137 | ||||||
|
| |||||||
274,824 | ||||||||
|
| |||||||
Environmental Control — 0.2% | ||||||||
Republic Services, Inc. | 5,814 | 255,758 | ||||||
Stericycle, Inc.* | 2,000 | 241,200 | ||||||
Waste Management, Inc. | 9,700 | 517,689 | ||||||
|
| |||||||
1,014,647 | ||||||||
|
| |||||||
Food — 1.9% | ||||||||
Campbell Soup Co. | 4,516 | 237,316 | ||||||
ConAgra Foods, Inc. | 9,902 | 417,468 | ||||||
General Mills, Inc. | 13,910 | 802,051 | ||||||
Hormel Foods Corp. | 3,100 | 245,148 | ||||||
Kellogg Co. | 6,066 | 438,390 | ||||||
McCormick & Co., Inc. | 2,808 | 240,252 | ||||||
Mondelez International, Inc., Class A | 37,663 | 1,688,809 | ||||||
Sysco Corp. | 12,152 | 498,232 | ||||||
The Hershey Co. | 3,487 | 311,284 | ||||||
The J.M. Smucker Co. | 2,834 | 349,546 | ||||||
The Kraft Heinz Co. | 14,054 | 1,022,569 | ||||||
The Kroger Co. | 22,890 | 957,489 | ||||||
Tyson Foods, Inc., Class A | 6,649 | 354,591 | ||||||
Whole Foods Market, Inc. | 8,386 | 280,931 | ||||||
|
| |||||||
7,844,076 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 9,967 | 375,756 | ||||||
|
| |||||||
Gas — 0.2% | ||||||||
AGL Resources, Inc. | 2,600 | 165,906 | ||||||
CenterPoint Energy, Inc. | 10,322 | 189,512 | ||||||
NiSource, Inc. | 7,365 | 143,691 | ||||||
Sempra Energy | 5,398 | 507,466 | ||||||
|
| |||||||
1,006,575 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Hand & Machine Tools — 0.1% | ||||||||
Snap-On, Inc. | 1,328 | $ | 227,659 | |||||
Stanley Black & Decker, Inc. | 3,640 | 388,497 | ||||||
|
| |||||||
616,156 | ||||||||
|
| |||||||
Healthcare Products — 1.9% | ||||||||
Baxter International, Inc. | 12,875 | 491,181 | ||||||
Becton Dickinson & Co. | 4,835 | 745,025 | ||||||
Boston Scientific Corp.* | 31,948 | 589,121 | ||||||
C.R. Bard, Inc. | 1,742 | 330,005 | ||||||
DENTSPLY International, Inc. | 3,200 | 194,720 | ||||||
Edwards Lifesciences Corp.* | 5,000 | 394,900 | ||||||
Henry Schein, Inc.* | 2,000 | 316,380 | ||||||
Intuitive Surgical, Inc.* | 907 | 495,367 | ||||||
Medtronic PLC | 33,097 | 2,545,821 | ||||||
Patterson Cos., Inc. | 1,974 | 89,245 | ||||||
St. Jude Medical, Inc. | 6,830 | 421,889 | ||||||
Stryker Corp. | 7,281 | 676,696 | ||||||
Varian Medical Systems, Inc.* | 2,357 | 190,446 | ||||||
Zimmer Biomet Holdings, Inc. | 4,029 | 413,335 | ||||||
|
| |||||||
7,894,131 | ||||||||
|
| |||||||
Healthcare Services — 1.8% | ||||||||
Aetna Inc | 8,193 | 885,827 | ||||||
Anthem, Inc. | 6,195 | 863,831 | ||||||
Cigna Corp. | 6,094 | 891,735 | ||||||
DaVita HealthCare Partners, Inc.* | 3,998 | 278,701 | ||||||
HCA Holdings, Inc.* | 7,200 | 486,936 | ||||||
Humana, Inc. | 3,510 | 626,570 | ||||||
Laboratory Corp. of America Holdings* | 2,377 | 293,892 | ||||||
Quest Diagnostics, Inc. | 3,387 | 240,951 | ||||||
Tenet Healthcare Corp.* | 2,343 | 70,993 | ||||||
UnitedHealth Group, Inc. | 22,341 | 2,628,195 | ||||||
Universal Health Services, Inc., Class B | 2,200 | 262,878 | ||||||
|
| |||||||
7,530,509 | ||||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
D.R. Horton, Inc. | 7,376 | 236,253 | ||||||
Lennar Corp., Class A | 4,036 | 197,401 | ||||||
PulteGroup, Inc. | 8,034 | 143,166 | ||||||
|
| |||||||
576,820 | ||||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Harman International Industries, Inc. | 1,738 | 163,737 | ||||||
Whirlpool Corp. | 1,869 | 274,500 | ||||||
|
| |||||||
438,237 | ||||||||
|
| |||||||
Household Products & Wares — 0.4% | ||||||||
Avery Dennison Corp. | 2,183 | 136,787 | ||||||
Church & Dwight Co., Inc. | 3,100 | 263,128 | ||||||
Kimberly-Clark Corp. | 8,487 | 1,080,395 | ||||||
The Clorox Co. | 2,997 | 380,109 | ||||||
|
| |||||||
1,860,419 | ||||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 6,317 | 278,453 | ||||||
|
|
104
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Insurance — 4.1% | ||||||||
Aflac, Inc. | 10,000 | $ | 599,000 | |||||
American International Group, Inc. | 29,085 | 1,802,397 | ||||||
Aon PLC | 6,444 | 594,201 | ||||||
Assurant, Inc. | 1,673 | 134,743 | ||||||
Berkshire Hathaway, Inc., Class B* | 43,950 | 5,803,158 | ||||||
Chubb, Ltd | 7,500 | 876,375 | ||||||
Cincinnati Financial Corp. | 3,692 | 218,456 | ||||||
Lincoln National Corp. | 6,173 | 310,255 | ||||||
Loews Corp. | 7,125 | 273,600 | ||||||
Marsh & McLennan Cos., Inc. | 12,309 | 682,534 | ||||||
MetLife, Inc. | 26,385 | 1,272,021 | ||||||
Principal Financial Group, Inc. | 6,465 | 290,796 | ||||||
Prudential Financial, Inc. | 10,730 | 873,529 | ||||||
The Allstate Corp. | 9,276 | 575,947 | ||||||
The Chubb Corp. | 5,251 | 696,493 | ||||||
The Hartford Financial Services Group, Inc. | 10,057 | 437,077 | ||||||
The Progressive Corp. | 12,956 | 412,001 | ||||||
The Travelers Cos., Inc. | 7,231 | 816,091 | ||||||
Torchmark Corp. | 2,552 | 145,872 | ||||||
Unum Group | 6,076 | 202,270 | ||||||
Willis Towers Watson PLC | 100 | 4,857 | ||||||
XL Group PLC | 6,849 | 268,344 | ||||||
|
| |||||||
17,290,017 | ||||||||
|
| |||||||
Internet — 6.7% | ||||||||
Alphabet, Inc., Class A* | 6,825 | 5,309,918 | ||||||
Alphabet, Inc., Class C* | 7,043 | 5,344,792 | ||||||
Amazon.com, Inc.* | 9,075 | 6,133,702 | ||||||
eBay, Inc.* | 26,028 | 715,250 | ||||||
Equinix, Inc. | 1,435 | 433,944 | ||||||
Expedia, Inc. | 2,794 | 347,294 | ||||||
F5 Networks, Inc.* | 1,800 | 174,528 | ||||||
Facebook, Inc., Class A* | 53,500 | 5,599,310 | ||||||
Netflix, Inc.* | 9,800 | 1,120,924 | ||||||
Symantec Corp. | 16,638 | 349,398 | ||||||
The Priceline Group, Inc.* | 1,157 | 1,475,117 | ||||||
TripAdvisor, Inc.* | 2,594 | 221,139 | ||||||
VeriSign, Inc.* | 2,209 | 192,978 | ||||||
Yahoo!, Inc.* | 20,017 | 665,765 | ||||||
|
| |||||||
28,084,059 | ||||||||
|
| |||||||
Iron & Steel — 0.1% | ||||||||
Nucor Corp. | 7,735 | 311,721 | ||||||
|
| |||||||
Leisure Time — 0.3% | ||||||||
Carnival Corp. | 10,945 | 596,284 | ||||||
Harley-Davidson, Inc. | 4,728 | 214,604 | ||||||
Royal Caribbean Cruises Ltd. | 4,000 | 404,840 | ||||||
|
| |||||||
1,215,728 | ||||||||
|
| |||||||
Lodging — 0.2% | ||||||||
Marriott International, Inc., Class A | 4,785 | 320,786 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 3,852 | 266,867 | ||||||
Wyndham Worldwide Corp. | 2,860 | 207,779 | ||||||
Wynn Resorts Ltd. | 1,930 | 133,537 | ||||||
|
| |||||||
928,969 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Machinery — Construction & Mining — 0.2% | ||||||||
Caterpillar, Inc. | 14,328 | $ | 973,731 | |||||
|
| |||||||
Machinery — Diversified — 0.5% | ||||||||
Cummins, Inc. | 3,974 | 349,752 | ||||||
Deere & Co. | 7,432 | 566,839 | ||||||
Flowserve Corp. | 3,300 | 138,864 | ||||||
Rockwell Automation, Inc. | 3,271 | 335,637 | ||||||
Roper Technologies, Inc. | 2,400 | 455,496 | ||||||
Xylem, Inc. | 4,154 | 151,621 | ||||||
|
| |||||||
1,998,209 | ||||||||
|
| |||||||
Media — 3.0% | ||||||||
Cablevision Systems Corp., Class A | 5,000 | 159,500 | ||||||
CBS Corp., Class B | 10,254 | 483,271 | ||||||
Comcast Corp., Class A | 57,534 | 3,246,644 | ||||||
Discovery Communications, Inc., Class C* | 6,500 | 163,930 | ||||||
Discovery Communications, Inc., Class A* | 3,500 | 93,380 | ||||||
News Corp., Class A | 9,115 | 121,776 | ||||||
Nielsen Holdings PLC | 8,400 | 391,440 | ||||||
Scripps Networks Interactive, Inc., Class A | 2,056 | 113,512 | ||||||
TEGNA, Inc. | 5,374 | 137,144 | ||||||
The Walt Disney Co. | 35,776 | 3,759,342 | ||||||
Time Warner Cable, Inc. | 6,596 | 1,224,152 | ||||||
Time Warner, Inc. | 19,004 | 1,228,989 | ||||||
Twenty-First Century Fox, Inc., Class A | 30,960 | 840,873 | ||||||
Twenty-First Century Fox, Inc., Class B | 10,100 | 275,023 | ||||||
Viacom, Inc., Class B | 7,981 | 328,498 | ||||||
|
| |||||||
12,567,474 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.2% | ||||||||
Precision Castparts Corp. | 3,225 | 748,232 | ||||||
|
| |||||||
Mining — 0.2% | ||||||||
Alcoa, Inc. | 28,348 | 279,795 | ||||||
Freeport-McMoRan, Inc. | 24,496 | 165,838 | ||||||
Newmont Mining Corp. | 12,383 | 222,770 | ||||||
|
| |||||||
668,403 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 3.1% | ||||||||
3M Co. | 14,580 | 2,196,331 | ||||||
Danaher Corp. | 13,868 | 1,288,060 | ||||||
Dover Corp. | 3,805 | 233,285 | ||||||
Eaton Corp. PLC | 10,806 | 562,344 | ||||||
General Electric Co. | 222,274 | 6,923,835 | ||||||
Illinois Tool Works, Inc. | 7,619 | 706,129 | ||||||
Ingersoll-Rand PLC | 6,100 | 337,269 | ||||||
Leggett & Platt, Inc. | 3,354 | 140,935 | ||||||
Parker-Hannifin Corp. | 3,181 | 308,493 | ||||||
Pentair PLC | 4,019 | 199,061 | ||||||
Textron, Inc. | 6,576 | 276,258 | ||||||
|
| |||||||
13,172,000 | ||||||||
|
| |||||||
Office & Business Equipment — 0.1% | ||||||||
Pitney Bowes, Inc. | 5,161 | 106,575 | ||||||
Xerox Corp. | 22,855 | 242,948 | ||||||
|
| |||||||
349,523 | ||||||||
|
|
105
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Oil & Gas — 5.2% | ||||||||
Anadarko Petroleum Corp. | 11,959 | $ | 580,968 | |||||
Apache Corp. | 9,023 | 401,253 | ||||||
Cabot Oil & Gas Corp. | 10,088 | 178,457 | ||||||
Chesapeake Energy Corp. | 12,410 | 55,845 | ||||||
Chevron Corp. | 44,070 | 3,964,537 | ||||||
Cimarex Energy Co. | 2,100 | 187,698 | ||||||
ConocoPhillips | 28,780 | 1,343,738 | ||||||
Devon Energy Corp. | 9,229 | 295,328 | ||||||
Diamond Offshore Drilling, Inc. | 1,600 | 33,760 | ||||||
Ensco PLC, Class A | 5,800 | 89,262 | ||||||
EOG Resources, Inc. | 12,916 | 914,324 | ||||||
EQT Corp. | 3,600 | 187,668 | ||||||
Exxon Mobil Corp. | 98,065 | 7,644,167 | ||||||
Helmerich & Payne, Inc. | 2,700 | 144,585 | ||||||
Hess Corp. | 5,497 | 266,495 | ||||||
Marathon Oil Corp. | 15,951 | 200,823 | ||||||
Marathon Petroleum Corp. | 12,750 | 660,960 | ||||||
Murphy Oil Corp. | 3,917 | 87,937 | ||||||
Newfield Exploration Co.* | 4,100 | 133,496 | ||||||
Noble Energy, Inc. | 10,138 | 333,844 | ||||||
Occidental Petroleum Corp. | 17,858 | 1,207,379 | ||||||
Phillips 66 | 11,140 | 911,252 | ||||||
Pioneer Natural Resources Co. | 3,600 | 451,368 | ||||||
Range Resources Corp. | 3,923 | 96,545 | ||||||
Southwestern Energy Co.* | 8,490 | 60,364 | ||||||
Tesoro Corp. | 2,794 | 294,404 | ||||||
Valero Energy Corp. | 11,840 | 837,206 | ||||||
|
| |||||||
21,563,663 | ||||||||
|
| |||||||
Oil & Gas Services — 1.0% | ||||||||
Baker Hughes, Inc. | 10,228 | 472,022 | ||||||
Cameron International Corp.* | 4,370 | 276,184 | ||||||
FMC Technologies, Inc.* | 5,700 | 165,357 | ||||||
Halliburton Co. | 20,269 | 689,957 | ||||||
National Oilwell Varco, Inc. | 9,023 | 302,180 | ||||||
Schlumberger Ltd. | 29,659 | 2,068,715 | ||||||
Transocean Ltd. | 8,300 | 102,754 | ||||||
|
| |||||||
4,077,169 | ||||||||
|
| |||||||
Packaging and Containers — 0.2% | ||||||||
Ball Corp. | 3,226 | 234,627 | ||||||
Owens-Illinois, Inc.* | 4,000 | 69,680 | ||||||
Sealed Air Corp. | 5,033 | 224,472 | ||||||
WestRock Co. | 6,246 | 284,942 | ||||||
|
| |||||||
813,721 | ||||||||
|
| |||||||
Pharmaceuticals — 7.8% | ||||||||
Abbott Laboratories | 34,796 | 1,562,688 | ||||||
AbbVie, Inc. | 38,696 | 2,292,351 | ||||||
Allergan PLC* | 9,213 | 2,879,063 | ||||||
AmerisourceBergen Corp. | 4,700 | 487,437 | ||||||
Baxalta, Inc. | 12,875 | 502,511 | ||||||
Bristol-Myers Squibb Co. | 38,997 | 2,682,604 | ||||||
Cardinal Health, Inc. | 7,582 | 676,845 | ||||||
Eli Lilly & Co. | 22,854 | 1,925,678 | ||||||
Endo International PLC* | 5,000 | 306,100 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Pharmaceuticals — (continued) | ||||||||
Express Scripts Holding Co.* | 15,764 | $ | 1,377,931 | |||||
Johnson & Johnson | 64,941 | 6,670,740 | ||||||
Mallinckrodt PLC* | 2,700 | 201,501 | ||||||
McKesson Corp. | 5,525 | 1,089,696 | ||||||
Mead Johnson Nutrition Co. | 4,768 | 376,434 | ||||||
Merck & Co., Inc. | 66,013 | 3,486,807 | ||||||
Mylan NV* | 9,956 | 538,321 | ||||||
Perrigo Co. PLC | 3,400 | 491,980 | ||||||
Pfizer, Inc. | 144,605 | 4,667,849 | ||||||
Zoetis, Inc. | 10,907 | 522,663 | ||||||
|
| |||||||
32,739,199 | ||||||||
|
| |||||||
Pipelines — 0.4% | ||||||||
Columbia Pipeline Group, Inc. | 7,365 | 147,300 | ||||||
Kinder Morgan, Inc. | 41,736 | 622,701 | ||||||
ONEOK, Inc. | 4,800 | 118,368 | ||||||
Spectra Energy Corp. | 15,784 | 377,869 | ||||||
The Williams Cos., Inc. | 16,034 | 412,074 | ||||||
|
| |||||||
1,678,312 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc., Class A* | 6,401 | 221,347 | ||||||
|
| |||||||
Retail — 6.7% | ||||||||
Advance Auto Parts, Inc. | 1,700 | 255,867 | ||||||
AutoNation, Inc.* | 1,719 | 102,556 | ||||||
AutoZone, Inc.* | 741 | 549,755 | ||||||
Bed Bath & Beyond, Inc.* | 3,866 | 186,534 | ||||||
Best Buy Co., Inc. | 7,168 | 218,266 | ||||||
CarMax, Inc.* | 4,800 | 259,056 | ||||||
Chipotle Mexican Grill, Inc.* | 700 | 335,895 | ||||||
Costco Wholesale Corp. | 10,377 | 1,675,885 | ||||||
CVS Health Corp. | 26,067 | 2,548,571 | ||||||
Darden Restaurants, Inc. | 2,540 | 161,646 | ||||||
Dollar General Corp. | 7,000 | 503,090 | ||||||
Dollar Tree, Inc.* | 5,454 | 421,158 | ||||||
GameStop Corp., Class A | 2,664 | 74,699 | ||||||
Kohl’s Corp. | 4,501 | 214,383 | ||||||
L Brands, Inc. | 5,760 | 551,923 | ||||||
Lowe’s Cos., Inc. | 21,640 | 1,645,506 | ||||||
Macy’s, Inc. | 7,627 | 266,792 | ||||||
McDonald’s Corp. | 21,578 | 2,549,225 | ||||||
Nordstrom, Inc. | 3,337 | 166,216 | ||||||
O’Reilly Automotive, Inc.* | 2,300 | 582,866 | ||||||
PVH Corp. | 1,900 | 139,935 | ||||||
Ross Stores, Inc. | 9,800 | 527,338 | ||||||
Signet Jewelers Ltd. | 1,900 | 235,011 | ||||||
Staples, Inc. | 15,637 | 148,082 | ||||||
Starbucks Corp. | 34,688 | 2,082,321 | ||||||
Target Corp. | 14,632 | 1,062,430 | ||||||
The Gap, Inc. | 5,282 | 130,465 | ||||||
The Home Depot, Inc. | 30,104 | 3,981,254 | ||||||
The TJX Cos., Inc. | 15,718 | 1,114,563 | ||||||
Tiffany & Co. | 2,764 | 210,866 | ||||||
Tractor Supply Co. | 3,300 | 282,150 | ||||||
Urban Outfitters, Inc.* | 2,500 | 56,875 |
106
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Retail — (continued) | ||||||||
Wal-Mart Stores, Inc. | 36,947 | $ | 2,264,851 | |||||
Walgreens Boots Alliance, Inc. | 20,479 | 1,743,889 | ||||||
Yum! Brands, Inc. | 10,069 | 735,540 | ||||||
|
| |||||||
27,985,459 | ||||||||
|
| |||||||
Savings & Loans — 0.0% | ||||||||
People’s United Financial, Inc. | 7,700 | 124,355 | ||||||
|
| |||||||
Semiconductors — 2.9% | ||||||||
Analog Devices, Inc. | 7,376 | 408,040 | ||||||
Applied Materials, Inc. | 27,621 | 515,684 | ||||||
Avago Technologies Ltd. | 6,000 | 870,900 | ||||||
Broadcom Corp., Class A | 12,908 | 746,341 | ||||||
First Solar, Inc.* | 1,800 | 118,782 | ||||||
Intel Corp. | 111,375 | 3,836,869 | ||||||
KLA-Tencor Corp. | 3,827 | 265,402 | ||||||
Lam Research Corp. | 3,859 | 306,482 | ||||||
Linear Technology Corp. | 5,541 | 235,326 | ||||||
Microchip Technology, Inc. | 5,018 | 233,538 | ||||||
Micron Technology, Inc.* | 25,686 | 363,714 | ||||||
NVIDIA Corp. | 11,754 | 387,412 | ||||||
Qorvo, Inc.* | 3,500 | 178,150 | ||||||
QUALCOMM, Inc. | 35,399 | 1,769,419 | ||||||
Skyworks Solutions, Inc. | 4,500 | 345,735 | ||||||
Texas Instruments, Inc. | 23,893 | 1,309,575 | ||||||
Xilinx, Inc. | 6,364 | 298,917 | ||||||
|
| |||||||
12,190,286 | ||||||||
|
| |||||||
Software — 4.7% | ||||||||
Activision Blizzard, Inc. | 11,900 | 460,649 | ||||||
Adobe Systems, Inc.* | 11,605 | 1,090,174 | ||||||
Akamai Technologies, Inc.* | 4,160 | 218,941 | ||||||
Autodesk, Inc.* | 5,281 | 321,771 | ||||||
CA, Inc. | 7,639 | 218,170 | ||||||
Cerner Corp.* | 7,000 | 421,190 | ||||||
Citrix Systems, Inc.* | 3,791 | 286,789 | ||||||
Electronic Arts, Inc.* | 7,430 | 510,590 | ||||||
Fidelity National Information Services, Inc. | 6,659 | 403,535 | ||||||
Fiserv, Inc.* | 5,414 | 495,164 | ||||||
Intuit, Inc. | 6,392 | 616,828 | ||||||
Microsoft Corp. | 188,115 | 10,436,620 | ||||||
Oracle Corp. | 76,217 | 2,784,207 | ||||||
RedHat, Inc.* | 4,200 | 347,802 | ||||||
salesforce.com, Inc.* | 14,700 | 1,152,480 | ||||||
The Dun & Bradstreet Corp. | 900 | 93,537 | ||||||
|
| |||||||
19,858,447 | ||||||||
|
| |||||||
Telecommunications — 3.6% | ||||||||
AT&T, Inc. | 144,193 | 4,961,681 | ||||||
CenturyLink, Inc. | 13,326 | 335,282 | ||||||
Cisco Systems, Inc. | 119,180 | 3,236,333 | ||||||
Corning, Inc. | 28,315 | 517,598 | ||||||
Crown Castle International Corp. | 8,000 | 691,600 | ||||||
Frontier Communications Corp. | 25,072 | 117,086 | ||||||
Juniper Networks, Inc. | 7,971 | 220,000 | ||||||
Level 3 Communications, Inc.* | 6,600 | 358,776 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Telecommunications — (continued) | ||||||||
Motorola Solutions, Inc. | 3,488 | $ | 238,754 | |||||
Verizon Communications, Inc. | 95,276 | 4,403,657 | ||||||
|
| |||||||
15,080,767 | ||||||||
|
| |||||||
Textiles — 0.1% | ||||||||
Mohawk Industries, Inc.* | 1,500 | 284,085 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 2,612 | 175,944 | ||||||
Mattel, Inc. | 8,281 | 224,995 | ||||||
|
| |||||||
400,939 | ||||||||
|
| |||||||
Transportation — 1.5% | ||||||||
C.H. Robinson Worldwide, Inc. | 3,439 | 213,287 | ||||||
CSX Corp. | 23,366 | 606,348 | ||||||
Expeditors International of Washington, Inc. | 4,573 | 206,242 | ||||||
FedEx Corp. | 6,066 | 903,773 | ||||||
J.B. Hunt Transport Services, Inc. | 2,200 | 161,392 | ||||||
Kansas City Southern | 2,700 | 201,609 | ||||||
Norfolk Southern Corp. | 6,952 | 588,070 | ||||||
Ryder System, Inc. | 1,125 | 63,934 | ||||||
Union Pacific Corp. | 20,320 | 1,589,024 | ||||||
United Parcel Service, Inc., Class B | 16,274 | 1,566,047 | ||||||
|
| |||||||
6,099,726 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $245,318,077) | 411,446,459 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.4% | ||||||||
Apartments — 0.4% | ||||||||
Apartment Investment & Management Co., Class A | 3,662 | 146,590 | ||||||
AvalonBay Communities, Inc. | 3,192 | 587,743 | ||||||
Equity Residential | 8,592 | 701,021 | ||||||
Essex Property Trust, Inc. | 1,500 | 359,115 | ||||||
|
| |||||||
1,794,469 | ||||||||
|
| |||||||
Building & Real Estate — 0.1% | ||||||||
Realty Income Corp. | 5,400 | 278,802 | ||||||
|
| |||||||
Commercial Services — 0.0% | ||||||||
Iron Mountain, Inc. | 4,697 | 126,866 | ||||||
|
| |||||||
Diversified — 0.4% | ||||||||
American Tower Corp. | 10,059 | 975,220 | ||||||
Plum Creek Timber Co., Inc. | 4,047 | 193,123 | ||||||
Vornado Realty Trust | 4,087 | 408,537 | ||||||
Weyerhaeuser Co. | 11,726 | 351,545 | ||||||
|
| |||||||
1,928,425 | ||||||||
|
| |||||||
Healthcare — 0.3% | ||||||||
HCP, Inc. | 10,840 | 414,521 | ||||||
Ventas, Inc. | 7,653 | 431,859 | ||||||
Welltower, Inc. | 8,100 | 551,043 | ||||||
|
| |||||||
1,397,423 | ||||||||
|
| |||||||
Hotels & Resorts — 0.1% | ||||||||
Host Hotels & Resorts, Inc. | 17,676 | 271,150 | ||||||
|
|
107
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Index 500 Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Industrial — 0.1% | ||||||||
Prologis, Inc. | 11,899 | $ | 510,705 | |||||
|
| |||||||
Office Property — 0.2% | ||||||||
Boston Properties, Inc. | 3,642 | 464,501 | ||||||
SL Green Realty Corp. | 2,300 | 259,854 | ||||||
|
| |||||||
724,355 | ||||||||
|
| |||||||
Regional Malls — 0.5% | ||||||||
General Growth Properties, Inc. | 13,400 | 364,614 | ||||||
Simon Property Group, Inc. | 7,328 | 1,424,856 | ||||||
The Macerich Co. | 3,100 | 250,139 | ||||||
|
| |||||||
2,039,609 | ||||||||
|
| |||||||
Storage & Warehousing — 0.2% | ||||||||
Public Storage | 3,416 | 846,143 | ||||||
|
| |||||||
Strip Centers — 0.1% | ||||||||
Kimco Realty Corp. | 9,564 | 253,064 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,926,447) | 10,171,011 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
U.S. TREASURY OBLIGATIONS — 0.1% | ||||||||
U.S. Treasury Bills¤ | ||||||||
0.030%, 02/04/161 | $ | 60 | 59,995 | |||||
0.031%, 03/10/161 | 375 | 374,919 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $434,978) | 434,914 | |||||||
|
| |||||||
Number of Shares | Value† | |||||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 3,935,887 | 3,935,887 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.9% (Cost $256,615,390) | $ | 425,988,271 | ||||||
|
| |||||||
Other Assets & Liabilities — (1.9)% | (8,023,340 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 417,964,931 | ||||||
|
|
† | 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. |
1 | All or portion of securities segregated as collateral for futures contracts. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 411,446,459 | $ | 411,446,459 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 10,171,011 | 10,171,011 | — | — | ||||||||||||
U.S. TREASURY OBLIGATIONS | 434,914 | — | 434,914 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 3,935,887 | 3,935,887 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 425,988,271 | $ | 425,553,357 | $ | 434,914 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
108
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Mid Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 98.5% |
|
|
|
|
|
| ||
Apparel — 3.4% | ||||||||
Burberry Group PLC | 58,974 | $ | 1,037,596 | |||||
Ralph Lauren Corp. | 16,772 | 1,869,743 | ||||||
Under Armour, Inc., Class A* | 11,221 | 904,525 | ||||||
|
| |||||||
3,811,864 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.6% | ||||||||
BorgWarner, Inc. | 40,179 | 1,736,938 | ||||||
|
| |||||||
Banks — 8.1% | ||||||||
First Republic Bank | 35,431 | 2,340,572 | ||||||
Northern Trust Corp. | 45,480 | 3,278,653 | ||||||
Signature Bank* | 17,573 | 2,695,171 | ||||||
UMB Financial Corp. | 16,404 | 763,606 | ||||||
|
| |||||||
9,078,002 | ||||||||
|
| |||||||
Beverages — 0.6% | ||||||||
Brown-Forman Corp., Class B | 6,174 | 612,955 | ||||||
|
| |||||||
Building Materials — 2.6% | ||||||||
Fortune Brands Home & Security, Inc. | 53,008 | 2,941,944 | ||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
The Valspar Corp. | 23,243 | 1,928,007 | ||||||
|
| |||||||
Commercial Services — 7.6% | ||||||||
Alliance Data Systems Corp.* | 6,029 | 1,667,441 | ||||||
CoStar Group, Inc.* | 13,918 | 2,876,711 | ||||||
Towers Watson & Co., Class A | 16,753 | 2,152,090 | ||||||
Verisk Analytics, Inc., Class A* | 23,296 | 1,790,997 | ||||||
|
| |||||||
8,487,239 | ||||||||
|
| |||||||
Computers — 0.9% | ||||||||
Teradata Corp.* | 38,536 | 1,018,121 | ||||||
|
| |||||||
Distribution & Wholesale — 2.7% | ||||||||
Fastenal Co. | 73,000 | 2,979,860 | ||||||
|
| |||||||
Diversified Financial Services — 3.9% | ||||||||
CME Group, Inc. | 31,750 | 2,876,550 | ||||||
Ellie Mae, Inc.* | 8,910 | 536,649 | ||||||
Oaktree Capital Group LLC | 20,391 | 973,059 | ||||||
|
| |||||||
4,386,258 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.6% | ||||||||
Generac Holdings, Inc.* | 20,201 | 601,384 | ||||||
|
| |||||||
Electronics — 1.0% | ||||||||
Trimble Navigation Ltd.* | 20,938 | 449,120 | ||||||
Woodward, Inc. | 14,037 | 697,078 | ||||||
|
| |||||||
1,146,198 | ||||||||
|
| |||||||
Food — 3.8% | ||||||||
Blue Buffalo Pet Products, Inc.* | 44,217 | 827,300 | ||||||
The Hain Celestial Group, Inc.* | 42,699 | 1,724,613 | ||||||
Whole Foods Market, Inc. | 49,787 | 1,667,864 | ||||||
|
| |||||||
4,219,777 | ||||||||
|
| |||||||
Healthcare Products — 6.2% | ||||||||
Align Technology, Inc.* | 25,465 | 1,676,870 | ||||||
Edwards Lifesciences Corp.* | 1,899 | 149,983 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare Products — (continued) | ||||||||
Henry Schein, Inc.* | 10,608 | $ | 1,678,079 | |||||
Intuitive Surgical, Inc.* | 6,260 | 3,418,962 | ||||||
|
| |||||||
6,923,894 | ||||||||
|
| |||||||
Healthcare Services — 2.5% | ||||||||
Acadia Healthcare Co., Inc.* | 16,680 | 1,041,833 | ||||||
Laboratory Corp. of America Holdings* | 14,352 | 1,774,481 | ||||||
|
| |||||||
2,816,314 | ||||||||
|
| |||||||
Home Builders — 1.6% | ||||||||
D.R. Horton, Inc. | 53,966 | 1,728,531 | ||||||
|
| |||||||
Household Products & Wares — 1.2% | ||||||||
The Scotts Miracle-Gro Co., Class A | 20,842 | 1,344,517 | ||||||
|
| |||||||
Internet — 4.9% | ||||||||
F5 Networks, Inc.* | 11,667 | 1,131,232 | ||||||
GrubHub, Inc.* | 44,973 | 1,088,347 | ||||||
Pandora Media, Inc.* | 143,012 | 1,917,791 | ||||||
TripAdvisor, Inc.* | 15,992 | 1,363,318 | ||||||
|
| |||||||
5,500,688 | ||||||||
|
| |||||||
Leisure Time — 1.8% | ||||||||
Polaris Industries, Inc. | 22,752 | 1,955,534 | ||||||
|
| |||||||
Machinery — Diversified ��� 1.2% | ||||||||
IDEX Corp. | 17,813 | 1,364,654 | ||||||
|
| |||||||
Oil & Gas — 3.6% | ||||||||
Cabot Oil & Gas Corp. | 52,078 | 921,260 | ||||||
Cimarex Energy Co. | 10,632 | 950,288 | ||||||
Continental Resources, Inc.* | 47,160 | 1,083,737 | ||||||
Noble Energy, Inc. | 31,034 | 1,021,949 | ||||||
|
| |||||||
3,977,234 | ||||||||
|
| |||||||
Pharmaceuticals — 11.3% | ||||||||
ACADIA Pharmaceuticals, Inc.* | 20,878 | 744,301 | ||||||
Alkermes PLC* | 31,122 | 2,470,464 | ||||||
BioMarin Pharmaceutical, Inc.* | 16,655 | 1,744,778 | ||||||
Diplomat Pharmacy, Inc.* | 18,880 | 646,073 | ||||||
Mead Johnson Nutrition Co. | 32,256 | 2,546,611 | ||||||
Medivation, Inc.* | 21,264 | 1,027,902 | ||||||
Zoetis, Inc. | 72,775 | 3,487,378 | ||||||
|
| |||||||
12,667,507 | ||||||||
|
| |||||||
Retail — 9.1% | ||||||||
Bed Bath & Beyond, Inc.* | 31,120 | 1,501,540 | ||||||
DSW, Inc., Class A | 51,002 | 1,216,908 | ||||||
Dunkin’ Brands Group, Inc. | 45,448 | 1,935,630 | ||||||
Kate Spade & Co.* | 51,373 | 912,898 | ||||||
Tiffany & Co. | 22,468 | 1,714,084 | ||||||
Tractor Supply Co. | 17,849 | 1,526,089 | ||||||
Williams-Sonoma, Inc. | 23,419 | 1,367,904 | ||||||
|
| |||||||
10,175,053 | ||||||||
|
| |||||||
Semiconductors — 2.5% | ||||||||
Microchip Technology, Inc. | 60,870 | 2,832,890 | ||||||
|
|
109
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Mid Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Software — 9.4% | ||||||||
ANSYS, Inc.* | 18,490 | $ | 1,710,325 | |||||
Cerner Corp.* | 18,555 | 1,116,454 | ||||||
Electronic Arts, Inc.*1 | 50,548 | 3,473,659 | ||||||
Guidewire Software, Inc.* | 6,835 | 411,194 | ||||||
Red Hat, Inc.* | 17,782 | 1,472,527 | ||||||
ServiceNow, Inc.* | 26,741 | 2,314,701 | ||||||
|
| |||||||
10,498,860 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 1.7% | ||||||||
Mattel, Inc. | 71,445 | 1,941,161 | ||||||
|
| |||||||
Transportation — 3.0% | ||||||||
Expeditors International of Washington, Inc. | 45,878 | 2,069,098 | ||||||
J.B. Hunt Transport Services, Inc. | 17,486 | 1,282,773 | ||||||
|
| |||||||
3,351,871 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $111,906,197) | 110,027,255 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.5% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,717,834 | 1,717,834 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $113,624,031) | $ | 111,745,089 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.0% | (2,675 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 111,742,414 | ||||||
|
| |||||||
WRITTEN OPTIONS — (0.1)% |
|
|
|
|
|
| ||
Put Options — (0.1)% | ||||||||
Pacira Pharmaceuticals, Inc. $85 01/15/16 | (74 | ) | (58,460 | ) | ||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
1 | All or portion of securities segregated as collateral for written options. |
LLC — Limited Liability Company.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 110,027,255 | $ | 108,989,659 | $ | 1,037,596 | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 1,717,834 | 1,717,834 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 111,745,089 | $ | 110,707,493 | $ | 1,037,596 | $ | — | ||||||||
|
LIABILITIES TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
WRITTEN OPTIONS | $ | (58,460 | ) | $ | — | $ | (58,460 | ) | $ | — | ||||||
| ||||||||||||||||
TOTAL LIABILITIES | $ | (58,460 | ) | $ | — | $ | (58,460 | ) | $ | — | ||||||
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$1,472,018 was transferred from Level 1 into Level 2 at 12/31/15 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.
110
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Mid Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 90.3% |
|
|
|
|
|
| ||
Aerospace & Defense — 7.0% | ||||||||
AerCap Holdings NV* | 92,600 | $ | 3,996,616 | |||||
General Dynamics Corp. | 29,350 | 4,031,516 | ||||||
Spirit Aerosystems Holdings, Inc., Class A* | 70,300 | 3,519,921 | ||||||
|
| |||||||
11,548,053 | ||||||||
|
| |||||||
Airlines — 0.6% | ||||||||
United Continental Holdings, Inc.* | 18,400 | 1,054,320 | ||||||
|
| |||||||
Apparel — 1.8% | ||||||||
Deckers Outdoor Corp.* | 62,900 | 2,968,880 | ||||||
|
| |||||||
Banks — 6.8% | ||||||||
BB&T Corp. | 52,200 | 1,973,682 | ||||||
Comerica, Inc. | 79,600 | 3,329,668 | ||||||
Huntington Bancshares, Inc. | 143,600 | 1,588,216 | ||||||
M&T Bank Corp. | 23,100 | 2,799,258 | ||||||
State Street Corp. | 23,600 | 1,566,096 | ||||||
|
| |||||||
11,256,920 | ||||||||
|
| |||||||
Building Materials — 1.1% | ||||||||
Owens Corning | 39,500 | 1,857,685 | ||||||
|
| |||||||
Chemicals — 2.1% | ||||||||
Ashland, Inc. | 33,900 | 3,481,530 | ||||||
|
| |||||||
Commercial Services — 6.7% | ||||||||
Hertz Global Holdings, Inc. | 255,800 | 3,640,034 | ||||||
The ADT Corp. | 224,800 | 7,413,904 | ||||||
|
| |||||||
11,053,938 | ||||||||
|
| |||||||
Computers — 6.6% | ||||||||
Cadence Design Systems, Inc.* | 125,700 | 2,615,817 | ||||||
SanDisk Corp.* | 62,400 | 4,741,776 | ||||||
Teradata Corp.* | 136,200 | 3,598,404 | ||||||
|
| |||||||
10,955,997 | ||||||||
|
| |||||||
Electric — 7.5% | ||||||||
AES Corp. | 321,600 | 3,077,712 | ||||||
Edison International | 70,100 | 4,150,621 | ||||||
Flextronics International Ltd.* | 161,300 | 1,808,173 | ||||||
NRG Energy, Inc. | 285,900 | 3,365,043 | ||||||
|
| |||||||
12,401,549 | ||||||||
|
| |||||||
Electronics — 3.9% | ||||||||
Itron, Inc.* | 114,400 | 4,138,992 | ||||||
Tyco International PLC | 74,300 | 2,369,427 | ||||||
|
| |||||||
6,508,419 | ||||||||
|
| |||||||
Engineering & Construction — 1.4% | ||||||||
KBR, Inc. | 140,700 | 2,380,644 | ||||||
|
| |||||||
Environmental Control — 2.1% | ||||||||
Covanta Holding Corp. | 226,300 | 3,505,387 | ||||||
|
| |||||||
Food — 2.3% | ||||||||
Whole Foods Market, Inc. | 114,600 | 3,839,100 | ||||||
|
| |||||||
Gas — 1.8% | ||||||||
CenterPoint Energy, Inc. | 160,000 | 2,937,600 | ||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare Products — 2.8% | ||||||||
Zimmer Biomet Holdings, Inc. | 45,200 | $ | 4,637,068 | |||||
|
| |||||||
Household Products & Wares — 1.5% | ||||||||
Avery Dennison Corp. | 38,500 | 2,412,410 | ||||||
|
| |||||||
Insurance — 1.5% | ||||||||
Lincoln National Corp. | 50,100 | 2,518,026 | ||||||
|
| |||||||
Machinery — Diversified — 2.0% | ||||||||
The Manitowoc Co., Inc. | 217,500 | 3,338,625 | ||||||
|
| |||||||
Media — 1.7% | ||||||||
CBS Corp., Class B | 60,100 | 2,832,513 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.5% | ||||||||
Harsco Corp. | 174,900 | 1,378,212 | ||||||
Valmont Industries, Inc. | 26,900 | 2,851,938 | ||||||
|
| |||||||
4,230,150 | ||||||||
|
| |||||||
Oil & Gas — 3.9% | ||||||||
Cabot Oil & Gas Corp. | 135,500 | 2,396,995 | ||||||
Devon Energy Corp. | 80,400 | 2,572,800 | ||||||
Energy Transfer Partners, LP | 46,075 | 1,554,110 | ||||||
|
| |||||||
6,523,905 | ||||||||
|
| |||||||
Pipelines — 1.5% | ||||||||
ONEOK, Inc. | 98,200 | 2,421,612 | ||||||
|
| |||||||
Retail — 5.3% | ||||||||
Best Buy Co., Inc. | 117,100 | 3,565,695 | ||||||
Kohl’s Corp. | 67,600 | 3,219,788 | ||||||
Office Depot, Inc.* | 356,100 | 2,008,404 | ||||||
|
| |||||||
8,793,887 | ||||||||
|
| |||||||
Savings & Loans — 2.5% | ||||||||
BankUnited, Inc. | 115,200 | 4,154,112 | ||||||
|
| |||||||
Semiconductors — 3.9% | ||||||||
ON Semiconductor Corp.* | 314,200 | 3,079,160 | ||||||
Skyworks Solutions, Inc. | 44,900 | 3,449,667 | ||||||
|
| |||||||
6,528,827 | ||||||||
|
| |||||||
Software — 5.0% | ||||||||
Check Point Software Technologies Ltd.* | 49,200 | 4,003,896 | ||||||
Nuance Communications, Inc.* | 213,788 | 4,252,243 | ||||||
|
| |||||||
8,256,139 | ||||||||
|
| |||||||
Telecommunications — 2.6% | ||||||||
Amdocs Ltd. | 79,500 | 4,338,315 | ||||||
|
| |||||||
Toys, Games & Hobbies — 1.9% | ||||||||
Mattel, Inc. | 113,100 | 3,072,927 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $148,168,719) | 149,808,538 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 6.0% | ||||||||
Building & Real Estate — 4.1% | ||||||||
Starwood Property Trust, Inc. | 165,900 | 3,410,904 | ||||||
Starwood Waypoint Residential Trust | 150,220 | 3,400,981 | ||||||
|
| |||||||
6,811,885 | ||||||||
|
|
111
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Mid Cap Value Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) |
|
|
| |||||
Diversified — 1.9% | ||||||||
Corrections Corporation of America | 118,217 | $ | 3,131,568 | |||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,816,800) | 9,943,453 | |||||||
|
| |||||||
RIGHTS — 0.0% |
|
|
|
|
|
| ||
Food — 0.0% | ||||||||
Safeway Casa Ley CVR, 01/30/19*~ | 47,300 | 0 | ||||||
Safeway PDC CVR, 01/30/17*~ | 47,300 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS (Cost $50,313) | 0 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.9% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 4,751,096 | 4,751,096 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $163,786,928) | $ | 164,503,087 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.8% | 1,346,172 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 165,849,259 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $0. |
LP — Limited Partnership.
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
TOTAL COMMON STOCKS | $ | 149,808,538 | $ | 149,808,538 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | ||||||||||||||||
Building & Real Estate | 6,811,885 | 6,811,885 | — | — | ||||||||||||
Diversified | 3,131,568 | 3,131,568 | — | — | ||||||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 9,943,453 | 9,943,453 | — | — | ||||||||||||
RIGHTS | — | — | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 4,751,096 | 4,751,096 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 164,503,087 | $ | 164,503,087 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy 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, 2015
Mid Core Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 91.9% |
|
|
|
|
|
| ||
Aerospace & Defense — 0.4% | ||||||||
Harris Corp. | 4,036 | $ | 350,728 | |||||
|
| |||||||
Apparel — 0.6% | ||||||||
Ralph Lauren Corp. | 5,256 | 585,939 | ||||||
|
| |||||||
Auto Manufacturers — 1.1% | ||||||||
Honda Motor Co. Ltd. ADR | 17,429 | 556,508 | ||||||
Oshkosh Corp. | 10,678 | 416,869 | ||||||
|
| |||||||
973,377 | ||||||||
|
| |||||||
Banks — 11.7% | ||||||||
Bank of Hawaii Corp. | 10,657 | 670,325 | ||||||
BB&T Corp. | 19,857 | 750,793 | ||||||
BOK Financial Corp. | 7,932 | 474,254 | ||||||
Comerica, Inc. | 11,414 | 477,448 | ||||||
Commerce Bancshares, Inc. | 22,704 | 965,828 | ||||||
Cullen/Frost Bankers, Inc. | 7,250 | 435,000 | ||||||
M&T Bank Corp. | 8,526 | 1,033,181 | ||||||
Northern Trust Corp. | 37,785 | 2,723,921 | ||||||
State Street Corp. | 10,548 | 699,965 | ||||||
SunTrust Banks, Inc. | 12,291 | 526,546 | ||||||
The PNC Financial Services Group, Inc. | 8,944 | 852,453 | ||||||
Westamerica Bancorporation | 21,620 | 1,010,735 | ||||||
|
| |||||||
10,620,449 | ||||||||
|
| |||||||
Chemicals — 0.3% | ||||||||
The Mosaic Co. | 11,439 | 315,602 | ||||||
|
| |||||||
Commercial Services — 0.8% | ||||||||
The ADT Corp. | 21,824 | 719,756 | ||||||
|
| |||||||
Computers — 1.6% | ||||||||
SanDisk Corp. | 13,972 | 1,061,732 | ||||||
Western Digital Corp. | 6,940 | 416,747 | ||||||
|
| |||||||
1,478,479 | ||||||||
|
| |||||||
Diversified Financial Services — 2.3% | ||||||||
Franklin Resources, Inc. | 16,745 | 616,551 | ||||||
LPL Financial Holdings, Inc. | 10,574 | 450,981 | ||||||
Markit Ltd.* | 14,760 | 445,309 | ||||||
T. Rowe Price Group, Inc. | 7,453 | 532,815 | ||||||
|
| |||||||
2,045,656 | ||||||||
|
| |||||||
Electric — 8.2% | ||||||||
Ameren Corp. | 10,929 | 472,461 | ||||||
Consolidated Edison, Inc. | 6,848 | 440,121 | ||||||
Edison International | 23,017 | 1,362,836 | ||||||
Great Plains Energy, Inc. | 26,770 | 731,089 | ||||||
NorthWestern Corp. | 8,985 | 487,436 | ||||||
PG&E Corp. | 26,560 | 1,412,726 | ||||||
Westar Energy, Inc. | 30,787 | 1,305,677 | ||||||
Xcel Energy, Inc. | 32,578 | 1,169,876 | ||||||
|
| |||||||
7,382,222 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.4% | ||||||||
Emerson Electric Co. | 23,855 | 1,140,985 | ||||||
Hubbell, Inc. | 907 | 91,643 | ||||||
|
| |||||||
1,232,628 | ||||||||
|
|
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Electronics — 4.7% | ||||||||
Keysight Technologies, Inc.* | 32,852 | $ | 930,697 | |||||
Koninklijke Philips N.V. | 37,140 | 947,976 | ||||||
TE Connectivity Ltd. | 14,024 | 906,091 | ||||||
Tyco International PLC | 46,550 | 1,484,480 | ||||||
|
| |||||||
4,269,244 | ||||||||
|
| |||||||
Environmental Control — 3.2% | ||||||||
Clean Harbors, Inc.* | 17,834 | 742,786 | ||||||
Republic Services, Inc. | 49,400 | 2,173,106 | ||||||
|
| |||||||
2,915,892 | ||||||||
|
| |||||||
Food — 8.2% | ||||||||
ConAgra Foods, Inc. | 29,626 | 1,249,032 | ||||||
General Mills, Inc. | 12,047 | 694,630 | ||||||
Kellogg Co. | 12,632 | 912,915 | ||||||
Mondelez International, Inc., Class A | 17,231 | 772,638 | ||||||
Sysco Corp. | 69,981 | 2,869,221 | ||||||
The J.M. Smucker Co. | 7,448 | 918,636 | ||||||
|
| |||||||
7,417,072 | ||||||||
|
| |||||||
Gas — 1.8% | ||||||||
Atmos Energy Corp. | 11,669 | 735,614 | ||||||
The Laclede Group, Inc. | 15,499 | 920,795 | ||||||
|
| |||||||
1,656,409 | ||||||||
|
| |||||||
Healthcare Products — 5.1% | ||||||||
Baxter International, Inc. | 35,699 | 1,361,917 | ||||||
Becton Dickinson & Co. | 3,747 | 577,375 | ||||||
Boston Scientific Corp.* | 52,857 | 974,683 | ||||||
Zimmer Biomet Holdings, Inc. | 17,066 | 1,750,801 | ||||||
|
| |||||||
4,664,776 | ||||||||
|
| |||||||
Healthcare Services — 2.9% | ||||||||
LifePoint Hospitals, Inc.* | 19,032 | 1,396,949 | ||||||
Quest Diagnostics, Inc. | 17,367 | 1,235,488 | ||||||
|
| |||||||
2,632,437 | ||||||||
|
| |||||||
Home Builders — 1.8% | ||||||||
PulteGroup, Inc. | 36,646 | 653,032 | ||||||
Thor Industries, Inc. | 10,686 | 600,019 | ||||||
Toll Brothers, Inc.* | 10,666 | 355,178 | ||||||
|
| |||||||
1,608,229 | ||||||||
|
| |||||||
Insurance — 6.8% | ||||||||
ACE Ltd. | 11,434 | 1,336,063 | ||||||
Aflac, Inc. | 7,446 | 446,015 | ||||||
Brown & Brown, Inc. | 19,767 | 634,521 | ||||||
MetLife, Inc. | 9,711 | 468,167 | ||||||
ProAssurance Corp. | 9,535 | 462,734 | ||||||
Reinsurance Group of America, Inc. | 10,594 | 906,317 | ||||||
The Allstate Corp. | 6,888 | 427,676 | ||||||
The Travelers Cos., Inc. | 2,556 | 288,470 | ||||||
Torchmark Corp. | 6,873 | 392,861 | ||||||
Unum Group | 24,995 | 832,083 | ||||||
|
| |||||||
6,194,907 | ||||||||
|
| |||||||
Iron & Steel — 1.0% | ||||||||
Nucor Corp. | 21,417 | 863,105 | ||||||
|
|
113
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Mid Core Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Leisure Time — 0.5% | ||||||||
Carnival Corp. | 7,715 | $ | 420,313 | |||||
|
| |||||||
Machinery — Diversified — 0.5% | ||||||||
Rockwell Automation, Inc. | 4,374 | 448,816 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.2% | ||||||||
Parker Hannifin Corp. | 6,069 | 588,572 | ||||||
Textron, Inc. | 11,851 | 497,860 | ||||||
|
| |||||||
1,086,432 | ||||||||
|
| |||||||
Oil & Gas — 9.2% | ||||||||
Anadarko Petroleum Corp. | 12,127 | 589,130 | ||||||
Cimarex Energy Co. | 8,464 | 756,512 | ||||||
Devon Energy Corp. | 24,068 | 770,176 | ||||||
EQT Corp. | 24,756 | 1,290,530 | ||||||
Helmerich & Payne, Inc. | 15,068 | 806,892 | ||||||
Imperial Oil Ltd. | 51,648 | 1,682,657 | ||||||
Noble Energy, Inc. | 38,767 | 1,276,597 | ||||||
Occidental Petroleum Corp. | 17,600 | 1,189,936 | ||||||
|
| |||||||
8,362,430 | ||||||||
|
| |||||||
Oil & Gas Services — 2.5% | ||||||||
Cameron International Corp.* | 23,374 | 1,477,237 | ||||||
FMC Technologies, Inc.* | 26,256 | 761,686 | ||||||
|
| |||||||
2,238,923 | ||||||||
|
| |||||||
Packaging and Containers — 2.0% | ||||||||
Bemis Co., Inc. | 9,204 | 411,327 | ||||||
Sonoco Products Co. | 19,467 | 795,616 | ||||||
WestRock Co. | 13,030 | 594,429 | ||||||
|
| |||||||
1,801,372 | ||||||||
|
| |||||||
Retail — 2.6% | ||||||||
Advance Auto Parts, Inc. | 6,219 | 936,022 | ||||||
CST Brands, Inc. | 21,985 | 860,493 | ||||||
Lowe’s Cos., Inc. | 3,052 | 232,074 | ||||||
Target Corp. | 4,906 | 356,224 | ||||||
|
| |||||||
2,384,813 | ||||||||
|
| |||||||
Savings & Loans — 0.9% | ||||||||
Capitol Federal Financial, Inc. | 61,778 | 775,932 | ||||||
|
| |||||||
Semiconductors — 5.4% | ||||||||
Applied Materials, Inc. | 81,137 | 1,514,828 | ||||||
Lam Research Corp. | 8,123 | 645,129 | ||||||
Maxim Integrated Products, Inc. | 24,141 | 917,358 | ||||||
Microchip Technology, Inc. | 19,611 | 912,696 | ||||||
Teradyne, Inc. | 42,554 | 879,591 | ||||||
|
| |||||||
4,869,602 | ||||||||
|
| |||||||
Telecommunications — 1.1% | ||||||||
CenturyLink, Inc. | 39,965 | 1,005,520 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.7% | ||||||||
Mattel, Inc. | 24,323 | 660,856 | ||||||
|
| |||||||
Transportation — 1.4% | ||||||||
CSX Corp. | 10,504 | 272,579 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Transportation — (continued) | ||||||||
Heartland Express, Inc. | 59,271 | $ | 1,008,792 | |||||
|
| |||||||
1,281,371 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $82,670,478) | 83,263,287 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.0% |
|
|
|
|
|
| ||
Diversified — 2.7% | ||||||||
Corrections Corporation of America | 35,822 | 948,925 | ||||||
Weyerhaeuser Co. | 50,282 | 1,507,454 | ||||||
|
| |||||||
2,456,379 | ||||||||
|
| |||||||
Hotels & Resorts — 0.5% | ||||||||
Host Hotels & Resorts, Inc. | 31,255 | 479,452 | ||||||
|
| |||||||
Office Property — 1.8% | ||||||||
Boston Properties, Inc. | 1,926 | 245,642 | ||||||
Empire State Realty Trust, Inc. | 20,606 | 372,350 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 51,335 | 969,205 | ||||||
|
| |||||||
1,587,197 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,785,060) | 4,523,028 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 1.0% |
|
|
|
|
|
| ||
Investment Companies — 1.0% | ||||||||
iShares Russell MidCap Value Index Fund | 13,399 | 920,243 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.7% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,416,676 | 2,416,676 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.6% (Cost $90,822,422) | $ | 91,123,234 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.6)% | (573,300 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 90,549,934 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR | — American Depository Receipt. |
PLC | — Public Limited Company. |
Country Weightings as of 12/31/2015†† | ||||
United States | 94 | % | ||
Other | 2 | |||
Canada | 2 | |||
Japan | 1 | |||
Netherlands | 1 | |||
| ||||
Total | 100 | % | ||
|
††% | of total investments as of December 31, 2015 |
114
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Mid Core Value Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 83,263,287 | $ | 82,315,311 | $ | 947,976 | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 4,523,028 | 4,523,028 | — | — | ||||||||||||
EXCHANGE TRADED FUNDS | 920,243 | 920,243 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,416,676 | 2,416,676 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 91,123,234 | $ | 90,175,258 | $ | 947,976 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
115
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
SMID Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 97.5% |
|
|
|
|
|
| ||
Aerospace & Defense — 2.3% | ||||||||
Harris Corp. | 6,070 | $ | 527,483 | |||||
Orbital ATK Inc. | 8,600 | 768,324 | ||||||
|
| |||||||
1,295,807 | ||||||||
|
| |||||||
Airlines — 0.9% | ||||||||
Spirit Airlines, Inc.* | 12,190 | 485,772 | ||||||
|
| |||||||
Apparel — 0.8% | ||||||||
Columbia Sportswear Co. | 9,503 | 463,366 | ||||||
|
| |||||||
Auto Parts & Equipment — 2.3% | ||||||||
Gentherm, Inc.* | 16,418 | 778,213 | ||||||
WABCO Holdings, Inc.* | 5,070 | 518,458 | ||||||
|
| |||||||
1,296,671 | ||||||||
|
| |||||||
Beverages — 1.2% | ||||||||
Constellation Brands, Inc., Class A | 4,750 | 676,590 | ||||||
|
| |||||||
Biotechnology — 3.2% | ||||||||
Alnylam Pharmaceuticals, Inc.* | 5,814 | 547,330 | ||||||
Bluebird Bio, Inc.* | 4,640 | 297,981 | ||||||
Ligand Pharmaceuticals, Inc.* | 2,644 | 286,662 | ||||||
Prothena Corp. PLC* | 2,455 | 167,210 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 4,170 | 467,791 | ||||||
|
| |||||||
1,766,974 | ||||||||
|
| |||||||
Building Materials — 1.4% | ||||||||
Vulcan Materials Co. | 8,090 | 768,307 | ||||||
|
| |||||||
Chemicals — 1.3% | ||||||||
Axalta Coating Systems Ltd.* | 27,749 | 739,511 | ||||||
|
| |||||||
Commercial Services — 20.8% | ||||||||
Allegion PLC | 15,610 | 1,029,011 | ||||||
Aramark | 31,950 | 1,030,388 | ||||||
Bright Horizons Family Solutions, Inc.* | 15,640 | 1,044,752 | ||||||
CoStar Group, Inc.* | 6,584 | 1,360,847 | ||||||
Euronet Worldwide, Inc.* | 13,121 | 950,354 | ||||||
HealthEquity, Inc.* | 13,898 | 348,423 | ||||||
KAR Auction Services Inc. | 28,144 | 1,042,172 | ||||||
SEI Investments Co. | 19,920 | 1,043,808 | ||||||
ServiceMaster Global Holdings, Inc.* | 50,182 | 1,969,142 | ||||||
Vantiv, Inc., Class A* | 18,007 | 853,892 | ||||||
WEX, Inc.* | 10,940 | 967,096 | ||||||
|
| |||||||
11,639,885 | ||||||||
|
| |||||||
Computers — 2.3% | ||||||||
EPAM Systems, Inc.* | 10,727 | 843,357 | ||||||
Fleetmatics Group PLC* | 8,821 | 448,018 | ||||||
|
| |||||||
1,291,375 | ||||||||
|
| |||||||
Distribution & Wholesale — 1.6% | ||||||||
HD Supply Holdings, Inc.* | 29,240 | 878,077 | ||||||
|
| |||||||
Diversified Financial Services — 4.1% | ||||||||
Air Lease Corp. | 21,930 | 734,216 | ||||||
Evercore Partners, Inc., Class A | 13,410 | 725,079 | ||||||
Raymond James Financial, Inc. | 14,910 | 864,333 | ||||||
|
| |||||||
2,323,628 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Electrical Components & Equipment — 1.6% | ||||||||
Acuity Brands, Inc. | 3,733 | $ | 872,775 | |||||
|
| |||||||
Entertainment — 3.6% | ||||||||
Cinemark Holdings, Inc. | 27,080 | 905,284 | ||||||
Vail Resorts, Inc. | 8,920 | 1,141,671 | ||||||
|
| |||||||
2,046,955 | ||||||||
|
| |||||||
Healthcare Products — 8.9% | ||||||||
Alere, Inc.* | 22,156 | 866,078 | ||||||
Align Technology, Inc.* | 15,870 | 1,045,040 | ||||||
Cepheid, Inc.* | 11,349 | 414,579 | ||||||
DexCom, Inc.* | 10,969 | 898,361 | ||||||
Hologic, Inc.* | 23,570 | 911,923 | ||||||
Integra LifeSciences Holdings Corp.* | 7,080 | 479,882 | ||||||
Intersect ENT, Inc.* | 16,484 | 370,890 | ||||||
|
| |||||||
4,986,753 | ||||||||
|
| |||||||
Healthcare Services — 0.9% | ||||||||
Envision Healthcare Holdings Inc* | 18,839 | 489,249 | ||||||
|
| |||||||
Home Furnishings — 1.1% | ||||||||
Harman International Industries, Inc. | 6,280 | 591,639 | ||||||
|
| |||||||
Housewares — 0.7% | ||||||||
Newell Rubbermaid, Inc. | 8,690 | 383,055 | ||||||
|
| |||||||
Internet — 1.7% | ||||||||
Splunk, Inc.* | 16,710 | 982,715 | ||||||
|
| |||||||
Leisure Time — 1.2% | ||||||||
Brunswick Corp. | 13,560 | 684,916 | ||||||
|
| |||||||
Machinery — Diversified — 2.2% | ||||||||
Cognex Corp. | 14,840 | 501,147 | ||||||
Wabtec Corp. | 10,520 | 748,182 | ||||||
|
| |||||||
1,249,329 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 3.9% | ||||||||
A.O. Smith Corp. | 11,870 | 909,361 | ||||||
Carlisle Cos., Inc. | 10,310 | 914,394 | ||||||
Proto Labs, Inc.* | 5,473 | 348,575 | ||||||
|
| |||||||
2,172,330 | ||||||||
|
| |||||||
Oil & Gas — 1.0% | ||||||||
Diamondback Energy, Inc.* | 8,000 | 535,200 | ||||||
|
| |||||||
Pharmaceuticals — 2.5% | ||||||||
Medivation, Inc.* | 10,570 | 510,954 | ||||||
VCA, Inc.* | 16,590 | 912,450 | ||||||
|
| |||||||
1,423,404 | ||||||||
|
| |||||||
Real Estate — 1.5% | ||||||||
CBRE Group, Inc., Class A* | 24,070 | 832,341 | ||||||
|
| |||||||
Retail — 6.5% | ||||||||
Caleres, Inc. | 20,230 | 542,569 | ||||||
Dave & Buster’s Entertainment, Inc.* | 22,262 | 929,216 | ||||||
Lithia Motors, Inc., Class A | 6,915 | 737,623 | ||||||
The Michaels Cos, Inc.* | 35,037 | 774,668 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 3,700 | 684,500 | ||||||
|
| |||||||
3,668,576 | ||||||||
|
|
116
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
SMID Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Semiconductors — 1.0% | ||||||||
Cavium, Inc.* | 8,290 | $ | 544,736 | |||||
|
| |||||||
Software — 13.2% | ||||||||
Black Knight Financial Services, Inc.* | 13,771 | 455,269 | ||||||
Broadridge Financial Solutions, Inc. | 10,400 | 558,792 | ||||||
CyberArk Software Ltd.* | 16,717 | 754,605 | ||||||
Guidewire Software, Inc.* | 14,471 | 870,575 | ||||||
Imperva, Inc.* | 9,228 | 584,225 | ||||||
Paycom Software, Inc.* | 26,866 | 1,010,968 | ||||||
Tableau Software, Inc., Class A* | 11,970 | 1,127,813 | ||||||
Take-Two Interactive Software, Inc.* | 25,140 | 875,878 | ||||||
Tyler Technologies, Inc.* | 6,691 | 1,166,375 | ||||||
|
| |||||||
7,404,500 | ||||||||
|
| |||||||
Telecommunications — 2.6% | ||||||||
Zayo Group Holdings, Inc.* | 55,580 | 1,477,872 | ||||||
|
| |||||||
Transportation — 1.2% | ||||||||
Old Dominion Freight Line, Inc.* | 11,230 | 663,356 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $49,243,608) | 54,635,664 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.3% |
|
|
| |||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,280,547 | 1,280,547 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $50,524,155) | $ | 55,916,211 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.2% | 85,398 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 56,001,609 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
PLC | — Public Limited Company. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 54,635,664 | $ | 54,635,664 | $ | — | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 1,280,547 | 1,280,547 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 55,916,211 | $ | 55,916,211 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
117
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
SMID Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 91.4% | ||||||||
Aerospace & Defense — 1.0% | ||||||||
Spirit Aerosystems Holdings, Inc., Class A* | 13,870 | $ | 694,471 | |||||
|
| |||||||
Apparel — 1.0% | ||||||||
Crocs, Inc.* | 65,370 | 669,389 | ||||||
|
| |||||||
Auto Manufacturers — 1.2% | ||||||||
Oshkosh Corp. | 20,010 | 781,190 | ||||||
|
| |||||||
Auto Parts & Equipment — 3.3% | ||||||||
Dana Holding Corp. | 55,240 | 762,312 | ||||||
Lear Corp. | 6,970 | 856,125 | ||||||
Tenneco, Inc.* | 13,230 | 607,389 | ||||||
|
| |||||||
2,225,826 | ||||||||
|
| |||||||
Banks — 9.0% | ||||||||
Associated Banc-Corp. | 29,100 | 545,625 | ||||||
Comerica, Inc. | 22,955 | 960,208 | ||||||
Fulton Financial Corp. | 51,200 | 666,112 | ||||||
Huntington Bancshares, Inc. | 91,650 | 1,013,649 | ||||||
Synovus Financial Corp. | 20,940 | 678,037 | ||||||
Texas Capital Bancshares, Inc.* | 11,370 | 561,905 | ||||||
Webster Financial Corp. | 18,830 | 700,288 | ||||||
Zions Bancorporation | 35,420 | 966,966 | ||||||
|
| |||||||
6,092,790 | ||||||||
|
| |||||||
Chemicals — 1.9% | ||||||||
A. Schulman, Inc. | 22,520 | 690,013 | ||||||
Huntsman Corp. | 54,930 | 624,554 | ||||||
|
| |||||||
1,314,567 | ||||||||
|
| |||||||
Commercial Services — 2.3% | ||||||||
Booz Allen Hamilton Holding Corp. | 29,640 | 914,394 | ||||||
Quanta Services, Inc.* | 33,100 | 670,275 | ||||||
|
| |||||||
1,584,669 | ||||||||
|
| |||||||
Computers — 1.4% | ||||||||
NCR Corp.* | 39,390 | 963,479 | ||||||
|
| |||||||
Distribution & Wholesale — 0.5% | ||||||||
WESCO International, Inc.* | 8,070 | 352,498 | ||||||
|
| |||||||
Diversified Financial Services — 1.8% | ||||||||
E*TRADE Financial Corp.* | 25,060 | 742,778 | ||||||
SLM Corp.* | 72,050 | 469,766 | ||||||
|
| |||||||
1,212,544 | ||||||||
|
| |||||||
Electric — 2.8% | ||||||||
PNM Resources, Inc. | 33,560 | 1,025,929 | ||||||
Westar Energy, Inc. | 21,360 | 905,878 | ||||||
|
| |||||||
1,931,807 | ||||||||
|
| |||||||
Electronics — 4.9% | ||||||||
Avnet, Inc. | 20,370 | 872,651 | ||||||
Celestica, Inc.* | 34,600 | 381,638 | ||||||
Keysight Technologies, Inc.* | 30,050 | 851,316 | ||||||
TTM Technologies, Inc.* | 58,750 | 382,463 | ||||||
Vishay Intertechnology, Inc. | 69,920 | 842,536 | ||||||
|
| |||||||
3,330,604 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Engineering & Construction — 4.3% | ||||||||
AECOM* | 34,694 | $ | 1,041,861 | |||||
EMCOR Group, Inc. | 17,750 | 852,710 | ||||||
Granite Construction, Inc. | 24,250 | 1,040,567 | ||||||
|
| |||||||
2,935,138 | ||||||||
|
| |||||||
Finance — 0.7% | ||||||||
Genpact Ltd.* | 17,660 | 441,147 | ||||||
|
| |||||||
Food — 2.3% | ||||||||
Dean Foods Co. | 27,975 | 479,771 | ||||||
Ingredion, Inc. | 10,920 | 1,046,573 | ||||||
|
| |||||||
1,526,344 | ||||||||
|
| |||||||
Gas — 1.3% | ||||||||
Southwest Gas Corp. | 16,240 | 895,798 | ||||||
|
| |||||||
Hand & Machine Tools — 1.5% | ||||||||
Regal-Beloit Corp. | 17,570 | 1,028,196 | ||||||
|
| |||||||
Healthcare Services — 3.1% | ||||||||
LifePoint Health, Inc.* | 11,820 | 867,588 | ||||||
Molina Healthcare, Inc.* | 8,180 | 491,863 | ||||||
WellCare Health Plans, Inc.* | 9,670 | 756,291 | ||||||
|
| |||||||
2,115,742 | ||||||||
|
| |||||||
Home Builders — 2.4% | ||||||||
Meritage Homes Corp.* | 12,900 | 438,471 | ||||||
PulteGroup, Inc. | 67,970 | 1,211,225 | ||||||
|
| |||||||
1,649,696 | ||||||||
|
| |||||||
Household Products & Wares — 1.9% | ||||||||
Avery Dennison Corp. | 9,450 | 592,137 | ||||||
Helen of Troy Ltd.* | 7,050 | 664,463 | ||||||
|
| |||||||
1,256,600 | ||||||||
|
| |||||||
Insurance — 10.9% | ||||||||
American Financial Group, Inc. | 11,810 | 851,265 | ||||||
Aspen Insurance Holdings Ltd. | 21,070 | 1,017,681 | ||||||
CNO Financial Group, Inc. | 52,600 | 1,004,134 | ||||||
Essent Group Ltd.* | 33,774 | 739,313 | ||||||
First American Financial Corp. | 24,980 | 896,782 | ||||||
StanCorp Financial Group, Inc. | 9,660 | 1,100,081 | ||||||
The Hanover Insurance Group, Inc. | 10,040 | 816,653 | ||||||
Validus Holdings Ltd. | 21,630 | 1,001,253 | ||||||
|
| |||||||
7,427,162 | ||||||||
|
| |||||||
Internet — 2.1% | ||||||||
CDW Corp. | 21,150 | 889,146 | ||||||
Shutterfly, Inc.* | 11,990 | 534,274 | ||||||
|
| |||||||
1,423,420 | ||||||||
|
| |||||||
Iron & Steel — 0.8% | ||||||||
Steel Dynamics, Inc. | 29,470 | 526,629 | ||||||
|
| |||||||
Media — 1.5% | ||||||||
Cable One, Inc | 1,270 | 550,748 | ||||||
Scholastic Corp. | 12,790 | 493,183 | ||||||
|
| |||||||
1,043,931 | ||||||||
|
|
118
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
SMID Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Miscellaneous Manufacturing — 1.2% | ||||||||
ITT Corp. | 22,610 | $ | 821,195 | |||||
|
| |||||||
Oil & Gas — 4.3% | ||||||||
Murphy Oil Corp. | 35,490 | 796,750 | ||||||
Murphy USA Inc* | 12,120 | 736,169 | ||||||
QEP Resources, Inc. | 63,000 | 844,200 | ||||||
SM Energy Co. | 28,735 | 564,930 | ||||||
|
| |||||||
2,942,049 | ||||||||
|
| |||||||
Oil & Gas Services — 2.3% | ||||||||
MRC Global Inc* | 69,390 | 895,131 | ||||||
RPC, Inc. | 54,770 | 654,502 | ||||||
|
| |||||||
1,549,633 | ||||||||
|
| |||||||
Packaging and Containers — 0.8% | ||||||||
Graphic Packaging Holding Co. | 41,820 | 536,551 | ||||||
|
| |||||||
Real Estate — 1.0% | ||||||||
Realogy Holdings Corp.* | 18,180 | 666,661 | ||||||
|
| |||||||
Retail — 7.0% | ||||||||
Big Lots, Inc. | 20,600 | 793,924 | ||||||
Bloomin’ Brands, Inc. | 54,460 | 919,829 | ||||||
Caleres, Inc. | 18,350 | 492,147 | ||||||
GameStop Corp., Class A | 13,600 | 381,344 | ||||||
Office Depot, Inc.* | 113,510 | 640,196 | ||||||
The Children’s Place, Inc. | 16,380 | 904,176 | ||||||
The Michaels Cos, Inc. | 29,250 | 646,718 | ||||||
|
| |||||||
4,778,334 | ||||||||
|
| |||||||
Savings & Loans — 0.9% | ||||||||
First Niagara Financial Group, Inc. | 58,040 | 629,734 | ||||||
|
| |||||||
Semiconductors — 4.5% | ||||||||
Advanced Micro Devices, Inc.* | 84,700 | 243,089 | ||||||
Cypress Semiconductor Corp.* | 92,590 | 908,308 | ||||||
Fairchild Semiconductor International, Inc.* | 63,400 | 1,313,014 | ||||||
Lam Research Corp. | 7,050 | 559,911 | ||||||
|
| |||||||
3,024,322 | ||||||||
|
| |||||||
Software — 0.8% | ||||||||
Verint Systems, Inc.* | 13,040 | 528,902 | ||||||
|
| |||||||
Telecommunications — 3.6% | ||||||||
Amdocs Ltd. | 14,625 | 798,087 | ||||||
Finisar Corp.* | 61,830 | 899,008 | ||||||
Polycom, Inc.* | 60,090 | 756,533 | ||||||
|
| |||||||
2,453,628 | ||||||||
|
| |||||||
Transportation — 1.1% | ||||||||
Ryder System, Inc. | 13,320 | 756,976 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $57,317,633) | 62,111,622 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.6% | ||||||||
Apartments — 1.1% | ||||||||
Mid-America Apartment Communities, Inc. | 8,140 | 739,193 | ||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare — 1.3% | ||||||||
LTC Properties, Inc. | 19,560 | $ | 843,819 | |||||
|
| |||||||
Hotels & Resorts — 0.8% | ||||||||
RLJ Lodging Trust | 25,100 | 542,913 | ||||||
|
| |||||||
Real Estate Management Services — 1.5% | ||||||||
Gramercy Property Trust | 133,178 | 1,028,134 | ||||||
|
| |||||||
Strip Centers — 0.9% | ||||||||
DDR Corp. | 37,780 | 636,215 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,606,046) | 3,790,274 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.2% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,480,594 | 1,480,594 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $62,404,273) | $ | 67,382,490 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.8% | 576,698 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 67,959,188 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 62,111,622 | $ | 62,111,622 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 3,790,274 | 3,790,274 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,480,594 | 1,480,594 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 67,382,490 | $ | 67,382,490 | $ | — | $ | — | ||||||||
|
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 Level 2 or 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, 2015
Small Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 98.1% | ||||||||
Aerospace & Defense — 2.0% | ||||||||
HEICO Corp., Class A | 37,203 | $ | 1,830,388 | |||||
|
| |||||||
Apparel — 3.4% | ||||||||
Carter’s, Inc. | 16,025 | 1,426,706 | ||||||
Gildan Activewear, Inc. | 26,685 | 758,387 | ||||||
Wolverine World Wide, Inc. | 54,266 | 906,785 | ||||||
|
| |||||||
3,091,878 | ||||||||
|
| |||||||
Banks — 2.3% | ||||||||
Bank of the Ozarks, Inc. | 24,756 | 1,224,432 | ||||||
Kearny Financial Corp. | 30,585 | 387,512 | ||||||
SVB Financial Group* | 3,888 | 462,283 | ||||||
|
| |||||||
2,074,227 | ||||||||
|
| |||||||
Beverages — 0.2% | ||||||||
Britvic PLC | 15,522 | 166,307 | ||||||
|
| |||||||
Biotechnology — 0.9% | ||||||||
Ligand Pharmaceuticals, Inc.* | 5,707 | 618,753 | ||||||
Puma Biotechnology, Inc.* | 3,199 | 250,802 | ||||||
|
| |||||||
869,555 | ||||||||
|
| |||||||
Building Materials — 0.7% | ||||||||
Trex Co., Inc.* | 15,895 | 604,646 | ||||||
|
| |||||||
Chemicals — 2.1% | ||||||||
Sensient Technologies Corp. | 31,481 | 1,977,636 | ||||||
|
| |||||||
Commercial Services — 11.8% | ||||||||
Alarm.com Holdings, Inc.* | 17,177 | 286,513 | ||||||
CEB, Inc. | 15,212 | 933,865 | ||||||
CoStar Group, Inc.* | 4,597 | 950,154 | ||||||
Euronet Worldwide, Inc.* | 24,110 | 1,746,287 | ||||||
ExamWorks Group, Inc.* | 11,100 | 295,260 | ||||||
Gartner, Inc.* | 7,559 | 685,601 | ||||||
Healthcare Services Group, Inc. | 28,676 | 999,932 | ||||||
HealthEquity, Inc.* | 20,818 | 521,907 | ||||||
MAXIMUS, Inc. | 15,720 | 884,250 | ||||||
Nord Anglia Education Inc.* | 46,150 | 935,922 | ||||||
Rollins, Inc. | 17,517 | 453,690 | ||||||
Servicemaster Global Holdings, Inc.* | 39,230 | 1,539,385 | ||||||
SP Plus Corp.* | 25,462 | 608,542 | ||||||
|
| |||||||
10,841,308 | ||||||||
|
| |||||||
Computers — 3.9% | ||||||||
Cadence Design Systems, Inc.* | 77,202 | 1,606,573 | ||||||
Jack Henry & Associates, Inc. | 21,680 | 1,692,341 | ||||||
Stratasys Ltd.* | 12,806 | 300,685 | ||||||
|
| |||||||
3,599,599 | ||||||||
|
| |||||||
Diversified Financial Services — 4.5% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 13,370 | 482,122 | ||||||
Financial Engines, Inc. | 17,432 | 586,936 | ||||||
LPL Financial Holdings, Inc. | 14,159 | 603,881 | ||||||
MarketAxess Holdings, Inc. | 11,085 | 1,236,975 | ||||||
Markit Ltd.* | 29,782 | 898,523 | ||||||
WisdomTree Investments, Inc. | 19,965 | 313,051 | ||||||
|
| |||||||
4,121,488 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
| |||||||
Electrical Components & Equipment — 2.3% | ||||||||
Belden, Inc. | 20,997 | $ | 1,001,137 | |||||
EnerSys | 19,855 | 1,110,490 | ||||||
|
| |||||||
2,111,627 | ||||||||
|
| |||||||
Electronics — 4.3% | ||||||||
CTS Corp. | 34,584 | 610,062 | ||||||
FEI Co. | 14,816 | 1,182,169 | ||||||
National Instruments Corp. | 13,666 | 392,077 | ||||||
OSI Systems, Inc.* | 13,379 | 1,186,182 | ||||||
Sensata Technologies Holding NV* | 12,089 | 556,819 | ||||||
|
| |||||||
3,927,309 | ||||||||
|
| |||||||
Energy-Alternate Sources — 0.6% | ||||||||
SolarEdge Technologies Inc.* | 18,575 | 523,258 | ||||||
|
| |||||||
Entertainment — 2.4% | ||||||||
AMC Entertainment Holdings, Inc., Class A | 27,540 | 660,960 | ||||||
Manchester United PLC | 33,392 | 594,711 | ||||||
National CineMedia, Inc. | 60,521 | 950,785 | ||||||
|
| |||||||
2,206,456 | ||||||||
|
| |||||||
Environmental Control — 0.7% | ||||||||
Clean Harbors, Inc.* | 15,015 | 625,375 | ||||||
|
| |||||||
Hand & Machine Tools — 0.9% | ||||||||
Kennametal, Inc. | 41,458 | 795,994 | ||||||
|
| |||||||
Healthcare Products — 6.9% | ||||||||
Bio-Techne Corp. | 11,576 | 1,041,840 | ||||||
Endologix, Inc.* | 72,550 | 718,245 | ||||||
Globus Medical, Inc.* | 31,775 | 883,980 | ||||||
LDR Holding Corp.* | 30,416 | 763,746 | ||||||
Masimo Corp.* | 14,857 | 616,714 | ||||||
Merit Medical Systems, Inc.* | 33,700 | 626,483 | ||||||
Quidel Corp.* | 31,021 | 657,645 | ||||||
STERIS PLC | 13,835 | 1,042,329 | ||||||
|
| |||||||
6,350,982 | ||||||||
|
| |||||||
Healthcare Services — 1.4% | ||||||||
Catalent, Inc.* | 47,746 | 1,195,083 | ||||||
OvaScience, Inc.* | 8,051 | 78,658 | ||||||
|
| |||||||
1,273,741 | ||||||||
|
| |||||||
Household Products & Wares — 3.1% | ||||||||
Ontex Group NV | 31,764 | 1,129,380 | ||||||
Prestige Brands Holdings, Inc.* | 21,597 | 1,111,814 | ||||||
Tumi Holdings, Inc.* | 37,099 | 616,956 | ||||||
|
| |||||||
2,858,150 | ||||||||
|
| |||||||
Insurance — 0.8% | ||||||||
RLI Corp. | 12,411 | 766,379 | ||||||
|
| |||||||
Internet — 1.7% | ||||||||
ChannelAdvisor Corp.* | 28,211 | 390,723 | ||||||
Endurance International Group Holdings, Inc.* | 35,487 | 387,873 | ||||||
Wayfair, Inc., Class A* | 6,515 | 310,244 | ||||||
Zillow Group, Inc.* | 16,701 | 434,894 | ||||||
|
| |||||||
1,523,734 | ||||||||
|
|
120
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Growth Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Investment Companies — 0.4% | ||||||||
Pace Holdings Corp.* | 33,082 | $ | 334,128 | |||||
|
| |||||||
Machinery — Diversified — 1.2% | ||||||||
Nordson Corp. | 11,497 | 737,532 | ||||||
Wabtec Corp. | 5,381 | 382,697 | ||||||
|
| |||||||
1,120,229 | ||||||||
|
| |||||||
Medical Instruments — 0.6% | ||||||||
Novadaq Technologies, Inc.* | 46,571 | 593,315 | ||||||
|
| |||||||
Metal Fabricate/Hardware — 1.0% | ||||||||
Rexnord Corp.* | 48,859 | 885,325 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.3% | ||||||||
Proto Labs, Inc.* | 10,841 | 690,463 | ||||||
Raven Industries, Inc. | 30,259 | 472,041 | ||||||
|
| |||||||
1,162,504 | ||||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
Dril-Quip, Inc.* | 9,982 | 591,234 | ||||||
|
| |||||||
Pharmaceuticals — 9.8% | ||||||||
Akorn, Inc.* | 21,321 | 795,487 | ||||||
Anacor Pharmaceuticals, Inc.* | 2,766 | 312,475 | ||||||
DBV Technologies SA* | 14,415 | 523,409 | ||||||
DepoMed, Inc.* | 23,242 | 421,377 | ||||||
Dyax Corp.* | 36,639 | 1,378,359 | ||||||
Eagle Pharmaceuticals, Inc.* | 11,407 | 1,011,459 | ||||||
Flamel Technologies S.A., ADR* | 37,767 | 461,135 | ||||||
Heron Therapeutics, Inc.* | 11,245 | 300,241 | ||||||
Insys Therapeutics, Inc.* | 18,705 | 535,524 | ||||||
Ironwood Pharmaceuticals, Inc.* | 42,791 | 495,948 | ||||||
Pacira Pharmaceuticals, Inc.* | 6,496 | 498,828 | ||||||
Phibro Animal Health Corp., Class A | 34,266 | 1,032,435 | ||||||
POZEN, Inc.* | 44,710 | 305,369 | ||||||
Relypsa, Inc.* | 15,345 | 434,877 | ||||||
Teligent Inc.* | 55,372 | 492,811 | ||||||
|
| |||||||
8,999,734 | ||||||||
|
| |||||||
Publishing/Newspapers — 0.7% | ||||||||
Cimpress NV* | 8,227 | 667,539 | ||||||
|
| |||||||
Real Estate — 1.2% | ||||||||
Jones Lang LaSalle, Inc. | 4,018 | 642,318 | ||||||
The St. Joe Co.* | 22,716 | 420,473 | ||||||
|
| |||||||
1,062,791 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 0.7% | ||||||||
Lamar Advertising Co. | 10,544 | 632,429 | ||||||
|
| |||||||
Retail — 4.5% | ||||||||
Biglari Holdings, Inc.* | 3,019 | 983,650 | ||||||
Casey’s General Stores, Inc. | 11,284 | 1,359,158 | ||||||
Dunkin’ Brands Group, Inc. | 12,318 | 524,624 | ||||||
Five Below, Inc.* | 19,605 | 629,320 | ||||||
Sally Beauty Holdings, Inc.* | 21,985 | 613,162 | ||||||
|
| |||||||
4,109,914 | ||||||||
|
| |||||||
Semiconductors — 2.3% | ||||||||
Atmel Corp. | 132,196 | 1,138,208 | ||||||
ON Semiconductor Corp.* | 95,108 | 932,058 | ||||||
|
| |||||||
2,070,266 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
| |||||||
Software — 13.9% | ||||||||
ACI Worldwide, Inc.* | 45,860 | $ | 981,404 | |||||
athenahealth, Inc.* | 5,589 | 899,661 | ||||||
Blackbaud, Inc. | 39,040 | 2,571,175 | ||||||
Broadridge Financial Solutions, Inc. | 35,979 | 1,933,152 | ||||||
Envestnet, Inc.* | 20,880 | 623,268 | ||||||
Fleetmatics Group PLC* | 12,480 | 633,859 | ||||||
Guidewire Software, Inc.* | 14,014 | 843,082 | ||||||
RealPage, Inc.* | 36,405 | 817,292 | ||||||
Solera Holdings, Inc. | 13,849 | 759,341 | ||||||
SPS Commerce, Inc.* | 6,135 | 430,738 | ||||||
SS&C Technologies Holdings, Inc. | 33,266 | 2,271,070 | ||||||
|
| |||||||
12,764,042 | ||||||||
|
| |||||||
Telecommunications — 1.7% | ||||||||
NICE Systems, Ltd. ADR | 27,882 | 1,598,196 | ||||||
|
| |||||||
Transportation — 1.3% | ||||||||
Landstar System, Inc. | 9,386 | 550,489 | ||||||
Old Dominion Freight Line, Inc.* | 10,569 | 624,311 | ||||||
|
| |||||||
1,174,800 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $76,547,614) | 89,906,483 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.1% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,987,715 | 1,987,715 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $78,535,329) | $ | 91,894,198 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.2)% | (228,592 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 91,665,606 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
Country Weightings as of 12/31/2015† | ||||
United States | 89 | % | ||
United Kingdom | 3 | |||
France | 2 | |||
Israel | 2 | |||
Belgium | 1 | |||
Canada | 1 | |||
Hong Kong | 1 | |||
Other | 1 | |||
| ||||
Total | 100 | % | ||
|
†% of total investments as of December 31, 2015
121
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 89,906,483 | $ | 88,610,796 | $ | 1,295,687 | $ | — | ||||||||
SHORT-TERM INVESTMENTS | 1,987,715 | 1,987,715 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 91,894,198 | $ | 90,598,511 | $ | 1,295,687 | $ | — | ||||||||
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$767,945 was transferred from Level 1 into Level 2 at 12/31/15 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.
122
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 84.7% | ||||||||
Aerospace & Defense — 2.7% | ||||||||
Curtiss-Wright Corp. | 17,664 | $ | 1,209,984 | |||||
Esterline Technologies Corp.* | 28,543 | 2,311,983 | ||||||
Kaman Corp. | 32,142 | 1,311,715 | ||||||
Moog, Inc., Class A* | 22,411 | 1,358,107 | ||||||
|
| |||||||
6,191,789 | ||||||||
|
| |||||||
Apparel — 0.9% | ||||||||
Carter’s, Inc. | 18,304 | 1,629,605 | ||||||
Steven Madden Ltd.* | 13,826 | 417,822 | ||||||
|
| |||||||
2,047,427 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.9% | ||||||||
American Axle & Manufacturing Holdings, Inc.* | 26,477 | 501,474 | ||||||
Cooper Tire & Rubber Co. | 19,440 | 735,804 | ||||||
Tower International, Inc. | 26,475 | 756,391 | ||||||
|
| |||||||
1,993,669 | ||||||||
|
| |||||||
Banks — 16.6% | ||||||||
BancorpSouth, Inc. | 74,285 | 1,782,097 | ||||||
Bank of the Ozarks, Inc. | 38,456 | 1,902,034 | ||||||
Banner Corp. | 26,761 | 1,227,259 | ||||||
BNC Bancorp | 8,215 | 208,497 | ||||||
Boston Private Financial Holdings, Inc. | 70,483 | 799,277 | ||||||
CoBiz Financial, Inc. | 30,749 | 412,652 | ||||||
Community Bank System, Inc. | 28,541 | 1,139,927 | ||||||
ConnectOne Bancorp, Inc. | 17,685 | 330,533 | ||||||
CVB Financial Corp. | 70,568 | 1,194,010 | ||||||
First Financial Bankshares, Inc. | 38,107 | 1,149,688 | ||||||
First Merchants Corp. | 30,475 | 774,674 | ||||||
First Midwest Bancorp, Inc. | 40,752 | 751,059 | ||||||
Glacier Bancorp, Inc. | 51,802 | 1,374,307 | ||||||
Great Western Bancorp, Inc. | 54,430 | 1,579,559 | ||||||
Heritage Financial Corp. | 19,620 | 369,641 | ||||||
Home BancShares, Inc. | 25,977 | 1,052,588 | ||||||
Independent Bank Corp. | 20,817 | 968,407 | ||||||
Independent Bank Group, Inc. | 9,606 | 307,392 | ||||||
Lakeland Financial Corp. | 11,842 | 552,074 | ||||||
LegacyTexas Financial Group, Inc. | 59,554 | 1,490,041 | ||||||
MB Financial, Inc. | 53,910 | 1,745,067 | ||||||
PacWest Bancorp | 30,833 | 1,328,902 | ||||||
Pinnacle Financial Partners, Inc. | 32,312 | 1,659,544 | ||||||
PrivateBancorp, Inc. | 67,800 | 2,781,156 | ||||||
Prosperity Bancshares, Inc. | 36,695 | 1,756,223 | ||||||
Renasant Corp. | 22,856 | 786,475 | ||||||
Sandy Spring Bancorp, Inc. | 15,140 | 408,174 | ||||||
South State Corp. | 18,866 | 1,357,409 | ||||||
Southwest Bancorp, Inc. | 21,468 | 375,261 | ||||||
State Bank Financial Corp. | 35,618 | 749,046 | ||||||
Summit State Bank | 7,318 | 99,891 | ||||||
Texas Capital Bancshares, Inc.* | 14,378 | 710,561 | ||||||
The First of Long Island Corp. | 11,441 | 343,230 | ||||||
TriCo Bancshares | 16,222 | 445,132 | ||||||
UMB Financial Corp. | 17,994 | 837,621 | ||||||
Webster Financial Corp. | 66,637 | 2,478,230 | ||||||
Wintrust Financial Corp. | 8,267 | 401,115 | ||||||
|
| |||||||
37,628,753 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
| |||||||
Building Materials — 1.6% | ||||||||
Armstrong World Industries, Inc.* | 16,120 | $ | 737,168 | |||||
Continental Building Products, Inc.* | 49,211 | 859,224 | ||||||
Eagle Materials, Inc. | 17,184 | 1,038,429 | ||||||
Summit Materials, Inc., Class A* | 54,837 | 1,098,933 | ||||||
|
| |||||||
3,733,754 | ||||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
Axiall Corp. | 4,168 | 64,187 | ||||||
Methanex Corp. | 2,961 | 97,743 | ||||||
Minerals Technologies, Inc. | 6,226 | 285,524 | ||||||
PolyOne Corp. | 34,992 | 1,111,346 | ||||||
Quaker Chemical Corp. | 8,581 | 662,968 | ||||||
WR Grace & Co.* | 16,188 | 1,612,163 | ||||||
|
| |||||||
3,833,931 | ||||||||
|
| |||||||
Commercial Services — 2.9% | ||||||||
ABM Industries, Inc. | 49,478 | 1,408,639 | ||||||
HMS Holdings Corp.* | 81,526 | 1,006,031 | ||||||
Live Nation Entertainment, Inc.* | 79,774 | 1,960,047 | ||||||
MAXIMUS, Inc. | 12,193 | 685,856 | ||||||
Monro Muffler Brake, Inc. | 7,488 | 495,855 | ||||||
On Assignment, Inc.* | 20,509 | 921,880 | ||||||
|
| |||||||
6,478,308 | ||||||||
|
| |||||||
Computers — 1.5% | ||||||||
Convergys Corp. | 53,568 | 1,333,308 | ||||||
Electronics For Imaging, Inc.* | 23,401 | 1,093,763 | ||||||
Lumentum Holdings, Inc.* | 15,955 | 351,329 | ||||||
NetScout Systems, Inc.* | 21,882 | 671,777 | ||||||
|
| |||||||
3,450,177 | ||||||||
|
| |||||||
Distribution & Wholesale — 1.3% | ||||||||
Beacon Roofing Supply, Inc.* | 33,792 | 1,391,555 | ||||||
Core-Mark Holding Co., Inc. | 10,394 | 851,684 | ||||||
WESCO International, Inc.* | 14,655 | 640,130 | ||||||
|
| |||||||
2,883,369 | ||||||||
|
| |||||||
Diversified Financial Services — 1.8% | ||||||||
MarketAxess Holdings, Inc. | 9,283 | 1,035,890 | ||||||
Moelis & Co., Class A | 3,954 | 115,378 | ||||||
OM Asset Management PLC | 74,115 | 1,136,183 | ||||||
Stifel Financial Corp.* | 31,082 | 1,316,633 | ||||||
Virtu Financial, Inc., Class A | 20,336 | 460,407 | ||||||
|
| |||||||
4,064,491 | ||||||||
|
| |||||||
Electric — 4.1% | ||||||||
Black Hills Corp. | 28,190 | 1,308,862 | ||||||
Dynegy, Inc.* | 44,254 | 593,003 | ||||||
IDACORP, Inc. | 28,117 | 1,911,956 | ||||||
NorthWestern Corp. | 32,721 | 1,775,114 | ||||||
PNM Resources, Inc. | 58,566 | 1,790,363 | ||||||
Portland General Electric Co. | 50,065 | 1,820,864 | ||||||
|
| |||||||
9,200,162 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.6% | ||||||||
EnerSys | 10,403 | 581,840 | ||||||
Littelfuse, Inc. | 7,577 | 810,815 | ||||||
|
| |||||||
1,392,655 | ||||||||
|
|
123
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Electronics — 2.0% | ||||||||
CTS Corp. | 41,212 | $ | 726,980 | |||||
Newport Corp.* | 53,852 | 854,631 | ||||||
Plexus Corp.* | 28,703 | 1,002,309 | ||||||
Watts Water Technologies, Inc., Class A | 26,046 | 1,293,705 | ||||||
Woodward, Inc. | 11,567 | 574,417 | ||||||
|
| |||||||
4,452,042 | ||||||||
|
| |||||||
Engineering & Construction — 0.7% | ||||||||
EMCOR Group, Inc. | 34,563 | 1,660,407 | ||||||
|
| |||||||
Entertainment — 1.6% | ||||||||
Carmike Cinemas, Inc.* | 22,097 | 506,905 | ||||||
Marriott Vacations Worldwide Corp. | 19,734 | 1,123,851 | ||||||
Vail Resorts, Inc. | 15,750 | 2,015,843 | ||||||
|
| |||||||
3,646,599 | ||||||||
|
| |||||||
Environmental Control — 0.9% | ||||||||
CECO Environmental Corp. | 35,584 | 273,285 | ||||||
MSA Safety, Inc. | 10,340 | 449,480 | ||||||
Progressive Waste Solutions Ltd. | 56,872 | 1,339,335 | ||||||
|
| |||||||
2,062,100 | ||||||||
|
| |||||||
Food — 2.0% | ||||||||
J&J Snack Foods Corp. | 6,363 | 742,371 | ||||||
Post Holdings, Inc.* | 8,827 | 544,626 | ||||||
The Hain Celestial Group, Inc.* | 9,566 | 386,371 | ||||||
TreeHouse Foods, Inc.* | 35,480 | 2,783,761 | ||||||
|
| |||||||
4,457,129 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
KapStone Paper and Packaging Corp. | 17,850 | 403,232 | ||||||
Mercer International, Inc. | 17,201 | 155,669 | ||||||
|
| |||||||
558,901 | ||||||||
|
| |||||||
Gas — 1.9% | ||||||||
New Jersey Resources Corp. | 55,929 | 1,843,420 | ||||||
Southwest Gas Corp. | 31,404 | 1,732,245 | ||||||
WGL Holdings, Inc. | 10,859 | 684,008 | ||||||
|
| |||||||
4,259,673 | ||||||||
|
| |||||||
Healthcare Products — 1.6% | ||||||||
Bruker Corp.* | 5,691 | 138,121 | ||||||
CONMED Corp. | 12,836 | 565,426 | ||||||
Endologix, Inc.* | 105,345 | 1,042,915 | ||||||
Integra LifeSciences Holdings Corp.* | 16,430 | 1,113,625 | ||||||
Wright Medical Group NV* | 29,855 | 721,894 | ||||||
|
| |||||||
3,581,981 | ||||||||
|
| |||||||
Healthcare Services — 1.7% | ||||||||
Air Methods Corp.* | 34,521 | 1,447,465 | ||||||
Amsurg Corp.* | 13,135 | 998,260 | ||||||
Catalent, Inc.* | 10,699 | 267,796 | ||||||
HealthSouth Corp. | 28,465 | 990,867 | ||||||
Natera, Inc.* | 24,632 | 266,026 | ||||||
|
| |||||||
3,970,414 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
CalAtlantic Group, Inc. | 20,408 | $ | 773,871 | |||||
Meritage Homes Corp.* | 20,296 | 689,861 | ||||||
William Lyon Homes, Class A* | 19,502 | 321,783 | ||||||
|
| |||||||
1,785,515 | ||||||||
|
| |||||||
Household Products & Wares — 1.4% | ||||||||
Prestige Brands Holdings, Inc.* | 16,693 | 859,356 | ||||||
Spectrum Brands Holdings, Inc. | 23,119 | 2,353,514 | ||||||
|
| |||||||
3,212,870 | ||||||||
|
| |||||||
Insurance — 6.1% | ||||||||
American Equity Investment Life Holding Co. | 64,379 | 1,547,027 | ||||||
AMERISAFE, Inc. | 11,818 | 601,536 | ||||||
AmTrust Financial Services, Inc. | 16,190 | 996,980 | ||||||
CNO Financial Group, Inc. | 129,661 | 2,475,229 | ||||||
Endurance Specialty Holdings Ltd. | 17,243 | 1,103,380 | ||||||
Enstar Group Ltd.* | 5,349 | 802,564 | ||||||
Fidelity & Guaranty Life | 9,722 | 246,647 | ||||||
Maiden Holdings Ltd. | 99,347 | 1,481,264 | ||||||
National General Holdings Corp. | 57,112 | 1,248,468 | ||||||
ProAssurance Corp. | 13,527 | 656,465 | ||||||
Radian Group, Inc. | 100,815 | 1,349,913 | ||||||
RLI Corp. | 16,733 | 1,033,263 | ||||||
Symetra Financial Corp. | 10,735 | 341,051 | ||||||
|
| |||||||
13,883,787 | ||||||||
|
| |||||||
Investment Companies — 0.3% | ||||||||
Golub Capital BDC, Inc. | 18,311 | 304,512 | ||||||
New Mountain Finance Corp. | 25,625 | 333,637 | ||||||
|
| |||||||
638,149 | ||||||||
|
| |||||||
Iron & Steel — 0.4% | ||||||||
Commercial Metals Co. | 60,616 | 829,833 | ||||||
|
| |||||||
Leisure Time — 0.6% | ||||||||
Diamond Resorts International, Inc.* | 53,110 | 1,354,836 | ||||||
|
| |||||||
Machinery — Diversified — 0.8% | ||||||||
Alamo Group, Inc. | 11,834 | 616,551 | ||||||
The Manitowoc Co., Inc. | 77,902 | 1,195,796 | ||||||
|
| |||||||
1,812,347 | ||||||||
|
| |||||||
Media — 0.8% | ||||||||
Nexstar Broadcasting Group, Inc., Class A | 29,003 | 1,702,476 | ||||||
Townsquare Media, Inc., Class A* | 14,285 | 170,849 | ||||||
|
| |||||||
1,873,325 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.4% | ||||||||
RBC Bearings, Inc.* | 15,355 | 991,779 | ||||||
|
| |||||||
Mining — 0.8% | ||||||||
Ferroglobe PLC | 38,209 | 410,747 | ||||||
Kaiser Aluminum Corp. | 17,355 | 1,451,919 | ||||||
|
| |||||||
1,862,666 | ||||||||
|
|
124
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Value Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Miscellaneous Manufacturing — 1.5% | ||||||||
Actuant Corp., Class A | 17,506 | $ | 419,444 | |||||
Barnes Group, Inc. | 29,972 | 1,060,709 | ||||||
Carlisle Cos., Inc. | 7,667 | 679,986 | ||||||
CLARCOR, Inc. | 16,189 | 804,270 | ||||||
Standex International Corp. | 5,888 | 489,587 | ||||||
|
| |||||||
3,453,996 | ||||||||
|
| |||||||
Oil & Gas — 4.4% | ||||||||
Carrizo Oil & Gas, Inc.* | 43,361 | 1,282,618 | ||||||
Memorial Resource Development Corp.* | 93,402 | 1,508,442 | ||||||
Parsley Energy, Inc., Class A* | 67,405 | 1,243,622 | ||||||
PBF Energy, Inc. Class A | 35,796 | 1,317,651 | ||||||
PDC Energy, Inc.* | 17,425 | 930,147 | ||||||
Rice Energy, Inc.* | 150,452 | 1,639,927 | ||||||
RSP Permian, Inc.* | 55,102 | 1,343,938 | ||||||
WPX Energy, Inc.* | 108,156 | 620,815 | ||||||
|
| |||||||
9,887,160 | ||||||||
|
| |||||||
Oil & Gas Services — 0.3% | ||||||||
Forum Energy Technologies, Inc.* | 18,450 | 229,887 | ||||||
Thermon Group Holdings, Inc.* | 33,095 | 559,967 | ||||||
|
| |||||||
789,854 | ||||||||
|
| |||||||
Packaging and Containers — 1.1% | ||||||||
Berry Plastics Group, Inc.* | 40,843 | 1,477,700 | ||||||
Graphic Packaging Holding Co. | 79,899 | 1,025,104 | ||||||
|
| |||||||
2,502,804 | ||||||||
|
| |||||||
Pharmaceuticals — 0.4% | ||||||||
Infinity Pharmaceuticals, Inc.* | 71,528 | 561,495 | ||||||
Pacira Pharmaceuticals, Inc.* | 5,611 | 430,868 | ||||||
|
| |||||||
992,363 | ||||||||
|
| |||||||
Real Estate — 0.8% | ||||||||
Kennedy-Wilson Holdings, Inc. | 72,799 | 1,753,000 | ||||||
|
| |||||||
Retail — 3.6% | ||||||||
Asbury Automotive Group, Inc.* | 9,694 | 653,763 | ||||||
Ascena Retail Group, Inc.* | 16,401 | 161,550 | ||||||
Bojangles’, Inc.* | 2,231 | 35,406 | ||||||
Boot Barn Holdings, Inc.* | 40,975 | 503,583 | ||||||
Burlington Stores, Inc.* | 35,624 | 1,528,270 | ||||||
Cracker Barrel Old Country Store, Inc. | 3,569 | 452,656 | ||||||
Freshpet, Inc.* | 6,841 | 58,080 | ||||||
GNC Holdings, Inc., Class A | 14,251 | 442,066 | ||||||
HSN, Inc. | 16,553 | 838,740 | ||||||
Jack in the Box, Inc. | 20,187 | 1,548,545 | ||||||
Lithia Motors, Inc., Class A | 17,199 | 1,834,617 | ||||||
Office Depot, Inc.* | 31,742 | 179,025 | ||||||
|
| |||||||
8,236,301 | ||||||||
|
| |||||||
Savings & Loans — 2.0% | ||||||||
Brookline Bancorp, Inc. | 38,692 | 444,958 | ||||||
Dime Community Bancshares, Inc. | 20,494 | 358,440 | ||||||
EverBank Financial Corp. | 67,096 | 1,072,194 | ||||||
Flushing Financial Corp. | 32,555 | 704,490 | ||||||
Oritani Financial Corp. | 25,872 | 426,888 |
Number of Shares | Value† | |||||||
|
| |||||||
Savings & Loans — (continued) | ||||||||
Provident Financial Services, Inc. | 44,513 | $ | 896,937 | |||||
WSFS Financial Corp. | 19,742 | 638,851 | ||||||
|
| |||||||
4,542,758 | ||||||||
|
| |||||||
Semiconductors — 3.8% | ||||||||
Cabot Microelectronics Corp.* | 14,232 | 623,077 | ||||||
Cypress Semiconductor Corp.* | 79,300 | 777,933 | ||||||
Entegris, Inc.* | 128,715 | 1,708,048 | ||||||
Fairchild Semiconductor International, Inc.* | 51,392 | 1,064,328 | ||||||
Intersil Corp., Class A | 130,044 | 1,659,362 | ||||||
MKS Instruments, Inc. | 33,512 | 1,206,432 | ||||||
Semtech Corp.* | 54,721 | 1,035,321 | ||||||
Silicon Laboratories, Inc.* | 11,085 | 538,066 | ||||||
|
| |||||||
8,612,567 | ||||||||
|
| |||||||
Software — 2.1% | ||||||||
Bottomline Technologies, Inc.* | 24,520 | 728,980 | ||||||
CommVault Systems, Inc.* | 20,604 | 810,767 | ||||||
Digi International, Inc.* | 3,008 | 34,231 | ||||||
Everyday Health, Inc.* | 67,301 | 405,152 | ||||||
Monotype Imaging Holdings, Inc. | 22,868 | 540,600 | ||||||
Radware Ltd.* | 45,512 | 698,154 | ||||||
Verint Systems, Inc.* | 40,841 | 1,656,511 | ||||||
|
| |||||||
4,874,395 | ||||||||
|
| |||||||
Storage & Warehousing — 0.5% | ||||||||
Mobile Mini, Inc. | 33,944 | 1,056,677 | ||||||
|
| |||||||
Telecommunications — 1.4% | ||||||||
Anixter International, Inc.* | 19,073 | 1,151,819 | ||||||
Polycom, Inc.* | 85,929 | 1,081,846 | ||||||
Viavi Solutions, Inc.* | 164,767 | 1,003,431 | ||||||
|
| |||||||
3,237,096 | ||||||||
|
| |||||||
Textiles — 0.3% | ||||||||
G&K Services, Inc., Class A | 10,364 | 651,896 | ||||||
|
| |||||||
Transportation — 0.9% | ||||||||
Forward Air Corp. | 35,653 | 1,533,435 | ||||||
Golar LNG Ltd. | 31,302 | 494,259 | ||||||
|
| |||||||
2,027,694 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $172,534,898) | 192,411,399 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 12.5% | ||||||||
Building & Real Estate — 2.2% | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 78,461 | 1,351,883 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 63,890 | 1,709,696 | ||||||
MFA Financial, Inc. | 166,870 | 1,101,342 | ||||||
Two Harbors Investment Corp. | 105,341 | 853,262 | ||||||
|
| |||||||
5,016,183 | ||||||||
|
| |||||||
Diversified — 1.0% | ||||||||
PS Business Parks, Inc. | 25,295 | 2,211,542 | ||||||
|
| |||||||
Healthcare — 0.4% | ||||||||
National Health Investors, Inc. | 15,931 | 969,720 | ||||||
|
|
125
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Value Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Hotels & Resorts — 2.5% | ||||||||
Chesapeake Lodging Trust | 103,944 | $ | 2,615,231 | |||||
Pebblebrook Hotel Trust | 108,142 | 3,030,139 | ||||||
|
| |||||||
5,645,370 | ||||||||
|
| |||||||
Industrial — 0.6% | ||||||||
Terreno Realty Corp. | 60,330 | 1,364,665 | ||||||
|
| |||||||
Internet — 0.8% | ||||||||
CyrusOne, Inc. | 51,089 | 1,913,283 | ||||||
|
| |||||||
Office Property — 1.6% | ||||||||
Highwoods Properties, Inc. | 44,946 | 1,959,646 | ||||||
Hudson Pacific Properties, Inc. | 60,639 | 1,706,381 | ||||||
|
| |||||||
3,666,027 | ||||||||
|
| |||||||
Regional Malls — 0.3% | ||||||||
CBL & Associates Properties, Inc. | 55,685 | 688,823 | ||||||
|
| |||||||
Storage & Warehousing — 2.1% | ||||||||
CubeSmart | 93,643 | 2,867,349 | ||||||
Sovran Self Storage, Inc. | 16,888 | 1,812,251 | ||||||
|
| |||||||
4,679,600 | ||||||||
|
| |||||||
Strip Centers — 1.0% | ||||||||
Acadia Realty Trust | 67,361 | 2,233,017 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $24,843,081) | 28,388,230 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 0.4% | ||||||||
iShares Russell 2000 Value ETF | 9,244 | 850,540 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.0% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 4,467,782 | 4,467,782 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% (Cost $202,681,323) | $ | 226,117,951 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.4% | 1,020,615 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 227,138,566 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
PLC — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 192,411,399 | $ | 192,411,399 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 28,388,230 | 28,388,230 | — | — | ||||||||||||
EXCHANGE TRADED FUNDS | 850,540 | 850,540 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 4,467,782 | 4,467,782 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 226,117,951 | $ | 226,117,951 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
126
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 89.3% |
|
|
|
|
|
| ||
Advertising — 0.1% | ||||||||
EVINE Live, Inc.* | 1,700 | $ | 3,026 | |||||
Harte-Hanks, Inc. | 1,678 | 5,437 | ||||||
Journal Media Group, Inc. | 848 | 10,193 | ||||||
Marchex, Inc., Class B | 1,545 | 6,010 | ||||||
Marin Software, Inc.* | 700 | 2,506 | ||||||
MDC Partners, Inc., Class A | 1,500 | 32,580 | ||||||
Sizmek, Inc.* | 757 | 2,763 | ||||||
|
| |||||||
62,515 | ||||||||
|
| |||||||
Aerospace & Defense — 1.3% | ||||||||
AAR Corp. | 1,269 | 33,362 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 2,440 | 38,210 | ||||||
AeroVironment, Inc.* | 718 | 21,160 | ||||||
Astronics Corp.* | 878 | 35,743 | ||||||
Cubic Corp. | 869 | 41,060 | ||||||
Curtiss-Wright Corp. | 1,826 | 125,081 | ||||||
Ducommun, Inc.* | 400 | 6,488 | ||||||
Esterline Technologies Corp.* | 1,140 | 92,340 | ||||||
HEICO Corp. | 715 | 38,867 | ||||||
HEICO Corp., Class A | 1,600 | 78,720 | ||||||
Kaman Corp. | 1,048 | 42,769 | ||||||
KLX, Inc.* | 2,100 | 64,659 | ||||||
Kratos Defense & Security Solutions, Inc.* | 2,422 | 9,930 | ||||||
Moog, Inc., Class A* | 1,491 | 90,355 | ||||||
National Presto Industries, Inc. | 146 | 12,098 | ||||||
Teledyne Technologies, Inc.* | 1,304 | 115,665 | ||||||
|
| |||||||
846,507 | ||||||||
|
| |||||||
Agriculture — 0.3% | ||||||||
Alico, Inc. | 151 | 5,842 | ||||||
Limoneira Co. | 600 | 8,964 | ||||||
MGP Ingredients, Inc. | 400 | 10,380 | ||||||
Tejon Ranch Co.* | 688 | 13,175 | ||||||
The Andersons, Inc. | 1,132 | 35,805 | ||||||
Universal Corp. | 855 | 47,949 | ||||||
Vector Group Ltd. | 3,352 | 79,074 | ||||||
|
| |||||||
201,189 | ||||||||
|
| |||||||
Airlines — 0.3% | ||||||||
Allegiant Travel Co. | 501 | 84,083 | ||||||
Hawaiian Holdings, Inc.* | 1,926 | 68,045 | ||||||
Republic Airways Holdings, Inc.* | 1,901 | 7,471 | ||||||
SkyWest, Inc. | 1,881 | 35,777 | ||||||
Virgin America, Inc.* | 900 | 32,409 | ||||||
|
| |||||||
227,785 | ||||||||
|
| |||||||
Apparel — 0.7% | ||||||||
Cherokee, Inc.* | 300 | 5,175 | ||||||
Columbia Sportswear Co. | 1,022 | 49,833 | ||||||
Crocs, Inc.* | 2,900 | 29,696 | ||||||
Deckers Outdoor Corp.* | 1,200 | 56,640 | ||||||
G-III Apparel Group Ltd.* | 1,508 | 66,744 | ||||||
Iconix Brand Group, Inc.* | 1,842 | 12,581 | ||||||
Oxford Industries, Inc. | 508 | 32,420 | ||||||
Perry Ellis International, Inc.* | 414 | 7,626 | ||||||
Sequential Brands Group Inc.* | 1,740 | 13,763 | ||||||
Steven Madden Ltd.* | 2,049 | 61,921 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Apparel — (continued) | ||||||||
Superior Uniform Group Inc. | 500 | $ | 8,490 | |||||
Unifi, Inc.* | 460 | 12,949 | ||||||
Vince Holding Corp.* | 400 | 1,832 | ||||||
Weyco Group, Inc. | 400 | 10,704 | ||||||
Wolverine World Wide, Inc. | 3,782 | 63,197 | ||||||
|
| |||||||
433,571 | ||||||||
|
| |||||||
Auto Manufacturers — 0.1% | ||||||||
Navistar International Corp.* | 1,800 | 15,912 | ||||||
Wabash National Corp.* | 2,600 | 30,758 | ||||||
|
| |||||||
46,670 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.1% | ||||||||
Accuride Corp.* | 1,000 | 1,660 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 3,016 | 57,123 | ||||||
Commercial Vehicle Group, Inc.* | 600 | 1,656 | ||||||
Cooper Tire & Rubber Co. | 2,249 | 85,125 | ||||||
Cooper-Standard Holding, Inc.* | 500 | 38,795 | ||||||
Dana Holding Corp. | 5,796 | 79,985 | ||||||
Dorman Products, Inc.* | 992 | 47,090 | ||||||
Douglas Dynamics, Inc. | 900 | 18,963 | ||||||
Federal-Mogul Holdings Corp.* | 916 | 6,275 | ||||||
Gentherm, Inc.* | 1,468 | 69,583 | ||||||
Horizon Global Corp.* | 718 | 7,446 | ||||||
Meritor, Inc.* | 3,645 | 30,436 | ||||||
Metaldyne Performance Group, Inc. | 400 | 7,336 | ||||||
Miller Industries, Inc. | 443 | 9,648 | ||||||
Modine Manufacturing Co.* | 2,077 | 18,797 | ||||||
Motorcar Parts of America, Inc.* | 700 | 23,667 | ||||||
Standard Motor Products, Inc. | 700 | 26,635 | ||||||
Strattec Security Corp. | 100 | 5,649 | ||||||
Superior Industries International, Inc. | 1,119 | 20,612 | ||||||
Tenneco, Inc.* | 2,200 | 101,002 | ||||||
Titan International, Inc. | 1,913 | 7,537 | ||||||
Tower International, Inc. | 800 | 22,856 | ||||||
|
| |||||||
687,876 | ||||||||
|
| |||||||
Banks — 8.6% | ||||||||
1st Source Corp. | 688 | 21,239 | ||||||
Access National Corp. | 400 | 8,184 | ||||||
American National Bankshares, Inc. | 400 | 10,244 | ||||||
Ameris Bancorp | 1,247 | 42,386 | ||||||
Ames National Corp. | 199 | 4,834 | ||||||
Arrow Financial Corp. | 378 | 10,270 | ||||||
BancFirst Corp. | 260 | 15,241 | ||||||
Banco Latinoamericano de Comercio Exterior SA | 1,110 | 28,782 | ||||||
BancorpSouth, Inc. | 3,649 | 87,540 | ||||||
Bank of Marin Bancorp | 290 | 15,486 | ||||||
Bank of the Ozarks, Inc. | 2,952 | 146,006 | ||||||
Banner Corp. | 800 | 36,688 | ||||||
Bar Harbor Bankshares | 200 | 6,884 | ||||||
BBCN Bancorp, Inc. | 3,185 | 54,846 | ||||||
Blue Hills Bancorp, Inc. | 1,300 | 19,903 | ||||||
BNC Bancorp | 1,200 | 30,456 |
127
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Banks — (continued) | ||||||||
Boston Private Financial Holdings, Inc. | 2,858 | $ | 32,410 | |||||
Bridge Bancorp, Inc. | 707 | 21,514 | ||||||
Bryn Mawr Bank Corp. | 732 | 21,023 | ||||||
C1 Financial Inc.* | 400 | 9,684 | ||||||
Camden National Corp. | 326 | 14,373 | ||||||
Capital Bank Financial Corp., Class A | 1,000 | 31,980 | ||||||
Capital City Bank Group, Inc. | 269 | 4,129 | ||||||
Cardinal Financial Corp. | 1,218 | 27,710 | ||||||
Cascade Bancorp* | 1,262 | 7,660 | ||||||
Cass Information Systems, Inc. | 454 | 23,363 | ||||||
Cathay General Bancorp | 3,050 | 95,557 | ||||||
CenterState Banks, Inc. | 1,932 | 30,236 | ||||||
Central Pacific Financial Corp. | 800 | 17,616 | ||||||
Century Bancorp, Inc., Class A | 69 | 2,999 | ||||||
Chemical Financial Corp. | 1,366 | 46,813 | ||||||
Citizens & Northern Corp. | 356 | 7,476 | ||||||
City Holding Co. | 648 | 29,575 | ||||||
CNB Financial Corp. | 474 | 8,546 | ||||||
CoBiz Financial, Inc. | 1,700 | 22,814 | ||||||
Columbia Banking System, Inc. | 2,214 | 71,977 | ||||||
Community Bank System, Inc. | 1,711 | 68,337 | ||||||
Community Trust Bancorp, Inc. | 683 | 23,878 | ||||||
CommunityOne Bancorp* | 700 | 9,429 | ||||||
ConnectOne Bancorp, Inc. | 1,060 | 19,811 | ||||||
CU Bancorp* | 800 | 20,288 | ||||||
Customers Bancorp, Inc.* | 880 | 23,954 | ||||||
CVB Financial Corp. | 3,992 | 67,545 | ||||||
Eagle Bancorp, Inc.* | 1,173 | 59,201 | ||||||
Enterprise Bancorp, Inc. | 300 | 6,855 | ||||||
Enterprise Financial Services Corp. | 782 | 22,170 | ||||||
F.N.B. Corp. | 6,408 | 85,483 | ||||||
Farmers Capital Bank Corp.* | 300 | 8,133 | ||||||
Fidelity Southern Corp. | 607 | 13,542 | ||||||
Financial Institutions, Inc. | 440 | 12,320 | ||||||
First Bancorp | 824 | 15,442 | ||||||
First Bancorp Puerto Rico* | 4,700 | 15,275 | ||||||
First Bancorp, Inc. | 234 | 4,790 | ||||||
First Busey Corp. | 934 | 19,268 | ||||||
First Business Financial Services, Inc. | 400 | 10,004 | ||||||
First Citizens BancShares, Inc., Class A | 304 | 78,484 | ||||||
First Commonwealth Financial Corp. | 3,121 | 28,307 | ||||||
First Community Bancshares, Inc. | 626 | 11,662 | ||||||
First Connecticut Bancorp, Inc. | 659 | 11,473 | ||||||
First Financial Bancorp | 2,205 | 39,844 | ||||||
First Financial Bankshares, Inc. | 2,452 | 73,977 | ||||||
First Financial Corp. | 480 | 16,306 | ||||||
First Interstate BancSystem, Inc. | 800 | 23,256 | ||||||
First Merchants Corp. | 1,538 | 39,096 | ||||||
First Midwest Bancorp, Inc. | 2,814 | 51,862 | ||||||
First NBC Bank Holding Co.* | 600 | 22,434 | ||||||
FirstMerit Corp. | 6,394 | 119,248 | ||||||
Franklin Financial Network Inc.* | 300 | 9,414 | ||||||
Fulton Financial Corp. | 6,900 | 89,769 | ||||||
German American Bancorp, Inc. | 392 | 13,061 | ||||||
Glacier Bancorp, Inc. | 2,921 | 77,494 | ||||||
Great Southern Bancorp, Inc. | 471 | 21,317 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Banks — (continued) | ||||||||
Great Western Bancorp, Inc. | 1,600 | $ | 46,432 | |||||
Green Bancorp Inc.* | 700 | 7,336 | ||||||
Guaranty Bancorp | 500 | 8,270 | ||||||
Hancock Holding Co. | 3,072 | 77,322 | ||||||
Hanmi Financial Corp. | 1,213 | 28,772 | ||||||
Heartland Financial USA, Inc. | 717 | 22,485 | ||||||
Heritage Commerce Corp. | 600 | 7,176 | ||||||
Heritage Financial Corp. | 1,130 | 21,289 | ||||||
Heritage Oaks Bancorp | 1,300 | 10,413 | ||||||
Home BancShares, Inc. | 2,164 | 87,685 | ||||||
Horizon Bancorp | 400 | 11,184 | ||||||
IBERIABANK Corp. | 1,446 | 79,631 | ||||||
Independent Bank Corp. | 971 | 45,171 | ||||||
Independent Bank Corp. | 1,000 | 15,230 | ||||||
Independent Bank Group, Inc. | 400 | 12,800 | ||||||
International Bancshares Corp. | 1,925 | 49,473 | ||||||
Kearny Financial Corp. | 3,276 | 41,507 | ||||||
Lakeland Bancorp, Inc. | 1,111 | 13,099 | ||||||
Lakeland Financial Corp. | 594 | 27,692 | ||||||
LegacyTexas Financial Group, Inc. | 1,866 | 46,687 | ||||||
MainSource Financial Group, Inc. | 921 | 21,072 | ||||||
MB Financial, Inc. | 2,884 | 93,355 | ||||||
Mercantile Bank Corp. | 500 | 12,270 | ||||||
Merchants Bancshares, Inc. | 86 | 2,708 | ||||||
Metro Bancorp, Inc. | 563 | 17,667 | ||||||
MidWestOne Financial Group, Inc. | 400 | 12,164 | ||||||
National Bankshares, Inc. | 319 | 11,337 | ||||||
National Commerce Corp.* | 400 | 10,020 | ||||||
National Penn Bancshares, Inc. | 5,387 | 66,422 | ||||||
NBT Bancorp, Inc. | 1,769 | 49,320 | ||||||
NewBridge Bancorp | 1,100 | 13,398 | ||||||
OFG Bancorp | 1,810 | 13,249 | ||||||
Old National Bancorp | 4,186 | 56,762 | ||||||
Old Second Bancorp, Inc.* | 1,600 | 12,544 | ||||||
Opus Bank | 300 | 11,091 | ||||||
Pacific Continental Corp. | 862 | 12,827 | ||||||
Park National Corp. | 524 | 47,412 | ||||||
Park Sterling Corp. | 1,600 | 11,712 | ||||||
Peapack Gladstone Financial Corp. | 636 | 13,114 | ||||||
Penns Woods Bancorp, Inc. | 268 | 11,379 | ||||||
Peoples Bancorp, Inc. | 572 | 10,776 | ||||||
Peoples Financial Services Corp. | 300 | 11,424 | ||||||
Pinnacle Financial Partners, Inc. | 1,363 | 70,004 | ||||||
Preferred Bank | 500 | 16,510 | ||||||
PrivateBancorp, Inc. | 3,098 | 127,080 | ||||||
Prosperity Bancshares, Inc. | 2,726 | 130,466 | ||||||
QCR Holdings, Inc. | 400 | 9,716 | ||||||
Renasant Corp. | 1,635 | 56,260 | ||||||
Republic Bancorp, Inc., Class A | 387 | 10,221 | ||||||
S&T Bancorp, Inc. | 1,259 | 38,802 | ||||||
Sandy Spring Bancorp, Inc. | 1,085 | 29,252 | ||||||
Seacoast Banking Corp of Florida* | 1,040 | 15,579 | ||||||
ServisFirst Bancshares, Inc. | 800 | 38,024 | ||||||
Sierra Bancorp | 712 | 12,567 | ||||||
Simmons First National Corp., Class A | 1,100 | 56,496 | ||||||
South State Corp. | 958 | 68,928 |
128
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Banks — (continued) | ||||||||
Southside Bancshares, Inc. | 901 | $ | 21,642 | |||||
Southwest Bancorp, Inc. | 636 | 11,117 | ||||||
State Bank Financial Corp. | 1,200 | 25,236 | ||||||
Stock Yards Bancorp, Inc. | 645 | 24,375 | ||||||
Stonegate Bank | 500 | 16,430 | ||||||
Suffolk Bancorp | 443 | 12,559 | ||||||
Sun Bancorp, Inc.* | 220 | 4,541 | ||||||
Talmer Bancorp, Inc. | 1,900 | 34,409 | ||||||
Texas Capital Bancshares, Inc.* | 1,673 | 82,680 | ||||||
The Bancorp, Inc.* | 1,412 | 8,994 | ||||||
The First of Long Island Corp. | 593 | 17,790 | ||||||
Tompkins Financial Corp. | 558 | 31,337 | ||||||
Towne Bank | 1,832 | 38,234 | ||||||
TriCo Bancshares | 904 | 24,806 | ||||||
TriState Capital Holdings, Inc.* | 1,000 | 13,990 | ||||||
Triumph BanCorp., Inc.* | 500 | 8,250 | ||||||
TrustCo Bank Corp. | 3,252 | 19,967 | ||||||
Trustmark Corp. | 2,630 | 60,595 | ||||||
UMB Financial Corp. | 1,481 | 68,941 | ||||||
Umpqua Holdings Corp. | 8,501 | 135,166 | ||||||
Union Bankshares Corp. | 1,828 | 46,139 | ||||||
United Bankshares, Inc. | 2,692 | 99,577 | ||||||
United Community Banks, Inc. | 1,878 | 36,602 | ||||||
Univest Corp. of Pennsylvania | 600 | 12,516 | ||||||
Valley National Bancorp | 8,635 | 85,055 | ||||||
Walker & Dunlop, Inc.* | 900 | 25,929 | ||||||
Washington Trust Bancorp, Inc. | 670 | 26,478 | ||||||
Webster Financial Corp. | 3,528 | 131,206 | ||||||
WesBanco, Inc. | 1,531 | 45,961 | ||||||
West Bancorporation, Inc. | 778 | 15,366 | ||||||
Westamerica Bancorporation | 1,073 | 50,163 | ||||||
Western Alliance Bancorp* | 3,319 | 119,019 | ||||||
Wilshire Bancorp, Inc. | 2,676 | 30,908 | ||||||
Wintrust Financial Corp. | 1,742 | 84,522 | ||||||
Yadkin Financial Corp. | 1,100 | 27,687 | ||||||
|
| |||||||
5,658,942 | ||||||||
|
| |||||||
Beverages — 0.2% | ||||||||
Coca-Cola Bottling Co. Consolidated | 174 | 31,757 | ||||||
Craft Brew Alliance, Inc.* | 700 | 5,859 | ||||||
Farmer Bros Co.* | 204 | 6,583 | ||||||
National Beverage Corp.* | 442 | 20,084 | ||||||
The Boston Beer Co., Inc., Class A* | 359 | 72,486 | ||||||
|
| |||||||
136,769 | ||||||||
|
| |||||||
Biotechnology — 3.7% | ||||||||
Acceleron Pharma, Inc.* | 900 | 43,884 | ||||||
Achillion Pharmaceuticals, Inc.* | 4,300 | 46,397 | ||||||
Acorda Therapeutics, Inc.* | 1,531 | 65,496 | ||||||
Aduro Biotech, Inc.* | 300 | 8,442 | ||||||
Advaxis, Inc.* | 1,000 | 10,060 | ||||||
Affimed NV* | 279 | 1,987 | ||||||
Agenus, Inc.* | 3,200 | 14,528 | ||||||
Alder Biopharmaceuticals, Inc.* | 900 | 29,727 | ||||||
AMAG Pharmaceuticals, Inc.* | 1,256 | 37,919 | ||||||
ANI Pharmaceuticals, Inc.* | 300 | 13,538 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Biotechnology — (continued) | ||||||||
Applied Genetic Technologies Corp.* | 600 | $ | 12,240 | |||||
Ardelyx, Inc.* | 800 | 14,496 | ||||||
Arena Pharmaceuticals, Inc.* | 8,506 | 16,161 | ||||||
ARIAD Pharmaceuticals, Inc.* | 6,600 | 41,250 | ||||||
Assembly Biosciences, Inc.* | 400 | 3,004 | ||||||
Atara Biotherapeutics, Inc.* | 700 | 18,487 | ||||||
Avalanche Biotechnologies, Inc.* | 700 | 6,664 | ||||||
Bellicum Pharmaceuticals, Inc.* | 300 | 6,081 | ||||||
BioCryst Pharmaceuticals, Inc.* | 2,900 | 29,928 | ||||||
BioTime, Inc.* | 1,100 | 4,510 | ||||||
Blueprint Medicines Corp.* | 300 | 7,902 | ||||||
Cambrex Corp.* | 1,167 | 54,954 | ||||||
Celldex Therapeutics, Inc.* | 3,644 | 57,138 | ||||||
Cellular Biomedicine Group, Inc.* | 300 | 6,447 | ||||||
Coherus Biosciences, Inc.* | 800 | 18,368 | ||||||
CTI BioPharma Corp.* | 5,000 | 6,150 | ||||||
Curis, Inc.* | 3,600 | 10,476 | ||||||
Cytokinetics, Inc.* | 1,000 | 10,460 | ||||||
CytomX Therapeutics Inc.* | 400 | 8,348 | ||||||
CytRx Corp.* | �� | 2,600 | 6,890 | |||||
Dermira, Inc.* | 500 | 17,305 | ||||||
Dynavax Technologies Corp.* | 1,320 | 31,891 | ||||||
Emergent BioSolutions, Inc.* | 1,058 | 42,331 | ||||||
Epizyme, Inc.* | 1,000 | 16,020 | ||||||
Exact Sciences Corp.* | 3,600 | 33,228 | ||||||
Exelixis, Inc.* | 8,169 | 46,073 | ||||||
Fibrocell Science, Inc.* | 400 | 1,820 | ||||||
Five Prime Therapeutics, Inc.* | 800 | 33,200 | ||||||
Foundation Medicine, Inc.* | 518 | 10,909 | ||||||
Galena Biopharma, Inc.* | 8,000 | 11,760 | ||||||
Genocea Biosciences, Inc.* | 600 | 3,162 | ||||||
Geron Corp.* | 6,550 | 31,702 | ||||||
Halozyme Therapeutics, Inc.* | 3,989 | 69,129 | ||||||
Harvard Bioscience, Inc.* | 2,100 | 7,287 | ||||||
Idera Pharmaceuticals, Inc.* | 2,300 | 7,107 | ||||||
ImmunoGen, Inc.* | 3,263 | 44,279 | ||||||
Immunomedics, Inc.* | 2,936 | 9,014 | ||||||
Inovio Pharmaceuticals, Inc.* | 2,500 | 16,800 | ||||||
Insmed, Inc.* | 2,300 | 41,745 | ||||||
Karyopharm Therapeutics, Inc.* | 800 | 10,600 | ||||||
Kite Pharma, Inc.* | 1,100 | 67,782 | ||||||
Lexicon Pharmaceuticals, Inc.* | 1,760 | 23,426 | ||||||
Ligand Pharmaceuticals, Inc.* | 644 | 69,823 | ||||||
Lion Biotechnologies, Inc.* | 1,500 | 11,580 | ||||||
Loxo Oncology, Inc.* | 300 | 8,535 | ||||||
MacroGenics, Inc.* | 1,300 | 40,261 | ||||||
Merrimack Pharmaceuticals, Inc.* | 4,500 | 35,550 | ||||||
Momenta Pharmaceuticals, Inc.* | 2,182 | 32,381 | ||||||
Myriad Genetics, Inc.* | 2,700 | 116,532 | ||||||
NeoGenomics, Inc.* | 1,700 | 13,379 | ||||||
NewLink Genetics Corp.* | 700 | 25,473 | ||||||
Novavax, Inc.* | 10,129 | 84,982 | ||||||
Ocata Therapeutics, Inc.* | 2,000 | 16,840 | ||||||
Omeros Corp.* | 1,400 | 22,022 | ||||||
OncoMed Pharmaceuticals, Inc.* | 600 | 13,524 | ||||||
Oncothyreon, Inc.* | 3,300 | 7,326 |
129
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Biotechnology — (continued) | ||||||||
Organovo Holdings, Inc.* | 2,700 | $ | 6,723 | |||||
Pacific Biosciences of California, Inc.* | 2,400 | 31,512 | ||||||
Paratek Pharmaceuticals, Inc.* | 400 | 7,588 | ||||||
PDL BioPharma, Inc. | 6,217 | 22,008 | ||||||
Peregrine Pharmaceuticals, Inc.* | 5,800 | 6,786 | ||||||
Pfenex, Inc.* | 500 | 6,190 | ||||||
Prothena Corp. PLC* | 1,200 | 81,732 | ||||||
PTC Therapeutics, Inc.* | 1,200 | 38,880 | ||||||
REGENXBIO Inc.* | 300 | 4,980 | ||||||
Repligen Corp.* | 1,300 | 36,777 | ||||||
Retrophin, Inc.* | 1,200 | 23,148 | ||||||
Rigel Pharmaceuticals, Inc.* | 2,690 | 8,151 | ||||||
RTI Surgical, Inc.* | 2,035 | 8,079 | ||||||
Sage Therapeutics, Inc.* | 500 | 29,150 | ||||||
Sangamo BioSciences, Inc.* | 2,403 | 21,939 | ||||||
Sequenom, Inc.* | 5,097 | 8,359 | ||||||
Spark Therapeutics, Inc.* | 300 | 13,593 | ||||||
Spectrum Pharmaceuticals, Inc.* | 2,414 | 14,556 | ||||||
Stemline Therapeutics, Inc.* | 400 | 2,524 | ||||||
The Medicines Co.* | 2,592 | 96,785 | ||||||
Theravance Biopharma Inc.* | 1,000 | 16,390 | ||||||
Theravance, Inc. | 2,900 | 30,566 | ||||||
Tokai Pharmaceuticals Inc.* | 600 | 5,232 | ||||||
Trovagene, Inc.* | 800 | 4,320 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 1,500 | 168,270 | ||||||
Verastem, Inc.* | 600 | 1,116 | ||||||
Versartis, Inc.* | 700 | 8,673 | ||||||
XOMA Corp.* | 3,600 | 4,788 | ||||||
ZIOPHARM Oncology, Inc.* | 4,627 | 38,450 | ||||||
|
| |||||||
2,433,975 | ||||||||
|
| |||||||
Building Materials — 1.3% | ||||||||
AAON, Inc. | 1,585 | 36,804 | ||||||
Apogee Enterprises, Inc. | 1,043 | 45,381 | ||||||
Boise Cascade Co.* | 1,400 | 35,742 | ||||||
Builders FirstSource, Inc.* | 2,173 | 24,077 | ||||||
Comfort Systems USA, Inc. | 1,527 | 43,397 | ||||||
Continental Building Products, Inc.* | 1,100 | 19,206 | ||||||
Drew Industries, Inc. | 891 | 54,253 | ||||||
Gibraltar Industries, Inc.* | 1,101 | 28,009 | ||||||
Griffon Corp. | 1,256 | 22,357 | ||||||
Headwaters, Inc.* | 2,880 | 48,586 | ||||||
Louisiana-Pacific Corp.* | 5,394 | 97,146 | ||||||
LSI Industries, Inc. | 1,314 | 16,018 | ||||||
Masonite International Corp.* | 1,100 | 67,353 | ||||||
NCI Building Systems, Inc.* | 1,264 | 15,686 | ||||||
Nortek, Inc.* | 400 | 17,448 | ||||||
Patrick Industries, Inc.* | 450 | 19,575 | ||||||
PGT, Inc.* | 1,700 | 19,363 | ||||||
Ply Gem Holdings, Inc.* | 600 | 7,524 | ||||||
Quanex Building Products Corp. | 1,425 | 29,711 | ||||||
Simpson Manufacturing Co., Inc. | 1,685 | 57,543 | ||||||
Summit Materials, Inc., Class A* | 913 | 18,296 | ||||||
Trex Co., Inc.* | 1,262 | 48,006 | ||||||
Universal Forest Products, Inc. | 783 | 53,534 | ||||||
US Concrete, Inc.* | 600 | 31,596 | ||||||
|
| |||||||
856,611 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Chemicals — 1.6% | ||||||||
A. Schulman, Inc. | 1,188 | $ | 36,400 | |||||
Aceto Corp. | 1,042 | 28,113 | ||||||
American Vanguard Corp. | 1,078 | 15,103 | ||||||
Axiall Corp. | 2,600 | 40,040 | ||||||
Balchem Corp. | 1,205 | 73,264 | ||||||
Chemtura Corp.* | 2,514 | 68,557 | ||||||
Ferro Corp.* | 2,638 | 29,335 | ||||||
H.B. Fuller Co. | 1,980 | 72,211 | ||||||
Hawkins, Inc. | 449 | 16,061 | ||||||
Innophos Holdings, Inc. | 796 | 23,068 | ||||||
Innospec, Inc. | 900 | 48,879 | ||||||
Intrepid Potash, Inc.* | 2,100 | 6,195 | ||||||
KMG Chemicals, Inc. | 200 | 4,604 | ||||||
Kraton Performance Polymers, Inc.* | 1,241 | 20,613 | ||||||
Kronos Worldwide, Inc. | 900 | 5,076 | ||||||
Landec Corp.* | 1,218 | 14,409 | ||||||
Minerals Technologies, Inc. | 1,328 | 60,902 | ||||||
Oil-Dri Corp. of America | 97 | 3,572 | ||||||
Olin Corp. | 6,192 | 106,874 | ||||||
OMNOVA Solutions, Inc.* | 2,368 | 14,516 | ||||||
PolyOne Corp. | 3,355 | 106,555 | ||||||
Quaker Chemical Corp. | 511 | 39,480 | ||||||
Rayonier Advanced Materials, Inc. | 1,400 | 13,706 | ||||||
Rentech, Inc.* | 718 | 2,527 | ||||||
Sensient Technologies Corp. | 1,774 | 111,443 | ||||||
Stepan Co. | 708 | 35,180 | ||||||
Tronox Ltd., Class A | 2,400 | 9,384 | ||||||
Univar Inc.* | 1,700 | 28,917 | ||||||
|
| |||||||
1,034,984 | ||||||||
|
| |||||||
Coal — 0.0% | ||||||||
Cloud Peak Energy, Inc.* | 2,600 | 5,408 | ||||||
Peabody Energy Corp. | 633 | 4,862 | ||||||
SunCoke Energy, Inc. | 2,341 | 8,123 | ||||||
Westmoreland Coal Co.* | 600 | 3,528 | ||||||
|
| |||||||
21,921 | ||||||||
|
| |||||||
Commercial Services — 5.1% | ||||||||
ABM Industries, Inc. | 2,139 | 60,897 | ||||||
Acacia Research Corp. | 1,880 | 8,065 | ||||||
Alarm.com Holdings, Inc.* | 400 | 6,672 | ||||||
Albany Molecular Research, Inc.* | 900 | 17,865 | ||||||
American Public Education, Inc.* | 755 | 14,051 | ||||||
AMN Healthcare Services, Inc.* | 1,909 | 59,274 | ||||||
Apollo Education Group, Inc., Class A* | 3,300 | 25,311 | ||||||
ARC Document Solutions, Inc.* | 1,436 | 6,347 | ||||||
Arrowhead Research Corp.* | 2,100 | 12,915 | ||||||
Ascent Capital Group Inc., Class A* | 531 | 8,878 | ||||||
Barrett Business Services, Inc. | 342 | 14,891 | ||||||
Bridgepoint Education, Inc.* | 480 | 3,653 | ||||||
Bright Horizons Family Solutions, Inc.* | 1,400 | 93,520 | ||||||
Capella Education Co. | 407 | 18,812 | ||||||
Cardtronics, Inc.* | 1,763 | 59,325 | ||||||
Care.com Inc* | 1,100 | 7,876 | ||||||
Career Education Corp.* | 2,300 | 8,349 | ||||||
Carriage Services, Inc. | 600 | 14,460 |
130
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Commercial Services — (continued) | ||||||||
CBIZ, Inc.* | 2,140 | $ | 21,100 | |||||
CDI Corp. | 741 | 5,009 | ||||||
CEB, Inc. | 1,269 | 77,904 | ||||||
Civeo Corp.* | 3,700 | 5,254 | ||||||
Collectors Universe, Inc. | 400 | 6,200 | ||||||
CorVel Corp.* | 462 | 20,291 | ||||||
CPI Card Group Inc.* | 800 | 8,528 | ||||||
CRA International, Inc.* | 274 | 5,110 | ||||||
Cross Country Healthcare, Inc.* | 1,084 | 17,767 | ||||||
Deluxe Corp. | 1,907 | 104,008 | ||||||
DeVry Education Group, Inc. | 2,300 | 58,213 | ||||||
Electro Rent Corp. | 715 | 6,578 | ||||||
Ennis, Inc. | 858 | 16,517 | ||||||
Euronet Worldwide, Inc.* | 1,955 | 141,601 | ||||||
Everi Holdings, Inc.* | 2,396 | 10,518 | ||||||
EVERTEC, Inc. | 2,600 | 43,524 | ||||||
ExamWorks Group, Inc.* | 1,500 | 39,900 | ||||||
ExlService Holdings, Inc.* | 1,200 | 53,916 | ||||||
Forrester Research, Inc. | 375 | 10,680 | ||||||
Franklin Covey Co.* | 241 | 4,034 | ||||||
FTI Consulting, Inc.* | 1,556 | 53,931 | ||||||
Grand Canyon Education, Inc.* | 1,756 | 70,451 | ||||||
Great Lakes Dredge & Dock Corp.* | 2,751 | 10,894 | ||||||
Green Dot Corp.* | 1,900 | 31,198 | ||||||
Healthcare Services Group, Inc. | 2,680 | 93,452 | ||||||
HealthEquity, Inc.* | 1,300 | 32,591 | ||||||
Heartland Payment Systems, Inc. | 1,469 | 139,291 | ||||||
Heidrick & Struggles International, Inc. | 669 | 18,210 | ||||||
HMS Holdings Corp.* | 3,415 | 42,141 | ||||||
Huron Consulting Group, Inc.* | 828 | 49,183 | ||||||
ICF International, Inc.* | 748 | 26,599 | ||||||
INC Research Holdings, Inc.* | 500 | 24,255 | ||||||
Insperity, Inc. | 724 | 34,861 | ||||||
James River Group Holdings Ltd. | 400 | 13,416 | ||||||
K12, Inc.* | 1,152 | 10,138 | ||||||
Kelly Services, Inc., Class A | 1,014 | 16,376 | ||||||
Kforce, Inc. | 1,086 | 27,454 | ||||||
Korn/Ferry International | 1,990 | 66,028 | ||||||
Landauer, Inc. | 480 | 15,802 | ||||||
LendingTree, Inc.* | 200 | 17,856 | ||||||
Liberty Tax, Inc. | 200 | 4,766 | ||||||
LifeLock, Inc.* | 3,700 | 53,095 | ||||||
Matthews International Corp., Class A | 1,205 | 64,407 | ||||||
MAXIMUS, Inc. | 2,488 | 139,950 | ||||||
McGrath RentCorp | 953 | 24,006 | ||||||
Medifast, Inc. | 331 | 10,056 | ||||||
MoneyGram International, Inc.* | 878 | 5,505 | ||||||
Monro Muffler Brake, Inc. | 1,237 | 81,914 | ||||||
Monster Worldwide, Inc.* | 3,900 | 22,347 | ||||||
Multi-Color Corp. | 467 | 27,931 | ||||||
National Research Corp. | 687 | 11,019 | ||||||
Navigant Consulting, Inc.* | 1,984 | 31,863 | ||||||
On Assignment, Inc.* | 1,952 | 87,742 | ||||||
PAREXEL International Corp.* | 2,099 | 142,984 | ||||||
Patriot National Inc.* | 500 | 3,355 | ||||||
Paylocity Holding Corp.* | 500 | 20,275 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Commercial Services — (continued) | ||||||||
Pendrell Corp.* | 5,800 | $ | 2,906 | |||||
PFSWeb, Inc.* | 400 | 5,148 | ||||||
Quad/Graphics, Inc. | 1,000 | 9,300 | ||||||
Rent-A-Center, Inc. | 1,953 | 29,236 | ||||||
Resources Connection, Inc. | 1,322 | 21,601 | ||||||
RPX Corp.* | 2,100 | 23,100 | ||||||
ServiceSource International, Inc.* | 2,400 | 11,064 | ||||||
Sotheby’s | 2,341 | 60,304 | ||||||
SP Plus Corp.* | 793 | 18,953 | ||||||
Strayer Education, Inc.* | 400 | 24,048 | ||||||
Team Health Holdings, Inc.* | 2,772 | 121,663 | ||||||
Team, Inc.* | 792 | 25,312 | ||||||
TeleTech Holdings, Inc. | 707 | 19,732 | ||||||
The Advisory Board Co.* | 1,550 | 76,896 | ||||||
The Brink’s Co. | 1,910 | 55,123 | ||||||
The Hackett Group, Inc. | 1,116 | 17,934 | ||||||
The Providence Service Corp.* | 600 | 28,152 | ||||||
Travelport Worldwide Ltd. | 4,200 | 54,180 | ||||||
TriNet Group, Inc.* | 1,400 | 27,090 | ||||||
TrueBlue, Inc.* | 1,576 | 40,598 | ||||||
Universal Technical Institute, Inc. | 525 | 2,447 | ||||||
Vectrus, Inc.* | 300 | 6,267 | ||||||
Viad Corp. | 771 | 21,765 | ||||||
Weight Watchers International, Inc.* | 1,200 | 27,360 | ||||||
|
| |||||||
3,353,334 | ||||||||
|
| |||||||
Computers — 2.8% | ||||||||
A10 Networks, Inc.* | 800 | 5,248 | ||||||
Agilysys, Inc.* | 376 | 3,756 | ||||||
Barracuda Networks, Inc.* | 200 | 3,736 | ||||||
CACI International, Inc., Class A* | 950 | 88,141 | ||||||
Carbonite, Inc.* | 800 | 7,840 | ||||||
Ciber, Inc.* | 3,557 | 12,485 | ||||||
Convergys Corp. | 3,883 | 96,648 | ||||||
Cray, Inc.* | 1,599 | 51,888 | ||||||
Datalink Corp.* | 900 | 6,120 | ||||||
Diebold, Inc. | 2,500 | 75,225 | ||||||
Digimarc Corp.* | 300 | 10,953 | ||||||
Electronics For Imaging, Inc.* | 1,824 | 85,254 | ||||||
Engility Holdings, Inc. | 700 | 22,736 | ||||||
EPAM Systems, Inc.* | 1,900 | 149,378 | ||||||
Fleetmatics Group PLC* | 1,500 | 76,185 | ||||||
Globant SA* | 500 | 18,755 | ||||||
Immersion Corp.* | 842 | 9,818 | ||||||
Insight Enterprises, Inc.* | 1,543 | 38,760 | ||||||
LivePerson, Inc.* | 1,925 | 12,994 | ||||||
Luxoft Holding Inc.* | 700 | 53,991 | ||||||
Manhattan Associates, Inc.* | 2,768 | 183,159 | ||||||
Mentor Graphics Corp. | 3,676 | 67,712 | ||||||
Mercury Systems, Inc.* | 1,436 | 26,365 | ||||||
MTS Systems Corp. | 560 | 35,510 | ||||||
NetScout Systems, Inc.* | 3,465 | 106,376 | ||||||
Nimble Storage, Inc.* | 1,800 | 16,560 | ||||||
Pure Storage Inc., Class A* | 1,200 | 18,684 | ||||||
Qualys, Inc.* | 900 | 29,781 | ||||||
Quantum Corp.* | 8,761 | 8,148 |
131
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Computers — (continued) | ||||||||
RealD, Inc.* | 1,608 | $ | 16,964 | |||||
Science Applications International Corp. | 1,800 | 82,404 | ||||||
Silicon Graphics International Corp.* | 1,366 | 8,059 | ||||||
Silver Spring Networks, Inc.* | 1,500 | 21,615 | ||||||
Stratasys Ltd.* | 1,800 | 42,264 | ||||||
Super Micro Computer, Inc.* | 1,271 | 31,152 | ||||||
Sykes Enterprises, Inc.* | 1,536 | 47,278 | ||||||
Synaptics, Inc.* | 1,416 | 113,761 | ||||||
Syntel, Inc.* | 1,160 | 52,490 | ||||||
The KEYW Holding Corp.* | 1,300 | 7,826 | ||||||
Unisys Corp.* | 1,724 | 19,050 | ||||||
Varonis Systems, Inc.* | 300 | 5,640 | ||||||
Violin Memory, Inc.* | 3,500 | 3,150 | ||||||
Virtusa Corp.* | 1,089 | 45,019 | ||||||
Vocera Communications, Inc.* | 800 | 9,760 | ||||||
|
| |||||||
1,828,638 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.1% | ||||||||
Elizabeth Arden, Inc.* | 760 | 7,524 | ||||||
Inter Parfums, Inc. | 624 | 14,863 | ||||||
Revlon, Inc., Class A* | 570 | 15,869 | ||||||
|
| |||||||
38,256 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.8% | ||||||||
Beacon Roofing Supply, Inc.* | 1,981 | 81,578 | ||||||
Core-Mark Holding Co., Inc. | 882 | 72,271 | ||||||
Essendant, Inc. | 1,519 | 49,383 | ||||||
H&E Equipment Services, Inc. | 1,159 | 20,259 | ||||||
Owens & Minor, Inc. | 2,476 | 89,087 | ||||||
Pool Corp. | 1,676 | 135,387 | ||||||
Rentrak Corp.* | 465 | 22,101 | ||||||
ScanSource, Inc.* | 1,181 | 38,052 | ||||||
Titan Machinery, Inc.* | 523 | 5,716 | ||||||
Veritiv Corp.* | 300 | 10,866 | ||||||
|
| |||||||
524,700 | ||||||||
|
| |||||||
Diversified Financial Services — 2.4% | ||||||||
Aircastle Ltd. | 2,476 | 51,724 | ||||||
Altisource Asset Management Corp.* | 53 | 909 | ||||||
Altisource Portfolio Solutions SA* | 500 | 13,905 | ||||||
Ashford, Inc.* | 26 | 1,385 | ||||||
Associated Capital Group Inc., Class A* | 262 | 7,991 | ||||||
BGC Partners, Inc., Class A | 6,907 | 67,758 | ||||||
Blackhawk Network Holdings, Inc.* | 2,000 | 88,420 | ||||||
Calamos Asset Management, Inc., Class A | 469 | 4,540 | ||||||
Cohen & Steers, Inc. | 817 | 24,902 | ||||||
Cowen Group, Inc., Class A* | 3,790 | 14,516 | ||||||
Diamond Hill Investment Group, Inc. | 107 | 20,223 | ||||||
Ellie Mae, Inc.* | 1,100 | 66,253 | ||||||
Encore Capital Group, Inc.* | 997 | 28,993 | ||||||
Enova International, Inc.* | 1,029 | 6,802 | ||||||
Evercore Partners, Inc., Class A | 1,322 | 71,481 | ||||||
Federal Agricultural Mortgage Corp., Class C | 300 | 9,471 | ||||||
Financial Engines, Inc. | 1,900 | 63,973 | ||||||
FNFV Group* | 2,800 | 31,444 | ||||||
GAIN Capital Holdings, Inc. | 800 | 6,488 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Diversified Financial Services — (continued) | ||||||||
GAMCO Investors, Inc., Class A | 262 | $ | 8,132 | |||||
Greenhill & Co., Inc. | 1,100 | 31,471 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 1,400 | 26,488 | ||||||
Houlihan Lokey Inc. | 600 | 15,726 | ||||||
Impac Mortgage Holdings, Inc.* | 500 | 9,000 | ||||||
INTL. FCstone, Inc.* | 593 | 19,842 | ||||||
Investment Technology Group, Inc. | 1,300 | 22,126 | ||||||
Janus Capital Group, Inc. | 5,600 | 78,904 | ||||||
KCG Holdings, Inc.* | 1,181 | 14,538 | ||||||
Ladder Capital Corp.Class A | 1,400 | 17,388 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 4,000 | 11,040 | ||||||
MarketAxess Holdings, Inc. | 1,399 | 156,114 | ||||||
Marlin Business Services Corp. | 200 | 3,212 | ||||||
Moelis & Co., Class A | 600 | 17,508 | ||||||
Nationstar Mortgage Holdings, Inc.* | 1,300 | 17,381 | ||||||
Nelnet, Inc., Class A | 799 | 26,822 | ||||||
NewStar Financial, Inc.* | 1,300 | 11,674 | ||||||
Ocwen Financial Corp.* | 3,800 | 26,486 | ||||||
OM Asset Management PLC | 900 | 13,797 | ||||||
On Deck Capital, Inc.* | 400 | 4,120 | ||||||
Oppenheimer Holdings, Inc., Class A | 238 | 4,136 | ||||||
PennyMac Financial Service, Class A* | 500 | 7,680 | ||||||
PHH Corp.* | 1,989 | 32,222 | ||||||
Piper Jaffray Cos.* | 687 | 27,755 | ||||||
PRA Group, Inc.* | 1,848 | 64,107 | ||||||
Pzena Investment Management, Inc., Class A | 130 | 1,118 | ||||||
RCS Capital Corp.* | 1,600 | 487 | ||||||
Regional Management Corp.* | 200 | 3,094 | ||||||
Stifel Financial Corp.* | 2,506 | 106,154 | ||||||
Stonegate Mortgage Corp.* | 300 | 1,635 | ||||||
Teton Advisors, Inc., Class B~ | 2 | 98 | ||||||
The J.G. Wentworth Company, Class A* | 400 | 720 | ||||||
Virtu Financial, Inc., Class A | 600 | 13,584 | ||||||
Virtus Investment Partners, Inc. | 272 | 31,949 | ||||||
Wageworks, Inc.* | 1,300 | 58,981 | ||||||
Walter Investment Management Corp.* | 1,353 | 19,240 | ||||||
Westwood Holdings Group, Inc. | 311 | 16,200 | ||||||
WisdomTree Investments, Inc. | 4,400 | 68,992 | ||||||
World Acceptance Corp.* | 262 | 9,720 | ||||||
|
| |||||||
1,580,819 | ||||||||
|
| |||||||
Electric — 2.0% | ||||||||
Abengoa Yield PLC | 1,700 | 32,793 | ||||||
ALLETE, Inc. | 1,851 | 94,086 | ||||||
Ameresco, Inc., Class A* | 1,100 | 6,875 | ||||||
Atlantic Power Corp. | 4,127 | 8,130 | ||||||
Avista Corp. | 2,439 | 86,267 | ||||||
Black Hills Corp. | 1,948 | 90,446 | ||||||
Cleco Corp. | 2,271 | 118,569 | ||||||
Dynegy, Inc.* | 5,000 | 67,000 | ||||||
El Paso Electric Co. | 1,577 | 60,715 | ||||||
EnerNOC, Inc.* | 1,300 | 5,005 | ||||||
Genie Energy Ltd. | 800 | 8,920 | ||||||
IDACORP, Inc. | 1,901 | 129,268 | ||||||
MGE Energy, Inc. | 1,342 | 62,269 |
132
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Electric — (continued) | ||||||||
NorthWestern Corp. | 1,780 | $ | 96,565 | |||||
NRG Yield, Inc. | 1,500 | 20,865 | ||||||
NRG Yield, Inc. | 2,500 | 36,900 | ||||||
Ormat Technologies, Inc. | 1,500 | 54,705 | ||||||
Otter Tail Corp. | 1,292 | 34,406 | ||||||
PNM Resources, Inc. | 2,910 | 88,959 | ||||||
Portland General Electric Co. | 3,456 | 125,695 | ||||||
Talen Energy Corp.* | 2,900 | 18,067 | ||||||
The Empire District Electric Co. | 1,719 | 48,252 | ||||||
Unitil Corp. | 663 | 23,788 | ||||||
|
| |||||||
1,318,545 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.9% | ||||||||
Advanced Energy Industries, Inc.* | 1,693 | 47,793 | ||||||
Belden, Inc. | 1,655 | 78,910 | ||||||
Encore Wire Corp. | 771 | 28,596 | ||||||
EnerSys | 1,723 | 96,367 | ||||||
Generac Holdings, Inc.* | 2,649 | 78,861 | ||||||
General Cable Corp. | 1,900 | 25,517 | ||||||
Graham Corp. | 466 | 7,838 | ||||||
Insteel Industries, Inc. | 691 | 14,456 | ||||||
Littelfuse, Inc. | 878 | 93,955 | ||||||
Powell Industries, Inc. | 429 | 11,167 | ||||||
PowerSecure International, Inc.* | 800 | 12,040 | ||||||
Universal Display Corp.* | 1,549 | 84,328 | ||||||
Vicor Corp.* | 422 | 3,849 | ||||||
|
| |||||||
583,677 | ||||||||
|
| |||||||
Electronics — 2.2% | ||||||||
Allied Motion Technologies Inc. | 400 | 10,472 | ||||||
American Science & Engineering, Inc. | 278 | 11,504 | ||||||
Applied Optoelectronics, Inc.* | 700 | 12,012 | ||||||
AVX Corp. | 1,600 | 19,424 | ||||||
Badger Meter, Inc. | 559 | 32,752 | ||||||
Bel Fuse, Inc., Class B | 269 | 4,651 | ||||||
Benchmark Electronics, Inc.* | 2,077 | 42,932 | ||||||
Brady Corp., Class A | 1,857 | 42,674 | ||||||
Checkpoint Systems, Inc. | 1,545 | 9,687 | ||||||
Coherent, Inc.* | 873 | 56,841 | ||||||
Control4 Corp.* | 400 | 2,908 | ||||||
CTS Corp. | 1,263 | 22,279 | ||||||
ESCO Technologies, Inc. | 1,034 | 37,369 | ||||||
FARO Technologies, Inc.* | 620 | 18,302 | ||||||
FEI Co. | 1,546 | 123,355 | ||||||
Fluidigm Corp.* | 1,100 | 11,891 | ||||||
GSl Group, Inc.* | 1,500 | 20,430 | ||||||
II-VI, Inc.* | 2,056 | 38,159 | ||||||
IMAX Corp.* | 2,200 | 78,188 | ||||||
Imprivata, Inc.* | 300 | 3,390 | ||||||
Itron, Inc.* | 1,500 | 54,270 | ||||||
Kimball Electronics, Inc.* | 933 | 10,254 | ||||||
Mesa Laboratories, Inc. | 100 | 9,950 | ||||||
Methode Electronics, Inc. | 1,460 | 46,472 | ||||||
Multi-Fineline Electronix, Inc.* | 152 | 3,143 | ||||||
Newport Corp.* | 1,463 | 23,218 | ||||||
NVE Corp. | 209 | 11,742 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Electronics — (continued) | ||||||||
OSI Systems, Inc.* | 757 | $ | 67,116 | |||||
Park Electrochemical Corp. | 833 | 12,545 | ||||||
Plexus Corp.* | 1,303 | 45,501 | ||||||
Rofin-Sinar Technologies, Inc.* | 1,186 | 31,761 | ||||||
Rogers Corp.* | 660 | 34,036 | ||||||
Sanmina Corp.* | 3,126 | 64,333 | ||||||
Sparton Corp.* | 400 | 7,996 | ||||||
Stoneridge, Inc.* | 1,273 | 18,840 | ||||||
TASER International, Inc.* | 2,011 | 34,770 | ||||||
Tech Data Corp.* | 1,400 | 92,932 | ||||||
TTM Technologies, Inc.* | 2,429 | 15,813 | ||||||
Vishay Intertechnology, Inc. | 5,400 | 65,070 | ||||||
Vishay Precision Group, Inc.* | 300 | 3,396 | ||||||
Watts Water Technologies, Inc., Class A | 1,117 | 55,481 | ||||||
Woodward, Inc. | 2,523 | 125,292 | ||||||
ZAGG, Inc.* | 900 | 9,846 | ||||||
|
| |||||||
1,442,997 | ||||||||
|
| |||||||
Energy-Alternate Sources — 0.3% | ||||||||
Clean Energy Fuels Corp.* | 2,900 | 10,440 | ||||||
Enphase Energy, Inc.* | 400 | 1,404 | ||||||
FuelCell Energy Inc.* | 581 | 2,882 | ||||||
FutureFuel Corp. | 1,100 | 14,850 | ||||||
Green Plains, Inc. | 1,467 | 33,594 | ||||||
Pacific Ethanol, Inc.* | 900 | 4,302 | ||||||
Pattern Energy Group, Inc. | 2,300 | 48,093 | ||||||
Plug Power, Inc.* | 6,800 | 14,348 | ||||||
Renewable Energy Group, Inc.* | 1,600 | 14,864 | ||||||
REX American Resources Corp.* | 192 | 10,381 | ||||||
Solazyme, Inc.* | 3,100 | 7,688 | ||||||
Sunrun Inc.* | 1,000 | 11,770 | ||||||
TerraForm Global Inc., Class A | 2,100 | 11,739 | ||||||
Vivint Solar, Inc.* | 800 | 7,648 | ||||||
|
| |||||||
194,003 | ||||||||
|
| |||||||
Engineering & Construction — 0.8% | ||||||||
Aegion Corp.* | 1,555 | 30,027 | ||||||
Argan, Inc. | 536 | 17,366 | ||||||
Dycom Industries, Inc.* | 1,353 | 94,656 | ||||||
EMCOR Group, Inc. | 2,363 | 113,519 | ||||||
Exponent, Inc. | 1,040 | 51,948 | ||||||
Granite Construction, Inc. | 1,444 | 61,962 | ||||||
Hill International, Inc.* | 1,500 | 5,820 | ||||||
MasTec, Inc.* | 2,464 | 42,824 | ||||||
McDermott International, Inc.* | 9,300 | 31,155 | ||||||
Mistras Group, Inc.* | 800 | 15,272 | ||||||
MYR Group, Inc.* | 683 | 14,077 | ||||||
NV5 Holdings Inc* | 300 | 6,594 | ||||||
Orion Marine Group, Inc.* | 1,137 | 4,741 | ||||||
Tutor Perini Corp.* | 1,397 | 23,386 | ||||||
VSE Corp. | 104 | 6,467 | ||||||
|
| |||||||
519,814 | ||||||||
|
| |||||||
Entertainment — 1.1% | ||||||||
AMC Entertainment Holdings, Inc., Class A | 800 | 19,200 | ||||||
Carmike Cinemas, Inc.* | 800 | 18,352 |
133
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Entertainment — (continued) | ||||||||
Churchill Downs, Inc. | 520 | $ | 73,575 | |||||
DreamWorks Animation SKG, Inc., Class A* | 3,000 | 77,310 | ||||||
Eldorado Resorts, Inc.* | 1,000 | 11,000 | ||||||
Eros International PLC* | 1,200 | 10,980 | ||||||
International Speedway Corp. | 1,100 | 37,092 | ||||||
Isle of Capri Casinos, Inc.* | 841 | 11,715 | ||||||
Marriott Vacations Worldwide Corp. | 1,000 | 56,950 | ||||||
National CineMedia, Inc. | 2,374 | 37,296 | ||||||
Penn National Gaming, Inc.* | 3,200 | 51,264 | ||||||
Pinnacle Entertainment, Inc.* | 2,382 | 74,128 | ||||||
Reading International, Inc., Class A* | 700 | 9,177 | ||||||
Scientific Games Corp., Class A* | 1,900 | 17,043 | ||||||
SeaWorld Entertainment, Inc. | 2,700 | 53,163 | ||||||
SFX Entertainment, Inc.* | 1,500 | 285 | ||||||
Speedway Motorsports, Inc. | 316 | 6,547 | ||||||
Vail Resorts, Inc. | 1,446 | 185,073 | ||||||
|
| |||||||
750,150 | ||||||||
|
| |||||||
Environmental Control — 0.4% | ||||||||
Calgon Carbon Corp. | 2,162 | 37,295 | ||||||
Casella Waste Systems, Inc., Class A* | 2,300 | 13,754 | ||||||
CECO Environmental Corp. | 709 | 5,445 | ||||||
Darling Ingredients, Inc.* | 6,267 | 65,929 | ||||||
Fenix Parts Inc* | 800 | 5,432 | ||||||
Heritage-Crystal Clean, Inc.* | 200 | 2,120 | ||||||
MSA Safety, Inc. | 1,121 | 48,730 | ||||||
Tetra Tech, Inc. | 2,364 | 61,511 | ||||||
TRC Cos., Inc.* | 900 | 8,325 | ||||||
U.S. Ecology, Inc. | 742 | 27,038 | ||||||
|
| |||||||
275,579 | ||||||||
|
| |||||||
Food — 2.0% | ||||||||
Amplify Snack Brands Inc.* | 900 | 10,368 | ||||||
B&G Foods, Inc. | 2,172 | 76,063 | ||||||
Boulder Brands, Inc.* | 2,579 | 28,317 | ||||||
Cal-Maine Foods, Inc. | 1,246 | 57,740 | ||||||
Calavo Growers, Inc. | 651 | 31,899 | ||||||
Dean Foods Co. | 3,700 | 63,455 | ||||||
Diamond Foods, Inc.* | 1,076 | 41,480 | ||||||
Fairway Group Holdings Corp.* | 600 | 396 | ||||||
Fresh Del Monte Produce Inc. | 1,216 | 47,278 | ||||||
Ingles Markets, Inc., Class A | 604 | 26,624 | ||||||
Inventure Foods, Inc.* | 500 | 3,550 | ||||||
J&J Snack Foods Corp. | 532 | 62,068 | ||||||
John B. Sanfilippo & Son, Inc. | 400 | 21,612 | ||||||
Lancaster Colony Corp. | 672 | 77,589 | ||||||
Lifeway Foods, Inc.* | 87 | 966 | ||||||
NutriSystem, Inc. | 1,037 | 22,441 | ||||||
Performance Food Group Co.* | 700 | 16,198 | ||||||
Post Holdings, Inc.* | 2,400 | 148,080 | ||||||
Sanderson Farms, Inc. | 834 | 64,652 | ||||||
Seaboard Corp.* | 11 | 31,842 | ||||||
Seneca Foods Corp., Class A* | 211 | 6,115 | ||||||
Senomyx, Inc.* | 1,800 | 6,786 | ||||||
Smart & Final Stores, Inc.* | 1,100 | 20,031 | ||||||
Snyder’s-Lance, Inc. | 1,879 | 64,450 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Food — (continued) | ||||||||
SpartanNash Co. | 1,530 | $ | 33,109 | |||||
SUPERVALU, Inc.* | 10,300 | 69,834 | ||||||
The Chefs’ Warehouse Holdings, Inc.* | 750 | 12,510 | ||||||
The Fresh Market, Inc.* | 1,700 | 39,814 | ||||||
Tootsie Roll Industries, Inc. | 835 | 26,378 | ||||||
TreeHouse Foods, Inc.* | 1,614 | 126,634 | ||||||
United Natural Foods, Inc.* | 1,900 | 74,784 | ||||||
Village Super Market, Inc., Class A | 268 | 7,062 | ||||||
Weis Markets, Inc. | 466 | 20,644 | ||||||
|
| |||||||
1,340,769 | ||||||||
|
| |||||||
Forest Products & Paper — 0.4% | ||||||||
Clearwater Paper Corp.* | 778 | 35,422 | ||||||
Deltic Timber Corp. | 392 | 23,077 | ||||||
KapStone Paper and Packaging Corp. | 3,240 | 73,192 | ||||||
Neenah Paper, Inc. | 674 | 42,078 | ||||||
Orchids Paper Products Co. | 400 | 12,368 | ||||||
P.H. Glatfelter Co. | 1,659 | 30,592 | ||||||
Schweitzer-Mauduit International, Inc. | 1,176 | 49,380 | ||||||
Wausau Paper Corp. | 1,781 | 18,220 | ||||||
|
| |||||||
284,329 | ||||||||
|
| |||||||
Gas — 1.3% | ||||||||
Chesapeake Utilities Corp. | 535 | 30,361 | ||||||
New Jersey Resources Corp. | 3,264 | 107,581 | ||||||
Northwest Natural Gas Co. | 1,050 | 53,141 | ||||||
ONE Gas, Inc. | 2,000 | 100,340 | ||||||
Piedmont Natural Gas Co., Inc. | 2,951 | 168,266 | ||||||
South Jersey Industries, Inc. | 2,480 | 58,330 | ||||||
Southwest Gas Corp. | 1,794 | 98,957 | ||||||
The Laclede Group, Inc. | 1,656 | 98,383 | ||||||
WGL Holdings, Inc. | 1,894 | 119,303 | ||||||
|
| |||||||
834,662 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Franklin Electric Co., Inc. | 1,870 | 50,546 | ||||||
Milacron Holdings Corp.* | 700 | 8,757 | ||||||
|
| |||||||
59,303 | ||||||||
|
| |||||||
Healthcare Products — 4.1% | ||||||||
Abaxis, Inc. | 829 | 46,159 | ||||||
ABIOMED, Inc.* | 1,589 | 143,455 | ||||||
Accelerate Diagnostics, Inc.* | 951 | 20,437 | ||||||
Accuray, Inc.* | 2,738 | 18,482 | ||||||
Affymetrix, Inc.* | 3,271 | 33,004 | ||||||
Analogic Corp. | 507 | 41,878 | ||||||
AngioDynamics, Inc.* | 958 | 11,630 | ||||||
AtriCure, Inc.* | 1,200 | 26,928 | ||||||
Atrion Corp. | 61 | 23,253 | ||||||
BioTelemetry, Inc.* | 800 | 9,344 | ||||||
Cantel Medical Corp. | 1,275 | 79,229 | ||||||
Cardiovascular Systems, Inc.* | 1,000 | 15,120 | ||||||
Cepheid, Inc.* | 2,680 | 97,900 | ||||||
Cerus Corp.* | 3,600 | 22,752 | ||||||
ConforMIS Inc.* | 600 | 10,374 | ||||||
CONMED Corp. | 1,003 | 44,182 | ||||||
CryoLife, Inc. | 1,399 | 15,081 |
134
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Healthcare Products — (continued) | ||||||||
Cutera, Inc.* | 500 | $ | 6,395 | |||||
Cynosure, Inc., Class A* | 894 | 39,935 | ||||||
Endologix, Inc.* | 2,298 | 22,750 | ||||||
Exactech, Inc.* | 209 | 3,793 | ||||||
GenMark Diagnostics, Inc.* | 1,200 | 9,312 | ||||||
Genomic Health, Inc.* | 709 | 24,957 | ||||||
Glaukos Corp.* | 400 | 9,876 | ||||||
Globus Medical, Inc.* | 2,600 | 72,332 | ||||||
Greatbatch, Inc.* | 993 | 52,133 | ||||||
Haemonetics Corp.* | 1,946 | 62,739 | ||||||
Halyard Health, Inc.* | 1,700 | 56,797 | ||||||
Hanger, Inc.* | 1,408 | 23,162 | ||||||
HeartWare International, Inc.* | 689 | 34,726 | ||||||
ICU Medical, Inc.* | 579 | 65,300 | ||||||
Inogen, Inc.* | 700 | 28,063 | ||||||
Insulet Corp.* | 2,146 | 81,140 | ||||||
Integra LifeSciences Holdings Corp.* | 1,026 | 69,542 | ||||||
Intersect ENT, Inc.* | 500 | 11,250 | ||||||
Invacare Corp. | 1,190 | 20,694 | ||||||
InVivo Therapeutics Holdings Corp.* | 900 | 6,480 | ||||||
K2M Group Holdings, Inc.* | 600 | 11,844 | ||||||
LDR Holding Corp.* | 900 | 22,599 | ||||||
LeMaitre Vascular, Inc. | 400 | 6,900 | ||||||
LivaNova PLC* | 100 | 6,450 | ||||||
LivaNova PLC* | 1,532 | 90,955 | ||||||
Luminex Corp.* | 1,753 | 37,497 | ||||||
Masimo Corp.* | 1,704 | 70,733 | ||||||
Medgenics Inc.* | 1,000 | 6,020 | ||||||
Meridian Bioscience, Inc. | 1,760 | 36,115 | ||||||
Merit Medical Systems, Inc.* | 1,575 | 29,279 | ||||||
MiMedx Group, Inc.* | 3,800 | 35,606 | ||||||
Nanostring Technologies, Inc.* | 600 | 8,826 | ||||||
Natus Medical, Inc.* | 1,175 | 56,459 | ||||||
Navidea Biopharmaceuticals, Inc.* | 6,000 | 7,980 | ||||||
Novocure Ltd.* | 400 | 8,944 | ||||||
NuVasive, Inc.* | 1,906 | 103,134 | ||||||
NxStage Medical, Inc.* | 2,284 | 50,043 | ||||||
Ocular Therapeutix, Inc.* | 700 | 6,559 | ||||||
OraSure Technologies, Inc.* | 2,201 | 14,174 | ||||||
Orthofix International NV* | 671 | 26,310 | ||||||
Oxford Immunotec Global PLC* | 600 | 6,900 | ||||||
Penumbra Inc.* | 200 | 10,762 | ||||||
Quidel Corp.* | 1,051 | 22,281 | ||||||
Rockwell Medical, Inc.* | 1,800 | 18,432 | ||||||
SeaSpine Holdings Corp.* | 308 | 5,291 | ||||||
Sientra, Inc.* | 200 | 1,184 | ||||||
STAAR Surgical Co.* | 1,400 | 9,996 | ||||||
STERIS PLC | 3,232 | 243,499 | ||||||
SurModics, Inc.* | 373 | 7,561 | ||||||
T2 Biosystems Inc.* | 600 | 6,564 | ||||||
Tandem Diabetes Care, Inc.* | 400 | 4,724 | ||||||
The Spectranetics Corp.* | 1,465 | 22,063 | ||||||
TransEnterix Inc* | 2,500 | 6,200 | ||||||
Unilife Corp.* | 3,410 | 1,688 | ||||||
Utah Medical Products, Inc. | 200 | 11,708 | ||||||
Vascular Solutions, Inc.* | 783 | 26,927 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Healthcare Products — (continued) | ||||||||
West Pharmaceutical Services, Inc. | 2,678 | $ | 161,269 | |||||
Wright Medical Group NV* | 3,518 | 85,065 | ||||||
Zeltiq Aesthetics, Inc.* | 1,300 | 37,089 | ||||||
|
| |||||||
2,686,214 | ||||||||
|
| |||||||
Healthcare Services — 1.9% | ||||||||
AAC Holdings, Inc.* | 200 | 3,812 | ||||||
Addus Homecare Corp.* | 400 | 9,312 | ||||||
Adeptus Health, Inc., Class A* | 200 | 10,904 | ||||||
Air Methods Corp.* | 1,487 | 62,350 | ||||||
Alliance HealthCare Services, Inc.* | 200 | 1,836 | ||||||
Almost Family, Inc.* | 277 | 10,590 | ||||||
Amedisys, Inc.* | 1,006 | 39,556 | ||||||
Amsurg Corp.* | 2,023 | 153,748 | ||||||
Capital Senior Living Corp.* | 1,036 | 21,611 | ||||||
Catalent, Inc.* | 3,300 | 82,599 | ||||||
Chemed Corp. | 629 | 94,224 | ||||||
Civitas Solutions, Inc.* | 400 | 11,516 | ||||||
Five Star Quality Care, Inc.* | 2,500 | 7,950 | ||||||
Genesis Healthcare, Inc.* | 1,861 | 6,458 | ||||||
HealthSouth Corp. | 3,536 | 123,088 | ||||||
Healthways, Inc.* | 1,258 | 16,190 | ||||||
Kindred Healthcare, Inc. | 3,374 | 40,184 | ||||||
LHC Group, Inc.* | 582 | 26,359 | ||||||
Magellan Health Services, Inc.* | 1,041 | 64,188 | ||||||
Molina Healthcare, Inc.* | 1,468 | 88,271 | ||||||
Natera, Inc.* | 700 | 7,560 | ||||||
National Healthcare Corp. | 406 | 25,050 | ||||||
Nobilis Health Corp.* | 1,200 | 3,384 | ||||||
OvaScience, Inc.* | 800 | 7,816 | ||||||
RadNet, Inc.* | 1,500 | 9,270 | ||||||
Select Medical Holdings Corp. | 3,700 | 44,067 | ||||||
Surgery Partners Inc.* | 700 | 14,343 | ||||||
Surgical Care Affiliates, Inc.* | 900 | 35,829 | ||||||
Teladoc, Inc.* | 500 | 8,980 | ||||||
The Ensign Group, Inc. | 1,880 | 42,544 | ||||||
Triple-S Management Corp., Class B* | 791 | 18,913 | ||||||
U.S. Physical Therapy, Inc. | 491 | 26,357 | ||||||
Universal American Corp. | 1,780 | 12,460 | ||||||
WellCare Health Plans, Inc.* | 1,726 | 134,991 | ||||||
|
| |||||||
1,266,310 | ||||||||
|
| |||||||
Holding Companies — 0.2% | ||||||||
FCB Financial Holdings Inc* | 1,000 | 35,790 | ||||||
HRG Group, Inc.* | 2,775 | 37,629 | ||||||
National Bank Holdings Corp. | 1,400 | 29,918 | ||||||
Resource America, Inc., Class A | 1,000 | 6,130 | ||||||
Tiptree Financial, Inc. | 1,100 | 6,754 | ||||||
|
| |||||||
116,221 | ||||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
Beazer Homes USA, Inc.* | 1,424 | 16,362 | ||||||
CalAtlantic Group, Inc. | 2,897 | 109,854 | ||||||
Cavco Industries, Inc.* | 369 | 30,741 | ||||||
Century Communities, Inc.* | 500 | 8,855 | ||||||
Green Brick Partners, Inc.* | 1,100 | 7,920 |
135
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Home Builders — (continued) | ||||||||
Hovnanian Enterprises, Inc., Class A* | 4,810 | $ | 8,706 | |||||
Installed Building Products, Inc.* | 700 | 17,381 | ||||||
KB Home | 2,900 | 35,757 | ||||||
LGI Homes, Inc.* | 600 | 14,598 | ||||||
M/I Homes, Inc.* | 836 | 18,325 | ||||||
MDC Holdings, Inc. | 1,500 | 38,295 | ||||||
Meritage Homes Corp.* | 1,490 | 50,645 | ||||||
Taylor Morrison Home Corp.* | 1,100 | 17,600 | ||||||
The New Home Co., Inc.* | 600 | 7,776 | ||||||
TRI Pointe Homes, Inc.* | 6,300 | 79,821 | ||||||
WCI Communities, Inc.* | 700 | 15,596 | ||||||
William Lyon Homes, Class A* | 600 | 9,900 | ||||||
Winnebago Industries, Inc. | 1,122 | 22,328 | ||||||
|
| |||||||
510,460 | ||||||||
|
| |||||||
Home Furnishings — 0.5% | ||||||||
American Woodmark Corp.* | 469 | 37,511 | ||||||
Bassett Furniture Industries, Inc. | 300 | 7,524 | ||||||
Daktronics, Inc. | 1,209 | 10,542 | ||||||
DTS, Inc.* | 703 | 15,874 | ||||||
Ethan Allen Interiors, Inc. | 1,028 | 28,599 | ||||||
Flexsteel Industries, Inc. | 200 | 8,836 | ||||||
Hooker Furniture Corp. | 300 | 7,572 | ||||||
iRobot Corp.* | 1,082 | 38,303 | ||||||
Kimball International, Inc., Class B | 1,244 | 12,154 | ||||||
La-Z-Boy, Inc. | 1,962 | 47,912 | ||||||
Select Comfort Corp.* | 2,072 | 44,361 | ||||||
Skullcandy, Inc.* | 407 | 1,925 | ||||||
TiVo, Inc.* | 3,955 | 34,132 | ||||||
Universal Electronics, Inc.* | 600 | 30,810 | ||||||
VOXX International Corp.* | 825 | 4,339 | ||||||
|
| |||||||
330,394 | ||||||||
|
| |||||||
Hotels & Resorts — 0.1% | ||||||||
Caesars Entertainment Corp.* | 2,000 | 15,780 | ||||||
La Quinta Holdings Inc* | 3,300 | 44,913 | ||||||
|
| |||||||
60,693 | ||||||||
|
| |||||||
Household Products & Wares — 0.5% | ||||||||
ACCO Brands Corp.* | 4,393 | 31,322 | ||||||
Central Garden & Pet Co., Class A* | 1,802 | 24,507 | ||||||
CSS Industries, Inc. | 212 | 6,017 | ||||||
Helen of Troy Ltd.* | 1,095 | 103,204 | ||||||
Prestige Brands Holdings, Inc.* | 1,972 | 101,518 | ||||||
Tumi Holdings, Inc.* | 2,300 | 38,249 | ||||||
WD-40 Co. | 546 | 53,863 | ||||||
|
| |||||||
358,680 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Libbey, Inc. | 800 | 17,056 | ||||||
Lifetime Brands, Inc. | 200 | 2,652 | ||||||
|
| |||||||
19,708 | ||||||||
|
| |||||||
Insurance — 3.0% | ||||||||
Ambac Financial Group, Inc.* | 1,700 | 23,953 | ||||||
American Equity Investment Life Holding Co. | 3,176 | 76,319 | ||||||
AMERISAFE, Inc. | 708 | 36,037 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Insurance — (continued) | ||||||||
Argo Group International Holdings Ltd. | 1,145 | $ | 68,517 | |||||
Atlas Financial Holdings Inc.* | 400 | 7,960 | ||||||
Baldwin & Lyons, Inc., Class B | 325 | 7,810 | ||||||
Citizens, Inc.* | 1,466 | 10,892 | ||||||
CNO Financial Group, Inc. | 7,393 | 141,132 | ||||||
Crawford & Co., Class B | 1,538 | 8,167 | ||||||
Donegal Group, Inc., Class A | 283 | 3,985 | ||||||
eHealth, Inc.* | 720 | 7,186 | ||||||
EMC Insurance Group, Inc. | 150 | 3,795 | ||||||
Employers Holdings, Inc. | 1,282 | 34,999 | ||||||
Enstar Group Ltd.* | 374 | 56,115 | ||||||
Essent Group Ltd.* | 2,000 | 43,780 | ||||||
FBL Financial Group, Inc., Class A | 327 | 20,810 | ||||||
Federated National Holding Co. | 500 | 14,780 | ||||||
Fidelity & Guaranty Life | 500 | 12,685 | ||||||
First American Financial Corp. | 4,173 | 149,811 | ||||||
Global Indemnity PLC* | 383 | 11,115 | ||||||
Greenlight Capital Re Ltd.* | 1,128 | 21,105 | ||||||
Hallmark Financial Services, Inc.* | 255 | 2,981 | ||||||
HCI Group, Inc. | 300 | 10,455 | ||||||
Heritage Insurance Holdings, Inc. | 800 | 17,456 | ||||||
Hilltop Holdings, Inc.* | 2,983 | 57,333 | ||||||
Horace Mann Educators Corp. | 1,509 | 50,069 | ||||||
Infinity Property & Casualty Corp. | 420 | 34,537 | ||||||
Kemper Corp. | 1,700 | 63,325 | ||||||
Maiden Holdings Ltd. | 1,768 | 26,361 | ||||||
MBIA, Inc.* | 5,500 | 35,640 | ||||||
MGIC Investment Corp.* | 12,827 | 113,262 | ||||||
National General Holdings Corp. | 1,500 | 32,790 | ||||||
National Interstate Corp. | 402 | 10,733 | ||||||
National Western Life Group Inc. | 95 | 23,934 | ||||||
NMI Holdings, Inc., Class A* | 2,100 | 14,217 | ||||||
OneBeacon Insurance Group Ltd. | 1,100 | 13,651 | ||||||
Primerica, Inc. | 1,900 | 89,737 | ||||||
Radian Group, Inc. | 7,203 | 96,448 | ||||||
RLI Corp. | 1,722 | 106,333 | ||||||
Safety Insurance Group, Inc. | 582 | 32,813 | ||||||
Selective Insurance Group, Inc. | 2,175 | 73,036 | ||||||
State Auto Financial Corp. | 776 | 15,978 | ||||||
State National Cos., Inc. | 1,000 | 9,810 | ||||||
Stewart Information Services Corp. | 808 | 30,163 | ||||||
Symetra Financial Corp. | 2,900 | 92,133 | ||||||
The Navigators Group, Inc.* | 395 | 33,887 | ||||||
Third Point Reinsurance Ltd.* | 3,000 | 40,230 | ||||||
Trupanion Inc.* | 1,000 | 9,760 | ||||||
United Fire Group, Inc. | 680 | 26,051 | ||||||
United Insurance Holdings Corp. | 800 | 13,680 | ||||||
Universal Insurance Holdings, Inc. | 1,251 | 28,998 | ||||||
|
| |||||||
1,966,754 | ||||||||
|
| |||||||
Internet — 2.0% | ||||||||
1-800-Flowers.com, Inc., Class A* | 737 | 5,365 | ||||||
Angie’s List, Inc.* | 1,600 | 14,960 | ||||||
Bankrate, Inc.* | 2,723 | 36,216 | ||||||
Bazaarvoice, Inc.* | 1,900 | 8,322 | ||||||
Blucora, Inc.* | 1,496 | 14,661 |
136
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Internet — (continued) | ||||||||
Blue Nile, Inc.* | 439 | $ | 16,300 | |||||
Boingo Wireless, Inc.* | 1,700 | 11,254 | ||||||
Box, Inc., Class A* | 500 | 6,980 | ||||||
Brightcove, Inc.* | 1,200 | 7,440 | ||||||
ChannelAdvisor Corp.* | 900 | 12,465 | ||||||
Chegg, Inc.* | 3,100 | 20,863 | ||||||
Cogent Communications Holdings, Inc. | 1,819 | 63,101 | ||||||
comScore, Inc.* | 1,259 | 51,808 | ||||||
Constant Contact, Inc.* | 1,165 | 34,065 | ||||||
DHI Group, Inc.* | 1,863 | 17,084 | ||||||
Endurance International Group Holdings, Inc.* | 2,100 | 22,953 | ||||||
ePlus, Inc.* | 174 | 16,227 | ||||||
Etsy, Inc.* | 600 | 4,956 | ||||||
FTD Cos, Inc.* | 818 | 21,407 | ||||||
Global Eagle Entertainment, Inc.* | 1,500 | 14,805 | ||||||
GrubHub, Inc.* | 2,700 | 65,340 | ||||||
HealthStream, Inc.* | 900 | 19,800 | ||||||
Internap Corp.* | 1,921 | 12,294 | ||||||
IntraLinks Holdings, Inc.* | 1,700 | 15,419 | ||||||
Limelight Networks, Inc.* | 1,172 | 1,711 | ||||||
Lionbridge Technologies, Inc.* | 2,243 | 11,013 | ||||||
Liquidity Services, Inc.* | 1,035 | 6,728 | ||||||
Marketo, Inc.* | 1,400 | 40,194 | ||||||
ModusLink Global Solutions, Inc.* | 945 | 2,344 | ||||||
New Media Investment Group, Inc. | 1,700 | 33,082 | ||||||
NIC, Inc. | 2,629 | 51,739 | ||||||
Overstock.com, Inc.* | 571 | 7,012 | ||||||
Perficient, Inc.* | 1,245 | 21,314 | ||||||
Q2 Holdings, Inc.* | 600 | 15,822 | ||||||
QuinStreet, Inc.* | 1,815 | 7,786 | ||||||
Quotient Technology Inc.* | 2,100 | 14,322 | ||||||
Rapid7 Inc.* | 400 | 6,052 | ||||||
RealNetworks, Inc.* | 515 | 2,189 | ||||||
Reis, Inc. | 400 | 9,492 | ||||||
RetailMeNot, Inc.* | 1,300 | 12,896 | ||||||
RingCentral, Inc., Class A* | 1,900 | 44,802 | ||||||
Safeguard Scientifics, Inc.* | 850 | 12,333 | ||||||
Shutterfly, Inc.* | 1,490 | 66,394 | ||||||
Shutterstock, Inc.* | 800 | 25,872 | ||||||
Stamps.com, Inc.* | 562 | 61,601 | ||||||
TechTarget, Inc.* | 500 | 4,015 | ||||||
TeleCommunication Systems, Inc., Class A* | 1,400 | 6,958 | ||||||
Textura Corp.* | 800 | 17,264 | ||||||
The Rubicon Project, Inc.* | 800 | 13,160 | ||||||
Travelzoo, Inc.* | 311 | 2,603 | ||||||
TrueCar, Inc.* | 1,700 | 16,218 | ||||||
United Online, Inc.* | 500 | 5,895 | ||||||
VASCO Data Security International, Inc.* | 1,028 | 17,198 | ||||||
VirnetX Holding Corp.* | 1,583 | 4,068 | ||||||
Wayfair, Inc., Class A* | 700 | 33,334 | ||||||
Web.com Group, Inc.* | 1,500 | 30,015 | ||||||
WebMD Health Corp.* | 1,486 | 71,774 | ||||||
Wix.com Ltd.* | 600 | 13,650 | ||||||
XO Group, Inc.* | 859 | 13,796 | ||||||
Zendesk, Inc.* | 1,900 | 50,236 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Internet — (continued) | ||||||||
Zix Corp.* | 1,848 | $ | 9,388 | |||||
|
| |||||||
1,278,355 | ||||||||
|
| |||||||
Investment Companies — 0.0% | ||||||||
Arlington Asset Investment Corp., Class A | 900 | 11,907 | ||||||
Caesars Acquisition Co., Class A* | 1,900 | 12,939 | ||||||
Real Industry, Inc.* | 800 | 6,424 | ||||||
|
| |||||||
31,270 | ||||||||
|
| |||||||
Iron & Steel — 0.3% | ||||||||
AK Steel Holding Corp.* | 7,200 | 16,128 | ||||||
Carpenter Technology Corp. | 1,800 | 54,486 | ||||||
Cliffs Natural Resources, Inc.* | 5,300 | 8,374 | ||||||
Commercial Metals Co. | 4,500 | 61,605 | ||||||
Ryerson Holding Corp.* | 800 | 3,736 | ||||||
Schnitzer Steel Industries, Inc., Class A | 900 | 12,933 | ||||||
TimkenSteel Corp. | 1,400 | 11,732 | ||||||
|
| |||||||
168,994 | ||||||||
|
| |||||||
Leisure Time — 0.5% | ||||||||
Arctic Cat, Inc. | 444 | 7,273 | ||||||
Black Diamond, Inc.* | 1,300 | 5,746 | ||||||
Callaway Golf Co. | 2,746 | 25,867 | ||||||
ClubCorp Holdings, Inc. | 1,500 | 27,405 | ||||||
Diamond Resorts International, Inc.* | 1,700 | 43,367 | ||||||
Escalade, Inc. | 600 | 7,950 | ||||||
Fox Factory Holding Corp.* | 500 | 8,265 | ||||||
Interval Leisure Group, Inc. | 1,416 | 22,104 | ||||||
Johnson Outdoors, Inc. | 200 | 4,378 | ||||||
Liberty TripAdvisor Holdings, Inc.* | 2,900 | 87,986 | ||||||
Malibu Boats, Inc., Class A* | 500 | 8,185 | ||||||
Marine Products Corp. | 160 | 966 | ||||||
Nautilus, Inc.* | 1,300 | 21,736 | ||||||
Performance Sports Group Ltd.* | 1,600 | 15,408 | ||||||
Planet Fitness Inc., Class A* | 800 | 12,504 | ||||||
|
| |||||||
299,140 | ||||||||
|
| |||||||
Lodging — 0.2% | ||||||||
Belmond Ltd., Class A* | 3,745 | 35,577 | ||||||
Boyd Gaming Corp.* | 3,000 | 59,610 | ||||||
Intrawest Resorts Holdings, Inc.* | 1,000 | 7,820 | ||||||
Monarch Casino & Resort, Inc.* | 485 | 11,019 | ||||||
Morgans Hotel Group Co.* | 1,494 | 5,035 | ||||||
The Marcus Corp. | 933 | 17,699 | ||||||
|
| |||||||
136,760 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.1% | ||||||||
Astec Industries, Inc. | 698 | 28,408 | ||||||
Hyster-Yale Materials Handling, Inc. | 344 | 18,043 | ||||||
|
| |||||||
46,451 | ||||||||
|
| |||||||
Machinery — Diversified — 0.6% | ||||||||
Alamo Group, Inc. | 317 | 16,516 | ||||||
Albany International Corp., Class A | 1,132 | 41,375 | ||||||
Altra Industrial Motion Corp. | 1,003 | 25,155 | ||||||
Applied Industrial Technologies, Inc. | 1,582 | 64,055 | ||||||
Briggs & Stratton Corp. | 1,536 | 26,573 |
137
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Machinery — Diversified — (continued) | ||||||||
Chart Industries, Inc.* | 1,177 | $ | 21,139 | |||||
Columbus McKinnon Corp. | 685 | 12,947 | ||||||
DXP Enterprises, Inc.* | 522 | 11,902 | ||||||
Hurco Cos., Inc. | 200 | 5,312 | ||||||
Kadant, Inc. | 499 | 20,264 | ||||||
Lindsay Corp. | 453 | 32,797 | ||||||
NACCO Industries, Inc., Class A | 222 | 9,368 | ||||||
Power Solutions International, Inc.* | 100 | 1,825 | ||||||
Tennant Co. | 736 | 41,407 | ||||||
The ExOne Co.* | 500 | 5,020 | ||||||
The Gorman-Rupp Co. | 751 | 20,074 | ||||||
Twin Disc, Inc. | 235 | 2,472 | ||||||
Xerium Technologies, Inc.* | 400 | 4,740 | ||||||
|
| |||||||
362,941 | ||||||||
|
| |||||||
Media — 1.2% | ||||||||
Central European Media Enterprises Ltd.* | 3,100 | 8,339 | ||||||
Crown Media Holdings, Inc., Class A* | 1,917 | 10,754 | ||||||
Cumulus Media, Inc., Class A* | 5,200 | 1,717 | ||||||
Daily Journal Corp.* | 102 | 20,604 | ||||||
Entercom Communications Corp., Class A* | 700 | 7,861 | ||||||
Entravision Communications Corp., Class A | 2,800 | 21,588 | ||||||
Gray Television, Inc.* | 2,600 | 42,380 | ||||||
Hemisphere Media Group, Inc.* | 600 | 8,850 | ||||||
Houghton Mifflin Harcourt Co.* | 5,300 | 115,434 | ||||||
Media General, Inc.* | 3,500 | 56,525 | ||||||
Meredith Corp. | 1,400 | 60,550 | ||||||
Nexstar Broadcasting Group, Inc., Class A | 1,200 | 70,440 | ||||||
Saga Communications, Inc. | 133 | 5,114 | ||||||
Scholastic Corp. | 956 | 36,863 | ||||||
Sinclair Broadcast Group, Inc., Class A | 2,417 | 78,649 | ||||||
The E.W. Scripps Co., Class A | 2,329 | 44,251 | ||||||
The New York Times Co., Class A | 5,321 | 71,408 | ||||||
Time, Inc. | 4,300 | 67,381 | ||||||
Tribune Publishing Co. | 900 | 8,298 | ||||||
World Wrestling Entertainment, Inc., Class A | 1,314 | 23,442 | ||||||
|
| |||||||
760,448 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.7% | ||||||||
Advanced Drainage Systems, Inc. | 1,200 | 28,836 | ||||||
CIRCOR International, Inc. | 735 | 30,980 | ||||||
Furmanite Corp.* | 1,354 | 9,018 | ||||||
Global Brass & Copper Holdings, Inc. | 1,000 | 21,300 | ||||||
Haynes International, Inc. | 564 | 20,693 | ||||||
L.B. Foster Co., Class A | 366 | 4,999 | ||||||
Lawson Products, Inc.* | 400 | 9,340 | ||||||
Mueller Industries, Inc. | 2,188 | 59,295 | ||||||
Mueller Water Products, Inc., Class A | 6,192 | 53,251 | ||||||
NN, Inc. | 1,000 | 15,940 | ||||||
Northwest Pipe Co.* | 483 | 5,405 | ||||||
Olympic Steel, Inc. | 231 | 2,675 | ||||||
Omega Flex, Inc. | 59 | 1,948 | ||||||
RBC Bearings, Inc.* | 837 | 54,062 | ||||||
Rexnord Corp.* | 4,000 | 72,480 | ||||||
Sun Hydraulics Corp. | 859 | 27,256 | ||||||
Worthington Industries, Inc. | 1,884 | 56,784 | ||||||
|
| |||||||
474,262 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Mining — 0.4% | ||||||||
Century Aluminum Co.* | 1,754 | $ | 7,753 | |||||
Coeur Mining, Inc.* | 6,128 | 15,197 | ||||||
Energy Fuels, Inc.* | 1,600 | 4,720 | ||||||
Ferroglobe PLC | 2,414 | 25,950 | ||||||
Hecla Mining Co. | 12,817 | 24,224 | ||||||
Horsehead Holding Corp.* | 1,983 | 4,065 | ||||||
Kaiser Aluminum Corp. | 616 | 51,535 | ||||||
Materion Corp. | 857 | 23,996 | ||||||
Ring Energy, Inc.* | 800 | 5,640 | ||||||
Stillwater Mining Co.* | 4,524 | 38,771 | ||||||
United States Lime & Minerals, Inc. | 29 | 1,594 | ||||||
Uranium Energy Corp.* | 6,400 | 6,784 | ||||||
US Silica Holdings, Inc. | 2,100 | 39,333 | ||||||
|
| |||||||
249,562 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 1.5% | ||||||||
Actuant Corp., Class A | 2,106 | 50,460 | ||||||
American Railcar Industries, Inc. | 400 | 18,512 | ||||||
AZZ, Inc. | 976 | 54,236 | ||||||
Barnes Group, Inc. | 2,065 | 73,080 | ||||||
Blount International, Inc.* | 1,995 | 19,571 | ||||||
Chase Corp. | 200 | 8,146 | ||||||
CLARCOR, Inc. | 1,898 | 94,293 | ||||||
Core Molding Technologies, Inc.* | 300 | 3,849 | ||||||
EnPro Industries, Inc. | 917 | 40,201 | ||||||
Fabrinet* | 1,500 | 35,730 | ||||||
Federal Signal Corp. | 2,343 | 37,136 | ||||||
FreightCar America, Inc. | 570 | 11,075 | ||||||
GP Strategies Corp.* | 400 | 10,044 | ||||||
Handy & Harman Ltd.* | 200 | 4,102 | ||||||
Harsco Corp. | 3,200 | 25,216 | ||||||
Hillenbrand, Inc. | 2,374 | 70,342 | ||||||
John Bean Technologies Corp. | 1,029 | 51,275 | ||||||
Koppers Holdings, Inc.* | 820 | 14,965 | ||||||
LSB Industries, Inc.* | 749 | 5,430 | ||||||
Lydall, Inc.* | 600 | 21,288 | ||||||
Movado Group, Inc. | 760 | 19,540 | ||||||
Myers Industries, Inc. | 1,125 | 14,985 | ||||||
NL Industries, Inc.* | 90 | 274 | ||||||
Park-Ohio Holdings Corp. | 400 | 14,712 | ||||||
Proto Labs, Inc.* | 900 | 57,321 | ||||||
Raven Industries, Inc. | 1,346 | 20,998 | ||||||
Smith & Wesson Holding Corp.* | 2,179 | 47,894 | ||||||
Standex International Corp. | 500 | 41,575 | ||||||
Sturm Ruger & Co., Inc. | 719 | 42,859 | ||||||
Tredegar Corp. | 1,061 | 14,451 | ||||||
TriMas Corp.* | 1,795 | 33,477 | ||||||
Trinseo SA* | 600 | 16,920 | ||||||
|
| |||||||
973,957 | ||||||||
|
| |||||||
Office & Business Equipment — 0.0% | ||||||||
Eastman Kodak Co.* | 800 | 10,032 | ||||||
|
| |||||||
Office Furnishings — 0.4% | ||||||||
Herman Miller, Inc. | 2,232 | 64,059 | ||||||
HNI Corp. | 1,643 | 59,247 |
138
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Office Furnishings — (continued) | ||||||||
Interface, Inc. | 2,595 | $ | 49,668 | |||||
Knoll, Inc. | 1,953 | 36,716 | ||||||
Steelcase, Inc., Class A | 3,131 | 46,652 | ||||||
|
| |||||||
256,342 | ||||||||
|
| |||||||
Oil & Gas — 1.2% | ||||||||
Abraxas Petroleum Corp.* | 4,100 | 4,346 | ||||||
Adams Resources & Energy, Inc. | 100 | 3,840 | ||||||
Alon USA Energy, Inc. | 1,352 | 20,064 | ||||||
Approach Resources, Inc.* | 1,341 | 2,467 | ||||||
Atwood Oceanics, Inc. | 2,300 | 23,529 | ||||||
Bill Barrett Corp.* | 2,025 | 7,958 | ||||||
Bonanza Creek Energy, Inc.* | 1,700 | 8,959 | ||||||
Callon Petroleum Co.* | 2,800 | 23,352 | ||||||
Carrizo Oil & Gas, Inc.* | 2,265 | 66,999 | ||||||
Clayton Williams Energy, Inc.* | 217 | 6,417 | ||||||
Contango Oil & Gas Co.* | 703 | 4,506 | ||||||
Delek US Holdings, Inc. | 2,298 | 56,531 | ||||||
Eclipse Resources Corp.* | 1,400 | 2,548 | ||||||
Energy XXI Ltd. | 3,733 | 3,770 | ||||||
Evolution Petroleum Corp. | 500 | 2,405 | ||||||
EXCO Resources, Inc.* | 6,375 | 7,905 | ||||||
Fairmount Santrol Holdings, Inc.* | 2,200 | 5,170 | ||||||
Gastar Exploration, Inc.* | 2,600 | 3,406 | ||||||
Halcon Resources Corp.* | 1,975 | 2,488 | ||||||
Isramco, Inc.* | 21 | 1,875 | ||||||
Jones Energy, Inc.* | 600 | 2,310 | ||||||
Matador Resources Co.* | 2,900 | 57,333 | ||||||
North Atlantic Drilling Ltd.* | 280 | 689 | ||||||
Northern Oil & Gas, Inc.* | 2,253 | 8,697 | ||||||
Oasis Petroleum, Inc.* | 5,000 | 36,850 | ||||||
Panhandle Oil and Gas, Inc., Class A | 634 | 10,245 | ||||||
Par Petroleum Corp.* | 500 | 11,770 | ||||||
Parker Drilling Co.* | 5,217 | 9,495 | ||||||
Parsley Energy, Inc., Class A* | 3,700 | 68,265 | ||||||
PDC Energy, Inc.* | 1,512 | 80,711 | ||||||
Penn Virginia Corp.* | 2,412 | 725 | ||||||
Rex Energy Corp.* | 1,800 | 1,890 | ||||||
RSP Permian, Inc.* | 2,400 | 58,536 | ||||||
Sanchez Energy Corp.* | 1,900 | 8,189 | ||||||
SandRidge Energy, Inc.* | 14,400 | 2,880 | ||||||
Seventy Seven Energy, Inc.* | 1,800 | 1,890 | ||||||
Stone Energy Corp.* | 2,079 | 8,919 | ||||||
Synergy Resources Corp.* | 3,800 | 32,376 | ||||||
TransAtlantic Petroleum Ltd* | 1,000 | 1,390 | ||||||
Trecora Resources* | 1,000 | 12,390 | ||||||
Triangle Petroleum Corp.* | 2,800 | 2,156 | ||||||
Ultra Petroleum Corp.* | 5,400 | 13,500 | ||||||
Unit Corp.* | 1,800 | 21,960 | ||||||
W&T Offshore, Inc.* | 1,643 | 3,795 | ||||||
Western Refining, Inc. | 2,737 | 97,492 | ||||||
|
| |||||||
812,988 | ||||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock Inc. | 2,600 | 19,552 | ||||||
Basic Energy Services, Inc.* | 1,188 | 3,184 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Oil & Gas Services — (continued) | ||||||||
C&J Energy Services Ltd.* | 1,830 | $ | 8,711 | |||||
CARBO Ceramics, Inc. | 800 | 13,760 | ||||||
Exterran Corp.* | 1,300 | 20,865 | ||||||
Flotek Industries, Inc.* | 2,000 | 22,880 | ||||||
Forum Energy Technologies, Inc.* | 2,300 | 28,658 | ||||||
Geospace Technologies Corp.* | 476 | 6,697 | ||||||
Helix Energy Solutions Group, Inc.* | 4,101 | 21,571 | ||||||
Hornbeck Offshore Services, Inc.* | 1,378 | 13,697 | ||||||
Independence Contract Drilling Inc.* | 1,100 | 5,555 | ||||||
ION Geophysical Corp.* | 5,465 | 2,750 | ||||||
Key Energy Services, Inc.* | 5,224 | 2,519 | ||||||
Matrix Service Co.* | 987 | 20,273 | ||||||
MRC Global Inc* | 3,600 | 46,440 | ||||||
Natural Gas Services Group, Inc.* | 594 | 13,246 | ||||||
Newpark Resources, Inc.* | 3,512 | 18,543 | ||||||
Oil States International, Inc.* | 2,100 | 57,225 | ||||||
Pioneer Energy Services Corp.* | 2,650 | 5,751 | ||||||
SEACOR Holdings, Inc.* | 700 | 36,792 | ||||||
Tesco Corp. | 1,400 | 10,136 | ||||||
TETRA Technologies, Inc.* | 2,979 | 22,402 | ||||||
Thermon Group Holdings, Inc.* | 1,100 | 18,612 | ||||||
|
| |||||||
419,819 | ||||||||
|
| |||||||
Packaging and Containers — 0.3% | ||||||||
AEP Industries, Inc.* | 138 | 10,647 | ||||||
Berry Plastics Group, Inc.* | 4,600 | 166,428 | ||||||
Greif, Inc., Class A | 1,100 | 33,891 | ||||||
Multi Packaging Solutions International Ltd.* | 800 | 13,880 | ||||||
|
| |||||||
224,846 | ||||||||
|
| |||||||
Pharmaceuticals — 4.7% | ||||||||
ACADIA Pharmaceuticals, Inc.* | 3,000 | 106,950 | ||||||
Aclaris Therapeutics Inc., Class A* | 300 | 8,082 | ||||||
Adamas Pharmaceuticals, Inc.* | 300 | 8,496 | ||||||
Aegerion Pharmaceuticals, Inc.* | 1,100 | 11,110 | ||||||
Aerie Pharmaceuticals, Inc.* | 700 | 17,045 | ||||||
Aimmune Therapeutics Inc.* | 500 | 9,225 | ||||||
Akebia Therapeutics, Inc.* | 1,200 | 15,504 | ||||||
Alimera Sciences, Inc.* | 1,100 | 2,662 | ||||||
Amicus Therapeutics, Inc.* | 4,400 | 42,680 | ||||||
Amphastar Pharmaceuticals, Inc.* | 1,100 | 15,653 | ||||||
Anacor Pharmaceuticals, Inc.* | 1,600 | 180,752 | ||||||
Anika Therapeutics, Inc.* | 500 | 19,080 | ||||||
Antares Pharma, Inc.* | 5,200 | 6,292 | ||||||
Anthera Pharmaceuticals, Inc.* | 1,100 | 5,104 | ||||||
Aratana Therapeutics, Inc.* | 900 | 5,022 | ||||||
Array BioPharma, Inc.* | 4,748 | 20,037 | ||||||
Axovant Sciences Ltd.* | 800 | 14,424 | ||||||
BioDelivery Sciences International, Inc.* | 1,900 | 9,101 | ||||||
BioScrip, Inc.* | 2,011 | 3,519 | ||||||
Biospecifics Technologies Corp.* | 300 | 12,891 | ||||||
Cara Therapeutics, Inc.* | 800 | 13,488 | ||||||
Catalyst Pharmaceuticals, Inc.* | 2,400 | 5,880 | ||||||
Cempra, Inc.* | 1,100 | 34,243 | ||||||
ChemoCentryx, Inc.* | 1,000 | 8,100 | ||||||
Chiasma Inc.* | 400 | 7,828 |
139
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Pharmaceuticals — (continued) | ||||||||
Chimerix, Inc.* | 1,700 | $ | 15,215 | |||||
Clovis Oncology, Inc.* | 1,100 | 38,500 | ||||||
Collegium Pharmaceutical Inc.* | 400 | 11,000 | ||||||
Concert Pharmaceuticals, Inc.* | 500 | 9,485 | ||||||
Corcept Therapeutics, Inc.* | 2,900 | 14,442 | ||||||
DepoMed, Inc.* | 2,283 | 41,391 | ||||||
Dicerna Pharmaceuticals, Inc.* | 500 | 5,935 | ||||||
Diplomat Pharmacy, Inc.* | 1,300 | 44,486 | ||||||
Durect Corp.* | 3,500 | 7,735 | ||||||
Dyax Corp.* | 5,620 | 211,424 | ||||||
Eagle Pharmaceuticals, Inc.* | 300 | 26,601 | ||||||
Enanta Pharmaceuticals, Inc.* | 600 | 19,812 | ||||||
Endocyte, Inc.* | 1,500 | 6,015 | ||||||
Esperion Therapeutics, Inc.* | 500 | 11,130 | ||||||
Fibrogen, Inc.* | 1,700 | 51,799 | ||||||
Flexion Therapeutics, Inc.* | 400 | 7,708 | ||||||
Foamix Pharmaceuticals Ltd.* | 700 | 5,677 | ||||||
Global Blood Therapeutics Inc.* | 300 | 9,699 | ||||||
Heron Therapeutics, Inc.* | 1,200 | 32,040 | ||||||
Heska Corp.* | 300 | 11,604 | ||||||
Ignyta, Inc.* | 600 | 8,040 | ||||||
Immune Design Corp.* | 400 | 8,032 | ||||||
Impax Laboratories, Inc.* | 2,637 | 112,758 | ||||||
Infinity Pharmaceuticals, Inc.* | 1,828 | 14,350 | ||||||
Insys Therapeutics, Inc.* | 800 | 22,904 | ||||||
Intra-Cellular Therapies, Inc.* | 1,100 | 59,169 | ||||||
Ironwood Pharmaceuticals, Inc.* | 4,461 | 51,703 | ||||||
Keryx Biopharmaceuticals, Inc.* | 3,500 | 17,675 | ||||||
La Jolla Pharmaceutical CO* | 400 | 10,800 | ||||||
Lannett Co., Inc.* | 997 | 40,000 | ||||||
MannKind Corp.* | 8,904 | 12,911 | ||||||
Mirati Therapeutics, Inc.* | 500 | 15,800 | ||||||
Natural Grocers By Vitamin Cottage, Inc.* | 400 | 8,148 | ||||||
Natural Health Trends Corp. | 300 | 10,059 | ||||||
Nature’s Sunshine Products, Inc. | 200 | 2,024 | ||||||
Nektar Therapeutics* | 4,833 | 81,436 | ||||||
Neogen Corp.* | 1,502 | 84,893 | ||||||
Neos Therapeutics Inc.* | 400 | 5,728 | ||||||
Neurocrine Biosciences, Inc.* | 3,277 | 185,380 | ||||||
Nevro Corp.* | 700 | 47,257 | ||||||
Northwest Biotherapeutics, Inc.* | 1,600 | 5,120 | ||||||
Nutraceutical International Corp.* | 196 | 5,061 | ||||||
Omega Protein Corp.* | 1,000 | 22,200 | ||||||
Ophthotech Corp.* | 900 | 70,677 | ||||||
Orexigen Therapeutics, Inc.* | 4,188 | 7,203 | ||||||
Osiris Therapeutics, Inc. | 773 | 8,024 | ||||||
Otonomy, Inc.* | 700 | 19,425 | ||||||
Pacira Pharmaceuticals, Inc.* | 1,400 | 107,506 | ||||||
Pernix Therapeutics Holdings, Inc.* | 1,500 | 4,425 | ||||||
PharMerica Corp.* | 1,220 | 42,700 | ||||||
Phibro Animal Health Corp., Class A | 700 | 21,091 | ||||||
Portola Pharmaceuticals, Inc.* | 1,900 | 97,755 | ||||||
POZEN, Inc.* | 1,002 | 6,844 | ||||||
PRA Health Sciences, Inc.* | 800 | 36,216 | ||||||
Progenics Pharmaceuticals, Inc.* | 2,601 | 15,944 | ||||||
Proteon Therapeutics Inc.* | 500 | 7,755 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Pharmaceuticals — (continued) | ||||||||
Radius Health, Inc.* | 1,200 | $ | 73,848 | |||||
Raptor Pharmaceutical Corp.* | 2,600 | 13,520 | ||||||
Regulus Therapeutics, Inc.* | 1,200 | 10,464 | ||||||
Relypsa, Inc.* | 1,100 | 31,174 | ||||||
Revance Therapeutics, Inc.* | 700 | 23,912 | ||||||
Sagent Pharmaceuticals, Inc.* | 1,000 | 15,910 | ||||||
Sarepta Therapeutics, Inc.* | 1,600 | 61,728 | ||||||
SciClone Pharmaceuticals, Inc.* | 2,277 | 20,948 | ||||||
Seres Therapeutics, Inc.* | 400 | 14,036 | ||||||
Sorrento Therapeutics, Inc.* | 900 | 7,839 | ||||||
Sucampo Pharmaceuticals, Inc., Class A* | 871 | 15,060 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,400 | 18,816 | ||||||
Synergy Pharmaceuticals, Inc.* | 4,300 | 24,381 | ||||||
Synta Pharmaceuticals Corp.* | 1,921 | 676 | ||||||
Synutra International, Inc.* | 311 | 1,465 | ||||||
Teligent Inc.* | 1,800 | 16,020 | ||||||
TESARO, Inc.* | 900 | 47,088 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 1,200 | 12,036 | ||||||
TG Therapeutics, Inc.* | 1,200 | 14,316 | ||||||
TherapeuticsMD, Inc.* | 4,500 | 46,665 | ||||||
Threshold Pharmaceuticals, Inc.* | 2,000 | 960 | ||||||
Trevena, Inc.* | 1,000 | 10,500 | ||||||
USANA Health Sciences, Inc.* | 224 | 28,616 | ||||||
Vanda Pharmaceuticals, Inc.* | 1,841 | 17,140 | ||||||
Vitae Pharmaceuticals, Inc.* | 500 | 9,050 | ||||||
Vital Therapies, Inc.* | 800 | 9,216 | ||||||
VIVUS, Inc.* | 3,770 | 3,845 | ||||||
Voyager Therapeutics Inc.* | 300 | 6,570 | ||||||
Xencor, Inc.* | 1,000 | 14,620 | ||||||
XenoPort, Inc.* | 1,927 | 10,579 | ||||||
Zafgen, Inc.* | 600 | 3,774 | ||||||
Zogenix, Inc.* | 1,175 | 17,319 | ||||||
|
| |||||||
3,043,970 | ||||||||
|
| |||||||
Pipelines — 0.1% | ||||||||
Primoris Services Corp. | 1,490 | 32,825 | ||||||
SemGroup Corp. | 1,600 | 46,176 | ||||||
|
| |||||||
79,001 | ||||||||
|
| |||||||
Publishing / Newspapers — 0.2% | ||||||||
Cimpress NV* | 1,300 | 105,482 | ||||||
|
| |||||||
Real Estate — 0.5% | ||||||||
Alexander & Baldwin, Inc. | 1,800 | 63,558 | ||||||
AV Homes, Inc.* | 195 | 2,498 | ||||||
Consolidated-Tomoka Land Co. | 124 | 6,536 | ||||||
Forestar Group, Inc.* | 1,163 | 12,723 | ||||||
FRP Holdings, Inc.* | 369 | 12,524 | ||||||
HFF, Inc., Class A | 1,500 | 46,605 | ||||||
Kennedy-Wilson Holdings, Inc. | 3,581 | 86,231 | ||||||
Marcus & Millichap, Inc.* | 500 | 14,570 | ||||||
RE/MAX Holdings, Inc., Class A | 400 | 14,920 | ||||||
RMR Group Inc., Class A* | 67 | 965 | ||||||
The St. Joe Co.* | 2,100 | 38,871 | ||||||
|
| |||||||
300,001 | ||||||||
|
| |||||||
Retail — 5.6% | ||||||||
Abercrombie & Fitch Co., Class A | 2,500 | 67,500 |
140
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Retail — (continued) | ||||||||
America’s Car-Mart, Inc.* | 227 | $ | 6,059 | |||||
American Eagle Outfitters, Inc. | 7,500 | 116,250 | ||||||
Asbury Automotive Group, Inc.* | 1,049 | 70,745 | ||||||
Ascena Retail Group, Inc.* | 6,713 | 66,123 | ||||||
Barnes & Noble Education, Inc.* | 1,137 | 11,313 | ||||||
Barnes & Noble, Inc. | 1,800 | 15,678 | ||||||
bebe Stores, Inc. | 1,517 | 857 | ||||||
Big 5 Sporting Goods Corp. | 581 | 5,804 | ||||||
Big Lots, Inc. | 1,900 | 73,226 | ||||||
Biglari Holdings, Inc.* | 70 | 22,807 | ||||||
BJ’s Restaurants, Inc.* | 820 | 35,645 | ||||||
Bloomin’ Brands, Inc. | 4,800 | 81,072 | ||||||
BMC Stock Holdings Inc.* | 1,500 | 25,125 | ||||||
Bob Evans Farms, Inc. | 842 | 32,712 | ||||||
Bojangles’, Inc.* | 500 | 7,935 | ||||||
Boot Barn Holdings, Inc.* | 400 | 4,916 | ||||||
Bravo Brio Restaurant Group, Inc.* | 500 | 4,500 | ||||||
Buffalo Wild Wings, Inc.* | 747 | 119,259 | ||||||
Build-A-Bear Workshop, Inc.* | 700 | 8,568 | ||||||
Burlington Stores, Inc.* | 2,900 | 124,410 | ||||||
Caleres, Inc. | 1,654 | 44,360 | ||||||
Carrols Restaurant Group, Inc.* | 1,713 | 20,111 | ||||||
Casey’s General Stores, Inc. | 1,540 | 185,493 | ||||||
Cash America International, Inc. | 1,125 | 33,694 | ||||||
Chico’s FAS, Inc. | 5,600 | 59,752 | ||||||
Christopher & Banks Corp.* | 1,500 | 2,475 | ||||||
Chuy’s Holdings, Inc.* | 600 | 18,804 | ||||||
Citi Trends, Inc. | 503 | 10,689 | ||||||
Conn’s, Inc.* | 1,104 | 25,911 | ||||||
Cracker Barrel Old Country Store, Inc. | 724 | 91,825 | ||||||
Dave & Buster’s Entertainment, Inc.* | 800 | 33,392 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 1,000 | 16,020 | ||||||
Denny’s Corp.* | 3,552 | 34,916 | ||||||
Destination XL Group, Inc.* | 1,500 | 8,280 | ||||||
DineEquity, Inc. | 671 | 56,814 | ||||||
Duluth Holdings Inc.* | 500 | 7,295 | ||||||
El Pollo Loco Holdings Inc* | 400 | 5,052 | ||||||
Express, Inc.* | 3,154 | 54,501 | ||||||
Ezcorp, Inc., Class A* | 1,766 | 8,812 | ||||||
Fiesta Restaurant Group, Inc.* | 1,013 | 34,037 | ||||||
First Cash Financial Services, Inc.* | 1,162 | 43,494 | ||||||
Five Below, Inc.* | 2,100 | 67,410 | ||||||
Francesca’s Holdings Corp.* | 1,658 | 28,866 | ||||||
Fred’s, Inc., Class A | 1,431 | 23,425 | ||||||
Freshpet, Inc.* | 700 | 5,943 | ||||||
Genesco, Inc.* | 895 | 50,863 | ||||||
Group 1 Automotive, Inc. | 907 | 68,660 | ||||||
Guess?, Inc. | 2,400 | 45,312 | ||||||
Haverty Furniture Cos., Inc. | 950 | 20,368 | ||||||
Hibbett Sports, Inc.* | 955 | 28,879 | ||||||
HSN, Inc. | 1,179 | 59,740 | ||||||
J. Alexanders Holdings, Inc.* | 483 | 5,274 | ||||||
Jack in the Box, Inc. | 1,414 | 108,468 | ||||||
Jamba, Inc.* | 440 | 5,936 | ||||||
Kirkland’s, Inc. | 827 | 11,991 | ||||||
Kona Grill, Inc.* | 500 | 7,930 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Retail — (continued) | ||||||||
Krispy Kreme Doughnuts, Inc.* | 2,622 | $ | 39,513 | |||||
Lands’ End, Inc.* | 700 | 16,408 | ||||||
Lithia Motors, Inc., Class A | 894 | 95,363 | ||||||
Lumber Liquidators Holdings, Inc.* | 1,033 | 17,933 | ||||||
MarineMax, Inc.* | 1,000 | 18,420 | ||||||
Mattress Firm Holding Corp.* | 700 | 31,241 | ||||||
Noodles & Co.* | 300 | 2,907 | ||||||
Ollie’s Bargain Outlet Holdings Inc.* | 600 | 10,206 | ||||||
Outerwall, Inc. | 650 | 23,751 | ||||||
Papa John’s International, Inc. | 1,110 | 62,016 | ||||||
Papa Murphy’s Holdings, Inc.* | 500 | 5,630 | ||||||
Party City Holdco, Inc.* | 800 | 10,328 | ||||||
PC Connection, Inc. | 565 | 12,792 | ||||||
PetMed Express, Inc. | 613 | 10,507 | ||||||
Pier 1 Imports, Inc. | 3,644 | 18,548 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 859 | 50,251 | ||||||
Potbelly Corp.* | 1,000 | 11,710 | ||||||
PriceSmart, Inc. | 731 | 60,666 | ||||||
Red Robin Gourmet Burgers, Inc.* | 520 | 32,105 | ||||||
Regis Corp.* | 1,832 | 25,923 | ||||||
Restoration Hardware Holdings, Inc.* | 1,300 | 103,285 | ||||||
Ruby Tuesday, Inc.* | 2,213 | 12,194 | ||||||
Rush Enterprises, Inc., Class A* | 1,435 | 31,412 | ||||||
Ruth’s Hospitality Group, Inc. | 1,195 | 19,024 | ||||||
Shake Shack, Inc., Class A* | 200 | 7,920 | ||||||
Shoe Carnival, Inc. | 458 | 10,626 | ||||||
Sonic Automotive, Inc., Class A | 1,134 | 25,810 | ||||||
Sonic Corp. | 2,032 | 65,654 | ||||||
Sportsman’s Warehouse Holdings, Inc.* | 600 | 7,740 | ||||||
Stage Stores, Inc. | 1,381 | 12,581 | ||||||
Stein Mart, Inc. | 1,261 | 8,486 | ||||||
Systemax, Inc.* | 262 | 2,253 | ||||||
Texas Roadhouse, Inc. | 2,570 | 91,929 | ||||||
The Buckle, Inc. | 1,049 | 32,288 | ||||||
The Cato Corp., Class A | 1,104 | 40,649 | ||||||
The Cheesecake Factory, Inc. | 1,916 | 88,347 | ||||||
The Children’s Place, Inc. | 794 | 43,829 | ||||||
The Container Store Group, Inc.* | 600 | 4,920 | ||||||
The Finish Line, Inc., Class A | 1,793 | 32,417 | ||||||
The Habit Restaurants, Inc., Class A* | 400 | 9,224 | ||||||
The Men’s Wearhouse, Inc. | 1,756 | 25,778 | ||||||
The Pep Boys - Manny, Moe, & Jack* | 2,305 | 42,435 | ||||||
Tile Shop Holdings, Inc.* | 1,300 | 21,320 | ||||||
Tilly’s, Inc.* | 400 | 2,652 | ||||||
Tuesday Morning Corp.* | 1,629 | 10,588 | ||||||
Vera Bradley, Inc.* | 800 | 12,608 | ||||||
Vitamin Shoppe, Inc.* | 1,200 | 39,240 | ||||||
West Marine, Inc.* | 664 | 5,637 | ||||||
Wingstop Inc.* | 400 | 9,124 | ||||||
Winmark Corp. | 100 | 9,301 | ||||||
Zoe’s Kitchen, Inc.* | 700 | 19,586 | ||||||
Zumiez, Inc.* | 703 | 10,629 | ||||||
|
| |||||||
3,651,000 | ||||||||
|
| |||||||
Savings & Loans — 1.9% | ||||||||
Anchor BanCorp Wisconsin, Inc.* | 300 | 13,056 |
141
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Savings & Loans — (continued) | ||||||||
Astoria Financial Corp. | 3,201 | $ | 50,736 | |||||
Banc of California, Inc. | 1,300 | 19,006 | ||||||
Bank Mutual Corp. | 2,432 | 18,970 | ||||||
BankFinancial Corp. | 609 | 7,692 | ||||||
BBX Capital Corp.* | 110 | 1,721 | ||||||
Bear State Financial Inc.* | 800 | 8,664 | ||||||
Beneficial Bancorp, Inc.* | 2,873 | 38,268 | ||||||
Berkshire Hills Bancorp, Inc. | 1,102 | 32,079 | ||||||
BofI Holding, Inc.* | 2,400 | 50,520 | ||||||
Brookline Bancorp, Inc. | 2,922 | 33,603 | ||||||
BSB Bancorp* | 500 | 11,695 | ||||||
Capitol Federal Financial, Inc. | 5,500 | 69,080 | ||||||
Charter Financial Corp. | 900 | 11,889 | ||||||
Clifton Bancorp, Inc. | 1,146 | 16,434 | ||||||
Dime Community Bancshares, Inc. | 1,030 | 18,015 | ||||||
EverBank Financial Corp. | 3,600 | 57,528 | ||||||
First Defiance Financial Corp. | 300 | 11,334 | ||||||
Flagstar Bancorp, Inc.* | 800 | 18,488 | ||||||
Flushing Financial Corp. | 1,338 | 28,954 | ||||||
Fox Chase Bancorp, Inc. | 420 | 8,522 | ||||||
Hingham Institution for Savings | 100 | 11,980 | ||||||
Homestreet, Inc.* | 1,000 | 21,710 | ||||||
HomeTrust Bancshares, Inc.* | 900 | 18,225 | ||||||
Investors Bancorp, Inc. | 13,355 | 166,136 | ||||||
Meridian Bancorp, Inc. | 1,874 | 26,423 | ||||||
Meta Financial Group, Inc. | 200 | 9,186 | ||||||
Northfield Bancorp, Inc. | 1,593 | 25,361 | ||||||
Northwest Bancshares, Inc. | 3,775 | 50,547 | ||||||
OceanFirst Financial Corp. | 327 | 6,550 | ||||||
Oritani Financial Corp. | 1,718 | 28,347 | ||||||
Pacific Premier Bancorp, Inc.* | 700 | 14,875 | ||||||
Provident Financial Services, Inc. | 2,403 | 48,420 | ||||||
Sterling Bancorp, Inc. | 4,714 | 76,461 | ||||||
Territorial Bancorp, Inc. | 243 | 6,741 | ||||||
United Community Financial Corp. | 1,700 | 10,030 | ||||||
United Financial Bancorp, Inc. | 2,131 | 27,447 | ||||||
Washington Federal, Inc. | 3,700 | 88,171 | ||||||
Waterstone Financial, Inc. | 1,000 | 14,100 | ||||||
WSFS Financial Corp. | 1,071 | 34,658 | ||||||
|
| |||||||
1,211,622 | ||||||||
|
| |||||||
Semiconductors — 3.2% | ||||||||
Advanced Micro Devices, Inc.* | 25,300 | 72,611 | ||||||
Alpha & Omega Semiconductor Ltd.* | 400 | 3,676 | ||||||
Ambarella Inc.* | 1,200 | 66,888 | ||||||
Amkor Technology, Inc.* | 3,211 | 19,523 | ||||||
Applied Micro Circuits Corp.* | 2,958 | 18,842 | ||||||
Axcelis Technologies, Inc.* | 4,100 | 10,619 | ||||||
Brooks Automation, Inc. | 2,477 | 26,454 | ||||||
Cabot Microelectronics Corp.* | 961 | 42,073 | ||||||
Cascade Microtech, Inc.* | 700 | 11,375 | ||||||
Cavium, Inc.* | 2,079 | 136,611 | ||||||
CEVA, Inc.* | 671 | 15,675 | ||||||
Cirrus Logic, Inc.* | 2,481 | 73,264 | ||||||
Cohu, Inc. | 904 | 10,911 | ||||||
Diodes, Inc.* | 1,399 | 32,149 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Semiconductors — (continued) | ||||||||
DSP Group, Inc.* | 557 | $ | 5,258 | |||||
EMCOR Group, Inc.* | 1,200 | 7,356 | ||||||
Entegris, Inc.* | 5,270 | 69,933 | ||||||
Exar Corp.* | 1,532 | 9,391 | ||||||
Fairchild Semiconductor International, Inc.* | 4,400 | 91,124 | ||||||
FormFactor, Inc.* | 2,172 | 19,548 | ||||||
Gerber Scientific, Inc.~ | 500 | 0 | ||||||
Inphi Corp.* | 1,400 | 37,828 | ||||||
Integrated Device Technology, Inc.* | 5,593 | 147,376 | ||||||
Intersil Corp., Class A | 5,100 | 65,076 | ||||||
InvenSense, Inc.* | 2,800 | 28,644 | ||||||
IXYS Corp. | 1,266 | 15,990 | ||||||
Kopin Corp.* | 1,507 | 4,099 | ||||||
Lattice Semiconductor Corp.* | 4,924 | 31,858 | ||||||
M/A-COM Technology Solutions Holdings, Inc.* | 800 | 32,712 | ||||||
Mattson Technology, Inc.* | 2,300 | 8,119 | ||||||
MaxLinear, Inc., Class A* | 2,243 | 33,039 | ||||||
Microsemi Corp.* | 3,693 | 120,355 | ||||||
MKS Instruments, Inc. | 1,996 | 71,856 | ||||||
Monolithic Power Systems, Inc. | 1,467 | 93,463 | ||||||
Nanometrics, Inc.* | 900 | 13,626 | ||||||
OmniVision Technologies, Inc.* | 2,119 | 61,493 | ||||||
Photronics, Inc.* | 2,692 | 33,515 | ||||||
PMC-Sierra, Inc.* | 6,900 | 80,178 | ||||||
Power Integrations, Inc. | 1,095 | 53,250 | ||||||
QLogic Corp.* | 3,200 | 39,040 | ||||||
Rambus, Inc.* | 4,123 | 47,786 | ||||||
Rovi Corp.* | 3,100 | 51,646 | ||||||
Rudolph Technologies, Inc.* | 1,054 | 14,988 | ||||||
Semtech Corp.* | 2,609 | 49,362 | ||||||
Sigma Designs, Inc.* | 1,200 | 7,584 | ||||||
Silicon Laboratories, Inc.* | 1,700 | 82,518 | ||||||
Tessera Technologies, Inc. | 2,023 | 60,710 | ||||||
Ultra Clean Holdings, Inc.* | 900 | 4,608 | ||||||
Ultratech, Inc.* | 978 | 19,384 | ||||||
Veeco Instruments, Inc.* | 1,393 | 28,640 | ||||||
Xcerra Corp.* | 2,466 | 14,919 | ||||||
|
| |||||||
2,096,943 | ||||||||
|
| |||||||
Software — 4.8% | ||||||||
2U, Inc.* | 900 | 25,182 | ||||||
ACI Worldwide, Inc.* | 4,527 | 96,878 | ||||||
Actua Corp.* | 1,428 | 16,351 | ||||||
Acxiom Corp.* | 2,967 | 62,070 | ||||||
Amber Road, Inc.* | 600 | 3,054 | ||||||
American Software, Inc., Class A | 593 | 6,037 | ||||||
Aspen Technology, Inc.* | 3,253 | 122,833 | ||||||
AVG Technologies NV* | 1,400 | 28,070 | ||||||
Avid Technology, Inc.* | 1,100 | 8,019 | ||||||
Benefitfocus, Inc.* | 200 | 7,278 | ||||||
Blackbaud, Inc. | 1,750 | 115,255 | ||||||
Bottomline Technologies, Inc.* | 1,545 | 45,933 | ||||||
BroadSoft, Inc.* | 1,061 | 37,517 | ||||||
Callidus Software, Inc.* | 2,000 | 37,140 | ||||||
Castlight Health, Inc., Class B* | 1,200 | 5,124 |
142
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Software — (continued) | ||||||||
CommVault Systems, Inc.* | 1,648 | $ | 64,849 | |||||
Computer Programs & Systems, Inc. | 447 | 22,238 | ||||||
Cornerstone OnDemand, Inc.* | 2,100 | 72,513 | ||||||
CSG Systems International, Inc. | 1,281 | 46,090 | ||||||
Cvent, Inc.* | 800 | 27,928 | ||||||
Demandware, Inc.* | 1,200 | 64,764 | ||||||
Digi International, Inc.* | 657 | 7,477 | ||||||
Ebix, Inc. | 1,036 | 33,970 | ||||||
Envestnet, Inc.* | 1,413 | 42,178 | ||||||
Epiq Systems, Inc. | 1,168 | 15,266 | ||||||
Everyday Health, Inc.* | 700 | 4,214 | ||||||
Evolent Health, Inc., Class A* | 700 | 8,477 | ||||||
Fair Isaac Corp. | 1,188 | 111,886 | ||||||
Five9 Inc.* | 1,100 | 9,570 | ||||||
Glu Mobile, Inc.* | 4,000 | 9,720 | ||||||
Guidance Software, Inc.* | 400 | 2,408 | ||||||
Guidewire Software, Inc.* | 2,700 | 162,432 | ||||||
Hortonworks, Inc.* | 300 | 6,570 | ||||||
HubSpot, Inc.* | 700 | 39,417 | ||||||
Imperva, Inc.* | 1,000 | 63,310 | ||||||
inContact, Inc.* | 2,100 | 20,034 | ||||||
Infoblox, Inc.* | 2,100 | 38,619 | ||||||
InnerWorkings, Inc.* | 1,724 | 12,930 | ||||||
Instructure Inc.* | 300 | 6,246 | ||||||
Interactive Intelligence Group, Inc.* | 597 | 18,758 | ||||||
Jive Software, Inc.* | 1,500 | 6,120 | ||||||
ManTech International Corp., Class A | 1,039 | 31,419 | ||||||
MedAssets, Inc.* | 2,448 | 75,741 | ||||||
Medidata Solutions, Inc.* | 2,088 | 102,917 | ||||||
MicroStrategy, Inc., Class A* | 418 | 74,943 | ||||||
MINDBODY Inc., Class A* | 500 | 7,565 | ||||||
Mobileiron, Inc.* | 1,200 | 4,332 | ||||||
Model N, Inc.* | 1,100 | 12,276 | ||||||
Monotype Imaging Holdings, Inc. | 1,599 | 37,800 | ||||||
New Relic, Inc.* | 200 | 7,286 | ||||||
Omnicell, Inc.* | 1,435 | 44,600 | ||||||
OPOWER, Inc.* | 600 | 6,336 | ||||||
Park City Group Inc.* | 700 | 8,337 | ||||||
Paycom Software, Inc.* | 1,100 | 41,393 | ||||||
PDF Solutions, Inc.* | 1,200 | 13,008 | ||||||
pdvWireless Inc.* | 400 | 11,000 | ||||||
Pegasystems, Inc. | 1,260 | 34,650 | ||||||
Press Ganey Holdings, Inc.* | 300 | 9,465 | ||||||
Progress Software Corp.* | 1,986 | 47,664 | ||||||
Proofpoint, Inc.* | 1,500 | 97,515 | ||||||
PROS Holdings, Inc.* | 917 | 21,128 | ||||||
QAD, Inc. | 392 | 8,044 | ||||||
Qlik Technologies, Inc.* | 3,441 | 108,942 | ||||||
Quality Systems, Inc. | 1,704 | 27,468 | ||||||
RealPage, Inc.* | 2,000 | 44,900 | ||||||
Rocket Fuel, Inc.* | 800 | 2,792 | ||||||
Sapiens International Corp. NV | 800 | 8,160 | ||||||
SciQuest, Inc.* | 900 | 11,673 | ||||||
Seachange International, Inc.* | 1,273 | 8,580 | ||||||
SPS Commerce, Inc.* | 600 | 42,126 | ||||||
Synchronoss Technologies, Inc.* | 1,546 | 54,466 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Software — (continued) | ||||||||
SYNNEX Corp. | 1,094 | $ | 98,383 | |||||
Take-Two Interactive Software, Inc.* | 3,344 | 116,505 | ||||||
Tangoe, Inc.* | 1,769 | 14,842 | ||||||
TubeMogul, Inc.* | 500 | 6,800 | ||||||
Tyler Technologies, Inc.* | 1,299 | 226,442 | ||||||
Verint Systems, Inc.* | 2,395 | 97,141 | ||||||
Workiva Inc.* | 500 | 8,785 | ||||||
Xura, Inc.* | 990 | 24,334 | ||||||
|
| |||||||
3,134,483 | ||||||||
|
| |||||||
Storage & Warehousing — 0.1% | ||||||||
Mobile Mini, Inc. | 1,777 | 55,318 | ||||||
Wesco Aircraft Holdings, Inc.* | 2,140 | 25,616 | ||||||
|
| |||||||
80,934 | ||||||||
|
| |||||||
Telecommunications — 2.9% | ||||||||
8X8, Inc.* | 3,400 | 38,930 | ||||||
ADTRAN, Inc. | 2,205 | 37,970 | ||||||
Aerohive Networks, Inc.* | 1,300 | 6,643 | ||||||
Alliance Fiber Optic Products, Inc. | 600 | 9,096 | ||||||
Anixter International, Inc.* | 1,034 | 62,443 | ||||||
Atlantic Tele-Network, Inc. | 349 | 27,302 | ||||||
Black Box Corp. | 562 | 5,356 | ||||||
CalAmp Corp.* | 1,400 | 27,902 | ||||||
Calix, Inc.* | 1,487 | 11,703 | ||||||
Ciena Corp.* | 4,600 | 95,174 | ||||||
Cincinnati Bell, Inc.* | 7,785 | 28,026 | ||||||
Clearfield, Inc.* | 400 | 5,364 | ||||||
Comtech Telecommunications Corp. | 552 | 11,090 | ||||||
Consolidated Communications Holdings, Inc. | 1,841 | 38,569 | ||||||
DigitalGlobe, Inc.* | 2,569 | 40,230 | ||||||
EarthLink Holdings Corp. | 4,016 | 29,839 | ||||||
Extreme Networks, Inc.* | 3,147 | 12,840 | ||||||
FairPoint Communications, Inc.* | 600 | 9,642 | ||||||
Finisar Corp.* | 3,821 | 55,557 | ||||||
General Communication, Inc., Class A* | 1,486 | 29,393 | ||||||
Gigamon, Inc.* | 1,000 | 26,570 | ||||||
Globalstar, Inc.* | 16,600 | 23,904 | ||||||
Gogo Inc* | 2,200 | 39,160 | ||||||
GTT Communications, Inc.* | 800 | 13,648 | ||||||
Harmonic, Inc.* | 2,870 | 11,681 | ||||||
Hawaiian Telcom Holdco, Inc.* | 500 | 12,430 | ||||||
HC2 Holdings, Inc.* | 700 | 3,703 | ||||||
IDT Corp., Class B | 800 | 9,328 | ||||||
Infinera Corp.* | 5,194 | 94,115 | ||||||
Inteliquent, Inc. | 1,226 | 21,786 | ||||||
Intelsat SA* | 1,200 | 4,992 | ||||||
InterDigital, Inc. | 1,294 | 63,458 | ||||||
Iridium Communications, Inc.* | 3,500 | 29,435 | ||||||
Ixia* | 2,113 | 26,265 | ||||||
j2 Global, Inc. | 1,874 | 154,268 | ||||||
Knowles Corp.* | 3,452 | 46,015 | ||||||
KVH Industries, Inc.* | 354 | 3,335 | ||||||
LogMeIn, Inc.* | 881 | 59,115 | ||||||
Loral Space & Communications, Inc.* | 546 | 22,228 | ||||||
Lumos Networks Corp. | 782 | 8,758 |
143
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Telecommunications — (continued) | ||||||||
NeoPhotonics Corp.* | 900 | $ | 9,774 | |||||
NETGEAR, Inc.* | 1,329 | 55,698 | ||||||
NeuStar, Inc., Class A* | 2,000 | 47,940 | ||||||
NTELOS Holdings Corp.* | 382 | 3,491 | ||||||
Oclaro, Inc.* | 3,000 | 10,440 | ||||||
ORBCOMM, Inc.* | 2,000 | 14,480 | ||||||
Plantronics, Inc. | 1,367 | 64,823 | ||||||
Polycom, Inc.* | 5,300 | 66,727 | ||||||
Preformed Line Products Co. | 45 | 1,894 | ||||||
RigNet, Inc.* | 500 | 10,345 | ||||||
Ruckus Wireless, Inc.* | 2,700 | 28,917 | ||||||
Shenandoah Telecommunications Co. | 859 | 36,980 | ||||||
ShoreTel, Inc.* | 2,281 | 20,187 | ||||||
Sonus Networks, Inc.* | 1,843 | 13,141 | ||||||
Spok Holdings, Inc. | 1,112 | 20,372 | ||||||
Straight Path Communications, Inc.* | 300 | 5,142 | ||||||
Telenav, Inc.* | 1,000 | 5,690 | ||||||
Ubiquiti Networks, Inc.* | 1,200 | 38,028 | ||||||
ViaSat, Inc.* | 1,662 | 101,399 | ||||||
Vonage Holdings Corp.* | 7,500 | 43,050 | ||||||
West Corp. | 2,100 | 45,297 | ||||||
Windstream Holdings, Inc. | 3,500 | 22,540 | ||||||
|
| |||||||
1,923,618 | ||||||||
|
| |||||||
Textiles — 0.2% | ||||||||
Culp, Inc. | 300 | 7,641 | ||||||
G&K Services, Inc., Class A | 776 | 48,810 | ||||||
UniFirst Corp. | 577 | 60,124 | ||||||
|
| |||||||
116,575 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.0% | ||||||||
JAKKS Pacific, Inc.* | 584 | 4,649 | ||||||
|
| |||||||
Transportation — 1.6% | ||||||||
Air Transport Services Group, Inc.* | 2,085 | 21,017 | ||||||
ArcBest Corp. | 995 | 21,283 | ||||||
Ardmore Shipping Corp. | 800 | 10,176 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,048 | 43,324 | ||||||
Bristow Group, Inc. | 1,350 | 34,965 | ||||||
CAI International, Inc.* | 660 | 6,653 | ||||||
Celadon Group, Inc. | 935 | 9,247 | ||||||
Covenant Transportation Group, Inc.* | 400 | 7,556 | ||||||
DHT Holdings Inc. | 3,900 | 31,551 | ||||||
Dorian LPG Ltd.* | 900 | 10,593 | ||||||
Eagle Bulk Shipping Inc.* | 1,200 | 4,224 | ||||||
Echo Global Logistics, Inc.* | 1,000 | 20,390 | ||||||
Era Group, Inc.* | 800 | 8,920 | ||||||
Forward Air Corp. | 1,196 | 51,440 | ||||||
Frontline Ltd. | 9,500 | 28,405 | ||||||
GasLog Ltd. | 1,700 | 14,110 | ||||||
Gener8 Maritime Inc.* | 900 | 8,505 | ||||||
Golden Ocean Group Ltd.* | 2,574 | 2,754 | ||||||
Gulfmark Offshore, Inc., Class A | 979 | 4,572 | ||||||
Heartland Express, Inc. | 1,967 | 33,479 | ||||||
Hub Group, Inc., Class A* | 1,443 | 47,547 | ||||||
Knight Transportation, Inc. | 2,264 | 54,857 | ||||||
Marten Transport Ltd. | 1,051 | 18,603 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Transportation — (continued) | ||||||||
Matson, Inc. | 1,600 | $ | 68,208 | |||||
Navios Maritime Acquisition Corp. | 3,700 | 11,137 | ||||||
Navios Maritime Holdings Inc. | 3,200 | 5,600 | ||||||
Nordic American Offshore Ltd. | 900 | 4,743 | ||||||
Nordic American Tankers Ltd. | 3,567 | 55,431 | ||||||
P.A.M. Transportation Services, Inc.* | 200 | 5,518 | ||||||
PHI, Inc.* | 593 | 9,731 | ||||||
Radiant Logistics, Inc.* | 1,000 | 3,430 | ||||||
Roadrunner Transportation Systems, Inc.* | 1,000 | 9,430 | ||||||
Safe Bulkers Inc. | 1,700 | 1,377 | ||||||
Saia, Inc.* | 961 | 21,382 | ||||||
Scorpio Bulkers Inc.* | 1,100 | 10,879 | ||||||
Scorpio Tankers Inc. | 7,100 | 56,942 | ||||||
Ship Finance International Ltd. | 2,284 | 37,846 | ||||||
Swift Transportation Co.* | 3,300 | 45,606 | ||||||
Teekay Tankers Ltd., Class A | 3,193 | 21,968 | ||||||
Tidewater, Inc. | 1,600 | 11,136 | ||||||
Universal Truckload Services, Inc. | 100 | 1,404 | ||||||
USA Truck, Inc.* | 200 | 3,490 | ||||||
UTi Worldwide Inc.* | 3,400 | 23,902 | ||||||
Werner Enterprises, Inc. | 1,752 | 40,979 | ||||||
XPO Logistics, Inc.* | 2,841 | 77,417 | ||||||
YRC Worldwide, Inc.* | 1,300 | 18,434 | ||||||
|
| |||||||
1,040,161 | ||||||||
|
| |||||||
Trucking and Leasing — 0.1% | ||||||||
TAL International Group, Inc.* | 1,293 | 20,559 | ||||||
Textainer Group Holdings Ltd. | 812 | 11,457 | ||||||
The Greenbrier Cos., Inc. | 1,047 | 34,153 | ||||||
|
| |||||||
66,169 | ||||||||
|
| |||||||
Water — 0.3% | ||||||||
American States Water Co. | 1,524 | 63,932 | ||||||
Artesian Resources Corp., Class A | 413 | 11,440 | ||||||
California Water Service Group | 1,766 | 41,095 | ||||||
Connecticut Water Service, Inc. | 319 | 12,125 | ||||||
Consolidated Water Co. Ltd. | 800 | 9,792 | ||||||
Middlesex Water Co. | 531 | 14,093 | ||||||
PICO Holdings, Inc.* | 792 | 8,173 | ||||||
SJW Corp. | 488 | 14,469 | ||||||
The York Water Co. | 697 | 17,383 | ||||||
|
| |||||||
192,502 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $47,118,728) | 58,447,601 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 8.9% |
|
|
| |||||
Apartments — 0.4% | ||||||||
American Residential Properties, Inc. | 1,300 | 24,570 | ||||||
Bluerock Residential Growth Reit, Inc. | 600 | 7,110 | ||||||
Campus Crest Communities, Inc. | 2,300 | 15,640 | ||||||
Education Realty Trust, Inc. | 2,201 | 83,374 | ||||||
Independence Realty Trust, Inc. | 1,792 | 13,458 | ||||||
Monogram Residential Trust, Inc. | 6,500 | 63,440 | ||||||
Preferred Apartment Communities, Inc. | 800 | 10,464 | ||||||
Silver Bay Realty Trust Corp. | 1,637 | 25,635 | ||||||
|
| |||||||
243,691 | ||||||||
|
|
144
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Building & Real Estate — 1.2% | ||||||||
Agree Realty Corp. | 796 | $ | 27,056 | |||||
Altisource Residential Corp. | 2,200 | 27,302 | ||||||
Anworth Mortgage Asset Corp. | 3,731 | 16,230 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 2,200 | 37,906 | ||||||
Ares Commercial Real Estate Corp. | 1,000 | 11,440 | ||||||
Capstead Mortgage Corp. | 3,475 | 30,372 | ||||||
Colony Financial, Inc. Class A | 4,416 | 86,024 | ||||||
CYS Investments, Inc. | 5,856 | 41,753 | ||||||
Dynex Capital, Inc. | 2,307 | 14,649 | ||||||
Getty Realty Corp. | 1,163 | 19,945 | ||||||
Hatteras Financial Corp. | 3,800 | 49,970 | ||||||
Invesco Mortgage Capital, Inc. | 4,407 | 54,603 | ||||||
iStar Financial, Inc.* | 3,318 | 38,920 | ||||||
New York Mortgage Trust, Inc. | 4,700 | 25,051 | ||||||
PennyMac Mortgage Investment Trust | 2,692 | 41,080 | ||||||
Redwood Trust, Inc. | 3,377 | 44,576 | ||||||
Resource Capital Corp. | 1,175 | 14,993 | ||||||
Select Income REIT | 2,200 | 43,604 | ||||||
Starwood Waypoint Residential Trust | 1,600 | 36,224 | ||||||
Sun Communities, Inc. | 1,990 | 136,375 | ||||||
|
| |||||||
798,073 | ||||||||
|
| |||||||
Diversified — 0.9% | ||||||||
AG Mortgage Investment Trust, Inc. | 1,188 | 15,254 | ||||||
Armada Hoffler Properties, Inc. | 800 | 8,384 | ||||||
CatchMark Timber Trust, Inc., Class A | 1,300 | 14,703 | ||||||
CorEnergy Infrastructure Trust Inc. | 300 | 4,452 | ||||||
CoreSite Realty Corp. | 900 | 51,048 | ||||||
DuPont Fabros Technology, Inc. | 2,450 | 77,886 | ||||||
EPR Properties | 2,210 | 129,174 | ||||||
New York REIT, Inc. | 6,200 | 71,300 | ||||||
NexPoint Residential Trust, Inc. | 600 | 7,854 | ||||||
PS Business Parks, Inc. | 765 | 66,884 | ||||||
STAG lndustrial, Inc. | 2,600 | 47,970 | ||||||
The GEO Group, Inc. | 2,768 | 80,023 | ||||||
UMH Properties, Inc. | 968 | 9,796 | ||||||
Whitestone REIT | 800 | 9,608 | ||||||
|
| |||||||
594,336 | ||||||||
|
| |||||||
Diversified Financial Services — 0.6% | ||||||||
American Capital Mortgage Investment Corp. | 2,043 | 28,520 | ||||||
Apollo Residential Mortgage, Inc. | 1,332 | 15,918 | ||||||
ARMOUR Residential REIT, Inc. | 1,775 | 38,624 | ||||||
DCT Industrial Trust, Inc. | 3,420 | 127,806 | ||||||
New Residential Investment Corp. | 8,600 | 104,576 | ||||||
Orchid Island Capital, Inc. | 600 | 5,958 | ||||||
RAIT Financial Trust | 3,606 | 9,736 | ||||||
STORE Capital Corp. | 1,500 | 34,800 | ||||||
United Development Funding IV | 1,000 | 11,000 | ||||||
Western Asset Mortgage Capital Corp. | 1,597 | 16,321 | ||||||
|
| |||||||
393,259 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Potlatch Corp. | 1,578 | 47,719 | ||||||
|
| |||||||
Healthcare — 0.8% | ||||||||
CareTrust REIT, Inc. | 1,795 | 19,655 |
Number of Shares | Value† | |||||||
|
| |||||||
Healthcare — (continued) | ||||||||
Healthcare Realty Trust, Inc. | 3,972 | $ | 112,487 | |||||
LTC Properties, Inc. | 1,317 | 56,815 | ||||||
Medical Properties Trust, Inc. | 9,107 | 104,822 | ||||||
National Health Investors, Inc. | 1,457 | 88,688 | ||||||
New Senior Investment Group, Inc. | 3,400 | 33,524 | ||||||
Physicians Realty Trust | 3,400 | 57,324 | ||||||
Sabra Health Care REIT, Inc. | 2,588 | 52,355 | ||||||
Universal Health Realty Income Trust | 520 | 26,005 | ||||||
|
| |||||||
551,675 | ||||||||
|
| |||||||
Hotels & Resorts — 1.2% | ||||||||
Ashford Hospitality Prime, Inc. | 987 | 14,312 | ||||||
Ashford Hospitality Trust, Inc. | 3,020 | 19,056 | ||||||
Chatham Lodging Trust | 1,400 | 28,672 | ||||||
Chesapeake Lodging Trust | 2,389 | 60,107 | ||||||
DiamondRock Hospitality Co. | 7,523 | 72,597 | ||||||
FelCor Lodging Trust, Inc. | 5,018 | 36,631 | ||||||
Hersha Hospitality Trust | 1,917 | 41,714 | ||||||
LaSalle Hotel Properties | 4,217 | 106,100 | ||||||
Pebblebrook Hotel Trust | 2,709 | 75,906 | ||||||
RLJ Lodging Trust | 5,100 | 110,313 | ||||||
Ryman Hospitality Properties, Inc. | 1,612 | 83,244 | ||||||
Summitt Hotel Properties, Inc. | 3,500 | 41,825 | ||||||
Sunstone Hotel Investors, Inc. | 7,805 | 97,484 | ||||||
|
| |||||||
787,961 | ||||||||
|
| |||||||
Industrial — 0.5% | ||||||||
EastGroup Properties, Inc. | 1,175 | 65,342 | ||||||
First Industrial Realty Trust, Inc. | 4,129 | 91,375 | ||||||
First Potomac Realty Trust | 2,392 | 27,269 | ||||||
InfraREIT, Inc.* | 900 | 16,650 | ||||||
Monmouth Real Estate Investment Corp., Class A | 2,049 | 21,432 | ||||||
QTS Realty Trust, Inc. | 1,100 | 49,621 | ||||||
Rexford Industrial Realty, Inc. | 2,000 | 32,720 | ||||||
Terreno Realty Corp. | 1,675 | 37,888 | ||||||
|
| |||||||
342,297 | ||||||||
|
| |||||||
Internet — 0.1% | ||||||||
CyrusOne, Inc. | 2,500 | 93,625 | ||||||
|
| |||||||
Mixed Industrial/Office — 0.4% | ||||||||
Cousins Properties, Inc. | 8,461 | 79,787 | ||||||
Gladstone Commercial Corp. | 652 | 9,513 | ||||||
Investors Real Estate Trust | 4,618 | 32,095 | ||||||
Lexington Realty Trust | 8,015 | 64,120 | ||||||
One Liberty Properties, Inc. | 503 | 10,795 | ||||||
Washington Real Estate Investment Trust | 2,606 | 70,518 | ||||||
|
| |||||||
266,828 | ||||||||
|
| |||||||
Office Property — 1.0% | ||||||||
American Assets Trust, Inc. | 1,400 | 53,690 | ||||||
Easterly Government Proper, Inc. | 500 | 8,590 | ||||||
Franklin Street Properties Corp. | 3,245 | 33,586 | ||||||
Government Properties Income Trust | 2,744 | 43,547 | ||||||
Gramercy Property Trust | 16,317 | 125,967 | ||||||
Highwoods Properties, Inc. | 3,660 | 159,576 |
145
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
Number of Shares | Value† | |||||||
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||||||||
Office Property — (continued) | ||||||||
Hudson Pacific Properties, Inc. | 2,700 | $ | 75,978 | |||||
Mack-Cali Realty Corp. | 3,500 | 81,725 | ||||||
Parkway Properties, Inc. | 3,380 | 52,830 | ||||||
|
| |||||||
635,489 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
Xenia Hotels & Resorts, Inc. | 4,400 | 67,452 | ||||||
|
| |||||||
Regional Malls — 0.1% | ||||||||
Pennsylvania Real Estate Investment Trust | 2,715 | 59,377 | ||||||
Rouse Properties, Inc. | 1,400 | 20,384 | ||||||
|
| |||||||
79,761 | ||||||||
|
| |||||||
Storage & Warehousing — 0.6% | ||||||||
CubeSmart | 6,425 | 196,734 | ||||||
National Storage Affiliates Trust | 700 | 11,991 | ||||||
Sovran Self Storage, Inc. | 1,382 | 148,302 | ||||||
|
| |||||||
357,027 | ||||||||
|
| |||||||
Strip Centers — 0.9% | ||||||||
Acadia Realty Trust | 2,520 | 83,538 | ||||||
Alexander’s, Inc. | 86 | 33,033 | ||||||
Cedar Realty Trust, Inc. | 2,826 | 20,008 | ||||||
Equity One, Inc. | 2,854 | 77,486 | ||||||
Inland Real Estate Corp. | 3,688 | 39,167 | ||||||
Kite Realty Group Trust | 3,251 | 84,298 | ||||||
Ramco-Gershenson Properties Trust | 3,141 | 52,172 | ||||||
Retail Opportunity Investments Corp. | 3,900 | 69,810 | ||||||
Saul Centers, Inc. | 451 | 23,123 | ||||||
Urban Edge Properties | 3,500 | 82,075 | ||||||
Urstadt Biddle Properties, Inc., Class A | 1,216 | 23,396 | ||||||
|
| |||||||
588,106 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,173,806) | 5,847,299 | |||||||
|
| |||||||
RIGHTS — 0.0% |
|
|
|
|
|
| ||
Chelsea Therapeutics Intl Ltd. CVR~ | 1,600 | 0 | ||||||
Clinical Data, Inc.~ | 354 | 0 | ||||||
Cubist Pharmaceuticals, Inc.~ | 1,200 | 0 | ||||||
Durata Therapeutics CVR Shares~ | 500 | 415 | ||||||
Furiex Pharmaceuticals Rights~ | 300 | 0 | ||||||
Leap Wireless CVR~ | 2,300 | 5,796 | ||||||
|
| |||||||
TOTAL RIGHTS (Cost $5,740) | 6,211 | |||||||
|
| |||||||
Par (000) | Value† | |||||||
U.S. TREASURY OBLIGATIONS — 0.1% |
|
|
| |||||
U.S. Treasury Bills1 | $ | 65 | 64,986 | |||||
United States Treasury Bill1 | 4 | 3,992 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $68,988) | 68,978 | |||||||
|
|
Number of Shares | Value† | |||||||
WARRANTS — 0.0% |
|
|
|
|
|
| ||
Magnum Hunter Resources Corp.~ | 780 | $ | 0 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.7% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,089,653 | 1,089,653 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $53,456,915) | $ | 65,459,742 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.0% | 20,380 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 65,480,122 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $6,309. |
1 | All or portion of securities segregated as collateral for futures contracts. |
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | ||||||
Advertising | 0.1% | $ | 62,515 | |||||
Aerospace & Defense | 1.4% | 846,507 | ||||||
Agriculture | 0.3% | 201,189 | ||||||
Airlines | 0.4% | 227,785 | ||||||
Apparel | 0.7% | 433,571 | ||||||
Auto Manufacturers | 0.1% | 46,670 | ||||||
Auto Parts & Equipment | 1.2% | 687,876 | ||||||
Banks | 9.7% | 5,658,942 | ||||||
Beverages | 0.2% | 136,769 | ||||||
Biotechnology | 4.2% | 2,433,975 | ||||||
Building Materials | 1.5% | 856,611 | ||||||
Chemicals | 1.8% | 1,034,984 | ||||||
Coal | — % | + | 21,921 | |||||
Commercial Services | 5.7% | 3,353,334 | ||||||
Computers | 3.1% | 1,828,638 | ||||||
Cosmetics & Personal Care | 0.1% | 38,256 | ||||||
Distribution & Wholesale | 0.9% | 524,700 | ||||||
Diversified Financial Services | 2.7% | 1,580,819 | ||||||
Electric | 2.3% | 1,318,545 | ||||||
Electrical Components & Equipment | 1.0% | 583,677 | ||||||
Electronics | 2.5% | 1,442,997 | ||||||
Energy-Alternate Sources | 0.3% | 194,003 | ||||||
Engineering & Construction | 0.9% | 519,814 | ||||||
Entertainment | 1.3% | 750,150 | ||||||
Environmental Control | 0.5% | 275,579 | ||||||
Food | 2.3% | 1,340,769 | ||||||
Forest Products & Paper | 0.5% | 284,329 | ||||||
Gas | 1.4% | 834,662 | ||||||
Hand & Machine Tools | 0.1% | 59,303 | ||||||
Healthcare Products | 4.6% | 2,686,214 |
146
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | ||||||
Healthcare Services | 2.2% | $ | 1,266,310 | |||||
Holding Companies | 0.2% | 116,221 | ||||||
Home Builders | 0.9% | 510,460 | ||||||
Home Furnishings | 0.6% | 330,394 | ||||||
Hotels & Resorts | 0.1% | 60,693 | ||||||
Household Products & Wares | 0.6% | 358,680 | ||||||
Housewares | —% | + | 19,708 | |||||
Insurance | 3.4% | 1,966,754 | ||||||
Internet | 2.2% | 1,278,355 | ||||||
Investment Companies | 0.1% | 31,270 | ||||||
Iron & Steel | 0.3% | 168,994 | ||||||
Leisure Time | 0.5% | 299,140 | ||||||
Lodging | 0.2% | 136,760 | ||||||
Machinery - Construction & Mining | 0.1% | 46,451 | ||||||
Machinery - Diversified | 0.6% | 362,941 | ||||||
Media | 1.3% | 760,448 | ||||||
Metal Fabricate/Hardware | 0.8% | 474,262 | ||||||
Mining | 0.4% | 249,562 | ||||||
Miscellaneous Manufacturing | 1.7% | 973,957 | ||||||
Office & Business Equipment | —% | + | 10,032 | |||||
Office Furnishings | 0.4% | 256,342 | ||||||
Oil & Gas | 1.4% | 812,988 | ||||||
Oil & Gas Services | 0.7% | 419,819 | ||||||
Packaging and Containers | 0.4% | 224,846 | ||||||
Pharmaceuticals | 5.2% | 3,043,970 | ||||||
Pipelines | 0.1% | 79,001 | ||||||
Publishing / Newspapers | 0.2% | 105,482 | ||||||
Real Estate | 0.5% | 300,001 | ||||||
Retail | 6.2% | 3,651,000 | ||||||
Savings & Loans | 2.1% | 1,211,622 | ||||||
Semiconductors | 3.6% | 2,096,943 | ||||||
Software | 5.4% | 3,134,483 | ||||||
Storage & Warehousing | 0.1% | 80,934 | ||||||
Telecommunications | 3.3% | 1,923,618 | ||||||
Textiles | 0.2% | 116,575 | ||||||
Toys, Games & Hobbies | —% | + | 4,649 | |||||
Transportation | 1.8% | 1,040,161 | ||||||
Trucking and Leasing | 0.1% | 66,169 | ||||||
Water | 0.3% | 192,502 | ||||||
| ||||||||
100.0% | $ | 58,447,601 | ||||||
|
|
|
|
+ | Rounded. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Signi ficant Obse rvable Input | Level 3 Signi ficant Unobs ervable Input | ||||||||||||||||
COMMON STOCKS | ||||||||||||||||||||
Advertising | $ | 62,515 | $ | 62,515 | $ | — | $ | — | ||||||||||||
Aerospace & Defense | 846,507 | 846,507 | — | — | ||||||||||||||||
Agriculture | 201,189 | 201,189 | — | — | ||||||||||||||||
Airlines | 227,785 | 227,785 | — | — | ||||||||||||||||
Apparel | 433,571 | 433,571 | — | — | ||||||||||||||||
Auto Manufacturers | 46,670 | 46,670 | — | — | ||||||||||||||||
Auto Parts & Equipment | 687,876 | 687,876 | — | — | ||||||||||||||||
Banks | 5,658,942 | 5,658,942 | — | — |
ASSETS TABLE | ||||||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Signi ficant Obse rvable Input | Level 3 Signi ficant Unobs ervable Input | ||||||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||||||||
Beverages | $ | 136,769 | $ | 136,769 | $ | — | $ | — | ||||||||||||
Biotechnology | 2,433,975 | 2,433,975 | — | — | ||||||||||||||||
Building Materials | 856,611 | 856,611 | — | — | ||||||||||||||||
Chemicals | 1,034,984 | 1,034,984 | — | — | ||||||||||||||||
Coal | 21,921 | 21,921 | — | — | ||||||||||||||||
Commercial Services | 3,353,334 | 3,353,334 | — | — | ||||||||||||||||
Computers | 1,828,638 | 1,828,638 | — | — | ||||||||||||||||
Cosmetics & Personal Care | 38,256 | 38,256 | — | — | ||||||||||||||||
Distribution & Wholesale | 524,700 | 524,700 | — | — | ||||||||||||||||
Diversified Financial Services | 1,580,819 | 1,580,721 | 98 | — | ||||||||||||||||
Electric | 1,318,545 | 1,318,545 | — | — | ||||||||||||||||
Electrical Components & Equipment | 583,677 | 583,677 | — | — | ||||||||||||||||
Electronics | 1,442,997 | 1,442,997 | — | — | ||||||||||||||||
Energy-Alternate Sources | 194,003 | 194,003 | — | — | ||||||||||||||||
Engineering & Construction | 519,814 | 519,814 | — | — | ||||||||||||||||
Entertainment | 750,150 | 750,150 | — | — | ||||||||||||||||
Environmental Control | 275,579 | 275,579 | — | — | ||||||||||||||||
Food | 1,340,769 | 1,340,769 | — | — | ||||||||||||||||
Forest Products & Paper | 284,329 | 284,329 | — | — | ||||||||||||||||
Gas | 834,662 | 834,662 | — | — | ||||||||||||||||
Hand & Machine Tools | 59,303 | 59,303 | — | — | ||||||||||||||||
Healthcare Products | 2,686,214 | 2,686,214 | — | — | ||||||||||||||||
Healthcare Services | 1,266,310 | 1,266,310 | — | — | ||||||||||||||||
Holding Companies | 116,221 | 116,221 | — | — | ||||||||||||||||
Home Builders | 510,460 | 510,460 | — | — | ||||||||||||||||
Home Furnishings | 330,394 | 330,394 | — | — | ||||||||||||||||
Hotels & Resorts | 60,693 | 60,693 | — | — | ||||||||||||||||
Household Products & Wares | 358,680 | 358,680 | — | — | ||||||||||||||||
Housewares | 19,708 | 19,708 | — | — | ||||||||||||||||
Insurance | 1,966,754 | 1,966,754 | — | — | ||||||||||||||||
Internet | 1,278,355 | 1,278,355 | — | — | ||||||||||||||||
Investment Companies | 31,270 | 31,270 | — | — | ||||||||||||||||
Iron & Steel | 168,994 | 168,994 | — | — | ||||||||||||||||
Leisure Time | 299,140 | 299,140 | — | — | ||||||||||||||||
Lodging | 136,760 | 136,760 | — | — | ||||||||||||||||
Machinery — Construction & Mining | 46,451 | 46,451 | — | — | ||||||||||||||||
Machinery — Diversified | 362,941 | 362,941 | — | — | ||||||||||||||||
Media | 760,448 | 760,448 | — | — | ||||||||||||||||
Metal Fabricate/Hardware | 474,262 | 474,262 | — | — | ||||||||||||||||
Mining | 249,562 | 249,562 | — | — | ||||||||||||||||
Miscellaneous Manufacturing | 973,957 | 973,957 | — | — | ||||||||||||||||
Office & Business Equipment | 10,032 | 10,032 | — | — | ||||||||||||||||
Office Furnishings | 256,342 | 256,342 | — | — | ||||||||||||||||
Oil & Gas | 812,988 | 812,988 | — | — | ||||||||||||||||
Oil & Gas Services | 419,819 | 419,819 | — | — | ||||||||||||||||
Packaging and Containers | 224,846 | 224,846 | — | — | ||||||||||||||||
Pharmaceuticals | 3,043,970 | 3,043,970 | — | — |
147
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Small Cap Index Fund
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Signi ficant Obse rvable Input | Level 3 Signi ficant Unobs ervable Input | ||||||||||||
COMMON STOCKS (continued) |
| |||||||||||||||
Pipelines | $ | 79,001 | $ | 79,001 | $ | — | $ | — | ||||||||
Publishing / Newspapers | 105,482 | 105,482 | — | — | ||||||||||||
Real Estate | 300,001 | 300,001 | — | — | ||||||||||||
Retail | 3,651,000 | 3,651,000 | — | — | ||||||||||||
Savings & Loans | 1,211,622 | 1,211,622 | — | — | ||||||||||||
Semiconductors | 2,096,943 | 2,096,943 | — | — | ||||||||||||
Software | 3,134,483 | 3,134,483 | — | — | ||||||||||||
Storage & Warehousing | 80,934 | 80,934 | — | — | ||||||||||||
Telecommunications | 1,923,618 | 1,923,618 | — | — | ||||||||||||
Textiles | 116,575 | 116,575 | — | — | ||||||||||||
Toys, Games & Hobbies | 4,649 | 4,649 | — | — | ||||||||||||
Transportation | 1,040,161 | 1,040,161 | — | — | ||||||||||||
Trucking and Leasing | 66,169 | 66,169 | — | — | ||||||||||||
Water | 192,502 | 192,502 | — | — | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS |
| |||||||||||||||
Apartments | 243,691 | 243,691 | — | — | ||||||||||||
Building & Real Estate | 798,073 | 798,073 | — | — | ||||||||||||
Diversified | 594,336 | 594,336 | — | — | ||||||||||||
Diversified Financial Services | 393,259 | 393,259 | — | — | ||||||||||||
Forest Products & Paper | 47,719 | 47,719 | — | — | ||||||||||||
Healthcare | 551,675 | 551,675 | — | — | ||||||||||||
Hotels & Resorts | 787,961 | 787,961 | — | — | ||||||||||||
Industrial | 342,297 | 342,297 | — | — | ||||||||||||
Internet | 93,625 | 93,625 | — | — | ||||||||||||
Mixed Industrial/Office | 266,828 | 266,828 | — | — | ||||||||||||
Office Property | 635,489 | 635,489 | — | — | ||||||||||||
Real Estate | 67,452 | 67,452 | — | — | ||||||||||||
Regional Malls | 79,761 | 79,761 | — | — | ||||||||||||
Storage & Warehousing | 357,027 | 357,027 | — | — | ||||||||||||
Strip Centers | 588,106 | 588,106 | — | — | ||||||||||||
U.S. TREASURY OBLIGATIONS | 68,978 | — | 68,978 | — | ||||||||||||
RIGHTS | 6,211 | — | 6,211 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,089,653 | 1,089,653 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 65,459,742 | $ | 65,384,455 | $ | 75,287 | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
148
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 97.8% |
|
|
|
|
|
| ||
Australia — 6.7% | ||||||||
AGL Energy Ltd. | 5,276 | $ | 69,037 | |||||
Alumina Ltd. | 25,717 | 21,462 | ||||||
Amcor Ltd. | 9,071 | 88,127 | ||||||
AMP Ltd. | 24,438 | 102,969 | ||||||
APA Group | 8,753 | 55,077 | ||||||
Aristocrat Leisure Ltd. | 4,196 | 30,983 | ||||||
Asciano Ltd. | 4,969 | 31,591 | ||||||
ASX Ltd. | 1,401 | 43,102 | ||||||
Aurizon Holdings Ltd. | 15,495 | 49,190 | ||||||
Ausnet Services | 18,055 | 19,437 | ||||||
Australia & New Zealand Banking Group Ltd. | 22,660 | 457,273 | ||||||
Bank of Queensland Ltd. | 3,012 | 30,384 | ||||||
Bendigo & Adelaide Bank Ltd. | 3,553 | 30,733 | ||||||
BHP Billiton Ltd. | 24,967 | 321,314 | ||||||
Boral Ltd. | 7,228 | 30,904 | ||||||
Brambles Ltd. | 13,080 | 109,543 | ||||||
Caltex Australia Ltd. | 2,100 | 57,401 | ||||||
Challenger Ltd/Australia | 4,465 | 28,140 | ||||||
CIMIC Group Ltd. | 829 | 14,542 | ||||||
Coca-Cola Amatil Ltd. | 4,963 | 33,465 | ||||||
Cochlear Ltd. | 371 | 25,674 | ||||||
Commonwealth Bank of Australia | 13,456 | 831,908 | ||||||
Computershare Ltd. | 3,381 | 28,450 | ||||||
Crown Resorts Ltd. | 2,801 | 25,316 | ||||||
CSL Ltd. | 3,643 | 277,741 | ||||||
Dexus Property Group | 6,834 | 37,069 | ||||||
DUET Group | 18,193 | 30,130 | ||||||
Flight Centre Travel Group Ltd. | 439 | 12,661 | ||||||
Fortescue Metals Group Ltd. | 13,816 | 18,593 | ||||||
Goodman Group | 14,736 | 66,775 | ||||||
Harvey Norman Holdings Ltd. | 3,235 | 9,779 | ||||||
Healthscope Ltd. | 13,599 | 26,206 | ||||||
Iluka Resources Ltd. | 2,885 | 12,762 | ||||||
Incitec Pivot Ltd. | 13,612 | 38,895 | ||||||
Insurance Australia Group Ltd. | 19,230 | 77,228 | ||||||
Lend Lease Group | 4,333 | 44,706 | ||||||
Macquarie Group Ltd. | 2,346 | 140,344 | ||||||
Medibank Pvt. Ltd. | 21,209 | 33,071 | ||||||
Mirvac Group | 26,971 | 38,610 | ||||||
National Australia Bank Ltd. | 20,366 | 444,422 | ||||||
Newcrest Mining Ltd.* | 6,279 | 59,413 | ||||||
Oil Search Ltd. | 10,741 | 52,280 | ||||||
Orica Ltd. | 2,861 | 32,054 | ||||||
Origin Energy Ltd. | 14,077 | 47,619 | ||||||
Platinum Asset Management Ltd. | 1,805 | 10,547 | ||||||
Qantas Airways Ltd. | 6,222 | 18,442 | ||||||
QBE Insurance Group Ltd. | 10,872 | 98,883 | ||||||
Ramsay Health Care Ltd. | 980 | 48,189 | ||||||
REA Group Ltd. | 400 | 15,915 | ||||||
Rio Tinto Ltd. | 3,224 | 104,262 | ||||||
Santos Ltd. | 12,712 | 33,858 | ||||||
Scentre Group | 41,494 | 125,857 | ||||||
Seek Ltd. | 2,700 | 30,051 | ||||||
Sonic Healthcare Ltd. | 3,454 | 44,719 | ||||||
South32 Ltd.* | 16,770 | 12,907 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Australia — (continued) | ||||||||
South32 Ltd.* | 24,967 | $ | 19,180 | |||||
Stockland | 18,274 | 54,246 | ||||||
Suncorp Group Ltd. | 9,636 | 84,604 | ||||||
Sydney Airport | 9,491 | 43,681 | ||||||
Tabcorp Holdings Ltd. | 7,043 | 23,980 | ||||||
Tatts Group Ltd. | 13,129 | 41,683 | ||||||
Telstra Corp. Ltd. | 33,844 | 137,531 | ||||||
The GPT Group | 15,260 | 52,848 | ||||||
The GPT Group, In Specie~ | 16,419 | 0 | ||||||
TPG Telecom Ltd. | 2,224 | 15,923 | ||||||
Transurban Group | 15,315 | 116,087 | ||||||
Treasury Wine Estates Ltd. | 5,948 | 35,713 | ||||||
Vicinity Centres | 28,929 | 58,687 | ||||||
Wesfarmers Ltd. | 8,949 | 269,795 | ||||||
Westfield Corp. | 15,906 | 109,432 | ||||||
Westpac Banking Corp. | 26,039 | 631,178 | ||||||
Woodside Petroleum Ltd. | 5,940 | 123,753 | ||||||
Woolworths Ltd. | 10,150 | 180,086 | ||||||
|
| |||||||
6,578,417 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
Andritz AG | 668 | 32,511 | ||||||
Erste Group Bank AG* | 1,965 | 61,485 | ||||||
Immoeast AG~ | 2,678 | 0 | ||||||
OMV AG | 1,135 | 32,217 | ||||||
Raiffeisen Bank International AG* | 750 | 10,992 | ||||||
Voestalpine AG | 1,009 | 30,864 | ||||||
|
| |||||||
168,069 | ||||||||
|
| |||||||
Belgium — 1.4% | ||||||||
Ageas | 1,719 | 79,786 | ||||||
Anheuser-Busch InBev N.V. | 6,302 | 784,271 | ||||||
Belgacom S.A. | 1,133 | 36,869 | ||||||
Colruyt S.A. | 647 | 33,284 | ||||||
Delhaize Group S.A. | 768 | 74,747 | ||||||
Groupe Bruxelles Lambert S.A. | 667 | 57,074 | ||||||
KBC Groep N.V. | 2,043 | 127,741 | ||||||
Solvay S.A. | 600 | 64,038 | ||||||
Telenet Group Holding N.V. | 377 | 20,375 | ||||||
UCB S.A. | 1,013 | 91,437 | ||||||
Umicore S.A. | 738 | 30,949 | ||||||
|
| |||||||
1,400,571 | ||||||||
|
| |||||||
China — 0.1% | ||||||||
Sands China Ltd. | 19,200 | 65,092 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 19,000 | 14,679 | ||||||
|
| |||||||
79,771 | ||||||||
|
| |||||||
Denmark — 1.9% | ||||||||
A.P. Moller - Maersk A/S, B Shares | 55 | 71,737 | ||||||
A.P. Moller - Maersk A/S, A Shares | 31 | 39,919 | ||||||
Carlsberg A/S, B Shares | 840 | 74,417 | ||||||
Chr Hansen Holding AS | 775 | 48,476 | ||||||
Coloplast A/S, B Shares | 905 | 73,067 | ||||||
Danske Bank A/S | 5,515 | 147,980 | ||||||
DSV A/S | 1,517 | 59,715 |
149
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Denmark — (continued) | ||||||||
ISS A/S | 1,307 | $ | 47,113 | |||||
Novo Nordisk A/S, B Shares | 15,357 | 889,143 | ||||||
Novozymes A/S, B Shares | 1,916 | 91,736 | ||||||
Pandora A/S | 833 | 105,028 | ||||||
TDC A/S | 6,200 | 30,870 | ||||||
Tryg A/S | 965 | 19,176 | ||||||
Vestas Wind Systems A/S | 1,794 | 125,291 | ||||||
William Demant Holding A/S | 138 | 13,145 | ||||||
|
| |||||||
1,836,813 | ||||||||
|
| |||||||
Finland — 0.9% | ||||||||
Elisa OYJ | 1,000 | 37,625 | ||||||
Fortum OYJ | 3,489 | 52,567 | ||||||
Kone OYJ, B Shares | 2,641 | 111,823 | ||||||
Metso OYJ | 661 | 14,807 | ||||||
Neste OYJ | 812 | 24,235 | ||||||
Nokia OYJ | 28,055 | 198,477 | ||||||
Nokian Renkaat OYJ | 765 | 27,312 | ||||||
Orion OYJ, B Shares | 750 | 25,949 | ||||||
Sampo OYJ, A Shares | 3,551 | 180,329 | ||||||
Stora Enso OYJ, R Shares | 4,323 | 39,089 | ||||||
UPM-Kymmene OYJ | 4,158 | 77,195 | ||||||
Wartsila OYJ Abp | 1,184 | 54,059 | ||||||
|
| |||||||
843,467 | ||||||||
|
| |||||||
France — 9.2% | ||||||||
Accor S.A. | 1,648 | 71,375 | ||||||
Aeroports de Paris | 215 | 25,019 | ||||||
Air Liquide S.A. | 2,701 | 303,234 | ||||||
Alcatel-Lucent | 21,121 | 83,444 | ||||||
Alstom S.E.* | 1,899 | 58,005 | ||||||
Arkema S.A. | 594 | 41,579 | ||||||
AtoS S.A. | 692 | 58,095 | ||||||
AXA S.A. | 15,218 | 415,812 | ||||||
BNP Paribas S.A. | 8,262 | 467,444 | ||||||
Bollore S.A. | 31 | 143 | ||||||
Bollore S.A. | 6,795 | 31,662 | ||||||
Bouygues S.A. | 1,571 | 62,291 | ||||||
Bureau Veritas S.A. | 1,772 | 35,319 | ||||||
Cap Gemini S.A. | 1,210 | 112,271 | ||||||
Carrefour S.A. | 4,319 | 124,645 | ||||||
Casino Guichard Perrachon S.A. | 468 | 21,500 | ||||||
Christian Dior S.E. | 408 | 69,304 | ||||||
CNP Assurances | 1,617 | 21,812 | ||||||
Compagnie de Saint-Gobain | 3,782 | 163,895 | ||||||
Compagnie Generale des Establissements Michelin, B Shares | 1,486 | 141,442 | ||||||
Credit Agricole S.A. | 8,537 | 100,602 | ||||||
Danone S.A. | 4,621 | 312,259 | ||||||
Dassault Systemes S.A. | 982 | 78,493 | ||||||
Edenred | 1,708 | 32,287 | ||||||
Electricite de France S.A. | 2,020 | 29,750 | ||||||
Essilor International S.A. | 1,615 | 201,288 | ||||||
Eurazeo S.A. | 343 | 23,657 | ||||||
Eutelsat Communications S.A. | 1,342 | 40,180 | ||||||
Fonciere Des Regions | 278 | 24,865 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
France — (continued) | ||||||||
GDF Suez | 11,414 | $ | 202,180 | |||||
Gecina S.A. | 313 | 38,052 | ||||||
Groupe Eurotunnel S.E. | 3,742 | 46,555 | ||||||
Hermes International | 218 | 73,690 | ||||||
ICADE | 313 | 21,009 | ||||||
Iliad S.A. | 205 | 48,868 | ||||||
Imerys S.A. | 213 | 14,878 | ||||||
Ingenico Group S.A. | 430 | 54,275 | ||||||
JCDecaux S.A. | 742 | 28,445 | ||||||
Kering | 625 | 106,860 | ||||||
Klepierre | 1,527 | 67,875 | ||||||
L’Oreal S.A. | 1,971 | 331,534 | ||||||
Lagardere S.C.A. | 948 | 28,290 | ||||||
Legrand S.A. | 2,075 | 117,374 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 2,217 | 348,227 | ||||||
Natixis | 7,282 | 41,195 | ||||||
Numericable-SFR | 671 | 24,376 | ||||||
Orange S.A. | 15,576 | 260,521 | ||||||
Pernod Ricard S.A. | 1,689 | 192,622 | ||||||
Peugeot S.A. | 3,574 | 62,649 | ||||||
Publicis Groupe S.A. | 1,450 | 96,419 | ||||||
Remy Cointreau S.A. | 152 | 10,887 | ||||||
Renault S.A. | 1,493 | 149,443 | ||||||
Rexel S.A. | 1,960 | 26,099 | ||||||
Safran S.A. | 2,358 | 162,002 | ||||||
Sanofi S.A. | 9,249 | 788,220 | ||||||
Schneider Electric S.E. | 4,325 | 245,678 | ||||||
SCOR S.E. | 1,378 | 51,562 | ||||||
Societe BIC S.A. | 246 | 40,481 | ||||||
Societe Generale S.A. | 5,784 | 266,541 | ||||||
Sodexo | 765 | 74,739 | ||||||
Suez Environment Co. | 2,507 | 46,889 | ||||||
Technip S.A. | 869 | 43,216 | ||||||
Thales S.A. | 773 | 57,859 | ||||||
TOTAL S.A. | 17,292 | 775,239 | ||||||
Unibail-Rodamco S.E. | 776 | 197,052 | ||||||
Valeo S.A. | 662 | 102,064 | ||||||
Veolia Environment S.A. | 3,504 | 83,136 | ||||||
Vinci S.A. | 3,851 | 246,830 | ||||||
Vivendi S.A. | 8,958 | 192,392 | ||||||
Wendel S.A. | 253 | 30,088 | ||||||
Zodiac Aerospace | 1,724 | 41,049 | ||||||
|
| |||||||
8,989,032 | ||||||||
|
| |||||||
Germany — 8.4% | ||||||||
Adidas AG | 1,710 | 165,972 | ||||||
Allianz S.E. | 3,570 | 629,316 | ||||||
Axel Springer S.E. | 327 | 18,185 | ||||||
BASF S.E. | 7,181 | 547,038 | ||||||
Bayer AG | 6,542 | 817,037 | ||||||
Bayerische Motoren Werke AG | 2,574 | 271,176 | ||||||
Beiersdorf AG | 792 | 71,986 | ||||||
Brenntag AG | 1,140 | 59,403 | ||||||
Commerzbank AG | 8,718 | 89,958 | ||||||
Continental AG | 878 | 212,398 | ||||||
Daimler AG | 7,547 | 630,585 |
150
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Germany — (continued) | ||||||||
Deutsche Annington Immobilien S.E. | 3,477 | $ | 107,416 | |||||
Deutsche Bank AG | 10,968 | 266,356 | ||||||
Deutsche Boerse AG | 1,516 | 133,259 | ||||||
Deutsche Lufthansa AG* | 1,991 | 31,361 | ||||||
Deutsche Post AG | 7,523 | 210,328 | ||||||
Deutsche Telekom AG | 25,250 | 453,509 | ||||||
Deutsche Wohnen AG | 2,580 | 71,342 | ||||||
E.ON S.E. | 16,007 | 153,700 | ||||||
Evonik Industries AG | 1,096 | 36,253 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 272 | 17,346 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,772 | 148,910 | ||||||
Fresenius S.E. & Co. KGaA | 2,961 | 210,920 | ||||||
GEA Group AG | 1,522 | 61,490 | ||||||
Hannover Rueck S.E. | 474 | 54,126 | ||||||
HeidelbergCement AG | 1,060 | 86,388 | ||||||
Henkel AG & Co. KGaA | 823 | 78,723 | ||||||
Hugo Boss AG | 567 | 46,783 | ||||||
Infineon Technologies AG | 8,492 | 123,803 | ||||||
K+S AG | 1,330 | 33,903 | ||||||
Kabel Deutschland Holding AG | 172 | 21,253 | ||||||
LANXESS AG | 691 | 31,798 | ||||||
Linde AG | 1,444 | 208,599 | ||||||
MAN S.E. | 297 | 29,846 | ||||||
Merck KGaA | 1,016 | 98,370 | ||||||
Metro AG | 1,566 | 49,889 | ||||||
Muenchener Ruckversicherungs AG | 1,344 | 267,776 | ||||||
OSRAM Licht AG | 667 | 27,867 | ||||||
ProSiebenSat.1 Media AG | 1,773 | 89,451 | ||||||
RWE AG | 3,801 | 47,921 | ||||||
SAP S.E. | 7,703 | 611,261 | ||||||
Siemens AG | 6,214 | 601,182 | ||||||
Symrise AG | 897 | 59,380 | ||||||
Telefonica Deutschland Holding AG | 4,698 | 24,781 | ||||||
ThyssenKrupp AG | 2,865 | 56,794 | ||||||
TUI AG | 4,191 | 74,831 | ||||||
United Internet AG | 908 | 49,921 | ||||||
Volkswagen AG | 247 | 37,956 | ||||||
Zalando SE | 677 | 26,738 | ||||||
|
| |||||||
8,254,584 | ||||||||
|
| |||||||
Hong Kong — 3.0% | ||||||||
AIA Group Ltd. | 94,200 | 562,853 | ||||||
ASM Pacific Technology Ltd. | 1,700 | 13,273 | ||||||
Bank of East Asia Ltd. | 7,861 | 29,160 | ||||||
BOC Hong Kong Holdings Ltd. | 27,500 | 83,683 | ||||||
Cathay Pacific Airways Ltd. | 10,000 | 17,207 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 4,000 | 36,955 | ||||||
Cheung Kong Property Holdings Ltd. | 21,170 | 136,948 | ||||||
CK Hutchison Holdings Ltd. | 21,128 | 284,001 | ||||||
CLP Holdings Ltd. | 15,500 | 131,378 | ||||||
First Pacific Co., Ltd. | 15,750 | 10,433 | ||||||
Galaxy Entertainment Group Ltd. | 18,000 | 56,400 | ||||||
Hang Lung Properties Ltd. | 19,000 | 43,051 | ||||||
Hang Seng Bank Ltd. | 6,300 | 119,406 | ||||||
Henderson Land Development Co., Ltd. | 10,123 | 61,750 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Hong Kong — (continued) | ||||||||
HK Electric Investments & HK Electric Investments Ltd. | 20,777 | $ | 17,409 | |||||
HKT Trust & HKT Ltd. | 21,240 | 27,132 | ||||||
Hong Kong & China Gas Co., Ltd. | 54,059 | 105,796 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 8,891 | 226,496 | ||||||
Hysan Development Co., Ltd. | 6,140 | 25,086 | ||||||
Kerry Properties Ltd. | 3,509 | 9,549 | ||||||
Li & Fung Ltd. | 50,000 | 33,814 | ||||||
Link REIT | 18,176 | 108,363 | ||||||
Melco Crown Entertainment Ltd. | 746 | 12,533 | ||||||
MGM China Holdings Ltd. | 8,400 | 10,440 | ||||||
MTR Corp., Ltd. | 11,345 | 56,020 | ||||||
New World Development Co., Ltd. | 48,841 | 47,959 | ||||||
Noble Group Ltd. | 38,270 | 10,697 | ||||||
NWS Holdings Ltd. | 12,952 | 19,334 | ||||||
PCCW Ltd. | 33,068 | 19,330 | ||||||
Power Assets Holdings Ltd. | 11,500 | 105,427 | ||||||
Shangri-La Asia Ltd. | 6,666 | 6,491 | ||||||
Sino Land Co., Ltd. | 21,063 | 30,684 | ||||||
SJM Holdings Ltd. | 17,000 | 12,047 | ||||||
Sun Hung Kai Properties Ltd. | 13,161 | 158,190 | ||||||
Swire Pacific Ltd., A Shares | 5,000 | 55,851 | ||||||
Swire Properties Ltd. | 9,336 | 26,844 | ||||||
Techtronic Industries Co. | 11,000 | 44,531 | ||||||
The Wharf Holdings Ltd. | 11,000 | 60,648 | ||||||
WH Group Ltd. | 45,343 | 25,237 | ||||||
Wheelock & Co., Ltd. | 7,000 | 29,373 | ||||||
Yue Yuen Industrial Holdings Ltd. | 7,000 | 23,713 | ||||||
|
| |||||||
2,895,492 | ||||||||
|
| |||||||
Ireland — 0.9% | ||||||||
Anglo Irish Bank Corp. PLC~ | 3,146 | 0 | ||||||
Bank of Ireland | 220,348 | 80,682 | ||||||
CRH PLC | 6,433 | 185,522 | ||||||
Experian PLC | 7,434 | 131,392 | ||||||
James Hardie Industries PLC | 3,154 | 39,765 | ||||||
Kerry Group PLC, A Shares | 1,174 | 97,137 | ||||||
Ryanair Holdings PLC | 257 | 22,220 | ||||||
Shire PLC | 4,642 | 318,478 | ||||||
|
| |||||||
875,196 | ||||||||
|
| |||||||
Israel — 0.7% | ||||||||
Azrieli Group | 283 | 10,543 | ||||||
Bank Hapoalim BM | 8,292 | 42,803 | ||||||
Bank Leumi Le-Israel BM | 11,337 | 39,309 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 15,011 | 33,045 | ||||||
Check Point Software Technologies Ltd. | 532 | 43,294 | ||||||
Delek Group Ltd. | 36 | 7,209 | ||||||
Israel Chemicals Ltd. | 3,410 | 13,842 | ||||||
Mizrahi Tefahot Bank Ltd. | 783 | 9,352 | ||||||
Mobileye NV | 637 | 26,932 | ||||||
NICE Systems Ltd. | 400 | 22,984 | ||||||
Teva Pharmaceutical Industries Ltd. | 7,175 | 468,104 | ||||||
|
| |||||||
717,417 | ||||||||
|
|
151
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Italy — 2.1% | ||||||||
Assicurazioni Generali SpA | 9,446 | $ | 172,548 | |||||
Atlantia SpA | 3,091 | 81,783 | ||||||
Banca Monte Dei Paschi di Siena SPA | 19,151 | 25,353 | ||||||
Banco Popolare SC* | 3,001 | 41,355 | ||||||
Enel Green Power SpA | 13,747 | 27,942 | ||||||
Enel SpA | 54,931 | 230,344 | ||||||
Eni SpA | 20,206 | 300,226 | ||||||
Exor SpA | 848 | 38,488 | ||||||
Finmeccanica SpA | 3,179 | 44,202 | ||||||
Intesa Sanpaolo SpA | 98,312 | 326,496 | ||||||
Intesa Sanpaolo SpA, RSP | 8,795 | 26,867 | ||||||
Luxottica Group SpA | 1,314 | 85,627 | ||||||
Mediobanca SpA | 4,539 | 43,511 | ||||||
Prysmian SpA | 1,833 | 40,050 | ||||||
Saipem SpA* | 2,015 | 16,287 | ||||||
Snam SpA | 17,071 | 89,093 | ||||||
Telecom Italia SpA* | 94,812 | 120,157 | ||||||
Telecom Italia SpA, RSP | 52,300 | 53,677 | ||||||
Terna Rete Elettrica Nasionale SpA | 11,628 | 59,802 | ||||||
UniCredit SpA | 37,928 | 209,693 | ||||||
Unione Di Banche Italiane Rights~ | 7,359 | 0 | ||||||
Unione di Banche Italiane SCpA | 7,359 | 49,169 | ||||||
Unipolsai SPA | 8,602 | 21,885 | ||||||
|
| |||||||
2,104,555 | ||||||||
|
| |||||||
Japan — 22.8% | ||||||||
ABC-Mart, Inc. | 200 | 10,948 | ||||||
Acom Co., Ltd. | 3,200 | 15,069 | ||||||
Aeon Co., Ltd. | 4,900 | 75,497 | ||||||
AEON Financial Service Co., Ltd. | 700 | 15,637 | ||||||
Aeon Mall Co., Ltd. | 710 | 12,178 | ||||||
Air Water, Inc. | 1,000 | 16,083 | ||||||
Aisin Seiki Co., Ltd. | 1,400 | 60,254 | ||||||
Ajinomoto Co., Inc. | 4,000 | 94,703 | ||||||
Alfresa Holdings Corp. | 1,600 | 31,600 | ||||||
Alps Electric Co., Ltd. | 1,400 | 37,965 | ||||||
Amada Holdings Co., Ltd. | 3,000 | 28,628 | ||||||
ANA Holdings, Ltd. | 11,000 | 31,736 | ||||||
Aozora Bank Ltd. | 10,000 | 34,898 | ||||||
Asahi Glass Co., Ltd. | 7,000 | 40,102 | ||||||
Asahi Group Holdings Ltd. | 3,200 | 100,174 | ||||||
Asahi Kasei Corp. | 9,000 | 60,859 | ||||||
Asics Corp. | 1,000 | 20,747 | ||||||
Astellas Pharma, Inc. | 17,000 | 242,008 | ||||||
Bandai Namco Holdings, Inc. | 1,100 | 23,240 | ||||||
Benesse Holdings, Inc. | 700 | 20,159 | ||||||
Bridgestone Corp. | 5,200 | 178,367 | ||||||
Brother Industries Ltd. | 1,500 | 17,232 | ||||||
Calbee, Inc. | 400 | 16,892 | ||||||
Canon, Inc. | 8,300 | 251,075 | ||||||
Casio Computer Co., Ltd. | 1,500 | 35,065 | ||||||
Central Japan Railway Co. | 1,100 | 195,287 | ||||||
Chubu Electric Power Co., Inc. | 5,100 | 69,838 | ||||||
Chugai Pharmaceutical Co., Ltd. | 1,800 | 62,742 | ||||||
Citizen Holdings Co., Ltd. | 1,400 | 10,062 | ||||||
Credit Saison Co., Ltd. | 1,500 | 29,553 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Japan — (continued) | ||||||||
Dai Nippon Printing Co., Ltd. | 4,000 | $ | 39,555 | |||||
Daicel Corp. | 2,000 | 29,764 | ||||||
Daihatsu Motor Co., Ltd. | 1,800 | 24,282 | ||||||
Daiichi Sankyo Co., Ltd. | 5,300 | 109,390 | ||||||
Daikin Industries Ltd. | 1,800 | 131,079 | ||||||
Daito Trust Construction Co., Ltd. | 600 | 69,306 | ||||||
Daiwa House Industry Co., Ltd. | 4,900 | 140,857 | ||||||
Daiwa Securities Group, Inc. | 13,000 | 79,478 | ||||||
Denso Corp. | 3,900 | 186,363 | ||||||
Dentsu, Inc. | 1,800 | 98,482 | ||||||
Don Quijote Holdings Co., Ltd. | 800 | 28,095 | ||||||
East Japan Railway Co. | 2,600 | 244,831 | ||||||
Eisai Co., Ltd. | 2,000 | 132,302 | ||||||
Electric Power Development Co., Ltd. | 1,000 | 35,617 | ||||||
FamilyMart Co., Ltd. | 500 | 23,267 | ||||||
FANUC Corp. | 1,500 | 258,435 | ||||||
Fast Retailing Co., Ltd. | 400 | 139,925 | ||||||
Fuji Electric Co., Ltd. | 4,000 | 16,775 | ||||||
Fuji Heavy Industries Ltd. | 4,500 | 185,383 | ||||||
FUJIFILM Holdings Corp. | 3,700 | 154,410 | ||||||
Fujitsu Ltd. | 15,000 | 74,867 | ||||||
Fukuoka Financial Group, Inc. | 6,000 | 29,752 | ||||||
GungHo Online Entertainment, Inc. | 3,000 | 8,150 | ||||||
Hakuhodo DY Holdings, Inc. | 1,500 | 16,229 | ||||||
Hamamatsu Photonics K.K. | 1,000 | 27,415 | ||||||
Hankyu Hanshin Holdings, Inc. | 10,000 | 64,999 | ||||||
Hikari Tsushin, Inc. | 200 | 13,620 | ||||||
Hino Motors Ltd. | 2,000 | 23,115 | ||||||
Hirose Electric Co., Ltd. | 210 | 25,425 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 400 | 16,793 | ||||||
Hitachi Chemical Co., Ltd. | 1,000 | 15,865 | ||||||
Hitachi Construction Machinery Co., Ltd. | 1,000 | 15,552 | ||||||
Hitachi High-Technologies Corp. | 500 | 13,522 | ||||||
Hitachi Ltd. | 38,000 | 215,322 | ||||||
Hitachi Metals Ltd. | 2,000 | 24,676 | ||||||
Hokuhoku Financial Group, Inc. | 10,000 | 20,385 | ||||||
Hokuriku Electric Power Co. | 1,200 | 17,734 | ||||||
Honda Motor Co., Ltd. | 12,800 | 409,108 | ||||||
Hongkong Land Holdings Ltd. | 5,000 | 34,914 | ||||||
Hoshizaki Electric Co. Ltd. | 300 | 18,650 | ||||||
Hoya Corp. | 3,300 | 134,946 | ||||||
Hulic Co., Ltd. | 2,500 | 21,951 | ||||||
Idemitsu Kosan Co., Ltd. | 400 | 6,387 | ||||||
IHI Corp. | 12,000 | 33,126 | ||||||
Iida Group Holdings Co., Ltd. | 1,000 | 18,534 | ||||||
Inpex Corp. | 7,200 | 70,192 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 2,500 | 32,603 | ||||||
Isuzu Motors Ltd. | 4,500 | 48,477 | ||||||
ITOCHU Corp. | 12,900 | 152,587 | ||||||
Itochu Technology Solutions Corp. | 600 | 11,955 | ||||||
J. Front Retailing Co., Ltd. | 2,000 | 29,075 | ||||||
Japan Airlines Co., Ltd. | 1,000 | 35,793 | ||||||
Japan Airport Terminal Co., Ltd. | 300 | 13,281 | ||||||
Japan Exchange Group, Inc. | 4,000 | 62,527 | ||||||
Japan Post Bank Co. Ltd. | 3,000 | 43,679 |
152
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Japan — (continued) | ||||||||
Japan Post Holdings Co. Ltd. | 3,000 | $ | 46,549 | |||||
Japan Prime Realty Investment Corp. | 5 | 17,075 | ||||||
Japan Real Estate Investment Corp. | 10 | 48,527 | ||||||
Japan Retail Fund Investment Corp. | 20 | 38,478 | ||||||
Japan Tobacco, Inc. | 8,700 | 319,410 | ||||||
JFE Holdings, Inc. | 3,700 | 58,099 | ||||||
JGC Corp. | 2,000 | 30,612 | ||||||
JSR Corp. | 1,100 | 17,143 | ||||||
JTEKT Corp. | 1,500 | 24,552 | ||||||
JX Holdings, Inc. | 17,690 | 74,246 | ||||||
Kajima Corp. | 7,000 | 41,660 | ||||||
Kakaku.Com, Inc. | 1,100 | 21,637 | ||||||
Kamigumi Co., Ltd. | 2,000 | 17,220 | ||||||
Kaneka Corp. | 2,000 | 20,789 | ||||||
Kansai Paint Co., Ltd. | 2,000 | 30,316 | ||||||
Kao Corp. | 3,900 | 200,416 | ||||||
Kawasaki Heavy Industries Ltd. | 10,000 | 36,999 | ||||||
KDDI Corp. | 13,800 | 358,389 | ||||||
Keihan Electric Railway Co., Ltd. | 3,000 | 20,092 | ||||||
Keikyu Corp. | 4,000 | 33,053 | ||||||
Keio Corp. | 5,000 | 43,179 | �� | |||||
Keisei Electric Railway Co., Ltd. | 2,000 | 25,517 | ||||||
Keyence Corp. | 341 | 187,415 | ||||||
Kikkoman Corp. | 1,000 | 34,647 | ||||||
Kintetsu Group Holdings Co., Ltd. | 13,000 | 52,855 | ||||||
Kirin Holdings Co., Ltd. | 6,800 | 92,325 | ||||||
Kobe Steel Ltd. | 26,000 | 28,249 | ||||||
Koito Manufacturing Co., Ltd. | 700 | 28,705 | ||||||
Komatsu Ltd. | 7,300 | 119,446 | ||||||
Konami Corp. | 600 | 14,283 | ||||||
Konica Minolta, Inc. | 4,000 | 40,061 | ||||||
Kose Corp. | 200 | 18,492 | ||||||
Kubota Corp. | 9,000 | 139,038 | ||||||
Kuraray Co., Ltd. | 2,400 | 29,071 | ||||||
Kurita Water Industries Ltd. | 800 | 16,753 | ||||||
Kyocera Corp. | 2,600 | 120,745 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 2,000 | 31,469 | ||||||
Kyushu Electric Power Co., Inc. | 2,900 | 31,607 | ||||||
Kyushu Financial Group Inc. | 3,000 | 21,141 | ||||||
Lawson, Inc. | 500 | 40,585 | ||||||
LIXIL Group Corp. | 2,300 | 51,082 | ||||||
M3, Inc. | 1,800 | 37,322 | ||||||
Mabuchi Motor Co., Ltd. | 400 | 21,678 | ||||||
Makita Corp. | 1,000 | 57,627 | ||||||
Marubeni Corp. | 13,000 | 66,834 | ||||||
Marui Group Co., Ltd. | 1,500 | 24,409 | ||||||
Maruichi Steel Tube Ltd. | 300 | 8,856 | ||||||
Mazda Motor Corp. | 3,900 | 80,476 | ||||||
McDonald’s Holdings Co., Japan Ltd. | 700 | 15,223 | ||||||
Medipal Holdings Corp. | 800 | 13,635 | ||||||
MEIJI Holdings Co., Ltd. | 1,000 | 82,600 | ||||||
Minebea Co., Ltd. | 3,000 | 25,686 | ||||||
Miraca Holdings, Inc. | 400 | 17,601 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,500 | 60,275 | ||||||
Mitsubishi Corp. | 10,500 | 174,648 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Japan — (continued) | ||||||||
Mitsubishi Electric Corp. | 15,000 | $ | 157,453 | |||||
Mitsubishi Estate Co., Ltd. | 10,000 | 207,933 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 3,000 | 15,341 | ||||||
Mitsubishi Heavy Industries Ltd. | 24,000 | 104,940 | ||||||
Mitsubishi Logistics Corp. | 1,000 | 13,176 | ||||||
Mitsubishi Materials Corp. | 7,000 | 22,048 | ||||||
Mitsubishi Motors Corp. | 5,200 | 43,995 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,900 | 32,734 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 99,900 | 618,805 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 4,600 | 23,673 | ||||||
Mitsui & Co., Ltd. | 13,800 | 163,972 | ||||||
Mitsui Chemicals, Inc. | 5,000 | 22,175 | ||||||
Mitsui Fudosan Co., Ltd. | 7,000 | 175,685 | ||||||
Mitsui OSK Lines Ltd. | 10,000 | 25,223 | ||||||
Mixi, Inc. | 200 | 7,481 | ||||||
Mizuho Financial Group, Inc. | 186,580 | 373,160 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,090 | 119,938 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 230,210 | ||||||
Nabtesco Corp. | 700 | 14,221 | ||||||
Nagoya Railroad Co., Ltd. | 7,000 | 29,135 | ||||||
NEC Corp. | 21,000 | 66,539 | ||||||
Nexon Co. Ltd. | 1,100 | 17,895 | ||||||
NGK Insulators Ltd. | 2,000 | 45,080 | ||||||
NGK Spark Plug Co., Ltd. | 1,400 | 36,860 | ||||||
NH Foods Ltd. | 1,000 | 19,600 | ||||||
NHK Spring Co., Ltd. | 1,200 | 12,032 | ||||||
Nidec Corp. | 1,700 | 123,277 | ||||||
Nikon Corp. | 2,900 | 38,841 | ||||||
Nintendo Co., Ltd. | 800 | 110,008 | ||||||
Nippon Building Fund, Inc. | 10 | 47,785 | ||||||
Nippon Electric Glass Co., Ltd. | 2,000 | 10,080 | ||||||
Nippon Express Co., Ltd. | 6,000 | 28,195 | ||||||
Nippon Paint Holdings Co., Ltd. | 1,000 | 24,202 | ||||||
Nippon Prologis REIT, Inc. | 10 | 18,089 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 5,917 | 117,052 | ||||||
Nippon Telegraph & Telephone Corp. | 6,000 | 238,789 | ||||||
Nippon Yusen K.K. | 13,000 | 31,508 | ||||||
Nissan Motor Co., Ltd. | 19,400 | 203,132 | ||||||
Nisshin Seifun Group, Inc. | 1,815 | 29,647 | ||||||
Nissin Foods Holdings Co., Ltd. | 500 | 26,532 | ||||||
Nitori Holdings Co., Ltd. | 600 | 50,389 | ||||||
Nitto Denko Corp. | 1,200 | 87,607 | ||||||
NOK Corp. | 1,000 | 23,361 | ||||||
Nomura Holdings, Inc. | 28,500 | 158,747 | ||||||
Nomura Real Estate Holdings, Inc. | 1,000 | 18,552 | ||||||
Nomura Real Estate Master Fund Inc. | 28 | 34,803 | ||||||
Nomura Research Institute Ltd. | 1,100 | 42,244 | ||||||
NSK Ltd. | 4,000 | 43,464 | ||||||
NTT Data Corp. | 1,000 | 48,346 | ||||||
NTT DOCOMO, Inc. | 11,200 | 229,730 | ||||||
NTT Urban Development Corp. | 1,000 | 9,608 | ||||||
Obayashi Corp. | 5,000 | 46,136 | ||||||
Obic Co. Ltd. | 500 | 26,467 | ||||||
Odakyu Electric Railway Co., Ltd. | 5,000 | 53,834 | ||||||
Oji Holdings Corp. | 6,000 | 24,114 |
153
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Japan — (continued) | ||||||||
Olympus Corp. | 2,000 | $ | 78,737 | |||||
Omron Corp. | 1,600 | 53,355 | ||||||
Ono Pharmaceutical Co., Ltd. | 600 | 106,987 | ||||||
Oracle Corp. Japan | 200 | 9,312 | ||||||
Oriental Land Co., Ltd. | 1,600 | 96,794 | ||||||
ORIX Corp. | 10,600 | 148,702 | ||||||
Osaka Gas Co., Ltd. | 16,000 | 57,791 | ||||||
Otsuka Corp. | 300 | 14,737 | ||||||
Otsuka Holdings Co., Ltd. | 3,000 | 106,587 | ||||||
Panasonic Corp. | 17,500 | 177,406 | ||||||
Park24 Co., Ltd. | 800 | 19,382 | ||||||
Rakuten, Inc. | 7,300 | 84,080 | ||||||
Recruit Holdings Co., Ltd. | 1,000 | 29,394 | ||||||
Resona Holdings, Inc. | 17,800 | 86,441 | ||||||
Ricoh Co., Ltd. | 5,000 | 51,484 | ||||||
Rinnai Corp. | 300 | 26,581 | ||||||
Rohm Co., Ltd. | 800 | 40,521 | ||||||
Ryohin Keikaku Co. Ltd. | 200 | 40,502 | ||||||
Sankyo Co., Ltd. | 400 | 14,931 | ||||||
Sanrio Co., Ltd. | 300 | 7,048 | ||||||
Santen Pharmaceutical Co., Ltd. | 3,000 | 49,390 | ||||||
SBI Holdings, Inc. | 1,710 | 18,452 | ||||||
Secom Co., Ltd. | 1,700 | 115,209 | ||||||
Sega Sammy Holdings, Inc. | 1,200 | 11,224 | ||||||
Seibu Holdings, Inc. | 1,000 | 20,422 | ||||||
Seiko Epson Corp. | 2,200 | 33,878 | ||||||
Sekisui Chemical Co., Ltd. | 3,000 | 39,169 | ||||||
Sekisui House Ltd. | 4,600 | 77,343 | ||||||
Seven & I Holdings Co., Ltd. | 6,000 | 274,707 | ||||||
Seven Bank Ltd. | 5,300 | 23,243 | ||||||
Shikoku Electric Power Co., Inc. | 1,300 | 20,308 | ||||||
Shimadzu Corp. | 2,000 | 33,480 | ||||||
Shimamura Co., Ltd. | 200 | 23,422 | ||||||
Shimano, Inc. | 600 | 92,135 | ||||||
Shimizu Corp. | 5,000 | 40,771 | ||||||
Shin-Etsu Chemical Co., Ltd. | 3,200 | 173,971 | ||||||
Shinsei Bank Ltd. | 14,000 | 25,764 | ||||||
Shionogi & Co., Ltd. | 2,500 | 113,076 | ||||||
Shiseido Co., Ltd. | 2,600 | 53,946 | ||||||
Showa Shell Sekiyu K.K. | 1,000 | 8,160 | ||||||
SMC Corp. | 400 | 103,894 | ||||||
SoftBank Corp. | 7,500 | 378,528 | ||||||
Sohgo Security Services Co. Ltd. | 500 | 23,449 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 2,825 | 92,758 | ||||||
Sony Corp. | 9,900 | 243,310 | ||||||
Sony Financial Holdings, Inc. | 1,200 | 21,465 | ||||||
Stanley Electric Co., Ltd. | 1,300 | 28,519 | ||||||
Sumitomo Chemical Co., Ltd. | 12,000 | 68,917 | ||||||
Sumitomo Corp. | 9,400 | 95,836 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 1,400 | 16,494 | ||||||
Sumitomo Electric Industries Ltd. | 5,900 | 83,313 | ||||||
Sumitomo Heavy Industries Ltd. | 5,000 | 22,414 | ||||||
Sumitomo Metal Mining Co., Ltd. | 4,000 | 48,556 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 10,000 | 377,410 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 25,430 | 96,312 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Japan — (continued) | ||||||||
Sumitomo Realty & Development Co., Ltd. | 3,000 | $ | 85,628 | |||||
Sumitomo Rubber Industries Ltd. | 1,200 | 15,604 | ||||||
Suntory Beverage & Food Ltd. | 1,000 | 43,776 | ||||||
Suruga Bank Ltd. | 1,600 | 32,974 | ||||||
Suzuken Co., Ltd. | 440 | 16,721 | ||||||
Suzuki Motor Corp. | 2,800 | 85,075 | ||||||
Sysmex Corp. | 1,200 | 76,974 | ||||||
T&D Holdings, Inc. | 4,300 | 56,732 | ||||||
Taiheiyo Cement Corp. | 8,000 | 23,362 | ||||||
Taisei Corp. | 8,000 | 52,696 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 300 | 21,188 | ||||||
Taiyo Nippon Sanso Corp. | 1,000 | 9,044 | ||||||
Takashimaya Co., Ltd. | 2,000 | 18,011 | ||||||
Takeda Pharmaceutical Co., Ltd. | 6,200 | 309,129 | ||||||
TDK Corp. | 900 | 57,640 | ||||||
Teijin Ltd. | 6,000 | 20,447 | ||||||
Terumo Corp. | 2,200 | 68,186 | ||||||
The Bank of Kyoto Ltd. | 3,000 | 27,821 | ||||||
The Bank of Yokohama Ltd. | 10,000 | 61,296 | ||||||
The Chiba Bank Ltd. | 5,000 | 35,481 | ||||||
The Chugoku Bank Ltd. | 1,000 | 13,344 | ||||||
The Chugoku Electric Power Co., Inc. | 2,100 | 27,727 | ||||||
The Dai-ichi Life Insurance Co., Ltd. | 8,500 | 141,420 | ||||||
The Gunma Bank Ltd. | 3,000 | 17,443 | ||||||
The Hachijuni Bank Ltd. | 4,000 | 24,480 | ||||||
The Hiroshima Bank Ltd. | 4,000 | 22,735 | ||||||
The Iyo Bank Ltd. | 2,000 | 19,431 | ||||||
The Joyo Bank Ltd. | 6,000 | 28,373 | ||||||
The Kansai Electric Power Co., Inc. | 5,900 | 70,740 | ||||||
The Shizuoka Bank Ltd. | 4,000 | 38,792 | ||||||
The Yokohama Rubber Co., Ltd. | 1,000 | 15,358 | ||||||
THK Co., Ltd. | 1,000 | 18,534 | ||||||
Tobu Railway Co., Ltd. | 9,000 | 44,392 | ||||||
Toho Co., Ltd. | 900 | 24,905 | ||||||
Toho Gas Co., Ltd. | 3,000 | 19,375 | ||||||
Tohoku Electric Power Co., Inc. | 3,100 | 38,754 | ||||||
Tokio Marine Holdings, Inc. | 5,400 | 208,573 | ||||||
Tokyo Electric Power Co., Inc. | 12,200 | 70,251 | ||||||
Tokyo Electron Ltd. | 1,400 | 84,819 | ||||||
Tokyo Gas Co., Ltd. | 17,000 | 79,879 | ||||||
Tokyo Tatemono Co., Ltd. | 1,500 | 16,326 | ||||||
Tokyu Corp. | 8,000 | 63,219 | ||||||
Tokyu Fudosan Holdings Corp. | 4,000 | 25,071 | ||||||
TonenGeneral Sekiyu K.K. | 2,000 | 16,884 | ||||||
Toppan Printing Co., Ltd. | 4,000 | 36,853 | ||||||
Toray Industries, Inc. | 11,000 | 102,218 | ||||||
Toshiba Corp.* | 32,000 | 65,767 | ||||||
TOTO Ltd. | 1,000 | 35,132 | ||||||
Toyo Seikan Group Holdings Ltd. | 1,000 | 18,549 | ||||||
Toyo Suisan Kaisha Ltd. | 600 | 20,912 | ||||||
Toyoda Gosei Co., Ltd. | 400 | 9,087 | ||||||
Toyota Industries Corp. | 1,200 | 64,168 | ||||||
Toyota Motor Corp. | 21,400 | 1,317,791 | ||||||
Toyota Tsusho Corp. | 1,800 | 42,107 | ||||||
Trend Micro, Inc. | 800 | 32,462 |
154
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Japan — (continued) | ||||||||
Unicharm Corp. | 3,000 | $ | 61,265 | |||||
United Urban Investment Corp. | 19 | 25,794 | ||||||
USS Co., Ltd. | 1,500 | 22,539 | ||||||
West Japan Railway Co. | 1,300 | 89,860 | ||||||
Yahoo Japan Corp. | 10,400 | 42,275 | ||||||
Yakult Honsha Co., Ltd. | 700 | 34,261 | ||||||
Yamada Denki Co., Ltd. | 5,300 | 22,893 | ||||||
Yamaguchi Financial Group, Inc. | 2,000 | 23,694 | ||||||
Yamaha Corp. | 1,200 | 28,985 | ||||||
Yamaha Motor Co., Ltd. | 1,900 | 42,589 | ||||||
Yamato Holdings Co., Ltd. | 2,800 | 59,327 | ||||||
Yamazaki Baking Co., Ltd. | 1,000 | 22,486 | ||||||
Yaskawa Electric Corp. | 2,000 | 27,213 | ||||||
Yokogawa Electric Corp. | 2,000 | 24,052 | ||||||
|
| |||||||
22,340,946 | ||||||||
|
| |||||||
Jersey — 0.0% | ||||||||
Randgold Resources Ltd. | 741 | 45,651 | ||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal | 8,260 | 34,851 | ||||||
Millicom International Cellular S.A. | 489 | 28,059 | ||||||
RTL Group S.A. | 294 | 24,483 | ||||||
SES S.A. | 2,387 | 66,143 | ||||||
Tenaris S.A. | 3,987 | 47,212 | ||||||
|
| |||||||
200,748 | ||||||||
|
| |||||||
Macau — 0.0% | ||||||||
Wynn Macau Ltd. | 12,400 | 14,406 | ||||||
|
| |||||||
Netherlands — 4.4% | ||||||||
Aegon N.V. | 13,628 | 77,073 | ||||||
AerCap Holdings N.V. | 696 | 30,039 | ||||||
Airbus Group N.V. | 4,687 | 315,846 | ||||||
Akzo Nobel N.V. | 1,986 | 132,703 | ||||||
Altice N.V.* | 694 | 10,115 | ||||||
Altice N.V.* | 2,890 | 41,522 | ||||||
ASML Holding N.V. | 2,705 | 240,345 | ||||||
CNH Industrial N.V. | 7,320 | 50,134 | ||||||
Gemalto N.V. | 668 | 40,082 | ||||||
Heineken Holdings N.V. | 733 | 56,431 | ||||||
Heineken N.V. | 1,880 | 160,209 | ||||||
ING Groep N.V. | 30,914 | 418,270 | ||||||
Koninklijke Ahold N.V. | 6,540 | 137,952 | ||||||
Koninklijke Boskalis Westminster N.V. | 654 | 26,678 | ||||||
Koninklijke DSM N.V. | 1,465 | 73,463 | ||||||
Koninklijke KPN N.V. | 25,159 | 95,161 | ||||||
Koninklijke Philips N.V. | 7,261 | 185,333 | ||||||
Koninklijke Vopak N.V. | 584 | 25,150 | ||||||
NN Group N.V. | 2,049 | 72,295 | ||||||
NXP Semiconductors N.V. | 1,064 | 89,642 | ||||||
OCI N.V. | 783 | 19,334 | ||||||
QIAGEN N.V. | 1,994 | 54,046 | ||||||
Randstad Holding N.V. | 923 | 57,477 | ||||||
Reed Elsevier N.V. | 7,963 | 134,116 | ||||||
Royal Dutch Shell PLC, A Shares | 30,659 | 694,405 | ||||||
Royal Dutch Shell PLC, B Shares | 19,491 | 444,221 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Netherlands — (continued) | ||||||||
TNT Express N.V. | 3,470 | $ | 29,352 | |||||
Unilever N.V. | 12,913 | 562,804 | ||||||
Wolters Kluwer N.V. | 2,160 | 72,541 | ||||||
|
| |||||||
4,346,739 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 7,482 | 29,353 | ||||||
Contact Energy Ltd. | 7,262 | 23,504 | ||||||
Fletcher Building Ltd. | 4,795 | 24,030 | ||||||
Meridian Energy Ltd. | 7,526 | 12,273 | ||||||
Mighty River Power Ltd. | 4,163 | 7,899 | ||||||
Ryman Healthcare Ltd. | 2,831 | 16,430 | ||||||
Spark New Zealand Ltd. | 16,634 | 37,454 | ||||||
|
| |||||||
150,943 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
DNB ASA | 7,620 | 93,888 | ||||||
Gjensidige Forsikring ASA | 1,418 | 22,695 | ||||||
Norsk Hydro ASA | 10,203 | 37,926 | ||||||
Orkla ASA | 6,430 | 50,726 | ||||||
Schibsted ASA | 698 | 22,245 | ||||||
Schibsted ASA | 593 | 19,496 | ||||||
Statoil ASA | 8,879 | 123,833 | ||||||
Telenor ASA | 6,070 | 101,178 | ||||||
Yara International ASA | 1,246 | 53,588 | ||||||
|
| |||||||
525,575 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues S.A. | 240,809 | 12,762 | ||||||
Banco Espirito Santo S.A.~ | 27,017 | 0 | ||||||
EDP - Energias de Portugal S.A. | 16,826 | 60,630 | ||||||
Galp Energia SGPS, S.A. | 2,726 | 31,809 | ||||||
Jeronimo Martins SGPS, S.A. | 2,107 | 27,417 | ||||||
|
| |||||||
132,618 | ||||||||
|
| |||||||
Singapore — 1.2% | ||||||||
Ascendas Real Estate Investment Trust Rights~ | 563 | 25 | ||||||
Ascendas Real Estate Investment Trust | 15,000 | 24,040 | ||||||
CapitaLand Commercial Trust Ltd. | 16,000 | 15,180 | ||||||
CapitaLand Ltd. | 18,000 | 42,309 | ||||||
CapitaLand Mall Trust | 21,700 | 29,444 | ||||||
City Developments Ltd. | 3,000 | 16,139 | ||||||
ComfortDelGro Corp. Ltd. | 14,000 | 29,978 | ||||||
DBS Group Holdings Ltd. | 13,707 | 160,639 | ||||||
Genting Singapore PLC | 54,000 | 29,137 | ||||||
Global Logistic Properties Ltd. | 26,000 | 39,264 | ||||||
Golden Agri-Resources Ltd. | 65,000 | 15,526 | ||||||
Hutchison Port Holdings Trust | 35,100 | 18,548 | ||||||
Jardine Cycle & Carriage Ltd. | 1,111 | 27,161 | ||||||
Keppel Corp. Ltd. | 11,600 | 52,991 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 24,017 | 148,483 | ||||||
Sembcorp Industries Ltd. | 9,000 | 19,291 | ||||||
SembCorp Marine Ltd. | 7,000 | 8,613 | ||||||
Singapore Airlines Ltd. | 4,000 | 31,518 | ||||||
Singapore Exchange Ltd. | 6,000 | 32,450 | ||||||
Singapore Press Holdings Ltd. | 10,000 | 27,718 |
155
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Singapore — (continued) | ||||||||
Singapore Technologies Engineering Ltd. | 12,000 | $ | 25,367 | |||||
Singapore Telecommunications Ltd. | 63,000 | 162,431 | ||||||
StarHub Ltd. | 5,000 | 13,012 | ||||||
Suntec Real Estate Investment Trust | 16,000 | 17,425 | ||||||
United Overseas Bank Ltd. | 10,609 | 146,264 | ||||||
UOL Group Ltd. | 4,210 | 18,451 | ||||||
Wilmar International Ltd. | 17,000 | 35,077 | ||||||
|
| |||||||
1,186,481 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Mondi PLC | 2,860 | 56,058 | ||||||
|
| |||||||
Spain — 3.1% | ||||||||
Abertis Infraestructuras S.A. | 3,580 | 55,989 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 1,422 | 41,604 | ||||||
Aena S.A. ADR | 575 | 65,843 | ||||||
Amadeus IT Holding S.A. | 3,406 | 150,119 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 49,956 | 365,020 | ||||||
Banco de Sabadell S.A. | 38,708 | 68,602 | ||||||
Banco Popular Espanol S.A. | 13,620 | 44,877 | ||||||
Banco Santander S.A. | 113,375 | 557,737 | ||||||
Bankia S.A. | 36,141 | 42,058 | ||||||
Bankinter S.A. | 4,820 | 34,180 | ||||||
CaixaBank | 20,565 | 71,579 | ||||||
Distribuidora Internacional de Alimentacion S.A. | 4,084 | 24,088 | ||||||
Enagas S.A. | 1,740 | 49,082 | ||||||
Endesa S.A. | 2,463 | 49,481 | ||||||
Ferrovial S.A. | 3,554 | 80,368 | ||||||
Gas Natural SDG S.A. | 2,914 | 59,423 | ||||||
Grifols S.A. | 1,252 | 57,870 | ||||||
Iberdrola S.A. | 43,078 | 305,380 | ||||||
Inditex S.A. | 8,480 | 291,325 | ||||||
Mapfre S.A. | 8,177 | 20,469 | ||||||
Red Electrica Corp. S.A. | 908 | 75,845 | ||||||
Repsol S.A. | 8,646 | 4,313 | ||||||
Repsol S.A. | 8,648 | 95,209 | ||||||
Telefonica S.A. | 35,820 | 397,387 | ||||||
Zardoya Otis S.A. | 1,605 | 18,771 | ||||||
|
| |||||||
3,026,619 | ||||||||
|
| |||||||
Sweden — 2.8% | ||||||||
Alfa Laval AB | 2,688 | 49,072 | ||||||
Assa Abloy AB | 8,124 | 170,057 | ||||||
Atlas Copco AB, A Shares | 3,255 | 74,834 | ||||||
Atlas Copco AB, B Shares | 5,275 | 129,368 | ||||||
Boliden AB | 1,883 | 31,548 | ||||||
Electrolux AB, B Shares | 1,720 | 41,499 | ||||||
Getinge AB, B Shares | 1,448 | 37,931 | ||||||
Hennes & Mauritz AB, B Shares | 7,381 | 262,544 | ||||||
Hexagon AB, B Shares | 2,081 | 76,982 | ||||||
Husqvarna AB, B Shares | 2,834 | 18,703 | ||||||
ICA Gruppen AB | 521 | 18,921 | ||||||
Industrivarden AB, C Shares | 1,227 | 20,992 | ||||||
Investment AB Kinnevik, B Shares | 1,832 | 56,428 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Sweden — (continued) | ||||||||
Investor AB, B Shares | 3,414 | $ | 125,465 | |||||
Lundin Petroleum AB | 1,488 | 21,471 | ||||||
Nordea Bank AB | 24,214 | 265,670 | ||||||
Sandvik AB | 8,213 | 71,593 | ||||||
Securitas AB, B Shares | 1,984 | 30,337 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 12,133 | 127,597 | ||||||
Skanska AB, B Shares | 2,985 | 57,890 | ||||||
SKF AB, B Shares | 3,338 | 53,913 | ||||||
Svenska Cellulosa AB SCA, B Shares | 4,703 | 136,294 | ||||||
Svenska Handelsbanken AB | 12,169 | 161,622 | ||||||
Swedbank AB, A Shares | 7,333 | 161,499 | ||||||
Swedish Match AB | 1,496 | 52,865 | ||||||
Tele2 AB, B Shares | 2,927 | 29,189 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares | 23,658 | 228,094 | ||||||
TeliaSonera AB | 21,208 | 105,317 | ||||||
Volvo AB, B Shares | 11,928 | 110,603 | ||||||
|
| |||||||
2,728,298 | ||||||||
|
| |||||||
Switzerland — 9.6% | ||||||||
ABB Ltd. | 17,471 | 311,816 | ||||||
Actelion Ltd. | 835 | 116,018 | ||||||
Adecco S.A. | 1,364 | 93,356 | ||||||
Aryzta AG | 739 | 37,385 | ||||||
Baloise Holding AG | 408 | 51,709 | ||||||
Barry Callebaut AG | 17 | 18,466 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 74,501 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 7 | 43,713 | ||||||
Cie Financiere Richemont S.A. | 4,087 | 292,519 | ||||||
Coca-Cola HBC AG | 1,371 | 29,196 | ||||||
Credit Suisse Group AG | 14,424 | 310,721 | ||||||
Dufry AG | 317 | 37,717 | ||||||
EMS-Chemie Holding AG | 65 | 28,606 | ||||||
Galenica AG | 31 | 48,501 | ||||||
Geberit AG | 311 | 105,337 | ||||||
Givaudan S.A. | 74 | 134,307 | ||||||
Glencore PLC | 100,019 | 132,539 | ||||||
Holcim Ltd. | 3,404 | 170,455 | ||||||
Julius Baer Group Ltd. | 1,895 | 91,675 | ||||||
Kuehne + Nagel International AG | 444 | 60,828 | ||||||
Lonza Group AG | 459 | 74,649 | ||||||
Nestle S.A. | 25,126 | 1,865,235 | ||||||
Novartis AG | 17,834 | 1,534,068 | ||||||
Pargesa Holding S.A. | 272 | 17,184 | ||||||
Partners Group Holding AG | 138 | 49,629 | ||||||
Roche Holding AG | 5,506 | 1,525,759 | ||||||
Schindler Holding AG | 145 | 24,453 | ||||||
Schindler Holding AG, Participation Certificates | 349 | 58,387 | ||||||
SGS S.A. | 43 | 81,721 | ||||||
Sika AG | 18 | 65,048 | ||||||
Sonova Holding AG | 427 | 54,252 | ||||||
STMicroelectronics N.V. | 4,919 | 32,932 | ||||||
Sulzer AG | 62 | 5,828 | ||||||
Swiss Life Holding AG | 272 | 73,263 |
156
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
Switzerland — (continued) | ||||||||
Swiss Prime Site AG | 430 | $ | 33,582 | |||||
Swiss Re AG | 2,781 | 271,610 | ||||||
Swisscom AG | 202 | 101,082 | ||||||
Syngenta AG | 723 | 282,984 | ||||||
The Swatch Group AG | 253 | 87,858 | ||||||
The Swatch Group AG, Registered Shares | 366 | 24,716 | ||||||
Transocean Ltd. | 3,010 | 37,626 | ||||||
UBS Group AG | 28,612 | 555,058 | ||||||
Wolseley PLC | 2,086 | 113,297 | ||||||
Zurich Insurance Group AG | 1,170 | 300,573 | ||||||
|
| |||||||
9,460,159 | ||||||||
|
| |||||||
United Kingdom — 17.3% | ||||||||
3i Group PLC | 8,442 | 59,802 | ||||||
Aberdeen Asset Management PLC | 7,687 | 32,756 | ||||||
Admiral Group PLC | 1,518 | 37,093 | ||||||
Aggreko PLC | 2,157 | 29,037 | ||||||
Amec Foster Wheeler PLC | 2,494 | 15,744 | ||||||
Anglo American PLC | 10,459 | 45,886 | ||||||
Antofagasta PLC | 3,403 | 23,409 | ||||||
ARM Holdings PLC | 11,309 | 172,373 | ||||||
Ashtead Group PLC | 3,679 | 60,549 | ||||||
Associated British Foods PLC | 2,872 | 141,324 | ||||||
AstraZeneca PLC | 9,905 | 669,061 | ||||||
Auto Trader Group PLC | 5,884 | 38,363 | ||||||
Aviva PLC | 32,002 | 242,912 | ||||||
Babcock International Group PLC | 1,759 | 26,324 | ||||||
BAE Systems PLC | 25,041 | 184,366 | ||||||
Barclays PLC | 131,262 | 422,505 | ||||||
Barratt Developments PLC | 7,726 | 71,193 | ||||||
BG Group PLC | 27,035 | 391,897 | ||||||
BHP Billiton PLC | 16,770 | 187,017 | ||||||
BP PLC | 144,592 | 751,403 | ||||||
British American Tobacco PLC | 14,699 | 816,300 | ||||||
BT Group PLC | 66,556 | 462,139 | ||||||
Bunzl PLC | 2,435 | 67,558 | ||||||
Burberry Group PLC | 3,582 | 63,022 | ||||||
Capita PLC | 5,526 | 98,322 | ||||||
Carnival PLC | 1,577 | 89,836 | ||||||
Centrica PLC | 39,110 | 125,582 | ||||||
Cobham PLC | 8,466 | 35,353 | ||||||
Compass Group PLC | 13,243 | 229,479 | ||||||
Croda International PLC | 1,214 | 54,394 | ||||||
Diageo PLC | 19,654 | 536,710 | ||||||
Direct Line Insurance Group PLC | 11,695 | 70,102 | ||||||
Dixons Carphone PLC | 7,844 | 57,725 | ||||||
easyJet PLC | 1,334 | 34,213 | ||||||
Fiat Chrysler Automobiles N.V. | 7,378 | 102,465 | ||||||
Fresnillo PLC | 1,200 | 12,477 | ||||||
G4S PLC | 12,521 | 41,592 | ||||||
GKN PLC | 13,828 | 62,750 | ||||||
GlaxoSmithKline PLC | 38,526 | 778,070 | ||||||
Hammerson PLC | 6,570 | 58,082 | ||||||
Hargreaves Lansdown PLC | 1,892 | 42,004 | ||||||
HSBC Holdings PLC | 153,319 | 1,210,340 | ||||||
ICAP PLC | 4,325 | 32,464 |
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
United Kingdom — (continued) | ||||||||
IMI PLC | 1,958 | $ | 24,846 | |||||
Imperial Tobacco Group PLC | 7,532 | 397,825 | ||||||
Inmarsat PLC | 3,494 | 58,575 | ||||||
Intercontinental Hotels Group PLC | 1,943 | 75,736 | ||||||
International Consolidated Airlines Group S.A. (London Main Market Exchange) | 2,764 | 24,851 | ||||||
International Consolidated Airlines Group S.A. (Spanish Stock Exchange) | 3,606 | 32,321 | ||||||
Intertek Group PLC | 1,257 | 51,420 | ||||||
Intu Properties PLC | 8,310 | 38,824 | ||||||
Investec PLC | 4,543 | 32,033 | ||||||
ITV PLC | 30,751 | 125,199 | ||||||
J. Sainsbury PLC | 9,762 | 37,176 | ||||||
Johnson Matthey PLC | 1,610 | 62,980 | ||||||
Kingfisher PLC | 18,641 | 90,288 | ||||||
Land Securities Group PLC | 6,374 | 110,494 | ||||||
Legal & General Group PLC | 47,123 | 185,944 | ||||||
Lloyds Banking Group PLC | 447,156 | 481,140 | ||||||
London Stock Exchange Group PLC | 2,429 | 98,273 | ||||||
Marks & Spencer Group PLC | 12,979 | 86,417 | ||||||
Meggitt PLC | 5,739 | 31,687 | ||||||
Melrose Industries PLC | 7,834 | 33,557 | ||||||
Merlin Entertainments PLC | 5,527 | 37,059 | ||||||
National Grid PLC | 29,921 | 412,661 | ||||||
Next PLC | 1,131 | 121,437 | ||||||
Old Mutual PLC | 38,468 | 101,197 | ||||||
Pearson PLC | 6,696 | 72,387 | ||||||
Persimmon PLC | 2,549 | 76,046 | ||||||
Petrofac Ltd. | 1,906 | 22,357 | ||||||
Provident Financial PLC | 1,152 | 57,120 | ||||||
Prudential PLC | 20,038 | 451,449 | ||||||
Reckitt Benckiser Group PLC | 5,052 | 467,446 | ||||||
Reed Elsevier PLC | 9,156 | 161,475 | ||||||
Rexam PLC | 5,992 | 53,446 | ||||||
Rio Tinto PLC | 9,892 | 288,010 | ||||||
Rolls-Royce Holdings PLC~ | 1,401,345 | 2,066 | ||||||
Rolls-Royce Holdings PLC | 15,117 | 128,048 | ||||||
Royal Bank of Scotland Group PLC | 25,364 | 112,745 | ||||||
Royal Mail PLC | 7,054 | 46,203 | ||||||
RSA Insurance Group PLC | 7,501 | 47,079 | ||||||
SABMiller PLC | 7,565 | 452,571 | ||||||
Schroders PLC | 1,078 | 47,216 | ||||||
Segro PLC | 6,438 | 40,743 | ||||||
Severn Trent PLC | 1,743 | 55,718 | ||||||
Sky PLC | 7,899 | 129,487 | ||||||
Smith & Nephew PLC | 7,021 | 125,130 | ||||||
Smiths Group PLC | 3,378 | 46,714 | ||||||
Sports Direct International PLC | 2,156 | 18,322 | ||||||
SSE PLC | 7,972 | 179,002 | ||||||
St James’s Place PLC | 4,100 | 60,769 | ||||||
Standard Chartered PLC | 24,957 | 207,073 | ||||||
Standard Life PLC | 16,040 | 91,854 | ||||||
Tate & Lyle PLC | 3,269 | 28,795 | ||||||
Taylor Wimpey PLC | 25,341 | 75,754 | ||||||
Tesco PLC* | 64,072 | 140,785 |
157
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) |
|
|
|
|
|
| ||
United Kingdom — (continued) | ||||||||
The British Land Co. PLC | 7,994 | $ | 92,498 | |||||
The Sage Group PLC | 8,870 | 78,811 | ||||||
The Weir Group PLC | 1,674 | 24,589 | ||||||
Travis Perkins PLC | 2,061 | 59,791 | ||||||
Unilever PLC | 10,072 | 432,012 | ||||||
United Utilities Group PLC | 5,606 | 77,191 | ||||||
Vodafone Group PLC | 210,003 | 680,995 | ||||||
W.M. Morrison Supermarkets PLC | 17,966 | 39,146 | ||||||
Whitbread PLC | 1,474 | 95,540 | ||||||
William Hill PLC | 7,259 | 42,364 | ||||||
WPP PLC | 10,017 | 230,410 | ||||||
|
| |||||||
16,975,090 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $81,643,894) | 95,933,715 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% |
|
|
| |||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 477 | 39,908 | ||||||
Fuchs Petrolub S.E. | 598 | 28,158 | ||||||
Henkel AG & Co. KGaA | 1,395 | 155,686 | ||||||
Porsche Automobil Holding S.E. | 1,203 | 64,743 | ||||||
Volkswagen AG | 1,455 | 210,073 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $395,757) | 498,568 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Belgium — 0.0% | ||||||||
Anheuser-Busch InBev N.V. | 0 | 0 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.5% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 481,691 | 481,691 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.8% (Cost $82,521,342) | $ | 96,913,974 | ||||||
|
| |||||||
Other Assets & Liabilities — 1.2% | 1,195,229 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 98,109,203 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $2,901. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | ||||||
Advertising | 0.5% | $ | 469,985 | |||||
Aerospace & Defense | 0.9% | 902,403 | ||||||
Agriculture | 1.7% | 1,637,003 | ||||||
Airlines | 0.3% | 257,442 | ||||||
Apparel | 0.8% | 811,458 | ||||||
Auto Manufacturers | 3.9% | 3,785,711 | ||||||
Auto Parts & Equipment | 1.4% | 1,312,509 | ||||||
Banks | 13.6% | 13,031,824 | ||||||
Beverages | 2.7% | 2,602,767 | ||||||
Biotechnology | 0.4% | 369,477 | ||||||
Building & Real Estate | 0.2% | 222,993 | ||||||
Building Materials | 1.2% | 1,193,560 | ||||||
Building-Maintenance Service | 0.1% | 47,113 | ||||||
Chemicals | 3.7% | 3,521,124 | ||||||
Commercial Services | 1.6% | 1,579,536 | ||||||
Computers | 0.5% | 446,443 | ||||||
Cosmetics & Personal Care | 0.8% | 719,147 | ||||||
Distribution & Wholesale | 0.9% | 870,256 | ||||||
Diversified | —% | + | 24,040 | |||||
Diversified Financial Services | 2.0% | 1,910,736 | ||||||
Diversified Operations | 0.1% | 136,426 | ||||||
Electric | 2.7% | 2,541,757 | ||||||
Electrical Components & Equipment | 1.0% | 1,000,996 | ||||||
Electronics | 1.3% | 1,268,980 | ||||||
Energy-Alternate Sources | 0.2% | 222,270 | ||||||
Engineering & Construction | 1.2% | 1,183,551 | ||||||
Entertainment | 0.2% | 233,276 | ||||||
Environmental Control | —% | + | 16,753 | |||||
Food | 5.4% | 5,186,901 | ||||||
Forest Products & Paper | 0.4% | 332,750 | ||||||
Gas | 0.9% | 889,255 | ||||||
Hand & Machine Tools | 0.4% | 395,794 | ||||||
Healthcare Products | 1.1% | 1,059,720 | ||||||
Healthcare Services | 0.3% | 284,454 | ||||||
Holding Companies | 0.3% | 326,844 | ||||||
Home Builders | 0.3% | 275,903 | ||||||
Home Furnishings | 0.5% | 462,215 | ||||||
Hotels & Resorts | 0.2% | 223,606 | ||||||
Household Products & Wares | 0.6% | 605,353 | ||||||
Industrial | 0.1% | 128,048 | ||||||
Insurance | 6.1% | 5,864,408 | ||||||
Internet | 0.4% | 372,549 | ||||||
Investment Companies | 0.3% | 285,446 | ||||||
Iron & Steel | 0.4% | 369,178 | ||||||
Leisure Time | 0.4% | 352,261 | ||||||
Lodging | 0.3% | 238,396 | ||||||
Machinery - Construction & Mining | 0.4% | 339,200 | ||||||
Machinery - Diversified | 1.1% | 1,055,269 | ||||||
Media | 1.2% | 1,172,990 | ||||||
Metal Fabricate/Hardware | 0.3% | 323,502 | ||||||
Mining | 1.6% | 1,489,370 | ||||||
Miscellaneous Manufacturing | 1.1% | 1,093,750 | ||||||
Mixed Industrial/Office | 0.5% | 496,300 | ||||||
Office & Business Equipment | 0.4% | 336,437 | ||||||
Oil & Gas | 4.3% | 4,162,291 | ||||||
Oil & Gas Services | 0.1% | 97,604 | ||||||
Packaging and Containers | 0.2% | 160,122 |
158
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Developed International Index Fund
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | ||||||
Pharmaceuticals | 9.2% | $ | 8,790,393 | |||||
Pipelines | 0.1% | 55,077 | ||||||
Real Estate | 1.7% | 1,634,063 | ||||||
Real Estate Investment Trusts | 1.0% | 918,334 | ||||||
Real Estate Management Services | 0.1% | 107,416 | ||||||
Retail | 3.0% | 2,845,682 | ||||||
Semiconductors | 0.8% | 797,708 | ||||||
Shipbuilding | —% | + | 23,292 | |||||
Software | 1.1% | 1,053,862 | ||||||
Storage & Warehousing | —% | + | 13,176 | |||||
Telecommunications | 5.6% | 5,388,082 | ||||||
Textiles | 0.2% | 151,736 | ||||||
Toys, Games & Hobbies | 0.1% | 140,296 | ||||||
Transportation | 2.1% | 1,970,596 | ||||||
Unknown | 1.1% | 1,021,814 | ||||||
Venture Capital | 0.1% | 59,802 | ||||||
Water | 0.3% | 262,934 | ||||||
| ||||||||
100.0% | $ | 95,933,715 | ||||||
|
|
|
|
+ | Rounded. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Australia | $ | 6,578,417 | $ | — | $ | 6,578,417 | $ | — | ||||||||
Austria | 168,069 | — | 168,069 | — | ||||||||||||
Belgium | 1,400,571 | — | 1,400,571 | — | ||||||||||||
China | 79,771 | — | 79,771 | — | ||||||||||||
Denmark | 1,836,813 | — | 1,836,813 | — | ||||||||||||
Finland | 843,467 | — | 843,467 | — | ||||||||||||
France | 8,989,032 | 143 | 8,988,889 | — | ||||||||||||
Germany | 8,254,584 | — | 8,254,584 | — | ||||||||||||
Hong Kong | 2,895,492 | 39,665 | 2,855,827 | — | ||||||||||||
Ireland | 875,196 | 22,220 | 852,976 | — | ||||||||||||
Israel | 717,417 | 70,226 | 647,191 | — | ||||||||||||
Italy | 2,104,555 | — | 2,104,555 | — | ||||||||||||
Japan | 22,340,946 | 146,172 | 22,194,774 | — | ||||||||||||
Jersey | 45,651 | — | 45,651 | — | ||||||||||||
Luxembourg | 200,748 | — | 200,748 | — | ||||||||||||
Macau | 14,406 | — | 14,406 | — | ||||||||||||
Netherlands | 4,346,739 | 1,100,755 | 3,245,984 | — | ||||||||||||
New Zealand | 150,943 | — | 150,943 | — | ||||||||||||
Norway | 525,575 | 22,245 | 503,330 | — | ||||||||||||
Portugal | 132,618 | — | 132,618 | — | ||||||||||||
Singapore | 1,186,481 | — | 1,186,481 | — | ||||||||||||
South Africa | 56,058 | — | 56,058 | — | ||||||||||||
Spain | 3,026,619 | 4,313 | 3,022,306 | — | ||||||||||||
Sweden | 2,728,298 | — | 2,728,298 | — | ||||||||||||
Switzerland | 9,460,159 | 74,501 | 9,385,658 | — | ||||||||||||
United Kingdom | 16,975,090 | — | 16,975,090 | — | ||||||||||||
PREFERRED STOCKS | ||||||||||||||||
Germany | 498,568 | — | 498,568 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 481,691 | 481,691 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 96,913,974 | $ | 1,961,931 | $ | 94,952,043 | $ | — | ||||||||
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$986,639 was transferred from Level 1 into Level 2 at 12/31/15 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.
Fair Value of Level 2 at 12/31/14 was $920,494 which was a result of valuing investments using third-party vendor modeling tools. An amount of $920,494 was transferred from Level 2 into Level 1 at 12/31/2015 as a result of using quoted prices in active market for such foreign securities.
The accompanying notes are an integral part of these financial statements.
159
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
International Equity Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 98.4% |
|
|
|
|
|
| ||
Australia — 4.9% | ||||||||
CSL Ltd. | 127,280 | $ | 9,703,766 | |||||
Ramsay Health Care Ltd. | 146,942 | 7,225,447 | ||||||
Sonic Healthcare Ltd. | 124,462 | 1,611,425 | ||||||
|
| |||||||
18,540,638 | ||||||||
|
| |||||||
Canada — 3.0% | ||||||||
Alimentation Couche Tard, Inc., Class B | 166,796 | 7,342,303 | ||||||
Enbridge, Inc. | 120,560 | 4,007,921 | ||||||
|
| |||||||
11,350,224 | ||||||||
|
| |||||||
Denmark — 4.0% | ||||||||
Coloplast A/S, B Shares | 33,769 | 2,726,413 | ||||||
Novo Nordisk A/S, B Shares | 208,582 | 12,076,524 | ||||||
|
| |||||||
14,802,937 | ||||||||
|
| |||||||
France — 7.1% | ||||||||
Air Liquide S.A. | 41,368 | 4,644,270 | ||||||
Bureau Veritas S.A. | 257,469 | 5,131,743 | ||||||
Essilor International S.A. | 58,196 | 7,253,354 | ||||||
Hermes International | 12,953 | 4,378,461 | ||||||
L’Oreal S.A. | 30,830 | 5,185,783 | ||||||
|
| |||||||
26,593,611 | ||||||||
|
| |||||||
Germany — 4.6% | ||||||||
Bayer AG | 63,848 | 7,974,044 | ||||||
SAP S.E. | 117,341 | 9,311,431 | ||||||
|
| |||||||
17,285,475 | ||||||||
|
| |||||||
Hong Kong — 2.1% | ||||||||
Cheung Kong Infrastructure Holdings Ltd. | 424,981 | 3,926,348 | ||||||
Link REIT | 682,558 | 4,069,330 | ||||||
|
| |||||||
7,995,678 | ||||||||
|
| |||||||
India — 10.9% | ||||||||
HDFC Bank Ltd.~ | 963,918 | 19,503,107 | ||||||
HDFC Bank Ltd. ADR | 14,591 | 898,806 | ||||||
Housing Development Finance Corp., Ltd. | 843,178 | 16,037,112 | ||||||
ITC Ltd. | 930,990 | 4,603,576 | ||||||
|
| |||||||
41,042,601 | ||||||||
|
| |||||||
Ireland — 3.1% | ||||||||
Accenture PLC, Class A | 61,585 | 6,435,632 | ||||||
Paddy Power PLC | 39,384 | 5,260,044 | ||||||
|
| |||||||
11,695,676 | ||||||||
|
| |||||||
Japan — 2.3% | ||||||||
Daito Trust Construction Co., Ltd. | 41,700 | 4,816,788 | ||||||
Unicharm Corp. | 192,600 | 3,933,214 | ||||||
|
| |||||||
8,750,002 | ||||||||
|
| |||||||
Netherlands — 4.1% | ||||||||
ABN AMRO Group N.V.* | 74,215 | 1,667,109 | ||||||
Unilever N.V. | 314,280 | 13,697,686 | ||||||
|
| |||||||
15,364,795 | ||||||||
|
| |||||||
South Africa — 1.6% | ||||||||
Naspers Ltd., N Shares | 43,747 | 5,979,530 | ||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
South Korea — 0.5% | ||||||||
Amorepacific Corp. | 5,454 | $ | 1,913,957 | |||||
|
| |||||||
Spain — 1.7% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 5,167 | 37,754 | ||||||
Grifols S.A. | 133,802 | 6,184,604 | ||||||
|
| |||||||
6,222,358 | ||||||||
|
| |||||||
Switzerland — 13.3% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 1,142 | 7,131,457 | ||||||
Nestle S.A. | 242,071 | 17,970,202 | ||||||
Roche Holding AG | 64,636 | 17,911,179 | ||||||
UBS Group AG | 358,748 | 6,959,522 | ||||||
|
| |||||||
49,972,360 | ||||||||
|
| |||||||
United Kingdom — 23.0% | ||||||||
British American Tobacco PLC | 435,456 | 24,182,771 | ||||||
Diageo PLC | 214,038 | 5,844,933 | ||||||
Domino’s Pizza Group PLC | 389,363 | 6,034,775 | ||||||
Imperial Tobacco Group PLC | 177,430 | 9,371,467 | ||||||
Lloyds Banking Group PLC | 4,223,400 | 4,544,384 | ||||||
Persimmon PLC* | 230,129 | 6,865,558 | ||||||
Reckitt Benckiser Group PLC | 178,122 | 16,481,075 | ||||||
SABMiller PLC | 214,573 | 12,836,698 | ||||||
|
| |||||||
86,161,661 | ||||||||
|
| |||||||
United States — 12.2% | ||||||||
Alphabet, Inc.* | 12,533 | 9,511,043 | ||||||
PayPal Holdings, Inc.* | 242,425 | 8,775,785 | ||||||
Philip Morris International, Inc. | 215,143 | 18,913,221 | ||||||
The Priceline Group, Inc.* | 6,577 | 8,385,346 | ||||||
|
| |||||||
45,585,395 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $286,018,400) | 369,256,898 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.0% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 7,337,935 | 7,337,935 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.4% (Cost $293,356,335) | $ | 376,594,833 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.4)% | (1,419,617 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 375,175,216 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
144A @ | 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. |
160
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
International Equity Fund
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $19,503,107. |
ADR — American Depository Receipt.
PLC — Public Limited Company.
REIT — Real Estate Investment Trust.
Country Weightings as of 12/31/2015†† | ||||
United Kingdom | 23 | % | ||
United States | 14 | |||
Switzerland | 13 | |||
India | 11 | |||
France | 7 | |||
Australia | 5 | |||
Germany | 5 | |||
Other | 22 | |||
| ||||
Total | 100 | % | ||
|
††% of total investments as of December 31, 2015
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | ||||||
Agriculture | 15.4% | $ | 57,071,035 | |||||
Apparel | 1.2% | 4,378,461 | ||||||
Banks | 9.1% | 33,610,682 | ||||||
Beverages | 5.1% | 18,681,631 | ||||||
Biotechnology | 2.6% | 9,703,766 | ||||||
Building & Real Estate | 1.9% | 6,865,558 | ||||||
Chemicals | 2.2% | 7,974,044 | ||||||
Commercial Services | 3.8% | 13,907,528 | ||||||
Computers | 1.7% | 6,435,632 | ||||||
Cosmetics & Personal Care | 3.0% | 11,032,954 | ||||||
Diversified Financial Services | 4.3% | 16,037,112 | ||||||
Entertainment | 1.4% | 5,260,044 | ||||||
Food | 10.5% | 38,799,345 | ||||||
Gas | 1.3% | 4,644,270 | ||||||
Healthcare Products | 2.7% | 9,979,767 | ||||||
Healthcare Services | 2.4% | 8,836,872 | ||||||
Household Products & Wares | 4.5% | 16,481,075 | ||||||
Internet | 4.8% | 17,896,389 | ||||||
Investment Companies | 1.1% | 3,926,348 | ||||||
Media | 1.6% | 5,979,530 | ||||||
Oil & Gas Services | 1.1% | 4,007,921 | ||||||
Pharmaceuticals | 9.8% | 36,172,307 | ||||||
Real Estate | 1.3% | 4,816,788 | ||||||
Real Estate Investment Trusts | 1.1% | 4,069,330 | ||||||
Retail | 3.6% | 13,377,078 | ||||||
Software | 2.5% | 9,311,431 | ||||||
| ||||||||
100.0% | $ | 369,256,898 | ||||||
|
|
|
|
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Australia | $ | 18,540,638 | $ | — | $ | 18,540,638 | $ | — | ||||||||
Canada | 11,350,224 | 11,350,224 | — | — | ||||||||||||
Denmark | 14,802,937 | — | 14,802,937 | — | ||||||||||||
France | 26,593,611 | — | 26,593,611 | — | ||||||||||||
Germany | 17,285,475 | — | 17,285,475 | — | ||||||||||||
Hong Kong | 7,995,678 | — | 7,995,678 | — | ||||||||||||
India | 41,042,601 | 898,806 | 40,143,795 | — | ||||||||||||
Ireland | 11,695,676 | 6,435,632 | 5,260,044 | — | ||||||||||||
Japan | 8,750,002 | — | 8,750,002 | — | ||||||||||||
Netherlands | 15,364,795 | 15,364,795 | — | — | ||||||||||||
South Africa | 5,979,530 | — | 5,979,530 | — | ||||||||||||
South Korea | 1,913,957 | — | 1,913,957 | — | ||||||||||||
Spain | 6,222,358 | — | 6,222,358 | — | ||||||||||||
Switzerland | 49,972,360 | — | 49,972,360 | — | ||||||||||||
United Kingdom | 86,161,661 | — | 86,161,661 | — | ||||||||||||
United States | 45,585,395 | 45,585,395 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 7,337,935 | 7,337,935 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 376,594,833 | $ | 86,972,787 | $ | 289,622,046 | $ | — | ||||||||
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$5,330,323 was transferred from Level 1 into Level 2 at 12/31/15 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.
Fair Value of Level 2 at 12/31/14 was $16,041,755 which was a result of valuing investments using third-party vendor modeling tools. An amount of $16,041,755 was transferred from Level 2 into Level 1 at 12/31/2015 as a result of using quoted prices in active market for such foreign securities.
The accompanying notes are an integral part of these financial statements.
161
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Emerging Markets Equity Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 88.3% | ||||||||
Argentina — 0.7% | ||||||||
MercadoLibre, Inc. | 9,248 | $ | 1,057,416 | |||||
|
| |||||||
Austria — 2.2% | ||||||||
Erste Group Bank AG* | 78,192 | 2,446,646 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 29,784 | 814,677 | ||||||
|
| |||||||
3,261,323 | ||||||||
|
| |||||||
Brazil — 2.4% | ||||||||
BRF S.A. | 154,959 | 2,169,916 | ||||||
Raia Drogasil S.A. | 80,087 | 718,227 | ||||||
Ultrapar Participacoes S.A. | 42,389 | 647,688 | ||||||
|
| |||||||
3,535,831 | ||||||||
|
| |||||||
Chile — 0.5% | ||||||||
S.A.C.I. Falabella | 121,582 | 774,902 | ||||||
|
| |||||||
China — 12.1% | ||||||||
Alibaba Group Holding Ltd. ADR* | 6,100 | 495,747 | ||||||
Bank of China Ltd., Class H | 5,825,000 | 2,584,631 | ||||||
China Construction Bank Corp., Class H | 4,000,930 | 2,729,227 | ||||||
China Machinery Engineering Corp. | 408,000 | 297,695 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 356,800 | 1,460,158 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 141,400 | 311,322 | ||||||
CRCC High-Tech Equipment Corp. Ltd.* | 649,000 | 397,772 | ||||||
Huadian Power International Corp. Ltd., Class H | 572,000 | 370,127 | ||||||
JD.Com, Inc. ADR* | 27,922 | 900,903 | ||||||
NetEase.com, Inc. ADR | 3,003 | 544,264 | ||||||
Shanghai Jin Jiang International Hotels Group Co. Ltd., Class H | 476,000 | 199,828 | ||||||
Shenzhou International Group Holdings Ltd. | 142,000 | 813,771 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.~ | 1,282,000 | 480,375 | ||||||
TAL Education Group ADR* | 16,558 | 769,450 | ||||||
Tencent Holdings Ltd. | 274,700 | 5,378,622 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 40,000 | 180,189 | ||||||
|
| |||||||
17,914,081 | ||||||||
|
| |||||||
Colombia — 0.2% | ||||||||
Grupo de Inversiones Suramericana S.A. | 27,343 | 307,496 | ||||||
|
| |||||||
Czech Republic — 1.1% | ||||||||
Komercni Banka, A.S. | 7,957 | 1,579,709 | ||||||
|
| |||||||
Egypt — 0.5% | ||||||||
Commercial International Bank Egypt SAE | 140,908 | 685,460 | ||||||
|
| |||||||
Hong Kong — 5.6% | ||||||||
AIA Group Ltd. | 259,600 | 1,551,132 | ||||||
China Mengniu Dairy Co. Ltd. | 298,000 | 483,756 | ||||||
China Mobile Ltd. | 294,500 | 3,314,923 | ||||||
China Overseas Land & Investment Ltd. | 294,000 | 1,023,521 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 199,800 | 613,288 | ||||||
China Unicom Hong Kong Ltd. | 288,000 | 347,905 | ||||||
CSPC Pharmaceutical Group Ltd. | 436,000 | 444,505 | ||||||
Shenzhen International Holdings Ltd. | 307,000 | 564,911 | ||||||
|
| |||||||
8,343,941 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
India — 9.6% | ||||||||
Ashok Leyland Ltd. | 1,329,406 | $ | 1,758,783 | |||||
Bharat Petroleum Corp. Ltd. | 81,611 | 1,096,207 | ||||||
Glenmark Pharmaceuticals Ltd. | 69,286 | 961,936 | ||||||
HDFC Bank Ltd.~ | 76,161 | 1,540,978 | ||||||
Idea Cellular Ltd. | 185,253 | 400,871 | ||||||
IndusInd Bank Ltd. | 117,956 | 1,721,627 | ||||||
Larsen & Toubro Ltd. | 49,679 | 954,901 | ||||||
Marico Ltd. | 332,122 | 1,133,645 | ||||||
Maruti Suzuki India Ltd. | 21,149 | 1,472,843 | ||||||
Shree Cement Ltd. | 7,589 | 1,315,190 | ||||||
Shriram Transport Finance Co. Ltd. | 105,925 | 1,369,550 | ||||||
Sun Pharmaceutical Industries Ltd. | 40,790 | 504,581 | ||||||
|
| |||||||
14,231,112 | ||||||||
|
| |||||||
Indonesia — 2.9% | ||||||||
AKR Corporindo Tbk PT | 825,800 | 427,033 | ||||||
Jasa Marga Persero Tbk PT | 204,600 | 76,970 | ||||||
Kalbe Farma Tbk PT | 6,133,200 | 583,539 | ||||||
Link Net Tbk PT* | 1,779,800 | 512,556 | ||||||
Matahari Department Store Tbk PT | 1,029,900 | 1,303,786 | ||||||
Surya Citra Media Tbk PT | 1,975,000 | 440,395 | ||||||
United Tractors Tbk PT | 186,900 | 227,572 | ||||||
Xl Axiata Tbk PT* | 2,602,100 | 684,890 | ||||||
|
| |||||||
4,256,741 | ||||||||
|
| |||||||
Japan — 0.6% | ||||||||
Nexon Co. Ltd. | 55,200 | 897,979 | ||||||
|
| |||||||
Malaysia — 0.1% | ||||||||
Astro Malaysia Holdings Bhd | 124,600 | 79,857 | ||||||
|
| |||||||
Mexico — 6.5% | ||||||||
Alfa S.A.B. de C.V. | 626,822 | 1,241,314 | ||||||
Cemex S.A.B. de C.V. ADR | 292,044 | 1,626,685 | ||||||
El Puerto de Liverpool S.A.B de C.V. | 51,658 | 631,664 | ||||||
Fomento Economico Mexicano S.A.B. de C.V. ADR | 32,848 | 3,033,513 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Series O | 341,117 | 1,876,346 | ||||||
Grupo Financiero Inbursa S.A.B de C.V., Series O | 247,747 | 448,646 | ||||||
Mexichem S.A.B. de C.V. | 348,380 | 782,084 | ||||||
|
| |||||||
9,640,252 | ||||||||
|
| |||||||
Netherlands — 0.9% | ||||||||
Steinhoff International Holdings NV | 248,881 | 1,263,475 | ||||||
|
| |||||||
Pakistan — 1.0% | ||||||||
Lucky Cement Ltd. | 135,200 | 639,035 | ||||||
United Bank Ltd. | 612,800 | 906,606 | ||||||
|
| |||||||
1,545,641 | ||||||||
|
| |||||||
Panama — 0.2% | ||||||||
Copa Holdings SA, Class A | 6,138 | 296,220 | ||||||
|
| |||||||
Peru — 0.9% | ||||||||
Credicorp Ltd. | 12,906 | 1,256,012 | ||||||
|
|
162
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Emerging Markets Equity Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — (continued) | ||||||||
Philippines — 3.9% | ||||||||
BDO Unibank, Inc. | 268,770 | $ | 597,434 | |||||
DMCI Holdings, Inc. | 2,122,650 | 620,682 | ||||||
International Container Terminal Services, Inc. | 271,320 | 404,134 | ||||||
LT Group, Inc. | 2,104,900 | 661,913 | ||||||
Metro Pacific Investments Corp. | 8,575,100 | 946,001 | ||||||
Metropolitan Bank & Trust Co. | 705,703 | 1,203,729 | ||||||
SM Investments Corp. | 72,840 | 1,330,606 | ||||||
|
| |||||||
5,764,499 | ||||||||
|
| |||||||
Poland — 2.7% | ||||||||
Bank Pekao S.A. | 22,845 | 834,363 | ||||||
CCC S.A. | 20,953 | 737,604 | ||||||
Eurocash SA | 48,392 | 596,359 | ||||||
LPP S.A. | 346 | 488,936 | ||||||
PKP Cargo S.A. | 36,861 | 638,262 | ||||||
Polski Koncern Naftowy Orlen S.A. | 43,077 | 741,539 | ||||||
|
| |||||||
4,037,063 | ||||||||
|
| |||||||
Portugal — 0.7% | ||||||||
Jeronimo Martins SGPS, S.A. | 81,225 | 1,056,936 | ||||||
|
| |||||||
Russia — 1.9% | ||||||||
Mail.Ru Group Ltd. GDR* | 47,015 | 1,060,188 | ||||||
X5 Retail Group N.V. GDR* | 39,527 | 749,037 | ||||||
Yandex NV, Class A* | 60,698 | 954,172 | ||||||
|
| |||||||
2,763,397 | ||||||||
|
| |||||||
South Africa — 4.3% | ||||||||
Life Healthcare Group Holdings Ltd. | 291,584 | 661,877 | ||||||
MTN Group Ltd. | 110,478 | 951,697 | ||||||
Naspers Ltd., N Shares | 19,048 | 2,603,563 | ||||||
Sasol Ltd. | 34,500 | 931,424 | ||||||
Vodacom Group Ltd. | 114,964 | 1,133,052 | ||||||
|
| |||||||
6,281,613 | ||||||||
|
| |||||||
South Korea — 10.2% | ||||||||
Amorepacific Corp. | 3,913 | 1,373,178 | ||||||
Cosmax, Inc. | 3,507 | 544,195 | ||||||
Coway Co. Ltd. | 18,226 | 1,297,728 | ||||||
Hotel Shilla Co. Ltd. | 12,471 | 816,591 | ||||||
Hyundai Development Co. | 7,876 | 257,373 | ||||||
KB Financial Group, Inc. | 30,304 | 853,779 | ||||||
Kia Motors Corp. | 24,256 | 1,081,575 | ||||||
Korea Aerospace Industries Ltd. | 8,502 | 561,240 | ||||||
LG Chem Ltd. | 3,239 | 894,233 | ||||||
LIG Nex1 Co. Ltd.* | 3,971 | 350,517 | ||||||
NAVER Corp. | 1,824 | 1,017,134 | ||||||
Samsung Electronics Co. Ltd. | 4,532 | 4,833,751 | ||||||
SK Holdings Co. Ltd. | 4,493 | 915,427 | ||||||
SK Telecom Co. Ltd. | 1,714 | 313,693 | ||||||
|
| |||||||
15,110,414 | ||||||||
|
| |||||||
Spain — 0.2% | ||||||||
Cemex Latam Holdings S.A.* | 100,545 | 325,595 | ||||||
|
| |||||||
Switzerland — 0.7% | ||||||||
DKSH Holding AG* | 15,553 | 978,199 | ||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Taiwan — 9.8% | ||||||||
Advanced Semiconductor Engineering, Inc. | 995,000 | $ | 1,142,978 | |||||
Advanced Semiconductor Engineering, Inc. ADR | 9,768 | 55,385 | ||||||
Catcher Technology Co. Ltd. | 129,000 | 1,075,398 | ||||||
Chailease Holding Co. Ltd. | 446,540 | 768,516 | ||||||
Delta Electronics, Inc. | 180,242 | 847,783 | ||||||
Eclat Textile Co. Ltd. | 69,644 | 956,994 | ||||||
Formosa Plastics Corp. | 160,000 | 373,508 | ||||||
Fubon Financial Holding Co. Ltd. | 648,310 | 881,850 | ||||||
Hermes Microvision, Inc. | 6,012 | 216,238 | ||||||
Hon Hai Precision Industry Co. Ltd. | 709,400 | 1,736,113 | ||||||
PChome Online, Inc. | 36,000 | 357,874 | ||||||
Pegatron Corp. | 384,000 | 835,188 | ||||||
Taiwan Mobile Co. Ltd. | 172,000 | 522,342 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 815,769 | 3,519,424 | ||||||
Uni-President Enterprises Corp. | 754,962 | 1,258,473 | ||||||
|
| |||||||
14,548,064 | ||||||||
|
| |||||||
Thailand — 2.0% | ||||||||
Advanced Info Service PCL | 4,000 | 16,840 | ||||||
Advanced Info Service PCL NVDR | 174,100 | 732,500 | ||||||
BTS Rail Mass Transit Growth Infrastructure Fund | 2,627,200 | 744,684 | ||||||
Land and Houses PCL NVDR | 1,992,800 | 520,829 | ||||||
Minor International PCL NVDR | 738,170 | 739,316 | ||||||
Total Access Communication PCL NVDR | 241,300 | 201,600 | ||||||
|
| |||||||
2,955,769 | ||||||||
|
| |||||||
Turkey — 0.9% | ||||||||
Arcelik A.S. | 141,624 | 677,977 | ||||||
Ulker Biskuvi Sanayi A.S. | 110,667 | 667,927 | ||||||
|
| |||||||
1,345,904 | ||||||||
|
| |||||||
United Kingdom — 0.9% | ||||||||
Mondi PLC | 70,129 | 1,392,546 | ||||||
|
| |||||||
United States — 2.1% | ||||||||
Samsonite International S.A. | 728,100 | 2,182,100 | ||||||
Yum! Brands, Inc. | 12,290 | 897,784 | ||||||
|
| |||||||
3,079,884 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $122,009,296) | 130,567,331 | |||||||
|
| |||||||
PREFERRED STOCKS — 3.4% |
|
|
|
|
|
| ||
Brazil — 1.8% | ||||||||
Banco Bradesco S.A. | 177,705 | 866,010 | ||||||
Itau Unibanco Holding S.A. | 198,534 | 1,321,302 | ||||||
Telefonica Brasil S.A. | 50,700 | 458,142 | ||||||
|
| |||||||
2,645,454 | ||||||||
|
| |||||||
Colombia — 0.2% | ||||||||
Grupo de Inversiones Suramericana S.A. | 31,247 | 341,557 | ||||||
|
|
163
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Emerging Markets Equity Fund
Number of Shares | Value† | |||||||
PREFERRED STOCKS — (continued) |
|
|
|
|
|
| ||
South Korea — 1.4% | ||||||||
Samsung Electronics Co. Ltd. | 2,229 | $ | 2,060,461 | |||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $7,760,677) | 5,047,472 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Banco Bradesco SA 02/05/16*~ | 5,821 | 3,046 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.6% |
|
|
|
|
|
| ||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,354,654 | 2,354,654 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 93.3% (Cost $132,124,627) | $ | 137,972,503 | ||||||
|
| |||||||
Other Assets & Liabilities — 6.7% | 9,846,736 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 147,819,239 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
~ | Fair valued security. The total market value of fair valued securities at December 31, 2015 is $2,024,399. |
ADR | — American Depository Receipt. |
GDR | — Global Depository Receipt. |
NVDR | — Non Voting Depository Receipt. |
PCL | — Public Company Limited. |
PLC | — Public Limited Company. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | ||||||
Advertising | 0.7% | $ | 978,199 | |||||
Aerospace & Defense | 0.7% | 911,757 | ||||||
Airlines | 0.2% | 296,220 | ||||||
Apparel | 1.7% | 2,259,701 | ||||||
Auto Manufacturers | 3.5% | 4,624,523 | ||||||
Banks | 15.6% | 20,411,414 | ||||||
Beverages | 3.0% | 3,875,615 | ||||||
Building Materials | 3.0% | 3,906,505 | ||||||
Chemicals | 2.1% | 2,697,513 | ||||||
Commercial Services | 1.4% | 1,815,465 | ||||||
Computers | 0.7% | 915,427 | ||||||
Cosmetics & Personal Care | 1.5% | 1,917,373 | ||||||
Distribution & Wholesale | 0.3% | 427,033 | ||||||
Diversified Financial Services | 3.0% | 3,873,695 | ||||||
Electric | 0.3% | 370,127 | ||||||
Electrical Components & Equipment | 1.5% | 1,899,209 | ||||||
Electronics | 1.3% | 1,736,113 | ||||||
Engineering & Construction | 1.9% | 2,528,423 | ||||||
Food | 5.3% | 6,982,404 | ||||||
Forest Products & Paper | 1.1% | 1,392,546 | ||||||
Healthcare Services | 0.5% | 661,877 | ||||||
Holding Companies | 1.0% | 1,241,314 | ||||||
Home Builders | 0.4% | 520,829 | ||||||
Home Furnishings | 2.5% | 3,239,180 | ||||||
Hotels & Resorts | 0.6% | 816,591 | ||||||
Household Products & Wares | 2.5% | 3,315,745 | ||||||
Insurance | 3.4% | 4,439,255 | ||||||
Internet | 9.0% | 11,734,612 | ||||||
Investment Companies | 0.2% | 307,496 | ||||||
Lodging | 0.2% | 199,828 | ||||||
Machinery — Construction & Mining | 0.2% | 227,572 | ||||||
Media | 2.4% | 3,123,815 | ||||||
Metal Fabricate/Hardware | 0.8% | 1,075,398 | ||||||
Oil & Gas | 2.1% | 2,769,170 | ||||||
Pharmaceuticals | 2.3% | 2,974,936 | ||||||
Real Estate | 0.8% | 1,023,521 | ||||||
Retail | 5.5% | 7,133,889 | ||||||
Semiconductors | 7.3% | 9,551,538 | ||||||
Software | 1.1% | 1,442,243 | ||||||
Telecommunications | 6.6% | 8,620,313 | ||||||
Transportation | 1.1% | 1,382,946 | ||||||
Water | 0.7% | 946,001 | ||||||
| ||||||||
100.0% | $ | 130,567,331 | ||||||
|
|
|
|
164
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Emerging Markets Equity Fund
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Signi ficant Unobs ervable Input | ||||||||||||
COMMON STOCKS | ||||||||||||||||
Argentina | $ | 1,057,416 | $ | 1,057,416 | $ | — | $ | — | ||||||||
Austria | 3,261,323 | — | 3,261,323 | — | ||||||||||||
Brazil | 3,535,831 | 3,535,831 | — | — | ||||||||||||
Chile | 774,902 | 774,902 | — | — | ||||||||||||
China | 17,914,081 | 3,108,136 | 14,805,945 | — | ||||||||||||
Colombia | 307,496 | 307,496 | — | — | ||||||||||||
Czech Republic | 1,579,709 | — | 1,579,709 | — | ||||||||||||
Egypt | 685,460 | 685,460 | — | — | ||||||||||||
Hong Kong | 8,343,941 | — | 8,343,941 | — | ||||||||||||
India | 14,231,112 | — | 14,231,112 | — | ||||||||||||
Indonesia | 4,256,741 | — | 4,256,741 | — | ||||||||||||
Japan | 897,979 | — | 897,979 | — | ||||||||||||
Malaysia | 79,857 | — | 79,857 | — | ||||||||||||
Mexico | 9,640,252 | 9,640,252 | — | — | ||||||||||||
Netherlands | 1,263,475 | 1,263,475 | — | — | ||||||||||||
Pakistan | 1,545,641 | 1,545,641 | — | — | ||||||||||||
Panama | 296,220 | 296,220 | — | — | ||||||||||||
Peru | 1,256,012 | 1,256,012 | — | — | ||||||||||||
Philippines | 5,764,499 | — | 5,764,499 | — | ||||||||||||
Poland | 4,037,063 | — | 4,037,063 | — | ||||||||||||
Portugal | 1,056,936 | — | 1,056,936 | — | ||||||||||||
Russia | 2,763,397 | 1,703,209 | 1,060,188 | — | ||||||||||||
South Africa | 6,281,613 | — | 6,281,613 | — | ||||||||||||
South Korea | 15,110,414 | 350,517 | 14,759,897 | — | ||||||||||||
Spain | 325,595 | 325,595 | — | — | ||||||||||||
Switzerland | 978,199 | — | 978,199 | — | ||||||||||||
Taiwan | 14,548,064 | 55,385 | 14,492,679 | — | ||||||||||||
Thailand | 2,955,769 | — | 2,955,769 | — | ||||||||||||
Turkey | 1,345,904 | — | 1,345,904 | — | ||||||||||||
United Kingdom | 1,392,546 | — | 1,392,546 | — | ||||||||||||
United States | 3,079,884 | 897,784 | 2,182,100 | — | ||||||||||||
PREFERRED STOCKS | 5,047,472 | 2,987,011 | 2,060,461 | — | ||||||||||||
RIGHTS | 3,046 | — | 3,046 | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,354,654 | 2,354,654 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 137,972,503 | $ | 32,144,996 | $ | 105,827,507 | $ | — | ||||||||
|
It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.
$3,832,735 was transferred from Level 1 into Level 2 at 12/31/15 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.
165
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Real Estate Securities Fund
Number of Shares | Value† | |||||||
COMMON STOCKS — 2.1% |
|
|
|
|
|
| ||
Healthcare Services — 0.5% | ||||||||
Brookdale Senior Living, Inc.* | 36,375 | $ | 671,483 | |||||
|
| |||||||
Hotels & Resorts — 0.9% | ||||||||
La Quinta Holdings Inc* | 89,645 | 1,220,068 | ||||||
|
| |||||||
Lodging — 0.7% | ||||||||
Extended Stay America, Inc. | 60,710 | 965,289 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $3,705,249) | 2,856,840 | |||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS — 96.7% | ||||||||
Apartments — 18.6% | ||||||||
Apartment Investment & Management Co., Class A | 119,501 | 4,783,625 | ||||||
Education Realty Trust, Inc. | 44,082 | 1,669,826 | ||||||
Equity Residential | 76,778 | 6,264,317 | ||||||
Essex Property Trust, Inc. | 21,706 | 5,196,633 | ||||||
UDR, Inc. | 206,645 | 7,763,653 | ||||||
|
| |||||||
25,678,054 | ||||||||
|
| |||||||
Building & Real Estate — 3.6% | ||||||||
National Retail Properties, Inc. | 54,828 | 2,195,861 | ||||||
Spirit Realty Capital, Inc. | 273,035 | 2,735,811 | ||||||
|
| |||||||
4,931,672 | ||||||||
|
| |||||||
Diversified — 11.4% | ||||||||
American Assets Trust, Inc. | 4 | 153 | ||||||
Duke Realty Corp. | 95,373 | 2,004,741 | ||||||
Equinix, Inc. | 12,776 | 3,863,462 | ||||||
Retail Properties of America, Inc. Class A | 133,147 | 1,966,581 | ||||||
Vornado Realty Trust | 78,083 | 7,805,177 | ||||||
|
| |||||||
15,640,114 | ||||||||
|
| |||||||
Healthcare — 9.2% | ||||||||
HCP, Inc. | 112,845 | 4,315,193 | ||||||
Healthcare Trust of America, Inc. | 69,472 | 1,873,660 | ||||||
Omega Healthcare Investors, Inc. | 123,403 | 4,316,637 | ||||||
Welltower, Inc. | 32,533 | 2,213,220 | ||||||
|
| |||||||
12,718,710 | ||||||||
|
| |||||||
Hotels & Resorts — 4.0% | ||||||||
DiamondRock Hospitality Co. | 87,555 | 844,906 | ||||||
Host Hotels & Resorts, Inc. | 213,779 | 3,279,370 | ||||||
Sunstone Hotel Investors, Inc. | 115,388 | 1,441,196 | ||||||
|
| |||||||
5,565,472 | ||||||||
|
| |||||||
Industrial — 3.0% | ||||||||
Prologis, Inc. | 48,238 | 2,070,375 | ||||||
QTS Realty Trust, Inc. | 45,694 | 2,061,256 | ||||||
|
| |||||||
4,131,631 | ||||||||
|
| |||||||
Manufactured Homes — 1.4% | ||||||||
Sun Communities, Inc. | 29,015 | 1,988,398 | ||||||
|
| |||||||
Office Property — 9.5% | ||||||||
Douglas Emmett, Inc. | 69,879 | 2,178,827 | ||||||
Empire State Realty Trust, Inc. | 46,105 | 833,118 | ||||||
Kilroy Realty Corp. | 62,304 | 3,942,597 | ||||||
SL Green Realty Corp. | 53,861 | 6,085,216 | ||||||
|
| |||||||
13,039,758 | ||||||||
|
|
Number of Shares | Value† | |||||||
|
|
|
|
|
|
| ||
Regional Malls — 17.6% | ||||||||
General Growth Properties, Inc. | 133,353 | $ | 3,628,535 | |||||
Pennsylvania Real Estate Investment Trust | 79,838 | 1,746,057 | ||||||
Simon Property Group, Inc. | 73,639 | 14,318,367 | ||||||
The Macerich Co. | 55,703 | 4,494,675 | ||||||
|
| |||||||
24,187,634 | ||||||||
|
| |||||||
Storage & Warehousing — 10.4% | ||||||||
CubeSmart | 214,922 | 6,580,912 | ||||||
Public Storage | 31,004 | 7,679,691 | ||||||
|
| |||||||
14,260,603 | ||||||||
|
| |||||||
Strip Centers — 8.0% | ||||||||
Brixmor Property Group, Inc. | 108,627 | 2,804,749 | ||||||
DDR Corp. | 314,364 | 5,293,890 | ||||||
Regency Centers Corp. | 42,479 | 2,893,669 | ||||||
|
| |||||||
10,992,308 | ||||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $116,870,143) | 133,134,354 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.1% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 2,865,012 | 2,865,012 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.9% (Cost $123,440,404) | $ | 138,856,206 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.9)% | (1,212,252 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 137,643,954 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
COMMON STOCKS | $ | 2,856,840 | $ | 2,856,840 | $ | — | $ | — | ||||||||
REAL ESTATE INVESTMENT TRUSTS | 133,134,354 | 133,134,354 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 2,865,012 | 2,865,012 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 138,856,206 | $ | 138,856,206 | $ | — | $ | — | ||||||||
|
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 Level 2 or 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, 2015
Aggressive Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 66.7% | ||||||||
Penn Series Flexibly Managed Fund* | 57,843 | $ | 2,432,289 | |||||
Penn Series Index 500 Fund* | 188,374 | 3,040,361 | ||||||
Penn Series Large Cap Growth Fund* | 92,906 | 1,216,144 | ||||||
Penn Series Large Cap Value Fund* | 273,783 | 6,080,722 | ||||||
Penn Series Large Core Value Fund* | 329,355 | 4,864,577 | ||||||
Penn Series Large Growth Stock Fund* | 80,888 | 2,432,289 | ||||||
Penn Series Mid Cap Growth Fund* | 86,744 | 1,216,144 | ||||||
Penn Series Mid Cap Value Fund* | 188,452 | 3,648,433 | ||||||
Penn Series Mid Core Value Fund* | 207,651 | 3,648,433 | ||||||
Penn Series Real Estate Securities Fund* | 128,353 | 2,432,289 | ||||||
Penn Series Small Cap Growth Fund* | 63,806 | 1,824,217 | ||||||
Penn Series Small Cap Index Fund* | 36,433 | 608,072 | ||||||
Penn Series Small Cap Value Fund* | 91,784 | 2,432,289 | ||||||
Penn Series SMID Cap Growth Fund* | 93,742 | 1,824,217 | ||||||
Penn Series SMID Cap Value Fund* | 154,177 | 3,040,361 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $27,222,546) | 40,740,837 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 2.0% | ||||||||
Penn Series Quality Bond Fund* | 90,420 | 1,216,144 | ||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 30.8% | ||||||||
Penn Series Developed International Index Fund* | 427,467 | 4,864,577 | ||||||
Penn Series Emerging Markets Equity Fund* | 566,527 | 5,472,650 | ||||||
Penn Series International Equity Fund* | 351,342 | 8,513,011 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $15,932,577) | 18,850,238 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 414,104 | 414,104 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $44,697,562) | $ | 61,221,323 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.2)% | (102,250 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 61,119,073 | ||||||
|
|
* | Non-income producing security. |
† | See Security Valuation Note. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 40,740,837 | $ | 40,740,837 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 1,216,144 | 1,216,144 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 18,850,238 | 18,850,238 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 414,104 | 414,104 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 61,221,323 | $ | 61,221,323 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
167
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Moderately Aggressive Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 58.8% | ||||||||
Penn Series Flexibly Managed Fund* | 339,363 | $ | 14,270,215 | |||||
Penn Series Index 500 Fund* | 589,435 | 9,513,476 | ||||||
Penn Series Large Cap Growth Fund* | 363,387 | 4,756,738 | ||||||
Penn Series Large Cap Value Fund* | 856,684 | 19,026,953 | ||||||
Penn Series Large Core Value Fund* | 1,288,216 | 19,026,953 | ||||||
Penn Series Large Growth Stock Fund* | 237,283 | 7,135,107 | ||||||
Penn Series Mid Cap Growth Fund* | 339,282 | 4,756,738 | ||||||
Penn Series Mid Cap Value Fund* | 614,248 | 11,891,846 | ||||||
Penn Series Mid Core Value Fund* | 676,827 | 11,891,845 | ||||||
Penn Series Real Estate Securities Fund* | 376,523 | 7,135,107 | ||||||
Penn Series Small Cap Growth Fund* | 166,378 | 4,756,738 | ||||||
Penn Series Small Cap Index Fund* | 285,005 | 4,756,738 | ||||||
Penn Series Small Cap Value Fund* | 269,249 | 7,135,107 | ||||||
Penn Series SMID Cap Growth Fund* | 244,437 | 4,756,738 | ||||||
Penn Series SMID Cap Value Fund* | 482,428 | 9,513,476 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $88,996,573) | 140,323,775 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 15.9% | ||||||||
Penn Series High Yield Bond Fund* | 672,489 | 7,135,107 | ||||||
Penn Series Limited Maturity Bond Fund* | 615,626 | 7,135,107 | ||||||
Penn Series Quality Bond Fund* | 1,768,304 | 23,783,691 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $34,806,337) | 38,053,905 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 24.9% | ||||||||
Penn Series Developed International Index Fund* | 1,462,969 | 16,648,584 | ||||||
Penn Series Emerging Markets Equity Fund* | 1,477,248 | 14,270,214 | ||||||
Penn Series International Equity Fund* | 1,177,896 | 28,540,429 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $47,467,443) | 59,459,227 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,219,518 | 1,219,518 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $172,489,871) | $ | 239,056,425 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.1)% | (148,590 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 238,907,835 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Signi ficant Obser vable Input | Level 3 Signi ficant Unobse rvable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 140,323,775 | $ | 140,323,775 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 38,053,905 | 38,053,905 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 59,459,227 | 59,459,227 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,219,518 | 1,219,518 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 239,056,425 | $ | 239,056,425 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
168
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Moderate Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 45.8% |
|
|
|
|
|
| ||
Penn Series Flexibly Managed Fund* | 567,262 | $ | 23,853,363 | |||||
Penn Series Index 500 Fund* | 633,387 | 10,222,870 | ||||||
Penn Series Large Cap Growth Fund* | 260,323 | 3,407,623 | ||||||
Penn Series Large Cap Value Fund* | 920,565 | 20,445,739 | ||||||
Penn Series Large Core Value Fund* | 1,384,275 | 20,445,739 | ||||||
Penn Series Large Growth Stock Fund* | 226,646 | 6,815,247 | ||||||
Penn Series Mid Cap Growth Fund* | 486,109 | 6,815,246 | ||||||
Penn Series Mid Cap Value Fund* | 528,041 | 10,222,870 | ||||||
Penn Series Mid Core Value Fund* | 969,728 | 17,038,116 | ||||||
Penn Series Real Estate Securities Fund* | 359,644 | 6,815,247 | ||||||
Penn Series Small Cap Growth Fund* | 119,189 | 3,407,623 | ||||||
Penn Series Small Cap Index Fund* | 408,343 | 6,815,246 | ||||||
Penn Series Small Cap Value Fund* | 385,769 | 10,222,870 | ||||||
Penn Series SMID Cap Growth Fund* | 175,109 | 3,407,623 | ||||||
Penn Series SMID Cap Value Fund* | 345,601 | 6,815,246 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $99,084,913) | 156,750,668 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 34.9% | ||||||||
Penn Series High Yield Bond Fund* | 1,284,684 | 13,630,493 | ||||||
Penn Series Limited Maturity Bond Fund* | 1,764,085 | 20,445,739 | ||||||
Penn Series Quality Bond Fund* | 6,333,872 | 85,190,580 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $106,694,118) | 119,266,812 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.9% | ||||||||
Penn Series Developed International Index Fund* | 1,497,198 | 17,038,116 | ||||||
Penn Series Emerging Markets Equity Fund* | 1,411,024 | 13,630,493 | ||||||
Penn Series International Equity Fund* | 1,265,729 | 30,668,609 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $46,427,517) | 61,337,218 | |||||||
|
| |||||||
AFFILIATED MONEY MARKET FUND — 1.0% | ||||||||
Penn Series Money Market Fund | 3,407,652 | 3,407,652 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 1,158,550 | 1,158,550 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $256,772,750) | $ | 341,920,900 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.1% | 230,804 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 342,151,704 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Signi ficant Obse rvable Input | Level 3 Sign ificant Unobs ervable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 156,750,668 | $ | 156,750,668 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 119,266,812 | 119,266,812 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 61,337,218 | 61,337,218 | — | — | ||||||||||||
AFFILIATED MONEY MARKET FUNDS | 3,407,652 | 3,407,652 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 1,158,550 | 1,158,550 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 341,920,900 | $ | 341,920,900 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
169
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — December 31, 2015
Moderately Conservative Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 32.7% | ||||||||
Penn Series Flexibly Managed Fund* | 192,815 | $ | 8,107,870 | |||||
Penn Series Index 500 Fund* | 125,587 | 2,026,967 | ||||||
Penn Series Large Cap Growth Fund* | 77,424 | 1,013,484 | ||||||
Penn Series Large Cap Value Fund* | 228,159 | 5,067,419 | ||||||
Penn Series Large Core Value Fund* | 343,089 | 5,067,419 | ||||||
Penn Series Large Growth Stock Fund* | 33,704 | 1,013,484 | ||||||
Penn Series Mid Cap Value Fund* | 104,699 | 2,026,967 | ||||||
Penn Series Mid Core Value Fund* | 173,048 | 3,040,451 | ||||||
Penn Series Real Estate Securities Fund* | 106,964 | 2,026,967 | ||||||
Penn Series Small Cap Index Fund* | 60,724 | 1,013,484 | ||||||
Penn Series Small Cap Value Fund* | 76,489 | 2,026,967 | ||||||
Penn Series SMID Cap Value Fund* | 51,394 | 1,013,481 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $21,305,841) | 33,444,960 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 54.6% | ||||||||
Penn Series High Yield Bond Fund* | 573,129 | 6,080,903 | ||||||
Penn Series Limited Maturity Bond Fund* | 1,311,670 | 15,202,256 | ||||||
Penn Series Quality Bond Fund* | 2,561,966 | 34,458,447 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $48,770,752) | 55,741,606 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.9% | ||||||||
Penn Series Developed International Index Fund* | 267,175 | 3,040,451 | ||||||
Penn Series Emerging Markets Equity Fund* | 209,831 | 2,026,968 | ||||||
Penn Series International Equity Fund* | 250,966 | 6,080,902 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $8,345,577) | 11,148,321 | |||||||
|
| |||||||
AFFILIATED MONEY MARKET FUND — 1.0% | ||||||||
Penn Series Money Market Fund | 1,013,492 | 1,013,492 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.9% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 878,416 | 878,416 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $80,314,078) | $ | 102,226,795 | ||||||
|
| |||||||
Other Assets & Liabilities — (0.1)% | (126,258 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 102,100,537 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Signi ficant Obser vable Input | Level 3 Signi ficant Unobse rvable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 33,444,960 | $ | 33,444,960 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 55,741,606 | 55,741,606 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 11,148,321 | 11,148,321 | — | — | ||||||||||||
AFFILIATED MONEY MARKET FUNDS | 1,013,492 | 1,013,492 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 878,416 | 878,416 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 102,226,795 | $ | 102,226,795 | $ | — | $ | — | ||||||||
|
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 Level 2 or 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, 2015
Conservative Allocation Fund
Number of Shares | Value† | |||||||
AFFILIATED EQUITY FUNDS — 17.7% | ||||||||
Penn Series Flexibly Managed Fund* | 114,689 | $ | 4,822,674 | |||||
Penn Series Index 500 Fund* | 37,350 | 602,834 | ||||||
Penn Series Large Cap Value Fund* | 81,427 | 1,808,503 | ||||||
Penn Series Large Core Value Fund* | 163,259 | 2,411,337 | ||||||
Penn Series Mid Core Value Fund* | 68,621 | 1,205,669 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY FUNDS (Cost $7,556,460) | 10,851,017 | |||||||
|
| |||||||
AFFILIATED FIXED INCOME FUNDS — 70.9% | ||||||||
Penn Series High Yield Bond Fund* | 397,723 | 4,219,840 | ||||||
Penn Series Limited Maturity Bond Fund* | 1,092,280 | 12,659,521 | ||||||
Penn Series Quality Bond Fund* | 1,972,097 | 26,524,710 | ||||||
|
| |||||||
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $37,364,225) | 43,404,071 | |||||||
|
| |||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9% | ||||||||
Penn Series Developed International Index Fund* | 105,946 | 1,205,669 | ||||||
Penn Series International Equity Fund* | 74,639 | 1,808,503 | ||||||
|
| |||||||
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,339,354) | 3,014,172 | |||||||
|
| |||||||
AFFILIATED MONEY MARKET FUND — 4.9% | ||||||||
Penn Series Money Market Fund | 3,014,197 | 3,014,197 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | 919,825 | 919,825 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $51,194,061) | $ | 61,203,282 | ||||||
|
| |||||||
Other Assets & Liabilities — 0.1% | 13,286 | |||||||
|
| |||||||
TOTAL NET ASSETS — 100.0% | $ | 61,216,568 | ||||||
|
|
† | See Security Valuation Note. |
* | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 12/31/2015 are as follows (See Security Valuation Note):
ASSETS TABLE | ||||||||||||||||
Description | Total Market Value at 12/31/2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | ||||||||||||
AFFILIATED EQUITY FUNDS | $ | 10,851,017 | $ | 10,851,017 | $ | — | $ | — | ||||||||
AFFILIATED FIXED INCOME FUNDS | 43,404,071 | 43,404,071 | — | — | ||||||||||||
AFFILIATED INTERNATIONAL EQUITY FUNDS | 3,014,172 | 3,014,172 | — | — | ||||||||||||
AFFILIATED MONEY MARKET FUNDS | 3,014,197 | 3,014,197 | — | — | ||||||||||||
SHORT-TERM INVESTMENTS | 919,825 | 919,825 | — | — | ||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS | $ | 61,203,282 | $ | 61,203,282 | $ | — | $ | — | ||||||||
|
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 Level 2 or Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
171
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2015
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 133,297,998 | $ | 186,738,507 | $ | 538,370,494 | $ | 168,916,592 | ||||||||
Cash | — | 3,462 | 5,624 | 7,361 | ||||||||||||
Initial Margin Held by Broker for Open Futures | — | 154,299 | 166,263 | — | ||||||||||||
Interest, dividends and reclaims receivable | 135,218 | 922,209 | 2,885,629 | 2,906,005 | ||||||||||||
Receivable for investment securities sold | — | 2,123,984 | 2,072 | 15,399,296 | ||||||||||||
Receivable for capital stock sold | 282,397 | 2,064,208 | 9,509,748 | 2,729,005 | ||||||||||||
Future variation margin receivable | — | 14,063 | 26,250 | — | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts | — | — | — | 272,254 | ||||||||||||
Other assets | 44,894 | 5,416 | 13,372 | 4,439 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 133,760,507 | 192,026,148 | 550,979,452 | 190,234,952 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | — | 1,972,682 | 15,662,526 | 17,006,320 | ||||||||||||
Payable for capital stock redeemed | 866 | 2,104 | 10,058 | 1,979 | ||||||||||||
Future variation margin payable | — | 14,375 | 164,844 | — | ||||||||||||
Payable to investment adviser (See Note 3) | 37,403 | 74,769 | 197,281 | 81,568 | ||||||||||||
Payable to the administrator (See Note 3) | 54,814 | 78,202 | 201,714 | 66,930 | ||||||||||||
Net unrealized depreciation of forward foreign currency contracts | — | — | — | 944 | ||||||||||||
Other liabilities | 22,067 | 37,645 | 67,908 | 44,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 115,150 | 2,179,777 | 16,304,331 | 17,202,142 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 133,645,357 | $ | 189,846,371 | $ | 534,675,121 | $ | 173,032,810 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | 133,297,998 | 188,356,965 | 547,978,805 | 182,576,138 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 133,645,093 | $ | 191,955,024 | $ | 544,341,221 | $ | 194,679,961 | ||||||||
Undistributed net investment income (loss) | 264 | — | — | (272,749 | ) | |||||||||||
Accumulated net realized gain (loss) on investment | — | (415,507 | ) | (6,461 | ) | (7,992,603 | ) | |||||||||
Net unrealized appreciation (depreciation) in value of investments, | — | (1,693,146 | ) | (9,659,639 | ) | (13,381,799 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 133,645,357 | $ | 189,846,371 | $ | 534,675,121 | $ | 173,032,810 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 500 million shares authorized | 133,629,167 | |||||||||||||||
|
| |||||||||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 39,750,483 | 16,312,477 | ||||||||||||||
|
|
|
| |||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 16,377,239 | |||||||||||||||
|
| |||||||||||||||
NET ASSET VALUE, OFFERING AND | $ | 1.00 | $ | 11.59 | $ | 13.45 | $ | 10.61 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
172
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2015
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments of affiliated issuers at value | $ | — | $ | 76,232,176 | $ | — | $ | — | ||||||||
Investments of unaffiliated issuers at value | 3,320,241,746 | 454,818 | 301,209,458 | 44,096,845 | ||||||||||||
Foreign currency, at value | — | — | — | — | ||||||||||||
Cash | 737,549 | — | 10 | 500 | ||||||||||||
Interest, dividends and reclaims receivable | 12,077,269 | 25 | 134,155 | 46,804 | ||||||||||||
Receivable for investment securities sold | 13,734,432 | 1,398,018 | — | 3,066,273 | ||||||||||||
Receivable for capital stock sold | 11,081 | 32,288 | 1,583 | 1,489 | ||||||||||||
Other assets | 79,243 | 1,882 | 7,154 | 1,211 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 3,346,881,320 | 78,119,207 | 301,352,360 | 47,213,122 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Call options written, at value | 10,736,246 | — | — | — | ||||||||||||
Payable for investment securities purchased | 6,691,654 | 1,493,737 | 1,617,290 | — | ||||||||||||
Payable for capital stock redeemed | 3,731,277 | 255 | 2,690,294 | 3,455,501 | ||||||||||||
Payable to investment adviser (See Note 3) | 1,972,475 | — | 180,649 | 22,238 | ||||||||||||
Payable to the administrator (See Note 3) | 1,252,620 | 29,353 | 112,513 | 17,944 | ||||||||||||
Other liabilities | 300,657 | 9,242 | 48,481 | 15,598 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 24,684,929 | 1,532,587 | 4,649,227 | 3,511,281 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 3,322,196,391 | $ | 76,586,620 | $ | 296,703,133 | $ | 43,701,841 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments of affiliated issuers at cost | — | 46,009,112 | — | — | ||||||||||||
Investments of unaffiliated issuers at cost | 3,020,231,801 | 454,818 | 214,966,710 | 39,275,958 | ||||||||||||
Call options written, premiums received | (8,944,776 | ) | — | — | — | |||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 3,034,078,290 | $ | 50,081,859 | $ | 210,637,687 | $ | 39,075,637 | ||||||||
Undistributed net investment income (loss) | (29,723 | ) | — | — | (74,273 | ) | ||||||||||
Accumulated net realized gain (loss) on investment | (10,049,258 | ) | (3,718,303 | ) | (176,537 | ) | (120,016 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, | 298,197,082 | 30,223,064 | 86,241,983 | 4,820,493 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 3,322,196,391 | $ | 76,586,620 | $ | 296,703,133 | $ | 43,701,841 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 78,998,572 | 9,867,568 | ||||||||||||||
|
|
|
| |||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,717,029 | 3,338,399 | ||||||||||||||
|
|
|
| |||||||||||||
NET ASSET VALUE, OFFERING AND | $ | 42.05 | $ | 16.24 | $ | 30.07 | $ | 13.09 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
173
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2015
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 112,354,168 | $ | 209,190,519 | $ | 202,511,830 | $ | 425,988,271 | ||||||||
Cash | — | — | 16,899 | 1,370 | ||||||||||||
Interest, dividends and reclaims receivable | 35,358 | 292,566 | 392,655 | 566,180 | ||||||||||||
Receivable for investment securities sold | — | — | — | 166,810 | ||||||||||||
Receivable for capital stock sold | — | 7,293 | 2,324,196 | 60,419 | ||||||||||||
Other assets | 2,757 | 5,117 | 4,699 | 10,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 112,392,283 | 209,495,495 | 205,250,279 | 426,793,246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | — | — | — | 153,665 | ||||||||||||
Payable for capital stock redeemed | 595,914 | 1,572,987 | 2,021,159 | 8,351,571 | ||||||||||||
Future variation margin payable | — | — | 52,219 | |||||||||||||
Payable to investment adviser (See Note 3) | 57,604 | 119,293 | 114,580 | 47,514 | ||||||||||||
Payable to the administrator (See Note 3) | 42,741 | 81,012 | 77,479 | 162,104 | ||||||||||||
Other liabilities | 16,352 | 30,192 | 24,958 | 61,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 712,611 | 1,803,484 | 2,238,176 | 8,828,315 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 111,679,672 | $ | 207,692,011 | $ | 203,012,103 | $ | 417,964,931 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | 89,918,046 | 188,330,378 | 189,751,885 | 256,615,390 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 89,517,851 | $ | 188,529,480 | $ | 191,547,306 | $ | 257,106,392 | ||||||||
Undistributed net investment income (loss) | — | (1,343,191 | ) | — | — | |||||||||||
Accumulated net realized gain (loss) on investment | (274,301 | ) | (354,419 | ) | (1,295,148 | ) | (8,510,049 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, | 22,436,122 | 20,860,141 | 12,759,945 | 169,368,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 111,679,672 | $ | 207,692,011 | $ | 203,012,103 | $ | 417,964,931 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 9,350,258 | |||||||||||||||
|
| |||||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 6,849,944 | 13,745,460 | 25,889,770 | |||||||||||||
|
|
|
|
|
| |||||||||||
NET ASSET VALUE, OFFERING AND | $ | 16.30 | $ | 22.21 | $ | 14.77 | $ | 16.14 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
174
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2015
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 111,745,089 | $ | 164,503,087 | $ | 91,123,234 | $ | 55,916,211 | ||||||||
Cash | — | — | 500 | — | ||||||||||||
Interest, dividends and reclaims receivable | 155,964 | 329,692 | 194,112 | 24,328 | ||||||||||||
Receivable for investment securities sold | 2,737,675 | — | 2,727,801 | 1,058,695 | ||||||||||||
Receivable for capital stock sold | 307,623 | 1,787,334 | 4,396 | 349,492 | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts | — | — | 6,549 | — | ||||||||||||
Other assets | 2,731 | 4,235 | 1,965 | 1,501 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 114,949,082 | 166,624,348 | 94,058,557 | 57,350,227 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Call options written, at value | 58,460 | — | — | — | ||||||||||||
Payable for investment securities purchased | 37,601 | — | 2,710,793 | 260,356 | ||||||||||||
Payable for capital stock redeemed | 2,975,248 | 605,180 | 671,400 | 1,012,486 | ||||||||||||
Payable to investment adviser (See Note 3) | 68,454 | 77,611 | 56,083 | 36,198 | ||||||||||||
Payable to the administrator (See Note 3) | 42,366 | 64,868 | 35,043 | 22,057 | ||||||||||||
Net unrealized depreciation of forward foreign currency contracts | — | — | 12,693 | — | ||||||||||||
Other liabilities | 24,539 | 27,430 | 22,611 | 17,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 3,206,668 | 775,089 | 3,508,623 | 1,348,618 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 111,742,414 | $ | 165,849,259 | $ | 90,549,934 | $ | 56,001,609 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | 113,624,031 | 163,786,928 | 90,822,422 | 50,524,155 | ||||||||||||
Call options written, premiums received | (309,166 | ) | — | — | — | |||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 113,502,635 | $ | 168,466,815 | $ | 91,117,117 | $ | 51,382,136 | ||||||||
Undistributed net investment income (loss) | 43,949 | (676,896 | ) | 33,704 | — | |||||||||||
Accumulated net realized gain (loss) on investment | (175,851 | ) | (2,656,819 | ) | (895,401 | ) | (772,583 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, | (1,628,319 | ) | 716,159 | 294,514 | 5,392,056 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 111,742,414 | $ | 165,849,259 | $ | 90,549,934 | $ | 56,001,609 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 7,972,465 | 8,564,529 | 5,154,949 | 2,877,734 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE, OFFERING AND | $ | 14.02 | $ | 19.36 | $ | 17.57 | $ | 19.46 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
175
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2015
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 67,382,490 | $ | 91,894,198 | $ | 226,117,951 | $ | 65,459,742 | ||||||||
Cash | — | — | — | 3,148 | ||||||||||||
Initial Margin Held by Broker for Open Futures | — | — | — | 880 | ||||||||||||
Interest, dividends and reclaims receivable | 86,985 | 25,533 | 529,772 | 98,081 | ||||||||||||
Receivable for investment securities sold | — | 99,020 | 376,665 | 7,668 | ||||||||||||
Receivable for capital stock sold | 586,826 | 170,215 | 460,219 | 77,567 | ||||||||||||
Other assets | 1,755 | 2,252 | 5,594 | 1,541 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 68,058,056 | 92,191,218 | 227,490,201 | 65,648,627 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | — | 289,857 | — | — | ||||||||||||
Payable for capital stock redeemed | 3,351 | 122,583 | 82,016 | 81,824 | ||||||||||||
Future variation margin payable | — | — | — | 12,650 | ||||||||||||
Payable to investment adviser (See Note 3) | 55,039 | 58,516 | 139,717 | 16,893 | ||||||||||||
Payable to the administrator (See Note 3) | 26,577 | 35,285 | 88,135 | 25,221 | ||||||||||||
Foreign currency payable | — | 586 | — | — | ||||||||||||
Other liabilities | 13,901 | 18,785 | 41,767 | 31,917 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 98,868 | 525,612 | 351,635 | 168,505 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 67,959,188 | $ | 91,665,606 | $ | 227,138,566 | $ | 65,480,122 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | 62,404,273 | 78,533,095 | 202,681,323 | 53,456,915 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 63,202,340 | $ | 78,390,146 | $ | 204,556,951 | $ | 53,814,113 | ||||||||
Undistributed net investment income (loss) | — | — | — | (27,197 | ) | |||||||||||
Accumulated net realized gain (loss) on investment | (221,369 | ) | (85,570 | ) | (855,013 | ) | (335,887 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, | 4,978,217 | 13,361,030 | 23,436,628 | 12,029,093 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 67,959,188 | $ | 91,665,606 | $ | 227,138,566 | $ | 65,480,122 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 3,206,707 | 8,570,561 | ||||||||||||||
|
|
|
| |||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 3,445,649 | 3,922,550 | ||||||||||||||
|
|
|
| |||||||||||||
NET ASSET VALUE, OFFERING AND | $ | 19.72 | $ | 28.59 | $ | 26.50 | $ | 16.69 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
176
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities
December 31, 2015
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments at value | $ | 96,913,974 | $ | 376,594,833 | $ | 137,972,503 | $ | 138,856,206 | ||||||||
Cash | 410,813 | 239,049 | 27,698 | — | ||||||||||||
Initial Margin Held by Broker for Open Futures | 59,610 | — | — | — | ||||||||||||
Interest, dividends and reclaims receivable | 311,372 | 989,492 | 291,595 | 718,918 | ||||||||||||
Receivable for investment securities sold | — | — | 4,008,543 | 382,108 | ||||||||||||
Receivable for capital stock sold | 783,283 | 8,988 | 10,065,650 | 2,887 | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts | — | — | 19,912 | — | ||||||||||||
Other assets | 2,604 | 9,124 | 3,496 | 3,293 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 98,481,656 | 377,841,486 | 152,389,397 | 139,963,412 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | 12,197 | 131,385 | 4,082,366 | 422,594 | ||||||||||||
Payable for capital stock redeemed | 230,194 | 2,030,357 | 6,150 | 1,739,613 | ||||||||||||
Payable to investment adviser (See Note 3) | 24,954 | 272,244 | 139,615 | 81,532 | ||||||||||||
Payable to the administrator (See Note 3) | 37,724 | 143,596 | 54,622 | 51,728 | ||||||||||||
Deferred Indian capital gains tax | — | — | 151,980 | — | ||||||||||||
Other liabilities | 67,384 | 88,688 | 135,425 | 23,991 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 372,453 | 2,666,270 | 4,570,158 | 2,319,458 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 98,109,203 | $ | 375,175,216 | $ | 147,819,239 | $ | 137,643,954 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at cost | 82,521,342 | 293,356,335 | 132,124,627 | 123,440,404 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 88,148,029 | $ | 307,232,160 | $ | 156,340,265 | $ | 122,319,437 | ||||||||
Undistributed net investment income (loss) | (1,084,184 | ) | (7,684,922 | ) | (532,251 | ) | — | |||||||||
Accumulated net realized gain (loss) on investment transactions and foreign exchange | (3,345,790 | ) | (7,548,225 | ) | (13,696,690 | ) | (91,285 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items | 14,391,148 | 83,176,203 | 5,707,915 | 15,415,802 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 98,109,203 | $ | 375,175,216 | $ | 147,819,239 | $ | 137,643,954 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 15,482,198 | |||||||||||||||
|
| |||||||||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 8,619,007 | 15,302,612 | 7,263,987 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.38 | $ | 24.23 | $ | 9.66 | $ | 18.95 | ||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
177
Table of Contents
Penn Series Funds, Inc.
Statement of Assets and Liabilities
December 31, 2015
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | |||||||||||||
ASSETS | ||||||||||||||||
Investments of affiliated issuers at value | $ | 60,807,219 | $ | 237,836,907 | $ | 340,762,350 | $ | 101,348,379 | ||||||||
Investments of unaffiliated issuers at value | 414,104 | 1,219,518 | 1,158,550 | 878,416 | ||||||||||||
Interest, dividends and reclaims receivable | 35 | 96 | 83 | 59 | ||||||||||||
Receivable for investment securities sold | 1,731,629 | 6,896,042 | 8,099,548 | 2,401,662 | ||||||||||||
Receivable for capital stock sold | 652 | 1,033 | 382,207 | 62,569 | ||||||||||||
Other assets | 1,536 | 5,910 | 8,513 | 2,545 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 62,955,175 | 245,959,506 | 350,411,251 | 104,693,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for investment securities purchased | 1,678,956 | 6,905,126 | 8,065,218 | 2,532,411 | ||||||||||||
Payable for capital stock redeemed | 118,730 | 9,289 | 7 | 11 | ||||||||||||
Payable to investment adviser (See Note 3) | 6,281 | 24,129 | 33,828 | 10,417 | ||||||||||||
Payable to the administrator (See Note 3) | 23,797 | 91,987 | 131,675 | 39,155 | ||||||||||||
Other liabilities | 8,338 | 21,140 | 28,819 | 11,099 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,836,102 | 7,051,671 | 8,259,547 | 2,593,093 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 61,119,073 | $ | 238,907,835 | $ | 342,151,704 | $ | 102,100,537 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments of affiliated issuers at cost | 44,283,458 | 171,270,353 | 255,614,200 | 79,435,662 | ||||||||||||
Investments of unaffiliated issuers at cost | 414,104 | 1,219,518 | 1,158,550 | 878,416 | ||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 45,045,101 | $ | 174,084,145 | $ | 258,453,659 | $ | 80,646,541 | ||||||||
Undistributed net investment income (loss) | — | — | — | — | ||||||||||||
Accumulated net realized gain (loss) on investment transactions | (449,789 | ) | (1,742,863 | ) | (1,450,104 | ) | (458,721 | ) | ||||||||
Net unrealized appreciation (depreciation) in value of investments | 16,523,761 | 66,566,553 | 85,148,149 | 21,912,717 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 61,119,073 | $ | 238,907,835 | $ | 342,151,704 | $ | 102,100,537 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,106,989 | 15,364,840 | 23,829,582 | 7,506,253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 14.88 | $ | 15.55 | $ | 14.36 | $ | 13.60 | ||||||||
|
|
|
|
|
|
|
|
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, 2015
Conservative Allocation Fund | ||||
ASSETS | ||||
Investments of affiliated issuers at value | $ | 60,283,457 | ||
Investments of unaffiliated issuers at value | 919,825 | |||
Interest, dividends and reclaims receivable | 70 | |||
Receivable for investment securities sold | 1,173,787 | |||
Receivable for capital stock sold | 50,792 | |||
Other assets | 1,504 | |||
|
| |||
Total Assets | 62,429,435 | |||
|
| |||
LIABILITIES | ||||
Payable for investment securities purchased | 1,174,763 | |||
Payable to investment adviser (See Note 3) | 6,280 | |||
Payable to the administrator (See Note 3) | 23,545 | |||
Other liabilities | 8,279 | |||
|
| |||
Total Liabilities | 1,212,867 | |||
|
| |||
NET ASSETS | $ | 61,216,568 | ||
|
| |||
Investments of affiliated issuers at cost | 50,274,236 | |||
Investments of unaffiliated issuers at cost | 919,825 | |||
COMPONENTS OF NET ASSETS: | ||||
Paid-in Capital | $ | 51,485,958 | ||
Undistributed net investment income (loss) | — | |||
Accumulated net realized gain (loss) on investment transactions | (278,612 | ) | ||
Net unrealized appreciation (depreciation) in value of investments | 10,009,222 | |||
|
| |||
NET ASSETS | $ | 61,216,568 | ||
|
| |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,809,219 | |||
|
| |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.73 | ||
|
|
The accompanying notes are an integral part of these financial statements.
179
Table of Contents
Penn Series Funds, Inc.
For The Year Ended December 31, 2015
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 341 | $ | 2,181 | $ | 34,074 | $ | 97,126 | ||||||||
Interest | 284,798 | 3,889,600 | 17,339,209 | 12,601,270 | ||||||||||||
Foreign tax withheld | — | — | — | (1,609 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 285,139 | 3,891,781 | 17,373,283 | 12,696,787 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 387,121 | 978,741 | 2,424,872 | 1,054,001 | ||||||||||||
Administration fees (See Note 3) | 175,964 | 320,078 | 830,577 | 282,322 | ||||||||||||
Accounting fees (See Note 3) | 78,655 | 126,693 | 246,115 | 114,107 | ||||||||||||
Director fees and expenses | 4,801 | 8,845 | 22,718 | 7,781 | ||||||||||||
Custodian fees and expenses | 8,225 | 15,142 | 39,818 | 17,709 | ||||||||||||
Pricing fees | 10,574 | 22,394 | 28,508 | 58,116 | ||||||||||||
Professional fees | 11,565 | 20,285 | 55,718 | 19,399 | ||||||||||||
Printing fees | 7,527 | 13,796 | 37,678 | 12,927 | ||||||||||||
Other expenses | 37,009 | 42,055 | 79,288 | 69,064 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 721,441 | 1,548,029 | 3,765,292 | 1,635,426 | ||||||||||||
Less: Waivers and reimbursement from advisor (See Note 3) | 372,994 | — | — | — | ||||||||||||
Less: Waivers and reimbursement from administrator (See Note 3) | 75,300 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 273,147 | 1,548,029 | 3,765,292 | 1,635,426 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 11,992 | 2,343,752 | 13,607,991 | 11,061,361 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gains (losses) on investment transactions | — | 579,414 | 10,225,061 | (6,266,501 | ) | |||||||||||
Net realized gain (loss) on futures contracts | — | (324,813 | ) | 453,523 | — | |||||||||||
Net realized foreign currency exchange gain (loss) | — | — | (265 | ) | 585,927 | |||||||||||
Change in net unrealized appreciation (depreciation) of investments | — | (650,690 | ) | (22,650,978 | ) | (11,129,127 | ) | |||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | — | (51,250 | ) | 625,860 | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | — | (447,339 | ) | (11,346,799 | ) | (16,809,701 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,992 | $ | 1,896,413 | $ | 2,261,192 | $ | (5,748,340 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 32,963,206 | $ | 74 | $ | 2,012,400 | $ | 737,296 | ||||||||
Interest | 32,458,448 | 2 | — | 373 | ||||||||||||
Foreign tax withheld | (194,599 | ) | — | (3,212 | ) | (30,456 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 65,227,055 | 76 | 2,009,188 | 707,213 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 22,558,681 | — | 2,124,705 | 304,556 | ||||||||||||
Administration fees (See Note 3) | 4,843,826 | 119,773 | 446,626 | 83,061 | ||||||||||||
Accounting fees (See Note 3) | 785,844 | 12,001 | 168,339 | 38,762 | ||||||||||||
Director fees and expenses | 130,963 | 3,287 | 12,048 | 2,255 | ||||||||||||
Custodian fees and expenses | 233,904 | 5,591 | 22,032 | 4,572 | ||||||||||||
Pricing fees | 26,963 | 1,703 | 6,513 | 4,753 | ||||||||||||
Professional fees | 348,537 | 8,101 | 30,616 | 5,886 | ||||||||||||
Printing fees | 222,413 | 5,486 | 20,548 | 4,007 | ||||||||||||
Recaptured administration fees (See Note 3) | — | — | — | 3,220 | ||||||||||||
Other expenses | 422,212 | 14,991 | 81,285 | 43,139 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 29,573,343 | 170,933 | 2,912,712 | 494,211 | ||||||||||||
Less: Waivers and reimbursement from administrator (See Note 3) | — | — | — | 1,384 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 29,573,343 | 170,933 | 2,912,712 | 492,827 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 35,653,712 | (170,857 | ) | (903,524 | ) | 214,386 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gains (losses) on affiliated investment transactions | — | 3,338,369 | — | — | ||||||||||||
Net realized gains (losses) on unaffiliated investment transactions | 291,569,245 | — | 32,485,479 | 4,946,662 | ||||||||||||
Net realized gain (loss) on written options | (17,244 | ) | — | — | — | |||||||||||
Net realized foreign currency exchange gain (loss) | (610,362 | ) | — | (4,022 | ) | 1,211 | ||||||||||
Change in net unrealized appreciation (depreciation) of affiliated investments | — | (2,623,599 | ) | — | — | |||||||||||
Change in net unrealized appreciation (depreciation) of unaffiliated investments and foreign currency | (180,003,900 | ) | — | (2,752,058 | ) | (5,748,356 | ) | |||||||||
Change in net unrealized appreciation (depreciation) of written options | 8,462,912 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | 119,400,651 | 714,770 | 29,729,399 | (800,483 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 155,054,363 | $ | 543,913 | $ | 28,825,875 | $ | (586,097 | ) | |||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
180
Table of Contents
Penn Series Funds, Inc.
Statements of Operations
For The Year Ended December 31, 2015
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 820,279 | $ | 4,725,580 | $ | 4,686,229 | $ | 9,042,830 | ||||||||
Interest | — | — | — | 29 | ||||||||||||
Foreign tax withheld | — | (75,794 | ) | (21,102 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 820,279 | 4,649,786 | 4,665,127 | 9,042,859 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 732,529 | 1,473,796 | 1,294,822 | 571,037 | ||||||||||||
Administration fees (See Note 3) | 183,132 | 333,184 | 291,882 | 657,546 | ||||||||||||
Accounting fees (See Note 3) | 81,044 | 131,061 | 117,294 | 211,509 | ||||||||||||
Director fees and expenses | 5,019 | 9,107 | 8,010 | 17,948 | ||||||||||||
Custodian fees and expenses | 8,623 | 15,578 | 13,695 | 30,701 | ||||||||||||
Pricing fees | 2,725 | 5,627 | 2,597 | 10,281 | ||||||||||||
Professional fees | 12,567 | 22,618 | 19,767 | 45,150 | ||||||||||||
Printing fees | 8,478 | 15,544 | 13,168 | 30,741 | ||||||||||||
Other expenses | 29,213 | 35,642 | 38,112 | 102,471 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 1,063,330 | 2,042,157 | 1,799,347 | 1,677,384 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (243,051 | ) | 2,607,629 | 2,865,780 | 7,365,475 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | 10,304,491 | 10,201,080 | 17,515,483 | 10,334,116 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | 336,718 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments | (8,242,993 | ) | (22,143,663 | ) | (20,328,266 | ) | (13,632,674 | ) | ||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | — | — | — | (351,802 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | 2,061,498 | (11,942,583 | ) | (2,812,783 | ) | (3,313,642 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,818,447 | $ | (9,334,954 | ) | $ | 52,997 | $ | 4,051,833 | |||||||
|
|
|
|
|
|
|
| |||||||||
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 1,215,402 | $ | 3,180,645 | $ | 1,902,322 | $ | 218,549 | ||||||||
Interest | — | — | 48 | — | ||||||||||||
Foreign tax withheld | — | — | (6,127 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 1,215,402 | 3,180,645 | 1,896,243 | 218,549 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 870,656 | 1,007,225 | 641,004 | 454,339 | ||||||||||||
Administration fees (See Note 3) | 186,569 | 274,698 | 133,542 | 90,868 | ||||||||||||
Accounting fees (See Note 3) | 82,190 | 111,566 | 62,320 | 42,405 | ||||||||||||
Director fees and expenses | 5,124 | 7,523 | 3,684 | 2,468 | ||||||||||||
Custodian fees and expenses | 8,735 | 12,868 | 7,011 | 4,274 | ||||||||||||
Pricing fees | 4,172 | 3,661 | 5,025 | 2,987 | ||||||||||||
Professional fees | 41,402 | 19,058 | 9,626 | 5,987 | ||||||||||||
Printing fees | 8,767 | 12,958 | 6,312 | 4,064 | ||||||||||||
Other expenses | 37,834 | 29,634 | 84,739 | 38,632 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 1,245,449 | 1,479,191 | 953,263 | 646,024 | ||||||||||||
Less: Waivers and reimbursement from advisor (See Note 3) | 1,656 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 1,243,793 | 1,479,191 | 953,263 | 646,024 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | (28,391 | ) | 1,701,454 | 942,980 | (427,475 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on investment transactions | 5,797,189 | 26,296,013 | 7,036,472 | 4,385,704 | ||||||||||||
Net realized gain (loss) on written options | 118,982 | — | — | — | ||||||||||||
Net realized foreign currency exchange gain (loss) | (658 | ) | — | 436,520 | — | |||||||||||
Change in net unrealized appreciation (depreciation) of investments | (12,976,960 | ) | (42,348,949 | ) | (9,226,776 | ) | (5,703,654 | ) | ||||||||
Change in net unrealized appreciation (depreciation) of written options | 233,582 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | (6,827,865 | ) | (16,052,936 | ) | (1,753,784 | ) | (1,317,950 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (6,856,256 | ) | $ | (14,351,482 | ) | $ | (810,804 | ) | $ | (1,745,425 | ) | ||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
181
Table of Contents
Penn Series Funds, Inc.
Statements of Operations
For The Year Ended December 31, 2015
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 902,657 | $ | 557,379 | $ | 3,853,223 | $ | 908,646 | ||||||||
Interest | — | — | — | 89 | ||||||||||||
Foreign tax withheld | — | (5,062 | ) | (5,112 | ) | (393 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 902,657 | 552,317 | 3,848,111 | 908,342 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 707,988 | 740,834 | 1,718,571 | 202,860 | ||||||||||||
Administration fees (See Note 3) | 111,787 | 150,714 | 360,229 | 101,430 | ||||||||||||
Accounting fees (See Note 3) | 52,167 | 69,731 | 140,076 | 47,334 | ||||||||||||
Director fees and expenses | 3,045 | 4,097 | 9,862 | 2,765 | ||||||||||||
Custodian fees and expenses | 5,238 | 7,053 | 16,869 | 4,741 | ||||||||||||
Pricing fees | 3,164 | 5,288 | 6,500 | 29,668 | ||||||||||||
Professional fees | 7,923 | 10,651 | 24,659 | 6,788 | ||||||||||||
Printing fees | 5,317 | 7,276 | 16,631 | 4,680 | ||||||||||||
Other expenses | 22,669 | 37,702 | 75,941 | 64,526 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 919,298 | 1,033,346 | 2,369,338 | 464,792 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (16,641 | ) | (481,029 | ) | 1,478,773 | 443,550 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gains (losses) on investment transactions | 5,289,080 | 8,505,456 | 13,550,651 | 3,739,682 | ||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | (130,343 | ) | |||||||||||
Net realized foreign currency exchange gain (loss) | — | (674 | ) | — | — | |||||||||||
Change in net unrealized appreciation (depreciation) of investments | (9,717,509 | ) | (7,010,917 | ) | (27,740,785 | ) | (7,476,015 | ) | ||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | — | — | — | 31,132 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | (4,428,429 | ) | 1,493,865 | (14,190,134 | ) | (3,835,544 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,445,070 | ) | $ | 1,012,836 | $ | (12,711,361 | ) | $ | (3,391,994 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 3,201,168 | $ | 9,445,214 | $ | 3,489,060 | $ | 3,308,711 | ||||||||
Interest | 883 | — | — | — | ||||||||||||
Foreign tax withheld | (247,172 | ) | (511,335 | ) | (449,283 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 2,954,879 | 8,933,879 | 3,039,777 | 3,308,711 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 311,114 | 3,288,962 | 1,815,027 | 969,429 | ||||||||||||
Administration fees (See Note 3) | 155,557 | 579,207 | 230,724 | 207,735 | ||||||||||||
Accounting fees (See Note 3) | 82,118 | 251,602 | 112,290 | 89,245 | ||||||||||||
Director fees and expenses | 4,239 | 15,810 | 6,358 | 5,755 | ||||||||||||
Custodian fees and expenses | 26,022 | 124,675 | 96,243 | 9,736 | ||||||||||||
Pricing fees | 92,699 | 12,891 | 21,933 | 3,280 | ||||||||||||
Professional fees | 9,970 | 54,857 | 57,406 | 14,722 | ||||||||||||
Printing fees | 7,017 | 26,314 | 10,585 | 9,569 | ||||||||||||
Recaptured advisory fees (See Note 3) | — | — | 82,846 | — | ||||||||||||
Other expenses | 171,696 | 71,846 | 239,897 | 36,651 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 860,432 | 4,426,164 | 2,673,309 | 1,346,122 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 2,094,447 | 4,507,715 | 366,468 | 1,962,589 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gains (losses) on investment transactions | (274,176 | ) | (668,375 | ) | (7,002,030 | ) | 13,470,692 | |||||||||
Net realized gain (loss) on futures contracts | (29,042 | ) | — | — | — | |||||||||||
Net realized foreign currency exchange gain (loss) | (48,768 | ) | (461,980 | ) | 85,163 | — | ||||||||||
Change in net unrealized appreciation (depreciation) of investments | (3,211,981 | ) | 10,112,442 | (9,977,031 | ) | (8,417,398 | ) | |||||||||
Change in net unrealized appreciation (depreciation) of futures contracts | 52,511 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities and Foreign Currency | (3,511,456 | ) | 8,982,087 | (16,893,898 | ) | 5,053,294 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,417,009 | ) | $ | 13,489,802 | $ | (16,527,430 | ) | $ | 7,015,883 | ||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
182
Table of Contents
Penn Series Funds, Inc.
Statements of Operations
For The Year Ended December 31, 2015
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 85 | $ | 276 | $ | 303 | $ | 183 | ||||||||
Dividends from affiliated funds | — | — | 540 | 162 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 85 | 276 | 843 | 345 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 77,347 | 295,890 | 414,602 | 129,263 | ||||||||||||
Administration fees (See Note 3) | 96,684 | 376,214 | 539,577 | 161,579 | ||||||||||||
Accounting fees (See Note 3) | 12,001 | 25,081 | 35,972 | 12,001 | ||||||||||||
Director fees and expenses | 2,644 | 10,284 | 14,770 | 4,423 | ||||||||||||
Custodian fees and expenses | 4,521 | 17,561 | 25,187 | 7,542 | ||||||||||||
Pricing fees | 1,986 | 2,033 | 2,040 | 1,999 | ||||||||||||
Professional fees | 6,620 | 25,441 | 36,156 | 10,568 | ||||||||||||
Printing fees | 4,509 | 17,382 | 24,704 | 7,286 | ||||||||||||
Other expenses | 13,213 | 34,011 | 46,556 | 17,978 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 219,525 | 803,897 | 1,139,564 | 352,639 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment loss | (219,440 | ) | (803,621 | ) | (1,138,721 | ) | (352,294 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on affiliated investment transactions | 4,822,664 | 17,402,186 | 20,563,227 | 5,545,786 | ||||||||||||
Change in net unrealized appreciation (depreciation) of affiliated investments | (5,588,441 | ) | (19,421,099 | ) | (21,152,431 | ) | (5,307,141 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Gain (Loss) on Investment Securities | (765,777 | ) | (2,018,913 | ) | (589,204 | ) | 238,645 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (985,217 | ) | $ | (2,822,534 | ) | $ | (1,727,925 | ) | $ | (113,649 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Conservative Allocation Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 257 | ||||||||||||||
Dividends from affiliated funds | 279 | |||||||||||||||
|
| |||||||||||||||
Total Investment Income | 536 | |||||||||||||||
|
| |||||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees (See Note 3) | 75,769 | |||||||||||||||
Administration fees (See Note 3) | 94,711 | |||||||||||||||
Accounting fees (See Note 3) | 12,001 | |||||||||||||||
Director fees and expenses | 2,613 | |||||||||||||||
Custodian fees and expenses | 4,421 | |||||||||||||||
Pricing fees | 1,877 | |||||||||||||||
Professional fees | 6,158 | |||||||||||||||
Printing fees | 4,183 | |||||||||||||||
Other expenses | 13,183 | |||||||||||||||
|
| |||||||||||||||
Total Expenses | 214,916 | |||||||||||||||
|
| |||||||||||||||
Net investment loss | (214,380 | ) | ||||||||||||||
|
| |||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | ||||||||||||||||
Net realized gain (loss) on affiliated investment transactions | 3,028,683 | |||||||||||||||
Change in net unrealized appreciation (depreciation) of affiliated investments | (2,719,124 | ) | ||||||||||||||
|
| |||||||||||||||
Net Gain (Loss) on Investment Securities | 309,559 | |||||||||||||||
|
| |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 95,179 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements.
183
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Money Market Fund | Limited Maturity Bond Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 11,992 | $ | 13,590 | $ | 2,655,082 | $ | 1,604,138 | ||||||||
Net realized gains (loss) from investment transactions | — | — | 268,084 | 870,220 | ||||||||||||
Net realized gains (loss) on futures contracts | — | — | (324,813 | ) | (322,415 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of investments | — | — | (650,690 | ) | (1,814,906 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of future contracts | — | — | (51,250 | ) | (23,437 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,992 | 13,590 | 1,896,413 | 313,600 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions from: | ||||||||||||||||
Net investment income | (11,728 | ) | (13,590 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions | (11,728 | ) | (13,590 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 88,029,875 | 112,210,094 | 36,008,080 | 45,621,027 | ||||||||||||
Shares issued in lieu of cash distributions | 11,728 | 13,593 | — | — | ||||||||||||
Shares redeemed | (87,127,948 | ) | (104,373,265 | ) | (70,119,812 | ) | (67,540,093 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 913,655 | 7,850,422 | (34,111,732 | ) | (21,919,066 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 913,919 | 7,850,422 | (32,215,319 | ) | (21,605,466 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 132,731,438 | 124,881,016 | 222,061,690 | 243,667,156 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 133,645,357 | $ | 132,731,438 | $ | 189,846,371 | $ | 222,061,690 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 264 | $ | — | $ | — | $ | — | ||||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 88,029,875 | 112,210,094 | 3,108,690 | 3,961,890 | ||||||||||||
Shares issued in lieu of cash distributions | 11,728 | 13,593 | — | — | ||||||||||||
Shares redeemed | (87,127,948 | ) | (104,373,265 | ) | (6,045,850 | ) | (5,864,076 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
913,655 | 7,850,422 | (2,937,160 | ) | (1,902,186 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Quality Bond Fund | High Yield Bond Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 13,607,991 | $ | 10,704,702 | $ | 11,061,361 | $ | 10,757,499 | ||||||||
Net realized gains (loss) from investment transactions | 10,225,061 | 11,589,711 | (6,266,501 | ) | 1,170,142 | |||||||||||
Net realized gains (loss) on futures contracts | 453,523 | (1,683,455 | ) | — | — | |||||||||||
Net realized foreign exchange gain (loss) | (265 | ) | 78,966 | 585,927 | 1,288,588 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (22,025,118 | ) | 6,906,990 | (11,129,127 | ) | (9,843,153 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,261,192 | 27,596,914 | (5,748,340 | ) | 3,373,076 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | �� | |||||||||||||||
Shares issued | 51,580,293 | 64,744,414 | 15,583,960 | 32,275,457 | ||||||||||||
Shares redeemed | (78,782,330 | ) | (79,484,028 | ) | (31,306,417 | ) | (29,932,861 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (27,202,037 | ) | (14,739,614 | ) | (15,722,457 | ) | 2,342,596 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (24,940,845 | ) | 12,857,300 | (21,470,797 | ) | 5,715,672 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 559,615,966 | 546,758,666 | 194,503,607 | 188,787,935 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 534,675,121 | $ | 559,615,966 | $ | 173,032,810 | $ | 194,503,607 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (272,749 | ) | $ | (369,756 | ) | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 3,814,695 | 4,908,765 | 1,408,093 | 2,905,150 | ||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | ||||||||||||
Shares redeemed | (5,820,984 | ) | (6,050,584 | ) | (2,810,375 | ) | (2,702,689 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(2,006,289 | ) | (1,141,819 | ) | (1,402,282 | ) | 202,461 | ||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
184
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Flexibly Managed Fund | Balanced Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 35,653,712 | $ | 33,576,029 | $ | (170,857 | ) | $ | (162,810 | ) | ||||||
Net realized gains (loss) from investment transactions | 291,569,245 | 340,266,716 | 3,338,369 | 1,733,462 | ||||||||||||
Net realized gains (loss) on written options | | (17,244 | ) | 335,838 | — | — | ||||||||||
Net realized foreign exchange gain (loss) | (610,362 | ) | 191,162 | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (180,003,900 | ) | (43,325,431 | ) | (2,623,599 | ) | 5,805,255 | |||||||||
Net change in unrealized appreciation (depreciation) of written options | 8,462,912 | (2,745,756 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 155,054,363 | 328,298,558 | 543,913 | 7,375,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 216,314,515 | 179,219,743 | 3,697,483 | 6,157,778 | ||||||||||||
Shares redeemed | (123,360,667 | ) | (118,834,503 | ) | (9,448,421 | ) | (10,382,073 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 92,953,848 | 60,385,240 | (5,750,938 | ) | (4,224,295 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 248,008,211 | 388,683,798 | (5,207,025 | ) | 3,151,612 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 3,074,188,180 | 2,685,504,382 | 81,793,645 | 78,642,033 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 3,322,196,391 | $ | 3,074,188,180 | $ | 76,586,620 | $ | 81,793,645 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (29,723 | ) | $ | (469,648 | ) | $ | — | $ | — | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 5,210,741 | 4,743,651 | 227,681 | 400,671 | ||||||||||||
Shares redeemed | (2,982,711 | ) | (3,162,331 | ) | (581,655 | ) | (676,995 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
2,228,030 | 1,581,320 | (353,974 | ) | (276,324 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Large Growth Stock Fund | Large Cap Growth Fund | |||||||||||||||
For the year ended 12/31/15 | For the year ended 12/31/14 | For the year ended 12/31/15 | For the year ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (903,524 | ) | $ | (687,956 | ) | $ | 214,386 | $ | 260,778 | ||||||
Net realized gains (loss) from investment transactions | 32,485,479 | 38,003,401 | 4,946,662 | 2,935,635 | ||||||||||||
Net realized foreign exchange gain (loss) | (4,022 | ) | (1,868 | ) | 1,211 | (389 | ) | |||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (2,752,058 | ) | (15,403,481 | ) | (5,748,356 | ) | 2,858,415 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 28,825,875 | 21,910,096 | (586,097 | ) | 6,054,439 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 21,826,727 | 22,569,243 | 5,105,548 | 5,813,560 | ||||||||||||
Shares redeemed | (34,631,243 | ) | (26,155,315 | ) | (18,480,718 | ) | (8,966,768 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (12,804,516 | ) | (3,586,072 | ) | (13,375,170 | ) | (3,153,208 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 16,021,359 | 18,324,024 | (13,961,267 | ) | 2,901,231 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 280,681,774 | 262,357,750 | 57,663,108 | 54,761,877 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 296,703,133 | $ | 280,681,774 | $ | 43,701,841 | $ | 57,663,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (74,273 | ) | $ | (86,940 | ) | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 744,580 | 880,266 | 385,521 | 479,708 | ||||||||||||
Shares redeemed | (1,191,486 | ) | (1,015,873 | ) | (1,445,763 | ) | (731,398 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(446,906 | ) | (135,607 | ) | (1,060,242 | ) | (251,690 | ) | |||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
185
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Large Core Growth Fund | Large Cap Value Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (243,051 | ) | $ | (241,472 | ) | $ | 2,607,629 | $ | 2,979,083 | ||||||
Net realized gains (loss) from investment transactions | 10,304,491 | 21,846,006 | 10,201,080 | 11,930,695 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (8,242,993 | ) | (12,283,083 | ) | (22,143,663 | ) | 9,128,467 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,818,447 | 9,321,451 | (9,334,954 | ) | 24,038,245 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 3,033,469 | 4,654,935 | 15,700,343 | 14,616,590 | ||||||||||||
Shares redeemed | (19,152,485 | ) | (15,752,654 | ) | (27,753,537 | ) | (26,925,727 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (16,119,016 | ) | (11,097,719 | ) | (12,053,194 | ) | (12,309,137 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (14,300,569 | ) | (1,776,268 | ) | (21,388,148 | ) | 11,729,108 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 125,980,241 | 127,756,509 | 229,080,159 | 217,351,051 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 111,679,672 | $ | 125,980,241 | $ | 207,692,011 | $ | 229,080,159 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (1,343,191 | ) | $ | (1,343,191 | ) | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 186,621 | 310,870 | 696,968 | 675,743 | ||||||||||||
Shares redeemed | (1,193,376 | ) | (1,040,372 | ) | (1,210,583 | ) | (1,233,574 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,006,755 | ) | (729,502 | ) | (513,615 | ) | (557,831 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Large Core Value Fund | Index 500 Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 2,865,780 | $ | 2,513,020 | $ | 7,365,475 | $ | 6,809,218 | ||||||||
Net realized gains (loss) from investment transactions | 17,515,483 | 37,401,939 | 10,334,116 | 7,296,570 | ||||||||||||
Net realized gains (loss) on futures contracts | — | — | 336,718 | 843,709 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (20,328,266 | ) | (19,805,307 | ) | (13,632,674 | ) | 37,489,351 | |||||||||
Net change in unrealized appreciation (depreciation) of futures contracts | — | — | (351,802 | ) | 339,329 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,997 | 20,109,652 | 4,051,833 | 52,778,177 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 36,293,794 | 11,715,588 | 27,836,558 | 36,130,266 | ||||||||||||
Shares redeemed | (26,030,180 | ) | (24,760,075 | ) | (56,758,285 | ) | (44,610,829 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 10,263,614 | (13,044,487 | ) | (28,921,727 | ) | (8,480,563 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 10,316,611 | 7,065,165 | (24,869,894 | ) | 44,297,614 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 192,695,492 | 185,630,327 | 442,834,825 | 398,537,211 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 203,012,103 | $ | 192,695,492 | $ | 417,964,931 | $ | 442,834,825 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | 76,589 | $ | — | $ | (20,358 | ) | |||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 2,557,882 | 825,238 | 1,732,802 | 2,435,987 | ||||||||||||
Shares redeemed | (1,753,261 | ) | (1,756,085 | ) | (3,553,537 | ) | (2,966,343 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
804,621 | (930,847 | ) | (1,820,735 | ) | (530,356 | ) | ||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
186
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Mid Cap Growth Fund | Mid Cap Value Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (28,391 | ) | $ | (172,828 | ) | $ | 1,701,454 | $ | 1,371,542 | ||||||
Net realized gains (loss) from investment transactions | 5,797,189 | 29,823,567 | 26,296,013 | 15,268,055 | ||||||||||||
Net realized gains (loss) on written options | 118,982 | (445,823 | ) | — | — | |||||||||||
Net realized foreign exchange gain (loss) | (658 | ) | (138 | ) | — | — | ||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (12,976,960 | ) | (18,030,112 | ) | (42,348,949 | ) | 6,504,814 | |||||||||
Net change in unrealized appreciation (depreciation) of written options | 233,582 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,856,256 | ) | 11,174,666 | (14,351,482 | ) | 23,144,411 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 8,045,737 | 14,891,737 | 16,099,583 | 11,388,988 | ||||||||||||
Shares redeemed | (17,933,265 | ) | (18,142,876 | ) | (21,191,909 | ) | (22,234,434 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (9,887,528 | ) | (3,251,139 | ) | (5,092,326 | ) | (10,845,446 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (16,743,784 | ) | 7,923,527 | (19,443,808 | ) | 12,298,965 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 128,486,198 | 120,562,671 | 185,293,067 | 172,994,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 111,742,414 | $ | 128,486,198 | $ | 165,849,259 | $ | 185,293,067 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 43,949 | $ | 35,627 | $ | (676,896 | ) | $ | (840,966 | ) | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 554,269 | 1,047,530 | 778,338 | 592,926 | ||||||||||||
Shares redeemed | (1,219,379 | ) | (1,279,845 | ) | (1,021,668 | ) | (1,130,517 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(665,110 | ) | (232,315 | ) | (243,330 | ) | (537,591 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Mid Core Value Fund | SMID Cap Growth Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 942,980 | $ | 935,631 | $ | (427,475 | ) | $ | (511,199 | ) | ||||||
Net realized gains (loss) from investment transactions | 7,036,472 | 7,526,900 | 4,385,704 | 6,827,345 | ||||||||||||
Net realized foreign exchange gain (loss) | 436,520 | 307,871 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (9,226,776 | ) | 3,304,421 | (5,703,654 | ) | (6,054,448 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (810,804 | ) | 12,074,823 | (1,745,425 | ) | 261,698 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 18,173,946 | 17,581,649 | 18,476,093 | �� | 14,707,294 | |||||||||||
Shares redeemed | (17,042,212 | ) | (11,301,682 | ) | (16,331,135 | ) | (22,993,475 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 1,131,734 | 6,279,967 | 2,144,958 | (8,286,181 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | 320,930 | 18,354,790 | 399,533 | (8,024,483 | ) | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 90,229,004 | 71,874,214 | 55,602,076 | 63,626,559 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 90,549,934 | $ | 90,229,004 | $ | 56,001,609 | $ | 55,602,076 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 33,704 | $ | 24,509 | $ | — | $ | — | ||||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,057,402 | 1,053,736 | 880,485 | 764,438 | ||||||||||||
Shares redeemed | (959,286 | ) | (686,372 | ) | (816,373 | ) | (1,190,875 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
98,116 | 367,364 | 64,112 | (426,437 | ) | ||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
187
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
SMID Cap Value Fund | Small Cap Growth Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (16,641 | ) | $ | 164,375 | $ | (481,029 | ) | $ | (374,823 | ) | |||||
Net realized gains (loss) from investment transactions | 5,289,080 | 7,972,692 | 8,505,456 | 5,629,216 | ||||||||||||
Net realized foreign exchange gain (loss) | — | — | (674 | ) | 2,730 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (9,717,509 | ) | (1,947,849 | ) | (7,010,917 | ) | 1,729,319 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,445,070 | ) | 6,189,218 | 1,012,836 | 6,986,442 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 10,634,347 | 15,130,700 | 10,002,130 | 19,198,108 | ||||||||||||
Shares redeemed | (12,136,270 | ) | (10,957,501 | ) | (22,027,172 | ) | (13,045,724 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (1,501,923 | ) | 4,173,199 | (12,025,042 | ) | 6,152,384 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (5,946,993 | ) | 10,362,417 | (11,012,206 | ) | 13,138,826 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 73,906,181 | 63,543,764 | 102,677,812 | 89,538,986 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 67,959,188 | $ | 73,906,181 | $ | 91,665,606 | $ | 102,677,812 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | — | $ | 9,930 | ||||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 509,005 | 766,363 | 339,948 | 712,727 | ||||||||||||
Shares redeemed | (597,177 | ) | (552,938 | ) | (740,200 | ) | (494,815 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(88,172 | ) | 213,425 | (400,252 | ) | 217,912 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Value Fund | Small Cap Index Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 1,478,773 | $ | 1,499,005 | $ | 443,550 | $ | 402,087 | ||||||||
Net realized gains (loss) from investment transactions | 13,550,651 | 26,230,747 | 3,739,682 | 3,535,773 | ||||||||||||
Net realized gains (loss) on futures contracts | — | — | (130,343 | ) | 68,644 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (27,740,785 | ) | (10,946,357 | ) | (7,476,015 | ) | (1,132,942 | ) | ||||||||
Net change in unrealized appreciation (depreciation) of future contracts | — | — | 31,132 | (28,446 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (12,711,361 | ) | 16,783,395 | (3,391,994 | ) | 2,845,116 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 17,861,045 | 18,418,878 | 7,946,828 | 13,342,287 | ||||||||||||
Shares redeemed | (24,138,080 | ) | (27,846,882 | ) | (5,732,698 | ) | (14,389,640 | ) | ||||||||
| �� |
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (6,277,035 | ) | (9,428,004 | ) | 2,214,130 | (1,047,353 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (18,988,396 | ) | 7,355,391 | (1,177,864 | ) | 1,797,763 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 246,126,962 | 238,771,571 | 66,657,986 | 64,860,223 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 227,138,566 | $ | 246,126,962 | $ | 65,480,122 | $ | 66,657,986 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | (27,197 | ) | $ | (8,410 | ) | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 661,526 | 697,324 | 458,812 | 802,724 | ||||||||||||
Shares redeemed | (872,806 | ) | (1,043,954 | ) | (326,348 | ) | (855,991 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(211,280 | ) | (346,630 | ) | 132,464 | (53,267 | ) | ||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
188
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
Developed International Index Fund | International Equity Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 2,094,447 | $ | 2,616,716 | $ | 4,507,715 | $ | 4,424,500 | ||||||||
Net realized gains (loss) from investment transactions | (274,176 | ) | (713,770 | ) | (668,375 | ) | 16,064,701 | |||||||||
Net realized gains (loss) on futures contracts | (29,042 | ) | 57,250 | — | — | |||||||||||
Net realized foreign exchange gain (loss) | (48,768 | ) | (50,638 | ) | (461,980 | ) | (442,883 | ) | ||||||||
Net change in unrealized appreciation (depreciation) of investments foreign currency | (3,211,981 | ) | (7,995,123 | ) | 10,112,442 | (8,483,026 | ) | |||||||||
Net change in unrealized appreciation (depreciation) of future contracts | 52,511 | (130,031 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,417,009 | ) | (6,215,596 | ) | 13,489,802 | 11,563,292 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 12,943,251 | 21,421,254 | 19,618,564 | 30,353,335 | ||||||||||||
Shares redeemed | (14,927,281 | ) | (16,928,155 | ) | (38,831,644 | ) | (39,206,826 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (1,984,030 | ) | 4,493,099 | (19,213,080 | ) | (8,853,491 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (3,401,039 | ) | (1,722,497 | ) | (5,723,278 | ) | 2,709,801 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 101,510,242 | 103,232,739 | 380,898,494 | 378,188,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 98,109,203 | $ | 101,510,242 | $ | 375,175,216 | $ | 380,898,494 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (1,084,184 | ) | $ | (1,014,855 | ) | $ | (7,684,922 | ) | $ | (7,657,472 | ) | ||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 1,090,834 | 1,771,528 | 818,745 | 1,292,836 | ||||||||||||
Shares redeemed | (1,265,039 | ) | (1,380,264 | ) | (1,618,252 | ) | (1,655,055 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(174,205 | ) | 391,264 | (799,507 | ) | (362,219 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets Equity Fund | Real Estate Securities Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 366,468 | $ | 304,466 | $ | 1,962,589 | $ | 1,813,404 | ||||||||
Net realized gains (loss) from investment transactions | (7,002,030 | ) | 1,914,161 | 13,470,692 | 9,971,688 | |||||||||||
Net realized foreign exchange gain (loss) | 85,163 | 283,403 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (9,977,031 | ) | (10,252,484 | ) | (8,417,398 | ) | 21,550,613 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (16,527,430 | ) | (7,750,454 | ) | 7,015,883 | 33,335,705 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 23,548,567 | 20,116,546 | 15,495,865 | 14,877,565 | ||||||||||||
Shares redeemed | (16,229,303 | ) | (18,517,520 | ) | (21,728,647 | ) | (25,642,611 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 7,319,264 | 1,599,026 | (6,232,782 | ) | (10,765,046 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (9,208,166 | ) | (6,151,428 | ) | 783,101 | 22,570,659 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 157,027,405 | 163,178,833 | 136,860,853 | 114,290,194 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 147,819,239 | $ | 157,027,405 | $ | 137,643,954 | $ | 136,860,853 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (532,251 | ) | $ | (551,690 | ) | $ | — | $ | — | ||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 2,346,437 | 1,781,761 | 859,332 | 929,018 | ||||||||||||
Shares redeemed | (1,527,572 | ) | (1,617,880 | ) | (1,194,354 | ) | (1,595,302 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
818,865 | 163,881 | (335,022 | ) | (666,284 | ) | |||||||||||
|
|
|
|
|
|
|
|
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
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment loss | $ | (219,440 | ) | $ | (204,081 | ) | $ | (803,621 | ) | $ | (772,032 | ) | ||||
Net realized gains (loss) from investment transactions | 4,822,664 | 912,874 | 17,402,186 | 3,441,261 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (5,588,441 | ) | 3,304,304 | (19,421,099 | ) | 12,349,357 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (985,217 | ) | 4,013,097 | (2,822,534 | ) | 15,018,586 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 6,891,553 | 10,098,446 | 13,775,523 | 25,123,177 | ||||||||||||
Shares redeemed | (9,291,819 | ) | (6,486,215 | ) | (22,446,770 | ) | (20,925,530 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (2,400,266 | ) | 3,612,231 | (8,671,247 | ) | 4,197,647 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (3,385,483 | ) | 7,625,328 | (11,493,781 | ) | 19,216,233 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 64,504,556 | 56,879,228 | 250,401,616 | 231,185,383 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 61,119,073 | $ | 64,504,556 | $ | 238,907,835 | $ | 250,401,616 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 448,753 | 692,274 | 864,219 | 1,660,078 | ||||||||||||
Shares redeemed | (607,727 | ) | (443,356 | ) | (1,413,845 | ) | (1,370,185 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(158,974 | ) | 248,918 | (549,626 | ) | 289,893 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Moderate Allocation Fund | Moderately Conservative Allocation Fund | |||||||||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment loss | $ | (1,138,721 | ) | $ | (1,131,190 | ) | $ | (352,294 | ) | $ | (356,665 | ) | ||||
Net realized gains (loss) from investment transactions | 20,563,227 | 6,721,209 | 5,545,786 | 3,086,664 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (21,152,431 | ) | 13,918,874 | (5,307,141 | ) | 2,798,243 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,727,925 | ) | 19,508,893 | (113,649 | ) | 5,528,242 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Shares issued | 12,043,800 | 22,589,465 | 12,026,453 | 10,959,713 | ||||||||||||
Shares redeemed | (32,208,260 | ) | (28,218,510 | ) | (17,481,509 | ) | (20,271,176 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (20,164,460 | ) | (5,629,045 | ) | (5,455,056 | ) | (9,311,463 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase (Decrease) | (21,892,385 | ) | 13,879,848 | (5,568,705 | ) | (3,783,221 | ) | |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 364,044,089 | 350,164,241 | 107,669,242 | 111,452,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 342,151,704 | $ | 364,044,089 | $ | 102,100,537 | $ | 107,669,242 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares Issued and Redeemed: | ||||||||||||||||
Shares issued | 820,440 | 1,612,172 | 871,423 | 824,976 | ||||||||||||
Shares redeemed | (2,205,630 | ) | (2,007,711 | ) | (1,266,079 | ) | (1,512,162 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,385,190 | ) | (395,539 | ) | (394,656 | ) | (687,186 | ) | |||||||||
|
|
|
|
|
|
|
|
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
Conservative Allocation Fund | ||||||||
Year Ended 12/31/15 | Year Ended 12/31/14 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment loss | $ | (214,380 | ) | $ | (226,472 | ) | ||
Net realized gains (loss) from investment transactions | 3,028,683 | 907,517 | ||||||
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | (2,719,124 | ) | 1,841,534 | |||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 95,179 | 2,522,579 | ||||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
Shares issued | 8,503,642 | 13,239,590 | ||||||
Shares redeemed | (12,565,119 | ) | (18,764,183 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,061,477 | ) | (5,524,593 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) | (3,966,298 | ) | (3,002,014 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 65,182,866 | 68,184,880 | ||||||
|
|
|
| |||||
End of Period | $ | 61,216,568 | $ | 65,182,866 | ||||
|
|
|
| |||||
Undistributed net investment income (loss) | $ | — | $ | — | ||||
Shares Issued and Redeemed: | ||||||||
Shares issued | 663,655 | 1,061,522 | ||||||
Shares redeemed | (978,878 | ) | (1,497,478 | ) | ||||
|
|
|
| |||||
(315,223 | ) | (435,956 | ) | |||||
|
|
|
|
The accompanying notes are an integral part of these financial statements.
191
Table of Contents
Penn Series Funds, Inc.
MONEY MARKET FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | — | (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) | $ | 133,645 | $ | 132,731 | $ | 124,881 | $ | 141,725 | $ | 154,213 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 0.23% | 0.12% | 0.16% | 0.22% | 0.22% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 0.61% | 0.57% | 0.48% | 0.49% | 0.49% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | |||||||||||||||
|
|
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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 net investment income (loss) per share was calculated using the average shares outstanding method. 3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. (a) Distributions were less than one penny per share.
|
| |||||||||||||||||||
LIMITED MATURITY BOND FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.50 | $ | 11.48 | $ | 11.49 | $ | 11.42 | $ | 11.17 | ||||||||||
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|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.13 | 0.08 | 0.05 | 0.09 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.04 | ) | (0.06 | ) | (0.06 | ) | (0.02 | ) | 0.12 | |||||||||||
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|
| |||||||||||
Total from investment operations | 0.09 | 0.02 | (0.01 | ) | 0.07 | 0.25 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.59 | $ | 11.50 | $ | 11.48 | $ | 11.49 | $ | 11.42 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.78% | 0.17% | (0.09% | ) | 0.61% | 2.24% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 189,846 | $ | 222,062 | $ | 243,667 | $ | 202,385 | $ | 174,290 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.73% | 0.67% | 0.57% | 0.57% | 0.58% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.10% | 0.67% | 0.60% | 0.81% | 1.14% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 127% | 82% | 50% | 31% | 50% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
192
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.40 | $ | 12.75 | $ | 13.14 | $ | 12.73 | $ | 11.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.33 | 0.26 | 0.25 | 0.27 | 0.32 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.28 | ) | 0.39 | (0.64 | ) | 0.14 | 0.85 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.05 | 0.65 | (0.39 | ) | 0.41 | 1.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.45 | $ | 13.40 | $ | 12.75 | $ | 13.14 | $ | 12.73 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.37% | 5.10% | (2.97% | ) | 3.22% | 10.12% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 534,675 | $ | 559,616 | $ | 546,759 | $ | 568,400 | $ | 477,606 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.68% | 0.64% | 0.56% | 0.56% | 0.57% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 2.46% | 1.95% | 1.91% | 2.06% | 2.62% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 131% | 135% | 47% | 32% | 44% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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 net investment income (loss) per share was calculated using the average shares outstanding method.
|
| |||||||||||||||||||
HIGH YIELD BOND FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.98 | $ | 10.78 | $ | 9.99 | $ | 8.72 | $ | 8.46 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.66 | 0.62 | 0.62 | 0.61 | 0.62 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.03 | ) | (0.42 | ) | 0.17 | 0.66 | (0.36 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.37 | ) | 0.20 | 0.79 | 1.27 | 0.26 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.61 | $ | 10.98 | $ | 10.78 | $ | 9.99 | $ | 8.72 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (3.37% | ) | 1.86% | 7.91% | 14.56% | 3.07% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 173,033 | $ | 194,504 | $ | 188,788 | $ | 179,720 | $ | 141,290 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.87% | 0.85% | 0.82% | 0.82% | 0.83% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 5.88% | 5.58% | 5.96% | 6.52% | 7.16% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 72% | 56% | 68% | 69% | 58% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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. |
2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
193
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 40.04 | $ | 35.72 | $ | 29.22 | $ | 25.46 | $ | 24.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.46 | 0.45 | 0.34 | 0.44 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.55 | 3.87 | 6.16 | 3.32 | 0.35 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.01 | 4.32 | 6.50 | 3.76 | 0.75 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 42.05 | $ | 40.04 | $ | 35.72 | $ | 29.22 | $ | 25.46 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 5.02% | 12.09% | 22.25% | 14.77% | 3.04% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,322,196 | $ | 3,074,188 | $ | 2,685,504 | $ | 2,010,412 | $ | 1,655,254 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.92% | 0.89% | 0.83% | 0.84% | 0.84% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.10% | 1.18% | 1.04% | 1.59% | 1.60% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 69% | 74% | 63% | 65% | 83% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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. |
2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
BALANCED FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 16.13 | $ | 14.71 | $ | 12.60 | $ | 11.40 | $ | 10.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | (0.02 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.14 | 1.45 | 2.14 | 1.22 | 0.62 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.11 | 1.42 | 2.11 | 1.20 | 0.60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.24 | $ | 16.13 | $ | 14.71 | $ | 12.60 | $ | 11.40 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.68% | 9.65% | 16.75% | 10.53% | 5.56% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 76,587 | $ | 81,794 | $ | 78,642 | $ | 71,601 | $ | 65,342 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 2, 4 | 0.21% | 0.20% | 0.20% | 0.19% | 0.18% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2, 5 | 0.21% | 0.21% | 0.22% | 0.23% | 0.24% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 4 | (0.21% | ) | (0.20% | ) | (0.20% | ) | (0.19% | ) | (0.18% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 8% | 8% | 16% | 15% | 17% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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. |
3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
4 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
5 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
194
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.21 | $ | 25.11 | $ | 18.05 | $ | 15.20 | $ | 15.44 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | (0.09 | ) | (0.07 | ) | (0.04 | ) | 0.01 | (0.03 | ) | |||||||||||
Net realized and unrealized gain (loss) on investment transactions | 2.95 | 2.17 | 7.10 | 2.84 | (0.21 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.86 | 2.10 | 7.06 | 2.85 | (0.24 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 30.07 | $ | 27.21 | $ | 25.11 | $ | 18.05 | $ | 15.20 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 10.51% | 8.36% | 39.11% | 18.75% | (1.55% | ) | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 296,703 | $ | 280,682 | $ | 262,358 | $ | 210,999 | $ | 176,692 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.98% | 0.96% | 0.90% | 0.91% | 0.93% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.30% | ) | (0.26% | ) | (0.21% | ) | 0.03% | (0.19% | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 37% | 38% | 36% | 35% | 33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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 net investment income (loss) per share was calculated using the average shares outstanding method.
|
| |||||||||||||||||||
LARGE CAP GROWTH FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.11 | $ | 11.78 | $ | 9.57 | $ | 8.68 | $ | 9.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.05 | 0.06 | 0.04 | 0.01 | (0.02 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.07 | ) | 1.27 | 2.17 | 0.88 | (0.61 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.02 | ) | 1.33 | 2.21 | 0.89 | (0.63 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.09 | $ | 13.11 | $ | 11.78 | $ | 9.57 | $ | 8.68 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (0.15% | ) | 11.29% | 23.09% | 10.25% | (6.77% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 43,702 | $ | 57,663 | $ | 54,762 | $ | 29,751 | $ | 37,465 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 0.89% | 0.89% | 0.90% | 0.90% | 0.96% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 0.89% | 0.90% | 0.90% | 0.90% | 0.96% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | 0.39% | 0.47% | 0.40% | 0.06% | (0.25% | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 29% | 25% | 107% | 97% | 153% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
195
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 16.03 | $ | 14.88 | $ | 10.79 | $ | 9.29 | $ | 9.78 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | (0.03 | ) | (0.03 | ) | (0.01 | ) | 0.02 | (0.01 | ) | |||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.30 | 1.18 | 4.10 | 1.48 | (0.48 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.27 | 1.15 | 4.09 | 1.50 | (0.49 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.30 | $ | 16.03 | $ | 14.88 | $ | 10.79 | $ | 9.29 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 1.68% | 7.73% | 37.91% | 16.15% | (5.01% | ) | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 111,680 | $ | 125,980 | $ | 127,757 | $ | 106,053 | $ | 100,397 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 0.87% | 0.87% | 0.88% | 0.89% | 0.90% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 0.87% | 0.87% | 0.88% | 0.89% | 0.90% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | (0.20% | ) | (0.19% | ) | (0.08% | ) | 0.17% | (0.11% | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 124% | 83% | 109% | 105% | 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. |
2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
LARGE CAP VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 23.22 | $ | 20.86 | $ | 15.66 | $ | 13.83 | $ | 14.47 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.27 | 0.30 | 0.21 | 0.20 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.28 | ) | 2.06 | 4.99 | 1.63 | (0.82 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.01 | ) | 2.36 | 5.20 | 1.83 | (0.64 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 22.21 | $ | 23.22 | $ | 20.86 | $ | 15.66 | $ | 13.83 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (4.35% | ) | 11.31% | 33.21% | 13.23% | (4.42% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 207,692 | $ | 229,080 | $ | 217,351 | $ | 166,955 | $ | 166,056 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.92% | 0.90% | 0.87% | 0.88% | 0.89% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.17% | 1.38% | 1.16% | 1.32% | 1.24% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 19% | 22% | 186% | 90% | 87% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
196
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.89 | $ | 13.38 | $ | 10.31 | $ | 8.92 | $ | 9.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | 0.22 | 0.19 | 0.15 | 0.16 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.34 | ) | 1.32 | 2.92 | 1.23 | (0.53 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.12 | ) | 1.51 | 3.07 | 1.39 | (0.39 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 14.77 | $ | 14.89 | $ | 13.38 | $ | 10.31 | $ | 8.92 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1,2 | (0.81% | ) | 11.29% | 29.78% | 15.58% | (4.19% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 203,012 | $ | 192,695 | $ | 185,630 | $ | 158,589 | $ | 143,147 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 4 | 0.92% | 0.91% | 0.87% | 0.88% | 0.89% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 5 | 0.92% | 0.91% | 0.87% | 0.88% | 0.89% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 4 | 1.47% | 1.33% | 1.25% | 1.64% | 1.52% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 98% | 80% | 59% | 38% | 51% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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%. |
3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
4 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
5 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
INDEX 500 FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 15.98 | $ | 14.11 | $ | 10.70 | $ | 9.25 | $ | 9.09 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.27 | 0.24 | 0.21 | 0.20 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.11 | ) | 1.63 | 3.20 | 1.25 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.16 | 1.87 | 3.41 | 1.45 | 0.16 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.14 | $ | 15.98 | $ | 14.11 | $ | 10.70 | $ | 9.25 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 1.00% | 13.25% | 31.87% | 15.68% | 1.76% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 417,965 | $ | 442,835 | $ | 398,537 | $ | 312,146 | $ | 267,009 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 0.38% | 0.38% | 0.34% | 0.34% | 0.35% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 0.38% | 0.38% | 0.34% | 0.34% | 0.36% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | 1.68% | 1.63% | 1.72% | 1.93% | 1.71% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 3% | 3% | 8% | 4% | 4% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
197
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.88 | $ | 13.59 | $ | 9.94 | $ | 9.37 | $ | 10.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | — | (0.02 | ) | (0.06 | ) | (0.01 | ) | (0.04 | ) | |||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.86 | ) | 1.31 | 3.71 | 0.58 | (0.75 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.86 | ) | 1.29 | 3.65 | 0.57 | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 14.02 | $ | 14.88 | $ | 13.59 | $ | 9.94 | $ | 9.37 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (5.78% | ) | 9.49% | 36.72% | 6.08% | (7.78% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 111,742 | $ | 128,486 | $ | 120,563 | $ | 101,293 | $ | 99,083 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.00% | 0.97% | 0.99% | 1.00% | 1.00% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.02% | ) | (0.14% | ) | (0.49% | ) | (0.12% | ) | (0.42% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 43% | 140% | 80% | 129% | 110% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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 net investment income (loss) per share was calculated using the average shares outstanding method.
|
| |||||||||||||||||||
MID CAP VALUE FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 21.04 | $ | 18.51 | $ | 13.59 | $ | 11.80 | $ | 12.59 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.20 | 0.17 | 0.19 | 0.19 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.88 | ) | 2.36 | 4.73 | 1.60 | (0.88 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.68 | ) | 2.53 | 4.92 | 1.79 | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 19.36 | $ | 21.04 | $ | 18.51 | $ | 13.59 | $ | 11.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (7.98% | ) | 13.67% | 36.20% | 15.17% | (6.27% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 165,849 | $ | 185,293 | $ | 172,994 | $ | 124,651 | $ | 97,048 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.81% | 0.81% | 0.82% | 0.84% | 0.84% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.93% | 0.86% | 1.21% | 1.49% | 0.70% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 42% | 32% | 43% | 43% | 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. |
2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
198
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.84 | $ | 15.33 | $ | 11.87 | $ | 10.37 | $ | 10.75 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.19 | 0.21 | 0.14 | 0.08 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.46 | ) | 2.30 | 3.32 | 1.42 | (0.41 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.27 | ) | 2.51 | 3.46 | 1.50 | (0.38 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 17.57 | $ | 17.84 | $ | 15.33 | $ | 11.87 | $ | 10.37 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (1.51% | ) | 16.37% | 29.15% | 14.46% | (3.53% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 90,550 | $ | 90,229 | $ | 71,874 | $ | 57,168 | $ | 60,179 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.07% | 1.05% | 1.08% | 1.08% | 1.08% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.06% | 1.27% | 0.97% | 0.68% | 0.29% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 77% | 69% | 166% | 75% | 51% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
SMID CAP GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.76 | $ | 19.64 | $ | 13.75 | $ | 11.92 | $ | 12.51 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | (0.15 | ) | (0.15 | ) | (0.10 | ) | (0.06 | ) | (0.09 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.15 | ) | 0.27 | 5.99 | 1.89 | (0.50 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.30 | ) | 0.12 | 5.89 | 1.83 | (0.59 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 19.46 | $ | 19.76 | $ | 19.64 | $ | 13.75 | $ | 11.92 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (1.52% | ) | 0.61% | 42.84% | 15.35% | (4.72% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 56,002 | $ | 55,602 | $ | 63,627 | $ | 40,578 | $ | 26,996 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 1.07% | 1.06% | 1.05% | 1.05% | 1.05% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 1.07% | 1.06% | 1.07% | 1.12% | 1.13% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | (0.71% | ) | (0.81% | ) | (0.61% | ) | (0.46% | ) | (0.77% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 103% | 89% | 90% | 95% | 160% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
199
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.91 | $ | 19.14 | $ | 13.87 | $ | 11.66 | $ | 12.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | — | 0.05 | 0.07 | 0.07 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.19 | ) | 1.72 | 5.20 | 2.14 | (0.93 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.19 | ) | 1.77 | 5.27 | 2.21 | (0.90 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 19.72 | $ | 20.91 | $ | 19.14 | $ | 13.87 | $ | 11.66 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (5.69% | ) | 9.25% | 38.00% | 18.95% | (7.17% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 67,959 | $ | 73,906 | $ | 63,544 | $ | 43,575 | $ | 32,949 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 1.23% | 1.20% | 1.14% | 1.14% | 1.14% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 1.23% | 1.24% | 1.25% | 1.27% | 1.31% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | (0.02% | ) | 0.24% | 0.41% | 0.51% | 0.27% | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 48% | 51% | 58% | 52% | 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. |
2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 28.47 | $ | 26.42 | $ | 19.20 | $ | 18.16 | $ | 20.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | (0.14 | ) | (0.11 | ) | (0.11 | ) | (0.18 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.26 | 2.16 | 7.33 | 1.22 | (2.12 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.12 | 2.05 | 7.22 | 1.04 | (2.27 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 28.59 | $ | 28.47 | $ | 26.42 | $ | 19.20 | $ | 18.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 0.42% | 7.76% | 37.60% | 5.73% | (11.11% | ) | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 91,666 | $ | 102,678 | $ | 89,539 | $ | 77,720 | $ | 78,447 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.03% | 1.02% | 1.07% | 1.10% | 1.08% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.48% | ) | (0.42% | ) | (0.50% | ) | (0.92% | ) | (0.71% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 26% | 33% | 143% | 103% | 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. |
2 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
200
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 28.03 | $ | 26.16 | $ | 18.83 | $ | 16.21 | $ | 16.07 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.17 | 0.19 | 0.10 | 0.24 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.70 | ) | 1.68 | 7.23 | 2.38 | 0.06 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.53 | ) | 1.87 | 7.33 | 2.62 | 0.14 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 26.50 | $ | 28.03 | $ | 26.16 | $ | 18.83 | $ | 16.21 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (5.46% | ) | 7.15% | 38.93% | 16.16% | 0.87% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 227,139 | $ | 246,127 | $ | 238,772 | $ | 175,841 | $ | 159,365 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.99% | 1.03% | 1.14% | 1.15% | 1.15% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 0.62% | 0.70% | 0.46% | 1.36% | 0.51% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 47% | 45% | 59% | 50% | 47% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
SMALL CAP INDEX FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.59 | $ | 16.88 | $ | 12.22 | $ | 10.58 | $ | 11.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.12 | 0.12 | 0.10 | 0.16 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.02 | ) | 0.59 | 4.56 | 1.48 | (0.58 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.90 | ) | 0.71 | 4.66 | 1.64 | (0.50 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.69 | $ | 17.59 | $ | 16.88 | $ | 12.22 | $ | 10.58 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (5.12% | ) | 4.21% | 38.13% | 15.50% | (4.51% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 65,480 | $ | 66,658 | $ | 64,860 | $ | 42,443 | $ | 29,202 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 0.69% | 0.64% | 0.55% | 0.55% | 0.55% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 0.69% | 0.69% | 0.71% | 0.70% | 0.91% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | 0.66% | 0.72% | 0.71% | 1.42% | 0.70% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 18% | 20% | 17% | 18% | 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 net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
201
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.54 | $ | 12.29 | $ | 10.15 | $ | 8.59 | $ | 9.83 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.24 | 0.30 | 0.28 | 0.25 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.40 | ) | (1.05 | ) | 1.86 | 1.31 | (1.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.16 | ) | (0.75 | ) | 2.14 | 1.56 | (1.24 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.38 | $ | 11.54 | $ | 12.29 | $ | 10.15 | $ | 8.59 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (1.39% | ) | (6.10% | ) | 21.08% | 18.16% | (12.61% | ) | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 98,109 | $ | 101,510 | $ | 103,233 | $ | 89,786 | $ | 61,858 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 0.83% | 0.75% | 0.59% | 0.59% | 0.59% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 0.83% | 0.82% | 0.92% | 1.00% | 1.01% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | 2.02% | 2.47% | 2.50% | 2.73% | 2.80% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 2% | 7% | 9% | 2% | 1% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 23.39 | $ | 22.72 | $ | 21.44 | $ | 17.71 | $ | 17.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.28 | 0.27 | 0.24 | 0.25 | 0.35 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.56 | 0.40 | 1.04 | 3.48 | (0.19 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.84 | 0.67 | 1.28 | 3.73 | 0.16 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 24.23 | $ | 23.39 | $ | 22.72 | $ | 21.44 | $ | 17.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 3.59% | 2.95% | 5.97% | 21.06% | 0.91% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 375,175 | $ | 380,898 | $ | 378,189 | $ | 348,599 | $ | 309,920 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 1.15% | 1.15% | 1.17% | 1.17% | 1.20% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.17% | 1.14% | 1.09% | 1.30% | 1.95% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 27% | 31% | 34% | 43% | 30% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
202
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.84 | $ | 11.40 | $ | 11.53 | $ | 9.64 | $ | 11.82 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 2 | 0.03 | 0.02 | 0.03 | 0.03 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | (1.21 | ) | (0.58 | ) | (0.16 | ) | 1.86 | (2.25 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.18 | ) | (0.56 | ) | (0.13 | ) | 1.89 | (2.18 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 9.66 | $ | 10.84 | $ | 11.40 | $ | 11.53 | $ | 9.64 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (10.89% | ) | (4.91% | ) | (1.13% | ) | 19.61% | (18.44% | ) | |||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 147,819 | $ | 157,027 | $ | 163,179 | $ | 152,858 | $ | 121,066 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 3 | 1.74% | 1.75% | 1.68% | 1.68% | 1.68% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 4 | 1.68% | 1.69% | 1.82% | 1.72% | 1.91% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 3 | 0.24% | 0.19% | 0.25% | 0.31% | 0.63% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 41% | 42% | 48% | 47% | 60% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 net investment income (loss) per share was calculated using the average shares outstanding method. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 2 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.01 | $ | 13.83 | $ | 13.41 | $ | 11.56 | $ | 10.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | 0.26 | 0.23 | 0.18 | 0.16 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.68 | 3.95 | 0.24 | 1.69 | 0.64 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.94 | 4.18 | 0.42 | 1.85 | 0.76 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 18.95 | $ | 18.01 | $ | 13.83 | $ | 13.41 | $ | 11.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | 5.22% | 30.22% | 3.13% | 16.00% | 7.04% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 137,644 | $ | 136,861 | $ | 114,290 | $ | 98,146 | $ | 76,346 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets | 0.97% | 0.97% | 0.99% | 1.01% | 1.00% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets | 1.42% | 1.43% | 1.35% | 1.27% | 1.09% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 61% | 54% | 69% | 85% | 144% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
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. |
3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
The accompanying notes are an integral part of these financial statements.
203
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 15.12 | $ | 14.16 | $ | 11.56 | $ | 10.01 | $ | 10.39 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.19 | ) | 1.01 | 2.64 | 1.59 | (0.35 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.24 | ) | 0.96 | 2.60 | 1.55 | (0.38 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 14.88 | $ | 15.12 | $ | 14.16 | $ | 11.56 | $ | 10.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return 1 | (1.59% | ) | 6.78% | 22.49% | 15.48% | (3.66% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 61,119 | $ | 64,505 | $ | 56,879 | $ | 41,234 | $ | 28,182 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net expenses to average net assets 2, 4 | 0.34% | 0.34% | 0.33% | 0.33% | 0.33% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2, 5 | 0.34% | 0.34% | 0.33% | 0.35% | 0.38% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 4 | (0.34% | ) | (0.34% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 24% | 20% | 30% | 24% | 29% | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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. 3 The net investment income (loss) per share was calculated using the average shares outstanding method. 4 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 5 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
|
| |||||||||||||||||||
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 15.73 | $ | 14.80 | $ | 12.42 | $ | 10.93 | $ | 11.13 | ||||||||||
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| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.13 | ) | 0.98 | 2.42 | 1.53 | (0.16 | ) | |||||||||||||
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|
|
|
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| |||||||||||
Total from investment operations | (0.18 | ) | 0.93 | 2.38 | 1.49 | (0.20 | ) | |||||||||||||
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Net asset value, end of period | $ | 15.55 | $ | 15.73 | $ | 14.80 | $ | 12.42 | $ | 10.93 | ||||||||||
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| |||||||||||
Total return 1 | (1.14% | ) | 6.28% | 19.16% | 13.63% | (1.80% | ) | |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 238,908 | $ | 250,402 | $ | 231,185 | $ | 179,229 | $ | 134,968 | ||||||||||
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Ratio of total expenses to average net assets 2 | 0.32% | 0.32% | 0.31% | 0.32% | 0.32% | |||||||||||||||
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| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.32% | ) | (0.32% | ) | (0.31% | ) | (0.32% | ) | (0.32% | ) | ||||||||||
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Portfolio turnover rate | 20% | 17% | 23% | 25% | 30% | |||||||||||||||
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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. |
3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
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 | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.44 | $ | 13.67 | $ | 11.98 | $ | 10.80 | $ | 10.73 | ||||||||||
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| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | (0.03 | ) | 0.81 | 1.73 | 1.22 | 0.10 | ||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.08 | ) | 0.77 | 1.69 | 1.18 | 0.07 | ||||||||||||||
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| |||||||||||
Net asset value, end of period | $ | 14.36 | $ | 14.44 | $ | 13.67 | $ | 11.98 | $ | 10.80 | ||||||||||
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| |||||||||||
Total return 1 | (0.55% | ) | 5.63% | 14.11% | 10.93% | 0.65% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 342,152 | $ | 364,044 | $ | 350,164 | $ | 290,951 | $ | 224,256 | ||||||||||
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| |||||||||||
Ratio of total expenses to average net assets 2 | 0.32% | 0.31% | 0.31% | 0.31% | 0.32% | |||||||||||||||
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|
|
|
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|
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| |||||||||||
Ratio of net investment income (loss) to average net assets | (0.32% | ) | (0.31% | ) | (0.31% | ) | (0.31% | ) | (0.32% | ) | ||||||||||
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| |||||||||||
Portfolio turnover rate | 17% | 17% | 20% | 20% | 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. 3 The net investment income (loss) per share was calculated using the average shares outstanding method.
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| |||||||||||||||||||
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.63 | $ | 12.98 | $ | 11.87 | $ | 10.96 | $ | 10.67 | ||||||||||
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| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.02 | 0.69 | 1.15 | 0.95 | 0.33 | |||||||||||||||
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|
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| |||||||||||
Total from investment operations | (0.03 | ) | 0.65 | 1.11 | 0.91 | 0.29 | ||||||||||||||
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| |||||||||||
Net asset value, end of period | $ | 13.60 | $ | 13.63 | $ | 12.98 | $ | 11.87 | $ | 10.96 | ||||||||||
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| |||||||||||
Total return 1 | (0.22% | ) | 5.01% | 9.35% | 8.30% | 2.72% | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 102,101 | $ | 107,669 | $ | 111,452 | $ | 96,028 | $ | 89,677 | ||||||||||
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| |||||||||||
Ratio of net expenses to average net assets 2, 4 | 0.33% | 0.32% | 0.32% | 0.33% | 0.33% | |||||||||||||||
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| |||||||||||
Ratio of total expenses to average net assets 2, 5 | 0.33% | 0.32% | 0.32% | 0.33% | 0.33% | |||||||||||||||
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|
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| |||||||||||
Ratio of net investment income (loss) to average net assets 4 | (0.33% | ) | (0.32% | ) | (0.32% | ) | (0.33% | ) | (0.33% | ) | ||||||||||
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| |||||||||||
Portfolio turnover rate | 23% | 20% | 28% | 37% | 30% | |||||||||||||||
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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. |
3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
4 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
5 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
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Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.72 | $ | 12.26 | $ | 11.74 | $ | 11.13 | $ | 10.71 | ||||||||||
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|
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|
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| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) 3 | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gain (loss) on investment transactions | 0.05 | 0.50 | 0.56 | 0.65 | 0.46 | |||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.01 | 0.46 | 0.52 | 0.61 | 0.42 | |||||||||||||||
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|
| |||||||||||
Net asset value, end of period | $ | 12.73 | $ | 12.72 | $ | 12.26 | $ | 11.74 | $ | 11.13 | ||||||||||
|
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|
|
|
|
|
| |||||||||||
Total return 1 | 0.08% | 3.75% | 4.43% | 5.48% | 3.92% | |||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 61,217 | $ | 65,183 | $ | 68,185 | $ | 70,604 | $ | 63,096 | ||||||||||
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|
|
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| |||||||||||
Ratio of net expenses to average net assets 2, 4 | 0.34% | 0.33% | 0.33% | 0.33% | 0.33% | |||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||
Ratio of total expenses to average net assets 2, 5 | 0.34% | 0.33% | 0.33% | 0.33% | 0.34% | |||||||||||||||
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|
|
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|
|
|
| |||||||||||
Ratio of net investment income (loss) to average net assets 4 | (0.34% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | (0.33% | ) | ||||||||||
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| |||||||||||
Portfolio turnover rate | 24% | 26% | 38% | 44% | 39% | |||||||||||||||
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|
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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. |
3 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
4 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
5 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
1 — ORGANIZATION
Penn Series Funds, Inc. (“Penn Series”) was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company (“Penn Mutual”) and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual’s employee benefit plans.
Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a “Fund” and collectively, the “Funds”). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.
Fund of Funds (“FOFs”) – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.
2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 946.
SECURITY VALUATION:
Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.
Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these 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, 2015
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 “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 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval”, which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.
The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.
Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Funds’ investments. Inputs refer broadly to the assumptions that
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
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, 2015, if any, are shown as notes on the Schedule of Investments of the individual Fund.
Significant Level 3 items at December 31, 2015 consist of $3,814,644 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, 2015
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, 2015 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, 2015, 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.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
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 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 | SSgA Fund Management, Inc. | 0.14% of the first $150,000,000; 0.13% of the next $150,000,000; 0.12% over $300,000,000. | ||
Mid Cap Growth Fund | 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. | ||
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% |
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Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Net Assets of the Fund) | ||
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 | SSgA Fund Management, Inc. | 0.30% | ||
Developed International Index Fund | SSgA Fund Management, Inc. | 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.
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
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Notes to Financial Statements — December 31, 2015
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 asset based fee of 0.01% of FOF’s average assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pay BNY Mellon 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter.
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. 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.
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Notes to Financial Statements — December 31, 2015
Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered “extraordinary expenses” and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.
If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense 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, 2015, 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, 2016 | December 31, 2017 | December 31, 2018 | |||||||||||
Money Market Fund | $ | 176,621 | $ | 220,934 | $ | 75,300 | ||||||||
Balanced Fund | 20,510 | 7,278 | — | |||||||||||
Large Cap Growth Fund | — | 219 | 1,384 |
During the year ended December 31, 2015, previously waived administrative fees were recaptured by Penn Mutual. The recaptured fees are shown as Recaptured administrative fees on the statement of operations and are as follows:
Large Cap Growth Fund | $ | 3,220 |
As of December 31, 2015, 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, 2016 | December 31, 2017 | December 31, 2018 | |||||||||||
Money Market Fund | $ | 247,479 | $ | 388,671 | $ | 372,994 | ||||||||
Mid Cap Growth | — | — | 1,656 | |||||||||||
SMID Cap Growth Fund | 10,433 | 3,212 | — | |||||||||||
SMID Cap Value Fund | 61,894 | 22,348 | — | |||||||||||
Small Cap Index Fund | 85,442 | 31,741 | — | |||||||||||
Developed International Index Fund | 329,477 | 72,559 | — | |||||||||||
Aggressive Allocation Fund | 2,362 | 179 | — |
During the year ended December 31, 2015, 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 | $ | 82,846 |
Total fees of $338,250 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the year ended December 31, 2015. Director’s 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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Notes to Financial Statements — December 31, 2015
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, 2015 are as follows:
Money Market Fund | $ | 28,667,100 | ||
Limited Maturity Bond Fund | 31,914,035 | |||
Quality Bond Fund | 40,340,599 | |||
High Yield Bond Fund | 4,399,604 | |||
Flexibly Managed Fund | 66,659,149 | |||
Large Growth Stock Fund | 40,348,873 | |||
Large Core Value Fund | 28,771,250 | |||
Index 500 Fund | 19,316,007 | |||
Mid Cap Growth Fund | 4,520,614 | |||
Mid Core Value Fund | 4,716,251 | |||
SMID Cap Growth Fund | 3,789,959 | |||
SMID Cap Value Fund | 3,876,389 | |||
Small Cap Growth Fund | 4,003,332 | |||
Small Cap Value Fund | 7,740,848 | |||
Small Cap Index Fund | 3,231,100 | |||
Developed International Index Fund | 2,729,016 | |||
International Equity Fund | 19,115,020 | |||
Emerging Markets Equity Fund | 2,768,596 |
Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the year ended December 31, 2015 were as follows:
Large Growth Stock Fund | $ | 60 | ||
Large Core Growth Fund | 347 | |||
Small Cap Value Fund | 3,946 | |||
Emerging Markets Equity Fund | 3,622 |
The Funds may purchase securities from or sell to other funds that have a common adviser. These interfund transactions are primarily used for transactional cost purposes and are made pursuant to Rule 17a-7 of the Investment Company Act of 1940.
A summary of the FoF’s total long-term and short-term purchases and sales of the shares of the underlying Funds during the period ended December 31, 2015 is as follows:
Balanced Fund | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Quality Bond Fund | $ | 32,591,121 | $ | 30,492,870 | $ | 2,849,366 | $ | 5,099,634 | $ | — | $ | 560,637 | ||||||||||||
Penn Series Index 500 Fund | 48,886,682 | 45,739,306 | 3,300,909 | 7,011,038 | — | 2,777,733 | ||||||||||||||||||
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$ | 81,477,803 | $ | 76,232,176 | $ | 6,150,275 | $ | 12,110,672 | $ | — | $ | 3,338,370 | |||||||||||||
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Aggressive Allocation Fund | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Quality Bond Fund | $ | 2,584,241 | $ | 1,216,144 | $ | 318,246 | $ | 1,702,273 | $ | — | $ | 195,182 | ||||||||||||
Penn Series Flexibly Managed Fund | 2,583,596 | 2,432,289 | 908,186 | 1,163,414 | — | 330,709 | ||||||||||||||||||
Penn Series Large Growth Stock Fund | 2,584,241 | 2,432,289 | 257,880 | 666,777 | — | 202,960 | ||||||||||||||||||
Penn Series Large Cap Growth Fund | 2,584,241 | 1,216,144 | 288,790 | 1,617,095 | — | 292,911 | ||||||||||||||||||
Penn Series Large Core Growth Fund | 646,060 | — | 59,510 | 666,479 | — | 350,304 |
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Aggressive Allocation Fund (continued) | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Large Cap Value Fund | $ | 6,460,603 | $ | 6,080,722 | $ | 977,227 | $ | 1,084,270 | $ | — | $ | 248,242 | ||||||||||||
Penn Series Large Core Value Fund | 3,230,302 | 4,864,577 | 2,113,693 | 535,444 | — | 126,737 | ||||||||||||||||||
Penn Series Index 500 Fund | 3,876,362 | 3,040,361 | 441,059 | 1,314,037 | — | 430,567 | ||||||||||||||||||
Penn Series Mid Cap Growth Fund | 2,584,241 | 1,216,144 | 256,211 | 1,463,996 | — | 623,789 | ||||||||||||||||||
Penn Series Mid Cap Value Fund | 3,230,301 | 3,648,433 | 1,324,696 | 588,300 | — | 155,710 | ||||||||||||||||||
Penn Series Mid Core Value Fund | 2,584,241 | 3,648,433 | 1,565,767 | 474,893 | — | 137,427 | ||||||||||||||||||
Penn Series SMID Cap Growth Fund | 1,938,181 | 1,824,217 | 852,747 | 1,005,537 | — | 428,891 | ||||||||||||||||||
Penn Series SMID Cap Value Fund | 3,230,302 | 3,040,361 | 473,683 | 482,207 | — | 119,133 | ||||||||||||||||||
Penn Series Small Cap Growth Fund | 1,936,820 | 1,824,217 | 863,261 | 1,003,182 | — | 79,832 | ||||||||||||||||||
Penn Series Small Cap Value Fund | 2,584,241 | 2,432,289 | 364,774 | 379,120 | — | 88,210 | ||||||||||||||||||
Penn Series Small Cap Index Fund | 646,060 | 608,072 | 97,303 | 104,625 | — | 38,697 | ||||||||||||||||||
Penn Series Developed International Index Fund | 5,168,482 | 4,864,577 | 674,508 | 922,589 | — | 108,066 | ||||||||||||||||||
Penn Series International Equity Fund | 9,044,844 | 8,513,011 | 957,855 | 1,790,891 | — | 401,759 | ||||||||||||||||||
Penn Series Emerging Markets Equity Fund | 4,522,422 | 5,472,650 | 2,197,871 | 767,661 | — | 81,092 | ||||||||||||||||||
Penn Series Real Estate Securities Fund | 2,584,241 | 2,432,289 | 499,680 | 791,182 | — | 382,447 | ||||||||||||||||||
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$ | 64,604,022 | $ | 60,807,219 | $ | 15,492,947 | $ | 18,523,972 | $ | — | $ | 4,822,664 | |||||||||||||
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Moderately Aggressive Allocation Fund | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Limited Maturity Bond Fund | $ | 9,965,445 | $ | 7,135,107 | $ | 920,828 | $ | 3,833,789 | $ | — | $ | 94,609 | ||||||||||||
Penn Series Quality Bond Fund | 29,896,336 | 23,783,691 | 3,081,660 | 9,362,881 | — | 1,640,625 | ||||||||||||||||||
Penn Series High Yield Bond Fund | 7,474,084 | 7,135,107 | 704,265 | 809,368 | — | 149,418 | ||||||||||||||||||
Penn Series Flexibly Managed Fund | 9,962,957 | 14,270,215 | 4,943,290 | 1,252,091 | — | 250,618 | ||||||||||||||||||
Penn Series Large Growth Stock Fund | 7,474,084 | 7,135,107 | 2,747,253 | 3,744,834 | — | 1,871,467 | ||||||||||||||||||
Penn Series Large Cap Growth Fund | 7,474,084 | 4,756,738 | 500,842 | 3,207,197 | — | 650,008 | ||||||||||||||||||
Penn Series Large Core Growth Fund | 2,491,361 | — | 113,820 | 2,454,911 | — | 1,457,778 | ||||||||||||||||||
Penn Series Large Cap Value Fund | 22,422,252 | 19,026,953 | 2,369,070 | 4,937,818 | — | 1,223,881 |
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Moderately Aggressive Allocation Fund (continued) | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Large Core Value Fund | $ | 9,965,445 | $ | 19,026,953 | $ | 9,748,935 | $ | 1,089,159 | $ | — | $ | 274,115 | ||||||||||||
Penn Series Index 500 Fund | 14,948,168 | 9,513,476 | 639,649 | 6,055,084 | — | 3,057,871 | ||||||||||||||||||
Penn Series Mid Cap Growth Fund | 7,474,084 | 4,756,738 | 797,961 | 3,111,002 | — | 1,596,559 | ||||||||||||||||||
Penn Series Mid Cap Value Find | 12,456,806 | 11,891,846 | 1,786,308 | 1,398,703 | — | 349,462 | ||||||||||||||||||
Penn Series Mid Core Value Fund | 9,965,445 | 11,891,845 | 3,053,031 | 1,080,064 | — | 316,336 | ||||||||||||||||||
Penn Series SMID Cap Growth Fund | 4,982,723 | 4,756,738 | 2,743,852 | 2,647,349 | — | �� | 1,462,313 | |||||||||||||||||
Penn Series SMID Cap Value Fund | 7,474,084 | 9,513,476 | 3,470,753 | 830,518 | — | 245,309 | ||||||||||||||||||
Penn Series Small Cap Growth Fund | 7,468,837 | 4,756,738 | 540,982 | 3,503,091 | — | 407,521 | ||||||||||||||||||
Penn Series Small Cap Value Fund | 7,474,084 | 7,135,107 | 732,001 | 677,826 | — | 185,331 | ||||||||||||||||||
Penn Series Small Cap Index Fund | 4,982,722 | 4,756,738 | 534,777 | 528,606 | — | 165,937 | ||||||||||||||||||
Penn Series Developed International Index Fund | 17,439,529 | 16,648,584 | 1,527,791 | 2,161,722 | — | 283,152 | ||||||||||||||||||
Penn Series International Equity Fund | 27,404,974 | 28,540,429 | 3,153,506 | 3,073,282 | — | 651,342 | ||||||||||||||||||
Penn Series Emerging Markets Equity Fund | 12,456,807 | 14,270,214 | 4,448,875 | 1,333,991 | — | 129,078 | ||||||||||||||||||
Penn Series Real Estate Securities Fund | 7,474,084 | 7,135,107 | 1,099,399 | 1,838,137 | — | 939,455 | ||||||||||||||||||
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$ | 249,128,395 | $ | 237,836,907 | $ | 49,658,848 | $ | 58,931,423 | $ | — | $ | 17,402,186 | |||||||||||||
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Moderate Allocation Fund | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Money Market Fund | $ | 7,260,351 | $ | 3,407,652 | $ | 464,128 | $ | 4,316,827 | $ | 540 | $ | — | ||||||||||||
Penn Series Limited Maturity Bond Fund | 25,411,016 | 20,445,739 | 1,799,604 | 6,980,094 | — | 473,922 | ||||||||||||||||||
Penn Series Quality Bond Fund | 87,123,486 | 85,190,580 | 10,649,914 | 12,923,421 | — | 1,677,735 | ||||||||||||||||||
Penn Series High Yield Bond Fund | 18,150,726 | 13,630,493 | 1,124,607 | 5,305,668 | — | 277,837 | ||||||||||||||||||
Penn Series Flexibly Managed Fund | 21,775,433 | 23,853,363 | 3,683,124 | 2,806,811 | — | 1,034,797 | ||||||||||||||||||
Penn Series Large Growth Stock Fund | 7,260,290 | 6,815,247 | 227,765 | 1,408,558 | — | 706,127 | ||||||||||||||||||
Penn Series Large Cap Growth Fund | 10,890,436 | 3,407,623 | 411,737 | 7,494,614 | — | 1,335,874 | ||||||||||||||||||
Penn Series Large Cap Value Fund | 21,780,871 | 20,445,739 | 2,282,146 | 2,737,980 | — | 754,850 | ||||||||||||||||||
Penn Series Large Core Value Fund | 10,890,436 | 20,445,739 | 11,055,013 | 2,125,399 | — | 874,796 | ||||||||||||||||||
Penn Series Index 500 Fund | 18,150,726 | 10,222,870 | 799,316 | 8,689,240 | — | 4,832,927 |
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Moderate Allocation Fund (continued) | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Mid Cap Growth Fund | $ | 7,260,290 | $ | 6,815,246 | $ | 736,906 | $ | 805,820 | $ | — | $ | 172,046 | ||||||||||||
Penn Series Mid Cap Value Fund | 10,890,436 | 10,222,870 | 1,411,408 | 1,272,706 | — | 312,787 | ||||||||||||||||||
Penn Series Mid Core Value Fund | 10,890,436 | 17,038,116 | 7,496,589 | 1,504,347 | — | 528,905 | ||||||||||||||||||
Penn Series SMID Cap Growth Fund | 3,630,145 | 3,407,623 | 3,675,698 | 3,468,502 | — | 1,857,942 | ||||||||||||||||||
Penn Series SMID Cap Value Fund | 10,890,436 | 6,815,246 | 484,888 | 3,921,240 | — | 2,191,434 | ||||||||||||||||||
Penn Series Small Cap Growth Fund | 7,255,194 | 3,407,623 | 403,234 | 4,581,343 | — | 572,902 | ||||||||||||||||||
Penn Series Small Cap Value Fund | 7,260,291 | 10,222,870 | 4,054,309 | 823,780 | — | 352,549 | ||||||||||||||||||
Penn Series Small Cap Index Fund | 7,260,290 | 6,815,246 | 748,843 | 871,822 | — | 355,369 | ||||||||||||||||||
Penn Series Developed International Index Fund | 18,150,726 | 17,038,116 | 1,521,977 | 2,502,583 | — | 343,328 | ||||||||||||||||||
Penn Series International Equity Fund | 32,671,307 | 30,668,609 | 994,010 | 4,140,907 | — | 917,425 | ||||||||||||||||||
Penn Series Emerging Markets Equity Fund | 10,890,436 | 13,630,493 | 5,072,807 | 1,228,803 | — | 109,407 | ||||||||||||||||||
Penn Series Real Estate Securities Fund | 7,260,290 | 6,815,247 | 895,889 | 1,735,943 | — | 880,267 | ||||||||||||||||||
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| |||||||||||||
$ | 363,004,048 | $ | 340,762,350 | $ | 59,993,912 | $ | 81,646,408 | $ | 540 | $ | 20,563,227 | |||||||||||||
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Moderately Conservative Allocation Fund | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Money Market Fund | $ | 2,139,849 | $ | 1,013,492 | $ | 275,960 | $ | 1,402,317 | $ | 162 | $ | — | ||||||||||||
Penn Series Limited Maturity Bond Fund | 17,118,652 | 15,202,256 | 2,098,943 | 4,153,861 | — | 126,544 | ||||||||||||||||||
Penn Series Quality Bond Fund | 35,307,220 | 34,458,447 | 6,281,619 | 7,272,623 | — | 624,395 | ||||||||||||||||||
Penn Series High Yield Bond Fund | 6,419,494 | 6,080,903 | 1,030,318 | 1,177,741 | — | 129,851 | ||||||||||||||||||
Penn Series Flexibly Managed Fund | 7,487,540 | 8,107,870 | 1,830,637 | 1,622,999 | — | 457,806 | ||||||||||||||||||
Penn Series Large Growth Stock Fund | 1,069,916 | 1,013,484 | 134,170 | 300,755 | — | 128,385 | ||||||||||||||||||
Penn Series Large Cap Growth Fund | 2,139,831 | 1,013,484 | 227,414 | 1,294,288 | — | 205,603 | ||||||||||||||||||
Penn Series Large Cap Value Fund | 5,349,579 | 5,067,419 | 1,051,884 | 1,121,053 | — | 232,795 | ||||||||||||||||||
Penn Series Large Core Value Fund | 2,139,831 | 5,067,419 | 3,457,969 | 727,631 | — | 277,044 | ||||||||||||||||||
Penn Series Index 500 Fund | 3,209,747 | 2,026,967 | 369,296 | 1,519,065 | — | 739,973 | ||||||||||||||||||
Penn Series Mid Cap Value Fund | 3,209,747 | 2,026,967 | 403,475 | 1,345,084 | — | 295,920 |
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Notes to Financial Statements — December 31, 2015
Moderately Conservative Allocation Fund (continued) | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Mid Core Value Fund | $ | 2,139,831 | $ | 3,040,451 | $ | 1,358,725 | $ | 475,931 | $ | — | $ | 153,465 | ||||||||||||
Penn Series SMID Cap Growth Fund | 1,069,916 | 1,010,545 | 203,866 | 1,269,265 | — | 645,897 | ||||||||||||||||||
Penn Series SMID Cap Value Fund | 2,139,831 | 1,013,484 | 233,828 | 1,230,081 | — | 680,963 | ||||||||||||||||||
Penn Series Small Cap Growth Fund | 1,069,165 | — | 100,456 | 1,139,402 | — | (30,970 | ) | |||||||||||||||||
Penn Series Small Cap Value Fund | 1,069,916 | 2,026,967 | 1,229,587 | 249,239 | — | (5,291 | ) | |||||||||||||||||
Penn Series Small Cap Index Fund | 1,069,916 | 1,013,484 | 211,291 | 221,143 | — | 74,100 | ||||||||||||||||||
Penn Series Developed International Index Fund | 4,279,663 | 3,040,451 | 446,171 | 1,625,752 | — | 407,196 | ||||||||||||||||||
Penn Series International Equity Fund | 5,349,579 | 6,080,902 | 1,658,792 | 1,171,910 | — | 216,367 | ||||||||||||||||||
Penn Series Emerging Markets Equity Fund | 1,069,916 | 2,026,968 | 1,269,326 | 205,415 | — | (3,489 | ) | |||||||||||||||||
Penn Series Real Estate Securities Fund | 2,139,832 | 2,026,967 | 433,647 | 661,053 | — | 189,229 | ||||||||||||||||||
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$ | 106,988,971 | $ | 102,358,927 | $ | 24,307,374 | $ | 30,186,608 | $ | 162 | $ | 5,545,783 | |||||||||||||
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Conservative Allocation Fund | Total Value at 12/31/14 | Total Value at 12/31/15 | Purchases | Sales Proceeds | Dividend Income | Net Realized Gain/(Loss) | ||||||||||||||||||
Penn Series Money Market Fund | $ | 3,852,277 | $ | 3,014,197 | $ | 526,970 | $ | 1,365,050 | $ | 279 | — | |||||||||||||
Penn Series Limited Maturity Bond Fund | 14,124,897 | 12,659,521 | 1,824,028 | 3,395,643 | — | 101,646 | ||||||||||||||||||
Penn Series Quality Bond Fund | 26,323,672 | 26,524,710 | 5,389,953 | 5,270,423 | — | 262,963 | ||||||||||||||||||
Penn Series High Yield Bond Fund | 5,136,326 | 4,219,840 | 827,280 | 1,634,189 | — | 315,050 | ||||||||||||||||||
Penn Series Flexibly Managed Fund | 5,135,044 | 4,822,674 | 708,981 | 1,281,508 | — | 435,316 | ||||||||||||||||||
Penn Series Large Cap Growth Fund | 1,284,081 | — | 71,281 | 1,329,804 | — | 271,220 | ||||||||||||||||||
Penn Series Large Cap Value Fund | 1,284,081 | 1,808,503 | 905,735 | 365,200 | — | 53,631 | ||||||||||||||||||
Penn Series Large Core Value Fund | 642,041 | 2,411,337 | 2,094,535 | 401,070 | — | 161,633 | ||||||||||||||||||
Penn Series Index 500 Fund | 1,284,081 | 602,834 | 133,791 | 793,170 | — | 452,902 | ||||||||||||||||||
Penn Series Mid Cap Value Fund | 1,284,082 | 600,956 | 143,891 | 1,336,134 | — | 383,522 | ||||||||||||||||||
Penn Series Mid Core Value Fund | 642,041 | 1,205,669 | 737,334 | 193,767 | — | 72,213 | ||||||||||||||||||
Penn Series Developed International Index Fund | 1,926,122 | 1,205,669 | 753,844 | 1,427,954 | — | 405,310 | ||||||||||||||||||
Penn Series International Equity Fund | 1,284,082 | 1,808,503 | 811,979 | 364,621 | — | 113,277 | ||||||||||||||||||
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$ | 64,202,827 | $ | 60,884,413 | $ | 14,929,602 | $ | 19,158,533 | $ | 279 | $ | 3,028,683 | |||||||||||||
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
5 — PURCHASESAND SALESOF SECURITIES
During the year ended December 31, 2015, 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 | $ | 38,637,938 | $ | 35,895,486 | $ | 226,887,015 | $ | 263,522,957 | ||||||||
Quality Bond Fund | 139,874,667 | 161,678,518 | 591,442,089 | 575,031,482 | ||||||||||||
High Yield Bond Fund | — | — | 134,006,411 | 131,274,894 | ||||||||||||
Flexibly Managed Fund | — | — | 1,984,016,279 | 2,161,957,730 | ||||||||||||
Balanced Fund | — | — | 6,150,275 | 12,110,672 | ||||||||||||
Large Growth Stock Fund | — | — | 109,420,110 | 125,451,049 | ||||||||||||
Large Cap Growth Fund | — | — | 15,526,049 | 28,454,890 | ||||||||||||
Large Core Growth Fund | — | — | 148,296,645 | 163,046,798 | ||||||||||||
Large Cap Value Fund | — | — | 41,532,175 | 53,020,741 | ||||||||||||
Large Core Value Fund | — | — | 200,870,480 | 187,965,369 | ||||||||||||
Index 500 Fund | — | — | 11,926,979 | 25,170,882 | ||||||||||||
Mid Cap Growth Fund | — | — | 52,888,371 | 63,236,430 | ||||||||||||
Mid Cap Value Fund | — | — | 72,291,380 | 76,881,211 | ||||||||||||
Mid Core Value Fund | — | — | 67,886,548 | 66,401,575 | ||||||||||||
SMID Cap Growth Fund | — | — | 60,487,453 | 59,382,384 | ||||||||||||
SMID Cap Value Fund | — | — | 34,692,004 | 38,757,064 | ||||||||||||
Small Cap Growth Fund | — | — | 25,174,161 | 39,850,173 | ||||||||||||
Small Cap Value Fund | — | — | 110,392,554 | 115,120,054 | ||||||||||||
Small Cap Index Fund | — | — | 12,367,996 | 12,181,700 | ||||||||||||
Developed International Index Fund | — | — | 6,336,657 | 1,774,878 | ||||||||||||
International Equity Fund | — | — | 102,316,405 | 114,321,765 | ||||||||||||
Emerging Markets Equity Fund | — | — | 67,710,032 | 61,123,756 | ||||||||||||
Real Estate Securities Fund | — | — | 82,706,729 | 87,943,428 | ||||||||||||
Aggressive Allocation Fund | — | — | 15,492,947 | 18,523,972 | ||||||||||||
Moderately Aggressive Allocation Fund | — | — | 49,658,848 | 58,931,423 | ||||||||||||
Moderate Allocation Fund | — | — | 59,993,372 | 81,646,408 | ||||||||||||
Moderately Conservative Allocation Fund | — | — | 24,307,213 | 30,186,608 | ||||||||||||
Conservative Allocation Fund | — | — | 14,929,324 | 19,158,532 |
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, 2015, 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.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
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, 2015, primarily attributable to consent dividends, reclass of capital gains tax income recognized from pass-through entities, the disallowance of net operating losses, the 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 | $ | (2,343,752 | ) | $ | (569,803 | ) | $ | 2,913,555 | ||||
Quality Bond Fund | (13,607,990 | ) | (10,955,844 | ) | 24,563,834 | |||||||
High Yield Bond Fund | (10,964,355 | ) | (878,211 | ) | 11,842,566 | |||||||
Flexibly Managed Fund | (35,213,788 | ) | (298,595,307 | ) | 333,809,095 | |||||||
Balanced Fund | 170,857 | (3,201,498 | ) | 3,030,641 | ||||||||
Large Growth Stock Fund | 903,525 | (32,479,610 | ) | 31,576,085 | ||||||||
Large Cap Growth Fund | (201,719 | ) | (5,035,581 | ) | 5,237,300 | |||||||
Large Core Growth Fund | 243,051 | (10,422,157 | ) | 10,179,106 | ||||||||
Large Cap Value Fund | (2,607,630 | ) | (10,201,067 | ) | 12,808,697 | |||||||
Large Core Value Fund | (2,942,370 | ) | (18,600,355 | ) | 21,542,725 | |||||||
Index 500 Fund | (7,345,117 | ) | (7,396,578 | ) | 14,741,695 | |||||||
Mid Cap Growth Fund | 36,713 | (6,035,586 | ) | 5,998,873 | ||||||||
Mid Cap Value Fund | (1,537,384 | ) | (28,952,832 | ) | 30,490,216 | |||||||
Mid Core Value Fund | (933,784 | ) | (7,930,300 | ) | 8,864,084 | |||||||
SMID Cap Growth Fund | 427,475 | (4,832,551 | ) | 4,405,076 | ||||||||
SMID Cap Value Fund | 16,640 | (5,307,397 | ) | 5,290,757 | ||||||||
Small Cap Growth Fund | 471,098 | (8,576,331 | ) | 8,105,233 | ||||||||
Small Cap Value Fund | (1,478,773 | ) | (13,868,118 | ) | 15,346,891 | |||||||
Small Cap Index Fund | (462,337 | ) | (3,589,917 | ) | 4,052,254 | |||||||
Developed International Index Fund | (2,163,776 | ) | 41,291 | 2,122,485 | ||||||||
International Equity Fund | (4,625,165 | ) | (517,478 | ) | 5,142,643 | |||||||
Emerging Markets Equity Fund | (347,030 | ) | (80,801 | ) | 427,831 | |||||||
Real Estate Securities Fund | (1,962,589 | ) | (13,407,348 | ) | 15,369,937 | |||||||
Aggressive Allocation Fund | 219,440 | (4,836,094 | ) | 4,616,654 | ||||||||
Moderately Aggressive Allocation Fund | 803,621 | (16,990,837 | ) | 16,187,216 | ||||||||
Moderate Allocation Fund | 1,138,722 | (20,357,981 | ) | 19,219,259 | ||||||||
Moderalely Conservative Allocation Fund | 352,296 | (5,316,442 | ) | 4,964,146 | ||||||||
Conservative Allocation Fund | 214,379 | (2,896,979 | ) | 2,682,600 |
These reclassifications had no effect on net assets or net asset value per share.
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2015 and 2014 were as follows:
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | ||||||||||||||||||||||
| 2014 |
| 2014 |
| 2014 | |||||||||||||||||||
Money Market Fund | $ | 11,728 | $ | 13,590 | $ | — | $ | — | $ | 11,728 | $ | 13,590 | ||||||||||||
Limited Maturity Bond Fund | 2,913,555 | 1,732,444 | — | 519,805 | 2,913,555 | 2,252,249 | ||||||||||||||||||
Quality Bond Fund | 18,851,832 | 13,678,658 | 5,712,002 | 6,445,953 | 24,563,834 | 20,124,611 | ||||||||||||||||||
High Yield Bond Fund | 11,842,565 | 12,356,614 | — | 598,520 | 11,842,565 | 12,955,134 | ||||||||||||||||||
Flexibly Managed Fund | 83,145,583 | 117,363,812 | 250,663,512 | 253,958,645 | 333,809,095 | 371,322,457 | ||||||||||||||||||
Balanced Fund | 1,736,535 | 1,447,124 | 4,308,714 | 2,025,883 | 6,045,249 | 3,473,007 | ||||||||||||||||||
Large Growth Stock Fund | — | 1,456,751 | 32,483,632 | 35,677,081 | 32,483,632 | 37,133,832 | ||||||||||||||||||
Large Cap Growth Fund | 215,596 | 1,359,763 | 5,021,704 | 1,871,834 | 5,237,300 | 3,231,597 | ||||||||||||||||||
Large Core Growth Fund | — | 446,222 | 10,422,157 | 16,678,687 | 10,422,157 | 17,124,909 | ||||||||||||||||||
Large Cap Value Fund | 2,607,630 | �� | 7,987,988 | 10,201,067 | 8,122,500 | 12,808,697 | 16,110,488 | |||||||||||||||||
Large Core Value Fund | 5,810,205 | 2,444,387 | 15,732,524 | 30,222,954 | 21,542,729 | 32,667,341 | ||||||||||||||||||
Index 500 Fund | 7,365,475 | 6,829,576 | 7,376,220 | — | 14,741,695 | 6,829,576 | ||||||||||||||||||
Mid Cap Growth Fund | 3,579,096 | 7,378,374 | 2,419,772 | 21,812,142 | 5,998,868 | 29,190,516 | ||||||||||||||||||
Mid Cap Value Fund | 3,582,629 | 3,225,211 | 26,907,782 | 14,313,536 | 30,490,411 | 17,538,747 | ||||||||||||||||||
Mid Core Value Fund | 3,527,900 | 5,488,235 | 5,336,338 | 3,579,477 | 8,864,238 | 9,067,712 | ||||||||||||||||||
SMID Cap Growth Fund | — | — | 4,762,153 | 7,095,131 | 4,762,153 | 7,095,131 | ||||||||||||||||||
SMID Cap Value Fund | 110,136 | 1,251,210 | 5,180,621 | 6,958,220 | 5,290,757 | 8,209,430 | ||||||||||||||||||
Small Cap Growth Fund | 213,113 | 2,658,817 | 7,892,122 | 2,483,401 | 8,105,235 | 5,142,218 | ||||||||||||||||||
Small Cap Value Fund | 1,957,827 | 6,601,797 | 13,389,064 | 20,979,162 | 15,346,891 | 27,580,959 | ||||||||||||||||||
Small Cap Index Fund | 733,578 | 872,014 | 3,318,676 | 3,192,013 | 4,052,254 | 4,064,027 | ||||||||||||||||||
Developed International Index Fund | 2,122,485 | 3,193,128 | — | — | 2,122,485 | 3,193,128 | ||||||||||||||||||
International Equity Fund | 5,142,643 | 9,095,358 | — | — | 5,142,643 | 9,095,358 | ||||||||||||||||||
Emerging Markets Equity Fund | 427,831 | 473,407 | — | — | 427,831 | 473,407 | ||||||||||||||||||
Real Estate Securities Fund | 4,122,694 | 3,376,987 | 11,247,243 | 8,332,542 | 15,369,937 | 11,709,529 | ||||||||||||||||||
Aggressive Allocation Fund | 886,647 | 1,468,137 | 7,798,589 | 4,096,219 | 8,685,236 | 5,564,356 | ||||||||||||||||||
Moderately Aggressive Allocation Fund | 4,394,203 | 6,147,670 | 27,334,592 | 13,387,233 | 31,728,795 | 19,534,903 | ||||||||||||||||||
Moderate Allocation Fund | 7,572,549 | 8,627,023 | 31,886,947 | 18,454,127 | 39,459,496 | 27,081,150 | ||||||||||||||||||
Moderately Conservative Allocation Fund | 2,399,500 | 2,549,865 | 8,096,434 | 5,487,908 | 10,495,934 | 8,037,773 | ||||||||||||||||||
Conservative Allocation Fund | 1,542,898 | 1,419,532 | 3,883,603 | 1,835,238 | 5,426,501 | 3,254,770 |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
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Notes to Financial Statements — December 31, 2015
Capital loss carryforwards:
At December 31, 2015, 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 | ||||||||||
International Equity Fund | — | $ | 5,284,998 | $ | 5,284,998 | |||||||
Emerging Markets Equity Fund | $ | 4,867,907 | — | 4,867,907 |
At December 31, 2015, 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 | |||||||
High Yield Bond Fund | $ | 4,636,015 | $ | 1,271,754 | ||||
Developed International Index Fund | 172,355 | 2,631,345 | ||||||
International Equity Fund | 1,942,102 | — | ||||||
Emerging Markets Equity Fund | 4,872,058 | 2,999,643 |
During the year ended December 31, 2015, the following Fund utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
Index 500 Fund | $ | 2,434,673 |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2016:
Late-Year Ordinary Losses | Late-Year Capital Losses | |||||||
Limited Maturity Bond Fund | — | $ | 467,149 | |||||
High Yield Bond Fund | — | 2,008,812 | ||||||
Mid Cap Growth Fund | $ | 312 | — | |||||
Mid Cap Value Fund | — | 2,641,763 | ||||||
SMID Cap Growth Fund | — | 583,236 | ||||||
SMID Cap Value Fund | — | 74,488 | ||||||
Developed International Index Fund | 25,856 | 66,729 | ||||||
International Equity Fund | 168,175 | — | ||||||
Emerging Markets Equity Fund | — | 118,627 |
Tax cost of securities:
At June 30, 2015, 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, 2015 were as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Money Market Fund | $ | 133,297,998 | — | — | — | |||||||||||
Limited Maturity Bond Fund | 188,380,009 | $ | 131,128 | $ | (1,772,630 | ) | $ | (1,641,502 | ) | |||||||
Quality Bond Fund | 548,036,595 | 3,459,658 | (13,125,759 | ) | (9,666,101 | ) | ||||||||||
High Yield Bond Fund | 182,654,280 | 1,744,781 | (15,482,469 | ) | (13,737,688 | ) | ||||||||||
Flexibly Managed Fund | 3,030,310,782 | 382,223,165 | (92,292,201 | ) | 289,930,964 |
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Notes to Financial Statements — December 31, 2015
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Balanced Fund | $ | 50,182,233 | $ | 30,223,064 | $ | (3,718,303 | ) | $ | 26,504,761 | |||||||
Large Growth Stock Fund | 215,143,247 | 91,431,909 | (5,365,698 | ) | 86,066,211 | |||||||||||
Large Cap Growth Fund | 39,470,246 | 7,013,040 | (2,386,441 | ) | 4,626,599 | |||||||||||
Large Core Growth Fund | 90,192,347 | 24,088,891 | (1,927,070 | ) | 22,161,821 | |||||||||||
Large Cap Value Fund | 190,027,987 | 36,999,610 | (17,837,078 | ) | 19,162,532 | |||||||||||
Large Core Value Fund | 191,047,032 | 20,391,298 | (8,926,500 | ) | 11,464,798 | |||||||||||
Index 500 Fund | 265,129,731 | 180,455,293 | (19,596,753 | ) | 160,858,540 | |||||||||||
Mid Cap Growth Fund | 113,755,621 | 12,673,825 | (14,684,358 | ) | (2,010,533 | ) | ||||||||||
Mid Cap Value Fund | 164,478,880 | 22,143,087 | (22,118,880 | ) | 24,207 | |||||||||||
Mid Core Value Fund | 91,690,264 | 5,839,338 | (6,406,368 | ) | (567,030 | ) | ||||||||||
SMID Cap Growth Fund | 50,713,502 | 7,573,595 | (2,370,886 | ) | 5,202,709 | |||||||||||
SMID Cap Value Fund | 62,551,155 | 10,007,081 | (5,175,746 | ) | 4,831,335 | |||||||||||
Small Cap Growth Fund | 78,618,663 | 20,355,941 | (7,080,406 | ) | 13,275,535 | |||||||||||
Small Cap Value Fund | 203,536,336 | 37,334,304 | (14,752,689 | ) | 22,581,615 | |||||||||||
Small Cap Index Fund | 53,793,711 | 19,456,757 | (7,790,726 | ) | 11,666,031 | |||||||||||
Developed International Index Fund | 84,032,380 | 31,738,521 | (18,856,927 | ) | 12,881,594 | |||||||||||
International Equity Fund | 301,194,207 | 105,787,022 | (30,386,396 | ) | 75,400,626 | |||||||||||
Emerging Markets Equity Fund | 133,475,418 | 28,664,392 | (24,167,307 | ) | 4,497,085 | |||||||||||
Real Estate Securities Fund | 123,531,689 | 18,690,926 | (3,366,409 | ) | 15,324,517 | |||||||||||
Aggressive Allocation Fund | 45,147,351 | 16,788,129 | (714,157 | ) | 16,073,972 | |||||||||||
Moderately Aggressive Allocation Fund | 174,232,734 | 67,228,668 | (2,404,978 | ) | 64,823,690 | |||||||||||
Moderate Allocation Fund | 258,222,856 | 85,344,627 | (1,646,583 | ) | 83,698,044 | |||||||||||
Moderately Conservative Allocation Fund | 80,772,799 | 22,041,985 | (587,990 | ) | 21,453,995 | |||||||||||
Conservative Allocation Fund | 51,472,671 | 10,009,222 | (278,611 | ) | 9,730,611 |
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.
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Futures Contracts — A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.
To the extent permitted by the investment objective, restrictions and policies set forth in the Funds’ Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn “market-like” returns with the Funds’ excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds’ investment objectives.
Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund’s share price and expose the Fund to significant additional costs.
The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the year ended December 31, 2015. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds at December 31, 2015 were as follows:
Fund | Type | Futures Contact | Expiration Date | Number Of Contracts | Units per Contract | Closing Price | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Limited Maturity Bond | Buy/Long | US Treasury Note | 3/31/2016 | 300 | 1,000 | $ | 109 | $ | (98,436 | ) | ||||||||||||||
Limited Maturity Bond | Sell/Short | US Treasury Note | 3/31/2016 | (60 | ) | 1,000 | 118 | 16,406 | ||||||||||||||||
Limited Maturity Bond | Sell/Short | US Treasury Note | 3/31/2016 | (20 | ) | 1,000 | 126 | 7,343 | ||||||||||||||||
|
| |||||||||||||||||||||||
$ | (74,687 | ) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Quality Bond | Buy/Long | US Treasury Note | 3/31/2016 | 70 | 1,000 | 118 | (19,688 | ) | ||||||||||||||||
Quality Bond | Buy/Long | US Treasury Note | 3/31/2016 | 100 | 1,000 | 118 | (28,907 | ) | ||||||||||||||||
Quality Bond | Buy/Long | US Treasury Note | 3/31/2016 | 50 | 2,000 | 109 | (13,281 | ) | ||||||||||||||||
Quality Bond | Sell/Short | US Treasury Note | 3/31/2016 | (210 | ) | 1,000 | 126 | 77,110 | ||||||||||||||||
Quality Bond | Sell/Short | US Treasury Long Bond | 3/21/2016 | (15 | ) | 1,000 | 154 | 22,500 | ||||||||||||||||
Quality Bond | Sell/Short | US Treasury Ultra Bond | 3/21/2016 | (95 | ) | 1,000 | 159 | (89,062 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
$ | (51,328 | ) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Index 500 | Buy/Long | E-Mini S&P 500 Index | 3/14/2016 | 48 | 50 | 2,035 | (4,293 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||
$ | (4,293 | ) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Small Cap Index | Buy/Long | Russell 2000 Mini Index | 3/18/2016 | 11 | 100 | 1,132 | 26,266 | |||||||||||||||||
|
| |||||||||||||||||||||||
$ | 26,266 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||
Developed International Index | Buy/Long | E-Mini MSCI EAFE Index | 3/18/2016 | 15 | 50 | 1,698 | 22,091 | |||||||||||||||||
|
| |||||||||||||||||||||||
$ | 22,091 | |||||||||||||||||||||||
|
|
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, 2015 are 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
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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 Operation.
The Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.
Transactions in options written during the year ended December 31, 2015 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, 2014 | 49,048 | $ | 13,029,989 | |||||
Options written | 32,071 | 9,462,789 | ||||||
Options repurchased | (20,228 | ) | (6,010,312 | ) | ||||
Options expired | (10,038 | ) | (3,323,652 | ) | ||||
Options exercised | (20,476 | ) | (4,214,038 | ) | ||||
Options split | 1,059 | — | ||||||
|
|
|
| |||||
Options outstanding at December 31, 2015 | 31,436 | $ | 8,944,776 | |||||
|
|
|
|
Mid Cap Growth Fund | Number of Contracts/ Notional Amount | Premium Received | ||||||
Options outstanding at December 31, 2014 | 256 | $ | 44,824 | |||||
Options written | 1,856 | 1,180,216 | ||||||
Options repurchased | (952 | ) | (677,844 | ) | ||||
Options expired | (877 | ) | (132,941 | ) | ||||
Options exercised | (209 | ) | (105,089 | ) | ||||
Options non-taxable merger exchanged in | 74 | 309,166 | ||||||
Options non-taxable merger exchanged out | (74 | ) | (309,166 | ) | ||||
|
|
|
| |||||
Options outstanding at December 31, 2015 | 74 | $ | 309,166 | |||||
|
|
|
|
The total market value of written options held in the Flexibly Managed and Mid Cap Growth Funds as of December 31, 2015 can be found on the Schedule of Investments.
Forward Foreign Currency Contracts — A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
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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, 2015 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 | Canadian Dollar | JP Morgan Chase | 03/31/2016 | 38,000 | 1.38337 | $ | 27,457 | $ | 27,469 | $ | 12 | |||||||||||||||||
Sell | Canadian Dollar | BAML | 03/31/2016 | (206,704 | ) | 1.38337 | (150,512 | ) | (149,421 | ) | 1,091 | |||||||||||||||||
Sell | Canadian Dollar | BNYMellon | 03/31/2016 | (102,332 | ) | 1.38337 | (74,659 | ) | (73,973 | ) | 686 | |||||||||||||||||
Sell | Canadian Dollar | BNYMellon | 03/31/2016 | (31,000 | ) | 1.38337 | (22,206 | ) | (22,409 | ) | (203 | ) | ||||||||||||||||
Sell | Canadian Dollar | Royal Bank of Canada | 03/31/2016 | (154,400 | ) | 1.38337 | (113,584 | ) | (111,612 | ) | 1,972 | |||||||||||||||||
Sell | Euro | BNYMellon | 03/15/2016 | (111,798 | ) | 0.92017 | (122,548 | ) | (121,732 | ) | 816 | |||||||||||||||||
Sell | Euro | Citigroup | 03/15/2016 | (8,134,390 | ) | 0.92017 | (8,947,765 | ) | (8,857,206 | ) | 90,559 | |||||||||||||||||
Sell | Euro | Morgan Stanley | 03/15/2016 | (100,000 | ) | 0.92017 | (109,696 | ) | (108,886 | ) | 810 | |||||||||||||||||
Sell | Euro | State Street | 03/15/2016 | (106,542 | ) | 0.92017 | (116,639 | ) | (116,009 | ) | 630 | |||||||||||||||||
Buy | Pounds Sterling | BNYMellon | 01/13/2016 | 9,625 | 0.67833 | 14,871 | 14,190 | (681 | ) | |||||||||||||||||||
Buy | Pounds Sterling | BNYMellon | 01/13/2016 | 4,453 | 0.67833 | 6,625 | 6,565 | (60 | ) | |||||||||||||||||||
Sell | Pounds Sterling | BNYMellon | 01/13/2016 | (143,000 | ) | 0.67833 | (221,078 | ) | (210,820 | ) | 10,258 | |||||||||||||||||
Sell | Pounds Sterling | Credit Suisse | 01/13/2016 | (2,805,000 | ) | 0.67833 | (4,295,156 | ) | (4,135,309 | ) | 159,847 | |||||||||||||||||
Sell | Pounds Sterling | HSBC | 01/13/2016 | (100,000 | ) | 0.67833 | (151,790 | ) | (147,426 | ) | 4,364 | |||||||||||||||||
Sell | Swiss Francs | UBS | 02/12/2016 | (601,787 | ) | 1.00160 | (603,141 | ) | (601,932 | ) | 1,209 | |||||||||||||||||
|
| |||||||||||||||||||||||||||
Total | $ | 271,310 | ||||||||||||||||||||||||||
|
|
Open forward foreign currency contracts held by the Mid Core Value Fund at December 31, 2015 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 | JP Morgan Chase | 01/29/2016 | (1,905,734 | ) | 1.38370 | $ | (1,366,803 | ) | $ | (1,377,358 | ) | $ | (10,555 | ) | |||||||||||||
Sell | Canadian Dollar | JP Morgan Chase | 01/29/2016 | (90,436 | ) | 1.38370 | (65,193 | ) | (65,362 | ) | (169 | ) | ||||||||||||||||
Sell | Euro | UBS | 01/29/2016 | (743,292 | ) | 0.92017 | (814,901 | ) | (808,352 | ) | 6,549 | |||||||||||||||||
Sell | Japanese Yen | Credit Suisse | 01/29/2016 | (40,506,985 | ) | 120.19500 | (335,245 | ) | (337,214 | ) | (1,969 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||||||
Total | $ | (6,144 | ) | |||||||||||||||||||||||||
|
|
Open forward foreign currency contracts held by the Emerging Markets Equity Fund at December 31, 2015 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 | Euro | UBS | 01/21/2016 | (3,579,169 | ) | 0.92017 | $ | (3,911,602 | ) | $ | (3,891,690 | ) | $ | 19,912 | ||||||||||||||
|
| |||||||||||||||||||||||||||
Total | $ | 19,912 | ||||||||||||||||||||||||||
|
|
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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, 2015 are 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, 2015:
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 and foreign currency related items* | Call options written, at value Net unrealized appreciation in value of investments, futures contracts 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 contracts* | ||
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.
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, 2015:
Asset Derivative Value | Liability Derivative Value | |||||||||||||||||||||||
Equity contracts | Foreign exchange contracts | Interest rate contracts | Equity contracts | Foreign exchange contracts | Interest rate contracts | |||||||||||||||||||
Limited Maturity Bond Fund | $ | — | $ | — | $ | 23,749 | $ | — | $ | — | $ | (98,436 | ) | |||||||||||
Quality Bond Fund | — | — | 99,610 | — | — | (150,938 | ) | |||||||||||||||||
High Yield Bond Fund | — | 272,254 | — | — | (944 | ) | — | |||||||||||||||||
Flexibly Managed Fund | — | — | — | (10,736,246 | ) | — | — | |||||||||||||||||
Index 500 Fund | — | — | — | (4,293 | ) | — | — | |||||||||||||||||
Mid Cap Growth Fund | — | — | — | (58,460 | ) | — | — | |||||||||||||||||
Mid Core Value Fund | — | 6,549 | — | — | (12,693 | ) | — | |||||||||||||||||
Small Cap Index Fund | 26,266 | — | — | — | — | — | ||||||||||||||||||
Developed International Index Fund | 22,091 | — | — | — | — | — | ||||||||||||||||||
Emerging Markets Equity Fund | — | 19,912 | — | — | — | — |
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
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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.
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, 2015:
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 Fund | ||||||||||||||||||||||
Bank of New York Mellon | Fx Letter | $ | 11,760 | $ | (944 | ) | $ | 10,816 | — | $ | 10,816 | |||||||||||
Bank of America Merrill Lynch | Fx Letter | 1,091 | — | 1,091 | — | 1,091 | ||||||||||||||||
Citigroup | Fx Letter | 90,559 | — | 90,559 | — | 90,559 | ||||||||||||||||
Credit Suisse First Boston | Fx Letter | 159,847 | — | 159,847 | — | 159,847 | ||||||||||||||||
HSBC | Fx Letter | 4,364 | — | 4,364 | — | 4,364 | ||||||||||||||||
JPMorgan Chase | Fx Letter | 12 | — | 12 | — | 12 | ||||||||||||||||
Morgan Stanley & Co | Fx Letter | 810 | — | 810 | — | 810 | ||||||||||||||||
Royal Bank of Canada | Fx Letter | 1,972 | — | 1,972 | — | 1,972 | ||||||||||||||||
State Street | Fx Letter | 630 | — | 630 | — | 630 | ||||||||||||||||
UBS | Fx Letter | 1,209 | — | 1,209 | — | 1,209 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 272,254 | (944 | ) | 271,310 | — | 271,310 | ||||||||||||||||
Flexibly Managed Fund | ||||||||||||||||||||||
Bank of America Merrill Lynch | ISDA | — | (29,905 | ) | (29,905 | ) | — | — | ||||||||||||||
Citigroup Global Markets | ISDA | — | (5,187,669 | ) | (5,187,669 | ) | — | — | ||||||||||||||
Deutsche Bank | ISDA | — | (2,343,975 | ) | (2,343,975 | ) | — | — | ||||||||||||||
Morgan Stanley & Co | ISDA | — | (3,174,697 | ) | (3,174,697 | ) | — | — | ||||||||||||||
Exchange Traded | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | — | (10,736,246 | ) | (10,736,246 | ) | — | — |
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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) | ||||||||||||||||
Mid Cap Growth | ||||||||||||||||||||||
Deutsche Bank | ISDA | $ | — | $ | (48,460 | ) | $ | (48,460 | ) | $ | — | $ | — | |||||||||
Mid Core Value Fund | ||||||||||||||||||||||
Credit Suisse | Fx Letter | — | (1,969 | ) | (1,969 | ) | — | — | ||||||||||||||
JPMorgan Chase | Fx Letter | — | (10,724 | ) | (10,724 | ) | — | — | ||||||||||||||
UBS | Fx Letter | 6,549 | — | 6,549 | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 6,549 | (12,693 | ) | (6,144 | ) | — | — | |||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||
UBS | Fx Letter | 19,912 | — | 19,912 | — | 19,912 |
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of December 31, 2015:
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 |
Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||||||
Portfolio | Equity contracts | Foreign currency contracts | Interest rate contracts | |||||||||
Limited Maturity Bond Fund | $ | — | $ | — | $ | (324,813 | ) | |||||
Quality Bond Fund | — | — | 453,535 | |||||||||
High Yield Bond Fund | — | 731,339 | — | |||||||||
Flexibly Managed Fund | — | — | — | |||||||||
Index 500 Fund | 336,718 | — | — | |||||||||
Mid Cap Growth Fund | (118,982 | ) | — | — | ||||||||
Mid Core Value Fund | — | 436,520 | — | |||||||||
Small Cap Index Fund | (130,343 | ) | — | — | ||||||||
Developed International Index Fund | (29,042 | ) | (48,768 | ) | — | |||||||
Emerging Markets Equity Fund | — | 85,163 | — |
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||||||||
Portfolio | Equity contracts | Foreign currency contracts | Interest rate contracts | |||||||||
Limited Maturity Bond Fund | $ | — | $ | — | $ | (51,250 | ) | |||||
Quality Bond Fund | — | — | 625,860 | |||||||||
High Yield Bond Fund | — | (97,483 | ) | — | ||||||||
Flexibly Managed Fund | 8,462,912 | — | — | |||||||||
Index 500 Fund | (351,802 | ) | — | — | ||||||||
Mid Cap Growth Fund | 233,582 | — | — | |||||||||
Mid Core Value Fund | — | (20,722 | ) | — | ||||||||
Small Cap Index Fund | 31,132 | — | — | |||||||||
Developed International Index Fund | 52,511 | — | — | |||||||||
Emerging Markets Equity Fund | — | (121,459 | ) | — |
The table below summarizes the average balance of derivative holdings by Fund during the year ended December 31, 2015. 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 (Notional Value) Long | Futures Contracts (Notional Value) Short | Purchased Options (Average Notional Cost) | Written Options (Premium Received) | |||||||||||||||
Limited Maturity Bond Fund | $ | — | $ | 43,309,500 | $ | 12,015,481 | $ | — | $ | — | ||||||||||
Quality Bond Fund | — | 30,732,588 | 78,985,281 | — | — | |||||||||||||||
High Yield Bond Fund | (14,380,663 | ) | — | — | — | — | ||||||||||||||
Flexibly Managed Fund | — | — | — | — | (8,063,064 | ) | ||||||||||||||
Index 500 Fund | — | 8,097,796 | — | — | — | |||||||||||||||
Mid Cap Growth Fund | — | — | — | 51,563 | (146,934 | ) | ||||||||||||||
Mid Core Value Fund | (3,095,407 | ) | — | — | — | — | ||||||||||||||
Small Cap Index Fund | — | 1,056,046 | — | — | — | |||||||||||||||
Developed International Index Fund | — | 2,714,255 | — | — | — | |||||||||||||||
Emerging Markets Equity Fund | (5,878,096 | ) | — | — | — | — |
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
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Penn Series Funds, Inc.
Notes to Financial Statements — December 31, 2015
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/or repurchase agreements collateralized by government securities) may continue to transact shares at an 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. Effective May 1, 2016, the Board has approved changes to the MMF’s investment objective and principal investment strategies to enable the MMF to operate as a government money market fund. As a government money market fund, MMF will be allowed to continue to transact at a constant net asset value. To qualify as a government money market fund, MMF must invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are “collateralized fully” (i.e., backed by cash or U.S. government securities). Accordingly, MMF’s revised investment objective and principal investment strategies will require that MMF invest 99.5% or more of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities. To keep transaction costs to a minimum, MMF has been gradually transitioning its portfolio holdings from its current investment strategy to its new investment strategy and expects to be invested in accordance with its new investment strategy on or before May 1, 2016.
11 — SUBSEQUENT EVENTS
Except as disclosed below, Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.
Effective January 1, 2016, Penn Series entered into new and revised service provider arrangements with PMAM, Penn Mutual, and BNY Mellon related to the administration, accounting, and shareholder services, among other services, provided to the Funds. Each of the Funds will pay Penn Mutual 0.01% of the Fund’s average daily net assets under a revised administrative and corporate services agreement and 0.09% under a new shareholder servicing agreement. Each of the Funds will pay PMAM 0.02% of the Fund’s average daily net assets under a new co-administrative agreement. Each of the Funds will pay BNY Mellon approximately 0.01% of the Fund’s average daily net assets for additional services under a revised fund administration and accounting agreement. These new and revised service provider arrangements are expected to result in an overall two basis point reduction in the “Other Expenses” paid by the Funds for the fiscal year ending December 31, 2016.
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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), including the schedules of investments, as of December 31, 2015, 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, 2015, 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 the Penn Series Funds, Inc. as of December 31, 2015, 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 24, 2016
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Penn Series Funds, Inc.
December 31, 2015
Each Fund reports the following amounts distributed during the year ended December 31, 2015 as capital gain dividends:
Fund | Long-Term Capital Gain | |||
Quality Bond Fund | $ | 5,712,002 | ||
Flexibly Managed Fund | 250,663,512 | |||
Balanced Fund | 4,308,714 | |||
Large Growth Stock Fund | 32,483,632 | |||
Large Cap Growth Fund | 5,021,704 | |||
Large Core Growth Fund | 10,422,157 | |||
Large Cap Value Fund | 10,201,067 | |||
Large Core Value Fund | 15,732,524 | |||
Index 500 Fund | 7,376,220 | |||
Mid Cap Growth Fund | 2,419,772 | |||
Mid Cap Value Fund | 26,907,782 | |||
Mid Core Value Fund | 5,336,338 | |||
SMID Cap Growth Fund | 4,762,153 | |||
SMID Cap Value Fund | 5,180,621 | |||
Small Cap Growth Fund | 7,892,122 | |||
Small Cap Value Fund | 13,389,064 | |||
Small Cap Index Fund | 3,318,676 | |||
Real Estate Securities Fund | 11,247,243 | |||
Aggressive Allocation Fund | 7,798,589 | |||
Moderately Aggressive Allocation Fund | 27,334,592 | |||
Moderate Allocation Fund | 31,886,947 | |||
Moderately Conservative Allocation Fund | 8,096,434 | |||
Conservative Allocation Fund | 3,883,603 |
Each Fund reports the following percentages of ordinary income dividend paid during the year ended December 31, 2015 as being eligible for the dividends received deduction available to corporate shareholders:
Fund | ||||
High Yield Bond Fund | 0.74 | % | ||
Flexibly Managed Fund | 26.72 | % | ||
Balanced Fund | 46.43 | % | ||
Large Cap Growth Fund | 100.00 | % | ||
Large Cap Value Fund | 100.00 | % | ||
Large Core Value Fund | 60.59 | % | ||
Index 500 Fund | 100.00 | % | ||
Mid Cap Growth Fund | 27.97 | % | ||
Mid Cap Value Fund | 73.64 | % | ||
Mid Core Value Fund | 46.06 | % | ||
SMID Cap Value Fund | 100.00 | % | ||
Small Cap Growth Fund | 100.00 | % | ||
Small Cap Value Fund | 100.00 | % | ||
Small Cap Index Fund | 86.01 | % | ||
International Equity Fund | 15.66 | % | ||
Emerging Markets Equity Fund | 6.59 | % | ||
Real Estate Securities Fund | 1.33 | % | ||
Aggressive Allocation Fund | 49.94 | % | ||
Moderately Aggressive Allocation Fund | 34.25 | % | ||
Moderate Allocation Fund | 23.08 | % | ||
Moderately Conservative Allocation Fund | 15.81 | % | ||
Conservative Allocation Fund | 9.37 | % |
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Penn Series Funds, Inc.
December 31, 2015
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 23, 2015. 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, 2015 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)
Name and Year of Birth | Position with | Principal Occupation | Number of Funds Overseen by the Director | Other Directorships During Past 5 Years | ||||||
INDEPENDENT DIRECTORS† | ||||||||||
Marie K. Karpinski (1949)* | Director; No set term; served since 2015. | Retired (2010 – Present). | 29 | None. | ||||||
Joanne B. Mack (1946)* | 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 (1955)* | Director; No set term; served since 2010. | Professor of Finance, Wharton School, University of Pennsylvania (1984 – Present). | 29 | None. | ||||||
Rebecca C. Matthias (1953)* | Director; No set term; served since 2010. | Retired (2010 – Present); President, Destination Maternity Corporation (clothing) (1982 – 2010). | 29 | Director, CSS Industries. | ||||||
INTERESTED DIRECTORS | ||||||||||
Eileen C. McDonnell (1962)* | Director and Chairperson of the Board; No set term; served since 2010. | Chief Executive Officer (2011 – Present), President (2010 – 2015), Chairperson of the Board (2013 – Present), 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 (1949)* | Director; No set term; served since 2009. | Chief Executive Officer, President and Attorney, Hangley Aronchick Segal Pudlin & Schiller (law firm) (1994 – Present). |
| 29 |
| None. |
* | The address of each Director is: Penn Series Funds, Inc. 600 Dresher Road, Horsham, Pennsylvania 19044. |
Name and Year of Birth | Position with | Principal Occupation | ||||||
OFFICERS | ||||||||
David M. O’Malley (1974)* | President; One year; served since 2014. | Chairperson and Chief Executive Officer, PMAM (2014 – Present); President and Chief Operating Officer (Jan. 2016 – Present), Chief Operating Officer (2013 – 2015), Chief Financial Officer (2010 – 2013), Executive Vice President (2009 – 2013), Penn Mutual. | ||||||
Steven Viola (1975)* | Treasurer One year; served since 2015. | Senior Fund Accounting Analyst, PMAM (Jan. 2016 – Present); Senior Accountant, Penn Mutual (2005 – 2015). | ||||||
David S. Williams (1967)* | Assistant Treasurer; One year; served since 2015. | Investment Accounting Manager, PMAM (Jan. 2016 – Present); Investment Accounting Manager, Penn Mutual (1998 – 2015). | ||||||
Franklin L. Best, Jr. (1945)* | 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. |
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Penn Series Funds Management (Unaudited)
Name and Year of Birth | Position with | Principal Occupation | ||||||
Victoria Robinson (1965)* | Chief Compliance Officer One year; served since 2014. | Chief Compliance Officer, PMAM (2008 – Present); Assistant Vice President, Penn Mutual (2010 – 2015). | ||||||
Jessica Swarr (1980) | Tax Director One year; served since 2014. | Tax Manager (2008 – 2014) and Corporate Tax Director (2014 – Present), Penn Mutual. | ||||||
Dominic Russo (1983)* | Anti-Money Laundering Officer One year; served since 2015. | Director, Insurance & Advertising Compliance (2014 – Present); Manager, Annuity New Business (2011 – 2014); Senior Team Leader, Annuity Services (2011); Senior Team Leader, Life Services (2008 – 2011), Penn Mutual. |
* | 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.
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PennMutual® The Penn Mutual Life Insurance Company The Penn Insurance and Annuity Company Our Noble Purpose Since 1847, Penn Mutual has been driven by our noble purpose — to create a world of possibilities, one individual, one family and one small business at a time. As an original pioneer of mutual life insurance in America, we believe that purchasing life insurance is the most protective, responsible and rewarding action a person can take to build a solid foundation today and create a brighter future for generations to come. © 2016 The Penn Mutual Life Insurance Company and The Penn Insurance & Annuity Company, Philadelphia, PA 19172 www.pennmutual.com PM8081 02/16
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Item 2. | Code of Ethics. |
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
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
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Item 4. | Principal Accountant Fees and Services. |
• | Registrant may incorporate the following information by reference, if this information has been disclosed in the registrant’s definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $470,000 for 2015 and $437,000 for 2014. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2015 and $0 for 2014. [This represents the review of the semi-annual financial statements.] |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2015 and $0 for 2014. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2015 and $0 for 2014. |
(e) | Audit Committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
(1) | Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Penn Series Funds, Inc. To the extent required by applicable law, pre-approval by the Audit Committee of the Penn Series Funds, Inc. (the “Company”) Board of Directors is required for all audit and permissible non-audit services rendered to the Company and all permissible non-audit services rendered to the investment adviser to the Company, Penn Mutual Asset Management, Inc. (“PMAM”), or any other service providers controlling, controlled by or under common control with PMAM that provide ongoing services to the Company (“Related Entities”) that relate directly to the operations and financial reporting of the Company’s Funds. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for the Company may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or by the Audit Committee Chairman or other member of the Audit Committee as designated by the Audit Committee. The Policy sets forth the audit, audit-related, tax and all other services that are subject to general or specific pre-approval by the Audit Committee subject to specified expense limitations. The Policy provides that the Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor pursuant to the pre-approval provision of the Policy. Pursuant to the Policy, the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules and related guidance concerning auditor independence. |
(2) | No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not Applicable. |
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(g) | The 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 was $0 for 2015 and $0 for 2014. |
(h) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
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.
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Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the 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, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT. |
(12.other) Not applicable.
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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.
(Registrant) | Penn Series Funds, Inc. |
By (Signature and Title)* | /s/ David M. O’Malley | |
David M. O’Malley, President | ||
(principal executive officer) |
Date | 3/7/2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ David M. O’Malley | |
David M. O’Malley, President | ||
(principal executive officer) |
Date | 3/7/2016 |
By (Signature and Title)* | /s/ Steven Viola | |
Steven Viola, Treasurer | ||
(principal financial officer) |
Date | 3/7/2016 |
* | Print the name and title of each signing officer under his or her signature. |