N-Q 1 d802876dnq.htm PENN SERIES FUNDS, INC. Penn Series Funds, Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-03459

 

 

Penn Series Funds, Inc.

(Exact name of registrant as specified in charter)

 

 

600 Dresher Road

Horsham, PA 19044

(Address of principal executive offices) (Zip code)

 

 

Timothy P. Demetres

Penn Series Funds, Inc.

600 Dresher Road

Horsham, PA 19044

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (215) 956-7949

Date of fiscal year end: December 31

Date of reporting period: September 30, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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.

 

 

 


Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Money Market Fund

 

    Par
(000)
   
Value†
 
CERTIFICATES OF DEPOSIT — 2.4%   
Banks — 2.4%    

Citibank
0.200%, 10/24/14
(Cost $3,500,089)

  $     3,500      $     3,500,089   
   

 

 

 
COMMERCIAL PAPER — 74.2%   
Aerospace & Defense — 0.2%    

Rockwell Collins
0.230%, 10/20/14

    300        299,964   
   

 

 

 
Beverages — 4.7%    

Anheuser-Busch Inbev Worldwide Inc
0.180%, 01/29/15

    500        499,700   

Coca-Cola Co.

   

0.150%, 10/15/14

    3,000        2,999,825   

0.130%, 10/20/14

    1,000        999,932   

0.160%, 11/18/14

    960        959,795   

0.200%, 01/26/15

    1,300        1,299,155   
   

 

 

 
      6,758,407   
   

 

 

 
Diversified — 0.9%    

Proctor & Gamble Co.
0.130%, 10/22/14

    1,300        1,299,901   
   

 

 

 
Diversified Financial Services — 5.7%    

Reckitt & Benckiser Treasury Services PLC
0.210%, 12/04/14

    1,000        999,627   

WGL Holdings, Inc.

   

0.170%, 10/08/14

    1,000        999,967   

0.170%, 10/15/14

    1,300        1,299,914   

0.160%, 10/16/14

    4,900        4,899,673   
   

 

 

 
      8,199,181   
   

 

 

 
Diversified Operations — 1.1%    

Koch Industries, Inc.
0.120%, 10/01/14

    1,600            1,600,000   
   

 

 

 
Electric — 31.2%    

Basin Electric Power

   

0.140%, 11/10/14

    300        299,953   

0.150%, 12/09/14

    1,700        1,699,511   

0.160%, 12/09/14

    5,300        5,298,375   

Dominion Resources, Inc.

   

0.270%, 10/14/14

    370        369,964   

0.230%, 10/17/14

    290        289,970   

DTE Energy Co.
0.210%, 10/03/14

    420        419,995   

Duke Energy Corp.
0.240%, 10/21/14

    290        289,961   

Edison International
0.230%, 10/14/14

    730        729,940   

Electricite de France

   

0.180%, 10/03/14

    1,100        1,099,989   

0.150%, 11/10/14

    2,800        2,799,533   

0.150%, 12/08/14

    3,000        2,999,150   

0.150%, 12/11/14

    350        349,897   

Emerson Electric Co.
0.120%, 11/28/14

    3,000        2,999,420   

GDF Suez S.A.

   
     Par
(000)
    
Value†
 
     
Electric — (continued)      

0.140%, 10/01/14

   $     2,200       $ 2,200,000   

0.150%, 10/06/14

     1,100         1,099,977   

0.200%, 10/14/14

     500         499,964   

0.180%, 11/18/14

     2,000         1,999,520   

IDACORP, Inc.
0.250%, 10/06/14

     600         599,979   

Kentucky Utilities
0.240%, 10/02/14

     620         619,996   

Nstar Electric
0.120%, 10/01/14

     4,500         4,500,000   

Oglethorpe Power Corp.

     

0.120%, 10/10/14

     2,200         2,199,934   

0.110%, 10/23/14

     5,050         5,049,661   

Southern Co.

     

0.170%, 10/14/14

     1,450         1,449,911   

0.160%, 10/16/14

     2,180         2,179,855   

0.160%, 10/20/14

     3,300         3,299,721   
     

 

 

 
            45,344,176   
     

 

 

 
Electronics — 1.7%      

Honeywell International, Inc.
0.120%, 10/21/14

     2,500         2,499,833   
     

 

 

 
Food — 1.0%      

Sysco Corp.
0.060%, 10/01/14

     1,500         1,500,000   
     

 

 

 
Healthcare Services — 5.0%      

United Healthcare Corp.

     

0.120%, 10/02/14

     3,200         3,199,990   

0.170%, 10/03/14

     3,250         3,249,969   

0.150%, 10/09/14

     780         779,974   
     

 

 

 
        7,229,933   
     

 

 

 
Insurance — 4.0%      

Metlife

     

0.110%, 10/22/14

     1,000         999,936   

0.120%, 11/03/14

     3,000         2,999,670   

0.120%, 11/10/14

     1,850         1,849,753   
     

 

 

 
        5,849,359   
     

 

 

 
Machinery — Diversified — 3.9%      

Rockwell Automation, Inc.

     

0.120%, 10/09/14

     700         699,981   

0.120%, 10/10/14

     5,000         4,999,850   
     

 

 

 
        5,699,831   
     

 

 

 
Metal Fabricate/Hardware — 5.0%      

Precision Cast Parts Corp.

     

0.110%, 10/06/14

     1,200         1,199,982   

0.110%, 12/18/14

     6,100         6,098,546   
     

 

 

 
        7,298,528   
     

 

 

 
Oil & Gas — 8.1%      

Conocophillips

     

0.130%, 10/07/14

     6,078         6,077,868   

0.140%, 10/21/14

     700         699,946   

0.130%, 11/21/14

     500         499,908   

Enbridge Energy Co., Inc.

     

0.270%, 10/08/14

     430         429,977   
 

 

1


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Money Market Fund

 

    Par
(000)
   
Value†
 
COMMERCIAL PAPER — (continued)   
Oil & Gas — (continued)   

0.270%, 10/22/14

  $     300      $ 299,953   

Occidental Petroleum Corp.
0.250%, 10/22/14

    3,750        3,749,453   
   

 

 

 
      11,757,105   
   

 

 

 
Pharmaceuticals — 1.7%   

Glaxosmithkline Capital, Inc.

   

0.110%, 10/28/14

    500        499,959   

0.150%, 11/12/14

    1,000        999,825   

0.150%, 11/19/14

    500        499,898   

0.110%, 11/25/14

    420        419,929   
   

 

 

 
      2,419,611   
   

 

 

 

TOTAL COMMERCIAL PAPER

(Cost $107,755,829)

          107,755,829   
   

 

 

 
CORPORATE BONDS — 1.3%   
Aerospace & Defense — 0.6%   

The Boeing Co.
0.248%, 11/03/14•

    930        930,035   
   

 

 

 
Diversified Financial Services — 0.7%   

New York Life Global Funding
1.300%, 01/12/15 144A @

    1,000        1,002,970   
   

 

 

 

TOTAL CORPORATE BONDS

(Cost $1,933,005)

      1,933,005   
   

 

 

 
MUNICIPAL NOTES — 15.3%   

City of Minneapolis
0.050%, 12/01/27•

    2,290        2,290,000   

Colorado Housing & Finance Authority

   

0.060%, 10/01/30•

    2,800        2,800,000   

0.050%, 04/01/43•

    1,145        1,145,000   

Iowa Finance Authority

   

0.060%, 07/01/34•

    1,125        1,125,000   

0.060%, 01/01/39•

    800        800,000   

Minnesota Housing Finance Agency
0.060%, 07/01/36•

    4,000        4,000,000   

Pennsylvania Turnpike Commission
0.080%, 07/15/41•

    5,000        5,000,000   

South Dakota Housing Development Authority
0.070%, 05/01/39•

    5,000        5,000,000   
   

 

 

 

Total MUNICIPAL NOTES

(Cost $22,160,000)

  

  

    22,160,000   
   

 

 

 
U.S. TREASURY OBLIGATION — 3.5%   

U.S. Treasury Note
0.060%, 01/31/16•
(Cost $5,000,338)

    5,000        5,000,338   
   

 

 

 
    Number of
Shares
   
Value†
 
SHORT-TERM INVESTMENTS — 3.3%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares

    2,500,914      $ 2,500,914   

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

        2,315,858        2,315,858   

Fidelity Institutional Prime Money Market Portfolio - Class I

    1        1   

Wells Fargo Advantage Heritage Money Market Fund – Institutional Class

    1        1   

Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class

    1        1   
   

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,816,778)
        4,816,778   
   

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $145,166,039)

  

  

  $ 145,166,039   
   

 

 

 

 

 

See Security Valuation Note.
Variable Rate Security.
@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

PLC — Public Limited Company.

 

Maturity
Schedule
  

Market

Value

     % of
Portfolio
    
(Cumulative)
 

  1 —    7 days

   $ 59,344,861         40.9%         40.9%   

    8 —   14 days

     13,159,461         9.1%         50.0%   

  15 —  30 days

     35,157,546         24.2%         74.2%   

  31 —  60 days

     17,257,241         11.9%         86.1%   

  61 —  90 days

     17,445,105         12.0%         98.1%   

  91 — 120 days

     2,302,125         1.6%         99.7%   

121 — 150 days

     499,700         0.3%         100.0%   

Over 150 days

     —           0.0%         100.0%   

 

    
   $ 145,166,039         100.0%      
  

 

 

    

 

 

    

 

Average Weighted Maturity — 24 days

  

 

 

2


Penn Series Funds, Inc.

Money Market Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signif-

icant
Obser-
vable
Input

    Level 3
Signi-
ficant
Unobser-
vable
Input
 

U.S. TREASURY OBLIGATIONS

  $ 5,000,338      $      $ 5,000,338      $   

CERTIFICATES OF DEPOSIT

    3,500,089               3,500,089          

MUNICIPAL NOTES

    22,160,000          22,160,000     

CORPORATE BONDS

    1,933,005               1,933,005          

COMMERCIAL PAPER

    107,755,829               107,755,829          

SHORT-TERM INVESTMENTS

    4,816,778        4,816,778                 

 

 

TOTAL INVESTMENTS

  $ 145,166,039      $ 4,816,778      $ 140,349,261      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

    

 

 

3


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Limited Maturity Bond Fund

 

    Par
(000)
   
Value†
 
AGENCY OBLIGATION — 0.5%   
Government National Mortgage Association — 0.5%   

Ginnie Mae
2.760%, 03/16/39
(Cost $1,273,169)

  $ 1,250      $ 1,273,001   
   

 

 

 
ASSET BACKED SECURITIES — 18.2%   

Ally Master Owner Trust
1.540%, 09/15/19

          1,000        994,096   

Americredit Automobile Receivables Trust 2013-5
2.290%, 11/08/19

    1,000        1,001,407   

Cabela’s Master Credit Card Trust
0.685%, 02/18/20 144A @,•

    3,000        3,022,344   

Capital One Multi-Asset Execution Trust
0.960%, 09/16/19

    1,050            1,046,943   

Carmax Auto Owner Trust
0.980%, 01/15/19

    2,000        1,995,816   

Centerpoint Energy Transition Bond Co. IV LLC
0.901%, 04/15/18

    3,120        3,127,680   

Chase Issuance Trust 07-B1, B1
0.402%, 04/15/19•

    2,398        2,387,197   

Chesapeake Funding LLC
0.959%, 03/07/26 144A @•

    1,080        1,080,036   

Citibank Credit Card Issuance Trust
1.110%, 07/23/18

    2,000        2,006,444   

Conseco Financial Corp.
7.650%, 04/15/19

    12        12,780   

Consumers 2014 Securitization Funding LLC
1.334%, 11/01/20

    2,500        2,489,342   

CPS Auto Receivables Trust 2014-A
1.210%, 08/15/18 144A @

    809        808,553   

Discover Card Execution Note Trust
1.040%, 04/15/19

    735        734,627   

Entergy Arkansas Restoration Funding LLC
2.300%, 08/01/21

    893        906,600   

Enterprise Fleet Financing LLC
0.910%, 09/20/18 144A @

    1,150        1,148,190   

Equity One Mortgage Pass-Through Trust 2004-1
4.145%, 04/25/34•

    13        12,747   

Ford Credit Auto Owner Trust
1.970%, 05/15/19

    1,800        1,821,429   

Ford Credit Floorplan Master Owner Trust A
1.490%, 09/15/19

    1,000        995,224   

GE Equipment Transportation LLC Series 2013-1
1.540%, 03/24/21

    1,000        985,217   

Golden Credit Card Trust
1.390%, 07/15/19 144A @

    2,000        1,992,330   

HLSS Servicer Advance Receivables Trust
1.990%, 10/15/45 144A @

    2,450        2,466,905   

HLSS Servicer Advance Receivables Trust 2014-T1
1.244%, 01/17/45 144A @

    1,000        1,000,600   
    Par
(000)
   
Value†
 
                        

Hyundai Auto Lease Securitization Trust 2012-A
0.920%, 08/17/15 144A @

  $ 284      $ 283,773   

Hyundai Auto Lease Securitization Trust 2014-B
1.540%, 12/17/18 144A @

    1,100        1,097,359   

New Residential Advance Receivables Trust Advance Receivables Backed 2014-T1
1.274%, 03/15/45 144A @

    500        500,550   

Popular ABS Mortgage Pass-Through Trust 2004-4
4.628%, 09/25/34•

    11        11,431   

Rockwall CD0 II Ltd.
0.490%, 08/01/24 144A @•

    2,243            2,157,585   

SACO I, Inc.
1.052%, 06/25/35 144A @,•

    250        239,608   

SLM Student Loan Trust 2004-9
0.564%, 04/25/25•

          2,500        2,361,660   

Tralee CDO Ltd.
1.733%, 04/16/22 144A @•

    2,000        1,884,400   

Volvo Financial Equipment LLC Series 2013-1
1.620%, 08/17/20 144A @

    1,000        999,075   

World Financial Network Credit Card Master Trust
1.760%, 05/17/21

    1,782        1,789,018   
   

 

 

 
TOTAL ASSET BACKED SECURITIES
(Cost $43,510,452)
        43,360,966   
   

 

 

 
COMMERCIAL MORTGAGE BACKED SECURITIES — 15.2%   

BAMLL Commercial Mortgage Securities Trust 2013-DSNY
1.654%, 09/15/26 144A @,•

    1,000        998,739   

Banc of America Commercial Mortgage Trust 2006-1
5.372%, 09/10/45•

    3,095        3,220,122   

Boca Hotel Portfolio Trust 2013-BOCA
1.904%, 08/15/26 144A •@

    1,000        1,000,983   

CSMC Trust 2014-SURF
1.010%, 02/15/29 144A @,•

    1,000        1,000,667   

EMAC Owner Trust 2000-1
6.551%, 01/15/27 144A @•

    328        238,508   

Fannie Mae - Aces Series 2014-M2 Class ASV1
1.916%, 06/25/21

    8,373        8,420,439   

Fannie Mae Connecticut Avenue Securities
2.155%, 10/25/23•

    863        872,132   

FHLMC Multifamily Structured Pass-Through K501-A1
1.337%, 06/25/16

    1,184        1,189,718   

Freddie Mac Structured Agency Credit Risk Debt Notes

   

1.155%, 02/25/24•

    951        943,055   

2.557%, 08/25/24•

    2,000        2,001,608   

FREMF Mortgage Trust Series 2013-KF02 Class C
2.820%, 12/25/45 144A @

    1,692        1,767,292   
 

 

4


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Limited Maturity Bond Fund

 

    Par
(000)
   
Value†
 
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)   

Hilton USA Trust 2013-HLF
2.901%, 11/05/30 144A @,•

  $ 1,000      $ 1,000,629   

Hilton USA Trust 2014-ORL B
1.356%, 07/15/29 144A @•

        2,500        2,497,760   

JPMorgan Chase Commercial Mortgage Securities Trust 2013-JWRZ
1.304%, 04/15/30 144A @,•

    1,500        1,498,039   

JPMorgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A
1.104%, 12/15/28 144A @•

    1,000        1,000,048   

Morgan Stanley Capital I Trust 2005-Top19
4.890%, 06/12/47

    4,859        4,944,488   

Morgan Stanley Capital I Trust 2006-IQ12
5.332%, 12/15/43

    3,231          3,459,672   
   

 

 

 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $36,237,310)
        36,053,899   
   

 

 

 
CORPORATE BONDS — 46.7%   
Aerospace & Defense — 0.9%    

BAE Systems PLC
3.500%, 10/11/16 144A @

    1,000        1,045,867   

Lockheed Martin Corp.
2.125%, 09/15/16

    1,000        1,022,964   
   

 

 

 
    2,068,831   
   

 

 

 
Agriculture — 0.4%    

Altria Group, Inc.
4.125%, 09/11/15

    1,000        1,032,140   
   

 

 

 
Airlines — 2.5%    

American Airlines 2013-2 Class C Pass Through Trust
6.000%, 01/15/17 144A @

    1,000        1,040,000   

Continental Airlines 2009-1 Pass Through Trust
9.000%, 07/08/16

    970        1,067,295   

Delta Air Lines 2010-2 Class B Pass-Through Trust
6.750%, 11/23/15

    2,700        2,855,250   

UAL 2009-2A Pass-Through Trust
9.750%, 01/15/17

    809        914,678   
   

 

 

 
    5,877,223   
   

 

 

 
Auto Parts & Equipment — 0.5%    

Johnson Controls, Inc.
2.600%, 12/01/16

    1,105        1,141,772   
   

 

 

 
Banks — 5.0%    

Bank of America Corp.
3.750%, 07/12/16

    1,000        1,043,888   

Citigroup, Inc.
3.953%, 06/15/16

    2,000        2,100,578   

JPMorgan Chase & Co.
3.150%, 07/05/16

    2,000        2,069,910   

Royal Bank of Canada
1.450%, 09/09/16

    1,000        1,010,078   

State Street Corp.
4.956%, 03/15/18

    1,350        1,469,198   
    Par
(000)
   
Value†
 
                        
Banks — (continued)    

The Toronto-Dominion Bank
1.625%, 09/14/16 144A @

  $     2,000      $ 2,028,560   

Wells Fargo & Co.
2.625%, 12/15/16

    2,000        2,069,268   
   

 

 

 
      11,791,480   
   

 

 

 
Beverages — 2.1%    

Anheuser-Busch InBev Worldwide, Inc.
0.800%, 07/15/15

    1,000        1,002,943   

Coca-Cola Enterprises, Inc.
2.125%, 09/15/15

    1,000        1,014,743   

Constellation Brands, Inc.
7.250%, 05/15/17

    1,750        1,946,875   

Diageo Capital PLC
1.500%, 05/11/17

    1,000        1,005,006   
   

 

 

 
    4,969,567   
   

 

 

 
Biotechnology — 0.9%    

Amgen, Inc.
2.500%, 11/15/16

    1,000        1,028,298   

Celgene Corp.
2.450%, 10/15/15

    1,000        1,017,439   
   

 

 

 
    2,045,737   
   

 

 

 
Chemicals — 0.5%    

Ecolab, Inc.
1.000%, 08/09/15

    1,200        1,204,224   
   

 

 

 
Diversified Financial Services — 5.8%    

AerCap Aviation Solutions BV
6.375%, 05/30/17

    1,000        1,057,500   

American Express Co.
6.150%, 08/28/17

    2,000        2,251,756   

American Honda Finance Corp.
1.125%, 10/07/16

    1,000        1,003,423   

Ford Motor Credit Co. LLC
8.000%, 12/15/16

    2,000        2,274,948   

General Electric Capital Corp.

   

1.000%, 12/11/15

    1,000        1,005,469   

2.300%, 04/27/17

    1,000        1,027,496   

Icahn Enterprises LP
3.500%, 03/15/17

    1,000        990,000   

John Deere Capital Corp.
1.050%, 10/11/16

    1,000        1,002,293   

USAA Capital Corp.
2.250%, 12/13/16 144A @

    1,000        1,027,427   

Vesey Street Investment Trust I
4.404%, 09/01/16 STEP •

    2,000        2,119,480   
   

 

 

 
    13,759,792   
   

 

 

 
Electric — 2.1%    

Duke Energy Corp.
2.150%, 11/15/16

    1,000        1,021,634   

Israel Electric Corp. Ltd.
6.700%, 02/10/17 144A @

    1,000        1,082,000   

LG&E and KU Energy LLC
2.125%, 11/15/15

    1,000        1,012,427   

NextEra Energy Capital Holdings, Inc.
1.339%, 09/01/15

    1,000        1,006,289   
 

 

5


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Limited Maturity Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Electric — (continued)   

PECO Energy Co.
1.200%, 10/15/16

  $     1,000      $     1,005,323   
   

 

 

 
    5,127,673   
   

 

 

 
Electronics — 0.4%    

Thermo Fisher Scientific, Inc.
1.300%, 02/01/17

    1,000        996,943   
   

 

 

 
Environmental Control — 0.4%    

Waste Management, Inc.
2.600%, 09/01/16

    1,000        1,028,992   
   

 

 

 
Food — 2.0%    

ConAgra Foods, Inc.
1.300%, 01/25/16

    1,000        1,004,054   

Mondelez International, Inc.
4.125%, 02/09/16

    1,000        1,043,406   

Tyson Foods, Inc.
6.600%, 04/01/16

    2,000        2,163,982   

WM Wrigley Jr. Co.
1.400%, 10/21/16 144A @

    500        502,496   
   

 

 

 
    4,713,938   
   

 

 

 
Gas — 1.3%    

Florida Gas Transmission Co., LLC
4.000%, 07/15/15 144A @

    1,000        1,024,779   

Questar Corp.
2.750%, 02/01/16

    1,000        1,022,735   

Sabine Pass LNG LP
7.500%, 11/30/16

    1,000        1,060,100   
   

 

 

 
    3,107,614   
   

 

 

 
Healthcare Products — 2.3%    

Baxter International, Inc.
0.950%, 06/01/16

    1,000        1,003,210   

Boston Scientific Corp.
6.400%, 06/15/16

    2,000        2,174,536   

CareFusion Corp.
1.450%, 05/15/17

    1,000        994,797   

Covidien International Finance S.A.
1.350%, 05/29/15

    1,317        1,323,028   
   

 

 

 
    5,495,571   
   

 

 

 
Healthcare Services — 1.3%    

Fresenius Medical Care US Finance, Inc.
6.875%, 07/15/17

    1,000        1,100,000   

Quest Diagnostics, Inc.
5.450%, 11/01/15

    1,000        1,048,193   

WellPoint, Inc.
1.250%, 09/10/15

    1,000        1,005,870   
   

 

 

 
    3,154,063   
   

 

 

 
Insurance — 0.4%    

Principal Life Global Funding II
1.000%, 12/11/15 144A @

    1,000        1,004,282   
   

 

 

 
Machinery — Diversified — 1.4%     

CNH Capital LLC
3.875%, 11/01/15

    2,000        2,012,500   
    Par
(000)
   
Value†
 
                        
Machinery — Diversified — (continued)     

Xylem, Inc.
3.550%, 09/20/16

  $ 1,165      $ 1,219,552   
   

 

 

 
    3,232,052   
   

 

 

 
Media — 1.7%    

NBCUniversal Media LLC
3.650%, 04/30/15

          1,000        1,018,980   

Thomson Reuters Corp.

   

0.875%, 05/23/16

    1,000        998,367   

1.300%, 02/23/17

    1,000        998,268   

Time Warner, Inc.
5.875%, 11/15/16

    1,000            1,097,233   
   

 

 

 
    4,112,848   
   

 

 

 
Mining — 0.4%    

Rio Tinto Finance USA PLC
0.784%, 06/19/15•

    1,000        1,002,557   
   

 

 

 
Miscellaneous Manufacturing — 0.4%     

Tyco Electronics Group SA
0.437%, 01/29/16•

    1,000        1,000,463   
   

 

 

 
Oil & Gas — 2.6%    

BG Energy Capital PLC
2.500%, 12/09/15 144A @

    1,000        1,018,871   

Chesapeake Energy Corp.
6.500%, 08/15/17

    1,000        1,085,000   

Ensco PLC
3.250%, 03/15/16

    1,000        1,030,067   

Statoil ASA
3.125%, 08/17/17

    1,000        1,049,741   

Whiting Petroleum Corp.
5.000%, 03/15/19

    2,000        2,055,000   
   

 

 

 
    6,238,679   
   

 

 

 
Oil & Gas Services — 0.9%    

Cameron International Corp.
1.150%, 12/15/16

    1,000        999,245   

Schlumberger Investment SA
1.950%, 09/14/16 144A @

    1,035        1,055,671   
   

 

 

 
    2,054,916   
   

 

 

 
Pharmaceuticals — 2.4%    

Express Scripts Holding Co.
3.125%, 05/15/16

    1,000        1,035,761   

Mckesson Corp.

   

0.950%, 12/04/15

    500        500,608   

1.292%, 03/10/17

    1,000        996,455   

Merck & Co., Inc.
0.700%, 05/18/16

    1,000        1,001,529   

Mylan, Inc.
1.800%, 06/24/16

    1,260        1,274,713   

Perrigo Co., PLC
1.300%, 11/08/16 144A @

    1,000        1,000,918   
   

 

 

 
    5,809,984   
   

 

 

 
Pipelines — 0.9%    

Kinder Morgan Energy Partners LP
3.500%, 03/01/16

    1,000        1,033,996   
 

 

6


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Limited Maturity Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Pipelines — (continued)   

Spectra Energy Partners LP
2.950%, 06/15/16

  $ 1,000      $ 1,031,880   
   

 

 

 
    2,065,876   
   

 

 

 
Retail — 1.8%    

Costco Wholesale Corp.
5.500%, 03/15/17

          1,000        1,103,406   

CVS Health Corp.
1.200%, 12/05/16

    1,000        1,001,435   

Macy’s Retail Holdings, Inc.
5.900%, 12/01/16

    1,910            2,100,051   
   

 

 

 
    4,204,892   
   

 

 

 
Semiconductors — 0.8%    

Micron Semiconductor Asia Pte Ltd.
1.258%, 01/15/19

    900        898,853   

Samsung Electronics America, Inc.
1.750%, 04/10/17 144A @

    1,000        1,002,963   
   

 

 

 
    1,901,816   
   

 

 

 
Telecommunications — 3.2%    

America Movil S.A.B. de C.V.
2.375%, 09/08/16

    1,000        1,021,370   

AT&T, Inc.
0.900%, 02/12/16

    1,000        1,001,175   

British Telecommunications PLC
1.625%, 06/28/16

    1,000        1,009,265   

Crown Castle Towers LLC
3.214%, 08/15/15 144A @

    1,540        1,572,910   

Deutsche Telekom International Finance B.V.
3.125%, 04/11/16 144A @

    1,000        1,031,979   

Verizon Communications, Inc.

   

2.500%, 09/15/16

    1,000        1,026,292   

1.350%, 06/09/17

    1,000        994,919   
   

 

 

 
    7,657,910   
   

 

 

 
Transportation — 0.5%    

Burlington Northern Santa Fe LLC
5.650%, 05/01/17

    1,000        1,108,733   
   

 

 

 
Trucking and Leasing — 0.9%    

GATX Corp.
1.250%, 03/04/17

    1,000        992,729   

TTX Co.
5.400%, 02/15/16 144A @

    1,000        1,046,313   
   

 

 

 
    2,039,042   
   

 

 

 
TOTAL CORPORATE BONDS
(Cost $111,065,921)
        110,949,610   
   

 

 

 
RESIDENTIAL MORTGAGE BACKED SECURITIES — 0.8%   
Collateralized Mortgage Obligations — 0.6%   

Fannie Mae REMICS
0.555%, 11/25/39•

    1,425        1,430,793   
   

 

 

 
Fannie Mae Pool — 0.2%    

4.000%, 06/01/20

    223        236,518   

2.281%, 04/01/34•

    128        136,290   
    Par
(000)
   
Value†
 
                        
Fannie Mae Pool — (continued)    

2.315%, 07/01/36•

  $ 158      $ 168,358   
   

 

 

 
    541,166   
   

 

 

 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $1,939,898)
        1,971,959   
   

 

 

 
U.S. TREASURY OBLIGATIONS — 7.1%   

U.S. Treasury Note

   

2.000%, 04/30/16

    6,000        6,150,234   

0.500%, 06/15/16

    5,000        5,004,690   

0.875%, 05/15/17

    5,800        5,792,750   
   

 

 

 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $16,966,477)
          16,947,674   
   

 

 

 
    Number of
Shares
   
Value†
 
SHORT-TERM INVESTMENTS — 11.5%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares

    27,302,893        27,302,893   

Federated Prime Obligations Fund -Class I

    408        408   

Fidelity Institutional Prime Money Market Portfolio

    1,020        1,020   

Fidelity Institutional Prime Money Market Portfolio - Class I

    198        198   

Wells Fargo Advantage Government Money Market Fund - Institutional Class

    77        77   

Wells Fargo Advantage Heritage Money Market Fund - Institutional Class

    5        5   

Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class

    1        1   
   

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $27,304,602)
        27,304,602   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $238,297,829)(a)
      $ 237,861,711   
   

 

 

 

 

 

See Security Valuation Note.
@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.
Variable Rate Security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $238,313,159. Net unrealized depreciation was $451,448. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $454,043 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $905,491.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

STEP — Step Coupon Bond.

 

 

7


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Limited Maturity Bond Fund

 

Country Weightings as of 09/30/2014††  

United States

     88

Canada

     3   

United Kingdom

     3   

Cayman Islands

     2   

Luxembourg

     1   

Netherlands

     1   

Other

     2   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

8


Penn Series Funds, Inc.

Limited Maturity Bond Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
   

Level 2
Signi-
ficant

Obser-
vable

Input

    Level 3
Signi-
ficant
Unobser-
vable
Input
 

U.S. TREASURY OBLIGATIONS

  $ 16,947,674      $      $ 16,947,674      $   

AGENCY OBLIGATION

    1,273,001               1,273,001          

ASSET BACKED SECURITIES

    43,360,966               43,360,966          

COMMERCIAL MORTGAGE BACKED SECURITIES

    36,053,899               36,053,899          

CORPORATE BONDS

    110,949,610               110,949,610          

RESIDENTIAL MORTGAGE BACKED SECURITIES

    1,971,959               1,971,959          

SHORT-TERM INVESTMENTS

    27,304,602        27,304,602                 

 

 

TOTAL INVESTMENTS

  $ 237,861,711      $ 27,304,602      $ 210,557,109      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

9


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Quality Bond Fund

 

    Par
(000)
   
Value†
 
AGENCY OBLIGATION — 1.3%   
Federal National Mortgage Association — 1.3%   

5.000%, 04/15/15
(Cost $6,780,029)

  $     6,750      $ 6,927,525   
   

 

 

 
ASSET BACKED SECURITIES — 21.1%   

American Express Credit Account Master Trust
0.770%, 05/15/18

    2,727        2,728,134   

Babson CLO, Inc.
2007-I 1.484%, 01/18/21 144A @,•

    2,500        2,380,500   

Carmax Auto Owner Trust
0.980%, 01/15/19

    6,000        5,987,448   

Centerpoint Energy Transition Bond Co. IV LLC
0.901%, 04/15/18

    12,480        12,510,722   

Chase Issuance Trust
0.590%, 08/15/17

    12,500        12,512,712   

Chrysler Capital Auto Receivables Trust
2.700%, 05/15/20 144A @

    3,000        3,002,466   

College Loan Corp. Trust I
0.984%, 04/25/46 144A @,•

    5,000        4,914,660   

Conseco Financial Corp.
7.240%, 11/15/28•

    435        257,005   

Enterprise Fleet Financing LLC
0.910%, 09/20/18 144A @

    4,600        4,592,760   

Ford Credit Auto Owner Trust
1.010%, 05/15/18

    2,385        2,381,795   

Ford Credit Floorplan Master Owner Trust A
0.850%, 01/15/18

    17,000        17,020,145   

GE Capital Credit Card Master Note Trust
0.950%, 06/15/18

    5,000        5,013,535   

HLSS Servicer Advance Receivables Trust
1.990%, 10/15/45 144A @

    10,000          10,069,000   

HLSS Servicer Advance Receivables Trust
2014-T1 1.244%, 01/17/45 144A @

    1,000        1,000,600   

Hyundai Auto Lease Securitization Trust
2012-A 0.920%, 08/17/15 144A @

    756        756,727   

Rockwall CD0 II Ltd.
0.490%, 08/01/24 144A @,•

    5,382        5,178,203   

SACO I, Inc. 1.055%,
06/25/35 144A @,•

    749        718,824   

SLC Private Student Loan Trust
2006-A 0.534%, 07/15/36•

    4,000        3,847,704   

SLC Student Loan Trust
2005-1 0.434%, 02/15/45•

    7,169        6,530,742   

SLM Student Loan Trust
2004-9 0.564%, 04/25/25•

    5,000        4,723,320   

SLM Student Loan Trust
2008-5 1.934%, 07/25/23•

    3,000        3,130,002   

SLM Student Loan Trust
2008-9 1.734%, 04/25/23•

    3,814        3,953,026   
   

 

 

 
TOTAL ASSET BACKED SECURITIES
(Cost $113,698,557)
        113,210,030   
   

 

 

 
    Par
(000)
   
Value†
 
COMMERCIAL MORTGAGE BACKED SECURITIES — 7.6%   

Banc of America Commercial Mortgage Trust
2006-1 5.372%, 09/10/45•

  $     6,000      $   6,242,562   

Boca Hotel Portfolio Trust
2013-BOCA

   

1.304%, 08/15/26 144A @,•

    305        304,810   

1.904%, 08/15/26 144A @,•

    1,000        1,000,983   

CFCRE Commercial Mortgage Trust
2011-C1 4.961%, 04/15/44 144A @,•

    1,000        1,109,411   

Citigroup Deutsche Bank Commercial Mortgage Trust
5.322%, 12/11/49

    1,500        1,602,423   

EMAC Owner Trust
2000-1 6.513%, 01/15/27 144A @,•

    656        477,017   

Freddie Mac Structured Agency Credit
Risk Debt Notes
2.557%, 08/25/24•

    3,000        3,002,412   

FREMF Mortgage Trust
Series 2012-K18 Class B
4.410%, 01/25/45 144A @,•

    6,000        6,247,200   

FREMF Mortgage Trust
Series 2012-K19 Class C
4.176%, 05/25/45 144A @,•

    4,500        4,471,992   

FREMF Mortgage Trust
Series 2012-K22 Class B
3.812%, 08/25/45 144A @,•

    4,145        4,142,612   

FREMF Mortgage Trust
Series 2013-K28 Class C
3.614%, 03/25/23 144A @,•

    1,000        945,292   

FREMF Mortgage Trust
Series 2013-K35 Class C
4.082%, 08/25/23 144A @,•

    1,000        970,614   

FREMF Mortgage Trust
Series 2013-KF02 Class C
2.820%, 12/25/45 144A @,•

    1,692        1,767,291   

Hilton USA Trust 2013-HLT
4.407%, 11/05/30 144A @

    1,000        1,019,516   

Hilton USA Trust 2014-ORL B
1.356%, 07/15/29 144A @,•

    1,500        1,498,656   

JP Morgan Chase Commercial Mortgage
Securities Trust
2005-CIBC12 4.948%, 09/12/37•

    1,452        1,495,116   

JP Morgan Chase Commercial Mortgage Securities Trust
2014-FBLU 1.654%, 12/15/28 144A @,•

    1,900        1,900,990   

JPMorgan Chase Commercial Mortgage
Securities Trust
2007-LDP10 5.420%, 01/15/49

    1,419        1,529,055   

JPMorgan Chase Commercial Mortgage
Securities Trust 2014-FBLU Class A
1.104%, 12/15/28 144A @,•

    1,000        1,000,048   
   

 

 

 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $40,284,299)
        40,728,000   
   

 

 

 

 

 

 

10


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Quality Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — 29.5%   
Aerospace & Defense — 0.4%    

The Boeing Co.
6.625%, 02/15/38

  $     1,555      $ 2,123,046   
   

 

 

 
Agriculture — 0.2%    

Japan Tobacco, Inc.
2.100%, 07/23/18 144A @

    1,000        1,007,603   
   

 

 

 
Airlines — 1.7%    

American Airlines 2013-1 Class A Pass Through Trust
4.000%, 07/15/25

    949        959,397   

American Airlines 2013-2 Class B Pass Through Trust
5.600%, 07/15/20

    1,079        1,111,401   

Continental Airlines 2009-1 Pass Through Trust
9.000%, 07/08/16

    373        410,498   

Continental Airlines 2012-2 Class A Pass Through Trust
4.000%, 10/29/24

    972        993,500   

Delta Air Lines 2007-1 Class A Pass Through Trust
6.821%, 08/10/22

    944        1,099,249   

Northwest Airlines 2007-1 Class A Pass Through Trust
7.027%, 11/01/19

    1,425        1,632,857   

UAL 2009-1 Pass Through Trust
10.400%, 11/01/16

    990        1,096,504   

US Airways 2012-1 Class A Pass Through Trust
5.900%, 10/01/24

    1,854            2,076,701   
   

 

 

 
      9,380,107   
   

 

 

 
Auto Manufacturers — 0.2%    

General Motors Co.
6.250%, 10/02/43

    1,000        1,170,000   
   

 

 

 
Banks — 4.1%    

Bank of America Corp.
5.650%, 05/01/18

    1,000        1,112,298   

Bank of Montreal
2.850%, 06/09/15 144A @

    1,000        1,016,999   

Citigroup, Inc.
2.500%, 07/29/19

    2,000        1,982,178   

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.625%, 12/01/23

    1,750        1,813,023   

JPMorgan Chase & Co.

   

6.000%, 01/15/18

    1,700        1,913,382   

3.875%, 09/10/24

    2,500        2,450,858   

Morgan Stanley
5.950%, 12/28/17

    2,050        2,296,025   

Royal Bank of Canada
1.450%, 09/09/16

    1,000        1,010,078   

State Street Corp.
4.956%, 03/15/18

    3,500        3,809,032   

The Bank of New York Mellon Corp.
2.100%, 08/01/18

    1,000        1,008,584   
    Par
(000)
   
Value†
 
     
Banks — (continued)    

The Goldman Sachs Group, Inc.
5.250%, 07/27/21

  $     1,000      $     1,108,602   

Wells Fargo & Co.
4.100%, 06/03/26

    2,500        2,491,212   
   

 

 

 
      22,012,271   
   

 

 

 
Beverages — 0.2%    

The Coca-Cola Co.
3.300%, 09/01/21

    1,000        1,036,440   
   

 

 

 
Biotechnology — 0.6%    

Amgen, Inc.
4.950%, 10/01/41

    1,000        1,035,803   

Biogen Idec, Inc.
6.875%, 03/01/18

    1,000        1,160,541   

Genentech, Inc.
5.250%, 07/15/35

    1,000        1,159,118   
   

 

 

 
      3,355,462   
   

 

 

 
Commercial Services — 1.1%    

Drawbridge Special Opportunities Fund LP
5.000%, 08/01/21 144A @

    2,000        1,980,000   

ERAC USA Finance LLC
2.350%, 10/15/19 144A @

    1,000        994,265   

Massachusetts Institute of Technology
3.959%, 07/01/38

    3,000        3,042,954   
   

 

 

 
      6,017,219   
   

 

 

 
Computers — 0.2%    

Hewlett-Packard Co.
2.600%, 09/15/17

    1,000        1,027,129   
   

 

 

 
Diversified Financial Services — 4.0%    

Altitude Investments 12 LLC
2.454%, 12/09/25

    2,418        2,394,594   

American Express Co.
6.150%, 08/28/17

    4,000        4,503,512   

Caisse Centrale Desjardins
2.550%, 03/24/16 144A @

    2,000        2,054,832   

General Electric Capital Corp.

   

7.500%, 08/21/35

    504        710,391   

5.875%, 01/14/38

    1,000        1,206,166   

JBG Rockville NCI Campus LLC
6.100%, 07/15/33 144A @

    4,000        4,707,072   

Safina Ltd.
2.000%, 12/30/23

    4,112        4,045,125   

Toyota Motor Credit Corp.
3.400%, 09/15/21

    1,000        1,035,955   

USAA Capital Corp.
2.250%, 12/13/16 144A @

    1,000        1,027,427   
   

 

 

 
      21,685,074   
   

 

 

 
Electric — 1.5%    

Commonwealth Edison Co.
6.150%, 09/15/17

    500        565,544   

Enel Finance International NV
6.250%, 09/15/17 144A @

    1,000        1,122,853   

International Transmission Co.
4.625%, 08/15/43 144A @

    1,000        1,101,400   
 

 

11


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Quality Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Electric — (continued)    

Puget Sound Energy, Inc.
7.020%, 12/01/27

  $   3,250      $     4,091,032   

Wisconsin Public Service Corp.
4.752%, 11/01/44

    1,100        1,227,746   
   

 

 

 
      8,108,575   
   

 

 

 
Food — 1.7%    

ConAgra Foods,Inc.
1.900%, 01/25/18

    1,000        994,007   

The Hillshire Brands Co.
2.750%, 09/15/15

    1,000        1,017,405   

The J.M. Smucker Co.
3.500%, 10/15/21

    3,890        4,018,020   

Unilever Capital Corp.
0.850%, 08/02/17

    2,000        1,979,258   

WM Wrigley Jr. Co.
2.400%, 10/21/18 144A @

    1,000        1,007,116   
   

 

 

 
      9,015,806   
   

 

 

 
Gas — 1.7%    

Centrica PLC
5.375%, 10/16/43 144A @

    1,000        1,082,271   

Northwest Natural Gas Co.
7.000%, 08/01/17

    5,000        5,698,950   

Pacific Gas & Electric Co.
3.250%, 09/15/21

    1,000        1,017,080   

Sabine Pass LNG LP
7.500%, 11/30/16

    1,380        1,462,938   
   

 

 

 
      9,261,239   
   

 

 

 
Healthcare Products — 1.9%    

CareFusion Corp.

   

3.300%, 03/01/23

    1,103        1,074,624   

4.875%, 05/15/44

    2,000        1,969,338   

Covidien International Finance SA

   

6.000%, 10/15/17

    1,000        1,129,646   

3.200%, 06/15/22

    1,000        1,011,721   

Edwards Lifesciences Corp.
2.875%, 10/15/18

    1,000        1,016,355   

Medtronic, Inc.
4.000%, 04/01/43

    1,000        944,056   

St Jude Medical, Inc.
4.750%, 04/15/43

    1,000        1,018,060   

Stryker Corp.
2.000%, 09/30/16

    1,000        1,020,413   

Zimmer Holdings, Inc.
4.625%, 11/30/19

    1,000        1,091,028   
   

 

 

 
      10,275,241   
   

 

 

 
Insurance — 0.6%    

American International Group, Inc.
6.400%, 12/15/20

    2,935        3,491,820   
   

 

 

 
Internet — 0.5%    

ebay, Inc.
3.450%, 08/01/24

    2,500        2,435,150   
   

 

 

 
    Par
(000)
   
Value†
 
     
Investment Companies — 0.2%    

Ares Capital Corp.
4.875%, 11/30/18

  $     1,000      $     1,055,994   
   

 

 

 
Media — 0.7%    

Belo Corp.
7.750%, 06/01/27

    1,000        1,105,000   

Comcast Cable Holdings LLC
9.875%, 06/15/22

    1,000        1,368,556   

Viacom, Inc.
5.850%, 09/01/43

    1,000        1,111,170   
   

 

 

 
      3,584,726   
   

 

 

 
Mining — 0.9%    

Barrick Gold Corp.
5.250%, 04/01/42

    2,000        1,835,828   

BHP Billiton Finance (USA) Ltd.
5.000%, 09/30/43

    1,000        1,097,025   

Corp Nacional del Cobre de Chile
3.000%, 07/17/22 144A @

    1,000        958,359   

Goldcorp, Inc.
3.625%, 06/09/21

    1,000        1,012,304   
   

 

 

 
      4,903,516   
   

 

 

 
Miscellaneous Manufacturing — 0.8%    

Siemens Financieringsmaatschappij NV
6.125%, 08/17/26 144A @

    1,000        1,241,060   

Trinity Industries, Inc.
4.550%, 10/01/24

    3,000        3,005,253   
   

 

 

 
      4,246,313   
   

 

 

 
Oil & Gas — 1.5%    

BG Energy Capital PLC
4.000%, 10/15/21 144A @

    1,000        1,046,262   

BP Capital Markets PLC
4.500%, 10/01/20

    1,000        1,092,181   

Petrobras International Finance Co.
6.750%, 01/27/41

    500        513,500   

Petroleos Mexicanos

   

1.950%, 12/20/22 W.I.

    1,700        1,681,662   

2.000%, 12/20/22

    2,550        2,527,598   

Shell International Finance BV
4.550%, 08/12/43

    1,000        1,057,454   
   

 

 

 
      7,918,657   
   

 

 

 
Oil & Gas Services — 0.2%    

Schlumberger Oilfield UK PLC
4.200%, 01/15/21 144A @

    1,000        1,087,461   
   

 

 

 
Pharmaceuticals — 2.5%    

AbbVie, Inc.
1.200%, 11/06/15

    1,000        1,003,763   

GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34

    1,000        1,169,599   

Johnson & Johnson
4.375%, 12/05/33

    3,000        3,273,636   

Merck & Co., Inc.
6.000%, 09/15/17

    2,525        2,862,269   

Novartis Capital Corp.

   

2.900%, 04/24/15

    1,000        1,013,693   
 

 

12


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Quality Bond Fund

 

     Par
(000)
    
Value†
 
CORPORATE BONDS — (continued)   
Pharmaceuticals — (continued)      

4.400%, 05/06/44

   $     1,000       $ 1,039,875   

Perrigo Co. PLC
4.000%, 11/15/23 144A @

     1,000         1,017,366   

Takeda Pharmaceutical Co., Ltd.
1.625%, 03/17/17 144A @

     2,000         2,009,030   
     

 

 

 
        13,389,231   
     

 

 

 
Pipelines — 0.2%      

DCP Midstream LLC
6.750%, 09/15/37 144A @

     1,000         1,190,564   
     

 

 

 
Retail — 0.4%      

Wal-Mart Stores, Inc.

     

3.250%, 10/25/20

     1,000         1,041,477   

4.300%, 04/22/44

     1,000         1,005,917   
     

 

 

 
        2,047,394   
     

 

 

 
Software — 0.2%      

Microsoft Corp.
3.625%, 12/15/23

     1,000         1,044,910   
     

 

 

 
Telecommunications — 0.8%      

AT&T, Inc.

     

3.875%, 08/15/21

     1,000         1,048,173   

5.350%, 09/01/40

     1,000         1,060,396   

British Telecommunications PLC
1.625%, 06/28/16

     1,000         1,009,265   

Verizon Communications, Inc.
4.600%, 04/01/21

     1,000         1,088,680   
     

 

 

 
        4,206,514   
     

 

 

 
Transportation — 0.3%      

Federal Express Corp 1999 Pass Through Trust
7.650%, 01/15/22

     1,153         1,383,025   
     

 

 

 
Trucking and Leasing — 0.2%      

TTX Co.
5.400%, 02/15/16 144A @

     1,000         1,046,313   
     

 

 

 
TOTAL CORPORATE BONDS
(Cost $154,885,899)
            158,506,800   
     

 

 

 
MUNICIPAL NOTE — 0.4%   

Province of British Columbia
2.850%, 06/15/15
(Cost $1,999,844)

     2,000         2,036,520   
     

 

 

 
MUNICIPAL BONDS — 4.8%   

City of San Antonio, TX
6.038%, 08/01/35

     3,000         3,410,160   

Corpus Christi Independent School District
6.124%, 08/15/32

     1,000         1,163,340   

Metropolitan Transit Authority of Harris County
6.875%, 11/01/38

     1,205         1,401,849   
     Par
(000)
    
Value†
 
     

Metropolitan Water District of Southern California
6.947%, 07/01/40

   $ 1,000       $ 1,183,080   

North Carolina State University at Raleigh
6.027%, 10/01/35

     3,055         3,420,561   

Northeast Ohio Regional Sewer District
6.038%, 11/15/40

     2,385         2,666,144   

Orange County Sanitation District
6.400%, 02/01/44

     1,000         1,309,020   

Puerto Rico Sales Tax Financing Corp.
6.050%, 08/01/36

     3,325         2,643,475   

San Francisco City & County Public Utilities Commission
6.950%, 11/01/50

     2,000         2,824,560   

South Carolina State Public Service Authority
5.784%, 12/01/41

     2,000         2,390,360   

University of Arizona
6.643%, 08/01/44

     950         1,088,130   

West Virginia University
4.471%, 10/01/42

     2,000         2,018,420   
     

 

 

 
Total MUNICIPAL BONDS
(Cost $23,648,297)
            25,519,099   
     

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 0.5%   
Diversified Financial Services — 0.5%   

American Tower Corp.
(Cost $2,982,881)

       300,000         2,941,209   
     

 

 

 
RESIDENTIAL MORTGAGE BACKED SECURITIES — 23.3%   
Collateralized Mortgage Obligations — 3.2%   

Fannie Mae REMICS
0.555%, 11/25/39•

     1,425         1,430,793   

Fannie Mae REMICS
4.000%, 11/25/40

     5,986         6,183,479   

Freddie Mac REMICS
2.000%, 03/15/42

     10,038         9,558,074   
     

 

 

 
        17,172,346   
     

 

 

 
Fannie Mae Pool — 15.1%      

5.000%, 07/01/23

     703         753,286   

2.281%, 04/01/34•

     384         408,871   

2.315%, 07/01/36•

     527         561,195   

2.384%, 08/01/36•

     483         514,893   

2.859%, 05/01/37•

     492         495,950   

3.500%, 03/01/41

     1,577         1,614,472   

3.000%, 11/01/42

     28,972         28,700,354   

2.500%, 01/01/43

     3,503         3,321,191   

2.500%, 02/01/43

     10,227         9,696,508   

3.000%, 03/01/43

     20,992         20,734,482   

2.500%, 05/01/43

     12,462         11,815,203   

3.500%, 09/01/43

     2,142         2,192,118   
     

 

 

 
        80,808,523   
     

 

 

 
Freddie Mac Gold Pool — 2.4%   

3.000%, 01/01/26

     4,359         4,489,076   

3.500%, 12/01/40

     4,484         4,582,180   

3.500%, 01/01/41

     2,942         3,006,248   
 

 

13


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Quality Bond Fund

 

    Par
(000)
   
Value†
 
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)   
Freddie Mac Gold Pool — (continued)   

3.500%, 02/01/41

  $ 858      $ 877,102   
   

 

 

 
      12,954,606   
   

 

 

 
Ginnie Mae Pool — 2.6%   

9.000%, 10/15/30

    8        7,698   

6.000%, 10/15/38

    534        602,048   

6.000%, 10/15/38

    356        400,800   

3.000%, 02/16/41

    6,500        6,586,625   

3.500%, 10/20/41

    6,083        6,299,274   
   

 

 

 
      13,896,445   
   

 

 

 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $123,523,274)
      124,831,920   
   

 

 

 
U.S. TREASURY OBLIGATIONS — 11.0%   

U.S. Treasury Bond

   

2.750%, 08/15/42

    5,000        4,581,250   

3.125%, 02/15/43

    3,685        3,630,875   

3.625%, 08/15/43

    2,950        3,188,767   

3.750%, 11/15/43

    2,500        2,763,673   

3.625%, 02/15/44

    1,800        1,945,688   

U.S. Treasury Inflation Indexed Bond
0.625%, 01/15/24

    15,000        15,393,082   

U.S. Treasury Note

   

0.375%, 04/30/16

    4,000        3,998,436   

0.625%, 08/15/16

    1,150        1,151,662   

0.625%, 12/15/16

    12,000        11,974,692   

0.875%, 12/31/16

    3,750        3,759,960   

0.875%, 04/15/17

    2,550        2,550,000   

0.625%, 08/31/17

    4,000        3,947,188   
   

 

 

 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $58,116,185)
      58,885,273   
   

 

 

 
    Number of
Shares
   
Value†
 
SHORT-TERM INVESTMENTS — 0.5%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares

    2,916,385        2,916,385   

BlackRock Liquidity Funds TempFund - Institutional Shares

    447        447   

Federated Prime Obligations Fund -Class I

    312        312   

Fidelity Institutional Prime Money Market Portfolio

    714        714   

Fidelity Institutional Prime Money Market Portfolio - Class I

    272        272   

Wells Fargo Advantage Government Money Market Fund – Institutional Class

    52        52   

Wells Fargo Advantage Heritage Money Market Fund – Institutional Class

    1        1   

Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class

    1        1   
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,918,184)
      2,918,184   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $528,837,449)(a)
    $ 536,504,560   
   

 

 

 

 

 

See Security Valuation Note.
@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.
Variable Rate Security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $528,900,224. Net unrealized appreciation was $7,604,336. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $10,328,296 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,723,960.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

 

 

14


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Quality Bond Fund

 

Country Weightings as of 09/30/2014 ††  

United States

     92

Canada

     2   

Cayman Islands

     1   

Luxembourg

     1   

Mexico

     1   

Netherlands

     1   

United Kingdom

     1   

Other

     1   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

15


Penn Series Funds, Inc.

Quality Bond Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
   

Level 1
Quoted

Price

    Level 2
Signif-
icant
Obser-
vable
Input
    Level 3
Sign-
ificant
Unobser-
vable
Input
 

REAL ESTATE INVESTMENT TRUSTS

  $ 2,941,209      $      $ 2,941,209      $   

U.S. TREASURY OBLIGATIONS

    58,885,273               58,885,273          

AGENCY OBLIGATION

    6,927,525               6,927,525          

ASSET BACKED SECURITIES

    113,210,030               113,210,030          

COMMERCIAL MORTGAGE BACKED SECURITIES

    40,728,000               40,728,000          

CORPORATE BONDS

    158,506,800               158,506,800          

RESIDENTIAL MORTGAGE BACKED SECURITIES

    124,831,920               124,831,920          

MUNICIPAL NOTES

    2,036,520               2,036,520          

MUNICIPAL BONDS

    25,519,099               25,519,099          

SHORT-TERM INVESTMENTS

    2,918,184        2,918,184                 

 

 

TOTAL INVESTMENTS

  $ 536,504,560      $ 2918,184      $ 533,586,376      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

16


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
ASSET BACKED SECURITIES — 0.2%   

Continental Airlines 2012-3 Class C Pass
Thru Certificates
6.125%, 04/29/18
(Cost $325,000)

  $ 325      $ 344,500   
     

 

 

 
    Number of
Shares
   
Value†
 
COMMON STOCKS — 0.7%   
Auto Manufacturers — 0.1%    

General Motors Co.

    5,200        166,088   
     

 

 

 
Entertainment — 0.0%      

New Cotai Participation Class B*144A @^~

    1        27,313   
     

 

 

 
Media — 0.2%      

Liberty Global PLC, Series C*

    2,300        94,335   

Time Warner Cable, Inc.

    1,400        200,886   
     

 

 

 
    295,221   
     

 

 

 
Oil & Gas — 0.2%      

Parsley Energy, Inc., Class A*

    8,700        185,571   

Range Resources Corp.

    1,845        125,109   
     

 

 

 
    310,680   
     

 

 

 
Real Estate — 0.0%      

The Howard Hughes Corp.*

    600        90,000   
     

 

 

 

Telecommunications — 0.2%

   

Altice S.A.*

    2,697        142,833   

T-Mobile US, Inc.*

    6,400        184,768   
     

 

 

 
    327,601   
     

 

 

 
TOTAL COMMON STOCKS
(Cost $1,159,274)
            1,216,903   
     

 

 

 
PREFERRED STOCKS — 0.6%   
Banks — 0.3%    

Ally Financial, Inc.144A @

    500        500,469   
     

 

 

 
Diversified Financial Services — 0.1%     

Federal National Mortgage Association*

             23,300        214,360   
     

 

 

 
Oil & Gas — 0.1%     

Penn Virginia Corp.* 144A @

    2,316        229,006   
     

 

 

 
Packaging and Containers — 0.0%     

Smurfit-Stone Container Corp.
(Escrow) CONV.*^~

    725        0   
     

 

 

 
Telecommunications — 0.1%     

Crown Castle International Corp.

    2,450        257,691   
     

 

 

 
TOTAL PREFERRED STOCKS
(Cost $1,075,374)
        1,201,526   
     

 

 

 
    Par
(000)
   
Value†
 
REAL ESTATE INVESTMENT TRUSTS — 0.1%   
Diversified — 0.1%     

American Tower Corp.
(Cost $120,700)

    1,207      $ 130,960   
     

 

 

 
CORPORATE BONDS — 90.5%   
Advertising — 0.4%      

CBS Outdoor Americas Capital LLC
5.625%, 02/15/24 144A @

  $          225        225,563   

MDC Partners, Inc.
6.750%, 04/01/20 144A @

    525        540,750   
     

 

 

 
    766,313   
     

 

 

 
Aerospace & Defense — 0.5%      

Accudyne Industries LLC
7.750%, 12/15/20 144A @

    225        233,437   

Ducommun, Inc.
9.750%, 07/15/18

    300        324,375   

Kratos Defense & Security Solutions, Inc.
7.000%, 05/15/19 144A @

    125        124,063   

TransDigm, Inc.
6.500%, 07/15/24 144A @

    200        199,250   
     

 

 

 
    881,125   
     

 

 

 
Airlines — 1.6%      

Air Canada
7.750%, 04/15/21 144A @

    175        178,500   

Allegiant Travel Co.
5.500%, 07/15/19

    175        178,500   

American Airlines 2013-1 Class B Pass Through Trust
5.625%, 01/15/21 144A @

    71        72,789   

American Airlines 2013-1 Class C Pass
Through Trust
6.125%, 07/15/18 144A @ ^

    200        207,000   

American Airlines Group Inc
5.500%, 10/01/19 144A @

    375        370,312   

United Airlines 2014-2 Class B Pass Through Trust
4.625%, 09/03/22

    70        69,650   

United Continental Holdings, Inc.

     

6.375%, 06/01/18

      325        340,438   

6.000%, 12/01/20

      375        378,750   

6.000%, 07/15/26

      325        303,063   

6.000%, 07/15/28

      100        92,000   

US Airways Group, Inc.
6.125%, 06/01/18

    725        744,937   
     

 

 

 
        2,935,939   
     

 

 

 
Apparel — 0.7%      

Hanesbrands, Inc.
6.375%, 12/15/20

    250        263,000   

Levi Strauss & Co.
6.875%, 05/01/22

    200        209,000   

QS Wholesale, Inc.
10.000%, 08/01/20

    325        191,750   

The William Carter Co.
5.250%, 08/15/21

    500        515,000   
 

 

17


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Apparel — (continued)      

Wolverine World Wide, Inc.
6.125%, 10/15/20

  $ 100      $ 104,500   
     

 

 

 
        1,283,250   
     

 

 

 
Auto Manufacturers — 1.8%     

Chrysler Group LLC

     

8.000%, 06/15/19

      300        318,375   

8.250%, 06/15/21

               1,725        1,880,250   

CNH Industrial Finance Europe S.A.
6.250%, 03/09/18

    275        390,793   

Jaguar Land Rover Automotive PLC
5.625%, 02/01/23 144A @

    600        621,000   

Navistar International Corp.
8.250%, 11/01/21

    175        179,375   
     

 

 

 
    3,389,793   
     

 

 

 
Auto Parts & Equipment — 1.5%     

Affinia Group, Inc.
7.750%, 05/01/21

    75        77,063   

Allison Transmission, Inc.
7.125%, 05/15/19 144A @

    350        366,625   

American Axle & Manufacturing, Inc.

     

5.125%, 02/15/19

      100        99,500   

6.250%, 03/15/21

      200        208,000   

6.625%, 10/15/22

      175        184,187   

Dana Holding Corp.
5.375%, 09/15/21

    375        381,562   

Gestamp Funding Luxembourg S.A.
5.625%, 05/31/20 144A @

    300        303,000   

Pittsburgh Glass Works LLC
8.000%, 11/15/18 144A @

    163        172,780   

Schaeffler Holding Finance BV
PIK (Cash coupon 6.875%,
PIK 7.625%) 08/15/18 144A@

    250        260,000   

The Goodyear Tire & Rubber Co.

     

8.250%, 08/15/20

      250        267,500   

8.750%, 08/15/20

      100        117,500   

6.500%, 03/01/21

      300        312,000   
     

 

 

 
    2,749,717   
     

 

 

 
Banks — 2.0%      

Ally Financial, Inc.

     

7.500%, 09/15/20

      325        374,562   

8.000%, 11/01/31

      225        280,687   

CIT Group, Inc.

     

4.250%, 08/15/17

      350        353,500   

6.625%, 04/01/18 144A @

      500        536,250   

5.375%, 05/15/20

      300        309,750   

5.000%, 08/15/22

      225        225,563   

Provident Funding Associates LP

     

10.125%, 02/15/19 144A @

      100        107,000   

6.750%, 06/15/21 144A @

      300        297,000   

Sberbank of Russia Via SB Capital S.A.

     

6.125%, 02/07/22 144A @

      200        199,500   

5.500%, 02/26/24 144A @ •

      200        180,500   

Synovus Financial Corp.

     

5.125%, 06/15/17

      600        613,500   

7.875%, 02/15/19

      300        336,000   
     

 

 

 
    3,813,812   
     

 

 

 
    Par
(000)
   
Value†
 
       
Beverages — 0.4%      

Constellation Brands, Inc. 6.000%, 05/01/22

  $             300      $ 327,000   

Cott Beverages, Inc.
5.375%, 07/01/22 144A @

    425        411,188   
     

 

 

 
    738,188   
     

 

 

 
Building Materials — 2.1%     

Ainsworth Lumber Co. Ltd.
7.500%, 12/15/17 144A @

    92        95,220   

Associated Materials LLC 9.125%, 11/01/17

    425        416,500   

Builders FirstSource, Inc.
7.625%, 06/01/21 144A @

    250        254,375   

Building Materials Corp. of America
6.750%, 05/01/21 144A @

    250        261,875   

Euramax International, Inc.
9.500%, 04/01/16

    325        316,875   

Interline Brands, Inc.
PIK 10.000%, 11/15/18

    125        130,312   

Masonite International Corp.
8.250%, 04/15/21 144A @

    100        107,000   

Nortek, Inc.

     

10.000%, 12/01/18

      300        315,750   

8.500%, 04/15/21

      350        376,250   

Reliance Intermediate Holdings LP
9.500%, 12/15/19 144A @

    225        235,125   

Summit Materials LLC

     

10.500%, 01/31/20 144A @

      75        82,875   

10.500%, 01/31/20

      375        414,375   

USG Corp.

     

9.750%, 01/15/18

      450        522,000   

5.875%, 11/01/21 144A @

      100        102,000   

Vulcan Materials Co.
7.500%, 06/15/21

    300        351,000   
     

 

 

 
        3,981,532   
     

 

 

 
Chemicals — 1.8%      

Axalta Coating Systems US Holdings, Inc.

     

5.750%, 02/01/21 144A @

    100        133,884   

7.375%, 05/01/21 144A @

    150        160,875   

Ciech Group Financing AB
9.500%, 11/30/19 144A @

    250        352,077   

Hexion US Finance Corp.

     

8.875%, 02/01/18

    600        611,250   

6.625%, 04/15/20

    275        276,375   

INEOS Group Holdings S.A.
6.125%, 08/15/18 144A @

    200        199,500   

Kerling PLC
10.625%, 02/01/17 144A @

    200        262,084   

Momentive Performance Materials, Inc.
8.875%, 10/15/20

    425        380,906   

PolyOne Corp.
5.250%, 03/15/23

    250        242,500   

PQ Corp.
8.750%, 05/01/18 144A @

    475        504,094   
 

 

18


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Chemicals — (continued)   

Rayonier AM Products, Inc.
5.500%, 06/01/24 144A @

  $       250      $ 238,125   
   

 

 

 
    3,361,670   
   

 

 

 
Coal — 1.1%     

Alpha Natural Resources, Inc.
7.500%, 08/01/20 144A @

    325        290,875   

CONSOL Energy, Inc
5.875%, 04/15/22 144A @

    500        492,500   

Foresight Energy LLC
7.875%, 08/15/21 144A @

    325        342,062   

Murray Energy Corp.

   

9.500%, 12/05/20 144A @

    225        247,500   

8.625%, 06/15/21 144A @

    375        388,125   

Suncoke Energy Partners LP
7.375%, 02/01/20 144A @

    150        157,500   

Westmoreland Coal Co.
10.750%, 02/01/18

    175        183,750   
   

 

 

 
    2,102,312   
   

 

 

 
Commercial Services — 3.2%     

Alliance Data Systems Corp.

   

6.375%, 04/01/20 144A @

    275        283,250   

5.375%, 08/01/22 144A @

    300        291,000   

American Capital Ltd.
6.500%, 09/15/18 144A @

    325        333,125   

Ashtead Capital, Inc.
6.500%, 07/15/22 144A @

    125        132,500   

Ceridian Corp.
8.875%, 07/15/19 144A @

    125        138,281   

CoreLogic, Inc.
7.250%, 06/01/21

    350        367,500   

Europcar Groupe S.A.
11.500%, 05/15/17 144A @

    225        325,338   

FTI Consulting, Inc.

   

6.750%, 10/01/20

    75        77,906   

6.000%, 11/15/22

    325        329,063   

H&E Equipment Services, Inc.
7.000%, 09/01/22

    150        160,125   

Harland Clarke Holdings Corp.
6.875%, 03/01/20 144A @

    125        127,500   

Igloo Holdings Corp. PIK
(Cash coupon 8.250%, PIK 9.000%)
12/15/17 144A @

    175        177,625   

Iron Mountain Europe PLC
6.125%, 09/15/22 144A @

    225        366,908   

Jaguar Holding Co. I PIK
(Cash coupon 9.375%, PIK 10.125%)
10/15/17 144A @

    225        227,250   

Jaguar Holding Co. II
9.500%, 12/01/19 144A @

    350        375,375   

Laureate Education, Inc.
9.500%, 09/01/19 144A @

    625        628,125   

Lender Processing Services, Inc.
5.750%, 04/15/23

    200        209,000   

Loxam SAS
7.000%, 07/23/22 144A @

    225        264,295   

Safway Group Holding LLC
7.000%, 05/15/18 144A @

    250        254,375   
    Par
(000)
   
Value†
 
                        
Commercial Services — (continued)    

TransUnion Holding Co, Inc. PIK
(Cash coupon 8.125%, PIK 8.875%) 06/15/18

  $       150      $ 155,250   

Truven Health Analytics, Inc.
10.625%, 06/01/20

    125        131,875   

United Rentals North America, Inc.
6.125%, 06/15/23

    525        539,438   
   

 

 

 
          5,895,104   
   

 

 

 
Computers — 0.3%     

Dell, Inc.

   

5.650%, 04/15/18

    175        183,750   

5.875%, 06/15/19

    275        289,094   

4.625%, 04/01/21

    100        96,000   
   

 

 

 
      568,844   
   

 

 

 
Cosmetics & Personal Care — 0.0%     

Avon Products, Inc.
4.600%, 03/15/20

    90        91,926   
   

 

 

 
Distribution & Wholesale — 0.2%     

Matalan Finance PLC
6.875%, 06/01/19 144A @

    225        346,519   
   

 

 

 
Diversified Financial Services — 3.8%     

Aircastle Ltd.

   

6.250%, 12/01/19

    350            368,375   

7.625%, 04/15/20

    25        27,938   

Aston Escrow Corp.
9.500%, 08/15/21 144A @

    275        268,125   

Cantor Commercial Real Estate Co. LP
7.750%, 02/15/18 144A @

    275        292,875   

DBP Holding Corp.
7.750%, 10/15/20 144A @

    200        174,000   

Denali Borrower LLC
5.625%, 10/15/20 144A @

    450        462,937   

General Motors Financial Co., Inc.

   

4.750%, 08/15/17

    375        392,812   

3.250%, 05/15/18

    250        251,250   

6.750%, 06/01/18

    75        83,672   

Icahn Enterprises LP

   

4.875%, 03/15/19

    350        344,750   

6.000%, 08/01/20

    650        667,875   

Jefferies LoanCore LLC
6.875%, 06/01/20 144A @

    400        387,000   

Ladder Capital Finance Holdings LLLP.

   

7.375%, 10/01/17

    200        211,500   

5.875%, 08/01/21 144A @

    175        173,250   

National Financial Partners Corp.
9.000%, 07/15/21 144A @

    275        293,563   

Nationstar Mortgage LLC

   

6.500%, 07/01/21

    500        476,250   

6.500%, 06/01/22

    300        284,250   

Neuberger Berman Group LLC

   

5.625%, 03/15/20 144A @

    225        234,000   

5.875%, 03/15/22 144A @

    200        212,500   

Ocwen Financial Corp.
6.625%, 05/15/19 144A @

    250        241,250   
 

 

19


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Diversified Financial Services — (continued)   

Outerwall, Inc.
6.000%, 03/15/19

  $     450      $ 442,125   

Walter Investment Management Corp.
7.875%, 12/15/21 144A @

    875        861,875   
   

 

 

 
      7,152,172   
   

 

 

 
Electric — 2.0%    

AES Corp.
5.500%, 03/15/24

    425        413,313   

Calpine Corp.
5.375%, 01/15/23

    300        290,250   

CMS Energy Corp.
5.050%, 03/15/22

    130        145,261   

Energy Future Intermediate Holding Co. LLC

   

11.750%, 03/01/22 144A @~

    825        915,859   

10.000%, 12/01/49¤

    900        76,500   

GenOn Energy, Inc.
9.500%, 10/15/18

    475        494,000   

Infinis PLC
7.000%, 02/15/19 144A @

    300        500,932   

NRG Energy, Inc.

   

6.250%, 07/15/22 144A @

    325        333,328   

6.625%, 03/15/23

    275        283,250   

6.250%, 05/01/24 144A @

    200        200,500   
   

 

 

 
      3,653,193   
   

 

 

 
Engineering & Construction — 0.5%    

Aguila 3 S.A.

   

7.875%, 01/31/18 144A @

    300        318,948   

7.875%, 01/31/18 144A @

    325        333,125   

Dycom Investments, Inc.
7.125%, 01/15/21

    275        290,125   
   

 

 

 
      942,198   
   

 

 

 
Entertainment — 2.5%    

Cedar Fair LP
5.250%, 03/15/21

    275        270,875   

DreamWorks Animation SKG, Inc.
6.875%, 08/15/20 144A @

    275        287,375   

Graton Economic Development Authority
9.625%, 09/01/19 144A @

    500        571,250   

Great Canadian Gaming Corp.
6.625%, 07/25/22 144A @

    150        140,631   

Intralot Finance Luxembourg S.A.
9.750%, 08/15/18 144A @

    125        174,065   

MU Finance PLC
8.375%, 02/01/17 144A @

    223        230,395   

National CineMedia LLC
6.000%, 04/15/22

    675        681,750   

New Cotai LLC PIK
10.625%, 05/01/19 144A @

    528        604,788   

Peninsula Gaming LLC
8.375%, 02/15/18 144A @

    200        208,750   

Pinnacle Entertainment, Inc.
7.500%, 04/15/21

    375        390,000   

Regal Entertainment Group
5.750%, 03/15/22

    300        300,750   
    Par
(000)
   
Value†
 
       
Entertainment — (continued)     

Six Flags Entertainment Corp.
5.250%, 01/15/21 144A @

  $     350      $ 339,500   

WMG Acquisition Corp.

   

6.000%, 01/15/21 144A @

    138        139,725   

6.750%, 04/15/22 144A @

    275        263,313   
   

 

 

 
      4,603,167   
   

 

 

 
Environmental Control — 0.6%    

Clean Harbors, Inc.

   

5.250%, 08/01/20

    125        125,000   

5.125%, 06/01/21

    175        173,469   

Darling Ingredients, Inc.
5.375%, 01/15/22

    175        176,312   

Tervita Corp.

   

10.875%, 02/15/18 144A @

    375        375,000   

8.000%, 11/15/18 144A @

    350        352,625   
   

 

 

 
          1,202,406   
   

 

 

 
Food — 1.8%    

ARAMARK Corp.
5.750%, 03/15/20

    200        205,000   

BI-LO LLC PIK (Cash coupon
8.625%, PIK 9.375%) 09/15/18 144A @

    250        228,125   

Brakes Capital
7.125%, 12/15/18 144A @

    250        389,074   

Bumble Bee Holdings, Inc.
9.000%, 12/15/17 144A @

    161        168,647   

Elior Finance & Co. SCA
6.500%, 05/01/20 144A @

    65        89,676   

ESAL GmbH
6.250%, 02/05/23 144A @

    605        586,850   

JBS Investments GmbH
7.750%, 10/28/20 144A @

    200        212,500   

JBS USA LLC
5.875%, 07/15/24 144A @

    400        384,000   

Minerva Luxembourg S.A.
12.250%, 02/10/22 144A @

    200        230,000   

Post Holdings, Inc.

   

6.750%, 12/01/21 144A @

    75        71,063   

7.375%, 02/15/22

    225        222,750   

6.000%, 12/15/22 144A @

    175        160,125   

Premier Foods Finance PLC
6.500%, 03/15/21 144A @

    100        143,228   

R&R Ice Cream PLC PIK
9.250%, 05/15/18 144A @

    250        321,132   
   

 

 

 
      3,412,170   
   

 

 

 
Forest Products & Paper — 0.7%    

Mercer International, Inc.
9.500%, 12/01/17

    500        523,750   

Sappi Papier Holding GmbH

   

7.750%, 07/15/17 144A @

    200        215,000   

8.375%, 06/15/19 144A @

    200        215,500   

6.625%, 04/15/21 144A @

    400        414,000   
   

 

 

 
      1,368,250   
   

 

 

 
Gas — 0.2%   

NGL Energy Partners LP
5.125%, 07/15/19 144A @

    275        269,500   
 

 

20


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Gas — (continued)    

Sabine Pass LNG LP
6.500%, 11/01/20

  $             175      $ 180,250   
   

 

 

 
    449,750   
   

 

 

 
Hand & Machine Tools — 0.4%    

Apex Tool Group LLC
7.000%, 02/01/21 144A @

    350        322,000   

Milacron LLC
7.750%, 02/15/21 144A @

    325        342,063   
   

 

 

 
    664,063   
   

 

 

 
Healthcare Products — 0.7%    

Crimson Merger Sub, Inc.
6.625%, 05/15/22 144A @

    425        387,281   

Kinetic Concepts, Inc.

   

10.500%, 11/01/18

    325        353,438   

12.500%, 11/01/19

    150        166,875   

Universal Hospital Services, Inc.
7.625%, 08/15/20

    500        470,000   
   

 

 

 
        1,377,594   
   

 

 

 
Healthcare Services — 3.3%    

Amsurg Corp.
5.625%, 07/15/22 144A @

    150        148,500   

Aviv Healthcare Properties LP
7.750%, 02/15/19

    100        104,750   

Capella Healthcare, Inc.
9.250%, 07/01/17

    350        364,219   

Community Health Systems, Inc.

   

8.000%, 11/15/19

    225        240,233   

7.125%, 07/15/20

    375        397,500   

6.875%, 02/01/22 144A @

    1,150        1,196,000   

Fresenius Medical Care U.S. Finance II, Inc.

   

5.625%, 07/31/19 144A @

    250        263,175   

5.875%, 01/31/22 144A @

    100        106,000   

HCA Holdings, Inc.
6.250%, 02/15/21

    275        287,375   

HomeVi SAS
6.875%, 08/15/21 144A @

    100        130,726   

IASIS Healthcare LLC
8.375%, 05/15/19

    375        392,812   

Kindred Healthcare, Inc.
6.375%, 04/15/22 144A @

    200        195,000   

Medi-Partenaires SAS
7.000%, 05/15/20 144A @

    300        395,908   

Select Medical Corp.
6.375%, 06/01/21

    650        650,000   

Tenet Healthcare Corp.

   

6.000%, 10/01/20

    275        290,812   

4.500%, 04/01/21

    600        585,000   

Voyage Care Bondco PLC
6.500%, 08/01/18 144A @

    100        164,140   

Wellcare Health Plans, Inc.
5.750%, 11/15/20

    275        279,813   
   

 

 

 
    6,191,963   
   

 

 

 
Holding Companies — 1.1%    

Harbinger Group, Inc.

   

7.875%, 07/15/19

    425        452,625   
    Par
(000)
   
Value†
 
       
Holding Companies — (continued)    

7.750%, 01/15/22

  $             200      $ 198,500   

KraussMaffei Group GmbH
8.750%, 12/15/20 144A @

    250        344,972   

Opal Acquisition, Inc.
8.875%, 12/15/21 144A @

    350        361,375   

Polish Television Holding BV
PIK 11.000%, 01/15/21 144A @

    425        632,618   

WaveDivision Escrow LLC
8.125%, 09/01/20 144A @

    75        81,094   
   

 

 

 
    2,071,184   
   

 

 

 
Home Builders — 0.8%    

KB Home
7.000%, 12/15/21

    375        390,937   

Standard Pacific Corp.
10.750%, 09/15/16

    175        200,375   

William Lyon Homes, Inc.

   

8.500%, 11/15/20

    400        432,000   

7.000%, 08/15/22 144A @

    375        379,688   
   

 

 

 
        1,403,000   
   

 

 

 
Home Furnishings — 0.1%    

Tempur Sealy International, Inc.
6.875%, 12/15/20

    175        186,375   
   

 

 

 
Household Products & Wares — 0.8%   

Reynolds Group Issuer, Inc.

   

9.000%, 04/15/19

    950        989,188   

9.875%, 08/15/19

    225        242,156   

5.750%, 10/15/20

    100        101,750   

Spectrum Brands, Inc.

   

6.375%, 11/15/20

    100        104,250   

6.625%, 11/15/22

    100        105,000   
   

 

 

 
    1,542,344   
   

 

 

 
Housewares — 0.5%    

Bormioli Rocco Holdings S.A.
10.000%, 08/01/18 144A @

    475        637,700   

RSI Home Products, Inc.
6.875%, 03/01/18 144A @

    200        208,500   
   

 

 

 
    846,200   
   

 

 

 
Insurance — 0.7%    

A-S Co-Issuer Subsidiary, Inc.
7.875%, 12/15/20 144A @

    150        155,250   

CNO Financial Group, Inc.
6.375%, 10/01/20 144A @

    250        265,000   

Towergate Finance PLC

   

8.500%, 02/15/18 144A @

    125        192,510   

10.500%, 02/15/19 144A @

    275        383,400   

USI, Inc.
7.750%, 01/15/21 144A @

    225        223,875   
   

 

 

 
    1,220,035   
   

 

 

 
Internet — 1.3%    

Adria Bidco BV
7.875%, 11/15/20 144A @

    275        365,076   

Ancestry.Com, Inc.
PIK (Cash coupon 9.625%, PIK 10.375%)
10/15/18 144A @

    350        350,000   
 

 

21


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Internet — (continued)    

Cerved Group SpA
6.375%, 01/15/20 144A @

  $             100      $ 133,252   

Equinix, Inc.

   

7.000%, 07/15/21

    300        321,375   

5.375%, 04/01/23

    325        321,750   

Netflix, Inc.

   

5.375%, 02/01/21

    475        484,500   

5.750%, 03/01/24 144A @

    475        489,250   
   

 

 

 
        2,465,203   
   

 

 

 
Investment Companies — 0.4%    

Ares Capital Corp.
4.875%, 11/30/18

    475        501,597   

NRG Yield Operating LLC
5.375%, 08/15/24 144A @

    325        326,625   
   

 

 

 
    828,222   
   

 

 

 
Iron & Steel — 2.0%    

AK Steel Corp.

   

7.625%, 10/01/21

    500        485,000   

8.375%, 04/01/22

    550        550,000   

ArcelorMittal

   

10.350%, 06/01/19

    275        335,500   

5.750%, 08/05/20

    50        52,188   

6.000%, 03/01/21

    275        289,094   

6.750%, 02/25/22

    275        295,281   

Bluescope Steel Finance Ltd.
7.125%, 05/01/18 144A @

    350        364,000   

Ryerson, Inc.

   

9.000%, 10/15/17

    425        448,375   

11.250%, 10/15/18

    434        477,400   

Steel Dynamics, Inc.
6.125%, 08/15/19

    150        158,437   

United States Steel Corp.
6.875%, 04/01/21

    275        291,500   
   

 

 

 
    3,746,775   
   

 

 

 
Leisure Time — 0.6%    

24 Hour Holdings IIII LLC
8.000%, 06/01/22 144A @

    300        277,500   

Cirsa Funding Luxembourg S.A.
8.750%, 05/15/18 144A @

    325        424,861   

Travelport LLC
11.875%, 09/01/16

    150        150,000   

Travelport LLC
CAP (Cap Bond 11.375%, Cash 2.500%)
03/01/16 144A @

    230        230,437   
   

 

 

 
    1,082,798   
   

 

 

 
Lodging — 1.5%    

Boyd Gaming Corp.
9.000%, 07/01/20

    75        78,750   

Caesars Entertainment Operating Co., Inc.
11.250%, 06/01/17

    225        174,656   

Caesars Entertainment Resort Properties LLC
11.000%, 10/01/21 144A @

    325        304,688   

Chester Downs & Marina LLC
9.250%, 02/01/20 144A @

    300        282,000   
    Par
(000)
   
Value†
 
       
Lodging — (continued)    

Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.500%, 07/01/19 144A @

  $             325      $ 342,875   

MGM Resorts International

   

6.750%, 10/01/20

    425        452,625   

6.625%, 12/15/21

    450        474,750   

Playa Resorts Holding BV
8.000%, 08/15/20 144A @

    300        313,500   

Station Casinos LLC
7.500%, 03/01/21

    375        390,937   
   

 

 

 
        2,814,781   
   

 

 

 
Machinery — Construction & Mining — 0.6%   

Blueline Rental Finance Corp.
7.000%, 02/01/19 144A @

    225        231,187   

Terex Corp.

   

6.500%, 04/01/20

    125        130,938   

6.000%, 05/15/21

    750        780,000   
   

 

 

 
    1,142,125   
   

 

 

 
Machinery — Diversified — 0.7%    

Columbus McKinnon Corp.
7.875%, 02/01/19

    275        288,750   

Gardner Denver, Inc.
6.875%, 08/15/21 144A @

    325        325,813   

The Manitowoc Co., Inc.

   

8.500%, 11/01/20

    125        134,375   

5.875%, 10/15/22

    225        231,750   

Zebra Technologies Corp.
7.250%, 10/15/22 144A @

    325        325,000   
   

 

 

 
    1,305,688   
   

 

 

 
Media — 9.5%    

AMC Networks, Inc.
4.750%, 12/15/22

    475        469,062   

Arqiva Broadcast Finance PLC
9.500%, 03/31/20 144A @

    475        850,973   

Cable Communications Systems NV
7.500%, 11/01/20 144A @

    400        530,484   

CCO Holdings LLC

   

5.250%, 03/15/21

    75        73,500   

6.625%, 01/31/22

    625        656,250   

5.250%, 09/30/22

    400        391,500   

5.125%, 02/15/23

    835        801,600   

5.750%, 09/01/23

    200        199,000   

Central European Media Enterprises Ltd.
5.000%, 11/15/15

    650        633,750   

Cequel Communications Holdings I LLC

   

6.375%, 09/15/20 144A @

    925        951,594   

5.125%, 12/15/21 144A @

    325        310,781   

Clear Channel Worldwide Holdings, Inc.

   

7.625%, 03/15/20

    50        51,500   

7.625%, 03/15/20

    75        77,813   

6.500%, 11/15/22

    50        50,625   

6.500%, 11/15/22

    450        460,125   

CSC Holdings LLC
6.750%, 11/15/21

    300        319,560   
 

 

22


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Media — (continued)    

Dex Media, Inc.
CAP (Cap Bond 7.000%, Cash 7.000% Cap)
7.000%, 01/29/17

  $             383      $ 245,353   

DISH DBS Corp.

   

5.125%, 05/01/20

    375        374,062   

6.750%, 06/01/21

    125        134,375   

5.875%, 07/15/22

    250        255,000   

Gannett Co, Inc.

   

5.125%, 10/15/19 144A @

    200        202,000   

6.375%, 10/15/23 144A @

    125        130,000   

iHeart Communications, Inc.
9.000%, 12/15/19

    450        453,375   

ION Media Networks, Inc.
11.000%, 07/31/15~

    1        0   

Mediacom Broadband LLC
6.375%, 04/01/23

    250        255,000   

MPL 2 Acquisition Canco, Inc.
9.875%, 08/15/18 144A @

    200        213,500   

Numericable Group S.A.

   

4.875%, 05/15/19 144A @

    650        641,875   

6.250%, 05/15/24 144A @

    475        473,812   

Sinclair Television Group, Inc.
6.125%, 10/01/22

    300        305,250   

Sirius XM Radio, Inc.
5.750%, 08/01/21 144A @

    1,175        1,180,875   

Starz LLC
5.000%, 09/15/19

    250        252,500   

Time, Inc.
5.750%, 04/15/22 144A @

    275        263,313   

Townsquare Radio LLC
9.000%, 04/01/19 144A @

    200        215,500   

TVN Finance Corp. III AB
7.375%, 12/15/20 144A @

    125        173,078   

Unitymedia KabelBW GmbH
9.500%, 03/15/21 144A @

    450        641,554   

Univision Communications, Inc.

   

8.500%, 05/15/21 144A @

    850        898,875   

6.750%, 09/15/22 144A @

    492        526,440   

5.125%, 05/15/23 144A @

    800        810,000   

Videotron Ltd.
6.875%, 07/15/21 144A @

    325        317,760   

VTR Finance BV
6.875%, 01/15/24 144A @

    750        776,250   

WideOpenWest Finance LLC

   

10.250%, 07/15/19

    300        324,000   

13.375%, 10/15/19

    450        506,250   

Ziggo Bond Co. BV
8.000%, 05/15/18 144A @

    325        442,378   
   

 

 

 
        17,840,492   
   

 

 

 
Metal Fabricate/Hardware — 0.2%    

JMC Steel Group, Inc.
8.250%, 03/15/18 144A @

    300        303,000   
   

 

 

 
Mining — 1.8%    

Aleris International, Inc.

   

7.625%, 02/15/18

    175        175,875   

7.875%, 11/01/20

    350        348,250   
    Par
(000)
   
Value†
 
       
Mining — (continued)    

Eldorado Gold Corp.
6.125%, 12/15/20 144A @

  $             475      $ 471,438   

First Quantum Minerals Ltd.
7.250%, 05/15/22 144A @

    325        332,313   

Imperial Metals Corp.
7.000%, 03/15/19 144A @

    325        305,500   

Magnetation LLC
11.000%, 05/15/18 144A @

    450        456,750   

Novelis, Inc.
8.750%, 12/15/20

    175        187,031   

Nyrstar Netherlands Holdings BV
8.500%, 09/15/19 144A @

    375        446,918   

Vedanta Resources PLC
6.000%, 01/31/19 144A @

    275        277,750   

Vedanta Resources PLC
8.250%, 06/07/21 144A @

    350        385,875   
   

 

 

 
        3,387,700   
   

 

 

 
Miscellaneous Manufacturing — 0.3%   

Trinseo Materials Operatiing SCA
8.750%, 02/01/19

    501        527,303   
   

 

 

 
Office & Business Equipment — 0.4%     

CDW LLC
6.000%, 08/15/22

    425        440,937   

Magnolia S.A.
9.000%, 08/01/20 144A @

    175        213,520   
   

 

 

 
    654,457   
   

 

 

 
Oil & Gas — 9.0%    

American Energy-Permian Basin LLC

   

6.741%, 08/01/19 144A @ •

    575        526,844   

7.375%, 11/01/21 144A @

    25        22,875   

Antero Resources Corp.
5.125%, 12/01/22 144A @

    225        218,813   

Antero Resources Finance Corp.
6.000%, 12/01/20

    700        714,000   

Athlon Holdings LP

   

7.375%, 04/15/21

    625        679,687   

6.000%, 05/01/22 144A @

    250        268,125   

Atwood Oceanics, Inc.
6.500%, 02/01/20

    150        153,750   

Bill Barrett Corp.

   

7.625%, 10/01/19

    650        671,125   

7.000%, 10/15/22

    125        124,063   

Bonanza Creek Energy, Inc.
5.750%, 02/01/23

    500        480,000   

Chesapeake Energy Corp.

   

5.375%, 06/15/21

    175        179,156   

5.750%, 03/15/23

    700        745,500   

Concho Resources, Inc.

   

7.000%, 01/15/21

    150        160,125   

5.500%, 04/01/23

    1,200        1,248,000   

Denbury Resources, Inc.
5.500%, 05/01/22

    375        371,250   

Energy XXI Bermuda Ltd.
3.000%, 12/15/18 144A @

    305        248,956   
 

 

23


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Oil & Gas — (continued)    

Jupiter Resources, Inc.
8.500%, 10/01/22 144A @

  $     375      $ 332,813   

Laredo Petroleum, Inc.
7.375%, 05/01/22

    300        315,000   

Memorial Production Partners LP
6.875%, 08/01/22 144A @

    300        286,500   

Memorial Resource Development Corp.
5.875%, 07/01/22 144A @

    375        366,562   

Pacific Rubiales Energy Corp.

   

5.125%, 03/28/23 144A @

    100        95,530   

5.625%, 01/19/25 144A @

    300        288,285   

Paragon Offshore PLC
6.750%, 07/15/22 144A @

    175        147,875   

Parker Drilling Co.
6.750%, 07/15/22 144A @

    350        351,750   

Parsley Energy LLC
7.500%, 02/15/22 144A @

    500        515,625   

PDC Energy, Inc.
7.750%, 10/15/22

    725        775,750   

Penn Virginia Corp.

   

7.250%, 04/15/19

    225        225,000   

8.500%, 05/01/20

    450        472,500   

Petroleos de Venezuela S.A.
8.500%, 11/02/17 144A @

    775        610,312   

Precision Drilling Corp.

   

6.625%, 11/15/20

    275        285,313   

6.500%, 12/15/21

    75        77,250   

Range Resources Corp.

   

5.000%, 08/15/22

    100        102,250   

5.000%, 03/15/23

    275        283,250   

Rosetta Resources, Inc.
5.875%, 06/01/24

    600            589,500   

Samson Investment Co.
9.750%, 02/15/20

    375        340,313   

Seven Generations Energy Ltd.
8.250%, 05/15/20 144A @

    300        324,000   

Seventy Seven Energy, Inc.
6.500%, 07/15/22 144A @

    475        466,687   

SM Energy Co.

   

6.625%, 02/15/19

    250        259,375   

6.500%, 11/15/21

    150        158,625   

6.500%, 01/01/23

    325        338,000   

5.000%, 01/15/24

    500        477,500   

Western Refining, Inc.
6.250%, 04/01/21

    325        325,000   

WPX Energy, Inc.

   

6.000%, 01/15/22

    800        824,800   

5.250%, 09/15/24

    125        121,250   

YPF S.A.
8.750%, 04/04/24 144A @

    275        280,500   
   

 

 

 
      16,849,384   
   

 

 

 
Oil & Gas Services — 0.8%    

CGG S.A.
6.875%, 01/15/22 144A @

    650        576,875   

Compressco Partners LP
7.250%, 08/15/22 144A @

    225        225,562   
    Par
(000)
   
Value†
 
       
Oil & Gas Services — (continued)    

Exterran Partners LP

   

6.000%, 04/01/21

  $     125      $ 121,563   

6.000%, 10/01/22 144A @

    350        340,375   

McDermott International, Inc.
8.000%, 05/01/21 144A @

    175        171,062   
   

 

 

 
      1,435,437   
   

 

 

 
Packaging and Containers — 1.2%    

AEP Industries, Inc.
8.250%, 04/15/19

    150        155,250   

Ardagh Finance Holdings S.A. PIK
8.625%, 06/15/19 144A @

    200        201,000   

Ardagh Packaging Finance PLC

   

6.250%, 01/31/19 144A @

    200        198,000   

7.000%, 11/15/20 144A @

    300        303,000   

Beverage Packaging Holdings Luxembourg II SA

   

5.625%, 12/15/16 144A @

    225        223,312   

6.000%, 06/15/17 144A @

    350        344,750   

Consolidated Container Co. LLC
10.125%, 07/15/20 144A @

    375        352,500   

Exopack Holding Corp.
10.000%, 06/01/18 144A @

    200        215,250   

Graphic Packaging International, Inc.
4.750%, 04/15/21

    175        174,563   

Tekni-Plex, Inc.
9.750%, 06/01/19 144A @

    130        141,375   
   

 

 

 
          2,309,000   
   

 

 

 
Pharmaceuticals — 0.9%    

Capsugel S.A. PIK (Cash coupon
7.000%, PIK 7.752%) 05/15/19 144A @

    400        399,000   

Delta Dutch Newco BV
7.500%, 02/01/22 144A @

    150        151,481   

Par Pharmaceutical Cos, Inc.
7.375%, 10/15/20

    100        104,250   

Pinnacle Merger Sub, Inc.
9.500%, 10/01/23 144A @

    100        109,000   

Valeant Pharmaceuticals International
6.375%, 10/15/20 144A @

    500        513,750   

Valeant Pharmaceuticals International Escrow Corp.
6.750%, 08/15/18 144A @

    450        474,750   
   

 

 

 
      1,752,231   
   

 

 

 
Pipelines — 2.0%    

Atlas Pipeline Partners LP
5.875%, 08/01/23

    200        195,500   

MarkWest Energy Partners LP
4.500%, 07/15/23

    850        824,500   

Niska Gas Storage Canada Finance Corp.
6.500%, 04/01/19 144A @

    750        656,250   

NuStar Logistics LP
6.750%, 02/01/21

    250        271,875   

Penn Virginia Resource Partners LP

   

8.375%, 06/01/20

    237        258,330   

6.500%, 05/15/21

    100        104,750   

Regency Energy Partners LP
5.875%, 03/01/22

    250        260,000   
 

 

24


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Pipelines — (continued)    

Sabine Pass Liquefaction LLC
5.625%, 04/15/23

  $             225      $ 227,250   

Targa Resources Partners LP

   

5.250%, 05/01/23

    50        51,000   

4.250%, 11/15/23

    950        912,000   
   

 

 

 
        3,761,455   
   

 

 

 
Real Estate — 1.5%    

CBRE Services, Inc.
5.000%, 03/15/23

    625        618,687   

Dupont Fabros Technology LP
5.875%, 09/15/21

    450        457,875   

iStar Financial, Inc.

   

7.125%, 02/15/18

    125        129,375   

5.000%, 07/01/19

    450        433,125   

MPT Operating Partnership LP

   

6.875%, 05/01/21

    225        240,750   

6.375%, 02/15/22

    125        133,438   

Omega Healthcare Investors, Inc.
5.875%, 03/15/24

    75        78,188   

Realogy Group LLC
9.000%, 01/15/20 144A @

    100        109,250   

The Howard Hughes Corp.
6.875%, 10/01/21 144A @

    625        645,312   
   

 

 

 
    2,846,000   
   

 

 

 
Retail — 3.8%    

99 Cents Only Stores
11.000%, 12/15/19

    225        244,125   

Academy Ltd.
9.250%, 08/01/19 144A @

    100        105,750   

AmeriGas Finance LLC
7.000%, 05/20/22

    225        235,688   

Building Materials Holding Corp.
9.000%, 09/15/18 144A @

    350        379,750   

Ferrellgas LP

   

6.500%, 05/01/21

    275        268,812   

6.750%, 01/15/22

    300        292,500   

Group 1 Automotive, Inc.
5.000%, 06/01/22 144A @

    175        169,313   

Guitar Center, Inc.
6.500%, 04/15/19 144A @

    375        337,500   

JC Penney Corp., Inc.
8.125%, 10/01/19

    400        390,000   

Michaels Stores, Inc.
5.875%, 12/15/20 144A @

    225        223,875   

New Look Bondco I PLC
8.375%, 05/14/18 144A @

    725        760,344   

New Red Finance, Inc.
6.000%, 04/01/22 144A @

    350        347,812   

PC Nextco Holdings LLC
8.750%, 08/15/19

    350        351,750   

Penske Automotive Group, Inc.
5.750%, 10/01/22

    200        203,000   

PF Chang’s China Bistro, Inc.
10.250%, 06/30/20 144A @

    800        794,000   

Rite Aid Corp.

   

6.750%, 06/15/21

    725        741,312   
    Par
(000)
   
Value†
 
       
Retail — (continued)    

7.700%, 02/15/27

  $             350      $ 374,500   

Sears Holdings Corp.
6.625%, 10/15/18

    200        179,000   

Sonic Automotive, Inc.

   

7.000%, 07/15/22

    150        159,750   

5.000%, 05/15/23

    175        167,125   

The Men’s Wearhouse, Inc.
7.000%, 07/01/22 144A @

    175        176,750   

The Pantry, Inc.
8.375%, 08/01/20

    175        182,875   
   

 

 

 
        7,085,531   
   

 

 

 
Semiconductors — 0.4%    

Freescale Semiconductor, Inc.
6.000%, 01/15/22 144A @

    375        380,625   

NXP BV

   

5.750%, 02/15/21 144A @

    200        203,000   

5.750%, 03/15/23 144A @

    250        253,125   
   

 

 

 
    836,750   
   

 

 

 
Software — 2.9%    

ACI Worldwide, Inc.
6.375%, 08/15/20 144A @

    125        129,688   

Activision Blizzard, Inc.

   

5.625%, 09/15/21 144A @

    700        728,000   

6.125%, 09/15/23 144A @

    175        185,938   

BCP Singapore VI Cayman Financing Co. Ltd.
8.000%, 04/15/21 144A @

    200        205,000   

BMC Software Finance, Inc.
8.125%, 07/15/21 144A @

    350        336,000   

Eagle Midco, Inc.
PIK (Cash coupon 9.000%, PIK 9.750%)
06/15/18 144A @

    425        434,031   

Epicor Software Corp.
8.625%, 05/01/19

    225        237,938   

First Data Corp.

   

6.750%, 11/01/20 144A @

    315        333,900   

12.625%, 01/15/21

    1,625        1,945,937   

First Data Holdings, Inc.
PIK 14.500%, 09/24/19 144A @

    33        34,656   

Infor Software Parent LLC
PIK (Cash coupon 7.125%, PIK 7.875%)
05/01/21 144A @

    500        495,000   

Infor U.S., Inc.
9.375%, 04/01/19

    300        324,000   
   

 

 

 
    5,390,088   
   

 

 

 
Telecommunications — 10.4%     

Alcatel-Lucent USA, Inc.

   

8.875%, 01/01/20 144A @

    225        243,562   

6.750%, 11/15/20 144A @

    575        583,625   

Altice Finco S.A.

   

9.875%, 12/15/20 144A @

    400        448,000   

9.000%, 06/15/23 144A @

    325        464,022   

8.125%, 01/15/24 144A @

    200        214,000   

Altice S.A.
7.750%, 05/15/22 144A @

    400        413,000   

B Communications Ltd.
7.375%, 02/15/21 144A @

    325        345,719   
 

 

25


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Telecommunications — (continued)     

CenturyLink, Inc.
5.625%, 04/01/20

  $ 725      $ 747,837   

Crown Castle International Corp.
5.250%, 01/15/23

    425        421,281   

Digicel Group Ltd.
7.125%, 04/01/22 144A @

    250        249,500   

Digicel Ltd.
6.000%, 04/15/21 144A @

    200        198,000   

EarthLink Holdings Corp.
7.375%, 06/01/20

    175        179,463   

Goodman Networks, Inc.
12.125%, 07/01/18

    375        393,750   

Hughes Satellite Systems Corp.

   

6.500%, 06/15/19

    350        371,875   

7.625%, 06/15/21

    325        354,250   

Intelsat Jackson Holdings S.A.

   

6.625%, 12/15/22

    525        530,250   

5.500%, 08/01/23

    700        668,500   

Intelsat Luxembourg S.A.

   

7.750%, 06/01/21

    675        687,656   

8.125%, 06/01/23

    275        286,687   

Level 3 Communications, Inc.

   

11.875%, 02/01/19

    225        243,000   

8.875%, 06/01/19

    100        106,750   

Level 3 Financing, Inc.
7.000%, 06/01/20

    125        131,719   

Matterhorn Financing & CY S.C.A.
PIK (Cash coupon 9.000%, PIK 9.7500%) 04/15/19 144A @

    350        446,858   

Matterhorn Midco & CY S.C.A.
7.750%, 02/15/20 144A @

    325        432,865   

Millicom International Cellular S.A.
6.625%, 10/15/21 144A @

    200        207,500   

Mobile Challenger Intermediate Group S.A.
PIK 8.750%, 03/15/19 144A @

    150        158,689   

NII International Telecom S.C.A.
11.375%, 08/15/19 144A @

    225        151,313   

Play Topco S.A.
PIK (Cash coupon 7.750%, PIK 8.500%) 02/28/20 144A @

    225        278,504   

Sable International Finance Ltd.
8.750%, 02/01/20 144A @

    200        218,000   

Sprint Communications, Inc.
11.500%, 11/15/21

    500        640,000   

Sprint Corp.
7.125%, 06/15/24 144A @

    1,725        1,737,937   

Syniverse Holdings, Inc.
9.125%, 01/15/19

    300        315,000   

T-Mobile USA, Inc.

   

6.250%, 04/01/21

    450        454,500   

6.633%, 04/28/21

    450        461,250   

6.000%, 03/01/23

    900        898,875   

Telecom Italia SpA
6.375%, 06/24/19

    350        616,106   

UPC Holding BV

   

8.375%, 08/15/20 144A @

    125        170,290   

6.750%, 03/15/23 144A @

    375        429,127   
    Par
(000)
   
Value†
 
       
Telecommunications — (continued)     

6.750%, 03/15/23 144A @

  $ 200      $ 275,564   

UPCB Finance V Ltd.
7.250%, 11/15/21 144A @

    150        160,500   

UPCB Finance VI Ltd.
6.875%, 01/15/22 144A @

    225        240,187   

Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
7.748%, 02/02/21 144A @

    200        205,000   

VimpelCom Holdings BV

   

5.200%, 02/13/19 144A @

    200        192,700   

7.504%, 03/01/22 144A @

    450        458,437   

Virgin Media Finance PLC

   

7.000%, 04/15/23 144A @

    275        471,448   

6.000%, 10/15/24 144A @

    200        200,250   

Wind Acquisition Finance S.A.

   

6.500%, 04/30/20 144A @

    275        286,687   

4.750%, 07/15/20 144A @

    400        384,000   

7.375%, 04/23/21 144A @

    775        778,875   
   

 

 

 
      19,552,908   
   

 

 

 
Textiles — 0.1%     

Springs Industries, Inc.
6.250%, 06/01/21

    150        147,000   
   

 

 

 
Transportation — 0.1%     

Watco Cos. LLC
6.375%, 04/01/23 144A @

    175        175,875   
   

 

 

 

TOTAL CORPORATE BONDS

(Cost $168,026,547)

  

  

    169,432,311   
   

 

 

 
LOAN AGREEMENTS — 5.2%‡   
Auto Manufacturers — 0.1%     

Navistar, Inc.
5.750%, 08/17/17•

    125        125,156   
   

 

 

 
Chemicals — 0.1%     

Univar, Inc.
5.000%, 06/30/17•

    295        291,957   
   

 

 

 
Commercial Services — 0.2%     

Weight Watchers International, Inc.
4.000%, 04/02/20•

    447        342,223   
   

 

 

 
Computers — 0.1%     

Dell, Inc.
4.500%, 04/29/20

    148        146,799   
   

 

 

 
Distribution & Wholesale — 0.1%     

Husky Injection Molding System
4.250%, 06/30/21

    149        146,955   
   

 

 

 
Diversified Financial Services — 0.2%     

Nuveen Investments, Inc.
6.500%, 02/28/19•

    200        200,150   
 

 

26


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

     Par
(000)
    
Value†
 
LOAN AGREEMENTS‡ — (continued)   
Diversified Financial Services — (continued)      

Vantiv LLC
3.750%, 06/13/21•

   $ 274       $ 272,370   
     

 

 

 
        472,520   
     

 

 

 
Electric — 0.4%      

Equipower Resources Holding LLC
4.250%, 12/31/19•

     691         687,797   
     

 

 

 
Entertainment — 0.8%   

Amaya Holdings BV
5.000%, 08/01/21

     275         271,119   

Delta 2 (Lux) S.a.r.l.

     

4.750%, 07/30/21

     600         591,750   

7.750%, 07/29/22

     200         199,000   

Peninsula Gaming LLC
4.250%, 11/20/17•

     362         357,980   
     

 

 

 
        1,419,849   
     

 

 

 
Environmental Control — 0.1%      

Tervita Corp.
6.250%, 05/15/18

     249         247,602   
     

 

 

 
Healthcare Services — 0.3%   

Community Health Systems, Inc.
4.250%, 01/27/21•

     248         247,704   

Ortho-Clinical Diagnostics
4.750%, 06/30/21

     224         221,527   

Surgery Center Holdings
5.250%, 07/24/20

     200         199,250   
     

 

 

 
        668,481   
     

 

 

 
Holding Companies — 0.1%      

Faenza Acquisition
4.250%, 08/30/20

     98         97,346   
     

 

 

 
Insurance — 0.5%   

Asurion LLC

     

5.000%, 05/24/19•

     373         370,879   

8.500%, 03/03/21

     550         554,983   
     

 

 

 
        925,862   
     

 

 

 
Machinery — Diversified — 0.2%   

Gardner Denver, Inc.
4.250%, 07/30/20•

     173         169,650   

Zebra Tech Corp.
4.750%, 09/30/21

     200         198,507   
     

 

 

 
        368,157   
     

 

 

 
     Par
(000)
    
Value†
 
       
Media — 0.3%      

McGraw-Hill Global Education Holdings LLC
5.750%, 03/22/19•

   $ 169       $ 168,710   

Univision Communications, Inc.
4.000%, 03/01/20•

     373         365,893   
     

 

 

 
        534,603   
     

 

 

 
Oil & Gas — 0.4%   

Foresight Energy LLC
5.500%, 08/21/20•

     145         145,292   

Philadelphia Energy Solutions Refining and Marketing LLC
6.250%, 04/04/18•

     422         399,758   

TGGT Holdings
6.500%, 11/15/18

     241         238,219   
     

 

 

 
        783,269   
     

 

 

 
Oil & Gas Services — 0.1%      

Murray Energy Corp.
5.250%, 12/05/19

     174         173,608   
     

 

 

 
Real Estate Investment Trusts — 0.3%      

Citycenter Holdings LLC
4.250%, 10/16/20

     600         593,250   
     

 

 

 
Retail — 0.9%      

Burger King
4.500%, 09/25/21

     350         347,277   

JC Penney Corp.
6.000%, 05/22/18•

     866         865,898   

PF Chang’s China Bistro, Inc.
4.250%, 06/22/19•

     479         466,281   
     

 

 

 
        1,679,456   
     

 

 

 

TOTAL LOAN AGREEMENTS‡

(Cost $9,796,760)

  

  

     9,704,890   
     

 

 

 
     Number of
Shares
    
Value†
 
SHORT-TERM INVESTMENTS — 2.7%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares

     306,926         306,926   

T. Rowe Price Reserve Investment Fund

     4,788,190         4,788,190   
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,095,116)

  

  

     5,095,116   
     

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $185,598,771)(a)

  

  

   $ 187,126,206   
     

 

 

 

 

 

 

27


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

 

Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at September 30, 2014. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.
* Non-income producing security.
@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.
^ Illiquid security. The total market value of illiquid securities at September 30, 2014 is $234,313.
Ÿ Variable Rate Security.
¤ Defaulted Security.
~ Fair valued security. The total market value of fair valued securities at September 30, 2014 is $943,172.
(a) At September 30, 2014, the cost for Federal income tax purposes was $185,630,503. Net unrealized appreciation was $1,495,703. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $4,153,105 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,657,402.

CONV — Convertible Security.

LLC — Limited Liability Company.

LP — Limited Partnership.

OJSC — Open Joint Stock Company

PIK — Payment in Kind Security.

PLC — Public Limited Company.

 

 

28


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

High Yield Bond Fund

 

Country Weightings as of 09/30/2014††  

United States

     76

Luxembourg

     7   

Canada

     4   

Netherlands

     3   

United Kingdom

     3   

France

     2   

Bermuda

     1   

Other

     4   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014
 

 

29


Penn Series Funds, Inc.

High Yield Bond Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

  $ 1,216,903      $ 1,189,590      $      $ 27,313   

REAL ESTATE INVESTMENT TRUSTS

    130,960        130,960       

PREFERRED STOCKS

       

Banks

    500,469               500,469          

Diversified Financial Services

    214,360        214,360                 

Oil & Gas

    229,006        229,006                 

Packaging and Containers

                           

Telecommunications

    257,691        257,691                 

ASSET BACKED SECURITIES

    344,500               344,500          

CORPORATE BONDS

    169,432,311               169,432,311          

LOAN AGREEMENTS

    9,704,890               9,704,890          

SHORT-TERM INVESTMENTS

    5,095,116        5,095,116                 

 

 

TOTAL INVESTMENTS

  $ 187,126,206      $ 7,116,723      $ 179,982,170      $ 27,313   

 

 

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

 

      Investments in
Securities
(Market Value)
 

Balance as of 12/31/2013

   $ 24,557   

Change in Appreciation/(Depreciation)

     2,756   
  

 

 

 

Balance as of 9/30/2014

   $ 27,313   

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

    

 

 

30


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Par
(000)
   
Value†
 
AGENCY OBLIGATION — 0.2%   
Banks — 0.2%     

KFW
0.500%, 04/19/16
(Cost $6,647,432)

  $ 6,658      $ 6,657,940   
   

 

 

 
ASSET BACKED SECURITIES — 0.5%   

Ally Master Owner Trust
0.854%, 06/15/17•

             8,755                8,780,048   

Continental Airlines 2009-2 Class A, Pass Through Trust
7.250%, 11/10/19

    657        769,822   

Continental Airlines 2012-1 Class A, Pass Through Trust
4.150%, 04/11/24

    2,101        2,143,251   

Continental Airlines 2012-1 Class B, Pass Through Trust
6.250%, 04/11/20

    418        445,032   

Ford Credit Auto Owner Trust 2012-C
0.580%, 12/15/16

    1,160        1,161,278   

Honda Auto Receivables
2012-3 Owner Trust
0.560%, 05/15/16

    1,084        1,085,083   
   

 

 

 
TOTAL ASSET BACKED SECURITIES
(Cost $14,201,836)
        14,384,514   
   

 

 

 
    Number of
Shares
   
Value†
 
COMMON STOCKS — 62.9%   
Aerospace & Defense — 3.4%   

The Boeing Co.

    202,900        25,845,402   

United Technologies Corp.

    703,200        74,257,920   
   

 

 

 
    100,103,322   
   

 

 

 
Agriculture — 1.2%   

Philip Morris International, Inc.

    434,800        36,262,320   
   

 

 

 
Auto Parts & Equipment — 1.3%   

Delphi Automotive PLC

    285,600        17,518,704   

Johnson Controls, Inc.

    368,200        16,200,800   

TRW Automotive Holdings Corp.*

    47,200        4,779,000   
   

 

 

 
    38,498,504   
   

 

 

 
Banks — 3.7%   

JPMorgan Chase & Co.

    501,900        30,234,456   

State Street Corp.

    773,700        56,952,057   

UBS AG

    1,328,568        23,094,271   
   

 

 

 
    110,280,784   
   

 

 

 
Beverages — 1.0%   

PepsiCo, Inc.

    305,500        28,438,995   
   

 

 

 
Chemicals — 0.4%   

Cytec Industries, Inc.

    276,100        13,056,769   
   

 

 

 
Commercial Services — 1.8%   

Iron Mountain, Inc.

    371,700        12,136,005   

Pentair PLC

    241,600        15,822,384   

Tyco International Ltd.

    562,300        25,061,711   
   

 

 

 
    53,020,100   
   

 

 

 
    Number of
Shares
   
Value†
 
     
Computers — 0.6%   

Apple, Inc.

    121,800      $ 12,271,350   

Seagate Technology PLC

                91,700                  5,251,659   
   

 

 

 
    17,523,009   
   

 

 

 
Cosmetics & Personal Care — 0.6%   

The Procter & Gamble Co.

    214,582        17,969,097   
   

 

 

 
Diversified Financial Services — 3.8%   

Invesco Ltd.

    466,008        18,397,996   

TD Ameritrade Holding Corp.

    1,569,000        52,357,530   

Visa, Inc., Class A

    193,300        41,244,421   
   

 

 

 
    111,999,947   
   

 

 

 
Electric — 4.5%   

Duke Energy Corp.

    103,000        7,701,310   

FirstEnergy Corp.

    313,000        10,507,410   

OGE Energy Corp.

    600        22,266   

PG&E Corp.

    1,252,000        56,390,080   

Xcel Energy, Inc.

    1,950,700        59,301,280   
   

 

 

 
    133,922,346   
   

 

 

 
Electronics — 2.9%   

Agilent Technologies, Inc.

    297,000        16,923,060   

TE Connectivity Ltd.

    11,800        652,422   

Thermo Fisher Scientific, Inc.

    566,100        68,894,370   
   

 

 

 
    86,469,852   
   

 

 

 
Food — 0.8%   

Mondelez International, Inc., Class A

    689,500        23,625,718   
   

 

 

 
Healthcare Products — 0.8%   

CareFusion Corp.*

    306,800        13,882,700   

Henry Schein, Inc.*

    85,278        9,932,329   
   

 

 

 
    23,815,029   
   

 

 

 
Healthcare Services — 3.9%   

Cigna Corp.

    123,200        11,173,008   

DaVita HealthCare Partners, Inc.*

    417,800        30,557,892   

UnitedHealth Group, Inc.

    838,100        72,286,125   
   

 

 

 
    114,017,025   
   

 

 

 
Insurance — 3.1%   

Marsh & McLennan Cos., Inc.

    1,462,400        76,542,016   

XL Group PLC

    438,135        14,532,938   
   

 

 

 
    91,074,954   
   

 

 

 
Internet — 1.9%   

Alibaba Group Holding Ltd. ADR*

    121,739        10,816,510   

Google, Inc., Class A*

    29,100        17,122,731   

Google, Inc., Class C*

    47,000        27,135,920   
   

 

 

 
    55,075,161   
   

 

 

 
Machinery — Diversified — 0.8%   

Roper Industries, Inc.

    169,800        24,840,042   
   

 

 

 
Media — 1.9%   

Liberty Global PLC, Class A*

    134,000        5,700,360   

Liberty Global PLC, Series C*

    384,600        15,774,369   

Twenty-First Century Fox, Inc. Class B

    703,700        23,440,247   

Viacom, Inc., Class B

    127,000        9,771,380   
   

 

 

 
    54,686,356   
   

 

 

 
 

 

31


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Miscellaneous Manufacturing — 4.1%   

Danaher Corp.

    1,595,478      $ 121,224,418   
   

 

 

 
Oil & Gas — 3.8%     

Anadarko Petroleum Corp.

    60,100        6,096,544   

Apache Corp.

    251,000        23,561,370   

Canadian Natural Resources Ltd.

    464,800        18,052,832   

Chesapeake Energy Corp.

    931,700        21,419,783   

Concho Resources, Inc.*

    115,100        14,432,389   

Pioneer Natural Resources Co.

    83,000        16,348,510   

Range Resources Corp.

    196,647        13,334,633   
   

 

 

 
      113,246,061   
   

 

 

 
Pharmaceuticals — 6.4%     

Abbott Laboratories

    337,600        14,040,784   

Actavis PLC*

    35,200        8,493,056   

Allergan, Inc.

    313,100        55,791,289   

Eli Lilly & Co.

    374,100        24,260,385   

Perrigo Co. PLC

    187,800        28,205,682   

Pfizer, Inc.

    536,643        15,868,533   

Zoetis, Inc.

    1,168,486        43,175,558   
   

 

 

 
      189,835,287   
   

 

 

 
Retail — 4.4%     

AutoZone, Inc.*

    136,800        69,721,488   

CVS Health Corp.

    251,700        20,032,803   

Lowe’s Cos., Inc.

    473,800        25,073,496   

O’Reilly Automotive, Inc.*

    96,700        14,539,812   
   

 

 

 
      129,367,599   
   

 

 

 
Semiconductors — 1.3%     

NXP Semiconductors N.V.*

    72,000        4,926,960   

QUALCOMM, Inc.

    108,800        8,134,976   

Texas Instruments, Inc.

    522,000        24,894,180   
   

 

 

 
      37,956,116   
   

 

 

 
Software — 2.6%     

Fidelity National Information Services, Inc.

    141,300        7,955,190   

Fiserv, Inc.*

    1,066,400        68,926,764   
   

 

 

 
      76,881,954   
   

 

 

 
Telecommunications — 1.6%     

Crown Castle International Corp.

    439,900        35,425,147   

SBA Communications Corp., Class A*

    119,100        13,208,190   
   

 

 

 
      48,633,337   
   

 

 

 

TOTAL COMMON STOCKS

(Cost $1,412,585,688)

  

  

    1,851,824,102   
   

 

 

 
    Par
(000)
   
Value†
 
REAL ESTATE INVESTMENT TRUSTS — 1.1%   
Diversified — 1.0%     

American Tower Corp.
(Cost $23,246,187)

    326,097        30,532,462   
   

 

 

 
    Number of
Shares
   
Value†
 
PREFERRED STOCKS — 0.4%   
Banks — 0.2%     

U.S. Bancorp Series F

    71,000        2,036,280   
    Number of
Shares
   
Value†
 
       
Banks — (continued)     

U.S. Bancorp Series G

    90,000      $ 2,429,100   
   

 

 

 
      4,465,380   
   

 

 

 
Electric — 0.2%     

SCE Trust I

    83,775        1,971,226   

SCE Trust II

    14,730        318,020   

SCE Trust III

    161,355        4,262,999   
   

 

 

 
      6,552,245   
   

 

 

 
Oil & Gas — 0.0%     

Chesapeake Energy Corp.

    956        90,457   
   

 

 

 

TOTAL PREFERRED STOCKS

(Cost $10,547,349)

  

  

    11,108,082   
   

 

 

 
    Par
(000)
   
Value†
 
CORPORATE BONDS — 19.3%   
Advertising — 0.1%     

Lamar Media Corp.

   

5.875%, 02/01/22

  $ 900        927,000   

5.000%, 05/01/23

    850        818,125   
   

 

 

 
      1,745,125   
   

 

 

 
Aerospace & Defense — 0.2%     

United Technologies Corp.
0.734%, 06/01/15•

    4,725        4,739,888   
   

 

 

 
Airlines — 0.4%     

Continental Airlines 2009-1 Pass Through Trust
9.000%, 07/08/16

    746        820,996   

Delta Air Lines 2009-1, Class A Pass Through Trust
7.750%, 12/17/19

    546        638,564   

Delta Air Lines 2011-1, Class A Pass Through Trust
5.300%, 04/15/19

    516        559,936   

Hawaiian Airlines 2013-1 Class A, Pass Through Certificates
3.900%, 01/15/26

    1,815        1,801,388   

United Airlines, Inc.
4.500%, 01/15/15

    1,879        4,651,699   

US Airways 2010-1 Class A, Pass Through Trust
6.250%, 04/22/23

    1,992        2,245,552   

US Airways 2010-1 Class B, Pass Through Trust
8.500%, 04/22/17^

    239        264,434   

US Airways 2012-2 Class A, Pass Through Trust
4.625%, 06/03/25

    282        294,683   

US Airways 2012-2 Class B, Pass Through Trust
6.750%, 06/03/21

    523        564,701   

US Airways 2013-1 Class A, Pass Through Trust
3.950%, 11/15/25

    5        5,025   
 

 

32


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Airlines — (continued)   

US Airways 2013-1 Class B, Pass Through Trust
5.375%, 11/15/21

  $ 5      $ 5,138   
   

 

 

 
      11,852,116   
   

 

 

 
Auto Manufacturers — 0.1%    

Daimler Finance North America LLC
1.100%, 08/01/18 144A @,•

        1,525        1,550,385   
   

 

 

 
Auto Parts & Equipment — 0.3%     

Delphi Corp.

   

6.125%, 05/15/21

    3,125        3,429,688   

5.000%, 02/15/23

    3,450        3,694,950   

Schaeffler Finance BV
7.750%, 02/15/17 144A @

    1,250        1,359,375   
   

 

 

 
    8,484,013   
   

 

 

 
Banks — 0.0%    

Regions Bank
7.500%, 05/15/18

    90        104,929   

Synovus Financial Corp.
5.125%, 06/15/17

    105        107,362   
   

 

 

 
    212,291   
   

 

 

 
Beverages — 0.3%    

Heineken NV
0.800%, 10/01/15 144A @

    1,515        1,517,291   

SABMiller Holdings, Inc.

   

0.930%, 08/01/18 144A @,•

    3,455        3,481,158   

2.200%, 08/01/18 144A @

    3,000        2,993,625   
   

 

 

 
    7,992,074   
   

 

 

 
Coal — 0.1%    

CONSOL Energy, Inc
5.875%, 04/15/22 144A @

    3,075        3,028,875   
   

 

 

 
Cosmetics & Personal Care — 0.3%     

The Procter & Gamble Co.
3.100%, 08/15/23

    9,700        9,818,039   
   

 

 

 
Diversified Financial Services — 3.0%     

American Honda Finance Corp.
0.334%, 11/13/14 144A @,•

    1,350        1,350,247   

Caterpillar Financial Services Corp.

   

0.700%, 11/06/15

    1,585        1,587,669   

1.250%, 11/06/17

    2,345        2,327,781   

E*TRADE Financial Corp.

   

6.750%, 06/01/16

    7,250        7,630,625   

6.000%, 11/15/17

    7,300        7,519,000   

6.375%, 11/15/19

    5,750        6,037,500   

Ford Motor Credit Co. LLC

   

3.875%, 01/15/15

    4,530        4,573,533   

2.750%, 05/15/15

    2,300        2,330,017   

2.500%, 01/15/16

    2,190        2,230,279   

1.483%, 05/09/16•

    3,755        3,806,537   

4.250%, 02/03/17

    1,340        1,420,866   

6.625%, 08/15/17

    1,675        1,893,552   

0.753%, 09/08/17•

    4,325        4,329,974   

0.803%, 12/06/17•

    6,325        6,334,854   
    Par
(000)
   
Value†
 
     
Diversified Financial Services — (continued)     

1.724%, 12/06/17

  $       2,150      $ 2,134,843   

5.000%, 05/15/18

    1,800        1,965,863   

2.375%, 03/12/19

    4,275        4,231,694   

International Lease Finance Corp.
2.184%, 06/15/16•

    2,905        2,875,950   

John Deere Capital Corp.

   

0.331%, 10/08/14•

    3,845        3,845,104   

0.304%, 01/12/15•

    4,475        4,476,365   

0.700%, 09/04/15

    1,800        1,805,893   

0.454%, 12/15/17•

    2,575        2,575,489   

1.550%, 12/15/17

    2,650        2,654,574   

PACCAR Financial Corp.

   

0.361%, 05/05/15•

    1,085        1,085,829   

0.504%, 02/08/16•

    480        481,316   

0.750%, 05/16/16

    900        900,827   

0.423%, 06/06/17•

    1,635        1,637,160   

Toyota Motor Credit Corp.

   

0.403%, 01/23/15•

    2,305        2,306,420   

0.384%, 03/10/15•

    2,250        2,251,373   
   

 

 

 
        88,601,134   
   

 

 

 
Electric — 0.4%    

CMS Energy Corp.

   

6.550%, 07/17/17

    895        1,011,307   

8.750%, 06/15/19

    415        526,911   

Duke Energy Corp.
0.615%, 04/03/17•

    1,510        1,515,250   

ITC Holdings Corp.
3.650%, 06/15/24

    865        862,313   

Northern States Power Co.
3.300%, 06/15/24

    350        351,501   

NSTAR Electric Co.
0.471%, 05/17/16•

    1,950        1,948,508   

Otter Tail Corp.
9.000%, 12/15/16^

    890        1,022,388   

Pennsylvania Electric Co.
4.150%, 04/15/25 144A @

    1,140        1,140,361   

Xcel Energy, Inc.
0.750%, 05/09/16

    2,160        2,156,821   
   

 

 

 
    10,535,360   
   

 

 

 
Electronics — 0.0%    

Amphenol Corp.
1.550%, 09/15/17

    920        918,840   
   

 

 

 
Entertainment — 0.1%    

Cedar Fair LP
5.250%, 03/15/21

    1,425        1,403,625   
   

 

 

 
Food — 0.1%    

B&G Foods, Inc.
4.625%, 06/01/21

    1,525        1,452,562   

General Mills, Inc.

   

0.534%, 01/29/16•

    1,975        1,977,441   

0.875%, 01/29/16

    820        822,371   
   

 

 

 
    4,252,374   
   

 

 

 
 

 

33


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Healthcare Products — 0.1%   

Baxter International, Inc.
0.401%, 12/11/14•

  $     2,715      $ 2,715,793   
   

 

 

 
Healthcare Services — 0.7%    

DaVita HealthCare Partners, Inc.

   

6.625%, 11/01/20

    4,275        4,483,406   

5.750%, 08/15/22

    400        414,500   

5.125%, 07/15/24

    8,875        8,719,687   

Fresenius Medical Care U.S. Finance II, Inc.

   

5.625%, 07/31/19 144A @

    750        789,525   

5.875%, 01/31/22 144A @

    425        450,500   

Roche Holdings, Inc.
1.350%, 09/29/17 144A @

    4,450        4,441,719   
   

 

 

 
      19,299,337   
   

 

 

 
Machinery — Diversified — 0.3%    

CNH Capital LLC

   

3.875%, 11/01/15

    1,500        1,509,375   

6.250%, 11/01/16

    2,650        2,789,125   

3.625%, 04/15/18

    3,150        3,079,125   

Xylem, Inc.

   

3.550%, 09/20/16

    1,300        1,360,874   

4.875%, 10/01/21

    415        450,190   
   

 

 

 
    9,188,689   
   

 

 

 
Media — 1.7%    

CCO Holdings LLC
7.250%, 10/30/17

    850        880,813   

Unitymedia Hessen GmbH & Co. KG

   

7.500%, 03/15/19 144A @

    7,975        8,433,563   

7.500%, 03/15/19 144A @

    860        1,147,872   

5.500%, 01/15/23 144A @

    3,400        3,434,000   

Univision Communications, Inc.

   

6.875%, 05/15/19 144A @

    16,650        17,357,625   

7.875%, 11/01/20 144A @

    9,550        10,230,437   

6.750%, 09/15/22 144A @

    6,719        7,189,330   

5.125%, 05/15/23 144A @

    2,050        2,075,625   
   

 

 

 
    50,749,265   
   

 

 

 
Miscellaneous Manufacturing — 0.0%    

Actuant Corp.
5.625%, 06/15/22

    125        130,000   
   

 

 

 
Oil & Gas — 3.7%    

Antero Resources Corp.
5.125%, 12/01/22 144A @

    2,300        2,236,750   

Antero Resources Finance Corp.

   

6.000%, 12/01/20

    3,950        4,029,000   

5.375%, 11/01/21

    4,875        4,850,625   

Athlon Holdings LP

   

7.375%, 04/15/21

    2,475        2,691,563   

6.000%, 05/01/22 144A @

    1,100        1,179,750   

Chesapeake Energy Corp.
3.250%, 03/15/16

    1,025        1,027,563   

Concho Resources, Inc.

   

7.000%, 01/15/21

    6,600        7,045,500   

6.500%, 01/15/22

    4,200        4,462,500   

5.500%, 10/01/22

    2,425        2,497,750   

5.500%, 04/01/23

    5,600        5,824,000   
    Par
(000)
   
Value†
 
                        
Oil & Gas — (continued)    

EQT Corp.

   

6.500%, 04/01/18

  $ 1,620      $ 1,850,487   

8.125%, 06/01/19

    1,754        2,148,375   

4.875%, 11/15/21

    8,005        8,746,687   

Laredo Petroleum, Inc.

   

9.500%, 02/15/19

    9,100        9,668,750   

5.625%, 01/15/22

    2,225        2,180,500   

7.375%, 05/01/22

    500        525,000   

Range Resources Corp.

   

6.750%, 08/01/20

    3,900        4,104,750   

5.750%, 06/01/21

    7,550        7,927,500   

5.000%, 08/15/22

    12,675        12,960,187   

5.000%, 03/15/23

        17,900          18,437,000   

SM Energy Co.

   

6.500%, 11/15/21

    3,425        3,621,937   

6.500%, 01/01/23

    1,200        1,248,000   
   

 

 

 
    109,264,174   
   

 

 

 
Packaging and Containers — 0.1%    

Rexam PLC
6.750%, 06/29/67•

    1,700        2,265,292   
   

 

 

 
Pharmaceuticals — 0.0%    

Zoetis, Inc.

   

1.150%, 02/01/16

    795        796,723   

1.875%, 02/01/18

    525        521,274   
   

 

 

 
    1,317,997   
   

 

 

 
Pipelines — 1.9%    

Energy Transfer Partners LP

   

4.150%, 10/01/20

    1,925        1,998,959   

4.900%, 02/01/24

    2,465        2,576,517   

MarkWest Energy Partners LP

   

6.750%, 11/01/20

    1,900        2,004,500   

6.500%, 08/15/21

    4,875        5,130,938   

6.250%, 06/15/22

    7,425        7,814,812   

5.500%, 02/15/23

    11,485        11,743,412   

4.500%, 07/15/23

    16,225        15,738,250   

ONEOK Partners LP
2.000%, 10/01/17

    830        834,726   

Spectra Energy Partners LP
4.750%, 03/15/24

    2,555        2,740,424   

Targa Resources Partners LP

   

6.875%, 02/01/21

    1,300        1,387,750   

5.250%, 05/01/23

    1,475        1,504,500   

4.250%, 11/15/23

    3,325        3,192,000   
   

 

 

 
    56,666,788   
   

 

 

 
Real Estate — 0.1%    

CBRE Services, Inc.

   

6.625%, 10/15/20

    1,675        1,761,095   

5.000%, 03/15/23

    900        890,910   
   

 

 

 
    2,652,005   
   

 

 

 
Real Estate Investment Trusts — 0.2%     

American Tower Corp.

   

4.625%, 04/01/15

    200        203,995   

3.500%, 01/31/23

    925        879,380   

5.000%, 02/15/24

    1,535        1,608,869   
 

 

34


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Par
(000)
   
Value†
 
CORPORATE BONDS — (continued)   
Real Estate Investment Trusts — (continued)   

Host Hotels & Resorts LP
5.875%, 06/15/19

  $ 1,800      $ 1,907,204   
   

 

 

 
    4,599,448   
   

 

 

 
Retail — 1.2%    

AmeriGas Finance LLC

   

6.250%, 08/20/19

    600        616,500   

6.750%, 05/20/20

    675        702,000   

7.000%, 05/20/22

    1,525        1,597,438   

Group 1 Automotive, Inc.
5.000%, 06/01/22 144A @

    675        653,063   

L Brands, Inc.

   

6.900%, 07/15/17

    1,400        1,548,750   

8.500%, 06/15/19

    900        1,062,000   

7.000%, 05/01/20

    900        999,000   

6.625%, 04/01/21

    1,925        2,117,500   

5.625%, 02/15/22

    1,625        1,694,063   

5.625%, 10/15/23

        5,775          6,020,437   

Rite Aid Corp.
8.000%, 08/15/20

    12,800        13,696,000   

Suburban Propane Partners LP

   

7.500%, 10/01/18

    1,675        1,737,812   

7.375%, 03/15/20

    2,350        2,455,750   

7.375%, 08/01/21

    750        795,000   
   

 

 

 
    35,695,313   
   

 

 

 
Semiconductors — 0.6%    

NXP BV

   

3.750%, 06/01/18 144A @

    3,625        3,561,563   

5.750%, 02/15/21 144A @

    5,075        5,151,125   

5.750%, 03/15/23 144A @

    7,300        7,391,250   

Xilinx, Inc.
3.000%, 03/15/21

    2,600        2,601,825   
   

 

 

 
    18,705,763   
   

 

 

 
Telecommunications — 3.4%    

Crown Castle International Corp.

   

4.875%, 04/15/22

    4,875        4,740,938   

5.250%, 01/15/23

    3,865        3,831,181   

Intelsat Jackson Holdings SA

   

7.250%, 04/01/19

    4,725        4,961,250   

8.500%, 11/01/19

    6,775        7,081,907   

7.250%, 10/15/20

    15,705        16,608,037   

7.500%, 04/01/21

    1,350        1,441,125   

5.500%, 08/01/23

    5,815        5,553,325   

Matterhorn Mobile SA

   

5.399%, 05/15/19 144A @,•

    250        264,481   

6.750%, 05/15/19 144A @

    930        1,021,899   

SBA Communications Corp.
5.625%, 10/01/19

    950        964,250   

SBA Telecommunications, Inc.
5.750%, 07/15/20

    875        890,313   

Sprint Communications, Inc.
9.000%, 11/15/18 144A @

    3,240        3,742,200   

Telesat Canada
6.000%, 05/15/17 144A @

    2,595        2,656,631   

UPCB Finance III Ltd.
6.625%, 07/01/20 144A @

    17,270        18,048,877   
    Par
(000)
   
Value†
 
                        
Telecommunications — (continued)   

UPCB Finance V Ltd.
7.250%, 11/15/21 144A @

  $ 9,455      $ 10,116,850   

UPCB Finance VI Ltd.
6.875%, 01/15/22 144A @

    9,800        10,461,500   

Verizon Communications, Inc.

   

0.433%, 03/06/15 144A •@

        4,450        4,452,621   

0.632%, 06/09/17•

    3,420          3,428,160   

Virgin Media Finance PLC
8.375%, 10/15/19

    975        1,018,388   
   

 

 

 
    101,283,933   
   

 

 

 
Transportation — 0.3%    

Burlington Northern Santa Fe LLC

   

3.850%, 09/01/23

    7,075        7,307,994   

3.750%, 04/01/24

    635        646,820   
   

 

 

 
    7,954,814   
   

 

 

 
TOTAL CORPORATE BONDS
(Cost $572,183,949)
        577,622,750   
   

 

 

 
LOAN AGREEMENTS — 5.9%‡   
Beverages — 0.4%   

De Master Blenders

   

4.250%, 05/09/21

    2,250        2,814,653   

4.250%, 05/09/21

    9,200        8,981,500   
   

 

 

 
    11,796,153   
   

 

 

 
Diversified Financial Services — 0.2%    

Hilton Worldwide Finance LLC
3.500%, 10/26/20•

    4,882        4,800,203   
   

 

 

 
Electric — 0.0%    

Texas Competitive Electric Holdings Co. LLC
3.750%, 05/05/16

    1,016        1,020,291   
   

 

 

 
Entertainment — 0.1%    

Kasima LLC
3.250%, 05/17/21•

    752        741,863   

Peninsula Gaming LLC
4.250%, 11/20/17•

    3,438        3,400,808   
   

 

 

 
    4,142,671   
   

 

 

 
Food — 1.7%    

H.J. Heinz Co.
3.500%, 06/05/20•

    41,638        41,076,219   

Pinnacle Foods Finance LLC

   

3.250%, 04/29/20•

    3,812        3,728,447   

3.250%, 04/29/20•

    4,246        4,154,030   
   

 

 

 
    48,958,696   
   

 

 

 
Healthcare Services — 0.2%    

Davita Healthcare Partners, Inc.
3.500%, 06/24/21

    3,541        3,496,436   

HCA, Inc.
2.907%, 03/31/17•

    1,139        1,130,121   
   

 

 

 
    4,626,557   
   

 

 

 

 

 

 

35


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Par
(000)
   
Value†
 
LOAN AGREEMENTS‡ — (continued)   
Holding Companies — 1.0%    

Intelsat Jackson Holdings
3.750%, 06/30/19

  $ 30,846      $ 30,306,534   
   

 

 

 
Media — 0.4%    

Cequel Communications LLC
3.500%, 02/14/19•

    4,404        4,322,229   

Charter Communications Operating LLC

   

3.000%, 07/01/20•

    2,098        2,034,729   

3.000%, 01/03/21•

    1,465        1,419,399   

4.250%, 09/12/21•

    3,275        3,263,079   
   

 

 

 
      11,039,436   
   

 

 

 
Retail — 0.2%    

Rite Aid Corp.
3.500%, 02/21/20

    746        731,638   

Wendy’s International, Inc.
3.250%, 05/15/19•

    5,530        5,493,115   
   

 

 

 
      6,224,753   
   

 

 

 
Telecommunications — 1.7%    

Crown Castle Operating Co.
3.000%, 01/31/21•

    25,171        24,824,742   

First Data Corp.•

   

3.655%, 03/23/18

    1,000        979,690   

3.655%, 09/24/18

    250        244,533   

Telesat Canada

   

4.273%, 03/28/17•

    722        634,892   

4.430%, 03/28/19•,^

    3,694        3,248,666   

3.500%, 03/28/19•

    5,446        5,346,502   

UPC Financing Partnership
3.250%, 06/30/21•

    16,800        16,338,000   
   

 

 

 
      51,617,025   
   

 

 

 
TOTAL LOAN AGREEMENTS
(Cost $177,906,874)
      174,532,319   
   

 

 

 
U.S. TREASURY OBLIGATIONS — 2.5%   

U.S. Treasury Note

   

2.500%, 08/15/23

    26,025        26,179,536   

2.750%, 11/15/23

    46,300        47,457,500   
   

 

 

 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $70,484,289)
      73,637,036   
   

 

 

 
    Number of
Shares
   
Value†
 
SHORT-TERM INVESTMENTS — 7.2%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares

    10,634,471        10,634,471   

T. Rowe Price Reserve Investment Fund

    200,634,219        200,634,219   
   

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $211,268,690)
      211,268,690   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $2,499,072,294)(a)
      $ 2,951,567,895   
   

 

 

 
    Number of
Contracts
    Value†  
WRITTEN OPTIONS                      
Call Options    

Allergan, $170.00, 01/17/15

  $ (440   $ (734,800

American Tower, $110.00, 01/15/16

    (311     (74,640

Ameriican Tower, $105.00, 01/15/16

    (311     (96,410

Anadarko, $110.00, 01/17/15

    (140     (54,180

Anadarko, $115.00, 01/17/15

    (84     (23,100

Apache, $100.00, 01/17/15

    (280     (67,760

Apache, $105.00, 01/17/15

    (140     (18,060

Apache, $90.00, 01/17/15

    (163     (102,690

Apache, $92.50, 1/17/15

    (326     (176,040

Apache, $95.00, 01/17/15

    (440     (169,400

Apache, $97.50, 01/17/15

    (140     (40,180

Apple, $92.86, 01/17/15

    (1,218     (1,193,640

Autozone, $570.00, 01/17/15

    (6     (1,260

Autozone, $600.00, 01/17/15

    (6     (240

Boeing, $135.00, 01/17/15

    (203     (1,624

Boeing, $135.00, 01/17/15

    (107     (20,865

Boeing, $140.00, 01/17/15

    (107     (10,700

Boeing, $145.00, 01/17/15

    (204     (9,180

Boeing, $155.00, 01/17/15

    (203     (4,872

Crown Castle, $80.00, 01/17/15

    (1,295     (505,050

CVS, $80.00, 01/17/15

    (95     (38,475

CVS, $80.00, 01/17/15

    (95     (25,270

CVS, $90.00, 01/15/16

    (546     (147,420

CVS, $95.00, 01/15/16

    (545     (92,105

Danaher Corp., $80.00, 01/17/15

    (91     (14,560

Danaher Corp., $85.00, 01/17/15

    (91     (5,005

Danaher Corp., $90.00, 01/17/15

    (310     (4,650

Delphi, $70.00, 01/17/15

    (53     (2,491

Delphi, $75.00, 01/17/15

    (53     (795

Duke Energy, $75.00, 01/15/16

    (1,030     (401,700

Google, $1250.00, 01/17/15

    (87     (189,660

Google, $1260.00, 01/15/15

    (58     (117,740

Google, $1280.00, 01/17/15

    (6     (8,820

Google, $1300.00, 01/17/15

    (58     (65,540

Google, $1330.00, 01/17/15

    (6     (4,080

Google, $700.00, 01/15/16

    (115     (264,500

Google, $700.00, 01/15/16

    (76     (193,496

JPM, $60.00, 01/17/15

    (115     (27,370

JPM, $65.00, 01/17/15

    (924     (52,668

JPM, $65.00, 01/17/15

    (115     (6,555

JPM, $67.50, 01/17/15

    (924     (28,644

JPM, $70.00, 01/15/16

    (163     (28,362

JPM, $70.00, 01/17/15

    (924     (10,164

JPM, $70.00, 01/17/15

    (1,854     (20,394

Lowe’s, $52.50, 01/17/15

    (69     (16,353

Lowe’s, $52.50, 10/18/14

    (69     (7,383

Lowe’s, $55.00, 01/17/15

    (834     (100,080

Lowe’s, $55.00, 10/18/14

    (69     (759

Lowe’s, $60.00, 01/15/16

    (1,364     (345,092

NXP Semiconductors,
$60.00, 01/17/15

    (180     (198,000

NXP Semiconductors,
$60.00, 10/18/14

    (180     (176,400

NXP Semiconductors,
$65.00, 01/17/15

    (180     (119,520

NXP Semiconductors,
$65.00, 10/18/14

    (180     (77,400

Orly, $155.00, 01/17/15

    (23     (9,430
 

 

36


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

    Number of
Contracts
   
Value†
 
WRITTEN OPTIONS — (continued)   
Call Options — (continued)    

Orly, $165.00, 01/17/15

  $ (23   $ (3,979

Pepsico, $100.00, 01/15/16

    (794     (269,960

Pepsico, $105.00, 01/15/16

    (469     (105,056

Pepsico, $110.00, 01/15/16

    (468     (64,116

Pfiizer, $35.00, 01/17/15

    (472     (2,832

Pfizer, $32.00, 01/17/15

    (472     (11,800

Philip Morris, $85.00, 03/20/15

    (1,394     (310,862

Phillip Morris, $85.00, 01/17/15

    (851     (136,160

Phillip Morris, $87.50, 01/17/15

    (473     (37,840

Phillip Morris, $90.00, 01/17/15

    (324     (11,016

Phillip Morris, $92.50, 01/17/15

    (163     (1,630

Phillip Morris, $95.00, 01/17/15

    (219     (1,095

Phillip Morris, $97.50, 01/17/15

    (591     (591

Proctor & Gamble Co.,
$85.00, 01/17/15

    (520     (80,600

Proctor & Gamble, Corp.
$85.00, 01/17/15

    (1,592     (246,760

Qualcom, $90.00, 01/15/16

    (864     (157,248

Seagate, $57.50, 01/17/2015

    (833     (248,234

State Street Corp.,
$70.00, 01/17/15

    (104     (53,040

State Street Corp.,
$72.50, 01/17/15

    (104     (37,440

TD Ameritrade,
$32.00, 01/17/15

    (3,243     (713,460

TD Ameritrade,
$32.00, 10/18//14

    (862     (120,680

TD Ameritrade,
$32.00, 11/22/14

    (1,293     (232,740

TD Ameritrade,
$33.00, 01/17/15

    (3,474     (538,470

Telesat Canada,
$65.00, 10/18/14

    (118     (590

Texas Instrument,
$45.00, 01/17/15

    (2,511     (856,251

Texas Instrument,
$48.00, 10/18/14

    (153     (8,568

Texas Instrument,
$50.00, 01/17/15

    (306     (25,704

Texas Instrument,
$50.00, 01/17/15

    (1,035     (86,940

Texas Instrument,
$50.00, 01/18/14

    (1,035     (8,280

Texas Instrument,
$50.00, 10/18/14

    (153     (1,224

Thermo Fisher Scientific,
$135.00, 01/17/15

    (55     (6,875

Thermo Fisher Scientific,
$140.00, 01/17/15

    (55     (2,750

Thermo Fisher Scientifiic,
$150.00, 01/15/16

    (215     (94,600

TRW Automotive Holdings Corp., $90.00, 10/18/14

    (42     (39,480

TRW Automotive Holdings Corp., $95.00, 10/18/14

    (42     (25,200

United Healthcare,
$90.00, 01/15/16

    (569     (354,487

United Healthcare,
$95.00, 01/15/16

    (569     (261,740

United Technologies Corp.,
$120 .00, 01/17/15

    (594     (10,098

United Technologies Corp.,
$125.00, 01/17/15

    (594     (5,346

United Technologies Corp.,
$125.00, 01/17/15

    (59     (531

United Technologies Corp.,
$130.00, 01/17/15

    (59     (59

United Technologies,
$120.00, 01/15/16

    (693     (203,742

UnitedHealth Group,
$82.50, 01/17/15

    (177     (102,660

UnitedHealth Group,
$85.00, 01/17/15

    (483     (212,520

UnitedHealth Group,
$90.00, 01/17/15

    (543     (105,885
   

 

 

 
TOTAL WRITTEN OPTIONS
(Premiums $(12,629,312))
        (11,904,711
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.
Ÿ Variable Rate Security.
^ Illiquid security. The total market value of illiquid securities at September 30, 2014 is $4,535,488.
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 September 30, 2014. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.
(a) At September 30, 2014, the cost for Federal income tax purposes was $2,500,933,169. Net unrealized appreciation was $450,634,726. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $468,770,600 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $18,135,874.

ADR — American Depository Receipt.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

 

 

37


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Flexibly Managed Fund

 

Country Weightings as of 09/30/2014††  

United States

     90

Bermuda

     2   

Netherlands

     2   

Canada

     1   

Cayman Islands

     1   

Luxembourg

     1   

Switzerland

     1   

Other

     2   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014
    
 

 

38


Penn Series Funds, Inc.

Flexibly Managed Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
   

Level 1
Quoted

Price

    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

       

Aerospace & Defense

  $ 100,103,322      $ 100,103,322      $      $   

Agriculture

    36,262,320        36,262,320                 

Auto Parts & Equipment

    38,498,504        38,498,504                 

Banks

    110,280,784        87,186,513        23,094,271          

Beverages

    28,438,995        28,438,995                 

Chemicals

    13,056,769        13,056,769                 

Commercial Services

    53,020,100        53,020,100                 

Computers

    17,523,009        17,523,009                 

Cosmetics & Personal Care

    17,969,097        17,969,097                 

Diversified Financial Services

    111,999,947        111,999,947                 

Electric

    133,922,346        133,922,346                 

Electronics

    86,469,852        86,469,852                 

Food

    23,625,718        23,625,718                 

Healthcare Products

    23,815,029        23,815,029                 

Healthcare Services

    114,017,025        114,017,025                 

Insurance

    91,074,954        91,074,954                 

Internet

    55,075,161        55,075,161                 

Machinery - Diversified

    24,840,042        24,840,042                 

Media

    54,686,356        54,686,356                 

Miscellaneous Manufacturing

    121,224,418        121,224,418                 

Oil & Gas

    113,246,061        113,246,061                 

Pharmaceuticals

    189,835,287        189,835,287                 

Retail

    129,367,599        129,367,599                 

Semiconductors

    37,956,116        37,956,116                 

Software

    76,881,954        76,881,954                 

Telecommunications

    48,633,337        48,633,337                 

REAL ESTATE INVESTMENT TRUSTS

    30,532,462        30,532,462                 

PREFERRED STOCKS

    11,108,082        11,108,082                 

U.S. TREASURY OBLIGATIONS

    73,637,036               73,637,036          

AGENCY OBLIGATION

    6,657,940               6,657,940          

ASSET BACKED SECURITIES

    14,384,514               14,384,514          

CORPORATE BONDS

    577,622,750               577,622,750          

LOAN AGREEMENTS

    174,532,319               174,532,319          

SHORT-TERM
INVESTMENTS

    211,268,690        211,268,690                 

 

 

TOTAL INVEST-
MENTS

  $ 2,951,567,895      $ 2,081,639,065      $ 869,928,830      $   

 

 

 

LIABILITIES TABLE  
Description   

Total

Market

Value at
09/30/2014

    Level 1
Quoted
Price
   

Level 2
Signi-
ficant
Obser-

vable
Input

    Level 3
Signi-
ficant
Unobser-
vable
Input
 

WRITTEN OPTIONS

   $ (11,904,711   $ (413,178   $ (11,491,533   $   

 

 

Total Liabilities

   $ (11,904,711   $ (413,178   $ (11,491,533   $   

 

 

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

39


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Balanced Fund

 

    Number of
Shares
   
Value†
 
AFFILIATED EQUITY FUNDS — 59.8%   

Penn Series Index 500 Fund*
(Cost $22,087,108)

    3,124,018      $ 47,641,276   
   

 

 

 
AFFILIATED FIXED INCOME FUNDS — 39.8%   

Penn Series Quality Bond Fund*
(Cost $26,737,712)

    2,402,485        31,760,851   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.4%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $295,779)

    295,779        295,779   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $49,120,599)(a)
      $ 79,697,906   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $52,975,489. Net unrealized appreciation was $26,722,417. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $30,577,307 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,854,890.

    

 

 

40


Penn Series Funds, Inc.

Balanced Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

AFFILIATED EQUITY FUNDS

  $ 47,641,276      $ 47,641,276      $      $   

AFFILIATED FIXED INCOME FUNDS

    31,760,851        31,760,851                 

SHORT-TERM INVESTMENTS

    295,779        295,779                 

 

 

TOTAL INVESTMENTS

  $ 79,697,906      $ 79,697,906      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

41


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Growth Stock Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 97.5%   
Aerospace & Defense — 2.5%   

The Boeing Co.

    33,100      $     4,216,278   

United Technologies Corp.

    24,000        2,534,400   
   

 

 

 
      6,750,678   
   

 

 

 
Airlines — 2.1%    

American Airlines Group, Inc.

    105,100        3,728,948   

Delta Air Lines, Inc.

    16,200        585,630   

United Continental Holdings, Inc.*

    30,300        1,417,737   
   

 

 

 
      5,732,315   
   

 

 

 
Apparel — 2.2%    

Hanesbrands, Inc.

    16,200        1,740,528   

Michael Kors Holdings Ltd.*

    20,600        1,470,634   

NIKE, Inc., Class B

    18,800        1,676,960   

Under Armour, Inc., Class A*

    15,700        1,084,870   
   

 

 

 
      5,972,992   
   

 

 

 
Auto Manufacturers — 0.6%    

Tesla Motors, Inc.*

    7,000        1,698,760   
   

 

 

 
Auto Parts & Equipment — 0.6%    

Delphi Automotive PLC

    29,200        1,791,128   
   

 

 

 
Banks — 1.4%    

Morgan Stanley

    68,600        2,371,502   

State Street Corp.

    21,800        1,604,698   
   

 

 

 
      3,976,200   
   

 

 

 
Beverages — 0.4%    

PepsiCo, Inc.

    11,400        1,061,226   
   

 

 

 
Biotechnology — 9.3%    

Alexion Pharmaceuticals, Inc.*

    20,600        3,415,892   

Biogen Idec, Inc.*

    17,800        5,888,418   

Celgene Corp.*

    32,800        3,108,784   

Gilead Sciences, Inc.*

    79,500        8,462,775   

Incyte Corp.*

    19,700        966,285   

Regeneron Pharmaceuticals, Inc.*

    4,100        1,478,132   

Vertex Pharmaceuticals, Inc.*

    18,600        2,088,966   
   

 

 

 
      25,409,252   
   

 

 

 
Building Materials — 0.3%    

Martin Marietta Materials, Inc.

    7,000        902,580   
   

 

 

 
Chemicals — 2.5%    

Ecolab, Inc.

    24,900        2,859,267   

Praxair, Inc.

    3,900        503,100   

The Sherwin-Williams Co.

    15,500        3,394,345   
   

 

 

 
      6,756,712   
   

 

 

 
Commercial Services — 3.1%    

MasterCard, Inc., Class A

    76,400        5,647,488   

Mobileye NV*

    17,300        927,107   

Tyco International Ltd.

    42,900        1,912,053   
   

 

 

 
      8,486,648   
   

 

 

 
Computers — 2.2%    

Apple, Inc.

    42,000        4,231,500   

Stratasys Ltd.*

    15,600        1,884,168   
   

 

 

 
      6,115,668   
   

 

 

 
    Number of
Shares
   
Value†
 
     
Cosmetics & Personal Care — 0.4%    

The Estee Lauder Cos., Inc., Class A

    14,900      $     1,113,328   
   

 

 

 
Distribution & Wholesale — 0.4%    

W.W. Grainger, Inc.

    4,000        1,006,600   
   

 

 

 
Diversified Financial Services — 5.1%    

American Express Co.

    7,500        656,550   

BlackRock, Inc.

    4,400        1,444,608   

IntercontinentalExchange Group, Inc.

    8,300        1,618,915   

Invesco Ltd.

    27,600        1,089,648   

TD Ameritrade Holding Corp.

    46,300        1,545,031   

Visa, Inc., Class A

    35,300        7,531,961   
   

 

 

 
      13,886,713   
   

 

 

 
Healthcare Products — 1.3%    

IDEXX Laboratories, Inc.*

    3,600        424,188   

Intuitive Surgical, Inc.*

    6,800        3,140,376   
   

 

 

 
      3,564,564   
   

 

 

 
Healthcare Services — 1.3%    

Humana, Inc.

    11,700        1,524,393   

UnitedHealth Group, Inc.

    22,900        1,975,125   
   

 

 

 
      3,499,518   
   

 

 

 
Internet — 22.1%    

Alibaba Group Holding Ltd. ADR*

    38,537        3,424,012   

Amazon.com, Inc.*

    33,100        10,672,764   

Baidu, Inc. ADR*

    22,000        4,801,060   

Ctrip.com International Ltd. ADR*

    34,800        1,975,248   

Facebook, Inc., Class A*

    64,000        5,058,560   

Google, Inc., Class A*

    14,300        8,414,263   

Google, Inc., Class C*

    14,600        8,429,456   

LinkedIn Corp., Class A*

    9,600        1,994,784   

NAVER Corp.*

    1,609        1,229,079   

Netflix, Inc.*

    5,600        2,526,608   

Pandora Media, Inc.*

    25,300        611,248   

Tencent Holdings Ltd.*

    69,000        1,026,820   

The Priceline Group, Inc.*

    7,400        8,573,492   

Vipshop Holdings Ltd. ADR*

    9,600        1,814,496   
   

 

 

 
      60,551,890   
   

 

 

 
Leisure Time — 0.2%    

Harley-Davidson, Inc.

    10,300        599,460   
   

 

 

 
Lodging — 4.4%    

Las Vegas Sands Corp.

    45,600        2,836,776   

MGM Resorts International*

    101,990        2,323,332   

Starwood Hotels & Resorts Worldwide, Inc.

    16,100        1,339,681   

Wynn Macau Ltd.

    413,600        1,318,124   

Wynn Resorts Ltd.

    23,400        4,377,672   
   

 

 

 
      12,195,585   
   

 

 

 
Machinery — Diversified — 1.8%    

Flowserve Corp.

    9,400        662,888   

Roper Industries, Inc.

    18,500        2,706,365   

Wabtec Corp.

    20,500        1,661,320   
   

 

 

 
      5,030,573   
   

 

 

 
Media — 1.6%    

The Walt Disney Co.*

    38,600        3,436,558   
 

 

42


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Growth Stock Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Media — (continued)   

Twenty-First Century Fox, Inc., Class A

    27,000      $ 925,830   
   

 

 

 
      4,362,388   
   

 

 

 
Metal Fabricate/Hardware — 1.8%     

Precision Castparts Corp.

    20,400        4,832,352   
   

 

 

 
Miscellaneous Manufacturing — 1.9%     

Danaher Corp.

    68,100        5,174,238   
   

 

 

 
Oil & Gas — 3.7%     

Concho Resources, Inc.*

    10,700        1,341,673   

Continental Resources, Inc.*

    20,700        1,376,136   

EQT Corp.

    21,700        1,986,418   

Pioneer Natural Resources Co.

    17,600        3,466,672   

Range Resources Corp.

    28,897        1,959,505   
   

 

 

 
      10,130,404   
   

 

 

 
Pharmaceuticals — 5.0%     

Allergan, Inc.

    15,400        2,744,126   

McKesson Corp.

    29,600        5,762,232   

Pharmacyclics, Inc.*

    12,000        1,409,160   

Valeant Pharmaceuticals International, Inc.*

    28,400        3,726,080   
   

 

 

 
      13,641,598   
   

 

 

 
Retail — 9.9%     

AutoZone, Inc.*

    5,600        2,854,096   

CarMax, Inc.*

    44,000        2,043,800   

Chipotle Mexican Grill, Inc.*

    4,400        2,932,996   

Costco Wholesale Corp.

    13,500        1,691,820   

CVS Health Corp.

    36,000        2,865,240   

Lowe’s Cos., Inc.

    65,000        3,439,800   

Ross Stores, Inc.

    12,100        914,518   

Starbucks Corp.

    52,000        3,923,920   

The Home Depot, Inc.

    32,500        2,981,550   

Tractor Supply Co.

    39,600        2,435,796   

Walgreen Co.

    18,500        1,096,495   
   

 

 

 
      27,180,031   
   

 

 

 
Semiconductors — 0.7%     

ASML Holding N.V.*

    19,100        1,887,462   
   

 

 

 
Software — 3.9%     

Fiserv, Inc.*

    17,800        1,150,503   

NetSuite, Inc.*

    13,300        1,190,882   

Red Hat, Inc.*

    27,800        1,560,970   

Salesforce.com, Inc.*

    60,100        3,457,553   

ServiceNow, Inc.*

    20,600        1,210,868   

VMware, Inc., Class A*

    14,300        1,341,912   

Workday, Inc., Class A*

    10,200        841,500   
   

 

 

 
      10,754,188   
   

 

 

 
Telecommunications — 3.0%     

Crown Castle International Corp.

    72,100        5,806,213   

SoftBank Corp.

    35,300        2,465,666   
   

 

 

 
      8,271,879   
   

 

 

 
Transportation — 1.8%     

FedEx Corp.

    10,600        1,711,370   

J.B. Hunt Transport Services, Inc.

    13,700        1,014,485   
    Number of
Shares
   
Value†
 
     
Transportation — (continued)    

Kansas City Southern

    17,500      $ 2,121,000   
   

 

 

 
      4,846,855   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $182,553,002)
      267,183,785   
   

 

 

 
PREFERRED STOCKS — 0.1%   
Internet — 0.0%    

Livingsocial, Series F, CONV*^~

    15,066        6,930   
   

 

 

 
Lodging — 0.1%     

Airbnb, Inc. Series D*^~

    9,999        407,090   
   

 

 

 
TOTAL PREFERRED STOCKS
(Cost $522,947)
      414,020   
   

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 1.8%   
Diversified — 1.8%    

American Tower Corp.
(Cost $2,399,519)

    51,700        4,840,671   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.6%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares

    1,721,975        1,721,975   

T. Rowe Price Reserve Investment Fund

    1,008        1,008   
   

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,722,983)
      1,722,983   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $187,198,451)(a)
    $ 274,161,459   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
~ Fair valued security. The total market value of fair valued securities at September 30, 2014 is $414,020.
^ Illiquid security. The total market value of illiquid securities at September 30, 2014 is $414,020.
(a) At September 30, 2014, the cost for Federal income tax purposes was $187,376,828. Net unrealized appreciation was $86,784,631. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $88,773,674 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,989,043.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

 

 

43


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Growth Stock Fund

 

Country Weightings as of 09/30/2014 ††  

United States

     90

China

     4   

Bermuda

     1   

Canada

     1   

Japan

     1   

Netherlands

     1   

United Kingdom

     1   

Other

     1   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014

 

    

 

 

44


Penn Series Funds, Inc.

Large Growth Stock Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description    Total
Market
Value at
09/30/2014
     Level 1
Quoted
Price
     Level 2
Signi-
ficant
Obser-
vable
Input
     Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

           

Aerospace & Defense

   $ 6,750,678       $ 6,750,678       $       $   

Airlines

     5,732,315         5,732,315                   

Apparel

     5,972,992         5,972,992                   

Auto Manufacturers

     1,698,760         1,698,760                   

Auto Parts & Equipment

     1,791,128         1,791,128                   

Banks

     3,976,200         3,976,200                   

Beverages

     1,061,226         1,061,226                   

Biotechnology

     25,409,252         25,409,252                   

Building Materials

     902,580         902,580                   

Chemicals

     6,756,712         6,756,712                   

Commercial Services

     8,486,648         8,486,648                   

Computers

     6,115,668         6,115,668                   

Cosmetics & Personal Care

     1,113,328         1,113,328                   

Distribution & Wholesale

     1,006,600         1,006,600                   

Diversified Financial Services

     13,886,713         13,886,713                   

Healthcare Products

     3,564,564         3,564,564                   

Healthcare Services

     3,499,518         3,499,518                   

Internet

     60,551,890         58,295,991         2,255,899           

Leisure Time

     599,460         599,460                   

Lodging

     12,195,585         10,877,461         1,318,124           

Machinery - Diversified

     5,030,573         5,030,573                   

Media

     4,362,388         4,362,388                   

Metal Fabricate/Hardware

     4,832,352         4,832,352                   

Miscellaneous Manufacturing

     5,174,238         5,174,238                   

Oil & Gas

     10,130,404         10,130,404                   

Pharmaceuticals

     13,641,598         13,641,598                   

Retail

     27,180,031         27,180,031                   

Semiconductors

     1,887,462         1,887,462                   

Software

     10,754,188         10,754,188                   

Telecommunications

     8,271,879         5,806,213         2,465,666           

Transportation

     4,846,855         4,846,855                   

REAL ESTATE INVESTMENT TRUSTS

     4,840,671         4,840,671                   

PREFERRED STOCKS

     414,020                         414,020   

SHORT-TERM INVESTMENTS

     1,722,983         1,722,983                   

 

 

TOTAL INVESTMENTS

   $ 274,161,459       $ 267,707,750       $ 6,039,689       $ 414,020   

 

 

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

 

      Investments in
Securities
(Market Value)
 

Balance as of 12/31/2013

   $ 9,491   

Purchases

     407,090   

Change in Appreciation/(Depreciation)

     (2,561  
  

 

 

 

Balance as of 9/30/2014

   $ 414,020   

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

$4,168,784 was transferred from Level 1 into Level 2 at 9/30/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

    

 

 

45


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Cap Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 98.4%   
Advertising — 0.6%   

Omnicom Group, Inc.

    4,592      $ 316,205   
   

 

 

 
Aerospace & Defense — 3.1%    

United Technologies Corp.

    16,255        1,716,528   
   

 

 

 
Apparel — 4.4%    

LVMH Moet Hennessy Louis Vuitton S.A.

    7,074        1,148,697   

NIKE, Inc., Class B

    7,444        664,005   

VF Corp.

    9,910        654,357   
   

 

 

 
        2,467,059   
   

 

 

 
Auto Parts & Equipment — 0.9%    

Johnson Controls, Inc.

    10,906        479,864   
   

 

 

 
Beverages — 2.4%    

PepsiCo, Inc.

    5,000        465,450   

Pernod Ricard S.A.

    7,776        880,099   
   

 

 

 
    1,345,549   
   

 

 

 
Chemicals — 4.2%    

Monsanto Co.

    7,013        789,033   

Praxair, Inc.

    7,277        938,733   

The Sherwin-Williams Co.

    2,804        614,048   
   

 

 

 
    2,341,814   
   

 

 

 
Commercial Services — 2.7%    

Equifax, Inc.

    7,021        524,750   

Experian PLC

    18,886        300,104   

MasterCard, Inc., Class A

    8,924        659,662   
   

 

 

 
    1,484,516   
   

 

 

 
Computers — 9.0%    

Accenture PLC, Class A

    27,563        2,241,423   

Apple, Inc.

    4,799        483,499   

Cognizant Technology Solutions Corp., Class A*

    11,092        496,589   

EMC Corp.

    49,206        1,439,768   

International Business Machines Corp.

    1,803        342,263   
   

 

 

 
    5,003,542   
   

 

 

 
Cosmetics & Personal Care — 5.5%    

Colgate-Palmolive Co.

    26,812        1,748,679   

The Procter & Gamble Co.

    15,962        1,336,658   
   

 

 

 
    3,085,337   
   

 

 

 
Distribution & Wholesale — 1.9%    

W.W. Grainger, Inc.

    4,112        1,034,785   
   

 

 

 
Diversified Financial Services — 7.5%     

CME Group, Inc.

    9,601        767,648   

Franklin Resources, Inc.

    22,010        1,201,966   

The Charles Schwab Corp.

    9,738        286,200   

Visa, Inc., Class A

    9,092        1,939,960   
   

 

 

 
    4,195,774   
   

 

 

 
Electronics — 5.5%    

Amphenol Corp., Class A

    4,369        436,288   

Mettler-Toledo International, Inc.*

    3,580        916,945   

Thermo Fisher Scientific, Inc.

    10,402        1,265,924   

Waters Corp.*

    4,816        477,362   
   

 

 

 
    3,096,519   
   

 

 

 
    Number of
Shares
   
Value†
 
                        
Food — 1.8%    

Danone S.A.

    14,851      $ 994,516   
   

 

 

 
Healthcare Products — 2.9%    

DENTSPLY International, Inc.

    24,320        1,108,992   

Patterson Cos., Inc.

    6,028        249,740   

St. Jude Medical, Inc.

    4,754        285,858   
   

 

 

 
    1,644,590   
   

 

 

 
Household Products & Wares — 0.6%     

Church & Dwight Co., Inc.

    5,001        350,870   
   

 

 

 
Internet — 5.7%    

eBay, Inc.*

    7,547        427,387   

Google, Inc., Class A*

    4,728        2,782,002   
   

 

 

 
        3,209,389   
   

 

 

 
Media — 8.4%    

Discovery Communications, Inc., Class A*

    9,260        350,028   

Discovery Communications, Inc., Class C*

    9,260        345,213   

The Walt Disney Co.

    15,142        1,348,092   

Time Warner, Inc.

    18,739        1,409,360   

Twenty-First Century Fox, Inc., Class A

    28,930        992,010   

Viacom, Inc., Class B

    3,147        242,130   
   

 

 

 
    4,686,833   
   

 

 

 
Metal Fabricate/Hardware — 1.0%    

Precision Castparts Corp.

    2,284        541,034   
   

 

 

 
Mining — 0.4%    

Rio Tinto PLC

    4,551        222,997   
   

 

 

 
Miscellaneous Manufacturing — 3.1%     

Danaher Corp.

    23,141        1,758,253   
   

 

 

 
Oil & Gas — 0.8%    

Occidental Petroleum Corp.

    4,719        453,732   
   

 

 

 
Oil & Gas Services — 2.5%    

Schlumberger Ltd.

    13,713        1,394,475   
   

 

 

 
Pharmaceuticals — 9.5%    

Abbott Laboratories

    23,530        978,613   

Allergan, Inc.

    1,674        298,290   

Express Scripts Holding Co.*

    16,407        1,158,826   

Johnson & Johnson

    5,017        534,762   

Mead Johnson Nutrition Co.

    9,490        913,128   

Zoetis, Inc.

    37,899        1,400,368   
   

 

 

 
    5,283,987   
   

 

 

 
Retail — 5.7%    

AutoZone, Inc.*

    1,052        536,163   

CVS Health Corp.

    17,536        1,395,690   

Inditex S.A.

    12,790        353,053   

McDonald’s Corp.

    9,488        899,557   
   

 

 

 
    3,184,463   
   

 

 

 
Semiconductors — 4.2%    

Microchip Technology, Inc.

    15,262        720,824   

Sensata Technologies Holding N.V.*

    21,889        974,717   
 

 

46


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Cap Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Semiconductors — (continued)   

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

    32,797      $ 661,844   
   

 

 

 
    2,357,385   
   

 

 

 
Software — 3.0%    

MSCI, Inc.

    4,414        207,546   

Oracle Corp.

    38,963        1,491,504   
   

 

 

 
    1,699,050   
   

 

 

 
Transportation — 1.1%    

Expeditors International of Washington, Inc.

    14,783        599,894   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $47,490,337)
            54,948,960   
   

 

 

 
SHORT-TERM INVESTMENTS — 1.6%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $899,661)

    899,661        899,661   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $48,389,998)(a)
      $ 55,848,621   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $48,423,360. Net unrealized appreciation was $7,425,261. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,838,614 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $413,353.

ADR — American Depository Receipt.

PLC — Public Limited Company.

    

 

 

47


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Cap Growth Fund

 

Country Weightings as of 09/30/2014††  

United States

     84

France

     8   

Ireland

     4   

Netherlands

     2   

Spain

     1   

Taiwan

     1   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

48


Penn Series Funds, Inc.

Large Cap Growth Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

       

Advertising

  $ 316,205      $ 316,205      $      $   

Aerospace & Defense

    1,716,528        1,716,528                 

Apparel

    2,467,059        1,318,362        1,148,697          

Auto Parts & Equipment

    479,864        479,864                 

Beverages

    1,345,549        465,450        880,099          

Chemicals

    2,341,814        2,341,814                 

Commercial Services

    1,484,516        1,184,412        300,104          

Computers

    5,003,542        5,003,542                 

Cosmetics & Personal Care

    3,085,337        3,085,337                 

Distribution & Wholesale

    1,034,785        1,034,785                 

Diversified Financial Services

    4,195,774        4,195,774                 

Electronics

    3,096,519        3,096,519                 

Food

    994,516               994,516          

Healthcare Products

    1,644,590        1,644,590                 

Household Products & Wares

    350,870        350,870                 

Internet

    3,209,389        3,209,389                 

Media

    4,686,833        4,686,833                 

Metal Fabricate/Hardware

    541,034        541,034                 

Mining

    222,997               222,997          

Miscellaneous Manufacturing

    1,758,253        1,758,253                 

Oil & Gas

    453,732        453,732                 

Oil & Gas Services

    1,394,475        1,394,475                 

Pharmaceuticals

    5,283,987        5,283,987                 

Retail

    3,184,463        2,831,410        353,053          

Semiconductors

    2,357,385        2,357,385                 

Software

    1,699,050        1,699,050                 

Transportation

    599,894        599,894                 

SHORT-TERM INVESTMENTS

    899,661        899,661                 

 

 

TOTAL INVESTMENTS

  $ 55,848,621      $ 51,949,155      $ 3,899,466      $   

 

 

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

$3,496,299 was transferred from Level 1 into Level 2 at 9/30/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

49


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Core Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 99.8%   
Aerospace & Defense — 0.9%   

B/E Aerospace, Inc.*

    13,340      $ 1,119,760   
   

 

 

 
Airlines — 2.1%   

American Airlines Group, Inc.

    23,250        824,910   

Delta Air Lines, Inc.

    47,050        1,700,857   
   

 

 

 
    2,525,767   
   

 

 

 
Apparel — 3.4%   

NIKE, Inc., Class B

    27,880        2,486,896   

Under Armour, Inc., Class A*

    24,540        1,695,714   
   

 

 

 
    4,182,610   
   

 

 

 
Auto Parts & Equipment — 1.1%   

Delphi Automotive PLC

    22,490        1,379,537   
   

 

 

 
Banks — 0.8%   

First Republic Bank

    19,880        981,674   
   

 

 

 
Beverages — 3.6%   

Brown-Forman Corp., Class B

    11,830        1,067,303   

Constellation Brands, Inc., Class A*

    38,490        3,354,788   
   

 

 

 
    4,422,091   
   

 

 

 
Biotechnology — 9.3%   

Biogen Idec, Inc.*

    8,320        2,752,339   

Celgene Corp.*

    30,740        2,913,537   

Gilead Sciences, Inc.*

    23,697        2,522,546   

Regeneron Pharmaceuticals, Inc.*

    5,270        1,899,941   

Vertex Pharmaceuticals, Inc.*

    12,410        1,393,767   
   

 

 

 
    11,482,130   
   

 

 

 
Chemicals — 1.6%   

Monsanto Co.

    17,450        1,963,300   
   

 

 

 
Commercial Services — 3.9%   

McGraw Hill Financial, Inc.

    26,590        2,245,525   

United Rentals, Inc.*

    13,910        1,545,401   

Vantiv, Inc., Class A*

    32,710        1,010,739   
   

 

 

 
    4,801,665   
   

 

 

 
Computers — 6.6%   

Apple, Inc.

    70,575        7,110,431   

Western Digital Corp.

    10,480        1,019,914   
   

 

 

 
    8,130,345   
   

 

 

 
Diversified Financial Services — 6.1%   

Affiliated Managers Group, Inc.*

    11,347        2,273,485   

American Express Co.

    17,870        1,564,340   

IntercontinentalExchange Group, Inc.

    5,970        1,164,448   

Visa, Inc., Class A

    11,870        2,532,702   
   

 

 

 
    7,534,975   
   

 

 

 
Electronics — 1.6%   

TE Connectivity Ltd.

    34,680        1,917,457   
   

 

 

 
Internet — 15.1%   

Alibaba Group Holding Ltd. ADR*

    2,335        207,465   

Amazon.com, Inc.*

    10,164        3,277,280   

Facebook, Inc., Class A*

    59,770        4,724,221   

Google, Inc., Class A*

    6,110        3,595,185   

Google, Inc., Class C*

    5,010        2,892,574   

Netflix, Inc.*

    5,090        2,296,506   
    Number of
Shares
   
Value†
 
                        
Internet — (continued)   

The Priceline Group, Inc.*

    1,400      $ 1,622,012   
   

 

 

 
    18,615,243   
   

 

 

 
Leisure Time — 1.3%   

Polaris Industries, Inc.

    11,070        1,658,175   
   

 

 

 
Lodging — 1.3%   

Las Vegas Sands Corp.

    26,360        1,639,856   
   

 

 

 
Machinery — Diversified — 2.6%   

Cummins, Inc.

    14,655        1,934,167   

Wabtec Corp.

    15,060        1,220,462   
   

 

 

 
    3,154,629   
   

 

 

 
Media — 8.5%   

Comcast Corp., Class A

    62,610        3,367,166   

Liberty Global PLC, Series C

    47,829        1,961,706   

Time Warner, Inc.

    32,950        2,478,170   

Twenty-First Century Fox, Inc., Class A

    75,790        2,598,839   
   

 

 

 
    10,405,881   
   

 

 

 
Metal Fabricate/Hardware — 1.1%   

Precision Castparts Corp.

    5,699        1,349,979   
   

 

 

 
Oil & Gas — 2.1%   

Antero Resources Corp.*

    11,688        641,554   

Pioneer Natural Resources Co.

    9,840        1,938,185   
   

 

 

 
    2,579,739   
   

 

 

 
Oil & Gas Services — 2.9%   

Halliburton Co.

    38,890        2,508,794   

Nabors Industries Ltd.

    45,460        1,034,669   
   

 

 

 
    3,543,463   
   

 

 

 
Pharmaceuticals — 8.1%   

AbbVie, Inc.

    65,880        3,805,229   

Bristol-Myers Squibb Co.

    25,890        1,325,050   

Cardinal Health, Inc.

    13,090        980,703   

Eli Lilly & Co.

    23,600        1,530,460   

McKesson Corp.

    12,050        2,345,773   
   

 

 

 
    9,987,215   
   

 

 

 
Retail — 3.4%   

Chipotle Mexican Grill, Inc.*

    2,230        1,486,496   

The TJX Cos., Inc.

    44,600        2,638,982   
   

 

 

 
    4,125,478   
   

 

 

 
Semiconductors — 3.1%   

Applied Materials, Inc.

    66,450        1,435,984   

Micron Technology, Inc.*

    68,650        2,351,949   
   

 

 

 
    3,787,933   
   

 

 

 
Software — 3.9%   

Adobe Systems, Inc.*

    22,020        1,523,564   

Salesforce.com, Inc.*

    33,620        1,934,158   

ServiceNow, Inc.*

    23,260        1,367,223   
   

 

 

 
    4,824,945   
   

 

 

 
Telecommunications — 3.4%   

Palo Alto Networks, Inc.*

    18,050        1,770,705   

SBA Communications Corp., Class A*

    21,480        2,382,132   
   

 

 

 
    4,152,837   
   

 

 

 
 

 

50


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Core Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Transportation — 2.0%   

Canadian Pacific Railway Ltd.

    9,080      $ 1,883,828   

Old Dominion Freight Line, Inc.*

    9,050        639,292   
   

 

 

 
    2,523,120   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $92,044,165)
        122,789,804   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.2%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $225,622)

    225,622        225,622   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $92,269,787)(a)
      $ 123,015,426   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $92,432,698. Net unrealized appreciation was $30,582,728. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $32,102,852 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,520,124.

ADR — American Depository Receipt.

PLC — Public Limited Company.

    

 

 

51


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Core Growth Fund

 

Country Weightings as of 09/30/2014††  

United States

    95

Switzerland

    2   

Bermuda

    1   

Canada

    1   

United Kingdom

    1   

 

 

Total

    100
 

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

52


Penn Series Funds, Inc.

Large Core Growth Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant

Obser-

vable

Input

   

Level 3
Signi-

ficant

Unobser-

vable

Input

 

COMMON STOCKS

  $ 122,789,804      $ 122,789,804      $      $   

SHORT-TERM
INVESTMENTS

    225,622        225,622                 

 

 

TOTAL INVESTMENTS

  $ 123,015,426      $ 123,015,426      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

53


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Cap Value Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 96.5%   
Advertising — 1.3%    

Omnicom Group, Inc.

    43,833      $     3,018,340   
   

 

 

 
Aerospace & Defense — 1.5%    

Northrop Grumman Corp.

    26,264        3,460,545   
   

 

 

 
Agriculture — 1.3%    

Philip Morris International, Inc.

    33,750        2,814,750   
   

 

 

 
Auto Manufacturers — 1.1%    

General Motors Co.

    80,991        2,586,853   
   

 

 

 
Banks — 13.3%    

Bank of America Corp.

    280,274        4,778,672   

Citigroup, Inc.

    83,293        4,316,243   

Fifth Third Bancorp

    156,588        3,134,892   

JPMorgan Chase & Co.

    99,022        5,965,085   

State Street Corp.

    55,870        4,112,591   

The PNC Financial Services Group, Inc.

    40,952        3,504,672   

Wells Fargo & Co.

    84,510        4,383,534   
   

 

 

 
    30,195,689   
   

 

 

 
Beverages — 1.3%    

PepsiCo, Inc.

    32,214        2,998,801   
   

 

 

 
Building Materials — 1.1%    

Vulcan Materials Co.

    42,002        2,529,780   
   

 

 

 
Chemicals — 1.5%    

E.I. du Pont de Nemours & Co.

    46,736        3,353,775   
   

 

 

 
Computers — 2.7%    

Apple, Inc.

    27,484        2,769,013   

EMC Corp.

    113,068        3,308,370   
   

 

 

 
    6,077,383   
   

 

 

 
Diversified Financial Services — 5.0%    

Ameriprise Financial, Inc.

    26,683        3,292,148   

Discover Financial Services

    55,822        3,594,379   

FNF Group

    75,021        2,081,083   

Legg Mason, Inc.

    47,387        2,424,319   
   

 

 

 
    11,391,929   
   

 

 

 
Diversified Operations — 1.3%    

Eaton Corp. PLC

    44,783        2,837,899   
   

 

 

 
Electric — 3.1%    

Calpine Corp.*

    102,178        2,217,263   

NextEra Energy, Inc.

    27,173        2,551,001   

Northeast Utilities

    48,311        2,140,177   
   

 

 

 
    6,908,441   
   

 

 

 
Electronics — 1.2%    

Honeywell International, Inc.

    29,323        2,730,558   
   

 

 

 
Engineering & Construction — 1.1%    

ABB Ltd. ADR*

    109,696        2,458,287   
   

 

 

 
Food — 1.2%    

Mondelez International, Inc., Class A

    81,024        2,776,287   
   

 

 

 
    Number of
Shares
   
Value†
 
     
Healthcare Products — 1.4%    

Covidien PLC

    35,688      $     3,087,369   
   

 

 

 
Healthcare Services — 3.2%    

HCA Holdings, Inc.*

    44,701        3,152,315   

UnitedHealth Group, Inc.

    48,190        4,156,387   
   

 

 

 
    7,308,702   
   

 

 

 
Insurance — 5.4%    

American International Group, Inc.

    65,871        3,558,352   

MetLife, Inc.

    64,824        3,482,345   

The Travelers Cos., Inc.

    24,349        2,287,345   

Unum Group

    85,013        2,922,747   
   

 

 

 
    12,250,789   
   

 

 

 
Internet — 3.9%    

AOL, Inc.*

    57,823        2,599,144   

Liberty Interactive Corp., Class A*

    97,811        2,789,569   

Symantec Corp.

    145,925        3,430,697   
   

 

 

 
    8,819,410   
   

 

 

 
Machinery — Construction & Mining — 0.7%   

Terex Corp.

    51,862        1,647,656   
   

 

 

 
Machinery - Diversified — 0.8%    

Deere & Co.

    22,590        1,852,154   
   

 

 

 
Media — 3.7%    

Comcast Corp., Class A

    63,363        3,407,662   

Liberty Global PLC, Class A*

    48,868        2,078,845   

Viacom, Inc., Class B

    37,659        2,897,483   
   

 

 

 
    8,383,990   
   

 

 

 
Miscellaneous Manufacturing — 2.5%    

Illinois Tool Works, Inc.

    41,320        3,488,235   

Ingersoll-Rand PLC

    36,442        2,053,871   
   

 

 

 
    5,542,106   
   

 

 

 
Oil & Gas — 8.5%    

Chevron Corp.

    39,615        4,726,862   

Cobalt International Energy, Inc.*

    79,137        1,076,263   

Hess Corp.

    28,093        2,649,732   

Marathon Oil Corp.

    89,657        3,370,206   

Noble Energy, Inc.

    41,955        2,868,044   

Royal Dutch Shell PLC ADR

    38,310        2,916,540   

Valero Energy Corp.

    36,925        1,708,520   
   

 

 

 
    19,316,167   
   

 

 

 
Oil & Gas Services — 2.3%    

National Oilwell Varco, Inc.

    39,843        3,032,052   

Schlumberger Ltd.

    22,133        2,250,705   
   

 

 

 
    5,282,757   
   

 

 

 
Packaging and Containers — 1.4%    

Sealed Air Corp.

    92,972        3,242,863   
   

 

 

 
Pharmaceuticals — 11.0%    

Actavis PLC

    10,205        2,462,263   

Bristol-Myers Squibb Co.

    59,688        3,054,832   

Eli Lilly & Co.

    63,237        4,100,920   

Merck & Co., Inc.

    59,193        3,508,961   

Pfizer, Inc.

    163,983        4,848,977   
 

 

54


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Cap Value Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Pharmaceuticals — (continued)    

Sanofi ADR

    73,054      $     4,122,437   

Teva Pharmaceutical Industries Ltd. ADR

    50,643        2,722,061   
   

 

 

 
    24,820,451   
   

 

 

 
Retail — 4.6%    

AutoNation, Inc.*

    31,568        1,588,186   

CVS Health Corp.

    36,458        2,901,692   

Family Dollar Stores, Inc.

    36,669        2,832,314   

Lowe’s Cos., Inc.

    60,325        3,192,399   
   

 

 

 
    10,514,591   
   

 

 

 
Software — 1.9%    

Microsoft Corp.

    93,723        4,344,998   
   

 

 

 
Telecommunications — 5.7%    

Cisco Systems, Inc.

    106,640        2,684,129   

Knowles Corp.*

    66,677        1,766,940   

Motorola Solutions, Inc.

    44,659        2,826,021   

Verizon Communications, Inc.

    61,940        3,096,381   

Vodafone Group PLC- ADR

    73,837        2,428,499   
   

 

 

 
    12,801,970   
   

 

 

 
Transportation — 1.5%    

Norfolk Southern Corp.

    30,015        3,349,674   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $183,494,840)
        218,704,964   
   

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 1.5%   
Diversified — 1.5%    

CBS Outdoor Americas, Inc.

    13,656        408,861   

Weyerhaeuser Co.

    93,188        2,968,970   
   

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,210,518)
        3,377,831   
   

 

 

 
SHORT-TERM INVESTMENTS — 2.0%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $4,502,858)

    4,502,858        4,502,858   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $191,208,216)(a)
      $ 226,585,653   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $191,562,647. Net unrealized appreciation was $35,023,006. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $38,368,880 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,345,874.

ADR — American Depository Receipt.

PLC — Public Limited Company.

 

 

55


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Cap Value Fund

 

Country Weightings as of 09/30/2014††  

United States

     88

Ireland

     5   

France

     3   

Israel

     1   

Netherlands

     1   

Switzerland

     1   

United Kingdom

     1   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014
 

 

56


Penn Series Funds, Inc.

Large Cap Value Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

  $ 218,704,964      $ 218,704,964      $      $   

REAL ESTATE INVESTMENT TRUSTS

    3,377,831        3,377,831                 

SHORT-TERM INVESTMENTS

    4,502,858        4,502,858                 

 

 

TOTAL INVESTMENTS

  $ 226,585,653      $ 226,585,653      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

57


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Core Value Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 91.7%   
Aerospace & Defense — 1.0%   

United Technologies Corp.

    18,705      $ 1,975,248   
   

 

 

 
Agriculture — 3.9%   

Altria Group, Inc.

    93,525        4,296,539   

Reynolds American, Inc.

    52,433        3,093,547   
   

 

 

 
    7,390,086   
   

 

 

 
Banks — 12.4%   

Bank of America Corp.

    323,663        5,518,454   

Citigroup, Inc.

    118,347        6,132,741   

JPMorgan Chase & Co.

    82,828        4,989,559   

Regions Financial Corp.

    216,073        2,169,373   

SunTrust Banks, Inc.

    52,025        1,978,511   

The PNC Financial Services Group, Inc.

    34,013        2,910,833   

Wells Fargo & Co.

    2,892        150,008   
   

 

 

 
    23,849,479   
   

 

 

 
Biotechnology — 0.9%   

Gilead Sciences, Inc.*

    16,911        1,800,176   
   

 

 

 
Chemicals — 2.5%   

LyondellBasell Industries N.V., Class A

    17,141        1,862,541   

Syngenta AG ADR

    46,998        2,978,263   
   

 

 

 
    4,840,804   
   

 

 

 
Diversified Financial Services — 4.0%   

Affiliated Managers Group, Inc.*

    11,304        2,264,869   

American Express Co.

    5,929        519,025   

Discover Financial Services

    38,109        2,453,839   

Invesco Ltd.

    59,296        2,341,006   
   

 

 

 
    7,578,739   
   

 

 

 
Electric — 4.1%   

NextEra Energy, Inc.

    50,859        4,774,643   

PG&E Corp.

    68,804        3,098,932   
   

 

 

 
    7,873,575   
   

 

 

 
Electrical Components & Equipment — 1.3%   

Emerson Electric Co.

    41,084        2,571,037   
   

 

 

 
Electronics — 2.7%   

Honeywell International, Inc.

    18,990        1,768,349   

Thermo Fisher Scientific, Inc.

    28,705        3,493,398   
   

 

 

 
    5,261,747   
   

 

 

 
Food — 2.5%   

Nestle SA ADR

    23,996        1,766,825   

The Kroger Co.

    58,781        3,056,612   
   

 

 

 
    4,823,437   
   

 

 

 
Forest Products & Paper — 1.3%   

International Paper Co.

    50,528        2,412,207   
   

 

 

 
Gas — 1.8%   

Sempra Energy

    32,611        3,436,547   
   

 

 

 
Healthcare Products — 1.9%   

Covidien PLC

    18,358        1,588,151   

Stryker Corp.

    25,335        2,045,801   
   

 

 

 
    3,633,952   
   

 

 

 
    Number of
Shares
   
Value†
 
                        
Insurance — 4.4%    

ACE Ltd.

    24,871      $ 2,608,222   

MetLife, Inc.

    66,116        3,551,752   

XL Group PLC

    66,172        2,194,925   
   

 

 

 
    8,354,899   
   

 

 

 
Internet — 1.5%    

Google, Inc., Class C*

    4,826        2,786,339   
   

 

 

 
Machinery — Construction & Mining — 1.9%   

Caterpillar, Inc.

    37,144        3,678,370   
   

 

 

 
Media — 2.2%    

Comcast Corp., Class A

    46,171        2,483,077   

The Walt Disney Co.

    18,442        1,641,891   
   

 

 

 
    4,124,968   
   

 

 

 
Oil & Gas — 15.1%    

Anadarko Petroleum Corp.

    22,742        2,306,948   

Chevron Corp.

    43,311        5,167,869   

ConocoPhillips

    52,527        4,019,366   

Devon Energy Corp.

    49,701        3,388,614   

Exxon Mobil Corp.

    53,550        5,036,377   

Occidental Petroleum Corp.

    74,548        7,167,790   

Phillips 66

    23,263        1,891,515   
   

 

 

 
    28,978,479   
   

 

 

 
Pharmaceuticals — 8.9%    

Eli Lilly & Co.

    81,182        5,264,653   

Merck & Co., Inc.

    95,104        5,637,765   

Roche Holding Ltd. AG ADR

    95,488        3,532,101   

Sanofi ADR

    47,108        2,658,304   
   

 

 

 
    17,092,823   
   

 

 

 
Retail — 5.2%    

CVS Health Corp.

    50,091        3,986,743   

The Home Depot, Inc.

    36,453        3,344,198   

The TJX Cos., Inc.

    45,782        2,708,921   
   

 

 

 
    10,039,862   
   

 

 

 
Semiconductors — 1.4%    

QUALCOMM, Inc.

    36,205        2,707,048   
   

 

 

 
Software — 2.2%    

Microsoft Corp.

    90,682        4,204,018   
   

 

 

 
Telecommunications — 5.4%    

Corning, Inc.

    142,453        2,755,041   

Telefonaktiebolaget LM Ericsson ADR

    227,340        2,862,211   

Verizon Communications, Inc.

    96,846        4,841,331   
   

 

 

 
    10,458,583   
   

 

 

 
Transportation — 3.2%    

C.H. Robinson Worldwide, Inc.

    62,098        4,118,339   

CSX Corp.

    65,898        2,112,690   
   

 

 

 
    6,231,029   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $140,865,787)
        176,103,452   
   

 

 

 
 

 

58


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Core Value Fund

 

    Number of
Shares
   
Value†
 
REAL ESTATE INVESTMENT TRUSTS — 5.4%   
Apartments — 1.1%   

Equity Residential

    33,665      $ 2,073,091   
   

 

 

 
Regional Malls — 2.4%   

Simon Property Group, Inc.

    28,091        4,618,722   
   

 

 

 
Storage & Warehousing — 1.9%   

Public Storage

    22,375        3,710,670   
   

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $10,014,710)
        10,402,483   
   

 

 

 
SHORT-TERM INVESTMENTS — 2.9%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $5,631,745)

    5,631,745        5,631,745   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $156,512,242)(a)
      $ 192,137,680   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $156,717,924. Net unrealized appreciation was $35,419,756. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $37,017,751 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,597,995.

ADR — American Depository Receipt.

PLC — Public Limited Company.

    

 

 

59


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Large Core Value Fund

 

Country Weightings as of 09/30/2014††  

United States

    89

Switzerland

    6   

Bermuda

    1   

France

    1   

Ireland

    1   

Netherlands

    1   

Sweden

    1   

 

 

Total

    100
 

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

60


Penn Series Funds, Inc.

Large Core Value Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant

Obser-

vable

Input

   

Level 3
Signi-

ficant

Unobser-

vable

Input

 

COMMON STOCKS

  $ 176,103,452      $ 176,103,452      $      $   

REAL ESTATE INVESTMENT TRUSTS

    10,402,483        10,402,483                 

SHORT-TERM INVESTMENTS

    5,631,745        5,631,745                 

 

 

TOTAL INVESTMENTS

  $ 192,137,680      $ 192,137,680      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

61


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

     Number of
Shares
    
Value†
 
COMMON STOCKS — 96.1%   
Advertising — 0.1%      

Omnicom Group, Inc.

     6,067       $     417,773   

The Interpublic Group of Cos., Inc.

     10,134         185,655   
     

 

 

 
     603,428   
     

 

 

 
Aerospace & Defense — 1.9%      

General Dynamics Corp.

     7,497         952,794   

L-3 Communications Holdings, Inc.

     2,100         249,732   

Lockheed Martin Corp.

     6,337         1,158,288   

Northrop Grumman Corp.

     4,892         644,570   

Raytheon Co.

     7,476         759,711   

Rockwell Collins, Inc.

     3,245         254,732   

The Boeing Co.

     16,021         2,040,755   

United Technologies Corp.

     20,142         2,126,995   
     

 

 

 
     8,187,577   
     

 

 

 
Agriculture — 1.6%      

Altria Group, Inc.

     47,278         2,171,952   

Archer-Daniels-Midland Co.

     15,399         786,889   

Lorillard, Inc.

     8,509         509,774   

Philip Morris International, Inc.

     36,988         3,084,799   

Reynolds American, Inc.

     7,602         448,518   
     

 

 

 
     7,001,932   
     

 

 

 
Airlines — 0.3%      

Delta Air Lines, Inc.

     20,400         737,460   

Southwest Airlines Co.

     16,417         554,402   
     

 

 

 
     1,291,862   
     

 

 

 
Apparel — 0.7%      

Coach, Inc.

     6,277         223,524   

Michael Kors Holdings Ltd.

     4,900         349,811   

NIKE, Inc., Class B

     16,746         1,493,743   

Ralph Lauren Corp.

     1,428         235,235   

Under Armour, Inc., Class A*

     3,900         269,490   

VF Corp.

     8,432         556,765   
     

 

 

 
     3,128,568   
     

 

 

 
Auto Manufacturers — 0.7%      

Ford Motor Co.

     91,567         1,354,276   

General Motors Co.

     31,400         1,002,916   

PACCAR, Inc.

     8,544         485,940   
     

 

 

 
     2,843,132   
     

 

 

 
Auto Parts & Equipment — 0.4%      

BorgWarner, Inc.

     5,400         284,094   

Delphi Automotive PLC

     6,600         404,844   

Johnson Controls, Inc.

     15,711         691,284   

The Goodyear Tire & Rubber Co.

     5,606         126,611   
     

 

 

 
     1,506,833   
     

 

 

 
Banks — 7.4%      

Bank of America Corp.

     250,835         4,276,737   

BB&T Corp.

     17,099         636,254   

Capital One Financial Corp.

     13,541         1,105,216   

Citigroup, Inc.

     71,881         3,724,873   

Comerica, Inc.

     4,344         216,592   

Fifth Third Bancorp

     19,446         389,309   

Huntington Bancshares, Inc.

     19,965         194,259   

JPMorgan Chase & Co.

     89,264         5,377,263   

KeyCorp

     21,599         287,915   

M&T Bank Corp.

     3,108         383,185   
     Number of
Shares
    
Value†
 
                          
Banks — (continued)      

Morgan Stanley

     36,463       $     1,260,526   

Northern Trust Corp.

     5,247         356,953   

Regions Financial Corp.

     32,894         330,256   

State Street Corp.

     9,947         732,199   

SunTrust Banks, Inc.

     12,888         490,131   

The Bank of New York Mellon Corp.

     27,280         1,056,554   

The Goldman Sachs Group, Inc.

     9,643         1,770,166   

The PNC Financial Services Group, Inc.

     12,883         1,102,527   

U.S. Bancorp

     43,156         1,805,216   

Wells Fargo & Co.

     113,137         5,868,416   

Zions Bancorporation

     4,804         139,604   
     

 

 

 
     31,504,151   
     

 

 

 
Beverages — 2.2%      

Brown-Forman Corp., Class B

     3,793         342,204   

Coca-Cola Enterprises, Inc.

     5,428         240,786   

Constellation Brands, Inc., Class A*

     3,923         341,929   

Dr. Pepper Snapple Group, Inc.

     4,500         289,395   

Keurig Green Mountain, Inc.

     2,800         364,364   

Molson Coors Brewing Co., Class B

     3,938         293,145   

Monster Beverage Corp.*

     3,100         284,177   

PepsiCo, Inc.

     35,761         3,328,992   

The Coca-Cola Co.

     94,070         4,013,026   
     

 

 

 
     9,498,018   
     

 

 

 
Biotechnology — 2.9%      

Alexion Pharmaceuticals, Inc.*

     4,700         779,354   

Amgen, Inc.

     18,145         2,548,647   

Biogen Idec, Inc.*

     5,633         1,863,453   

Celgene Corp.*

     19,056         1,806,127   

Gilead Sciences, Inc.*

     35,998         3,831,987   

Regeneron Pharmaceuticals, Inc.*

     1,800         648,936   

Vertex Pharmaceuticals, Inc.*

     5,500         617,705   
     

 

 

 
     12,096,209   
     

 

 

 
Building Materials — 0.1%      

Martin Marietta Materials, Inc.

     1,500         193,410   

Masco Corp.

     9,077         217,122   

Vulcan Materials Co.

     3,041         183,159   
     

 

 

 
     593,691   
     

 

 

 
Chemicals — 2.5%      

Air Products & Chemicals, Inc.

     4,521         588,544   

Airgas, Inc.

     1,600         177,040   

CF Industries Holdings, Inc.

     1,200         335,064   

E.I. du Pont de Nemours & Co.

     21,723         1,558,843   

Eastman Chemical Co.

     3,682         297,837   

Ecolab, Inc.

     6,533         750,184   

FMC Corp.

     3,100         177,289   

International Flavors & Fragrances, Inc.

     1,875         179,775   

LyondellBasell Industries N.V., Class A

     9,900         1,075,734   

Monsanto Co.

     12,437         1,399,287   

PPG Industries, Inc.

     3,310         651,209   

Praxair, Inc.

     6,926         893,454   

Sigma-Aldrich Corp.

     2,722         370,219   

The Dow Chemical Co.

     26,779         1,404,291   

The Mosaic Co.

     7,600         337,516   
 

 

62


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Chemicals — (continued)   

The Sherwin-Williams Co.

    2,034      $ 445,426   
   

 

 

 
        10,641,712   
   

 

 

 
Coal — 0.1%    

CONSOL Energy, Inc.

    5,776        218,679   
   

 

 

 
Commercial Services — 1.6%    

Allegion PLC

    2,266        107,952   

Alliance Data Systems Corp.*

    1,200        297,924   

Automatic Data Processing, Inc.

    11,443        950,684   

CDK Global, Inc.*

    191        5,853   

Cintas Corp.

    2,455        173,298   

Equifax, Inc.

    3,034        226,761   

H&R Block, Inc.

    6,666        206,713   

Iron Mountain, Inc.

    4,381        143,040   

MasterCard, Inc., Class A

    23,300        1,722,336   

McGraw Hill Financial, Inc.

    6,486        547,743   

Moody’s Corp.

    4,473        422,699   

Paychex, Inc.

    7,775        343,655   

Pentair PLC

    4,519        295,949   

Quanta Services, Inc.*

    4,900        177,821   

Robert Half International, Inc.

    3,207        157,143   

The ADT Corp.

    4,134        146,592   

The Western Union Co.

    12,378        198,543   

Total System Services, Inc.

    4,377        135,512   

Tyco International Ltd.

    10,800        481,356   

United Rentals, Inc.*

    2,300        255,530   
   

 

 

 
    6,997,104   
   

 

 

 
Computers — 6.0%   

Accenture PLC, Class A

    15,000        1,219,800   

Apple, Inc.

    142,182        14,324,837   

Cognizant Technology Solutions Corp., Class A*

    14,504        649,344   

Computer Sciences Corp.

    3,357        205,281   

EMC Corp.

    48,248        1,411,736   

Hewlett-Packard Co.

    44,683        1,584,906   

International Business Machines Corp.

    22,058        4,187,270   

NetApp, Inc.

    7,421        318,806   

SanDisk Corp.

    5,397        528,636   

Seagate Technology PLC

    7,700        440,979   

Teradata Corp.*

    3,516        147,391   

Western Digital Corp.

    4,900        476,868   
   

 

 

 
    25,495,854   
   

 

 

 
Cosmetics & Personal Care — 1.7%   

Avon Products, Inc.

    10,950        137,970   

Colgate-Palmolive Co.

    20,670        1,348,097   

The Estee Lauder Cos., Inc., Class A

    5,374        401,545   

The Procter & Gamble Co.

    64,294        5,383,980   
   

 

 

 
    7,271,592   
   

 

 

 
Distribution & Wholesale — 0.3%   

Fastenal Co.

    6,700        300,830   

Fossil Group, Inc.*

    1,200        112,680   

Genuine Parts Co.

    3,805        333,736   

W.W. Grainger, Inc.

    1,472        370,429   
   

 

 

 
    1,117,675   
   

 

 

 
    Number of
Shares
   
Value†
 
                        
Diversified Financial Services — 2.6%   

Affiliated Managers Group, Inc.*

    1,300      $ 260,468   

American Express Co.

    21,280            1,862,851   

Ameriprise Financial, Inc.

    4,446        548,547   

BlackRock, Inc.

    2,999        984,632   

CME Group, Inc.

    7,560        604,460   

Discover Financial Services

    10,978        706,873   

E*TRADE Financial Corp.*

    6,481        146,406   

Franklin Resources, Inc.

    9,556        521,853   

IntercontinentalExchange Group, Inc.

    2,770        540,289   

Invesco Ltd.

    10,367        409,289   

Legg Mason, Inc.

    2,261        115,673   

Navient Corp.

    10,434        184,786   

T. Rowe Price Group, Inc.

    6,281        492,430   

The Charles Schwab Corp.

    27,669        813,192   

The NASDAQ OMX Group, Inc.

    3,100        131,502   

Visa, Inc., Class A

    11,764        2,510,085   
   

 

 

 
    10,833,336   
   

 

 

 
Diversified Operations — 0.2%   

Eaton Corp. PLC

    11,306        716,461   

Leucadia National Corp.

    7,260        173,079   
   

 

 

 
    889,540   
   

 

 

 
Electric — 2.6%    

AES Corp.

    14,444        204,816   

Ameren Corp.

    5,798        222,237   

American Electric Power Co., Inc.

    11,757        613,833   

CMS Energy Corp.

    6,707        198,930   

Consolidated Edison, Inc.

    7,234        409,879   

Dominion Resources, Inc.

    13,909        960,973   

DTE Energy Co.

    4,092        311,319   

Duke Energy Corp.

    16,859        1,260,547   

Edison International

    7,674        429,130   

Entergy Corp.

    4,447        343,887   

Exelon Corp.

    20,310        692,368   

FirstEnergy Corp.

    9,956        334,223   

Integrys Energy Group, Inc.

    1,995        129,316   

NextEra Energy, Inc.

    10,285        965,556   

Northeast Utilities

    7,517        333,003   

NRG Energy, Inc.

    7,800        237,744   

Pepco Holdings, Inc.

    5,540        148,250   

PG&E Corp.

    10,650        479,676   

Pinnacle West Capital Corp.

    2,569        140,370   

PPL Corp.

    15,098        495,818   

Public Service Enterprise Group, Inc.

    12,349        459,877   

SCANA Corp.

    3,400        168,674   

TECO Energy, Inc.

    4,523        78,610   

The Southern Co.

    21,111        921,495   

Wisconsin Energy Corp.

    5,200        223,600   

Xcel Energy, Inc.

    11,630        353,552   
   

 

 

 
    11,117,683   
   

 

 

 
Electrical Components & Equipment — 0.3%   

AMETEK, Inc.

    5,800        291,218   

Emerson Electric Co.

    16,876        1,056,100   
   

 

 

 
    1,347,318   
   

 

 

 
Electronics — 1.2%   

Agilent Technologies, Inc.

    7,845        447,008   
 

 

63


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Electronics — (continued)   

Amphenol Corp., Class A

    3,700      $     369,482   

FLIR Systems, Inc.

    3,600        112,824   

Garmin Ltd.

    2,800        145,572   

Honeywell International, Inc.

    18,708        1,742,089   

Jabil Circuit, Inc.

    4,292        86,570   

PerkinElmer, Inc.

    2,516        109,698   

TE Connectivity Ltd.

    9,600        530,784   

Thermo Fisher Scientific, Inc.

    9,482        1,153,959   

Waters Corp.*

    2,158        213,901   
   

 

 

 
    4,911,887   
   

 

 

 
Engineering & Construction — 0.1%   

Fluor Corp.

    3,870        258,477   

Jacobs Engineering Group, Inc.*

    2,983        145,630   
   

 

 

 
    404,107   
   

 

 

 
Environmental Control — 0.2%   

Republic Services, Inc.

    6,314        246,372   

Stericycle, Inc.*

    2,000        233,120   

Waste Management, Inc.

    10,500        499,065   
   

 

 

 
    978,557   
   

 

 

 
Food — 1.6%    

Campbell Soup Co.

    4,516        192,969   

ConAgra Foods, Inc.

    9,902        327,162   

General Mills, Inc.

    14,510        732,030   

Hormel Foods Corp.

    3,500        179,865   

Kellogg Co.

    6,066        373,666   

Kraft Foods Group, Inc.

    14,254        803,926   

McCormick & Co., Inc.

    3,208        214,615   

Mondelez International, Inc., Class A

    39,863        1,365,906   

Safeway, Inc.

    5,317        182,373   

Sysco Corp.

    14,252        540,863   

The Hershey Co.

    3,487        332,764   

The J.M. Smucker Co.

    2,534        250,841   

The Kroger Co.

    11,945        621,140   

Tyson Foods, Inc., Class A

    6,649        261,771   

Whole Foods Market, Inc.

    8,986        342,456   
   

 

 

 
    6,722,347   
   

 

 

 
Forest Products & Paper — 0.2%   

International Paper Co.

    10,467        499,695   

MeadWestvaco Corp.

    3,999        163,719   
   

 

 

 
    663,414   
   

 

 

 
Gas — 0.3%    

AGL Resources, Inc.

    2,600        133,484   

CenterPoint Energy, Inc.

    10,322        252,579   

NiSource, Inc.

    7,865        322,308   

Sempra Energy

    5,398        568,841   
   

 

 

 
    1,277,212   
   

 

 

 
Hand & Machine Tools — 0.1%    

Snap-On, Inc.

    1,328        160,794   

Stanley Black & Decker, Inc.

    3,640        323,196   
   

 

 

 
    483,990   
   

 

 

 
Healthcare Products — 1.7%    

Baxter International, Inc.

    12,875        924,039   

Becton Dickinson & Co.

    4,675        532,062   

Boston Scientific Corp.*

    31,948        377,306   
    Number of
Shares
   
Value†
 
                        
Healthcare Products — (continued)    

C.R. Bard, Inc.

    1,842      $     262,872   

CareFusion Corp.*

    4,641        210,005   

Covidien PLC

    10,900        942,959   

DENTSPLY International, Inc.

    3,200        145,920   

Edwards Lifesciences Corp.*

    2,500        255,375   

Hospira, Inc.*

    3,912        203,541   

Intuitive Surgical, Inc.*

    807        372,688   

Medtronic, Inc.

    23,373        1,447,957   

Patterson Cos., Inc.

    1,974        81,783   

St. Jude Medical, Inc.

    6,830        410,688   

Stryker Corp.

    6,981        563,716   

Varian Medical Systems, Inc.*

    2,357        188,843   

Zimmer Holdings, Inc.

    4,029        405,116   
   

 

 

 
    7,324,870   
   

 

 

 
Healthcare Services — 1.3%    

Aetna, Inc.

    8,493        687,933   

Cigna Corp.

    6,294        570,803   

DaVita HealthCare Partners, Inc.*

    4,298        314,355   

Humana, Inc.

    3,710        483,376   

Laboratory Corp. of America Holdings*

    1,977        201,160   

Quest Diagnostics, Inc.

    3,387        205,523   

Tenet Healthcare Corp.*

    2,343        139,151   

UnitedHealth Group, Inc.

    23,241        2,004,536   

Universal Health Services, Inc., Class B

    2,200        229,900   

WellPoint, Inc.

    6,495        776,932   
   

 

 

 
    5,613,669   
   

 

 

 
Home Builders — 0.1%    

D.R. Horton, Inc.

    6,376        130,836   

Lennar Corp., Class A

    4,036        156,718   

PulteGroup, Inc.

    8,034        141,880   
   

 

 

 
    429,434   
   

 

 

 
Home Furnishings — 0.1%    

Harman International Industries, Inc.

    1,738        170,393   

Whirlpool Corp.

    1,769        257,655   
   

 

 

 
    428,048   
   

 

 

 
Household Products & Wares — 0.3%   

Avery Dennison Corp.

    2,183        97,471   

Kimberly-Clark Corp.

    8,987        966,731   

The Clorox Co.

    2,997        287,832   
   

 

 

 
    1,352,034   
   

 

 

 
Housewares — 0.1%    

Newell Rubbermaid, Inc.

    6,317        217,368   
   

 

 

 
Insurance — 4.1%    

ACE Ltd.

    8,100        849,447   

Aflac, Inc.

    10,700        623,275   

American International Group, Inc.

    33,785        1,825,066   

Aon PLC

    6,844        600,013   

Assurant, Inc.

    1,673        107,574   

Berkshire Hathaway, Inc., Class B*

    43,450        6,002,183   

Cincinnati Financial Corp.

    3,692        173,709   

Genworth Financial, Inc., Class A*

    11,369        148,934   

Lincoln National Corp.

    6,173        330,749   

Loews Corp.

    7,125        296,828   

Marsh & McLennan Cos., Inc.

    13,109        686,125   
 

 

64


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Insurance — (continued)   

MetLife, Inc.

    26,885      $     1,444,262   

Principal Financial Group, Inc.

    6,465        339,219   

Prudential Financial, Inc.

    11,030        969,978   

The Allstate Corp.

    10,276        630,638   

The Chubb Corp.

    5,651        514,693   

The Hartford Financial Services Group, Inc.

    10,557        393,248   

The Progressive Corp.

    12,956        327,528   

The Travelers Cos., Inc.

    7,931        745,038   

Torchmark Corp.

    3,352        175,544   

Unum Group

    6,076        208,893   

XL Group PLC

    6,549        217,230   
   

 

 

 
    17,610,174   
   

 

 

 
Internet — 4.7%    

Amazon.com, Inc.*

    8,975        2,893,899   

eBay, Inc.*

    26,728        1,513,607   

Expedia, Inc.

    2,494        218,524   

F5 Networks, Inc.*

    1,800        213,732   

Facebook, Inc., Class A*

    46,500        3,675,360   

Google, Inc., Class A*

    6,725        3,957,057   

Google, Inc., Class C*

    6,725        3,882,746   

Netflix, Inc.*

    1,400        631,652   

Symantec Corp.

    16,638        391,159   

The Priceline Group, Inc.*

    1,227        1,421,578   

TripAdvisor, Inc.*

    2,594        237,143   

VeriSign, Inc.*

    3,009        165,856   

Yahoo!, Inc.*

    21,817        889,043   
   

 

 

 
    20,091,356   
   

 

 

 
Iron & Steel — 0.1%    

Allegheny Technologies, Inc.

    2,278        84,514   

Nucor Corp.

    7,735        419,856   
   

 

 

 
    504,370   
   

 

 

 
Leisure Time — 0.2%    

Carnival Corp.

    10,345        415,559   

Harley-Davidson, Inc.

    5,228        304,269   
   

 

 

 
    719,828   
   

 

 

 
Lodging — 0.3%    

Marriott International, Inc., Class A

    5,185        362,431   

Starwood Hotels & Resorts Worldwide, Inc.

    4,452        370,451   

Wyndham Worldwide Corp.

    3,160        256,782   

Wynn Resorts Ltd.

    1,930        361,064   
   

 

 

 
    1,350,728   
   

 

 

 
Machinery — Construction & Mining — 0.4%   

Caterpillar, Inc.

    14,828        1,468,417   

Joy Global, Inc.

    2,300        125,442   
   

 

 

 
    1,593,859   
   

 

 

 
Machinery — Diversified — 0.5%    

Cummins, Inc.

    3,974        524,489   

Deere & Co.

    8,732        715,937   

Flowserve Corp.

    3,300        232,716   

Rockwell Automation, Inc.

    3,271        359,417   

Roper Industries, Inc.

    2,400        351,096   

Xylem, Inc.

    4,154        147,425   
   

 

 

 
    2,331,080   
   

 

 

 
    Number of
Shares
   
Value†
 
                        
Media — 3.4%    

Cablevision Systems Corp., Class A

    5,000      $ 87,550   

CBS Corp., Class B

    11,354        607,439   

Comcast Corp., Class A

    61,334        3,298,543   

DIRECTV*

    11,919          1,031,232   

Discovery Communications, Inc., Class A*

    3,500        132,300   

Discovery Communications, Inc., Class C*

    6,500        242,320   

Gannett Co., Inc.

    5,374        159,447   

News Corp., Class A*

    12,215        199,715   

Nielsen Holdings NV

    6,700        297,011   

Scripps Networks Interactive, Inc., Class A

    2,556        199,598   

The Walt Disney Co.

    37,576        3,345,391   

Time Warner Cable, Inc.

    6,696        960,809   

Time Warner, Inc.

    20,404        1,534,585   

Twenty-First Century Fox, Inc., Class A

    44,560        1,527,962   

Viacom, Inc., Class B

    9,281        714,080   
   

 

 

 
    14,337,982   
   

 

 

 
Metal Fabricate/Hardware — 0.2%   

Precision Castparts Corp.

    3,425        811,314   
   

 

 

 
Mining — 0.4%    

Alcoa, Inc.

    25,948        417,503   

Freeport-McMoRan Copper & Gold, Inc.

    24,496        799,795   

Newmont Mining Corp.

    12,383        285,428   
   

 

 

 
    1,502,726   
   

 

 

 
Miscellaneous Manufacturing — 2.8%   

3M Co.

    15,480        2,193,206   

Danaher Corp.

    14,368        1,091,681   

Dover Corp.

    4,105        329,755   

General Electric Co.

    238,125        6,100,762   

Illinois Tool Works, Inc.

    8,619        727,616   

Ingersoll-Rand PLC

    5,900        332,524   

Leggett & Platt, Inc.

    3,354        117,122   

Pall Corp.

    2,645        221,387   

Parker Hannifin Corp.

    3,581        408,771   

Textron, Inc.

    6,876        247,467   
   

 

 

 
    11,770,291   
   

 

 

 
Office & Business Equipment — 0.1%   

Pitney Bowes, Inc.

    4,261        106,482   

Xerox Corp.

    25,455        336,770   
   

 

 

 
    443,252   
   

 

 

 
Oil & Gas — 7.2%    

Anadarko Petroleum Corp.

    11,959        1,213,121   

Apache Corp.

    9,223        865,763   

Cabot Oil & Gas Corp.

    10,088        329,777   

Chesapeake Energy Corp.

    12,410        285,306   

Chevron Corp.

    45,070        5,377,752   

Cimarex Energy Co.

    2,100        265,713   

ConocoPhillips

    29,280        2,240,506   

Denbury Resources, Inc.

    8,500        127,755   

Devon Energy Corp.

    9,229        629,233   

Diamond Offshore Drilling, Inc.

    1,600        54,832   

Ensco PLC ADR,Class A

    5,800        239,598   

EOG Resources, Inc.

    13,116        1,298,746   

EQT Corp.

    3,600        329,544   

Exxon Mobil Corp.

    101,265        9,523,973   
 

 

65


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Oil & Gas — (continued)    

Helmerich & Payne, Inc.

    2,700      $        264,249   

Hess Corp.

    6,297        593,933   

Marathon Oil Corp.

    15,951        599,598   

Marathon Petroleum Corp.

    6,825        577,873   

Murphy Oil Corp.

    3,917        222,916   

Newfield Exploration Co.*

    2,900        107,503   

Noble Energy, Inc.

    8,538        583,658   

Occidental Petroleum Corp.

    18,658        1,793,967   

Phillips 66

    13,140        1,068,413   

Pioneer Natural Resources Co.

    3,400        669,698   

QEP Resources, Inc.

    3,690        113,578   

Range Resources Corp.

    3,923        266,019   

Southwestern Energy Co.*

    8,490        296,726   

Tesoro Corp.

    3,094        188,672   

Valero Energy Corp.

    12,840        594,107   
   

 

 

 
    30,722,529   
   

 

 

 
Oil & Gas Services — 1.7%    

Baker Hughes, Inc.

    10,528        684,952   

Cameron International Corp.*

    5,070        336,547   

FMC Technologies, Inc.*

    5,700        309,567   

Halliburton Co.

    20,269        1,307,553   

Nabors Industries Ltd.

    5,908        134,466   

National Oilwell Varco, Inc.

    10,123        770,360   

Noble Corp. PLC

    6,400        142,208   

Schlumberger Ltd.

    30,959        3,148,221   

Transocean Ltd.

    8,300        265,351   
   

 

 

 
    7,099,225   
   

 

 

 
Packaging and Containers — 0.1%    

Ball Corp.

    3,226        204,109   

Bemis Co., Inc.

    2,549        96,913   

Owens-Illinois, Inc.*

    4,000        104,200   

Sealed Air Corp.

    5,033        175,551   
   

 

 

 
    580,773   
   

 

 

 
Pharmaceuticals — 7.3%    

Abbott Laboratories

    35,896        1,492,915   

AbbVie, Inc.

    37,996        2,194,649   

Actavis PLC*

    6,293        1,518,375   

Allergan, Inc.

    7,116        1,268,000   

AmerisourceBergen Corp.

    5,000        386,500   

Bristol-Myers Squibb Co.

    39,597        2,026,574   

Cardinal Health, Inc.

    8,182        612,995   

Eli Lilly & Co.

    23,254        1,508,022   

Express Scripts Holding Co.*

    17,764        1,254,671   

Johnson & Johnson

    66,941        7,135,241   

Mallinckrodt PLC*

    2,700        243,405   

McKesson Corp.

    5,525        1,075,552   

Mead Johnson Nutrition Co.

    4,768        458,777   

Merck & Co., Inc.

    68,713        4,073,307   

Mylan, Inc.*

    9,056        411,957   

Perrigo Co. PLC

    3,100        465,589   

Pfizer, Inc.

    150,405        4,447,476   

Zoetis, Inc.

    12,107        447,354   
   

 

 

 
    31,021,359   
   

 

 

 
Pipelines — 0.6%    

Kinder Morgan, Inc.

    15,436        591,816   

 

     Number of
Shares
    
Value†
 
     
Pipelines — (continued)      

ONEOK, Inc.

     4,800       $        314,640   

Spectra Energy Corp.

     15,784         619,680   

The Williams Cos., Inc.

     16,034         887,482   
     

 

 

 
     2,413,618   
     

 

 

 
Real Estate — 0.0%      

CBRE Group, Inc., Class A*

     6,401         190,366   
     

 

 

 
Retail — 5.8%      

AutoNation, Inc.*

     1,719         86,483   

AutoZone, Inc.*

     741         377,658   

Bed Bath & Beyond, Inc.*

     5,066         333,495   

Best Buy Co., Inc.

     6,468         217,260   

CarMax, Inc.*

     5,300         246,185   

Chipotle Mexican Grill, Inc.*

     700         466,613   

Costco Wholesale Corp.

     10,377         1,300,446   

CVS Health Corp.

     27,467         2,186,098   

Darden Restaurants, Inc.

     2,940         151,292   

Dollar General Corp.*

     7,000         427,770   

Dollar Tree, Inc.*

     4,900         274,743   

Family Dollar Stores, Inc.

     2,233         172,477   

GameStop Corp., Class A

     2,664         109,757   

Kohl’s Corp.

     4,501         274,696   

L Brands, Inc.

     6,060         405,899   

Lowe’s Cos., Inc.

     23,340         1,235,153   

Macy’s, Inc.

     8,227         478,647   

McDonald’s Corp.

     23,278         2,206,987   

Nordstrom, Inc.

     3,337         228,151   

O’Reilly Automotive, Inc.*

     2,500         375,900   

PetSmart, Inc.

     2,600         182,234   

PVH Corp.

     1,900         230,185   

Ross Stores, Inc.

     5,200         393,016   

Staples, Inc.

     15,637         189,208   

Starbucks Corp.

     17,844         1,346,508   

Target Corp.

     15,132         948,474   

The Gap, Inc.

     6,182         257,727   

The Home Depot, Inc.

     32,104         2,945,221   

The TJX Cos., Inc.

     16,518         977,370   

Tiffany & Co.

     2,764         266,201   

Tractor Supply Co.

     3,300         202,983   

Urban Outfitters, Inc.*

     2,500         91,750   

Wal-Mart Stores, Inc.

     37,647         2,878,866   

Walgreen Co.

     20,779         1,231,571   

Yum! Brands, Inc.

     10,669         767,955   
     

 

 

 
     24,464,979   
     

 

 

 
Savings & Loans — 0.1%      

Hudson City Bancorp, Inc.

     11,257         109,418   

People’s United Financial, Inc.

     7,700         111,419   
     

 

 

 
     220,837   
     

 

 

 
Semiconductors — 3.1%      

Altera Corp.

     7,265         259,942   

Analog Devices, Inc.

     7,676         379,885   

Applied Materials, Inc.

     29,321         633,627   

Avago Technologies Ltd.

     6,000         522,000   

Broadcom Corp., Class A

     12,908         521,741   

First Solar, Inc.*

     1,800         118,458   
 

 

66


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

     Number of
Shares
    
Value†
 
COMMON STOCKS — (continued)   
Semiconductors — (continued)      

Intel Corp.

     117,375       $        4,086,998   

KLA-Tencor Corp.

     4,127         325,125   

Lam Research Corp.

     3,859         288,267   

Linear Technology Corp.

     5,541         245,965   

Microchip Technology, Inc.

     5,018         237,000   

Micron Technology, Inc.*

     24,886         852,595   

NVIDIA Corp.

     11,754         216,861   

QUALCOMM, Inc.

     39,699         2,968,294   

Texas Instruments, Inc.

     25,593         1,220,530   

Xilinx, Inc.

     6,364         269,516   
     

 

 

 
     13,146,804   
     

 

 

 
Software — 4.0%   

Adobe Systems, Inc.*

     11,005         761,436   

Akamai Technologies, Inc.*

     4,160         248,768   

Autodesk, Inc.*

     5,681         313,023   

CA, Inc.

     7,639         213,433   

Cerner Corp.*

     7,000         416,990   

Citrix Systems, Inc.*

     3,791         270,450   

Electronic Arts, Inc.*

     7,730         275,265   

Fidelity National Information Services, Inc.

     7,059         397,422   

Fiserv, Inc.*

     5,814         375,788   

Intuit, Inc.

     6,892         604,084   

Microsoft Corp.

     195,615         9,068,711   

Oracle Corp.

     77,517         2,967,351   

Red Hat, Inc.*

     4,600         258,290   

Salesforce.com, Inc.*

     13,200         759,396   

The Dun & Bradstreet Corp.

     900         105,723   
     

 

 

 
     17,036,130   
     

 

 

 
Telecommunications — 3.6%      

AT&T, Inc.

     123,043         4,336,035   

CenturyLink, Inc.

     13,926         569,434   

Cisco Systems, Inc.

     120,880         3,042,549   

Corning, Inc.

     31,115         601,764   

Crown Castle International Corp.

     8,000         644,240   

Frontier Communications Corp.

     21,472         139,783   

Harris Corp.

     2,600         172,640   

Juniper Networks, Inc.

     9,171         203,138   

Motorola Solutions, Inc.

     5,246         331,967   

Verizon Communications, Inc.

     98,876         4,942,811   

Windstream Holdings, Inc.

     13,351         143,924   
     

 

 

 
     15,128,285   
     

 

 

 
Textiles — 0.0%      

Mohawk Industries, Inc.*

     1,500         202,230   
     

 

 

 
Toys, Games & Hobbies — 0.1%      

Hasbro, Inc.

     2,612         143,647   

Mattel, Inc.

     8,281         253,813   
     

 

 

 
     397,460   
     

 

 

 
Transportation — 1.8%      

C.H. Robinson Worldwide, Inc.

     3,739         247,971   

CSX Corp.

     24,066         771,556   

Expeditors International of Washington, Inc.

     4,973         201,804   

FedEx Corp.

     6,366         1,027,791   

Kansas City Southern

     2,700         327,240   

Norfolk Southern Corp.

     7,252         809,323   

 

     Number of
Shares
    
Value†
 
                          
Transportation — (continued)      

Ryder System, Inc.

     1,125       $        101,216   

Union Pacific Corp.

     21,220         2,300,672   

United Parcel Service, Inc.,
Class B

     16,774         1,648,717   
     

 

 

 
     7,436,290   
     

 

 

 
TOTAL COMMON STOCKS
(Cost $242,852,742)
         408,120,676   
     

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 2.0%   
Apartments — 0.3%      

Apartment Investment & Management Co., Class A

     3,662         116,525   

AvalonBay Communities, Inc.

     2,892         407,685   

Equity Residential

     8,592         529,096   

Essex Property Trust, Inc.

     1,500         268,125   
     

 

 

 
     1,321,431   
     

 

 

 
Diversified — 0.5%      

American Tower Corp.

     9,559         895,009   

Plum Creek Timber Co., Inc.

     4,047         157,874   

Vornado Realty Trust

     4,087         408,537   

Weyerhaeuser Co.

     12,626         402,264   
     

 

 

 
     1,863,684   
     

 

 

 
Healthcare — 0.3%      

HCP, Inc.

     10,840         430,457   

Health Care REIT, Inc.

     7,100         442,827   

Ventas, Inc.

     6,853         424,543   
     

 

 

 
     1,297,827   
     

 

 

 
Hotels & Resorts — 0.1%      

Host Hotels & Resorts, Inc.

     17,676         377,029   
     

 

 

 
Industrial — 0.1%      

Prologis, Inc.

     11,899         448,592   
     

 

 

 
Office Property — 0.1%      

Boston Properties, Inc.

     3,742         433,174   
     

 

 

 
Regional Malls — 0.4%      

General Growth Properties, Inc.

     14,900         350,895   

Simon Property Group, Inc.

     7,328         1,204,870   

The Macerich Co.

     3,400         217,022   
     

 

 

 
     1,772,787   
     

 

 

 
Storage & Warehousing — 0.1%      

Public Storage

     3,516         583,093   
     

 

 

 
Strip Centers — 0.1%      

Kimco Realty Corp.

     9,564         209,547   
     

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,175,748)
         8,307,164   
     

 

 

 
     Par
(000)
    
Value†
 
U.S. TREASURY OBLIGATIONS — 0.1%   

U S Treasury Bills

     

0.010%, 11/06/14

   $ 175         174,996   

0.015%, 11/06/14

     200         199,996   
 

 

67


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Index 500 Fund

 

     Par
(000)
    
Value†
 
U.S. TREASURY OBLIGATIONS — (continued)   

U.S. Treasury Bills 0.010%, 10/09/14

   $ 185       $ 184,999   
     

 

 

 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $559,995)
         559,991   
     

 

 

 
     Number of
Shares
    
Value†
 
SHORT-TERM INVESTMENTS — 1.8%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $7,509,842)

     7,509,842         7,509,842   
     

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $257,098,327)(a)
       $ 424,497,673   
     

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $266,151,374. Net unrealized appreciation was $158,346,299. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $175,034,294 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $16,687,995.
ADR —  American Depository Receipt.
PLC —  Public Limited Company.
REIT —  Real Estate Investment Trust.
 

 

68


Penn Series Funds, Inc.

Index 500 Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   

Total

Market

Value at
09/30/2014

    

Level 1

Quoted

Price

     Level 2
Signi-
ficant
Obser-
vable
Input
     Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

   $ 408,120,676       $ 408,120,676       $       $   

REAL ESTATE INVESTMENT TRUSTS

     8,307,164         8,307,164                   

U.S. TREA-
SURY OBLIGA-
TIONS

     559,991                 559,991           

SHORT-TERM INVEST-
MENTS

     7,509,842         7,509,842                   

 

 

TOTAL INVEST-
MENTS

   $ 424,497,673       $ 423,937,682       $ 559,991       $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

69


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Cap Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 98.5%   
Apparel — 2.6%    

Burberry Group PLC

    57,729      $ 1,414,096   

Carter’s, Inc.

    24,453        1,895,597   
   

 

 

 
    3,309,693   
   

 

 

 
Auto Parts & Equipment — 0.6%    

Allison Transmission Holdings, Inc.

    26,188        746,096   
   

 

 

 
Banks — 7.3%    

First Republic Bank

    48,000        2,370,240   

Northern Trust Corp.

    49,600        3,374,288   

Signature Bank*

    21,959        2,460,726   

UMB Financial Corp.

    16,800        916,440   
   

 

 

 
    9,121,694   
   

 

 

 
Beverages — 1.1%    

Brown-Forman Corp., Class B

    15,100        1,362,322   
   

 

 

 
Biotechnology — 1.5%    

Alkermes PLC*

    27,856        1,194,187   

Incyte Corp.*

    13,573        665,755   
   

 

 

 
    1,859,942   
   

 

 

 
Building Materials — 1.9%    

Fortune Brands Home & Security, Inc.

    58,942        2,423,106   
   

 

 

 
Chemicals — 0.7%    

The Valspar Corp.

    11,522        910,123   
   

 

 

 
Commercial Services — 5.2%    

Alliance Data Systems Corp.*

    6,462        1,604,321   

CoStar Group, Inc.*

    8,074        1,255,830   

Vantiv, Inc., Class A*

    58,565        1,809,658   

Verisk Analytics, Inc., Class A*

    30,800        1,875,412   
   

 

 

 
    6,545,221   
   

 

 

 
Computers — 1.5%    

Teradata Corp.*

    45,000        1,886,400   
   

 

 

 
Cosmetics & Personal Care — 1.0%    

Coty, Inc., Class A*

    75,854        1,255,384   
   

 

 

 
Distribution & Wholesale — 4.3%    

Fastenal Co.

    64,176        2,881,502   

LKQ Corp.*

    95,500        2,539,345   
   

 

 

 
    5,420,847   
   

 

 

 
Diversified Financial Services — 1.0%    

CME Group, Inc.

    4,597        367,553   

Oaktree Capital Group LLC

    16,500        843,150   
   

 

 

 
    1,210,703   
   

 

 

 
Electronics — 2.4%    

FLIR Systems, Inc.

    49,010        1,535,973   

Gentex Corp.

    55,900        1,496,443   
   

 

 

 
    3,032,416   
   

 

 

 
Engineering & Construction — 0.9%    

Jacobs Engineering Group, Inc.*

    23,800        1,161,916   
   

 

 

 
Environmental Control — 1.6%    

Stericycle, Inc.*

    16,688        1,945,153   
   

 

 

 
    Number of
Shares
   
Value†
 
                        
Food — 2.0%    

The Hain Celestial Group, Inc.*

    24,988      $ 2,557,522   
   

 

 

 
Healthcare Products — 8.5%    

Align Technology, Inc.*

    30,589        1,580,840   

DENTSPLY International, Inc.

    41,699        1,901,474   

Henry Schein, Inc.*

    15,700        1,828,579   

Intuitive Surgical, Inc.*

    6,838        3,157,925   

Varian Medical Systems, Inc.*

    28,195        2,258,984   
   

 

 

 
    10,727,802   
   

 

 

 
Healthcare Services — 2.1%    

Acadia Healthcare Co., Inc.*

    22,900        1,110,650   

Humana, Inc.

    12,015        1,565,434   
   

 

 

 
    2,676,084   
   

 

 

 
Household Products & Wares — 0.9%   

The Scotts Miracle-Gro Co., Class A

    21,500        1,182,500   
   

 

 

 
Internet — 4.9%    

F5 Networks, Inc.*

    20,683        2,455,899   

Pandora Media, Inc.*

    98,898        2,389,376   

WebMD Health Corp.*

    29,800        1,245,938   
   

 

 

 
    6,091,213   
   

 

 

 
Leisure Time — 1.3%    

Norwegian Cruise Line Holdings Ltd.*

    44,571        1,605,447   
   

 

 

 
Machinery — Construction & Mining — 1.4%   

Joy Global, Inc.

    32,114        1,751,498   
   

 

 

 
Machinery — Diversified — 1.8%    

Flowserve Corp.

    32,512        2,292,746   
   

 

 

 
Miscellaneous Manufacturing — 1.4%   

Polypore International, Inc.*

    43,900        1,708,149   
   

 

 

 
Oil & Gas — 5.2%    

Cabot Oil & Gas Corp.

    52,904        1,729,432   

Continental Resources, Inc.*

    32,400        2,153,952   

Oasis Petroleum, Inc.*

    23,754        993,154   

Southwestern Energy Co.*

    45,643        1,595,223   
   

 

 

 
    6,471,761   
   

 

 

 
Oil & Gas Services — 1.0%    

Dril-Quip, Inc.*

    13,400        1,197,960   
   

 

 

 
Pharmaceuticals — 7.2%    

ACADIA Pharmaceuticals, Inc.*

    26,632        659,408   

BioMarin Pharmaceutical, Inc.*

    21,828        1,575,109   

Mead Johnson Nutrition Co.

    29,800        2,867,356   

Medivation, Inc.*

    18,800        1,858,756   

Zoetis, Inc.

    57,815        2,136,264   
   

 

 

 
    9,096,893   
   

 

 

 
Retail — 13.9%    

DSW, Inc., Class A

    38,648        1,163,691   

Dunkin’ Brands Group, Inc.

    52,372        2,347,313   

L Brands, Inc.

    28,630        1,917,638   

Nordstrom, Inc.

    27,503        1,880,380   

Panera Bread Co., Class A*

    9,200        1,497,024   

Ross Stores, Inc.

    34,666        2,620,056   
 

 

70


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Cap Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Retail — (continued)   

Tiffany & Co.

    13,800      $ 1,329,078   

Ulta Salon Cosmetics & Fragrance, Inc.*

    21,900        2,587,923   

Urban Outfitters, Inc.*

    58,825        2,158,878   
   

 

 

 
        17,501,981   
   

 

 

 
Semiconductors — 2.5%    

Microchip Technology, Inc.

    66,252        3,129,082   
   

 

 

 
Software — 6.9%    

Ansys, Inc.*

    18,800        1,422,596   

Cerner Corp.*

    16,906        1,007,091   

Electronic Arts, Inc.*

    101,903        3,628,766   

ServiceNow, Inc.*

    22,580        1,327,252   

Solera Holdings, Inc.

    23,000        1,296,280   
   

 

 

 
    8,681,985   
   

 

 

 
Toys, Games & Hobbies — 1.7%    

Mattel, Inc.

    69,097        2,117,823   
   

 

 

 
Transportation — 2.2%    

Expeditors International of Washington, Inc.

    66,523        2,699,503   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $119,895,652)
        123,680,965   
   

 

 

 
SHORT-TERM INVESTMENTS — 1.5%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,846,235)

    1,846,235        1,846,235   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $121,741,887)(a)
      $ 125,527,200   
   

 

 

 
WRITTEN OPTIONS — 0.0%   
Put Options — 0.0%    

Pandora US, $23.00, 10/18/14
(Premium $(9,472))

    (128     (7,424 ) 
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $121,797,665. Net unrealized appreciation was $3,729,535. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,983,680 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,254,145.

LLC — Limited Liability Company.

PLC — Public Limited Company.

    

 

 

71


Penn Series Funds, Inc.

Mid Cap Growth Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
   

Level 2
Signi-

ficant
Obser-

vable
Input

   

Level 3
Signi-

ficant
Unobser-

vable
Input

 

COMMON STOCKS

  $ 123,680,965      $ 123,680,965      $      $   

SHORT-TERM INVESTMENTS

    1,846,235        1,846,235                 

 

 

TOTAL INVESTMENTS

  $ 125,527,200      $ 125,527,200      $      $   

 

 

 

LIABILITIES TABLE
 
Description    Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
   

Level 2
Signi-

ficant
Obser-

vable
Input

    

Level 3

Signi-

ficant
Unobser-

vable
Input

 

WRITTEN OPTIONS

   $ (7,424   $ (7,424   $       $   

 

 

Total Liabilities

   $ (7,424   $ (7,424   $       $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

72


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Cap Value Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 88.8%   
Aerospace & Defense — 5.4%   

General Dynamics Corp.

    44,150      $     5,611,024   

Spirit Aerosystems Holdings, Inc.,
Class A*

    106,100        4,038,166   
   

 

 

 
      9,649,190   
   

 

 

 
Auto Parts & Equipment — 1.5%   

Lear Corp.

    20,200        1,745,482   

TRW Automotive Holdings Corp.*

    8,800        891,000   
   

 

 

 
      2,636,482   
   

 

 

 
Banks — 7.6%   

BB&T Corp.

    52,200        1,942,362   

Comerica, Inc.

    52,700        2,627,622   

Huntington Bancshares, Inc.

    268,100        2,608,613   

M&T Bank Corp.

    23,100        2,847,999   

State Street Corp.

    47,600        3,503,836   
   

 

 

 
      13,530,432   
   

 

 

 
Building Materials — 0.9%   

Owens Corning

    51,200        1,625,600   
   

 

 

 
Chemicals — 2.6%   

Ashland, Inc.

    44,000        4,580,400   
   

 

 

 
Commercial Services — 9.3%   

Hertz Global Holdings, Inc.*

    172,600        4,382,314   

The ADT Corp.

    183,000        6,489,180   

The Western Union Co.

    199,100        3,193,564   

Tyco International Ltd.

    58,300        2,598,431   
   

 

 

 
      16,663,489   
   

 

 

 
Computers — 3.1%   

Cadence Design Systems, Inc.*

    125,700        2,163,297   

Teradata Corp.*

    82,500        3,458,400   
   

 

 

 
      5,621,697   
   

 

 

 
Electric — 5.8%   

AES Corp.

    288,100        4,085,258   

DTE Energy Co.

    35,700        2,716,056   

Edison International

    64,800        3,623,616   
   

 

 

 
      10,424,930   
   

 

 

 
Electronics — 2.8%   

Dolby Laboratories, Inc., Class A*

    41,700        1,742,643   

Flextronics International Ltd.*

    319,400        3,296,208   
   

 

 

 
      5,038,851   
   

 

 

 
Engineering & Construction — 1.0%   

KBR, Inc.

    94,500        1,779,435   
   

 

 

 
Environmental Control — 3.5%   

Covanta Holding Corp.

    186,400        3,955,408   

Republic Services, Inc.

    57,000        2,224,140   
   

 

 

 
      6,179,548   
   

 

 

 
Food — 0.9%   

Safeway, Inc.

    47,300        1,622,390   
   

 

 

 
Gas — 1.9%   

CenterPoint Energy, Inc.

    138,900        3,398,883   
   

 

 

 
     Number of
Shares
    
Value†
 
     
Hand & Machine Tools — 0.9%   

Regal-Beloit Corp.

     24,700       $ 1,586,975   
     

 

 

 
Healthcare Products — 1.8%   

Zimmer Holdings, Inc.

     32,100         3,227,655   
     

 

 

 
Home Furnishings — 1.1%   

Select Comfort Corp.*

     91,400         1,912,088   
     

 

 

 
Household Products & Wares — 1.0%   

Avery Dennison Corp.

     38,500         1,719,025   
     

 

 

 
Miscellaneous Manufacturing — 2.0%   

Valmont Industries, Inc.

     26,900         3,629,617   
     

 

 

 
Oil & Gas — 5.7%   

Cabot Oil & Gas Corp.

     108,200         3,537,058   

Devon Energy Corp.

     66,600         4,540,788   

Energy Transfer Partners, LP

     14,775         945,452   

Southwestern Energy Co.*

     36,400         1,272,180   
     

 

 

 
        10,295,478   
     

 

 

 
Oil & Gas Services — 2.0%   

Cameron International Corp.*

     54,700         3,630,986   
     

 

 

 
Pharmaceuticals — 2.5%   

Cardinal Health, Inc.

     25,400         1,902,968   

Omnicare, Inc.

     40,300         2,509,078   
     

 

 

 
        4,412,046   
     

 

 

 
Retail — 12.6%   

Best Buy Co., Inc.

     132,200         4,440,598   

CVS Health Corp.

     50,800         4,043,172   

Darden Restaurants, Inc.

     73,100         3,761,726   

Express, Inc.*

     177,400         2,769,214   

Kohl’s Corp.

     64,800         3,954,744   

Office Depot, Inc.*

     714,800         3,674,072   
     

 

 

 
        22,643,526   
     

 

 

 
Savings & Loans — 2.4%   

BankUnited, Inc.

     86,700         2,643,483   

People’s United Financial, Inc.

     115,900         1,677,073   
     

 

 

 
        4,320,556   
     

 

 

 
Semiconductors — 3.3%   

Skyworks Solutions, Inc.

     102,300         5,938,515   
     

 

 

 
Software — 4.2%   

Check Point Software Technologies Ltd.*

     49,200         3,406,608   

Nuance Communications, Inc.*

     265,188         4,087,873   
     

 

 

 
        7,494,481   
     

 

 

 
Telecommunications — 3.0%   

Amdocs Ltd.

     79,500         3,647,460   

Telephone & Data Systems, Inc.

     74,400         1,782,624   
     

 

 

 
        5,430,084   
     

 

 

 
TOTAL COMMON STOCKS
(Cost $125,675,848)
         158,992,359   
     

 

 

 

 

 

 

73


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Cap Value Fund

 

    Number of
Shares
   
Value†
 
REAL ESTATE INVESTMENT TRUSTS — 5.7%   
Building & Real Estate — 3.0%   

Starwood Property Trust, Inc.

    165,900      $ 3,643,164   

Starwood Waypoint Residential Trust

    63,720        1,657,357   
   

 

 

 
    5,300,521   
   

 

 

 
Diversified — 2.7%   

Corrections Corporation of America

    142,317        4,890,012   
   

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $10,125,802)
        10,190,533   
   

 

 

 
SHORT-TERM INVESTMENTS — 5.5%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $9,820,007)

    9,820,007        9,820,007   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $145,621,657)(a)
      $ 179,002,899   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $145,621,657. Net unrealized appreciation was $33,381,242. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $36,637,155 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,255,913.

LP — Limited Partnership.

    

 

 

74


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Cap Value Fund

 

Country Weightings as of 09/30/2014††  

United States

    95

Israel

    2   

Singapore

    2   

Bermuda

    1   

 

 

Total

    100
 

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

75


Penn Series Funds, Inc.

Mid Cap Value Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description  

Total

Market

Value at

09/30/2014

   

Level 1

Quoted

Price

   

Level 2

Signi-

ficant
Obser-

vable

Input

   

Level 3

Signi-

ficant

Unobser-

vable

Input

 

COMMON STOCKS

  $ 158,992,359      $ 158,992,359      $      $   

REAL ESTATE INVESTMENT TRUSTS

    10,190,533        10,190,533                 

SHORT-TERM INVESTMENTS

    9,820,007        9,820,007                 

 

 

TOTAL INVEST
-MENTS

  $ 179,002,899      $ 179,002,899      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

76


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Core Value Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 90.2%   
Aerospace & Defense — 2.7%    

BAE Systems PLC

    79,072      $ 601,866   

Exelis, Inc.

    32,240        533,250   

L-3 Communications Holdings, Inc.

    2,158        256,629   

Raytheon Co.

    3,090        314,006   

Rockwell Collins, Inc.

    4,199        329,622   
   

 

 

 
      2,035,373   
   

 

 

 
Apparel — 0.2%    

Coach, Inc.

    4,059        144,541   
   

 

 

 
Auto Manufacturers — 0.5%    

Oshkosh Corp.

    8,929        394,215   
   

 

 

 
Banks — 11.4%    

Bank of Hawaii Corp.

    6,983        396,704   

BB&T Corp.

    10,453        388,956   

BOK Financial Corp.

    5,947        395,356   

Comerica, Inc.

    4,946        246,607   

Commerce Bancshares, Inc.

    22,431        1,001,432   

Cullen/Frost Bankers, Inc.

    6,337        484,844   

M&T Bank Corp.

    8,209        1,012,088   

Northern Trust Corp.

    30,993        2,108,454   

State Street Corp.

    7,857        578,354   

SunTrust Banks, Inc.

    13,453        511,618   

The PNC Financial Services Group, Inc.

    10,632        909,886   

Westamerica Bancorporation

    13,409        623,787   
   

 

 

 
    8,658,086   
   

 

 

 
Biotechnology — 0.5%    

Bio-Rad Laboratories, Inc., Class A*

    3,196        362,426   
   

 

 

 
Commercial Services — 2.3%    

The ADT Corp.

    32,783        1,162,485   

Tyco International Ltd.

    12,935        576,513   

Vectrus, Inc.*

    1,717        33,536   
   

 

 

 
    1,772,534   
   

 

 

 
Computers — 2.0%    

SanDisk Corp.

    5,305        519,625   

Western Digital Corp.

    10,552        1,026,920   
   

 

 

 
    1,546,545   
   

 

 

 
Diversified Financial Services — 2.3%   

Franklin Resources, Inc.

    8,438        460,799   

LPL Financial Holdings, Inc.

    12,422        572,033   

Markit Ltd.

    15,879        370,775   

T. Rowe Price Group, Inc.

    4,816        377,574   
   

 

 

 
    1,781,181   
   

 

 

 
Electric — 8.7%    

Ameren Corp.

    8,798        337,227   

Consolidated Edison, Inc.

    15,320        868,031   

Edison International

    15,912        889,799   

Great Plains Energy, Inc.

    34,047        822,916   

Northeast Utilities

    4,014        177,820   

NorthWestern Corp.

    7,585        344,056   

PG&E Corp.

    17,081        769,328   

The Southern Co.

    14,553        635,239   

Westar Energy, Inc.

    27,788        948,127   
    Number of
Shares
   
Value†
 
                        
Electric — (continued)    

Xcel Energy, Inc.

    28,501      $ 866,430   
   

 

 

 
        6,658,973   
   

 

 

 
Electrical Components & Equipment — 1.0%   

Emerson Electric Co.

    12,257        767,043   
   

 

 

 
Electronics — 3.3%    

Agilent Technologies, Inc.

    7,388        420,968   

Koninklijke Philips N.V.

    37,487        1,192,086   

TE Connectivity Ltd.

    10,382        574,021   

Waters Corp.*

    3,635        360,301   
   

 

 

 
    2,547,376   
   

 

 

 
Entertainment — 0.7%    

International Game Technology

    30,522        514,906   
   

 

 

 
Environmental Control — 3.1%    

Republic Services, Inc.

    53,440        2,085,229   

Waste Management, Inc.

    6,361        302,338   
   

 

 

 
    2,387,567   
   

 

 

 
Food — 7.0%    

Campbell Soup Co.

    9,455        404,012   

ConAgra Foods, Inc.

    30,363        1,003,194   

Danone S.A.

    5,296        354,654   

General Mills, Inc.

    9,914        500,161   

Kellogg Co.

    6,538        402,741   

Kraft Foods Group, Inc.

    7,368        415,555   

Mondelez International, Inc., Class A

    12,307        421,699   

Sysco Corp.

    32,335        1,227,113   

The J.M. Smucker Co.

    6,163        610,075   
   

 

 

 
    5,339,204   
   

 

 

 
Gas — 2.5%    

Atmos Energy Corp.

    10,278        490,261   

The Laclede Group, Inc.

    22,370        1,037,968   

WGL Holdings, Inc.

    8,676        365,433   
   

 

 

 
    1,893,662   
   

 

 

 
Hand & Machine Tools — 0.2%   

Stanley Black & Decker, Inc.

    1,886        167,458   
   

 

 

 
Healthcare Products — 5.7%    

Boston Scientific Corp.*

    35,220        415,948   

CareFusion Corp.*

    22,677        1,026,134   

Hospira, Inc.*

    10,499        546,263   

Medtronic, Inc.

    12,242        758,392   

Patterson Cos., Inc.

    13,905        576,084   

Stryker Corp.

    7,219        582,934   

Zimmer Holdings, Inc.

    4,039        406,122   
   

 

 

 
    4,311,877   
   

 

 

 
Healthcare Services — 3.7%   

Cigna Corp.

    4,093        371,194   

Humana, Inc.

    3,908        509,173   

LifePoint Hospitals, Inc.*

    13,381        925,832   

Quest Diagnostics, Inc.

    17,045        1,034,291   
   

 

 

 
    2,840,490   
   

 

 

 
Insurance — 7.7%    

ACE Ltd.

    7,300        765,551   
 

 

77


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Core Value Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Insurance — (continued)    

Aflac, Inc.

    6,438      $ 375,014   

Arthur J Gallagher & Co.

    7,984        362,154   

Brown & Brown, Inc.

    12,521        402,550   

HCC Insurance Holdings, Inc.

    15,670        756,704   

MetLife, Inc.

    6,958        373,784   

Reinsurance Group of America, Inc.

    9,427        755,386   

The Allstate Corp.

    6,398        392,645   

The Chubb Corp.

    7,005        638,015   

The Travelers Cos., Inc.

    5,767        541,752   

Unum Group

    14,443        496,550   
   

 

 

 
    5,860,105   
   

 

 

 
Iron & Steel — 1.8%    

Constellium N.V. Class A

    30,891        760,228   

Nucor Corp.

    11,479        623,080   
   

 

 

 
    1,383,308   
   

 

 

 
Leisure Time — 0.8%    

Carnival Corp.

    14,387        577,926   
   

 

 

 
Mining — 0.4%    

Newmont Mining Corp.

    12,569        289,716   
   

 

 

 
Miscellaneous Manufacturing — 0.7%   

Textron, Inc.

    15,349        552,411   
   

 

 

 
Oil & Gas — 6.2%    

Apache Corp.

    11,640        1,092,647   

Devon Energy Corp.

    8,651        589,825   

Imperial Oil Ltd.

    38,737        1,830,059   

Murphy Oil Corp.

    4,606        262,127   

Southwestern Energy Co.*

    17,734        619,803   

Williams Partners LP

    6,652        352,889   
   

 

 

 
    4,747,350   
   

 

 

 
Oil & Gas Services — 0.5%    

Cameron International Corp.*

    5,505        365,422   
   

 

 

 
Packaging and Containers — 1.2%   

Bemis Co., Inc.

    13,757        523,041   

Sonoco Products Co.

    9,512        373,727   
   

 

 

 
    896,768   
   

 

 

 
Pharmaceuticals — 0.9%    

Cardinal Health, Inc.

    9,153        685,743   
   

 

 

 
Retail — 3.1%    

Bed Bath & Beyond, Inc.*

    3,381        222,571   

CST Brands, Inc.

    10,685        384,126   

Lowe’s Cos., Inc.

    19,023        1,006,697   

Target Corp.

    12,156        761,938   
   

 

 

 
    2,375,332   
   

 

 

 
Savings & Loans — 1.1%    

Capitol Federal Financial, Inc.

    14,399        170,196   

People’s United Financial, Inc.

    45,468        657,922   
   

 

 

 
    828,118   
   

 

 

 
Semiconductors — 4.6%    

Applied Materials, Inc.

    34,184        738,716   

KLA-Tencor Corp.

    3,541        278,960   
    Number of
Shares
   
Value†
 
                        
Semiconductors — (continued)    

Lam Research Corp.

    8,655      $ 646,529   

Maxim Integrated Products, Inc.

    13,496        408,119   

Microchip Technology, Inc.

    5,935        280,310   

MKS Instruments, Inc.

    6,909        230,623   

Teradyne, Inc.

    47,324        917,612   
   

 

 

 
    3,500,869   
   

 

 

 
Software — 0.7%    

Fidelity National Information Services, Inc.

    8,881        500,000   
   

 

 

 
Telecommunications — 1.8%    

CenturyLink, Inc.

    15,482        633,059   

Harris Corp.

    3,466        230,142   

Rogers Communications, Inc., Class B

    13,612        509,501   
   

 

 

 
    1,372,702   
   

 

 

 
Transportation — 0.9%    

Heartland Express, Inc.

    8,972        214,969   

Werner Enterprises, Inc.

    19,848        500,170   
   

 

 

 
    715,139   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $63,108,171)
        68,774,366   
   

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 3.7%   
Building & Real Estate — 0.5%    

Annaly Capital Management, Inc.

    24,337        259,919   

Capstead Mortgage Corp.

    12,058        147,590   
   

 

 

 
    407,509   
   

 

 

 
Diversified — 1.6%    

Corrections Corporation of America

    25,592        879,341   

Weyerhaeuser Co.

    11,992        382,065   
   

 

 

 
    1,261,406   
   

 

 

 
Office Property — 1.6%    

Empire State Realty Trust, Inc.

    23,811        357,641   

Piedmont Office Realty Trust, Inc., Class A

    47,685        841,164   
   

 

 

 
    1,198,805   
   

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,976,187)
        2,867,720   
   

 

 

 
EXCHANGE TRADED FUNDS — 3.4%   
Investment Companies — 3.4%    

Ishares Russell MidCap Value Index Fund
(Cost $2,560,917)

    36,698        2,568,860   
   

 

 

 
SHORT-TERM INVESTMENTS — 2.7%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,059,973)

    2,059,973        2,059,973   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $70,705,248)(a)
      $ 76,270,919   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
 

 

78


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Mid Core Value Fund

 

(a) At September 30, 2014, the cost for Federal income tax purposes was $71,104,872. Net unrealized appreciation was $5,366,047. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $6,555,375 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,189,328.

LP — Limited Partnership.

PLC — Public Limited Company.

    

 

 

79


Penn Series Funds, Inc.

Mid Core Value Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant

Obser-

vable

Input

   

Level 3
Signi-

ficant

Unobser-

vable

Input

 

COMMON STOCKS

       

Aerospace & Defense

  $ 2,035,373      $ 1,433,507      $ 601,866      $   

Apparel

    144,541        144,541                 

Auto Manufacturers

    394,215        394,215                 

Banks

    8,658,086        8,658,086                 

Biotechnology

    362,426        362,426                 

Commercial Services

    1,772,534        1,772,534                 

Computers

    1,546,545        1,546,545                 

Diversified Financial Services

    1,781,181        1,781,181                 

Electric

    6,658,973        6,658,973                 

Electrical Components & Equipment

    767,043        767,043                 

Electronics

    2,547,376        1,355,290        1,192,086          

Entertainment

    514,906        514,906                 

Environmental Control

    2,387,567        2,387,567                 

Food

    5,339,204        4,984,550        354,654          

Gas

    1,893,662        1,893,662                 

Hand & Machine Tools

    167,458        167,458                 

Healthcare Products

    4,311,877        4,311,877                 

Healthcare Services

    2,840,490        2,840,490                 

Insurance

    5,860,105        5,860,105                 

Iron & Steel

    1,383,308        1,383,308                 

Leisure Time

    577,926        577,926                 

Mining

    289,716        289,716                 

Miscellaneous Manufacturing

    552,411        552,411                 

Oil & Gas

    4,747,350        4,747,350                 

Oil & Gas Services

    365,422        365,422                 

Packaging and Containers

    896,768        896,768                 

Pharmaceuticals

    685,743        685,743                 

Retail

    2,375,332        2,375,332                 

Savings & Loans

    828,118        828,118                 

Semiconductors

    3,500,869        3,500,869                 

Software

    500,000        500,000                 

Telecommunications

    1,372,702        1,372,702                 

Transportation

    715,139        715,139                 

REAL ESTATE INVESTMENT TRUSTS

    2,867,720        2,867,720                 

EXCHANGE TRADED FUNDS

    2,568,860        2,568,860                 

SHORT-TERM
INVESTMENTS

    2,059,973        2,059,973                 

 

 

TOTAL INVEST-
MENTS

  $ 76,270,919      $ 74,122,313      $ 2,148,606      $   

 

 

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

$619,261 was transferred from Level 1 into Level 2 at 9/30/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

80


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

SMID Cap Growth Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — 96.8%   
Aerospace & Defense — 1.0%   

B/E Aerospace, Inc.*

    7,060      $      592,616   
   

 

 

 
Airlines — 2.4%    

Copa Holdings S.A., Class A

    5,180        555,762   

Spirit Airlines, Inc.*

    13,050        902,277   
   

 

 

 
    1,458,039   
   

 

 

 
Apparel — 2.4%    

Carter’s, Inc.

    9,540        739,541   

Under Armour, Inc., Class A*

    10,260        708,966   
   

 

 

 
    1,448,507   
   

 

 

 
Auto Parts & Equipment — 1.2%    

Gentherm, Inc.*

    17,160        724,667   
   

 

 

 
Banks — 2.7%    

First Republic Bank

    16,710        825,140   

Texas Capital Bancshares, Inc.*

    14,110        813,865   
   

 

 

 
    1,639,005   
   

 

 

 
Beverages — 2.1%    

Constellation Brands, Inc., Class A*

    14,460        1,260,334   
   

 

 

 
Biotechnology — 4.8%    

Alkermes PLC*

    17,400        745,938   

Alnylam Pharmaceuticals, Inc.*

    8,160        637,296   

Novavax, Inc.*

    73,663        307,175   

NPS Pharmaceuticals, Inc.*

    10,121        263,146   

Puma Biotechnology, Inc.*

    3,990        951,894   
   

 

 

 
    2,905,449   
   

 

 

 
Chemicals — 1.6%    

WR Grace & Co.*

    10,324        938,865   
   

 

 

 
Commercial Services — 10.4%    

Bright Horizons Family Solutions, Inc.*

    16,030        674,222   

CoStar Group, Inc.*

    5,434        845,204   

Euronet Worldwide, Inc.*

    13,030        622,704   

Quanta Services, Inc.*

    25,290        917,774   

SEI Investments Co.

    24,760        895,322   

Towers Watson & Co., Class A

    5,850        582,075   

United Rentals, Inc.*

    6,600        733,260   

Vantiv, Inc., Class A*

    33,187        1,025,478   
   

 

 

 
    6,296,039   
   

 

 

 
Computers — 3.9%    

IHS, Inc., Class A*

    9,934        1,243,637   

Nimble Storage, Inc.*

    23,290        604,841   

Stratasys Ltd.*

    4,238        511,866   
   

 

 

 
    2,360,344   
   

 

 

 
Distribution & Wholesale — 1.9%    

LKQ Corp.*

    43,247        1,149,938   
   

 

 

 
Diversified Financial Services — 1.4%    

Affiliated Managers Group, Inc.*

    4,280        857,541   
   

 

 

 
Electrical Components & Equipment — 1.3%   

Acuity Brands, Inc.

    6,893        811,375   
   

 

 

 
     Number of
Shares
   
Value†
 
       
Electronics — 1.9%   

FEI Co.

    8,855      $      667,844   

FLIR Systems, Inc.

    16,040        502,694   
   

 

 

 
    1,170,538   
   

 

 

 
Entertainment — 1.5%    

Cinemark Holdings, Inc.

    25,650        873,126   
   

 

 

 
Hand & Machine Tools — 1.3%    

Snap-On, Inc.

    6,390        773,701   
   

 

 

 
Healthcare Products — 5.4%    

Cepheid, Inc.*

    18,038        794,213   

DexCom, Inc.*

    12,310        492,277   

The Cooper Cos., Inc.

    6,900        1,074,675   

Wright Medical Group, Inc.*

    29,546        895,244   
   

 

 

 
    3,256,409   
   

 

 

 
Healthcare Services — 2.6%    

Envision Healthcare Holdings Inc*

    25,519        884,999   

MEDNAX, Inc.*

    12,040        660,033   
   

 

 

 
    1,545,032   
   

 

 

 
Insurance — 0.3%    

eHealth, Inc.*

    8,072        194,777   
   

 

 

 
Internet — 4.3%    

HomeAway, Inc.*

    16,155        573,503   

Shutterstock, Inc.*

    11,268        804,310   

Vipshop Holdings Ltd. ADR*

    2,430        459,294   

Yelp, Inc.*

    11,485        783,851   
   

 

 

 
    2,620,958   
   

 

 

 
Leisure Time — 1.5%    

Polaris Industries, Inc.

    5,950        891,250   
   

 

 

 
Lodging — 0.6%    

Extended Stay America Inc

    15,890        377,229   
   

 

 

 
Machinery—Diversified — 4.3%    

Cognex Corp.*

    20,300        817,481   

Graco, Inc.

    7,038        513,633   

Wabtec Corp.

    15,370        1,245,585   
   

 

 

 
    2,576,699   
   

 

 

 
Miscellaneous Manufacturing — 2.5%    

Carlisle Cos., Inc.

    10,560        848,813   

Proto Labs, Inc.*

    9,793        675,717   
   

 

 

 
    1,524,530   
   

 

 

 
Oil & Gas — 3.6%    

Delek US Holdings, Inc.

    16,790        556,085   

Diamondback Energy, Inc.*

    9,710        726,114   

Rice Energy, Inc.*

    13,050        347,130   

Sanchez Energy Corp.*

    21,445        563,145   
   

 

 

 
    2,192,474   
   

 

 

 
Oil & Gas Services — 1.0%    

Nabors Industries Ltd.

    26,440        601,774   
   

 

 

 
Pharmaceuticals — 5.3%    

BioMarin Pharmaceutical, Inc.*

    9,293        670,583   

GW Pharmaceuticals PLC ADR*

    3,120        252,252   
 

 

81


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

SMID Cap Growth Fund

 

      Number of
Shares
    
Value†
 
COMMON STOCKS — (continued)   
Pharmaceuticals — (continued)      

Jazz Pharmaceuticals PLC*

     6,810       $   1,093,413   

Salix Pharmaceuticals Ltd.*

     3,750         585,900   

VCA, Inc.*

     15,330         602,929   
     

 

 

 
     3,205,077   
     

 

 

 
Retail — 6.6%      

Advance Auto Parts, Inc.

     5,503         717,041   

Domino’s Pizza, Inc.

     12,420         955,843   

Kate Spade & Co.*

     17,990         471,878   

Krispy Kreme Doughnuts, Inc.*

     31,300         537,108   

Lithia Motors, Inc., Class A

     8,565         648,285   

Restoration Hardware Holdings, Inc.*

     8,557         680,709   
     

 

 

 
     4,010,864   
     

 

 

 
Semiconductors — 1.5%      

Sensata Technologies Holding N.V.*

     17,399         774,778   

Veeco Instruments, Inc.*

     2,837         99,153   
     

 

 

 
     873,931   
     

 

 

 
Software — 8.8%      

Aspen Technology, Inc.*

     11,585         436,986   

athenahealth, Inc.*

     5,700         750,633   

Cornerstone OnDemand, Inc.*

     20,645         710,394   

Fleetmatics Group PLC*

     21,096         643,428   

Guidewire Software, Inc.*

     21,060         933,800   

ServiceNow, Inc.*

     15,810         929,312   

Tableau Software, Inc., Class A*

     12,030         873,980   
     

 

 

 
     5,278,533   
     

 

 

 
Telecommunications — 3.5%      

DigitalGlobe, Inc.*

     22,686         646,551   

SBA Communications Corp., Class A*

     13,066         1,449,019   
     

 

 

 
     2,095,570   
     

 

 

 
Transportation — 3.2%      

Old Dominion Freight Line, Inc.*

     17,920         1,265,869   

Swift Transportation Co.*

     32,193         675,409   
     

 

 

 
     1,941,278   
     

 

 

 
TOTAL COMMON STOCKS
(Cost $49,258,255)
         58,446,469   
     

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 1.2%   
Diversified — 1.2%      

CBS Outdoor Americas, Inc.
(Cost $750,448)

     23,250         696,105   
     

 

 

 
SHORT-TERM INVESTMENTS — 2.0%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,211,595)

     1,211,595         1,211,595   
     

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $51,220,298)(a)
       $ 60,354,169   
     

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $51,358,255. Net unrealized appreciation was $8,995,914. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $10,974,860 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,978,946.

ADR — American Depository Receipt.

PLC — Public Limited Company.

 

 

82


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

SMID Cap Growth Fund

 

Country Weightings as of 09/30/2014††  

United States

     93

Ireland

     2   

Bermuda

     1   

China

     1   

Netherlands

     1   

Panama

     1   

United Kingdom

     1   
   

Total

     100
  

 

 

 

 

†† % of total investments as of September 30, 2014
 

 

83


Penn Series Funds, Inc.

SMID Cap Growth Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description    Total
Market
Value at
09/30/2014
     Level 1
Quoted
Price
     Level 2
Signi-
ficant
Obser-
vable
Input
     Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

   $ 58,446,469       $ 58,446,469       $       $   

REAL ESTATE INVESTMENT TRUSTS

     696,105         696,105         

SHORT-TERM INVESTMENTS

     1,211,595         1,211,595                   

 

 

TOTAL INVESTMENTS

   $ 60,354,169       $ 60,354,169       $       $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

84


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

SMID Cap Value Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — 89.6%   
Aerospace & Defense — 1.3%    

Spirit Aerosystems Holdings, Inc.,
Class A*

    22,540      $      857,872   
   

 

 

 
Apparel — 0.6%    

Crocs, Inc.*

    30,290        381,048   
   

 

 

 
Auto Parts & Equipment — 4.8%    

Dana Holding Corp.

    35,100        672,867   

Lear Corp.

    9,370        809,662   

Tenneco, Inc.*

    17,130        896,070   

TRW Automotive Holdings Corp.*

    8,470        857,587   
   

 

 

 
    3,236,186   
   

 

 

 
Banks — 8.4%    

Associated Banc-Corp.

    35,130        611,965   

Comerica, Inc.

    18,405        917,673   

Huntington Bancshares, Inc.

    93,920        913,842   

PacWest Bancorp

    12,111        499,336   

Popular, Inc.*

    24,819        730,547   

Susquehanna Bancshares, Inc.

    67,120        671,200   

Webster Financial Corp.

    17,080        497,711   

Zions Bancorporation

    28,600        831,116   
   

 

 

 
    5,673,390   
   

 

 

 
Biotechnology — 0.3%    

Theravance, Inc.

    10,150        173,464   
   

 

 

 
Chemicals — 1.7%    

A. Schulman, Inc.

    13,040        471,526   

Huntsman Corp.

    26,240        681,978   
   

 

 

 
    1,153,504   
   

 

 

 
Commercial Services — 1.8%    

Booz Allen Hamilton Holding Corp.

    36,370        851,058   

Convergys Corp.

    20,900        372,438   
   

 

 

 
    1,223,496   
   

 

 

 
Computers — 3.2%    

Brocade Communications Systems, Inc.

    60,800        660,896   

Insight Enterprises, Inc.*

    29,140        659,438   

NCR Corp.*

    25,420        849,282   
   

 

 

 
    2,169,616   
   

 

 

 
Distribution & Wholesale — 2.4%    

Arrow Electronics, Inc.*

    17,160        949,806   

WESCO International, Inc.*

    9,000        704,340   
   

 

 

 
    1,654,146   
   

 

 

 
Diversified Financial Services — 2.1%    

E*TRADE Financial Corp.*

    30,810        695,998   

SLM Corp.

    80,730        691,049   
   

 

 

 
    1,387,047   
   

 

 

 
Electric — 2.4%    

PNM Resources, Inc.

    31,660        788,651   

Westar Energy, Inc.

    24,380        831,845   
   

 

 

 
    1,620,496   
   

 

 

 
Electrical Components & Equipment — 0.6%   

General Cable Corp.*

    27,060        408,065   
   

 

 

 
Electronics — 4.5%    

Avnet, Inc.

    21,990        912,585   
     Number of
Shares
   
Value†
 
                          
Electronics — (continued)    

Jabil Circuit, Inc.

    38,250      $        771,502   

TTM Technologies, Inc.*

    58,550        398,726   

Vishay Intertechnology, Inc.

    66,940        956,573   
   

 

 

 
    3,039,386   
   

 

 

 
Engineering & Construction — 3.9%    

AECOM Technology Corp.*

    20,940        706,725   

Granite Construction, Inc.

    16,680        530,591   

Tutor Perini Corp.*

    23,860        629,904   

URS Corp.

    13,530        779,463   
   

 

 

 
    2,646,683   
   

 

 

 
Food — 1.2%    

Dean Foods Co.

    61,125        809,906   
   

 

 

 
Gas — 3.8%    

Atmos Energy Corp.

    14,535        693,320   

Southwest Gas Corp.

    18,110        879,784   

UGI Corp.

    29,505        1,005,825   
   

 

 

 
    2,578,929   
   

 

 

 
Hand & Machine Tools — 0.9%    

Kennametal, Inc.

    14,330        591,972   
   

 

 

 
Healthcare Services — 3.6%    

Health Net, Inc.*

    12,030        554,703   

LifePoint Hospitals, Inc.*

    13,340        922,995   

Molina Healthcare, Inc.*

    10,300        435,690   

WellCare Health Plans, Inc.*

    8,370        505,046   
   

 

 

 
    2,418,434   
   

 

 

 
Home Builders — 2.8%    

Meritage Homes Corp.*

    20,960        744,080   

PulteGroup, Inc.

    36,680        647,769   

Thor Industries, Inc.

    9,990        514,485   
   

 

 

 
    1,906,334   
   

 

 

 
Household Products & Wares — 1.8%    

Avery Dennison Corp.

    14,350        640,728   

Helen of Troy Ltd.*

    10,970        576,144   
   

 

 

 
    1,216,872   
   

 

 

 
Insurance — 9.7%    

American Financial Group, Inc.

    17,090        989,340   

Aspen Insurance Holdings Ltd.

    23,390        1,000,390   

Assurant, Inc.

    10,130        651,359   

CNO Financial Group, Inc.

    54,860        930,426   

Essent Group Ltd.*

    15,080        322,863   

PartnerRe Ltd.

    8,760        962,636   

Unum Group

    22,115        760,314   

Validus Holdings Ltd.

    24,300        951,102   
   

 

 

 
    6,568,430   
   

 

 

 
Internet — 1.0%    

CDW Corp.

    22,280        691,794   
   

 

 

 
Iron & Steel — 1.3%    

Steel Dynamics, Inc.

    38,260        865,059   
   

 

 

 
Machinery — Construction & Mining — 0.8%   

Terex Corp.

    17,620        559,787   
   

 

 

 
 

 

85


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

SMID Cap Value Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Miscellaneous Manufacturing — 1.2%   

ITT Corp.

    18,370      $      825,548   
   

 

 

 
Oil & Gas — 3.5%    

Bill Barrett Corp.*

    40,090        883,584   

Rosetta Resources, Inc.*

    19,170        854,215   

SM Energy Co.

    8,300        647,400   
   

 

 

 
    2,385,199   
   

 

 

 
Packaging and Containers — 0.8%    

Graphic Packaging Holding Co.*

    42,250        525,168   
   

 

 

 
Retail — 6.6%    

Bloomin’ Brands, Inc.*

    48,270        885,272   

Brown Shoe Co., Inc.

    19,760        536,089   

DineEquity, Inc.

    7,020        572,762   

GameStop Corp., Class A

    17,530        722,236   

Office Depot, Inc.*

    193,360        993,870   

The Children’s Place, Inc.

    15,870        756,364   
   

 

 

 
    4,466,593   
   

 

 

 
Savings & Loans — 0.8%    

First Niagara Financial Group, Inc.

    61,040        508,463   
   

 

 

 
Semiconductors — 3.5%    

Advanced Micro Devices, Inc.*

    104,700        357,027   

Entegris, Inc.*

    35,480        408,020   

Lam Research Corp.

    11,870        886,689   

Teradyne, Inc.

    38,390        744,382   
   

 

 

 
    2,396,118   
   

 

 

 
Software — 1.4%    

Electronic Arts, Inc.*

    26,770        953,280   
   

 

 

 
Telecommunications — 4.5%    

Amdocs Ltd.

    17,405        798,541   

Anixter International, Inc.

    6,260        531,098   

Finisar Corp.*

    21,470        357,046   

Genpact Ltd.

    39,280        641,050   

Harris Corp.

    11,270        748,328   
   

 

 

 
    3,076,063   
   

 

 

 
Transportation — 2.4%    

Con-way, Inc.

    14,540        690,650   

Ryder System, Inc.

    10,350        931,190   
   

 

 

 
    1,621,840   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $50,138,053)
        60,590,188   
   

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 8.0%   
Apartments — 1.7%    

Camden Property Trust

    7,970        546,184   

Mid-America Apartment Communities, Inc.

    9,320        611,858   
   

 

 

 
    1,158,042   
   

 

 

 
Diversified — 0.6%    

STAG lndustrial, Inc.

    19,940        412,957   
   

 

 

 
Healthcare — 2.3%    

LTC Properties, Inc.

    21,480        792,397   
     Number of
Shares
   
Value†
 
                          
Healthcare — (continued)    

Medical Properties Trust, Inc.

    62,530      $      766,618   
   

 

 

 
    1,559,015   
   

 

 

 
Hotels & Resorts — 1.2%    

DiamondRock Hospitality Co.

    64,440        817,099   
   

 

 

 
Office Property — 1.2%    

Parkway Properties, Inc.

    42,120        791,014   
   

 

 

 
Strip Centers — 1.0%    

DDR Corp.

    38,220        639,421   
   

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,142,293)
        5,377,548   
   

 

 

 
SHORT-TERM INVESTMENTS — 2.4%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,612,912)

    1,612,912        1,612,912   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $56,893,258)(a)
      $ 67,580,648   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $59,961,523. Net unrealized appreciation was $10,619,125. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $12,804,154 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,185,029.
 

 

86


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

SMID Cap Value Fund

 

Country Weightings as of 09/30/2014 ††        

United States

     93

Bermuda

     6   

Puerto Rico

     1   

 

 

Total

     100
  

 

 

 

 

 

†† % of total investments as of September 30, 2014
 

 

87


Penn Series Funds, Inc.

SMID Cap Value Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description    Total
Market
Value at
09/30/2014
     Level 1
Quoted
Price
    

Level 2
Signi-
ficant
Obser-
vable

Input

     Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

   $ 60,590,188       $ 60,590,188       $       $   

REAL ESTATE INVESTMENT TRUSTS

     5,377,548         5,377,548                   

SHORT-TERM INVESTMENTS

     1,612,912         1,612,912                   

 

 

TOTAL INVESTMENTS

   $ 67,580,648       $ 67,580,648       $       $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

88


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 97.4%   
Advertising — 0.4%   

Lamar Advertising Co.

    6,925      $ 341,056   
   

 

 

 
Aerospace & Defense — 3.1%   

HEICO Corp., Class A

    48,818          1,967,365   

TransDigm Group, Inc.

    3,520        648,842   
   

 

 

 
      2,616,207   
   

 

 

 
Apparel — 5.5%   

Carter’s, Inc.

    26,885        2,084,125   

Gildan Activewear, Inc.

    12,754        697,899   

Vince Holding Corp.*

    21,870        661,786   

Wolverine World Wide, Inc.

    51,870        1,299,862   
   

 

 

 
      4,743,672   
   

 

 

 
Banks — 2.4%   

Bank of the Ozarks, Inc.

    20,810        655,931   

City National Corp.

    6,070        459,317   

SVB Financial Group*

    8,060        903,445   
   

 

 

 
      2,018,693   
   

 

 

 
Biotechnology — 2.7%   

Alkermes PLC*

    14,861        637,091   

Concordia Healthcare Corp.

    10,193        336,020   

Incyte Corp.*

    9,240        453,222   

NPS Pharmaceuticals, Inc.*

    17,157        446,082   

Puma Biotechnology, Inc.*

    1,664        396,981   
   

 

 

 
      2,269,396   
   

 

 

 
Chemicals — 1.6%   

Sensient Technologies Corp.

    26,050        1,363,718   
   

 

 

 
Commercial Services — 10.0%   

Ascent Capital Group Inc., Class A*

    5,025        302,505   

CoStar Group, Inc.*

    4,835        752,036   

Euronet Worldwide, Inc.*

    37,234        1,779,413   

Gartner, Inc.*

    7,225        530,821   

Healthcare Services Group, Inc.

    16,240        464,626   

Healthequity, Inc.*

    9,444        172,920   

Nord Anglia Education, Inc. *

    48,040        816,680   

Rollins, Inc.

    12,285        359,705   

Servicemaster Global Holdings, Inc.*

    37,500        907,500   

SP Plus Corp.*

    24,340        461,486   

Team Health Holdings, Inc.*

    12,880        746,911   

The Corporate Executive Board Co.

    10,675        641,247   

VistaPrint N.V.*

    12,405        679,670   
   

 

 

 
      8,615,520   
   

 

 

 
Computers — 4.4%   

Cadence Design Systems, Inc.*

    85,790        1,476,446   

Jack Henry & Associates, Inc.

    28,405        1,581,022   

Stratasys Ltd.*

    6,125        739,778   
   

 

 

 
      3,797,246   
   

 

 

 
Distribution & Wholesale — 1.6%   

WESCO International, Inc.*

    17,640        1,380,506   
   

 

 

 
Diversified Financial Services — 2.9%   

Artisan Partners Asset Management, Inc., Class A

    5,475        284,974   

Financial Engines, Inc.

    11,050        378,076   

LPL Financial Holdings, Inc.

    13,535        623,286   

MarketAxess Holdings, Inc.

    11,566        715,473   
    Number of
Shares
   
Value†
 
                        
Diversified Financial Services — (continued)   

Markit Ltd.*

    20,621      $ 481,500   
   

 

 

 
        2,483,309   
   

 

 

 
Electrical Components & Equipment — 2.0%   

Belden, Inc.

    9,285        594,426   

EnerSys, Inc.

    11,675        684,622   

GrafTech International Ltd.*

    98,242        449,948   
   

 

 

 
      1,728,996   
   

 

 

 
Electronics — 3.2%   

Measurement Specialties, Inc.*

    13,235        1,133,048   

National Instruments Corp.

    14,375        444,619   

OSI Systems, Inc.*

    10,759        682,981   

Trimble Navigation Ltd.*

    16,660        508,130   
   

 

 

 
      2,768,778   
   

 

 

 
Entertainment — 1.8%   

AMC Entertainment Holdings, Inc., Class A

    20,860        479,571   

National CineMedia, Inc.

    57,853        839,447   

SFX Entertainment, Inc.*

    50,244        252,225   
   

 

 

 
      1,571,243   
   

 

 

 
Environmental Control — 0.8%   

Clean Harbors, Inc.*

    12,116        653,295   
   

 

 

 
Hand & Machine Tools — 1.9%   

Kennametal, Inc.

    39,630        1,637,115   
   

 

 

 
Healthcare Products — 5.4%   

Endologix, Inc.*

    75,865        804,169   

IDEXX Laboratories, Inc.*

    3,495        411,816   

LDR Holding Corp.*

    26,235        816,696   

Masimo Corp.*

    32,309        687,535   

Quidel Corp.*

    31,545        847,614   

Techne Corp.

    11,065        1,035,131   
   

 

 

 
      4,602,961   
   

 

 

 
Household Products & Wares — 0.8%   

Prestige Brands Holdings, Inc.*

    20,645        668,279   
   

 

 

 
Internet — 1.3%   

ChannelAdvisor Corp.*

    25,428        417,019   

RingCentral, Inc., Class A*

    19,445        247,146   

Zillow, Inc. Class A*

    4,203        487,506   
   

 

 

 
      1,151,671   
   

 

 

 
Leisure Time — 0.5%   

Arctic Cat, Inc.

    11,085        385,980   
   

 

 

 
Machinery — Diversified — 2.0%   

Nordson Corp.

    5,470        416,103   

Tennant Co.

    6,080        407,907   

Wabtec Corp.

    11,155        904,001   
   

 

 

 
      1,728,011   
   

 

 

 
Medical Instruments — 0.5%   

Novadaq Technologies, Inc.*

    36,650        465,089   
   

 

 

 
Metal Fabricate/Hardware — 0.9%   

Rexnord Corp.*

    26,760        761,322   
   

 

 

 
 

 

89


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Growth Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Miscellaneous Manufacturing — 0.7%   

Polypore International, Inc.*

    14,925      $ 580,732   
   

 

 

 
Oil & Gas — 1.7%   

Athlon Energy, Inc.*

    17,343        1,009,883   

Phillips 66 Partners LP

    6,900        460,575   
   

 

 

 
      1,470,458   
   

 

 

 
Oil & Gas Services — 3.9%   

Core Laboratories N.V.

    1,925        281,724   

Dresser-Rand Group, Inc.*

    15,990        1,315,338   

Dril-Quip, Inc.*

    9,543        853,144   

Targa Resources Corp.

    6,520        887,828   
   

 

 

 
      3,338,034   
   

 

 

 
Pharmaceuticals — 7.2%   

Akorn, Inc.*

    7,632        276,813   

Dyax Corp.*

    38,913        393,799   

IGI Laboratories, Inc.*

    52,931        493,317   

Ironwood Pharmaceuticals, Inc.*

    37,200        481,926   

Mallinckrodt PLC*

    13,355        1,203,953   

Medivation, Inc.*

    9,590        948,163   

Pacira Pharmaceuticals, Inc.*

    5,090        493,323   

Pernix Therapeutics Holdings, Inc.*

    43,723        335,793   

Phibro Animal Health Corp., Class A

    30,790        690,004   

Swedish Orphan Biovitrum AB*

    39,776        424,715   

Synageva BioPharma Corp.*

    6,893        474,100   
   

 

 

 
      6,215,906   
   

 

 

 
Real Estate — 1.1%   

Jones Lang LaSalle, Inc.

    3,840        485,146   

The St. Joe Co.*

    23,895        476,227   
   

 

 

 
      961,373   
   

 

 

 
Retail — 4.3%   

Biglari Holdings, Inc.*

    2,220        754,267   

Casey’s General Stores, Inc.

    10,786        773,356   

Dunkin’ Brands Group, Inc.

    8,255        369,989   

Hibbett Sports, Inc.*

    24,180        1,030,794   

Sally Beauty Holdings, Inc.*

    14,200        388,654   

Ulta Salon Cosmetics & Fragrance, Inc.*

    3,295        389,370   
   

 

 

 
      3,706,430   
   

 

 

 
Semiconductors — 3.8%   

Atmel Corp.*

    182,795        1,476,984   

ON Semiconductor Corp.*

    116,295        1,039,677   

Sensata Technologies Holding N.V.*

    16,700        743,651   
   

 

 

 
      3,260,312   
   

 

 

 
Software — 14.0%   

ACI Worldwide, Inc.*

    14,000        262,640   

Advent Software, Inc.

    23,195        732,034   

athenahealth, Inc.*

    5,880        774,337   

Blackbaud, Inc.

    51,157        2,009,959   

Broadridge Financial Solutions, Inc.

    39,530        1,645,634   

Envestnet, Inc.*

    9,564        430,380   

Guidewire Software, Inc.*

    11,565        512,792   

Informatica Corp.*

    17,843        610,944   

RealPage, Inc.*

    39,416        610,948   

Solera Holdings, Inc.

    26,525        1,494,949   
    Number of
Shares
   
Value†
 
                        
Software — (continued)   

SS&C Technologies Holdings, Inc.*

    67,320      $ 2,954,675   
   

 

 

 
      12,039,292   
   

 

 

 
Telecommunications — 1.0%   

NICE Systems, Ltd. ADR

    21,568        879,759   
   

 

 

 
Transportation — 4.0%   

Expeditors International of Washington, Inc.

    9,280        376,582   

Landstar System, Inc.

    12,810        924,754   

Old Dominion Freight Line, Inc.*

    16,698        1,179,547   

Saia, Inc.*

    18,975        940,401   
   

 

 

 
      3,421,284   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $69,814,317)
        83,625,643   
   

 

 

 
SHORT-TERM INVESTMENTS — 2.6%                      

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $2,206,097)

    2,206,097        2,206,097   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $72,020,414)(a)
      $ 85,831,740   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $72,038,183. Net unrealized appreciation was $13,793,557. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $16,389,930 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,596,373.

ADR — American Depository Receipt.

LP — Limited Partnership.

PLC — Public Limited Company.

 

 

90


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Growth Fund

 

Country Weightings as of 09/30/2014††  

United States

    91

Canada

    2   

Ireland

    2   

Netherlands

    2   

Hong Kong

    1   

Israel

    1   

United Kingdom

    1   

 

 

Total

    100
 

 

 

 

 

 

†† % of total investments as of September 30, 2014

    

 

 

91


Penn Series Funds, Inc.

Small Cap Growth Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
   

Level 1
Quoted

Price

    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

TOTAL COMMON STOCKS

  $ 83,625,643      $ 83,625,643      $      $   

SHORT-TERM INVEST-
MENTS

    2,206,097        2,206,097                 

 

 

TOTAL INVESTMENTS

  $ 85,831,740      $ 85,831,740      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

92


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Value Fund

 

     Number of
Shares
    
Value†
 
COMMON STOCKS — 86.9%   
Aerospace & Defense — 3.5%      

Cubic Corp.

     19,033       $     890,744   

Esterline Technologies Corp.*

     24,588         2,735,907   

Kaman Corp.

     35,599         1,399,041   

Moog, Inc., Class A*

     25,762         1,762,121   

Teledyne Technologies, Inc.*

     13,867         1,303,636   
     

 

 

 
     8,091,449   
     

 

 

 
Apparel — 0.9%      

Carter’s, Inc.

     15,803         1,225,049   

Steven Madden Ltd.*

     23,598         760,563   
     

 

 

 
     1,985,612   
     

 

 

 
Auto Parts & Equipment — 1.0%      

American Axle & Manufacturing Holdings, Inc.*

     53,437         896,139   

Dana Holding Corp.

     10,143         194,441   

Tenneco, Inc.*

     24,623         1,288,029   
     

 

 

 
     2,378,609   
     

 

 

 
Banks — 13.8%      

BancorpSouth, Inc.

     76,283         1,536,340   

Bank of the Ozarks, Inc.

     72,067         2,271,552   

Banner Corp.

     26,348         1,013,608   

Boston Private Financial Holdings, Inc.

     81,626         1,011,346   

Bridge Capital Holdings*

     15,606         354,880   

CoBiz Financial, Inc.

     32,398         362,210   

Community Bank System, Inc.

     28,677         963,260   

ConnectOne Bancorp, Inc.

     9,216         175,565   

First Financial Bankshares, Inc.

     40,532         1,126,384   

First Midwest Bancorp, Inc.

     42,509         683,970   

Glacier Bancorp, Inc.

     64,462         1,666,987   

Heritage Financial Corp.

     16,605         263,023   

Home BancShares, Inc.

     35,929         1,056,672   

Independent Bank Corp.

     19,018         679,323   

Independent Bank Group, Inc.

     10,076         478,106   

Lakeland Financial Corp.

     11,980         449,250   

MB Financial, Inc.

     56,166         1,554,675   

PacWest Bancorp

     34,677         1,429,733   

Pinnacle Financial Partners, Inc.

     33,544         1,210,938   

PrivateBancorp, Inc.

     70,550         2,110,151   

Prosperity Bancshares, Inc.

     21,724         1,241,961   

Sandy Spring Bancorp, Inc.

     15,852         362,852   

Sierra Bancorp

     7,268         121,812   

Signature Bank*

     9,795         1,097,628   

South State Corp.

     18,329         1,024,958   

Southcoast Financial Corp.*

     13,634         96,801   

Southwest Bancorp, Inc.

     26,083         427,761   

Summit State Bank

     7,743         100,582   

Texas Capital Bancshares, Inc.*

     29,181         1,683,160   

The First of Long Island Corp.

     7,985         275,083   

Trico Bancshares

     16,011         362,169   

UMB Financial Corp.

     30,319         1,653,901   

ViewPoint Financial Group, Inc.

     51,623         1,235,855   

Webster Financial Corp.

     58,365         1,700,756   
     

 

 

 
       31,783,252   
     

 

 

 
Biotechnology — 0.4%      

Exact Sciences Corp.*

     49,088         951,325   
     

 

 

 
     Number of
Shares
    
Value†
 
                          
Building Materials — 0.6%      

Comfort Systems USA, Inc.

     36,110       $        489,290   

NCI Building Systems, Inc.*

     30,753         596,608   

Trex Co., Inc.*

     12,224         422,584   
     

 

 

 
     1,508,482   
     

 

 

 
Chemicals — 3.9%      

Axiall Corp.

     9,748         349,076   

Methanex Corp.

     24,841         1,659,379   

Minerals Technologies, Inc.

     10,624         655,607   

PolyOne Corp.

     44,210         1,572,992   

Quaker Chemical Corp.

     10,979         787,084   

Taminco Corp.*

     40,348         1,053,083   

Tronox Ltd., Class A

     32,134         837,091   

Westlake Chemical Corp.

     10,226         885,469   

WR Grace & Co.*

     13,145         1,195,406   
     

 

 

 
     8,995,187   
     

 

 

 
Commercial Services — 1.6%      

Convergys Corp.

     63,727         1,135,615   

Live Nation Entertainment, Inc.*

     68,527         1,646,019   

Monro Muffler Brake, Inc.

     10,849         526,502   

TrueBlue, Inc.*

     17,142         433,007   
     

 

 

 
     3,741,143   
     

 

 

 
Computers — 0.8%      

CACI International, Inc., Class A*

     12,508         891,445   

Electronics for Imaging, Inc.*

     19,485         860,653   
     

 

 

 
     1,752,098   
     

 

 

 
Distribution & Wholesale — 0.9%      

Core-Mark Holding Co., Inc.

     13,738         728,663   

WESCO International, Inc.*

     18,749         1,467,297   
     

 

 

 
     2,195,960   
     

 

 

 
Diversified Financial Services — 1.8%      

Cohen & Steers, Inc.

     9,471         364,065   

MarketAxess Holdings, Inc.

     10,467         647,489   

Moelis & Co.

     12,129         414,206   

Stifel Financial Corp.*

     34,097         1,598,808   

Virtus Investment Partners, Inc.

     6,297         1,093,789   
     

 

 

 
     4,118,357   
     

 

 

 
Electric — 5.2%      

ALLETE, Inc.

     30,146         1,338,181   

Black Hills Corp.

     17,255         826,169   

Cleco Corp.

     34,746         1,673,020   

Dynegy, Inc.*

     37,089         1,070,389   

El Paso Electric Co.

     32,040         1,171,062   

IDACORP, Inc.

     34,980         1,875,278   

NorthWestern Corp.

     25,922         1,175,822   

PNM Resources, Inc.

     40,366         1,005,517   

Portland General Electric Co.

     58,560         1,880,947   
     

 

 

 
       12,016,385   
     

 

 

 
Electrical Components & Equipment — 0.9%      

Belden, Inc.

     17,167         1,099,031   

Littelfuse, Inc.

     10,777         917,985   
     

 

 

 
     2,017,016   
     

 

 

 
Electronics — 1.5%      

CTS Corp.

     42,879         681,347   
 

 

93


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Value Fund

 

     Number of
Shares
    
Value†
 
COMMON STOCKS — (continued)   
Electronics — (continued)      

Newport Corp.*

     52,893       $ 937,264   

Watts Water Technologies, Inc., Class A

     16,788         977,901   

Woodward, Inc.

     20,784         989,734   
     

 

 

 
       3,586,246   
     

 

 

 
Engineering & Construction — 0.9%      

EMCOR Group, Inc.

     32,837         1,312,166   

MYR Group, Inc.*

     28,621         689,194   
     

 

 

 
       2,001,360   
     

 

 

 
Entertainment — 1.6%      

Carmike Cinemas, Inc.*

     22,254         689,429   

Marriott Vacations Worldwide Corp.*

     18,383         1,165,666   

Vail Resorts, Inc.

     21,323         1,849,983   
     

 

 

 
     3,705,078   
     

 

 

 
Environmental Control — 0.6%      

Ceco Environmental Corp.

     36,793         493,026   

Progressive Waste Solutions Ltd.

     36,782         947,872   
     

 

 

 
     1,440,898   
     

 

 

 
Food — 0.7%      

B&G Foods, Inc.

     16,198         446,255   

The Hain Celestial Group, Inc.*

     12,416         1,270,778   
     

 

 

 
     1,717,033   
     

 

 

 
Forest Products & Paper — 0.6%      

KapStone Paper and Packaging Corp.*

     51,908         1,451,867   
     

 

 

 
Gas — 0.7%      

Southwest Gas Corp.

     32,193         1,563,936   
     

 

 

 
Healthcare Products — 0.9%      

Endologix, Inc.*

     50,500         535,300   

Hill-Rom Holdings, Inc.

     13,967         578,653   

Integra LifeSciences Holdings Corp.*

     17,456         866,516   

Tornier N.V.

     6,169         147,439   
     

 

 

 
     2,127,908   
     

 

 

 
Healthcare Services — 1.9%      

Adeptus Health, Inc., Class A*

     15,214         378,828   

Air Methods Corp.*

     12,276         681,932   

Catalent, Inc.*

     39,104         978,773   

HealthSouth Corp.

     30,319         1,118,771   

Surgical Care Affiliates, Inc.*

     14,230         380,368   

WellCare Health Plans, Inc.*

     14,379         867,629   
     

 

 

 
     4,406,301   
     

 

 

 
Home Builders — 0.9%      

Meritage Homes Corp.*

     21,485         762,718   

Standard Pacific Corp.*

     108,149         810,036   

William Lyon Homes, Class A*

     20,472         452,431   
     

 

 

 
     2,025,185   
     

 

 

 
Household Products & Wares — 1.4%      

Prestige Brands Holdings, Inc.*

     22,132         716,413   

Spectrum Brands Holdings, Inc.

     27,506         2,490,118   
     

 

 

 
     3,206,531   
     

 

 

 
Insurance — 5.7%      

American Equity Investment Life Holding Co.

     95,923         2,194,718   
     Number of
Shares
    
Value†
 
                          
Insurance — (continued)      

AMERISAFE, Inc.

     10,495       $ 410,459   

CNO Financial Group, Inc.

     137,543         2,332,729   

Endurance Specialty Holdings Ltd.

     17,848         984,853   

Enstar Group Ltd.*

     5,349         729,176   

Fidelity & Guaranty Life

     19,731         421,257   

Maiden Holdings Ltd.

     103,470         1,146,448   

Meadowbrook Insurance Group, Inc.

     51,330         300,280   

National General Holdings Corp.

     23,035         389,061   

ProAssurance Corp.

     25,467         1,122,331   

Radian Group, Inc.

     129,171         1,841,978   

RLI Corp.

     16,786         726,666   

Symetra Financial Corp.

     23,139         539,833   
     

 

 

 
       13,139,789   
     

 

 

 
Investment Companies — 0.7%      

Apollo Investment Corp.

     69,126         564,760   

Golub Capital BDC, Inc.

     18,992         302,922   

New Mountain Finance Corp.

     29,809         437,894   

Solar Capital Ltd.

     8,450         157,846   

Solar Senior Capital Ltd.

     3,100         47,709   
     

 

 

 
     1,511,131   
     

 

 

 
Iron & Steel — 0.8%      

AK Steel Holding Corp.*

     169,318         1,356,237   

Commercial Metals Co.

     29,253         499,349   
     

 

 

 
     1,855,586   
     

 

 

 
Leisure Time — 0.9%      

Brunswick Corp.

     26,582         1,120,165   

Diamond Resorts International, Inc.*

     46,276         1,053,242   
     

 

 

 
     2,173,407   
     

 

 

 
Machinery — Diversified — 0.9%      

Applied Industrial Technologies, Inc.

     26,068         1,190,004   

Graco, Inc.

     11,189         816,573   
     

 

 

 
     2,006,577   
     

 

 

 
Media — 0.1%      

Townsquare Media, Inc.*

     14,878         178,834   
     

 

 

 
Metal Fabricate/Hardware — 0.9%      

CIRCOR International, Inc.

     17,211         1,158,816   

RBC Bearings, Inc.

     14,444         818,975   
     

 

 

 
     1,977,791   
     

 

 

 
Mining — 1.0%      

Globe Specialty Metals, Inc.

     42,235         768,254   

Kaiser Aluminum Corp.

     20,399         1,554,812   
     

 

 

 
     2,323,066   
     

 

 

 
Miscellaneous Manufacturing — 3.0%      

Actuant Corp., Class A

     56,157         1,713,912   

Barnes Group, Inc.

     32,543         987,680   

Carlisle Cos., Inc.

     19,954         1,603,902   

CLARCOR, Inc.

     19,664         1,240,405   

Movado Group, Inc.

     27,431         906,869   

Standex International Corp.

     6,270         464,858   
     

 

 

 
     6,917,626   
     

 

 

 
Oil & Gas — 4.0%      

Delek US Holdings, Inc.

     21,970         727,646   
 

 

94


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Value Fund

 

     Number of
Shares
    
Value†
 
COMMON STOCKS — (continued)   
Oil & Gas — (continued)      

Laredo Petroleum, Inc.*

     76,244       $     1,708,628   

Parsley Energy, Inc., Class A*

     85,450         1,822,649   

Rex Energy Corp.*

     121,964         1,545,284   

Rice Energy, Inc.*

     61,931         1,647,365   

RSP Permian, Inc.*

     73,297         1,873,471   
     

 

 

 
     9,325,043   
     

 

 

 
Oil & Gas Services — 2.8%      

Dril-Quip, Inc.*

     9,014         805,851   

Forum Energy Technologies, Inc.*

     67,408         2,063,359   

Newpark Resources, Inc.*

     145,206         1,806,363   

TETRA Technologies, Inc.*

     82,990         897,952   

Thermon Group Holdings, Inc.*

     33,811         825,665   
     

 

 

 
     6,399,190   
     

 

 

 
Packaging and Containers — 1.0%      

Berry Plastics Group, Inc.*

     45,627         1,151,626   

Graphic Packaging Holding Co.*

     85,949         1,068,346   
     

 

 

 
     2,219,972   
     

 

 

 
Pharmaceuticals — 0.7%      

Infinity Pharmaceuticals, Inc.*

     78,208         1,049,551   

TESARO, Inc.*

     23,503         632,701   
     

 

 

 
     1,682,252   
     

 

 

 
Real Estate — 0.8%      

Kennedy-Wilson Holdings, Inc.

     75,168         1,801,025   
     

 

 

 
Retail — 3.9%      

Asbury Automotive Group, Inc.*

     20,107         1,295,293   

Bloomin’ Brands, Inc.*

     32,522         596,454   

Express, Inc.*

     21,592         337,051   

First Cash Financial Services, Inc.*

     13,788         771,852   

Genesco, Inc.*

     2,771         207,132   

GNC Holdings, Inc., Class A

     24,187         937,004   

HSN, Inc.

     22,582         1,385,857   

Jack in the Box, Inc.

     24,199         1,650,130   

Lithia Motors, Inc., Class A

     6,589         498,722   

Office Depot, Inc.*

     148,677         764,200   

The Men’s Wearhouse, Inc.

     12,655         597,569   
     

 

 

 
     9,041,264   
     

 

 

 
Savings & Loans — 1.4%      

Brookline Bancorp, Inc.

     34,932         298,669   

Dime Community Bancshares, Inc.

     22,206         319,766   

Flushing Financial Corp.

     34,087         622,769   

Home Loan Servicing Solutions Ltd.

     22,493         476,627   

Oritani Financial Corp.

     30,575         430,802   

Provident Financial Services, Inc.

     43,919         718,954   

WSFS Financial Corp.

     6,848         490,385   
     

 

 

 
     3,357,972   
     

 

 

 
Semiconductors — 3.9%      

Cabot Microelectronics Corp.*

     29,011         1,202,506   

Entegris, Inc.*

     119,312         1,372,088   

Fairchild Semiconductor International, Inc.*

     66,290         1,029,484   

Intersil Corp., Class A

     107,501         1,527,589   

MKS Instruments, Inc.

     41,980         1,401,292   

PMC-Sierra, Inc.*

     74,226         553,726   

Semtech Corp.*

     39,785         1,080,163   
     Number of
Shares
    
Value†
 
                          
Semiconductors — (continued)      

Silicon Laboratories, Inc.*

     20,950       $ 851,408   
     

 

 

 
     9,018,256   
     

 

 

 
Software — 4.3%      

Allscripts Healthcare Solutions, Inc.*

     131,102         1,758,733   

Digi International, Inc.*

     32,448         243,360   

Everyday Health, Inc.*

     53,525         747,744   

Informatica Corp.*

     22,209         760,436   

Monotype Imaging Holdings, Inc.

     29,526         836,176   

PTC, Inc.*

     27,352         1,009,289   

Quality Systems, Inc.

     56,385         776,422   

RADWARE Ltd.*

     52,261         922,929   

SS&C Technologies Holdings, Inc.*

     26,750         1,174,058   

Verint Systems, Inc.*

     31,561         1,755,107   
     

 

 

 
     9,984,254   
     

 

 

 
Storage & Warehousing — 0.5%      

Mobile Mini, Inc.

     30,212         1,056,514   
     

 

 

 
Telecommunications — 1.6%      

ADTRAN, Inc.

     31,865         654,189   

Anixter International, Inc.

     15,167         1,286,768   

Extreme Networks, Inc.*

     116,381         557,465   

Gigamon, Inc.*

     3,915         40,990   

Premiere Global Services, Inc.*

     94,843         1,135,271   
     

 

 

 
     3,674,683   
     

 

 

 
Textiles — 0.5%      

G&K Services, Inc., Class A

     20,310         1,124,768   
     

 

 

 
Transportation — 0.5%      

Forward Air Corp.

     25,175         1,128,595   

Gulfmark Offshore, Inc., Class A

     4,085         128,065   
     

 

 

 
     1,256,660   
     

 

 

 

TOTAL COMMON STOCKS

(Cost $163,492,492)

  

  

     200,792,878   
     

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 11.8%   
Apartments — 0.5%      

American Campus Communities, Inc.

     31,802         1,159,183   
     

 

 

 
Building & Real Estate — 2.3%      

Apollo Commercial Real Estate Finance, Inc.

     82,823         1,301,149   

Blackstone Mortgage Trust, Inc., Class A

     57,338         1,553,860   

MFA Financial, Inc.

     174,720         1,359,322   

Two Harbors Investment Corp.

     109,440         1,058,285   
     

 

 

 
     5,272,616   
     

 

 

 
Diversified — 1.3%      

DuPont Fabros Technology, Inc.

     47,418         1,282,183   

PS Business Parks, Inc.

     23,060         1,755,788   
     

 

 

 
     3,037,971   
     

 

 

 
Healthcare — 0.7%      

National Health Investors, Inc.

     29,332         1,676,030   
     

 

 

 
Hotels & Resorts — 2.8%      

Chesapeake Lodging Trust

     84,107         2,451,719   

Pebblebrook Hotel Trust

     48,053         1,794,299   
 

 

95


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Value Fund

 

     Number of
Shares
    
Value†
 
REAL ESTATE INVESTMENT TRUSTS — (continued)   
Hotels & Resorts — (continued)      

Strategic Hotels & Resorts, Inc.*

     195,969       $         2,283,039   
     

 

 

 
     6,529,057   
     

 

 

 
Industrial — 0.4%      

Terreno Realty Corp.

     49,097         924,497   
     

 

 

 
Office Property — 1.5%      

Highwoods Properties, Inc.

     46,728         1,817,719   

Hudson Pacific Properties, Inc.

     63,339         1,561,940   
     

 

 

 
     3,379,659   
     

 

 

 
Regional Malls — 0.7%      

CBL & Associates Properties, Inc.

     86,836         1,554,364   
     

 

 

 
Storage & Warehousing — 0.9%      

CubeSmart

     118,502         2,130,666   
     

 

 

 
Strip Centers — 0.7%      

Acadia Realty Trust

     55,322         1,525,781   
     

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

(Cost $23,390,246)

  

  

     27,189,824   
     

 

 

 
SHORT-TERM INVESTMENTS — 1.3%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,062,253)

     3,062,253         3,062,253   
     

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $189,944,991)(a)

  

  

   $ 231,044,955   
     

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $190,426,430. Net unrealized appreciation was $40,618,525. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $45,676,183 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,057,658.
 

 

96


Penn Series Funds, Inc.

Small Cap Value Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
   

Level 2
Signi-

ficant
Obser-
vable
Input

    Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

  $ 200,792,878      $ 200,792,878      $      $   

REAL ESTATE INVESTMENT TRUSTS

    27,189,824        27,189,824                 

SHORT-TERM INVESTMENTS

    3,062,253        3,062,253                 

 

 

TOTAL INVESTMENTS

  $ 231,044,955      $ 231,044,955      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

97


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 88.2%   
Advertising — 0.1%   

Harte-Hanks, Inc.

    1,678      $ 10,689   

Marchex, Inc., Class B

    1,545        6,412   

Marin Software, Inc.*

    700        6,020   

MDC Partners, Inc.,Class A

    1,500        28,785   

Millennial Media, Inc.*

    2,900        5,394   

Sizmek, Inc.*

    757        5,859   

Tremor Video, Inc.*

    2,100        4,914   

ValueVision Media, Inc.*

    1,700        8,721   
   

 

 

 
    76,794   
   

 

 

 
Aerospace & Defense — 1.5%   

AAR Corp.

    1,569        37,891   

AeroVironment, Inc.*

    718        21,590   

Astronics Corp.*

    637        30,372   

Astronics Corp., Class B*

    127        6,033   

Cubic Corp.

    869        40,669   

Curtiss-Wright Corp.

    1,826        120,370   

Ducommun, Inc.*

    400        10,964   

Esterline Technologies Corp.*

    1,140        126,848   

GenCorp, Inc.*

    2,440        38,967   

HEICO Corp.

    2,415        112,781   

Kaman Corp.

    1,048        41,186   

Kratos Defense & Security Solutions, Inc.*

    2,422        15,888   

LMI Aerospace, Inc.*

    653        8,358   

M/A-COM Technology Solutions Holdings, Inc.*

    500        10,920   

Moog, Inc., Class A*

    1,591        108,825   

National Presto Industries, Inc.

    146        8,864   

Orbital Sciences Corp.*

    2,396        66,609   

Teledyne Technologies, Inc.*

    1,404        131,990   
   

 

 

 
    939,125   
   

 

 

 

Agriculture — 0.3%

  

Alico, Inc.

    51        1,943   

Alliance One International, Inc.*

    2,256        4,444   

Limoneira Co.

    600        14,214   

Tejon Ranch Co.*

    688        19,292   

The Andersons, Inc.

    1,132        71,180   

Universal Corp.

    855        37,954   

Vector Group Ltd.

    2,407        53,387   
   

 

 

 
    202,414   
   

 

 

 
Airlines — 0.4%   

Allegiant Travel Co.

    501        61,954   

Hawaiian Holdings, Inc.*

    2,026        27,250   

JetBlue Airways Corp.*

    9,528        101,187   

Republic Airways Holdings, Inc.*

    1,901        21,120   

SkyWest, Inc.

    1,881        14,634   
   

 

 

 
    226,145   
   

 

 

 
Apparel — 0.9%   

Columbia Sportswear Co.

    1,022        36,567   

Crocs, Inc.*

    3,700        46,546   

G-III Apparel Group Ltd.*

    704        58,333   

Iconix Brand Group, Inc.*

    1,842        68,044   

Oxford Industries, Inc.

    508        30,983   

Perry Ellis International, Inc.*

    414        8,425   

Quiksilver, Inc.*

    5,560        9,563   

Sequential Brands Group, Inc.*

    700        8,750   
    Number of
Shares
   
Value†
 
       
Apparel — (continued)   

Skechers U.S.A., Inc., Class A*

    1,416      $ 75,487   

Steven Madden Ltd.*

    2,249        72,485   

Unifi, Inc.*

    360        9,324   

Vince Holding Corp.*

    400        12,104   

Weyco Group, Inc.

    100        2,511   

Wolverine World Wide, Inc.

    3,982        99,789   
   

 

 

 
    538,911   
   

 

 

 
Auto Manufacturers — 0.1%   

Wabash National Corp.*

    2,600        34,632   
   

 

 

 
Auto Parts & Equipment — 1.1%   

Accuride Corp.*

    1,000        3,790   

American Axle & Manufacturing Holdings, Inc.*

    2,816        47,224   

Commercial Vehicle Group, Inc.*

    600        3,708   

Cooper Tire & Rubber Co.

    2,549        73,156   

Cooper-Standard Holding, Inc.*

    400        24,960   

Dana Holding Corp.

    6,096        116,860   

Dorman Products, Inc.*

    992        39,740   

Douglas Dynamics, Inc.

    900        17,550   

Federal-Mogul Holdings Corp.*

    916        13,621   

Fuel Systems Solutions, Inc.*

    634        5,649   

Gentherm, Inc.*

    1,268        53,548   

Meritor, Inc.*

    3,645        39,548   

Miller Industries, Inc.

    443        7,487   

Modine Manufacturing Co.*

    2,077        24,654   

Motorcar Parts of America, Inc.*

    700        19,047   

Remy International, Inc.

    600        12,318   

Spartan Motors, Inc.

    917        4,282   

Standard Motor Products, Inc.

    700        24,101   

Strattec Security Corp.

    100        8,135   

Superior Industries International, Inc.

    1,119        19,616   

Tenneco, Inc.*

    2,200        115,082   

Titan International, Inc.

    1,913        22,612   

Tower International, Inc.*

    800        20,152   
   

 

 

 
    716,840   
   

 

 

 
Banks — 7.1%   

1st Source Corp.

    626        17,828   

1st United Bancorp, Inc.

    1,500        12,780   

American National Bankshares, Inc.

    400        9,100   

Ameris Bancorp

    947        20,787   

Ames National Corp.

    199        4,448   

Arrow Financial Corp.

    371        9,301   

BancFirst Corp.

    160        10,010   

Banco Latinoamericano de Exportaciones S.A., Class E

    1,110        34,055   

Bancorp, Inc.*

    1,412        12,129   

BancorpSouth, Inc.

    3,649        73,491   

Bank of Marin Bancorp

    290        13,308   

Bank of the Ozarks, Inc.

    2,852        89,895   

Banner Corp.

    800        30,776   

BBCN Bancorp, Inc.

    3,185        46,469   

BNC Bancorp

    800        12,528   

Boston Private Financial Holdings, Inc.

    2,858        35,411   

Bridge Bancorp, Inc.

    307        7,261   

Bridge Capital Holdings*

    300        6,822   
 

 

98


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Banks — (continued)   

Bryn Mawr Bank Corp.

    532      $ 15,072   

Camden National Corp.

    326        11,410   

Capital Bank Financial Corp., Class A*

    1,000        23,880   

Capital City Bank Group, Inc.

    269        3,642   

Cardinal Financial Corp.

    1,218        20,791   

Cascade Bancorp*

    1,262        6,373   

Cass Information Systems, Inc.

    454        18,796   

Cathay General Bancorp

    3,050        75,732   

Centerstate Banks, Inc.

    1,432        14,821   

Central Pacific Financial Corp.

    800        14,344   

Century Bancorp, Inc., Class A

    69        2,389   

Chemical Financial Corp.

    1,066        28,665   

Citizens & Northern Corp.

    356        6,764   

City Holding Co.

    648        27,300   

CNB Financial Corp.

    474        7,442   

CoBiz Financial, Inc.

    1,700        19,006   

Columbia Banking System, Inc.

    1,914        47,486   

Community Bank System, Inc.

    1,511        50,755   

Community Trust Bancorp, Inc.

    683        22,969   

CommunityOne Bancorp*

    700        6,174   

ConnectOne Bancorp, Inc.

    660        12,573   

CU Bancorp*

    400        7,520   

Customers Bancorp, Inc.*

    880        15,805   

CVB Financial Corp.

    3,992        57,285   

Eagle Bancorp, Inc.*

    973        30,961   

Enterprise Bancorp, Inc.

    300        5,652   

Enterprise Financial Services Corp.

    782        13,075   

F.N.B. Corp.

    6,208        74,434   

Fidelity Southern Corp.

    607        8,316   

Financial Institutions, Inc.

    740        16,635   

First Bancorp

    824        13,200   

First Bancorp Puerto Rico*

    4,700        22,325   

First Bancorp, Inc.

    234        3,901   

First Busey Corp.

    3,602        20,063   

First Business Financial Services, Inc.

    200        8,780   

First Citizens Bancshares, Inc., Class A

    300        64,989   

First Commonwealth Financial Corp.

    4,021        33,736   

First Community Bancshares, Inc.

    626        8,946   

First Connecticut Bancorp, Inc.

    659        9,556   

First Financial Bancorp

    2,205        34,905   

First Financial Bankshares, Inc.

    2,452        68,141   

First Financial Corp.

    580        17,951   

First Interstate BancSystem, Inc.

    600        15,942   

First Merchants Corp.

    1,238        25,020   

First Midwest Bancorp, Inc.

    2,814        45,277   

First NBC Bank Holding Co.*

    600        19,650   

FirstMerit Corp.

    6,394        112,534   

Franklin Financial Corp.*

    400        7,444   

German American Bancorp, Inc.

    692        17,861   

Glacier Bancorp, Inc.

    2,721        70,365   

Great Southern Bancorp, Inc.

    471        14,290   

Guaranty Bancorp

    900        12,159   

Hancock Holding Co.

    2,972        95,253   

Hanmi Financial Corp.

    1,213        24,454   

Heartland Financial USA, Inc.

    717        17,122   

Heritage Commerce Corp.

    600        4,926   
    Number of
Shares
   
Value†
 
       
Banks — (continued)   

Heritage Financial Corp.

    1,130      $ 17,899   

Heritage Oaks Bancorp

    1,500        10,500   

Home BancShares, Inc.

    2,164        63,643   

Horizon Bancorp

    400        9,216   

Hudson Valley Holding Corp.

    462        8,385   

Iberiabank Corp.

    1,246        77,887   

Independent Bank Corp.

    1,000        11,920   

Independent Bank Corp.

    971        34,684   

Independent Bank Group, Inc.

    400        18,980   

International Bancshares Corp.

    2,225        54,880   

Lakeland Bancorp, Inc.

    1,111        10,843   

Lakeland Financial Corp.

    594        22,275   

Macatawa Bank Corp.

    1,900        9,120   

MainSource Financial Group, Inc.

    1,021        17,612   

MB Financial, Inc.

    2,584        71,525   

Mercantile Bank Corp.

    500        9,525   

Merchants Bancshares, Inc.

    86        2,424   

Metro Bancorp, Inc.*

    563        13,653   

MidSouth Bancorp, Inc.

    186        3,478   

MidWestOne Financial Group, Inc.

    400        9,204   

National Bankshares, Inc.

    319        8,855   

National Penn Bancshares, Inc.

    4,487        43,569   

NBT Bancorp, Inc.

    1,869        42,090   

NewBridge Bancorp*

    1,100        8,349   

Northrim BanCorp, Inc.

    400        10,572   

OFG Bancorp

    1,810        27,114   

Old National Bancorp

    3,786        49,104   

OmniAmerican Bancorp, Inc.

    291        7,563   

Opus Bank*

    300        9,189   

Pacific Continental Corp.

    862        11,077   

Park National Corp.

    524        39,520   

Park Sterling Corp.

    1,600        10,608   

Peapack Gladstone Financial Corp.

    636        11,130   

Penns Woods Bancorp, Inc.

    268        11,323   

Peoples Bancorp, Inc.

    272        6,460   

Peoples Financial Services Corp.

    300        13,797   

Pinnacle Financial Partners, Inc.

    1,463        52,814   

Preferred Bank Los Angeles CA*

    500        11,260   

PrivateBancorp, Inc.

    2,498        74,715   

Prosperity Bancshares, Inc.

    2,526        144,411   

Renasant Corp.

    1,358        36,734   

Republic Bancorp, Inc., Class A

    387        9,168   

Republic First Bancorp, Inc.*

    1,900        7,391   

S&T Bancorp, Inc.

    1,259        29,536   

Sandy Spring Bancorp, Inc.

    1,085        24,836   

Seacoast Banking Corp of Florida*

    440        4,809   

Sierra Bancorp

    712        11,933   

Simmons First National Corp., Class A

    600        23,112   

South State Corp.

    958        53,571   

Southside Bancshares, Inc.

    729        24,239   

Southwest Bancorp, Inc.

    1,036        16,990   

State Bank Financial Corp.

    1,500        24,360   

Stock Yards Bancorp, Inc.

    445        13,395   

Stonegate Bank

    500        12,875   

Suffolk Bancorp

    443        8,599   

Sun Bancorp, Inc.*

    220        3,984   
 

 

99


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Banks — (continued)    

Susquehanna Bancshares, Inc.

    6,533      $ 65,330   

Talmer Bancorp, Inc., Class A

    900        12,447   

Texas Capital Bancshares, Inc.*

    1,573        90,731   

The Bank of Kentucky Financial Corp.

    200        9,246   

The First of Long Island Corp.

    395        13,608   

Tompkins Financial Corp.

    558        24,597   

TowneBank

    972        13,200   

Trico Bancshares

    604        13,662   

Tristate Capital Holdings, Inc.*

    1,000        9,070   

TrustCo Bank Corp.

    3,252        20,943   

Trustmark Corp.

    2,630        60,582   

UMB Financial Corp.

    1,281        69,879   

Umpqua Holdings Corp.

    6,401        105,424   

Union Bankshares Corp.

    1,828        42,227   

United Bankshares, Inc.

    2,392        73,985   

United Community Banks, Inc.

    1,878        30,912   

Univest Corp. of Pennsylvania

    600        11,250   

Valley National Bancorp

    7,900        76,551   

ViewPoint Financial Group, Inc.

    1,666        39,884   

Walker & Dunlop, Inc.*

    400        5,316   

Washington Trust Bancorp, Inc.

    670        22,103   

Webster Financial Corp.

    3,528        102,806   

WesBanco, Inc.

    1,115        34,108   

West Bancorporation, Inc.

    278        3,928   

Westamerica Bancorporation

    1,073        49,916   

Western Alliance Bancorp*

    2,775        66,323   

Wilshire Bancorp, Inc.

    2,676        24,699   

Wintrust Financial Corp.

    1,742        77,815   

Yadkin Financial Corp.*

    600        10,896   
   

 

 

 
    4,459,399   
   

 

 

 
Beverages — 0.2%   

Coca-Cola Bottling Co. Consolidated

    174        12,986   

Craft Brew Alliance, Inc.*

    700        10,080   

Farmers Brothers Co.*

    204        5,906   

National Beverage Corp.*

    242        4,719   

The Boston Beer Co., Inc., Class A*

    310        68,745   
   

 

 

 
    102,436   
   

 

 

 
Biotechnology — 2.6%   

Acceleron Pharma, Inc.*

    700        21,168   

Acorda Therapeutics, Inc.*

    1,531        51,870   

Agenus, Inc.*

    2,000        6,220   

Alder Biopharmaceuticals, Inc.*

    500        6,340   

AMAG Pharmaceuticals, Inc.*

    856        27,315   

ANI Pharmaceuticals, Inc.*

    300        8,484   

Arena Pharmaceuticals, Inc.*

    8,506        35,640   

ARIAD Pharmaceuticals, Inc.*

    6,600        35,640   

BioCryst Pharmaceuticals, Inc.*

    2,900        28,362   

BioTime, Inc.*

    400        1,256   

Bluebird Bio, Inc.*

    800        28,704   

Cambrex Corp.*

    1,167        21,800   

Celldex Therapeutics, Inc.*

    3,444        44,634   

CTI BioPharma Corp.*

    5,000        12,100   

Cubist Pharmaceuticals, Inc.*

    1,200        132   

Cytokinetics, Inc.*

    1,000        3,520   

Cytrx Corp.*

    2,600        6,604   

Dendreon Corp.*

    6,900        9,936   
    Number of
Shares
   
Value†
 
       
Biotechnology — (continued)    

Dynavax Technologies Corp.*

    10,200      $ 14,586   

Emergent BioSolutions, Inc.*

    1,058        22,546   

Enzo Biochem, Inc.*

    1,300        6,695   

Epizyme, Inc.*

    600        16,266   

Exact Sciences Corp.*

    3,000        58,140   

Exelixis, Inc.*

    6,969        10,663   

Five Prime Therapeutics, Inc.*

    500        5,865   

Foundation Medicine, Inc.*

    700        13,272   

Galena Biopharma, Inc.*

    3,600        7,416   

Geron Corp.*

    5,050        10,100   

Halozyme Therapeutics, Inc.*

    3,589        32,660   

Idera Pharmaceuticals, Inc.*

    2,300        5,267   

ImmunoGen, Inc.*

    3,263        34,555   

Immunomedics, Inc.*

    2,936        10,922   

Inovio Pharmaceuticals, Inc.*

    2,500        24,625   

Insmed, Inc.*

    1,600        20,880   

Intrexon Corp.*

    1,400        26,012   

Karyopharm Therapeutics, Inc.*

    400        13,976   

KYTHERA Biopharmaceuticals, Inc.*

    600        19,656   

Lexicon Pharmaceuticals, Inc.*

    8,826        12,445   

Ligand Pharmaceuticals, Inc.*

    844        39,659   

MacroGenics, Inc.*

    900        18,810   

Merrimack Pharmaceuticals, Inc.*

    3,500        30,730   

Momenta Pharmaceuticals, Inc.*

    1,882        21,342   

Neuralstem, Inc.*

    3,100        10,168   

Newlink Genetics Corp.*

    600        12,852   

Novavax, Inc.*

    7,229        30,145   

NPS Pharmaceuticals, Inc.*

    3,757        97,682   

Omeros Corp.*

    1,000        12,720   

OncoMed Pharmaceuticals, Inc.*

    600        11,358   

Oncothyreon, Inc.*

    3,300        6,336   

Organovo Holdings, Inc.*

    2,700        17,199   

OvaScience, Inc.*

    300        4,980   

Oxford ImmunoteC Global PLC

    200        3,054   

Pacific Biosciences of California, Inc.*

    2,400        11,784   

PDL BioPharma, Inc.

    6,217        46,441   

Peregrine Pharmaceuticals, Inc.*

    5,800        7,888   

Prothena Corp. PLC

    800        17,728   

PTC Therapeutics, Inc.*

    900        39,609   

Puma Biotechnology, Inc.*

    800        190,856   

Repligen Corp.*

    1,300        25,883   

Retrophin, Inc.*

    700        6,314   

Rigel Pharmaceuticals, Inc.*

    2,690        5,219   

RTI Surgical, Inc.*

    2,035        9,727   

Sangamo Biosciences, Inc.*

    2,403        25,916   

Sequenom, Inc.*

    5,097        15,138   

Spectrum Pharmaceuticals, Inc.*

    2,414        19,650   

Stemline Therapeutics, Inc.*

    400        4,984   

Sunesis Pharmaceuticals, Inc.*

    1,400        9,996   

The Medicines Co.*

    2,392        53,389   

Theravance Biopharma, Inc.*

    1,000        23,050   

Theravance, Inc.

    3,200        54,688   

Ultragenyx Pharmaceutical, Inc.*

    300        16,980   

Verastem, Inc.*

    600        5,112   

Versartis, Inc.*

    200        3,798   

XOMA Corp.*

    3,600        15,156   
 

 

100


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Biotechnology — (continued)   

ZIOPHARM Oncology, Inc.*

    3,700      $ 9,768   
   

 

 

 
    1,652,381   
   

 

 

 
Building Materials — 1.0%   

AAON, Inc.

    1,585        26,961   

Apogee Enterprises, Inc.

    1,043        41,511   

Boise Cascade Co.*

    1,600        48,224   

Builders FirstSource, Inc.*

    2,173        11,843   

Comfort Systems USA, Inc.

    1,227        16,626   

Continental Building Products, Inc.*

    700        10,220   

Drew Industries, Inc.

    991        41,810   

Gibraltar Industries, Inc.*

    1,101        15,073   

Griffon Corp.

    1,056        12,028   

Headwaters, Inc.*

    2,880        36,115   

Louisiana-Pacific Corp.*

    4,994        67,868   

LSI Industries, Inc.

    1,314        7,976   

Masonite International Corp.*

    1,000        55,380   

NCI Building Systems, Inc.*

    1,264        24,522   

Nortek, Inc.*

    400        29,800   

Patrick Industries, Inc.*

    300        12,708   

PGT, Inc.*

    1,700        15,844   

Ply Gem Holdings, Inc.*

    600        6,504   

Quanex Building Products Corp.

    1,125        20,351   

Simpson Manufacturing Co., Inc.

    1,685        49,118   

Stock Building Supply Holdings, Inc.*

    300        4,713   

Trex Co., Inc.*

    1,262        43,627   

Universal Forest Products, Inc.

    783        33,442   

US Concrete, Inc.*

    600        15,684   
   

 

 

 
    647,948   
   

 

 

 
Chemicals — 1.9%   

A. Schulman, Inc.

    1,188        42,958   

Aceto Corp.

    1,042        20,131   

American Vanguard Corp.

    1,078        12,074   

Axiall Corp.

    2,500        89,525   

Balchem Corp.

    1,205        68,167   

Chemtura Corp.*

    3,144        73,349   

Ferro Corp.*

    2,638        38,225   

H.B. Fuller Co.

    1,980        78,606   

Hawkins, Inc.

    449        16,146   

Innophos Holdings, Inc.

    796        43,852   

Innospec, Inc.

    900        32,310   

Intrepid Potash, Inc.*

    2,100        32,445   

KMG Chemicals, Inc.

    200        3,256   

Kraton Performance Polymers, Inc.*

    1,241        22,102   

Kronos Worldwide, Inc.

    900        12,402   

Landec Corp.*

    1,218        14,920   

Minerals Technologies, Inc.

    1,328        81,951   

Oil-Dri Corp. of America

    97        2,529   

Olin Corp.

    3,092        78,073   

OM Group, Inc.

    1,254        32,541   

OMNOVA Solutions, Inc.*

    2,368        12,716   

PolyOne Corp.

    3,355        119,371   

Quaker Chemical Corp.

    511        36,634   

Rentech, Inc.*

    7,187        12,290   

Sensient Technologies Corp.

    1,774        92,869   

Stepan Co.

    708        31,421   

Taminco Corp.*

    1,200        31,320   
    Number of
Shares
   
Value†
 
       
Chemicals — (continued)   

Tronox Ltd., Class A

    2,400      $ 62,520   

Zep, Inc.

    1,092        15,310   
   

 

 

 
    1,210,013   
   

 

 

 
Coal — 0.2%   

Alpha Natural Resources, Inc.*

    8,300        20,584   

Arch Coal, Inc.

    7,900        16,748   

Cloud Peak Energy, Inc.*

    2,600        32,812   

SunCoke Energy, Inc.*

    2,441        54,800   

Walter Energy, Inc.

    2,400        5,616   

Westmoreland Coal Co.*

    600        22,446   
   

 

 

 
    153,006   
   

 

 

 
Commercial Services — 5.5%   

ABM Industries, Inc.

    2,139        54,951   

Acacia Research Corp.

    1,880        29,102   

Albany Molecular Research, Inc.*

    900        19,863   

American Public Education, Inc.*

    755        20,377   

AMN Healthcare Services, Inc.*

    1,909        29,971   

ARC Document Solutions, Inc.*

    1,436        11,632   

Arrowhead Research Corp.*

    2,100        31,017   

Ascent Capital Group Inc., Class A*

    531        31,966   

Barrett Business Services, Inc.

    342        13,506   

Bridgepoint Education, Inc.*

    480        5,357   

Bright Horizons Family Solutions, Inc.*

    1,200        50,472   

Capella Education Co.

    407        25,478   

Cardtronics, Inc.*

    1,763        62,058   

Career Education Corp.*

    2,300        11,684   

Carriage Services, Inc.

    600        10,398   

CBIZ, Inc.*

    1,340        10,546   

CDI Corp.

    741        10,759   

Cenveo, Inc.*

    1,299        3,209   

Chemed Corp.

    629        64,724   

Civeo Corp.

    3,700        42,957   

Collectors Universe, Inc.

    400        8,800   

Convergys Corp.

    3,983        70,977   

CorVel Corp.*

    462        15,731   

CRA International, Inc.*

    274        6,968   

Cross Country Healthcare, Inc.*

    1,084        10,070   

Deluxe Corp.

    1,907        105,190   

Education Management Corp.*

    1,500        1,635   

Electro Rent Corp.

    715        9,846   

Ennis, Inc.

    858        11,300   

Euronet Worldwide, Inc.*

    1,855        88,650   

EVERTEC, Inc.

    2,600        58,084   

ExamWorks Group, Inc.*

    1,200        39,300   

ExlService Holdings, Inc.*

    1,200        29,292   

Forrester Research, Inc.

    375        13,823   

Franklin Covey Co.*

    241        4,721   

FTI Consulting, Inc.*

    1,556        54,398   

Global Cash Access Holdings, Inc.*

    2,396        16,173   

Grand Canyon Education, Inc.*

    1,756        71,592   

Great Lakes Dredge & Dock Corp.*

    2,751        17,001   

Green Dot Corp.*

    1,400        29,596   

H&E Equipment Services, Inc.

    1,159        46,685   

Healthcare Services Group, Inc.

    2,680        76,675   

Heartland Payment Systems, Inc.

    1,269        60,557   

Heidrick & Struggles International, Inc.

    669        13,741   
 

 

101


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Commercial Services — (continued)   

Hill International, Inc.*

    1,500      $ 6,000   

HMS Holdings Corp.*

    3,415        64,373   

Huron Consulting Group, Inc.*

    928        56,580   

ICF International, Inc.*

    748        23,031   

Information Services Group, Inc.*

    2,000        7,600   

Insperity, Inc.

    924        25,262   

ITT Educational Services, Inc.*

    900        3,861   

K12, Inc.*

    1,152        18,386   

Kelly Services, Inc., Class A

    1,014        15,889   

Kforce, Inc.

    1,086        21,253   

Korn/Ferry International*

    1,790        44,571   

Landauer, Inc.

    480        15,845   

Liberty Tax, Inc.*

    200        6,460   

LifeLock, Inc.*

    3,200        45,728   

Matthews International Corp., Class A

    1,205        52,887   

MAXIMUS, Inc.

    2,388        95,830   

McGrath RentCorp

    953        32,593   

Medifast, Inc.*

    631        20,716   

MoneyGram International, Inc.*

    878        11,010   

Monro Muffler Brake, Inc.

    1,237        60,032   

Monster Worldwide, Inc.*

    3,900        21,450   

Multi-Color Corp.

    567        25,787   

National Research Corp.*

    687        8,938   

Navigant Consulting, Inc.*

    1,984        27,597   

On Assignment, Inc.*

    2,152        57,781   

PAREXEL International Corp.*

    2,199        138,735   

Paylocity Corp.*

    300        5,895   

Pendrell Corp.*

    5,800        7,772   

Performant Financial Corp.*

    900        7,272   

PHH Corp.*

    2,289        51,182   

PRGX Global, Inc.*

    600        3,516   

Quad/Graphics, Inc.

    1,000        19,250   

Rent-A-Center, Inc.

    1,953        59,274   

Resources Connection, Inc.

    1,822        25,399   

RPX Corp.*

    2,100        28,833   

ServiceSource International, Inc.*

    2,400        7,752   

Sotheby’s

    2,341        83,621   

SP Plus Corp.*

    793        15,035   

Steiner Leisure Ltd.*

    543        20,411   

Strayer Education, Inc.*

    400        23,952   

Team Health Holdings, Inc.*

    2,572        149,150   

Team, Inc.*

    792        30,025   

TeleTech Holdings, Inc.*

    707        17,378   

The Advisory Board Co.*

    1,350        62,896   

The Brink’s Co.

    2,010        48,320   

The Corporate Executive Board Co.

    1,169        70,222   

The Hackett Group, Inc.

    516        3,075   

The Providence Service Corp.*

    400        19,352   

Tree.com, Inc.*

    100        3,589   

TriNet Group, Inc.*

    700        18,025   

TrueBlue, Inc.*

    1,576        39,810   

Universal Technical Institute, Inc.

    525        4,909   

Viad Corp.

    771        15,921   

VistaPrint N.V.*

    1,200        65,748   

Weight Watchers International, Inc.

    1,200        32,928   

WEX, Inc.*

    1,357        149,704   
    Number of
Shares
   
Value†
 
       
Commercial Services — (continued)   

Xoom Corp.*

    1,300      $ 28,535   
   

 

 

 
    3,427,778   
   

 

 

 
Computers — 2.1%   

A10 Networks, Inc.*

    800        7,288   

Agilysys, Inc.*

    376        4,410   

CACI International, Inc., Class A*

    950        67,706   

Carbonite, Inc.*

    800        8,192   

Ciber, Inc.*

    3,557        12,200   

Computer Task Group, Inc.

    579        6,427   

Cray, Inc.*

    1,699        44,582   

Datalink Corp.*

    900        9,567   

Digimarc Corp.

    300        6,213   

Dot Hill Systems Corp.*

    2,700        10,206   

Electronics for Imaging, Inc.*

    1,624        71,732   

iGATE Corp.*

    1,457        53,501   

Immersion Corp.*

    842        7,224   

Insight Enterprises, Inc.*

    1,543        34,918   

j2 Global, Inc.

    1,874        92,501   

LivePerson, Inc.*

    1,925        24,236   

Manhattan Associates, Inc.*

    2,668        89,165   

Maxwell Technologies, Inc.*

    1,366        11,912   

Mentor Graphics Corp.

    3,376        69,191   

Mercury Systems, Inc.*

    1,736        19,113   

MTS Systems Corp.

    460        31,400   

NetScout Systems, Inc.*

    1,365        62,517   

Nimble Storage, Inc.*

    400        10,388   

Qualys, Inc.*

    600        15,960   

Quantum Corp.*

    8,761        10,163   

RealD, Inc.*

    1,608        15,067   

Science Applications International Corp.

    1,500        66,345   

Silicon Graphics International Corp.*

    1,366        12,608   

Silver Spring Networks, Inc.*

    1,500        14,475   

Spansion, Inc., Class A*

    2,500        56,975   

Super Micro Computer, Inc.*

    1,271        37,393   

Sykes Enterprises, Inc.*

    1,736        34,685   

Synaptics, Inc.*

    1,416        103,651   

Syntel, Inc.*

    580        51,005   

The KEYW Holding Corp.*

    1,300        14,391   

Unisys Corp.*

    2,124        49,723   

Varonis Systems, Inc.*

    300        6,330   

Violin Memory, Inc.*

    3,500        17,045   

Virtusa Corp.*

    889        31,613   

Vocera Communications, Inc.*

    800        6,456   
   

 

 

 
    1,298,474   
   

 

 

 
Cosmetics & Personal Care — 0.1%   

Elizabeth Arden, Inc.*

    1,014        16,975   

Inter Parfums, Inc.

    624        17,160   

Revlon, Inc., Class A*

    570        18,063   
   

 

 

 
    52,198   
   

 

 

 
Distribution & Wholesale — 0.9%   

Beacon Roofing Supply, Inc.*

    1,981        50,476   

Core-Mark Holding Co., Inc.

    882        46,781   

Houston Wire & Cable Co.

    969        11,609   

MWI Veterinary Supply, Inc.*

    426        63,218   

Owens & Minor, Inc.

    2,176        71,242   
 

 

102


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Distribution & Wholesale — (continued)   

Pool Corp.

    1,776      $ 95,762   

Rentrak Corp.*

    365        22,243   

ScanSource, Inc.*

    1,181        40,851   

Speed Commerce, Inc.*

    2,800        7,700   

Titan Machinery, Inc.*

    523        6,794   

United Stationers, Inc.

    1,519        57,069   

Watsco, Inc.

    938        80,837   
   

 

 

 
    554,582   
   

 

 

 
Diversified Financial Services — 2.5%   

Aircastle Ltd.

    2,576        42,143   

Altisource Portfolio Solutions SA*

    500        50,400   

BGC Partners, Inc., Class A

    6,907        51,319   

Blackhawk Network Holdings, Inc.*

    500        16,200   

Blackhawk Network Holdings, Inc., Class B*

    1,500        48,450   

Calamos Asset Management, Inc., Class A

    469        5,286   

Cohen & Steers, Inc.

    817        31,405   

Consumer Portfolio Services, Inc.*

    1,100        7,051   

Cowen Group, Inc., Class A*

    5,390        20,212   

Credit Acceptance Corp.*

    224        28,240   

Diamond Hill Investment Group, Inc.

    150        18,457   

Ellie Mae, Inc.*

    1,200        39,120   

Encore Capital Group, Inc.*

    997        44,177   

Evercore Partners, Inc., Class A

    1,222        57,434   

FBR & Co.*

    277        7,623   

Federal Agricultural Mortgage Corp., Class C

    300        9,642   

Financial Engines, Inc.

    1,900        65,008   

FXCM, Inc.

    2,000        31,700   

Gain Capital Holdings, Inc.

    800        5,096   

GAMCO Investors, Inc., Class A

    262        18,534   

GFI Group, Inc.

    1,724        9,327   

Greenhill & Co., Inc.

    1,100        51,139   

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

    600        8,292   

Higher One Holdings, Inc.*

    1,500        3,705   

INTL FCstone, Inc.*

    793        13,735   

Investment Technology Group, Inc.*

    1,500        23,640   

J.G. Wentworth Company*

    400        4,956   

Janus Capital Group, Inc.

    5,600        81,424   

KCG Holdings, Inc.*

    2,175        22,033   

Ladder Capital Corp.Class A*

    600        11,340   

Ladenburg Thalmann Financial Services, Inc.*

    4,000        16,960   

Manning & Napier, Inc.

    300        5,037   

MarketAxess Holdings, Inc.

    1,299        80,356   

Marlin Business Services Corp.

    200        3,664   

Moelis & Co.

    300        10,245   

Nelnet, Inc., Class A

    799        34,429   

NewStar Financial, Inc.*

    1,300        14,612   

Nicholas Financial, Inc.

    300        3,477   

Oppenheimer Holdings, Inc., Class A

    238        4,820   

Outerwall, Inc.*

    850        47,685   

PennyMac Financial Service, Class A*

    500        7,325   

Piper Jaffray Cos.*

    687        35,889   

Portfolio Recovery Associates, Inc.*

    1,948        101,744   
     Number of
Shares
   
Value†
 
       
Diversified Financial Services — (continued)   

Pzena Investment Management, Inc., Class A

    130      $ 1,242   

Regional Management Corp.*

    200        3,590   

Springleaf Holdings, Inc.*

    900        28,737   

Stifel Financial Corp.*

    2,506        117,506   

Stonegate Mortgage Corp.*

    300        3,897   

SWS Group, Inc.*

    768        5,292   

Teton Advisors, Inc., Class B~

    2        93   

Virtus Investment Partners, Inc.

    272        47,246   

Wageworks, Inc.*

    1,400        63,742   

Walter Investment Management Corp.*

    1,353        29,698   

Westwood Holdings Group, Inc.

    311        17,631   

WisdomTree Investments, Inc.*

    3,800        43,244   

World Acceptance Corp.*

    362        24,435   
   

 

 

 
    1,579,684   
   

 

 

 
Electric — 1.8%   

ALLETE, Inc.

    1,651        73,288   

Ameresco, Inc., Class A*

    1,100        7,535   

Atlantic Power Corp.*

    4,127        9,822   

Avista Corp.

    2,239        68,357   

Black Hills Corp.

    1,748        83,694   

Cleco Corp.

    2,171        104,534   

Dynegy, Inc.*

    3,900        112,554   

El Paso Electric Co.

    1,377        50,329   

Empire District Electric Co.

    1,719        41,514   

EnerNOC, Inc.*

    1,300        22,048   

IDACORP, Inc.

    1,801        96,551   

MGE Energy, Inc.

    1,342        50,003   

NorthWestern Corp.

    1,480        67,133   

NRG Yield, Inc., Class A

    800        37,640   

Ormat Technologies, Inc.

    700        18,389   

Otter Tail Corp.

    1,192        31,791   

Pike Corp.*

    1,058        12,579   

PNM Resources, Inc.

    2,810        69,997   

Portland General Electric Co.

    2,956        94,947   

UIL Holdings Corp.

    2,191        77,561   

Unitil Corp.

    663        20,613   
   

 

 

 
    1,150,879   
   

 

 

 
Electrical Components & Equipment — 1.0%   

Advanced Energy Industries, Inc.*

    1,393        26,175   

Belden, Inc.

    1,555        99,551   

Capstone Turbine Corp.*

    13,500        14,445   

Encore Wire Corp.

    771        28,596   

EnerSys, Inc.

    1,823        106,901   

Generac Holdings, Inc.*

    2,649        107,390   

General Cable Corp.

    1,900        28,652   

GrafTech International Ltd.*

    4,400        20,152   

Graham Corp.

    466        13,398   

Insteel Industries, Inc.

    691        14,207   

Littelfuse, Inc.

    878        74,788   

Powell Industries, Inc.

    429        17,529   

PowerSecure International, Inc.*

    800        7,664   

Revolution Lighting Technologies, Inc.*

    2,200        3,696   

Universal Display Corp.*

    1,549        50,559   

Vicor Corp.*

    422        3,967   
   

 

 

 
    617,670   
   

 

 

 

 

 

 

103


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Electronics — 2.1%    

American Science & Engineering, Inc.

    278      $ 15,396   

Analogic Corp.

    507        32,428   

Applied Optoelectronics, Inc.*

    700        11,270   

Badger Meter, Inc.

    459        23,157   

Bel Fuse, Inc., Class B

    269        6,655   

Benchmark Electronics, Inc.*

    2,077        46,130   

Brady Corp., Class A

    1,857        41,671   

Checkpoint Systems, Inc.*

    1,545        18,895   

Coherent, Inc.*

    973        59,713   

Control4 Corp.*

    400        5,172   

CTS Corp.

    1,263        20,069   

Cui Global, Inc.*

    700        5,068   

Electro Scientific Industries, Inc.

    693        4,706   

ESCO Technologies, Inc.

    1,034        35,963   

FARO Technologies, Inc.*

    620        31,465   

FEI Co.

    1,646        124,141   

Fluidigm Corp.*

    1,100        26,950   

II-VI, Inc.*

    2,056        24,199   

InvenSense, Inc.*

    2,800        55,244   

Itron, Inc.*

    1,500        58,965   

Kemet Corp.*

    1,100        4,532   

Measurement Specialties, Inc.*

    570        48,798   

Mesa Laboratories, Inc.

    100        5,778   

Methode Electronics, Inc.

    1,460        53,830   

Multi-Fineline Electronix, Inc.*

    152        1,421   

Newport Corp.*

    1,463        25,924   

NVE Corp.*

    209        13,489   

OSI Systems, Inc.*

    757        48,054   

Park Electrochemical Corp.

    833        19,617   

Plexus Corp.*

    1,403        51,813   

Rofin-Sinar Technologies, Inc.*

    1,186        27,349   

Rogers Corp.*

    660        36,142   

Sanmina Corp.*

    3,326        69,380   

Sparton Corp.*

    400        9,860   

Stoneridge, Inc.*

    1,473        16,601   

Taser International, Inc.*

    2,011        31,050   

TTM Technologies, Inc.*

    2,359        16,065   

Viasystems Group, Inc.*

    100        1,570   

Vishay Precision Group, Inc.*

    300        4,482   

Watts Water Technologies, Inc., Class A

    1,117        65,065   

Woodward, Inc.

    2,423        115,383   
   

 

 

 
    1,313,460   
   

 

 

 
Energy — Alternate Sources — 0.4%    

Amyris, Inc.*

    400        1,516   

Clean Energy Fuels Corp.*

    2,900        22,620   

Enphase Energy, Inc.*

    400        5,996   

FuelCell Energy, Inc.*

    6,981        14,590   

FutureFuel Corp.

    1,100        13,079   

Green Plains, Inc.

    1,467        54,851   

Pacific Ethanol, Inc.*

    900        12,564   

Pattern Energy Group, Inc.

    1,600        49,472   

Plug Power, Inc.*

    6,800        31,212   

Renewable Energy Group, Inc.*

    900        9,135   

REX American Resources Corp.*

    192        13,993   

Solazyme, Inc.*

    3,100        23,126   
   

 

 

 
    252,154   
   

 

 

 
     Number of
Shares
   
Value†
 
       
Engineering & Construction — 0.8%    

Aegion Corp.*

    1,555      $ 34,599   

Argan, Inc.

    536        17,892   

Dycom Industries, Inc.*

    1,153        35,409   

EMCOR Group, Inc.

    2,363        94,425   

Engility Holdings, Inc.*

    700        21,819   

Exponent, Inc.

    520        36,857   

Granite Construction, Inc.

    1,444        45,934   

Layne Christensen Co.*

    926        8,991   

MasTec, Inc.*

    2,464        75,448   

McDermott International, Inc.*

    9,300        53,196   

Mistras Group, Inc.*

    800        16,320   

MYR Group, Inc.*

    983        23,671   

Orion Marine Group, Inc.*

    1,137        11,347   

Sterling Construction Co., Inc.*

    353        2,707   

Tutor Perini Corp.*

    1,397        36,881   

VSE Corp.

    104        5,098   
   

 

 

 
    520,594   
   

 

 

 
Entertainment — 0.9%    

AMC Entertainment Holdings, Inc., Class A

    800        18,392   

Carmike Cinemas, Inc.*

    800        24,784   

Churchill Downs, Inc.

    520        50,700   

Eros International PLC*

    900        13,149   

International Speedway Corp.

    1,100        34,804   

Isle of Capri Casinos, Inc.*

    841        6,307   

Marriott Vacations Worldwide Corp.*

    1,100        69,751   

Multimedia Games Holding Co., Inc.*

    1,070        38,531   

National CineMedia, Inc.

    2,374        34,447   

Penn National Gaming, Inc.*

    3,200        35,872   

Pinnacle Entertainment, Inc.*

    2,182        54,746   

Reading International, Inc., Class A*

    700        5,880   

Scientific Games Corp., Class A*

    1,900        20,463   

SFX Entertainment, Inc.*

    1,500        7,530   

Speedway Motorsports, Inc.

    316        5,391   

Vail Resorts, Inc.

    1,346        116,779   
   

 

 

 
    537,526   
   

 

 

 
Environmental Control — 0.5%    

Advanced Emissions Solutions, Inc.*

    800        17,016   

Calgon Carbon Corp.*

    2,162        41,899   

Casella Waste Systems, Inc., Class A*

    2,300        8,855   

Ceco Environmental Corp.

    709        9,501   

Darling International, Inc.*

    5,867        107,483   

Energy Recovery, Inc.*

    1,918        6,790   

Heritage-Crystal Clean, Inc.*

    200        2,972   

MSA Safety, Inc.

    1,021        50,437   

Nuverra Environmental Solutions, Inc.*

    441        6,505   

Tetra Tech, Inc.

    2,264        56,555   

U.S. Ecology, Inc.

    742        34,696   
   

 

 

 
    342,709   
   

 

 

 
Food — 1.9%    

Annie’s, Inc.*

    500        22,950   

B&G Foods, Inc.

    2,172        59,839   

Boulder Brands, Inc.*

    2,579        35,152   

Cal-Maine Foods, Inc.

    623        55,653   

Calavo Growers, Inc.

    451        20,358   

Chiquita Brands International, Inc.*

    1,824        25,901   
 

 

104


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Food — (continued)    

Dean Foods Co.

    3,700      $ 49,025   

Diamond Foods, Inc.*

    776        22,201   

Fairway Group Holdings Corp.*

    600        2,244   

Fresh Del Monte Produce, Inc.

    1,516        48,360   

Ingles Markets, Inc., Class A

    604        14,309   

Inventure Foods, Inc.*

    500        6,480   

J&J Snack Foods Corp.

    532        49,774   

John B. Sanfilippo & Son, Inc.

    400        12,944   

Lancaster Colony Corp.

    672        57,308   

Lifeway Foods, Inc.*

    87        1,207   

NutriSystem, Inc.

    1,037        15,939   

Post Holdings, Inc.*

    1,700        56,406   

Sanderson Farms, Inc.

    834        73,350   

Seaboard Corp.*

    11        29,425   

Seneca Foods Corp., Class A*

    211        6,035   

Senomyx, Inc.*

    1,800        14,760   

Snyder’s-Lance, Inc.

    1,879        49,793   

SpartanNash Co.

    1,530        29,758   

SUPERVALU, Inc.*

    7,700        68,838   

The Chefs’ Warehouse Holdings, Inc.*

    750        12,195   

The Fresh Market, Inc.*

    1,700        59,381   

Tootsie Roll Industries, Inc.

    811        22,700   

TreeHouse Foods, Inc.*

    1,614        129,927   

United Natural Foods, Inc.*

    1,800        110,628   

Village Super Market, Inc., Class A

    268        6,105   

Weis Markets, Inc.

    466        18,188   
   

 

 

 
    1,187,133   
   

 

 

 
Forest Products & Paper — 0.6%    

Clearwater Paper Corp.*

    778        46,766   

Deltic Timber Corp.

    392        24,429   

KapStone Paper and Packaging Corp.*

    3,240        90,623   

Neenah Paper, Inc.

    574        30,697   

Orchids Paper Products Co.

    400        9,824   

P.H. Glatfelter Co.

    1,659        36,415   

Resolute Forest Products*

    2,700        42,228   

Schweitzer-Mauduit International, Inc.

    1,176        48,581   

Wausau Paper Corp.

    1,781        14,123   

Xerium Technologies, Inc.*

    400        5,844   
   

 

 

 
    349,530   
   

 

 

 
Gas — 1.0%    

Chesapeake Utilities Corp.

    535        22,288   

New Jersey Resources Corp.

    1,632        82,432   

Northwest Natural Gas Co.

    1,050        44,363   

One Gas, Inc.

    2,000        68,500   

Piedmont Natural Gas Co., Inc.

    3,051        102,300   

South Jersey Industries, Inc.

    1,140        60,830   

Southwest Gas Corp.

    1,794        87,153   

The Laclede Group, Inc.

    1,656        76,839   

WGL Holdings, Inc.

    1,994        83,987   
   

 

 

 
    628,692   
   

 

 

 
Hand & Machine Tools — 0.1%    

Franklin Electric Co., Inc.

    1,670        58,016   
   

 

 

 
Healthcare Products — 3.2%    

Abaxis, Inc.

    829        42,039   
     Number of
Shares
   
Value†
 
       
Healthcare Products — (continued)    

ABIOMED, Inc.*

    1,489      $ 36,972   

Accelerate Diagnostics, Inc.*

    951        20,427   

Accuray, Inc.*

    2,738        19,878   

Affymetrix, Inc.*

    2,371        18,921   

AngioDynamics, Inc.*

    958        13,144   

AtriCure, Inc.*

    1,200        17,664   

Atrion Corp.

    37        11,285   

BioTelemetry, Inc.*

    800        5,368   

Cantel Medical Corp.

    1,275        43,835   

Cardiovascular Systems, Inc.*

    1,200        28,356   

Cepheid, Inc.*

    2,680        118,000   

Cerus Corp.*

    3,600        14,436   

CONMED Corp.

    1,003        36,951   

CryoLife, Inc.

    1,399        13,808   

Cyberonics, Inc.*

    1,032        52,797   

Cynosure, Inc., Class A*

    694        14,574   

DexCom, Inc.*

    2,642        105,654   

Endologix, Inc.*

    2,298        24,359   

Exactech, Inc.*

    209        4,784   

GenMark Diagnostics, Inc.*

    1,200        10,764   

Genomic Health, Inc.*

    509        14,410   

Globus Medical, Inc.*

    2,600        51,142   

Greatbatch, Inc.*

    993        42,312   

Haemonetics Corp.*

    1,946        67,954   

Hanger, Inc.*

    1,408        28,892   

HeartWare International, Inc.*

    689        53,487   

ICU Medical, Inc.*

    479        30,742   

Insulet Corp.*

    2,146        79,080   

Integra LifeSciences Holdings Corp.*

    1,026        50,931   

Invacare Corp.

    1,190        14,054   

K2M Group Holdings, Inc.*

    600        8,658   

LDR Holding Corp.*

    700        21,791   

Luminex Corp.*

    1,353        26,384   

Masimo Corp.*

    1,904        40,517   

Merge Healthcare, Inc.*

    1,657        3,645   

Meridian Bioscience, Inc.

    1,760        31,134   

Merit Medical Systems, Inc.*

    1,875        22,275   

MiMedx Group, Inc.*

    3,200        22,816   

Nanostring Technologies, Inc.*

    600        6,564   

Natus Medical, Inc.*

    1,175        34,674   

Navidea Biopharmaceuticals, Inc.*

    6,000        7,920   

NuVasive, Inc.*

    1,706        59,488   

NxStage Medical, Inc.*

    2,284        29,989   

OraSure Technologies, Inc.*

    2,201        15,891   

Orthofix International N.V.

    671        20,774   

PhotoMedex, Inc.*

    700        4,340   

Quidel Corp.*

    1,051        28,240   

Rockwell Medical, Inc.*

    1,800        16,452   

Spectranetics Corp.*

    1,365        36,268   

STAAR Surgical Co.*

    1,400        14,882   

STERIS Corp.

    2,132        115,043   

SurModics, Inc.*

    773        14,038   

Symmetry Medical, Inc.*

    1,744        17,597   

Tandem Diabetes Care, Inc.*

    400        5,368   

The Female Health Co.

    904        3,155   

Thoratec Corp.*

    2,200        58,806   
 

 

105


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Healthcare Products — (continued)   

Tornier N.V.

    1,200      $ 28,680   

Unilife Corp.*

    3,410        7,826   

Utah Medical Products, Inc.

    200        9,752   

Vascular Solutions, Inc.*

    483        11,930   

Volcano Corp.*

    1,964        20,897   

West Pharmaceutical Services, Inc.

    2,578        115,391   

Wright Medical Group, Inc.*

    1,861        56,388   

Zeltiq Aesthetics, Inc.*

    1,100        24,893   
   

 

 

 
    2,029,486   
   

 

 

 
Healthcare Services — 1.5%    

Acadia Healthcare Co., Inc.*

    1,500        72,750   

Addus Homecare Corp.*

    400        7,840   

Air Methods Corp.*

    1,487        82,603   

Alliance Healthcare Services, Inc.*

    200        4,522   

Almost Family, Inc.*

    177        4,809   

Amedisys, Inc.*

    806        16,257   

Amsurg Corp.*

    1,623        81,231   

Bio-Reference Labs, Inc.*

    1,007        28,257   

Capital Senior Living Corp.*

    1,036        21,994   

Five Star Quality Care, Inc.*

    2,500        9,425   

Gentiva Health Services, Inc.*

    1,123        18,844   

HealthSouth Corp.

    3,136        115,719   

Healthways, Inc.*

    1,258        20,153   

IPC The Hospitalist Co., Inc.*

    647        28,979   

Kindred Healthcare, Inc.

    2,486        48,228   

LHC Group, Inc.*

    382        8,862   

Magellan Health Services, Inc.*

    1,041        56,974   

Molina Healthcare, Inc.*

    1,168        49,406   

National Healthcare Corp.

    406        22,537   

NeoStem, Inc.*

    1,400        7,742   

RadNet, Inc.*

    1,500        9,930   

Select Medical Holdings Corp.

    3,100        37,293   

Skilled Healthcare Group, Inc.,
Class A*

    561        3,703   

Surgical Care Affiliates, Inc.*

    400        10,692   

The Ensign Group, Inc.

    740        25,752   

Triple-S Management Corp., Class B*

    691        13,751   

U.S. Physical Therapy, Inc.

    591        20,916   

Universal American Corp.*

    1,780        14,311   

WellCare Health Plans, Inc.*

    1,726        104,147   
   

 

 

 
    947,627   
   

 

 

 
Holding Companies — 0.1%    

Harbinger Group, Inc.*

    3,375        44,280   

National Bank Holdings Corp.

    1,700        32,504   
   

 

 

 
    76,784   
   

 

 

 
Home Builders — 0.7%    

Beazer Homes USA, Inc.*

    924        15,505   

Cavco Industries, Inc.*

    369        25,092   

Hovnanian Enterprises, Inc., Class A*

    4,810        17,653   

Installed Building Products, Inc.*

    600        8,430   

KB Home

    3,400        50,796   

LGI Homes, Inc.*

    400        7,344   

M/I Homes, Inc.*

    836        16,569   

MDC Holdings, Inc.

    1,500        37,980   

Meritage Homes Corp.*

    1,490        52,895   

Standard Pacific Corp.*

    5,590        41,869   
      Number of
Shares
    
Value†
 
       
Home Builders — (continued)      

The New Home Co., Inc.*

     600       $ 8,100   

The Ryland Group, Inc.

     1,746         58,037   

TRI Pointe Homes, Inc.*

     5,700         73,758   

UCP, Inc., Class A*

     500         5,975   

WCI Communities, Inc.*

     400         7,376   

William Lyon Homes, Class A*

     600         13,260   

Winnebago Industries, Inc.*

     1,122         24,426   
     

 

 

 
     465,065   
     

 

 

 
Home Furnishings — 0.5%      

American Woodmark Corp.*

     369         13,601   

Daktronics, Inc.

     1,209         14,859   

DTS, Inc.*

     703         17,751   

Ethan Allen Interiors, Inc.

     1,028         23,438   

Flexsteel Industries, Inc.

     200         6,746   

iRobot Corp.*

     1,082         32,947   

Kimball International, Inc., Class B

     1,244         18,722   

La-Z-Boy, Inc.

     1,962         38,828   

Norcraft Cos, Inc.*

     500         7,975   

Select Comfort Corp.*

     2,072         43,346   

Skullcandy, Inc.*

     407         3,171   

TiVo, Inc.*

     3,955         50,604   

Universal Electronics, Inc.*

     700         34,559   

VOXX International Corp.*

     825         7,673   
     

 

 

 
     314,220   
     

 

 

 
Hotels & Resorts — 0.1%      

Caesars Entertainment Corp.*

     2,000         25,160   

La Quinta Holdings Inc*

     1,800         34,182   
     

 

 

 
        59,342   
     

 

 

 
Household Products & Wares — 0.4%   

ACCO Brands Corp.*

     4,393         30,312   

Central Garden & Pet Co., Class A*

     1,202         9,664   

CSS Industries, Inc.

     212         5,141   

Helen of Troy Ltd.*

     1,095         57,509   

Prestige Brands Holdings, Inc.*

     1,972         63,834   

Tumi Holdings, Inc.*

     1,800         36,630   

WD-40 Co.

     446         30,310   
     

 

 

 
     233,400   
     

 

 

 
Housewares — 0.0%      

Libbey, Inc.*

     800         21,008   

Lifetime Brands, Inc.

     200         3,062   
     

 

 

 
     24,070   
     

 

 

 
Insurance — 2.9%      

Ambac Financial Group, Inc.*

     1,700         37,570   

American Equity Investment Life
Holding Co.

     2,876         65,803   

AMERISAFE, Inc.

     708         27,690   

AmTrust Financial Services, Inc.

     967         38,506   

Argo Group International Holdings Ltd.

     1,041         52,373   

Atlas Financial Holdings, Inc.*

     400         5,536   

Baldwin & Lyons, Inc., Class B

     325         8,027   

Citizens, Inc.*

     1,466         9,470   

CNO Financial Group, Inc.

     7,893         133,865   

Crawford & Co., Class B

     1,538         12,688   

Donegal Group, Inc., Class A

     283         4,347   
 

 

106


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Insurance — (continued)    

eHealth, Inc.*

    720      $      17,374   

EMC Insurance Group, Inc.

    100        2,888   

Employers Holdings, Inc.

    1,282        24,678   

Enstar Group Ltd.*

    274        37,352   

Essent Group Ltd.*

    1,700        36,397   

FBL Financial Group, Inc., Class A

    327        14,617   

Federated National Holding Co.

    500        14,045   

Fidelity & Guaranty Life

    500        10,675   

First American Financial Corp.

    4,173        113,172   

Global Indemnity PLC

    383        9,663   

Greenlight Capital Re, Ltd., Class A*

    1,128        36,558   

Hallmark Financial Services, Inc.*

    255        2,629   

HCI Group, Inc.

    300        10,797   

Hilltop Holdings, Inc.*

    2,792        55,980   

Horace Mann Educators Corp.

    1,509        43,022   

Infinity Property & Casualty Corp.

    420        26,884   

Kansas City Life Insurance Co.

    73        3,238   

Kemper Corp.

    1,800        61,470   

Maiden Holdings Ltd.

    2,268        25,129   

Meadowbrook Insurance Group, Inc.

    1,518        8,880   

MGIC Investment Corp.*

    12,827        100,179   

Montpelier Re Holdings Ltd.

    1,507        46,853   

National General Holdings Corp.

    1,500        25,335   

National Interstate Corp.

    402        11,216   

National Western Life Insurance Co.,Class A

    52        12,844   

NMI Holdings, Inc., Class A*

    2,100        18,165   

OneBeacon Insurance Group Ltd., Class A

    1,100        16,951   

Platinum Underwriters Holdings Ltd.

    1,056        64,279   

Primerica, Inc.

    2,100        101,262   

Radian Group, Inc.

    6,803        97,011   

RLI Corp.

    1,722        74,545   

Safety Insurance Group, Inc.

    582        31,376   

Selective Insurance Group, Inc.

    2,175        48,154   

State Auto Financial Corp.

    776        15,916   

Stewart Information Services Corp.

    808        23,715   

Symetra Financial Corp.

    2,900        67,657   

The Navigators Group, Inc.*

    395        24,292   

The Phoenix Cos., Inc.*

    146        8,185   

Third Point Reinsurance Ltd.

    2,300        33,465   

United Fire Group, Inc.

    680        18,884   

United Insurance Holdings Corp.

    800        12,000   

Universal Insurance Holdings, Inc.

    1,251        16,175   
   

 

 

 
    1,819,782   
   

 

 

 
Internet — 2.3%    

1-800-Flowers.com, Inc., Class A*

    737        5,299   

Angie’s List, Inc.*

    1,600        10,192   

Bankrate, Inc.*

    2,723        30,933   

Barracuda Networks, Inc.*

    200        5,130   

Bazaarvoice, Inc.*

    1,900        14,041   

Blucora, Inc.*

    1,496        22,799   

Blue Nile, Inc.*

    439        12,533   

Boingo Wireless, Inc.*

    900        6,417   

Brightcove, Inc.*

    1,200        6,696   

BroadSoft, Inc.*

    1,261        26,531   

ChannelAdvisor Corp.*

    900        14,760   

Chegg, Inc.*

    3,100        19,344   
     Number of
Shares
   
Value†
 
       
Internet — (continued)    

Cinedigm Corp., Class A*

    2,500      $        3,875   

Cogent Communications Group, Inc.

    1,819        61,137   

comScore, Inc.*

    1,359        49,481   

Constant Contact, Inc.*

    1,165        31,618   

Conversant, Inc.*

    2,390        81,858   

Coupons.com, Inc.*

    500        5,980   

CyrusOne, Inc.

    1,300        31,252   

Dealertrack Technologies, Inc.*

    2,096        90,987   

Dice Holdings, Inc.*

    1,163        9,746   

Endurance International Group
Holdings, Inc.*

    1,400        22,778   

ePlus, Inc.*

    174        9,753   

FTD Cos, Inc.*

    818        27,902   

Global Eagle Entertainment, Inc.*

    1,500        16,830   

Global Sources Ltd.

    316        2,120   

Grubhub, Inc.*

    400        13,696   

HealthStream, Inc.*

    900        21,609   

Internap Network Services Corp.*

    1,921        13,255   

IntraLinks Holdings, Inc.*

    1,700        13,770   

Limelight Networks, Inc.*

    1,172        2,737   

Lionbridge Technologies, Inc.*

    2,243        10,094   

Liquidity Services, Inc.*

    1,035        14,231   

Marketo, Inc.*

    1,100        35,530   

ModusLink Global Solutions, Inc.*

    945        3,374   

Move, Inc.*

    1,179        24,712   

New Media Investment Group, Inc.

    1,300        21,619   

NIC, Inc.

    2,629        45,271   

Orbitz Worldwide, Inc.*

    1,476        11,616   

Overstock.com, Inc.*

    571        9,627   

Perficient, Inc.*

    1,245        18,663   

Q2 Holdings, Inc.*

    600        8,400   

QuinStreet, Inc.*

    1,815        7,532   

ReachLocal, Inc.*

    200        722   

RealNetworks, Inc.*

    515        3,579   

Reis, Inc.

    400        9,436   

RetailMeNot, Inc.*

    1,300        21,008   

Rightside Group Ltd.*

    260        2,535   

RingCentral, Inc., Class A*

    1,200        15,252   

Safeguard Scientifics, Inc.*

    1,050        19,320   

Sapient Corp.*

    4,152        58,128   

Shutterfly, Inc.*

    1,390        67,749   

Shutterstock, Inc.*

    600        42,828   

SPS Commerce, Inc.*

    700        37,205   

Stamps.com, Inc.*

    462        14,673   

TechTarget, Inc.*

    500        4,295   

TeleCommunication Systems, Inc.,
Class A*

    1,400        3,906   

Textura Corp.*

    800        21,120   

Travelzoo, Inc.*

    311        4,821   

Trulia, Inc.*

    1,486        72,665   

Unwired Planet, Inc.*

    1,950        3,627   

VASCO Data Security International, Inc.*

    828        15,550   

VirnetX Holding Corp.*

    1,583        9,498   

Web.com Group, Inc.*

    2,000        39,920   

WebMD Health Corp.*

    1,486        62,130   

Wix.com Ltd.*

    300        4,875   

XO Group, Inc.*

    1,359        15,234   
 

 

107


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Internet — (continued)    

Zendesk, Inc.*

    400      $ 8,636   

Zix Corp.*

    3,548        12,134   
   

 

 

 
    1,466,574   
   

 

 

 
Investment Companies — 0.1%    

Arlington Asset Investment Corp.,
Class A

    900        22,869   

Caesars Acquisition Co., Class A*

    1,900        17,993   
   

 

 

 
    40,862   
   

 

 

 
Iron & Steel — 0.2%    

AK Steel Holding Corp.*

    5,300        42,453   

Commercial Metals Co.

    4,100        69,987   

Schnitzer Steel Industries, Inc., Class A

    900        21,645   

Shiloh Industries, Inc.*

    400        6,804   

Universal Stainless & Alloy Products, Inc.*

    333        8,778   
   

 

 

 
    149,667   
   

 

 

 
Leisure Time — 0.6%    

Arctic Cat, Inc.

    444        15,460   

Black Diamond, Inc.*

    1,300        9,828   

Brunswick Corp.

    3,368        141,928   

Callaway Golf Co.

    2,746        19,881   

ClubCorp Holdings, Inc.

    800        15,864   

Diamond Resorts International, Inc.*

    1,400        31,864   

Escalade, Inc.

    600        7,236   

Fox Factory Holding Corp.*

    500        7,750   

Interval Leisure Group, Inc.

    1,416        26,975   

Johnson Outdoors, Inc.

    200        5,180   

Life Time Fitness, Inc.*

    1,459        73,592   

Malibu Boats, Inc., Class A*

    500        9,260   

Marine Products Corp.

    160        1,262   

Nautilus, Inc.*

    1,300        15,561   
   

 

 

 
    381,641   
   

 

 

 
Lodging — 0.1%    

Boyd Gaming Corp.*

    3,000        30,480   

Intrawest Resorts Holdings, Inc.*

    1,000        9,670   

Monarch Casino & Resort, Inc.*

    185        2,203   

Morgans Hotel Group Co.*

    1,494        12,057   

The Marcus Corp.

    933        14,741   
   

 

 

 
    69,151   
   

 

 

 
Machinery — Construction & Mining — 0.1%   

Astec Industries, Inc.

    698        25,456   

Hyster-Yale Materials Handling, Inc.

    444        31,799   
   

 

 

 
    57,255   
   

 

 

 
Machinery — Diversified — 1.0%   

Alamo Group, Inc.

    317        12,997   

Albany International Corp., Class A

    1,132        38,533   

Altra Industrial Motion Corp.

    1,003        29,247   

Applied Industrial Technologies, Inc.

    1,482        67,653   

Briggs & Stratton Corp.

    1,936        34,887   

Chart Industries, Inc.*

    1,177        71,950   

Cognex Corp.*

    3,314        133,455   

Columbus McKinnon Corp.

    685        15,063   

DXP Enterprises, Inc.*

    522        38,461   

Global Power Equipment Group, Inc.

    900        13,410   

Hurco Cos., Inc.

    200        7,532   

Intevac, Inc.*

    800        5,336   
      Number of
Shares
    
Value†
 
       
Machinery — Diversified — (continued)   

Kadant, Inc.

     499       $ 19,486   

Lindsay Corp.

     453         33,862   

Manitex International, Inc.*

     500         5,645   

NACCO Industries, Inc., Class A

     222         11,040   

Power Solutions International, Inc.*

     100         6,900   

Tennant Co.

     736         49,378   

The ExOne Co.*

     500         10,445   

The Gorman-Rupp Co.

     751         22,560   

Twin Disc, Inc.

     235         6,336   
     

 

 

 
     634,176   
     

 

 

 
Media — 1.0%      

A.H. Belo Corp., Class A

     1,100         11,737   

Central European Media Enterprises Ltd., Class A

     3,100         6,975   

Crown Media Holdings, Inc., Class A*

     217         694   

Cumulus Media, Inc., Class A*

     5,200         20,956   

Daily Journal Corp.*

     2         361   

Demand Media, Inc.*

     260         2,301   

Dex Media, Inc.*

     700         6,692   

E.W. Scripps Co., Class A*

     1,206         19,670   

Entercom Communications Corp., Class A*

     1,400         11,242   

Entravision Communications Corp., Class A

     2,800         11,088   

Gray Television, Inc.*

     2,000         15,760   

Hemisphere Media Group, Inc.*

     600         6,396   

Houghton Mifflin Harcourt Co.*

     4,300         83,592   

Journal Communications, Inc.,
Class A*

     1,784         15,039   

Lee Enterprises, Inc.*

     1,700         5,746   

Martha Stewart Living Omnimedia,
Inc., Class A*

     562         2,023   

Media General, Inc., Class A*

     2,200         28,842   

Meredith Corp.

     1,200         51,360   

Nexstar Broadcasting Group, Class A

     1,100         44,462   

Saga Communications, Inc.

     133         4,466   

Scholastic Corp.

     956         30,898   

Sinclair Broadcast Group, Inc., Class A

     2,417         63,060   

The McClatchy Co., Class A*

     2,400         8,064   

The New York Times Co., Class A

     5,321         59,702   

Time, Inc.*

     4,300         100,749   

World Wrestling Entertainment, Inc.,
Class A

     1,314         18,094   
     

 

 

 
     629,969   
     

 

 

 
Metal Fabricate/Hardware — 0.9%      

A.M. Castle & Co.*

     435         3,715   

Ampco-Pittsburgh Corp.

     214         4,280   

CIRCOR International, Inc.

     735         49,488   

Dynamic Materials Corp.

     690         13,144   

Furmanite Corp.*

     1,354         9,153   

Global Brass & Copper Holdings, Inc.

     600         8,802   

Haynes International, Inc.

     564         25,938   

L.B. Foster Co., Class A

     366         16,814   

Mueller Industries, Inc.

     2,188         62,446   

Mueller Water Products, Inc., Class A

     6,192         51,270   

NN, Inc.

     700         18,704   

Northwest Pipe Co.*

     483         16,470   

Olympic Steel, Inc.

     231         4,752   

Omega Flex, Inc.

     59         1,148   

RBC Bearings, Inc.

     937         53,128   
 

 

108


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Metal Fabricate/Hardware — (continued)   

Rexnord Corp.*

    3,000      $ 85,350   

RTI International Metals, Inc.*

    1,113        27,447   

Sun Hydraulics Corp.

    859        32,290   

Worthington Industries, Inc.

    1,984        73,844   
   

 

 

 
    558,183   
   

 

 

 
Mining — 0.8%    

Allied Nevada Gold Corp.*

    4,000        13,240   

Century Aluminum Co.*

    1,754        45,551   

Coeur Mining, Inc.*

    3,828        18,987   

Globe Specialty Metals, Inc.

    2,414        43,911   

Gold Resource Corp.

    1,300        6,656   

Hecla Mining Co.

    12,817        31,786   

Horsehead Holding Corp.*

    1,983        32,779   

Kaiser Aluminum Corp.

    716        54,573   

Materion Corp.

    857        26,284   

Molycorp, Inc.*

    5,800        6,902   

Noranda Aluminium Holding Corp.

    2,500        11,300   

Ring Energy, Inc.*

    800        11,792   

Stillwater Mining Co.*

    4,524        67,996   

United States Lime & Minerals, Inc.

    29        1,686   

US Silica Holdings, Inc.

    1,900        118,769   
   

 

 

 
    492,212   
   

 

 

 
Miscellaneous Manufacturing — 1.8%   

Actuant Corp., Class A

    2,806        85,639   

American Railcar Industries, Inc.

    400        29,568   

AZZ, Inc.

    976        40,768   

Barnes Group, Inc.

    2,065        62,673   

Blount International, Inc.*

    1,995        30,184   

Chase Corp.

    200        6,224   

CLARCOR, Inc.

    1,798        113,418   

EnPro Industries, Inc.*

    917        55,506   

Fabrinet*

    1,500        21,900   

Federal Signal Corp.

    2,343        31,021   

FreightCar America, Inc.

    570        18,981   

GP Strategies Corp.*

    696        19,989   

Handy & Harman Ltd.*

    200        5,252   

Harsco Corp.

    3,200        68,512   

Hillenbrand, Inc.

    2,374        73,333   

John Bean Technologies Corp.

    1,229        34,572   

Koppers Holdings, Inc.

    820        27,191   

LSB Industries, Inc.*

    749        26,747   

Lydall, Inc.*

    600        16,206   

Movado Group, Inc.

    760        25,126   

Myers Industries, Inc.

    1,125        19,845   

NL Industries, Inc.

    90        662   

Park-Ohio Holdings Corp.

    400        19,144   

Polypore International, Inc.*

    1,800        70,038   

Proto Labs, Inc.*

    900        62,100   

Raven Industries, Inc.

    1,346        32,842   

Smith & Wesson Holding Corp.*

    2,179        20,570   

Standex International Corp.

    500        37,070   

Sturm Ruger & Co., Inc.

    819        39,877   

Tredegar Corp.

    1,061        19,533   

TriMas Corp.*

    1,795        43,672   
   

 

 

 
    1,158,163   
   

 

 

 
      Number of
Shares
    
Value†
 
       
Office & Business Equipment — 0.0%   

Eastman Kodak Co.*

     800       $ 17,576   
Office Furnishings — 0.4%      

Herman Miller, Inc.

     2,232         66,625   

HNI Corp.

     1,543         55,533   

Interface, Inc.

     2,595         41,883   

Knoll, Inc.

     1,953         33,806   

Steelcase, Inc., Class A

     3,131         50,691   
     

 

 

 
     248,538   
     

 

 

 
Oil & Gas — 2.9%      

Abraxas Petroleum Corp.*

     4,100         21,648   

Adams Resources & Energy, Inc.

     100         4,429   

Alon USA Energy, Inc.

     952         13,671   

American Eagle Energy Corp.*

     1,200         4,884   

Apco Oil and Gas International, Inc.

     258         3,326   

Approach Resources, Inc.*

     1,341         19,444   

Bill Barrett Corp.*

     2,025         44,631   

Bonanza Creek Energy, Inc.*

     1,300         73,970   

BPZ Resources, Inc.*

     4,183         7,990   

Callon Petroleum Co.*

     2,000         17,620   

Carrizo Oil & Gas, Inc.*

     1,765         94,992   

Clayton Williams Energy, Inc.*

     217         20,930   

Comstock Resources, Inc.

     1,987         36,998   

Contango Oil & Gas Co.*

     703         23,368   

Delek US Holdings, Inc.

     2,298         76,110   

Diamondback Energy, Inc.*

     1,500         112,170   

Emerald Oil, Inc.*

     2,200         13,530   

Energy XXI Bermuda Ltd.

     3,733         42,370   

Evolution Petroleum Corp.

     500         4,590   

EXCO Resources, Inc.

     6,375         21,292   

Forest Oil Corp.*

     3,900         4,563   

FX Energy, Inc.*

     1,389         4,223   

Gastar Exploration, Inc.*

     2,600         15,262   

Goodrich Petroleum Corp.*

     1,281         18,984   

Halcon Resources Corp.*

     9,876         39,109   

Harvest Natural Resources, Inc.*

     1,400         5,138   

Hercules Offshore, Inc.*

     6,105         13,431   

Isramco, Inc.*

     21         2,565   

Jones Energy, Inc.*

     600         11,268   

Kodiak Oil & Gas Corp.*

     10,300         139,771   

Magnum Hunter Resources Corp.*

     7,500         41,775   

Matador Resources Co.*

     2,900         74,965   

Midstates Petroleum Co., Inc.*

     1,100         5,555   

Miller Energy Resources, Inc.*

     1,900         8,360   

Northern Oil & Gas, Inc.*

     2,253         32,038   

Panhandle Oil and Gas, Inc., Class A

     317         18,925   

Parker Drilling Co.*

     5,217         25,772   

Parsley Energy, Inc., Class A*

     2,000         42,660   

PDC Energy, Inc.*

     1,412         71,009   

Penn Virginia Corp.*

     2,412         30,656   

PetroQuest Energy, Inc.*

     1,539         8,649   

Quicksilver Resources, Inc.*

     4,600         2,773   

Resolute Energy Corp.*

     3,000         18,810   

Rex Energy Corp.*

     1,800         22,806   

Rosetta Resources, Inc.*

     2,237         99,681   

RSP Permian, Inc.*

     900         23,004   
 

 

109


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Oil & Gas — (continued)    

Sanchez Energy Corp.*

    1,900      $ 49,894   

Stone Energy Corp.*

    2,079        65,197   

Swift Energy Co.*

    1,889        18,134   

Synergy Resources Corp.*

    2,500        30,475   

Transatlantic Petroleum Ltd.*

    1,000        8,990   

Trecora Resources*

    1,000        12,380   

Triangle Petroleum Corp.*

    2,800        30,828   

Vaalco Energy, Inc.*

    2,430        20,655   

W&T Offshore, Inc.

    1,643        18,073   

Warren Resources, Inc.*

    3,605        19,106   

Western Refining, Inc.

    2,037        85,534   
   

 

 

 
    1,798,981   
   

 

 

 
Oil & Gas Services — 1.4%    

Basic Energy Services, Inc.*

    1,188        25,768   

C J Energy Services, Inc.*

    1,530        46,741   

CARBO Ceramics, Inc.

    800        47,384   

CHC Group Ltd.*

    1,400        7,840   

Dawson Geophysical Co.

    215        3,909   

Exterran Holdings, Inc.

    2,300        101,913   

Flotek Industries, Inc.*

    2,000        52,140   

Forum Energy Technologies, Inc.*

    2,300        70,403   

Geospace Technologies Corp.*

    476        16,731   

Gulf Island Fabrication, Inc.

    518        8,910   

Helix Energy Solutions Group, Inc.*

    4,101        90,468   

Hornbeck Offshore Services, Inc.*

    1,378        45,102   

ION Geophysical Corp.*

    5,465        15,247   

Key Energy Services, Inc.*

    5,224        25,284   

Matrix Service Co.*

    987        23,806   

Mitcham Industries, Inc.*

    300        3,315   

Natural Gas Services Group, Inc.*

    594        14,298   

Newpark Resources, Inc.*

    3,512        43,689   

North Atlantic Drilling Ltd.

    2,800        18,648   

Pioneer Energy Services Corp.*

    2,650        37,153   

SEACOR Holdings, Inc.*

    800        59,840   

Tesco Corp.

    1,400        27,790   

TETRA Technologies, Inc.*

    2,979        32,233   

Thermon Group Holdings, Inc.*

    1,100        26,862   

Vantage Drilling Co.

    9,090        11,544   

Willbros Group, Inc.*

    1,517        12,637   
   

 

 

 
    869,655   
   

 

 

 
Packaging and Containers — 0.4%    

AEP Industries, Inc.*

    138        5,226   

Berry Plastics Group, Inc.*

    3,500        88,340   

Graphic Packaging Holding Co.*

    11,887        147,759   

UFP Technologies, Inc.*

    200        4,396   
   

 

 

 
    245,721   
   

 

 

 
Pharmaceuticals — 3.6%    

ACADIA Pharmaceuticals, Inc.*

    2,800        69,328   

AcelRx Pharmaceuticals, Inc.*

    900        4,941   

Achillion Pharmaceuticals, Inc.*

    3,300        32,934   

Actinium Pharmaceuticals, Inc.*

    800        5,360   

Aegerion Pharmaceuticals, Inc.*

    1,100        36,718   

Aerie Pharmaceuticals, Inc.*

    300        6,207   

Agios Pharmaceuticals, Inc.*

    400        24,540   

Akebia Therapeutics, Inc.*

    300        6,639   
     Number of
Shares
   
Value†
 
       
Pharmaceuticals — (continued)    

Akorn, Inc.*

    2,413      $ 87,520   

Alimera Sciences, Inc.*

    1,100        5,962   

Ampio Pharmaceuticals, Inc.*

    1,200        4,236   

Anacor Pharmaceuticals, Inc.*

    1,000        24,470   

Anika Therapeutics, Inc.*

    500        18,330   

Antares Pharma, Inc.*

    5,200        9,516   

Aratana Therapeutics, Inc.*

    900        9,036   

Array BioPharma, Inc.*

    5,848        20,877   

Auspex Pharmaceuticals, Inc.*

    400        10,268   

Auxilium Pharmaceuticals, Inc.*

    1,765        52,685   

AVANIR Pharmaceuticals, Inc., Class A*

    5,777        68,862   

Bio-Path Holdings, Inc.*

    3,400        6,834   

BioDelivery Sciences International, Inc.*

    1,300        22,217   

BioScrip, Inc.*

    2,011        13,896   

Cempra, Inc.*

    1,200        13,152   

ChemoCentryx, Inc.*

    1,000        4,500   

Chimerix, Inc.*

    1,100        30,382   

Clovis Oncology, Inc.*

    1,000        45,360   

Corcept Therapeutics, Inc.*

    2,900        7,772   

Cytori Therapeutics, Inc.*

    3,510        2,373   

Depomed, Inc.*

    1,883        28,603   

Derma Sciences, Inc.*

    700        5,831   

Durata Therapeutics, Inc.*

    500        6,340   

Dyax Corp.*

    5,020        50,802   

Enanta Pharmaceuticals, Inc.*

    400        15,828   

Endocyte, Inc.*

    1,500        9,120   

Galectin Therapeutics, Inc.*

    800        4,024   

Heron Therapeutics, Inc.*

    900        7,497   

Horizon Pharma PLC*

    2,400        29,472   

Hyperion Therapeutics, Inc.*

    400        10,088   

IGI Laboratories, Inc.*

    700        6,524   

Impax Laboratories, Inc.*

    2,837        67,265   

Infinity Pharmaceuticals, Inc.*

    1,828        24,532   

Insys Therapeutics, Inc.*

    300        11,634   

Intra-Cellular Therapies, Inc.*

    800        10,968   

Ironwood Pharmaceuticals, Inc.*

    4,461        57,792   

Isis Pharmaceuticals, Inc.*

    4,510        175,123   

Keryx Biopharmaceuticals, Inc.*

    3,500        48,125   

Kindred Biosciences, Inc.*

    500        4,625   

Lannett Co., Inc.*

    997        45,543   

MannKind Corp.*

    8,904        52,623   

Nanoviricides, Inc.*

    1,500        4,500   

Natural Grocers By Vitamin Cottage, Inc.*

    400        6,512   

Nature’s Sunshine Products, Inc.

    200        2,966   

Nektar Therapeutics*

    4,833        58,334   

Neogen Corp.*

    1,502        59,329   

Neurocrine Biosciences, Inc.*

    2,777        43,516   

Northwest Biotherapeutics, Inc.*

    1,600        8,048   

Nutraceutical International Corp.*

    196        4,098   

Ohr Pharmaceutical, Inc.*

    1,000        7,250   

Omega Protein Corp.*

    500        6,250   

Ophthotech Corp.*

    600        23,358   

OPKO Health, Inc.*

    7,176        61,068   

Orexigen Therapeutics, Inc.*

    4,188        17,841   

Osiris Therapeutics, Inc.*

    773        9,732   

Pacira Pharmaceuticals, Inc.*

    1,300        125,996   
 

 

110


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Pharmaceuticals — (continued)   

Pain Therapeutics, Inc.*

    1,200      $ 4,692   

Pernix Therapeutics Holdings, Inc.*

    1,500        11,520   

PharMerica Corp.*

    1,220        29,805   

Phibro Animal Health Corp., Class A

    700        15,687   

Portola Pharmaceuticals, Inc.*

    1,500        37,920   

POZEN, Inc.

    1,002        7,355   

Progenics Pharmaceuticals, Inc.*

    2,601        13,499   

Raptor Pharmaceutical Corp.*

    2,600        24,934   

Receptos, Inc.*

    600        37,266   

Relypsa, Inc.*

    700        14,763   

Repros Therapeutics, Inc.*

    900        8,910   

Revance Therapeutics, Inc.*

    400        7,732   

Sagent Pharmaceuticals, Inc.*

    700        21,770   

Sarepta Therapeutics, Inc.*

    1,400        29,540   

Sciclone Pharmaceuticals, Inc.*

    2,277        15,689   

Sucampo Pharmaceuticals, Inc., Class A*

    171        1,111   

Supernus Pharmaceuticals, Inc.*

    1,400        12,166   

Synageva BioPharma Corp.*

    800        55,024   

Synergy Pharmaceuticals, Inc.*

    4,300        11,975   

Synta Pharmaceuticals Corp.*

    1,921        5,782   

Synutra International, Inc.*

    311        1,409   

TESARO, Inc.*

    600        16,152   

Tetraphase Pharmaceuticals, Inc.*

    900        17,955   

TG Therapeutics, Inc.*

    1,200        12,804   

TherapeuticsMD, Inc.*

    3,200        14,848   

Threshold Pharmaceuticals, Inc.*

    2,000        7,220   

USANA Health Sciences, Inc.*

    224        16,500   

Vanda Pharmaceuticals, Inc.*

    1,241        12,882   

Vital Therapies, Inc.*

    300        6,123   

VIVUS, Inc.*

    3,770        14,552   

Xencor, Inc.*

    900        8,379   

XenoPort, Inc.*

    1,927        10,367   

Zogenix, Inc.*

    4,600        5,290   
   

 

 

 
    2,267,693   
   

 

 

 
Pipelines — 0.3%    

Primoris Services Corp.

    1,290        34,624   

SemGroup Corp.

    1,500        124,905   
   

 

 

 
    159,529   
   

 

 

 
Real Estate — 0.4%    

Alexander & Baldwin, Inc.

    1,800        64,746   

AV Homes, Inc.*

    195        2,857   

Consolidated-Tomoka Land Co.

    124        6,085   

Forestar Group, Inc.*

    1,163        20,608   

HFF, Inc., Class A*

    1,400        40,530   

Kennedy-Wilson Holdings, Inc.

    2,681        64,237   

Marcus & Millichap, Inc.*

    100        3,026   

RE/MAX Holdings, Inc., Class A

    400        11,892   

The St. Joe Co.*

    2,500        49,825   
   

 

 

 
    263,806   
   

 

 

 
Retail — 5.5%    

Aeropostale, Inc.*

    3,184        10,475   

America’s Car-Mart, Inc.*

    227        8,987   

American Eagle Outfitters, Inc.

    7,600        110,352   

ANN, Inc.*

    1,785        73,417   

Asbury Automotive Group, Inc.*

    1,049        67,577   
     Number of
Shares
   
Value†
 
       
Retail — (continued)    

Barnes & Noble, Inc.*

    1,400      $ 27,636   

bebe Stores, Inc.

    1,517        3,519   

Big 5 Sporting Goods Corp.

    581        5,444   

Biglari Holdings, Inc.*

    70        23,783   

BJ’s Restaurants, Inc.*

    1,020        36,710   

Bloomin’ Brands, Inc.*

    3,000        55,020   

Bob Evans Farms, Inc.

    842        39,860   

Bravo Brio Restaurant Group, Inc.*

    500        6,485   

Brown Shoe Co., Inc.

    1,654        44,873   

Buffalo Wild Wings, Inc.*

    747        100,300   

Build-A-Bear Workshop, Inc.*

    700        9,156   

Burlington Stores, Inc.*

    1,200        47,832   

Carrols Restaurant Group, Inc.*

    1,713        12,179   

Casey’s General Stores, Inc.

    1,340        96,078   

Cash America International, Inc.

    1,125        49,275   

Christopher & Banks Corp.*

    1,500        14,835   

Chuy’s Holdings, Inc.*

    600        18,834   

Citi Trends, Inc.*

    503        11,116   

Conn’s, Inc.*

    1,104        33,418   

Cracker Barrel Old Country Store, Inc.

    724        74,710   

Del Frisco’s Restaurant Group, Inc.*

    1,000        19,140   

Denny’s Corp.*

    3,552        24,971   

Destination Maternity Corp.

    578        8,924   

Destination XL Group, Inc.*

    1,500        7,080   

DineEquity, Inc.

    671        54,747   

Einstein Noah Restaurant Group, Inc.

    684        13,789   

Express, Inc.*

    3,154        49,234   

Ezcorp, Inc., Class A*

    1,766        17,501   

Fiesta Restaurant Group, Inc.*

    913        45,358   

First Cash Financial Services, Inc.*

    1,162        65,049   

Five Below, Inc.*

    2,100        83,181   

Francesca’s Holdings Corp.*

    1,658        23,096   

Fred’s, Inc., Class A

    1,431        20,034   

Genesco, Inc.*

    895        66,901   

Group 1 Automotive, Inc.

    907        65,948   

Guess?, Inc.

    2,400        52,728   

Haverty Furniture Cos., Inc.

    950        20,700   

hhgregg, Inc.*

    662        4,177   

Hibbett Sports, Inc.*

    955        40,712   

HSN, Inc.

    1,279        78,492   

Ignite Restaurant Group, Inc.*

    300        1,800   

Jack in the Box, Inc.

    1,414        96,421   

Jamba, Inc.*

    940        13,367   

Kirkland’s, Inc.*

    427        6,879   

Krispy Kreme Doughnuts, Inc.*

    2,622        44,993   

Lands’ End, Inc.*

    700        28,784   

Lithia Motors, Inc., Class A

    894        67,667   

Lumber Liquidators Holdings, Inc.*

    1,033        59,274   

MarineMax, Inc.*

    1,000        16,850   

Mattress Firm Holding Corp.*

    500        30,030   

Nathan’s Famous, Inc.*

    100        6,769   

New York & Co., Inc.*

    583        1,766   

Noodles & Co.*

    300        5,757   

Office Depot, Inc.*

    20,810        106,963   

Pacific Sunwear of California, Inc.*

    2,100        3,780   

Papa John’s International, Inc.

    1,010        40,390   
 

 

111


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Retail — (continued)    

PC Connection, Inc.*

    565      $ 12,131   

PetMed Express, Inc.

    1,113        15,137   

Pier 1 Imports, Inc.

    3,644        43,327   

Popeyes Louisiana Kitchen, Inc.*

    959        38,839   

Potbelly Corp.*

    300        3,498   

Pricesmart, Inc.

    731        62,603   

Red Robin Gourmet Burgers, Inc.*

    520        29,588   

Regis Corp.

    1,832        29,239   

Restoration Hardware Holdings, Inc.*

    1,200        95,460   

Roundy’s, Inc.

    900        2,691   

Ruby Tuesday, Inc.*

    2,213        13,035   

Rush Enterprises, Inc., Class A*

    1,435        48,001   

Ruth’s Hospitality Group, Inc.

    1,695        18,713   

Sears Hometown and Outlet Stores, Inc.*

    300        4,650   

Shoe Carnival, Inc.

    758        13,500   

Sonic Automotive, Inc., Class A

    1,534        37,598   

Sonic Corp.*

    2,132        47,671   

Stage Stores, Inc.

    1,381        23,629   

Stein Mart, Inc.

    1,261        14,565   

Systemax, Inc.*

    262        3,267   

Texas Roadhouse, Inc.

    2,470        68,765   

The Bon-Ton Stores, Inc.

    500        4,180   

The Buckle, Inc.

    1,049        47,614   

The Cato Corp., Class A

    1,104        38,044   

The Cheesecake Factory, Inc.

    1,816        82,628   

The Children’s Place Retail Stores, Inc.

    894        42,608   

The Container Store Group, Inc.*

    600        13,062   

The Finish Line, Inc., Class A

    1,793        44,879   

The Men’s Wearhouse, Inc.

    1,856        87,640   

The Pantry, Inc.*

    954        19,299   

The Pep Boys - Manny, Moe, & Jack*

    2,305        20,538   

Tile Shop Holdings, Inc.*

    1,300        12,025   

Tilly’s, Inc.*

    400        3,008   

Tuesday Morning Corp.*

    1,629        31,611   

Vera Bradley, Inc.*

    800        16,544   

Vitamin Shoppe, Inc.*

    1,200        53,268   

West Marine, Inc.*

    664        5,976   

Winmark Corp.

    100        7,350   

Zoe’s Kitchen, Inc.*

    200        6,152   

Zumiez, Inc.*

    703        19,754   
   

 

 

 
    3,457,210   
   

 

 

 
Savings & Loans — 1.6%    

Astoria Financial Corp.

    3,201        39,660   

Banc of California, Inc.

    800        9,304   

Bank Mutual Corp.

    2,432        15,589   

BankFinancial Corp.

    609        6,321   

BBX Capital Corp.*

    400        6,972   

Beneficial Mutual Bancorp, Inc.*

    1,249        15,962   

Berkshire Hills Bancorp, Inc.

    1,102        25,886   

BofI Holding, Inc.*

    500        36,355   

Brookline Bancorp, Inc.

    3,222        27,548   

Capitol Federal Financial, Inc.

    5,600        66,192   

Charter Financial Corp.

    900        9,630   

Clifton Bancorp, Inc.

    1,146        14,428   

Dime Community Bancshares, Inc.

    1,030        14,832   

ESB Financial Corp.

    232        2,710   
     Number of
Shares
   
Value†
 
       
Savings & Loans — (continued)    

EverBank Financial Corp.

    3,600      $ 63,576   

First Defiance Financial Corp.

    300        8,103   

First Financial Northwest, Inc.

    600        6,126   

Flagstar Bancorp, Inc.*

    800        13,464   

Flushing Financial Corp.

    1,338        24,445   

Fox Chase Bancorp, Inc.

    420        6,850   

Home Loan Servicing Solutions Ltd.

    2,800        59,332   

Homestreet, Inc.

    600        10,254   

HomeTrust Bancshares, Inc.*

    900        13,149   

Investors Bancorp, Inc.

    12,955        131,234   

Kearny Financial Corp.*

    852        11,357   

Meridian Bancorp, Inc.*

    1,074        11,342   

Meta Financial Group, Inc.

    200        7,052   

Northfield Bancorp, Inc.

    2,193        29,869   

Northwest Bancshares, Inc.

    3,775        45,678   

OceanFirst Financial Corp.

    327        5,203   

Oritani Financial Corp.

    1,718        24,207   

Pacific Premier Bancorp, Inc.*

    700        9,835   

Provident Financial Services, Inc.

    2,403        39,337   

Sterling Bancorp, Inc.

    2,727        34,878   

Territorial Bancorp, Inc.

    243        4,931   

United Community Financial Corp.

    1,700        7,956   

United Financial Bancorp, Inc.

    2,131        27,042   

Washington Federal, Inc.

    4,000        81,440   

Waterstone Financial, Inc.

    1,500        17,325   

WSFS Financial Corp.

    357        25,565   
   

 

 

 
    1,010,939   
   

 

 

 
Semiconductors — 3.3%    

Alpha & Omega Semiconductor Ltd.*

    400        3,760   

Ambarella, Inc.*

    1,000        43,670   

Amkor Technology, Inc.*

    3,211        27,005   

Applied Micro Circuits Corp.*

    2,958        20,706   

Axcelis Technologies, Inc.*

    6,100        12,139   

Brooks Automation, Inc.

    2,477        26,033   

Cabot Microelectronics Corp.*

    961        39,833   

Cascade Microtech, Inc.*

    700        7,091   

Cavium, Inc.*

    2,079        103,389   

CEVA, Inc.*

    671        9,018   

Cirrus Logic, Inc.*

    2,481        51,729   

Cohu, Inc.

    904        10,821   

Cypress Semiconductor Corp.

    6,200        61,225   

Diodes, Inc.*

    1,399        33,464   

DSP Group, Inc.*

    557        4,941   

Emulex Corp.*

    3,706        18,308   

Entegris, Inc.*

    5,270        60,605   

Entropic Communications, Inc.*

    3,832        10,193   

Exar Corp.*

    1,532        13,711   

Fairchild Semiconductor International, Inc.*

    4,900        76,097   

FormFactor, Inc.*

    2,172        15,573   

Gerber Scientific, Inc.~

    500        0   

GSl Group, Inc.*

    1,500        17,235   

GT Advanced Technologies, Inc.*

    5,299        57,388   

Inphi Corp.*

    1,100        15,818   

Integrated Device Technology, Inc.*

    5,093        81,233   

Integrated Silicon Solution, Inc.

    1,000        13,740   

International Rectifier Corp.*

    2,500        98,100   
 

 

112


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Semiconductors — (continued)    

Intersil Corp., Class A

    5,100      $ 72,471   

IXYS Corp.

    1,266        13,293   

Kopin Corp.*

    1,507        5,124   

Lattice Semiconductor Corp.*

    4,924        36,930   

MaxLinear, Inc., Class A*

    1,400        9,632   

Micrel, Inc.

    1,845        22,195   

Microsemi Corp.*

    3,693        93,839   

MKS Instruments, Inc.

    1,996        66,627   

Monolithic Power Systems, Inc.

    1,367        60,216   

Nanometrics, Inc.*

    900        13,590   

Omnivision Technologies, Inc.*

    1,919        50,777   

Peregrine Semiconductor Corp.*

    1,100        13,607   

Pericom Semiconductor Corp.*

    646        6,292   

Photronics, Inc.*

    2,192        17,646   

PMC-Sierra, Inc.*

    6,900        51,474   

Power Integrations, Inc.

    1,095        59,032   

QLogic Corp.*

    3,200        29,312   

Quicklogic Corp.*

    2,500        7,475   

Rambus, Inc.*

    4,623        57,695   

Rubicon Technology, Inc.*

    1,123        4,773   

Rudolph Technologies, Inc.*

    1,654        14,969   

Semtech Corp.*

    2,609        70,834   

Silicon Image, Inc.*

    2,739        13,805   

Silicon Laboratories, Inc.*

    1,700        69,088   

Tessera Technologies, Inc.

    2,123        56,429   

TriQuint Semiconductor, Inc.*

    6,177        117,795   

Ultra Clean Holdings, Inc.*

    900        8,055   

Ultratech, Inc.*

    978        22,250   

Veeco Instruments, Inc.*

    1,393        48,685   

Vitesse Semiconductor Corp.*

    2,900        10,440   

Xcerra Corp.*

    2,466        24,142   
   

 

 

 
    2,081,317   
   

 

 

 
Software — 4.7%    

2U, Inc.*

    600        9,354   

ACI Worldwide, Inc.*

    4,527        84,926   

Actua Corp.*

    1,428        22,877   

Actuate Corp.*

    1,940        7,566   

Acxiom Corp.*

    2,967        49,104   

Advent Software, Inc.

    2,035        64,225   

Amber Road, Inc.*

    600        10,404   

American Software, Inc., Class A

    593        5,230   

Aspen Technology, Inc.*

    3,553        134,019   

Audience, Inc.*

    400        2,960   

AVG Technologies NV

    1,400        23,212   

Benefitfocus, Inc.*

    200        5,388   

Blackbaud, Inc.

    1,750        68,757   

Bottomline Technologies, Inc.*

    1,545        42,627   

Callidus Software, Inc.*

    2,000        24,040   

Castlight Health, Inc., Class B*

    400        5,176   

CommVault Systems, Inc.*

    1,848        93,139   

Computer Programs & Systems, Inc.

    447        25,698   

Compuware Corp.

    8,600        91,246   

Cornerstone OnDemand, Inc.*

    2,100        72,261   

CSG Systems International, Inc.

    1,281        33,665   

Cvent, Inc.*

    800        20,296   

Demandware, Inc.*

    1,200        61,104   
     Number of
Shares
   
Value†
 
       
Software — (continued)    

Digi International, Inc.*

    657      $ 4,927   

Digital River, Inc.*

    1,388        20,154   

E2open, Inc.*

    1,100        10,241   

Ebix, Inc.

    1,336        18,944   

Envestnet, Inc.*

    1,300        58,500   

EPAM Systems, Inc.*

    1,400        61,306   

Epiq Systems, Inc.

    1,168        20,510   

Fair Isaac Corp.

    1,088        59,949   

Fleetmatics Group PLC

    1,500        45,750   

Glu Mobile, Inc.*

    4,000        20,680   

Guidance Software, Inc.*

    400        2,692   

Guidewire Software, Inc.*

    2,400        106,416   

Imperva, Inc.*

    800        22,984   

inContact, Inc.*

    2,100        18,259   

Infoblox, Inc.*

    2,100        30,975   

InnerWorkings, Inc.*

    1,724        13,947   

Interactive Intelligence Group, Inc.*

    597        24,955   

Jive Software, Inc.*

    1,500        8,745   

Kofax Ltd.*

    3,100        23,994   

Luxoft Holding, Inc.*

    300        11,160   

ManTech International Corp., Class A

    1,039        28,001   

MedAssets, Inc.*

    2,448        50,723   

Medidata Solutions, Inc.*

    2,088        92,477   

MicroStrategy, Inc., Class A*

    318        41,607   

Model N, Inc.*

    300        2,958   

Monotype Imaging Holdings, Inc.

    1,599        45,284   

Omnicell, Inc.*

    1,435        39,219   

PDF Solutions, Inc.*

    1,200        15,132   

Pegasystems, Inc.

    1,260        24,079   

Progress Software Corp.*

    1,986        47,485   

Proofpoint, Inc.*

    1,500        55,710   

PROS Holdings, Inc.*

    917        23,108   

QAD, Inc.

    92        1,713   

Qlik Technologies, Inc.*

    3,441        93,045   

Quality Systems, Inc.

    1,704        23,464   

Rally Software Development Corp.*

    1,000        12,010   

RealPage, Inc.*

    2,000        31,000   

Rocket Fuel, Inc.*

    800        12,640   

Rosetta Stone, Inc.*

    1,202        9,676   

Sapiens International Corp. N.V.

    800        5,920   

SciQuest, Inc.*

    900        13,536   

Seachange International, Inc.*

    1,273        8,860   

SS&C Technologies Holdings, Inc.*

    2,400        105,336   

Synchronoss Technologies, Inc.*

    1,346        61,620   

SYNNEX Corp.*

    1,094        70,705   

Take-Two Interactive Software, Inc.*

    2,944        67,918   

Tangoe, Inc.*

    1,769        23,970   

The Ultimate Software Group, Inc.*

    1,016        143,774   

Tyler Technologies, Inc.*

    1,252        110,677   

Verint Systems, Inc.*

    2,195        122,064   
   

 

 

 
    2,926,073   
   

 

 

 
Storage & Warehousing — 0.2%    

Mobile Mini, Inc.

    1,877        65,639   

Wesco Aircraft Holdings, Inc.*

    2,140        37,236   
   

 

 

 
    102,875   
   

 

 

 
 

 

113


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Telecommunications — 3.1%    

8X8, Inc.*

    3,400      $ 22,712   

ADTRAN, Inc.

    2,205        45,269   

Alliance Fiber Optic Products, Inc.

    600        7,458   

Anixter International, Inc.

    1,034        87,725   

Aruba Networks, Inc.*

    4,213        90,917   

Atlantic Tele-Network, Inc.

    449        24,201   

Black Box Corp.

    562        13,106   

CalAmp Corp.*

    1,400        24,668   

Calix, Inc.*

    1,487        14,231   

Ciena Corp.*

    3,900        65,208   

Cincinnati Bell, Inc.*

    7,785        26,235   

Clearfield, Inc.*

    400        5,092   

Comtech Telecommunications Corp.

    552        20,507   

Comverse, Inc.*

    990        22,107   

Consolidated Communications Holdings, Inc.

    1,345        33,692   

DigitalGlobe, Inc.*

    2,869        81,766   

EarthLink Holdings Corp.

    4,016        13,735   

Enventis Corp.

    400        7,272   

Extreme Networks, Inc.*

    3,147        15,074   

Fairpoint Communications, Inc.*

    600        9,102   

Finisar Corp.*

    3,821        63,543   

General Communication, Inc., Class A*

    986        10,757   

Gigamon, Inc.*

    1,000        10,470   

Globalstar, Inc.*

    11,000        40,260   

Gogo Inc*

    2,200        37,092   

GTT Communications, Inc.*

    800        9,528   

Harmonic, Inc.*

    4,270        27,072   

Hawaiian Telcom Holdco, Inc.*

    500        12,845   

IDT Corp., Class B

    800        12,848   

Infinera Corp.*

    4,694        50,085   

Inteliquent, Inc.

    1,526        18,999   

Intelsat SA*

    1,200        20,568   

InterDigital, Inc.

    1,494        59,491   

Iridium Communications, Inc.*

    3,500        30,975   

Ixia*

    2,113        19,313   

KVH Industries, Inc.*

    354        4,007   

LogMeIn, Inc.*

    881        40,588   

Loral Space & Communications, Inc.*

    546        39,208   

Lumos Networks Corp.

    782        12,708   

MagicJack VocalTec Ltd.

    700        6,895   

NETGEAR, Inc.*

    1,329        41,531   

NeuStar, Inc., Class A*

    1,900        47,177   

NTELOS Holdings Corp.

    382        4,064   

Numerex Corp.*

    800        8,384   

Oclaro, Inc.*

    3,000        4,290   

Oplink Communications, Inc.

    635        10,681   

ORBCOMM, Inc.*

    2,000        11,500   

ParkerVision, Inc.*

    4,100        4,674   

Plantronics, Inc.

    1,667        79,649   

Polycom, Inc.*

    5,500        67,567   

Preformed Line Products Co.

    45        2,374   

Premiere Global Services, Inc.*

    1,656        19,822   

Procera Networks, Inc.*

    700        6,706   

RF Micro Devices, Inc.*

    10,351        119,451   

RigNet, Inc.*

    500        20,225   
     Number of
Shares
   
Value†
 
       
Telecommunications — (continued)    

Ruckus Wireless, Inc.*

    2,700      $ 36,072   

Shenandoah Telecommunications Co.

    859        21,312   

ShoreTel, Inc.*

    2,281        15,169   

Sonus Networks, Inc.*

    9,215        31,515   

Spok Holdings, Inc.

    1,112        14,467   

Telenav, Inc.*

    300        2,010   

Tessco Technologies, Inc.

    200        5,798   

Ubiquiti Networks, Inc.*

    1,200        45,036   

ViaSat, Inc.*

    1,562        86,097   

Vonage Holdings Corp.*

    6,100        20,008   

Vringo, Inc.*

    2,800        2,647   

West Corp.

    1,500        44,190   
   

 

 

 
    1,929,745   
   

 

 

 
Textiles — 0.2%    

Culp, Inc.

    300        5,445   

G&K Services, Inc., Class A

    776        42,975   

The Dixie Group, Inc.*

    900        7,803   

UniFirst Corp.

    577        55,732   
   

 

 

 
    111,955   
   

 

 

 
Toys, Games & Hobbies — 0.0%    

JAKKS Pacific, Inc.*

    584        4,147   

LeapFrog Enterprises, Inc.*

    2,776        16,628   
   

 

 

 
    20,775   
   

 

 

 
Transportation — 1.9%    

Air Transport Services Group, Inc.*

    2,085        15,179   

Arcbest Corp.

    995        37,114   

Ardmore Shipping Corp.

    800        8,720   

Atlas Air Worldwide Holdings, Inc.*

    1,048        34,605   

Baltic Trading Ltd.

    2,200        9,108   

Bristow Group, Inc.

    1,350        90,720   

CAI International, Inc.*

    860        16,641   

Celadon Group, Inc.

    935        18,186   

DHT Holdings, Inc.

    2,900        17,864   

Dorian LPG Ltd.*

    400        7,128   

Echo Global Logistics, Inc.*

    800        18,840   

Era Group, Inc.*

    800        17,400   

Forward Air Corp.

    1,196        53,617   

Frontline Ltd.

    1,200        1,512   

GasLog Ltd.

    1,700        37,417   

Gulfmark Offshore, Inc., Class A

    979        30,692   

Heartland Express, Inc.

    1,967        47,129   

Hub Group, Inc., Class A*

    1,443        58,485   

International Shipholding Corp.

    141        2,522   

Knight Transportation, Inc.

    2,264        62,011   

Knightsbridge Tankers Ltd.

    1,174        10,390   

Marten Transport Ltd.

    1,151        20,499   

Matson, Inc.

    1,600        40,048   

Navios Maritime Acq Corp.

    3,700        10,027   

Navios Maritime Holdings, Inc.

    3,200        19,200   

Nordic American Tankers Ltd.

    3,567        28,358   

Patriot Transportation Holding, Inc.*

    369        12,516   

PHI, Inc.*

    593        24,402   

Quality Distribution, Inc.*

    800        10,224   

Roadrunner Transportation Systems, Inc.*

    1,000        22,790   

Safe Bulkers, Inc.

    1,700        11,322   
 

 

114


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Transportation — (continued)    

Saia, Inc.*

    961      $ 47,627   

Scorpio Bulkers, Inc.

    5,200        30,264   

Scorpio Tankers, Inc.

    5,900        49,029   

Ship Finance International Ltd.

    2,284        38,645   

Swift Transportation Co.*

    3,300        69,234   

Teekay Tankers Ltd., Class A

    3,193        11,910   

Universal Truckload Services, Inc.

    100        2,425   

UTi Worldwide, Inc.

    3,400        36,142   

Werner Enterprises, Inc.

    1,752        44,150   

XPO Logistics, Inc.*

    1,841        69,350   

YRC Worldwide, Inc.*

    1,300        26,416   
   

 

 

 
    1,219,858   
   

 

 

 
Trucking and Leasing — 0.2%    

Greenbrier Cos., Inc.

    1,047        76,829   

TAL International Group, Inc.

    1,293        53,336   

Textainer Group Holdings Ltd.

    812        25,270   
   

 

 

 
    155,435   
   

 

 

 
Water — 0.2%    

American States Water Co.

    1,524        46,360   

Artesian Resources Corp., Class A

    113        2,276   

California Water Service Group

    1,766        39,629   

Connecticut Water Service, Inc.

    319        10,367   

Middlesex Water Co.

    531        10,408   

PICO Holdings, Inc.*

    792        15,800   

SJW Corp.

    488        13,113   

York Water Co.

    697        13,940   
   

 

 

 
    151,893   
   

 

 

 

TOTAL COMMON STOCKS

(Cost $42,555,242)

  

  

    55,478,326   
   

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 8.4%   
Apartments — 0.2%    

American Residential Properties, Inc.*

    1,300        23,842   

Associated Estates Realty Corp.

    2,156        37,752   

Campus Crest Communities, Inc.

    2,300        14,720   

Education Realty Trust, Inc.

    4,405        45,283   

Silver Bay Realty Trust Corp.

    1,637        26,536   

Trade Street Residential, Inc.

    1,200        8,568   
   

 

 

 
    156,701   
   

 

 

 
Building & Real Estate — 1.4%    

Agree Realty Corp.

    596        16,318   

Altisource Residential Corp.

    2,200        52,800   

Anworth Mortgage Asset Corp.

    5,431        26,014   

Apollo Commercial Real Estate Finance, Inc.

    1,600        25,136   

Ares Commercial Real Estate Corp.

    1,000        11,690   

Capstead Mortgage Corp.

    3,475        42,534   

Colony Financial, Inc.

    3,616        80,926   

CYS Investments, Inc.

    5,556        45,781   

Dynex Capital, Inc.

    2,307        18,641   

Getty Realty Corp.

    1,163        19,771   

Gramercy Property Trust, Inc.

    4,800        27,648   

Hatteras Financial Corp.

    3,800        68,248   

Invesco Mortgage Capital, Inc.

    4,907        77,138   

iStar Financial, Inc.*

    3,318        44,793   
     Number of
Shares
   
Value†
 
       
Building & Real Estate — (continued)    

New York Mortgage Trust, Inc.

    3,400      $ 24,582   

PennyMac Mortgage Investment Trust

    2,692        57,690   

Redwood Trust, Inc.

    3,377        55,991   

Resource Capital Corp.

    4,700        22,889   

Select Income REIT

    1,500        36,075   

Starwood Waypoint Residential Trust

    1,600        41,616   

Sun Communities, Inc.

    1,690        85,345   
   

 

 

 
    881,626   
   

 

 

 
Diversified — 0.9%    

AG Mortgage Investment Trust, Inc.

    1,188        21,146   

Armada Hoffler Properties, Inc.

    800        7,264   

CatchMark Timber Trust, Inc., Class A

    700        7,672   

CorEnergy Infrastructure Trust, Inc.

    1,500        11,220   

CoreSite Realty Corp.

    700        23,009   

DuPont Fabros Technology, Inc.

    2,450        66,248   

EPR Properties

    2,010        101,867   

New Residential Investment Corp.

    11,200        65,296   

New York REIT, Inc.

    5,600        57,568   

PS Business Parks, Inc.

    765        58,247   

STAG lndustrial, Inc.

    1,600        33,136   

The Geo Group, Inc.

    2,768        105,793   

UMH Properties, Inc.

    968        9,196   

Whitestone REIT

    800        11,152   
   

 

 

 
    578,814   
   

 

 

 
Diversified Financial Services — 0.3%   

American Capital Mortgage, Inc.

    2,043        38,449   

Apollo Residential Mortgage, Inc.

    1,332        20,553   

ARMOUR Residential REIT, Inc.

    14,200        54,670   

Owens Realty Mortgage, Inc.

    300        4,275   

RAIT Financial Trust, Inc.

    3,606        26,792   

Western Asset Mortgage Capital Corp.

    1,597        23,604   
   

 

 

 
    168,343   
   

 

 

 
Forest Products & Paper — 0.1%    

Potlatch Corp.

    1,578        63,451   
   

 

 

 
Healthcare — 0.8%    

American Realty Capital Healthcare Trust, Inc.

    6,700        70,216   

Aviv REIT, Inc.

    800        21,080   

CareTrust REIT, Inc.*

    740        10,582   

Healthcare Realty Trust, Inc.

    3,672        86,953   

LTC Properties, Inc.

    1,317        48,584   

Medical Properties Trust, Inc.

    6,607        81,002   

National Health Investors, Inc.

    1,257        71,825   

Physicians Realty Trust

    1,500        20,580   

Sabra Healthcare REIT, Inc.

    1,888        45,916   

Universal Health Realty Income Trust

    520        21,674   
   

 

 

 
    478,412   
   

 

 

 
Hotels & Resorts — 1.7%    

Ashford Hospitality Prime, Inc.

    864        13,159   

Ashford Hospitality Trust, Inc.

    2,320        23,710   

Belmond Ltd*

    3,745        43,667   

Chatham Lodging Trust

    1,000        23,080   

Chesapeake Lodging Trust

    2,089        60,894   

DiamondRock Hospitality Co.

    7,523        95,392   
 

 

115


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

     Number of
Shares
   
Value†
 
REAL ESTATE INVESTMENT TRUSTS — (continued)   
Hotels & Resorts — (continued)    

FelCor Lodging Trust, Inc.

    5,018      $ 46,968   

Hersha Hospitality Trust

    7,669        48,852   

LaSalle Hotel Properties

    4,017        137,542   

Pebblebrook Hotel Trust

    2,409        89,952   

RLJ Lodging Trust

    5,000        142,350   

Ryman Hospitality Properties

    1,612        76,248   

Strategic Hotels & Resorts, Inc.*

    9,612        111,980   

Summitt Hotel Properties, Inc.

    3,500        37,730   

Sunstone Hotel Investors, Inc.

    8,032        111,002   
   

 

 

 
      1,062,526   
   

 

 

 
Industrial — 0.6%    

Chambers Street Properties

    9,300        70,029   

DCT Industrial Trust, Inc.

    12,882        96,744   

EastGroup Properties, Inc.

    1,175        71,193   

First Industrial Realty Trust, Inc.

    4,429        74,895   

First Potomac Realty Trust

    2,392        28,106   

Monmouth Real Estate Investment Corp., Class A

    2,049        20,736   

QTS Realty Trust, Inc.

    500        15,175   

Rexford Industrial Realty, Inc.

    900        12,456   

Terreno Realty Corp.

    1,175        22,125   
   

 

 

 
      411,459   
   

 

 

 
Mixed Industrial/Office — 0.5%    

Cousins Properties, Inc.

    7,761        92,744   

Gladstone Commercial Corp.

    652        11,077   

Investors Real Estate Trust

    4,618        35,559   

Lexington Realty Trust

    8,015        78,467   

One Liberty Properties, Inc.

    503        10,176   

Washington Real Estate Investment Trust

    2,606        66,140   
   

 

 

 
      294,163   
   

 

 

 
Office Property — 0.8%    

American Assets Trust, Inc.

    1,400        46,158   

Empire State Realty Trust, Inc.

    3,100        46,562   

Franklin Street Properties Corp.

    3,245        36,409   

Government Properties Income Trust

    2,244        49,166   

Highwoods Properties, Inc.

    3,460        134,594   

Hudson Pacific Properties, Inc.

    1,900        46,854   

Mack-Cali Realty Corp.

    3,500        66,885   

Parkway Properties, Inc.

    2,680        50,330   
   

 

 

 
      476,958   
   

 

 

 
Regional Malls — 0.2%    

Glimcher Realty Trust

    5,816        78,749   

Pennsylvania Real Estate Investment Trust

    2,715        54,137   

Rouse Properties, Inc.

    1,400        22,638   
   

 

 

 
      155,524   
   

 

 

 
Storage & Warehousing — 0.3%    

CubeSmart

    5,425        97,541   

Sovran Self Storage, Inc.

    1,282        95,330   
   

 

 

 
      192,871   
   

 

 

 
Strip Centers — 0.6%    

Acadia Realty Trust

    2,120        58,470   

Alexander’s, Inc.

    57        21,313   

AmREIT, Inc.

    700        16,079   

Cedar Realty Trust, Inc.

    2,826        16,673   
     Number of
Shares
   
Value†
 
       
Strip Centers — (continued)    

Equity One, Inc.

    2,454      $ 53,080   

Excel Trust, Inc.

    1,900        22,363   

Inland Real Estate Corp.

    3,688        36,548   

Kite Realty Group Trust

    1,251        30,324   

Ramco-Gershenson Properties Trust

    2,541        41,291   

Retail Opportunity Investments Corp.

    3,200        47,040   

Saul Centers, Inc.

    451        21,080   

Urstadt Biddle Properties, Inc., Class A

    816        16,565   
   

 

 

 
      380,826   
   

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

(Cost $4,520,804)

  

  

    5,301,674   
   

 

 

 
RIGHTS — 0.0%   

Chelsea Therapeutics Intl Ltd. - Contingent Rights*~

    1,600        0   

Furiex Pharmaceuticals Rights~

    300        2,931   

Leap Wireless CVR~

    2,300        5,796   
   

 

 

 

TOTAL RIGHTS

(Cost $8,671)

      8,727   
   

 

 

 
    

Par

(000)

   
Value†
 
U.S. TREASURY OBLIGATIONS — 0.2%   

U.S. Treasury Bills

   

0.010%, 10/09/14

  $ 15        15,000   

0.010%, 11/28/14

    40        40,000   

0.015%, 11/06/14

    65        64,998   
   

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $119,998)

  

  

    119,998   
   

 

 

 
     Number of
Shares
   
Value†
 
WARRANTS — 0.0%   

Clinical Data, Inc.~

    354        0   

Magnum Hunter Resources Corp.~

    780        0   
   

 

 

 

TOTAL WARRANTS

(Cost $0)

      0   
   

 

 

 
SHORT-TERM INVESTMENTS — 3.2%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,994,240)

    1,994,240        1,994,240   
   

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $49,198,955)(a)

    $ 62,902,965   
   

 

 

 

 

 

~ Fair valued security. The total market value of fair valued securities at September 30, 2014 is $8,820.
See Security Valuation Note.
* Non-income producing security.
 

 

116


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Small Cap Index Fund

 

(a) At September 30, 2014, the cost for Federal income tax purposes was $49,449,287. Net unrealized appreciation was $13,453,678. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $17,536,652 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,082,974.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

 

 

117


Penn Series Funds, Inc.

Small Cap Index Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant
Obser-

vable
Input

   

Level 3
Signi-

ficant
Unobser-

vable
Input

 

COMMON STOCKS

       

Advertising

  $ 76,794      $ 76,794      $      $   

Aerospace & Defense

    939,125        939,125                 

Agriculture

    202,414        202,414                 

Airlines

    226,145        226,145                 

Apparel

    538,911        538,911                 

Auto Manufacturers

    34,632        34,632                 

Auto Parts & Equipment

    716,840        716,840                 

Banks

    4,459,399        4,459,399                 

Beverages

    102,436        102,436                 

Biotechnology

    1,652,381        1,652,381                 

Building Materials

    647,948        647,948                 

Chemicals

    1,210,013        1,210,013                 

Coal

    153,006        153,006                 

Commercial Services

    3,427,778        3,427,778                 

Computers

    1,298,474        1,298,474                 

Cosmetics & Personal Care

    52,198        52,198                 

Distribution & Wholesale

    554,582        554,582                 

Diversified Financial Services

    1,579,684        1,579,591        93          

Electric

    1,150,879        1,150,879                 

Electrical Components & Equipment

    617,670        617,670                 

Electronics

    1,313,460        1,313,460                 

Energy-Alternate Sources

    252,154        252,154                 

Engineering & Construction

    520,594        520,594                 

Entertainment

    537,526        537,526                 

Environmental Control

    342,709        342,709                 

Food

    1,187,133        1,187,133                 

Forest Products & Paper

    349,530        349,530                 

Gas

    628,692        628,692                 

Hand & Machine Tools

    58,016        58,016                 

Healthcare Products

    2,029,486        2,029,486                 

Healthcare Services

    947,627        947,627                 

Holding Companies

    76,784        76,784                 

Home Builders

    465,065        465,065                 

Home Furnishings

    314,220        314,220                 

Hotels & Resorts

    59,342        59,342                 

Household Products & Wares

    233,400        233,400                 

Housewares

    24,070        24,070                 

Insurance

    1,819,782        1,819,782                 

Internet

    1,466,574        1,466,574                 

Investment Companies

    40,862        40,862                 

Iron & Steel

    149,667        149,667                 

Leisure Time

    381,641        381,641                 

Lodging

    69,151        69,151                 

Machinery - Construction & Mining

    57,255        57,255                 

Machinery - Diversified

    634,176        634,176                 

Media

    629,969        629,969                 

Metal Fabricate/Hardware

    558,183        558,183                 

Mining

    492,212        492,212                 

Miscellaneous Manufacturing

    1,158,163        1,158,163                 

Office & Business Equipment

    17,576        17,576                 

Office Furnishings

    248,538        248,538                 

Oil & Gas

    1,798,981        1,798,981                 

Oil & Gas Services

    869,655        869,655                 

Packaging and Containers

    245,721        245,721                 

Pharmaceuticals

    2,267,693        2,267,693                 

Pipelines

    159,529        159,529                 

Real Estate

    263,806        263,806                 

Retail

    3,457,210        3,457,210                 

Savings & Loans

    1,010,939        1,010,939                 

    

 

 

118


Penn Series Funds, Inc.

Small Cap Index Fund

 

Semiconductors

    2,081,317        2,081,317                 

Software

    2,926,073        2,926,073                 

Storage & Warehousing

    102,875        102,875                 

Telecommunications

    1,929,745        1,929,745                 

Textiles

    111,955        111,955                 

Toys, Games & Hobbies

    20,775        20,775                 

Transportation

    1,219,858        1,219,858                 

Trucking and Leasing

    155,435        155,435                 

Water

    151,893        151,893                 

REAL ESTATE INVESTMENT TRUSTS

    5,301,674        5,301,674                 

U.S. TREASURY OBLIGATIONS

    119,998               119,998          

RIGHTS

    8,727               8,727          

SHORT-TERM INVESTMENTS

    1,994,240        1,994,240                 

 

 

TOTAL INVESTMENTS

  $ 62,902,965      $ 62,774,147      $ 128,818      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

119


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — 98.3%   
Australia — 7.4%    

AGL Energy Ltd.

    5,192      $ 61,504   

ALS Ltd.

    2,604        11,983   

Alumina Ltd.*

    24,432        36,188   

Amcor Ltd.

    10,104        100,082   

AMP Ltd.

    23,421        111,712   

APA Group

    6,565        42,710   

Asciano Ltd.

    6,807        35,983   

ASX Ltd.

    1,401        43,939   

Aurizon Holdings Ltd.

    15,495        61,378   

Ausnet Services*

    16,495        19,676   

Australia & New Zealand Banking Group Ltd.

    20,920        565,513   

Bank of Queensland Ltd.

    2,771        28,204   

Bendigo & Adelaide Bank Ltd.

    3,376        35,212   

BHP Billiton Ltd.

    24,557        723,780   

Boral Ltd.

    7,228        31,441   

Brambles Ltd.

    11,190        93,087   

Caltex Australia Ltd.

    1,064        26,045   

CFS Retail Property Trust Group

    14,940        26,083   

Coca-Cola Amatil Ltd.

    4,757        36,519   

Cochlear Ltd.

    371        22,562   

Commonwealth Bank of Australia

    13,020        857,270   

Computershare Ltd.

    3,381        35,952   

Crown Resorts Ltd.

    2,801        33,822   

CSL Ltd.

    3,583        232,271   

Dexus Property Group

    41,009        39,817   

Federation Centres

    9,200        20,755   

Flight Centre Travel Group Ltd.

    439        16,420   

Fortescue Metals Group Ltd.

    13,816        41,973   

Goodman Group

    14,211        64,223   

Harvey Norman Holdings Ltd.

    3,095        9,827   

Iluka Resources Ltd.

    2,885        19,844   

Incitec Pivot Ltd.

    13,126        31,093   

Insurance Australia Group Ltd.

    18,449        98,875   

Leighton Holdings Ltd.

    829        14,022   

Lend Lease Group

    4,265        53,551   

Macquarie Group Ltd.

    2,295        115,483   

Metcash Ltd.

    6,025        13,875   

Mirvac Group

    26,971        40,571   

National Australia Bank Ltd.

    17,921        509,738   

Newcrest Mining Ltd.

    6,279        57,704   

Orica Ltd.

    2,773        45,765   

Origin Energy Ltd.

    8,636        112,942   

Qantas Airways Ltd.*

    6,627        8,050   

QBE Insurance Group Ltd.

    10,872        110,718   

Ramsay Health Care Ltd.

    980        42,944   

REA Group Ltd.

    400        15,131   

Rio Tinto Ltd.

    3,224        167,893   

Santos Ltd.

    7,589        90,769   

Scentre Group*

    41,494        119,387   

Seek Ltd.

    2,700        38,202   

Sonic Healthcare Ltd.

    3,379        51,850   

Stockland

    17,283        59,709   

Suncorp Group Ltd.

    11,084        136,238   

Sydney Airport

    9,267        34,599   

Tabcorp Holdings Ltd.

    6,501        20,558   
     Number of
Shares
   
Value†
 
       
Australia — (continued)    

Tatts Group Ltd.

    12,614      $ 34,728   

Telstra Corp. Ltd.

    33,844        157,029   

The GPT Group

    14,881        50,395   

The GPT Group, In Specie~

    16,419        0   

Toll Holdings Ltd.

    4,477        22,083   

TPG Telecom Ltd.

    2,224        13,321   

Transurban Group

    14,197        95,852   

Treasury Wine Estates Ltd.

    5,248        19,400   

Wesfarmers Ltd.

    8,631        318,068   

Westfield Corp.

    14,100        91,876   

Westpac Banking Corp.

    23,747        666,660   

Woodside Petroleum Ltd.

    5,940        210,915   

Woolworths Ltd.

    9,465        283,420   

WorleyParsons Ltd.

    1,418        18,996   
   

 

 

 
    7,458,185   
   

 

 

 
Austria — 0.2%    

Andritz AG

    668        35,568   

Erste Group Bank AG

    1,965        44,866   

Immoeast AG~

    2,678        0   

IMMOFINANZ AG

    6,387        18,070   

OMV AG

    1,135        38,167   

Raiffeisen Bank International AG

    750        16,248   

Telekom Austria AG

    887        7,993   

Vienna Insurance Group AG Wiener Versicherung Gruppe

    300        13,514   

Voestalpine AG

    1,009        39,845   
   

 

 

 
    214,271   
   

 

 

 
Belgium — 1.3%    

Ageas

    1,719        56,992   

Anheuser-Busch InBev N.V.

    6,144        681,360   

Belgacom S.A.

    1,133        39,447   

Colruyt S.A.

    647        28,509   

Delhaize Group S.A.

    900        62,548   

Groupe Bruxelles Lambert S.A.

    667        61,096   

KBC Groep N.V.

    1,797        95,396   

Solvay S.A.

    480        73,721   

Telenet Group Holding N.V.*

    377        21,666   

UCB S.A.

    1,013        91,792   

Umicore S.A.

    1,008        43,947   
   

 

 

 
    1,256,474   
   

 

 

 
Bermuda — 0.1%    

Seadrill Ltd.

    3,129        83,602   
   

 

 

 
China — 0.1%    

Sands China Ltd.

    19,200        100,163   

Yangzijiang Shipbuilding Holdings Ltd.

    19,000        17,556   
   

 

 

 
    117,719   
   

 

 

 
Denmark — 1.6%    

A.P. Moller - Maersk A/S, B Shares

    55        130,286   

A.P. Moller - Maersk A/S, A Shares

    31        71,508   

Carlsberg A/S, B Shares

    840        74,603   

Coloplast A/S, B Shares

    905        75,683   

Danske Bank A/S

    5,150        139,605   

DSV A/S

    1,264        35,542   

Novo Nordisk A/S, B Shares

    15,346        730,650   
 

 

120


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Denmark — (continued)    

Novozymes A/S, B Shares

    1,916      $ 82,916   

Pandora A/S

    923        72,065   

TDC A/S

    6,200        46,970   

Tryg A/S

    193        20,023   

Vestas Wind Systems A/S*

    1,794        69,944   

William Demant Holding A/S*

    138        10,586   
   

 

 

 
    1,560,381   
   

 

 

 
Finland — 0.9%    

Elisa OYJ

    1,000        26,492   

Fortum OYJ

    3,489        85,069   

Kone OYJ, B Shares

    2,605        104,293   

Metso OYJ

    661        23,418   

Neste Oil OYJ

    812        16,717   

Nokia OYJ

    28,055        238,219   

Nokian Renkaat OYJ

    765        22,954   

Orion OYJ, B Shares

    750        29,284   

Sampo OYJ, A Shares

    3,551        171,697   

Stora Enso OYJ, R Shares

    4,323        35,866   

UPM-Kymmene OYJ

    4,158        59,107   

Wartsila OYJ Abp

    1,184        52,758   
   

 

 

 
    865,874   
   

 

 

 
France — 9.2%    

Accor S.A.

    1,266        56,069   

Aeroports de Paris

    215        25,745   

Air Liquide S.A.

    2,597        316,630   

Alcatel-Lucent*

    21,121        65,144   

Alstom S.A.*

    1,899        65,119   

Arkema S.A.

    505        33,840   

AtoS S.A.

    517        37,439   

AXA S.A.

    13,729        338,182   

BNP Paribas S.A.

    8,063        535,130   

Bollore S.A.

    44        24,952   

Bouygues S.A.

    1,712        55,357   

Bureau Veritas S.A.

    1,772        39,163   

Cap Gemini S.A.

    1,217        87,276   

Carrefour S.A.

    4,584        141,575   

Casino Guichard Perrachon S.A.

    468        50,350   

Christian Dior S.A.

    408        68,350   

CNP Assurances

    1,617        30,437   

Compagnie de Saint-Gobain

    3,266        149,229   

Compagnie Generale des Establissements Michelin, B Shares

    1,486        139,968   

Credit Agricole S.A.

    7,232        109,012   

Danone S.A.

    4,357        291,772   

Dassault Systemes S.A.

    976        62,697   

Edenred

    1,675        41,274   

Electricite de France S.A.

    2,020        66,270   

Essilor International S.A.

    1,615        177,114   

Eurazeo S.A.

    327        23,516   

Eutelsat Communications S.A.

    1,230        39,687   

Fonciere Des Regions

    262        23,599   

GDF Suez

    10,880        272,877   

Gecina S.A.

    190        24,914   

Groupe Eurotunnel S.A.

    3,742        45,711   

ICADE

    313        26,430   

Iliad S.A.

    205        43,245   
     Number of
Shares
   
Value†
 
       
France — (continued)    

Imerys S.A.

    213      $ 15,702   

JCDecaux S.A.

    400        12,615   

Kering

    548        110,488   

Klepierre

    874        38,231   

L’Oreal S.A.

    1,894        300,380   

Lafarge S.A.

    1,338        96,292   

Lagardere S.C.A.

    948        25,369   

Legrand S.A.

    2,075        107,825   

LVMH Moet Hennessy Louis Vuitton S.A.

    2,114        343,278   

Natixis

    7,282        50,100   

Orange S.A.

    13,811        206,097   

Pernod Ricard S.A.

    1,689        191,163   

Peugeot S.A.*

    3,574        45,732   

Publicis Groupe S.A.

    1,450        99,367   

Remy Cointreau S.A.

    152        10,943   

Renault S.A.

    1,493        108,004   

Rexel S.A.

    1,862        34,773   

Safran S.A.

    2,129        138,032   

Sanofi S.A.

    9,096        1,028,496   

Schneider Electric S.A.*

    3,929        301,444   

SCOR SE

    1,378        43,039   

Societe BIC S.A.

    246        31,711   

Societe Generale S.A.

    5,416        276,260   

Sodexo

    765        74,834   

Suez Environment Co.

    2,507        42,404   

Technip S.A.

    838        70,297   

Thales S.A.

    773        41,141   

Total S.A.

    16,413        1,062,815   

Unibail-Rodamco SE

    725        186,440   

Valeo S.A.

    573        63,669   

Vallourec S.A.

    794        36,540   

Veolia Environment S.A.

    2,970        52,371   

Vinci S.A.

    3,607        209,318   

Vivendi S.A.*

    9,039        218,273   

Wendel S.A.

    253        28,672   

Zodiac Aerospace

    1,348        42,986   
   

 

 

 
    9,253,174   
   

 

 

 
Germany — 8.0%    

Adidas AG

    1,710        127,593   

Allianz SE

    3,480        561,786   

Axel Springer AG

    327        17,952   

BASF SE

    7,014        639,802   

Bayer AG

    6,334        881,306   

Bayerische Motoren Werke AG

    2,488        265,905   

Beiersdorf AG

    792        65,896   

Brenntag AG

    1,140        55,797   

Celesio AG

    516        17,132   

Commerzbank AG*

    7,602        112,884   

Continental AG

    878        166,318   

Daimler AG

    7,340        560,536   

Deutsche Bank AG

    10,441        364,576   

Deutsche Boerse AG

    1,516        101,801   

Deutsche Lufthansa AG

    1,991        31,263   

Deutsche Post AG

    7,242        230,840   

Deutsche Telekom AG

    23,573        356,816   

Deutsche Wohnen AG

    2,258        48,091   
 

 

121


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Germany — (continued)    

E.ON SE

    15,047      $ 274,785   

Fraport AG Frankfurt Airport Services Worldwide

    272        17,835   

Fresenius Medical Care AG & Co. KGaA

    1,772        123,430   

Fresenius SE & Co. KGaA

    2,961        146,182   

GEA Group AG

    1,522        66,122   

Hannover Rueck SE

    474        38,256   

HeidelbergCement AG

    1,060        69,770   

Henkel AG & Co. KGaA

    823        76,748   

Hochtief AG

    206        14,138   

Hugo Boss AG

    248        30,917   

Infineon Technologies AG

    8,492        87,408   

K+S AG

    1,330        37,519   

Kabel Deutschland Holding AG

    172        23,332   

LANXESS AG

    691        38,075   

Linde AG

    1,395        267,018   

MAN SE

    297        33,423   

Merck KGaA

    1,016        93,387   

Metro AG*

    1,107        36,304   

Muenchener Ruckversicherungs AG

    1,298        256,055   

OSRAM Licht AG*

    667        24,747   

ProSiebenSat.1 Media AG

    1,773        70,291   

RWE AG

    3,801        147,938   

SAP AG

    7,014        506,200   

Siemens AG

    6,062        721,334   

Sky Deutschland AG*

    3,328        28,132   

Telefonica Deutschland Holding AG*

    4,698        24,502   

ThyssenKrupp AG

    3,706        96,755   

United Internet AG

    908        38,552   

Volkswagen AG

    247        51,035   
   

 

 

 
    8,046,484   
   

 

 

 
Guernsey — 0.1%    

Friends Life Group Ltd.

    10,186        50,726   
   

 

 

 
Hong Kong — 2.9%    

AIA Group Ltd.

    96,800        499,560   

ASM Pacific Technology Ltd.

    1,700        16,813   

Bank of East Asia Ltd.

    11,040        44,648   

BOC Hong Kong Holdings Ltd.

    31,000        98,685   

Cathay Pacific Airways Ltd.

    10,000        18,373   

Cheung Kong Holdings Ltd.

    11,000        180,949   

Cheung Kong Infrastructure Holdings Ltd.

    4,000        28,032   

CLP Holdings Ltd.

    14,000        112,457   

First Pacific Co., Ltd.

    15,750        16,337   

Galaxy Entertainment Group Ltd.

    18,000        104,509   

Hang Lung Properties Ltd.

    19,000        54,005   

Hang Seng Bank Ltd.

    6,400        102,700   

Henderson Land Development Co., Ltd.

    9,075        58,750   

HKT Trust & HKT Ltd.

    21,240        25,599   

Hong Kong & China Gas Co., Ltd.

    49,145        106,513   

Hong Kong Exchanges & Clearing Ltd.

    8,230        177,140   

Hutchison Whampoa Ltd.

    17,000        205,506   

Hysan Development Co., Ltd.

    6,140        28,330   

Kerry Properties Ltd.

    3,509        11,764   

Li & Fung Ltd.

    50,000        56,794   

MGM China Holdings Ltd.

    8,400        24,206   
     Number of
Shares
   
Value†
 
       
Hong Kong — (continued)    

MTR Corp., Ltd.

    11,264      $ 44,170   

New World Development Co., Ltd.

    46,324        53,965   

Noble Group Ltd.

    38,270        38,908   

NWS Holdings Ltd.

    12,295        21,867   

PCCW Ltd.

    33,068        20,782   

Power Assets Holdings Ltd.

    11,500        101,645   

Shangri-La Asia Ltd.

    6,666        9,851   

Sino Land Co., Ltd.

    28,212        43,488   

SJM Holdings Ltd.

    17,000        32,366   

Sun Hung Kai Properties Ltd.

    13,161        186,743   

Swire Pacific Ltd., A Shares

    5,000        64,362   

Swire Properties Ltd.

    9,336        29,089   

Techtronic Industries Co.

    11,000        31,720   

The Link REIT

    18,176        104,887   

The Wharf Holdings Ltd.

    11,000        78,130   

Wheelock & Co., Ltd.

    7,000        33,391   

Yue Yuen Industrial Holdings Ltd.

    7,000        21,147   
   

 

 

 
    2,888,181   
   

 

 

 
Ireland — 0.8%    

Anglo Irish Bank Corp. PLC~

    3,146        0   

Bank of Ireland*

    220,348        86,154   

CRH PLC*

    5,376        122,091   

Experian PLC

    7,210        114,569   

James Hardie Industries PLC

    3,154        32,998   

Kerry Group PLC, A Shares

    1,174        82,772   

Ryanair Holdings PLC ADR*

    59        3,329   

Shire PLC

    4,642        400,517   
   

 

 

 
    842,430   
   

 

 

 
Israel — 0.5%    

Bank Hapoalim BM

    8,292        46,754   

Bank Leumi Le-Israel BM*

    11,337        45,916   

Bezeq The Israeli Telecommunication Corp., Ltd.

    15,011        25,912   

Delek Group Ltd.

    36        13,625   

Israel Chemicals Ltd.

    3,410        24,496   

Mizrahi Tefahot Bank Ltd.

    783        9,360   

NICE Systems Ltd.

    400        16,329   

Teva Pharmaceutical Industries Ltd.

    6,458        347,571   

The Israel Corp. Ltd.*

    16        8,993   
   

 

 

 
    538,956   
   

 

 

 
Italy — 2.4%    

Assicurazioni Generali SpA

    9,385        196,777   

Atlantia SpA

    3,091        75,933   

Banca Monte Dei Paschi di Siena SPA*

    34,821        45,582   

Banco Popolare SC*

    3,001        43,705   

Enel Green Power SpA

    13,747        35,088   

Enel SpA

    52,111        275,675   

Eni SpA

    19,331        458,654   

Exor SpA

    848        32,783   

Fiat SpA*

    6,877        66,279   

Finmeccanica SpA*

    3,179        30,763   

Intesa Sanpaolo SpA

    87,408        263,862   

Intesa Sanpaolo SpA, RSP

    4,624        12,326   

Luxottica Group SpA

    1,314        68,299   

Mediobanca SpA*

    4,539        38,781   
 

 

122


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

      Number of
Shares
    
Value†
 
COMMON STOCKS — (continued)   
Italy — (continued)      

Pirelli & C. SpA

     1,674       $        23,083   

Prysmian SpA

     1,833         33,916   

Saipem SpA

     2,015         42,731   

Snam Rete Gas SpA

     17,071         94,263   

Telecom Italia SpA

     84,348         96,476   

Telecom Italia SpA, RSP

     38,303         33,857   

Terna Rete Elettrica Nasionale SpA

     11,628         58,368   

UniCredit SpA

     33,145         260,385   

Unione di Banche Italiane SCpA

     7,359         61,506   

Unipolsai SPA

     8,602         24,215   
     

 

 

 
     2,373,307   
     

 

 

 
Japan — 20.7%      

ABC-Mart, Inc.

     200         10,215   

Acom Co., Ltd.*

     3,200         10,705   

Advantest Corp.

     1,200         15,492   

Aeon Co., Ltd.

     4,900         48,821   

AEON Financial Service Co., Ltd.

     700         14,980   

Aeon Mall Co., Ltd.

     710         13,563   

Air Water, Inc.

     1,000         14,896   

Aisin Seiki Co., Ltd.

     1,400         50,532   

Ajinomoto Co., Inc.

     4,000         66,520   

Alfresa Holdings Corp.

     1,600         23,034   

Amada Co., Ltd.

     3,000         28,602   

ANA Holdings, Ltd.

     11,000         25,570   

Aozora Bank Ltd.

     10,000         33,814   

Asahi Glass Co., Ltd.

     7,000         37,974   

Asahi Group Holdings Ltd.

     3,200         92,564   

Asahi Kasei Corp.

     9,000         73,191   

Asics Corp.

     1,000         22,554   

Astellas Pharma, Inc.

     17,000         253,191   

Bandai Namco Holdings, Inc.

     1,100         28,299   

Benesse Holdings, Inc.

     700         22,966   

Bridgestone Corp.

     4,800         158,760   

Brother Industries Ltd.

     1,500         27,720   

Calbee, Inc.

     400         13,074   

Canon, Inc.

     8,500         276,555   

Casio Computer Co., Ltd.

     1,500         25,067   

Central Japan Railway Co.

     1,100         148,378   

Chiyoda Corp.

     1,000         11,058   

Chubu Electric Power Co., Inc.

     5,100         58,550   

Chugai Pharmaceutical Co., Ltd.

     1,800         52,102   

Citizen Holdings Co., Ltd.

     3,100         20,356   

Credit Saison Co., Ltd.

     1,500         28,904   

Dai Nippon Printing Co., Ltd.

     5,000         50,171   

Daicel Corp.

     2,000         21,645   

Daido Steel Co., Ltd.

     2,000         7,972   

Daihatsu Motor Co., Ltd.

     1,800         28,563   

Daiichi Sankyo Co., Ltd.

     4,500         70,713   

Daikin Industries Ltd.

     1,800         111,660   

Daito Trust Construction Co., Ltd.

     600         70,952   

Daiwa House Industry Co., Ltd.

     5,000         89,825   

Daiwa Securities Group, Inc.

     13,000         103,099   

Dena Co., Ltd.

     700         8,899   

Denso Corp.

     3,600         166,091   

Dentsu, Inc.

     1,800         68,562   

Don Quijote Holdings Co., Ltd.

     400         22,955   
      Number of
Shares
    
Value†
 
                          
Japan — (continued)      

East Japan Railway Co.

     2,700       $     202,237   

Eisai Co., Ltd.

     2,000         80,896   

Electric Power Development Co., Ltd.

     1,000         32,675   

FamilyMart Co., Ltd.

     500         19,082   

FANUC Corp.

     1,500         271,279   

Fast Retailing Co., Ltd.

     400         134,037   

Fuji Electric Co., Ltd.

     4,000         19,360   

Fuji Heavy Industries Ltd.

     4,500         149,070   

FUJIFILM Holdings Corp.

     3,300         101,399   

Fujitsu Ltd.

     13,000         80,009   

Fukuoka Financial Group, Inc.

     6,000         28,621   

Gree, Inc.

     800         5,455   

GungHo Online Entertainment, Inc.

     3,000         14,282   

Hakuhodo DY Holdings, Inc.

     2,500         25,308   

Hamamatsu Photonics K.K.

     500         23,757   

Hankyu Hanshin Holdings, Inc.

     10,000         58,231   

Hino Motors Ltd.

     2,000         27,987   

Hirose Electric Co., Ltd.

     200         24,692   

Hisamitsu Pharmaceutical Co., Ltd.

     400         14,365   

Hitachi Chemical Co., Ltd.

     1,000         17,762   

Hitachi Construction Machinery Co., Ltd.

     1,000         20,132   

Hitachi High-Technologies Corp.

     500         14,379   

Hitachi Ltd.

     36,000         275,041   

Hitachi Metals Ltd.

     2,000         36,049   

Hokuhoku Financial Group, Inc.

     10,000         19,602   

Hokuriku Electric Power Co.

     1,200         15,764   

Honda Motor Co., Ltd.

     12,400         425,442   

Hoya Corp.

     3,500         117,531   

Hulic Co., Ltd.

     2,500         26,479   

Ibiden Co., Ltd.

     1,300         25,340   

Idemitsu Kosan Co., Ltd.

     400         8,496   

IHI Corp.

     12,000         62,188   

Iida Group Holdings Co., Ltd.

     1,000         12,232   

Inpex Corp.

     7,200         101,794   

Isetan Mitsukoshi Holdings Ltd.

     2,500         32,536   

Isuzu Motors Ltd.

     4,500         63,641   

ITOCHU Corp.

     11,800         144,113   

Itochu Technology Solutions Corp.

     300         12,610   

J. Front Retailing Co., Ltd.

     2,000         26,165   

Japan Display, Inc.*

     3,000         14,459   

Japan Exchange Group, Inc.

     2,000         47,473   

Japan Prime Realty Investment Corp.

     5         18,011   

Japan Real Estate Investment Corp.

     10         51,433   

Japan Retail Fund Investment Corp.

     20         40,314   

Japan Tobacco, Inc.

     8,300         269,712   

JFE Holdings, Inc.

     3,700         73,913   

JGC Corp.

     1,000         27,322   

JSR Corp.

     1,100         19,197   

JTEKT Corp.

     1,500         25,142   

JX Holdings, Inc.

     17,690         81,564   

Kajima Corp.

     7,000         33,507   

Kakaku.Com, Inc.

     1,100         15,624   

Kamigumi Co., Ltd.

     2,000         18,939   

Kaneka Corp.

     2,000         11,205   

Kansai Paint Co., Ltd.

     2,000         29,902   

Kao Corp.

     3,800         148,286   
 

 

123


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Japan — (continued)    

Kawasaki Heavy Industries Ltd.

    10,000      $      39,980   

KDDI Corp.

    4,400        264,687   

Keikyu Corp.

    4,000        33,391   

Keio Corp.

    5,000        36,946   

Keisei Electric Railway Co., Ltd.

    2,000        20,081   

Keyence Corp.

    341        148,058   

Kikkoman Corp.

    1,000        21,253   

Kintetsu Corp.

    13,000        43,733   

Kirin Holdings Co., Ltd.

    5,800        76,947   

Kobe Steel Ltd.

    26,000        42,223   

Koito Manufacturing Co., Ltd.

    1,000        27,204   

Komatsu Ltd.

    7,300        168,711   

Konami Corp.

    600        12,512   

Konica Minolta, Inc.

    4,000        43,242   

Kubota Corp.

    9,000        142,500   

Kuraray Co., Ltd.

    2,400        28,192   

Kurita Water Industries Ltd.

    800        17,845   

Kyocera Corp.

    2,600        121,438   

Kyowa Hakko Kirin Co., Ltd.

    2,000        24,601   

Kyushu Electric Power Co., Inc.*

    2,900        31,259   

Lawson, Inc.

    600        41,978   

LIXIL Group Corp.

    2,300        49,068   

M3, Inc.

    1,000        16,036   

Mabuchi Motor Co., Ltd.

    200        17,449   

Makita Corp.

    800        45,193   

Marubeni Corp.

    13,000        88,958   

Marui Group Co., Ltd.

    1,500        12,352   

Maruichi Steel Tube Ltd.

    300        7,367   

Mazda Motor Corp.

    3,900        98,103   

McDonald’s Holdings Co., Ltd.

    700        17,310   

Medipal Holdings Corp.

    1,500        18,232   

MEIJI Holdings Co., Ltd.

    500        39,540   

Miraca Holdings, Inc.

    400        16,553   

Mitsubishi Chemical Holdings Corp.

    12,000        59,072   

Mitsubishi Corp.

    10,500        215,043   

Mitsubishi Electric Corp.

    14,000        186,637   

Mitsubishi Estate Co., Ltd.

    10,000        225,373   

Mitsubishi Gas Chemical Co., Inc.

    3,000        19,127   

Mitsubishi Heavy Industries Ltd.

    24,000        154,508   

Mitsubishi Logistics Corp.

    1,000        14,368   

Mitsubishi Materials Corp.

    7,000        22,649   

Mitsubishi Motors Corp.

    5,200        63,076   

Mitsubishi Tanabe Pharma Corp.

    1,900        27,880   

Mitsubishi UFJ Financial Group, Inc.

    97,200        547,792   

Mitsubishi UFJ Lease & Finance Co., Ltd.

    4,600        24,057   

Mitsui & Co., Ltd.

    12,700        200,331   

Mitsui Chemicals, Inc.*

    5,000        13,916   

Mitsui Fudosan Co., Ltd.

    7,000        214,819   

Mitsui OSK Lines Ltd.

    10,000        31,951   

Mizuho Financial Group, Inc.

    173,980        310,588   

MS&AD Insurance Group Holdings, Inc.

    3,590        78,306   

Murata Manufacturing Co., Ltd.

    1,600        181,865   

Nabtesco Corp.

    700        16,769   

Nagoya Railroad Co., Ltd.

    7,000        28,076   

NEC Corp.

    21,000        72,584   

Nexon Co. Ltd.

    1,100        9,072   
     Number of
Shares
   
Value†
 
                        
Japan — (continued)    

NGK Insulators Ltd.

    2,000      $      47,673   

NGK Spark Plug Co., Ltd.

    1,400        41,195   

NH Foods Ltd.

    1,000        21,233   

NHK Spring Co., Ltd.

    1,200        11,775   

Nidec Corp.

    1,600        108,123   

Nikon Corp.

    2,900        41,943   

Nintendo Co., Ltd.

    800        87,143   

Nippon Building Fund, Inc.

    10        52,657   

Nippon Electric Glass Co., Ltd.

    2,000        9,723   

Nippon Express Co., Ltd.

    8,000        33,507   

Nippon Paint Co., Ltd.

    1,000        22,558   

Nippon Prologis REIT, Inc. *

    10        23,249   

Nippon Steel & Sumitomo Metal Corp.

    59,170        153,613   

Nippon Telegraph & Telephone Corp.

    2,800        173,640   

Nippon Yusen K.K.

    13,000        34,276   

Nissan Motor Co., Ltd.

    19,400        187,795   

Nisshin Seifun Group, Inc.

    1,815        17,955   

Nissin Foods Holdings Co., Ltd.

    500        25,961   

Nitori Holdings Co., Ltd.

    600        37,173   

Nitto Denko Corp.

    1,200        65,707   

NOK Corp.

    1,000        22,957   

Nomura Holdings, Inc.

    28,500        169,556   

Nomura Real Estate Holdings, Inc.

    1,000        17,198   

Nomura Research Institute Ltd.

    600        19,404   

NSK Ltd.

    4,000        57,052   

NTT Data Corp.

    1,000        36,072   

NTT DOCOMO, Inc.

    11,400        190,930   

NTT Urban Development Corp.

    1,000        10,514   

Obayashi Corp.

    6,000        41,062   

Odakyu Electric Railway Co., Ltd.

    5,000        45,724   

Oji Holdings Corp.

    6,000        22,715   

Olympus Corp.*

    2,000        71,721   

Omron Corp.

    1,600        72,717   

Ono Pharmaceutical Co., Ltd.

    600        53,279   

Oracle Corp. Japan

    200        7,806   

Oriental Land Co., Ltd.

    400        75,591   

ORIX Corp.

    9,700        133,913   

Osaka Gas Co., Ltd.

    16,000        64,248   

Otsuka Corp.

    300        11,945   

Otsuka Holdings Co., Ltd.

    3,000        103,405   

Panasonic Corp.

    16,400        195,461   

Park24 Co., Ltd.

    800        12,766   

Rakuten, Inc.

    6,200        71,371   

Resona Holdings, Inc.

    17,800        100,417   

Ricoh Co., Ltd.

    5,000        53,717   

Rinnai Corp.

    300        24,890   

Rohm Co., Ltd.

    600        37,779   

Sankyo Co., Ltd.

    400        14,335   

Sanrio Co., Ltd.

    300        8,696   

Santen Pharmaceutical Co., Ltd.

    600        33,601   

SBI Holdings, Inc.

    1,710        19,167   

Secom Co., Ltd.

    1,700        101,277   

Sega Sammy Holdings, Inc.

    1,200        19,321   

Seibu Holdings, Inc.

    1,000        19,969   

Seiko Epson Corp.

    1,100        53,001   

Sekisui Chemical Co., Ltd.

    3,000        34,479   
 

 

124


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

      Number of
Shares
    
Value†
 
COMMON STOCKS — (continued)   
Japan — (continued)      

Sekisui House Ltd.

     4,000       $      47,143   

Seven & I Holdings Co., Ltd.

     5,600         217,204   

Seven Bank Ltd.

     5,300         21,599   

Sharp Corp.*

     11,000         31,292   

Shikoku Electric Power Co., Inc.*

     1,300         16,680   

Shimadzu Corp.

     2,000         17,327   

Shimamura Co., Ltd.

     200         18,387   

Shimano, Inc.

     600         72,986   

Shimizu Corp.

     5,000         39,455   

Shin-Etsu Chemical Co., Ltd.

     3,200         209,661   

Shinsei Bank Ltd.

     14,000         30,049   

Shionogi & Co., Ltd.

     2,100         48,196   

Shiseido Co., Ltd.

     3,200         52,785   

Showa Shell Sekiyu K.K.

     1,000         9,540   

SMC Corp.

     400         110,296   

SoftBank Corp.

     7,300         509,897   

Sompo Japan Nipponkoa Holdings, Inc.

     2,825         68,530   

Sony Corp.

     8,300         148,962   

Sony Financial Holdings, Inc.

     1,200         19,410   

Stanley Electric Co., Ltd.

     1,300         28,144   

Sumitomo Chemical Co., Ltd.

     12,000         42,860   

Sumitomo Corp.

     8,100         89,401   

Sumitomo Dainippon Pharma Co., Ltd.

     1,400         17,861   

Sumitomo Electric Industries Ltd.

     5,900         87,343   

Sumitomo Heavy Industries Ltd.

     3,000         16,897   

Sumitomo Metal Mining Co., Ltd.

     4,000         56,295   

Sumitomo Mitsui Financial Group, Inc.

     9,600         391,147   

Sumitomo Mitsui Trust Holdings, Inc.

     25,430         105,877   

Sumitomo Realty & Development Co., Ltd.

     3,000         106,883   

Sumitomo Rubber Industries Ltd.

     1,200         17,070   

Suntory Beverage & Food Ltd.

     1,000         35,412   

Suruga Bank Ltd.

     1,000         19,952   

Suzuken Co., Ltd.

     400         11,523   

Suzuki Motor Corp.

     2,800         92,863   

Sysmex Corp.

     1,000         40,269   

T&D Holdings, Inc.

     5,100         65,534   

Taiheiyo Cement Corp.

     8,000         30,173   

Taisei Corp.

     8,000         45,134   

Taisho Pharmaceutical Holdings Co., Ltd.

     300         20,534   

Taiyo Nippon Sanso Corp.

     1,000         8,828   

Takashimaya Co., Ltd.

     2,000         16,729   

Takeda Pharmaceutical Co., Ltd.

     5,900         256,487   

TDK Corp.

     900         50,346   

Teijin Ltd.

     6,000         14,497   

Terumo Corp.

     2,200         52,781   

The Bank of Kyoto Ltd.

     3,000         24,929   

The Bank of Yokohama Ltd.

     10,000         54,988   

The Chiba Bank Ltd.

     5,000         34,782   

The Chugoku Bank Ltd.

     1,000         14,687   

The Chugoku Electric Power Co., Inc.

     2,100         26,929   

The Dai-ichi Life Insurance Co., Ltd.

     8,500         126,265   

The Gunma Bank Ltd.

     3,000         17,294   

The Hachijuni Bank Ltd.

     4,000         24,039   

The Hiroshima Bank Ltd.

     4,000         19,656   

The Iyo Bank Ltd.

     2,000         20,246   

The Joyo Bank Ltd.

     6,000         29,532   
      Number of
Shares
    
Value†
 
                          
Japan — (continued)      

The Kansai Electric Power Co., Inc. *

     5,900       $      55,750   

The Shizuoka Bank Ltd.

     3,000         30,889   

The Yokohama Rubber Co., Ltd.*

     2,000         17,331   

THK Co., Ltd.

     1,000         24,919   

Tobu Railway Co., Ltd.

     9,000         45,254   

Toho Co., Ltd.

     900         20,334   

Toho Gas Co., Ltd.

     3,000         16,892   

Tohoku Electric Power Co., Inc.

     3,100         35,233   

Tokio Marine Holdings, Inc.

     5,400         167,549   

Tokyo Electric Power Co., Inc.*

     12,200         42,716   

Tokyo Electron Ltd.

     1,400         91,245   

Tokyo Gas Co., Ltd.

     17,000         95,525   

Tokyo Tatemono Co., Ltd.

     3,000         24,309   

Tokyu Corp.

     10,000         65,538   

Tokyu Fudosan Holdings Corp.

     4,000         27,463   

TonenGeneral Sekiyu K.K.

     2,000         17,495   

Toppan Printing Co., Ltd.

     4,000         28,746   

Toray Industries, Inc.

     11,000         72,721   

Toshiba Corp.

     32,000         148,550   

TOTO Ltd.

     2,000         22,003   

Toyo Seikan Group Holdings Ltd.

     1,000         12,397   

Toyoda Gosei Co., Ltd.

     400         7,809   

Toyota Industries Corp.

     1,200         58,053   

Toyota Motor Corp.

     21,200         1,247,391   

Toyota Tsusho Corp.

     1,800         43,846   

Trend Micro, Inc.

     800         27,107   

Unicharm Corp.

     3,000         68,374   

United Urban Investment Corp.

     19         29,162   

USS Co., Ltd.

     2,200         33,655   

West Japan Railway Co.

     1,300         58,179   

Yahoo! Japan Corp.

     10,400         39,530   

Yakult Honsha Co., Ltd.

     700         36,765   

Yamada Denki Co., Ltd.

     8,300         24,226   

Yamaguchi Financial Group, Inc.

     2,000         18,918   

Yamaha Corp.

     1,600         20,918   

Yamaha Motor Co., Ltd.

     2,400         47,028   

Yamato Holdings Co., Ltd.

     2,800         52,139   

Yamato Kogyo Co., Ltd.

     300         10,014   

Yamazaki Baking Co., Ltd.

     1,000         12,870   

Yaskawa Electric Corp.

     2,000         27,179   

Yokogawa Electric Corp.

     2,000         26,297   
     

 

 

 
     20,736,816   
     

 

 

 
Jersey — 0.1%      

Randgold Resources Ltd.

     735         49,827   
     

 

 

 
Luxembourg — 0.4%      

Altice S.A.*

     694         36,754   

ArcelorMittal

     8,260         113,015   

Millicom International Cellular S.A.

     489         39,166   

RTL Group S.A.

     294         25,174   

SES S.A.

     2,387         82,534   

Tenaris S.A.

     3,987         90,982   
     

 

 

 
     387,625   
     

 

 

 
Macau — 0.0%      

Wynn Macau Ltd.

     12,400         39,518   
     

 

 

 
 

 

125


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Netherlands — 4.9%    

Aegon N.V.

    13,094      $      107,819   

Airbus Group N.V.

    4,420        277,845   

Akzo Nobel N.V.

    1,743        119,259   

ASML Holding N.V.

    2,825        279,814   

CNH Industrial N.V.

    7,320        57,982   

Corio N.V.

    573        28,085   

Delta Lloyd N.V.

    1,629        39,252   

Fugro N.V.

    546        16,486   

Gemalto N.V.

    668        61,336   

Heineken Holdings N.V.

    898        59,290   

Heineken N.V.

    1,880        140,407   

ING Groep N.V.*

    29,258        415,882   

Koninklijke Ahold NV

    7,270        117,598   

Koninklijke Boskalis Westminster N.V.

    632        35,543   

Koninklijke DSM N.V.

    1,421        87,617   

Koninklijke KPN N.V.*

    25,159        80,550   

Koninklijke Philips N.V.

    7,261        230,900   

Koninklijke Vopak N.V.

    584        31,469   

OCI N.V.*

    783        24,153   

QIAGEN N.V.*

    1,994        45,174   

Randstad Holding N.V.

    923        42,882   

Reed Elsevier N.V.

    5,727        129,925   

Royal Dutch Shell PLC, A Shares

    30,175        1,153,293   

Royal Dutch Shell PLC, B Shares

    18,661        737,739   

TNT Express N.V.

    3,470        21,891   

Unilever N.V.

    12,393        491,821   

Wolters Kluwer N.V.

    2,609        69,575   

Ziggo N.V.

    1,178        55,167   
   

 

 

 
    4,958,754   
   

 

 

 
New Zealand — 0.1%    

Auckland International Airport Ltd.

    7,482        22,478   

Contact Energy Ltd.

    2,990        13,959   

Fletcher Building Ltd.

    4,795        32,866   

Ryman Healthcare Ltd.

    2,831        17,251   

Spark New Zealand Ltd.

    16,060        37,219   

Xero Ltd.*

    511        8,589   
   

 

 

 
    132,362   
   

 

 

 
Norway — 0.8%    

Akastor ASA

    1,631        6,567   

Aker Solutions ASA*

    1,631        16,247   

DNB ASA

    7,620        142,602   

Gjensidige Forsikring ASA

    1,418        29,994   

Norsk Hydro ASA

    10,203        57,043   

Orkla ASA

    6,430        58,120   

Statoil ASA

    8,879        241,738   

Telenor ASA

    6,070        133,221   

Yara International ASA

    1,246        62,578   
   

 

 

 
    748,110   
   

 

 

 
Portugal — 0.1%    

Banco Espirito Santo S.A.*~

    27,017        0   

EDP - Energias de Portugal S.A.

    16,826        73,373   

Galp Energia SGPS, S.A.

    2,726        44,304   

Jeronimo Martins SGPS, S.A.

    2,107        23,186   
   

 

 

 
    140,863   
   

 

 

 
      Number of
Shares
    
Value†
 
                          
Singapore — 1.5%      

Ascendas Real Estate Investment Trust

     15,000       $      26,459   

CapitaCommercial Trust

     16,000         19,993   

CapitaLand Ltd.

     23,000         57,621   

CapitaMall Trust

     21,700         32,475   

City Developments Ltd.

     3,000         22,599   

ComfortDelGro Corp. Ltd.

     14,000         26,298   

DBS Group Holdings Ltd.

     14,514         209,329   

Genting Singapore PLC

     54,000         48,228   

Global Logistic Properties Ltd.

     26,000         55,188   

Golden Agri-Resources Ltd.

     65,000         26,261   

Hutchison Port Holdings Trust

     35,100         24,570   

Jardine Cycle & Carriage Ltd.

     1,000         33,607   

Keppel Corp. Ltd.

     11,600         95,414   

Keppel Land Ltd.

     5,431         14,890   

Oversea-Chinese Banking Corp. Ltd.

     23,096         176,183   

Sembcorp Industries Ltd.

     9,000         36,520   

SembCorp Marine Ltd.

     7,000         20,498   

Singapore Airlines Ltd.

     4,000         30,782   

Singapore Exchange Ltd.

     6,000         33,971   

Singapore Press Holdings Ltd.

     10,000         32,910   

Singapore Technologies Engineering Ltd.

     12,000         34,293   

Singapore Telecommunications Ltd.

     63,000         187,532   

StarHub Ltd.

     5,000         16,138   

United Overseas Bank Ltd.

     9,609         168,453   

UOL Group Ltd.

     4,128         21,367   

Wilmar International Ltd.

     17,000         41,120   
     

 

 

 
     1,492,699   
     

 

 

 
Spain — 3.5%      

Abertis Infraestructuras S.A.

     3,451         68,052   

ACS Actividades de Construccion y Servicios S.A.

     1,370         52,512   

Amadeus IT Holding S.A.

     3,040         113,488   

Banco Bilbao Vizcaya Argentaria S.A.

     45,237         544,452   

Banco de Sabadell S.A.

     26,016         76,817   

Banco Popular Espanol S.A.

     13,407         81,774   

Banco Santander S.A.

     92,068         881,430   

Bankia S.A.*

     36,141         67,236   

CaixaBank

     13,433         81,680   

Caixbank SA I -2014 Shares~

     147         895   

Distribuidora Internacional de Alimentacion S.A.

     4,084         29,267   

Enagas S.A.

     1,740         55,957   

Ferrovial S.A.

     3,360         65,005   

Gas Natural SDG S.A.

     2,914         85,721   

Grifols S.A.

     1,252         51,164   

Iberdrola S.A.

     38,306         273,809   

Inditex S.A.

     8,156         225,137   

Mapfre S.A.

     8,177         28,900   

Red Electrica Corporacion S.A.

     908         78,595   

Repsol S.A.

     8,161         193,613   

Telefonica S.A.

     31,157         481,197   

Zardoya Otis S.A.

     1,544         19,137   
     

 

 

 
     3,555,838   
     

 

 

 
Sweden — 3.0%      

Alfa Laval AB

     2,688         57,270   

Assa Abloy AB, B Shares

     2,432         124,975   
 

 

126


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Sweden — (continued)    

Atlas Copco AB, A Shares

    5,275      $      150,515   

Atlas Copco AB, B Shares

    2,722        70,347   

Boliden AB

    1,883        30,404   

Electrolux AB, B Shares

    2,141        56,394   

Elekta AB, B Shares

    3,250        31,945   

Getinge AB, B Shares

    1,448        36,356   

Hennes & Mauritz AB, B Shares

    7,149        295,611   

Hexagon AB, B Shares

    2,081        65,802   

Husqvarna AB, B Shares

    2,834        19,981   

Industrivarden AB, C Shares

    1,227        21,360   

Investment AB Kinnevik, B Shares

    1,832        66,063   

Investor AB, B Shares

    3,749        132,001   

Lundin Petroleum AB*

    1,488        25,154   

Nordea Bank AB

    22,880        296,603   

Sandvik AB

    8,213        92,243   

Securitas AB, B Shares

    1,984        21,975   

Skandinaviska Enskilda Banken AB, A Shares

    12,133        161,425   

Skanska AB, B Shares

    2,985        61,560   

SKF AB, B Shares

    3,338        69,492   

Svenska Cellulosa AB SCA, B Shares

    4,703        111,748   

Svenska Handelsbanken AB, A Shares

    4,017        188,122   

Swedbank AB, A Shares

    7,285        182,675   

Swedish Match AB

    1,496        48,398   

Tele2 AB, B Shares

    2,927        35,231   

Telefonaktiebolaget LM Ericsson, B Shares

    22,907        288,831   

TeliaSonera AB

    18,708        129,013   

Volvo AB, B Shares

    11,928        129,048   
   

 

 

 
    3,000,542   
   

 

 

 
Switzerland — 9.7%    

ABB Ltd. *

    16,654        372,543   

Actelion Ltd.*

    725        84,916   

Adecco S.A.*

    1,364        92,208   

Aryzta AG*

    739        63,678   

Baloise Holding AG

    408        52,155   

Barry Callebaut AG*

    17        18,875   

Chocoladefabriken Lindt & Spruengli AG

    1        59,269   

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates

    7        34,928   

Cie Financiere Richemont S.A.

    3,943        322,305   

Coca-Cola HBC AG*

    1,371        29,587   

Credit Suisse Group AG*

    11,441        316,523   

EMS-Chemie Holding AG

    65        26,897   

Geberit AG

    269        86,702   

Givaudan S.A.*

    74        117,956   

Glencore PLC*

    80,695        446,914   

Holcim Ltd.*

    1,881        136,846   

Julius Baer Group Ltd.*

    1,895        84,682   

Kuehne + Nagel International AG

    444        55,946   

Lonza Group AG*

    459        55,308   

Nestle S.A.

    24,807        1,823,092   

Novartis AG

    17,687        1,665,556   

Pargesa Holding S.A.

    272        21,619   

Partners Group Holding AG

    138        36,271   

Roche Holding AG

    5,401        1,594,932   

Schindler Holding AG

    145        19,350   
      Number of
Shares
    
Value†
 
                          
Switzerland — (continued)      

Schindler Holding AG, Participation Certificates

     349       $      47,274   

SGS S.A.

     43         88,965   

Sika AG

     18         62,238   

Sonova Holding AG

     427         68,035   

STMicroelectronics N.V.

     4,919         37,978   

Sulzer AG

     188         23,054   

Swiss Life Holding AG*

     272         64,816   

Swiss Prime Site AG*

     430         31,904   

Swiss Re AG*

     2,781         221,319   

Swisscom AG

     183         103,730   

Syngenta AG

     696         220,385   

The Swatch Group AG

     253         119,896   

The Swatch Group AG, Registered Shares

     366         31,975   

Transocean Ltd.

     3,010         96,814   

UBS AG*

     27,777         482,843   

Wolseley PLC

     2,086         109,262   

Zurich Insurance Group AG*

     1,128         335,696   
     

 

 

 
     9,765,242   
     

 

 

 
United Kingdom — 18.0%      

3i Group PLC

     8,442         52,283   

Aberdeen Asset Management PLC

     7,687         49,592   

Admiral Group PLC

     1,518         31,481   

Aggreko PLC

     2,157         53,987   

AMEC PLC

     2,494         44,503   

Anglo American PLC

     10,459         233,253   

Antofagasta PLC

     3,403         39,598   

ARM Holdings PLC

     11,309         164,762   

ASOS PLC*

     450         16,354   

Associated British Foods PLC

     2,872         124,497   

AstraZeneca PLC

     9,647         691,327   

Aviva PLC

     21,899         185,266   

Babcock International Group PLC

     4,013         70,812   

BAE Systems PLC

     25,041         190,603   

Barclays PLC

     124,639         458,442   

BG Group PLC

     25,932         478,724   

BHP Billiton PLC

     16,047         443,867   

BP PLC

     141,388         1,034,294   

British American Tobacco PLC

     14,337         807,893   

British Sky Broadcasting Group PLC

     7,899         112,664   

BT Group PLC

     59,954         367,756   

Bunzl PLC

     2,885         75,066   

Burberry Group PLC

     3,582         87,372   

Capita PLC

     5,526         104,028   

Carnival PLC

     1,577         62,993   

Centrica PLC

     40,557         202,133   

Cobham PLC

     8,466         39,856   

Compass Group PLC

     12,494         201,517   

Croda International PLC

     1,214         40,258   

Diageo PLC

     19,141         552,064   

Direct Line Insurance Group PLC

     10,377         49,388   

Dixons Carphone PLC

     7,844         46,507   

easyJet PLC

     1,334         30,698   

Fresnillo PLC

     1,200         14,718   

G4S PLC

     12,521         50,772   

GKN PLC

     13,828         71,208   
 

 

127


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

     Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
United Kingdom — (continued)    

GlaxoSmithKline PLC

    37,191      $ 849,591   

Hammerson PLC

    5,215        48,413   

Hargreaves Lansdown PLC

    1,892        28,875   

HSBC Holdings PLC

    153,635        1,561,120   

ICAP PLC

    4,325        27,048   

IMI PLC

    1,958        38,937   

Imperial Tobacco Group PLC

    7,218        310,776   

Inmarsat PLC

    3,494        39,632   

Intercontinental Hotels Group PLC

    1,628        62,777   

International Consolidated Airlines Group S.A. (London Main Market Exchange)*

    2,764        16,407   

International Consolidated Airlines Group S.A. (Spanish Stock Exchange)*

    5,668        33,710   

Intertek Group PLC

    1,257        53,271   

Intu Properties PLC

    5,461        28,451   

Investec PLC

    4,543        38,145   

ITV PLC

    30,751        103,251   

J. Sainsbury PLC

    9,762        39,696   

Johnson Matthey PLC

    1,610        75,922   

Kingfisher PLC

    18,641        97,489   

Land Securities Group PLC

    5,665        95,116   

Legal & General Group PLC

    43,740        161,851   

Lloyds Banking Group PLC*

    435,019        541,190   

London Stock Exchange Group PLC

    1,764        53,232   

Marks & Spencer Group PLC

    12,979        84,863   

Meggitt PLC

    5,739        41,860   

Melrose Industries PLC

    8,437        33,770   

National Grid PLC

    28,322        407,123   

Next PLC

    1,232        131,866   

Old Mutual PLC

    38,468        112,836   

Pearson PLC

    5,952        119,648   

Persimmon PLC*

    2,549        54,848   

Petrofac Ltd.

    1,906        31,937   

Prudential PLC

    19,482        433,108   

Reckitt Benckiser Group PLC

    4,937        426,839   

Reed Elsevier PLC

    8,393        134,178   

Rexam PLC

    5,992        47,632   

Rio Tinto PLC

    9,679        474,267   

Rolls-Royce Holdings PLC*

    14,045        218,590   

Royal Bank of Scotland Group PLC*

    19,867        118,360   

Royal Mail PLC

    5,386        34,122   

RSA Insurance Group PLC

    7,501        58,916   

SABMiller PLC

    7,313        405,268   

Schroders PLC

    799        30,850   

Segro PLC

    6,316        37,070   

Severn Trent PLC

    2,104        63,924   

Smith & Nephew PLC

    7,021        118,104   

Smiths Group PLC

    3,378        69,043   

Sports Direct International PLC*

    2,156        21,543   

SSE PLC

    7,227        180,966   

Standard Chartered PLC

    18,669        344,345   

Standard Life PLC*

    19,605        131,179   

Subsea 7 S.A.

    1,806        25,809   

Tate & Lyle PLC

    3,269        31,159   

Tesco PLC

    64,072        191,399   

The British Land Co. PLC

    7,874        89,475   
     Number of
Shares
   
Value†
 
       
United Kingdom — (continued)    

The Sage Group PLC

    8,870      $ 52,392   

The Weir Group PLC

    1,674        67,604   

Travis Perkins PLC

    2,061        55,374   

TUI Travel PLC

    4,508        28,372   

Tullow Oil PLC

    7,372        76,861   

Unilever PLC

    9,733        407,401   

United Utilities Group PLC

    4,694        61,316   

Vodafone Group PLC

    201,988        665,592   

W.M. Morrison Supermarkets PLC

    17,966        48,885   

Whitbread PLC

    1,474        99,046   

William Hill PLC

    7,259        43,379   

WPP PLC

    9,883        197,990   
   

 

 

 
    18,094,545   
   

 

 

 

TOTAL COMMON STOCKS

(Cost $77,496,552)

  

  

    98,652,505   
   

 

 

 
PREFERRED STOCKS — 0.6%   
Germany — 0.6%    

Bayerische Motoren Werke AG

    477        38,689   

Fuchs Petrolub SE

    598        22,606   

Henkel AG & Co. KGaA

    1,395        138,876   

Porsche Automobil Holding SE

    1,203        95,967   

Volkswagen AG

    1,220        251,941   
   

 

 

 

TOTAL PREFERRED STOCKS

(Cost $358,919)

  

  

    548,079   
   

 

 

 
RIGHTS — 0.0%   
Spain — 0.0%    

Banco Bilbao Vizcaya Argentaria S.A.*

    47,224        4,712   

Banco Popular Espanol S.A.*

    13,407        186   
   

 

 

 
    4,898   
   

 

 

 
United Kingdom — 0.0%    

Fiat SPA10/06/14*~

    6,877        0   

TOTAL RIGHTS

(Cost $4,920)

  

  

    4,898   
   

 

 

 
WARRANTS — 0.0%   
Belgium — 0.0%    

Anheuser-Busch InBev N.V.* 02/27/13~
(Cost $0)

    256        0   
   

 

 

 
SHORT-TERM INVESTMENTS — 1.1%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,120,439)

    1,120,439        1,120,439   
   

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $78,980,830)(a)

  

  

  $ 100,325,921   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
~ Fair valued security. The total market value of fair valued securities at September 30, 2014 is $895.
 

 

128


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Developed International Index Fund

 

(a) At September 30, 2014, the cost for Federal income tax purposes was $79,412,093. Net unrealized appreciation/depreciation was $20,913,828. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $24,988,410 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,074,582.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

 

COMMON STOCKS INDUSTRY

DIVERSIFICATION

   % of Market
Value
   
Value†
 

Advertising

     0.4 %        $         403,842   

Aerospace & Defense

     0.8 %          803,086   

Agriculture

     1.5 %          1,504,160   

Airlines

     0.2 %          198,182   

Apparel

     0.7 %          701,211   

Auto Manufacturers

     3.7 %          3,610,470   

Auto Parts & Equipment

     1.2 %          1,206,606   

Banks

     14.9 %          14,687,300   

Beverages

     2.4 %          2,405,527   

Biotechnology

     0.3 %          315,187   

Building & Real Estate

     0.1 %          54,848   

Building Materials

     1.1 %          1,111,943   

Chemicals

     3.6 %          3,542,527   

Commercial Services

     1.5 %          1,491,595   

Computers

     0.4 %          412,985   

Cosmetics & Personal Care

     0.7 %          635,721   

Distribution & Wholesale

     1.0 %          981,355   

Diversified

       — %+        26,459   

Diversified Financial Services

     1.5 %          1,464,445   

Diversified Operations

     0.2 %          180,273   

Electric

     2.9 %          2,819,645   

Electrical Components & Equipment

     1.1 %          1,107,969   

Electronics

     1.4 %          1,343,028   

Energy-Alternate Sources

     0.1 %          105,032   

Engineering & Construction

     1.3 %          1,256,217   

Entertainment

     0.2 %          171,001   

Environmental Control

       — %+        17,845   

Food

     5.1 %          4,981,417   

Forest Products & Paper

     0.2 %          229,436   

Gas

     1.1 %          1,037,882   

Hand & Machine Tools

     0.4 %          390,355   

Healthcare Products

     0.9 %          910,417   

Healthcare Services

     0.2 %          235,475   

Holding Companies

     0.6 %          589,615   

Home Builders

     0.2 %          183,679   

Home Furnishings

     0.4 %          432,109   

Hotels & Resorts

     0.3 %          243,031   

Household Products & Wares

     0.6 %          555,279   

Industrial

     0.2 %          218,590   

Insurance

     5.5 %          5,444,454   

Internet

     0.3 %          334,087   

Investment Companies

     0.4 %          369,145   

Iron & Steel

     0.6 %          615,372   

Leisure Time

     0.3 %        $ 268,038   

Lodging

     0.3 %          334,456   

Machinery - Construction & Mining

     0.4             409,705   

Machinery - Diversified

     1.2     1,205,069   

Media

     1.1     1,110,674   

Metal Fabricate/Hardware

     0.4     386,408   

Mining

     3.0     2,963,956   

Miscellaneous Manufacturing

     1.3     1,266,454   

Mixed Industrial/Office

     0.5     458,554   

Office & Business Equipment

     0.4     383,273   

Oil & Gas

     6.5     6,427,858   

Oil & Gas Services

     0.2     205,954   

Packaging and Containers

     0.2     160,111   

Pharmaceuticals

     8.9     8,802,768   

Pipelines

     0.1     42,710   

Real Estate

     1.9     1,873,196   

Real Estate Investment Trusts

     0.9     907,197   

Retail

     2.8     2,804,508   

Semiconductors

     0.7     715,799   

Shipbuilding

     %+      38,054   

Software

     0.8     806,442   

Storage & Warehousing

     %+      14,368   

Strip Centers

     %+      26,083   

Telecommunications

     5.5     5,380,755   

Textiles

     0.1     115,410   

Toys, Games & Hobbies

     0.1     124,138   

Transportation

     1.9     1,819,467   

Venture Capital

     0.1     52,283   

Water

     0.2     220,015   

 

 
     100.0   $ 98,652,505   
  

 

 

   

 

 

 

 

 

+ Rounded.

 

 

129


Penn Series Funds, Inc.

Developed International Index Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
   

Level 2
Signi-
ficant

Obser-
vable

Input

   

Level 3
Signi-
ficant
Unobser-
vable

Input

 

COMMON STOCKS

  

 

Australia

  $ 7,458,185      $      $ 7,458,185      $   

Austria

    214,271        7,993        206,278          

Belgium

    1,256,474        21,666        1,234,808          

Bermuda

    83,602               83,602          

China

    117,719               117,719          

Denmark

    1,560,381        10,586        1,549,795          

Finland

    865,874        16,717        849,157          

France

    9,253,174        10,943        9,242,231          

Germany

    8,046,484               8,046,484          

Guernsey

    50,726               50,726          

Hong Kong

    2,888,181        77,576        2,810,605          

Ireland

    842,430        86,101        756,329          

Israel

    538,956               538,956          

Italy

    2,373,307               2,373,307          

Japan

    20,736,816               20,736,816          

Jersey

    49,827               49,827          

Luxembourg

    387,625        119,288        268,337          

Macau

    39,518               39,518          

Netherlands

    4,958,754               4,958,754          

New Zealand

    132,362               132,362          

Norway

    748,110        46,241        701,869          

Portugal

    140,863               140,863          

Singapore

    1,492,699        24,570        1,468,129          

Spain

    3,555,838               3,555,838          

Sweden

    3,000,542               3,000,542          

Switzerland

    9,765,242        19,350        9,745,892          

United Kingdom

    18,094,545        241,557        17,852,988          

PREFERRED STOCKS

  

     

Germany

    548,079               548,079          

RIGHTS

    4,898        4,898                 

SHORT-TERM INVESTMENTS

    1,120,439        1,120,439                 

 

 

TOTAL INVESTMENTS

  $ 100,325,921      $ 1,807,925      $ 98,517,996      $   

 

 

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

$96,244,383 was transferred from Level 1 into Level 2 at 9/30/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

130


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

International Equity Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 95.0%   
Australia — 3.3%    

CSL Ltd.

    105,620      $     6,846,897   

Ramsay Health Care Ltd.

    127,505        5,587,287   
   

 

 

 
      12,434,184   
   

 

 

 
Brazil — 1.0%    

Cielo S.A.

    222,754        3,624,672   
   

 

 

 
Canada — 7.4%    

Alimentation Couche Tard, Inc., Class B

    137,652        4,401,373   

Enbridge, Inc.

    175,094        8,381,436   

Goldcorp, Inc.

    144,476        3,330,837   

Shaw Communications, Inc., Class B

    77,179        1,891,659   

Silver Wheaton Corp.

    117,785        2,349,495   

The Bank of Nova Scotia

    123,056        7,611,134   
   

 

 

 
      27,965,934   
   

 

 

 
China — 4.4%    

Alibaba Group Holding Ltd. ADR*

    3,522        312,930   

Baidu, Inc. ADR*

    27,233        5,943,058   

Sands China Ltd.

    1,129,306        5,891,367   

Tencent Holdings Ltd.

    306,440        4,560,271   
   

 

 

 
      16,707,626   
   

 

 

 
Denmark — 3.3%    

Novo Nordisk A/S, B Shares

    260,312        12,393,920   
   

 

 

 
France — 7.9%    

Air Liquide S.A.

    37,015        4,512,925   

Bureau Veritas S.A.

    291,943        6,452,254   

Essilor International S.A.

    59,296        6,502,888   

Hermes International

    13,253        3,963,786   

L’Oreal S.A.

    31,430        4,984,659   

Pernod Ricard S.A.

    32,245        3,649,535   
   

 

 

 
      30,066,047   
   

 

 

 
Hong Kong — 2.7%    

Cheung Kong Infrastructure Holdings Ltd.

    286,990        2,011,249   

Galaxy Entertainment Group Ltd.

    558,018        3,239,869   

The Link REIT

    851,386        4,913,038   
   

 

 

 
      10,164,156   
   

 

 

 
India — 12.3%    

HDFC Bank Ltd. ~

    1,007,018        15,047,060   

Hindustan Unilever Ltd.

    246,723        2,973,569   

Housing Development Finance Corp.

    1,046,278        17,832,442   

ITC Ltd.

    1,793,081        10,725,849   
   

 

 

 
      46,578,920   
   

 

 

 
Ireland — 1.0%    

Paddy Power PLC

    54,225        3,905,033   
   

 

 

 
Japan — 1.3%    

Daito Trust Construction Co., Ltd.

    42,500        5,025,738   
   

 

 

 
Mexico — 0.8%    

Wal-Mart de Mexico S.A.B de C.V., Series V

    1,190,231        2,995,406   
   

 

 

 
Netherlands — 6.7%    

Core Laboratories N.V.

    61,635        9,020,282   
    Number of
Shares
   
Value†
 
     
Netherlands — (continued)    

Unilever N.V.

    407,137      $     16,157,380   
   

 

 

 
      25,177,662   
   

 

 

 
South Africa — 1.2%    

Naspers Ltd., N Shares

    40,418        4,426,721   
   

 

 

 
Spain — 1.4%    

Grifols S.A.

    133,834        5,469,272   
   

 

 

 
Switzerland — 14.9%    

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates

    1,142        5,698,322   

Cie Financiere Richemont S.A.

    61,477        5,025,203   

DKSH Holding AG

    71,795        5,337,126   

Nestle S.A.

    220,932        16,236,520   

Roche Holding AG

    55,209        16,303,389   

SGS S.A.

    3,695        7,644,788   
   

 

 

 
      56,245,348   
   

 

 

 
United Kingdom — 18.5%    

British American Tobacco PLC

    395,602        22,292,268   

Diageo PLC

    324,998        9,373,577   

Domino’s Pizza Group PLC

    402,463        3,701,301   

Fresnillo PLC

    217,314        2,665,292   

Persimmon PLC*

    227,122        4,887,091   

Reckitt Benckiser Group PLC

    173,286        14,981,808   

Rolls-Royce Holdings PLC*

    311,265        4,844,390   

SABMiller PLC

    133,052        7,373,413   
   

 

 

 
      70,119,140   
   

 

 

 
United States — 6.9%    

Philip Morris International, Inc.

    221,294        18,455,919   

The Priceline Group, Inc.*

    6,624        7,674,434   
   

 

 

 
      26,130,353   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $286,703,109)
      359,430,132   
   

 

 

 
PREFERRED STOCKS — 1.3%   
Brazil — 1.3%    

Itau Unibanco Holding S.A. ADR
(Cost $4,691,829)

    351,412        4,877,599   
   

 

 

 
SHORT-TERM INVESTMENTS — 3.7%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $13,886,436)

    13,886,436        13,886,436   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $305,281,374)(a)
    $ 378,194,167   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
~ Fair valued security. The total market value of fair valued securities at September 30, 2014 is $15,047,060.
 

 

131


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

International Equity Fund

 

(a) At September 30, 2014, the cost for Federal income tax purposes was $305,686,372. Net unrealized appreciation was $72,507,795. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $80,717,567 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $8,209,772.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

    

 

 

132


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

International Equity Fund

 

Country Weightings as of 09/30/2014††  

United Kingdom

    18

Switzerland

    15   

India

    12   

United States

    11   

France

    8   

Canada

    7   

Netherlands

    7   

Other

    22   

 

 

Total

    100
 

 

 

 

 

 

†† % of total investments as of September 30, 2014

 

COMMON STOCKS

INDUSTRY DIVERSIFICATION

    
 
% of Market
Value
 
  
    
 

Value†
 
  

Advertising

     1.5%       $ 5,337,126   

Agriculture

     14.3%         51,474,036   

Apparel

     1.1%         3,963,786   

Banks

     6.3%         22,658,194   

Beverages

     5.7%         20,396,525   

Biotechnology

     1.9%         6,846,897   

Building & Real Estate

     1.4%         4,887,091   

Commercial Services

     4.9%         17,721,714   

Cosmetics & Personal Care

     1.4%         4,984,659   

Diversified Financial Services

     5.0%         17,832,442   

Entertainment

     1.1%         3,905,033   

Food

     10.6%         38,092,222   

Gas

     1.2%         4,512,925   

Healthcare Products

     1.8%         6,502,888   

Healthcare Services

     1.5%         5,587,287   

Hotels & Resorts

     0.9%         3,239,869   

Household Products & Wares

     5.0%         17,955,377   

Industrial

     2.3%         8,175,227   

Internet

     5.1%         18,490,693   

Investment Companies

     0.6%         2,011,249   

Lodging

     1.6%         5,891,367   

Media

     1.8%         6,318,380   

Mining

     1.4%         5,014,787   

Oil & Gas Services

     4.8%         17,401,718   

Pharmaceuticals

     9.5%         34,166,581   

Real Estate

     1.4%         5,025,738   

Real Estate Investment Trusts

     1.4%         4,913,038   

Retail

     4.5%         16,123,283   

 

 
     100.0%       $ 359,430,132   
  

 

 

    

 

 

 

    

 

 

133


Penn Series Funds, Inc.

International Equity Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant

Obser-

vable

Input

   

Level 3
Signi-

ficant

Unobser-

vable

Input

 

COMMON STOCKS

       

Australia

  $ 12,434,184      $      $ 12,434,184      $   

Brazil

    3,624,672        3,624,672                 

Canada

    27,965,934        27,965,934                 

China

    16,707,626        6,255,988        10,451,638          

Denmark

    12,393,920               12,393,920          

France

    30,066,047               30,066,047          

Hong Kong

    10,164,156               10,164,156          

India

    46,578,920               46,578,920          

Ireland

    3,905,033               3,905,033          

Japan

    5,025,738               5,025,738          

Mexico

    2,995,406        2,995,406                 

Netherlands

    25,177,662        9,020,282        16,157,380          

South Africa

    4,426,721               4,426,721          

Spain

    5,469,272               5,469,272          

Switzerland

    56,245,348               56,245,348          

United Kingdom

    70,119,140               70,119,140          

United States

    26,130,353        26,130,353                 

PREFERRED STOCKS

    4,877,599        4,877,599                 

SHORT-TERM
INVESTMENTS

    13,886,436        13,886,436                 

 

 

TOTAL INVEST-
MENTS

  $ 378,194,167      $ 94,756,670      $ 283,437,497      $   

 

 

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

$225,917,572 was transferred from Level 1 into Level 2 at 9/30/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

134


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Emerging Markets Equity Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 93.8%   
Argentina — 0.5%   

YPF S.A. ADR

    24,040      $ 889,240   
   

 

 

 
Austria — 2.2%   

Erste Group Bank AG

    77,035        1,758,911   

Raiffeisen Bank International AG

    20,378        441,472   

Vienna Insurance Group AG Wiener Versicherung Gruppe

    31,770        1,431,128   
   

 

 

 
    3,631,511   
   

 

 

 
Brazil — 4.8%   

BRF - S.A.

    151,817        3,622,148   

CCR S.A.

    134,957        931,784   

Petroleo Brasileiro S.A.

    109,773        780,329   

Petroleo Brasileiro S.A. ADR

    40,579        575,816   

Petroleo Brasileiro S.A. ADR

    28,100        418,409   

Raia Drogasil S.A.

    78,861        684,949   

Ultrapar Participacoes S.A.

    42,570        902,792   
   

 

 

 
    7,916,227   
   

 

 

 
Chile — 0.6%   

S.A.C.I. Falabella

    119,382        900,791   
   

 

 

 
China — 10.4%   

Bank of China Ltd., Class H

    8,013,000        3,589,701   

China Construction Bank Corp., Class H

    2,808,930        1,964,404   

China Life Insurance Co. Ltd., Class H

    253,000        703,233   

China Oilfield Services Ltd., Class H

    634,000        1,670,397   

Chongqing Changan Automobile Co. Ltd., Class B

    118,200        253,910   

Huadian Power International Corp. Ltd., Class H

    566,000        398,946   

JD.Com, Inc. ADR*

    18,596        480,149   

Phoenix Healthcare Group Co. Ltd.

    48,500        76,992   

Ping An Insurance Group Co. of China Ltd., Class H

    121,000        907,852   

Qihoo 360 Technology Co. Ltd. ADR*

    4,953        334,179   

Sihuan Pharmaceutical Holdings Group Ltd.

    1,040,000        778,939   

TAL Education Group ADR*

    15,958        557,572   

Tencent Holdings Ltd.*

    267,300        3,977,811   

Tsingtao Brewery Co. Ltd., Class H

    96,000        682,548   

Uni-President China Holdings Ltd.

    640,800        641,919   
   

 

 

 
    17,018,552   
   

 

 

 
Colombia — 1.5%   

Bancolombia S.A. ADR

    2,654        150,535   

Cementos Argos S.A.

    90,669        483,569   

Grupo Aval Acciones y Valores ADR*

    86,688        1,174,622   

Grupo de Inversiones Suramericana SA

    28,300        567,958   
   

 

 

 
    2,376,684   
   

 

 

 
Czech Republic — 1.0%   

Komercni Banka, A.S.

    7,134        1,696,863   
   

 

 

 
Hong Kong — 3.1%  

Beijing Enterprises Holdings Ltd.

    70,500        604,855   

China Mengniu Dairy Co. Ltd.

    246,000        1,012,312   

China Mobile Ltd.

    202,000        2,363,905   

China Overseas Land & Investment Ltd.

    258,000        662,117   
    Number of
Shares
   
Value†
 
       
Hong Kong — (continued)   

CSPC Pharmaceutical Group Ltd.

    436,000      $ 361,560   
   

 

 

 
    5,004,749   
   

 

 

 
India — 9.0%   

Ashok Leyland Ltd.*

    1,814,444        1,206,269   

Bharat Petroleum Corp Ltd.

    101,737        1,076,229   

Glenmark Pharmaceuticals Ltd.

    82,755        967,172   

HDFC Bank Ltd.~

    106,721        1,594,646   

Hero MotoCorp Ltd.

    24,837        1,139,333   

ICICI Bank Ltd.

    65,584        1,520,699   

Idea Cellular Ltd.

    260,641        699,294   

IndusInd Bank Ltd.~

    118,935        1,214,905   

ITC Ltd.

    194,450        1,163,161   

ITC Ltd. GDR

    17,208        103,024   

Oil & Natural Gas Corp. Ltd.*

    229,454        1,515,288   

Shree Cement Ltd.

    7,267        987,285   

Tata Consultancy Services Ltd.

    33,639        1,488,844   

Zee Entertainment Enterprises Ltd.

    13,159        66,793   
   

 

 

 
    14,742,942   
   

 

 

 
Indonesia — 1.2%   

Kalbe Farma Tbk PT

    5,882,100        819,007   

Matahari Department Store Tbk PT

    750,600        999,860   

Xl Axiata Tbk PT

    329,200        167,504   
   

 

 

 
    1,986,371   
   

 

 

 
Japan — 0.2%   

Nexon Co. Ltd.

    47,500        391,731   
   

 

 

 
Malaysia — 2.4%   

Astro Malaysia Holdings Bhd

    777,300        792,878   

CIMB Group Holdings Bhd

    584,463        1,252,310   

IHH Healthcare Bhd

    463,700        718,449   

IJM Corp. Bhd

    4,000        7,894   

Sapurakencana Petroleum Bhd

    905,400        1,136,833   
   

 

 

 
    3,908,364   
   

 

 

 
Mexico — 7.6%  

Alfa S.A.B. de C.V.

    726,179        2,498,006   

America Movil S.A.B. de C.V., Series L ADR

    99,783        2,514,532   

Cemex S.A.B. de C.V. ADR*

    199,480        2,601,219   

Fomento Economico Mexicano S.A.B. de C.V. ADR

    18,201        1,675,402   

Grupo Financiero Banorte S.A.B. de C.V., Series O

    237,516        1,521,072   

Grupo Financiero Inbursa S.A.B de C.V., Series O

    283,527        810,650   

Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR

    63,089        853,594   
   

 

 

 
    12,474,475   
   

 

 

 
Netherlands — 0.5%   

Yandex N.V.*

    26,255        729,758   
   

 

 

 
Pakistan — 0.7%   

United Bank Ltd.

    634,700        1,165,272   
   

 

 

 

 

 

 

135


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Emerging Markets Equity Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
Panama — 0.4%   

Copa Holdings S.A., Class A

    6,005      $ 644,276   
   

 

 

 
Peru — 1.2%   

Credicorp Ltd.

    12,701        1,948,206   
   

 

 

 
Philippines — 3.8%   

BDO Unibank, Inc.

    413,100        901,471   

DMCI Holdings, Inc.

    382,190        672,022   

International Container Terminal Services, Inc.

    271,320        667,455   

LT Group, Inc.

    1,452,200        505,479   

Metro Pacific Investments Corp.

    9,993,100        1,089,731   

Metropolitan Bank & Trust Co.

    524,580        1,013,763   

SM Investments Corp.

    71,530        1,279,131   
   

 

 

 
    6,129,052   
   

 

 

 
Poland — 3.2%   

Bank Pekao S.A.

    30,576        1,787,703   

Bank Zachodni WBK S.A.

    13,073        1,555,791   

Orange Polska S.A.

    318,004        1,116,562   

PKP Cargo S.A.

    33,998        814,878   
   

 

 

 
    5,274,934   
   

 

 

 
Portugal — 0.8%   

Jeronimo Martins SGPS, S.A.

    119,704        1,317,257   
   

 

 

 
Qatar — 0.5%   

Ooredoo QSC

    21,028        764,861   
   

 

 

 
Russia — 1.3%   

Mail.Ru Group Ltd. GDR*

    19,596        550,843   

NOVATEK OAO GDR

    12,193        1,270,511   

Sistema JSFC GDR

    46,891        323,548   
   

 

 

 
    2,144,902   
   

 

 

 
South Africa — 4.3%   

Life Healthcare Group Holdings Ltd.

    150,437        593,050   

MTN Group Ltd.

    98,862        2,084,327   

Naspers Ltd., N Shares

    21,842        2,392,213   

Pick n Pay Stores Ltd.

    147,863        689,936   

Vodacom Group Ltd.

    113,574        1,307,120   
   

 

 

 
    7,066,646   
   

 

 

 
South Korea — 14.1%   

Cosmax, Inc.*

    5,608        690,449   

Coway Co. Ltd.

    16,680        1,330,305   

Hana Financial Group, Inc.

    34,707        1,263,232   

Hotel Shilla Co. Ltd.

    9,545        1,081,157   

Hyundai Department Store Co. Ltd.

    3,164        480,676   

Hyundai Engineering & Construction Co. Ltd.

    19,459        1,109,120   

Hyundai Glovis Co. Ltd.

    3,272        997,649   

Hyundai Mipo Dockyard Co. Ltd.

    2,500        292,815   

Hyundai Motor Co.

    6,633        1,195,089   

KB Financial Group, Inc.

    24,691        900,133   

Kia Motors Corp.

    9,219        468,224   

Kolao Holdings

    21,292        338,551   

Korean Air Lines Co. Ltd.*

    7,754        264,007   

NAVER Corp.*

    2,169        1,656,850   

NCSoft Corp.

    4,870        619,890   
    Number of
Shares
   
Value†
 
       
South Korea — (continued)   

Orion Corp.

    686      $ 568,340   

Paradise Co. Ltd.

    21,396        699,288   

Samsung Electronics Co. Ltd.

    2,627        2,942,260   

Samsung Life Insurance Co. Ltd.

    8,375        841,004   

Seoul Semiconductor Co. Ltd.

    29,699        672,324   

Shinhan Financial Group Co. Ltd.

    33,716        1,552,171   

SK Hynix, Inc.*

    49,022        2,169,766   

SK Telecom Co. Ltd.

    3,700        1,017,843   
   

 

 

 
    23,151,143   
   

 

 

 
Spain — 0.5%   

Cemex Latam Holdings S.A.*

    99,528        884,696   
   

 

 

 
Switzerland — 1.9%   

Coca-Cola HBC AG*

    62,754        1,354,288   

DKSH Holding AG

    10,646        791,407   

The Swatch Group AG

    1,982        939,264   
   

 

 

 
    3,084,959   
   

 

 

 
Taiwan — 7.9%   

Advanced Semiconductor Engineering, Inc.

    477,000        557,162   

Cathay Financial Holding Co. Ltd.

    234,000        380,340   

Chailease Holding Co. Ltd.

    448,250        1,087,375   

Cleanaway Co. Ltd.

    32,000        160,391   

Delta Electronics, Inc.

    116,000        732,804   

Eclat Textile Co. Ltd.

    65,644        596,009   

Epistar Corp.

    76,000        141,987   

Fubon Financial Holding Co. Ltd.

    598,310        916,826   

Ginko International Co. Ltd.

    23,000        309,053   

Hermes Microvision, Inc.

    14,012        582,865   

Hon Hai Precision Industry Co. Ltd.

    131,000        412,616   

Largan Precision Co. Ltd.

    11,000        786,974   

MediaTek, Inc.

    120,000        1,777,165   

Taiwan Mobile Co. Ltd.

    13,000        39,420   

Taiwan Semiconductor Manufacturing Co. Ltd.

    945,769        3,765,228   

Uni-President Enterprises Corp.

    423,502        734,532   
   

 

 

 
    12,980,747   
   

 

 

 
Thailand — 5.0%   

Advanced Info Service PCL NVDR

    173,100        1,200,244   

Bangkok Bank PCL NVDR

    208,100        1,307,453   

BTS Rail Mass Transit Growth Infrastructure Fund

    2,508,800        762,118   

Indorama Ventures PCL NVDR

    889,600        697,730   

Kasikornbank PCL NVDR

    118,000        853,467   

Land and Houses PCL NVDR

    2,742,500        878,312   

Minor International PCL NVDR

    458,400        523,335   

PTT PCL

    84,300        935,944   

Robinson Department Store PCL

    42,300        68,745   

Robinson Department Store PCL NVDR

    183,500        298,524   

Total Access Communication PCL NVDR

    191,300        618,728   
   

 

 

 
    8,144,600   
   

 

 

 
United Kingdom — 0.9%   

Mondi PLC

    86,557        1,415,053   
   

 

 

 
United States — 2.3%   

First Cash Financial Services, Inc.*

    9,439        528,395   
   

 

 

 
 

 

136


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Emerging Markets Equity Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — (continued)   
United States — (continued)   

Samsonite International S.A.

    619,500      $ 1,994,565   

Yum! Brands, Inc.

    18,229        1,312,124   
   

 

 

 
    3,835,084   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $131,104,344)
        153,619,946   
   

 

 

 
PREFERRED STOCKS — 4.5%   
Brazil — 3.5%   

Banco Bradesco S.A.

    145,024        2,073,676   

Itau Unibanco Holding S.A.

    152,801        2,131,192   

Petroleo Brasileiro S.A.

    204,986        1,524,153   
   

 

 

 
    5,729,021   
   

 

 

 
Colombia — 0.8%   

Bancolombia S.A.

    50,149        709,765   

Grupo de Inversiones Suramericana S.A.

    31,900        638,002   
   

 

 

 
    1,347,767   
   

 

 

 
South Korea — 0.2%   

Samsung Electronics Co. Ltd.

    391        332,639   
   

 

 

 
TOTAL PREFERRED STOCKS
(Cost $8,030,412)
        7,409,427   
   

 

 

 
SHORT-TERM INVESTMENTS — 1.7%   
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
    (Cost $2,683,041)
    2,683,041        2,683,041   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $141,817,797)(a)
      $ 163,712,414   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
~ Fair valued security. The total market value of fair valued securities at September 30, 2014 is $2,809,551.
(a) At September 30, 2014, the cost for Federal income tax purposes was $142,217,650. Net unrealized appreciation was $21,494,764. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $32,283,232 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $10,788,468.

ADR — American Depository Receipt.

GDR — Global Depository Receipt

NVDR — Non Voting Depositary Receipt.

PCL — Public Company Limited.

PLC — Public Limited Company.

COMMON STOCKS
INDUSTRY DIVERSIFICATION
   % of Market
Value
   
Value†
 

Advertising

     0.5   $ 791,407   

Agriculture

     0.8     1,266,185   

Airlines

     0.6     908,283   

Apparel

     0.4     596,009   

Auto Manufacturers

     2.0     3,123,492   

Banks

     18.8     28,902,888   

Beverages

     2.7     4,217,717   

Building Materials

     3.2     4,956,769   

Chemicals

     1.0     1,600,522   

Commercial Services

     1.4     2,156,811   

Computers

     1.0     1,488,844   

Cosmetics & Personal Care

     0.5     690,449   

Diversified Financial Services

     3.0     4,632,362   

Electric

     0.3     398,946   

Electrical Components & Equipment

     0.9     1,315,669   

Electronics

     0.3     412,616   

Engineering & Construction

     1.2   $ 1,781,142   

Entertainment

     0.5     699,288   

Environmental Control

     1.0     1,490,696   

Food

     5.1     7,896,508   

Forest Products & Paper

     0.9     1,415,053   

Gas

     0.4     604,855   

Healthcare Products

     0.2     309,053   

Healthcare Services

     0.9     1,388,491   

Holding Companies

     1.6     2,505,900   

Home Builders

     0.6     878,312   

Hotels & Resorts

     0.7     1,081,157   

Household Products & Wares

     1.3     1,994,565   

Insurance

     2.8     4,263,557   

Internet

     5.4     8,349,480   

Investment Companies

     1.1     1,742,580   

Leisure Time

     0.7     1,139,333   

Media

     2.1     3,251,884   

Miscellaneous Manufacturing

     0.5     786,974   

Oil & Gas

     4.9     7,461,766   

Oil & Gas Services

     1.8     2,807,230   

Pharmaceuticals

     1.9     2,926,678   

Real Estate

     1.1     1,749,492   

Retail

     5.9     9,044,281   

Semiconductors

     7.8     12,025,892   

Shipbuilding

     0.2     292,815   

Software

     0.3     391,731   

Telecommunications

     9.3     14,217,888   

Transportation

     1.7     2,574,645   

Water

     0.7     1,089,731   

 

 
     100.0   $ 153,619,946   
  

 

 

   

 

 

 
 

 

137


Penn Series Funds, Inc.

Emerging Markets Equity Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

COMMON STOCKS

       

Argentina

  $ 889,240      $ 889,240      $      $   

Austria

    3,631,511               3,631,511          

Brazil

    7,916,227        7,916,227                 

Chile

    900,791        900,791                 

China

    17,018,552        1,625,810        15,392,742          

Colombia

    2,376,684        2,376,684                 

Czech Republic

    1,696,863               1,696,863          

Hong Kong

    5,004,749               5,004,749          

India

    14,742,942        1,070,196        13,672,746          

Indonesia

    1,986,371        167,504        1,818,867          

Japan

    391,731               391,731          

Malaysia

    3,908,364               3,908,364          

Mexico

    12,474,475        12,474,475                 

Netherlands

    729,758        729,758                 

Pakistan

    1,165,272        1,165,272                 

Panama

    644,276        644,276                 

Peru

    1,948,206        1,948,206                 

Philippines

    6,129,052        667,455        5,461,597          

Poland

    5,274,934               5,274,934          

Portugal

    1,317,257               1,317,257          

Qatar

    764,861               764,861          

Russia

    2,144,902        2,144,902                 

South Africa

    7,066,646               7,066,646          

South Korea

    23,151,143               23,151,143          

Spain

    884,696        884,696                 

Switzerland

    3,084,959               3,084,959          

Taiwan

    12,980,747               12,980,747          

Thailand

    8,144,600        1,996,586        6,148,014          

United Kingdom

    1,415,053               1,415,053          

United States

    3,835,084        3,835,084                 

PREFERRED STOCKS

    7,409,427        7,076,788        332,639          

SHORT-TERM INVEST-
MENTS

    2,683,041        2,683,041                 

 

 

TOTAL INVEST-
MENTS

  $ 163,712,414      $ 51,196,991      $ 112,515,423      $   

 

 

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $635,080 was transferred from Level 1 into Level 2 at 9/30/14 as a result of changes in significant observable inputs. $85,742,086 was transferred from Level 1 into Level 2 at 9/30/14 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

138


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Real Estate Securities Fund

 

    Number of
Shares
   
Value†
 
COMMON STOCKS — 1.8%   
Home Builders — 0.5%    

Toll Brothers, Inc.*

    16,615      $ 517,723   
   

 

 

 
Hotels & Resorts — 0.2%    

La Quinta Holdings Inc*

    14,219        270,019   
   

 

 

 
Real Estate — 1.1%    

Forest City Enterprises, Inc., Class A*

    70,009        1,369,376   
   

 

 

 
TOTAL COMMON STOCKS
(Cost $1,985,231)
        2,157,118   
   

 

 

 
REAL ESTATE INVESTMENT TRUSTS — 96.9%   
Apartments — 16.3%    

American Homes 4 Rent

    71,565        1,208,733   

Apartment Investment & Management Co., Class A

    76,968        2,449,122   

Education Realty Trust, Inc.

    54,324        558,451   

Equity Residential

    111,966        6,894,866   

Essex Property Trust, Inc.

    5,581        997,604   

Home Properties, Inc.

    36,981        2,153,773   

Post Properties, Inc.

    19,834        1,018,277   

UDR, Inc.

    169,219        4,611,218   
   

 

 

 
    19,892,044   
   

 

 

 
Building & Real Estate — 2.1%    

Gramercy Property Trust, Inc.

    103,675        597,168   

Spirit Realty Capital, Inc.

    176,532        1,936,556   
   

 

 

 
    2,533,724   
   

 

 

 
Diversified — 7.9%    

American Assets Trust, Inc.

    35,141        1,158,599   

Cousins Properties, Inc.

    44,550        532,372   

Liberty Property Trust

    44,150        1,468,429   

Retail Properties of America, Inc. Class A

    105,379        1,541,695   

Vornado Realty Trust

    48,837        4,881,746   
   

 

 

 
    9,582,841   
   

 

 

 
Healthcare — 9.4%    

Health Care REIT, Inc.

    68,575        4,277,023   

Healthcare Trust of America, Inc.*

    131,232        1,522,291   

Omega Healthcare Investors, Inc.

    38,662        1,321,854   

Ventas, Inc.

    69,962        4,334,146   
   

 

 

 
    11,455,314   
   

 

 

 
Hotels & Resorts — 8.0%    

Belmond Ltd*

    70,975        827,569   

DiamondRock Hospitality Co.

    142,831        1,811,097   

Host Hotels & Resorts, Inc.

    130,152        2,776,142   

Strategic Hotels & Resorts, Inc.*

    177,014        2,062,213   

Sunstone Hotel Investors, Inc.

    163,855        2,264,476   
   

 

 

 
    9,741,497   
   

 

 

 
Industrial — 5.5%    

First Industrial Realty Trust, Inc.

    59,805        1,011,303   

Prologis, Inc.

    132,592        4,998,718   

QTS Realty Trust, Inc.

    21,620        656,167   
   

 

 

 
    6,666,188   
   

 

 

 
    Number of
Shares
   
Value†
 
                        
Manufactured Homes — 0.7%    

Sun Communities, Inc.

    18,011      $ 909,555   
   

 

 

 
Office Property — 13.1%    

American Realty Capital Properties, Inc.

    214,184        2,583,059   

BioMed Realty Trust, Inc.

    86,470        1,746,694   

Brandywine Realty Trust

    94,769        1,333,400   

Corporate Office Properties Trust

    46,060        1,184,663   

Douglas Emmett, Inc.

    68,739        1,764,530   

Empire State Realty Trust, Inc.

    61,498        923,700   

Kilroy Realty Corp.

    30,288        1,800,319   

Mack-Cali Realty Corp.

    45,137        862,568   

SL Green Realty Corp.

    37,456        3,795,042   
   

 

 

 
    15,993,975   
   

 

 

 
Regional Malls — 16.5%    

General Growth Properties, Inc.

    214,499        5,051,451   

Glimcher Realty Trust

    48,788        660,590   

Pennsylvania Real Estate Investment Trust

    46,749        932,175   

Simon Property Group, Inc.

    68,381        11,243,204   

Taubman Centers, Inc.

    30,607        2,234,311   
   

 

 

 
    20,121,731   
   

 

 

 
Storage & Warehousing — 8.4%    

CubeSmart

    99,350        1,786,313   

Extra Space Storage, Inc.

    30,871        1,592,018   

Public Storage

    33,307        5,523,633   

Sovran Self Storage, Inc.

    18,723        1,392,242   
   

 

 

 
    10,294,206   
   

 

 

 
Strip Centers — 9.0%    

DDR Corp.

    60,273        1,008,367   

Kimco Realty Corp.

    125,375        2,746,966   

Ramco-Gershenson Properties Trust

    75,643        1,229,199   

Regency Centers Corp.

    56,610        3,047,317   

Weingarten Realty Investors

    95,472        3,007,368   
   

 

 

 
    11,039,217   
   

 

 

 
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $108,157,850)
        118,230,292   
   

 

 

 
SHORT-TERM INVESTMENTS — 1.3%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,589,601)

    1,589,601        1,589,601   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $111,732,683)(a)
      $ 121,977,011   
   

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $111,889,134. Net unrealized appreciation was $10,087,877. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $11,464,232 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,376,355.

REIT — Real Estate Investment Trust.

 

 

139


Penn Series Funds, Inc.

Real Estate Securities Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
   

Level 2
Signi-

ficant
Obser-

vable

Input

   

Level 3
Signi-

ficant
Unobser-

vable
Input

 

COMMON STOCKS

  $ 2,157,118      $ 2,157,118      $      $   

REAL ESTATE INVESTMENT TRUSTS

    118,230,292        118,230,292                 

SHORT-TERM INVESTMENTS

    1,589,601        1,589,601                 

 

 

TOTAL INVESTMENTS

  $ 121,977,011      $ 121,977,011      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

140


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Aggressive Allocation Fund

 

    Number of
Shares
   
Value†
 
AFFILIATED EQUITY FUNDS — 66.6%   

Penn Series Flexibly Managed Fund*

    63,968      $ 2,444,858   

Penn Series Index 500 Fund*

    240,478        3,667,287   

Penn Series Large Cap Growth Fund*

    200,398        2,444,858   

Penn Series Large Cap Value Fund*

    274,703        6,112,145   

Penn Series Large Core Growth Fund*

    39,638        611,215   

Penn Series Large Core Value Fund*

    210,909        3,056,073   

Penn Series Large Growth Stock Fund*

    70,201        1,833,643   

Penn Series Mid Cap Growth Fund*

    174,758        2,444,858   

Penn Series Mid Cap Value Fund*

    154,738        3,056,073   

Penn Series Mid Core Value Fund*

    146,224        2,444,858   

Penn Series Real Estate Securities Fund*

    155,624        2,444,858   

Penn Series Small Cap Growth Fund*

    47,216        1,222,429   

Penn Series Small Cap Index Fund*

    76,116        1,222,429   

Penn Series Small Cap Value Fund*

    94,251        2,444,858   

Penn Series SMID Cap Growth Fund*

    130,323        2,444,858   

Penn Series SMID Cap Value Fund*

    157,125        3,056,072   
   

 

 

 
TOTAL AFFILIATED EQUITY FUNDS
(Cost $24,922,219)
        40,951,372   
   

 

 

 
AFFILIATED FIXED INCOME FUNDS — 4.0%   

Penn Series Quality Bond Fund*
(Cost $2,211,239)

    184,936        2,444,858   
   

 

 

 
AFFILIATED INTERNATIONAL EQUITY FUNDS — 28.8%   

Penn Series Developed International Index Fund*

    405,449        4,889,716   

Penn Series Emerging Markets Equity Fund*

    370,113        4,278,502   

Penn Series International Equity Fund*

    365,216        8,557,003   
   

 

 

 
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $13,495,118)
        17,725,221   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.6%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $379,882)

    379,882        379,882   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $41,008,458)(a)
      $ 61,501,333   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $41,442,577. Net unrealized appreciation/depreciation was $20,058,756. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $20,492,875 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $434,119.
 

 

141


Penn Series Funds, Inc.

Aggressive Allocation Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE
 
Description   Total
Market
Value at
09/30/2014
    Level 1
Quoted
Price
    Level 2
Signi-
ficant
Obser-
vable
Input
    Level 3
Signi-
ficant
Unobser-
vable
Input
 

AFFILIATED EQUITY FUNDS

  $ 40,951,372      $ 40,951,372      $      $   

AFFILIATED FIXED INCOME FUNDS

    2,444,858        2,444,858                 

AFFILIATED INTER-
NATIONAL EQUITY FUNDS

    17,725,221        17,725,221                 

SHORT-TERM
INVESTMENTS

    379,882        379,882                 

 

 

TOTAL INVEST-
MENTS

  $ 61,501,333      $ 61,501,333      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

142


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Moderately Aggressive Allocation Fund

 

 

    Number of
Shares
   
Value†
 
AFFILIATED EQUITY FUNDS — 57.8%   

Penn Series Flexibly Managed Fund*

    254,476      $ 9,726,078   

Penn Series Index 500 Fund*

    956,663        14,589,117   

Penn Series Large Cap Growth Fund*

    597,915        7,294,558   

Penn Series Large Cap Value Fund*

    983,536        21,883,675   

Penn Series Large Core Growth Fund*

    157,686        2,431,519   

Penn Series Large Core Value Fund*

    671,227        9,726,078   

Penn Series Large Growth Stock Fund*

    279,271        7,294,558   

Penn Series Mid Cap Growth Fund*

    521,412        7,294,558   

Penn Series Mid Cap Value Fund*

    615,575        12,157,597   

Penn Series Mid Core Value Fund*

    581,703        9,726,078   

Penn Series Real Estate Securities Fund*

    464,326        7,294,558   

Penn Series Small Cap Growth Fund*

    187,835        4,863,039   

Penn Series Small Cap Index Fund*

    302,804        4,863,039   

Penn Series Small Cap Value Fund*

    281,209        7,294,559   

Penn Series SMID Cap Growth Fund*

    388,836        7,294,558   

Penn Series SMID Cap Value Fund*

    375,042        7,294,558   
   

 

 

 
TOTAL AFFILIATED EQUITY FUNDS
(Cost $80,543,469)
        141,028,127   
   

 

 

 
AFFILIATED FIXED INCOME FUNDS — 18.9%   

Penn Series High Yield Bond Fund*

    655,985        7,294,559   

Penn Series Limited Maturity Bond Fund*

    844,278        9,726,078   

Penn Series Quality Bond Fund*

    2,207,128        29,178,233   
   

 

 

 
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $41,370,001)
        46,198,870   
   

 

 

 
AFFILIATED INTERNATIONAL EQUITY FUNDS — 22.9%   

Penn Series Developed International
Index Fund*

    1,411,330        17,020,636   

Penn Series Emerging Markets Equity Fund*

    1,051,695        12,157,597   

Penn Series International Equity Fund*

    1,141,558        26,746,714   
   

 

 

 
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $40,938,883)
        55,924,947   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.4%   

BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares
(Cost $883,079)

    883,079        883,079   
   

 

 

 
TOTAL INVESTMENTS — 100.0%
(Cost $163,735,432)(a)
      $ 244,035,023   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $165,895,819. Net unrealized appreciation/depreciation was $78,139,204. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $80,299,591 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,160,387.
 

 

143


Penn Series Funds, Inc.

Moderately Aggressive Allocation Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant
Obser-

vable
Input

   

Level 3
Signi-

ficant
Unobser-

vable
Input

 

AFFILIATED EQUITY FUNDS

  $ 141,028,127      $ 141,028,127      $      $   

AFFILIATED FIXED INCOME FUNDS

    46,198,870        46,198,870                 

AFFILIATED INTER-
NATIONAL EQUITY FUNDS

    55,924,947        55,924,947                 

SHORT-TERM INVEST-
MENTS

    883,079        883,079                 

 

 

TOTAL INVEST-
MENTS

  $ 244,035,023      $ 244,035,023      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

144


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Moderate Allocation Fund

 

    Number of
Shares
   
Value†
 
AFFILIATED EQUITY FUNDS — 44.9%   

Penn Series Flexibly Managed Fund*

    560,771      $ 21,432,684   

Penn Series Index 500 Fund*

    1,171,185        17,860,570   

Penn Series Large Cap Growth Fund*

    878,389        10,716,342   

Penn Series Large Cap Value Fund*

    963,267        21,432,685   

Penn Series Large Core Value Fund*

    739,568        10,716,342   

Penn Series Large Growth Stock Fund*

    273,516        7,144,228   

Penn Series Mid Cap Growth Fund*

    510,667        7,144,228   

Penn Series Mid Cap Value Fund*

    542,600        10,716,342   

Penn Series Mid Core Value Fund*

    640,930        10,716,343   

Penn Series Real Estate Securities Fund*

    454,757        7,144,228   

Penn Series Small Cap Growth Fund*

    137,973        3,572,114   

Penn Series Small Cap Index Fund*

    444,846        7,144,228   

Penn Series Small Cap Value Fund*

    275,414        7,144,228   

Penn Series SMID Cap Growth Fund*

    380,822        7,144,228   

Penn Series SMID Cap Value Fund*

    550,969        10,716,343   
   

 

 

 

TOTAL AFFILIATED EQUITY FUNDS

(Cost $92,174,505)

  

  

    160,745,133   
   

 

 

 
AFFILIATED FIXED INCOME FUNDS — 35.9%   

Penn Series High Yield Bond Fund*

    1,606,166        17,860,570   

Penn Series Limited Maturity Bond Fund*

    2,170,555        25,004,799   

Penn Series Quality Bond Fund*

    6,484,927        85,730,738   
   

 

 

 

TOTAL AFFILIATED FIXED INCOME FUNDS

(Cost $114,700,504)

  

  

    128,596,107   
   

 

 

 
AFFILIATED INTERNATIONAL EQUITY FUNDS — 16.9%   

Penn Series Developed International Index Fund*

    1,480,976        17,860,570   

Penn Series Emerging Markets Equity Fund*

    927,019        10,716,342   

Penn Series International Equity Fund*

    1,372,131        32,149,027   
   

 

 

 

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS

(Cost $42,848,912)

  

  

    60,725,939   
   

 

 

 
AFFILIATED MONEY MARKET FUND — 2.0%   

Penn Series Money Market Fund
(Cost $7,144,288)

    7,144,288        7,144,288   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.3%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $995,715)

    995,715        995,715   
   

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $257,863,924)(a)

  

  

  $ 358,207,182   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $259,541,103. Net unrealized appreciation/depreciation was $98,666,079. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $100,343,258 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,677,179.

    

 

 

145


Penn Series Funds, Inc.

Moderate Allocation Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant
Obser-

vable
Input

   

Level 3
Signi-

ficant
Unobser-

vable
Input

 

AFFILIATED EQUITY FUNDS

  $ 160,745,133      $ 160,745,133      $      $   

AFFILIATED FIXED INCOME FUNDS

    128,596,107        128,596,107                 

AFFILIATED INTER-
NATIONAL EQUITY FUNDS

    60,725,939        60,725,939                 

AFFILIATED MONEY MARKET FUNDS

    7,144,288        7,144,288                 

SHORT-TERM INVEST-
MENTS

    995,715        995,715                 

 

 

TOTAL INVEST-
MENTS

  $ 358,207,182      $ 358,207,182      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

146


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Moderately Conservative Allocation Fund

 

     Number of
Shares
   
Value†
 
AFFILIATED EQUITY FUNDS — 32.8%   

Penn Series Flexibly Managed Fund*

    193,096      $ 7,380,130   

Penn Series Index 500 Fund*

    207,404        3,162,913   

Penn Series Large Cap Growth Fund*

    172,837        2,108,608   

Penn Series Large Cap Value Fund*

    236,922        5,271,521   

Penn Series Large Core Value Fund*

    145,522        2,108,609   

Penn Series Large Growth Stock Fund*

    40,364        1,054,304   

Penn Series Mid Cap Value Fund*

    160,147        3,162,913   

Penn Series Mid Core Value Fund*

    126,113        2,108,608   

Penn Series Real Estate Securities Fund*

    134,221        2,108,608   

Penn Series Small Cap Index Fund*

    131,296        2,108,609   

Penn Series SMID Cap Growth Fund*

    112,399        2,108,608   

Penn Series SMID Cap Value Fund*

    108,412        2,108,609   
   

 

 

 

TOTAL AFFILIATED EQUITY FUNDS

(Cost $19,380,807)

  

  

    34,792,040   
   

 

 

 
AFFILIATED FIXED INCOME FUNDS — 54.7%   

Penn Series High Yield Bond Fund*

    568,869        6,325,825   

Penn Series Limited Maturity Bond Fund*

    1,464,311        16,868,868   

Penn Series Quality Bond Fund*

    2,631,773        34,792,040   
   

 

 

 

TOTAL AFFILIATED FIXED INCOME FUNDS

(Cost $50,587,920)

  

  

    57,986,733   
   

 

 

 
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%   

Penn Series Developed International Index Fund*

    349,686        4,217,217   

Penn Series Emerging Markets Equity Fund*

    91,203        1,054,304   

Penn Series International Equity Fund*

    224,990        5,271,521   
   

 

 

 

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS

(Cost $6,955,901)

  

  

    10,543,042   
   

 

 

 
AFFILIATED MONEY MARKET FUND — 2.0%   

Penn Series Money Market Fund
(Cost $2,108,643)

    2,108,643        2,108,643   
   

 

 

 
SHORT-TERM INVESTMENTS — 0.6%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $607,286)

    607,286        607,286   
   

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $79,640,557)(a)

  

  

  $ 106,037,744   
   

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $80,351,241. Net unrealized appreciation/depreciation was $25,686,503. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $26,397,188 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $710,685.
 

 

147


Penn Series Funds, Inc.

Moderately Conservative Allocation Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant

Obser-

vable

Input

   

Level 3
Signi-

ficant
Unobser-

vable
Input

 

AFFILIATED EQUITY FUNDS

  $ 34,792,040      $ 34,792,040      $      $   

AFFILIATED FIXED INCOME FUNDS

    57,986,733        57,986,733                 

AFFILIATED INTER-
NATIONAL EQUITY FUNDS

    10,543,042        10,543,042                 

AFFILIATED MONEY MARKET FUNDS

    2,108,643        2,108,643                 

SHORT-TERM INVEST-
MENTS

    607,286        607,286                 

 

 

TOTAL INVEST-
MENTS

  $ 106,037,744      $ 106,037,744      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

    

 

 

148


Penn Series Funds, Inc.

Schedule of Investments — September 30, 2014 (Unaudited)

Conservative Allocation Fund

 

      Number of
Shares
    
Value†
 
AFFILIATED EQUITY FUNDS — 17.8%   

Penn Series Flexibly Managed Fund*

     137,720       $ 5,263,667   

Penn Series Index 500 Fund*

     86,290         1,315,917   

Penn Series Large Cap Growth Fund*

     107,862         1,315,917   

Penn Series Large Cap Value Fund*

     59,142         1,315,917   

Penn Series Large Core Value Fund*

     45,408         657,958   

Penn Series Mid Cap Value Fund*

     66,629         1,315,917   

Penn Series Mid Core Value Fund*

     39,352         657,959   
     

 

 

 

TOTAL AFFILIATED EQUITY FUNDS

(Cost $7,218,977)

  

  

     11,843,252   
     

 

 

 
AFFILIATED FIXED INCOME FUNDS — 70.0%   

Penn Series High Yield Bond Fund*

     473,351         5,263,668   

Penn Series Limited Maturity Bond Fund*

     1,256,518         14,475,086   

Penn Series Quality Bond Fund*

     2,040,567         26,976,296   
     

 

 

 

TOTAL AFFILIATED FIXED INCOME FUNDS

(Cost $40,319,155)

  

  

     46,715,050   
     

 

 

 
AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9%   

Penn Series Developed International Index Fund*

     163,671         1,973,875   

Penn Series International Equity Fund*

     56,164         1,315,917   
     

 

 

 

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS

(Cost $2,045,471)

  

  

     3,289,792   
     

 

 

 
AFFILIATED MONEY MARKET FUND — 5.9%   

Penn Series Money Market Fund
(Cost $3,947,800)

     3,947,800         3,947,800   
     

 

 

 
SHORT-TERM INVESTMENTS — 1.4%   

BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $930,510)

     930,510         930,510   
     

 

 

 

TOTAL INVESTMENTS — 100.0%

(Cost $54,461,913)(a)

  

  

   $ 66,726,404   
     

 

 

 

 

 

See Security Valuation Note.
* Non-income producing security.
(a) At September 30, 2014, the cost for Federal income tax purposes was $54,873,379. Net unrealized appreciation/depreciation was $11,853,025. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $12,264,491 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $411,466.
 

 

149


Penn Series Funds, Inc.

Conservative Allocation Fund

 

Summary of inputs used to value the Fund’s investments as of 09/30/2014 are as follows (See Security Valuation Note):

 

ASSETS TABLE  
Description  

Total

Market

Value at
09/30/2014

   

Level 1
Quoted

Price

   

Level 2
Signi-

ficant
Obser-

vable
Input

   

Level 3
Signi-

ficant
Unobser-

vable

Input

 

AFFILIATED EQUITY FUNDS

  $ 11,843,252      $ 11,843,252      $      $   

AFFILIATED FIXED INCOME FUNDS

    46,715,050        46,715,050                 

AFFILIATED INTER-
NATIONAL EQUITY FUNDS

    3,289,792        3,289,792                 

AFFILIATED MONEY MARKET FUNDS

    3,947,800        3,947,800                 

SHORT-TERM INVEST-
MENTS

    930,510        930,510                 

 

 

TOTAL INVEST-
MENTS

  $ 66,726,404      $ 66,726,404      $      $   

 

 

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 or transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.

 

 

150


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. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing evaluation 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 evaluation 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.

Securities for which market quotations are not readily available are valued by methods deemed by the Board of Directors to represent fair value. The Penn Series Valuation Committee (the “Valuation Committee”), established by and subject to oversight by the Board of Directors, develops pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from the Advisor and Administrator. The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Advisor or the applicable sub advisor, 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, illiquidity premiums, 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 Advisor or respective sub advisor 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 not begun or has been halted or suspended, 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.

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.

To assess the continuing appropriateness of third party pricing service security valuations, the Advisor or sub advisor, 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 market by the Advisor or sub advisor, as applicable.

 

151


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 U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval,” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. Inputs refer broadly to the assumptions that 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 three month period ended September 30, 2014, if any, are shown as notes on the Schedule of Investments of the individual fund.

Significant Level 3 items at September 30, 2014 consist of $407,090 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.

 

152


Item 2. 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)).

[Please verify, please provide further information if this statement is not correct.]

 

  (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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

[Please verify, please provide further information if this statement is not correct.]

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.


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 November 19, 2014

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 November 19, 2014

 

By (Signature and Title)*   /s/ Timothy P. Demetres
  Timothy P. Demetres, Treasurer
  (principal financial officer)

Date November 19, 2014

 

* 

Print the name and title of each signing officer under his or her signature.