Fund Profiles

Penn Mutual’s variable universal life insurance and variable annuities offer diverse investment opportunities through our proprietary Penn Series Funds. This wide array of options was designed to offer you choices that suit your personal risk tolerance, time horizon and stage of life. You can build a custom portfolio to create a unique blueprint for growth or choose one or more of our preconfigured Lifestyle Asset Allocation Funds, each representing a mix of securities that ties to a particular risk level.

Penn Series Limited Maturity Bond Fund

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Investment Objective

Seeks to maximize total return consistent with preservation of capital

Principal Investment Strategy

The Fund invests primarily in short- to intermediate-term investment grade debt securities of the U.S. government and corporate issuers.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.70%
Top 10 Holdings2
United States treasury note/bond
United States treasury bill
SLM student loan trust 2014-2
Ford credit auto owner trust 2020-b
Fremf 2017-k727 mortgage trust
Edsouth indenture no 4 llc
Nzcg funding ltd
Navient private education refi loan trust 2020-e
Freddie mac multifamily structured pass through certificates
Comm 2014-ccre20 mortgage trust

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Quality Bond Fund

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Investment Objective

Seeks the to maximize total return over the long term consistent with the preservation of capital

Principal Investment Strategy

The Fund invests primarily in marketable investment grade debt securities that are believed to be undervalued based on their quality, maturity and sector in the marketplace.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.67%
Top 10 Holdings2
Fannie mae pool - 3/1/50
Freddie mac multifamily structured pass through certificates
Fremf 2018-k731 mortgage trust
Fremf 2019-k735 mortgage trust
GS mortgage-backed securities Corp. trust 2020-pj3
Freddie mac remics
Fannie mae pool - 10/1/40
Benchmark 2019-b9 mortgage trust
Fremf 2016-k52 mortgage trust
Fremf 2015-k48 mortgage trust

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series High Yield Bond Fund

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Investment Objective

Seeks to realize high current income

Principal Investment Strategy

The Fund invests primarily in high-yield corporate bonds that are rated below investment grade, as well as income producing convertible securities and preferred stocks.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.73%
Top 10 Holdings2
Csc holdings LLC
Service Corp. international/us
HCA Inc.
Comstock resources Inc.
Apache Corp.
Mauser packaging solutions holding Co.
Terraform power operating LLC
Jetblue 2020-1 class b pass through trust
Chesapeake energy Corp.
JBS usa lux sa / jbs usa finance Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Flexibly Managed Fund

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Investment Objective

Seeks to maximize total return (capital apprecaition and income)

Principal Investment Strategy

The Fund invests in common stocks of well established U.S. companies with above-average potential for capital growth as well as convertible securities, preferred stocks, corporate and governmental debt securities.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserT. Rowe Price Associates, Inc.
Total Annual Fund Operating Expenses10.88%
Top 10 Holdings2
Microsoft Corp.
General electric co
Amazon.com Inc.
Marsh & mclennan cos Inc.
Alphabet Inc.
American electric power Company Inc.
The pnc financial services group Inc.
Fiserv Inc.
Humana Inc.
Danaher Corp.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Balanced Fund

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Investment Objective

Seeks long-term growth and current income

Principal Investment Strategy

The Fund invests in a combination of underlying Penn Series Funds with an allocation strategy designed to provide a mix of the growth opportunities of stock investing with the income opportunities of fixed income securities.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.68%
Holdings
Index 500 fund
Quality bond fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Growth Stock Fund

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Investment Objective

Seeks to achieve long-term growth of capital and increase of future income

Principal Investment Strategy

The Fund invests in common stocks of well established companies that are believed to have long-term growth potential and an above-average rate of earnings growth.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserT. Rowe Price Associates, Inc.
Total Annual Fund Operating Expenses10.95%
Top 10 Holdings2
Amazon.com Inc.
Microsoft Corp.
Facebook Inc.
Apple Inc.
Alphabet Inc. - class a
Alphabet Inc. - Class C
Visa Inc.
Mastercard Inc.
Netflix Inc.
Sea Ltd.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Cap Growth Fund

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Investment Objective

Seeks to achieve long-term capital appreciation

Principal Investment Strategy

The Fund invests in companies believed to have above average earnings growth potential compared to other growth companies.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserMassachusetts Financial Services Company
Total Annual Fund Operating Expenses10.88%
Top 10 Holdings2
Microsoft Corp.
Alphabet Inc.
Apple Inc.
Accenture Plc
Visa Inc.
Colgate-palmolive Co.
Aon Plc
Fiserv Inc.
The charles schwab Corp.
Boston scientific Corp.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Core Growth Fund

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Investment Objective

Seeks to achieve long-term growth of capital (capital appreciation)

Principal Investment Strategy

The Fund invests in securities of companies with strong name recognition and sustainable competitive advantages.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserMorgan Stanley Investment Management Inc.
Total Annual Fund Operating Expenses10.85%
Top 10 Holdings2
Twitter Inc.
Amazon.com Inc.
Square Inc.
Shopify Inc.
Twilio Inc.
Intuitive surgical Inc.
Veeva systems Inc.
Spotify technology sa
IAC/interactiveCorp.
Facebook Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Cap Value Fund

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Investment Objective

Seeks to achieve long-term growth of capital

Principal Investment Strategy

The Fund invests in securities that are believed to be undervalued relative to long-term earnings and cash-flow potential.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAllianceBernstein L.P.
Total Annual Fund Operating Expenses10.93%
Top 10 Holdings2
Berkshire hathaway Inc.
Comcast Corp.
Philip morris international Inc.
Wells fargo & co
LKQ Corp.
Emerson electric Co.
Amgen Inc.
Verizon communications Inc.
The allstate Corp.
Dr horton Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Core Value Fund

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Investment Objective

Seeks total return

Principal Investment Strategy

The Fund invests primarily in dividend-paying value stocks and may also invest in REITs, non-income producing stocks and fixed-income securities such as convertible debt.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserEaton Vance Management
Total Annual Fund Operating Expenses10.91%
Top 10 Holdings2
Johnson & Johnson
Berkshire hathaway Inc.
The Walt Disney Co.
Alphabet Inc.
Medtronic Plc
Fidelity national information services Inc.
Bank of america Corp.
Verizon communications Inc.
Truist financial Corp.
Walmart Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Index 500 Fund

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Investment Objective

Seeks a total return (capital appreciation and income) which corresponds to that of the S&P 500® Index

Principal Investment Strategy

The Fund invests in securities of the S&P 500® Index in an attempt to replicate the performance of the Index.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.36%
Top 10 Holdings2
Apple Inc.
Microsoft Corp.
Amazon.com Inc.
Facebook Inc.
Alphabet Inc.
Alphabet Inc.
Tesla Inc.
Berkshire hathaway Inc.
JP Morgan chase & Co.
Johnson & Johnson

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Mid Cap Growth Fund

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Investment Objective

Seeks to maximize capital appreciation

Principal Investment Strategy

The Fund invests in equity securities believed to have strong earnings growth potential and that are diversified across economic sectors.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserDelaware Investments Fund Advisers
Total Annual Fund Operating Expenses10.95%
Top 10 Holdings2
Chipotle mexican grill Inc.
Costar group Inc.
Marketaxess holdings Inc.
Monolithic power systems Inc.
Dexcom Inc.
Docusign Inc.
Teradyne Inc.
Electronic arts Inc.
Microchip technology Inc.
Arista networks Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Mid Cap Value Fund

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Investment Objective

Seeks to achieve growth of capital

Principal Investment Strategy

The Fund invests in the equity securities of high quality companies believed to be trading at substantial discount to their intrinsic value where there is a strategic plan or event that is expected to both enhance value and narrow the value/price gap.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserJanus Capital Management LLC
Total Annual Fund Operating Expenses10.82%
Top 10 Holdings2
BMX Technologies Inc.
Citizens financial group Inc.
Globe life Inc.
Equity lifestyle properties Inc.
The hartford financial services group Inc.
Alliant energy Corp.
Tyson foods Inc.
Laboratory Corp. of america holdings
First horizon Corp.
M&T bank Corp.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Mid Core Value Fund

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Investment Objective

Seeks to achieve capital appreciation

Principal Investment Strategy

The Fund invests in companies whose stock price may not reflect the company’s value and hold each stock until its price more accurately reflects the fair value of the company.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAmerican Century Investment Management, Inc.
Total Annual Fund Operating Expenses11.05%
Top 10 Holdings2
Zimmer biomet holdings Inc.
Northern trust Corp.
The bank of new york mellon Corp.
Emerson electric Co.
Conagra brands Inc.
Nvent electric Plc
Advance auto parts Inc.
Sonoco products co
Chubb Ltd.
Pinnacle west capital Corp.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series SMID Cap Growth Fund

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Investment Objective

Seeks long-term growth of capital

Principal Investment Strategy

The Fund invests in small- and medium-sized growth companies believed to have unique business models, sustainable growth and knowledgeable management teams.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserGoldman Sachs Asset Management, L.P.
Total Annual Fund Operating Expenses11.05%
Top 10 Holdings2
Guardant health Inc.
Generac holdings Inc.
Entegris Inc.
Hubspot Inc.
Perkinelmer Inc.
Bio-techne Corp.
Molina healthcare Inc.
MKS instruments Inc.
Zendesk Inc.
RH

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series SMID Cap Value Fund

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Investment Objective

Seeks long-term growth of capital

Principal Investment Strategy

The Fund invests in small- and medium-sized companies that are believed to be undervalued and have long-term earnings potential.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAllianceBernstein L.P.
Total Annual Fund Operating Expenses11.17%
Top 10 Holdings2
Oshkosh Corp.
First citizens bancshares Inc.
Pultegroup Inc.
Comerica Inc.
Synovus financial Corp.
Robert half international Inc.
Knight-swift transportation holdings Inc.
Aecom
Tapestry Inc.
Regal beloit Corp.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Small Cap Growth Fund

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Investment Objective

Seeks capital appreciation

Principal Investment Strategy

The Fund invests in small capitalization companies with differentiated business models and sustainable competitive advantages; holds these companies to capture more growth potential over a longer period.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserJanus Capital Management LLC
Total Annual Fund Operating Expenses11.01%
Top 10 Holdings2
Catalent Inc.
Crown holdings Inc.
Nice Ltd.
SS&C technologies holdings Inc.
LPL financial holdings Inc.
Integra lifesciences holdings Corp.
Sensient technologies Corp.
Broadridge financial solutions Inc.
Saia Inc.
J2 global Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Small Cap Value Fund

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Investment Objective

Seeks capital appreciation

Principal Investment Strategy

The Funds invests in well-positioned cash generating businesses at a price considered low enough to help provide a healthy margin of safety.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserGoldman Sachs Asset Management, L.P.
Total Annual Fund Operating Expenses11.02%
Top 10 Holdings2
Darling ingredients Inc.
KBR Inc.
Avient Corp.
Performance food group Co.
Rexnord Corp.
Mastec Inc.
Championx Corp.
Cleveland cliffs Inc. com
Boyd gaming Corp.
Adient Plc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Small Cap Index Fund

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Investment Objective

Seeks a replicate the returns and characteristics of a small cap index

Principal Investment Strategy

The Fund invests in securities of companies included in the Russell 2000® Index to attempt to replicate the performance of the Index.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.75%
Top 10 Holdings2
Penn National Gaming Inc.
Caesars entertainment Inc.
Plug power Inc.
Darling ingredients Inc.
Novavax Inc.
Gamestop Corp.
Lithia motors Inc.
Sunrun Inc.
Builders firstsource Inc.
RH

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Developed International Index Fund

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Investment Objective

Seeks to replicate the returns and characteristics of an international index composed of securities from developed countries

Principal Investment Strategy

The Fund invests in securities listed in the Morgan Stanley Capital International® Europe, Australia, Far East (MSCI EAFE) Index in an attempt to replicate the Index.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.89%
Top 10 Holdings2
Nestle SA
Asml holding nv
Roche holding AG
Novartis AG
Lvmh moet hennessy louis vuitton se
Toyota motor Corp.
AIA group Ltd.
Softbank group Corp.
Sony Corp.
Astrazeneca Plc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series International Equity Fund

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Investment Objective

Seeks to achieve capital appreciation

Principal Investment Strategy

The Fund invests primarily in higher quality growth companies with consistent operating histories, financial performance and long-term prospects operating in Europe and the Pacific Basin.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserVontobel Asset Management, Inc.
Total Annual Fund Operating Expenses11.05%
Top 10 Holdings2
Eurofins scientific se
Constellation software Inc./canada
Tata consultancy services Ltd.
Nestle SA
Mastercard Inc.
Lvmh moet hennessy louis vuitton se
Halma Plc
Hoya Corp.
Flutter entertainment Plc
Wolters kluwer nv

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Emerging Markets Equity Fund

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Investment Objective

Seeks to achieve capital appreciation

Principal Investment Strategy

The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (or equity-linked instruments) of issuers of any capitalization located in emerging market countries

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserVontobel Asset Management, Inc.
Total Annual Fund Operating Expenses11.30%
Top 10 Holdings2
Taiwan semiconductor manufacturing co ltd
Tencent holdings ltd
Sk hynix Inc.
HCL technologies Ltd.
Tata consultancy services Ltd.
Alibaba group holding Ltd.
Samsung electronics co Ltd.
Naspers Ltd.
Naver Corp.
Yum china holdings Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Real Estate Securities Fund

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Investment Objective

Seeks to achieve a high total return consistent with reasonable investment risks

Principal Investment Strategy

The Fund invests in common stocks and other equity securities issued by real estate companies of any market capitalization, including real estate investment trusts (REITs).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserCohen & Steers Capital Management, Inc.
Total Annual Fund Operating Expenses10.97%
Top 10 Holdings2
Public storage
American tower Corp.
Simon property group Inc.
Healthpeak properties Inc.
Duke realty Corp.
UDR Inc.
SBA communications Corp.
Weyerhaeuser co
Extra space storage Inc.
Essex property trust Inc.

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Aggressive Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (85%-100% of its assets in equity funds and 0%-15% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.25%
Top 10 Holdings2
Index 500 fund
International equity fund
Developed international index
Emerging markets equity fund
Large cap value fund
Large core value fund
Mid core value fund
Limited maturity bond fund
High yield bond fund
Flexibly managed fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Moderately Aggressive Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (70%-100% of its assets in equity funds and 0%-30% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.18%
Top 10 Holdings2
Index 500 fund
Limited maturity bond fund
International equity fund
Developed international index
Large cap value fund
Large core value fund
Flexibly managed fund
Mid core value fund
Emerging markets equity fund
Quality bond fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Moderate Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (50%-70% of its assets in equity funds and 30%-50% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.13%
Top 10 Holdings2
Quality bond fund
Limited maturity bond fund
Index 500 fund
International equity fund
Mid core value fund
Flexibly managed fund
Large cap value fund
Developed international index
Large core value fund
Emerging markets equity fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Moderately Conservative Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (30%-50% of its assets in equity funds and 50%-70% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.09%
Top 10 Holdings2
Quality bond fund
Limited maturity bond fund
Flexibly managed fund
Index 500 fund
High yield bond fund
Large cap value fund
International equity fund
Large core value fund
Developed international index
Mid core value fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Conservative Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (20%-40% of its assets in equity funds and 60%-80% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.04%
Top 10 Holdings2
Quality bond fund
Limited maturity bond fund
Flexibly managed fund
High yield bond fund
Index 500 fund
Large core value fund
Large cap value fund
Developed international index
Mid core value fund
Real estate securities fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Money Market Fund

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Investment Objective

Government money market fund that seeks current income, while preserving capital and liquidity

Principal Investment Strategy

Invests only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including relating to maturity, diversification, liquidity and credit quality.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.61%
Top 10 Holdings2
Federal national mortgage association - 5/6/21
United States treasury bill - 4/8/21
Federal home loan bank discount notes - 4/23/21
United States cash management bill - 6/29/21
Federal home loan banks - 4/19/21
Federal national mortgage association - 6/22/21
United States cash management bill - 7/6/21
Federal national mortgage association - 4/13/21
Fannie mae discount notes - 5/13/21
Tennessee valley authority discount notes - 4/7/21

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of December 31, 2020.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.