Penn Series Information

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
Navient Student Loan Trust 2016-5
Slm Student Loan Trust 2014-2
Gs Mortgage-Backed Securities Trust 2021-Pj7
Fremf 2015-K44 Mortgage Trust
Jp Morgan Mortgage Trust 2017-3
Fremf 2017-K727 Mortgage Trust
First Maryland Capital Ii
Ecmc Group Student Loan Trust 2018-2
Fremf 2016-K53 Mortgage Trust
Navient Private Education Refi Loan Trust 2021-E

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Freddie Mac Multifamily Structured Pass Through Certificates
Fremf 2018-K731 Mortgage Trust
Fremf 2019-K735 Mortgage Trust
Benchmark 2019-B9 Mortgage Trust
Jp Morgan Mortgage Trust 2021-1
Fremf 2016-K52 Mortgage Trust
Fremf 2012-K23 Mortgage Trust
Fremf 2015-K48 Mortgage Trust
Jp Morgan Mortgage Trust 2021-7
Smb Private Education Loan Trust 2015-C

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Service Corp International/Us
Chesapeake Energy Corp
Occidental Petroleum Corp
Hca Inc
Mauser Packaging Solutions Holding Co
Fxi Holdings Inc
Southwestern Energy Co
First Eagle Bsl Clo 2019-1 Ltd
Chs/Community Health Systems Inc
Granite Us Holdings Corp

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Amazon.Com Inc
General Electric Co
United States Treasury Note/Bond
Thermo Fisher Scientific Inc
Yum! Brands Inc
United States Treasury Note/Bond
Danaher Corp
Apple Inc
Perkinelmer Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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 March 31, 2022.

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
Microsoft Corp
Amazon.Com Inc
Apple Inc
Alphabet Inc - Class A
Alphabet Inc - Class B
Tesla Inc
Meta Platforms Inc
Nvidia Corp
Intuit Inc
Visa Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Aon Plc
Colgate-Palmolive Co
Church & Dwight Co Inc
Amphenol Corp
Electronic Arts Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Snowflake Inc
Uber Technologies Inc
Shopify Inc
Asml Holding Nv
The Trade Desk Inc
Veeva Systems Inc
Datadog Inc
Airbnb Inc
Zoominfo Technologies Inc
Royalty Pharma Plc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Wells Fargo & Co
Anthem Inc
Berkshire Hathaway Inc
Philip Morris International Inc
Verizon Communications Inc
Raytheon Technologies Corp
Comcast Corp
Roche Holding Ag
Amgen Inc
Target Corp

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Unitedhealth Group Inc
Johnson & Johnson
Wells Fargo & Co
Alphabet Inc
American International Group Inc
Conocophillips
Verizon Communications Inc
The Charles Schwab Corp
The Walt Disney Co
Bristol-Myers Squibb Co

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Tesla Inc
Alphabet Inc
Alphabet Inc
Nvidia Corp
Berkshire Hathaway Inc
Meta Platforms Inc
Unitedhealth Group Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Dexcom Inc
Monolithic Power Systems Inc
Costar Group Inc
Arista Networks Inc
Chipotle Mexican Grill Inc
Marketaxess Holdings Inc
Marvell Technology Inc
Ii-Vi Inc
Ulta Beauty Inc
Teradyne Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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 Henderson Investors US LLC
Total Annual Fund Operating Expenses10.82%
Top 10 Holdings2
Renaissancere Holdings Ltd
Laboratory Corp Of America Holdings
Coterra Energy Inc
Equity Lifestyle Properties Inc
Alliant Energy Corp
The Hartford Financial Services Group Inc
Envista Holdings Corp
Casey'S General Stores Inc
Baker Hughes Co
Henry Schein Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Southwest Airlines Co
Emerson Electric Co
Dollar Tree Inc
The Bank Of New York Mellon Corp
The Allstate Corp
Advance Auto Parts Inc
Conagra Brands Inc
Edison International

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Entegris Inc
Teledyne Technologies Inc
Novanta Inc
Neurocrine Biosciences Inc
Tandem Diabetes Care Inc
Mks Instruments Inc
Ashland Global Holdings Inc
Chart Industries Inc
Pure Storage Inc
Idex Corp

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Aecom
Idacorp Inc
Regal Rexnord Corp
Camden Property Trust
Syneos Health Inc
On Semiconductor Corp
First Citizens Bancshares Inc/Nc
Herc Holdings Inc
Coterra Energy Inc
Hf Sinclair Corp

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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 Henderson Investors US LLC
Total Annual Fund Operating Expenses11.01%
Top 10 Holdings2
Crown Holdings Inc
Catalent Inc
Lpl Financial Holdings Inc
Nice Ltd
Ss&C Technologies Holdings Inc
On Semiconductor Corp
Integra Lifesciences Holdings Corp
Sensient Technologies Corp
Entegris Inc
The Descartes Systems Group Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Ovintiv Inc
Avient Corp
Kbr Inc
Terreno Realty Corp
Antero Resources Corp
Tenet Healthcare Corp
Stag Industrial Inc
Wesco International Inc
Ryman Hospitality Properties Inc
One Gas Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Ovintiv Inc
Amc Entertainment Holdings Inc
Avis Budget Group Inc
Chesapeake Energy Corp
Bj'S Wholesale Club Holdings Inc
Tenet Healthcare Corp
Tetra Tech Inc
Antero Resources Corp
Eastgroup Properties Inc
Willscot Mobile Mini Holdings Corp

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Roche Holding Ag
Asml Holding Nv
Shell Plc
Astrazeneca Plc
Lvmh Moet Hennessy Louis Vuitton Se
Bhp Group Ltd
Novartis Ag
Toyota Motor Corp
Novo Nordisk A/S

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Constellation Software Inc/Canada
Mastercard Inc
Canadian National Railway Co
Relx Plc
Alcon Inc
Nestle Sa
Diageo Plc
Wolters Kluwer Nv
Tata Consultancy Services Ltd
London Stock Exchange Group Plc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Sk Hynix Inc
Wal-Mart De Mexico Sab De Cv
Jd.Com Inc
Hindustan Unilever Ltd
Naver Corp
Hcl Technologies Ltd
Bank Rakyat Indonesia Persero Tbk Pt
Power Grid Corp Of India Ltd
Infosys Ltd

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Welltower Inc
Simon Property Group Inc
Sba Communications Corp
Invitation Homes Inc
Duke Realty Corp
Crown Castle International Corp
Healthpeak Properties Inc
Prologis Inc

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Large Core Value Fund
Large Cap Value Fund
Emerging Markets Equity Fund
Flexibly Managed Fund
Mid Core Value Fund
Limited Maturity Bond Fund
Large Cap Growth Fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
International Equity Fund
Limited Maturity Bond Fund
Developed International Index
Large Core Value Fund
Large Cap Value Fund
Flexibly Managed Fund
Emerging Markets Equity Fund
Mid Core Value Fund
Quality Bond Fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Flexibly Managed Fund
Emerging Markets Equity Fund
Developed International Index
Mid Core Value Fund
Large Core Value Fund
Large Cap Value Fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
International Equity Fund
Large Core Value Fund
Large Cap Value Fund
High Yield Bond Fund
Developed International Index
Mid Core Value Fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Developed International Index
Mid Core Value Fund
Large Cap Value Fund
International Equity Fund

1Total Annual Fund Operating Expenses as of May 1, 2021.
2Holdings information as of March 31, 2022.

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
Fannie Mae Discount Notes - 4/6/22
Federal Farm Credit Banks Funding Corp - 4/8/22
Federal Home Loan Mortgage Corp - 6/8/22
Fannie Mae Discount Notes - 5/4/22
Freddie Mac Discount Notes - 4/21/22
Federal National Mortgage Association - 4/12/22
United States Treasury Note/Bond - 6/30/22
Federal National Mortgage Association - 4/5/22
Fannie Mae Discount Notes = 4/13/22
United States Cash Management Bill - 4/26/22

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

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.