Fund Profiles

Investment Objective

Seeks to maximize total return consistent with preservation of capital

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

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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.

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to realize high current income

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.

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to maximize total return (capital apprecaition and income)

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	T. Rowe Price Associates, Inc.
Total Annual Fund Operating Expenses1	0.88%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks long-term growth and current income

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.

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	T. Rowe Price Associates, Inc.
Total Annual Fund Operating Expenses1	0.95%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to achieve long-term capital appreciation

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

Advisers and Expenses
Investment Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Massachusetts Financial Services Company
Total Annual Fund Operating Expenses1	0.88%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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

Advisers and Expenses
Investment Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Morgan Stanley Investment Management Inc.
Total Annual Fund Operating Expenses1	0.86%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to achieve long-term growth of capital

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

Advisers and Expenses
Investment Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	AllianceBernstein L.P.
Total Annual Fund Operating Expenses1	0.93%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks total return

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Eaton Vance Management
Total Annual Fund Operating Expenses1	0.91%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	SSGA Funds Management, Inc.
Total Annual Fund Operating Expenses1	0.36%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to maximize capital appreciation

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

Advisers and Expenses
Investment Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Ivy Investment Management Company
Total Annual Fund Operating Expenses1	0.96%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to achieve growth of capital

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Janus Capital Management LLC
Total Annual Fund Operating Expenses1	0.80%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to achieve capital appreciation

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	American Century Investment Management, Inc.
Total Annual Fund Operating Expenses1	1.04%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks long-term growth of capital

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Goldman Sachs Asset Management, L.P.
Total Annual Fund Operating Expenses1	1.05%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks long-term growth of capital

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	AllianceBernstein L.P.
Total Annual Fund Operating Expenses1	1.12%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks capital appreciation

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Janus Capital Management LLC
Total Annual Fund Operating Expenses1	1.03%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks capital appreciation

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Goldman Sachs Asset Management, L.P.
Total Annual Fund Operating Expenses1	0.98%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	SSGA Funds Management, Inc.
Total Annual Fund Operating Expenses1	0.72%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	SSGA Funds Management, Inc.
Total Annual Fund Operating Expenses1	0.82%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to achieve capital appreciation

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Vontobel Asset Management, Inc.
Total Annual Fund Operating Expenses1	1.05%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

Seeks to achieve capital appreciation

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Vontobel Asset Management, Inc.
Total Annual Fund Operating Expenses1	1.29%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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 Adviser	Penn Mutual Asset Management, LLC
Investment Sub-Adviser	Cohen & Steers Capital Management, Inc.
Total Annual Fund Operating Expenses1	0.96%

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.

Investment Objective

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

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.

¹Total Annual Fund Operating Expenses as of May 1, 2020.
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.