Fund Profiles

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

Penn Series Limited Maturity Bond Fund

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Investment Objective

Seeks to maximize total return consistent with preservation of capital

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.70%
Top 10 Holdings2
United States Treasury Note/Bond
United States Treasury Bill
Ford Credit Auto Owner Trust 2020-B
Edsouth Indenture No 4 LLC
NZCG Funding LTD
Navient Private Education Refi Loan Trust 2020-E
SLM Student Loan Trust 2014-2
Comm 2014-CCRE20 Mortgage Trust
Southern California Edison Co
Freddie Mac Multifamily Structured Pass Through Certificates

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.

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
United States Treasury Bill
Fannie Mae Pool - 3/1/50
Freddie Mac Multifamily Structured Pass Through Certificates
Fremf 2018-K731 Mortgage Trust
Fremf 2019-k735 Mortgage Trust
Fannie Mae Pool - 10/1/40
Freddie Mac Remics
Benchmark 2019-B9 Mortgage Trust
Fremf 2016-K52 Mortgage Trust
Freddie Mac Multifamily Structured Pass Through Certificates

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.

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 Expenses10.72%
Top 10 Holdings2
CSC Holdings LLC
Service Corp International
HCA Inc
JBS USA Lux SA / JBS USA Food Co / JBS USA Finance Inc
Terraform Power Operating LLC
Hollyfrontier Corp
Mauser Packaging Solutions Holding Co
PVH Corp
RBS Global Inc / Rexnord LLC
Jetblue 2020-1 Class B Pass Through Trust

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.

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
The PNC Financial Services Group Inc
Alphabet Inc
Marsh & Mclennan Cos Inc
Fiserv Inc
American Electric Power Co Inc
Visa Inc
Humana Inc

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.

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, 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.

Penn Series Large Growth Stock Fund

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Investment Objective

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

Principal Investment Strategy

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

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

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.

Penn Series Large Cap Growth Fund

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Investment Objective

Seeks to achieve long-term capital appreciation

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserMassachusetts Financial Services Company
Total Annual Fund Operating Expenses10.88%
Top 10 Holdings2
Microsoft Corp
Alphabet Inc
Apple Inc
Accenture PLC
Visa Inc
Colgate-Palmolive Co
The Charles Schwab Corp
AON Plc
Fiserv Inc
Electronic Arts Inc

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.

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 Expenses10.86%
Top 10 Holdings2
Amazon.com Inc
Twitter Inc
Intuitive Surgical Inc
Square Inc
Spotify Technology SA
Facebook Inc
Shopify Inc
Veeva Systems Inc
Okta Inc
Twilio Inc

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.

Penn Series Large Cap Value Fund

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Investment Objective

Seeks to achieve long-term growth of capital

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAllianceBernstein L.P.
Total Annual Fund Operating Expenses10.93%
Top 10 Holdings2
Berkshire Hathaway Inc
Comcast Corp
Verizon Communications Inc
Roche Holding AG
Amgen Inc
Philip Morris International Inc
Leidos Holdings Inc
Walmart Inc
The Allstate Corp
Emerson Electric Co

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.

Penn Series Large Core Value Fund

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Investment Objective

Seeks total return

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserEaton Vance Management
Total Annual Fund Operating Expenses10.91%
Top 10 Holdings2
Johnson & Johnson
Berkshire Hathaway Inc
The Walt Disney Co
Medtronic PLC
Verizon Communications Inc
Bank of America Corp
Nextera Energy Inc
Walmart Inc
Cisco Systems Inc
Fidelity National Information Services Inc

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.

Penn Series Index 500 Fund

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Investment Objective

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

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.36%
Top 10 Holdings2
Apple Inc
Microsoft Corp
Amazon.com Inc
Facebook Inc
Tesla Inc
Alphabet Inc - Class A
Alphabet Inc - Class C
Berkshire Hathaway Inc
Johnson & Johnson
JPMorgan Chase & Co

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.

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-AdviserIvy Investment Management Company
Total Annual Fund Operating Expenses10.96%
Top 10 Holdings2
Costar Group Inc
Chipotle Mexican Grill Inc
Marketaxess Holdings Inc
Twilio Inc
Electronic Arts Inc
Monolithic Power Systems Inc
Docusign Inc
Teradyne Inc
Dexcom Inc
Fastenal Co

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.

Penn Series Mid Cap Value Fund

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Investment Objective

Seeks to achieve growth of capital

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserJanus Capital Management LLC
Total Annual Fund Operating Expenses10.80%
Top 10 Holdings2
BWX Technologies Inc
Globe Life Inc
Equity Lifestyle Properties Inc
Laboratory Corp of America Holdings
The Hartford Financial Services Group Inc
Alliant Energy Corp
Citizens Financial Group Inc
M&T Bank Corp
Evergy Inc
Gatx Corp

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.

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 Expenses11.04%
Top 10 Holdings2
Zimmer Biomet Holdings Inc
Northern Trust Corp
Emerson Electric Co
Chubb LTD
Nvent Electric PLC
Universal Health Services Inc
The Bank of New York Mellon Corp
F5 Networks Inc
Southwest Airlines Co
Koninklijke Ahold Delhaize NV

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.

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
Zendesk Inc
Hubspot Inc
Guardant Health Inc
Perkinelmer Inc
Beam Therapeutics Inc
Generac Holdings Inc
Avalara Inc
Entegris Inc
Monolithic Power Systems Inc
RPM International Inc

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.

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 Expenses11.12%
Top 10 Holdings2
Regal Beloit Corp
XPO Logistics Inc
First Citizens Bancshares Inc/NC
Oshkosh Corp
Change Healthcare Inc
Knight-Swift Transportation Holdings Inc
Aecom
Reliance Steel & Aluminum Co
Bankunited Inc
Synovus Financial Corp

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.

Penn Series Small Cap Growth Fund

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Investment Objective

Seeks capital appreciation

Principal Investment Strategy

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

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserJanus Capital Management LLC
Total Annual Fund Operating Expenses11.03%
Top 10 Holdings2
Kensington Capital Acquis-A Pipe
Nice LTD
Catalent Inc
Crown Holdings Inc
SS&C Technologies Holdings Inc
Sensient Technologies Corp
Integra Lifesciences Holdings Corp
Saia Inc
Broadridge Financial Solutions Inc
Terminix Global Holdings Inc

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.

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 Expenses10.98%
Top 10 Holdings2
Darling Ingredients Inc
KBR Inc
Avient Corp
Rexnord Corp
Stifel Financial Corp
Cleveland Cliffs Inc Com
Performance Food Group Co
Mastec Inc
Boyd Gaming Corp
Adient PLC

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.

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 Expenses10.72%
Top 10 Holdings2
Penn National Gaming Inc
Caesars Entertainment Inc
Plug Power Inc
Sunrun Inc
Darling Ingredients Inc
Mirati Therapeutics Inc
Ultragenyx Pharmaceutical Inc
Deckers Outdoor Corp
II-VI Inc
Arrowhead Pharmaceuticals Inc

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.

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 Expenses10.82%
Top 10 Holdings2
Nestle SA
Roche Holding AG
Novartis AG
ASML Holding NV
Lvmh Moet Hennessy Louis Vuitton SE
Toyota Motor Corp
Aia Group LTD
SAP SE
Astrazeneca PLC
Sony Corp

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.

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
Nestle SA
London Stock Exchange Group PLC
Flutter Entertainment PLC
Diageo PLC
Canadian National Railway Co
Constellation Software Inc/Canada
Eurofins Scientific SE
Asahi Group Holdings LTD
Lvmh Moet Hennessy Louis Vuitton SE
Alimentation Couche-Tard Inc

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.

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 Expenses11.29%
Top 10 Holdings2
Taiwan Semiconductor Manufacturing Co LTD
Tencent Holdings LTD
SK Hynix Inc
Heineken NV
HCL Technologies Ltd
Tata Consultancy Services LTD
Alibaba Group Holding LTD
Yum China Holdings Inc
Kotak Mahindra Bank LTD
Naspers LTD

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.

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 Expenses10.96%
Top 10 Holdings2
American Tower Corp
Public Storage
Simon Property Group Inc
Duke Realty Corp
Healthpeak Properties Inc
Equinix Inc
UDR Inc
Crown Castle International Corp
Weyerhaeuser Co
Extra Space Storage Inc

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.

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 Expenses11.28%
Top 10 Holdings2
Index 500 Fund
International Equity Fund
Developed International Index
Emerging Markets Equity Fund
Large Core Value Fund
Large Cap Value Fund
Mid Core Value Fund
Limited Maturity Bond Fund
Small Cap Growth Fund
Large Cap Growth Fund

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.

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 Expenses11.20%
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, 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.

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 Expenses11.15%
Top 10 Holdings2
Quality Bond Fund
Limited Maturity Bond Fund
Index 500 Fund
International Equity Fund
Mid Core Value Fund
Flexibly Managed Fund
Developed International Index
Large Core Value Fund
Emerging Markets Equity Fund
Large Cap Value Fund

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.

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 Expenses11.11%
Top 10 Holdings2
Quality Bond Fund
Limited Maturity Bond Fund
Flexibly Managed Fund
Index 500 Fund
International Equity Fund
Large Core Value Fund
High Yield Bond Fund
Large Cap Value Fund
Developed International Index
Mid Core Value Fund

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.

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 Expenses11.07%
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
Large Cap Value Fund
Mid Core Value Fund
International Equity Fund

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.

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 Expenses10.60%
Top 10 Holdings2
Federal Home Loan Mortgage Corp - 5/10/21
Federal Home Loan Banks - 1/8/21
United States Treasury Bill - 1/14/21
United States Treasury Bill - 1/21/21
Fannie Mae Discount Notes - 1/27/21
United States Cash Management Bill - 2/2/21
Federal Home Loan Bank Discount Notes - 2/5/21
Federal Farm Credit Discount Notes - 3/29/21
Federal National Mortgage Association - 2/26/21
Federal Home Loan Bank Discount Notes - 3/2/21

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.