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Flexibly Managed Fund


Sub-Adviser - T. Rowe Price Associates:
Since 1937, the T. Rowe Price Associates investment approach strives to achieve superior performance, but is always mindful of the risks incurred relative to the potential rewards. T. Rowe Price's consistent investment philosophy helps mitigate unfavorable changes and take advantage of favorable ones, all while providing its clients with world-class investment guidance and attentive service.

Seeks to maximize total return (capital appreciation and income).


Fund Highlight:
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.

Investment Matrix

Market Capitalization:
Large Cap - Companies with a market capitalization value of more than $10 billion.

Investment Style:
A value style seeks securities that are undervalued in price and have the potential to appreciate.

Investment Information as of September 30, 2014
Total Assets $2,918,554,441
Fund Manager(s) David Giroux, CFA
Total Fund Expenses 0.93% (as of 12/31/2013)
Asset Allocation

Stocks 64.02%
Convertibles 0.16%
Fixed Income 29.51%
Cash 6.31%

Top Holdings Danaher
Marsh & McLennan
United Technologies
UnitedHealth Group
Thermo Fisher Scientific
XCEL Energy
State Street
Major Sectors Reserves & Others 35.4%
Health Care 14.2%
Financials 12.0%
Industrials 10.0%
Information Technology 7.9%
Consumer Discretionary 6.9%
Utilities 4.6%
Consumer Staples 4.3%
Energy 3.9%
Telecommunication Services 0.5%
Materials 0.5%

Find a Representative near you to inquire further about investing with Penn Mutual.

Investors should consider the investment objectives, risks, charges, and expenses of a variable insurance product carefully before investing. Please carefully read the prospectuses for the relevant variable insurance product and its underlying investment options, which contain this and other information about the product.

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