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|Fund Name||Adviser/Sub-Adviser||Investment Objective|
|Money Market Fund||Penn Mutual Asset Management, LLC||Seeks current income, while preserving capital and liquidity.|
|Limited Maturity Bond Fund||Penn Mutual Asset Management, LLC||Seeks to maximize total return consistent with preservation of capital.|
|Quality Bond Fund||Penn Mutual Asset Management, LLC||Seeks to maximize total return over the long term consistent with the preservation of capital.|
|High Yield Bond Fund||T. Rowe Price Associates||Seeks to realize high current income|
Penn Mutual's variable 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. This is not a guarantee of future performance or success.
Lower-rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Government Securities. Investment in a money market is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.