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|Fund Name||Sub-Adviser||Investment Objective|
|Large Growth Stock Fund||T. Rowe Price Associates||Seeks to achieve long-term growth of capital and increase of future income|
|Large Core Growth Fund||Morgan Stanley Investment Management||Seeks to achieve long-term growth of capital
|Large Cap Growth Fund||MFS Investment Management||Seeks to achieve long-term capital appreciation|
|Large Core Value Fund||Eaton Vance Management||Seeks total return.|
|Large Cap Value Fund||Loomis, Sayles & Company||Seeks to achieve long-term growth of capital|
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.
Investments in the small capitalization sector of the financial markets may be subject to increased volatility or risk due to the size, experience, and information available on any such companies. International investing involves certain risks, including political and economic uncertainties, in addition to currency price fluctuations not inherent in domestic investing. REITs involve risks such as refinancing, economic impact on industry, changes in property values, dependency on management skills, and risks similar to small company investing. Investing in higher yielding, 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.