The Penn Mutual Life Insurance Company Announces Penn Series Fund Sub-Adviser Changes Available Under Variable Life and Annuity Products Effective May 1

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Four Penn Series Fund Sub-Advisers will see changes as a result of extensive research and regular monitoring of all Penn Series Funds.

The Penn Mutual Life Insurance Company

The Penn Mutual Life Insurance Company announces changes to four Penn Series Fund Sub-Advisers, effective May 1. The changes come as a result of the extensive research and regular monitoring of the performance and management of all Penn Series Funds. The new Sub-Advisers were selected based on key factors, such as experience, capabilities and performance.

The Penn Series Fund Sub-Adviser changes are as follows:

  •     MFS Investment Management, who invests in companies believed to have above average earnings growth potential compared to other growth companies, replaces Turner Investments as the Sub-Adviser for Large Cap Growth Fund.
  •     Loomis, Sayles & Company, who invests in securities that are believed to be undervalued relative to long-term earnings and cash-flow potential, replaces OppenheimerFunds as the Sub-Adviser for Large Cap Value Fund.
  •     American Century Investment Management, who invests in companies whose stock price may not reflect the company’s value and holds each stock until its price more accurately reflects the fair value of the company, replaces Lord, Abbett & Company as the Sub-Adviser for Mid Core Value Fund.
  •     Janus Capital Management, who invests in small capitalization companies with differentiated business models and sustainable competitive advantages, and holds these companies to capture more growth potential over a longer period, replaces Allianz Global Investors U.S. LLC for Small Cap Growth Fund.

“Even in an uncertain economy, Penn Mutual has continued to be a financially strong mutual company, and that has not happened by chance,” said Keith Huckerby, AVP, Investments for The Penn Mutual Life Insurance Company. “We are proud to offer a wide array of investment options under our variable life and annuity products to meet our client’s specific accumulation needs and goals. The changes have been made with the best interest of our policyholders in mind. We are committed to continuing to provide the quality investment options that our policyholders have come to expect.”

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. For more details about Penn Mutual’s Sub-Advisor changes and variable insurance products, please go to

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 as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from your financial professional.

Small cap stocks may be subject to a higher degree of risk than is customarily associated with more established companies’ stocks. The illiquidity of the small-cap market may adversely affect the value of these investments so those shares, when redeemed, may be worth more or less than their original cost.

About The Penn Mutual Life Insurance Company

Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at


©2013 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044

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Keith Bratz
Penn Mutual
(215) 956-7907
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Barb Parassio
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