WHEREAS, Adviser is authorized to render investment advisory services to Penn Series and to enter into a WHEREAS, Adviser and Sub-Adviser are engaged principally in theīusiness of rendering investment advisory services and are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the ∺dvisers Act�) and Management investment company registered as such under the Investment Company Act of 1940, as amended (the ∺ct�), and is authorized to issue shares in separate series with each series representing interests in a separate fund of (�Penn Series�) is a Maryland corporation and an open-end This INVESTMENT SUB-ADVISORY AGREEMENT, made as of February 26, 2020, by and between PENN MUTUALĪSSET MANAGEMENT, LLC (∺dviser�), a limited liability company organized and existing under the laws of the State of Pennsylvania, and ALLIANCEBERNSTEIN L.P.
Investment Sub-Advisory Agreement dated February 26, 2020, between Penn Mutual
