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PMAM dates back to June 1989. It now has approximately 40 employees focused on investment management. Overview Penn Mutual Asset Management, LLC (PMAM), a wholly owned subsidiary of Penn Mutual, is a registered investment adviser, often referred to as an "RIA." It was originally formed under the name of Independence Capital Management, Inc. As of December 31, 2023, PMAM manages approximately $34B in client assets. Its business model focuses on its core competency: investment management. PMAM utilizes strategic partners (or service providers) to provide various services to support its business model, including investment accounting, transfer agency and custodial activity, proxy services, and more. PMAM also holds an inter-affiliate agreement with Penn Mutual to allow employees across various departments at Penn Mutual, including Human Resources, Law, Audit/Assurance, Information Technology and Security, and Ethics and Compliance, etc. to support this business model. PMAM Clients PMAM offers investment management services to many types of clients. Examples include: Affiliated insurance company general and separate accounts and other affiliated corporate entities; Third-party U.S. institutional clients; Registered investment companies; Private funds; Separately managed portfolios; and Other pooled investment vehicles. Additional information regarding some PMAM clients can be found below. Numbered divider 1 Penn Mutual and Its Insurance Affiliates PMAM serves as an investment adviser to Penn Mutual and its insurance affiliates, including The Penn Insurance Annuity Company (PIA), The Penn Insurance and Annuity Company of New York (PIA NY), Vantis Life Insurance Company (Vantis) and PIA Reinsurance Company of Delaware I (PIA Re). Specifically, PMAM manages general account assets of the insurance companies, which is an account that holds monies, such as premiums paid by policyholders, used to fund daily operations of the business. Numbered divider 2 Penn Series Funds, Inc. PMAM also serves as an investment adviser and manager of managers for the Penn Series Funds, Inc. Through a proprietary fund complex, it provides underlying investment options (or subaccounts) for Penn Mutual and certain PIA variable products. Numbered divider 3 Unaffiliated Parties PMAM also manages investments for unaffiliated parties. They are the investment adviser for two institutional mutual funds on an SEI trust platform: Advisors' Inner Circle Fund III. These two funds are: Penn Mutual AM 1847 Income Fund Penn Mutual AM Strategic Income Fund Continued Did You Know? PMAM shares certain market insights and news with the public through its blog—which includes a Monday Morning Perspective and a Chart of the Week. PMAM's portfolio management team also appear in the news or media on a regular basis. Visit www.pennmutualam.com(opens in a new tab) to discover more and subscribe to the blog.