Securities and Exchange Commission by the investment adviser does not imply any level of skill or training. Verification does not provide assurance on the accuracy of any specific performance report. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. A copy of the verification report is available upon request. PMAM has been independently verified for the periods Januthrough December 31, 2022. Important Performance Disclosure: PMAM claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.

Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940.

*Cumulative return for the period is from J(Inception of strategy) to December 31, 2017.ĭefinition of Firm: Penn Mutual Asset Management, LLC (“PMAM” or 'The Firm') is a registered investment adviser with the U.S.