Penn Mutual Asset Management, LLC, established in June 1989, is a registered investment adviser managing approximately $30.3 billion in client assets as of December 31, 2022. The firm offers a fee-based advisory wrap program for affiliated insurance company clients, providing customized discretionary investment advisory services. Fees for the Wrap Fee Program are negotiable, and PMAM may waive or reimburse fees as appropriate. The firm utilizes a value-driven investment approach focusing on strong performance and rigorous risk management. Investment strategies include a macro view, asset class relative value analysis, and security selection. PMAM's investment philosophy centers on prudent diversification, downside protection, and attractive risk-adjusted returns. The firm discloses material risks associated with its investment strategies, such as corporate debt securities risk, counterparty risk, and derivatives risk. PMAM does not engage in soft dollar arrangements or directed brokerage. The firm also provides information on client account requirements, portfolio manager selection, and client contact. PMAM has no disciplinary events to report and has established a Code of Ethics to ensure client interests are prioritized. The firm may utilize third-party solicitors for client referrals, and clients are provided with detailed disclosure statements regarding referral arrangements. PMAM has no financial conditions impairing its ability to meet contractual commitments.

Hornor, Townsend & Kent, LLC (HTK) is a registered investment adviser with the U.S. Securities and Exchange Commission, established on February 25, 1999. HTK specializes in providing investment advisory services to individuals, high net worth individuals, trusts, businesses, and charitable organizations, including retirement assets. As a fiduciary, HTK is committed to acting in the best interest of clients, providing services such as financial planning, retirement plan consulting, and third-party asset manager programs. Clients have the option to impose reasonable restrictions on their accounts and communicate their investment goals and risk tolerance. HTK offers various investment strategies, including asset allocation, diversification, dollar-cost averaging, fundamental and technical analysis, and concentrated investment strategies. The firm does not engage in performance-based fees and does not have discretionary investment authority. HTK has a Code of Ethics and adheres to high ethical standards. The firm does not have custody of client funds or securities, and clients receive statements from the custodian. HTK does not vote on client securities and does not require prepayment exceeding $1,200 in fees per client six months in advance. The firm has not faced bankruptcy in the past ten years and maintains a sound financial condition. For more detailed information, clients can refer to the firm's Form ADV Part 2A brochure.