9AT: PENN MUTUAL ASSET MANAGEMENT, LLC

PENN MUTUAL ASSET MANAGEMENT, LLC

other names

PENN MUTUAL ASSET MANAGEMENT, LLC
INDEPENDENCE CAPITAL MANAGEMENT INC.
PENN MUTUAL ASSET MANAGEMENT, INC.

Adviser Profile

As of Date	04/01/2026
ADV Location	CONSHOHOCKEN, PA, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	30 -9%
of those in investment advisory functions	30 -9%
Registration	SEC, Approved, 02/02/1990

AUM^*	42,286,743,213 26%
of that, discretionary	42,286,743,213 26%
Private Fund GAV^*	0 -100%
Avg Account Size	1,208,192,663 44%
SMA’s	Yes
Private Funds	0 2
Contact Info	215 xxxxxxx
Websites

Client Types

- Investment companies
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

35B 30B 25B 20B 15B 10B 5B

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker464287242	Stock NameISHARES TR IBOXX INV CP ETF	$ Position$142,181,683	% Position85.00%	$ Change	# Change
Stck Ticker949746804	Stock NameWELLS FARGO CO NEW PERP PFD CNV A	$ Position$7,272,000	% Position4.00%	$ Change-2.00%	# Change0.00%
Stck Ticker464288687	Stock NameISHARES TR PFD AND INCM SEC	$ Position$3,012,408	% Position2.00%	$ Change-2.00%	# Change0.00%
Stck Ticker00123Q104	Stock NameAGNC INVT CORP COM	$ Position$3,859,200	% Position2.00%	$ Change9.00%	# Change0.00%
Stck Ticker035710839	Stock NameANNALY CAPITAL MANAGEMENT IN COM NEW	$ Position$3,970,868	% Position2.00%	$ Change11.00%	# Change0.00%
Stck Ticker042315705	Stock NameARMOUR RESIDENTIAL REIT INC COM SHS	$ Position$3,078,945	% Position2.00%	$ Change18.00%	# Change0.00%
Stck Ticker71722W107	Stock NamePHATHOM PHARMACEUTICALS INC COM	$ Position$1,041,885	% Position1.00%	$ Change41.00%	# Change0.00%
Stck Ticker781154109	Stock NameRUBRIK INC. CL A	$ Position$1,259,779	% Position1.00%	$ Change45.00%	# Change56.00%
Stck Ticker81762P102	Stock NameSERVICENOW INC COM	$ Position$814,205	% Position0.00%	$ Change	# Change
Stck Ticker81764X103	Stock NameSERVICETITAN INC SHS CL A	$ Position$190,316	% Position0.00%	$ Change	# Change

Brochure Summary

Overview

PMAM was organized in June 1989, under the name of Independence Capital Management, Inc. The principal office of PMAM is located at Eight Tower Bridge, 161 Washington Street, 11th Floor West Suite 1111, Conshohocken, Pennsylvania 19428. PMAM is a wholly owned subsidiary of The Penn Mutual Life Insurance Company (“Penn Mutual”), a mutual life insurance company. As of December 31, 2023, PMAM is managing approximately $33.6b in client assets, all of which is managed on a discretionary basis. PMAM offers investment management services to: 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. The Firm generally manages client investment portfolios (on both a discretionary

and non-discretionary basis) in a manner consistent with client written investment objectives, guidelines, limitations and restrictions. PMAM manages client investment portfolios based on various investment strategies and may perform day-to-day investment management services directly or retain independent investment advisers (“Sub-Advisers”) to manage a portion or all of client investment portfolios. PMAM also offers a fee-based advisory wrap program (“Wrap Fee Program”) which is a customized discretionary investment advisory program for affiliated insurance company clients seeking to bundle fees for services associated with investment management, custodian fees, proxy fees, brokerage and other transaction costs (including costs related to derivative transactions). For more information on the Wrap Fee Program, please refer to the PMAM Wrap Fee Program Brochure.