About the Advisor PMA Asset Management, LLC, which is referred to in this brochure as the “Advisor” or the “Firm”, provides investment advisory services to a broad base of institutional and individual clients. The Advisor was founded in 1996 and is registered with the U.S. Securities and Exchange Commission. The Advisor is wholly owned by PMA Acquisition, LLC, which is indirectly owned primarily by private equity funds that are ultimately controlled by TA Associates Cayman, LLC (“TA Associates”). Advisory Services The Advisor provides investment advisory services to our clients through customized portfolios of securities, which include equity securities (exchange-listed securities, exchange-traded funds, securities traded over-the-counter, and ADRs); warrants; corporate debt securities; commercial paper; municipal securities; investment company securities (mutual funds shares); United States Government securities; bank deposits; and other securities, including convertible bonds, preferred stocks, and alternative assets (private equity hedge funds, real estate, and commodities). The Advisor offers various investment strategies for a customized solution utilizing various asset classes (hereinafter “Investment Strategies”). Each strategy adheres to the firm’s investment process and guidelines for the respective strategy. Please see Item 8 for more information. The Firm also provides investment management services tailored to the individual needs of our clients within the framework of established written investment guidelines or investment policy statements. The Advisor believes an investment process informed by in-depth research and guided by risk management leads to a diversified portfolio solution that can generate value-added investment returns. The Advisor seeks to preserve and maximize portfolio returns through a disciplined investment process and it seeks to strategically diversify portfolios across allowable sectors while carefully managing risk as market conditions change. The Firm is a research driven advisor emphasizing a fundamental investment approach. Clients may impose restrictions on investing in certain securities or types of securities. Any restrictions on investing in certain securities or types of securities must be provided to the Advisor in writing in the form of, among other things, the client’s investment policy, advisory agreement or other written notice. Separate Accounts

The Advisor provides discretionary and non-discretionary investment management solutions to Separate Account clients. The Firm may provide separate account investment advisory services to a broad range of institutional entities and individual clients. The current client base of separate accounts includes municipal entities, insurance companies and other corporations, banks, corporate profit-sharing plans, trusts, charitable institutions, foundations, endowments, and self- insurance companies whose members are public entities and other post-employment benefit accounts, generally known as “OPEB” accounts. It also includes high net worth and other individual investors. In addition, the Firm provides investment management solutions to institutional and individual clients as sub-advisor. For the Separate Accounts, the Advisor customizes portfolio strategies to meet each client’s unique investment goals. Portfolios are managed consistent with each client’s investment policy and other governing requirements. Portfolio Asset allocation, portfolio risk profile, duration, quality, sectors and benchmarks utilized will vary by client mandate. Services provided for separate account solutions vary depending on the clients’ investment needs and policy. Securities utilized will vary depending on the clients’ investment needs and policy as well. See Item 5 for more information. Local Government Investment Pools The Advisor provides investment management services to a variety of non-affiliated pooled investment funds called Local Government Investment Pools or LGIPs. These pools are organized under state law and their participants consist of municipal entity clients such as school districts, community colleges, counties, municipalities and other units of local government. LGIP Funds often have several different series or portfolios, including a stable $1 net asset value (“Stable NAV LGIPs”) fund, a floating NAV fund (“Floating NAV LGIPs”), or multiple term series for a definite duration (“Term Series”). Clients should carefully review each information statement for more detailed information regarding a fund advised by the Firm. Assets Under Management As of December 31, 2023, PMA Asset Management had total assets under management in the amount of over $26.99 billion. Of this amount, $25.15 billion are discretionary assets under management and $1.84 billion are non-discretionary assets under management.