Firm Description PAIA is a Delaware limited liability company that has been registered with the SEC as an investment adviser since March 9, 2015. Additional information about PAIA is available via the SEC’s website at www.adviserinfo.sec.gov. Principal Owners PAIA is an indirect wholly owned subsidiary of The Guardian Life Insurance Company of America (“Guardian”), a New York mutual life insurance company and is a direct wholly owned subsidiary of Guardian Investor Services LLC (“GIS”), a Delaware limited liability company. Types of Advisory Services Offered PAIA offers investment advisory services to institutional clients for separately managed account mandates focused on high yield and leveraged credit strategies which involve investing in fixed income securities, bank loans and high yield debt securities. PAIA can also offer investment advisory services in a multi-sector bond strategy to institutional clients for separately managed account mandates. This strategy seeks investment opportunities among a wide range of fixed income asset classes, including investment grade and below investment grade bonds, structured securities, leveraged loans and Treasury’s. PAIA also manages assets for Guardian’s general account in high yield and bank loan strategies and also manages assets for Guardian and certain affiliates in other strategies that are similar to or different from those offered to other clients (assets managed for Guardian, its affiliates or their respective general accounts, “Guardian Assets”). The personnel providing portfolio management, trading and other services with respect to Guardian Assets can be the same as, or different from, those managing other client assets; however, PAIA generally uses the same or similar analytical and quantitative tools in managing other client’s assets as are used in managing Guardian Assets. For accounts where PAIA has discretionary authority, clients can impose reasonable directions, guidelines and limitations on PAIA’s management. PAIA will endeavor to follow reasonable directions, investment guidelines and limitations as set forth in the client's investment advisory/ management agreement. Although PAIA seeks to provide individualized investment advice to its discretionary client accounts, PAIA will not accept investment directions, guidelines or restrictions that PAIA believes, in its discretion, are unduly burdensome or materially incompatible with PAIA’s investment approach. PAIA serves as the investment adviser to Guardian Variable Products Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), on behalf of its series (each, a “Guardian Fund and collectively, the “Guardian Funds”): Guardian All Cap Core VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Core Plus Fixed Income VIP Fund, Guardian Diversified Research VIP Fund, Guardian Equity Income VIP Fund, Guardian Global Utilities VIP Fund, Guardian Growth & Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian International Value Equity VIP Fund, Guardian International Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Large Cap Disciplined Value VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Mid Cap Traditional Growth VIP Fund, Guardian Select Mid Cap Core VIP

Fund, Guardian Small Cap Core VIP Fund, Guardian Small-Mid Cap Core VIP Fund, Guardian Strategic Large Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund. Each Fund, excluding Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund, is sub-advised by a third-party investment adviser. Further information about each Guardian Fund’s investment objectives, policies and restrictions is contained in the current Prospectus and Statement of Additional Information (“SAI”) for the respective Guardian Fund. PAIA also serves as the investment sub-adviser to certain open-end management investment companies registered under the 1940 Act and managed by Victory Capital Management Inc. (each, a “Victory Fund,” and collectively, the “Victory Funds”). PAIA currently manages the assets of: Victory High Yield Fund and Victory Floating Rate Fund, each a series of Victory Portfolios; and Victory High Yield VIP Series, a series of Victory Variable Insurance Funds. Further information about each Victory Fund’s investment objectives, policies and restrictions is contained in the current Prospectus and SAI for the respective Victory Fund. Our advisory services to these registered investment companies, as well as conflicts of interest and risks, are described in each fund’s prospectus and SAI, which are available through the SEC’s EDGAR system. PAIA also manages the investment assets of nine portfolios of collateralized loan obligations (the “CLO portfolios”) for CLO offerings issued by Park Avenue Institutional Advisers CLO Ltd 2016-1 (“PAIA CLO 2016-1”), Park Avenue Institutional Advisers CLO Ltd 2017-1 (“PAIA CLO 2017-1”), Park Avenue Institutional Advisers CLO Ltd 2018-1 (“PAIA CLO 2018-1”), Park Avenue Institutional Advisers CLO Ltd 2019-1 (“PAIA CLO 2019-1”), Park Avenue Institutional Advisers CLO Ltd 2019-2 (“PAIA CLO 2019-2”), Park Avenue Institutional Advisers CLO Ltd 2021-1 (“PAIA CLO 2021-1”), Park Avenue Institutional Advisers CLO Ltd 2021-2 (“PAIA CLO 2021-2”), Park Avenue Institutional Advisers CLO Ltd 2022-1 (“PAIA CLO 2022-1”) and Park Avenue Institutional Advisers CLO Ltd 2022-2 (“PAIA CLO 2022-2”). These CLO portfolios are Cayman Islands limited liability companies (the “CLO issuers”). Current and prospective investors and clients should refer to the applicable offering or private placement memorandum or other offering document, portfolio management agreement, collateral management agreement, investment management agreement, warehouse agreement or other relevant governing document for information on the investment objectives and investment restrictions and tests that are applicable to the investments being managed by PAIA in connection with the CLO offerings. Our advisory services to these CLO portfolios, as well as conflicts of interest and risks, are described in each of the CLO offering documents. During the process of negotiating the CLO indenture, PAIA, along with other deal participants, including the placement agents, rating agencies and investors, will determine the parameters of the underlying loan collateral for the applicable CLO portfolio. As of December 29, 2023, PAIA manages $75,814,977,831, all on a discretionary basis of which $66,558,280,815 are Guardian Assets.