Penn Mutual AM
Strategic Income Fund

Obectives

The Penn Mutual AM Strategic Income Fund seeks attractive risk-adjusted total return through a combination of income and capital appreciation.

Ticker: PMUBX

Administrator: SEI Investments Global Funds Services

Transfer Agent: DST Systems, Inc.

Custodian: Brown Brothers Harriman & Co.

Minimum Investment: $25,000

Documents

Check the background of SEI Investments Distribution Co., fund distributor, on FINRA’s Broker Check.

All investors should consider the investment objectives, risks, charges and expenses carefully before investing. For the full prospectus, which contains this and other information about the Fund, please call 877-PMA-MLLC (877-762-6552) or click the link above. Investors should read the prospectus carefully before investing.

The Fund is distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with the entities listed above, other than SEI Investments Global Fund Services (SEI GFS). SIDCO and SEI GFS are wholly owned subsidiaries of SEI Investments Company.

Investing involves risk, including possible loss of principal. The Fund's investment risks include, but are not limited to, interest rate, inflation, credit and default risk associated with fixed-income securities. In addition, high yield bonds have a higher risk of default or other adverse credit events. Other risks include, but are not limited to, allocation risk, conflicts of interest risk, counter- party credit risk, derivative risk, foreign investments risk, high portfolio turnover risk, liquidity risk and volatility risk. The Fund may use derivatives and leverage, which may increase volatility and magnify the Fund's gains or losses.