# EDGAR Filing Document

**Accession Number:** 0000855702
**File Stem:** 0000950123-23-001616
**Filing Date:** 2023-2
**Character Count:** 12416
**Document Hash:** 43a28beac19d148e7c532fddde3a3ef1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-001616.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000950123-23-001616

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penn Mutual Asset Management, LLC
- **CENTRAL INDEX KEY:** 0000855702
- **IRS NUMBER:** 232566941
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18923
- **FILM NUMBER:** 23614102

**BUSINESS ADDRESS:**
- **STREET 1:** 600 DRESHER ROAD
- **STREET 2:** SUITE 100
- **CITY:** HORSHAM
- **STATE:** PA
- **ZIP:** 19044
- **BUSINESS PHONE:** 215-956-8114

**MAIL ADDRESS:**
- **STREET 1:** 600 DRESHER ROAD
- **STREET 2:** SUITE 100
- **CITY:** HORSHAM
- **STATE:** PA
- **ZIP:** 19044

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEPENDENCE CAPITAL MANAGEMENT INC                     /ADV
- **DATE OF NAME CHANGE:** 19890926

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Penn Mutual Asset Management LLC<br>**Address:** 600 Dresher Road<br>Suite 100<br>Horsham, PA 19044

**Form 13F File Number:** 028-18923

**CRD Number (if applicable):** 000107518

**SEC File Number (if applicable):** 801-35477

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Keith Huckerby<br>**Title:** President and Chief Operating Officer<br>**Phone:** 215-956-8033

**Signature, Place, and Date of Signing:**

Keith Huckerby  Horsham, PA  02-09-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 61

**Form 13F Information Table Value Total:** $89579004

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                                        | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | Janus Henderson Investors                   | 028-01343              |    000104652 | 801-13991         |
|     2 | DIFA Macquarie Investment Management        | 028-05267              |    000277065 | 801-106854        |
|     3 | AllianceBernstein L.P.                      | 028-10562              |    000108477 | 801-56720         |
|     4 | American Century Investment Management Inc. | 028-01091              |    000105778 | 801-8174          |
|     5 | Cohen  Steers Capital Management Inc.       | 028-02405              |    000106266 | 801-27721         |
|     6 | Goldman Sachs Asset Management L.P.         | 028-10981              |    000107738 | 801-37591         |
|     7 | MFS Investment Management                   | 028-13177              |    000110045 | 801-17352         |
|     8 | Morgan Stanley Investment Management Inc.   | 028-11866              |    000110353 | 801-15757         |
|     9 | SSgA Funds Management Inc.                  | 028-11338              |    000111242 | 801-60103         |
|    10 | T. Rowe Price Associates Inc.               | 028-00115              |    000105496 | 801-856           |
|    11 | Vontobel Asset Management Inc.              | 028-04490              |    000105007 | 801-21953         |
|    12 | Eaton Vance Management                      | 028-04139              |    000104859 | 801-15930         |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| NORDIC AMERICAN TANKERS LIMI | COM | G65773106 | BBG000JK57G6 | 203490 | 66500 | SH |  | SOLE |  | 66500 | 0 | 0 |
| AGNC INVT CORP | COM | 00123Q104 | BBG000TJ8XZ7 | 3170847 | 306362 | SH |  | SOLE |  | 306362 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG000BSJK37 | 2627107 | 142700 | SH |  | SOLE |  | 142700 | 0 | 0 |
| ABRDN ASIA PACIFIC INCOME FU | COM | 003009107 | BBG000BB3MF4 | 3955139 | 1503855 | SH |  | SOLE |  | 1503855 | 0 | 0 |
| ARGAN INC | COM | 04010E109 | BBG000K4J3T0 | 1881876 | 51027 | SH |  | SOLE |  | 51027 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 | BBG001M6CZY1 | 1412235 | 47550 | SH |  | SOLE |  | 47550 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG000BD8PN9 | 298156 | 6550 | SH |  | SOLE |  | 6550 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 | BBG000BB07P9 | 1718000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BLACKROCK RES  COMMODITIES | SHS | 09257A108 | BBG0019VQB06 | 5794375 | 581181 | SH |  | SOLE |  | 581181 | 0 | 0 |
| BRADY CORP | CL A | 104674106 | BBG000BDNV95 | 264231 | 5610 | SH |  | SOLE |  | 5610 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 | BBG00V1KSN04 | 536278 | 24920 | SH |  | SOLE |  | 24920 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 | BBG000BGVW60 | 761945 | 12426 | SH |  | SOLE |  | 12426 | 0 | 0 |
| DOUBLELINE YIELD OPPORTUNITI | COM | 25862D105 | BBG00R4C15K4 | 2621914 | 199841 | SH |  | SOLE |  | 199841 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 | BBG000BM2FL9 | 1584645 | 133500 | SH |  | SOLE |  | 133500 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG000BR3012 | 1390832 | 57663 | SH |  | SOLE |  | 57663 | 0 | 0 |
| EVOLUTION PETE CORP | COM | 30049A107 | BBG000C15T59 | 2408299 | 318980 | SH |  | SOLE |  | 318980 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 | BBG000CH7WB8 | 377635 | 45280 | SH |  | SOLE |  | 45280 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 | BBG0131739J2 | 4514845 | 349988 | SH |  | SOLE |  | 349988 | 0 | 0 |
| FUTUREFUEL CORP | COM | 36116M106 | BBG000GDSKT7 | 2549275 | 313564 | SH |  | SOLE |  | 313564 | 0 | 0 |
| GARRETT MOTION INC | PFD CONV SER A | 366505204 | BBG000BGVW60 | 391378 | 44986 | SH |  | SOLE |  | 44986 | 0 | 0 |
| GRAFTECH INTL LTD | COM | 384313508 | BBG00KDYT8C4 | 199920 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | NOTE 0.250% 3/0 | 40637HAD1 | BBG00ZFDCBK7 | 1263403 | 1305000 | PRN |  | SOLE |  | 1305000 | 0 | 0 |
| HEALTHCARE SVCS GROUP INC | COM | 421906108 | BBG000BKYVF0 | 1641240 | 136770 | SH |  | SOLE |  | 136770 | 0 | 0 |
| INTERDIGITAL INC | NOTE 2.000% 6/0 | 45867GAB7 | BBG00PB92FW1 | 1217466 | 1274000 | PRN |  | SOLE |  | 1274000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG000BLNNH6 | 2374701 | 16855 | SH |  | SOLE |  | 16855 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | NOTE 0.125%12/1 | 462222AB6 | BBG00R3L6254 | 1140574 | 1256000 | PRN |  | SOLE |  | 1256000 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 | BBG000G7K7Q0 | 2268379 | 74300 | SH |  | SOLE |  | 74300 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE 1.500% 8/1 | 472145AD3 | BBG00HG7QNL7 | 506953 | 515000 | PRN |  | SOLE |  | 515000 | 0 | 0 |
| JOHN BEAN TECHNOLOGIES CORP | NOTE 0.250% 5/1 | 477839AB0 | BBG0116YHZV5 | 429250 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| LSI INDS INC OHIO | COM | 50216C108 | BBG000BNKN21 | 1635191 | 133594 | SH |  | SOLE |  | 133594 | 0 | 0 |
| LIGAND PHARMACEUTICALS INC | NOTE 0.750% 5/1 | 53220KAF5 | BBG00KXRV5J3 | 1222245 | 1256000 | PRN |  | SOLE |  | 1256000 | 0 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 | BBG0035TJGV4 | 1711851 | 52127 | SH |  | SOLE |  | 52127 | 0 | 0 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 | BBG000PY8K68 | 4240804 | 963819 | SH |  | SOLE |  | 963819 | 0 | 0 |
| NVE CORP | COM NEW | 629445206 | BBG000N22GR2 | 2571741 | 39718 | SH |  | SOLE |  | 39718 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 | BBG000LYF3S8 | 373766 | 4120 | SH |  | SOLE |  | 4120 | 0 | 0 |
| NUSTAR ENERGY LP | UNIT COM | 67058H102 | BBG000C1ZRQ7 | 171200 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 | BBG000BGBTC2 | 925145 | 33100 | SH |  | SOLE |  | 33100 | 0 | 0 |
| PGIM GLOBAL HIGH YIELD FD FO | COM | 69346J106 | BBG0037TDXT4 | 142568 | 13152 | SH |  | SOLE |  | 13152 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC | COM | 71722W107 | BBG00P5B2S19 | 704638 | 62802 | SH |  | SOLE |  | 62802 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 | BBG000BP63C5 | 1287720 | 109500 | SH |  | SOLE |  | 109500 | 0 | 0 |
| RPC INC | COM | 749660106 | BBG000BS3047 | 263020 | 29586 | SH |  | SOLE |  | 29586 | 0 | 0 |
| RICHARDSON ELECTRS LTD | COM | 763165107 | BBG000BS1WR4 | 248367 | 11644 | SH |  | SOLE |  | 11644 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 | BBG000BBD5N1 | 1331825 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 | BBG000BJ2D31 | 3552595 | 30240 | SH |  | SOLE |  | 30240 | 0 | 0 |
| SNAP ON INC | COM | 833034101 | BBG000BT7JW9 | 289040 | 1265 | SH |  | SOLE |  | 1265 | 0 | 0 |
| SNAP INC | NOTE 0.750% 8/0 | 83304AAB2 | BBG00PXFCN28 | 338800 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 | BBG000BSHH72 | 298025 | 4935 | SH |  | SOLE |  | 4935 | 0 | 0 |
| SPOK HLDGS INC | COM | 84863T106 | BBG000N4KB80 | 3286319 | 401260 | SH |  | SOLE |  | 401260 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS | NOTE 0.625% 4/0 | 868459AD0 | BBG00K9Y6NS4 | 663188 | 675000 | PRN |  | SOLE |  | 675000 | 0 | 0 |
| TENARIS S A | SPONSORED ADS | 88031M109 | BBG000PLD4R3 | 331559 | 9430 | SH |  | SOLE |  | 9430 | 0 | 0 |
| TURNING PT BRANDS INC | NOTE 2.500% 7/1 | 90041LAE5 | BBG00PT90S83 | 1107686 | 1250000 | PRN |  | SOLE |  | 1250000 | 0 | 0 |
| TWO HBRS INVT CORP | COM | 90187B804 | BBG000MG3Y65 | 977740 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| UGI CORP NEW | UNIT 06/01/2024 | 902681113 | BBG011387K94 | 487869 | 5645 | SH |  | SOLE |  | 5645 | 0 | 0 |
| UTAH MED PRODS INC | COM | 917488108 | BBG000HFDNW7 | 231219 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG000BN5LG7 | 491332 | 28953 | SH |  | SOLE |  | 28953 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 | BBG000BF8YP3 | 1185889 | 48943 | SH |  | SOLE |  | 48943 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | NOTE 2.250% 6/1 | 928298AP3 | BBG00L3F3896 | 979578 | 1015000 | PRN |  | SOLE |  | 1015000 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6Q1 | 201956 | 8705 | SH |  | SOLE |  | 8705 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | BBG000BWLMJ4 | 672480 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 | BBG000001Y75 | 7110000 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| WESTERN ASSET EMERGING MKTS | COM | 95766A101 | BBG000BVBQD4 | 1039260 | 114079 | SH |  | SOLE |  | 114079 | 0 | 0 |

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