Description of the Firm Penn Investment Advisors, Inc. (Penn Investment Advisors or PIA), formerly known as EagleView Advisors, Inc. and First Savings Financial Services, Inc., was incorporated in Pennsylvania in 2009. Penn Investment Advisors is a wholly owned subsidiary of Equitable Distribution Holding Corporation who is an indirect wholly-owned subsidiary of Equitable Holdings, Inc. (“EQH”). Penn Investment Advisors is registered with the SEC as an investment adviser and has a fiduciary duty with regard to investment advisory accounts consistent with the requirements of the Investment Advisers Act. Prior to being acquired by Equitable Distribution Holding Corporation, Penn Investment Advisors was formerly a wholly owned subsidiary of Penn Community Bank until October 3, 2022, when it was sold to Equitable Distribution Holding Corporation Penn Community Bank is the organization formed by the unification of First Savings Bank of Perkasie and First Federal of Bucks County. Having received all necessary approvals from regulatory agencies, the two banks legally combined to form Penn Community Bank effective August 1, 2015. In 2014, Penn Investment Advisors (then EagleView Advisors, Inc.) merged with Longview Capital Management, LLC, and are now affiliated. Longview Capital Management, LLC, had been registered with the SEC as a registered investment advisor, and had provided investment advisory services since 2008. After the merger, the employees of Longview Capital Management, LLC, continued to perform similar functions for EagleView Advisors, Inc. (now Penn Investment Advisors). Advisory Services Offered Penn Investment Advisors provides a combination of investment services based on the client's individual goals and circumstances. Penn Investment Advisors manages client portfolios which typically consist of no load (or load waived) open-end mutual funds and/or exchange traded products, but which may also include other securities including but not limited to stocks (common and preferred), bonds (convertible, high-yield, government, corporate, collateralized, municipal and other), notes or bills issued by the United States Treasury and equity and fixed income index options and futures. Penn Investment Advisors also assists clients with the selection of alternative investments on a limited basis or other independent investment advisers with the management of additional securities portfolios. Our advice is limited to above mentioned investments. Investment Portfolios Penn Investment Advisors manages client portfolios primarily consisting of mutual funds, exchange traded products and individual equities based on the individual needs and goals of the client. Penn Investment Advisors will also recommend equities and bonds for management portfolios, as appropriate. Penn Investment Advisors may offer investment advice on any additional investments held by a client at the start of the advisory relationship.) Through personal discussions in which goals and objectives based on a client's particular circumstances are established, Penn Investment Advisors develops a client specific investment policy and determines an appropriate risk tolerance model. Once the appropriate model has been determined, Penn Investment Advisors will manage the client's assets on a continuous basis within the parameters of the model. As necessary, Penn Investment Advisors will also rebalance the portfolio on a systematic basis, based on the portfolio's goal and each client's individual needs. Each client will have the opportunity to place reasonable restrictions on the types of securities to be held in the portfolio. Clients should notify Penn Investment Advisors in writing with respect to changes in the client’s risk tolerance, investment objectives, and/or any significant tax, financial or other changes which might impact Penn Investment Advisors’ management of the client’s portfolio. Penn Investment Advisors also offers advice with respect to equity securities (including exchange-listed securities, options and futures as well as securities traded over-the-counter); corporate debt securities (other than commercial paper); certificates of deposit; municipal securities; investment company securities (including mutual fund shares); and United States government securities. Retirement / Pension Planning Services Penn Investment Advisors also offers several advisory services separately or in combination with pension, profit sharing and 401(k) plans. Penn Investment Advisors will prepare written Investment Policy Statements (IPS) stating needs and goals and determining a policy under which these goals are to be achieved. The IPS will also list the

criteria for th e selection of investment vehicles and the procedures and timing intervals for monitoring i n v e s t m e n t performance. Penn Investment Advisors will review various investments, generally consisting of mutual funds and exchange traded products (both indexed and actively managed) to determine which of these investments are appropriate to implement the client's IPS. The number of investments to be recommended will be determined by the client and will be based on the Investment Policy Statement. For pension, profit sharing and 401(k) plan clients wherein there are individual accounts with participants exercising control over assets in their own account (''self-directed plans''), Penn Investment Advisors also provides regular educational support and investment workshops designed for the plan participants. The nature of the topics to be covered will be determined by Penn Investment Advisors and the client under the guidelines established by ERISA. Financial Planning Penn Investment Advisors also provides advice in the form of a personal financial plan. Clients utilizing this service will receive a written report, providing the client with a detailed financial plan designed to achieve their stated financial goals and objectives. In general, the financial plan will address any or all of the following areas of concern: Personal: Family records, budgeting, personal liability, estate information and financial goals.
• Tax & Cash Flow: Income tax and spending analysis and planning for past, current and future years. Penn Investment Advisors will illustrate the impact of various investments on a client's current income tax and future tax liability.
• Death & Disability: Assessment of cash needs at death, income needs of surviving dependents, estate planning and disability income analysis.
• Retirement: Analysis of current strategies and investment plans to help the client achieve his or her retirement goals.
• Investments: Analysis of investment alternatives and their effect on a client's portfolio.
• Business Succession and Wealth Transfer: Analysis of investment vehicles, trusts, and other methods of estate tax minimization techniques. Penn Investment Advisors gathers required information through in-depth personal interviews. Information gathered includes the client's current financial status, future goals and attitudes towards risk. Related documents supplied by the client are carefully reviewed, including a questionnaire completed by the client, and a written report is prepared. Should a client choose to implement the recommendations contained in the plan, Penn Investment Advisors suggests the client work closely with his/her attorney, accountant, insurance agent, broker and/or advisor. Implementation of financial plan’s recommendations is entirely at the client's discretion. Services Limited to Specific Types of Investments Penn Investment Advisors limits its investment advice and/or asset management to mutual funds, equities, bonds, fixed income, debt securities, ETPs, real estate, hedge funds, third party money managers, REITs, private placements and government securities. Penn Investment Advisors may use other securities as well to help diversify a portfolio when applicable. Consulting Services Penn Investment Advisors also offers consulting services in which the advisor or firm would act as a liaison between the client and their money manager and other assets. The client specifies which assets the consultant would be responsible to provide advice. On a regular basis, the consultant would offer the client advice and opinions concerning: · Asset Allocation · Asset Class and Security Duplication · Business Valuation · Integration of Client’s Disparate Investment Portfolios · Review Manager Fees, Turnover, and Transaction Costs · Creation or Review Investment Policy Statement This list is representative. Actual services would be determined, and defined, at the time the account is opened. The Investment Consultant would have neither custody nor investment discretion of the assets. The Investment Consultant’s responsibility is to provide advice and opinion to the client. Penn Investment Advisors also offers ongoing consulting services to pension or other employee benefit plans (including but not limited to 401(k) plans) based on the demographics, goals, objectives, time horizon, and/or risk tolerance of the plan’s participants. Wrap Fee Programs Penn Investment Advisors does not participate in wrap fee programs by providing portfolio management services. Assets under Management As of December 31, 2022, Penn Investment Advisors managed a total of $574,427,667 in assets, $574,427,667 on a discretionary basis.