Mack Investment Securities, Inc. (“MIS”) is an SEC-registered investment adviser with its principal place of business located in Illinois. MIS began conducting business in 1986. Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company).
• Stephen W. Mack, President, through his Living Trust Mack Investment Securities, Inc. offers the following advisory services to our clients: INVESTMENT SUPERVISORY SERVICES ("ISS") INDIVIDUAL PORTFOLIO MANAGEMENT Our firm provides continuous advice to a client regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop and manage a client's personal investment portfolio based those discussions and the best interests of the client. During our data-gathering process, we determine the client's individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary and non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Our investment recommendations are not limited to any specific product or service offered by a broker- dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Corporate debt securities (which may include commercial paper)
• Certificates of deposit
• Municipal securities
• Mutual fund shares Because some types of investments involve certain additional degrees of risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity, and suitability. INVESTMENT SUPERVISORY SERVICES ("ISS") MODEL STRATEGY MANAGEMENT Our firm provides portfolio management services to clients using model asset allocation portfolios. Each strategy is designed to meet a particular investment goal. Mack Investment allocates investment assets among various investment strategies that are actively managed by independent or affiliated investment managers that serve as sub-advisors to our Firm's Money Managers Plus Program (MMP). We also offer a form of direct investment Management where we can purchase individual equity and fixed income securities and/or mutual funds for our clients. Money Managers Plus Program (MMP) MIS, on a discretionary basis, selects for its clients various investment advisors and/or subadvisors that it believes can forecast financial market trends and act on those trends to the benefit of MIS' clients. It selects these subadvisors based on their past performance, although past performance is no guarantee of future results. In MIS's selection process, MIS also considers the subadvisor's past success in reducing exposure to markets when risk is higher while providing acceptable performance as determined by MIS. In so doing, MIS is authorized, without prior consultation with the client, to allocate client investment assets in and among various subadvisors, independent and affiliated investment managers and/or asset allocation programs created by MIS, on a discretionary basis, consistent with the client's investment objectives, including terminating the services of any designated subadvisor and reallocating such assets to a different MIS designated subadvisor. One or more subadvisors may each provide advice for a separate portion of a client's account. The appropriate subadvisors are selected by MIS for, and routinely with, each of its clients based on matching the styles of subadvisors with individual client's investment objectives. MIS also attempts to place clients with subadvisors whose styles complement each other. MIS in turn monitors the activities of these subadvisors and their overall performance but does not undertake supervision of the individual trades of these subadvisors. MIS may, at its sole discretion, reject or defer trade instructions as well as to place trades that may not have been instructed by subadvisors if MIS feels these actions may be in the interest of its clients. The subadvisors engaged by MIS for its clients often utilize mutual funds to attempt to meet client's objectives and switch funds within the same family or, if applicable, to other funds where the transfer, in most cases, will not cause the client to incur a load commission. Funds invested may, at times, be subject to early redemption charges. Some subadvisors for some of MIS' clients use stock, bonds and other securities instead of, or with, mutual funds. The exact strategy or strategies depends on the advisor, subadvisor or subadvisors selected. Accounts may differ in their model holdings on an account-by-account basis. Current Management Strategies include: These first strategies are run by our firm.
• Modified Risk: The Modified Risk portfolio is run by our President, Stephen W. Mack. This strategy attempts to utilize market sentiment and market trends to implement decisions to increase and decrease risk in a globally invested portfolio. At times, when sentiment is elevated for markets to rise, Modified Risk may reduce its exposure to markets. Money markets are routinely used when risk is reduced. When sentiment is overly negative, Modified Risk may increase its exposure to markets by increasing exposure to markets. In addition, at times when our analysis indicates market trends may be moving lower, Modified Risk may reduce exposure to markets. When our analysis indicates market trends may be moving higher, Modified Risk may increase exposure to markets. We may vary from these strategies when it is thought to be best for the portfolio. This strategy may remain in risk investments or money markets for extended periods of time. Fees continue to be assessed as this strategy continues to be monitored for the potential of a change to increased or reduced risk levels. The portfolio may invest in a wide range of leading asset classes that may include domestic and foreign equity markets, commodities, stocks, bonds, currency, and a variety of other asset classes. This is accomplished through the primary use of Exchange Traded Funds ("ETFs") but may also include mutual funds, stocks, and bonds. This strategy may include the use of leverage to increase exposure to markets. Leveraged mutual funds and ETFs seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. This strategy may also invest a portion of its balances into inverse investments which may benefit by seeking gains in falling markets but could also lose in rising markets. Modified Risk accounts may differ in their holdings on an account-by-account basis.
• Dividend Leaders: Dividend Leaders is run by our President, Stephen W. Mack. This strategy tends to use mutual funds and may use exchange traded funds and unit investment trusts to attain portfolio income in addition to potential stock market gain. The investments used and those that may be used in this portfolio contain market risk and may lose capital if markets fall as well as if interest rates rise. It is not unusual for this strategy to concentrate all of its assets in one to three securities. When used, the unit investment trusts in this strategy typically mature after 12-15 months of inception. As these trusts mature funds will normally, at the manager's discretion, be reinvested in new unit investment trusts or mutual funds with similar goals. This strategy may also invest a portion of its balances into inverse investments which may benefit by seeking gains in falling markets but could also lose in rising markets. Dividend Leaders accounts may differ in their holdings on an account-by-account basis.
• Focused Aggressive: The Focused Aggressive portfolio is run by our President, Stephen W. Mack. We use the terms Focused and Aggressive to describe this strategy. Focused means we may invest in a very limited number of securities when invested and Aggressive means we may concentrate the portfolio in investments that could be considered significantly riskier including commodities such as gold and inverse investments which may benefit by seeking gains in falling markets. This strategy attempts to utilize market sentiment and technical indicators including those that may point to elevated risk when markets are relatively high and reduced risk when markets are relatively low. The strategy implements risks in a globally invested allocation. At times, when sentiment is elevated for markets to rise, Focused Aggressive may substantially reduce its exposure. Money markets and investments with inverse relationships to markets are routinely used when risk is to be reduced. When sentiment is overly negative, Focused Aggressive may increase its exposure to markets by increasing exposure to markets. In addition, at times when our analysis indicates market trends may be moving lower, Focused Aggressive may reduce exposure to markets. When our analysis indicates market trends may be moving higher, Focused Aggressive may increase exposure to markets. We may vary from these strategies when it is thought to be best for the portfolio. This strategy may remain in risk investments or money markets for extended periods of time. Fees continue to be assessed as this strategy continues to be monitored for the potential of a change to increased or reduced risk levels. The portfolio may invest in a wide range of leading asset classes that may include domestic and foreign equity markets, commodities, stocks, bonds, currency, and a variety of other asset classes. This is accomplished through the primary use of Exchange Traded Funds ("ETFs") but may also include mutual funds, stocks, and bonds. This strategy may include the use of leverage to increase exposure to markets. Leveraged mutual funds and ETFs seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. This strategy may also invest a portion of its balances into inverse investments which may benefit by seeking gains in falling markets but could also lose in rising markets. Focused Aggressive accounts may differ in their holdings on an account-by-account basis. Returns are not published for this portfolio at this time.
• Strategic Models: The Strategic Aggressive and Conservative portfolios are run by our firm. The two strategies attempt to consider mutual funds whose performance has shown more stability in falling markets while participating in rising markets. The strategy also considers mutual funds whose performance may indicate higher long-term returns. Peer performance is reviewed as part of the selection process. At times, if management considers risk elevated, hedging strategies may be used. The hedging strategies may include inverse mutual funds or exchange traded funds (ETFs), which typically hold electronic futures and equity positions, in an effort to increase or decrease risk. Strategic Aggressive will consider higher volatility funds as compared to Strategic Conservative. Funds may be held in these mutual funds for extended periods. These strategies may include the use of leverage to increase exposure to markets. Leveraged mutual funds and ETFs seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. These strategies may also invest a portion of their balances into inverse investments which may benefit by seeking gains in falling markets but could also lose in rising markets. The investments used and those that may be used in this portfolio contain market risk should be expected to lose capital when markets fall as well as if hedging strategies are not successful. Strategic model accounts may differ in their holdings on an account-by-account basis.
• Kelty Strategic Income: Kelty Strategic Income (KSI) is an investment strategy utilizing advice from John Kelty, one of our investment advisor representatives (IAR) and a registered broker with Mack Investment Securities, Inc., a FINRA registered broker-dealer. KSI examines current income opportunities for its investors. Although the core goal of KSI is to attempt to take advantage of income opportunities offered by taxable situations, KSI may also invest a portion of its funds into municipal and growth and income securities. Most often, KSI invests into income-oriented exchange traded funds, open and closed end mutual funds. Often these funds may use leverage to increase exposure to their markets. Leveraged mutual funds seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. As with any income securities, gains and losses may be generated by interest rate changes. A decline in interest rates is often associated with gains in income- oriented securities while an increase in interest rates is often associated with losses in income-oriented securities. Investors should consider these risks prior to investing in this strategy. At times, KSI may invest some or all of its investments into money markets to attempt to reduce potential declines in values due to interest and credit market risks. KSI accounts may differ in their holdings on an account-by- account basis.
• Kelty Municipal Income: Kelty Municipal Income (KMI) is an investment strategy utilizing advice from John Kelty, one of our investment advisor representatives (IAR) and a registered broker with Mack Investment Securities, Inc., a FINRA registered broker-dealer. KMI examines current income opportunities concentrating on the municipal type for its investors. Although the core goal of KMI is to attempt to take advantage of tax-free municipal income opportunities, KMI may also invest a portion of its funds into taxable municipal obligations, taxable securities as well as growth and income securities. Most often, KMI invests into income-oriented exchange traded funds, open and closed end mutual funds. Often these funds may use leverage to increase exposure to their markets. Leveraged mutual funds seek to deliver multiples of the performance of the index or benchmark they track. Leverage used in mutual funds could magnify any losses or gains. Investors should consider as with any income securities, gains and losses may be generated by interest rate changes. A decline in interest rates is often associated with gains in income-oriented securities while an increase in interest rates is often associated with losses in income-oriented securities. these risks prior to investing in this strategy. At times, KMI may invest some or all of its investments into money markets to attempt to reduce potential declines in values due to interest and credit market risks. KMI accounts may differ in their holdings on an account-by-account basis.
• Kelty Growth & Income: Kelty Growth & Income (KGI) is an investment strategy utilizing advice from John Kelty, one of our investment adviser representatives (IAR) and registered broker with Mack Investment Securities., a FINRA registered broker-dealer. KGI examines growth and income opportunities considering the goals, objectives, and input of a particular client. Most often, KGI invests in global growth and income-oriented exchange traded funds, open and closed mutual funds. KGI's goal is to moderate risk through a diversified approach. As with any securities, gains and losses may be generated by investing in the market. This strategy may include the use of leverage to increase exposure to markets. Leveraged mutual funds and ETFs seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. This strategy may also invest a portion of its balances into inverse investments which may benefit by seeking gains in falling markets but could also lose in rising markets. Investors should consider these risks prior to investing in this strategy. At times, KGI may invest some or all of its investments into money market to attempt to reduce potential declines in values due to interest rate and credit risks. KGI account may differ in their holdings on account-by-account basis.
• RPI Global: RPI Global is an investment strategy utilizing advice from Norman Chiodras, one of our investment adviser representatives (IAR) and registered broker with Mack Investment Securities, Inc., a FINRA registered broker-dealer. The strategy seeks to take advantage of mid and long-term trends in the broad stock market. The model can invest in a broad category of securities, including bonds, emerging markets, foreign and domestic stocks, precious metals, and commodities. The strategy will also hedge at times by moving to cash or purchasing mutual funds and exchange traded funds (ETFs) which are designed to move in the opposite direction of the underlying sector. These investments typically hold electronic futures and equity positions. Inverse ETFs (also called "short" funds) seek to deliver the opposite of the performance of the index or benchmark they track. While these inverse investments may benefit by seeking gains in falling markets, they could also lose in rising markets. ETFs utilized may also be leveraged. Leveraged ETFs seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. The goal of the strategy is to attempt to increase exposure to equities in rising markets and decrease exposure in declining markets. Investors in this strategy should expect the potential of higher volatility with frequent trading.
• RPI Precious Metals: RPI Precious Metals is an investment strategy utilizing advice from Norman Chiodras, one of our investment adviser representatives (IAR) and registered broker with Mack Investment Securities., a FINRA registered broker-dealer. The strategy seeks to take advantage of mid- and long-term trends in gold and silver stock and metal prices. The model can concentrate investments in precious metal mining companies as well as securities representing physical gold and silver. It may also invest in ETFs representing physical gold, palladium, platinum, and silver. The strategy will also hedge, at times, by moving to cash or purchasing inverse mutual funds and ETFs. Inverse ETFs (also called "short" funds) seek to deliver the opposite of the performance of the index or benchmark they track. While these inverse investments may benefit by seeking gains in falling markets, they could also lose in rising markets. ETFs utilized may also be leveraged. Leveraged ETFs seek to deliver multiples of the performance of the index or benchmark they track and could magnify any losses or gains. Investors in this strategy should expect the potential of higher volatility with frequent trading. SEI Investments Company (SEI) - SEI is a custodian utilized primarily by Norman Chiodras, one of our investment adviser representatives (IAR) and a registered broker with Mack Investment Securities, Inc., a FINRA registered broker-dealer. Mr. Chiodras actively trades these advisory accounts. Mr. Chiodras' recommendations generally follow seasonality and cycle-based market trends. The advisory accounts often maintain positions in precious metals and commodities. It is normal for Mr. Chiodras to seek client agreement to trades prior to their placement. The preferred communication method for agreement to trades is through email but may also be done by phone or mail. These communications explain events that may cause the manager to proceed with trades already approved by email, phone, or mail. It is possible that a significant amount of time may pass before approved changes in portfolios are executed. Such timing is determined by the manager. Variable Annuities - Strategies used in Modified Risk (see above for description) are often used to increase or decrease market exposure in variable annuities advised by MIS. In addition, MIS may choose manager strategies offered by the variable annuities as alternatives for investment. Variable annuities are considered long-term investments and carry many types of fee structures. Prospectus should be reviewed prior to purchasing these securities or implementing any investment strategy with these products. Changes of investment strategies tend to be long term, and limited trading

activity is expected. The below programs are run by Sub Advisors to our MMP Program: Contravisory Strategic Equity Strategy: The objective of this technical strategy is capital appreciation through a diversified portfolio of domestic equities. It attempts to outperform the S&P 500, with a particular emphasis on outperforming during down markets. The approach is opportunistic, as the portfolio's investments are not limited to set criteria involving market capitalizations and is agnostic toward growth versus value stocks. Investment decisions result strictly from our proprietary research methodologies, identifying and capitalizing on the long-term relative price trends, both positive and negative, that exist in the market. This strategy is active and should be expected to cause realized gains in taxable portfolios. It is not unusual to have 4-8 transactions in this account each month. Merit: The Merit Advisors Multi-Sector Bond service is based on a disciplined risk-reduction strategy. It uses a trend-following model that tracks day-to-day price changes in the Lipper High Yield Index, which serves as a proxy for the high yield bond market. The model attempts to identify favorable periods in the high yield market when accounts are invested in selected high yield bond funds. During declining markets, accounts are positioned in money markets. The model does not attempt to forecast changes in interest rates, credit risk or corporate profits. As an active model, this strategy typically generates 4 to 5 purchase and sale transactions (round trips) each year, investing in high yield and multi-sector bond funds or money markets. Historically, the model has been invested in multi-sector, high-yield bonds or other equivalent funds about 65% of the time and money markets the remaining 35%. BTS Bond Asset Allocation is a tactical investment strategy that attempts to preserve capital and enhance returns by allocating assets to what BTS believes is the bond sector producing the highest current returns. To accomplish this, BTS uses proprietary and technical tools in its analysis and model, derived from more than 40 years of operation and scrutiny. The principal strategy consists of investing in mutual funds and ETFs holding three core asset classes: high yield bonds, government bonds, and money markets. In certain situations, the strategy may invest in mutual funds and ETFs holding a percentage of other bond classes (ie. International bonds, corporate bonds, municipal bonds). Certain mutual funds and ETFs used in the strategy, when not in money market instruments, may be non- diversified, hold derivatives and use leverage. Most often, BTS provides instructions to buy or sell either high-yield bond mutual funds and/or ETFs. MIS may take suggestions for the securities to purchase or choose securities it feels best fit the goals of the BTS choice. BTS Seasonality/BAA. The goal of the Select Seasonality/Bond Asset Allocation Portfolio ("Select Seasonality/BAA") is to take advantage of trends in the stock and high yield bond markets. The portfolio aims to be invested in stock funds during the historically favorable portion of the year and out of stock funds during the historically less favorable portion. When the portfolio is not invested in stocks, it moves assets among high yield bond, government bond, and money market funds. Certain mutual funds and ETFs used in the strategy, when not in money market instruments (as in the above BTS Bond Asset Allocation strategy), may be non-diversified, hold derivatives, and use leverage. BTS uses a broad range of market trend data, technical analysis, and economic factors to choose the sectors that BTS believes will perform best in the current market environment. The historically favorable market period is considered approximately November-April; the historically unfavorable market period is considered approximately May-October. BTS may issue a buy or sell for Seasonality BAA outside of the historically favorable and unfavorable periods when economic indicators or market situations dictate. Capital Advisors 360: “The Risk Manager” or “TAAP” is a longer- term, tactically managed asset allocation strategy employing index funds and exchange traded funds (ETFs). Exposure to asset classes is unrestrained and determined by the readings of technical and fundamental market models. The strategy offers signals provided by David D. Moenning, Chief Investment Officer of Heritage Capital Research, an independent, privately owned, investment research firm located in the Denver area. Heritage Capital Research is affiliated with Eastsound Capital Advisors, LLC, Eastsound, Washington. Morningstar Managed Portfolios. Morningstar offers diversified, core portfolios employing a research-driven asset allocation process and independent approach to selecting best-in-class active managers. Mack Investment selects portfolios from active and passive offerings available to our firm on the AXOS Advisor Services (“AXOS,” formerly E-Trade) multi-manager platform for its clients to invest. Morningstar portfolios contain risk and may result in losses. Through personal discussions with the client in which the client's goals and objectives are established, we determine if the model portfolio is suitable to the client's circumstances. Once we determine the suitability of the portfolio, the portfolio is managed based on the portfolio's goal, rather than on each client's individual needs. Clients, nevertheless, can place reasonable restrictions on the types of investments to be held in their account. Clients retain individual ownership of all securities. Our investment recommendations are not limited to any specific product or service offered by a broker dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Unit Investment Trusts
• Securities traded over the counter
• Corporate debt securities (other than commercial paper)
• Certificates of deposit
• Municipal securities
• Mutual fund shares
• Options contracts on securities
• Interests in partnerships investing in real estate
• Interests in partnerships investing in oil and gas interests Because some types of investments involve certain additional degrees of risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity, and suitability. To ensure that our initial determination of an appropriate portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, we will: 1. send periodic reminders to each Model Portfolio Management Services client requesting any updated information regarding changes in the client's financial situation and investment objectives; 2. at least annually, contact each participating client to determine whether there have been any changes in the client's financial situation or investment objectives, and whether the client wishes to impose investment restrictions or modify existing restrictions; 3. be reasonably available to consult with the client; and 4. maintain client suitability information in each client file. INDIVIDUAL PORTFOLIO MANAGEMENT Our firm provides non-continuous asset management of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on the client's particular circumstances are established, we develop the client's personal investment plan. We create and manage a portfolio based on that plan. During our data-gathering process, we determine the client's individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we may also review and discuss a client's prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Once the client's portfolio has been established, we review the portfolio periodically, and if necessary, re-balance the portfolio, based on the client's individual needs. Our investment recommendations are not limited to any specific product or service offered by a broker- dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over the counter
• Unit Investment Trusts Because some types of investments involve certain additional degrees of risk, they will only be recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity, and suitability. PENSION CONSULTING SERVICES We also offer several advisory services separately or in combination. While the primary clients for these services will be pension, profit sharing and 401(k) plans, we offer these services, where appropriate, to individuals and trusts, estates, and charitable organizations. Pension Consulting Services are comprised of four distinct services. Clients may choose to use any or all of these services. Investment Policy Statement Preparation (hereinafter referred to as ''IPS''): We will meet with the client (in person or over the telephone) to determine an appropriate investment strategy that reflects the plan sponsor's stated investment objectives for management of the overall plan. Our firm does not provide a written IPS. If a change is made whereby we offer an IPS, our firm may then prepare a written IPS detailing those needs and goals, including an encompassing policy under which these goals are to be achieved. The IPS may also list the criteria for selection of investment vehicles as well as the procedures and timing interval for monitoring of investment performance. Selection of Investment Vehicles: We assist plan sponsors in constructing appropriate investment models. We will then review various mutual funds (both index and managed) as well as, in many cases, alternative investments including money markets, CDs, and annuities to determine which investments may be appropriate to implement the client's goals and or IPS. The number of investments to be recommended will be determined by the client, based on the client's goals and or IPS. Monitoring of Investment Performance: We monitor client investments continually, based on the procedures and timing intervals requested by the plan sponsor or delineated in the Investment Policy Statement. Although our firm may not be involved in any way in the purchase or sale of these investments, we supervise the client's portfolio and may make recommendations to the client as market factors and the client's needs dictate. Employee Communications: For pension, profit sharing and 401(k) plan clients with individual plan participants exercising control over assets in their own account (''self-directed plans''), we may also provide periodic educational support and investment workshops designed for the plan participants. The nature of the topics to be covered will be determined by us and the client under the guidelines established in ERISA Section 404(c). The educational support and investment workshops will NOT provide plan participants with individualized, tailored investment advice or individualized, tailored asset allocation recommendations. FINANCIAL PLANNING We offer financial planning services. Financial planning is an evaluation of a client's current and future financial state by using currently known variables to attempt to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, questions, information, and analysis are considered as they impact and are impacted by the financial and life situation of the client. Clients purchasing this service receive a written report which provides the client with a financial plan or proposal designed to assist the client achieve his or her financial goals and objectives. In general, the financial plan may address any or all of the following areas:
• PERSONAL: We often review family records, budgeting, personal liability, estate information and financial goals.
• TAX & CASH FLOW: We may analyze the client's income tax and spending and planning for past, current and future years; then illustrate the impact of various investments on the client's current income tax and future tax liability.
• INVESTMENTS: We may analyze investment alternatives and their possible effect on the client's portfolio.
• INSURANCE: We may review existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home, and automobile. It is normal for us to not comment nor provide analysis in relation to many or all of these types of risks.
• RETIREMENT: We may analyze current strategies and investment plans to help the client achieve his or her retirement goals.
• DEATH & DISABILITY: We may review the client's cash needs at death, income needs of surviving dependents, estate planning and disability income.
• ESTATE: We may assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans, nursing homes, Medicaid, and elder law. It is normal for us to gather required information through in-depth personal interviews. Information gathered includes the client's current financial status, tax status, future goals, returns objectives and attitudes towards risk. We carefully review documents supplied by the client, including a questionnaire completed by the client, and prepare a written report often including a list of recommendations. Should the client choose to implement the recommendations, we may suggest the client work closely with his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of financial planning recommendations is entirely at the client's discretion. As part of our financial planning, we routinely provide consolidated reports showing client's assets and liabilities. When these reports are provided to clients, we seek input for any values not represented by our firm as agent or advisor. We remind clients to verify all entries with custodial statements, the formal record of securities held in their accounts. Consolidated reports are provided as a value-added service. We may also provide general non-securities advice on topics that may include tax and budgetary planning, estate planning and business planning. Exchange-listed securities
• Securities traded over the counter
• Corporate debt securities (other than commercial paper)
• Certificates of deposit
• Municipal securities
• Unit Investment Trusts
• Mutual fund shares
• Options contracts on securities
• Futures contracts on tangibles
• Interests in partnerships investing in real estate
• Interests in partnerships investing in oil and gas interests Typically, a financial plan and or report is presented to the client within six months of the contract date, provided that all information needed to prepare the financial plan or report has been promptly provided. The plan or report typically includes a detailed balance sheet, income and expense analysis and recommended allocation of funds. LIMITATIONS: As representatives of MIS are registered as representatives of a broker-dealer and/or as insurance agents/brokers of various insurance companies, recommendations made in financial plans are limited to only those products offered through these companies and assets directly related to the client's financial plan such as a retirement plan not under the custody of MIS. ADVISORY REFERRAL SERVICES MIS may act as a solicitor on behalf of various independent registered investment advisers. Based on a client's individual circumstances and needs, we will assist the client in determining which independent adviser's portfolio management services may be appropriate for that client. Factors considered in making this determination, including account size, risk tolerance, and a client's investment experience, are discussed during our consultation with the client Mack Investment Securities, Inc. will meet with the client on a periodic basis, or as determined by the client, to review the account. We may, when needed, suggest changes in the client's portfolio ("reallocating" and/or ''re-balancing'') to more effectively address each client's goals. The client may then instruct the independent adviser to make any or all of the changes we recommended. These recommendations are our own and are neither recommended nor approved by any independent advisers. Any reallocating of the portfolio is done with the client's approval and will be reviewed and implemented by the independent investment adviser. At the time of conducting the advisory solicitation, MIS will ensure that all federal and/or state specific requirements governing solicitation activities are met. PUBLICATION OF PERIODICALS MIS publishes a periodic newsletter providing general information on various financial topics including, but not limited to market conditions, estate and retirement planning, economic and fiscal trends. No specific investment recommendations are provided in this newsletter and the information provided does not purport to meet the objectives or needs of any individual. This newsletter is distributed free of charge to our advisory clients. MARKET TIMING SERVICES MIS provides the management of individual clients' portfolios, rendering advice as to the advisability of moving from one mutual fund to a defensive fund (within the same family of funds) in an attempt to capture gains during rising market periods and to preserve the client's capital during falling market periods. Our market timing service is of a continuous nature, evaluating holdings and market positions on a periodic basis, most often monthly. We will attempt to move funds from one specific fund group to a money market fund (within the same family if fees may otherwise be imposed) when the capital improvement potentiality is in question. The funds may be switched back to the same type of fund only when qualified factors indicate growth possibilities. Clients often use our advice to move their funds on their own within a mutual fund family. To effectively manage client funds, we request that each client provide the firm with discretionary authority to effect conversions between mutual funds on the client's behalf. Our agreement authorizes this authority. This authority may be used in both mutual fund families as well as variable annuities. It is also noted that certain mutual funds allow for telephone or internet web-based switching services. This is perhaps the quickest way in which to effect a transaction on the client's behalf. As such, our firm may offer this service to a client, if the particular mutual fund or variable annuity under timing consideration has provisions for telephone or internet web-based switching privileges. If market conditions were to change rapidly, we may be able to assist our clients in achieving an acceptable return, given the individual circumstances. Our primary objective is to attempt to preserve and attempt to increase the aggregate capital funds of clients with this as their goal. CONSULTING SERVICES Clients can also receive investment advice on a more focused basis. This may include advice on only an isolated area(s) of concern such as estate planning, retirement planning, or any other specific topic. We may also provide specific consultation and administrative services regarding investment and financial concerns of the client. Assignment. Neither MIS nor the client may assign the Investment Advisory Agreement or Financial Planning and Consulting Agreement without the prior consent of the other party. Transactions that do not result in a change of actual control or management of MIS shall not be considered an assignment. MIS also advises on exchange-traded funds (ETF) and closed-end funds. In addition, MIS advises on inverse ETFs which are leveraged long and short mutual funds that are designed to perform in an inverse relationship to certain market indices. Due to the leverage component of the ETFs, there may be additional risk to such investments. Amount of managed assets. As of 12/31/2023, we were actively managing $170,639,703 of clients' assets on a discretionary basis plus $52,593,327 of clients' assets on a non-discretionary basis.