Lipper Advisory Services is an independent SEC registered investment adviser. Since 1981, Lipper Advisory Services has focused on assisting retirement plan fiduciaries, trustees of tax exempt foundations and endowments, and wealthy families and individuals manage their assets and make intelligent, informed decisions on the complex financial choices available in today’s economic environment. A. Michael Lipper, CFA, is the President and sole shareholder of Lipper Advisory Services. Investment Advisory Services Lipper Advisory Services provides these services through: ▪ Counsel with clients to provide perspective and advice on how to best navigate the investment environment. ▪ Tailored investment strategies designed to address the client’s parameters. Mutual funds, hedge funds and separate account manager searches, evaluation, selection and monitoring. ▪ Active investment and risk aware strategies to attain financial goals. ▪ Monitoring investment performance of such management strategies and reporting there on. ▪ Consulting arrangements on accounts it does not manage. Lipper Advisory Services tailors its advisory services to the individual needs of clients based on many factors including the client’s objectives, income tax status and size of the account. Clients may also impose restrictions on investing in certain securities or types of securities. Lipper Advisory Services clients enter into a written agreement that sets the terms and conditions under which Lipper Advisory Services renders its services. A client may negotiate for specific advisory services designed to achieve the client's policy and investment objectives. Lipper Advisory Services may retain managers as sub-advisers where the client’s manager/fund expense would be lower and/or the manager would be more suitable to the client’s portfolio needs. Where a sub-adviser is retained, Lipper Advisory Services intends the relationship to be long-term. Written Acknowledgement of Fiduciary Status When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead

of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. Discretionary and Non -Discretionary Services Lipper Advisory Services manages client accounts on both a discretionary and non- discretionary basis. If a client’s account is managed on a discretionary basis all investment selections that are determined to be appropriate to implement the client’s policy will be executed without further consultation with the client. All investment decisions will be guided by the client’s investment policy. If a client’s account is managed on a non-discretionary basis, the client will be contacted prior to each transaction. Clients may receive different execution prices (higher or lower) on securities bought or sold and may receive different transaction charges than if the account was managed on a discretionary basis. As of December 31, 2023, Lipper Advisory Services has $129,185,039 in discretionary assets under management. Lipper Advisory Services has no non- discretionary assets under advisement through a consulting agreement. Consulting Services Lipper Advisory Services may provide investment advice to other Financial Advisers and/or their clients, employee benefit plans, foundations, endowments, corporate funds, and insurance companies on a contractual basis. If Lipper Advisory Services provides consulting services only, this is on a non-managed, non-discretionary basis where Lipper Advisory Services does not manage the individual assets, but instead provides advice in regard to economic, market and investment outlook. Lipper Advisory Services will not manage, and therefore will not execute brokerage (trades) for consulting relationships. Sub-adviser to Lipper Advisory Services Lipper Advisory Services may retain a sub-adviser under supervision of Lipper Advisory Services to provide research and analysis of investment management organizations and their investment process, including its application to mutual funds. Additional Information Lipper Advisory Services generally will not act for clients in legal proceedings, including bankruptcies or class actions, involving securities held or previously held in client accounts or the issuers of such securities unless it agrees in its sole discretion after being specifically requested by the client to do so.