Ownership The principal owners of Monroe Vos Consulting, Inc. (“Monroe Vos”, “Firm”, “our”, “us” and or “we”) is The CapFinancial Group, LLC. Investment Products We offer advice on the following as well as the foreign equivalents of the following investment products:
• Equity securities (exchange-listed, over the counter, foreign issuers)
• Corporate debt securities
• Commercial paper
• Certificates of deposit
• Municipal securities
• Investment Company Securities (mutual fund shares)
• United States government securities
• Interests in partnerships investing in real estate and others Advisory Services Monroe Vos offers the following advisory services:
• Portfolio management services for individuals and/or small businesses
• Portfolio management for businesses or institutional clients (other than investment companies)
• Pension consulting services
• Investment consulting regarding limited partnerships Assets Under Management As of December 31, 2022, Monroe Vos had approximately $ 5,865,321,039 in client portfolio assets under management, all of which were managed on a non-discretionary basis. Overview of Services Offered Monroe Vos has been in business since 1994. We provide investment advisory services as professional consultants to fiduciaries and high-net-worth individuals. We assist clients to develop goals that are designed to accomplish the client’s needs and increase the probability of achieving the stated goals by developing effective solutions to the client’s investment and administrative problems. The processes we utilize to develop the financial solutions for our clients include a mixture of the following: 2 | P a g e Investment Policy Development We review, update or draft comprehensive Investment Policy Statements for our clients that communicate the plan history, policies, guidelines, objectives, structure, actuarial expectations and administrative procedures to name some highlights. We take our clients through an organized process to develop this statement which includes asset allocation and optimization. Spending Policy Study We coordinate with you to determine your budget and assist in developing a spending policy. We use simulation techniques to project the future financial condition of the endowment including the dollar results that occur over various investment and inflation scenarios. We can do this for any time frame. Asset Allocation Study We provide asset allocation modeling techniques to analyze the potential future condition of the portfolio by assisting in understanding the nature of the alternative combinations of asset classes. Asset Allocation Strategies We develop Risk-Based Asset Allocation Strategies utilizing the core fund line-up to provide employees with a choice of well diversified portfolios based upon their risk tolerance. Risk-Based Retirement Date Allocation Strategies We develop Risk-Based Retirement Date Strategies utilizing the core fund line-up to provide employees with a choice of well diversified portfolios based upon their risk tolerance and retirement date. Social Criteria We evaluate an investment manager’s ability to implement socially responsible criteria to their investment process ensuring the client maintains adherence to the values and mission of their cause. Dynamic Asset Allocation We provide both strategic and tactical asset allocation modeling techniques to analyze the potential future condition of the portfolio by assisting in understanding the nature of the alternative combinations of asset classes. Asset Optimization We analyze potential asset mixes that have a high probability of achieving the plan's objectives. 3 | P a g e Manager Search/Due Diligence We take you through an objective and logical quantitative and qualitative screening process to select the appropriate managers that have the highest probability of achieving the plan’s objectives in accordance with the plan's policies and guidelines. These would include domestic, international, hedge fund and alternative asset managers. The managers that work for our clients are evaluated at their location by Monroe Vos. We use proven methods to assure that the managers are reporting accurate numbers, that there have been no key personnel changes and that they are applying their investment style consistently. We conduct face-to-face interviews with all key personnel. Performance and Risk Measurement We provide a comprehensive report as an independent review of performance results completed from the master trustee statements. We provide results relative to the plan’s objectives; appropriate market indices; various appropriate databases; and manager peer groups and relative to the risk taken. Transition Management We reduce overall trading costs when a change in money managers necessitates portfolio restructuring. Our goal is to keep commission costs low and reduce market impact costs. We also implement the same program when we are replacing another consultant. Investment Policy Statement (IPS) Comparison As part of our quarterly report, we include a comprehensive comparison between the policies, guidelines and objectives in the IPS to the actual actions and returns of the managers. We make sure that the plan is progressing according to the IPS. Custodian Search Process We conduct trustee/custodian searches by developing quantitative and qualitative criteria to screen candidates to make sure that they meet our clients’ needs in terms of services provided and cost. We employ a proprietary database of the largest providers. These consist of the large national and regional providers. Each provider is evaluated in ten (10) categories

consisting of a total of 114 evaluation points. Additional providers can be added at our clients’ request. We update this database regularly. Actuarial Search We conduct actuarial searches by developing quantitative and qualitative criteria to screen candidates to make sure that they meet our clients’ needs in terms of services provided and cost. Fee Analysis We determine the all-in costs to our clients from all of their service providers as a percentage of assets on a quarterly basis to ensure the fees are competitive. 4 | P a g e Style Analysis We provide a detailed performance analysis for each investment manager compared to a universe of its peers having a similar investment style and characteristics. This process also involves identifying the style of a manager and sensitivity to any style drift by means of a style analyzer. Plan Administrator Search We conduct plan administrator searches by developing quantitative and qualitative criteria to screen candidates to make sure that they meet the clients’ needs. We use a database as our universe for plan administrators. We utilize a proprietary database of the largest providers. Each provider is evaluated in ten (10) categories and 110 evaluation points. Additional providers can be added at our clients’ request. We update this database regularly. 401(k) / 403(b) Asset Allocation Strategy Structure We develop Asset Allocation Strategies utilizing the core fund line-up to provide employees with a choice of well diversified portfolios based upon their risk tolerance. 401(k) / 403(b) Transition Management We share our experience with our clients in managing the process of converting their plan to a newly selected plan administrator. Through our organized methods, we deal proactively with conversion issues to avoid any negative impacts on the conversion timetable. Participant Education We conduct education and enrollment meetings at our client’s facilities. These meetings are conducted with state-of-the-art presentation materials and methods. We provide easy to understand generic investment education and retirement planning basics to help participants determine the best asset allocation for them individually to achieve their retirement objectives. International Consulting Services Our database analyzes various styles of international management. We work with our clients to select the appropriate equity or fixed income style for them. This includes global or regional specialties. We apply the same search process we employ for domestic managers by developing quantitative and qualitative criteria that managers must meet to be considered. With regard to passive funds, we will assist our clients in analyzing overlay programs. Our performance and risk measurement for international management is as comprehensive as our domestic analysis. It also includes full attribution analysis. Hedge Fund Search/Analysis We develop quantitative and qualitative criteria that managers must meet to be considered and then search the Morningstar Direct database for qualified candidates. On-site due diligence is conducted on finalists. 5 | P a g e Alternative Asset Search/Analysis We develop quantitative and qualitative criteria before implementing a search and we apply the same search process we employ for traditional managers by developing quantitative and qualitative criteria that managers must meet to be considered for qualified candidates. On-site due diligence is conducted on finalists. Fiduciary Compliance We educate our clients on their Fiduciary roles. Tim Vos, CIMA®, Accredited Investment Fiduciary AuditorTM (or AIFA®), a professional designation awarded by the Center for Fiduciary Studies, which is associated with the University of Pittsburgh, informs committees of Prudent Investment Practices so they can make informed and consistent decisions. Client Education We believe that an educated and knowledgeable client is the best client. We consistently share our knowledge and insights with you through the quarterly Review and Outlook, white papers and at our quarterly meetings. Trust Accounting Software Analysis We conduct an analysis of the Trust Accounting Software utilized by our clients. We are able to provide a comparison of modules, installation and training, user licenses, and overall costs for a side-by-side comparison. Custom Projects We do special projects when it is requested by our clients or warranted to analyze a situation in the plan. We are equipped to conduct these projects which have resulted in some of our proprietary graphics that we have incorporated in our regular client reporting. ERISA Clients Monroe Vos provides all prospective clients subject to Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (ERISA) with a Section 408(b)(2) Fee and Services Disclosure. Additionally, the Investment Management Consulting Agreement executed between any ERISA plan and Monroe Vos includes both a description of services that Monroe Vos will provide each ERISA plan, and whether such services are provided by Monroe Vos as a fiduciary or a non-fiduciary. Education All personnel of Monroe Vos are expected to have education and business backgrounds that enable them to perform their respective responsibilities effectively. In assigning responsibilities, we consider academic background (including studies in college and graduate schools, as well as degrees earned), industry training, licenses and certifications. Work experience in a related field, 6 | P a g e such as investments, commodities, insurance, banking or accounting, is also considered. No formal, specific standards have been set, but appropriate education and experience are required. See ADV Form Part 2B for additional information.