ITEM 5 - ADDITIONAL COMPENSATION ................................................................................... vi ITEM 6 - SUPERVISION .................................................................................................................... vi Gideon Bernstein ........................................................................................................................ vii ITEM 2 - EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE ...................... vii ITEM 3 - DISCIPLINARY INFORMATION ................................................................................... vii ITEM 5 - ADDITIONAL COMPENSATION .................................................................................. vii ITEM 6 - SUPERVISION ................................................................................................................... vii Raymond Robinson ................................................................................................................... viii ITEM 2 - EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE ..................... viii ITEM 3 - DISCIPLINARY INFORMATION .................................................................................. viii ITEM 5 - ADDITIONAL COMPENSATION ................................................................................. viii ITEM 6 - SUPERVISION .................................................................................................................. viii John Schaus .................................................................................................................................. ix ITEM 2 - EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE ....................... ix Leisure Capital Management Brochure Revised March 13, 2024 5 ITEM 3 - DISCIPLINARY INFORMATION .................................................................................... ix ITEM 5 - ADDITIONAL COMPENSATION ................................................................................... ix ITEM 6 - SUPERVISION .................................................................................................................... ix Patrick Maxwell ............................................................................................................................. x ITEM 2 - EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE ........................ x ITEM 3 - DISCIPLINARY INFORMATION ..................................................................................... x ITEM 5 - ADDITIONAL COMPENSATION .................................................................................... x ITEM 6 - SUPERVISION ..................................................................................................................... x Avery Wenck ................................................................................................................................. xi ITEM 2 - EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE ....................... xi ITEM 3 - DISCIPLINARY INFORMATION .................................................................................... xi ITEM 5 - ADDITIONAL COMPENSATION ................................................................................... xi ITEM 6 - SUPERVISION .................................................................................................................... xi PRIVACY INFORMATION ............................................................................................................. A Leisure Capital Management Brochure Revised March 13, 2024 6 Description of Advisory Firm Leisure Capital Management, Inc. (“LCM,” “we,” “our,” or “us”) is a privately owned corporation headquartered in Costa Mesa, CA. LCM is registered as an investment adviser with the U.S. Securities and Exchange Commission. Marr Leisure founded LCM in 2002. Advisory Services Offered LCM offers the following services to advisory clients: Investment Management Services LCM offers advice to clients regarding asset allocation and the selection of investments. Investment management services include the design, implementation, and continued monitoring of the client’s account. LCM will invest the account on a fully discretionary basis, limited only by the client’s individual needs and any restrictions imposed on the account. LCM will primarily utilize the following investment types when making purchases in client accounts: 1. Equity securities, including stocks and foreign securities listed on US exchanges (ADRs) 2. Fixed income securities, including corporate bonds 3. Municipal securities 4. Mutual funds and exchange traded funds (ETFs) 5. U.S. government

securities 6. Money market funds and cash Additionally, our investment selections, depending on the individual investment objectives and needs of the client may include: 1. Securities with equity and debt characteristics, including convertible bonds, preferred stocks or other preferred securities 2. Options, including covered calls 3. Warrants 4. Closed-end funds 5. Treasury inflation-protected securities (TIPS) 6. Inflation-indexed bonds LCM may also occasionally utilize additional types of investments if they are appropriate to address the individual needs, goals, and objectives of the client or in response to client inquiry. LCM may offer investment advice on any investment held by the client at the start of the advisory relationship. We describe the material investment risks for many of the securities that Leisure Capital Management Brochure Revised March 13, 2024 7 we utilize under the heading Specific Security Risks in Item 8 below. We may also offer non- discretionary services depending on client circumstances. We discuss our discretionary authority below under Item 16 - Investment Discretion. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client Imposed Restrictions in this item below. We describe the fees charged for investment management services below under Item 5 - Fees and Compensation. Sustainable & Responsible Investing (“SRI”) Overlay Strategy Within our Investment Management Service, we offer clients the opportunity to select an SRI strategy for either the equity or fixed income portion of their portfolio or for both. LCM does not offer the Sustainable & Responsible Investment strategy for a client’s allocation to alternatives (“Multi-Strategy”) in their portfolio. LCM utilizes mutual funds for its SRI strategy and does not utilize individual securities, such as stocks or bonds. Whether an SRI strategy is appropriate for the fixed income portion of a client’s account will depend on the tax status of the account and the needs of the client. For more information on our SRI Overlay Strategy and risks of an SRI strategy, see Item 8. Consulting Services LCM offers other financial consulting as requested by the client. We describe the fees charged for consulting services below under Item 5 - Fees and Compensation. Limitations on Investments In some circumstances, LCM’s advice may be limited to certain types of securities. Limitation by Plan Sponsor/Employer When we provide services to participants in an employer-sponsored plan, the participant may be limited to investing in securities included in the plan’s investment options. Therefore, LCM can only select investments/make recommendations to the client from among the available options, and will not recommend or invest the client’s account in other securities, even if there may be better options elsewhere. Mutual Fund Limitations LCM generally limits mutual fund selections to no load funds or load-waived equivalents. Limitation by Client LCM may also limit advice based on certain client-imposed restrictions. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client Imposed Restrictions in this Item below. Limitation by Issuer In the event LCM is managing assets within a variable annuity, LCM is limited to those investment options made available by the insurance company. Further, limitations on frequency of trading will vary according to each sub-account’s restrictions. Leisure Capital Management Brochure Revised March 13, 2024 8 Non-Managed Assets LCM may offer securities trading activities for non-managed positions in a client’s managed account, acting as an intermediary between the client and the custodian. We do not provide investment advice regarding that portion of the client’s managed account designated as non- managed assets nor do we provide opinions as to the merits of any non-managed asset held in the account. We also no do not make any judgments as to the appropriateness of assumed risk or suitability of any non-managed investment given the client’s situation. LCM offers this service at no charge and at our discretion, in consideration of the client’s other accounts that we manage. Tailored Services and Client Imposed Restrictions LCM manages client accounts based on the investment strategy the client chooses, as discussed below under Item 8 - Methods of Analysis, Investment Strategies, and Risk of Loss. LCM applies the strategy for each client, based on the client’s individual circumstances and financial situation. We make investment decisions for clients based on information the client supplies about their financial situation, goals, and risk tolerance. Our investment selections may not be suitable if the client does not provide us with accurate and complete information. It is the client’s responsibility to keep LCM informed of any changes to their investment objectives or restrictions. Clients may also request other restrictions on the account, such as when a client needs to keep a minimum level of cash in the account or does not want LCM to buy or sell certain specific securities or security types in the account. LCM reserves the right to not accept and/or terminate management of a client’s account if we feel that the client-imposed restrictions would limit or prevent us from meeting or maintaining the client’s investment strategy. Assets Under Management LCM manages client assets in discretionary accounts on a continuous and regular basis, and on a non-discretionary basis upon a client’s request. As of 12/31/2023, the total amount of discretionary assets under our management was $703,936,802. As of 12/31/2022, LCM was not managing any assets on a non-discretionary basis.