Registration Status – Registered with the SEC on September 10, 20041 Principal Owner – Diane S. Bourdo Assets Under Management – Discretionary Assets – $252,253,627 as of December 31, 2022 Non-discretionary Assets – $0 ADVISORY SERVICES Investment Management Services The Humphreys Group is a California limited liability company that provides investment management and comprehensive financial planning services to its clients. The Humphreys Group’s investment management services include, among others, financial goal setting, risk assessment, strategic asset allocation and the selection and management of securities and investments. Securities transactions are supervised on a continuous basis and each client’s portfolio holdings and asset allocations are monitored on a periodic basis. The investment management services we provide are based on each individual client’s financial circumstances and investment objectives. Our portfolio managers meet with each client to discuss the client’s current financial condition and to review the client’s current investment holdings. Based upon each client’s circumstances, we determine an appropriate asset allocation for the client’s investment portfolio, in accordance with the client’s specific financial objectives and risk tolerance and in consideration of other factors, including the client’s time horizon (education funding, home purchase, retirement, legacy planning), liquidity needs, and other available resources (including external retirement plans, projected social security, outside investments, real estate, and insurance). Clients are welcome to identify any investment restrictions to be placed on their account. Each client’s financial objectives, risk tolerance, and liquidity needs, along with a recommended asset allocation, are incorporated into customized Portfolio Guidelines that are discussed with the client. A client retains the authority to make additions to and withdrawals from the client’s portfolio account at any time, subject to the Firm’s right to terminate an account if the amount of assets drops below our account size minimum. Clients retains the authority to withdraw account assets at any time with notice to the Firm, subject to the usual and customary securities settlement procedures. However, we design client portfolios as long-term investments and caution our clients that unplanned asset withdrawals will impair the timely achievement of the client’s investment objectives. Additions to an account may be in cash or securities provided that we reserve the right to decline to accept particular securities into a client’s account or to recommend that the security be liquidated if it is inconsistent with the Firm’s investment strategy or the client’s investment objectives. Clients are advised that when transferred securities are liquidated, they will be subject to transaction fees, fees assessed at the mutual fund level and/or tax ramifications. The Humphreys Group generally requires clients to place a minimum of $1 million under management with the Firm. Multiple

client accounts will be aggregated to meet this minimum. The Firm maintains the right, in its sole discretion, to waive or alter the minimum account size requirement. Fiduciary Status When The Humphreys Group provides investment advice to you regarding your investment accounts, including your retirement plan account or individual retirement account, we are fiduciaries within the meaning of certain state and federal laws such as the Employee Retirement 1 “Registration” means only that the Firm meets the minimum requirements for registration as an investment advisor and does not imply that the SEC guarantees the quality of our services or recommends them. Income Security Act and/or the Internal Revenue Code and the regulations of the U.S. Securities and Exchange Commission, as applicable. These regulations require us to act in your best interest and not put our interests ahead of yours. Comprehensive Financial Planning Services As a part of its investment management services, The Humphreys Group provides financial planning services to its clients. These may include a financial review and analysis of some or all of the following areas:
• Determining Financial Goals and Objectives
• Asset Allocation Review
• Retirement Plan Analysis
• Employee Stock Option Analysis
• Current Portfolio Review
• Education Funding Analysis
• Cost Audit of Current Investments
• Cash Flow Management Review
• Review of Insurance Needs
• Mortgage and Refinance Evaluation
• Estate Plan Review or Development
• Charitable (or social capital) Planning
• Opinion on Current Investment Strategy/Advisors
• Other financial or investment analysis On occasion, financial planning services are provided to non-investment management clients on an hourly or fixed fee basis. Unless provided in connection with the investment management services described above, clients engaging The Humphreys Group to provide financial planning services will generally be required to enter into a separate written agreement with The Humphreys Group setting forth the terms and conditions of the planning engagement and describing the scope of the services to be provided. General Notice In performing its services, The Humphreys Group relies upon the information received from its client or from their other professional legal and accounting advisors and is not required to independently verify such information. Clients must promptly notify us of any change in their financial situation or investment objectives that would necessitate a review or revision by our advisors of the client’s portfolio and/or financial plan. TERMINATION OF AGREEMENT Clients may terminate their investment management agreement upon thirty (30) days’ written notice to the Firm. The Firm does not assess any fees related to termination but will be entitled to all management fees earned up to the date of termination. Any prepaid fees owed to the client are refunded pro rata based on the amount of time expired in the calendar quarter.