Magnolia Capital Management, Ltd. is a SEC-registered investment adviser with its principal place of business located in Cold Spring, New York. Magnolia Capital Management, Ltd. began conducting business in 2002. Magnolia Capital Management is family controlled and privately owned. It does not solicit or accept investment advisory relationships from the public. It offers its services only to the families of its shareholders or clients personally well known to its directors. Neither it nor its supervised persons receive commissions, bonuses or other compensation based on the sale of securities or other investment products. It advises only with respect to "long-only" investments and only recommends securities which are publicly traded on recognized exchanges. It does not recommend options or other forms of derivative securities. Listed below is the firm's principal shareholder (i.e., those individuals and/or entities controlling 25% or more of this company). Thomas Jefferson Cunningham, III Magnolia Capital Management, Ltd. 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 a client's personal investment policy and create and manage a portfolio based on that policy. 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 or non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., asset preservation, 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 any other investment advisor, a broker-dealer or insurance company and will generally include advice regarding the following securities: Exchange-listed securities Corporate debt securities (other than commercial paper) Certificates of deposit Municipal securities Mutual fund and ETF/ETN shares United States

governmental securities Interests in publicly traded partnerships investing in real estate, energy and timber Mutual funds are generally only recommended by the company in order to provide exposure to specialized asset classes in certain portfolios. Because some types of investments involve additional risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. Once the client's portfolio has been established, we review the portfolio periodically, but not less than quarterly, and if necessary, rebalance the portfolio based on the client's individual needs and objectives. AMOUNT OF MANAGED ASSETS As of 12/31/2023 we were actively managing $170,389,374 of clients' assets on a discretionary basis plus $31,628,307 of clients' assets on a non-discretionary basis. Other Services Magnolia Capital Management also offers three additional services to its clients. One-time or periodic review of the structure and performance of client investment accounts held at other unrelated financial intermediaries (e.g. investment advisors or broker-dealers, etc.) and not at Magnolia Capital. Preparation of comprehensive financial plans for its clients, particularly in connection with retirement or estate planning (usually in conjunction with the client's tax and legal advisors). Provision of project specific consulting services (such as advice on business or real estate investments or disposals, etc.). This Brochure generally includes information about Magnolia Capital Management, Ltd. and its relationships with its clients and affiliates. While much of this Brochure applies to all such clients and affiliates, certain information included herein applies to specific clients or affiliates only. The descriptions set forth in this Brochure of specific advisory services that Magnolia Capital Management, Ltd. offers to clients, and investment strategies pursued and investments made by us on behalf of our clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each client's investment objectives and guidelines. The investment strategies that we pursue may entail material risks. Clients should be prepared to bear a loss of some or all of their capital. There can be no assurance that the investment objectives of any client will be achieved.