Item 5 – Additional Compensation 15 Item 6 – Supervision 16 A. Firm Information JRF Asset Advisors, LLC (“JRF”) is a registered investment advisor with the U.S. Securities Exchange Commission (“SEC”). JRF is a limited liability corporation formed under the laws of the State of New York in 1999 that conducts business in New York and other states. JRF is owned and operated by Janover LLC, a New York-based accounting firm, The JR Group, LLC and Jay Freeberg, JRF’s President & Chief Compliance Officer. B. Advisory Services Offered JRF Advisors, LLC (“JRF” or the “Advisor”) offers investment advisory services to individuals, high net worth individuals, pension and profit sharing plans, and Corporations in New York and other states (each referred to as a “Client”). Account Portfolio Management JRF provides customized investment advisory solutions for its Clients. This is achieved through continuous personal Client contact and interaction while providing non-discretionary investment management and consulting services. JRF works with each Client to identify their investment goals and objectives as well as risk tolerance and financial situation in order to create a portfolio asset allocation. JRF will then construct a portfolio, primarily consisting of mutual funds and exchange traded funds to meet the Client’s needs. In addition, the Advisor may invest in individual equity and fixed-income securities. JRF’s investment strategy is primarily long-term focused, but the Advisor may suggest buying, selling or re- allocating positions that have been held less than one year to meet the objectives of the Client or due to market conditions. JRF will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the Client. Each Client will have the opportunity to place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to the acceptance by the Advisor. JRF evaluates and selects mutual funds for inclusion in Client portfolios only after applying their internal due diligence process. JRF may recommend, on occasion, redistributing investment allocations to diversify the portfolio. JRF may recommend specific positions to increase sector or asset class weightings. The Advisor may recommend employing cash positions as a possible hedge against market movement, which may adversely affect the portfolio. JRF may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of Client, generating cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance. Prior to rendering investment management services, JRF will ascertain, in conjunction with the Client, the Client’s financial situation, risk tolerance, and investment objective(s). Financial Planning Services JRF will typically provide a variety of financial planning services to Clients, pursuant to a written Financial Planning or Consulting Agreement. Services are offered in several areas of a Client’s financial situation, depending on their goals, objectives and financial

situation. Generally, such financial planning services will involve preparing a financial plan or rendering a financial consultation for clients based on the Client’s financial goals and objectives. This planning or consulting may encompass one or more areas of need, including, but not limited to investment planning, retirement planning, personal savings, education savings and other areas of a Client’s financial situation. A financial plan developed for or financial consultation rendered to the Client will usually include general recommendations for a course of activity or specific actions to be taken by the Client. For example, recommendations may be made that the Client start or revise their investment programs, commence or alter retirement savings, establish education savings and/or charitable giving programs. JRF may also refer Clients to an accountant, attorney or other specialist, as appropriate for their unique situation, whereby they will be billed separately for any such services provided. Financial Planning Services - continued For certain financial planning engagements, the Advisor will provide a written summary of Client’s financial situation, observations, and recommendations. For consulting or ad-hoc engagements, the Advisor may not provide a written summary. Plans or consultations are typically completed within six months of contract date, assuming all information and documents requested are provided promptly. Financial planning and consulting recommendations may pose a potential conflict between the interests of the Advisor and the interests of the Client. Clients are not obligated to implement any recommendations made by the Advisor or maintain an ongoing relationship with the Advisor. If the Client elects to act on any of the recommendations made by the Advisor, the Client is under no obligation to effect the transaction through the Advisor. C. Client Account Management Prior to engaging JRF to provide investment advisory services, the Client is required to enter into an investment management agreement with JRF setting forth the terms and conditions of the engagement and the services to be provided. These services will include:
• Determining Portfolio Asset Allocation – We complete a full assessment of your needs and existing wealth. We establish an asset allocation policy for you and ensure sufficient diversification.
• Asset Allocation Recommendation – JRF will implement its recommended asset allocation via an asset allocation model based upon Modern Portfolio Theory. Generally, portfolio management is done on a non- discretionary basis. JRF will use the services of a discount broker-dealer to provide account custodial services and to affect trades.
• Ongoing Investment Monitoring – JRF provides ongoing oversight of the Client’s investment program. All investments are monitored for performance relative to certain benchmarks and JRF expectations. We continually track and monitor your portfolio in relation to both your goals and objectives and industry benchmarks. Our goal is to maximize returns within your goals and constraints, minimize the effects of income taxes and inflation, and manage the risk and liabilities inherent in a securities portfolio. All portfolios are rebalanced as necessary upon JRF review. More or less frequent rebalancing may be required depending on macroeconomic, market or sector factors. D. Wrap Fee Programs JRF does not manage any proprietary wrap fee programs. E. Assets under Management As of December 2022, JRF manages the following assets: Discretionary Assets $ 0.00 Non-Discretionary Assets $ 186,684,918.00 186,684,918.00 Total $ 186,684,918.00 186,684,918.00