Alliance Advisory & Securities, LLC is an SEC-registered investment adviser with its principal place of business located in California. All references to Alliance Advisory & Securities, LLC being a registered investment adviser does not imply a certain level of skill, training, or any endorsement by the SEC. Alliance Advisory & Securities, LLC began conducting business in 1982. Our firm is wholly owned by our parent company, Alliance Financial Group, Inc. Alliance Financial Group, Inc. is owned by:
• Randall P. Sanada Sr.,
• Randall P. Sanada, Jr., and
• Jerry V. Sanada Alliance Advisory & Securities, LLC offers the following advisory services to our clients:
• Investment Portfolio Services
• Investment Portfolio Model Management
• Affiliated Operating Companies & Pooled Fund Management
• Financial Planning INVESTMENT PORTFOLIO SERVICES Our firm provides non-continuous asset management of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on the client's particular circumstances are established, we develop the client's personal investment allocation. We create and manage a portfolio based on that ideal allocation. During our data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we may also review and discuss a client’s prior investment history, as well as family composition and background. We manage these advisory accounts on a non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, 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. Once the client's portfolio has been established, we review the portfolio at least annually or more frequently as requested by the client, and if necessary, rebalance the portfolio on an annual basis or more frequently, based on the client's individual needs. 4/19/24 Alliance Advisory & Securities, LLC, ADV Part 2 5 Our investment recommendations are not limited to any specific product or service offered by a broker- dealer or insurance company and may include advice regarding the following securities:
• Exchange-listed securities
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Interests in partnerships investing in real estate Because some types of investments involve certain additional degrees of risk, they will only be recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity, and suitability. To ensure that our initial determination of an appropriate portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, we will: 1. At least annually, contact each participating client to determine whether there have been any changes in the client's financial situation or investment objectives; and whether the client wishes to impose investment restrictions or modify existing restrictions; 2. Be reasonably available to consult with the client; and 3. Maintain client suitability information in each client's file. INVESTMENT MODEL PORTFOLIO MANAGEMENT Our firm provides portfolio management services to clients using the following model asset allocation portfolios:
• Core: Conservative Income, Balanced Income, Growth & Income, Balanced Growth, Growth
• Core Defensive: Conservative, Balanced Income, Growth & Income, Balanced Growth, Growth
• Values Based: Conservative, Balanced Income, Growth & Income, Balanced Growth, Growth
• Dimensional: Income, Conservative Income & Growth, Moderate Income & Growth, Growth & Income, Growth, Aggressive Growth, AFG Extended Equity
• Dimensional Socially Responsible: Growth & Income, Growth 4/19/24 Alliance Advisory & Securities, LLC, ADV Part 2 6
• U.S. Large Cap Equity / AFG 50
• Municipal Income Each model portfolio is designed to meet a particular investment goal. Control: Your account is, of course, yours. You have the final say and may choose to place reasonable restrictions on the account at any time. Alliance does reserve the right to remove the account from the Model Program if the restrictions are unreasonable or interfere with the operation or effectiveness of the program. You may also remove your account from the Model Program on demand. All Model Program accounts are discretionary accounts. This means that you have given permission for Alliance Advisory & Securities, LLC to trade the securities in these accounts without asking you for further permission. However, we have a fiduciary duty to act in your best interests at all times. In addition, the accounts are guided by general principles which help you, your Advisor, and Alliance know the manner in which the account will be handled. Accounts will be periodically rebalanced to maintain your chosen allocation. Generally, your account will be reviewed on a quarterly basis to make sure the individual investments are within the specific allocation tolerances. When your investments move outside the allowed tolerance, it triggers a rebalancing of your account. Although the tolerances may vary by specific investment, they are generally set at approximately plus or minus 2% (relative). As market conditions change, the specific allocations, investments, and tolerances within your account will be adjusted by Alliance. These adjustments are guided by current and projected market conditions and modern portfolio theory. Core Accounts Each Core account has an allocation to fit your financial plan. The purpose of the Core account is to make investment decisions based on your investment objectives using modern portfolio theory to guide the particular allocations in the account. Core accounts generally use funds with active managers rather than passive investment managers. Defensive Core Accounts Because Defensive Core accounts anticipate the need to draw cash, Alliance pays particular attention to the cash portion of the account. This strategy typically holds approximately 12-18 months of the anticipated liquidity needs in a cash/money market position. That cash reserve allows Alliance time to make the best decision on when to transition other securities to cash with the goal on not having to sell in unfavorable markets. Defensive Core accounts generally have all interest, cash dividends, and capital gains sent directly to the cash/money market position in the account. 4/19/24 Alliance Advisory & Securities, LLC, ADV Part 2 7 Values Based Accounts The purpose of the Valued Based account is not only to make investment decisions based on your investment objectives but include an additional layer, focusing on investments that align with certain values – because how you profit matters. The accounts generally use funds with active managers that have additional screening processes beyond the typical index. Because of this additional layer, the accounts will drift more in terms of allocation and performance from their closest index. Dimensional Accounts Each Dimensional account has an allocation to fit your financial plan. The purpose of the Dimensional account is to make investment decisions based on your investment objectives using a long-term strategic allocation

using Dimensional Funds (DFA). Dimensional Funds are passively managed funds with low internal costs. Socially Responsible Dimensional Accounts Our Socially Responsible Dimensional Accounts take into consideration sustainable and ethical alternatives to traditional investing by selecting a blend of mutual funds that promote environmental stewardship, shareholder advocacy, and community investing. Individual Securities Accounts (Municipal Income and U.S. Large Cap Equity / AFG 50) Trades are made on an irregular basis, using proprietary modeling systems to monitor various lagging, coincident, and leading macro and micro economic statistics and to calculate various valuation metrics to project the best response to the market. Data is compiled from numerous independent research firms, such as Applied Finance Group, and the public domain. Generally, all interest, cash dividends, and capital gains distributions will be sent directly to the cash/money market position in your account. We manage these advisory accounts on a discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Through personal discussions with the client in which the client's goals and objectives are established, we determine if the model portfolio is suitable to the client's circumstances. Once we determine the suitability of the portfolio, the portfolio is managed based on the portfolio's goal, rather than on each client's individual needs. Clients, nevertheless, have the opportunity to place reasonable restrictions on the types of investments to be held in their account. Clients retain individual ownership of all securities. AFFILIATED OPERATING COMPANIES AND POOLED FUND MANAGEMENT Our firm provides private offerings of affiliated operating companies and pooled funds to clients using private, limited partnerships and limited liability companies. Private offerings are generally offered to accredited investors and each has its own private placement memorandum and disclosure documents detailing its objectives, investments, goals, restrictions, risks and costs. 4/19/24 Alliance Advisory & Securities, LLC, ADV Part 2 8 Alternative Investment Portfolio, L.P.: Alternative Investment Portfolio, L.P. (“AIP”), a Delaware limited partnership, is invested primarily in real estate Alliance Financial Group, Inc., the parent company of Alliance Advisory & Securities, LLC, serves as the general partner of AIP. For detailed information on AIP, please see the Limited Partnership Agreement for AIP. This partnership is closed to new investors and is not accepting additional capital. Stable Value Portfolio, L.P.: Stable Value Portfolio, L.P. (“SVP”), a Delaware limited partnership, is invested primarily in short-term fixed income securities such as money market securities and debt instruments. Alliance Financial Group, Inc., the parent company of Alliance Advisory & Securities, LLC, serves as the general partner of SVP. For detailed information on SVP, please see the Limited Partnership Agreement for SVP. This partnership is closed to new investors and is not accepting additional capital. COMMUNE CAPITAL, LLC - offers various private placements/limited partnerships ranging from portfolios of commercial loans to equity investments in commercial real estate (multi-family and self- storage properties), each with their own Management Company owned and run fully or in part by Commune Capital, LLC (see Item 10). General Management Through personal discussions with the client in which the client's goals and objectives are established, we initially determine whether the affiliated operating company or pooled fund is suitable to the client's circumstances. Once we confirm suitability, the operating company or pooled fund is managed based on the respective operating documents, rather than on each client's individual needs. Because some types of investments involve certain additional degrees of risk, they will only be recommended or implemented when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. FINANCIAL PLANNING We provide financial planning services. Financial planning is a comprehensive evaluation of a client’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, all questions, information and analysis are considered as they impact and are impacted by the financial circumstances and objectives of the client. Clients purchasing this service receive a written report which provides the client with a detailed financial plan designed to assist clients to achieve their financial goals and objectives. 4/19/24 Alliance Advisory & Securities, LLC, ADV Part 2 9 The financial plan can address any or all of the following areas:
• PERSONAL/NET WORTH: We review family records, budgeting, personal liability, estate information and financial goals.
• TAX & CASH FLOW: We analyze the client’s income tax and spending and planning for past, current and future years; then illustrate the impact of various investments on the client's current income tax and future tax liability.
• INVESTMENTS: We analyze investment alternatives and their effect on the client's portfolio.
• RETIREMENT / FINANCIAL INDEPENDENCE: We analyze current strategies and investment plans to help the client achieve his or her retirement goals.
• RISK MANAGEMENT: We review the client’s cash needs at death, income needs of surviving dependents, estate planning and disability income. We review existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile
• BENEFICIARY & ESTATE: We assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, estate tax reviews, powers of attorney, asset protection plans, nursing homes, and Medicaid.
• EDUCATION: We review and assist in developing a saving plan and goal for future education costs. We gather required information through in-depth personal interviews. Information gathered includes the client's current financial status, tax status, future goals, return objectives and attitudes towards risk. We carefully review documents supplied by the client, including a questionnaire completed by the client, and prepare a written report. Should the client choose to implement the recommendations contained in the plan, we suggest the client work closely with his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of financial plan recommendations is entirely at the client's discretion. We also provide general non-securities advice on topics that may include tax and budgetary planning, estate planning, education planning, and business planning. Typically, the financial plan is presented to the client within six months of the contract date, provided that all information needed to prepare the financial plan has been promptly provided. Financial Planning recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. All recommendations are of a generic nature. Assets under Management: As noted above, we manage client assets on both a discretionary and non- discretionary basis. As of December 31, 2023, we have a total of $608,366,297 in assets under management; with $329,539,445 under discretionary management and $278,826,852 under non- discretionary management. 4/19/24 Alliance Advisory & Securities, LLC, ADV Part 2 10