Goldstone Portfolios has been in business as a registered in- vestment adviser since April 8, 1993. Initially operated as a sole proprietorship, the business was incorporated under the laws of New York State in the following year. The firm is wholly owned and controlled by Eric J. Goldstone. As of December 31, 2023, Gold- stone Portfolios had $26,564,172 in assets under management, of which $24,101,419 was man- aged on a discretionary basis and $2,462,753 was managed on a non-discretionary/supervisory basis. The firm solely provides in- vestment management services.
Prior to engaging the firm, clients are required to enter into one or more written agreements setting forth the terms and conditions under which services are to be rendered (collectively the “Agree- ments”). Neither Goldstone Port- folios nor clients may assign the Agreements without written con- sent of the other party. (Changes to Goldstone Portfolios’ business structure resulting in no change of firm control or management do not constitute assignments.) This disclosure brochure seeks to accurately describe the busi- ness of Goldstone Portfolios Incorporated. Certain sections of the document reference the activities of Supervised Persons. Supervised Persons refers to the firm’s officers, partners, direc- tors (or other persons occupying a similar status or performing similar functions), employees, or any other person who provides investment advice on Goldstone Portfolios’ behalf and is subject to the firm’s supervision or control.
Investment Management Services Goldstone Portfolios generally provides the above mentioned services on a discretionary basis, meaning that the firm accepts re- sponsibility for choosing the securi- ties that it believes will help clients to meet their respective objectives allowing for only the appropriate amount of risk. Discretionary au- thority facilitates the firm acting on clients’ behalves without specific permission to buy or sell a particu- lar security. In limited instances, the firm may agree to provide in- vestment management services on a non-discretionary basis. Under non-discretionary arrangements, Goldstone Portfolios will offer in- vestment guidance, but is not au- thorized to buy or sell securities for the client’s account without prior approval. Additionally, clients may from time to time impose—and the firm will abide by—reasonable restrictions on the management of their accounts (e.g., requiring avoidance of or exposure to cer- tain types of investments or al- locating a portion of the portfolio to “socially responsible” funds.) Clients’ managed accounts are typ- ically allocated by the firm among equities (stocks), fixed income securities, and exchange-traded funds (“ETFs”). Occasionally, mu- tual funds, options contracts, as well as securities components of variable annuities and variable life insurance contracts are also utilized—all in accordance with

respective clients’ investment ob- jectives. When appropriate and desirable, Goldstone Portfolios will also research and offer advice pertaining to other types of invest- ments held in client portfolios.
The firm is sometimes called upon to render investment manage- ment services to clients relative to their variable life/annuity product holdings, the self-directed seg- ments of their individual employer- sponsored retirement plans, their education savings accounts (i.e., 529 plans) and/or other savings and investment vehicles. Such assets are often held in accounts not located at the client’s primary custodian. In these instances, Goldstone Portfolios will either direct or recommend the alloca- tion of said assets among the specific investment options made available through the respec- tive plan, product, or offering.
In all cases, Goldstone Portfolios seeks to tailor its advisory services to the individual client, endeavor- ing to properly match asset alloca- tion decisions with each client’s respective longer-term investment objectives and risk tolerance.
While certain common positions may be held across many of the firm’s client portfolios, each client’s Goldstone Portfolios Incorporated ADV Part 2A | 2024 6 specific circumstances (appropri- ate asset allocation, tax status, suitability, etc.) are continually taken into consideration prior to purchasing or selling securities for their specific account. Accordingly, clients are urged to promptly notify Goldstone Portfolios regarding any relevant changes in their financial situation or investment objectives, and if they wish to alter or impose additional restrictions upon the firm’s management services.
Additions to and Withdrawals from Accounts The firm imposes no restrictions on the timing of client additions to or withdrawals from their accounts. Clients may freely add to or with- draw account assets (preferably upon advance notice to Goldstone Portfolios), subject to usual and customary securities settlement procedures that are out of the firm’s control. Additions may be in the form of cash or as delivered securities. Goldstone Portfolios reserves the right to liquidate any transferred securities or to decline to accept particular securities into a client’s account. The firm will discuss with clients the pos- sible ramifications associated with transferring securities rather than cash such as transaction costs, mutual fund fees (i.e., contingent deferred sales charges), and/or taxes that may apply upon liquida- tion of said transferred securities.
Clients are advised that Goldstone Portfolios designs and manages portfolios intended to serve as long-term investment vehicles. Significant and/or unanticipated inflows or outflows to or from managed portfolios can either benefit or penalize near-term per- formance results, depending on the timing of said transactions and on concurrent market volatility.