Warnke/nichols Ltd.

Warnke/Nichols Ltd. is an investment management and advisory firm established in June 1993 by Steven R. Nichols, CFA, and William R. Warnke, CFA. The firm offers discretionary and non-discretionary portfolio management services to individuals, families, corporate retirement plans, and nonprofit organizations. Discretionary management allows for investment decisions without client approval, while non-discretionary management requires client consent before transactions. The firm's investment philosophy focuses on value investing, aiming to buy stocks below their appraised value to reduce the risk of permanent capital loss. Warnke/Nichols charges fees based on a percentage of assets under management, with a tiered fee structure ranging from 1.00% to 0.50% annually. The firm also offers wrap fee programs with a minimum fee of $500 annually. Clients' invested assets total approximately $190.8 million, with $183.9 million under discretionary management and $6.8 million under non-discretionary management. Warnke/Nichols acts as a fiduciary, putting clients' interests first and providing investment advice in their best economic interest. The firm does not have physical custody of client funds but has limited custody for fee deductions. Clients receive account statements from independent custodians quarterly. The firm has a Code of Ethics and complies with the CFA Institute Code of Ethics. Proxy voting is done in clients' best economic interest, and voting records are available upon request. Warnke/Nichols has no financial commitments impairing its ability to meet client obligations and has not been involved in any bankruptcy proceedings. For more information, visit www.warnkenichols.com.