Ned Davis Research, Inc.

Ned Davis Research, Inc. is a registered investment adviser specializing in producing and distributing investment research, reports, and services for investment professionals, including portfolio managers and advisors in the United States and overseas. The firm also acts as an investment adviser to investment companies. As of September 30, 2024, Delinian Holdings US LLC is the controlling shareholder, owning 100% of the outstanding common stock of the Company. The firm's revenue primarily comes from subscriptions, which are recognized on a straight-line basis over the subscription period. Additionally, the firm provides models/signals to Exchange Traded Funds and wealth managers, earning revenue based on total assets under advisement. The Company offers a 401(k) profit-sharing plan to eligible employees and has a loan agreement with Delinian Holdco Limited. The firm has evaluated subsequent events through December 13, 2024, and received a support letter from Delinian Holdco Limited, ensuring liquidity and financial support through December 31, 2025. The auditors from PricewaterhouseCoopers LLP have provided an opinion that the balance sheet presents fairly the financial position of the Company as of September 30, 2024, in accordance with accounting principles generally accepted in the United States of America.