Highland Associates, Inc., established in 1987 and based in Birmingham, AL, specializes in providing comprehensive consulting services to institutional investors, particularly not-for-profit healthcare institutions and mission-based organizations. Since being acquired by Regions Bank in 2019, Highland's national client base includes foundations, endowments, defined benefit and contribution plans, insurance portfolios, and non-profit healthcare entities. The firm offers customized investment solutions, asset allocation recommendations, and reporting services. Clients can opt for Implemented Consulting, Discretionary Services, or Designated Investment Services. Highland managed $6.77 billion of client assets on a discretionary basis and $13.37 billion on a non-discretionary basis as of December 31, 2024. The firm negotiates fees on a per-client basis and does not charge performance-based fees. Highland caters to institutional investors and does not have minimum account size requirements, except for specific investment funds. Their asset allocation philosophy focuses on matching assets to known liabilities, with strategic and tactical components guided by the Highland Investment Working Group. The firm's investment strategies aim to achieve favorable risk-adjusted returns while considering market volatility and economic conditions. Highland does not receive soft dollar benefits, compensates for client referrals, or have custody over client assets. Clients receive account statements directly from qualified custodians. Highland offers discretionary trading authority and delegates proxy voting responsibilities to sub-advisers. The firm's financial condition is sound, ensuring the ability to meet contractual obligations.

Regions Investment Management, Inc. (RIM) is a SEC Registered Investment Adviser and a wholly owned subsidiary of Regions Bank, which is in turn a wholly owned subsidiary of Regions Financial Corporation. RIM was formerly known as AmSouth Asset Management, Inc. and has been providing model strategies and portfolio management since 2012. As of December 31, 2024, RIM managed $18.7 billion in assets, with $12.6 billion managed on a discretionary basis. RIM offers various investment strategies, including equity and bond portfolios, ESG-focused portfolios, and fixed income strategies. RIM charges fees based on a percentage of assets under management and does not receive compensation from third parties. The firm acts as a fiduciary and provides competitive base salaries and incentives to its financial professionals. RIM does not charge performance-based fees and does not engage in side-by-side management. Clients of RIM have the option to grant investment discretion, allowing RIM to conduct transactions without prior permission. The firm has a Code of Ethics in place to ensure client interests are prioritized, and it votes proxies on behalf of clients based on established guidelines. RIM's brokerage practices focus on best execution and soft dollar benefits are used to enhance research capabilities. The firm does not custody client accounts and has no history of bankruptcy.

Vulcan Value Partners, LLC is an investment advisor founded in 2007 by C.T. Fitzpatrick, specializing in value investing with a focus on publicly-traded companies. The firm's team manages various portfolio strategies for individual and institutional clients, including separately managed accounts, mutual funds, UCITS, and private funds. Vulcan's investment philosophy emphasizes long-term ownership of competitively entrenched companies with a margin of safety in price compared to intrinsic worth. The firm's strategies include Large Cap, Small Cap, Focus, Focus Plus, All Cap, Enduring Advantage U.S., and Enduring Advantage Global. Vulcan primarily charges asset-based fees and may negotiate fees based on various factors. The firm may receive research services through soft dollars and compensates promoters for client referrals. Vulcan exercises investment discretion for client

Waverly Advisors, LLC is a financial advisory firm based in Birmingham, Alabama. It currently has approximately $7,697,045,563 of assets under management and employs about 136 people. Waverly Advisors, LLC uses a fee structure of a percentage of assets under your management, hourly charges and fixed fees.

Stonegate Investment Group, LLC is a financial advisory firm based in Birmingham, Alabama. It currently has approximately $3,481,744,418 of assets under management and employs about 13 people. Stonegate Investment Group, LLC uses a fee structure of a percentage of assets under your management and fixed fees.

Arlington Partners®, LLC is an Alabama-based registered investment adviser that provides investment advisory services primarily to privately placed pooled investment vehicles known as Arlington-Affiliated Private Funds. The firm is owned by Arlington Holdings, LLC, and is affiliated with Arlington Trust Company® and Arlington Associates, offering a range of wealth management and accounting services. As of December 31, 2024, Arlington Partners managed over $1.6 billion in client assets on a discretionary basis. The firm's investment strategies include global equities, hedged strategies, and real estate/private equity investments, with a focus on valuation-driven decisions and strategic asset allocation. Regarding fees and compensation, Arlington Partners charges Fund Management/Advisory Fees ranging from 0.50% to 1.00% per annum, along with Administrative Service Fees of 0.25% per annum. The firm may also receive performance-based compensation from the Arlington-Affiliated Private Funds. Arlington Trust serves as the custodian for the client assets, and the firm has established a Code of Ethics to address securities-related conduct and conflicts of interest. Clients have the opportunity to exercise Voting Rights associated with their investments, and the firm utilizes Broadridge Financial Solutions for proxy voting services. Arlington Partners has not experienced any reportable events and maintains financial stability.

The Welch Group, LLC is a registered investment adviser established in 1998 in Alabama. The firm offers investment management services, financial analysis, and financial planning to individuals, pension plans, trusts, and business entities. Clients can engage the firm for portfolio design and management on a fee-only basis, with annual advisory fees ranging from 0.30% to 1.20% based on assets under management. Financial planning and consulting services are available separately for a fee of $3,500 to $35,000. The firm does not provide legal, accounting, or insurance services but may recommend other professionals if needed. Clients have investment discretion and can impose restrictions on the firm's authority. The Welch Group does not participate in wrap fee programs and does not accept compensation from the sale of securities. The firm conducts ongoing account reviews and provides regular client reports. Clients receive transaction confirmations and account statements directly from the custodian. The Welch Group does not vote client proxies and does not solicit fees in advance exceeding $1,200 per client. The firm has not been subject to disciplinary actions or bankruptcy petitions. For more information, clients can contact Brent Gillis, Chief Compliance Officer.

Stonex Advisors Inc. is a financial advisory firm based in Birmingham, Alabama. It currently has approximately $2,139,000,607 of assets under management and employs about 242 people. Stonex Advisors Inc. uses a fee structure of a percentage of assets under your management, hourly charges and fixed fees.

Bridgeworth Wealth Management, a registered investment adviser, offers comprehensive wealth management services to individuals, families, and business owners. Established in 2012 and headquartered in Birmingham, Alabama, the firm provides investment advisory and financial planning services, including stand-alone financial planning and consulting, investment management, private client group services, and retirement plan and pension consulting. Bridgeworth also offers robo-advisor programs through Charles Schwab & Co., Inc. and LPL Financial, LLC. The firm may recommend third-party money managers to manage client portfolios and provides retirement plan and pension consulting services to employer plan sponsors. Clients can engage in discretionary asset management services, granting the firm authority to manage their accounts. Bridgeworth charges fees based on a percentage of assets under management, with minimum portfolio sizes and fee schedules varying. The firm does not charge performance-based fees and acts as a fiduciary, prioritizing clients' best interests. Bridgeworth does not vote client securities' proxies and does not have custody of client funds or securities. The firm does not determine class action lawsuit eligibility for clients or initiate litigation on their behalf. Clients are responsible for voting their shares in applicable securities. Bridgeworth does not participate in class action lawsuits or vote proxies on behalf of clients. The firm may recommend IRA rollovers, presenting a potential conflict of interest, and offers guidance on various options for managing retirement assets. Clients are encouraged to consult with their tax professionals before making decisions regarding retirement assets.