Adelante Capital Management LLC is an employee-owned boutique investment manager specializing in publicly traded real estate securities. Established in 1993 and registered with the SEC, the firm manages discretionary assets of approximately $1.54 billion as of December 31, 2022. Adelante's services focus on investments in equity real estate investment trusts (REITs) and real estate operating companies, catering to clients such as pension funds, foundations, banks, and individual investors. The firm offers customized separate account solutions, wrap fee programs, investment consulting solutions, and index solutions. Adelante employs a bottom-up fundamental approach in security selection, emphasizing the value of underlying assets. The firm's investment philosophy centers on comparing stock prices to the underlying private real estate value. Adelante discloses its fee schedule for separate accounts, with fees generally computed quarterly based on assets under management. The firm also offers performance-based fee arrangements and exercises investment discretion through both discretionary and non-discretionary accounts. Adelante's proxy voting policies prioritize voting in the best interest of clients, with oversight from the Proxy Voting Committee. Clients are provided with regular account reviews, and the firm maintains custody of client assets with unaffiliated entities. Adelante's Chief Executive Officer, Michael A. Torres, and Principal, Jeung Hyun, oversee the firm's advisory activities and investment strategies. For more information, visit www.adelante.com or contact 510-986-2100.

Phocas Financial Corporation is a minority-owned emerging institutional asset manager founded in 2005, managing approximately $793 million as of December 31, 2024. The firm offers investment advisory services to institutions, private individuals, and separately managed accounts, specializing in U.S. Small Cap Value equities, Real Estate Investment Trusts (REITs), and Equity Income. Their investment philosophy aims to deliver attractive long-term returns with low turnover and moderate risk. Fees are generally calculated as a percentage of assets under management and are billed quarterly. Institutional clients are billed accordingly, with negotiable fees. The firm serves individuals, pooled investment vehicles, government entities, corporate plans, and other investment advisers, with minimum account sizes of $1 million for individuals and $10 million for others, which may be waived under certain circumstances. Phocas has a comprehensive Business Continuity Plan to respond to significant disruptions, ensuring the safeguarding of employees and property, financial and operational assessments, and client transaction continuity. The firm's executives, including William F. K. Schaff, Yolanda Waggoner Foreman, James Archie Murray, and Justin Moore Wallace, have strong educational backgrounds and experience in the financial industry, with no disciplinary events reported. They adhere to a Code of Ethics and maintain strict supervision to ensure compliance with regulatory requirements.