DePrince, Race & Zollo, Inc. (DRZ) is a financial advisor firm founded in 1995 and primarily owned by John Race and Victor Zollo. As of December 31, 2024, DRZ managed $5.490 billion on a discretionary basis for approximately 65 clients. The firm specializes in providing investment advisory services on a discretionary basis, offering long-only equity investment strategies such as Large Cap Value, Small Cap Value, Micro Cap Value, Small/Mid-Cap Value, and Emerging Markets Value. DRZ also provides model portfolio advisory services to certain institutional clients. For client accounts, DRZ charges fees based on assets under management, with fee rates ranging from 0.50% to 1.00% depending on the investment strategy. The preferred minimum account size for various strategies is $5,000,000. DRZ may also manage accounts with customized investment strategies and negotiable fees. The firm may charge performance-based fees for certain clients, with a focus on maximizing shareholder value when voting client securities. DRZ follows a value income methodology for its investment strategies, focusing on stocks with above-average dividend yield and fundamental catalysts for increased returns with reduced volatility. The firm's investment process includes fundamental business analysis, capital structure evaluation, and consideration of various risk metrics. DRZ's investment philosophy aims to align with client objectives and guidelines while managing potential conflicts of interest. Clients of DRZ include trusts, charitable organizations, investment companies, pension plans, corporations, high net worth individuals, and private funds. The firm exercises investment discretion, votes proxies on behalf of clients, and maintains custody of assets for the DRZ Emerging Markets, LP fund. DRZ's brokerage practices prioritize fair and reasonable trade execution, considering factors like research services, commission rates, and best execution practices. The firm's compliance policies, including a Code of Ethics, aim to ensure ethical conduct, transparency, and client-focused decision-making.

Mariner Institutional, LLC, formerly AndCo Consulting, LLC, is an institutional investment and retirement plan consulting firm registered with the SEC since 2001. The firm offers a broad range of investment and fiduciary consulting services to institutional clients, primarily serving traditional and defined contribution plans. Mariner Institutional acts in a fiduciary capacity for clients, providing services such as investment policy development, asset allocation, manager research, and ongoing performance monitoring. The firm emphasizes simplifying investment decisions, providing definitive recommendations, and focusing on risk management at both the portfolio and individual manager levels. The firm does not charge performance-based fees and does not have custody of client funds or securities. Mariner Institutional may have discretionary authority for a limited number of clients, and proxy voting is delegated to investment managers or done in the best interest of clients. The firm does not compensate for client referrals and discloses any potential conflicts of interest, such as affiliations with related financial entities. Mariner Institutional maintains a Code of Ethics, ensuring compliance with securities laws and preventing the misuse of material non-public information. The firm's financial information indicates no impairments to meeting client commitments. For more detailed information, clients can request a copy of the firm's Code of Ethics and Proxy Voting Policy.

Punch Card Management, LP, established in 2004, is an investment adviser specializing in providing advisory and management services to a private fund, Punch Card Capital, LP. The firm primarily focuses on managing the Fund's assets in equity securities believed to be undervalued, aiming for long-term capital appreciation. Punch Card operates on a discretionary basis, with assets under management totaling $530,982,782 as of December 31, 2024. The minimum initial investment in the Fund is $3,000,000, subject to potential reductions at the discretion of Punch Card. The firm charges a 1% annual management fee and a performance-based allocation of 20% of net capital appreciation, complying with regulatory standards. Punch Card does not participate in wrap fee programs and does not accept compensation for the sale of securities. The firm's investment strategies involve concentrated portfolios, with less than ten positions typically held. Punch Card discloses potential risks associated with its investment strategies, such as market fluctuations, management risk, and leverage. The firm's Code of Ethics prioritizes clients' interests, and it has no disciplinary history. Punch Card's custody practices involve independent qualified custodians, ensuring safekeeping of client assets. Clients receive regular reports and financial statements, and the firm votes proxies in the best interest of the Fund and its investors. Punch Card does not have financial commitments impairing its ability to meet obligations.

Orange Investment Advisors, LLC is an SEC-registered investment adviser established in April 2017, with its principal owners being OIA Management Holdings, LLC and BP Structured Investments, LLC. The firm specializes in fixed income securities, focusing on structured credit securities such as RMBS, CMBS, ABS, and CLOs. Orange offers discretionary and non-discretionary advisory services to institutional clients and pooled investment vehicles. The firm manages a private fund, Orange Credit Dislocation Fund, LP, and sub-advises the Easterly Income Opportunities Fund. For separately managed accounts, fees are negotiable and based on individual contracts. As of 12/31/2024, Orange managed $662,718,529 in regulatory assets under management. The firm charges management fees based on assets under management and may receive performance-based fees. Orange's investment strategy involves a relative value approach across structured credit sectors to generate excess returns with low volatility. The firm emphasizes risk management at both portfolio and security levels. Clients are primarily institutional investors, high net worth individuals, family offices, and endowments. Orange has a Code of Ethics, addresses conflicts of interest, and has policies for best execution, brokerage practices, and proxy voting. The firm does not have custody of client assets and has no financial commitments impairing its ability to meet client obligations. For further details or financial information, clients can contact Jay Menozzi at (407) 758-4082 or [email protected].

Financial Harvest, LLC is a registered investment advisor established in October 2008, offering wealth management services to help clients preserve and cultivate their wealth. The firm specializes in Portfolio Management and Portfolio Monitoring services, with discretionary and non-discretionary accounts, respectively. Their mission is to help families maintain their wealth and autonomy, focusing on long-term financial goals. The firm's Wealth Management Consultative Process includes Investment Consulting, Advanced Planning, and Relationship Management. Investment strategies include Asset Allocation, Modern Portfolio Theory, Efficient-market Hypothesis, and the Fama-French Three Factor Model. Financial Harvest, LLC charges management fees based on a tiered structure, with a minimum annual fee requirement of $5,000. The firm does not charge performance-based fees. They do not participate in class action lawsuits on behalf of clients. The firm does not vote client proxies and does not take physical custody of client funds. Financial Harvest, LLC does not provide financial information in their Disclosure Brochure.

Financial Advisory Partners, LLC, based in Winter Park, FL, is a registered investment adviser established in 2008, offering portfolio management services under a wrap fee program. This program includes portfolio management, custodial services, and related securities transactions for an all-inclusive fee. The firm, primarily owned by Alexander van den Berg and David Sutphin, provides financial planning and consulting services on an hourly or fixed fee basis, ranging up to $10,000. The firm advises on equity securities, ETFs, mutual funds, and REITs, managing $325,063,700 in client assets as of December 31, 2024. Clients typically include individuals, high net worth individuals, charitable organizations, and corporations, with a minimum account size of $100,000, which may be waived based on client potential. The firm operates as a fiduciary, acting in clients' best interests, and does not accept performance-based fees or engage in side-by-side management. Clients have the option for discretionary or non-discretionary management, with ongoing account monitoring and periodic reviews. The firm does not vote proxies on behalf of clients and maintains strict privacy policies to protect client information. Additionally, the firm discloses potential conflicts of interest related to IRA rollover recommendations and compensates solicitors for client referrals.

Broadcrest Asset Management, LLC, established in June 2015, is a registered investment adviser specializing in managing private funds exempt from registration under the Investment Company Act of 1940. The firm's investment objective is to achieve long-term capital appreciation by acquiring investments at a discount to intrinsic value. As of December 31, 2024, Broadcrest had $458,407,407 in assets under management, all on a discretionary basis. Clients are pooled investment vehicles (the Funds), and compensation is received through annual management fees. Broadcrest may charge performance-based fees, aligning employee interests with fund performance. The firm's investment strategy focuses on cash returns, competitive advantages, and owner/operator management, aiming to mitigate risk through discounted investments. Broadcrest conducts thorough research and analysis, emphasizing intrinsic value and risk management. The firm discloses potential risks associated with equity markets, illiquid investments, leverage, regulatory changes, and concentration of holdings. Broadcrest has not faced any disciplinary events, and its associates actively participate in portfolio companies. The firm has a Code of Ethics, brokerage practices emphasizing best execution, and custody policies compliant with regulatory requirements. Broadcrest exercises investment discretion for the Funds and votes client securities in their best interests. The firm maintains financial stability and does not require prepayment of fees beyond six months.

Arsenal Venture Partners, Inc., established in 2004, is a financial advisor firm specializing in providing investment advisory services to various Arsenal Funds. These funds focus on investing in emerging growth companies through privately negotiated investment instruments. The firm's investment strategies involve thorough analysis of target investments, including evaluating management, market segmentation, competitive position, financial position, and risks. Arsenal Venture Partners may receive management fees based on Advisory Agreements, subject to potential reductions or waivers. The firm does not typically charge management fees for certain Special Purpose Vehicles but may recover expenses upon liquidation. Clients include high net worth individuals, institutions, and organizations. The firm exercises investment discretion for Arsenal Funds, with decisions subject to the direction and control of the affiliated General Partner or governing body. Conflicts of interest are addressed through a Code of Ethics and oversight mechanisms. Arsenal Venture Partners' brokerage practices prioritize quality execution of transactions, and the firm may aggregate orders when appropriate. The firm closely monitors portfolio companies, provides regular reporting to investors, and maintains custody of Arsenal Fund assets. Proxy voting is conducted in the best interests of the funds. Arsenal Venture Partners' comprehensive brochure outlines its business practices, investment strategies, fee structures, and commitment to acting in the best interests of clients. For more detailed information, individuals can contact the firm directly.

Ahl Investment Management, Inc. is a registered investment adviser based in Winter Park, Florida, established in 1999. The firm offers discretionary and non-discretionary portfolio management services tailored to meet clients' investment objectives and risk tolerance. They consider financial planning an integral aspect of the portfolio management process. Clients can grant discretionary authority to manage their accounts, allowing the firm to make investment decisions without prior approval. Ahl Investment Management advises on various types of investments, including equities, bonds, mutual funds, ETFs, and more, based on individual goals and objectives. The firm charges a blended fee for portfolio management services based on a percentage of assets managed, with a minimum annual fee of $1,000. As of December 31, 2024, they managed $200,041,338 in client assets on a discretionary basis. Ahl Investment Management acts as a fiduciary, committed to acting in clients' best interests. They do not accept performance-based fees or engage in side-by-side management. The firm does not vote proxies on behalf of clients and does not participate in class action lawsuits on clients' behalf. Clients' assets are held at Charles Schwab & Co., Inc., and the firm may effect wire transfers with client authorization. Ahl Investment Management does not have any disciplinary information to report and does not have custody of client funds or securities. Clients are responsible for voting proxies and participating in class action lawsuits. The firm does not receive compensation for client referrals or engage in directed brokerage.