Duration offers clients discretionary and non-discretionary investment management services focusing on fixed-income strategies. As appropriate, the Firm may provide discretionary and non-discretionary investment management services with respect to individual equity securities, mutual funds, and exchange- traded funds (“ETFs”). Prior to Duration rendering any investment management services, clients are required to enter into one or more written agreements with Duration setting forth the relevant terms and conditions of the advisory relationship (the “Advisory Agreement”). Duration was formed in August 2018 and is wholly-owned by Quahadi Holdings, LLC, an entity wholly-owned by Stephen Bishop Smith. As of December 31, 2023, Duration had approximately $170,847,069 in assets under management, all of which was managed on a discretionary basis. While this brochure generally describes the business of Duration, certain sections also discuss the activities of its Supervised Persons, which refer to the Firm’s officers, partners, directors (or other persons occupying a similar status or performing similar functions), employees or other persons who provide investment advice on Duration’s behalf and are subject to the Firm’s supervision or control. Investment Management Services Duration manages client investment portfolios on a discretionary or non-discretionary basis. Duration primarily allocates client assets among fixed-income securities (principally U.S. Treasury and government agency securities) in accordance with their stated investment objectives. The Firm expects to launch one or more private funds that will employ leveraged fixed-income strategies. Securities in the Private Fund are expected to be privately offered pursuant to Regulation D under the Securities Act of 1933, as amended. The private fund(s) are expected to rely on an exemption from registration under the Investment Company Act of 1940, as amended. Participation as an investor in the private fund(s) is expected to be restricted to investors that are both “accredited investors” as defined in Rule 501(a) of the Securities Act of 1933, as amended and “qualified purchasers” as defined under the Investment Company Act of 1940, as amended. To the extent certain of the Firm’s individual advisory clients qualify, they will be eligible

to participate as investors in the private fund(s). Investment in the private fund(s) will involve a significant degree of risk. All relevant information, terms and conditions relative to the private fund(s), including the compensation received by the Firm and its affiliates, suitability, risk factors, and potential conflicts of interest, will be set forth in a Confidential Private Offering Memorandum (the “Memorandum”), Limited Partnership Agreement (the “Agreement”), and/or Subscription Agreement (together, the “Offering Documents”), which each investor will receive prior to being permitted to invest in the private fund(s). The Firm will devote its best efforts with respect to its management of both the private fund(s) and its individual client accounts. The Firm may give advice or take action with respect to the private fund(s) that differs from that for individual client accounts. The Firm generally utilizes significant leverage in managing client investments, and therefore, the value of client investments may be subject to significant risks, as described in more detail below in Item 8 “Methods of Analysis, Investment Strategies and Risk of Loss.” Duration tailors its advisory services to meet the needs of its individual clients and seeks to ensure, on a continuous basis, that client portfolios are managed in a manner consistent with those needs and objectives. Duration consults with clients on an initial and ongoing basis to assess their specific risk tolerance, time horizon, liquidity constraints and other related factors relevant to the management of their portfolios. Clients are advised to promptly notify Duration if there are changes in their financial situation or if they wish to place any limitations on the management of their portfolios. Clients can impose reasonable restrictions or mandates on the management of their accounts if Duration determines, in its sole discretion, the conditions would not materially impact the performance of a management strategy or prove overly burdensome to the Firm’s management efforts. The Firm’s investment advisory services do not include securities brokerage services as the Firm does not serve as the sponsor of or manager to a wrap fee program (i.e., an arrangement where certain brokerage commissions and transaction costs are absorbed by the Firm).