ITEM 5 - ADDITIONAL COMPENSATION ................................................................................................... iii ITEM 6 - SUPERVISION ............................................................................................................................. iii Privacy Notice ................................................................................................................................... A MRD, Inc. Brochure Revised October 24, 2023 6 Description of Advisory Firm MRD, Inc. (“MRD,” “we,” “our,” or “us”) is a privately-owned corporation headquartered in Irvine, CA. MRD is registered as an investment adviser with the California Department of Financial Protection and Innovation. Michael R. DeKovner, President & principal owner (formerly Michael R. DeKovner, Sole Proprietor), founded MRD in 2000. Fiduciary Duty Registered investment advisers are considered fiduciaries under federal law. Our fiduciary duty carries with it an obligation to act in the best interest of our clients pursuant to a relationship of trust and confidence. It encompasses a duty of care and a duty of loyalty. Duty of Care The duty of care includes, among other things, 1. the duty to provide advice that is in the best interest of the client; 2. the duty to seek best execution of a client’s transactions where the adviser has the responsibility to select broker-dealers to execute client trades; and 3. the duty to provide advice and monitoring over the course of the relationship. The duty to provide advice suitable to each client based on a reasonable understanding of the client’s objectives is a critical component of the duty of care. Providing suitable advice includes making a reasonable inquiry into the client’s financial situation, investment experience, and financial goals and then updating this information as necessary throughout the course of the relationship to reflect the client’s changing objectives over time and adjusting the advice we provide to reflect any changed circumstances. When MRD has the responsibility to select broker-dealers to execute client trades in discretionary accounts, we seek to trade such that the client’s total cost or proceeds in each transaction are the most favorable under the circumstances. In doing so, we consider the full range and quality of a broker’s services and so the determinative factor is not necessarily the lowest possible commission cost but whether the transaction represents the best qualitative execution. Moreover, we periodically and systematically evaluate the execution we receive on behalf of our clients. Our duty of care includes an obligation to provide advice and monitoring at a frequency that is in the best interest of the client, taking into account the scope of the agreed relationship. This scope is indicated by the duration and nature of the services as outlined in each client’s advisory arrangement and extends to all personalized advice provided to clients. Duty of Loyalty MRD adheres to a duty of loyalty where we seek to serve the best interests of our clients and never subordinate the interests of our clients to our own. Simply put, MRD cannot place its own interests ahead of the interests of our clients. In observance of this duty, we must make full and fair disclosure to clients of all material facts relating to the advisory relationship. Further, we also seek to eliminate or at MRD, Inc. Brochure Revised October 24, 2023 7 least expose through full and fair disclosure all conflicts of interest which might incline MRD, consciously or unconsciously, to render advice that is not disinterested. We believe that in order for disclosure to be full and fair, it should be sufficiently specific so that each client is able to understand the material fact or conflict of interest and make an informed decision whether to provide consent. Consequently, we provide this ADV 2A brochure to all prospective clients at or before entering into a contract so that they can use the information within to decide whether or not to enter into an advisory relationship. Advisory Services Offered MRD provides continuous and regular investment supervisory services on a discretionary basis. Michael DeKovner works with clients and has the ongoing responsibility to select and make recommendations, based upon the objectives of the client, as to specific securities or other investments held in client accounts. MRD may offer investment advice on any investment held by the client at the start of the advisory relationship. Recommendations for new investments typically include diversified mutual fund and exchange traded fund (ETF) portfolios. Additionally, MRD’s investment recommendations, depending on the individual investment objectives and needs of the client sometimes include but are not limited to: 1. U.S. government securities 2. Certificates of deposit (CDs) 3. Private placements We may also occasionally offer advice regarding additional types of investments if we believe that they are appropriate to address the individual needs, goals, and objectives of the client, or in response to client inquiry. We discuss our discretionary authority below under Item 16 - Investment Discretion. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client

Imposed Restrictions in this item below. We describe the Fees charged for investment management services below under Item 5 - Fees and Compensation. Our Fiduciary Duties to Clients with Retirement Plans When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and MRD, Inc. Brochure Revised October 24, 2023 8
• Give you basic information about conflicts of interest. Limitations on Investments Limitation by Security Type Limitation on Equities MRD does not generally invest in individual equity securities. However, we do hold individual positions as an accommodation to clients. MRD does not monitor or provide advice pertaining to any client- directed position held as an accommodation. We will only transact in individual equities when selling existing holdings of new accounts and/or at the client’s request. Limitation on Fixed Income MRD generally utilizes debt-related mutual funds for the fixed-income allocation of portfolios. We typically do not conduct individual fixed income securities transactions except when we deem it to be suitable for a client’s specific circumstances, at a client’s request, and/or when liquidating existing positions in new client accounts. On occasion, we may hold individual fixed-income securities contained in new accounts. The holding period may be temporary or until maturity based on the individual needs of the client. Mutual Fund Limitations DFA Mutual Funds For passive mutual fund portfolios, MRD often uses various DFA Funds, which are mutual funds managed by Dimensional Fund Advisors. DFA mutual funds have asset class strategies that include, but are not limited to, U.S. and non-U.S. equities, fixed income, global, and real estate through real estate investment trusts (REITS). DFA offers professionally managed mutual funds at relatively low expense ratios. MRD is unaffiliated with DFA. No Load Mutual Funds MRD generally limits recommendations of mutual funds to no load funds or equivalent investment products. TIPS Funds Treasury Inflation Protection Securities (TIPS) are inflation-indexed securities structured to remove inflation risk. MRD does not recommend individual TIPS but may recommend mutual funds that include TIPS within the underlying fund holdings. Limitation by Custodian There may also be limitations on the mutual funds that we recommend. For clients with accounts held at certain custodians, MRD is limited to the mutual funds available through the custodian. The custodians we recommend to clients include Schwab Institutional®, a division of Charles Schwab & Co., Inc. (“Schwab”), and Fidelity Institutional Wealth Services, a division of Fidelity Brokerage Services, Inc. (“Fidelity”), registered broker-dealers, Members SIPC. MRD, Inc. Brochure Revised October 24, 2023 9 Limitation by Client MRD may also limit advice based on certain client-imposed restrictions. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client Imposed Restrictions below. Tailored Services and Client Imposed Restrictions MRD manages client accounts based on the investment strategy discussed below under Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss. MRD applies the strategy for each client, based on the client’s individual circumstances and financial situation. We make investment decisions for clients based on information the client supplies about their financial situation, goals, and risk tolerance. Our recommendations may be limited if the client does not provide us with accurate and complete information. It is the client’s responsibility to keep MRD informed of any changes to their investment objectives or restrictions. Clients may also request other restrictions on the account, such as when a client needs to keep a minimum level of cash in the account or does not want MRD to buy or sell certain specific securities or security types in the account. MRD reserves the right to not accept and/or terminate management of a client’s account if we feel that the client-imposed restrictions would limit or prevent us from meeting or maintaining the client’s investment strategy. Wrap Fee Programs MRD does not manage accounts as part of a wrap or bundled fee program. Assets Under Management MRD manages client assets in discretionary accounts on a continuous and regular basis. As of December 31, 2022, the total amount of discretionary assets under our management was $126,536,782.