9AT: SHERMAN PORTFOLIOS

Adviser Profile

As of Date	09/22/2026
Registration	SEC, Approved, 08/16/2022
ADV Location	COEUR D'ALENE, ID, United States
Contact Info	800 xxxxxxx
Websites

AUM^*	1,558,055,845 259%
of that, discretionary	1,558,055,845 259%
Number of Employees	15 88%
of those in investment advisory functions	3 -25%
Private Fund GAV^*	0
Avg Account Size	234,224 360%
% High Net Worth	3.19% 100%
SMA’s	No
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals

Advisory Activities

- Selection of other advisers
- Publication of periodicals or newsletters
- Market timing services

Compensation Arrangments

- A percentage of assets under your management

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser BOFA SECURITIES, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser ALPHA CENTAURI WEALTH MANAGEMENT INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser DAHAB ASSOCIATES INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser U.S. INSTITUTIONAL CORPORATION	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser GREENLIGHT INVESTMENT ADVISORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser MMA SECURITIES LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser NOMURA SECURITIES INTERNATIONAL, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds1
Adviser REYNOLDS CONSULTING SERVICES LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser DEMARCHE	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser NEA MEMBER BENEFITS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-

Brochure Summary

Overview

Page 4 A. Ownership/Advisory History Sherman Portfolios, LLC (“SPL” or the “firm”) is an investment advisor registered with the United States Securities and Exchange Commission (“SEC”). SPL is a limited liability company formed in 2022 under the laws of the State of Idaho. SPL is owned and controlled by Pinkerton Investments, Inc., and Pinkerton Family Heritage LP. B. Advisory Services Offered SPL provides services to its Sherman Advisor Group Experience (SAGE) members, a select group of independent investment advisors and firms who provide services to individual investors and institutions. SAGE members receive consulting guidance, research and analytical tools necessary to address their clients' strategic planning, portfolio structure, manager due diligence and performance measurement requirements, and access to educational forums as resources to support the SAGE member’s continuing education. SPL provides two primary lines of fee-generating services to SAGE members: ▪ STARSHIP Turnkey Asset Management Program (”STARSHIP TAMP”) – Under the STARSHIP TAMP, SPL serves as sub-adviser to the client-facing investment advisor (“Investment Advisor”). Based upon the information and the models available in the STARSHIP TAMP, the Investment Advisor develops a basic plan to allocate client assets, and selects one or more of the Sherman model portfolios.

The SPL STARSHIP TAMP is a collection of model portfolios made available to investment professionals through a single platform. The goal of the SPL STARSHIP TAMP is to make investing client assets more streamlined and efficient. For example, if a client wants to invest with five different model portfolios, instead of opening five separate accounts – one direct in each model portfolio – the client can open one unified account through the STARSHIP TAMP and hold all of five model portfolios within one account. ▪ Portfolio Signals – SPL provides portfolio signals on a daily and weekly basis, or as triggered, to its SAGE members, who then typically utilize these signals to manage their own Sherman model portfolios. C. Client-Tailored Services and Client-Imposed Restrictions Clients may impose reasonable restrictions on the management of their accounts—for example, restricting the type or amount of security to be purchased in the portfolio. D. Wrap Fee Programs SPL does not participate in wrap fee programs, where brokerage commissions and transaction costs are included in the asset-based fee charged to the client. Page 5 E. Client Assets Under Management As of November 9, 2023, SPL had $122,918,195 of discretionary assets under management, and $1,020,343,481 of assets under advisement. Item 5: Fees and Compensation

SHERMAN PORTFOLIOS

SHERMAN PORTFOLIOS

SHERMAN PORTFOLIOS, LLC

TRUE FREEDOM, LLC

TRUE FREEDOM INVESTING, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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SHERMAN PORTFOLIOS SHERMAN PORTFOLIOS SHERMAN PORTFOLIOS, LLC TRUE FREEDOM, LLC TRUE FREEDOM INVESTING, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

SHERMAN PORTFOLIOS

SHERMAN PORTFOLIOS

SHERMAN PORTFOLIOS, LLC

TRUE FREEDOM, LLC

TRUE FREEDOM INVESTING, LLC