Advisory Firm Description M Capital Advisors (“M Capital” or the “Firm”) is a Nashville, Tennessee based registered investment advisor with additional offices in San Antonio, Texas and Tullahoma, Tennessee. M Capital has been in business since February 1993 and is principally owned by Dr. Frank Mastrapasqua. The firm retains some senior executives through participation in a phantom stock program. As of November 1, 2022, the Firm completed various personnel changes at the executive level as the firm has begun implementing its succession plan. Dr. Frank Mastrapasqua has taken on role of Chairman where he shares his market views, continues to write his Capital Market Commentary, and functions as an advisor to the firm. The following three people will handle the day-to-day management of the firm and the day-to-day management of the portfolios. Mr. Mauro Mastrapasqua, who has been at the firm since 1999 and has served as President and Chief Operating Officer since 2006, has stepped into the role of Chief Executive Officer. Edwin R. Barton has taken on the role of Chief Portfolio Strategist. Edwin has also been with the firm since 1999 in a trading capacity and more recently as a portfolio specialist, brings a top-down emphasis and an expertise in portfolio structure to the firm’s institutionalized investment process. Patrick A. Snell, CFA, CAIA has stepped into the role of sole Chief Investment Officer which he shared with Dr. Mastrapasqua since September of 2021. Mr. Snell and Dr. Mastrapasqua have worked alongside one another since 2007 developing portfolios for the firm. Mr. Snell oversees the investment team and the portfolios in terms of the investment objective. Types of Advisory Services M Capital provides investment advisory services to each of its clients on a continuous basis using strategies believed to be suitable to the particular client. Investment Advisory Services M Capital’s investment advisory services include:
• Analyzing the risk characteristics of each client and constructing a portfolio for each client's account within the context of this risk profile
• Determining the asset allocation that

appears appropriate in the current market cycle for each such account
• Selecting appropriate investments for each asset class
• Reviewing portfolios on a regular basis in light of: o Global o Domestic o Sector o Company and/or o Client developments
• Rebalancing the portfolio as appropriate
• Responding to client requests and questions promptly and thoroughly
• Providing portfolio information and M Capital’s perspective on the economy periodically (please see the paragraph below about periodicals) M Capital may provide a financial plan and related updates to certain existing and new clients. Generally financial planning services are not charged, but under limited circumstances clients engage M Capital for financial planning projects which would be charged on a project or hourly basis. Periodicals about the Markets M Capital provides clients and prospective clients with access to the "Capital Market Comment," regarding the state of the financial markets and the quarterly newsletter, which gives the firm’s outlook on the economy. These are posted later to M Capital’s websites. Tailored Advisory Services Clients may restrict M Capital from purchasing or selling particular investments or sectors. These restrictions may be changed at the client’s written direction to the Firm. Wrap Fee Programs M Capital acts as a portfolio manager for several wrap fee programs, where the investment management fee and transaction fees are “wrapped” into a single fee based on assets held in the account. (M Capital receives a portion of this fee from each program sponsor for M Capital’s investment advisory services.) This combination of fees is likely to be higher than the fees a client might pay should the client approach M Capital directly. These wrap programs are usually presented to clients through the program sponsor or sales force, which also provide detailed information on the program being offered, including the fee structure. Client Assets Under Management As of December 31, 2022, M Capital manages approximately $846,969,947 of assets under management.