Firm Description Diversified Management, Inc. (“DMI”) was formed in Milwaukee, Wisconsin in 1993. The company’s principal place of business is in Milwaukee and a satellite office is located in North Scottsdale, Arizona. DMI created the DBA Cream City Investment Services (“CCIS”) to accommodate those clients who may not have the required level of assets to invest with DMI. Types of Advisory Services DMI provides investment advisory, financial planning, and income tax services. Those services include cash flow management, retirement planning, analysis of executive benefits, charitable giving strategies, estate planning, analysis of education funding alternatives, life insurance sufficiency analysis, investment management, tax planning and income tax return preparation. The majority of D M I ’ s clientele include high net worth individuals or families, trusts, and estates. CCIS clients are provided access to DMI’s investment services via eight risk based investment models designed to implement the appropriate strategy that will be most effective for each CCIS client’s needs. In addition, CCIS offers financial planning services. These services include asset allocation, retirement planning, tax planning, college fund planning, and life insurance evaluation. Additional information regarding these services will be in other sections of this brochure. Diversified Management Inc. (DMI) As part of DMI’s investment advisory services, we provide clients with personal advice including asset allocation, research and selection of mutual funds or investment managers, and monitoring the performance of investments. Monitoring includes measuring performance, tracking asset allocation with established client objectives, and advice concerning the liquidation and reinvestment of existing investments. We provide ongoing review of investments for our DMI clients. Clients receive portfolio summaries at least quarterly, evaluating the investment holdings in comparison with relevant financial benchmarks. We generally prefer mutual fund investments when providing investment advisory services. Mutual fund investments are compared to peer group benchmarks and/or unmanaged indexes that include similar investment objectives, styles, and holdings. Other investments will be compared to unmanaged indexes representing the performances of similar assets not subject to the direction or influence of any single investment adviser. 2 | P a g e When requested or as appropriate, we review and/or recommend specific investment opportunities that may be organized in the form of limited or general partnership interests. Those partnerships may include real estate investments or “alternative investments” intended to be neutral to the U.S. stock market wherein the underlying strategies are often varied among arbitrage techniques using stocks, bonds, commodities and/or currencies. We may also review and/or recommend partnerships formed to make private equity and/or venture capital investments. We are not compensated in any manner by any investment partnership we review or recommend. DMI clients always maintain control of their assets and receive statements directly from the custodian (not less than quarterly). We obtain approval from clients to enter trades and implement decisions reached by the clients in connection with their investment objectives. Investment decisions are made with the input and approval of the client prior to implementation, unless the client specifically asks us to assume complete discretion in connection with the management of the investment account. DMI is a fee-only financial planning and investment management firm. We do not sell commissioned products and we do not participate in wrap fee programs. The fee for our investment advisory service is addressed in a separate section below entitled “Fees and Compensation”. Cream City Investment Services (CCIS) CCIS provides portfolio management services to clients using model asset allocation portfolios. Each model portfolio is designed to meet a particular investment objective based on levels of risk. CCIS offers eight separate risk based models. The models are as follows: Ultra Conservative, Conservative, Moderate Conservative, Balanced, Moderate Growth, Growth, Growth Alternatives, and Aggressive Growth. Each model will invest in securities and strategies consistent with the model objective. CCIS clients will invest in one of the eight model portfolios based on the client’s goals, objectives, and assessment of a risk tolerance questionnaire. This helps determine which model portfolio is suitable for the client. Clients may also choose his/her own model portfolio. In some cases, the client may prefer to have the advisor select a model on their behalf. If so, the advisors selection will be based on the model portfolio whose fixed income percentage most closely resembles the clients age. Once we confirm suitability, the portfolio is managed based on the portfolio's goal, rather than on each client's individual needs. Clients, nevertheless, have the opportunity to place reasonable restrictions on the types of investments to be held in their account. CCIS clients retain individual ownership of all securities. Unlike the services provided for DMI clients, CCIS client’s investment decisions will be determined and guided by the portfolio model and strategy chosen. Clients may change their choice of portfolio models by notifying CCIS directly. As a client’s age category changes, suggestions may be made to move their investment

to a more conservative portfolio model. As an example, clients nearing the age of 60 may receive a recommendation to move from the moderate growth portfolio model to the balanced portfolio 3 | P a g e model. From time to time, CCIS will use its risk tolerance questionnaire to confirm and make adjustments. All portfolio model choices are acknowledged by signature of the client. We manage these advisory accounts on a discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income). Model portfolios are not managed to achieve tax efficiencies. Tax considerations are a secondary consideration behind investment results and risk management. Model portfolios are reviewed and, if necessary, rebalanced on a semi-annual basis. Once a CCIS client's portfolio has been established, we provide a portfolio performance summary every quarter. In addition, annual reviews are done for CCIS clients in order to ensure their model portfolio continues to be suitable and that the client's account continues to be managed in a manner consistent with the client's financial circumstances. We will provide the following: 1. Request an update for information regarding changes in the client's financial situation and investment objectives; 2. Be reasonably available to consult with the client, including an annual in-person meeting if the client so chooses; and 3. Maintain client suitability information in the client's file. Fees for CCIS services will be directly debited from the clients account unless the Client prefers to pay the fees directly. Multiple Model Portfolios CCIS clients may place earmarked funds in separate accounts that use different model portfolios. This is done in order to accommodate multiple goals and objectives for each separate account. For example, a client might select a model portfolio allocated towards a retirement goal and a different model portfolio designated to fund a child’s college education. Financial Planning Services Financial planning services are available to clients. The topics and assumptions addressed in financial plans are based on specific facts, resources and objectives of each client. A financial plan may include, but is not limited to: a personal net worth statement, a cash flow projection, strategies for education funding, recommendations for revised allocations among investment categories, an income tax projection, and/or advice for updating estate planning documents. The initial consultation between DMI or CCIS and a prospective client is free. During this meeting, we discuss the client’s resources, goals and objectives. We determine the types of information/documents needed to proceed with a plan and discuss our fee for providing the service. Fees are set in advance, based on our estimate of the professional 4 | P a g e time required to provide this additional service. We reconvene with our clients after their plan is prepared to present a thorough review of our recommendations. Income Tax Services Tax planning and tax return preparation services are available to DMI and CCIS clients. Fees are determined by the professional time required to provide the additional services. DMI and CCIS Client Relationships The goals and objectives of each investment advisory client are broadly defined in an Investment Advisory Agreement (IAA). This document is a signed agreement between DMI or CCIS and our clients. It details the services we agree to provide in connection with the following:
• Assistance in establishing, reviewing and changing investment objectives of the account based upon the needs of the clients.
• Evaluation of asset allocation and the diversification of the account.
• Identification and selection of investment alternatives based upon the investment objectives of the account and the needs of the clients.
• Purchase or sale of investments consistent with the investment objectives, asset allocation and cash flow requirements of the clients.
• Ongoing review and monitoring of investment decisions, including the identification of asset reallocation and reinvestment alternatives for DMI clients.
• Quarterly reports summarizing the investment performance of the account.
• Regular communications with the clients to review performance, asset allocation, diversification and ongoing client investment objectives. The IAA and our services may be terminated by the client at any time without any separate termination fee and may not be assigned to another advisor without client consent. ERISA Accounts 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 interests ahead of yours. 5 | P a g e Wrap Fee Programs DMI and CCIS do not participate in wrap fee programs. Client Assets Under Management The total amount of client assets that DMI manages is approximately $1,576,315,793 as of December 31, 2023. Further details are shown below: Discretionary Assets Managed: $ 1,474,833,644 Non-discretionary Assets Managed: $ 101,482,149 Total Assets Managed: $1,576,315,793