About Our Investment Advisory Business Guild Investment Management, Inc., sometimes referred to as “Guild” or the “Company,” renders investment advisory and portfolio management services related to a broad range of primarily publicly traded securities including: U.S. and foreign equities, exchange traded funds (ETFs), commodity related shares, debt, royalty trusts, master limited partnerships, closed-end mutual funds, and other financial derivatives, and currencies. Guild’s portfolio management services are provided to clients on a discretionary basis under different arrangements, which are distinguishable by account type, investment objective, management fees, and the custodial and brokerage relationship selected by the client. See Item 5 for additional details. Guild managed 188 accounts totaling approximately $126.6 million in assets on a discretionary basis as of December 31, 2023. As of December 31, 2023, Guild did not manage any assets on a non- discretionary basis. All investment and cash activity in client portfolio accounts is transparent to clients. Clients can log in to view their managed account through the access portal with their account custodian. In addition to managing accounts for clients on a fully discretionary basis, certain clients desire to have some input on the positions in their portfolios. On the occasion that Guild receives instructions from the client, Guild will buy and sell securities that the client selects, and those positions that the client selected can remain in the same portfolio account as the positions that Guild has selected. Financial Planning Guild does not charge a fee for providing financial plans to our investment advisory clients; however, our services can include using financial planning software tools to periodically give clients a holistic view of their financial health. Financial planning reports are available upon request. Types of Clients Guild clients generally consist of U.S. and non-U.S. individuals, high net worth individuals, profit sharing and pension plans, personal trusts, corporations, charitable institutions, and foundations. Guild’s investment advisory and portfolio management services are tailored to clients’ goals and objectives. Guild has one or more consultations with each client in an effort to determine the individual account investment goals and objectives with respect to seeking capital preservation, growth through capital gains, current income, or a combination thereof, as well as the risk tolerance level, tax considerations, willingness for the account to be actively traded, and other considerations. Guild manages portfolios categorized by style and objective, and the style (or type of account) are often referred to as: Global Growth, Income/Total Return, Wealth Builder Dividend Income, and Hybrid portfolios. Guild typically does not render advice on other investments such as real estate and insurance, which may constitute part of a client’s total investment portfolio. Also, Guild does not generally invest in securities of certain companies that derive a significant portion of their revenues from activities that may be considered socially objectionable, such as weapons, tobacco, alcohol, and gambling. Clients may impose restrictions on the kind of investments made by Guild for their accounts. For example, clients may desire to have certain industries or companies excluded from their portfolio. Investment guidelines and restrictions must be provided to Guild in writing. Subject to such restrictions, if any, for discretionary accounts under management, Guild has authority, without obtaining the advance consent of the client, to determine which securities are to be bought or sold, the total amount of securities bought or sold, and the brokerage commission rates to be paid. In addition to restrictions placed by clients, clients may also request or suggest that Guild buy or sell positions in their accounts managed by Guild. Guild will act on clients’ instructions to buy or sell positions. Those positions selected by the clients can remain in the same portfolio account as the positions selected by Guild. See Item 8 for additional information on Guild’s method of analysis and the risks involved in Guild’s management strategies. With respect to broker selection, in cases where the client has selected the broker through whom trades will be placed, Guild may not have discretion to determine the brokerage commissions. Additionally, where Guild is managing a client’s portfolio under a “dual contract” program (i.e., a program where the client has a management agreement with Guild and a separately negotiated agreement with the broker providing that the broker will

receive a percentage of the assets under management as a fee to cover the brokerage commissions), Guild may not have discretion to determine brokerage commissions. See Item 12 -- Brokerage Practices. History and Personnel Guild Investment Management, Inc. is a subchapter S corporation incorporated in California in January 1978. Guild’s offices are located at 12400 Wilshire, Blvd., Suite 820, Los Angeles, CA 90025. Montague Guild, Jr. is the Founder of the firm and currently owns 14% of the equity in Guild. Anthony Danaher is the President of Guild Investment Management, owns 51% of the equity in Guild, and has been employed by Guild since July 1990. Bronwyn von Abele, Mr. Guild’s daughter, serves as Vice President and Corporate Secretary and owns 25% of the equity of Guild and has been an employee of the Company since 2005. Rudolph von Abele serves as Executive Vice President and Senior Research Analyst and owns 10% of the equity in Guild. Mr. Von Abele has been a full-time employee of the Company since August 2013. Guild’s Investment Committee members include Montague Guild, Jr., Anthony Danaher, and Rudolph von Abele. The primary portfolio manager for client portfolios is Anthony Danaher. The Committee meets regularly to decide portfolio allocations, including the countries, industries, and securities Guild should invest. In addition, the committee discusses market strategy, market timing, and the appropriate exposure several times per week. The portfolio positioning and trading is based on the research and decisions made by the Investment Committee. Mr. Danaher oversees the day-to- day portfolio management process and executes the majority of the trades in client portfolios. Mr. Guild continues to perform global macro research and analysis, manage portfolios, executes trades, and speaks with clients from time to time about their portfolios. Mr. Guild and Mr. Danaher discuss market strategy and appropriate portfolio asset allocation several times per week. As disclosed in 2019 and 2020, Mr. Guild underwent successful treatment for squamous cell throat cancer during 2019. Mr. Guild’s subsequent cancer scans have found no remaining cancerous cells. Montague Guild, Jr. Mr. Guild was born in 1942. He graduated from the University of California at Santa Barbara with a B.A. in Economics in 1964 and received his M.B.A. in Finance from California State University, Long Beach in 1968. In the years since founding Guild Investment Management, he has become a widely recognized and quoted author, speaker, and commentator on international investing economics and has been interviewed many times in leading business and financial media, including Barrons, The Wall Street Journal, Bloomberg, Investment News, CNBC, and Fox Business News. Mr. Guild conducts global macro research and analysis, serves on the Investment Committee, and speaks with clients from time to time about their portfolios. Anthony Danaher. Mr. Danaher was born in 1967. He studied architecture and design at Kansas State University from 1985 to 1986, and graduated in 1990 from Maharishi International University in Fairfield, Iowa with a B.A. in Business Administration, with an emphasis in Accounting. Mr. Danaher received his M.B.A. from Pepperdine University in 1999. Mr. Danaher is President of Guild. He joined the Company in 1990, and became the majority shareholder of The Company in 2019. In addition to portfolio management, research, and editing Guild’s Global Market Commentary, Mr. Danaher oversees client services, compliance, accounting, and administrative operations in the company. Mr. Danaher has also been interviewed many times in leading business and financial media. Bronwyn von Abele. Ms. von Abele serves as Vice President and Corporate Secretary at the Company. She received her bachelor’s degree from Goddard College in Vermont in 2010. Ms. von Abele has worked in various administrative capacities for the Company since 2005. In addition to her real estate property management responsibilities for the Guild family’s real estate investment portfolio, she participates in some client relations, and business development projects for the Company. Rudolph von Abele. Mr. von Abele was born in 1968 and studied economics at the University of St Andrews and at the American University in Washington, DC. He holds a B.A. in liberal arts from Goddard College and a licentiate in theology from the Orthodox Church. He joined Guild in 2013. Mr. von Abele conducts fundamental macro research and securities analysis for the Investment Committee and participates in portfolio management decisions. Mr. von Abele is also the primary author of Guild’s Global Market Commentary.