NBZ Investment Advisors, LLC (“NBZ” or “we”) was formed in 1995 and provides investment management and general consulting services to its clients. The principal owner is Richard I. Zivi, Jr. As of December 31, 2023, NBZ managed $322,432,156 of clients’ assets on a discretionary basis and no assets on a non-discretionary basis. SERVICES OFFERED At the outset of each client relationship, NBZ spends time with the client, asking questions, discussing the client’s investment experience and financial circumstances, and reviewing options for the client. Based on its reviews, NBZ generally develops an Investment Policy Statement (“IPS”) with each client. The IPS addresses the future goals of the client and outlines the types of investments NBZ will make on behalf of the client to meet those goals. The IPS is generally updated or confirmed whenever NBZ meets with the client. As a part of our services, NBZ will provide financial planning to advisory clients who engage the firm to assist in developing a plan. Financial planning is included in our regular services to our advisory clients and there is no separate fee charged for financial planning. In some cases, our affiliate accounting firm, Novinger, Ball & Zivi, PC, may engage NBZ Investment Advisors to perform financial planning for an accounting client. In this scenario, the accounting firm clients are billed through the accounting firm and no ongoing monitoring of the assets will be done unless the client separately engages NBZ Investment Advisors to do so. While NBZ and its affiliate each frequently refer clients to the other, no referral fees are paid to or from either party. Investment Management Services Our firm creates and manages investment portfolios based on the individual needs of a client as indicated by the IPS. Most of the investments in our portfolios are no-load or load waived mutual funds. We may also use the following instruments on occasion to invest client funds:
• Individual stocks
• Exchange traded funds (“ETFs”)
• Certificates of deposit
• Municipal securities
• United States governmental securities To implement the client’s Investment Plan, NBZ will manage the client’s investment portfolio on a discretionary or a non-discretionary basis. As a discretionary investment adviser, NBZ will have the authority to supervise and direct the portfolio without prior consultation with the client. Clients who choose a non- discretionary arrangement must be contacted prior to the execution of any trade in the account(s) under management. This may result in a delay in executing recommended trades, which could adversely affect the performance of the portfolio. This delay also normally means the affected account(s) will not be able to participate in block trades, a practice designed to enhance the execution quality, timing and/or cost for all accounts included in the block. In a non-discretionary arrangement, the client retains the responsibility for the final decision on all actions taken with respect to the portfolio. Notwithstanding the foregoing, clients may impose certain written restrictions on NBZ in the management of their investment portfolios, such as prohibiting the inclusion of certain types of investments in an investment portfolio or prohibiting the sale of certain investments held in the account at the commencement of the relationship. Each client should note, however, that restrictions imposed by a client may adversely affect the composition and performance of the client’s investment portfolio. Each client should also note that his or her investment portfolio is treated individually by giving consideration to each purchase or sale for the client’s account. For these and other reasons, performance of client investment portfolios within the same investment objectives, goals and/or risk tolerance may differ, and clients should not expect that the composition or performance of their investment portfolios would necessarily be consistent with similar clients of NBZ. Consulting Services Clients can also receive investment advice on a more focused basis. This may include advice on only an isolated area(s) of

concern such as estate planning, retirement planning, or other specific topic. We also provide specific consultation and administrative services regarding investment and financial concerns of the client. Consulting recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. All recommendations are of a generic nature. Retirement Plan Advisory Services Establishing a sound fiduciary governance process is vital to good decision-making and to ensuring that prudent procedural steps are followed in making investment decisions. NBZ will provide Retirement Plan consulting services to Plans and Plan Fiduciaries as described below. The particular services provided will be detailed in the consulting agreement. The appropriate Plan Fiduciary(ies) designated in the Plan documents (e.g., the Plan sponsor or named fiduciary) will (i) make the decision to retain our firm; (ii) agree to the scope of the services that we will provide; and (iii) make the ultimate decision as to accepting any of the recommendations that we may provide. The Plan Fiduciaries are free to seek independent advice about the appropriateness of any recommended services for the Plan. Retirement Plan consulting services may be offered individually or as part of a comprehensive suite of services. The Employee Retirement Income Security Act of 1974 (“ERISA”) sets forth rules under which Plan Fiduciaries may retain investment advisers for various types of services with respect to Plan assets. For certain services, NBZ will be considered a fiduciary under ERISA. For example, NBZ will act as an ERISA § 3(21) fiduciary when providing non-discretionary investment advice to the Plan Fiduciaries by recommending a suite of investments as choices among which Plan Participants may select. Also, to the extent that the Plan Fiduciaries retain NBZ to act as an investment manager within the meaning of ERISA § 3(38), NBZ will provide discretionary investment management services to the Plan. With respect to any account for which NBZ meets the definition of a fiduciary under Department of Labor rules, NBZ acknowledges that both NBZ and its Related Persons are acting as fiduciaries. Additional disclosure may be found elsewhere in this Brochure or in the written agreement between NBZ and Client. Fiduciary Consulting Services
• Investment Selection Services NBZ will provide Plan Fiduciaries with recommendations of investment options consistent with ERISA section 404(c). Plan Fiduciaries retain responsibility for the final determination of investment options and for compliance with ERISA section 404(c).
• Non-Discretionary Investment Advice NBZ provides Plan Fiduciaries and Plan Participants general, non-discretionary investment advice regarding asset classes and investments.
• Investment Monitoring NBZ will assist in monitoring the plan’s investment options by preparing periodic investment reports that document investment performance, consistency of fund management and conformation to the guidelines set forth in the investment policy statement and NBZ will make recommendations to maintain or remove and replace investment options. The details of this aspect of service will be enumerated in the engagement agreement between the parties. Fiduciary Management Services
• Discretionary Management Services When retained as an investment manager within the meaning of ERISA § 3(38), NBZ provides continuous and ongoing supervision over the designated retirement plan assets. NBZ will actively monitor the designated retirement plan assets and provide ongoing management of the assets. When applicable, NBZ will have discretionary authority to make all decisions to buy, sell or hold securities, cash or other investments for the designated retirement plan assets in our sole discretion without first consulting with the Plan Fiduciaries. We also have the power and authority to carry out these decisions by giving instructions, on your behalf, to brokers and dealers and the qualified custodian(s) of the Plan for our management of the designated retirement plan assets.