A. Simon Quick is a limited liability company formed on June 4, 2004 in the State of New Jersey. Simon Quick has been registered with the SEC as an investment advisor since July 2004. Simon Quick is principally owned by William E. Simon & Sons, LLC, Joseph A. Belfatto, Leslie C. Quick III, and QIII Family Enterprises, LLC. B. As discussed below, Simon Quick offers to its clients (individuals, families, pension and non-profit business entities, endowments and foundations) various advisory services including: Wealth Management services, Investment Consulting services, Financial Planning and related Consulting services to the extent specifically requested by a client, Administrative and Bill Pay services, and Tax Planning and Compliance services. Simon Quick also acts as advisor and oversees several affiliated private investment funds and fund of funds and acts as sub-advisor to third-party private investment funds and third-party registered investment advisors. WEALTH MANAGEMENT SERVICES Simon Quick provides Wealth Management services that are defined as giving continuous investment advice to a client or making allocation decisions based on a client’s investment goals, objectives, management style and other factors affecting a client’s portfolio are determined via extensive interviews with each client which are conducted in person or via telephone. In addition to investment decision making and analysis, Simon Quick will review several areas of a client’s financial profile, including objectives, asset/liability analysis, tax planning and compliance, cash flow management, investment planning, retirement planning, risk management, estate planning, multi-generational wealth transfer strategies, asset protection, and closely held business transition strategies. INVESTMENT CONSULTING SERVICES Simon Quick provides Investment Consulting services that are defined as giving continuous investment advice to a client or making allocation decisions for clients based on the needs of a client. Investment goals, objectives, management style and other factors affecting a client’s portfolio are determined via extensive interviews with each client which are conducted in person or via telephone. AFFILIATED PRIVATE INVESTMENT FUNDS Simon Quick serves as the General Partner or Managing Member of various private investment funds (collectively the “affiliated funds”). A description of each is found below:
• Simon Quick Chapin Master Fund, LLC: a fund whose assets are allocated among various other private investment funds. This fund is comprised of two feeder vehicles, Simon Quick Chapin Fund, LLC and Simon Quick Chapin Fund, Ltd. Investors must be Accredited Investors as defined under Rule 501 of Regulation D. The fund is exempt from registration under 3(c)(1) of the Investment Company Act of 1940. The Simon Quick Chapin Master Fund, LLC shall be assessed an annual fee of $20,000 payable to Simon Quick Advisors, LLC (“Operating Expense Reimbursement”). The Operating Expense Reimbursement will be split evenly between the two feeder vehicles. Each investor will contribute to the Operating Expense Reimbursement based upon their pro-rata ownership interest in the fund. Such Operating Expense Reimbursement shall be used for research, evaluation of investments, due diligence on any investment, and other operational functions associated with maintaining the fund. Such Operating Expense Reimbursement shall be calculated as of the last business day of each calendar month and paid to Simon Quick Advisors, LLC as of the last business day of each calendar quarter.
• Simon Quick Chapin Master Fund QP, LLC: a fund whose assets are allocated among various other private investment funds. This fund is comprised of two feeder vehicles, Simon Quick Chapin Fund QP, LLC and Simon Quick Chapin Fund QP, Ltd. Investors must be Qualified Purchasers as defined under Section 2(a)(51) of the Investment Company Act of 1940. The fund is exempt from registration under 3(c)(7) of the Investment Company Act of 1940. The Fund was split from its predecessor fund, Simon Quick Chapin Master Fund, LLC, on July 1, 2019. The Simon Quick Chapin Master Fund QP, LLC shall be assessed an annual fee of $50,000 payable to Simon Quick Advisors, LLC (“Operating Expense Reimbursement”). The Operating Expense Reimbursement will be split evenly between the two feeder vehicles. Each investor will contribute to the Operating Expense Reimbursement based upon their pro-rata ownership interest in the fund. Such Operating Expense Reimbursement shall be used for research, evaluation of investments, due diligence on any investment, and other operational functions associated with maintaining the fund. Such Operating Expense Reimbursement shall be calculated as of the last business day of each calendar month and paid to Simon Quick Advisors, LLC as of the last business day of each calendar quarter.
• Simon Quick Global Equities Fund, LP: a fund whose assets are allocated among various separate account managers; investors must be Accredited Investors as defined under Rule 501 of Regulation D. The fund is exempt from registration under 3(c)(1) of the Investment Company Act of 1940. The Simon Quick Global Equities Fund, LP shall be assessed an annual fee of $20,000 payable to Simon Quick Advisors, LLC (“Operating Expense Reimbursement). Each investor will contribute to the Operating Expense Reimbursement based upon their pro-rata ownership interest in the fund. Such Operating Expense Reimbursement shall be used for research, evaluation of investments, due diligence on any investment, and other operational functions associated with maintaining the fund. Such Operating Expense Reimbursement shall be calculated as of the last business day of each calendar month and paid to Simon Quick Advisors, LLC as of the last business day of each calendar quarter.
• Simon Quick Global Equities Fund QP, LP: a fund whose assets are allocated among various separate account managers; investors must be Qualified Purchasers as defined under Section 2(a)(51) of the Investment Company Act of 1940. The fund is exempt from registration under 3(c)(7) of the Investment Company Act of 1940. The Simon Quick Global Equities Fund QP, LP shall be assessed an annual fee of $50,000 payable to Simon Quick Advisors, LLC (“Operating Expense Reimbursement”). Each investor will contribute to the Operating Expense Reimbursement based upon their pro-rata ownership interest in the fund. Such Operating Expense Reimbursement shall be used for research, evaluation of investments, due diligence on any investment, and other operational functions associated with the maintaining fund. Such Operating Expense Reimbursement shall be calculated as of the last business day of each calendar month and paid to Simon Quick Advisors, LLC as of the last business day of each calendar quarter. The complete description of the “affiliated funds” including the terms, conflicts of interest, conditions, risks, Operating Expense Reimbursement, and management fees associated with each of the affiliated funds is set forth in each affiliated fund’s offering documents. Simon Quick, on a non-discretionary or discretionary basis, recommends that qualified clients allocate a portion of their investment assets to the affiliated funds. Please Note: Private investment funds generally involve various risk factors, including, but not limited to, potential for complete loss of principal, liquidity constraints and lack of transparency, a complete discussion of which is set forth in each fund’s offering documents, which will be provided to each client for review and consideration. Unlike liquid investments that a client maintains, private investment funds do not provide daily liquidity or pricing. Each prospective client investor will be required to complete a Subscription Agreement, pursuant to which the client shall establish that he/she is qualified for investment in the fund and acknowledges and accepts the various risk factors that are associated with such an investment. REPORTING SERVICES Simon Quick also provides reporting services, which incorporate the client’s investment assets, including those investment assets that are not part of the assets managed or recommended by Simon Quick (the “Excluded Assets”). Should the client receive such reporting services, the client acknowledges and understands that with respect to the Excluded Assets, Simon Quick’s service is limited to reporting services only and does not include investment advisory, review, or monitoring services, nor investment recommendations or advice. As such, the client, and not Simon Quick, shall be exclusively responsible for the investment performance of the Excluded Assets. In the event the client desires that Simon Quick provide investment advisory services with respect to the Excluded Assets, the client engages Simon Quick to do so for a separate and additional fee pursuant to the terms and conditions of an Investment Advisory Agreement between Simon Quick and the client. When making recommendations and decisions regarding the assets under the Simon Quick’s management, the Simon Quick will consult with the client about the outside investments, as the outside investments are considered a portion of the client’s overall portfolio. Should a client desire to include the outside investments on their report, the client does pay a reporting fee to cover the cost of including the outside investments on the asset reports. The fixed fee is agreed upon between the client and Simon Quick and is described in the client’s Investment Advisory Agreement. FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE) To the extent requested by a client, Simon Quick will provide financial planning and/or consulting services on a stand-alone separate fee basis. In providing financial planning and/or consulting services, Simon Quick will review several areas of the client’s financial profile, including objectives, asset/liability analysis, tax planning and compliance, cash flow management, investment planning, retirement planning, risk management, estate planning, multi-generational wealth transfer strategies, asset protection, and closely held business transition strategies. Simon Quick’s planning and consulting fees are negotiable. If requested by the client, if needed, Simon Quick will recommend the services of other professionals for implementation purposes. The client is under no obligation to engage the services of any such recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation from Simon Quick. Please Note: If the client engages any such recommended professional, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. Please Also Note: It remains the client’s responsibility to promptly notify Simon Quick if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising Simon Quick’s previous recommendations and/or services. At all times, the engaged licensed professional[s] (i.e., attorney, accountant, insurance agent, etc.), and not Simon Quick, shall be responsible for the quality and competency of the services provided. ADMINISTRATIVE AND BILL PAY SERVICES Simon Quick provides Administrative and Bill-paying services to clients. In providing these services Simon Quick will coordinate bill payment and review of expenses, review and reconcile bank statements, assist in cash flow management, review purchase and sale documentation including real estate, collectibles, and other assets, oversee household staff payroll, benefits, and hiring, negotiate purchases, sales and auction agreements; and obtain and/or update asset appraisals on an as needed basis. TAX PLANNING AND COMPLIANCE Simon Quick provides Tax Planning and Compliance services to clients. In providing these services, Simon Quick prepares federal and state income tax returns for individuals, partnerships, foundations, corporations, estates, and trusts. In addition, Simon Quick prepares quarterly estimates and extensions, tax liability projection planning, provide support during IRS audits and/or state and local tax authorities, and manage payroll filings for household staff. BILL-PAY AND BOOKKEEPING SERVICES Simon Quick provides Bill-Pay and Bookkeeping services to clients. In providing these services, Simon Quick processes bill payments and bookkeeping for individuals, partnerships, foundations, corporations, estates, and trusts. WEALTHMETRX Simon Quick is the sole and exclusive owner of “WealthMetrx”, a tax-related software program which Simon Quick utilizes with certain of its clients in conjunction with the client’s CPA. Simon Quick is not a CPA, and no portion of its services, including the use of WealthMetrx, should be construed as accounting services, nor as a substitute for the services provided by a CPA. MISCELLANEOUS Limitations of Financial Planning and Non-Investment Consulting/Implementation Services. To the extent requested by a client, Simon Quick shall generally provide financial planning and related consulting services regarding non-investment related matters, such as estate planning, tax planning and compliance, insurance, etc. Simon Quick does not serve as an attorney, certified public accounting firm, or insurance agency, and no portion of our services should be construed as same. Accordingly, Simon Quick does not prepare estate planning documents, or sell insurance products. To the extent requested by a client, we will recommend the services of other professionals for certain non-investment implementation purpose (i.e., attorneys, tax planning and compliance, bill-pay services, accountants, insurance, etc.), which will include Simon Quick affiliated entities or persons, thereby creating a conflict of interest. See disclosure in Item 10 below. Clients are under no obligation to engage the services of any such recommended professional, including those affiliated persons of Simon Quick. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation and is at liberty to choose to implement recommendations and services through another professional of your choosing. Please Note: If the client engages any unaffiliated recommended professional, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. Please Also Note: It remains the client’s responsibility to promptly notify Simon Quick if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising Simon Quick’s previous recommendations and/or services. At all times, the engaged licensed professional[s] (i.e., attorney, accountant, insurance agent, etc.), and not Simon Quick, shall be responsible for the quality and competency of the services provided. Retirement Rollovers-Potential for Conflict of Interest. A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If Simon Quick recommends that a client roll over their retirement plan assets into an account to be managed by Simon Quick, such a recommendation creates a conflict of interest if Simon Quick will earn new (or increase its current) compensation as a result of the rollover. If Simon Quick provides a recommendation as to whether a client should engage in a rollover or not (whether it is from an employer’s plan or an existing IRA), Simon Quick is acting as a fiduciary 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. No client is under any obligation to roll over retirement plan assets to an account managed by Simon Quick, whether it is from an employer’s plan or an existing IRA. Simon Quick’s Chief Compliance Officer, Steve Pisano, remains available to address any questions that a client or prospective client may have regarding the potential for conflict of interest presented by such rollover recommendation. ERISA PLANS and 401(k) INDIVIDUAL ENGAGEMENTS: When Simon Quick provides investment advice to its client regarding retirement plan accounts or individual retirement accounts, Simon Quick is a fiduciary 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 that Simon Quick earns compensation 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 interest ahead of yours.
• Trustee Directed Plans. Simon Quick is engaged to provide investment advisory services to ERISA retirement plans, whereby the Firm shall manage Plan assets consistent with the investment

objective designated by the Plan trustees. In such engagements, Simon Quick will serve as an investment fiduciary as that term is defined under The Employee Retirement Income Security Act of 1974 (“ERISA”). Simon Quick will generally provide services on an “assets under management” fee basis per the terms and conditions of an Investment Advisory Agreement between the Plan and the Firm.
• Participant Directed Retirement Plans. Simon Quick also provides investment advisory and consulting services to participant directed retirement plans per the terms and conditions of an Investment Advisory Agreement between Simon Quick and the plan. For such engagements, Simon Quick shall assist the Plan sponsor with the selection of an investment platform from which Plan participants shall make their respective investment choices (which includes investment strategies devised and managed by Simon Quick), and, to the extent engaged to do so, also provides corresponding education to assist the participants with their decision-making process.
• Client Retirement Plan Assets. If requested to do so, Simon Quick shall provide investment advisory services relative to the client’s 401(k) plan assets. In such event, Simon Quick shall recommend that the client allocate the retirement account assets among the investment options available on the 401(k) platform. The client is exclusively responsible for making all transactions. Simon Quick’s ability shall be limited to making recommendations regarding the allocation of the assets among the investment alternatives available through the plan. Simon Quick will not receive any communications from the plan sponsor or custodian, and it shall remain the client’s exclusive obligation to notify Simon Quick of any changes in investment alternatives, restrictions, etc. pertaining to the retirement account. Use of Mutual Funds. Most mutual funds are available directly to the public. Thus, a prospective client can obtain many of the mutual funds that we utilize independent of engaging our services as an investment advisor. However, if a prospective client determines to do so, he/she will not receive our initial and ongoing investment advisory services. All mutual funds (and exchange traded funds) impose fees at the fund level (e.g., management fees and other fund expenses). All mutual fund fees are separate from, and in addition to, our investment advisory fee as described in Item 5 below. Our Chief Compliance Officer remains available to address any questions that a client or prospective client has regarding the above. Independent Managers. Simon Quick also allocates (or recommend that the client allocate) a portion of a client’s investment assets among unaffiliated independent investment managers in accordance with the client’s designated investment objective(s). In such situations, the Independent Manager[s] shall have day-to-day responsibility for the active discretionary management of the allocated assets. Simon Quick shall continue to render investment advisory services to the client relative to the ongoing monitoring and review of account performance, asset allocation and client investment objectives. Factors which Simon Quick shall consider in recommending Independent Manager[s] include the client’s designated investment objective(s), management style, performance, reputation, financial strength, reporting, pricing, and research. Simon Quick maintains sub-advisory arrangements with many of the Independent Managers it recommends for client portfolios. This means that Simon Quick has authority to hire and/or fire Independent Managers on behalf of its discretionary clients and also results in some operational efficiencies regarding the opening and closing of accounts as well as communicating transaction details. Independent Managers charge their own advisory fees, which are typically deducted directly from the client’s custodial account at customary billing intervals and do not separately pay a referral fee to Simon Quick. The assets invested with an Independent Manager are included with the client’s other assets managed directly by Simon Quick for the purpose of calculating and billing in accordance with the client’s fee schedule. Annual fees charged by Independent Managers vary, and generally depend on the amount of client assets under management by the Independent Manager. These fees are in addition to Simon Quick’s advisory fee and are typically debited directly by the Independent Manager from the client’s account. Please Note: The investment management fee charged by the Independent Manager[s]is separate from, and in addition to, Simon Quick’s advisory fee as set forth in the fee schedule in Item 5 below. The annual investment management fee charged by the Independent Manager(s) (fees for equity managers are generally higher than those for fixed income managers) is separate from, and in addition to, Simon Quick’s advisory fee as set forth in the fee schedule at Item 5 below. Please Also Note: Conflict of Interest: Simon Quick allocates (or recommend that the client allocate) assets to Independent Managers and/or private investment funds, a principal of which, in his/her individual capacity, is a Simon Quick client and unaffiliated promoter that is compensated a referral fee by Simon Quick for clients introduced to Simon Quick, thereby creating a conflict of interest. Simon Quick has an economic incentive to allocate client assets to such managers and/or funds (i.e., as result of the allocation, Simon Quick will assist an existing individual client from whom it currently earns, and anticipates it will continue to earn, investment advisory fees). Given the conflict of interest, a client can request, in writing, that Simon Quick not allocate any assets to such managers or funds. ANY QUESTIONS: Simon Quick’s Chief Compliance Officer remains available to address any questions regarding Independent Manager(s), and the additional fees to be incurred by the client as result of such engagements. Non-Discretionary Service Limitations. Clients who determine to engage Simon Quick on a non-discretionary investment advisory basis must be willing to accept that Simon Quick cannot affect any account transactions without obtaining prior consent to such transaction(s) from the client. Thus, if Simon Quick would like to make a transaction for a client’s account (including in the event of an individual holding or general market correction), and the client is unavailable, Simon Quick will be unable to affect the account transaction(s) (as it would for its discretionary clients) without first obtaining the client’s consent. Inverse/Enhanced Market Strategies. Simon Quick utilizes long and short mutual funds and/or exchange traded funds that are designed to perform in either an: (1) inverse relationship to certain market indices (at a rate of 1 or more times the inverse [opposite] result of the corresponding index) as an investment strategy and/or for the purpose of hedging against downside market risk; and (2) enhanced relationship to certain market indices (at a rate of 1 or more times the actual result of the corresponding index) as an investment strategy and/or for the purpose of increasing gains in an advancing market. There can be no assurance that any such strategy will prove profitable or successful. Considering these enhanced risks/rewards, a client is permitted to direct Simon Quick, in writing, not to employ any or all such strategies for his/her/their/its accounts. Cash Positions. Simon Quick continues to treat cash as an asset class. As such, unless determined to the contrary by Simon Quick, all cash positions (money markets, etc.) shall continue to be included as part of assets under management for purposes of calculating Simon Quick’s advisory fee. At any specific point in time, depending upon perceived or anticipated market conditions/events (there being no guarantee that such anticipated market conditions/events will occur), Simon Quick may maintain cash positions for defensive purposes. In addition, while assets are maintained in cash, such amounts could miss market advances. Depending upon current yields, at any point in time, Simon Quick’s advisory fee could exceed the interest paid by the client’s money market fund. ANY QUESTIONS: Simon Quick’s Chief Compliance Officer, Steve Pisano, remains available to address any questions that a client or prospective may have regarding the above fee billing practice.. Socially Responsible (ESG) Investing Limitations. Socially Responsible Investing involves the incorporation of Environmental, Social and Governance (“ESG”) considerations into the investment due diligence process. ESG investing incorporates a set of criteria/factors used in evaluating potential investments: Environmental (i.e., considers how a company safeguards the environment); Social (i.e., the manner in which a company manages relationships with its employees, customers, and the communities in which it operates); and Governance (i.e., company management considerations). The number of companies that meet an acceptable ESG mandate can be limited when compared to those that do not and could underperform broad market indices. Investors must accept these limitations, including the potential for underperformance. As with any type of investment (including any investment and/or investment strategies recommended and/or undertaken by Simon Quick), there can be no assurance that investment in ESG securities or funds will be profitable or prove successful. Simon Quick generally relies on the assessments undertaken by the unaffiliated mutual fund, exchange traded fund or separate account manager to determine that the fund’s or portfolio’s underlying company securities meet a socially responsible mandate. Cybersecurity. Investment advisors, including Simon Quick, must rely in part on digital and network technologies (“cyber networks”) to maintain substantial computerized data about activities for client accounts and to otherwise conduct their businesses. Such cyber networks might, in some circumstances, be subject to a variety of possible cybersecurity incidents or similar events that could potentially result in the inadvertent disclosure of confidential computerized data or client data to unintended parties, or the intentional misappropriation or destruction of data by malicious hackers seeking to compromise sensitive information, corrupt data, or cause operational disruption. Cyber-attacks might potentially be carried out by persons using techniques that could range from efforts to electronically circumvent network security or overwhelm websites to intelligence gathering and social engineering functions aimed at obtaining information necessary to gain access. Simon Quick maintains policies and procedures on information technology security, it has certain technical and physical safeguards intended to protect the confidentiality of its internal data and takes other reasonable precautions to limit the potential for cybersecurity incidents, and to protect data from inadvertent disclosure or wrongful misappropriation or destruction. Nevertheless, despite reasonable precautions, the risk remains that cybersecurity incidents could potentially occur, and such incidents, in some circumstances, might result in unauthorized access to sensitive information about Simon Quick or its clients or their investors, and/or cause damage to client accounts or Simon Quick’s activities for clients or their investors. Simon Quick will seek to notify affected clients and investors of any known cybersecurity incident that poses a substantial risk of exposing confidential personal data about such clients or investors to unintended parties. Client Obligations. In performing its services, Simon Quick shall not be required to verify any information received from the client or from the client’s other professionals and is expressly authorized to rely thereon. Moreover, each client is advised that it remains his/her/its responsibility to promptly notify Simon Quick of any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising Simon Quick’s previous recommendations and/or services. Custodian Charges - Additional Fees: As discussed below at Item 12 below, when requested to recommend a broker-dealer/custodian for client accounts, Simon Quick generally recommends that Schwab, Fidelity and/or Pershing serve as the broker-dealer/custodian for client investment management assets. Broker-dealers such as Schwab, Fidelity and Pershing charge brokerage commissions, transaction, and/or other type fees for effecting certain types of securities transactions (i.e., including transaction fees for certain mutual funds, and mark-ups and mark-downs charged for fixed income transactions, etc.). The types of securities for which transaction fees, commissions, and/or other type fees (as well as the amount of those fees) shall differ depending upon the broker-dealer/custodian. While certain custodians, including Schwab, Fidelity and Pershing generally (with exceptions) do not currently charge fees on individual equity transactions (including ETFs), others do. There are also transaction fee pricing differentials between Schwab, Fidelity and Pershing. Independent Managers could use other broker-dealers that have different transaction fee pricing. Please Note: There can be no assurance that Schwab, Fidelity and/or Pershing will not change its transaction fee pricing in the future. Tradeaways: When beneficial to the client, individual fixed‐income and/or equity transactions may be effected through broker‐dealers with whom Simon Quick and/or the client have entered into arrangements for prime brokerage clearing services, including effecting certain client transactions through other SEC registered and FINRA member broker‐dealers (in which event, the client generally will incur both the transaction fee charged by the executing broker‐dealer and a “trade-away” fee charged by Schwab Fidelity and/or Pershing). The above fees/charges are in addition to Simon Quick’s investment advisory fee at Item 5 below. Simon Quick does not receive any portion of these fees/charges. ANY QUESTIONS: Simon Quick’s Chief Compliance Officer, Steve Pisano, remains available to address any questions that a client or prospective client may have regarding the above. Portfolio Activity. Simon Quick has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment advisory services, Simon Quick will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, fund manager tenure, style drift, account additions/withdrawals, and/or a change in the client’s investment objective. Based upon these factors, there will be extended periods of time when Simon Quick determines that changes to a client’s portfolio are neither necessary nor prudent. Of course, as indicated below, there can be no assurance that investment decisions made by Simon Quick will be profitable or equal any specific performance level(s). Role as Sub-advisor. Simon Quick also serves as a sub-advisor to unaffiliated registered investment advisors per the terms and conditions of a written Sub- Advisory Agreement. With respect to its sub-advisory services, the unaffiliated investment advisors that engage Simon Quick’s sub-advisory services maintain both the initial and ongoing day-to-day relationship with the underlying client, including initial and ongoing determination of client suitability for Simon Quick’s designated investment strategies. If the custodian/broker-dealer is determined by the unaffiliated investment advisor, Simon Quick will be unable to negotiate commissions and/or transaction costs, and/or seek better execution. As a result, clients will pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case through alternative clearing arrangements recommended by Simon Quick. Higher transaction costs adversely impact account performance. C. Simon Quick shall provide investment advisory services specific to the needs of each client. Prior to providing investment advisory services, an investment advisor representative will ascertain each client’s investment objective(s). Thereafter, Simon Quick shall allocate and/or recommend that the client allocate investment assets consistent with the designated investment objective(s). The client is permitted to, at any time, impose reasonable restrictions, in writing, on Simon Quick’s services. Additionally, investment objections and restrictions for the affiliated funds are contemplated in the affiliated funds’ governing documents. D. Simon Quick does not participate in a wrap fee program. E. As of December 31, 2023, Simon Quick had $5,271,470,852 assets under management (“AUM”) on a discretionary basis and $481,422,408 AUM on a non- discretionary basis for a total of $5,752,893,260. In addition to discretionary and non-discretionary regulatory AUM, Simon Quick advises and consults, but does not have any management, execution, or trading authority, on $1,678,323,604 in assets as of December 31, 2023.