Ativo Capital Management, LLC (or “Ativo” or the “firm”) is an SEC-registered investment adviser with its principal place of business located in Chicago, Illinois. The firm is a Delaware limited liability company that began conducting business in 2001. Ativo Holdings, LLC, a Delaware limited liability company, owns 60.65% of the firm. Ricardo Bekin, the firm’s Chief Executive Officer and Chief Investment Officer is the sole member of Ativo Holdings, LLC. Pinecliff Trust owns 23.18% of the firm. Mr. Bekin is the trustee of Pinecliff Trust. There are five other members that collectively own the remaining portion of the firm as noted in Ativo’s Form ADV Part 1. For information on Ativo’s portfolio management services please contact our marketing team at marketing@ativocapital.com or at 312-263-7600. Ativo offers the following advisory services to our clients: Portfolio Management for Separately Managed Accounts Ativo offers a variety of long-only equity strategies to individual and institutional clients (“client(s)”) as separately-managed accounts (“SMAs”) permitting the client to select an appropriate strategy or strategies based on its needs. Once suitability is determined, the account is generally managed according to the strategy’s goal. Institutional clients generally determine suitability, at least in part, before selecting Ativo to manage its assets. For individual clients, suitability is generally determined while reviewing the client’s investment policy statement/investment management agreement. This aids Ativo in gathering relevant information to assist with making a suitability determination. Clients have the opportunity to place reasonable guidelines and restrictions on the account to be managed by Ativo. We manage these advisory accounts on a discretionary basis. Clients retain individual ownership of all securities. Once the client’s account is established, we review its composition each week and make changes, as required, based on our current analysis. As part of our standard services, we monitor and advise clients’ investment portfolios on an ongoing basis. We design and update our strategies in-house. Our strategies are generally comprised of the following securities:  Domestic exchange-listed equity securities  Domestic equity securities traded over-the-counter  Foreign equity securities traded in the US  Foreign equity securities traded in foreign markets  Foreign equity securities traded over-the-counter Model Portfolio Management Our firm provides continuous portfolio management services

to model-based unified managed account platforms (“UMA”) which may also be described as wrap fee programs. Each model portfolio is designed to meet a particular investment strategy. Ativo provides these model portfolios to select broker-dealers and investment advisers (“UMA Program Sponsors”). The UMA Program Sponsors initially determine whether the model is suitable to a particular client’s circumstances. The client portfolio is then managed by the UMA Program Sponsor according to the model’s strategy. We structure these models using the same approach as we do for our separately-managed account clients. Generally, the only differences are due to separately-managed client-imposed guidelines and restrictions. However, Ativo, at its discretion, structures custom models at the request of UMA Program Sponsors. Ativo is not responsible for trade execution, reconciliation, and other functions within the UMAs it advises. Moreover, Ativo has no discretion over the client assets subscribed to our model portfolios made available through the UMA Program Sponsors. For that reason, we exclude these assets from our assets under management and instead report them as assets under advisement as noted below. The underlying UMA clients retain individual ownership of all securities. Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or investment adviser and will generally include the following securities:  Domestic exchange-listed equity securities  Domestic equity securities traded over-the-counter  Foreign equity securities traded in the US  Foreign equity securities traded in foreign markets  Foreign equity securities traded over-the-counter Private Funds Ativo also serves as the investment manager of one private fund: Ativo International Equity Fund, LP (“Private Fund”). Ativo Global Funds, LLC, an affiliate of the firm, serves as the general partner of the private fund. The Private Fund is offered exclusively to certain qualified investors under its Confidential Private Placement Memorandum (each a “Memorandum”). Please refer to a Private Fund’s Memorandum for additional details of the terms of an investment in that Private Fund. Amount of Managed and Advised Assets As of 12/31/2023, Ativo actively managed $999,526,084 of total clients’ assets or assets under management (“AUM”), all of which was discretionary. As of 12/31/2023, Ativo provided UMA asset under advisement (“AUA”) services for approximately $131,496,719 in underlying client assets.