Financial Management Strategies, Inc. (hereinafter “FMS”) is an SEC-registered investment adviser with its principal place of business located in Ohio. FMS began conducting business in 1999. Jeffrey C. Knox is the firm’s President and owns 55% of the company. Charles B. Elliott is the firm’s Vice-President and owns 20% of the company. The following Investment Adviser Representatives of FMS each owns 5% of the company: Carl J. Camillo, Victoria Ellinger, Daniel J. Lane, Austin J. Linden III, Geoffrey F. Novack. FMS offers the following advisory services to our clients: Individual Portfolio Management Our firm provides continuous asset management of client funds based on the individual needs of each client. Through personal discussions in which goals and objectives based on the client's particular circumstances are established, we develop the client's personal investment policy. We create and manage a portfolio based on that policy. During our data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we may also review and discuss a client’s prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision is guided by the client's time horizon and stated risk profile and investment objective for the account (i.e., Aggressive, Moderately Aggressive, Moderate, Moderately Conservative, Conservative). In the firm’s sole discretion, clients may impose reasonable restrictions in writing on investing in certain securities, types of securities, or industry sectors. Clients retain individual ownership of all securities. Once the client's portfolio has been established, we continually monitor the portfolio and, as necessary, rebalance the portfolio when the investment holdings differ from the target asset allocation for the portfolio in a manner that changes either the investment objective or risk of the portfolio. Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in real estate partnerships Because some types of investments involve additional risk, they will only be recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity, and suitability. To ensure that our initial determination of an appropriate portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, we will: 1. at least annually, contact each client to determine whether there have been any changes in the client's financial situation or investment objectives, and whether the client wishes to impose investment restrictions or modify existing restrictions; 2. be reasonably available to consult with the client; and 3. maintain and update client suitability information. Model Portfolio Management Our firm provides continuous portfolio management services to clients using model asset allocation portfolios. Each model portfolio is designed to meet a particular investment objective. Aggressive Growth This portfolio is designed for an investor who seeks maximum long-term returns and is willing to accept substantial risk and market volatility, believing that the potential for higher returns is far more important than protecting the portfolio’s value. Capital Accumulation This portfolio is designed for an investor who seeks higher long-term returns and is willing to accept some risk and market volatility, believing that the potential for higher long-term returns is more important than protecting the portfolio’s value. Balanced This portfolio is designed for an investor who seeks long-term capital growth through equity investments with reduced volatility through bond holdings and is willing to accept lower long-term market returns in exchange for reduced portfolio risk. Income and Capital Preservation This portfolio is designed for an investor who seeks to preserve the portfolio’s value and minimize market volatility but is willing to take on some risk and accept some short-term loss to the portfolio’s value in exchange for long-term returns that may outpace inflation. Total Return This portfolio is designed for the investor who seeks to maximize portfolio return based upon current market and economic conditions and is willing to accept substantial risk and market volatility. With the emphasis on return only, portfolios may or may not be diversified and there is no target asset allocation for the portfolio. Bond This portfolio is designed for the investor who seeks income through investment in corporate, government, high yield, and global bonds without any expectation of long-term capital growth. Short Term Income Fund This portfolio is designed for the investor who seeks income through investment in short duration corporate and government bonds without any expectation of capital growth as an alternative to cash or money market type investments. For smaller accounts, we have three (3) model asset allocation portfolios that typically have less than five fund holdings. Each model portfolio is designed to meet a particular investment goal. Growth Portfolio This portfolio is designed for an investor who seeks higher long-term returns and is willing to accept significant risk and market volatility, believing that the potential for higher long-term returns is more important than protecting the portfolio’s value. Moderate Portfolio This portfolio is designed for an investor who seeks long-term capital growth through equity investments with reduced volatility through bond holdings and is willing to accept lower long-term market returns in exchange for reduced portfolio risk. Conservative Portfolio This portfolio is designed for an investor who seeks to preserve the portfolio’s value and minimize market volatility but is willing to take on some risk and accept some short-term loss to the portfolio’s value in exchange for long-term returns that may outpace inflation. Through discussions with the client, we determine the client's financial goals, risk profile, and investment objective for the portfolio. Based on those discussions, we select the portfolio that best meets the client’s financial and risk objectives. Each portfolio is managed based on the portfolio's investment and risk objectives. Clients, nevertheless, have the opportunity to place reasonable restrictions on the types of investments to be held in their account. Clients retain ownership of all securities. We manage advisory accounts on both a discretionary or non-discretionary basis. Account supervision is guided by the client's stated account and risk objectives (i.e., maximum capital appreciation, growth, income, growth and income, or capital preservation), as well as tax considerations. Once the client's portfolio has been established, we continually monitor the portfolio and, as necessary, rebalance the portfolio when the investment holdings differ from the target asset allocation for the portfolio in a manner that changes either the investment objective or risk of the portfolio. Our investment recommendations are not limited to any specific product or service offered by a broker dealer or insurance

company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Mutual fund shares Because some types of investments involve additional degrees of risk, they will only be recommended or implemented when consistent with the client's stated investment objectives, tolerance for risk, liquidity, and suitability as detailed in their Investment Policy Statement. To ensure that our initial determination of an appropriate model portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, we will: 1. at least annually, review each participating client to determine whether there have been any changes in the client's financial situation or investment objectives, and whether the client wishes to impose investment restrictions or modify existing restrictions; 2. be reasonably available to consult with the client; and 3. maintain and update client suitability (i.e. account objective and risk) information. Retirement Plan Advisory Services Our firm provides advisory services to pension, profit sharing, 403(b), and 401(k) plans. We select and provide on-going monitoring of funds that are offered as investment options to retirement plan participants. In this capacity, we provide investment advice to the plan Trustee(s) as a fiduciary under either Section 3(21) or 3(38) of the Employee Retirement Income Security Act (hereinafter “ERISA”). The fund selection, monitoring, and review process is done within the guidelines established in the plan’s Investment Policy Statement. For plan participants, we may provide non-discretionary investment advice. Based on information provided by the participant concerning his or her time horizon, risk profile, and investment goals, we may recommend that the participant invest in specific investments from the plan’s available investment options. The participant has the sole responsibility for choosing whether to implement any recommendations made regarding their investment selections. We may also provide education services to plan participants within the guidelines established under ERISA Section 404(c). Services may include information about the company plan, general investment education, asset allocation models, and information or workshops on how to plan for retirement and other financial related topics. The specific services that are provided to a plan are detailed in the client’s Investment Advisory Agreement. Financial Planning We provide financial planning services. Comprehensive financial planning is a broad-based service that provides an evaluation of a client’s current and future financial position by using currently known variables to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, all questions, information and analysis are considered as they impact and are impacted by the entire financial and life situation of the client. Clients receive a written report that provides information and recommendations to assist the client in pursuing his or her financial goals and objectives. The scope of the planning services to be provided the client are included in the client’s Financial Planning/Consulting Agreement. A typical financial plan may address any or all of the following areas:
• Income Tax and Cash Flow. We analyze the client’s income, spending and tax situation and focus on ways to reduce and/or defer current taxation and create a plan that illustrates the impact of various investment and planning strategies on the client's current and future income.
• Investments. We analyze current investments and create an asset allocation model for investments based upon the client’s risk tolerance, time horizon, and planning objectives that can be used as a guide in making current and future investment decisions.
• Education Funding. We review planning options for meeting future education expenses.
• Retirement Planning. We analyze the client’s current situation and make savings and investment recommendations to help the client achieve his or her retirement goals.
• Disability Needs. We review current insurance coverage and make certain adequate income is available in the event of a disability.
• Long Term Care Planning. We review methods to meet the financial cost of long term care and review strategies for preserving and protecting assets.
• Estate Planning. We work with clients to arrange for the desired distribution of assets at death and discuss strategies to minimize estate taxes and expenses.
• Life Insurance and Survivor Income Planning. We review existing policies and coordinate life insurance coverage with other assets to make certain surviving family members have adequate assets to provide income that meets their planning needs.
• Property and Liability Insurance. We review coverage to make certain limits are adequate to protect assets from potential claims. The planning process begins with a comprehensive review of the client’s current situation. Prior to the initial planning meeting, we ask the client to gather information on all existing assets and liabilities including employee benefit programs, retirement plans, investments, all insurance policies, wills and trusts, tax returns, and any other relevant information and documents. During the data gathering interview, this information is reviewed, financial and other planning objectives are established and prioritized, and risk tolerance is determined. We analyze the client’s information and documents and prepare a written plan and provide planning recommendations. Implementation of any planning recommendations is entirely at the client’s discretion. Should the client choose to implement the recommendations contained in the plan, we will assist the client and coordinate our work with the client’s attorney, accountant, insurance agent, and/or investment advisor. Consulting Services Clients can also receive investment advice or planning assistance on a more focused basis. We may provide limited or specific planning services to clients and provide recommendations and advice on a particular problem or specialized matter related to financial planning, insurance, investments, business, and/or estate planning. The specific services to be provided are detailed in the client’s Financial Planning/Consulting agreement. We may also provide investment advice to clients who are participants in an employer-sponsored plan subject to ERISA. The specific services to be provided are detailed in an Addendum to the client’s Financial Planning/Consulting Agreement. Adviser’s financial planning and consulting recommendations are not limited to any specific product or service offered by any broker-dealer or insurance company. Both financial planning and consulting services may be offered on a limited time basis (up to five (5) months) for a one-time, fixed fee or on an hourly fee arrangement. Both services may also be offered on a continuing basis pursuant to a recurring fixed fee or hourly fee arrangement. Amount of Regulatory Assets Under Management and Assets Under Advisement As of 12/31/2023, Adviser was actively managing 1,666 accounts, with regulatory assets under management of $542,023,117. Of this total amount, 1426 accounts with assets of $432,991,517 are managed on a discretionary basis and 240 accounts with assets of $109,031,600 are managed on a non- discretionary basis. In addition, FMS acts as an Investment Manager for 24 retirement plans as defined under ERISA with total assets of $73,931,771. The total of Adviser’s regulatory Assets Under Management and Assets Under Advisement is $615,954,888.