Description of Advisory Firm Telos Capital Management, Inc. (“TCM,” “we,” “our,” or “us”) is a privately-owned corporation headquartered in San Diego, CA. TCM is registered as an investment adviser with the U.S. Securities and Exchange Commission. Stefan Meierhofer originally co-founded A&M Investment Management in January 2003. In January 2009, the firm incorporated and changed its name to Telos Capital Management, Inc. In December 2012, Stefan Meierhofer became TCM’s sole owner, and in 2014, Jonathan P. Fairchild acquired a minority interest in the firm. In January 2019, Andrew Weld acquired a minority interest in the firm. Fiduciary Duty Registered investment advisers are considered fiduciaries under federal law. Our fiduciary duty carries with it an obligation to act in the best interest of our clients pursuant to a relationship of trust and confidence. It encompasses a duty of care and a duty of loyalty. Duty of Care The duty of care includes, among other things: 1. the duty to provide advice that is in the best interest of the client; 2. the duty to seek best execution of a client’s transactions where the adviser has the responsibility to select broker-dealers to execute client trades; and 3. the duty to provide advice and monitoring over the course of the relationship. The duty to provide advice suitable to each client based on a reasonable understanding of the client’s objectives is a critical component of the duty of care. Providing suitable advice includes making a reasonable inquiry into the client’s financial situation, investment experience, and financial goals and then updating this information as necessary throughout the course of the relationship to reflect the client’s changing objectives over time and adjusting the advice we provide to reflect any changed circumstances. When TCM has the responsibility to select broker-dealers to execute client trades in discretionary accounts, we seek to trade such that the client’s total cost or proceeds in each transaction are the most favorable under the circumstances. In doing so, we consider the full range and quality of a broker’s services and so the determinative factor is not necessarily the lowest possible commission cost but whether the transaction represents the best qualitative execution. Moreover, we periodically and systematically evaluate the execution we receive on behalf of our clients. Our duty of care includes an obligation to provide advice and monitoring at a frequency that is in the best interest of the client, taking into account the scope of the agreed relationship. This scope is indicated by the duration and nature of the services as outlined in each client’s advisory arrangement and extends to all personalized advice provided to clients. Telos Capital Management, Inc. Brochure Revised March 20, 2024 7 Duty of Loyalty TCM adheres to a duty of loyalty where we seek to serve the best interests of our clients and never subordinate the interests of our clients to our own. Simply put, TCM cannot place its own interests ahead of the interests of our clients. In observance of this duty, we must make full and fair disclosure to clients of all material facts relating to the advisory relationship. Further, we also seek to eliminate or at least expose through full and fair disclosure all conflicts of interest which might incline TCM, consciously or unconsciously, to render advice that is not disinterested. We believe that in order for disclosure to be full and fair, it should be sufficiently specific so that each client is able to understand the material fact or conflict of interest and make an informed decision whether to provide consent. Consequently, we provide this ADV 2A brochure to all prospective clients at or before entering into a contract so that they can use the information within to decide whether or not to enter into an advisory relationship. Advisory Services Offered TCM offers the following services to advisory clients: Investment Management Services TCM provides investment management services to individual investors, trusts, estates, charitable organizations, participants of retirement plans, small businesses, and high-net-worth individuals. Investment portfolios are generally managed on a fully discretionary basis in accordance with the particular investment strategy selected by the client. Although TCM exercises investment discretion for each account that it advises, clients are given the ability to impose reasonable restrictions on the management of their accounts, including specific securities or security types. TCM actively manages client portfolios on an ongoing basis and rebalances them when, in TCM’s judgment, rebalancing is warranted in light of market conditions and/or changes in clients’ circumstances. In constructing portfolios, the principles of asset allocation and security diversification guide our investment management process. Recommended asset allocation strategies take into consideration a client’s investment objectives, risk tolerance, liquidity needs, time horizon, tax situation, and other unique, personal circumstances. Clients who engage TCM to provide investment advisory services will be required to complete an Investment Management Agreement (IMA) and Client Profile. The IMA details the terms and conditions of the engagement and the scope of the services we will provide. The Client Profile provides TCM with valuable personal information regarding the client’s financial situation and risk tolerance. This information is used in the design, implementation, and management of a client’s investment portfolio. TCM offers three distinct programs of managing client accounts:
• TCM Managed Portfolios
• TCM McCuen Portfolios
• Sherman Core Portfolios Each of these programs is described in further detail under Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss, below. Telos Capital Management, Inc. Brochure Revised March 20, 2024 8 Within the above programs, we primarily utilize the following investment types when making purchases in client accounts: 1. Equity securities, including stocks and foreign securities listed on US exchanges (ADRs) or foreign exchanges (ordinaries) 2. Fixed income securities, including corporate and government bonds, commercial paper, and certificates of deposit (CDs) 3. Exchange traded funds (ETFs) 4. Municipal securities 5. Money market funds, cash sweeps, and other cash equivalents Depending on the client’s individual investment objectives and needs, many portfolios further include, as appropriate: 1. Securities with equity and debt characteristics, including convertible bonds, preferred stocks, or other preferred securities 2. Real estate investment trusts (REITs) 3. Mutual funds 4. Exchange traded notes (ETNs) 5. Closed-end funds

6. U.S. government securities 7. Mortgage-backed securities 8. High-yield debt 9. Treasury inflation-protected securities (TIPS) 10. Inflation-indexed bonds 11. Master limited partnerships (MLPs) Occasionally, TCM also offers advice regarding additional types of investments if they are appropriate to address the individual needs, goals, and objectives of the client or in response to client inquiry. We may offer investment advice on any investment held by the client at the start of the advisory relationship. We describe the material investment risks for many of the securities that we utilize under the heading Specific Security Risks in Item 8 below. We discuss our discretionary authority below under Item 16 - Investment Discretion. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client Imposed Restrictions in this item below. We describe the Fees charged for investment management services below under Item 5 - Fees and Compensation. Please note that those clients that invest in the TCM McCuen Portfolios will be managed on a fully discretionary basis and will be transitioned into the TCM Managed Portfolio styles over a period of time, dependent upon the suitability, tax considerations and investment needs of the individual client. Financial Planning Services TCM’s financial planning services focus primarily on retirement planning, retirement plan allocations and investments. Through personal meetings with the client, we collect, organize, and assess relevant information, including the client’s current financial status, investment objectives, tax considerations, Telos Capital Management, Inc. Brochure Revised March 20, 2024 9 financial goals, and attitudes towards risk. The primary objective of this process is to allow TCM to assist the client in developing a written financial plan, which can also be accessed in electronic format. This may include a retirement model, portfolio analysis or other recommendation based on the financial planning agreement. For situations where projections show less than the desired results, we may make recommendations that include showing clients the impact on those projections by making changes in certain variables (i.e., working longer, saving more, spending less, taking more risk with investments). This service is not considered holistic or comprehensive financial planning. Services do not include income tax, gift, or estate tax returns, or preparation of any legal documents. TCM does not receive separate compensation for financial planning related services, and implementation of the recommendations is at the client’s discretion and their responsibility. Financial planning services are not ongoing in nature and clients must understand that their overall situation or needs may not be fully addressed due to these limitations. Limitations on Investments In some circumstances, TCM’s advice may be limited to certain types of securities. Limitation by Plan Sponsor/Employer When we provide services to participants in an employer-sponsored plan, the participant may be limited to investing in securities included in the plan’s investment options. Therefore, TCM can only choose from among the available options and will not invest the client’s account in other securities, even if there are potentially more suitable options elsewhere. Mutual Fund Limitations TCM limits selections of mutual funds to no load funds or load-waived equivalents. Limitation by Client TCM may also limit advice based on certain client-imposed restrictions. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client Imposed Restrictions in this Item below. Non-Managed Assets Non-Managed Assets are assets over which the Client does not grant us investment discretion. TCM does not provide any discretionary or non-discretionary investment advice on such assets, nor do we provide opinions as to the merits of any non-managed asset held in the account, but we will include those assets on the Client’s Reporting Package for informational purposes only. We also do not make any judgments as to the appropriateness of assumed risk or suitability of any non-managed asset given the client’s situation. In limited cases, TCM offers securities trading activities for non-managed positions held within a client’s managed account, acting as an intermediary between the client and the custodian. We offer this service at no charge and at our discretion, in consideration of the client’s other assets that we manage. Telos Capital Management, Inc. Brochure Revised March 20, 2024 10 Tailored Services and Client Imposed Restrictions TCM manages client accounts based on the investment strategy the client chooses, as discussed below under Item 8 - Methods of Analysis, Investment Strategies, and Risk of Loss. TCM applies the selected strategy for each client, based on the client’s individual circumstances and financial situation. We make investment decisions for clients based on information the client supplies about their financial situation, goals, and risk tolerance. Our investment choices may not be suitable if the client does not provide us with accurate and complete information. It is the client’s responsibility to keep TCM informed of any changes to their investment objectives or restrictions. Once the client chooses a certain strategy, each client will have the opportunity to place reasonable restrictions on the account, such as when a client needs to keep a minimum level of cash in the account, or limitations on the purchase or sale of certain securities, types of securities, or industry sectors. We make every effort to manage restricted portfolios along with other clients within similar mandates. However, it is possible that security selection and trade placement will be delayed for these portfolios while we determine whether a proposed investment decision complies with the account guidelines and restrictions or identify alternatives. Accounts subject to investment restrictions or directed broker agreements may forfeit some of the advantages that may result from aggregated orders and may be disadvantaged by the market impact of trading for other portfolios. TCM reserves the right to not accept and/or terminate management of a client’s account if we feel that the client-imposed restrictions are unreasonable and would limit or prevent us from meeting or maintaining the client’s investment strategy. Wrap Fee Programs TCM does not manage accounts as part of a wrap or bundled fee program. Assets Under Management TCM manages client assets in discretionary accounts on a continuous and regular basis. As of December 31, 2023, the total amount of assets under our management was $1,254,803,384.