EntrepreneurShares, LLC (“EntrepreneurShares”) is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). EntrepreneurShares, LLC was founded and has been registered as an investment adviser since July 2010. Dr. Joel M. Shulman is the principal owner of EntrepreneurShares. Investment Management Services EntrepreneurShares invests money primarily in accordance with the separate strategies the firm has developed and is willing to customize investments and portfolios to the needs and desires of an individual client. It is the view of EntrepreneurShares that organizations that emphasize entrepreneurial culture. Entrepreneurs have the potential to outperform well-established corporations over time. Though they may have much less access to cheap debt or equity, they tend to more than compensate with methods for making their resources go further. Entrepreneurs with vast financial resources are not always successful. In order to grow, entrepreneurial teams need opportunities to match their resources with appropriate projects. Entrepreneurs tend to position their company at the center of industry growth. Their wealth is created, in part, from a unique vision on how to extract value within competitive market environments. Eventually the outstanding results of entrepreneurial businesses attract the attention of analysts and the media, and publicly traded stocks of successful Entrepreneurial Companies are bid higher. EntrepreneurShares searches for attributes that are markers of entrepreneurial behavior that can be monitored. For example, an organization with an "entrepreneurial culture" is presumed to have a more efficient workforce that would outperform non-Entrepreneurial Companies. EntrepreneurShares also evaluates "entrepreneurial vision." The portfolio manager presumes that company managers with better entrepreneurial vision will select more efficient and economically effective growth vehicles without taking on undue risk. This trait might be represented by superior growth characteristics compared to other non- entrepreneurial peer companies in the same industry. Investments are not held by EntrepreneurShares. Instead, all investments managed by EntrepreneurShares are held at the custodian or brokerage firms ("Custodian") through which transactions are placed. EntrepreneurShares does not assure or guarantee the results of its investment management services. Thus, losses can occur from following EntrepreneurShares’ advice pertaining to any investment or investment approach. When we recommend investing in one of our proprietary or related funds or provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Securities Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable, which are laws governing retirement accounts. The receipt of our advisory fee for making a recommendation creates a conflict of interest under ERISA/IRC 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. For example, if we recommend that you roll over assets from one retirement account to another, and we will receive increased compensation as a result of that recommendation, we have a conflict that requires us to operate under this special rule. Valuation Services EntrepreneurShares

provides independent and objective fairness opinion services for proposed transactions. In addition, the firm provides independent and objective valuation services for various types of assets, businesses, and securities, which include, but are not limited to private assets, private liabilities, and private companies. With a team of professionals with specialized training and expertise in finance, accounting, economics and valuation methodologies, the firm will use a variety of methods and techniques to determine the value of assets and liabilities, depending on the type of asset and liability being valued and the purpose of the valuation. When providing fairness opinions, the firm will review the proposed transaction, including the term of the deal, financial projections (if provided), as well as other relevant information. The firm will prepare a written opinion that evaluates the financial fairness of the transaction. If requested, the firm can present the opinion to the board of directors or a committee of the board, who will then use the opinion to help make an informed decision about the transaction. Type of Advisory Services EntrepreneurShares Proprietary Strategies: EntrepreneurShares, LLC manages separately managed accounts (“SMA”), offers advisory and sub advisory services to their investment companies as well as participates in model delivery programs (”UMA”) using its proprietary Entrepreneurshares portfolio strategies. The strategies are identified as followed: the ERShares Global Entrepreneurs Strategy, the ERShares U.S. Large Cap Strategy, the ERShares U.S. Small Cap Strategy, the ERShares Entrepreneurs Strategy, the ERShares NextGen Entrepreneurs Strategy. The strategies seek long term capital appreciation. EntrepreneurShares also develops and maintains the Entrepreneur 30 Index and the Entrepreneur Non-US Small Cap Index. Mutual Funds: EntrepreneurShares serves as sub adviser to the ERShares Global Entrepreneurs Mutual Fund (the “Fund” or the “Global Fund”), which seeks long-term capital appreciation. As sub adviser, EntrepreneurShares is primarily responsible for the day-to-day management of the investment portfolio of the Fund. The Fund seeks investment results that exceed the performance, before fees and expenses, of the MSCI World Index, through active principles-based securities selection. The Fund primarily invests in equity securities of global companies with market capitalizations that are above $300 million at the time of initial purchase and possess entrepreneurial characteristics, as determined by the Fund’s portfolio manager. In view of this, the Fund may be subject to above-average risk. Clients and prospective clients are encouraged to carefully read the Fund's Prospectus for details about the Fund's objectives and fees. Unified Managed Account Services: EntrepreneurShares participates in Unified Managed Account ("UMA") programs at various organizations. EntrepreneurShares does not manage or have discretionary authority over any UMA assets, nor does it process transactions. Rather, EntrepreneurShares provides the portfolio model to the UMA program sponsor, and its managers utilize the model as they deem appropriate for client assets under their supervision and control. EntrepreneurShares also provides updates to the model as part of its service. Assets under Management: As of December 31, 2023, EntrepreneurShares’ discretionary assets under management were $53,171,598.