LM Advisors, LLC (“LM Advisors” or the “firm”) is a SEC-registered investment adviser with its principal place of business located in California. LM Advisors, LLC began conducting business in June 2010, succeeding LM Advisors, Inc, a SEC registered investment adviser which began operations in September 1984. LM Advisors also conducts business under the name LMA Wealth Management. Leonardo Simpser is the firm's principal shareholder (i.e., those individuals and/or entities controlling 25% or more of this company). LM Advisors, LLC offers the following advisory services to our clients: Advisory Services INVESTMENT SUPERVISORY SERVICES ("ISS") INDIVIDUAL PORTFOLIO MANAGEMENT Our firm provides continuous advice to a client regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop a client's personal investment policy and 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 also review and discuss a client's prior investment history, as well as family composition and background. In some instances, for a portion of the portfolio, we select a money manager (same firms as mutual fund) to manage a specific strategy in a client’s account. In those instances, we monitor the portfolio and performance of the strategy and make changes accordingly. We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., capital preservation, cash flow / income and growth), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. 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 Foreign issuers Certificates of deposit

Municipal securities United States governmental securities Options contracts on securities Mutual Funds and ETFs Because some types of investments involve certain additional degrees of risk, they will be implemented/recommended when consistent with the client's stated investment objectives, time horizon, tolerance for risk, liquidity and suitability. We offer non-discretionary services where we provide investment recommendations to a client. We do not trade the recommended securities for you. You are responsible for deciding which securities to trade in your account and executing the trade in your account. LM Advisors provides investment advisory services to the LM Balanced Segregated Portfolio, a pooled investment vehicle. LM Advisors invests client assets in LM Balanced Segregated Portfolio, when we determine it is in the best interest of the client. When we 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 Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money 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 interests ahead of yours. Under this special rule's provisions, we must:
• Meet a professional standard of care when making investment recommendations;
• Never put our financial interests ahead of yours when making recommendations;
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. For more information about our conflicts of interest, please review items 5, 10, 11 and 14 or reach out to us using the contact information on the cover page of this brochure. AMOUNT OF MANAGED ASSETS As of 12/31/2023, we were managing a total of $2,001,220,702 of client assets, on a discretionary basis and $12,635,734 on a non-discretionary basis.