INVESTMENT MANAGEMENT

Palm Beach Group Equity Strategy via Private Investment Management (PIM^®)
Professionally managed portfolios with personal service

The PIM^® program* is a customized portfolio management program geared toward your specific investment goals. Advisors qualifying for this program successfully underwent a rigorous screening process to manage discretionary assets and are subject to ongoing quantitative and qualitative reviews to assess their investment strategies.

Palm Beach Group Equity Strategy is designed for clients seeking an aggressive risk profile within our PIM program. The strategy employs a combination of top-down and bottom-up investment approaches, incorporating equity and credit analysis alongside both fundamental and technical valuation techniques.

We target fewer high conviction names, typically holding concentrated positions in individual equities. The portfolio is built with accountability to long term outcomes, not benchmark comfort. Every holding must justify its role in compounding capital over full market cycles. While the primary emphasis is on U.S. stocks, the strategy retains the flexibility to include select foreign equities when appropriate.

Investment Philosophy
We believe that average returns create a quiet form of shortfall risk that is rarely discussed but frequently experienced. Our philosophy centers on active management and high conviction investing. We believe that combining macroeconomic insights with rigorous company-level research creates an opportunity to outperform broad market indices over time. By focusing on businesses with durable competitive advantages, strong balance sheets, and compelling growth prospects, we aim to deliver superior returns while maintaining discipline in portfolio construction.

Risk Management
While the strategy seeks to outperform the S&P 500, we recognize that higher return potential comes with elevated risk. Risk is defined as the failure to meet long term objectives, not short-term volatility. Temporary drawdowns are accepted when they support long term compounding. To manage this, we employ strict position sizing, sector diversification, and ongoing monitoring of market and company-specific developments. We also utilize technical analysis to identify entry and exit points and may implement tactical measures to help mitigate volatility and enhance income. Our approach is designed to ensure that risk is intentional, measured, and aligned with the portfolio’s mandate.

Our objective is clear: to outperform the S&P 500 over a full market cycle. Historically, the strategy has assumed a higher level of risk than the index, consistent with its aggressive mandate. By combining rigorous research, active management, and tactical allocation, we seek to deliver superior long-term performance for clients who are comfortable with elevated volatility in pursuit of higher returns.


Disclosures

All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful or that a fund will meet its investment objective. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors, some of which may be unpredictable.

<sub>Stocks are subject to market risk, which means their value may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. The prices of small/mid-company stocks are generally more volatile than large company stocks. They often involve higher risks because of smaller and mid-sized companies may lack management expertise, financial resources, product diversification, and competitive strengths to endure adverse economic conditions. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets.

As PIM portfolios are separately managed the individual client account holdings will vary, perhaps significantly, from those listed. Information, such as industry sector allocation percentages and market capitalization allocation percentages, will also vary from the information listed. A client opening an account today may, or may not, be invested in securities or sectors based upon the percentages shown on this factsheet. For the most recent portfolio composition please contact the PIM Manager. Since no one investment program is appropriate for all types of investors, this information is provided for informational purposes only. Potential investors should review their investment objectives, risk tolerance, and liquidity needs before selecting a appropriate investment program. There are no guarantees that a strategy's or fund's objectives will be met.

*Fees for the PIM program include advisory services, performance measurement, transaction costs, custody services, and trading. They do not cover the ongoing fees and expenses of certain investments held in the account and customary brokerage charges may apply to non-program assets. Fees are based on the assets in the account and are assessed quarterly. Advisory accounts are not designed for excessively traded or inactive accounts and are not appropriate for all investors. During periods of lower trading activity, your costs might be lower if our compensation was based on commissions. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. The minimum account size for this program is $50,000.</sub>

Palm Beach Group Income Portfolio via Private Investment Management (PIM^®) 

Professionally managed portfolios with personal service

The PIM^® program* is a customized portfolio management program geared toward your specific investment goals. Advisors qualifying for this program successfully underwent a rigorous screening process to manage discretionary assets and are subject to ongoing quantitative and qualitative reviews to assess their investment strategies.

Palm Beach Group Income Portfolio is designed for clients whose primary investment objective is income generation with tax efficiency in mind. This strategy combines dividend-paying equities with individual fixed income securities in an effort to deliver consistent cash flow while maintaining a disciplined approach to risk and after-tax returns.

The portfolio typically allocates an even balance of dividend-paying stocks and fixed income instruments, providing a mix of equity income and bond stability. However, the allocation can be reversed and adjusted dynamically when market conditions warrant. Additionally, the strategy may utilize exchange-traded funds (ETFs) focused on covered call writing and liquid, non-correlated alternatives to potentially enhance income and diversify risk.

Investment Philosophy
Our philosophy centers on income-focused investing with tax awareness. By combining high-quality dividend-paying companies with a diversified selection of fixed income securities, we aim to provide clients with a reliable income stream while mitigating volatility and optimizing after-tax returns. We believe that disciplined security selection and tactical allocation can deliver attractive income without sacrificing long-term stability.

Risk Management
The strategy’s balanced equity and fixed income allocation reflects its conservative orientation toward income generation, but flexibility allows for adjustments based on market conditions and client needs. We employ:

• Sector diversification among dividend-paying stocks.

• Credit quality monitoring for fixed income holdings.

• Tactical use of covered call ETFs and non-correlated alternatives to reduce volatility and potentially enhance returns.

• Tax-aware portfolio construction to help minimize tax impact on income distributions.

Our objective is clear: deliver consistent income and capital stability for clients who prioritize cash flow and tax efficiency over aggressive growth. By combining dividend equities, fixed income, and tactical enhancements, we believe this strategy is well-suited for investors seeking predictable income with moderate risk.


Disclosures

All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful or that a fund will meet its investment objective. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors some of which may be unpredictable.

<sub>An investment in a mutual fund or exchange–traded fund (ETF) will fluctuate and shares, when sold, may be worth more or less than their original cost. ETFs are subject to risks similar to those of stocks and may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

Stocks are subject to market risk which means their value may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. The prices of small/mid-company stocks are generally more volatile than large company stocks. They often involve higher risks because of smaller and mid-sized companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets.

Alternative investments, such as hedge funds, private capital/private debt funds and private real estate funds, are not appropriate for all investors and are only open to “accredited” or “qualified” investors within the meaning of the U.S. securities laws. They are speculative, highly illiquid, and are designed for long-term investment, and not as trading vehicles. There is no assurance that any investment strategy pursued by one of these funds will be successful or that the fund will achieve its intended objective. Investments in these funds entail significant risks, volatility and potential capital loss, including the potential loss of the entire amount invested. They are intended for qualified, financially sophisticated investors who can bear the risks associated with these investments. Investors should read the fund’s offering documents prior to investing.

When participating in a covered call strategy, the investor is at risk of having to sell the underlying stock if the stock’s price rises above the sold options strike price. Remember, in exchange for receiving the premium of having sold the call, the investor is obligated to sell the underlying stock via assignment if the option is exercised. The cost of retaining the shares may exceed the net premium received. Covered Call Selling is not a protective strategy. Options involve risk and are not appropriate for all investors.

Investments in fixed-income securities are subject to market, interest rate, credit and other risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can cause a bond’s price to fall. Credit risk is the risk that an issuer will default on payments of interest and/or principal. This risk is heightened in lower rated bonds. If sold prior to maturity, fixed income securities are subject to market risk. All fixed income investments may be worth less than their original cost upon redemption or maturity.

As PIM portfolios are separately managed the individual client account holdings will vary, perhaps significantly, from those listed. Information, such as industry sector allocation percentages and market capitalization allocation percentages, will also vary from the information listed. A client opening an account today may, or may not, be invested in securities or sectors based upon the percentages shown on this factsheet. For the most recent portfolio composition please contact the PIM Manager. Since no one investment program is appropriate for all types of investors, this information is provided for informational purposes only. Potential investors should review their investment objectives, risk tolerance, and liquidity needs before selecting a appropriate investment program. There are no guarantees that a strategy's or fund's objectives will be met.

*Fees for the PIM program include advisory services, performance measurement, transaction costs, custody services and trading. They do not cover the ongoing fees and expenses of certain investments held in the account and customary brokerage charges may apply to non-program assets. Fees are based on the assets in the account and are assessed quarterly. Advisory accounts are not designed for excessively traded or inactive accounts and are not appropriate for all investors. During periods of lower trading activity, your costs might be lower if our compensation was based on commissions. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. The minimum account size for this program is $50,000.</sub>

Palm Beach Group Equity ETF Strategy via Private Investment Management (PIM^®)

Professionally managed portfolios with personal service

The PIM^® program* is a customized portfolio management program geared toward your specific investment goals. Advisors qualifying for this program successfully underwent a rigorous screening process to manage discretionary assets and are subject to ongoing quantitative and qualitative reviews to assess their investment strategies.

Palm Beach Group Equity ETF Strategy is designed for clients seeking an aggressive growth profile with a lower volatility approach compared to individual equities. This strategy exclusively utilizes Exchange Traded Funds (ETFs) to implement a thematic, macro-driven investment approach, designed to help us capture broad market trends and sector opportunities while maintaining diversification and liquidity.

The portfolio typically holds a select group of carefully selected ETFs, providing exposure across equity styles, sectors, and geographies. While the primary focus remains on U.S. markets, the strategy retains flexibility to include global themes when appropriate. By leveraging ETFs, we aim to reduce company-specific risk while still pursuing strong, risk-adjusted returns.

Investment Philosophy
Our philosophy emphasizes macro insights and thematic investing. We believe that combining top-down economic analysis with disciplined ETF selection creates an opportunity to outperform broad market indices over time. This approach allows us to express high-conviction views on sectors, factors, and global trends without the concentration risk inherent in individual stock portfolios. Our default bias is toward low-cost rules-based exposure in passive ETFs. That said, there are specific situations where actively managed ETFs and mutual funds can be appropriate. We will only choose active management ETFs or mutual funds when it delivers consistent net of fees alpha or when passive management options cannot replicate access to a desired asset class.

Risk Management
Although the strategy seeks competitive returns, it is designed to be less volatile than the S&P 500. We seek to achieve this through:

• Diversification across multiple ETFs representing different sectors and styles.

• Dynamic allocation based on macroeconomic conditions and market volatility.

• Tactical adjustments, including the use of hedging ETFs or defensive themes during periods of uncertainty.

Our objective is clear: deliver attractive long-term returns with lower volatility and risk than a concentrated equity portfolio. We believe this makes the strategy well-suited for clients who want growth exposure but prefer a more measured risk profile.

Palm Beach Group Moderate Multi-Asset Strategy (ETF 1)

via Private Investment Management (PIM^®)

Professionally managed portfolios with personal service
The PIM^® program* is a customized portfolio management program geared toward your specific investment goals. Advisors qualifying for this program successfully underwent a rigorous screening process to manage discretionary assets and are subject to ongoing quantitative and qualitative reviews to assess their investment strategies.

Palm Beach Group Moderate Multi-Asset Strategy is designed for clients seeking a balanced approach to growth and risk management within our PIM program. This strategy combines top-down macroeconomic insights with relative value assessment to create a diversified portfolio that adapts to changing market conditions.

We aim to maintain a diversified portfolio, primarily of Exchange Traded Funds (ETFs), complemented by occasional allocations to outside managers through mutual funds. This structure provides broad exposure to equities, fixed income, and thematic opportunities while maintaining flexibility and liquidity.

Investment Philosophy
Our philosophy emphasizes thematic investing and dynamic allocation. By blending macroeconomic analysis with disciplined ETF selection, we aim to capture long-term growth trends while managing risk through diversification. This approach allows us to express high-conviction views across asset classes without the concentration risk of individual securities. Unlike many of our institutional competitors, our approach is not focused on replicating benchmark performance. Instead, we focus on disciplined capital compounding through varying market environments. Benchmarks provide context, while portfolio decisions are guided by conviction and risk assessment. It is that flexibility that allows us to meaningfully overweight high-conviction exposures rather than making incremental changes that are too small to matter. To accomplish this, we actively strive to:

• Avoid uncompensated risk

• Reduce exposure when forward returns are poor

• Maintain dry powder for opportunity

• Preserve capital in drawdown-heavy environments

Risk Management
The strategy generally maintains a default neutral allocation, balancing growth-oriented assets with defensive positions. However, we proactively adjust risk exposure within a range, depending on market volatility and macroeconomic conditions. This flexibility helps to ensure that risk is intentional, measured, and responsive to evolving market dynamics. The strategy is managed though position sizing, diversification and regime awareness, not forced neutrality. We believe that our more than a century of combined experience across multiple market cycles allows us to differentiate between normal market functions and genuine, long-term threats to capital.

Our objective is clear: deliver consistent, risk-adjusted returns for clients who seek moderate volatility and a disciplined approach to asset allocation. By combining ETFs, thematic investing, and dynamic risk management, we believe this strategy is well-suited for investors who value balance, adaptability, and long-term performance.


Disclosures

All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful or that a fund will meet its investment objective. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors some of which may be unpredictable.

<sub>An investment in a mutual fund or exchange–traded fund (ETF) will fluctuate and shares, when sold, may be worth more or less than their original cost. ETFs are subject to risks similar to those of stocks and may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

Stocks are subject to market risk which means their value may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. The prices of small/mid-company stocks are generally more volatile than large company stocks. They often involve higher risks because of smaller and mid-sized companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets.

As PIM portfolios are separately managed the individual client account holdings will vary, perhaps significantly, from those listed. Information, such as industry sector allocation percentages and market capitalization allocation percentages, will also vary from the information listed. A client opening an account today may, or may not, be invested in securities or sectors based upon the percentages shown on this factsheet. For the most recent portfolio composition please contact the PIM Manager. Since no one investment program is appropriate for all types of investors, this information is provided for informational purposes only. Potential investors should review their investment objectives, risk tolerance, and liquidity needs before selecting a appropriate investment program. There are no guarantees that a strategy's or fund's objectives will be met.

*Fees for the PIM program include advisory services, performance measurement, transaction costs, custody services and trading. They do not cover the ongoing fees and expenses of certain investments held in the account and customary brokerage charges may apply to non-program assets. Fees are based on the assets in the account and are assessed quarterly. Advisory accounts are not designed for excessively traded or inactive accounts and are not appropriate for all investors. During periods of lower trading activity, your costs might be lower if our compensation was based on commissions. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. The minimum account size for this program is $50,000.</sub>

Palm Beach Group Moderate Multi-Asset Strategy (ETF 2)

via Private Investment Management (PIM^®)

Professionally managed portfolios with personal service
The PIM^® program* is a customized portfolio management program geared toward your specific investment goals. Advisors qualifying for this program successfully underwent a rigorous screening process to manage discretionary assets and are subject to ongoing quantitative and qualitative reviews to assess their investment strategies.

Palm Beach Group Moderate Multi-Asset Strategy 2 is designed for clients seeking a balanced yet slightly more growth-oriented approach within our PIM program. This strategy combines top-down macroeconomic insights with relative value assessment to create a diversified portfolio that adapts to evolving market conditions.

We aim to maintain a diversified portfolio consisting of primarily Exchange Traded Funds (ETFs) complemented by occasional allocations to outside managers through mutual funds. In addition to traditional stock and bond ETFs, this strategy has the flexibility to invest in liquid, non-correlated alternatives, potentially enhancing diversification and risk management.

Investment Philosophy
Our philosophy emphasizes thematic investing and dynamic allocation. By blending macroeconomic analysis with disciplined ETF selection, we aim to capture long-term growth trends while managing risk through diversification. This approach allows us to express high-conviction views across asset classes without the concentration risk of individual securities. Unlike many of our institutional competitors, our approach is not focused on replicating benchmark performance. Instead, we focus on disciplined capital compounding through varying market environments. Benchmarks provide context, while portfolio decisions are guided by conviction and risk assessment. It is that flexibility that allows us to meaningfully overweight high-conviction exposures rather than making incremental changes that are too small to matter. To accomplish this, we actively strive to:

• Avoid uncompensated risk

• Reduce exposure when forward returns are poor

• Maintain dry powder for opportunity

• Preserve capital in drawdown-heavy environments

Risk Management
The strategy generally maintains a default neutral allocation of risk-on / risk-off, positioning slightly more toward growth assets while retaining a defensive component. We proactively adjust risk exposure within a range, depending on market volatility and macroeconomic conditions. This flexibility helps to ensure that risk is intentional, measured, and responsive to changing environments. The strategy is managed though position sizing, diversification and regime awareness, not forced neutrality. We believe that our more than a century of combined experience across multiple market cycles allows us to differentiate between normal market functions and genuine, long-term threats to capital.

Our objective is clear: deliver consistent, risk-adjusted returns for clients who seek moderate volatility with a tilt toward growth. By combining ETFs, thematic investing, dynamic risk management, and non-correlated alternatives, we believe this strategy is well-suited for investors who value adaptability, diversification, and long-term performance.


Disclosures

All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful or that a fund will meet its investment objective. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors some of which may be unpredictable.

<sup>An investment in a mutual fund or exchange–traded fund (ETF) will fluctuate and shares, when sold, may be worth more or less than their original cost. ETFs are subject to risks similar to those of stocks and may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

Stocks are subject to market risk which means their value may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. The prices of small/mid-company stocks are generally more volatile than large company stocks. They often involve higher risks because of smaller and mid-sized companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets. 

Alternative investments, such as hedge funds, private capital/private debt funds and private real estate funds, are not appropriate for all investors and are only open to “accredited” or “qualified” investors within the meaning of the U.S. securities laws. They are speculative, highly illiquid, and are designed for long-term investment, and not as trading vehicles. There is no assurance that any investment strategy pursued by one of these funds will be successful or that the fund will achieve its intended objective. Investments in these funds entail significant risks, volatility and potential capital loss, including the potential loss of the entire amount invested. They are intended for qualified, financially sophisticated investors who can bear the risks associated with these investments. Investors should read the fund’s offering documents prior to investing.

As PIM portfolios are separately managed the individual client account holdings will vary, perhaps significantly, from those listed. Information, such as industry sector allocation percentages and market capitalization allocation percentages, will also vary from the information listed. A client opening an account today may, or may not, be invested in securities or sectors based upon the percentages shown on this factsheet. For the most recent portfolio composition please contact the PIM Manager. Since no one investment program is appropriate for all types of investors, this information is provided for informational purposes only. Potential investors should review their investment objectives, risk tolerance, and liquidity needs before selecting a appropriate investment program. There are no guarantees that a strategy's or fund's objectives will be met.

*Fees for the PIM program include advisory services, performance measurement, transaction costs, custody services and trading. They do not cover the ongoing fees and expenses of certain investments held in the account and customary brokerage charges may apply to non-program assets. Fees are based on the assets in the account and are assessed quarterly. Advisory accounts are not designed for excessively traded or inactive accounts and are not appropriate for all investors. During periods of lower trading activity, your costs might be lower if our compensation was based on commissions. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. The minimum account size for this program is $50,000.</sup>