MSR is an SEC-registered investment adviser with its principal place of business located in Sausalito, California, and branch offices in New York, Greenwich and Salisbury, Connecticut. MSR has been registered as an investment adviser since 1993. James E. Demmert is the firm’s Founder, Managing Partner, Chief Investment Officer and majority owner. MSR offers the following services to advisory clients: - Wealth Management; and - Consulting. As of 12/31/2022, we were actively managing $1,674,891,277 of clients' assets on a discretionary basis and no assets on a non-discretionary basis. See additional information regarding our services in this Item below. WEALTH MANAGEMENT Our Wealth Management for families and individuals consists of two components: (i) Financial Planning and (ii) Investment Management. For foundations or institutions, we offer the additional component of providing outside chief investment officer services as needed. IRA ROLLOVERS When appropriate, we will recommend that you roll over assets in a current retirement plan account (such as a 401(k) account or an individual retirement account) to another retirement plan account that we will manage on your behalf. In certain such circumstances, a conflict of interest exists as we have an incentive to recommend the retirement plan account rollover because we can earn more compensation as a result of the rollover recommendation. Nonetheless, we follow a process designed to ensure that such retirement plan rollover is in your best interest, including comparing your current retirement plan account (where information is available to us) to the retirement plan account being recommended to you. FINANCIAL PLANNING: Financial planning is a comprehensive evaluation of a client’s current and future financial state 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 client's entire financial and life situation. Clients who elect to receive this service receive a written report that provides the client with a tailored and detailed financial plan designed to help achieve or their financial goals and objectives. In general, the financial plan can address any of the following areas: - Personal. We review family records, budgeting, personal liability, estate information, and financial goals. - Tax & Cash Flow. We analyze the client’s income tax and spending and planning for past, current, and future years and illustrate the impact of various investments on the client's current income tax and future tax liability. In addition, we provide tax guidance but always recommend the client consult with their CPA and/or a tax attorney and work closely with those consultants on the clients’ individual tax matters. - Investments. We analyze investment alternatives and their effect on the client's portfolio. - Insurance. We review existing policies, if applicable, to evaluate life, health, disability, long-term care, liability, home, and automobile coverage. - Retirement. We analyze current strategies and investment plans to help the client achieve their retirement goals. - Death & Disability. We review the client’s cash needs at death, income needs of surviving dependents, and disability income. Estate. We assist the client in assessing and developing long-term estate planning strategies, including the appropriateness of living trusts, wills, powers of attorney, beneficiary designations, gifts, and asset protection plans. - LifeCase. We provide clients with an easy manner to organize and store important documents (i.e., wills, trust, health

proxies/advanced directives, birth certificates, social security cards, financial account statements, tax returns, etc.) digitally on MSR’s secure server for easy “on the go” access. Next Generation Planning. Our service offering also includes next-generation planning where we assist your children or heirs with a comprehensive no-cost, wealth management analysis. It involves a broad overview of wealth management, individual analysis of their family assets, and a seasoned "second opinion” of their current wealth and investment management situation. We gather relevant information through in-depth personal interviews. Information gathered typically includes a client's current financial status, tax status, future goals, return objectives, and attitudes towards risk. We carefully review any documents supplied by the client and prepare a written report. Should the client choose to implement the recommendations contained in the plan, we suggest the client work closely with their attorney, accountant, and other advisers. These services are updated annually with the client or sooner if life circumstances change and provided to the clients at no additional costs. Implementation of financial plan recommendations is entirely at the client's discretion. Financial Planning recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. INVESTMENT MANAGEMENT: We provide continuous advice regarding the investment of client funds tailored to the specific needs of each client. We will create and manage a portfolio based on a client’s goals and objectives as determined through the investment policy statement and the financial planning process described above, if applicable. During this data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. We may also review and discuss a client’s prior investment history, as well as family composition and background. We currently offer our Wealth Management services on a discretionary basis only. Account supervision is guided by the client's stated objectives (e.g., growth, income, or a balance between growth and income), 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. Our client portfolios primarily consist of individual securities: including domestic and foreign stocks, bonds, exchange-listed real estate investment trusts (“REITs”), Master Limited Partnerships (MLPs), and preferred stock. Exchange-traded funds (“ETFs”) are employed for a portion of a portfolio for strategic purposes such as accessing investments that are relatively illiquid (like foreign stocks and small capitalized stocks). Additionally, ETFs are used to provide greater diversification for clients with small investable asset bases. We typically do not include mutual funds in a client’s portfolio unless the client already owns them. For clients that have expressed an interest in environmental, social, and governance (“ESG”) investing, we employ a model portfolio based on factor scoring from unaffiliated third-party research partners. Factor scoring rates companies based on how well they are performing in ESG criteria compared to industry peers. This model strives to invest in stocks that have ESG scores of at least 50/100. CONSULTING We could provide personal administrative or other special services to clients in addition to our other services. Consulting recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company.