U.S. Large Cap Core

MARKSTON

U.S. Large Cap Core Overview

Performance

Portfolio

What Sets Us Apart Value with a Catalyst

We employ a "Value with a Catalyst" research process. Investments generally comprise of at least three of our seven “alpha generators.” 1. 2. 3. 4. 5. 6. 7.

Insider buying (including options activity) Stock repurchase by the company Management changes Sale or spin-off of a division Consolidating industries Tax loss carryforwards "Triple-discount valuation mechanism"

We believe equity prices are prone to short-term market dislocations due to investor’s narrow investment horizon leading to irrational behavior and overreaction. We seek to capitalize on these opportunities by identifying high quality businesses then applying our “Alpha Generators”. We have followed this disciplined “Value with a Catalyst” approach since the firm’s inception in 1981 with the singular objective to uncover current value that has the ability to turn into future growth. We attempt to exploit market opportunities with timely execution, rigorous discipline and a high degree of conviction. Over full market cycles, we seek to produce consistently strong absolute and risk adjusted returns for our large cap core clients.

Strategy Facts Asset Class

U.S. Equity

Inception Date

4/30/1994

Strategy Stats Number of Holdings

52

As of

9/30/2023

People Chris Mullarkey Portfolio Manager 30+ Years of Experience James K. Mulvey Senior Analyst 30+ Years of Experience Jared Wein, CFA Senior Analyst 17+ Years of Experience Andrew Sidoti Senior Analyst 30+ Years of Experience

U.S. Large Cap Core • 3Q23

MARKSTON

U.S. Large Cap Core Overview

Performance

Portfolio

Quarterly

Annualized Q3 2023

YTD 2023

1-YR

3-YR

5-YR

10-YR

Since Inception

Gross of Fees

-2.5%

12.4%

21.1%

8.4%

8.3%

11.2%

12.7%

Net of Fees

-2.6%

11.8%

20.4%

7.8%

7.6%

10.6%

12.0%

S&P 500 Index

-3.3%

13.1%

21.6%

10.2%

9.9%

11.9%

10.0%

Relative Performance Gross of Fees

0.8%

-0.7%

-0.5%

-1.8%

-1.7%

-0.7%

2.7%

As of 9/30/2023

Calendar Year As of 9/30/2023

2017

2018

2019

2020

2021

2022

Gross of Fees

23.62

-4.15

33.01

19.12

23.96

-21.93

Net of Fees

22.92

-4.7

32.27

18.43

23.23

-22.39

S&P 500 Index

21.81

-4.39

31.49

18.39

28.68

-18.13

Relative Performance Gross of Fees

1.81

0.24

1.52

0.73

-4.72

-3.8

On 12/31/22, the Markston U.S. Large Cap Core strategy moved to DCM's platform from Markston International. Therefore, performance of this strategy prior to this date was managed at another entity. The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-484-5766.

Rolling 3-Year Performance vs. Index

U.S. Large Cap Core • 3Q23

MARKSTON

U.S. Large Cap Core Overview

Performance

Portfolio

Portfolio Stats

Risk Measures

Dividend Yield

U.S. Large S&P 500 Cap Core Index 2.01 2.01

Earning Growth (5 Year)

14.40

As of 9/30/2023

As of 9/30/23

U.S. Large Cap Core

S&P 500 Index

Beta

1.00

Information Ratio

-0.30

Sharpe Ratio

0.43

0.53

Standard Deviation

18.60

17.90

14.74

Market Capitalization ($bn) 881

631

Number of Holdings

52

504

P/B Ratio

2.74

4.08

P/E Ratio (1-Year)

15.53

17.93

Tracking Error

4.79

Return on Assets

2.20

3.72

Active Share (%)

66.47

Return on Equity

13.01

17.01

All Risk Measures are 3-Year Trailing

Up Capture

As of 9/30/23

Down Capture

Upside Capture

As of 9/30/23

U.S. Large Cap Core

102.6%

U.S. Large Cap Core

S&P 500 Index

100.0%

S&P 500 Index

Downside Capture -111.8% -100%

U.S. Large Cap Core • 3Q23

MARKSTON

U.S. Large Cap Core Overview

Performance

Portfolio

Top 10 Holdings As of 9/30/2023

Sector Breakdown Weight

ALPHABET INC-CL A

11.1

APPLE INC

10.1

MICROSOFT CORP

9.7

META PLATFORMS INC-CLASS A

6.0

BERKSHIRE HATHAWAY INC-CL B

5.5

JPMORGAN CHASE & CO

4.2

UNITEDHEALTH GROUP INC

3.4

BLACKROCK INC

3.2

WALT DISNEY CO/THE

2.7

CVS HEALTH CORP

2.6

Total

58.5

Top 5 Quarterly Contributors As of 9/30/23

Top 5 Quarterly Detractors

Contribution

Contribution

As of 9/30/23

ALPHABET INC-CL A

0.9

APPLE INC

-1.3

ABBVIE INC

0.3

MICROSOFT CORP

-0.7

META PLATFORMS INC-CLASS A

0.3

RTX CORP

-0.5

LIBERTY BROADBAND-C

0.2

LIBERTY MEDIA COR-SIRIUSXM C

-0.5

COMCAST CORP-CLASS A

0.2

WALT DISNEY CO/THE

-0.3

U.S. Large Cap Core • 3Q23

MARKSTON

U.S. Large Cap Core Disclosures Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The investments and investment strategies identified herein may not be suitable for all investors. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives. Past performance is no guarantee of future results. Although DCM may take efforts to mitigate risks, certain risks cannot be eliminated or controlled and there are no guarantees that any risk management strategies or investment strategies implemented will be successful notwithstanding such efforts to mitigate risk. Disclaimers: DCM is an SEC registered investment advisor under the Investment Advisers Act of 1940 (“Advisers Act”). Registration does not imply a certain level of skill or training. Under the Advisers Act, Rule 204-3 requires DCM to provide clients with specific information about the advisory firm. DCM offers its Form ADV, Part 2 by calling DCM to serve this important purpose. Investors can acquire information on the registration status of DCM and request a copy of DCM’s Form ADV, Part 2 by calling DCM directly at (917) 386-6260 or visiting the SEC’s website at www.adviserinfo.sec.gov. DCM is a wholly owned subsidiary of Dinosaur Group Holdings, LLC. The opinions expressed herein are those of DCM Advisors, LLC (“DCM”) and are subject to change without notice. It 1 should not be assumed that the investment recommendations or decisions we make in the future will be profitable. All investment strategies have the potential for profit or loss. Information was obtained from third party sources which we believe to be reliable but are not guaranteed as to their accuracy or completeness. On 12/31/22, the Markston U.S. Large Cap Core strategy moved to DCM's platform from Markston International. Therefore, performance of this strategy prior to this date was managed at another entity. Markston International, LLC claimed compliance with the Global Investment Performance Standards (GIPS®) through July 31, 2021. A firm-wide verification was performed by Ashland Partners & Company, LLP from April 1, 1981 through December 31, 2016 and by ACA Performance Services, LLC from January 1, 2017 to December 31, 2020. DCM Advisors Institutional claimed compliance with the Global Investment Performance Standards (GIPS®) through December 31, 2019. A firm-wide verification was performed by ACA Performance Services, LLC from September 1, 2017 through December 31, 2019. Returns are presented gross of investment advisory fees, broker and other commissions, and any other expenses that a client would have paid or actually paid. Returns will be reduced by such fees and expenses. For example, a 0.50% annual fee deducted quarterly (0.125%) from an account with a ten-year annualized growth rate of 5% will produce a net result of 4.4%. Actual performance results will vary from this example.

U.S. Large Cap Core • 3Q23