ADV PART II SUPPLEMENTAL BROCHURE

Item 1 Cover Page James B. Cunningham Turner Construction Company 66 Hudson Blvd West New York, New York 10001 Telephone (518) 526-3860 Magnolia Capital Management, Ltd. 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about James B. Cunningham that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience James B. Cunningham, b. 1964, B.S. Union College, M.S. Union College; 2017-present, BIM/VDC Engineer, Turner Construction Company; 1994-present, self-employed computer applications analyst and programmer, Brown Trout Systems, LLC; 2007-present, Member, Chatham Brewing, LLC; 2020-present, Member, ChatBew, LLC; Director, Magnolia Capital Management, Ltd. since 2002. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for James B. Cunningham. Item 4 Other Business Activities James B. Cunningham is a Director and minority shareholder of Magnolia Capital Management, Ltd. and as such receives directors’ fees and participates in the firm’s annual bonus pool. He also serves as the firm’s Chief Technology Officer for which he is compensated on an hourly basis as billed by his company, Brown Trout Systems, LLC. Mr Cunningham is also a member of ChatBrew, LLC, and a member of Chatham Brewing, LLC, both located in Chatham NY. His principle occupation is BIM/VDC Engineer for Turner Construction. He may refer clients to Magnolia, but receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. His compensation from Magnolia is not material to his total income. Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259. In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President, Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All investment accounts are reviewed quarterly by the full Board. • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors.  • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).  Item 1 Cover Page Thomas J. Cunningham, III 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about Thomas J. Cunningham, III that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience Thomas J. Cunningham, III, b. 1942, B.A. Cornell University; MBA Stanford University; over 50 years experience in domestic and international banking, including serving as a non-executive director of four major public companies in the financial sector; 1989-2001, former chairman of Premier National Bancorp (and its predecessors); 2001-2026, Director, M&T Bank Corporation; 2002-Present, founder, principal shareholder, director and Chairman/CEO of Magnolia Capital Management, Ltd.; a registered investment advisor representative of Magnolia Capital Management, Ltd. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for Thomas J. Cunningham, III. Item 4 Other Business Activities Thomas J. Cunningham, III’s principal business activity is as an employee and Chairman/CEO of Magnolia Capital Management, Ltd. (and is its principal shareholder). He also serves as the company’s Chief Investment Officer. As such, he receives a salary from Magnolia and participates in its annual bonus pool. His compensation from Magnolia is material to his earned income. Mr. Cunningham receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. Mr. Cunningham is not engaged in any other business activity, except as Chairman of M&T Bank’s Hudson Valley Advisory Board, a trustee of Open Space Institute (OSI) a charitable not-for-profit organization, and an Advisory Director of the Community Foundations of the Hudson Valley. There are no business relationships between Magnolia Capital Management and OSI, the Community Foundations of the Hudson Valley, or M&T Bank (other than Magnolia’s bank of record). Mr. Cunningham also serves as a co-trustee of several family trusts for whom Magnolia provides investment management services. Although legally empowered to do so, Mr. Cunningham does not direct any disbursements from such accounts, which are done only at the instruction of the independent co-trustee. The co-trustee and the beneficiaries of such trusts also receive statements (including transaction advices) directly from Fidelity Investments or other designated custodian. All such accounts are also reviewed, at least annually, by the firm’s chief compliance officer to ensure they are in compliance with the Investment Advisory Agreement between the trust and Magnolia and with Magnolia’s policies and procedures. All third party disbursements from these trusts are reported to the Board of Directors.  Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision Mr. Cunningham is supervised by the company’s Board of Directors which meets quarterly and which by policy must approve: 1. the company’s Code of Ethics policy 2. the company’s Compliance policy 3. the company’s periodic and annual financial statements 4. acceptance of any advisory account relationship 5. all individual equity securities recommended for purchase for Magnolia Capital’s clients 6. all quarterly reviews of advisory client accounts (including portfolio allocations) 7. Mr. Cunningham’s compensation and benefits package The Board also reviews all of Mr. Cunningham’s purchase/sale of securities over his personal investments accounts not held at Magnolia and he, like all supervised persons of the firm, must pre-clear such transactions (except mutual funds and U. S. government issues) with the firm’s compliance officer before executing them. His trading in securities for his accounts held at Magnolia are subject to the same policies and procedures as for all employees of the firm. Like all supervised persons, Mr. Cunningham reports to the chief compliance officer quarterly all his private security holdings in accounts where he can direct the purchase or sale of individual securities.  Item 1 Cover Page Thomas J. Cunningham, IV 10 Newlins Mill Road Beacon, New York 12508 Telephone (917) 696-4872 Magnolia Capital Management, Ltd. 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about Thomas J. Cunningham, IV that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience Thomas J. Cunningham, IV, b 1968, B.A. Williams College; MBA Cornell University; 1999-2004, Senior Editor, Fairchild Publications Inc.; 2006-2007, Credit Analyst, Union State Bank; 2007-2009, Chief Financial Officer, Thom Browne Inc.; 2005 - Present, Founder and CEO, Streetwise Brand Development, LLC; 2016-2019, Chief Financial Officer, Firehouse Productions, LLC; 2020 - 2022, Chief Financial Officer, RTM Business Group, LLC; 2023 – 2024, VP Finance, Dormify, Inc.; 2024-2025, CFO, Frances Valentine, LLC; 2025 – Present, Senior Vice President of Client Relations & Chief Operations Officer, Magnolia Capital Management, Ltd; 2002- present, Director, Magnolia Capital Management, Ltd.; 2025- Present, Independent Treasurer, Howland Public Library. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for Thomas J. Cunningham, IV. Item 4 Other Business Activities Thomas J. Cunningham, IV is a Senior Vice President of the firm and as such is a salaried employee and participates in the firm’s annual bonus pool. He is also a minority shareholder. He receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. He has no other business afficiation. Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259. In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President, Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All investment accounts are reviewed quarterly by the full Board. • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors.  • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).  Item 1 Cover Page John K. Gifford Van DeWater & Van DeWater, LLP 85 Civic Center Plaza Poughkeepsie, New York 12601 Telephone (845) 452-5900 Magnolia Capital Management, Ltd. 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about John K. Gifford that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience John K. Gifford, b. 1945, B.A. St. Lawrence 1963-1967, J.D. NYU 1967-1970; 2005-2010, Senior Partner, Van DeWater & Van DeWater, LLP, attorneys; 2011-Present, “of counsel” to Van DeWater & Van DeWater, LLP; Director, Magnolia Capital Management since 2002. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for John K. Gifford. Item 4 Other Business Activities John K. Gifford, as disclosed in Item 10, is a Vice Chairman, Director and minority shareholder of Magnolia Capital Management, Ltd. and as such receives directors’ fees and participates in its annual bonus pool. He may refer clients to Magnolia, but receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. As a director and minority shareholder of Magnolia, he has a general interest in the well being of Magnolia, which may influence his decision to recommend the services of Magnolia to his clients, despite the fact that he receives no compensation for such referrals. However, Magnolia’s client acceptance policies assure that any prospective client must meet its strict eligibility standards, including suitability, before they are accepted. Thus, he can influence, but not control, the establishment of an advisory relationship between Magnolia and one of his law practice clients. Mr. Gifford’s compensation from Magnolia is not material to his total income. Mr. Gifford also serves as a member of the board of directors of the Sea Fields Club in Delray Beach, FL. There are no business relationships between Magnolia Capital Management and the Sea Fields Club. Mr Gifford is also counsel to the Community Foundations of the Hudson Valley. Mr. Gifford also serves as co-trustee of several trusts for which Magnolia is the investment advisor. Although, as a fiduciary, he plays a role in developing the appropriate investment strategy for the trust accounts, he plays no role in the selection of securities for acquisition or disposal for such trusts by Magnolia. The co-trustees of such trusts also receive statements directly from Fidelity or other designated custodian. All such accounts are subject to an audit at least once a year by an independent certified public accountant and reported to the SEC, and all non-beneficiary disbursement requests over such accounts by him as co-trustee are reported to the Chairman and the firm’s Board of Directors (at its quarterly meetings). Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259.  In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All investment accounts are reviewed quarterly by the full Board. • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors. • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).  Item 1 Cover Page D. Bryce O’Brien II 337 Guard Hill Road Bedford, NY 10506 Telephone (914) 552-3175 Douglass Winthrop Advisors, LLC 521 Fifth Avenue, 19th Floor New York, NY 10175 Telephone (212) 557-7680 August 28, 2026 This Brochure Supplement provides information about D. Bryce O’Brien, II that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience D. Bryce O’Brien II, born 1971, received an MBA from McDonough School for Business at Georgetown University in 2001, and a BS from the University of Vermont in 1994. He has been a Principal at Douglass Winthrop Advisors, LLC since August 2010. Prior to joining Douglass Winthrop he was a senior portfolio manager at Nicholas Advisors, Inc. in New York City from May 2002 through July 2010. Prior to NAI, he worked at Lazard Freres Asset Management in New York City from May 1997 through September 1999, where he was an analyst in the fixed income department. 2022 - Present, Director, Magnolia Capital Management, Ltd. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for Mr. O’Brien. Item 4 Other Business Activities Mr. O’Brien is a Principal and registered investment adviser representative of Douglass Winthrop Advisors, LLC, an SEC registered investment advisory company. He serves on the Board of Directors of Glynwood Farm and Wave Hill. He is also a Commissioner and Vice-President of the Palisades Interstate Park Commission. He receives no compensation from any of these positions. He is not currently engaged in any investment business or occupation other than Douglass Winthrop Advisors. D Bryce O’Brien II is also a Director of Magnolia Capital Management, Ltd. and participates in its annual bonus pool. He may refer clients to Magnolia, but receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. His compensation from Magnolia is not material to his total income. Item 5 Additional Compensation There are no additional compensations to Mr. O’Brien for providing advisor services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259. In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All  investment accounts are reviewed quarterly by the full Board. • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors. • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).  Item 1 Cover Page Carol A. Powell 10 Julia Lane, Suite 101 Cold Spring, New York 10516 Telephone (845) 265-2568 Magnolia Capital Management, Ltd. 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about Carol A. Powell that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience Carol A. Powell, b. 1954, B.S. Syracuse University; self-employed Certified Public Accountant (CPA)1; holds the Personal Financial Specialist (PFS)2 credential; President, Harper Capital Management, Ltd., a state registered investment advisory firm; Director and Treasurer, Magnolia Capital Management, Ltd. since 2002; a registered investment advisor representative of Magnolia Capital Management, Ltd. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for Carol A. Powell. Item 4 Other Business Activities As disclosed in Item 10, Carol A. Powell, serves as both Treasurer of Magnolia Capital Management, Ltd. and a member of its Board of Directors. She is registered as an investment adviser representative of Harper Capital Management, a state registered investment advisory company, wholly owned by Carol A. Powell. In that capacity, this individual provides advisory services through Harper Capital Management, Ltd. The advisory services delivered by Harper Capital Management, Ltd. are distinct from those provided by our firm and are not provided to any clients of our firm and are provided for separate compensation. Harper Capital's advisory services may be recommended by our firm to individuals or organizations which are not clients of our firm (typically business which does not meet Magnolia Capital's minimum or other acceptance criteria), but our firm has no economic interest in such referrals. There are no referral fee arrangements between our firm and Harper Capital Management, Ltd. Carol is a minority shareholder and officer of Magnolia and participates in its annual bonus pool, but receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. Additionally, in the absence of the Chief Investment Officer (Chairman T. J. Cunningham), she may direct purchases, sales or disbursements from clients’ accounts. All such activities are reported by the client’s custodian to Magnolia’s operations officer and subsequently reviewed by the Chairman. Ms. Powell’s principal occupation, as disclosed in Item 10, is as a Certified Public Accountant and she maintains an accounting practice. She is paid by Magnolia to prepare its tax return. She may refer clients to Magnolia, but receives no commission, bonus or other compensation in this respect. She does provide tax preparation services to several of the clients of Magnolia, but no such information is shared with Magnolia (although she is in a position to do so) without consent of the client. As a director and minority shareholder of Magnolia, she has a general interest in the well being of Magnolia, which may influence her decision to recommend the services of Magnolia to her clients, despite the fact that she receives no compensation for such referrals. However, Magnolia’s client acceptance policies assure that any prospective client must meet its strict eligibility standards, including suitability, before they are accepted. Thus, she can influence, but not control, the establishment of an advisory relationship between Magnolia and one of her accounting practice clients. Ms. Powell’s compensation from Magnolia is not material to her total income.  Ms. Powell also serves as the Treasurer and Vestry Member of St. Mary's in the Highlands Episcopal Church and as a member of the Audit Committee of the Haldane Central School District. Board member of St Mary’s Community Board, Inc. Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259. In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All investment accounts are reviewed quarterly by the full Board. • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors. • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).  1 Certified Public Accountant (CPA). CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education, experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA), and successful passage of the Uniform CPA Examination. In order to maintain a CPA license, states generally require the completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two year period or 120 hours over a three year period). Additionally, all American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. The vast majority of state boards of accountancy have adopted the AICPA’s Code of Professional Conduct within their state accountancy laws or have created their own. 2 Personal Financial Specialist (PFS). The PFS credential demonstrates that an individual has met the minimum education, experience and testing required of a CPA in addition to a minimum level of expertise in personal financial planning. To attain the PFS credential, a candidate must hold an unrevoked CPA license, fulfill 3,000 hours of personal financial planning business experience, complete 80 hours of personal financial planning CPE credits, pass a comprehensive financial planning exam and be an active member of the AICPA. A PFS credential holder is required to adhere to AICPA’s Code of Professional Conduct, and is encouraged to follow AICPA’s Statement on Responsibilities in Financial Planning Practice. To maintain their PFS credential, the recipient must complete 60 hours of financial planning CPE credits every three years. The PFS credential is administered through the AICPA.  Item 1 Cover Page Tamar Stubbs 64 Kona Way Garrison, NY 10524 Telephone (845) 905-9732 Magnolia Capital Management, Ltd. 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about Tamar Stubbs that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Thomas Cunningham IV at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience Tamar Stubbs, b. 1975,B.A. Hamilton College, MBA London Business; 1998-1999, Equiserve, Account Manager; 2000-2001, Configuration Manager, BuildOnLine; 2001- 2003, HR Manager, Capital One; 2006-2017, Senior Manager, Accenture; 2017-Present, Vice-President, Magnolia Capital Management, Ltd; a registered investment advisor representative of Magnolia Capital Management, Ltd.; 2026- present, Director, Magnolia Capital Management, Ltd.; 2026-Present, Fitness Instructor, All Sport Health & Fitness. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for Tamar Stubbs. Item 4 Other Business Activities Tamar Stubbs is the firm’s Chief Compliance Officer and as such is a salaried employee and participates in the firm’s annual bonus pool. She is also a minority shareholder. She receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. She has no other business affiliation. Mrs Stubbs is not engaged in any other business activity, except as an executive board member of the Blue Devil Booster Club (Booster Club) and an advisory board member of the Philipstown Behavioral Health Hub (both are charitable non-profit organizations.) There are no business relationships between Magnolia Capital Management and Booster Club. Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259. In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President, Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All investment accounts are reviewed quarterly by the full Board.  • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors. • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).  Item 1 Cover Page Peter Van Kleeck 2812 Golfside Drive Naples, FL 34110 Telephone (239) 592-5333 Magnolia Capital Management, Ltd. 55 Chestnut Street, Suite 5 Cold Spring, New York 10516 Telephone (845) 809-5259 August 28, 2026 This Brochure Supplement provides information about Peter Van Kleeck that supplements the Magnolia Capital Management, Ltd. Brochure. You should have received a copy of that Brochure. Please contact Tamar Stubbs at admin@magnoliacapitalmanagement.com if you did not receive Magnolia Capital Management, Ltd.’s Brochure or if you have any questions about the contents of this supplement.  Item 2 Educational Background and Business Experience Peter Van Kleeck, b. 1934, B.S. Vermont College; retired President & CEO, Premier National Bank and its predecessor (Pawling Savings Bank); Career includes 39 years of regional banking experience including as a Senior Vice-President of Bank of New York; Director, Magnolia Capital Management, Ltd. since 2004. Item 3 Disciplinary Information There are no reportable legal or disciplinary events for Peter Van Kleeck. Item 4 Other Business Activities Peter Van Kleeck is a Director and minority shareholder of Magnolia Capital Management, Ltd. and as such receives directors’ fees and participates in its annual bonus pool. He may refer clients to Magnolia, but receives no commission, bonus or other compensation based on the sale of securities or other investment products from Magnolia. His compensation from Magnolia is not material to his total income. Mr. Van Kleeck also serves as co-trustee of several trusts for which Magnolia is the investment advisor. Item 5 Additional Compensation No non-clients provide any economic benefit to the above named (or any other employee of Magnolia) for providing advisory services. Item 6 Supervision All supervised employees or associated persons are supervised by the Chairman, the Compliance Officer and the Board of Directors. The Chairman’s telephone number is 845-809-5259. In this connection, the firm’s policies are: • The Chairman provides investment advice to clients. In his absence, Director and Treasurer Carol A. Powell, Senior Vice President of Client Relations Thomas Cunningham IV or Vice President, Tamar Stubbs may do so. • The Chairman, or in his absence Ms. Powell, Mr Cunningham IV or Mrs Stubbs, may give trading (purchase/sale instructions) or disbursement instructions. • No account may be accepted without the approval of the Board of Directors. All investment accounts are reviewed quarterly by the full Board. • All third party disbursements (other than to the client) are reported to the Chairman and the Board of Directors.  • All transactions over all accounts are reported daily to Magnolia by client’s custodian and reviewed by the firm’s operations officer and its Chairman. • All supervised persons must report, quarterly, all their private securities holdings (except those where they do not enjoy the right to direct the purchase or sale of individual securities) and may not trade in securities known to be of interest to Magnolia’s clients without prior approval of Magnolia (excluding mutual funds or U.S. government securities).