NAPLES GLOBAL ADVISORS LLC

NAPLES GLOBAL ADVISORS, LLC 720 5th Avenue South, Ste. 200 Naples, Florida 34102 Website: www.NaplesGlobalAdvisors.com VERO BEACH GLOBAL ADVISORS 3003 Cardinal Drive, Ste. E Vero Beach, Florida 32963 Website: www.VeroBeachGlobalAdvisors.com Contact Information: Telephone: 239-776-7900 Email: compliance@naplesglobaladvisors.com Facsimile: 239-776-7909 Updated March 20, 2025 This Brochure provides information about the qualifications and business practices of Naples Global Advisors, LLC and its affiliate, Vero Beach Global Advisors. If you have any questions about the contents of this Brochure, please contact the Chief Compliance Officer, Kelly Walker, via email at compliance@naplesglobaladvisors.com or via phone at 239-776- 7900. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (SEC) or by any state securities authority. Additional information about Naples Global Advisors, LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number, known as a CRD number. The Firm’s CRD number is 158544. Naples Global Advisors, LLC is registered with the SEC as an investment adviser; however, such registration does not imply a certain level of skill or training.  Item 2 – Material Changes This Firm Brochure, dated March 20, 2025, provides a summary of the Firm’s advisory services and fees, background and credentials of Firm professionals, certain business practices and policies, as well as actual or potential conflicts of interest, among other things. This Brochure provides clients with a summary of new and/or updated information. The Firm will inform clients of the revision(s) based on the nature of the updated information. The Firm will ensure that clients receive a summary of any material changes to this and subsequent Brochures within 120 days of the close of the Firm’s fiscal year. Furthermore, the Firm will provide clients with other interim disclosures about material changes as necessary. The following summarizes new or revised disclosures based on information previously provided in the Firm Brochure dated January 21, 2025: - There were no material events or changes. 2  Item 3 – Table of Contents Item 1 – Cover Page & Contact Information ........................................................................................................... 1 Item 2 – Material Changes ............................................................................................................................................. 2 Item 3 – Table of Contents ............................................................................................................................................ 3 Item 4 – Advisory Business ........................................................................................................................................... 4 Item 5 – Fees and Compensation ................................................................................................................................ 4 Item 6 – Performance-Based Fees and Side-by-Side Management ............................................................... 6 Item 7 – Types of Clients ................................................................................................................................................ 6 Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss ...................................................... 6 Item 9 – Disciplinary Information .............................................................................................................................. 8 Item 10 – Other Financial Industry Activities and Affiliations ........................................................................ 8 Item 11 – Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading .. 8 Item 12 – Brokerage Practices ..................................................................................................................................... 9 Item 13 – Review of Accounts ................................................................................................................................... 10 Item 14 – Client Referrals and Other Compensation ....................................................................................... 10 Item 15 – Custody .......................................................................................................................................................... 10 Item 16 – Investment Discretion ............................................................................................................................. 11 Item 17 – Voting Client Securities ........................................................................................................................... 11 Item 18 – Financial Information .............................................................................................................................. 11 Appendix – Privacy Policy .......................................................................................................................................... 12 3  Item 4 – Advisory Business Naples Global Advisors, LLC (NGA) is an SEC-registered investment advisory firm and was organized in 2011 as an employee-owned investment firm with its principal place of business in Naples, Florida. NGA has an affiliated location in Vero Beach, Florida doing business as Vero Beach Global Advisors (VBGA). Together with the affiliated office, NGA offers services through investment advisor representatives (IARs). The IARs are under the supervision of Naples Global Advisors, LLC, and the advisory services of the IARs are provided through Naples Global Advisors, LLC. NGA and VBGA (together the “Firm”) seek to provide discretionary investment management services to individual and institutional clients. Prior to implementation of an investment strategy, the Firm strives to gain a thorough understanding of a client's investment objective, time horizon, and tolerance for risk. The Firm also reviews a client's investment history and analyzes the personal circumstances and family dynamics that might impact the execution of the agreed upon investment strategy. The Firm’s core equity investment philosophy is best summarized as being global, multi-cap value. Implementation is via an internal research process that relies initially on quantitative screening methods that seek to identify attractively valued companies based on fundamental characteristics including consistent profitability and a disciplined capital structure. The implementation of the investment strategy is primarily accomplished through ownership of individual securities that represent a wide range of capitalizations (micro to large cap) and an open geographical platform (domestic and foreign). The Firm also provides core fixed income strategies that emphasize a diversified grouping of publicly traded fixed income securities, which are primarily considered investment grade. In practice, a majority of the Firm’s clients maintain exposures to both key asset classes, equity and fixed income, although there are clients that request dedicated equity and dedicated fixed income mandates. Item 5 – Fees and Compensation The Firm's revenues are generated exclusively from advisory fees and are transparent to clients. Advisory fees are based on a percentage of assets under management. The custodian separately may impose certain fees related to custodial services provided to client accounts. Such fees may be tied to security transactions or a flat fee determined by the custodian. Additionally, the custodian may impose or deduct other expenses or fees such as foreign security taxes, American Depositary Receipts (ADR) fees, fees for trading certain mutual funds, and charges for wire transfers, as representative examples. Additionally, securities traded on foreign exchanges may incur added transactional expenses or brokerage commissions that will vary by custodian, country, and exchange. The fees paid to the Firm for advisory services are identified distinctly and are separated from custodial charges. Custodians typically have expenses inside their money market instruments that 4  are reflected as a reduction of net yield. Also, other expenses and fees may be embedded inside exchange-traded funds and mutual funds. The Firm's typical annualized advisory fees are based on the following schedule: Annual Fee $0 – $2,000,000 $2,000,000 – $4,000,000 $4,000,000 – $5,000,000 $5,000,000 – $50,000,000 $50,000,000 – $100,000,000 > $100,000,000 1.0% 0.8% 0.6% 0.5% 0.4% 0.3% The applicable fee schedule may differ from client to client and affiliate to affiliate, but the general advisory structure and source of fees collected remain consistent. Fees are generally deducted directly from a client's account on a monthly basis. However, alternative arrangements may be accommodated on a case-by-case basis. The advisory fees are determined using an end-of-month valuation at the indicated level and billed in arrears. Individuals with multiple accounts, as well as families, may be grouped together for relationship pricing, often resulting in a lower overall tiered rate. In cases where an investment advisory relationship begins after the first day of a billing period, or terminates prior to the last day, fees are prorated for the period. The Firm may charge for services that are considered beyond usual and customary or otherwise deemed extraordinary. Such other matters that are not routine in the conduct of an investment include consultation on non-investment advisory relationship subject to charges may management matters, analysis, and advice relating to assets and holdings not managed by the Firm. The Firm does not recommend the use of margin for investment purposes; however, the Firm may facilitate the establishment of a margin feature on a client’s behalf through the respective custodian. In some instances, a client may direct the use of margin for investment or non- investment access to liquidity. In any instance where margin is activated in a client account, the Firm’s investment management fee payable will be assessed gross of margin. This is because the nature and character of the underlying investable assets does not change. However, with a margin balance, the market value of the client's account and corresponding fee payable by the client to the Firm will be increased. Where investment management fees are assessed gross of margin, a conflict of interest exists as the Firm has an incentive to use margin to increase its fees. When deemed to be in the client’s best interest, the Firm will recommend that clients engage the Firm to rollover their retirement accounts or move retirement assets to the Firm’s management. Such a recommendation creates a conflict of interest if the Firm earns a new (or increase its current) advisory fee as a result of the transaction. No client is under any obligation to rollover a retirement account to an account managed by the Firm. The client agreement allows for cancellation in writing at any time by either the client or the Firm for any reason. There are no termination fees, although management fees earned up to the date of termination will be prorated and charged to the account or billed to the client. 5  Item 6 – Performance-Based Fees and Side-by-Side Management The Firm does not utilize performance-based fees. Item 7 – Types of Clients The Firm provides discretionary investment management services to the following types of clients: - - - - - - High net worth individuals Individuals (other than high net worth) Retirement accounts, principally IRAs Corporations Trustees Charitable Organizations The targeted relationship minimum valuation is investable assets of $1 million. Family or related accounts may be bundled together to attain the stated relationship minimum. There may be exceptions to this guideline when there is the future opportunity to reach the threshold, or in a situation where the minimum annual advisory fee is met or when an alternative agreement is reached with the client. Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss The Firm's investment philosophy is built on the following three key tenets: - The Firm strives to first understand a client's objectives and capacity for risk. The Firm seeks to then effectively manage the risk/return equation through proper asset allocation. - The Firm strives to build logically diversified portfolios using a global opportunity set of securities that are vetted and assembled using a fundamental valuation discipline. - The Firm’s discretionary portfolios are administered with a view toward absolute returns, principal stability, and with a healthy respect for the ever- changing dynamics of global economies, the capital markets, and a client's personal circumstances. The analytical process for equity selection is centered on identifying and compiling a well- diversified group of publicly traded global businesses that are undervalued based on fundamental characteristics. The key equity characteristics used in the initial screening process include high and consistent return on equity, low levels of debt, low relative valuation, and a history of sharing profitability with equity holders. This is first accomplished with quantitative screens that allow for identification of a manageable grouping of stocks that can then be analyzed more fundamentally. Once vetted and ultimately identified for inclusion in the portfolios, a diverse (by 6  sector, geography, and capitalization) collection of publicly traded businesses is then assembled on an account-by-account basis and actively monitored for progress. Below are the types of publicly traded securities in which the Firm typically invests on behalf of client portfolios: Equities - - - - - Individual U.S. equities of varied capitalizations (large, mid, small, and micro-cap) Individual international and emerging market equities Equity closed end funds, open end funds, and exchange-traded funds Real estate investment trusts Master limited partnerships Fixed Income - - - - - U.S. government and U.S. government agency issues Investment grade corporate and municipal bonds High yield corporate and municipal bonds Preferred and hybrid debt securities Fixed income closed end funds, open end funds, and exchange-traded funds Cash Equivalents Money market mutual funds Bank certificates of deposit Custodian-offered sweep accounts - - - Risk of Loss Investing in the capital markets involves an inherent level of risk. The Firm strives to understand a client’s goals, objectives, and tolerance for risk prior to constructing and implementing an investment program. However, given the nature and history of the capital markets, there is the possibility of principal loss. While the risk of principal loss has historically been greater with equity-oriented portfolios, fixed income portfolios also bear the risk of principal loss stemming from credit risk, duration risk, and illiquidity risk. Additionally, no guarantee can be provided that the stated return goals will be attained, and historical performance results are not a guarantee of future returns. The Firm does not invest in hedge funds, private equity, nor other non-traded securities. The Firm’s focus is on utilizing the array of existing publicly traded securities where marketability and daily valuation are more readily accurate and available. The Firm does invest in securities that are, at times, thinly traded in both the domestic and foreign markets, but the Firm’s advisory personnel strives to be mindful of the added risk that thinly traded securities pose as client portfolios are assembled. The Firm's core investment philosophy centers on a security’s valuation: relative to peers, the market, and its historical metrics. The Firm’s belief is that value-oriented investment disciplines have historically placed the odds of success in the client's favor. In summary the Firm feels that 7 paying attention to security valuations, maintaining global diversification, insisting on dividends  as a check on earnings authenticity, keeping turnover low, and minimizing expenses are all components that reduce volatility and ultimately risk. While these factors do not eliminate market risk, the belief is that they are logical and understandable risk mitigations. The Firm feels that maintaining the primary research responsibility in-house, at the portfolio manager level, also serves to moderate risk and increase client comfort. There is an efficiency of time gained for the client, company specific conviction is attained, and a proximity to the client’s risk tolerance is more readily addressed. Also, the Firm’s preference for utilizing individual securities, as opposed to outside funds or external managers, provides for greater tax and trading control. The external custodial platforms allow for favorable trade execution, trade efficiency, transparency, and low transactional costs—all part of a value-oriented philosophy that places the interest of the client first. Newly funded portfolios are typically worked into the markets over a period of time to take advantage of valuation dislocations and to reduce principal volatility. As a global investment manager there are additional risks associated with the portfolio management process. These include, but are not limited to, higher transaction costs for direct foreign trades, challenges regarding the timing of execution, foreign taxation, currency risks, uncertain liquidity, and political risk. Item 9 – Disciplinary Information The Firm and its employees have not been subject to any disciplinary action or sanctions with regards to business conduct or practices from clients, the SEC, or other law enforcement bodies. Item 10 – Other Financial Industry Activities and Affiliations The Firm has no other industry affiliations or activities. Item 11 – Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading The Firm has adopted a Code of Ethics pursuant to Rule 204A-1 of the Advisers Act. The Code of Ethics is for all employees, and it outlines the standards of required business conduct with the following tenets serving as the foundation: - The Firm and its employees have a fiduciary duty that at all times places the clients’ interest first. - The Firm and its employees should avoid any actual or perceived conflicts that might compromise their fiduciary responsibility. 8  - The Firm and its employees are prohibited from trading securities, either personally or on behalf of others, while in the possession of material non-public information that is either directly or indirectly obtained. All employees of the Firm are required to read and sign the Code of Ethics statement annually as an acknowledgement of their fiduciary responsibility to clients. The Firm's fiduciary duties include, but are not limited to, the necessity to provide full and fair disclosure of any conflict of interest, a duty of loyalty to the client and to the Firm, and a commitment to always provide suitable recommendations that are based on the client’s objective. The Code of Ethics includes provisions that deal with client confidentiality, prohibitions of insider trading, disclosure of personal security trading, and gift and entertainment guidelines. Employees of the Firm are allowed to invest in individual securities for their personal portfolios. These securities may include Firm recommended securities; however, the Code of Ethics requires that employees may not take advantage of any information that they may have concerning the Firm's current or pending strategies. This is inclusive of avoiding transactional front running. The Firm’s Code of Ethics is available to clients upon request. Clients may obtain a copy of the Firm’s Code of Ethics by contacting the Firm at the telephone number or email address listed on the cover of this Brochure. Item 12 – Brokerage Practices The Firm’s trading procedures prohibit unfair trading practices and are designed to avoid conflicts of interest with a client’s portfolio. The Firm customarily utilizes the client custodian broker or dealer for transactions in client portfolios, both for equity and fixed income trading. With the execution of any client trade, the typical key objective is obtaining best trade execution, which is defined as a combination of net price and trade impact. Other factors may play into the broker dealer selection including the source of a trade idea, the capacity for providing long-term market liquidity, and a research capacity that benefits all clients. Receipt of soft dollars, products, or services other than trade execution or research are not factors in allocating brokerage. As a multi-asset class manager of global equity and fixed income securities there are other considerations that become part of the trade execution equation. These may include the level of historical spreads, expected timing of a trade, trade confidentiality, historical settlement experience, along with the financial soundness and reputation of the executing broker. All these factors surround the trade process, but because the Firm does not participate in soft dollar rebates there is a reduced risk of any actual or perceived conflict as it relates to client trades. The Firm will at times group transactions together to efficiently trade a security in larger blocks. Trades are then allocated on a pro-rata basis that seeks to prohibit any account favoritism. Clients will generally receive the same average price in any grouped trade. The Firm may allocate any partial execution in a manner determined in good faith to be fair and equitable. It is the Firm's policy not to sell assets from the portfolio of one account to another except in situations where specific bond swaps may be to the mutual advantage, and never a disadvantage to either party, of each of the affected portfolios. 9  Item 13 – Review of Accounts The Firm’s Portfolio Managers and Advisors develop specific goals and objectives with each client prior to implementing an investment program. Portfolio Managers are charged with monitoring account holdings and overall valuations on a daily basis. Actual portfolio asset allocation may vary from time-to-time within established objective ranges and even beyond upper and lower targets, depending on investment market valuation swings and portfolio manager judgement. Cash balances are also analyzed on an on-going basis. The Investment Committee consists of the Chief Executive Officer, Chief Investment Officer, and other key employees. The Firm’s Investment Committee meets on a monthly basis to review investment guidelines and overall policies for all investment management accounts. Portfolios are formally reviewed when they are first established and rotationally thereafter at least annually to ensure the accounts are being invested in accordance with the stated objectives. Any exceptions are identified and resolution tactics determined. Strategic and tactical decisions are also discussed at these monthly meetings but typically occur more frequently as market conditions dictate. More practically, portfolios are continuously monitored with ultimate responsibility given to the Portfolio Manager for strategy implementation and adjustments based on the market environment and each client’s individual circumstances. Clients of the Firm are provided access (electronically or by mail) to statements each month by their custodian (Charles Schwab or Fidelity Investments) and have daily access for account viewing over the internet. In addition, the Firm provides separate quarterly reports showing performance and relevant index returns. The Firm also strives to meet with clients periodically, or as requested, to review results and update records regarding material changes impacting objectives. Item 14 – Client Referrals and Other Compensation The Firm does not pay referral fees. Item 15 – Custody The Firm does not custody any client securities or portfolios. Clients choose their own qualified and independent custodian. The custodians send electronic or physical statements each month directly to the client reflecting total holdings, total valuation, as well as trading and transactional activity. The Firm has a reasonable belief that the custodians are providing statements to clients in accordance with Rule 206 under the Investment Advisers Act of 1940, as amended. Although the Firm does not hold client assets, the Firm is deemed to have custody for purposes of amended Rule 206(4)-2 of the Advisers Act, in a limited number of client accounts, for one or more of the following reasons: - The Firm is authorized by its clients to debit Firm management fees directly from client accounts. 10  - The Firm has authorization to direct payments from client accounts held by a custodian primarily due to the courtesy service of bill payment, including tax payments made on behalf of certain clients as they request or as initiated through standing instructions to third-party providers. Because the Firm is deemed to have custody of certain accounts, the Firm is required to an annual surprise examination by an independent public accounting firm. The results of this annual audit are provided to the SEC. Item 16 – Investment Discretion The Firm usually operates under full discretion for its investment management services. However, for all clients this discretion is exercised within the bounds of a written client investment objective statement. As well, it is not unusual that there are tax or legal constraints, and/or unique considerations, which may override a portion of the discretion for individual assets or segments of the portfolios. Item 17 – Voting Client Securities The Firm has adopted written policies and procedures that are intended to comply with Rule 206(4)-6 of the Advisers Act. The Firm seeks to always vote proxies in the best interest of shareholders. While often the proxy vote will follow management’s recommendations, there are situations that occur that will result in the Firm’s vote being in opposition to existing management, either in whole or in part. At its core, the Firm’s policy is to encourage corporate actions that will enhance shareholder value, and this may be with either a short-term or long-term perspective, depending on the particular circumstance. As a global investment firm, the Firm holds shares of foreign companies as ADRs as well as locally registered shares. The voting rules in foreign markets can be restrictive for trading securities around a particular shareholder vote, and the Firm will at times prefer to maintain liquidity in the shares versus exercising the proxy vote. These situations will be vetted on a case-by-case basis. At times the client might retain the right to vote proxies. In those instances, the custodian sends the proxies directly to the client or other arrangements can be made. The Firm is responsible for establishing formal proxy voting policies and procedures, and for maintaining records for proxy voting. Those records will be made available to clients at their request. Item 18 – Financial Information Registered investment advisers are required in this Brochure to provide clients with certain financial information or disclosures about the Firm’s financial condition. NGA and VBGA have no financial commitments that impair the Firm’s ability to meet contractual and fiduciary commitments to clients and have not been subject of a bankruptcy proceeding. 11  Appendix Naples Global Advisors, LLC And its affiliate, Vero Beach Global Advisors (together the “Firm”) Privacy Policy The Firm’s privacy policy details the standards and procedures in respect to handling the personal financial information of its clients, prospective clients, and employees. Clients’ privacy is very important to the Firm. The employees of the Firm seek to maintain the confidentiality and security of all clients’ personal information. Because of the nature of the investment management business, it is customary for the Firm to be in possession of certain non- public personal information. By policy, the Firm does not sell or make available to marketers any of clients’ information. Client information may be made available to third-party providers of technology services as necessary to obtain investment management performance data and reporting. Additionally, as required by judicial mandate or existing law, the Firm may disclose personal information to government agencies or law enforcement officials as requested. 12 

BROCHURE SUPPLEMENT NAPLES GLOBAL ADVISORS, LLC 720 5th Avenue South, Ste. 200 Naples, Florida 34102 ® ® Michael H. Morris John M. Suddeth, Jr., CFA Kerry M. Geroy, CTFA, IACCP Grzegorz (“Greg”) S. Debski, CFA Isaac E.W. Codrey, CFA Sara B. Perkins Kelly K. Walker, CFP John Kent Cheesborough Austin K. Herzer Thomas Wyatt Russo, CFA Kailey J. Gunderson VERO BEACH GLOBAL ADVISORS 3003 Cardinal Drive, Ste. E Vero Beach, Florida 32963 ® David W. Griffis, CFA Andrew B. Hartline, CFA James C. Davis, CFP Websites: www.NaplesGlobalAdvisors.com / www.VeroBeachGlobalAdvisors.com Contact Information: Telephone: 239-776-7900 Email: compliance@naplesglobaladvisors.com Facsimile: 239-776-7909 Updated March 20, 2025 This Brochure Supplement provides information on the personnel of Naples Global Advisors, LLC and its affiliate, Vero Beach Global Advisors and supplements the Naples Global Advisors, LLC Firm Brochure. Clients and prospective clients receive a copy of the Brochure. Please contact Kelly Walker, Chief Compliance Officer, if you did not receive the Firm’s Brochure, or if you have any questions about the contents of this Supplement. information about these individuals is available on the SEC’s website at Additional www.adviserinfo.sec.gov.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Michael H. Morris Education: 1959 BS in Finance from Millsaps College in 1981 Business Experience: MBA from Millsaps College in 1983 Michael relocated to Florida in 1984 and to Naples in 1994, serving in senior leadership roles in wealth management for Florida National Bank and SunTrust until 2000. In 2000, Michael became president and CEO of First National Trust Company, a wholly owned subsidiary of FNB Corporation. In 2004, the Florida operations of FNB Corporation were spun out to shareholders and Michael became a member of the new banking company, First National Bankshares of Florida, executive committee, as well as continuing to be responsible for trust, investment services and private banking. First National was acquired by Fifth Third Bancorp in January of 2005, with Michael continuing to lead the investment advisors business until January 2006. Michael co-founded Naples Capital Advisors in 2007 and served as the CEO for the firm. The firm was acquired by TIB Financial Corp. in January of 2008. He also served as an executive officer and member of the board of directors of TIB Bank until co-founding Naples Global Advisors in September of 2011. Michael is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Michael serves as the Chief Executive Officer for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: John M. Suddeth, Jr., CFA Year of Birth: 1963 Education: BS in Finance from Auburn University in 1986 MBA from Georgia State University in 1993 Business Experience: John began his financial services career with Drexel Burnham Lambert in Orlando, Florida in 1986. After earning a Master of Business Administration degree from Georgia State University, John moved to Southwest Florida and spent the next nine years working for SunTrust Bank and Northern Trust Bank as a portfolio manager. During this period he earned the Chartered Financial Analyst designation and later served as a director of the Naples Financial Analyst Society. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. In 2001, John accepted an executive level position with the A.I. duPont Trust in Jacksonville. As Director of Investments for the multi- billion-dollar charitable trust, he was responsible for the public market component of the portfolio along with providing input on broader strategic investment issues. During his five- year tenure with the duPont Trust, John had direct oversight responsibility for the trust’s publicly-traded equity and debt securities, including domestic and foreign markets, as well as active and passive mandates. John co-founded Naples Capital Advisors in 2007 and served as the Chief Investment Officer for the firm. The firm was acquired by TIB Financial Corp. in January of 2008, and John maintained his role there until co-founding Naples Global Advisors in September of 2011. John serves as the Chief Investment Officer for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: ® Kerry M. Geroy, CTFA, IACCP Year of Birth: 1966 Education: BS in Sociology from University of Florida in 1988 Business Experience: ® Kerry began her career in financial services with SunTrust (formerly SunBank/Naples, N.A.) in 1990 as a Trust Administrative Assistant and subsequently moved into the roles of Trust Administrator and Trust Officer. She spent the next 18 years with NationsBank, Comerica Wealth and Institutional Management and National City Bank as Vice President/Trust Officer where she managed client relationships. In 2001, she earned the Certified Trust and Financial Advisor designation. The CTFA is designed to recognize a standard of knowledge and competence for the trust and wealth advisory field. In 2008, Kerry joined TIB Bank and Naples Capital Advisors. Her primary role was to develop and implement the trust services offering in the wealth management division of TIB Bank and to serve as the Chief Compliance Officer for Naples Capital Advisors. In 2015, Kerry earned the designation of Investment Adviser Certified Compliance Professional. The IACCP is co-sponsored by the Investment Adviser Association and NRS and is designed to ensure that compliance professionals have been trained, tested and certified to meet high industry professional standards. Kerry is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Kerry joined Naples Global Advisors in September of 2011. Kerry serves as a Client Advisor for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Grzegorz (“Greg”) S. Debski, CFA Education: 1986 Business Experience: BS in Finance from University of Connecticut in 2008 Greg started his career in financial services as a Junior Analyst for a Senior Wealth Management group with UBS. He worked closely with high-net-worth clients on portfolio management and investment analysis. After his time at UBS, he moved to a private alternative investment firm where he invested firm capital as a derivatives trader and equity portfolio manager. Greg earned his Chartered Financial Analyst designation in 2016. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. Greg joined Naples Global Advisors in March of 2013. Greg serves as an Investment Analyst and Portfolio Manager for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Isaac E.W. Codrey CFA Education: 1984 BA in Physics from Rollins College in 2006 MBA from Rollins College in 2008 Business Experience: Isaac started his career in financial services with Raymond James in 2008 as a Junior Analyst in Naples, Florida. He worked with high-net-worth clients on portfolio management and investment analysis. In 2009, Isaac joined CreditSights, a leading independent credit research provider. As a senior analyst on the US Strategy team, he was responsible for authoring research that focused on global macro-economic and credit trends in the US high-grade and high-yield corporate bond markets. Isaac earned his Chartered Financial Analyst designation in 2010. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. Isaac joined Naples Global Advisors in January of 2017. Isaac serves as an Investment Analyst and Portfolio Manager for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Sara B. Perkins Education: 1989 BS in Finance from University of Florida in 2012 Business Experience: Sara began her career at Cameron, a division of Schlumberger Group, in Houston, Texas after obtaining a Bachelor of Science degree in Finance from the University of Florida. During her time with Cameron, Sara was involved in an accelerated development program and held numerous roles in the Finance functions of the company including an invaluable global experience during a year-long project in Singapore supporting the startup of a new production plant. After repatriating to Houston in 2014, Sara continued with Cameron and held roles as Finance Project Controller and Finance Project Manager. In September 2017, Sara moved to Naples and joined the NGA team. Sara is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Sara serves as a Client Advisor for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: ® Year of Birth: Kelly K. Walker, CFP Education: 1997 BS in Mathematics and Economics and Finance from Florida Southern College in 2019 Business Experience: ® Kelly began her financial services career at Naples Global Advisors upon her graduation from Florida Southern College where she double-majored in Mathematics as well as Economics and Finance. She is a Naples native and interned with the firm prior to joining full-time in May of 2019. In 2023, Kelly obtained her CERTIFIED FINANCIAL PLANNER designation by completing an in-depth, two-year program of study in financial planning, regulations, insurance, investments, tax, psychology, retirement plans, and estate planning. Kelly is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Kelly serves as the Chief Compliance Officer for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: John Kent Cheesborough Education: 1987 BS in Business from Miami University in 2009 Business Experience: Kent began his career in financial services with Fisher Investments in 2010 as a Client Management Associate. He worked with high-net-worth clients managing the operational aspects of their relationship with the firm. His focus on investments later developed in his role in Institutional Fixed Income Sales and Trading with Carolina Capital Markets, a FINRA registered Broker-Dealer and with Brownstone Investment Group, where he served as a Director of Sales and Trading working in both the North Carolina and New York offices. At Brownstone, he provided execution and advisory services to a variety of institutional clients. Prior to joining Naples Global Advisors, Kent served as a Wealth Advisor with Investors Trust Company, an investment management and financial planning advisory firm in Chapel Hill, North Carolina. Kent is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Kent serves as an Investment Analyst and Portfolio Manager for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Austin K. Herzer Education: 1995 BS in Finance from University of Florida in 2017 Business Experience: Austin graduated from the University of Florida in 2017 with a Bachelor of Science in Finance. He then completed a two-year post baccalaureate program in medical sciences at the University of Florida. After successfully graduating from this program, he attained the Director of Enterprise Sales role for Vive Remote Patient Monitoring, a healthcare startup company. Austin joined the NGA team in 2022 as an Investment Analyst. He is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Austin serves as an Investment Analyst for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Thomas Wyatt Russo, CFA Education: 1987 BA in Economics from Denison University in 2010 MBA from Columbia Business School in 2017 Business Experience: Prior to joining Naples Global Advisors, Wyatt worked in the Market Structure & Partnerships group in the Global Banking & Markets division at Goldman Sachs. He was responsible for strategy and driving growth initiatives through the development of electronic trading capabilities, strategic investments, and partnerships focused on capital markets technologies. Wyatt began his career at Bloomberg LP where he held multiple roles in the financial products group. Wyatt earned a BA in Economics from Denison University and an MBA from Columbia Business School. Wyatt earned the Chartered Financial Analyst designation in 2021. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. Wyatt serves as an Investment Analyst and Portfolio Manager for the Firm. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Kailey J. Gunderson Education: 1999 BS in Finance from University of Delaware in 2022 MBA from University of Delaware in 2023 Business Experience: Kailey graduated from the University of Delaware earning both a Bachelor of Science degree in Finance and a Master of Business Administration degree from the Lerner College of Business and Economics. Prior to joining Naples Global Advisors, Kailey worked as an Administrative Associate at an independent RIA in Punta Gorda, Florida where she managed office operations and gained insightful client service experience. Kailey is an Investment Advisor Representative of Naples Global Advisors registered with the Florida Office of Financial Regulation and FINRA, an accreditation granted for passing the Series 65 Exam. Kailey serves as a Client Services Officer for the Firm. Disciplinary Information: No disciplinary actions Other Business Activities: None Additional Compensation: No additional outside compensation received Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: David W. Griffis, CFA Education: 1968 BA in Organizational Management/Finance from Bluffton University in 1995 MBA from Otterbein University in 2002 Business Experience: David has more than 30 years of experience in Investment Management. In addition to his undergraduate and master’s degrees, David earned the Chartered Financial Analyst designation. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. Prior to co-founding Vero Beach Global Advisors, David served as a Senior Investment Officer/Senior Vice President at Northern Trust and as a Senior Portfolio Manager at PNC Bank. He joined with Naples Global Advisors and Andrew Hartline to form Vero Beach Global Advisors in 2017. David serves as Managing Partner of Vero Beach Global Advisors which is affiliated with Naples Global Advisors, LLC. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: Year of Birth: Andrew B. Hartline, CFA Education: 1967 BBA in Finance from Stetson University in 1989 Business Experience: Andrew has over 20 years of banking experience in the areas of portfolio management, trust administration, private banking and commercial/corporate lending. He earned his Chartered Financial Analyst designation in 1999. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. Andrew also earned the Certified Investment Management Analyst designation in 2005 and is a graduate of the Southeast Bank Commercial Management Associate Program. Andrew is a graduate of the Florida Graduate Trust School, and the National Trust School at Northwestern University. Prior to co-founding Vero Beach Global Advisors, Andrew served as a Senior Vice President and Senior Wealth Strategist at Northern Trust. He joined with Naples Global Advisors and David Griffis to form Vero Beach Global Advisors in 2017. Andrew serves as Managing Partner of Vero Beach Global Advisors which is affiliated with Naples Global Advisors, LLC. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.  Form ADV Part 2B: Brochure Supplement Name: ® Year of Birth: James C. Davis, CFP Education: 1960 BBA in Finance from University of Georgia in 1982 Business Experience: ® Jim has more than 40 years of financial service experience. After graduating from the University of Georgia with a business degree in finance, Jim started his financial services career with Trust Company Bank of Georgia (now Truist Bank). In 2000, he moved to Vero Beach, Florida and held senior positions in wealth management and private banking. Prior to joining the Vero Beach Global Advisors, Jim was a Vice President with Fidelity Investments in the role of a Wealth Planner working with high net-worth individuals and their families. He is Series 7, Series 63, and Series 66 licensed. In 2014, Jim obtained his CERTIFIED designation by completing an in-depth, two-year program of study in FINANCIAL PLANNER financial planning, regulations, insurance, investments, tax, psychology, retirement plans, and estate planning. Jim is active in the Vero Beach community being a part of the Planned Giving Council and Estate Planning Council. Jim serves as a Financial Advisor of Vero Beach Global Advisors which is affiliated with Naples Global Advisors, LLC. Disciplinary Information: No disciplinary actions. Other Business Activities: None. Additional Compensation: No additional outside compensation received. Supervision: The executive management team of NGA is responsible for the overall supervision of Firm employees and adherence to Firm policies and procedures. The executive management team consists of the Founding Principals, Michael H. Morris and John M. Suddeth, Jr.