CYNOSURE GROUP

General Firm Overview

The Cynosure Group, LLC (“Cynosure” or the “Firm”), is a Utah limited liability company formed in 2015 and is registered with the SEC as an investment adviser, with its principal office in Salt Lake City, Utah, and places of business in the following states: California, Florida, Illinois, Massachusetts, New Jersey, and New York. Cynosure is principally owned by The Randal Quarles and Hope Eccles Legacy Trust and Spencer P. Eccles and Kristine L. Eccles GST Legacy Trust agreements each owning more than 25%.

Cynosure offers advisory services in the following four divisions: Cynosure Capital Management, Cynosure Partners, Cynosure Wealth Advisors, and Cynosure Strategies.

As of December 31, 2024, The Cynosure Group collectively managed approximately $6,565,356,220 in discretionary assets across all four divisions.

The following sections of this brochure relate solely to Cynosure Capital Management. Each other division is described in greater detail in their own Brochure, which are available online at adviserinfo.sec.gov.

Assets Under Management

As of December 31, 2024, CCM managed approximately $2,132,276,468 in discretionary assets. Cynosure Capital Management (“CCM”) provides outsourced investment advisory services on behalf of foundations, endowments, and related individuals. As part of its engagement, CCM will enter into a discretionary Investment Advisory Agreement (“Agreement”) with a client (“Advisory Client”). Subject to the terms and conditions of the Agreement, the CCM will develop and implement a continuous investment program on behalf of the Advisory Client, which services will include one or more of the following:

Base Portfolio Advisory Services

The development of an investment program for the Advisory Client, determined in consultation with the Advisory Client, based on an analysis of various factors, including, without limitation, the Advisory Client’s investment goals, tax position, diversification requirements, other assets held outside of the portfolio, social concerns, and risk tolerance.

Implementation of an investment program through allocation and rebalancing of the Advisory Client’s assets to various liquid marketable investment strategies through investments in separate accounts managed by CCM and (to the extent permitted by the investment management agreement) sub-advisors selected by CCM.

Oversight and monitoring of the investment program, including portfolio characteristics, cash flows and risk, on an on-going basis and adjustment of the same from time to time in response to changing market conditions, Advisory Client circumstances or other factors.

Multi-Asset Portfolio Advisory Services

In addition to the Base Portfolio Advisory Services, where suitable and appropriate, implementation of a multi-asset investment program through material allocation of the Advisory Client’s assets to various illiquid alternative investments and/or pooled investment vehicles.

Oversight and monitoring of the multi-asset investment program, including managing diligence and ongoing oversight of private fund managers, negotiating investment terms, participating in fund investor advisory committees, managing capital calls including, when appropriate, the implementation of capital call facilities, employing tax strategies, liquidity planning, risk management, and where appropriate, dynamic portfolio rebalancing and hedging.

Advisory Clients may impose reasonable conditions, restrictions, or instructions regarding the management of the above portfolio (i.e., investment guidelines), including (but not limited to) the designation of particular securities or types of securities that should not be purchased for the portfolio, or that should be sold if held in the portfolio. The imposition of a requirement that particular securities or types of securities not be purchased for the Advisory Client’s portfolio is subject to written approval by both CCM and Advisory Client prior to implementation.