Firm Description Meritage Portfolio Management, Inc. (“Meritage”) was founded in 1991, originally bearing the names of the four founding principals, Eveans, Bash, Magrino and Klein, Inc. Meritage is organized as a Kansas Corporation with one place of business located at 7500 College Blvd., Suite 1212, Overland Park, KS 66210. We have 18 associates, many with educational and professional designations, including CFA, MBA, CIC, CPA and CFP. Meritage provides personalized investment management on a discretionary basis to individuals, families and a variety of institutional clients including employee benefit plans, foundations, endowments and public funds with separately managed portfolios based upon their respective investment objectives, goals, risk profiles and other relevant considerations. Meritage provides subadvisor investment advisory services for three collective trust funds for the pooling of retirement funds and three common trust funds for the pooling of personal trusts sponsored by two independent trust companies. Meritage provides investment advisory services to these funds in the same manner as we provide for separately managed portfolios. Meritage participates in a model investment program where it provides model portfolio structure and strategies for a fee. Meritage exercises no discretion over the assets in this program. The manager of this model user is responsible for determining in what manner and to what extent they utilize Meritage’s strategies for their clients. The program manager also executes the trades for these accounts. Meritage serves as portfolio manager under a wrap fee program established by an unaffiliated third-party sponsor, using the Meritage Growth Equity strategy. Under the program, the sponsor charges program clients a wrap fee for portfolio management, trading, custody and other services, and the sponsor pays Meritage a portion of those fees for our investment advisory services. Meritage provides investment advisory services under the wrap fee program in the same manner as we provide for separately managed portfolios. Meritage generally does not have discretion in selecting the broker-dealers through which trades for wrap program clients are executed. As a result, wrap fee program clients may pay different commissions or realize less favorable prices on securities transactions than those clients for which Meritage has discretionary authority to select brokers. Meritage also provides asset allocation advice and general investment planning reviews for clients. Advice is provided through consultation with the client, gathering of pertinent data, and employment of quantitative planning tools resulting in a joint determination of an appropriate long-term asset allocation policy. Meritage is a fee-only investment management firm. The firm has an eleven-person investment team that includes seven Chartered Financial Analysts (CFAs). All decisions impacting portfolio holdings are made by the respective lead managers for each of the firm’s five specific equity strategies, as well as both taxable and tax- exempt fixed income strategies. The firm does not sell annuities, insurance, stocks, bonds, outside mutual funds, limited partnerships, or other commissioned products, nor is the firm affiliated with entities that sell financial products or securities. No product commissions or finder's fees in any form are accepted. Meritage provides investment management services through qualified custodians that can include registered broker/dealers and banks offering trust services. The client maintains asset control at all times via the independent, qualified custodian and receives regular statements from the custodian as well as from Meritage. Comprehensive communication is provided directly to the client on a quarterly basis. Clients have the option of receiving their correspondence via regular mail or electronic delivery. Further communications are provided via phone, email, virtual electronic and face-to-face meetings. Annual reviews are recommended for each client and can be more frequent if desired, or as might become necessary because of a change in the client's personal situation or market conditions. Principal Owners Meritage has two employee owners, Mark E. Eveans and James M. Klein, who each own in excess of 25% of the company stock. Two other associates, Leonard C. Mitchell and Sharon L. Divine, own minority interests in the firm. Meritage believes that employee ownership is a characteristic that fuels motivation and contributes to the stability of personnel. Types of Advisory Services Meritage manages discretionary investment advisory accounts using any combination of six distinctive equity management strategies: Value, Growth, Yield- Focus, Small Cap Value, Small Cap Growth and Small Cap Core, a combination of Small Cap Value and Small Cap Growth strategies. Meritage also manages taxable and tax-exempt fixed income through two distinct platforms – short-term fixed income and intermediate-term fixed income. We believe the purpose of a bond portfolio is to lower overall portfolio risk and provide consistent income. Some clients retain us for a single strategy, but the majority of clients utilize balanced portfolios which combine fixed income with either single or multiple equity strategies. Before Meritage can recommend any asset allocation to the client, we examine six key areas:  Overall Investment Objective. By learning what the client wants to achieve with the assets and by learning any restrictions that would conflict with the intent of the client, we can better understand how to structure the portfolio to conform to the client's unique needs.  Risk Tolerance. Meritage wants to design a structure for each client that meets an appropriate balance of risk and reward.  Cash Flow Needs and Income Expectations. By understanding the liquidity needs of our client, we can better assess the balance needed between income-producing investments and investments that are dedicated to market value appreciation.  Growth Objectives. By understanding the client's investment time frame and risk tolerance, appropriate investment guidelines are established to achieve optimal long-term wealth accumulation.  Time Horizon. Understanding the true life-span expected from a pool of assets allows us to structure the overall portfolio asset mix properly.  Adaptability. Client situations and the market conditions change. Changes to the portfolio mix of stocks and bonds may become necessary to adapt to new realities. After the initial assessment of these areas, Meritage will evaluate

the client’s current portfolio using our own investment process toolkit and explain how our investment approach differs from the current management. We will discuss the benefits of our approach and come to agreement with the client as to how to proceed with the transition to our management style and in what time frame that is to be done. Meritage will also provide advice to clients on matters not directly involving securities, such as comprehensive financial planning, income tax issues, along with trust and custody services. Meritage also offers advisory services for corporate retirement plans including pension, profit sharing and participant directed, individual account plans like 401(k) plans. In that regard, Meritage offers discretionary investment management services, non-discretionary investment advisory services and retirement plan fiduciary services. In providing retirement plan services, Meritage may establish a client relationship with one or more plan participants or their beneficiaries. If a plan participant or beneficiary desires to facilitate an IRA Rollover from the plan assets to an account managed by Meritage, or if Meritage makes a recommendation to make a rollover, we will have a conflict of interest given that our individual account advisory fees can be expected to be higher than those we receive in connection with the retirement plan’s services. To mitigate this conflict, Meritage will disclose relevant information about the applicable fees Meritage charges prior to opening the IRA Rollover account. The decision to take a distribution from a retirement account rests with the individual participant and beneficiaries. As of December 31, 2023, Meritage Portfolio Management, Inc. has discretionary management authority over approximately $2.25 billion in assets for approximately 555 clients and 1,400 accounts. Meritage also oversees $120.5 million of nondiscretionary assets for approximately 120 accounts. Tailored Relationships Individualized investment objectives for each client account are documented in writing with an Investment Policy Guideline and acknowledged by the client. When a client chooses a specific equity strategy, their portfolio holdings will mirror the holdings of another client in the same equity strategy. Overall portfolio risk, however, may be different depending on the amount of the portfolio allocated to the various distinctive equity styles and the fixed income component where applicable. While clients can choose to impose restrictions on certain industries or specific companies, such practice is discouraged as it will potentially cause the performance of the account to be different than our non-restricted strategies. Types of Agreements Investment Adviser Agreement Clients employ Meritage to act as investment adviser for their account(s) with the execution of an Investment Adviser Agreement. This agreement gives Meritage full power to supervise and direct the investment of the account(s) by implementing investment decisions without prior consultation of the client, but according to the guidelines and objectives set for each account. Although the Investment Adviser Agreement is an ongoing agreement, the client or Meritage can choose to terminate the Agreement at any time by written notice to the other party. At termination, fees will be billed or refunded on a pro rata basis for the portion of the quarter completed, adjusted for the number of days during the billing quarter prior to termination. Client agreements may not be assigned without written client consent. Consent would be required in the event of a significant change in ownership. Fee Schedule A separate fee schedule is executed for each account. The annual Advisory Service Agreement fee is based on a percentage of the market value of the account assets including accrued income, according to the following standard schedule: 1.00% on the first $2,500,000 0.85% on the next $2,500,000 (from $2,500,001 to $5,000,000) 0.80% on the next $5,000,000 (from $5,000,001 to $10,000,000) 0.70% on the next $15,000,000 (from $10,000,001 to $25,000,000) 0.60% on the next $25,000,000 (from $25,000,001 to $50,000,000) 0.50% on the next $50,000,000 (from $50,000,001 to $100,000,000) 0.40% on the balance over $100,000,000 Fees for retirement plan services are negotiable and vary based upon the nature, scope and frequency of services and meetings as well as the complexity of plan structure. There is no minimum quarterly or annual fee for any account. Fees can vary among accounts based on investment objectives and/or portfolio size and can also be negotiated based on other factors such as private relationships versus larger institutional relationships. Fees are typically billed quarterly in advance based upon the market value of the portfolio including cash, cash equivalents and accrued income on the last business day of the previous quarter, unless specifically negotiated differently. Any assets specifically designated as unmanaged or nondiscretionary will be excluded from the quarterly fee calculation. Client assets that are managed via sub-advised collective trust funds for retirement funds and common trust funds for personal trusts are excluded from additional management fees as Meritage is compensated by the fund sponsors for the assets managed in those pools. Investment Policy Guidelines The Investment Policy Guideline Agreement documents the client’s agreed upon objectives for each account, including style of equity and fixed income management plus the investment ranges and targets for the account. The individual securities used in our strategies are traded through brokers as selected by Meritage, though some clients have made directed brokerage choices. Investments may also include the sub-advised collective trust funds for retirement funds and common trust funds for personal trusts where deemed appropriate. Investments typically include: equities (common stocks, straight preferred and convertible preferred stocks), U.S. government debt securities, corporate debt securities, commercial paper, certificates of deposit, municipal securities, exchange traded funds, publicly traded master limited partnerships, real estate investment trusts, royalty trusts, and business development companies. Termination of Agreement A client or Meritage may terminate any of the aforementioned agreements at any time by written notice. If the client made an advance payment of advisory fees, Meritage will refund any unearned portion of the advance payment. The agreement is not assignable by either party.