A. Description of Advisory Firm Saratoga Research & Investment Management (“SaratogaRIM” or the “Firm”) is an S corporation organized in the state of California. SaratogaRIM registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) in August 1995. The Firm’s largest shareholder is Mr. Kevin P. Tanner, Chairman, CEO, and Chief Investment Officer, who owns just under 50% of the company. The Firm’s employees, including executive officers, hold the remainder of the Firm’s outstanding shares not held by Mr. Tanner. B. Types of Advisory Services SaratogaRIM primarily provides discretionary investment advisory services with respect to limited types of investment, predominantly large cap equity securities that go through a rigorous selection process as further outlined in Item 8. SaratogaRIM generally offers these discretionary long-only investment strategies through separately managed accounts (“SMAs”). These strategies are provided to individuals, high-net-worth individuals, and entities, including but not limited to, registered investment companies, pension and profit-sharing plans, endowments, foundations and other types of charitable organizations, and corporations. The Firm is also currently engaged by a mutual fund and other registered investment advisers to sub-advise portfolios using its investment strategies, and the Firm provides model portfolios to model delivery platforms and other financial institutions when contracted. The Firm’s two primary investment strategy offerings – SaratogaRIM Large Cap Quality & SaratogaRIM Large Cap Quality Focus – invest in high-quality companies with low balance sheet, business model, and valuation risk. The Quality strategy allows cash to accumulate at certain stages of the market cycle (when valuations are expensive), whereas the Focus strategy is restricted to a maximum cash position of 5%. At its discretion, the Firm may choose to implement new strategies when it deems appropriate. The Firm is a fiduciary under ERISA with respect to investment management services and investment advice provided to ERISA plan clients, including ERISA plan participants. SaratogaRIM is also a fiduciary under the Internal Revenue Code (the “IRC”) with respect to investment management services and investment advice provided to ERISA plans, ERISA plan participants, individual retirement accounts, and individual retirement account owners (collectively “Retirement Account Clients”). As such, the Firm is subject to specific duties and obligations under ERISA and the IRC, that include, among other things, prohibited transaction rules, which are intended to prohibit fiduciaries from acting on conflicts of interest. When a fiduciary gives advice in which it has a conflict of interest, the fiduciary must either avoid or eliminate the conflict or rely upon a prohibited transaction exemption (a “PTE”). For certain clients, SaratogaRIM may offer personal comprehensive financial planning services to set forth goals,

objectives and implementation strategies for the client over the long-term. Planning is conducted only as mutually agreed. Depending upon individual client requirements, the comprehensive financial plan will include recommendations, which many include the following areas: Retirement Planning, Cash Flow Forecasting, Estate Planning, Charitable Giving, Tax Saratoga Research & Investment Management | Form ADV, Part 2A | March 28, 2024 | Page 4 of 21 Planning, and Insurance Planning. SaratogaRIM prepares and provides the financial planning client with a written comprehensive financial plan and performs quarterly, semi-annual or annual reviews of the plan with the client, dependent on the client’s needs. Clients should notify us promptly anytime there is a change in their financial situation, goals, objectives, or needs and/or if there is any change to the financial information initially provided to us. Clients are under no obligation to implement any of the recommendations provided in their written financial plan. C. Customization The Firm primarily offers discretionary investment management services to meet the long-term needs of conservative individual and institutional investors. As such, all discretionary clients participate in SaratogaRIM’s investment strategies. The Firm may allow clients to impose reasonable investment restrictions on their accounts if the Firm, in its sole discretion, determines that the restrictions would not materially impact the performance of the assigned management strategy. SaratogaRIM will not assume any responsibility for the accuracy of the information provided by clients. Furthermore, the Firm is expressly authorized by the client to rely on such information provided by the client or any other client designated professionals (e.g., attorney, accountant), and is not obligated to verify such provided information. Under all circumstances, clients are responsible for promptly notifying the Firm in writing of any material changes to the client’s financial situation, investment objective, time horizon, or risk tolerance. D. Wrap Fee Programs Within certain SMA relationships, SaratogaRIM makes investment management services available pursuant to a wrap fee program whereby the Firm serves as the Portfolio Manager. A wrap fee program is an advisory program under which a specified fee not based directly upon transactions in a client’s account is charged for investment advisory services and the execution of client transactions. Accounts managed through the wrap program are done so in substantially the same manner as those managed under a non-wrap agreement. The Firm is paid a portion of the wrap fee for its services. E. Assets Under Management As of December 31, 2023, SaratogaRIM had $2,687.1 million in discretionary assets under management and $53 million non-discretionary assets under management. In addition, the Firm provided investment consulting services to approximately $2,783.1 million in assets under advisement.