Firm Description Cadinha & Co., LLC (“Cadinha & Co.,” “we,” “our, “us”) is an investment adviser with its principal place of business in Honolulu, Hawaii. We commenced operations in April 1979, and have been registered with the SEC since 1979. The principal owner of Cadinha & Co. is Cadinha Acquisition Corp. Advisory Services Our firm provides customized investment advisory and management services on a discretionary basis to various types of clients and client accounts, including but not limited to individuals, trusts and estates, charitable and non-profit organizations, pensions, profit-sharing plans, and corporations. We advise clients and manage client assets on a separate-account basis using multiple disciplines and strategies developed uniquely for each client through the implementation of various disciplines such as financial planning, risk assessment, proactive asset allocation, macroeconomic and microeconomic analysis, and technical analysis. We do not operate any pooled-investment vehicles such as mutual funds or limited partnerships. We seek to work with clients with $1 million or more to invest (or subject to a minimum annual fee). At our discretion we may make exceptions for lesser amounts. Customized Services We provide customized investment advice to clients and manage client accounts based on the individual needs of the client. Through personal discussions in which goals and objectives are identified, we develop investment objectives and a general investment policy to meet these goals and objectives. We advise and manage the client’s assets based on this policy. Investment strategies are managed by the Investment Committee. Client investments will reflect assets selected through the due-diligence and governance provided by the Investment Committee merged with the customized needs and objectives of the client. Clients’ investment policies may change over time as warranted. Part of our customization includes consideration for client investment sensitivities. As such, our clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. The securities and types of securities we hold in a client’s account at any point in time depend on (1) the client’s individual objectives and restrictions, and (2) our view of various securities’ risk and return potential. Cadinha Asset Allocation For most of our clientele, our investment work also focuses on tactical asset allocation strategies. Rather than set a long-term and static asset allocation for a client’s account (such as all equity, all fixed-income, or balanced), we incorporate a forward view of markets and set asset allocations for clients we feel best combine each client’s personal objectives, risk tolerance, and restrictions with our view of the risk and return potential for various asset classes. Unless clients restrict us from doing so, a client’s asset allocation will likely change over time. For example, if our investment outlook is that stocks are overpriced (and risk has therefore increased for stocks), we will pare stock exposure in client accounts as appropriate; allocation to fixed-income securities and/or cash equivalents could increase at the same time. Clients have the ability to limit total asset class exposure or set allowable ranges. We establish such guidelines at the onset of our management with review and periodic updates as we meet and communicate with our clients. Consulting/Financial Planning Services Generally, we utilize financial planning strategies to better understand the needs of our investment advisory clients. We encourage our investment advisory clients to ask us for general financial planning advice or consulting services. We often furnish such services for no additional charge although we may require compensation for certain planning or consulting services based on the scope of a specific project or the nature of the services required by the client. We may provide consulting and financial planning services to non-advisory clients for a minimum fee of $500 per hour. Third Party Model Services Cadinha & Co. has agreements with Adhesion Wealth Advisor Solutions (“Adhesion”) and Envestnet Asset Management, Inc. (“Envestnet”) to provide model portfolios that are used by various third-party brokers

and advisers using the Adhesion and Envestnet platforms. Cadinha & Co. receives compensation from Adhesion and Envestnet for its investment advisory services related to accounts of third-party advisers where we have been selected as the model provider. Generally, the client executes a contract with the program sponsor and the sponsor or third-party adviser selects which sub-adviser(s) or model providers will be utilized to meet the client’s objectives. Cadinha & Co. provides the sponsor with a specific strategy model portfolio and updates the model portfolio to the program sponsor whenever a change is made to the model. Under these programs, Cadinha & Co. does not enter trades, receive trade reports and trade confirmations, and does not have access to record-keeping or client-specific reporting. Furthermore, Cadinha & Co. does not execute, acknowledge, or implement account specific trade restrictions, cash withdrawal/contribution requests, year-end tax harvesting, and generally does not interface with clients. Cadinha & Co. does arrange for trades to be executed by the sponsoring or referring broker-dealers in accordance with the current model recommendations, though those broker-dealers are ultimately responsible for all executions. Cadinha & Co. provides services based upon a specified strategy model that is offered to clients of sponsor firms. Those firms determine the fees end clients will be charged, as well as which models or sub-advisers will be used. Cadinha & Co. will generally accept limited restrictions on investing in certain securities or types of securities but does not provide investment advice on any other basis than that described above. Sponsor firms may set specific and mutually agreed upon investment parameters under this arrangement, including allowable securities, asset allocation ranges, and performance benchmarks. Cadinha & Co. may be one of multiple managers for a client under the program and operates in a sub-advisory capacity, with the sponsoring firm acting as the client’s primary adviser. Overarching financial planning, asset allocation, trade execution, reporting, and performance monitoring among other services are provided by the sponsor firm under this arrangement. For the majority of our clients, we usually perform all the aforementioned services. Our agreements with Adhesion and Envestnet require us to update models promptly and to implement appropriate trade rotation procedures. The intention is to ensure that accounts that follow the models, but which are not managed by Cadinha, are not systematically disadvantaged when compared to (1) accounts at different program sponsors using the same Cadinha models; and (2) accounts Cadinha manages directly and in accordance with the selected models. Cadinha is paid based on the assets being managed pursuant to the Cadinha models provided to the Envestnet and Adhesion platforms, and we have indicated the amount of assets on those platforms as “assets under advisement.” Cadinha Institutional We provide investment management and consulting services to select institutional accounts on a fee-only basis. Services include investment management (furnished on a continuous basis for management of public securities only); asset allocation advice and monitoring; general investment oversight; market outlook; and/or educational services. For investment management, we seek institutions with $5 million or more to invest (or subject to a minimum annual fee). For consulting and related services, we generally charge a minimum annual fee of $100,000. At our discretion, we may make exceptions for lesser amounts. Wrap Fee Programs While we typically do not act as the sponsor or portfolio manager to any wrap fee programs, there are other firms that direct business to us through their own wrap fee programs. When a client is referred to us by another firm, we engage with that client directly through Cadinha’s advisory agreement, and we charge our standard advisory fees. We describe these types of situations in more detail in Item 10 of this brochure. Assets Under Management As of December 31, 2023, we had assets under management of $1,005,642,476 all on a discretionary basis. We also had assets under advisement on a non-discretionary basis on the Envestnet and Adhesion platforms of $8,667,596.