John G. Ullman & Associates, Inc: investment adviser

Clients receive investment advice on equity securities, warrants, corporate bonds, municipal bonds, convertible bonds, variable rate bonds, foreign currency bonds, commercial paper, bank CD's, mutual fund shares, exchange-traded funds, executive stock options, government securities and partnerships investing in real estate and oil and gas interests. With the prior consent of the client, JGUA furnishes discretionary investment management services defined as the authority to determine, without obtaining the specific client consent, the securities to be bought or sold and the amount of the securities to be bought and sold. Investment advice is also furnished through consultation. JGUA manages balanced portfolios based on the personal objectives of clients. The portfolio can consist of one or more of several types of accounts, established in the client's name. JGUA works with clients to establish a risk tolerance profile that serves as our guide for investing. This risk segmentation profile is developed based on the clients overall financial goals, risk tolerance, other investments, and investment preferences. We do have processes in place to allow clients to impose restrictions on investing in certain securities or types of securities. As of December 31, 2025, JGUA had over $1,383,673,555 in assets under management. As of that date, JGUA managed $1,328,786,742 on a discretionary basis and $54,886,813 on a nondiscretionary basis. In addition, we manage $124,692,764 in proprietary and employee assets. We manage over one thousand client families.

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For assets managed by John G. Ullman & Associates, Inc. in excess of twelve million, the following fee schedule shall apply: 0.76% of the next three million of Net Assets under management Plus 0.68% of the next five million of Net Assets under management Plus 0.60% of the next five million of Net Assets under management Plus 0.55% of Net Assets over twenty-five million The minimum fee and rate may be reduced for nonprofit organizations or other special situations. Fees are not negotiable. There are additional disclosures for ERISA Bonded accounts. The management fee is payable at the commencement of the contract year. Fees from capital

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additions in excess of the $250,000 minimum account size are billed on deposit at a prorated fee for the remainder of the contract year. The appointment of Ullman as investment manager is automatically renewed upon the contract date for subsequent one-year periods. The investment management contract may be canceled by clients upon providing at least sixty days written notice. The unearned portion of the management fee is reimbursed to clients; however, the initial year management fees shall in no event be less than $5,000 which is meant to compensate Ullman for start-up expenses and analysis of client's financial situation. John G. Ullman & Associates, Inc. generally charges its fee for service on an annual basis in advance. Clients shall receive prior notification of the anticipated fee. Clients may elect to be billed directly for fees or to authorize JGUA to directly debit fees from client accounts. JGUA’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, third-party investment and other third parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual funds and exchange traded funds also charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of and in addition to JGUA’s fee, and JGUA shall not receive any portion of these commissions, fees, and costs. Item 12 further describes the factors that JGUA considers in selecting or recommending brokerdealers for client transactions and determining the reasonableness of their compensation (e.g., commissions).

Our approach combines a strategic asset allocation, including preferred investment sectors, with substantially individual security selection. Value Based analyses are emphasized for most equity security decisions. Our accounts are managed primarily at an overall family level, rather than an individual account level. Accounts are balanced with limitations placed on the level of high quality and aggressive equity investments based on individual risk segmentations. Investing in securities involves risk of loss that clients should be prepared to bear. JGUA emphasizes low to moderate risk investments. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies we recommended or execute) will be profitable or equal any specific performance level(s). The use of balanced accounts (including fixed income securities) and equity diversification are critical elements to our Portfolio Management process. The company does not trade short nor does it trade in options or commodities. JGUA does not maintain margin accounts. Securities are usually purchased with the intent of holding them for at least one year; however, trading may occur more frequently. As part of our value-oriented approach, security price points are key contributors to our buy and sell decisions. Investment and trading decisions are made on an ongoing basis.

JGUA anticipates that, in appropriate circumstances, consistent with clients’ investment objectives, it will cause accounts over which JGUA has management authority to effect, and will recommend to investment advisory clients or prospective clients, the purchase or sale of securities in which JGUA, its affiliates and/or clients, directly or indirectly, have a position of interest. JGUA’s employees and persons associated with JGUA are required to follow JGUA’s Code of Ethics. Subject to satisfying this policy and applicable laws, officers, directors and employees of JGUA and its affiliates may trade for their own accounts in securities which are recommended to and/or purchased for JGUA’s clients. The Code of Ethics is designed to assure that the personal securities transactions, activities and interests of the employees of JGUA will not interfere with (i) making decisions in the best interest of advisory clients and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. Under the Code certain classes of securities have been designated as exempt transactions, based upon a determination that these would materially not interfere with the best interest of JGUA’s clients. In addition, the Code requires pre-clearance of many transactions, and restricts trading in close proximity to client trading activity. Nonetheless, because the Code of Ethics in some circumstances would permit employees to invest in the same securities as clients, there is a possibility that employees might benefit from market activity by a client in a security held by an employee. Employee trading is monitored under the Code of Ethics to reasonably prevent conflicts of interest between JGUA and its clients. Certain affiliated accounts may trade in the same securities with client accounts on an aggregated basis when consistent with JGUA's obligation of best execution. In such circumstances, the affiliated and client accounts will share commission costs equally and receive securities at a total average price. JGUA will retain records of the trade order (specifying each participating account) and its allocation, which will be completed prior to the entry of the aggregated order. Completed orders will be allocated as specified in the initial trade order. Partially filled orders will be allocated on a pro rata basis. Any exceptions will be explained on the Order. JGUA’s clients or prospective clients may request a copy of the firm's Code of Ethics by contacting Jennifer E. Krasnansky. -5-

It is JGUA’s policy that the firm will not affect any principal or agency cross securities transactions for client accounts. Principal transactions are generally defined as transactions where an adviser, acting as principal for its own account or the account of an affiliated brokerdealer, buys from or sells any security to any advisory client. A principal transaction may also be deemed to have occurred if a security is crossed between an affiliated hedge fund and another client account. An agency cross transaction is defined as a transaction where a person acts as an investment adviser in relation to a transaction in which the investment adviser, or any person controlled by or under common control with the investment adviser, acts as broker for both the advisory client and for another person on the other side of the transaction. Agency cross transactions may arise where an adviser is dually registered as a broker-dealer or has an affiliated broker-dealer.

Attractive financial terms for individual client accounts that provide value to the clients

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Strong technology and available account information to facilitate trading

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Dedicated relationship managers associated with all aspects of client service

It is common for John G. Ullman & Associates, Inc. to purchase and sell securities for its clients under a method of block trade orders, which with certain broker-dealers provides efficiencies of scale. This practice of combining many client trades into one large trade improves JGUA's ability to execute trades at favorable price levels. The average price per share of a block trade is allocated to each account that participates. Accounts that participate in the same block trade are charged transaction costs and commissions in accordance with their individual client agreements. Transactions in over-the-counter securities are effected on an agency basis, for JGUA to obtain the best possible price for clients, within the offering and bid price. Relative to such -6-

transactions, clients pay commissions to the broker-dealers either on a gross or net basis; if on a net basis, the difference in price is generally disclosed on the confirmation and generally results in a better total price for clients. In certain situations, JGUA allows clients to open their account with a broker-dealer that is not on our approved list. In such situations, it is possible that JGUA will be unable to achieve the most favorable execution of client transactions. Directing brokerage in this manner may cost clients more money. For example, clients directing brokerage may also incur other transaction costs, greater spreads, or receive less favorable net prices on transactions for their accounts. Some of the custodians we utilize provide us with certain brokerage and research products and services that qualify as "brokerage or research services" under Section 28(e) of the Securities Exchange Act of 1934 ("Exchange Act"). We may also receive additional benefits (also known as “non-cash” compensation) as a result of our relationships with our custodians. These resources are also referred to as “Other Economic Benefits”. Examples include: •

Receipt of duplicate client confirmations

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Receipt of electronic duplicate account statements

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Access to block trading which provides the ability to aggregate securities transactions and then allocate the appropriate shares to client accounts

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Access to electronic communication networks for client order entry and account information

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Access to the investment advisor portion of their web sites (this may include practice management articles, compliance updates, and other financial planning related information and research materials)

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Access to other vendors on a discounted fee basis through discounts arranged by the custodians

JGUA does not currently have any commitments in place to invest any specific amount or percentage of our client assets with any specific broker-dealer or in any specific securities or other investment products as a result of the above arrangements.

The investment committee that determines general investment management strategies consists of John G. Ullman, David Labato, Jennifer BementCoon, Meghan Collins, Darren L. Wilcox, Mark Abdalla, Dan Obrist and Brett Winnefeld. The persons responsible for the primary quarterly account reviews are the CEO, the Director of Trading and the Portfolio Manager. Other financial advisory and planning services are conducted by Advisors. Advisors who have direct responsibility for the investment advisory services of JGUA must have academic background and experience in the investment management field.

Our statements may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies of certain securities. In certain limited circumstances, employees of John G. Ullman & Associates, Inc. are appointed to a fiduciary capacity, such as trustee or executor, on behalf of a client. In those circumstances, John G. Ullman & Associates, Inc. shall ensure that third party broker statements are provided to an unaffiliated interested person. These assets are also subject to a surprise custody audit.

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LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable/accrued expenses Deferred shareholder distributions Unearned investment management fees

$ 3,553,475 9,171,758 12,307,562

TOTAL LIABILITIES

25,032,795

DEFERRED COMPENSATION

55,000

TOTAL STOCKHOLDERS' EQUITY

46,000,649

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 71,088,444

Notes: Accounting Principles This condensed Statement of Financial Condition was derived from the consolidating financial statements which were prepared in accordance with generally accepted accounting principles and audited by an independent public accounting firm. Unearned Investment Management Fees The Company receives management fees in advance for investment management and certain other client services. As services are provided, the fees are proportionally recognized as income. Income Taxes Beginning in 1988, the Corporation elected to be taxed as an S-Corporation, and as a result, no provision for federal income taxes is included in this year's financial statements. Provisions have been made, however, for certain state franchise taxes required for S-Corporations.

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