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www.stjamesia.com St. James Investment Advisors 1-800-966-9343 All Cap Equity Portfolio Objective The St. James All Cap Equity Portfolio seeks long-term capital appreciation through an actively managed portfolio of companies with sustainable competitive advantages and consistent strong business performance. The portfolio will consist of approximately 30 to 35 holdings and is balanced amongst market capitalizations, sectors, and industries. We emphasize “All-Weather Businesses.” St. James employs a disciplined investment strategy by identifying high quality companies at what it believes to be attractive prices. We focus on essential companies in today’s economy but notably on companies we believe will be just as relevant in five to seven years. Exceptional business performance combined with endurance. Under normal circumstances, at least 95% of the portfolio assets will be invested in equity securities selected through a thoughtful value-oriented approach. Philosophy We believe our philosophy is a rational and intelligent approach to investing. We buy partial ownership of companies which we understand at prices below our assessment of their intrinsic value. We approach investing in publicly traded companies on a long-term basis as if we were buying the company outright and retaining current management. We are patient investors who believe that the intrinsic value of an underlying business will be recognized by the market over time. Our goal is to provide superior long-term returns for investors while attempting to minimize risk. We seek absolute returns while attempting to outperform the S&P 500 index over the long-term. Primary Portfolio Publicly traded equities St. James Investment Advisors We are professional portfolio managers Committed to Value Investing. St. James is an independent, fee-only, United States Securities and Exchange Commission registered investment advisory firm, providing customized portfolio management services to individuals and their financial advisors. Partnership Investing We invest our money alongside you as partners in our process. As managers we have significant amounts of our own capital invested in the strategy. Governing Principles We invest in quality companies with strong cash flow above operating needs. We invest in quality companies with exceptional Return on Shareholder Equity. We will treat your investment with St. James as if it were our own. We will remain significant investors with you in St. James Investment Advisors portfolios. Our independence as a firm allows us to focus on the interests of our clients in our decision-making process. Our decision-making process takes full advantage of individual insights within a partnership-oriented culture. We are patient, long-term investors. We will discourage short-term speculators and market timers. We will communicate with our investment partners as candidly as possible. We think “benchmark risk” is part of investment life. Our firm’s goal is to earn good absolute investment returns over long periods of time without exposing our clients’ capital to undue risk. We do not think about any particular index when we make investment decisions.

All investing involves risk of loss, and the All Cap Equity investment strategy could lose money over short or even long periods. Companies with indicated dividend yields that are above the S&P 500 average are referred to as above-average dividend yields. Discussion and allocations of investments shown above reflect the portfolio’s investments on the date of this presentation and may not be representative of the portfolio’s future holdings. The Investment Highlight position described above was randomly selected and was not selected based on performance. Views expressed regarding a particular company, security, industry, or market sector should not be considered an indication of trading intent of any investments managed by St. James Investment Advisors. These views should not be considered investment advice, nor should they be considered a recommendation to buy or sell. Data is based on a representative account selected because it has the least number of restrictions and best represents the implementation of the strategy. Presentations of composite performance are available upon request. Part 2 of form ADV is available upon request or at www.stjamesia.com. www.stjamesia.com St. James Investment Advisors 1-800-966-9343 All Cap Equity Portfolio Quarter Ending June 30, 2024 | Commentary Fundamentals and valuation are components for managing a portfolio that provide a sharper focus in navigating a path through the current U.S. economic and political environment. With the first half of 2024 presenting market volatility and a couple of surprises it is more important than ever to focus on these two aspects of portfolio management. A key change to markets in 2024 is expanding market breadth; given their earnings growth potential and valuation gaps, more stocks will be participating in the market. While the “Magnificent Seven” technology stocks remain popular, there is a strengthening case for broadening market returns. Even after removing these mega-cap tech stocks, Wall Street's steady earnings growth projection over the next two years remains encouraging. Focusing on fundamentals and valuation can help identify both overvalued and undervalued companies; a deep dive into the underlying fundamental aspects of a company’s business provides a more meaningful valuation of the company overall. While most investors are focused on growth investing, there are many other compelling reasons to consider when investing in value companies: underlying strengths, brand recognition, and skilled leadership drive growth and shareholder value. Furthermore, legendary investor John Templeton warns growth investors of the dangers of falling into the base-less “this time is different” mindset, but with value investing every decision is backed by highly researched, all-encompassing ideas that provide meaningful company insights. During the last quarter the St. James All Cap Equity Portfolio benefitted with exposure to: During the last quarter the St. James All Cap Equity Portfolio exposure to the following was negative: The following are the individual contributors and detractors from the portfolio during the last quarter: As of quarter-end, the St. James All Cap Equity Portfolio had the following compositions: Investment Highlight Texas Instruments Inc. (TXN) is a global semiconductor company. The Company designs, manufactures, tests, and sells analog and embedded processing chips for markets, such as industrial, automotive, personal electronics, communications equipment, and enterprise systems. The Company’s segments include Analog and Embedded Processing. The Analog segment includes product lines, such as Power and Signal Chain. Power includes products that help customers manage power in electronic systems. Signal Chain includes products that sense, condition, and measure real-world signals to allow information to be transferred or converted for further processing and control. The Embedded Processing segment includes microcontrollers, digital signal processors (DSPs) and applications processors. The Company also offers DLP products (primarily used to project high-definition images), calculators and certain custom semiconductors known as application-specific integrated circuits (ASICs). TXN has a market capitalization of $177.12 billion and generated 2023 annual revenue of $17.52 billion. • Information Technology • Industrials • Communication Services • Real Estate • Consumer Discretionary • Select Information Technology Contributors: Detractors: Alphabet Inc. Accenture plc Oracle Corp. Nike Inc. Apple Inc. Prologis Inc. Equities: 98.25% Cash: 1.75% Total: 100.00%