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June 2024Portfolio Manager: Brian C. MarkPeriod All Cap Equity Gross All Cap Equity NetS&P 500 Total ReturnLast Month 0.87% 0.81% 3.59%Trailing 3-Months 0.57% 0.41% 4.28%1-Year 12.46% 11.74% 24.56%3-Year 6.32% 5.63% 10.01%5-Yearn/a n/a n/aSince Inception 9.70% 9.01% 13.55%Year All Cap Equity Gross All Cap Equity NetS&P 500 Total Return2020 2.4% 2.3% 3.8%2021 28.2% 27.4% 28.7%2022 (10.1%) (10.7%) (18.1%)2023 12.3% 11.6% 26.3%2024 6.0% 5.6% 15.3%2025 0.0% 0.0% 0.0%2026 0.0% 0.0% 0.0%2027 - - -*December 2020 InceptionMicrosoft Corporation 5.00%Alphabet Incorporated 5.00%Exxon Mobil Corporation 4.50%UnitedHealth Group Inc. 4.50%Berkshire Hathaway Inc. 4.00%Cisco Systems Inc. 4.00%PepsiCo Inc. 4.00%Comcast Corporation 3.50%Amgen Inc. 3.00%Accenture PLC 3.00%Portfolio HoldingsBetaUpside Capture RatioDownside Capture RatioPortfolio Yield340.77Portfolio Characteristics versus S&P 500 Total ReturnThe St. James All Cap Equity Portfolio seeks long-term capital appreciation through an actively managed portfolio of companies with sustainable competitive advantages and consistent strongbusiness performance. We emphasize “All-Weather Businesses” and focus on essential companies in today’s economy, but notably on companies we believe will be just as relevant in five toseven years. We invest in companies we believe have exceptional business performance combined with endurance.Value of $100,000 Invested in December 2020 through June 2024Annualized Standard DeviationAnnual ReturnsAnnualized ReturnsTop Ten Holdings by Portfolio WeightAll Cap Equity Portfolio Sector WeightingsAll Cap Equity PortfolioMinimum Investment: $100,00076.8%81.0%1.9%414 Main Street, Suite 205, Port Jefferson, NY 11777 | (800) 966-9343 | info@stjamesia.comPlease refer to GIPS® Compliant Presentation for important disclaimers and information. Investing in securities involves risk, including potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of decliningvalues. Please see our ADV 2A Brochure for additional information on the risks associated with our services and for a complete description of advisory fees customarily charged by St. James. The composite positions shown above are a representative sampleof holdings in the composite. Not every client’s account will have these exact characteristics. The actual characteristics with respect to any particular account will vary based on a number of factors including but not limited to: (i) the size of the account; and (ii) market prices of individual securities at the time of investment. Portfolio yield is weighted average. Portfolio statistics, growth of $100,000 and standard deviation are presented net of fees. Past Performance is not a guarantee of current or future results. $85,000$95,000$105,000$115,000$125,000$135,000$145,000St. James All Cap Equity Portfolio1.75%16.50%4.50%6.50%17.00%9.25%3.00%20.50%11.00%8.00%2.00%CashHealth CareEnergyConsumer StaplesInformation TechnologyConsumer DiscretionaryMaterialsFinancialsCommunication ServicesIndustrials0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%20.00%Year 1 Year 3 Since InceptionSt. James All Cap Equity S&P 500 Total Return Index

Gross- Net- Benchmark Composite Benchmark Number of Internal Value of Total Total Firmof-Fees of-Fees Index 3-Year 3-Year Accounts in Composite Composite Stategy AssetsReturn Return Return StDev (%) StDev (%) Composite Dispersion (millions) Assets ($M)** (millions)* 2020 2.35% 2.30% 3.84% n/a n/a ≤ 5 n/a $0.22 - $185.32021 28.22% 27.41% 28.71% n/a n/a ≤ 5 n/a $2.65 $2.97 $287.42022 -10.10% -10.69% -18.11% n/a n/a 7 n/a $2.22 $3.94 $375.32023 12.30% 11.58% 26.29% 14.63% 17.54% 7 0.23% $2.67 $5.80 $414.22024 5.99% 5.65% 15.29% 14.31% 18.10% 7 0.08% $2.56 $6.27 $414.32025 0.00% 0.00% 0.00% 14.31% 18.10% 36 1.56% $2.33 $92.72026 0.00% 0.00% 0.00% 14.31% 18.10% 50 0.94% $2.85 $152.1*December 2020 InceptionAll Cap Equity Portfolio GIPS® Composite ReportSchedule of Comparative Performance Statistics (June 30, 2024)St. James Investment Advisors (St. James) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report incompliance with the GIPS standards. St. James has been independently verified for the periods July 1, 2016 through December 31, 2023. The verification report isavailable upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirementsof the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as thecalculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis.Verification does not provide assurance on the accuracy of any specific performance report.Firm and Composite Information: St. James is an independent investment management firm that manages equity and balanced portfolios. The firm invests primarily in U.S.stocks, bonds, exchange traded funds, mutual funds and cash or cash equivalents. The All Cap Equity Portfolio Composite primarily invests in U.S. equities and, to a lesserdegree, foreign equities which trade on U.S. exchanges. The All Cap Equity Portfolio places an emphasis on selecting companies with sustainable competitive advantages,consistent strong business performance, and employs a disciplined investment strategy by identifying high quality companies at what it believes to be attractive prices. Theinvestment guidelines of the All Cap Equity Portfolio follow a 95% equity exposure and 5% cash equivalents exposure. Under extreme market conditions, there may be adeparture from the basic core guidelines. The All Cap Equity Portfolio Composite was created in November 2020 and has an inception date of December 2020. The firm’s listof composite descriptions is available upon request.Benchmark: The benchmark is the S&P 500 Index, which is designed to serve as a portfolio benchmark consisting of quality companies without compromising investmentscalability. The S&P 500 Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The volatility of the S&P 500Index may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the S&P 500Index. The S&P 500 Index is calculated on a total return basis with dividends reinvested and is not assessed a management fee. All historical benchmark returns shown arethose of the S&P 500 Index. The comparison of results to an index does not disclose all facts materially relevant to the comparison.Performance Calculations: Valuations and returns are computed and stated in U.S. dollars. Gross of fees returns are calculated gross of management and custodial fees andnet of transaction costs. Net of fees returns presented are model Net of fees returns where Gross of fees returns are reduced on a monthly basis by 1/12th that is equal to thehighest investment management fees charged to intended clients of the All Cap Equity Portfolio (0.65% per annum). Gross of fees returns are calculated gross of allwithholding taxes on foreign dividends. Accruals for fixed income and equity securities are included in calculations. Returns in this presentation include reinvestment of allincome.Effective January 2021, the maximum management fee for the All Cap Equity Portfolio strategy is 0.65% per annum. Additional information regarding St. James' fees isincluded in Part 2 of it's Form ADV. Internal dispersion is calculated using the asset-weighted standard deviation of the gross returns of all accounts included in the compositefor the entire year; it is not presented for periods less than one year or when there were five or fewer portfolios in the composite for the entire year. The three-yearannualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period. This presentation doesnot disclose the effect of material or economic conditions on the results portrayed. Some portfolios in the composite pay zero commissions. Policies for valuing investments,calculating performance, and preparing GIPS reports are available upon request.**Effective 2021, Total Strategy Assets include composite accounts assets and unified managed accounts assets, which are presented as supplemental information.Past performance does not guarantee future results.GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the contentcontained herein.