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www.stjamesia.com St. James Investment Advisors 1-800-966-9343 Balanced Portfolio Objective The St. James Balanced Portfolio seeks to provide total return through a combination of equities and fixed income. The equity portion of the portfolio places an emphasis on selecting companies with above average dividends and those trading at reasonable discounts from our assessment of intrinsic value. The fixed income portion of the portfolio provides long-term growth of income and a moderate level of current income. Philosophy Absolute Return: We are absolute return investors and each investment must meet our strict fundamental research and macroeconomic criteria, not just offer opportunity relative to other alternatives. Long-term focus: We believe the best way to accomplish our goals is to accept short-term underperformance in exchange for long-term success. We expect to hold our investment positions unless fundamental valuation parameters change. We are not speculators and adhere to a strict value investment discipline. We are willing to hold cash. Why We Believe Dividends Are Important: • Over the long term, the return from dividends has been a significant contributor to the total returns produced by equity securities. According to Standard & Poor’s, dividends comprised an average of 31% of the monthly total return of the S&P 500 from 1926 to 2025. • Stocks with apparent high and sustainable dividend yields may be more resistant to a decline in price than lower yielding stocks because the stock is in effect “yield supported.” • There is an abundance of empirical evidence which suggests that portfolios consisting of high dividend yielding securities may produce attractive total returns over long measurement periods. Focus as bottom-up managers: Most of our energy goes to evaluating investment opportunities and trying to quantify potential downside scenarios. However, we do take some interest in the macro environment, as economic conditions profoundly affect the business models we are evaluating. Primary Portfolio Equity portion will be invested in dividend-paying equities and the fixed-income portion of the portfolio will utilize electronically traded funds or select fixed-income securities. St. James Investment Advisor 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 will primarily invest in blue chip companies with above-average dividend yields and an established history of paying dividends. The fixed income portfolio places an emphasis on investment grade quality bonds. 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 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 St. James Balanced Portfolio investment strategy could lose money over short or even long periods. 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 Balanced Portfolio Quarter Ending December 31, 2025 | Commentary Over the past few years, one of the leading drivers of financial markets has been the advancement of artificial intelligence. This breakthrough technology is expected to reshape entire industries, drive widespread productivity, efficiency, and economic growth, and completely change how major companies and everyday people operate. The question you may be asking yourself is how do we at St. James approach this current investing environment? The short answer is no different than we always do. Looking forward, we try to produce the best risk-adjusted returns available, based upon the specific portfolio strategy you are invested in. We do not let emotions cloud our decisions or affect our long-term approach to value investing. We always seek to achieve attractive risk-adjusted returns over a full market cycle, not to mimic an index benchmark in the short term. We believe an index-based investment approach does not manage portfolio volatility and may no longer offer the broad diversification it once provided. As we start a new investment year and look ahead to 2026, we will continue to follow our value investment approach with steady discipline. During the last quarter the St. James Balanced Portfolio benefitted with exposure to: During the last quarter the St. James Balanced 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 Balanced Portfolio had the following compositions: Investment Highlight Thermo Fisher Scientific Inc. (TMO) is the world leader in serving science, providing a vast range of analytical instruments, lab equipment, chemicals, consumables, software, and services to accelerate research, solve analytical challenges, and improve diagnostics for pharmaceutical, biotech, academic, government, and clinical labs, with a mission to make the world healthier, cleaner, and safer. They operate through key brands like Thermo Scientific, Invitrogen, Fisher Scientific, and Patheon, supporting everything from life science research to drug development and manufacturing. The firm operates through four segments as of year-end 2024 (revenue figures include some cross-segment revenue): analytical technologies (17% of sales); specialty diagnostic products (11%); life science solutions (23%); and lab products and services, which includes CRO services (the remainder). Thermo Scientific has a market capitalization of $218.86 billion and realized 2024 revenue of $42.87 billion. • Financials • Health Care • Select Communication Services • Consumer Staples • Select Communication Services • Materials Contributors: Detractors: Air Products & Chemicals Inc. Alphabet Inc. Johnson & Johnson Procter & Gamble Co. Thermo Fisher Scientific Inc. Comcast Corp. Equities: 49.00% Fixed-Income: 49.25% Cash Equivalents: 1.75% Total: 100.00%