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url("userFiles/a/5/7/5/4/2/7/gTozxAHdNbIJGOk8lVJqbQ/fonts/SymbolMT_1f_bv-efb7905a-.woff?_cbt=1783974355") format("woff"); } 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.

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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 June 30, 2026 | Commentary The second quarter of 2026 began similarly to late 2025, with major markets rising, led by a narrowing group of artificial intelligence-related companies, while value-conscious investing was often penalized. In this environment, it is challenging to maintain a long-term investment horizon or avoid reacting to short-term news, especially when relative performance is under pressure. As we constantly refine our investment process, we remain committed to our core principles: strict valuation discipline, thorough fundamental research, and a long-term perspective. We carefully assess risk and the price of each investment, focusing on strong fundamentals to help protect against long-term downside risks and avoid speculative bubbles. Investment success is not just about high returns, but about earning them with prudent risk, preserving peace of mind, and avoiding losses that threaten long-term financial security. We believe the value-investing landscape currently offers investors increasingly attractive opportunities to capture lucrative, risk-adjusted returns. In recent years, markets and major indices have been dominated by a small number of mega-capitalization, growth-focused companies that are pioneering the new era of artificial intelligence and riding other secular tailwinds. Investor perceptions often fluctuate more than underlying fundamentals, making it difficult to consistently predict short-term price movements. We therefore focus on the factors we believe drive long-term success: financial strength, competitive positioning, growth opportunities, management quality, and valuation. Strong price discipline remains central to our investment philosophy. 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 Bank of New York Mellon Corp. (BNY). Bank of New York Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle. The bank provides financial services for institutions, corporations, and individual investors, delivering investment management and services in 35 countries and more than 100 markets. BNY is the largest global custody bank in the world, with $59.3 trillion in under custody or administration (as of December 2025), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investments. BNY's asset-management division manages about $2.2 trillion in assets. Bank of New York Mellon has a current yield of 1.47%. • Select Financials • Technology • Materials • Consumer Staples • Select Energy • Communication Services Contributors: Detractors: ExxonMobil Corp. Union Pacific Corp. Bank of New York Mellon Corp. Verizon Communications Inc. Cisco Systems Inc. Comcast Corp. Equities: 48.75% Fixed-Income: 49.75% Cash Equivalents: 1.50% Total: 100.00%