Schwerin Boyle is an SEC-registered investment adviser with its principal place of business located in Springfield, MA. Schwerin Boyle began conducting business in 1989. Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company).
• Daniel P. Boyle, President Schwerin Boyle offers the following advisory services to our clients: INDIVIDUAL PORTFOLIO MANAGEMENT In the case of "separately managed accounts" ("SMA"), Schwerin Boyle manages investment advisory accounts (not involving investment supervisory services), and focuses almost entirely on securities with equity characteristics (e.g., common stocks, convertible bonds and preferreds, and real estate investment trusts) and generally does not allocate clients' funds into different asset classes. Schwerin Boyle’s goal is for these client accounts to be fully invested; however, when we are unable to find undervalued securities, cash positions may represent a significant portion of a client's portfolio, and Schwerin Boyle reserves authority to maintain cash positions for SMA clients. In general, each client grants to Schwerin Boyle full and complete investment discretion as to which securities to purchase, as to the amount of those securities and as to when to buy and sell those securities. Schwerin Boyle generally uses the same investment strategy for all SMA clients and does not tailor portfolios based on individual client needs. However, holdings in each such account may be different due to timing of client deposits, cash availability, liquidity of securities traded for client accounts, certain limited investment restrictions, and tax matters, among other things. In limited instances, we may accept investment restrictions on SMA accounts. See “Investment Discretion” (Item 16) for more information regarding account

restrictions. PRIVATELY OFFERED POOLED INVESTMENT VEHICLE The principal of Schwerin Boyle is also the majority principal of Eldaro Investors, LLC (“Eldaro”), a Massachusetts limited liability company that acts as general partner to Double Play Partners Limited Partnership, a Massachusetts limited partnership ("Double Play"). Double Play has retained Schwerin Boyle to serve as its investment adviser. Limited partnership interests in Double Play may be recommended to advisory clients for whom a partnership investment may be suitable for a portion of their assets in place of, or in addition to, a separate advisory account managed by our firm. Limited partnership interests in Double Play generally will be sold only to a limited number of persons who are “accredited investors” under Federal and state securities laws and who otherwise are capable of evaluating and bearing the risk of investment. It is anticipated that the interests in Double Play will be exempt from the registration provisions of the Securities Act of 1933 under Section 4(2), and outside of required disclosure for regulatory purposes. An offering of interests in Double Play is made only by an official Offering Memorandum. In the case of Double Play, Schwerin Boyle invests primarily in equity securities of publicly- traded United States companies; however, it may make all manner of investments, including without limitation, investments in debt securities, private companies, foreign markets, and interests in partnerships and trusts of all types. In addition, from time to time, Double Play may use a wide range of investment techniques to enhance returns or control risk, including leverage, short sales, equity and index options, warrants and other derivatives. AMOUNT OF MANAGED ASSETS As of 12/31/2023, we were actively managing $1,096,756,862 of clients' assets on a discretionary basis.