A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). Founded in 1997, Dearborn Partners LLC (“Dearborn”) is a Chicago-based investment adviser. We have discretionary investment authority over most of the client accounts we manage. We also serve as the adviser to a Registered Investment Company called the Dearborn Partners Rising Dividend Fund. The principal owners of Dearborn are Michael Andelman, Carol Lippman, Brian Payne, Peter Deakos, and John Celentani. Our headquarters are located at 200 W. Madison Street, Suite 1950, Chicago, Illinois 60606. B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. Individual Clients Dearborn tailors investment advisory services, including financial planning, to the specific needs of Individual Clients through a general planning and discussion process with the client. Individual Clients may impose restrictions on investing in specific securities or types of securities. Dearborn currently utilizes two sub-advisers for Individual Clients, Janus Capital Management (“Janus”), for its non-US Rising Dividend strategy, and ARK Investment Management LLC (“ARK”), for its ARK Disruptive Innovation strategy. Both Janus and ARK are offered through an advisory platform maintained by Greenrock Research Inc. Dearborn’s selection of the sub-adviser is based on the Individual Client’s investment needs and is discussed with each client. For sub-advised accounts, Dearborn provides the client with the sub-adviser’s brochure, which these clients should review in addition to this Brochure. Clients should direct any questions they have about sub-advisers to Dearborn. As further described below, sub-advising of Individual Client accounts with Janus or ARK will cause clients to pay an increased or additional advisory fee, in addition to Dearborn’s fee. Dearborn does not currently engage in business activities other than investment management services. Rising Dividend Clients Dearborn began managing Rising Dividend Strategy accounts (“Rising Dividend Accounts”) in September 2011. Through its Rising Dividend Strategy, Dearborn seeks to outpace inflation, over the longer term, by investing in companies it believes will increase their dividends. The Rising Dividend Strategy currently consists of three portfolios – the Core Rising Dividend Portfolio, the High & Rising Dividend Portfolio, and the Environmental, Social, Governance (“ESG”) Portfolio. Both the Core Rising Dividend Portfolio’s and High & Rising Dividend Portfolio’s creation and inception date was September 30, 2011. The Environmental, Social, Governance (“ESG”) Portfolio’s inception and creation date was June 30, 2021. Generally, the Rising Dividend Strategies are managed through separately managed accounts. However, client investments may be managed through the Dearborn Partners Rising Dividend Fund, a mutual fund registered as an investment company under the Investment Company Act of 1940, as amended (the “Rising Dividend Fund”), for which Dearborn is the investment manager. The Rising Dividend Strategy also provides a model portfolio service of its products, for a fee, for other investment advisers. For additional details regarding the Rising Dividend Strategy, see Item 8, below. Investors in the Dearborn Rising Dividend Fund should carefully review the fund’s Prospectus and any supplements (the “Rising Dividend Prospectus”) before investing. Carol M. Lippman, who joined Dearborn as a Managing Director in August 2011, manages the Rising Dividend Strategy, which she began formulating in 1993 while at another investment management firm. In its original form, the strategy involved a recommended list of securities from which early clients of the strategy would self-direct investment. Michael Andelman, managing director, serves as co-portfolio manager for the Rising Dividend Strategy. At Dearborn, the Rising Dividend Strategy is the basis for active management of Rising Dividend Accounts, taking into consideration the client’s needs, objectives, tax situation, financial condition and capital inflows to or outflows from the account. Balanced Clients Dearborn began managing four Balanced Separately Managed Accounts (“Balanced SMAs”) in September 2017. The portfolios are designed for clients seeking rising income with the decreased risk and decreased volatility historically attributed to adding fixed income to all-equity portfolios. For the equity allocation of the Balanced accounts, Dearborn utilizes its existing Rising Dividend Strategy, created in September 2011, seeking out companies that have the potential to consistently increase dividends. For the fixed- income allocation of the Balanced accounts, Dearborn uses bond laddering (through defined maturity exchange traded funds) along with several fixed income asset classes to control interest rate and credit risk. Dearborn will continuously monitor the shape of the yield curve, relative yields (also known as spreads to the nearest Treasury bond), default rates, and other market factors. The bond laddering provides clients with direct visibility to automatic fixed income reinvestment, thus reducing the portfolio’s reliance upon interest rate forecasting. Each of the four balanced accounts will be managed to within a 10% tolerance of its stated asset allocation, as described in the bullet points below.  The “Balanced Income 60/40” portfolio consists of approximately 60% equity and 40% fixed-income. The 60% equity is invested in Dearborn’s Core Rising Dividend strategy and the 40% fixed-income portion is invested in Dearborn’s fixed-income strategy.  The “Balanced Income 80/20” portfolio consists of approximately 80% equity and 20% fixed-income. The 80% equity is invested in Dearborn’s Core Rising Dividend strategy and the 20% fixed-income portion is invested in Dearborn’s fixed-income strategy.  The “Concentrated Balanced Income 60/40” portfolio consists of approximately 60% equity and 40% fixed-income. The 60% equity is invested in Dearborn’s High & Rising Dividend strategy and the 40% fixed-income portion is invested in Dearborn’s fixed-income strategy.  The “Concentrated Balanced Income 80/20” portfolio consists of approximately 80% equity and 20% fixed-income. The 80% equity is invested in Dearborn’s High & Rising Dividend strategy and the 20% fixed-income portion is invested in Dearborn’s fixed-income strategy. Dearborn manages the Balanced SMAs through separately managed accounts and provides a model portfolio service of its product, for a fee, for other investment advisers. Peter Deakos, who joined Dearborn as a Portfolio Manager in April 2017, serves as the portfolio manager for the Balanced strategy. Multi Asset Clients Dearborn began managing Multi-Asset Separately Managed Accounts (“Multi-Asset SMA”) in September 2017. Through its Multi-Asset SMA, Dearborn seeks to generate above average income while also emphasizing growth in income. Growth in income is generated largely by investing in stocks of companies it believes will increase their dividends over the long term. Dearborn has the ability to purchase multiple asset classes within the Multi-Asset SMA. Dearborn may purchase asset classes which they believe present the best value for investors and may change asset allocations as necessary (i.e., a go-anywhere asset allocation). Dearborn manages the Multi-Asset SMA through separately managed accounts and provides a model portfolio service of its product, for a fee, for other investment advisers. Peter Deakos, who joined Dearborn as a Portfolio Manager in April 2017, serves as the portfolio manager for the Multi Asset strategy. Fixed Income Clients Dearborn provides advice and execution of fixed income

securities for various clients. Clients may have portfolios based solely on fixed income products or on a mix of fixed income and other products to create a balanced portfolio tailored to meet each individual client’s objectives. Institutional Clients Dearborn advisory services are tailored to the specific needs of Institutional Clients through a general planning and discussion process. Institutional Clients generally may impose restrictions on the specific securities or types of securities that are to be bought for their accounts. Dearborn provides most of its institutional strategies through sub-advisers (that is, other SEC-registered investment advisers) selected by Dearborn to manage the account and subject to Dearborn monitoring and supervision. Dearborn’s selection of the sub-adviser is based on the client’s investment needs and is discussed with each client. For sub-advised accounts, Dearborn provides the client with the sub-adviser’s brochure, which these clients should review in addition to this Brochure. Clients should direct any questions they have about sub-advisers to Dearborn. As further described below, sub-advising of Institutional Client accounts does not cause clients to pay any increased or additional advisory fee. Dearborn’s Disciplined Duration Management strategy is managed by Dearborn personnel and without sub-advisers. Benefit plan clients governed by the Employee Retirement Income Security Act (“ERISA”) should note that both Dearborn and the sub-adviser are “ERISA fiduciaries” and manage the relevant accounts in compliance with ERISA. Dearborn provides a variety of investment strategies designed to meet the needs of most institutional investors. The strategies include the following: 1. Equity Large Cap Value – Dearborn Partners’ Large Cap Value product (sub‐advised by Aristotle Capital Management) employs a traditional value strategy that seeks to provide competitive returns in strong markets and outperform in more difficult markets. Aristotle relies on internally generated research, focusing on the valuation of individual securities rather than predictions of economic trends or market trends. Aristotle believes this process can help to identify exceptional businesses selling at reasonable valuations and reasonable businesses selling at exceptional valuations. Aristotle believes its research‐intensive value approach identifies companies that are priced to provide excellent long‐term results. Large Cap Growth –Dearborn Partners’ Large Cap Growth product (sub‐advised by Logan Capital Management, Inc.) seeks long‐term growth of capital in large, established corporations that offer attractive prospects of high total return. The initial universe consists of U.S.‐traded, large capitalization stocks with superior past and prospective earnings growth rates. A three‐component process that includes macroeconomic analysis, fundamental analysis and technical research is used to select securities. The top‐down, macro‐economic analysis seeks to identify sectors and industries poised to outperform in the long‐term. The fundamental analytical process seeks to identify favorable stocks based on the sustainability of earnings and financial strength of the underlying company. Technical research seeks to avoid buying stocks on momentum spikes and to prevent premature selling. Small Cap Core - Dearborn Partners’ MVP Small Cap Core strategy (sub- advised by Ziegler Capital Management, LLC) uses a fundamental, bottom- up approach designed to identify underpriced securities with a strong potential for long-term appreciation. The investment process begins with a deep fundamental analysis of the universe by sector specialists, followed by the application of proprietary cash flow-based Price Discovery and Relative Value models. The portfolio is then constructed using the most attractive stocks by sector with a focus on risk control. Small Cap Growth - - Dearborn Partners’ MVP Small Cap Growth strategy (sub- advised by Ziegler Capital Management, LLC) uses a fundamental, bottom- up approach designed to identify underpriced securities with a strong potential for long-term appreciation. The investment process begins with a deep fundamental analysis of the universe by sector specialists, followed by the application of proprietary cash flow-based Price Discovery and Relative Value models. The portfolio is then constructed using the most attractive stocks by sector with a focus on risk control. Small Cap Dividend Value - The Dearborn Partners’ Small Cap Dividend Value strategy (sub-advised by Keeley Teton Advisors) is a bottom-up, fundamental driven strategy. The universe of all U.S. equities with a market cap between $200 million and $3.5 billion is screened for companies that pay a dividend. Those equities are then evaluated for their definition of: Quality, Timeliness, and Valuation. Portfolios are constructed on a sector neutral basis, but sector weights are typically limited to within 5% (+/-) of the applicable benchmark weight, in order to maintain a diversified portfolio of dividend paying stocks. International Equity - The Dearborn Partners’ International Equity Strategy (sub‐advised by Aristotle Capital Management) utilizes a fundamental, bottom‐up stock selection process applied to a universe of companies with market capitalizations typically in excess of $2 billion at initial investment. Aristotle relies on internally generated research, focusing on the valuation of individual securities rather than predictions of economic trends or market trends. Aristotle believes this process can help to identify exceptional businesses selling at reasonable valuations and reasonable businesses selling at exceptional valuations. Aristotle believes its research‐intensive value approach identifies companies that are priced to provide excellent long‐term results. 2. Fixed Income Disciplined Duration Management – a customized, absolute return, duration management strategy; uses U.S. treasury securities; seeks to produce a positive return over specific time periods regardless of the directional move in interest rates; seeks to produce positive results in both rising and falling interest rate environments by dynamically managing the duration of the portfolio. This strategy is managed by Dearborn personnel and not through sub- advisers. Institutional Client strategies focus on publicly-traded equity and government debt securities. The equity securities may include common stock, preferred stock and warrants and shares of equity mutual funds. The debt securities are government and government agency debt and money market mutual funds. C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. For information about how Dearborn tailors its advisory services, see Item 4.B, above. D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. Dearborn provides some investment management services through wrap fee programs sponsored by other firms and receives a portion of their wrap fee for these services. We do not manage wrap fee accounts differently than other accounts. E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. As of December 31, 2023, Dearborn managed approximately $3.8713 billion of client assets, in approximately 4,500 accounts, predominantly in publicly-traded equity and fixed income securities, which are managed on a discretionary basis at Dearborn’s sole discretion. As of December 31, 2023, Dearborn also provides model portfolio management services to an additional $6.9495 billion in third-party client assets. Dearborn does not manage nor does it have discretion over these model management accounts.