Firm Description SKBA is an investment advisory firm that provides discretionary investment advisory services to institutional clients and individuals. We also advise on mutual funds. See the Types of Clients section of this Brochure for details. SKBA was founded in 1989 by members of the investment team working within the institutional trust department at the Bank of California. This group registered SKBA with the Securities and Exchange Commission on September 11, 1989 as an independent firm. As of December 31, 2021, the company repurchased the outside ownership interest of our former minority partner, CCM Holdings. As a result, SKBA is now owned 100% by employees and original founders. Principal Owners SKBA is now owned 100% by employees and original founders. There is no single person which holds 25% or more of the firm. Types of Advisory Services Asset Management SKBA provides asset management services on a discretionary basis in accordance with the methods described in the Methods of Analysis, Investment Strategies and Risk of Loss section of this Brochure. Model Portfolios SKBA has contracted with unaffiliated investment advisers to provide one or more model portfolios for individual asset classes. Each unaffiliated investment adviser uses the model portfolio(s) created by SKBA for their clients. SKBA does not create the model portfolios based upon the individual or particularized needs of the unaffiliated investment adviser’s clients, or any other person, but based upon what SKBA believes is an appropriate allocation and weighting of securities for each product. The unaffiliated investment adviser determines how and when

to act upon the recommended changes to the model portfolio. SKBA cannot place or effect a trade for any investor using the programs for which SKBA acts as a research provider. See the Methods of Analysis, Investment Strategies and Risk of Loss section of this Brochure. Tailored Relationships SKBA’s standard services are tailored to our client’s investment objectives. Clients may impose restrictions on investing in certain securities or types of securities. Such restrictions must be documented in writing. Client imposed restrictions may affect SKBA’s ability to perform our stated investment strategy and, therefore, investment performance may deviate from other accounts managed in accordance with the same strategy. Assets Under Management Assets Under Management (“AUM”): As of December 31, 2022 SKBA managed approximately $590,915,000 on a discretionary basis.  AUM is defined as: Assets that SKBA manages on behalf of our clients. SKBA has full discretion of investment and trading authority over the clients’ assets. As of December 31, 2022 SKBA did not manage any non-discretionary assets. Assets Under Supervision (“AUS”): As of December 31, 2022 SKBA managed approximately $453,883,000  AUS is defined as: Assets that SKBA does not manage and where SKBA does not have investment or trading discretion. SKBA acts only as a research provider and our role is strictly to provide a model to unaffiliated investment advisers. The unaffiliated investment adviser determines how and when to act upon the recommended changes to the model portfolio. SKBA cannot place or effect a trade for any investor. See Types of Advisory Services above.