AAMA was incorporated in December 1998 and began managing assets for clients (each a “client” or collectively the “clients”) on January 1, 1999. AAMA provides investment advisory services to clients that include individuals and families, individual retirement accounts (IRAs), corporations, retirement plans (pension, profit sharing, and 403b Plans), other investment advisors, broker dealers, and charitable organizations. AAMA also provides investment advisory services to clients that are registered investment companies (the “Affiliated Mutual Funds”). The firm is a privately held corporation, primarily owned by Robert D. Baker and Philip A. Voelker. As of December 31, 2022, the firm had $924,320,678 assets under management and advisement ($684,745,448 regulatory assets under management and $239,575,230 of non-discretionary assets under advisement). AAMA offers clients customized portfolios, market neutral portfolio strategies, and several Life-Style Portfolios including Stable, Fixed Income, Moderate Fixed Income, Balanced, Strategic Balanced, Moderate Growth, Growth, Aggressive Growth, International Growth and Frontier (Alternative Asset Class) Disciplines. clients may complete a risk/return profile questionnaire, which helps determine which of the above portfolios might be appropriate for the management of the client’s assets. Each client selects one or a combination of the above portfolio disciplines. Each client acknowledges and agrees to the selected portfolio discipline(s) by their execution of the Asset Management Agreement. While AAMA provides ongoing investment management services, clients may impose reasonable restrictions in writing on their accounts, such as investing in certain securities or types of securities. In addition, a client may assign assets for management, which may include “directed” assets that do not involve investment supervisory services. Fees are charged on the same basis. AAMA occasionally

assists clients in limited financial planning discussions. These services are limited and considered incidental to AAMA’s investment management services. Some of AAMA’s clients are sponsors of strategist programs where AAMA serves as a strategist and provides recommendations regarding the purchase or sale of specific securities, at specific weights for each individual security, in a model portfolio (the “Strategist Programs”). The sponsor of the program pays AAMA a fee for providing the recommendations and will use these recommendations in managing the underlying client accounts for which the sponsor through their relationship with other investment advisors has discretionary authority; however, the decision regarding the timing and magnitude of purchases or sales rests solely with the sponsor or the other investment advisor. The model portfolios provided to the sponsors of these programs are similar to the model portfolios used by the Firm in its various strategies. The model portfolios provided to sponsors may recommend that the sponsor invest clients’ assets in the Affiliated Mutual Funds managed by AAMA. Model portfolios currently implemented for other clients do not allocate any assets to the Affiliated Mutual Funds. These model portfolios are invested in unaffiliated mutual funds. AAMA strives to select the lowest cost, no-transaction fee shares of unaffiliated mutual funds for which its clients qualify, depending upon the Custodial Platform. AAMA provides investment supervisory services to the Affiliated Mutual Funds under the terms of its management agreement with each Fund, subject to the supervision of the Funds’ Boards of Trustees, and has overall responsibility for directing the investments of each Fund in accordance with its investment objectives, policies, and restrictions as provided in the Funds’ registration statements filed with the SEC. The Affiliated Mutual Funds pursue equity and fixed income strategies.