Our History and Organization Sarofim Trust Co., a Texas limited trust association organized and chartered under the laws of the State of Texas, also referred to herein as “the firm”, was established in January 1978 as a wholly owned subsidiary of Fayez Sarofim & Co., a registered investment adviser. Fayez Sarofim & Co. was founded in August 1958 by Fayez Sarofim, who continues to lead both firms as Chairman. Fayez Sarofim also serves as the Co-Chief Investment Officer of Fayez Sarofim & Co. Sarofim Trust Co. is focused on the investment counseling business. Sarofim Trust Co. is registered with and regulated by the SEC under the Investment Advisers Act of 1940, as amended. The firm’s registration with the SEC as an investment adviser does not imply a certain level of skill or training. As a Texas limited trust association, the firm is also subject to the jurisdiction of the Texas Department of Banking and is examined by the Department of Banking annually. Sarofim Trust Company is principally owned by Fayez Sarofim and is a wholly-owned subsidiary Fayez Sarofim & Co., which itself is a wholly-owned subsidiary of The Sarofim Group, LLC., which is 100 percent owned by current, active employees of Fayez Sarofim & Co. and members of the Sarofim family. Fayez Sarofim & Co. is principally owned by the Sarofim SGI Voting Trust, which is the majority shareholder of The Sarofim Group. The Sarofim SGI Voting Trust is controlled by Christopher Sarofim, the Chairman of the firm. The Sarofim Group is the ultimate corporate parent of a group of affiliated companies that generally operates as a single advisory business and includes the firm, two other registered investment advisers, and other business entities. The other registered adviser affiliates are:  Fayez Sarofim & Co.  Sarofim International Management Company, LLC The firm is also affiliated with Sarofim Realty Advisors, LLC which is a separately registered real estate investment adviser. Sarofim Trust Co. is a separate legal entity, and we have our own Board of Directors and elected officers. To a substantial extent, however, our directors and officers are the same as the directors and officers of Fayez Sarofim & Co. For example, the Fayez Sarofim & Co. portfolio managers also serve as portfolio managers for Sarofim Trust Co. The Sarofim Trust Co. Trust Committee operates in much the same manner as the Fayez Sarofim & Co. Investment Committee, and all but one of the members of the Sarofim Trust Co. Trust Committee are members of the Fayez Sarofim & Co. Investment Committee. Additionally, the investment strategies offered and research used by Sarofim Trust Co. are the same as the investment strategies offered and research generated at Fayez Sarofim & Co. From a compliance and regulatory perspective, Sarofim Trust Co. has adopted Fayez Sarofim & Co.’s compliance policies and procedures and relies on Fayez Sarofim & Co.’s personnel to undertake regulatory and compliance requirements such as filings with the SEC and the Texas Department of Banking. Sarofim Trust Co. had client assets under management of approximately $6.9 billion as of December 31, 2023. On the same date, the total client assets managed by the firm and its investment adviser affiliates, were approximately $34.0 billion. Please refer to “Our Advisory Sarofim Trust Co. Part 2A of Form ADV: Firm Brochure Page 5 of 37 Services” below for a discussion of the client assets managed by Sarofim Trust Co. on a discretionary and non-discretionary basis. Our Advisory Services Sarofim Trust Co. provides investment supervisory services and other investment advisory services to a broad range of clients. Portfolio managers at the firm operate within the guidelines set by our Trust Committee. The Trust Committee is responsible for the firm’s portfolio structures and all investment decisions. The firm’s advisory services are detailed in the applicable governing documents, separate account agreements and other offering documents. The firm has and may in the future enter into side letters or other similar agreements with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant governing documents or separate account agreements with respect to such investors. Large Capitalization Equity Product Sarofim Trust Co.’s primary investment product is our Large Capitalization Equity Product, which is available to both institutions and individuals. Our equity strategy is focused on domestically traded common stocks with large market capitalizations and high daily trading volumes. American Depositary Receipts, preferred stocks, and foreign stocks may also be included if permitted by client guidelines. We seek to invest in stocks of high quality, financially sound industry leaders that have an expanding global presence. We seek to maintain an investment perspective of at least three to five years, which generally results in low portfolio turnover and is typically tax efficient for taxable investors. Our strategy does not use derivatives, options, short-selling, leverage, or initial public offerings. We do not attempt to time the market. Global Equity Product Institutions and individuals seeking greater international equity exposure may wish to invest in Sarofim Trust Co.’s Global Equity Product. While the investment approach is similar to that of our Large Capitalization Equity Product, the Global Equity Product has a larger concentration in foreign-based companies and may include shares that are not traded on domestic exchanges. Global Equity Product portfolios primarily have their assets in common stock, ordinary shares, or American Depository Receipts. We focus on high quality multinational companies with large market capitalizations. Generally, at least 25 percent of assets are invested in companies organized in the United States and at least 25 percent of assets are invested in companies organized in other countries. We maintain an investment perspective of at least three to five years, which generally results in low portfolio turnover and is typically tax efficient for taxable investors. You can access this product by opening a separate account with the firm; by investing in the BNY Mellon Worldwide Growth Fund, which Fayez Sarofim & Co. sub-advises, and non-US investors may access this product by investing in the Sarofim Global Equity Fund for which Fayez Sarofim & Co. serves as investment manager. Sarofim Trust Co. Part 2A of Form ADV: Firm Brochure Page 6 of 37 International Equity Product Institutions and individuals seeking discrete international equity exposure may wish to invest in Sarofim Trust Co.’s International Equity Product. The International Equity Product shares an investment approach consistent with our other products, with the key point of differentiation being its exclusive focus on internationally domiciled companies. International Equity Product portfolios primarily have their assets in common stock, ordinary shares, or American Depository Receipts. The International Equity Product invests in the stocks of high-quality international companies with large market capitalizations and does not seek specific geographic exposures. Stock selection is primarily driven by the assessment of a company’s total return potential over a three-to-five-year investment horizon, which results in low portfolio turnover and is typically tax efficient for taxable investors. You can access this product by opening a separate account with the firm. Concentrated Equity Product Institutions and individuals seeking a concentrated portfolio composition may wish to invest in Sarofim Trust Co.’s Concentrated Equity Product. While the investment approach is similar to that of our Large Capitalization Equity Product, the Concentrated Equity Product owns more concentrated positions in our highest conviction holdings. Concentrated Equity Product portfolios are primarily invested in domestically traded common shares with large market capitalizations and high daily trading volumes. American Depositary Receipts, preferred stocks, and foreign stocks may also be included if permitted

by client guidelines. Concentrated Equity Product portfolios will typically be comprised of 15-30 stocks with a maximum weighting of 20% of the portfolio in a single security. Stock selection is primarily driven by the Investment Manager’s assessment of the stock’s total return potential relative to downside risk and not by adherence to a singular “growth” or “value” strategy. As such, the composition of the portfolio will vary depending upon market conditions and the opportunities available in the market at any given time. As a result, the portfolio is likely to experience a higher level of turnover and volatility than the Large Capitalization Equity Product and is not managed for tax efficiency. You can access this product by opening a separate account with the firm. Equity Income Product The Equity Income Product seeks income and long-term capital appreciation by primarily investing in large capitalization domestic equities and other income-producing securities. Over periods of three-to-five years or longer, we strive to achieve a growing stream of income and total returns in excess of the income generated. Our Equity Income investment strategy primarily utilizes common stock, ordinary shares, and American Depository Receipts of high-quality companies based either in the United States or in other countries. Companies represented in the portfolio typically have market capitalizations of at least $5 billion. Using fundamental analysis, we seek to identify companies in business segments that have demonstrated the ability to maintain and grow earnings with a desire to return increasing amounts of cash to shareholders. Sarofim Trust Co. Part 2A of Form ADV: Firm Brochure Page 7 of 37 You can access this product by opening a separate account with the firm. Core Fixed Income Product Sarofim Trust Co. also offers a Core Fixed Income Product to institutions and individuals. Our fixed income strategy emphasizes risk-averse management, current income and low cash reserves. Portfolio holdings may include United States Treasury securities, United States government agency securities, high quality corporate and municipal bonds, high quality commercial paper, and shares of money market funds. We select specific sectors and securities that we believe offer the best combination of quality, liquidity, income generation, and relative value consistent with our risk parameters. Foreign government and foreign corporate bonds are generally not part of our strategy. Municipal Bond Portfolios The firm also manages tax-free income portfolios, consisting of high quality municipal bonds rated AA or higher. Portfolios are customized relative to the client’s state of residence. Balanced Portfolios At a client’s request, Sarofim Trust Co. will also construct balanced portfolios. These balanced portfolios combine the firm’s equity and fixed income strategies in proportions tailored to client requirements. Private Placements From time to time, Sarofim Trust Co. may provide certain firm clients with greater than $20 million invested with the firm, as well as certain third-party investors or other persons, including the firm’s principals, personnel and certain other persons associated with Sarofim Trust Co., investment opportunities to directly or indirectly invest in certain privately-held companies and/or pooled investment vehicles, in each case via a private placement. In connection with any such private placement, Sarofim Trust Co. will endeavor to negotiate investment terms for participating clients as part of the firm’s collective negotiations for its other client accounts and proprietary accounts participating in the investment. Meeting Individual Client Needs The firm manages its separate portfolios for institutions and individuals on an account by account basis, taking into consideration a client’s financial resources, investment objectives, and needs. The firm addresses individual requirements for such items as current income, cash flow, and taxes. The firm will also vote the proxies related to securities held in a client’s account if requested to do so by the client. Proxies are voted in accordance with the firm’s Proxy Voting policy and established procedures. Please refer to Item 17—Voting Client Securities. Sarofim Trust Co. prefers not to be constrained by client instructions that prohibit holding certain securities. We believe that the ability to select from the widest range of investments that are consistent with our strategy results in higher returns over time. However, the firm does manage a number of accounts subject to instructions that specify various exclusions or that limit weightings in individual sectors, industries, or securities. We will accept new accounts subject Sarofim Trust Co. Part 2A of Form ADV: Firm Brochure Page 8 of 37 to these types of instructions as long as we do not view the proposed directives as overly restrictive or too difficult or impossible to implement and monitor. Discretionary and Non-Discretionary Accounts Sarofim Trust Co. manages clients’ assets on either a fully discretionary basis or a non- discretionary basis. Currently, our clients have granted us full discretionary authority to manage the investment of assets in their accounts. With full discretionary authority for an account, we are able to do the following without obtaining the client’s consent:  Determine which securities to buy or sell and when to execute the transactions  Determine the total amount of securities to buy or sell, subject to available funds  Determine the broker or dealer through which securities are bought or sold  Negotiate with the selected broker regarding commission rates for securities transactions Item 12 of this brochure provides more information on the firm’s brokerage practices, and Item 16 discusses investment discretion. When we provide services on a non-discretionary basis, we give the client investment advice, but we do not have the authority to implement our recommendations in the client’s portfolio without the client’s approval. The information provided above about the investment advisory services provided by Sarofim Trust Co. is qualified in its entirety by reference to the applicable governing documents, separate account agreements and other offering documents. As of December 31, 2023, the firm managed approximately $6.9 billion in client assets on a discretionary basis and no assets on a non-discretionary basis. Our Trust and Trustee Services As a Texas trust company, the firm is authorized, among other things:  To act as trustee, executor, administrator, or guardian when designated by any person, corporation or court to do so and as agent for the performance of any lawful act  To purchase, sell, discount and negotiate notes, drafts and checks  To purchase and sell stocks, bonds, and securities Sarofim Trust Co. may be designated as a trustee of pension plan funds, profit sharing plan funds and other employee benefit plan funds; corporate funds; endowment funds; and the funds of individuals. When acting as a trustee, the firm will manage the investment of funds and will provide investment supervisory services in accordance with the trust agreement or other governing document establishing the trust. As a trustee, the firm will also provide custodial and other services and will take title to the assets for the benefit of the beneficiaries of the trust. Sarofim Trust Co. serves as the trustee for a group trust known as the Sarofim Trust Co. Employee Benefit Investment Trust formed under the laws of the State of Texas. The beneficiaries of this trust are various employee benefit plans and governmental plans. Sarofim Trust Co. Part 2A of Form ADV: Firm Brochure Page 9 of 37 Substantially all of the assets of this trust are invested in marketable equity securities. The Sarofim Trust Co. Employee Benefit Investment Trust is open to new investors. Sarofim Trust Co. Part 2A of Form ADV: Firm Brochure Page 10 of 37