Founded in 1986, Tealwood Asset Management, Inc. ("Tealwood") is an investment advisor registered with the Securities and Exchange Commission (SEC File Number 801-29095). It is incorporated under the laws of the state of Minnesota. Tealwood Asset Management, Inc. also conducts business under the names of Tealwood Asset Management and Tealwood. The principal owners of Tealwood are: Charles Mahar David Neal Peet Moseley Steven Richter Tealwood provides investment management services and consultation. Our account managers conduct strategic assessments to align clients' assets with their goals, needs and purposes. This process also includes a discussion of risk tolerance, asset allocation, and any restrictions they wish to impose as to their investments. Once all these facts are gathered, the account managers suggest an appropriate strategy and discuss this in detail with clients. As fiduciaries, all our work is conducted with our clients' best interests in mind. Descriptions of the portfolios used in this approach are as follows: Equity Portfolios
• Large-Cap: Focuses on investment in companies with market capitalizations greater than $10 billion. Seeks long-term capital appreciation by investing in quality businesses at discounted prices.
• Small- and Mid-Cap: Invests primarily in mid- and small-cap companies with selection criteria that emphasizes: Purchasing businesses whose share price trades at a discount to its business value; realizing a meaningful intrinsic return as a business owner; and owning businesses that offer an exceptional economic model. NOTE: We may at times allocate some capital in our Small- and Mid-Cap and Large-Cap portfolios to fixed income securities, usually, but not exclusively, in the form of convertible securities (convertible securities are a hybrid that have features of both equity and fixed income securities). This may be done to take advantage of an opportunity for the potential appreciation of a particular security, or it may be done as part of our strategy to manage portfolio risk. There is not an established minimum or maximum level within either portfolio regarding an allocation to fixed incomes securities. Fixed Income Portfolios
• Defensive Fixed Income: Seeks to provide current yield and safety of principal by investing in shorter maturity

bonds with solid credit metrics. Invests in both investment grade and non-investment grade securities.
• Quality Fixed Income: Seeks to provide current yield and safety of principal by investing in shorter maturity bonds with solid credit metrics. Invests exclusively in investment grade bonds. Within the Quality Fixed Income discipline, we are also able to manage to mandates for ERISA plans and Minnesota Municipal Bonds. NOTE: Occasionally we will hold one or more equity securities in our fixed income portfolios. Usually this is as a result of a conversion of a fixed income position. We may hold these positions for an extended period if the company underlying the security continues to meet our selection criteria. Blend of Equity and Fixed Income Portfolios
• Strategic Income: Invests to provide current yield and appreciation/total return. This portfolio invests in a variety of asset classes: bonds, convertible bonds, and dividend paying securities, with an emphasis on security selection. Under special circumstances, the equity portion of this strategy can be utilized as a stand-alone portfolio we call Equity Income. As of January 2, 2024, we had assets of $343,018,023 under discretionary management and $537,397 under non-discretionary management (see Investment Discretion Section for an explanation of this term). These dollar amounts may vary from the numbers reported directly to the SEC on Form ADV Part 1, because of the accounts that are required to be included in each calculation. We also provide advice through consultation on accounts not under our management. This advice may be on a formal basis where suggestions are made about specific securities to buy or sell that the client will execute at their own discretion, or it may include periodic reviews of accounts initiated by the client. We may hold educational events that address market themes, information regarding our portfolios, and/or information about specific securities held in these portfolios. These educational seminars are held at no charge or obligation to our clients or prospective clients. Account Managers at Tealwood who provide these management services are required to have an excellent ethical character, a proven track record, along with experience and a passion for both strategic business investing and client care. Tealwood may offer a wrap fee program through RBC.