Item 5 Additional Compensation Item 6 Supervision A. Description of Firm; History; Identification of Principals Gardner Russo & Quinn LLC (“GRQ” or “we”) is a federally registered investment advisor under the Investment Advisors Act of 1940 (“Advisers Act”). (“Federally registered” does not connote or imply a certain level of skill or training.) We are an independent firm whose only business is investment advisory service. We have prime broker and custodian arrangements for client accounts with Pershing, LLC (“Pershing”) though, at our discretion, we are able to work with a broker/custodian specified by clients (please note disclosure in Item 12). We solely manage assets on a discretionary basis. The investment advisory firm of Gardner Investments was founded by Eugene H. Gardner as a sole proprietorship in 1968. Thomas A. Russo joined the firm in partnership with Mr. Gardner in 1989. Eugene H. Gardner, Jr. came to the firm in 1998 and in 2000 the firm became Gardner Russo & Gardner, a business partnership. In 2014 the firm became a limited liability company; Thomas Russo is Managing Member and owns more than 25% of the firm. There is no outside ownership of the firm beyond its Members. Mr. Gardner, Sr. passed away in 2016. In 2021, the firm became known as Gardner Russo & Quinn LLC in recognition of Director of Research Timothy C. Quinn. Portfolio Managers Thomas Russo and Eugene Gardner Jr. oversee discrete groups of separately managed accounts, formulating and implementing a common investment approach and strategy along with sharing overall responsibility for the firm’s operations and resources in conjunction with Members Timothy Quinn and Christopher Russo. In addition, Thomas Russo is Managing Member of Semper Vic GP, LLC which is the General Partner of Semper Vic Partners GP, LP., the General Partner responsible for the management of Semper Vic Partners, L.P. and Semper Vic Partners (QP), L.P., privately offered partnerships (“Domestic Funds”) that are clients of GRQ and are invested in U.S. and foreign equities in parallel fashion with separately managed accounts

by Thomas Russo and Timothy Quinn. Additionally, GRQ serves as the investment manager to Semper Vic Partners Offshore, Ltd. ("Semper Vic Offshore" or "Offshore Fund"), a Cayman Islands-exempted company. Investment decisions for this Fund, whose primary objective is growth of capital, are made by Thomas Russo and Timothy Quinn and are pari passu to those made for the Domestic Funds and for separately managed accounts. The three investment vehicles described above may be collectively referred to as “Funds” or the “Semper Vic Funds”. The Portfolio Managers for the firm are supported by a staff of forty-nine professionals in research analysis, trading, technology and operations, client service and account administration, compliance, and general support. B. Advisory Service; Style of Investing Our single advisory service is discretionary portfolio management on an individual, account-by-account basis. Our client portfolios are comprised of common stocks that can broadly be termed global value (please see Item 8). Within this universe we focus on stocks that are purchased and held for purpose of long-term appreciation (in contrast to those whose primary purpose is to produce income). Our advice is limited to this discipline. C. Individual Needs of Clients; Client Restrictions Clients may request that restrictions be placed on their investments. However, the fact that we have a single style means that clients, by coming to us, express their desire for their funds to be managed in our particular style. We fully disclose at the outset what this style means in terms of risk, performance potential, exposure to certain companies and industries, and income expectation. Accordingly, assets placed with GRQ may be managed without regard to clients’ other holdings. D. Wrap Fee Programs We do not engage in Wrap Fee programs. E. Assets under Management, Discretionary vs. Non-Discretionary As previously stated, GRQ only manages assets entrusted to it on a discretionary basis (please see A, above). As of December 31, 2022, we managed $9,245,835,915 on a discretionary basis.