Systematic’s sole business is investment management, and we expect to remain exclusively focused on this one important function. We foster a team approach to portfolio management and promote an environment that embraces our mission which is to provide our clients with superior long-term investment results that consistently outperform their benchmark objectives and expectations. In addition to our goal of achieving superior long-term investment results, we strive to deliver the highest quality client service by providing our clients with a team of dedicated and experienced service professionals that endeavor to provide timely and thoughtful client communications and reporting. We believe our success has been driven by our team-oriented approach to investing and our strict adherence in consistently applying our investing principles. Systematic has provided value-oriented investment management services to institutional investors and private clients since 1982 and continues to do so today on both a discretionary and non-discretionary basis. As of December 31, 2023, the Firm had approximately $3,709,179,261 in assets under management (“AUM”). Systematic serves as an investment adviser or sub-adviser to various clients, including, but not limited to, corporations and business entities, pension and profit-sharing plans, mutual funds, single and multi-employer Taft-Hartley (union) plans, governmental entities, banks, charitable organizations, other pooled investment vehicles and private clients. Please see “Item 7 – Types of Clients” of this Brochure for more information with respect to Systematic’s clients. Principal Ownership Systematic is an indirect wholly owned affiliate of Affiliated Managers Group, Inc. (“AMG”), a publicly traded global asset management company (NYSE: AMG) with equity investments in boutique investment management firms. Members of Systematic’s senior management comprise Systematic’s Management Committee, which maintains autonomous control of the Firm’s investment process as well as the overall management of the business. AMG also holds equity interests in other investment management firms (“AMG Affiliates”) and has resources dedicated to the investment management business and the growth of its Affiliate partners, which are available to Systematic in its sole discretion. Further information on both AMG and the AMG Affiliates is provided in “Item 10 – Other Financial Industry Activities and Affiliations” of this Brochure. Advisory Services Systematic is an investment management firm specializing in value-oriented equity investment management services. The Firm manages a distinct investment discipline to help investors pursue specific value opportunities. Our Free Cash Flow Value discipline follows a unique, well-defined investment methodology that leverages Systematic’s proprietary research to achieve the discipline’s particular investment objectives. The Firm’s research process, which employs an in-depth fundamental research process, has been consistently implemented over three decades. Our fundamental investment research team is organized by economic sectors, thus enabling our investment analysts to draw detailed insights and patterns within their respective areas of focus. Furthermore, this approach offers our portfolio management team a depth of knowledge into relative and absolute valuation potential when attempting to identify compelling investment opportunities. We describe our investment strategies and our fundamental bottom-up research processes in more detail in “Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss” of this Brochure. Systematic recognizes that all of our clients are unique and, as such, their investment needs may be different. Consequently, while we will not alter our philosophy or approach to value equity investing, we may tailor our investment strategies to meet the specific goals our clients. For example, we generally accept investment restrictions related to socially responsible investing, politically sensitive regions or certain types of securities, such as limitations on securities that Systematic considers foreign and REITs. At the commencement of the client relationship, each of our clients executes an investment management agreement, which typically sets forth the client’s investment objectives, investment strategy and any investment restrictions applicable to our management of the assets in the client’s account. Prior to the execution of the agreement, we review investment objectives and restrictions where applicable and work with the client as needed to refine these objectives and restrictions to both meet the client’s needs and provide us with sufficient discretion to properly invest the client’s assets according to Systematic’s investment strategies. Separate Account and Collectively Managed Vehicle Advisory Services Systematic offers advisory services to our clients on a discretionary basis through both separate accounts and collectively managed vehicles. With respect to collectively managed vehicles, we typically provide sub-advisory services to U.S. and non-U.S. based vehicles sponsored by affiliate and non-affiliated parties. These funds may be registered in the U.S. or in non-U.S. jurisdictions and include, but may not be limited to, U.S. registered investment companies, bank collective trusts, and UCITS (Undertakings for Collective Investments in Transferable Securities) funds. Information about these collectively managed vehicles is generally contained

in each fund’s prospectus, offering memorandum, declaration of trust, subscription agreements or other offering materials. Investors seeking to invest or invested in these vehicles should refer to the relevant fund’s offering documents for additional information. Separately Managed Account (SMA) & Unified Managed Account (UMA) “Wrap Fee” Program Advisory Services Systematic offers its value equity strategies to clients of Separately Managed Account (SMA) discretionary wrap fee programs and non-discretionary, model-based Unified Managed Account (UMA) wrap fee programs. SMA wrap fee programs involve providing discretionary advisory services for individually managed accounts for individual or institutional clients. UMA wrap fee programs involve providing non-discretionary advisory services by furnishing a model portfolio which the UMA program sponsor may choose to employ in its management of accounts under one or more managed account programs. Systematic deems these types of UMA wrap fee programs to be non- discretionary, as Systematic does not have any authority to place orders for the execution of transactions under such programs. These SMA and UMA wrap fee accounts are offered as part of a larger program by a “sponsor,” usually a brokerage, banking or investment advisory firm. Typically, the program sponsor of the SMA or UMA wrap fee program charges a single fee to its clients for all services provided under the program (brokerage, custody and advisory) and pays advisers, including Systematic, a portion of its all-inclusive program fee for the advisers’ services. In some cases, wrap fee program clients enter into unbundled arrangements with the sponsor, through which clients also enter into an investment management agreement directly with Systematic, otherwise known as “dual contract” arrangements. In such arrangements, the client typically pays the investment management fee directly to Systematic, as described in Item 5 – Fees & Compensation of this brochure. Systematic’s management of SMA and UMA wrap fee accounts and other separate accounts and collectively managed vehicles under the same investment strategy is generally similar. Although we cannot necessarily offer the same level of portfolio customization to wrap fee accounts that is offered to other accounts within an investment strategy, we allow our SMA wrap fee clients the opportunity to customize their portfolios by requesting reasonable investment restrictions on their accounts. Systematic has no ability to offer customized portfolios to clients investing in UMA wrap fee programs as the UMA program sponsor retains responsibility for monitoring and implementing any investment restrictions imposed by their clients. In addition, since the program sponsor typically implements trades for SMA wrap fee program accounts, and in the case of UMA wrap fee program accounts is responsible for implementing all portfolio transactions, we cannot guarantee that the performance of our separate accounts and collectively managed vehicles will be similar to the performance results of SMA and UMA wrap fee accounts. As described in “Item 12- Brokerage Practices,” while brokerage directed to a wrap program sponsor is designed to benefit the wrap fee program account through lower trading costs, there may be some circumstances where directed trades do not receive the best price, or where dividing the trade into separate components may inhibit Systematic’s ability to obtain the same level of, or as timely, an execution as we may otherwise have been able to obtain if we had been able to execute the entire trade with one broker/dealer. Additionally, SMA and UMA wrap fee program accounts do not participate in new issues, such as initial public offerings (“IPOs”) and secondary offerings. (An IPO is the first sale of a private company’s stock to the public and the shares available are typically limited in number. A secondary offering is the issuance of new stock for public sale from a company that has already made an initial public offering). Due to operational limitations and the costs associated with trading away from the SMA wrap fee program sponsor (in addition to the wrap fees normally paid) by placing trades with a different brokerage firm, Systematic will typically trade directly with the SMA wrap fee program sponsor. Systematic continues to employ methods, such as trade rotation, in an effort to reduce the impact of these issues. Clients who enroll in these programs should satisfy themselves that the sponsor is able to provide best price and execution of transactions. Other Non-Discretionary Services On occasion, a client may request that a security or cash be brought into the client’s account that will not be subject to our discretionary management services. In such instances, Systematic does not exert any discretion over the holding and generally does not include the holding when determining the client’s fees. Assets under Management As noted above, Systematic’s total AUM and assets under advisement was approximately $3,709,179,261 as of December 31, 2023. Of this amount, approximately $3,359,521,956 was managed by Systematic on a discretionary basis, and approximately $349,657,305 were assets under advisement. Systematic’s Regulatory AUM in the Firm’s Form ADV Part 1A, Item 5.F, includes those accounts that were active as of December 31, 2023. The Firm’s Regulatory AUM in Form ADV Part 1A further excludes any non-discretionary UMA wrap fee program assets for which Systematic has no authority to place orders for the execution of transactions, as described in the “Advisory Services” section of this Item.