Form ADV Part 2A, Item 4 ADVISORY FIRM The U.S. Securities and Exchange Commission granted Efficient Frontier Advisors LLC registration on August 3, 2001. The firm, not publicly owned or traded, consists of two partners: William J. Bernstein is a principal and partner; Susan F. Sharin is a principal, partner, and chief compliance officer of the firm. There are no indirect owners of the firm nor intermediaries with any ownership interests in the firm. ADVISORY SERVICES Efficient Frontier Advisors LLC’s practice consists of 100% investment supervisory services, that is, providing continual investment advice to each client based on the individual client’s needs and personal circumstances. All assets are managed on a discretionary basis. The advisory relationship commences with a series of consultative sessions between Efficient Frontier Advisors LLC (EFA) and the client to discuss at length the client’s financial situation, focusing on investment objectives, risk tolerance, time horizon, asset-class preferences, and investment strategies. EFA then individually tailors an investment policy and portfolio for the client, relying on client- supplied information as a starting point. After the initial consultative sessions, EFA presents verbally and in writing the investment plan designed specifically for the client’s managed portfolio. The advisor will assist the client in obtaining and completing the required paperwork to establish the necessary investment accounts. Efficient Frontier Advisors LLC manages a client’s portfolio primarily using passively managed no- load funds, but occasionally will use an ETF if no suitable mutual fund is available for a given asset class. The firm employs asset-allocation strategies based on modern portfolio theory. In addition, EFA’s proprietary method of rebalancing is used extensively in tax-sheltered accounts; in taxable accounts, similar rebalancing strategies are used, but tax

considerations form an integral part of the methodology. Regarding the fixed-income portion of the portfolio, the advisor generally recommends a combination of no-load bond mutual funds (tax-exempt and treasury-note), U.S. Treasuries including TIPS, an ultra-short treasury-bill fund, and a custodian-sweep money-market fund, as appropriate to the client’s circumstances. EFA communicates with the client as needed to manage the investment portfolio and to remain in regular contact. EFA relies on the client to convey promptly any important changes in the client’s financial situation. The advisor does not offer advice on individual stocks or individual bonds except to assist clients in liquidating a concentrated position that represents a large portion of their asset base. Efficient Frontier Advisors LLC provides the following reports to clients: at the end of the initial phase, a written statement detailing the recommended investment plan; quarterly, status reports by telephone to touch base with the client; and annually, unless otherwise agreed upon, written reports detailing portfolio investments and performance versus the benchmark(s). In addition, the primary custodian, Schwab, provides monthly statements that itemize all account holdings and activity. Efficient Frontier Advisors LLC does not vote proxy statements on behalf of advisory clients. Also, the firm does not provide legal advice, tax advice, or financial planning services; it is the client’s responsibility to consult with legal and/or tax advisors as needed. TAILORED SERVICES The firm manages each client’s portfolio on an individualized basis. Clients may impose restrictions. WRAP FEE PROGRAMS The firm does not participate in wrap programs. ASSETS UNDER MANAGEMENT As of December 31, 2022, EFA managed $364,460,550, encompassing 30 client relationships and the partners’ own managed assets, across 203 accounts. All assets are managed on a discretionary basis.