Firm Description and Ownership YCG, LLC (collectively, “YCG®”, “us” or “we”) are an independent registered investment advisory firm, offering professional discretionary investment management services to open-end investment management companies (“Fund” or “Funds”), individuals, investment advisers, trusts, and other institutions. (collectively referred to herein as “Clients”). Our firm was established on November 5, 2007. YCG® is 100% owned by its principals. The owners of the firm are Mr. Brian Yacktman, Founding Partner and Chief Investment Officer, Mr. William Kruger, Partner, and Chief Executive Officer, and Mr. Elliott Savage, Partner and Portfolio Manager. Advisory Services and Client Accounts We manage stock portfolios using our own proprietary and fundamental research. Separate Account Clients are managed to our Concentrated Strategy (15 – 50 holdings). . Our mutual fund Client is managed in accordance with the restrictions and mandates set forth in its prospectus and statement of additional information. We invest our Client accounts primarily in equity securities without regard to market capitalization that we believe will produce high, risk-adjusted, forward rates of return (i.e. the long-term annualized return that a given security can achieve when purchased at the current market price). For certain of our Client accounts, we may also write put options and covered call options on a portion of the portfolio as a means to generate additional income and to tax-efficiently enter and exit positions. We do not use this strategy as a means of generating implicit leverage. In other words, if all put options were to be exercised, the account will generally have enough cash on hand to purchase the assigned shares. At YCG®, our goal is to help Clients achieve their financial goals through a disciplined investment approach. To achieve this objective,

we tailor our advisory services to the individual needs of each Client. Before assets are transferred over for our management, we have each new Client complete a Risk Profile questionnaire. This questionnaire covers many topics such as retirement plans, financial goals, how the Client defines risk etc. Clients may also elect to impose restrictions on their accounts with respect to: (1) the specific type of investments or asset classes that we will or will not purchase for their account. (2) the nature of the issuers of investments that we will or will not purchase for their account (e.g., no “sin” issuers such as companies primarily doing business related to alcohol or tobacco); or (3) the risk profile of instruments we will or will not purchase for their account, or the risk profile of the account as a whole. Wrap Fee Programs & Financial Planning Services Our firm does not currently sponsor or participate in wrap fee programs, nor do we offer financial planning services. Assets Under Management As of December 31, 2023, our firm managed approximately $1.370 billion in assets, on a discretionary basis and $45.3 million on a non-discretionary basis. Throughout this brochure, we disclose a number of conflicts of interest and provide summaries of a number of our policies and procedures designed to detect and address these conflicts and others. We encourage Fund investors, Clients and prospective clients to review our policies and procedures and inquire directly with us about our conflicts. Our compliance policies and procedures are available for review in our offices. In addition, conflicts of interest and specific risks are identified in the prospectus and SAI materials of Funds that we manage. Please request a copy of the relevant Fund’s most current offering materials for a description of other conflicts and risks that might exist.