Saratoga Research & Investment Management

ITEM 5: FEES AND COMPENSATION

   A. Compensation

SaratogaRIM charges an annual advisory fee that is agreed upon with each client and set forth in
an agreement executed by the Firm and the client. Fees for discretionary investment management

  Saratoga Research & Investment Management | Form ADV, Part 2A | March 16, 2026 | Page 4 of 21

services are based upon the agreed upon investment strategy of the account and calculated as a
percentage of assets as outlined below:

               Strategy                               Annual Fee (% of AUM)
               Equity - Quality                               0.75%
               Equity - Focus                                 1.00%
               Strategic Income                               0.75%
               Active Fixed Income                            0.50%
               Passive Fixed Income                           0.25%

Fees may be negotiable in certain limited circumstances, and fee arrangements may vary
significantly from client to client.

Asset-based fees are calculated based upon the value of the client’s assets, including securities,
money market funds, cash and accrued interest, if applicable. The advisory fee for the initial
quarter shall be paid, on a pro rata basis, in advance, based on the number of days remaining in
that quarter and on the net market value of the account at the end of trading on the date that
management begins. For subsequent quarters, the advisory fee shall be paid, in advance, based on
the net market value of the client’s accounts at the opening of trading on the first business day of
the quarter.

Registered investment advisers or other professional firms, such as family offices, that hire
SaratogaRIM to sub-advise a portion of their clients’ assets receive a discount from the fees listed
above for the Quality or Focus strategies. Arrangements with any particular registered investment
adviser may vary, and sub-advisory fees may be assessed in advance or payable in arrears, as
mutually agreed upon in each sub-advisor contract. On occasion, the Firm agrees to manage fixed
income accounts for certain clients who have established equity accounts.

The Firm believes that it is important to deploy client assets as opportunities are identified, which
may cause accounts to vary from the related strategy model. Therefore, in some circumstances, the
Firm may invest an account over time as appropriate opportunities arise. In general, advisory fees
are not assessed until the account is in-line with the appropriate model requirements. Assets are
deployed for sub-advised clients once the Firm receives approval to commence management. As
such, the fees are assessed upon the Firm taking management responsibilities.

As outlined above, SaratogaRIM sub-advises the Port Street Quality Growth Fund (the “Fund”), a
registered investment company, on behalf of Port Street Investments. Port Street Investments pays
the Firm a quarterly sub-advisory fee based upon the Fund’s average monthly net assets at an
annual rate of 0.20% on the first $100 million of assets, 0.30% on the next $400 million, and 0.35%
on assets over $500 million, payable in arrears.

The Firm also provides investment services to model delivery platforms and other financial
institutions, which includes recommendations regarding the construction and maintenance of
model portfolios. The model delivery platforms and other financial institutions manage the
investment recommendations and placement of trades. For these services, the Firm receives a fee
based upon the market value of the securities that the investor allocates to the SaratogaRIM models
at an annual rate of up to 0.32%.

  Saratoga Research & Investment Management | Form ADV, Part 2A | March 16, 2026 | Page 5 of 21

Notwithstanding the foregoing, SaratogaRIM and the client may choose to negotiate an advisory
fee that varies from the information set forth above. Factors upon which a different fee may be
based include, but are not limited to, the size and nature of the relationship, the services rendered,
the nature and complexity of the products and investments involved, time commitments, and travel
requirements. The advisory fee charged by the Firm will apply to all the client’s assets under
management unless specifically excluded in the client agreement. Although SaratogaRIM believes
that its fees are competitive, clients should be advised that lower fees for comparable services may
be available from other sources and firms.

SaratogaRIM does not charge separate Financial Planning fees.

   B. Deduction of Management Fees

Generally, SaratogaRIM deducts its advisory fee from a client’s investment account(s) held at
his/her custodian. Upon engaging SaratogaRIM to manage such account(s), a client grants the Firm
this limited authority through a written instruction to the custodian of his/her account. The client
is responsible for verifying the accuracy of the advisory fee calculation; the custodian will not
determine whether the fee is accurate or properly calculated. The custodian of the client’s
account(s) provides each client with a statement, at least quarterly, indicating separate line items
for all amounts disbursed from the client's account(s), including any fees paid directly to
SaratogaRIM. In some cases, SaratogaRIM will directly bill a client for investment advisory fees
if it determines that such billing arrangement is appropriate given the circumstances.

Clients may make additions to and withdrawals from their account at any time. Additions may be
in cash or securities provided that the Firm reserves the right to liquidate transferred securities or
decline to accept particular securities into a client’s account. Clients may withdraw account assets
at any time on notice to SaratogaRIM, subject to the usual and customary securities settlement
procedures. However, the Firm generally designs its portfolios to benefit over the long-term and
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ITEM 7: TYPES OF CLIENTS

SaratogaRIM’s clients include individuals, high-net-worth individuals, foundations, endowments
and other types of charitable organizations, corporations, registered investment companies, pooled
investment vehicles, and pension and profit-sharing plans. The initial minimum for both the
SaratogaRIM Large Cap Quality strategy and the Large Cap Quality Focus strategy is $100,000.
However, the Firm may waive these minimums at its sole discretion. SaratogaRIM does reserve
the right to accept or decline a potential client for any reason at its sole discretion.